VBH Magazin 4/2009

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VBH Magazin 4/2009
VBH Magazin
The Expert Brand for Window and Door Hardware
■ The VBH Knowledge Data BaseA
■ Through the Winter With greenteQ
■ Latent Potential - VBH in Central and Eastern Europe
4/2009
Dear Readers,
Christmas is just around the corner and it
is time to review the passing year: While
in former years mainly environmental
disasters dominated the the headlines
in the media – like the once-in-a-century
hurricane Katrina which devastated New
Orleans or the incredible Tsunami in Asia
which cost thousands of people their lives
– the all dominating topic in the year 2009
has been the hardest economic crisis
since the great depression of the 1930s
Due to the financial acrobatics of the big
international banks the world economy
nearly collapsed. The breakdown could
only have been averted by the massive
intervention of the central banks and by
governmental economic stimulus programs worth billions. Nevertheless the
world economy has experienced a considerable collapse and despite the beginning
of a trend towards stabilisation a return to
the good old times is still up in the air. Presumably there will be no way to estimate
the loss for the real economy caused by
the gambler mentality of the banks. Time
will show the consequences of the loss of
confidence in the social market economy
within the next years.
In face of these economic conditions the
VBH Group had to cope with a slump in
sales of about 12 to 13 % down to approximately 750 to 760 million €. Fortunately
the German business worked well after
a hard winter but could not compensate
the declining sales in Eastern and Western Europe. As a result the operating
VBH Magazin 04/2009
earnings of the VBH Group will fall to approximately 15 to 17 million €. Compared
to the business year 2008 this is a clear
downturn but compared to the result of
lots of other enterprises the trend of earning may be regarded as satisfactory. Due
to the reduction of the working capital the
cash flow remains on a sound level so the
financial reliability of VBH has not been
threatened at any time – though this is
not a matter of course in such bad times
and it shows that much has already been
achieved within the last years.
Even if the board does not expect a drastic improvement of the economic situation
VBH will consistently keep up with the
3-pillar-strategy of a well-directed internationalisation, the enlargement of the
product assortment and of the range of
services. In the present issue of the VBH
magazine we report about the several elements of this strategic approach: The report about the export department shows
the extraordinary challenges of international business. Our regional manager of
Central and Eastern Europe reports about
the potential of the region which we intend
to develop of step by step. The column
greenteQ shows the newest development
of our private brand which increasingly
gains in importance and meanwhile offers more than 400 products in 12 different categories. Finally we introduce you
to our redesigned knowledge data base
which is extremely popular with its users.
The magazine is rounded off by a report
about the VBH Network Future Meeting
which promotes the creating of networks
in the future.
All our efforts are aimed to offer you, our
customers and partners, the best-possible performance and the maximum benefit. We recognise that there is a certain
need for improvement concerning some
parts of our business and we have to
keep on optimising the work flow. This will
be our highest priority now and in future!
We wish you a wonderful Christmas time
and an excellent start to the year 2010.
Yours
Rainer Hribar
Dr. Ralf Lieb
Chief Executive Officer
Executive
Contents
THE COMPANY
Network Future
VBH - The Third Quarter 2009
04 - 05
IN FOCUS
The VBH Knowledge Data Base
06 - 09
SIMPLY
EVERYTHING
Through the Winter With greenteQ
10 - 11
EVERYTHING
SIMPLE
The VBH Export Department
12 - 13
WORLD-WIDE
VBH in Central and Eastern Europe
14 - 15
The VBH Magazine
Published four times a year
Editorial Office:
Johannes Rave
VBH Holding AG
Siemenstrasse 38
70825 Korntal-Münchingen
E-Mail [email protected]
Telephone 0049 7150 15279
Magazin 04/2009 VBH
Ralf Tendera
VBH Creates Networks for
the Future
Law of succession, Porsche and marketing trends –the second VBH network future meeting at the end of October aired many different topics which
may be significant for a company succession. During the event in Stuttgart
VBH promotes junior managers with
the creation of successful networks.
“Due to our role as a mediator between
supplier and customer we have excellent
contacts and act as a kind of junction in
the branch network,” explains Ralf Tendera, sales manager of VBH Southern
Germany. “So we started to get active
in order to link prospective business
successors and to provide a common
platform for the exchange of information
and to meet each other.” Main subject of
the two-day event series was the question what is important for businessmen in
the event of a company succession. The
programme of talks and presentations
was highlighted by topics like branding
strategies and human resource development; always illustrated by practical examples of every day life at VBH. So the
20 attendees got a realistic insight into
the work. Two guest speakers added to
the range of subjects. Prof. Rainer Kirchdörfer delivered an informative and entertaining speech about important topics
such as the law of succession and tax
law, and provided some useful tips for
the correct set up of marriage-contracts.
Prof. Dr. Dirk Hass of the Künzelsauer
Institut for Marketing talked about current marketing trends in the windows
sector and gave some information about
the necessary changes required to
meet customers’ changing future needs.
Successful Strategies for the Sector
“The event is aimed at the future,” states
Ralf Tendera. “We would like to show that
we are already thinking about sustainable
strategies for VBH, our customers and our
suppliers. As a market leader, one of our
responsibilities is to link all members of
the market and to promote them.” The
high number of attendees who visited the
first network future meeting two years ago
shows that VBH has found the right approach. At the second meeting the participants got the opportunity to strengthen private contacts on a visit to the new Porsche
Museum. “At the different regular sector
meetings our attendees meet time and time
again. When you are familiar to each other
it is much easier,” states Ralf Tendera, who
intends to repeat the event every two years.
Symbol and reality at the same time:
The participants of the network future meeting linked together in the mirror at the entrance of the new Porsche Museum.
04
VBH Magazin 04/2009
THE COMPANY
A Slight Recovery
in the 3rd Quarter
Of course VBH cannot totally resist the general negative trend caused by weak economic
conditions but, evaluating the quarters, sales
in Q3 experienced a slight positive development compared to the second quarter. Fortunately the German domestic business has a
stabilising effect with an increase in turnover
of 1.8 percent within the first nine months.
Even in the face of a slump in sales of 12 to13
percent for the business year 2009, the board
of VBH Holding AG expects an EBIT of 15 to
17 million Euros. In other words an obviously
positive annual result overall.
Key Figures at a Glance
NETWORK FUTURE
23./24. Oktober 2009 in Stuttgart
The consolidated sales of the VBH group
dropped by 14.7 percent down to 554.2
million Euros within the first nine months
of the business year 2009. Adjusted by
currency translation effects it results in
a slump of sales of 9.4 percent compared to the same period last year. The
company’s earnings before taxes (EBT)
dropped to 6.5 million Euros. The gross
profit margin rose slightly to 24.4 percent.
The completely diluted earning per share
(EPS) within the first three quarters 2009
dropped from 0.42 Euros down to 0.09
Euros per share. Within the reporting period the result could have been stabilised
by a cost reduction of nearly 8 million
Euros overall, compared to the previous
year value. The detailed quarterly report
may be downloaded from www.vbh.de.
Network Future in the Porsche Museum in Stuttgart
Magazin 04/2009 VBH
05
IN FOCUS
VBH Knowledge Data Base –
Pooled Knowledge from One Source
The VBH knowledge data base offers
the right information at the right time
for VBH customers. The information
is accessible via vbh24.de. Partners
and customers are involved, and can
exchange information with specialists
and can access an encyclopaedia of
more than 11,000 terms. An English and
Russian versions are in the pipeline.
The new knowledge data base was
activated in May 2009. Many customer concerns collected via a VBH
online survey influenced the redesign:
Easier, clearly arranged and with an
efficient full-text-search; even PDF attachments and related documents are
included. “Our main focus is set on
the customers’ feedback,” says project
manager Gudrun Lahm. The initial version started in 2006 in form of a Q &
A forum. Since than more than 1,700
issues have been pooled – a notable
amount of data. Nearly from the beginning the weekly newsletter informing
about the top-news was established.
With a new design and an enhanced usability the new knowledge data base is
successfully continuing the newsletter.
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VBH Magazin 04/2009
What connects the VBH
knowledge data base with Hawaii?
The new knowledge data base is a socalled wiki, the Hawaiian word for “quick”.
The best-known example of this new
groupware platform is wikipedia, the extensive online encyclopaedia. Wikis may
also be used to benefit companies. They
are an opportunity to share knowledge
and work on different topics together. Furthermore it allows for a direct feedback.
Other public wikipedias, corporate wikis
or also so-called enterprise wikis are often only meant for internal use. The VBH
knowledge data base is different again
because it is accessible for customers as
well as for partners and suppliers. “All participants may ask questions, comment on
threads or suggest a solution,” explains
Gudrun Lahm. “We are the expert for windows and doors fittings hence we are in
the situation to deliver top news and pool
a comprehensive expert knowledge for
our customers and partners in the new
knowledge data base at the same time.”
IN FOCUS
Most Important Topics at One Glance
The search box is the easiest and most
common method to exploit the content of
the knowledge data base. Notwithstanding special subjects are implemented
like a structure: The most important at a
glance:
• Behind the term „fittings wiki“ is a specialist encyclopaedia of more than 11,000
threads which may be browsed alphabetically. Definitions are illustrated.
• Furthermore there are nine new categories subdivided into VBH products:
fastening technologies, chemistry, components, window fittings, furniture fittings,
profiles and sealing, door fittings, tools,
machines, work wear and miscellaneous.
• The VBH private brand greenteQ has
its own category. All product data sheets
as well as test reports are available on the
VBH website.
• The column “words and deeds” takes
up the tradition of the initial version of a
Q & A forum of the first knowledge data
base of VBH. 1,700 questions and answers are filed and can be found easily.
Every day new questions of users are
added, responded to by specialists and
discussed by customers. Tips and tricks
complete the offer.
The access for customers, suppliers and
partners is www.vbh24.de
Magazin 04/2009 VBH
07
Wikis Promote the
Gudrun Lahm
Exchange of Knowledge
Professional, wiki-based knowledge data
bases like the VBH knowledge data base
are currently hotly debated because they
are the quickest and easiest way of information exchange. The VBH Knowledge
Database was a topic at the „Confluence
Community Day“ in Frankfurt, an expert
congress of enterprises which use internet-based groupware. Project manager
Gudrun Lahm introduced the data base
and gave a live demonstration.
Most of the enterprises make only internal
use of knowledge management software,
for example T-Systems International, a
subsidiary of Deutsche Telekom or the
IT-Concern Sun Microsystems. In contrast at VBH the knowledge data base is
not only aimed at the staff but generally
to customers and suppliers, too. “The efficient search of the wiki solution mainly
supports skilled trades to get quick information. To benefit from the circulation
of mobile terminals we also examine the
possibilities of a mobile access to knowledge data bases”, summarises Dirk Röhrborn, managing director of the software
house Communardo. He issued his most
important topics at www.communardo.de
Prof. Joachim Niemeier of the University
of Stuttgart, an expert for social media
and internet-based groupware, confirmed
in his speech that the VBH knowledge
data base is far ahead of other enterprises which are using their knowledge data
bases for internal purposes only. “It is obvious that the future asks for much more
08
VBH Magazin 04/2009
cooperation concerning the value chain
with customers and suppliers as well as
for the linking of enterprises in large networks”, says Niemeier. But Martin Koser,
consultant for online communication and
social media, underlines that in fact working on knowledge data bases will never
come to an end: “The data has to be updated consistently.” For VBH it is a pleasure to meet this challenge in order to provide added value to customers, partners
and suppliers.
IN FOCUS
Expert Interview
Know-How for Customers Gains
in Importance
Mrs. Lahm, the VBH knowledge data
base is your project at VBH. How did you
get to VBH?
Before I started working at VBH I lived in
Melbourne/Australia for a couple of years
and first I worked for Bosch, after that for
the online edition of the magazine ‘Stern’.
When I came back to Germany I benefited from my interview expertise. Beside the board different departments had
worked on the redesign of the knowledge
data base. The result is a successful cooperation with the help of specialists of a
software company.
That means that VBH sets great store on
this subject, doesn’t it? What are the advantages for VBH customers?
The knowledge data base pursues two
essential objectives: First to inform about
current topics and secondly to pool industry knowledge. The project is embedded in the brand concept with the claim
“Everything simple. Simply everything”.
The part “Everything simple” stands for
our services. It shows the importance of
the project.
Already Leonardo da Vinci stated:
“Knowledge is the offspring of experience”. Today knowledge and information
society know-how is increasingly gaining
in importance. As an expert brand for window and door fittings we offer the knowledge data base as a central contact point
to our customers. They benefit from the
know-how of our specialists and get the
right information at the right time.
May you describe a specific situation?
Well, a customer has got problems with
the sticky remnants of adhesive tape at
a PVC profile. It sounds as if it is an easy
question but our specialist offered different detailed solutions. Furthermore he
gave some tips which kind of solution is
the most useful one. It proved that the
situation was more complex than initially
expected and his advice was practical
and competent. The next time when a
customer may face the same problem he
will find the answer in the knowledge data
base. This is an important contribution to
record user knowledge.
What is your next objective on the further
development of the VBH knowledge data
base?
Our objective for the further developement of the knowledge data base is the
consistent and optimal adjustment of the
offer to the user demands and hence to
create added value for customers, partners and suppliers.
Magazin 04/2009 VBH
09
SIMPLY
EVERYTHING
Through the Winter With greenteQ
With about 400 articles in 17 product
categories greenteQ, the new VBH
house-brand offers nearly everything
for the manufacture and installation
of windows and doors. This includes
special products with proven performance characteristics which are
suitable for use in the toughest of
conditions. greenteQ winter gun foam
and VARIO 3 Joint Sealing Tape deliver perfect results in the cold season.
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VBH Magazin 04/2009
greenteQ 1C Winter Gun
Foam B2 750ml
This gun foam was developed especially
for use at low ambient temperatures and
guarantees a problem-free installation,
even at temperatures below -5°C. greenteQ 1C Winter Gun Foam B2 is free of
ozone-depleting propellants, rot-proof
and temperature-resistant from -40 up
to +100°C. Due to its low thermal conductivity of 0.04 W/mK and its excellent
insulation properties the foam is ideal for
use as a filler on window installations,
for the insulation of joints on windows
and roller shutter boxes and foam-filling
smaller cavities. A high discharge velocity even at low temperature as well as its
fine-cell structure allows for a quick and
clean application, making winter foam
particularly user-friendly.
greenteQ 1C Winter Gun Foam B2
750ml adheres to common building surfaces and has a general building authority test certificate (class B2 according to
DIN4102, part 1).
greenteQ Vario 3 Joint
Sealing Tape – All in One.
And for All Seasons.
greenteQ VARIO 3, the innovative 3-layer joint sealing tape, stands the test even
in the cold season. Due to the special
material characteristics the sealing tape
may be assembled without any problems
even at frosty subzero temperatures.
One can count on the 3-fold sealing effect of greenteQ VARIO 3. Hence interruption of window installations due to
frost is now a thing of the past.
The new multifunctional greenteQ
VARIO 3 Joint Sealing Tape combines
three sealing functions in one tape:
Outdoors the greenteQ sealing tape
provides high resistance against pelting
rain with 600 Pa. The intermediate layer
provides thermal and acoustic insulation. Indoors the tape is hermetically
sealed and vapour dampening.
greenteQ VARIO 3 is green by nature
as well as name: The airtight sealing
according to EnEV (Energy Conservation Regulations) 2009 and the thermal
insulation regulations ensure a reduction
of the heat requirement and thus a reduction of CO2 emissions, making it for
zero-energy housing. The product itself
is emission-free and environmentally
sound. It contains neither carcinogenic
nor allergenic substances, so is harmless during installation as well as during
its ongoing life, as there will be no emissions into the atmospheric environment.
SIMPLY
EVERYTHING
Teflon-Coated Metal Gun
The new greenteQ Teflon-coated metal
gun is designed for use with all greenteQ
foam cans. Both the adapter and body are
Teflon-coated allowing remnants of foam
to be removed easily. The return valve ball
consists of foam-repellent Teflon to avoid
sediments. A special seal combination replaces the adjustment of the needle gasket
by hand and the variably adjustable output results in a clean spraying action. This
makes the precise filling of joints easier
and speeds up the accurate and wastefree installation of windows and doors.
greenteQ-Silicons – Proven
Edge Seal Compatibility!
In order to ensure the quality of greenteQ
products they have always had to undergo
tests and trials. Currently the edge seal
compatibility of greenteQ FA-Silicon Alkoxy
transparent and coloured in connection with
the insulating glass sealing compounds
Kömmerling GD 115 Butyl, GD 116 PS and
GD 677 PU has been confirmed. FA-Silicon
Alkoxy of greenteQ may even be used together with these sealants. Furthermore ift
Rosenheim successfully tested greenteQ
FA-Silicon Oxy transparent and coloured.
They fulfil the requirements of the sealant
group E according to DIN 18545-2.
Test reports as well as verifications are available under www.vbh.de or directly at VBH.
Magazin 04/2009 VBH
11
Hans-Martin Kirn
„We Export to Any Country
of the World“
An accurate planning and the precise
knowledge of country-specific import
regulations are the basis for a swift
and cost-efficient transfer of goods.
The export department of VBH knows
these particularities and settles all
formalities with numerous authorities
and state institutions.
Each year about 1,000 major consignments are handled in the export department of VBH. It is important that the value of goods is proportional to the freight
charges as Hans-Martin Kirn, head of
the department, explains: “Here we assemble the incoming orders and bundle
12
VBH Magazin 04/2009
them for large consignments. Otherwise the freight charges would quickly
go beyond the scope.” Once or twice a
week major deliveries are dispatched
to each region of the world - via truck,
airfreight or vessel. Hans-Martin Kirn
regards himself and his staff as service
providers for suppliers as well as for the
regional companies: “We settle all customs formalities under consideration of
the respective import regulations and
at the same time we optimise freight
charges. Without us our suppliers and
customers would have to do it themselves.” His department is responsible
for exports to countries outside of the
EU as well as for countries within the
borders of the EU. “So we also assume
the mandatory collection of intrastat
data and transmit it to the relevant Federal Office in Wiesbaden.”
EVERYTHING SIMPLE
Special Regulations for Wood Glue, Chocolate and Transport Pallets
As needed the goods are put together
individually in our export warehouse in
Fredersdorf near Berlin. If it is urgent
also smaller consignments may be dispatched. It is crucial to balance time and
costs. And to keep the particular import
regulations in mind: “Almost each country has got its own regulations which
have to be observed”, tells Kirn. “It starts
with hygiene and ends with the packages.” For example some countries do not
allow the use of wooden transport pallets because they are afraid of imported
pests. This includes China. If at all, only
germfree and certified by the ministry of
agriculture. The import of wood glue to
Turkey is only possible with a complex
special permit and chocolate may end
at the Russian border. A couple of years
ago a truck was stuck there some days
only because of chocolate,” remembers
Hans-Martin Kirn: “In fact we don’t do
business with food but in terms of promotional gifts food may be part of a
delivery. For the import of chocolate to
Russia numerous certificates and verifications are obligatory.” Only after the
missing documents had been handed in
later the truck was allowed to drive on.
Electronic Recording of
the Custom Documents
exports in the middle of the year most of
the export procedure works paperless.
But Hans-Martin Kirn and his team do
not only conduct the export to countries
with a VBH subsidiary, on demand they
also ship goods directly to manufacturers in South Africa, Canada or Namibia.
Surprisingly Namibia is not more complicated than Spain states Kirn: “We hardly
ever have problems there,” he laughs.
“Only once we had complications with
the shipment of a completely new truck the largest export good ever since. But it
worked out as well.”
At all it is not easy to keep track of the
quickly changing regulations. Therefore
the staffs of the export department is constantly keeping contact to the authorities,
state institutions and the Chamber of Industry and Commerce which regularly
inform on the current provisions. Since
the implementation of electronic ATLAS
Magazin 04/2009 VBH
13
KONZERN
Andrzej Wyszogrodzki
Latent Potential in Central
and Eastern Europe
Twenty years have gone by since the fall
of the Berlin Wall and the opening of the
markets of Central and Eastern Europe.
Countries like Poland, the Czech Republic and Hungary have experienced
a considerable development, but the
region still offers a great potential for
manufacturers and suppliers.
Particularly in Poland the development
has been dynamic. Due to the large domestic market a well-working business for
windows and doors could have been established within a very short time. “In fact
the speed of this development has been
a surprise for all market participants,” reports Andrzej Wyszogrodzki, the person
in charge for the whole region of Central
and Eastern Europe and managing director of VBH Poland. “In the beginning
it had been a real challenge to keep up
with the market.” 1992 saw VBH take
the courageous step beyond the borders
of the former Iron Curtain and right from
the beginning we seized and shaped the
market. To be close to the customers
VBH set up subsidiaries in all large cities
within a short time. Meanwhile the Polish
market has consolidated and in course of
a market concentration there are powerful manufacturers especially in the plastic window industry. In 2008 even more
plastic windows were produced in Poland
than in Germany and manufacturers used
their capacity to export also to the neighbouring countries.
In Bulgaria and Romania the
Huge Wave of Modernisation
is Still Pending
A similarly positive development took
place in Hungary and in the Czech Republic but the product structure in the Czech
market is noticeably different. In Poland
mainly the price of a product is important
whilst the Czechs set great store by the
quality. Also the percentage of products
for installation and door and furniture fittings is quite higher than in Romania or
Bulgaria. “Refurbishment and modernisation is always taking place in waves. The
first wave is the renovation of the façade,
followed by the second and third wave of
the interior modernisation”, explains Andrzej Wyszogrodzki. “This fact is directly
connected with the increased spending
power. Hungary and the Czech Republic
are already highly-developed, Bulgaria
and Romania are still at the initial stage.”
Good Chances for
Manufacturers and Suppliers
As the Bulgarian market had been concentrated on the construction of hotels in
the tourist regions and commercial real
VBH Polska (from left to right):Piotr Siemiątkowski, Jarosław Król, Artur Sypniewski, Edyta Rudzka, Vladimír Kmec, Justyna Migal, Andrzej Wyszogrodzki (managing director VBH Polska), Barbara Simińska-Barańska, Elżbieta Perkowska, Krzysztof Piątkowski, Tadeusz Mądry, Cezary
Woźniak, Vahe Yedigaryan, Piotr Wojtal, Andrzej Migal
14
VBH Magazin 04/2009
WORLD-WIDE
estates in the major cities, the country
was especially affected by the finance
crisis. The weakly developed domestic
market was not in the situation to compensate the lack of foreign investment
and the demand collapsed by 50 per
cent. The situation in Romania is different. Due to a far greater understanding of
the need for energy-efficient modernisation, respective promotional programmes
had been set up. “All in all the whole region disposes of a great potential due to
the enormous need of extensive renovations,” says Wyszogrodzki. “Hence we
look ahead with positive expectations and
wait for the times after the economic crisis.” With our own regional companies in
the Czech Republic, in Lithuania, Latvia,
Romania and Belarus VBH is already
well-prepared. “In most of the countries,
particularly in Poland and the Czech Republic, we are in a very strong and solid
position, which helps us to get through
the difficult time”, he advises.. He believes that the region is now at the bottom. “When the global economy recovers
again the crisis of the construction industries in Central and Eastern Europe will
last no longer than till the middle or the
second half of next year. Maybe in Poland
the situation may improve even earlier.”
Market Opportunities in Bulgaria and Romania
In the interview Andrzej Wyszogrodzki,
regional manager of Central and Eastern
Europe, talks about the chances and risks
for suppliers and manufacturers.
Mr. Wyszogrodzki, which products will be
in special demand in the coming years?
At present we still have a deficit in the
area of wooden and wooden-aluminium
windows in Bulgaria and Romania while
PVC is offered disproportionately. In the
medium to long term mainly wooden-aluminium windows will be in demand. German products enjoy a reputation for quality. But due to the financial situation often
the more financially favourable product is
the choice. Hence the chances to settle
down are especially high for manufacturers with know-how and a local production.
What is the present market structure like?
domestic players or by exports. Mainly
in Bulgaria the market is shaped by numerous small businesses which offer the
whole service from the production to the
installation out of one hand. They will
have to specialise to keep up with the
competitors from abroad. This offers the
opportunity for foreign market participants
to enter the market by acquisitions.
What is the VBH strategy?
In Bulgaria and Romania there will be no
one-to-one development like in Poland.
So we are going to alter our market strategy respectively and we will benefit from
our long-term experiences in the whole
region. By means of a properly done restructuring in Romania we have been
successful in improving the sales and the
financial result in contrast to the market
situation and we grew upstream. Our staff
deserve a special compliment for this
success.
In Bulgaria and Romania the huge wave
of modernisation is still pending and this
offers a great potential. The question is
if the future market will be dominated by
Headquarters (above) and the central warehouse of VBH Polska in Warsaw
Magazin 04/2009 VBH
15
VBH in Argentina
www.vbh-holding.com
VBH in Estonia
www.vbh.ee
VBH in Latvia
www.vbh.lv
VBH in Singapore
www.vbh.com.sg
VBH in Australia
www.vbh.com.au
VBH in Germany
www.vbh.de
www.esco-online.de
VBH in Lithuania
www.vbh.lt
VBH in Slovakia
www.vbhslovakia.sk
VBH in Malaysia
www.vbh.com.my
VBH in Slovenia
www.vbhtrgovina.si
VBH in Mexico
www.vbh.com.mx
VBH in Spain
www.vbh.com.es
VBH in Montenegro
www.vbh.co.me
VBH in Thailand
www.vbh.co.th
VBH in Netherlands
www.vbh-nl.com
VBH in Turkey
www.vbh.com.tr
VBH in Poland
www.vbh.pl
www.esco.com.pl
VBH in the United Arab Emirates
www.vbhme.com
VBH in Austria
www.evg.at
VBH in Belarus
www.vbh.by
VBH in Great Britain
www.vbhgb.com
VBH in Greece
www.vbh.com.gr
VBH in Belgium
www.vbh.be
www.vbh-hody.be
VBH in Hungary
www.vbh.hu
VBH in Bosnia-Herzegovina
www.vbh.ba
VBH in India
www.vbh.in
VBH in Bulgaria
www.vbh.bg
www.siecom.bg
VBH in Ireland
www.vbh.ie
VBH in China
www.vbh.com.cn
VBH in Italy
www.vbh.it
www.cdagroup.com
VBH in Croatia
www.vbh.hr
VBH in Kazakhstan
www.vbh.kz
VBH in Cyprus
www.vbh.com.cy
VBH in Kosovo
www.vbh-kosovo.de
VBH in Czech Republic
www.vbh.cz
VBH in Kuwait
www.vbh.com.kw
VBH in Portugal
www.vbh.com.es
VBH in Romania
www.vbh.ro
VBH in Russia
www.vbh.ru
VBH in Serbia
www.vbh.rs
VBH in Ukraine
www.ofir.ua
VBH in Vietnam
www.vbh-vn.com

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