Quarterly Report • Nov 13, 2014
Quarterly Report
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| 01/01/ - 09/30/2013 |
01/01/ - 09/30/2014 |
Changes to previous |
07/01/ - 09/30/2013 |
07/01/ - 09/30/2014 |
Changes to previous |
|
|---|---|---|---|---|---|---|
| in € m* | year | year | ||||
| Sales revenues | 49.1 | 60.7 | 24 % | 16.9 | 21.7 | 28 % |
| Incoming orders | 51.1 | 61.0 | 19 % | 17.8 | 20.1 | 13 % |
| Gross results | 24.2 | 31.1 | 29 % | 7.9 | 11.0 | 39 % |
| Gross profit margin | 49.3 % | 51.2 % | 2 Pp. | 46.7 % | 50.7 % | 4 Pp. |
| Full costs for research and development |
6.7 | 8.1 | 21 % | 2.3 | 2.6 | 13 % |
| Research and development ratio |
13.6 % | 13.3 % | 0 Pp. | 13.6 % | 12.0 % | -2 Pp. |
| EBITDA | 10.9 | 15.0 | 38 % | 4.0 | 5.5 | 38 % |
| EBIT | 6.5 | 11.0 | 69 % | 2.3 | 4.3 | 87 % |
| EBT | 5.9 | 9.8 | 66 % | 2.1 | 3.9 | 86 % |
| Net income | 4.1 | 7.4 | 80 % | 1.4 | 3.0 | 114 % |
| Weighted average number of shares |
3,292,743 | 3,228,052 | -2 % | 3,267,885 | 3,216,680 | -2 % |
| Result per share (€) | 1.24 | 2.30 | 85 % | 0.42 | 0.92 | 119 % |
| Cash flow from operating activities |
7.3 | 10.7 | 47 % | 5 | 5.3 | 6 % |
| Cash flow from investing activities |
-4.2 | -5.6 | 33 % | -1.7 | -1.9 | 12 % |
| Free cash flow | 3.1 | 5.1 | 65 % | 3.3 | 3.4 | 3 % |
| 12/31/2012 | 12/31/2013 | 09/30/14 | Changes to previous |
|
|---|---|---|---|---|
| in € m* | year | |||
| Total assets | 58.5 | 63.3 | 73.8 | 17 % |
| Long-term assets | 34.5 | 35.6 | 37.1 | 4 % |
| Equity | 29.6 | 32.5 | 37.5 | 15 % |
| Liabilities | 28.9 | 30.8 | 36.3 | 18 % |
| Equity ratio | 50.6 % | 51.3 % | 50.8 % | -1 Pp. |
| Net cash | 3.5 | 3.7 | 4.0 | 8 % |
| Working Capital | 12 | 13.7 | 18.7 | 36 % |
| Number of employees for the fiscal year (full time |
||||
| equivalents) | 290 | 325 | 385 | 18 % |
| Share price (XETRA) in € | 13.79 | 29.00 | 41.26 | 42 % |
| Number of shares in circulation |
3,325,664 | 3,238,184 | 3,208,054 | -1 % |
| Market capitalization | 45.9 | 93.9 | 132.4 | 41 % |
*unless otherwise stated
In the third quarter of 2014, Basler AG again achieved convincing results and seamlessly continued its positive results of the first six months.
The still restrained economic environment had no negative impact on the development of incoming orders, sales, and the results of the reporting period, which are clearly above the values of the previous year. As in the first two quarters of the current fiscal year, during the entire reporting period Basler AG achieved a distinctly stronger growth in sales than the average growth rate expected by the German image processing components market. According to the German Engineering Federation (Verband Deutscher Maschinen- und anlagenbau, VDMA), sales of the German manufacturers for image processing components increased by 10 % in the first half-year of 2014, whereas the sales of Basler AG increased by 24 % in the same reporting period. This better-than-plan business development particularly is due to large-scale investments of the Asian electronic industry.
Thus, the management board of Basler AG increased already in mid-October the sales forecast for the fiscal year 2014 from previously € 73 – 76 million to € 77 – 79 million. Furthermore, the profit forecast for the current fiscal year was narrowed, so that the management board now expects a pre-tax return rate of 13 – 14 % (formerly 12 – 14 %). Basler AG successfully continues the implementation of the planned growth strategy and steadily approaches its planned mid-term sales target of € 100 million.
The group's incoming orders amounted to € 61.0 million in the first nine months (previous year: € 51.1 million, +19 %). The main reasons for incoming orders above plan are increased investments by the Chinese electronic industry.
The group's sales amounted to € 60.7 million in the first nine months (previous year: € 49.1 million, +24 %). So far, 42 % of the sales are related to the Asian markets (previous year: 41 %), 39 % to Europe (previous year: 36 %), and 19 % to North America (previous year: 23 %).
As in the previous two quarters of the current fiscal year, in the reporting period, the group's gross profit developed slightly better than in the previous year, due to an improved product mix and to economies of scale in production and material management. Within the result, the gross margin increased by almost 2 percentage points to 51.2 % in the first nine months (previous year: 49.3 %).
The considerable investments in the expansion of all functional areas and subsidiaries in order to develop future growth continued in the third quarter. The expense for sales and marketing was € 9.9 million (previous year: € 8.4 million; +18 %). This increase is mainly due to the expansion of the global sales organization and also to the expansion of the marketing organization for opening up new areas of application.
The general administrative expenses amounted to € 7.6 million (previous year: € 5.8 million, +31 %). Besides an increase in personnel costs and increased infrastructure costs, these are particularly affected by provisions for success bonuses caused by over achievement of corporate goals.
The full cost of research and development (R&D) amounted to € 8.1 million and therefore increased by 21 % compared to the previous year's value of € 6.7 million. The R&D ratio amounted to 13.3 % in the first nine months of 2014 and remained at about the level of the previous year (13.6 %).
In the first nine months of the current fiscal year, Basler AG generated group's earnings before taxes (EBT) of € 9.8 million. This result is 66 % above the EBT of € 5.9 million that were generated in the comparison period of the previous year.
The pre-tax return margin amounted to 16 % (previous year: 12 %) and therefore was above the corridor of 13 - 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 because of seasonally lower sales in the fourth quarter and timely increasing structural costs by scaling effects within the organization. The group's earnings before interest and taxes (EBIT) amounted to € 11.0 million (previous year: € 6.5 million, +69 %). This corresponds to an EBIT margin of 18 % (previous year: 13 %).
The very positive profit situation results from the combined effects of sales being above plan, a higher gross margin due to fixed costs degressions, the product mix as well as of economies of scale due to a disproportionate expansion of the organization.
In the first nine months, Basler AG successfully implemented and exceeded its planned growth in incoming orders, sales, and profit. The growth of sales of +24 % is clearly above the average growth rate expected by the German manufacturers of image processing components. For the first half-year, the German Engineering Federation (Verband Deutscher Maschinen und -anlagenbau, VDMA) expects a sales growth of 10 % for this industry. Also the incoming orders in the first nine months of the current fiscal year are clearly above the previous year's level (+19 %).
The new production facility which was opened in Asia in the beginning of July 2014 had a successful start. So in the elapsed third quarter, Asian customers were supplied by this new production facility for the first time.
Regarding the product portfolio, ace cameras with Gigabit Ethernet interface are still the company's strongest growth drivers. Sales of ace cameras with USB3.0 interface launched to the market in 2013 are continuously increasing. In the third quarter of the fiscal year 2014, the product range of this platform was expanded by further ace camera models with high performance sensors. This platform now covers the whole range of sensor classes available on the market. Furthermore, at the VISION, the leading International Trade Fair for machine vision, taking place in Stuttgart from November 4 to 6, 2014, the company has presented for the first time a new product series named "dart" covering the lower price / performance segment (entry level). This new product series with USB 3.0 interface addresses a number of new markets still using analogue technology today.
Additionally, for the first time, Basler presented lenses developed in cooperation with Fujifilm. This addition to the product portfolio creates another added value for the customers. The portfolio of lenses is best suited to Basler cameras and offers a unique price / performance ratio.
The number of employees (FTE) for the Basler group on the reporting date was 385 (previous year: 330, +17 %). The regional allocation is as follows:
The operating cash flow amounted to € 10.7 million in the reporting period (previous year: € 7.3 million, +47 %). After deduction of the investing cash flow, a free cash flow amounted to € 5.1 million (previous year: € 3.1 million €, +65 %). Thus, Basler AG was again able to finance its growth from its own resources.
At the end of the reporting period, liquid assets amounted to € 12.3 million and were thus 27 % above the figure at the beginning of fiscal year 2014 (€ 9.7 million).
The equity amounted to € 37.5 million at the end of the reporting period (December 31, 2013: € 32.5 million; +15 %). The net cash position amounted to € 4.0 million at the reporting date (December 31, 2013: € 3.7 million, + 8 %).
The Basler share opened at a price of € 36.88 in the beginning of the third quarter of 2014 and reached a level of almost € 40.00 in the month of July. In August 2014, the share price clearly exceeded the threshold of € 40.00 briefly rising to approximately € 43.00. In September the share settled at a price of € 41.26 at the end of the reporting period.
The average daily trade volume of the reporting period was approximately 2,500 units (previous year: 3,041 units; -18 %).
At the end of the third quarter of 2014, the market capitalization of Basler AG amounted to € 132.4 million (December 31, 2013: € 93.9 million, +41 %). The number of own shares amounted to 291,946 units at the reporting date. This corresponds to about 8.3 % of the total number of shares. The shareholders' meeting authorized the management board to buy back up to 10 % of the total number of shares (see below).
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 September 30, 2014, the management board and the supervisory board held the following shares:
| 09/30/2014 Number of shares (Units) |
09/30/2013 Number of shares (Units) |
|
|---|---|---|
| Management board | ||
| Dr. Dietmar Ley | 144,358 | 144,358 |
| 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 September 2012. Since January 1, 2014, Hardy Mehl belongs to the management board of Basler AG.
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]
Similar to the first six months of the fiscal year 2014, the third quarter of 2014 went better for Basler AG than planned. After a successful start of the new fiscal year along the budget planning, the first nine months developed above plan. The necessary steps in order to implement the planned growth were largely made. An unexpected strong Asia business 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.
For the remainder of the fiscal year we assume a slowdown due to seasonal effects. Furthermore, we anticipate moderate macroeconomic and geopolitical conditions. Despite these circumstances, we confirm our increased guidance of mid-October for fiscal year 2014.
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)
Group's annual balance sheet according to IFRS for the fiscal year from January 1, 2014 to September 30, 2014
| in € k | 01/01/ - 09/30/2014 |
01/01/ - 09/30/2013 |
07/01/ - 09/30/2014 |
07/01/ - 09/30/2013 |
|---|---|---|---|---|
| Sales revenues | 60,701 | 49,121 | 21,703 | 16,906 |
| Cost of sales | -29,593 | -24,882 | -10,655 | -8,961 |
| - of which depreciations on capitalized developments |
2,501 | -2,824 | 4,293 | -1,145 |
| Gross profit on sales | 31,108 | 24,239 | 11,048 | 7,945 |
| Other operating income | 1,663 | 1,065 | 756 | 353 |
| Sales and marketing costs | -9,940 | -8,429 | -3,597 | -2,773 |
| General administration costs | -7,595 | -5,828 | -2,476 | -1,841 |
| Research and development | -3,806 | -3,900 | -1,244 | -1,135 |
| Other expenses | -472 | -642 | -192 | -213 |
| Operating result | 10,958 | 6,505 | 4,295 | 2,336 |
| Financial income | 21 | 499 | 5 | 84 |
| Financial expenses | -1,167 | -1,057 | -356 | -369 |
| Financial result | -1,146 | -558 | -351 | -285 |
| Earnings before tax | 9,812 | 5,947 | 3,944 | 2,051 |
| Income tax | -2,393 | -1,874 | -982 | -688 |
| Group's period surplus | 7,419 | 4,073 | 2,962 | 1,363 |
| of which are allocated to | ||||
| shareholders of the parent company | 7,419 | 4,073 | 2,962 | 1,363 |
| non-controlling shareholders | 0 | 0 | 0 | 0 |
| Average number of shares | 3,228,052 | 3,292,743 | 3,216,680 | 3,267,885 |
| Earnings per share diluted / undiluted (€) | 2.30 | 1.24 | 0.92 | 0.42 |
| in € k | 01/01/ - 09/30/2014 |
01/01/ - 09/30/2013 |
|---|---|---|
| Group's period surplus | 7,419 | 4,073 |
| Result from differences due to currency conversion, directly recorded in equity |
235 | -40 |
| Surplus / net loss from cash flow hedges | 0 | 168 |
| Total result, through profit or loss | 235 | 128 |
| Total result | 7,654 | 4,201 |
| of which are allocated to | ||
| shareholders of the parent company | 7,654 | 4,201 |
| non-controlling shareholders | 0 | 0 |
| in € k | 01/01/ - 09/30/2014 |
01/01/ - 09/30/2013 |
07/01/ - 09/30/2014 |
07/01/ - 09/30/2013 |
|---|---|---|---|---|
| Operating activities | ||||
| Group's period surplus | 7,419 | 4,073 | 2,962 | 1,363 |
| Increase (+) / decrease (-) in deferred taxes | 1,361 | 1,041 | 548 | 209 |
| Payout / incoming payments for interest | 1,144 | 1,137 | 364 | 375 |
| Depreciation of fixed assets | 4,046 | 4,355 | 1,220 | 1,663 |
| Change in capital resources without affecting payment | 235 | 130 | 210 | -50 |
| Increase (+) / decrease (-) in accruals | 1,103 | 185 | 786 | 475 |
| Profit (-) / loss (+) from asset disposals | -12 | -4 | 0 | 0 |
| Increase (-) / decrease (+) in reserves | -3,683 | -3,004 | -1,293 | -2,064 |
| Increase (+) / decrease (-) in advances from demand | -183 | 265 | -87 | 274 |
| Increase (-) / decrease (+) in accounts receivable | -3,031 | -1,485 | -15 | 639 |
| Increase (-) / decrease (+) in other assets | 294 | 535 | 157 | 1,373 |
| Increase (+) / decrease (-) in accounts payable | 1,890 | 790 | 418 | 812 |
| Increase (+) / decrease (-) in other liabilities | 113 | -721 | 79 | -50 |
| Net cash provided by operating activities | 10,696 | 7,297 | 5,349 | 5,019 |
| Investing activities | ||||
| Payout for investments in fixed assets | -5,727 | -4,211 | -1,943 | -1,730 |
| Incoming payments for asset disposals | 171 | 4 | 2 | 0 |
| Net cash provided by investing activities | -5,556 | -4,207 | -1,941 | -1,730 |
| Financing activities | ||||
| Payout for amortisation of bank loans | -300 | -1,825 | -100 | -700 |
| Payout for amortisation of finance lease | -987 | -926 | -332 | -311 |
| Incoming payment for borrowings from banks | 2,533 | 3,210 | 0 | 0 |
| Interest payout | -1,145 | -1,137 | -365 | -374 |
| Payout for own shares | -1,120 | -1,002 | -905 | 0 |
| Dividends paid | -1,519 | -982 | 0 | 0 |
| Net cash provided by financing activities | -2,538 | -2,662 | -1,702 | -1,385 |
| Change in liquid funds | 2,602 | 428 | 1,706 | 1,904 |
| Funds at the beginning of the period | 9,665 | 8,197 | 10,561 | 6,721 |
| Funds at the end of the period | 12,267 | 8,625 | 12,267 | 8,625 |
| Composition of liquid funds at the end of the period | ||||
| Cash in bank and cash in hand | 12,267 | 8,625 | 12,267 | 8,625 |
| Payout for taxes | 266 | 346 | -8 | 346 |
| in € k | 09/30/2014 | 12/31/2013 | |
|---|---|---|---|
| Assets | |||
| A. Long-term assets | |||
| I. | Intangible assets | 16,379 | 14,516 |
| II. | Fixed assets | 4,480 | 4,295 |
| III. | Buildings and land in finance lease | 16,181 | 16,700 |
| IV. Other financial assets | 5 | 5 | |
| V. | Deferred tax assets | 59 | 44 |
| 37,104 | 35,560 | ||
| B. Short-term assets | |||
| I. | Inventories | 13,279 | 9,595 |
| II. | Receivables from deliveries and services and from production orders | 9,909 | 6,878 |
| III. | Other short-term financial assets | 457 | 217 |
| IV. Other short-term assets | 496 | 944 | |
| V. | Claim for tax refunds | 298 | 392 |
| VI. Cash in bank and cash in hand | 12,267 | 9,665 | |
| 36,706 | 27,691 | ||
| 73,810 | 63,251 |
| in € k | 09/30/2014 | 12/31/2013 |
|---|---|---|
| Liabilities | ||
| A. Equity | ||
| I. Subscribed capital | 3,208 | 3,238 |
| II. Capital reserves | 0 | 0 |
| III. Retained earnings including group's earnings | 34,186 | 29,376 |
| IV. Other components of equity | 81 | -154 |
| 37,475 | 32,460 | |
| B. Long-term debt | ||
| I. Long-term liabilities | ||
| 1. Long-term liabilities to banks | 7,451 | 5,599 |
| 2. Other financial liabilities | 8 | 8 |
| 3. Liabilities from finance lease | 11,870 | 12,859 |
| II. Non-current provisions | 515 | 515 |
| III. Deferred tax liabilities | 2,569 | 1,193 |
| 22,413 | 20,174 | |
| C. Short-term debt | ||
| I. Other financial liabilities | 2,102 | 1,540 |
| II. Short-term accrual liabilities | 4,106 | 3,201 |
| III. Short-term other liabilities | ||
| 1. Liabilities from deliveries and services | 3,022 | 1,132 |
| 2. Other short-term financial liabilities | 2,105 | 2,355 |
| 3. Liabilities from finance lease | 2,153 | 2,151 |
| IV. Current tax liablilities | 434 | 238 |
| 13,922 | 10,617 | |
| 73,810 | 63,251 |
Group's annual balance sheet according to IFRS for the fiscal year from January 1, 2014 to September 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 | 4,073 | -40 | 168 | 128 | 4,201 | ||
| Share buyback | -58 | -944 | 0 | -1,002 | |||
| Dividend payment* | -982 | 0 | -982 | ||||
| Shareholders' equity as of 09/30/2013 |
3,268 | 0 | 28,645 | -111 | 0 | -111 | 31,802 |
| Total result | 1,489 | -43 | 0 | -43 | 1,446 | ||
| 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 | 7,419 | 235 | 0 | 235 | 7,654 | ||
| Share buyback | -30 | 0 | -1,090 | 0 | -1,120 | ||
| Dividend payment** | 0 | 0 | -1,519 | 0 | -1,519 | ||
| Shareholders' equity as of 09/30/2014 |
3,208 | 0 | 34,186 | 81 | 0 | 81 | 37,475 |
* 0.30 € per share
** 0.47 € per share
| Date | Venue | |
|---|---|---|
| 11/25-26/2014 | Deutsches Eigenkapitalforum 2014 (German equity forum) |
Frankfurt am Main, Germany |
| Date | Venue | |
|---|---|---|
| 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 An der Strusbek 60-62 22926 Ahrensburg Tel. +49 4102 463 0 Fax +49 4102 463 109
BASLER, INC. 855 Springdale Drive, Suite 203 Exton, PA 19341 Tel. +1 610 280 0171 Fax +1 610 280 7608
BASLER ASIA PTE. LTD. 35 Marsiling Industrial Estate Road 3 Singapore 739257 Tel. +65 6367 1355 Fax +65 6367 1255 [email protected]
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 Fax +86 21 6230 0251
BASLER CHINA (SHENZHEN)
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