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. 06 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. 10 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