Annual Report • Jul 29, 2015
Annual Report
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"The global leader in accelerating strategic alignment and execution – innovating how organizations learn, change and improve."
BTS Group AB is an international consultancy and training company active in the field of business acumen. BTS uses tailormade simulation models to support company managers in implementing change and improving profitability. BTS solutions and services train the entire organization to analyze and to take decisions centered on the factors that promote growth and profitability. This generates increased emphasis on profitability and market focus, and supports day-to-day decision-making, which in turn leads to tangible, sustainable improvements in profits. BTS customers are often leading major companies.
NET TURNOVER AND PROFIT BEFORE TAX
BTS year-end report january–december 2012 | 1
BTS is displaying its strength. Net profit for the year increased by 10 percent and BTS is growing – despite a tough market, substantial investments and a weak performance in the subsidiary APG.
BTS Europe is performing well, revenue grew by 22 percent and earnings almost doubled. BTS Other markets grew by more than 20 percent. BTS USA only grew by 7 percent but displayed a stable and satisfactory profit margin.
BTS overall, excluding APG, increased revenue by 13 percent and earnings by 15 percent. APG had a very weak 2012, but has worked intensively on renewing its strategy with the aim of returning to positive growth during 2013.
The market: Companies displayed caution in making investments during 2012. There are signs of a gradual improvement in 2013. During 2013, our goal is that BTS will continue to grow and increase its earnings.
Stockholm, February 19, 2013
Henrik Ekelund President and CEO of BTS Group AB (publ)
BTS' net turnover amounted to MSEK 770.5 (697.7) during the year. Adjusted for changes in foreign exchange rates, growth was 8 percent.
Growth varied among the units: BTS Other markets 22 percent, BTS Europe 22 percent, BTS USA 7 percent, and APG –18 percent (growth figure measured in local currencies).
Operating profit before amortization of intangible assets (EBITA) increased by 8 percent during the year and amounted to MSEK 98.8 (91.6). Operating profit (EBIT) increased by 9 percent during the year and amounted to MSEK 97.4 (89.2). Operating profit during the year was affected by MSEK 1.4 (2.4) for amortization of intangible assets attributable to acquisitions.
The operating margin before amortization of intangible assets (EBITA margin) was 13 (13) percent. The operating margin (EBIT margin) was 13 (13) percent.
The group's profit before tax during the year increased by 10 percent to MSEK 96.7 (88.3).
Earnings were positively impacted by improved earnings in BTS Europe and in BTS USA. Earnings were negatively impacted by weaker earnings in APG and in BTS Other markets.
BTS' net turnover amounted to MSEK 213.8 (203.2) during the fourth quarter. Adjusted for changes in foreign exchange rates, growth was 7 percent.
Operating profit before amortization of intangible assets (EBITA) decreased by 1 percent during the fourth quarter and amounted to MSEK 34.3 (34.6). Operating profit during the fourth quarter was affected by MSEK 0.3 (0.3) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) decreased by 1 percent to MSEK 34.0 (34.3).
The operating margin before amortization of intangible assets (EBITA margin) was 16 (17) percent. The operating margin (EBIT margin) was 16 (17) percent.
The group's profit before tax for the fourth quarter decreased by 1 percent and amounted to MSEK 34.0 (34.2).
Earnings were positively impacted by improved earnings in BTS Europe. Earnings were negatively impacted by weaker earnings in BTS USA, BTS Other markets and in APG.
The market during the fourth quarter was characterized by caution among companies regarding investments. However, many enterprises tend to adopt a long-term perspective, and are continuing to invest in the type of services BTS offers. BTS is focusing on this category of customers.
New clients secured during the year included ANZ Bank, BenQ, Cadbury, EQT Partners, ESPn Inc, Hilding Anders, Kemira, Lockheed Martin, Peregrine Semiconductor, Red Hat, Schneider Electric, Selex Galileo, Stena Recycling, Swiss Re, Vimpelcom and Visa.
PROFIT BEFORE TAX BY QUARTER
PROFIT BEFORE TAX AND OPERATING MARGIN (EBITA) BY QUARTER
BTS North America includes BTS' operations in North America as well as APG.
BTS Europe includes the operations in Sweden, Belgium, Finland, France, the Netherlands, the UK, and Spain.
BTS Other markets consists of the operations in Australia, Singapore, India, Thailand, Taiwan, South Korea, China, Japan, Mexico, Brazil and South Africa.
| MSEK | Oct–Dec 2012 |
Oct–Dec 2011 |
Full year 2012 |
Full year 2011 |
|---|---|---|---|---|
| North America* | 127.0 | 132.2 | 488.4 | 465.9 |
| Europe | 51.7 | 37.5 | 150.2 | 123.9 |
| Other markets | 35.1 | 33.5 | 131.9 | 107.9 |
| Total | 213.8 | 203.2 | 770.5 | 697.7 |
| *North America | ||||
| BTS | 98.0 | 104.5 | 385.8 | 345.8 |
| APG | 29.0 | 27.7 | 102.6 | 120.1 |
| Total | 127.0 | 132.2 | 488.4 | 465.9 |
| Oct–Dec | Oct–Dec | Full year | Full year | |
|---|---|---|---|---|
| MSEK | 2012 | 2011 | 2012 | 2011 |
| North America* | 15.2 | 21.7 | 62.6 | 63.4 |
| Europe | 14.7 | 6.6 | 21.3 | 11.7 |
| Other markets | 4.4 | 6.3 | 14.9 | 16.5 |
| Total | 34.3 | 34.6 | 98.8 | 91.6 |
| *North America | ||||
| BTS | 14.6 | 20.1 | 63.2 | 58.7 |
| APG | 0.6 | 1.6 | –0.6 | 4.7 |
| Total | 15.2 | 21.7 | 62.6 | 63.4 |
Net turnover for BTS' North American operations amounted to MSEK 385.8 (345.8) during the year. Adjusted for changes in foreign exchange rates, revenue increased by 7 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 63.2 (58.7) during the year. The operating margin before amortization of intangible assets (EBITA margin) was 16 (17) percent.
Net turnover amounted to MSEK 98.0 (104.5) during the fourth quarter. Adjusted for changes in foreign exchange rates, revenue decreased by 4 percent. This decrease is considered to be of a temporary nature. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 14.6 (20.1) during the fourth quarter. The operating margin before amortization of intangible assets (EBITA margin) was 15 (19) percent.
During the fourth quarter, the US market was characterized by caution among companies regarding investments.
Net turnover for APG amounted to MSEK 102.6 (120.1) during the year. Adjusted for changes in foreign exchange rates, revenue decreased by 18 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK –0.6 (4.7) during the year. The operating margin before amortization of intangible assets (EBITA margin) was –1 (4) percent.
Net turnover amounted to MSEK 29.0 (27.7) during the fourth quarter. Adjusted for changes in foreign exchange rates, revenue increased by 6 percent. Operating profit before amortization
of intangible assets (EBITA) amounted to MSEK 0.6 (1.6) during the fourth quarter. The operating margin before amortization of intangible assets (EBITA margin) was 2 (5) percent.
APG displayed positive growth during the fourth quarter – the first quarter in 2012 with positive growth. The operating margin fell due to an altered product mix.
Net turnover for Europe amounted to MSEK 150.2 (123.9) during the year. Adjusted for changes in foreign exchange rates, revenue increased by 22 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 21.3 (11.7) during the year. The operating margin before amortization of intangible assets (EBITA margin) was 14 (9) percent.
Net turnover amounted to MSEK 51.7 (37.5) during the fourth quarter. Adjusted for changes in foreign exchange rates, revenue increased by 41 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 14.7 (6.6) during the fourth quarter. The operating margin before amortization of intangible assets (EBITA margin) was 28 (18) percent.
BTS Europe is continuing its positive trend, which began during the second quarter of 2012, with growth in revenue and earnings.
Net turnover for Other markets amounted to MSEK 131.9 (107.9) during the year. Adjusted for changes in foreign exchange rates, revenue increased by 22 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 14.9 (16.5) during the year. The operating margin before amortization of intangible assets (EBITA margin) was 11 (15) percent.
Net turnover amounted to MSEK 35.1 (33.5) during the fourth quarter. Adjusted for changes in foreign exchange rates, revenue increased by 5 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 4.4 (6.3) during the fourth quarter. The operating margin before amortization of intangible assets (EBITA margin) was 12 (19) percent.
The operations in Asia, Latin America and South Africa all displayed good growth in revenue and earnings during the fourth quarter. The Australian operations had an extremely weak fourth quarter.
BTS' cash flow from operating activities amounted to MSEK 59.7 (49.3) during the year.
Available cash and cash equivalents amounted to MSEK 94.9 (84.4) at the end of the period. The company's interest-bearing loans, which relate to previously completed acquisitions, amounted to MSEK 0 (9.3) at the end of the period.
BTS' solidity was 60 (60) percent at the end of the period. The company had no outstanding conversion loans at the balance sheet date.
The number of employees in BTS Group AB as of December 31 was 385 (335).
The average number of employees during the year was 365 (325).
The company's net turnover amounted to MSEK 2.0 (2.6) and the profit after net financial items amounted to MSEK 27.1 (22.1). Cash and cash equivalents amounted to MSEK 1.0 (0.0).
Transactions with related parties, in addition to the Group companies, have not occured for the period concerned.
Profit before tax is expected to be better than during the previous year.
The Annual General Meeting will be held on May 14, 2013 at 09.30 in BTS' premises at Grevgatan 34, Stockholm.
The Board has proposed a dividend of SEK 1.75 per share.
No significant events have occurred after the end of the period.
The group's material risks and uncertainties include market and business risks, operational risks as well as financial risks. Business and market risks may relate to larger customer exposures to particular sectors and companies as well as sensitivity to market conditions. Operational risks relate to dependence on people, supply of competence and intellectual property and that BTS meets the high demands imposed by clients in respect of quality. Financial risks mainly relate to foreign exchange and credit risks.
The management of risks and uncertainties is described in the annual report for 2011. BTS is considered to have a good diversification of risks as regards companies and sectors and the operational risks are deemed to be managed in a structured manner through wellestablished processes.
The day-to-day exposure to changes in exchange rates is limited since revenues and costs mainly relate to the same currency in each market and the credit risk is limited as BTS only accepts creditworthy counterparties. No new material risks or uncertainties are deemed to have arisen during 2012.
In order to prepare the financial statements in conformity with IFRS the Corporate Management is required make estimates and assumptions that affect the application of the accounting policies and the recognized amounts of assets, liabilities, revenue and costs. The estimates and assumptions are based on historical experience and a number of other factors that are regarded as reasonable under the existing circumstances. Actual outcomes can deviate from these estimates and assessments. Estimates and assumptions are reviewed regularly.
This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU, RFR 1 Supplementary Accounting Rules for Groups and the Swedish Annual Accounts Act. The parent company's statements are prepared in accordance with RFR 2.2, Accounting for Legal Entities and the Annual Accounts Act. New or revised IFRS and interpretations from IFRIC have not had any effect on the group's or the parent company's results of operations or financial position.
Annual Report 2012 Will be published in April 2013 Interim report January-March May 14, 2013 Interim report April–June August 20, 2013 Interim report July–September November 7, 2013
Stockholm, February 19, 2013
Henrik Ekelund Chief Executive Officer
Henrik Ekelund President and CEO Phone: +46 8 587 070 00 Stefan Brown CFO Phone: +46 8 587 070 62 Thomas Ahlerup Senior Vice President, Investor and Corporate Communications Phone: +46 8 587 070 02 Mobile: +46 768 966 300
For additional information visit our home page www.bts.com
BTS Group AB (publ) Grevgatan 34 114 53 Stockholm
Phone. +46 8 587 070 00 Fax. +46 8 587 070 01 Corporate registration number: 556566-7119
Auditor's Report on Review of Condensed Interim Financial Information (interim report) prepared in accordance with IAS 34 and Chapter 9 of the Swedish Annual Accounts Act.
We have reviewed this interim report for the period January 1-December 31, 2012 for BTS Group AB (publ). The board of directors and the president are responsible for the preparation and presentation of this interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express an opinion on this interim financial information, based on our review.
We conducted our review in accordance with the Swedish Standard on Review Engagements, (SÖG) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA) and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Accordingly, the conclusion expressed based on a review does not constitute the same level of assurance as a conclusion based on an audit.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the group, and with the Swedish Annual Accounts Act, regarding the parent company.
Stockholm, February 19, 2013 Öhrlings PricewaterhouseCoopers AB
Magnus Thorling Chief Auditor
| KSEK | Oct–Dec 2012 |
Oct–Dec 2011 |
Jan–Dec 2012 |
Jan–Dec 2011 |
|---|---|---|---|---|
| Net turnover | 213,834 | 203,231 | 770,548 | 697,730 |
| Operating expenses | –177,941 | –167,420 | –665,972 | –602,116 |
| Depreciation tangible assets | –1,543 | –1,224 | –5,761 | –4,036 |
| Amortization intangible assets | –347 | –294 | –1,418 | –2,409 |
| Operating profit | 34,002 | 34,293 | 97,396 | 89,169 |
| Financial income and expenses | 6 | –91 | –674 | –904 |
| Profit before tax | 34,008 | 34,202 | 96,722 | 88,265 |
| Taxes | –11,094 | –12,105 | –32,981 | –30,576 |
| Profit for the period | 22,914 | 22,097 | 63,741 | 57,689 |
| attributable to equity holders of the parent | 22,914 | 22,097 | 63,741 | 57,689 |
| Earnings per share, before dilution of shares, SEK | 1.27 | 1.22 | 3.53 | 3.20 |
| Number of shares at end of the period | 18,066,065 | 18,048,300 | 18,066,065 | 18,048,300 |
| Average number of shares before dilution of shares |
18,066,065 | 18,048,300 | 18,057,183 | 18,048,300 |
| Earnings per share, after dilution of shares, SEK | 1.22 | 1.21 | 3.41 | 3.16 |
| Average number of shares after dilution of shares | 18,716,850 | 18,278,660 | 18,699,085 | 18,278,660 |
| Dividend per share, SEK | 1,75* | 1.60 |
* Proposed dividend
| KSEK | Oct–Dec 2012 |
Oct–Dec 2011 |
Jan–Dec 2012 |
Jan–Dec 2011 |
|---|---|---|---|---|
| Profit for the period | 22,914 | 22,097 | 63,741 | 57,689 |
| Other comprehensive income: | ||||
| Income/expenses in shareholders' equity | –176 | 273 | –19,220 | –867 |
| Other comprehensive income for the period, net of tax |
–176 | 273 | –19,220 | –867 |
| Total comprehensive income for the period | 22,738 | 22,370 | 44,521 | 56,822 |
| attributable to equity holders of the parent | 22,738 | 22,370 | 44,521 | 56,822 |
| KSEK | 31 Dec 2012 | 31 Dec 2011 |
|---|---|---|
| Assets | ||
| Goodwill | 134,684 | 142,478 |
| Other intangible assets | 15,141 | 12,555 |
| Tangible assets | 16,296 | 15,553 |
| Other fixed assets | 7,898 | 3,843 |
| Accounts receivable | 158,479 | 196,855 |
| Other current assets | 91,114 | 61,928 |
| Cash and cash equivalents | 94,910 | 84,419 |
| Total assets | 518,521 | 517,631 |
| Equity and liabilities | ||
| Equity | 326,563 | 310,247 |
| Non interest bearing – non current liabilities | 703 | 485 |
| Interest bearing – current liabilities | – | 9,311 |
| Non interest bearing – current liabilities | 191,255 | 197,588 |
| Total equity and liabilities | 518,521 | 517,631 |
| KSEK | Jan–Dec 2012 |
Jan–Dec 2011 |
|---|---|---|
| Cash flow from current operations | 59,709 | 49,291 |
| Cash flow from investment activities | –13,862 | –7,934 |
| Cash flow from financing operations | –27,929 | –45,281 |
| Change in liquid funds | 17,918 | –3,924 |
| Liquid funds, opening balance | 84,419 | 88,441 |
| Effect of exchange rate changes on cash | –7,427 | –98 |
| Liquid funds, closing balance | 94,910 | 84,419 |
| KSEK | Total equity 31 Dec 2012 |
Total equity 31 Dec 2011 |
|---|---|---|
| Opening balance | 310,247 | 280,146 |
| Dividend to shareholders | –28,877 | –27,072 |
| Miscellaneous | 670 | – |
| Other | 2 | 351 |
| Total comprehensive income for the period | 44,521 | 56,822 |
| Closing balance | 326,563 | 310,247 |
| Oct–Dec 2012 |
Oct–Dec 2011 |
Jan–Dec 2012 |
Jan–Dec 2011 |
|
|---|---|---|---|---|
| Net turnover, KSEK | 213,834 | 203,231 | 770,548 | 697,730 |
| EBITA (Profit before interest, tax and amortization), KSEK |
34,349 | 34,587 | 98,814 | 91,578 |
| EBIT (Operating profit), KSEK | 34,002 | 34,293 | 97,396 | 89,169 |
| EBITA margin (Profit before interest, tax and amortization margin), % |
16 | 17 | 13 | 13 |
| EBIT margin (Operating margin ), % | 16 | 17 | 13 | 13 |
| Profit margin, % | 11 | 11 | 8 | 8 |
| Operational capital, KSEK | 229,818 | 222,574 | ||
| Return on equity, % | 20 | 20 | ||
| Return on operational capital, % | 42 | 40 | ||
| Solidity at end of the period, % | 60 | 60 | 60 | 60 |
| Cash flow, KSEK | 25,593 | 8,184 | 17,918 | –3,924 |
| Liquid funds at end of the period, KSEK | 94,910 | 84,419 | 94,910 | 84,419 |
| Average number of employees | 384 | 335 | 365 | 325 |
| Number of employees at end of the period | 385 | 335 | 385 | 335 |
| Revenues for the year per employee, KSEK | 2,111 | 2,147 |
| Oct–Dec | Oct–Dec | Jan–Dec | Jan–Dec | |
|---|---|---|---|---|
| KSEK | 2012 | 2011 | 2012 | 2011 |
| Net turnover | 440 | 0 | 1,980 | 2,625 |
| Operating expenses | –472 | –567 | –2,094 | –2,437 |
| Operating profit | –32 | –567 | –114 | 188 |
| Financial income and expenses | 4,658 | 5,818 | 27,213 | 21,925 |
| Profit before tax | 4,626 | 5,251 | 27,099 | 22,113 |
| Taxes | –555 | 161 | –555 | 161 |
| Profit for the period | 4,071 | 5,412 | 26,544 | 22,274 |
| KSEK | 31 Dec 2012 | 31 Dec 2011 |
|---|---|---|
| Assets | ||
| Financial assets | 101,976 | 121,081 |
| Other current assets | 1,070 | 59 |
| Cash and cash equivalents | 1,040 | – |
| Total assets | 104,086 | 121,140 |
| Equity and liabilities | ||
| Equity | 103,608 | 105,272 |
| Liabilities | 478 | 15,868 |
| Total equity and liabilities | 104,086 | 121,140 |
Earnings attributable to the parent company´s shareholders divided by number of shares.
EBITA margin (Profit before interest, tax and amortization margin) Operating profit before interest, tax and amortization as a percentage of revenues.
EBIT margin (Operating margin) Operating profit after depreciation as a percentage of revenues.
Profit margin Profit for the period as a percentage of revenues.
Total balance sheet reduced by liquid funds and other interest bearing assets and reduced by non-interest bearing liabilities.
Return on equity Profit after tax as a percentage of average equity.
Solidity Equity as a percentage of total balance sheet.
Every care has been taken in the translation of this report. In the event of discrepancies, however, the Swedish original will supersede the English translation.
"The global leader in accelerating strategic alignment and execution – innovating how organizations learn, change and improve."
"We build commitment and capability to accelerate strategy execution and improve business results."
BTS' financial goals shall over time be:
"We deliver betterresults, faster.The unique BTS process offers fast strategic alignment and rapid capability building. Our key differentiators:
BTS STOCKHOLM
Grevgatan 34 114 53 Stockholm Sweden Tel. +46 8 58 70 70 00 Fax. +46 8 58 70 70 01
Thomas R. Malthusstraat 1-3 1066JR Amsterdam The Netherlands Tel. +31 20 615 15 14 Fax. +31 20 388 00 65
401 Congress Avenue Suite 1510 Austin, Texas 78701 USA Tel. +1 512 751 9333 Fax. +1 512 692 1840
BTS Business Consulting (Thailand) Co.,Ltd. 128/27 Phyathai Plaza Building (4th Floor) Phyathai Rd. Kwaeng Thung Phyathai Khet Ratchathewi Bangkok 10400 Thailand Tel: +66 2 216 5974
c/o Simon Bolivar 27-1º, oficina nº 4 Bilbao 48013 Spain Tel. +34 94 423 5594 Fax. +34 94 423 6897
BTS Brussels NV Rue d'Arenberg 44 1000 Bryssel Belgium Tel. +32 0 2 27 415 10 Fax. +32 0 2 27 415 11
Fax.+1 312 509 4781 BTS HELSINKI Korkeavuorenkatu 47 B 00130 Helsinki Finland Tel. +358 9 8622 3600
Fax. +358 9 8622 3611
267 West Avenue 1st Floor 0046 Centurion, Gauteng South Africa Tel. +27 12 663 6909 Fax. +27 12 663 6887
37 Kensington High Street London W8 5ED UK Tel. +44 207 348 18 00 Fax. +44 207 348 18 01
2029 Century Park East Suite 1400 Los Angeles, CA 90067 USA Tel. +1 424 202 6952
Calle José Abascal 42, 2º dcha 28003 Madrid Spain Tel. +34 91 417 5327 Fax. +34 91 555 2433
Suite 404, 198 Harbour Esplanade Docklands VIC 3008 Australia Tel. +61 3 9670 9850 Fax. +61 3 9670 9569
Luis G.Urbina No. 4-Desp. 201 Col. Polanco Chapultepec C.P.11560. México, D.F., Mexico Tel. +52 55 5281 6972 Fax. +52 (55) 5281 6972
901, Techniplex - II, 9th Floor Goregaon Flyover, Off S.V Road Goregaon (West), Mumbai 400 062 India Tel +91 22 6196 6800
60 E. 42nd Street Suite 2434 New York, NY, 10165 USA Tel. +1 646 378 3730 Fax. +1 646 378 3731
12 Rue Vivienne 75002 Paris France Tel. +33 1 40 15 07 43
6 Tower Bridge, Suite 540 181 Washington Street Conshohocken, PA 19428 USA Tel. (toll free) +1 800 445 7089 Tel. +1 484 391 2900 Fax. +1 484 391 2901
456 Montgomery Street Suite 900 San Francisco, CA 94104 USA Tel. +1 415 362 42 00 Fax. +1 415 362 42 70
Rua Geraldo Flausino Gomes, 85, cj 42 04575-060 Sao Paulo - SP Brazil Tel. +55 11 5505 2070 Fax. +55 11 5505 2016
9455 E. Ironwood Square Drive, Ste. 100 Scottsdale, AZ 85258 USA Tel. +1 480 948 2777 Fax. +1 480 948 2928
BTS Consulting (Shanghai) Co., Ltd. Suite 506B, West Office Tower Shanghai Centre 1376 Nanjing Road West Shanghai 200040 China Tel. +86 21 6289 8688 Fax. +86 21 6289 8311
BTS Asia Pacific Pte Ltd 110 Amoy Street #02-11 Singapore 069930 Tel. +65 6221 2870 Fax. +65 6224 2427
300 First Stamford Place Stamford, CT 06902 USA Tel. +1 203 316 2740 Fax. +1 203 316 2750
Suite 2, Level 9, 39 Martin Place Sydney, NSW, 2000, Australia Tel +61 02 8243 0900 Fax +61 02 9299 6629
BTS Asia-Pacific Pte. Ltd., Taiwan Branch 7F, No. 307, Tun-Hua, North Road Taipei 105 , Taiwan Tel. +886 2 8712 3665
Kojimachi Brighton Bldg 2F 6-4-17 Kojimachi Chiyoda-ku, Tokyo 102-0082 Japan Tel. +81 3 6272 9973 Fax. +81 3 6672 9974
Group 700 Larkspur Landing Circle, Suite 125 Larkspur, CA 94939 USA Tel. +1 800 494 6646 Fax. +1 415 925 9512
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