Company Announcements

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) 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

Person responsible:

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