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CGG: 2013 FOURTH QUARTER AND FULL-YEAR RESULTS

Very good resilience in 2013

2016 Objectives confirmed

  • Full-year performance reflects continued resilience in a contrast ing market:
  • 2013 revenue up 10%, at $3.766bn
  • EBIT at $423m before non-recurring with EBIT margin at 11.2%  
  • Positive Free Cash F low before NRFI* at $5m
  • NRF I at $(17)m
  • $800 million i mpairment and write-off in Acquisition Division. Excluding this non-recurring item, net income was at $101 million compared to $92 million in 2012
  • Backlog was $1 .35bn as of 1 st January 2014, up 9% and marine fleet coverage is at 100% for Q1, 75% for Q2 and 35% for Q3
  • CGG's 2014-2016 strategic roadmap confirmed : -- Rebalancing of our portfolio of activities -- Targeting r evenue above $4bn and 400bps EBIT margin improvement by the end of 2016 versus 2013

PARIS, Feb. 27, 2014 (GLOBE NEWSWIRE) --  CGG (ISIN: 0000120164 - NYSE: CGG), world leader in Geoscience announced today its non-audited 2013 fourth quarter and full-year consolidated results.

Full -Year 2013 Key Figures

  FY 2012 FY 2013 Variation
I n million $      
Group Revenue 3411 3766 10%
EBITDAs 1012 1160 15%
EBIT 404 423 5%
EBIT margin 12% 11% (100)bps
Equipment margin 32% 28% (400)bps
Acquisition margin 1% 3% 200bps
GGR margin 19% 24% 500bps
Non-Recurring Items linked to Fugro (NRFI)   ( 36) (17) NA
Non-Recurring Items linked to impairment & write-off 0 (800) NA
EBIT after NFRI and impairment & write-off 368 (394) NA
Net Income after NRFI and before impairment & wo 92 101 10%
Net Income after NRFI and after impairment & wo 92 (691) NA
Cash Flow from Operations 921 908 (1)%
Free Cash Flow before NRFI 63 5 (92)%
Net Debt 785 2218 NS**
Capital Employed after impairment & write-off 5367 6108 14%
Backlog 1240 1350 9%

*Non-recurring Fugro Items (NRFI)

**2012 included Fugro financing proceeds

CGG CEO, Jean-Georges Malcor commented:

« In a contrasting year with deteriorating market conditions in H2, CGG demonstrated resilience in its 2013 performance. The successful integration of the Geoscience activities within CGG reinforces the Group in a growing and profitable market segment.

As announced during our Capital Market Day in December, we are rebalancing our portfolio of activities and implementing our 2014-2016 strategic roadmap focused on cash & profitability. The down-sizing of our Acquisition division, combined with the Acquisition market outlook, result in a $800 million impairment in our 2013 accounts. Concerning marine activity, our objective is to reduce the fleet from 18 to 13 3D high-end vessels by the end of 2016. Mid-February, the CGG Symphony has stopped operating and will be de-rigged. Concerning land activity, we have reinforced our partnership in the Middle East with ARGAS and we are restructuring our activities in North America. The restructuring costs across the 2014-2016 period are expected to remain below $100m.

In 2014, we expect Acquisition market conditions to remain stable with however a low Q1, as already indicated. Our priorities are to deliver our plan and stay focused on tight cash management, cost reductions, and operational and commercial efficiency.

In 2016, in unchanged market conditions, we confirm our objectives of revenues above $4bn and improved Ebit margin by 400bps compared to 2013. »

Q4 Performance

  • R evenue up 2%, at $955m
  • EBIT at $73m before non-recurring items with EBIT margin at 7.6%  
  • Net income of $(17 ) million after NRFI and before impairment & write-off
  • Positive Free Cash Flow before NRFI at $179m

2013 Fo urth Quarter Key Figures

  Fourth Quarter 2012 Third Quarter  2013 Fourth Quarter 2013 Variation Year-on-year Variation quarter-to-quarter
I n million $          
Group Revenue 938 908 955 2% 5%
Equipment 288 223 317 10% 42%
Acquisition 502 568 459 (9)% (19)%
Geology, Geophysics & Reservoir (GGR) 291 298 371 28% 25%
Eliminations (143) (181) (192) NA NA
EBITDAs   294 274 280 (5)% 2%
EBIT 124 95 73 (41)% (23)%
Equipment 81 51 102 26% 100%
Acquisition 18 42 (61) (441)% (245)%
GGR 63 54 86 38% 59%
Corporate & Eliminations (37) (53) (54) NA NA
EBIT margin 13% 10% 8% (5 00)bps (2 00)bps
Equipment margin 28% 23% 32% 4 00bps 9 00bps
Acquisition margin 4% 7% (13)% (1700)bps (20 00)bps
GGR margin 21% 18% 23% 20 0bps 500bps
Non-Recurring Items linked to Fugro (NRFI)   (36) (21) (20) NA NA
Non-Recurring Items linked to impairment & write-off NA NA (800) NA NA
EBIT after NRFI and impairment & write-off 88 73 (747) NA NA
Net Income after NRFI and before impairment & write-off 14 4 (17) (227)% (542)%
Net Income after NRFI and after impairment & write-off 14 4 (810) NA NA
Cash Flow from Operations 454 189 451 (1)% 139%
Free Cash Flow  before NRFI 238 (17) 179 (25)% NA

Fourth Quarter 2013 Financial Results by Division

Equipment

Equipment Fourth Quarter 2012 Third Quarter 2013 Fourth Quarter 2013 Variation Year-on-year Variation quarter-to-quarter
In million $          
Equipment Total Revenue 288 223 317 10% 42%
   External Revenue 246 187 270 10% 44%
EBITDAs 93 63 111 20% 77%
   Margin 32% 28% 35% 300bps 700bps
EBIT 81 51 102 26% 100%
  Margin 28% 23% 32% 400bps 900bps
Capital Employed (in billion $) 0.7 0.9 0.9 29% 0%

Equipment division total Revenue was $317 million, up 10% compared to the fourth quarter of 2012 and up 42% sequentially. This typically strong seasonal sales rebound, linked to the budgetary cycle of our customers, was mainly driven by land equipment sales. External sales were $270 million, up 10% year-on-year while internal sales represented 15% of total revenue. Sales in Russia were strong to prepare for the winter season while China and Middle East were also active.

Equipment division EBITDAs was $111.4 million, a margin of 35.1%.

Equipment division EBIT was $101.9 million, a margin of 32.1%.

Equipment division Capital Employed was $0.9 billion at the end of December 2013.

Acquisition

Acquisition Fourth Quarter 2012 Third Quarter 2013 Fourth Quarter 2013 Variation Year-on-year Variation quarter-to-quarter
In million $          
Acquisition Total Revenue 502 568 459 (9)% (19)%
    External Revenue 401 423 315 (22)% (26)%
Total Marine 369 462 363 (1)% (21)%
Total Land and Airborne Acquisition 132 106 95 (28)% (10)%
EBITDAs 72 115 12 (83)% (89)%
Margin 14% 20% 3% (1100)bps (1700)bps
EBIT 18 42 (61) (441)% (245)%
Margin 4% 7% ( 13)% ( 1700)bps (20 00)bps
Capital Employed (in billion $)  after impairment & write-off 2.8 3.4 2.4 (14)% (29)%

Acquisition division Total Revenue was $459 million, down 9% year-on-year and down 19% sequentially. This decrease is mainly due to challenging winter market conditions both in marine and land. External revenue was $315 million.

  • Marine Acquisition revenue was $363 million, stable year-on-year and down 21% sequentially. Our fleet utilization rate was down this quarter with availability rate at 83%. This was mainly due to planned dockings and large program awards delayed leading to commercial standby. Production rate remained at a satisfactory 90% level. 34% of the fleet was dedicated to multi-client programs. 
  • Land and Airborne Acquisition revenue totaled $95 million, down 28% year-on-year and down 10% sequentially. Land winter activity was particularly low in North America this quarter, where we operated two land crews compared to six last year, hitting severely the bottom line. The conditions of the Airborne activity remain tight, with a mining market, still depressed.  

Acquisition division EBITDAs was $12.5 million, a margin of 2.7%.

Acquisition division EBIT was $(61.4) million.

Acquisition division Capital Employed was $2.4 billion at the end of December 2013 after impairment & write-off.

Geology, Geophysics & Reservoir (GGR)

GGR Fourth Quarter 2012 Third Quarter 2013 Fourth Quarter 2013 Variation Year-on-year Variation quarter-to-quarter
In million $          
GGR Total Revenue 291 298 371 28% 25%
Multi-client 155 122 166 7% 35%
Prefunding 87 97 81 (7)% (17)%
Subsurface Imaging & Reservoir 136 175 206 51% 18%
EBITDA s 177 169 230 30% 36%
Margin 61% 57% 62% 100bps 500bps
EBIT 63 54 86 38% 59%
Margin 21% 18% 23% 200bps 500bps
Capital Employed (in billion $) 1.8 2.8 2.8 56% 0%

GGR Division Total Revenue was $371 million, up 28% year-on-year and up 25% sequentially. This strong performance by the GGR division clearly demonstrates, less than one year after the transaction, the value of the Fugro Geoscience acquisition.

  • Multi-client revenue increased to $166 million, up 7% year-on-year and up 35% sequentially. Multi-client prefunding revenue was impacted by delays of large programs as some clients deferred their spending decisions. 
  • Prefunding revenue was $81 million. Multi-client cash capex was $117 million, 69% pre-funded, and mainly focused on the Gulf of Mexico with the continuation of our IBALT program, in preparation for the future lease rounds but also offshore in the North Sea. Late in the quarter CGG was also awarded, three large high-end 3D multi-client survey programs offshore Brazil that will cover 30,000 km 2 including the promising provinces of Foz do Amazonas Basin, Barreirinhas and Campos. 
  • After-sales were $85 million, up 25% year-on-year.  
  • Subsurface Imaging & Reservoir revenue was $206 million, up 51% year-on-year and up 18% sequentially. Demand for subsurface imaging was strong in all centers. Subsurface Imaging centers in France and Oman were renewed and two new centers opened in Thailand and Myanmar. The contribution of reservoir businesses to revenue was solid. Our Data Management Services activity was awarded a significant contract in Norway with the Norwegian Petroleum Directorate (NPD) relating to the Diskos Database. This solution will streamline data management through the shared electronic storage of seismic data of Norway. 

GGR Division EBITDAs was $230.0 million, a margin of 61.9%.

GGR Division EBIT was $86.3 million, a margin of 23.2%. The multi-client depreciation rate amounted to 74%, leading to a $783 million Net Book Value at the end of December 2013 (not including the Geospec library and other libraries with a $35m Net Book Value).

GGR Division Capital Employed was $2.8 billion at the end of December 2013.

Fourth Quarter 2013 Group Financial Results

Group Total Revenue was $955 million, up 2% year-on-year and up 5% sequentially. This breaks down to 28% from the Equipment division, 33% from the Acquisition division, and 39% from the GGR division.

  Fourth Quarter 2012 Third Quarter 2013 Fourth Quarter 2013 Variation Year-on-year Variation quarter-to-quarter
In million $          
G roup Total Revenue 938 908 955 2% 5%
Equipment 288 223 317 10% 42%
Acquisition 502 568 459 (9)% (19)%
GGR 291 298 371 28% 25%
Elimination s (143) (181) (192) NA NA

Group EBITDAs was $280.3 million, a margin of 29.3%. After the Non-Recurring Items relating to Fugro (NRFI), Group EBITDAs was $230.4 million, a margin of 24.1%

  Fourth Quarter 2012 Third Quarter 2013 Fourth Quarter 2013 Variation Year-on-year Variation quarter-to-quarter
In million $          
Group EBITDAs before NRFI 294 274 280 (5)% 2%
    Margin 31% 30% 29 % ( 200)bps (100)bps
    Equipment 93 63 111 20% 77%
   Acquisition 72 115 12 (83)% (89)%
    GGR 177 169 230 30% 36%
Eliminations ( 37) ( 62) ( 61) NA NA
Corporate ( 11) ( 10) ( 12) NA NA
Non-Recurring I tems linked to Fugro (6) (2) (50) NA NA

Group EBIT was $72.9 million, a margin of 7.6%. After NRFI, Group EBIT was $53 million, and after impairment & write-off, Group EBIT was $(746.9) million.

  Fourth Quarter 2012 Third Quarter 2013 Fourth Quarter 2013 Variation Year-on-year Variation quarter-to-quarter
In million $          
Group EBIT  before NRFI and impairment & write-off 124 95 73 (41)% (23)%
    Margin 13 % 10 % 8 % ( 500)bps (200)bp s
    Equipment 81 51 102 26% 100%
   Acquisition 18 42 (61) (441)% (245)%
    GGR 63 54 86 38% 59%
   Eliminations ( 24) ( 41) ( 41) NA NA
  Corporate ( 13) ( 12) ( 13) NA NA
  Non-Recurring I tems linked to Fugro (36) (21) (20 ) NA NA
  Non-Recurring Items linked to  impairment & write-off 0 0 (800) NA NA

Financial Charges were $57 million:

  • Cost of debt was $48 million.  
  • Other financial items were negative at $10 million, due mainly to a negative $6 million impact of currency variations. 

Taxes were $6 million including $10 million favorable impact of deferred tax on currency conversion.

Group Net Income was $(17) million after NRFI and before impairment & write-off. After impairment and write-off, the Group Net Income was $(810) million.

After minority interests and after NRFI and before impairment & write-off, Net Income attributable to the owners of CGG was a loss of $20 million/€15 million. EPS was negative at $0.11/€0.08.

Cash Flow

Cash Flow from operations was $451 million compared to $454 million for the fourth quarter 2012.

Global Capex was $229 million this quarter.

  • Industrial capex was $92 million.  
  • Research & Development capex was $16 million. 
  • Multi-client cash capex was $117 million. 
  Fourth Quarter 2012 Third Quarter 2013 Fourth Quarter 2013
In million $      
Capex 160 206 229
 Industrial 72 65 92
 R&D 8 17 16
Multi-client Cash 81 122 117
        Marine MC 74 93 105
        Land MC 7 29 12
Other Geological Capex 0 3 3

Free Cash Flow

After the payment of $55 million in interest expenses during the quarter and Capex, free cash flow was positive at $179 million. After NRFI, free cash flow was positive at $166 million.

Fourth Quarter 2013 Comparisons with Fourth Quarter 2012

Consolidated Income Statements Fourth Quarter 2012 Third Quarter 2013 Fourth Quarter 2013  
     
I n million $      
Exchange rate euro/dollar 1.297 1.320 1.359  
Operating Revenue 937.9 908.0 955.4  
Equipment 288.4 222.7 317.2  
Acquisition 501.5 567.9 458.7  
GGR 291.1 298.1 371.4  
Elimination s (143.1) (180.7) (191.9)  
Gross Margin 217.2 194.1 162.6  
Operating Income 76.8 79.0 (747.2)  
Equity from Investments 11.1 (5.8) 0.3  
EBIT  after NRFI and impairment & write-off 87.9 73.2 (746.9)  
Equipment 80.7 51.0 101.9  
Acquisition 18.0 42.2 (61.4)  
GGR 62.5 54.3 86.3  
Corporate & e liminations (37. 0) (52.8) (53.6)  
Non-Recurring Items linked to Fugro (36.3) (21.4) (20.1)  
Non-Recurring Items linked to impairment & write-off 0 .0 0.0 ( 800.0)  
EBIT before NRFI and impairment & write-off 124.3 94.6 72.9  
Net financial costs (62.2) (58.6) (57.3)  
I ncome Taxes (11.9) (15.4) (15.6)  
Deferred Tax on Currency Variations (0.2) 4.7 10.0  
Net Income after NRFI and before impairment & write-off 13.6 3.9 (17.3)  
Shareholder's Net Income  after NRFI and before impairment & write-off 9.6 2.2 (20.0)  
Earning per share in $ 0.06 0.01 (0.11)  
Earning per share in 0.05 0.01 (0.08)  
EBITDAs   293.9 273.9 280.3  
Equipment 92.5 63.0 111.4  
Acquisition 71.8 114.8 12.5  
GGR 177.4 168.6 230.0  
Corporate & eliminations (47.8) (72.5) (73.5)  
Non-Recurring Items linked to Fugro & provisions (6.3) (1.6) (50.0)  
EBITDAs after NRFI 287.6 272.3 230.4  
Industrial Capex (including R&D capex) 79.6 81. 0 108 .4  
Multi-client Cash Capex 80.7 121.9 117.4  
Geological Capex 0.0 2.8 2.8  

Full -Year 2013 Financial Results

Group Total Revenue was $3.766 billion, up 10% compared to 2012 as a result of an estimated 17% increase corresponding to the activities acquired from Fugro and a (4)% decrease relating to the transfer of the SWOBS activities to Seabed Geosolutions. Group revenue breaks down to 22% from the Equipment division, 43% from the Acquisition division and 35% from the GGR division.

  • Equipment revenue was down (13)%. 57% of the total sales related to land equipment and 43% to marine equipment. No high-channel-count crews were launched in 2013 compared to 2012 where $150 million related to high-channel- count crews in Oman and Saudi Arabia. Sales were at a record level in Russia where the size of crews increased although softer in China. Marine streamers sales were mainly driven by the replacement market this year. 
  • Acquisition revenue was up 19%. The four C-Class vessels from Fugro joined CGG's fleet on 1 st of February. Production rate was at a record high 92% level compared to 90% in 2012. Airborne joined in early September. Marine contract revenue was up 36% year-on-year at $1.786 billion, while land and airborne revenue was down (23)% at $440 million. 
  • GGR revenue was up 36%. Multi-client revenue was up 24% with a particularly strong H1, mainly driven by Brazil and the North Sea. The year was excellent for Subsurface Imaging with sustained activity in all centers and large projects in the US. Reservoir businesses delivered a solid contribution as expected.  
  FY 2012 FY 2013 Variation Year-on-year
   
In million $      
Group Total Revenue 3411 3766 10%
Eliminations (621) (801) NA
Equipment 1204 1045 (13)%
Acquisition 1878 2226 19%
Marine 1310 1786 36%
Land & Airborne 568 440 (23)%
GGR 950 1296 36%
Multi-client & basin data 472 585 24%
Subsurface Imaging & Reservoir 478 711 49%

EBITDAs was $1.160 billion up 15% and representing a 30.8% margin. After NRFI, Group EBITDAs was $1.140 billion, a margin of 30.3%.

  FY 2012 FY 2013 Variation Year-on-year
   
I n million $      
Group EBITDAs  before NRFI 1012 1160 15%
    Margin 30% 31% 100bp s
    Equipment 427 339 (21)%
   Acquisition 248 369 49%
    GGR 560 780 39%
   Eliminations ( 179) ( 281) NA
    Corporate Costs ( 43) ( 47) NA
   Non-Recurring I tems linked to Fugro (6) (20) NA

Group EBIT was $423.2 million up 5%, and representing a margin of 11.2%. After NRFI, Group EBIT was $406 million, and after impairment & write-off, Group EBIT was $(394.3) million:  

  • The NFRI were $(17) million at the end of December. With the $63 million net capital gain from the SWOBS transaction (the $85 million capital gain was reduced by the negative contribution of the Seabed Geosolutions JV due to a slow start and operational issues on one project), the integration and restructuring costs relating to the Fugro Geoscience transaction eventually amounted to $(80) million.  
  • Assets impairment & write-off at $800 million: -- Land: $79 million as a result of more difficult market conditions overall.    
  • Marine $721 million: due to $139 million vessel fair value rebasement to reflect future utilization mode and $582 million as a consequence of the planned (25)% fleet downsizing plan and the change in market outlook.
  • Equipment EBIT margin was 28.0% with a very strong Q4, showing a strong resilience thanks to efficient cost management, despite the lower volume and lack of high-channel-count crews. R&D expenses were high at 5.6% of revenue. Sercel launched two new products: Sentinel MS (Multi-Sensor streamer) in marine and the 508 XT land acquisition system. 
  • Acquisition EBIT margin was 2.5%. After a H1 which was above expectations, H2 was tougher with difficult market conditions. Despite an excellent marine production rate at 92% and a high commercial success rate, marine activity was impacted by H2 delays and low pricing environment. Land suffered from challenging safety and weather conditions in H1 and from a very low winter season in North America. Airborne's contribution was limited as it joined CGG in early September. 
  • GGR EBIT margin was at 24.5%, a solid performance across all the businesses. Multi-client activity was strong in H1 and the prefunding rate for the whole year was 69%. Subsurface Imaging performance was at a record high level in all centers across the world. Reservoir and geology activities continued to be solid driven by sustained demand for geology products & services and reservoir softwares.  
  FY 2012 FY 2013 Variation Year-on-year
In million $      
Group EBIT before NRFI and impairment & write-off 404 423 5%
    Margin 12 % 11% (100) bps
    Equipment 380 293 (23)%
   Acquisition 21 56 172%
    GGR 183 317 74%
   Eliminations ( 126) ( 189) NA
    Corporate Costs ( 53) ( 54) NA
   Non-Recurring I tems linked to Fugro (36) (17 ) NA
Non-Recurring I tems linked to impairment & write-off 0 (800) NA

Financial Charges were $214 million:

  • The cost of debt was $192 million, while the total amount of interest paid was $137 million. 
  • Other financial items were negative at $22 million including notably $4 million relating to the financial cost of the Fugro Geoscience transaction (bridge loan), the $5 million accelerated amortization of the issuing fees of the former Revolving Credit Facilities we renewed in July, and the $6 million call premium relating to the $125 million early repayment of the 2016 High Yield Bond we made in August.  

Taxes were $83 million, including the $10 million favorable impact of deferred tax on currency conversion.

Group Net Income was $101 million after NRFI and before the impairment and write-off. After impairment and write-off, Group Net Income was $(691) million.

After minority interests and after NRFI and before impairment & write-off, Net Income attributable to the owners of CGG was $94 million/€71 million. EPS was positive at $0.53/ €0.40, up 15% year-on-year.

Cash Flow

Cash Flow from operations was $908 million.

Global Capex was $834 million, up 13% year-on-year.

  • Industrial capex was $298 million, down 14% year-on-year. 
  • Research & Development capex was $57 million, up 96% year-on-year. 
  • Multi-client cash capex was $468 million, up 29% year-on-year. 
  FY 2012 FY 2013
In million $    
Capex 738 834
 Industrial 345 298
 R&D 29 57
Multi-client Cash 364 468
        Marine MC 252 405
        Land MC 112 64
Other Geological Capex 0 11

Free Cash Flow

Free cash flow was negative at $(56) million and positive at $5 million excluding NRFI.  

Balance Sheet

Debt Management :

As part of the company's proactive management of its debt, CGG accelerated the refinancing of its credit facilities during the year by extending the debt maturity periods:

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