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Author: seansan Three stars, 500 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 243  
Subject: Re: Here to learn more Date: 3/17/2001 2:06 PM
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Mr Bush wants a stronger Euro to reap more profits off exports to the Euro bloc.

Welcome Robert(Silberling). I couldn't agree with you more. Bush's industrial buddies helped him into office, and I think it's time for him to pay them back. A weaker dollar would make US products more competitive pricewise in Europe.

Thanks also to you and Oliver for the info on Infineon. I've requested hard copies of their reports as well. I currently own only one chip company, CREE. I bought them primarily for their patents regarding Silicon Carbide. As side businesses they are involved in power generation facilities in Japan, as well as base station development for wireless 3G networks. I'm finding that many of my investments are related in some way and, if nothing else, limits the amount of new technologies I need to learn about.

On to Siemens. I would like to forgo all disclaimers on this board while our family remains small. Can we just assume we're all "Learning Together" without the need to downplay responsibility?

My initial impressions. From '98 to '00, Europe has grown 1%, Asia has grown 2%, The Americas have grown 4%.

Mobile networks and handsets currently make up the largest % of earnings(as of Dec. 31, 2000. *Is it better if we use the European method of dating - 31.12.00?*) Networks were 12.7% of earnings, Handsets(handies?) were 18.6%.

Networks were exclusively GSM, all in Europe. Orders are coming in for new, improved networks, but bulidout of these is hurting the bottom line. This will likely continue.

Handsets are doing well - up 53%. Primarily sold to the German market, they have still achieved the #2 position in Europe. Auf Wiedersehen, Motorola. They have recently warned for the current quarter, but are likely to maintain this position through these current hardships.

The next significant sector is Medical Solutions (19.1% of revenue). This growth has come primarily from two US acquisitions - Shared Medical Systems and Acuson. I haven't determined what they do yet(anyone?), but the medical business in the US can be a very lucrative one. Well worth investigating.

Automation & Drives is the next large sector (18.3%).
I have no knowledge of this at all. So much to learn!

We then have Osram(12.2%). What is this?

Financing and Real Estate follows at 12.2%. Is this company diversified, or what? Does anyone know if these services are only within Germany or throughout Europe?

There are a host of other, smaller sectors. Notable would be Power Generation due to a 86.8% jump in earnings. Very nice! The big downside looks like Siemens Automotive(I'm assuming ignitions and electrical systems) with a negative 3% revenue. But then the automotive market is slow, and Siemens doesn't sell cars(it may be the only thing they don't do:)

The largest markets appear to be the US, followed by Asia(mainly China). The 1Q 2001 Press Release answered at least one of my questions. Some quotes:

"Currency translation effects had a positive influence on the growth rates...From today's point of view, these effects will weaken in the course of the year."

"Siemens continues to expect orders and sales to show double-digit growth and outpace the industry average. Growth rates in the first quarter were above average. Due to differentiated developments in various industries and declining currency translation effects,it is anticipated that growth will edge off during the year.


This company is going to be seriously challenging to learn in full. It is essential that we help each other.

Fool On!


seansan



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