REG - Ocean Wilsons Hldgs - Quarterly Update

Ocean Wilsons HoldingsAnnouncement

10/11/2022 07:00

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RNS Number : 8987F  Ocean Wilsons Holdings Ltd  10 November 2022

Ocean Wilsons Holdings Limited

 

Quarterly Update

 

Ocean Wilsons Holdings Limited (LSE: OCN) today announces its third quarter
update for 2022.

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 manages a portfolio of international investments,
and Wilson Sons Holdings Brazil S.A. ("Wilson Sons"), which operates a
maritime services and logistics company in Brazil.

Investment Portfolio

At 30 September 2022, the investment portfolio including cash under management
amounted to US$283.3 million (31 December 2021: $351.8 million) a decrease of
US$68.5 million or 19.5% for the nine month period. This compares to a fall
of 25.1% for the MSCI World index over the same period.

Wilson Sons' Q3 22 Financial Results

Revenues for the quarter ended 30 September 2022 of US$118.0 million were
13.5% higher than the comparative period (2021: US$104.0 million) principally
due to favourable conditions in both volume and pricing for the international
logistics business, increased operational activity in the offshore support
bases and improved revenue mix in the towage division. In BRL terms, revenue
was 13.8% higher than prior year. The average USD/BRL exchange rate in the
period at R$5.32 was 1.7% higher than the comparative period (2021: R$5.23).

Wilson Sons' EBITDA for the third quarter, at US$50.7 million, was 12.9%
higher than prior period (2021: US$44.9 million) and for the nine months ended
30 September 2022 was 7.0% higher at US$138.9 million (2021: US$129.8
million).

Wilson Sons' profit after tax for the third quarter of US$12.7 million was
US$6.1 million higher than the comparative prior period (2021: US$6.6 million)
and for the nine months ended 30 September 2022 was US$43.9 million (2021:
US$34.2 million).

On 10 November 2022, Wilson Sons announced to the São Paulo Stock Exchange
its results for the third quarter ended 30 September 2022. The full
announcement is available on the Wilson Sons website (www.wilsonsons.com.br
(about%3Ablank) ) and at the Brazilian stock exchange website.

 

Net asset value

As at market close on 31 October 2022, the trading value of the Ocean Wilsons
investment in Wilson Sons totalled approximately US$544.7 million, which
represents US$15.40 (£13.43) per Ocean Wilsons share. The investment
portfolio was valued at approximately US$288.0 million which
represents US$8.15 (£7.10) per Ocean Wilsons share. In aggregate, this
results in a net asset value per Ocean Wilsons share of US$23.55 (£20.53).

 

Enquiries

 

 Company Contact:                   +1 441 295 1309

 Leslie Rans

 Media:                             +44 20 7562 4444

 David Haggie

 Haggie Partners LLP

 Peel Hunt, Corporate Broker:       +44 20 7418 8900

 Edward Allsopp or Charles Batten

 

Person responsible:

 

The person responsible for arranging the release of this announcement on
behalf of Ocean Wilsons is Leslie Rans.

 

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