Navios Maritime Holdings Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2019
Revenue
$363.6 million for 9M 2019$141.6 million for Q3 2019
Cash from operating activities
$80.8 million for 9M 2019$38.1 million for Q3 2019
Adjusted EBITDA (a non-GAAP measure)
$233.2 million for 9M 2019$98.8 million for Q3 2019
Fleet renewal (2017-2019YTD)
- 26% decrease in average age
- 8% increase in dwt capacity
Liquidation of Navios Europe I
$13.1 million receivable as ofSeptember 30, 2019 - Liquidation expected to occur by 2019 YE
HIGHLIGHTS – RECENT DEVELOPMENTS
Sale of Management
In
The Company entered into a secured loan agreement with NSM, whereby the Company agreed to repay NSM
Agreement to
As of
Fleet Update
In
In
As of
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
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
As of
Third Quarter 2019 and 2018 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):
The third quarter 2019 and 2018 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.
Three Month Period Ended September 30, 2019 |
Three Month Period Ended September 30, 2018 |
|||||||||||
(unaudited) | (unaudited) |
|||||||||||
Revenue | $ | 141,609 | $ | 141,453 | ||||||||
Net Loss attributable to Navios Holdings’ common stockholders | $ | (39,139 | ) | $ | (1,816 | ) | ||||||
Adjusted Net Income attributable to Navios Holdings’ common stockholders | $ | 35,650 | (1) | $ | 944 | (3) | ||||||
Net cash provided by operating activities | $ | 38,117 | $ | 10,077 | ||||||||
EBITDA | $ | 24,011 | $ | 60,047 | ||||||||
Adjusted EBITDA | $ | 98,800 | (1) | $ | 62,807 | (3) | ||||||
Basic Loss attributable to Navios Holdings’ common stockholders per Share(4) | $ | (3.16 | ) | $ | (0.37 | ) | ||||||
Adjusted Basic Earnings/(Loss) attributable to Navios Holdings’ common stockholders per Share(4) | $ | 2.77 | (2) | $ | (0.14 | ) | (3) |
(1) | Adjusted EBITDA and Adjusted Net Income attributable to Navios Holdings’ common stockholders for the three month period ended September 30, 2019 exclude (i) a $61.7 million loss on loss of control of Navios Containers, (ii) a $10.6 million write-off of intangible assets incurred by one of our affiliates, (iii) a $1.7 million impairment loss relating to the sale of one drybulk vessel and (iv) a $0.8 million net loss from discontinued operations of Navios Containers. |
(2) | Adjusted Basic Earnings attributable to Navios Holdings’ common stockholders per Share for the three month period ended September 30, 2019 exclude the items referred in footnote (1) as well as a gain of $1.4 million related to the conversion of accrued dividends on private preferred stock to common stock. |
(3) | Adjusted EBITDA, Adjusted Net Income and Adjusted Basic Loss per Share for the three month period ended September 30, 2018 exclude a $2.8 million impairment loss relating to the sale of Navios Mars and Navios Sphera. |
(4) | Basic and Adjusted Basic Earnings/(Loss) attributable to Navios Holdings’ common stockholders per Share post reverse stock split adjusted for all periods presented. |
Revenue from dry bulk vessel operations for the three month period ended
Revenue from the logistics business was
Revenue of Navios Containers for the period from
Net Loss attributable to Navios Holdings’ common stockholders was
Net Income of Navios Logistics, on a standalone basis, was
Net Loss of Navios Containers, on a standalone basis, was
Adjusted EBITDA of
EBITDA of Navios Logistics, on a standalone basis, was
EBITDA of Navios Containers, on a standalone basis, was
Nine Months Ended
The information for the nine month period ended
Nine Month Period Ended September 30, 2019 |
Nine Month Period Ended September 30, 2018 |
||||||||
(unaudited) | (unaudited) | ||||||||
Revenue | $ | 363,568 | $ | 390,386 | |||||
Net Loss attributable to Navios Holdings’ common stockholders | $ | (80,874 | ) | $ | (67,965 | ) | |||
Adjusted Net Income/(Loss) attributable to Navios Holdings’ common stockholders | $ | 34,536 | (1) | $ | (51,895 | ) | (3) | ||
Net cash provided by operating activities | $ | 80,793 | $ | 39,591 | |||||
EBITDA | $ | 117,796 | $ | 118,066 | |||||
Adjusted EBITDA | $ | 233,206 | (1) | $ | 134,136 | (3) | |||
Basic Loss attributable to Navios Holdings’ common stockholders per Share(4) | $ | (3.35 | ) | $ | (6.33 | ) | |||
Adjusted Basic Earnings/(Loss) attributable to Navios Holdings’ common stockholders per Share(4) | $ | 2.33 | (2) | $ | (4.99 | ) | (3) |
(1) | Adjusted EBITDA and Adjusted Net Income attributable to Navios Holdings’ common stockholders for the nine month period ended September 30, 2019 exclude (i) a $61.7 million loss on loss of control of Navios Containers, (ii) a $25.5 million of impairment losses related to the sale of six drybulk vessels, (iii) a $13.5 million of other-than-temporary impairment (“OTTI”) loss onrelated to our investment in Navios Acquisition, (iv) a $10.6 million write-off of intangible assets incurred by one of our affiliates and (v) a $4.1 million net loss from discontinued operations of Navios Containers. |
(2) | Adjusted Basic Earnings attributable to Navios Holdings’ common stockholders per Share for the nine month period ended September 30, 2019 exclude items referred in footnote (1) 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. |
(3) | Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss per Share for the nine month period ended September 30, 2018 exclude a $16.1 million impairment loss relating to the sale of Navios Herakles, Navios Achilles, Navios Mars and Navios Sphera. |
(4) | Basic and Adjusted Basic Earnings/(Loss) attributable to Navios Holdings’ common stockholders per Share post reverse stock split adjusted for all periods presented. |
Revenue from dry bulk vessel operations for the nine month period ended
Revenue from the logistics business was
Revenue of Navios Containers for the period from
Net Loss of
Net Income of Navios Logistics, on a standalone basis, was
Net Loss of Navios Containers, on a standalone basis, was
Adjusted EBITDA of
EBITDA of Navios Logistics, on a standalone basis, was
EBITDA of Navios Containers, on a standalone basis, was
Fleet Summary Data:
The following table reflects certain key indicators indicative of the performance of
Three Month | Three Month | Nine Month | Nine Month | |||||||||||||
Period Ended | Period Ended | Period Ended | Period Ended | |||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Available Days (1) | 4,788 | 5,875 | 15,102 | 17,222 | ||||||||||||
Operating Days (2) | 4,737 | 5,858 | 14,998 | 17,161 | ||||||||||||
Fleet Utilization (3) | 98.9 | % | 99.7 | % | 99.3 | % | 99.6 | % | ||||||||
Equivalent Vessels (4) | 52 | 64 | 55 | 63 | ||||||||||||
TCE (5) | $ | 15,534 | $ | 14,210 | $ | 11,784 | $ | 12,368 |
(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,
A supplemental slide presentation will be available on the
Conference Call details:
Call Date/Time: Monday, November 25, 2019 at 8:30 am ET
Call Title: Navios Holdings Q3 2019 Financial Results Conference Call
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 697 1646
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: 697 1646
This call will be simultaneously Webcast. The Webcast will be available on the
About
About
About
About
About
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 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
Contact:
+1.212.906.8643
investors@navios.com
EXHIBIT I
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of U.S. dollars — except share and per share data)
Three Month Period Ended September 30, 2019 |
Three Month Period Ended September 30, 2018 |
Nine Month Period Ended September 30, 2019 |
Nine Month Period Ended September 30, 2018 |
||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Revenue | $ | 141,609 | $ | 141,453 | $ | 363,568 | $ | 390,386 | |||||||||
Administrative fee revenue from affiliates | 4,209 | 7,357 | 16,991 | 21,488 | |||||||||||||
Time charter, voyage and logistics business expenses | (45,946 | ) | (49,980 | ) | (137,697 | ) | (155,363 | ) | |||||||||
Direct vessel expenses(1) | (27,136 | ) | (24,959 | ) | (76,438 | ) | (73,756 | ) | |||||||||
General and administrative expenses incurred on behalf of affiliates | (4,209 | ) | (7,357 | ) | (16,991 | ) | (21,488 | ) | |||||||||
General and administrative expenses(2) | (10,293 | ) | (6,503 | ) | (25,699 | ) | (21,757 | ) | |||||||||
Depreciation and amortization | (20,142 | ) | (24,644 | ) | (62,122 | ) | (75,247 | ) | |||||||||
Interest expense and finance cost, net | (30,029 | ) | (32,734 | ) | (91,036 | ) | (97,797 | ) | |||||||||
Gain on sale of business | 9,802 | __ | 9,802 | __ | |||||||||||||
Impairment loss/ loss on sale of vessels, net | (1,673 | ) | (2,760 | ) | (25,457 | ) | (16,070 | ) | |||||||||
Gain on bond extinguishment | 12,359 | 6,464 | 33,733 | 6,464 | |||||||||||||
Loss on loss of control | (61,741 | ) | __ | (61,741 | ) | __ | |||||||||||
Other income /(expense), net | 6,925 | (1,867 | ) | 23,683 | (8,928 | ) | |||||||||||
(Loss)/ Income before equity in net earnings of affiliated companies | (26,265 | ) | 4,470 | (49,404 | ) | (52,068 | ) | ||||||||||
Equity in net losses of affiliated companies | (7,383 | ) | (4,231 | ) | (19,885 | ) | (13,720 | ) | |||||||||
(Loss)/ Income before taxes | $ | (33,648 | ) | $ | 239 | $ | (69,289 | ) | $ | (65,788 | ) | ||||||
Income tax (expense)/ benefit | (284 | ) | 380 | (832 | ) | 1,324 | |||||||||||
Net (loss)/ income from continuing operations | (33,932 | ) | 619 | (70,121 | ) | (64,464 | ) | ||||||||||
Net loss from discontinued operations | (824 | ) | __ | (4,118 | ) | __ | |||||||||||
Net (loss)/ income | (34,756 | ) | 619 | (74,239 | ) | (64,464 | ) | ||||||||||
Less: Net income attributable to the noncontrolling interest | (4,383 | ) | (2,435 | ) | (6,635 | ) | (3,501 | ) | |||||||||
Net loss attributable to Navios Holdings common stockholders | $ | (39,139 | ) | $ | (1,816 | ) | $ | (80,874 | ) | $ | (67,965 | ) | |||||
Loss attributable to Navios Holdings common stockholders, basic and diluted from continuing operations | (38,299 | ) | (4,382 | ) | (36,962 | ) | (75,644 | ) | |||||||||
Loss attributable to Navios Holdings common stockholders, basic and diluted from discontinued operations | $ | (824 | ) | __ | (4,118 | ) | __ | ||||||||||
Loss attributable to Navios Holdings common stockholders, basic and diluted | (39,123 | ) | $ | (4,382 | ) | $ | (41,080 | ) | $ | (75,644 | ) | ||||||
Basic and diluted loss per share attributable to Navios Holdings common stockholders from continuing operations | $ | (3.09 | ) | $ | (0.37 | ) | $ | (3.01 | ) | $ | (6.33 | ) | |||||
Basic and diluted loss per share attributable to Navios Holdings common stockholders from discontinued operations | $ | (0.07 | ) | $ | __ | $ | (0.34 | ) | $ | __ | |||||||
Basic and diluted loss per share attributable to Navios Holdings common stockholders | $ | (3.16 | ) | $ | (0.37 | ) | $ | (3.35 | ) | $ | (6.33 | ) | |||||
Weighted average number of shares, basic and diluted | 12,387,554 | 11,942,314 | 12,276,344 | 11,942,303 |
(1) | Includes expenses of Navios Logistics of $13.8 million and $13.9 million for the three month period ended September 30, 2019 and 2018, respectively and $41.1 million and $43.3 million for the nine month period ended September 30, 2019 and 2018, respectively. |
(2) | Includes expenses of Navios Logistics of $4.7 million and $3.4 million for the three month period ended September 30, 2019 and 2018, respectively and $12.8 million and $11.3 million for the nine month period ended September 30, 2019 and 2018, respectively. |
Period from July 1 to August 30, | Period from January 1 to August 30, | ||||||
Net loss from discontinued operations | 2019 |
2019 |
|||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | |||||
Revenue | $ | 24,415 | $ | 89,925 | |||
Time charter, voyage and port terminal expenses | (994 | ) | (3,976 | ) | |||
Direct vessel expenses | (11,363 | ) | (44,088 | ) | |||
General and administrative expenses | (1,642 | ) | (6,706 | ) | |||
Depreciation and amortization | (5,784 | ) | (22,858 | ) | |||
Interest expense and finance cost, net | (2,853 | ) | (10,519 | ) | |||
Other expense, net | (2,603 | ) | (5,896 | ) | |||
Net loss from discontinued operations | $ | (824 | ) | $ | (4,118 | ) | |
Other Financial Data
September 30, 2019 |
December 31, 2018 |
||||
(unaudited) | (unaudited) | ||||
ASSETS | |||||
Cash and cash equivalents, including restricted cash | $ | 106,523 | $ | 150,774 | |
Vessels, port terminals and other fixed assets, net | 1,381,680 | 1,898,455 | |||
Goodwill and other intangibles | 265,893 | 299,273 | |||
Operating lease assets | 314,973 | __ | |||
Other current and non-current assets | 280,727 | 333,994 | |||
Total assets | $ | 2,349,796 | $ | 2,682,496 | |
LIABILITIES AND EQUITY | |||||
Long-term debt, including current portion | $ | 417,012 | $ | 543,899 | |
Senior and ship mortgage notes, net | 1,202,219 | 1,272,108 | |||
Operating lease liabilities, current portion | 91,481 | __ | |||
Operating lease liabilities, net of current portion | 235,152 | __ | |||
Other current and non-current liabilities | 135,356 | 344,809 | |||
Total stockholders’ equity | 268,576 | 521,680 | |||
Total liabilities and stockholders’ equity | $ | 2,349,796 | $ | 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
EBITDA represents net income/(loss) attributable to
EBITDA and Adjusted EBITDA are presented to provide additional information with respect to the ability of
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 Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations
September 30, |
September 30, | ||||||
Three Month Period Ended | 2019 |
2018 |
|||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | |||||
Net cash provided by operating activities | $ | 38,117 | $ | 10,077 | |||
Net (decrease)/ increase in operating assets | (5,695 | ) | 4,409 | ||||
Net decrease in operating liabilities | 30,905 | 18,686 | |||||
Net interest cost | 32,882 | 32,734 | |||||
Deferred finance charges | (2,101 | ) | (2,318 | ) | |||
(Provision)/ recovery for losses on accounts receivable | (183 | ) | 394 | ||||
Equity in affiliates, net of dividends received | (8,967 | ) | (5,377 | ) | |||
Payments for drydock and special survey costs | 7,300 | 173 | |||||
Noncontrolling interest | (4,383 | ) | (2,435 | ) | |||
Impairment loss/ loss on sale of vessels, net | (1,673 | ) | (2,760 | ) | |||
Amortization of operating lease assets | (22,611 | ) | — | ||||
Gain on bond extinguishment | 12,359 | 6,464 | |||||
Gain on sale of business | 9,802 | — | |||||
Loss on loss of control | (61,741 | ) | — | ||||
EBITDA | $ | 24,011 | $ | 60,047 | |||
Impairment loss/ loss on sale of vessels, net | 1,673 | 2,760 | |||||
Write-off of intangible assets of affiliates | 10,551 | — | |||||
Loss on loss of control | 61,741 | — | |||||
Net loss from discontinued operations | 824 | — | |||||
Adjusted EBITDA | $ | 98,800 | $ | 62,807 |
Three Month Period Ended (in thousands of U.S. dollars) |
September 30, 2019 |
September 30, 2018 |
|||||
(unaudited) | (unaudited) | ||||||
Net cash provided by operating activities | $ | 38,117 | $ | 10,077 | |||
Net cash (used in)/provided by investing activities | $ | (15,057 | ) | $ | 74,620 | ||
Net cash used in financing activities | $ | (38,613 | ) | $ | (63,148 | ) |
Adjusted EBITDA breakdown | ||||||||
September 30, | September 30, | |||||||
Three Month Period Ended | 2019 | 2018 |
||||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | ||||||
Core shipping operations | $ | 58,598 | $ | 43,925 | ||||
Navios Logistics (including noncontrolling interest) | 27,348 | 23,113 | ||||||
Navios Containers (including noncontrolling interest) | 9,686 | — | ||||||
Equity in net earnings/ (losses) of affiliated companies | 3,168 | (4,231 | ) | |||||
Adjusted EBITDA | $ | 98,800 | $ | 62,807 |
Navios Logistics EBITDA Reconciliation to Net Income
September 30, | September 30, | |||||
Three Month Period Ended | 2019 | 2018 |
||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | ||||
Net income | $ | 14,308 | $ | 6,730 | ||
Depreciation and amortization | 7,518 | 7,255 | ||||
Amortization of deferred drydock and special survey costs | 1,583 | 2,054 | ||||
Interest expense and finance cost, net | 8,891 | 9,956 | ||||
Income tax expense/(benefit) | 225 | (447 | ) | |||
EBITDA | $ | 32,525 | $ | 25,548 |
Navios Containers Reconciliation of EBITDA to Cash from Operations
Period | July 1 to August 30, 2019 |
||
(in thousands of U.S. dollars) | (unaudited) | ||
Net cash provided by operating activities | $ | 3,347 | |
Net decrease in operating assets | (2,144 | ) | |
Net decrease in operating liabilities | 1,244 | ||
Net interest cost | 2,853 | ||
Deferred finance charges | (166 | ) | |
Payments for drydock and special survey costs | 2,934 | ||
EBITDA | $ | 8,068 |
Navios Holdings Reconciliation of EBITDA and Adjusted EBITDA to Cash from Operations
September 30, | September 30, | ||||||
Nine Month Period Ended | 2019 |
2018 |
|||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | |||||
Net cash provided by operating activities | $ | 80,793 | $ | 39,591 | |||
Net (decrease)/ increase in operating assets | (5,688 | ) | 13,742 | ||||
Net decrease/ (increase) in operating liabilities | 76,738 | (3,095 | ) | ||||
Net interest cost | 101,555 | 97,797 | |||||
Deferred finance charges | (6,293 | ) | (5,963 | ) | |||
Provision for losses on accounts receivable | (999 | ) | (418 | ) | |||
Equity in affiliates, net of dividends received | (9,961 | ) | (16,698 | ) | |||
Payments for drydock and special survey costs | 14,217 | 6,189 | |||||
Noncontrolling interest | (6,635 | ) | (3,501 | ) | |||
Other gain on assets | — | 28 | |||||
Impairment loss/ loss on sale of vessels, net | (25,457 | ) | (16,070 | ) | |||
Gain on bond extinguishment | 33,733 | 6,464 | |||||
Gain on sale of business | 9,802 | — | |||||
Loss on loss of control | (61,741 | ) | — | ||||
Amortization of operating lease asset | (68,725 | ) | — | ||||
Impairment loss on investment in affiliate | (13,543 | ) | — | ||||
EBITDA | $ | 117,796 | $ | 118,066 | |||
Impairment loss/ loss on sale of vessels, net | 25,457 | 16,070 | |||||
Impairment loss on investment in affiliate | 13,543 | — | |||||
Write-off of intangible assets of affiliates | 10,551 | — | |||||
Loss on loss of control | 61,741 | — | |||||
Net loss from discontinued operations | 4,118 | — | |||||
Adjusted EBITDA | $ | 233,206 | $ | 134,136 |
Nine Month Period Ended | September 30, 2019 |
September 30, 2018 |
|||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | |||||
Net cash provided by operating activities | $ | 80,793 | $ | 39,591 | |||
Net cash (used in)/provided by investing activities | $ | (59,762 | ) | $ | 51,870 | ||
Net cash used in financing activities | $ | (65,282 | ) | $ | (82,670 | ) |
Adjusted EBITDA breakdown | ||||||
September 30, | September 30, | |||||
Nine Month Period Ended | 2019 | 2018 |
||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | ||||
Core shipping operations | $ | 117,433 | $ | 86,598 | ||
Navios Logistics (including noncontrolling interest) | 73,572 | 61,258 | ||||
Navios Containers (including noncontrolling interest) | 37,992 | — | ||||
Equity in net earnings/ (losses) of affiliated companies | 4,209 | (13,720 | ) | |||
Adjusted EBITDA | $ | 233,206 | $ | 134,136 |
Navios Logistics EBITDA Reconciliation to Net Income
September 30, | September 30, | |||||
Nine Month Period Ended | 2019 | 2018 | ||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | ||||
Net income | $ | 29,309 | $ | 9,677 | ||
Depreciation and amortization | 22,174 | 21,635 | ||||
Amortization of deferred drydock and special survey costs | 4,041 | 5,775 | ||||
Interest expense and finance cost, net | 27,994 | 29,198 | ||||
Income tax expense/ (benefit) | 657 | (1,526 | ) | |||
EBITDA | $ | 84,175 | $ | 64,759 |
Navios Containers Reconciliation of EBITDA to Cash from Operations
January 1 to August 30, 2019 |
|||
Period | |||
(in thousands of U.S. dollars) | (unaudited) | ||
Net cash provided by operating activities | $ | 9,728 | |
Net increase in operating assets | 512 | ||
Net decrease in operating liabilities | 3,531 | ||
Net interest cost | 10,519 | ||
Deferred finance charges | (492 | ) | |
Payments for drydock and special survey costs | 6,108 | ||
EBITDA | $ | 29,906 |
EXHIBIT II
Owned Vessels
Vessel Name | Vessel Type | Year Built | Deadweight (in metric tons) |
|||
Navios Serenity | Handysize | 2011 | 34,690 | |||
Navios Hios(1) | 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 Star | 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 |
(1) Agreed to be sold
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) | ||||
King Ore | Capesize | 2010 | 176,800 | Yes | ||||
Navios Koyo | Capesize | 2011 | 181,415 | Yes | ||||
Navios Obeliks | Capesize | 2012 | 181,415 | Yes | ||||
Dream Canary | Capesize | 2015 | 180,528 | Yes | ||||
Dream Coral | Capesize | 2015 | 181,249 | 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 Chartered-in Fleet
Long-term Bareboat Chartered-in Fleet in Operation
Vessel Name | Vessel Type | Year Built |
Deadweight (in metric tons) |
Purchase Option(1) |
||||
Navios Herakles I | Panamax | 2019 | 81,600 | Yes |
Long-term Bareboat Chartered-in Fleet to be delivered
Vessel Name | Vessel Type | Delivery date | Deadweight (in metric tons) |
Purchase Option(1) |
||||
Navios Felicity I | Panamax | Q1 2020 | 81,000 | Yes | ||||
Navios Uranus | Panamax | Q4 2019 | 81,600 | Yes | ||||
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. |
Source: Navios Maritime Holdings, Inc.