Esco Financial and Engineering Co.
efeco
Annual Report 2008
Contents
Page 3 4 6 9 10 12 13 14 15 Management Report In Memoriam Outlook into 2009 and beyond Esco Couplings & Transmissions Pvt Ltd Applications Audited Consolidated Financial Statements Consolidated Balance Sheet Consolidated Income Statements Significant Ratios Valuation Rules List of Consolidated Companies Statutory auditor’s report
Esco Financial and Engineering Co.
Management Report
Fiscal year under review has been another good year for the ESCO Group. Consolidated incomes increased by 3,5% to reach 48.655.414 Euro and consolidated net profit reached a slightly lesser level than in 2007 to 1.051.316 Euro. Consolidated cash flow reached 1.787.790 Euro. All ESCO Companies have enjoyed a strong level of activities during the first nine months of this fiscal year 2008. Results of the year have been overshadowed by a decline in business in the last quarter, which has continued to decrease through 2009. All distributing Companies of Efeco have been surprised by the sudden drop of activities during the last quarter of 2008 when their customers began to postpone deliveries and later to cancel orders. Considering that the delivery times were for some of our suppliers up to 12 to 14 months, stock of finished products has increased considerably at the end of the year, which explains the 21% stock increase compared to the same period of last year. This has had an impact on the liquidities of the Efeco’s Companies especially during the first quarter of 2009, but it has now returned to normal. ESCO Couplings & Transmissions Pvt Ltd in Bangalore (India) is for the first time included in the scope of consolidation of Efeco. Sales activities have started by selling products from existing suppliers from the Efeco portfolio. Manufacturing activities have started in October 2008 allowing the Company to gradually serve the Indian market with locally made products. As already mentioned in the previous report, Efeco has incorporated on October 15, 2008, ESCO Transmisja Mocy Sp.z o.o. located in Łódz (Poland). This will allow us to be present in this country but also in the surrounding countries and is a gateway to the Eastern European countries. This Company is not integrated in present Consolidated Statements. Results of the Group have somewhat been affected by accruals and provisions considered necessary for reorganization due to the decision of Hitachi to enter into a worldwide exclusive agreement with Omron for the sales of their frequency inverters. ESCO Drives & Automation N.V. (Belgium) and ESCO Transmissions S.A. (France) have received Hitachi’s notice of intent to cancel the existing exclusive distributor agreement. Important changes in shareholders equity occurred on October 19, 2008, when minority shareholders sold their shares in ESCO Power N.V., ESCO Couplings N.V., ESCO Drives & Automation N.V. and ESCO Transmissions N.V. to Efeco. In fact, those shares were held privately by the owning family of Efeco. This makes that at fiscal year closure (December 31, 2008) Efeco owns 99, 9% of ESCO Power N.V., ESCO Couplings N.V., ESCO Drives & Automation N.V. and ESCO Transmissions N.V. The Board of Directors of Efeco by its meeting of June 15, 2009 has given the green light to establish a Company in Hong Kong. This 100% Efeco Company will be a financial platform for all ESCO’s business in Asia and is considered as a preliminary step to establish an ESCO Company in mainland China. As per January 1, 2009, the two German Companies changed their names and became respectively “esco antriebstechnik gmbh” and “esco süd antriebstechnik gmbh”. Now, all Efeco’s Companies bear the name of ESCO.
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In Memoriam
In the evening of December 21, 2008, Mr Eugène Schmidt has passed away. He was 87. He was the founder and owner of the ESCO Group, where the name of ESCO comes from Eugène Schmidt and Company. The ESCO Group has later been changed to “Efeco” standing for “Esco Financial and Engineering Company”. Here below are the main steps related to the creation of the Company and its continuous expansions. Mr Eugene Schmidt started his career at the end of 1945 by founding the Consortium Technique “COTEC”. From the very beginning, right up to the present day, the key to his success is unchanged: “If we don’t solve the customer’s problem, we don’t sell”. This basic principle has, over the years, generated constant developments inside the Company, the main steps being:
1946 – Moss/UK Gearboxes were added to the Reeves Pulleys and Drives sales programme. The Company moved to new offices: 15, Place St.-Catherine, Brussels. 1947 – An intense market demand for earthmoving equipment and accessories was answered by the acquisition of sales rights of hydraulic transmissions from the British Twin Disc and Clarifiers/UK, a European associated Company of the U.S.A. Twin Disc Clutch Company. 1951 – The offices and stock moved to 7, Bvd. Emile Bockstael; the staff numbered then three engineers. 1956 – The constant development in sales of Twin Disc products created the necessity to establish a separate Company: “Power Transmissions Engineering”. 1957 – The first important step outside Belgium, a Company called “Eugene Schmidt and Company” was born in Köln/West Germany. 1958 – January 2, creation of “S.P.R.L. Eugene Schmidt and Company”, in Belgium, which was recognized on the market as “ESCO”
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1960 – A new foothold on the international scale, with a new Associated Company, Esco S.A./France. 1963 – “Power Transmission Engineering Nederland N.V.” was created to answer the market pressure for marine transmissions in The Netherlands. 1969 – The two Belgian based Companies, Esco and Power, merged together to form “Escopower Transmissions Engineering Cy”. At this stage, the group employed around 100 employees; more than the half were engineers or technicians belonging to technical, sales and after-sales departments. 1976 – In the year our Company received its actual denomination and changed to a shareholding Company, “N.V. Esco Transmissions S.A.” New investments in high technology equipment associated with high performance computers and word processors made the personnel of Esco Alphen a/d Rijn, Diegem, Survilliers, Troisdorf, together with our worldwide sales distribution network today, more than ever, ready to satisfy the customer’s needs of tomorrow. 1995 – “ESCO Transmissions N.V.” lost its shareholding company status and became only an industrial Company. All Companies integrated in this former shareholding structure and all other ESCO Companies were integrated in a new shareholding Company called “Efeco S.A./N.V.” which is the abbreviation of “ESCO Financial and Engineering Company”. 2004 – Belgian ESCO Transmissions N.V. was partially split by creating three new Companies: “ESCO Couplings N.V.”, “ESCO Drives & Automation N.V.” and “ESCO Power N.V.”. All this has been the work of a man born to be an “Entrepreneur” with a strong belief in the future and most of all in his people. Those who have had the opportunity to know Mr. Eugène Schmidt, to work with or for him know that we have lost a great man.
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Outlook into 2009 and beyond
Fiscal year 2008 was good for all Efeco’s Companies and the results presented in this report show that ESCO Companies had a strong level of activities. However, the first premises of a slow down came after summer holidays and nearly all ESCO Companies have registered a strong degradation of their business in November and December 2008. Starting 2009, the worldwide economy was in recession. You will find hereafter a small summary of what has happened in 2008 and what was the situation during the first 6 months of 2009, and the expectation for the second semester. Companies which suffer the most during this recession are the ones present in the automotive and construction industries. Generally, ESCO Companies are not present in automotive industries but some of them are well present in the construction industries selling products for off highway vehicles. ESCO Couplings N.V. increased incomes in 2008 by 15% to reach 11.825.510 Euro compared to 2007 which was already 19% higher compared to 2006. However, this important increase of incomes in the last two years was only possible by sub-contracting a large part of this increase because our own manufacturing facility located in Diegem (Belgium) was at the limit of its capacity and our new Company in India, ESCO Couplings & Transmissions Pvt Ltd, has started effectively to manufacture in January 2009. ESCO Couplings N.V. had to cope with following challenges in 2008: • Find new sub-contracting companies able to produce our parts and having free capacity. This was very difficult as most of them had a strong level of activities. • Negotiate with raw material suppliers as their prices got constantly higher and try to transfer those increases to customers. This was well possible for our standard coupling ranges but much more difficult for our high speed and rail couplings. • Increase the number of persons at assembly and quality control departments to guarantee quality coming from sub-contracting companies and get higher outputs. • Implement the manufacturing structure and provide technical support to install ESCO Couplings & Transmissions Pvt Ltd as a second manufacturing and selling entity of ESCOGEAR and ESCODISC couplings into Efeco. The year 2008 was in fact a difficult year for ESCO Couplings N.V. The main targets were to produce more in a very difficult industrial situation with price levels which could not always be retroceded to the customers. However, quality and higher production capacity have allowed ESCO Couplings N.V. to keep its customer base intact for the coming years. Despite the dramatic changes in 2009 as worldwide economy has been hit by recession, ESCO Couplings N.V. has only been very limitedly affected by this downturn. ESCO Couplings N.V. has well registered a slightly slow decrease in orders for standard couplings but orders for high speed and special couplings kept strong. Large orders for rail couplings have been booked in the first semester of this year for projects in Europe but mainly in Asia, which can compensate the slow down in other coupling ranges. ESCO Couplings N.V. has an order book of more than 11 million Euro early August and has introduced a third shift on some machines to satisfy customers’ request. ESCO Couplings N.V. is very pleased to see that main manufacturers in the railway industry located all over the world trust ESCO Couplings N.V. products and incorporate them in their high speed trains, metros or trams.
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ESCO Couplings N.V. is expected to book good results in 2009 as industrial situation is now much more favourable and ESCO Couplings & Transmissions Pvt Ltd is in operation. Incomes at ESCO Couplings & Transmissions Pvt Ltd in 2008 amounted to 7.112.701 Indian Rupees which represent 112.900 Euro (exchange rate of 1 Euro for 63 INR). Manufacturing of ESCO couplings has started in October 2008 but effectively operating at the end of first quarter 2009. Sales of ESCO Couplings & Transmissions Pvt Ltd in fiscal year under review were made in products purchased from abroad: ESCOGEAR and ESCODISC couplings from ESCO Couplings N.V. and ESCO Nexus composite couplings for cooling tower applications.
ESCO NEXUS composite coupling with a 5,1 meter shaft for cooling tower application in India
ESCO Couplings & Transmissions Pvt Ltd is now manufacturing on a 2 shift basis and is actively selling into the Indian market. Incomes for the second quarter (April 1 to June 30) amounted to 9.013.298 Indian Rupees which is 143.068 Euro. As Asia is taking more and more a bigger share of our business (purchases and sales), it has been decided to establish a Company in Hong Kong which will act as a shareholding and investment structure. This Company will support and add more proximity to any commercial or financial activities within the Asian market.
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The pleasure craft market nearly collapsed in the second half of 2008 but the workboat and service boat markets remained stable as previous years. ESCO Power N.V. (Belgium) and ESCO Aandrijvingen bv (The Netherlands) are mainly active into this market and therefore less affected by the pleasure craft catastrophic situation. ESCO Transmissions S.A. (France) is mainly active in the workboat and service boat market but has, as well, some service activities for pleasure craft boats on the French Mediterranean coast. As shipments of US made Twin Disc marine gears ordered end 2007 and in 2008 have arrived at the end of year 2008 and beginning of 2009, incomes on marine transmissions in 2009 are expected to be stable despite cancellation of some orders from some of our customers. The off highway vehicle market started to decline after summer vacation of 2008 and remained very poor during several months. Manufacturers of vehicles have accumulated stock of machines and will only start to order again when construction industries start again. ESCO Transmissions N.V. (Belgium) and esco antriebstechnik gmbh (Germany) especially have large customers in the construction industry and have suffered from this situation. However, some signs of recovery are in sight as some vehicle manufacturers have acknowledged ordering again or increase order quantities as from September 2009 on. ESCO Drives & Automation N.V. (Belgium), ESCO Transmissions S.A. (France), esco antriebstechnik gmbh (Germany) and esco süd antriebstechnik gmbh (Germany) are the ESCO Companies active into electrical and electronic power transmission equipment within Efeco, what we call Drives and Automation activities. Like all other industries during this recession time, ESCO Companies or ESCO departments active in this field have suffered as far as they have customers present in the construction and automotive markets. Unfortunately, our two German Companies have large customers in the construction market which have generated an important drop in the sales of frequency inverters. ESCO Drives & Automation N.V. (Belgium) and ESCO Transmissions S.A. (France) have been less affected by the economic downturn. However, their main challenge is to seek a new collaboration with a new manufacturer of frequency inverters as Hitachi has already notified its willingness to cancel our exclusive agreement. ESCO Drives & Automation N.V. (Belgium) and ESCO Transmissions S.A. (France) are seeing interesting opportunities in selling large low and medium voltage soft starters for general purposes and ship applications. As a perfect added value between marine and Drives and Automation departments or Companies, several ESCOVIEW touch panels designed by ESCO Drives and Automation N.V have been sold together with Twin Disc marine gears and their controls. (See page 11 of Annual Report 2007)
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ESCO COUPLINGS & TRANSMISSIONS Pvt Ltd
A new ESCO entity has been set up in India in 2007. The first months were dedicated to arrange premises and hire personnel to run the Company. At present, the Company employs 11 persons and has all the necessary functions in house to sell into the Indian market and to manufacture products to serve the sales into this market. New machines have been installed to allow ESCO Couplings & Transmissions Pvt Ltd (ECTPL) to manufacture ESCO standard gear and disc couplings. A gear shaper machine has been retrofitted at ESCO Couplings N.V. and has arrived in Bangalore in October 2008.
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Applications
Medium voltage soft starter installation
The supply of gas to customers in Belgium is coming from a central terminal located in Zeebrugge receiving gas by pipeline or by LNG (Liquid Natural Gas) ships. Being first stocked in liquid condition, gas is then sent according to needs to the gasification installation to transform gas from liquid form to gas form. The transfer of the liquid gas to the gasification installation is made through 6 medium voltage pumps. Medium voltage means in this installation 6.000 Volt compared to the usual low voltage in our home of 220 volt. This stocking and gasification installation has started duty in 1978 and regular maintenance of the installation has shown that pump shafts became twisted. The repair of those twisted shafts was a delicate and expensive operation. Long researches to find the causes of this distortion have led to the finding that the cause was high peak torque at the starting of the pumps. The best solution to solve this problem was the installation of medium voltage soft starters to achieve a smooth start and acceleration of medium voltage electric motors. ESCO Drives & Automation N.V. has won the bidding against big industrial electric and electronic companies by selling and installing Solcon medium voltage soft starters. ESCO Drives & Automation N.V. is distributing Solcon soft starters since many years and has sold till now low voltage soft starters for industrial applications. It is the first time for ESCO Drives & Automation N.V. and for any ESCO Company to sell a medium voltage soft starter.
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Drilling rig
esco antriebstechnik gmbh is delivering MPD 18 for on-shore drilling rig and MPD 22 for off-shore drilling rig. MPD are used here as pump drives and are manufactured by Transfluid srl. The complete hydraulic power of the off-shore drilling rig uses three power packs with three MPD 22 having 880 KW each. Main drive of the MPD is an electric motor. Main advantage of MPD is to allow a through-drive connection for the main pump of 500 KW, which is a unique advantage against competitors’ products. Remaining four power-take-offs are fitted on the MPD to drive additional pumps in a very limited space.
On shore drilling rig with three MPD 18
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Audited Consolidated Financial Statements
per 31/12/2008 All amounts are in euros
Consolidated Balance Sheet ASSETS
2007 FIXED ASSETS
Formation expense Intangible assets Positive consolidation differences Tangible assets Financial assets 4.219.060,00 37.062,00 3.800.678,00 381.320,00 31.271.585,00 3.473.510,00 15.236.459,00 10.104.562,00 167.993,00 2.147.863,00 141.198,00
2008
4.428.220,00 1.062,00 34.827,00 61.028,00 4.217.304,00 113.999,00 34.325.452,00 2.583.692,00 18.454.436,00 10.550.022,00 386.983,00 2.159.920,00 190.398,00
CURRENT ASSETS
Amounts receivable after one year Stock and contracts in progress Amounts receivable within one year Investments Cash at bank and in hand Deferred charges and accrued income
TOTAL ASSETS
35.490.645,00
38.753.671,00
LIABILITIES
SHAREHOLDERS EQUITY
Capital Revaluation surpluses Consolidated reserves Negative consolidation differences Translation differences 13.242.539,00 3.000.000,00 1.818.394,00 8.424.145,00 1.792.364,00 14.212.400,00 3.000.000,00 1.818.394,00 9.292.085,00 214.409,00 -112.488,00 -
MINORITY INTERESTS PROVISIONS, DEFERRED TAX AND LATENT TAXATION LIABILITIES
Provisions for liabilities and charges Deferred tax and latent taxation liabilities
3.470.923,00 3.458.768,00 12.155,00 16.984.819,00 2.809.174,00 13.993.816,00 181.829,00
3.377.766,00 3.375.689,00 2.077,00 21.163.505,00 5.058.145,00 15.902.188,00 203.172,00
CREDITORS
Amounts payable after one year Amounts payable within one year Accrued charges and deferred income
TOTAL LIABILITIES
35.490.645,00
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38.753.671,00
Esco Financial and Engineering Co.
Consolidated Income Statements 2008
2007
Operating income Less: Operating charges Operating profit Plus: Net financial profits Profit on ordinary activities before taxation Less: Net extraordinary charges Profit for the financial period before taxation Less: Income taxes Consolidated profit
Share of the group Share of third parties
2008
48.655.414,00 -46.840.288,00 1.815.126,00 -561.210,00 1.253.916,00 1.253.916,00 -202.600,00 1.051.316,00
927.639,00 123.677,00
46.975.531,00 -45.396.839,00 1.578.692,00 49.517,00 1.628.209,00 -56.319,00 1.571.890,00 -355.379,00 1.216511,00
998.630,00 217.881,00
Significant Ratios
Shareholder’s equity + Minority interests (Mi) Total liabilities 42,36 % 36,83% 58,60% 13,00% 47,07% 1.815.126,00 1.253.916,00 1.787.790,00 191
Shareholder’s equity + Mi + Provisions + Long term debts 60,06 % Total liabilities Long term financial debts Total liabilities Financial net debts Shareholder’s equity + Mi Operating profit Profit on ordinary activities before taxation Net Cash Flow Average number of persons employed 7,91 % 32,90 % 1.578.692,00 1.628.209,00 2.648.460,00 176
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Valuation rules of the Consolidated Financial Statements
1. Fixed Assets 1.1. Land and buildings : actual market value applicable as per 1/1/2003. 1.2. Other : net accounting value. 1.3. Depreciation rates : • Land : 0 % • Building : 3 or 5 % • Plant, machinery and equipment : 20 % • Furniture and vehicles : 20 % • Tools : 33 % Stock valuation • Goods : average weighted method including approach costs. • Finished products : standard cost including raw materials, subcontractor costs, direct industrial costs and general expenses ratio. • Depreciation rule on slow moving stock : according to market price if lower than purchase or standard cost price. Doubtful clients • Bankruptcy : 100 % depreciation in first year. • Claims : according to legal and economic approach, case by case. Rate of exchange : 31/12/2008. Group taxation rate : 34 %. Method of deferred tax : liability method. Method of assets deferred tax used if tax losses brought forward.
2.
3.
4. 5. 6. 7.
List of Consolidated Companies
Companies Efeco S.A./N.V. Esco Transmissions N.V. Esco Power N.V. Esco Couplings N.V. Esco Drives & Automation N.V. Esco Transmissions S.A. esco antriebstechnik gmbh esco süd antriebstechnik gmbh Esco Aandrijvingen bv Esco Couplings & Transmissions Pvt. Ltd Belgium Belgium Belgium Belgium Belgium France Germany Germany The Netherlands India Consolidation method Full Full Full Full Full Full Full Full Full Full
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Statutory auditor’s report
AUDITOR’S REPORT TO THE GENERAL MEETING OF SHAREHOLDERS OF THE COMPANY ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31ST, 2008 Ladies and Gentlemen, In accordance with legal requirements, we report to you on the performance of the audit mandate that has been entrusted to us. This report contains our opinion on the consolidated financial statements as well as the required additional comment Our assignment concerns the audit of the consolidated financial statements of the Group «EFECO». Unqualified opinion on the consolidated financial statements We have audited the consolidated financial statements for the year ended December 31st, 2008, prepared in accordance with the legal and regulatory requirements applicable in Belgium, and which show total assets of 38.753.671,51 EUR and a profit for the year of 1.051.315,76 EUR. We have audited the statutory financial statements of the Belgian companies included in the consolidation. In the case of companies with registered offices abroad, qualified external auditors whose competence and independence were verified, have audited the statutory financial statements. We have based our audit on their statements. The Board of directors is responsible for the preparation of the consolidated financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of onsolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with legal requirements, and the auditing standards applicable in Belgium, as issued by the Institute of Registered Auditors (Institut des Réviseurs d’Entreprises/Instituut der Bedrijfsrevisoren). Those standards require that we plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement, whether due to fraud or error In accordance with these standards, we have performed procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we have considered internal control relevant to the group’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the group’s internal control. We have assessed the basis of the accounting policies used, the reasonableness of accounting estimates made by the company and the presentation of the consolidated financial statements, taken as a whole. Finally, the board of directors and responsible officers of the company have replied to all our requests for explanations and information. We believe that the audit evidence we have obtained provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements for the year ended December 31st 2008 give a true and fair view of the Group’s financial position and the results of its operations in accordance with the legal and regulatory requirements applicable in Belgium. Additional comment The preparation and the assessment of the information that should be included in the directors’ report on the consolidated financial statements are the responsibility of the Board of directors. Our responsibility is to include in our report the following additional comment, which does not modify the scope of our opinion on the consolidated financial statements : The directors’ report on the consolidated financial statements deals with the information required by law and is consistent with the consolidated financial statements. We are, however, unable to comment on the description of the principal risks and uncertainties which the entities included in the consolidation are facing, and on their financial situation, their foreseeable evolution or the significant influence of certain facts on their future development. We can nevertheless confirm that the matters disclosed do not present any obvious inconsistencies with the information that we became aware of during the performance of our mandate. Brussels, June 15th, 2009
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Esco Financial and Engineering Company (EFECO S.A./N.V.)
Kastanjebomenlaan, 20, avenue des Châtaigniers B - 1150 Brussels Belgium Administration: Kouterveld Culliganlaan, 3 B - 1831 Diegem Belgium (tel) + 32 (0) 2 717 64 05 - (fax) + 32 (0) 2 720 38 12 e-mail: ch.verbeke@efeco.com web site: www.efeco.com
Esco Couplings N.V.
Kouterveld Culliganlaan, 3 B - 1831 Diegem Belgium (tel) + 32 (0) 2 715 65 60 (fax) + 32 (0) 2 720 83 62 - (0) 2 721 28 27 e-mail: info@esco-couplings.be web site: www.escocoupling.com
Esco Aandrijvingen b.v.
Ondernemingsweg, 19 - P.B. 349 NL - 2404 HM Alphen a/d Rijn The Netherlands (tel) + 31 (0) 172 / 42 33 33 (fax) + 31 (0) 172 / 42 33 42 e-mail: info@esco-aandrijvingen.nl web site: www.esco-aandrijvingen.nl
Esco Drives & Automation N.V.
Kouterveld Culliganlaan, 3 B - 1831 Diegem Belgium (tel) + 32 (0) 2 717 64 30 (fax) + 32 (0) 2 717 64 31 e-mail: info@esco-da.be web site: www.esco-da.be
esco antriebstechnik gmbh
Biberweg 10 D - 53842 Troisdorf Germany (tel) + 49 (0) 2241 48070 (fax) + 49 (0) 2241 480710 e-mail: esco-antriebstechnik@t-online.de web site: www.esco-antriebstechnik.de
esco süd antriebstechnik gmbh
Biberweg 10 D - 53842 Troisdorf Germany (tel) + 49 (0) 2241 480767 (fax) + 49 (0) 2241 480768 e-mail: m.gebhart@esco-antriebstechnik.de web site: www.esco-antriebstechnik.de
Esco Power N.V.
Kouterveld Culliganlaan, 3 B - 1831 Diegem Belgium (tel) + 32 (0) 2 717 64 90 (fax) + 32 (0) 2 717 64 91 e-mail: info@escopower.be web site: www.escopower.be
Esco Transmissions S.A.
Esco Transmissions N.V.
Kouterveld Culliganlaan, 3 B - 1831 Diegem Belgium (tel) + 32 (0) 2 717 64 60 (fax) + 32 (0) 2 717 64 61 e-mail: info@esco-transmissions.be web site: www.esco-transmissions.be
Z.I. 34, rue Ferme Saint-Ladre Saint Witz F - 95471 Fosses Cedex France (tel) + 33 (1) 34 31 95 95 (fax) + 33 (1) 34 31 95 99 e-mail: info@esco-transmissions.fr web site: www.esco-transmissions.fr www.variateur-frequence.com
Esco Transmisja Mocy Sp. z o.o.
ul. M. Skłodowskiej-Curie 4A lok. 1, 90-505 Łódz, Poland (tel./fax) + 48 (0) 42 637 50 80 e-mail : info@escotransmisja.pl web site: www.escotransmisja.eu www.escotransmisja.pl
Esco Couplings & Transmissions Pvt. Ltd.
Shed No. B-325, 1st Stage, 3rd Main Road Peenya Industrial Estate Bangalore 560 058 India (tel) + 91 80 4167 4858 (fax) + 91 80 4155 8494 e-mail: info@esco-couplings.co.in
Printed in Belgium 2009