Ocean Wilsons Holdings Ld
Headline: Interim Management Statement
08:14 14-Nov-08
OCN Number:1680I

Ocean Wilsons Holdings Limited

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 leading supplier of maritime services in Brazil and holds a portfolio of international investments. The Group's activities include harbour and ocean towage, offshore support services, small vessel construction and maintenance, container terminal operation, logistics and ship agents.

Results

Revenue for the nine months ended 30 September 2008 was  US$381 million up 33% on the comparative period in 2007 (US$287 million). Revenue increased due to better pricing, increased third party shipyard revenue, and accelerated growth in the offshore business. All the Group's sales are derived from our Brazilian operations held through Wilson Sons Limited.

Wilson Sons Limited announced today to the São Paulo Stock exchange and Luxembourg Stock Exchange their results for the third quarter ended 30 September 2008. 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 2008 the investment portfolio including cash under management amounted to US$219.4 million of which US$123.2 million was invested in cash and cash equivalents. The investment portfolio represents US$6.20 (£3.84) per Ocean Wilsons share.

Wilson Sons Limited valuation

At the close of business on 12 November 2008 the Wilsons Sons Limited share price was 12.10 Brazilian Reais, resulting in a market value for the Ocean Wilsons 58.25% holding in Wilson Sons Limited of approximately US$218 million which is equivalent to US$6.15 (£4.10) 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.