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CGG - neue WKN nach reverse-split (Seite 4)

eröffnet am 24.07.16 12:03:36 von
neuester Beitrag 09.03.21 23:57:30 von


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09.03.21 22:58:23
Antwort auf Beitrag Nr.: 67.387.901 von faultcode am 09.03.21 22:30:48

=> das Working Capital YoY schrumpfte um -23%, die Bilanz insgesamt um -16% und natürlich, das Equity kam stärker unter Druck mit -28%

Einen Lichtblick in so einer Bilanz könnte man vor dem Hintergrund gestiegener Ölpreise in den auch gestiegenen Inventories and work-in-progress, net sehen mit +19%.


=> die Anleger freuen sich trotzdem:




Wobei, ein Deep dive in den Geschäftsbericht 2020 wäre hier mal angebracht, auch um zu sehen, was diese ganzen Liabilities sind.

Der heißt hier:

UNIVERSAL REGISTRATION DOCUMENT 2020
Including the annual financial report


..und mit 316 PDF-Seiten unter "2020 Q4 Quarterly Report" zu finden: https://www.cgg.com/investors/financial-information
CGG share | 1,180 €
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09.03.21 23:57:30
Antwort auf Beitrag Nr.: 67.388.186 von faultcode am 09.03.21 22:58:23
"Asset-light business model"
z.B. zu den Other non-current liabilities mit EUR44.4M:

• davon sind EUR42M eine Off-Market Component :eek:

..und die sind ein Operating debt in relation to Capacity Agreement

..und die sind in der "NOTE 2 SIGNIFICANT EVENTS, ACQUISITIONS AND DIVESTITURES" auf 4 Seiten erklärt!

Das Wort "Capacity Agreement" taucht in diesem Dokument 57-mal auf!


Da könnte ich mich stundenlang durchwursteln (und das ist nur ein mir auffälliger Posten), aber hier geht es um das Marine Closing mit Shearwater:

On January 8, 2020 (the “Marine Closing”), Shearwater acquired all of the shares in Global Seismic Shipping AS (“GSS”) (the indirect owner of five high end vessels) and five sets of streamers, and the Capacity Agreement (described below) entered into force.

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Shearwater GeoServices is a global provider of powerful geophysical marine seismic acquisition and processing services from sensor to image --> https://www.shearwatergeo.com/219/about-us/our-company --> gehört teilweise Schlumberger
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..und das sieht so aus:

Capacity Agreement

The main terms of the Capacity Agreement, the contract signed with Shearwater for the provision of marine seismic data
acquisition services, requires CGG to:
— Use Shearwater's vessel capacity over a period of five years, for an average of 730 days per year;
— Pay a pre-agreed day rate for the first 2.5 years and the higher of market rate or the pre-agreed day rate for the
remaining 2.5 years;
— Reimburse Shearwater for project-related operational costs and fuel ; and
— Compensate Shearwater for days during which more than one of its high-end seismic vessels are idle for a maximum
of three vessels (the “Idle Vessel Compensation”).

The pre-agreed day rate as negotiated in summer 2019 was higher than the estimated average market day rate at the Marine closing date. Thus, an off-market operational liability of US$(69.3) million was recognized at the Marine Closing date representing the net present value of the positive difference between the pre-agreed rate and the estimated market rate over the five-year contractual term. See note 12.

The Idle Vessel Compensation gave rise to a US$(78.7) million financial liability at the Marine Closing date representing the net present value of expected payments under this clause. The expected payments were estimated based on Shearwater fleet utilization assumptions over the five-year commitment period. See note 14.



=> dieser Exit aus den Schiffen ist eben dem neuen “asset-light” business model geschuldet

Aber wie man sieht, so ganz ohne Abnahme-Verpflichtungen bei Shearwater (und wem noch alles?) geht das nicht.

Daneben sitzt CGG aber auch auf Shearwater shares:

As a result of these transactions, CGG's statement of financial position will include the following items:
— US$52.9 million in Vendor Notes at the Marine Closing converted into Shearwater Shares on December 29, 2020 and valued at US$13.7 million at 31, December 2020;
— US$(148.0) million in liabilities in respect of the Capacity Agreement as at the Marine Closing date, amounting to US$(127.2 million) at December 31, 2020; and
— US$(4.6) million for the fair value of the Eidesvik Put Option as at the Marine Closing, amounting to US$(16.1) million at December 31, 2020.



..und daher wundert es mich nicht, wenn es nun z.B. heißt:

8.3.
Societe Generale downgrades CGG to Hold, sees share price 'capped' by debt
https://twitter.com/sbwcws/status/1368894356673986567
CGG share | 1,180 €


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CGG - neue WKN nach reverse-split