Navios Maritime Acquisition Corporation (“Navios Acquisition”)
(NYSE:NNA), an owner and operator of tanker vessels, reported its
financial results today for the fourth quarter and the year
ended December 31, 2016.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Acquisition stated, “We are pleased to announce our results for the
full year of 2016, where Navios Acquisition reported EBITDA of
$194.6 million and net income of $62.9 million. For the
fourth quarter, Navios Acquisition reported EBITDA of $49.9 million
and net income of $18.1 million. We also declared a dividend
of $0.05 per share for the fourth quarter, resulting in a dividend
yield of 11.6%.”
Angeliki Frangou continued, “Our chartering policy of seeking
long-term charters provided us with superior returns at a time when
favorable period charters were unavailable and spot rates were
correcting. The strength of our chartering policy can be seen
through our average 2016 charter rate for our fleet, which was
about 11% higher than the market average rate. When combined with
our leading cost management, Navios Acquisition has been able to
pay a dividend for the last seven years, while having sufficient
room to meet our various other corporate requirements “
HIGHLIGHTS — RECENT DEVELOPMENTS
Dividend of $0.05 per share of common stock
On February 3, 2017, the Board of Directors
of Navios Acquisition declared a quarterly cash dividend for the
fourth quarter of 2016 of $0.05 per share of common stock. The
dividend is payable on March 14, 2017 to stockholders of record as
of March 7, 2017 and provides a current annualized yield of
11.6%.
Sale of chemical tankers
On October 4, 2016, Navios Acquisition sold the Nave
Universe, a 2013-built, chemical tanker of 45,513 dwt to an
unaffiliated third party for a sale price of $37.3 million. On
November 15, 2016, Navios Acquisition sold the Nave Constellation,
a 2013-built, chemical tanker of 45,281 dwt to an unaffiliated
third party for a sale price of $37.3 million. Part of the net
proceeds from the sale of the vessels totalling $32.7 million,
were used to fully repay the outstanding amount under their credit
facility. Navios Acquisition recognized a gain of $9.5 million from
the sale of the two vessels.
Time Charter Coverage and commitments
Navios Acquisition currently owns 36 vessels, of
which eight are VLCCs, 26 are product tankers and two are chemical
tankers.
As of February 3, 2017, Navios Acquisition had
contracted 75.4% and 15.8% of its available days on a charter-out
basis for 2017 and 2018, respectively, expecting to generate
revenues of approximately $146.4 million and $21.3 million,
respectively. The average contractual daily charter-out rate for
the fleet is expected to be $18,629 and $17,202 for 2017 and 2018,
respectively.
During the year ended December 31, 2016, Navios
Acquisition recognized $7.6 million, under its profit sharing
arrangements.
During the first quarter of 2017, Navios Maritime Midstream
Partners L.P. (“Navios Midstream”), entered into new charter
contracts for the Nave Celeste, the Shinyo Ocean and the Shinyo
Kannika with third parties, which provide for index linked charter
rates or pool earnings. Navios Acquisition has agreed to provide
backstop commitments for a two-year period at a net rate of $35,000
per day for the Nave Celeste, $38,400 per day for the Shinyo Ocean
and $38,025 per day for the Shinyo Kannika.
Credit facilities
In October 2016, the Company repaid $15.6 million in cash being
the balloon installment of $16.0 million under a tranche that
financed one of its chemical tankers, achieving a $0.4 million
benefit on the nominal value.
In January 2017, the Company fully repaid the outstanding
tranche of $16.0 million being the balloon installment under one of
its credit facilities that financed the other chemical tanker.
In February 2017, the Company drew $26.7 million under a new
credit facility with a commercial bank secured with its two
chemical tankers. The facility is repayable in four equal
consecutive quarterly installments of $0.7 million each, with a
final balloon payment of the balance to be repaid on the last
repayment date. The maturity date of the loan is in February 2018.
The loan bears interest at LIBOR plus 400 bps per annum.
FINANCIAL HIGHLIGHTS
For the following results and the selected
financial data presented herein, Navios Acquisition has compiled
its consolidated statement of income for the three months and the
year ended December 31, 2016 and 2015. The quarterly information
for 2016 and 2015 was derived from the unaudited condensed
consolidated financial statements for the respective
periods.
(Expressed in
thousands of U.S. dollars) |
|
Three Month Period ended December 31,
2016 (unaudited) |
|
Three Month Period ended December 31,
2015 (unaudited) |
|
|
Year ended December 31, 2016
(unaudited) |
|
Year ended December 31, 2015
(unaudited) |
|
Revenue |
|
$ |
67,262 |
|
$ |
76,685 |
|
|
$ |
290,245 |
|
$ |
313,396 |
|
EBITDA |
|
$ |
49,892 |
|
$ |
52,634 |
|
|
$ |
194,552 |
|
$ |
220,770 |
|
Net income |
|
$ |
18,107 |
|
$ |
20,125 |
|
|
$ |
62,878 |
|
$ |
89,737 |
|
Earnings per share
(basic) |
|
$ |
0.11 |
|
$ |
0.13 |
|
|
$ |
0.40 |
|
$ |
0.57 |
|
EBITDA is a non-GAAP financial measure and should not be used in
isolation or substitution for Navios Acquisition’s results (see
Exhibit II for reconciliation of EBITDA).
Three month periods ended December 31, 2016 and
2015
Revenue for the three month period ended December 31, 2016
decreased by $9.4 million or 12.3% to $67.3 million, as
compared to $76.7 million for the same period of 2015. The decrease
was mainly attributable to a: (a) decrease in revenue by $3.4
million due to the sale of one MR2 product tanker in January 2016
and two chemical tankers in October and November 2016; and (b)
decrease in profit sharing by approximately $6.0 million. The
decrease was partially mitigated by the increase in revenue
following the deliveries of two VLCCs in the fourth quarter of
2015. Available days of the fleet decreased to 3,343 days for the
three month period ended December 31, 2016, as compared to
3,386 days for the three month period ended December 31, 2015.
The TCE Rate decreased to $19,683 for the three month period ended
December 31, 2016, from $22,291 for the three month period
ended December 31, 2015.
EBITDA for the three month period ended December 31, 2016
decreased by approximately $2.7 million to $49.9 million from $52.6
million in the same period of 2015. The decrease in EBITDA was
mainly due to a: (a) $9.4 million decrease in revenue; (b)
$2.8 million decrease in equity in net earnings of affiliated
companies; (c) $0.8 million increase in other expense; (d) $0.3
million increase in management fees mainly due to the deliveries of
the vessels discussed above; and (e) $0.2 million increase in
time charter expenses; partially mitigated by a (i) $9.5 million
gain from sale of vessels; (ii) $1.1 million decrease in general
and administrative expenses; and (iii) $0.3 million increase in
other income.
Net income for the three month period ended
December 31, 2016, decreased by approximately $2.0 million to $18.1
million compared to $20.1 million, for the same period in 2015. The
decrease was due to a: (i) $2.7 million decrease in EBITDA; (ii)
$0.6 million increase in interest expense and finance cost; and
(iii) $0.3 million increase in direct vessel expenses; partially
mitigated by a $1.6 million increase in interest income.
Year ended December 31, 2016 and
2015
Revenue for the year ended December 31, 2016 decreased by
$23.2 million or 7.4% to $290.2 million, as compared to $313.4
million for 2015. The decrease was mainly attributable to: (i) the
decrease in revenue by $18.6 million due to the sale of two VLCCs
in June 2015, one MR2 product tanker in January 2016 and two
chemical tankers in October and November 2016; and (ii) the
decrease in profit sharing by $24.5 million. The decrease was
partially mitigated by the increase in revenue following deliveries
of four vessels during 2015. Available days of the fleet increased
to 13,753 days for the year ended December 31, 2016, as
compared to 13,743 days for the year ended December 31,
2015. The TCE Rate decreased to $20,742 for the year ended
December 31, 2016, from $22,477 for the year ended
December 31, 2015.
EBITDA for the year ended December 31, 2016 decreased by
$26.2 million to $194.6 million from $220.8 million in the same
period of 2015. The decrease in EBITDA was mainly due to a:
(a) $23.2 million decrease in revenue; (b) $2.9 million
decrease in equity in net earnings of affiliated companies; (c)
$2.5 million increase in management fees mainly due to the
deliveries of the vessels discussed above; (d) $1.5 million
increase in general and administrative expenses; (e) $1.2 million
increase in other expense; (f) $0.7 million increase in direct
vessel expenses (excluding amortization of dry dock and special
survey costs); and (g) $0.5 million increase in time charter
expenses; partially mitigated by a: (i) $6.0 million increase in
gain on sale of vessels; and (ii) $0.3 million increase in other
income.
Net income for the year ended December 31, 2016 decreased by
approximately $26.9 million to $62.9 million from $89.7 million for
2015. The decrease was due to: (i) a decrease of $26.2 million in
EBITDA; (ii) an increase of $2.4 million in interest expense and
finance cost; and (iii) an increase of $1.3 million in amortization
of dry docking and special survey costs included in direct vessel
expenses. The decrease was partially mitigated by an increase of
$3.1 million in interest income.
Fleet Employment Profile
The following table reflects certain
key indicators of the performance of Navios Acquisition and its
core fleet for the three month periods and the years ended December
31, 2016 and 2015.
|
|
Three month period endedDecember 31, |
|
|
Year endedDecember 31, |
|
|
|
2016(unaudited) |
|
|
2015(unaudited) |
|
|
2016(unaudited) |
|
|
2015(unaudited) |
|
FLEET
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available days(1) |
|
|
3,343 |
|
|
|
3,386 |
|
|
|
13,753 |
|
|
|
13,743 |
|
Operating days(2) |
|
|
3,328 |
|
|
|
3,382 |
|
|
|
13,716 |
|
|
|
13,707 |
|
Fleet
utilization(3) |
|
|
99.5 |
% |
|
|
99.9 |
% |
|
|
99.7 |
% |
|
|
99.7 |
% |
Vessels operating at
period end |
|
|
36 |
|
|
|
39 |
|
|
|
36 |
|
|
|
39 |
|
AVERAGE DAILY
RESULTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Equivalent
(“TCE”) Rate per day(4) |
|
$ |
19,683 |
|
|
$ |
22,291 |
|
|
$ |
20,742 |
|
|
$ |
22,477 |
|
(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, dry dockings 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, dry dockings or special
surveys.
(4) TCE Rate: Time
Charter Equivalent Rate per day 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 per
day 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, February 9, 2017 at 8:30 am
ET, at which time Navios Acquisition's senior management will
provide highlights and commentary on earnings results for the
fourth quarter and the year ended December 31, 2016.
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 5690 4709
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: 5690 4709
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,
2017 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 dry docking
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, including its Form 20Fs and
Form 6Ks. 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) |
|
|
|
|
|
|
|
|
|
|
|
December 31,2016(unaudited) |
|
|
December 31,2015(unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
49,292 |
|
|
$ |
54,805 |
|
Restricted cash |
|
|
7,366 |
|
|
|
6,840 |
|
Accounts receivable,
net |
|
|
20,933 |
|
|
|
14,202 |
|
Due from related
parties, short term |
|
|
25,047 |
|
|
|
17,837 |
|
Prepaid expenses and
other current assets |
|
|
4,644 |
|
|
|
3,665 |
|
|
|
|
Total current
assets |
|
|
107,282 |
|
|
|
97,349 |
|
|
|
|
Vessels, net |
|
|
1,306,923 |
|
|
|
1,441,635 |
|
Goodwill |
|
|
1,579 |
|
|
|
1,579 |
|
Other long-term
assets |
|
|
900 |
|
|
|
1,920 |
|
Deferred dry dock and
special survey costs, net |
|
|
10,172 |
|
|
|
10,326 |
|
Investment in
affiliates |
|
|
196,695 |
|
|
|
204,808 |
|
Due from related
parties, long-term |
|
|
80,068 |
|
|
|
16,474 |
|
|
|
|
Total
non-current assets |
|
|
1,596,337 |
|
|
|
1,676,742 |
|
|
|
|
Total
assets |
|
$ |
1,703,619 |
|
|
$ |
1,774,091 |
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
4,855 |
|
|
$ |
2,753 |
|
Accrued expenses |
|
|
11,047 |
|
|
|
9,802 |
|
Deferred revenue |
|
|
8,519 |
|
|
|
7,600 |
|
Current portion of
long-term debt, net of deferred finance costs |
|
|
55,000 |
|
|
|
62,643 |
|
|
|
|
Total current
liabilities |
|
|
79,421 |
|
|
|
82,798 |
|
|
|
|
Long-term debt, net of
current portion, premium and net of deferred finance costs |
|
|
1,040,938 |
|
|
|
1,134,940 |
|
Deferred gain on sale
of assets |
|
|
7,829 |
|
|
|
8,982 |
|
|
|
|
Total
non-current liabilities |
|
|
1,048,767 |
|
|
|
1,143,922 |
|
|
|
|
Total
liabilities |
|
$ |
1,128,188 |
|
|
$ |
1,226,720 |
|
|
|
|
Commitments and
contingencies |
|
|
— |
|
|
|
— |
|
Puttable common
stock 250,000 and 650,000 shares issued and outstanding with $2,500
and $6,500 redemption amount as of December 31, 2016 and December
31, 2015, respectively |
|
|
2,500 |
|
|
|
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
December 31, 2016 and December 31, 2015, respectively |
|
|
— |
|
|
|
— |
|
Common stock, $0.0001
par value; 250,000,000 shares authorized; 150,582,990 and
149,782,990 issued and outstanding as of December 31, 2016 and
December 31, 2015, respectively |
|
|
15 |
|
|
|
15 |
|
Additional paid-in
capital |
|
|
541,720 |
|
|
|
540,856 |
|
Retained Earnings |
|
|
31,196 |
|
|
|
— |
|
Total
stockholders’ equity |
|
|
572,931 |
|
|
|
540,871 |
|
Total
liabilities and stockholders’ equity |
|
$ |
1,703,619 |
|
|
$ |
1,774,091 |
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME ACQUISITION CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
(Expressed in thousands of U.S. dollars- except share and per
share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three |
|
|
For theThree |
|
|
For the |
|
|
For the |
|
|
|
Months |
|
|
Months |
|
|
Year |
|
|
Year |
|
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
|
2016(unaudited) |
|
|
2015(unaudited) |
|
|
2016(unaudited) |
|
|
2015(unaudited) |
|
Revenue |
|
$ |
67,262 |
|
|
$ |
76,685 |
|
|
$ |
290,245 |
|
|
$ |
313,396 |
|
Time charter and voyage
expenses |
|
|
(1,455 |
) |
|
|
(1,211 |
) |
|
|
(4,980 |
) |
|
|
(4,492 |
) |
Direct vessel
expenses |
|
|
(777 |
) |
|
|
(509 |
) |
|
|
(3,567 |
) |
|
|
(1,532 |
) |
Management fees
(entirely through related party transactions) |
|
|
(24,255 |
) |
|
|
(23,909 |
) |
|
|
(97,866 |
) |
|
|
(95,336 |
) |
General and
administrative expenses |
|
|
(4,265 |
) |
|
|
(5,353 |
) |
|
|
(17,057 |
) |
|
|
(15,532 |
) |
Depreciation and
amortization |
|
|
(14,220 |
) |
|
|
(14,262 |
) |
|
|
(57,617 |
) |
|
|
(57,623 |
) |
Interest income |
|
|
2,178 |
|
|
|
621 |
|
|
|
4,767 |
|
|
|
1,683 |
|
Interest expenses and
finance cost |
|
|
(18,966 |
) |
|
|
(18,359 |
) |
|
|
(75,987 |
) |
|
|
(73,561 |
) |
Gain on sale of
vessels |
|
|
9,467 |
|
|
|
— |
|
|
|
11,749 |
|
|
|
5,771 |
|
Equity in net earnings
of affiliated companies |
|
|
3,683 |
|
|
|
6,530 |
|
|
|
15,499 |
|
|
|
18,436 |
|
Other income |
|
|
364 |
|
|
|
30 |
|
|
|
377 |
|
|
|
41 |
|
Other expense |
|
|
(909 |
) |
|
|
(138 |
) |
|
|
(2,685 |
) |
|
|
(1,514 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
18,107 |
|
|
$ |
20,125 |
|
|
$ |
62,878 |
|
|
$ |
89,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share,
basic |
|
$ |
0.11 |
|
|
$ |
0.13 |
|
|
$ |
0.40 |
|
|
$ |
0.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares, basic |
|
|
150,403,641 |
|
|
|
149,162,131 |
|
|
|
149,932,713 |
|
|
|
150,025,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share,
diluted |
|
$ |
0.11 |
|
|
$ |
0.13 |
|
|
$ |
0.40 |
|
|
$ |
0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares, diluted |
|
|
150,586,251 |
|
|
|
151,370,640 |
|
|
|
150,736,156 |
|
|
|
153,300,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME ACQUISITION CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(Expressed in thousands of U.S. dollars) |
|
|
|
Year
endedDecember 31,2016(unaudited) |
|
|
Year
endedDecember 31,2015(unaudited) |
|
Operating
Activities |
|
|
|
|
|
|
|
|
Net income |
|
$ |
62,878 |
|
|
$ |
89,737 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
57,617 |
|
|
|
57,623 |
|
Amortization and
write-off of deferred finance fees and bond premium |
|
|
3,656 |
|
|
|
3,495 |
|
Gain on debt
repayment |
|
|
(350 |
) |
|
|
— |
|
Amortization of dry
dock and special survey costs |
|
|
2,837 |
|
|
|
1,532 |
|
Stock based
compensation |
|
|
864 |
|
|
|
2,362 |
|
Gain on sale of
vessels |
|
|
(11,749 |
) |
|
|
(5,771 |
) |
Equity in earnings of
affiliates, net of dividends received |
|
|
(1,438 |
) |
|
|
(3,821 |
) |
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
|
|
(Increase)/ decrease in
prepaid expenses and other current assets |
|
|
(479 |
) |
|
|
5,067 |
|
(Increase)/ decrease in
accounts receivable |
|
|
(6,731 |
) |
|
|
4,367 |
|
Increase in due from
related parties short-term |
|
|
(7,210 |
) |
|
|
— |
|
Decrease/ (increase) in
restricted cash |
|
|
224 |
|
|
|
(41 |
) |
Decrease/ (increase) in
other long term assets |
|
|
1,020 |
|
|
|
(1,230 |
) |
Increase in accounts
payable |
|
|
2,102 |
|
|
|
1,246 |
|
Increase/ (decrease) in
accrued expenses |
|
|
1,245 |
|
|
|
(293 |
) |
Payments for dry dock
and special survey costs |
|
|
(3,828 |
) |
|
|
(6,598 |
) |
Decrease in due to
related parties |
|
|
— |
|
|
|
(17,763 |
) |
Increase in due from
related parties long-term |
|
|
(7,638 |
) |
|
|
(16,476 |
) |
(Decrease)/ increase in
deferred revenue |
|
|
(75 |
) |
|
|
6,200 |
|
|
|
|
|
Net cash
provided by operating activities |
|
$ |
92,945 |
|
|
$ |
119,636 |
|
|
|
|
|
Investing
Activities |
|
|
|
|
|
|
|
|
Acquisition of
vessels |
|
|
— |
|
|
|
(163,791 |
) |
Net cash proceeds from
sale of vessels |
|
|
89,988 |
|
|
|
71,224 |
|
Investment in
affiliates |
|
|
(89 |
) |
|
|
(7,201 |
) |
Loans receivable from
affiliates |
|
|
(4,275 |
) |
|
|
(7,327 |
) |
Loan receivable from
affiliate, net of issuance fee and costs |
|
|
(49,342 |
) |
|
|
— |
|
Dividends received from
affiliates |
|
|
7,223 |
|
|
|
2,585 |
|
|
|
|
|
Net cash
provided by/ (used in) investing activities |
|
$ |
43,505 |
|
|
$ |
(104,510 |
) |
|
|
|
|
Financing
Activities |
|
|
|
|
|
|
|
|
Loan proceeds, net of
deferred finance costs and net of premium |
|
|
— |
|
|
|
192,930 |
|
Loan repayments |
|
|
(105,531 |
) |
|
|
(140,861 |
) |
Dividend paid |
|
|
(31,682 |
) |
|
|
(40,084 |
) |
Increase in restricted
cash |
|
|
(750 |
) |
|
|
(130 |
) |
Payment to related
party |
|
|
— |
|
|
|
(11,265 |
) |
Redemption of
Convertible shares and puttable common stock |
|
|
(4,000 |
) |
|
|
(5,500 |
) |
Acquisition of treasury
stock |
|
|
— |
|
|
|
(9,904 |
) |
|
|
|
|
Net cash used
in financing activities |
|
$ |
(141,963 |
) |
|
$ |
(14,814 |
) |
|
|
|
|
Net (decrease)/
increase in cash and cash equivalents |
|
|
(5,513 |
) |
|
|
312 |
|
Cash and cash
equivalents, beginning of year |
|
|
54,805 |
|
|
|
54,493 |
|
|
|
|
|
Cash and cash
equivalents, end of year |
|
$ |
49,292 |
|
|
$ |
54,805 |
|
|
|
|
|
|
|
|
|
|
EXHIBIT II
Reconciliation of EBITDA to Net Cash from Operating
Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ThreeMonth |
|
|
ThreeMonth |
|
|
|
|
|
|
|
|
|
|
Period |
|
|
Period |
|
|
Year |
|
|
Year |
|
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
|
December 31,2016(unaudited) |
|
|
December 31,2015(unaudited) |
|
|
December 31,2016(unaudited) |
|
|
December 31,2015(unaudited) |
|
Expressed in
thousands of U.S. dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities |
|
$ |
2,604 |
|
|
$ |
28,148 |
|
|
$ |
92,945 |
|
|
$ |
119,636 |
|
Net increase/
(decrease) in operating assets |
|
|
10,543 |
|
|
|
(3,678 |
) |
|
|
24,642 |
|
|
|
14,911 |
|
Net decrease/
(increase) in operating liabilities |
|
|
10,797 |
|
|
|
9,381 |
|
|
|
(3,272 |
) |
|
|
10,610 |
|
Net interest cost |
|
|
16,788 |
|
|
|
17,738 |
|
|
|
71,220 |
|
|
|
71,878 |
|
Amortization and
write-off of deferred finance fees and bond premium |
|
|
(968 |
) |
|
|
(790 |
) |
|
|
(3,656 |
) |
|
|
(3,495 |
) |
Gain on debt
repayment |
|
|
350 |
|
|
|
— |
|
|
|
350 |
|
|
|
— |
|
Earnings in affiliates,
net of dividends received |
|
|
380 |
|
|
|
2,208 |
|
|
|
1,438 |
|
|
|
3,821 |
|
Stock based
compensation |
|
|
(69 |
) |
|
|
(373 |
) |
|
|
(864 |
) |
|
|
(2,362 |
) |
Gain on sale of
vessels |
|
|
9,467 |
|
|
|
— |
|
|
|
11,749 |
|
|
|
5,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
$ |
49,892 |
|
|
$ |
52,634 |
|
|
$ |
194,552 |
|
|
$ |
220,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Month Period Ended December 31, 2016 (unaudited) |
|
|
Three MonthPeriodEndedDecember 31,2015(unaudited) |
|
|
YearEndedDecember 31,2016(unaudited) |
|
|
YearEndedDecember 31,2015(unaudited) |
|
Net cash provided by
operating activities |
|
$ |
2,604 |
|
$ |
28,148 |
|
|
$ |
92,945 |
|
|
$ |
119,636 |
|
Net cash provided by/
(used in) investing activities |
|
$ |
73,671 |
|
$ |
(134,110 |
) |
|
$ |
43,505 |
|
|
$ |
(104,510 |
) |
Net cash (used in)/
provided by financing activities |
|
$ |
(70,219 |
) |
$ |
85,039 |
|
|
$ |
(141,963 |
) |
|
$ |
(14,814 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disclosure of Non-GAAP Financial
Measures
EBITDA
EBITDA is a non-U.S. GAAP financial measure and should not be
used in isolation or as substitution for Navios Acquisition’s
results calculated in accordance with U.S. GAAP.
EBITDA represents net income before interest and finance cost,
before depreciation and amortization and before income taxes. We
use EBITDA as a liquidity measure and reconcile EBITDA to net cash
provided by/ (used in) operating activities, the most comparable
U.S. GAAP liquidity measure. EBITDA in this document is calculated
as follows: net cash provided by/(used in) operating activities
adding back, when applicable and as the case may be, the effect of:
(i) net increase/(decrease) in operating assets; (ii) net
(increase)/decrease in operating liabilities; (iii) net interest
cost; (iv) amortization and write-off of deferred finance fees and
bond premium; (v) provision for losses on accounts receivable; (vi)
equity in net earnings of affiliated companies, net of dividends
received; (vii) payments for dry dock and special survey costs;
(viii) gain/(loss) on sale of assets/subsidiaries; (ix) stock based
compensation; (x) gain/ (loss) on debt repayments; and (xi)
impairment charges. Navios Acquisition believes that EBITDA is the
basis upon which liquidity can be assessed and presents 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. Navios Acquisition
also believes that EBITDA is used: (i) by potential lenders to
evaluate potential transactions; (ii) to evaluate and price
potential acquisition candidates; and (iii) by securities analysts,
investors and other interested parties in the evaluation of
companies in our industry.
EBITDA has limitations as an analytical tool, and should not be
considered in isolation or as a substitute for the analysis of
Navios Acquisition’s results as reported under U.S. GAAP. Some of
these limitations are: (i) EBITDA does not reflect changes in, or
cash requirements for, working capital needs; and (ii) although
depreciation and amortization are non-cash charges, the assets
being depreciated and amortized may have to be replaced in the
future. EBITDA does not reflect any cash requirements for such
capital expenditures. Because of these limitations, EBITDA should
not be considered as a principal indicator of Navios Acquisition’s
performance. Furthermore, our calculation of EBITDA may not be
comparable to that reported by other companies due to differences
in methods of calculation.
EXHIBIT III
|
|
|
|
|
|
|
Vessels |
|
Type |
|
Year Built/Delivery Date |
|
DWT |
Owned Vessels |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
Public & Investor Relations Contact:
Navios Maritime Acquisition Corporation
+1.212.906.8644
info@navios-acquisition.com
Navios Maritime Acquisit... (NYSE:NNA)
Historical Stock Chart
From Feb 2024 to Mar 2024
Navios Maritime Acquisit... (NYSE:NNA)
Historical Stock Chart
From Mar 2023 to Mar 2024