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Corporate Strategy and Proposed
Acquisition
March 2015
Baessato L. , Cecchi L. , Colombo F. , Fumagalli F. , Granvillani M...
History
• 1847-1865: BEGINNING AND INITIAL EXPANSION
• Foundation 1st. October 1847, Berlin , by W. Von
Siemens
• Producti...
History
• 1918-1933: RETURN TO THE WORLD MARKET AND UNITY WITHIN THE
“HOUSE OF SIEMENS”
• 1930 Started manufacturing radio...
Siemens Today
• Siemens is global powerhouse positioned along the electrification
value chain, as well as in the areas of ...
Vision 2020
Electrification,
Automation and
Digitalization are
the long-term
growth fields of
Siemens.
4
Businesses
• From Four Industries:
1. Energy (35%)
2. Industry (24%)
3. Infrastructure and Cities (23%)
4. Healthcare (18%...
vRevenues by Business
Total Revenues € 71,920 million (+1% FY 2013) 6
Global Positioning
Germany: the main
technology partner
for the country.
China: a local partner.
Middle East:
technology p...
Revenues by Area
Total Revenues of € 71,920 million (+1% FY 2013) 8
Siemens Mission
We make real what matters, by
setting the benchmark in the way we
electrify, automate and digitalize the
w...
Siemens Vision
We have a clear vision of what we
stand for and what our goals are.
Answering the world’s toughest
question...
Values
RESPONSIBILITY
Our responsibility is to conduct all
businesses according to the highest
professional and ethical st...
Strategy
Our positioning and our strategic direction are closely linked to define milestones. We have to
take all the righ...
Goals & Objectives
GOALS OBJECTIVES
IMPLEMENT CORPORATE GOVERNANCE 2016 - Reduce costs by € 1 billion
CREATE VALUE SUSTAIN...
Resources
RESOURCE CHARACTERISTICS INDICATORS
TANGIBLE
FINANCIAL -INTERNAL FUNDS
GENERATION
-Free Cash Flow 2014: € 1,72
b...
Resources
RESOURCE CHARACTERISTICS INDICATORS
INTANGIBLE
RESOURCES
TECHNOLOGY -PATENTS
-KNOW HOW
-R&D FACILITIES
-TECHNICA...
Resources
RESOURCE CHARACTERISTICS INDICATORS
HUMAN
RESOURCES
-MECHANICAL, INDUSTRIAL,
ENERGETIC, BIOMEDICAL
ENGINEERS
-LO...
Functions & Capabilities
FUNCTION CAPABILITIES EXAMPLES
R&D -RESEARCH AND INNOVATIVE NEW
PRODUCTS DEVELOPMENT
-20 Patents ...
Adjacency Map
18
Horizontal Integration
INFRASTRUCTURES & CITIES:
• Transportation & Logistic
• Cities
• Municipalities & DSOs
HEALTHCARE:
...
Reasons of Diversification
1. Enhance the profitability by becoming integrated in
new markets and gain market power
2. Exp...
Matrix of Parenting Adv
Industry
Energy
Healthcare
Financial
Services
Infrastructure
& Cities
High
Low
Low HighFit between...
Vertical Integration
Power
Generation
Imaging and
in-vitro
diagnostics
Power
Transmission,
Power Distribution
and Smart Gr...
Reasons of V. Integration
1. Achieve maximum value added along the
entire process chain
2. Support customers with its inte...
Organizational Structure
24
Parenting Style
25
How Parent Creates Value
CENTRAL FUNCTIONS & SERVICES
• Incentive the sharing of both resources
and activities between the...
International Strategies
Automation
Electrification
Digitalization
Healthcare
TRANSNATIONAL STRATEGY
• Achieve both Global...
Corporate Social Responsibility
“For us, sustainability means acting in the best interest of coming
generations with respe...
Mirvis & Googins’s Framework
Elementary IntegratedEngaged Innovative Transforming
• Citizenship concept: Sustainability (P...
Key Sustainability Indicators
• Economic
• Revenue generated by the environmental portfolio: € 33.2 billion
• 42% of total...
Concrete Projects
1. “ COLLECTIVE ACTION “
• Against corruption
• Interest groups, working together
• Create fair market c...
Proposed Acquisition:KiteGen
32
KiteGen
KiteGen focus on searching an alternative
and more effective way to produce
electricity through the exploitation o...
KiteGen Vision
VISION:
KiteGen’s vision is a new type of electric
generation plant, based on a renewable
source, suitable ...
KiteGen Advantages
1. Financial resources: KiteGen needs a considerable amount of financial resources to
develop its ambit...
Siemens Advantages
1. Innovation: KiteGen can exploit an unexploited, virtually
endless and almost universally available e...
Bid Price
• Due to the fact that the company patrimonial
value is mostly determined by the MARKET
VALUE OF KITEGEN’S PATEN...
Bid Price
 ATTRACTIVENESS TEST:
• Unexploited, virtually endless and almost universally
available energy power
• Coherent...
Bibliography
http://www.siemens.com/entry/cc/en/
http://www.siemens.com/annual/14/en/download/pdf/Siemens_AR2014_Vision202...
Personal Contacts
*Siemens: Conte Elisabetta
Corporate Account Manager
*KiteGen: Ciccolini Marco
Business Development Mana...
Prochain SlideShare
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Siemens Corporate Strategy and Proposed Acquisition

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Corporate Strategy

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Siemens Corporate Strategy and Proposed Acquisition

  1. 1. Corporate Strategy and Proposed Acquisition March 2015 Baessato L. , Cecchi L. , Colombo F. , Fumagalli F. , Granvillani M. , Iseppato B.
  2. 2. History • 1847-1865: BEGINNING AND INITIAL EXPANSION • Foundation 1st. October 1847, Berlin , by W. Von Siemens • Production and long distance telegraph networks in Europe and Asia • 1865-1890: HEAVY CURRENT ENGINEERING AND INTERNATIONALIZATION • Electric trains and light bulbs • 1890-1918: GROWTH THROUGH CONSOLIDATION AND PARTNERSHIPS • 1903 Siemens & Halske merged with Schuckert & Co —> SIEMENS-SCHUCKERT 1
  3. 3. History • 1918-1933: RETURN TO THE WORLD MARKET AND UNITY WITHIN THE “HOUSE OF SIEMENS” • 1930 Started manufacturing radios, television sets and electron microscopes • 1945-1966: RECONSTRUCTION AND EMERGENCE AS A GLOBAL PLAYER • Computers, semiconductor devices, washing machines and pace makers • 1966-1989: NEW MARKET AREAS OF BUSINESS • 1987 Overseeing nuclear power business • 1989-2011: DEREGULATION AND GLOBALIZATION • 2000 Development of Siemens Medical solutions • 2004 Siemens wind power division 2
  4. 4. Siemens Today • Siemens is global powerhouse positioned along the electrification value chain, as well as in the areas of medical imaging and in-vitro diagnostics. • Siemens is one of the world’s largest technology companies. • Our name stands for: engineering excellence, innovation and good corporate citizenship. 3
  5. 5. Vision 2020 Electrification, Automation and Digitalization are the long-term growth fields of Siemens. 4
  6. 6. Businesses • From Four Industries: 1. Energy (35%) 2. Industry (24%) 3. Infrastructure and Cities (23%) 4. Healthcare (18%) (% of total revenues) • To Nine-plus-one Divisions: 1. Power and Gas 2. Wind Power and Renewables 3. Power Generation Services 4. Energy Management 5. Building Technologies 6. Mobility 7. Digital Factory 8. Process Industries and Drives 9. Financial Services* 10.Healthcare** 5
  7. 7. vRevenues by Business Total Revenues € 71,920 million (+1% FY 2013) 6
  8. 8. Global Positioning Germany: the main technology partner for the country. China: a local partner. Middle East: technology partner. Africa: Siemens is helping upgrade Africa’s rail infrastructure. India: Siemens offers integrated solutions for a sustainable progress. Russia: modern technologies for the world’s largest country.US: sustainable solutions for the world’s largest economy. Brazil: Reliable infrastructure partner. Europe: Siemens automation systems improve efficiency at factories throughout the Old Continent. 7
  9. 9. Revenues by Area Total Revenues of € 71,920 million (+1% FY 2013) 8
  10. 10. Siemens Mission We make real what matters, by setting the benchmark in the way we electrify, automate and digitalize the world around us. Ingenuity drives us and what we create is yours. Together we deliver engineering excellence, taking personal ownership until we jointly succeed. 9
  11. 11. Siemens Vision We have a clear vision of what we stand for and what our goals are. Answering the world’s toughest questions helped us become a pioneer in energy efficiency, industrial productivity, affordable and personalized healthcare and intelligent infrastructure solutions. This success story would not have been possible without our firm believe in our core values. This is what Siemens is all about. 10
  12. 12. Values RESPONSIBILITY Our responsibility is to conduct all businesses according to the highest professional and ethical standards and practices: there must be no tolerance for non-compliant behaviours. EXCELLENCE Excellence means attracting the best talents in the marketplace and giving them the skills and opportunities they need to become high- achievers. INNOVATION Our goal is to be a trendsetter in all of our businesses. We unlock the energy and creativity of our employees, embracing the new and different. 11
  13. 13. Strategy Our positioning and our strategic direction are closely linked to define milestones. We have to take all the right steps to create value. Drive Performance: boost our performance. Make all our businesses reach their full potential. Strengthen core: focus on the things that make you strong and put other things aside. Scale up: we will intensify our efforts to seize further growth opportunities and tap new fields. 12
  14. 14. Goals & Objectives GOALS OBJECTIVES IMPLEMENT CORPORATE GOVERNANCE 2016 - Reduce costs by € 1 billion CREATE VALUE SUSTAINABILITY Capital efficiency target: 15-20% of ROCE EXPAND GLOBAL MANAGEMENT More than 30% of international (outside Germany) employees by 2020 BE A PARTNER OF CHOICE FOR OUR CUSTOMERS Improve our Net Promoter Score by 20% BE AN EMPLOYER OF CHOICE Approval rating over 75% on a sustainable basis FOSTER AN OWNERSHIP CULTURE Increase by 50% the number of employee shareholders 13
  15. 15. Resources RESOURCE CHARACTERISTICS INDICATORS TANGIBLE FINANCIAL -INTERNAL FUNDS GENERATION -Free Cash Flow 2014: € 1,72 billion -Debt/Equity Ratio 2014: 73.45 % RESOURCES PHYSICAL -PLANT AND EQUIPMENT -SIZE -TECHNOLOGY FLEXIBILITY -Market Value of Fixed Assets -Scale of Plants -Alternative Uses for Fixed Assets 14
  16. 16. Resources RESOURCE CHARACTERISTICS INDICATORS INTANGIBLE RESOURCES TECHNOLOGY -PATENTS -KNOW HOW -R&D FACILITIES -TECHNICAL AND SCIENTIFIC EMPLOYEES -56100 Patents -R&D Expenditures: € 4,1billion -R&D Staff: 28800 (17500 Software Developers there of about 4200 S.D. at Corporate Technology) REPUTATION -BRAND -COMPANY REPUTATION -Brand Equity -Cooperations with Top Universities, Research Institutes, Industrial Partners 15
  17. 17. Resources RESOURCE CHARACTERISTICS INDICATORS HUMAN RESOURCES -MECHANICAL, INDUSTRIAL, ENERGETIC, BIOMEDICAL ENGINEERS -LOYALTY OF EMPLOYEES -EMPLOYEES’ TRAINING AND SKILLS -Number of Employees: 343,000 -Employees Turnover Rate: 9.1% -Expenditures for continuing education: € 276 million 16
  18. 18. Functions & Capabilities FUNCTION CAPABILITIES EXAMPLES R&D -RESEARCH AND INNOVATIVE NEW PRODUCTS DEVELOPMENT -20 Patents per day + 38 Inventions per day -Focus on creating next generation products CORPORATE FUNCTION -STRATEGIC INNOVATION -MULTIDIVISIONAL COORDINATION -ACQUISITION MANAGEMENT -INTERNATIONAL MANAGEMENT -Last 4 years 9 acquisitions in different industries -Business Units autonomy + corporate management coordination MANAGEMENT INFORMATION -INTEGRATED MANAGEMENT: INFORMATION SYSTEM NETWORK SUPPORTING MANAGERIAL DECISION MAKING -Corporate Technology: centralized corporate-based innovation organisation across BUs OPERATIONS -CONTINUOUS IMPROVEMENT IN OPERATIONS -Capacity to align the operations and processes with the new developed products 17
  19. 19. Adjacency Map 18
  20. 20. Horizontal Integration INFRASTRUCTURES & CITIES: • Transportation & Logistic • Cities • Municipalities & DSOs HEALTHCARE: • X-rays • Pacemakers • Dentists • Pharmaceuticals ENERGY: • Electric streets lightining • Bulbs • Semi-conductors • Oil & Gas • Hydropower stations • Windpower • Solar pannels INDUSTRY: • Automotive • Marine & Ship buildings • Mining & Cement • Paper machinaries • Food & Beverage Machinaries • Data Centers ELECTRIFICATION AUTOMATION DIGITALIZATION 19
  21. 21. Reasons of Diversification 1. Enhance the profitability by becoming integrated in new markets and gain market power 2. Exploit economies of scope which help to maintain adequate margins and set attractive prices 3. Minimize expenses by capitalizing on economies of scale 4. Full utilization of existing resources and capabilities 5. Ensure an efficient capital allocation 20
  22. 22. Matrix of Parenting Adv Industry Energy Healthcare Financial Services Infrastructure & Cities High Low Low HighFit between parenting characteristics and parenting opportunities Fit between KDFs and parenting characteristics 21
  23. 23. Vertical Integration Power Generation Imaging and in-vitro diagnostics Power Transmission, Power Distribution and Smart Grid Energy Application 9.Healthcare 10.Financial Services 1.Power and Gas 2.Wind Power and Renewables 3.Power Generation Services 4.Energy Management 5.Building Technologies 6.Mobility 7.Digital Factory 8.Process Industries and Drives 22
  24. 24. Reasons of V. Integration 1. Achieve maximum value added along the entire process chain 2. Support customers with its integrated approach through its communication-based, automation and drive systems 3. Lower costs of transaction by removing mark- ups 23
  25. 25. Organizational Structure 24
  26. 26. Parenting Style 25
  27. 27. How Parent Creates Value CENTRAL FUNCTIONS & SERVICES • Incentive the sharing of both resources and activities between the different business units. • The only business unit that is managed separately is Healthcare. 26
  28. 28. International Strategies Automation Electrification Digitalization Healthcare TRANSNATIONAL STRATEGY • Achieve both Global Efficiency and Local Responsiveness GLOBALLY MANAGED • Products are standardized across national markets 27
  29. 29. Corporate Social Responsibility “For us, sustainability means acting in the best interest of coming generations with respect to the economy, the environment and the society” TRIPLE BOTTOM LINE 1. PROFIT • Offering distinctive products • Providing our customers a competitive advantage • Strengthening our profitability over the long-term 2. PLANET • Using responsibly our planet limited resources 3. PEOPLE • Increase our employees’ sense of responsibilty in executing their activities • Contribute to the sustainable development of society 28
  30. 30. Mirvis & Googins’s Framework Elementary IntegratedEngaged Innovative Transforming • Citizenship concept: Sustainability (People, Profit, Planet) • Strategic intent: Value Proposition ( Renewable energy) • Structure: Organizational Alignment (Sustainability Board) • Issue management: EHS Program • Transparency: Public Reporting (Vision 2020) 29
  31. 31. Key Sustainability Indicators • Economic • Revenue generated by the environmental portfolio: € 33.2 billion • 42% of total revenues • Environmental performance improvement • CO2 emissions relative to FY 2010: -12% • Number of suppliers that are part of our energy efficiency program: 916 • Energy efficiency relative to FY 2010: +8% • Employees • Expenditure on continuing education € 283 million • Proportion of women in management positions 15.3 % • Rankings • Points in Dow Jones Sustainability Index: 92/100 These data belongs to FY 2012 30
  32. 32. Concrete Projects 1. “ COLLECTIVE ACTION “ • Against corruption • Interest groups, working together • Create fair market conditions • Promote innovation (on the basis of price, quality and capacity to innovate) 1. CORPORATE CITIZENSHIP PROJECTS AROUND THE GLOBE • Electricity for a better quality of life (India rural village) • Education as Key Resource: Mandela School of Science & Technology 2. INNOVATIONS AND PIONEERING TECHNOLOGIES • Vegetable oil transformer for ultra-high voltages 31
  33. 33. Proposed Acquisition:KiteGen 32
  34. 34. KiteGen KiteGen focus on searching an alternative and more effective way to produce electricity through the exploitation of an untouched, huge and powerful renewable energy source: the High Altitude Wind Energy (HAWE). Two high-strength cables transmit the traction of the wing and control its direction and orientation through the automatic kite flight control system that maximizes the production of energy. Relying on 40 mother patents registered worldwide (over 3.500 total patents in the world). KiteGen 3 3
  35. 35. KiteGen Vision VISION: KiteGen’s vision is a new type of electric generation plant, based on a renewable source, suitable for any territory, in direct competition with today’s conventional production (coal, oil or nuclear), in the GigaWatt class. VALUES: • Encourage the production of eco- sustainable energy • Respect for the environment KiteGen Vision 34
  36. 36. KiteGen Advantages 1. Financial resources: KiteGen needs a considerable amount of financial resources to develop its ambitious project 1. Manufactoring capabilities: KiteGen could exploit Siemens capabilities in the manufacturing phase, EOS 1. Reputation: Siemens brand reputation is recognized all over world for the quality of its products 1. New customers: The possibility for KiteGen to have access to Siemens’ portfolio of customers KiteGen Advantages 3 5
  37. 37. Siemens Advantages 1. Innovation: KiteGen can exploit an unexploited, virtually endless and almost universally available energy power, that is high altitude winds 2. Worldwide Trend: Google, China Vcs and several other companies around the world are investing in the exploitation of the high altitude wind energy 3. Competitive Advantage: The Energy business is considered an hauling sector for Siemens, acquiring KiteGen we may obtain a future competitive advantage over GE 4. Access to Complementary Assets: Relying on 40 mother patents registered worldwide (over 3.500 total patents in the world) which cannot be imitated Siemens Advantages 3 6
  38. 38. Bid Price • Due to the fact that the company patrimonial value is mostly determined by the MARKET VALUE OF KITEGEN’S PATENTS , we have based our proposed bid price on this value • MARCO CICCOLINI, the business plan developer of KiteGen, has provided us this value : € 260 million Bid Price 3 7
  39. 39. Bid Price  ATTRACTIVENESS TEST: • Unexploited, virtually endless and almost universally available energy power • Coherent with Siemens’ tendency to be a pioneer in new technology development • A considerable number of companies are investing in this technology  ENTRY COST < EXPECTED PROFITS: • According to our financial statement our Operating Cash Flow of € 7,670 million allows us to buy it for € 260 million • Kite energy cost, for their last station project named Carousel, is less 10 €/MWh  BETTER-OFF TEST: • Siemens managing KiteGen could create additional value In Conclusion 3 8
  40. 40. Bibliography http://www.siemens.com/entry/cc/en/ http://www.siemens.com/annual/14/en/download/pdf/Siemens_AR2014_Vision2020.pdf http://www.siemens.com/about/en/history.htm http://www.siemens.com/jobs/en/ataglance/ http://www.siemens.com/about/en/businesses/ https://www.swe.siemens.com/greece/internet/en/Documents/Siemens-company-presentation.pdf http://www.siemens.com/annual/14/en/company-report/our-path/ http://www.siemens.com/jobs/en/ataglance/values_vision.htm http://www.siemens.com/about/pool/strategy/siemens-strategy-overview-path.pdf http://www.siemens.com/about/sustainability/en/index.php http://www.kitegen.com/en/kiteblog-2/ http://kitegen.com/wp-content/uploads/2010/07/PEN-KGR2010.pdf http://www.forbes.com/companies/siemens/ 39 Bibliography
  41. 41. Personal Contacts *Siemens: Conte Elisabetta Corporate Account Manager *KiteGen: Ciccolini Marco Business Development Manager 40 Personal Contacts

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