Navios Maritime Acquisition Corporation (“Navios Acquisition”)
(NYSE:NNA), an owner and operator of tanker vessels, reported its
financial results today for the first quarter ended March 31,
2016.
Angeliki Frangou, Chairman and Chief Executive
Officer of Navios Acquisition stated, “We are pleased to report
first quarter 2016 net income of almost $24.0 million, or $0.15 per
share, an increase of 19% over the first quarter of 2015. Tanker
fundamentals remain constructive, and we declared a dividend of
$0.05 per share for the quarter, resulting in a dividend yield of
about 12% on an annualized basis.”
Angeliki Frangou continued, “Navios Acquisition
continues to harness the economies of scale created by Navios
Holdings. Under the arrangement, Navios Holdings provides Navios
Acquisition technical and commercial management services for a
fixed fee and administrative services at cost. Navios Holdings does
not charge, unlike some peers, any transaction fee, loan
origination fee, sale or purchase fee or any other fee for creating
value. We believe that the significant cost savings, which we
estimate would have been more than $30.0 million in each of 2015
and 2014 as compared to publicly listed peers, further demonstrate
the substantial benefit of the overarching relationship between
Navios Holdings and Navios Acquisition and the value it delivers to
all our stakeholders.“
HIGHLIGHTS — RECENT DEVELOPMENTS
Dividend of $0.05 per share of common stock
On May 11, 2016, the Board of Directors of
Navios Acquisition declared a quarterly cash dividend for the first
quarter of 2016 of $0.05 per share of common stock. The dividend is
payable on June 22, 2016 to stockholders of record as of June 17,
2016 and provides a current annualized yield of 11.8%.
Commercial and technical management fees fixed until May
2018
Navios Acquisition fixed the fees of its vessels
under its existing management agreement with Navios Tankers
Management Inc., a wholly-owned subsidiary of Navios Maritime
Holdings Inc. (“Navios Holdings”), for an additional two-year
period from May 29, 2016, following the expiration of the current
fixed fee period, until May 28, 2018, at a daily fee of: (a) $6,350
per MR2 product tanker and chemical tanker vessel; (b) $7,150 per
LR1 product tanker vessel; and (c) $9,500 per VLCC. The increase
represents a weighted average increase of 3% in the management fees
of the fleet. Drydocking expenses are reimbursed at cost for all
vessels.
Profit sharing
During the first quarter of 2016, Navios
Acquisition benefited from the healthy spot market and earned $6.1
million under its profit sharing arrangements.
Sale of Vessels
On January 27, 2016, Navios Acquisition sold the
Nave Lucida, a 2005-built, MR2 product tanker to an unaffiliated
third party for a sale price of $18.6 million.
In April 2016, Navios Acquisition agreed to sell
to an unaffiliated third party the Nave Constellation, a 2013-built
chemical tanker of 45,281 dwt, and the Nave Universe, a 2013-built
chemical tanker of 45,513 dwt, for an aggregate sale price of $74.6
million. The vessels are expected to be sold in the third quarter
of 2016, following the completion of their chartering
commitments.
Time Charter Coverage
Navios Acquisition currently owns 38 vessels of
which eight are VLCCs, 26 are product tankers and four are chemical
tankers including the two vessels that Navios Acquisition has
agreed to sell following the completion of their chartering
commitments, expected in the third quarter of 2016.
As of May 19, 2016, Navios Acquisition had
contracted 95.2% and 53.0% of its available days on a charter-out
basis for 2016 and 2017, respectively, expecting to generate
revenues of approximately $232.3 million and $110.6 million,
respectively. The average contractual daily charter-out rate for
the fleet is expected to be $20,107 and $21,419 for 2016 and 2017,
respectively.
FINANCIAL HIGHLIGHTS
For the following results and the selected
financial data presented herein, Navios Acquisition has compiled
its consolidated statement of operations for the three months ended
March 31, 2016 and 2015. The quarterly information for 2016 and
2015 was derived from the unaudited condensed consolidated
financial statements for the respective periods.
|
|
Three Month Period
endedMarch 31, 2016 |
|
|
Three Month Period
endedMarch 31, 2015 |
|
(Expressed in thousands of U.S.
dollars) |
|
(unaudited) |
|
|
(unaudited) |
|
Revenue |
$ |
80,419 |
|
$ |
78,611 |
|
EBITDA |
$ |
57,768 |
|
$ |
53,208 |
|
Adjusted EBITDA(1) |
$ |
55,750 |
|
$ |
53,864 |
|
Net income |
$ |
23,770 |
|
$ |
20,034 |
|
Earnings per share
(basic) |
$ |
0.15 |
|
$ |
0.13 |
|
|
|
|
|
|
|
|
|
(1 |
) |
Adjusted EBITDA for the
three month period ended March 31, 2016 in this document
excludes gain on sale of vessel of $2.3 million and non-cash
stock-based compensation of $0.3 million. Adjusted EBITDA for
the three months ended March 31, 2015, in this document exclude a
$0.7 million non-cash share based compensation expense. |
|
|
|
|
EBITDA and Adjusted EBITDA are non-GAAP
financial measures and should not be used in isolation or
substitution for Navios Acquisition’s results (see Exhibit II for
reconciliation of EBITDA and Adjusted EBITDA).
Three month periods ended March 31, 2016 and 2015
Revenue for the three month period ended March 31, 2016
increased by $1.8 million or 2.3% to $80.4 million, as
compared to $78.6 million for the same period in 2015. The increase
was mainly attributable to the increase in revenue following
deliveries of four vessels from January 2015 until March 31,
2016. The increase was partially mitigated by: (i) $7.6 million due
to the sale of two VLCCs in June 2015 and one MR2 in January 2016;
and (ii) a decrease in profit sharing by $1.5 million to $6.1
million recognized in the three month period ended March 31,
2016, as compared to $7.6 million for the same period in 2015.
Available days of the fleet increased to 3,477 days for the
three month period ended March 31, 2016, as compared to
3,438 days for the three month period ended March 31,
2015. The TCE Rate slightly increased to $22,722 for the three
month period ended March 31, 2016, from $22,521 for the three
month period ended March 31, 2015.
Adjusted EBITDA for the three month period ended March 31,
2016 increased by approximately $1.9 million to $55.8 million from
$53.9 million in the same period of 2015. The increase in Adjusted
EBITDA was mainly due to: (i) a $1.8 million increase in
revenue as described above; and (ii) a $1.5 million increase
in equity in net earnings of affiliated companies. This increase
was partially mitigated by a: (a) $0.8 million increase in general
and administrative expenses; (b) $0.2 million increase in time
charter expenses; (c) $0.2 million increase in other expense, net;
and (d) $0.1 million increase in management fees.
Net income for the three month period ended
March 31, 2016, increased by approximately $3.7 million to $23.8
million compared to a $20.0 million, for the three month period
ended March 31, 2015. The increase was due to: (i) the gain on sale
of the Nave Lucida of $2.3 million; (ii) an increase of $1.9
million in Adjusted EBITDA; (iii) an increase of $0.4 million in
interest income; and (iv) a decrease of $0.4 million in share-based
compensation. The increase was partially mitigated by a: (a) $0.9
million increase in interest expense and finance cost; and (b) $0.3
million increase in direct vessel expenses.
Fleet Employment Profile
The following table reflects certain
key indicators of the performance of Navios Acquisition and its
core fleet for the three months ended March 31, 2016 and 2015.
|
|
|
|
|
|
|
|
|
|
|
Three month period endedMarch 31, |
|
|
|
2016(unaudited) |
|
|
2015(unaudited) |
|
FLEET
DATA |
|
|
|
|
|
|
|
|
Available days(1) |
|
|
3,477 |
|
|
|
3,438 |
|
Operating days(2) |
|
|
3,470 |
|
|
|
3,425 |
|
Fleet utilization(3) |
|
|
99.8 |
% |
|
|
99.6 |
% |
Time Charter Equivalent
per day(4) |
|
$ |
22,722 |
|
|
$ |
22,521 |
|
Vessels operating at
period end |
|
|
38 |
|
|
|
39 |
|
|
|
|
|
|
|
|
|
|
(1) Available
days: Available days for the fleet
represent the total calendar days the vessels were in Navios
Acquisition’s possession for the relevant period after subtracting
off-hire days associated with scheduled repairs, drydockings or
special surveys. The shipping industry uses available days to
measure the number of days in a relevant period during which
vessels should be capable of generating
revenues.
(2) Operating days: Operating days are the number
of available days in the relevant period less the aggregate number
of days that the vessels are off-hire due to any reason, including
unforeseen circumstances. The shipping industry uses operating days
to measure the aggregate number of days in a relevant period during
which vessels actually generate
revenues.
(3) Fleet utilization: Fleet utilization is the
percentage of time that Navios Acquisition’s vessels were available
for generating revenue, and is determined by dividing the number of
operating days during a relevant period by the number of available
days during that period. The shipping industry uses fleet
utilization to measure a company’s efficiency in finding suitable
employment for its vessels and minimizing the amount of days that
its vessels are off hire for reasons other than scheduled repairs,
drydockings or special
surveys.
(4) TCE Rate: Time Charter
Equivalent Rate is defined as voyage and time charter revenues less
voyage expenses during a period divided by the number of available
days during the period. The TCE Rate is a standard shipping
industry performance measure used primarily to present the actual
daily earnings generated by vessels of various types of charter
contracts for the number of available days of the fleet.
Conference Call, Webcast and Presentation
Details:As previously announced, Navios Acquisition will
host a conference call today, Thursday, May 19, 2016 at 8:30 am ET,
at which time Navios Acquisition's senior management will provide
highlights and commentary on earnings results for the first quarter
ended March 31, 2016.
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 9123 8280
The conference call replay will be available
shortly after the live call and remain available for one week at
the following numbers:
US Replay Dial In: +1.800.585.8367
International Replay Dial In: +1.404.537.3406
Conference ID: 9123 8280
The call will be simultaneously Webcast. The
Webcast will be available on the Navios Acquisition website,
www.navios-acquisition.com, under the "Investors" section. The
Webcast will be archived and available at the same Web address for
two weeks following the call.
A supplemental slide presentation will be
available by 8:00 am ET on the day of the call.
About Navios Acquisition Navios Acquisition
(NYSE:NNA) is an owner and operator of tanker vessels focusing on
the transportation of petroleum products (clean and dirty) and bulk
liquid chemicals.
For more information about Navios Acquisition, please visit our
website: www.navios-acquisition.com.
Forward Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events and expectations,
including with respect to Navios Acquisition’s future dividends,
2016 cash flow generation and Navios Acquisition’s growth strategy
and measures to implement such strategy; including expected vessel
acquisitions and entering into further time charters. Words such as
"may," "expects," "intends," "plans," "believes," "anticipates,"
"hopes," "estimates," and variations of such words and similar
expressions are intended to identify forward-looking statements.
Such statements include comments regarding expected revenue and
time charters. These forward-looking statements are based on the
information available to, and the expectations and assumptions
deemed reasonable by, Navios Acquisition at the time these
statements were made. Although Navios Acquisition believes
that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations
will prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates which are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of Navios
Acquisition. Actual results may differ materially from those
expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially include, but
are not limited to, the creditworthiness of our charterers and the
ability of our contract counterparties to fulfill their obligations
to us, tanker industry trends, including charter rates and vessel
values and factors affecting vessel supply and demand, the aging of
our vessels and resultant increases in operation and drydocking
costs, the loss of any customer or charter or vessel, our ability
to repay outstanding indebtedness, to obtain additional financing
and to obtain replacement charters for our vessels, in each case,
at commercially acceptable rates or at all, increases in costs and
expenses, including but not limited to: crew wages, insurance,
provisions, port expenses, lube oil, bunkers, repairs, maintenance
and general and administrative expenses, the expected cost of, and
our ability to comply with, governmental regulations and maritime
self-regulatory organization standards, as well as standard
regulations imposed by our charterers applicable to our business,
potential liability from litigation and our vessel operations,
including discharge of pollutants, general domestic and
international political conditions, competitive factors in the
market in which Navios Acquisition operates; risks associated with
operations outside the United States; and other factors listed
from time to time in the Navios Acquisition's filings with
the Securities and Exchange Commission. Navios Acquisition
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in Navios Acquisition’s
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based. Navios
Acquisition makes no prediction or statement about the performance
of its common stock.
EXHIBIT
I |
|
NAVIOS
MARITIME ACQUISITION CORPORATION |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(Expressed in
thousands of U.S. Dollars except share data) |
|
|
|
|
|
|
|
|
|
|
|
|
March 31,2016(unaudited) |
|
|
December 31,2015(unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
64,641 |
|
|
$ |
54,805 |
|
Restricted cash |
|
|
5,786 |
|
|
|
6,840 |
|
Accounts receivable,
net |
|
|
16,680 |
|
|
|
14,202 |
|
Due from related parties,
short-term |
|
|
26,238 |
|
|
|
17,837 |
|
Prepaid expenses and other
current assets |
|
|
1,356 |
|
|
|
3,665 |
|
Total current
assets |
|
|
114,701 |
|
|
|
97,349 |
|
|
|
|
|
|
|
|
|
|
Vessels, net |
|
|
1,411,729 |
|
|
|
1,441,635 |
|
Goodwill |
|
|
1,579 |
|
|
|
1,579 |
|
Other long-term
assets |
|
|
6,528 |
|
|
|
1,920 |
|
Deferred dry dock and
special survey costs, net |
|
|
8,537 |
|
|
|
10,326 |
|
Investment in
affiliates |
|
|
203,850 |
|
|
|
204,808 |
|
Due from related parties,
long-term |
|
|
29,989 |
|
|
|
16,474 |
|
Total non-current
assets |
|
|
1,662,212 |
|
|
|
1,676,742 |
|
Total
assets |
|
$ |
1,776,913 |
|
|
$ |
1,774,091 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
3,660 |
|
|
$ |
2,753 |
|
Accrued expenses |
|
|
23,735 |
|
|
|
9,802 |
|
Deferred revenue |
|
|
3,220 |
|
|
|
7,600 |
|
Current portion of
long-term debt, net of deferred finance costs |
|
|
75,567 |
|
|
|
62,643 |
|
|
|
|
|
|
|
|
|
|
Total current
liabilities |
|
|
106,182 |
|
|
|
82,798 |
|
Long-term debt, net of
current portion, premium and net of deferred finance costs |
|
|
1,099,543 |
|
|
|
1,134,940 |
|
Deferred gain on sale of
assets |
|
|
8,711 |
|
|
|
8,982 |
|
Total non-current
liabilities |
|
|
1,108,254 |
|
|
|
1,143,922 |
|
Total
liabilities |
|
$ |
1,214,436 |
|
|
$ |
1,226,720 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
— |
|
|
|
— |
|
Puttable common
stock 550,000 and 650,000 shares issued and outstanding with $5,500
and $6,500 redemption amount as of March 31, 2016 and December 31,
2015, respectively |
|
|
5,500 |
|
|
|
6,500 |
|
Stockholders’
equity |
|
|
|
|
|
|
|
|
Preferred stock, $0.0001
par value; 10,000,000 shares authorized; 1,000 series C shares and
4,000 series A and C shares issued and outstanding as of March 31,
2016 and December 31, 2015, respectively |
|
|
— |
|
|
|
— |
|
Common stock, $0.0001 par
value; 250,000,000 shares authorized; 150,882,990 and 149,782,990
issued and outstanding as of March 31, 2016 and
December 31, 2015, respectively |
|
|
15 |
|
|
|
15 |
|
Additional paid-in
capital |
|
|
541,120 |
|
|
|
540,856 |
|
Retained earnings |
|
|
15,842 |
|
|
|
— |
|
Total
stockholders’ equity |
|
|
556,977 |
|
|
|
540,871 |
|
Total liabilities
and stockholders’ equity |
|
$ |
1,776,913 |
|
|
$ |
1,774,091 |
|
|
|
|
|
|
|
|
|
|
NAVIOS
MARITIME ACQUISITION CORPORATION |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(Expressed in
thousands of U.S. dollars except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three MonthsEndedMarch 31, 2016(unaudited) |
|
|
For the Three MonthsEndedMarch 31, 2015(unaudited) |
|
Revenue |
|
|
|
$ |
80,419 |
|
|
$ |
78,611 |
|
Time charter and voyage
expenses |
|
|
|
|
(1,421 |
) |
|
|
(1,190 |
) |
Direct vessel
expenses |
|
|
|
|
(644 |
) |
|
|
(349 |
) |
Management fees |
|
|
|
|
(24,186 |
) |
|
|
(24,042 |
) |
General and administrative
expenses |
|
|
|
|
(3,529 |
) |
|
|
(3,165 |
) |
Depreciation and
amortization |
|
|
|
|
(14,883 |
) |
|
|
(14,891 |
) |
Interest income |
|
|
|
|
654 |
|
|
|
271 |
|
Interest expenses and
finance cost |
|
|
|
|
(19,125 |
) |
|
|
(18,205 |
) |
Gain on sale of
vessel |
|
|
|
|
2,282 |
|
|
|
— |
|
|
|
|
|
Equity in net earnings of
affiliated companies |
|
|
|
|
4,891 |
|
|
|
3,438 |
|
Other expense, net |
|
|
|
|
(688 |
) |
|
|
(444 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
|
|
$ |
23,770 |
|
|
$ |
20,034 |
|
|
|
|
|
|
|
|
|
|
|
|
Dividend declared on
preferred shares Series B |
|
|
|
|
— |
|
|
|
(27 |
) |
Dividend on preferred
shares Series D |
|
|
|
|
— |
|
|
|
(138 |
) |
Dividend declared on
restricted shares |
|
|
|
|
(35 |
) |
|
|
(70 |
) |
Undistributed income
attributable to Series C participating preferred shares |
|
|
|
|
(1,161 |
) |
|
|
(962 |
) |
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common shareholders, basic |
|
|
|
$ |
22,574 |
|
|
$ |
18,837 |
|
|
|
|
|
|
|
|
|
|
|
Dividend declared on
preferred shares Series B |
|
|
|
|
— |
|
|
|
27 |
|
Dividend on preferred
shares Series D |
|
|
|
|
— |
|
|
|
138 |
|
Dividend declared on
restricted shares |
|
|
|
|
35 |
|
|
|
70 |
|
Net income
attributable to common shareholders, diluted |
|
|
|
$ |
22,609 |
|
|
$ |
19,072 |
|
Net income per share,
basic |
|
|
|
$ |
0.15 |
|
|
$ |
0.13 |
|
|
|
|
|
Weighted average number of
shares, basic |
|
|
|
|
149,253,315 |
|
|
|
150,333,825 |
|
|
|
|
|
Net income per share,
diluted |
|
|
|
$ |
0.15 |
|
|
$ |
0.12 |
|
|
|
|
|
Weighted average number of
shares, diluted |
|
|
|
|
150,421,452 |
|
|
|
154,490,307 |
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS
MARITIME ACQUISITION CORPORATION |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Expressed in
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three MonthsEnded March 31, 2016(unaudited) |
|
|
For the Three MonthsEnded March 31, 2015(unaudited) |
|
Operating
Activities |
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
$ |
23,770 |
|
|
$ |
20,034 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
|
|
14,883 |
|
|
|
14,891 |
|
Amortization and write-off
of deferred finance fees and bond premium |
|
|
|
|
1,042 |
|
|
|
730 |
|
Amortization of dry dock
and special survey costs |
|
|
|
|
644 |
|
|
|
349 |
|
Stock-based
compensation |
|
|
|
|
264 |
|
|
|
656 |
|
Gain on sale of
vessel |
|
|
|
|
(2,282 |
) |
|
|
— |
|
Equity in net earnings of
affiliated companies, net of dividends received |
|
|
|
|
(490 |
) |
|
|
(3,438 |
) |
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
Decrease in prepaid
expenses and other current assets |
|
|
|
|
2,309 |
|
|
|
3,274 |
|
Increase in accounts
receivable |
|
|
|
|
(2,478 |
) |
|
|
(7,257 |
) |
Increase in due from
related parties short-term |
|
|
|
|
(8,401 |
) |
|
|
(418 |
) |
(Increase)/ decrease in
restricted cash |
|
|
|
|
(70 |
) |
|
|
19 |
|
Increase in other long
term assets |
|
|
|
|
(4,608 |
) |
|
|
(750 |
) |
Increase in due from
related parties long-term |
|
|
|
|
(8,711 |
) |
|
|
— |
|
Increase in accounts
payable |
|
|
|
|
907 |
|
|
|
400 |
|
Increase in accrued
expenses |
|
|
|
|
13,933 |
|
|
|
14,867 |
|
Decrease in due to related
parties |
|
|
|
|
— |
|
|
|
(13,311 |
) |
(Decrease)/ increase in
deferred revenue |
|
|
|
|
(4,651 |
) |
|
|
4,064 |
|
Net cash provided
by operating activities |
|
|
|
$ |
26,061 |
|
|
$ |
34,110 |
|
Investing
Activities |
|
|
|
|
|
|
|
|
|
|
Acquisition of
vessels |
|
|
|
|
— |
|
|
|
(29,597 |
) |
Loans receivable from
Navios Europe (II) Inc. |
|
|
|
|
(4,275 |
) |
|
|
— |
|
Dividends received from
affiliates |
|
|
|
|
918 |
|
|
|
2,164 |
|
Net cash proceeds from
sale of vessels |
|
|
|
|
18,449 |
|
|
|
— |
|
Net cash provided
by/ (used in) investing activities |
|
|
|
$ |
15,092 |
|
|
$ |
(27,433 |
) |
Financing
Activities |
|
|
|
|
|
|
|
|
|
|
Loan proceeds, net of
deferred finance costs |
|
|
|
|
— |
|
|
|
25,954 |
|
Loan repayments |
|
|
|
|
(23,514 |
) |
|
|
(9,483 |
) |
Dividend paid |
|
|
|
|
(7,928 |
) |
|
|
(8,132 |
) |
Decrease in restricted
cash |
|
|
|
|
1,125 |
|
|
|
995 |
|
Redemption of convertible
shares and puttable stock |
|
|
|
|
(1,000 |
) |
|
|
(2,500 |
) |
Payment to related
party |
|
|
|
|
— |
|
|
|
(10,401 |
) |
Net cash used in
financing activities |
|
|
|
$ |
(31,317 |
) |
|
$ |
(3,567 |
) |
Net increase in
cash and cash equivalents |
|
|
|
|
9,836 |
|
|
|
3,110 |
|
Cash and cash
equivalents, beginning of year |
|
|
|
|
54,805 |
|
|
|
54,493 |
|
Cash and cash
equivalents, end of year |
|
|
|
$ |
64,641 |
|
|
$ |
57,603 |
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT
II |
|
Reconciliation of EBITDA and Adjusted EBITDA to Net Cash
from Operating Activities |
|
|
|
|
|
|
|
|
|
|
Expressed in
thousands of U.S. dollars
|
|
Three Month PeriodEnded March 31, 2016(unaudited) |
|
|
Three Month PeriodEnded March 31, 2015(unaudited) |
|
Net cash provided by
operating activities |
|
$ |
26,061 |
|
|
$ |
34,110 |
|
Net increase in operating
assets |
|
|
21,959 |
|
|
|
5,132 |
|
Net increase in operating
liabilities |
|
|
(10,189 |
) |
|
|
(6,020 |
) |
Net interest cost |
|
|
18,471 |
|
|
|
17,934 |
|
Amortization of deferred
finance costs |
|
|
(1,042 |
) |
|
|
(730 |
) |
Equity in net earnings of
affiliated companies, net of dividends received |
|
|
490 |
|
|
|
3,438 |
|
Gain on sale of
vessel |
|
|
2,282 |
|
|
|
— |
|
Stock based
compensation |
|
|
(264 |
) |
|
|
(656 |
) |
EBITDA |
|
|
57,768 |
|
|
|
53,208 |
|
Gain on sale of
vessel |
|
|
(2,282 |
) |
|
|
— |
|
Stock based
compensation |
|
|
264 |
|
|
|
656 |
|
Adjusted
EBITDA |
|
$ |
55,750 |
|
|
$ |
53,864 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Month PeriodEnded March 31, 2016(unaudited) |
|
|
Three Month PeriodEnded March 31, 2015(unaudited) |
|
Net cash provided by
operating activities |
|
$ |
26,061 |
|
|
$ |
34,110 |
|
Net cash provided by/
(used in) investing activities |
|
$ |
15,092 |
|
|
$ |
(27,433 |
) |
Net cash used in financing
activities |
|
$ |
(31,317 |
) |
|
$ |
(3,567 |
) |
|
Disclosure of Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA
EBITDA for the three months ended March 31, 2016
in this document represents net income plus interest and finance
costs plus depreciation and amortization and income taxes less
interest income.
Adjusted EBITDA for the three months ended March
31, 2016 in this document represents, net income plus interest
expense and finance cost, plus depreciation and amortization less
interest income, unless otherwise stated and excludes certain items
as described under “Financial Highlights.”
EBITDA and Adjusted EBITDA are presented because
Navios Acquisition believes that EBITDA and Adjusted EBITDA are a
basis upon which liquidity can be assessed and present useful
information to investors regarding Navios Acquisition’s ability to
service and/or incur indebtedness, pay capital expenditures, meet
working capital requirements and pay dividends. EBITDA and Adjusted
EBITDA are “non-GAAP financial measures” and should not be
considered a substitute for net income, cash flow from operating
activities and other operations or cash flow statement data
prepared in accordance with accounting principles generally
accepted in the United States or as a measure of profitability or
liquidity.
While EBITDA and Adjusted EBITDA are frequently
used as a measure of operating results and the ability to meet debt
service requirements, the definition of EBITDA and Adjusted EBITDA
used here may not be comparable to that used by other companies due
to differences in methods of calculation.
|
|
|
EXHIBIT III |
Vessels |
Type |
Year
Built/Delivery |
DWT |
Date |
Owned Vessels |
|
|
|
|
Nave Constellation(1) |
Chemical Tanker |
2013 |
|
45,281 |
Nave Universe(1) |
Chemical Tanker |
2013 |
|
45,513 |
Nave Polaris |
Chemical Tanker |
2011 |
|
25,145 |
Nave Cosmos |
Chemical Tanker |
2010 |
|
25,130 |
Nave
Velocity |
MR2 Product Tanker |
2015 |
49,999 |
Nave
Sextans |
MR2 Product Tanker |
2015 |
49,999 |
Nave Pyxis |
MR2 Product Tanker |
2014 |
49,998 |
Nave Luminosity |
MR2 Product
Tanker |
2014 |
49,999 |
Nave Jupiter |
MR2 Product Tanker |
2014 |
|
49,999 |
Bougainville |
MR2 Product Tanker |
2013 |
|
50,626 |
Nave Alderamin |
MR2 Product Tanker |
2013 |
|
49,998 |
Nave Bellatrix |
MR2 Product Tanker |
2013 |
|
49,999 |
Nave Capella |
MR2 Product Tanker |
2013 |
|
49,995 |
Nave Orion |
MR2 Product Tanker |
2013 |
|
49,999 |
Nave Titan |
MR2 Product Tanker |
2013 |
|
49,999 |
Nave Aquila |
MR2 Product Tanker |
2012 |
|
49,991 |
Nave Atria |
MR2 Product
Tanker |
2012 |
|
49,992 |
Nave Orbit |
MR2 Product
Tanker |
2009 |
|
50,470 |
Nave Equator |
MR2 Product
Tanker |
2009 |
|
50,542 |
Nave Equinox |
MR2 Product Tanker |
2007 |
|
50,922 |
Nave Pulsar |
MR2 Product Tanker |
2007 |
|
50,922 |
Nave Dorado |
MR2 Product Tanker |
2005 |
|
47,999 |
Nave Atropos |
LR1 Product
Tanker |
2013 |
|
74,695 |
Nave Rigel |
LR1 Product
Tanker |
2013 |
|
74,673 |
Nave Cassiopeia |
LR1 Product
Tanker |
2012 |
|
74,711 |
Nave Cetus |
LR1 Product
Tanker |
2012 |
|
74,581 |
Nave Estella |
LR1 Product
Tanker |
2012 |
|
75,000 |
Nave Andromeda |
LR1 Product
Tanker |
2011 |
|
75,000 |
Nave Ariadne |
LR1 Product
Tanker |
2007 |
|
74,671 |
Nave Cielo |
LR1 Product Tanker |
2007 |
|
74,671 |
Nave Buena Suerte |
VLCC |
2011 |
|
297,491 |
Nave Quasar |
VLCC |
2010 |
|
297,376 |
Nave
Synergy |
VLCC |
2010 |
299,973 |
Nave Galactic |
VLCC |
2009 |
|
297,168 |
Nave Spherical |
VLCC |
2009 |
|
297,188 |
Nave Photon |
VLCC |
2008 |
|
297,395 |
Nave Neutrino |
VLCC |
2003 |
|
298,287 |
Nave Electron |
VLCC |
2002 |
|
305,178 |
|
|
|
|
|
(1) Vessel is expected to be sold in the third quarter of 2016,
following the completion of its chartering commitments.
Public & Investor Relations Contact:
Navios Maritime Acquisition Corporation
+1.212.906.8644
info@navios-acquisition.com
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