Interim Management Statement

RNS Number : 5474C

Ocean Wilsons Holdings Ld

16 November 2009

 



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 Bermuda based investment company and through its subsidiary, Wilson Sons Limited controls a maritime services and logistics company in Brazil.  

Results

Revenue for the nine months ended 30 September 2009 was US$348.6 million down 8.5% on the comparative period in 2009 (US$380.8 miliion). due to weaker volumes and a decrease in our shipbuilding business. However revenue for the third quarter 2009 at US$ 129.6 million was only 2.1% lower than 2008 (US$132.4 million) due to an increase in port terminal volumes and towage special operations. 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 2009. 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 2009 the investment portfolio including cash under management amounted to US$242.0 million of which US$99.1 million was invested in cash and cash equivalents. The investment portfolio represents US$6.84 (£4.14) per Ocean Wilsons share.

Wilson Sons Limited valuation

At the close of business on 12 November 2009 the Wilsons Sons Limited share price was 20.80 Brazilian Reais, resulting in a market value for the Ocean Wilsons 58.25% holding in Wilson Sons Limited of approximately US$498 million which is equivalent to US$14.09 (£8.46) 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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