CGG Provides Q4 & Full Year 2023 Financial Update
10 Januar 2024 - 7:30AM
CGG Provides Q4 & Full Year 2023 Financial Update
Q4 2023 segment Revenue at around $316
million
2023 segment Revenue at around $1.12
billion, up 21%
2023 positive Net Cash-Flow of around $30
million
Cash balance at year-end 2023 at around
$325 million
PARIS, France – January 10, 2024
Sophie Zurquiyah, CEO of CGG
said: “In today’s market, I am pleased to see the positive
effects of our strategy on company performance, with GEO and SMO
performing at near pre-covid levels, our new business initiatives
reaching around $90 million in revenue generation, and the company
organically delivering around $30 million positive net cash flow in
2023, despite $(65) million of penalty fees from vessel
commitments. Looking forward, we expect 2024 performance to improve
compared to 2023, while we anticipate the market to moderately grow
through 2026, yet unevenly over the quarters, based mainly on mega
crew activity and multi-client spending. With these expectations,
our priority remains on balance sheet deleveraging, and we
anticipate cash generation to be similar in 2024 compared to 2023,
and then to significantly accelerate over the period of 2025 –
2026, based on continued operational optimization, including the
end of our vessel commitment, positive fall through from the growth
of our core activities, and the further development of our new
businesses.”
Q4 2023 segment Revenue
CGG anticipates Q4 2023 segment revenue at
around $316 million, slightly down (1)% year-on-year.
- Geoscience
segment revenue is expected to be around $97 million, up 40%
year-on-year driven by solid activity worldwide.
- Earth Data
segment sales are expected to be around $100 million, down (31)%
year-on-year, mainly due in particular to delayed year-end
licensing rounds in Brazil and Gulf of Mexico.
- Sensing &
Monitoring segment sales are expected to be around $119 million, up
14% year-on-year.
Full Year 2023 segment Revenue &
segment EBITDAs
CGG anticipates full year 2023 segment revenue
at around $1.12 billion, up 21%, driven in particular by very large
deliveries of OBN and land equipment for mega crew projects.
Full year 2023 segment EBITDAs is expected to be
around $390-$400 million.
Full Year 2023 Net Cash Flow and Net
Debt at the end of 2023
CGG anticipates 2023 net cash-flow to be
positive around $30 million, including around $(65) million penalty
fees from vessel commitments.
Group’s liquidity at the end of December 2023 is
expected to be around $415 million, including around $325 million
cash liquidity and $90 million undrawn RCF.
CGG anticipates year-end 2023 Net Debt before
IFRS 16 to be around $875 million, and Net Debt after IFRS 16 to be
around $980 million.
2024 Financial objectives and 2025 -
2026 cash generation
CGG anticipates 2024 financial performance to
improve, driven by growth of DDE, offset by reduced mega crews’
activity impacting SMO.
CGG anticipates net cash flow generation to be
similar in 2024, compared to 2023 and then to significantly
accelerate and represent around $75-100 million per year during the
period 2025 - 2026 based on continued operational optimization,
including the end of our contractual vessel commitments, and the
positive fall through from the growth of our core activities and
the further development of our new businesses.
Full Year 2023 Results and conference
call
CGG will announce its fourth quarter 2023 and
full year 2023 audited results on March 6, 2024, after market
close, and after they have been approved by the Board of
Directors.
Forward-looking statements/estimated
financial information
This press release includes forward-looking
statements and estimated financial information. The Company
provides this information based on a preliminary review of its
financial results as of the date of this press release, and in
particular of its revenues. The Company has not completed its
financial reporting and related consolidation, review and control
procedures, including the review of all sales against the
established revenue recognition/cut-off criteria. This financial
information constitutes therefore estimates. These estimates have
not been reviewed by the Company’s auditors. The information
provided in this release is therefore subject to change and the
final Q4 2023 and Full Year 2023 financial statements, once they
are approved by the Company, reviewed by the auditors and released,
may deviate materially from the information herein. Reference is
made to the definition of Segment revenues in the Company`s annual
and quarterly reports.
About CGG
CGG (www.cgg.com) is a global technology and HPC
leader that provides data, products, services and solutions in
Earth science, data science, sensing and monitoring. Our unique
portfolio supports our clients in efficiently and responsibly
solving complex digital, energy transition, natural resource,
environmental, and infrastructure challenges for a more sustainable
future. CGG employs around 3,300 people worldwide and is listed on
the Euronext Paris SA (ISIN: 0013181864).
Contacts
Group Communications & Investor Relations
Christophe BarniniTel: + 33 1 64 47 38 11E-Mail:
christophe.barnini@cgg.com |
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