Half Year 2024 Viridien SA Earnings Call Transcript
Key Points
- Viridien (CGGYY) reported strong performance in its geoscience and Earth data segments, with revenue up 24% year on year.
- The company achieved a credit rating upgrade to B- from Standard & Poor's, reflecting improved financial stability.
- Viridien settled an old litigation with ONGC in India, providing financial support for the Laconia multi-client project.
- The company is leveraging advanced technology and expertise to expand into low carbon markets and high-performance computing.
- Viridien's new businesses, including carbon capture and storage (CCS) and minerals and mining, are showing positive momentum with larger imaging contracts.
- The sensing and monitoring segment experienced a revenue decline due to the absence of significant equipment sales for mega-crews.
- Adjusted EBITDA was down 10% year on year, impacted by decreased performance in the sensing and monitoring segment.
- Net cash flow for Q2 was close to breakeven, indicating financial challenges despite improvements from the previous year.
- The company faces continued volatility in the sensing and monitoring market, affecting revenue stability.
- Viridien anticipates lower EBITDA for the sensing and monitoring segment due to market conditions and delayed environmental permits.
Thank you. Thank you. Good morning, everybody. Good afternoon, ladies and gentlemen. Welcome to this presentation of Viridien's Q2 2024 results. So I am Jean Baptiste Roussille, in charge of Investor Relations.
The call today is hosted from Paris, where Sophie Zurquiyah, our CEO; and Jerome Serve, our Group CFO, will provide an overview of the results as well as comments on our outlook. And following the overview of the quarter, we will be pleased to take your questions. And now I leave you with Sophie.
Thank you, Jean Baptiste. Good morning and good afternoon, ladies and gentlemen, and thank you for participating in this Q2 2024 conference call. I'm on slide 4. We are now Viridien, an advanced technology group shaped for growth and cash generation.
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