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  • 时时彩网站程序:CGG Announces its 2018 Fourth Quarter & Full-Year Results

    后一万能码 2期内中 www.qgqx.net PARIS, France – March 8th 2019 – CGG (ISIN: FR0013181864 – NYSE: CGG), world leader in Geoscience, announced today its 2018 fourth quarter and full-year unaudited results.

    From Q4 2018, CGG applied the following accounting changes:

    • Following the strategic plan announced on Nov. 7, 2018 and actions undertaken afterwards, Acquisition is accounted under IFRS 5 as discontinued operations and assets held for sale and therefore is no longer included in Sales, EBITDAs and Operating income;
    • In line with industry standards, CGG applied prospectively 4-year straight-line amortization for its Multi-Client library.

    Q4 2018: Solid Sales and Positive Net Cash Flow at $21m

    • IFRS figures: revenue at $370m, OPINC at $(282)m
    • Segment revenue1 at $438m, up 21% year-on-year, driven by strong multi-client sales
    • Segment EBITDAs1 at $235m, up 44% year-on-year, a 54% margin
    • Segment operating income1 at $10m, impacted by $(94)m additional straight-line amortization in Multi-Client due to change in estimate

    Q4 P&L Impacts of the 2021 Strategic Roadmap and Other NRC

    • Group net income of $(790)m, impacted by:
      • Non-cash impairment charges of $(240)m, mainly linked to US Gulf of Mexico StagSeis data library of $(197)m, and Sercel inventory provision of $(30)m
      • Discontinued operations net loss of $(488)m, including $(263)m provisions and $(139)m non-cash impairments associated with Acquisition exit, in line with November 7, 2018 strategic announcements

    FY 2018: Strong Revenue Growth and Positive Segment FCF at $134m

    • IFRS figures: revenue at $1,194m, OPINC at $(180)m, Group net income at $(96)m
    • Segment revenue1 at $1,227m, up 19%
    • Segment EBITDAs1 at $556m, up 28%, a 45% margin
    • Segment operating income1 at $142m, versus $48m last year
    • Net debt of $733m and liquidity of $434m at year-end with net cash flow of $(124)m. Leverage ratio at 1.3x

    2019 Outlook

    • Expected high single digit revenue growth in line with increase in E&P spending
    • Segment EBITDAs margin expected at c. 45%, depending on revenue mix
    • Segment operating income in the range of $75-125m, including multi-client amortization of $(365)-(385)m
    • Total capex in the range of $330m-365m with multi-client cash capex at $250-275m, with a cash prefunding rate above 70%, and Industrial and R&D capex at $80-90m
    • Higher cash generation, with segment FCF in the range of $175-200m

    1Segment figures presented before IFRS 15 and Non-Recurring Charges (NRC)


    Commenting on these results, Sophie Zurquiyah, CGG CEO, said:“As the market continues its gradual recovery, CGG in its new profile delivered excellent 2018 operating results, which were above expectations. Our Geoscience, Multi-Client and Equipment businesses generated $134m of segment free cash flow validating our strategic decision to refocus the Company on its high value-add and profitable businesses.

    CGG enjoys a leading technology position in Geoscience and Equipment, and as a result of our sustained investments in R&D during the downturn, we anticipate a solid pipeline of new products and innovative solutions to continue to generate strong returns in 2019 and beyond. As we enter 2019, we expect the Group to grow in line with market trends and remain focused on generating cash and are on track to deliver our 2021 plan.”


    Impacts from changes of profile and in accounting methods:

    Discontinued operations

    Following the strategic plan announced on Nov. 7, 2018 and actions undertaken afterwards, Contractual Data Acquisition is accounted under IFRS 5 as discontinued operations and ‘assets held for sale’ and therefore is no longer included in Sales, EBITDAs, operating income and free cash flow. Previous periods have been restated accordingly for P&L and cash-flow statements (but not for the balance sheet).

    Implementation of the CGG 2021 strategic plan must comply with the undertakings and requirements in the CGG safeguard plan and other applicable local legal requirements.

    Change in Multi-Client four-year straight line amortization estimate

    In line with industry standards, CGG applied prospectively a 4 year straight-line amortization for its Multi-Client library starting October 1, 2018. Total impact was an additional charge of $(94) million in Q4 2018, including $(57) million for the full amortization of surveys older than 4 years.

    IFRS 15

    CGG implemented IFRS 15 on January 1, 2018 with a modified retrospective application. The only change compared to Group historical practices is related to multi-clients prefunding revenues. These prefunding revenues are recorded at delivery of the final data while they were historically recorded based on percentage of completion. For internal reporting purposes, CGG continues using historical method with prefunding revenues recorded based on percentage of completion.

    CGG, as other seismic players, presents then a dual approach in the Group’s results including: one set of figures (the “IFRS” figures) with prefunding revenue recognized in full only upon delivery of the final data and a second set of figures (the “Segment figures”) produced in accordance with the Group’s historical method, which correspond to the figures used for internal management reporting purposes and provide comparative information during the year 2018.

    IFRS 16

    CGG will implement IFRS 16 starting January 1, 2019 with a modified retrospective application. Therefore, the cumulative effect of adopting IFRS 16 will be recognized as an adjustment to the opening balance of retained earnings on January 1, 2019, with no restatement of comparative information.

    Q4 2018 Conference Call

    An English language analysts’ conference call is scheduled today at 8:30 am (Paris time) – 7:30 am (London time)

    To follow this conference, please access the live webcast:

    From your mobile phone or tablet:

    QR Code Q4


    A replay of the conference will be available via the webcast on CGG website at: 后一万能码 2期内中 www.qgqx.net or via the QR code attached above.

    For analysts, please dial 5 to 10 minutes prior to the scheduled start time the following numbers:

    France call-in +33(0) 1 76 70 07 94
    UK call-in +44(0) 844 571 8892
    Access Code 6279887

    More:

    Download Full Press Release (PDF)

    Download Presentation (PDF)

    About CGG

    CGG (后一万能码 2期内中) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary businesses of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation. CGG employs around 5,200 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers.

    CGG is listed on the Euronext Paris SA (ISIN: 0013181864)

    Contacts

    Group Communications & Investor Relations
    Investor Relations
    Investors - Board & Committees

    Board & Committees

    The operating procedure of the Board is governed by the Internal Rules and Regulations of the Board of Directors.

    Investors - Corporate Governance

    Corporate Governance

    A solid governance structure and clear governance practices ensure that CGG has strong strategic focus.

    Investors - Board of Directors

    Board of Directors

    Composition and functioning of the Board of Directors.
    Investor Contacts

    INVESTOR CONTACTS

    Contacts for further information regarding investors.

    Investors - Financial Results

    FINANCIAL RESULTS

    Access all of CGG's Quarterly and Full Year Results.

  • “亲信干政”案核心人物崔顺实一审被判20年监禁 2019-09-15
  • 生态环境部部长李干杰:坚定推动农村散煤的煤改气、煤改电 2019-09-15
  • 端午假期虎门大桥最易拥堵 2019-09-12
  • 那样的大环境,谁都难免搞腐败,官员用腐败证明,政治路线是决定一切的,路线不正确,好干部要 变坏,精英会变坏,带领社会风气变坏,慢慢地改变社会性质。 2019-09-12
  • 置业指南:盘点沙坪坝在售楼盘 2019-09-12
  • 联播快讯:国务院安委办约谈辽宁省人民政府 2019-09-09
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