MULTINATIONAL BUSINESS STRATEGY (INT700)

SIEMENS CORPORATION (SI), GERMANY FINAL (INDIVIDUAL) RESEARCH PAPER

Cevdet KIZIL(Graduate MBA)

Southern New Hampshire UniversityMultinational Business Strategy (INT700) – Prof. Aysun Ficici

December 1, 2004Manchester, New Hampshire

SIEMENS CORPORATION (SI), GERMANY

FINAL (INDIVIDUAL) RESEARCH PAPER

I. Description of the company

Siemens was established in 1847 and has a high reputation as the world’s one of

the oldest and most successful firms. Currently, Siemens is Germany’s #1 and one of the

world’s biggest companies. According to majority of the resources, Siemens is ranked in

the top 25 biggest companies list of world. The firm operates in 192 countries and

employs 450,000 employees worldwide. Also, the business operates in a wide range of

fields such as health care, information & communications, electronics, energy & power,

industry & automation, transportation & lightening, infrastructure, intermediate goods

and consumer goods.

The company conducts business in seven groups. These are the Information and

Communications (analyzed in two sub-categories of mobile group and networks group),

Automation and Control, Power Generation, Transportation (mainly automobiles and

railways), Medical Solutions, Lighting and Financing and Real Estate groups.

The Information and Communication Mobile Group (13.2% of total net sales and

180 million euros in group profit in FY 03) designs and makes a range of communication

devices, applications and interfaces, and mobile network products and systems including

mobile, cordless and corded fixed-line telephones and radio base stations, base station

controllers and switches for mobile communications networks and mobile and intelligent

network systems.

The Information and Communications Networks Group (8.9%; a loss of 366

million euros) develops and manufactures comprehensive public and enterprise

communication systems, including related hardware and software to service providers.

Customers include network operators and Internet service providers, as well as private

companies.

The Automation and Control Group (9.6%; 806 million euros) is a market leader

for factory automation, offering customized electronic and electro-mechanical products

and systems for industrial and electrical installation.

The Power Generation Group (9.4%; 1.17 billion euros) provides a range of

equipment for the efficient conversion of energy into electricity and heat. It also

customizes gas and steam turbines in the smaller output range, which can be used as

drives for compressors or large pumps, to meet specific project needs; and provides

power plant technology.

Siemens Automotive (11.3%; 418 million euros) designs and makes integrated

electrical, electronic and electromechanical systems and modules and individual

components used in used in automotive applications.

Medical Solutions (9.9%; 1.12 billion euros) develops and makes diagnostic and

therapeutic systems and devices and IT systems for clinical and administrative purposes.

As it’s easily recognized, the majority of Siemens’ business is devoted to

providing products and services based on its historical expertise in electrical engineering

and electronics.

II. Description of the Industry

The scenario indicates that Siemens is not concentrated into a single activity, but

is into several activities. In other words, the company operates in various areas. Thus, we

should analyze Siemens in the Industry of Conglomerates.

This industry consists of a variety of companies that offer a broad array of

manufactured products and services, primarily to the industrial marketplace and, to a

lesser extent, the consumer marketplace. Products are used mainly as components in

various manufacturing and industrial processes.

According to my extensive outside research, the S&P Industrial Conglomerates

Index increased 6.5% a year to date versus a 0.1% increase a year in the S&P 1500. Also,

the scientific authorities estimate that this sector should benefit from increased capital

spending on such items as manufacturing equipment. Moreover, the increased federal

spending for defense and national security is a positive factor for this industry. On the

other hand, the uncertainty of interest rates, strength of U.S. dollar and unfavorable

economic environment in Europe may affect the group negatively.

Finally, to give a better snapshot of the Conglomerates Industry, I wanted to

include the rivalry condition in the sector. Below a table takes place which shows the

strongest companies in this market. Besides company names, ticker symbols (quotes),

market capitalization, EPS (Earnings per Share), Yield% (Yield Percentage) and Beta

(Risks) are indicated. The table shows that General Electric is the market leader in

Industrial Conglomerates sector and is followed by Siemens in the runner-up position.

Competitors (All) Industrial Conglomerates

 Company Ticker Market Cap EPS Yield % Beta

 Genl Electric GE 382,736.44 1.53 2.20 1.10

 Siemens AG ADS SI 70,578.32 4.38 1.70 1.80

 Tyco Intl TYC 69,129.92 1.04 0.10 1.82

 3M Co MMM 64,369.19 3.61 1.70 0.52

 Textron, Inc TXT 9,909.54 2.31 1.90 1.13

 Tomkins plc ADS TKS 7,953.74 1.24 4.40 1.02

 Alleghany Corp Y 2,183.38 18.04 0.15

 Teleflex Inc TFX 1,996.16 2.74 1.70 0.64

 Carlisle Cos CSL 1,915.43 3.46 1.40 1.01

 Quinenco S.A. ADS LQ 1,230.90 0.59 0.95

 Koor Indus Ltd ADS KOR 749.65 0.35 1.33

 Walter Industries WLT 719.88 0.48 0.80 0.51

 Tredegar Corp TG 694.71 0.83 0.80 0.21

 Raven Indus RAVN 460.10 0.85 0.80 0.28

 Standex Intl SXI 353.35 1.01 2.90 0.43

 Westaim Corp WEDX 255.27 -0.47

 Desc S.A. ADS DES 75.30 -2.50 0.65

 Senvest Capital SEC.C 46.78 3.62 0.80

 Consolidated Mercantile CSLMF 22.56 0.44 0.75

III. Mission Statement of the Company

In regards to the firm’s mission statement, Siemens aim to provide solutions,

products and services of the highest quality and reliability to its customers, meeting their

needs, exceeding their expectations and maximizing their return on investment.

Additionally, Siemens’ purpose is to be the supplier of choice by focusing on customer

care and quality. Also, Siemens intents to be successful and profitable so as to maintain

its technological position and ensure its company's and its employees future. Finally,

Siemens wants to establish and maintain constructive, long-term partnerships with its

customers based on mutual trust.

IV. Vision Statement of the Company

Siemens’ vision is to put new ideas to work, creating innovative products and

services to benefit its customers. Also, the vision of Siemens is powering the information

age.

V. Organizational Strategy

The organizational strategy of Siemens should be analyzed very carefully.

Because, the firm uses a rainbow of strategies which creates a great success globally.

First of all, the management style in Siemens should be an example for all

companies. Because, the management fosters open communication, sharing and synergy

inside the organization. This way, the employees and the executives of Siemens are able

to unite their forces. The management also encourages the employees to develop a sense

of responsibility. At last, employee training should also be mentioned.

Then, Siemens highly values its customers. Suggestions, complaints and ideas are

always considered. Also, the after sales support is seriously recognized. Finally, Siemens

is very keen on producing high quality products for its customers.

After that, Siemens focuses on Research & Development (R&D) which provides

innovative know-how for improving production processes and products. It must always

be remembered that Siemens spends $5.4 billion on research and development worldwide

and $875 million in the United States alone. Similarly, in Siemens, 60,000 employees

work for research and development and the company has R&D locations in more than 30

countries. A final eye-catching point on this issue is that Siemens has 6,330 registered

patents.

Next, Siemens has an organizational strategy of strengthening product portfolio

which increases the profitability of the company in great amounts.

Following that, Siemens tries to take advantage of economics of scale as much as

it can. According to the CFO (Chief Financial Officer) of Siemens, taking economics of

scale into consideration is important for the firm because it helps to produce more

effectively and efficiently. This strategy also leads to the profitability as the previous one.

Furthermore, keeping very good relations with the suppliers is another favorite

strategy of the Siemens company. Every year, the firm gives a Supplier of the Year

Award which is based on a number of criteria such as technology, performance, service

and quality.

Moreover, Siemens implements the strategies of continual innovation, decreasing

costs, increasing production capacities and doing huge investments for growth.

Concerning the continual innovation, the firm supports young companies at different

stages of their development by providing targeted capital and know-how. In addition to

this, Siemens also organizes contests to hire the most talented engineers. For example,

Siemens has the Programmable Logic Controller (PLC) programming contest

participated by six schools – University of Santo Tomas, UP Diliman, St. Louis

University, University of San Jose Recoletos, MSU-Iligan Institute of Technology and

Cavite State University which is a part of Siemens’ organization strategy to help increase

the number of its industrial engineers.

Another important organizational strategy of Siemens is creating an e-business

company. During my outside research, I had to chance to read that Siemens was spending

euro1 billion ($860m) in a bid to turn itself into an e-company. Due to Siemens

executives, creating an e-business is a must for their big scaled whale like company.

Afterwards, Siemens emphasizes their corporate citizenship and environmental-

friendly efforts. These are really the two very important organizational strategies of

Siemens.

Additionally, Siemens underlines the fact that creating a flexible and fast

responding business is very critical in today’s business world. For the firm, reacting and

adapting quickly is vital. Related to this issue, Siemens’ flexibility in supply chain

management is also famous.

Besides, Siemens uses a wise sales strategy that is very effective in terms of

increasing their market share. Likewise, focusing on the engineering quality must also be

noted.

VI. International Strategy

Siemens also attracts the attention of many with its international strategies. In this

context, I studied the company’s international strategies in detail.

First of all, Siemens makes a lot of acquisitions as a part of their international

strategy. For instance, the recent news about Siemens acquiring the Danish wind turbine

manufacturer Bonus Energy has still being discussed. According to my outside research,

Bonus Energy had ranked fifth among the world biggest turbine manufacturers and

Siemens decided to buy the company because they found out that the wind power

projects were growing. I think it’s also necessary to note that Bonus Energy had 300

million euro of sales at the time of acquisition. Similarly, the acquisition of Moore and

Danfoss Flowmetering companies must be remembered too. Siemens had acquired the

Moore Company on account of its process automation strategy. To speak for the Danfoss

Flowmetering firm, they were a leading manufacturer of electronic flow measurement

devices for liquids and gases with annual sales of around 60 million euros in 2002, 450

employees and a worldwide sales organization as well as two manufacturing sites - at the

company headquarters in Nordborg, and in Stonehouse, UK. The acquisition of Danfoss

Flowmetering Company was also in line with the company’s process automation

international strategy.

Another international strategy of Siemens is the strategic business partnerships.

Among the famous partnerships of the firm, the Fujitsu-Siemens partnership can be

recalled. According to my outside research, the two companies produce lower cost

computers, develop technology initiatives and establish a strong presence in all key

markets across Europe, the Middle East and Africa by the help of this partnership.

Siemens also has a strategic business partnership with the Westinghouse Company. As an

example, the two firms manufacture turbine generators for power plants and utility

companies under this partnership. Besides, Siemens has a strategic business partnership

with the Bosch Company. The two companies manufacture electrical consumer goods in

Europe. Finally, Siemens (Siemens Medical Solutions) has recently established a

strategic business partnership with the Holy Redeemer Health System.

Next, Siemens implements the international strategy of forming joint venture

partnerships. In my opinion, Siemens’ joint venture partnership with the Huawei Co.

(China) is a good example for that one. The partnership was formed to develop,

manufacture and market 3G mobile phone products. At the time of joint venture

partnership, Huawei Co. was a leading maker of Internet routers and communications

equipment.

After that, Siemens makes some strategic investments, another component of their

international strategy. For instance, Siemens Venture Capital GmbH, a subsidiary of

Siemens AG, has recently announced a strategic investment in MDdatacor, a healthcare

information services company.

Finally, the remaining international strategies of Siemens are mergers, creating

subsidiaries, aggressive growth and listing in stock markets (e.g. NYSE). For example,

the Framatome-Siemens merger of nuclear business is known to have held the position of

world leader.

VII. International Expansion

Siemens has been operating in 192 countries all over the world as mentioned

before, so the international expansion of the firm is impressive.

Through the company’s history, some international expansions were really very

important. Just after the establishment of the firm in Berlin (1847), Siemens had its first

foreign agency in London (1850). Then, in 1853, Siemens completed the construction of

the Russian state telegraph network in 1855. In the same year, the Russian subsidiary of

Siemens was established in St. Petersburg. Later, in 1863, the first Siemens cable works

was set up in Woolwich on Thames (U.K.). Afterwards, in 1874, Siemens started on a

transatlantic telegraph cable from Ireland to the U.S. Following that, in 1879, Siemens

did set up a subsidiary in Vienna (Austria) to develop trade with countries in the southest

of Europe. Then, in May 1896, Siemens built Europe’s first underground rail line in

Budapest, Hungary. Next, in 1923, the Japanese subsidiary Fusi Denki Seizo KK was

founded in Tokyo, Japan. After that, in 1956, Siemens completed the San Nicolas power

plant in Argentina. Following that, in 1991 Plessey Company (U.K.) and Rolm Company

(U.S.A.) was acquired and in 1999, Siemens formed a partnership with the Fujitsu firm

(Japan) to further enhance its standing as an IT world market leader. Two years later, in

2001, Siemens successfully obtained a listing on the New York Stock Exchange. The

same year (2001), Siemens merged nuclear activities with the Framatome Company.

Finally, in 2002, Siemens launched a high technology trans-rapid train between the Long

Yang Road Station and the Pudong International Airport in Shanghai (China).

VIII. Financial Information

Siemens is financially a very strong company. Recently, Forbes ranked Siemens

the seventh most attractive company to invest in the world.

a) Net Revenues and Net Profit

Key figures

Year 1999 2000 2001 2002 2003

Net Revenues* 68,582 78,396 87,000 84,016 74,233

Net Profit* 1,614 7,549 2,088 2,597 2,445

* in million(s) of Euro

As you can see, Siemens has huge net revenues and net profits which make it one of the

giants of world economy. Resource: Yahoo Finance

b) Sales per Activity

Sales per activity

Information technology and telephones 22.00%

Misc. 18.00%

Energy production and distribution 14.00%

Electronic equipment for cars 11.00%

Automation and controls 10.00%

Medical engineering 10.00%

Transport and equipment 6.00%

Lighting 6.00%

Property and financial services 3.00%

Data as of 30/09/2003

Siemens generates most of its sales from the IT & Phones. This activity is followed by

the Energy and Electronics activities in terms of sales. Resource: Yahoo Finance

c) Sales per Geographic Area

Sales per geographic area

Core Market

Germany 23.00%

Geographic areas

Europe 57.00%

Americas 25.00%

Asia / Pacific 12.00%

Rest of the World 6.00%

Data as of 30/09/2003

Siemens’ core market is naturally Germany since the firm was established in this country.

However, Siemens generates most of its sales from Europe (57%) and Americas (25%).

Resource: Yahoo Finance

d) Growth Rates (Sales, Earnings per Share and Dividend %)

GROWTH RATES1 Year 3 Years 5 Years

Sales % 1.26 -4.76 1.85

EPS % 35.05 15.80 11.85

Dividend % 9.12 -11.98 16.37

Above, you can see the Growth Rates for the Siemens Company. In the long run, the firm

will still be promising.

Resource: Reuters

e) Quarterly Cash Flow Statement

QUARTERLY CASH FLOW STATEMENT (Indirect Method)In Millions of U.S. Dollars(except for per share items)

12 Months Ending

09/30/04

9 Months Ending

06/30/04

6 Months Ending

03/31/04

3 Months Ending

12/31/03

12 Months Ending

09/30/03

Net Income/Starting Line  4,403.5   3,557.7   2,503.7   938.9   3,162.0 

Depreciation/Depletion  4,324.6   3,281.0   2,383.4   904.0   4,311.7 

Deferred Taxes  (399.6)   (240.5)   (204.3)   146.1   338.8 

Non-Cash Items  (1,326.9)   (1,147.1)   (1,202.7)   (235.4)   (130.6) 

Changes in Working Capital  (431.9)   (1,978.7)   (1,439.4)   (2,525.7)   (294.9) 

Cash from Operating Activities  6,569.7   3,472.4   2,040.7   (772.1)   7,387.0 

Capital Expenditures  (3,574.5)   (2,265.8)   (1,436.8)   (633.7)   (3,688.3) 

Other Investing Cash Flow Items, Total

 1,223.4   2,224.4   2,466.2   (134.5)   (1,405.8) 

Cash from Investing Activities  (2,351.1)   (41.4)   1,029.4   (768.2)   (5,094.1) 

Financing Cash Flow Items  (130.6)   (113.8)   (80.2)   (33.6)   (142.3) 

Total Cash Dividends Paid  (1,264.8)   (1,264.8)   (1,264.8)   –   (1,158.7) 

Issuance (Retirement) of Stock, Net

 5.2   3.9   3.9   1.3   5.2 

Issuance (Retirement) of Debt, Net

 (2,629.2)   (465.6)   (212.1)   (580.7)   666.0 

Cash from Financing Activities  (4,019.4)   (1,840.3)   (1,553.2)   (613.0)   (629.8) 

Foreign Exchange Effects  (146.1)   (122.9)   (115.1)   (183.6)   (430.6) 

Net Change in Cash  53.0   1,467.8   1,401.9   (2,336.9)   1,232.5 

Cash Interest Paid  497.9   –   –   –   704.8 

Cash Taxes Paid  964.8   –   –   –   1,028.1 

Currency Exchange Rate(most recent)

 0.773 Euro / U.S. Dollar

ADR Information  1 Share(s) Per ADR

Indeed, the statement provides a great deal of information. However, it’s

especially important to realize that the Net Income goes up. Resource: Reuters

f) Top Shareholders of Siemens

Institution Name Shares Held Position Value (000) % Shs. Out. Portfolio Date

LAZARD FRERES ASSET MGMT 3,296,171 $242,927.80 0.37% 9/30/2004

FISHER INVESTMENTS 2,535,342 $186,854.71 0.28% 9/30/2004

FIDELITY MANAGEMENT & RESEARCH CO 2,516,450 $182,492.95 0.28% 6/30/2004

CAPITAL GUARDIAN TRUST 1,206,095 $87,466.01 0.14% 6/30/2004

DEUTSCHE BANK ALEX. BROWN 539,700 $39,139.04 0.06% 6/30/2004

MCLEAN BUDDEN LTD 451,910 $32,772.51 0.05% 6/30/2004

NORTHROAD CAPITAL MANAGEMENT 322,455 $23,384.44 0.04% 6/30/2004

STATE STREET GLOBAL ADVISORS 282,076 $20,789.00 0.03% 9/30/2004

MUNDER CAPITAL MANAGEMENT 279,799 $20,291.02 0.03% 6/30/2004

DEUTSCHE ASSET MANAGEMENT (NEW YORK) 269,310 $19,530.36 0.03% 6/30/2004

ING AELTUS INVESTMENT MANAGEMENT 215,399 $15,620.74 0.02% 6/30/2004

GOLDMAN SACHS ASSET MANAGEMENT 200,584 $14,546.35 0.02% 6/30/2004

NEW JERSEY STATE DIVISION OF INVESTMENTS 200,000 $14,504.00 0.02% 6/30/2004

RENAISSANCE TECHNOLOGIES 156,700 $11,363.88 0.02% 6/30/2004

BANK OF NEW YORK 141,724 $10,445.06 0.02% 9/30/2004

The table above shows the top 15 institutions which hold the shares of Siemens.

 

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