Kvartalsrapport Q3 2023

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===== SIDA 1 =====

Q3
INTERIM REPORT JANUARY 1 – SEPTEMBER 30, 2023
Full-year outlook kept despite cautious market  
and lower margins during the quarter 
January 1 – September 30, 2023
• Net sales amounted to MSEK 1,915 (1,805). Adjusted for changes  
in foreign exchange rates, the revenue growth was flat.
• EBITA decreased 12 percent to MSEK 207 (234).
• The EBITA margin was 10.8 (13.0) percent. 
• Profit after tax decreased 20 percent to MSEK 105 (131). 
• Earnings per share decreased 20 percent to SEK 5.42 (6.75). 
Third quarter 2023
• Net sales amounted to MSEK 633 (617). Adjusted for changes  
in foreign exchange rates, net sales decreased 1 percent.
• EBITA decreased 19 percent to MSEK 53 (66).
• The EBITA margin was 8.4 (10.7) percent.
• Profit after tax decreased 37 percent to MSEK 22 (34).
• Earnings per share decreased 37 percent to SEK 1.12 (1.78).
BTS GROUP AB (PUBL)

===== SIDA 2 =====

The third quarter was similar to the second quarter. 
 Customers remained cautious and it took longer to close 
new deals. The more conservative approach among 
 customers in North America at the beginning of the year 
has now, with a few exceptions, affected all our markets. 
Despite the weaker sentiment in the market, our revenue 
at group level in the third quarter remained just about 
flat, currency adjusted. 
In North America, net sales were unchanged compared 
to the same period previous year. During the year, we have 
consciously chosen to diversify more outside tech, and 
focus on selected industries with stronger demand for 
BTS offerings. Therefore, it was gratifying to see that  
the increase in sales was particularly large within the 
energy, biotech, pharma, financial services, and consumer 
packaged goods sectors. We foresee that our intensified 
sales efforts and diversifying strategy will have an even 
stronger effect on the revenue development in the fourth 
quarter.
In BTS Europe, the market remained cautious because 
of delays and cost savings among customers. This market 
conservatism, combined with BTS Europe having one 
major project cancelled, explains the revenue decline of 
4 percent. As in North America, pharmaceuticals and 
financial services were among the stronger sectors, while 
the trend remained subdued in manufacturing and tech. 
We saw price pressure in the European market, but in 
BTS Europe, as well as within the rest of the Group, we 
continue to be disciplined in terms of both price and 
 scoping of customer projects. 
BTS Other markets experienced a slight slowdown 
but still managed to grow by 3 percent due to increased 
growth in the Middle East, Southeast Asia, Italy and 
Spain, and by reallocating resources to customer projects 
or countries with relatively high demand. 
The Group’s EBITA margin decreased to 8.4 (10.7) 
 percent in the third quarter. The EBITA margin fell in all 
operating units; in BTS North America to 8.9 (10.3) percent, 
in BTS Europe to 2.8 (8.3) percent, and in BTS Other markets 
to 11.6 (14.2) percent.
In BTS North America, the decreased margin is mainly due 
to the weaker market. In BTS Europe, the margin decline 
was explained by lower sales, a lingering higher salary cost 
level and a customer project mix that temporarily required 
more external consultants. The margin drop in BTS Other 
markets was due to some one-off costs, mainly related to 
the closing of one of the offices in Spain, as part of the 
efficiency measures. 
Operational efficiency
The workforce planning and efficiency initiatives 
implemented earlier this year are proceeding according 
to plan in all operating units and are expected to have 
full effect in the fourth quarter. These moves, spanning 
performance management, a better talent/work mix, 
and sharing of talent cross-borders, not only contribute 
to increased profitability short-term, but also set us up 
for easier scale longer-term. Productivity gains from 
exploring Generative AI (GAI) this year is quantified  
in our 2024 business planning across all practice areas  
and functions.
Outlook
In general, there is still a market conservatism, and 
combined with the uncertainties in the financial and 
geopolitical areas, the future is difficult to assess.
At the same time, we can see that the efficiency 
measures we implemented earlier in the year are having 
the intended effect and that they will have full impact 
as planned in the fourth quarter. We also anticipate 
improvement in revenue growth in the fourth quarter in 
North America and in Other markets. All in all, this means 
that we are keeping our forecast that the result for 2023 
is expected to be in line with the outcome 2022.
Stockholm, November 10, 2023
Jessica Skon
CEO of BTS Group AB (publ)
Full-year outlook 
kept despite cautious 
market and lower 
margins during  
the quarter
CEO comments
2 | BTS Interim Report January 1–September 30, 2023

===== SIDA 3 =====

OPERATIONS
Sales
BTS’s net sales for the nine-month period amounted 
to MSEK 1,915 (1,805). Adjusted for changes in foreign 
exchange rates, the revenue growth was flat. Growth 
 varied between the units: BTS Other markets 6 percent, 
BTS Europe 2 percent, BTS North America –2 percent,  
and APG –13 percent.
Earnings
EBITA decreased 12 percent to MSEK 207 (234) for  
the nine-month period. The EBITA margin was 10.8  
(13.0) percent. 
EBIT decreased 17 percent to MSEK 166 (200) for  
the nine-month period. The EBIT margin was 8.7 (11.1) 
 percent. EBIT for the nine-month period was charged 
with MSEK –41.1 (–33.7) for amortization of intangible 
assets attributable to acquisitions. 
The Group’s profit before tax decreased 20 percent  
to MSEK 152 (190) during the nine-month period. 
The Group’s result was affected positively by improved 
profit in BTS Other markets, and negatively by the other 
operating units, compared to the same period previous year.
Third quarter 
BTS’s third-quarter net sales amounted to MSEK 633 
(617). Adjusted for changes in foreign exchange rates, the 
revenue decreased 1 percent.
EBITA decreased 19 percent in the third quarter to 
MSEK 53 (66). The EBITA margin was 8.4 (10.7) percent.
EBIT decreased 30 percent in the third quarter to MSEK 
38 (54). EBIT margin was 5.9 (8.8) percent. EBIT for the third 
quarter was charged with MSEK –15.8 (–11.7) for amortiza-
tion of intangible assets attributable to acquisitions. 
Profit before tax in the third quarter decreased 37 
 percent to MSEK 31 (50).
The Group’s result was negatively affected by 
decreased profit in all operating units, compared to  
the same period previous year.
1) Excluding forgiven PPP loan.
1) Excluding forgiven PPP loan.1) Excluding forgiven PPP loan.
1)
1) 1) 1)1) 1)
19
   
20
   
21
   
22
   
19
   
20
   
21
   
22
   
19
   
20
   
21
   
22
   
19
   
20
   
21
   
22
   
23
   
23
   
23
   Q1 Q2 Q3 Q4
0
100
200
300
400
500
600
700
800
MSEK
MSEK
19
   
20
   
21
   
22
   
23
   
23
   
19
   
20
   
21
   
22
   
19
   
20
   
21
   
22
   
23
   
19
   
20
   
21
   
22
   Q1 Q2 Q3 Q4
0
20
40
60
80
100
0
20
40
60
80
100
120
MSEK %
0
20
40
60
80
100
120
Q3Q2Q1
     2023
Q4Q3Q2Q1
     2022
Q4Q3Q2Q1
    2021
Q4Q3Q2Q1
     2020
Q4Q3
    2019
Profit before tax, MSEK EBITA margin, %
0
5
10
15
20
25
30
MSEK MSEK
0
600
1,200
1,800
2,400
3,000
Q3Q2Q1
     2023
Q4Q3Q2Q1
    2022
Q4Q3Q2Q1
    2021
Q4Q3Q2Q1
     2020
Q4Q3
   2019
Net sales EBITA
0
80
160
240
320
400
EBITA  
BY QUARTER
REVENUE  
BY QUARTER
PROFIT BEFORE TAX AND EBITA MARGIN  
BY QUARTER
NET SALES AND EBITA
ROLLING 12 MONTHS
BTS Interim Report January 1–September 30, 2023  | 3

===== SIDA 4 =====

Market development
The overall market felt similar in the third quarter 
compared to the second quarter. The geopolitical and 
economic uncertainties have led companies to be more 
cautious about their investments in human capital, 
which has led to a slowdown across the consulting and 
corporate training markets. In 2023, we started to notice 
this in the first quarter in North America, and during the 
second quarter in both BTS Europe and in some countries 
within BTS Other markets which experienced similar 
client delays and conservatism. 
BTS North America continued to see the effects of the 
slowdown in the tech industry and experienced continued 
delays in project start dates, as well as longer time 
required to close new deals. However, an increase in the 
demand for our services towards the end of the quarter 
was noticed from some clients. We also experienced 
movement in the sales pipeline from some of our tech/
software clients as they shifted into planning for 2024. 
The ultra-conservative budget-freezing seems to be 
 shifting towards prioritizing selected initiatives. This  
gives us some optimism, but it is tempered by the fact 
that there still seems to be a cautious bias towards short- 
term spending despite falling inflation and stronger 
 economic data.
BTS Europe continued to experience a combination 
of client conservatism and price sensitivity with the tech 
and manufacturing sectors being the most conservative.
BTS Other markets had a mix of strong and weak 
economies. Geographies such as Southeast Asia, Middle 
East, South Africa and Italy experienced strong market 
growth and normal client demand, with a few exceptions, 
mainly in Asia including China. 
Operational development 
Over the course of this tough year, BTS has made 
advances within operational efficiency as noted in the 
CEO comments. Advances have also been made in  
three areas:  
1. Overall competitiveness and pipeline discipline
2. Innovation
3. Talent growth
Overall competitiveness and pipeline discipline
All units have been focused on spending more time with 
the right industries and companies where the demand for 
BTS’s services has been particularly strong and thereby 
diversifying outside of tech and software. BTS’s win rates 
in competitive deals have stayed consistent in North 
America and Other markets. BTS North America has 
brought in 41 new clients, BTS Other markets 91 new 
 clients and BTS Europe 18 new clients so far this year. 
A new sector where BTS has won several recent deals, 
and at a significantly larger size than average, is the 
infrastructure sector. BTS Europe, BTS North America 
and BTS Middle East all won competitive deals in the 
infrastructure sector in the third quarter.
Innovation
New services driving growth in the third quarter fall into 
two categories:
1.  Re-architecting training functions: Talent, leadership 
development and sales enablement functions are 
re-thinking their operations and how they deliver 
behavior change at scale and more on-demand, 
personalized learning. BTS is being asked to help them 
re-architect their function, and how they could serve 
tens of thousands of people throughout the year, 
in specific moments of need, leading to improved 
business impact. 
2.  GAI training and change services: The adoption of this 
tech is radically simpler and easier than traditional 
software implementations. However, the culture-
shift required for companies to move fast and take 
advantage of the productivity benefits is not to be 
underestimated. BTS’s services in broad scale change 
and culture work seem to be well suited for this type  
of adoption and ways of working shifts.
Talent growth
We have also started to make sure our talent is stronger. 
We are doing this through company-wide consulting and 
proposal training, better performance management, 
acquiring new talent, and improving our knowledge 
management system organized by client problems.
4 | BTS Interim Report January 1–September 30, 2023

===== SIDA 5 =====

SEGMENT REPORTING
The effects of IFRS 16 are not included in the BTS Operating 
units reporting, which is why the effects are recognized as 
Group adjustments. 
Operating units
BTS North America consists of BTS’s operations in the 
USA (excluding APG), Canada, and Switzerland. 
BTS Europe consists of operations in France,  Germany, 
the Netherlands, Sweden, and the UK.
BTS Other markets consists of operations in Argentina, 
Australia, Brazil, China, Costa Rica, India, Indonesia,  
Italy, Japan, Malaysia, 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
MSEK
Jul–Sep
2023
Jul–Sep
2022
Jan–Sep  
2023
Jan–Sep  
2022
Oct–Sep  
2022/23
Jan–Dec 
2022
BTS North America 315 308 946 900 1,299 1,254
BTS Europe 104 100 344 319 484 459
BTS Other markets 176 167 514 466 709 661
APG 39 42 111 120 148 156
Total 633 617 1,915 1,805 2,640 2,530
EBITA PER OPERATING UNIT
MSEK
Jul–Sep
2023
Jul–Sep
2022
Jan–Sep  
2023
Jan–Sep  
2022
Oct–Sep  
2022/23
Jan–Dec 
2022
BTS North America 28.0 31.8 104.9 120.0 155.0 170.2
BTS Europe 2.9 8.3 39.1 54.7 66.8 82.4
BTS Other markets 20.4 23.8 57.7 51.3 93.1 86.7
APG 0.1 0.3 –0.3 2.4 –0.4 2.3
EBITA per operating unit 51.4 64.1 201.4 228.4 314.6 341.5
Effects of IFRS 16 2.0 1.6 5.4 5.4 6.8 6.8
Total 53.4 65.7 206.9 233.9 321.3 348.3
NET SALES PER OPERATING UNIT  
JANUARY 1 – SEPTEMBER 30, 2023 (2022) 
BTS North America 
49 (50) %
APG 
6 (6) %
BTS Europe 
18 (18)%
BTS Other markets 
27 (26)%
NET SALES BY SOURCE OF REVENUE
JANUARY 1 – SEPTEMBER 30, 2023 (2022) 
Programs 
65 (64)%
Development 
23 (24)%
Licenses
10 (11)%
Other revenue 
2 (1)%
BTS Interim Report January 1–September 30, 2023  | 5

===== SIDA 6 =====

BTS North America
Net sales for BTS’s operations in North America 
amounted to MSEK 946 (900) for the nine-month period. 
Adjusted for changes in foreign exchange rates, revenue 
decreased 2 percent. EBITA amounted to MSEK 104.9 
(120.0) in the nine-month period. The EBITA margin was 
11.1 (13.3) percent. 
Net sales for the third quarter amounted to MSEK 315 
(308). Adjusted for changes in foreign exchange rates, 
revenue was flat. EBITA amounted to MSEK 28.0 (31.8) in 
the third quarter. The EBITA margin was 8.9 (10.3) percent. 
Similar to the second quarter, BTS North America’s 
revenue was flat in the third quarter compared to the 
same period previous year. The slowdown in the tech sector 
and overall client conservatism across North America was 
offset by revenue from the Boda acquisition and revenue 
from BTS’s focus industries: energy, biotech, pharma, 
financial services and consumer packaged goods.
BTS North America’s EBITA margin declined, mainly 
due to the lower revenue in the core business. The cost 
reduction activities communicated in the interim report 
for the first quarter started to take effect in the third 
quarter, with the majority taking effect in the fourth 
quarter of 2023. The cost efficiencies combined with 
improved revenue performance will lead to improved 
EBITA in the fourth quarter.
BTS Europe
Net sales for BTS Europe amounted to MSEK 344 (319)  
for the nine-month period. Adjusted for changes in foreign 
exchange rates, revenue increased 2 percent. EBITA 
amounted to MSEK 39.1 (54.7) for the nine-month period. 
The EBITA margin was 11.4 (17.1) percent. 
Net sales for the third quarter amounted to MSEK 104 
(100). Adjusted for changes in foreign exchange rates, 
revenue decreased 4 percent. EBITA amounted to MSEK 
2.9 (8.3) in the third quarter. The EBITA margin was 2.8 
(8.3) percent. 
BTS Europe’s revenue decline was caused by a combina-
tion of one large project being cancelled and other deals 
being delayed. BTS Europe has won deals in infrastructure, 
pharma and financial services industries. BTS Europe 
lacked enough new project wins in the second quarter to 
make up for the one large project being cancelled. Deal 
flow has increased for BTS Europe in the third quarter, 
however the time it takes to win and be awarded work, 
as well as project delays, continue. We expect these 
 market difficulties to continue during the fourth quarter.
The decline in EBITA is predominantly explained by a 
shift in service mix and temporarily higher people costs. The 
undertaken workforce planning and efficiency initiatives 
will start to take effect in the fourth quarter 2023.
BTS Other markets
Net sales for BTS Other markets amounted to MSEK 514 
(466) for the nine-month period. Adjusted for changes in 
 foreign exchange rates, revenue increased 6 percent.  
EBITA amounted to MSEK 57.7 (51.3) for the nine-month 
period. The EBITA margin was 11.2 (11.0) percent. 
Net sales for the third quarter amounted to MSEK 176 
(167). Adjusted for changes in foreign exchange rates, 
 revenue increased 3 percent. EBITA amounted to MSEK 
20.4 (23.8) in the third quarter. The EBITA margin was  
11.6 (14.2) percent. 
BTS Other markets’ reduction in EBITA and EBITA 
 margin was due to some one-off costs, as a part of the 
operational efficiencies drive. The cost base is being 
 constantly adjusted and worked on and is kept flat after 
the efficiency measures. The efficiency measures combined 
with improved growth should yield a higher margin in the 
last quarter of the year.   
APG
Net sales for APG amounted to MSEK 111 (120) for the 
nine-month period. Adjusted for changes in foreign 
exchange rates, revenue decreased 13 percent. EBITA 
amounted to MSEK –0.3 (2.4) for the nine-month period. 
The EBITA  margin was –0.3 (2.0) percent. 
Net sales for the third quarter amounted to MSEK 39 
(42). Adjusted for changes in foreign exchange rates, 
 revenue decreased 10 percent. EBITA amounted to  
MSEK 0.1 (0.3) in the third quarter. EBITA margin was  
0.4 (0.8) percent. 
North America’s market delays and conservatism 
 continued to have a negative impact on APG with their 
average deal sizes smaller than normal and extended 
decision-making processes. The negative EBITA is due  
to the revenue decline.
6 | BTS Interim Report January 1–September 30, 2023

===== SIDA 7 =====

BTS’S OFFICES AROUND THE WORLD
Sao Paulo
Phoenix
Mexico City
Stockholm
Amsterdam
Mumbai (2)
Dubai
London
Portsmouth 
Paris
St. Gallen
Bilbao
Madrid
Barcelona
Milan (2)
Johannesburg
Seoul
Tokyo
Shanghai
Taipei
Bangkok
Kuala Lumpur
Singapore
Jakarta
Melbourne
Sydney 
Cologne
San Francisco
San Rafael
Buenos Aires
Toronto
New York
Philadelphia
Chicago
OTHER INFORMATION
Financial position 
BTS’s operating cash flow normally has relatively sub-
stantial seasonal fluctuations, with a weaker cash flow  
in the first half of the year and a stronger cashflow in the 
second half. The cash flow from operating activities for 
the nine-month period amounted to MSEK –59 (12). The 
cash flow before changes in working capital amounted  
to MSEK 198 (247) for the nine-month period, where the 
weaker cash flow compared to previous year pertained 
exclusively to the lower result during the nine-month 
period and to an increase in paid taxes. The cash flow 
from changes in working capital amounted to MSEK –258 
(–235) for the nine-month period, where the weaker cash 
flow was attributable to a larger reduction in current 
 liabilities in the first quarter 2023, compared to the same 
period previous year.
BTS’s cash flow from operating activities for the third 
quarter amounted to MSEK 40 (76). The cash flow before 
changes in working capital amounted to MSEK 49 (69), 
and the decrease is explained by the lower result during 
the quarter. The cash flow from changes in working capital 
amounted to MSEK –9 (7), and the decrease is due to an 
increase in working capital tied-up, arising from the fact 
that a relatively large share of deliveries and invoicing 
took place during the last part of the quarter.
Available cash and cash equivalents amounted to 
MSEK 396 (517) at the end of the period. The company’s 
interest-bearing loans amounted to MSEK 284 (260) at 
the end of the period.
BTS’s equity ratio was 47 (47) percent at the end of 
the period. 
The company had no conversion loans outstanding 
at the balance sheet date.
Employees 
As of September 30, 2023, the number of employees at 
BTS was 1,123 (1,165). Compared to the end of the second 
quarter the total number of employees decreased by 34 
people, as a result of workforce planning initiatives.
The average number of employees for the nine-month 
period was 1,162 (1,114).
BTS Interim Report January 1–September 30, 2023  | 7

===== SIDA 8 =====

Financial calendar
Year-end report Jan–Dec 2023 February 22, 2024
Interim report Jan–Mar 2024 May 3, 2024
Stockholm, November 10, 2023
Jessica Skon
CEO
This report has not been reviewed by BTS’s auditors.
Contact information
Jessica Skon 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
Parent company
The Parent company’s net sales during the nine-month 
period amounted to MSEK 3.0 (3.3) and profit before tax 
totaled MSEK 33.2 (30.8). Cash and cash equivalents 
amounted to MSEK 1.0 (0.7).
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 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 if BTS does not meet the stringent quality 
requirements of its clients. Financial risks mainly relate  
to foreign exchange rates and credit risks. The manage-
ment of risks and uncertainties is described in the 2022 
Annual report.
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, 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 outcome 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 have 
been prepared in accordance with RFR 2 Accounting for 
Legal Entities and the Annual Accounts Act.
About BTS Group AB
BTS is a global professional services firm headquartered in Stockholm, Sweden. BTS has about 1,100 professionals in 36 offices located on six 
continents. BTS competes in both talent and HR consulting as well as the traditional consulting markets. BTS’s services support a broad range  
of client challenges including top-to-bottom and on-demand leadership development, talent selection and readiness, strategy creation and 
strategy implementation, as well as culture and broad-scale change. For over 35 years, BTS has been focused on the people-side of change and 
uses proprietary simulation, learning, coaching, and assessment methodologies – to power better performance. We partner with nearly 1,200 
organizations, including over 40 of the world’s 100 largest global corporations.
BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS B. 
For more information, please visit www.bts.com.
8 | BTS Interim Report January 1–September 30, 2023

===== SIDA 9 =====

Group income statement, summary
KSEK
Jul–Sep
2023
Jul–Sep
2022
Jan–Sep
2023
Jan–Sep
2022 
Oct–Sep
2022/23
Jan–Dec
2022
Net sales 633,383 617,074 1,914,916 1,804,688 2,639,862 2,529,634
Operating expenses –561,641 –533,368 –1,654,701 –1,516,586 –2,247,803 –2,109,688
Depreciation of property, plant 
and equipment –18,372 –17,960 –53,352 –54,245 –70,737 –71,630
EBITA 53,370 65,746 206,863 233,857 321,322 348,316
Amortization of intangible assets –15,752 –11,742 –41,084 –33,694 –52,455 –45,065
EBIT 37,618 54,004 165,779 200,164 268,866 303,251
Net financial items –5,709 –3,657 –13,455 –10,162 –17,173 –13,879
Associated company, profit after tax –482 –390 –39 –384 639 295
EBT 31,428 49,957 152,285 189,618 252,333 289,667
Estimated tax –9,743 –15,476 –47,208 –58,776 –79,694 –91,261
Net profit 21,685 34,481 105,076 130,842 172,639 198,405
Attributable to the shareholders  
of the parent company 21,685 34,481 105,076 130,842 172,639 198,405
Earnings per share, SEK 1) 1.12 1.78 5.42 6.75 8.91 10.24
Number of shares at end of the period 1) 19,396,819 19,374,347 19,396,819 19,374,347 19,396,819 19,374,347
Average number of shares 19,389,247 19,374,347 19,379,368 19,374,347 19,378,103 19,374,347
Dividend per share, SEK      5.40
1)  Before and after dilution of shares.
Group statement of comprehensive income
KSEK
Jul–Sep
2023
Jul–Sep
2022
Jan–Sep
2023
Jan–Sep
2022 
Oct–Sep
2022/23
Jan–Dec
2022
Profit for the period 21,685 34,481 105,076 130,842 172,639 198,405
Items that will not be reclassified  
to profit or loss – – – – – –
– – – – – –
Items that may be reclassified  
to profit or loss
Translation differences in equity –12,689 71,163 47,963 180,528 –7,989 124,576
Other comprehensive income for  
the period, net of tax –12,689 71,163 47,963 180,528 –7,989 124,576
Total comprehensive income for  
the period 8,996 105,644 153,039 311,370 164,650 322,981
attributable to the shareholders  
of the parent company 8,996 105,644 153,039 311,370 164,650 322,981
BTS Interim Report January 1–September 30, 2023  | 9

===== SIDA 10 =====

Group balance sheet, summary
KSEK
30 Sep 
2023
30 Sep 
2022
31 Dec 
2022
Assets
Goodwill 1,129,955 931,499 908,882
Other intangible assets 172,956 120,145 120,564
Tangible assets 146,578 188,417 186,405
Financial assets 28,889 24,453 27,682
Total non-current assets 1,478,379 1,264,514 1,243,533
Trade receivables 607,921 578,634 723,145
Other current assets 328,154 311,673 214,780
Cash and cash equivalents 396,215 517,041 577,061
Total current assets 1,332,291 1,407,348 1,514,986
TOTAL ASSETS 2,810,670 2,671,862 2,758,519
Equity and liabilities
Equity 1,323,547 1,247,275 1,213,930
Non-current liabilities 582,974 554,643 508,196
Current liabilities 904,149 869,944 1,036,393
Total liabilities 1,487,122 1,424,587 1,544,589
TOTAL EQUITY AND LIABILITIES 2,810,670 2,671,862 2,758,519
 
Group cash flow statement, summary
KSEK
Jan–Sep 
2023
Jan–Sep 
2022
Jan–Dec 
2022
Cash flow before changes in working capital 198,250 246,996 350,572
Cash flow from changes in working capital –257,574 –235,186 –151,558
Cash flow from operating activities –59,324 11,810 199,014
Acquisition related –70,088 –15,126 –14,968
Acquisition of assets –31,139 –39,822 –60,946
Cash flow from investing activities –101,227 –54,949 –75,914
Dividend –52,311 –46,498 –92,997
Net change, interest-bearing liabilities 63,023 –20,794 –60,204
Other 1) –41,141 –44,199 –55,080
Cash flow from financing activities –30,429 –111,491 –208,280
Cash flow for the period –190,980 –154,630 –85,181
Cash and cash equivalents, opening balance 577,061 594,435 594,435
Translation differences in cash and cash equivalents 10,134 77,236 67,807
Cash and cash equivalents, closing balance 396,215 517,041 577,061
1) Amortization of lease liabilities, according to IFRS 16.
10 | BTS Interim Report January 1–September 30, 2023

===== SIDA 11 =====

Group changes in consolidated equity
KSEK
30 Sep 
2023
30 Sep 
2022
31 Dec 
2022
Opening balance 1 January 1,213,930 983,250 983,250
Dividend to shareholders –52,311 –46,498 –92,997
New issue 6,315 – –
Other 2,574 –848 695
Total comprehensive income for the period 153,039 311,370 322,981
Closing balance 1,323,547 1,247,275 1,213,930
 
Parent company’s income statement, summary
KSEK
Jul–Sep
2023
Jul–Sep
2022
Jan–Sep
2023
Jan–Sep
2022 
Oct–Sep
2022/23
Jan–Dec
2022
Net sales 1,395 935 2,995 3,265 3,990 4,260
Operating expenses –3,600 –2,762 –264 –6,111 3,091 –2,755
EBIT –2,205 –1,827 2,731 –2,846 7,081 1,505
Net financial items 5,807 –1,767 30,486 33,666 110,457 113,637
EBT 3,602 –3,593 33,217 30,821 117,539 115,142
Estimated tax – – – – –3,631 –3,631
Net profit 3,602 –3,593 33,217 30,821 113,908 111,512
 
Parent company’s balance sheet, summary
KSEK
30 Sep 
2023
30 Sep 
2022
31 Dec 
2022
Assets
Financial assets 438,479 434,916 436,222
Other current assets 94,223 92,886 83,996
Cash and cash equivalents 956 654 685
Total assets 533,658 528,457 520,904
Equity and liabilities
Equity 191,947 170,533 204,726
Non-current liabilities 132,776 158,963 132,776
Current liabilities 208,936 198,961 183,402
Total equity and liabilities 533,658 528,457 520,904
BTS Interim Report January 1–September 30, 2023  | 11

===== SIDA 12 =====

Group consolidated key ratios
KSEK
Jul–Sep
2023
Jul–Sep
2022
Jan–Sep
2023
Jan–Sep
2022 
Oct–Sep
2022/23
Jan–Dec
2022
Net sales 633,383 617,074 1,914,916 1,804,688 2,639,862 2,529,634
EBITA 53,370 65,746 206,863 233,857 321,322 348,316
EBITA margin, % 8.4 10.7 10.8 13.0 12.2 13.8
EBIT 37,618 54,004 165,779 200,164 268,866 303,251
EBIT margin, % 5.9 8.8 8.7 11.1 10.2 12.0
Net profit 21,685 34,481 105,076 130,842 172,639 198,405
Net profit margin, % 3.4 5.6 5.5 7.3 6.5 7.8
Operating capital 1) 1,211,013 857,527
Return on operating capital, % 26 36
Return on equity, % 14 18
Equity ratio, at end of the period, % 47 47 47 47 47 44
Cash flow for the period 4,251 37,615 –190,980 –154,630 –121,531 –85,181
Cash and cash equivalents, at end  
of the period 396,215 517,041 396,215 517,041 396,215 577,061
Average number of employees 1,141 1,150 1,162 1,114 1,165 1,129
Number of employees at the end  
of the period 1,123 1,165 1,123 1,165 1,123 1,180
Revenues for the year per employee     2,266 2,241
1)  The calculation includes the item of non-interest-bearing liabilities as of September 30, 2023, amounting to KSEK 1,203 (1,165).
Net sales according to business model
MSEK
Jan–Sep  
2023
Jan–Sep  
2022
BTS North 
America
BTS 
Europe
BTS Other 
markets APG Total
BTS North 
America
BTS 
Europe
BTS Other 
markets APG Total
Programs 564 227 364 84 1,240 516 204 343 90 1,154
Development 228 86 128 0 443 233 85 105 0 424
Licenses 132 26 11 27 196 141 26 11 29 207
Other revenue 22 4 11 0 37 10 4 6 0 20
TOTAL 946 344 514 111 1,915 900 319 466 120 1,805
12 | BTS Interim Report January 1–September 30, 2023

===== SIDA 13 =====

DEFINITIONS
Earnings per share
Earnings attributable to the parent company’s  
shareholders divided by number of shares before dilution.
EBITA
Operating profit before amortization of intangible assets, 
financial items, and tax.
EBITA margin
EBITA as a percentage of net sales.
EBIT
Operating profit before financial items and tax.
EBIT margin
EBIT as a percentage of net sales.
Net profit margin
Net profit 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 operating capital
EBIT as a percentage of average  operating capital.
Return on equity
Net profit as a percentage of average equity.
Equity ratio
Equity as a percentage of the total balance sheet.

===== SIDA 14 =====

Sweden
HEAD OFFICE
Grevgatan 34
114 53 Stockholm
Tel: +46 8 587 070 00
Argentina
Reconquista 657
PB 3 CP1003 CABA.
Buenos Aires
Tel: +54 911 5795 5721
Australia
Level 6
607 Bourke Street
Melbourne VIC 3000
Tel: +61 3 7001 1811
Level 6
10 Barrack Street
Sydney NSW 2000
Tel: +61 02 8243 0900
Brazil
Rua Geraldo Flausino Gomes,  
85, cj 42
04575-060 São Paulo – SP
Tel: +55 (11) 5505 2070
Canada
460 Richmond Street W.
Suite 700
Toronto, ON M5V 1Y1
Tel: +1 416 848 3744
China
Suite 531, East Office Tower
Shanghai Center
1376 West Nanjing Road
Shanghai
Tel: +86 21 6289 8688
France
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
India
1701, 17th Floor, DLH Park
Near MTNL Staff quarters,
S.V. Road, Goregaon (West).
Mumbai - 400062
Tel: +91 22 6196 6800
10th Floor, Parinee Crescenzo,  
G block, Bandra Kurla Complex, 
Bandra East, 
Mumbai - 400051
Tel: +91 98 1993 4615
Indonesia
Pondok Indah Office Tower 3, 
17th Floor
Jalan Sultan Iskandar Muda 
Kav V-TA, 
Pondok Indah
Jakarta Selatan, 12310
Tel: +62 21 2953 8932
Italy
Corso Venezia 7
20121 Milan
Tel: +39 02 6611 6364
Viale Abruzzi, 13
20131 Milan 
Tel: +39 02 69015719
Japan
TS Kojimachi Bldg. 3F
6-4-6 Kojimachi Chiyoda-ku
Tokyo 102-0083
Tel: +81 (3) 6272 9973
Malaysia
Suite 8 & 9
Level 23, NU Tower 2,
Jalan Tun Sambanthan,  
KL Sentral,
50470 Kuala Lumpur
Tel: +603-2727 1616
Mexico
Edificio Torre Moliere
Calle Moliere 13 – PH
Col Chapultepec Polanco
C.P. 11560 México, D.F.
Tel: +52 (55) 52 81 69 72
The Netherlands
Barbara Strozzilaan 201 
1083 HN Amsterdam
Tel: + 31 (0)20 615 15 14
Singapore
1 Finlayson Green
Suite 16-01
Singapore 049246
Tel: +65 63043032
Spain
Simon Bolivar 27-1,
Office No. 4
48013 Bilbao
Tel: +34 94 423 5594
Paseo de la Castellana 91  
5th Floor
28046 Madrid
Tel: +34 91 417 5327
Netmind SL.
Carrer dels Almogàvers 123
08018 Barcelona
Tel: +34 93 304 1720
South Africa
267 West Avenue, 1st Floor
Centurion 0046, 
Gauteng
Tel: +27 12 663 6909
South Korea
2nd Floor, Golden Nugget
3 Itaewon-ro 55ga-gil
Yongsan-gu, Seoul 04348
Tel: +82 2 539 7676
Switzerland
Winkelriedstrasse 35
9000 St. Gallen
Tel: +41 71 845 5936
Taiwan
5F., No. 129, 
Changchun Rd.,  
Zhongshan Dist., 
Taipei City 104088 , 
Tel: +886 2 8712 3665
Thailand
Phayathai Plaza Building,
4th Floor, Room D-128/38,
Phayathai Road,
Thungphayathai Sub-District,
Ratchathewi District,
Bangkok Metropolis 10400
Tel: +66 2 216 5974
UK
1 Queen Caroline Street
London W6 9YN
Tel: +44 20 7368 4180
Unit 307 East Wing
Building 1000
Lakeside North Harbour
Western Road
Portsmouth PO6 3EN
Tel: +44 2393 162686
United Arab Emirates
Reef Tower, Cluster O,  
Jumeirah Lakes Towers
5th floor, unit 503,
Dubai
Tel: +971 4 589 6143
USA
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 
Advantage
Performance Group
100 Smith Ranch Road, Suite 306
San Rafael, CA 94903
USA
Tel: +1 800 494 6646
Strategy made