March 6, 2020 / 6:19 AM / in 24 days

BRIEF-CGG Q4 Operating Loss Turns to Profit Of 74.3 Million Dollars

March 6 (Reuters) - CGG SA:

* Q4 IFRS FIGURES: REVENUE AT $426M, OPINC AT $74M, NET INCOME AT $26M

* Q4 SEGMENT EBITDAS AT $206M, DOWN 12% YEAR-ON-YEAR , A HIGH 52% MARGIN DRIVEN BY SOLID PROFITABILITY OF ALL BUSINESSES

* Q4 GROUP REVENUE $425.8 MILLION VERSUS $ 370.2 MILLION YEAR AGO

* Q4 SEGMENT REVENUE AT $396M, DOWN 9% YEAR-ON-YEAR

* Q4 OPERATING INCOME $74.3 MILLION VERSUS LOSS OF $ 282.4 MILLION YEAR AGO

* OUTLOOK 2020: MID-SINGLE DIGIT SEGMENT REVENUE GROWTH COMPARED TO 2019, EXCLUDING ONE-OFF TRANSFER FEES OF $50M, ASSUMING LIMITED IMPACT OF CORONAVIRUS (COVID-19)

* Q4 NET CASH FLOW OF $6M

* Q4 GROUP NET INCOME $25.9 MILLION VERSUS LOSS OF $ 790.0 MILLION YEAR AGO

* OUTLOOK 2020: EBITDAS MARGIN STABLE AT AROUND 50% COMPARED TO 2019, EXCLUDING POSITIVE IMPACT OF ONE-OFF TRANSFER FEES

* Q4 FREE CASH FLOW $108.0 MILLION VERSUS $ 47.6 MILLION YEAR AGO

* OUTLOOK 2020: OPINC MARGIN STABLE AT AROUND 15% COMPARED TO 2019, EXCLUDING POSITIVE IMPACT OF ONE-OFF TRANSFER FEES AND INCLUDING HIGHER MULTI-CLIENT AMORTIZATION OF AROUND $350M

* Q4 NET DEBT $583.8 MILLION VERSUS $ 732.6 MILLION YEAR AGO

* OUTLOOK 2020: INVESTMENTS OF $365-400M, A $100-125M$ INCREASE YEAR-ON-YEAR

* WE ARE ON TRACK TO ACHIEVING OUR 2021 STRATEGIC AND FINANCIAL TARGETS - CEO

* OUTLOOK 2020: SOLID CASH GENERATION, WITH SEGMENT FREE CASH FLOW IN RANGE OF $175-200M, INCLUDING $100-125M INCREASE IN INVESTMENTS AND NEGATIVE CHANGE IN WORKING CAPITAL OF C. $(80)M REFLECTING RETURN TO USUAL SEASONALITY PROFILE WITH STRONG Q4 MULTI-CLIENT AND EQUIPMENT SALES

* Q4 LEVERAGE RATIO NET DEBT/ EBITDAS AT 0.9X (BEFORE IFRS 16)

* OUTLOOK 2020: POSITIVE NET CASH FLOW INCLUDING $(70)M PLAN 2021 CASH COSTS AND CASH COSTS OF DEBT

* OUTLOOK 2020: MULTI-CLIENT CASH CAPEX AT $275-300M WITH CASH PREFUNDING RATE ABOVE 75%, SUSTAINED BY SOLID PIPELINE OF WELL-PREFUNDED MULTI-CLIENTS PROGRAMS

* OUTLOOK 2020: INDUSTRIAL AND RESEARCH AND DEVELOPMENT CAPEX AT $90-100M Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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