Navios Maritime Holdings Inc. Reports Financial Results for the
Fourth Quarter and Year Ended December 31, 2013
MONACO--(Marketwired - Feb 19, 2014) - Navios Maritime Holdings
Inc. (NYSE: NM)
- Revenue:
- $512.3 million for 2013; $130.6 million for Q4
- Adjusted EBITDA:
- $159.8 million for 2013; $42.0 million for Q4
- Acquired 22 vessels in 2013 and YTD 2014
- Six vessels to owned fleet; six vessels through Navios Asia;
ten vessels through Navios Europe
- Chartered-in five vessels
- Japanese built Kamsarmax vessels delivering between Q2 2015 and
Q4 2016
- Chartered for periods between seven and ten years
- Purchase option on all vessels
- Dividend of $0.06 per share for Q4 2013
Navios Maritime Holdings Inc. ("Navios Holdings" or "the
Company") (NYSE: NM), a global, vertically integrated seaborne
shipping and logistics company, today reported financial results
for the fourth quarter and year ended December 31, 2013.
Angeliki Frangou, Chairman and Chief Executive Officer, stated,
"We are pleased to report our results for the fourth quarter and
year 2013. We had solid results and reported Adjusted EBITDA
of $159.8 million and $42.0 million for the year and the quarter,
respectively. As we continue to focus on execution, we are
returning capital to our shareholders through dividend payments and
declared a $0.06 dividend for Q4 2013 representing a yield of
2.4%."
‎Angeliki Frangou continued, "Controlling costs was an
institutional imperative in 2013, to take advantage of any change
in the cycle. Through a number of initiatives, we materially
reduced our daily cash breakeven to an estimated $7,308 per vessel
for 2014. This low breakeven allows us to position Navios optimally
as it provides a margin of safety in a recovering market and should
provide reasonable cash flow in any event."
HIGHLIGHTS -- RECENT DEVELOPMENTS
Navios Holdings
Issuances of American Depositary Shares Representing Preferred
Stock
On January 28, 2014, Navios Holdings completed the sale
2,000,000 American Depositary Shares, each of which represents
1/100th of a share of the Company's Series G Cumulative Redeemable
Perpetual Preferred Stock, with a liquidation preference of
$2,500.00 per share, priced at $25.00 per American Depositary
Share. Dividends will be payable on the Series G Cumulative
Redeemable Perpetual Preferred Stock at a rate of 8.75% per annum
of the stated liquidation preference. The American Depositary
Shares have been approved for listing on the New York Stock
Exchange under the symbol "NMPrG." The net proceeds of
approximately $47.7 million from the offering (after deducting
underwriting discounts and estimated offering expenses) will be
used for general corporate purposes, including acquisition of
vessels.
Fleet Developments
Acquisition of Two New Building Vessels
On January 26, 2014, Navios Holdings entered into agreements to
purchase two bulk carrier vessels, one 84,000 dwt Panamax vessel
and one 180,600 dwt Capesize vessel, both to be built in Japan. The
vessels' acquisition prices are $31.8 million and $52.0 million,
respectively. Both vessels are scheduled for delivery in Q4 2015.
The vessels will be financed with debt and cash from
operations.
Chartered-in Five Vessels
In January 2014, Navios Holdings entered into agreements to
charter-in five new building Japanese Kamsarmax vessels. The
vessels are expected to be delivered between Q2 2015 and Q4 2016
and are chartered-in for periods from seven to ten years for an
average charter rate of $13,480 per day for the first year. Navios
has purchase option on all of the vessels.
Dividend Policy
On February 17, 2014, the Board of Directors declared a
quarterly cash dividend for the fourth quarter of 2013 of $0.06 per
share of common stock. The dividend is payable on March 27, 2014 to
stockholders of record as of March 20, 2014. The declaration and
payment of any further dividends remain subject to the discretion
of the Board and will depend on, among other things, Navios
Holdings' cash requirements after taking into account market
opportunities, restrictions under its credit agreements and other
debt obligations and such other factors as the Board may deem
advisable.
Navios South American Logistics Inc. ("Navios
Logistics")
On February 11, 2014, Navios Logistics entered into an agreement
for the construction of three new pushboats with a construction
price of $7.4 million each. These vessels are expected to be
delivered in the first quarter of 2015.
Navios Asia LLC ("Navios Asia")
In January, 2014, Navios Asia took delivery of the N Bonanza, a
2006-built 76,596 dwt bulk carrier vessel for a purchase price of
$17.5 million, of which $6.3 million was paid from equity
contributions and $11.3 million was financed through a loan.
Navios Maritime Partners L.P. ("Navios Partners")
In February 2014, Navios Partners completed its public offering
of 6,325,000 common units, including the full exercise of the
underwriters' overallotment option at $17.30 per unit, and raised
gross proceeds of approximately $109.4 million. The net proceeds of
this offering were approximately $104.5 million. Navios Holdings
paid $2.2 million in order to retain its 2% general partner
interest. As a result, 129,082 additional general partnership units
were issued in connection with this offering. Following this
offering Navios Holdings' owns 20.0% of Navios Partners (which
includes a 2% general partner interest).
On February 14, 2014, Navios Holdings received $7.4 million from
Navios Partners representing the cash distribution for the fourth
quarter of 2013.
Navios Maritime Acquisition Corporation ("Navios
Acquisition")
On February 14, 2014, Navios Acquisition priced its public
offering of 14,950,000 shares of its common stock, including the
full exercise of the underwriters' overallotment option at a price
of $3.85 per share, raising gross proceeds of $57.6 million. The
offering is expected to close on February 20, 2014. Following this
offering, Navios Holdings' has a 43.6% voting interest and 46.4%
economic interest in Navios Acquisition (43.1% voting and 45.8%
economic interest following the exercise of the underwriters'
overallotment option).
On January 7, 2014, Navios Holdings received $3.6 million from
Navios Acquisition representing the cash dividend for the third
quarter of 2013.
Time Charter Coverage
As of February 18, 2014, Navios Holdings has chartered-out 51.4%
and 8.8% of available days for 2014 and 2015, respectively,
equivalent to $115.4 million and $28.9 million in revenue,
respectively. The average daily charter-out rate for the core fleet
is $13,408 and $18,230 for 2014 and 2015, respectively. The average
daily charter-in rate for the active long-term charter-in vessels
for 2013 is $13,759.
The above figures do not include the fleet of Navios Logistics
and vessels servicing Contracts of Affreightment.
Fleet Profile
Navios Holdings controls a fleet of 66 vessels totaling 6.3
million dwt, of which 42 are owned and 24 are chartered-in under
long-term charters (collectively, the "Core Fleet"). Navios
Holdings currently operates 53 vessels (15 Capesize, 17 Panamax, 19
Ultra Handymax and two Handysize) totaling 5.1 million dwt. The
current average age of the operating fleet is 7.0 years.
Additionally, Navios Holdings has (i) seven newbuilding charter-in
vessels expected to be delivered at various dates through 2016;
(ii) two newbuilding owned vessels expected to be delivered in Q4
2015; and (iii) four vessels in the Navios Asia fleet expected to
be delivered in the first quarter of 2015.
Exhibit II provides certain details of the "Core Fleet" of
Navios Holdings. It does not include the fleet of Navios
Logistics.
Earnings Highlights
As of December 31, 2013
- Net Debt to Total Capitalization of 51.3%.
- Cash of $189.9 million.
Fourth Quarter 2013 and 2012 Results (in thousands of U.S.
dollars, except per share data and unless otherwise
stated):
The fourth quarter 2013 and 2012 information presented below was
derived from the unaudited condensed consolidated financial
statements for the respective periods. EBITDA, Adjusted EBITDA,
Adjusted Net Loss and Adjusted Basic Losses Per Share are non-U.S.
GAAP financial measures and should not be used in isolation or as
substitution for Navios Holdings' results.
See Exhibit I under the heading, "Disclosure of Non-GAAP
Financial Measures," for a discussion of EBITDA or Adjusted EBITDA
of Navios Holdings, on a consolidated basis, and Navios Logistics,
and a reconciliation of such measure to the most comparable measure
under U.S. GAAP.
| |
|
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|
|
|
|
|
|
|
Three Month Period |
|
|
Three Month Period |
|
|
|
|
Ended |
|
|
Ended |
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
2013 |
|
|
2012 |
|
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
Revenue |
|
$ |
130,586 |
|
|
$ |
128,457 |
|
|
Adjusted EBITDA (*) |
|
$ |
41,985 |
|
|
$ |
53,834 |
|
|
Adjusted Net loss (*) |
|
$ |
(18,059 |
) |
|
$ |
(1,046 |
) |
|
Adjusted Basic Losses Per Share (*) |
|
$ |
(0.18 |
) |
|
$ |
(0.01 |
) |
| |
|
|
|
|
|
|
|
|
|
(*) |
|
Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Losses Per
Share for the three months ended December 31, 2013 exclude a $37.1
million loss on bond extinguishment and a $14.8 million loss from
Navios Acquisition. |
| |
|
|
|
|
|
Adjusted EBITDA for the three months ended December 31, 2012
excludes a $161.2 million gain from defaulted charter's
compensation and related accounts, net. |
| |
|
|
| |
|
Adjusted Net Loss and Adjusted Basic Losses
Per Share for the three months ended December 31, 2012 also exclude
the item described in the immediately preceding paragraph, and $4.1
million of accelerated amortization of intangibles. |
| |
|
|
Revenue from drybulk vessel operations for the three months
ended December 31, 2013 was $80.0 million as compared to $69.9
million for the same period during 2012. The increase in drybulk
revenue was mainly attributable to an increase in the time charter
equivalent rate ("TCE") per day by 3.8% to $13,291 per day in the
fourth quarter of 2013, as compared to $12,805 per day in the same
period of 2012; (ii) an increase in available days for owned
vessels of 453 days; and (iii) an increase in short-term charter-in
fleet available days of 473 days. This increase was partially
offset by a decrease in long-term charter-in fleet available days
of 11 days.
Revenue from the logistics business was $50.6 million for the
three months ended December 31, 2013 as compared to $58.6 million
for the same period of 2012. This decrease was mainly attributable
to a decrease in the Paraguayan liquid port's volume of products
sold mitigated by an increase in the revenues of the dry port and
the barge business.
Adjusted EBITDA of Navios Holdings for the three months ended
December 31, 2013 decreased by $11.8 million to $42.0 million as
compared to $53.8 million for the same period of 2012. The $11.8
million decrease in Adjusted EBITDA was primarily due to (i) a $1.4
million increase in direct vessel expenses (excluding the
amortization of deferred drydock and special survey costs); (ii) a
$5.9 million decrease in other income, net; (iii) a $0.5 million
increase in net income attributable to the noncontrolling interest;
and (iv) a $18.9 million decrease in equity in net earnings from
affiliated companies. This overall decrease of $26.7 million was
mitigated by a (i) a $2.1 million increase in revenue;(ii) a $12.4
million decrease in time charter, voyage and logistics business
expenses; and (iii) a $0.4 million decrease in general and
administrative expenses (excluding share-based compensation
expenses).
EBITDA of Navios Logistics was $14.3 million for the three month
period ended December 31, 2013 as compared to $10.9 million for the
same period in 2012.
Adjusted Net Loss of Navios Holdings for the three months ended
December 31, 2013 was $18.1 million as compared to $1.1 million for
the same period of 2012. The $17.0 million increase of Adjusted Net
Loss was mainly due to: (i) a decrease in Adjusted EBITDA of $11.8
million; (ii) an increase in interest income/(expense) and finance
cost, net of $2.4 million; (iii) an increase in income tax expense
of $0.7 million; (iv) an increase of $0.9 million in amortization
for deferred drydock and special survey costs; and (v) an increase
of $1.9 million in share-based compensation expense. This overall
increase was partially offset by a decrease in depreciation and
amortization of $0.7 million (excluding the accelerated
amortization of intangibles in 2012).
Year Ended December 31, 2013 and 2012 Results (in thousands of
U.S. dollars, except per share data and unless otherwise
stated):
The information for the year ended December 31, 2013 and 2012
presented below was derived from the unaudited condensed
consolidated financial statements for the respective periods.
EBITDA, Adjusted EBITDA, Adjusted Net (Loss)/Income and Adjusted
Basic Losses/(Earnings) Per Share are non-U.S. GAAP financial
measures, and should not be used in isolation or as substitution
for Navios Holdings' results.
See Exhibit I under the heading, "Disclosure of Non-GAAP
Financial Measures," for a discussion of EBITDA or Adjusted EBITDA
of Navios Holdings, on a consolidated basis, and Navios Logistics,
and a reconciliation of such measures to the most comparable
measures under U.S. GAAP.
| |
|
|
|
|
|
|
|
Year Ended |
|
Year Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2013 |
|
2012 |
|
|
|
(unaudited) |
|
(unaudited) |
|
Revenue |
|
$ |
512,279 |
|
$ |
616,494 |
|
Adjusted EBITDA (*) |
|
$ |
159,829 |
|
$ |
237,935 |
|
Adjusted Net (Loss)/Income (*) |
|
$ |
(57,143) |
|
$ |
18,005 |
|
Adjusted Basic (Losses)/Earnings Per Share (*) |
|
$ |
(0.58) |
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
(*) |
|
Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Losses Per
Share for the year ended December 31, 2013 excludes a $37.1 million
loss on bond extinguishment and a $14.8 million loss from Navios
Acquisition. |
| |
|
|
| |
|
Adjusted EBITDA for the year ended December
31, 2012 excludes (i) a $161.2 million gain from defaulted
charter's compensation and related accounts, net (ii) a $0.3
million gain on the sale of the Navios Buena Ventura to Navios
Partners. |
| |
|
|
|
|
|
Adjusted Net Income and Adjusted Basic Earnings Per Share for the
year ended December 31, 2012 exclude items (i) and (ii) described
in the immediately preceding paragraph, and $4.1 million of
accelerated amortization of intangibles. |
| |
|
|
Revenue from drybulk vessel operations for the year ended
December 31, 2013 was $275.2 million as compared to $369.5 million
for the same period during 2012. The decrease in drybulk revenue
was mainly attributable to: (i) a decrease in the TCE per day by
33.8% to $12,029 per day in the year ended December 31, 2013
following the receipt in advance of $175.4 million due to
restructuring of credit default insurance in the fourth quarter of
2012, as compared to $18,167 per day in the same period of 2012;
and (ii) a decrease in the long-term charter-in fleet available
days of 309 days. This decrease was partially offset by an increase
in short-term charter-in fleet available days of 1,415 days and an
increase in available days for owned vessels of 669 days.
Revenue from the logistics business was $237.1 million for the
year ended December 31, 2013 as compared to $247.0 million for the
same period of 2012. This decrease was mainly attributable to
a decrease in the Paraguayan liquid port's volume of products sold.
This decrease was partially offset by an increase in (i) rates in
the dry port terminal; and (ii) rates in the cabotage fleet.
Adjusted EBITDA of Navios Holdings for the year ended December
31, 2013 decreased by $78.1 million to $159.8 million as compared
to $237.9 million for the same period of 2012. The $78.1 million
decrease in Adjusted EBITDA was primarily due to: (i) a $104.2
million decrease in revenue; (ii) a $14.1 million decrease in
equity in net earnings from affiliated companies; and (iii) a $3.7
million increase in net income attributable to the noncontrolling
interest. The overall variance of $122.0 million was mitigated by:
(i) a $7.0 million decrease in general and administrative expenses
(excluding share-based compensation expenses); (ii) a $6.0 million
decrease in direct vessel expenses (excluding the amortization of
deferred drydock and special survey costs); (iii) a $24.9 million
decrease in time charter, voyage and logistics business expenses;
and (iv) a $6.0 million increase in other income, net.
EBITDA of Navios Logistics was $56.8 million for the year ended
December 31, 2013 as compared to $48.1 million for the same period
in 2012.
Adjusted Net loss of Navios Holdings for the year ended December
31, 2013 was $57.1 million as compared to $18.0 million of income
for the same period of 2012. The decrease of Adjusted Net Income by
$75.1 million was mainly due to: (i) a decrease in Adjusted EBITDA
of $78.1 million; (ii) an increase in interest income/(expense) and
finance cost, net of $5.0 million; (iii) an increase of $2.3
million in amortization for deferred drydock and special survey
costs; and (iv) an increase of $0.3 million in share-based
compensation expense. The decrease was partially offset by: (i) a
decrease in depreciation and amortization of $6.0 million
(excluding the accelerated amortization of intangibles in 2012);
and (ii) an increase in income tax benefit of $4.6 million.
Fleet Summary Data:
The following table reflects certain key indicators indicative
of the performance of the Navios Holdings' drybulk operations
(excluding the Navios Logistics fleet) and its fleet performance
for the three and twelve month periods ended December 31, 2013 and
2012.
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|
|
|
|
|
|
|
|
Three Month Period Ended December 31, 2013 |
|
|
Three Month Period Ended December 31, 2012 |
|
|
Year Ended December 31, 2013 |
|
|
Year Ended December 31, 2012 |
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available Days (1) |
|
|
5,389 |
|
|
|
4,474 |
|
|
|
19,364 |
|
|
|
17,589 |
|
|
Operating Days (2) |
|
|
5,370 |
|
|
|
4,391 |
|
|
|
19,062 |
|
|
|
17,273 |
|
| Fleet
Utilization (3) |
|
|
99.7 |
% |
|
|
98.2 |
% |
|
|
98.4 |
% |
|
|
98.2 |
% |
|
Equivalent Vessels (4) |
|
|
59 |
|
|
|
49 |
|
|
|
53 |
|
|
|
48 |
|
| TCE
(5) |
|
$ |
13,291 |
|
|
$ |
12,805 |
|
|
$ |
12,029 |
|
|
$ |
18,167 |
|
|
|
|
|
|
|
|
|
|
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|
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| |
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(1) |
|
Available days for the fleet are total calendar days the vessels
were in Navios Holdings' possession for the relevant period after
subtracting off-hire days associated with major repairs, drydocking
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 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 is the percentage of time that Navios Holdings' 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. |
|
(4) |
|
Equivalent Vessels is defined as the total available days during a
relevant period divided by the number of days of this period. |
|
(5) |
|
TCE
is defined as voyage and time charter revenues less voyage expenses
during a relevant period divided by the number of available days
during the period. |
|
|
|
|
Conference Call:
As previously announced, Navios Holdings will host a conference
call today, February 19, 2014, at 8:30 am ET, at which time members
of senior management will provide highlights and commentary on the
financial results of the Company for the fourth quarter and year
ended December 31, 2013.
A supplemental slide presentation will be available on the
Navios Holdings website at www.navios.com under the "Investors"
section by 8:00 am ET on the day of the call.
Conference Call details: Call Date/Time: Wednesday, February 19,
2014, at 8:30 am ET Call Title: Navios Holdings Inc. Q4 2013
Financial Results Conference Call US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 3140 3509
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: 3140 3509
This call will be simultaneously Webcast. The Webcast will be
available on the Navios Holdings website, www.navios.com, under the
"Investors" section. The Webcast will be archived and available at
the same Web address for two weeks following the call.
About Navios Maritime Holdings Inc.
Navios Maritime Holdings Inc. (NYSE: NM) is a global, vertically
integrated seaborne shipping and logistics company focused on the
transport and transshipment of drybulk commodities including iron
ore, coal and grain. For more information about Navios Holdings
please visit our website: www.navios.com.
About Navios South American Logistics Inc.
Navios South American Logistics Inc. is one of the largest
logistics companies in the Hidrovia region of South America,
focusing on the Hidrovia region river system, the main navigable
river system in the region, and on cabotage trades along the
eastern coast of South America. Navios Logistics serves the storage
and marine transportation needs of its petroleum, agricultural and
mining customers through its port terminals, river barge and
coastal cabotage operations. For more information about Navios
Logistics please visit its website: www.navios-logistics.com.
About Navios Maritime Partners L.P.
Navios Partners (NYSE: NMM) is a publicly traded master limited
partnership which owns and operates dry cargo vessels. For more
information, please visit its website: www.navios-mlp.com.
About Navios Maritime Acquisition Corporation
Navios Acquisition (NYSE: NNA) is an owner and operator of
tanker vessels focusing in the transportation of petroleum products
(clean and dirty) and bulk liquid chemicals. For more information
about Navios Acquisition, please visit its website:
www.navios-acquisition.com.
Forward Looking Statements - Safe Harbor
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 Navios Holdings' growth strategy and
measures to implement such strategy, including expected vessel
acquisitions and entering into further time charters. Words such as
"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 revenues and time
charters. Although Navios Holdings 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 Holdings. 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
changes in the demand for drybulk vessels; competitive factors in
the market in which Navios Holdings operates; risks associated with
operations outside the United States; and other factors listed from
time to time in Navios Holdings' filings with the Securities and
Exchange Commission. Navios Holdings 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 Holdings' expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based.
| |
| EXHIBIT I |
| |
| NAVIOS MARITIME HOLDINGS INC. |
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
| (Expressed in thousands of U.S. dollars - except share
and per share data) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Month |
|
|
Three Month |
|
|
Year |
|
|
Year |
|
|
|
|
Period Ended |
|
|
Period Ended |
|
|
Ended |
|
|
Ended |
|
|
|
|
December 31, 2013 |
|
|
December 31, 2012 |
|
|
December 31, 2013 |
|
|
December 31, 2012 |
|
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
Revenue |
|
$ |
130,586 |
|
|
$ |
128,457 |
|
|
$ |
512,279 |
|
|
$ |
616,494 |
|
| Time
charter, voyage and logistics business expenses |
|
|
(53,317 |
) |
|
|
(65,774 |
) |
|
|
(244,412 |
) |
|
|
(269,279 |
) |
|
Direct vessel expenses |
|
|
(28,543 |
) |
|
|
(26,167 |
) |
|
|
(114,074 |
) |
|
|
(117,790 |
) |
|
General and administrative expenses |
|
|
(16,662 |
) |
|
|
(15,239 |
) |
|
|
(44,634 |
) |
|
|
(51,331 |
) |
|
Depreciation and amortization |
|
|
(25,158 |
) |
|
|
(29,932 |
) |
|
|
(98,124 |
) |
|
|
(108,206 |
) |
|
Interest income/(expense)and finance cost, net |
|
|
(28,361 |
) |
|
|
(25,981 |
) |
|
|
(108,506 |
) |
|
|
(103,479 |
) |
|
Gain/(loss) on derivatives |
|
|
- |
|
|
|
79 |
|
|
|
(260 |
) |
|
|
(196 |
) |
| Gain
on sale of assets |
|
|
- |
|
|
|
- |
|
|
|
18 |
|
|
|
323 |
|
| Loss
on bond and debt extinguishment |
|
|
(37,136 |
) |
|
|
- |
|
|
|
(37,136 |
) |
|
|
- |
|
| Other
(expense)/income, net |
|
|
26 |
|
|
|
167,144 |
|
|
|
5,954 |
|
|
|
161,110 |
|
|
(Loss)/income before equity in net earnings of affiliated
companies |
|
|
(58,565 |
) |
|
|
132,587 |
|
|
|
(128,895 |
) |
|
|
127,646 |
|
|
Equity in net (losses)/earnings of affiliated companies |
|
|
(10,436 |
) |
|
|
23,269 |
|
|
|
19,344 |
|
|
|
48,228 |
|
|
(Loss)/income before taxes |
|
$ |
(69,001 |
) |
|
$ |
155,856 |
|
|
$ |
(109,551 |
) |
|
$ |
175,874 |
|
|
Income tax (expense)/benefit |
|
|
(719 |
) |
|
|
(31 |
) |
|
|
4,260 |
|
|
|
(312 |
) |
| Net
(loss)/income |
|
|
(69,720 |
) |
|
|
155,825 |
|
|
|
(105,291 |
) |
|
|
175,562 |
|
| Less:
Net loss/(income) attributable to the noncontrolling interest |
|
|
(259 |
) |
|
|
286 |
|
|
|
(3,772 |
) |
|
|
(77 |
) |
| Net
(loss)/income attributable to Navios Holdings common
stockholders |
|
$ |
(69,979 |
) |
|
$ |
156,111 |
|
|
$ |
(109,063 |
) |
|
$ |
175,485 |
|
|
(Loss)/income attributable to Navios Holdings common stockholders,
basic |
|
$ |
(70,462 |
) |
|
$ |
155,684 |
|
|
$ |
(110,990 |
) |
|
$ |
173,780 |
|
|
(Loss)/income attributable to Navios Holdings common stockholders,
diluted |
|
$ |
(70,462 |
) |
|
$ |
156,111 |
|
|
$ |
(110,990 |
) |
|
$ |
175,485 |
|
| Basic
(losses)/earnings per share attributable to Navios Holdings common
stockholders |
|
$ |
(0.69 |
) |
|
$ |
1.54 |
|
|
$ |
(1.09 |
) |
|
$ |
1.72 |
|
|
Weighted average number of shares, basic |
|
|
102,010,974 |
|
|
|
101,326,887 |
|
|
|
101,854,415 |
|
|
|
101,232,720 |
|
|
Diluted (losses)/earnings per share attributable to Navios Holdings
common stockholders |
|
$ |
(0.69 |
) |
|
$ |
1.41 |
|
|
$ |
(1.09 |
) |
|
$ |
1.58 |
|
|
Weighted average number of shares, diluted |
|
|
102,010,974 |
|
|
|
111,107,512 |
|
|
|
101,854,415 |
|
|
|
111,033,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| NAVIOS MARITIME HOLDINGS INC. Other Financial Data |
| |
|
|
|
|
|
|
|
|
|
December 31, 2013 (unaudited) |
|
December 31, 2012 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
| Cash
and cash equivalents |
|
$ |
187,831 |
|
$ |
257,868 |
|
Restricted cash |
|
|
2,041 |
|
|
24,704 |
| Other
current assets |
|
|
150,114 |
|
|
187,995 |
|
Vessels, port terminal and other fixed assets, net |
|
|
1,808,883 |
|
|
1,746,493 |
| Other
noncurrent assets |
|
|
418,744 |
|
|
355,008 |
|
Goodwill and other intangibles |
|
|
352,000 |
|
|
369,394 |
| Total
assets |
|
$ |
2,919,613 |
|
$ |
2,941,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities, including current portion of long-term
debt |
|
|
149,767 |
|
|
189,376 |
|
Senior and ship mortgage notes, net of discount and including
premium |
|
|
1,293,156 |
|
|
1,034,141 |
|
Long-term debt, net of current portion |
|
|
198,832 |
|
|
290,976 |
| Other
noncurrent liabilities |
|
|
88,523 |
|
|
103,930 |
| Total
stockholders' equity |
|
|
1,189,335 |
|
|
1,323,039 |
| Total
liabilities and stockholders' equity |
|
$ |
2,919,613 |
|
$ |
2,941,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
Year Ended |
|
|
|
|
December 31, 2013 |
|
|
December 31, 2012 |
|
|
|
|
(unaudited) |
|
|
|
|
| Net
cash provided by operating activities |
|
$ |
57,922 |
|
|
$ |
228,644 |
|
| Net
cash (used in)/provided by investing activities |
|
$ |
(256,744 |
) |
|
$ |
12,453 |
|
| Net
cash provided by/(used in) financing activities |
|
$ |
128,785 |
|
|
$ |
(154,325 |
) |
| |
|
|
|
|
|
|
|
|
Disclosure of Non-GAAP Financial Measures EBITDA represents net
income plus interest and finance costs plus depreciation and
amortization and income taxes, if any, unless otherwise stated.
Adjusted EBITDA represents EBITDA excluding certain items as
described under "Earnings Highlights". 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 generally accepted accounting principles in the United States
or as a measure of profitability or liquidity.
EBITDA is presented to provide additional information with
respect to the ability of Navios Holdings to satisfy its respective
obligations including debt service, capital expenditures and
working capital requirements. While EBITDA is frequently used as a
measure of operating results and the ability to meet debt service
requirements, the definition of EBITDA is used here may not be
comparable to that used by other companies due to differences in
methods of calculation.
Navios Logistics EBITDA is used to measure company's operating
performance.
The following tables provide a reconciliation of Adjusted EBITDA
of Navios Holdings and EBITDA of Navios Logistics, which in the
case of Navios Holdings is on a consolidated basis:
Navios Holdings Reconciliation of Adjusted EBITDA to Cash from
Operations
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
| Three
Months Ended |
|
2013 |
|
|
2012 |
|
| (in
thousands of U.S. dollars) |
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| Net
cash (used in)/provided by operating activities |
|
$ |
(21,134 |
) |
|
$ |
170,834 |
|
| Net
decrease in operating assets |
|
|
(8,683 |
) |
|
|
(15,011 |
) |
| Net
decrease in operating liabilities |
|
|
22,491 |
|
|
|
31,821 |
|
| Net
interest cost |
|
|
28,361 |
|
|
|
25,981 |
|
|
Deferred finance charges |
|
|
(1,260 |
) |
|
|
(1,554 |
) |
|
Provision for losses on accounts receivable |
|
|
(330 |
) |
|
|
(16,694 |
) |
|
Unrealized (loss)/gain on FFA derivatives and expenses related to
bond and debt extinguishment |
|
|
(12,142 |
) |
|
|
49 |
|
|
Equity in affiliates, net of dividends received |
|
|
(18,811 |
) |
|
|
13,417 |
|
|
Payments for drydock and special survey |
|
|
1,832 |
|
|
|
5,930 |
|
|
Noncontrolling interest |
|
|
(259 |
) |
|
|
286 |
|
| Gain
from defaulted charters' compensation and related accounts,
net |
|
|
- |
|
|
|
(161,225 |
) |
| Loss
on bond and debt extinguishment |
|
|
37,136 |
|
|
|
- |
|
| Other
items from affiliates |
|
|
14,784 |
|
|
|
- |
|
|
Adjusted EBITDA |
|
$ |
41,985 |
|
|
$ |
53,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Navios Logistics EBITDA Reconciliation to Net Income/(Loss)
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
Three Months Ended |
|
2013 |
|
2012 |
|
|
(in thousands of U.S. dollars) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
| Net
income/(loss) attributable to Navios Logistics shareholders |
|
$ |
315 |
|
$ |
(748 |
) |
|
Depreciation and amortization |
|
|
5,735 |
|
|
6,866 |
|
|
Amortization of deferred drydock and special survey costs |
|
|
1,264 |
|
|
312 |
|
|
Interest income/(expense) and finance cost, net |
|
|
6,351 |
|
|
4,494 |
|
|
Income tax benefit/(expense) |
|
|
642 |
|
|
(39 |
) |
|
EBITDA |
|
$ |
14,307 |
|
$ |
10,885 |
|
|
|
|
|
|
|
|
|
|
Navios Holdings Reconciliation of Adjusted EBITDA to Cash from
Operations
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
Twelve Months Ended |
|
2013 |
|
|
2012 |
|
|
(in thousands of U.S. dollars) |
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| Net
cash provided by operating activities |
|
$ |
57,922 |
|
|
$ |
228,644 |
|
| Net
(decrease)/increase in operating assets |
|
|
(57,792 |
) |
|
|
50,687 |
|
| Net
decrease in operating liabilities |
|
|
28,914 |
|
|
|
18,016 |
|
| Net
interest cost |
|
|
108,506 |
|
|
|
103,479 |
|
|
Deferred finance charges |
|
|
(5,384 |
) |
|
|
(6,309 |
) |
|
Provision for losses on accounts receivable |
|
|
(630 |
) |
|
|
(17,136 |
) |
|
Unrealized loss on FFA derivatives and expenses related to bond and
debt extinguishment |
|
|
(12,211 |
) |
|
|
(124 |
) |
|
Equity in affiliates, net of dividends received |
|
|
(19,781 |
) |
|
|
7,519 |
|
|
Payments for drydock and special survey |
|
|
12,119 |
|
|
|
14,461 |
|
|
Noncontrolling interest |
|
|
(3,772 |
) |
|
|
(77 |
) |
| Gain
on sale of assets |
|
|
18 |
|
|
|
- |
|
|
Gain from defaulted charters' compensation and related accounts,
net |
|
|
- |
|
|
|
(161,225 |
) |
| Loss
on bond and debt extinguishment |
|
|
37,136 |
|
|
|
- |
|
| Other
items from affiliates |
|
|
14,784 |
|
|
|
- |
|
|
Adjusted EBITDA |
|
$ |
159,829 |
|
|
$ |
237,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Navios Logistics EBITDA Reconciliation to Net Income
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
Twelve Months Ended |
|
2013 |
|
|
2012 |
|
(in thousands of U.S. dollars) |
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
| Net
income attributable to Navios Logistics shareholders |
|
$ |
9,716 |
|
|
$ |
156 |
|
Depreciation and amortization |
|
|
23,354 |
|
|
|
26,940 |
|
Amortization of deferred drydock and special survey costs |
|
|
3,392 |
|
|
|
1,332 |
|
Interest income/(expense) and finance cost, net |
|
|
24,929 |
|
|
|
19,669 |
|
Income tax (expense)/benefit |
|
|
(4,554 |
) |
|
|
35 |
|
EBITDA |
|
$ |
56,837 |
|
|
$ |
48,132 |
|
|
|
|
|
|
|
|
|
| |
| |
| EXHIBIT II |
| Owned Vessels |
| |
|
|
|
|
|
|
|
|
|
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight (in metric tons) |
|
Navios Serenity |
|
Handysize |
|
2011 |
|
34,690 |
|
Navios Ionian |
|
Ultra Handymax |
|
2000 |
|
52,067 |
|
Navios Horizon |
|
Ultra Handymax |
|
2001 |
|
50,346 |
|
Navios Herakles |
|
Ultra Handymax |
|
2001 |
|
52,061 |
|
Navios Achilles |
|
Ultra Handymax |
|
2001 |
|
52,063 |
|
Navios Vector |
|
Ultra Handymax |
|
2002 |
|
50,296 |
|
Navios Meridian |
|
Ultra Handymax |
|
2002 |
|
50,316 |
|
Navios Mercator |
|
Ultra Handymax |
|
2002 |
|
53,553 |
|
Navios Arc |
|
Ultra Handymax |
|
2003 |
|
53,514 |
|
Navios Hios |
|
Ultra Handymax |
|
2003 |
|
55,180 |
|
Navios Kypros |
|
Ultra Handymax |
|
2003 |
|
55,222 |
|
Navios Astra |
|
Ultra Handymax |
|
2006 |
|
53,468 |
|
Navios Ulysses |
|
Ultra Handymax |
|
2007 |
|
55,728 |
|
Navios Celestial |
|
Ultra Handymax |
|
2009 |
|
58,063 |
|
Navios Vega |
|
Ultra Handymax |
|
2009 |
|
58,792 |
|
Navios Magellan |
|
Panamax |
|
2000 |
|
74,333 |
|
Navios Star |
|
Panamax |
|
2002 |
|
76,662 |
|
Navios Northern Star |
|
Panamax |
|
2005 |
|
75,395 |
|
Navios Amitie |
|
Panamax |
|
2005 |
|
75,395 |
|
Navios Taurus |
|
Panamax |
|
2005 |
|
76,596 |
|
Navios Asteriks |
|
Panamax |
|
2005 |
|
76,801 |
|
Navios Galileo |
|
Panamax |
|
2006 |
|
76,596 |
|
Navios Avior |
|
Panamax |
|
2012 |
|
81,355 |
|
Navios Centaurus |
|
Panamax |
|
2012 |
|
81,472 |
|
Navios Stellar |
|
Capesize |
|
2009 |
|
169,001 |
|
Navios Bonavis |
|
Capesize |
|
2009 |
|
180,022 |
|
Navios Happiness |
|
Capesize |
|
2009 |
|
180,022 |
|
Navios Phoenix |
|
Capesize |
|
2009 |
|
180,242 |
|
Navios Lumen |
|
Capesize |
|
2009 |
|
180,661 |
|
Navios Antares |
|
Capesize |
|
2010 |
|
169,059 |
|
Navios Etoile |
|
Capesize |
|
2010 |
|
179,234 |
|
Navios Bonheur |
|
Capesize |
|
2010 |
|
179,259 |
|
Navios Altamira |
|
Capesize |
|
2011 |
|
179,165 |
|
Navios Azimuth |
|
Capesize |
|
2011 |
|
179,169 |
|
|
|
|
|
|
|
|
Navios Asia Fleet(3)
|
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight (in metric tons) |
| N
Amalthia |
|
Panamax |
|
2006 |
|
75,318 |
| N
Bonanza |
|
Panamax |
|
2006 |
|
76,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term Chartered-in Fleet in Operation
|
|
|
|
|
|
|
|
|
|
|
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight (in metric tons) |
|
Purchase Option(1) |
|
Navios Lyra |
|
Handysize |
|
2012 |
|
34,718 |
|
Yes (2) |
|
Navios Apollon |
|
Ultra Handymax |
|
2000 |
|
52,073 |
|
No |
|
Navios Primavera |
|
Ultra Handymax |
|
2007 |
|
53,464 |
|
Yes |
|
Navios Armonia |
|
Ultra Handymax |
|
2008 |
|
55,100 |
|
No |
|
Navios Oriana |
|
Ultra Handymax |
|
2012 |
|
61,442 |
|
Yes |
|
Navios Mercury |
|
Ultra Handymax |
|
2013 |
|
61,393 |
|
Yes |
|
Navios Libra II |
|
Panamax |
|
1995 |
|
70,136 |
|
No |
|
Navios Altair |
|
Panamax |
|
2006 |
|
83,001 |
|
No |
|
Navios Esperanza |
|
Panamax |
|
2007 |
|
75,356 |
|
No |
|
Navios Marco Polo |
|
Panamax |
|
2011 |
|
80,647 |
|
Yes |
|
Navios Southern Star |
|
Panamax |
|
2013 |
|
82,224 |
|
Yes |
|
Golden Heiwa |
|
Panamax |
|
2007 |
|
76,662 |
|
No |
|
Beaufiks |
|
Capesize |
|
2004 |
|
180,310 |
|
Yes |
|
Rubena N |
|
Capesize |
|
2006 |
|
203,233 |
|
No |
| King
Ore |
|
Capesize |
|
2010 |
|
176,800 |
|
No |
|
Navios Koyo |
|
Capesize |
|
2011 |
|
181,415 |
|
Yes |
|
Navios Obeliks |
|
Capesize |
|
2012 |
|
181,415 |
|
Yes |
| |
|
|
|
|
|
|
|
|
Navios Asia Fleet to be Delivered (3)
| |
|
|
|
|
|
|
|
Vessels |
|
Vessel Type |
|
Built |
|
Estimated Delivery Date |
|
Navios TBN |
|
Panamax |
|
2007 |
|
Q1 2015 |
|
Navios TBN |
|
Panamax |
|
2007 |
|
Q1 2015 |
|
Navios TBN |
|
Panamax |
|
2007 |
|
Q1 2015 |
|
Navios TBN |
|
Panamax |
|
2007 |
|
Q1 2015 |
| |
|
|
|
|
|
|
Owned Fleet to be Delivered
| |
|
|
|
|
|
|
|
Vessels |
|
Vessel Type |
|
Delivery Date |
|
Deadweight (in metric tons) |
|
Navios TBN |
|
Panamax |
|
Q4 2015 |
|
84,000 |
|
Navios TBN |
|
Capesize |
|
Q4 2015 |
|
180,600 |
| |
|
|
|
|
|
|
Long-term Chartered-in Fleet to be Delivered
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel |
|
Delivery |
|
Deadweight |
|
Purchase |
|
Vessels |
|
Type |
|
Date |
|
(in metric tons) |
|
Option |
|
Navios Venus |
|
Ultra Handymax |
|
Q1 2015 |
|
61,000 |
|
Yes |
|
Navios Felix |
|
Capesize |
|
Q2 2016 |
|
180,000 |
|
Yes |
|
Navios TBN |
|
Panamax |
|
Q2 2015 |
|
80,000 |
|
Yes |
|
Navios TBN |
|
Panamax |
|
Q3 2015 |
|
82,000 |
|
Yes |
|
Navios TBN |
|
Panamax |
|
Q4 2016 |
|
81,000 |
|
Yes |
|
Navios TBN |
|
Panamax |
|
Q4 2016 |
|
81,000 |
|
Yes |
|
Navios TBN |
|
Panamax |
|
Q4 2016 |
|
84,000 |
|
Yes |
| |
|
(1) |
|
Generally, Navios Holdings may exercise its purchase option after
three to five years of service. |
|
(2) |
|
Navios Holdings holds the initial 50% purchase option on the
vessel. |
|
(3) |
|
51%
ownership by Navios Holdings. |
| |
|
|
Contact: Navios Maritime Holdings Inc. +1.212.906.8643
investors@navios.com
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