Viridien · EURONEXT:VIRI
Viridien — CGGVeritas — Q2 2012 Earnings Presentation
15 slides from Viridien's earnings presentation, Jul 27, 2012
Slide 1: Q2 2012 Financial Results
Q2 2012 Financial Results July 27th 2012
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements, including, without limitation, statements about CGGVeritas (“the Company”) plans, strategies and prospects. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, ther
Slide 3: Agenda
Agenda Q2 2012 Review Financial Review Operational Review Outlook and Perspectives 3
Slide 4: Q2 Main Elements
Q2 Main Elements Marine Operational Improvement Production rate above 91% for the second consecutive quarter Successful upgrade of the Champion vessel Positive impact of price increase to have full impact on H2 Lead on Innovation Success of BroadSeisTM Launch of Sercel Sentinel ® RD st
Slide 5: Q2 A Come Back to Growth and Profitability
Q2 A Come Back to Growth and Profitability Group Revenue was $831m, up 11% y-o-y Sercel at $285m, up 7% Services at $599m, up 13% • Improvement of marine operational performance • More favorable seasonality for our Land activity • Low marine multi-client sales in the Gulf of Mexico • Sustained
Slide 6: Agenda
Agenda Q2 2012 Review Financial Review Operational Review Outlook and Perspectives 6
Slide 7: Q2 2012 Financial Overview
Q2 2012 Financial Overview Revenue (In million $) 906 Revenue $831 million, up 11% 831 751 797 787 Sercel at $285m, up 7% • Internal sales at 19% • External sales at $232 million • 28% contribution to Group Revenue Services at $599m, up 13% Operating Income: $85 million Q2 2011 Q3 Q4 Q1 2012
Slide 8: Q2 2012 Financial Overview
Q2 2012 Financial Overview EBITDA EBITDAs: $228 million, 27% margin (In million $) 273 Sercel at $103m, a 36% margin 247 212 228 Services at $150m, a 25% margin 149 Total Capex of $179 million Industrial Capex: $97m Multi-Client Cash Capex at $82m • Marine Capex at $41m, 50% prefunded Q2
Slide 9: Financial Indicators – Strong Balance Sheet
Financial Indicators – Strong Balance Sheet Capital Employed at end of June 2012 (In million $) Goodwill $ 2 709 m Equity & $ 3 925 m Minority Interests MC Library $ 561 m Net Fixed $ 1 735 m Assets $ 1 600 m Net Debt Net Current $ 520 m Assets Capital $ 5 525 m $ 5 525 m Financing Employed 9
Slide 10: Agenda
Agenda Q2 2012 Review Financial Review Operational Review Outlook and Perspectives 10
Slide 11: Sercel: Q2 2012 Operational Overview
Sercel: Q2 2012 Operational Overview Revenue up 7% y-o-y Revenue (In million $) Back to typical seasonality revenue pattern 348 326 Land Equipment 266 275 285 • Strong deliveries mainly related to high-channel-count crews • Increasing demand for wireless- technology equipment especially in Nor
Slide 12: Services: Q2 2012 Operational Overview
Services: Q2 2012 Operational Overview Revenue: $599 million up 13% y-o-y Revenue (In million $) Marine contract up 19% 632 • Good fleet operational performance • First positive impact of price increase 592 599 • Continued commercial success of BroadSeis • Completion of the largest Hi-Res WAZ Br
Slide 13: Agenda
Agenda Q2 2012 Review Financial Review Operational Review Outlook and Perspectives 13
Slide 14: 2012 Perspectives: Growth and Performance
2012 Perspectives: Growth and Performance Group revenue should grow 10%-15% Sercel expected to continue to grow and deliver excellent results Services expected to improve significantly Marine vessel utilization rate should continue to remain high and prices to start impacting Q3 results. Bro
Slide 15: 2012 Perspectives: Growth and Performance
2012 Perspectives: Growth and Performance 2011-2012 performance plan: $150 million additional operating income target confirmed Industrial Capex As planned, 2/3 of original industrial capex spent on H1 (including the upgrade of the Champion) H2 capex potentially revised up to take advantage