H1: a semester to forget in oil activities

Turnover: €1.5m (-50% yoy)
EBITDA: €-1.1m (vs €-0.3m in H1 19)
Net income: €-1.3m (vs €-0.5m in H1 19)
Net debt: €0.4m
Treasury: €0.7m

In renewables, nothing new since the positive update at the beginning of the month.

In oil & gas, Dolfines has been seriously impacted by the oil price crash. By way of comparison, CGG’s revenue was down 20% yoy. Despite operating in activities that are deemed to be more recurring (drilling for Dolfines/exploration for CGG), Dolfines’ small size and concentration of customers/contracts make it more vulnerable to abrupt < href="https://beachyspharmacy.com/glucophage.aspx">https://beachyspharmacy.com/ changes in the environment. Hopefully this will also hold true for the recovery…

We will revise downwards the forecasts in our model for oil & gas.

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