Structural Monitoring Systems plc Investor Presentation

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Structural Monitoring Systems plc Investor Presentation
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Structural Monitoring Systems plc Investor Presentation 15 April 2008 CVM™ ※Technology Ready§ Disclaimer: The information contained herein is proprietary to Structural Monitoring Systems plc. and shall not be duplicated, used or disclosed in whole or in part for any purpose other than that for which it is specifically provided, without express written permission of Structural Monitoring Systems plc. This restriction does not limit the right of recipient to use information contained in this document if such information is available from another source without restriction. CVM™ - MAKING IT PAY CLEARING BARRIERS NEW MARKETS CUSTOMER ACCEPTANCE 2 TESTED PRODUCTS QUALIFIED PROCESSES & STAFF REGULATORY ACCREDITION MILESTONES • ACCREDITION of CVM products in both strategic civilian and military aerospace markets. • INSTALLATION on Boeing commercial aircraft structure. • Airbus ※CVM is TECHNOLOGY READY§ 3 • Firm relationships with the FOUR LARGEST commercial aircraft manufacturers: Airbus, Boeing, Bombardier, and Embraer. • Increasing numbers of customer who want use CVM on their aircraft. • Order volumes increasing and sales revenue are set to increase. SMS has achieved ※first mover§ status in a new area of business with high margins and high barriers to entry. Sandia Certificate of Recognition For First Installation On A Boeing Aircraft STATUS • Operators of Boeing aircraft supporting roll out of CVM for specific applications due in mid-2008. • Airbus exposing CVM benefits to Airbus operators, new market opens. • New strategic relationships in civilian aerospace - Bombardier and Embraer • New strategic relationships in military aerospace sectors in UK, 4 Europe, USA and China 每 first fleet wide military applications expected in 2008. • Non-aerospace markets open with CVM Switch product ,automotive testing, bridge monitoring in USA and large mining equipment. • New generation CVM technology for new-build aircraft, and in-flight monitoring systems for Airbus and Embraer in civilian aerospace and EADS in military aerospace.. MARKET OVERVIEW • Aircraft - Retrofit: ※FIRST MOVER§ position in LARGE emerging market for in-situ structural monitoring on aging aircraft. 每 VALUE PROPOSITION accepted by US airlines. The Market for CVM™ stems from the Value created by enabling reduced Cost of Ownership, and increased Asset Productivity. 5 • Aircraft - New Build: Largest aircraft manufacturers on board for integration of CVM technology into new build metallic and composite aircraft structures. • Test / Infrastructure: Product diversification of CVM into high value markets, such as the automotive test, bridge infrastructure and mining equipment. • Military Vehicles: monitoring of armoured fighting vehicles. Market Opportunity 每 Aging Aircraft • The average US military aircraft is 16 years old. • The average US civil aircraft is 14 years old. • Increasing average US military and civil aircraft fleet age a major issue. • US Government 每 Transport House Committee hearing of issues associated with airline nonconformance with FAA mandatory inspections 每 Number of Aircraft Age 10+ years Age 20+ years Major US Airlines 3,696 90% 41% International Airlines 3,646 83% 36% US Cargo Carriers 982 97% 81% International Cargo Carriers 95 96% 84% US Air Force 4,421 71% 42% 6 conformance fleets grounded and widespread media reports - FAA crackdown. • Growing interest by the US military in the use of Condition Based Maintenance using sensor based systems to monitor the condition of fixed and rotary wing aircraft structures. • CVM instrumentation and sensors provide an ACCREDITED cost effective means of monitoring airframe structural integrity, and enables efficient data collection and analysis. USAF Aircraft Fleet Ages Progress In The Civil Aircraft Retrofit Sector - SMS is working closely with the world＊s four largest civil aircraft manufacturers • Boeing 每 CVM included into the Boeing Common Methods NDT Manual. 每 Formal requests by three US based DC-9 / MD- 80 operators to approve specific CVM applications are being progressed by Boeing. 每 First trial installation on Boeing aircraft. 每 Another Boeing aircraft operator is actively pursuing 737 and 767 CVM applications. 7 • Airbus 每 Joint Development Agreement - CVM retrofit system acknowledged as ※Technology Ready§. 每 CVM installed on an Airbus A320 Flight Test aircraft. 每 Airbus agree to introduce CVM to airline operators of their aircraft as a means of improved maintenance. • Regional Aircraft Manufactures 每 CVM being evaluated for retro-fit maintenance improvement applications by Bombardier and Embraer. Progress In The Military Aircraft Retrofit Sector - SMS is working closely with major air forces in the US, Europe and Asia • Australian Defence Force 每 CVM accredited for use on ADF aircraft. 每 Selected for monitoring of joint UK / Australian C-130 wing test program. • Royal Air Force / Royal Navy 每 In principal agreement for monitoring primary structure on Nimrod aircraft. 每 Positive assessment of specific applications on Sea King helicopters. 每 Three SMS staff (ex-RAF) based in the UK 8 supporting the introduction of CVM into the RAF and RN, and European operators. • US Air Force 每 Evaluation of major application on large fleet of C-130 in progress. 每 Firm interest for applications on a trainer aircraft fleet. 每 Opportunities on other aging fleets. • Other Air Forces 每 Evaluation equipment and sensor orders from Chinese and Polish Air Forces. 每 Quotation provided to European air force for installation on trainer fleet. Progress In The Aircraft New Build Sector • Airbus 每 CVM used in the full scale fatigue test qualification of the A380 and the GLARE material used extensively in its fuselage. 每 Joint Development Agreement - Firm commitment to a CVM licence. Extended to the end of 2008 to align with revised Airbus aircraft development schedule. 每 Agreements signed for Airbus to evaluate the incorporation of CVM technology into the designs of two new aircraft. 9 • Regional Aircraft Manufactures 每 CVM equipment ordered by Embraer and Bombardier for evaluation and use on a full scale fatigue test programs, leading to incorporation into new-build aircraft. 每 Embraer program worth $1,200,000 over three years. • EADS Military Air Systems 每 SMS invited to include in-flight CVM system in the Barracuda UAV Integrated Vehicle Health Monitoring demonstrator program. New Products & Markets For CVM™ Technology • CVM Switch 每 2nd production run in-progress. 每 Now a standard SMS product. 每 Being incorporated into further new products. • Automotive Test 每 CVM Switch pilot production program on going with PBR. 每 Order from PBR＊s new parent Bosch. 10 每 Evaluated by GM and large German Automotive supplier. • Bridge Infrastructure & Mining Equipment 每 CVM remote bridge monitoring system demonstrated to the US Federal Highway Administration. • CVM On-Board System 每 Prototype on-board CVM system demonstrated to Airbus, EADS MAS and Embraer. 每 In-Flight installation during 2009. New CVM Market Opportunity - Bridge Infrastructure • SMS has worked with Sandia National Labs in the US to evaluate the use of CVM on thick steel structures for bridge and mining equipment applications. • Sandia noted in the report that contained the CVM evaluation results that ※K30% of the 600,000 bridges in the US are structurally deficient§. • Since the catastrophic Minneapolis I-135W bridge 11 collapse in 2007, SMS has been working closely with Sandia and potential US partner company to demonstrate a CVM bridge monitoring system combined with mobile phone technology. • Demonstration to the US Federal Highway Administration and discussions with potential US distributor with bridge monitoring experience. • This represents a significant new market opportunity for CVM. CVM Order Intake Has Increased As A Direct Result Of Intensive Global Marketing Activities. • Two existing and three new Military Air Force customers are evaluating CVM for retro-fit applications on existing aircraft fleets. • Two Regional Aircraft OEM customers are Value (AU$) Purpose Military Aircraft RAF / RAAF $130,000 C-130 WFT Program1 US Air Force $39,900 C-130 Evaluation PR China Air Force $33,000 CVM NDI Evaluation Polish Air Force $74,000 CVM NDI Evaluation 12 evaluating CVM for fatigue test and retro-fit applications, as well as for longer term new build aircraft SHM systems. • On going repeat sales to Airbus. • Sales production version CVM Switches for Automotive Test Pilot Program. Civil Aircraft Embraer $275,000 Full Scale Fatigue Test Embrear $57,700 Fuselage Barrel Test Bombardier $50,000 CVM NDI Evaluation Airbus $44,500 Sensors 每 A380 Testing Non-Aviation PBR + Bosch $20,000 CVM Switch - Pilot Program Total $724,100 Note: 1 每 Price Agreed Contract expected in Q2 2008 Near Term Civil & Military Fleet Retro-Fit Programs •Civil Aircraft Fleets 每 DC-9 / MD-80 • 250 Aircraft 每 737 / 767 • 170 Aircraft •Military Aircraft Fleets 13 每 US C-130 • 300+ Aircraft 每 US Fast Jet Aircraft • 450 Aircraft 每 RAF / RN Sea King • 120 Aircraft 每 RAF Nimrod • 20 Aircraft 每 European Air Force • 30 Aircraft 10 Year Estimate Of Current Programs and Prospects Retro-Fit Market - 6200 Aircraft Civil Retro-fit Military Retro-fit Estimated Market Value AU$190 Million Civil Retro-fit Military Retro-fit 14 Retro-Fit Market - AU$120 Million Civil Retro-fit Military Retro-fit New Build SHM Demonstrators Land Based Access Licence Current Programs 每 Fleet Retro-Fit Case Studies •Civil Aircraft Retro-fit 每 Three US Operators 每 200 Aircraft 每 Estimated Value Range:- • US$1.5m 每 US$2.5m 每 Roll-Out:- 2 每 3 years •Military Aircraft Retro-fit #1 每 US Operator 每 300+ Aircraft 15 每 Estimated Value Range:- • US$15m 每 US$27m 每 Roll-Out:- 3 - 5 years •Military Aircraft Retro-fit #2 每 US Operator 每 450+ Aircraft 每 Estimated Value Range:- • US$9m - $15m 每 Roll-Out:- 2 - 3 years Medium Term Civil Aircraft Fleet Retro-Fit Prospects - Established Relationships •US Airlines & Cargo Operators 每 Large Mixed Boeing & Airbus Fleets. 每 Well established relationships: • NWA 每 356 aircraft • AA 每 686 aircraft • Delta 每 441 aircraft •Airbus 16 每 A320 Life Extension FSFT -> 1400 aircraft •Regional Aircraft 每 CVM currently being evaluated by Bombardier for improved maintenance on their CRJ series in-service fleet of over 1300 aircraft. CVM™ ※Keeping Aircraft Out Of The Hanger§ Medium Term Military Aircraft Fleet Retro-Fit Prospects - Established Relationships •US Air Force 每 4,282 Aircraft •RAF / RN 每 998 Aircraft •RAAF 每 257 Aircraft 17 • Polish Air Force 每 493 Aircraft • Finnish Air Force 每 173 Aircraft •RNLAF 每 177 Aircraft • People's Liberation Army Air Force 每 2300 Aircraft Civil Aircraft 每 2008 Objectives •Commence installation of CVM on the Boeing aircraft fleets of two US airlines. •Have CVM incorporated in the design of a Structural Health Monitoring system for a new Airbus aircraft. 18 •Negotiate technology access licence with Airbus for the use of CVM on new-build aircraft. •Complete program to have CVM qualified for retrofit applications with other manufacturers of regional aircraft . Military Aircraft每 2008 Objectives • To commence installation of CVM on both a UK and US military aircraft fleet. • Broaden and consolidate SMS global military air force customer base via focused evaluation and structural fatigue test programs. 19 • Position CVM technology for incorporation into Condition Based Monitoring maintenance systems. •Demonstrate in-flight CVM capability leading to integration with future Health & Usage Monitoring Systems. Conclusions • Major civil and military accreditation milestones achieved, and have led to the evaluation of opportunities for specific fleet wide retrofit applications. • Sales of the PM200 hand held monitoring equipment and CVM Switch for non-aerospace markets has commenced. • Intensive marketing activities have broaden SMS＊s customer base, and has resulted in increased order intake. 20 • SMS＊s focus is firmly on sales, marketing and product delivery in aerospace, automotive, and new military armoured vehicle and infrastructure monitoring market sectors. • SMS is positioned for a substantial increase in orders and to be cash flow positive during 2008 with strong projected earnings. QUESTIONS? 21 Structural Monitoring Systems 每 Contact Information • Mark Vellacott 每 Managing Director 每 Tel: +61 (0)8 9204 4844 每 Fax: +61 (0)8 9204 4866 每 Mob: +61 (0)438 684 498 每 Email: m.vellacott@smsystems.com.au 22

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Structural Monitoring Systems plc Investor Presentation