CGG Announces its 2020 First Quarter Results

Solid First Quarter

Adjusting to an Unprecedented Crisis

PARIS, France – May 12, 2020 – CGG (ISIN: FR0013181864), a world leader in Geoscience, announced today its 2020 First Quarter unaudited results.

Commenting on these results, Sophie Zurquiyah, CGG CEO, said:

“As we are navigating through this unprecedented industry crisis, created by the combined results of oversupply and reduction in demand due to the COVID-19 pandemic, our priority remains on the health and safety of our employees and all our stakeholders, along with the continuity of our business to meet our clients’ needs. With our new asset light business profile, and our business segments positioned around reservoir evaluation and production optimization, including our data library, which is focused on proven or mature sedimentary basins, we expect CGG to be much more resilient than in the past. While the duration of this severe crisis is uncertain, we are focusing on what we can control: managing our liquidity, implementing the required capex and cash cost reductions and adjusting the organization as necessary while maintaining our R&D efforts. With $624m of cash on hand after a solid Q1 and no bond debt to reimburse before April 2023, I am confident that our asset light strategy based on high-end technology, services, data and products positions us the best for these challenging market conditions“ .

Q1 2020 Positive cash generation   IFRS figures: revenue at $253m, OPINC at $(40)m Segment revenue at $271m, down 4% year-on-year, with solid multi-client revenue and lower equipment sales Segment EBITDAs at $123m, up 3% year-on-year, a 45% margin Segment operating income at $(31)m, including $(70)m impairments mainly related to multi-client library, and at $39m, a 14% margin, before them Segment Free Cash Flow at $44m Net Cash Flow was positive at $17m Net loss of $(98)m, including $(27)m loss from Discontinued Operations and $(70)m impairments Net debt at $540m before IFRS 16 and $705m after IFRS 16 Segment leverage at 0.8x Net Debt/LTM EBITDAs (excluding IFRS 16 impact) Adjusting to an unprecedented crisis: focus on cost control and cash preservation   2020 Cash Capex around $300 million, down $(75) million vs. previous guidance of March 6, 2020: 2020 Multi-client cash capex, down $(60) million, at around $225 million at 75% prefunding rate 2020 Industrial and development costs cash capex around $75 million Cash costs reduction of around $(110) million annualized and around $(35) million year on year.

Key Figures - First Quarter 2020

In million $	First Quarter 2019	First Quarter 2020
Group revenue	271.4	252.7
Operating income	19.6	(39.8)
Equity from investments	0.1	0.3
Net cost of financial debt	(32.9)	(32.9)
Other financial income (loss)	0.9	5.7
Income taxes	(2.9)	(4.8)
Net income / (loss) from continuing operations	(15.2)	(71.5)
Net income / (loss) from discontinued operations	(15.3)	(26.9)
Group net income / (loss)	(30.5)	(98.4)
Operating Cash Flow	203.8	145.2
Net Cash Flow	44.0	17.2
Net debt	868.3	705.0
Net debt before IFRS 16	656.4	540.3
Capital employed	2,518.6	2,201.5

Key Segment Figures - First Quarter 2020

In million $	First Quarter 2019	First Quarter 2020
Segment revenue	282.4	270.8
Segment EBITDAs	119.3	122.7
Group EBITDAs margin	42.2%	45.3%
Segment operating income	10.8	(31.0)
Opinc margin	3.8%	(11.4)%
Non-recurring charges (NRC)	-	-
IFRS 15 adjustment	8.8	(8.8)
IFRS operating income	19.6	(39.8)
Segment Operating Cash Flow	203.8	145.2
Segment Net Cash Flow	44.0	17.2

Key figures bridge: Segment to IFRS - First Quarter 2020

Q1 2020 P&L items   In million $	Segment figures	IFRS 15 adjustments	IFRS figures
Total Revenue	270.8	(18.1)	252.7
Operating Income	(31.0)	(8.8)	(39.8)

Q1 2020 Cash Flow Statement items   In million $	Segment figures	IFRS 15 adjustments	IFRS figures
EBITDAs	122.7	(18.1)	104.6
Change in Working Capital & Provisions	20.7	18.1	38.8
Cash Flow from Operations	145.2	-	145.2

Multi-Client Data Library NBV In million $	Segment figures	IFRS 15 adjustments	IFRS figures
Opening Balance Sheet – Jan. 1st 2020	375.8	155.2	531.0
Closing Balance Sheet – March 31st 2020	317.8	157.2	475.0

First Quarter 2020 Segment Financial Results

Geology, Geophysics & Reservoir (GGR)

GGR     In million $	First Quarter 2019	First Quarter 2020	Variation Year-on-year
Segment  revenue	180.1	197.4	10%
Geoscience (SIR)	91.3	93.3	2%
Multi-Client	88.8	104.1	17%
Prefunding	42.2	57.0	35%
After-Sales	46.6	47.1	1%
Segment EBITDAs	105.0	122.8	17%
Margin	58.3%	62.2%	+390 bps
Segment operating income	5.2	(22.4)	-
Margin	2.9%	(11.4)%	-
Equity from investments	0.1	0.3	-
Capital employed (in billion $)	2.0	1.7	(15)%
Other key metrics
Multi-Client cash capex ($m)	(39.7)	(66.8)	68%
Multi-Client cash prefunding rate (%)	106%	86%	-200 bps

GGR segment revenue was $197 million, up 10% year-on-year.

• Geoscience revenue was $93 million, up 2% year-on-year.

Geoscience performance in Q1 was solid driven by 11% increase in imaging business revenue year-on-year. We managed to maintain our business continuity in March with the majority of our people working from home due to the excellent support of our IT organization.

• Multi-Client revenue was $104 million this quarter, up 17% year on year.

Prefunding revenue of our multi-client projects reached $57 million this quarter, up from $42 million in the first quarter of 2019, mainly due to higher multi-client capex this quarter, up to $67 million from $40 million in Q1 2019.

We had four ongoing multi-client projects this quarter, including two Land surveys – Bayou Boeuf and Central Basin Platform – in the US, one Marine streamer survey – Nebula – in Brazil, one Marine streamer survey – Gippsland 2020 – in Australia, and started one Nodes survey in the UK North Sea in the Cornerstone area at the end of March. Prefunding rate in Q1 2020 was solid at 86%.

After-sales were $47 million this quarter, stable year on year and solid across all regions.

In Q1 2020, we performed the impairment test of our multi-client library triggered by current low oil price environment, which resulted in non-cash charges of $(69) million.

The segment library Net Book Value was $318 million ($475 million after IFRS 15 adjustments) at the end of March 2020, split 85% offshore and 15% onshore.

GGR segment EBITDAs was $123 million, up 17% with 62% margin.

GGR segment operating income was $(22) million, including $(69) million impairment of the multi-client library.

GGR capital employed was down to $1.7 billion at the end of March 2020.

Equipment

Equipment     In million $	First Quarter 2019	First Quarter 2020	Variation Year-on-year
Segment revenue	105.2	74.5	(29)%
Land	84.7	52.5	(38)%
Marine	12.9	13.0	1%
Downhole gauges	5.2	7.0	35%
Non Oil&Gas	2.4	2.0	(17)%
Segment EBITDAs	23.0	7.8	(66)%
Margin	21.9%	10.5%	-
Segment operating income	14.9	0.1	(100)%
Margin	14.2%	0.1%	-
Capital employed (in billion $)	0.5	0.5	-

Equipment segment revenue was $75 million, down 29% year-on-year. External sales were $73 million, down 28% year-on-year.

• Land equipment sales represented 71% of total sales, as we delivered over 80 thousand 508XT channels in Q1, mainly in North Africa, India and Russia
• Sercel was awarded significant orders for heavy duty Nomad90 vibrators for North Africa and for 35 thousand channels for Middle East
• Marine equipment sales represented 17% of total sales. Activity in the streamer market remains low with mostly sales of spares for Sentinel sections
• Downhole equipment sales were $7 million.

Equipment segment EBITDAs was $8 million, a 11% margin.

Equipment segment operating income was $0 million.

Equipment capital employed was stable at $0.5 billion at the end of March 2020.

First Quarter 2020 Financial Results

Consolidated Income Statements   In million  $	First Quarter 2019	First Quarter 2020	Variation Year-on-year
Exchange rate euro/dollar	1.15	1.11	(3)%
Segment revenue	282.4	270.8	(4)%
GGR	180.1	197.4	10%
Equipment	105.2	74.5	(29)%
Elimination	(2.9)	(1.1)	(62)%
Gross margin	49.1	73.1	49%
Segment EBITDAs	119.3	122.7	3%
GGR	105.0	122.8	17%
Equipment	23.0	7.8	(66)%
Corporate	(8.7)	(7.1)	(18)%
Eliminations		(0.8)	-
Segment operating income	10.8	(31.0)	-
GGR	5.2	(22.4)	-
Equipment	14.9	0.1	(100)%
Corporate	(9.3)	(7.1)	(24)%
Eliminations	-	(1.6)	-
NRC	-	-	-
IFRS 15 adjustment	8.8	(8.8)	-
IFRS operating income	19.6	(39.8)	-
Equity from investments	0.1	0.3	-
Net cost of financial debt	(32.9)	(32.9)	-
Other financial income (loss)	0.9	5.7	-
Income taxes	(2.9)	(4.8)	66%
Net income / (loss) from continuing operations	(15.2)	(71.5)	-
Net income / (loss) from discontinued operations	(15.3)	(26.9)	(76)%
IFRS net income / (loss)	(30.5)	(98.4)	-
Shareholder's net income / (loss)	(33.9)	(99.4)	-
Basic Earnings per share in $	(0.05)	(0.14)	-
Basic Earnings per share in €	(0.04)	(0.13)	-

Segment revenue was $271 million, down 4% year-on-year. The respective contributions from the Group’s businesses were 34% from Geoscience, 38% from Multi-Client (73% for the GGR segment) and 27% from Equipment.

Segment EBITDAs was $123 million, up 3% year-on-year with 45% margin.

Segment operating income was $(31) million, impacted by $(69) million impairment of the multi-client library.

IFRS 15 adjustment at operating income level was $(9) million and IFRS operating income, after IFRS 15 adjustment, was $(40) million.

Cost of financial debt was $(33) million. The total amount of interest paid during the quarter was $(7) million. Income taxes were $(5) million.

Net loss from continuing operations was $(72) million.

Discontinued operations

Correspond to the former Contractual Data Acquisition and Non-Operated Resources segments. Main aggregates are as follows:

- Segment revenues were $14 million this quarter and net loss from discontinued operations was $(27) million.

Group net loss was $(98) million.

After minority interests, Group net loss attributable to CGG shareholders was $(99.4) million/ €(89.7) million.

Cash Flow

Cash Flow items   In million  $	First Quarter 2019	First Quarter 2020	Variation Year-on-year
Segment Operating Cash Flow	203.8	145.2	(29)%
Capex	(58.3)	(87.4)	50%
Industrial	(10.5)	(8.0)	(24)%
R&D	(8.1)	(12.6)	56%
Multi-Client (Cash)	(39.7)	(66.8)	68%
Marine MC	(30.1)	(51.5)	71%
Land MC	(9.6)	(15.4)	60%
Proceeds from disposals of assets	0.1	0.1	-
Lease repayments	(15.9)	(14.0)	(12)%
Segment Free Cash Flow	129.7	43.9	(66)%
Paid cost of debt	(7.4)	(7.4)	-
Cash NRC / Plan 2021	(25.3)	(28.2)	11%
Free cash flow from discontinued operations	(53.0)	8.9	117%
Net cash flow	44.0	17.2	(61)%
Financing cash flow	-	-	-
Forex and other	(3.0)	(4.2)	(40)%
Net increase/(decrease) in cash	41.0	13.0	(68)%

Segment Operating Cash Flow was $145 million, down 29% compared to $204 million in Q1 2019.

Total capex was $87 million, up 50% year-on-year:

• Industrial capex was $8 million, down 24%
• Research & Development capex was $13 million, up 56%
• Multi-client cash capex was $67 million, up 68%

Segment Free Cash Flow was at $44 million, compared to $130 million in Q1 2019.

After $(7) million paid cost of debt, $(28) million 2021 plan cash costs and $9 million free cash flow from discontinued operations, Net Cash Flow was $17 million compared to $44 million in Q1 2019.

Balance Sheet

Group gross debt before IFRS 16 was $1,164 million at the end of March 2020 and net debt was $540 million.

Group gross debt after IFRS 16 was $1,329 million at the end of March 2020 and net debt was $705 million.

Group’s liquidity amounted to $624 million at the end of March 2020.

Q1 2020 Conference call

An English language analysts’ conference call is scheduled today at 8:15 am (Paris time) – 7:15 am (London time)

To follow this conference, please access the live webcast:

From your computer at:

www.cgg.com

A replay of the conference will be available via webcast on the CGG website at: www.cgg.com.

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

France call-in	+33 (0) 1 70 70 07 81
UK call-in	+44 (0) 8444819752
Access Code	8745567

About CGG

CGG (www.cgg.com) is a global geoscience technology leader. Employing around 4,600 people worldwide, CGG provides a comprehensive range of data, products, services and equipment that supports the discovery and responsible management of the Earth’s natural resources. CGG is listed on the Euronext Paris SA (ISIN: 0013181864).

Contacts

Group Communications & Investor Relations Christophe Barnini Tel: + 33 1 64 47 38 11 E-Mail: : christophe.barnini@cgg.com

CONSOLIDATED FINANCIAL STATEMENTS

March 31^st, 2020

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Amounts in millions of US$, unless indicated		March 31, 2020	December 31, 2019
ASSETS
Cash and cash equivalents		623.5	610.5
Trade accounts and notes receivable, net		315.2	436.0
Inventories and work-in-progress, net		206.8	200.1
Income tax assets		79.1	84.9
Other current assets, net		96.8	116.7
Assets held for sale, net		159.8	316.6
Total current assets		1,481.2	1,764.8
Deferred tax assets		59.2	19.7
Investments and other financial assets, net		67.0	27.4
Investments in companies under the equity method		3.3	3.0
Property, plant and equipment, net		287.8	300.0
Intangible assets, net		632.9	690.8
Goodwill, net		1,202.2	1,206.9
Total non-current assets		2,252.4	2,247.8
TOTAL ASSETS		3,733.6	4,012.6
LIABILITIES AND EQUITY
Bank overdrafts		—	—
Financial debt – current portion		69.8	59.4
Trade accounts and notes payables		114.8	117.4
Accrued payroll costs		127.9	156.6
Income taxes payable		64.1	59.3
Advance billings to customers		22.2	36.9
Provisions — current portion		36.3	50.0
Other current financial liabilities		21.7	—
Other current liabilities		303.9	327.3
Liabilities directly associated with the assets classified as held for sale		4.8	259.2
Total current liabilities		765.5	1,066.1
Deferred tax liabilities		48.9	10.4
Provisions — non-current portion		51.4	58.1
Financial debt – non-current portion		1,258.7	1,266.6
Other non-current financial liabilities		56.6	—
Other non-current liabilities		56.0	4.0
Total non-current liabilities		1,471.6	1,339.1
Common stock: 1,181,283,351 shares authorized and 709,961,702 shares with a €0.01 nominal value outstanding at March 31, 2020		8.7	8.7
Additional paid-in capital		3,184.7	3,184.7
Retained earnings		(1,631.8)	(1,531.1)
Other Reserves		(18.6)	(23.5)
Treasury shares		(20.1)	(20.1)
Cumulative income and expense recognized directly in equity		(0.8)	(0.7)
Cumulative translation adjustment		(71.6)	(56.3)
Equity attributable to owners of CGG S.A.		1,450.5	1,561.7
Non-controlling interests		46.0	45.7
Total equity		1,496.5	1,607.4
TOTAL LIABILITIES AND EQUITY		3,733.6	4,012.6

UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS

			Three months ended March 31,
	Amounts in millions of US$, except per share data in US$	2020					2019
	Operating revenues			252.7		271.4
	Other income from ordinary activities			0.3		0.2
	Total income from ordinary activities			253.0		271.6
	Cost of operations			(188.7)		(213.7)
	Gross profit			64.3		57.9
	Research and development expenses - net			(4.4)		(6.0)
	Marketing and selling expenses			(9.1)		(9.9)
	General and administrative expenses			(18.7)		(20.3)
	Other revenues (expenses) - net			(71.9)		(2.1)
	Operating income (loss)			(39.8)		19.6
	Expenses related to financial debt			(33.9)		(33.6)
	Income provided by cash and cash equivalents			1.0		0.7
	Cost of financial debt, net			(32.9)		(32.9)
	Other financial income (loss)			5.7		0.9
	Income (loss) before incomes taxes			(67.0)		(12.4)
	Income taxes			(4.8)		(2.9)
	Net income (loss) from consolidated companies before share of income (loss) in companies accounted for under the equity method			(71.8)		(15.3)
	Share of income (loss) in companies accounted for under the equity method			0.3		0.1
	Net income (loss) from continuing operations			(71.5)		(15.2)
	Net income (loss) from discontinued operations*			(26.9)		(15.3)
	Net income (loss)			(98.4)		(30.5)
	Attributable to :
	Owners of CGG S.A			(99.4)		(33.9)
	Non-controlling interests			1.0		3.4
	Net income (loss) per share
	Basic			(0.14)		(0.05)
	Diluted			(0.14)		(0.05)
	Net income (loss) from continuing operations per share
	Basic			(0.10)			(0.03)
	Diluted			(0.10)			(0.03)
	Net income (loss) from discontinued operations per share
	Basic			(0.04)			(0.02)
	Diluted			(0.04)			(0.02)

___________________

* In accordance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”, the profit and loss accounts related to the discontinued operations have been presented in the separate line item “Net income (loss) from discontinued operations” at March 31, 2020 and 2019.

UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

		Three months ended March 31,
Amounts in millions of US$	2020				2019
OPERATING
Net income (loss)			(98.4)		(30.5)
Less: Net income (loss) from discontinued operations			(26.9)		(15.3)
Net income (loss) from continuing operations			(71.5)		(15.2)
Depreciation, amortization and impairment			30.5		30.9
Multi-client surveys impairment and amortization			116.8		57.4
Depreciation and amortization capitalized in multi-client surveys			(4.3)		(0.9)
Variance on provisions			(2.2)		(3.5)
Share-based compensation expenses			1.4		1.3
Net (gain) loss on disposal of fixed and financial assets			-		-
Equity (income) loss of investees			(0.3)		(0.1)
Dividends received from investments in companies under the equity method			-		-
Other non-cash items			(3.1)		(5.8)
Net cash-flow including net cost of financial debt and income tax			67.3		64.1
Less : net cost of financial debt			32.9		32.9
Less : income tax expense (gain)			4.8		2.9
Net cash-flow excluding net cost of financial debt and income tax			105.0		99.9
Income tax paid			(0.8)		(4.1)
Net cash-flow before changes in working capital			104.2		95.8
Change in working capital			41.0		108.0
- change in trade accounts and notes receivable			80.8		147.9
- change in inventories and work-in-progress			(16.2)		(2.6)
- change in other current assets			(4.7)		(15.4)
- change in trade accounts and notes payable			16.5		(1.6)
- change in other current liabilities			(35.4)		(20.3)
Net cash-flow provided by operating activities			145.2		203.8
INVESTING
Total capital expenditures (incl. variation of fixed assets suppliers, excluding multi-client surveys)			(20.6)		(18.6)
Investment in multi-client surveys, net cash			(66.8)		(39.7)
Proceeds from disposals of tangible and intangible assets			0.1		0.1
Total net proceeds from financial assets			-		-
Acquisition of investments, net of cash and cash equivalents acquired			-		-
Variation in loans granted			-		-
Variation in subsidies for capital expenditures			-		-
Variation in other non-current financial assets			9.0		(0.6)
Net cash-flow used in investing activities			(78.3)		(58.8)
FINANCING
Repayment of long-term debt			-		-
Total issuance of long-term debt			-		-
Lease repayments			(14.0)		(15.9)
Change in short-term loans			-		-
Financial expenses paid			(7.4)		(7.4)
Net proceeds from capital increase:
— from shareholders			-		-
— from non-controlling interests of integrated companies			-		-
Dividends paid and share capital reimbursements:
— to shareholders			-		-
— to non-controlling interests of integrated companies					(1.2)
Acquisition/disposal from treasury shares			-		-
Net cash-flow provided by (used in) financing activities			(21.4)		(24.5)
Effects of exchange rates on cash			(13.2)		(1.2)
Impact of changes in consolidation scope			-		-
Net cash flows incurred by discontinued operations*			(19.3)		(78.3)
Net increase (decrease) in cash and cash equivalents			13.0		41.0
Cash and cash equivalents at beginning of year			610.5		434.1
Cash and cash equivalents at end of period			623.5		475.1

UNAUDITED ANALYSIS BY SEGMENT

	Three months ended March 31, 2020
In millions of US$, except for assets and capital employed in billions of US$	GGR	Equipment	Eliminations and other	Segment figures	IFRS 15 adjustments	Consolidated Total / As reported
Revenues from unaffiliated customers	197.4	73.4	-	270.8	(18.1)	252.7
Inter-segment revenues (1)		1.1	(1.1)	-		-
Operating revenues	197.4	74.5	(1.1)	270.8	(18.1)	252.7
Depreciation and amortization (excluding multi-client surveys)	(22.6)	(7.6)	(0.3)	(30.5)		(30.5)
Depreciation and amortization of multi-client surveys	(126.1)		-	(126.1)	9.3	(116.8)
Operating income (2)	(22.4)	0.1	(8.7)	(31.0)	(8.8)	(39.8)
EBITDAs	122.8	7.8	(7.9)	122.7	(18.1)	104.6
Share of income in companies accounted for under the equity method	0.3			0.3		0.3
Earnings Before Interest and Tax (2)	(22.1)	0.1	(8.7)	(30.7)	(8.8)	(39.5)
Capital expenditures (excluding multi-client surveys) (3)	12.8	6.3	1.5	20.6		20.6
Investments in multi-client surveys, net cash	66.8	-	-	66.8		66.8
Capital employed (4)	1.7	0.5		2.2		2.2
Total identifiable assets (4)	2.2	0.6	0.2	3.0		3.0

1. Sale of equipment to the Contractual Data Acquisition segment which is classified as discontinued operation.
2. “Eliminations and other” corresponded to general corporate expenses.
3. Capital expenditures included capitalized development costs of US$(12.6) million for the three months ended March 31, 2020. “Eliminations and other” corresponded to the variance of suppliers of assets for the three months ended March 31, 2020.
4. Capital employed and identifiable assets related to discontinued operations are included under the column “Eliminations and other”.

	Three months ended March 31, 2019
In millions of US$, except for assets and capital employed in billions of US$	GGR	Equipment	Eliminations and other	Segment figures	IFRS 15 adjustments	Consolidated Total / As reported
Revenues from unaffiliated customers	180.1	102.3	-	282.4	(11.0)	271.4
Inter-segment revenues (1)	-	2.9	(2.9)	-	-	-
Operating revenues	180.1	105.2	(2.9)	282.4	(11.0)	271.4
Depreciation and amortization (excluding multi-client surveys)	(22.8)	(7.9)	(0.2)	(30.9)	-	(30.9)
Depreciation and amortization of multi-client surveys	(77.2)	-	-	(77.2)	19.8	(57.4)
Operating income (2)	5.2	14.9	(9.3)	10.8	8.8	19.6
EBITDAS	105.0	23.0	(8.7)	119.3	(11.0)	108.3
Share of income in companies accounted for under the equity method	0.1	-	-	0.1	-	0.1
Earnings Before Interest and Tax (2)	5.3	14.9	(9.3)	10.9	8.8	19.7
Capital expenditures (excluding multi-client surveys) (3)	14.9	4.8	(1.1)	18.6	-	18.6
Investments in multi-client surveys, net cash	39.7	-	-	39.7	-	39.7
Capital employed (4)	2.0	0.5	-	2.5	–	2.5
Total identifiable assets (4)	2.2	0.6	0.8	3.6	–	3.6

1. Sale of equipment to the Contractual Data Acquisition segment which is classified as discontinued operation.
2. “Eliminations and other” corresponded to general corporate expenses.
3. Capital expenditures included capitalized development costs of US$(8.1) million for the three months ended March 31, 2019. “Eliminations and other” corresponded to the variance of suppliers of assets for the three months ended March 31, 2019.
4. Capital employed and identifiable assets related to discontinued operations are included under the column “Eliminations and other”.

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