Quarterly Report • Nov 6, 2014
Quarterly Report
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"The global leader in accelerating strategic alignment and execution – innovating how organizations learn, change and improve."
New clients during the first nine months include Anadarko, Diaverum, H.J. Heinz Company, Google, Hilton Hotels, Intuit, Lexmark International, Oppenheimer, Red Bull, Sharp, Telecom New Zealand, Thomas Cook and Twitter.
Net sales and profit before tax Rolling 12 months
BTS is a world leading strategy implementation firm. The company accelerates execution by ensuring the workforce is aligned to the strategy, has the right mindset, and has mastered the capabilities needed to deliver business results. BTS leverages customized business simulations and experiential learning initiatives to develop the business acumen, leadership and sales capabilities necessary for superior strategy execution. Partnering with today's leading corporations, BTS consultants bring passion and deep industry expertise to deliver high-impact solutions that help clients achieve better results, faster.
Headquartered in Stockholm, Sweden, BTS has more than 350 professionals in 29 offices located on six continents. Partnering with nearly 400 organizations, including more than 30 of the world's largest corporations, BTS's major clients are some of the most respected names in business: Anglo American, AT&T, Chevron, Coca-Cola, Ericsson, HP, Rio Tinto, Telefonica, and Unilever.
BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS b.
During the third quarter revenues grew and earnings increased by 16 percent.
Our US operations returned to growth in the third quarter, which is crucial for us. BTS Europe is seeing positive strategic development and is expected to improve revenue and earnings in the fourth quarter. Other markets have shown variable results with some strong units but real weakness in Latin America where we expect a turnaround in the fourth quarter.
The earnings improvement compared with the previous year started in the third quarter and is expected to accelerate in the fourth quarter. BTS is winning more and larger projects. Our investments in digital solutions are attracting new clients and increasing revenues. Our cost-effectiveness is improving.
For the full-year 2014 we expect an improvement in earnings compared with 2013.
Stockholm, 6 November 2014
Henrik Ekelund President and CEO, BTS Group AB (publ)
BTS' net sales amounted to MSEK 537.2 (516.7) in the nine-month period. Adjusted for changes in foreign exchange rates, growth was 2 percent.
Growth varied between the units: BTS North America 5 percent, BTS Europe 5 percent, BTS Other markets –3 percent and APG –9 percent (growth measured in local currency).
Operating profit before amortization of intangible assets (EBITA) decreased by 1 percent for the nine-month period and amounted to MSEK 53.2 (53.6). Operating profit for the nine-month period was affected by MSEK 1.6 (1.0) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) decreased by 2 percent for the nine-month period and amounted to MSEK 51.6 (52.6).
Operating margin before amortization of intangible assets (EBITA margin) was 10 percent (10) Operating margin (EBIT margin) was 10 percent (10).
The group's profit before tax for the first nine months decreased by 1 percent to MSEK 52.0 (52.7).
Earnings were positively affected by improved earnings in APG. Earnings were negatively affected by weaker earnings in BTS North America and BTS Europe.
BTS' net sales for the third quarter amounted to MSEK 189.3 (164.7). Adjusted for changes in foreign exchange rates, growth was 8 percent.
Operating profit before amortization of intangible assets (EBITA) increased by 19 percent for the third quarter and amounted to MSEK 21.0 (17.7). Operating profit for the third quarter was affected by MSEK 0.6 (0.3) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) increased by 17 percent to MSEK 20.4 (17.4).
Operating margin before amortization of intangible assets (EBITA margin) was 11 percent (11). Operating margin (EBIT margin) was 11 percent (11).
The group's profit before tax for the third quarter increased by 16 percent to MSEK 20.5 (17.6).
Earnings were positively impacted by improved earnings in BTS North America and APG. Earnings were negatively impacted by weaker earnings in BTS Europe and BTS Other markets.
The market for BTS' services has seen positive development in North America where clients are showing an increased willingness to invest.
New clients in the first nine months include Anadarko, Diaverum, H.J. Heinz Company, Google, Hilton Hotels, Intuit, Lexmark International, Oppenheimer, Red Bull, Sharp, Telecom New Zealand, Thomas Cook and Twitter.
PROFIT BEFORE TAX BY QUARTER
NET sales BY SOURCE OF REVENUE 1 JANUARY– 30 september 2014 (2013) PROFIT BEFORE TAX AND OPERATING MARGIN
BTSNorth America consists of BTS' operations in North America excluding APG.
BTS Europe consists of operations in Belgium, Finland, France, Germany, Italy, the Netherlands, Spain, Sweden and the UK.
BTS Other markets consists of the operations in Australia, Brazil, China, Dubai, India, Japan, Mexico, Singapore, South Africa, South Korea, Taiwan and Thailand.
APG consists of operations in Advantage Performance Group (APG).
| MSEK | July–Sep 2014 |
July–Sep 2013 |
Jan–Sep 2014 |
Jan–Sep 2013 |
Oct–Sep 2013/14 |
Jan–Dec 2013 |
|---|---|---|---|---|---|---|
| BTS North America | 87.0 | 67.4 | 247.9 | 229.8 | 329.6 | 311.5 |
| BTS Europe | 41.5 | 37.6 | 130.3 | 117.9 | 175.2 | 162.8 |
| BTS Other markets | 34.0 | 37.4 | 90.0 | 95.2 | 117.2 | 122.4 |
| APG | 26.8 | 22.3 | 69.0 | 73.8 | 86.7 | 91.5 |
| Total | 189.3 | 164.7 | 537.2 | 516.7 | 708.8 | 688.2 |
intangible assets (EBITA) per OPERATING unit
| MSEK | July–Sep 2014 |
July–Sep 2013 |
Jan–Sep 2014 |
Jan–Sep 2013 |
Oct–Sep 2013/14 |
Jan–Dec 2013 |
|---|---|---|---|---|---|---|
| BTS North America | 11.9 | 5.7 | 27.7 | 29.1 | 34.2 | 35.6 |
| BTS Europe | 3.7 | 6.2 | 15.4 | 16.9 | 25.2 | 26.7 |
| BTS Other markets | 3.9 | 5.8 | 7.7 | 7.7 | 9.8 | 9.8 |
| APG | 1.5 | 0.0 | 2.4 | –0.1 | 1.9 | –0.6 |
| Total | 21.0 | 17.7 | 53.2 | 53.6 | 71.2 | 71.5 |
Net sales for BTS' operations in North America for the nine-month period amounted to MSEK 247.9 (229.8). Adjusted for changes in foreign exchange rates, revenue grew by 5 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 27.7 (29.1) for the nine-month period. Operating margin before amortization of intangible assets (EBITA margin) was 11 percent (13).
Net sales for the third quarter amounted to MSEK 87.0 (67.4). Adjusted for changes in foreign exchange rates, revenue grew by 22 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 11.9 (5.7) for the third quarter. Operating margin before amortization of intangible assets (EBITA margin) was 14 percent (8).
Following a period with weak development, BTS North America has returned to growth. Action taken previously has produced results while market conditions have improved.
Net sales in Europe for the nine-month period amounted to MSEK 130.3 (117.9). Adjusted for changes in foreign exchange rates, revenue grew by 5 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 15.4 (16.9). Operating margin before amortization of intangible assets (EBITA margin) was 12 percent (14).
Net sales for the third quarter amounted to MSEK 41.5 (37.6). Adjusted for changes in foreign exchange rates, revenue grew by 3 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 3.7 (6.2) for the third quarter. Operating margin before amortization of intangible assets (EBITA margin) was 9 percent (16).
BTS Europe is seeing positive strategic development and is expected to improve revenue and earnings during the fourth quarter.
Net sales for Other Markets for the nine-month period amounted to MSEK 90.0 (95.2). Adjusted for changes in foreign exchange rates, revenue declined by 3 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 7.7 (7.7) for the nine-month period. Operating margin before amortization of intangible assets (EBITA margin) was 9 percent (8).
Net sales for the third quarter amounted to MSEK 34.0 (37.4). Adjusted for changes in foreign exchange rates, revenue declined by 14 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 3.9 (5.8) for the third quarter. Operating margin before amortization of intangible assets (EBITA margin) was 12 percent (16).
Earnings development was positive in Australia and Africa during the nine-month period, but in Latin America there were significant falls in revenue and earnings in both Mexico and Brazil. In the fourth quarter, operations in Latin America are expected to show increased revenue and earnings.
Net sales for the nine-month period amounted to MSEK 69.0 (73.8). Adjusted for changes in foreign exchange rates, revenue declined by 9 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 2.4 (–0.1) for the
nine-month period. Operating margin before amortization of intangible assets (EBITA margin) was 4 percent (0).
Net sales for the third quarter amounted to MSEK 26.8 (22.3). Adjusted for changes in foreign exchange rates, revenue grew by 14 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 1.5 (0.0) for the third quarter. Operating margin before amortization of intangible assets (EBITA margin) was 6 percent (0).
APG continued its positive earnings development and showed growth during the third quarter.
BTS' cash flow from operating activities for the nine-month period amounted to MSEK –2.9 (3.8).
Available cash and cash equivalents amounted to MSEK 77.8 (64.6) at the end of the period.
BTS' equity ratio was 72 percent (72) at the end of the period. The company had no outstanding conversion loans at the balance sheet date.
The number of employees in the BTS group at 30 September was 390 (374).
The average number of employees during the nine-month period was 377 (377).
The company's net sales amounted to MSEK 1.4 (1.4) and profit after net financial items amounted to MSEK 25.1 (9.3). Cash and cash equivalents amounted to MSEK 0.6 (0.2).
In October 2014, BTS signed an agreement to acquire all the businesses of Fenestra, Inc. Details of the acquisition were published in a press release on 17 October 2014.
Effective 1 November, BTS is changing its management structure for countries other than the US.
BTS' operations in northern and western Europe with offices in Stockholm, London, Helsinki, Paris, Brussels, Amsterdam and Munich will be brought together in a single unit managed by Joel Sigrist, who is currently responsible for western Europe. By placing several skills in a single unit, we will have more impact in the European market and optimize our resources.
All of BTS' operations in growth markets – Latin America, Asia, Australia, Africa and the Middle East – together with southern Europe, will be consolidated under the management of Philios Andreous in BTS Other markets. Philios was previously responsible for Spain, Italy and Latin America. Growth markets have unique and similar conditions which can be better exploited in the new consolidated organization.
The management changes in these markets do not affect how BTS recognizes revenue and earnings for operating units.
Profit before tax for the full-year 2014 is expected to be better than the preceding year.
The group's material risks and uncertainties include market and business risks, operational risks and financial risks. Business and market risks may relate to greater customer exposure for specific sectors and companies as well as sensitivity to market conditions. Operational risks include dependence on individuals, skills supply and intellectual property as well as BTS meeting the high quality demands of its clients. Financial risks mainly relate to foreign exchange and credit risks.
The management of risks and uncertainties is described in the 2013 Annual Report. BTS is considered to have a good spread of risks across companies and sectors and operational risks are handled in a structured manner through well-established processes. Dayto-day exposure to currency fluctuations is limited since revenues and costs are mainly in the same currency in each market and credit risk is limited since BTS only accepts creditworthy counterparties. No new material risks or uncertainties are deemed to have arisen during 2014.
In order to prepare the financial statements in conformity with IFRS, Corporate Management is required to make estimates and assumptions that affect the application of accounting policies 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.
As previously announced, a Nomination Committee has been appointed. BTS' three largest shareholders, in consultation with Chairman of the Board, Michael Grindfors, have appointed the following persons to the Nomination Committee:
Anders Dahl has been appointed chairman of the Nomination Committee.
The Nomination Committee's mandate is to propose candidates for the Board and also to make suggestions for the remuneration of Board members and auditors.
Shareholders in BTS Group AB are welcome to send proposals to the Nomination Committee's Chairman at BTS Group AB, Grevgatan 34, SE-114 53 Stockholm.
The intention is to publish nominations for Board members in the notice of the next Annual Meeting.
| Year-end Report 2014 | 12 February 2015 |
|---|---|
| Annual Report 2014 A | pril 2015 |
Stockholm, 6 November 2014
Henrik Ekelund CEO
This report has not been reviewed by BTS' auditor.
| Henrik Ekelund P | resident and CEO P | hone: +46 8 587 070 00 |
|---|---|---|
| Stefan Brown | CFO P | hone: +46 8 587 070 62 |
| Thomas Ahlerup | Senior Vice President, P | hone: +46 8 587 070 02 |
| Investor and Corporate Communications M | obile: +46 768 966 300 |
For additional information visit our website www.bts.com
BTS Group AB (publ) Grevgatan 34 114 53 Stockholm SWEDEN
| KSEK | July–Sep 2014 |
July–Sep 2013 |
Jan–Sep 2014 |
Jan–Sep 2013 |
Oct–Sep 2013/14 |
Jan–Dec 2013 |
|---|---|---|---|---|---|---|
| Net sales | 189,314 | 164,749 | 537,222 | 516,708 | 708,748 | 688,234 |
| Operating expenses | –166,748 | –146,017 | –479,272 | –458,672 | –631,038 | –610,439 |
| Depreciation tangible assets | –1,590 | –1,005 | –4,782 | –4,454 | –6,595 | –6,267 |
| Amortization intangible assets | –567 | –344 | –1,581 | –1,027 | –2,240 | –1,685 |
| Operating profit | 20,409 | 17,383 | 51,587 | 52,555 | 68,875 | 69,842 |
| Net financial items | 106 | 238 | 384 | 137 | 88 | –159 |
| Profit before tax | 20,515 | 17,621 | 51,971 | 52,692 | 68,963 | 69,683 |
| Taxes | –6,417 | –5,047 | –16,620 | –17,320 | –21,148 | –21,848 |
| Profit for the period | 14,098 | 12,574 | 35,351 | 35,372 | 47,815 | 47,835 |
| attributable to the shareholders of the parent company |
14,098 | 12,574 | 35,351 | 35,372 | 47,815 | 47,835 |
| Earnings per share, before and after dilution of shares, SEK |
0.76 | 0.68 | 1.90 | 1.90 | 2.57 | 2.57 |
| Number of shares at end of the period | 18,589,870 | 18,589,870 | 18,589,870 | 18,589,870 | 18,589,870 | 18,589,870 |
| Dividend per share, SEK | 1.75 |
| KSEK | July–Sep 2014 |
July–Sep 2013 |
Jan–Sep 2014 |
Jan–Sep 2013 |
Oct–Sep 2013/14 |
Jan–Dec 2013 |
|---|---|---|---|---|---|---|
| Profit for the period | 14,098 | 12,574 | 35,351 | 35,372 | 47,815 | 47,835 |
| Items that will not be reclassified to profit or loss |
– | – | – | – | – | – |
| – | – | – | – | – | – | |
| Items that may be reclassified to profit or loss |
||||||
| Translation differences in equity | 19,246 | –14,068 | 28,046 | –10,987 | 32,623 | –6,409 |
| Other comprehensive income for the period, net of tax |
19,246 | –14,068 | 28,046 | –10,987 | 32,623 | –6,409 |
| Total comprehensive income for the period | 33,344 | –1,494 | 63,397 | 24,385 | 80,438 | 41,426 |
| attributable to the shareholders of the parent company |
33,344 | –1,494 | 63,397 | 24,385 | 80,438 | 41,426 |
| KSEK | 30 Sep 2014 | 30 Sep 2013 | 31 Dec 2013 |
|---|---|---|---|
| Assets | |||
| Goodwill | 157,935 | 144,551 | 143,033 |
| Other intangible assets | 17,472 | 13,928 | 16,603 |
| Tangible assets | 13,700 | 14,863 | 13,716 |
| Other non-current assets | 8,118 | 7,935 | 8,089 |
| Trade receivables | 174,617 | 129,825 | 155,980 |
| Other current assets | 86,023 | 91,595 | 72,614 |
| Cash and cash equivalents | 77,767 | 64,576 | 108,833 |
| Total assets | 535,632 | 467,273 | 518,868 |
| Equity and liabilities | |||
| Equity | 386,648 | 338,758 | 355,783 |
| Non-interest bearing – non-current liabilities | 165 | 236 | 213 |
| Non-interest bearing – current liabilities | 148,819 | 128,279 | 162,873 |
| Total equity and liabilities | 535,632 | 467,273 | 518,868 |
| Jan–Sep 2014 |
Jan–Sep 2013 |
Jan–Dec 2013 |
|---|---|---|
| –2,865 | 3,805 | 47,635 |
| –4,479 | –15,055 | –15,674 |
| –32,581 | –12,545 | –12,638 |
| –39,925 | –23,795 | 19,323 |
| 108,833 | 94,910 | 94,910 |
| 8,859 | –6,539 | –5,399 |
| 77,767 | 64,576 | 108,833 |
| KSEK | Total equity 30 Sep 2014 |
Total equity 30 Sep 2013 |
Total equity 31 Dec 2013 |
|---|---|---|---|
| Opening balance | 355,783 | 326,563 | 326,563 |
| Dividend to shareholders | –32,532 | –32,184 | –32,184 |
| New share issue | – | 19,977 | 19,977 |
| Other | – | 16 | 2 |
| Total comprehensive income for the period | 63,397 | 24,385 | 41,426 |
| Closing balance | 386,648 | 338,757 | 355,783 |
| July–Sep 2014 |
July–Sep 2013 |
Jan–Sep 2014 |
Jan–Sep 2013 |
Oct–Sep 2013/14 |
Jan–Dec 2013 |
|
|---|---|---|---|---|---|---|
| Net sales, KSEK | 189,314 | 164,749 | 537,222 | 516,708 | 708,748 | 688,234 |
| EBITA (Profit before interest, tax and amortization), KSEK |
20,976 | 17,727 | 53,168 | 53,582 | 71,114 | 71,528 |
| EBIT (Operating profit), KSEK | 20,409 | 17,383 | 51,587 | 52,555 | 68,875 | 69,842 |
| EBITA margin (Profit before interest, tax and amortization margin), % |
11 | 11 | 10 | 10 | 10 | 10 |
| EBIT margin (Operating margin ), % | 11 | 11 | 10 | 10 | 10 | 10 |
| Profit margin, % | 7 | 8 | 7 | 7 | 7 | 7 |
| Operating capital, KSEK | 308,357 | 246,949 | ||||
| Return on equity, % | 13 | 14 | ||||
| Return on operating capital, % | 25 | 29 | ||||
| Equity ratio, at end of the period, % | 72 | 72 | 72 | 72 | 72 | 69 |
| Cash flow, KSEK | 30,917 | 25,374 | –39,925 | –23,795 | 3,193 | 19,323 |
| Cash and cash equivalents at end of the period, KSEK |
77,767 | 64,576 | 77,767 | 64,576 | 77,767 | 108,833 |
| Average number of employees | 378 | 373 | 377 | 377 | 376 | 376 |
| Number of employees at end of the period | 390 | 374 | 390 | 374 | 390 | 370 |
| Revenues for the year per employee, KSEK | 1,885 | 1,830 |
| July–Sep | July–Sep | Jan–Sep | Jan–Sep | Oct–Sep | Jan–Dec | |
|---|---|---|---|---|---|---|
| KSEK | 2014 | 2013 | 2014 | 2013 | 2013/14 | 2013 |
| Net sales | 375 | 481 | 1,410 | 1,416 | 1,819 | 1,825 |
| Operating expenses | –455 | –430 | –1,332 | –1,326 | –1,819 | –1,813 |
| Operating profit | –80 | 51 | 78 | 90 | 0 | 12 |
| Net financial items | 0 | –32 | 25,007 | 9,164 | 30,109 | 14,266 |
| Profit before tax | –80 | 19 | 25,085 | 9,254 | 30,109 | 14,278 |
| Taxes | 17 | 0 | –19 | 0 | –701 | –682 |
| Profit for the period | –63 | 19 | 25,066 | 9,254 | 29,408 | 13,596 |
| KSEK | 30 Sep 2014 | 30 Sep 2013 | 31 Dec 2013 |
|---|---|---|---|
| Assets | |||
| Financial assets | 101,976 | 101,976 | 101,976 |
| Other current assets | 482 | 556 | 53 |
| Cash and cash equivalents | 606 | 241 | 5,013 |
| Total assets | 103,064 | 102,773 | 107,042 |
| Equity and liabilities | |||
| Equity | 97,532 | 102,656 | 104,998 |
| Liabilities | 5,532 | 117 | 2,044 |
| Total equity and liabilities | 103,064 | 102,773 | 107,042 |
Earnings attributable to the parent company's shareholders divided by number of shares.
EBITA margin (Profit before interest, tax and amortization margin) Operating profit before interest, tax and amortization as a percentage of revenues.
EBIT margin (Operating margin) Operating profit after depreciation as a percentage of revenues.
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.
Profit after tax as a percentage of average equity.
Equity ratio Equity as a percentage of total balance sheet.
BTS is the world leader in customized business simulations and other discovery learning solutions that enable leading organizations to learn, change and improve. The unique BTS process offers fast strategic alignment and rapid capability building to accelerate execution and to improve business results.
"The global leader in accelerating strategic alignment and execution – innovating how organizations learn, change and improve."
"We build commitment and capability to accelerate strategy execution and improve business results."
"We deliver better results, faster. The unique BTS process offers fast strategic alignment and rapid capability building.
BTS' financial goals shall over time be:
Grevgatan 34 114 53 Stockholm Sweden Tel. +46 8 58 70 70 00 Fax. +46 8 58 70 70 01
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