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Ocean Wilsons Holdings Limited

Quarterly Update

Ocean Wilsons Holdings Limited (LSE: OCN) today announces its third quarter update for 2021. 

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' Q321 Financial Results

Group revenue for the quarter ended 30 September 2021, at US$104.0 million, was 18.0% higher than the comparative period (2020: US$88.1 million) principally due to strong towage volumes and growth in logistics and container terminals over the previous year. In BRL terms revenue was 9.6% higher than prior year. The average USD/BRL exchange rate in the period at R$5.23 was 2.8% lower than the comparative period (2020: R$5.38).

Container terminal revenue for the quarter was 12.6% higher than prior year at US$36.6 million (2020: US$32.5 million) mainly due to increases in warehousing and other services. Total containers moved declined 7.4% at 258,400 TEUs (2020: 279,100 TEUs) as the impact of global container availability and delays in off-loading cargo continue to challenge container volumes. Import volumes in the period improved but exports declined impacted by worldwide logistic bottlenecks and lack of empty containers. Towage revenue at US$53.2 million was 20.7% higher than the third quarter of 2020 (US$44.1 million) due to an improved average revenue per manoeuvre and revenue from special operations. 

Wilson Sons' EBITDA for the third quarter, at US$44.9 million, was 17.9% higher than prior year (2020: US$38.1 million) and for the nine months ended 30 September 2021 was 16.2% higher at US$129.8 million (2020: US$111.7 million).

Wilson Sons' profit after tax for the third quarter of US$6.6 million was US$3.6 million lower than the comparative period in 2020 (US$10.2 million) and for the nine months ended 30 September 2021 was US$22.1 million higher at US$34.2 million (2020: US$12.1 million), principally due to improved operating results coming out of the pandemic and improved impact of foreign exchange rates over 2020.

On 10 November 2021, Wilson Sons announced to the São Paulo Stock Exchange its results for the third quarter ended 30 September 2021. The full announcement 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:

"In October, we commenced a new stage for the Company with the listing on the Novo Mercado of B3 reinforcing our commitment to the best governance practices and value creation for all our stakeholders. Wilson Sons 3Q21 EBITDA of US$129.8 million was an increase of 16.2% over 3Q20 (US$111.7 million) with strong operating revenue.

Container terminals operating results were strongly impacted, mainly by exports, the limited availability of empty containers and worldwide logistics bottlenecks and we expect this will continue to be a challenge for export volume growth over the coming months. Transshipment continues however to perform well YTD, with a 53.3% increase against 9M20. Due to the better mix, net revenues from the container terminals were R$564.6 million, 12.2% above 9M20 (R$503.0 million).    

Towage results benefited from resilient operating volumes, while average revenue per manoeuvre rose 8.6% due to a better revenue mix and revenues from special operations. Oil and gas support services still face increasing costs due to the COVID-19 pandemic protocols and the scenario of oversupply of offshore support vessels, despite some early signs of improvements evidenced on the demand side.

Throughout 2021, we reflected on Wilson Sons' role in contributing to the sustainable development of Brazil, an essential part of our corporate purpose. We believe in working together to transform our reality and bring about a better future, as part of our objective of being a positive force in society.

Health and safety continue to be fundamental for our business and we are closely monitoring the evolution of the pandemic. In September we completed the vaccination of 90% of operational staff. However, it will still be necessary to maintain certain safety and control measures during the pandemic, even after reaching full immunization of employees.

I would like to thank the entire Wilson Sons team for the historic changes achieved in the context of the restructuring and new listing, and the results so far in 2021. I am extremely happy and proud of the path we are following and our future perspectives."

Investment Portfolio

At 30 September 2021, the investment portfolio including cash under management amounted to US$340.8 million (30 September 2020: $282.2 million) an increase of 20.7% year on year. Year to date the investment portfolio's cash under management has increased by US$29.9 million or 9.6%. The investment portfolio represents US$9.64 or £7.15 per Ocean Wilsons share. At 31 October 2021, the investment portfolio including cash under management amounted to US$351.8 million.