Ttm Technologies, Inc. · NASDAQ:TTMI
Ttm Technologies — UBS Global Technology & Service Conference 2010
22 slides from Ttm Technologies's conference presentation, Jun 10, 2010
Slide 1: UBS Global Technology & Service Conference June 10, 2010
UBS Global Technology & Service Conference June 10, 2010
Slide 2: Forward-Looking Statements
2 Forward-Looking Statements This presentation contains forward-looking statements that relate to future events or performance. These statements reflect the company's current expectations, and the company does not undertake to update or revise these forward- looking statements, even if experience or
Slide 3: Industry Overview; TTM Overview; Meadville Overview; Combination; Financial Information
3 Industry Overview TTM Technologies Overview Meadville Overview TTM - Meadville Combination Financial Information
Slide 4: Global PCB Market by Region
4 Global PCB Market by Region 2009 Americas 3431 Europe 2035 Japan 8275 China 14251 ROA 13060 Region 2000 2009 2010 2011 2012e CAGR '09-'12 Americas $10.9 $3.4 $3.7 $3.8 $3.6 1.8% Europe $6.7 $2.0 $2.2 $2.2 $2.2 2.6% Japan $11.3 $8.3 $8.7 $9.0 $8.5 1.1% China $3.4 $14.3 $16.6 $18.2 $19.6 11.2% ROA $
Slide 5: 2009 Global Ranking
2009 Global Ranking Rank Company Revenue est. Rank Company Revenue est. 1 Unimicron $1,734 6 CMK $978 2 Ibiden $1,732 7 KB PCB Group $923 3 Nippon Mektron $1,446 8 SEMCO $895 4 TTM (includes Meadville pro forma) $1,131 9 Young Poon Group $887 5 Tripod $1,028 10 Nanya PCB $848 Rank Company Revenue es
Slide 6: TTM Strategy
6 1 2 3 4 5 TTM 20 20 20 20 20 TTM Strategy Aerospace / Defense No. 1 North American supplier Rigid Flex and specialty PCB products Backplane and subassembly Time Dedicated ultra-short lead time capability (<24 hours available) Dedicated, highly flexible, ramp-to- volume production in <10 days High-
Slide 7: Total Customer Solution
7 Total Customer Solution Total Solution Capabilities Engineering support Prototype Low volume / High mix Medium volume / Ramp Volume production Product Life Cycle Advanced Technology & Service Excellence
Slide 8: TTM Revenue Trends
8 TTM Revenue Trends 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2009 Sales 79 106 204 129 89 180 241 240 369 669 681 583 1207 ($ Millions USD) Acquisition Power Circuits (7/14/99) Acquisition Advanced Circuits (12/26/02) Acquisition Tyco PCG (10/27/06) Acquisition Meadville (4/9/201
Slide 9: Industry Overview; TTM Overview; Meadville Overview; Combination; Financial Information
9 Industry Overview TTM Technologies Overview Meadville Overview TTM - Meadville Combination Financial Information
Slide 10: Meadville PCB Overview
10 Meadville PCB Overview Meadville, a leading PCB Manufacturer in Asia Company Facts Established in 1985 FY2009 Sales: $625 million Specializes in manufacturing high-end, advanced technology and complex PCBs Over 13,000 employees located in 8 factories (7 in China and 1 in Hong Kong) Top 5 manufact
Slide 11: Meadville Product & Revenue Trend
11 11 Meadville Product & Revenue Trend Increase of high technology products Increased proportion of high technology products and decreased proportion of lower layer count products Positive growth for 14L+ and 20L+ PCBs Source: Meadville CAGR 2004 - 2009 26.9%
Slide 12: Global Manufacturing Footprint
12 Global Manufacturing Footprint Seamless integration across distinct facilities enables successful one-stop shop solution for commercial customers No planned facility closures Integrated manufacturing platform enables TTM to execute a global facility specialization strategy Focused Assembly 8 Shan
Slide 13: PCB Product Positioning
13 PCB Product Positioning Low Medium High Volume Standard Advanced Low Technology Aerospace / Defense Consumer Electronics Office Automation Automotive Meadville Focus TTM Focus General Asia/Pacific Supplier Focus Servers / High-end Networking / Medical Instruments Commercial Aerospace Higher-end C
Slide 14: Diversifying Revenue Base
14 Diversifying Revenue Base Revenue by Geography Revenue by End-Market TTM Pro Forma Meadville PCB TTM Pro Forma Meadville PCB Source: Company filings. Revenue for the calendar year 2009 period. The combination creates a leading global manufacturer with a highly diversified revenue mix Notes: Ameri
Slide 15: Diversifying Customer Base
15 15 Diversifying Customer Base TTM 2009 Revenue Contribution by Customer Meadville PCB 2009 Revenue Contribution by Customer Source: Company filings, Management Apple Ericsson Huawei ZTE Cisco Systems Huawei Juniper Networks Northrop Grumman Raytheon IBM Pro Forma 2009 Revenue Contribution by Cust
Slide 16: Industry Overview; TTM Overview; Meadville Overview; Combination; Financial Information
16 Industry Overview TTM Technologies Overview Meadville Overview TTM - Meadville Combination Financial Information
Slide 17: Transaction Summary
17 Transaction Summary Final purchase price $114 million in cash 36.3 million shares of TTM stock Closing market value of $329 million assuming closing market price of $9.06 per share on April 8, 2010 Assumed $433 million of Meadville debt Total: $876 million EBITDA multiple $876 million / $114.6 mi
Slide 18: Update on Board & Stockholders
18 Update on Board & Stockholders Ownership of shares 36.3 million shares issued: 26.2 million to Tang family and 10.1 million to minority shareholders Meadville's minority investors requested to sell approximately 1.3 million shares of TTM stock Tang family, TTM's largest minority shareholder, acqu
Slide 19: Accretion and Synergies
19 19 Accretion and Synergies Accretion estimate Transaction expected to be accretive in the third quarter of 2010 Revenue synergies Qualification process varies by customer Asian facilities ran at 75 to 95 percent of capacity in the first quarter Expanding capacity to accommodate growth 2010 potent
Slide 20: 2009 Pro Forma Combined Income Statement
20 20 2009 Pro Forma Combined Income Statement 1 Pro forma adjustments are disclosed in the Form 8-K/A filed with the SEC on April 26, 2010 $ in millions TTM Meadville Pro Forma Combined 1 Net sales 582.5 $ 624.5 $ 1,207.0 $ Gross profit 103.2 121.2 249.6 Gross margin 17.7% 19.4% 20.7% Operating exp
Slide 21: Quarterly Results
Quarterly Results 2009 2010 (Sin Milions, except PS) 7a 20 30 4a 4a 20e Revenue $149.0 $144.5 $139.1 $149.9 $138.2 $290-$310 Gross Profit $243 $271 $242 $27.7 $27.0 Gross Margin 163% 187% 174% + 18.5% 195% 175 -19.5% Operating Income (Loss) $50 $122 ($54) $66 $99 GAAP Diluted EPS $0.03 $0.14 ($0.11)
Slide 22: Combined Investment Highlights
22 Combined Investment Highlights Leading Global PCB Products Manufacturer Established Market Positions Across Diverse and Attractive Market Segments Attractive Tier-1 Customer List Integrated Global Sales and Manufacturing Platform Provides True One-Stop Solution Industry-Leading Financial Performa
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