CGG Provides Q4 & Full Year 2022 Financial Update
10 Janvier 2023 - 7:30AM
CGG Provides Q4 & Full Year 2022 Financial Update
Q4 2022
segment
revenue expected at around
321
million,sustained by
solid Earth Data
sales at around
$147 million
FY 2022
segment
revenue expected at around
$931
million and FY
2022 segment
EBITDAs expected to
be above latest
guidance
Q4 2022
positive Net
Cash
Flow expected
at around
$61 million
PARIS, France – January 10, 2023
Fourth quarter 2022 segment revenue
update
CGG anticipates Q4 2022 segment revenue at
around $321 million, up 48% sequentially and up 8% proforma
year-on-year, driven by strong aftersales, especially in the US
Gulf of Mexico and Scandinavia, and higher deliveries of equipment
in December 2022.
- Geoscience
segment revenue is expected to be around $69 million, stable
sequentially and down 22% proforma year-on-year with Q4 2021 driven
by significant Geovation software sales.
- Earth Data
segment sales are expected to be around $147 million, up 137%
sequentially and up 29% year-on-year. In particular, after-sales
are expected to be around $81 million, up 48% year-on-year.
- Sensing &
Monitoring segment sales are expected to be around $104 million, up
21% sequentially and up 11% year-on-year due to
higher-than-expected deliveries of equipment in December 2022.
Full year 2022 segment revenue
update
CGG anticipates full year 2022 segment revenue
at around $931 million, up 3% proforma year-on-year, and full year
2022 segment EBITDAs is expected to be above CGG’s guidance updated
on November 2, 2022.
Q4 2022 & Full Year
2022 Net Cash Flow
and Net Debt
at the end of 2022
CGG anticipates Q4 2022 positive Net Cash Flow
around $61 million, including the sale of US land seismic library,
and full year 2022 Net Cash Flow around $(4) million.
Group’s cash liquidity at the end of December
2022 is expected to be around $298 million, excluding $100 million
undrawn RCF.
CGG anticipates year-end 2022 Net Debt (before
IFRS 16) to be around $859 million, and Net Debt (after IFRS 16) to
be around $951 million.
Full Year 2022
results and
conference
call
CGG will announce its fourth quarter 2022 and
full year 2022 audited results on March 2, 2023 after market close,
and after they have been approved by the Board of Directors.
Forward-looking statements/estimated
financial information
This press release includes forward-looking
statements and estimated financial information. The Company
provides this information based on a preliminary review of its
financial results as of the date of this press release, and in
particular of its revenues. The Company has not completed its
financial reporting and related consolidation, review and control
procedures, including the review of all sales against the
established revenue recognition/cut-off criteria. This financial
information constitutes therefore estimates. These estimates have
not been reviewed by the Company’s auditors. The information
provided in this release is therefore subject to change and the
final Q4 2022 and Full Year 2022 financial statements, once they
are approved by the Company, reviewed by the auditors and released,
may deviate materially from the information herein. Reference is
made to the definition of Segment revenues in the Company`s annual
and quarterly reports.
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 3,300 people worldwide and is listed on
the Euronext Paris SA (ISIN: 0013181864).
Contacts
Group Communications & Investor Relations
Christophe BarniniTel: + 33 1 64 47 38 11E-Mail:
christophe.barnini@cgg.com |
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