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 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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