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CGG: CGG Announces its Q3 2021 Results

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CGG Announces its Q3 2021 Results

Solid Q3 quarterly performance

Segment Revenue at $270m, up 35% year-on-year

and Segment EBITDAs at $118m, more than doubled year-on-year

PARIS, France – November 3, 2021CGG (ISIN: FR0013181864), a world leader in Geoscience, announced today its third quarter 2021 non-audited results.

Commenting on these results, Sophie Zurquiyah, CGG CEO, said:

“I am encouraged by our Q3 results and more importantly by the signs of the gradually increasing demand for our core businesses, supported by the strengthening macro-environment. Our differentiated products and services remain fundamental to solving our client’s challenges in complex sub-surface environments, addressing their digitalization needs and reducing their environmental footprint.
Beyond the core, we are developing and commercially progressing a growing portfolio of business opportunities targeting digital geoscience, energy transition, environmental geoscience, and infrastructure monitoring. These opportunities leverage our leadership technology positions in sophisticated algorithms, high performance computing, earth subsurface data base and sensors, all of which provide new growth for the company”.

Q3 2021: A solid performance

9 months 2021: A progressive recovery

Balance Sheet at the end of September

Post closing event

*Adjusted indicators represent supplementary information adjusted for non-recurring charges triggered by economic downturn.

Key Figures - Third Quarter 2021

Key Figures - Quarter
In million $

2020
Q3

2021
Q3

Variances %

Operating revenues

178

210

18%

Operating Income

(43)

20

-

Equity from Investment

-

-

-

Net cost of financial debt

(34)

(27)

(21)%

Other financial income (loss)

(12)

-

-

Income taxes

1

(7)

-

Net Income / Loss from continuing operations

(88)

(14)

(84)%

Net Income / Loss from discontinued operations

(5)

(3)

(44)%

Group net income / (loss)

(93)

(17)

82%

Operating Cash Flow

12

76

-

Net Cash Flow

(92)

(34)

63%

Net debt

910

1,113

22%

Net debt before lease

749

987

32%

Capital employed

2,172

2,140

(1)%

Key Figures – 9 months 2021

Key Figures IFRS – 9 months
In million $

2020
9 MONTHS

2021
9 MONTHS

Variances %

Operating revenues

669

591

(12)%

Operating Income

(115)

5

-

Equity from Investment

-

-

-

Net cost of financial debt

(100)

(94)

(5)%

Other financial income (loss)

(42)

(42)

(1)%

Income taxes

(37)

(19)

(48)%

Net Income / Loss from continuing operations

(293)

(150)

(49)%

Net Income / Loss from discontinued operations

(45)

2

-

Group net income / (loss)

(338)

(148)

56%

Operating Cash Flow

238

235

(1)%

Net Cash Flow

(152)

(61)

60%

Net debt

910

1,113

22%

Net debt before lease liabilities

749

987

32%

Capital employed

2,172

2,140

(1)%

Key Segment Figures - Third Quarter 2021

Key Segment Figures - Quarter
In million $

2020
Q3

2021
Q3

Variances %

Segment revenue

199

270

35%

Segment EBITDAs

52

118

-

Group EBITDAs margin

26%

44%

18 bps

Segment operating income

(38)

33

-

Opinc margin

(19%)

12%

31 bps

IFRS 15 adjustment

(5)

(13)

-

IFRS operating income

(43)

20

-

Operating Cash Flow

12

76

-

Segment Net Cash Flow

(92)

(34)

63%

Supplementary information

Adjusted segment EBITDAs before NRC

80

118

47%

EBITDAs margin

40%

44%

3 bps

Adjusted segment operating income before NRC

(4)

33

-

Opinc margin

(2%)

12%

14 bps

Key Segment Figures – 9 months 2021

Key Segment Figures – 9 months
In million $

2020
9 MONTHS

2021
9 MONTHS

Variances %

Segment revenue

672

640

(5)%

Segment EBITDAs

243

195

(20)%

Group EBITDAs margin

36%

31%

(6) bps

Segment operating income

(122)

14

-

Opinc margin

(18%)

2%

20 bps

IFRS 15 adjustment

7

(9)

-

IFRS operating income

(115)

5

-

Operating Cash Flow

238

235

(1)%

Net Segment Cash Flow

(152)

(61)

60%

Supplementary information

Adjusted segment EBITDAs before NRC

281

193

(31)%

EBITDAs margin

42%

30%

(12) bps

Adjusted segment operating income before NRC

32

6

(82)%

Opinc margin

5%

1%

(4) bps

Key figures bridge: Segment to IFRS - Third Quarter 2021

P&L items
In million $

Segment figures

IFRS 15 adjustment

IFRS figures

Total Revenue

270

(59)

210

OPINC

33

(13)

20

Cash Flow Statement items
In million $

Segment figures

IFRS 15 adjustment

IFRS figures

EBITDAs

118

(59)

58

Change in Working Capital & Provisions

(48)

59

11

Cash Provided by Operations

76

-

76

Multi-Client Data Library NBV
In million $

Segment figures

IFRS 15 adjustment

IFRS figures

Opening Balance Sheet , Jun 21

313

203

516

Closing Balance Sheet , Sep 21

311

245

556

Key figures bridge: Segment to IFRS – 9 months 2021

P&L items
In million $

Segment figures

IFRS 15 adjustment

IFRS figures

Total Revenue

640

(49)

591

OPINC

14

(9)

5

Cash Flow Statement items
In million $

Segment figures

IFRS 15 adjustment

IFRS figures

EBITDAs

195

(49)

146

Change in Working Capital & Provisions

39

49

88

Cash Provided by Operations

235

-

235

Multi-Client Data Library NBV
In million $

Segment figures

IFRS 15 adjustment

IFRS figures

Opening Balance Sheet , Jan 1st 21

285

207

492

Closing Balance Sheet , Sep 30th 21

311

245

556

Third Quarter 2021 Segment Financial Results

Geology, Geophysics & Reservoir (GGR)

Geology, Geophysics & Reservoir (GGR)
In million $

2020
Q3

2021
Q3

Variances %

Segment revenue

150

168

12%

Geoscience (SIR)

77

77

-

Multi-Client

73

92

26%

Prefunding

39

59

51%

After-Sales

34

32

(4)%

Segment EBITDAs

56

106

88%

EBITDAs Margin

38%

63%

25 bps

Segment operating income

(25)

30

-

OPINC Margin

(16%)

18%

34 bps

Equity from investments

-

-

-

Capital employed (in billion $)

1.7

1.6

(3)%

Supplementary information

Adjusted segment EBITDAs before NRC

85

107

26%

EBITDAs Margin

57%

63%

6 bps

Adjusted segment OPINC before NRC

10

30

-

OPINC Margin

6%

18%

12 bps

Other Key Metrics

Multi-Client cash capex ($m)

(58)

(57)

1%

Multi-Client cash prefunding rate (%)

68%

103%

36 bps

GGR segment revenue was $168 million, up 12% year-on-year and up 53% sequentially.

  • Geoscience revenue was $77 million, stable year-on-year and up 5% sequentially.

Market recovery is accelerating driven by high-end marine & OBN projects for reservoir optimization mainly for IOCs. At the end of September total order intakes were up 10% year-on-year and up more than 50% sequentially. Demand for technology remains strong as projects are mainly dedicated to reservoir optimization and near-field exploration.

Beyond the core new businesses activity is improving with commercial bids related to beyond the core representing more than 10% of total Geoscience bids pending at the end of September.

  • Multi-Client revenue was $92 million, up 26% year-on-year and up 149% sequentially.

Multi-client cash capex was $(57) million this quarter, stable year-on-year and dedicated to marine multi-client programs only. In Q3 we had three vessels working on multi-client programs, two on a five-month 3D multi-client program in the Norwegian North Sea and one in Brazil on our on-going Nebula project. We also had 5 reprocessings projects this quarter including a new one in the US Gulf of Mexico.

Prefunding revenue of our multi-client projects was $59 million, up 51% year-on-year and prefunding rate was 103%.

Multi-client after-sales were at $32 million this quarter, down (4)% year-on-year.

The segment library Net Book Value was $311 million ($556 million after IFRS 15 adjustments) at the end of September 2021, split 89% offshore and 11% onshore.

GGR segment EBITDAs was $106 million, a strong 63% margin, and GGR Adjusted* segment EBITDAs was $107 million.

GGR segment operating income was $30 million.

GGR capital employed decreased to $1.6 billion at the end of September 2021.

Equipment

Equipment
In million $

2020
Q3

2021
Q3

Variances %

Segment revenue

50

101

105%

Land

31

40

28%

Marine

15

55

-

Downhole gauges

2

2

28%

Non Oil & Gas

3

4

52%

Segment EBITDAs

(1)

17

-

EBITDAs margin

(1%)

17%

18 bps

Segment operating income

(9)

9

-

OPINC Margin

(18%)

9%

27 bps

Capital employed (in billion $)

0.6

0.6

-

Supplementary information

Adjusted segment EBITDAs before NRC

(0)

17

-

EBITDAs margin

(0%)

17%

17 bps

Adjusted segment OPINC before NRC

(9)

9

-

OPINC margin

(17)%

9%

26 bps

EquipEOment
In million $

2020
Q3

2021
Q3

Variances %

Equipment segment revenue was $101 million, up 105% year-on-year and up 113% sequentially.

  • Land equipment sales were $40 million, i.e. 40% of total sales, as we delivered in China, Russia, North Africa and India.

  • Marine equipment sales were $55 million, representing 54% of total sales, due to scheduled delivery of 18,000 GPR300 nodes.

  • Downhole equipment sales were $2 million and sales of non Oil & Gas equipment were $4 million with first commercial project for S-scan railtrack monitoring solution.

Equipment segment EBITDAs was $17 million, a 17% margin.

Equipment segment operating income was $9 million, a 9% margin.

Equipment capital employed stabled at $0.6 billion at the end of September 2021.

Third Quarter 2021 Financial Results

Consolidated Income Statements
In million $

2020
Q3

2021
Q3

Variances %

Exchange rate euro/dollar

1.17

1.19

2%

Segment revenue

199

270

35%

GGR

150

168

12%

Equipment

50

101

105%

Elim & Other

(1)

(0)

-

Segment Gross Margin

27

63

137%

Segment EBITDAs

52

118

126%

GGR

85

107

26%

Equipment

(0)

17

-

Corporate

(5)

(5)

-

Elim & Other

1

(1)

-

COVID-19 plan

(28)

(0)

-

Segment operating income

(38)

33

186%

GGR

10

30

-

Equipment

(9)

9

-

Corporate

(6)

(5)

10%

Elim & Other

1

(2)

-

Non recurring charges

(34)

(1)

98%

IFRS 15 adjustment

(5)

(13)

-

IFRS operating income

(43)

20

-

Equity from investments

-

-

-

Net cost of financial debt

(34)

(27)

21%

Other financial income (loss)

(4)

(0)

99%

Income taxes

1

(7)

-

NRC (Tax & OFI)

(8)

-

-

Net income / (loss) from continuing operations

(88)

(14)

84%

Net income / (loss) from discontinued operations

(5)

(3)

44%

IFRS net income / (loss)

(93)

(17)

82%

Shareholder's net income / (loss)

(93)

(17)

82%

Basic Earnings per share in $

(0.13)

(0.02)

82%

Basic Earnings per share in €

(0.11)

(0.02)

82%

Segment revenue was $270 million, up 35% year-on-year and up 71% sequentially. The respective contributions from the Group’s businesses were 28% from Geoscience, 34% from Multi-Client (62% for the GGR segment) and 38% from Equipment.

Segment EBITDAs was $118 million, up 126% year-on-year, a solid 44% margin and Adjusted* segment EBITDAs was $118 million, up 47% year-on-year.

Segment operating income was $33 million up 186% year-on-year, a 12% margin and Adjusted* segment operating income was $33 million.

IFRS 15 adjustment at operating income level was $(13)million and IFRS operating income, after IFRS 15 adjustment, was $20 million.

Cost of financial debt was $(27) million.

Taxes were at $(7) million.

Net loss from continuing operations was $(14) million.

Q3 2021 Discontinued operations : Correspond to the former Contractual Data Acquisition and Non-Operated Resources segments. Main aggregates are as follows:

- Revenue from discontinued operations was $0 million.

- Net loss from discontinued operations was $(3) million.

- Net Cash flow from discontinued operations was $(15) million.

Group net loss was $(17) million.

After minority interests, Group net loss attributable to CGG shareholders was $(17) million/ €(15) million.

Third Quarter 2021 Cash Flow

Cash Flow items
In million $

2020
Q3

2021
Q3

Variances %

Segment Operating Cash Flow

12

76

-

CAPEX

(71)

(73)

2%

Industrial

(5)

(8)

47%

R&D

(8)

(7)

(7)%

Multi-Client (Cash)

(58)

(57)

(1)%

Marine MC

(56)

(57)

1%

Land MC

(2)

(0)

(74)%

Proceeds from disposals of assets

(0)

(1)

-

Segment Free Cash Flow

(59)

2

-

Lease repayments

(15)

(14)

(4)%

Paid Cost of debt

(7)

(0)

(96)%

Plan 2021

(19)

(7)

(64)%

Free cash flow from discontinued operations

7

(15)

-

Net Cash flow

(92)

(34)

63%

Financing cash flow

(5)

(2)

(60)%

Forex and other

16

(9)

-

Net increase/(decrease) in cash

(81)

(45)

44%

Supplementary information

Change in working capital and provisions, included in Segment Operating Cash Flow

(37)

(48)

30%

From severance cash costs

(7)

(5)

28%

Segment Free Cash Flow before severance cash costs

(52)

7

113%

Segment Operating Cash Flow was $76 million.

Total capex was $(73) million:

  • Industrial capex was $(8) million,

  • Research & Development capex was $(7) million,

  • Multi-client cash capex was $(57) million

Segment Free Cash Flow was $2 million.

Net Cash Flow was $(34) million, after $(14) million lease repayments, $(0) million paid cost of debt, $(7) million 2021 Plan cash costs and $(15) million free cash flow from discontinued operations

9 months 2021 Financial Results

Consolidated Income Statements
In million $

YTD September 2020

YTD September 2021

Variances %

Exchange rate euro/dollar

1.12

1.20

7%

Segment revenue

672

640

(5)%

GGR

492

379

(23)%

Equipment

183

262

43%

Elim & Other

(2)

(1)

66%

Segment Gross Margin

124

89

(28)%

Segment EBITDAs

243

195

(20)%

GGR

289

187

(35)%

Equipment

9

25

-

Corporate

(17)

(13)

23%

Elim & Other

(0)

(6)

-

COVID-19 plan

(38)

2

-

Segment operating income

(122)

14

-

GGR

66

26

(60)%

Equipment

(15)

1

-

Corporate

(19)

(16)

18%

Elim & Other

(0)

(6)

-

Non recurring charges

(154)

9

-

IFRS 15 adjustment

7

(9)

-

IFRS operating income

(115)

5

-

Equity from investments

-

-

-

Net cost of financial debt

(100)

(94)

(5)%

Other financial income (loss)

3

(42)

-

Income taxes

(28)

(19)

(32)%

NRC (Tax & OFI)

(53)

-

-

Net income / (loss) from continuing operations

(293)

(150)

49%

Net income / (loss) from discontinued operations

(45)

2

-

IFRS net income / (loss)

(338)

(148)

56%

Shareholder's net income / (loss)

(340)

(150)

56%

Basic Earnings per share in $

(0.48)

(0.21)

56%

Basic Earnings per share in €

(0.43)

(0.21)

56%

Segment revenue for the first 9 months 2021 was $640 million, down (5)% compared to last year. The respective contributions from the Group’s businesses were 34% from Geoscience, 25% from Multi-Client (59% for the GGR segment) and 41% from Equipment.

GGR segment revenue was $379 million, down (23)% year-on-year

  • Geoscience revenue was $216 million, down (15)% year-on-year

  • Multi-Client sales reached $163 million, down (32)% year-on-year. Prefunding revenue was $92 million, down (36)% year-on-year. Multi-Client cash capex was $(131) million, down (34)% year-on-year. Cash prefunding rate was 70%.

    After-sales were $71 million, down (26)%.

Equipment revenue was $262 million, up 43% year-on-year.

Segment EBITDAs was $195 million, down (20)% year-on-year, a 31% margin. GGR EBITDA margin due to low H1 activity. GGR EBITDA margin was 49% and Equipment EBITDA margin was 9%.

Segment operating income was $14 million.

IFRS 15 adjustment at operating income level was $(9) million and IFRS operating income, after IFRS 15 adjustment, was $5 million.

Cost of financial debt was $(94) million. The total amount of interest paid at the end of September was $(37) million.

Other Financial Items were $(42) million, including $(40) million of fees related to the refinancing.

Taxes were at $(19) million.

Net income from continuing operations was $(150) million.

YTD September Discontinued operations :

Correspond to the former Contractual Data Acquisition and Non-Operated Resources segments. Main aggregates are as follows:

-Revenue from discontinued operations was $19 million.

-Net income from discontinued operations was $2 million.

-Net Cash flow from discontinued operations was $(14) million.

Group net loss was $(148) million.

After minority interests, Group loss attributable to CGG’s shareholders at the end of September 2021 was $(150) million / €(125) million.

Cash Flow

Cash Flow items
In million $

YTD September 2020

YTD September 2021

Variances %

Segment Operating Cash Flow

238

235

(1)%

CAPEX

(248)

(172)

(31)%

Industrial

(18)

(17)

(3)%

R&D

(32)

(24)

(26)%

Multi-Client (Cash)

(198)

(131)

(34)%

Marine MC

(169)

(130)

(23)%

Land MC

(29)

(1)

(95)%

Proceeds from disposals of assets

(0)

(4)

-

Segment Free Cash Flow

(9)

59

-

Lease repayments

(44)

(44)

Paid Cost of debt

(47)

(37)

(21)%

Plan 2021

(69)

(26)

(63)%

Free cash flow from discontinued operations

17

(14)

-

Net Cash flow

(152)

(61)

60%

Financing cash flow

(5)

(69)

-

Forex and other

11

(15)

-

Net increase/(decrease) in cash

(146)

(146)

Supplementary information

Change in working capital and provisions, included in Segment Operating Cash Flow

(1)

39

-

From severance cash costs

(11)

(17)

(53)%

Segment Free Cash Flow before severance cash costs

1

76

-

Segment Operating Cash Flow was $235 million compared to $238 million for the 9 months of 2020, stable year-on-year.

Capex was $(172) million, (31)% decrease year-on-year,

  • Industrial capex was $(17) million, (3)% decrease year-on-year,

  • Research & Development capex was $(24) million, (26)% decrease year-on-year,

  • Multi-client cash capex was $(131) million, (34)% decrease year-on-year.

Segment Free Cash Flow was at $59 million compared to $(9) million in 2020.

After the lease repayments of $(44) million, CGG 2021 Plan cash costs of $(26) million, Paid cost of debt of $(37) million and Free cash flow from discontinued operations of $(14) million, Group Net Cash Flow was $(61) million, compared to $(152) million for the 9 months of 2020.

Refinancing impact on cash flow was $(69) million, including $(40) million refinancing fees and call premiums, and $(28) million net reduction in principal.

Balance Sheet

Group’s liquidity amounted to $340 million at the end of September 30, 2021 and cash liquidity of $240m after reducing gross debt by $28m as part of refinancing.

Group gross debt before IFRS 16 was $1,226 million at the end of September 30, 2021 and net debt was $987 million.

Group gross debt after IFRS 16 was $1,353 million at the end of September 30, 2021 and net debt was $1,113 million.

Segment leverage ratio of Net debt to Adjusted segment EBITDAs was 3.5x at the end of September 2021.


Q3 2021 Conference call

  • The press release and the slide presentation are available on our website www.cgg.com

  • An English language analysts conference call is scheduled today at 6.30 pm (CET)

To follow the conference call, please access the audio webcast from your computer at www.cgg.com

Please dial 5 to 10 minutes prior to the scheduled start time the following numbers:

France call-in:

+33(0) 1 70 70 07 81

UK call-in:

+44(0) 844 4819 752

US call-in:

+1 646 7413 167

Access Code:

104 45 17

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 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
Christophe Barnini
Tel: + 33 1 64 47 38 11
E-Mail: christophe.barnini@cgg.com

CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2021

Unaudited Interim Consolidated statements of operations

Nine months ended September 30,

(In millions of US$, except per share data)

2021

2020

Operating revenues

590.6

668.9

Other income from ordinary activities

0.5

0.5

Total income from ordinary activities

591.1

669.4

Cost of operations

(511.5)

(538.4)

Gross profit

79.6

131.0

Research and development expenses - net

(15.5)

(12.9)

Marketing and selling expenses

(22.3)

(25.2)

General and administrative expenses

(46.2)

(52.9)

Other revenues (expenses) - net

9.6

(154.8)

Operating income (loss)

5.2

(114.8)

Expenses related to financial debt

(95.2)

(101.6)

Income provided by cash and cash equivalents

0.9

1.9

Cost of financial debt, net

(94.3)

(99.7)

Other financial income (loss)

(42.1)

(41.8)

Income (loss) before incomes taxes

(131.2)

(256.3)

Income taxes

(19.0)

(36.8)

Net income (loss) from consolidated companies before share of income (loss) in companies accounted for under the equity method

(150.2)

(293.1)

Share of income (loss) in companies accounted for under the equity method

0.0

0.1

Net income (loss) from continuing operations

(150.2)

(293.0)

Net income (loss) from discontinued operations

2.1

(45.0)

Net income (loss)

(148.1)

(338.0)

Attributable to :

Owners of CGG S.A

(149.8)

(339.6)

Non-controlling interests

1.7

1.6

Net income (loss) per share

Basic

(0.21)

(0.48)

Diluted

(0.21)

(0.48)

Net income (loss) from continuing operations per share

Basic

(0.21)

(0.41)

Diluted

(0.21)

(0.41)

Net income (loss) from discontinued operations per share

Basic

0.00

(0.06)

Diluted

0.00

(0.06)

Unaudited Consolidated statements of financial position

(In millions of US$)

September 30, 2021

December 31, 2020

ASSETS

Cash and cash equivalents

239.7

385.4

Trade accounts and notes receivable, net

273.4

325.0

Inventories and work-in-progress, net

215.6

237.8

Income tax assets

77.5

84.6

Other current financial assets, net

1.7

13.7

Other current assets, net

85.3

92.0

Assets held for sale, net

137.7

117.7

Total current assets

1,030.9

1,256.2

Deferred tax assets

3.0

10.3

Investments and other financial assets, net

15.6

13.6

Investments in companies under the equity method

3.1

3.6

Property, plant and equipment, net

221.2

268.1

Intangible assets, net

691.6

639.2

Goodwill, net

1,188.5

1,186.5

Total non-current assets

2,123.0

2,121.3

TOTAL ASSETS

3,153.9

3,377.5

LIABILITIES AND EQUITY

Bank overdrafts

-

0.2

Financial debt – current portion

87.0

58.6

Trade accounts and notes payables

86.7

96.7

Accrued payroll costs

107.8

106.6

Income taxes payable

34.9

56.8

Advance billings to customers

27.3

19.5

Provisions — current portion

18.7

52.7

Other current financial liabilities

19.1

34.4

Other current liabilities

335.6

278.6

Liabilities directly associated with the assets classified as held for sale

7.8

13.0

Total current liabilities

724.9

717.1

Deferred tax liabilities

18.3

16.3

Provisions — non-current portion

43.9

51.8

Financial debt – non-current portion

1,265.8

1,330.3

Other non-current financial liabilities

38.7

53.0

Other non-current liabilities

35.0

44.4

Total non-current liabilities

1,401.7

1,495.8

Common stock: 1,191,533,002 shares authorized and 711 662 205 shares with a €0.01 nominal value outstanding at September 30, 2021

8.7

8.7

Additional paid-in capital

464.1

1,687.1

Retained earnings

595.2

(480.6)

Other Reserves

(11.1)

(37.3)

Treasury shares

(20.1)

(20.1)

Cumulative income and expense recognized directly in equity

0.2

(0.7)

Cumulative translation adjustment

(54.0)

(37.4)

Equity attributable to owners of CGG S.A.

983.0

1,119.7

Non-controlling interests

44.3

44.9

Total equity

1,027.3

1,164.6

TOTAL LIABILITIES AND EQUITY

3,153.9

3,377.5

Unaudited Consolidated statements of cash flows

Nine months ended September 30,

(In millions of US$)

2021

2020

OPERATING

Net income (loss)

(148.1)

(338.0)

Less: Net income (loss) from discontinued operations

(2.1)

45.0

Net income (loss) from continuing operations

(150.2)

(293.0)

Depreciation, amortization and impairment

76.9

136.5

Multi-client surveys impairment and amortization

77.5

227.4

Depreciation and amortization capitalized in Multi-client surveys

(12.9)

(13.2)

Variance on provisions

(32.3)

22.5

Share-based compensation expenses

(0.7)

3.9

Net (gain) loss on disposal of fixed and financial assets

(0.3)

Equity (income) loss of investees

(0.1)

Dividends received from investments in companies under the equity method

Other non-cash items

42.2

41.8

Net cash-flow including net cost of financial debt and income tax

0.2

125.8

Less: net cost of financial debt

94.3

99.7

Less: income tax expense (gain)

19.0

36.8

Net cash-flow excluding net cost of financial debt and income tax

113.5

262.3

Income tax paid

1.2

(3.4)

Net cash-flow before changes in working capital

114.7

258.9

Changes in working capital

120.5

(20.5)

- change in trade accounts and notes receivable

110.6

70.6

- change in inventories and work-in-progress

12.9

(34.8)

- change in other current assets

(12.2)

(6.1)

- change in trade accounts and notes payable

(6.1)

(14.9)

- change in other current liabilities

15.3

(35.3)

Net cash-flow provided by operating activities

235.2

238.4

INVESTING

Total capital expenditures (including variation of fixed assets suppliers, excluding Multi-client surveys)

(40.9)

(49.8)

Investment in Multi-client surveys, net cash

(131.0)

(198.0)

Proceeds from disposals of tangible and intangible assets

0.2

0.3

Total net proceeds from financial assets

(2.4)

Acquisition of investments, net of cash and cash equivalents acquired

(1.9)

(0.4)

Variation in loans granted

Variation in subsidies for capital expenditures

Variation in other non-current financial assets

(2.3)

12.0

Net cash-flow used in investing activities

(178.3)

(235.9)


Nine months ended September 30,

(In millions of US$)

2021

2020

FINANCING

Repayment of long-term debt

(1,227.5)

(5.2)

Total issuance of long-term debt

1,160.0

Lease repayments

(43.7)

(43.6)

Change in short-term loans

(0.2)

Financial expenses paid

(36.7)

(46.5)

Loans granted

(1.7)

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

(153.4)

(102.5)

Effects of exchange rates on cash

(8.0)

6.5

Impact of changes in consolidation scope

Net cash flows incurred by discontinued operations

(41.2)

(52.5)

Net increase (decrease) in cash and cash equivalents

(145.7)

(146.0)

Cash and cash equivalents at beginning of year

385.4

610.5

Cash and cash equivalents at end of period

239.7

464.5

Attachment


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