Ocean Wilsons Holdings Ld Quarterly Update (0292P)
14 November 2016 - 6:00PM
UK Regulatory
TIDMOCN
RNS Number : 0292P
Ocean Wilsons Holdings Ld
14 November 2016
Ocean Wilsons Holdings Limited
Quarterly Update
Ocean Wilsons Holdings Limited (LSE: OCN) today announces its
third quarter update for 2016.
Our Operations
Ocean Wilsons Holdings Limited ("Ocean Wilsons" or "the Group")
is a Bermudian investment holding company which holds a portfolio
of international investments, and through its subsidiary, Wilson
Sons Limited, controls a maritime services and logistics company in
Brazil.
Financial Results
Wilson Sons Limited's ("Wilson Sons") net income for the third
quarter of US$22.7 million was US$29.0 million higher than the
comparative period in 2015 (US$6.3 million loss) as 2015 was
adversely impacted by exchange losses arising from the depreciation
of the Brazilian Real ("BRL") against the US Dollar ("USD") at the
period end. During the third quarter of 2016 the BRL depreciated 1%
from R$3.21 at 30 June 2016 to R$3.25 at period end compared to a
28% depreciation for the third quarter in 2015.
Revenue for the three months ended 30 September 2016 at US$125.5
million was US$3.1 million higher than the comparative period in
2015 (US$122.4 million). Port terminal and logistics revenue in the
period was 7% higher at US$58.5 million (2015 US$54.7 million) with
higher container terminal revenue partially offset by lower Brasco
and logistics revenue. Container terminal revenue was positively
impacted by the average USD/BRL exchange rate in the period. The
average USD/BRL exchange rate for the period was 8% lower at 3.26
compared with 3.55 in 2015. Container volumes in the period were 5%
lower at 275,200 TEUs (2015 288,700 TEUs), principally due to fewer
empty container movements. Both towage and ship agency revenue for
the quarter of US$57.7 million and shipyard revenue of US$9.3
million were in line with the comparative period in 2015 (US$58.0
million and US$9.7 million respectively). Revenue for the nine
months ended 30 September 2016 of US$340.2 million was 13% lower
than the comparative period in 2015 (US$391.3 million).
EBITDA at Wilson Sons for the third quarter at US$46.2 million
was 3.7% higher than 2015 (US$44.6 million) while Wilson Sons
EBITDA for the nine months of US$117.5 million remains 9% behind
the comparative period in 2015 (US$129.5 million).
Capital expenditure in the period of US$10.8 million was
invested mainly in tug boat construction.
The CEO of Wilson Sons Limited operations in Brazil, Cezar
Baião, stated:
"EBITDA for the third quarter 2016 of US$46.2 million was 3.7%
higher than the third quarter 2015 comparative demonstrating a
resilient result despite a continuing weak Brazilian macroeconomic
scenario. Net profit of US$22.7 million increased as the 2015
comparative was affected by exchange rate movements.
In the current competitive environment, fleet increases and
efficiency gains lead to an 11.1% increase in the Towage EBITDA.
The offshore support vessel business was boosted by the
commencement of operations of the largest vessel in the fleet,
although the two offhire vessels reflect a very challenging oil and
gas service market.
In light of the challenging trading environment we have
implemented reductions in the structure of our Shipyard and Brasco
businesses to reduce costs and improve efficiency. We continue our
focus on improving cash flow, operational efficiencies and
maximising the use of our installed capacity across all
businesses."
Wilson Sons Limited announced on Friday 11 November to the São
Paulo and Luxembourg Stock exchanges its results for the third
quarter ended 30 September 2016. Their full announcement is
available on the Wilson Sons website (www.wilsonsons.com.br) and at
the Brazilian stock exchange website.
Investment Portfolio
At 31 October 2016, the investment portfolio including cash
under management amounted to US$237.1 million (30 June 2016:
US$234.1 million). The investment portfolio represents US$6.70
(GBP5.48) per Ocean Wilsons share.
Enquiries
Company Contact +1 441 295
Keith Middleton 1309
Media
David Haggie +44 20 7562
Haggie Partners LLP 4444
Cantor Fitzgerald Europe
David Foreman, Will Goode (Corporate
Finance) +44 20 7894
David Banks (Sales) 7000
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon publication of
this announcement, this information is now considered to be in the
public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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