OSLO, NORWAY (29 April 2022) TGS will release its Q1 2022 results at approximately 07:00 CEST on 12 May 2022. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 CEST at the Felix Conference Center, Aker Brygge, Oslo, Norway. The presentation is open to the public and can be followed live on the internet at www.tgs.com.
The slides from the presentation will also be available in PDF format at both the TGS and Oslo Stock Exchange websites.
As announced in connection with the release of the interim financial report for Q4 2021 on 10 February 2022, TGS will discontinue Segment reporting with effect from the financial year of 2022 to simplify external and internal reporting.
When IFRS 15 regarding contracts with customers came into effect from 1 January 2018 TGS and other companies active in the multi-client seismic market chose to continue reporting numbers in accordance with the previous practice (referred to as Segment Reporting) as a supplement to the IFRS results. In Segment reporting recognition of revenues related to unfinished projects have been recognized in accordance with progress in the project measured by percentage of completion (PoC). In the IFRS accounts, revenues are recognized at the point in time when the projects are completed and delivered to the customers.
As part of the new reporting structure TGS has, in addition to the ones used historically, defined the following Alternative Performance Measures (APMs) that will be presented as part of the quarterly reporting from Q1 2022:
- Contract backlog: Aggregate value of revenues from customer contracts yet to be recognized
- Contract inflow: Aggregate value of revenue from new contracts entered over a given period of time
- PoC revenues: Total Group revenues with customer commitments related to projects that are not yet completed (i.e. performance obligations are not yet met) recognized in accordance with percentage of completion (PoC) (equal to the past definition of Segment revenues)
Please find attached an historical quarterly overview of the APMs, as well as certain other relevant performance metrics that will be part of the financial reporting going forward.
The selection and definitions of APMs are subject to adjustments and changes prior to the announcement of the interim financial statement for Q1 2022 scheduled for 12 May 2022.
TGS ASA provides scientific data and intelligence to companies active in the energy sector. In addition to a global, extensive and diverse energy data library, TGS offers specialized services such as advanced processing and analytics alongside cloud-based data applications and solutions.
For additional information about this press release please contact:
Sven Børre Larsen
Chief Financial Officer
Tel: +47 90 94 36 73