Viridien · EURONEXT:VIRI
Viridien — CGG — Q1 2018 Earnings Presentation
21 slides from Viridien's earnings presentation, 2018
Slide 1: 1st Quarter 2018 Financial Results
1st Quarter 2018 Financial Results Strengthened segment EBITDAs margin in gradual market improvement Reiterated 2018 outlook All figures are “Segment figures” presented before IFRS 15 and Non-Recurring Charges & write-offs, unless stated otherwise
Slide 2: Forward-looking statements
Forward-looking statements 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,
Slide 3: Operational review
Operational review Q CGG assion for Geoscience
Slide 4: Q1 2018: Strengthened segment EBITDAs margin in gradual market improvement
Q1 2018: Strengthened segment EBITDAs margin in gradual market improvement Segment revenue at $295m, up 18% y-o-y Segment EBITDAs at $53m up 85% y-o-y, an 18% margin Segment operating income at $(22)m NPA satellite mapping Net income at $647m Driven by financial restructuring impact of c.
Slide 5: GGR: solid activity increase
GGR: solid activity increase Segment Revenue Segment revenue at $185m, up 17% y-o-y SI & Reservoir (In million $) MC Revenue Multi-Client at $84m, up 17% y-o-y 255 Multi-client sales particularly active in Brazil and the North Sea 96 185 Prefunding revenue at $49m and after-sales at $35m 158
Slide 6: GGR: operational highlights
GGR: operational highlights Subsurface Imaging TopSeis processing in the Barents Sea delivered excellent results, client comment: “Best seismic data I’ve seen from the Barents Sea. Data looked better than anticipated, I’m really impressed.” Deblending/denoise technologies proved highly effecti
Slide 7: Equipment: robust Land volume recovery
Equipment: robust Land volume recovery Segment Revenue Marine Equipment (In million $) Segment sales at $66m, up 103% y-o-y Land Equipment A robust rebound in external sales up 92% at 116 $49m, from a very low point in 2017 42 Higher internal sales at $17m driven by Unite 66 deliveries (Land w
Slide 8: Equipment: operational highlights
Equipment: operational highlights Algeria Delivery of a 25,000-channel 508XT land seismic acquisition system and 15 Nomad 65 Neo broadband vibrators Technology Nomad vibrators in Algeria Sale of one of a new Sentinel® HR (high- resolution) solid streamers to AWI a German research foundation
Slide 9: Contractual Data Acquisition: continued challenging market environment
Contractual Data Acquisition: continued challenging market environment Segment Revenue Segment revenue at $61m, down 8% y-o-y (In million $) Land & MPH Marine revenue at $29m, down 35% y-o-y Marine Solid operational performance in weak market 67 conditions 61 22 42 93% availability rate and
Slide 10: Contractual Data Acquisition: operational highlights
Contractual Data Acquisition: operational highlights Marine Multi Sensor streamer survey concluded in Asia Pacific for a National Oil Company Caribbean returned from sea trials, seismic rigging on- going. Endeavour to be returned to her owner end of July Land Onshore acquisition survey Act
Slide 11: Financial review
Financial review GCGG Passion for Geoscience 1
Slide 12: IFRS 15: transitory first time application
IFRS 15: transitory first time application The accounting standard IFRS 15 regarding revenue recognition implemented from January 1, 2018 Two performance obligations (‘service’ component; ‘license’ component) Q1 2018: per convention, a single performance obligation as other seismic peers Imp
Slide 13: Key figures: bridge Segment to IFRS
Key figures : bridge Segment to IFRS Opening Balance Sheet - January 1st 2018 IFRS 15 NRC* Segment figures IFRS figures adjustments adjustments in million $ MC Data Library NBV 831 119 0 951 Other current liabilities 123 131 0 254 Q1 2018 P&L items IFRS 15 NRC* Segment figures IFRS figures adjustmen
Slide 14: Q1 2018 P&L
Q1 2018 P&L Q1 2017 Q1 2018 In million $ Segment Revenue 249 295 Segment EBITDAs 29 53 Segment OPINC (67) (22) Non-recurring charges (NRC) (30) (34) IFRS 15 adjustment na (11) IFRS OPINC (97) (67) Equity from Investments 3 1 Net financial costs, current part (48) (30) Non-recurring financial items (
Slide 15: Q1 2018 Financial indicators
Q1 2018 Financial indicators Segment EBITDAs (In million $) Segment EBITDAs at $53m, up 85% y-o-y Segment Operating Cash Flow at $63m 134 Capex at $94m, up 37% y-o-y 53 29 Multi-client cash capex at $62m up 28%, 79% 33.5% 18.0% 11.5% prefunded Industrial and R&D capex at $32m Q1 2017 Q4 20
Slide 16: CGG debt structure: a fresh start
CGG debt structure: a fresh start By Year-end 2017 By March-end 2018 • Gross Financial Debt of c. $3.0bn • Gross Financial Debt of c. $1.2bn • Liquidity at $315m • Liquidity at $538m • Net Debt of c. $2.65bn • Net Debt of c. $659m • First maturity in July 2018 • First maturity in Feb. 2023 • Financi
Slide 17: Conclusion
Conclusion (ccc cgg.com Passion for Geoscience
Slide 18: Conclusion
Conclusion Q1 performance in line with our expectations, with a strengthened segment EBITDAs margin Successful financial restructuring Sound financial structure NPA satellite mapping Solid liquidity Gradual improvement in our markets Reiterated 2018 outlook Stacked computers 18
Slide 19: Thank you
Thank you (ccc Visit our website at cgg.com Passion for Geoscience
Slide 20: Appendix
CWCGG Passion for Geoscience Appendix cgg.com
Slide 21: Share count post financial restructuring on February 21, 2018
Share count post financial restructuring on February 21, 2018 Shares (actual Number of Subscription Subscription Parity Maturity and potential) Warrants price (€) price ($) * Initial share count 22 133 149 Rights Issue with PSR 71 932 731 Debtor shares 1 (OCEANES) 35 311 528 Debtor shares 2 (Senior