Viridien · EURONEXT:VIRI
Viridien — Q1 2024 Earnings Presentation
16 slides from Viridien's earnings presentation, May 14, 2024
Slide 1: Q1 2024 Financial Results
Q1 2024 FINANCIAL RESULTS 1
Slide 2: Q1 2024 key segment financial highlights
Q1 2024 key segment financial highlights REVENUE Adjusted EBITDAs NET CASH FLOW $106 million $30 million $273 million Up 58% y-o-y including $(20)m Up 30% y-o-y contractual fees from including $(16)m penalty fees vessel commitments from vessel commitments Liquidity of $440 million, including $90 mil
Slide 3: Q1 2024 post closing events
Q1 2024 post closing events S&P upgrade to B- ONGC litigation settlement for a net amount of ~$30m Q1 2024 financial results 3
Slide 4: DDE segment: Key business indicators
DDE segment: Key business indicators Segment revenue ($m) Adjusted segment EBITDAs* ($m) & margin (%) 56% 62% 55% 49% 56% 406 367 +2% 330 +21% 672 659 Earth Data 104 71 545 Geoscience 2021 2022 2023 Q1 2023 Q1 2024 337 375 276 Adjusted segment OPINC ($m) & margin (%) 18% 29% 21% 17% 19% 192 28% 185
Slide 5: Geoscience: Key business indicators
Geoscience: Key business indicators Total production ($m) Backlog ($m) 474 +19% 394 399 Internal production 139 +23% External revenue 125 115 +18% 227 335 113 +8% 122 184 269 284 34 34 79 88 2021 2022 2023 Q1 2023 Q1 2024 2023 March 31 2024 Total production / head ($k) Computing power (PFLOPS) 510 5
Slide 6: Geoscience: Q1 operational highlights
Geoscience: Q1 operational highlights 8Hz FWI model Geoscience ▪ Strong level of activity in first quarter with external revenue and order intake up respectively 11% and 48% year-on-year ▪ Backlog at $227m, up 23% compared to end of 2023 ▪ Sustained activity in Core business driven by continuing ado
Slide 7: Advanced 4D FWI for better reservoir time-lapse monitoring
Advanced 4D FWI for better reservoir time-lapse monitoring ▪ Built upon CGG’s Time-lag FWI, 4D FWI has been successfully adopted in various geological settings using time-lapse data of the same acquisition types ▪ A 4D joint FWI was designed to Velocity handle time-lapse data with poor repeatability
Slide 8: Earth Data: Key business indicators
Earth Data: Key business indicators EDA revenue ($m) EDA CAPEX ($m) & pre-funding (%) 1.6x 1.8x 1.9x Cash on cash Multi-Client capex Cash pre-funding rate 89% 66% 113% 126% 116% Prefunding 375 +36% (10)% 337 After-sales 276 136 194 205 150 65 50% 97 168 171 239 50 126 143 35 58 30 39 28 2021 2022 20
Slide 9: Earth Data: Q1 operational highlights
Earth Data: Q1 operational highlights Americas ▪ OBN acquisition program in the central GoM ▪ Ongoing multi-physics program in SE Arizona for mining application Europe ▪ Initiated a new CCUS reprocessing project in the Southern North Sea, UK. ▪ NVG library well positioned following recent announceme
Slide 10: SMO segment: Key business indicators
SMO segment: Key business indicators Segment revenue ($m) Adjusted segment EBITDAs ($m) & margin (%) 11% 6% 12% - 11% 453 BTC Downhole 56 +68% 48 Marine Land 23 39 356 17 (24)% 15 16 269 (0.4) 10 101 230 33 2021 2022 2023 Q1 2023 Q1 2024 19 Adjusted segment OPINC ($m) & margin (%) 72 2% - 5% - 2% 22
Slide 11: SMO: Q1 operational highlights
SMO: Q1 operational highlights Land ▪ First delivery of our 528 latest land system ▪ Strong deliveries of 508XT QuietSeis cabled channels in MENA ▪ Significant deliveries of WiNG QuietSeis based wireless nodes for geothermal applications in Europe Marine ▪ Significant deliveries of GPR300 in Europe
Slide 12: Q1 2024 Financials Results: Group Financials
2 Q1 2024 Financials Results Group Financials cgg.com Q1 2024 financial results 12
Slide 13: A high 59% Ebitdas y.o.y. improvement
A high 59% Ebitdas y.o.y. improvement In million $ Q1 2023 Q1 2024 Q1 2024 Segment Revenue 210 273 Segment Revenue at $273m, up 30% IFRS 15 adjustment (32) (25) year-on-year IFRS Revenue 178 249 Segment EBITDAs 66 105 Adjusted Segment EBITDAs at $106m, Adjusted Segment EBITDA 67 106 a 39% margin and
Slide 14: A solid $30m net cash flow generation despite $(20)m vessel contractual fees
A solid $30m net cash flow generation despite $(20)m vessel contractual fees Q1 2024 In million $ Q1 2023 Q1 2024 Segment operating cash flow at Segment Operating Cash Flow 58 102 $102m, up 76% y.o.y. before change in working capital Change in working capital & provisions (4) 0 $0m change in working
Slide 15: Net debt / adjusted EBITDA ratio down to 2.2x
Net debt / adjusted EBITDA ratio down to 2.2x At the end of March 2024: GOODWILL EQUITY & Group’s liquidity amounted to $440m, including: $1.09bn $1.07bn MINORITY ▪ $350m cash liquidity INTERESTS ▪ $90m undrawn RCF NON-CURRENT LIABILITIES Group Gross debt before IFRS 16 is $1,207m MC LIBRARY $0.47bn
Slide 16: Thank you
THANK YOU 16