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วันพุธที่ 9 ธันวาคม พ.ศ. 2552

The Business Architecture of Conglomerates - Acciona (Spain)

Conglomerates) are companies with a diversified business model (. They were popular in the sixties, when the investment was less specialized approach. During this time, the company could improve the risk / return profile by diversifying the economy, with businesses from other areas. In this way the risk was reduced through a harmonization of the revenue from the various sectors.

The other idea was that an independent entity could be organized on a larger scale, within the same companyand following a management approach.

Today, many of these companies are divided, but there are many examples on the left: General Electric, is a famous example, and ITT Corporation is an example that is often quoted.

When conglomerates are difficult to categorize, financial information brokers such as Thompson Financial setup a separate area for conglomerates. Also search in Google Finance, you get an overview of conglomerates, with companies such as: Philips,Siemens, ABB, etc.

Not present in the index of conglomerates is the Spanish company Acciona, but the company has the same properties. For example, in 1999, was the business of the company from the following categories:
Construction and real estate law (with 44% of total profits)
Urban and Environmental Services (7.7%)
Concessions and Infrastructure (0%)
Energy (4%)
Logistics and airport services (13.6%)
Others (29.2%)

In 2006, the business model issummarized similar except for a few changes: The infrastructure is now the most important sector, is an independent real estate business and water (management was added). This shows that the company is eager to grow, with growing demand for water (management).

The 2005 annual report states: "More than 200 km of roads, highways and railroads built (infrastructure)." We avoid 1.78 million tons of CO2 emissions per year. We produce 1.8 million KV of clean energy per year(energy). "We have purified more than 28 million m3 of water with our
purifiers.We have the capacity to m a ke 4 million m3 of water drinkable every day. (Urban and environmental services). Our sea routes have removed 120,000 cars and 20,000 semi-trailers from the roads, which also means that 4.4 million litres of fuels are saved each year. (Logistics and transport).

Then comes the organization. I have looked at the corporate values. And these seem to match with a company of such Size and diversity. Here is the list of values:
Honesty ... Leadership ... Excellence ... Concern for the environment ... Social responsibility ... The focus on the long-term ... Ability to pay ... Customer focus ... Innovation ... Caring for people.

Ten core values. A first impression is that these values is a summary of the values of the individual divisions of the company. For an employee mention a number of ten values just too much and take themconsidered. For managing this task must also so difficult.

Then the evaluation of the company. This is the hardest part. Looking back over the year this company has achieved continuous growth in performance with a double-digit growth in profits. But now the question is, will this growth rate continues, then? This is the most difficult question. There are so many areas and indicators to consider.

At the company's homepage, it gives an overview of the opinions ofFinancial analysts about the expectations. These statements give display a well-diversified. The analysis of opinions greatly differ: Buy (4 times), hold (1), increase (1), neutral (2) reduce to (3), Sale (4). (What needs to be added is that the final recommendation by June 2006).

Conglomerates are complex undertakings. They compete in the era of real investments with highly focused companies. The inherent complexity of the company has one disadvantage: it is difficult to benchmark for others. Onthe other hand, the company is unique and, it may generate split-off's in the near future.

Hans Bool



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