Earnings Release • Feb 12, 2016
Earnings Release
Open in ViewerOpens in native device viewer
• The proposed dividend is SEK 2.35 (1.75) per share.
As announced earlier, BTS has completed the acquisition of all business operations within the Australian company The Synergy Group Pty Ltd.
New clients during the year include Aditya Birla Group, Barclays Africa, Danone, Gas Natural, Sandoz, Santander and Uber.
BTS is a global professional services firm headquartered in Stockholm, Sweden, with some 450 professionals in 33 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 strategy execution and talent development needs. Our services span the employee lifecycle from assessment centers for talent selection and development to strategy alignment and execution initiatives, and from business acumen, leadership and sales training programs to on-the-job business simulations and application tools. We partner with nearly 450 organizations, including over 30 of the world's 100 largest global corporations. Our major clients are some of the most respected names in business: AT&T, Chevron, Coca-Cola, Ericsson, Google, GSK, HP, HSBC, Salesforce.com, Telstra, and Unilever. For more information, please visit www.bts.com. Q4
1 | BTS YEAR-END REPORT JANUARY 1–DECEMBER 31, 2015 BTS YEAR-END REPORT JANUARY 1–DECEMBER 31, 2015 | 1 BTS is a public company listed on the Nasdaq OMX Stockholm exchange and trades under the symbol BTS B.
BTS had a strong fourth quarter, the best in the company's history. Revenue rose 10 percent (adjusted for currency effects) and earnings were up 15 percent.
In total during 2015, growth was 15 percent with an earnings increase of 32 percent. In the record year 2015 our sales exceeded SEK 1 billion for the first time. During BTS's first ten years we grew from MSEK 0 to MSEK 76 (1996), in the next decade we reached MSEK 379 (2006), after which it took us nine years to grow to over SEK 1 billion. 2015 is also the first year in which our earnings exceeded MSEK 100.
All BTS's units contributed to growth and increased earnings during this record year. We have strong growth in Other Markets which grew 25 percent and in North America with 19 percent. Our growth in Europe was only 8 percent, but with a strong final quarter with growth of 20 percent.
BTS's competitiveness is very good, we are submitting tenders for a growing number of major projects and the proportion of business won is rising.
The major investments in product development for digital solutions will continue in 2016 and we expect good revenue growth within this area during the year.
For the full year 2016 our assessment is that earnings will be better than in 2015.
Stockholm, February 12, 2016
Henrik Ekelund President and CEO of BTS Group AB (publ)
BTS's net sales for the full year totaled MSEK 1,043.9 (781.5). Adjusted for changes in foreign exchange rates, growth was 15 percent.
Growth varied between the units: BTS Other Markets 25 percent, BTS North America 19 percent, BTS Europe 8 percent and APG –5 percent (growth measured in local currency).
Operating profit before amortization of intangible assets (EBITA) increased by 34 percent during the year to MSEK 113.8 (85.0). Operating profit for the year was charged with MSEK 4.3 (2.6) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) increased by 33 percent during the year to MSEK 109.5 (82.4).
Operating margin before amortization of intangible assets (EBITA margin) was 11 percent (11). Operating margin (EBIT margin) was 10 percent (11).
Consolidated profit before tax for the year increased by 32 percent to MSEK 109.2 (82.9).
Earnings were positively affected by improved earnings in all markets.
BTS's net sales in the fourth quarter totaled MSEK 292.4 (244.3). Adjusted for changes in foreign exchange rates, growth was 10 percent.
Operating profit before amortization of intangible assets (EBITA) increased by 16 percent in the fourth quarter to MSEK 36.8 (31.8). Operating profit in the fourth quarter was charged with MSEK 1.1 (1.0) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) increased by 16 percent to MSEK 35.7 (30.8).
Operating margin before amortization of intangible assets (EBITA margin) was 13 percent (13). Operating margin (EBIT margin) was 12 percent (13).
Consolidated profit before tax for the fourth quarter increased by 15 percent and amounted to MSEK 35.4 (30.9).
Earnings were positively affected by improved earnings in all markets.
The market for BTS's services was stable during the period and unchanged compared with the previous year. Our assessment is that BTS's competitiveness has improved, we are invited to submit tenders for more large projects and the proportion of business won is rising.
New clients during the year include Aditya Birla Group, Barclays Africa, Danone, Gas Natural, Sandoz, Santander and Uber.
PROFIT BEFORE TAX BY QUARTER
PROFIT BEFORE TAX AND OPERATING MARGIN
BTS North America consists of BTS's operations in North America excluding APG.
BTS Europe consists of operations in Belgium, Finland, France, Germany, the Netherlands, Sweden and the UK.
BTS Other Markets consists of operations in Australia, Brazil, China, Dubai, India, Italy, Japan, Mexico, Singapore, South Africa, South Korea, Spain, Taiwan and Thailand.
APG consists of operations in Advantage Performance Group.
| MSEK | Oct–Dec 2015 |
Oct–Dec 2014 |
Jan–Dec 2015 |
Jan–Dec 2014 |
|---|---|---|---|---|
| BTS North America | 138.4 | 114.3 | 528.6 | 362.2 |
| BTS Europe | 63.6 | 49.8 | 178.9 | 153.8 |
| BTS Other Markets | 64.5 | 52.1 | 222.7 | 168.4 |
| APG | 25.9 | 28.1 | 113.7 | 97.1 |
| Total | 292.4 | 244.3 | 1,043.9 | 781.5 |
| MSEK | Oct–Dec 2015 |
Oct–Dec 2014 |
Jan–Dec 2015 |
Jan–Dec 2014 |
|---|---|---|---|---|
| BTS North America | 15.1 | 14.8 | 60.6 | 42.5 |
| BTS Europe | 12.8 | 9.5 | 23.3 | 19.8 |
| BTS Other Markets | 8.2 | 7.3 | 27.3 | 20.1 |
| APG | 0.7 | 0.2 | 2.6 | 2.6 |
| Total | 36.8 | 31.8 | 113.8 | 85.0 |
Net sales for BTS's operations in North America amounted to MSEK 528.6 (362.2) in the full year 2015. Adjusted for changes in foreign exchange rates, revenue grew by 19 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 60.6 (42.5) for the year. Operating margin before amortization of intangible assets (EBITA margin) was 11 percent (12).
Net sales in the fourth quarter totaled MSEK 138.4 (114.3). Adjusted for changes in foreign exchange rates, revenue grew by 6 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 15.1 (14.8) in the fourth quarter. Operating margin before amortization of intangible assets (EBITA margin) was 11 percent (13).
BTS North America has achieved good growth in revenue and earnings during 2015. The lower growth in the fourth quarter is assessed as temporary.
Net sales for BTS Europe amounted to MSEK 178.9 (153.8) in the full year 2015. Adjusted for changes in foreign exchange rates, revenue grew by 8 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 23.3 (19.8) for the year. Operating margin before amortization of intangible assets (EBITA margin) was 13 percent (13).
Net sales in the fourth quarter totaled MSEK 63.6 (49.8). Adjusted for changes in foreign exchange rates, revenue grew by 20 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 12.8 (9.5) in the fourth quarter. Operating margin before amortization of intangible assets (EBITA margin) was 20 percent (19).
Following lower growth in the first nine months, BTS Europe returned to a strong revenue and earnings growth in the fourth quarter.
Net sales for BTS Other Markets amounted to MSEK 222.7 (168.4) in the full year 2015. Adjusted for changes in foreign exchange rates, revenue grew by 25 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 27.3 (20.1) for the year. Operating margin before amortization of intangible assets (EBITA margin) was 12 percent (12).
Net sales in the fourth quarter totaled MSEK 64.5 (52.1) MSEK. Adjusted for changes in foreign exchange rates, revenue grew by 26 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 8.2 (7.3) in the fourth quarter. Operating margin before amortization of intangible assets (EBITA margin) was 13 percent (14).
BTS Other Markets showed very favorable development throughout 2015 with strong growth and a strong increase in earnings.
Net sales amounted to MSEK 113.7 (97.1) in the full year 2015. Adjusted for changes in foreign exchange rates, revenue decreased by 5 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 2.6 (2.6) for the year. Operating margin before amortization of intangible assets (EBITA margin) was 2 percent (3).
Net sales in the fourth quarter totaled MSEK 25.9 (28.1). Adjusted for changes in foreign exchange rates, revenue decreased by 19 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 0.7 (0.2) in the fourth quarter. Operating margin before amortization of intangible assets (EBITA margin) was 3 percent (1).
In order to return to a positive earnings development for APG, we will launch new products and recruit additional partners in 2016.
BTS's cash flow from operating activities for the year amounted to MSEK 57.9 (44.8).
Available cash and cash equivalents amounted to MSEK 139.5 (114.3) at the end of the period. The company's interest-bearing loans, attributable to earlier acquisitions, amounted to MSEK 16.7 (0) at the end of the period.
BTS's equity ratio was 60 percent (64) at the end of the period.
The company had no outstanding conversion loans at the balance sheet date.
The Board has decided to change the company's financial targets. The new financial targets over time are:
Most of BTS's sales increases have been organic and this aim remains unchanged. The company now has
increased opportunities for acquisitions that complement products/services, markets and resources. Taken overall, the growth target on this basis – including acquired sales – is set at 20 percent per annum.
The margin target of 15 percent remains unchanged. This target could not be met in recent years due among other things to major initiatives for establishment in new geographic markets and for development of new digital solutions. Going forward, the company sees rising economies of scale that will allow a steady increase in margin.
The Board has also decided on a new dividend policy. The company's goal is to distribute 40 to 65 percent of profit after tax in the long run.
The number of employees within BTS at December 31 was 463 (405).
The average number of employees during the year was 436 (384).
The Parent Company's net sales amounted to MSEK 1.9 (1.9) and profit after net financial items amounted to MSEK 40.1 (30.0). Cash and cash equivalents amounted to MSEK 0.1 (2.2).
No transactions with related parties, with the exception of group companies, took place in the period under review.
Profit after tax is expected to be better compared with the previous year.
The Annual General Meeting will be held on May 10, 2016, at 09:30 CET in BTS's offices, Grevgatan 34, Stockholm.
The Board proposes a dividend of SEK 2.35 per share.
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 2014 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 2015.
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.
Since the acquisition of the business activities within The Synergy Group Pty Ltd is not of material significance to the Group, no purchase price allocation disclosure has been provided.
| Annual Report 2015 | April 2016 |
|---|---|
| Interim report January–March | May 10, 2016 |
Stockholm, February 12, 2016
Henrik Ekelund CEO
Michael Wallin SVP Investor and
Henrik Ekelund CEO Tel: +46 8 587 070 00 Stefan Brown CFO Tel: +46 8 587 070 62
Corporate Communications Tel: +46 8 587 070 02 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
We have reviewed the condensed interim financial information (interim report) of BTS Group AB (publ) as of December 31, 2015, 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, February 12, 2016
Öhrlings PricewaterhouseCoopers AB
Sten Håkansson Authorized Public Accountant
| KSEK | Oct–Dec 2015 |
Oct–Dec 2014 |
Jan–Dec 2015 |
Jan–Dec 2014 |
|---|---|---|---|---|
| Net sales | 292,395 | 244,233 | 1,043,900 | 781,454 |
| Operating expenses | –253,458 | –210,763 | –922,473 | –690,035 |
| Depreciation of property, plant, and equipment |
–2,190 | –1,681 | –7,688 | –6,464 |
| Amortization of intangible assets | –1,051 | –987 | –4,286 | –2,568 |
| Operating profit | 35,695 | 30,802 | 109,452 | 82,388 |
| Net financial items | –257 | 117 | –263 | 502 |
| Profit before tax | 35,438 | 30,919 | 109,190 | 82,890 |
| Taxes | –12,005 | –10,185 | –36,635 | –26,805 |
| Profit for the period | 23,434 | 20,734 | 72,554 | 56,085 |
| attributable to the shareholders | ||||
| of the parent company | 23,434 | 20,734 | 72,554 | 56,085 |
| Earnings per share, before dilution | ||||
| of shares, SEK | 1.26 | 1.11 | 3.89 | 3.01 |
| Number of shares at end of the period | 18,646,370 18,646,370 | 18,646,370 | 18,646,370 | |
| Average number of shares before dilution | 18,646,370 18,646,370 | 18,646,370 | 18,646,370 | |
| Earnings per share, after dilution of shares, SEK |
1.26 | 1.11 | 3.89 | 3.01 |
| Average number of shares after dilution | 18,646,370 18,646,370 | 18,646,370 | 18,646,370 | |
| Dividend per share, SEK | 2.35*) | 1.75 |
* Proposed dividend
| KSEK | Oct–Dec 2015 |
Oct–Dec 2014 |
Jan–Dec 2015 |
Jan–Dec 2014 |
|---|---|---|---|---|
| Profit for the period | 23,434 | 20,734 | 72,554 | 56,085 |
| Items that will not be reclassified to profit or loss |
– | – | – | – |
| – | – | – | – | |
| Items that may be reclassified to profit or loss |
||||
| Translation differences in equity | –6,028 | 24,429 | 7,982 | 52,475 |
| Other comprehensive income for the period, net of tax |
–6,028 | 24,429 | 7,982 | 52,475 |
| Total comprehensive income for the period | 17,406 | 45,163 | 80,536 | 108,559 |
| attributable to the shareholders of the parent company |
17,406 | 45,163 | 80,536 | 108,559 |
| KSEK | 31 Dec 2015 | 31 Dec 2014 |
|---|---|---|
| Assets | ||
| Goodwill | 220,690 | 207,045 |
| Other intangible assets | 32,894 | 31,702 |
| Tangible assets | 15,232 | 13,927 |
| Property, plant, and equipment | 10,064 | 8,745 |
| Trade receivables | 276,812 | 239,005 |
| Other current assets | 115,737 | 67,157 |
| Cash and cash equivalents | 139,547 | 114,293 |
| Total assets | 810,976 | 681,874 |
| Equity and liabilities | ||
| Equity | 483,255 | 434,505 |
| Interest bearing – non-current liabilities | 16,705 | – |
| Non-interest bearing – non-current liabilities | – | 153 |
| Non-interest bearing – current liabilities | 311,016 | 247,216 |
| Total equity and liabilities | 810,976 | 681,874 |
| KSEK | Jan–Dec 2015 |
Jan–Dec 2014 |
|---|---|---|
| Cash flow from operating activities | 57,864 | 44,813 |
| Cash flow from investing activities | –19,020 | –21,041 |
| Cash flow from financing activities | –16,293 | –32,871 |
| Cash flow for the period | 22,552 | –9,099 |
| Cash and cash equivalents, opening balance | 114,293 | 108,833 |
| Translation differences in cash and cash equivalents |
2,702 | 14,559 |
| Cash and cash equivalents, closing balance | 139,547 | 114,293 |
| KSEK | Total equity 31 Dec 2015 |
Total equity 31 Dec 2014 |
|---|---|---|
| Opening balance | 434,505 | 355,783 |
| Dividend to shareholders | –32,631 | –32,532 |
| New share issue | – | 2,695 |
| Other | 845 | – |
| Total comprehensive income for the period | 80,536 | 108,559 |
| Closing balance | 483,255 | 434,505 |
| KSEK | Oct–Dec 2015 |
Oct–Dec 2014 |
Jan–Dec 2015 |
Jan–Dec 2014 |
|---|---|---|---|---|
| Net sales, KSEK | 292,395 | 244,233 | 1,043,900 | 781,454 |
| EBITA (Profit before interest, tax and amortization), KSEK |
36,747 | 31,789 | 113,739 | 84,956 |
| EBIT (Operating profit), KSEK | 35,695 | 30,802 | 109,452 | 82,388 |
| EBITA margin (Profit before interest, tax and amortization margin), % |
13 | 13 | 11 | 11 |
| EBIT margin (Operating margin ), % | 12 | 13 | 10 | 11 |
| Profit margin, % | 8 | 8 | 7 | 7 |
| Operating capital, KSEK | 360,413 | 320,212 | ||
| Return on equity, % | 16 | 14 | ||
| Return on operating capital, % | 32 | 29 | ||
| Equity ratio, at end of the period, % | 60 | 64 | ||
| Cash flow, KSEK | 28,245 | 30,826 | 22,552 | –9,099 |
| Cash and cash equivalents, at end of the period, KSEK |
139,547 | 114,293 | ||
| Average number of employees | 454 | 401 | 436 | 384 |
| Number of employees at end of the period | 463 | 405 | ||
| Revenues for the year per employee, KSEK | 2,394 | 2,035 |
| KSEK | Oct–Dec 2015 |
Oct–Dec 2014 |
Jan–Dec 2015 |
Jan–Dec 2014 |
|---|---|---|---|---|
| Net sales | 360 | 475 | 1,855 | 1,885 |
| Operating expenses | –797 | –380 | –2,217 | –1,712 |
| Operating profit | –437 | 95 | –362 | 173 |
| Net financial items | 3,454 | 4,797 | 40,413 | 29,804 |
| Profit before tax | 3,017 | 4,892 | 40,051 | 29,977 |
| Taxes | –742 | –659 | –746 | –677 |
| Profit for the period | 2,275 | 4,233 | 39,305 | 29,300 |
| KSEK | 31 Dec 2015 | 31 Dec 2014 |
|---|---|---|
| Assets | ||
| Financial assets | 101,976 | 101,976 |
| Other current assets | 26,258 | 984 |
| Cash and cash equivalents | 124 | 2,227 |
| Total assets | 128,359 | 105,187 |
| Equity and liabilities | ||
| Equity | 111,134 | 104,460 |
| Liabilities | 17,225 | 727 |
| Total equity and liabilities | 128,359 | 105,187 |
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 profit after depreciation as a percentage of net sales.
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.
Profit after tax as a percentage of average equity.
Operating profit as a percentage of average operating capital.
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 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 shall over time be:
Grevgatan 34 114 53 Stockholm Sweden Tel. +46 8 58 70 70 00 Fax. +46 8 58 70 70 01
Rieker business park John M. Keynesplein 13 1066 EP Amsterdam The Netherlands Tel. + 31 (0)20 615 15 14 Fax. +31 (0)20 388 00 65
Frost Bank Building 401 Congress Avenue Suite 2740 Austin, Texas 78701 USA Tel. +1 512 474 1416 Fax. +1 512 474 1433
Vatika Business Center Divyashree Chambers, 2nd Floor, Wing A O'Shaugnessy Road, Langford Town Bangalore 560025 India Tel. +91 80 4291 1111 Ext 116 Fax. +91 40 4291 1222
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 27-1, Office No. 4 Bilbao 48013 Spain Tel. +34 94 423 5594 Fax. +34 94 423 689
Rue d'Arenberg 44 1000 Brussels Belgium Tel. +32 (0) 2 27 415 10
200 South Wacker Drive Suite 925 Chicago, IL 60606 USA Tel. +1 312 509 4750 Fax. +1 312 509 4781
10th Floor, Swiss Tower Jumeirah Lakes Towers Dubai, United Arab Emirates Tel. +971 4 279 8341 Fax. +971 4 279 8399
Iso Roobertinkatu 4-6 00120 Helsinki Finland Tel. +358 9 4245 0330
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
P.O. Box 10366 Marina del Rey, CA 90295 USA Tel. +1 424 202 6952
Calle José Abascal 55, piso 3ºDcha 28003 Madrid Spain Tel. +34 91 417 5327 Fax. +34 91 555 2433
198 Harbour Esplanade, Suite 404 Docklands VIC 3008 Australia Tel. +61 3 9670 9850 Fax. +61 3 9670 9569
Edificio Torre Moliere Calle Moliere 13 – PH Col Chapultepec Polanco C.P. 11560 México, D.F. Tel. +52 (55) 52 81 69 72 Fax. +52 (55) 52 81 69 72
1404 and 1405A, 14th Floor, DLH Park, Opposite MTNL Staff quarters, S.V. Road, Goregaon (West), Mumbai - 400062 Maharashtra, India Tel. +91 22 6196 6800
Theresienhoehe 28 80339 Munich Germany Tel. +49 89 244 40 7036
60 E. 42nd Street, Suite 2434 New York, NY, 10165 USA Tel. +1 646 378 3730 Fax. +1 646 378 3731
57, rue de Seine 75006 Paris France Tel. +33 1 40 15 07 43
101 West Elm St Suite 310 Conshohocken, PA 19428 USA Tel. (toll free) +1 800 445 7089 Tel. +1 484 391 2900 Fax. +1415 362 4270
Rome Barberini centre Via Antonio Salandra, 18 0018 Rome – Italy Tel: +39 06 4227 2308 Fax: +39 06 4227 4000
456 Montgomery Street Suite 900 San Francisco, CA 94104 USA Tel. +1 415 362 4200 Fax. +1 415 449 6119
Rua Geraldo Flausino Gomes, 85, 4o andar Brooklin Novo 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
7th Floor Hanvit Building 107 Sajik-ro Jongo-Gu, Seoul South Korea 110-053 Tel. +82 2 539 7676 Fax. +82 2 2233 4451
1376 West Nanjing Road Suite 531, East Office Tower Shanghai Centre Shanghai 200040 China Tel. +86 21 6289 8688
110 Amoy Street #02-00 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
7 F., No. 307, Dun-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. +81-03 6272 9973 Fax. +81-03 6672 9974
PERFORMANCE GROUP 100 Smith Ranch Road, Suite 306 San Rafael, CA 94903 USA Tel. +1 800 494 6646 Fax. +1 415 925 9512
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.