Quarterly Report • May 10, 2019
Quarterly Report
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| Changes to previous |
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|---|---|---|---|---|
| in € m* | QI 2017 | QI 2018 | QI 2019 | year |
| Sales revenues | 36.3 | 44.9 | 39.3 | -13 % |
| Incoming orders | 60.4 | 46.1 | 42.0 | -9 % |
| Gross results | 18.0 | 22.7 | 18.1 | -20 % |
| Gross profit margin | 49.6 % | 50.6 % | 46.1 % | -4.5 Pp. |
| Full costs for research | ||||
| and development | 4.0 | 4.5 | 6.1 | 36 % |
| Research and | ||||
| development ratio | 11.0 % | 10.0 % | 15.5 % | 5.5 Pp. |
| EBITDA | 10.0 | 14.0 | 6.0 | -57 % |
| EBIT | 8.0 | 10.8 | 3.2 | -70 % |
| EBT | 7.9 | 10.8 | 3.1 | -71 % |
| Net income | 5.7 | 8.1 | 1.5 | -82% |
| Weighted average | ||||
| number of shares | 3,226,407 | 3,209,620 | 3,223,562 | 0 % |
| Result per share (€) | 1.78 | 2.52 | 0.45 | -82 % |
| Cash flow from operating | ||||
| activities | 4.2 | -1.1 | -0.9 | -18 % |
| Cash flow from investing | ||||
| activities | -2.5 | -3.1 | -5.3 | 71 % |
| Free Cash flow | 1.7 | -4.2 | -6.2 | 48 % |
| in € m* | 12/31/2017 12/31/2018 | 03/31/19 | Changes to previous year |
|
|---|---|---|---|---|
| Total assets | 117.7 | 139.0 | 175.0 | 26 % |
| Long-term assets | 45.9 | 63.5 | 73.2 | 15 % |
| Equity | 65.6 | 75.5 | 98.2 | 30 % |
| Liabilities | 52.1 | 63.5 | 76.8 | 21 % |
| Equity ratio | 55.7 % | 54.3 % | 56.1 % | 1.8 Pp. |
| Net cash | 25.0 | 8.0 | 26.5 | 231 % |
| Working Capital | 19.8 | 31.4 | 36.5 | 16 % |
| Number of employees for the fiscal year (full time |
||||
| equivalents) | 504 | 610 | 790 | 30 % |
| Share price (XETRA) in € | 195.05 | 124.00 | 150.00 | 21 % |
| Number of shares in | ||||
| circulation | 3,211,136 | 3,205,719 | 3,335,919 | 4 % |
| Market capitalization | 626.3 | 397.5 | 500.4 | 26 % |
| *unless otherwise stated |
¼ Sales: Euro 39.3 million (previous year: Euro 44.9 million, -13 %) ¼ EBITDA: Euro 6.0 million (previous year: Euro 14.0 million, -57 %) ¼ EBT: Euro 3.1 million (previous year: Euro 10.8 million, -71 %) ¼ Net result: Euro 1.5 million (previous year: Euro 8.1 million, -82 %) ¼ Operating cash flow: Euro -0.9 million (previous year: Euro -1.1 million, -18 %)
¼ Incoming orders: Euro 42.0 million (previous year: Euro 46.1 million, -9 %)
¼ Cash flow from investing activities: Euro -5.3 million (previous year: Euro -3.1 million, +71 %)
¼ Free cash flow: Euro -6.2 million (previous year: Euro -4.2 million, +48 %)
In a market environment much weaker than in the previous year, the Basler group closed the first three months of 2019 along its planning. The expected downswing – particularly in the months of January and February – was even slightly stronger than assumed at the end of 2018. However, the positive first quarter's book-tobill ratio indicates a stabilization of the situation in the second quarter. Adding up incoming orders, sales, and result as well as the EBT return, these are below the very strong previous year's quarter. Especially in the area of investment goods for the semiconductor and electronics industry, the current economic downturn is clearly noticeable. Despite the weaker market situation, we continue to pursue our investment plans in order to continuously increase our competitiveness and sustainably gain market shares in existing markets as well as open up new application fields. Thus, in the past months, we continued to implement growth relevant measures in development, production, and sales without major restrictions. We see the computer vision market's long-term growth to be unbroken, however, quickly affected by the currently weaker market phase, but not sustainably endangered. We significantly increased the company's technology expertise, the product portfolio as well as the market presence due to the important acquisitions of Mycable GmbH and Silicon Software GmbH as well as the takeover of the business of our Chinese distribution partner (MVLZ) on January 1, 2019. In the current financial year, we particularly focus on the successful integration of over 250 new colleagues that strengthened us through organic and inorganic measures in the past 12 months.
In a market environment that is cooling down compared to the previous year, the Basler group developed along its sales and profitability forecast in the first three months of 2019. Even though sales at -13 % and incoming orders at -9 % were declining, a slight stabilization of the market situation became apparent due to a positive book-to-bill ratio in the first quarter. Moreover, it is important to note that the first quarter's sales of 2018 were on a record level.
-9 % Order entry to previous year
Keyfact
-13 % Sales revenues to previous year
Keyfact
Compared to the first quarter of 2018, the strongest quarterly sales in the company's history, sales decreased by 13 % to Euro 39.3 million (previous year: Euro 44.9 million). Due to the reasons mentioned above, incoming orders decreased by -9 % to Euro 42.0 million (previous year: Euro 46.1 million). In total, the accumulated incoming orders and sales in the first three months are slightly weaker than originally planned, however, they are within the forecasted corridors.
For the last five quarters (in € million)
*as of March 31, 2019
As at the end of March 2019, the VDMA (Verband Deutscher Maschinen- und Anlagenbau, German Engineering Federation) reported a sales decline of 13 % for the German manufacturers of image processing components. According to VDMA, incoming orders in the industry decreased by 13 % in the same period of time.
In the past months, the portfolio of the successful ace camera series was extended by various models. These new models are based on high quality and modern CMOS image sensors of the Sony Pregius-line which, in the medium term, will substitute older camera models with discontinued CCD Sensors of Sony. In the first quarter, Basler started the series production of the Basler MED ace camera series which was especially developed for the medical & life science area. Unique features address particular requirements of the investment goods markets for medical technology and life sciences. Furthermore, Basler's new DIN EN ISO 13485:2016 certification offers conformity to internationally accepted quality standards in the medical industry.
After the successful introduction of the embedded vision kits that are based on the Qualcomm Snapdragon 820, Basler expanded its product range by kits based on NXPs i.MX8- processor family. Basler initially presented its new embedded vision kits at the "Embedded World" - exhibition that took place in Nuremberg in February and at the Hanover Fair in April. Live demos of a retail deep learning application solution demonstrated the possibilities of embedded vision solutions.
So far, the fiscal year 2019 has been weak, however, for the Basler group according to expectations and along the forecast communicated to the capital market. Due to the March and April incoming orders, the management expects a slight seasonal upturn in the following two quarters. However, in total, the economic outlook is dominated by a high uncertainty and the investment goods markets for semiconductor and electronics are clearly declining. Even though the current macroeconomic conditions have dampening effects and the risks of a recession are increasing, in principle, the management is positive about the future. Major growth drivers such as automation, image processing in new application fields outside the factory as well as the networking of intelligent machines and products (Industry 4.0 / IOT) continue to be characterized by a long-term stable growth trend. The management confirms the forecast for the full financial year. According to this forecast, the group's sales 2019 will be within a corridor of Euro 160 – 180 million at a pre-tax return margin of 7 – 11 %. The company will continue to go ahead with the implementation of the profitable growth strategy in the upcoming months.
The period surplus amounted to Euro 1.5 million and thus was 82 % below the previous year's value of Euro 8.1 million. The result per share (diluted/undiluted) amounted to Euro 0.45 (previous year: Euro 2.52).
The increase of the long-term assets is mainly due to the capitalization of the leasing contracts for the building according to IFRS 16 (initial application January 1, 2019). The transaction in China is not yet visible in the asset situation, since it is not yet completed. This is expected to be made in the upcoming quarter, subject to all necessary official approvals. After payment, the acquired assets will be shown in the financial reporting (asset exchange).
Regarding the short-term asset situation, particularly the inventories increased due to the acquisition of Silicon Software and the acquisition of the inventories of the Chinese distribution partner MVLZ as well as due to the weak market situation.
Equity amounted to Euro 98.2 million (December 31, 2018: Euro 75.5 million), thus the equity ratio was 56.1 % on March 31, 2019, compared to 54.3 % on December 31, 2018. The increase of the capital reserve is due to the sale of own shares to 7-Industries B. V. at the end of the first quarter. Please also see page 12 "Share buyback program".
The operating cash flow amounted to Euro -0.9 million (previous year: Euro -1.1 million). In addition to the reduction of the result, it was negatively affected by an increase of working capital. The increase in working capital is mainly due to the
The gross margin of 46.1 % (previous year: 50.6 %) reached a low level. This is mainly due to three reasons. First, due to low utilization degressive effects were lower regarding fixed costs for material, production as well as R&D depreciations. Second, there was a one-time effect in the first quarter due to the takeover of stocks from the acquired distribution business. of approximately 2.5 percentage points. Third, due to the acquisition of the distribution business in China, the sales share of low-margin products increased in line with the strategy. In the area of camera sales prices, there were no major changes. In absolute terms, the gross result amounted to Euro 18.1 million (previous year: Euro 22.7 million). Already for the next quarter, the management assumes a significant increase of the gross margin due to an improved degression of fixed costs and the lack of the mentioned above special effect.
Development of Gross Margin (in € million)
Gross Margin incl. development depreciation Gross Margin excl. development depreciation
Compared to the record result of the first quarter of 2018, the lower gross profit of the first quarter of 2019 had to bear an organically and inorganically grown organization as well as its associated personnel and material costs. The strategic investments in the personnel increase, particularly in R&D as well as marketing and sales, however, led to a decrease of the pre-tax result amounting to Euro 3.1 million (previous year: Euro 10.8 million, -71 %), due to the currently weak market. The pre-tax return rate of approximately 8 % was below the long-term target of >12 %. However, it is within the guidance for the full financial year of 7 – 11 % anticipating a temporarily weak market. Compared to the fourth quarter of 2018, the pre-tax result as well as the pre-tax return rate considerably increased again.
-71 % EBT compared
Keyfact
There are no significant changes compared to the information provided in the consolidated financial statements as of December 31, 2018.
Regarding significant opportunities and risks of the probable development of the company, we refer to the opportunities and risks described in the group management report as of December 31, 2018. Meanwhile, no significant changes occurred. Existing risks are continuously monitored and countermeasures are initiated. As in the previous year, major risks are the procurement market for certain electronic components as well as macroeconomic changes. Furthermore, the focus is on the successful integration of the Silicon Software acquisition and the successful start of Basler China.
The interim statement of Basler was prepared according to the International Financial Reporting Standards (IFRS) as applicable within the European Union (EU), the interpretations of the International Financial Reporting Interpretations Committee (IFRIC), as well as the Standing Interpretations Committee (SIC). The interim statement was prepared according to the provision of the IAS 34.
The interim statement as of March 31, 2019, has not been audited. The same accounting and valuation methods are applied as in the consolidated financial statements as of December 31, 2018. For significant changes of the consolidated balance sheet, the consolidated income statement as well as the consolidated cash flow statement, we refer to the report on the profit, finance and asset situation.
On January 1, 2019, IFRS 16 was initially applied. As explained in the annual report 2018, within the initial application, all building leasing agreements were balanced as economic ownership including 98 % of the total volume of all leasing contracts.
In the cash flow statement Euro 7.1 million were netted as capitalization of assets and a liability is recognized for lease payments and shown under "Changes from finance lease" in the cash flow from financing activities. The interest costs from finance lease amounted to Euro 100 thousand in the first quarter.
takeover of the MVLZ inventories. The cash flow from investing activities amounted to Euro -5.3 million (previous year: Euro -3.1 million). In total, the free cash flow decreased to Euro -6.2 million (previous year: Euro -4.2 million).
Since the beginning of the year, liquid assets increased to Euro 47.45 million. This is particularly due to the sale of own shares in an amount of Euro 20.8 million. This cash situation enables the group to finance its long-term oriented growth strategy independently of macroeconomic risks. On March 31, 2019. net liquidity amounts to Euro 26.5 million.
For the last five Quarters (in € million)
On January 1, 2019, the business of our Chinese distribution partner (MVLZ) was transferred to the newly established joint venture Basler China. Please refer to the explanations given in the annual report 2018 on this subject.
On the reporting date March 31, 2019, the Basler group employed 790 (previous year: 552) employees (full-time equivalents). The significant increase compared to the previous year's quarter is mainly due to the acquisition of Silicon Software GmbH in July 2018 as well as the transfer of the MVLZ employees to Basler China on January 1, 2019 and continues to focus on the future growth plan of the group.
Free Cashflow
| 03/31/2018 Number of shares |
03/31/2019 Number of shares |
|
|---|---|---|
| Supervisory Board | ||
| Norbert Basler | - | - |
| Prof. Dr. Eckart Kottkamp | - | - |
| Horst W. Garbrecht | - | - |
| Prof. Dr. Mirja Steinkamp | - | - |
| Dorothea Brandes (from 05/07/2018) | - | - |
| Dr. Marco Grimm (from 05/07/2018) | - | - |
| Management Board | ||
| Dr. Dietmar Ley | 125,794 | 125,794 |
| John P. Jennings | 5,500 | 4,500 |
| Arndt Bake | 700 | 700 |
| Hardy Mehl | 1,000 | 1,200 |
The management board and the supervisory board of Basler AG decided on April 21, 2016, to buy back additional own shares. On September 17, 2018, the company informed the capital market to once again buy back own shares. This buyback program was closed on March 29, 2019. On the same day, the company sold 3.72 % (130,200 pieces) of its one shares to 7-Industries B.V. at a price of Euro 160.00 per piece. At the reporting date on March 31, 2019, the Basler group holds almost 4.7 % (164,081 pieces) of its own shares.
The current declaration of the management board and the supervisory board pursuant to § 161 of the German Stock Corporation Act (AktG) regarding the German Corporate Governance Code was made continually available to the shareholders on the company's website at www.baslerweb.com/Investoren/Corporate-Governance.
We affirm to the best of our knowledge that the interim consolidated financial statements, in accordance with the accounting principles applicable to interim reporting, provide a true and fair view of the group's asset, financial, and earnings situation and that the group's interim management report represents a true and fair picture of the course of business, including the operating result, and the group's financial situation as well as describing the essential opportunities and risks concomitant with the expected development of the group during the remainder of the fiscal year.
The management board
Dr. Dietmar Ley John P. Jennings Arndt Bake Hardy Mehl CEO CCO CMO CFO/COO
BASLER (Xetra) vs. TecDax 2018/01/01-2019/04/01
The share capital of Basler AG remained unchanged at Euro 3.5 million at the end of the quarter on March 31, 2019, divided into 3.5 million of no-par-value bearer shares.
The shareholder structure changed in the first quarter. 7-Industries Holding B. V. announced at the end of March to hold over 5 % of the shares of Basler AG. On March 31, 2019, the shareholder structure was as follows:
Basler Share TDXP Index
Group´s annual balance sheet according to IFRS for the fiscal year from January 1, 2019 to March 31, 2019
| in € k | 01/01/ - 03/31/2018 |
01/01/ - 03/31/2019 |
|---|---|---|
| Sales revenues | 44,932 | 39,339 |
| Currency earnings | -178 | 242 |
| Cost of sales | -22,074 | -21,494 |
| - of which depreciations on capitalized | ||
| developments | -1,762 | -1,633 |
| Gross profit on sales | 22,680 | 18,087 |
| Other operating income | 86 | 77 |
| Sales and marketing costs | -5,331 | -7,811 |
| General administration costs | -3,337 | -3,799 |
| Research and development | -2,983 | -3,148 |
| Other expenses | -318 | -221 |
| Operating result | 10,797 | 3,185 |
| Financial income | 48 | 83 |
| Financial expenses | -90 | -213 |
| Financial result | -42 | -130 |
| Earnings before tax | 10,755 | 3,055 |
| Income tax | -2,660 | -1,593 |
| Group´s period surplus | 8,095 | 1,462 |
| of which are allocated to | ||
| shareholders of the parent company | 8,095 | 1,462 |
| non-controlling shareholders | 0 | 0 |
| Average number of shares | 3,209,620 | 3,223,562 |
| Earnings per share diluted / undiluted (€) | 2.52 | 0.45 |
Group´s annual balance sheet according to IFRS for the fiscal year from January 1, 2019 to March 31, 2019
| in € k | 01/01/ - 03/31/2018 |
01/01/ - 03/31/2019 |
|---|---|---|
| Group's period surplus | 8,095 | 1,462 |
| Result from differences due to currency conversion, directly recorded in equity |
-72 | 347 |
| Adjustment Finance Lease w/o income effect / IFRS 15 |
0 | 0 |
| Total result, through profit or loss | -72 | 347 |
| Total result | 8,023 | 1,809 |
| of which are allocated to | ||
| shareholders of the parent company | 8,023 | 1,809 |
| non-controlling shareholders | 0 | 0 |
Group´s annual balance sheet according to IFRS for the fiscal year from January 1, 2019 to March 31, 2019
| in € k | 01/01/ - 03/31/2018 |
01/01/ - 03/31/2019 |
|---|---|---|
| Operating activities | ||
| Group's period surplus | 8,095 | 1,462 |
| Increase (+) / decrease (-) in deferred taxes | -99 | 123 |
| Payout/ incoming payments for interest | 102 | 200 |
| Depreciation of fixed assets | 2,711 | 3,000 |
| Change in capital resources without affecting payment | -72 | 347 |
| Increase (+) / decrease (-) in accruals | 1,163 | -257 |
| Profit (-) / loss (+) from asset disposals | 0 | 0 |
| Increase (-) / decrease (+) in reserves | -229 | -5,378 |
| Increase (+) / decrease (-) in advances from demand | -1,467 | 181 |
| Increase (-) / decrease (+) in accounts receivable | -11,527 | -3,608 |
| Increase (-) / decrease (+) in other assets | 181 | -1,624 |
| Increase (+) / decrease (-) in accounts payable | 710 | 3,758 |
| Increase (+) / decrease (-) in other liabilities | -649 | 935 |
| Net cash provided by operating activities | -1,081 | -861 |
| Investing activities | ||
| Payout for investments in fixed assets | -3,105 | -5,289 |
| Incoming payments for asset disposals | 19 | 0 |
| Expenses for acquisitions less cash acquired | 0 | 0 |
| Net cash provided by investing activities | -3,086 | -5,289 |
| Financing activities | ||
| Payout for amortisation of bank loans | -156 | -156 |
| Payout for amortisation of finance lease | -556 | -687 |
| Incoming payment for borrowings from banks | 0 | 1,994 |
| Interest payout | -102 | -200 |
| Incoming payment for sale of own shares | 0 | 20,822 |
| Payout for own shares | 0 | 0 |
| Dividends paid | 0 | 0 |
| Net cash provided by financing activities | -814 | 21,773 |
| Change in liquid funds | -4,981 | 15,623 |
| Funds at the beginning of the period | 36,025 | 31,830 |
| Funds at the end of the period | 31,044 | 47,453 |
| Composition of liquid funds at the end of the period | ||
| Cash in bank and cash in hand | 31,044 | 47,453 |
| Payout for taxes* | -1,052 | -1,291 |
| * Change in disclosure: payouts shown with a negative sign |
| in € k | 12/31/2018 03/31/2019 | |
|---|---|---|
| Liabilities | ||
| A. Equity | ||
| I. Subscribed capital | 3,206 | 3,336 |
| II. Capital reserves | 5,286 | 22,070 |
| III. Retained earnings including group's earnings | 66,541 | 71,911 |
| IV. Other components of equity | 492 | 839 |
| 75,525 | 98,156 | |
| B. Long-term debt I. Long-term liabilities |
||
| 1. Long-term liabilities to banks | 17,723 | 16,963 |
| 2. Other financial liabilities | 4,840 | 4,876 |
| 3. Liabilities from finance lease | 8,454 | 13,714 |
| II. Non-current provisions | 1,153 | 1,153 |
| III. Deferred tax liabilities | 7,933 | 8,407 |
| 40,103 | 45,113 | |
| C. Short-term debt | ||
| 138,954 | 174,950 | |
|---|---|---|
| 23,326 | 31,681 | |
| IV. Current tax liabilities | 2,757 | 2,651 |
| 3. Liabilities from finance lease | 1,805 | 2,981 |
| 2. Other short-term financial liabilities | 5,209 | 6,314 |
| 1. Liabilities from deliveries and services | 7,391 | 11,149 |
| III. Short-term other liabilities | ||
| II. Short-term accrual liabilities | 4,391 | 4,239 |
| I. Other financial liabilities | 1,773 | 4,347 |
| C. Short-term debt | ||
| 40,103 | 45,113 | |
| III. Deferred tax liabilities | 7,933 | 8,407 |
| II. Non-current provisions | 1,153 | 1,153 |
| 3. Liabilities from finance lease | 8,454 | 13,714 |
| 2. Other financial liabilities | 4,840 | 4,876 |
| 1. Long-term liabilities to banks | 17,723 | 16,963 |
| I. Long-term liabilities | ||
| B. Long-term debt | 75,525 | 98,156 |
| IV. Other components of equity | 492 | 839 |
| III. Retained earnings including group's earnings | 66,541 | 71,911 |
| II. Capital reserves | 5,286 | 22,070 |
Group´s annual balance sheet according to IFRS for the fiscal year from January 1, 2019 to March 31, 2019
| in € k | 12/31/2018 03/31/2019 | |
|---|---|---|
| Assets | ||
| A. Long-term assets | ||
| I. Intangible assets | 28,100 | 29,886 |
| II. Fixed assets | 10,562 | 11,124 |
| III. Buildings and land in finance lease | 11,971 | 19,041 |
| IV. Goodwill | 12,740 | 12,740 |
| V. Other financial assets | 5 | 5 |
| VI. Deferred tax assets | 72 | 422 |
| 63,450 | 73,218 | |
| B. Short-term assets | ||
| I. Inventories | 21,033 | 26,411 |
| II. Receivables from deliveries and services and from | ||
| production orders | 18,247 | 21,855 |
| III. Other short-term financial assets | 1,714 | 2,005 |
| IV. Other short-term assets | 1,682 | 2,232 |
| V. Claim for tax refunds | 998 | 1,776 |
| VI. Cash in bank and cash in hand | 31,830 | 47,453 |
| 75,504 | 101,732 | |
| 138,954 | 174,950 |
Group´s annual balance sheet according to IFRS for the fiscal year from January 1, 2019 to March 31, 2019
| Other components of equity | |||||||
|---|---|---|---|---|---|---|---|
| Retained | Differen | Reserves | |||||
| Sub | earnings | ces due to | for cash | Sum of other | |||
| scribed | Capital | incl. group's | currency | flow | components of | ||
| in € k | capital | reserve | earnings | conversion | hedges | equity | Total |
| Shareholders´ equity as of 01/01/2018 |
3,211 | 3,119 | 59,028 | 272 | 0 | 272 65,630 | |
| Total result | 0 | 8,095 | -72 | -72 | 8,023 | ||
| Share salesback | 0 | 0 | |||||
| Share buyback | 0 | 0 | 0 | ||||
| Shareholders´equity as of 03/31/2018 |
3,211 | 3,119 | 67,123 | 200 | 0 | 200 73,653 | |
| Total result | 0 | 8,703 | 292 | 292 | 8,995 | ||
| Share salesback | 15 | 2,167 | 466 | 2,648 | |||
| Share buyback | -20 | -3,264 | -3,284 | ||||
| Dividend | |||||||
| outpayment* | -6,487 | -6,487 | |||||
| Shareholders´equity | |||||||
| as of 12/31/2018 | 3,206 | 5,286 | 66,541 | 492 | 0 | 492 75,525 | |
| Total result | 0 | 1,462 | 347 | 347 | 1,809 | ||
| Share salesback | 130 | 16,784 | 3,908 | 20,822 | |||
| Share buyback | 0 | 0 | |||||
| Shareholders´equity as of 03/31/2019 |
3,336 | 22,070 | 71,911 | 839 | 0 | 839 98,156 |
* 2,02 € per share
| Date | Event | Venue |
|---|---|---|
| 05/16/2019 | Shareholders' meeting 2019 | Hamburg, Germany |
| 08/07/2019 | Publication 6-month report 2019 | Ahrensburg, Germany |
| 11/05/2019 | Publication 9-month report 2019 | Ahrensburg, Germany |
| Deutsches Eigenkapitalforum 2019 | ||
| 11/25/2019-11/27/2019 | (Germany equity forum) | Frankfurt/Main, Germany |
| Date | Event | Venue |
|---|---|---|
| 05/20/2019-05/23/2019 | Embedded Vision Summit | Santa Clara, USA |
| 05/20/2019-05/23/2019 | NI Week | Austin, USA |
| 06/16/2019-06/21/2019 | CVPR | Long Beach, USA |
| 08/2019 | Vision China | Beijing China |
| 10/10/2019-10/12/2019 | Vision China | Shenzhen, China |
| 11/18/2019-11/21/2019 | COMPAMED / MEDICA 2019 | Düsseldorf, Germany |
An der Strusbek 60-62 22926 Ahrensburg Germany Tel. +49 4102 463 0 Fax +49 4102 463 109 [email protected]
baslerweb.com
855 Springdale Drive, Suite 203 Exton, PA 19341 USA Tel. +1 610 280 0171 Fax +1 610 280 7608 [email protected]
35 Marsiling Industrial Estate Road 3 #05-06 Singapore 739257 Tel. +65 6367 1355 Fax +65 6367 1255 [email protected]
No. 21, Sianjheng 8th St. Jhubei City, Hsinchu County 30268 Taiwan/R.O.C. Tel. +886 3 558 3955 Fax +886 3 558 3956 [email protected]
N2nd Floor, Building No.5, Dongsheng International Pioneer Park, No.1 Yongtaizhuang NorthRoad, Haidian District, Beijing Tel. +86-010-51262828 Fax +86-010-62800520 [email protected]
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