Earnings Release • Aug 1, 2014
Earnings Release
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| in € m* | 01/01/ - 06/30/2013 |
01/01/ - 06/30/2014 |
Changes to previous year |
04/01/ - 06/30/2013 |
04/01/ - 06/30/2014 |
Changes to previous year |
|---|---|---|---|---|---|---|
| Sales revenues | 32.2 | 39.0 | 21 % | 17.1 | 21.8 | 27 % |
| Incoming orders | 33.3 | 40.9 | 23 % | 17.6 | 21.6 | 23 % |
| Gross results | 16.3 | 20.1 | 23 % | 8.7 | 11.4 | 31 % |
| Gross profit margin | 50.6 % | 51.5 % | 1 Pp. | 50.9 % | 52.3 % | 1 Pp. |
| Full costs for research and development |
4.4 | 5.5 | 25 % | 2.2 | 2.7 | 23 % |
| Research and development ratio |
13.7 % | 14.1 % | 0 Pp. | 12.9 % | 12.4 % | -1 Pp. |
| EBITDA | 6.9 | 9.5 | 38 % | 3.6 | 5.8 | 61 % |
| EBIT | 4.2 | 6.7 | 60 % | 2.2 | 4.4 | 100 % |
| EBT | 3.9 | 5.9 | 51 % | 2.1 | 4.0 | 90 % |
| Net income | 2.7 | 4.5 | 67 % | 1.6 | 3.2 | 100 % |
| Weighted average number of shares |
3,303,396 | 3,235,107 | -2 % | 3,286,695 | 3,233,154 | -2 % |
| Result per share (€) | 0.82 | 1.38 | 68 % | 0.47 | 0.98 | 109 % |
| Cash flow from operating activities |
2.3 | 5.3 | 130 % | 0.4 | 3.7 | 825 % |
| Cash flow from investing activities |
-2.5 | -3.6 | 44 % | -1.3 | -1.8 | 38 % |
| Free Cash flow | -0.2 | 1.7 | 950 % | -0.9 | 1.9 | -311 % |
| 12/31/2012 | 12/31/2013 | 06/30/14 | Changes to | |
|---|---|---|---|---|
| in € m* | previous year | |||
| Total assets | 58.5 | 63.3 | 70.3 | 11 % |
| Long-term assets | 34.5 | 35.6 | 36.4 | 2 % |
| Equity | 29.6 | 32.5 | 35.2 | 8 % |
| Liabilities | 28.9 | 30.8 | 35.1 | 14 % |
| Equity ratio | 50.6 % | 51.3 % | 50.1 % | -1 Pp. |
| Net cash | 3.5 | 3.7 | 2.2 | -41 % |
| Working Capital | 12 | 13.7 | 17.8 | 30 % |
| Number of employees for the fiscal year (full time |
||||
| equivalents) | 290 | 325 | 368 | 13 % |
| Share price (XETRA) in € | 13.79 | 29.00 | 36.51 | 26 % |
| Number of shares in | ||||
| circulation | 3,325,664 | 3,238,184 | 3,231,950 | 0 % |
| Market capitalization | 45.9 | 93.9 | 118.0 | 26 % |
*unless otherwise stated
In the second quarter of 2014, Basler AG continued the good results of the first three months.
Despite the still restrained economic environment, incoming orders, sales, and result of the reporting period were clearly above the values of the previous year. As in the first quarter, Basler AG also achieved in the entire first half-year a distinctly stronger growth in sales than expected by the Verband Deutscher Maschinen- und Anlagenbau (VDMA) for the current year in the European image processing and components market (+12 %).
Thus, Basler AG continues to make good progress towards its planned mid-term sales target of € 120 million, and further extended its position in the market of digital cameras in the second quarter of 2014. The key figures for the first six months are above the expectations of the management board. Since for the remainder of the year no significant decline of business is expected, the management board decided already in mid-June 2014 – after the results for May 2014 were approved - to increase the forecast and expects now sales within a corridor of € 73 to 76 million (previously € 70 to 74 million) and a pre-tax return rate of 12 to 14 % (previously 8 to 10 %).
The group's incoming orders amounted to € 40.9 million in the first half-year (previous year: € 33.3 million, +23 %). The main reason for the above plan incoming orders are – in particular – large orders for the Asian market that were partially placed by European customers.
The group's sales amounted to € 39.0 million in the first six months (previous year: € 32.2 million, +21 %). So far, 41 % of the sales are related to the Asian markets (previous year: 42 %), 41 % to Europe (previous year: 36 %), and 18 % to North America (previous year: 22 %).
The group's gross profit developed better in the reporting period than in the previous year due to an improved product mix and economies of scale in production and material management. Within the result, the gross margin increased by almost 1 percentage point to 51.5 % in the first six months (previous year: 50.6 %).
The first half-year of fiscal year 2014 was characterized by considerable investments in the expansion of all functional areas and subsidiaries in order to develop future growth. However, the increase in personnel was slower than planned. This led to lower personnel and material costs versus plan.
The expense for sales and marketing was € 6.3 million (previous year: € 5.7 million, +11 %).
The general administrative expenses amounted to € 5.1 million (previous year: € 4.0 million, +28 %). Besides an increase in personnel costs, these are particularly affected by infrastructure projects and reserves for bonus payments due to the positive results.
The full cost of research and development (R&D) amounted to € 5.5 million and therefore increased by 25 % compared to the previous year's value of € 4.4 million. The R&D ratio amounted to 14.1 % in the first half year of 2014 and remained at about the level of the previous year (13.7 %).
In the first half-year of 2014, Basler AG generated group's earnings before taxes (EBT) of € 5.9 million. This result is 51 % above the EBT of € 3.9 million that were generated in the comparison period of the previous year.
Pre-tax return margin amounted to 15 % (previous year: 12 %) and therefore was above the corridor of 12 % to 14 %, predicted for fiscal year 2014. Despite this margin above the forecasted corridor, for the remainder of the fiscal year 2014, the management board expects the business to develop within the forecasted corridors and thus keeps the forecast unchanged. The group's earnings before interest and taxes (EBIT) amounted to € 6.7 million (previous year: € 4.2 million, +60 %). This corresponds to an EBIT margin of 17 % (previous year: 13 %).
The positive profit situation results from the combined effects of sales being above plan, of a higher gross margin due to economies of scale and due to the product mix, as well as to a slower increase of the personnel costs compared to plan. Against this background, the management board will even more accelerate the growing of the organization in the second half of the year in order to exploit a maximum of the mid-term to long-term market opportunities.
Basler AG continued dynamic growth in the first six months concerning incoming orders, sales, and revenue. The growth of sales of +21 % is clearly above the growth rate of 12 %, expected by VDMA for the European image processing industry. Also incoming orders were clearly above the previous year's level (+23 %) in the first six months of the current fiscal year.
The successful implementation of the volume strategy was confirmed by several monthly production records in the first six months. In the month of May 19,835 cameras were produced at the Ahrensburg location.
In order to be well prepared for further implementing the growth strategy, on July 4, 2014, Basler AG opened a second production facility in Asia. This facility will serve the future growth from the Asian market at improved delivery conditions. The expenses caused by this infrastructure expansion were mostly processed in former business periods.
With regard to the product portfolio, sales from ace cameras with USB 3.0 interface that were introduced to the market in 2013 increase continuously and develop as desired. In the second quarter of 2014, the product range on this platform was supplemented by further ace models with high resolution sensors (10 and 14 megapixel) and introduced to the market. The new racer line scan camera family also grows according to plan. In absolute figures, the cameras with Gigabit Ethernet interface drive the growth of Basler AG.
The number of employees (full time equivalents) of the Basler group was 368 on the reporting date (previous year: 318, +16 %). The regional allocation is as follows:
The operating cash flow amounted to € 5.3 million in the reporting period (previous year: € 2.3 million, +130 %). After deduction of investments into fixed assets, the free cash flow amounted to € 1.7 million (previous year: € -0.2 million). Despite a distribution to the employees for the fiscal year 2013 amounting to about € 1 million, thus, Basler AG was able to finance its growth from own operational means.
At the end of the reporting period, liquid assets amounted to € 10.6 million and were thus by 9.5 % above the value at the beginning of the fiscal year 2014 (€ 9.7 million).
The equity amounted to € 35.2 million at the end of the reporting period (December 31, 2013: € 32.5 million, +8 %). At the reporting date, the net cash position amounted to € 2.2 million (December 31, 2013: € 3.7 million, -41 %).
The Basler share opened at a price of € 34.95 in the beginning of the second quarter of 2014 and reached a level of about € 37.00 in the month of April. In Mai 2014, the share settled at a price of € 36.00 at the end of the month. Following the publication of the increase of the guidance mid-June 2014, the share price increased again to about € 37.00, and then settled at a price of € 36.51 at the end of the reporting period.
The average daily trade volume in the first half-year of 2014 was almost 3,000 units (previous year: 4,800 units, -37.5 %).
At the end of the second quarter of 2014, the market capitalization of Basler AG amounted to € 118.0 million (December 31, 2013: € 93.9 million, +26 %). The number of own shares amounted to 268,050 units at the reporting date.
After having carried out four share buyback programs, the management board informed the Basler shareholders on June 30, 2014, that the Basler AG will buy back bearer shares with an equivalent value of up to a maximum of € 3.5 million via the stock market in order to make full use of the resolution of the shareholders' meeting of June 4, 2014, authorizing the company to buy back up to a total of 10 % of own shares. Based on the resolution of the shareholders' meeting of June 4, 2014, Basler AG is authorized to buy back own shares in the amount of a total of up to 10 % of the share capital existing at the time the resolution was adopted or, in the event that this amount is less, of the share capital of the Basler AG existing at the time of the exercise of the authorization. The authorization is approved until June 3, 2019. The shares can be used for all purposes provided for in the authorization of the shareholders' meeting of June 4, 2014. The management board of Basler AG wishes to make use of the favorable valuation level in order to expand the stake bought back in the past years to the authorized 10 %. The buyback programs are carried out through a credit institution that decides upon the time for the individual buyback independently of Basler AG and according to Commission Regulation (EC) No 2273/2003 of December 22, 2003.
As of June 30, 2014, the management board and the supervisory board held the following shares:
| 06/30/2014 Number of shares (Units) |
06/30/2013 Number of shares (Units) |
|
|---|---|---|
| Management board | ||
| Dr. Dietmar Ley | 144,358 | 144,043 |
| John P. Jennings | 5,500 | 5,500 |
| Arndt Bake | 700 | 700 |
| Hardy Mehl | 321 | n.a. |
| Supervisory board | ||
| Norbert Basler | 1,816,891 | 1,816,891 |
| Prof. Dr. Eckart | ||
| Kottkamp | - | - |
| Konrad Ellegast | 1,280 | - |
The shares held by Hardy Mehl were bought in 2012. Since January 1, 2014, Hardy Mehl belongs to the management board of Basler AG.
In the course of the shareholders' meeting held in Hamburg on June 4, 2014, the shareholders approved the actions of the management board and supervisory board with great majority. BDO AG, Hamburg, was appointed as auditor for fiscal year 2014. In addition, the mandate in the supervisory board was extended for Norbert Basler by another five years. Furthermore, another payment of a dividend was approved by almost 100 % of the voters present. The dividend per share amounts to € 0.47. A total of € 1.5 million was paid to the shareholders.
| Item | Yes (in million) |
% | No | Absten tions |
|---|---|---|---|---|
| Resolution on the use of the retained earnings of fiscal year 2013 | 2.3 | 99.77 | 5,350 | 499 |
| Approval of the actions of the management board | 2.2 | 99.79 | 4,666 | 100 |
| Approval of the actions of the supervisory board | 0.5 | 99.06 | 4,766 | 100 |
| Appointment of BDO AG as auditor | 2.3 | 99.78 | 5,031 | 300 |
| Appointment of Norbert Basler as member of the supervisory board | 2.3 | almost 100 % |
100 | 300 |
| Authorization to purchase and utilize treasury shares as well as to exclude subscription rights and rights of tender |
2.3 | 99.50 | 11,608 | 61 |
The following lists the voting results corresponding to the items on the agenda of the shareholders' meeting of 2014:
The management board and the supervisory board declare that in the current fiscal year 2014 Basler AG complied with the recommendations for conduct as amended on May 13, 2013 by the "Government Commission of the German Corporate Governance Code" (hereinafter called "code") with the following exceptions:
Clause 3.8, paragraph 3, of the code sets forth that an appropriate deductible should be stipulated when the company takes out a D&O insurance policy for the supervisory board. The D&O insurance coverage for the management board comprises a deductible according to statutory provisions. However, the insurance policy does not provide for a deductible for the members of the supervisory board. The management board and the supervisory board are convinced that responsible action is a self-evident obligation for all members of the company's executive bodies. Therefore, a deductible for the members of the supervisory board is not necessary.
The supervisory board does not establish any committees. The supervisory board of Basler AG comprises three persons. This configuration ensures efficient work in all matters of the supervisory board, especially as the generally accepted minimum size for a committee is a membership of three.
For nominations to the general meeting, the supervisory board will also in the future continue to align itself to all necessary legal requirements and will emphasize the candidates' professional and personal qualifications independent of gender. Consideration will also be given to the international activities of the company, to potential conflicts of interest, and to diversity. Basler AG does not state specific pertinent goals in these areas.
With regard to the share ownership, the management board and the supervisory board declare pursuant to clause 6.3: The total share ownership of all members of the management board and the supervisory board exceeds 1 % of the total of shares issued by the company and is as follows:
As of the reporting date, the members of the management board and the supervisory board held the numbers of shares as shown above in this report under "Basler share".
The declaration of compliance with the code and the constantly updated related compliance can be accessed on the Basler website's Investors area (www.baslerweb.com/investors). If you have any questions regarding the corporate governance code please contact the compliance officer of Basler AG Dr. Dietmar Ley (CEO), Tel. +49 4102 - 463 100, [email protected]
The first half-year of fiscal year 2014 went better for Basler AG than expected. After a successful start of the new fiscal year along the budget planning, the second quarter developed above plan. All necessary steps in order to implement the planned growth were made. This led to a bigger sales growth than expected at the beginning of the year. Due to the growth rates partially above market level, we assume to have gained additional market shares.
The unabated robust incoming orders, the so far smooth introduction to the market of important new products, and the progress made in sales in national markets of great significance to us, give us the confidence to assume that we will meet the guidance given for the fiscal year 2014, despite an unchanged moderate macroeconomic environment and geopolitical risks.
Group's annual balance sheet according to IFRS for the fiscal year from January 1, 2014 to June 30, 2014
| in € k | 01/01/ - 06/30/2014 |
01/01/ - 06/30/2013 |
04/01/ - 06/30/2014 |
04/01/ - 06/30/2013 |
|---|---|---|---|---|
| Sales revenues | 38,998 | 32,215 | 21,760 | 17,096 |
| Cost of sales | -18,938 | -15,921 | -10,373 | -8,375 |
| - of which depreciations on capitalized developments |
-1,792 | -1,679 | -927 | -874 |
| Gross profit on sales | 20,060 | 16,294 | 11,387 | 8,721 |
| Other operating income | 907 | 712 | 453 | 305 |
| Sales and marketing costs | -6,343 | -5,656 | -3,349 | -2,950 |
| General administration costs | -5,119 | -3,987 | -2,646 | -2,281 |
| Research and development | -2,562 | -2,765 | -1,309 | -1,404 |
| Other expenses | -280 | -429 | -144 | -217 |
| Operating result | 6,663 | 4,169 | 4,392 | 2,174 |
| Financial income | 16 | 415 | 9 | 69 |
| Financial expenses | -811 | -688 | -395 | -191 |
| Financial result | -795 | -273 | -386 | -122 |
| Earnings before tax | 5,868 | 3,896 | 4,006 | 2,052 |
| Income tax | -1,411 | -1,186 | -824 | -492 |
| Group's period surplus | 4,457 | 2,710 | 3,182 | 1,560 |
| of which are allocated to | ||||
| shareholders of the parent company | 4,457 | 2,710 | 3,182 | 1,560 |
| non-controlling shareholders | 0 | 0 | 0 | 0 |
| Average number of shares | 3,235,107 | 3,303,396 | 3,235,107 | 3,286,695 |
| Earnings per share diluted / undiluted (€) | 1.38 | 0.82 | 0.98 | 0.47 |
| in € k | 01/01/ - 06/30/2014 |
01/01/ - 06/30/2013 |
|---|---|---|
| Group's period surplus | 4,457 | 2,710 |
| Result from differences due to currency conversion, directly recorded in equity |
25 | 9 |
| Surplus / Net loss from cash flow hedges | 0 | 168 |
| Total result, through profit or loss | 25 | 177 |
| Total result | 4,482 | 2,887 |
| of which are allocated to | ||
| shareholders of the parent company | 4,482 | 2,887 |
| non-controlling shareholders | 0 | 0 |
| in € k | 01/01/ - 06/30/2014 |
01/01/ - 06/30/2013 |
04/01/ - 06/30/2014 |
04/01/ - 06/30/2013 |
|---|---|---|---|---|
| Operating activities | ||||
| Group's period surplus | 4,457 | 2,710 | 3,182 | 1,560 |
| Increase (+) / decrease (-) in deferred taxes | 813 | 832 | 414 | 424 |
| Payout / incoming payments for interest | 780 | 762 | 348 | 378 |
| Depreciation of fixed assets | 2,826 | 2,692 | 1,444 | 1,387 |
| Change in capital resources without affecting payment | 25 | 180 | 22 | -29 |
| Increase (+) / decrease (-) in accruals | 317 | -290 | 111 | 295 |
| Profit (-) / loss (+) from asset disposals | -12 | -4 | -1 | -4 |
| Increase (-) / decrease (+) in reserves | -2,390 | -940 | -520 | -591 |
| Increase (+) / decrease (-) in advances from demand | -96 | -9 | 29 | -323 |
| Increase (-) / decrease (+) in accounts receivable | -3,016 | -2,124 | -1,648 | -1,707 |
| Increase (-) / decrease (+) in other assets | 137 | -838 | -132 | -714 |
| Increase (+) / decrease (-) in accounts payable | 1,472 | -22 | 547 | 219 |
| Increase (+) / decrease (-) in other liabilities | 34 | -671 | -92 | -531 |
| Net cash provided by operating activities | 5,347 | 2,278 | 3,704 | 364 |
| Investing activities | ||||
| Payout for investments in fixed assets | -3,784 | -2,481 | -1,956 | -1,277 |
| Incoming payments for asset disposals | 169 | 4 | 140 | 4 |
| Net cash provided by investing activities | -3,615 | -2,477 | -1,816 | -1,273 |
| Financing activities | ||||
| Payout for amortisation of bank loans | -200 | -1,125 | -100 | -1,087 |
| Payout for amortisation of finance lease | -655 | -615 | -329 | -308 |
| Incoming payment for borrowings from banks | 2,533 | 3,210 | 2,533 | 3,210 |
| Interest payout | -780 | -763 | -348 | -379 |
| Payout for own shares | -215 | -1,002 | -173 | -916 |
| Dividends paid | -1,519 | -982 | -1,519 | -982 |
| Net cash provided by financing activities | -836 | -1,277 | 64 | -462 |
| Change in liquid funds | 896 | -1,476 | 1,952 | -1,371 |
| Funds at the beginning of the period | 9,665 | 8,197 | 8,609 | 8,092 |
| Funds at the end of the period | 10,561 | 6,721 | 10,561 | 6,721 |
| Composition of liquid funds at the end of the period | ||||
| Cash in bank and cash in hand | 10,560 | 6,721 | 10,561 | 6,721 |
| Payout for taxes | 274 | 111 | 255 | 111 |
| in € k | 06/30/2014 | 12/31/2013 | |
|---|---|---|---|
| Assets | |||
| A. Long-term assets | |||
| I. | Intangible assets | 15,607 | 14,516 |
| II. | Fixed assets | 4,351 | 4,295 |
| III. | Buildings and land in finance lease | 16,354 | 16,700 |
| IV. | Other financial assets | 5 | 5 |
| V. | Deferred tax assets | 83 | 44 |
| 36,400 | 35,560 | ||
| B. Short-term assets | |||
| I. | Inventories | 11,985 | 9,595 |
| II. | Receivables from deliveries and services and from production orders | 9,894 | 6,878 |
| III. | Other short-term financial assets | 469 | 217 |
| IV. | Other short-term assets | 612 | 944 |
| V. | Claim for tax refunds | 335 | 392 |
| VI. Cash in bank and cash in hand | 10,560 | 9,665 | |
| 33,855 | 27,691 | ||
| 70,255 | 63,251 |
| in € k | 06/30/2014 | 12/31/2013 |
|---|---|---|
| Liabilities | ||
| A. Equity | ||
| I. Subscribed capital | 3,232 | 3,238 |
| II. Capital reserves | 0 | 0 |
| III. Retained earnings including group's earnings | 32,105 | 29,376 |
| IV. Other components of equity | -129 | -154 |
| 35,208 | 32,460 | |
| B. Long-term debt | ||
| I. Long-term liabilities | ||
| 1. Long-term liabilities to banks | 7,670 | 5,599 |
| 2. Other financial liabilities | 8 | 8 |
| 3. Liabilities from finance lease | 12,203 | 12,859 |
| II. Non-current provisions | 515 | 515 |
| III. Deferred tax liabilities | 2,045 | 1,193 |
| 22,441 | 20,174 | |
| C. Short-term debt | ||
| I. Other financial liabilities | 1,911 | 1,540 |
| II. Short-term accrual liabilities | 3,351 | 3,201 |
| III. Short-term other liabilities | ||
| 1. Liabilities from deliveries and services | 2,604 | 1,132 |
| 2. Other short-term financial liabilities | 2,184 | 2,355 |
| 3. Liabilities from finance lease | 2,152 | 2,151 |
| IV. Current tax liablilities | 404 | 238 |
| 12,606 | 10,617 | |
| 70,255 | 63,251 |
Group's annual balance sheet according to IFRS for the fiscal year from January 1, 2014 to June 30, 2014
| Other components of equity | |||||||
|---|---|---|---|---|---|---|---|
| in € k | Subscribed capital |
Capital reserve |
Retained earnings incl. group's earnings |
Differences due to currency conversion |
Reserves for cash flow hedges |
Sum of other components of equity |
Total |
| Shareholders' equity as of 01/01/2013 |
3,326 | 0 | 26,498 | -71 | -168 | -239 | 29,585 |
| Total result | 2,710 | 9 | 168 | 177 | 2,887 | ||
| Share buyback | -58 | -944 | 0 | -1,002 | |||
| Dividend outpayment* | -982 | 0 | -982 | ||||
| Shareholders' equity as of 06/30/2013 |
3,268 | 0 | 27,282 | -62 | 0 | -62 | 30,488 |
| Total result | 2,852 | -92 | 0 | -92 | 2,760 | ||
| Share buyback | -30 | 0 | -758 | 0 | -788 | ||
| Shareholders' equity as of 12/31/2013 |
3,238 | 0 | 29,376 | -154 | 0 | -154 | 32,460 |
| Total result | 4,457 | 25 | 0 | 25 | 4,482 | ||
| Share buyback | -6 | 0 | -209 | 0 | -215 | ||
| Dividend outpayment** | 0 | 0 | -1,519 | 0 | -1,519 | ||
| Shareholders' equity as of 06/30/2014 |
3,232 | 0 | 32,105 | -129 | 0 | -129 | 35,208 |
* 0.30 € per share
** 0.47 € per share
As already the consolidated annual financial statements as of December 31, 2013, these consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as valid and mandatorily applicable on the reporting date. In particular, application has been made of the interim financial reporting requirements set out in IAS 34. The present quarterly report was neither reviewed by an auditor nor reviewed in accordance with § 317 of the Handelsgesetzbuch (HGB, German Commercial Code).
All interim financial statements of companies included in the consolidated interim financial statements were prepared according to uniform accounting and valuation principles that were also applied for the preparation of the consolidated financial statements as of December 31, 2013.
There have been no changes to the group of consolidated companies compared to the consolidated annual financial statements as of December 31, 2013.
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 annual 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
(CEO) (CCO)
Arndt Bake Hardy Mehl (CMO) (CFO/COO)
| Date | Venue | |
|---|---|---|
| 11/06/2014 | Publication 9-month report 2014 | Ahrensburg, Germany |
| 11/24-26/2014 | Deutsches Eigenkapitalforum 2014 (German equity forum) |
Frankfurt am Main, Germany |
| Date | Venue | |
|---|---|---|
| 08/04-07/2014 | NI Week, Austin (Texas) | Austin, USA |
| 08/27-30/2014 | Taipei Int'l Industrial Automation Exhibition | Taipei, Taiwan |
| 10/15-17/2014 | Vision China, Beijing | Beijing, China |
| October 2014 | AOI Forum & Show | Hsinchu, Taiwan |
| 11/04-06/2014 | Vision Stuttgart | Stuttgart, Germany |
| 11/19-20/2014 | All-over-IP Expo 2014 | Moscow, Russia |
| 11/19-22/2014 | Metalex Thailand | Bangkok, Thailand |
| 12/03-05/2014 | International Technical Exhibition on Image Technology and Equipment |
Yokohama, Japan |
BASLER AG Tel. +49 4102 463 0 Fax +49 4102 463 109
Exton, PA 19341 Tel. +1 610 280 0171 Fax +1 610 280 7608
Singapore 739257 Tel. +65 6367 1355 Fax +65 6367 1255
TAIWAN INC. Hsinchu County 30268 Taiwan/R.O.C. Fax +886 3 5583956
BASLER KOREA REPRESENTATIVE OFFICE Tel. +82 707 1363 114 Fax +82 707 0162 705
BASLER CHINA (SHANGHAI) REPRESENTATIVE OFFICE Tel. +86 21 6230 2160
BASLER CHINA (SHENZHEN)
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