1st Quarter 2014 Financial Results Q1 and Q4 2013 are presented before Non-Recurring Items linked to Fugro (NRFI) and before impairment & write-off, unless stated otherwise.
Q1 2014 Results: In line with our expectations Group Revenue at 806m, down 7% y-o-y Group Revenue (In million ) Equipment at 206m, down 18% 955 GGR at 290m, up 12% 871 Acquisition at 559m, down 6% 806 Solid operational…
Focus on Management actions 2014-2016 Transformation Plan on track The Symphony vessel was de-rigged as planned Ongoing reduction in the marine fleet and associated support structure Restructuring of Land North America activity…
1st Quarter 2014 Operational Review 5
Equipment: Resilient despite lower revenues Land Equipment Revenue Marine Equipment (In million ) Total sales were 206m, down 18% 317 External sales at 163m, down 14% Lower land sales across all regions following 251 37% 41%…
Acquisition: Still difficult market conditions Land & Airborne Acquisition Revenue Acquisition revenue at 559m, down 6% Marine (In million ) External revenue at 353m, down 16% 594 559 145 459 568 106 Land & Airborne revenue at…
GGR: Continuing Sustained Profitability MC Revenue GGR Revenue SI & Reservoir (In million ) GGR revenue at 290m, up 12% y-o-y 371 Multi-Client at 127m, up 18% y-o-y, the best Q1 performance since 2008 206 290 260 Prefunding…
1st Quarter 2014 Financial Review 9
Q1 2014 Cash: A typical Q1 pattern EBITDAs EBITDAs : 188m, a 23.4% margin (In million ) 280 Equipment at 52m, a 25% margin 272 Acquisition at 79m, a 14% margin 188 GGR at 159m, a 55% margin 31.3% 29.3% Cash Flow from…
Balance Sheet as of end of March 2014 Capital Employed Total Capital Employed at 6,279m as of end of March Multi-Client Library Book Value up at 916m Increase mostly due to the IBALT program in the Gulf of Mexico Cash…
Accelerated Refinancing Program with Senior Debt Maturity extended by 2 years 2013 Senior Debt Maturity Profile (in m) In April, issue of two new High Yield Bonds A 400m High Yield Bond at 5.875% due 2020: 400m due 2020 at 5.875%…
Outlook
2014 Management priorities reaffirmed Seismic market conditions expected to remain flattish CGG management fully committed to implementing its 2014-2016 transformation plan First steps in the Acquisition division downsizing plan…
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