CGG Announces its 2019 First Quarter Results

PARIS, France – May 15, 2019 – CGG (ISIN: FR0013181864), a world leader in Geoscience, announced today its 2019 First Quarter unaudited results.

Commenting on these results, Sophie Zurquiyah, CGG CEO, said:“Our geoscience markets continue their gradual recovery driven by increase in offshore E&P Capex. Our strong cash generation reflects the strength of our core businesses and our cost management focus. CGG has delivered a first quarter in line with our expectations and, in the context of improving industry outlook, we confirm our 2019 guidance and 2021 targets."

Q1 2019: Positive Cash Generation

  • IFRS figures: revenue at $271m, OPINC at $20m
  • Segment revenue at $282m, up 21% year-on-year, driven by strong equipment sales
  • Segment EBITDAs at $119m, up 40% year-on-year with 42% margin
  • Segment operating income at $11m, a 4% margin
  • Free Cash Flow from operations was $146 m
  • Net Cash Flow was positive at $44m
  • Net loss of $(30)m, including $(15)m loss from Discontinued Operations
  • Net debt at $704m before IFRS 16 and $868m after IFRS 16

IFRS 16

From Q1 2019, CGG segment figures are presented after IFRS 16 and before IFRS 15. CGG implemented IFRS 16 effective January 1, 2019 with a modified retrospective application. Therefore, the cumulative effect of adopting IFRS 16 are recognized as an adjustment to the opening balance of retained earnings on January 1, 2019, with no restatement of comparative information.


Q1 2019 Conference Call

  • An English language analysts conference call is scheduled the same day at 8:30 am (Paris time) – 7:30 am (London time)
  • To follow the conference call, please access the audio webcast:

From your computer at:

www.cgg.com

From your mobile phone or tablet:

QR Code Q1

A replay of the conference call will be made available the day after for a period of 12 months via the webcast on CGG website at: www.cgg.com or via the QR code attached above.

For analysts, please dial 5 to 10 minutes prior to the scheduled start time the following numbers:

France call-in +33(0) 1 76 70 07 94
UK call-in +44(0) 844 571 8892
Access Code 9338747

More:

Download Full Press Release (PDF)

Download Presentation (PDF)

Download Quarterly Report (PDF)

About CGG

CGG (www.cgg.com) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary businesses of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation. CGG employs around 5,100 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers.

CGG is listed on the Euronext Paris SA (ISIN: 0013181864)

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