Interim / Quarterly Report • Aug 14, 2013
Interim / Quarterly Report
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| in € m* | 01/01/ - 06/30/2012 |
01/01/ - 06/30/2013 |
Changes to previous year |
04/01/ - 06/30/2012 |
04/01/ - 06/30/2013 |
Changes to previous year |
|---|---|---|---|---|---|---|
| Sales | 25.2 | 32.2 | 28 % | 12.9 | 17.1 | 33 % |
| Incoming orders | 28.7 | 33.3 | 16 % | 15 | 17.6 | 17 % |
| Gross results | 11.3 | 16.3 | 44 % | 5.9 | 8.7 | 47 % |
| Gross margin | 44.8 % | 50.6 % | 6 Pp. | 45.7 % | 50.9 % | 5 Pp. |
| Full costs for research and development |
4.1 | 4.4 | 7 % | 2.1 | 2.2 | 5 % |
| Research and development ratio |
16.3 % | 13.7 % | -3 Pp. | 16.3 % | 12.9 % | -3 Pp. |
| EBITDA | 5.8 | 6.9 | 19 % | 2.9 | 3.6 | 24 % |
| EBIT | 2.6 | 4.2 | 62 % | 1.4 | 2.2 | 57 % |
| EBT | 2.2 | 3.9 | 77 % | 1.2 | 2.1 | 75 % |
| Quarterly surplus | 1.6 | 2.7 | 69 % | 0.8 | 1.6 | 100 % |
| Weighted average number of shares |
3,410,702 | 3,303,396 | -3 % | 3,392,531 | 3,286,695 | -3 % |
| Result per share (€) | 0.47 | 0.82 01/01/ - |
74 % 01/01/ - |
0.25 04/01/ - |
0.47 04/01/ - |
88 % |
| Cash flow from operational activity |
3.3 | 06/30/2013 2.3 |
06/30/2012 -30 % |
06/30/2013 1.9 |
06/30/2012 0.4 |
-79 % |
| Cash flow from financing activity |
-3.5 | -2.5 | -29 % | -1.8 | -1.3 | -28 % |
| 12/31/2011 | 12/31/2012 | 06/30/2013 | Changes to | |
|---|---|---|---|---|
| in € m* | previous year | |||
| Total assets | 55.9 | 58.5 | 60.7 | 4 % |
| Long-term assets | 34.2 | 34.5 | 34.3 | -1 % |
| Equity | 27 | 29.6 | 30.5 | 3 % |
| Borrowed capital | 28.9 | 28.9 | 30.2 | 4 % |
| Equity ratio | 48.3 % | 50.6 % | 50.2 % | 0 Pp. |
| Operating net debt | -2.4 | -3.5 | 0.1 | n.a. |
| Working Capital | 12.1 | 12.0 | 15.1 | 26 % |
| Number of employees for the fiscal year, equivalents of full-time employment |
267 | 290 | 315 | 9 % |
| Share price (XETRA) in € | 13.48 | 13.79 | 18.98 | 38 % |
| Number of shares in circulation | 3,445,313 | 3,325,664 | 3,267,885 | -2 % |
| Market capitalization | 46.4 | 45.9 | 62.0 | 35 % |
*unless otherwise stated
In the second quarter of 2013, Basler AG continued the good results of the first three months.
Despite the continued lack of economic stimuli, incoming orders, sales and earnings of the reporting period were clearly above the values of the previous year. Similar to 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 German image processing market (+5 %).
The key figures for the first six months of fiscal year 2013 are above the expectations of the management board and from today's perspective no significant decline of business is expected for the remainder of the year. For this reason, the management board increases the forecast and from now on expects sales within a corridor of € 63 to 65 million (previously € 60 to 63 million) and a pre-tax return of 10 to 11 % (previously 8 - 10 %).
The group's incoming orders amounted to € 33.3 million in the first half-year (previous year: € 28.7 million, +16 %). The strong demand for our cameras with Gigabit Ethernet (GigE Vision) interface was the main reason for growth in incoming orders in the double digit percentage range.
The group's sales amounted to € 32.2 million in the first six months (previous year: € 25.2 million, +28 %). So far, 42 % of the sales are related to the Asian markets (previous year: 36 %), 36 % to Europe (previous year: 38 %), and 22 % to North America (previous year: 26 %). The particularly positive development in Asia can mainly be attributed to sales-related progress made in important national markets.
The group's gross profit developed better in the reporting period than in the previous year due to an improved product mix. A major factor here was the streamlining of the product portfolio by discontinuing end-of-life products. This resulted in higher gross margins and reduced complexity. Within the result, the gross margin increased by almost 6 percentage points to 50.6 % in the first six months (previous year: 44.8 %).
The first half-year of fiscal year 2013 was characterized by considerable investments in the expansion of all functional areas and subsidiaries. Due to the disproportionate growth in sales the cost ratios were below the previous year's values.
The expense for sales and marketing was € 5.7 million (previous year: € 4.4 million; +30 %). In relation to sales, the cost of sales with a quota of 17.7 % remained on the level of the previous year (17.5 %).
The general administrative expenses amounted to € 4.0 million (previous year: € 3.5 million, +14 %). Compared to sales, the administrative expense ratio decreased to 12.4 % (previous year: 13.9 %).
The full cost of research and development (R & D) amounted to € 4.4 million and therefore increased by 7 % compared to the previous year's value of € 4.1 million. The R & D ratio decreased from 16.3 % in the previous year to 13.7 % in the current year.
In the first half-year of 2013, Basler AG generated group's earnings before taxes (EBT) of € 3.9 million. This result is 77 % above the EBT of € 2.2 million that were generated in the comparison period of the previous year. Pre-tax return amounted to 12 % (previous year: 9 %) and therefore continued to be above the corridor of 8 % - 10 %, predicted for fiscal year 2013. The group's earnings before interest and taxes (EBIT) amounted to € 4.2 million (previous year: € 2.6 million, +62 %). This corresponds to an EBIT margin of 13 % (previous year: 10 %).
The improved profit situation results from the combined effects of sales being above plan, of gross margins being higher than expected, and of operational costs being slightly below plan.
Basler AG continued dynamic growth in the first six months concerning incoming orders, sales, and revenue. The growth in sales of +28 % is clearly above the growth rate of 5 %, expected by VDMA for the German image processing industry.
Industrial cameras with Gigabit Ethernet (GigE) interface account for the predominant portion of the sales. GigE cameras also yielded the strongest percentage growth within the product portfolio. To further extend our leadership in this currently largest market segment for industrial cameras we expanded the product portfolio by several new models with CMOS image sensors.
Customers' interest in our racer family of line scan cameras continued to grow in the second quarter. We are very satisfied with the series start-up for the racer that was the steepest ever seen for Basler line scan cameras. We consider this an indicator for good future prospects of this product line.
The market launch of the new ace cameras with USB3 Vision interface was a focus of our business operations during this period. In parallel to the availability of the first series products, we have for some months been conducting a world-wide intense training program for our distributors and customers, that meets with great interest. Judging from the hitherto experienced course of the market launch we see our expectations confirmed predicting that GigE Vision and USB3 Vision will be the dominant interface technologies for industrial cameras in the years to come.
The investment undertaken in the previous years towards strengthening the Basler brand is also paying off. In the recently published study of a leading periodical for industrial image processing, a survey among the readers was held asking to name the best known and most important manufacturers of image processing technology. In the cameras segment, Basler was always ranking at the top. Our company was selected as the "Top of Mind" industrial camera brand and therefore as the best known camera brand in the survey's results. In addition, Basler attracted the majority of votes from the survey's participants when they were asked for the camera manufacturers who had supplied cameras to them in the last 12 months. We were particularly pleased to see that the participants put Basler on the first rank by an even higher number of votes when they were asked for the camera manufacturers from whom they intend to acquire cameras in the next 12 months.
The number of employees of the Basler group was 318 on the reporting date (previous year: 287, 11 %). The regional allocation is as follows:
The operating cash flow amounted to € 2.3 million in the reporting period (previous year: € 3.3 million, -30 %). After investments into fixed assets amounting to € 2.5 million the free cash flow (calculated as operating cash flow less cash flow from investments) amounted to € -0.2 million (previous year: € -0.2 million).
At the end of the reporting period, liquid assets amounted to € 6.7 million and were thus by 116 % above the value of the comparison period of the previous year (€ 3.1 million).
The equity amounted to € 30.5 million at the end of the reporting period (December 31, 2012: € 29.6 million, +3 %). At the reporting date, the net cash position amounted to € -0.1 million (December 31, 2012: € 3.5 million, -102 %).
The Basler share opened at a price of € 14.79 in the beginning of the second quarter of 2013. Following the publication on April 16 of the preliminary business figures for the first quarter the share price increased speedily reaching a level of € 19, then continued the increase reaching € 20 in May, and marked a 12-year high of € 22 in the beginning of June. In parallel to the adjustments of share prices on the international markets during June the Basler share settled at a price of € 18.98 at the end of the quarter.
The average daily trade volume in the first half-year of 2013 was almost 4,800 units (previous year: 3,100 units, +55 %).
The market capitalization of Basler AG amounted at the end of the second quarter to approximately € 62 million (December 31,2012: € 45.9 million, +35 %).
The management board informed the Basler shareholders on March 19, 2013, that the company will buy back bearer shares with an equivalent value of up to € 1 million via the stock market. This buyback program started on March 20, 2013, and was exhausted at the end of May 2013. The buyback program is based on a resolution of the shareholders' meeting of May 18, 2013, authorizing the company to buy own shares, amounting to a total of up to 10 % of the share capital of the corporation existing at the time the resolution was adopted. The authorization is approved until May 18, 2015. The shares can be used for all purposes provided for in the authorization of the shareholders' meeting of May 18, 2010. Basler AG wants to make use of the share's current valuation that is considered favorable and add to the packet of shares that was already built up in the previous year. The buyback programs are carried out through a credit institution that decides upon the time for the individual buybacks independently of Basler AG and according to Commission Regulation (EC)
No 2273/2003 of December 22, 2003.
As of today, 232,115 Units, equivalent to 6.6 % of own shares are owned by Basler AG.
As of June 30, 2013, the management board and the supervisory board held the following shares:
| 06/30/2013 Number of Shares (Units) |
06/30/2012 Number of Shares (Units) |
|
|---|---|---|
| Supervisory Board | ||
| Norbert Basler | 1,816,891 | 1,816,891 |
| Konrad Ellegast | - | - |
| Prof. Dr. Eckart | ||
| Kottkamp | - | - |
| Management Board | ||
| Dr. Dietmar Ley | 144,358 | 144,043 |
| John P. Jennings | 5,500 | 5,500 |
| Arndt Bake | 700 | 0 |
In the course of the shareholders' meeting held in Hamburg on May 22, 2013, 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 2013. In addition, the mandate in the supervisory board was extended for Prof. Dr. Kottkamp 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 € 0.30. A total of € 982,381 was paid to the shareholders.
The following lists the voting results corresponding to the items on the agenda of the shareholders' meeting of 2013:
| Item | Yes (in million) |
% | No | Absten tions |
|---|---|---|---|---|
| Resolution on the use of the retained earnings of fiscal year 2012 | 2.3 | 99.99 | 278 | 20 |
| Approval of the actions of the management board | 2.1 | 100 | 0 | 0 |
| Approval of the actions of the supervisory board | 0.5 | 99.98 | 100 | 100 |
| Appointment of BDO AG as auditor | 2.3 | 99.94 | 1,345 | 8 |
| Appointment of Prof. Dr. Eckart Kottkamp as member of the supervisory board |
2.3 | 99.94 | 1,483 | 320 |
The management board and the supervisory board hereby declare that Basler AG has complied with the recommendations for conduct ("code" for short in the following) issued by the "Government Commission of the German Corporate Governance Code", as amended on May 15, 2012. The recommendations have been complied with hitherto during fiscal year 2013 and will be in the future with the following exceptions:
According to Clause 3.8 Sect. 3 of the code an appropriate retention shall be arranged for when the corporation takes out D & O insurance for the supervisory board. D & O insurance coverage for the management board includes retention according to statutory provision. The insurance policy for members of the supervisory board, however, does not provide for retention. Management board and supervisory board continue to share the view that all members of the board are naturally obliged to accountable action. Accordingly, retention for the members of the supervisory board is not required.
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 shareholders' meeting the supervisory board will also in the future continue to align itself to 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.
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 - 463100, [email protected]
The first half-year of fiscal year 2013 went better for Basler AG than expected. We achieved greater growth in sales than we had hoped for at the beginning of the year, when considering the sideways-moving economic environment. Due to growth rates well above market level we assume that we gained market share.
The unabated robust incoming orders, the so far smooth introduction into 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 succeed in exceeding the previous forecast for 2013, despite an unchanged moderate macroeconomic environment. Taking into account the still limited predictability of the sales in this year's last two quarters we henceforth assume that the group's sales for 2013 will be within the corridor of € 63 to 65 million (previously € 60 to 63 million) at a pre-tax margin of 10 to 11 % (previously 8 to 10 %).
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 Arndt Bake
(CEO) (CCO) (COO)
Group´s annual balance sheet according to IFRS for the fiscal year from January 1, 2013 to June 30, 2013
| in € k | 01/01/ - 06/30/2013 |
01/01/ - 06/30/2012 |
04/01/ - 06/30/2013 |
04/01/ - 06/30/2012 |
|---|---|---|---|---|
| Sales | 32,215 | 25,209 | 17,096 | 12,890 |
| Cost of sales | -15,921 | -13,874 | -8,375 | -6,992 |
| - of which depreciations on capitalized developments | -1,679 | -2,206 | -874 | -1,000 |
| Gross profit on sales | 16,294 | 11,335 | 8,721 | 5,898 |
| Other internal income | 712 | 950 | 305 | 637 |
| Sales and marketing costs | -5,656 | -4,401 | -2,950 | -2,243 |
| General administration costs | -3,987 | -3,469 | -2,281 | -1,808 |
| Other expenses | -3,194 | -1,794 | -1,621 | -1,099 |
| Operating result | 4,169 | 2,621 | 2,174 | 1,385 |
| Financial income | 415 | 5 | 69 | 4 |
| Financial expenses | -688 | -454 | -191 | -230 |
| Financial result | -273 | -449 | -122 | -226 |
| Earnings before tax | 3,896 | 2,172 | 2,052 | 1,159 |
| Income tax | -1,186 | -580 | -492 | -322 |
| Group´s quarterly surplus | 2,710 | 1,592 | 1,560 | 837 |
| of which are allocated to | ||||
| shareholders of the parent company | 2,710 | 1,592 | 1,560 | 837 |
| non-controlling shareholders | 0 | 0 | 0 | 0 |
| Average number of shares | 3,303,396 | 3,410,702 | 3,286,695 | 3,392,531 |
| Earnings per share diluted / undiluted (Euro) | 0.82 | 0.47 | 0.47 | 0.25 |
| in € k | 01/01/ - 06/30/2013 |
01/01/ - 06/30/2012 |
|---|---|---|
| Group's Quarterly surplus | 2,710 | 1,592 |
| Result from differences due to currency conversion, directly recorded in equity | 9 | 4 |
| Surplus/ Net loss from cashflow hedges | 168 | -307 |
| Total result, through profit or loss | 177 | -303 |
| Total result | 2,887 | 1,289 |
| of which are allocated to | ||
| shareholders of the parent company | 2,887 | 1,289 |
| non-controlling shareholders | 0 | 0 |
| 01/01/ - | 01/01/ - | 04/01/ - | 04/01/ - | |
|---|---|---|---|---|
| in € k | 06/30/2013 | 06/30/2012 | 06/30/2013 | 06/30/2012 |
| Operational activity | ||||
| Group's period surplus | 2,710 | 1,592 | 1,560 | 837 |
| Increase / decrease in deferred taxes | 832 | -9 | 424 | -112 |
| Interest outpayment / interest inpayment | 762 | 644 | 378 | 353 |
| Depreciations on fixed assets objects | 2,692 | 3,217 | 1,387 | 1,532 |
| Change in the capital resources | ||||
| without affecting payment | 180 | -304 | -29 | -469 |
| Increase (+) / decrease (-) in the accruals | -290 | -122 | 295 | -192 |
| Profit (-) / loss (+) from the outflow of fixed asset objects | -4 | -4 | -4 | 2 |
| Increase (-) / decrease (+) in the reserves | -940 | -778 | -591 | -279 |
| Increase (+) / decrease (-) in the down payments received | -9 | 35 | -323 | 96 |
| Increase (-) / decrease (+) in the receivables from deliveries and services |
-2,124 | -1,587 | -1,707 | -1,087 |
| Increase (-) / decrease (+) in other assets | -838 | -20 | -714 | 7 |
| Increase (+) / decrease (-) in the payables | ||||
| from deliveries and services | -22 | 444 | 219 | 657 |
| Increase (+) / decrease (-) in other liabilities | -671 | 200 | -531 | 551 |
| Cash inflow from business activity | 2,278 | 3,308 | 364 | 1,896 |
| Investment activity | ||||
| Outpayments for investments in fixed assets | -2,481 | -3,564 | -1,277 | -1,776 |
| Inpayment from outflow of fixed asset objects | 4 | 17 | 4 | 9 |
| Cash outflow from investment activity | -2,477 | -3,547 | -1,273 | -1,767 |
| Financing activity | ||||
| Outpayment from repayment of bank loans | -1,125 | -1,599 | -1,087 | -1,088 |
| Silent partnership outpayment | 0 | 0 | 0 | 0 |
| Outpayment for the clearing of financing liabilities | -615 | -574 | -308 | -289 |
| Inpayment from the taking out of bank loans | 3,210 | 500 | 3,210 | 500 |
| Outpayment from the taking out of loans | ||||
| from closely affiated persons | 0 | 0 | 0 | 0 |
| Interest outpayment | -763 | -644 | -379 | -353 |
| Outpayment for own shares | -1,002 | -799 | -916 | -413 |
| Outpayment for dividends | -982 | -1,014 | -982 | -1,014 |
| Cash outflow from financing activity | -1,277 | -4,130 | -462 | -2,657 |
| Changes in the funds that affect the payment | ||||
| in the period | -1,476 | -4,369 | -1,371 | -2,528 |
| Funds at the beginning of the period | 8,197 | 7,438 | 8,092 | 5,597 |
| Funds a the end of the end of the period | 6,721 | 3,069 | 6,721 | 3,069 |
| Composition of the funds at the end of the period | ||||
| Cash in bank and cash in hand | 6,721 | 3,069 | 6,721 | 3,069 |
| Outpayment for taxes | 111 | 291 | 111 | 152 |
| in € k | 06/30/2013 | 12/31/2012 | |
|---|---|---|---|
| Assets | |||
| A. Long-term assets | |||
| I. | Intangible assets | 13,668 | 13,642 |
| II. | Fixed assets | 3,497 | 3,388 |
| III. Buildings and land in finance lease | 17,046 | 17,392 | |
| IV. | Other financial assets | 5 | 5 |
| V. | Deferred tax assets | 91 | 94 |
| 34,307 | 34,521 | ||
| B. Short-term assets | |||
| I. | Inventories | 8,576 | 7,636 |
| II. | Receivables from deliveries and services and from production orders | 8,447 | 6,323 |
| III. Other short-term financial assets | 220 | 137 | |
| IV. Other short-term assets | 1,029 | 937 | |
| V. | Claim for tax refunds | 1,389 | 726 |
| VI. Cash in bank and cash in hand | 6,721 | 8,197 | |
| 26,382 | 23,956 | ||
| 60,689 | 58,477 |
| in € k | 06/30/2013 | 12/31/2012 | |
|---|---|---|---|
| Liabilities | |||
| A. Equity | |||
| I. | Subscribed capital | 3,268 | 3,326 |
| II. | Capital reserves | 0 | 0 |
| III. | Retained earnings including group's earnings | 27,282 | 26,498 |
| IV. | Other components of equity | -62 | -239 |
| 30,488 | 29,585 | ||
| B. Long-term debt | |||
| I. | Long-term liabilities | ||
| 1. Long-term liabilities to banks | 5,653 | 3,289 | |
| 2. Other financial liabilities | 4 | 19 | |
| 3. Liabilities from finance lease | 13,488 | 14,103 | |
| II. | Long-term accrual liabilities | 489 | 489 |
| III. | Deferred tax liabilities | 849 | 19 |
| 20,483 | 17,919 | ||
| C. Short-term debt | |||
| I. | Other financial liabilities | 2,321 | 3,222 |
| II. | Short-term accrual liabilities | 2,574 | 2,212 |
| III. | Short-term other liabilities | ||
| 1. Liabilities from deliveries and services | 1,840 | 1,846 | |
| 2. Other short-term financial liabilities | 601 | 658 | |
| 3. Liabilities from finance lease | 2,149 | 2,149 | |
| IV. | Current tax liablilities | 233 | 886 |
| 9,718 | 10,973 | ||
| 60,689 | 58,477 |
Group´s annual balance sheet according to IFRS for the fiscal year from January 1, 2013 to June 30, 2013
| 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 |
| Sharholders´ equity as of 01/01/2012 |
3,445 | 446 | 24,256 | -37 | -1,093 | -1,130 | 27,017 |
| Total result | 1,594 | 4 | -307 | -303 | 1,291 | ||
| Share buyback Dividend |
-65 | -734 | 0 | -799 | |||
| outpayment* | -1,013 | 0 | -1,013 | ||||
| Shareholders´ equity as of |
|||||||
| 06/30/2012 | 3,380 | -288 | 24,837 | -33 | -1,400 | -1,433 | 26,496 |
| Total result | 2,492 | -38 | 1,232 | 1,194 | 3,686 | ||
| Share buyback | -54 | 288 | -831 | 0 | -597 | ||
| Dividend outpayment* |
0 | 0 | 0 | ||||
| Shareholders´ equity as of |
|||||||
| 12/31/2012 | 3,326 | 0 | 26,498 | -71 | -168 | -239 | 29,585 |
| Total result | 2,710 | 9 | 168 | 177 | 2,887 | ||
| Share buyback | -58 | 0 | -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 |
1) € 0.30 per share
| Date | Fair | Venue |
|---|---|---|
| 11/07/2013 | Publication 9-month report 2013 | Ahrensburg, Germany |
| Date | Fair | Venue |
|---|---|---|
| 08/28-31/2013 | Taipei Int'l Industrial Automation Exhibition | Taipei, Taiwan |
| 10/16-18/2013 | Vision China, Beijing | Beijing, China |
| November | AOI Forum & Show | Hsinchu, Taiwan |
| 11/20-23/2013 | Metalex Thailand | Bangkok, Thailand |
| 12/4-6/2013 | International Technical Exhibition on Image Technology and Equipment | Yokohama, Japan |
An der Strusbek 60 – 62 22926 Ahrensburg Germany Tel. +49 4102 463 0 Fax +49 4102 463 109 [email protected]
Basler, Inc. 855 Springdale Drive, Suite 203 Exton, PA 19341 USA Tel. +1 610 280 0171 Fax +1 610 280 7608 [email protected]
8 Boon Lay Way #03 – 03 Tradehub 21 Singapore 609964 Tel. +65 6425 0472 Fax +65 6425 0473 [email protected]
Taiwan Inc. No. 21, Sianjheng 8th St. Jhubei City, Hsinchu County 30268 Taiwan/R.O.C. Tel. +886 3 5583955 Fax +886 3 5583956 [email protected]
Representative Office Room 16, DM Business Center, 7F KB Bldg. 366-1 Yatap-dong, Budang-gu, Seongnam, 463-827 Korea Tel. +82 707 1363 114 Fax +82 707 0162 705 [email protected]
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