Regulatory News:
CGGVeritas (Paris:GA) (NYSE:CGV) announced today its non-audited
second quarter 2012 consolidated1 results. All comparisons are made
on a year-on-year basis unless stated otherwise.
- Revenue at $831 million, up
11%
- Strong increase in Operating Income
at $85 million, a 10% margin
- Services return to
profitability
- Positive Outlook for 2012
confirmed
Second Quarter 2012 Key Figures
In million $
Second Quarter2012 Second
Quarter
2011*
Revenue 831 751 EBITDAs 228
149 Operating Income 85 15 Net
Income 34 -38 Cash Flow from Operations
104 162 Free Cash Flow -129 -7
Backlog 1 300 1 310
*Restated figures
CGGVeritas CEO, Jean-Georges Malcor, commented:
“Our Performance Plan continues to bear fruit with the recovery
of our marine operations, as illustrated by the very good
utilization rate of our fleet since the beginning of the year.
Combined with the sustained level of activity in Processing &
Imaging, and a more favorable seasonality in Land Acquisition, our
marine performance enabled Services to deliver a positive operating
income this quarter (typically the weakest quarter in the year),
despite the reduced contribution from multi-client sales. Sercel
continued to deliver an excellent performance.
"The commercial visibility is improving: exploration spending is
expected to increase by more than 15% this year, and tendering
activity in marine acquisition is firming up for the fourth quarter
of 2012 and first quarter of 2013.
"CGGVeritas remains at the forefront of innovation. We launched
in early June the new generation of Sercel streamers, Sentinel® RD
with a reduced diameter. We continue to capitalize on the
commercial success of BroadSeisTM and CGGVeritas is returning to
the US waters of the Gulf of Mexico with StagSeisTM, a major
innovation in marine acquisition and imaging, with its new
multi-client survey called IBALT.
"Within this context, I am confident in our ability to reach our
2012 objectives.”
1Effective January 1, 2012, CGGVeritas changed the presentation
currency of its consolidated financial statements from the euro to
the U.S. dollar to better reflect the profile of an industry with
revenues, costs and cash flows primarily generated in U.S. dollars.
The first and second quarter 2011 figures shown in this press
release have been restated as if the change in the Group
presentation currency had been effective since January 1, 2004
(IFRS transition). In the context of our new presentation of cash
indicators, first and second quarter 2011 EBITDAs and multi-client
Capex figures have been restated.
Second Quarter 2012 Results
- Group revenue was $831 million, up 11%
year-on-year and up 6% sequentially.
- Group operating income was $85 million,
a 10% margin:
- Sercel margin was at 32% driven by
sustained demand for land and marine high-resolution surveys.
- Services operating income was positive
at $19 million mainly due to our improved operational efficiency in
marine and to a more favorable seasonality for our Land
activity.
- The contribution from equity investees
was at $10 million, mainly related to the good performance of
Argas.
- Net income was at $34 million, compared
to a loss of $38 million in the second quarter 2011.
- Earnings Before Interest Tax
Depreciation and Amortization (EBITDAs) was at $228 million, up 53%
year-on-year and up 8% sequentially.
- The operational cash flow was $104
million, down 36% year-on-year, due to opposite changes in working
capital during the quarter. The increase in working capital is
mainly related to the high level of invoicing in June both at
Sercel and Services.
- Total Capex was at $179 million this
quarter, industrial capex was at $97 million and multi-client capex
reached $82 million as 17% of the fleet was dedicated to
multi-client programs.
- After payment of interests and capital
expenditure, net free cash flow was negative at $129 million.
- Backlog was at $1.3 billion at the end
of June 2012, stable year-on-year, up in Services at $1.130 billion
and down at Sercel at $170 million.
Post Closing Events
- Start of IBALT, our new multi-client
GoM survey, using StagSeis the innovative solution for marine
acquisition and imaging.
- Signature of a strategic alliance with
SMNG, the main Russian geophysical company.
Positive Outlook for 2012 confirmed
- Group revenue expected to grow
10%-15%.
- 2011-2012 performance plan: $150
million additional operating income target confirmed.
- Industrial Capex:
- As planned, 2/3 of original industrial
capex spent on H1 (including the upgrade of the Champion
vessel).
- H2 capex could potentially be revised
up to take advantage of the positive market cycle.
- Multi-Client Cash Capex:
- Marine at around $250 million including
StagSeis and Land at around $130 million.
- Prefunding confirmed at 80%-85%.
- Positive Free Cash Flow.
Second Quarter 2012 Financial Results
Second Quarter 2012 key figures
In million $
First Quarter
2012
Second Quarter 2012
2011* Group Revenue 787
831 751 Sercel 348 285
266 Services 531 599 533
Group Operating
Income 54 85 15
Margin 7% 10% 2% Sercel 116 92
76 Margin 33% 32% 28% Services
-8 19 -29 Margin -1% 3% -5%
Net Income -3 34
-38 Margin 0% 4% -5%
Net Debt
1 512 1 600 1 492 Net
Debt to Equity Ratio 39% 42% 40%
*Restated figures
Revenue
Group revenue was up 11% year-on-year and up 6% sequentially.
Services revenue was up 13% year-on-year, and Sercel revenue up
7%.
In million $
First Quarter Second
Quarter 2012 2012
2011* Group Revenue 787
831 751 Sercel Revenue 348 285
266 Services Revenue 531 599 533
Eliminations -92 -54 -48 Marine contract
189 288 242 Land contract 123
112 81 Processing 106 113 106
Multi-client 114 87 104 Marine MC 87
52 78 Land MC 27 35 26
*Restated figures
Sercel
Revenue was up 7% year-on-year and down 18% sequentially
compared to the historically high first quarter 2012. Sercel
particularly benefited from a high level of land equipment
deliveries. The first two Sercel 428 XL high-channel-count crews
equipped with the new Sercel Giga Transverse technology, which
offers increasing seismic data acquisition capabilities and
transmission rate, successfully started their operations in the
Middle East. The commercial success of UNITE, Sercel’s wireless
system, is continuing, particularly with a growing penetration in
the North American market.
In marine equipment, Sercel launched the Sentinel® RD, the
latest generation of its Sentinel solid streamer, at the recent
European geophysical convention. Fully compatible with the Seal
428, the Sercel Sentinel® RD has a reduced diameter with a weight
gain of 15%, allowing reduced water drag and easier storage onboard
seismic vessels. The first deliveries of this new equipment started
in June. Finally, internal sales were at $54 million and
represented 19% of Sercel total revenue.
Services
Revenue was up 13% both year-on-year and sequentially. Improving
marine operational performance, a more favorable land acquisition
seasonality and a sustained activity in Processing & Imaging
offset lower multi-client sales this quarter.
- Marine
contract revenue was up 19% year-on-year. It was up 53%
sequentially with a better utilization rate and the slightly
positive impact of price increases. The improvement in our marine
operational performance continued with both our vessel availability
rate2 and production rate3 at 91%. A large part of our fleet was
transiting to the North Sea where five vessels are in operation
currently. The commercial success of BroadSeis was confirmed with
2/3 of the fleet acquiring BroadSeis surveys at the end of June.
The Oceanic Vega and Oceanic Sirius successfully completed the
largest high-resolution wide-azimuth survey ever conducted in the
Mexican waters of the Gulf of Mexico. They were redeployed at the
end of June in the US waters of the Gulf of Mexico to acquire the
first StagSeis multi-client survey, the new marine acquisition
solution of CGGVeritas which provides full wide-azimuth coverage
and unrivalled long offsets, designed to illuminate the complex
subsalt geologies.
- Land
contract revenue was up 38% compared to an exceptionally low
second quarter 2011, due to a stronger seasonality. Sequentially,
it was down 9%. 5 crews operated in North America and 13 crews in
the rest of the world with 5 operating in transition zones and in
shallow waters especially in Asia-Pacific. Our operations in Saudi
Arabia reached a record level of productivity and, in North Africa,
CGGVeritas is returning to Algeria after 15 years of absence.
Worldwide demand for high-channel-count crews, for shallow water
and OBC operations continues to be sustained.
- Processing,
Imaging & Reservoir revenue was up 7% both year-on-year
and sequentially. Demand for high-end processing is strengthening,
sustained by high-resolution land and marine acquisitions and by
the growth of BroadSeis. Activity remained at high levels in our
major international centers and backlog was at record levels at the
end of June.
- Multi-client revenue was down 17% year-on-year and
down 24% sequentially. This decrease was mainly related to marine
after-sales, after two consecutive quarters with a particularly
high level of after-sales in the Gulf of Mexico, ahead of the June
lease sale. Capex was $82 million with a low prefunding of 55%, as
the formal commitments of some clients were postponed to the next
quarter. With a depreciation rate averaging 74%, this quarter, the
Net Book Value at the end of June 2012 stands at $561 million
compared to $536 million at the end of March 2012.
- Marine multi-client revenue was at $52
million, down 34% year-on-year. Prefunding revenue was at $20
million and after-sales were at $32 million. Capex was $41 million
and was concentrated on offshore Brazil and Angola where CGGVeritas
started a multi-client program on block 22. With a depreciation
rate at 67% this quarter, the Net Book Value at the end of June
2012 stands at $411 million.
- Land multi-client revenue was at $35
million, up 34% year-on-year. Prefunding revenue was at $25 million
and after-sales were at $10 million. Capex was $41 million
dedicated to the pursuit of our Marcellus and Alaska programs. With
a depreciation rate at 84%, the Net Book Value at the end of June
2012 stands at $150 million.
2 - The vessel availability rate, a metric measuring the
structural availability of our vessels to meet demand; this metric
is related to the entire fleet, and corresponds to the total vessel
time reduced by the sum of the standby time, the shipyard time and
the steaming time (the “available time”), all divided by total
vessel time.
3 - The vessel production rate, a metric measuring the
effective utilization of the vessels once available; this metric is
related to the entire fleet, and corresponds to the available time
reduced by the operational downtime, all then divided by available
time.
Group EBITDAs was $228 million, a margin of 27%.
First Quarter Second Quarter In million
$
2012 2012 2011*
Group EBITDAs 212 228
149 Margin 27% 27% 20% Sercel EBITDAs
127 103 89 Margin 36% 36%
33% Services EBITDAs 136 150 90 Margin
26% 25% 17%
*Restated figures
Group Operating Income was $85 million. Operating margin
was 10%.
First Quarter Second Quarter In million
$
2012 2012 2011*
Group Operating Income 54 85
15 Margin 7% 10% 2% Sercel
Operating Income 116 92 76 Margin 33%
32% 28% Services Operating Income -8 19
-29 Margin -1% 3% -5%
*Restated figures
Financial Charges
Financial charges were $34 million:
- Cost of debt was $39 million, while the
total amount of paid interests during the quarter was $55
million.
- Other financial items represented a
positive contribution of $5 million, mainly related to the
favorable impact of currency variations.
Taxes were $24 million including the unfavorable impact
of $3 million of currency variations.
After the impact of the income from equity investments of $10
million, Group Net Income was at $34 million compared to a
loss of $38 million in the second quarter 2011.
Net Income attributable to the owners of CGGVeritas was
at $29 million/€22 million after the impact of minority interests
of $4 million/€3 million. EPS was positive at €0.15 per ordinary
share and positive at $0.19 per ADS.
Cash Flow
Cash Flow from Operations
Cash flow from operations was at $104 million, compared to $162
million in the second quarter 2011.
Capex
Global Capex was $179 million this quarter, up 26%
year-on-year.
- Industrial Capex was $97 million, down
3% year-on-year
- Multi-client Cash Capex was $82
million, up 95% year-on-year with a 55% prefunding rate.
In million $
First Quarter Second
Quarter 2012 2012
2011* Capex 203 179
142 Industrial 127 97 100
Multi-client Cash 76 82 42 Marine MC 52 41 10 Land MC
24 41 33
*Restated figures
Free Cash Flow
After interests expenses paid during the quarter and Capex, net
free cash flow was negative at $129 million compared to a negative
free cash flow of $7 million in the second quarter of 2011.
Second Quarter 2012 Comparisons with Second Quarter
2011
Consolidated Income Statement First Quarter
Second Quarter In million $
2012
2012 2011* Exchange rate euro/dollar
1.318 1.298 1.448
Operating Revenue
786.6 831.0 750.7 Sercel
347.8 285.2 266.3 Services 531.1 599.4
532.7 Elimination -92.3 -53.6 -48.3
Gross Profit 138.6 177.8
103.4 Operating Income 53.8
84.6 14.8 Sercel 115.5 91.7
75.6 Services -7.7 19.3 -29.1 Corporate
and Elimination -54.0 -26.4 -31.7
Net
Financial Costs -41.9 -34.0
-54.6 Income Tax -21.8
-24.1 -5.3 Deferred Tax on Currency
Variations 2.8 -2.8
1.1 Income from Equity Investments 3.6
10.1 5.7 Net Income
-3.5 33.8 -38.3 Earnings per
share (€) -0.04 0.15
-0.19 Earnings per ADS ($) -0.06
0.19 -0.27 EBITDAs 212.0
228.0 148.9 Sercel 126.9
102.5 89.1 Services 136.3 150.5 90.5
Industrial Capex 127.1 97.1 99.6 Multi-client
Cash Capex 75.5 81.9 42.2 *Restated figures
First Half 2012 Financial Results
Group Revenue
Group Revenue was up 9% year-on-year. Services revenue was up 6%
and Sercel revenue up 17%.
In million $
Second Half First Half
2011* 2012 2011* Group
Revenue 1 702 1 618 1
479 Sercel Revenue 601 633 541 Services
Revenue 1 224 1 130 1 066 Eliminations
-123 -146 -128 Marine contract 536 477
441 Land contract 132 235 241
Processing 237 219 206 Multi-client 319
200 178 Marine MC 243 138 123
Land MC 76 62 56
*Restated figures
Sercel
Revenue was up 17% year-on-year with strong land equipment
deliveries. Internal sales traditionally concentrated on the first
half-year represented 23% of Sercel total revenue.
Services
Revenue was up 6% year-on-year and is due to a better
operational performance by the fleet, sustained activity in
Processing and Imaging and an increase in multi-client revenue, in
line with the growth in capex.
Group EBITDAs was $440 million, a margin of 27%.
Second Half First Half In million $
2011* 2012 2011* Group
EBITDAs 519 440 305
margin 31% 27% 21% Sercel EBITDAs 210
229 197 margin 35% 36% 36%
Services EBITDAs 384 287 182 margin 31%
25% 17%
*Restated figures
Group Operating Income was $138 million, a margin of
9%.
Second Half First Half In million $
2011* 2012 2011* Group
Operating Income 168 138
38 margin 10% 9% 3% Sercel Op. Income
183 207 170 margin 31% 33%
31% Services Op. Income 64 12 -55
margin 5% 1% -5%
*Restated figures
Financial Charges
Financial charges were $76 million including:
- Cost of debt was $77 million, while the
total amount of paid interests during the first half was $62
million.
- Other financial items represented a
positive contribution of $1 million, mainly related to the
favorable impact of currency variations.
Taxes were $46 million.
After the impact of the income from equity investments of $14
million, Group Net Income was at $30 million, compared to a
loss of $75 million in the first half of 2011.
Net Income attributable to owners of CGGVeritas was at
$21 million/€16 million, after the impact of minority interests of
$10 million/€7 million, resulting in a positive EPS of €0.10 per
ordinary share and $0.14 per ADS.
Cash Flow
Cash Flow from Operations
Cash flow from operations was $296 million, compared to $360
million in the first half 2011.
Capex
Global Capex was $382 million in the first half of the year, up
46% year-on-year.
- Industrial Capex was $224 million, up
25% year-on-year.
- Multi-client Cash Capex was $157
million, up 90% year-on-year with a 56% prefunding rate.
In million $
First Half 2012
2011* Capex 382 262
Industrial 224 179 Multi-client Cash 157 83 MC
marine 92 27 MC land 66 56
*Restated figures
Free Cash Flow
After interest expenses paid during the first half, net free
cash flow was negative at $136 million, compared to a positive net
free cash flow at $58 million in the first half 2011.
Balance Sheet
Net Debt to Equity Ratio
Group gross debt was $1.918 billion at the end of June 2012.
Available cash was $319 million. Group net debt was $1.600
billion at the end of June 2012 compared to $1.512 billion at the
end of March 2012.
Net debt to equity ratio, at the end of June 2012, was 42%
compared to 39% at the end of March 2012.
First Half 2012 Comparisons with First Half 2011
Consolidated Income Statement First Half In
million $
2012 2011* Exchange rate
euro/dollar 1.308 1.406
Operating Revenue
1 617.6 1 479.3 Sercel 633.0 541.3
Services 1 130.5 1 065.6 Elimination -145.9
-127.6
Gross Profit 316.4
200.0 Operating Income 138.4
37.9 Sercel 207.2 170.3 Services 11.6
-55.1 Corporate and Elimination -80.4 -77.3
Financial Items -75.9 -113.7
Income Tax -45.9 -13.4
Deferred Tax on Currency Translation 0.0
6.3 Income from Equity Investments
13.7 7.7 Net Income 30.3
-75.2 Earnings per share (€)
0.10 -0.38 Earnings per ADS ($)
0.14 -0.54 EBITDAs 440.0
304.7 Sercel 229.4 197.3 Services
286.8 181.7 Industrial Capex 224.2
179.0 Multi-client Cash Capex 157.4 82.7
Other Information
- A French language conference call is
scheduled today, Friday 27th of July 2012, at 9:00am (Paris),
8:00am (London).
To take part in the French language conference, simply dial in 5
to 10 minutes prior to the scheduled start time.
- France call-in +33 1 70 77 09 25
- International call-in +44 203 367 94 58
- Replay +33 1 72 00 15 01 or +44 203 367 94 60
Code: 277619#
- An English language conference call is
scheduled today at 3:00pm (Paris), 2:00pm (London), 8:00am (US CT),
9:00am (US ET).
To take part in the English language conference, simply dial in
5 to 10 minutes prior to the scheduled start time.
- US Toll-Free 1-877-317-6789
- International call-in 1-412-317-6789
- Replay 1-877-344-7529 or 1-412-317-0088
Code: 10009286
You will be connected to the conference: “CGGVeritas Q2 2012
results”.
- Copies of the presentation are posted
on the Company website www.cggveritas.com and can be
downloaded.
- The conference call will be broadcast
live on the CGGVeritas website www.cggveritas.com and a
replay will be available for two weeks thereafter.
About CGGVeritas
CGGVeritas (www.cggveritas.com) is a leading international
pure-play geophysical company delivering a wide range of
technologies, services and equipment through Sercel, to its broad
base of customers mainly throughout the global oil and gas
industry. CGGVeritas is listed on the Euronext Paris SA (ISIN:
0000120164) and the New York Stock Exchange (in the form of
American Depositary Shares, NYSE: CGV).
The information included herein contains certain forward-looking
statements within the meaning of Section 27A of the securities act
of 1933 and section 21E of the Securities Exchange Act of 1934.
These forward-looking statements reflect numerous assumptions and
involve a number of risks and uncertainties as disclosed by the
Company from time to time in its filings with the Securities and
Exchange Commission. Actual results may vary materially.
CGGVeritas
Second Quarter 2012
CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED INTERIM CONSOLIDATED
STATEMENT OF OPERATIONS
Six months ended June 30,
2012
2011(restated)
Amounts in millions of U.S.$, except per share data or unless
indicated Operating revenues 1,617.6
1,479.3 Other income from ordinary activities 2.1 1.7
Total income from ordinary activities 1,619.7
1,481.0 Cost of operations (1,303.3) (1,281.0)
Gross
profit 316.4 200.0 Research and development
expenses, net (44.5) (38.0) Marketing and selling expenses (46.6)
(40.2) General and administrative expenses (92.9) (95.7) Other
revenues (expenses), net 6.0 11.8
Operating income
138.4 37.9 Expenses related to financial debt (78.7)
(96.5) Income provided by cash and cash equivalents 1.4 1.2
Cost
of financial debt, net (77.3) (95.3) Other
financial income (loss) 1.4 (18.4)
Income (loss) of consolidated
companies before income taxes 62.5 (75.8)
Deferred taxes on currency translation – 6.3 Other income taxes
(45.9) (13.4)
Total income taxes (45.9) (7.1)
Net income (loss) from consolidated companies 16.6
(82.9) Share of income (loss) in companies accounted for
under equity method 13.7 7.7
Net income (loss) 30.3
(75.2) Attributable to : Owners of CGGVeritas $ 20.7 (82.2)
Owners of CGGVeritas (1) € 15.8 (58.5) Non-controlling interests $
9.6 7.0 Weighted average number of shares outstanding
151,898,100 151,684,340 Dilutive potential shares from
stock-options 658,216 (2) Dilutive potential shares from
performance share plan 678,850 (2) Dilutive potential shares from
convertible bonds (3) (3) Dilutive weighted average number of
shares outstanding adjusted when dilutive 153,235,166 151,684,340
Net income (loss) per share
Basic
$
0.14 (0.54) Basic € 0.10 (0.38) Diluted $ 0.14 (0.54) Diluted €
0.10 (0.38)
(1) Converted at the average exchange rate of U.S.$1.308 and
U.S.$1.406 per € for the periods ended June 30, 2012 and 2011,
respectively.
(2) As our net result was a loss, stock-options and performance
shares plans had an anti-dilutive effect; as a consequence,
potential shares linked to those instruments were not taken into
account in the dilutive weighted average number of shares or in the
calculation of diluted loss per share.
(3) Convertible bonds had an accretive effect (increase of our
earning per share); as a consequence, potential shares linked to
those instruments were not taken into account in the dilutive
weighted average number of shares or in the calculation of diluted
income per share.
UNAUDITED INTERIM CONSOLIDATED
STATEMENT OF OPERATIONS
Three months ended June 30, 2012
2011(restated) Amounts in millions of U.S.$, except per
share data or unless indicated Operating
revenues 831.0 750.7 Other income from ordinary
activities 0.9 0.8
Total income from ordinary activities
831.9 751.5 Cost of operations (654.1) (648.1)
Gross profit 177.8 103.4 Research and
development expenses, net (22.7) (17.9) Marketing and selling
expenses (24.6) (21.7) General and administrative expenses (45.8)
(48.7) Other revenues (expenses), net (0.1) (0.3)
Operating
income 84.6 14.8 Expenses related to financial
debt (39.2) (51.6) Income provided by cash and cash equivalents 0.5
0.7
Cost of financial debt, net (38.7) (50.9)
Other financial income (loss) 4.7 (3.7)
Income (loss) of
consolidated companies before income taxes 50.6
(39.8) Deferred taxes on currency translation (2.8) 1.1
Other income taxes (24.1) (5.3)
Total income taxes
(26.9) (4.2) Net income (loss) from consolidated
companies 23.7 (44.0) Share of income (loss) in
companies accounted for under equity method 10.1 5.7
Net income
(loss) 33.8 (38.3) Attributable to : Owners of
CGGVeritas $ 29.4 (41.5) Owners of CGGVeritas (1) € 22.4 (29.5)
Non-controlling interests $ 4.4 3.2 Weighted average number
of shares outstanding 151,932,036 151,806,882 Dilutive potential
shares from stock-options 578,040 (2) Dilutive potential shares
from performance share plan 678,850 (2) Dilutive potential shares
from convertible bonds (3) (3) Dilutive weighted average number of
shares outstanding adjusted when dilutive 153,188,926 151,806,882
Net income (loss) per share
Basic
$
0.19 (0.27) Basic € 0.15 (0.19) Diluted $ 0.19 (0.27) Diluted €
0.15 (0.19)
______________
(1) Corresponding to the half-year amount in euros less the
first quarter amount in euros.
(2) As our net result was a loss, stock-options and performance
shares plans had an anti-dilutive effect; as a consequence,
potential shares linked to those instruments were not taken into
account in the dilutive weighted average number of shares or in the
calculation of diluted loss per share.
(3) Convertible bonds had an accretive effect (increase of our
earning per share); as a consequence, potential shares linked to
those instruments were not taken into account in the dilutive
weighted average number of shares or in the calculation of diluted
income per share.
Analysis by operating segment
Six months ended June 30, 2012
2011 (restated)
In millions of U.S.$
Services Equipment Eliminations
and
Adjustments
Consolidated Total
Services
Equipment Eliminations
and
Adjustments
Consolidated Total Revenues from unaffiliated
customers 1,130.5 487.1
– 1,617.6
1,065.6 413.7
– 1,479.3 Inter-segment
revenues – 145.9 (145.9)
– 0.5 127.6 (128.1) -
Operating
revenues 1,130.5 633.0 (145.9)
1,617.6 1,066.1 541.3 (128.1)
1,479.3
Depreciation and amortization (excluding
multi-clients survey)
(149.1) (20.9) – (170.0) (142.8) (25.7)
– (168.5)
Depreciation and amortization of multi-client surveys (144.9) – –
(144.9) (97.8)
– – (97.8)
Operating income
11.6 207.2 (80.4) (a) 138.4
(55.1) 170.3 (77.3) (a) 37.9
Share of income in companies accounted for
under equity method (b)
13.7
– – 13.7 7.7
– – 7.7
Capital expenditures (excluding
multi-client surveys) (c)
212.5 11.7 – 224.2 168.1
10.9 – 179.0
Investments in multi-clients survey
179.8 – – 179.8 89.4 –
– 89.4 Investment in companies under
equity method 27.5
– – 27.5 4.8 4.8
Identifiable assets
5,788.9 1,549.3 (663.4) 6,674.8
5,698.9 1,183.0 (335.7) 6,546.2
Unallocated and corporate assets
464.6 632.6
Total assets
7,139.4 7,178.8
______________
(a) Includes general corporate expenses of U.S.$27.1 million and
U.S.$28.4 million for the six months ended June 30, 2012 and 2011,
respectively.
(b) Of which U.S.$20.7 million and U.S.$7.4 million relate to
operational results for the six months ended June 30, 2012 and
2011, respectively.
(c) Includes (i) no equipment acquired under finance leases for
the six months ended June 30, 2012 and U.S.$15.9 million for the
six months ended June 30, 2011 (ii) capitalized development costs
of U.S.$9.2 million and U.S.$7.3million for the six months ended
June 30, 2012 and 2011, respectively, in the Services segment;
capitalized development costs of U.S.$4.9 million and U.S.$2.9
million for the six months ended June 30, 2012 and 2011,
respectively, in the Equipment segment.
Three months ended June 30, 2012
2011 (restated)
In millions of U.S.$
Services Equipment Eliminations
and
Adjustments
Consolidated Total
Services
Equipment Eliminations
and
Adjustments
Consolidated Total Revenues from unaffiliated
customers 599.4 231.6
– 831.0
532.7
218.0
–
750.7
Inter-segment revenues – 53.6 (53.6)
– 0.5 48.3 (48.8) -
Operating revenues 599.4 285.2 (53.6)
831.0 533.2 266.3 (48.8) 750.7
Depreciation and amortization (excluding
multi-clients survey)
(75.6) (10.4) – (86.0) (70.6) (13.6)
– (84.2) Depreciation
and amortization of multi-client surveys (63.7) – – (63.7) (50.7) –
– (50.7)
Operating income
19.3 91.7 (26.4) (a) 84.6
(29.1) 75.6 (31.7) (a) 14.8
Share of income in companies accounted for
under equity method (b)
10.1
– – 10.1 5.7
– – 5.7
Capital expenditures (excluding
multi-client surveys) (c)
90.6 6.5 – 97.1 94.2 5.4
– 99.6
Investments in multi-clients survey
91.1 – – 91.1 45.0 –
– 45.0
______________
(a) Includes general corporate expenses of U.S.$13.0 million and
U.S.$14.2 million for the three months ended June 30, 2012 and
2011, respectively.
(b) Of which U.S.$13.5 million and U.S.$5.5 million relate to
operational results for the three months ended June 30, 2012 and
2011, respectively.
(c) Includes (i) no equipment acquired under finance leases for
the three months ended June 30, 2012 and U.S. $12.7 million for the
three months ended June 30, 2011 (ii) capitalized development costs
of U.S. $4.6 million and U.S.$3.4 million for the three months
ended June 30, 2012 and 2011, respectively, in the Services
segment; capitalized development costs of U.S.$2.3 million and
U.S.$1.7 million for the three months ended June 30, 2012 and 2011,
respectively, in the Equipment segment.
UNAUDITED INTERIM CONSOLIDATED BALANCE
SHEET
June 30, 2012
(unaudited)
December 31, 2011
(restated)
Amounts in millions of U.S.$, unless indicated
ASSETS Cash and cash equivalents 318.8 531.4 Trade accounts
and notes receivable, net 896.8 876.0 Inventories and
work-in-progress, net 393.5 361.5 Income tax assets 98.1 119.4
Other current assets, net 162.9 157.0 Assets held for sale, net
21.3 64.5
Total current assets 1,891.4 2,109.8
Deferred tax assets 187.7 188.8 Investments and other financial
assets, net 50.6 24.7 Investments in companies under equity method
140.6 131.7 Property, plant and equipment, net 1,230.0 1,183.2
Intangible assets, net 930.2 865.1 Goodwill, net 2,708.9 2,688.2
Total non-current assets 5,248.0 5,081.7
TOTAL ASSETS 7,139.4 7,191.5
LIABILITIES AND EQUITY Bank overdrafts 4.1 6.0
Current portion of financial debt 54.8 64.5 Trade accounts and
notes payable 455.5 386.4 Accrued payroll costs 163.6 185.7 Income
taxes liability payable 80.9 159.7 Advance billings to customers
22.2 51.0 Provisions – current portion 28.3 34.6 Other current
liabilities 302.6 272.3
Total current liabilities
1,112.0 1,160.2 Deferred tax liabilities 104.7 110.8
Provisions – non-current portion 97.0 106.7 Financial debt 1,859.5
1,871.6 Other non-current liabilities 41.1 49.8
Total
non-current liabilities 2,102.3 2,138.9
Common stock: 251,651,010 shares
authorized and 151,972,073 shares with a €0.40 nominal value issued
and outstanding at June 30, 2012 and 151,861,932 at December 31,
2011
79.8 79.8 Additional paid-in capital 2,669.9 2,669.3 Retained
earnings 1,138.8 1,161.1 Other reserves 5.1 (17.0) Treasury shares
(20.6) (20.6) Net income (loss) for the period attributable to the
owners of CGGVeritas 20.7 (28.2) Cumulative income and expense
recognized directly in equity (7.8) (11.5) Cumulative translation
adjustment (51.7) (27.6)
Equity attributable to owners of
CGGVeritas SA (1) 3,834.2 3,805.3 Non-controlling
interests 90.9 87.1
Total equity 3,925.1
3,892.4 TOTAL LIABILITIES AND EQUITY 7,139.4
7,191.5
1) Effective January 1, 2012, we changed the presentation
currency of our consolidated financial statements from the euro to
the U.S. dollar to better reflect the profile of our revenues,
costs and cash-flows, which are primarily generated in U.S.
dollars, and hence, to better present the financial performance of
the Group. As a change in presentation currency is a change of
accounting policy, all comparative financial information has been
restated into U.S. dollars. The currency translation adjustment was
set to nil as of January 1, 2004 on transition to IFRS and has been
re-presented on the basis that the Group has reported in U.S.
dollars since that date.The functional currency of the parent
company remains the euro. The currency translation adjustment
resulting from the parent company is presented in other
reserves.
Main restatements related to the change in the presentation
currency from euro to U.S. dollar are as follows (in millions):
Historical consolidated financial statements as of
Dec.31, 2011 in euros Historical consolidated
financial statements of Dec.31, 2011 converted into U.S.
dollars (a) Restatements (b)
Restated consolidated financial statements as of Dec.31, 2011 to
U.S. dollars Common stock, additional paid-in capital, retained
earnings and other
2,883.1
3,730.5
+102.4
3,832.9
Cumulative translation adjustment 55.8 72.2 (99.8)
(27.6)
Equity attributable to owners of CGGVeritas
2,938.9
3,802.7
+2.6
3,805.3
a) Converted at the closing exchange rate of 1.2939 U.S.$ per
euro
b) Differences between historical currency exchange rates and
the closing rate of 1.2939 U.S.$ per 1 euro, including U.S.$(17)
millions translation adjustments from the parent company presented
in other reserves.
UNAUDITED INTERIM CONSOLIDATED
STATEMENT OF CASH FLOWS
Six months ended June 30, 2012
2011
(restated)
Amounts in millions of U.S.$ OPERATING Net
income (loss) 30.3 (75.2) Depreciation and amortization 170.0 168.5
Multi-client surveys depreciation and amortization 144.9 97.8
Depreciation and amortization capitalized to multi-client surveys
(22.4) (6.7) Variance on provisions (10.8) (9.4) Stock based
compensation expenses 9.1 7.2 Net gain (loss) on disposal of fixed
assets (7.9) (4.6) Equity income (loss) of investees (13.7) (7.7)
Dividends received from affiliates 22.1 6.9 Other non-cash items
0.8 0.5
Net cash including net cost of financial debt and income
tax 322.4 177.3 Less net cost of financial debt
77.3 95.3 Less income tax expense 45.9 7.1
Net cash excluding
net cost of financial debt and income tax 445.6
279.7 Income tax paid (84.4) (48.9)
Net cash before
changes in working capital 361.2 230.8 - change
in trade accounts and notes receivables (39.7) 207.0 - change in
inventories and work-in-progress (27.9) (45.8) - change in other
current assets (4.8) 20.2 - change in trade accounts and notes
payable 52.4 (52.7) - change in other current liabilities (51.4)
1.7 Impact of changes in exchange rate on financial items 6.3 (1.0)
Net cash provided by operating activities 296.1
360.2 INVESTING Capital expenditures (including
variation of fixed assets suppliers, excluding multi-client
surveys) (213.2) (157.1) Investment in multi-client surveys, net
cash (157.4) (82.7) Proceeds from disposals of tangible and
intangible assets 2.5 6.0 Total net proceeds from financial assets
11.8 4.5 Acquisition of investments, net of cash and cash
equivalents acquired (52.5) (0.7) Impact of changes in
consolidation scope – (0.1) Variation in loans granted 0.6 1.1
Variation in subsidies for capital expenditures (1.2) – Variation
in other non-current financial assets (0.7) 0.9
Net cash used in
investing activities (410.1) (228.1)
FINANCING Repayment of long-term debts (47.3) (1,048.6)
Total issuance of long-term debts 39.2 1,069.8 Lease repayments
(17.1) (27.7) Change in short-term loans (1.9) (2.1) Financial
expenses paid (61.7) (62.5) Net proceeds from capital increase -
from shareholders 0.6 3.2 - from non-controlling interests of
integrated companies – – Dividends paid and share capital
reimbursements - to shareholders – (0.1) - to non-controlling
interests of integrated companies (5.6) (3.9) Acquisition/disposal
from treasury shares – –
Net cash provided by (used in)
financing activities (93.8) (71.9) Effects of
exchange rates on cash (4.8) 11.2
Net increase (decrease) in
cash and cash equivalents (212.6) 71.4 Cash
and cash equivalents at beginning of year 531.4
448.8 Cash and cash equivalents at end of period
318.8 520.2
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