Ultrapetrol (Bahamas) Limited (NASDAQ:ULTR), an industrial
transportation company serving marine transportation needs in three
markets (River Business, Offshore Supply Business and Ocean
Business), today announced financial results for the fourth quarter
and full year ended December 31, 2015.
Full Year 2015 highlights:
- Recorded full year 2015 revenues of $347.5 million;
- Recorded adjusted consolidated EBITDA of $53.1 million in
20151, which includes adjusted EBITDA of $16.5 million from our
River Business, adjusted EBITDA of $43.4 million from our Offshore
Supply Business, adjusted EBITDA of $(2.1) million from our Ocean
Business, and adjusted EBITDA of $(4.8) million from foreign
currency exchange cash losses mainly from our Brazil subsidiary.
- Recorded total adjusted net loss and adjusted net loss per
share of $(40.5) million and $(0.29), respectively, in 2015, which
excludes the effect of a non-cash loss of $(8.0) million
corresponding to a $(5.6) million impairment charge of goodwill and
intangible assets related to Ravenscroft on account of the
discontinuation of our ship management operation and a $(2.4)
million loss of our Alejandrina, which was sold on January 28,
2016, in order to write down the carrying amount to its estimated
fair value; excludes a $0.4 million gain related to the sale of dry
barges which were subsequently leased back to the Company (for
accounting purposes, the gain from the sale is being deferred over
the term of the lease up to the present value of the lease
payments); and excludes the effect of a $0.1 million gain for
deferred taxes on unrealized foreign exchange gains on U.S.
dollar-denominated debt of our Brazilian subsidiary in our Offshore
Supply Business.2 Before adjusting for these effects, the
recorded total net loss and net loss per share are $(48.0) million
and $(0.34), respectively;
- Adjusted EBITDA for our River Business segment increased from
$0.2 million in FY 2014 to $16.5 million in FY 2015.
Fourth Quarter 2015 and subsequent
events highlights:
- On December 15, 2015, the Company did not make the $10.0
million interest payment due December 15, 2015, on its outstanding
8.875% First Preferred Ship Mortgage Notes due 2021 (the “Notes”).
On January 14, 2016, the 30-day grace period for the Company to
make such repayment ended with no cure.
- On January 11 and 15, 2016, the Company entered into
forbearance and waiver agreements through March 31, 2016, with
lenders to certain of the Company’s subsidiaries in its Offshore
and River business, respectively.
- On January 28, 2016, the Company entered into a MOA whereby we
agreed to sell the Product Tanker Alejandrina for gross proceeds of
$4.9 million. This vessel was subsequently delivered to buyers on
March 7, 2016. Subsequently, on the same date, we completed the
repayment of $2.9 million outstanding under the senior loan
facility with Natixis.
- On January 29, 2016, the Company announced that, as a result of
its negotiations with advisors representing in excess of 85% of the
holders of the Notes, the Company reached a forbearance and waiver
agreement through March 31, 2016 (the “Bondholder Forbearance
Agreement”). This agreement provided for the appointment of two
new, independent directors, as well as but not limited to the
formation of a special committee that, among other things, is
exploring options and will make recommendations to the Company's
board of directors in connection with the restructuring of the
Company.
- On April 5, 2016, the Company announced that it reached an
agreement with its secured lenders to extend its existing
forbearance and waiver agreements through April 30, 2016.
1 For a reconciliation of non-GAAP measures, please see the
tables included under the supplemental information section of this
release.
2 For a detailed explanation of these adjustments and other
adjustments elsewhere in this release, see "Overview of Financial
Results" and the tables included under the Supplemental Information
section of this release.
Damián Scokin, Ultrapetrol's President and Chief
Executive Officer, stated, “While we have made real progress over
the course of 2015 in identifying opportunities to improve our
operations and realize cost savings, historically weak commodity
markets have hampered our ability to translate that progress into
bottom line results. Despite these headwinds, we intend to continue
to strengthen our long-term prospects and profitability by
enhancing operational performance across the businesses,
controlling costs and capex, securing alternative employment for
vessels currently experiencing off-hire, and maximizing the
profitability of our contracts and assets through improved
utilization and efficiency.”
Mr. Scokin continued, “At the same time, we also
continue to engage in productive negotiations with our secured
lenders as we seek to achieve a consensual financial restructuring
that results in a sustainable capital structure that supports our
long-term success. Along this process we were able to continue
delivering consistently excellent service to our customers, and we
remain confident that we can arrive at a successful resolution that
benefits all stakeholders. We believe that the steps we are taking
will position us to not merely go through this downturn, but to
thrive at such time as the market experiences a
recovery.”
Overview of Financial
Results
Total revenues for the fourth quarter of 2015
were $71.1 million as compared with $78.6 million in the same
period of 2014.
Adjusted EBITDA for the fourth quarter of 2015
was $2.2 million as compared with a loss of $(1.7) million in the
same period of 2014. For a reconciliation of adjusted EBITDA to
cash flows from operating activities, please see the tables at the
end of this release.
Adjusted net loss for the fourth quarter of 2015
was $(26.0) million, or $(0.19) per share as compared with net loss
of $(25.6) million, or $(0.18) per share, during the same period of
2014. Fourth quarter 2015 adjusted net loss excludes the effect of
a non-cash loss of $(8.0) million corresponding to a $(5.6) million
impairment charge of goodwill and intangible assets related to
Ravenscroft on account of the discontinuation of our ship
management operation and a $(2.4) million loss related to our
Alejandrina, which was sold on January 28, 2016, to write down the
carrying amount to its estimated fair value; excludes the effect of
a $0.3 million gain for deferred taxes on unrealized foreign
exchange losses on U.S. dollar-denominated debt of our Brazilian
subsidiary in our Offshore Supply Business; and excludes a $0.1
million gain related to the sale of dry barges which were
subsequently leased back to the Company (for accounting purposes,
such gain will be deferred over the term of the lease up to the
present value of the lease payments).2 Before adjusting for these
effects, the recorded total net loss and net loss per share are
$(33.6) million and $(0.24), respectively.
Cecilia Yad, Ultrapetrol's Chief Financial
Officer, said, “The Company made the decision during the fourth
quarter not to make the $10.0 million interest payment due December
15, 2015, on its outstanding 8.875% First Preferred Ship Mortgage
Notes due 2021 (the “Notes”). At the same time, the Company and its
advisors continued working diligently to negotiate with all its
stakeholders in order to reach a solution to its leverage
challenges, and by year end, we were able to maintain a healthy
liquidity and continued to operate our business on a normal basis,
making full and timely payments to vendors, employees, suppliers
and trading counterparties while fully maintaining our commitment
to safety and customer service. Nevertheless, given the prevailing
market difficulties and the Company’s inherent exposure to global
commodity markets, we believe that the Company needs to maintain a
sizeable liquidity cushion to remain solvent during unpredictable
downturns. We continue to carry out intensive ongoing negotiations
with our secured lenders, seeking to reorganize our capital
structure and create a sustainable balance sheet that provides the
Company with the security and stability to protect against
unpredicted downturns while maximizing value for all
stakeholders.”
Business Segment Highlights
River
During the fourth quarter of 2015, as throughout
the whole year, our River Business was severely impacted by lower
freight rates and a reduction in demand, due to a significant
decline in commodity prices for river borne goods. This decrease in
freight volumes and rates resulted from the combined adverse
effects brought forth by historically low commodity prices, which
lowered demand for transport capacity in the river and thus
produced an overcapacity of barges in the Hidrovia. To counter
these negative effects, the Company has taken measures to seek to
fully transition into our new “point-to-point” operational system
to reap the whole benefits of its lower cost structure and
increased efficiency while also focusing on obtaining additional
cost savings and leaner structure. We believe the Company has shown
significant changes which translated into operational improvements
in a context of major headwinds.
Fourth quarter 2015 River Business segment
adjusted EBITDA was a loss of $(2.3) million compared to a loss of
$(7.2) million in the same period of 2014, representing a $4.9
million improvement. A significant portion of this difference
results from lower voyage expenses and maintenance costs derived
from the new operational model implemented in 2015 (we transitioned
from a complex hub-and-spoke system to a point-to-point system,
which increased voyage efficiency and asset utilization, and
improved transit times) and lower running costs related to our four
convoys chartered to Vale on account of lower utilization in 2015
compared to 2014.
Net tons transported during the fourth quarter
of 2015 increased by 28%, when compared to the same period in 2014,
driven mainly by improved maize volumes. However, total freight
revenues decreased by 1% during the fourth quarter of 2015, when
compared to the same period of 2014, mainly driven by continued
weakness in freight rates, which decreased by 23% on average during
the fourth quarter of 2015 when compared to the same period of
2014.
Prices of agricultural products as well as
prices of iron ore and petroleum products we carry along the
Hidrovia have recently been at historically low levels. Although
this may temporarily impact output, we are confident that prices
will return to healthy levels. According to the latest United
States Department of Agriculture (“USDA”) estimates, the soybean
crop in Paraguay for 2015 was 8.1 million tons, which is in line
with USDA’s estimate for the 2014 crop, and is expected to increase
to 8.8 million tons in 2016. Argentina, Brazil, Bolivia, Paraguay
and Uruguay are estimated to account for approximately 54% of world
soybean production in 2016, as compared to 30% in 1995.We believe
these figures are a sign of the strength of the long-term growth
prospects of the agricultural sector along the Hidrovia, where the
seeded area is expected to continue to grow. In addition, iron ore
production in the three mines connected with the river system has
also increased substantially in the last decade.While iron ore
prices are at historically low levels, this commodity still
represents an important long-term growth driver for our River
Business, as we expect the global demand for iron ore to recover
from current lows.
Offshore Supply
In the Offshore Supply Business, we operate a
fleet of thirteen PSVs and one RSV. Out of the thirteen PSVs,
eleven were chartered in Brazil (although one of these vessels was
blocked and three were cancelled during 2015) and two remained
laid-up in the North Sea while being tendered for long-term
charters with Petrobras. Our RSV UP Coral is contracted under a
long-term time charter with Petrobras in Brazil.
The adjusted EBITDA generated by the Offshore
Supply Business segment during the fourth quarter of 2015 decreased
by 30% to $6.7 million, compared to $9.6 million in the same period
of 2014. This decrease is mostly attributable to the contract
cancellation by Petrobras of our UP Esmeralda, UP Amber and UP
Pearl, as well as the blocking of our UP Turquoise in September
2015 and the decision to lay up our UP Jasper and UP Agate in
response to the severely depressed rate environment in the North
Sea. For a reconciliation of segment adjusted EBITDA to operating
profit (loss), please see the tables at the end of this
release.
Total revenues from our Offshore Supply Business
for the fourth quarter of 2015 decreased by $8.0 million to $21.5
million, as compared to $29.5 million in the same period of 2014.
This 27% decrease was primarily related to the contract
cancellation by Petrobras of our UP Amber, UP Pearl and UP
Esmeralda, and the blocking of our UP Turquoise by Petrobras in
September 2015, lower revenues from our UP Jasper and UP Agate
related to their lay up in the North Sea on account of low average
spot rates and a decrease in revenues in the rest of our PSV fleet
(excluding our UP Opal) related to an average 51% devaluation of
the Brazilian real between the fourth quarter of 2014 and the
fourth quarter of 2015. This was partially offset by an increase in
revenue related to our UP Coral and UP Opal, which entered into
long-term charters with Petrobras on August 5, 2015 and January 25,
2015, respectively, as compared to their operation in the North Sea
during the same period last year.
Ocean
The Ocean Business segment adjusted EBITDA was a
loss of $(1.1) million in the fourth quarter of 2015, as compared
to a loss of $(2.3) million in the same period of 2014, a $1.2
million increase. For a reconciliation of segment adjusted EBITDA
to operating profit (loss), please see the tables at the end of
this release.
Revenues from the Ocean Business increased by
$1.4 million, or 9%, to $17.3 million in the fourth quarter of
2015, as compared to $16.0 million the same period of 2014. This
increase is mainly attributable to a better performance from our
container feeder vessels business coupled with an extensive
off-hire during the fourth quarter of 2014 resulting from a
mechanical issue with one of our container feeder vessels.
In the fourth quarter of 2015, the Company
operated two container vessels in its flag-protected feeder
container service in South America, as well as two of our three
Product Tankers (Austral and Mentor), which continue to be employed
on charters with oil majors in the same flag-protected South
American coastal trade in which they have operated in the past. Our
Product Tanker Alejandrina completed its last charter on September
18, 2015, and was sold on January 28, 2016, for gross proceeds of
$4.9 million.
Use of Non-GAAP Measures
Ultrapetrol believes that the disclosed
non-Generally Accepted Accounting Principles, or non-GAAP, measures
such as adjusted EBITDA, adjusted net income and any other
adjustments thereto, when presented in conjunction with comparable
GAAP measures, are useful for investors to use in evaluating the
liquidity of the company. These non-GAAP measures should not be
considered a substitute for, or superior to, measures of liquidity
prepared in accordance with GAAP. A reconciliation of adjusted
EBITDA to segment operating profit and cash flow from operations is
presented in the tables that accompany this press release.
Investment Community Conference
Call
Ultrapetrol will host a conference call for
investors and analysts on Tuesday, April 19, 2016, at 10:00 a.m.
EDT accessible via telephone and Internet with an accompanying
slide presentation. Investors and analysts may participate in the
live conference call by dialing 1-800-475-0542 (toll-free U.S.) or
+1-773-756-0169 (outside of the U.S.); passcode: ULTR. Please
register at least 10 minutes before the conference call begins. A
replay of the call will be available for one week via telephone
starting approximately one hour after the call ends. The replay can
be accessed at 1-888-566-0435 (toll-free U.S.) or +1-402-998-0605
(outside of the U.S.); passcode: 4845. The webcast will be archived
on Ultrapetrol's Web site for 30 days after the call.
About Ultrapetrol
Ultrapetrol is an industrial transportation
company serving the marine transportation needs of its clients in
the markets on which it focuses. It serves the shipping markets for
containers, grain and soya bean products, forest products,
minerals, crude oil, petroleum, and refined petroleum products, as
well as the offshore oil platform supply market with its extensive
and diverse fleet of vessels. These include river barges and
pushboats, platform supply vessels, tankers and two container
feeder vessels. More information on Ultrapetrol can be found at
www.ultrapetrol.net.
Forward-Looking Language The
forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, our management's
examination of historical operating trends, data contained in our
records and other data available from third parties. Although we
believe that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond our control, we cannot assure you that we
will achieve or accomplish these expectations, beliefs or
projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include future operating or financial results; pending
or recent acquisitions, business strategy and expected capital
spending or operating expenses, including dry docking and insurance
costs; general market conditions and trends, including charter
rates, vessel values, and factors affecting vessel supply and
demand; our ability to obtain additional financing; our financial
condition and liquidity, including our ability to obtain financing
in the future to fund capital expenditures, acquisitions and other
general corporate activities; our expectations about the
availability of vessels to purchase, the time that it may take to
construct new vessels, or vessels' useful lives; our dependence
upon the abilities and efforts of our management team; changes in
governmental rules and regulations or actions taken by regulatory
authorities; adverse weather conditions that can affect production
of the goods we transport and navigability of the river system; the
highly competitive nature of the oceangoing transportation
industry; the loss of one or more key customers; fluctuations in
foreign exchange rates and devaluations; potential liability from
future litigation; and other factors. Please see our filings with
the Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties.
ULTR – G
Supplemental Information: Summary
consolidated financial data
The following summary financial information set
forth below is for the years ended December 31, 2015, 2014, 2013,
2012 and 2011 and has been derived from the Company's Financial
Statements.
(Stated in thousands of U.S. dollars, except par
value and share amounts)
|
|
Year Ended December 31, |
|
|
|
|
|
2015 |
|
|
|
|
|
2014 |
|
|
|
|
|
2013 |
|
|
|
|
|
2012 |
|
|
|
|
|
2011 |
|
|
|
|
(Dollars in thousands) |
|
Statement of
Operations Data (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues(2) |
|
$ |
|
347,477 |
|
|
|
$ |
|
363,675 |
|
|
|
$ |
|
411,217 |
|
|
|
$ |
|
313,169 |
|
|
|
$ |
|
304,482 |
|
|
Operating and
manufacturing expenses (3) |
|
|
|
(242,100 |
) |
|
|
|
|
(267,602 |
) |
|
|
|
|
(297,478 |
) |
|
|
|
|
(254,427 |
) |
|
|
|
|
(224,607 |
) |
|
Depreciation and
amortization |
|
|
|
(51,132 |
) |
|
|
|
|
(53,417 |
) |
|
|
|
|
(42,535 |
) |
|
|
|
|
(43,852 |
) |
|
|
|
|
(39,144 |
) |
|
Loss on write- down of
vessels, goodwill and intangible assets |
|
|
|
(8,030 |
) |
|
|
|
|
(10,511 |
) |
|
|
|
|
-- |
|
|
|
|
|
(16,000 |
) |
|
|
|
|
-- |
|
|
Administrative and
commercial expenses |
|
|
|
(48,292 |
) |
|
|
|
|
(47,081 |
) |
|
|
|
|
(41,730 |
) |
|
|
|
|
(32,385 |
) |
|
|
|
|
(29,604 |
) |
|
Other operating income,
net |
|
|
|
1,859 |
|
|
|
|
|
1,597 |
|
|
|
|
|
5,692 |
|
|
|
|
|
8,376 |
|
|
|
|
|
8,257 |
|
|
Operating profit
(loss) |
|
|
|
(218 |
) |
|
|
|
|
(13,339 |
) |
|
|
|
|
35,166 |
|
|
|
|
|
(25,119 |
) |
|
|
|
|
19,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expense |
|
|
|
(36,079 |
) |
|
|
|
|
(35,097 |
) |
|
|
|
|
(33,551 |
) |
|
|
|
|
(35,793 |
) |
|
|
|
|
(35,426 |
) |
|
Foreign currency
exchange gains (losses), net |
|
|
|
(4,820 |
) |
|
|
|
|
2,089 |
|
|
|
|
|
18,849 |
|
|
|
|
|
(2,051 |
) |
|
|
|
|
(2,552 |
) |
|
Financial loss on
extinguishment of debt |
|
|
|
-- |
|
|
|
|
|
-- |
|
|
|
|
|
(5,518 |
) |
|
|
|
|
(940 |
) |
|
|
|
|
-- |
|
|
Financial income |
|
|
|
68 |
|
|
|
|
|
105 |
|
|
|
|
|
170 |
|
|
|
|
|
6 |
|
|
|
|
|
332 |
|
|
(Loss) gain on
derivatives, net |
|
|
|
-- |
|
|
|
|
|
(1 |
) |
|
|
|
|
(142 |
) |
|
|
|
|
-- |
|
|
|
|
|
(16 |
) |
|
Investments in
affiliates |
|
|
|
(817 |
) |
|
|
|
|
(1,056 |
) |
|
|
|
|
(520 |
) |
|
|
|
|
(1,175 |
) |
|
|
|
|
(1,073 |
) |
|
Other, net |
|
|
|
172 |
|
|
|
|
|
88 |
|
|
|
|
|
64 |
|
|
|
|
|
(661 |
) |
|
|
|
|
(621 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before
income taxes |
|
|
|
(41,694 |
) |
|
|
|
|
(47,211 |
) |
|
|
|
|
14,518 |
|
|
|
|
|
(65,733 |
) |
|
|
|
|
(19,972 |
) |
|
Income taxes (expense)
benefit |
|
|
|
(6,310 |
) |
|
|
|
|
(5,065 |
) |
|
|
|
|
(6,597 |
) |
|
|
|
|
2,969 |
|
|
|
|
|
1,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
|
(48,004 |
) |
|
|
$ |
|
(52,276 |
) |
|
|
$ |
|
7,921 |
|
|
|
$ |
|
(62,764 |
) |
|
|
$ |
|
(18,235 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
attributable to noncontrolling interest |
|
|
|
-- |
|
|
|
|
|
-- |
|
|
|
|
|
553 |
|
|
|
|
|
893 |
|
|
|
|
|
570 |
|
|
Net (loss) income
attributable to Ultrapetrol (Bahamas) Limited |
|
|
|
(48,004 |
) |
|
|
|
|
(52,276 |
) |
|
|
|
|
7,368 |
|
|
|
|
|
(63,657 |
) |
|
|
|
|
(18,805 |
) |
|
|
|
Year Ended December 31, |
|
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
|
(Dollars in thousands) |
|
Amounts attributable to
Ultrapetrol (Bahamas) Limited: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to Ultrapetrol (Bahamas) Limited |
|
|
|
(48,004 |
) |
|
|
|
|
(52,276 |
) |
|
|
|
7,368 |
|
|
|
(63,657 |
) |
|
|
(18,805 |
) |
Basic and diluted
income (loss) per share of Ultrapetrol (Bahamas) Limited: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing
operations |
|
$ |
|
(0.34 |
) |
|
|
$ |
|
(0.37 |
) |
|
|
$ |
0.05 |
|
|
$ |
(1.80 |
) |
|
$ |
(0.64 |
) |
From discontinued
operations |
|
$ |
|
-- |
|
|
|
$ |
|
-- |
|
|
|
$ |
-- |
|
|
$ |
-- |
|
|
$ |
-- |
|
|
|
$ |
|
(0.34 |
) |
|
|
$ |
|
(0.37 |
) |
|
|
$ |
0.05 |
|
|
$ |
(1.80 |
) |
|
$ |
(0.64 |
) |
Basic weighted average
number of shares |
|
|
|
140,713,509 |
|
|
|
|
|
140,292,249 |
|
|
|
|
140,090,112 |
|
|
|
35,382,913 |
|
|
|
29,547,365 |
|
Diluted weighted
average number of shares (4) |
|
|
|
140,713,509 |
|
|
|
|
|
140,292,249 |
|
|
|
|
140,326,764 |
|
|
|
35,382,913 |
|
|
|
29,547,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Data (end of period) (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
|
45,193 |
|
|
|
$ |
|
34,982 |
|
|
|
$ |
72,625 |
|
|
$ |
222,215 |
|
|
$ |
34,096 |
|
Restricted cash -
current |
|
|
|
10,779 |
|
|
|
|
|
11,246 |
|
|
|
|
12,132 |
|
|
|
5,968 |
|
|
|
6,819 |
|
Working capital
(5) |
|
|
|
(383,797 |
) |
|
|
|
|
17,236 |
|
|
|
|
104,316 |
|
|
|
108,245 |
|
|
|
32,245 |
|
Vessels and equipment,
net |
|
|
|
669,087 |
|
|
|
|
|
717,405 |
|
|
|
|
715,431 |
|
|
|
647,519 |
|
|
|
671,445 |
|
Total assets |
|
|
|
849,316 |
|
|
|
|
|
897,061 |
|
|
|
|
980,011 |
|
|
|
1,010,318 |
|
|
|
830,287 |
|
Total debt (6) |
|
|
|
475,002 |
|
|
|
|
|
467,547 |
|
|
|
|
500,049 |
|
|
|
522,410 |
|
|
|
517,762 |
|
Common Stock |
|
|
|
1,446 |
|
|
|
|
|
1,446 |
|
|
|
|
1,443 |
|
|
|
1,443 |
|
|
|
339 |
|
Number of shares
outstanding |
|
|
|
140,729,487 |
|
|
|
|
|
140,729,487 |
|
|
|
|
140,419,487 |
|
|
|
140,419,487 |
|
|
|
30,011,628 |
|
Ultrapetrol (Bahamas)
Limited stockholders' equity |
|
|
|
309,614 |
|
|
|
|
|
355,722 |
|
|
|
|
405,561 |
|
|
|
399,751 |
|
|
|
244,297 |
|
Noncontrolling
interest |
|
|
|
-- |
|
|
|
|
|
-- |
|
|
|
|
-- |
|
|
|
6,748 |
|
|
|
5,874 |
|
Total equity |
|
|
|
309,614 |
|
|
|
|
|
355,722 |
|
|
|
|
405,561 |
|
|
|
406,499 |
|
|
|
250,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of
Cash Flow Data (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash flows
provided by (used in) operating activities |
|
|
|
37,000 |
|
|
|
|
|
35,254 |
|
|
|
|
19,847 |
|
|
|
(3,935 |
) |
|
|
14,757 |
|
Total cash flows (used
in) investing activities |
|
|
|
(24,324 |
) |
|
|
|
|
(41,645 |
) |
|
|
|
(120,726 |
) |
|
|
(32,513 |
) |
|
|
(97,863 |
) |
Total cash flows (used
in) provided by financing activities |
|
|
|
(2,465 |
) |
|
|
|
|
(31,252 |
) |
|
|
|
(48,711 |
) |
|
|
224,567 |
|
|
|
11,632 |
|
EBITDA as defined in
the Notes due 2021 (7) |
|
|
|
53,147 |
|
|
|
|
|
51,413 |
|
|
|
|
97,067 |
|
|
|
32,045 |
|
|
|
54,028 |
|
Adjusted Consolidated
EBITDA (7) |
|
$ |
|
53,147 |
|
|
|
$ |
|
57,072 |
|
|
|
$ |
97,067 |
|
|
$ |
32,045 |
|
|
$ |
54,028 |
|
|
(1 |
) |
As a
result of a non-compliance of and the cross default provisions
contained in relevant debt agreements, the Company has classified
its entire debt as of December 31, 2015, as current liabilities in
the consolidated financial statements included elsewhere herein. As
a result, the Company reports a working capital deficit of $383.8
million at December 31, 2015. If our indebtedness is accelerated,
it will be very difficult in the current financing environment for
us to refinance our debt or obtain additional financing and we
could lose our vessels if our lenders foreclose their liens, which
could impair our ability to conduct our business and continue as a
going concern. The consolidated financial statements included
elsewhere herein have been prepared assuming that the Company will
continue as a going concern. Accordingly, the consolidated
financial statements do not include any adjustments relating to the
recoverability and classification of recorded asset amounts, the
amounts and classification of liabilities, or any other adjustments
that might result in the event the Company is unable to continue as
a going concern. |
|
|
|
(2 |
) |
Includes
total revenues from transportation and services of $330.6 million
and $16.9 million from manufacturing in 2015; revenues from
transportation and services of $347.7 million and $16.0 million
from manufacturing in 2014; revenue from transportation and
services $345.6 million and $65.6 million from manufacturing in
2013; revenues from transportation and services of $282.9 million
and $30.3 million from manufacturing in 2012 and revenues from
transportation and services of $285.4 million and $19.1 million
from manufacturing in 2011. |
|
|
|
(3 |
) |
Operating and manufacturing expenses are voyage expenses, running
costs and manufacturing costs. Voyage expenses, which are incurred
when a vessel is operating under a contract of affreightment (as
well as any time when they are not operating under time or bareboat
charter), comprise all costs relating to a given voyage, including
port charges, canal dues and fuel (bunkers) costs, are paid by the
vessel owner and are recorded as voyage expenses. Voyage expenses
also include charter hire payments made by us to owners of vessels
that we have chartered in. Manufacturing expenses, which are
incurred when a constructed river barge is sold, is comprised of
steel cost, which is the largest component of our raw materials and
the cost of labor. Running costs, or vessel operating expenses,
include the cost of all vessel management, crewing, repairs and
maintenance, spares and stores, insurance premiums, lubricants and
certain drydocking costs. |
|
|
|
(4 |
) |
Not applicable when a net
loss is reported. |
|
|
|
(5 |
) |
Current assets less
current liabilities. |
|
|
|
(6 |
) |
Includes accrued
interest. |
|
|
|
(7 |
) |
The following table
reconciles our “EBITDA as defined in the Notes due 2021” and
“Adjusted Consolidated EBITDA” to our cash flows from operating
activities: |
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
|
|
|
|
2014 |
|
|
|
|
|
2013 |
|
|
|
|
|
2012 |
|
|
|
|
|
2011 |
|
|
|
|
|
(Dollars in thousands) |
|
Net cash provided (used
in) by operating activities from continuing operations |
|
$ |
|
37,000 |
|
|
|
$ |
|
35,254 |
|
|
|
$ |
|
19,847 |
|
|
|
$ |
|
(3,935 |
) |
|
|
$ |
|
14,772 |
|
|
Net cash (used in)
provided by operating activities from discontinued operations |
|
|
|
-- |
|
|
|
|
|
-- |
|
|
|
|
|
-- |
|
|
|
|
|
-- |
|
|
|
|
|
(15 |
) |
|
Total cash flows from
operating activities |
|
|
|
37,000 |
|
|
|
|
|
35,254 |
|
|
|
|
|
19,847 |
|
|
|
|
|
(3,935 |
) |
|
|
|
|
14,757 |
|
|
Plus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments from continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase / Decrease in
operating assets and liabilities |
|
|
|
(23,875 |
) |
|
|
|
|
(35,053 |
) |
|
|
|
|
34,098 |
|
|
|
|
|
(842 |
) |
|
|
|
|
7,945 |
|
|
Expenditure for
drydocking |
|
|
|
7,580 |
|
|
|
|
|
10,107 |
|
|
|
|
|
10,150 |
|
|
|
|
|
5,978 |
|
|
|
|
|
3,478 |
|
|
Income taxes expense
(benefit) |
|
|
|
6,310 |
|
|
|
|
|
5,065 |
|
|
|
|
|
6,597 |
|
|
|
|
|
(2,969 |
) |
|
|
|
|
(1,737 |
) |
|
Financial expenses |
|
|
|
36,079 |
|
|
|
|
|
35,097 |
|
|
|
|
|
33,551 |
|
|
|
|
|
35,793 |
|
|
|
|
|
35,426 |
|
|
(Losses) Gains on
derivatives, net |
|
|
|
-- |
|
|
|
|
|
-- |
|
|
|
|
|
(216 |
) |
|
|
|
|
-- |
|
|
|
|
|
(16 |
) |
|
Gain on disposal of
assets |
|
|
|
-- |
|
|
|
|
|
-- |
|
|
|
|
|
-- |
|
|
|
|
|
3,564 |
|
|
|
|
|
-- |
|
|
Contribution from sale
and lease back |
|
|
|
(400 |
) |
|
|
|
|
(401 |
) |
|
|
|
|
1,498 |
|
|
|
|
|
2,086 |
|
|
|
|
|
-- |
|
|
Allowance for doubtful
accounts |
|
|
|
(228 |
) |
|
|
|
|
(720 |
) |
|
|
|
|
(2,467 |
) |
|
|
|
|
(1,266 |
) |
|
|
|
|
(598 |
) |
|
Net loss (income)
attributable to non-controlling interest |
|
|
|
-- |
|
|
|
|
|
-- |
|
|
|
|
|
(553 |
) |
|
|
|
|
(893 |
) |
|
|
|
|
(570 |
) |
|
Change in valuation
allowance of deferred income tax assets |
|
|
|
(4,471 |
) |
|
|
|
|
811 |
|
|
|
|
|
(1,632 |
) |
|
|
|
|
(1,549 |
) |
|
|
|
|
(197 |
) |
|
Other adjustments |
|
|
|
(4,848 |
) |
|
|
|
|
1,253 |
|
|
|
|
|
(3,806 |
) |
|
|
|
|
(3,922 |
) |
|
|
|
|
(4,475 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments from
discontinued operations |
|
|
|
-- |
|
|
|
|
|
-- |
|
|
|
|
|
-- |
|
|
|
|
|
-- |
|
|
|
|
|
15 |
|
|
EBITDA as defined in
the Notes due 2021 |
|
|
|
53,147 |
|
|
|
|
|
51,413 |
|
|
|
|
|
97,067 |
|
|
|
|
|
32,045 |
|
|
|
|
|
54,028 |
|
|
SPA closing termination
payments |
|
|
|
-- |
|
|
|
|
|
5,659 |
|
|
|
|
|
-- |
|
|
|
|
|
-- |
|
|
|
|
|
-- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Consolidated
EBITDA |
|
$ |
|
53,147 |
|
|
|
$ |
|
57,072 |
|
|
|
$ |
|
97,067 |
|
|
|
$ |
|
32,045 |
|
|
|
$ |
|
54,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table shows our audited consolidated balance sheet
at December 31, 2015 and 2014:
(Stated in thousands of U.S. dollars,
except par value and share amounts)
|
At December 31, |
|
|
2015 |
|
|
|
2014 |
|
ASSETS |
|
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
45,193 |
|
|
$ |
34,982 |
|
Restricted cash |
|
10,779 |
|
|
|
11,246 |
|
Accounts receivable, net of
allowance for doubtful accounts of $489 and $3,178 in 2015 and
2014, respectively |
|
32,655 |
|
|
|
37,341 |
|
Operating supplies and
inventories |
|
16,947 |
|
|
|
4,030 |
|
Prepaid expenses |
|
3,560 |
|
|
|
4,083 |
|
Other receivables |
|
18,064 |
|
|
|
18,067 |
|
Other assets |
|
15,362 |
|
|
|
-- |
|
Total current assets |
|
142,560 |
|
|
|
109,749 |
|
NONCURRENT
ASSETS |
|
|
|
|
|
|
|
Other receivables |
|
21,500 |
|
|
|
28,084 |
|
Restricted cash |
|
1,472 |
|
|
|
1,472 |
|
Vessels and equipment, net |
|
669,087 |
|
|
|
717,405 |
|
Dry dock |
|
10,281 |
|
|
|
13,551 |
|
Investments in and receivables from
affiliates |
|
3,570 |
|
|
|
3,906 |
|
Intangible assets |
|
-- |
|
|
|
582 |
|
Goodwill |
|
-- |
|
|
|
5,015 |
|
Other assets |
|
-- |
|
|
|
13,266 |
|
Deferred income tax assets |
|
846 |
|
|
|
4,031 |
|
Total noncurrent assets |
|
706,756 |
|
|
|
787,312 |
|
Total assets |
$ |
849,316 |
|
|
$ |
897,061 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
29,391 |
|
|
$ |
30,518 |
|
Customer advances |
|
1,968 |
|
|
|
3,090 |
|
Payable to related parties |
|
41 |
|
|
|
1,636 |
|
Accrued interest |
|
11,454 |
|
|
|
1,513 |
|
Current portion of long-term
financial debt |
|
463,548 |
|
|
|
32,929 |
|
Other current liabilities |
|
19,955 |
|
|
|
22,827 |
|
Total current liabilities |
|
526,357 |
|
|
|
92,513 |
|
NONCURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term financial debt |
|
-- |
|
|
|
433,105 |
|
Deferred income tax
liabilities |
|
10,562 |
|
|
|
12,170 |
|
Other liabilities |
|
-- |
|
|
|
368 |
|
Deferred gains |
|
2,783 |
|
|
|
3,183 |
|
Total noncurrent liabilities |
|
13,345 |
|
|
|
448,826 |
|
Total
liabilities |
|
539,702 |
|
|
|
541,339 |
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
Common stock, $0.01 par
value: 250,000,000 authorized shares; 140,729,487 shares
outstanding in 2015 and 2014, respectively |
|
1,446 |
|
|
|
1,446 |
|
Additional paid-in capital |
|
491,893 |
|
|
|
490,469 |
|
Treasury stock: 3,923,094
shares at cost |
|
(19,488 |
) |
|
|
(19,488 |
) |
Accumulated deficit |
|
(163,388 |
) |
|
|
(115,384 |
) |
Accumulated other comprehensive
loss |
|
(849 |
) |
|
|
(1,321 |
) |
Total equity |
|
309,614 |
|
|
|
355,722 |
|
|
|
|
|
Total liabilities and
equity |
$ |
849,316 |
|
|
$ |
897,061 |
|
|
|
|
|
The following table contains our audited historical statements
of income data for the years ended December 31, 2015and 2014derived
from our audited condensed consolidated statements of income
expressed in thousands of U.S. dollars:
|
|
Year Ended December 31, |
|
|
Percent |
|
|
|
2015 |
|
|
2014 |
|
|
Change |
|
Revenues |
|
|
|
|
|
|
|
|
|
Attributable to River Business |
|
$ |
|
172,565 |
|
|
|
$ |
|
175,110 |
|
|
|
|
|
-1 |
% |
|
Attributable to Offshore Supply
Business |
|
|
|
107,094 |
|
|
|
|
|
119,581 |
|
|
|
|
|
-10 |
% |
|
Attributable to Ocean Business |
|
|
|
67,818 |
|
|
|
|
|
68,984 |
|
|
|
|
|
-2 |
% |
|
Total revenues |
|
|
|
347,477 |
|
|
|
|
|
363,675 |
|
|
|
|
|
-4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Voyage and
manufacturing expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to River Business |
|
|
|
(73,946 |
) |
|
|
|
|
(90,773 |
) |
|
|
|
|
-19 |
% |
|
Attributable to Offshore Supply
Business |
|
|
|
(5,074 |
) |
|
|
|
|
(6,879 |
) |
|
|
|
|
-26 |
% |
|
Attributable to Ocean Business |
|
|
|
(25,848 |
) |
|
|
|
|
(21,433 |
) |
|
|
|
|
21 |
% |
|
Total voyage
expenses |
|
|
|
(104,868 |
) |
|
|
|
|
(119,085 |
) |
|
|
|
|
-12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Running costs |
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to River Business |
|
|
|
(56,252 |
) |
|
|
|
|
(61,445 |
) |
|
|
|
|
-8 |
% |
|
Attributable to Offshore Supply
Business |
|
|
|
(44,950 |
) |
|
|
|
|
(52,318 |
) |
|
|
|
|
-14 |
% |
|
Attributable to Ocean Business |
|
|
|
(36,030 |
) |
|
|
|
|
(34,754 |
) |
|
|
|
|
4 |
% |
|
Total running
costs |
|
|
|
(137,232 |
) |
|
|
|
|
(148,517 |
) |
|
|
|
|
-8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
drydocking and intangible assets |
|
|
|
(9,860 |
) |
|
|
|
|
(7,537 |
) |
|
|
|
|
31 |
% |
|
Depreciation of vessels
and equipment |
|
|
|
(41,272 |
) |
|
|
|
|
(45,880 |
) |
|
|
|
|
-10 |
% |
|
Loss on write-down of
vessels, goodwill and intangible assets |
|
|
|
(8,030 |
) |
|
|
|
|
(10,511 |
) |
|
|
|
|
-24 |
% |
|
Administrative and
commercial expenses |
|
|
|
(48,292 |
) |
|
|
|
|
(47,081 |
) |
|
|
|
|
3 |
% |
|
Other operating income,
net |
|
|
|
1,859 |
|
|
|
|
|
1,597 |
|
|
|
|
|
16 |
% |
|
Operating (loss)
profit |
|
|
|
(218 |
) |
|
|
|
|
(13,339 |
) |
|
|
|
|
-98 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expense |
|
|
|
(36,079 |
) |
|
|
|
|
(35,097 |
) |
|
|
|
|
3 |
% |
|
Financial loss on
extinguishment of debt |
|
|
|
-- |
|
|
|
|
|
-- |
|
|
|
|
|
-- |
% |
|
Foreign currency
exchange gains (losses), net |
|
|
|
(4,820 |
) |
|
|
|
|
2,089 |
|
|
|
|
|
-- |
% |
|
Investment in
affiliates |
|
|
|
(817 |
) |
|
|
|
|
(1,056 |
) |
|
|
|
|
-23 |
% |
|
Other, net |
|
|
|
240 |
|
|
|
|
|
192 |
|
|
|
|
|
25 |
% |
|
Total other
expenses |
|
|
|
(41,476 |
) |
|
|
|
|
(33,872 |
) |
|
|
|
|
22 |
% |
|
(Loss) income before
income tax |
|
$ |
|
(41,694 |
) |
|
|
$ |
|
(47,211 |
) |
|
|
|
|
-12 |
% |
|
Income tax (expenses)
benefit |
|
|
|
(6,310 |
) |
|
|
|
|
(5,065 |
) |
|
|
|
|
25 |
% |
|
Net
income attributable to noncontrolling interest |
|
|
|
-- |
|
|
|
|
|
-- |
|
|
|
|
|
-- |
|
|
Net income (loss) attributable to Ultrapetrol (Bahamas)
Limited |
|
|
|
(48,004 |
) |
|
|
|
|
(52,276 |
) |
|
|
|
|
-8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table contains our audited statements of cash
flows for the years ended December 31, 2015, 2014 and 2013:
(Stated in thousands of U.S. dollars)
|
For the years ended December 31, |
|
|
2015 |
|
|
|
2014 |
|
|
|
2013 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
Net (loss) income |
$ |
(48,004 |
) |
|
$ |
(52,276 |
) |
|
$ |
7,921 |
|
Adjustments to reconcile net (loss)
income to net cash provided by (used in) operating activities: |
|
|
|
|
|
Depreciation of vessels and
equipment |
|
41,272 |
|
|
|
45,880 |
|
|
|
38,951 |
|
Amortization of dry docking |
|
9,860 |
|
|
|
7,493 |
|
|
|
3,409 |
|
Expenditure for dry docking |
|
(7,580 |
) |
|
|
(10,107 |
) |
|
|
(10,150 |
) |
Loss on derivatives, net |
|
- |
|
|
|
- |
|
|
|
216 |
|
Debt issuance expense
amortization |
|
2,607 |
|
|
|
2,272 |
|
|
|
2,711 |
|
Financial loss on extinguishment of
debt |
|
- |
|
|
|
- |
|
|
|
5,518 |
|
Amortization of intangible
assets |
|
- |
|
|
|
44 |
|
|
|
175 |
|
Net losses from investments in
affiliates |
|
817 |
|
|
|
1,056 |
|
|
|
520 |
|
Allowance for doubtful
accounts |
|
228 |
|
|
|
720 |
|
|
|
2,467 |
|
Loss on write-down of vessels |
|
8,030 |
|
|
|
10,511 |
|
|
|
- |
|
Share - based compensation |
|
1,424 |
|
|
|
1,073 |
|
|
|
575 |
|
Change in valuation allowance of
deferred income tax assets |
|
4,471 |
|
|
|
(811 |
) |
|
|
1,632 |
|
Changes in assets and
liabilities: |
|
|
|
|
|
(Increase) decrease in assets: |
|
|
|
|
|
Accounts receivable |
|
4,925 |
|
|
|
9,775 |
|
|
|
(13,906 |
) |
Other receivables, operating
supplies and inventories and prepaid expenses |
|
13,148 |
|
|
|
19,856 |
|
|
|
(9,053 |
) |
Other |
|
3,824 |
|
|
|
588 |
|
|
|
188 |
|
Increase (decrease) in
liabilities: |
|
|
|
|
|
Accounts payable and customer
advances |
|
(3,953 |
) |
|
|
(8,497 |
) |
|
|
(5,964 |
) |
Other payables |
|
5,931 |
|
|
|
7,677 |
|
|
|
(5,363 |
) |
Net cash provided by (used
in) operating activities |
|
37,000 |
|
|
|
35,254 |
|
|
|
19,847 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
Purchase
of vessels and equipment ($7,521 in 2013 for barges built, sold and
leased-back) |
|
(24,324 |
) |
|
|
(59,234 |
) |
|
|
(130,136 |
) |
Proceeds from disposals of vessels,
net ($9,410 in 2013 for barges sold and leased-back) |
|
- |
|
|
|
- |
|
|
|
9,410 |
|
Proceeds from shipbuilding contract
cancelation |
|
- |
|
|
|
17,589 |
|
|
|
- |
|
Other investing activities,
net |
|
- |
|
|
|
- |
|
|
|
- |
|
Net cash (used in)
investing activities |
|
(24,324 |
) |
|
|
(41,645 |
) |
|
|
(120,726 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
Scheduled repayments of long-term financial debt |
|
(33,760 |
) |
|
|
(32,253 |
) |
|
|
(31,075 |
) |
Early repayment of long-term
financial debt |
|
(676 |
) |
|
|
- |
|
|
|
(39,825 |
) |
Prepayment of 2017 Senior
Convertible Notes |
|
- |
|
|
|
- |
|
|
|
(80,000 |
) |
Prepayment of 2014 Senior
Notes |
|
- |
|
|
|
- |
|
|
|
(180,000 |
) |
Short-term credit facility
repayments |
|
- |
|
|
|
- |
|
|
|
(8,275 |
) |
Proceeds from issuance of 2021
Senior Notes, net of issuance costs |
|
- |
|
|
|
- |
|
|
|
216,654 |
|
Proceeds from revolving credit
facilities |
|
28,750 |
|
|
|
- |
|
|
|
- |
|
Proceeds from long-term financial
debt |
|
3,200 |
|
|
|
- |
|
|
|
93,950 |
|
Purchase of subsidiary shares from
noncontrolling interest |
|
- |
|
|
|
- |
|
|
|
(10,250 |
) |
(Increase) decrease in restricted
cash |
|
467 |
|
|
|
877 |
|
|
|
(6,163 |
) |
Other financing activities,
net |
|
(446 |
) |
|
|
124 |
|
|
|
(3,727 |
) |
Net cash (used in) provided
by financing activities |
|
(2,465 |
) |
|
|
(31,252 |
) |
|
|
(48,711 |
) |
Net (decrease) increase in
cash and cash equivalents |
|
10,211 |
|
|
|
(37,643 |
) |
|
|
(149,590 |
) |
Cash and cash equivalents
at the beginning of year |
|
34,982 |
|
|
|
72,625 |
|
|
|
222,215 |
|
Cash and cash equivalents
at the end of year |
$ |
45,193 |
|
|
$ |
34,982 |
|
|
$ |
72,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table reconciles our Adjusted Consolidated EBITDA
to our cash flow for the years ended December 31, 2015, and
2014:
|
|
Year ended |
|
|
|
December 31, |
|
($000's) |
|
2015 |
|
|
2014 |
|
Total cash flows
provided by operating activities |
|
|
|
37,000 |
|
|
|
|
|
35,254 |
|
|
Total cash flows used
in investing activities |
|
|
|
(24,324 |
) |
|
|
|
|
(41,645 |
) |
|
Total
cash flows used in from financing activities |
|
|
|
(2,465 |
) |
|
|
|
|
(31,252 |
) |
|
|
|
|
|
|
|
|
|
|
Total cash flows from
operating activities |
|
$ |
|
37,000 |
|
|
|
$ |
|
35,254 |
|
|
|
|
|
|
|
|
|
|
|
Plus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase / Decrease in
operating assets and liabilities |
|
|
|
(23,875 |
) |
|
|
|
|
(35,053 |
) |
|
Expenditure for dry
docking |
|
|
|
7,580 |
|
|
|
|
|
10,107 |
|
|
Income Tax Expense |
|
|
|
6,310 |
|
|
|
|
|
5,065 |
|
|
Financial Expenses |
|
|
|
36,079 |
|
|
|
|
|
35,097 |
|
|
Allowance for doubtful
accounts |
|
|
|
(228 |
) |
|
|
|
|
(720 |
) |
|
Yard EBITDA from Touax
sale |
|
|
|
(400 |
) |
|
|
|
|
(401 |
) |
|
SPA closing termination
payments |
|
|
|
-- |
|
|
|
|
|
5,659 |
|
|
Change in valuation
allowance of deferred income tax assets |
|
|
|
(4,471 |
) |
|
|
|
|
811 |
|
|
Other adjustments |
|
|
|
(4,848 |
) |
|
|
|
|
1,253 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted Consolidated EBITDA |
|
$ |
|
53,147 |
|
|
|
$ |
|
57,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table reconciles our adjusted net income and
adjusted EPS to net loss and EPS for the years ended December 31,
2015 and 2014:
($000’s) |
Year ended December
31, 2015 |
Year ended December
31, 2014 |
% Change |
4Q 15 |
4Q 14 |
% Change |
|
|
|
|
|
|
|
Revenues |
$ |
347,477 |
|
$ |
363,675 |
|
|
-4 |
% |
$ |
71,074 |
|
$ |
78,595 |
|
|
-10 |
% |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
53,147 |
|
$ |
57,072 |
|
|
-7 |
% |
$ |
2,179 |
|
($ |
1,652 |
) |
|
-- |
|
|
|
|
|
|
|
|
Net (loss) income as
reported |
($ |
48,004 |
) |
($ |
52,276 |
) |
|
-8 |
% |
($ |
33,623 |
) |
($ |
35,697 |
) |
|
-6 |
% |
|
|
|
|
|
|
|
EPS as
reported (In $ per share) |
($ |
0.34 |
) |
($ |
0.37 |
) |
|
-8 |
% |
($ |
0.24 |
) |
($ |
0.25 |
) |
|
-4 |
% |
|
|
|
|
|
|
|
Adjustments to Net
Income / Loss as reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
Yard EBITDA from barge
sale |
( |
400 |
) |
( |
401 |
) |
|
-- |
% |
( |
103 |
) |
( |
104 |
) |
|
-1 |
% |
Income Tax on exchange
variance (loss) |
( |
105 |
) |
( |
169 |
) |
|
-38 |
% |
( |
346 |
) |
( |
277 |
) |
|
25 |
% |
Non-cash loss on
write-down of vessels |
|
8,030 |
|
|
10,511 |
|
|
-24 |
% |
|
8,030 |
|
|
10,511 |
|
|
-24 |
% |
Extinguishment of
debt |
|
-- |
|
|
-- |
|
|
-- |
|
|
-- |
|
|
-- |
|
|
-- |
|
SPA closing termination
payment |
|
-- |
|
|
5,659 |
|
|
-- |
|
|
-- |
|
|
-- |
|
|
-- |
|
|
|
|
|
|
|
|
Adjusted net (loss)
income |
($ |
40,479 |
) |
($ |
36,676 |
) |
|
10 |
% |
($ |
26,042 |
) |
($ |
25,567 |
) |
|
2 |
% |
Adjusted
EPS (In $ per share) |
($ |
0.29 |
) |
($ |
0.26 |
) |
|
12 |
% |
($ |
0.19 |
) |
($ |
0.18 |
) |
|
6 |
% |
|
|
|
|
|
|
|
(1) Provision for income tax on foreign currency exchange gains
on U.S. dollar denominated debt of one of our subsidiaries on the
Offshore Supply Business.
The following table reconciles our Adjusted Consolidated EBITDA
to our Operating Profit per business segment for the fourth quarter
ended December 31, 2015:
|
|
Fourth quarter ended December 31,
2015 |
|
|
|
|
|
|
Offshore |
|
|
|
|
|
|
|
($000's) |
|
River |
|
|
Supply |
|
|
Ocean |
|
|
TOTAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
(loss) profit |
|
$ |
|
(8,875 |
) |
|
|
$ |
1,813 |
|
|
|
|
(10,071 |
) |
|
|
|
|
(17,133 |
) |
|
Depreciation and
amortization |
|
|
|
6,843 |
|
|
|
|
4,912 |
|
|
|
|
1,043 |
|
|
|
|
|
12,798 |
|
|
Non-cash loss on
write-down of vessels |
|
|
|
-- |
|
|
|
|
-- |
|
|
|
|
8,030 |
|
|
|
|
|
8,030 |
|
|
Investment in
affiliates / Net income (loss) attributable to non-controlling
interest in subsidiaries |
|
|
|
(130 |
) |
|
|
|
-- |
|
|
|
|
(162 |
) |
|
|
|
|
(292 |
) |
|
Yard EBITDA from Touax
barge sale |
|
|
|
(103 |
) |
|
|
|
-- |
|
|
|
|
-- |
|
|
|
|
|
(103 |
) |
|
Other, net |
|
|
|
-- |
|
|
|
|
10 |
|
|
|
|
36 |
|
|
|
|
|
46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted EBITDA |
|
$ |
|
(2,265 |
) |
|
|
$ |
6,735 |
|
|
$ |
|
(1,124 |
) |
|
|
$ |
|
3,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items not included in
Segment Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68 |
|
|
Foreign currency
exchange gains, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,235 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Consolidated EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
2,179 |
|
|
The following table reconciles our Adjusted Consolidated EBITDA
to our Operating Profit per business segment for the fourth quarter
ended December 31, 2014:
|
|
Fourth quarter ended December 31,
2014 |
|
|
|
|
|
|
Offshore |
|
|
|
|
|
|
|
($000's) |
|
River |
|
|
Supply |
|
|
Ocean |
|
|
TOTAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
(loss) profit |
|
$ |
|
(15,503 |
) |
|
|
$ |
5,017 |
|
|
|
|
(14,753 |
) |
|
|
|
|
(25,239 |
) |
|
Depreciation and
amortization |
|
|
|
8,796 |
|
|
|
|
4,531 |
|
|
|
|
1,906 |
|
|
|
|
|
15,233 |
|
|
Investment in
affiliates / Net income (loss) attributable to non-controlling
interest in subsidiaries |
|
|
|
-- |
|
|
|
|
-- |
|
|
|
|
10,511 |
|
|
|
|
|
10,511 |
|
|
Net (loss) on
derivatives, net |
|
|
|
(342 |
) |
|
|
|
-- |
|
|
|
|
(3 |
) |
|
|
|
|
(345 |
) |
|
Yard EBITDA from Touax
sale |
|
|
|
(104 |
) |
|
|
|
-- |
|
|
|
|
-- |
|
|
|
|
|
(104 |
) |
|
Other, net |
|
|
|
-- |
|
|
|
|
3 |
|
|
|
|
3 |
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted EBITDA |
|
$ |
|
(7,153 |
) |
|
|
$ |
9,551 |
|
|
$ |
|
(2,336 |
) |
|
|
$ |
|
62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items not included in
Segment Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 |
|
|
Foreign currency
exchange gains, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,740 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Consolidated EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
(1,652 |
) |
|
The following table reconciles our Adjusted Consolidated EBITDA
to our Operating Profit per business segment for the year ended
December 31, 2015:
|
|
Year ended December 31, 2015 |
|
|
|
|
|
|
Offshore |
|
|
|
|
|
|
|
($000's) |
|
River |
|
|
Supply |
|
|
Ocean |
|
|
TOTAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
(loss) profit |
|
$ |
|
(10,111 |
) |
|
|
$ |
24,486 |
|
|
|
|
(14,593 |
) |
|
|
|
|
(218 |
) |
|
Depreciation and
amortization |
|
|
|
27,715 |
|
|
|
|
18,890 |
|
|
|
|
4,527 |
|
|
|
|
|
51,132 |
|
|
Non-cash loss on
write-down of vessels |
|
|
|
-- |
|
|
|
|
-- |
|
|
|
|
8,030 |
|
|
|
|
|
8,030 |
|
|
Investment in
affiliates / Net income (loss) attributable to non-controlling
interest in subsidiaries |
|
|
|
(655 |
) |
|
|
|
-- |
|
|
|
|
(162 |
) |
|
|
|
|
(817 |
) |
|
Yard EBITDA from Touax
barge sale |
|
|
|
(400 |
) |
|
|
|
-- |
|
|
|
|
-- |
|
|
|
|
|
(400 |
) |
|
SPA closing termination
payment |
|
|
|
-- |
|
|
|
|
-- |
|
|
|
|
-- |
|
|
|
|
|
-- |
|
|
Other, net |
|
|
|
(1 |
) |
|
|
|
32 |
|
|
|
|
141 |
|
|
|
|
|
172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted EBITDA |
|
$ |
|
16,548 |
|
|
|
$ |
43,408 |
|
|
$ |
|
(2,057 |
) |
|
|
$ |
|
57,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items not included in
Segment Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68 |
|
|
Foreign currency
exchange (losses), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,820 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Consolidated EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
53,147 |
|
|
The following table reconciles our Adjusted Consolidated EBITDA
to our Operating Profit per business segment for the year ended
December 31, 2014:
|
|
Year ended December
31, 2014 |
|
|
|
|
|
|
Offshore |
|
|
|
|
|
|
|
($000's) |
|
River |
|
|
Supply |
|
|
Ocean |
|
|
TOTAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
profit (loss) |
|
$ |
|
(30,046 |
) |
|
|
$ |
28,980 |
|
|
|
|
(12,273 |
) |
|
|
|
|
(13,339 |
) |
|
Depreciation and
amortization |
|
|
|
28,919 |
|
|
|
|
17,118 |
|
|
|
|
7,380 |
|
|
|
|
|
53,417 |
|
|
Investment in
affiliates / Net (loss) attributable to non-controlling interest in
subsidiaries |
|
|
|
-- |
|
|
|
|
-- |
|
|
|
|
10,511 |
|
|
|
|
|
10,511 |
|
|
Net (loss) on
derivatives, net |
|
|
|
(1,023 |
) |
|
|
|
-- |
|
|
|
|
(33 |
) |
|
|
|
|
(1,056 |
) |
|
Yard EBITDA from Touax
sale |
|
|
|
(401 |
) |
|
|
|
-- |
|
|
|
|
-- |
|
|
|
|
|
(401 |
) |
|
Reduction in opex |
|
|
|
2,784 |
|
|
|
|
2,420 |
|
|
|
|
455 |
|
|
|
|
|
5,659 |
|
|
Other, net |
|
|
|
-- |
|
|
|
|
34 |
|
|
|
|
53 |
|
|
|
|
|
87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted EBITDA |
|
$ |
|
233 |
|
|
|
$ |
48,552 |
|
|
$ |
|
6,093 |
|
|
|
$ |
|
54,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items not included in
Segment Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
105 |
|
|
Foreign currency
exchange gains, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Consolidated EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
57,072 |
|
|
CONTACT: The IGB Group
Leon Berman
212-477-8438
lberman@igbir.com
Bryan Degnan
646-673-9701
bdegnan@igbir.com
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