Interim / Quarterly Report • Aug 20, 2013
Interim / Quarterly Report
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"The global leader in accelerating strategic alignment and execution – innovating how organizations learn, change and improve."
1 | BTS INTERIM REPORT JANUARE–JUNE 2013 BTS DELÅRSRAPPORT JANUARI–JUNI 2013 | 1 BTS Group AB is an international consultancy and training company active in the field of business acumen. BTS uses tailormade simulation models to support company managers in implementing change and improving profitability. BTS solutions and services train the entire organization to analyze and to take decisions centered on the factors that promote growth and profitability. This generates increased emphasis on profitability and market focus, and supports day-to-day decision-making, which in turn leads to tangible, sustainable improvements in profits. BTS customers are often leading major companies.
BTS has as previously announced completed the acquisition of the businesses of the Danish company Wizerise A/S.
Profit before tax for the full-year 2013, is expected to be in line with the preceding year, which differs from the previous report when profit before tax was expected to be better than the preceding year.
The first quarter of the year was weak. We succeeded better during the second quarter and displayed an improvement in earnings compared to the preceding year.
However, our earnings are not sufficient – and are a long way from our target.
Two units are not performing; BTS North America and Australia. In North America, we are not achieving growth right now. We have a good position in the market and will now intensify our marketing and sales efforts in order to start growing again. In Australia, we have reorganized our business and this has resulted in several weak quarters. Now we are seeing a trend reversal there.
BTS Europe is showing good growth and a favorable earnings trend. We are also performing really well in Asia, Latin America and South Africa.
The weak growth in North America leads us to revise the outlook for the full year; earnings before tax is now expected to be in line with last year.
Overall, we view the current performance as a temporary decline in BTS' longstanding growth.
Stockholm, August 20, 2013
Henrik Ekelund President and CEO of BTS Group AB (publ)
BTS' net turnover amounted to MSEK 352.0 (378.3) during the first half-year. Adjusted for changes in foreign exchange rates, growth was –2 percent.
Growth varied among the units: BTS Europe 28 percent, APG 7 percent, BTS Other markets 4 percent, and BTS North America –16 percent (growth figure measured in local currencies).
Operating profit before amortization of intangible assets (EBITA) decreased by 22 percent during the first half-year and amounted to MSEK 35.9 (46.1). Operating profit (EBIT) decreased by 22 percent during the half-year and amounted to MSEK 35.2 (45.4). Operating profit during the half-year was affected by MSEK 0.7 (0.7) for amortization of intangible assets attributable to acquisitions.
The operating margin before amortization of intangible assets (EBITA margin) was 10 (12) percent. The operating margin (EBIT margin) was 10 (12) percent.
The group's profit before tax for the first half-year decreased by 22 percent to MSEK 35.1 (45.1).
Earnings were positively impacted by improved earnings in BTS Europe and APG.
Earnings were negatively impacted by weaker earnings in BTS North America and BTS Other markets. Changes in foreign exchange rates affected earnings negatively by MSEK 1.8 during the first half-year.
BTS' net turnover during the second quarter amounted to MSEK 205.8 (210.9). Adjusted for changes in foreign exchange rates, growth was 3 percent.
Operating profit before amortization of intangible assets (EBITA) increased by 3 percent during the second quarter and amounted to MSEK 34.1 (33.1). Operating profit during the second quarter was affected by MSEK 0.3 (0.3) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) increased by 3 percent to MSEK 33.7 (32.8).
The operating margin before amortization of intangible assets (EBITA margin) was 17 (16) percent. The operating margin (EBIT margin) was 16 (16) percent.
Profit before tax for the second quarter increased by 3 percent and amounted to MSEK 33.7 (32.6).
Earnings were positively impacted by improved earnings in BTS Europe, APG and in BTS North America. Earnings were negatively impacted by weaker earnings in BTS Other markets.
The market during the first half-year was characterized by caution among companies regarding investments. However, many enterprises tend to adopt a long-term perspective, and are continuing to invest in the type of services BTS offers. BTS is focusing on this category of customers.
New clients secured during the first half-year included Airbus, Banco Santander, Bankia, Belk Inc, Cepsa, Genworth, Hempel, Hoerbiger and Novartis.
PROFIT BEFORE TAX AND OPERATING MARGIN (EBITA) BY QUARTER
BTS North America includes BTS' operations in North America excluding APG.
BTS Europe includes the operations in Sweden, Finland, France, the Netherlands, the UK, Belgium, Germany and Spain.
BTS Other markets consists of the operations in Australia, Singapore, Thailand, Taiwan, South Korea, China, Japan, India, Mexico, Brazil and South Africa.
APG consists of the operations in the subsidiary Advantage Performance Group (APG).
| MSEK | Apr–June 2013 |
Apr–June 2012 |
Jan–June 2013 |
Jan–June 2012 |
July–June 2012/13 |
Jan–Dec 2012 |
|---|---|---|---|---|---|---|
| BTS North America | 96.3 | 109.2 | 162.4 | 202.2 | 346.0 | 385.8 |
| BTS Europe | 44.7 | 38.9 | 80.3 | 65.1 | 165.4 | 150.2 |
| BTS Other markets | 34.8 | 36.6 | 57.8 | 60.4 | 129.3 | 131.9 |
| APG | 30.0 | 26.3 | 51.5 | 50.6 | 103.5 | 102.6 |
| Total | 205.8 | 210.9 | 352.0 | 378.3 | 744.2 | 770.5 |
| MSEK | Apr–June 2013 |
Apr–June 2012 |
Jan–June 2013 |
Jan–June 2012 |
July–June 2012/13 |
Jan–Dec 2012 |
|---|---|---|---|---|---|---|
| BTS North America | 21.6 | 20.7 | 23.4 | 37.1 | 49.5 | 63.2 |
| BTS Europe | 6.9 | 4.8 | 10.7 | 4.8 | 27.2 | 21.3 |
| BTS Other markets | 4.6 | 7.9 | 1.9 | 5.1 | 11.7 | 14.9 |
| APG | 1.0 | –0.3 | –0.1 | –0.9 | 0.2 | –0.6 |
| Total | 34.1 | 33.1 | 35.9 | 46.1 | 88.6 | 98.8 |
Net turnover for BTS' North American operations amounted to MSEK 162.4 (202.2) during the first half-year. Adjusted for changes in foreign exchange rates, revenue decreased by 16 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 23.4 (37.1) during the half-year. The operating margin before amortization of intangible assets (EBITA margin) was 14 (18) percent.
Net turnover during the second quarter amounted to MSEK 96.3 (109.2). Adjusted for changes in foreign exchange rates, revenue decreased by 7 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 21.6 (20.7) during the second quarter. The operating margin before amortization of intangible assets (EBITA margin) was 22 (19) percent.
The revenue and earnings trends were significantly better during the second quarter than the first, but they are still unsatisfactory. Marketing and sales efforts have been intensified in order to return to growth and increased earnings.
Net turnover for BTS Europe amounted to MSEK 80.3 (65.1) during the first half-year. Adjusted for changes in foreign exchange rates, revenue increased by 28 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 10.7 (4.8) during the first half-year. The operating margin before amortization of intangible assets (EBITA margin) was 13 (7) percent.
Net turnover during the second quarter amounted to MSEK 44.7 (38.9). Adjusted for changes in foreign exchange rates, revenue increased by 19 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 6.9 (4.8) during the second quarter. The operating margin before amortization of intangible assets (EBITA margin) was 15 (12) percent.
BTS Europe continues to show a positive trend, with significant growth in revenue and earnings.
Net turnover for BTS Other markets amounted to MSEK 57.8 (60.4) during the first half-year. Adjusted for changes in foreign exchange rates, revenue increased by 4 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 1.9 (5.1) during the half-year. The operating margin before amortization of intangible assets (EBITA margin) was 3 (8) percent.
Net turnover during the second quarter amounted to MSEK 34.8 (36.6). Adjusted for changes in foreign exchange rates, revenue increased by 4 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 4.6 (7.9) during the second quarter. The operating margin before amortization of intangible assets (EBITA margin) was 13 (22) percent.
The operations in Asia and South Africa displayed good growth during the quarter. Australia had yet another very weak quarter. The reorganization carried out in Australia is expected to lead to growth and an improvement in earnings starting in the third quarter.
Net turnover for APG amounted to MSEK 51.5 (50.6) during the first half-year. Adjusted for changes in foreign exchange rates, revenue increased by 7 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK –0.1 (–0.9) during the first half-year. The operating margin before amortization of intangible assets (EBITA margin) was 0 (–2) percent.
Net turnover during the second quarter amounted to MSEK 30.0 (26.3). Adjusted for changes in foreign exchange rates, revenue increased by 20 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 1.0 (–0.3) during the second quarter. The operating margin before amortization of intangible assets (EBITA margin) was 3 (–1) percent.
APG is continuing to invest in order to implement the new strategy and has achieved its previously stated goal of showing growth in revenue and earnings during the second quarter.
BTS' cash flow from operating activities amounted to MSEK –37.0 (4.8) during the first half-year. The cash flow during the first halfyear accords with the normal seasonal variations of BTS' cash flow, with a weaker first half-year and a stronger second half-year. The weak cash flow relates exclusively to a decrease in current liabilities.
Available cash and cash equivalents amounted to MSEK 45.8 (50.0) at the end of the period. The company's interest-bearing loans, which relate to previously completed acquisitions, amounted to MSEK 0 (16.3) at the end of the period.
BTS' solidity was 72 (66) percent at the end of the period. The company had no outstanding conversion loans at the balance sheet date.
The number of employees in BTS Group AB as of June 30 was 379 (358).
The average number of employees during the first half-year was 382 (352).
The company's net turnover amounted to MSEK 0.9 (1.2) and the profit after net financial items amounted to MSEK 9.2 (13.9). Cash and cash equivalents amounted to MSEK 0 (0).
BTS has per July 23, 2013 completed the acquisition of the businesses of the Danish company Wizerise A/S. Details of the acquisition was announced in a press release on July 9, 2013.
Profit before tax is expected to be in line with the preceding year, which differs from the previous report when profit before tax was expected to be better than the preceding year.
The group's material risks and uncertainties include market and business risks, operational risks as well as financial risks. Business and market risks may relate to larger customer exposures to particular sectors and companies as well as sensitivity to market conditions. Operational risks relate to dependence on people, supply of competence and intellectual property and that BTS meets the high demands imposed by clients in respect of quality. Financial risks mainly relate to foreign exchange and credit risks.
The management of risks and uncertainties is described in the Annual Report for 2012. BTS is considered to have a good diversification of risks as regards companies and sectors and the operational risks are deemed to be managed in a structured manner through well-established processes. The day-to-day exposure to changes in exchange rates is limited since revenues and costs mainly relate to the same currency in each market and the credit risk is limited as BTS only accepts creditworthy counterparties. No new material risks or uncertainties are deemed to have arisen during 2013.
In order to prepare the financial statements in conformity with IFRS the Corporate Management is required make estimates and assumptions that affect the application of the accounting policies and the recognized amounts of assets, liabilities, revenue and
costs. The estimates and assumptions are based on historical experience and a number of other factors that are regarded as reasonable under the existing circumstances. Actual outcomes can deviate from these estimates and assessments. Estimates and assumptions are reviewed regularly.
This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU, RFR 1 Supplementary Accounting Rules for Groups and the Swedish Annual Accounts Act. The parent company's statements are prepared in accordance with RFR 2, Accounting for Legal Entities and the Annual Accounts Act. New or revised IFRS and interpretations from IFRIC have not had any effect on the group's or the parent company's results of operations or financial position.
Interim report July–September November 7, 2013 Year-end report February 2014
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.
Stockholm, August 20, 2013
Michael Grindfors Mariana Burenstam Linder Chairman Board member
Stefan Gardefjord Dag Sehlin Board member Board member
Henrik Ekelund Chief Executive Officer Board member
This report has not been reviewed by BTS' auditor.
| Henrik Ekelund | President and CEO | Phone: +46 8 587 070 00 |
|---|---|---|
| Stefan Brown | CFO | Phone: +46 8 587 070 62 |
| Thomas Ahlerup | Senior Vice President, | Phone: +46 8 587 070 02 |
| Investor and Corporate Communications | Mobile: +46 768 966 300 |
For additional information visit our home page www.bts.com
BTS Group AB (publ) Grevgatan 34 114 53 Stockholm
Phone. +46 8 587 070 00 Fax. +46 8 587 070 01 Corporate registration number 556566-7119
| KSEK | Apr–June 2013 |
Apr–June 2012 |
Jan–June 2013 |
Jan–June 2012 |
July–June 2012/13 |
Jan–Dec 2012 |
|---|---|---|---|---|---|---|
| Net turnover | 205,777 | 210,946 | 351,959 | 378,277 | 750,951 | 770,548 |
| Operating expenses | –169,670 | –176,350 | –312,655 | –329,429 | –655,919 | –665,972 |
| Depreciation tangible assets | –2,036 | –1,447 | –3,449 | –2,745 | –6,465 | –5,761 |
| Amortization intangible assets | –345 | –354 | –683 | –714 | –1,387 | –1,418 |
| Operating profit | 33,726 | 32,795 | 35,172 | 45,389 | 87,180 | 97,396 |
| Financial income and expenses | –62 | –203 | –101 | –331 | –444 | –674 |
| Profit before tax | 33,664 | 32,592 | 35,071 | 45,058 | 86,736 | 96,722 |
| Taxes | –11,909 | –11,194 | –12,273 | –15,988 | –29,266 | –32,981 |
| Profit for the period | 21,755 | 21,398 | 22,798 | 29,070 | 57,469 | 63,741 |
| attributable to equity holders of the parent | 21,755 | 21,398 | 22,798 | 29,070 | 57,469 | 63,741 |
| Earnings per share, before dilution of shares, SEK | 1.17 | 1.19 | 1.23 | 1.61 | 3.09 | 3.53 |
| Number of shares at end of the period | 18,577,870 | 18,048,300 | 18,577,870 | 18,048,300 | 18,577,870 | 18,066,065 |
| Average number of shares before dilution of shares |
18,411,618 | 18,048,300 | 18,321,968 | 18,048,300 | 18,313,085 | 18,057,183 |
| Earnings per share, after dilution of shares, SEK | 1.17 | 1.18 | 1.23 | 1.60 | 3.05 | 3.41 |
| Average number of shares after dilution of shares | 18,577,870 | 18,231,866 | 18,577,870 | 18,231,866 | 18,577,870 | 18,706,850 |
| Dividend per share, SEK | 1.75 |
| KSEK | Apr–June 2013 |
Apr–June 2012 |
Jan–June 2013 |
Jan–June 2012 |
July–June 2012/13 |
Jan–Dec 2012 |
|---|---|---|---|---|---|---|
| Profit for the period | 21,755 | 21,398 | 22,798 | 29,070 | 57,469 | 63,741 |
| Items that will not be reclassified to Income Statement |
– | – | – | – | – | – |
| – | – | – | – | – | – | |
| Items that might be reclassified to Income Statement |
||||||
| Income/expenses in shareholders' equity | 9,189 | 9,177 | 3,081 | –304 | –15,835 | –19,220 |
| Other comprehensive income for the period, net of tax |
9,189 | 9,177 | 3,081 | –304 | –15,835 | –19,220 |
| Total comprehensive income for the period | 30,944 | 30,575 | 25,879 | 28,766 | 41,634 | 44,521 |
| attributable to equity holders of the parent | 30,944 | 30,575 | 25,879 | 28,766 | 41,634 | 44,521 |
| KSEK | 30 June 2013 | 30 June 2012 | 31 Dec 2012 |
|---|---|---|---|
| Assets | |||
| Goodwill | 138,468 | 143,239 | 134,684 |
| Other intangible assets | 14,899 | 11,886 | 15,141 |
| Tangible assets | 15,038 | 18,273 | 16,296 |
| Other fixed assets | 7,280 | 6,402 | 7,898 |
| Accounts receivable | 164,536 | 159,134 | 158,479 |
| Other current assets | 88,803 | 79,337 | 91,114 |
| Cash and cash equivalents | 45,807 | 50,087 | 94,910 |
| Total assets | 474,831 | 468,358 | 518,521 |
| Equity and liabilities | |||
| Equity | 343,680 | 310,186 | 326,563 |
| Non interest bearing – non current liabilities | 601 | 679 | 703 |
| Non interest bearing – current liabilities | 130,550 | 157,493 | 191,255 |
| Total equity and liabilities | 474,831 | 468,358 | 518,521 |
| KSEK | Jan–June 2013 |
Jan–June 2012 |
Jan–Dec 2012 |
|---|---|---|---|
| Cash flow from current operations | –36,987 | 4,769 | 59,709 |
| Cash flow from investment activities | –1,191 | –7,793 | –13,862 |
| Cash flow from financing operations | –10,991 | –28,877 | –27,929 |
| Change in liquid funds | –49,169 | –31,901 | 17,918 |
| Liquid funds, opening balance | 94,910 | 84,419 | 84,419 |
| Effect of exchange rate changes on cash | 66 | –2,431 | –7,427 |
| Liquid funds, closing balance | 45,807 | 50,087 | 94,910 |
| KSEK | Total equity 30 June 2013 |
Total equity 30 June 2012 |
Total equity 31 Dec 2012 |
|---|---|---|---|
| Opening balance | 326,563 | 310,247 | 310,247 |
| Dividend to shareholders | –32,184 | –28,877 | –28,877 |
| New share issue | 23,422 | – | 670 |
| Other | 0 | 50 | 2 |
| Total comprehensive income for the period | 25,879 | 2,766 | 44,521 |
| Closing balance | 343,680 | 310,186 | 326,563 |
| Apr–June 2013 |
Apr–June 2012 |
Jan–June 2013 |
Jan–June 2012 |
July–June 2012/13 |
Jan–Dec 2012 |
|
|---|---|---|---|---|---|---|
| Net turnover, KSEK | 212,498 | 210,946 | 358,680 | 378,277 | 750,951 | 770,548 |
| EBITA (Profit before interest, tax and amortization), KSEK |
34,071 | 33,149 | 35,855 | 46,103 | 88,567 | 98,814 |
| EBIT (Operating profit), KSEK | 33,726 | 32,795 | 35,172 | 45,389 | 87,180 | 97,396 |
| EBITA margin (Profit before interest, tax and amortization margin), % |
17 | 16 | 10 | 12 | 12 | 13 |
| EBIT margin (Operating margin ), % | 16 | 16 | 10 | 12 | 12 | 13 |
| Profit margin, % | 10 | 10 | 6 | 8 | 8 | 8 |
| Operational capital, KSEK | 259,397 | 229,818 | ||||
| Return on equity, % | 19 | 20 | ||||
| Return on operational capital, % | 34 | 42 | ||||
| Solidity at end of the period, % | 72 | 66 | 72 | 66 | 72 | 63 |
| Cash flow, KSEK | –16,049 | –25,478 | –49,169 | –31,901 | 2,241 | 17,351 |
| Liquid funds at end of the period, KSEK | 45,807 | 50,087 | 45,807 | 50,087 | 45,807 | 94,910 |
| Average number of employees | 380 | 354 | 382 | 352 | 395 | 365 |
| Number of employees at end of the period | 379 | 358 | 379 | 358 | 379 | 385 |
| Revenues for the year per employee, KSEK | 1,884 | 2,111 |
| KSEK | Apr–June 2013 |
Apr–June 2012 |
Jan–June 2013 |
Jan–June 2012 |
July–June 2012/13 |
Jan–Dec 2012 |
|---|---|---|---|---|---|---|
| Net turnover | 660 | 935 | 935 | 1,160 | 1,755 | 1,980 |
| Operating expenses | –638 | –609 | –896 | –1,266 | –1,724 | –2,094 |
| Operating profit | 22 | 326 | 39 | –106 | 31 | –114 |
| Financial income and expenses | 9,194 | 1,686 | 9,196 | 13,501 | 22,908 | 27,213 |
| Profit before tax | 9,216 | 2,012 | 9,235 | 13,395 | 22,939 | 27,099 |
| Taxes | 0 | 0 | 0 | 0 | –555 | –555 |
| Profit for the period | 9,216 | 2,012 | 9,235 | 13,395 | 22,384 | 26,544 |
| KSEK | 30 June 2013 | 30 June 2012 | 31 Dec 2012 |
|---|---|---|---|
| Assets | |||
| Financial assets | 101,976 | 104,468 | 101,976 |
| Other current assets | 5,672 | 2,150 | 1,070 |
| Cash and cash equivalents | 0 | 0 | 1,040 |
| Total assets | 107,648 | 106,618 | 104,086 |
| Equity and liabilities | |||
| Equity | 104,082 | 89,788 | 103,608 |
| Liabilities | 3,566 | 16,830 | 478 |
| Total equity and liabilities | 107,648 | 106,618 | 104,086 |
Earnings attributable to the parent company´s shareholders divided by number of shares.
EBITA margin (Profit before interest, tax and amortization margin) Operating profit before interest, tax and amortization as a percentage of revenues.
EBIT margin (Operating margin) Operating profit after depreciation as a percentage of revenues.
Profit margin Profit for the period as a percentage of revenues.
Total balance sheet reduced by liquid funds and other interest bearing assets and reduced by non-interest bearing liabilities.
Return on equity Profit after tax as a percentage of average equity.
Solidity Equity as a percentage of total balance sheet.
Every care has been taken in the translation of this report. In the event of discrepancies, however, the Swedish original will supersede the English translation.
"The global leader in accelerating strategic alignment and execution – innovating how organizations learn, change and improve."
"We build commitment and capability to accelerate strategy execution and improve business results."
"We deliver better results, faster. The unique BTS process offers fast strategic alignment and rapid capability building. Our key differentiators:
BTS' financial goals shall over time be:
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