REG - Ocean Wilsons Hldgs - Quarterly Update – Q1 2023

Ocean Wilsons HoldingsAnnouncement

11/05/2023 07:00

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RNS Number : 9753Y  Ocean Wilsons Holdings Ltd  11 May 2023

Ocean Wilsons Holdings Limited

 

Quarterly Update - Q1 2023

 

Ocean Wilsons Holdings Limited (LSE: OCN) today announces its first quarter
update for 2023.

Our Operations

Ocean Wilsons Holdings Limited ("Ocean Wilsons", "the Company") is a Bermuda
based investment holding company with two subsidiaries: Ocean Wilsons
(Investments) Limited which holds a managed portfolio of global investments,
and Wilson Sons S.A. ("Wilson Sons"), which operates a maritime services and
logistics company in Brazil.

Net asset value at 31 March 2023

As at market close on 31 March 2023, the trading value of the Ocean Wilsons'
investment in Wilson Sons totalled approximately US$470.9 million, which
represents US$13.31 (£10.79) per Ocean Wilsons share. The investment
portfolio was valued at approximately US$298.1 million which
represents US$8.43 (£6.83) per Ocean Wilsons share. In aggregate, including
US$8.4 million of cash at the holding company level, results in an implied net
asset value per Ocean Wilsons share of US$21.98 (£17.81).

Investment Portfolio

The investment portfolio, including cash under management, increased US$4.3
million, or 1.5%, for the three-month period (31 December 2022: $293.8
million).

Wilson Sons' Q1 2023 Financial Results

Wilson Sons reported Q1 2023 net revenues of US$109.8 million were 8.3% higher
than the first quarter of 2022 (US$101.4 million) and EBITDA of US$46.1
million was in line with the prior year comparative (US$45.9 million).

Towage EBITDA rose 18.2% year-over-year with higher volume and an increase in
average revenue per manoeuvre and special operations. During the quarter, our
shipyard delivered WS Rosalvo, the third of a series of six tugboats with over
90 tonnes of bollard pull. The remaining three tugs will be launched by the
end of 2024.

Q1 2023 container terminal revenues were US$36.9 million (Q1 2022: US$35.0
million) with aggregated volumes up 6.6% although EBITDA decreased 5.4% when
compared to Q1 2022 due to higher costs such as payroll taxes and corporate
expenses apportionment. The Rio Grande terminal reported a 7.3% increase in
overall container handling mainly due to higher empty, transhipment, inland
navigation and import flows. The Salvador terminal had a 5.5% improvement in
overall container volumes mainly reflecting a better performance of empty,
cabotage and export flows.

Demand for our offshore energy-linked services improved markedly as vessel
turnarounds in our offshore support bases increased 76.0% and operating days
in our offshore support vessel joint venture rose 24.6% year-over-year.
Revenues for the first quarter were US$4.2 million (Q1 2022: US$2.2 million).

On 10 May 2023, Wilson Sons announced to the São Paulo Stock Exchange its
results for the first quarter 2023. The full announcement is available on
the Wilson Sons website (www.wilsonsons.com.br (about:blank) ) and at the
Brazilian stock exchange website.

 

Enquiries

 

 Company Contact                         +1 441 295 1309

 Leslie Rans, CPA

 Chief Operating and Financial Officer

 Media                                   +44 20 7562 4444

 David Haggie

 Haggie Partners LLP

 Peel Hunt, Broker                       +44 20 7418 8900

 Edward Allsopp, Charles Batten

 

 

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