Yahoo Finance 
CGG: CGG Announces its Q2 2021 Results
CGG Announces its Q2 2021 Results
Soft quarterly revenue
Recovery anticipated in H2
Asset monetization progressing as planned
PARIS, France – July 28, 2021 – CGG (ISIN: FR0013181864), a world leader in Geoscience, announced today its second quarter 2021 non-audited results.
Commenting on these results, Sophie Zurquiyah, CGG CEO, said:
“During the first half of the year, the oil price environment has become more favorable. However, this has not translated yet into increase in geoscience-related spending by our customers. Considering the lack of investments by E&P companies, the need to increase spending, to better understand the subsurface and develop new opportunities, has continued to grow. Among our three businesses, Multi-client has been the most affected by the spending delays. Looking forward, following the soft first half of the year, activity is expected to strengthen in the second half of 2021 and onwards. With its high-end Geoscience and Equipment technologies, and superior quality Multi-client data in the world’s most attractive basins, CGG is well positioned to provide our clients with the solutions they require to increase the effectiveness of their activities, while meeting their ESG goals. In this environment, technology innovation, business diversification, and cash generation, remain our top priorities.”
Q2 2021: A soft quarter for Multi-client and Equipment
H1 2021: A soft semester
Balance Sheet at the end of June
2021 Revised Financial Objectives
*Adjusted indicators represent supplementary information adjusted for non-recurring charges triggered by economic downturn. |
Key Figures - Second Quarter 2021
Key Figures IFRS - Quarter | 2020 | 2021 | Variances % |
Operating revenues | 239 | 172 | (28)% |
Operating Income | (32) | (1) | 97% |
Equity from Investment | - | - | - |
Net cost of financial debt | (33) | (33) | (2)% |
Other financial income (loss) | (36) | (4) | 90% |
Income taxes | (33) | (7) | 80% |
Net Income / Loss from continuing operations | (134) | (44) | 67% |
Net Income / Loss from discontinued operations | (13) | (7) | 50% |
Group net income / (loss) | (147) | (51) | 65% |
Operating Cash Flow | 81 | 54 | (33)% |
Net Cash Flow | (77) | (56) | 28% |
Net debt | 783 | 1,070 | 37% |
Net debt before lease liabilities | 626 | 935 | 49% |
Capital employed | 2,129 | 2,108 | (1)% |
Key Figures – First half 2021
Key Figures IFRS – First half | 2020 | 2021 | Variances % |
Operating revenues | 491 | 380 | (23)% |
Operating Income | (72) | (15) | 79% |
Equity from Investment | - | - | - |
Net cost of financial debt | (66) | (68) | (3)% |
Other financial income (loss) | (30) | (42) | (40)% |
Income taxes | (38) | (12) | 68% |
Net Income / Loss from continuing operations | (205) | (136) | 34% |
Net Income / Loss from discontinued operations | (40) | 5 | 112% |
Group net income / (loss) | (245) | (132) | 46% |
Operating Cash Flow | 226 | 159 | (30)% |
Net Cash Flow | (60) | (27) | 55% |
Net debt | 783 | 1 070 | 37% |
Net debt before lease liabilities | 626 | 935 | 49% |
Capital employed | 2,129 | 2,108 | (1)% |
Key Segment Figures - Second Quarter 2021
Key Segment Figures - Quarter | 2020 | 2021 | Variances % |
Segment revenue | 202 | 157 | (22)% |
Segment EBITDAs | 68 | 42 | (39)% |
Group EBITDAs margin | 34% | 26% | (7) bps |
Segment operating income | (53) | (7) | 86% |
Opinc margin | (26)% | (5)% | 22 bps |
IFRS 15 adjustment | 21 | 6 | (70)% |
IFRS operating income | (32) | (1) | 97% |
Operating Cash Flow | 81 | 54 | (33)% |
Net Segment Cash Flow | (77) | (56) | 28% |
Supplementary information | |||
Adjusted segment EBITDAs before NRC | 76 | 35 | (53)% |
EBITDAs margin | 37% | 22% | (15) bps |
Adjusted segment operating income before NRC | (5) | (15) | (231)% |
Opinc margin | (2)% | (10)% | (7) bps |
Key Segment Figures – First half 2021
Key Segment Figures – First half | 2020 | 2021 | Variances % |
Segment revenue | 473 | 370 | (22)% |
Segment EBITDAs | 191 | 78 | (59)% |
Group EBITDAs margin | 40% | 21% | (19) bps |
Segment operating income | (84) | (18) | 79% |
Opinc margin | (18)% | (5)% | (13) bps |
IFRS 15 adjustment | 12 | 3 | (74)% |
IFRS operating income | (72) | (15) | 79% |
Operating Cash Flow | 226 | 159 | (30)% |
Net Segment Cash Flow | (60) | (27) | 55% |
Supplementary information | |||
Adjusted segment EBITDAs before NRC | 200 | 75 | (63)% |
EBITDAs margin | 42% | 20% | (22) bps |
Adjusted segment operating income before NRC | 36 | (28) | (178)% |
Opinc margin | 8% | (7)% | (15) bps |
Key figures bridge: Segment to IFRS - Second Quarter 2021
P&L items | Segment figures | IFRS 15 adjustment | IFRS figures |
Total Revenue | 157 | 14 | 172 |
OPINC | (7) | 6 | (1) |
Cash Flow Statement items | Segment figures | IFRS 15 adjustment | IFRS figures |
EBITDAs | 42 | 14 | 56 |
Change in Working Capital & Provisions | 14 | (14) | 0 |
Cash Provided by Operations | 54 | - | 54 |
Multi-Client Data Library NBV | Segment figures | IFRS 15 adjustment | IFRS figures |
Opening Balance Sheet , Apr 1st 21 | 291 | 204 | 495 |
Closing Balance Sheet , Jun 30th 21 | 313 | 203 | 516 |
Key figures bridge: Segment to IFRS – First half 2021
P&L items | Segment figures | IFRS 15 adjustment | IFRS figures |
Total Revenue | 370 | 10 | 380 |
OPINC | (18) | 3 | (15) |
Cash Flow Statement items | Segment figures | IFRS 15 adjustment | IFRS figures |
EBITDAs | 78 | 10 | 88 |
Change in Working Capital & Provisions | 87 | (10) | 77 |
Cash Provided by Operations | 159 | - | 159 |
Multi-Client Data Library NBV | Segment figures | IFRS 15 adjustment | IFRS figures |
Opening Balance Sheet , Jan 1st 21 | 285 | 207 | 492 |
Closing Balance Sheet , Jun 30th 21 | 313 | 203 | 516 |
Second Quarter 2021 Segment Financial Results
Geology, Geophysics & Reservoir (GGR)
Geology, Geophysics & Reservoir (GGR) | 2020 | 2021 | Variances % |
Segment revenue | 144 | 110 | (24)% |
Geoscience (SIR) | 83 | 73 | (12)% |
Multi-Client | 62 | 37 | (40)% |
Prefunding | 46 | 17 | (63)% |
After-Sales | 15 | 20 | 28% |
Segment EBITDAs | 74 | 55 | (26)% |
EBITDAs Margin | 51% | 50% | (1) bps |
Segment operating income | (39) | 15 | 138% |
OPINC Margin | (27)% | 13% | 40 bps |
Equity from investments | - | - | - |
Capital employed (in billion $) | 1.6 | 1.6 | (1)% |
Supplementary information | |||
Adjusted segment EBITDAs before NRC | 81 | 49 | (39)% |
EBITDAs Margin | 56% | 45% | (11) bps |
Adjusted segment OPINC before NRC | 9 | 7 | (24)% |
OPINC Margin | 6% | 6% | (0) bps |
Other Key Metrics | |||
Multi-Client cash capex ($m) | (73) | (43) | 40% |
Multi-Client cash prefunding rate (%) | 63% | 39% | (24) bps |
GGR segment revenue was $110 million, down (24)% year-on-year.
Geoscience revenue was $73 million, down (12)% year-on-year.
Geoscience continued its progressive recovery in Q2. In H1 2021, order intake more than doubled year on year and we are anticipating significant awards in major basins of Gulf of Mexico, Brazil and Guyana.
The increasing focus from our clients on future field development is driving demand for OBN data and especially for our processing sequences to image better-defined fault blocks in highly complex reservoirs.
Multi-Client revenue was $37 million, down (40)% year-on-year.
Multi-client cash capex was $(43) million this quarter, (40)% lower than in Q2 2020. In Q2 we had two vessels working on multi-client programs as we have commenced work on a five-month 3D multi-client program in the Norwegian North Sea in addition to our on-going project in Brazil. Prefunding revenue of our multi-client projects was $17 million and prefunding rate was 39% as some prefunding slipped into Q3.
Multi-client after-sales were at $20 million this quarter, up 28% year-on-year.
The segment library Net Book Value was $313 million ($516 million after IFRS 15 adjustments) at the end of June 2021, split 85% offshore and 15% onshore.
GGR segment EBITDAs was $55 million, a 50% margin, and GGR Adjusted* segment EBITDAs was $49 million, a 45% margin.
GGR segment operating income was $15 million and GGR Adjusted* segment operating income was $7 million.
GGR capital employed was stable at $1.6 billion at the end of June 2021.
Equipment
Equipment | 2020 | 2021 | Variances % |
Segment revenue | 58 | 48 | (19)% |
Land | 45 | 29 | (36)% |
Marine | 10 | 12 | 25% |
Downhole gauges | 3 | 4 | 63% |
Non Oil & Gas | 1 | 3 | 82% |
Segment EBITDAs | - | (9) | - |
EBITDAs margin | 0% | (18)% | (19) bps |
Segment operating income | (7) | (16) | (124)% |
OPINC Margin | (12)% | (34)% | (22) bps |
Capital employed (in billion $) | 0.5 | 0.5 | (1)% |
Supplementary information | |||
Adjusted segment EBITDAs before NRC | 1 | (8) | - |
EBITDAs margin | 2% | (17)% | (20) bps |
Adjusted segment OPINC before NRC | (6) | (16) | - |
OPINC Margin | (11)% | (33)% | (22) bps |
Equipment segment revenue was low as planned this quarter at $48 million, down (19)% year-on-year.
Land equipment sales represented 60% of total sales, as we delivered in Q2 systems in various geographies (China, Russia, Middle-East). Activity for the vibrators was strong with over 25 ‘Nomad’ delivered.
Marine equipment sales represented 25% of total sales. Sercel was awarded a major contract with BGP for the delivery of 18,000 GPR300 nodes. This quarter, Sercel finalized the acquisition of LISS (Low Impact Seismic Sources).
Downhole equipment sales were $4 million and sales from non Oil & Gas equipment were $3 million.
Equipment segment EBITDAs was $(9) million and Equipment Adjusted* segment EBITDAs was $(8) million, a (17)% margin.
Equipment segment operating income was $(16) million and Equipment Adjusted* segment operating income was $(16) million, a (33)% margin.
Equipment capital employed increased to $0.5 billion at the end of June 2021.
Second Quarter 2021 Financial Results
Consolidated Income Statements | 2020 | 2021 | Variances % |
Exchange rate euro/dollar | 1.10 | 1.20 | 9% |
Segment revenue | 202 | 157 | (22)% |
GGR | 144 | 110 | (24)% |
Equipment | 58 | 48 | (19)% |
Elim & Other | (1) | - | - |
Segment Gross Margin | 24 | 9 | (63)% |
Segment EBITDAs | 68 | 42 | (39)% |
GGR | 81 | 49 | (39)% |
Equipment | 1 | (8) | - |
Corporate | (6) | (3) | 40% |
Elim & Other | - | (2) | - |
Severance costs | (7) | 6 | - |
Segment operating income | (53) | (7) | 86% |
GGR | 9 | 7 | (24)% |
Equipment | (6) | (16) | - |
Corporate | (7) | (4) | 40% |
Elim & Other | (1) | (2) | - |
Non recurring charges | (49) | 8 | - |
IFRS 15 adjustment | 21 | 6 | (70)% |
IFRS operating income | (32) | (1) | 97% |
Equity from investments | - | - | - |
Net cost of financial debt | (33) | (33) | (2)% |
Other financial income (loss) | 1 | (4) | - |
Income taxes | (24) | (7) | (73)% |
NRC (Tax & OFI) | (46) | - | - |
Net income / (loss) from continuing operations | (134) | (44) | 67% |
Net income / (loss) from discontinued operations | (13) | (7) | 50% |
IFRS net income / (loss) | (147) | (51) | 65% |
Shareholder's net income / (loss) | (147) | (50) | 66% |
Basic Earnings per share in $ | (0.21) | (0.07) | 66% |
Basic Earnings per share in € | (0.19) | (0.06) | 69% |
Segment revenue was $157 million, down (22)% year-on-year. The respective contributions from the Group’s businesses were 46% from Geoscience, 24% from Multi-Client (70% for the GGR segment) and 30% from Equipment.
Segment EBITDAs was $42 million and Adjusted* segment EBITDAs was $35 million, down (53)% year-on-year, a 22% margin due to the unfavorable business mix.
Segment operating income was $(7) million and Adjusted* segment operating income was $(15) million.
IFRS 15 adjustment at operating income level was $6million and IFRS operating income, after IFRS 15 adjustment, was $(1) million.
Cost of financial debt was $(33) million. The total amount of interest paid during the quarter was $(30) million.
Other Financial Items were at $(4) million.
Taxes were at $(7) million.
Net loss from continuing operations was $(44) million.
Discontinued operations : Correspond to the former Contractual Data Acquisition and Non-Operated Resources segments. Main aggregates are as follows: |
Group net loss was $(51) million.
After minority interests, Group net loss attributable to CGG shareholders was $(50) million/ €(42) million.
Second Quarter 2021 Cash Flow
Cash Flow items | 2020 | 2021 | Variances % |
Segment Operating Cash Flow | 81 | 54 | (33)% |
CAPEX | (89) | (57) | (36)% |
Industrial | (4) | (6) | 26% |
R&D | (12) | (8) | (32)% |
Multi-Client (Cash) | (73) | (43) | (40)% |
Marine MC | (62) | (43) | (30)% |
Land MC | (11) | - | (97)% |
Proceeds from disposals of assets | - | - | - |
Segment Free Cash Flow | (8) | (3) | 63% |
Lease repayments | (15) | (15) | 1% |
Paid Cost of debt | (32) | (30) | (8)% |
CGG 2021 Plan | (22) | (8) | (64)% |
Free cash flow from discontinued operations | - | - | - |
Net Cash flow | (77) | (56) | 28% |
Financing cash flow | - | (67) | - |
Forex and other | (1) | 1 | - |
Net increase/(decrease) in cash | (78) | (122) | (56)% |
Supplementary information | |||
Change in working capital and provisions, included in Segment Operating Cash Flow | 15 | 14 | (7)% |
From severance cash costs | (3) | (6) | 89% |
Segment Free Cash Flow before severance cash costs | (5) | 3 | - |
Segment Operating Cash Flow was $54 million, a (33)% decrease.
Total capex was $(57) million:
Industrial capex was $(6) million,
Research & Development capex was $(8) million,
Multi-client cash capex was $(43) million
Segment Free Cash Flow was $(3)million
After $(15) million lease repayments, $(30) million paid cost of debt, $(8) million 2021 Plan cash costs and $0 million free cash flow from discontinued operations, Net Cash Flow was $(56) million.
Refinancing impact on cash flow was $(67) million, including $(39) million refinancing fees and call premiums, and $(28) million net reduction in principal.
First Half 2021 Financial Results
Consolidated Income Statements | YTD June 2020 | YTD June 2021 | Variances % |
Exchange rate euro/dollar | 1.10 | 1.21 | 10% |
Segment revenue | 473 | 370 | (22)% |
GGR | 342 | 210 | (38)% |
Equipment | 133 | 161 | 21% |
Elim & Other | (2) | (1) | 52% |
Segment Gross Margin | 97 | 26 | (74)% |
Segment EBITDAs | 191 | 78 | (59)% |
GGR | 204 | 80 | (61)% |
Equipment | 9 | 8 | (16)% |
Corporate | (12) | (9) | 24% |
Elim & Other | (1) | (4) | (220)% |
COVID-19 plan | (9) | 3 | 130% |
Segment operating income | (84) | (18) | 79% |
GGR | 57 | (4) | (107)% |
Equipment | (6) | (8) | (30)% |
Corporate | (13) | (11) | 17% |
Elim & Other | (2) | (4) | (175)% |
Non recurring charges | (120) | 10 | 108% |
IFRS 15 adjustment | 12 | 3 | (74)% |
IFRS operating income | (72) | (15) | 79% |
Equity from investments | - | - | - |
Net cost of financial debt | (66) | (68) | (3)% |
Other financial income (loss) | 7 | (42) | - |
Income taxes | (29) | (12) | (58)% |
NRC (Tax & OFI) | (46) | - | - |
Net income / (loss) from continuing operations | (205) | (136) | 34% |
Net income / (loss) from discontinued operations | (40) | 5 | - |
IFRS net income / (loss) | (245) | (132) | 46% |
Shareholder's net income / (loss) | (247) | (133) | 46% |
Basic Earnings per share in $ | (0.35) | (0.19) | 46% |
Basic Earnings per share in € | (0.31) | (0.15) | 51% |
Segment revenue was $370 million, down 22% compared to H1 2020. The respective contributions from the Group’s businesses were 38% from Geoscience, 19% from Multi-Client (57% for the GGR segment) and 43% from Equipment.
GGR segment revenue was $210 million, down (38)% year-on-year
Geoscience revenue was $139 million, down (21)% year-on-year
Multi-Client sales reached $71 million, down (57)% year-on-year. Prefunding revenue was $32 million, down (69)% year-on-year. Multi-Client cash capex was $(74) million, down (47)% year-on-year. Cash prefunding rate was 44%.
After-sales were $39 million, down (38)%.
Equipment revenue was $161 million, up 21% year-on-year.
Segment EBITDAs was $78 million, down (59)% year-on-year, a low 21% margin. GGR EBITDA margin was low at 40% and Equipment EBITDA margin at 4%.
Segment operating income was $(18) million.
IFRS 15 adjustment at operating income level was $3 million and IFRS operating income, after IFRS 15 adjustment, was $(15) million.
Cost of financial debt was $(68) million. The total amount of interest paid during H1 was $(36) million.
Other Financial Items were $(42) million, including $(39) million of fees related to the refinancing.
Taxes were at $(12) million.
Net income from continuing operations was $(136) million.
Discontinued operations |
Group net loss was $(132) million.
After minority interests, H1 2021 Group loss attributable to CGG’s shareholders was $(133) million / €(110) million.
Cash Flow
Cash Flow items | YTD June 2020 | YTD June 2021 | Variances % |
Segment Operating Cash Flow | 226 | 159 | (30)% |
CAPEX | (177) | (99) | (44)% |
Industrial | (12) | (9) | (25)% |
R&D | (24) | (16) | (32)% |
Multi-Client (Cash) | (140) | (74) | (47)% |
Marine MC | (113) | (73) | (36)% |
Land MC | (27) | (1) | (97)% |
Proceeds from disposals of assets | - | (3) | - |
Segment Free Cash Flow | 50 | 57 | 16% |
Lease repayments | (29) | (29) | (2)% |
Paid Cost of debt | (40) | (36) | (8)% |
Plan 2021 | (50) | (19) | (62)% |
Free cash flow from discontinued operations | 9 | - | - |
Net Cash flow | (60) | (27) | 55% |
Financing cash flow | - | (67) | - |
Forex and other | (5) | (6) | (18)% |
Net increase/(decrease) in cash | (65) | (100) | (54)% |
Supplementary information | |||
Change in working capital and provisions, included in Segment Operating Cash Flow | 36 | 87 | 142% |
From severance cash costs | (4) | (12) | (180)% |
Segment Free Cash Flow before severance cash costs | 54 | 69 | 28% |
Segment Operating Cash Flow was $159 million compared to $226 million for the first half of 2020, a (30)% decrease.
Capex was $(99) million, down (44)% year-on-year,
Industrial capex was $(9) million, down (25)% year-on-year,
Research & Development capex was $(16) million, down (32)% year-on-year,
Multi-client cash capex was $(74) million, down (47)% year-on-year.
Segment Free Cash Flow was at $57 million up 16% year-on-year.
After the payment of interest expenses of $(36) million, lease repayments of $(29) million, CGG 2021 Plan cash costs of $(19) million and neutral free cash flow from discontinued operations, Group Net Cash Flow was $(27) million, compared to $(60) million for the first half of 2020.
Refinancing impact on cash flow was $(67) million, including $(39) million refinancing fees and call premiums, and $(28) million net reduction in principal.
Balance Sheet
Group’s liquidity amounted to $385 million at the end of June 30, 2021 and cash liquidity of $285m after reducing gross debt by $28m as part of refinancing.
Group gross debt before IFRS 16 was $1,220 million at the end of June 30, 2021 and net debt was $935 million.
Group gross debt after IFRS 16 was $1,355 million at the end of June 30, 2021 and net debt was $1070 million.
Segment leverage ratio of Net debt to Adjusted segment EBITDAs was 3.9x at the end of June 2021.
Q2 2021 Conference call
An English language analysts’ conference call is scheduled today at 8:00 am (Paris time) – 7:00 am (London time)
To follow this conference, please access the live webcast:
From your computer at: |
A replay of the conference will be available via webcast on the CGG website at: www.cgg.com.
For analysts, please dial the following numbers 5 to 10 minutes prior to the scheduled start time:
France call-in: | +33 (0) 1 70 70 07 81 |
UK call-in: | +44(0) 844 4819 752 |
Access Code: | 9761434 |
About CGG
CGG (www.cgg.com) is a global geoscience technology leader. Employing around 3,700 people worldwide, CGG provides a comprehensive range of data, products, services and solutions that support our clients to more efficiently and responsibly solve complex natural resource, environmental and infrastructure challenges. CGG is listed on the Euronext Paris SA (ISIN: 0013181864).
Contacts
Group Communications & Investor Relations |
CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2021
Unaudited Interim Consolidated statements of operations
Six months ended June 30, | ||
(In millions of US$, except per share data) | 2021 | 2020 |
Operating revenues | 380.2 | 491.2 |
Other income from ordinary activities | 0.3 | 0.5 |
Total income from ordinary activities | 380.5 | 491.7 |
Cost of operations | (351.6) | (382.5) |
Gross profit | 28.9 | 109.2 |
Research and development expenses - net | (9.9) | (7.5) |
Marketing and selling expenses | (14.3) | (17.2) |
General and administrative expenses | (30.3) | (36.3) |
Other revenues (expenses) - net | 10.7 | (120.3) |
Operating income (loss) | (14.9) | (72.1) |
Expenses related to financial debt | (68.3) | (67.2) |
Income provided by cash and cash equivalents | 0.7 | 1.5 |
Cost of financial debt, net | (67.6) | (65.7) |
Other financial income (loss) | (42.0) | (30.0) |
Income (loss) before incomes taxes | (124.5) | (167.8) |
Income taxes | (12.1) | (37.6) |
Net income (loss) from consolidated companies before share of income (loss) in companies accounted for under the equity method | (136.6) | (205.4) |
Share of income (loss) in companies accounted for under the equity method | 0.1 | 0.1 |
Net income (loss) from continuing operations | (136.5) | (205.3) |
Net income (loss) from discontinued operations | 4.9 | (40.0) |
Net income (loss) | (131.6) | (245.3) |
Attributable to : | ||
Owners of CGG S.A | (132.7) | (246.6) |
Non-controlling interests | 1.1 | 1.3 |
Net income (loss) per share | ||
Basic | (0.19) | (0.35) |
Diluted | (0.19) | (0.35) |
Net income (loss) from continuing operations per share | ||
Basic | (0.20) | (0.29) |
Diluted | (0.20) | (0.29) |
Net income (loss) from discontinued operations per share | ||
Basic | 0.01 | (0.06) |
Diluted | 0.01 | (0.06) |
Unaudited Consolidated statements of financial position
(In millions of US$) | June 30, 2021 | December 31, 2020 |
ASSETS | ||
Cash and cash equivalents | 285.2 | 385.4 |
Trade accounts and notes receivable, net | 231.5 | 325.0 |
Inventories and work-in-progress, net | 228.8 | 237.8 |
Income tax assets | 86.0 | 84.6 |
Other current financial assets, net | - | 13.7 |
Other current assets, net | 94.7 | 92.0 |
Assets held for sale, net | 135.3 | 117.7 |
Total current assets | 1,061.5 | 1,256.2 |
Deferred tax assets | 7.4 | 10.3 |
Investments and other financial assets, net | 12.2 | 13.6 |
Investments in companies under the equity method | 3.1 | 3.6 |
Property, plant and equipment, net | 228.0 | 268.1 |
Intangible assets, net | 657.2 | 639.2 |
Goodwill, net | 1,188.1 | 1,186.5 |
Total non-current assets | 2,096.0 | 2,121.3 |
TOTAL ASSETS | 3,157.5 | 3,377.5 |
LIABILITIES AND EQUITY | ||
Bank overdrafts | - | 0.2 |
Financial debt – current portion | 66.3 | 58.6 |
Trade accounts and notes payables | 100.5 | 96.7 |
Accrued payroll costs | 112.8 | 106.6 |
Income taxes payable | 45.3 | 56.8 |
Advance billings to customers | 21.6 | 19.5 |
Provisions — current portion | 20.8 | 52.7 |
Other current financial liabilities | 18.8 | 34.4 |
Other current liabilities | 289.1 | 278.6 |
Liabilities directly associated with the assets classified as held for sale | 7.0 | 13.0 |
Total current liabilities | 682.2 | 717.1 |
Deferred tax liabilities | 19.6 | 16.3 |
Provisions — non-current portion | 45.6 | 51.8 |
Financial debt – non-current portion | 1,288.5 | 1,330.3 |
Other non-current financial liabilities | 43.6 | 53.0 |
Other non-current liabilities | 39.7 | 44.4 |
Total non-current liabilities | 1,437.0 | 1,495.8 |
Common stock: 1,194,005,823 shares authorized and 711,394,241 shares with a €0.01 nominal value outstanding at June 31, 2021 | 8.7 | 8.7 |
Additional paid-in capital | 464.1 | 1,687.1 |
Retained earnings | 611.4 | (480.6) |
Other Reserves | (25.8) | (37.3) |
Treasury shares | (20.1) | (20.1) |
Cumulative income and expense recognized directly in equity | (0.1) | (0.7) |
Cumulative translation adjustment | (43.7) | (37.4) |
Equity attributable to owners of CGG S.A. | 994.5 | 1,119.7 |
Non-controlling interests | 43.8 | 44.9 |
Total equity | 1,038.3 | 1,164.6 |
TOTAL LIABILITIES AND EQUITY | 3,157.5 | 3,377.5 |
Unaudited Consolidated statements of cash flows
Six months ended June 30, | ||
(In millions of US$) | 2021 | 2020 |
OPERATING | ||
Net income (loss) | (131.6) | (245.3) |
Less: Net income (loss) from discontinued operations | (4.9) | 40.0 |
Net income (loss) from continuing operations | (136.5) | (205.3) |
Depreciation, amortization and impairment | 50.2 | 100.8 |
Multi-client surveys impairment and amortization | 62.3 | 186.4 |
Depreciation and amortization capitalized in Multi-client surveys | (8.7) | (8.4) |
Variance on provisions | (31.6) | 1.2 |
Share-based compensation expenses | (1.2) | 2.6 |
Net (gain) loss on disposal of fixed and financial assets | (0.1) | 0.1 |
Equity (income) loss of investees | (0.1) | (0.1) |
Dividends received from investments in companies under the equity method | — | — |
Other non-cash items | 42.0 | 30.0 |
Net cash-flow including net cost of financial debt and income tax | (23.7) | 107.3 |
Less : net cost of financial debt | 67.6 | 65.7 |
Less : income tax expense (gain) | 12.1 | 37.6 |
Net cash-flow excluding net cost of financial debt and income tax | 56.0 | 210.6 |
Income tax paid | (5.6) | (1.1) |
Net cash-flow before changes in working capital | 50.4 | 209.5 |
Changes in working capital | 108.9 | 16.7 |
- change in trade accounts and notes receivable | 99.1 | 77.1 |
- change in inventories and work-in-progress | 4.0 | (18.5) |
- change in other current assets | (2.3) | (1.5) |
- change in trade accounts and notes payable | 1.2 | (2.4) |
- change in other current liabilities | 6.9 | (38.0) |
Net cash-flow provided by operating activities | 159.3 | 226.2 |
INVESTING | ||
Total capital expenditures (including variation of fixed assets suppliers, excluding Multi-client surveys) | (25.7) | (36.6) |
Investment in Multi-client surveys, net cash | (73.5) | (139.9) |
Proceeds from disposals of tangible and intangible assets | — | 0.1 |
Total net proceeds from financial assets | (2.4) | 0.2 |
Acquisition of investments, net of cash and cash equivalents acquired | (0.4) | (0.4) |
Variation in loans granted | — | — |
Variation in subsidies for capital expenditures | — | — |
Variation in other non-current financial assets | 1.3 | 9.7 |
Net cash-flow used in investing activities | (100.7) | (166.9) |
Six months ended June 30, | ||
(In millions of US$) | 2021 | 2020 |
FINANCING | ||
Repayment of long-term debt | (1,227.5) | — |
Total issuance of long-term debt | 1,160.3 | — |
Lease repayments | (29.5) | (28.8) |
Change in short-term loans | (0.2) | — |
Financial expenses paid | (36.5) | (39.5) |
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 | (3.6) | (7.2) |
Acquisition/disposal from treasury shares | — | — |
Net cash-flow provided by (used in) financing activities | (137.0) | (75.5) |
Effects of exchange rates on cash | (3.3) | (7.5) |
Impact of changes in consolidation scope | — | — |
Net cash flows incurred by discontinued operations | (18.5) | (41.1) |
Net increase (decrease) in cash and cash equivalents | (100.2) | (64.8) |
Cash and cash equivalents at beginning of year | 385.4 | 610.5 |
Cash and cash equivalents at end of period | 285.2 | 545.7 |
Attachment
