Annual Report • Feb 12, 2015
Annual Report
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"The global leader in accelerating strategic alignment and execution – innovating how organizations learn, change and improve."
BTS is a world leading strategy implementation firm. The company accelerates execution by ensuring the workforce is aligned to the strategy, has the right mindset, and has mastered the capabilities needed to deliver business results. BTS leverages customized business simulations and experiential learning initiatives to develop the business acumen, leadership and sales capabilities necessary for superior strategy execution. Partnering with today's leading corporations, BTS consultants bring passion and deep industry expertise to deliver high-impact solutions that help clients achieve better results, faster.
Headquartered in Stockholm, Sweden, BTS has more than 400 professionals in 32 offices in 22 countries located on six continents. Partnering with nearly 400 organizations, including 30 of the world's 100 largest corporations. BTS' major clients are some of the most respected names in their businesses: Anglo American, AT&T, Chevron, Coca-Cola, Ericsson, HP, Rio Tinto, Telefonica, and Unilever.
1 | BTS year-end report january–december 2014 BTS year-end report january–december 2014 | 1 BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS b. For more information about BTS visit us on: http://www.bts.com
• Proposed dividend is SEK 1.75 (1.75) per share.
As previously reported, BTS has completed the acquisition of all the businesses of the US company Fenestra, Inc.
New clients during the year include Anadarko, Diaverum, EDF Luminus, H.J. Heinz Company, Google, Hilton Hotels, Intuit, Leighton, Lexmark International, Monsanto, Oppenheimer, Red Bull, Sharp, Telecom New Zealand, Tencent, Thomas Cook, Tommy Hilfiger and Twitter.
BTS returned to growth in the second half of the year. Revenues increased by 19 percent and earnings were up 48 percent. The measures we carried out in North America are yielding results. BTS is winning more and bigger projects in the market. Our investments in digital solutions are providing us with more clients and increased revenue. Our cost efficiency is improving. The fourth quarter was very strong with a 29 percent growth in revenue and 77 percent improvement in earnings.
BTS Europe had a good year with growth of 13 percent. Major investments in the organization reduced margins by 2 percent. BTS North America made a strong comeback in the second half of the year after a weak first half, total growth of 10 percent. Performance was uneven in BTS Other Markets – development in Australia was very positive, Asia and Africa were stable, and Latin America was weak. We have a new manager for this unit who started at the end of 2014, Philios Andreou, whose aim is to restore high growth while boosting margins.
We made major investments during 2014 – in the organization, marketing, product development – and our position ahead of 2015 in terms of order book, customer base and competitiveness is the best in the history of BTS.
For the full-year 2015 we expect that earnings will be better than in 2014.
Stockholm, 12 February 2015
Henrik Ekelund President and CEO of BTS Group AB (publ)
BTS' net sales totaled MSEK 781.5 (688.2) for the full year 2014. Adjusted for changes in foreign exchange rates, growth was 9 percent.
Growth varied between the units: BTS Europe 13 percent, BTS North America 10 percent, BTS Other Markets 5 percent and APG 1 percent (growth measured in local currency).
Operating profit before amortization of intangible assets (EBITA) increased by 19 percent during the year and amounted to MSEK 85.0 (71.5). Operating profit for the year was affected by MSEK 2.6 (1.7) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) for the year increased by 18 percent and amounted to MSEK 82.4 (69.8).
Operating margin before amortization of intangible assets (EBITA margin) was 11 percent (10). Operating margin (EBIT margin) was 11 percent (10).
The Group's profit before tax for the year increased by 19 percent to MSEK 82.9 (69.7).
Earnings were positively affected by improved earnings in all units.
BTS' net sales for the fourth quarter amounted to MSEK 244.3 (171.5). Adjusted for changes in foreign exchange rates, growth was 29 percent.
Operating profit before amortization of intangible assets (EBITA) increased by 77 percent in the fourth quarter and amounted to MSEK 31.8 (17.9). Operating profit for the fourth quarter was affected by MSEK 1.0 (0.7) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) increased by 78 percent to MSEK 30.8 (17.3).
Operating margin before amortization of intangible assets (EBITA margin) was 13 percent (10). Operating margin (EBIT margin) was 13 percent (10).
The group's profit before tax for the fourth quarter increased by 82 percent to MSEK 30.9 (17.0).
Earnings were positively impacted by improved earnings in all units.
The market for BTS' services has seen positive development in North America where clients are showing an increased willingness to invest.
New clients during the year include Anadarko, Diaverum, EDF Luminus, H.J. Heinz Company, Google, Hilton Hotels, Intuit, Leighton, Lexmark International, Monsanto, Oppenheimer, Red Bull, Sharp, Telecom New Zealand, Thomas Cook, Tommy Hilfiger and Twitter.
NET Sales PER operating UNIT january –31 december 2014 (2013)
BTS North America consists of BTS' operations in North America excluding APG.
BTS Europe consists of operations in Belgium, Finland, France, Germany, Italy, the Netherlands, Spain, Sweden and the UK.
BTS Other Markets consists of operations in Australia, Brazil, China, Dubai, India, Japan, Mexico, Singapore, South Africa, South Korea, Taiwan and Thailand.
APG consists of operations in Advantage Performance Group.
| MSEK | Oct–Dec 2014 |
Oct–Dec 2013 |
Jan–Dec 2014 |
Jan–Dec 2013 |
|---|---|---|---|---|
| BTS North America | 114.3 | 81.7 | 362.2 | 311.5 |
| BTS Europe | 63.6 | 44.9 | 193.9 | 162.8 |
| BTS Other markets | 38.3 | 27.2 | 128.3 | 122.4 |
| APG | 28.1 | 17.7 | 97.1 | 91.5 |
| Total | 244.3 | 171.5 | 781.5 | 688.2 |
| MSEK | Oct–Dec 2014 |
Oct–Dec 2013 |
Jan–Dec 2014 |
Jan–Dec 2013 |
|---|---|---|---|---|
| BTS North America | 14.8 | 6.5 | 42.5 | 35.6 |
| BTS Europe | 11.4 | 9.8 | 26.8 | 26.7 |
| BTS Other markets | 5.4 | 2.1 | 13.1 | 9.8 |
| APG | 0.2 | –0.5 | 2.6 | –0.6 |
| Total | 31.8 | 17.9 | 85.0 | 71.5 |
Net sales for BTS' operations in North America amounted to MSEK 362.2 (311.5) for the year. Adjusted for changes in foreign exchange rates, revenue grew by 10 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 42.5 (35.6) for the year. Operating margin before amortization of intangible assets (EBITA margin) was 12 percent (11).
Net sales for the fourth quarter amounted to MSEK 114.3 (81.7). Adjusted for changes in foreign exchange rates, revenue grew by 23 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 14.8 (6.5) for the fourth quarter. Operating margin before amortization of intangible assets (EBITA margin) was 13 percent (8).
BTS North America showed a very strong performance in the second half of the year and the fourth quarter. Action taken previously has produced results while market conditions have improved.
Net sales in Europe amounted to MSEK 193.9 (162.8) for the year. Adjusted for changes in foreign exchange rates, revenue grew by 13 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 26.8 (26.7) for the year. Operating margin before amortization of intangible assets (EBITA margin) was 14 percent (16).
Net sales for the fourth quarter amounted to MSEK 63.6 (44.9). Adjusted for changes in foreign exchange rates, revenue grew by 34 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 11.4 (9.8) for the fourth quarter. Operating margin before amortization of intangible assets (EBITA margin) was 18 percent (22).
BTS Europe has seen good growth during the year. Significant investments were made during the year which resulted in a lower margin in 2014 compared with 2013.
Net sales for BTS Other Markets amounted to MSEK 128.3 (122.4) for the year. Adjusted for changes in foreign exchange rates, revenue rose by 5 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 13.1 (9.8) for the year. Operating margin before amortization of intangible assets (EBITA margin) was 10 percent (8).
Net sales for the fourth quarter amounted to MSEK 38.3 (27.2). Adjusted for changes in foreign exchange rates, revenue rose by 32 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 5.4 (2.1) for the fourth quarter. Operating margin before amortization of intangible assets (EBITA margin) was 14 percent (8).
Performance varied significantly between the units. It was highly positive in Australia, stable in Asia and Africa and weak in Latin America. Ahead of 2015 a new manager has been appointed for BTS Other Markets with the aim of increasing growth and margins in the coming year.
Net sales amounted to MSEK 97.1 (91.5) for the year. Adjusted for changes in foreign exchange rates, revenue increased by 1 percent Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 2.6 (–0.6) for the year. Operating margin before amortization of intangible assets (EBITA margin) was 3 percent (–1).
Net sales for the fourth quarter amounted to MSEK 28.1 (17.7). Adjusted for changes in foreign exchange rates, revenue grew by 39 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 0.2 (–0.5) for the fourth quarter. Operating margin before amortization of intangible assets (EBITA margin) was 1 percent (–2).
APG continued its positive earnings development and showed good growth during the fourth quarter.
BTS' cash flow from operating activities for the year amounted to MSEK 44.8 (47.7). In the fourth quarter, cash flow from operating activities amounted to MSEK 47.7 (43.8). Goodwill and other intangible assets had increased by MSEK 79.1 at 31 December 2014 compared with the previous year, of which MSEK 29.6 was attributable to changes in foreign exchange rates. The remaining increase consisted of acquisitions during the year minus depreciation according to plan for the year.
Trade receivables at 31 December 2014 had increased by MSEK 83.0 compared with the previous year, of which MSEK 30.6 was attributable to changes in foreign exchange rates. The remainder was due to significantly higher billing than normal in December.
Available cash and cash equivalents amounted to MSEK 114.3 (108.8) at the end of the year. The company's interest-bearing loans amounted to MSEK 0 (0) at year-end.
BTS' equity ratio was 64 percent (69) at the end of the period.
The company had no outstanding conversion loans at the balance sheet date.
The number of employees in the BTS Group at 31 December was 405 (370).
The average number of employees during the year was 384 (376).
The company's net sales amounted to MSEK 1.9 (1.8) and profit after net financial items amounted to MSEK 30.0 (14.3). Cash and cash equivalents amounted to MSEK 2.2 (5.0).
In addition to transactions between group companies, limited related party transactions have taken place on market terms.
Profit before tax for the full year 2015 is expected to be better than the previous year.
The Annual General Meeting will be held at 09.30 CET on 7 May 2015 in BTS' offices, Grevgatan 34, Stockholm.
Against the background of the positive outlook for 2015 and the company's strong financial position, the Board has proposed an unchanged dividend of SEK 1.75 per share, which exceeds the company's dividend policy.
During the year, BTS acquired all the businesses of the American companies Sandra Hartog Associates, Inc. and Fenestra, Inc. consisting of employees, technology, intellectual property rights, customer relations, trademark rights and all equipment.
Fenestra is reported within BTS with effect from 1 October and sales totaled approximately MUSD 0.9 during the period. As a result of this acquisition, BTS increased the number of full-time employees by the equiivalent of 15 people. In 2015, Fenestra's offering will provide BTS' existing customers with significant added value which means that Fenestra will make a positive contribution to both growth and profitabiity during the year.
The acquisition of Fenestra strengthens BTS' position in the fastgrowing market for services and technology within assessment services. In a globalized economy there is a growing requirement to be able to evaluate employees with potential for successful professional development. The ability to attract the right people and the biggest talents is more important than ever today, while the tools and methods for evaluating these are often based on old technology and practices which fail to make effective use of digital technology. BTS and Fenestra together will offer effective, groundbreaking and digital solutions within this fast-growing area. The acquisition was made through BTS' subsidiary BTS USA Inc. The agreed purchase price comprises:
Purchase price allocation on acquisition date recomputed to closing day exchange rate at 31 December 2014 in MSEK:
| MSEK | |
|---|---|
| Cash payment | 16.6 |
| Fair value of issued shares | 2.7 |
| Estimated contingent consideration | 32.0 |
| Total purchase price | 51.3 |
| Net assets measured at fair value | 13.9 |
| Goodwill | 37.4 |
Goodwill consists of anticipated future synergy effects through an expanded product offering and services. In addition to synergy effects the goodwill item also includes employees and future profitability components. No acquisition-related costs were capitalized but recognized as an expense in their entirety.
No significant events occurred after the end of the reporting period.
The Group's material risks and uncertainties include market and business risks, operational risks and financial risks. Business and market risks may relate to greater customer exposure for specific sectors and companies as well as sensitivity to market conditions. Operational risks include dependence on individuals, skills supply and intellectual property as well as BTS meeting the high quality demands of its clients. Financial risks mainly relate to foreign exchange and credit risks.
The management of risks and uncertainties is described in the 2013 Annual Report. BTS is considered to have a good spread of risks across companies and sectors and operational risks are handled in a structured manner through well-established processes. Day-to-day exposure to currency fluctuations is limited since revenues and costs are mainly in the same currency in each market, and credit risk is limited since BTS only accepts creditworthy counterparties. No new material risks or uncertainties are deemed to have arisen during 2014.
In order to prepare the financial statements in conformity with IFRS, Corporate Management is required to make estimates and assumptions that affect the application of accounting principles and the recognized amounts of assets, liabilities, revenues and costs. Estimates and assumptions are based on historical experience and a number of other factors that are regarded as reasonable under prevailing conditions. Actual outcomes can deviate from these estimates and assumptions. 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 endorsed 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, 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 or financial position.
Annual Report 2014 April 2015 Interim report January–March 7 May 2015 Interim report April–June 21 August 2015 Interim report July–September 10 November 2015
Stockholm, 12 February 2015
Henrik Ekelund CEO
Henrik Ekelund President and CEO Phone: +46 8 587 070 00 Stefan Brown CFO Phone: +46 8 587 070 62 Thomas Ahlerup SVP, Investor and Phone: +46 8 587 070 02 Corporate Communications Mobile: +46 768 966 300
For further information, visit our website, www.bts.com
BTS Group AB (publ) Grevgatan 34 114 53 Stockholm SWEDEN
Phone: +46 8 587 070 00 Fax: +46 8 587 070 01 Company registration number: 556566-7119
We have reviewed the condensed interim financial information (interim report) of BTS Group AB (publ) as of 31 December 2014 and the twelve-month period then ended. The board of directors and the CEO 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 a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report 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 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 assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, 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, 12 February 2015 Öhrlings PricewaterhouseCoopers AB Magnus Thorling Authorized Public Accountant
| KSEK | Oct–Dec 2014 |
Oct–Dec 2013 |
Jan–Dec 2014 |
Jan–Dec 2013 |
|---|---|---|---|---|
| Net sales | 244,233 | 171,526 | 781,454 | 688,234 |
| Operating expenses | –210,763 | –151,767 | –690,035 | –610,439 |
| Depreciation tangible assets | –1,681 | –1,813 | –6,464 | –6,267 |
| Amortization intangible assets | –987 | –659 | –2,568 | –1,685 |
| Operating profit | 30,802 | 17,287 | 82,388 | 69,842 |
| Net financial items | 117 | –296 | 502 | –159 |
| Profit before tax | 30,919 | 16,991 | 82,890 | 69,683 |
| Taxes | –10,185 | –4,528 | –26,805 | –21,848 |
| Profit for the period | 20,734 | 12,463 | 56,085 | 47,835 |
| attributable to the shareholders of the parent company |
20,734 | 12,463 | 56,085 | 47,835 |
| Earnings per share, before and after dilution of shares, SEK |
1.11 | 0.67 | 3.01 | 2.57 |
| Number of shares at end of the period | 18,646,370 | 18,589,870 | 18,646,370 | 18,589,870 |
| Dividend per share, SEK | 1.75* | 1.75 |
* Proposed dividend
| KSEK | Oct–Dec 2014 |
Oct–Dec 2013 |
Jan–Dec 2014 |
Jan–Dec 2013 |
|---|---|---|---|---|
| Profit for the period | 20,734 | 12,463 | 56,085 | 47,835 |
| Items that will not be reclassified to profit or loss |
– | – | – | – |
| – | – | – | – | |
| Items that may be reclassified to profit or loss |
||||
| Translation differences in equity | 24,429 | 4,578 | 52,475 | –6,409 |
| Other comprehensive income for the period, net of tax |
24,429 | 4,578 | 52,475 | –6,409 |
| Total comprehensive income for the period | 45,163 | 17,041 | 108,559 | 41,426 |
| attributable to the shareholders of the parent company |
45,163 | 17,041 | 108,559 | 41,426 |
| KSEK | 31 Dec 2014 | 31 Dec 2013 |
|---|---|---|
| Assets | ||
| Goodwill | 207,045 | 143,033 |
| Other intangible assets | 31,702 | 16,603 |
| Tangible assets | 13,927 | 13,716 |
| Other non-current assets | 8,745 | 8,089 |
| Trade receivables | 239,005 | 155,980 |
| Other current assets | 67,157 | 72,614 |
| Cash and cash equivalents | 114,293 | 108,833 |
| Total assets | 681,874 | 518,868 |
| Equity and liabilities | ||
| Equity | 434,505 | 355,783 |
| Non-interest bearing – non-current liabilities | 153 | 213 |
| Non-interest bearing – current liabilities | 247,216 | 162,873 |
| Total equity and liabilities | 681,874 | 518,868 |
| KSEK | Jan–Dec 2014 |
Jan–Dec 2013 |
|---|---|---|
| Cash flow from operating activities | 44,813 | 47,635 |
| Cash flow from investing activities | –21,041 | –15,674 |
| Cash flow from financing activities | –32,871 | –12,638 |
| Cash flow for the period | –9,099 | 19,323 |
| Cash and cash equivalents, opening balance | 108,833 | 94,910 |
| Translation differences in cash and cash equivalents | 14,559 | –5,399 |
| Cash and cash equivalents, closing balance | 114,293 | 108,833 |
| KSEK | Total equity 31 Dec 2014 |
Total equity 31 Dec 2013 |
|---|---|---|
| Opening balance | 355,783 | 326,563 |
| Dividend to shareholders | –32,532 | –32,184 |
| New share issue | 2,695 | 19,977 |
| Other | – | 2 |
| Total comprehensive income for the period | 108,559 | 41,426 |
| Closing balance | 434,505 | 355,783 |
| Oct–Dec 2014 |
Oct–Dec 2013 |
Jan–Dec 2014 |
Jan–Dec 2013 |
|
|---|---|---|---|---|
| Net sales, KSEK | 244,233 | 171,526 | 781,454 | 688,234 |
| EBITA (Profit before interest, tax and amortization), KSEK |
31,789 | 17,946 | 84,956 | 71,528 |
| EBIT (Operating profit), KSEK | 30,802 | 17,287 | 82,388 | 69,842 |
| EBITA margin (Profit before interest, tax and amortization margin), % |
13 | 10 | 11 | 10 |
| EBIT margin (Operating margin ), % | 13 | 10 | 11 | 10 |
| Profit margin, % | 8 | 7 | 7 | 7 |
| Operating capital, KSEK | 320,212 | 246,949 | ||
| Return on equity, % | 14 | 14 | ||
| Return on operating capital, % | 29 | 29 | ||
| Equity ratio, at end of the period, % | 64 | 69 | ||
| Cash flow, KSEK | 30,826 | 43,158 | –9,099 | 19,323 |
| Cash and cash equivalents, at end | ||||
| of the period, KSEK | 114,293 | 108,833 | ||
| Average number of employees | 401 | 373 | 384 | 376 |
| Number of employees at end of the period | 405 | 370 | ||
| Revenues for the year per employee, KSEK | 2,035 | 1,830 |
| Oct–Dec | Oct–Dec | Jan–Dec | Jan–Dec | |
|---|---|---|---|---|
| KSEK | 2014 | 2013 | 2014 | 2013 |
| Net sales | 475 | 409 | 1,885 | 1,825 |
| Operating expenses | –380 | –487 | –1,712 | –1,813 |
| Operating profit | 95 | –78 | 173 | 12 |
| Net financial items | 4,797 | 5,102 | 29,804 | 14,266 |
| Profit before tax | 4,892 | 5,024 | 29,977 | 14,278 |
| Taxes | –659 | –682 | –678 | –682 |
| Profit for the period | 4,233 | 4,342 | 29,300 | 13,596 |
| KSEK | 31 Dec 2014 | 31 Dec 2013 | |
|---|---|---|---|
| Assets | |||
| Financial assets | 101,976 | 101,976 | |
| Other current assets | 984 | 53 | |
| Cash and cash equivalents | 2,227 | 5,013 | |
| Total assets | 105,187 | 107,042 | |
| Equity and liabilities | |||
| Equity | 104,460 | 104,998 | |
| Liabilities | 727 | 2,044 | |
| Total equity and liabilities | 105,187 | 107,042 |
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 net sales.
EBIT margin (Operating margin) Operating profit after depreciation as a percentage of net sales.
Profit margin Profit for the period as a percentage of net sales.
Total balance sheet reduced by liquid funds and other interestbearing assets and reduced by non-interest bearing liabilities.
Return on equity Profit after tax as a percentage of average equity.
Equity ratio 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.
BTS is the world leader in customized business simulations and other discovery learning solutions that enable leading organizations to learn, change and improve. The unique BTS process offers fast strategic alignment and rapid capability building to accelerate execution and to improve business results.
"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."
"We deliver better results, faster. The unique BTS process offers fast strategic alignment and rapid capability building.
BTS' financial goals shall over time be:
Grevgatan 34 114 53 Stockholm Sweden Tel. +46 8 58 70 70 00 Fax. +46 8 58 70 70 01
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