TIDMOCN
RNS Number : 5309L
Ocean Wilsons Holdings Ltd
16 May 2022
Ocean Wilsons Holdings Limited
Quarterly Update - Q1 2022
Ocean Wilsons Holdings Limited (LSE: OCN) today announces its
first 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 ("OWIL") 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.
Wilson Sons' Q1 2022 Financial Results
Wilson Sons reports 1Q22 EBITDA of US$45.9 million (1Q21 US$41.9
million), a 9.5% increase over the same quarter last year.
-- Robust towage results due to a better revenue mix and
resilient volumes.
-- Container terminal volumes continue to be impacted by
the limited availability of empty containers and worldwide
logistics bottlenecks.
-- Wilson Sons shareholder approval of a six-for-one stock
split for all the shares of the company to be traded "ex"
split as of 16 May 2022.
Group revenue for the quarter ended 31 March 2022 of US$101.4
million was 9.6% higher than the comparative period (2021: US$92.5
million) principally due to strong towage revenues, benefitting
from an improved mix and resilient volumes. On a constant currency
basis, revenue was 4.4% higher than prior year. The average USD/BRL
exchange rate in the period at R$5.16 was 5.3% lower than the
comparative period (2021 R$5.45).
Container terminal revenue for the quarter was 3.9% higher than
prior year at US$35.0 million (2021: US$33.7 million) mainly due to
increased demand in warehousing and other services. Total
containers moved declined 14.7% at 161,500 TEUs (2021: 189,300
TEUs) as the impact of global container availability and delays in
off-loading cargo continue to prove challenging. Import volumes in
the period declined with the closure of some Chinese ports as Covid
restrictions have been reintroduced. Towage revenue at US$48.5
million was 7.8% higher than the first quarter of 2021 (US$45.0
million).
Net profit for the period of US$27.8 million was US$23.0 million
higher than the comparative period in 2021 (US$4.8 million) with
improved operating profits and foreign exchange gains.
The full earnings release is available on the Wilson Sons
website ( www.wilsonsons.com.br ) and at the Brazilian stock
exchange website.
The CEO of Wilson Sons Limited operations in Brazil, Fernando
Salek, stated:
Wilson Sons' 1Q22 EBITDA of US$45.9 million with robust towage
revenues EBITDA grew 9.5% year over year.
Towage results were strong with an increased average revenue per
manoeuvre despite the decrease in operating volume mainly due to
the reduction of containerized cargo. Towage net revenues increased
to US$48.5 million in 1Q22, from US$45.0 million in 1Q21.
Container terminal operating volumes were impacted by the
limited availability of empty containers and worldwide logistics
bottlenecks causing vessel call cancellations. We believe that this
challenging scenario will remain throughout 2022 given port
closures in China in this first quarter.
This month we released our first sustainability report in line
with the Global Reporting Initiative (GRI). Through this report we
bring increased disclosure of Wilson Sons' environmental, social
and governance performance and strategy. One of the key material
priorities for us and our stakeholders is safety to which we are
pleased to confirm our commitment and report that during the
quarter and since September 2021 we have had no lost time
accidents. As such our LTFR has reduced to 0.51 on a trailing
twelve-month basis.
This month we will deliver the first out of a series of six
80-ton bollard pull tugboats from our shipyard. The vessels are IMO
Tier III certified which attests to the elimination of nitrogen
oxide (NOx) emissions and will introduce an innovative concept for
the tugboats in the country. By increasing the hydrodynamic
efficiency of the vessels, the new design allows an estimated
reduction of up to 14% in greenhouse gas emissions, compared to
previous technology.
We are pleased to have delivered very resilient financial
results despite the challenging worldwide trade environment and
logistical bottlenecks, lack of empty containers and cancellation
of vessel calls.
Fernando Salek
CEO
Investment Portfolio quarterly update
Current market conditions are both complex and challenging. The
year began with an expectation of rising inflation and declining
growth but importantly there was a belief that inflation would
start to ease as the year progressed and that growth, whilst
slowing, would not enter recession. As the year has progressed
however, the combination of the war in Ukraine together with the
slowdown in China due to its zero COVID policy has served to place
further upward pressure on inflation and downward pressure on
growth. As a result, the market is trying to determine whether or
not central banks can regain control of inflation but not at the
expense of growth. The investment portfolio, whilst clearly
impacted by these events, has a high degree of diversity both by
geography, sector and asset type; which together with our long-term
mandate is expected to manage the current uncertainty. The
defensive part of the portfolio continues to be resilient. To date,
the private asset investments have substantially maintained their
value, but there will undoubtedly be a lag between private and
public assets over time.
At 31 March 2022, the investment portfolio including cash under
management amounted to US$328.2 million (31 December 2021:
$351.8million) a decrease of a 6.7% decrease. At 31 March 2022, the
investment portfolio represents US$9.28 or GBP7.08 per Ocean
Wilsons share value. At 30 April 2022, the investment portfolio
including cash under management amounted to US$312.9 million, a
decrease of US$38.9 million (11.0%).
Enquiries
Company Contact
Leslie Rans, CPA +1 441 295 1309
Chief Operating and Financial
Officer
Media
David Haggie +44 20 7562 4444
Haggie Partners LLP
Peel Hunt, Broker
Edward Allsopp, Charles +44 20 7418 8900
Batten
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END
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