Economia
CGG Announces its Q1 2024 Results
Very strong start to the year
Revenue at $273m, up 30% y-o-y
ADJUSTED EBITDAs at $106m, up 58% y-o-y
Net Cash-Flow at $30m
PARIS, France – May 14, 2024 – CGG (ISIN: FR0013181864), a global technology and high-performance computing leader , announced today its first quarter 2024 non-audited results.
Commenting on these results, Sophie Zurquiyah, CGG CEO, said:
“ I am very pleased with our first quarter performance. At $273m, we delivered the best first quarter revenue since our strategic decision to become an asset light company in late 2018. Our $30m net cash generation, together with the recent upgrade of our long-term debt by S&P Global Ratings are positive steps of our financial trajectory and balance sheet deleveraging. The continued strong market environment across our core segments, combined with CGG's recent backlog pick-up, further increases our confidence in achieving our 2024 financial targets.”
Key Figures - First Quarter 2024
Key Segment Figures - First Quarter 2024
Key figures bridge: Segment to IFRS - First Quarter 2024
First Quarter 2024 Segment Financial Results
Digital, Data and Energy Transition (DDE)
Digital, Data and Energy Transition (DDE) segment revenue was $185 million, up 28% year-on-year.
Geoscience had a very solid activity led by all regions. The level of commercial activity continues to be solid and order intake was up 48% year-on-year at the end of March sustained by continuing adoption of disruptive imaging technologies.
Earth Data cash capex was $(50) million this quarter, up 79% year-on-year. Prefunding revenue was solid at $58 million, up 66% and prefunding rate was at 116%. After-sales were at $39 million this quarter, up 32% year-on-year.
The segment library Net Book Value was $308 million ($471 million after IFRS 15 adjustments) at the end of March 2024.
DDE segment EBITDAs was $103 million, up 45% year-on-year, a solid 56% margin and including $(16)m from contractual vessel commitments.
DDE segment operating income was $35 million, up 40% year-on-year.
DDE capital employed at $1.5 billion at the end of March 2024.
Sensing and Monitoring (SMO)
Sensing and Monitoring (SMO) segment revenue was $89 million, up 35% year-on-year.
SMO segment EBITDAs was $10 million.
SMO segment operating income was $2 million.
SMO capital employed at $0.5 billion at the end of March 2024.
First Quarter 2024 Financial Results
*Adjusted for non-recurring charges and gains.
Segment revenue was $273 million, up 30% year-on-year. The respective contributions from the Group's businesses were 32% from GEO, 35% from EDA (67% for the DDE segment) and 33% from the SMO segment.
Segment EBITDAs was $105 million, up 59% year-on-year, including $(16)m from contractual vessel commitments, a 38% margin.
Segment operating income was $28 million, a 10% margin. IFRS 15 adjustment was $(8) million and IFRS operating income was $20 million.
Cost of financial debt was $(24) million and financial income was $0 million. Taxes were at $2 million.
Group net income was $(3) million compared to $(16) million last year.
First Quarter 2024 Cash Flow
Total capex was $(58) million:
Segment free cash flow was $102 million, including $0 million change in working capital & provisions. After $2 million other financial items, $(12) million lease repayments, $(3) million discontinued operations, Net cash flow was $30 million.
Balance Sheet
Group's liquidity amounted to $440 million at the end of March 31, 2024, including $90m undrawn RCF.
Group gross debt before IFRS 16 was 1,207 million$ and net debt was 858 million$ at the end of March 31, 2024. Group gross debt after IFRS 16 was $1,316 million and net debt was $966 million at the end of March 31, 2024.
Segment leverage ratio of Net debt to Segment adjusted EBITDAs* was 2.2x at the end of March 2024.
Q1 2024 Conference call
Participants should register for the call here to receive a dial-in number and code or participate in the live webcast from here.
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 technology and HPC leader that provides data, products, services and solutions in Earth science, data science, sensing and monitoring. Our unique portfolio supports our clients in efficiently and responsibly solving complex digital, energy transition, natural resource, environmental, and infrastructure challenges for a more sustainable future. CGG employs around 3,400 people worldwide and is listed on the Euronext Paris SA (ISIN: 0013181864).
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CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
Unaudited Interim Consolidated statements of operations
Unaudited Interim Consolidated statements of operations
See the notes to the Unaudited Interim Consolidated Financial Statements
Unaudited Interim Consolidated statements of comprehensive income (loss)
Unaudited Consolidated statements of cash flows
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