U.S. markets close in 1 hour 10 minutes

CGG (CGG.PA)

Paris - Paris Delayed Price. Currency in EUR
Add to watchlist
0.9102-0.0456 (-4.77%)
At close: 5:39PM CEST
Full screen
Gain actionable insight from technical analysis on financial instruments, to help optimize your trading strategies
Chart Events
Neutralpattern detected
Previous Close0.9558
Open0.9628
Bid0.0000 x 0
Ask0.0000 x 0
Day's Range0.9070 - 0.9788
52 Week Range0.4430 - 1.3145
Volume17,355,276
Avg. Volume10,660,328
Market Cap647.489M
Beta (5Y Monthly)3.19
PE Ratio (TTM)N/A
EPS (TTM)-0.4980
Earnings DateJul 28, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateJun 09, 2008
1y Target Est2.62
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
Fair Value
XX.XX
N/A
Research that delivers an independent perspective, consistent methodology and actionable insight
Related Research
    View more
    • CGG: Sercel Launches GPR300 – a Seabed Nodal Solution for Shallow Waters
      GlobeNewswire

      CGG: Sercel Launches GPR300 – a Seabed Nodal Solution for Shallow Waters

      CGG: Sercel Launches GPR300 – a Seabed Nodal Solution for Shallow Waters Paris, France – June 2, 2021 Sercel announced today the launch of GPR300, a new nodal seismic acquisition solution specially designed for deployment in shallow waters down to depths of 300 meters. Developed in partnership with BGP, the new solution expands Sercel’s existing GPRNT range which includes GPR1500 for high-end deepwater subsurface imaging. Compact and lightweight, GPR300 features Sercel’s unique QuietSeis® broadb

    • CGG: CGG Announces its Q1 2021 Results
      GlobeNewswire

      CGG: CGG Announces its Q1 2021 Results

      CGG Announces its Q1 2021 Results Positive Net Cash Flow and Successful Refinancing Seasonal Soft Quarter with Solid Equipment Performance 2021 Financial Objectives Confirmed PARIS, France – May 12, 2021 – CGG (ISIN: FR0013181864), a world leader in Geoscience, announced today its first quarter 2021 non-audited results. Commenting on these results, Sophie Zurquiyah, CGG CEO, said: “With our successful refinancing we delivered the last milestone in our CGG 2021 strategy while normalizing our capital structure. We are now actively developing our new ambitions, focusing on growing our core highly differentiated businesses as the market gradually strengthens, and accelerating our growth beyond the core into sectors, including digitalization, observation & monitoring, and energy transition. As anticipated, we continued to execute projects from our Geoscience backlog and delivered land equipment for the Saudi mega crews this quarter. Multi-Client saw a seasonal low first quarter and some shift in timing of sales. Overall, we generated $28m of positive net cash flow this quarter. With oil price firming up above the $60/bbl level, we started to see in March a resumption in commercial activity and contract awards, which gives us confidence in our 2021 financial objectives. “ Q1 2021: A seasonal soft quarter with solid Equipment performance IFRS figures: revenue at $209m, EBITDAs at $32m, OPINC at $(14)m Segment revenue at $213m, down (21)% year-on-yearGeoscience: Reached a low point as it continued to deliver its backlogMulti-client: Soft quarter with timing of some sales moved to Q2/H2Equipment: Solid operational & business performance driven by land equipment deliveries Segment EBITDAs at $36m and Adjusted* Segment EBITDAs at $39m, a 19% margin due to revenue mix Segment Operating Income at $(11)m and Adjusted* Segment Operating Income at $(12)m Group Net loss at $(81)m *Adjusted indicators represent supplementary information adjusted for non-recurring charges triggered by economic downturn.Positive quarterly Net Cash Flow and Liquidity of $407m Net Cash Flow at $28m Liquidity of $407m and Net debt before IFRS 16 at $845m as of March 31, 2021 Successful $1.2Bn Senior Secured Notes Debt Refinancing Normalization of capital structure through $1.2Bn equivalent refinancing in EUR and USD with a new $100m revolving credit facility (RCF)Reduction of cost of debt with a blended interest rate of 8.17% and elimination of $45m per year in PIK interest Extension of maturities to 2027 (6 years) Non-Call period of 3 years with possibility to repay up to 10% ($120m) per year during this period ESG-linked RCF, aligning capital structure terms with CGG’s sustainability objectivesSingle maintenance covenant for RCF: leverage below 3.5x (2.7x end of 2020), tested when RCF is drawn by more than 40% Key Figures - First Quarter 2021 Key Figures IFRS - Quarter In million $2020 Q12021 Q1Variances % Operating revenues253209(17)% Operating Income(40)(14)65% Equity from Investment--- Net cost of financial debt(33)(34)(4)% Other financial income (loss)6(38)- Income taxes(5)(5)(12)% Net Income / Loss from continuing operations(72)(92)(29)% Net Income / Loss from discontinued operations(27)11143% Group net income / (loss)(98)(81)18% Operating Cash Flow145105(28)% Net Cash Flow172865% Net debt70598740% Net debt before lease liabilities54084556% Capital employed2,2022,072(6)% Key Segment Figures - First Quarter 2021 Key Segment Figures - Quarter In million $2020 Q12021 Q1Variances % Segment revenue271213(21)% Segment EBITDAs12336(71)% Group EBITDAs margin45%17%(28) bps Segment operating income(31)(11)65% Opinc margin(11)%(5)%6 bps IFRS 15 adjustment(9)(3)63% IFRS operating income(40)(14)65% Operating Cash Flow145105(28)% Net Segment Cash Flow172865% Supplementary information Adjusted segment EBITDAs before NRC12539(68)% EBITDAs margin46%19%(27) bps Adjusted segment operating income before NRC40(12)(130)% Opinc margin15%(6)%(28) bps Key figures bridge: Segment to IFRS - First Quarter 2021 P&L items In million $Segment figuresIFRS 15 adjustmentIFRS figures Total Revenue213(4)209 OPINC(11)(3)(14) Cash Flow Statement items In million $Segment figuresIFRS 15 adjustmentIFRS figures EBITDAs36(4)32 Change in Working Capital & Provisions73477 Cash Provided by Operations105(0)105 Multi-Client Data Library NBV In million $Segment figuresIFRS 15 adjustmentIFRS figuresOpening Balance Sheet , Dec 20285207492Closing Balance Sheet , Mar 21291204495 First Quarter 2021 Segment Financial Results Geology, Geophysics & Reservoir (GGR) Geology, Geophysics & Reservoir (GGR) In million $2020 Q12021 Q1Variances % Segment revenue197100(49)% Geoscience (SIR)9366(29)% Multi-Client10434(67)% Prefunding5715(74)% After-Sales4719(59)% Segment EBITDAs12328(77)% EBITDAs Margin62%28%(34) bps Segment operating income(22)(8)63% OPINC Margin(11)%(8)%3 bps Equity from investments--- Capital employed (in billion $)1.71.6(6)% Supplementary information Adjusted segment EBITDAs before NRC12431(75)% EBITDAs Margin63%31%(32) bps Adjusted segment OPINC before NRC48(11)(123)% OPINC Margin24%(11)%(35) bps Other Key Metrics Multi-Client cash capex ($m)(67)(30)(55)% Multi-Client cash prefunding rate (%)85%50%(35) bps GGR segment revenue was $100 million, down (49)% year-on-year. Geoscience revenue was $66 million, down (29)% year-on-year.Geoscience continued to deliver its backlog and reached an inflection point this quarter. After a year of drastic spending cuts, clients’ priorities this quarter were on development projects. Commercial activity and contract awards resumed in March, especially in North and South America, and the overall level of commercial bids was up 10% during the month of March.We continue to actively develop and promote our high end technology for digitalization, energy transition and monitoring markets where we have recently been awarded a few projects. Multi-Client revenue was $34 million, down (67)% year-on-year. Multi-client cash capex was $(30) million this quarter, (55)% lower than in Q1 2020, as we had one marine streamer multi-client program offshore Brazil. Prefunding revenue of our multi-client projects was $15 million and prefunding rate was 50%.Multi-client after-sales were at $19 million this quarter as we saw a seasonally slow first quarter with some sales shifting into Q2/H2.The segment library Net Book Value was $291 million ($495 million after IFRS 15 adjustments) at the end of March 2021, split 85% offshore and 15% onshore. GGR segment EBITDAs was $28 million and GGR Adjusted* segment EBITDAs was $31 million, a 31% margin. GGR segment operating income was $(8) million and GGR Adjusted* segment operating income was $(11) million. GGR capital employed decreased to $1.6 billion at the end of March 2021. Equipment Equipment In million $2020 Q12021 Q1Variances % Segment revenue7511352% Land5310091% Marine137(49)% Downhole gauges74(49)% Non Oil & Gas2327% Segment EBITDAs81598% EBITDAs margin10%14%3 bps Segment operating income07- OPINC Margin0%6%6 bps Capital employed (in billion $)0.50.611% Supplementary information Adjusted segment EBITDAs before NRC816103% EBITDAs margin10%14%4 bps Adjusted segment OPINC before NRC08- OPINC Margin0%7%7 bps Equipment segment revenue was strong this quarter at $113 million, up 52% year-on-year. Land equipment sales represented 89% of total sales, as we delivered in Q1 over 125,000 channels and 50 vibrators worldwide, primarily for large mega-crews in Saudi Arabia. Sercel also delivered WiNG land node systems to new clients.Marine equipment sales represented 6% of total sales. Downhole equipment sales were $4 million and sales from non Oil & Gas equipment were $3 million Equipment segment EBITDAs was $15 million and Equipment Adjusted* segment EBITDAs was $16 million, a 14% margin. Equipment segment operating income was $7 million and Equipment Adjusted* segment operating income was $8 million, a 7% margin. Equipment capital employed increased to $0.6 billion at the end of March 2021. First Quarter 2021 Financial Results Consolidated Income Statements In million $2020 Q12021 Q1Variances % Exchange rate euro/dollar1.111.2210% Segment revenue271213(21)% GGR197100(49)% Equipment7211357% Elim & Other1(1)(169)% Segment Gross Margin7317(77)% Segment EBITDAs12336(71)% GGR12431(75)% Equipment816103% Corporate(6)(6)10% Elim & Other(1)(2)(112)% Severance costs(2)(3)(75)% Segment operating income(31)(11)65% GGR48(11)(123)% Equipment08- Corporate(7)(7)(6)% Elim & Other(1)(2)(133)% Non recurring charges(71)1102% IFRS 15 adjustment(9)(3)63% IFRS operating income(40)(14)65% Equity from investments--- Net cost of financial debt(33)(34)(4)% Other financial income (loss)6(38)- Income taxes(5)(5)(12)% NRC (Tax & OFI)--- Net income / (loss) from continuing operations(72)(92)(29)% Net income / (loss) from discontinued operations(27)11143% IFRS net income / (loss)(98)(81)18% Shareholder's net income / (loss)(99)(82)17% Basic Earnings per share in $(0.14)(0.12)17% Basic Earnings per share in €(0.13)(0.10)25% Segment revenue was $213 million, down (21)% year-on-year. The respective contributions from the Group’s businesses were 31% from Geoscience, 16% from Multi-Client (47% for the GGR segment) and 53% from Equipment. Segment EBITDAs was $36 million and Adjusted* segment EBITDAs was $39 million, down (68)% year-on-year, a 19% margin due to the unfavorable business mix. Segment operating income was $(11) million and Adjusted* segment operating income was $(12) million. IFRS 15 adjustment at operating income level was $(3) million and IFRS operating income, after IFRS 15 adjustment, was $(14) million. Cost of financial debt was $(34) million. The total amount of interest paid during the quarter was $(7) million. Other Financial Items were at $(38) million, mainly from refinancing costs, including $(14)m call premiums and $(26)m fees. Taxes were at $(5) million. Net loss from continuing operations was $(92) million. Discontinued operations : Correspond to the former Contractual Data Acquisition and Non-Operated Resources segments. Main aggregates are as follows:- Q1 revenue from discontinued operations was $6 million.- Net profit from discontinued operations was $11 million this quarter- Net Cash flow from discontinued operations was $1 million Group net loss was $(81) million. After minority interests, Group net loss attributable to CGG shareholders was $(82) million/ €(68) million. First Quarter 2021 Cash Flow Cash Flow items In million $2020 Q12021 Q1Variances % Segment Operating Cash Flow145105(28)% CAPEX(87)(42)(52)% Industrial(8)(4)(54)% R&D(13)(8)(33)% Multi-Client (Cash)(67)(30)(55)% Marine MC(51)(30)(43)% Land MC(15)(1)(97)% Proceeds from disposals of assets-(2)- Segment Free Cash Flow58604% Lease repayments(14)(15)6% Paid Cost of debt(7)(7)6% CGG 2021 Plan (28)(11)(61)% Free cash flow from discontinued operations91- Net Cash flow172865% Financing cash flow--- Forex and other(4)(7)64% Net increase/(decrease) in cash132265% Supplementary information Change in working capital and provisions, included in Segment Operating Cash Flow2173-From severance cash costs(1)(6)-Segment Free Cash Flow before severance cash costs596612% Total capex was $(42) million: Industrial capex was $(4) million,Research & Development capex was $(8) million, Multi-client cash capex was $(30) million Segment Free Cash Flow was $60 million, including $73 million positive change in working capital. After $(15) million lease repayments, $(7) million paid cost of debt, $(11) million 2021 Plan cash costs and $1 million free cash flow from discontinued operations, Net Cash Flow was $28 million. Balance Sheet Group’s liquidity amounted to $407 million at the end of March 31, 2021. Group gross debt before IFRS 16 was $1,252 million at the end of March 31, 2021 and net debt was $845 million. Group gross debt after IFRS 16 was $1,394 million at the end of March 31, 2021 and net debt was $987 million. Segment leverage ratio of Net debt to Adjusted segment EBITDAs was 3.1x at the end of March 2021. Q1 2021 Conference call An English language analysts’ conference call is scheduled today at 8:00 am (Paris time) – 7:00 am (London time) To follow this conference, please access the live webcast: From your computer at:www.cgg.com A replay of the conference will be available via webcast on the CGG website at: www.cgg.com. For analysts, please dial the following numbers 5 to 10 minutes prior to the scheduled start time: France call-in:+33 (0) 1 70 70 07 81UK call-in:+44(0) 844 4819 752Access Code:7693239 About CGG CGG (www.cgg.com) is a global geoscience technology leader. Employing around 3,700 people worldwide, CGG provides a comprehensive range of data, products, services and solutions that support our clients to more efficiently and responsibly solve complex natural resource, environmental and infrastructure challenges. CGG is listed on the Euronext Paris SA (ISIN: 0013181864). Contacts Group Communications & Investor RelationsChristophe BarniniTel: + 33 1 64 47 38 11E-Mail: christophe.barnini@cgg.com CONSOLIDATED FINANCIAL STATEMENTSMarch 31, 2021 Unaudited Interim Consolidated statements of operations Three months ended March 31,(In millions of US$, except per share data)20212020Operating revenues208.6252.7Other income from ordinary activities0.20.3Total income from ordinary activities208.8253.0Cost of operations(195.3)(188.7)Gross profit13.564.3Research and development expenses - net (5.3)(4.4)Marketing and selling expenses(7.5)(9.1)General and administrative expenses (16.7)(18.7)Other revenues (expenses) - net 2.0(71.9)Operating income (loss)(14.0)(39.8)Expenses related to financial debt(34.7)(33.9)Income provided by cash and cash equivalents0.31.0Cost of financial debt, net(34.4)(32.9)Other financial income (loss) (38.4) 5.7Income (loss) before incomes taxes (86.8)(67.0)Income taxes(5.4)(4.8)Net income (loss) from consolidated companies before share of income (loss) in companies accounted for under the equity method(92.2)(71.8)Share of income (loss) in companies accounted for under the equity method 0.20.3Net income (loss) from continuing operations (92.0)(71.5)Net income (loss) from discontinued operations 11.5(26.9)Net income (loss) (80.5)(98.4)Attributable to : Owners of CGG S.A(82.4)(99.4)Non-controlling interests1.91.0Net income (loss) per share Basic (0.12)(0.14)Diluted (0.12)(0.14)Net income (loss) from continuing operations per share Basic (0.13) (0.10)Diluted (0.13)(0.10)Net income (loss) from discontinued operations per share Basic (0.01) (0.04)Diluted (0.01) (0.04) Unaudited Consolidated statements of financial position (In millions of US$)March 31, 2021December 31, 2020ASSETS Cash and cash equivalents407.0385.4Trade accounts and notes receivable, net288.1325.0Inventories and work-in-progress, net207.8237.8Income tax assets83.284.6Other current financial assets, net-13.7Other current assets, net88.292.0Assets held for sale, net120.2117.7Total current assets1,194.51,256.2Deferred tax assets9.710.3Investments and other financial assets, net 13.513.6Investments in companies under the equity method 3.73.6Property, plant and equipment, net247.6268.1Intangible assets, net638.4639.2Goodwill, net1,186.21,186.5Total non-current assets2,099.12,121.3TOTAL ASSETS3,293.6 3,377.5 LIABILITIES AND EQUITY Bank overdrafts0.10.2Financial debt – current portion82.258.6Trade accounts and notes payables112.596.7Accrued payroll costs114.5106.6Income taxes payable47.156.8Advance billings to customers21.619.5Provisions — current portion32.652.7Other current financial liabilities18.534.4Other current liabilities301.8278.6Liabilities directly associated with the assets classified as held for sale 15.413.0Total current liabilities746.3717.1Deferred tax liabilities15.116.3Provisions — non-current portion44.251.8Financial debt – non-current portion1,311.61,330.3Other non-current financial liabilities48.453.0Other non-current liabilities42.944.4Total non-current liabilities1,462.21,495.8Common stock: 1,194,005,823 shares authorized and 711,394,241 shares with a €0.01 nominal value outstanding at March 31, 20218.78.7Additional paid-in capital 1,687.11,687.1Retained earnings(559.7)(480.6)Other Reserves(24.1)(37.3)Treasury shares(20.1)(20.1)Cumulative income and expense recognized directly in equity(1.1)(0.7)Cumulative translation adjustment(52.2)(37.4)Equity attributable to owners of CGG S.A.1,038.61,119.7Non-controlling interests46.544.9Total equity1,085.11,164.6TOTAL LIABILITIES AND EQUITY3,293.63,377.5 Unaudited Consolidated statements of cash flows Three months ended March 31,(In millions of US$)20212020OPERATING Net income (loss) (80.5)(98.4)Less: Net income (loss) from discontinued operations11.5(26.9)Net income (loss) from continuing operations(92.0)(71.5)Depreciation, amortization and impairment24.030.5Multi-client surveys impairment and amortization25.6116.8Depreciation and amortization capitalized in Multi-client surveys(4.5)(4.3)Variance on provisions(20.3)(2.2)Share-based compensation expenses0.91.4Net (gain) loss on disposal of fixed and financial assets——Equity (income) loss of investees(0.2)(0.3)Dividends received from investments in companies under the equity method——Other non-cash items38.4(3.1)Net cash-flow including net cost of financial debt and income tax(28.1)67.3Less : net cost of financial debt34.432.9Less : income tax expense (gain)5.44.8Net cash-flow excluding net cost of financial debt and income tax11.7105.0Income tax paid(4.5)(0.8)Net cash-flow before changes in working capital7.2104.2Changes in working capital97.541.0- change in trade accounts and notes receivable69.180.8- change in inventories and work-in-progress22.5(16.2)- change in other current assets(6.0)(4.7)- change in trade accounts and notes payable—16.5- change in other current liabilities11.9(35.4)Net cash-flow provided by operating activities104.7145.2INVESTING Total capital expenditures (including variation of fixed assets suppliers, excluding Multi-client surveys)(12.1)(20.6)Investment in Multi-client surveys, net cash(30.0)(66.8)Proceeds from disposals of tangible and intangible assets0.10.1Total net proceeds from financial assets(2.4)—Acquisition of investments, net of cash and cash equivalents acquired— —Variation in loans granted——Variation in subsidies for capital expenditures——Variation in other non-current financial assets—9.0Net cash-flow used in investing activities (44.4)(78.3) Three months ended March 31,(In millions of US$)20212020FINANCING Repayment of long-term debt——Total issuance of long-term debt——Lease repayments(14.7)(14.0)Change in short-term loans(0.1)—Financial expenses paid(6.9)(7.4)Net proceeds from capital increase: — from shareholders——— from non-controlling interests of integrated companies——Dividends paid and share capital reimbursements: — to shareholders——— to non-controlling interests of integrated companies——Acquisition/disposal from treasury shares——Net cash-flow provided by (used in) financing activities(21.7)(21.4)Effects of exchange rates on cash(6.7)(13.2)Impact of changes in consolidation scope——Net cash flows incurred by discontinued operations (10.3)(19.3)Net increase (decrease) in cash and cash equivalents21.613.0Cash and cash equivalents at beginning of year385.4610.5Cash and cash equivalents at end of period407.0623.5 Attachment CGG - Press Release pdf version

    • CGG: CGG Awarded Equinor OBN Imaging Contract  in Brazil
      GlobeNewswire

      CGG: CGG Awarded Equinor OBN Imaging Contract in Brazil

      CGG Awarded Equinor OBN Imaging Contract in Brazil Paris, France – May 10, 2021 CGG has been awarded a major contract by Equinor for the seismic imaging of its Bacalhau 3D ocean bottom node (OBN) survey covering 409 sq km currently being acquired in Brazil’s deepwater Santos Basin. Final products for the fully imaged dataset are expected to be delivered within ten months after the survey is scheduled to complete in May 2021. The project is already underway at CGG’s Rio de Janeiro subsurface imaging center where its highly experienced team of geoscientists are employing CGG’s industry-leading proprietary imaging technologies, including reverse time migration, time-lag full-waveform inversion (TLFWI) and interbed multiple attenuation, to address pre-salt illumination challenges caused by the presence of very thick stratified salt. Combining OBN data with TLFWI will result in more detailed and reliable velocity model building and imaging, bringing geological insight at post-salt, intra-salt and, most importantly, at pre-salt levels. The resulting high-quality subsurface image will reduce uncertainties and enable a better structural interpretation to guide future drilling plans and development of the world-class Bacalhau field. Sophie Zurquiyah, CEO, CGG, said: “This new OBN award, after the recent successful completion of several OBN processing projects, confirms CGG’s position as the world-leading OBN seismic imaging company. With our sixty-year track record in Brazil, in-depth geological knowledge of the Santos Basin and proprietary imaging capabilities for the Brazilian deep water, clients know they can count on our expertise and technology to deliver the best-possible pre-salt subsurface images to support their critical field development decisions.” About CGG CGG (www.cgg.com) is a global geoscience technology leader. Employing around 3,700 people worldwide, CGG provides a comprehensive range of data, products, services and solutions that support our clients to more efficiently and responsibly solve complex natural resource, environmental and infrastructure challenges. CGG is listed on the Euronext Paris SA (ISIN: 0013181864). Contacts Group Communications & Investor RelationsChristophe BarniniTel: + 33 1 64 47 38 11E-Mail: christophe.barnini@cgg.com Attachment CGG - Press Release pdf version