Navios Maritime Acquisition Corporation (“Navios Acquisition”)
(NYSE:NNA), an owner and operator of tanker vessels, reported its
financial results today for the second quarter and the six month
period ended June 30, 2017.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Acquisition stated, “For the second quarter of 2017, we reported
Revenue of $58.5 million and Adjusted EBITDA of $27.1 million. We
also declared a dividend of $0.05 per share for the quarter,
resulting in a dividend yield of about 14.0%.”
Angeliki Frangou continued, “The recent volatility in oil price
and the continued uncertainty concerning commodity pricing have
affected oil transportation. However, our chartering strategy of
seeking long-term employment has insulated us somewhat. We have
earned above-market charter rates when spot rates were contracting
and period employment was unavailable. In the first six months of
2017, our average charter rate was estimated about 51% higher than
the market average, translating into about $39.1 million of
additional revenue.“
HIGHLIGHTS — RECENT DEVELOPMENTS
Dividend of $0.05 per share of common stock
On August 9, 2017, the Board of Directors of Navios Acquisition
declared a quarterly cash dividend for the second quarter of 2017
of $0.05 per share of common stock. The dividend is payable on
September 14, 2017 to stockholders of record as of September 7,
2017. The declaration and payment of any further dividends remain
subject to the discretion of the Board of Directors and will depend
on, among other things, Navios Acquisition’s cash requirements as
measured by market opportunities and restrictions under its credit
agreements and other debt obligations and such other factors as the
Board of Directors may deem advisable.
Time charter coverage and commitments
Navios Acquisition currently owns 36 vessels, of which eight are
VLCCs, 26 are product tankers and two are chemical tankers.
As of August 10, 2017, Navios Acquisition had contracted 94.0%
of its available days on a charter-out basis for 2017, expecting to
generate revenues of approximately $194.5 million. The average
contractual net daily charter-out rate for the fleet is expected to
be $17,660.
FINANCIAL HIGHLIGHTS
For the following results and the selected
financial data presented herein, Navios Acquisition has compiled
its consolidated statement of income for the three months and six
months ended June 30, 2017 and 2016. The quarterly
information for 2017 and 2016 was derived from the unaudited
condensed consolidated financial statements for the respective
periods.
(Expressed in
thousands of U.S. dollars) |
|
|
Three Month Period ended June 30, 2017
(unaudited) |
|
|
Three Month Period ended June 30, 2016
(unaudited) |
|
|
Six Month Period ended June 30,
2017 (unaudited) |
|
|
Six Month Period ended June 30, 2016
(unaudited) |
|
Revenue |
|
|
$ |
58,458 |
|
|
$ |
74,495 |
|
|
$ |
122,940 |
|
|
$ |
154,914 |
|
Adjusted EBITDA |
|
|
$ |
27,080 |
(1) |
|
|
$ |
45,450 |
(2) |
|
|
$ |
64,461 |
(1) |
|
|
$ |
101,200 |
(2) |
|
Net (loss)/ income |
|
|
$ |
(64,417 |
) |
|
$ |
12,184 |
|
|
$ |
(58,802 |
) |
|
$ |
35,954 |
|
Adjusted net (loss)/
income (1) |
|
|
$ |
(4,617 |
) (1) |
|
$ |
12,448 |
(2) |
|
|
$ |
998 |
(1) |
|
|
$ |
34,414 |
(2) |
|
(Loss)/ income per
share (basic) |
|
|
$ |
(0.41 |
) |
|
$ |
0.08 |
|
|
$ |
(0.37 |
) |
|
$ |
0.23 |
|
Adjusted
(loss)/earnings per share (basic) (1) |
|
|
$ |
(0.03 |
) |
|
$ |
0.08 |
|
|
$ |
0.01 |
|
|
$ |
0.22 |
|
(1)
Adjusted EBITDA, Adjusted net loss and Adjusted loss per share
(basic) for the three and six month period ended June 30, 2017 in
this document exclude $59.1 million of non-cash impairment loss on
equity investment in Navios Maritime Midstream Partners L.P.
(“Navios Midstream”). |
|
Furthermore, Adjusted net loss and Adjusted net loss per share
(basic) for the three and six month period June 30, 2017 further
exclude a $0.7 million write-off of deferred finance
cost. |
|
(2)
Adjusted EBITDA, Adjusted net income and Adjusted earnings per
share (basic) for the three month period ended June 30, 2016
in this document exclude non-cash stock-based compensation
of $0.3 million. |
|
Adjusted
EBITDA, Adjusted net income and Adjusted earnings per share (basic)
for the six month period ended June 30, 2016 in this
document exclude gain on sale of vessel of $2.3
million and non-cash stock-based compensation of $0.5
million. Adjusted net income and Adjusted earnings per share
(basic) further exclude a $0.2 million write-off of
deferred finance cost. |
Adjusted EBITDA is a non-GAAP financial measure and should not
be used in isolation or substitution for Navios Acquisition’s
results (see Exhibit II for reconciliation of Adjusted
EBITDA).
Three month periods ended June 30, 2017 and
2016
Revenue for the three month period ended June 30, 2017
decreased by $16.0 million, or 21.5%, to $58.5 million, as
compared to $74.5 million for the same period of 2016. The decrease
was mainly attributable to the: (i) decrease in the market
rates during the second quarter ended June 30, 2017, as
compared to the same period in 2016; and (ii) decrease in
revenue by $3.3 million due to the sale of two chemical tankers in
the fourth quarter of 2016. Available days of the fleet decreased
to 3,256 days for the three month period ended June 30,
2017, as compared to 3,437 days for the three month period
ended June 30, 2016. The time charter equivalent rate, or TCE
Rate, decreased to $17,491 for the three month period ended
June 30, 2017, from $21,380 for the three month period ended
June 30, 2016.
On June 30, 2017, the Company recognized a $59.1 million
non-cash impairment loss on its equity investment in Navios
Midstream.
Adjusted EBITDA for the three month period ended June 30,
2017 excludes the impairment loss of $59.1 million in equity
investment in Navios Midstream. Adjusted EBITDA for the three month
period ended June 30, 2017 decreased by approximately $18.4 million
to $27.1 million as compared to $45.5 million for the same period
of 2016. The decrease in Adjusted EBITDA was mainly due to a:
(a) $16.0 million decrease in revenue, as described above; (b)
$4.6 million increase in time charter expenses mainly due to the
$4.1 million accrued backstop commitment to Navios Midstream; and
(c) $2.4 million decrease in equity/ (loss) in net earnings of
affiliated companies, partially mitigated by a; (i) $2.0 million
decrease in general and administrative expenses (excluding
share-based compensation expense); (ii) $1.2 million decrease in
other income/ (expense), net; (iii) $0.7 million decrease in direct
vessel expenses (excluding amortization of dry dock and special
survey costs); and (iv) $0.6 million decrease in management fees,
mainly due to the sale of two chemical tankers in the fourth
quarter of 2016, as discussed above.
Net loss for the three month period ended June 30, 2017 was
adjusted to exclude the $59.1 million impairment loss, described
above, and $0.7 million write-off of deferred finance cost.
Adjusted net loss for the three month period ended June 30, 2017
decreased by $17.1 million to $4.6 million loss as compared to
$12.4 million income for the same period of 2016. The decrease was
due to : (a) a $18.4 million decrease in Adjusted EBITDA; (b) a
$0.3 million increase in direct vessel expenses; and (c) a $0.2
million increase in interest expense and finance cost partially
mitigated by a: (i) $1.7 million increase in interest income; and
(ii) $0.1 million decrease in depreciation and amortization.
Six month periods ended June 30, 2017 and
2016
Revenue for the six month period ended June 30, 2017
decreased by $32.0 million, or 20.6%, to $122.9 million, as
compared to $154.9 million for the same period of 2016. The
decrease was mainly attributable to the: (i) decrease in the
market rates during the six month period ended June 30, 2017,
as compared to the same period in 2016; and (ii) decrease in
revenue by $7.0 million due to the sale of one MR2 product tanker
in January 2016 and two chemical tankers in the fourth
quarter of 2016. Available days of the fleet decreased to
6,463 days for the six month period ended June 30, 2017,
as compared to 6,914 days for the six month period ended
June 30, 2016. The TCE Rate decreased to $18,475 for the six
month period ended June 30, 2017, from $22,055 for the six
month period ended June 30, 2016.
Adjusted EBITDA for the six month period ended June 30, 2017,
adjusted to exclude the $59.1 million impairment loss, as discussed
above and decreased by approximately $36.7 million to $64.5 million
as compared to $101.2 million for the same period of 2016. The
decrease in Adjusted EBITDA was mainly due to a: (a) $32.0
million decrease in revenue, as described above; (b) $6.3 million
increase in time charter expenses mainly due to the $5.2 million
accrued backstop commitment to Navios Midstream; and (c) $4.5
million decrease in equity/ (loss) in net earnings of affiliated
companies, partially mitigated by a; (i) $2.5 million decrease in
general and administrative expenses (excluding share-based
compensation expense); (ii) $1.4 million decrease in management
fees, mainly due to the sale of one MR2 product tanker
in January 2016 and two chemical tankers in the fourth
quarter of 2016; (iii) $1.4 million decrease in other expense, net;
and (iv) $0.7 million decrease in direct vessel expenses (excluding
amortization of dry dock and special survey costs).
Net income for the six month period ended June 30, 2017 was
adjusted to exclude the $59.1 million impairment loss, described
above, and $0.7 million write-off of deferred finance cost.
Adjusted net income for the six month period ended June 30, 2017
decreased by $33.4 million to $1.0 million as compared to $34.4
million for the same period of 2016. The decrease was due to a: (a)
$36.7 million decrease in Adjusted EBITDA; (b) $0.5 million
increase in direct vessel expenses; and (c) $0.1 million increase
in interest expense and finance cost; partially mitigated by a: (i)
$3.2 million increase in interest income; and (ii) $0.7 million
decrease in depreciation and amortization.
Fleet Employment Profile
The following table reflects certain
key indicators of the performance of Navios Acquisition and its
core fleet for the three and six months ended June 30, 2017 and
2016.
|
|
Three month period endedJune 30, |
|
|
Six month period endedJune 30, |
|
|
|
2017
(unaudited) |
|
|
2016
(unaudited) |
|
|
2017
(unaudited) |
|
|
2016
(unaudited) |
|
FLEET
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available days(1) |
|
|
3,256 |
|
|
|
3,437 |
|
|
|
6,463 |
|
|
|
6,914 |
|
Operating days(2) |
|
|
3,253 |
|
|
|
3,428 |
|
|
|
6,455 |
|
|
|
6,899 |
|
Fleet
utilization(3) |
|
|
99.9 |
% |
|
|
99.8 |
% |
|
|
99.9 |
% |
|
|
99.8 |
% |
Vessels operating at
period end |
|
|
36 |
|
|
|
38 |
|
|
|
36 |
|
|
|
38 |
|
AVERAGE DAILY
RESULTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter equivalent
rate per day(4) |
|
$ |
17,491 |
|
|
$ |
21,380 |
|
|
$ |
18,475 |
|
|
$ |
22,055 |
|
Navios Acquisition believes that the important measures for
analyzing trends in its results of operations consist of the
following:
(1) |
|
Available
days: Available days for the fleet are total calendar days
the vessels were in Navios Acquisition’s 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: Operating days are the number of available days in
the relevant period less the aggregate number of days that the
vessels are off-hire due to any reason, including unforeseen
circumstances. The shipping industry uses operating days to measure
the aggregate number of days in a relevant period during which
vessels actually generate revenues. |
(3) |
|
Fleet
utilization: Fleet utilization is the percentage of time
that Navios Acquisition’s vessels were available for generating
revenue, and is determined by dividing the number of operating days
during a relevant period by the number of available days during
that period. The shipping industry uses fleet utilization to
measure a company’s efficiency in finding suitable employment for
its vessels and minimizing the amount of days that its vessels are
off hire for reasons other than scheduled repairs, dry dockings or
special surveys. |
(4) |
|
TCE
Rate: Time charter equivalent rate per day is defined
as voyage and time charter revenues less voyage expenses during a
period divided by the number of available days during the period.
The TCE Rate per day is a standard shipping industry performance
measure used primarily to present the actual daily earnings
generated by vessels of various types of charter contracts for the
number of available days of the fleet. |
Conference Call, Webcast and Presentation
Details:As previously announced, Navios Acquisition will
host a conference call today, Thursday, August 10, 2017 at 8:30 am
ET, at which time Navios Acquisition's senior management will
provide highlights and commentary on earnings results for the
second quarter and the six month period ended June 30, 2017.
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 3486 7567
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: 3486 7567
The call will be simultaneously Webcast. The
Webcast will be available on the Navios Acquisition website,
www.navios-acquisition.com, under the "Investors" section. The
Webcast will be archived and available at the same Web address for
two weeks following the call.
A supplemental slide presentation will be
available by 8:00 am ET on the day of the call.
About Navios Acquisition
Navios Acquisition (NYSE:NNA) is an owner and
operator of tanker vessels focusing on the transportation of
petroleum products (clean and dirty) and bulk liquid
chemicals.
For more information about Navios Acquisition, please visit our
website: www.navios-acquisition.com.
Forward Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events and expectations,
including with respect to Navios Acquisition’s future dividends,
2017 cash flow generation and Navios Acquisition’s growth strategy
and measures to implement such strategy; including expected vessel
acquisitions and entering into further time charters. Words such as
"may," "expects," "intends," "plans," "believes," "anticipates,"
"hopes," "estimates," and variations of such words and similar
expressions are intended to identify forward-looking statements.
Such statements include comments regarding expected revenue and
time charters. These forward-looking statements are based on the
information available to, and the expectations and assumptions
deemed reasonable by, Navios Acquisition at the time these
statements were made. Although Navios Acquisition believes that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates which are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of Navios
Acquisition. Actual results may differ materially from those
expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially include, but
are not limited to, the creditworthiness of our charterers and the
ability of our contract counterparties to fulfill their obligations
to us, tanker industry trends, including charter rates and vessel
values and factors affecting vessel supply and demand, the aging of
our vessels and resultant increases in operation and dry docking
costs, the loss of any customer or charter or vessel, our ability
to repay outstanding indebtedness, to obtain additional financing
and to obtain replacement charters for our vessels, in each case,
at commercially acceptable rates or at all, increases in costs and
expenses, including but not limited to: crew wages, insurance,
provisions, port expenses, lube oil, bunkers, repairs, maintenance
and general and administrative expenses, the expected cost of, and
our ability to comply with, governmental regulations and maritime
self-regulatory organization standards, as well as standard
regulations imposed by our charterers applicable to our business,
potential liability from litigation and our vessel operations,
including discharge of pollutants, general domestic and
international political conditions, competitive factors in the
market in which Navios Acquisition operates; risks associated with
operations outside the United States; and other factors listed from
time to time in the Navios Acquisition's filings with the U.S.
Securities and Exchange Commission, including its annual and
interim reports filed on Form 20-F and Form 6-K. Navios Acquisition
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in Navios Acquisition’s
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based. Navios
Acquisition makes no prediction or statement about the performance
of its common stock.
|
|
|
|
|
|
EXHIBIT I |
NAVIOS MARITIME ACQUISITION CORPORATION |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Expressed in thousands of U.S. dollars- except share
data) |
|
|
|
|
|
|
|
|
|
|
|
June 30,2017(unaudited) |
|
|
December 31,2016(unaudited) |
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
51,544 |
|
|
$ |
49,292 |
|
Restricted cash |
|
|
5,248 |
|
|
|
7,366 |
|
Accounts receivable,
net |
|
|
11,449 |
|
|
|
20,933 |
|
Due from related
parties, short-term |
|
|
19,000 |
|
|
|
25,047 |
|
Prepaid expenses and
other current assets |
|
|
4,124 |
|
|
|
4,644 |
|
Total current
assets |
|
|
91,365 |
|
|
|
107,282 |
|
Vessels, net |
|
|
1,278,483 |
|
|
|
1,306,923 |
|
Goodwill |
|
|
1,579 |
|
|
|
1,579 |
|
Other long-term
assets |
|
|
900 |
|
|
|
900 |
|
Deferred dry dock and
special survey costs, net |
|
|
13,273 |
|
|
|
10,172 |
|
Investment in
affiliates |
|
|
129,286 |
|
|
|
196,695 |
|
Due from related
parties, long-term |
|
|
106,509 |
|
|
|
80,068 |
|
Total
non-current assets |
|
|
1,530,030 |
|
|
|
1,596,337 |
|
Total
assets |
|
$ |
1,621,395 |
|
|
$ |
1,703,619 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
4,422 |
|
|
$ |
4,855 |
|
Accrued expenses |
|
|
11,601 |
|
|
|
11,047 |
|
Due to related parties,
short-term |
|
|
5,937 |
|
|
|
— |
|
Deferred revenue |
|
|
8,451 |
|
|
|
8,519 |
|
Current portion of
long-term debt, net of deferred finance costs |
|
|
38,814 |
|
|
|
55,000 |
|
Total current
liabilities |
|
|
69,225 |
|
|
|
79,421 |
|
Long-term debt, net of
current portion, premium and net of deferred finance costs |
|
|
1,045,885 |
|
|
|
1,040,938 |
|
Deferred gain on sale
of assets |
|
|
7,218 |
|
|
|
7,829 |
|
Total
non-current liabilities |
|
|
1,053,103 |
|
|
|
1,048,767 |
|
Total
liabilities |
|
$ |
1,122,328 |
|
|
$ |
1,128,188 |
|
Commitments and
contingencies |
|
|
— |
|
|
|
— |
|
Puttable common
stock 75,000 and 250,000 shares issued and outstanding with $750
and $2,500 redemption amount as of June 30, 2017 and
December 31, 2016, respectively |
|
|
750 |
|
|
|
2,500 |
|
Total
stockholders’ equity |
|
|
498,317 |
|
|
|
572,931 |
|
Total
liabilities and stockholders’ equity |
|
$ |
1,621,395 |
|
|
$ |
1,703,619 |
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME ACQUISITION CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Expressed in thousands of U.S. dollars- except share and per
share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three |
|
|
For the Three |
|
|
For the Six |
|
|
For the Six |
|
|
|
Months |
|
|
Months |
|
|
Months |
|
|
Months |
|
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
|
June 30, 2017 |
|
|
June 30, 2016 |
|
|
June 30, 2017 |
|
|
June 30, 2016 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
|
(unaudited) |
|
Revenue |
|
$ |
58,458 |
|
|
$ |
74,495 |
|
|
$ |
122,940 |
|
|
$ |
154,914 |
|
Time charter and voyage
expenses |
|
|
(5,585 |
) |
|
|
(1,017 |
) |
|
|
(8,763 |
) |
|
|
(2,438 |
) |
Direct vessel
expenses |
|
|
(934 |
) |
|
|
(1,405 |
) |
|
|
(1,827 |
) |
|
|
(2,049 |
) |
Management fees
(entirely through related party transactions) |
|
|
(23,678 |
) |
|
|
(24,318 |
) |
|
|
(47,096 |
) |
|
|
(48,504 |
) |
General and
administrative expenses |
|
|
(3,693 |
) |
|
|
(5,981 |
) |
|
|
(6,456 |
) |
|
|
(9,510 |
) |
Depreciation and
amortization |
|
|
(14,220 |
) |
|
|
(14,294 |
) |
|
|
(28,440 |
) |
|
|
(29,177 |
) |
Gain on sale of
vessel |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,282 |
|
Interest income |
|
|
2,546 |
|
|
|
880 |
|
|
|
4,740 |
|
|
|
1,534 |
|
Interest expense and
finance cost |
|
|
(19,785 |
) |
|
|
(18,913 |
) |
|
|
(38,632 |
) |
|
|
(38,038 |
) |
Equity/ (loss) in net
earnings of affiliated companies |
|
|
(57,728 |
) |
|
|
3,731 |
|
|
|
(54,960 |
) |
|
|
8,622 |
|
Other income/
(expense), net |
|
|
202 |
|
|
|
(994 |
) |
|
|
(308 |
) |
|
|
(1,682 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/ income |
|
$ |
(64,417 |
) |
|
$ |
12,184 |
|
|
$ |
(58,802 |
) |
|
$ |
35,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/ income per
share, basic and diluted |
|
$ |
(0.41 |
) |
|
$ |
0.08 |
|
|
$ |
(0.37 |
) |
|
$ |
0.23 |
|
Weighted average number
of shares, basic |
|
|
150,436,836 |
|
|
|
150,084,084 |
|
|
|
150,468,625 |
|
|
|
149,668,699 |
|
Weighted average number
of shares, diluted |
|
|
150,436,836 |
|
|
|
150,784,089 |
|
|
|
150,468,625 |
|
|
|
150,836,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAVIOS MARITIME ACQUISITION CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(Expressed in thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
For the Six MonthsEnded June 30, 2017(unaudited) |
|
|
For the Six MonthsEnded June 30, 2016(unaudited) |
|
Operating
Activities |
|
|
|
|
|
|
|
|
Net (loss)/ income |
|
$ |
(58,802 |
) |
|
$ |
35,954 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
28,440 |
|
|
|
29,177 |
|
Amortization and
write-off of deferred finance fees and bond premium |
|
|
2,579 |
|
|
|
1,864 |
|
Amortization of dry
dock and special survey costs |
|
|
1,827 |
|
|
|
1,319 |
|
Stock based
compensation |
|
|
— |
|
|
|
528 |
|
Gain on sale of
vessel |
|
|
— |
|
|
|
(2,282 |
) |
Equity/ (loss) in net
earnings of affiliates, net of dividends received |
|
|
58,413 |
|
|
|
(833 |
) |
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
|
|
Decrease in prepaid
expenses and other current assets |
|
|
20 |
|
|
|
1,404 |
|
Decrease/ (increase) in
accounts receivable |
|
|
9,484 |
|
|
|
(1,737 |
) |
Decrease/ (increase) in
due from related parties, short-term |
|
|
6,047 |
|
|
|
(3,824 |
) |
Decrease/ (increase) in
restricted cash |
|
|
33 |
|
|
|
(64 |
) |
Increase in other long
term assets |
|
|
— |
|
|
|
(3,930 |
) |
Increase in due from
related parties, long-term |
|
|
(15,979 |
) |
|
|
(6,430 |
) |
Decrease in accounts
payable |
|
|
(433 |
) |
|
|
(387 |
) |
Increase in accrued
expenses |
|
|
554 |
|
|
|
3,409 |
|
Payments for dry dock
and special survey costs |
|
|
(4,928 |
) |
|
|
(2,324 |
) |
Increase in due to
related parties, short-term |
|
|
5,937 |
|
|
|
— |
|
Decrease in deferred
revenue |
|
|
(53 |
) |
|
|
(1,607 |
) |
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities |
|
$ |
33,139 |
|
|
$ |
50,237 |
|
|
|
|
|
|
|
|
|
|
Investing
Activities |
|
|
|
|
|
|
|
|
Loans receivable from
affiliates |
|
|
(9,061 |
) |
|
|
(4,275 |
) |
Dividends received from
affiliates |
|
|
7,197 |
|
|
|
2,853 |
|
Investment in
affiliates |
|
|
(84 |
) |
|
|
— |
|
Net cash proceeds from
sale of vessel |
|
|
— |
|
|
|
18,449 |
|
|
|
|
|
|
|
|
|
|
Net cash (used
in)/ provided by investing activities |
|
$ |
(1,948 |
) |
|
$ |
17,027 |
|
|
|
|
|
|
|
|
|
|
Financing
Activities |
|
|
|
|
|
|
|
|
Loan proceeds, net of
deferred finance costs |
|
|
49,764 |
|
|
|
— |
|
Loan repayments |
|
|
(63,226 |
) |
|
|
(34,682 |
) |
Dividend paid |
|
|
(15,812 |
) |
|
|
(15,851 |
) |
Decrease in restricted
cash |
|
|
2,085 |
|
|
|
— |
|
Redemption of
convertible shares and puttable common stock |
|
|
(1,750 |
) |
|
|
(2,000 |
) |
|
|
|
|
|
|
|
|
|
Net cash used
in financing activities |
|
$ |
(28,939 |
) |
|
$ |
(52,533 |
) |
|
|
|
|
|
|
|
|
|
Net increase in
cash and cash equivalents |
|
|
2,252 |
|
|
|
14,731 |
|
Cash and cash
equivalents, beginning of period |
|
|
49,292 |
|
|
|
54,805 |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period |
|
$ |
51,544 |
|
|
$ |
69,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT II |
Reconciliation of Adjusted EBITDA to Net Cash from
Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Month Period Ended June 30,
2017 (unaudited) |
|
|
Three Month Period Ended June 30,
2016 (unaudited) |
|
|
Six Month Period Ended June 30, 2017
(unaudited) |
|
|
Six Month Period Ended June 30, 2016
(unaudited) |
|
Expressed in
thousands of U.S. dollars |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities |
|
$ |
5,554 |
|
|
$ |
24,176 |
|
|
$ |
33,139 |
|
|
$ |
50,237 |
|
Net (decrease)/
increase in operating assets |
|
|
(4,590 |
) |
|
|
(7,378 |
) |
|
|
395 |
|
|
|
14,581 |
|
Net decrease/
(increase) in operating liabilities |
|
|
8,136 |
|
|
|
8,774 |
|
|
|
(6,005 |
) |
|
|
(1,415 |
) |
Net interest cost |
|
|
17,239 |
|
|
|
18,033 |
|
|
|
33,892 |
|
|
|
36,504 |
|
Amortization and
write-off of deferred finance costs and bond premium |
|
|
(1,663 |
) |
|
|
(822 |
) |
|
|
(2,579 |
) |
|
|
(1,864 |
) |
Equity/ (loss) in net
earnings of affiliates, net of dividends received |
|
|
(58,721 |
) |
|
|
343 |
|
|
|
(58,413 |
) |
|
|
833 |
|
Payments for dry dock
and special survey costs |
|
|
2,021 |
|
|
|
2,324 |
|
|
|
4,928 |
|
|
|
2,324 |
|
Other- than- temporary-
impairment loss on equity investment |
|
|
59,104 |
|
|
|
— |
|
|
|
59,104 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
27,080 |
|
|
$ |
45,450 |
|
|
$ |
64,461 |
|
|
$ |
101,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Month Period Ended June 30,
2017 (unaudited) |
|
|
Three Month Period Ended June 30,
2016 (unaudited) |
|
|
Six Month Period Ended June 30, 2017
(unaudited) |
|
|
Six Month Period Ended June 30, 2016
(unaudited) |
|
Net cash provided by
operating activities |
|
$ |
5,554 |
|
|
$ |
24,176 |
|
|
$ |
33,139 |
|
|
$ |
50,237 |
|
Net cash provided by/
(used in) investing activities |
|
$ |
526 |
|
|
$ |
1,935 |
|
|
$ |
(1,948 |
) |
|
$ |
17,027 |
|
Net cash used in
financing activities |
|
$ |
(13,509 |
) |
|
$ |
(21,216 |
) |
|
$ |
(28,939 |
) |
|
$ |
(52,533 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disclosure of Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA
EBITDA is a non-U.S. GAAP financial measure and should not be
used in isolation or as substitution for Navios Acquisition’s
results calculated in accordance with U.S. GAAP.
EBITDA represents net (loss)/income before interest and
finance costs, before depreciation and amortization and before
income taxes. Adjusted EBITDA in this document represents
EBITDA before stock-based compensation, gain on sale of
vessel and other- than- temporary- impairment loss on equity
investment. We use Adjusted EBITDA as liquidity measure and
reconcile Adjusted EBITDA to net cash provided by/ (used in)
operating activities, the most comparable U.S. GAAP liquidity
measure. Adjusted EBITDA in this document is calculated as follows:
net cash provided by/(used in) operating activities adding back,
when applicable and as the case may be, the effect of: (i) net
increase/(decrease) in operating assets; (ii) net
(increase)/decrease in operating liabilities; (iii) net interest
cost; (iv) amortization of deferred finance cost and other related
expenses; (v) equity in net earnings of affiliated companies, net
of dividends received; (vi) payments for dry dock and special
survey costs; and (vii) impairment charges. Navios Acquisition
believes that Adjusted EBITDA is the basis upon which liquidity can
be assessed and present useful information to investors regarding
Navios Acquisition’s ability to service and/or incur indebtedness,
pay capital expenditures, meet working capital requirements and pay
dividends. Navios Acquisition also believes that
Adjusted EBITDA is used: (i) by potential lenders to evaluate
potential transactions; (ii) to evaluate and price potential
acquisition candidates; and (iii) by securities analysts, investors
and other interested parties in the evaluation of companies in our
industry. Adjusted EBITDA has limitations as analytical tool, and
should not be considered in isolation or as a substitute for the
analysis of Navios Acquisition’s results as reported under U.S.
GAAP. Some of these limitations are: (i) Adjusted EBITDA does not
reflect changes in, or cash requirements for, working capital
needs; and (ii) although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future. Adjusted EBITDA does not reflect any cash
requirements for such capital expenditures. Because of these
limitations, Adjusted EBITDA should not be considered as a
principal indicator of Navios Acquisition’s performance.
Furthermore, our calculation of Adjusted EBITDA may not be
comparable to that reported by other companies due to differences
in methods of calculation.
|
|
|
EXHIBIT III |
|
|
Year Built/Delivery |
|
Vessels |
Type |
Date |
DWT |
Owned Vessels |
|
|
|
Nave
Polaris |
Chemical Tanker |
2011 |
25,145 |
Nave
Cosmos |
Chemical Tanker |
2010 |
25,130 |
Nave
Velocity |
MR2 Product Tanker |
2015 |
49,999 |
Nave
Sextans |
MR2 Product Tanker |
2015 |
49,999 |
Nave
Pyxis |
MR2 Product Tanker |
2014 |
49,998 |
Nave
Luminosity |
MR2 Product Tanker |
2014 |
49,999 |
Nave
Jupiter |
MR2 Product Tanker |
2014 |
49,999 |
Bougainville |
MR2 Product Tanker |
2013 |
50,626 |
Nave
Alderamin |
MR2 Product Tanker |
2013 |
49,998 |
Nave
Bellatrix |
MR2 Product Tanker |
2013 |
49,999 |
Nave
Capella |
MR2 Product Tanker |
2013 |
49,995 |
Nave
Orion |
MR2 Product Tanker |
2013 |
49,999 |
Nave
Titan |
MR2 Product Tanker |
2013 |
49,999 |
Nave
Aquila |
MR2 Product Tanker |
2012 |
49,991 |
Nave
Atria |
MR2 Product Tanker |
2012 |
49,992 |
Nave
Orbit |
MR2 Product Tanker |
2009 |
50,470 |
Nave
Equator |
MR2 Product Tanker |
2009 |
50,542 |
Nave
Equinox |
MR2 Product Tanker |
2007 |
50,922 |
Nave
Pulsar |
MR2 Product Tanker |
2007 |
50,922 |
Nave
Dorado |
MR2 Product Tanker |
2005 |
47,999 |
Nave
Atropos |
LR1 Product Tanker |
2013 |
74,695 |
Nave
Rigel |
LR1 Product Tanker |
2013 |
74,673 |
Nave
Cassiopeia |
LR1 Product Tanker |
2012 |
74,711 |
Nave
Cetus |
LR1 Product Tanker |
2012 |
74,581 |
Nave
Estella |
LR1 Product Tanker |
2012 |
75,000 |
Nave
Andromeda |
LR1 Product Tanker |
2011 |
75,000 |
Nave
Ariadne |
LR1 Product Tanker |
2007 |
74,671 |
Nave
Cielo |
LR1 Product Tanker |
2007 |
74,671 |
Nave Buena
Suerte |
VLCC |
2011 |
297,491 |
Nave
Quasar |
VLCC |
2010 |
297,376 |
Nave
Synergy |
VLCC |
2010 |
299,973 |
Nave
Galactic |
VLCC |
2009 |
297,168 |
Nave
Spherical |
VLCC |
2009 |
297,188 |
Nave
Photon |
VLCC |
2008 |
297,395 |
Nave
Neutrino |
VLCC |
2003 |
298,287 |
Nave
Electron |
VLCC |
2002 |
305,178 |
|
|
|
|
Public & Investor Relations Contact:
Navios Maritime Acquisition Corporation
+1.212.906.8644
info@navios-acquisition.com
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