MONACO -- (Marketwired) -- 02/19/15 -- Navios Maritime Holdings Inc. (NYSE: NM)
- Revenue
- 11% increase to $569.0 million for FY 2014
- 11% increase to $569.0 million for FY 2014
- Adjusted EBITDA
- 20% increase to $191.4 million for FY 2014
- 20% increase to $191.4 million for FY 2014
- Dividend of $0.06 per share for Q4 2014
- Positioned to weather the market
- $250.1 million of cash
- Operating expenses significantly below industry average
- Diversified investment vehicle with multiple avenues of growth
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, 2014.
Angeliki Frangou, Chairman and Chief Executive Officer, stated, "We are pleased with our results for the fourth quarter of 2014. We reported revenue of $148.8 million and adjusted EBITDA of $37.8 million. We also announced a 6 cent dividend, representing a yield of about 6.0%."
Mrs. Frangou continued: "We are experiencing the lowest dry bulk rate environment in the 30 years the Baltic dry index has been recorded. In addition, the current charter rates are below the actual vessel operating costs. Typically, a depressed rate environment like this would cause accelerated scrapping and reduced deliveries, and we are seeing both. Year to date, scrapping has accelerated to 4.2 million DWT, more than half of one percent of the global fleet. We are also witnessing deliveries being delayed and a significant reduction in new orders compared to last year. Should the current market environment continue, we may also see layups of vessels. These developments suggest the market is rationalizing and given the continued strong demand for the underlying commodities, we should expect a healthier market in the medium term."
HIGHLIGHTS -- RECENT DEVELOPMENTS
Dividend Policy
On February 16, 2015, the Board of Directors declared a quarterly cash dividend for the fourth quarter of 2014 of $0.06 per share of common stock. The dividend is payable on March 27, 2015 to stockholders of record as of March 20, 2015. 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, indentures and other debt obligations and such other factors as the Board may deem advisable.
Navios South American Logistics Inc. ("Navios Logistics")
On December 15, 2014, Navios Logistics acquired the rights to 22 hectares of undeveloped riverfront land located in Nueva Palmira free zone in Uruguay, adjacent to Navios Logistics' existing port for a purchase price of $17.0 million. During the year ended December 31, 2014, Navios Logistics had paid $10.2 million and the remaining balance will be paid in full during the third quarter of 2015.
Navios Maritime Partners L.P. ("Navios Partners")
In February 2015, Navios Partners completed its public offering of 4,600,000 common units, including 600,000 common units pursuant to the underwriters' option, at $13.09 per unit, raising gross proceeds of $60.2 million. In addition, Navios Partners completed a private placement of 1,120,547 common units and 22,868 general partner units at $13.09 per unit to Navios Holdings, raising additional gross proceeds of $15.0 million. Following the public offering and the private placement, Navios Holdings' owns a 20.1% interest in Navios Partners, which includes the 2.0% general partner interest.
On February 13, 2015, Navios Holdings received $8.1 million from Navios Partners representing the cash distribution for the fourth quarter of 2014.
Navios Maritime Acquisition Corporation ("Navios Acquisition")
On January 6, 2015, Navios Holdings received $3.6 million from Navios Acquisition representing the cash dividend for the third quarter of 2014.
Time Charter Coverage
Navios Holdings controls a fleet of 64 vessels totaling 6.4 million dwt, of which 40 are owned and 24 are chartered-in under long-term charters (collectively, the "Core Fleet"). Navios Holdings currently operates 56 vessels (17 Capesize, 17 Panamax, 20 Ultra Handymax and two Handysize) totaling 5.5 million dwt. The current average age of the operating fleet is 7.6 years. Additionally, Navios Holdings has (i) six newbuilding charter-in vessels expected to be delivered at various dates through 2016; and (ii) two newbuilding owned vessels which are expected to be delivered in the third and fourth quarter of 2015, respectively.
As of February 9, 2015, Navios Holdings has chartered-out 40.3% and 2.9%, including index-linked charters of available days for 2015 and 2016, respectively, which are expected to generate $51.1 million and $11.1 million in revenue, respectively. The average daily charter-out rate for the core fleet is $12,009 and $29,044 for 2015 and 2016, respectively. The average daily charter-in rate for the active long-term charter-in vessels for 2015 is $13,817.
The above figures do not include the fleet of Navios Logistics and vessels servicing Contracts of Affreightment.
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, 2014:
- Net Debt to Total Capitalization of 49.8%.
- Cash of $250.1 million.
EBITDA, Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Net Loss per Share are non-U.S. GAAP financial measures and should not be used in isolation or as substitution for Navios Holdings' results calculated in accordance with U.S. GAAP.
See Exhibit I under the heading, "Disclosure of Non-GAAP Financial Measures," for a discussion of EBITDA or Adjusted EBITDA of Navios Holdings (including Navios Logistics), and Navios Logistics (on a stand-alone basis), and a reconciliation of such measures to the most comparable measure calculated under U.S. GAAP.
Fourth Quarter 2014 and 2013 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):
The fourth quarter 2014 and 2013 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.
Three Month Period Three Month Period
Ended Ended
December 31, December 31,
2014 2013
------------------ ------------------
(unaudited) (unaudited)
Revenue $ 148,825 $ 130,586
Adjusted EBITDA (*) $ 37,762 $ 41,985
Net Loss $ (4,981) $ (69,979)
Adjusted Net Loss (*) $ (19,242) $ (18,059)
Basic Net Loss per Share $ (0.09) $ (0.69)
Adjusted Basis Net Loss per Share
(*) $ (0.22) $ (0.18)
(*) Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Net Loss per Share
for the three months ended December 31, 2014 exclude $14.3 million
portion of gain from sale of Navios Acquisition's assets.
Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Net Loss per Share
for the three months ended December 31, 2013 exclude (i) $37.1 million
loss on bond extinguishment; and (ii) $14.8 million loss from Navios
Acquisition.
Revenue from drybulk vessel operations for the three months ended December 31, 2014 was $74.7 million as compared to $80.0 million for the same period during 2013. The decrease in drybulk revenue was mainly attributable to a decrease in the time charter equivalent rate ("TCE") per day by 16.6% to $11,085 per day in the fourth quarter of 2014, as compared to $13,291 per day in the same period of 2013. This decrease was partially mitigated by a net increase in available days of our fleet by 71 days.
Revenue from the logistics business was $74.1 million for the three months ended December 31, 2014 as compared to $50.6 million for the same period during 2013. The increase of $23.5 million was mainly attributable to (i) the increase in the Paraguayan liquid port's volume of products sold; and (ii) the commencement of operations of three new drycargo convoys under long-term time charter contracts during the second quarter of 2014.
Adjusted EBITDA of Navios Holdings for the three months ended December 31, 2014 decreased by $4.2 million to $37.8 million as compared to $42.0 million for the same period of 2013. The $4.2 million decrease in Adjusted EBITDA was primarily due to (i) a $22.8 million increase in time charter, voyage and logistics business expenses; (ii) a $3.2 million increase in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs); (iii) a $1.9 million increase in other expenses, net; and (iv) a $0.4 million increase in net income attributable to the noncontrolling interest. This overall decrease of $28.3 million was mitigated by (i) a $18.2 million increase in revenue; (ii) a $1.3 million decrease in general and administrative expenses (excluding share-based compensation expenses); and (iii) a $4.6 million increase in equity in net earnings from affiliated companies.
EBITDA of Navios Logistics was $15.3 million for the three month period ended December 31, 2014 as compared to $14.3 million for the same period in 2013.
Net Loss of Navios Holdings for the three months ended December 31, 2014 was $5.0 million as compared to $70.0 million for the same period of 2013. Net Loss of Navios Holdings for the three months ended December 31, 2014 and 2013, respectively, has been affected by the items mentioned in the footnote to the table above. Adjusted Net Loss of Navios Holdings for the three months ended December 31, 2014 was $19.2 million as compared to $18.1 million for the same period of 2013. The $1.1 million increase in Adjusted Net Loss was mainly due (i) a decrease in Adjusted EBITDA of $4.2 million; (ii) an increase in depreciation and amortization of $1.2 million; (iii) an increase in share-based compensation expense of $1.8 million; and (iv) an increase in amortization for deferred drydock and special survey costs of $0.4 million. This overall increase was partially offset by (i) a decrease in interest expense and finance cost, net of $4.8 million; and (ii) an increase in income tax benefit of $1.7 million.
Year Ended December 31, 2014 and 2013 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):
The information for the year ended December 31, 2014 and 2013 presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.
Year Ended Year Ended
December 31, December 31,
2014 2013
----------------- -----------------
(unaudited) (unaudited)
Revenue $ 569,016 $ 512,279
Adjusted EBITDA (*) $ 191,402 $ 159,829
Net Loss $ (56,203) $ (109,063)
Adjusted Net Loss (*) $ (41,499) $ (57,143)
Basic Net Loss per Share $ (0.65) $ (1.09)
Adjusted Basic Net Loss per Share (*) $ (0.51) $ (0.58)
(*) Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Net Loss per Share
for the year ended December 31, 2014 exclude (i) $17.4 million portion
of loss on Navios Logistics' bond extinguishment; (ii) $11.5 million
non-cash loss on available-for-sale securities; and (iii) $14.3 million
portion of gain from sale of Navios Acquisition's assets.
Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Net Loss per Share
for the year ended December 31, 2013 exclude (i) $37.1 million loss on
bond extinguishment; and (ii) $14.8 million loss from Navios
Acquisition.
Revenue from drybulk vessel operations for the year ended December 31, 2014 was $300.2 million as compared to $275.2 million for the same period during 2013. The increase in drybulk revenue was mainly attributable to an increase in available days for our fleet by 2,101 days. This increase was partially mitigated by a decrease in TCE per day by 1.7% to $11,830 per day in the year ended December 31, 2014, as compared to $12,029 per day in the same period of 2013.
Revenue from the logistics business was $268.8 million for the year ended December 31, 2014 as compared to $237.1 million for the same period during 2013. The increase of $31.7 million was mainly attributable to (i) an increase in volume of products transported and rates charged in the dry port terminal; (ii) the commencement of operations of three new drycargo convoys under long-term time charter contracts during the second quarter of 2014; (iii) an increase in the cabotage fleet's operating days and the higher time charter rates achieved; and (iv) an increase in the Paraguayan liquid port's volume of products sold.
Adjusted EBITDA of Navios Holdings for the year ended December 31, 2014 increased by $31.6 million to $191.4 million as compared to $159.8 million for the same period of 2013. The $31.6 million increase in Adjusted EBITDA was primarily due to (i) a $56.7 million increase in revenue; (ii) a $9.5 million increase in equity in net earnings from affiliated companies; and (iii) a $1.7 million decrease in general and administrative expenses (excluding share-based compensation expenses). This overall increase of $67.9 million was partially mitigated by (i) a $18.9 million increase in time charter, voyage and logistics business expenses; (ii) a $13.3 million increase in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs); (iii) a $3.9 million decrease in other income, net; and (iv) a $0.2 million increase in net income attributable to the noncontrolling interest.
Adjusted EBITDA of Navios Logistics was $68.8 million (adjusted for the $27.3 million loss on bond extinguishment) for the year ended December 31, 2014 as compared to $56.8 million for the same period in 2013.
Net Loss of Navios Holdings for the year ended December 31, 2014 was $56.2 million as compared to $109.1 million for the same period of 2013. Net Loss of Navios Holdings for the year ended December 31, 2014 and 2013, respectively, has been affected by the items mentioned in the footnote to the table above. Adjusted Net Loss of Navios Holdings for the year ended December 31, 2014 was $41.5 million as compared to $57.1 million for the same period of 2013. The $15.6 million decrease in Adjusted Net Loss was mainly due to (i) an increase in Adjusted EBITDA of $31.6 million; and (ii) a decrease in interest expense and finance cost, net of $0.4 million. This decrease was partially offset by (i) an increase in depreciation and amortization of $6.6 million; (ii) an increase in income tax expense of $4.4 million; (iii) an increase of $2.7 million in share-based compensation expense; and (iv) an increase of $2.7 million in amortization for deferred drydock and special survey costs.
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 fourth quarter and the year ended December 31, 2014 and 2013, respectively.
Three Month Three Month
Period Ended Period Ended Year Ended Year Ended
December 31, December 31, December 31, December 31,
2014 2013 2014 2013
------------ ------------ ------------ ------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Available Days (1) 5,460 5,389 21,465 19,364
Operating Days (2) 5,456 5,370 21,422 19,062
Fleet Utilization
(3) 99.9% 99.7% 99.8% 98.4%
Equivalent Vessels
(4) 59 59 59 53
TCE (5) $ 11,085 $ 13,291 $ 11,830 $ 12,029
(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, 2015, at 8:30 am ET, at which time Navios Holdings' senior management will provide highlights and commentary on earnings results for the fourth quarter and year ended December 31, 2014.
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: Thursday, February 19, 2015, at 8:30 am ET
Call Title: Navios Holdings Q4 2014 Financial Results Conference Call
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 6956 2833
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: 6956 2833
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 drycargo 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, please visit its website: www.navios-acquisition.com.
About Navios Maritime Midstream Partners L.P.
Navios Maritime Midstream Partners L.P. (NYSE: NAP) is a publicly traded master limited partnership which owns and operates crude oil tankers under long-term employment contracts. For more information, please visit its website: www.navios-midstream.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 expectations 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 at the time made, 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 charter demand and/or charter rates; production or the demand for the types of drybulk products that are transported by Navios Holdings' vessels; operating costs, including but not limited to changes in crew salaries, insurances, provisions, repairs, maintenance, overhead expenses, and changes in interest costs; competition 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 OPERATIONS
(Expressed in thousands of U.S. dollars -- except share and per share data)
Three Month Three Month
Period Period
Ended Ended Year Ended Year Ended
December December December December
31, 2014 31, 2013 31, 2014 31, 2013
------------ ------------ ------------ ------------
(unaudited) (unaudited) (unaudited) (unaudited)
Revenue $ 148,825 $ 130,586 $ 569,016 $ 512,279
Time charter, voyage
and logistics
business expenses (76,106) (53,317) (263,304) (244,412)
Direct vessel
expenses (32,111) (28,543) (130,064) (114,074)
General and
administrative
expenses, net (17,208) (16,662) (45,590) (44,634)
Depreciation and
amortization (26,390) (25,158) (104,690) (98,124)
Interest expense and
finance cost, net (23,638) (28,361) (108,145) (108,506)
Gain on sale of
assets -- -- -- 18
Loss on bond and
debt extinguishment -- (37,136) (27,281) (37,136)
Other
(expense)/income,
net (1,866) 26 (9,673) 5,694
------------ ------------ ------------ ------------
Loss before equity
in net
earnings/(losses)
of affiliated
companies (28,494) (58,565) (119,731) (128,895)
Equity in net
earnings/(losses)
of affiliated
companies 23,160 (10,436) 57,751 19,344
------------ ------------ ------------ ------------
Loss before taxes $ (5,334) $ (69,001) $ (61,980) $ (109,551)
Income tax
benefit/(expense) 1,017 (719) (84) 4,260
------------ ------------ ------------ ------------
Net loss (4,317) (69,720) (62,064) (105,291)
Less: Net
(income)/loss
attributable to
thenoncontrolling
interest (664) (259) 5,861 (3,772)
------------ ------------ ------------ ------------
Net loss
attributable to
Navios Holdings
common stockholders $ (4,981) $ (69,979) $ (56,203) $ (109,063)
============ ============ ============ ============
Loss attributable to
Navios Holdings
common
stockholders, basic
and diluted $ (9,043) $ (70,462) $ (66,976) $ (110,990)
============ ============ ============ ============
Basic and diluted
net loss per share
attributable to
Navios Holdings
common stockholders $ (0.09) $ (0.69) $ (0.65) $ (1.09)
============ ============ ============ ============
Weighted average
number of shares,
basic and diluted 104,646,164 102,010,974 103,476,614 101,854,415
============ ============ ============ ============
NAVIOS MARITIME HOLDINGS INC.
Other Financial Data
December 31, December 31,
2014 2013
(unaudited) (unaudited)
------------- -------------
ASSETS
Cash and cash equivalents $ 247,556 $ 187,831
Restricted cash 2,564 2,041
Other current assets 165,889 150,114
Deposits for vessel acquisitions 22,140 28
Vessels, port terminal and other fixed assets,
net 1,934,368 1,808,855
Other noncurrent assets 435,922 418,744
Goodwill and other intangibles 349,828 352,000
------------- -------------
Total assets $ 3,158,267 $ 2,919,613
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities, including current portion
of long-term debt 198,115 149,767
Senior and ship mortgage notes, including
premium 1,375,000 1,293,156
Long-term debt, net of current portion 245,396 198,832
Other noncurrent liabilities 73,246 88,523
Total stockholders' equity 1,266,510 1,189,335
------------- -------------
Total liabilities and stockholders' equity $ 3,158,267 $ 2,919,613
============= =============
Year Ended Year Ended
December 31, December 31,
2014 2013
------------- -------------
(unaudited) (unaudited)
Net cash provided by operating activities $ 56,323 $ 59,749
Net cash provided by/(used in) investing
activities $ 244,888 $ (258,571)
Net cash provided by financing activities $ 248,290 $ 128,785
Disclosure of Non-GAAP Financial Measures
EBITDA represents net income/(loss) plus interest and finance costs plus depreciation and amortization and income taxes, if any, before stock-based compensation. 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/(loss), 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. Navios Holdings believes that EBITDA and Adjusted EBITDA are a basis upon which liquidity can be assessed.
EBITDA and Adjusted EBITDA are presented to provide additional information with respect to the ability of Navios Holdings to satisfy its respective obligations, including debt service, capital expenditures, working capital requirements and pay dividends. While EBITDA and Adjusted EBITDA are frequently used as measures of operating results and the ability to meet debt service requirements, the definition of EBITDA and Adjusted EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.
Navios Logistics EBITDA and Adjusted EBITDA are used to measure the company's operating performance.
The following tables provide a reconciliation of Adjusted EBITDA of Navios Holdings (including Navios Logistics) and EBITDA or Adjusted EBITDA of Navios Logistics on a stand-alone basis:
Navios Holdings Reconciliation of Adjusted EBITDA to Cash from Operations
December 31, December 31,
Three Months Ended 2014 2013
------------ ------------
(in thousands of U.S. dollars) (unaudited) (unaudited)
Net cash provided by/(used in) operating
activities $ 22,548 $ (19,306)
Net decrease in operating assets (9,605) (8,683)
Net (increase)/decrease in operating liabilities (750) 20,663
Net interest cost 23,638 28,361
Deferred finance charges (1,382) (1,260)
Recovery/provision for losses on accounts
receivable 74 (330)
Expenses related to bond and debt extinguishment -- (12,142)
Equity in affiliates, net of dividends received 14,888 (18,811)
Payments for drydock and special survey 3,276 1,832
Noncontrolling interest (664) (259)
Loss on bond and debt extinguishment -- 37,136
Other items from affiliates (14,261) 14,784
------------ ------------
Adjusted EBITDA $ 37,762 $ 41,985
============ ============
December 31, December 31,
Year Ended 2014 2013
------------ ------------
(in thousands of U.S. dollars) (unaudited) (unaudited)
Net cash provided by operating activities $ 56,323 $ 59,749
Net increase/(decrease) in operating assets 16,901 (57,792)
Net (increase)/decrease in operating liabilities (22,489) 27,087
Net interest cost 108,145 108,506
Deferred finance charges (4,061) (5,384)
Provision for losses on accounts receivable (792) (630)
Expenses related to bond and debt extinguishment (4,786) (12,142)
Unrealized losses on FFA derivatives -- (69)
Equity in affiliates, net of dividends received 22,179 (19,781)
Payments for drydock and special survey 10,970 12,119
Gain on sale of assets -- 18
Noncontrolling interest 5,861 (3,772)
Portion of loss on Navios Logistics bond
extinguishment 17,412 --
Loss on bond and debt extinguishment -- 37,136
Other items from affiliates (14,261) 14,784
------------ ------------
Adjusted EBITDA $ 191,402 $ 159,829
============ ============
Navios Logistics EBITDA and Adjusted EBITDA Reconciliation to Net
Income/(Loss)
December 31, December 31,
Three Months Ended 2014 2013
------------ ------------
(in thousands of U.S. dollars) (unaudited) (unaudited)
Net income attributable to Navios Logistics
shareholders $ 1,836 $ 315
Depreciation and amortization 6,385 5,735
Amortization of deferred drydock and special
survey costs 1,592 1,264
Interest expense and finance cost, net 6,547 6,351
Income tax (benefit)/expense (1,105) 642
------------ ------------
EBITDA $ 15,255 $ 14,307
============ ============
December 31, December 31,
Year Ended 2014 2013
------------ ------------
(in thousands of U.S. dollars) (unaudited) (unaudited)
Net (loss)/income attributable to Navios
Logistics shareholders $ (16,704) $ 9,716
Depreciation and amortization 25,086 23,354
Amortization of deferred drydock and special
survey costs 5,838 3,392
Interest expense and finance cost, net 27,546 24,929
Income tax benefit (276) (4,554)
Loss on bond extinguishment 27,281 --
------------ ------------
Adjusted EBITDA $ 68,771 $ 56,837
============ ============
EXHIBIT II
Owned Vessels
Deadweight
Vessel Name Vessel Type Year Built (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
N Amalthia Panamax 2006 75,318
N Bonanza 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 Ray Capesize 2012 179,515
Navios Gem Capesize 2014 181,336
Long term Chartered-in Fleet in Operation
Year Deadweight Purchase
Vessel Name Vessel Type Built (in metric tons) 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
Golden Heiwa Panamax 2007 76,662 No
Navios Marco Polo Panamax 2011 80,647 Yes
Navios Southern Star Panamax 2013 82,224 Yes
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 Venus Ultra Handymax 2015 61,000 Yes
Owned Fleet to be Delivered
Deadweight
Vessels Vessel Type Delivery Date (in metric tons)
------------- ----------- ------------- ----------------
Navios Sphera Panamax Q3 2015 84,000
Navios TBN Capesize Q4 2015 180,600
Long-term Chartered-in Fleet to be Delivered(3)
Vessel Delivery Deadweight Purchase
Vessels Type Date (in metric tons) Option
------------- --------- -------- ---------------- ---------
Navios Amber Panamax Q2 2015 80,000 Yes
Navios TBN Panamax Q3 2015 82,000 Yes
Navios Felix Capesize Q2 2016 180,000 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) Does not include Navios Prosperity and Navios Aldebaran to be taken over
from Navios Partners.
Contact:
Navios Maritime Holdings Inc.
+1.212.906.8643
investors@navios.com
