CGPVF - CGG Announces its Q1 2024 Results
Very strong start to the year
Revenue at $273m, up 30% y-o-y
ADJUSTED EBITDAs at $106m, up 58% y-o-y
Net Cash-Flow at $30m
PARIS, France – May 14, 2024 – CGG (ISIN: FR0013181864), a global technology and high-performance computing leader , announced today its first quarter 2024 non-audited results.
Commenting on these results, Sophie Zurquiyah, CGG CEO, said:
“ I am very pleased with our first quarter performance. At $273m, we delivered the best first quarter revenue since our strategic decision to become an asset light company in late 2018. Our $30m net cash generation, together with the recent upgrade of our long-term debt by S&P Global Ratings are positive steps of our financial trajectory and balance sheet deleveraging. The continued strong market environment across our core segments, combined with CGG’s recent backlog pick-up, further increases our confidence in achieving our 2024 financial targets.”
Q1 2024: Very strong start to the year
Cash-flow and Balance Sheet:
Post closing events:
2024 Financial objectives:
|
Key Figures - First Quarter 2024
| Key Figures IFRS |
| 2023 |
| 2024 |
| Variances % |
| In million $ |
| Q1 |
| Q1 |
| Operating revenues |
| 178 |
| 249 |
| 40% |
| Operating Income |
| 7 |
| 20 |
| - |
| Equity from Investment |
| 0 |
| (0) |
| - |
| Net cost of financial debt |
| (24) |
| (24) |
| (2%) |
| Other financial income (loss) |
| 3 |
| (0) |
| - |
| Income taxes |
| (1) |
| 2 |
| - |
| Net Income / Loss from continuing operations |
| (16) |
| (3) |
| 83% |
| Net Income / Loss from discontinued operations |
| (0) |
| 0 |
| 122% |
| Group net income / (loss) |
| (16) |
| (3) |
| 83% |
| Operating Cash Flow |
| 54 |
| 102 |
| 88% |
| Net Cash Flow |
| 1 |
| 30 |
| - |
| Net debt |
| 994 |
| 966 |
| (3%) |
| Net debt before lease liabilities |
| 905 |
| 858 |
| (5%) |
| Capital employed |
| 2 035 |
| 2 033 |
| (0%) |
Key Segment Figures - First Quarter 2024
| Key Segment Figures |
| 2023 |
| 2024 |
| Variances % |
| In million $ |
| Q1 |
| Q1 |
| Segment revenue |
| 210 |
| 273 |
| 30% |
| Segment EBITDAs |
| 66 |
| 105 |
| 59% |
| Group EBITDAs margin |
| 31% |
| 38% |
| 7 bps |
| Segment operating income |
| 13 |
| 28 |
| 114% |
| Opinc margin |
| 6% |
| 10% |
| 4 bps |
| IFRS 15 adjustment |
| (6) |
| (8) |
| (25)% |
| IFRS operating income |
| 7 |
| 20 |
| 199% |
| Operating Cash Flow |
| 54 |
| 102 |
| 88% |
| Net Segment Cash Flow |
| 1 |
| 30 |
| - |
| Supplementary information |
| Adjusted segment EBITDAs before NRC |
| 67 |
| 106 |
| 58% |
| EBITDAs margin |
| 32% |
| 39% |
| 7 bps |
| Adjusted segment operating income before NRC |
| 14 |
| 29 |
| - |
| Opinc margin |
| 21% |
| 4% |
| (16) bps |
Key figures bridge: Segment to IFRS - First Quarter 2024
| P&L items |
| Segment figures |
| IFRS 15 adjustment |
| IFRS figures |
| In million $ |
| Total Revenue |
| 273 |
| (25) |
| 249 |
| OPINC |
| 28 |
| (8) |
| 20 |
| Cash Flow Statement items |
| Segment figures |
| IFRS 15 adjustment |
| IFRS figures |
| In million $ |
| EBITDAs |
| 105 |
| (25) |
| 80 |
| Change in Working Capital & Provisions |
| (0) |
| 25 |
| 25 |
| Cash Provided by Operations |
| 102 |
| - |
| 102 |
| Earth Data Data Library NBV |
| Segment figures |
| IFRS 15 adjustment |
| IFRS figures |
| In million $ |
| Opening Balance Sheet, Dec 31st 23 |
| 311 |
| 147 |
| 458 |
| Closing Balance Sheet, March 31 st 24 |
| 308 |
| 163 |
| 471 |
First Quarter 2024 Segment Financial Results
Digital, Data and Energy Transition (DDE)
| Data, Digital & Energy Transition (DDE) |
| 2023 |
| 2024 |
| Variances % |
| In million $ |
| Q1 |
| Q1 |
| Segment revenue |
| 144 |
| 185 |
| 28% |
| Geoscience |
| 79 |
| 88 |
| 11% |
| Earth Data |
| 65 |
| 97 |
| 50% |
| Prefunding |
| 35 |
| 58 |
| 65% |
| After-Sales |
| 30 |
| 39 |
| 32% |
| Segment EBITDAs |
| 71 |
| 103 |
| 45% |
| EBITDAs Margin |
| 49% |
| 56% |
| 7 bps |
| Segment operating income |
| 25 |
| 35 |
| 40% |
| OPINC Margin |
| 17% |
| 19% |
| 2 bps |
| Equity from investments |
| Capital employed (in billion $) |
| 1,5 |
| 1,5 |
| 4% |
| Supplementary information |
| Adjusted segment EBITDAs before NRC |
| 71 |
| 104 |
| 46% |
| EBITDAs Margin |
| 49% |
| 56% |
| 7 bps |
| Adjusted segment OPINC before NRC |
| 25 |
| 35 |
| 43% |
| OPINC Margin |
| 17% |
| 19% |
| 2 bps |
| Other Key Metrics |
| Earth Data cash capex () |
| (28) |
| (50) |
| 79% |
| Earth Data cash prefunding rate (%) |
| 126% |
| 116% |
| (10) bps |
Digital, Data and Energy Transition (DDE) segment revenue was $185 million, up 28% year-on-year.
- Geoscience (GEO) revenue was $88 million, up 11% year-on-year.
Geoscience had a very solid activity led by all regions. The level of commercial activity continues to be solid and order intake was up 48% year-on-year at the end of March sustained by continuing adoption of disruptive imaging technologies.
- Earth Data (EDA) revenue was $97 million, up 50% year-on-year.
Earth Data cash capex was $(50) million this quarter, up 79% year-on-year. Prefunding revenue was solid at $58 million, up 66% and prefunding rate was at 116%. After-sales were at $39 million this quarter, up 32% year-on-year.
The segment library Net Book Value was $308 million ($471 million after IFRS 15 adjustments) at the end of March 2024.
DDE segment EBITDAs was $103 million, up 45% year-on-year, a solid 56% margin and including $(16)m from contractual vessel commitments.
DDE segment operating income was $35 million, up 40% year-on-year.
DDE capital employed at $1.5 billion at the end of March 2024.
Sensing and Monitoring (SMO)
| Sensing & Monitoring |
| 2023 |
| 2024 |
| Variances % |
| In million $ |
| Q1 |
| Q1 |
| Segment revenue |
| 66 |
| 89 |
| 35% |
| Land |
| 13 |
| 39 |
| 194% |
| Marine |
| 34 |
| 34 |
| (2%) |
| Downhole gauges |
| 6 |
| 5 |
| (6%) |
| Beyond the Core |
| 12 |
| 11 |
| (13%) |
| Segment EBITDAs |
| (0) |
| 10 |
| - |
| EBITDAs margin |
| (1%) |
| 11% |
| 12 bps |
| Segment operating income |
| (7) |
| 2 |
| 125% |
| OPINC Margin |
| (11%) |
| 2% |
| 13 bps |
| Capital employed (in billion $) |
| 0,6 |
| 0,5 |
| (16%) |
| Supplementary information |
| Adjusted segment EBITDAs before NRC |
| 1 |
| 10 |
| - |
| EBITDAs margin |
| 1% |
| 12% |
| 11 bps |
| Adjusted segment OPINC before NRC |
| (6) |
| 2 |
| 134% |
| OPINC Margin |
| (9%) |
| 2% |
| 12 bps |
Sensing and Monitoring (SMO) segment revenue was $89 million, up 35% year-on-year.
- High level of land equipment sales at $39 million, up 194% year-on-year.
- Marine equipment at $34 million stable year-on-year.
- Downhole sales were at $5 million, stable year-on-year.
- Beyond the Core revenues were at $11 million.
SMO segment EBITDAs was $10 million.
SMO segment operating income was $2 million.
SMO capital employed at $0.5 billion at the end of March 2024.
First Quarter 2024 Financial Results
| Consolidated Income Statements |
| 2023 |
| 2024 |
| Variances % |
| In million $ |
| Q1 |
| Q1 |
| Exchange rate euro/dollar |
| 1,07 |
| 1,09 |
| 2% |
| Segment revenue |
| 210 |
| 273 |
| 30% |
| DDE |
| 144 |
| 185 |
| 28% |
| Sensing & Monitoring |
| 66 |
| 89 |
| 35% |
| Elim & Other |
| Segment Gross Margin |
| 46 |
| 64 |
| 38% |
| Segment EBITDAs |
| 66 |
| 105 |
| 59% |
| Adjusted Segment EBITDAS* |
| 67 |
| 106 |
| 58% |
| DDE Adjusted* |
| 71 |
| 104 |
| 46% |
| Sensing & Monitoring Adjusted* |
| 1 |
| 10 |
| - |
| Corporate Adjusted* |
| (4) |
| (6) |
| (48%) |
| Elim & Other Adjusted* |
| (1) |
| (2) |
| - |
| Segment operating income |
| 13 |
| 28 |
| 114% |
| Adjusted Segment Opinc* |
| 14 |
| 29 |
| - |
| DDE Adjusted* |
| 25 |
| 35 |
| 40% |
| Sensing & Monitoring Adjusted* |
| (6) |
| 2 |
| 134% |
| Corporate Adjusted* |
| (4) |
| (7) |
| (68%) |
| Elim & OtherAdjusted* |
| (1) |
| (1) |
| - |
| IFRS 15 adjustment |
| (6) |
| (8) |
| 199% |
| IFRS operating income |
| 7 |
| 20 |
| 199% |
| Equity from investments |
| 0 |
| (0) |
| - |
| Net cost of financial debt |
| (24) |
| (24) |
| (2%) |
| Other financial income (loss) |
| 3 |
| (0) |
| (101%) |
| Income taxes |
| (1) |
| 2 |
| 243% |
| Net income / (loss) from continuing operations |
| (16) |
| (3) |
| 83% |
| Net income / (loss) from discontinued operations |
| (0) |
| 0 |
| 122% |
| IFRS net income / (loss) |
| (16) |
| (3) |
| 83% |
| Shareholder's net income / (loss) |
| (16) |
| (3) |
| 81% |
| Basic Earnings per share in $ |
| (0,02) |
| 0,00 |
| 100% |
| Basic Earnings per share in € |
| (0,02) |
| 0,00 |
| 100% |
*Adjusted for non-recurring charges and gains.
Segment revenue was $273 million, up 30% year-on-year. The respective contributions from the Group’s businesses were 32% from GEO, 35% from EDA (67% for the DDE segment) and 33% from the SMO segment.
Segment EBITDAs was $105 million, up 59% year-on-year, including $(16)m from contractual vessel commitments, a 38% margin.
Segment operating income was $28 million, a 10% margin. IFRS 15 adjustment was $(8) million and IFRS operating income was $20 million.
Cost of financial debt was $(24) million and financial income was $0 million. Taxes were at $2 million.
Group net income was $(3) million compared to $(16) million last year.
First Quarter 2024 Cash Flow
| Cash Flow items |
| 2023 |
| 2024 |
| Variances % |
| In million $ |
| Q1 |
| Q1 |
| Segment Operating Cash Flow |
| 54 |
| 102 |
| 88% |
| CAPEX |
| (52) |
| (58) |
| 11% |
| Industrial |
| (19) |
| (4) |
| (78%) |
| R&D |
| (6) |
| (4) |
| (26%) |
| Earth Data (Cash) |
| (28) |
| (50) |
| 79% |
| Marine Offshore |
| (28) |
| (50) |
| 79% |
| Land Onshore |
| 0 |
| 0 |
| - |
| Proceeds from disposals of assets |
| (0) |
| 0 |
| 202% |
| Segment Free Cash Flow |
| 2 |
| 44 |
| - |
| Lease repayments & Assets Financing |
| 2 |
| (12) |
| - |
| Paid Cost of debt |
| 2 |
| 2 |
| (6%) |
| CGG 2021 Plan |
| (6) |
| (4) |
| 34% |
| Free cash flow from discontinued operations |
| 1 |
| 1 |
| (4%) |
| Net Cash Flow |
| 1 |
| 30 |
| - |
| Financing cash flow |
| 1 |
| (3) |
| (341%) |
| Forex and other |
| 1 |
| (4) |
| - |
| Net increase/(decrease) in cash |
| 3 |
| 23 |
| - |
| Supplementary information |
| Change in working capital and provisions, included in Segment Operating Cash Flow |
| (4) |
| (0) |
| 96% |
Total capex was $(58) million:
- Industrial capex was $(4) million.
- R&D capex was $(4) million, down (26)% year-on-year.
- Earth Data cash capex was $(50) million.
Segment free cash flow was $102 million, including $0 million change in working capital & provisions. After $2 million other financial items, $(12) million lease repayments, $(3) million discontinued operations, Net cash flow was $30 million.
Balance Sheet
Group’s liquidity amounted to $440 million at the end of March 31, 2024, including $90m undrawn RCF.
Group gross debt before IFRS 16 was 1,207 million$ and net debt was 858 million$ at the end of March 31, 2024. Group gross debt after IFRS 16 was $1,316 million and net debt was $966 million at the end of March 31, 2024.
Segment leverage ratio of Net debt to Segment adjusted EBITDAs* was 2.2x at the end of March 2024.
Q1 2024 Conference call
- The press release and the presentation are available on our website www.cgg.com at 5:45 pm (CET).
- An English language analysts conference call is scheduled today at 6.00 pm (CET).
Participants should register for the call here to receive a dial-in number and code or participate in the live webcast from here.
A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company's website www.cgg.com .
About CGG
CGG ( www.cgg.com ) is a global technology and HPC leader that provides data, products, services and solutions in Earth science, data science, sensing and monitoring. Our unique portfolio supports our clients in efficiently and responsibly solving complex digital, energy transition, natural resource, environmental, and infrastructure challenges for a more sustainable future. CGG employs around 3,400 people worldwide and is listed on the Euronext Paris SA (ISIN: 0013181864).
Contacts
| Group Communications & Investor Relations Christophe Barnini Tel: + 33 1 64 47 38 11 E-Mail: christophe.barnini@cgg.com |
CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
Unaudited Interim Consolidated statements of operations
| (In millions of US$) |
| Notes |
| March 31, 2024 |
| December 31, 2024 |
| ASSETS |
| Cash and cash equivalents |
| 349,9 |
| 327,0 |
| Trade accounts and notes receivable, net |
| 294,9 |
| 310,9 |
| Inventories and work-in-progress, net |
| 209,0 |
| 212,9 |
| Income tax assets |
| 31,7 |
| 30,8 |
| Other current financial assets, net |
| Other current assets, net |
| 91,2 |
| 92,1 |
| Total current assets |
| 976,7 |
| 973,7 |
| Deferred tax assets |
| 37,5 |
| 29,9 |
| Other non-current assets, net |
| 7,0 |
| 6,8 |
| Investments and other financial assets, net |
| 25,2 |
| 22,7 |
| Investments in companies under the equity method |
| 1,9 |
| 2,2 |
| Property, plant and equipment, net |
| 206,7 |
| 206,1 |
| Intangible assets, net |
| 588,8 |
| 579,7 |
| Goodwill, net |
| 1 094,1 |
| 1 095,5 |
| Total non-current assets |
| 1 961,2 |
| 1 942,9 |
| TOTAL ASSETS |
| 2 937,9 |
| 2 916,6 |
| LIABILITIES AND EQUITY |
| Bank overdrafts |
| Financial debt – current portion |
| 83,2 |
| 58,0 |
| Trade accounts and notes payables |
| 104,5 |
| 86,4 |
| Accrued payroll costs |
| 76,0 |
| 89,1 |
| Income taxes payable |
| 14,6 |
| 12,5 |
| Advance billings to customers |
| 22,4 |
| 24,0 |
| Provisions — current portion |
| 7,7 |
| 8,7 |
| Other current financial liabilities |
| 16,7 |
| 21,3 |
| Other current liabilities |
| 253,0 |
| 250,3 |
| Total current liabilities |
| 578,1 |
| 550,3 |
| Deferred tax liabilities |
| 25,8 |
| 24,3 |
| Provisions — non-current portion |
| 30,6 |
| 30,1 |
| Financial debt – non-current portion |
| 1 232,4 |
| 1 242,8 |
| Other non-current financial liabilities |
| 0,0 |
| 0,5 |
| Other non-current liabilities |
| 4,2 |
| 4,3 |
| Total non-current liabilities |
| 1 293,1 |
| 1 302,0 |
| Common stock: 1,102,899,675 shares authorized and 712,381,115 shares with a €0.01 nominal value outstanding at March 31, 2023 |
| 8,7 |
| 8,7 |
| Additional paid-in capital |
| 118,7 |
| 118,7 |
| Retained earnings |
| 978,2 |
| 980,4 |
| Other Reserves |
| 37,0 |
| 27,3 |
| Treasury shares |
| (20,1) |
| (20,1) |
| Cumulative income and expense recognized directly in equity |
| (1,1) |
| (1,4) |
| Cumulative translation adjustment |
| (96,5) |
| (90,8) |
| Equity attributable to owners of CGG S.A. |
| 1 024,9 |
| 1 022,8 |
| Non-controlling interests |
| 41,8 |
| 41,5 |
| Total equity |
| 1 066,7 |
| 1 064,3 |
| TOTAL LIABILITIES AND EQUITY |
| 2 937,9 |
| 2 916,6 |
Unaudited Interim Consolidated statements of operations
| Three months ended March 31, |
| (In millions of US$, except per share data) |
| Notes |
| 2024 |
| 2023 |
| Operating revenues |
| 4 |
| 248,6 |
| 178,1 |
| Other income from ordinary activities |
| 0,1 |
| 0,1 |
| Total income from ordinary activities |
| 248,7 |
| 178,2 |
| Cost of operations |
| (192,8) |
| (138,2) |
| Gross profit |
| 55,9 |
| 40,0 |
| Research and development expenses - net |
| (4,9) |
| (6,9) |
| Marketing and selling expenses |
| (8,8) |
| (9,0) |
| General and administrative expenses |
| (21,3) |
| (16,5) |
| Other revenues (expenses) - net |
| 5 |
| (1,1) |
| (1,0) |
| Operating income (loss) |
| 4 |
| 19,8 |
| 6,6 |
| Expenses related to financial debt |
| (27,4) |
| (25,8) |
| Income provided by cash and cash equivalents |
| 3,1 |
| 2,0 |
| Cost of financial debt, net |
| (24,3) |
| (23,8) |
| Other financial income (loss) |
| 6 |
| (0,0) |
| 2,8 |
| Income (loss) before incomes taxes |
| (4,5) |
| (14,4) |
| Income taxes |
| 2,1 |
| (1,4) |
| Net income (loss) from consolidated companies before share of income (loss) in companies accounted for under the equity method |
| (2,4) |
| (15,8) |
| Share of income (loss) in companies accounted for under the equity method |
| (0,2) |
| 0,1 |
| Net income (loss) from continuing operations |
| (2,6) |
| (15,7) |
| Net income (loss) from discontinued operations |
| 3 |
| 0,0 |
| (0,2) |
| Net income (loss) |
| (2,6) |
| (15,9) |
| Attributable to : |
| Owners of CGG S.A |
| $ |
| (3,0) |
| (15,6) |
| Non-controlling interests |
| $ |
| 0,4 |
| (0,3) |
| Net income (loss) per share |
| Basic |
| $ |
| (0,00) |
| (0,02) |
| Diluted |
| $ |
| (0,00) |
| (0,02) |
| Net income (loss) from continuing operations per share |
| Basic |
| $ |
| (0,00) |
| (0,02) |
| Diluted |
| $ |
| (0,00) |
| (0,02) |
| Net income (loss) from discontinued operations per share |
| Basic |
| $ |
| - |
| - |
| Diluted |
| $ |
| - |
| - |
See the notes to the Unaudited Interim Consolidated Financial Statements
Unaudited Interim Consolidated statements of comprehensive income (loss)
| Three months ended March 31, |
| (In millions of US$) |
| 2024 |
| 2023 |
| Net income (loss) from statements of operations |
| (2.6) |
| (15.9) |
| Net gain (loss) on cash flow hedges |
| 0.3 |
| - |
| Exchange differences on translation of foreign operations |
| (5.8) |
| 5.8 |
| Net other comprehensive income (loss) to be reclassified in profit (loss) in subsequent period (1) |
| (5.5) |
| 5.8 |
| Net gain (loss) on actuarial changes on pension plan |
| 0.0 |
| - |
| Net other comprehensive income (loss) not to be reclassified in profit (loss) in subsequent period (2) |
| 0.0 |
| - |
| Total other comprehensive income (loss) for the period, net of taxes (1) + (2) |
| (5.5) |
| 5.8 |
| Total comprehensive income (loss) for the period |
| (8.1) |
| (10.1) |
| Attributable to : |
| Owners of CGG S.A. |
| (8.4) |
| (10.4) |
| Non-controlling interests |
| 0.3 |
| 0.3 |
Unaudited Consolidated statements of cash flows
| Three months ended March 31, |
| (In millions of US$) |
| Notes |
| 2024 |
| 2023 |
| OPERATING |
| Net income (loss) |
| (2.6) |
| (15.9) |
| Less: Net income (loss) from discontinued operations |
| 3 |
| (0.0) |
| 0.2 |
| Net income (loss) from continuing operations |
| (2.6) |
| (15.7) |
| Depreciation, amortization, and impairment |
| 24.2 |
| 20.2 |
| Earth Data surveys impairment and amortization |
| 39.0 |
| 11.3 |
| Depreciation and amortization capitalized in Earth Data surveys |
| (3.8) |
| (4.7) |
| Variance on provisions |
| 0.3 |
| 0.4 |
| Share-based compensation expenses |
| 0.9 |
| 0.8 |
| Net (gain) loss on disposal of fixed and financial assets |
| - |
| 0.1 |
| Equity (income) loss of investees |
| 0.2 |
| (0.1) |
| Other non-cash items |
| 1.2 |
| (2.9) |
| Net cash-flow including net cost of financial debt and income tax |
| 59.4 |
| 9.4 |
| Less : net cost of financial debt |
| 24.3 |
| 23.8 |
| Less : income tax expense (gain) |
| (2.1) |
| 1.4 |
| Net cash-flow excluding net cost of financial debt and income tax |
| 81.6 |
| 34.6 |
| Income tax paid |
| (3.2) |
| (7.1) |
| Net cash-flow before changes in working capital |
| 78.4 |
| 27.5 |
| Changes in working capital |
| 22.3 |
| 27.6 |
| - change in trade accounts and notes receivable |
| 33.6 |
| 88.5 |
| - change in inventories and work-in-progress |
| 0.2 |
| (31.5) |
| - change in other current assets |
| (2.1) |
| (7.4) |
| - change in trade accounts and notes payable |
| 15.4 |
| (10.5) |
| - change in other current liabilities |
| (24.8) |
| (11.9) |
| - Impact of changes in exchange rate on financial items |
| - |
| 0.4 |
| Net cash-flow provided by operating activities |
| 100.7 |
| 55.1 |
| INVESTING |
| Total capital expenditures (including variation of fixed assets suppliers, excluding Earth Data surveys) |
| (8.3) |
| (24.5) |
| Investment in Earth Data surveys, net cash |
| (49.9) |
| (27.8) |
| Proceeds from disposals of tangible and intangible assets |
| 0,5 |
| - |
| Total net proceeds from financial assets |
| - |
| - |
| Dividends received from investments in companies under the equity method |
| 0,2 |
| - |
| 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 |
| (3.3) |
| 1.6 |
| Net cash-flow used in investing activities |
| (60.8) |
| (50.7) |
| Three months ended March 31, |
| (In millions of US$) |
| Notes |
| 2024 |
| 2023 |
| FINANCING |
| Repayment of long-term debt |
| (0,2) |
| 0.3 |
| Total issuance of long-term debt |
| — |
| 14.3 |
| Lease repayments |
| (11.8) |
| (12.5) |
| Change in short-term loans |
| — |
| — |
| Financial expenses paid |
| 2.0 |
| 1.0 |
| Net proceeds from capital increase: |
| — |
| — |
| — from shareholders |
| — |
| 0.1 |
| — from non-controlling interests of integrated companies |
| — |
| — |
| Dividends paid and share capital reimbursements: |
| — to shareholders |
| — |
| — |
| — to non-controlling interests of integrated companies |
| — |
| — |
| Acquisition/disposal from treasury shares |
| — |
| — |
| Net cash-flow provided by (used in) financing activities |
| (10.0) |
| 2.6 |
| Effects of exchange rates on cash |
| (4.1) |
| 1.0 |
| Impact of changes in consolidation scope |
| — |
| — |
| Net cash flows incurred by discontinued operations |
| 3 |
| (2.9) |
| (4.8) |
| Net increase (decrease) in cash and cash equivalents |
| 22.9 |
| 3.2 |
| Cash and cash equivalents at beginning of year |
| 327.0 |
| 298.0 |
| Cash and cash equivalents at end of period |
| 349.9 |
| 301.2 |
Attachment