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CGG : CGG Announces Its 2014 Second Quarter Results

Stocks in this article: CGG CGG

2014-2016 Transformation Plan

Intensified, accelerated and implemented in 2014

Resilient second quarter operating income in weak market conditions

PARIS, France - August 1 st 2014 - CGG (ISIN: 0000120164 - NYSE: CGG), world leader in Geoscience announced today its non-audited 2014 second quarter results.

  • 2014-2016 Transformation Plan intensified and accelerated. Restructuring measures implemented in 2014:
    • Marine fleet reduced to 13 seismic vessels by end 2014. 1 vessel already decommissioned, 1 vessel retired from the seismic market, 2 vessels de-rigged and 1 permanently converted to source vessel
    • North American land contract business disposed to Geokinetics
    • New Argas set up finalized in the Middle-East
    • More than 10% headcount reduction
    • Strong cost reduction, reinforced cash management, 2014 industrial capex reduced by 10%
    • Operational sites closed down in Bergen (Norway), Nigeria and Venezuela
  • Resilient second quarter operating income in difficult current market environment:
    • Revenue at $689m
    • Operating income at $45m with solid operational marine performance
    • EBIT at $31m, including a $(13)m negative contribution of equity from investees, mainly related to the Seabed Geosolutions JV  
  • $230m of non-recurring charges:
    • $120m (including $96m cash costs) restructuring costs related to the Transformation Plan
    • $74m write-off related to Seabed activities 
    • $37m write-off related to 2007-2008 multi-client library in Brazil             
  • Successful refinancing operations to extend debt maturity:
    • Issue of a €400m High Yield Bond due 2020 at 5.875%
    • Issue of a US $500m High Yield Bond due 2022 at 6.875%
    • $57m financial one-off costs related to the April debt refinancing  
  • Backlog was $1.1bn as of 1 st July 2014:
    • Marine fleet coverage at 97% in Q3 and 40% in Q4
    • Strategic agreement with Sovcomflot to create a marine JV

CGG CEO, Jean-Georges Malcor, commented: « Given the current weak market conditions characterized notably by the unpredictable capex spending of our clients, delays in awarding projects and pressure on prices, we anticipate 2014 to remain difficult. In this context, CGG has decided to accelerate and intensify its restructuring measures into 2014, downsizing the fleet from 18 to 13 vessels by the end of the year and disposing of its North America land acquisition business to Geokinetics. Thanks to the full commitment of our employees we managed to deliver resilient profitability this quarter. We anticipate, with this new perimeter, a sequential improvement in our results during the second half of the year sustained by a typically strong fourth quarter. The set of measures put in place during 2014 allow us to confirm our objective of 400 bps Ebit margin improvement in 2016

Post-closing event:

  • On the 21 st of July, CGG negotiated a one-year extension of the French Revolving Credit Facility to maintain the 3 year maturity
  • On the 1 st of August, CGG announced the disposal of the North American land contract business to Geokinetics

Second Quarter 2014 Key Figures

Before Non-Recurring Charges (NRC)

In million $ Second Quarter 2013 First Quarter 2014 Second Quarter 2014  
 
Group Revenue 1,032 806 689  
   Equipment 254 206 196  
Acquisition 605 559 481  
Geology, Geophysics & Reservoir (GGR) 367 290 300  
Eliminations (194) (249) (288)  
Group EBITDAS 333 189 194  
Operating Income 132 36 45  
Group EBIT 128 19 31  
     Equipment 71 41 39  
     Acquisition 28 -15 6  
     GGR 96 64 62  
Group EBIT margin 12% 2% 5%  
Equipment margin 28% 20% 20%  
Acquisition margin 5% -3% 1%  
GGR margin 26% 22% 21%  
Net Financial Costs (47) (45) (52)  
Free Cash Flow (24) (151) (53)   

Second Quarter 2014 Key Figures

After Non-Recurring Charges (NRC)

In million $ Second Quarter 2013 First Quarter 2014 Second Quarter 2014  
 
Group EBITDAS 324 188 98  
Operating Income 122 35 (186)  
Group EBIT 117 18 (199)  
Net Financial Costs (47) (45) (109)  
Income Taxes (36) (11) (13)  
Net Income 36 (39) (325)  
Non-recurring charges (11) (1) (230)  
Cash Flow from Operations 204 118 263  
Free Cash Flow (43) (152) (58)  
Net Debt 2,170 2,428 2,575  
Capital Employed 6,868 6,279  6,070  

First Half 2014 Key Figures

Before Non-Recurring Charges (NRC)

In million $ First Half 2013 First Half 2014  
 
Group Revenue 1,902 1,495  
   Equipment 505 403  
Acquisition 1,199 1,040  
Geology, Geophysics & Reservoir (GGR) 627 590  
Eliminations (429) (538)  
Group EBITDAS 606 383  
Operating Income 250 80  
Group EBIT 256 51  
     Equipment 140 80  
     Acquisition 75 (9)  
     GGR 177 125  
EBIT margin 13% 3%  
Equipment margin  28% 20%  
Acquisition margin 6% (1)%  
GGR margin  28% 21%  
Net Financial Costs (98) (97)  
Free Cash Flow (157) (204)   

First Half 2014 Key Figures

After Non-Recurring Charges (NRC)

In million $ First Half 2013 First Half 2014  
 
Group EBITDAS 637 286  
Operating Income 273 (151)  
Group EBIT 279 (181)  
Net Financial Costs (98) (154)  
Income Taxes (62) (24)  
Net Income 115 (364)  
Non-recurring charges 24 (232)  
Cash Flow from Operations 267  381  
Free Cash Flow (191)  (210)  
Net Debt 2,170 2,575  
Capital Employed 6,868 6,070  

Implementation of the 2014-2016 Transformation Plan:

Rebalanced business portfolio

  • Reformatting and rebalancing of businesses:
  • Right-sizing of the fleet from 18 to 13 vessels by end of 2014
  • North American land contract business disposed to Geokinetics
  • Commercial efficiency:
  • New Argas land set up finalized in the Middle East. The new Argas owned respectively 51% by Taqa and 49% by CGG has enlarged its operational footprint across the Gulf Countries
  • Agreement with Sovcomflot to form a marine JV
  • Technology and innovation:
  • 1 st deliveries of Sercel 508 XT land acquisition system
  • Paradigm shift in Gulf of Mexico with the first high quality StagSeis fast track images available and strong interest from our customers

Cash and debt management

  • Cost Control:
  • Scaling up across the board with 2.5% reduction of employees since January 2014 and more than 10% reduction by end 2014 (more than 1000 employees)
  • Strong cost reduction, cash management and capex discipline
  • Three operational sites closed down in Norway, Nigeria and Venezuela
  • Operational performance:

o        Availability and production rates above 90% in H1 2014 o    Excellent customer feedback in the Welling Report on CGG data acquisition activities

  • Cash management:
  • Refinancing operations launched in April to push back the mandatory instalments beyond 2019
  • One year extension of the French Revolver Credit Facility
  • Capex reduction:
  • 10% 2014 industrial capex reduction
  • End of multi-client IBALT program in the Gulf of Mexico in Q3

Second Quarter 2014 Financial Results by Division and before non-recurring charges Equipment

Equipment Second Quarter 2013 First Quarter 2014 Second Quarter 2014 Variation Year-on-year Variation Quarter-to-quarter
In million $        
Equipment Total Revenue 254 206 196 (23)% (5)%
   External Revenue 188 163 148 (21)% (9)%
EBITDAs 83 52 50 (40)% (3)%
   Margin 33% 25% 26% (700)bp 100bp
EBIT 71 41 39 (46)% (7)%
  Margin 28% 20% 20% (800)bp 0bp
Capital Employed (in billion $) 0.8 0.8 0.8 NA NA

Equipment division Total Revenue was $196 million, down 23% compared to the second quarter of 2013 and down 5% sequentially. The weakness of the seismic acquisition market is translating into lower seismic equipment spending. Nevertheless in this context, Sercel is increasing its market share. External sales were $148 million, down 21% and internal sales represented 24% of total revenue, down 27% as a consequence of the CGG's fleet downsizing. In June, Sercel was awarded by Argas, our partner in the Middle East, the 60 000 channel count crew in Saudi Arabia. Interest for the 508 XT acquisition system among our clients is increasing. In addition to the first two 508 XT systems being delivered to the industry in June, Sercel announced at the European seismic convention (EAGE) that a system had been sold to PanAmerican Geophysical for delivery in July and will be deployed in North America. During this convention, Sercel also launched the new land vibrator "Go Anywhere" Nomad 15, its unique design gives the best mass/baseplate ratio available on the market and with a reduced environmental footprint. In Marine, Sercel launched QuietSea, its new passive acoustic monitoring (PAM) system designed to detect the presence of marine mammals during seismic operations which is set to revolutionize PAM within the seismic industry.

Equipment division EBITDAs was $50 million, a margin of 26%.

Equipment division EBIT was $39 million, a margin of 20%. The margin was impacted by lower revenue, by an unfavorable €/$ exchange rate as in Q1 2014 and by pressure on prices.

Equipment division Capital Employed was $0.8 billion at the end of June 2014.

Acquisition

Acquisition Second Quarter 2013 First Quarter 2014 Second Quarter 2014 Variation Year-on-year Variation Quarter-to-quarter
In million $          
Acquisition Total Revenue 605 559 481 (21)% (14)%
    External Revenue 477 353 241 (49)% (32)%
Total Marine 511 453 407 (20)% (10)%
Total Land and Airborne Acquisition 94 106 74 (21)% (30)%
EBITDAs 121 80 95 (21)% 19%
Margin 20% 14% 20% 0bp 600bp
Operating Income 32 1 19 (41)% 1556%
EBIT 28 (15) 6 (78)% (142)%
Margin 5% (3)% 1% (400)bp 400bp
Capital Employed (in billion $) 3.3 2.6 2.4 NA NA

Acquisition division Total Revenue was $481 million, down 21% year-on-year and down 14% sequentially. In these difficult market conditions, operational performance remained strong in marine with production rate at 92%. External revenue was $241 million.

  • Marine Acquisition revenue was $407 million, down 20% year-on-year and down 10% sequentially. 52% of the fleet was dedicated to multi-client programs. Utilization rate was at a high level this quarter for the whole fleet with availability rate at 94% and a production rate at 92%. After the Symphony was decommissioned in February, we operated 17 3D vessels including source vessels this quarter.

On the 19 th of June, CGG and Sovcomflot signed an agreement to form a joint venture company dedicated to conducting high-end 3D marine seismic acquisition services. The joint venture, to be called Arctic Geophysical Exploration (AGE), will be 51% owned by Sovcomflot and 49% owned by CGG.

  • Land and Airborne Acquisition revenue was $74 million, down 21% year-on-year and down 30% sequentially. This decrease is mainly due to weak market conditions across the regions. Revenue was low in Airborne due to reduced mining activity and flat oil & gas market.

Acquisition division EBITDAs was $95 million, a margin of 20%.  

Acquisition Division Operating Income was at $19 million with an improvement in marine acquisition profitability sequentially.

Acquisition division EBIT was $6 million a margin of 1% due to the $(13) million negative contribution of the equity from investees (including 40% of the Seabed Geosolutions JV).

Acquisition division Capital Employed was $2.4 billion at the end of June 2014.

Geology, Geophysics & Reservoir (GGR)

GGR Se cond Quarter 2013 First Quarter 2014 Second Quarter 2014 Variation Year-on-year Variation Quarter-to-quarter
In million $          
GGR Total Revenue 367 290 300 (18)% 3%
Multi-client 199 127 128 (36)% 0%
Prefunding 87 80 92 6% 15%
Subsurface Imaging & Reservoir 168 163 172 2% 6%
EBITDAs 218 159 159 (27)% 0%
Margin 59% 55% 53% (600)bp (200)bp
EBIT 96 64 62 (36)% (3)%
Margin 26% 22% 21% (500)bp (100)bp
Capital Employed (in billion $) 2.8 2.9  2.9 NA NA

GGR Division Total Revenue was $300 million, down 18% year-on-year and up 3% sequentially.

  • Multi-client revenue was $128 million, down 36% year-on-year and stable sequentially in the context of overall lower exploration spending and delays in operations and permitting issues in Brazil.  
    • Prefunding revenue was $92 million up 6% year-on-year and up 15% sequentially. Multi-client cash capex was $175 million, 53% prefunded and mainly focused on our footprint extension in mature basins such as the Norwegian North Sea (Horda) but also in the Gulf of Mexico with the continuation of our IBALT program. On the 15 th of May, CGG started acquiring a large BroadSeis TM 3D multi-client survey program in the deep and ultra-deep waters of the Espirito Santo Basin. The project has received high prefunding from major industry players. At the EAGE, CGG announced the release of the Fast Trax TM processed data from its Deux multi-client IBALT survey covering 357 blocks in the Gulf of Mexico. The Fast Trax seismic images have been delivered on schedule less than seven months after completion of the survey.  
    • After-sales revenue was $35 million, down 68% year-on-year and down 26% sequentially. This fall is mainly due to our clients' reduction in spending on exploration and seismic activities.  
  • Subsurface Imaging & Reservoir revenue was $172 million, up 2% year-on-year and 6% sequentially in line with our expectations. Demand for imaging, reservoir services and software remains strong.

GGR Division EBITDAs was $159 million, a margin of 53%.

GGR Division EBIT was $62 million, a margin of 21%. The multi-client depreciation rate amounted to 62%, leading to a $1,012 million Net Book Value at the end of June 2014.

GGR Division Capital Employed was $2.9 billion at the end of June 2014.

Second Quarter 2014 Financial Results

Group Total Revenue was $689 million, down 33% year-on-year and down 15% sequentially. This breaks down to 22% from the Equipment division, 35% from the Acquisition division, and 43% from the GGR division.

  Second Quarter 2013 First Quarter 2014 Second Quarter 2014 Variation Year-on-year Variation quarter-to-quarter
In million $          
Group Total Revenue 1,032 806 689 (33)% (15)%
Equipment 254 206 196 (23)% (5)%
Acquisition 605 559 481 (21)% (14)%
GGR 367 290 300 (18)% 3%
Eliminations (194) (249) (288) NA NA

 Group EBITDAs was $194 million, a margin of 28%. After NRC, Group EBITDAs was 98 million, a margin of 14%.

  Second Quarter 2013* First Quarter 2014 Second Quarter 2014 Variation Year-on-year Variation Quarter-to-quarter
In million $          
Group EBITDAs 333 189 194 (42)% 2%
   Margin 32% 23% 28% (400)bp 500bp
   Equipment 83 52 50 (40)% (3)%
   Acquisition 121 80 95 (21)% 19%
   GGR 218 159 159 (27)% 0%
Eliminations (75) (86) (97) NA NA
Corporate (14) (15) (13) NA NA
Non-recurring charges (10) (1) (96) NA NA

*non-recurring items linked to Fugro

Group Operating Income was $45 million, a margin of 6%. After NRC, Group Operating Income was $(186) million.

Group EBIT was $31 million, a margin of 5%. After NRC, Group EBIT was $(199) million.

  Second Quarter 2013* First Quarter 2014 Second Quarter 2014 Variation Year-on-year Variation Quarter-to-quarter
In million $          
Group EBIT 128 19 31 (76)% 62%
   Margin 12% 2% 5% (700)bp 300bp
   Equipment 71 41 39 (46)% (7)%
   Acquisition 28 (15) 6 (78)% (142)%
   GGR 96 64 62 (36)% (3)%
   Eliminations (52) (54) (61) NA NA
  Corporate (15) (17) (14) NA NA
  Non-recurring charges (11) (1) (230) NA NA

*non-recurring items linked to Fugro

Total Non-recurring charges were $230 million:

  • Restructuring costs of $(120) million (including $96 million cash costs) due to the acceleration and scaling up of the Transformation plan across the board
  • $(74) million assets write-off related to the Seabed activities (mainly the investment in the Seabed Geosolutions JV in line with the announcement of Fugro, the major shareholder, on July 10 th)
  • $(37) million write-off of Brazilian surveys acquired with conventional technology in 2007-2008. This is due to a very poor likelihood of realizing revenues in the next two years given the current Brazilian context  

Before NRC, Financial Charges were $(52) million:

  • Cost of debt was $(51) million. The total amount of interest paid during the quarter was $(60) million
  • Other financial items were negative at $(1) million

After NRC, Financial Charges were $(109) million:

  • $(57) million one-off costs attached to the April refinancing Plan:
  • $(36) million non-cash including for $(25) million the cost of the convertible bond equity component write-off
  • $(21) million cash covering the $(12) million convertible bond repurchase cost and the $(9) million high yield bond call premiums
  • Cost of debt was $(62) million. The total amount of interest paid during the quarter was $(60) million
  • Other financial items were negative at $(47) million including the $(38) million of non-recurring charges related to convertible bond repurchase and the $(9) million high yield bond call premiums

After NRC, taxes were $(16) million including the $(3) million unfavorable impact of deferred tax on currency conversion

Group Net Income was $(325) million. After minority interests, Net Income attributable to the owners of CGG was a loss of $(327) million / €(238) million. EPS was negative at $(1.85) / €(1.34). Cash Flow

Cash Flow from operations, after non-recurring charges, was $263 million compared to $204 million for the second quarter 2013.

Global Capex was $262 million, up 38% compared to the second quarter 2013.

  • Industrial capex was $63 million, excluding the $9 million related to Sercel's lease pool
  • Research & Development capex was $15 million
  • Multi-client cash capex was $175 million, up 64% year-on-year related to the pursuit of our IBALT program in the Gulf of Mexico and a program offshore Brazil
  Second Quarter 2013 First Quarter 2014 Second Quarter 2014
In million $      
Capex 189 258 262
 Industrial 68 86 72
 R&D 14 16 15
Multi-client Cash 107 156 175
        Marine MC 91 143 160
        Land MC 16 12 15

Free Cash Flow

After the payment of interest expenses during the quarter and Capex, free cash flow was negative at $(53) million. Including NRC, Free Cash Flow was negative at $(58) million.

Second Quarter 2014 Comparisons with Second Quarter 2013

Consolidated Income Statements      
In Million  $ Second Quater 2013 First Quarter 2014 Second Quarter 2014
Exchange rate euro/dollar 1.296 1.371 1.375
Operating Revenue 1031.7 806.2 689.1
Equipment 254.3 206.2 196.4
Acquisition 605.4 559.3 480.7
GGR 366.9 289.9 299.8
Elimination (194.9) (249.2) (287.8)
Gross Margin after NRC 237.9 134.1 131.9
Operating Income before NRC 132.4 35.8 44.6
Equity from Investments before NRC (4.5) (16.5) (13.2)
EBIT before NRC 127.7 19.3 31.3
Equipment 71.0 41.3 38.5
Acquisition 28.0 (15.0) 6.3
GGR 95.9 63.8 61.6
Corporate and Eliminations (67.1) (70.8) (75.0)
NRC (10.8) (1.3) (230.5)
EBIT after NRC 117.0 18.0 (199.1)
Net Financial Costs (46.7) (45.1) (109.3)
Income Taxes (36.3) (10.9) (13.0)
Deferred Tax on Currency Translation 1.7 (1.0) (3.2)
Net Income 35.7 (39.0) (324.6)
Earnings per share in $ 0.20 (0.23) (1.85)
Earnings per share in € 0.15 (0.17) (1.34)
EBITDAs after NRC 323.8 188.3 97.6
Equipment 83.1 51.6 50.1
Acquisition 120.6 79.5 94.7
GGR 217.9 159.3 159.0
Corporate and Eliminations (88.2) (101.0) (110.4)
NRC (9.6) (1.1) (96.0)
EBITDAs before NRC 333.4 189.3 193.7
Industrial Capex (incl. R&D Capex) 81.9 101.8 86.6
MC Cash Capex 107.3 155.9 175.1

First Half 2014 Financial Results

Group Total Revenue was $1.495 billion down 21% compared to 2013 due to weakening market conditions. This breaks down to 21% from the Equipment division, 40% from the Acquisition division and 39% from the GGR division.

  First Half 2013 First Half 2014
In million $    
Group Total Revenue 1,902 1,495
Equipment 505 403
Acquisition 1,199 1,040
GGR 627 590
Eliminations (429) (538)

Group EBITDAs was $383 million down 37% and representing a 26% margin. After NRC, Group EBITDAs was $286 million, a margin of 19%.

  First Half 2013* First Half 2014
 
In million $    
Group EBITDAs 606 383
   Margin 32% 26%
   Equipment 164 102
   Acquisition 242 174
   GGR 381 318
   Eliminations (157) (183)
   Corporate Costs (24) (29)
   Non-recurring charges 31 (97)

               *non-recurring items linked to Fugro

Group Operating Income was $80 million, a margin of 5%. After NRC, Group Operating Income was $(151) million.

Group EBIT was $51 million down 80%, a margin of 3%. After NRC, Group EBIT was $(181) million: 

  • The group EBIT was impacted by weak market conditions and lower client spending across the board. In Equipment, the 20% decline in seismic equipment volume has a direct impact on the margin which reached 20%. In Acquisition, H1 2013 activity was buoyant whereas H1 2014 suffered from pricing pressure and a reduced fleet perimeter. In GGR, H1 2014 was characterized by low multi-client sales compared to H1 2013 which included the $20 million Spectrum capital gain. The profitability remains high despite lower after-sales.
  • Equipment EBIT margin was at 20%.
  • Acquisition EBIT margin was at (1)%.
  • GGR EBIT margin was at 21%.
  First Half 2013* First Half 2014
In million $    
Group EBIT 256 51
   Margin 13% 3%
   Equipment 140 80
   Acquisition 75 (9)
   GGR 177 125
   Eliminations (107) (115)
   Corporate Costs (29) (31)
   Non-recurring charges 24 (232)

                  *non-recurring items linked to Fugro

Before NRC, Financial Charges were $(97) million:

  • The cost of debt was $(99) million, while the total amount of interest paid was $(72) million
  • Other financial items were positive at $2 million mainly related to a favorable exchange rate impact

After NRC, Financial Charges were $(154) million:

  • The cost of debt was $(110) million, while the total amount of interest paid was $(72) million
  • Other financial items were negative at $(44) million including the $(38) million of non-recurring charges related to convertible bond repurchase and the $(9) million high yield bond call premiums

After NRC, taxes were $(28) million.

Group Net Income was $(364) million. After minority interests, Net Income attributable to the owners of CGG was negative at $(367) million/€(267) million. EPS was negative at $(2.07) / €(1.51). Cash Flow

Cash Flow from operations, after non-recurring charges, was $381 million including a $64 million change in working capital.

Global Capex was $519 million over the first half of 2014.

  • Industrial capex was $141 million, excluding the $16 million of Sercel's lease pool
  • Research & Development capex was $31 million
  • Multi-client cash capex was $331 million, around 60% of the $500-550 million 2014 guidance
  First Half 2013 First Half 2014
In million $    
Capex 393 519
 Industrial 134 157
 R&D 24 31
Multi-client Cash 235 331
        Marine MC 212 304
        Land MC 23 27

Free Cash Flow

After the payment of interest paid during the first half and Capex, free cash flow was negative at $(210) million and at $(204) million excluding the cash impact of the NRC.        

Balance Sheet 

Debt Management:

CGG conducted two refinancing transactions in April to extend the average debt maturity periods from 4 to approximatively 6 years:

  • A €400 million European High Yield Bond at 5.875%, the lowest rate ever obtained for a High Yield Bond issued by CGG, due 2020:
    • The net proceeds are dedicated to the 100% repurchase of the €360 million OCEANE Convertible Bond due January 2016 and the reimbursement of the 2015 installment of the Fugro Vendor Loan.  
  • A $500 million High Yield Bond at 6.875% due 2022
    • The net proceeds are dedicated to the reimbursement of all the 9.5% Senior Notes due May 2016, for a total principal amount of $225 million, as well as a portion of the 7.75% Senior Notes due May 2017, for a total principal amount to $400 million.  
  • On the 21 st of July, CGG negotiated a one-year extension of the French Revolving Credit Facility to maintain the 3 year maturity

Net Debt to Equity Ratio:

Group gross debt was $2.960 billion at the end of June 2014. Available cash was $385 million and Group net debt was $2.575 billion.

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