Viridien · EURONEXT:VIRI

Viridien — CGG — Q2 2018 Earnings Presentation

19 slides from Viridien's earnings presentation, 2018

  1. Slide 1: 2nd Quarter 2018 Financial Results

    2nd Quarter 2018 Financial Results Solid segment EBITDAs in line with expectations All results are presented before Non-Recurring Charges & write-off, unless stated otherwise

  2. Slide 2: Forward-looking statements

    Forward-looking statements This presentation contains forward-looking statements, including, without limitation, statements about CGG (“the Company”) plans, strategies and prospects. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore,

  3. Slide 3: Q2 2018 Operational Review

    Q2 2018 Operational Review Passion for Geoscience cA Cc G G

  4. Slide 4: Q2 highlights: solid segment EBITDAs in line with expectations

    Q2 highlights: solid segment EBITDAs in line with expectations  Segment revenue at $338m  GGR: robust SIR activity and Multi-Client driven by high after-sales partly offsetting lower prefunding  Equipment: strong sales increase leading to breakeven  Contractual Data Acquisition: continuing compe

  5. Slide 5: GGR: Multi-Client driven by high after-sales, robust SIR activity

    GGR: Multi-Client driven by high after-sales, robust SIR activity Segment revenue  Segment revenue at $203m (In million $) MC Revenue SI & Reservoir  Multi-Client at $111m  Strong after-sales in most basins at $87m, including 221 203 North Sea, Brazil and US onshore 185  Cash prefunding rate at

  6. Slide 6: GGR: operational highlights

    GGR: operational highlights  Subsurface Imaging & Reservoir  Market improvement in US GoM and in Asia  Sustained demand for reprocessing  Increasing nodes processing activity  Multi-Client  Brazil: final Santos VII survey provides exceptional Subsurface Imaging data center 3D broadband coverag

  7. Slide 7: Equipment: back to breakeven

    Equipment: back to breakeven Segment revenue (In million $)  Segment sales at $83m Land Equipment Marine Equipment  Sales split: 49% Land and 51% Marine 83 66  Land sales: strong increase y-o-y across the 53 15 42 board 27  Marine sales: one-off deliveries of Sentinel 51 sections 41 26 Q2 2017 Q

  8. Slide 8: Equipment: operational highlights

    Equipment: operational highlights  Land equipment, confirming market rebound  Increasing activity in Middle East  Channels delivered in North Africa  Accelerating demand for well gauges on the back of unconventional market activity  Marine equipment market still constrained by difficult marine

  9. Slide 9: Contractual Data Acquisition: continuing competitive market environment

    Contractual Data Acquisition: continuing competitive market environment Segment revenue  (In million $) Segment revenue at $67m Land & MP Marine  Marine revenue at $40m  Strong fleet operational performance with 95% 82 67 availability rate and 98% production rate 21 61 27  Different mix from las

  10. Slide 10: Contractual Data Acquisition: operational highlights

    Contractual Data Acquisition: operational highlights  Marine  Excellent feedback from clients on service quality  Two vessels active in West Africa, one in North Sea  Endeavour back to her owner in July after completing Mozambique program  Land Geo Caribbean back to operations this quarter  Go

  11. Slide 11: Q2 2018 Financial Review

    Q2 2018 Financial Review Passion for Geoscience cA Cc G G

  12. Slide 12: Q2 2018 P&L

    Q2 2018 P&L Q2 2017* Q2 2018 In million $ Segment Revenue 350 338 IFRS 15 adjustment na (24) IFRS Revenue 350 314 Segment EBITDAs 120 110 Segment OPINC (3) 40 Non-recurring charges (NRC) (95) (3) IFRS 15 adjustment na (10) IFRS OPINC (98) 26 Equity from Investments (3) 1 Net cost of financial debt (

  13. Slide 13: Q2 2018: limited cash consumption

    Q2 2018: limited cash consumption Segment EBITDAs  Segment EBITDAs at $110m (In million $) 120 110  Segment Operating Cash Flow at $95m  Capex at $80m, up 3% y-o-y 34.3% 53 32.5%  Multi-client cash capex at $54m, 44% prefunded 18.0%  Industrial and R&D capex at $26m Q2 2017 Q1 2018 Q2 2018  Pa

  14. Slide 14: Q2 2018: sound financial situation

    Q2 2018: sound financial situation  First Lien refinancing completed  Two tranches: $300m and €280m Senior debt structure (In million $)  Fixed rate of 8.4% in average  Second Lien, 2024 maturity  Two tranches: $366m and €83m  Libor/Euribor (floored 1%) + 4% cash + 8.5% PIK  Group net debt at

  15. Slide 15: Conclusion

    Conclusion (ccc cgg.com Passion for Geoscience

  16. Slide 16: Conclusion

    Conclusion  Q2 performance in line with our expectations  Strong Multi-Client after-sales  Market recovery in Equipment  Sound financial situation  Limited cash consumption  Solid liquidity Robertson New Ventures Suite  Gradual market improvement  Reiterated 2018 outlook  Improved Equipment

  17. Slide 17: Thank you

    Thank you (ccc Visit our website at cgg.com Passion for Geoscience

  18. Slide 18: Appendix

    CWCGG Passion for Geoscience Appendix cgg.com

  19. Slide 19: Share count post financial restructuring on February 21, 2018

    Share count post financial restructuring on February 21, 2018 Shares (actual Number of Subscription Subscription Parity Maturity and potential) Warrants price (€) price ($) * Initial share count 22 133 149 Rights Issue with PSR 71 932 731 Debtor shares 1 (OCEANES) 35 311 528 Debtor shares 2 (Senior

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