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16 Nov 2009 08:03
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Ocean Wilsons Holdings Limited
Interim Management statement
Ocean Wilsons Holdings Limited today announces its interim management statement in accordance with the UKΒ ListingΒ Authority'sΒ Disclosure and Transparency rules.Β
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 monthsΒ endedΒ 30 September 2009 was US$348.6 million down 8.5% on the comparative periodΒ in 2009Β (US$380.8 miliion). due toΒ weaker volumes and a decrease in our shipbuilding business.Β However revenue for the third quarter 2009 at US$ 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 toΒ the SΓ£o Paulo Stock exchange and Luxembourg Stock Exchange their results for theΒ third quarter ended 30 September 2009.Β Their full announcement is availableΒ 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$242.0Β million of which US$99.1Β millionΒ was invested inΒ cash and cash equivalents.Β The investment portfolioΒ represents US$6.84Β (Β£4.14) perΒ Ocean WilsonsΒ share.
Wilson Sons Limited valuation
At the close of business on 12 NovemberΒ 2009Β the Wilsons Sons Limited share price wasΒ 20.80Β Brazilian Reais, resulting in a market value for the Ocean Wilsons 58.25% holding in Wilson Sons Limited ofΒ approximately US$498Β million which is equivalent toΒ US$14.09Β (Β£8.46) perΒ Ocean Wilsons share.Β
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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