GlobeNewswire Inc | Nov 3, 2021 12:45PM EDT

November 03, 2021

CGG Announces its Q3 2021 Results

Solid Q3 quarterly performance

Segment Revenue at $270m, up 35% year-on-year

and Segment EBITDAs at $118m, more than doubled year-on-year

PARIS, France November 3, 2021 CGG (ISIN: FR0013181864), a world leader in Geoscience, announced today its third quarter 2021 non-audited results.

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

I am encouraged by our Q3 results and more importantly by the signs of the gradually increasing demand for our core businesses, supported by the strengthening macro-environment. Our differentiated products and services remain fundamental to solving our clients challenges in complex sub-surface environments, addressing their digitalization needs and reducing their environmental footprint. Beyond the core, we are developing and commercially progressing a growing portfolio of business opportunities targeting digital geoscience, energy transition, environmental geoscience, and infrastructure monitoring. These opportunities leverage our leadership technology positions in sophisticated algorithms, high performance computing, earth subsurface data base and sensors, all of which provide new growth for the company.

Q3 2021: A solid performance

# IFRS figures: revenue at $210m, EBITDAs at $58m, OPINC at $20m # Segment revenue at $270m, up 35% year-on-year and up 71% sequentially o Geoscience segment revenue at $77m, stable year-on-year and up 5% sequentially. o Multi-Client segment sales at $92m, up 26% year-on-year and up 149% sequentially. o Equipment segment sales at $101m, up 105% year-on-year and up 113% sequentially. # Segment EBITDAs at $118m a 44% margin and Adjusted* Segment EBITDAs at $118m, # Segment Operating Income at $33m and Adjusted* Segment Operating Income at $33m # Group Net Loss at $(17)m # Net Cash Flow at $(34)m.

9 months 2021: A progressive recovery

# IFRS figures: revenue at $591m, EBITDAs at $146m, OPINC at $5m # Segment revenue at $640m, down (5)% year-on-year # Segment EBITDAs at $195m a 31% margin due to low H1 activity and Adjusted^* Segment EBITDAs at $193m, # Segment Operating Income at $14m and Adjusted* Segment Operating Income at $6m # Group Net loss at $(148)m divided by two year on year # Net Cash Flow at $(61)m before $(40)m of fees related to the refinancing

Balance Sheet at the end of September

# The sale of the physical asset storage business and the sale and lease back of the headquarter building are progressing as planned # Liquidity of $340m and cash liquidity of $240m after reducing gross debt by $28m as part of refinancing. Net debt before IFRS 16 at $987m as of September 30, 2021

Post closing event

# The sale of the GeoSoftware business was completed on October 1^st 2021 for a total cash consideration of $95m

*Adjusted indicators represent supplementary information adjusted fornon-recurring charges triggered by economic downturn.

Key Figures - Third Quarter 2021

Key Figures - Quarter 2020 2021 Variances %In million $ Q3 Q3 Operating revenues 178 210 18% Operating Income (43) 20 - Equity from Investment - - - Net cost of financial debt (34) (27) (21)% Other financial income (loss) (12) - - Income taxes 1 (7) - Net Income / Loss from continuing operations (88) (14) (84)% Net Income / Loss from discontinued operations (5) (3) (44)% Group net income / (loss) (93) (17) 82% Operating Cash Flow 12 76 - Net Cash Flow (92) (34) 63% Net debt 910 1,113 22% Net debt before lease 749 987 32% Capital employed 2,172 2,140 (1)%

Key Figures 9 months 2021

Key Figures IFRS ? 9 months 2020 2021 Variances %In million $ 9 MONTHS 9 MONTHS Operating revenues 669 591 (12)% Operating Income (115) 5 - Equity from Investment - - - Net cost of financial debt (100) (94) (5)% Other financial income (loss) (42) (42) (1)% Income taxes (37) (19) (48)% Net Income / Loss from continuing operations (293) (150) (49)% Net Income / Loss from discontinued operations (45) 2 - Group net income / (loss) (338) (148) 56% Operating Cash Flow 238 235 (1)% Net Cash Flow (152) (61) 60% Net debt 910 1,113 22% Net debt before lease liabilities 749 987 32% Capital employed 2,172 2,140 (1)%

Key Segment Figures - Third Quarter 2021

Key Segment Figures - Quarter 2020 2021 Variances %In million $ Q3 Q3 Segment revenue 199 270 35% Segment EBITDAs 52 118 - Group EBITDAs margin 26% 44% 18 bps Segment operating income (38) 33 - Opinc margin (19%) 12% 31 bps IFRS 15 adjustment (5) (13) - IFRS operating income (43) 20 - Operating Cash Flow 12 76 - Segment Net Cash Flow (92) (34) 63% Supplementary information Adjusted segment EBITDAs before NRC 80 118 47% EBITDAs margin 40% 44% 3 bps Adjusted segment operating income before NRC (4) 33 - Opinc margin (2%) 12% 14 bps

Key Segment Figures 9 months 2021

Key Segment Figures ? 9 months 2020 2021 Variances %In million $ 9 MONTHS 9 MONTHS Segment revenue 672 640 (5)% Segment EBITDAs 243 195 (20)% Group EBITDAs margin 36% 31% (6) bps Segment operating income (122) 14 - Opinc margin (18%) 2% 20 bps IFRS 15 adjustment 7 (9) - IFRS operating income (115) 5 - Operating Cash Flow 238 235 (1)% Net Segment Cash Flow (152) (61) 60% Supplementary information Adjusted segment EBITDAs before NRC 281 193 (31)% EBITDAs margin 42% 30% (12) bps Adjusted segment operating income before NRC 32 6 (82)% Opinc margin 5% 1% (4) bps

Key figures bridge: Segment to IFRS - Third Quarter 2021

P&L items Segment IFRS 15 IFRSIn million $ figures adjustment figures Total Revenue 270 (59) 210 OPINC 33 (13) 20 Cash Flow Statement items Segment IFRS 15 IFRSIn million $ figures adjustment figures EBITDAs 118 (59) 58 Change in Working Capital & (48) 59 11Provisions Cash Provided by Operations 76 - 76 Multi-Client Data Library NBV Segment IFRS 15 IFRSIn million $ figures adjustment figuresOpening Balance Sheet , Jun 21 313 203 516Closing Balance Sheet , Sep 21 311 245 556

Key figures bridge: Segment to IFRS 9 months 2021

P&L items Segment IFRS 15 IFRSIn million $ figures adjustment figures Total Revenue 640 (49) 591 OPINC 14 (9) 5 Cash Flow Statement items Segment IFRS 15 IFRSIn million $ figures adjustment figures EBITDAs 195 (49) 146 Change in Working Capital & 39 49 88Provisions Cash Provided by Operations 235 - 235 Multi-Client Data Library NBV Segment IFRS 15 IFRSIn million $ figures adjustment figuresOpening Balance Sheet , Jan 1^st 21 285 207 492Closing Balance Sheet , Sep 30^th 21 311 245 556

Third Quarter 2021 Segment Financial Results

Geology, Geophysics & Reservoir (GGR)

Geology, Geophysics & Reservoir (GGR) 2020 2021 Variances %In million $ Q3 Q3 Segment revenue 150 168 12% Geoscience (SIR) 77 77 - Multi-Client 73 92 26% Prefunding 39 59 51% After-Sales 34 32 (4)% Segment EBITDAs 56 106 88% EBITDAs Margin 38% 63% 25 bps Segment operating income (25) 30 - OPINC Margin (16%) 18% 34 bps Equity from investments - - - Capital employed (in billion $) 1.7 1.6 (3)% Supplementary information Adjusted segment EBITDAs before NRC 85 107 26% EBITDAs Margin 57% 63% 6 bps Adjusted segment OPINC before NRC 10 30 - OPINC Margin 6% 18% 12 bps Other Key Metrics Multi-Client cash capex ($m) (58) (57) 1% Multi-Client cash prefunding rate (%) 68% 103% 36 bps

GGR segment revenue was $168 million, up 12% year-on-year and up 53% sequentially.

-- Geoscience revenue was $77 million, stable year-on-year and up 5% sequentially.

Market recovery is accelerating driven by high-end marine & OBN projects for reservoir optimization mainly for IOCs. At the end of September total order intakes were up 10% year-on-year and up more than 50% sequentially. Demand for technology remains strong as projects are mainly dedicated to reservoir optimization and near-field exploration.

Beyond the core new businesses activity is improving with commercial bids related to beyond the core representing more than 10% of total Geoscience bids pending at the end of September.

-- Multi-Client revenue was $92 million, up 26% year-on-year and up 149% sequentially.

Multi-client cash capex was $(57) million this quarter, stable year-on-year and dedicated to marine multi-client programs only. In Q3 we had three vessels working on multi-client programs, two on a five-month 3D multi-client program in the Norwegian North Sea and one in Brazil on our on-going Nebula project.We also had 5 reprocessings projects this quarter including a new one in the US Gulf of Mexico.

Prefunding revenue of our multi-client projects was $59 million, up 51% year-on-year and prefunding rate was 103%.

Multi-client after-sales were at $32 million this quarter, down (4)% year-on-year.

The segment library Net Book Value was $311 million ($556 million after IFRS 15 adjustments) at the end of September 2021, split 89% offshore and 11% onshore.

GGR segment EBITDAs was $106 million, a strong 63% margin, and GGR Adjusted* segment EBITDAs was $107 million.

GGR segment operating income was $30 million.

GGR capital employed decreased to $1.6 billion at the end of September 2021.

Equipment

Equipment 2020 2021 Variances %In million $ Q3 Q3 Segment revenue 50 101 105% Land 31 40 28% Marine 15 55 - Downhole gauges 2 2 28% Non Oil & Gas 3 4 52% Segment EBITDAs (1) 17 - EBITDAs margin (1%) 17% 18 bps Segment operating income (9) 9 - OPINC Margin (18%) 9% 27 bps Capital employed (in billion $) 0.6 0.6 - Supplementary information Adjusted segment EBITDAs before NRC (0) 17 - EBITDAs margin (0%) 17% 17 bps Adjusted segment OPINC before NRC (9) 9 -OPINC margin (17)% 9% 26 bpsEquipEOment 2020 2021 Variances %In million $ Q3 Q3

Equipment segment revenue was $101 million, up 105% year-on-year and up 113% sequentially.

-- Land equipment sales were $40 million, i.e. 40% of total sales, as we delivered in China, Russia, North Africa and India. -- Marine equipment sales were $55 million, representing 54% of total sales, due to scheduled delivery of 18,000 GPR300 nodes. -- Downhole equipment sales were $2 million and sales of non Oil & Gas equipment were $4 million with first commercial project for S-scan railtrack monitoring solution.

Equipment segment EBITDAs was $17 million, a 17% margin.

Equipment segment operating income was $9 million, a 9% margin.

Equipment capital employed stabled at $0.6 billion at the end of September 2021.

Third Quarter 2021 Financial Results

Consolidated Income Statements 2020 2021 Variances %In million $ Q3 Q3 Exchange rate euro/dollar 1.17 1.19 2% Segment revenue 199 270 35% GGR 150 168 12% Equipment 50 101 105% Elim & Other (1) (0) - Segment Gross Margin 27 63 137% Segment EBITDAs 52 118 126% GGR 85 107 26% Equipment (0) 17 - Corporate (5) (5) - Elim & Other 1 (1) - COVID-19 plan (28) (0) - Segment operating income (38) 33 186% GGR 10 30 - Equipment (9) 9 - Corporate (6) (5) 10% Elim & Other 1 (2) - Non recurring charges (34) (1) 98% IFRS 15 adjustment (5) (13) - IFRS operating income (43) 20 - Equity from investments - - - Net cost of financial debt (34) (27) 21% Other financial income (loss) (4) (0) 99% Income taxes 1 (7) - NRC (Tax & OFI) (8) - - Net income / (loss) from continuing operations (88) (14) 84% Net income / (loss) from discontinued operations (5) (3) 44% IFRS net income / (loss) (93) (17) 82% Shareholder's net income / (loss) (93) (17) 82% Basic Earnings per share in $ (0.13) (0.02) 82% Basic Earnings per share in ? (0.11) (0.02) 82%

Segment revenue was $270 million, up 35% year-on-year and up 71% sequentially. The respective contributions from the Groups businesses were 28% from Geoscience, 34% from Multi-Client (62% for the GGR segment) and 38% from Equipment.

Segment EBITDAs was $118 million, up 126% year-on-year, a solid 44% margin and Adjusted* segment EBITDAs was $118 million, up 47% year-on-year.

Segment operating income was $33 million up 186% year-on-year, a 12% margin and Adjusted* segment operating income was $33 million.

IFRS 15 adjustment at operating income level was $(13)million and IFRS operating income, after IFRS 15 adjustment, was $20 million.

Cost of financial debt was $(27) million.

Taxes were at $(7) million.

Net loss from continuing operations was $(14) million.

Q3 2021 Discontinued operations : Correspond to the former Contractual DataAcquisition and Non-Operated Resources segments. Main aggregates are asfollows:

- Revenue from discontinued operations was $0 million.

- Net loss from discontinued operations was $(3) million.

- Net Cash flow from discontinued operations was $(15) million.

Group net loss was $(17) million.

After minority interests,Group net loss attributable to CGGshareholders was $(17) million/ (15) million.

Third Quarter 2021 Cash Flow

Cash Flow items 2020 2021 VariancesIn million $ Q3 Q3 % Segment Operating Cash Flow 12 76 - CAPEX (71) (73) 2% Industrial (5) (8) 47% R&D (8) (7) (7)% Multi-Client (Cash) (58) (57) (1)% Marine MC (56) (57) 1% Land MC (2) (0) (74)% Proceeds from disposals of assets (0) (1) - Segment Free Cash Flow (59) 2 - Lease repayments (15) (14) (4)% Paid Cost of debt (7) (0) (96)% Plan 2021 (19) (7) (64)% Free cash flow from discontinued operations 7 (15) - Net Cash flow (92) (34) 63% Financing cash flow (5) (2) (60)% Forex and other 16 (9) - Net increase/(decrease) in cash (81) (45) 44% Supplementary information Change in working capital andprovisions, included in Segment (37) (48) 30%Operating Cash FlowFrom severance cash costs (7) (5) 28%Segment Free Cash Flow before severance cash costs (52) 7 113%

Segment Operating Cash Flow was $76 million.

Total capex was $(73) million:

-- Industrial capex was $(8) million, -- Research & Development capex was $(7) million, -- Multi-client cash capex was $(57) million

Segment Free Cash Flow was $2 million.

Net Cash Flow was $(34) million, after $(14) million lease repayments, $(0) million paid cost of debt, $(7) million 2021 Plan cash costs and $(15) million free cash flow from discontinued operations

9 months 2021 Financial Results

Consolidated Income Statements YTD September YTD September VariancesIn million $ 2020 2021 % Exchange rate euro/dollar 1.12 1.20 7% Segment revenue 672 640 (5)% GGR 492 379 (23)% Equipment 183 262 43% Elim & Other (2) (1) 66% Segment Gross Margin 124 89 (28)% Segment EBITDAs 243 195 (20)% GGR 289 187 (35)% Equipment 9 25 - Corporate (17) (13) 23% Elim & Other (0) (6) - COVID-19 plan (38) 2 - Segment operating income (122) 14 - GGR 66 26 (60)% Equipment (15) 1 - Corporate (19) (16) 18% Elim & Other (0) (6) - Non recurring charges (154) 9 - IFRS 15 adjustment 7 (9) - IFRS operating income (115) 5 - Equity from investments - - - Net cost of financial debt (100) (94) (5)% Other financial income (loss) 3 (42) - Income taxes (28) (19) (32)% NRC (Tax & OFI) (53) - - Net income / (loss) from continuing (293) (150) 49%operations Net income / (loss) from discontinued (45) 2 -operations IFRS net income / (loss) (338) (148) 56% Shareholder's net income / (loss) (340) (150) 56% Basic Earnings per share in $ (0.48) (0.21) 56% Basic Earnings per share in ? (0.43) (0.21) 56%

Segment revenue for the first 9 months 2021 was $640 million, down (5)% compared to last year. The respective contributions from the Groups businesses were 34% from Geoscience, 25% from Multi-Client (59% for the GGR segment) and 41% from Equipment.

GGR segment revenue was $379 million, down (23)% year-on-year

-- Geoscience revenue was $216 million, down (15)% year-on-year -- Multi-Client sales reached $163 million, down (32)% year-on-year. Prefunding revenue was $92 million, down (36)% year-on-year. Multi-Client cash capex was $(131) million, down (34)% year-on-year. Cash prefunding rate was 70%.After-sales were $71 million, down (26)%.

Equipment revenue was $262 million, up 43% year-on-year.

Segment EBITDAs was $195 million, down (20)% year-on-year, a 31% margin. GGR EBITDA margin due to low H1 activity. GGR EBITDA margin was 49% and Equipment EBITDA margin was 9%.

Segment operating income was $14 million.

IFRS 15 adjustment at operating income level was $(9) million andIFRS operating income, after IFRS 15 adjustment, was $5 million.

Cost of financial debt was $(94) million. The total amount of interest paid at the end of September was $(37) million.

Other Financial Items were $(42) million, including $(40) million of fees related to the refinancing.

Taxes were at $(19) million.

Net income from continuing operations was $(150) million.

YTD September Discontinued operations :

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

-Revenue from discontinued operations was $19 million.

-Net income from discontinued operations was $2 million.

-Net Cash flow from discontinued operations was $(14) million.

Group net loss was $(148) million.

After minority interests,Group loss attributable to CGGsshareholders at the end of September 2021 was $(150) million / (125) million.

Cash Flow

Cash Flow items YTD YTD VariancesIn million $ September September % 2020 2021 Segment Operating Cash Flow 238 235 (1)% CAPEX (248) (172) (31)% Industrial (18) (17) (3)% R&D (32) (24) (26)% Multi-Client (Cash) (198) (131) (34)% Marine MC (169) (130) (23)% Land MC (29) (1) (95)% Proceeds from disposals of assets (0) (4) - Segment Free Cash Flow (9) 59 - Lease repayments (44) (44) Paid Cost of debt (47) (37) (21)% Plan 2021 (69) (26) (63)% Free cash flow from discontinued operations 17 (14) - Net Cash flow (152) (61) 60% Financing cash flow (5) (69) - Forex and other 11 (15) - Net increase/(decrease) in cash (146) (146) Supplementary information Change in working capital andprovisions, included in (1) 39 -Segment Operating Cash FlowFrom severance cash costs (11) (17) (53)%Segment Free Cash Flow before severance cash 1 76 -costs

Segment Operating Cash Flow was $235 million compared to $238 million for the 9 months of 2020, stable year-on-year.

Capex was $(172) million, (31)% decrease year-on-year,

-- Industrial capex was $(17) million, (3)% decrease year-on-year, -- Research & Development capex was $(24) million, (26)% decrease year-on-year, -- Multi-client cash capex was $(131) million, (34)% decrease year-on-year.

Segment Free Cash Flow was at $59 million compared to $(9) million in 2020.

After the lease repayments of $(44) million, CGG 2021 Plan cash costs of $(26) million, Paid cost of debt of $(37) million and Free cash flow from discontinued operations of $(14) million,GroupNet Cash Flow was $(61) million, compared to $(152) million for the 9 months of 2020.

Refinancing impact on cash flow was $(69) million, including $(40) million refinancing fees and call premiums, and $(28) million net reduction in principal.

Balance Sheet

Groups liquidity amounted to $340 million at the end of September 30, 2021 and cash liquidity of $240m after reducing gross debt by $28m as part of refinancing.

Groupgross debtbefore IFRS16was $1,226 million at the end of September 30, 2021 and net debt was $987 million.

Groupgross debtafter IFRS16 was $1,353 million at the end of September 30, 2021 and net debt was $1,113 million.

Segment leverage ratio ofNet debt to Adjusted segment EBITDAs was 3.5x at the end of September 2021.

Q3 2021 Conference call

-- The press release and the slide presentation are available on our website www.cgg.com -- An English language analysts conference call is scheduled today at 6.30 pm (CET)

To follow the conference call, please access the audio webcast from your computer at www.cgg.com

Please dial 5 to 10 minutes prior to the scheduled start time the following numbers:

France call-in: +33(0) 1 70 70 07 81UK call-in: +44(0) 8444819 752US call-in: +1646 7413 167Access Code: 104 45 17

A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company's website www.cgg.com.

About CGG

CGG (www.cgg.com) is a global geoscience technology leader. Employing around 3,700 people worldwide, CGG provides a comprehensive range of data, products, services and solutions that support our clients to more efficiently and responsibly solve complex natural resource, environmental and infrastructure challenges. CGG is listed on the Euronext Paris SA (ISIN: 0013181864).

Contacts

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

CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2021

Unaudited Interim Consolidated statements of operations

Nine months ended September 30,(In millions of US$, except per share data) 2021 2020Operating revenues 590.6 668.9Other income from ordinary activities 0.5 0.5Total income from ordinary activities 591.1 669.4Cost of operations (511.5) (538.4)Gross profit 79.6 131.0Research and development expenses - net (15.5) (12.9)Marketing and selling expenses (22.3) (25.2)General and administrative expenses (46.2) (52.9)Other revenues (expenses) - net 9.6 (154.8)Operating income (loss) 5.2 (114.8)Expenses related to financial debt (95.2) (101.6)Income provided by cash and cash equivalents 0.9 1.9Cost of financial debt, net (94.3) (99.7)Other financial income (loss) (42.1) (41.8)Income (loss) before incomes taxes (131.2) (256.3)Income taxes (19.0) (36.8)Net income (loss) from consolidated companies before share ofincome (loss) in companies accounted for under the equity (150.2) (293.1)methodShare of income (loss) in companies accounted for under the 0.0 0.1equity methodNet income (loss) from continuing operations (150.2) (293.0)Net income (loss) from discontinued operations 2.1 (45.0)Net income (loss) (148.1) (338.0)Attributable to : Owners of CGG S.A (149.8) (339.6)Non-controlling interests 1.7 1.6Net income (loss) per share Basic (0.21) (0.48)Diluted (0.21) (0.48)Net income (loss) from continuing operations per share Basic (0.21) (0.41)Diluted (0.21) (0.41)Net income (loss) from discontinued operations per share Basic 0.00 (0.06)Diluted 0.00 (0.06)

Unaudited Consolidated statements of financial position

(In millions of US$) September December 30, 2021 31, 2020ASSETS Cash and cash equivalents 239.7 385.4Trade accounts and notes receivable, net 273.4 325.0Inventories and work-in-progress, net 215.6 237.8Income tax assets 77.5 84.6Other current financial assets, net 1.7 13.7Other current assets, net 85.3 92.0Assets held for sale, net 137.7 117.7Total current assets 1,030.9 1,256.2Deferred tax assets 3.0 10.3Investments and other financial assets, net 15.6 13.6Investments in companies under the equity method 3.1 3.6Property, plant and equipment, net 221.2 268.1Intangible assets, net 691.6 639.2Goodwill, net 1,188.5 1,186.5Total non-current assets 2,123.0 2,121.3TOTAL ASSETS 3,153.9 3,377.5LIABILITIES AND EQUITY Bank overdrafts - 0.2Financial debt ? current portion 87.0 58.6Trade accounts and notes payables 86.7 96.7Accrued payroll costs 107.8 106.6Income taxes payable 34.9 56.8Advance billings to customers 27.3 19.5Provisions? current portion 18.7 52.7Other current financial liabilities 19.1 34.4Other current liabilities 335.6 278.6Liabilities directly associated with the assets classified 7.8 13.0as held for saleTotal current liabilities 724.9 717.1Deferred tax liabilities 18.3 16.3Provisions? non-current portion 43.9 51.8Financial debt ? non-current portion 1,265.8 1,330.3Other non-current financial liabilities 38.7 53.0Other non-current liabilities 35.0 44.4Total non-current liabilities 1,401.7 1,495.8Common stock: 1,191,533,002 shares authorized and 711 662205 shares with a ?0.01 nominal value outstanding at 8.7 8.7September 30, 2021Additional paid-in capital 464.1 1,687.1Retained earnings 595.2 (480.6)Other Reserves (11.1) (37.3)Treasury shares (20.1) (20.1)Cumulative income and expense recognized directly in equity 0.2 (0.7)Cumulative translation adjustment (54.0) (37.4)Equity attributable to owners of CGG S.A. 983.0 1,119.7Non-controlling interests 44.3 44.9Total equity 1,027.3 1,164.6TOTAL LIABILITIES AND EQUITY 3,153.9 3,377.5

Unaudited Consolidated statements of cash flows

Nine months ended September 30,(In millions of US$) 2021 2020OPERATING Net income (loss) (148.1) (338.0)Less: Net income (loss) from discontinued operations (2.1) 45.0Net income (loss) from continuing operations (150.2) (293.0)Depreciation, amortization and impairment 76.9 136.5Multi-client surveys impairment and amortization 77.5 227.4Depreciation and amortization capitalized in Multi-client (12.9) (13.2)surveysVariance on provisions (32.3) 22.5Share-based compensation expenses (0.7) 3.9Net (gain) loss on disposal of fixed and financial assets (0.3) ?Equity (income) loss of investees ? (0.1)Dividends received from investments in companies under the ? ?equity methodOther non-cash items 42.2 41.8Net cash-flow including net cost of financial debt and 0.2 125.8income taxLess: net cost of financial debt 94.3 99.7Less: income tax expense (gain) 19.0 36.8Net cash-flow excluding net cost of financial debt and 113.5 262.3income taxIncome tax paid 1.2 (3.4)Net cash-flow before changes in working capital 114.7 258.9Changes in working capital 120.5 (20.5)- change in trade accounts and notes receivable 110.6 70.6- change in inventories and work-in-progress 12.9 (34.8)- change in other current assets (12.2) (6.1)- change in trade accounts and notes payable (6.1) (14.9)- change in other current liabilities 15.3 (35.3)Net cash-flow provided by operating activities 235.2 238.4INVESTING Total capital expenditures (including variation of fixed (40.9) (49.8)assets suppliers, excluding Multi-client surveys)Investment in Multi-client surveys, net cash (131.0) (198.0)Proceeds from disposals of tangible and intangible assets 0.2 0.3Total net proceeds from financial assets (2.4) ?Acquisition of investments, net of cash and cash equivalents (1.9) (0.4)acquiredVariation in loans granted ? ?Variation in subsidies for capital expenditures ? ?Variation in other non-current financial assets (2.3) 12.0Net cash-flow used in investing activities (178.3) (235.9)

Nine months ended September 30,(In millions of US$) 2021 2020FINANCING Repayment of long-term debt (1,227.5) (5.2)Total issuance of long-term debt 1,160.0 ?Lease repayments (43.7) (43.6)Change in short-term loans (0.2) ?Financial expenses paid (36.7) (46.5)Loans granted (1.7) Net proceeds from capital increase: ?from shareholders ? ??from non-controlling interests of integrated ? ?companiesDividends paid and share capital reimbursements: ?to shareholders ? ??to non-controlling interests of integrated (3.6) (7.2)companiesAcquisition/disposal from treasury shares ? ?Net cash-flow provided by (used in) financing (153.4) (102.5)activitiesEffects of exchange rates on cash (8.0) 6.5Impact of changes in consolidation scope ? ?Net cash flows incurred by discontinued operations (41.2) (52.5)Net increase (decrease) in cash and cash (145.7) (146.0)equivalentsCash and cash equivalents at beginning of year 385.4 610.5Cash and cash equivalents at end of period 239.7 464.5

Attachment

-- CGG - Press Release pdf version