Earnings Release • Aug 18, 2021
Earnings Release
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INTERIM REPORT JANUARY 1–JUNE 30, 2021
Q2
• The result is expected to be significantly better than 2020 and better than in 2019, which deviates from the previous report when the result was expected to be significantly better than 2020 and in line with 2019.
We are delivering our best-ever second quarter. Our longterm strategy for managing the pandemic is working and we have taken our company to a new level.
A comparison with 2020 is less relevant. We do all of our comparisons with 2019.
Our revenue for the first half of the year increased 12 percent compared with 2019. Virtual deliveries mean that there are no expenses charged to revenue. The actual growth of the operations was approximately 16 percent.
Despite strong currency headwinds, our operating profit increased 21 percent compared with 2019. Discounting currency effects, our earnings increased more than 30 percent.
The margin increased to just over 14 percent, up approximately 2 percentage points over the comparable half of 2019. The main reason for the improvement is more efficient resource usage, price optimization and reduced external costs, while increased digital investments were charged to earnings. Our long-term goal remains to reach an EBITA margin of 15 percent.
The pandemic has initiated significant changes to the strategies and organizations in major companies around the world, creating increased demand for our services. BTS is an even more attractive partner for our customers today, thanks to our head start in virtual services, our continued investment in product development and the fact that we retained all of our employees during the past year.
Many of our customers have indicated that demand for physical deliveries will return when travel restrictions and the limitations on meeting others are lifted, and that they will demand a combination of physical, virtual and digital solutions.
We believe that demand for digital solutions will increase and we are investing significantly more in product development for digital solutions in 2021. Our goal is to meet our customers' evolving needs and to increase our licensing revenue.
BTS's ambition is to exit the 2020 pandemic and recession as a stronger company in the long term and to achieve a level of profit higher than prior to the recession as well as sustainably growth. Our goal is to have a larger and more profitable operation than before the pandemic – based on an expanded customer base, deeper customer relations, a stronger organization and increased revenue from virtual and digital solutions combined with physical deliveries.
The outlook for 2021 is favorable: we believe that earnings will be significantly better than 2020 and better than 2019 despite strong currency headwinds compared with 2019.
Stockholm, August 18, 2021
President and CEO of BTS Group AB (publ)
BTS's net sales for the first half of the year amounted to MSEK 868 (695). Adjusted for changes in foreign exchange rates, total sales increased 39 percent.
Growth varied between the units: BTS Other markets 52 percent, APG 46 percent, BTS North America 44 percent and BTS Europe 15 percent (growth measured in local currency).
Compared with the first half of 2019, sales increased 12 percent adjusted for changes in foreign exchange rates. It should be noted that the virtual deliveries meant that no travel expenses were charged to the customers, which is why the underlying growth in operations is approximately 4 percent higher.
Operating profit (EBITA) increased in the first half of the year to MSEK 124 (24). The operating margin (EBITA margin) was 14.2 percent (3.5).
Compared with the first half of 2019, operating profit (EBITA) increased 21 percent. Despite strong currency headwinds our operating profit increased 21 percent compared with 2019. Discounting currency effects, our earnings increased more than 30 percent. The operating margin (EBITA margin) increased from 12.0 to 14.2 percent.
Operating profit (EBIT) increased in the first half of the year to MSEK 109 (12). The operating margin (EBIT margin) was 12.5 percent (1.7). Operating profit (EBIT) for the first half of the year was charged with MSEK 15.1 (12.0) for amortization of intangible assets attributable to acquisitions.
The Group's earnings before tax increased to MSEK 101 (6). The Group's profitability was positively affected by improved
profit in all operating units compared with last year.
BTS's second-quarter net sales amounted to MSEK 480 (322).
Adjusted for changes in foreign exchange rates, sales increased 64 percent.
Compared with the second quarter of 2019, sales increased 11 percent adjusted for changes in foreign exchange rates. It should be noted that the virtual deliveries meant no travel expenses were charged to the customers, which is why the underlying growth in operations is approximately 5 percent higher.
REVENUE BY QUARTER
Operating profit (EBITA) increased to MSEK 82 (12) during the second quarter. The operating margin (EBITA margin) was 17.1 percent (3.7).
Compared with the first half of 2019, operating profit (EBITA) increased 13 percent. Currency fluctuations had a negative impact of 11 percent on earnings. The operating margin increased from 15.1 to 17.1 percent.
Operating profit (EBIT) increased to MSEK 75 (6). The operating margin (EBIT margin) was 15.5 percent (1.8). Operating profit for the second quarter was charged with MSEK 7.6 (6.3) for amortization of intangible assets attributable to acquisitions.
Profit before tax for the second quarter increased to MSEK 71 (1).
The Group's profitability was positively affected by drastically improved profit in all operating units.
The effects of IFRS 16 are not included in the BTS Operating units reporting, which is why the effects are recognized as Group adjustments.
BTS North America consists of BTS's operations in the USA, excluding APG but including SwissVBS with its operations in Canada and Switzerland.
BTS Europe consists of operations in France, Germany, the Netherlands, the UK and Sweden.
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 the USA.
NET SALES PER OPERATING UNIT JANUARY 1–JUNE 30, 2021 (2020)
| MSEK | Apr–Jun 2021 |
Apr–Jun 2020 |
Jan–Jun 2021 |
Jan–Jun 2020 |
Jul–Jun 2020/21 |
Jan–Dec 2020 |
|---|---|---|---|---|---|---|
| BTS North America | 238 | 170 | 448 | 358 | 779 | 689 |
| BTS Europe | 93 | 61 | 163 | 148 | 331 | 316 |
| BTS Other markets | 119 | 77 | 204 | 147 | 420 | 363 |
| APG | 29 | 14 | 53 | 42 | 107 | 95 |
| Total | 480 | 322 | 868 | 695 | 1,638 | 1,464 |
| MSEK | Apr–Jun 2021 |
Apr–Jun 2020 |
Jan–Jun 2021 |
Jan–Jun 2020 |
Jul–Jun 2020/21 |
Jan–Dec 2020 |
|---|---|---|---|---|---|---|
| BTS North America | 39.6 | 17.0 | 68.9 | 30.1 | 87.6 | 48.8 |
| BTS Europe | 18.9 | –1.1 | 24.6 | 7.6 | 36.4 | 19.5 |
| BTS Other markets | 21.7 | –2.2 | 27.3 | –13.0 | 59.8 | 19.4 |
| APG | 0.7 | –2.7 | 0.3 | –3.1 | 0.5 | –2.9 |
| Total excl IFRS 16 | 80.9 | 11.0 | 121.1 | 21.6 | 184.3 | 84.8 |
| Effects of IFRS 16 | 1.2 | 1.1 | 2.5 | 2.6 | 5.5 | 5.5 |
| Total incl IFRS 16 | 82.1 | 12.1 | 123.7 | 24.2 | 189.8 | 90.3 |
The market performed positively during the first half of the year. The pandemic initiated significant changes to strategies and organizations in many companies, creating increased demand for our services. Virtual deliveries are now fully accepted as a replacement for physical deliveries.
Net sales for BTS's operations in North America amounted to MSEK 448 (358) in the first half of the year. Adjusted for changes in foreign exchange rates, revenue grew 44 percent. Operating profit (EBITA) amounted to MSEK 68.9 (30.1) in the first half of the year. The operating margin (EBITA margin) was 15.4 percent (8.4).
Compared with the first half of 2019, net sales adjusted for changes in foreign exchange rates increased 21 percent and operating profit (EBITA) increased 21 percent in SEK.
Net sales for the second quarter amounted to MSEK 238 (170). Adjusted for changes in foreign exchange rates, revenue grew 61 percent. Operating profit (EBITA) amounted to MSEK 39.6 (17.0) in the second quarter. The operating margin (EBITA margin) was 16.6 percent (10.0).
Compared with the second quarter of 2019, net sales adjusted for changes in foreign exchange rates increased 16 percent and operating profit (EBITA) increased 22 percent in SEK.
The market in North America has developed positively and BTS has been extremely successful with sales and deliveries of virtual services. The margin improved due to more efficient resource usage, price optimization and lower external costs.
Net sales for BTS Europe amounted to MSEK 163 (148) in the first half of the year. Adjusted for changes in foreign exchange rates, revenue grew 15 percent. Operating profit (EBITA) amounted to MSEK 24.6 (7.6) in the first half of the year. The operating margin (EBITA margin) was 15.1 percent (5.2).
Compared with the first half of 2019, net sales adjusted for changes in foreign exchange rates increased 3 percent and operating profit (EBITA) increased 28 percent in SEK.
Net sales for the second quarter amounted to MSEK 93 (61). Adjusted for changes in foreign exchange rates, revenue grew 54 percent. Operating profit (EBITA) amounted to MSEK 18.9 (–1.1) in the second quarter. The operating margin (EBITA margin) was 20.3 percent (–1.8).
Compared with the second quarter of 2019, net sales adjusted for changes in foreign exchange rates increased 6 percent and operating profit (EBITA) increased 23 percent in SEK.
Market improvement in Europe has been slower than in North America. Growth improved during the second quarter compared with the first quarter of the year. The margin improved due to more efficient resource usage and lower external costs.
Net sales for BTS Other markets amounted to MSEK 204 (147) in the first half of the year. Adjusted for changes in foreign exchange rates, revenue grew 52 percent. Operating profit (EBITA) amounted to MSEK 27.3 (–13.0) in the first half of the year. The operating margin (EBITA margin) was 13.4 percent (–8.9).
Compared with the first half of 2019, net sales adjusted for changes in foreign exchange rates increased 3 percent and operating profit (EBITA) increased 16 percent in SEK.
Net sales for the second quarter amounted to MSEK 119 (77). Adjusted for changes in foreign exchange rates, revenue grew 67 percent. Operating profit (EBITA) amounted to MSEK 21.7 (–2.2) in the second quarter. The operating margin (EBITA margin) was 18.1 percent (–2.8).
Compared with the second quarter of 2019, net sales adjusted for changes in foreign exchange rates increased 7 percent and operating profit (EBITA) decreased 4 percent in SEK.
BTS Other markets was hit first and hardest by the pandemic during the first half of 2020 but is now showing a positive revenue trend for the last four quarters. The margin improved due to more efficient resource usage, price optimization and lower external costs.
Net sales for APG amounted to MSEK 53 (42) in the first half of the year. Adjusted for changes in foreign exchange rates, revenue grew 46 percent. Operating profit (EBITA) amounted to MSEK 0.3 (–3.1) in the first half of the year. The operating margin (EBITA margin) was 0.6 percent (–7.4).
Compared with the first half of 2019, net sales adjusted for changes in foreign exchange rates increased 2 percent and operating profit (EBITA) decreased 4 percent in SEK.
Net sales for the second quarter amounted to MSEK 29 (14). Adjusted for changes in foreign exchange rates, revenue grew 130 percent. Operating profit (EBITA) amounted to MSEK 0.7 (–2.7) in the second quarter. The operating margin (EBITA margin) was 2.5 percent (–18.6).
Compared with the second quarter of 2019, net sales adjusted for changes in foreign exchange rates increased 4 percent and operating profit (EBITA) decreased 17 percent in SEK.
BTS's cash flow from operating activities amounted to MSEK 88.5 (128.5) in the first half of the year.
Available cash and cash equivalents amounted to MSEK 599 (585) at the end of the period. The company's interest-bearing loans amounted to MSEK 393 (291) at the end of the period.
BTS's equity ratio was 38 percent (41) at the end of the period.
The company had no outstanding conversion loans at the balance sheet date.
On June 30, the number of employees at BTS was 918 (850).
The average number of employees in the first half of the year was 873 (847).
The Parent Company's net sales during the first half of the year amounted to MSEK 1.7 (1.8) and profit before tax totaled MSEK 0.3 (16.8). Cash and cash equivalents amounted to MSEK 3.1 (26.9).
As previously communicated, a number of strategic measures have been adopted to evolve operations to handle the effects of the pandemic. BTS is following the recommendations of the authorities. However, the health and well-being of our employees and customers has the highest priority for us, which is why in some cases we follow stricter rules than what the authorities recommend.
During the first half of the year the Group has, to a very limited extent, benefited from local support measures which have reduced personnel costs by a total of MSEK 0.5.
No employees were affected by any furloughs during the first half of the year.
In February 2020, the American BTS subsidiary received federal COVID-19 support under "The Paycheck Protection Program" totaling MUSD 5.85.
According to guidelines from the American authorities, this loan was written off in July 2021, and will be reported during the third quarter.
The Group's material risks and uncertainties include market and business risks, operational risks and financial risks. Business risks include significant exposure to individual customers or markets as well as the negative influence of changes in the economy. Operational risks include dependence on key individuals, insufficient skills supply and an inability to take advantage of intellectual property
as well as BTS not meeting the stringent requirements of its clients. Financial risks mainly relate to foreign exchange rates and credit risks. The management of risks and uncertainties is described in the 2020 Annual Report.
The COVID-19 pandemic is having a significant impact on the general market climate and global economy. Initially, the pandemic negatively impacted the Group's sales and earnings, which was the effect of severe restrictions on freedom of movement in several countries where BTS operates. Over time however, demand for the Group's services, primarily virtual, has increased as a result of the strategic change needs that have arisen among the world's major companies due to the pandemic. Group management and the Board are continuously analyzing and evaluating the underlying market trends and changes that may affect the Group – negatively or positively – and are developing appropriate action plans.
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.
| Interim report Jan–Sep 2021 | November 10, 2021 |
|---|---|
| Year-end report | February 23, 2022 |
| Interim report Jan–Mar 2022 | May 13, 2022 |
The Board of Directors and the CEO declare that the undersigned interim report provides a true and fair overview of the Company's and the Group's operations, their financial position and performance as well as describing material risks and uncertainties facing the Company and other companies in the Group.
Reinhold Geijer Chairman
Mariana Burenstam Linder Board member
Stefan Gardefjord Board member
Anna Söderblom Board member
Henrik Ekelund CEO Board member
This report has not been reviewed by BTS's auditors.
| 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 www.bts.com
BTS Group AB (publ) Grevgatan 34 SE-114 53 Stockholm SWEDEN
Tel: +46 8 587 070 00 Company registration number: 556566-7119
For more information, please visit www.bts.com.
BTS is a global professional services firm headquartered in Stockholm, Sweden. BTS has more than 900 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 35 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.
| KSEK | Apr–Jun 2021 |
Apr–Jun 2020 |
Jan–Jun 2021 |
Jan–Jun 2020 |
Jul–Jun 2020/21 |
Jan–Dec 2020 |
|---|---|---|---|---|---|---|
| Net sales | 479,691 | 322,343 | 867,912 | 694,520 | 1,637,548 | 1,464,155 |
| Operating expenses | –383,562 | –293,504 | –714,471 | –637,187 | –1,386,010 | –1,308,726 |
| Depreciation of property, plant and equipment |
–14,062 | –16,774 | –29,790 | –33,178 | –61,734 | –65,123 |
| Amortization of intangible assets | –7,564 | –6,281 | –15,064 | –12,005 | –28,759 | –25,700 |
| Operating profit | 74,503 | 5,784 | 108,587 | 12,149 | 161,044 | 64,607 |
| Net financial items | –3,653 | –4,003 | –7,530 | –6,061 | –15,377 | –13,907 |
| Associated company, profit after tax | 248 | –356 | 292 | –454 | 1,100 | 353 |
| Profit before tax | 71,097 | 1,425 | 101,348 | 5,634 | 146,767 | 51,053 |
| Estimated tax | –21,272 | –420 | –30,650 | –1,670 | –44,806 | –15,826 |
| Profit for the period | 49,825 | 1,005 | 70,698 | 3,964 | 101,961 | 35,226 |
| Attributable to the shareholders of the parent company |
49,825 | 1,005 | 70,698 | 3,964 | 101,961 | 35,226 |
| Earnings per share, before dilution | ||||||
| of shares, SEK | 2.58 | 0.05 | 3.66 | 0.21 | 5.28 | 1.82 |
| Number of shares at end of the period | 19,318,292 | 19,318,292 | 19,318,292 | 19,318,292 | 19,318,292 | 19,318,292 |
| Average number of shares before dilution | 19,318,292 | 19,318,292 | 19,318,292 | 19,318,292 | 19,318,292 | 19,318,292 |
| Earnings per share, after dilution of shares, SEK |
2.58 | 0.05 | 3.66 | 0.21 | 5.28 | 1.82 |
| Average number of shares after dilution | 19,318,292 | 19,318,292 | 19,318,292 | 19,318,292 | 19,318,292 | 19,318,292 |
| Dividend per share, SEK | 1.20 |
| KSEK | Apr–Jun 2021 |
Apr–Jun 2020 |
Jan–Jun 2021 |
Jan–Jun 2020 |
Jul–Jun 2020/21 |
Jan–Dec 2020 |
|---|---|---|---|---|---|---|
| Profit for the period | 49,825 | 1,005 | 70,698 | 3,964 | 101,961 | 35,226 |
| Items that will not be reclassified to profit or loss |
– | – | – | – | – | – |
| – | – | – | – | – | – | |
| Items that may be reclassified to profit or loss |
||||||
| Translation differences in equity | –13,085 | –52,578 | 28,598 | –16,789 | –50,010 | –95,397 |
| Other comprehensive income for the period, net of tax |
–13,085 | –52,578 | 28,598 | –16,789 | –50,010 | –95,397 |
| Total comprehensive income for the period | 36,739 | –51,573 | 99,296 | –12,825 | 51,951 | –60,171 |
| Attributable to the shareholders of the parent company |
36,739 | –51,573 | 99,296 | –12,825 | 51,951 | –60,171 |
| KSEK | 30 Jun 2021 |
30 Jun 2020 |
31 Dec 2020 |
|---|---|---|---|
| Assets | |||
| Goodwill | 638,970 | 587,248 | 548,759 |
| Other intangible assets | 84,925 | 87,122 | 75,219 |
| Tangible assets | 165,529 | 197,021 | 185,382 |
| Financial assets | 16,963 | 17,024 | 16,782 |
| Total non-current assets | 906,387 | 888,415 | 826,143 |
| Trade receivables | 367,895 | 361,260 | 408,549 |
| Other current assets | 209,090 | 162,166 | 134,224 |
| Cash and cash equivalents | 598,805 | 584,990 | 591,171 |
| Total current assets | 1,175,791 | 1,108,415 | 1,133,943 |
| TOTAL ASSETS | 2,082,177 | 1,996,830 | 1,960,087 |
| Equity and liabilities | |||
| Equity | 797,502 | 825,850 | 709,857 |
| Provisions | 83,496 | 151,864 | 27,841 |
| Non-current liabilities | 377,549 | 324,697 | 402,749 |
| Current liabilities | 823,630 | 694,420 | 819,639 |
| Total liabilities | 1,284,676 | 1,170,981 | 1,250,229 |
| TOTAL EQUITY AND LIABILITIES | 2,082,177 | 1,996,830 | 1,960,087 |
| KSEK | Jan–Jun 2021 |
Jan–Jun 2020 |
Jan–Dec 2020 |
|---|---|---|---|
| Cash flow before changes in working capital | 117,233 | 35,320 | 99,929 |
| Cash flow from changes in working capital | –28,776 | 93,168 | 142,177 |
| Cash flow from operating activities | 88,457 | 128,488 | 242,106 |
| Acquisition related | –36,156 | –35,406 | –125,718 |
| Other1 | –8,223 | –14,259 | –21,931 |
| Cash flow from investing activities | –44,379 | –49,665 | –147,649 |
| Dividend | –11,591 | – | –69,546 |
| Other | –40,497 | 194,948 | 282,572 |
| Cash flow from financing activities | –52,088 | 194,948 | 213,026 |
| Cash flow for the period | –8,010 | 273,770 | 307,484 |
| Cash and cash equivalents, opening balance | 591,171 | 316,388 | 316,388 |
| Translation differences in cash and cash equivalents | 15,644 | –5,169 | –32,701 |
| Cash and cash equivalents, closing balance | 598,805 | 584,990 | 591,171 |
Acquisition of assets.
| KSEK | 30 Jun 2021 |
30 Jun 2020 |
31 Dec 2020 |
|---|---|---|---|
| Opening balance | 709,857 | 839,678 | 839,678 |
| Dividend to shareholders | –11,591 | – | –69,546 |
| Other | –61 | –1,003 | –104 |
| Total comprehensive income for the period | 99,296 | –12,825 | –60,171 |
| Closing balance | 797,502 | 825,850 | 709,857 |
| KSEK | Apr–Jun 2021 |
Apr–Jun 2020 |
Jan–Jun 2021 |
Jan–Jun 2020 |
Jul–Jun 2020/21 |
Jan–Dec 2020 |
|---|---|---|---|---|---|---|
| Net sales | 925 | 725 | 1,660 | 1,820 | 3,200 | 3,360 |
| Operating expenses | –1,497 | –3,474 | –1,019 | –2,218 | –4,873 | –6,071 |
| Operating profit | –572 | –2,749 | 641 | –398 | –1,673 | –2,711 |
| Net financial items | –2,292 | 7,745 | –298 | 17,191 | 37,407 | 54,896 |
| Profit before tax | –2,864 | 4,996 | 343 | 16,793 | 35,734 | 52,184 |
| Estimated tax | – | – | – | – | –3,209 | –3,209 |
| Profit for the period | –2,864 | 4,996 | 343 | 16,793 | 32,525 | 48,975 |
| KSEK | 30 Jun 2021 |
30 Jun 2020 |
31 Dec 2020 |
|---|---|---|---|
| Assets | |||
| Financial assets | 330,231 | 302,435 | 301,460 |
| Other current assets | 125,776 | 170,686 | 143,070 |
| Cash and cash equivalents | 3,081 | 26,916 | 44,041 |
| Total assets | 459,088 | 500,037 | 488,571 |
| Equity and liabilities | |||
| Equity | 123,471 | 172,082 | 134,719 |
| Non-current liabilities | 174,874 | 136,128 | 187,247 |
| Current liabilities | 160,743 | 191,827 | 166,605 |
| Total equity and liabilities | 459,088 | 500,037 | 488,571 |
| KSEK | Apr–Jun 2021 |
Apr–Jun 2020 |
Jan–Jun 2021 |
Jan–Jun 2020 |
Jul–Jun 2020/21 |
Jan–Dec 2020 |
|---|---|---|---|---|---|---|
| Net sales | 479,691 | 322,343 | 867,912 | 694,520 | 1,637,548 | 1,464,155 |
| Operating profit (EBITA) | 82,066 | 12,065 | 123,651 | 24,155 | 189,803 | 90,306 |
| Operating margin (EBITA margin), % | 17.1 | 3.7 | 14.2 | 3.5 | 11.6 | 6.2 |
| Operating profit (EBIT) | 74,503 | 5,784 | 108,587 | 12,149 | 161,044 | 64,607 |
| Operating margin (EBIT margin), % | 15.5 | 1.8 | 12.5 | 1.7 | 9.8 | 4.4 |
| Profit margin, % | 10.4 | 0.3 | 8.1 | 0.6 | 6.2 | 2.4 |
| Operating capital1 | 591,456 | 522,988 | ||||
| Return on operating capital, % | 29 | 12 | ||||
| Return on equity, % | 14 | 5 | ||||
| Equity ratio, at end of the period, % | 38 | 41 | 38 | 41 | 38 | 36 |
| Cash flow | 6,767 | 173,867 | –8,010 | 273,770 | 25,704 | 307,484 |
| Cash and cash equivalents, at end of the period |
598,805 | 584,990 | 598,805 | 584,990 | 598,805 | 591,171 |
| Average number of employees | 894 | 855 | 873 | 847 | 860 | 843 |
| Number of employees at end of the period | 918 | 850 | 918 | 850 | 918 | 821 |
| Revenues for the year per employee | 1,905 | 1,736 |
1 The calculation included the item of non-interest-bearing liabilities amounting to KSEK 891,916 (879,528).
| MSEK | Jan–Jun 2021 |
Jan–Jun 2020 |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| BTS North America |
BTS Europe |
BTS Other markets |
APG | Total | BTS North America |
BTS Europe |
BTS Other markets |
APG | Total | ||
| Programs | 237 | 108 | 148 | 49 | 542 | 118 | 76 | 91 | 37 | 322 | |
| Development | 137 | 39 | 47 | 0 | 223 | 159 | 59 | 44 | 0 | 263 | |
| Licenses | 74 | 15 | 7 | 4 | 100 | 73 | 8 | 8 | 5 | 93 | |
| Other revenue | 0 | 1 | 1 | 1 | 3 | 8 | 4 | 4 | 0 | 17 | |
| TOTAL | 448 | 163 | 204 | 53 | 868 | 358 | 148 | 147 | 42 | 695 |
Earnings attributable to the parent company's shareholders divided by number of shares before dilution.
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.
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.
Head Office Grevgatan 34 114 53 Stockholm Tel: +46 8 587 070 00
Reconquista 657 PB 3 CP1003 CABA. Buenos Aires Tel: +54 911 5795 5721
Level 24, 570 Bourke Street Melbourne VIC 3000 Tel: +61 3 7001 1811
Level 6 10 Barrack Street Sydney NSW 2000 Tel: +61 02 8243 0900
Rua Geraldo Flausino Gomes, 85, cj 42 04575-060 São Paulo – SP Tel: +55 (11) 5505 2070
SwissVBS 460 Richmond Street W. Suite 700 Toronto, ON M5V 1Y1 Tel: +1 416 848 3744
1376 West Nanjing Road Suite 531, East Office Tower Shanghai Centre Shanghai 200040 Tel: +86 21 6289 8688
57 Rue de Seine 75006 Paris Tel: +33 1 40 15 07 43 Germany Ritterstraße 12 D-50668 Cologne Tel: +49 221 270 70 763
801, 8th Floor, DLH Park Near MTNL Staff quarters, S.V. Road, Goregaon (West). Mumbai - 400062 Maharashtra Tel: +91 22 6196 6800
10th Floor, Parinee Crescenzo, G block, Bandra Kurla Complex, Bandra East, Mumbai- 400051 Tel: +91 98 1993 4615
Corso Venezia 7 20121 Milan Tel: +39 02 6611 6364
BTS Design innovation Viale Abruzzi, 13 20131 Milan Tel: +39 02 69015719
TS Kojimachi Bldg. 3F 6-4-6 Kojimachi Chiyoda-ku Tokyo 102-0083 Tel: +81 (3) 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
Barbara Strozzilaan 201 1083 HN Amsterdam Tel: + 31 (0)20 615 15 14
1 Finlayson Green Suite 16-01 Singapore 049246 Tel: +65 63043032
Spain 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
South Africa 267 West Avenue, 1st Floor Centurion 0046, Gauteng Tel: +27 12 663 6909
Wonseo Building Room 103, 1st Floor 13, Changdeokgung 1-gil Jongnogu Seoul 03058 Tel: +82 2 539 7676
SwissVBS Winkelriedstrasse 35 9000 St. Gallen Tel: +41 71 845 5936
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
1 Queen Caroline Street London W6 9YN Tel: +44 20 7368 4180
14th floor, Suite 1401, Reef Tower Cluster O, Jumeirah Lakes Towers Dubai Tel: +971 4 589 6143
200 South Wacker Drive Suite 850 Chicago, IL 60606 Tel: +1 312 509 4750
350 Fifth Avenue Suite 5020 New York, NY 10118 Tel: +1 646 378 3730
4742 N. 24th Street Suite 120 Phoenix, AZ 85016 Tel: +1 480 948 2777
222 Kearny Street Suite 1000 San Francisco, CA 94108 Tel: +1 415 362 4200
Rapid Learning Institute 435 Devon Park Drive, Bldg. 510, Wayne, PA 19087 Tel: (toll free) +1 877 792 2172
Bates Communications Inc. 40 Walnut Street Suite 302 Wellesley, MA 02481 Tel: +1 800 908 8239
100 Smith Ranch Road, Suite 306 San Rafael, CA 94903 USA Tel: +1 800 494 6646
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