Paris-CGG Daily Value predicts 2022 Ebitda above its November estimates
(AOF) – CGG rose 2.60% to 0.702 euro after having revised its 2022 financial objectives upwards. The French company specializing in underground exploration announces that its EBITDA should be higher than the latest information communicated on November 2 last. She had issued a warning at the time, which had plunged its title by 24%. Two months ago, CGG announced that it was targeting 2022 business EBITDA of around $380 million, up 10% and 15% pro-forma.
The turnover of the group’s activities for the year 2022 should be around 931 million dollars, up 3% pro forma over one year. It is higher than the November estimates: 900 million dollars.
Fourth-quarter 2022 CGG Group business revenue is expected to be around $321 million, up 48% sequentially and up 8% proforma year-on-year, driven in particular by strong after-sales in the Gulf of Mexico and Scandinavia and by deliveries plus additional equipment in December.
CGG also anticipates positive net cash flow of approximately $61 million in the fourth quarter of 2022, including the proceeds from the disposal of the US terrestrial data library and a slightly negative net cash flow of $4 million for the whole year 2022.
The French group forecasts at the end of December 2022 available cash of 298 million dollars, not including 100 million dollars of undrawn revolving credit facilities (RCF).
CGG expects net debt before IFRS 16 at the end of December 2022 to be around $859 million. Net debt after IFRS 16 will be around $951 million.
On March 2, 2023, after market close, CGG will present its fourth quarter results and its audited results for the year 2022 after their approval by the Board of Directors.
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