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BTS Group

Quarterly Report Nov 18, 2016

3018_10-q_2016-11-18_69847869-ed95-44a1-8b41-639458934f6f.pdf

Quarterly Report

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BTS GROUP AB (PUBL)

Interim report January 1–September 30, 2016

Vision The global leader in turning strategy into action.

Increased earnings in the third quarter

January 1 – September 30, 2016

  • Net sales amounted to MSEK 771.3 (751.5). Adjusted for changes in foreign exchange rates, growth was 5 percent.
  • Profit before tax decreased by 8 percent to MSEK 68.2 (73.8).
  • Profit after tax decreased by 7 percent to MSEK 45.8 (49.1).
  • Earnings per share decreased by 7 percent to SEK 2.46 (2.63).

Third quarter 2016

  • Net sales amounted to MSEK 265.3 (248.6). Adjusted for changes in foreign exchange rates, growth was 8 percent.
  • Profit before tax increased by 6 percent to MSEK 26.9 (25.3).
  • Profit after tax increased by 9 percent to MSEK 18.2 (16.7).
  • Earnings per share increased by 9 percent to SEK 0.98 (0.89).

BTS is a global professional services firm headquartered in Stockholm, Sweden, with more than 500 professionals in 35 offices located on six continents. We focus on the people side of strategy, working with leaders at all levels to help them make better decisions, convert those decisions to actions and deliver results. At our core, we believe people learn best by doing. For 30 years, we've been designing fun, powerful experiences™ that have a profound and lasting impact on people and their careers. We inspire new ways of thinking, build critical capabilities and unleash business success. It's strategy made personal.

We serve a wide range of client needs, including: Assessment centers for talent selection and development, Strategy alignment and execution, Business acumen, Leadership and sales training programs, and On-the-job business simulations and application tools. For more information, please visit www.bts.com. Q3

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, and Unilever.

1 | BTS INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2016 BTS INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2016 | 1 BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS B.

NET SALES AND PROFIT BEFORE TAX

CEO COMMENTS

In the third quarter, revenue increased by 8 percent and profit after tax by 9 percent compared with the year-earlier period.

All units made progress. Revenue and profit increased in Europe, Other Markets and APG. In North America, we are experiencing a temporary decline in revenue, although we have also been successful in our efforts to reduce costs and increase activity in the market.

Our new management team in North America is making important changes in terms of marketing strategy, sales, governance and cost efficiency. As of the third quarter, we have managed to reduce our costs and are aiming to increase revenue beginning in 2017.

Italy is a relatively large market where we have not previously had any significant presence. The operation we acquired at the beginning of the third quarter has developed positively in terms of revenue and earnings. Our aim is to develop this operation substantially by introducing more of our solutions in the Italian market.

Earnings in the first nine months decreased by MSEK 5.6. Contributory factors included exchange rate effects corresponding to MSEK 4.4 and an increase in digital investments. Our investments in digital solutions are continuing at a high level and we are seeing a significant increase in customers using our digital offering.

Our assessment is that full-year earnings will be in line with the preceding year.

Stockholm, November 18, 2016

Henrik Ekelund President and CEO of BTS Group AB (publ)

OPERATIONS

Sales

BTS's net sales for the nine-month period totaled MSEK 771.3 (751.5). Adjusted for changes in foreign exchange rates, growth was 5 percent.

Growth varied between the units: BTS Other Markets 28 percent, BTS Europe 10 percent, BTS North America –2 percent and APG -8 percent (growth measured in local currency).

Earnings

Operating profit before amortization of intangible assets (EBITA) decreased by 6 percent during the nine-month period to MSEK 72.4 (77.0). Operating profit for the ninemonth period was charged with MSEK 3.6 (3.2) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) decreased by 7 percent for the nine-month period to MSEK 68.8 (73.8).

Operating margin before amortization of intangible assets (EBITA margin) was 9 percent (10). Operating margin (EBIT margin) was 9 percent (10).

The Group's profit before tax for the nine-month period decreased by 8 percent to MSEK 68.2 (73.8).

Changes in foreign exchange rates had a negative impact on earnings of MSEK 4.4, which can be compared with an overall decrease in operating profit of MSEK 5.0. Earnings were positively affected by an improved result in BTS Other Markets, while a poorer result in BTS North America and APG had a negative effect.

Third quarter

BTS's third-quarter net sales amounted to MSEK 265.3 (248.6). Adjusted for changes in foreign exchange rates, growth was 8 percent.

Operating profit before amortization of intangible assets (EBITA) increased by 8 percent in the third quarter to MSEK 28.6 (26.4). Operating profit for the third quarter was charged with MSEK 1.5 (1.0) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) increased by 6 percent to MSEK 27.1 (25.4).

Operating margin before amortization of intangible assets (EBITA margin) was 11 percent (11). Operating margin (EBIT margin) was 10 percent (10).

Profit before tax for the third quarter increased by 6 percent to MSEK 26.9 (25.3).

Earnings were positively affected by an improved result in BTS Other Markets, BTS Europe and APG. Earnings were negatively affected by a decreased result in BTS North America and by changes in foreign exchange rates, which negatively impacted earnings by MSEK 1.9.

Market development

The market for BTS's services was stable and unchanged during the period.

REVENUE BY QUARTER

PROFIT BEFORE TAX BY QUARTER

NET SALES BY SOURCE OF REVENUE JANUARY 1–SEPTEMBER 30, 2016 (2015)

PROFIT BEFORE TAX AND OPERATING MARGIN (EBITA) BY QUARTER

OPERATING UNITS

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.

NET SALES PER OPERATING UNIT JANUARY 1–SEPTEMBER 30, 2016 (2015)

NET SALES PER OPERATING UNIT

MSEK July–Sep
2016
July–Sep
2015
Jan–Sep
2016
Jan–Sep
2015
Oct–Sep
2015/16
Jan–Dec
2015
BTS North America 121.6 135.9 380.9 390.2 519.3 528.6
BTS Europe 40.7 32.4 120.0 115.3 183.6 178.9
BTS Other markets 75.3 56.3 189.9 158.2 254.4 222.7
APG 27.7 24.0 80.6 87.8 106.5 113.7
Total 265.3 248.6 771.3 751.5 1,063.7 1,043.9

OPERATING PROFIT BEFORE AMORTIZATION OF INTANGIBLE ASSETS (EBITA) PER OPERATING UNIT

MSEK July–Sep
2016
July–Sep
2015
Jan–Sep
2016
Jan–Sep
2015
Oct–Sep
2015/16
Jan–Dec
2015
BTS North America 15.1 18.1 41.5 45.5 56.6 60.6
BTS Europe 1.8 0.7 8.5 10.5 21.3 23.3
BTS Other markets 11.4 7.5 22.4 19.1 30.6 27.3
APG 0.3 0.1 0.0 1.9 0.7 2.6
Total 28.6 26.4 72.4 77.0 109.2 113.8

BTS North America

Net sales for BTS's operations in North America amounted to MSEK 380.9 (390.2) for the nine-month period. Adjusted for changes in foreign exchange rates, revenue declined by 2 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 41.5 (45.5) for the nine-month period. Operating margin before amortization of intangible assets (EBITA margin) was 11 percent (12).

Net sales amounted to MSEK 121.6 (135.9) in the third quarter. Adjusted for changes in foreign exchange rates, revenue declined by 11 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 15.1 (18.1) in the third quarter. Operating margin before amortization of intangible assets (EBITA margin) was 12 percent (13).

The significant decline in revenue in the third quarter is deemed to be of a temporary nature. BTS North America's new management is continuing efforts to enhance cost efficiency and intensify activity in the market.

BTS Europe

Net sales for BTS Europe amounted to MSEK 120.0 (115.3) for the nine-month period. Adjusted for changes in foreign exchange rates, revenue grew by 10 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 8.5 (10.5) for the nine-month period. Operating margin before amortization of intangible assets (EBITA margin) was 7 percent (9).

Net sales amounted to MSEK 40.7 (32.4) in the third quarter. Adjusted for changes in foreign exchange rates, revenue grew by 39 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 1.8 (0.7) in the third quarter. Operating margin before amortization of intangible assets (EBITA margin) was 5 percent (2).

BTS Europa continued to perform positively in the third quarter.

BTS Other Markets

Net sales for BTS Other Markets amounted to MSEK 189.9 (158.2) for the nine-month period. Adjusted for changes in foreign exchange rates, revenue grew by 28 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 22.4 (19.1) for the nine-month period. Operating margin before amortization of intangible assets (EBITA margin) was 12 percent (12).

Net sales amounted to MSEK 75.3 (56.3) in the third quarter. Adjusted for changes in foreign exchange rates, revenue grew by 36 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 11.4 (7.5) in the third quarter. Operating margin before amortization of intangible assets (EBITA margin) was 15 percent (13).

BTS Other Markets continued to display a highly positive performance with favorable growth in revenues and earnings.

APG

Net sales for the nine-month period totaled MSEK 80.6 (87.8). Adjusted for changes in foreign exchange rates, revenue declined by 8 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 0.0 (1.9) for the nine-month period. Operating margin before amortization of intangible assets (EBITA margin) was 0 percent (2).

Net sales amounted to MSEK 27.7 (24.0) in the third quarter. Adjusted for changes in foreign exchange rates, revenue grew by 14 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 0.3 (0.1) in the third quarter. Operating margin before amortization of intangible assets (EBITA margin) was 1 percent (1).

We are continuing to implement our strategy to restore a positive earnings trend for APG – to launch new products and recruit additional partners.

Financial position

BTS's cash flow from operating activities for the ninemonth period amounted to MSEK 44.5 (17.3). Available cash and cash equivalents amounted to MSEK 126.5 (116.2) at the end of the period. The company's interest-bearing loans attributable to previously implemented acquisitions amounted to MSEK 24.4 (16.8) at the end of the period.

BTS's equity ratio was 63 percent (66) at the end of the period.

The company has no outstanding conversion loans at the balance sheet date.

Employees

At September 30, the number of employees at BTS was 527 (449). The increase in the number of employees was predominantly the result of acquisitions in Australia and Italy.

The average number of employees for the nine-month period was 490 (429).

Parent Company

The Parent Company's net sales amounted to MSEK 1.7 (1.5) and profit after net financial items amounted to MSEK 38.9 (37.0). Cash and cash equivalents amounted to MSEK 0.4 (0.6).

Outlook for 2016

Profit before tax is expected to be in line with the previous year.

BTS's acquisition of Cesim Italia and Design Innovation

BTS has as earlier communicated in a pressrelease of the 6th of July 2016 acquired all business operations in the Italian companies Cesim Italia and Design Innovation, including personnel, technology, intellectual property rights, customer relations, trademark rights and all equipment. The acquisitions were completed via BTS's Spanish subsidiary Business Training Solutions S.L.

The acquisitions significantly strengthen BTS's position in southern Europe, through the addition of more than 40 major Italian customers, and also reinforce BTS's Italian operation by supplementing it with further expertise and innovative solutions. Furthermore, the acquisitions also provide a good opportunity to help many of the major Italian companies globally.

The agreed purchase consideration comprises:

  • A cash payment of MEUR 1.7.
  • An additional consideration estimated at MEUR 3.5, including what corresponds to about MEUR 0.6 in newly issued BTS shares, provided that the acquired operations achieve the set earnings targets for 2016–2020.

Acquisition calculation at the date of acquisition translated at the exchange rate prevailing on the balance sheet date of September 30, 2016:

MSEK

Cash payment 16.5
Estimated contingent consideration 33.7
Total purchase price 50.2
Net assets measured at fair value 17.0
Goodwill 33.2

Goodwill consists of expected future synergy effects in the form of an expanded product range and services. In addition to synergy effects, personnel and future profitability components are included in the goodwill item. No acquisition costs were capitalized, but were instead expensed in their entirety.

Events after the end of the period

No significant events occurred after the close of the period.

Risks and uncertainties

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 2015 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 2016.

Critical accounting estimates and assumptions

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.

Accounting principles

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.

Nomination Committee

As previously announced, a Nomination Committee has been appointed. In consultation with Chairman of the Board Reinhold Geijer, BTS's three largest shareholders have appointed the following individuals to serve on the Nomination Committee:

  • Anders Dahl, B.Sc, representing Henrik Ekelund
  • Erik Durhan, appointed by Nordea Funds
  • Reinhold Geijer, Chairman of the Board, BTS Group AB
  • Ulf Hjalmarsson, appointed by Lannebo Funds.

Anders Dahl has been appointed Chairman of the Nomination Committee.

The Nomination Committee's mandate is to propose candidates to the Board and to make proposals on the remuneration of directors and auditors.

Shareholders in BTS Group AB are welcome to submit proposals to the Chairman of the Nomination Committee at the following address: BTS Group AB, Grevgatan 34, SE-114 53 Stockholm.

The proposed composition of the Board of the Directors will be announced in the notice convening the next Annual General Meeting.

Financial calendar

Year-end report 2016 February 21, 2017 Interim report January–March 2017 May 12, 2017

Stockholm, November 18, 2016

Henrik Ekelund CEO

This report has not been reviewed by BTS' auditor.

Contact information

Henrik Ekelund CEO Tel: +46 8 587 070 00
Stefan Brown CFO Tel: +46 8 587 070 62
Michael Wallin SVP Investor and Tel: +46 8 587 070 02
Corporate Communications 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

GROUP INCOME STATEMENT, SUMMARY

KSEK July–Sep
2016
July–Sep
2015
Jan–Sep
2016
Jan–Sep
2015
Oct–Sep
2015/16
Jan–Dec
2015
Net sales 265,251 248,649 771,290 751,505 1,063,684 1,043,900
Operating expenses –234,682 –220,292 –693,165 –669,015 –946,623 –922,473
Depreciation of property, plant, and
equipment
–1,981 –1,949 –5,747 –5,498 –7,937 –7,688
Amortization of intangible assets –1,500 –1,048 –3,628 –3,235 –4,679 –4,286
Operating profit 27,089 25,359 68,751 73,757 104,446 109,452
Net financial items –188 –62 –543 –5 –800 –263
Profit before tax 26,901 25,297 68,207 73,751 103,646 109,190
Taxes –8,669 –8,616 –22,393 –24,630 –34,397 –36,635
Profit for the period 18,232 16,681 45,815 49,121 69,248 72,554
attributable to the shareholders
of the parent company 18,232 16,681 45,815 49,121 69,248 72,554
Earnings per share, before dilution
of shares, SEK 0.98 0.89 2.46 2.63 3.71 3.89
Number of shares at end of the period 18,646,370 18,646,370 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 18,646,370 18,646,370
Earnings per share, after dilution
of shares, SEK
0.98 0.89 2.46 2.63 3.71 3.89
Average number of shares after dilution 18,646,370 18,646,370 18,646,370 18,646,370 18,646,370 18,646,370
Dividend per share, SEK 2.35

GROUP STATEMENT OF COMPREHENSIVE INCOME

KSEK July–Sep
2016
July–Sep
2015
Jan–Sep
2016
Jan–Sep
2015
Oct–Sep
2015/16
Jan–Dec
2015
Profit for the period 18,232 16,681 45,815 49,121 69,248 72,554
Items that will not be reclassified
to profit or loss
Items that may be reclassified
to profit or loss
Translation differences in equity 7,182 5 12,639 14,010 6,611 7,982
Other comprehensive income for the period,
net of tax
7,182 5 12,639 14,010 6,611 7,982
Total comprehensive income for the period 25,414 16,686 58,453 63,131 75,859 80,536
attributable to the shareholders
of the parent company
25,414 16,686 58,453 63,131 75,859 80,536

GROUP BALANCE SHEET, SUMMARY

KSEK 30 Sep
2016
30 Sep
2015
31 Dec
2015
Assets
Goodwill 263,340 221,593 220,690
Other intangible assets 39,729 30,815 32,894
Tangible assets 20,768 15,853 15,232
Property, plant, and equipment 12,291 9,213 10,064
Trade receivables 210,174 204,222 276,812
Other current assets 121,513 107,498 115,737
Cash and cash equivalents 126,548 116,201 139,547
Total assets 794,364 705,394 810,976
Equity and liabilities
Equity 498,714 465,413 483,255
Interest bearing – non-current liabilities 24,376 16,776 16,705
Non-interest bearing – current liabilities 271,274 223,205 311,016
Total equity and liabilities 794,364 705,394 810,976

GROUP CASH FLOW STATEMENT, SUMMARY

KSEK Jan–Sep
2016
Jan–Sep
2015
Jan–Dec
2015
Cash flow from operating activities 44,451 17,262 57,864
Cash flow from investing activities –27,004 –7,186 –19,020
Cash flow from financing activities –36,680 –15,770 –16,293
Cash flow for the period –19,232 –5,693 22,552
Cash and cash equivalents, opening balance 139,547 114,293 114,293
Translation differences in cash and cash
equivalents
6,234 7,601 2,702
Cash and cash equivalents, closing balance 126,548 116,201 139,547

GROUP CHANGES IN CONSOLIDATED EQUITY

KSEK Total equity
30 sept 2016
Total equity
30 sept 2015
Total equity
31 dec 2015
Opening balance 483,255 434,505 434,505
Dividend to shareholders –43,819 –32,631 –32,631
Other 825 408 845
Total comprehensive income for the period 58,453 63,131 80,536
Closing balance 498,714 465,413 483,255

GROUP CONSOLIDATED KEY RATIOS

KSEK July–Sep
2016
July–Sep
2015
Jan–Sep
2016
Jan–Sep
2015
Oct–Sep
2015/16
Jan–Dec
2015
Net sales, KSEK 265,251 248,649 771,290 751,505 1,063,684 1,043,900
EBITA (Profit before interest,
tax and amortization), KSEK
28,589 26,408 72,378 76,992 109,125 113,739
EBIT (Operating profit), KSEK 27,089 25,359 68,751 73,757 104,446 109,452
EBITA margin (Profit before interest,
tax and amortization margin), %
11 11 9 10 10 11
EBIT margin (Operating margin ), % 10 10 9 10 10 10
Profit margin, % 7 7 6 7 7 7
Operating capital, KSEK 396,542 360,413
Return on equity, % 14 16
Return on operating capital, % 28 32
Equity ratio, at end of the period, % 63 66 63 66 63 60
Cash flow, KSEK 54,564 24,160 –19,232 –5,693 9,013 22,552
Cash and cash equivalents, at end
of the period, KSEK
126,548 116,201 126,548 116,201 126,548 139,547
Average number of employees 525 438 490 429 458 436
Number of employees at end of the period 527 449 527 449 527 463
Revenues for the year per employee, KSEK 2,321 2,394

PARENT COMPANY'S INCOME STATEMENT, SUMMARY

KSEK July–Sep
2016
July–Sep
2015
Jan–Sep
2016
Jan–Sep
2015
Oct–Sep
2015/16
Jan–Dec
2015
Net sales 326 375 1,740 1,495 2,100 1,855
Operating expenses –150 –401 –1,438 –1,420 –2,235 –2,217
Operating profit 176 –26 302 75 –135 –362
Net financial items 15,052 16,374 38,637 36,959 42,091 40,413
Profit before tax 15,228 16,348 38,938 37,034 41,956 40,051
Taxes 0 0 0 –4 –747 –746
Profit for the period 15,228 16,348 38,938 37,030 41,208 39,305

PARENT COMPANY'S BALANCE SHEET, SUMMARY

KSEK 30 Sep 2016 30 Sep 2015 31 Dec 2015
Assets
Financial assets 101,976 101,976 101,976
Other current assets 28,702 23,664 26,258
Cash and cash equivalents 383 587 124
Total assets 131,061 126,227 128,359
Equity and liabilities
Equity 106,253 108,863 111,134
Liabilities 24,807 17,364 17,225
Total equity and liabilities 131,061 126,227 128,359

DEFINITIONS

Earnings per share

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 net sales.

EBIT margin (Operating margin)

Operating profit after depreciation as a percentage of net sales.

Profit margin

Profit for the period as a percentage of net sales.

Operating capital

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.

Return on operating capital

Operating profit as a percentage of average operating capital.

Equity ratio

Equity as a percentage of total balance sheet.

The global leader in turning strategy into action

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.

Vision

The global leader in turning strategy into action.

Purpose

We inspire and equip people to do the best work of their lives, creating better businesses and a better planet.

Value proposition

We make strategy personal and drive great execution. Our unforgettable experiences create levels of alignment, mindset, and capability that deliver better results, faster.

Financial goals

BTS's financial goals shall over time be:

  • Growth, adjusted for changes in exchange rates, of 20 percent, primarily organic.
  • An EBITA margin of 15 percent.
  • An equity ratio that does not fall below 50 percent over extended periods.

BTS AMSTERDAM 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

BTS BRUSSELS Rue d'Arenberg 44 1000 Brussels Belgium Tel. +32 (0) 2 27 415 10

BTS HELSINKI

Pohjoinen Makasiinikatu 6 A 00130 Helsinki Finland Tel. +358 50 524 5874

BTS LONDON 37 Kensington High Street London W8 5ED UK Tel. +44 207 348 18 00 Fax. +44 207 348 18 01

BTS MUNICH Theresienhoehe 28 80339 Munich Germany Tel. +49 89 244 40 7036

BTS PARIS 57, rue de Seine 75006 Paris France Tel. +33 1 40 15 07 43

BTS STOCKHOLM

Head office Grevgatan 34 114 53 Stockholm Sweden Tel. +46 8 58 70 70 00 Fax. +46 8 58 70 70 01

ADVANTAGE

PERFORMANCE GROUP 100 Smith Ranch Road, Suite 306 San Rafael, CA 94903 USA Tel. +1 800 494 6646 Fax. +1 415 925 9512

BTS AUSTIN Frost Bank Building 401 Congress Avenue Suite 2740 Austin, Texas 78701 USA Tel. +1 512 474 1416

Fax. +1 512 474 1433

BTS BROOKLYN 280 1st Street Brooklyn, NY 11215 USA Tel. +1 718 832 2118 Fax . +1 718 832 2899

BTS CHICAGO 200 South Wacker Drive Suite 925 Chicago, IL 60606 USA Tel. +1 312 509 4750 Fax. +1 312 509 4781

BTS LOS ANGELES P.O. Box 10366 Marina del Rey, CA 90295 USA Tel. +1 424 202 6952

BTS NEW YORK 60 E. 42nd Street, Suite 2434 New York, NY, 10165 USA Tel. +1 646 378 3730 Fax. +1 646 378 3731

BTS PHILADELPHIA 101 West Elm St Suite 310 Conshohocken, PA 19428 USA Tel. (toll free) +1 800 445 7089 Tel. +1 484 391 2900 Fax. +1 415 362 4270

BTS SAN FRANCISCO 222 Kearny Street, Ste 1000 San Francisco, CA 94108 USA Tel. +1 415 362 4200 Fax. +1 415 449 6119

BTS SCOTTSDALE 9455 E. Ironwood Square Drive, Ste. 100 Scottsdale, AZ 85258 USA Tel. +1 480 948 2777 Fax. +1 480 948 2928

BTS STAMFORD 300 First Stamford Place Stamford, CT 06902 USA Tel. +1 203 316 2740

Fax. +1 203 316 2750

BTS BANGALORE 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

BTS BANGKOK

128/27 Phyathai Plaza Building (4th Floor) Phyathai Rd. Kwaeng Thung Phyathai Khet Ratchathewi Bangkok 10400 Thailand Tel. +66 2 216 5974

BTS BILBAO c/o Simon Bolivar 27-1, Office No. 4 Bilbao 48013 Spain Tel. +34 94 423 5594 Fax. +34 94 423 689

BTS DUBAI

10th Floor, Swiss Tower Jumeirah Lakes Towers Dubai, United Arab Emirates Tel. +971 4 279 8341 Fax. +971 4 279 8399

BTS JOHANNESBURG

267 West Avenue, 1st Floor Centurion 0046, Gauteng South Africa Tel. +27 12 663 6909 Fax. +27 12 663 6887

BTS MADRID

Calle José Abascal 55, piso 3ºDcha 28003 Madrid Spain Tel. +34 91 417 5327 Fax. +34 91 555 2433

BTS MELBOURNE

198 Harbour Esplanade, Suite 404 Docklands VIC 3008 Australia Tel. +61 3 9670 9850 Fax. +61 3 9670 9569

BTS MEXICO CITY

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

BTS MILAN

Viale Fulvio Testi 223 20162 Milan, Italy Tel. +39 02 6611 6364 Fax +39 02 642 6058

BTS DESIGN INNOVATION

Viale Abruzzi, 13 20131 Milan, Italy Tel. 02 6901 5719 Fax. 02 6078 1483

BTS MUMBAI

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

BTS SAO PAULO

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

BTS SEOUL

7th Floor Hanvit Building 107 Sajik-ro Jongo-gu, Seoul South Korea 03041 Tel. +82 2 539 7676 Fax. +82 2 2233 4451

BTS SHANGHAI

1376 West Nanjing Road Suite 531, East Office Tower Shanghai Centre Shanghai 200040 China Tel. +86 21 6289 8688

BTS SINGAPORE

1 Finlayson Green #07-02 Singapore 049246 Tel. +65 6221 2870 Fax. +65 6224 2427

BTS SYDNEY

Level 6 10 Barrack St Sydney NSW 2000 Australien Tel. +61 02 8243 0900 Fax. +61 02 9299 6629

BTS TAIPEI

7 F., No. 307, Dun-Hua, North Road Taipei 105 Taiwan Tel. +886 2 8712 3665

BTS TOKYO

Kojimachi Brighton Bldg 2F 6-4-17 Kojimachi Chiyoda-ku, Tokyo 102-0083, Japan Tel. +81 03 6272 9973 Fax. +81 03 6672 9974

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