RNS Number : 3958S08
Ocean Wilsons Holdings Ld
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.
Ocean Wilsons Holdings Limited ("Ocean Wilsons") is a Bermuda based investment company and through its subsidiary, Wilson Sons Limited controls a maritime services and logistics company in Brazil.
Revenue for the three months ended March 2009 was US$103.6 million down 14.5% on the comparative period in 2008 (US$121.2miliion). All the Group's sales are derived from our Brazilian operations held through Wilson Sons Limited. Revenue decreased due to the unfavourable market conditions with volumes declining sharply in the port terminals and towage businesses, lower shipyard revenue and an adverse foreign exchange impact on Brazilian Real denominated revenues. However operating profit at our Brazilian operating company, Wilson Sons Limited improved from our expanded presence in the offshore business, an increase in towage special operations, higher warehousing-related activities at port terminals and logistics, and the positive foreign exchange impact on Brazilian Real denominated costs.
Wilson Sons Limited announced today to the São Paulo Stock exchange and Luxembourg Stock Exchange their results for the quarter ended 31 March 2009. Their full announcement is available on the Wilson Sons website (www.wilsonsons.com.br) and at the Brazilian and Luxembourg websites.
At 30 April 2009 the investment portfolio including cash under management amounted to US$217.2 million of which US$120.8 million was invested in cash and cash equivalents. The investment portfolio represents US$6.14 (£4.04) per Ocean Wilsons share.
Wilson Sons Limited valuation
At the close of business on 14 May 2009 the Wilsons Sons Limited share price was 13.50 Brazilian Reais, resulting in a market value for the Ocean Wilsons 58.25% holding in Wilson Sons Limited of approximately US$268 million which is equivalent to US$7.57 (£4.98) 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.
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