Ocean Wilsons Holdings Limited - Preliminary Results
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Ocean Wilsons Holdings Limited
Preliminary results for the year ended 31 December 2019
Ocean Wilsons Holdings Limited ("Ocean Wilsons" or the "Company") today announces its preliminary results for the year ended 31 December 2019.
? Profit after tax for the year of US$61.0 million was US$27.2 million higher than the prior year (2018: US$33.8 million) principally due to a strong performance from our investment portfolio.
? The investment portfolio (including cash under management) increased US$26.4 million to US$285.3 million (2018: US$258.9 million).
? Operating profit fell 30.6% to US$69.0 million (2018: US$99.5 million) mainly due to lower revenue and weaker operating margins at the Group's towage and offshore support base businesses.
? Profit after tax and operating profit was after an impairment charge on our offshore base business (Brasco) of US$13.0 million.
? Group revenue for the year was 11.8% lower at US$406.1 million (2018: US$460.2 million) principally due to a higher average USD/BRL exchange rate and a difficult trading environment.
? Net cash inflow from operating activities for the year was US$106.3 million (2018: US$113.7 million).
? Proposed dividend unchanged at US 70 cents per share (2018: US 70 cents per share).
? Earnings per share for the year up by US 94.9 cents per share to US 132.5 cents (2018: US 37.6 cents per share).
About Ocean Wilsons Holdings Limited
Ocean Wilsons Holdings Limited ("Ocean Wilsons" or the "Company") is a Bermuda based investment holding company which, through its subsidiaries, operates a maritime services company in Brazil and holds a portfolio of international investments. The Company is listed on both the Bermuda Stock Exchange and the London Stock Exchange. It has two principal subsidiaries: Wilson Sons Limited and Ocean Wilsons (Investments) Limited (together with the Company and their subsidiaries, the "Group").
Wilson Sons Limited ("Wilson Sons") is a Bermuda company listed on the São Paulo Stock Exchange (BOVESPA) and Luxembourg Stock Exchange. At 31 December 2019 Ocean Wilsons holds a 58.16% interest in Wilson Sons which is fully consolidated in the Group accounts with a 41.84% non-controlling interest. Wilson Sons is one of the largest providers of maritime services in Brazil with over four thousand employees and activities including towage, container terminals, offshore oil and gas support services, small vessel construction, logistics and ship agency. Ocean Wilsons (Investments) Limited is a wholly owned Bermuda investment company and holds a portfolio of international investments.
Ocean Wilsons is run with a long-term outlook. This applies to both the investment portfolio and our investment in Wilson Sons. The long-term view taken by the Board enables Wilson Sons to grow and develop its businesses without pressure to produce short-term results at the expense of long-term value creation. The same view allows our Investment Manager to make investment decisions that create long-term capital growth