Analysis by segment
2017 | ||||||||||||||||||||||||
Contractual Data Acquisition |
Non Operated Resources |
GGR | Equipment | Eliminations And other |
Consolidated Total |
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(In millions of US$, except for assets and capital employed in billions of US$) |
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Revenues from unaffiliated customers |
284.9 | — | 819.6 | 215.5 | — | 1,320.0 | ||||||||||||||||||
Inter-segment revenues |
3.8 | — | — | 25.7 | (29.5 | ) | — | |||||||||||||||||
Operating revenues |
288.7 | — | 819.6 | 241.2 | (29.5 | ) | 1,320.0 | |||||||||||||||||
Depreciation and amortization (excluding multi-client surveys) | (43.9 | ) | (19.8 | ) | (87.5 | ) | (29.8 | ) | (0.2 | ) | (181.2 | ) | ||||||||||||
Depreciation and amortization of multi-client surveys | — | — | (297.7 | ) | — | — | (297.7 | ) | ||||||||||||||||
Operating income |
(91.4 | ) | (220.4 | ) | 130.7 | (35.9 | ) | (46.5 | ) | (263.5 | ) | |||||||||||||
Share of income in companies accounted for under equity method(1) | (11.2 | ) | (8.5 | ) | (0.4 | ) | — | — | (20.1 | ) | ||||||||||||||
Earnings before interest and tax(2) |
(102.6 | ) | (228.9 | ) | 130.3 | (35.9 | ) | (46.5 | ) | (283.6 | ) | |||||||||||||
Capital expenditures (excluding multi-client surveys)(3) | 17.0 | — | 45.0 | 22.2 | (3.0 | ) | 81.2 | |||||||||||||||||
Investments in multi-client surveys, net cash |
— | — | 251.0 | — | — | 251.0 | ||||||||||||||||||
Capital employed |
0.3 | 0.1 | 2.2 | 0.6 | — | 3.2 | ||||||||||||||||||
Total identifiable assets |
0.5 | 0.1 | 2.6 | 0.7 | — | 3.9 | ||||||||||||||||||
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(1) |
Share of operating results of companies accounted for under equity method was US$(11.9) million for the year ended December 31, 2017. |
(2) |
At the group level, Operating Income and EBIT before costs related to the Transformation Plan amounted to US$(77.2) million and US$(97.3) million respectively, for the year ended December 31, 2017. |
For the year ended December 31, 2017, Non-Operated Resources EBIT included US$(186.3) million relating to the Transformation Plan.
For the year ended December 31, 2017, GGR EBIT also included US$(23.1) million impairment of multi-client surveys. Since 2016 and the application of IAS 38 amended, CGG no longer apply a straight-line amortization scheme for multi-client surveys.
For the year ended December 31, 2017, “eliminations and other” included US$(37.8) million of general corporate expenses and US$(8.7) million of intra-group margin.
(3) |
Capital expenditures included capitalized development costs of US$(34.1) million for the year ended December 31, 2017. “Eliminations and other” corresponded to the variance of suppliers of assets for the year ended December 31, 2017. |
2016 | ||||||||||||||||||||||||
Contractual Data Acquisition |
Non Operated Resources |
GGR | Equipment | Eliminations And other |
Consolidated Total |
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(In millions of US$, except for assets and capital employed in billions of US$) |
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Revenues from unaffiliated customers |
232.2 | — | 784.0 | 179.3 | — | 1,195.5 | ||||||||||||||||||
Inter-segment revenues |
5.8 | — | — | 75.7 | (81.5 | ) | — | |||||||||||||||||
Operating revenues |
238.0 | — | 784.0 | 255.0 | (81.5 | ) | 1,195.5 | |||||||||||||||||
Depreciation and amortization (excluding multi-client surveys) | (62.7 | ) | (93.5 | ) | (101.1 | ) | (35.5 | ) | (0.4 | ) | (293.2 | ) | ||||||||||||
Depreciation and amortization of multi-client surveys | — | — | (417.2 | ) | — | — | (417.2 | ) | ||||||||||||||||
Operating income |
(98.9 | ) | (170.0 | ) | (15.9 | ) | (41.9 | ) | (69.8 | ) | (396.5 | ) | ||||||||||||
Share of income in companies accounted for under equity method(1) | (6.0 | ) | — | (2.2 | ) | — | — | (8.2 | ) | |||||||||||||||
Earnings before interest and tax(2) |
(104.9 | ) | (170.0 | ) | (18.1 | ) | (41.9 | ) | (69.8 | ) | (404.7 | ) | ||||||||||||
Capital expenditures (excluding multi-client surveys)(3) | 27.7 | — | 60.1 | 12.4 | 4.3 | 104.5 | ||||||||||||||||||
Investments in multi-client surveys, net cash | — | — | 295.1 | — | — | 295.1 | ||||||||||||||||||
Capital employed |
0.4 | 0.2 | 2.3 | 0.6 | — | 3.5 | ||||||||||||||||||
Total identifiable assets |
0.6 | 0.4 | 2.5 | 0.7 | 0.1 | 4.3 | ||||||||||||||||||
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(1) |
Share of operating results of companies accounted for under equity method was US$(6.9) million for the year ended December 31, 2016. |
(2) |
At the group level, Operating Income and EBIT before costs related to the Transformation Plan and impairments amounted to US$(212.7) million and US$(220.9) million respectively, for the year ended December 31, 2016. |
For the year ended December 31, 2016, Contractual Data Acquisition EBIT included US$(0.8) million relating to other intangible assets impairment;
For the year ended December 31, 2016, Non-Operated Resources EBIT included US$(54.3) million relating to the Transformation Plan and US$(31.4) million relating to vessels impairment.
For the year ended December 31, 2016, GGR EBIT also included US$(96.8) million impairment of multi-client surveys and US$(0.5) million relating to tangible assets impairment.
For the year ended December 31, 2016, “eliminations and other” included US$(33.2) million of general corporate expenses and US$(36.6) million of intra-group margin.
(3) |
Capital expenditures included capitalized development costs of US$(34.0) million for the year ended December 31, 2016. “Eliminations and other” corresponded to the variance of suppliers of assets for the year ended December 31, 2016. |
2015 | ||||||||||||||||||||||||
Contractual Data Acquisition |
Non Operated Resources |
GGR | Equipment | Eliminations And other |
Consolidated Total |
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(In millions of US$, except for assets and capital employed in billions of US$) |
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Revenues from unaffiliated customers |
593.2 | — | 1,107.6 | 400.1 | — | 2,100.9 | ||||||||||||||||||
Inter-segment revenues |
22.3 | — | — | 37.2 | (59.5 | ) | — | |||||||||||||||||
Operating revenues |
615.5 | — | 1,107.6 | 437.3 | (59.5 | ) | 2,100.9 | |||||||||||||||||
Depreciation and amortization (excluding multi-client surveys) | (653.4 | ) | (28.6 | ) | (586.9 | ) | (41.7 | ) | — | (1,310.6 | ) | |||||||||||||
Depreciation and amortization of multi-client surveys | — | — | (369.5 | ) | — | — | (369.5 | ) | ||||||||||||||||
Operating income |
(674.5 | ) | (235.8 | ) | (204.0 | ) | 25.9 | (69.2 | ) | (1,157.6 | ) | |||||||||||||
Share of income in companies accounted for under equity method(1) | 21.7 | — | (0.3 | ) | — | — | 21.4 | |||||||||||||||||
Earnings before interest and tax(2) |
(652.8 | ) | (235.8 | ) | (204.3 | ) | 25.9 | (69.2 | ) | (1,136.2 | ) | |||||||||||||
Capital expenditures (excluding multi-client surveys)(3) | 34.3 | — | 73.2 | 23.1 | 15.0 | 145.6 | ||||||||||||||||||
Investments in multi-client surveys, net cash | — | — | 284.6 | — | — | 284.6 | ||||||||||||||||||
Capital employed |
0.7 | 0.1 | 2.5 | 0.6 | — | 3.9 | ||||||||||||||||||
Total identifiable assets |
0.9 | 0.3 | 2.9 | 0.8 | 0.1 | 5.0 | ||||||||||||||||||
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(1) |
Share of operating results of companies accounted for under equity method was US$38.3 million for the year ended December 31, 2015. |
(2) |
At the group level, Operating Income and EBIT before costs related to the Transformation Plan and impairments amounted to US$60.9 million and US$82.3 million respectively, for the year ended December 31, 2015. |
For the year ended December 31, 2015, Contractual Data Acquisition EBIT included:
(i) | US$(365.0) million of marine goodwill depreciation; |
(ii) | US$(110.0) million relating to impairment of marine equipment; |
(iii) | US$(33.0) million relating to other intangible assets impairment; |
(iv) | US$(10.9) million relating to tangible assets impairment. |
For the year ended December 31, 2015, Non-Operated Resources EBIT included US$(207.8) million relating to the Transformation Plan.
For the year ended December 31, 2015, GGR EBIT also included:
(i) | US$(438.8) million related to GGR CGUs goodwill depreciation; |
(ii) | US$(41.8) million impairment of multi-client surveys; |
(iii) | US$(11.2) million impairment of intangibles assets. |
For the year ended December 31, 2015, “eliminations and other” included US$(38.6) million of general corporate expenses and US$(30.6) million of intra-group margin.
(3) |
Capital expenditures included capitalized development costs of US$(41.5) million for the year ended December 31, 2015. “Eliminations and other” corresponded to the variance of suppliers of assets for the year ended December 31, 2015. |