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    CGG   FR0013181864

CGG

(CGG)
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CGG : 2020 Q4 Quarterly Report (English)

05/12/2021 | 02:10am EDT

27, avenue Carnot

91300 Massy

France

(33) 1 64 47 45 00

CONDENSED INTERIM FINANCIAL REPORT

First quarter 2021 Results

May 12, 2021

- 1 - CGG

Table of Contents

FORWARD-LOOKING STATEMENTS

3

FINANCIAL STATEMENTS

4

Unaudited Interim Consolidated statements of operations

4

Unaudited Interim Consolidated statements of comprehensive income (loss)

5

Unaudited Consolidated statements of financial position

6

Unaudited Consolidated statements of cash flows

7

Unaudited Consolidated statements of changes in equity

9

Notes to the unaudited interim consolidated financial statements

10

OPERATING AND FINANCIAL REVIEW

23

- 2 - CGG

FORWARD-LOOKING STATEMENTS

This document includes "forward-looking statements". We have based these forward-looking statements on our current views and assumptions about future events. These forward- looking statements involve certain risks and uncertainties. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others, the following risk factors:

Risks related to our Business and Strategy

  • Demand for our products and services largely depends on the oil and gas industry activity, and lower capital expenditures by our clients or by the oil and gas industry in general could materially impact our business
  • We operate in a highly competitive environment and unanticipated changes relating to competitive factors in our industry may impact our results of operation
  • We are subject to risks related to our international operations and to global economic and geopolitical volatility
  • The failure of our strategic partners to perform their obligations in accordance with our expectations may have an adverse impact on our financial condition and results of operations
  • The performance of our business is subject to demand for, and continued exploration, development and production of oil and gas; the reduction in the consumption of carbon-based energy products could significantly impair our business and reduce demand for our products and services.

Risks related to our Operations

  • We are subject to loss or destruction of key assets, including physical infrastructure such as data centers and factories
  • We may need to impair goodwill or the carrying value of other assets and liabilities on our balance sheet
  • We rely on third party suppliers and are subject to disruptions outside our control
  • Our reputation, business, financial condition and results of operations may be affected if we fail to deliver projects in line with our clients' expectations
  • We could be subject to liability and loss of reputation due to failure or malfunctioning of our products following delivery to our clients

Risks related to Information Technology, Information Security and Intellectual Property

  • We are subject to risks related to our information technology, including cyber security risks and risks of hardware and software failures
  • Our proprietary technology could be rendered obsolete or be misappropriated by third parties
  • We may be unable to maintain data governance standards required by our clients or applicable regulations

Risks related to our People

  • We depend on the experience of our senior management and other key personnel
  • Our business is dependent on highly skilled scientists, engineers and technicians, and our inability to retain, recruit and develop these resources may impact our results of operation
  • Our employees may be exposed to various health and safety risks
  • We may not be able to keep our personnel and property safe from crime and unrest

Risks related to Economy and Finance

  • We face risks related to our liquidity needs and substantial indebtedness
  • We are exposed to exchange rate fluctuations

Legal & Regulatory Risks

  • We are subject to the risk of regulatory changes in the countries in which we operate, including changes as a result Brexit
  • Our business is subject to complex laws and governmental regulations, including permits and other licensing requirements, in the various jurisdictions in which we operate, and our failure to comply with them may subject us to legal proceedings in these jurisdictions
  • Our failure to comply with the restrictions and covenants in our current and future debt agreements may trigger cross-acceleration or cross-default provisions; our assets might not be sufficient to repay in full all of our outstanding indebtedness and we may be unable to find alternative financing
  • We face the risk of payment, supplier and other types of fraud, which could subject us to penalties and reputational damage

The Covid-19 pandemic may strongly affect many of the risks set out above.

We undertake no obligation to update or revise any forward- looking statements, whether as a result of new information, future events or otherwise.

Certain of these risks are described in our Universal Registration Document for the year ended December 31, 2020; the French version of which we filed with the AMF on March 05, 2021. Our Universal Registration Document is available in French and English on our website at www.cgg.comor on the website maintained by the AMF (French only) at www.amf-france.org. You may request a copy of our Universal Registration Document, which includes our complete audited financial statements, at no charge, by calling our investor relations department at + 33 1 6447 3811, sending an electronic message to invrelparis@cgg.comor invrelhouston@cgg.comor writing to CGG - Investor Relations Department - 27, avenue Carnot - 91341Massy, France.

- 3 - CGG

FINANCIAL STATEMENTS

Unaudited Interim Consolidated statements of operations

Three months ended March 31,

(In millions of US$, except per share data)

Notes

2021

2020

Operating revenues

9

208.6

252.7

Other income from ordinary activities

0.2

0.3

Total income from ordinary activities

208.8

253.0

Cost of operations

(195.3)

(188.7)

Gross profit

13.5

64.3

Research and development expenses - net

(5.3)

(4.4)

Marketing and selling expenses

(7.5)

(9.1)

General and administrative expenses

(16.7)

(18.7)

Other revenues (expenses) - net

10

2.0

(71.9)

Operating income (loss)

9

(14.0)

(39.8)

Expenses related to financial debt

(34.7)

(33.9)

Income provided by cash and cash equivalents

0.3

1.0

Cost of financial debt, net

(34.4)

(32.9)

Other financial income (loss)

7

(38.4)

5.7

Income (loss) before incomes taxes

(86.8)

(67.0)

Income taxes

(5.4)

(4.8)

Net income (loss) from consolidated companies before share of

(92.2)

(71.8)

income (loss) in companies accounted for under the equity method

Share of income (loss) in companies accounted for under the equity

0.2

0.3

method

Net income (loss) from continuing operations

(92.0)

(71.5)

Net income (loss) from discontinued operations

3

11.5

(26.9)

Net income (loss)

(80.5)

(98.4)

Attributable to :

Owners of CGG S.A

$

(82.4)

(99.4)

Non-controlling interests

$

1.9

1.0

Net income (loss) per share

Basic

$

(0.12)

(0.14)

Diluted

$

(0.12)

(0.14)

Net income (loss) from continuing operations per share

Basic

$

(0.13)

(0.10)

Diluted

$

(0.13)

(0.10)

Net income (loss) from discontinued operations per share

Basic

$

0.01

(0.04)

Diluted

$

0.01

(0.04)

See the notes to the Unaudited Interim Consolidated Financial Statements

- 4 - CGG

Unaudited Interim Consolidated statements of comprehensive income (loss)

Three months ended March 31,

(In millions of US$)

2021 (*)

2020 (*)

Net income (loss) from statements of operations

(80.5)

(98.4)

Net gain (loss) on cash flow hedges

(0.4)

(0.1)

Exchange differences on translation of foreign operations

(15.1)

(17.4)

Net other comprehensive income (loss) to be reclassified in profit (loss) in

(15.5)

(17.5)

subsequent period (a)

Net gain (loss) on actuarial changes on pension plan

2.5

-

Net other comprehensive income (loss) not to be reclassified in profit (loss)

2.5

-

in subsequent period (b)

Total other comprehensive income (loss) for the period, net of taxes (a) + (b)

(13.0)

(17.5)

Total comprehensive income (loss) for the period

(93.5)

(115.8)

Attributable to :

Owners of CGG S.A.

(95.1)

(116.1)

Non-controlling interests

1.6

0.3

(*) Including other comprehensive income related to the discontinued operations, which is not material.

- 5 - CGG

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

CGG SA published this content on 12 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 06:09:04 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2021 964 M - -
Net income 2021 -143 M - -
Net Debt 2021 941 M - -
P/E ratio 2021 -4,41x
Yield 2021 -
Capitalization 631 M 752 M -
EV / Sales 2021 1,63x
EV / Sales 2022 1,44x
Nbr of Employees 3 700
Free-Float 99,9%
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Average target price 1,56 $
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Sophie Zurquiyah-Rousset Chief Executive Officer & Director
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