CGG Announces its
Q2 2023
Results
Revenue at $289m, up 20%
y-o-y
Ebitda at
$104m, a 36% margin
related to business mix
Net Income at $39m
PARIS, France – July 27, 2023 –
CGG (ISIN: FR0013081864), a global
technology and high-performance computing (HPC) leader,
announced today its second quarter 2023 non-audited results.
Commenting on these results, Sophie
Zurquiyah, CGG CEO, said:
“ CGG delivered good performance in Q2. Our
Geoscience business is back to pre-covid levels, driven by
technology differentiation and the increasing adoption of advanced
acquisition technologies, such as nodes, where clients strongly
prefer our leading imaging capabilities. Earth Data remains in line
with our full year objectives while Sensing and Monitoring
confirmed its expected rebound, with high quarterly
revenue.Increased SMO activity in Q2 drove working capital higher,
which is expected to translate into significant positive cash-flow
in H2. The market remains active, with clients strengthening their
offshore activity worldwide. This together with our $510m backlog,
which is at the highest level since early 2020, gives us confidence
in delivering our 2023 targets.”
Q2 2023 key figures: Good
performance
-
IFRS figures: revenue at $339m, EBITDAs at $154m,
OPINC at $82m
-
Segment revenue at $289m, up 20%
year-on-year.
-
Geoscience at $80m, up 14% year-on-year driven by increased
activity worldwide and technology differentiation.
-
Earth Data at $62m, down (5)% year-on-year when adjusted from
transfer fees and US land library divestment. After-sales low at
$20m due to late sales of ~$20m recognized early July. Prefunding
revenue at $42m.
-
Sensing and Monitoring at $146m, significantly up 222%
year-on-year, a very high quarter thanks to OBN equipment
deliveries.
-
Segment EBITDAs at $104m and a
36% margin, down (17)% from a very high second quarter 2022,
sustained by exceptional transfer fees and a different business
mix.
-
Segment operating income at
$77m, up 17% and
a 27% margin
-
Group net income at
$39m, x 2.4
year-on-year
Q2 2023 Cash Flow & Balance Sheet
-
Net cash flow at
$(79)m including
$(45)m negative change in working capital mainly related to
SMO.
-
Cash liquidity of
$315m as of June
30, 2023, including $95m undrawn RCF.
-
Net debt before IFRS 16 at $969m
as of June 30, 2023.
Backlog
-
At the end of June 2023, the Group’s backlog
stands at $510m, up 54% year-on-year.
|
Key Figures -
Second Quarter
2023
Key Figures IFRS - QuarterIn million
$ |
2022Q2 |
2023Q2 |
Variances % |
Operating revenues |
228 |
339 |
49% |
Operating income / (loss) |
59 |
82 |
39% |
Equity from investment |
(0) |
(0) |
- |
Net cost of financial debt |
(25) |
(26) |
(5)% |
Other financial income / (loss) |
(4) |
0 |
- |
Income taxes |
(14) |
(19) |
(35)% |
Net income / (loss) from continuing
operations |
16 |
37 |
130% |
Net income / (loss) from discontinued operations |
0 |
2 |
- |
Group net income / (loss) |
16 |
39 |
141% |
Operating cash flow |
76 |
57 |
(25)% |
Net cash flow |
(56) |
(79) |
(42)% |
Net debt |
909 |
1,063 |
17% |
Net debt before lease liabilities |
812 |
969 |
19% |
Capital employed |
1,933 |
2,140 |
11% |
Key Segment Figures -
Second Quarter
2023
Key Segment Figures - QuarterIn million
$ |
2022Q2 |
2023Q2 |
Variances % |
Segment revenue |
240 |
289 |
20% |
Segment EBITDAs |
126 |
104 |
(17)% |
EBITDAs margin |
52% |
36% |
(16) bps |
Segment operating income / (loss) |
66 |
77 |
17% |
OPINC margin |
27% |
27% |
(1) bps |
IFRS 15 adjustment |
(7) |
5 |
165% |
IFRS operating income / (loss) |
59 |
82 |
39% |
Operating cash flow |
76 |
57 |
(25)% |
Segment net cash flow |
(56) |
(79) |
(42)% |
Key figures bridge: Segment to IFRS -
Second Quarter 2023
P&L itemsIn million $ |
Segment figures |
IFRS 15 adjustment |
IFRS figures |
Total revenue |
289 |
50 |
339 |
OPINC |
77 |
5 |
82 |
|
|
|
|
Cash Flow Statement itemsIn million
$ |
Segment figures |
IFRS 15 adjustment |
IFRS figures |
EBITDAs |
104 |
50 |
154 |
Change in working capital & provisions |
(45) |
(50) |
(96) |
Cash provided by operations |
57 |
0 |
57 |
|
|
|
|
Earth Data Data Library
NBVIn million $ |
Segment figures |
IFRS 15 adjustment |
IFRS figures |
Opening balance sheet , Apr 1st 23 |
291 |
133 |
424 |
Closing balance sheet , June 30th 23 |
364 |
95 |
459 |
Second Quarter
2023 Segment Financial
Results
Digital, Data and Energy
Transition
(DDE)
Data, Digital & Energy Transition
(DDE)In million $ |
2022Q2 |
2023Q2 |
Variances % |
Segment revenue |
195 |
142 |
(27)% |
Geoscience |
70 |
80 |
14% |
Earth Data |
124 |
62 |
(50)% |
Prefunding |
36 |
42 |
17% |
After-Sales |
88 |
20 |
(77)% |
DDE proforma |
194 |
142 |
(27)% |
Segment EBITDAs |
135 |
75 |
(44)% |
EBITDAs Margin |
69% |
53% |
(17) bps |
Segment operating income |
83 |
57 |
(31)% |
OPINC Margin |
42% |
40% |
(2) bps |
Capital employed (in billion $) |
1.4 |
1.5 |
5% |
Other Key Metrics |
|
|
|
Earth Data cash capex ($m) |
(75) |
(64) |
14% |
Earth Data cash prefunding rate (%) |
48% |
66% |
18 bps |
Digital,
Data and Energy Transition (DDE)
segment revenue was $142 million, down (27)%
year-on-year.
-
Geoscience (GEO)
revenue was $80 million, up 14% year-on-year.
Geoscience activity remains solid across all
regions sustained by increasing demand worldwide for OBN imaging
and higher resolution images. The level of commercial activity
continues to be strong and backlog is up 19% year-on-year at
$235m.
-
Earth Data (EDA)
revenue was $62 million and down (5)% year-on-year
when adjusted from the transfer fees and US land library
divestment.
Earth Data cash capex was $(64) million this
quarter, down (14)% year-on-year with one marine streamer program
offshore Norway and the end of a survey offshore Brazil in
partnership. Prefunding revenue was solid at $42 million, up 17%
and prefunding rate was at 66%. After-sales were low at $20 million
this quarter as ~$20 million late sales were recognized early
July
The segment library Net Book Value was $364
million ($459 million after IFRS 15 adjustments) at the end of June
2023.
DDE segment
EBITDAs was $75 million, down (44)% year-on-year, and a
53% margin compared to a particularly strong quarter last year
sustained by very large transfer fees.
DDE segment operating
income was $57 million, down (31)% year-on-year, and a 40%
margin.
DDE capital
employed increased to $1.5 billion at the end of June
2023.
Sensing and Monitoring
(SMO)
Sensing and Monitoring
(SMO)In million $ |
2022Q2 |
2023Q2 |
Variances % |
Segment revenue |
45 |
146 |
222% |
Land |
13 |
46 |
269% |
Marine |
22 |
84 |
277% |
Downhole gauges |
5 |
5 |
7% |
Non Oil & Gas |
6 |
11 |
84% |
Segment EBITDAs |
(7) |
36 |
593% |
EBITDAs margin |
-16% |
24% |
40 bps |
Segment operating income / (loss) |
(15) |
28 |
288% |
OPINC Margin |
-32% |
19% |
51 bps |
Capital employed (in billion $) |
0.6 |
0.7 |
17% |
Sensing and Monitoring
(SMO) segment revenue was $146
million, up 222% year-on-year.
-
High level of land equipment sales at $46 million mainly for North
Africa and Middle-East.
-
Marine equipment at $84 million mainly due to major sales of GPR
ocean bottom nodes to several customers
-
Downhole sales were $5 million, stable year-on-year.
-
Beyond the Core revenues were high at $11 million, up 84%
year-on-year.
SMO segment
EBITDAs was $36 million and a 24% margin.
SMO segment operating
income was $28 million.
SMO capital
employed increased to $0.7 billion at the end of June
2023.
Second Quarter
2023 Financial Results
Consolidated Income StatementsIn million
$ |
2022Q2 |
2023Q2 |
Variances % |
Exchange rate euro/dollar |
1.08 |
1.08 |
1% |
Segment revenue |
240 |
289 |
20% |
DDE |
195 |
142 |
(27)% |
Sensing & Monitoring |
45 |
146 |
222% |
Segment Gross Margin |
93 |
112 |
20% |
Segment EBITDAs |
126 |
104 |
(17)% |
DDE |
135 |
75 |
(44)% |
Sensing & Monitoring |
(7) |
36 |
593% |
Corporate |
(1) |
(4) |
(551)% |
Elim & Other |
(1) |
(2) |
(127)% |
Segment operating income |
66 |
77 |
17% |
DDE |
83 |
57 |
(31)% |
Sensing & Monitoring |
(15) |
28 |
288% |
Corporate |
(1) |
(6) |
(341)% |
Elim & Other |
(1) |
(2) |
(122)% |
IFRS 15 adjustment |
(7) |
5 |
165% |
IFRS operating income |
59 |
82 |
39% |
Equity from investments |
(0) |
(0) |
(288)% |
Net cost of financial debt |
(25) |
(26) |
(5)% |
Other financial income (loss) |
(4) |
0 |
110% |
Income taxes |
(14) |
(19) |
(35)% |
Net income / (loss) from continuing
operations |
16 |
37 |
130% |
Net income / (loss) from discontinued operations |
0 |
2 |
- |
IFRS net income / (loss) |
16 |
39 |
141% |
Shareholder's net income / (loss) |
16 |
36 |
128% |
Basic Earnings per share in $ |
0.02 |
0.05 |
119% |
Basic Earnings per share in € |
0.02 |
0.05 |
136% |
Segment revenue was $289
million, up 20% pro-forma. The respective contributions from the
Group’s businesses were 27% from GEO, 22% from EDA (49% for the DDE
segment) and 51% from the SMO segment.
Segment EBITDAs was $104
million, down (17)% year-on-year, a 36% margin, due to business mix
and ~$20 million delayed multi-client sales from end of June to
early July.
Segment operating
income was $77 million, up 17% year-on-year and a 27%
margin. $37 million favorable EDA Net Book Value adjustements were
recorded this quarter. IFRS 15 adjustment was $5
million and IFRS operating income was $82
million.
Cost of financial debt was
$(26) million. Taxes were at $(19) million.
Net income from continuing
operations was $37 million. Group net
income was multiplied by 2.4 x year on year at $39
million / €(36) million.
Second Quarter
2023 Cash Flow
Cash Flow itemsIn million $ |
2022Q2 |
2023Q2 |
Variances % |
Segment Operating Cash Flow |
76 |
57 |
(25)% |
CAPEX |
(85) |
(78) |
(8)% |
Industrial |
(4) |
(11) |
141% |
R&D |
(5) |
(4) |
(33)% |
Earth Data (Cash) |
(75) |
(64) |
(14)% |
Marine Offshore |
(75) |
(64) |
(14)% |
Land Onshore |
(0) |
0 |
- |
Proceeds from disposals of assets |
18 |
(0) |
(100)% |
Segment Free Cash Flow |
9 |
(20) |
(317)% |
Lease repayments |
(12) |
(13) |
(13)% |
Asset financing |
0 |
6 |
- |
Paid Cost of debt |
(47) |
(47) |
- |
Free cash flow from discontinued operations |
(6) |
(5) |
22% |
Net Cash flow |
(56) |
(79) |
(42)% |
Financing cash flow |
2 |
(1) |
(185)% |
Forex and other |
(17) |
(1) |
94% |
Net increase/(decrease) in cash |
(71) |
(81) |
(14)% |
Supplementary
information |
|
|
|
Change in working capital and provisions, included in
Segment Operating Cash Flow |
(42) |
(45) |
(9)% |
|
|
|
|
Total capex was $(78) million:
-
Industrial capex was $(11) million
-
R&D capex was $(4)
million
- Earth
Data cash capex was $(64) million
Segment
free
cash
flow was
$(20)
million, including
$(45)
million negative
change in working capital, mainly
from SMO ahead of a strong H2 activity.
After $(13) million lease repayments, $6 million
asset financing, $(47) million cash cost of debt and $(5) million
cash costs related to discontinued operations, Net
Cash
flow was
$(79)
million.
First Half 2023 Financial
Results
Consolidated Income StatementsIn million
$ |
YTD June 2022 |
YTD June 2023 |
Variances % |
Exchange rate euro/dollar |
1.10 |
1.08 |
(2)% |
Segment revenue |
393 |
498 |
27% |
DDE |
314 |
286 |
(9)% |
SMO |
79 |
212 |
168% |
Elim & Other |
0 |
(0) |
- |
Segment Gross Margin |
116 |
158 |
36% |
Segment EBITDAs |
164 |
170 |
3% |
DDE |
192 |
146 |
(24)% |
SMO |
(19) |
35 |
283% |
Corporate |
(6) |
(9) |
(53)% |
Elim & Other |
(2) |
(2) |
- |
Segment operating income |
61 |
90 |
48% |
DDE |
105 |
82 |
(22)% |
SMO |
(34) |
21 |
160% |
Corporate |
(7) |
(10) |
(35)% |
Elim & Other |
(3) |
(3) |
- |
IFRS 15 adjustment |
9 |
(2) |
(120)% |
IFRS operating income |
70 |
88 |
27% |
Equity from investments |
(0) |
(0) |
- |
Net cost of financial debt |
(50) |
(50) |
- |
Other financial income (loss) |
3 |
3 |
- |
Income taxes |
(23) |
(21) |
10% |
NRC (Tax & OFI) |
0 |
0 |
- |
Net income / (loss) from continuing
operations |
(0) |
21 |
- |
Net income / (loss) from discontinued operations |
(2) |
2 |
199% |
IFRS net income / (loss) |
(2) |
23 |
- |
Shareholder's net income / (loss) |
(2) |
20 |
- |
Basic Earnings per share in $ |
(0.00) |
0.03 |
- |
Basic Earnings per share in € |
(0.00) |
0.03 |
- |
Segment revenue was $498
million, up 27% compared to H1 2022. The respective contributions
from the Group’s businesses were 32% from Geoscience, 25% from
Earth Data (57% for the DDE segment) and 43% from Sensing &
Monitoring.
DDE segment revenue was $286
million, down (9)% year-on-year.
Geoscience revenue was $159
million, up 9% year-on-year.
Earth Data sales reached $127
million, down (24)% year-on-year. Prefunding revenue was $77
million, up 55% year-on-year. Earth Data cash capex was $(92)
million, down (15)% year-on-year and cash prefunding rate at the
end of June was 84%. After-sales were $50 million, down (58)% or
down (2)% when adjusted from transfer fees in H1 2022.
SMO segment revenue was $212
million, up 168% year-on-year.
Segment EBITDAs was $170
million, up 3% year-on-year, a low 34% margin, due to business mix.
DDE EBITDA margin was 51% and Sensing & Monitoring EBITDA
margin was 17%.
Segment operating income was
$90 million, up 48% and a 18% margin.
IFRS 15 adjustment at operating
income level was $(2) million and IFRS operating
income, after IFRS 15 adjustment, was $88 million.
Cost of financial debt was
$(50) million. The total amount of interest paid during H1 was
$(45) million.
Other financial items were $3
million.
Taxes were at $(21)
million.
Net income from continuing
operations was $21 million.
H1 2023 Group net
income attributable to CGG’s shareholders
was $23 million / €21 million.
Cash Flow
Cash Flow itemsIn million $ |
YTD June 2022 |
YTD June 2023 |
Variances % |
Segment Operating Cash Flow |
206 |
112 |
(46)% |
CAPEX |
(127) |
(131) |
3% |
Industrial |
(9) |
(30) |
234% |
R&D |
(11) |
(9) |
(14)% |
Earth Data (Cash) |
(108) |
(92) |
(15)% |
Marine Offshore |
(107) |
(92) |
(14)% |
Land Onshore |
(1) |
0 |
(100)% |
Proceeds from disposals of assets |
17 |
(0) |
(101)% |
Segment Free Cash Flow |
95 |
(19) |
(120)% |
Lease repayments |
(25) |
(25) |
- |
Asset financing |
0 |
20 |
- |
Paid Cost of debt |
(47) |
(45) |
5% |
Free cash flow from discontinued operations |
(10) |
(10) |
7% |
Net Cash flow |
13 |
(78) |
(708)% |
Financing cash flow |
2 |
(0) |
- |
Forex and other |
(17) |
(0) |
99% |
Net increase/(decrease) in cash |
(2) |
(78) |
- |
Supplementary information |
|
|
|
Change in working capital and provisions, included in
Segment Operating Cash Flow |
48 |
(49) |
(202)% |
Segment operating cash flow was $112 million
down (46)%, including $(49) million negative change in working
capital & provisions.
Capex was $(131) million, up 3%
year-on-year:
Industrial capex was $(30)
million,
Research & development
capex was $(9) million, down (14)% year-on-year,
Earth Data cash capex was $(92)
million, down (15)% year-on-year.
Segment free cash flow was
$(19) million.
After the payment of interest expenses of $(45)
million, lease repayments of $(25) million, asset financing of $20
million and $(10) millon of cash flow from discontinued operations,
Group net cash flow was $(78)
million, compared to $13 million for the First half of 2022.
Balance Sheet
Group’s
liquidity amounted to
$220
million at the end of June, 2023. Cash
liquidity including $95
million undrawn RCF
amounted to $315
million.
Group gross
debt before IFRS 16 was
$1,189 million
and net debt was
$969 million at
the end of June, 2023.
Group gross
debt after IFRS 16 was
$1,283 million
and net debt was
$1,063 million
at the end of June, 2023.
Segment leverage ratio of Net
debt to adjusted Segment EBITDAs was
2.6x at the end
of June 2023.
Q2 2023 Conference
call
- The
press release and the presentation are available on our website
www.cgg.com
- An
English language analysts conference call is scheduled the same day
at 6.30 pm (CET)
Participants should register for the call here
to receive a dial-in number and code or participate in the live
webcast from here.
A replay of the conference call will be made
available the day after for a period of 12 months in audio format
on the Company's website www.cgg.com.
About CGG
CGG (www.cgg.com) is a global technology and HPC
leader that provides data, products, services and solutions in
Earth science, data science, sensing and monitoring. Our unique
portfolio supports our clients in efficiently and responsibly
solving complex digital, energy transition, natural resource,
environmental, and infrastructure challenges for a more sustainable
future. CGG employs around 3,400 people worldwide and is listed on
the Euronext Paris SA (ISIN: 0013081864).
Contacts
Group
Communications & Investor RelationsChristophe
BarniniTel: + 33 1 64 47 38 11E-Mail: christophe.barnini@cgg.com
|
|
CONSOLIDATED FINANCIAL
STATEMENTS
June
30, 2023
Unaudited Interim Consolidated statements of
operations
|
|
Six months ended June 30, |
(In millions of US$, except per share data) |
|
2023 |
2022 |
Operating revenues |
|
517.1 |
403.6 |
Other income from ordinary activities |
|
0.2 |
0.4 |
Total income from ordinary activities |
|
517.3 |
404.0 |
Cost of operations |
|
(361.0) |
(279.1) |
Gross profit |
|
156.3 |
124.9 |
Research and development expenses - net |
|
(13.9) |
(7.7) |
Marketing and selling expenses |
|
(17.7) |
(14.2) |
General and administrative expenses |
|
(34.3) |
(34.9) |
Other revenues (expenses) - net |
|
(2.2) |
1.5 |
Operating income (loss) |
|
88.2 |
69.6 |
Cost of financial debt - gross |
|
(53.0) |
(51.0) |
Income provided by cash and cash equivalents |
|
3.3 |
0.7 |
Cost of financial debt, net |
|
(49.7) |
(50.3) |
Other financial income (loss) |
|
3.3 |
3.2 |
Income (loss) before incomes taxes and share of income
(loss) from companies accounted for under the equity
method |
|
41.8 |
22.5 |
Income taxes |
|
(20.5) |
(22.9) |
Net income (loss) before share of income (loss) from
companies accounted for under the equity method |
|
21.3 |
(0.4) |
Net income (loss) from companies accounted for under the equity
method |
|
(0.2) |
- |
Net income (loss) from continuing operations |
|
21.1 |
(0.4) |
Net income (loss) from discontinued operations |
|
1.9 |
(2.0) |
Consolidated net income (loss) |
|
23.0 |
(2.4) |
Attributable to : |
|
|
|
Owners of CGG S.A |
$ |
20.3 |
(1.8) |
Non-controlling interests |
$ |
2.7 |
(0.6) |
Net income (loss) per share
(a) |
|
|
|
Basic |
$ |
0.03 |
- |
Diluted |
$ |
0.03 |
- |
Net income (loss) from continuing operations per
share (a) |
|
|
|
Basic |
$ |
0.03 |
- |
Diluted |
$ |
0.03 |
- |
Net income (loss) from discontinued operations per
share (a) |
|
|
|
Basic |
$ |
- |
- |
Diluted |
$ |
- |
- |
(a) Earning per share is
presented as nil being less than US$0.01.
Unaudited Interim Consolidated statements of
financial position
(In millions of US$) |
|
June 30, 2023 |
December 31, 2022 |
ASSETS |
|
|
|
Cash and cash equivalents |
|
220.0 |
298.0 |
Trade accounts and notes receivable, net |
|
311.6 |
308.3 |
Inventories and work-in-progress, net |
|
271.4 |
257.2 |
Income tax assets |
|
45.8 |
53.4 |
Other current financial assets, net |
|
- |
0.1 |
Other current assets, net |
|
134.1 |
99.9 |
Total current assets |
|
982.9 |
1,016.9 |
Deferred tax assets |
|
17.9 |
24.2 |
Other non-current assets, net |
|
11.9 |
8.2 |
Investments and other financial assets, net |
|
17.3 |
18.4 |
Investments in companies under the equity method |
|
10.4 |
10.8 |
Property, plant and equipment, net |
|
185.0 |
167.3 |
Intangible assets, net |
|
591.4 |
554.2 |
Goodwill, net |
|
1,094.5 |
1,089.4 |
Total non-current assets |
|
1,928.4 |
1,872.5 |
TOTAL ASSETS |
|
2,911.3 |
2,889.4 |
LIABILITIES AND EQUITY |
|
|
|
Financial debt – current portion |
|
72.6 |
60.4 |
Trade accounts and notes payables |
|
111.5 |
92.0 |
Accrued payroll costs |
|
72.0 |
85.6 |
Income taxes payable |
|
25.0 |
27.2 |
Advance billings to customers |
|
28.5 |
29.4 |
Provisions — current portion |
|
16.1 |
17.6 |
Other current financial liabilities |
|
20.7 |
20.0 |
Other current liabilities |
|
198.1 |
222.1 |
Total current liabilities |
|
544.5 |
554.3 |
Deferred tax liabilities |
|
26.6 |
18.7 |
Provisions — non-current portion |
|
30.2 |
28.6 |
Financial debt – non-current portion |
|
1,210.1 |
1,188.8 |
Other non-current financial liabilities |
|
11.3 |
21.8 |
Other non-current liabilities |
|
11.1 |
18.4 |
Total non-current liabilities |
|
1,289.3 |
1,276.3 |
Common stock: 1,098,322,743 shares authorized and 713,676,258
shares with a €0.01 nominal value outstanding at June 30, 2023 |
|
8.7 |
8.7 |
Additional paid-in capital |
|
118.7 |
118.6 |
Retained earnings |
|
988.5 |
967.9 |
Other Reserves |
|
85.1 |
50.0 |
Treasury shares |
|
(20.1) |
(20.1) |
Cumulative income and expense recognized directly in equity |
|
(2.6) |
(3.4) |
Cumulative translation adjustment |
|
(140.5) |
(102.4) |
Equity attributable to owners of CGG S.A. |
|
1,037.8 |
1,019.3 |
Non-controlling interests |
|
39.7 |
39.5 |
Total equity |
|
1,077.5 |
1,058.8 |
TOTAL LIABILITIES AND EQUITY |
|
2,911.3 |
2,889.4 |
Unaudited Interim Consolidated statements of cash
flow
|
|
Six months ended June 30, |
(In millions of US$) |
|
2023 |
2022 |
OPERATING ACTIVITIES |
|
|
|
Consolidated net income (loss) |
|
23.0 |
(2.4) |
Less: Net income (loss) from discontinued operations |
|
(1.9) |
2.0 |
Net income (loss) from continuing operations |
|
21.1 |
(0.4) |
Depreciation, amortization and impairment |
|
42.2 |
43.9 |
Earth Data surveys impairment and amortization (a) |
|
65.3 |
68.1 |
Depreciation and amortization capitalized in Earth Data surveys
(a) |
|
(7.8) |
(7.9) |
Variance on provisions |
|
(0.9) |
3.1 |
Share-based compensation expenses |
|
0.9 |
1.3 |
Net (gain) loss on disposal of fixed and financial assets |
|
0.1 |
(4.8) |
Share of (income) loss in companies recognized under equity
method |
|
0.2 |
- |
Other non-cash items |
|
(2.3) |
(3.2) |
Net cash-flow including net cost of financial debt and
income tax |
|
118.8 |
100.1 |
Less : Cost of financial debt |
|
49.7 |
50.3 |
Less : Income tax expense (gain) |
|
20.5 |
22.9 |
Net cash-flow excluding net cost of financial debt and
income tax |
|
189.0 |
173.3 |
Income tax paid |
|
(9.7) |
(1.7) |
Net cash-flow before changes in working
capital |
|
179.3 |
171.6 |
Changes in working capital |
|
(67.0) |
34.1 |
- change in trade accounts and notes receivable |
|
(34.9) |
113.7 |
- change in inventories and work-in-progress |
|
(12.2) |
(56.6) |
- change in other current assets |
|
(13.6) |
(4.9) |
- change in trade accounts and notes payable |
|
21.4 |
14.9 |
- change in other current liabilities |
|
(27.7) |
(33.0) |
- Impact of changes in exchange rate on financial items |
|
0.0 |
|
Net cash-flow from operating activities |
|
112.3 |
205.7 |
INVESTING ACTIVITIES |
|
|
|
Total capital expenditures (tangible and intangible assets) net of
variation of fixed assets suppliers, excluding Earth Data
surveys) |
|
(38.7) |
(19.4) |
Investment in Earth Data surveys |
|
(92.0) |
(107.7) |
Proceeds from disposals of tangible and intangible assets (a) |
|
- |
33.6 |
Proceeds from divestment of activities and sale of financial
assets |
|
- |
0.5 |
Acquisition of investments, net of cash and cash equivalents
acquired (b) |
|
(0.1) |
(17.4) |
Variation in loans granted |
|
- |
- |
Variation in subsidies for capital expenditures |
|
- |
(0.1) |
Variation in other non-current financial assets |
|
0.5 |
(3.2) |
Net cash-flow used in investing activities |
|
(130.3) |
(113.7) |
(a) Sale and leaseback of CGG
headquarters in 2022 (b) Includes the acquisition
of Geocomp Corporation in 2022
|
|
Six months ended June 30, |
(In millions of US$) |
|
2023 |
2022 |
FINANCING ACTIVITIES |
|
|
|
Repayment of long-term debt |
|
(0.8) |
- |
Total issuance of long-term debt |
|
21.2 |
- |
Lease repayments |
|
(25.3) |
(25.0) |
Change in short-term loans |
|
- |
- |
Financial expenses paid |
|
(44.6) |
(47.0) |
Loan granted |
|
- |
1.7 |
Net proceeds from capital increase: |
|
- |
0.4 |
— from Owner of CGG |
|
- |
0.4 |
— from non-controlling interests of integrated companies |
|
- |
- |
Dividends paid and share capital reimbursements: |
|
|
|
— to owners of CGG |
|
- |
- |
— to non-controlling interests of integrated companies |
|
(0.8) |
(0.9) |
Acquisition/disposal from treasury shares |
|
- |
- |
Net cash-flow provided by (used in) financing
activities |
|
(50.3) |
(70.8) |
Effects of exchange rates on cash |
|
(0.1) |
(13.1) |
Impact of changes in consolidation scope |
|
- |
- |
Net cash flows incurred by discontinued
operations |
|
(9.6) |
(10.4) |
Net increase (decrease) in cash and cash
equivalents |
|
(78.0) |
(2.3) |
Cash and cash equivalents at beginning of year |
|
298.0 |
319.2 |
Cash and cash equivalents at end of period |
|
220.0 |
316.9 |
- CGG Announces its Q2 2023 Results
CGG (EU:CGG)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
CGG (EU:CGG)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024