TGS Q4 2013 Earnings Release Robert Hobbs Kristian K. Johansen Chief Executive Officer Chief Financial Officer
Forward-Looking Statements All statements in this presentation other than statements of historical fact, are forward-looking statements, which are subject to a number of risks, uncertainties, and assumptions that are difficult to…
Q4 2013 Highlights Net revenues were 271 MUSD compared to 281 MUSD in Q4 2012 Net late sales of 218 MUSD, up 7% from 204 MUSD in Q4 2012 Net pre-funding revenues of 44 MUSD were down 33%, funding 47% of TGS operational multi-client…
Net Revenue Breakdown Q4 2013 Q4 2012 GPS GPS 6% 6% 2D 2D 24% 20% 3D 3D 70% 74% Q4 2013 Q4 2012 Proprietary Proprietary Pre- 5% 4% Pre- funding funding 23% 16% Late sales Late sales 72% 80% 4
Net Revenue Breakdown Q4 2013 Q4 2012 Other Other 9% 7% AMEAP AMEAP 6% NSA 19% 46% NSA 44% Europe 38% Europe 29% 5
Financials Kristian K. Johansen Chief Financial Officer 6
Q4 2013 Income Statement Change USD million, except EPS Q4 2013 Q4 2012 in % Net operating revenues 271 281 -4% Cost of goods sold - proprietary and other 2 5 -69% Amortization of multi-client library 41% 107 119 -10% Gross…
Q4 2013 Cash Flow Statement Change in USD million Q4 2013 Q4 2012 % Received payments 238 295 -19% Payments for operational expenses (33) (39) -16% Paid taxes 9 (12) -169% Operational cash flow 214 243 -12% Received payments from…
YTD 2013 Income Statement Change USD million, except EPS 12M 2013 12M 2012 in % Net operating revenues 883 932 -5% Cost of goods sold - proprietary and other 20 7 180% Amortization of multi-client library 40% 330 387 -15% Gross…
YTD 2013 Cash Flow Statement Change in USD million 12M 2013 12M 2012 % Received payments 812 862 -6% Payments for operational expenses (145) (119) 22% Paid taxes (124) (80) 55% Operational cash flow 543 663 -18% Received payments…
Balance Sheet Change in USD million Q4 2013 Q3 2013 % Q4 2012 Assets Cash equivalents 281 187 50% 339 Financial investments available for sale 4 4 5% 4 Other current assets 447 429 4% 458 Total current assets 731 620 18% 801…
Net Revenues vs. Net Book Value per Vintage 60% 57% 50% 41% 40% 30% 29% 20% 17% 16% 16% 10% 8% 6% 4% 4% 2% 1% 0% 0% 0% pre-2009 2009 2010 2011 2012 2013 WIP Net revenues Net book value 14
Continued Growth in Returning Cash to Shareholders Proposed dividend of NOK 8.5 per share Dividend per share (NOK) and Dividend Yield for the 2013 accounting year 9 8.5 5.5% 8 In addition, the Board has authorized a 8 share buy…
Operational Highlights Robert Hobbs Chief Executive Officer 16
Q4 2013 Operations Akademik Shatskiy 2D Geo Arctic 2D Oceanic Challenger 3D Canada Crews Sanco Spirit 2D Colorado Crews Sanco Swift 3D Geo Caribbean 3D BGP Challenger 2D BGP Prospector 3D 17
Q4 Activity - North & South America Offshore Central Gulf of Mexico Amerigo 7,600 km2 multi-client 3D survey completed in Q4 2013 Francisco 6,700 km2 multi-client 3D survey continued in Q4 2013 Both surveys leverage adjacent TGS…
Q4 Activity - North & South America Offshore NW Alaska Chukchi Sea 5,900 km multi-client 2D survey completed in Q4 2013 Data available in 2014 ahead of the scheduled lease rounds beginning in 2016 Builds on existing data acquired…
Q4 Activity - NW Europe Barents Sea Hoop Fault Complex 2013 7,000 km2 multi- client 3D survey completed in Q4 2013 Data processing being performed by TGS using Clari-FiTM broadband technology TGS now has over 16,000 km2 high…
Q4 Activity Africa Madagascar MAJ-13 5,688 km multi-client 2D survey completed in Q4 2013 in partnership with BGP MOS-13 1,950 km multi-client 2D surveys commenced in Q4 2013 in partnership with BGP CSM-13 6,000 km multi-client 2D…
Q4 Activity North America Onshore Onshore surveys Cheyenne 1,689 km2 multi-client 3D land survey continued in Q4 2013 targeting Mississippian and the Pennsylvanian petroleum systems in Cheyenne and Kiowa Counties, Colorado Three…
Enhancing Value through Technology TGS continues to lead the industry in development and application of Imaging technologies: Angola data set Clari-FiTM Processing methodology that increases bandwidth and improves imaging May be…
Outlook Robert Hobbs Chief Executive Officer 24
Key Drivers for Continued Growth 1. Positive outlook for growth in E&P spending 2. Demand for more advanced and expensive to maintain reserve replacement seismic technologies driving increased seismic investments and revenues World…
License Round Activity and TGS Positioning Northeast Greenland Awards from Kanumas pre-round made in Dec 2013 Ordinary round closed with awards Alaska - Offshore expected in H1 2014 Lease sales planned in 2016 & 2017 Norway 23rd…
Backlog Historical Backlog (MUSD) 2010 2013 27
NSA Capacity Secured for 2014 EUR AMEAP 3D Vessel Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CGG Alize Gulf of Mexico BGP Prospector Benin Sanco Swift Brazil JV Polar Duchess Australia Option Geo Caspian…
Summary Strong Q4 revenues of 271 MUSD with record high late sales Full Year 2013 revenues of 883 MUSD Operating profit of 120 MUSD, 44% of net revenues Full Year 2013 operating profit of 387 MUSD, 44% of net revenues Q4…
TGS Performs in all Cycles EBIT margin vs. Seismic peers Return on Capital Employed Average EBIT margin above 40% - stable EBIT performance through the cycles ROCE significantly above WACC substantial value creation in any…
Thank you 2013 TGS-NOPEC Geophysical Company ASA. All rights reserved.
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