CGG Announces its Q3 2023 Results
Strong Financial Results
Revenue at $307 million, up 42%
y-o-y
EBITDAs at $109 million,
up 41% y-o-y
Positive Net Cash Flow of $63
million
PARIS, France – November 6, 2023 –
CGG (ISIN: FR0013081864), a global technology and
high-performance computing (HPC) leader, announced today its third
quarter 2023 non-audited results.
Commenting on these results, Sophie
Zurquiyah, CGG CEO, said:
“Our third-quarter results are in line with our
expectations for year-on-year growth and demonstrate the
strengthening operational and cash performance across all
businesses. As our clients increase their focus around adding new
reserves, demand for our high-end technology, data and services
drove strong performance for our core activities. Our Beyond
the Core businesses are supported by strong momentum in the
Digital, Energy Transition, and Infrastructure Monitoring markets,
notably in HPC. To strengthen our technology differentiation and
support our growth ambitions, we opened a new UK HPC Hub which will
extend our global capacity to ~500 petaFLOPS, keeping CGG’s
position as the #1 industrial HPC in the world. We are uniquely
addressing the needs of our new clients’ high-end scientific and AI
applications, as evidenced by another new contract signed this
quarter.”
Q3 2023 key figures: Strong financial results
-
IFRS figures: revenue at $293m, EBITDAs at $95m,
OPINC at $42m
-
Segment revenue at $307m, up 42%
year-on-year.
-
Geoscience at $78m, up 13% year-on-year driven by continued demand
for high-end imaging worldwide.
-
Earth Data at $107m, up 74% year-on-year. Solid after-sales at $52m
up 21%. Prefunding revenue at $55m, and a 111% prefunding
rate.
-
Sensing and Monitoring at $122m, up 42% year-on-year.
-
Segment EBITDAs at $109m,
including $(20)m compensation fees to Shearwater, and up 41%
year-on-year sustained by solid activity across our businesses, and
a 35% margin.
-
Segment operating income at $33m,
up 31% and a 11% margin
-
Group net income at $8m
-
Net cash flow of $63m
YTD 2023 key figures: Solid financial
results
-
IFRS figures: revenue at $810m, EBITDAs at $283m,
OPINC at $130m
-
Segment revenue at $805m, up 32%
year-on-year.
-
Geoscience at $238m, up 11% year-on-year.
-
Earth Data at $234m, up 2% year-on-year.
-
Sensing and Monitoring at $334m, up 102% year-on-year.
-
Segment EBITDAs at $278m
including $(31)m compensation fees to Shearwater, and up 15%
year-on-year and a 35% margin.
-
Segment operating income at
$123m, up 43% and a 15% margin
-
Group net income at $31m compared
to $(4)m last year
-
Net cash flow of $(15)m compared
to $(65)m last year.
Balance Sheet
-
Cash liquidity of $370m as of
September 30, 2023, including $95m undrawn
RCF.
-
Net debt before IFRS 16 at $921m
as of September 30, 2023.
|
Key
Figures - Third Quarter 2023
Key Figures IFRS - QuarterIn million
$ |
2022Q3 |
2023Q3 |
Variances % |
Operating revenues |
255 |
293 |
15% |
Operating Income / (loss) |
28 |
42 |
52% |
Equity from Investment |
(0) |
1 |
- |
Net cost of financial debt |
(24) |
(26) |
(7)% |
Other financial income / (loss) |
(1) |
(5) |
- |
Income taxes |
(4) |
(4) |
(3)% |
Net Income / (Loss) from continuing
operations |
(1) |
8 |
741% |
Net Income / (Loss) from discontinued operations |
(0) |
0 |
181% |
Group net income / (loss) |
(2) |
8 |
624% |
Operating cash flow |
37 |
145 |
- |
Net cash flow |
(77) |
63 |
- |
Net debt |
976 |
1,008 |
3% |
Net debt before lease liabilities |
889 |
921 |
4% |
Capital employed |
2,006 |
2,098 |
5% |
Key Segment Figures - Third Quarter
2023
Key Segment Figures - QuarterIn million
$ |
2022Q3 |
2023Q3 |
Variances % |
Segment revenue |
217 |
307 |
42% |
Segment EBITDAs |
77 |
109 |
41% |
EBITDAs margin |
35% |
35% |
(0) bps |
Segment operating income / (loss) |
25 |
33 |
31% |
Opinc margin |
12% |
11% |
(1) bps |
IFRS 15 adjustment |
2 |
9 |
291% |
IFRS operating income / (loss) |
28 |
42 |
52% |
Operating cash flow |
37 |
145 |
- |
Segment net cash flow |
(77) |
62 |
- |
Key figures bridge: Segment to IFRS - Third
Quarter 2023
P&L itemsIn million $ |
Segment figures |
IFRS 15 adjustment |
IFRS figures |
Total Revenue |
307 |
(14) |
293 |
OPINC |
33 |
9 |
42 |
Cash Flow Statement itemsIn million
$ |
Segment figures |
IFRS 15 adjustment |
IFRS figures |
EBITDAs |
109 |
(14) |
95 |
Change in Working Capital & Provisions |
31 |
14 |
44 |
Cash Provided by Operations |
145 |
(0) |
144 |
Earth Data Data Library NBVIn million
$ |
Segment figures |
IFRS 15 adjustment |
IFRS figures |
Opening Balance Sheet , Jun 1st 23 |
364 |
95 |
459 |
Closing Balance Sheet , Sep 30th 23 |
359 |
117 |
476 |
Third Quarter 2023 Segment Financial
Results
Digital, Data and Energy Transition
(DDE)
Data, Digital & Energy Transition
(DDE)In million $ |
2022Q3 |
2023Q3 |
Variances % |
Segment revenue |
131 |
185 |
41% |
Geoscience |
69 |
78 |
13% |
Earth Data |
62 |
107 |
74% |
Prefunding |
19 |
55 |
- |
After-Sales |
43 |
52 |
21% |
DDE
proforma |
131 |
185 |
42% |
Segment EBITDAs |
64 |
104 |
62% |
EBITDAs Margin |
49% |
56% |
7 bps |
Segment operating income |
21 |
37 |
79% |
OPINC Margin |
16% |
20% |
4 bps |
Capital employed (in billion $) |
1.5 |
1.5 |
3% |
Other Key Metrics |
|
|
|
Multi-Client cash capex ($m) |
(72) |
(50) |
(31)% |
Multi-Client cash prefunding rate (%) |
26% |
111% |
85 bps |
Digital, Data and Energy Transition
(DDE) segment revenue was $185 million, up 41%
year-on-year.
-
Geoscience (GEO) revenue was $78 million, up 13%
year-on-year.
Geoscience activity remains solid across all
regions sustained by increasing demand worldwide for OBN imaging,
higher resolution images and quick processing turnaround. The level
of commercial activity continues to be strong with order intakes up
6% year-on-year.
-
Earth Data (EDA) revenue was $107 million up 74%
year-on-year.
Earth Data cash capex was $(50) million this
quarter, down (31)% year-on-year with one OBN program offshore
Norway and a few reprocessing projects. Prefunding revenue was $55
million and almost tripled year-on-year while prefunding rate was
high at 111%. After-sales were solid at $52 million this quarter,
up 21% year-on-year.
The segment library Net Book Value was $359
million ($476 million after IFRS 15 adjustments) at the end of
September 2023.
DDE segment EBITDAs was $104
million, up 62% year-on-year and including $(20) million was this
quarter paid to Sheawater for compensation fees. DDE segment
EBITDAs margin was 56% margin.
DDE segment operating income
was $37 million, up 79% year-on-year, and a 20% margin.
DDE capital employed were
stable at $1.5 billion at the end of September 2023.
Sensing and Monitoring (SMO)
Sensing & Monitoring (SMO)In million
$ |
2022Q3 |
2023Q3 |
Variances % |
Segment revenue |
86 |
122 |
42% |
Land |
50 |
58 |
16% |
Marine |
22 |
45 |
103% |
Downhole gauges |
4 |
6 |
38% |
Non Oil & Gas |
10 |
13 |
34% |
Segment EBITDAs |
18 |
12 |
(33)% |
EBITDAs margin |
21% |
10% |
(11) bps |
Segment operating income / (loss) |
11 |
5 |
(56)% |
OPINC Margin |
13% |
19% |
6 bps |
Capital employed (in billion $) |
0.6 |
0.6 |
(0)% |
Sensing and Monitoring (SMO) segment
revenue was $122 million, up 42% year-on-year.
-
High level of land equipment sales at $58 million mainly for North
Africa and Middle-East.
-
Marine equipment at $45 million driven by major sales of GPR ocean
bottom nodes
-
Downhole sales were $6 million, up 38% year-on-year.
-
Beyond the Core revenues were high at $13 million, up 34%
year-on-year.
SMO segment EBITDAs was $12
million and an exceptional 10% margin this quarter due to large
deliveries of low margin equipment.
SMO segment operating income
was $5 million.
SMO capital employed were $0.6
billion at the end of September 2023.
Third Quarter 2023 Financial Results
Consolidated Income StatementsIn million
$ |
2022Q3 |
2023Q3 |
Variances % |
Exchange rate euro/dollar |
1.02 |
1.09 |
7% |
Segment revenue |
217 |
307 |
42% |
DDE |
131 |
185 |
41% |
Sensing & Monitoring |
86 |
122 |
42% |
Segment Gross Margin |
54 |
67 |
25% |
Segment EBITDAs |
77 |
109 |
41% |
DDE |
64 |
104 |
62% |
Sensing & Monitoring |
18 |
12 |
(33)% |
Corporate |
(4) |
(7) |
(66)% |
Elim & Other |
(1) |
(0) |
70% |
Segment operating income |
25 |
33 |
31% |
DDE |
21 |
37 |
79% |
Sensing & Monitoring |
11 |
5 |
(56)% |
Corporate |
(5) |
(8) |
(59)% |
Elim & Other |
(1) |
(0) |
68% |
IFRS 15 adjustment |
2 |
9 |
- |
IFRS operating income |
28 |
42 |
52% |
Equity from investments |
(0) |
1 |
- |
Net cost of financial debt |
(24) |
(26) |
(7)% |
Other financial income (loss) |
(1) |
(5) |
- |
Income taxes |
(4) |
(4) |
(3)% |
Net income / (loss) from continuing
operations |
(1) |
8 |
- |
Net income / (loss) from discontinued operations |
(0) |
0 |
181% |
IFRS net income / (loss) |
(2) |
8 |
- |
Shareholder's net income / (loss) |
(1) |
8 |
- |
Basic Earnings per share in $ |
(0.00) |
0.05 |
- |
Basic Earnings per share in € |
(0.00) |
0.05 |
- |
Segment revenue was $307
million, up 42%. The respective contributions from the Group’s
businesses were 25% from GEO, 35% from EDA (60% for the DDE
segment) and 40% from the SMO segment.
Segment EBITDAs was $109
million, including $(20) million compensation fees to Shearwater
and up 41% year-on-year, a 35% margin.
Segment operating income was
$33 million, up 31% year-on-year and a 11% margin. IFRS 15
adjustment was $9 million and IFRS operating
income was $42 million.
Cost of financial debt was
$(26) million. Taxes were at $(4) million.
Net income from continuing
operations was $8 million and Group net
income was at $8 million / €8 million.
Third Quarter 2023 Cash Flow
Cash Flow items In million $ |
2022Q3 |
2023Q3 |
Variances % |
Segment Operating Cash Flow |
37 |
145 |
289% |
CAPEX |
(82) |
(59) |
(28)% |
Industrial |
(6) |
(6) |
6% |
R&D |
(4) |
(3) |
(24)% |
Multi-Client (Cash) |
(72) |
(50) |
(31)% |
Marine MC |
(72) |
(50) |
(31)% |
Land MC |
(0) |
0 |
(100)% |
Proceeds from disposals of assets |
(15) |
(2) |
89% |
Segment Free Cash Flow |
(61) |
84 |
238% |
Lease repayments |
(12) |
(13) |
(9)% |
Asset financing |
1 |
1 |
22% |
Paid Cost of debt |
0 |
(2) |
- |
Free cash flow from discontinued operations |
(6) |
(7) |
(14)% |
Net Cash flow |
(78) |
63 |
181% |
Financing cash flow |
0 |
(3) |
- |
Forex and other |
(14) |
(4) |
70% |
Net increase/(decrease) in cash |
(92) |
55 |
160% |
Supplementary information |
|
|
|
Change in working capital & provisions, included in
Segment Operating Cash Flow |
(40) |
31 |
163% |
Segment operating cash flow was
$145 million up 289%, including $31 million positive change in
working capital & provisions.
Total capex was $(59) million:
-
Industrial capex was $(6) million
- R&D
capex was $(3) million
- Earth
Data cash capex was $(50) million
Segment free cash flow was
$84 million.
After $(12) million lease repayments and asset
financing, $(2) million cash cost of debt and $(7) million cash
costs related to discontinued operations, Net Cash
flow was $63 million.
9 months 2023 Financial Results
Consolidated Income StatementsIn million
$ |
2022YTD Sep |
2023YTD Sep |
Variances % |
Exchange rate euro/dollar |
1.07 |
1.08 |
1% |
Segment revenue |
610 |
805 |
32% |
DDE |
444 |
471 |
6% |
SMO |
165 |
334 |
102% |
Elim & Other |
0 |
(0) |
- |
Segment Gross Margin |
170 |
225 |
33% |
Segment EBITDAs |
241 |
278 |
15% |
DDE |
256 |
250 |
(2)% |
SMO |
(1) |
48 |
- |
Corporate |
(10) |
(16) |
(59)% |
Elim & Other |
(3) |
(3) |
19% |
Segment operating income |
86 |
123 |
43% |
DDE |
125 |
119 |
(5)% |
SMO |
(23) |
25 |
- |
Corporate |
(12) |
(18) |
(45)% |
Elim & Other |
(4) |
(3) |
20% |
IFRS 15 adjustment |
11 |
7 |
(35)% |
IFRS operating income |
97 |
130 |
34% |
Equity from investments |
(0) |
1 |
- |
Net cost of financial debt |
(75) |
(76) |
(1)% |
Other financial income (loss) |
2 |
(2) |
(166)% |
Income taxes |
(27) |
(25) |
8% |
NRC (Tax & OFI) |
0 |
0 |
- |
Net income / (loss) from continuing
operations |
(2) |
29 |
- |
Net income / (loss) from discontinued operations |
(2) |
2 |
196% |
IFRS net income / (loss) |
(4) |
31 |
886% |
Shareholder's net income / (loss) |
(3) |
29 |
- |
Basic Earnings per share in $ |
(0.00) |
0.04 |
- |
Basic Earnings per share in € |
(0.00) |
0.04 |
- |
Segment revenue was $805
million, up 32% year-on-year. The respective contributions from the
Group’s businesses were 30% from Geoscience, 29% from Earth Data
(59% for the DDE segment) and 41% from Sensing &
Monitoring.
DDE segment revenue was $471
million, up 6% year-on-year.
Geoscience revenue was $238
million, up 11% year-on-year.
Earth Data sales reached $234
million, up 2% year-on-year. Prefunding revenue was $132 million,
up 92% year-on-year. Earth Data cash capex was $(142) million, down
(21)% year-on-year and cash prefunding rate at the end of September
was 93%. After-sales were $101 million, down (37)% or down (5)%
when adjusted from exceptional transfer fees in Q2 2022.
SMO segment revenue was $334
million, up 102% year-on-year.
Segment EBITDAs was $278
million, including $(31)m compensation fees to Shearwater and up
15% year-on-year, a 35% margin. DDE EBITDA margin was 53% and
Sensing & Monitoring EBITDA margin was 14%.
Segment operating income was
$123 million, up 43% and a 15% margin.
IFRS 15 adjustment at operating
income level was $7 million and IFRS operating
income, after IFRS 15 adjustment, was $130 million.
Cost of financial debt was
$(76) million. The total amount of interest paid was $(47)
million.
Other financial items were $(2)
million.
Taxes were at $(25)
million.
Net income from continuing
operations was $29 million compared to $(2) million last
year.
Group net income attributable to
CGG’s shareholders was $31 million / €29
million.
Cash Flow
Cash Flow itemsIn million $ |
2022YTD Sep |
2023YTD Sep |
Variances % |
Segment Operating Cash Flow |
243 |
257 |
6% |
CAPEX |
(210) |
(190) |
(9)% |
Industrial |
(15) |
(36) |
142% |
R&D |
(15) |
(12) |
(17)% |
Earth Data (Cash) |
(180) |
(142) |
(21)% |
Marine Offshore |
(179) |
(142) |
(21)% |
Land Onshore |
(1) |
0 |
(100)% |
Proceeds from disposals of assets |
1 |
(2) |
- |
Segment Free Cash Flow |
35 |
65 |
88% |
Lease repayments |
(37) |
(38) |
(4)% |
Asset financing |
1 |
22 |
- |
Paid Cost of debt |
(47) |
(47) |
1% |
Free cash flow from discontinued operations |
(17) |
(17) |
(1)% |
Net Cash flow |
(65) |
(15) |
77% |
Financing cash flow |
2 |
(2) |
(190)% |
Forex and other |
(31) |
(6) |
79% |
Net increase/(decrease) in cash |
(94) |
(23) |
75% |
Supplementary information |
|
|
|
Change in working capital & provisions, included in
Segment Operating Cash Flow |
9 |
(18) |
(303)% |
Segment operating cash flow was
$257 million up 6%, including $(18) million negative change in
working capital & provisions.
Capex was $(190) million, down
(9)% year-on-year:
Industrial capex was $(36)
million,
Research & development
capex was $(12) million,
Earth Data cash capex was
$(142) million, down (21)% year-on-year.
Segment free cash flow was $65
million.
After the payment of interest expenses of $(47)
million, lease repayments of $(38) million, asset financing of $22
million and $(17) millon of cash flow from discontinued operations,
Group net cash flow was
$(15) million, compared to $(65) million for the 9
months of 2022.
Balance Sheet
Group’s liquidity amounted to
$275 million and cash liquidity
including $95 million undrawn RCF amounted to
$370 million at the end of September, 2023.
Group gross
debt before IFRS 16 was
$1,197 million and net debt was
$921 million at the end of September, 2023.
Group gross
debt after IFRS 16 was
$1,283 million and net debt was
$1,008 million at the end of September, 2023.
Segment leverage ratio of Net
debt to adjusted Segment EBITDAs was 2.3x at the
end of September 2023.
Q3 2023 Conference call
- The
press release and the presentation are available on our website
www.cgg.com
- An
English language analysts conference call is scheduled the same day
at 6.30 pm (CET)
Participants should register for the call here
to receive a dial-in number and code or participate in the live
webcast from here.
A replay of the conference call will be made
available the day after for a period of 12 months in audio format
on the Company's website www.cgg.com.
About CGG
CGG (www.cgg.com) is a global technology and HPC
leader that provides data, products, services and solutions in
Earth science, data science, sensing and monitoring. Our unique
portfolio supports our clients in efficiently and responsibly
solving complex digital, energy transition, natural resource,
environmental, and infrastructure challenges for a more sustainable
future. CGG employs around 3,500 people worldwide and is listed on
the Euronext Paris SA (ISIN: 0013081864).
Contacts
Group
Communications & Investor RelationsChristophe
BarniniTel: + 33 1 64 47 38 11E-Mail: christophe.barnini@cgg.com
|
|
CONSOLIDATED FINANCIAL
STATEMENTS
September 30, 2023
Unaudited Interim Consolidated statements of
operations
|
|
Nine months ended September 30, |
(In millions of US$, except per share data) |
Notes |
2023 |
2022 |
Operating revenues |
8 |
810.4 |
658.5 |
Other income from ordinary activities |
|
0.2 |
0.5 |
Total income from ordinary activities |
|
810.6 |
659.0 |
Cost of operations |
|
(578.0) |
(477.8) |
Gross profit |
|
232.6 |
181.2 |
Research and development expenses - net |
|
(20.5) |
(12.5) |
Marketing and selling expenses |
|
(26.6) |
(21.8) |
General and administrative expenses |
|
(54.2) |
(51.0) |
Other revenues (expenses) - net |
9 |
(0.9) |
1.4 |
Operating income (loss) |
8 |
130.4 |
97.3 |
Cost of financial debt, gross |
|
(79.5) |
(75.7) |
Income provided by cash and cash equivalents |
|
4.0 |
1.1 |
Cost of financial debt, net |
|
(75.5) |
(74.6) |
Other financial income (loss) |
10 |
(1.6) |
2.4 |
Income (loss) before incomes taxes and share of income
(loss) from companies accounted for under the equity
method |
|
53.3 |
25.1 |
Income taxes |
|
(24.6) |
(26.6) |
Net income (loss) before share of income (loss) from
companies accounted for under the equity method |
|
28.7 |
(1.5) |
Net income (loss) from companies accounted for under the equity
method |
|
0.5 |
(0.1) |
Net income (loss) from continuing operations |
|
29.2 |
(1.6) |
Net income (loss) from discontinued operations |
3 |
2.3 |
(2.4) |
Consolidated net income (loss) |
|
31.5 |
(4.0) |
Attributable to : |
|
|
|
Owners of CGG S.A |
$ |
28.0 |
(2.8) |
Non-controlling interests |
$ |
3.5 |
(1.2) |
Net income (loss) per share
(a) |
|
|
|
Basic |
$ |
0.04 |
— |
Diluted |
$ |
0.04 |
— |
Net income (loss) from continuing operations per
share (a) |
|
|
|
Basic |
$ |
0.04 |
— |
Diluted |
$ |
0.04 |
— |
Net income (loss) from discontinued operations per
share (a) |
|
|
|
Basic |
$ |
- |
— |
Diluted |
$ |
- |
— |
(a) Earning per share is
presented as nil being less than US$0.01.
Unaudited Interim Consolidated statements of
financial position
(In millions of US$) |
Notes |
September 30, 2023 |
December 31, 2022 |
ASSETS |
|
|
|
Cash and cash equivalents |
|
275.1 |
298.0 |
Trade accounts and notes receivable, net |
|
316.3 |
308.3 |
Inventories and work-in-progress, net |
|
237.5 |
257.2 |
Income tax assets |
|
11.3 |
53.4 |
Other current financial assets, net |
|
- |
0.1 |
Other current assets, net |
|
136.4 |
99.9 |
Total current assets |
|
976.6 |
1,016.9 |
Deferred tax assets |
|
20.6 |
24.2 |
Other non-current assets, net |
|
11.5 |
8.2 |
Investments and other financial assets, net |
|
20.9 |
18.4 |
Investments in companies under the equity method |
|
11.2 |
10.8 |
Property, plant and equipment, net |
4 |
180.1 |
167.3 |
Intangible assets, net |
|
603.9 |
554.2 |
Goodwill, net |
|
1,091.9 |
1,089.4 |
Total non-current assets |
|
1,940.1 |
1,872.5 |
TOTAL ASSETS |
|
2,916.7 |
2,889.4 |
LIABILITIES AND EQUITY |
|
|
|
Financial debt – current portion |
5 |
96.1 |
60.4 |
Trade accounts and notes payables |
|
89.0 |
92.0 |
Accrued payroll costs |
|
76.8 |
85.6 |
Income taxes payable |
|
27.9 |
27.2 |
Advance billings to customers |
|
24.1 |
29.4 |
Provisions — current portion |
|
15.8 |
17.6 |
Other current financial liabilities |
|
21.0 |
20.0 |
Other current liabilities |
|
214.9 |
222.1 |
Total current liabilities |
|
565.6 |
554.3 |
Deferred tax liabilities |
|
28.9 |
18.7 |
Provisions — non-current portion |
|
31.1 |
28.6 |
Financial debt – non-current portion |
5 |
1,186.9 |
1,188.8 |
Other non-current financial liabilities |
|
5.9 |
21.8 |
Other non-current liabilities |
|
7.8 |
18.4 |
Total non-current liabilities |
|
1,260.6 |
1,276.3 |
Common stock: 1,105,308,172 shares authorized and 713,676,258
shares with a €0.01 nominal value outstanding at September 30,
2023 |
|
8.7 |
8.7 |
Additional paid-in capital |
|
118.7 |
118.6 |
Retained earnings |
|
996.9 |
967.9 |
Other Reserves |
|
39.3 |
50.0 |
Treasury shares |
|
(20.1) |
(20.1) |
Cumulative income and expense recognized directly in equity |
|
(3.2) |
(3.4) |
Cumulative translation adjustment |
|
(90.7) |
(102.4) |
Equity attributable to owners of CGG S.A. |
|
1,049.6 |
1,019.3 |
Non-controlling interests |
|
40.9 |
39.5 |
Total equity |
|
1,090.5 |
1,058.8 |
TOTAL LIABILITIES AND EQUITY |
|
2,916.7 |
2,889.4 |
Unaudited Interim Consolidated statements of cash
flow
|
|
Nine months ended September 30, |
(In millions of US$) |
Notes |
2023 |
2022 |
OPERATING ACTIVITIES |
|
|
|
Consolidated net income (loss) |
|
31.5 |
(4.0) |
Less: Net income (loss) from discontinued operations |
3 |
(2.3) |
2.4 |
Net income (loss) from continuing operations |
|
29.2 |
(1.6) |
Depreciation, amortization and impairment |
8 |
63.3 |
65.2 |
Earth Data surveys impairment and amortization |
8 |
99.8 |
136.9 |
Depreciation and amortization capitalized in Earth Data
surveys |
|
(11.8) |
(11.7) |
Variance on provisions |
|
0.5 |
(0.8) |
Share-based compensation expenses |
|
1.7 |
2.3 |
Net (gain) loss on disposal of fixed and financial assets |
|
0.1 |
(3.9) |
Share of (income) loss in companies recognized under equity
method |
|
(0.5) |
0.1 |
Other non-cash items |
|
1.8 |
(2.4) |
Net cash-flow including net cost of financial debt and
income tax |
|
184.1 |
184.1 |
Less : Cost of financial debt |
|
75.5 |
74.6 |
Less : Income tax expense (gain) |
|
24.6 |
26.6 |
Net cash-flow excluding net cost of financial debt and
income tax |
|
284.2 |
285.3 |
Income tax paid (c) |
|
(3.8) |
(3.8) |
Net cash-flow before changes in working
capital |
|
280.4 |
281.5 |
Changes in working capital |
|
(23.5) |
(38.8) |
- change in trade accounts and notes receivable |
|
(29.4) |
30.0 |
- change in inventories and work-in-progress |
|
17.4 |
(69.8) |
- change in other current assets |
|
6.6 |
5.1 |
- change in trade accounts and notes payable |
|
(0.4) |
36.1 |
- change in other current liabilities |
|
(17.7) |
(40.2) |
-Impact of changes in exchange rate on financial items |
|
0.0 |
- |
Net cash-flow from operating activities |
|
256.9 |
242.7 |
INVESTING ACTIVITIES |
|
|
|
Total capital expenditures (tangible and intangible assets) net of
variation of fixed assets suppliers, excluding Earth Data
surveys) |
4 |
(48.3) |
(29.6) |
Investment in Earth Data surveys |
|
(141.7) |
(179.9) |
Proceeds from disposals of tangible and intangible assets (a) |
|
- |
33.1 |
Proceeds from divestment of activities and sale of financial
assets |
|
- |
4.8 |
Acquisition of investments, net of cash and cash equivalents
acquired (b) |
|
(1.9) |
(36.7) |
Variation in subsidies for capital expenditures |
|
- |
(0.1) |
Variation in other non-current financial assets |
|
(2.9) |
(6.7) |
Net cash-flow used in investing activities |
|
(194.8) |
(215.1) |
(a) Sale and leaseback of CGG
headquarters in 2022 (b) Includes a partial
earn-out payment following the acquisition of Geocomp in
2022(c) Includes settlement of tax audit Mexico
for US$ 5,1 milllion which was accrued on December 2022
|
|
Nine months ended September 30, |
(In millions of US$) |
Notes |
2023 |
2022 |
FINANCING ACTIVITIES |
|
|
|
Repayment of long-term debt |
5 |
(1.5) |
- |
Total issuance of long-term debt |
5 |
23.0 |
- |
Lease repayments |
5 |
(37.9) |
(36.6) |
Financial expenses paid |
5 |
(46.5) |
(46.9) |
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) |
Net cash-flow provided by (used in) financing
activities |
|
(63.7) |
(82.2) |
Effects of exchange rates on cash |
|
(4.3) |
(23.1) |
Net cash flows incurred by discontinued
operations |
3 |
(17.0) |
(16.4) |
Net increase (decrease) in cash and cash
equivalents |
|
(22.9) |
(94.1) |
Cash and cash equivalents at beginning of year |
|
298.0 |
319.2 |
Cash and cash equivalents at end of period |
|
275.1 |
225.1 |
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