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 – 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.
– 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 – 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 – Transport House Committee
hearing of issues associated with airline nonconformance
with FAA mandatory inspections –
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%
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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
– CVM included into the Boeing Common
Methods NDT Manual.
– Formal requests by three US based DC-9 / MD-
80 operators to approve specific CVM
applications are being progressed by Boeing.
– First trial installation on Boeing aircraft.
– Another Boeing aircraft operator is actively
pursuing 737 and 767 CVM applications.
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• Airbus
– Joint Development Agreement - CVM retrofit
system acknowledged as “Technology Ready”.
– CVM installed on an Airbus A320 Flight Test
aircraft.
– Airbus agree to introduce CVM to airline
operators of their aircraft as a means of
improved maintenance.
• Regional Aircraft Manufactures
– 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
– CVM accredited for use on ADF aircraft.
– Selected for monitoring of joint UK /
Australian C-130 wing test program.
• Royal Air Force / Royal Navy
– In principal agreement for monitoring
primary structure on Nimrod aircraft.
– Positive assessment of specific applications
on Sea King helicopters.
– Three SMS staff (ex-RAF) based in the UK
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supporting the introduction of CVM into the
RAF and RN, and European operators.
• US Air Force
– Evaluation of major application on large
fleet of C-130 in progress.
– Firm interest for applications on a trainer
aircraft fleet.
– Opportunities on other aging fleets.
• Other Air Forces
– Evaluation equipment and sensor orders
from Chinese and Polish Air Forces.
– Quotation provided to European air force for
installation on trainer fleet.
Progress In The Aircraft New Build Sector
• Airbus
– CVM used in the full scale fatigue test
qualification of the A380 and the GLARE
material used extensively in its fuselage.
– Joint Development Agreement - Firm
commitment to a CVM licence. Extended to
the end of 2008 to align with revised Airbus
aircraft development schedule.
– Agreements signed for Airbus to evaluate the
incorporation of CVM technology into the
designs of two new aircraft.
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• Regional Aircraft Manufactures
– 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.
– Embraer program worth $1,200,000 over three
years.
• EADS Military Air Systems
– SMS invited to include in-flight CVM system in
the Barracuda UAV Integrated Vehicle Health
Monitoring demonstrator program.
New Products & Markets For CVM™ Technology
• CVM Switch
– 2nd production run in-progress.
– Now a standard SMS product.
– Being incorporated into further new
products.
• Automotive Test
– CVM Switch pilot production program
on going with PBR.
– Order from PBR’s new parent Bosch.
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– Evaluated by GM and large German
Automotive supplier.
• Bridge Infrastructure & Mining Equipment
– CVM remote bridge monitoring system
demonstrated to the US Federal
Highway Administration.
• CVM On-Board System
– Prototype on-board CVM system
demonstrated to Airbus, EADS MAS
and Embraer.
– In-Flight installation during 2009.
New CVM Market Opportunity - Bridge Infrastructure
• SMS has worked with Sandia National Labs in the
US to evaluate the use of CVM on thick steel
structures for bridge and mining equipment
applications.
• Sandia noted in the report that contained the CVM
evaluation results that “K30% of the 600,000
bridges in the US are structurally deficient”.
• Since the catastrophic Minneapolis I-135W bridge
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collapse in 2007, SMS has been working closely
with Sandia and potential US partner company to
demonstrate a CVM bridge monitoring system
combined with mobile phone technology.
• Demonstration to the US Federal Highway
Administration and discussions with potential US
distributor with bridge monitoring experience.
• This represents a significant new market
opportunity for CVM.
CVM Order Intake Has Increased As A Direct Result
Of Intensive Global Marketing Activities.
• Two existing and three new Military Air
Force customers are evaluating CVM for
retro-fit applications on existing aircraft
fleets.
• Two Regional Aircraft OEM customers are
Value (AU$) 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
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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 – A380 Testing
Non-Aviation
PBR + Bosch $20,000 CVM Switch - Pilot Program
Total $724,100
Note: 1 – Price Agreed Contract expected in Q2 2008
Near Term Civil & Military Fleet Retro-Fit Programs
•Civil Aircraft Fleets
– DC-9 / MD-80
• 250 Aircraft
– 737 / 767
• 170 Aircraft
•Military Aircraft Fleets
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– US C-130
• 300+ Aircraft
– US Fast Jet Aircraft
• 450 Aircraft
– RAF / RN Sea King
• 120 Aircraft
– RAF Nimrod
• 20 Aircraft
– 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
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Retro-Fit Market - AU$120 Million
Civil Retro-fit
Military Retro-fit
New Build SHM
Demonstrators
Land Based
Access Licence
Current Programs – Fleet Retro-Fit Case Studies
•Civil Aircraft Retro-fit
– Three US Operators
– 200 Aircraft
– Estimated Value Range:-
• US$1.5m – US$2.5m
– Roll-Out:- 2 – 3 years
•Military Aircraft Retro-fit #1
– US Operator
– 300+ Aircraft
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– Estimated Value Range:-
• US$15m – US$27m
– Roll-Out:- 3 - 5 years
•Military Aircraft Retro-fit #2
– US Operator
– 450+ Aircraft
– Estimated Value Range:-
• US$9m - $15m
– Roll-Out:- 2 - 3 years
Medium Term Civil Aircraft Fleet Retro-Fit Prospects
- Established Relationships
•US Airlines & Cargo Operators
– Large Mixed Boeing & Airbus Fleets.
– Well established relationships:
• NWA – 356 aircraft
• AA – 686 aircraft
• Delta – 441 aircraft
•Airbus
16
– A320 Life Extension FSFT -> 1400 aircraft
•Regional Aircraft
– 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
– 4,282 Aircraft
•RAF / RN
– 998 Aircraft
•RAAF
– 257 Aircraft
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• Polish Air Force
– 493 Aircraft
• Finnish Air Force
– 173 Aircraft
•RNLAF
– 177 Aircraft
• People's Liberation Army Air Force
– 2300 Aircraft
Civil Aircraft – 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.
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•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– 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.
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• 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.
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• 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?
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Structural Monitoring Systems – Contact Information
• Mark Vellacott – Managing Director
– Tel: +61 (0)8 9204 4844
– Fax: +61 (0)8 9204 4866
– Mob: +61 (0)438 684 498
– Email: m.vellacott@smsystems.com.au
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