Viridien · EURONEXT:VIRI
Viridien — Q2 2023 Earnings Presentation
22 slides from Viridien's earnings presentation, Jul 27, 2023
Slide 1: Q2 2023 financial results
Q2 2023 financial results cgg.com
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements, including, without limitation, statements about CGG (“the Company”) plans, strategies and prospects. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, the Company’s ac
Slide 3: Agenda
Agenda 01 Q2 & H1 2023 overview 02 Operational review 03 Financial review 04 2023 Business outlook & Financial objectives Q2 2023 Financial Results 3
Slide 4: Q2 & H1 2023 Overview
Q2 & H1 2023 OVERVIEW 4 cgg.com 4
Slide 5: Q2 & H1 2023 Key segment financial highlights
Q2 & H1 2023 Key segment financial highlights REVENUE EBITDAs NET CASH FLOW $289 million $104 million $(79) million Q2 2023 up 20% y-o-y 36 % margin related to including $(45) million business mix change in working capital, mainly from SMO $498 million $170 million $(78) million H1 2023 up 27% y-o-y
Slide 6: Operational Review
OPERATIONAL REVIEW 6 cgg.com 6
Slide 7: Data, Digital and Energy Transition key financial indicators
Data, Digital and Energy Transition key financial indicators SEGMENT REVENUE ($m) ADJUSTED SEGMENT EBITDAS ($m) & MARGIN (%) 56% 62% 62% 51% 70% 54% Earth Data +21% 659 406 Geoscience 330 545 192 146 136 76 375 2021 2022 H1 2022 H1 2023 Q2 2022 Q2 2023 276 313 -9% ADJUSTED SEGMENT OPINC ($m) & MARGI
Slide 8: Geoscience key business indicators
Geoscience key business indicators TOTAL PRODUCTION ($m) BACKLOG AS OF JUNE. 30 ($m) +1% 394 398 +19% Internal production 115 +14% External revenue 125 229 202 +16% 70 235 57 116 198 269 284 100 30 36 145 159 70 80 2021* 2022 H1 2022 H1 2023 Q2 2022 Q2 2023 2022 2023 TOTAL PRODUCTION / HEAD ($K) COM
Slide 9: Geoscience - Q2 operational highlights
Geoscience - Q2 operational highlights Subsurface Imaging ▪ Order intake value up 17% year on year ▪ Sustained Imaging activity in North America fueled by Elastic TLFWI technology ▪ Increased imaging activity in the Middle East, with major OBN award Beyond the Core ▪ Data Hub – acceleration of activ
Slide 10: Step technology improvements drive a new wave of reprocessing
Step technology improvements drive a new wave of reprocessing ▪ Continual technology development featuring the latest advancement in Elastic FWI and Elastic FWI Imaging ▪ Clearer subsalt reservoir image at Mad Dog (GoM) crucial for WATS TOR model (2016) OBN 11Hz aFWI model (2018) OBN 20Hz eFWI model
Slide 11: Earth Data key business indicators
Earth Data key business indicators EDA REVENUE ($m) EDA CAPEX ($m) & PRE-FUNDING (%) Multi-Client capex Cash pre-funding rate 1.6x 1.8x Cash on cash Prefunding After-sales 89% 66% 46% 84% 48% 66% 375 +36% 276 136 168 -24% 150 50 127 124 -50%62 168 205 239 36 126 77 42 108 92 118 88 20 75 64 50 2021
Slide 12: Earth Data - Q2 operational highlights
Earth Data - Q2 operational highlights South America • Uruguay reprocessing project started with industry prefunding • Foz do Amazona II acquisition complete, in partnership with TGS North Sea • 2023 NVG E-W acquisition complete • Heimdal Terrace OBN survey complete and the Sleipner OBN acquisition
Slide 13: Earth Data – Minerals & Mining & CCUS
Earth Data – Minerals & Mining & CCUS Minerals & Mining • The Arizona multi-physics airborne acquisition kicked off, total 27,000 line kms • Project attracting high industry interest and one secured prefunder CCUS Gulf Coast of Mexico integrated Phase 1 database • Capitalizing on success of phase 1
Slide 14: Sensing & Monitoring (SMO) key financial indicators
Sensing & Monitoring (SMO) key financial indicators SEGMENT PRODUCTION ($m) ADJUSTED SEGMENT EBITDAs ($m) & MARGIN (%) 11% 6% - 16% - 23% 39 357 BTC 34 17 16 15 -24% Downhole 35 Marine 269 -19 101 -7 Land 33 19 212 2021 2022 H1 2022 H1 2023 Q2 2022 Q2 2023 23 72 11 +168% 146 ADJUSTED SEGMENT OPINC (
Slide 15: Sensing & Monitoring – Q2 operational highlights
Sensing & Monitoring – Q2 operational highlights Record quarterly order intake of $238m Land / Marine • Strong sales of vibrators in North Africa and Middle East • Delivery of a major 508XT system and vibrator electronics in North Africa • Major sales of GPR nodes to several customers Beyond the Cor
Slide 16: Financial Review
FINANCIAL REVIEW 16 cgg.com 16
Slide 17: Income Statement
Income Statement In million $ Q2 2023 Q2 2022 H1 2023 H1 2022 Q2 2023 Segment Revenue 289 240 498 393 Segment Revenue at $289m, up 20% IFRS 15 adjustment 50 (12) 19 11 year-on-year IFRS Revenue 339 228 517 404 Segment EBITDAs 104 126 170 164 Segment EBITDAs at $104m, a 36% margin due to business mix
Slide 18: Simplified Cash Flow
Simplified Cash Flow In million $ Q2 2023 Q2 2022 H1 2023 H1 2022 Q2 2023 Segment Operating Cash Flow before change in working 103 118 161 158 capital Net cash flow at $(79)m Change in working capital & (45) (42) (49) 48 provisions Segment operating cash flow at $103m Capex (78) (85) (131) (127) $(4
Slide 19: Balance Sheet
Balance Sheet At the end of June 2023 Group’s liquidity amounted to $315m, including: $220m cash liquidity $95m undrawn RCF Gross debt before IFRS 16 at $1,189m and net debt before IFRS16 at $969m Gross debt after IFRS 16 at $1,283m and net debt after IFRS 16 at $1,063m $1,136m HY Bonds, due 2027 $2
Slide 20: 2023 Outlook
2023 OUTLOOK 20 cgg.com 20
Slide 21: Conclusion
Conclusion OBN is establishing as a reference acquisition technology offshore driving high quality high-end business in GEO and SMO Break-through in imaging technology is driving reprocessing activity • Supported by our growing High Performance Computing capacity • Benefiting GEO and EDA Demand for
Slide 22: Thank you
THANK YOU 22