- Revenue totaled $855 million, up 7%
- Operating income increased by 17% to $114 million, a 13% margin
- Services operating income was at $62 million, a 10% margin
- Sercel operating income was at $93 million, a 33% margin
- The closing of the acquisition of Fugro’s Geoscience Division is still expected by the end of the year or by early 2013
- This acquisition remains currently subject to the approval of anti-trust authorities in the United Kingdom, in Norway, in Turkey and in Australia and to the work’s council consultation
- The Rights Issue of 414 million euros launched last September 26 th was successful, having been 195% oversubscribed
- CGGVeritas announces today a collaborative relationship agreement with Baker Hughes on the shale plays in order to develop a complete range of services using reservoir models with calibrated seismic data
- This collaboration could help oil and gas companies to accurately pinpoint reservoir “sweet spots” and optimize well placement and completion design earlier in the asset lifecycle for more efficient well construction and more productive wells
|Third Quarter 2012 Key Figures|
|Third Quarter||Third Quarter|
|In million $||2012||2011*|
|Cash Flow from Operations||171||113|
|Free Cash Flow||-39||-66|
|Backlog||1 280||1 240|
- Group revenue was $855 million, up 7% year-on-year and up 3% sequentially.
- Group operating income was $114 million, up 17% year-on-year and up 35% sequentially and representing a 13% margin:
- Sercel operating income totaled $93 million, which was stable sequentially and its margin stood at 33%.
- Services operating income increased significantly to $62 million, mainly due to the increase in marine prices. This represented a 10% margin, the highest since the first quarter of 2009.
- The contribution from equity investees was at $13 million, up 25% sequentially. This is mainly due to the strong performance of Argas, particularly the favorable start of the KJO contract, which was originally expected to be operated by Ardiseis.
- Net income totaled $48 million, compared to $40 million in the third quarter of 2011.
- Earnings Before Interest Tax Depreciation and Amortization (EBITDAs) was at $278 million, up 12% year-on-year and up 22% sequentially.
- Cash flow from operations was $171 million, up 51% year-on-year.
- Total Capex represented $196 million this quarter, Industrial Capex represented $70 million and Multi-Client Capex reached $126 million with 28% of the fleet being dedicated to multi-client programs. The level of multi-client prefunding was 71% this quarter.
- After payment of interest and high capital expenditure especially in our multi-client activity, net free cash flow was negative at $39 million.
- Backlog was at $1.280 billion at the end of September 2012, slightly up year-on-year, up in Services at $1.070 billion and down at Sercel at $210 million.
|Third Quarter 2012 key figures|
|In million $||Second Quarter 2012||Third Quarter|
|Group Operating Income||85||114||98|
|Net Debt||1 600||1 660||1 543|
|Net Debt to Equity Ratio||42%||43%||41%|
|Net Debt to LTM EBITDAs Ratio||1.7x||1.7x||1.8x|