Annual Report • Feb 21, 2019
Annual Report
Open in ViewerOpens in native device viewer
• The proposed dividend is SEK 3.60 (2.80) per share to be paid on two occasions in the amount of SEK 1.80 per payment.
* Profit after tax was positively impacted by MSEK 10.5 during the fourth quarter of 2017 due to the revaluation of deferred tax liabilities as a result of a non-recurring effect on taxes from the changed corporate tax rate in the US. Without this non-recurring effect, profit after tax would have increased 44 percent in 2018 and 64 percent in the fourth quarter.
NET SALES AND PROFIT BEFORE TAX
BTS is a global professional services firm headquartered in Stockholm, Sweden, with approximately 700 professionals in 37 offices located on six continents. We focus on the people side of strategy, working with leaders at all levels to help them make better decisions, convert those decisions to actions and deliver results. At our core, we believe people learn best by doing. For 30 years, we've been designing fun, powerful experiences™ that have a profound and lasting impact on people and their careers. We inspire new ways of thinking, build critical capabilities and unleash business success. It's strategy made personal.
We serve a wide range of client needs, including: Strategy execution, Leadership development programs, Assessment, Developing business acumen, Transforming sales organizations, Coaching, and Digital solutions, events and services. We partner with nearly 450 organizations, including over 30 of the world's 100 largest global corporations. Our major clients are e.g.: ABB, Chevron, Coca-Cola, Ericsson, EY, HP, Mercado Libre, Salesforce.com, SAP, and Tencent. BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS B. For more information, please visit www.bts.com. Q4
1 | BTS YEAR-END REPORT JANUARY 1 – DECEMBER 31, 2018 BTS YEAR-END REPORT JANUARY 1 – DECEMBER 31, 2018 | 1
Vision The global leader in turning strategy into action.
Revenue increased by 26 percent and profit by 43 percent in 2018. Both income and profit have more than doubled in four years, and profit is increasing faster than revenue.
The fourth quarter marked a very positive performance, with 27 percent growth and a 56 percent increase in profit. All units trended positively in the fourth quarter.
Total growth for the year (26 percent) consisted of organic growth of 16 percent and an acquired growth of 10 percent. Organic growth accelerated during the year; during the fourth quarter it was 24 percent.
The market for BTS's services is continuing to grow. The rate of change in the global business sector is high, which is favorable for demand. BTS holds a strong competitive position through our global organization, our digital services and our track record on creating earnings for our customers. We are securing many new assignments from existing customers while adding many new customers. One area that is growing quickly is digital transformation, where we help customers carry out and achieve results more quickly; digitization creates changes in how markets and companies function, and all managers and employees need to learn new approaches and new skills.
Other areas that grew quickly are coaching, assessment and innovation. We are, especially in the US market, winning a larger number of change management projects within these areas.
Demand for digitally delivered services is accelerating in our sector. We are well positioned and are continuing to invest in new, improved and innovative solutions. Our digital licensing revenue is increasing rapidly, from MSEK 46 to MSEK 84.
BTS's income is increasing in nearly all industries. The fastest increase is in energy and FMCG, two sectors with big and rapid change.
The acquisitions made in the end of 2017 have been integrated with good results. BTS Coach reported rapid growth in 2018 and strong synergy effects. BTS Germany won several important new customers in 2018 and is wellpositioned for growth in 2019.
Profit margins are increasing; in 2018 we achieved an EBITA margin of 12.6 percent, compared with 11.3 (2017) and 10.7 percent in 2016. These improvements were due to a higher share of licensing revenue, more efficient resource utilization and economies of scale – revenue growing more rapidly than overall costs. BTS will continue to invest in raising the margin, with a target EBITA margin of 15 percent.
In 2019, we expect continued healthy growth and profit before tax that is better than in the preceding year.
Stockholm, February 21, 2019
Henrik Ekelund President and CEO of BTS Group AB (publ)
BTS's net sales for the year totaled MSEK 1,598.4 (1,242.6). Adjusted for changes in foreign exchange rates, growth was 26 percent, with a favorable combination of organic (16 percent) and acquired growth (10 percent).
Growth varied between the units: BTS Europe 47 percent, BTS Other markets 29 percent, BTS North America 22 percent and APG negative 6 percent (growth measured in local currency).
Operating profit (EBITA) increased by 43 percent during the year to MSEK 202.1 (140.9). The operating margin (EBITA margin) was 12.6 (11.3) percent.
Operating profit (EBIT) for the year increased by 39 percent during the year to MSEK 183.4 (132.3). The operating margin (EBIT margin) was 11.5 percent (10.6). Operating profit for the year was charged with MSEK 18.7 (8.6) for amortization of intangible assets attributable to acquisitions.
Profit after tax was positively impacted by MSEK 10.5 during the fourth quarter of 2017 due to the revaluation of deferred tax liabilities as a result of a non-recurring effect on taxes from the changed corporate tax rate in the US. Without this non-recurring effect, profit after tax would have increased 44 percent in 2018 and 64 percent in the fourth quarter.
Profit before tax increased by 37 percent to MSEK 179.8 (131.4).
The Group's profitability was positively affected by improved profit in BTS North America, BTS Europe and BTS Other markets, while weaker earnings in APG had a negative effect.
BTS's net sales in the fourth quarter amounted to MSEK 494.4 (368.2). Adjusted for changes in foreign exchange rates, growth was 27 percent.
Operating profit (EBITA) increased by 56 percent in the fourth quarter to MSEK 75.9 (48.8). The operating margin (EBITA margin) was 15.3 (13.2) percent.
Operating profit (EBIT) increased by 57 percent to MSEK 71.2 (45.3). The operating margin (EBIT margin) amounted to 14.4 (12.3) percent. Operating profit (EBIT) for the fourth quarter was charged with MSEK 4.6 (3.5) for amortization of intangible assets attributable to acquisitions.
The Group's income before tax for the fourth quarter increased by 56 percent to MSEK 69.7 (44.8).
The market for BTS services continued to trend positively during the year. The share of licensing revenue grew, with rapidly increasing sales of digital licenses.
PROFIT BEFORE TAX BY QUARTER
BTS North America consists of BTS's operations in North America excluding APG.
BTS Europe consists of operations in Belgium, France, Germany, the Netherlands, Sweden and the UK.
BTS Other markets consists of operations in Argentina, Australia, Brazil, China, Costa Rica, India, Italy, Japan, Mexico, Singapore, South Africa, South Korea, Spain, Taiwan, Thailand and the United Arab Emirates.
APG consists of operations in Advantage Performance Group in North America.
| MSEK | Oct–Dec 2018 |
Oct–Dec 2017 |
Jan–Dec 2018 |
Jan–Dec 2017 |
|---|---|---|---|---|
| BTS North America | 210.1 | 147.1 | 714.2 | 573.7 |
| BTS Europe | 105.1 | 86.0 | 315.7 | 204.0 |
| BTS Other markets | 154.9 | 107.6 | 459.9 | 350.9 |
| APG | 24.3 | 27.6 | 108.6 | 114.1 |
| Total | 494.4 | 368.2 | 1,598.4 | 1,242.6 |
| MSEK | Oct–Dec 2018 |
Oct–Dec 2017 |
Jan–Dec 2018 |
Jan–Dec 2017 |
|---|---|---|---|---|
| BTS North America | 24.5 | 15.6 | 93.4 | 73.7 |
| BTS Europe | 26.9 | 17.0 | 44.9 | 17.9 |
| BTS Other markets | 24.1 | 16.5 | 62.8 | 47.6 |
| APG | 0.4 | –0.4 | 0.9 | 1.7 |
| Total | 75.9 | 48.8 | 202.1 | 140.9 |
Net sales for BTS's operations in North America amounted to MSEK 714.2 (573.7) for the full year. Adjusted for changes in foreign exchange rates, revenue grew by 22 percent. Operating profit (EBITA) totaled MSEK 93.4 (73.7) for the year. The operating margin (EBITA margin) was 13.1 (12.8) percent.
Net sales amounted to MSEK 210.1 (147.1) in the fourth quarter. Adjusted for changes in foreign exchange rates, revenue grew by 31 percent. Operating profit (EBITA) amounted to MSEK 24.5 (15.6) in the fourth quarter. The operating margin (EBITA margin) was 11.7 (10.6) percent.
BTS North America experienced a very successful year with organic growth of 19 percent. In spite of considerable investments in marketing and organization, the operating margin increased slightly.
Net sales for BTS Europe amounted to MSEK 315.7 (204.0) during the year. Adjusted for changes in foreign exchange rates, revenue grew by 47 percent. Operating profit (EBITA) totaled MSEK 44.9 (17.9) for the year. The operating margin (EBITA margin) was 14.2 (8.8) percent.
Net sales amounted to MSEK 105.1 (86.0) in the fourth quarter. Adjusted for changes in foreign exchange rates, revenue grew by 17 percent. Operating profit (EBITA) amounted to MSEK 26.9 (17.0) in the fourth quarter. The operating margin (EBITA margin) was 25.6 (19.7) percent.
BTS Europe integrated both BTS Germany and BTS Coach well, which resulted in record growth of 47 percent, of which 12 percent was organic. BTS Europe's operating margin improved considerably, by slightly more than 5 percentage points.
Net sales for BTS Other markets amounted to MSEK 459.9 (350.9) for the year. Adjusted for changes in foreign exchange rates, revenue grew by 29 percent. Operating profit (EBITA) totaled MSEK 62.8 (47.6) for the year. The operating margin (EBITA margin) was 13.7 (13.6) percent.
Net sales amounted to MSEK 154.9 (107.6) in the fourth quarter. Adjusted for changes in foreign exchange rates, revenue grew by 40 percent. Operating profit (EBITA) amounted to MSEK 24.1 (16.5) in the fourth quarter. The operating margin (EBITA margin) was 15.6 (15.3) percent.
Once again, BTS Other markets achieved a strong year of growth, 29 percent, of which 20 percent was organic. Revenue in BTS Other markets in 2018 was 2.5 times greater than four years ago, i.e. 2014.
Net sales for APG amounted to MSEK 108.6 (114.1) for the year. Adjusted for changes in foreign exchange rates, revenue declined by 6 percent. Operating profit (EBITA) totaled MSEK 0.9 (1.7) for the year. The operating margin (EBITA margin) was 0.9 (1.5) percent.
Net sales amounted to MSEK 24.3 (27.6) in the fourth quarter. Adjusted for changes in foreign exchange rates, revenue decreased by 19 percent. Operating profit (EBITA) amounted to MSEK 0.4 (–0.4) in the fourth quarter. The operating margin (EBITA margin) was 1.6 (–1.3) percent.
APG has gone through a year of changes and some investments. During the fourth quarter, profit improved compared with the preceding year.
BTS's cash flow from operating activities during the year amounted to MSEK 158.2 (98.2).
Available cash and cash equivalents amounted to MSEK 262.4 (199.9) at the end of the period. The company's interest-bearing loans attributable to previously implemented acquisitions amounted to MSEK 102.8 (125.6) at the end of the period.
BTS's equity ratio was 46 percent (47) at the end of the period.
The company had no outstanding conversion loans at the balance sheet date.
At December 31, the number of employees at BTS was 701 (596).
The average number of employees for the year was 645 (548).
The Parent Company's net sales amounted to MSEK 3.0 (2.3) and profit before tax totaled MSEK 68.9 (47.9). Cash and cash equivalents amounted to MSEK 4.5 (0.2).
The Swedish Companies Registration Office (Sw. Bolagsverket) approved in December 2018 the resolution by the Annual General Meeting 2018 to reduce the statutory reserve (Sw. reservfond) of the parent company in a total amount of approximately MSEK 41.4. The reduction amount has been transferred to unresticted equity.
A limited number of transactions with related parties, with the exception of transactions between Group companies, has taken place at prevailing market conditions.
Profit before tax is expected to be better than last year.
The Annual General Meeting will be held on May 15, 2019 at 2:00 p.m. in BTS's offices at Grevgatan 34, Stockholm, Sweden.
The Board proposed a dividend of SEK 3.60 per share, to be paid in the amount of SEK 1.80 on two occasions.
The preliminary acquisition analyses for the acquisitions of Coach in a Box Holdings Ltd and MTAC GmbH that took place in the fourth quarter of 2017 have been adopted. The effect was an increase in goodwill and a provision for deferred tax liabilities of MSEK 10.2.
No significant events occurred after the close of the 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 2017 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 revenue 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 2018.
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, revenue 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 have been prepared in accordance with RFR 2 Accounting for Legal Entities and the Annual Accounts Act.
No new or revised IFRS that took effect in 2018 impacted the Group. The accounting policies and basis of calculation were unchanged compared with the 2017 Annual Report. Significant accounting policies and valuation principles are found on pages 19–22 of the 2017 Annual Report in Swedish, which has been published on the BTS website.
IFRS 9 Financial Instruments is in effect from January 1, 2018, and the Group's application is indicated by Note 2 in the 2017 Annual Report. BTS has applied IFRS 9 as of January 2018. IFRS 9 has had no effect on earnings or financial position.
IFRS 15 Revenue from Contracts with Customers applies from January 1, 2018, and the Group's application is indicated by Note 2 in the 2017 Annual Report. BTS applies IFRS 15 as of January 1, 2018. IFRS 15 has had no effect on the Group's earnings or financial position.
IFRS 16 Leases applies from January 1, 2018 and is applied by BTS from this date.
The new standard entails that the lessee is to recognize a right-of-use and a lease liability. Previously recognized lease expenses will be replaced by depreciation of the right-of-use and interest expenses for the lease liability. The discount rate is determined by country and class of asset according to the length of the lease term.
When IFRS 16 is applied for the first time, a company can choose between the full retrospective approach or a variant of transition relief. The transition method chosen is the modified retrospective approach with the transition date of January 1, 2019. The exceptions of short-term leases and assets of low value are also applied.
Based on the information available, the Group estimates that total assets will increase by MSEK 166. Most of the Group's leases pertain to premises, and office and IT equipment.
Annual report 2018 April 2019 Interim report Jan–March 2019 May 15, 2019 Interim report Jan–June 2019 August 23, 2019 Interim report Jan–Sept 2019 November 13, 2019
Stockholm, February 21, 2019
Henrik Ekelund President and CEO
We have reviewed the condensed interim financial information (interim report) of BTS Group AB (publ) as of December 31, 2018, 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 Company. 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 and extent than an audit conducted in accordance with International Standards on Auditing, ISA and the generally accepted auditing standards. 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. Therefore, the opinion we express does not have the assurance as an opinion based on an audit would have.
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, February 21, 2019
Öhrlings PricewaterhouseCoopers AB
Magnus Thorling Authorized Public Accountant
Henrik Ekelund CEO Tel: +46 8 587 070 00 Stefan Brown CFO Tel: +46 8 587 070 62 Michael Wallin Head of Investor Tel: +46 8 587 070 02
Relations Mobile: +46 70 878 80 19
For further information, visit our website www.bts.com
BTS Group AB (publ) Grevgatan 34 SE-114 53 Stockholm SWEDEN
Tel. +46 8 587 070 00 Fax. +46 8 587 070 01 Company registration number: 556566-7119
| KSEK | Oct–Dec 2018 |
Oct–Dec 2017 |
Jan–Dec 2018 |
Jan–Dec 2017 |
|---|---|---|---|---|
| Net sales | 494,426 | 368,226 | 1,598,399 | 1,242,591 |
| Operating expenses | –414,405 | –317,033 | –1,384,450 | –1,091,837 |
| Depreciation of property, plant, and equipment |
–4,131 | –2,434 | –11,835 | –9,887 |
| Amortization of intangible assets | –4,644 | –3,509 | –18,713 | –8,574 |
| Operating profit | 71,246 | 45,251 | 183,401 | 132,292 |
| Net financial items | –783 | –396 | –3,130 | –999 |
| Associated company, profit after tax | –733 | –56 | –477 | 135 |
| Profit before tax | 69,729 | 44,799 | 179,794 | 131,429 |
| Taxes | –20,808 | –4,364 | –53,660 | –33,295 |
| Profit for the period | 48,921 | 40,436 | 126,134 | 98,134 |
| attributable to the shareholders of the parent company |
48,921 | 40,436 | 126,134 | 98,134 |
| Earnings per share, before dilution of shares, SEK |
2.58 | 2.14 | 6.67 | 5.20 |
| Number of shares at end of the period | 19,013,916 | 18,887,051 | 19,013,916 | 18,887,051 |
| Average number of shares before dilution | 18,989,343 | 18,887,051 | 18,905,124 | 18,887,051 |
| Earnings per share, after dilution of shares, SEK |
2.53 | 2.10 | 6.56 | 5.09 |
| Average number of shares after dilution | 19,316,565 | 19,284,748 | 19,232,346 | 19,284,748 |
| Dividend per share, SEK | 3.601 | 2.80 |
Proposed dividend
| KSEK | Oct–Dec 2018 |
Oct–Dec 2017 |
Jan–Dec 2018 |
Jan–Dec 2017 |
|---|---|---|---|---|
| Profit for the period | 48,921 | 40,436 | 126,134 | 98,134 |
| Items that will not be reclassified to profit or loss |
– | – | – | – |
| – | – | – | – | |
| Items that may be reclassified to profit or loss |
||||
| Translation differences in equity | 5,323 | 12,452 | 39,747 | –38,154 |
| Other comprehensive income for the period, net of tax |
5,323 | 12,452 | 39,747 | –38,154 |
| Total comprehensive income for the period | 54,244 | 52,888 | 165,881 | 59,980 |
| attributable to the shareholders of the parent company |
54,244 | 52,888 | 165,881 | 59,980 |
| KSEK | Dec 31, 2018 |
Dec 31, 2017 |
|---|---|---|
| Assets | ||
| Goodwill | 455,268 | 421,374 |
| Other intangible assets | 72,026 | 86,899 |
| Tangible assets | 38,803 | 29,638 |
| Financial assets | 15,082 | 11,206 |
| Total non-current assets | 581,179 | 549,117 |
| Trade receivables | 512,468 | 335,132 |
| Other current assets | 172,006 | 141,441 |
| Cash and cash equivalents | 262,357 | 199,876 |
| Total current assets | 946,831 | 676,449 |
| TOTAL ASSETS | 1,528,010 | 1,225,566 |
| Equity and liabilities | ||
| Equity | 704,203 | 580,555 |
| Provisions | 220,608 | 219,719 |
| Non-current liabilities | 62,893 | 84,839 |
| Current liabilities | 540,307 | 340,453 |
| Total liabilities | 823,807 | 645,012 |
| TOTAL EQUITY AND LIABILITIES | 1,528,010 | 1,225,566 |
| KSEK | Jan–Dec 2018 |
Jan–Dec 2017 |
|---|---|---|
| Cash flow before changes in working capital | 160,097 | 99,380 |
| Cash flow from changes in working capital | –1,934 | –1,182 |
| Cash flow from operating activities | 158,163 | 98,198 |
| Cash flow from investing activities1 | –37,321 | –80,217 |
| Cash flow from financing activities2 | –70,576 | 54,661 |
| Cash flow for the period | 50,266 | 72,642 |
| Cash and cash equivalents, opening balance | 199,876 | 135,433 |
| Translation differences in cash and cash equivalents | 12,215 | –8,200 |
| Cash and cash equivalents, closing balance | 262,357 | 199,876 |
The consideration paid in acquisitions is MSEK 15.1 (64.7), the remainder relates to acquisitions of non-current assets.
The dividend to shareholders was MSEK 53.0 (46.6), a new issue amounts to MSEK 5.8 (0.0), the remainder relates to changes in loans.
| KSEK | Total equity Dec 31, 2018 |
Total equity Dec 31, 2017 |
|---|---|---|
| Opening balance | 580,555 | 543,094 |
| Dividend to shareholders | –53,010 | –46,616 |
| New issue | 10,943 | 21,245 |
| Other | –166 | 2,852 |
| Total comprehensive income for the period | 165,881 | 59,980 |
| Closing balance | 704,203 | 580,555 |
| KSEK | Oct–Dec 2018 |
Oct–Dec 2017 |
Jan–Dec 2018 |
Jan–Dec 2017 |
|---|---|---|---|---|
| Net sales | 630 | 420 | 2 955 | 2 315 |
| Operating expenses | –1,256 | 176 | –1,756 | –1,759 |
| Operating profit | –626 | 596 | 1,199 | 556 |
| Net financial items | 48,728 | 5,252 | 67,739 | 47,355 |
| Profit before tax | 48,102 | 5,848 | 68,939 | 47,911 |
| Taxes | –827 | –822 | –827 | –822 |
| Profit for the period | 47,275 | 5,025 | 68,112 | 47,089 |
| KSEK | Dec 31, 2018 | Dec 31, 2017 |
|---|---|---|
| Assets | ||
| Financial assets | 301,983 | 301,048 |
| Other current assets | 41,517 | 53,243 |
| Cash and cash equivalents | 4,509 | 246 |
| Total assets | 348,010 | 354,537 |
| Equity and liabilities | ||
| Equity | 156,881 | 130,836 |
| Non-current liabilities | 147,802 | 172,952 |
| Current liabilities | 43,327 | 50,749 |
| Total equity and liabilities | 348,010 | 354,537 |
| KSEK | Oct–Dec 2018 |
Oct–Dec 2017 |
Jan–Dec 2018 |
Jan–Dec 2017 |
|---|---|---|---|---|
| Net sales | 494,426 | 368,226 | 1,598,399 | 1,242,591 |
| Operating profit (EBITA) | 75,890 | 48,760 | 202,114 | 140,866 |
| Operating margin (EBITA margin), % | 15 | 13 | 13 | 11 |
| Operating profit (EBIT) | 71,246 | 45,251 | 183,401 | 132,292 |
| Operating margin (EBIT margin), % | 14 | 12 | 11 | 11 |
| Profit margin, % | 10 | 11 | 8 | 8 |
| Operating capital1 | 544,686 | 506,238 | ||
| Return on operating capital, % | 35 | 28 | ||
| Return on equity, % | 20 | 17 | ||
| Equity ratio, at end of the period, % | 46 | 47 | 46 | 47 |
| Cash flow | 32,020 | 79,765 | 50,266 | 72,642 |
| Cash and cash equivalents, at end of the period |
262,357 | 199,876 | 262,357 | 199,876 |
| Average number of employees | 691 | 581 | 645 | 548 |
| Number of employees at end of the period | 701 | 596 | 701 | 596 |
| Revenues for the year per employee | 2,478 | 2,268 |
1 The calculation included the item of non-interest-bearing liabilities amounting to KSEK 710,613 (519,453) KSEK.
| 2018 | 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | BTS North America |
BTS Europe |
BTS Other markets |
APG | Total | BTS North America |
BTS Europe |
BTS Other markets |
APG | Total |
| Programs | 397.8 | 190.4 | 333.0 | 86.8 | 1,008.1 | 332.7 | 122.8 | 235.8 | 92.6 | 783.8 |
| Development | 190.5 | 79.1 | 74.8 | 0.0 | 344.4 | 158.5 | 54.8 | 87.9 | 0.0 | 301.1 |
| Licenses | 78.1 | 23.5 | 26.9 | 21.8 | 150.3 | 43.7 | 8.9 | 6.1 | 21.4 | 80.1 |
| Other revenue | 47.8 | 22.6 | 25.3 | 0.0 | 95.7 | 38.8 | 17.5 | 21.2 | 0.0 | 77.5 |
| TOTAL | 714.2 | 315.7 | 459.9 | 108.6 | 1,598.4 | 573.7 | 204.0 | 350.9 | 114.1 | 1,242.6 |
BTS started to apply IFRS 15 Revenue from Contracts with Customers from January 1, 2018. BTS's business model is divided into four categories of revenue: Development, Programs, Licenses and Other revenue.
When Programs, educational services, are delivered, revenue is recognized and invoiced immediately after delivery.
Revenue for Licenses, meaning the customer's right to independently use the materials and solutions for a certain period and/or on a certain number of occasions, is recognized when a binding agreement has been reached and BTS has fulfilled its obligations to the client, and the amount of the revenue is known. Invoicing takes place in accordance with contractual terms.
The new standard did not have any material impact on the financial statements except for extended disclosure requirements. The opening balance for January 1, 2018 was not adjusted.
Earnings per share Earnings attributable to the parent company's shareholders divided by number of shares.
Operating profit before interest, tax and amortization as a percentage of net sales.
Operating margin (EBIT 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 interest-bearing assets and reduced by non-interest bearing liabilities.
Operating profit (EBIT) as a percentage of average operating capital.
Profit after tax as a percentage of average equity.
Equity as a percentage of total balance sheet.
BTS focuses on the people side of strategy, working with leaders at all levels to help them make better decisions, convert those decisions to actions and deliver results. At our core, we believe people learn best by doing. For more than 30 years, we've been designing fun, powerful experiences™ that have a profound and lasting impact on people and their careers. We inspire new ways of thinking, build critical capabilities and unleash business success. It's strategy made personal.
The global leader in turning strategy into action.
We inspire and equip people to do the best work of their lives, creating better businesses and a better planet.
We make strategy personal and drive great execution. Our unforgettable experiences create levels of alignment, mindset, and capability that deliver better results, faster.
BTS's financial goals over time are to reach:
Head Office Grevgatan 34 114 53 Stockholm SWEDEN Tel. 08 58 70 70 00
Virrey del Pino – 3514 piso 1 C 1430 - CABA Capital Federal Buenos Aires Tel: +54 91149272388
198 Harbour Esplanade, Suite 404 Docklands VIC 3008 Tel. +61 3 9670 9850
Level 6 10 Barrack St Sydney NSW 2000 Tel. +61 02 8243 0900
Suite 3.03, 33 Lexington Drive, Bella Vista, NSW 2153 Sydney, NSW 2153 Tel: +61 2 8883 5840
Rue d'Arenberg 44 1000 Brussels Tel. +32 (0) 2 27 415 10
Rua Geraldo Flausino Gomes, 85, 4o andar Brooklin Novo 04575-060 Sao Paulo-SP Tel. +55 11 5505 2070
1376 West Nanjing Road Suite 531, East Office Tower Shanghai Centre Shanghai 200040 Tel. +86 21 6289 8688
Office 203 Prisma Business Center San Jose Tel: +506 22 88 48 19
57, rue de Seine 75006 Paris Tel. +33 1 40 15 07 43
Ritterstraße 12 D-50668 Cologne Tel +49 221 270 70 763
1 Queen Caroline Street London W6 9YN Tel: +44 20 7368 4180
Holbrook Court, Cumberland Business Centre, Hampshire, PO5 1DS Portsmouth Tel: +44 2393 162686
Vatika Business Center Divyashree Chambers, 2nd Floor, Wing A O'Shaugnessy Road, Langford Town Bangalore 560025 Tel. +91 80 4291 1111 Ext 116
1404 and 1405A, 14th Floor, DLH Park, Opposite MTNL Staff quarters, S.V. Road, Goregaon (West), Mumbai - 400062 Maharashtra, Tel. +91 22 6196 6800
Viale Fulvio Testi 223 20162 Milan Tel. +39 02 6611 6364
Viale Abruzzi, 13 20131 Milan Tel. +39 02 6901 5719
Kojimachi Brighton Bldg 2F 6-4-17 Kojimachi Chiyoda-ku Tokyo 102-0083 Tel. +81 03 6272 9973
Edificio Torre Moliere Calle Moliere 13 – PH Col Chapultepec Polanco C.P. 11560 México, D.F. Tel. +52 (55) 52 81 69 72
Rieker business park John M. Keynesplein 13 1066 EP Amsterdam Tel. + 31 (0)20 615 15 14
1 Finlayson Green #07-02 Singapore 049246 Tel. +65 6221 2870
29A Cuppage Road, #02-00 Cuppage Terrace Singapore 229456 Tel: +65 8127 0444
Simon Bolivar 27-1, Office No. 4 Bilbao 48013 Tel. +34 94 423 5594
Calle José Abascal 55, piso 3ºDcha 28003 Madrid Tel. +34 91 417 5327
267 West Avenue, 1st Floor Centurion 0046, Gauteng Tel. +27 12 663 6909
1st Floor Wonseo Building 13, Changdeokgung 1-gil Jongo-gu Seoul 03058 Tel. +82 2 539 7676
7 F., No. 307, Dun-Hua, North Road Taipei 105 Tel. +886 2 8712 3665
128/27 Phyathai Plaza Building (4th Floor) Phyathai Rd. Kwaeng Thung Phyathai Khet Ratchathewi Bangkok 10400 Tel. +66 2 216 5974
10th Floor, Swiss Tower Jumeirah Lakes Towers Dubai Tel. +971 4 279 8341
Frost Bank Building 401 Congress Avenue Suite 2740 Austin, Texas 78701 Tel. +1 512 474 1416
200 South Wacker Drive Suite 925 Chicago, IL 60606 Tel. +1 312 509 4750
1817 Church Street Suite 2N, Evanston Chicago, IL 60201
101 West Elm St Suite 310 Conshohocken, PA 19428 Tel. (toll free) +1 800 445 7089 Tel. +1 484 391 2900
Empire State Building 350 Fifth Avenue Suite 5020 New York, NY, 10118 Tel. +1 646 378 3730
4742 N. 24th St., Suite 120 Phoenix, AZ 85016 Tel. +1 480 948 2777
222 Kearny Street, Ste 1000 San Francisco, CA 94108 Tel. +1 415 362 4200
100 Smith Ranch Road, Suite 306 San Rafael, CA 94903 USA Tel. +1 800 494 6646
We create powerful experiences that help leaders build the future of their business
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.