Quarterly Update – Q1 2023

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) and at the Brazilian stock exchange website.

Enquiries

Company Contact Leslie Rans, CPA Chief Operating and Financial Officer	[phone]
Media David Haggie Haggie Partners LLP	[phone]
Peel Hunt, Broker Edward Allsopp, Charles Batten	[phone]

 

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