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Compagnie Générale de Géophysique-Veritas SA (NYSE:CGG)
Q1 2013 Earnings Call
May 03, 2013 9:00 am ET
Christophe Barnini - Former Head of Investor Relations
Jean-Georges Malcor - Chief Executive Officer, President, Head of Strategy, Legal & Investor Relations Department and Member of Executive Committee
Stephane-Paul Frydman - Chief Financial Officer, Senior Executive Vice-President, Executive Vice-President of Finance, Member of Group Management Committee and Member of Executive Committee
Alejandro Demichelis - Exane BNP Paribas, Research Division
Ryan W. Kauppila - Citigroup Inc, Research Division
Henry Tarr - Goldman Sachs Group Inc., Research Division
David Phillips - HSBC, Research Division
Good day, and welcome to the CGG First Quarter 2013 Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to CGG. Please go ahead.
Christophe Barnini
Thank you, and good morning, good afternoon, welcome to the CGG First Quarter 2013 Financial Results Conference Call. The quarterly financial information including the press release, the detailed financial results, the presentation and the streaming audio of the webcast of this call are available in our website. Some of the information contains forward-looking statements, including, without limitations, statements about CGG's plans, strategies and prospects. These forward-looking statements are subject to risks and uncertainties that may change at any time and, therefore, the actual results may differ materially from those that were expected.
The call today is being hosted from Paris, where Mr. Jean-Georges Malcor, Chief Executive Officer; Mr. Stephane-Paul Frydman, Senior Executive Vice President, Finance and Strategy and co-Chief Financial Officer; also, Sophie Zurquiyah, Senior Executive Vice President for Geology, Geophysics & Reservoirs; and Pascal Rouiller, Senior Executive Vice President for Equipment, will provide an overview of the first quarter, as well as provide comments on our outlook. Following the overview of the quarter, we will be pleased to take your questions.
And now I will turn the call over to our Chief Executive Officer, Mr. Jean-Georges Malcor.
Jean-Georges Malcor
Thank you, Christophe, and good morning, good afternoon, good evening to all of you, ladies and gentlemen. Thank you for joining our CGG First Quarter 2013 Conference Call. It's a pleasure to speak with you today again.
I assume that you have the presentation with you, so I would refer to the slides as we go on to the presentation. So we see the first quarter of the new CGG following the acquisition of Fugro Geosciences. And I will provide you during the call with an update on the integration.
So if I go to Slide 4, as I already mentioned previously, to reinforce our long-term objective of growth and value creation for our clients and shareholders in 2013, CGG will put all these efforts on 3 main axis. The first one is building the new CGG with a priority to the integration and to the operational excellence; the second one is being the partner of choice with priorities to information of new technologies, new products at Sercel and developing high-end solutions including external partners; the third one is about increasing the return on capital employed, with priority on the management of our portfolio of assets and on cash generation.
The deployment in 2013 of this strategic action should allow the group to accelerated growth with a wider portfolio of integrated activities and reinforce high-end expertise in key regions and markets. Second, create value for shareholder for a better evaluation of the 3 business segments and the streamline financial profile. And third, create value for our clients and employees by continuing to operate safely and with integrity around the world, to deliver a socially responsible and sustainable performance.
If I move to Slide 5. We have a new organization in place. As a world leader in geoscience after this acquisition, we have organized ourselves with 3 business segments: Equipment, Acquisition, and GGR. GGR standing for Geology, Geophysics & Reservoirs. Every division has its own strategy on P&L and on development. This new organization is in place since early February, has been put in place early February and the new CGG is fully operational. We have reach of more than 9,800 employees over 70 locations worldwide, all working for CGG.
So let me provide you with more information on this integration path of the Fugro Geoscience within CGG. On the Equipment side, De Regt is now part of the Equipment division and their integration is fully implemented in terms of industrial planning and research and development coordination. De Regt is a leading and growing provider of custom design and many structure subsea cables and umbilical systems, which complements nicely the Sercel activities.
If we go to Slide 6, looking at the integration in the Acquisition division. The 4 C-class vessels are now part of the CGG fleet and they are integrated into our reserve planning. Two of them are being already upgraded into a BroadSeis configuration during the planned dry docks as scheduled. One of them, the Geo Caspian, is currently starting a BroadSeis survey in Asia Pacific. I confirm that on the long term, we will operate only the C-Class vessels, and we will cite a new opportunity to release the Geo Atlantic and the Geo Barents after their current commercial commitment. In this quarter, we already booked a provision to this effect.
The Airborne organization should join CGG very soon as we receive all the necessary administrative clearances for the transfer of ownership. And now the new Seabed JV is in place since February 16. The JV started and is operating at full speed and it has already been awarded commercial contracts.
Now moving to Slide 7, and looking at the integration into the GGR division. GGR is now fully operational. The division is managed by Sophie Zurquiyah, who's attending the call. She joined us at the beginning of the year after a very successful career in Schlumberger. The evolution of exploration and production activities are demanding more and more geoscience solution. Our clients are focused on reduction of risk, on the future positioning and on the configuration of the drilling, as well on the accumulation of production of imaging reservoir. And these really are only in the production cycle. All of these requires a better knowledge and a better understanding of geology, geophysics of the seismic cube and of the reservoir.
As a result of the acquisition, we have now in geology more than 350 geologists and employees, while working in Robertson. In multi-client, 50 experts in new sedimentary basis have reinforced our team with an expertise, which is very complementary to our existing ones. The data management team also joined CGG, bringing a complete set of data management services. In subsurface imaging, our processing centers around the world have been reinforced by 300 engineers and employees and CGG is now the clear leader in these domain. And finally, we have a 250 reservoir engineers and employees of Jason, who have reinforced our existing Hampson-Russell team, which creates a unique task force in reservoir characterization in the world. Overall, the integration of Fugro geoscience teams is progressing very well and GGR already delivered enough planning financial performance in Q1 as we'll see later on.
Now moving to Slide 9. Q1 is indeed a promising first quarter for 2013. We did operate in a favorable environment with more and more demand for high-end geosciences. Group revenue was up 11% year-on-year at $871 million. Growth revenues are being made by 22% by Equipment sales; 48% by Acquisition; and 30% by GGR sales. EBIT was high at $162 million, a 19% margin, including the positive impact of the Fugro Geoscience Division for a net amount of $35 million. Such amount is being made of $85 million capital gain, triggered for the partial disposal of our SWOBS activity throughout the creation of the Seabed Geosolutions joint venture. It is also minus $50 million of nonrecurring charges and provisions related to the acquisition of the Fugro Geoscience. Its integration within the combined group and the related adoption cost notably, the ones attached to the rightsizing of the marine fleet to our 2013 target baseline, i.e. without [indiscernible] in the balance.
Throughout the year 2013, this $85 million capital gain will continue to be offset by other nonrecurring charges linked to the Fugro Geoscience acquisition for a financial impact on the 2013 EBIT that should be globally neutral.
Excluding the nonrecurring impact related to Fugro, vis-à-vis it was under $128 million, i.e. $162 million minus the $35 million, which represents 15% margin, up 103% when compared to CGG's standalone first quarter 2012 EBIT. Group EBITDA was $313 million and total CapEx was $202 million, including $75 million industrial CapEx and $127 million of cash on [indiscernible] CapEx mainly offshore.
Cash flow was negative $148 million, following the seasonal negative change in working capital after our strong fourth quarter. Excluding the nonrecurring impact of the Fugro Geoscience transaction, the negative free cash flow amounted to minus $132 million.
Our backlog was $1.4 billion at 11%, when compared to the CGG standalone backlog at the end of December 2012. The backlog is mainly made of the mechanical consequence of 2 main items: first, Sercel, with high level of marine products sales, which contribute to the Equipment growth directly for the backlog. And second, the SWOBS business, as you may remember, CGG backlog that no longer include the shallow water and OBS activity, which was always a long and significant backlog. As a reference last year, the SWOBS business accounted for about $120 million.
If we look at the backlog in more details, the coverage of our marine fleets is typically a fully covering Q2, 99% less; 65% for Q3; and roughly 20% for Q4 even though it's probably too early to talk significantly about Q4 at this stage. It is to be noted that marine coverage does not include for the time being, the full [indiscernible] season.
Subsurface imaging is at record level backlog and multi-client spending, which is always new at the beginning of the year is mainly related to the large IBALT survey in the Gulf of Mexico.
Now if we move to Slide 10. To improve the visibility of the financial performance and the understanding by the investor community of our new business segments, CGG is now reporting under 3 division level and not the EBIT, which is to be really clear, operating income less equity from investees' contribution to net income. We will also report every quarter the capital employed per division.
Looking at the revenue information where we provide you every quarter. First on the Equipment division, which includes Sercel and De Regt, the things remain unchanged. CGG will communicate on total revenue, external revenue and we will provide the split between the Land and Marine sales. On the acquisition division side, which gathered Marine, Land and Airborne acquisition, of course, when the Airborne will join CGG later in the quarter. The group will communicate on total acquisition revenue, external revenue and will provide also the split between total Marine acquisition revenue on one end and total Land and Airborne acquisition revenue on the other end.
Our GGR division group, groups together the basin activity of Robertson, the land and marine multi-client, the data management, subsurface imaging, reservoir characterization via Hampson-Russell and Jason. The group will communicate on GGR total revenue and will provide also the split between multi-client and Bedsea revenue, which include also data management on one end and imaging and reservoir revenue on the other end.
Finally, on the elimination line, we will group internal revenue between the Equipment division, the Acquisition division and between the Acquisition division, marine or land and multi-client, having in mind all the integral transactions are made on the [indiscernible] basis.
Moving to Slide 11. And looking at the revenue growth per business. This slide is showing the detailed quarterly growth per division and the way each division is contributing to the group revenues, our intent being to guide the suite of our full year 2013 about those elements. Acquisition revenues went up 55% year-on-year and contributes to group revenue for 48%, given a high level of income in sales this quarter.
GGR revenues went up 18% year-on-year and contributes to group revenue for 30%. Sercel revenues went down 28% year-on-year after a particular strong Q1 2012 and contributes to group revenue for 22%, given also our high level of Internet sales this quarter, we are 24%, whereas normally, it should be right at 20%. All in all, group total revenue went up 11% at $871 million.
Now going to Slide 12 on key figures. Looking at our first quarter 2013 financial performance, which takes into account only 2 months of Fugro Geoscience, gives a group EBIT $162 million, significantly up year-on-year and a 19% margin. Looking into more details, GGR achieved a high 31% EBIT margin, including, however, the $20 million capital gain related to the disposal of our remaining 10% stake in Spectrum. And Sercel delivered enough funding, 28% margin, while acquisition achieved an 8% margin.
Group EBITDA was $313 million, a margin of 36%. It was $272 million before the positive impact of the Fugro Geoscience deal, which gives $41 million at EBITDA level. Net income was $79 million compared to a net loss of $3 million last year.
Now I will ask Stephane-Paul to cover the next 2 slides on capital employed and on the values of the debt.
Stephane-Paul Frydman
Thank you, Jean-Georges. I'm on Slide 13, looking at the capital employed. As you can see as of end of March, group capital employed were close to $6.8 billion plus acquisition of Fugro. Starting from the bar chart on the very left, you can see the impact of search combined production, meaning the acquisition of the Fugro Geoscience Division and the disposal, partial disposal of the Seabed Geosolutions joint venture on our group capital employed, moving from the standalone capital employed at $5.35 billion as of end of December and, at being $1.25 billion being the combination of the acquired capital employed of $1.5 billion related to the acquisition of a Geoscience Division, offset actually by the disposal of certain stake in the shallow water and OBS joint venture for a net value of $0.25 billion.
Looking at the center of the slide, that's showing the capital employed per kind as of end of March. And such capital employed are made by notably beyond the working capital by investments in equity and our methods, which are business stake in joint ventures, 49% in our Saudi joint venture, Argas, and 40% in the Seabed Geosolutions joint venture; and 49% in our joint venture with Petrovietnam notably.
You see that MCS library net book value was up at $726 million and was made with a Marine company at $558 million, Land company at $130 million, and the contribution from Robertson for $39 million plus PPA. To be noted that the acquisition went to a $64 million this quarter, in line with the full year guidance at 65%. And better than the Q1 2012 where we reached a level of, high level of 71%.
Goodwill amounted to $3.1 billion due to the addition of the goodwill coming from the Fugro acquisition for $700 million. And such $700 million is including $100 million at fixed rate effect. Having in mind that while the disposal or partial disposal of the Seabed Geosolutions joint venture, we reduced, we have reduced the goodwill by $300 million. So all in all, the combined transaction, Geoscience plus Seabed Geosolutions joint venture had a net impact of $400 million on the goodwill.
On the right side of the chart, we figure out the preliminary growth allocation per business segment at the fair market value and you see that this allocation, which is an accounting one obviously, is also giving, providing some allocation of the fair market value of those business segments. As you know, that we have to test, at each closing of our accounts, we have to test the values with an internal test. So somewhere those book value are providing the minimum value for looking at the fair market value.
So starting with Equipment. Obviously, this is the most accounting amount in this chart at $800 million dollars, and that's just reflecting the fact that Sercel development was historically, mainly driven by organic growth. On GGR, you see that the 2 new business segments, which are made in this 3 for acquisition and M&A moves. You are seeing accounting values that are more meaningful with GGR value for the book value at around $2.7 billion. And such capital employed will be 100% contributed to the group value. And we think that the acquisition where the gross book value at around $3.3 billion, contributing only at 80% to the group value, having in mind that said previously by Jean-Georges, roughly 20% of the sales of the acquisition would be made at the group sales.
So moving to Slide 14, looking at capital employed from the asset side to the liability part. This slide is showing the change in net debt over the quarter, starting from a pro forma December and 2012 net debt, as if the combined transactions of Seabed Joint Venture occurred on December 31. So you remind that our actual debt as of year end December 2012 was $785 million and on such basis, the pro forma net debt was $1.95 billion, taking into account notably the cash payment we made to the Fugro acquisition time for EUR 700 million, and the level of fair value we negotiated with Fugro for the portion we already own, which is around $220 million.
So starting from this pro forma December end basis, you see that the net debt over the quarter increased up to $2.092 billion due to the negative Q1 free cash flow for $132 million, known therefore, non-recurring item related to Fugro. Then the weight of the non-recurring item is related to Fugro with cash wise $32 million and which was offset by the positive impact from the disposal of the 10% Spectrum stake, the net proceeds were globally $34 million and then we have also too, combined within the group the non-cash component of the cost of debt for $38 million and then the FX rate which has a positive effect on our debt. And moving from the closing rate by end of December at 132 to closing rate by end of March at 128 and reminding that part of our debt is euro denominated. On a charge basis, by end of March, our debt, our net debt-to-equity ratio amounting to 46%. Jean Georges?
Jean-Georges Malcor
Okay. Thank you, Stephane-Paul. Now if we go to Slide 16 and looking at the performance in each of the 3 businesses. On Sercel, the total Equipment revenue was $251 million, down 28% compared to the record first quarter last year, which was as we remember, totally driven by very last delivery of Land Equipment for high-channel count deliveries in the Middle East. The Marine equipment sales were up year-on-year and they represent this quarter about 54% of total revenue. The sales were also balanced worldwide, including Russia and China for winter operations. Internal sales were at $61 million, representing 24% of total revenue. Sercel EBITDA was $81 million, a margin of a 32%.
Sercel EBIT was $69 million, the high end sustained margin of 28%, in line with our full year expectations. Sercel capital employed was $800 million by the end of March 2013.
If we go to Slide 17, on acquisition, we have a very strong operational improvement this quarter. Total revenue was $594 million, up 55% year-on-year, mainly related to a good Marine operational performance, the sustained land acquisition winter campaign in Canada and in Alaska and despite some difficulties in North Africa due to the security issues.
Marine acquisition revenue was $449 million at 84% year-on-year. The full Fugro C-Class vessels and the Geo Barents and Geo Atlantic vessels integrated the CGG fleet on the 1st of February. The initial reduced backlog impacted the availability rate of the fleet, which was at 88% this quarter, but the high production rate of 93% demonstrates the currency of the acquired assets. 36% of the fleets was dedicated to multi-client program.
On the Land and Airborne segment, in fact for this quarter on the Land, we had a revenue of about $145 million, which is up 5% year-on-year. The winter campaign in North America was lower than last year, but remained nevertheless, very sustained with 7 crews working in Canada, 4 in the United States and 2 in Alaska. Our 2 crews in North Africa has a safe operating in pretty difficult safety context this quarter with, of course, a slight impact from their performances.
Acquisition EBITDA was $121 million, a margin of 20%. Acquisition EBIT was $47 million, a margin of 8%, despite the negative initial impact of the Fugro fleet backlog and safety issue in North Africa. Acquisition capital employed was $3.3 billion by the end of March 2013.
On Slide 18, looking at GGR. GGR had an excellent start to the year. Revenue was $260 million, up 18% year-on-year, mainly related to a good performance in all business segments. Multi-client and basin data was $123 million, up 8% year-on-year. Revenue was $61 million, multi-client cash CapEx were at $127 million and we are mainly focused in the Gulf of Mexico with the pursuit of IBALT program offshore Angola, Australia and the North Sea.
The prefunding rate was 48% this quarter. Imaging and reservoir revenue was $137 million, up 30% year-on-year, with a record performance for our imaging centers. While geology and reservoir characterization businesses are operating in a very buoyant market. GGR EBITDA was $163 million, a margin of 63%. And the EBIT was at $81 million, a margin of 31%, including $20 million related to the sale proceeds of our capital stake in Spectrum.
The depreciation rate averaged 64%. The net book value at the end of March 2013 increased to $726 million, but it includes $39 million after purchase price allocation related to the Robertson basin data library. Finally, GGR capital employed was $2.7 billion at the end of March 2013.
Now going to Slide 20 and globally for the year. Although the global economy outlook remains uncertain in certain domain and continued recovery is expected to be slow, the outlook for the seismic market is positive. At present, we are now priced which remained strong between $95 and $110 a barrel. Exploration and production spending are still expected to grow in 2013 in the range of 7% to 9%, with a strong focus on exploration as energy demand remains at high level. It is supported by favorable oil and gas demand, tight supply demand balance and positive forecast for E&P spending. But it is also sustained by the growing demand for seismic across the integrated exploration to production workflow.
E&P spending outlook is favorable for the seismic industry, both in absolute terms of growth and in terms of greater share of budget towards exploration. The national oil companies, such as Saudi Aramco, PEMEX, ONGC, Petrobras, but also [indiscernible] a Chinese oil and gas company, have long term programs while IOCs should maintain a high level of their budget dedicated to exploration. This should lead to 3 factors: first, increasing global geophysical activity in ultra-deepwaters and new frontiers; geology and geophysics will be coming very critical; and an extra demand in data content and in high technology content; and overall, to an increasing part of geoscience on production strategy shifting to tight reservoir.
Now going on Slide 21, and looking at the growth of activity trend for 2013. As mentioned earlier, we expect CGG to grow to its top line by about 25%. This 25% increase in revenue will be the consequence of about 10% organic growth, the 20% favorable impact of the changing perimeter, which will be offset by about minus 5% related to transfer of the SWOBS activity to Fugro. Looking at each division and comparing with CGG's standalone figures. Equipment will remain stable year-on-year as a consequence of a stable Marine Equipment market and of last Land acquisition project delayed in 2013. As we said before, R&D spending will increase in 2013 and Sercel will accelerate in production of new products.
Acquisition was $1.9 billion revenue business in 2012 for CGG standalone. In 2013, the growth is expected to be around 25%, with the addition of the Fugro Geoscience fleet, total price increase and the disposal of the SWOBS business. As mentioned earlier, our 3D high-end fleet target is 18 vessels and does not include the Geo Barents and the Geo Atlantic. GGR on this side, we significantly increased in 2013, probably by 45%. The GGR business will benefit from increasing offshore multiclient activity in new basins and have strong licensing around activity around the world, particularly in Brazil, but also from a very bouyant imaging and reservoir market.
So in conclusion on Slide 20 -- 22, sorry. Overall, we are in an ongoing very successful process of integration with Fugro Geoscience. I will say I've been very impressed by the people we -- who have joined us and I'm also being very impressed with the way our people in CGG are welcoming the people coming from Fugro. We have created an environment where we can build together a very strong company, sharing the same values of value creation, innovation, partnerships, safety operation, social responsibility, system development and above all, sharing a passion for geoscience.
We are very pleased with our Q1 and with the very good start of the year. The Fugro Geoscience integration is progressing well, thanks to everyone in the new company. In this context, we confirm our financial guidance of 2013. We'll have no negative impact of the full year EBIT of nonrecurring charges and provision related to Fugro acquisition, should be offset by the capital gain on SWOBS. The CapEx, as we said before, should remain within the range between $350 million to $400 million. The multi-client between $350 million and $400 million, with about 75% pre-funding. And with that, we expect to deliver a revenue growth of about 25%, with improved EBIT, with improved return on capital employed and a positive cash generation.
Thank you very much, and we'll be happy to take your questions.
Question-and-Answer Session
[Operator Instructions] The first question comes from Alejandro Demichelis of Exane.
Alejandro Demichelis - Exane BNP Paribas, Research Division
A couple questions from my side. The first one is -- a couple of ones. When you provided us with the full year numbers, you seem a bit more cautious on where we are today. So maybe you can explain what has gone so well and how do you see things going to -- being sustained in the future. Second question is regarding the cash flow. You're talking about being cash flow positive through 2013. Maybe you can tell us how do you see that evolution of the working capital and cash going forward. And then the third question is in terms of your GGR business, how sustainable do you think the number perhaps in the first quarter?
Jean-Georges Malcor
Okay. Thank you. Okay, so on the first quarter, you -- yes, we were. Last time we met, we were just at the beginning of integration, it was just 1 month under the belt, early March, and we were probably a little bit more cautious. And it's true to say that the performance this quarter has been particularly pleasing. And in fact, when you look at other quarters, the performance is coming from very different angles. And I'm going to say that the first one is probably -- the consequences, the positive consequences, the fruits, if you want, of the performance plan that we launched 2 years ago in terms of breakeven point, reducing the cost in the company, the G&A and globally, improving significantly our operational performance. Second, we had a particularly good quarter in the [indiscernible] business at the time where we have been executing our contracts and integrating the vessels from Furgo. It could have been risky, but we have been operating now the Fugro vessel for -- in the quarter, in February and March with no major incidents. In fact, you see that the production rate is very high at 93%, which by itself, shows the quality of the asset and the way we have been operating in Marine. And clearly, this is reflecting, of course, in the results because Marine has done a good job this quarter. But it's also coming from Land, where Land did well in North America, even though the volume were a bit lower than last year. The performance was actually good. And also some good news on the Land side in North Africa because when we met in early March, it was few weeks after the event in [indiscernible] and we were with -- the crews would be shut down for a very long period of time. In fact, we had to shut down the crews, but we have been able to withstand the operation. Even if we start more cautiously and slower than before, but we managed to minimize, if you want, the impact of these -- of the negative impact of these events on the land crew. The other point or so, which has been really good, is the performance in GGR. In GGR, all segments have been performing very well. Of course, we have only 2 the months for the Fugro's operation, Robertson and Jason, but subsurface imaging, the former process imaging and reservoir previously has been -- has delivered the superior performance for the quarter with a very high demand for sophisticated processing, a lot of algorithm and I think customers, which are more and more coming to us when they want sophisticated and complex imaging on complex geology. So that's what I would say for the quarter. The second question on the cash flow perhaps, Stephane-Paul, you can take it?
Stephane-Paul Frydman
For sure. For sure. Alejandro, looking at the sequence on the changing working capital, I should say it's a traditional phenomenon we're seeing in Q1, but usually, it's somewhere hidden by the outcome of the after sale we have in Q4 traditionally and obviously, this time we -- as you remember, we suffered from the lower after sale in Q4 and so we have not -- we are not benefiting either of the payments of those after selling in Q1. So we have this minus $147 million immediately shutting working capital, which is not that far from the usual one in Q1 2012, Q1 2011. So it's quite traditional. Then looking forward, obviously, we'll have not a big change in working capital in Q2. But we'll still have a quarter in terms of CapEx because it's also our seasonality in the cash-wise and we'll be this year like last year, somewhere with -- meaning, cash, meaning burning situation in Q1, Q2, quite comparable amounts globally. And then beginning -- moving to H2, we'll get cash back and we are targeting, as we said previously, we are targeting to be cash positive all around the year. The traditional seasonality meaning based on a strong Q4.
Jean-Georges Malcor
And I'll take the third question on the sustainability of the GGR reserves. Clearly, we see this segment of the market quite bouyant. We delivered very high margin this quarter of 31%. However, you need to retrieve that from the exceptional payment on the $20 million on the Spectrum, on the disposal of the Spectrum shares, okay. But just to be clear, globally for the company, either we put this $20 million of the Spectrum shares in EBIT GGR level, or we have it at the EBIT, the equity investment level. So globally for the company, it doesn't change a lot but it may temporarily inflate the margin of GGR for the quarter. I think that's the normative margin in GGR will be probably more on the, let's say, in the low-20 range.
Alejandro Demichelis - Exane BNP Paribas, Research Division
That's very clear. And could you please give us some kind of the drydocking schedule will be helpful for the rest of the year.
Jean-Georges Malcor
The docking for the vessels?
Alejandro Demichelis - Exane BNP Paribas, Research Division
Jean-Georges Malcor
Yes. Well, I mean, the docking, it's quite a normal level of docking and the rates we are targeting, which are 90% typically or around the 90% quarter-after-quarter, does include the docking, which are really scheduled. If you want a complete answer, we're willing to give you vessel by vessel. But the vessel itself, I can give you as a summary is to say that the rate of 90% includes all the docking of the fleet. It includes -- including the Furgo one.
The next question comes from Ryan Kauppila of Citigroup.
Ryan W. Kauppila - Citigroup Inc, Research Division
I appreciate the greater granularity on the accounts and the divisions. But given the increased internal sales, could you just remind us how that's measured and how that's handled internally, the sales both from Sercel and then also acquisition into GGR? And then secondly, just on the Brazilian late sales highlighting strength in the quarter, would you say it's a level of strength that is just catch up from Q4 or are you now in a position where sales from those surveys have the potential to really exceed your original expectations?
Jean-Georges Malcor
Okay. I will start with the second one then, Stephane-Paul, you can cover the one on the intra-sales and elimination. On the Brazilian side, you see there are 2 rounds, one occurred or is occurring and the other one we look at the end of the year. The first one, I think, generated the level of sales, which is interesting for us but modest, typically around the $10 million mark, okay? A little bit about $10 million mark, which is totally in line with our expectations for this round because we are talking about mainly 2D exploration, very primary exploration data. The one of great interest for us is the one coming in November, and normally, at the beginning of the summer, we should receive the -- sorry, not us but the A&P should publish the names of the blocks, which would be put for sale. And that will be the key factor triggering the final interest, if you want, from the oil company. And if our information are correct, the blocks, which are earmarked if you want to be put for sales are really in a great area for us.
Stephane-Paul Frydman
On your first question, Ryan, just to maybe to connect on the weight and the pricing condition. On the rate, well, we should be looking at Sercel on Sercel's side, which will have quite the same rate of [indiscernible] Group sales it was 20% in 2012, we are targeting around 20% year-over-year in 2013 even if it was higher in Q1, it was 24% of the total sales. But all in all, we should be -- should remain in that -- in this area. On the acquisition side, we have every quarter a big meeting. We shot significant level of multi-client CapEx this quarter. So the -- our group sales from acquisition to GGR into the midland production were 39% and year-over-year, we should be more balanced, around 20%. Take in mind that we are starting in the -- meeting somewhere. H1 is weighted by our [indiscernible] go from Mexico. So over the year, 20% in Q1 and 29%. Then looking at the elimination, the margin is obviously eliminated at the group level. And the rule of the game on that matter is clearly to have a high group production based on arm strength condition, meaning putting notably the acquisition guy of Sercel guy in the position to be the whole vis-à-vis [indiscernible] sales of organic sales. Last but not the least, we put in the [indiscernible] the total amount of elimination at the EBIT level which was minus $56 million this quarter.
The next question comes from Henry Tarr of Goldman Sachs.
Henry Tarr - Goldman Sachs Group Inc., Research Division
I just have a couple of quick questions. Firstly, please give your comment on how you see the supply demand balance on the Marine contract market looking forward and how you see pricing moving in that market at this moment in time. And then secondly, clearly, the larger group has more components, but I wonder going forward, you've given us pre-funding. Will you give us late sales and are you going to split those kind of Land and Marine or not?
Jean-Georges Malcor
Can you -- sorry, can you restate the second part of your question. The line was not very good.
Henry Tarr - Goldman Sachs Group Inc., Research Division
Okay, sorry about that. The question was you've given us pre-funding, will you also give us late sales, split Land and Marine or not?
Jean-Georges Malcor
Okay. No, no. On that, we will not give the detail between, let's say, [indiscernible] just the level of the prefunding, yes.
Stephane-Paul Frydman
And then on the [indiscernible], just remind you, it's industry [indiscernible] when you look at where did this close for example with the -- by TGS. So they are disclosing all globally onshore and offshore, so it's not segmented. So being a bigger company, that's sort of the idea.
Jean-Georges Malcor
Now your question on the supply-demand in the pricing, okay, I will try to be very precise on that. First of all, I insist on the point that we don't want to talk too much about the pricing per se in Marine. And that's something I would like to be very clear on with all of you is that I would prefer to talk about the impact on our EBIT rather than price increase because the illusion about the price increase is going straight into the bottom line is not correct. It depends on the type of survey, it depends on the number of vessels, it depends of the cost of your survey, if you are or was a 2D or 3D, you're not going to have the same impact in your bottom line. So for us, what do we measure is not the price increase, it's the impact on our budget, the impact on our results. And so when we say 7.5% that we said at the beginning of the year, and, by the way, I confirm that this is our vision, okay, this 7.5% is clearly, for us, what will be translating into our bottom line out of a number of criteria, including price, but also including productivity, cost, type of vessels we're using and all of that. And insist on that point because I'm sure that you're receiving just 3 more and more talking about that rather than pure price increase. Now the only comment I can make on that one is that when I look at the recent comments from WesternGeco PGS, it seems that the position we have been taking for many months, some we have been -- sometimes critics criticize on that, is probably a position, which is coming closer to the ones that our competitors aren't giving. So that's the only comment I can make. If you can see, you know the latest comments, which people have published. They are probably closer to 10% or even lower than the 15% or plus that they were discussing a few months ago. So far, we are consistent with the information we gave so far.
Henry Tarr - Goldman Sachs Group Inc., Research Division
Okay. That's very helpful. And do you see anything driving that revision or -- I know you have been consistent in your comments to the market, but are you seeing anything changing in the demand or the supply environment that would make you think differently about the price outlook?
Jean-Georges Malcor
No, not really because the energy we made from the beginning was a budgetary analysis and not a price increase analysis. So the way we're building the budget that we are considering that our 18 vessels now if you want the kind of production units, they have their own cost, there is a market outside and all of that push us to put it in a budget and that's why we have been building the hypothesis. And so far we don't see anything in the discussion that we have had recently, which are pushing us outside this expectation. So it's really in line with what we said.
The next question comes from Edward Donahue of One Investments.
Unknown Analyst
A few questions, if I may. The first one is just looking at your backlog year-on-year, which appears to be down 11% despite the integration of Fugro. Even if I adjusted for the SWOBS deconsolidation element to that, it's still down 3%. Can you give an idea on the pro forma backlog change for Marine?
Stephane-Paul Frydman
No, I will not give you the pro forma because it's complex. You have 2 months of Fugro unit only. What I can tell you is that if we compare year-on-year, you have to put -- to take 2 things into account. You have to take into account the SWOBS, as you said, very so, okay. But you need also to take into account that in Q1 last year on the Sercel side, we had a fair bit of backlog still remaining from ICC, the action on Land crew in the Middle East. It should take the 2, we are pretty much aligned, taking to account what is coming from Fugro, so we have a backlog that will qualify our stable plus rather than the decreasing like-for-like.
Unknown Analyst
Okay, that's fair enough. The other one is just looking at the -- there's been a significant increase in multi-client expenses, which capitalizes $67 million. And you have a run rate in Q1 of $127 million. It is much higher than the core Q1 rate implied in the guidance for the rest of the year of the approximate 80. Can you sort of give some color on how you have come to that?
Jean-Georges Malcor
Yes, it's quite easy to understand. At the time being, we are running a very important program in the Gulf of Mexico called IBALT, which is mobilizing 2 of the top vessels, the Vega series, freeze all vessels so it's an expense survey, which has been boosting quite a bit the CapEx in the multi-client. This survey will finish at the end of H1, typically, plus or minus a few weeks. So of course, the rest of the year will be at the lower running rate, okay? And the same comment applies for the pre-funding because on the IBALT side, we're talking about what we call the techno multi-client survey. It's a survey where we have introduced a new technology stack size on IBALT and this new technology at the beginning, we started it with a low level of pre-funding. Now customers are coming in and you will see the pre-funding rate getting it. So both the volume and the level of pre-funding are linked to this particular survey in the Gulf of Mexico.
Unknown Analyst
Just coming back on IBALT, what was the original pre-funding rate and where do we stand now? Can you give us an idea?
Jean-Georges Malcor
I think it started very, very low when we started the pre-funding because our customers were interested by the technology. But as it was a groundbreaking technology, they were waiting to see the fast-track research before committing. And we have been able to show the fast-track result at the end of October, starting the survey in July. So that was quite a quick result. And since then, the pre-funding rate is getting up, about 6 at the time being. The rate has been going up. I don't have that number in my mind just now for IBALT itself. But we can certainly provide you with the rate.
Unknown Analyst
Just as a sort of ballpark, is it better than the divisional pre-funding rate you're showing around about 45%, 46%?
Jean-Georges Malcor
Yes, both right now, do you want to jump in line, Stephane?
Stephane-Paul Frydman
On that matter, you showed that -- the 48% of the Q1 is supposed to be a ramp-up. Again, we confirm our guidance for the whole year, and the whole year it's 75%. That's assuming, as Jean-Georges, that's assuming that some people will jump on board based on the fast track, which is the rule of the game on that matter and that's the reason why we start with a low level. The point was, yes, while we have a high competition in this area, as you may know, with [indiscernible] survey. So we launched those matter and presenting rate is ramping up. And again, we are expecting guys jumping on board also in Q2 and Q3 based on what we are shooting presently. Because the processing will time, meaning we are taking of a complex survey so meaning the acquisitions/processing is -- will belong for this kind of survey.
Jean-Georges Malcor
We can certainly give you more color on that. The only reason why it's difficult to give you a number right now is that the IBALT type of commitment in original participants is not a linear one and that's important to realize that -- is that it's a kind of step changes everywhere, every time, somebody join. When they join, it's not for small ticket. They join for big numbers. So we have...
Unknown Analyst
If I could just squeeze in one last question then. Can you just explain -- the cash flow and working capital looks significantly worse than we've seen in Q1 of the last 2 years. And if you could, again, give a bit more color, and I apologize if you've answered this, I joined late, more color on that.
Jean-Georges Malcor
Yes. On the cash flow, the cash flow side for Q1, it's -- normally, what we have in the Q1 cash flow is a combination of 2 things: We have year-after-year, a pretty high level of CapEx and working capital requirement to start the year and produce the equipment and the activity we need for our business. But normally, it is offset at the beginning in Q1 by the cash we are cashing in, resulting from the after sales that we are getting in Q4. Okay, so that's why -- for example, if you compare to last year in Q1 2012, the cash was better than this year, but because we had a superstrong Q4 in after sales and the cash resulting from this Q4 after sales came into -- during the first quarter. This year, if you want, we don't have. We have a low level of Q4 after Sercel, as you know, and so the cash is not here. So the level we have 147 is a kind of normative level for a typical quarter outside the effect of the after sales of the Q4.
Unknown Analyst
Right. Okay, so just for clarification. If you actually stripped out the lack of crossover payments from Q4 into Q1 of last year, you've actually got a normal working capital [indiscernible] the line businesses.
Jean-Georges Malcor
Exactly. Exactly.
As it is past the top of the hour, is there time for one additional question?
Jean-Georges Malcor
Yes, we can take additional question. Yes, no problem.
Okay. That question will come from David Phillips of HSBC.
David Phillips - HSBC, Research Division
A couple of questions. Just firstly, could you give us some guidance for the other income, the equity counting line this year and whether you see this Seabed Joint-Venture ramping up -- how quickly that ramps up, possibly contribution? And secondly, a more broader question. Talking about your target of 18 vessels, excluding Atlantis and Barents, what was your view in terms of a target return on that capital -- of that share capital employed in the medium-term? Can you give us some ideas as to how that fleet may change into the structure in terms of the terms you'll get from that over the next few years.
Jean-Georges Malcor
Okay. On the Seabed side, of course, I would normally tell you that now Fugro being the majority holder, they have to -- they have really to take over the communication on it. But what I can tell you is that the beginning of the year has been good. Of course, we are ramping up today. The team is in place. We have had a reasonable sized success lately, which is the first contract taken by the Seabed since its creation, if you want. The nodes business is doing well. We're very last contractor coming in and of the SWOBS side, we should, within the next few quarters, be pretty up there with some of the contractors they are gunning for. But the level of activity at the end of the day is quite sustained. It's a business, which will be growing fast, providing, of course, that all the construction materialized, but the types of prospects, if you want, in the bidding level is very high. And the plan is to have this Seabed, as we said at the beginning, within a reasonable period of time, a year, 1.5 years or 2 years, around the $600 million mark.
Stephane-Paul Frydman
And I think the question on the expected return on capital employed. Just to remind that, okay, what we said was looking at the value we have on the acquisition, we put $3.3 billion of accounting value somewhere, and you see that the weight of the Marine inside the acquisition it was 80% in Q1, while roughly, it's around 80% globally. So you have an idea of what really the total capital employed you have to manage on the Marine side. Then after, we said that it's a minimum value compared to the cash we have to make usually. And that's a question about the expected return usually and we'll disclose that looking forward, obviously. We make this increment test with discount rate around 8.5% that -- and such 8.5% is obviously combining a certain idea of the rate on capital employed on the one end and a certain idea of productivity we're able to generate each year. So you can, based on those figures, meaning what is now the book value, what is inside that, the value of the Marine and what is meaning the usual [indiscernible] you can have an idea of what our expectation in terms of value creation.
David Phillips - HSBC, Research Division
Okay. And just as quickly, back on to the overall question about equity accounting line, was it $10 million or $11 million in the first quarter? What was the -- can you give us a rough indication for the year?
Jean-Georges Malcor
Yes, on the -- you mean on the investments of equity?
David Phillips - HSBC, Research Division
Jean-Georges Malcor
It's roughly about $14 million.
Stephane-Paul Frydman
Again, on that matter, it will depend on need. We can say that there's 2 big animals. So there's Argas. And Argas, there's [indiscernible] some question looking forward but meaning there's also kind of [indiscernible]. And then there's Seabed and on the Seabed Joint-Venture, the 40%, this Seabed Joint-Venture will have to await also for the communication from Fugro. Obviously, we will have a more element of that, meaning that's a business which is -- meaning in progress, the backlog is in progress and so it's not that easy for us to point figures from now.
David Phillips - HSBC, Research Division
I was looking about what the contribution of last year.
Stephane-Paul Frydman
Last year, it was 46%, 47%.
Jean-Georges Malcor
It was about $40 million.
Stephane-Paul Frydman
Yes, you're right, you're right.
This concludes our question-and-answer session. I would like to turn the conference back over to CGG for any closing remarks.
Jean-Georges Malcor
Okay, now, thank you very much. Thank you for listening to us today and for your questions. We are, as I said, we are pleased with this start of the year. And we hope that within this new configuration, first, we'll be able to talk about a bit more about our business and for you to get more acquainted with them. And secondly, I hope that we'll be delivering quarter-after-quarter. Thank you very much.
Stephane-Paul Frydman
Thank you very much.
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your line.
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I would pattern your gun with modified and Improved cylinder with different ammo,whichever patterns the best gets the nod
This is a discussion on 12g Rem Choke within the Defensive Rifles & Shotgun Discussion forums, part of the Related Topics category; OK I know this has been discussed before but since some of us are getting ready for hunting season let us reflect & review this ...
OK I know this has been discussed before but since some of us are getting ready for hunting season let us reflect & review this subject.
What Rem choke would you suggest using for shooting 12g lead-slugs? And 00buck?
A) modified
B) improved cylinder
C) light modified
D) improved modified
E) skeet
F) other > please clarify
I would pattern your gun with modified and Improved cylinder with different ammo,whichever patterns the best gets the nod
"Outside of the killings, Washington has one of the lowest crime rates in the country,"
--Mayor Marion Barry, Washington , DC .
The traditional choke for police/riot guns has been 'cylinder'bore, which is essentially no choke at all. It's hard to find guns that are sold that way these days, so of the choices listed, skeet is the most open choke.
The standard rifled slug can safely be fired through even a full choke without damaging the gun (although I wouldn't make a practice of it). The 'rifling' on the slug exists primarily to allow enough deformation on the OD of the slug to pass safely through any choke. Whether it mparts any actual spin to the slug is questionable, but in any case not enough to actually stabilize it in flight.
Sabot slugs are likewise OK to shoot through any choke, but realistically you're throwing money away by shooting them through a smoothbore. They are designed to be shot through a fully rifled barrel.
For buckshot, you have to experiment with the different chokes to see what kind of pattern you get. The brand-specific shot cup and the presence or absence of buffering media can have an even larger effect on the spread of the shot than the choke you use. If pressed to offer guidance, I'd say start with skeet or improved cylinder, see what you get, and then see what the tighter chokes will do for you. You may find that a full choke or even an improved modified may cause the patterns to open up like IC - but you really have to test your ammo in your gun to know for sure.
AZCDL Life Member
NRA Patron Member
NROI Chief Range Officer
I would suggest a "Cylinder bore" choke. Cylinder bore chokes have "no restriction" or choke. They are the same diameter as your barrel bore. I don't know if Remington makes a cylinder bore choke. But aftermarket chokes are available. Briley make excellent chokes and probably has one in stock for your particular bore diameter. You just need to measure your bore size and go from there.
Another suggestion would be to purchase a "Skeet" choke. The constriction on these range from .003 to .005. Skeet chokes are also great for quail and close in dove shooting.
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John Adams, October 11, 1798
I would try enough slugs to see what works best in your gun. In my gun IC worked so much better there was no comparison. With both 00 and #4 buck a mod choke worked best. But nothing will be better than trying them in your gun. DR


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Posted in thread: Barley wine dry out on 04-29-2013 at 07:26 PM
When I make a barleywine, I start with London ale yeast and it knocks it down from 1.110 to
~1.040-1.050. I then make a huge starter of Super High Gravity yeast and pitch it. I usually
end up between ...
Posted in thread: Barley Wine Mash Mess-up? on 09-18-2012 at 01:54 AM
Don't worry about it. Ive started a couple mashes high and never had a problem.
Posted in thread: Super High Gravity RIS on 08-07-2012 at 11:38 PM
I've used the 099 to finish off barleywines in the past and it has done a great job. You just
need to get it going in a decent sized starter. I even had the 099 get a 1.117 beer down to
1.010; very ni...
Posted in thread: Best SMaSH recipe you've made??? on 06-20-2012 at 10:44 PM
16 lb Marris Otter6 oz Cascade (90, 60, 15, 5, dry (2 oz))Pac NW YeastAwesome. I :heart: MO.
Posted in thread: HopBack Mountain on 06-16-2012 at 12:44 PM
As my first post here, I would like to say that I have brewed this twice now and it is an
amazing beer. Thank you for an excellent recipe.


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We are currently obsessed with all things bright and cheery, including a little pop of yellow underneath your wedding gown. Yellow really packs a punch this wedding season in all gradients. Neon is back and taking over, light sunshine hues are as pretty as ever and of course we always love a classic pure yellow. Check out a few of our favorite yellow wedding shoes and don't forget to tell us which one would look best on you.
1. Enzo Angiolini Timga Pump 2. Kurt Geiger London 3. Linzy by Kelsi Dagger 4. Jil Sander Neon Flats 5. TOMS 'Savannah' Wedge 6. Nina Electra7. Butter Women's Seal Wedge Pump 8. FLY London Women's Indy Pump 9. Poetic Licence Women's All Tied Up Ankle-Strap Sandal 10. Butter Women's Saltine Sandal


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Everybody is doing list of events which will happen in 2010. Boring. I decided to do a list of events which will not happen. These events have some probability of happening, but my hunch is they won't.
1. Fed will not raise rates. The only reason for the Fed to raise rates is inflation or the threat of it. Inflation is nowhere to be found and the economy is still in shambles. I don't see any reason for higher rates.
2. Chinese bubble will not pop. I'm still sure that China is in a huge bubble. China makes more than half of the steel in the world, there is a city for a million people staying empty etc. Eventually, it will pop. But I feel that there is still enough room for this bubble to grow.
3. Israel will not attack Iran. This is a tough one. I might be wrong.But there are very serious reasons for Israel not to attack. Iran is in disarray, and an attack can consolidate Iran's society. The U.S. is absolutely against such an attack. An attack can't reach the main objective: destroy all major nuclear facilities.
4. Gold will not hit $2000. Follows from number 1. No high inflation, no bubble in gold. It might reach $1500 at some point, but with the same probability it might drop to $600.
5. There will be no commercial real estate crash. Here I completely agree with Jim Cramer. Occupation rate is still very high, we didn't have many bankruptcies. Yes, Linen'n'Things and Circuit City went bust, but those were a long time coming.
6. Not more than one EU country will default. There is some probability that some EU countries will default on government debt. Candidates: Hungary, Greece, Spain, Latvia. But I don't think the EU would allow default in more than one. They shouldn't allow even one, but if that happens, we'll have a panic similar to the one happening after Lehman Brothers collapse. It will be a huge buying opportunity.
6 Events Which Will Probably Not Happen in 2010
Everybody is doing list of events which will happen in 2010. Boring. I decided to do a list of events which will not happen. These events have some probability of happening, but my hunch is they won't.


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Newegg.com - A great place to buy computers, computer parts, electronics, software, accessories, and DVDs online. With great prices, fast shipping, and top-rated customer service - once you know, you Newegg.
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Showing Results: Most Recent
This review is from: NZXT Phantom 630 RB-CA-PH630-W1 White Steel / Plastic ATX Full Tower Computer Case
Pros: $60 cheaper than standard.
Does almost everything a Phantom 630 should.
Cons: The case came COVERED in dust, both inside and out.
Two of the motherboard standoffs were completely stripped and unusable. Luckily I was able to take two from the EATX configuration.
One of the plastic, tool-less hard drive bays was broken and unusable with a standard HDD, but the smaller SSD fit.
No manual included; had to get the pdf online.
Other Thoughts: The front and top panels are hard to remove, but I'm not sure if that's a refurbished issue or standard with the case.
You take a risk with refurbished products, and while I got lucky by using an ATX motherboard, the next buyer might not.


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Lyndell Mack Wilson with Gators still leading
Fightin Gators Top Stories
Franz Beard's Thoughts of the Day; Jan. 20A few thoughts to jump start your Friday morning...
Fightin GatorsYesterday at 9:27 PM
Washington gets visit from the GatorsHe recently de-committed from UCF and the Florida Gators are looking for a quarterback that can both run and pass. Marvin Washington got a visit from Florida coaches this week and…
Fightin GatorsYesterday at 9:13 PM
Del Rio out for spring after surgeryFlorida junior quarterback Luke Del Rio will miss spring practice for the Gators as the University disclosed that Del Rio underwent successful surgery to repair damage to his left…
Fightin GatorsYesterday at 11:45 AM
Top safety ready to pick between ACC and SECChesapeake (Va.) Indian River five-star safety Devon Hunter will make his college commitment tomorrow and Scout has the latest.
Scout FootballYesterday at 11:13 AM
Swamp Scoop: Gators Hit the TrailSwamp Scoop has the latest inside scoop on where the staff will visit on Thursday, and where the Gators stand with a few of their top targets.
Fightin GatorsYesterday at 10:20 AM


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Check in from 14h / Check out prior to 11h
The Sheridan Hotel Scarborough: Find photos, reviews, information, amenities and compare prices for 3 stars hotels in Scarborough, United Kingdom.
Set in Scarborough, The Sheridan Hotel Scarborough is within easy driving distance of Scalby and provides parking. It is ideally positioned for those wanting to discover the area's attractions.
Hotel description
There are 8 rooms at the hotel, each offering all the necessities to ensure a comfortable stay.
A satisfying breakfast is available each morning at The Sheridan Hotel Scarborough, and there are numerous restaurants and eateries close by. There is also the added convenience of an in-house restaurant.
Scarborough's attractions, such as North Marine Road Ground and Peasholm Park, are easily accessible on foot from the hotel. The Scarborough Open Air Theatre and Scarborough Castle are also situated within walking distance.
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Union Springs Hotels
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- Most bookedKellogg Hotel & Conference Center
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"Overall my visit at the Kellogg was wonderful.The hotel staff was very accommodating in any way feasible. The kitchen staff was impeccable... the food was very good. My hat off to the CHEF... I look forward coming back next year... SAME TIME... 1st Saturday in May... until then. Blessings... CHA..."
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A masters refers to the completion of a graduate study program that prepares students to further their knowledge of a specific subject or advance their careers. The majority of masters are granted by state or public universities.
Sustainability seems to be a global movement, with many countries trying to move towards this important ideal of preserving resources for as long as possible. This has proven to be somewhat of a social challenge, which affects everything from individual lifestyles to transportation.
Dealing with public universities is far from an optimal option. Private schools provide much better assistance in your distance learning experience. Several online university draws teachers and students at great distances from all over the world. This vastly increases the diversity in a distance learning classroom and produces challenging conversation among those from hugely divergent communities, regions, and distant cultures.
Students who like to learn about culture-specific cuisine and entertainment might enjoy attending school in Congo DRC (Zaire), as food and music are two of the country's most popular pastimes. Hundreds of different ethnicities call the country home, and French is the most common of the 242 spoken languages.
Distance learning Masters Degree in Sustainability in the Democratic Republic of Congo
or search for similar programs here


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Kuhl Women's Flora Shortsleeve Burnout Top
The unique pattern of flowers will bring this cute top right to the number one position for your spring wardrobe. Perfect for spring, the Kuhl Women's Flora Shortsleeve Burnout Top features organic soft cotton fabric which combines a distinctive burnout floral design with a shape enhancing fit, to deliver good-looking, all-day comfort.
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- Burnout leaf design V-neck henley, short sleeve Super soft and sheer Easy care, wash and wear
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- Fabric: 50% organic cotton, 50% polyester
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Keywords (also called META tags) are words that are typed into an Internet search engine to find a specific kind of Web site. To help people find your site, identify keywords that represent your site. To maximize access to your Web site, identify as many variations of a word or phrase as possible.
If a person searches on one or more of your keywords, your site is listed in the results of their search. The more representative your keywords are and the more keywords you have that match what the user is searching on, the higher your site is in the list of search results.
Here are some tips for choosing keywords for your Web site:
Include singular and plural words
For example: dog, dogs, kennel, kennels
Include active and passive verbs
For example: feed dogs, dogs are fed, board dogs, dogs are boarded
Include words that aren't in your site but represent its overall content
For example: pet sitter, pet motel


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Hotel Lech and Residenz Chesa Rosa
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Travel Blogs from Lech
A walk in the alps
Amazing weather today - bright sunshine with slightly crisp temperature. Our guided walk started by taking the cable car half way up the mountain. We still walked up plenty of hills though! Our furthest point was the Alpe Hormoos, a guest house high in the mountains near the border with Austria. We stopped for lunch and had the ...
Oberstaufen and Hundlebahn skilift
We spent time walking around the town this morning but being Sunday the shops were closed. Actually the prices were way above what I would pay so window shopping is all I can do in Oberstaufen - trouble with trendy ski resort towns. Lovely quark strudel for morning tea but fortunately Adrian & I shared a piece because in the afternoon we found more strudel. We went to Hundlebahn cable ...
Lindau to Lindenberg
... even more challenging. The landscape was beautiful with the green hills, distant mountains and beautiful farms and towns. After the longest climb of the day, we reached Sulzberg, where we had lunch and a very welcome break. At that point we had done 31 km and had about another 20 or so to go. After lunch we had a few more long climbs and more wind to deal with. Because the restaurant at the hotel we would be staying at is closed on Mondays and the hotel is out of town a bit, ...
Konstanz to Lindau
... were a handful of tickets still available. There were only singles available, so we sat one behind the other in rows 4 and 5. The show was The Barber of Seville and was amazing. The puppets, the sets, the skill of the puppeteers were incredible. The audience was invited backstage after the show to see how it's all done. The group of us met up for dinner at Zum Alten Rathaus for some local German food. Don and I had two of the chanterelle specials and apple strudel for ...
Cycling and sunshine
We had a late start after a restless sleep (a few cars in and out of the car park through the night). We set out on a 55km ride. It started through the valley on a bike path, then headed up on the road to Piller. We stopped at the Fließ Naturparkhaus for ...


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Strada Pestalozzi 1a Timisoara, Romania
Location :Central
Strada Pestalozzi 1a Timisoara, Romania
Rooms : 80
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very good hotel,
breakfast great !!
i ll come back in this hotel...
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4/5 Location
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Documentary film festivals are not a unique breed but the types of docs on show..
Banks: 09:00 to 17:00, Monday to Friday; 09:00 to 12:00,..
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The vast majority of Romania's international visitors arrive..
Remote Villages of Transylvania
Portions of rural Transylvania have..


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Model Systems for Infection and Immunity
In infection research experiments on cells and mice have a pivotal role. Frequently such model systems have to be tailored to allow tackling a specific scientific question. To this end, genetic modification of cell lines and mice is being pursued.
Selected Publications
- Authors: (Year: 2011). Title: Deletion of Kaposi's sarcoma-associated herpesvirus FLICE inhibitory protein, vFLIP, from the viral genome compromises the activation of STAT1-responsive cellular genes and spindle cell formation in endothelial cells. Journal: Journal of Virology: Volume: 85 Issue: 19, S-Page: 10375-E-Page: 10388 PubMed
- Authors: (Year: 2006). Title: A new generation of retroviral producer cells: Predictable and stable virus production by Flp mediated site-specific integration of retroviral vectors. Journal: Molecular therapy: Volume: 14, S-Page: 285-E-Page: 292 DOI: 10.1016/j.ymthe.2005.12.003 HZI repository PubMed
- Authors: (Year: 2006). Title: Current status of transcriptional regulation systems. Journal: Cytotechnology: Volume: 50, S-Page: 109-E-Page: 119
- Authors: (Year: 2006). Title: Epigenetic silencing and tissue independent expression of a novel tetracycline inducible system in double transgenic pigs. Journal: FASEB journal: Volume: 20, S-Page: 1200-E-Page: 1202
- Authors: (Year: 2005). Title: Establishment of murine cell lines by constitutive and conditional immortalization. Journal: Journal of Biotechnology: Volume: 120 Issue: 1, S-Page: 99-E-Page: 110
- Authors: (Year: 2005). Title: Simultaneous blockade of NFkappaB, JNK and p38 MAPK by a kinase-inactive mutant of the protein kinase TAK1 sensitizes cells to apoptosis and affects a distinct spectrum of TNF target genes. Journal: Journal of Biological Chemistry: Volume: 280, S-Page: 27728-E-Page: 27741
- Authors: (Year: 2005). Title: Transcriptionally regulated immortalization overcomes side effects of tmeperature-sensitive SV40 large T antigen. Journal: Biochemical and Biophysical Research Communications: Volume: 327 Issue: 3, S-Page: 734-E-Page: 741
- Authors: (Year: 2004). Title: Application of a reversible immortalisation system for the generation of proliferation-controlled cell lines. Journal: Cytotechnology: Volume: 46, S-Page: 69-E-Page: 78
- Authors: (Year: 2004). Title: Flp-mediated integration of expression cassettes into FRT tagged chromosomal loci.: Book Title: Recombinant Gene Expression : Reviews and Protocols. Editors: City: Totowa, NJ : Publisher: Humana Press, S-Page: 467-E-Page: 476 ISBN: 1-58829-262-2
- Authors: (Year: 2004). Title: Interleukin-6 is a direct mediator of T cell migration. Journal: European Journal of Immunology: Volume: 34, S-Page: 2895-E-Page: 2906
- Authors: (Year: 2004). Title: Stable and strictly controlled expression of LTR-flanked autoregulated expression cassettes upon adenoviral transfer. Journal: Biochemical and Biophysical Research Communications: Volume: 319, S-Page: 879-E-Page: 887
- Authors: (Year: 2004). Title: Transcriptional control of SV40 expression allows a complete reversion of immortalization. Journal: Nucleic Acids Research: Volume: 32, S-Page: 5529-E-Page: 5538
- Authors: (Year: 2003). Title: Green fluorescent protein-tagged retroviral envelope protein for analysis of virus-cell interactions.. Journal: Journal of Virology: Volume: 77, S-Page: 6070-E-Page: 6075
- Authors: (Year: 2002). Title: Vital marking of articular chondrocytes by retroviral infection using green fluorescence protein. Journal: Osteoarthritis and Cartilage: Volume: 10 Issue: 2, S-Page: 109-E-Page: 118 ISI
- Authors: (Year: 2001). Title: Cytomegalovirus early promoter induced expression of hCD59 in porcine organs provides protection against hyperacute rejection. Journal: Transplantation: Volume: 72 Issue: 12, S-Page: 1898-E-Page: 19060041-1337 PubMed
- Authors: (Year: 2001). Title: Evaluation of retroviral vector design in defined chromosomal loci by Flp-mediated cassette replacement. Journal: Human gene therapy: Volume: 12 Issue: 8, S-Page: 933-E-Page: 9441043-0342 PubMed
- Authors: (Year: 2001). Title: Retroviral vectors for the transduction of autoregulated, bidirectional expression cassettes. Journal: Molecular therapy: Volume: 4 Issue: 5, S-Page: 484-E-Page: 4891525-0016 PubMed
- Authors: (Year: 2000). Title: New approaches towards ex vivo and in vivo gene therapy. Journal: Cells Tissues Organs: Volume: 167 Issue: 2-3, S-Page: 75-E-Page: 801422-6405 PubMed
- Authors: (Year: 1999). Title: Complement-protected amphotropic retroviruses from murine packaging cells.. Journal: Hum Gene Ther: Volume: 10, S-Page: 1893-E-Page: 1902
- Authors: (Year: 1999). Title: G-CSF receptor mutations in patients with severe congenital neutropenia do not abrogate Jak2 activation and stat1/stat3 translocation.. Journal: Ann N Y Acad Sci: Volume: 872, S-Page: 325-E-Page: 327
- Authors: (Year: 1997). Title: Generation of mammalian cells with conditional expression of cre recombinase.. Journal: Technical Tips Online: Volume: 2 Issue: 1, S-Page: 18-E-Page: 20
- Authors: (Year: 1995). Title: Scaffold/matrix-attached regions: structural properties creating transcriptionally active loci.. Journal: Int Rev Cytol: Volume: 162A, S-Page: 389-E-Page: 454
- Authors: (Year: 1994). Title: Gene expression within a chromatin domain: the role of core histone hyperacetylation.. Journal: Biochemistry: Volume: 33, S-Page: 4197-E-Page: 4206
- Authors: (Year: 1994). Title: Screening retroviral packaging cells for highly efficient virus production by using a combined selection procedure.. Journal: J Virol: Volume: 68, S-Page: 566-E-Page: 569
- Authors: (Year: 1992). Title: Biological significance of unwinding capability of nuclear matrix-associating DNAs.. Journal: Science: Volume: 255, S-Page: 195-E-Page: 197
- Authors: (Year: 1992). Title: Scaffold-attached regions (SAR elements) mediate transcriptional effects due to butyrate.. Journal: Biochemistry: Volume: 31, S-Page: 3222-E-Page: 3229
- Authors: (Year: 1991). Title: Scaffold-attached regions from the human interferon beta domain can be used to enhance the stable expression of genes under the control of various promoters.. Journal: Biochemistry: Volume: 30, S-Page: 1264-E-Page: 1270
- Authors: (Year: 1990). Title: MARs and SARs, DNA sequences with an affinity to the nuclear matrix: analysis, regulation and functions in transcriptional enhancement.. Journal: BioEngineering: New Trends in Genetics: Volume: 2, S-Page: 2-E-Page: 5
- Authors: (Year: 1988). Title: Comparative evaluation of bovine papilloma virus (BPV) vectors for the study of gene expression in mammalian cells.. Journal: Mol. Gen. (Life Sci Adv): Volume: 7, S-Page: 47-E-Page: 52
Prof Dr Dagmar Wirth
Head of the Research Group Model Systems for Infection and Immunity
+49 531 6181-5040
+49 531 6181-5002
Bachelor & Master
Are you interested in a bachelor or master thesis? We are looking forward to your request!


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Servants by Choice
"So likewise you, when you have done all those things which you are commanded, say, 'We are unprofitable servants. We have done what was our duty to do.' "
The apostle Paul would often describe himself as a bondservant of the Lord Jesus Christ. This isn't the same as the horrific slavery of days gone by where people were forced to work for someone else. Being a bondservant of Christ means serving God. It is something I want to do.
What is the goal of a servant? To please his master, to do what his master wants him to do. As 1 Corinthians 6:20 reminds us, "For you were bought at a price; therefore glorify God in your body and in your spirit, which are God's."
Let's not misunderstand. It isn't as though God has taken me against my will and made me His slave. No, it is more like being in a slave market in shackles. Jesus comes along, looks at me, and says, "I will take that one." Then He buys me.
So I say, "Okay, Master, where do you want me to go?"
"I want you to come over here because I am going to undo those shackles you're wearing."
"Wow. That feels a lot better."
Then Jesus says, "We're going down to the courthouse."
"I am going to adopt you now as my son. See, you are my slave, but you are my son."
"You know what?" I say. "I want to be your slave forever."
That is how it works. I am not a slave because I have to be; I am a slave because I want to be.
Yes, as Christians we are slaves. But we also are friends of God. The Potter who molded us is also our Father who adores us. Our Master who owns us is also our Friend who loves us. And so we are called to be His servants.
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Marblry's Profile
Hello, My name is Carinne. I have been firing ceramics for the past 18 years. Five years ago I found a glass kiln under my Christmas tree! My mind went nuts...I started kiln firing wine and soda bottles (www.cbaltzer.etsy.com).
Then one day I thought MARBLES are glass!!! & as they say, the rest is history...
I love to search for antique and vintage glass marbles...walking into an old antique shop and right away I spot a mason jar full of the little gems. My husband has gotten really into it too. We both enjoy the whole process. Glass kiln firing them is really interesting, each marble melts differently and some even change color! We have lots of choices as to how to position the marble in the kiln. Each side would have a different outcome. The firing process makes the marble flat on one side and the swirls of glass are brought forward on display. When transforming the marbles into jewelry I use…
- Female
- Joined April 11, 2011
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- Marblry
- Queen Creek, AZ, United States