Navios Maritime Holdings Inc. (“Navios Holdings” or “the
Company”) (NYSE: NM), a global seaborne shipping and logistics
company, today reported financial results for the fourth quarter
and year ended December 31, 2019.
Angeliki Frangou, Chairman and Chief Executive
Officer, stated, “I am pleased with the results of the fourth
quarter and full year of 2019. For the fourth quarter of
2019, we reported revenue of $118.9 million and Adjusted EBITDA of
$74.7 million. For the full year of 2019, we reported revenue of
$482.4 million and Adjusted EBITDA of $303.8 million.”
Angeliki Frangou continued, “Charter rates in
the drybulk market are depressed due to seasonality and uncertainty
related to the coronavirus. We anticipate continued weakness
for the first half of 2020, with growth accelerating in the second
half of the year as China returns more fully to the global
market.”
HIGHLIGHTS – RECENT
DEVELOPMENTS
Agreement to Liquidate Navios Europe
Inc.
On November 22, 2019, an agreement was reached
to liquidate Navios Europe Inc. (“Navios Europe I”). As a result of
this liquidation, Navios Holdings received the outstanding
receivable amount of $13.4 million, in December 2019.
Fleet Update
Acquisition of two Capesize
vessels
In January 2020, the Company acquired from an
unrelated third party, a previously chartered-in vessel, the Dream
Canary, a 2015-built, 180,528 dwt vessel, for a total acquisition
price of $34.9 million, which was paid in cash. The acquisition was
financed through a sale and leaseback transaction with unrelated
third party. The sale and leaseback transaction has (a) an average
amortization profile of approximately 16.2 years on an age-adjusted
basis, (b) annual interest of LIBOR plus an estimated effective
interest rate of 316 bps and (c) a term of 12 years.
In February 2020, the Company agreed to acquire
Dream Coral, a 2015-built, 181,249 dwt chartered-in vessel for an
estimated purchase price ranging from $36.5 million to $36.7
million depending on the actual delivery date. The acquisition is
expected to be completed in the first quarter of 2020 and will be
financed through a sale and leaseback transaction with unrelated
third party. The sale and leaseback transaction has (a) an average
amortization profile of approximately 16.6 years on an age-adjusted
basis, (b) annual interest of LIBOR plus an estimated effective
interest rate of 311 bps and (c) a term of 12 years.
Delivery of two Kamsarmax
vessels
In November 2019, the Company took delivery of
the Navios Uranus, a newbuilt bareboat chartered-in Kamsarmax of
81,516 dwt.
In January 2020, the Company took delivery of
the Navios Felicity I, a newbuilt bareboat chartered-in Kamsarmax
of 81,946 dwt.
Sale of three vessels
In January and February, 2020, Navios Holdings
sold three vessels, the Navios Hios, a 2003-built Ultra Handymax
vessel of 55,180 dwt, the Navios Kypros, a 2003-built Ultra
Handymax vessel of 55,222 dwt, and the Navios Star, a 2002-built
Panamax vessel of 76,662 dwt to unrelated third parties. Gross
proceeds are expected to be $23.6 million, including insurance
proceeds covering unrepaired damages plus expenses (subject to
applicable deductibles and other customary limitations). The Navios
Hios and the Navios Kypros have already been delivered to the
buyers and the Navios Star is expected to be delivered in the
second quarter of 2020.
Debt Update
In December 2019, the Navios Logistics Secured
Loan facility was increased by $20.0 million, with the additional
principal amount used to repurchase the Ship Mortgage Notes (“the
2022 Notes”). As of December 31, 2019, $69.3 million was drawn
under this facility, and all the 2022 Notes that have been
repurchased under this facility have been pledged as collateral to
this facility.
Fleet statistics
Navios Holdings controls a fleet of 53 vessels
(including one vessel agreed to be sold) totaling 5.7 million dwt,
of which 35 are owned (including 5 bareboat-in vessels) and 18 are
chartered-in under long-term charters (collectively, the "Core
Fleet"). The fleet consists of 17 Capesize, 28 Panamax, six
Ultra-Handymax and two Handysize vessels, with an average age of
7.5 years, basis fully delivered fleet.
As of February 3, 2020, Navios Holdings has
chartered-out 76.8% of available days of 2020. Of these available
days, 18.9% are chartered-out on fixed rate and 57.9% are
chartered-out on index. The average contracted daily charter-in
rate for the long-term charter-in vessels is $13,451 per day.
The above figures do not include the fleets of
Navios South American Logistics Inc. (“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 fleets of Navios
Logistics.
Earnings Highlights
EBITDA, Adjusted EBITDA, Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
and Adjusted Basic Earnings/(Loss) attributable to Navios Holdings’
common stockholders 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, Adjusted
EBITDA, Adjusted Net Income/(Loss) attributable to Navios Holdings’
common stockholders and Adjusted Basic Earnings/(Loss) attributable
to Navios Holdings’ common stockholders per share of Navios
Holdings (including Navios Logistics and Navios Containers), and
EBITDA of Navios Logistics and Navios Containers (both on a
stand-alone basis) and a reconciliation of such measures to the
most comparable measures calculated under U.S. GAAP.
As of November 30, 2018, Navios Holdings
obtained control over Navios Containers and consequently
consolidated Navios Containers from that date onwards. Following
the sale of Navios Containers general partnership interest effected
on August 30, 2019, Navios Holdings deconsolidated Navios
Containers from that date onwards. The results of operations of
Navios Containers for the periods from January 1, 2019 to August
30, 2019 and from November 30, 2018 to December 31, 2018
consolidated under Navios Holdings, have been reported as
discontinued operations for all periods presented.
Fourth Quarter 2019 and 2018 Results (in
thousands of U.S. dollars, except per share data and unless
otherwise stated):
The fourth quarter 2019 and 2018 information
presented below was derived from the unaudited condensed
consolidated financial statements for the respective periods.
|
|
Three Month Period EndedDecember 31,
2019 |
|
|
|
Three Month Period EndedDecember 31,
2018 |
|
|
|
|
|
|
(unaudited) |
|
|
|
(unaudited) |
|
|
|
|
Revenue (4) |
$ |
118,881 |
|
|
|
$ |
115,300 |
|
|
Net Loss attributable to
Navios Holdings’ common stockholders |
$ |
(111,236 |
) |
|
|
$ |
(200,753 |
) |
|
Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common
stockholders |
$ |
19,413 |
|
(1) |
|
$ |
(19,707 |
) |
(3) |
Net cash provided by
operating activities |
$ |
15,319 |
|
|
|
$ |
16,046 |
|
|
EBITDA |
$ |
(55,915 |
) |
|
|
$ |
(136,297 |
) |
|
Adjusted EBITDA |
$ |
74,734 |
|
(1) |
|
$ |
45,501 |
|
(2) |
Basic Loss attributable to
Navios Holdings’ common stockholders per share |
$ |
(8.94 |
) |
|
|
$ |
(16.93 |
) |
|
Adjusted Basic Earnings/(Loss)
attributable to Navios Holdings’ common stockholders per share |
$ |
1.44 |
|
(1) |
|
$ |
(1.85 |
) |
(3) |
(1) Adjusted EBITDA, Adjusted Net Income and
Adjusted Basic Earnings attributable to Navios Holdings’ common
stockholders per share for the three month period ended December
31, 2019 exclude a $130.6 million impairment loss relating to
drybulk vessels.(2) Adjusted EBITDA for the three month period
ended December 31, 2018 excludes (i) a $184.6 million impairment
loss relating to drybulk vessels, (ii) a $55.5 million
other-than-temporary impairment (“OTTI”) loss relating to our
investment in an affiliate company and (iii) a $58.3 million
bargain gain upon obtaining control over Navios Containers.(3)
Adjusted Net Loss attributable to Navios Holdings’ common
stockholders and Adjusted Basic Loss attributable to Navios
Holdings’ common stockholders per share for the three month period
ended December 31, 2018 exclude the items referred in footnote (2)
as well as $0.8 million of net income from discontinued operations
of Navios Containers.(4) Revenue revised to reflect the revenue of
Navios Containers as net (loss)/income from discontinued operations
of Navios Containers for all periods presented.
Revenue from dry bulk vessel operations for the
three month period ended December 31, 2019 decreased by $4.8
million, or 6.3%, to $71.1 million, as compared to $75.9 million
for the same period during 2018. The decrease in dry bulk revenue
was mainly attributable to a decrease in available days by 18.8%,
due to the vessels sold and certain charter-in vessels that were
redelivered, partially mitigated by an increase in TCE per day by
14.3% to $14,894 per day in the three month period ended December
31, 2019 as compared to $13,033 per day in the same period in
2018.
Revenue from the logistics business was $47.8
million for the three month period ended December 31, 2019 as
compared to $39.4 million for the same period in 2018. The increase
was mainly attributable to (i) a $14.6 million increase in revenue
from the port terminal business mainly due to higher volumes
transshipped in the grain port terminal as well as higher revenue
in the iron ore port terminal compared to the three month period
ended December 31, 2018 as iron ore port terminal operations were
partially interrupted from a fire incident in 2018, and (ii) a $3.8
million increase in revenue from the barge business mainly due to
higher volumes of liquid and dry cargo transported. The overall
increase was partially mitigated by (i) a $8.6 million decrease in
sales of products mainly due to a decrease in the Paraguayan liquid
port's volumes of products sold, and (ii) a $1.4 million decrease
in revenue from the cabotage business mainly due to less spot trips
performed.
Revenue of Navios Containers for the period from
November 30, 2018 (date of obtaining control) to December 31, 2018
was $12.1 million.
Net Loss attributable to Navios Holdings’ common
stockholders was $111.2 million for the three month period ended
December 31, 2019, as compared to $200.8 million Net Loss
attributable to Navios Holdings’ common stockholders for the same
period in 2018. Net Loss attributable to Navios Holdings’ common
stockholders was affected by items described in the table above.
Excluding these items, Adjusted Net Income attributable to Navios
Holdings’ common stockholders for the three month period ended
December 31, 2019 was $19.4 million, as compared to $19.7 million
Adjusted Net Loss attributable to Navios Holdings’ common
stockholders for the same period in 2018. This increase in Adjusted
Net Income was mainly due to (i) a $33.5 million increase in
Adjusted EBITDA (excluding $4.3 million of Adjusted EBITDA incurred
in the fourth quarter ended December 31, 2018 from consolidating
Navios Containers); (ii) a $4.9 million decrease in depreciation
and amortization from continuing operations; (iii) a $0.4 million
decrease in share-based compensation expense; (iv) a $0.4 million
decrease in amortization for deferred drydock and special survey
costs from continuing operations and (v) $0.7 million of minority
interest of Navios Containers for the period from November 30, 2018
to December 31, 2018. This overall increase of $39.9 million was
partially mitigated by (i) a $0.4 million increase in interest
expense and finance cost, net from continuing operations and (ii) a
$0.4 million increase in income tax expense from continuing
operations.
Net Income of Navios Logistics, on a standalone
basis, was $2.8 million for the three month period ended December
31, 2019 as compared to $2.8 million of Net Loss for the same
period in 2018.
Net Income of Navios Containers, on a standalone
basis, was $0.8 million for the period from November 30, 2018 (date
of obtaining control) to December 31, 2018.
Adjusted EBITDA of Navios Holdings for the three
month period ended December 31, 2019 increased by $29.2 million to
$74.7 million, as compared to $45.5 million for the same period in
2018. The increase in Adjusted EBITDA was primarily due to (i) a
$21.7 million increase in equity in net earnings from affiliated
companies, (ii) a $13.7 million gain on bond extinguishment, (iii)
a $10.9 million decrease in time charter, voyage and logistics
business expenses from continuing operations and $0.5 million time
charter, voyage and logistics business expenses of Navios
Containers for the period from November 30, 2018 to December 31,
2018, (iv) $5.3 million direct vessel expenses of Navios Containers
(excluding the amortization of deferred drydock and special survey
costs) for the period from November 30, 2018 to December 31, 2018,
(v) a $3.6 million increase in revenue from continuing operations,
(vi) $0.9 million general and administrative expenses of Navios
Containers for the period from November 30, 2018 to December 31,
2018 and (vii) $0.3 million other expense, net of Navios Containers
for the period from November 30, 2018 to December 31, 2018. This
overall increase of $56.9 million was partially mitigated by
(i) $12.1 million revenue of Navios Containers for the period from
November 30, 2018 to December 31, 2018, (ii) a $2.9 million
increase in direct vessel expenses from continuing operations
(excluding the amortization of deferred drydock and special survey
costs), (iii) a $6.0 million increase in general and administrative
expenses (excluding share-based compensation expenses) from
continuing operations, (iv) a $5.4 million decrease in other income
from continuing operations and (v) a $1.3 million increase in net
income attributable to noncontrolling interest. Excluding Navios
Containers for the consolidated period from November 30, 2018 to
December 31, 2018 of $4.3 million, the increase in Adjusted EBITDA
was $33.5 million.
EBITDA of Navios Logistics, on a standalone
basis, was $19.8 million for the three month period ended December
31, 2019, as compared to $16.4 million for the same period in
2018.
Year Ended December 31, 2019 and 2018
Results (in thousands of U.S. dollars, except per share data and
unless otherwise stated):
The information for the year ended December 31,
2019 and 2018 presented below was derived from the unaudited
condensed consolidated financial statements for the respective
periods.
|
|
Year EndedDecember 31,
2019 |
|
|
|
Year Ended December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
(unaudited) |
|
Revenue (6) |
$ |
482,449 |
|
|
|
|
$ |
505,686 |
|
|
Net Loss attributable to
Navios Holdings’ common stockholders |
$ |
(192,110 |
) |
|
|
|
$ |
(268,718 |
) |
|
Adjusted Net Income/(Loss)
attributable to Navios Holdings’ common stockholders |
$ |
53,949 |
(2) |
|
|
|
$ |
(71,602 |
)(5) |
|
Net cash provided by operating
activities |
$ |
96,112 |
|
|
|
|
$ |
55,637 |
|
|
EBITDA |
$ |
61,881 |
|
|
|
|
$ |
(18,231 |
) |
|
Adjusted EBITDA |
$ |
303,822 |
(1) |
|
|
|
$ |
179,637 |
(4) |
|
Basic Loss attributable to
Navios Holdings’ common stockholders per share |
$ |
(12.43 |
) |
|
|
|
$ |
(23.33 |
) |
|
Adjusted Basic Earnings/(Loss)
attributable to Navios Holdings’ common stockholders per share |
$ |
3.79 |
(3) |
|
|
|
$ |
(6.84 |
)(5) |
|
(1) Adjusted EBITDA for the year ended December
31, 2019 excludes (i) a $156.1 million of impairment loss relating
to drybulk vessels, (ii) a $61.7 million loss on loss of control of
Navios Containers, (iii) a $13.5 million of OTTI loss related to
our investment in an affiliate company, and (iv) a $10.6 million
write-off of intangible assets incurred by one of our
affiliates.(2) Adjusted Net Income attributable to Navios Holdings’
common stockholders for the year ended December 31, 2019 excludes
items referred in footnote (1) as well as a $4.1 million net loss
from discontinued operations of Navios Containers.(3) Adjusted
Basic Earnings attributable to Navios Holdings’ common stockholders
per share for the year ended December 31, 2019 excludes items
referred in footnotes (1) and (2) as well as a gain of $45.7
million related to the tender offer for the Company’s preferred
stock and the conversion of accrued dividends on private preferred
stock to common stock.(4) Adjusted EBITDA for the year ended
December 31, 2018 excludes (i) a $200.7 million of impairment loss
relating to drybulk vessels; (ii) a $55.5 million OTTI loss
relating to our investment in an affiliate company; and (iii) a
$58.3 million bargain gain upon obtaining control over Navios
Containers.(5) Adjusted Net Loss attributable to Navios Holdings’
common stockholders and Adjusted Basic Loss attributable to Navios
Holdings’ common stockholders per share for the year ended December
31, 2018 excludes items referred in footnote (4) as well as $0.8
million of net income from discontinued operations of Navios
Containers.(6) Revenue revised to reflect the revenue of Navios
Containers as net (loss)/income from discontinued operations of
Navios Containers for all periods presented.
Revenue from dry bulk vessel operations for the
year ended December 31, 2019 decreased by $43.8 million, or 14.7%,
to $254.2 million, as compared to $298.0 million for the same
period in 2018. The decrease in dry bulk revenue was mainly
attributable to a decrease in available days by 14.0%, due to the
vessels sold and certain charter-in vessels that were redelivered.
The TCE per day amounted to $12,519 per day in the year ended
December 31, 2019 as compared to $12,534 per day in the same period
in 2018.
Revenue from the logistics business was $228.3
million for the year ended December 31, 2019 as compared to $207.6
million for the same period in 2018. The increase was mainly
attributable to (i) a $25.9 million increase in revenue from the
port terminal business mainly due to higher volumes transshipped in
the grain port terminal as well as higher revenue in the iron ore
port terminal compared to the year ended December 31, 2018 as iron
ore port terminal operations were partially interrupted from a fire
incident in 2018, (ii) a $13.5 million increase in revenue from the
barge business mainly due to higher volumes of liquid and dry cargo
transported, and (iii) a $4.4 million increase in revenue from the
cabotage business mainly due to more operating days of the cabotage
fleet. The overall increase was partially mitigated by a $23.1
million decrease in sales of products mainly due to a decrease in
the Paraguayan liquid port's volumes of products sold.
Revenue of Navios Containers for the period from
January 1, 2019 to August 30, 2019 (deconsolidation effective date)
was $89.9 million, as compared to $12.1 million for the period from
November 30, 2018 to December 31, 2018 and consisted of time
charter revenues.
Net Loss of Navios Holdings was $192.1 million
for year ended December 31, 2019, as compared to $268.7 million Net
Loss for the same period in 2018. Net Loss was affected by items
described in the table above. Excluding these items, Adjusted Net
Income of Navios Holdings for the year ended December 31, 2019 was
$53.9 million, as compared to $71.6 million Adjusted Net Loss
attributable to Navios Holdings’ common stockholders for the same
period in 2018. The $125.5 million increase in Adjusted Net Income
was mainly due to (i) an increase in Adjusted EBITDA of $94.6
million (excluding $29.6 million increase of Adjusted Ebitda of
Navios Containers incurred for the period from January 1, 2019 to
August 30, 2019, as compared to the period from November 30, 2018
to December 31, 2018); (ii) a decrease of $2.7 million in
amortization for deferred drydock and special survey costs from
continuing operations; (iii) a $1.7 million decrease in share-based
compensation expense; (iv) a decrease in depreciation and
amortization from continuing operations of $18.1 million; (v) a
decrease in interest expense and finance cost, net from continuing
operations of $6.4 million; and (vi) a $4.7 increase in minority
interest of Navios Containers for the period from January 1, 2019
to August 30, 2019, as compared to the period from November 30,
2018 to December 31, 2018. This overall increase in Adjusted Net
Income was partially mitigated by an increase in income tax expense
of $2.7 million from continuing operations.
Net Income of Navios Logistics, on a standalone
basis, was $32.1 million for the year ended December 31, 2019, as
compared to $6.9 million for the same period in 2018.
Net Loss of Navios Containers, on a standalone
basis, was $4.1 million for the period from January 1, 2019 to
August 30, 2019 (deconsolidation effective date), as compared to
$0.8 million for the period from November 30, 2018 (date of gaining
control) to December 31, 2018.
Adjusted EBITDA of Navios Holdings for the year
ended December 31, 2019 increased by $124.2 million to $303.8
million, as compared to $179.6 million for the same period in 2018.
The $124.2 million increase in Adjusted EBITDA was primarily due to
(i) a $77.8 million increase in revenue of Navios Containers for
the period from January 1, 2019 to August 30, 2019, as compared to
the period from November 30, 2018 to December 31, 2018; (ii) a
$40.9 million increase in bond extinguishment gains; (iii) a $27.3
million increase in other income, net from continuing operations;
(iv) a $28.6 million decrease in time charter, voyage and logistics
business expenses from continuing operations; (v) a $9.8 million
gain on sale of business recorded in the year ended December 31,
2019; and (vi) a $39.6 million increase in equity in net earnings
from affiliated companies. This overall increase of $224.0 million
was partially mitigated by (i) a $23.3 million decrease in revenue
from continuing operations; (ii) a $7.6 million increase in direct
vessel expenses from continuing operations (excluding the
amortization of deferred drydock and special survey costs) and a
$38.2 million increase in direct vessel expenses of Navios
Containers (excluding the amortization of deferred drydock and
special survey costs) for the period from January 1, 2019 to August
30, 2019, as compared to the period from November 30, 2018 to
December 31, 2018; (iii) a $11.3 million increase in general and
administrative expenses (excluding share-based compensation
expenses) from continuing operations and a $5.8 million increase in
general and administrative expenses of Navios Containers for the
period from January 1, 2019 to August 30, 2019, as compared to the
period from November 30, 2018 to December 31, 2018; (iv) a $4.5
million increase in net income attributable to the non-controlling
interest; (v) a $3.5 million increase in time charter and voyage
expenses of Navios Containers for the period from January 1, 2019
to August 30, 2019, as compared to the period from November 30,
2018 to December 31, 2018; and (vi) a $5.6 million increase in
other expense, net of Navios Containers for the period from January
1, 2019 to August 30, 2019, as compared to the period from November
30, 2018 to December 31, 2018. Excluding the increase of $29.6
million of Navios Containers for the consolidated periods from
January 1, 2019 to August 30, 2019 and from November 30, 2018 to
December 31, 2018 the increase in Adjusted EBITDA was $94.6
million.
EBITDA of Navios Logistics, on a standalone
basis, was $103.9 million for the year ended December 31, 2019, as
compared to $81.1 million for the same period in 2018.
Fleet Summary Data:
The following table reflects certain key indicators indicative
of the performance of Navios Holdings' dry bulk operations
(excluding the Navios Logistics’ fleets) and its fleet performance
for the three month period and year ended December 31, 2019 and
2018, respectively.
|
|
Three Month |
|
Three Month |
|
Year |
|
Year |
|
|
|
Period Ended |
|
Period Ended |
|
Ended |
|
Ended |
|
|
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
Available Days (1) |
|
|
4,641 |
|
|
|
5,716 |
|
|
|
19,738 |
|
|
|
22,938 |
|
|
Operating Days (2) |
|
|
4,621 |
|
|
|
5,705 |
|
|
|
19,613 |
|
|
|
22,855 |
|
|
Fleet Utilization (3) |
|
|
99.6 |
% |
|
|
99.8 |
% |
|
|
99.4 |
% |
|
|
99.6 |
% |
|
Equivalent Vessels (4) |
|
|
50 |
|
|
|
62 |
|
|
|
54 |
|
|
|
63 |
|
|
TCE (5) |
|
$ |
14,894 |
|
|
$ |
13,033 |
|
|
$ |
12,519 |
|
|
$ |
12,534 |
|
|
(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 scheduled repairs,
drydocking or special surveys and ballast days relating to voyages.
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, 2020, 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, 2019.
A supplemental slide presentation will be
available on the Navios Holdings website at www.navios.com under
the "Investors" section by 8:00 am ET on the day of the call.
Conference Call details:
Call Date/Time: Wednesday, February 19, 2020 at 8:30
am ET Call Title: Navios Holdings Q4 2019 Financial
Results Conference Call US Dial In: +1.877.480.3873 International
Dial In: +1.404.665.9927 Conference ID: 533 9615
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: 533 9615
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 seaborne shipping and logistics company focused on the
transport and transshipment of dry bulk 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 Containers L.P.
Navios Maritime Containers L.P. (NASDAQ: NMCI)
is a growth vehicle dedicated to the container sector of the
maritime industry. For more information, please visit its website
at www.navios-containers.com.
About Navios Maritime Partners L.P.
Navios Maritime Partners L.P. (NYSE: NMM) is a
publicly traded master limited partnership which owns and operates
dry cargo vessels. For more information, please visit its website
at www.navios-mlp.com.
About Navios Maritime Acquisition
Corporation
Navios Maritime Acquisition Corporation (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 its website: www.navios-acquisition.com.
Forward Looking Statements - Safe Harbor
This press release and our earnings call contain
and will contain 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, including expected cash flow generation, future contracted
revenues, potential capital gains, our ability to take advantage of
dislocation in the market and any market recovery, and Navios
Holdings' 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 Holdings
at the time these statements were made. Although Navios Holdings
believes that the expectations reflected in such forward-looking
statements are reasonable, no assurance can be given that such
expectations will prove to have been correct. These statements
involve known and unknown risks and are based upon a number of
assumptions and estimates which are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of Navios Holdings. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to uncertainty relating to
global trade, including prices of seaborne commodities and
continuing issues related to seaborne volume and ton miles, our
continued ability to enter into long-term time charters, our
ability to maximize the use of our vessels, expected demand in the
dry cargo shipping sector in general and the demand for our
Panamax, Capesize, Ultra Handymax and Handysize vessels in
particular, fluctuations in charter rates for dry cargo carriers
vessels, the aging of our fleet and resultant increases in
operations costs, the loss of any customer or charter or vessel,
the financial condition of our customers, changes in the
availability and costs of funding due to conditions in the bank
market, capital markets and other factors, 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,
general domestic and international political conditions,
competitive factors in the market in which Navios Holdings
operates, the value of our publicly traded subsidiaries, 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, including its Forms 20-F
and Forms 6-K. 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. Navios Holdings makes no prediction or statement about the
performance of its common stock or debt securities.
Contact:
Navios Maritime Holdings
Inc.+1.212.906.8643investors@navios.com
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 Period EndedDecember 31,
2019 |
|
|
Three Month Period EndedDecember 31,
2018 |
|
Year EndedDecember 31,
2019 |
|
YearEndedDecember 31,
2018 |
|
|
(unaudited) |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Revenue |
|
|
$ |
118,881 |
|
|
|
$ |
115,300 |
|
|
$ |
482,449 |
|
|
$ |
505,686 |
|
Administrative fee revenue
from affiliates |
|
|
|
__ |
|
|
|
6,905 |
|
|
|
16,991 |
|
|
|
28,393 |
|
Time charter, voyage and
logistics business expenses |
|
|
|
(39,519 |
) |
|
|
|
(50,424 |
) |
|
|
(177,216 |
) |
|
|
(205,787 |
) |
Direct vessel expenses(1) |
|
|
|
(25,029 |
) |
|
|
|
(22,505 |
) |
|
|
(101,467 |
) |
|
|
(96,261 |
) |
General and administrative
expenses incurred on behalf of affiliates |
|
|
|
__ |
|
|
|
(6,905 |
) |
|
|
(16,991 |
) |
|
|
(28,393 |
) |
General and administrative
expenses(2) |
|
|
|
(10,495 |
) |
|
|
|
(4,883 |
) |
|
|
(36,194 |
) |
|
|
(26,640 |
) |
Depreciation and
amortization |
|
|
|
(19,601 |
) |
|
|
|
(24,532 |
) |
|
|
(81,723 |
) |
|
|
(99,779 |
) |
Interest expense and finance
cost, net |
|
|
|
(31,781 |
) |
|
|
|
(31,371 |
) |
|
|
(122,817 |
) |
|
|
(129,168 |
) |
Impairment loss/ loss on sale
of vessels, net |
|
|
|
(130,649 |
) |
|
|
|
(184,587 |
) |
|
|
(156,106 |
) |
|
|
(200,657 |
) |
Gain on bond
extinguishment |
|
|
|
13,697 |
|
|
|
|
__ |
|
|
47,430 |
|
|
|
6,464 |
|
Gain on sale of business |
|
|
|
__ |
|
|
|
__ |
|
|
9,802 |
|
|
|
__ |
Bargain gain upon obtaining
control/(Loss on loss of control) |
|
|
|
__ |
|
|
|
58,313 |
|
|
|
(61,741 |
) |
|
|
58,313 |
|
Other income, net |
|
|
|
4,226 |
|
|
|
|
9,591 |
|
|
|
27,909 |
|
|
|
663 |
|
Loss before equity in
net earnings of affiliated companies |
|
|
|
(120,270 |
) |
|
|
|
(135,098 |
) |
|
|
(169,674 |
) |
|
|
(187,166 |
) |
Equity in net
earnings/(losses) of affiliated companies |
|
|
|
10,700 |
|
|
|
|
(66,485 |
) |
|
|
(9,185 |
) |
|
|
(80,205 |
) |
Loss before
taxes |
|
|
$ |
(109,570 |
) |
|
|
$ |
(201,583 |
) |
|
$ |
(178,859 |
) |
|
$ |
(267,371 |
) |
Income tax (expense)/
benefit |
|
|
|
(643 |
) |
|
|
|
(216 |
) |
|
|
(1,475 |
) |
|
|
1,108 |
|
Net loss from
continuing operations |
|
|
|
(110,213 |
) |
|
|
|
(201,799 |
) |
|
|
(180,334 |
) |
|
|
(266,263 |
) |
Net income/(loss) from
discontinued operations |
|
|
|
__ |
|
|
|
752 |
|
|
|
(4,118 |
) |
|
|
752 |
|
Net loss |
|
|
|
(110,213 |
) |
|
|
|
(201,047 |
) |
|
|
(184,452 |
) |
|
|
(265,511 |
) |
Less: Net (income)/loss
attributable to the noncontrolling interest |
|
|
|
(1,023 |
) |
|
|
|
294 |
|
|
|
(7,658 |
) |
|
|
(3,207 |
) |
Net loss attributable
to Navios Holdings common stockholders |
|
|
$ |
(111,236 |
) |
|
|
$ |
(200,753 |
) |
|
$ |
(192,110 |
) |
|
$ |
(268,718 |
) |
Loss attributable to
Navios Holdings common stockholders, basic and
diluted |
|
|
|
(112,528 |
) |
|
|
$ |
(203,315 |
) |
|
$ |
(153,608 |
) |
|
$ |
(278,959 |
) |
Basic and diluted loss
per share attributable to Navios Holdings common
stockholders |
|
|
$ |
(8.94 |
) |
|
|
$ |
(16.93 |
) |
|
$ |
(12.43 |
) |
|
$ |
(23.33 |
) |
Weighted average
number of shares, basic and diluted |
|
|
|
12,592,465 |
|
|
|
|
12,008,386 |
|
|
|
12,356,024 |
|
|
|
11,958,959 |
|
(1) Includes expenses of Navios Logistics of
$12.8 million and $12.9 million for the three month period ended
December 31, 2019 and 2018, respectively and $53.9 million and
$56.2 million for the year ended December 31, 2019 and 2018,
respectively.(2) Includes expenses of Navios Logistics of $4.5
million and $3.8 million for the three month period ended December
31, 2019 and 2018, respectively and $17.4 million and $15.1 million
for the year ended December 31, 2019 and 2018, respectively.
|
Period from January 1 to August 30, |
|
Period from November 30 to December 31, |
Net (loss)/income from
discontinued operations |
2019 |
|
|
2018 |
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Revenue |
$ |
89,925 |
|
|
$ |
12,053 |
|
Time charter, voyage and port terminal expenses |
|
(3,976 |
) |
|
|
(546 |
) |
Direct vessel expenses |
|
(44,088 |
) |
|
|
(5,282 |
) |
General and administrative expenses |
|
(6,706 |
) |
|
|
(873 |
) |
Depreciation and amortization |
|
(22,858 |
) |
|
|
(3,060 |
) |
Interest expense and finance cost, net |
|
(10,519 |
) |
|
|
(1,204 |
) |
Other expense, net |
|
(5,896 |
) |
|
|
(336 |
) |
Net (loss)/income from
discontinued operations |
$ |
(4,118 |
) |
|
$ |
752 |
|
NAVIOS MARITIME HOLDINGS
INC.Other Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2019 |
|
|
|
December 31,2018 |
|
ASSETS |
|
|
|
|
|
|
(unaudited) |
|
|
|
(unaudited) |
|
Cash and cash equivalents,
including restricted cash |
|
|
|
|
|
$ |
78,727 |
|
|
$ |
150,774 |
|
Vessels, port terminals and other
fixed assets, net |
|
|
|
|
|
|
1,281,018 |
|
|
|
1,898,455 |
|
Goodwill and other
intangibles |
|
|
|
|
|
|
264,490 |
|
|
|
299,273 |
|
Operating lease assets |
|
|
|
|
|
|
264,005 |
|
|
|
__ |
|
Other current and non-current
assets |
|
|
|
|
|
|
254,615 |
|
|
|
333,994 |
|
Total
assets |
|
|
|
|
|
$ |
2,142,855 |
|
|
$ |
2,682,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, including current
portion |
|
|
|
|
|
$ |
390,405 |
|
|
$ |
543,899 |
|
Senior and ship mortgage notes,
net |
|
|
|
|
|
|
1,170,679 |
|
|
|
1,272,108 |
|
Operating lease liabilities,
current portion |
|
|
|
|
|
|
87,103 |
|
|
|
__ |
|
Operating lease liabilities, net
of current portion |
|
|
|
|
|
|
226,329 |
|
|
|
__ |
|
Other current and non-current
liabilities |
|
|
|
|
|
|
109,314 |
|
|
|
344,809 |
|
Total stockholders’ equity |
|
|
|
|
|
|
159,025 |
|
|
|
521,680 |
|
Total liabilities and
stockholders’ equity |
|
|
|
|
|
$ |
2,142,855 |
|
|
$ |
2,682,496 |
|
Disclosure of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
and Adjusted Basic Earnings/(Loss) per share are “non-U.S. GAAP
financial measures” and should not be used in isolation or
considered substitutes 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.
EBITDA represents net income/(loss) attributable
to Navios Holdings' common stockholders before interest and finance
costs, before depreciation and amortization, before income taxes
and before stock-based compensation. Adjusted EBITDA represents
EBITDA, excluding certain items as described under “Earnings
Highlights”. We use EBITDA and Adjusted EBITDA as liquidity
measures and reconcile EBITDA and Adjusted EBITDA to net cash
provided by operating activities, the most comparable U.S. GAAP
liquidity measure. EBITDA is calculated as follows: net cash
provided by 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) deferred finance charges
and gains/(losses) on bond and debt extinguishment, (v)
(provision)/recovery for losses on accounts receivable, (vi) equity
in affiliates, net of dividends received, (vii) payments for
drydock and special survey costs, (viii) noncontrolling interest,
(ix) gain/ (loss) on sale of assets/ subsidiaries/businesses, on
loss of control and bargain gain, (x) unrealized (loss)/gain on
derivatives, and (xi) loss on sale and reclassification to earnings
of available-for-sale securities and impairment charges. Navios
Holdings believes that EBITDA and Adjusted EBITDA are a basis upon
which liquidity can be assessed and represents useful information
to investors regarding Navios Holdings’ ability to service and/or
incur indebtedness, pay capital expenditures, meet working capital
requirements and pay dividends. Navios Holdings also believes that
EBITDA and Adjusted EBITDA are used (i) by prospective and current
lessors as well as potential lenders to evaluate potential
transactions; (ii) to evaluate and price potential acquisition
candidates; and (iii) by securities analysts, investors and other
interested parties in the evaluation of companies in our
industry.
EBITDA 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 definitions of EBITDA and Adjusted EBITDA
used here may not be comparable to those used by other companies
due to differences in methods of calculation.
EBITDA and Adjusted EBITDA have limitations as
an analytical tool, and therefore, should not be considered in
isolation or as a substitute for the analysis of Navios Holdings’
results as reported under U.S. GAAP. Some of these limitations are:
(i) EBITDA and Adjusted EBITDA do not reflect changes in, or cash
requirements for, working capital needs; (ii) EBITDA and Adjusted
EBITDA do not reflect the amounts necessary to service interest or
principal payments on our debt and other financing arrangements;
and (iii) although depreciation and amortization are non-cash
charges, the assets being depreciated and amortized may have to be
replaced in the future. EBITDA and Adjusted EBITDA do not reflect
any cash requirements for such capital expenditures. Because of
these limitations, among others, EBITDA and Adjusted EBITDA should
not be considered as a principal indicator of Navios Holdings’
performance. Furthermore, our calculation of EBITDA and Adjusted
EBITDA may not be comparable to that reported by other companies
due to differences in methods of calculation.
Navios Logistics EBITDA is used to measure its
operating performance.
We present Adjusted Net Income/(Loss)
attributable to Navios Holdings’ common stockholders because we
believe it assists investors and analysts in comparing our
operating performance across reporting periods on a consistent
basis by excluding items that we do not believe are indicative of
our core operating performance. Our presentation of Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
adjusts net income/(loss) attributable to Navios Holdings’ common
stockholders for the items described above under “Earnings
Highlights”. The definition of Adjusted Net Income/(Loss) used here
may not be comparable to that used by other companies due to
differences in methods of calculation.
Adjusted Basic Earnings/(Loss) attributable to Navios Holdings’
common stockholders Per share is defined as Adjusted Net
Income/(Loss) attributable to Navios Holdings’ common stockholders
divided by the weighted average number of shares for each of the
periods presented.
The following tables provide a reconciliation of
EBITDA and Adjusted EBITDA of Navios Holdings (including Navios
Logistics and Navios Containers through deconsolidation) and EBITDA
of Navios Logistics and Navios Containers on a stand-alone
basis:
Navios Holdings Reconciliation of EBITDA and Adjusted
EBITDA to Cash from Operations
|
December 31, |
|
December 31, |
Three Month Period
Ended |
2019 |
|
|
2018 |
|
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Net cash provided by operating activities |
$ |
15,319 |
|
|
$ |
16,046 |
|
Net (decrease)/ increase in
operating assets |
|
(23,271 |
) |
|
|
11,890 |
|
Net decrease/(increase) in
operating liabilities |
|
21,509 |
|
|
|
(3,567 |
) |
Net interest cost |
|
31,781 |
|
|
|
32,575 |
|
Deferred finance charges |
|
(1,949 |
) |
|
|
(1,917 |
) |
Provision for losses on
accounts receivable |
|
— |
|
|
|
(157 |
) |
Equity in affiliates, net of
dividends received |
|
9,782 |
|
|
|
(12,095 |
) |
Payments for drydock and
special survey costs |
|
8,889 |
|
|
|
1,566 |
|
Noncontrolling interest |
|
(1,023 |
) |
|
|
294 |
|
Impairment loss/ loss on sale
of vessels, net |
|
(130,649 |
) |
|
|
(184,587 |
) |
Gain on bond
extinguishment |
|
13,697 |
|
|
|
— |
|
Gain on sale of
assets |
|
— |
|
|
|
866 |
|
Bargain gain upon obtaining
control |
|
— |
|
|
|
58,313 |
|
Impairment loss on investment
in affiliate |
|
— |
|
|
|
(55,524 |
) |
EBITDA |
$ |
(55,915 |
) |
|
$ |
(136,297 |
) |
Impairment loss/ loss on sale
of vessels, net |
|
130,649 |
|
|
|
184,587 |
|
Impairment loss on investment
in affiliate |
|
— |
|
|
|
55,524 |
|
Bargain gain upon obtaining
control |
|
— |
|
|
|
(58,313 |
) |
Adjusted
EBITDA |
$ |
74,734 |
|
|
$ |
45,501 |
|
Three Month
Period Ended |
December 31,
2019 |
|
December 31,2018 |
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
Net cash
provided by operating activities |
$ |
15,319 |
|
|
$ |
16,046 |
|
Net cash provided by/(used in) investing activities |
$ |
3,295 |
|
|
$ |
(24,007 |
) |
Net cash (used in)/provided by financing activities |
$ |
(46,410 |
) |
|
$ |
15,754 |
|
Adjusted EBITDA
breakdown |
|
|
|
|
|
|
|
December
31, |
|
|
December
31, |
Three Month Period
Ended |
2019 |
|
|
2018 |
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
Core shipping
operations |
$ |
45,307 |
|
|
$ |
34,763 |
|
Navios Logistics (including noncontrolling interest) |
|
18,727 |
|
|
|
17,408 |
|
Navios Containers (including noncontrolling interest) |
|
— |
|
|
|
4,291 |
|
Equity in net earnings/ (losses) of affiliated companies |
|
10,700 |
|
|
|
(10,961 |
) |
Adjusted EBITDA |
$ |
74,734 |
|
|
$ |
45,501 |
|
Navios Logistics EBITDA Reconciliation to Net
Income
|
December 31, |
|
December 31, |
Three Month Period
Ended |
2019 |
|
2018 |
|
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Net income/(loss) |
$ |
2,830 |
|
$ |
(2,815 |
) |
Depreciation and amortization |
|
7,261 |
|
|
7,672 |
|
Amortization of deferred drydock and special survey costs |
|
1,125 |
|
|
1,429 |
|
Interest expense and finance cost, net |
|
7,958 |
|
|
9,954 |
|
Income tax expense |
|
576 |
|
|
150 |
|
EBITDA |
$ |
19,750 |
|
$ |
16,390 |
|
Navios Containers Reconciliation of EBITDA to Cash from
Operations
|
|
|
November 30 to |
Period |
|
|
December 31, 2018 |
(in thousands of U.S.
dollars) |
|
|
(unaudited) |
Net cash used in operating
activities |
|
|
$ |
(3,791 |
) |
Net increase in operating
assets |
|
|
|
1,292 |
|
Net decrease in operating
liabilities |
|
|
|
4,833 |
|
Net interest cost |
|
|
|
1,204 |
|
Deferred finance charges |
|
|
|
(14 |
) |
Payments for drydock and
special survey costs |
|
|
|
1,491 |
|
EBITDA |
|
|
$ |
5,015 |
|
Navios Holdings Reconciliation of EBITDA and Adjusted
EBITDA to Cash from Operations
|
December 31, |
|
December 31, |
Year
Ended |
2019 |
|
|
2018 |
|
(in thousands of U.S.
dollars) |
|
(unaudited) |
|
|
(unaudited) |
Net cash provided by operating activities |
$ |
96,112 |
|
|
$ |
55,637 |
|
Net (decrease)/ increase in
operating assets |
|
(97,684 |
) |
|
|
25,632 |
|
Net decrease/ (increase) in
operating liabilities |
|
98,247 |
|
|
|
(6,662 |
) |
Net interest cost |
|
133,336 |
|
|
|
130,372 |
|
Deferred finance charges |
|
(8,242 |
) |
|
|
(7,880 |
) |
Provision for losses on
accounts receivable |
|
(999 |
) |
|
|
(575 |
) |
Equity in affiliates, net of
dividends received |
|
(179 |
) |
|
|
(28,793 |
) |
Payments for drydock and
special survey costs |
|
23,106 |
|
|
|
7,755 |
|
Noncontrolling interest |
|
(7,658 |
) |
|
|
(3,207 |
) |
Other gain on assets |
|
— |
|
|
|
894 |
|
Impairment loss/ loss on sale of
vessels, net |
|
(156,106 |
) |
|
|
(200,657 |
) |
Gain on bond and debt
extinguishment |
|
47,430 |
|
|
|
6,464 |
|
Gain on sale of business |
|
9,802 |
|
|
|
— |
|
(Loss on loss of control)/
Bargain gain upon obtaining control |
|
(61,741 |
) |
|
|
58,313 |
|
Impairment loss on investment in
affiliate |
|
(13,543 |
) |
|
|
(55,524 |
) |
EBITDA |
$ |
61,881 |
|
|
$ |
(18,231 |
) |
Impairment loss/ loss on sale of
vessels, net |
|
156,106 |
|
|
|
200,657 |
|
Impairment loss on investment in
affiliate |
|
13,543 |
|
|
|
55,524 |
|
Write-off of intangible assets of
affiliates |
|
10,551 |
|
|
|
— |
|
Loss on loss of control/(Bargain
gain upon obtaining control) |
|
61,741 |
|
|
|
(58,313 |
) |
Adjusted
EBITDA |
$ |
303,822 |
|
|
$ |
179,637 |
|
Year
Ended |
December 31, 2019 |
|
December 31, 2018 |
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
Net cash provided by operating activities |
$ |
96,112 |
|
|
$ |
55,637 |
|
Net cash (used in)/provided by investing activities |
$ |
(56,467 |
) |
|
$ |
27,863 |
|
Net cash used in financing activities |
$ |
(111,692 |
) |
|
$ |
(66,916 |
) |
Adjusted EBITDA
breakdown |
|
|
|
|
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
Year Ended |
2019 |
|
2018 |
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
Core shipping operations |
$ |
162,740 |
|
$ |
121,361 |
|
Navios Logistics (including noncontrolling interest) |
|
92,299 |
|
|
78,666 |
|
Navios Containers (including noncontrolling interest) |
|
33,874 |
|
|
4,291 |
|
Equity in net earnings/ (losses) of affiliated companies |
|
14,909 |
|
|
(24,681 |
) |
Adjusted EBITDA |
$ |
303,822 |
|
$ |
179,637 |
|
Navios Logistics EBITDA Reconciliation to Net
Income
|
December
31, |
|
December
31, |
Year
Ended |
2019 |
|
2018 |
|
(in thousands of U.S. dollars) |
(unaudited) |
|
(unaudited) |
Net
income |
$ |
32,139 |
|
|
$ |
6,862 |
|
Depreciation and amortization |
|
29,435 |
|
|
|
29,307 |
|
Amortization of deferred drydock and special survey costs |
|
5,166 |
|
|
|
7,204 |
|
Interest expense and finance cost, net |
|
35,952 |
|
|
|
39,152 |
|
Income tax expense/ (benefit) |
|
1,233 |
|
|
|
(1,376 |
) |
EBITDA |
$ |
103,925 |
|
|
$ |
81,149 |
|
Navios Containers Reconciliation of EBITDA to Cash from
Operations
|
January 1 to August
30,2019 |
|
November 30 to December
31,2018 |
Period |
|
(in thousands of U.S.
dollars) |
(unaudited) |
|
(unaudited) |
Net cash provided by/(used in) operating activities |
$ |
9,728 |
|
|
$ |
(3,791 |
) |
Net increase in operating
assets |
|
512 |
|
|
|
1,292 |
|
Net decrease in operating
liabilities |
|
3,531 |
|
|
|
4,833 |
|
Net interest cost |
|
10,519 |
|
|
|
1,204 |
|
Deferred finance charges |
|
(492 |
) |
|
|
(14 |
) |
Payments for drydock and
special survey costs |
|
6,108 |
|
|
|
1,491 |
|
EBITDA |
$ |
29,906 |
|
|
$ |
5,015 |
|
EXHIBIT II
Owned Vessels
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight (in metric tons) |
Navios Serenity |
|
Handysize |
|
2011 |
|
34,690 |
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 Star(1) |
|
Panamax |
|
2002 |
|
76,662 |
Navios Amitie |
|
Panamax |
|
2005 |
|
75,395 |
Navios Northern Star |
|
Panamax |
|
2005 |
|
75,395 |
Navios Taurus |
|
Panamax |
|
2005 |
|
76,596 |
Navios Asteriks |
|
Panamax |
|
2005 |
|
76,801 |
N Amalthia |
|
Panamax |
|
2006 |
|
75,318 |
Navios Galileo |
|
Panamax |
|
2006 |
|
76,596 |
N Bonanza |
|
Panamax |
|
2006 |
|
76,596 |
Navios Avior |
|
Panamax |
|
2012 |
|
81,355 |
Navios Centaurus |
|
Panamax |
|
2012 |
|
81,472 |
Navios Victory |
|
Panamax |
|
2014 |
|
77,095 |
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 |
Dream Canary |
|
Capesize |
|
2015 |
|
180,528 |
Dream Coral (2) |
|
Capesize |
|
2015 |
|
181,249 |
(1) Agreed to be sold.(2) Chartered-in vessel
expected to be delivered to the owned fleet within Q1 2020.
Long-term Chartered-in Fleet in
Operation
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight (in metric tons) |
|
Purchase Option(1) |
Navios Lyra |
|
Handysize |
|
2012 |
|
34,718 |
|
Yes (2) |
Navios Mercury |
|
Ultra Handymax |
|
2013 |
|
61,393 |
|
Yes |
Navios Venus |
|
Ultra Handymax |
|
2015 |
|
61,339 |
|
Yes |
Navios Marco Polo |
|
Panamax |
|
2011 |
|
80,647 |
|
Yes |
Navios Southern Star |
|
Panamax |
|
2013 |
|
82,224 |
|
Yes |
Elsa S |
|
Panamax |
|
2015 |
|
80,954 |
|
No |
Navios Amber |
|
Panamax |
|
2015 |
|
80,994 |
|
Yes |
Navios Sky |
|
Panamax |
|
2015 |
|
82,056 |
|
Yes |
Navios Coral |
|
Panamax |
|
2016 |
|
84,904 |
|
Yes |
Navios Citrine |
|
Panamax |
|
2017 |
|
81,626 |
|
Yes |
Navios Dolphin |
|
Panamax |
|
2017 |
|
81,630 |
|
Yes |
Mont Blanc Hawk |
|
Panamax |
|
2017 |
|
81,638 |
|
No |
Cassiopeia Ocean |
|
Panamax |
|
2018 |
|
82,069 |
|
No |
Navios Gemini |
|
Panamax |
|
2018 |
|
81,704 |
|
No (3) |
Navios Horizon I |
|
Panamax |
|
2019 |
|
81,692 |
|
No (3) |
Navios Koyo |
|
Capesize |
|
2011 |
|
181,415 |
|
Yes |
Navios Obeliks |
|
Capesize |
|
2012 |
|
181,415 |
|
Yes |
Navios Felix |
|
Capesize |
|
2016 |
|
181,221 |
|
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 |
) |
Navios Holdings has the right of
first refusal and profit share on sale of vessel. |
Long-term Bareboat-in Fleet
Long-term Bareboat-in Fleet in
Operation
Vessel Name |
|
Vessel Type |
|
Year Built |
|
Deadweight (in metric tons) |
|
Purchase Option(1) |
Navios Herakles I |
|
Panamax |
|
2019 |
|
82,036 |
|
Yes |
Navios Uranus |
|
Panamax |
|
2019 |
|
81,516 |
|
Yes |
Navios Felicity I |
|
Panamax |
|
2020 |
|
81,946 |
|
Yes |
Long-term Bareboat-in Fleet to be delivered
Vessel Name |
|
Vessel Type |
|
Delivery date |
|
Deadweight (in metric tons) |
|
Purchase Option(1) |
Navios Galaxy II |
|
Panamax |
|
Q1 2020 |
|
81,600 |
|
Yes |
Navios Magellan II |
|
Panamax |
|
Q2 2020 |
|
81,000 |
|
Yes |
(1 |
) |
Generally, Navios Holdings may
exercise its purchase option after three to five years of
service. |
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