Interim Management Statement

RNS Number : 0198S

Ocean Wilsons Holdings Ld

14 November 2011

 



Ocean Wilsons Holdings Limited

Interim Management statement

Ocean Wilsons Holdings Limited today announces its interim management statement in accordance with the UK Listing Authority's Disclosure and Transparency rules. 

Our Operations

Ocean Wilsons Holdings Limited ("Ocean Wilsons") is a Bermudian holding company and which through its subsidiaries controls a maritime services and logistics company in Brazil and an investment portfolio.  

Results

Revenue for the nine months ended 30 September 2011 was US$521.2 million up 25.2% on the comparative period in 2010 (US$416.4 million) principally due to increases in our port terminals and logistics businesses. All the Group's sales are derived from our Brazilian operations held through Wilson Sons Limited.

Operating profit for the period at Wilson Sons Limited reflected the increase in revenue rising 29.8% to US$78.5 million (2010: US$60.5 million).

Capital expenditure in the third quarter of US$87.0 million was spent principally on the expansion of Tecon Salvador, the new Guaruja shipyard and vessel construction. At 30 September 2011 Wilson Sons Limited  borrowings (including obligations under finance leases) were US$394.0 million (30 June 2011: US$356.4 million) of which US$359.4 million is non-current.  

Trading continues to be in line with performance in the year to date.

Wilson Sons Limited announced today to the São Paulo Stock exchange and Luxembourg Stock Exchange their results for the third quarter ended 30 September 2011. Their full announcement is available on the Wilson Sons website (www.wilsonsons.com.br) and at the Brazilian and Luxembourg websites.

Investment Portfolio

At 31 October 2011 the investment portfolio including cash under management amounted to US$240.3 million. The investment portfolio represents US$6.79 (£4.21) per Ocean Wilsons share.

Wilson Sons Limited valuation

At the close of business on 4 November 2011 the Wilsons Sons Limited share price was 24.90 Brazilian Reais, resulting in a market value for the Ocean Wilsons 58.25% holding in Wilson Sons Limited of approximately US$589 million which is equivalent to US$16.66 (£10.33) per Ocean Wilsons share. 

Shareholders should be aware that in addition to Wilson Sons Limited and the investment portfolio the Group has other assets and liabilities on its Balance sheet. In the opinion of the Directors the net impact of these items would not have a material effect on the valuation of the business.

Company Contact

Keith Middleton                                   1 441 295 1309

Seymour Pierce Limited                       020 7107 8000

Guy Peters - Corporate Finance

David Banks - Corporate Broking

 

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