Wilson, Sons 4Q & 2008 Results

Thursday, March 26, 2009

Wilson Sons Limited announced its consolidated results for the Fourth Quarter (4Q08) and Full Year 2008 (FY08). The company, through its subsidiaries, is one of Brazil's largest providers of integrated port and maritime logistics and supply chain solutions. With a business track record of over 170 years, the company has developed an extensive national network and provides a comprehensive set of services related to domestic and international trade, as well as to the oil and gas industry. Its principal operating activities are divided into the following business segments: (i) Port Terminals, (ii) Towage, (iii) Logistics, (iv) Shipping Agency, (v) Offshore, and also into (vi) Non-Segmented Activities.

Wilson, Sons' consolidated net revenues improved both in 4Q08 and in FY08. Throughout the year 2008, generally better volumes in port terminals and a higher number of value-added special operations in the towage business were among the positive factors which, when combined with growth of warehousing activities in logistics, fleet expansion in the offshore business, and construction activities at the shipyard, contributed the most to the company's solid performance YoY, in terms of consolidated net revenues.

Consolidated EBITDA results reached $122.7m in 2008, a 34.3% increase relative to 2007 results. "We firmly believe Wilson, Sons' solid operational and financial standings, built throughout our 172-year history in business, strengthens our capacity to cope with such crisis," said Felipe Gutterres, CFO of the Brazilian subsidiary, Legal Representative & Investor Relations.

2008 capital expenditures were $93.5m, mainly in the expansion of Tecon Rio Grande, civil works and acquisition of IFC's remaining 10% stake in Tecon Salvador, as well as construction activities for fleet expansion in the offshore and towage businesses.

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