Third Quarter 2014 Results November 6th, 2014 Q3 2013, Q1 2014, Q2 2014 and Q3 2014 are presented before Non-Recurring Charges (NRC), unless stated otherwise
Key messages Market overview Market conditions deteriorating further in Q3 Global pressure on Marine pricing and utilization Reduction in Equipment demand, mainly in Marine Good market resilience in Geosciences CGG…
Resilient Third Quarter 2014 Group Revenue at 694m, stable sequentially Group OPINC at 51m up 13% sequentially with a 7.3% margin Equipment margin at 16%, Acquisition at break-even, GGR Margin at 24% EBIT at 40m and at (24)m…
Transformation Plan on track Acquisition Accelerating the right-sizing of the fleet from Marine 3D fleet already reduced to 13 vessels 18 to 13 vessels as soon as 2014 North American Land contract operations sale Sale completed on…
Managing the Balance Sheet Unsecured HYB Debt Maturity extension Convertible Bond (Debt Component) Convertible Bond (Equity Component) April refinancing operations with the issuance of two High Yield Bonds Nordea Credit Facility…
2014 Q3 Operational Review
Equipment: Impacted by low volume and unfavorable product mix Total sales were 180m, down 8% q-to-q Land Equipment Marine Equipment Revenue (In million ) Lower sales due to weak market conditions 223 from seismic contractors and…
Acquisition: Difficult market conditions Land & Airborne Marine Acquisition Revenue Acquisition revenue at 418m, down 13% q-to-q 568 559 (In million ) Marine revenue at 358m, down 12% q-to-q 106 106 481 74 418 44% of the fleet…
GGR: Increased profitability across the board MC Revenue GGR Revenue SI & Reservoir (In million ) GGR revenue at 305m, up 2% q-to-q Multi-Client at 133m, up 4% sequentially 298 206 305 300 Prefunding revenue at 104m, up 13%…
Balance Sheet management
Preserving Cash generation (In million US) EBITDAs* Q3 EBITDA at 208m, sequentially up 7%, with a 30% margin Q3 Operational Cash Flow of 136m Q3 Industrial Capex at 34m, sequentially down 39% 274 189 194 208 Multi-client cash…
Well balanced Capital Employed 6.0bn Capital Employed financed by Equity ratio at 77% as at September-end GGR Goodwill Cash at 252m as at September-end 82% of the Net Debt to be repaid only after GGR Equity & Minority January…
Conclusion
2014 Management priorities Resilient to deteriorated market conditions that could last longer Still oversupply in Marine data acquisition. Industrial discipline remains critical However good opportunities in GGR and Multi-Client…
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