Strong Financial Improvements in 2023:
Revenue at $1,125m, up 21%
Organic cash generation of $32m*
Positive net cash generation in 2024 and around $100m in 2025
to support the deleveraging roadmap
PARIS, France – March 6, 2024 – CGG (ISIN: FR0013181864), a global technology and high-performance computing leader announced today its fourth quarter and full year 2023 audited results.
Commenting on these results, Sophie Zurquiyah, CGG CEO, said:
“In 2023, CGG significantly strengthened its financial performance, and I am pleased to see that we returned to positive organic cash flow generation, while continuing to invest in our New Businesses.
CGG today not only remains the clear leader in its core businesses, it also addresses the Energy Transition as well as the new technology-enabled markets of High-Performance Computing and Infrastructure Monitoring.
After a good start in early 2024, we will continue to develop the company with a focus on further strengthening our core businesses, accelerating the growth of our New Businesses, and delivering our financial roadmap that prioritizes cash generation and balance sheet deleveraging.”
* including $(66)m fees from contractual vessel commitments
Q4 2023: A strong cash generation of $48m
Full year 2023: Strong financial improvement
Balance Sheet at the end of December 2023
2024-2026 Market Trends: Mid-single digit growth of our core market and accelerated growth of our New Businesses
CGG 2024–2025 financial roadmap: deleveraging the balance sheet:
Full Year 2024 financial objectives1
1based on a 1.1 €/$ exchange rate |
Key Figures – Fourth Quarter 2023
Key Figures IFRS In million $ |
2022 Q4 |
2023 Q4 |
Variances % |
Operating revenues | 268 | 265 | (1)% |
Operating Income | 84 | (11) | – |
Equity from Investment | (18) | (3) | 86% |
Net cost of financial debt | (24) | (20) | (17)% |
Other financial income (loss) | (2) | (2) | – |
Income taxes | 9 | 11 | 13% |
Net Income / Loss from continuing operations | 49 | (25) | (151)% |
Net Income / Loss from discontinued operations | (2) | 10 | 576% |
Group net income / (loss) | 47 | (15) | (132)% |
Operating Cash Flow | 103 | 152 | 47% |
Net Cash Flow | 62 | 48 | (23)% |
Net debt | 951 | 974 | 2% |
Net debt before lease liabilities | 858 | 871 | 1% |
Capital employed | 2,010 | 2,038 | 1% |
Key Figures – End of December 2023
Key Figures IFRS In million $ |
2022 Full year |
2023 Full year |
Variances % |
Operating revenues | 927 | 1,076 | 16% |
Operating Income | 182 | 119 | (34)% |
Equity from Investment | (19) | (2) | 89% |
Net cost of financial debt | (99) | (95) | 3% |
Other financial income (loss) | 0 | (4) | – |
Income taxes | (17) | (14) | 19% |
Net Income / Loss from continuing operations | 48 | 4 | (92)% |
Net Income / Loss from discontinued operations | (5) | 12 | – |
Group net income / (loss) | 43 | 16 | (63)% |
Operating Cash Flow | 346 | 408 | 18% |
Net Cash Flow | (3) | 32 | – |
Net debt | 951 | 974 | 2% |
Net debt before lease liabilities | 858 | 871 | 1% |
Capital employed | 2,010 | 2,038 | 1% |
Key Segment Figures – Fourth Quarter 2023
Key Segment Figures In million $ |
2022 Q4 |
2023 Q4 |
Variances % |
Segment revenue | 319 | 320 | 0% |
Segment EBITDAs | 193 | 122 | (37)% |
Group EBITDAs margin | 60% | 38% | (22) bps |
Segment operating income | 94 | 15 | (84)% |
Opinc margin | 29% | 5% | (25) bps |
IFRS 15 adjustment | (10) | (26) | (177)% |
IFRS operating income | 84 | (11) | – |
Operating Cash Flow | 103 | 152 | 47% |
Net Segment Cash Flow | 62 | 48 | (23)% |
Supplementary information | |||
Adjusted segment EBITDAs before NRC | 159 | 121 | (24)% |
EBITDAs margin | 50% | 38% | (12) bps |
Adjusted segment operating income before NRC | 66 | 14 | (78)% |
Opinc margin | 21% | 4% | (16) bps |
Key Segment Figures – End of December 2023
Key Segment Figures In million $ | 2022 Full year |
2023 Full year |
Variances % |
Segment revenue | 928 | 1,125 | 21% |
Segment EBITDAs | 434 | 400 | (8)% |
Group EBITDAs margin | 47% | 36% | (11) bps |
Segment operating income | 180 | 138 | (23)% |
Opinc margin | 19% | 12% | (7) bps |
IFRS 15 adjustment | 2 | (19) | – |
IFRS operating income | 182 | 119 | (34)% |
Operating Cash Flow | 346 | 408 | 18% |
Net Segment Cash Flow | (3) | 32 | – |
Supplementary information | |||
Adjusted segment EBITDAs before NRC | 395 | 400 | 1% |
EBITDAs margin | 43% | 36% | (7) bps |
Adjusted segment operating income before NRC | 147 | 138 | (6)% |
Opinc margin | 16% | 12% | (4) bps |
Key figures bridge: Segment to IFRS – Fourth Quarter 2023
P&L items In million $ |
Segment figures | IFRS 15 adjustment | IFRS figures |
Total Revenue | 320 | (54) | 265 |
OPINC | 15 | (26) | (11) |
Cash Flow Statement items In million $ |
Segment figures | IFRS 15 adjustment | IFRS figures |
EBITDAs | 122 | (54) | 68 |
Change in Working Capital & Provisions | 21 | 55 | 75 |
Cash Provided by Operations | 152 | 0 | 151 |
Earth Data Data Library NBV In million $ |
Segment figures | IFRS 15 adjustment | IFRS figures |
Opening Balance Sheet, Oct 1st 23 | 359 | 117 | 476 |
Closing Balance Sheet, Dec 31st 23 | 311 | 147 | 458 |
Key figures bridge: Segment to IFRS – End of December 2023
P&L items In million $ |
Segment figures | IFRS 15 adjustment | IFRS figures |
Total Revenue | 1,125 | (49) | 1,076 |
OPINC | 138 | (19) | 119 |
Cash Flow Statement items In million $ |
Segment figures | IFRS 15 adjustment | IFRS figures |
EBITDAs | 400 | (49) | 351 |
Change in Working Capital & Provisions | 3 | 49 | 52 |
Cash Provided by Operations | 408 | (0) | 408 |
Earth Data Data Library NBV In million $ |
Segment figures | IFRS 15 adjustment | IFRS figures |
Opening Balance Sheet , Jan 1st 23 | 304 | 115 | 419 |
Closing Balance Sheet , Dec 31th 23 | 311 | 147 | 458 |
Fourth Quarter 2023 Segment Financial Results
Data, Digital & Energy Transition (DDE)
Data, Digital & Energy Transition (DDE) In million $ |
2022 Q4 |
2023 Q4 |
Variances % |
Segment revenue | 215 | 201 | (7)% |
Geoscience | 69 | 98 | 41% |
Earth Data | 145 | 103 | (29)% |
Prefunding | 67 | 62 | (8)% |
After-Sales | 78 | 41 | (47)% |
Segment EBITDAs | 180 | 117 | (35)% |
EBITDAs Margin | 84% | 58% | (26) bps |
Segment operating income | 90 | 20 | (78)% |
OPINC Margin | 42% | 10% | (32) bps |
Equity from investments | (2) | 0 | -105% |
Capital employed (in billion $) | 1.5 | 1.5 | 2% |
Supplementary information | |||
Adjusted segment EBITDAs before NRC | 147 | 117 | (20)% |
EBITDAs Margin | 68% | 58% | (10) bps |
Adjusted segment OPINC before NRC | 62 | 21 | (67)% |
OPINC Margin | 29% | 10% | (19) bps |
Other Key Metrics | |||
Earth Data cash capex ($m) | (25) | (29) | 16% |
Earth Data cash prefunding rate (%) | 264% | 209% | (54) bps |
Digital, Data and Energy Transition (DDE) segment revenue was $201 million, down (7)% year-on-year.
- Geoscience (GEO) revenue was $98 million, up 41% year-on-year driven by delivery of large processing projects. Activity remains solid worldwide with Elastic TLFWI technology continuing to prove its value and receiving recognition from clients. In November, CGG launched Outcome-as-a-Service (OaaS) – a new offering designed to deliver customized, capability-focused HPC and AI solutions for scientific and engineering domains.
- Earth Data (EDA) revenue was $103 million, down (29)% year-on-year.
Earth Data cash capex was $(29) million this quarter, up 16% year-on-year. Prefunding revenue of our Earth-Data projects was at $62 million and prefunding rate was high this quarter at 209%.
Earth Data after-sales were $41 million this quarter, down (47)% year-on-year mainly due to delayed licensing rounds in Brazil and in the GoM.
The segment library Net Book Value at the end of December 2023 was $311 million ($458 million after IFRS 15 adjustments).
DDE segment EBITDAs was $117 million, a 58% margin due to business mix.
DDE segment operating income was $20 million, a 10% margin.
DDE capital employed were stable at $1.5 billion at the end of December 2023.
Sensing & Monitoring
Sensing & Monitoring In million $ |
2022 Q4 |
2023 Q4 |
Variances % |
Segment revenue | 104 | 119 | 14% |
Land | 62 | 36 | (42)% |
Marine | 22 | 66 | 207% |
Downhole gauges | 7 | 6 | (9)% |
Beyond the Core | 14 | 11 | (20)% |
Segment EBITDAs | 20 | 11 | (46)% |
EBITDAs margin | 19% | 9% | (10) bps |
Segment operating income | 12 | 1 | (93)% |
OPINC Margin | 12% | 1% | (11) bps |
Capital employed (in billion $) | 0.6 | 0.6 | (8)% |
Supplementary information | |||
Adjusted segment EBITDAs before NRC | 20 | 9 | (56)% |
EBITDAs margin | 20% | 8% | (12) bps |
Adjusted segment OPINC before NRC | 12 | (1) | (108)% |
OPINC Margin | 12% | -1% | (13) bps |
Sensing & Monitoring (SMO) segment revenue was $119 million, up 14% year-on-year.
- Land equipment sales represented 30% of total sales. Overall activity was high, mainly in North Africa.
- Marine equipment sales represented 55% of total sales with sales of nodes equipment to Asia and sections of Sentinel for a streamer upgrade.
- Downhole equipment sales were $6 million.
- Sales from The New Businesses were $11 million.
SMO segment EBITDAs was $11 million, a 9% low margin due to $(8)m old equipment inventory write-off.
SMO segment operating income was $1 million.
SMO capital employed was stable at $0.6 billion at the end of December 2023.
Fourth Quarter 2023 Financial Results 2023
Consolidated Income Statements In million $ |
2022 Q4 |
2023 Q4 |
Variances % |
Exchange rate euro/dollar | 1.00 | 1.07 | 7% |
Segment revenue | 319 | 320 | 0% |
DDE | 215 | 201 | (7)% |
Sensing & Monitoring | 104 | 119 | 14% |
Elim & Other | 0 | 0 | – |
Segment Gross Margin | 101 | 52 | (48)% |
Segment EBITDAs | 193 | 122 | (37)% |
Adjusted Segment EBITDAS * | 159 | 121 | (24%) |
DDE Adjusted* | 147 | 117 | (20)% |
Sensing & Monitoring Adjusted* | 20 | 9 | (56)% |
Corporate | (7) | (8) | (7)% |
Elim & Other | (1) | 2 | – |
Non recurring charges | 0 | 0 | – |
Segment operating income | 94 | 15 | (84)% |
Adjusted Segment Opinc * | 66 | 14 | (78%) |
DDE Adjusted* | 62 | 21 | (67)% |
Sensing & Monitoring Adjusted* | 12 | (1) | (108)% |
Corporate | (8) | (8) | (3)% |
Elim & Other | (1) | 2 | – |
Non recurring charges | 0 | 0 | – |
IFRS 15 adjustment | 10 | 26 | 177% |
IFRS operating income | 84 | (11) | (113)% |
Equity from investments | (18) | (3) | 86% |
Net cost of financial debt | (24) | (20) | 17% |
Other financial income (loss) | (2) | (2) | |
Income taxes | 9 | 11 | 13% |
Net income / (loss) from continuing operations | 49 | (25) | (151)% |
Net income / (loss) from discontinued operations | (2) | 10 | – |
IFRS net income / (loss) | 47 | (15) | (132)% |
Shareholder’s net income / (loss) | 46 | (15) | (133)% |
Basic Earnings per share in $ | 0.06 | (0.02) | (133)% |
Basic Earnings per share in € | 0.06 | (0.02) | (131)% |
Segment revenue was $320 million, stable year-on-year. The respective contributions from the Group’s businesses were 31% from Geoscience, 32% from Earth Data (63% for the DDE segment) and 27% from Sensing & Monitoring.
Segment EBITDAs was $122 million, including $(13)m compensation fees to Shearwater and $(8) million write-off of the equipment inventory, a low 38% margin due to business mix.
Segment operating income was $15 million, a 5% margin. IFRS 15 adjustment at operating income level was $(26) million and IFRS operating income, after IFRS 15 adjustment, was $(11) million.
Cost of financial debt was $(20) million. The total amount of interest paid during the quarter was $(44) million.
Taxes were at $11 million.
Net income from continuing operations was $(25) million. Group Net Income this quarter was $(15) million.
After minority interests, Group net income attributable to CGG shareholders was $(15) million/ €(14) million.
Fourth Quarter 2023 Cash Flow
Cash Flow items In million $ |
2022 Q4 |
2023 Q4 |
Variances % |
Segment Operating Cash Flow | 103 | 152 | 48% |
CAPEX | (50) | (42) | (17)% |
Industrial | (18) | (8) | (55)% |
R&D | (6) | (4) | (32)% |
Earth Data (Cash) | (25) | (29) | 16% |
Marine Offshore | (25) | (29) | 16% |
Land Onshore | 0 | 0 | |
Proceeds from disposals of assets | 62 | 7 | (89)% |
Segment Free Cash Flow | 115 | 116 | 1% |
Lease repayments & asset financing | (2) | (18) | – |
Paid Cost of debt | (45) | (44) | 3% |
CGG 2021 Plan | (3) | (8) | (122)% |
Free cash flow from discontinued operations | (2) | 1 | 143% |
Net Cash Flow | 62 | 48 | (23)% |
Financing cash flow | 5 | (2) | (147)% |
Forex and other | 6 | 8 | 19% |
Net increase/(decrease) in cash | 73 | 52 | (29)% |
Supplementary information | |||
Change in working capital and provisions, included in Segment Operating Cash Flow | (61) | 21 | 135% |
Segment operating cash flow was $152 million, including $21 million positive change in working capital & provisions.
Total Capex was $(42) million:
- Industrial Capex was $(8) million,
- Research & Development Capex was $(4) million,
- Earth Data cash Capex was $(29) million.
Segment free cash flow was $116 million.
After $(18) million lease repayments & asset financing, $(44) million cash cost of debt, $(8) million CGG 2021 Plan cash costs and $1 million free cash flow from discontinued operations, the Q4 2023 net cash flow was $48 million.
Full year 2023 Financial Results
Consolidated Income Statements In million $ |
2022 Full year |
2023 Full year |
Variances % |
Exchange rate euro/dollar | 1.05 | 1.08 | 3% |
Segment revenue | 928 | 1,125 | 21% |
DDE | 659 | 672 | 2% |
Sensing & Monitoring | 269 | 453 | 68% |
Elim & Other | 0 | (0) | (102)% |
Segment Gross Margin | 270 | 278 | 3% |
Segment EBITDAs | 434 | 400 | (8)% |
Adjusted Segment EBITDAs * | 395 | 400 | 1% |
DDE Adjusted* | 406 | 367 | (10)% |
Sensing & Monitoring Adjusted* | 16 | 56 | 250% |
Corporate | (17) | (24) | (37)% |
Elim & Other | (4) | (1) | 82% |
Non recurring charges | 0 | 0 | – |
Segment operating income | 180 | 138 | (23)% |
Adjusted Segment Opinc * | 147 | 138 | (6%) |
DDE Adjusted* | 192 | 140 | (27)% |
Sensing & Monitoring Adjusted* | (14) | 24 | (273%) |
Corporate | (20) | (26) | (29)% |
Elim & Other | (5) | (1) | 80% |
Non recurring charges | 0 | 0 | – |
IFRS 15 adjustment | (2) | 19 | – |
IFRS operating income | 182 | 119 | (34)% |
Equity from investments | (19) | (2) | 89% |
Net cost of financial debt | (98) | (95) | (3)% |
Other financial income (loss) | 0 | (4) | – |
Income taxes | (17) | (14) | 19% |
Net income / (loss) from continuing operations | 48 | 4 | (92)% |
Net income / (loss) from discontinued operations | (5) | 12 | 373% |
IFRS net income / (loss) | 43 | 16 | (63)% |
Shareholder’s net income / (loss) | 43 | 13 | (70)% |
Basic Earnings per share in $ | 0.06 | 0.02 | (100)% |
Basic Earnings per share in € | 0.06 | 0.02 | (71)% |
Segment revenue was $1,125 million up 21% compared to 2022. The respective contributions from the Group’s businesses were 30% from Geoscience, 30% from Earth Data (60% for the DDE segment) and 40% from SMO.
DDE segment revenue was $672 million, up 2% year-on-year.
Geoscience revenue was $335 million, up 18% year-on-year, sustained by increasing demand worldwide for high-end imaging technology, including demand for OBN imaging.
Earth Data sales were $337 million, down (10)% year-on-year. Prefunding revenue was $194 million, up 43% year-on-year. Earth Data cash capex was $(171) million, down (17)% year-on-year and cash prefunding rate at the end of December was at 113%
After-sales were $143 million, down (40)% compared to $239 million in 2022 that was sustained by high transfer fees and included the land data library.
SMO segment revenue was $453 million, up 68% year-on-year driven by deliveries of land equipment for mega crews and a very high demand for OBN equipment.
Segment EBITDAs was $400 million, down (8)% year-on-year, a 36% margin, due to a low business mix. DDE EBITDAs was $366 million, down (16)% year-on-year, a low 55% margin due to lower EDA sales, and Sensing & Monitoring EBITDA was $59 million, a 13% margin. Segment adjusted EBITDAS was $400 million, up 1% year-on-year.
Segment operating income was $138 million, a 12% margin.
IFRS 15 adjustment at operating income level was $(19) million and IFRS operating income, after IFRS 15 adjustment, was $119 million.
Cost of financial debt was $(95) million. The total amount of interest paid in 2023 was $(91) million. Other financial items were $(4) million.
Taxes were at $(14) million.
Net income from continuing operations was $4 million.
2023 Group net income was $16 million.
After minority interests, 2023 Group net income attributable to CGG’s shareholders at the end of December 2023 was $12.9 million / €11.1 million.
2023 Cash Flow
Cash Flow items In million $ |
2022 Full year |
2023 Full year |
Variances % |
Segment Operating Cash-Flow | 346 | 408 | 18% |
CAPEX | (260) | (232) | (11)% |
Industrial | (33) | (44) | 33% |
R&D | (21) | (17) | (21)% |
Earth Data (Cash) | (205) | (171) | (17)% |
Marine Offshore | (204) | (171) | (16)% |
Land Onshore | (1) | 0 | (100)% |
Proceeds from disposals of assets | 63 | 5 | (93)% |
Segment Free Cash-Flow | 149 | 181 | 21% |
Lease repayments & asset financing | (38) | (35) | 8% |
Paid Cost of debt | (92) | (91) | 2% |
CGG 2021 Plan | (22) | (24) | (6)% |
Free cash flow from discontinued operations | 0 | 1 | – |
Net Cash-Flow | (3) | 32 | – |
Financing cash-flow | 7 | (6) | (192)% |
Forex and other | (24) | 3 | 111% |
Net increase/(decrease) in cash | (21) | 29 | 237% |
Supplementary information | |||
Change in working capital and provisions, included in Segment Operating Cash Flow | (52) | 3 | – |
Segment operating cash flow was $408 million up 18% year-on-year, including $3 million positive change in working capital & provisions.
2023 Capex was $(232) million, down (11)% year-on-year:
Industrial Capex was $(44) million, up 33% year-on-year,
Research & development Capex was $(17) million, down (21)% year-on-year,
Earth Data cash Capex was $(171) million, down (17)% year-on-year.
Segment free cash flow was $181 million, up 21% year-on-year.
After lease repayments & asset financing of $(35) million, $(91) million of interest expenses, $(24) million of CGG Plan 2021 and $1 million from discontinued operations, Group net cash flow was $32 million.
Balance Sheet at the end of 223
Group’s liquidity amounted to $417 million at the end of December 31, 2023, including $327 million of cash liquidity and $90 million undrawn RCF.
Group gross debt before IFRS 16 was $1,198 million and net debt was $871 million at the end of December 31, 2023.
Group gross debt after IFRS 16 was $1,301 million and net debt was $974 million at the end of December 31, 2023.
Segment leverage ratio of Net debt to Adjusted*segment EBITDAs was 2.4x at the end of December 2023.
* Adjusted indicators represent supplementary information adjusted for non-recurring gains of asset sales
Q4 2023 Conference call
An English language analysts conference call is scheduled today March 6, at 6.00 pm (CET)
Participants should register for the call here to receive a dial-in number and code or participate in the live webcast from here.
A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company’s website www.cgg.com.
About CGG
CGG (www.cgg.com) is a global technology and HPC leader that provides data, products, services and solutions in Earth science, data science, sensing and monitoring. Our unique portfolio supports our clients in efficiently and responsibly solving complex digital, energy transition, natural resource, environmental, and infrastructure challenges for a more sustainable future. CGG employs around 3,500 people worldwide and is listed on the Euronext Paris SA (ISIN: 0013181864).
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FINANCIAL STATEMENTS
31stDECEMBER 2023
In millions of US$ | December 31 | |
2023 | 2022 | |
Operating revenues | 1,075.5 | 926.9 |
Other income from ordinary activities | 0.3 | 0.5 |
Total income from ordinary activities | 1,075.8 | 927.4 |
Cost of operations | (817.4) | (654.9) |
Gross profit | 258.4 | 272.5 |
Research and development expenses – net | (26.1) | (19.0) |
Marketing and selling expenses | (36.1) | (29.6) |
General and administrative expenses | (75.8) | (68.2) |
Other revenues (expenses) – net | (1.4) | 25.9 |
Operating income | 119.0 | 181.6 |
Cost of financial debt – gross | (103.3) | (100.2) |
Income from cash and cash equivalents | 8.0 | 1.7 |
Cost of financial debt – net | (95.3) | (98.5) |
Other financial income (loss) | (3.8) | 0.4 |
Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method | 19.9 | 83.5 |
Income taxes | (14.0) | (17.2) |
Net income (loss) before share of net income (loss) from companies accounted for under the equity method | 5.9 | 66.3 |
Net income (loss) from companies accounted for under the equity method | (2.0) | (18.5) |
Net income (loss) from continuing operations | 3.9 | 47.8 |
Net income (loss) from discontinued operations | 12.3 | (4.5) |
Consolidated net income (loss) | 16.2 | 43.3 |
Attributable to: | ||
Owners of CGG | 12.9 | 43.1 |
Non-controlling interests | 3.3 | 0.2 |
Weighted average number of shares outstanding | 713,128,521 | 712,088,021 |
Weighted average number of shares outstanding adjusted for dilutive potential ordinary shares | 717,189,330 | 714,608,919 |
Net income (loss) per share (in US$) | ||
– Base | 0.02 | 0.06 |
– Diluted | 0.02 | 0.06 |
Net income (loss) from continuing operations per share (in US$) | ||
– Base | 0.00 | 0.07 |
– Diluted | 0.00 | 0.07 |
Net income (loss) from discontinued operations per share (in US$) | ||
– Base | 0.02 | (0.01) |
– Diluted | 0.02 | (0.01) |
In millions of US$ | Dec 31, 2023 | Dec 31, 2022 |
ASSETS | ||
Cash and cash equivalents | 327.0 | 298.0 |
Trade accounts and notes receivable, net | 310.9 | 308.3 |
Inventories and work-in-progress, net | 212.9 | 257.2 |
Income tax assets | 30.8 | 53.4 |
Other current financial assets, net | – | 0.1 |
Other current assets, net | 92.1 | 99.9 |
Total current assets | 973.7 | 1,016.9 |
Deferred tax assets | 29.9 | 24.2 |
Other non-current assets, net | 6.8 | 8.2 |
Investments and other financial assets, net | 22.7 | 18.4 |
Investments in companies accounted for under the equity method | 2.2 | 10.8 |
Property plant & equipment, net | 206.1 | 167.3 |
Intangible assets, net | 579.7 | 554.2 |
Goodwill, net | 1,095.5 | 1,089.4 |
Total non-current assets | 1,942.9 | 1,872.5 |
TOTAL ASSETS | 2,916.6 | 2,889.4 |
LIABILITIES AND EQUITY | ||
Financial debt – current portion | 58.0 | 60.4 |
Trade accounts and notes payable | 86.4 | 92.0 |
Accrued payroll costs | 89.1 | 85.6 |
Income taxes payable | 12.5 | 27.2 |
Advance billings to customers | 24.0 | 29.4 |
Provisions – current portion | 8.7 | 17.6 |
Other current financial liabilities | 21.3 | 20.0 |
Other current liabilities | 250.3 | 222.1 |
Total current liabilities | 550.3 | 554.3 |
Deferred tax liabilities | 24.3 | 18.7 |
Provisions – non-current portion | 30.1 | 28.6 |
Financial debt – non-current portion | 1,242.8 | 1,188.8 |
Other non-current financial liabilities | 0.5 | 21.8 |
Other non-current liabilities | 4.3 | 18.4 |
Total non-current liabilities | 1,302.0 | 1,276.3 |
Common stock (a) | 8.7 | 8.7 |
Additional paid-in capital | 118.7 | 118.6 |
Retained earnings | 980.4 | 967.9 |
Other Reserves | 27.3 | 50.0 |
Treasury shares | (20.1) | (20.1) |
Cumulative income and expense recognized directly in equity | (1.4) | (3.4) |
Cumulative translation adjustments | (90.8) | (102.4) |
Equity attributable to owners of CGG SA | 1,022.8 | 1,019.3 |
Non-controlling interests | 41.5 | 39.5 |
Total Equity | 1,064.3 | 1,058.8 |
TOTAL LIABILITIES AND EQUITY | 2,916.6 | 2,889.4 |
In millions of US$ | December 31 | |
2023 | 2022 | |
OPERATING ACTIVITIES | ||
Consolidated net income (loss) | 16.2 | 43.3 |
Less: Net income (loss) from discontinued operations | (12.3) | 4.5 |
Net income (loss) from continuing operations | 3.9 | 47.8 |
Depreciation, amortization and impairment | 91.5 | 92.2 |
Impairment and amortization of Earth Data surveys | 153.1 | 171.4 |
Amortization and depreciation of Earth Data surveys, capitalized | (15.4) | (16.0) |
Variance on provisions | (2.6) | 1.4 |
Share-based compensation expenses | 2.8 | 3.0 |
Net (gain) loss on disposal of fixed and financial assets | (1.7) | (37.6) |
Share of (income) loss in companies recognized under equity method | 2.0 | 18.5 |
Other non-cash items | 5.2 | (0.4) |
Net cash flow including net cost of financial debt and income tax | 238.8 | 280.3 |
Less: Cost of financial debt | 95.3 | 98.5 |
Less: Income tax expense (gain) | 14.0 | 17.2 |
Net cash flow excluding net cost of financial debt and income tax | 348.1 | 396.0 |
Income tax paid | 5.5 | 1.6 |
Net cash flow before changes in working capital | 353.6 | 397.6 |
Changes in working capital | 54.7 | (52.1) |
– Change in trade accounts and notes receivable | 51.8 | 45.0 |
– Change in inventories and work-in-progress | 49.2 | (68.5) |
– Change in other current assets | (9.9) | (20.8) |
– Change in trade accounts and notes payable | (5.4) | 16.8 |
– Change in other current liabilities | (31.0) | (24.6) |
Net cash flow from operating activities | 408.3 | 345.5 |
INVESTING ACTIVITIES | ||
Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers and excluding Earth Data surveys) | (60.9) | (54.5) |
Investments in Earth Data surveys | (171.1) | (205.3) |
Proceeds from disposals of tangible and intangible assets | 0.4 | 95.0 |
Acquisition of investments, net of cash & cash equivalents acquired | (1.9) | (36.4) |
Proceeds from divestment of activities and sale of financial assets | 6.2 | 4.9 |
Variation in subsidies for capital expenditures | – | (0.1) |
Variation in other non-current financial assets | (5.2) | (2.5) |
Net cash-flow used in investing activities | (232.5) | (198.9) |
FINANCING ACTIVITIES | ||
Repayment of long-term debt | (1.8) | (0.1) |
Total issuance of long-term debt | 23.9 | 10.7 |
Lease repayments | (57.0) | (48.4) |
Financial expenses paid | (90.7) | (92.4) |
Loan granted | – | 1.6 |
Net proceeds from capital increase | ||
– from shareholders | 0.1 | 0.4 |
– from non-controlling interests of integrated companies | – | – |
Dividends paid and share capital reimbursements | ||
– to owners of CGG | – | – |
– to non-controlling interests of integrated companies | (0.9) | (0.9) |
Net cash-flow from (used in) financing activities | (126.4) | (129.1) |
Effect of exchange rate changes on cash | 2.6 | (16.8) |
Net cash flows incurred by discontinued operations | (23.0) | (21.9) |
Net increase (decrease) in cash and cash equivalents | 29.0 | (21.2) |
Cash and cash equivalents at beginning of year | 298.0 | 319.2 |
Cash and cash equivalents at end of period | 327.0 | 298.0 |
Attachment
Bay Street News