CGG CGG

PAR: CGG | ISIN: FR0013181864   28/03/2024
0,402 EUR (+0,35%)
(+0,35%)   28/03/2024

CGG Announces its Q4 2022 Results

Q4 2022 strong financial performance

with segment EBITDAs of $193m

Profitability improvement in 2022

2022 positive Net Income of $43m vs $(180)m Net Loss in 2021

Higher backlog and technology leadership position

expected to sustain business growth in 2023 and beyond

PARIS, France – March 2, 2023CGG (ISIN: FR0013181864), a global technology and high-performance computing (HPC) leader announced today its fourth quarter and full year 2022 audited results.

Commenting on these results, Sophie Zurquiyah, CGG CEO, said:

I am pleased to see our strong Q4 financial performance delivering higher than anticipated multi-client data and equipment sales. For CGG, 2022 was a year of continued high market volatility and transition with Beyond the Core revenue contributing 8% of total revenue. We are entering 2023 with improved visibility thanks to our higher backlog and cash generation. Looking forward, our Core businesses are expected to grow supported by our leadership positions, enabling us to further develop our Beyond the Core businesses and transform CGG into a global technology & HPC leader.”

Q4 2022: A strong quarter driven by EDA & SMO

  • IFRS figures: revenue at $268m, EBITDAs at $142m, OPINC at $84m
 

  • Segment revenue at $319m, up 6% and up 7% proforma* year-on-year
  

  • Geoscience at $69m, down (22)% proforma* year-on-year from a very high Q4 2021, which was driven by software sales
  • Earth Data at $145m, up 28% year-on-year. Prefunding revenue at $67m, up 14% year-on-year. After sales at $78m, up 43% year-on-year
  • Sensing and Monitoring at $104m, up 10% year-on-year
  • Segment EBITDAs at $193m, a 60% margin, and adjusted** segment EBITDAs at $159m, excluding $34m gain on the sale of the US land Earth Data library, a high 50% margin
  • Segment operating income at $94m, a 29% margin, and adjusted** segment operating income at $66m, a high 21% margin
  • Group net income at $47m compared to a net loss of $(28)m last year.
  • Net cash-flow IFRS at $62m, including $63m proceeds from sale of the US land seismic data library.
 

Full year 2022: Significant improvement in financial performance with return to positive net income

  • IFRS figures: revenue at $927m, EBITDAs at $432m, OPINC at $182m
 

  • Segment revenue at $928m, down (1)% and up 3% proforma* year-on-year
 

  • Segment EBITDAs at $434m, a 47% margin, and adjusted** segment EBITDAs at $395m, up 17% year-on-year, a 43% margin
 

  • Segment operating income at $180m, a 19% margin, and adjusted** segment operating income at $147m, up 88% year-on-year, a 16% margin.
 

  • Group net income IFRS at $43m, a significant improvement compared to a net loss of $(180)m last year.
 

  • Net cash flow at $(3)m.
 

Balance Sheet at the end of December

  • Liquidity of $398m, including cash liquidity of $298m and $100m of undrawn RCF.
  • Net debt before IFRS 16 at $859m as of December 31, 2022.
  • Segment leverage ratio of Net debt to Adjusted** Segment EBITDAs was 2.4x at the end of December 2022, down from 2.9x at the end of December 2021.
 

Full Year 2023 financial guidance:

  • Backlog of $442m at the end of January 2022, up 44% year-on-year
  • 2023 segment revenue is expected to increase by around [15% to 20%] primarily driven by SMO revenue growth
  • 2023 adjusted** segment EBITDAs margin is expected to be around [39% to 41%] due to the business mix
  • 2023 EDA cash Capex is expected to be around $200m with prefunding above 75%
  • 2023 Industrial and R&D Capex is expected to be around $70m, primary driven by increase in High Performance Computing (HPC) capacity               
  • CGG is anticipating 2023 positive net cash flow before change in working capital
  • CGG is anticipating quarterly segment revenue volatility to remain high in 2023 mainly driven by sequencing of equipment deliveries. Q1 2023 segment revenue is anticipated to be stable year-on-year.
* The proforma indicator represents additional information corrected for the Geosoftware and SDS activities sold in 2021

** Adjusted indicators represent supplementary information adjusted for non-recurring charges triggered by economic downturn.

Key Figures - Fourth Quarter 2022

Key Figures IFRS
In million $
2021
Q4
2022
Q4
Variances %
Operating revenues 471 268 (43%)
Operating Income (23) 84 -
Equity from Investment - (18) -
Net cost of financial debt (26) (24) 9%
Other financial income (loss) - (2) -
Income taxes 22 9 (57%)
Net Income / Loss from continuing operations (27) 49 -
Net Income / Loss from discontinued operations (1) (2) -
Group net income / (loss) (28) 47 -
Operating Cash Flow 102 103 1%
Net Cash Flow 81 62 (24%)
Net debt 989 951 (4%)
Net debt before lease liabilities 866 858 (1%)
Capital employed 1,996 2,010 1%

Key Figures – End of December 2022

Key Figures IFRS
In million $
2021
Full year
2022
Full year
Variances %
Operating revenues 1,062 927 (13%)
Operating Income (23) 182 -
Equity from Investment 0 (19) -
Net cost of financial debt (121) (98) 18%
Other financial income (loss) (42) 0 -
Income taxes 4 (17) -
Net Income / Loss from continuing operations (182) 48 -
Net Income / Loss from discontinued operations 2 (5) -
Group net income / (loss) (180) 43 -
Operating Cash Flow 337 346 3%
Net Cash Flow 19 (3) -
Net debt 989 951 (4%)
Net debt before lease liabilities 866 858 (1%)
Capital employed 1,996 2,010 1%

  

Key Segment Figures - Fourth Quarter 2022

Key Segment Figures
In million $
2021
Q4
2022
Q4
Variances %
Segment revenue 301 319 6%
Segment EBITDAs 154 193 25%
Group EBITDAs margin 51% 60% 9 bps
Segment operating income (57) 94 -
   Opinc margin (19%) 29% 49 bps
IFRS 15 adjustment 35 (10) -
IFRS operating income (23) 84 -
Operating Cash Flow 102 103 1%
Net Segment Cash Flow 81 62 (24%)
Supplementary information      
Adjusted segment EBITDAs before NRC 150 159 6%
EBITDAs margin 50% 50% -
Adjusted segment operating income before NRC 78 66 (16%)
   Opinc margin 26% 21% (5) bps

Key Segment Figures – End of December 2022

Key Segment Figures In million $ 2021
Full year
2022
Full year
Variances %
Segment revenue 941 928 (1%)
Segment EBITDAs 344 434 26%
Group EBITDAs margin 37% 47% 10 bps
Segment operating income (49) 180 -
   Opinc margin (5%) 19% 25 bps
IFRS 15 adjustment 25 2 (94%)
IFRS operating income (23) 182 -
Operating Cash Flow 337 346 3%
Net Segment Cash Flow 19 (3) -
   Supplementary information      
Adjusted segment EBITDAs before NRC 337 395 17%
EBITDAs margin 36% 43% 7 bps
Adjusted segment operating income before NRC 78 147 88%
   Opinc margin 8% 16% 8 bps

Key figures bridge: Segment to IFRS - Fourth Quarter 2022

P&L items
In million $
Segment figures IFRS 15 adjustment IFRS figures
Total Revenue 319 (51) 268
OPINC 94 (10) 84
       
Cash Flow Statement items
In million $
Segment figures IFRS 15 adjustment IFRS figures
EBITDAs 193 (50) 142
Change in Working Capital & Provisions (61) 50 (11)
Cash Provided by Operations 103 (1) 102
       
Earth Data Data Library NBV
In million $
Segment figures IFRS 15 adjustment IFRS figures
Opening Balance Sheet , Oct 1st 22 375 74 449
Closing Balance Sheet , Dec 31th 22 304 115 419

Key figures bridge: Segment to IFRS – End of December 2022

P&L items
In million $
Segment figures IFRS 15 adjustment IFRS figures
Total Revenue 928 (1) 927
OPINC 180 2 182
       
Cash Flow Statement items
In million $
Segment figures IFRS 15 adjustment IFRS figures
EBITDAs 434 (2) 432
Change in Working Capital & Provisions (52) 2 (51)
Cash Provided by Operations 346 0 346
       
Earth Data Data Library NBV
In million $
Segment figures IFRS 15 adjustment IFRS figures
Opening Balance Sheet , Jan 1st 22 283 109 392
Closing Balance Sheet , Dec 31th 22 304 115 419

Fourth Quarter 2022 Segment Financial Results

Data, Digital & Energy Transition (DDE)

Data, Digital & Energy Transition (DDE)
In million $
2021
Q4
2022
Q4
Variances %
Segment revenue 207 215 4%
Geoscience 93 69 (26%)
   Geoscience proforma 89 69 (22%)
Earth Data 114 145 28%
Prefunding 59 67 14%
After-Sales 55 78 43%
DDE proforma 203 215 6%
Segment EBITDAs 145 180 25%
EBITDAs Margin 70% 84% 14 bps
Segment operating income (57) 90 -
OPINC Margin (27%) 42% 70 bps
Equity from investments 0 (2) -
Capital employed (in billion $) 1.5 1.5 (5%)
   Supplementary information      
Adjusted segment EBITDAs before NRC 142 147 3%
EBITDAs Margin 69% 68% (1) bps
Adjusted segment OPINC before NRC 77 62 (19%)
OPINC Margin 37% 29% (8) bps
   Other Key Metrics      
Earth Data cash capex ($m) (37) (25) (32%)
Earth Data cash prefunding rate (%) 158% 264% 106 bps

Digital, Data and Energy Transition (DDE) segment revenue was $215 million, up 4% and up 6% proforma* year-on-year.

  • Geoscience (GEO) revenue was $69 million, down (26)% and down (22)% proforma* year-on-year from a very high Q4 2021, which was driven by software sales.

Sequentially, Geoscience revenue was stable this quarter due to delayed start of key projects, which continue to be driven by strong demand for high-end technology.

Geoscience commercial activity is increasing worldwide with high level of bid submissions at the end of December 2022, up 18% year-on-year, driven by a 58% increase in OBN processing bids. At the end of December 2022, order intake in Geoscience was up 26% year-on-year.

  • Earth Data (EDA) revenue was $145 million, up 28% year-on-year.

Earth Data cash capex was $(25) million this quarter, down (32)% year-on-year. In Q4, we had one vessel completing a program offshore Brazil. Prefunding revenue of our Earth-Data projects was at $67 million and prefunding rate was high this quarter at 264%.

Earth Data after-sales were $78 million this quarter, up 43% year-on-year sustained by sales in South America, Gulf of Mexico and the North Sea.

The segment library Net Book Value at the end of December 2022 was $304 million ($419 million after IFRS 15 adjustments).

DDE segment EBITDAs was $180 million, an 84% margin, and DDE adjusted** segment EBITDAs, excluding $34m gain on the sale of the US land seismic data library, was $147million, a 68% margin.

DDE segment operating income was $90 million, a 42% margin, and DDE adjusted** segment operating income was $62 million, a 29% margin.

DDE capital employed were stable at $1.5 billion at the end of December 2022.

Sensing & Monitoring

Sensing & Monitoring
In million $
2021
Q4
2022
Q4
Variances %
Segment revenue 94 104 10%
Land 54 62 14%
Marine 27 22 (21%)
Downhole gauges 5 7 32%
Beyond the Core 8 14 77%
Segment EBITDAs 17 20 22%
EBITDAs margin 18% 19% 2 bps
Segment operating income 6 12 -
OPINC Margin 6% 12% 6 bps
Capital employed (in billion $) 0.6 0.6 14%
   Supplementary information      
Adjusted segment EBITDAs before NRC 15 20 34%
EBITDAs margin 16% 20% 3 bps
Adjusted segment OPINC before NRC 7 12 65%
OPINC Margin 8% 12% 4 bps

Sensing & Monitoring (SMO) segment revenue was $104 million, up 10% year-on-year.

  • Land equipment sales represented 60% of total sales. Overall activity has been picking up this quarter, mainly in North Africa, with our Wing technology sales also gaining momentum.
  • Marine equipment sales represented 21% of total sales. OBN market for shallow water application remains active, especially in the Middle East. Marine market for streamers is still limited to equipment upgrades and spare streamer sections deliveries.
  • Downhole equipment sales were $7 million.
  • Sales from Beyond the Core businesses were $14 million, significantly up year-on-year and included contribution from the newly acquired Geocomp business.

SMO segment EBITDAs was $20 million, a 19% margin and SMO adjusted** segment EBITDAs was $20 million, a 20% margin.

SMO segment operating income and SMO adjusted** segment operating income were $12 million, a 12% margin.

SMO capital employed was stable at $0.6 billion at the end of December 2022.

Fourth Quarter 2022 Financial Results 2022 Financial Results

Consolidated Income Statements
In million $
2021
Q4
2022
Q4
Variances %
Exchange rate euro/dollar 1.15 1.00 (13%)
Segment revenue 301 319 6%
DDE 207 215 4%
DDE proforma 203 215 6%
Sensing & Monitoring 94 104 10%
Elim & Other - (0) -
Proforma revenue for Group 297 319 7%
Segment Gross Margin 103 101 (2%)
Segment EBITDAs 154 193 25%
DDE Adjusted** 142 147 3%
Sensing & Monitoring Adjusted** 15 20 34%
Corporate (6) (7) (19%)
Elim & Other (1) (1) 17%
     Non recurring charges 5 34 -
Segment operating income (57) 94 -
DDE Adjusted** 77 62 (19%)
Sensing & Monitoring Adjusted** 7 12 65%
Corporate (6) (8) (25%)
Elim & Other (1) (1) 20%
   Non recurring charges (135) 28 -
IFRS 15 adjustment 35 (10) -
IFRS operating income (23) 84 -
Equity from investments - (18) -
Net cost of financial debt (26) (24) 9%
Other financial income (loss) - (2) -
Income taxes 22 9 (57%)
NRC (Tax & OFI) - - -
Net income / (loss) from continuing operations (27) 49 -
Net income / (loss) from discontinued operations (1) (2) -
IFRS net income / (loss) (28) 47 -
Shareholder's net income / (loss) (27) 46 -
Basic Earnings per share in $ (0.03) 0.06 -
Basic Earnings per share in € (0.03) 0.06 -

Segment revenue was $319million, up 6% and up 7% proforma* year-on-year. The respective contributions from the Group’s businesses were 22% from Geoscience, 46% from Earth Data (67% for the DDE segment) and 33% from Sensing & Monitoring.

Segment EBITDAs was $193 million, up 25% year-on-year, a 60% margin, and adjusted** segment EBITDAs, excluding $34m gain on the sale of the US land Earth Data library, was $159 million, a high 50% margin.

Segment operating income was $94 million, a 29% margin and adjusted** segment operating income was $66 million, a 21% margin.

IFRS 15 adjustment at operating income level was $(10) million and IFRS operating income, after IFRS 15 adjustment, was $84 million.

Cost of financial debt was $(24) million. The total amount of interest paid during the quarter was $(45) million.

Taxes were at $9 million.

Net income from continuing operations was $49 million.

Group Net Income this quarter was $47 million,significantly up from Net Loss of $(28) million in Q4 2021.

After minority interests, Group net income attributable to CGG shareholders was $46 million/ €46 million.

Fourth Quarter 2022 Cash Flow

Cash Flow items
In million $
2021
Q4
2022
Q4
Variances %
Segment Operating Cash Flow 102 103 1%
CAPEX (55) (50) (9%)
    Industrial (12) (18) 58%
R&D (6) (6) 6%
Earth Data (Cash) (37) (25) (32%)
Marine Offshore (37) (25) (32%)
Land Onshore (0) 0 -
Proceeds from disposals of assets 95 63 (35%)
Segment Free Cash Flow 142 115 (19%)
   Lease repayments (13) (2) 85%
   Paid Cost of debt (53) (45) 14%
   CGG 2021 Plan (8) (3) 55%
Free cash flow from discontinued operations 13 (2) -
Net Cash flow 81 62 (23%)
   Financing cash flow 2 5 -
Forex and other (3) 6 -
Net increase/(decrease) in cash 80 73 (8%)
   Supplementary information      
Change in working capital and provisions, included in Segment Operating Cash Flow (46) (61) 33%
       

Segment operating cash flow was $103 million, including $(11) million negative change in working capital & provisions mainly related to the SMO business.

Total Capex was $(50) million:

  • Industrial Capex was $(18) million,
  • Research & Development Capex was $(6) million,
  • Earth Data cash Capex was $(25) million.

Segment free cash flow was $115 million, including $63m proceeds from the sale of the US land seismic data library.

After $(2) million lease repayments, $ (45) million cash cost of debt, $(3) million CGG 2021 Plan cash costs and $(2) million free cash flow from discontinued operations, the net cash flow was $62 million.

Full year 2022 Financial Results

Consolidated Income Statements
In million $
2021
Full year
2022
Full year
Variances %
Exchange rate euro/dollar 1.19 1.05 (11%)
Segment revenue 941 928 (1%)
DDE 586 659 13%
Proforma revenue for DDE 545 659 21%
Sensing & Monitoring 357 269 (24%)
Elim & Other (1) 0 -
Proforma revenue for Group 901 928 3%
Segment Gross Margin 186 270 46%
Segment EBITDAs 344 434 26%
DDE Adjusted** 330 406 23%
Sensing & Monitoring Adjusted** 39 16 (59%)
Corporate (19) (23) (18%)
Elim & Other (12) (4) 65%
     Non recurring charges 7 39 -
Segment operating income (49) 180 -
DDE Adjusted** 105 192 83%
Sensing & Monitoring Adjusted** 8 (14) -
Corporate (22) (26) (16%)
Elim & Other (12) (4) 62%
   Non recurring charges (127) 33 -
IFRS 15 adjustment 25 2 (94%)
IFRS operating income (23) 182 -
Equity from investments 0 (19) -
Net cost of financial debt (121) (98) 18%
Other financial income (loss) (42) 0 -
Income taxes 4 (17) -
NRC (Tax & OFI) 0 0 -
Net income / (loss) from continuing operations (182) 48 -
Net income / (loss) from discontinued operations 2 (5) -
IFRS net income / (loss) (180) 43 -
Shareholder's net income / (loss) (181) 43 -
Basic Earnings per share in $ (0.25) 0.06 -
Basic Earnings per share in € (0.21) 0.06 -

Segment revenue was $928 million, down (1)% and up 3% proforma* compared to 2021. The respective contributions from the Group’s businesses were 31% from Geoscience, 40% from Earth Data (71% for the DDE segment) and 29% from SMO.

DDE segment revenue was $659 million, up 13% and up 21% proforma* year-on-year.

Geoscience revenue was $284 million, down (8)% and up 6% proforma* year-on-year, sustained by increasing demand in the Americas for high-end imaging technology, including demand for OBN imaging.

Earth Data sales were $375 million, up 36% year-on-year. Prefunding revenue was $136 million, down (10)% year-on-year. Earth Data cash capex was $(205) million, up 22% year-on-year. Cash prefunding rate at the end of December was at 66% mainly due to delayed prefunding from 2022 to 2023 of a large program offshore Brazil.
After-sales were $239 million, up 90% year-on-year sustained by higher transfer fees and confirmation from the local regulators of upcoming licensing rounds offshore Brazil and in the US Gulf of Mexico.

SMO segment revenue was $269 million, down (24)% year-on-year due to sanctions on Russia and delayed large projects, particularly in the Middle East.

Segment EBITDAs was $434 million, up 26% year-on-year, a high 47% margin. DDE EBITDAs was $436 million, up 30% year-on-year, a high 66% margin, and Sensing & Monitoring EBITDA was $19 million.

Adjusted** segment EBITDAs was $395 million, excluding $34m up 17% year-on-year, a 43% margin. DDE adjusted segment EBITDAs was $406 million, up 23% year-on-year, a high 62% margin, and Sensing & Monitoring adjusted segment EBITDA was $16 million.

Segment operating income was $180 million, a 19% margin, significantly up from $(49) million a year ago, and adjusted** segment operating income was $147 million, up 88%, a 16% margin.

IFRS 15 adjustment at operating income level was $2 million and IFRS operating income, after IFRS 15 adjustment, was $182 million.

Cost of financial debt was $(98) million. The total amount of interest paid in 2022 was $(92) million.

Other financial items were $0 million.

Taxes were at $(17) million.

Net income from continuing operations was $48 million.

2022 Group net income was $43 million, a significant improvement from net loss of $(180) million in 2021.

After minority interests, 2022 Group net income attributable to CGG’s shareholders at the end of December 2022 was $43 million / €41 million.

Cash Flow

Cash Flow items
In million $
2021
Full year
2022
Full year
Variances %
Segment Operating Cash Flow 337 346 3%
CAPEX (227) (260) 14%
    Industrial (29) (33) 15%
R&D (30) (21) (28%)
Earth Data (Cash) (168) (205) 22%
Marine Offshore (167) (204) 23%
Land Onshore (2) (1) (46%)
Proceeds from disposals of assets 91 63 (30%)
Segment Free Cash Flow 201 149 (26%)
   Lease repayments (57) (38) 34%
   Paid Cost of debt (90) (92) (3%)
CGG 2021 Plan (33) (22) 33%
Free cash flow from discontinued operations (2) 0 -
Net Cash flow 19 (3) -
   Financing cash flow (67) 7 -
Forex and other (18) (24) (32%)
Net increase/(decrease) in cash (66) (21) 69%
   Supplementary information      
Change in working capital and provisions, included in Segment Operating Cash Flow (2) (52) -

Segment operating cash flow was $346 million up 3% year-on-year, including $(51) million negative change in working capital & provisions, primarily driven by build up in SMO inventories for the deliveries of equipment in 2023 in anticipation of significant revenue growth.

Capex was $(260) million, up 14% year-on-year:

Industrial Capex was $(33) million, up 15% year-on-year,

Research & development Capex was $(21) million, down (28)% year-on-year,

Earth Data cash Capex was $(205) million, up 22% year-on-year.

Acquisitions and Asset disposals were $63 million, including $(37) million related to the acquisitions of Geocomp & ION Software business, $34 million proceeds from the sale of the Headquarter building and $63 million proceeds from the sale of the US land seismic data library.          

Segment free cash flow was $149 million, down (26)% year-on-year.

After lease repayments of $(38) million, $(92) million of interest expenses, $(22) millon of CGG Plan 2021, Group net cash flow was $(3) million.


  
Balance Sheet 

Group’s liquidity amounted to $398 million at the end of December 31, 2022, including $298 million of cash liquidity and $100 million undrawn RCF.

Group gross debt before IFRS 16 was $1,157 million and net debt was $859 million at the end of December 31, 2022.

Group gross debt after IFRS 16 was $1,249 million and net debt was $951 million at the end of December 31, 2022.

Segment leverage ratio of Net debt to Adjusted** Segment EBITDAs was 2.4x at the end of December 2022.

  

* Proforma indicators represent supplementary information adjusted for GeoSoftware and Physical Asset Storage and Services businesses sold in 2021.

** Adjusted indicators represent supplementary information adjusted for non-recurring charges triggered by economic downturn.

Q4 2022 Conference call

An English language analysts conference call is scheduled today at 6.30 pm (CET)

CGG will host a question & answer session today, March 2nd, 2023 after the close of the markets.

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).

Contacts

Group Communications & Investor Relations
Christophe Barnini
Tel: + 33 1 64 47 38 11
E-Mail: christophe.barnini@cgg.com

 

 

 

 

 

 

 

 

 
 

FINANCIAL STATEMENTS

31st DECEMBER 2022 

In millions of US$

 
December 31
2022 2021
Operating revenues 926.9 1,062.2
Other income from ordinary activities 0.5 0.8
Total income from ordinary activities 927.4 1,063.0
Cost of operations (654.9) (853.2)
Gross profit 272.5 209.8
Research and development expenses – net (19.0) (17.0)
Marketing and selling expenses (29.6) (29.9)
General and administrative expenses (68.2) (62.9)
Other revenues (expenses) – net 25.9 (123.2)
Operating income 181.6 (23.2)
Cost of financial debt – gross (100.2) (121.5)
Income from cash and cash equivalents 1.7 1.0
Cost of financial debt – net (98.5) (120.5)
Other financial income (loss) 0.4 (42.4)
Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method 83.5 (186.1)
Income taxes (17.2) 4.4
Net income (loss) before share of net income (loss) from companies accounted for under the equity method 66.3 (181.7)
Net income (loss) from companies accounted for under the equity method (18.5) 0.1
Net income (loss) from continuing operations 47.8 (181.6)
Net income (loss) from discontinued operations (4.5) 1.6
Consolidated net income (loss) 43.3 (180.0)
Attributable to:    
Owners of CGG 43.1 (180.5)
Non-controlling interests 0.2 0.5
Weighted average number of shares outstanding 712,088,021 711,526,474
Weighted average number of shares outstanding adjusted for dilutive potential ordinary shares 714,608,919 711,526,474
Net income (loss) per share    
Base 0.06 (0.25)
Diluted 0.06 (0.25)
Net income (loss) from continuing operations per share    
Base 0.07 (0.25)
Diluted 0.07 (0.25)
Net income (loss) from discontinued operations per share (a)    
Base (0.01) -
Diluted (0.01) -


In millions of US$ 12.31.2022 12.31.2021
ASSETS    
Cash and cash equivalents 298.0 319.2
Trade accounts and notes receivable, net 308.3 350.7
Inventories and work-in-progress, net 257.2 197.3
Income tax assets 53.4 68.7
Other current financial assets, net 0.1 1.7
Other current assets, net 99.9 105.1
Assets held for sale, nets -  
Total current assets 1,016.9 1,042.7
Deferred tax assets 24.2 19.6
Other non-current assets, net 8.2 -
Investments and other financial assets, net 18.4 17.8
Investments in companies accounted for under the equity method 10.8 28.1
Property plant & equipment, net 167.3 212.1
Intangible assets, net 554.2 520.7
Goodwill, net 1,089.4 1,083.6
Total non-current assets 1,872.5 1,881.9
TOTAL ASSETS 2,889.4 2,924.6
LIABILITIES AND EQUITY    
Bank overdrafts - -
Financial debt – current portion 60.4 90.3
Trade accounts and notes payable 92.0 76.4
Accrued payroll costs 85.6 105.4
Income taxes payable 27.2 30.4
Advance billings to customers 29.4 27.1
Provisions – current portion 17.6 18.2
Other current financial liabilities 20.0 19.2
Other current liabilities 222.1 218.2
Total current liabilities 554.3 585.2
Deferred tax liabilities 18.7 14.1
Provisions – non-current portion 28.6 30.6
Financial debt – non-current portion 1,188.8 1,218.1
Other non-current financial liabilities 21.8 37.4
Other non-current liabilities 18.4 32.8
Total non-current liabilities 1,276.3 1,333.0
Common stock (a) 8.7 8.7
Additional paid-in capital 118.6 464.1
Retained earnings 967.9 570.0
Other Reserves 50.0 5.0
Treasury shares (20.1) (20.1)
Cumulative income and expense recognized directly in equity (3.4) (0.8)
Cumulative translation adjustments (102.4) (64.2)
Equity attributable to owners of CGG SA 1,019.3 962.7
Non-controlling interests 39.5 43.7
Total Equity 1,058.8 1,006.4
TOTAL LIABILITIES AND EQUITY 2,889.4 2,924.6


In millions of US$

 
December 31
2022 2021
OPERATING ACTIVITIES    
Consolidated net income (loss) 43.3 (180.0)
Less: Net income (loss) from discontinued operations 4.5 (1.6)
Net income (loss) from continuing operations 47.8 (181.6)
Depreciation, amortization and impairment 92.2 225.7
Impairment and amortization of Earth Data surveys 171.4 281.5
Amortization and depreciation of Earth Data surveys, capitalized (16.0) (17.3)
Variance on provisions 1.4 (37.7)
Share-based compensation expenses 3.0 (1.8)
Net (gain) loss on disposal of fixed and financial assets (37.6) (2.7)
Share of (income) loss in companies recognized under equity method 18.5 (0.1)
Dividends received from companies accounted for under the equity method - -
Other non-cash items (0.4) 42.4
Net cash flow including net cost of financial debt and income tax 280.3 308.4
Less: Cost of financial debt 98.5 120.5
Less: Income tax expense (gain) 17.2 (4.4)
Net cash flow excluding net cost of financial debt and income tax 396.0 424.5
Income tax paid 1.6 (2.9)
Net cash flow before changes in working capital 397.6 421.6
Changes in working capital (52.1) (84.9)
– Change in trade accounts and notes receivable 45.0 (97.3)
– Change in inventories and work-in-progress (68.5) 28.8
– Change in other current assets (20.8) 3.2
– Change in trade accounts and notes payable 16.8 (23.4)
– Change in other current liabilities (24.6) 3.8
Net cash flow from operating activities 345.5 336.7
INVESTING ACTIVITIES    
Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers and excluding Earth Data surveys) (54.5) (58.6)
Investments in Earth Data surveys (205.3) (168.3)
Proceeds from disposals of tangible and intangible assets 95.0 3.7
Acquisition of investments, net of cash & cash equivalents acquired (36.4) (2.0)
Proceeds from divestment of activities and sale of financial assets 4.9 89.3
Variation in subsidies for capital expenditures (0.1) 0.3
Variation in other non-current financial assets (2.5) (3.2)
Net cash-flow used in investing activities (198.9) (138.8)
FINANCING ACTIVITIES    
Repayment of long-term debt (0.1) (1,227.5)
Total issuance of long-term debt 10.7 1,162.3
Lease repayments (48.4) (57.0)
Change in short-term loans - (0.2)
Financial expenses paid (92.4) (89.8)
Loan granted 1.6 (1.8)
Dividends paid and share capital reimbursements    
– to owners of CGG 0.4 -
– to non-controlling interests of integrated companies (0.9) (3.6)
Net cash-flow from (used in) financing activities (129.1) (217.6)
Effect of exchange rate changes on cash (16.8) (10.5)
Net cash flows incurred by discontinued operations (21.9) (36.0)
Net increase (decrease) in cash and cash equivalents (21.2) (66.2)
Cash and cash equivalents at beginning of year 319.2 385.4
Cash and cash equivalents at end of period 298.0 319.2

 

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