Navios Maritime Midstream Partners L.P. (“Navios Midstream”)
(NYSE:NAP), an owner and operator of tanker vessels, reported its
financial results today for the fourth quarter and year ended
December 31, 2015.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Midstream stated “We are pleased to report net
income of $27.1 million, or $1.33 per share, for 2015.
Consequently, we announced a quarterly distribution
of $0.4225 per unit, to shareholders of record
on February 9, 2016. Our distribution
coverage ratio is a healthy 1.48x for the quarter.”
Angeliki Frangou continued, “The collapse of oil prices has
introduced significant volatility into the general climate.
This price decline, generally good for transportation, has far
reaching implications that has adversely affected the investment
climate. Yet, Navios Midstream is a solid company and has
neither any forward growth capex required nor any
debt maturity until 2020. Navios Midstream has 100% of its
fleet fixed for 2016 and 2017,
with upside through profit sharing, which
generated $0.39 net income per unit.”
RECENT DEVELOPMENTS
Quarterly Cash Distribution
The Board of Directors of Navios Midstream declared a cash
distribution for the fourth quarter of 2015 of $0.4225 per unit.
The cash distribution is payable on February 12, 2016 to
unitholders of record as of February 9, 2016.
Profit Share
During the fourth quarter of 2015, Navios
Midstream benefited from the VLCC spot market and recognized $3.5
million from its profit sharing arrangements. Profit share
recognized for the year ended December 31, 2015, was $8.0
million.
Long – Term Cash Flow
Navios Midstream has entered into long-term
charter-out agreements for its vessels, with a remaining average
term of 5.3 years, which are expected to provide a stable base of
revenue and distributable cash flow. Navios Midstream has currently
contracted out 100% of its available days for 2016 and 2017,
expecting to generate revenues of approximately $89.6 million and
$86.6 million, respectively. The average expected daily charter-out
rate for the fleet is $40,798 and $39,559 for 2016 and 2017,
respectively.
EARNINGS HIGHLIGHTS
For the following results and the selected financial data
presented herein, Navios Midstream has compiled consolidated
statement of operations for the three months and years ended
December 31, 2015 and 2014. The quarterly information for
2015 and 2014 was derived from the unaudited condensed consolidated
financial statements for the respective periods. EBITDA and
Operating Surplus are non-GAAP financial measures and should not be
used in isolation or substitution for Navios Midstream’s
results.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in $‘000
except per unit data) |
Three MonthPeriod endedDecember 31, 2015(unaudited) |
|
|
Three MonthPeriod
endedDecember 31, 2014(unaudited) (1) |
|
|
Year endedDecember 31, 2015(unaudited) |
|
|
Year endedDecember 31, 2014(unaudited)
(1) |
Revenue |
$ |
25,836 |
|
|
$ |
16,008 |
|
|
$ |
83,362 |
|
|
$ |
63,534 |
Net income |
|
9,134 |
|
|
|
2,607 |
|
|
|
27,072 |
|
|
|
1,164 |
Adjusted net
income(2) |
|
9,134 |
|
|
|
2,607 |
|
|
|
28,757 |
|
|
|
1,164 |
EBITDA |
|
19,381 |
|
|
|
11,903 |
|
|
|
62,190 |
|
|
|
47,429 |
Earnings per common unit
(basic and diluted) |
|
0.44 |
|
|
|
0.13 |
|
|
|
1.33 |
|
|
|
0.13 |
Adjusted earnings per
common unit (basic and diluted)(2) |
|
0.44 |
|
|
|
0.13 |
|
|
|
1.42 |
|
|
|
0.13 |
Operating Surplus |
|
12,946 |
|
|
|
N/A(1) |
|
|
|
42,406 |
|
|
|
N/A(1) |
Maintenance and
replacement capital expenditure reserve |
|
3,591 |
|
|
|
N/A(1) |
|
|
|
11,684 |
|
|
|
N/A(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Prior to
the Navios Midstream’s IPO in November 2014, Navios Midstream’s
four VLCC fleet was part of Navios Maritime Acquisition
Corporation’s fleet. All figures prior to the IPO are not directly
comparable to periods after the IPO. |
(2) Net
income and Earnings per common unit (basic and diluted) for the
year ended December 31, 2015 have been adjusted to exclude the
amount of $1,685 representing a write-off of deferred finance cost
associated with debt prepayment. |
|
Three month periods ended December 31, 2015
and 2014
Revenue for the three month period ended December 31, 2015
increased by $9.8 million to $25.8 million, as compared to
$16.0 million for the same period in 2014. Time Charter
Equivalent (“TCE”) was $45,940 for the three month period ended
December 31, 2015 and $43,005 for the three month period ended
December 31, 2014. The increase was due to the acquisition of
the Nave Celeste and the C. Dream in June 2015 and due to profit
sharing of $3.5 million recognized in the three month period ended
December 31, 2015 in relation to certain charters.
EBITDA increased by $7.5 million to $19.4 million for the
three month period ended December 31, 2015, as compared to
$11.9 million for the same period in 2014. The increase in
EBITDA was due to a $9.8 million increase in revenue. The above
increase was partially mitigated by a: (a) $1.7 million
increase in management fees; (b) $0.3 million increase in time
charter expenses; (c) $0.2 million increase in general and
administrative expenses; and (d) $0.1 million decrease in other
income.
The reserve for estimated maintenance and replacement capital
expenditures for the three month period ended December 31,
2015 was $3.6 million (please see Reconciliation of Non-GAAP
Financial Measures in Exhibit 3).
Navios Midstream generated an Operating Surplus for the three
month period ended December 31, 2015 of $12.9 million.
Operating Surplus is a non-GAAP financial measure used by certain
investors to assist in evaluating a partnership’s ability to make
quarterly cash distributions (please see Reconciliation of Non-GAAP
Financial Measures in Exhibit 3).
Net income for the three month period ended December 31,
2015 was $9.1 million compared to $2.6 million for the
three month period ended December 31, 2014. The increase in
net income was due to a: (i) $7.5 million increase in EBITDA; and
(ii) $0.9 million decrease in interest expense and finance cost;
partially mitigated by a: (a) $1.5 million increase in depreciation
and amortization; and (b) $0.4 million increase in direct vessel
expenses.
Earnings per common unit for the three month period ended
December 31, 2015 was $0.44.
Year ended December 31, 2015 and
2014Revenue for the year ended December 31, 2015
increased by $19.8 million to $83.4 million, as compared to
$63.5 million for the same period in 2014. Time Charter
Equivalent (“TCE”) was $45,924 for year ended December 31,
2015 and $42,995 for year ended December 31, 2014. The
increase was due to the acquisition of the Nave Celeste and the C.
Dream in June 2015 and due to profit sharing of $8.0 million
recognized in the year ended December 31, 2015 in relation to
certain charters.
EBITDA increased by $14.8 million to $62.2 million for
the year ended December 31, 2015, as compared to
$47.4 million for the same period in 2014. The increase in
EBITDA was due to a $19.8 million increase in revenue. The
above increase was partially mitigated by a: (a) $3.4 million
increase in management fees; (b) $1.2 million increase in
general and administrative expenses; (c) $0.3 million increase
in time charter expenses; and (d) $0.1 million decrease in other
income.
The reserve for estimated maintenance and replacement capital
expenditures for the year ended December 31, 2015 was $11.7
million (please see Reconciliation of Non-GAAP Financial Measures
in Exhibit 3).
Navios Midstream generated an Operating Surplus for the year
ended December 31, 2015 of $42.4 million. Operating Surplus is
a non-GAAP financial measure used by certain investors to assist in
evaluating a partnership’s ability to make quarterly cash
distributions (please see Reconciliation of Non-GAAP Financial
Measures in Exhibit 3).
Net income for the year ended December 31, 2015 was negatively
affected by a $1.7 million write-off of deferred finance cost in
association with debt prepayment. Excluding that write-off,
Adjusted net income for the year ended December 31, 2015 was
$28.8 million compared to $1.2 million for the year ended
December 31, 2014. The increase in net income was due to a:
(i) $14.8 million increase in EBITDA; and (ii) $16.3 million
decrease in interest expense and finance cost; partially mitigated
by a: (a) $3.2 million increase in depreciation and amortization;
and (b) $0.3 million increase in direct vessel expenses.
Earnings per common unit for the year ended December 31, 2015
was $1.33.
Fleet Employment Profile
The following table reflects certain key
indicators of Navios Midstream’s core fleet performance for the
three months and years ended December 31, 2015 and 2014
|
|
Three MonthPeriod
endedDecember 31, 2015(unaudited) |
|
|
Three MonthPeriod
endedDecember 31, 2014(unaudited) |
|
|
Year endedDecember 31, 2015(unaudited) |
|
|
Year endedDecember 31, 2014(unaudited) |
|
FLEET
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available days(1) |
|
|
552 |
|
|
|
368 |
|
|
|
1,791 |
|
|
|
1,460 |
|
Operating days(2) |
|
|
547 |
|
|
|
367 |
|
|
|
1,785 |
|
|
|
1,457 |
|
Fleet utilization(3) |
|
|
99.1 |
% |
|
|
99.8 |
% |
|
|
99.7 |
% |
|
|
99.8 |
% |
Vessels operating at
period end |
|
|
6 |
|
|
|
4 |
|
|
|
6 |
|
|
|
4 |
|
AVERAGE DAILY
RESULTS |
|
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|
|
Time Charter Equivalent
per day(4) |
|
$ |
45,940 |
|
|
$ |
43,005 |
|
|
$ |
45,924 |
|
|
$ |
42,995 |
|
|
(1) Available
days for the fleet represent total calendar days the vessels were
in Navios Midstream’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 a vessel is capable of generating revenues. |
|
(2) Operating
days is 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 Midstream’s
vessels were available for revenue generating available days, 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 efficiency
in finding employment for vessels and minimizing the amount of days
that its vessels are off-hire for reasons other than scheduled
repairs, drydockings or special surveys. |
|
(4) Time
Charter Equivalent (“TCE”) rates: TCE rates are 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
on various types of charter contracts for the number of available
days of the fleet. |
|
Conference Call details:
Navios Midstream's management will host a
conference call today, Wednesday, January 27, 2016 to discuss the
results for the fourth quarter and year ended December 31,
2015.
Conference Call details:
Call Date/Time: Wednesday, January 27, 2016 at
08:30 am ETCall Title: Navios Midstream Q4 2015 Financial Results
Conference CallUS Dial In: +1.866.703.4207 International Dial In:
+1.636.692.6440 Conference ID: 2743 6001
The conference call replay will be available two
hours 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: 2743 6001
Slides and audio webcast:There will also be a live
webcast of the conference call, through the Navios Midstream’s
website (www.navios-midstream.com) under “Investors”. Participants
to the live webcast should register on the website approximately 10
minutes prior to the start of the webcast.
A supplemental slide presentation will be
available on the Navios Midstream’s website under the "Investors"
section by 8:00 am ET on the day of the call.
About Navios Maritime Midstream Partners
L.P.
Navios Maritime Midstream Partners L.P. is a
publicly traded master limited partnership which owns and operates
crude oil tankers under long-term employment contracts. For more
information, please visit our website at
www.navios-midstream.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 Midstream’s future dividends and
Navios Midstream'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 Midstream at the time this report was made.
Although Navios Midstream 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 Midstream. 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 Midstream operates; risks associated with
operations outside the United States; and other factors listed
from time to time in the Navios Midstream's filings with
the Securities and Exchange Commission. Navios Midstream
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 Midstream's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based. Navios
Midstream makes no prediction or statement about the performance of
its common units.
EXHIBIT
1
|
NAVIOS MARITIME
MIDSTREAM PARTNERS L.P. |
CONSOLIDATED AND
COMBINED BALANCE SHEETS |
(Expressed in thousands
of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
|
December 31,2015 |
|
|
December 31,2014 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
37,834 |
|
|
$ |
30,877 |
|
Accounts receivable,
net |
|
|
5,110 |
|
|
|
653 |
|
Prepaid expenses and other
current assets |
|
|
112 |
|
|
|
212 |
|
Due from related
parties |
|
|
2,804 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total current
assets |
|
|
45,860 |
|
|
|
31,742 |
|
|
|
|
|
|
|
|
|
|
Vessels, net |
|
|
400,192 |
|
|
|
320,229 |
|
Intangible assets |
|
|
28,450 |
|
|
|
31,736 |
|
Deferred dry dock and
special survey costs, net |
|
|
6,066 |
|
|
|
1,955 |
|
|
|
|
|
|
|
|
|
|
Total non-current
assets |
|
|
434,708 |
|
|
|
353,920 |
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
480,568 |
|
|
$ |
385,662 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
PARTNERS’ CAPITAL |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
412 |
|
|
$ |
1,243 |
|
Accrued expenses |
|
|
654 |
|
|
|
4,174 |
|
Due to related
parties |
|
|
438 |
|
|
|
736 |
|
Deferred revenue |
|
|
1,931 |
|
|
|
1,938 |
|
Current portion of
long-term debt, net of deferred finance costs and discount |
|
|
643 |
|
|
|
10,022 |
|
|
|
|
|
|
|
|
|
|
Total current
liabilities |
|
|
4,078 |
|
|
|
18,113 |
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
197,176 |
|
|
|
114,065 |
|
|
|
|
|
|
|
|
|
|
Total non-current
liabilities |
|
|
197,176 |
|
|
|
114,065 |
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
$ |
201,254 |
|
|
$ |
132,178 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
— |
|
|
|
— |
|
Owner’s net
investment |
|
|
— |
|
|
|
— |
|
Total Partners’
capital |
|
|
|
|
|
|
|
|
Common Unitholders
(9,342,692 units issued and outstanding at December 31, 2015
and December 31, 2014) |
|
|
126,317 |
|
|
|
127,350 |
|
Subordinated Series A
Unitholders (1,592,920 units issued and outstanding at
December 31, 2015 and none at December 31, 2014) |
|
|
27,379 |
|
|
|
— |
|
Subordinated Unitholders
(9,342,692 units issued and outstanding at December 31, 2015
and December 31, 2014) |
|
|
120,154 |
|
|
|
121,187 |
|
General Partner (413,843
units issued and outstanding at December 31, 2015 and 381,334
issued and outstanding at December 31, 2014) |
|
|
5,464 |
|
|
|
4,947 |
|
|
|
|
|
|
|
|
|
|
Partners’
capital |
|
|
279,314 |
|
|
|
253,484 |
|
|
|
|
|
|
|
|
|
|
Total liabilities,
Partners’ capital and owner’s net investment |
|
$ |
480,568 |
|
|
$ |
385,662 |
|
NAVIOS MARITIME
MIDSTREAM PARTNERS L.P. |
CONSOLIDATED AND
COMBINED STATEMENTS OF OPERATIONS |
(Expressed in thousands
of U.S. Dollars, except per unit amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three MonthPeriod
endedDecember 31, 2015($
‘000)(unaudited) |
|
|
Three MonthPeriod
endedDecember 31, 2014($
‘000)(unaudited) |
|
|
Year endedDecember 31, 2015($
‘000)(unaudited) |
|
|
Year endedDecember 31, 2014($
‘000)(unaudited) |
|
Revenue |
|
$ |
25,836 |
|
|
$ |
16,008 |
|
|
$ |
83,362 |
|
|
$ |
63,534 |
|
Time charter expenses |
|
|
(476 |
) |
|
|
(183 |
) |
|
|
(1,100 |
) |
|
|
(762 |
) |
Direct vessel
expenses |
|
|
(651 |
) |
|
|
(289 |
) |
|
|
(1,602 |
) |
|
|
(1,283 |
) |
Management fees (entirely
through related party transactions) |
|
|
(5,244 |
) |
|
|
(3,496 |
) |
|
|
(17,613 |
) |
|
|
(14,166 |
) |
General and administrative
expenses |
|
|
(707 |
) |
|
|
(540 |
) |
|
|
(2,497 |
) |
|
|
(1,296 |
) |
Depreciation and
amortization |
|
|
(6,367 |
) |
|
|
(4,877 |
) |
|
|
(22,686 |
) |
|
|
(19,509 |
) |
Interest expenses and
finance cost |
|
|
(3,229 |
) |
|
|
(4,130 |
) |
|
|
(10,830 |
) |
|
|
(25,473 |
) |
Other income, net |
|
|
12 |
|
|
|
119 |
|
|
|
88 |
|
|
|
119 |
|
Other expense |
|
|
(40 |
) |
|
|
(5 |
) |
|
|
(50 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
9,134 |
|
|
$ |
2,607 |
|
|
$ |
27,072 |
|
|
$ |
1,164 |
|
Net income |
|
$ |
9,134 |
|
|
|
2,607 |
|
|
$ |
27,072 |
|
|
|
1,164 |
|
Earnings per unit
(basic and diluted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common unitholders: |
|
$ |
0.44 |
|
|
|
0.13 |
|
|
$ |
1.33 |
|
|
|
0.13 |
|
Subordinated Series A
unitholders: |
|
$ |
0.44 |
|
|
|
— |
|
|
$ |
1.86 |
|
|
|
— |
|
Subordinated
unitholders: |
|
$ |
0.44 |
|
|
|
0.13 |
|
|
$ |
1.33 |
|
|
|
0.13 |
|
NAVIOS MARITIME
MIDSTREAM PARTNERS L.P. |
CONSOLIDATED AND
COMBINED STATEMENTS OF CASH FLOWS |
(Expressed in thousands
of U.S. Dollars) |
|
|
|
Year
endedDecember 31,2015 |
|
|
Year
endedDecember 31,2014 |
|
Operating
Activities |
|
|
|
|
|
|
|
|
Net income |
|
$ |
27,072 |
|
|
$ |
1,164 |
|
Adjustments to
reconcile net income/ (loss) to net cash provided by/ (used in)
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
22,686 |
|
|
|
19,509 |
|
Amortization of deferred
finance fees and bond premium |
|
|
2,676 |
|
|
|
712 |
|
Non-cash loss on
extinguishment of 2017 Notes |
|
|
— |
|
|
|
— |
|
Amortization of dry dock
and special survey costs |
|
|
1,602 |
|
|
|
1,283 |
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
|
|
Decrease/ (increase) in
prepaid expenses and other current assets |
|
|
100 |
|
|
|
7 |
|
Payment for
Drydocking |
|
|
(5,713 |
) |
|
|
— |
|
(Increase)/ Decrease in
accounts receivable |
|
|
(4,457 |
) |
|
|
164 |
|
(Decrease)/ Increase in
accounts payable |
|
|
(310 |
) |
|
|
351 |
|
(Decrease)/ Increase in
accrued expenses |
|
|
(1,040 |
) |
|
|
1,479 |
|
(Decrease)/ increase in
due to/ from related parties |
|
|
(2,756 |
) |
|
|
2,592 |
|
Decrease in deferred
revenue |
|
|
(7 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Net cash provided
by/ (used in) operating activities |
|
$ |
39,853 |
|
|
$ |
27,261 |
|
|
|
|
|
|
|
|
|
|
Investing
Activities |
|
|
|
|
|
|
|
|
Acquisition of
vessels |
|
|
(72,252 |
) |
|
|
— |
|
Increase in due from
related parties |
|
|
— |
|
|
|
(52,314 |
) |
|
|
|
|
|
|
|
|
|
Net cash used in
investing activities |
|
$ |
(72,252 |
) |
|
$ |
(52,314 |
) |
|
|
|
|
|
|
|
|
|
Financing
Activities |
|
|
|
|
|
|
|
|
Proceeds from Long term
debt, net of deferred finance costs and discount |
|
|
198,081 |
|
|
|
124,027 |
|
Loan repayment |
|
|
(127,025 |
) |
|
|
— |
|
Cash remittance to Navios
Acquisition |
|
|
— |
|
|
|
(214,854 |
) |
IPO proceeds, net of
underwriting discount |
|
|
— |
|
|
|
113,906 |
|
IPO expenses |
|
|
(3,347 |
) |
|
|
(469 |
) |
Dividend paid |
|
|
(28,904 |
) |
|
|
— |
|
Proceeds from issuance of
general partner units |
|
|
551 |
|
|
|
— |
|
Owner’s net
investment |
|
|
— |
|
|
|
24,168 |
|
|
|
|
|
|
|
|
|
|
Net cash provided
by financing activities |
|
$ |
39,356 |
|
|
$ |
46,778 |
|
|
|
|
|
|
|
|
|
|
Net increase in
cash and cash equivalents |
|
|
6,957 |
|
|
|
21,725 |
|
Cash and cash
equivalents, beginning of year |
|
|
30,877 |
|
|
|
9,152 |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of year |
|
$ |
37,834 |
|
|
$ |
30,877 |
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information |
|
|
|
|
|
|
|
|
Cash interest paid |
|
$ |
8,100 |
|
|
$ |
27,786 |
|
Non-cash financing
activities |
|
|
|
|
|
|
|
|
Non-cash contributions by
owners |
|
$ |
— |
|
|
$ |
— |
|
Accrued IPO expenses |
|
$ |
— |
|
|
$ |
3,290 |
|
Assets and liabilities retained by
Navios Acquisition: |
|
|
|
|
|
|
|
|
Long-term debt |
|
$ |
— |
|
|
|
341,034 |
|
Due from related parties |
|
$ |
— |
|
|
|
(88,070 |
) |
Due to related parties |
|
$ |
— |
|
|
|
2,588 |
|
Deferred financing costs |
|
$ |
— |
|
|
|
(7,405 |
) |
EXHIBIT 2
Owned
Vessels |
|
Type |
|
Built |
|
Capacity
(DWT) |
|
Shinyo Kieran |
|
VLCC |
|
2011 |
|
|
297,066 |
|
Shinyo Saowalak |
|
VLCC |
|
2010 |
|
|
298,000 |
|
Nave Celeste |
|
VLCC |
|
2003 |
|
|
298,717 |
|
Shinyo Kannika |
|
VLCC |
|
2001 |
|
|
287,175 |
|
Shinyo Ocean |
|
VLCC |
|
2001 |
|
|
281,395 |
|
C. Dream |
|
VLCC |
|
2000 |
|
|
298,570 |
|
Option
Vessels(1) |
|
Type |
|
Built |
|
Capacity
(DWT) |
|
Nave Buena Suerte |
|
VLCC |
|
2011 |
|
|
297,491 |
|
Nave Quasar |
|
VLCC |
|
2010 |
|
|
297,376 |
|
Nave Galactic |
|
VLCC |
|
2009 |
|
|
297,168 |
|
Nave Neutrino |
|
VLCC |
|
2003 |
|
|
298,287 |
|
Nave Electron |
|
VLCC |
|
2002 |
|
|
305,178 |
|
(1) Navios Midstream has options,
exercisable through November 18, 2016, to acquire up to five VLCCs
at fair market value from Navios Maritime Acquisition
Corporation.
EXHIBIT 3
Disclosure of Non-GAAP Financial Measures
1. EBITDA
EBITDA represents net income plus interest and finance costs
plus depreciation and amortization and income taxes.
EBITDA is presented because Navios Midstream
believes that EBITDA is a basis upon which liquidity can be
assessed and present useful information to investors regarding
Navios Midstream’s ability to service and/or incur indebtedness,
pay capital expenditures, meet working capital requirements and pay
dividends. EBITDA is a “non-GAAP financial measure” 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 is frequently used as a measure of
operating results and the ability to meet debt service
requirements, the definition of EBITDA used here may not be
comparable to that used by other companies due to differences in
methods of calculation.
2. Operating Surplus
Operating Surplus represents net income adjusted
for depreciation and amortization expense, non-cash interest
expense and estimated maintenance and replacement capital
expenditures. Maintenance and replacement capital expenditures are
those capital expenditures required to maintain over the long term
the operating capacity of, or the revenue generated by, Navios
Midstream’s capital assets.
Operating Surplus is a quantitative measure used
in the publicly-traded partnership investment community to assist
in evaluating a partnership’s ability to make quarterly cash
distributions. Operating Surplus is not required by accounting
principles generally accepted in the United States 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.
3. Available Cash
Available Cash generally means for each fiscal
quarter, all cash on hand at the end of the quarter:
- less the amount of cash reserves established by the Board of
Directors to:
- provide for the proper conduct of Navios Midstream’s business
(including reserve for maintenance and replacement capital
expenditures);
- comply with applicable law, any of Navios Midstream’s debt
instruments, or other agreements; or
- provide funds for distributions to the unitholders and to the
general partner for any one or more of the next four quarters;
- plus all cash on hand on the date of determination of available
cash for the quarter resulting from working capital borrowings made
after the end of the quarter. Working capital borrowings are
generally borrowings that are made under any revolving credit or
similar agreement used solely for working capital purposes or to
pay distributions to partners.
Available Cash is a quantitative measure used in the
publicly-traded partnership investment community to assist in
evaluating a partnership’s ability to make quarterly cash
distributions. Available cash is not required by accounting
principles generally accepted in the United States 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.
4. Reconciliation of
Non-GAAP Financial Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three MonthPeriod
endedDecember 31, 2015($
‘000)(unaudited) |
|
|
Three MonthPeriod
endedDecember 31, 2014($
‘000)(unaudited) |
|
|
Year endedDecember 31, 2015($
‘000)(unaudited) |
|
|
Year endedDecember 31, 2014($
‘000)(unaudited) |
|
Net cash provided by
operating activities |
|
$ |
15,743 |
|
|
$ |
12,232 |
|
|
$ |
39,853 |
|
|
$ |
27,261 |
|
Net increase/(decrease) in
operating assets |
|
|
(117 |
) |
|
|
(109 |
) |
|
|
10,070 |
|
|
|
(171 |
) |
Net (increase)/ decrease
in operating liabilities |
|
|
881 |
|
|
|
(4,192 |
) |
|
|
4,113 |
|
|
|
(4,422 |
) |
Net interest cost |
|
|
3,229 |
|
|
|
4,130 |
|
|
|
10,830 |
|
|
|
25,473 |
|
Amortization of deferred
finance cost and bond premium |
|
|
(355 |
) |
|
|
(158 |
) |
|
|
(2,676 |
) |
|
|
(712 |
) |
|
|
|
|
|
EBITDA |
|
$ |
19,381 |
|
|
$ |
11,903 |
|
|
$ |
62,190 |
|
|
$ |
47,429 |
|
|
|
|
|
|
Net cash provided by
operating activities |
|
$ |
15,743 |
|
|
$ |
12,232 |
|
|
$ |
39,853 |
|
|
$ |
27,261 |
|
Net cash used in investing
activities |
|
$ |
— |
|
|
$ |
(13,408 |
) |
|
$ |
(72,252 |
) |
|
$ |
(52,314 |
) |
Net cash (used in) /
provided by financing activities |
|
$ |
(9,254 |
) |
|
$ |
25,996 |
|
|
$ |
39,356 |
|
|
$ |
46,778 |
|
|
|
Three MonthPeriod
endedDecember 31, 2015($
‘000)(unaudited) |
|
Year endedDecember 31, 2015($
‘000)(unaudited) |
EBITDA |
|
$ |
19,381 |
|
|
$ |
62,190 |
|
Cash interest paid |
|
|
(2,844 |
) |
|
|
(8,100 |
) |
Maintenance and
replacement capital expenditures |
|
|
(3,591 |
) |
|
|
(11,684 |
) |
Operating
Surplus |
|
$ |
12,946 |
|
|
$ |
42,406 |
|
Cash distribution paid
relating to the first nine months |
|
|
— |
|
|
|
(25,143 |
) |
Cash reserves |
|
|
(4,204 |
) |
|
|
(8,521 |
) |
Available cash for
distribution |
|
$ |
8,742 |
|
|
$ |
8,742 |
|
Investor Relations Contacts
Navios Maritime Midstream Partners L.P.
+1 (212) 906 8647
Investors@navios-midstream.com
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