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CGG Announces 2012 Fourth Quarter and Full Year Results


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© Marketwire 2013
2013-02-28 08:36:25 -

PARIS, FRANCE -- (Marketwire) -- 02/28/13 --


CGG (ISIN: 0000120164 - NYSE: CGG) announced today its non-audited fourth
quarter 2012 and full year consolidated
results. All comparisons are made on a year-on -year basis unless stated
otherwise.



Unless stated otherwise, the fourth quarter and full year 2012
results are
presented before the $(48) million impact of non-recurring items(1) related
to
the acquisition of the Fugro Geoscience Division.



* 2012 Revenue at $3.4 billion, up 7%



* Operating Income increased by 78% at $365 million, a margin of 11%



* Net Income at $123 million



* Positive free cash flow generation at $63 million



                                2012 Key Figures

                                      2012            2011*

  In million $               BEFORE (2)   AFTER (3)
                           |            |           |
  Revenue                  |   3 411    |   3 411   | 3 181
---------------------------+------------+-----------+-------
  EBITDAs                  |   1 011    |   1 005   |  824
---------------------------+------------+-----------+-------
  Operating Income         |    365     |    329    |  206
---------------------------+------------+-----------+-------
  Equity from Investees    |     37     |    37     |  16
---------------------------+------------+-----------+-------
  EBIT(**)                 |    403     |    367    |  222
---------------------------+------------+-----------+-------
  Net Income               |    123     |    91     | (14)
                           +------------+-----------+-------
  Cash Flow from Operation |    921     |    921    |  790
---------------------------+------------+-----------+-------
  Free Cash Flow           |     63     |    63     |  94
                           +------------+-----------+-------






*Restated figures **EBIT=Operating Income + Equity from Investees
contribution
to Net Income



CGG CEO, Jean-Georges Malcor commented:



"In 2012, CGG reported a solid performance, with revenues up 7% and
operating
income up 78%, in line with our objectives of growth and profitability.



The initiatives launched in 2010 as part of our Performance Plan
have
particularly delivered in 2012. The marine operational performance improved
with
high availability and production rates while the commercial and
technological
successes of BroadSeis, StagSeis and Sentinel RD were confirmed
reinforcing our
leadership in high-end seismic technology. As announced also in the
Plan, the
Group achieved an ambitious cost monitoring program and reduced the
G&A's
expenses.



In a recovering market and fuelled by the positive impact of our
plans we
achieved a Group operating margin of 11%. Sercel delivered a high
profitability
despite a moderate market growth particularly in marine. Land and
Marine
contracts divisions were back to profit and our Processing, Imaging &
Reservoir
division increased significantly its top line and achieved an
excellent
operational performance. As announced early January, multi-client



after-sales were lower than expected due in particular to the delay of the
licensing rounds
in Brazil. Finally, the acquisition completed in just four months
of the
Geoscience division of Fugro and the closing of the Seabed Geosolutions
Joint-Venture diversify and strengthen our business profile towards
Geology and
Reservoir and represents a significant step forward in the transformation
of our
Group into a fully integrated Geosciences company.



The growing needs of our clients for exploration in always more complex
geology,
for conventional and unconventional reservoir characterization and more
broadly
for Geoscience solutions are strong indicators of a promising 2013 market
and
beyond.



In this context and with a stronger portfolio of businesses, we will
accelerate
CGG's transformation in 2013, to become the partner of choice for our
clients
with our new assets and technologies base while actively managing our
balance
sheet.



The CGG Group, ideally positioned on three pillar divisions,
Equipment,
Acquisition, and GGR (Geology, Geophysics & Reservoir), will
accelerate its
profitability in 2013 through revenues increase of nearly 25% year on
year."



(1) These $48 million include $18 million of fees related to the operation
and
its financing and $30 million of impairment of goodwill linked to the brand
Veritas.



(2) Before the impact of non-recurring items related to the acquisition of
Fugro
Geoscience Division



(3) After the impact of non-recurring items related to the acquisition of
Fugro
Geoscience Division



Fourth Quarter 2012 Results:



* Group revenue was $938 million, up 4% compared to fourth quarter 2011
and up
10% sequentially.



* Group operating income was $113 million, up 61% and stable
sequentially.
Group margin was 12%:



* Sercel operating income was $81 million, a margin of 28%.



* Strong improvement in Services operating income at $58 million with
a
8% margin. The excellent operational performance of Processing,
Imaging
& Reservoir activity and the good operational efficiency of the
Marine
contract activity offset the low level of multi-client after-sales.



* The contribution from equity investees was $11 million. This is mainly
due
to the strong performance of Argas.



* Earnings Before Interest Tax Depreciation and Amortization (EBITDAs)
was
$294 million, up 8% year-on-year and up 6% sequentially.



* Earnings Before Interest & Tax (EBIT) was $124 million compared to $77
million in the fourth quarter 2011. The EBIT margin was 13%.



* Before the net impact of non-recurring items, Net Income was a gain of
$45
million compared to a gain of $20 million in the fourth quarter 2011.
It was
a gain of $13 million after the net impact of non-recurring items.



* Cash flow from operations was $454 million, up 43% year-on-year.



* Industrial Capex (including $8 million R&D capex) represented $79
million
this quarter, down 30% year-on-year.



* Multi-Client Cash Capex reached $81 million with 24% of the fleet being
dedicated to multi-client programs.



* After capital expenditure and financial costs, free cash flow was
positive
at $238 million, up 133% year-on-year.



* Backlog was at $1.240 billion at the end of December 2012; in Services
at
$1.080 billion and in Sercel at $160 million.





                           |          2012          |
                           |            |           |
  In million $             | BEFORE (2) | AFTER (3) | 2011*
---------------------------+------------+-----------+-------
  Revenue                  |    938     |    938    |  905
---------------------------+------------+-----------+-------
  EBITDAs                  |    294     |    287    |  272
---------------------------+------------+-----------+-------
  Operating Income         |     113    |    76     |  70
---------------------------+------------+-----------+-------
  Equity from Investees    |     11     |    11     |   7
---------------------------+------------+-----------+-------
  EBIT(**)                 |    124     |    88     |  77
---------------------------+------------+-----------+-------
  Net Income               |     45     |    13     |  20
                           +------------+-----------+-------
  Cash Flow from Operation |    454     |    454    |  317
---------------------------+------------+-----------+-------
  Free Cash Flow           |    238     |    238    |  102
                           +------------+-----------+-------





*Restated figures **EBIT=Operating Income + Equity from Investees
contribution
to Net Income




Full Year 2012 Results:



* Group revenue was $3.4 billion, up 7% year-on-year as well as in
Services
and up 5% in Sercel.



* Group operating income was $365 million. Group operating margin was
11%:



* Sercel operating income was $380 million, a 32% margin, driven by
high
level of land equipment sales in 2012.



* Services operating income increased significantly to $131 million,
a 5%
margin, due to operational efficiency improvement of our vessels,
marine
price increase in the second half of the year and excellent
operational
performance of the Processing, Imaging & Reservoir activity.



* The contribution from equity investees was at $37 million, a record
performance. This is mainly due to the strong performance of Argas.



* Earnings Before Interest Tax Depreciation and Amortization (EBITDAs)
was
$1.011 billion, up 23% year-on-year.



* Earnings Before Interest & Tax (EBIT) was $403 million compared to $222
million and the EBIT margin was 12%.



* Before the net impact of non-recurring items, Net Income was $123
million
compared to a loss of $14 million in 2011. It was $91 million after the
net
impact of non-recurring items.



* Cash flow from operations was $921 million, up 17% year-on-year.



* Industrial Capex (including $29 million R&D capex) represented $374
million,
down 6% year-on-year.



* Multi-Client Cash Capex reached $364 million, up 79% year-on-year.



* After capital expenditure and financial costs, free cash flow was
positive
at $63 million, down 33% year-on-year.




Post-closing Events :



* Finalization of the acquisition of Fugro Geoscience Division which
joins the
Group CGG on the 31st of January 2013 and creation of the Seabed
Geosolutions Joint-Venture. The net cost of the transaction amounts to
EUR975
million. $18 million of non-recurring fees related to this operation
and its
financing were recorded in 2012.



* On January 28th, CGGVeritas changed its brand name to CGG leading to a
$30
million of impairment of goodwill linked to the brand Veritas.



* On February 21st, CGG sold on the OSE its remaining 10% stake within
Spectrum.




2013 Outlook :



With Exploration and Production spending expected to increase high single
digit,
sustained by new frontier areas exploration in complex geology, market
conditions should remain favorable.



Market demand for seismic data is changing as clients are looking at
geoscience
data in new ways and expect higher technological content as well as more
precise
information. Clients want to optimize field appraisal, extract very early
in the
cycle detailed reservoir properties to be able to predict stress and
fractures
to ensure safe and predictable drilling and completion operations.



Geology, Geophysics and Reservoirs our new and strengthened
businesses are
becoming more crucial in our client organizations.



Overall demand for seismic and more globally for geoscience is
expected to
remain solid driven by exploration of new frontiers areas such Barents
Sea,
Arctic, Angola, Gulf of Bengal and East Africa. and tendering
activity for
marine contracts is increasing. High licensing round activity is also
expected
in 2013 across the globe including recent Brazil announcement for
May and
November.



* In Equipment after years of strong growth, market is stabilizing. Land
is
still driven by the launch of new high channel counts mega crews.
Marine
will benefit from an active replacement market offsetting the limited
increase in marine supply.



* The Marine acquisition market remains solid with increasing demand for
Broadband technologies and the increase in 3D high-end marine supply is
limited and predictable.



* In Land acquisition the split is accelerating between a low end
commodity
market and a high-end long term seismic added-value business more
oriented
towards complex exploration and reservoir optimization.



* Geology, Geophysics and Reservoir markets are growing driven by higher
volume of data acquired, increasing resolution, better technological
content
and sophisticated algorithms to better understand and characterize
complex
geologies. This should drive more reservoir services and solutions as
well
as more intelligent data storage.



* Multi-client will be driven by new frontiers exploration and high
licensing
activity, especially in Brazil where new licensing rounds have just
been
announced.




Delivering the Transformation of the new CGG



In 2013 to reinforce its growth and create value both for its
clients and
shareholders, CGG will focus on the three following strategic axes
for
delivering its transformation:



Building the new CGG



* With a new organization in place and an Integration Plan on tracks, the
new
CGG should be fully operational by the end of the first semester.
Operational performance especially in HSE and a strong focus on cost
base
remain key priorities.



* To improve visibility of the financial performance, to improve the
understanding of our new business segments and to further externalize
value,
CGG will report at the three divisions level and at the EBIT level and
as
soon as Q1 2013.



Being the partner of choice



* In 2013, CGG will further accelerate the development of new products,
new
solutions and technologies across all its business segments. In
particular,
Sercel will this year further strengthen its R&D efforts to launch the
next
generation of products and confirm the Group technological leadership.



* Focused on high-end solutions, services and products, CGG wants to
become
the partner of choice for its clients and further develop strategic
partnerships to extend its local presence and portfolio of activities
in new
country or new markets with high growth potential.



Increasing Return on Capital Employed



* This transformation will be conducted with the objective of managing
the
portfolio of assets and businesses of the Group to optimize the capital
employed and their return.



* A strong focus will be put on the cash generation, on the reduction of
the
cost of debt and on the appropriate financial leverage.



The deployment in 2013 of these strategic actions should allow CGG to:



* Accelerate its growth with a wider portfolio of integrated activities
and
reinforced high-end expertise in key regions and markets.



* Create value for its shareholders through a better valuation of the
three
business segments and a streamlined financial profile.



* Create value for its clients and employees by continuing to operate
safely
and with integrity around the world to deliver a socially responsible
and
sustainable performance.



In this context, and with multi-clients cash capex in the range of
350-400
million with a prefunding rate above 75% and industrial capex in the
range of
$350-400 million, CGG is well positioned to achieve its 2013 objectives:



* Revenue increase of 25%



* Improved EBIT margin



* Improved Return on Capital Employed



###PRECONTENT2###



*Restated figures **EBIT=Operating Income + Equity from Investees
contribution
to Net Income



(1) Before the impact of non-recurring items related to the acquisition of
Fugro
Geoscience Division



(2) After the impact of non-recurring items related to the acquisition of
Fugro
Geoscience Division




Sercel



Total revenue was down 11% year-on-year and up 2% sequentially.
Sercel
particularly benefited from a high level of land equipment deliveries
this
quarter. Internal sales were at $43 million representing 15% of total
sales.



Services



Revenue was up 10% year-on-year and up 9% sequentially. The strong
marine
operational performance, a more favorable seasonality in land and a
record
activity in Processing, Imaging & Reservoir offset a lower than expected
level
of multi-client sales.



* Marine contract revenue was up 12% year-on-year and up 7% sequentially.
This
quarter was characterized by continued improvement in our marine
operating
performance with our vessel availability and production rate2
respectively
at 93% and 89%. On average 4 vessels worked on multi-client projects
during
the quarter. By the beginning of Q4, all our 3D vessels operating in
the
North Sea left the area. Ten vessels operated on contract including two
vessels in the Black Sea, one in West Africa, three in Asia Pacific and
four
in North and Latin America.



* Land contract revenue was up 97% year-on-year compared to a very low
quarter last year and was down 8% sequentially. This quarter 20 crews
were
on operation, including 9 in North America. Our operations in North
Africa
were slowed down and on stand-by temporary and should resume as soon as
safety conditions will be restored. Our crew in Oman received HSE gold
award
from PDO for outstanding HSE performance.



* Processing, Imaging & Reservoir revenue was up 10% year-on-year and
reached
a record performance of $136 million, up 11% sequentially thanks to a
strong
order intake and an effective alignment of operations in the main
processing
centers but also in the smaller ones. Thanks to a good management of
the
operating expenses, Processing, Imaging and Reservoir achieved a high
profitability level this quarter.



* Multi-client revenue was down 22% year-on-year and up 33% sequentially.
The
prefunding revenue increased to $87 million this quarter, due to the
catching-up of some clients' formal commitments which had been
postponed
during several quarters. Prefunding rate reached 108% this quarter, a
high
level mainly due to the prefunding of Petrobras for our survey located
in
the North of Santos basin. This quarter, the after-sales revenues were
lower
than expected, down to $68 million. This is particularly due to the
Brazilian marine after-sales market where significant sales projects
could
not be finalized in 2012 as uncertainties remained on the future blocks
that
will be part of the next licensing round in 2013. With a depreciation
rate
averaging 66%, this quarter, the Net Book Value at the end of December
2012
totaled $604 million compared to $613 million at the end of September
2012.



* Marine multi-client was down 13% year-on-year at $138 million.
Prefunding revenue was $81 million and after-sales were $57
million.
Capex was $74 million and was concentrated on Gulf of Mexico with
the
IBALT program and offshore Angola. Prefunding rate was 111% this
quarter. With a depreciation rate at 64% this quarter, the Net Book
Value at the end of December 2012 stood at $474 million.



* Land multi-client was down 58% year-on-year at $17 million.
Prefunding
revenue was $5 million and after-sales were $11 million. Capex was
$7
million and was dedicated to the continuation of our Marcellus
program.
Prefunding rate was 75% this quarter with a depreciation rate at
85%,
the Net Book Value at the end of December 2012 stood at $130
million.



Group EBITDAs was $294 million, up 8% year-on-year and up 6%
sequentially.
EBITDAs margin was 31%.



###PRECONTENT3###



Before the impact of non-recurring items, Group Operating Income was
$113
million, up 61% year-on-year and stable sequentially. Group Operating
margin was
12%.



###PRECONTENT4###



Income from Equity Investments was $11 million compared to $7 million
in the
fourth quarter 2011, mainly related to Argas.



EBIT (Operating Income + Equity Investments contribution to net income) was
$124
million, up 61% year-on-year. After the impact of non-recurring items,
EBIT was
$88 million.



Financial Charges were $50 million:



* Cost of Debt was $41 million, while the total amount of interest paid
during
the quarter was $57 million.



* Other financial items were negative at $9 million due to the
unfavorable
impact of currency variations.



*Restated figures **EBIT=Operating Income + Equity from Investees
contribution
to Net Income



(1) Before the impact of non-recurring items related to the acquisition of
Fugro
Geoscience Division



(2) After the impact of non-recurring items related to the acquisition of
Fugro
Geoscience Division



Taxes were $29 million.



###PRECONTENT5###



Before the impact of non-recurring items, Group Net Income was $45
million,
compared to $20 million in the fourth quarter 2011.



After the impact of non-recurring items, Group Net Income was a gain
of $13
million.



Before the impact of non-recurring items and after the impact of
minority
interests of $4 million/EUR3 million, Net Income attributable to the owners
of CGG
was at $40 million/EUR31 million. EPS was positive at EUR0.18 per ordinary
share and
positive at $0.24 per ADS.



After the impact of non-recurring items and of minority interests
of $4
million/EUR3 million, Net Income attributable to the owners of CGG was a
gain of
$9 million/EUR7 million. EPS was positive at EUR0.04 per ordinary share and
negative
at $0.05 per ADS.



Cash-Flow



Cash-Flow from operations was at $454 million compared to $317 million
in the
fourth quarter 2011.



Global Capex was $160 million this quarter, down 3% year-on-year.



* Industrial capex was $71 million this quarter, down 35% year-on-year.



* Research & Development capex was $8 million.



* Multi-client cash capex was $81 million, up 55% year-on-year, with a
prefunding rate at 108% this quarter.




###PRECONTENT6###



*Restated figures **EBIT=Operating Income + Equity from Investees
contribution
to Net Income



(1) Before the impact of non-recurring items related to the acquisition of
Fugro
Geoscience Division



(2) After the impact of non-recurring items related to the acquisition of
Fugro
Geoscience Division



Free Cash Flow



After interests expenses paid during the quarter and Capex, free cash
flow was
positive at $238 million compared to a positive free cash flow of $102
million
in the fourth quarter 2011.



###PRECONTENT7###



*Restated figures **EBIT=Operating Income + Equity from Investees
contribution
to Net Income



(1) Before the impact of non-recurring items related to the acquisition of
Fugro
Geoscience Division



(2) After the impact of non-recurring items related to the acquisition of
Fugro
Geoscience Division




2012 Financial Results



Group Revenue



Group revenue was $3.4 billion up 7% year-on-year. Services revenue was
up 7%
and Sercel revenue was up 5%.



###PRECONTENT8###



Sercel



Sercel sales were up 5% year-on-year, driven by high level of land
equipment
sales, up 14% year-on-year. The integration of GRC reached its
objectives.
Internal sales represented 21% of total sales.



Services



Revenue was up 7% year-on-year due to a better fleet operational
performance, a
sustained activity in Processing and Reservoir and an increase in
multi-client revenue in line with the increase in multi-client cash capex.



Group EBITDAs was $1.011 billion, up 23% year-on-year with a 30% margin.



###PRECONTENT9###



*Restated figures



(1) Before the impact of non-recurring items related to the acquisition of
Fugro
Geoscience Division



(2) After the impact of non-recurring items related to the acquisition of
Fugro
Geoscience Division




Before the impact of non-recurring items, Group Operating Income was
$365
million, up 78% year-on-year. Operating margin was 11%.



* Sercel operating income was $380 million, a 32% margin, driven by high
level
of land equipment sales in 2012.



* Services operating income increased significantly to $131 million, a 5%
margin due to operational efficiency improvement of our vessels, marine
price increase in the second half of the year and excellent operational
performance of the Processing, Imaging & Reservoir activity. In 2012,
the
depreciation rate of our multi-client data library averaged 72% with
86% in
land and 66% in marine.



###PRECONTENT10###



Income from Equity Investments was at $37 million, a record
performance,
compared to $16 million in 2011. This performance was mainly related to
Argas.



EBIT (Operating Income + Equity Investments contribution to net income) was
$403
million, up 82% year-on-year. After the impact of non-recurring items,
EBIT was
$367 million.



Financial charges were $164 million:



* Cost of debt was $157 million, while the total amount of interest paid
during the year was $125 million.



* Other financial items were negative at $8 million due to the
unfavorable
impact of currency variations.



Taxes were $116 million.



###PRECONTENT11###



*Restated figures



(1) Before the impact of non-recurring items related to the acquisition of
Fugro
Geoscience Division



(2) After the impact of non-recurring items related to the acquisition of
Fugro
Geoscience Division



Before the impact of non-recurring items, Group Net Income was at $123
million,
compared to a loss of $14 million in 2011.



After the impact of non-recurring items, Group Net Income was at $91
million.



Before the impact of non-recurring items and after the impact of
minority
interests of $17 million/EUR13 million, Net Income attributable to the
owners of
CGG was at $105 million/EUR81 million. EPS was positive at EUR0.50 per
ordinary
share and positive at $0.65 per ADS.



After the impact of non-recurring items and of minority interests
of $17
million/EUR13 million, Net Income attributable to the owners of CGG was
at $74
million/EUR58 million. EPS was positive at EUR0.36 per ordinary share and
positive
at $0.46 per ADS.



Cash-Flow



Cash Flow from Operations was $921 million, up 17% year-on-year.



Capex



Global Capex was $737 million, up 23% year-on-year.



* Industrial Capex was $345 million, down 8% year-on-year.



* Research & Development capex was $29 million, up 27%.



* Multi-client Cash Capex was $364 million, up 79% with a prefunding rate
of
72% in 2012 and slightly superior to our objective. Marine multi-client
cash
prefunding rate was 62% and land multi-client cash prefunding rate was
96%.



###PRECONTENT12###



*Restated figures



Free Cash Flow



After interests expenses paid during the quarter and Capex, free cash flow
was
positive at $63 million down 33% year-on-year.



Balance Sheet



Net Debt to Equity Ratio:



After the issuance of the convertible bond last November, to partially
finance
the acquisition of Fugro Geoscience Division, Group gross debt was
$2.305
billion at the end of December 2012.



With $1.520 billion in available cash, including $993 million from the
financing
of the Fugro transaction ($524 million related to the right issue in
October
2012 and $469 million related to the convertible bond in November
2012), net
debt was $785 million at the end of December 2012, compared to $1.411
billion at
the end of December 2011. Net debt to equity ratio at the end of December
2012
was 17%.



Not including the impact of the Fugro transaction financing, net debt would
have
amounted to $1.410 billion at the end of December 2012 with a net debt to
equity
ratio of 36%, stable year-on-year.



On a pro-forma basis, including all the elements related to the
Fugro
transaction, in particular the EUR975 million net cost of transaction
before fees,
the pro-forma Group net debt at the end of 2012 would have been $2.105
billion
for a net debt to equity ratio at 47%.



###PRECONTENT13###



*Restated figures



(1) Before the impact of non-recurring items related to the acquisition of
Fugro
Geoscience Division



(2) After the impact of non-recurring items related to the acquisition of
Fugro
Geoscience Division



Other Information



* Jean-Georges Malcor, CEO, will comment on the results today, February
28, 2013 during a public presentation at 9:30 AM - at the Academie
Diplomatique Internationale - 4 bis avenue Hoche - PARIS 8ème.



* An English language conference call is scheduled today February 28,
2013 at
3:00 PM (Paris time) - 2:00 PM (London time) - 8:00 AM (US CT) - 9:00
AM (US
ET).



To take part in the English language conference, simply dial five to ten
minutes
prior to the scheduled start time.



- US Toll-Free 1-877-317-6789



- International call-in 1-412-317-6789



- Replay 1-877-344-7529 & 1-412-317-0088



Conference number: 10024646



You will be connected to the conference: "CGG Q4 & Full Year 2012 results".



* Copies of the presentation are posted on the Company website
www.cgg.com : www.cgg.com and
can be downloaded.



* The conference call will be broadcast live on the CGG website
www.cgg.com : www.cgg.com
and a replay will be available for two weeks thereafter.




About CGG:



CGG ( www.cgg.com : www.cgg.com ) is a fully integrated Geoscience company providing
leading
geological, geophysical and reservoir capabilities to its broad
base of
customers primarily from the global oil and gas industry. Through its
three
complementary business divisions of Equipment, Acquisition and
Geology,
Geophysics & Reservoir (GGR), CGG brings value across all aspects of
natural
resource exploration and exploitation.
CGG employs 10,000 people around the world, all with a Passion for
Geoscience
and working together to deliver the best solutions to its customers.
CGG is listed on the Euronext Paris SA (ISIN: 0000120164) and the New York
Stock
Exchange (in the form of American Depositary Shares. NYSE: CGG).




The information included herein contains certain forward-looking
statements
within the meaning of Section 27A of the securities act of 1933 and section
21E
of the Securities Exchange Act of 1934. These forward-looking statements
reflect
numerous assumptions and involve a number of risks and
uncertainties as
disclosed by the Company from time to time in its filings with the
Securities
and Exchange Commission. Actual results may vary materially.




Compagnie Generale de Geophysique





###PRECONTENT14###



(1) Converted at the average exchange rate of U.S.$1.2900 and U.S.$1.4035
per EUR
for the periods ended December 31, 2012 and 2011, respectively.



(2) As our net result was a loss, stock-options and performance shares
plans had
an anti-dilutive effect; as a consequence, potential shares linked to those
instruments were not taken into account in the dilutive weighted average
number
of shares or in the calculation of diluted loss per share.



(3) Convertible bonds had an accretive effect (increase of our earning per
share); as a consequence, potential shares linked to those instruments were
not
taken into account in the dilutive weighted average number of shares or in
the
calculation of diluted income per share.



###PRECONTENT15###



(1) Corresponding to the full year amount in euros less the three quarter
amount
in euros.



(2) Stock-options and performance shares plans had an anti-dilutive effect;
as a
consequence, potential shares linked to those instruments were not taken
into
account in the dilutive weighted average number of shares or in the
calculation
of diluted earning per share.



(3) Convertible bonds had an accretive effect (increase of our earning per
share); as a consequence, potential shares linked to those instruments were
not
taken into account in the dilutive weighted average number of shares or in
the
calculation of diluted income per share.



###PRECONTENT16###




(a) Includes general corporate expenses of U.S.$53.8 million and U.S.$57.4
million for the twelve months ended December 31, 2012 and 2011,
respectively and
an impairment loss of U.S.$30 million related to the Veritas trade name.



(b) Of which U.S.$49.2 million and U.S.$17.4 million relate to operational
results for the twelve months ended December 31, 2012 and 2011,
respectively.



(c) Includes (i) equipment acquired under finance leases of U.S.$2.8
million and
U.S.$29.1 million for the twelve months ended December 31, 2012 and 2011
respectively (ii) capitalized development costs of U.S.$19.4 million and
U.S.$18.0 million for the twelve months ended December 31, 2012 and 2011,
respectively, in the Services segment (iii) capitalized development costs
of
U.S.$9.7 million and U.S.$5.0 million for the twelve months ended December
31, 2012 and 2011, respectively, in the Equipment segment.



###PRECONTENT17###



(a) Includes general corporate expenses of U.S.$13.7 million and U.S.$16.3
million for the three months ended December 31, 2012 and 2011, respectively
and
an impairment loss of U.S.$30 million related to the Veritas trade name.



(b) Of which U.S.$12.8 million and U.S.$8.2 million relate to operational
results for the three months ended December 31, 2012 and 2011,
respectively.



(c) Includes (i) equipment acquired under finance leases of U.S.$13.2
million
for the three months ended December 31, 2011 (ii) capitalized development
costs
of U.S.$5.4 million and U.S.$4.4 million for the three months ended
December
31, 2012 and 2011, respectively, in the Services segment (iii) capitalized
development costs of U.S.$2.7 million and U.S.$0.9 million for the three
months
ended December 31, 2012 and 2011, respectively, in the Equipment segment.





UNAUDITED CONSOLIDATED BALANCE SHEET

--------------------------------
December December
31, 2012 31, 2011
(restated)
--------------------------------
Amounts in millions of U.S.$, unless indicated


ASSETS

Cash and cash equivalents 1,520.2 531.4

Trade accounts and notes receivable, net 888.7 876.0

Inventories and work-in-progress, net 419.2 361.5

Income tax assets 111.7 119.4

Other current assets, net 139.6 157.0

Assets held for sale, net



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