CGG Announces its Q4 2022 Results
Q4 2022 strong financial performance
with segment EBITDAs of $193m
Profitability improvement in 2022
2022 positive Net Income of $43m vs $(180)m Net Loss in 2021
Higher backlog and technology leadership position
expected to sustain business growth in 2023 and beyond
PARIS, France – March 2, 2023 – CGG (ISIN: FR0013181864), a global technology and high-performance computing (HPC) leader announced today its fourth quarter and full year 2022 audited results.
Commenting on these results, Sophie Zurquiyah, CGG CEO, said:
“I am pleased to see our strong Q4 financial performance delivering higher than anticipated multi-client data and equipment sales. For CGG, 2022 was a year of continued high market volatility and transition with Beyond the Core revenue contributing 8% of total revenue. We are entering 2023 with improved visibility thanks to our higher backlog and cash generation. Looking forward, our Core businesses are expected to grow supported by our leadership positions, enabling us to further develop our Beyond the Core businesses and transform CGG into a global technology & HPC leader.”
Q4 2022: A strong quarter driven by EDA & SMO
* The proforma indicator represents additional information corrected for the Geosoftware and SDS activities sold in 2021 |
Key Figures - Fourth Quarter 2022
Key Figures IFRS | 2021 | 2022 | Variances % |
Operating revenues | 471 | 268 | (43%) |
Operating Income | (23) | 84 | - |
Equity from Investment | - | (18) | - |
Net cost of financial debt | (26) | (24) | 9% |
Other financial income (loss) | - | (2) | - |
Income taxes | 22 | 9 | (57%) |
Net Income / Loss from continuing operations | (27) | 49 | - |
Net Income / Loss from discontinued operations | (1) | (2) | - |
Group net income / (loss) | (28) | 47 | - |
Operating Cash Flow | 102 | 103 | 1% |
Net Cash Flow | 81 | 62 | (24%) |
Net debt | 989 | 951 | (4%) |
Net debt before lease liabilities | 866 | 858 | (1%) |
Capital employed | 1,996 | 2,010 | 1% |
Key Figures – End of December 2022
Key Figures IFRS | 2021 | 2022 | Variances % |
Operating revenues | 1,062 | 927 | (13%) |
Operating Income | (23) | 182 | - |
Equity from Investment | 0 | (19) | - |
Net cost of financial debt | (121) | (98) | 18% |
Other financial income (loss) | (42) | 0 | - |
Income taxes | 4 | (17) | - |
Net Income / Loss from continuing operations | (182) | 48 | - |
Net Income / Loss from discontinued operations | 2 | (5) | - |
Group net income / (loss) | (180) | 43 | - |
Operating Cash Flow | 337 | 346 | 3% |
Net Cash Flow | 19 | (3) | - |
Net debt | 989 | 951 | (4%) |
Net debt before lease liabilities | 866 | 858 | (1%) |
Capital employed | 1,996 | 2,010 | 1% |
Key Segment Figures - Fourth Quarter 2022
Key Segment Figures | 2021 | 2022 | Variances % |
Segment revenue | 301 | 319 | 6% |
Segment EBITDAs | 154 | 193 | 25% |
Group EBITDAs margin | 51% | 60% | 9 bps |
Segment operating income | (57) | 94 | - |
Opinc margin | (19%) | 29% | 49 bps |
IFRS 15 adjustment | 35 | (10) | - |
IFRS operating income | (23) | 84 | - |
Operating Cash Flow | 102 | 103 | 1% |
Net Segment Cash Flow | 81 | 62 | (24%) |
Supplementary information |
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Adjusted segment EBITDAs before NRC | 150 | 159 | 6% |
EBITDAs margin | 50% | 50% | - |
Adjusted segment operating income before NRC | 78 | 66 | (16%) |
Opinc margin | 26% | 21% | (5) bps |
Key Segment Figures – End of December 2022
Key Segment Figures In million $ | 2021 | 2022 | Variances % |
Segment revenue | 941 | 928 | (1%) |
Segment EBITDAs | 344 | 434 | 26% |
Group EBITDAs margin | 37% | 47% | 10 bps |
Segment operating income | (49) | 180 | - |
Opinc margin | (5%) | 19% | 25 bps |
IFRS 15 adjustment | 25 | 2 | (94%) |
IFRS operating income | (23) | 182 | - |
Operating Cash Flow | 337 | 346 | 3% |
Net Segment Cash Flow | 19 | (3) | - |
Supplementary information |
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Adjusted segment EBITDAs before NRC | 337 | 395 | 17% |
EBITDAs margin | 36% | 43% | 7 bps |
Adjusted segment operating income before NRC | 78 | 147 | 88% |
Opinc margin | 8% | 16% | 8 bps |
Key figures bridge: Segment to IFRS - Fourth Quarter 2022
P&L items | Segment figures | IFRS 15 adjustment | IFRS figures |
Total Revenue | 319 | (51) | 268 |
OPINC | 94 | (10) | 84 |
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Cash Flow Statement items | Segment figures | IFRS 15 adjustment | IFRS figures |
EBITDAs | 193 | (50) | 142 |
Change in Working Capital & Provisions | (61) | 50 | (11) |
Cash Provided by Operations | 103 | (1) | 102 |
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Earth Data Data Library NBV | Segment figures | IFRS 15 adjustment | IFRS figures |
Opening Balance Sheet , Oct 1st 22 | 375 | 74 | 449 |
Closing Balance Sheet , Dec 31th 22 | 304 | 115 | 419 |
Key figures bridge: Segment to IFRS – End of December 2022
P&L items | Segment figures | IFRS 15 adjustment | IFRS figures |
Total Revenue | 928 | (1) | 927 |
OPINC | 180 | 2 | 182 |
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Cash Flow Statement items | Segment figures | IFRS 15 adjustment | IFRS figures |
EBITDAs | 434 | (2) | 432 |
Change in Working Capital & Provisions | (52) | 2 | (51) |
Cash Provided by Operations | 346 | 0 | 346 |
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Earth Data Data Library NBV | Segment figures | IFRS 15 adjustment | IFRS figures |
Opening Balance Sheet , Jan 1st 22 | 283 | 109 | 392 |
Closing Balance Sheet , Dec 31th 22 | 304 | 115 | 419 |
Fourth Quarter 2022 Segment Financial Results
Data, Digital & Energy Transition (DDE)
Data, Digital & Energy Transition (DDE) | 2021 | 2022 | Variances % |
Segment revenue | 207 | 215 | 4% |
Geoscience | 93 | 69 | (26%) |
Geoscience proforma | 89 | 69 | (22%) |
Earth Data | 114 | 145 | 28% |
Prefunding | 59 | 67 | 14% |
After-Sales | 55 | 78 | 43% |
DDE proforma | 203 | 215 | 6% |
Segment EBITDAs | 145 | 180 | 25% |
EBITDAs Margin | 70% | 84% | 14 bps |
Segment operating income | (57) | 90 | - |
OPINC Margin | (27%) | 42% | 70 bps |
Equity from investments | 0 | (2) | - |
Capital employed (in billion $) | 1.5 | 1.5 | (5%) |
Supplementary information |
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Adjusted segment EBITDAs before NRC | 142 | 147 | 3% |
EBITDAs Margin | 69% | 68% | (1) bps |
Adjusted segment OPINC before NRC | 77 | 62 | (19%) |
OPINC Margin | 37% | 29% | (8) bps |
Other Key Metrics |
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Earth Data cash capex ($m) | (37) | (25) | (32%) |
Earth Data cash prefunding rate (%) | 158% | 264% | 106 bps |
Digital, Data and Energy Transition (DDE) segment revenue was $215 million, up 4% and up 6% proforma* year-on-year.
Geoscience (GEO) revenue was $69 million, down (26)% and down (22)% proforma* year-on-year from a very high Q4 2021, which was driven by software sales.
Sequentially, Geoscience revenue was stable this quarter due to delayed start of key projects, which continue to be driven by strong demand for high-end technology.
Geoscience commercial activity is increasing worldwide with high level of bid submissions at the end of December 2022, up 18% year-on-year, driven by a 58% increase in OBN processing bids. At the end of December 2022, order intake in Geoscience was up 26% year-on-year.
Earth Data (EDA) revenue was $145 million, up 28% year-on-year.
Earth Data cash capex was $(25) million this quarter, down (32)% year-on-year. In Q4, we had one vessel completing a program offshore Brazil. Prefunding revenue of our Earth-Data projects was at $67 million and prefunding rate was high this quarter at 264%.
Earth Data after-sales were $78 million this quarter, up 43% year-on-year sustained by sales in South America, Gulf of Mexico and the North Sea.
The segment library Net Book Value at the end of December 2022 was $304 million ($419 million after IFRS 15 adjustments).
DDE segment EBITDAs was $180 million, an 84% margin, and DDE adjusted** segment EBITDAs, excluding $34m gain on the sale of the US land seismic data library, was $147million, a 68% margin.
DDE segment operating income was $90 million, a 42% margin, and DDE adjusted** segment operating income was $62 million, a 29% margin.
DDE capital employed were stable at $1.5 billion at the end of December 2022.
Sensing & Monitoring
Sensing & Monitoring | 2021 | 2022 | Variances % |
Segment revenue | 94 | 104 | 10% |
Land | 54 | 62 | 14% |
Marine | 27 | 22 | (21%) |
Downhole gauges | 5 | 7 | 32% |
Beyond the Core | 8 | 14 | 77% |
Segment EBITDAs | 17 | 20 | 22% |
EBITDAs margin | 18% | 19% | 2 bps |
Segment operating income | 6 | 12 | - |
OPINC Margin | 6% | 12% | 6 bps |
Capital employed (in billion $) | 0.6 | 0.6 | 14% |
Supplementary information |
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Adjusted segment EBITDAs before NRC | 15 | 20 | 34% |
EBITDAs margin | 16% | 20% | 3 bps |
Adjusted segment OPINC before NRC | 7 | 12 | 65% |
OPINC Margin | 8% | 12% | 4 bps |
Sensing & Monitoring (SMO) segment revenue was $104 million, up 10% year-on-year.
Land equipment sales represented 60% of total sales. Overall activity has been picking up this quarter, mainly in North Africa, with our Wing technology sales also gaining momentum.
Marine equipment sales represented 21% of total sales. OBN market for shallow water application remains active, especially in the Middle East. Marine market for streamers is still limited to equipment upgrades and spare streamer sections deliveries.
Downhole equipment sales were $7 million.
Sales from Beyond the Core businesses were $14 million, significantly up year-on-year and included contribution from the newly acquired Geocomp business.
SMO segment EBITDAs was $20 million, a 19% margin and SMO adjusted** segment EBITDAs was $20 million, a 20% margin.
SMO segment operating income and SMO adjusted** segment operating income were $12 million, a 12% margin.
SMO capital employed was stable at $0.6 billion at the end of December 2022.
Fourth Quarter 2022 Financial Results 2022 Financial Results
Consolidated Income Statements | 2021 | 2022 | Variances % |
Exchange rate euro/dollar | 1.15 | 1.00 | (13%) |
Segment revenue | 301 | 319 | 6% |
DDE | 207 | 215 | 4% |
DDE proforma | 203 | 215 | 6% |
Sensing & Monitoring | 94 | 104 | 10% |
Elim & Other | - | (0) | - |
Proforma revenue for Group | 297 | 319 | 7% |
Segment Gross Margin | 103 | 101 | (2%) |
Segment EBITDAs | 154 | 193 | 25% |
DDE Adjusted** | 142 | 147 | 3% |
Sensing & Monitoring Adjusted** | 15 | 20 | 34% |
Corporate | (6) | (7) | (19%) |
Elim & Other | (1) | (1) | 17% |
Non recurring charges | 5 | 34 | - |
Segment operating income | (57) | 94 | - |
DDE Adjusted** | 77 | 62 | (19%) |
Sensing & Monitoring Adjusted** | 7 | 12 | 65% |
Corporate | (6) | (8) | (25%) |
Elim & Other | (1) | (1) | 20% |
Non recurring charges | (135) | 28 | - |
IFRS 15 adjustment | 35 | (10) | - |
IFRS operating income | (23) | 84 | - |
Equity from investments | - | (18) | - |
Net cost of financial debt | (26) | (24) | 9% |
Other financial income (loss) | - | (2) | - |
Income taxes | 22 | 9 | (57%) |
NRC (Tax & OFI) | - | - | - |
Net income / (loss) from continuing operations | (27) | 49 | - |
Net income / (loss) from discontinued operations | (1) | (2) | - |
IFRS net income / (loss) | (28) | 47 | - |
Shareholder's net income / (loss) | (27) | 46 | - |
Basic Earnings per share in $ | (0.03) | 0.06 | - |
Basic Earnings per share in € | (0.03) | 0.06 | - |
Segment revenue was $319million, up 6% and up 7% proforma* year-on-year. The respective contributions from the Group’s businesses were 22% from Geoscience, 46% from Earth Data (67% for the DDE segment) and 33% from Sensing & Monitoring.
Segment EBITDAs was $193 million, up 25% year-on-year, a 60% margin, and adjusted** segment EBITDAs, excluding $34m gain on the sale of the US land Earth Data library, was $159 million, a high 50% margin.
Segment operating income was $94 million, a 29% margin and adjusted** segment operating income was $66 million, a 21% margin.
IFRS 15 adjustment at operating income level was $(10) million and IFRS operating income, after IFRS 15 adjustment, was $84 million.
Cost of financial debt was $(24) million. The total amount of interest paid during the quarter was $(45) million.
Taxes were at $9 million.
Net income from continuing operations was $49 million.
Group Net Income this quarter was $47 million,significantly up from Net Loss of $(28) million in Q4 2021.
After minority interests, Group net income attributable to CGG shareholders was $46 million/ €46 million.
Fourth Quarter 2022 Cash Flow
Cash Flow items | 2021 | 2022 | Variances % |
Segment Operating Cash Flow | 102 | 103 | 1% |
CAPEX | (55) | (50) | (9%) |
Industrial | (12) | (18) | 58% |
R&D | (6) | (6) | 6% |
Earth Data (Cash) | (37) | (25) | (32%) |
Marine Offshore | (37) | (25) | (32%) |
Land Onshore | (0) | 0 | - |
Proceeds from disposals of assets | 95 | 63 | (35%) |
Segment Free Cash Flow | 142 | 115 | (19%) |
Lease repayments | (13) | (2) | 85% |
Paid Cost of debt | (53) | (45) | 14% |
CGG 2021 Plan | (8) | (3) | 55% |
Free cash flow from discontinued operations | 13 | (2) | - |
Net Cash flow | 81 | 62 | (23%) |
Financing cash flow | 2 | 5 | - |
Forex and other | (3) | 6 | - |
Net increase/(decrease) in cash | 80 | 73 | (8%) |
Supplementary information |
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Change in working capital and provisions, included in Segment Operating Cash Flow | (46) | (61) | 33% |
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Segment operating cash flow was $103 million, including $(11) million negative change in working capital & provisions mainly related to the SMO business.
Total Capex was $(50) million:
Industrial Capex was $(18) million,
Research & Development Capex was $(6) million,
Earth Data cash Capex was $(25) million.
Segment free cash flow was $115 million, including $63m proceeds from the sale of the US land seismic data library.
After $(2) million lease repayments, $ (45) million cash cost of debt, $(3) million CGG 2021 Plan cash costs and $(2) million free cash flow from discontinued operations, the net cash flow was $62 million.
Full year 2022 Financial Results
Consolidated Income Statements | 2021 | 2022 | Variances % |
Exchange rate euro/dollar | 1.19 | 1.05 | (11%) |
Segment revenue | 941 | 928 | (1%) |
DDE | 586 | 659 | 13% |
Proforma revenue for DDE | 545 | 659 | 21% |
Sensing & Monitoring | 357 | 269 | (24%) |
Elim & Other | (1) | 0 | - |
Proforma revenue for Group | 901 | 928 | 3% |
Segment Gross Margin | 186 | 270 | 46% |
Segment EBITDAs | 344 | 434 | 26% |
DDE Adjusted** | 330 | 406 | 23% |
Sensing & Monitoring Adjusted** | 39 | 16 | (59%) |
Corporate | (19) | (23) | (18%) |
Elim & Other | (12) | (4) | 65% |
Non recurring charges | 7 | 39 | - |
Segment operating income | (49) | 180 | - |
DDE Adjusted** | 105 | 192 | 83% |
Sensing & Monitoring Adjusted** | 8 | (14) | - |
Corporate | (22) | (26) | (16%) |
Elim & Other | (12) | (4) | 62% |
Non recurring charges | (127) | 33 | - |
IFRS 15 adjustment | 25 | 2 | (94%) |
IFRS operating income | (23) | 182 | - |
Equity from investments | 0 | (19) | - |
Net cost of financial debt | (121) | (98) | 18% |
Other financial income (loss) | (42) | 0 | - |
Income taxes | 4 | (17) | - |
NRC (Tax & OFI) | 0 | 0 | - |
Net income / (loss) from continuing operations | (182) | 48 | - |
Net income / (loss) from discontinued operations | 2 | (5) | - |
IFRS net income / (loss) | (180) | 43 | - |
Shareholder's net income / (loss) | (181) | 43 | - |
Basic Earnings per share in $ | (0.25) | 0.06 | - |
Basic Earnings per share in € | (0.21) | 0.06 | - |
Segment revenue was $928 million, down (1)% and up 3% proforma* compared to 2021. The respective contributions from the Group’s businesses were 31% from Geoscience, 40% from Earth Data (71% for the DDE segment) and 29% from SMO.
DDE segment revenue was $659 million, up 13% and up 21% proforma* year-on-year.
Geoscience revenue was $284 million, down (8)% and up 6% proforma* year-on-year, sustained by increasing demand in the Americas for high-end imaging technology, including demand for OBN imaging.
Earth Data sales were $375 million, up 36% year-on-year. Prefunding revenue was $136 million, down (10)% year-on-year. Earth Data cash capex was $(205) million, up 22% year-on-year. Cash prefunding rate at the end of December was at 66% mainly due to delayed prefunding from 2022 to 2023 of a large program offshore Brazil.
After-sales were $239 million, up 90% year-on-year sustained by higher transfer fees and confirmation from the local regulators of upcoming licensing rounds offshore Brazil and in the US Gulf of Mexico.
SMO segment revenue was $269 million, down (24)% year-on-year due to sanctions on Russia and delayed large projects, particularly in the Middle East.
Segment EBITDAs was $434 million, up 26% year-on-year, a high 47% margin. DDE EBITDAs was $436 million, up 30% year-on-year, a high 66% margin, and Sensing & Monitoring EBITDA was $19 million.
Adjusted** segment EBITDAs was $395 million, excluding $34m up 17% year-on-year, a 43% margin. DDE adjusted segment EBITDAs was $406 million, up 23% year-on-year, a high 62% margin, and Sensing & Monitoring adjusted segment EBITDA was $16 million.
Segment operating income was $180 million, a 19% margin, significantly up from $(49) million a year ago, and adjusted** segment operating income was $147 million, up 88%, a 16% margin.
IFRS 15 adjustment at operating income level was $2 million and IFRS operating income, after IFRS 15 adjustment, was $182 million.
Cost of financial debt was $(98) million. The total amount of interest paid in 2022 was $(92) million.
Other financial items were $0 million.
Taxes were at $(17) million.
Net income from continuing operations was $48 million.
2022 Group net income was $43 million, a significant improvement from net loss of $(180) million in 2021.
After minority interests, 2022 Group net income attributable to CGG’s shareholders at the end of December 2022 was $43 million / €41 million.
Cash Flow
Cash Flow items | 2021 | 2022 | Variances % |
Segment Operating Cash Flow | 337 | 346 | 3% |
CAPEX | (227) | (260) | 14% |
Industrial | (29) | (33) | 15% |
R&D | (30) | (21) | (28%) |
Earth Data (Cash) | (168) | (205) | 22% |
Marine Offshore | (167) | (204) | 23% |
Land Onshore | (2) | (1) | (46%) |
Proceeds from disposals of assets | 91 | 63 | (30%) |
Segment Free Cash Flow | 201 | 149 | (26%) |
Lease repayments | (57) | (38) | 34% |
Paid Cost of debt | (90) | (92) | (3%) |
CGG 2021 Plan | (33) | (22) | 33% |
Free cash flow from discontinued operations | (2) | 0 | - |
Net Cash flow | 19 | (3) | - |
Financing cash flow | (67) | 7 | - |
Forex and other | (18) | (24) | (32%) |
Net increase/(decrease) in cash | (66) | (21) | 69% |
Supplementary information |
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Change in working capital and provisions, included in Segment Operating Cash Flow | (2) | (52) | - |
Segment operating cash flow was $346 million up 3% year-on-year, including $(51) million negative change in working capital & provisions, primarily driven by build up in SMO inventories for the deliveries of equipment in 2023 in anticipation of significant revenue growth.
Capex was $(260) million, up 14% year-on-year:
Industrial Capex was $(33) million, up 15% year-on-year,
Research & development Capex was $(21) million, down (28)% year-on-year,
Earth Data cash Capex was $(205) million, up 22% year-on-year.
Acquisitions and Asset disposals were $63 million, including $(37) million related to the acquisitions of Geocomp & ION Software business, $34 million proceeds from the sale of the Headquarter building and $63 million proceeds from the sale of the US land seismic data library.
Segment free cash flow was $149 million, down (26)% year-on-year.
After lease repayments of $(38) million, $(92) million of interest expenses, $(22) millon of CGG Plan 2021, Group net cash flow was $(3) million.
Balance Sheet
Group’s liquidity amounted to $398 million at the end of December 31, 2022, including $298 million of cash liquidity and $100 million undrawn RCF.
Group gross debt before IFRS 16 was $1,157 million and net debt was $859 million at the end of December 31, 2022.
Group gross debt after IFRS 16 was $1,249 million and net debt was $951 million at the end of December 31, 2022.
Segment leverage ratio of Net debt to Adjusted** Segment EBITDAs was 2.4x at the end of December 2022.
* Proforma indicators represent supplementary information adjusted for GeoSoftware and Physical Asset Storage and Services businesses sold in 2021.
** Adjusted indicators represent supplementary information adjusted for non-recurring charges triggered by economic downturn.
Q4 2022 Conference call
An English language analysts conference call is scheduled today at 6.30 pm (CET)
CGG will host a question & answer session today, March 2nd, 2023 after the close of the markets.
Participants should register for the call here to receive a dial-in number and code or participate in the live webcast from here.
A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company's website www.cgg.com.
About CGG
CGG (www.cgg.com) is a global technology and HPC leader that provides data, products, services and solutions in Earth science, data science, sensing and monitoring. Our unique portfolio supports our clients in efficiently and responsibly solving complex digital, energy transition, natural resource, environmental, and infrastructure challenges for a more sustainable future. CGG employs around 3,400 people worldwide and is listed on the Euronext Paris SA (ISIN: 0013181864).
Contacts
Group Communications & Investor Relations |
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FINANCIAL STATEMENTS
31st DECEMBER 2022
In millions of US$ | December 31 | |
2022 | 2021 | |
Operating revenues | 926.9 | 1,062.2 |
Other income from ordinary activities | 0.5 | 0.8 |
Total income from ordinary activities | 927.4 | 1,063.0 |
Cost of operations | (654.9) | (853.2) |
Gross profit | 272.5 | 209.8 |
Research and development expenses – net | (19.0) | (17.0) |
Marketing and selling expenses | (29.6) | (29.9) |
General and administrative expenses | (68.2) | (62.9) |
Other revenues (expenses) – net | 25.9 | (123.2) |
Operating income | 181.6 | (23.2) |
Cost of financial debt – gross | (100.2) | (121.5) |
Income from cash and cash equivalents | 1.7 | 1.0 |
Cost of financial debt – net | (98.5) | (120.5) |
Other financial income (loss) | 0.4 | (42.4) |
Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method | 83.5 | (186.1) |
Income taxes | (17.2) | 4.4 |
Net income (loss) before share of net income (loss) from companies accounted for under the equity method | 66.3 | (181.7) |
Net income (loss) from companies accounted for under the equity method | (18.5) | 0.1 |
Net income (loss) from continuing operations | 47.8 | (181.6) |
Net income (loss) from discontinued operations | (4.5) | 1.6 |
Consolidated net income (loss) | 43.3 | (180.0) |
Attributable to: |
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Owners of CGG | 43.1 | (180.5) |
Non-controlling interests | 0.2 | 0.5 |
Weighted average number of shares outstanding | 712,088,021 | 711,526,474 |
Weighted average number of shares outstanding adjusted for dilutive potential ordinary shares | 714,608,919 | 711,526,474 |
Net income (loss) per share |
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Base | 0.06 | (0.25) |
Diluted | 0.06 | (0.25) |
Net income (loss) from continuing operations per share |
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Base | 0.07 | (0.25) |
Diluted | 0.07 | (0.25) |
Net income (loss) from discontinued operations per share (a) |
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Base | (0.01) | - |
Diluted | (0.01) | - |
In millions of US$ | 12.31.2022 | 12.31.2021 |
ASSETS |
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Cash and cash equivalents | 298.0 | 319.2 |
Trade accounts and notes receivable, net | 308.3 | 350.7 |
Inventories and work-in-progress, net | 257.2 | 197.3 |
Income tax assets | 53.4 | 68.7 |
Other current financial assets, net | 0.1 | 1.7 |
Other current assets, net | 99.9 | 105.1 |
Assets held for sale, nets | - |
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Total current assets | 1,016.9 | 1,042.7 |
Deferred tax assets | 24.2 | 19.6 |
Other non-current assets, net | 8.2 | - |
Investments and other financial assets, net | 18.4 | 17.8 |
Investments in companies accounted for under the equity method | 10.8 | 28.1 |
Property plant & equipment, net | 167.3 | 212.1 |
Intangible assets, net | 554.2 | 520.7 |
Goodwill, net | 1,089.4 | 1,083.6 |
Total non-current assets | 1,872.5 | 1,881.9 |
TOTAL ASSETS | 2,889.4 | 2,924.6 |
LIABILITIES AND EQUITY |
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Bank overdrafts | - | - |
Financial debt – current portion | 60.4 | 90.3 |
Trade accounts and notes payable | 92.0 | 76.4 |
Accrued payroll costs | 85.6 | 105.4 |
Income taxes payable | 27.2 | 30.4 |
Advance billings to customers | 29.4 | 27.1 |
Provisions – current portion | 17.6 | 18.2 |
Other current financial liabilities | 20.0 | 19.2 |
Other current liabilities | 222.1 | 218.2 |
Total current liabilities | 554.3 | 585.2 |
Deferred tax liabilities | 18.7 | 14.1 |
Provisions – non-current portion | 28.6 | 30.6 |
Financial debt – non-current portion | 1,188.8 | 1,218.1 |
Other non-current financial liabilities | 21.8 | 37.4 |
Other non-current liabilities | 18.4 | 32.8 |
Total non-current liabilities | 1,276.3 | 1,333.0 |
Common stock (a) | 8.7 | 8.7 |
Additional paid-in capital | 118.6 | 464.1 |
Retained earnings | 967.9 | 570.0 |
Other Reserves | 50.0 | 5.0 |
Treasury shares | (20.1) | (20.1) |
Cumulative income and expense recognized directly in equity | (3.4) | (0.8) |
Cumulative translation adjustments | (102.4) | (64.2) |
Equity attributable to owners of CGG SA | 1,019.3 | 962.7 |
Non-controlling interests | 39.5 | 43.7 |
Total Equity | 1,058.8 | 1,006.4 |
TOTAL LIABILITIES AND EQUITY | 2,889.4 | 2,924.6 |
In millions of US$ | December 31 | |
2022 | 2021 | |
OPERATING ACTIVITIES |
|
|
Consolidated net income (loss) | 43.3 | (180.0) |
Less: Net income (loss) from discontinued operations | 4.5 | (1.6) |
Net income (loss) from continuing operations | 47.8 | (181.6) |
Depreciation, amortization and impairment | 92.2 | 225.7 |
Impairment and amortization of Earth Data surveys | 171.4 | 281.5 |
Amortization and depreciation of Earth Data surveys, capitalized | (16.0) | (17.3) |
Variance on provisions | 1.4 | (37.7) |
Share-based compensation expenses | 3.0 | (1.8) |
Net (gain) loss on disposal of fixed and financial assets | (37.6) | (2.7) |
Share of (income) loss in companies recognized under equity method | 18.5 | (0.1) |
Dividends received from companies accounted for under the equity method | - | - |
Other non-cash items | (0.4) | 42.4 |
Net cash flow including net cost of financial debt and income tax | 280.3 | 308.4 |
Less: Cost of financial debt | 98.5 | 120.5 |
Less: Income tax expense (gain) | 17.2 | (4.4) |
Net cash flow excluding net cost of financial debt and income tax | 396.0 | 424.5 |
Income tax paid | 1.6 | (2.9) |
Net cash flow before changes in working capital | 397.6 | 421.6 |
Changes in working capital | (52.1) | (84.9) |
– Change in trade accounts and notes receivable | 45.0 | (97.3) |
– Change in inventories and work-in-progress | (68.5) | 28.8 |
– Change in other current assets | (20.8) | 3.2 |
– Change in trade accounts and notes payable | 16.8 | (23.4) |
– Change in other current liabilities | (24.6) | 3.8 |
Net cash flow from operating activities | 345.5 | 336.7 |
INVESTING ACTIVITIES |
|
|
Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers and excluding Earth Data surveys) | (54.5) | (58.6) |
Investments in Earth Data surveys | (205.3) | (168.3) |
Proceeds from disposals of tangible and intangible assets | 95.0 | 3.7 |
Acquisition of investments, net of cash & cash equivalents acquired | (36.4) | (2.0) |
Proceeds from divestment of activities and sale of financial assets | 4.9 | 89.3 |
Variation in subsidies for capital expenditures | (0.1) | 0.3 |
Variation in other non-current financial assets | (2.5) | (3.2) |
Net cash-flow used in investing activities | (198.9) | (138.8) |
FINANCING ACTIVITIES |
|
|
Repayment of long-term debt | (0.1) | (1,227.5) |
Total issuance of long-term debt | 10.7 | 1,162.3 |
Lease repayments | (48.4) | (57.0) |
Change in short-term loans | - | (0.2) |
Financial expenses paid | (92.4) | (89.8) |
Loan granted | 1.6 | (1.8) |
Dividends paid and share capital reimbursements |
|
|
– to owners of CGG | 0.4 | - |
– to non-controlling interests of integrated companies | (0.9) | (3.6) |
Net cash-flow from (used in) financing activities | (129.1) | (217.6) |
Effect of exchange rate changes on cash | (16.8) | (10.5) |
Net cash flows incurred by discontinued operations | (21.9) | (36.0) |
Net increase (decrease) in cash and cash equivalents | (21.2) | (66.2) |
Cash and cash equivalents at beginning of year | 319.2 | 385.4 |
Cash and cash equivalents at end of period | 298.0 | 319.2 |
Attachment
