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Strong Improvement In CGGVeritas Third Quarter 2012 Results

Free Cash Flow

After the payment of interest expenses during the quarter and particularly high Capex, especially in marine multi-client, net free cash flow was negative at $39 million compared to a negative free cash flow of $66 million in the third quarter of 2011.

Third Quarter 2012 Comparisons with Third Quarter 2011

Consolidated Income Statement   Second Quarter   Third Quarter
In million $   2012   2012   2011*
Exchange rate euro/dollar   1.298   1.249   1.439
Operating Revenue   831.0   855.0   796.7
Sercel   285.2   282.9   275.1
Services   599.4   633.9   591.8
Elimination   -53.6   -61.8   -70.2
Gross Profit   177.8   195.1   158.6
Operating Income   84.6   114.3   97.7
Sercel   91.7   92.5   86.5
Services   19.3   61.6   52.8
Corporate and Elimination   -26.4   -39.8   -41.6
Net Financial Costs   -34.0   -38.3   -32.3
Income Tax   -24.1   -41.0   -19.0
Deferred Tax on Currency Variations   -2.8   0.2   -7.7
Income from Equity Investments   10.1   12.6   1.8
Net Income   33.8   47.8   40.5
Earnings per share (€)   0.15   0.23   0.18
Earnings per ADS ($)   0.19   0.29   0.25
EBITDAs   228.0   277.5   248.0
Sercel   102.5   104.6   100.3
Services   150.5   210.1   186.8
Industrial Capex   97.1   70.1   104.2
Multi-client Cash Capex   81.9   125.7   68.6

 

 

*Restated figures

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