Navios Maritime Holdings Inc. Reports Financial Results for the First Quarter Ended March 31, 2016
$101.5 million Revenue for Q1 2016$28.9 million cash from operations for Q1 2016$45.4 million EBITDA for Q1 2016$156.6 million of cash- Positioned to weather difficult market
- Solid Q1 performance –in historically low BDI
- Managing liquidity-
$45.0 million of cost savings initiatives - Operating efficiencies and low cost structure
HIGHLIGHTS -- RECENT DEVELOPMENTS
Cost Efficient Liquidity Management
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- Operating costs ~42% lower than industry average
Time Charter Coverage
As of
The above figures do not include the fleet of
Exhibit II provides certain details of the Core Fleet of
Earnings Highlights
EBITDA is a non-U.S. GAAP financial measure and should not be used in isolation or as substitution for
See Exhibit I under the heading, "Disclosure of Non-GAAP Financial Measures," for a discussion of EBITDA of
First Quarter 2016 and 2015 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):
The first quarter 2016 and 2015 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.
Three Month Period Ended |
Three Month Period Ended |
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March 31, | March 31, | |||||||||
2016 | 2015 | |||||||||
(unaudited) | (unaudited) | |||||||||
Revenue | $ | 101,487 | $ | 118,280 | ||||||
Net Loss | $ | (7,465 | ) | $ | (26,678 | ) | ||||
EBITDA | $ | 45,424 | $ | 26,241 | ||||||
Basic Loss per Share | $ | (0.11 | ) | $ | (0.29 | ) |
Revenue from dry bulk vessel operations for the three months ended
Revenue from the logistics business was
Net Loss of
EBITDA of
EBITDA of Navios Logistics was
Fleet Summary Data:
The following table reflects certain key indicators indicative of the performance of the
Three Month | Three Month | |||||||
Period Ended | Period Ended | |||||||
March 31, | March 31, | |||||||
2016 | 2015 | |||||||
(unaudited) | (unaudited) | |||||||
Available Days (1) | 5,960 | 5,339 | ||||||
Operating Days (2) | 5,861 | 5,289 | ||||||
Fleet Utilization (3) | 98.4 | % | 99.1 | % | ||||
Equivalent Vessels (4) | 65 | 59 | ||||||
TCE (5) | $ | 7,008 | $ | 7,196 |
(1 | ) | Available days for the fleet are total calendar days the vessels were in Navios Holdings' possession for the relevant period after subtracting off-hire days associated with major repairs, drydocking or special surveys. The shipping industry uses available days to measure the number of days in a relevant period during which vessels should be capable of generating revenues. | ||||||
(2 | ) | Operating days are the number of available days in the relevant period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues. | ||||||
(3 | ) | Fleet utilization is the percentage of time that Navios Holdings' vessels were available for generating revenue, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels. | ||||||
(4 | ) | Equivalent Vessels is defined as the total available days during a relevant period divided by the number of days of this period. | ||||||
(5 | ) | TCE is defined as voyage and time charter revenues less voyage expenses during a relevant period divided by the number of available days during the period. |
Conference Call:
As previously announced,
A supplemental slide presentation will be available on the
Conference Call details:
Call Date/Time:
Call Title:
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 9126 5797
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: 9126 5797
This call will be simultaneously Webcast. The Webcast will be available on the
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Forward Looking Statements - Safe Harbor
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including 2016 cash flow generation, future contracted revenues, opportunities to reinvest cash accretively in a fleet renewal program or otherwise, potential capital gains, our ability to take advantage of dislocation in the market, and
EXHIBIT I | |||||||||||||||||||
NAVIOS MARITIME HOLDINGS INC. | |||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
(Expressed in thousands of U.S. dollars - except share and per share data) | |||||||||||||||||||
Three Month | Three Month | ||||||||||||||||||
Period Ended | Period Ended | ||||||||||||||||||
March 31, 2016 | March 31, 2015 | ||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||
Revenue | $ | 101,487 | $ | 118,280 | |||||||||||||||
Administrative fee revenue from affiliates | 5,482 | 3,922 | |||||||||||||||||
Time charter, voyage and logistics business expenses | (46,381 | ) | (69,934 | ) | |||||||||||||||
Direct vessel expenses(1) | (30,074 | ) | (30,817 | ) | |||||||||||||||
General and administrative expenses incurred on behalf of affiliates | (5,482 | ) | (3,922 | ) | |||||||||||||||
General and administrative expenses(2) | (6,438 | ) | (6,811 | ) | |||||||||||||||
Depreciation and amortization | (19,827 | ) | (21,205 | ) | |||||||||||||||
Interest expense and finance cost, net | (27,750 | ) | (28,038 | ) | |||||||||||||||
Other income/(expense), net | 11,664 | (1,914 | ) | ||||||||||||||||
Loss before equity in net earnings of affiliated companies | (17,319 | ) | (40,439 | ) | |||||||||||||||
Equity in net earnings of affiliated companies | 12,952 | 13,912 | |||||||||||||||||
Loss before taxes | $ | (4,367 | ) | $ | (26,527 | ) | |||||||||||||
Income tax (expense)/benefit | (1,045 | ) | 148 | ||||||||||||||||
Net loss | (5,412 | ) | (26,379 | ) | |||||||||||||||
Less: Net income attributable to the noncontrolling interest | (2,053 | ) | (299 | ) | |||||||||||||||
Net loss attributable to Navios Holdings common stockholders | $ | (7,465 | ) | $ | (26,678 | ) | |||||||||||||
Loss attributable to Navios Holdings common stockholders, basic and diluted |
$ | (11,437 | ) | $ | (30,751 | ) | |||||||||||||
Basic and diluted loss per share attributable to Navios Holdings common stockholders |
$ | (0.11 | ) | $ | (0.29 | ) | |||||||||||||
Weighted average number of shares, basic and diluted | 106,036,603 | 105,099,690 | |||||||||||||||||
(1) Includes expenses of Navios Logistics of
(2) Includes expenses of Navios Logistics of
NAVIOS MARITIME HOLDINGS INC. | |||||||||||||||||||
Other Financial Data | |||||||||||||||||||
March 31, 2016 |
December 31, 2015 |
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(unaudited) | (unaudited) | ||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents, including restricted cash | $ | 156,638 | $ | 176,892 | |||||||||||||||
Other current assets | 137,987 | 126,067 | |||||||||||||||||
Deposits for vessels, port terminals and other fixed assets | 62,712 | 73,949 | |||||||||||||||||
Vessels, port terminal and other fixed assets, net | 1,892,027 | 1,823,961 | |||||||||||||||||
Other noncurrent assets | 457,082 | 447,151 | |||||||||||||||||
Goodwill and other intangibles | 307,734 | 310,793 | |||||||||||||||||
Total assets | $ | 3,014,180 | $ | 2,958,813 | |||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||
Current liabilities, including current portion of long-term debt, net | 235,965 | 226,856 | |||||||||||||||||
Senior and ship mortgage notes, net | 1,351,911 | 1,350,941 | |||||||||||||||||
Long-term debt, net of current portion | 252,446 | 213,423 | |||||||||||||||||
Other noncurrent liabilities | 69,696 | 57,041 | |||||||||||||||||
Total stockholders’ equity | 1,104,162 | 1,110,552 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,014,180 | $ | 2,958,813 |
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Three Month Period Ended March 31, 2016 |
Three Month Period Ended March 31, 2015 |
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(unaudited) | (unaudited) | |||||||||||||||||||
Net cash provided by/(used in) operating activities | $ | 28,940 | $ | (356 | ) | |||||||||||||||
Net cash used in investing activities | $ | (84,663 | ) | $ | (7,297 | ) | ||||||||||||||
Net cash provided by/(used in) financing activities | $ | 47,074 | $ | (40,126 | ) |
Disclosure of Non-GAAP Financial Measures
EBITDA represents net (loss)/income attributable to
EBITDA is presented to provide additional information with respect to the ability of
Navios Logistics EBITDA is used to measure the company's operating performance.
The following tables provide a reconciliation of EBITDA of
Navios Holdings Reconciliation of EBITDA to Cash from Operations | ||||||||||||
March 31, | March 31, | |||||||||||
Three Months Ended | 2016 | 2015 | ||||||||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | ||||||||||
Net cash provided by/(used in) operating activities | $ | 28,940 | $ | (356 | ) | |||||||
Net increase/(decrease) in operating assets | 11,329 | (31,938 | ) | |||||||||
Net (increase)/decrease in operating liabilities | (29,403 | ) | 18,287 | |||||||||
Net interest cost | 27,750 | 28,038 | ||||||||||
Deferred finance charges | (1,284 | ) | (1,109 | ) | ||||||||
Provision for losses on accounts receivable | (106 | ) | (66 | ) | ||||||||
Equity in affiliates, net of dividends received | 8,888 | 5,053 | ||||||||||
Payments for drydock and special survey | 1,363 | 8,631 | ||||||||||
Noncontrolling interest | (2,053 | ) | (299 | ) | ||||||||
EBITDA | $ | 45,424 | $ | 26,241 |
Navios Logistics EBITDA Reconciliation to Net Income | ||||||||||
March 31, | March 31, | |||||||||
Three Months Ended | 2016 | 2015 | ||||||||
(in thousands of U.S. dollars) | (unaudited) | (unaudited) | ||||||||
Net income | $ | 5,674 | $ | 826 | ||||||
Depreciation and amortization | 6,674 | 6,467 | ||||||||
Amortization of deferred drydock and special survey costs |
1,598 | 1,711 | ||||||||
Interest expense and finance cost, net | 6,204 | 6,813 | ||||||||
Income tax expense/(benefit) | 976 | (218 | ) | |||||||
EBITDA | $ | 21,126 | $ | 15,599 |
EXHIBIT II | ||||||
Owned Vessels | ||||||
Vessel Name | Vessel Type | Year Built | Deadweight (in metric tons) |
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Navios Serenity | Handysize | 2011 | 34,690 | |||
Navios Ionian | Ultra Handymax | 2000 | 52,067 | |||
Navios Horizon | Ultra Handymax | 2001 | 50,346 | |||
Navios Herakles | Ultra Handymax | 2001 | 52,061 | |||
Navios Achilles | Ultra Handymax | 2001 | 52,063 | |||
Navios Vector | Ultra Handymax | 2002 | 50,296 | |||
Navios Meridian | Ultra Handymax | 2002 | 50,316 | |||
Navios Mercator | Ultra Handymax | 2002 | 53,553 | |||
Navios Arc | Ultra Handymax | 2003 | 53,514 | |||
Navios Hios | Ultra Handymax | 2003 | 55,180 | |||
Navios Kypros | Ultra Handymax | 2003 | 55,222 | |||
Navios Astra | Ultra Handymax | 2006 | 53,468 | |||
Navios Ulysses | Ultra Handymax | 2007 | 55,728 | |||
Navios Celestial | Ultra Handymax | 2009 | 58,063 | |||
Navios Vega | Ultra Handymax | 2009 | 58,792 | |||
Navios Magellan | Panamax | 2000 | 74,333 | |||
Navios Star | Panamax | 2002 | 76,662 | |||
Navios Northern Star |
Panamax | 2005 | 75,395 | |||
Navios Amitie | Panamax | 2005 | 75,395 | |||
Navios Taurus | Panamax | 2005 | 76,596 | |||
Navios Asteriks | Panamax | 2005 | 76,801 | |||
Navios Galileo | Panamax | 2006 | 76,596 | |||
N Amalthia | Panamax | 2006 | 75,318 | |||
N Bonanza | Panamax | 2006 | 76,596 | |||
Navios Avior | Panamax | 2012 | 81,355 | |||
Navios Centaurus | Panamax | 2012 | 81,472 | |||
Navios Sphera | Panamax | 2016 | 84,872 | |||
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 | |||
Navios Mars | Capesize | 2016 | 181,259 |
Long term Chartered-in Fleet in Operation | ||||||||
Vessel Name | Vessel Type | Year Built |
Deadweight (in metric tons) |
Purchase Option(1) |
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Navios Lyra | Handysize | 2012 | 34,718 | Yes (2) | ||||
Navios Primavera | Ultra Handymax | 2007 | 53,464 | Yes | ||||
Navios Oriana | Ultra Handymax | 2012 | 61,442 | Yes | ||||
Navios Mercury | Ultra Handymax | 2013 | 61,393 | Yes | ||||
Navios Venus | Ultra Handymax | 2015 | 61,339 | Yes | ||||
Navios Aldebaran | Panamax | 2008 | 76,500 | Yes | ||||
Navios Marco Polo | Panamax | 2011 | 80,647 | Yes | ||||
Navios Southern Star |
Panamax | 2013 | 82,224 | Yes | ||||
Sea Victory | Panamax | 2014 | 77,095 | Yes | ||||
Navios Sky | Panamax | 2015 | 82,056 | Yes | ||||
Navios Amber | Panamax | 2015 | 80,994 | Yes | ||||
Beaufiks | Capesize | 2004 | 180,310 | Yes | ||||
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 | ||||
Long-term Chartered-in Fleet to be Delivered | ||||||||
Vessel | Delivery | Deadweight | Purchase | |||||
Vessels | Type | Date | (in metric tons) | Option | ||||
Navios Felix | Capesize | Q4 2016 | 180,000 | Yes | ||||
Navios Coral | Panamax | Q4 2016 | 84,000 | Yes | ||||
Navios Citrine | Panamax | Q1 2017 | 81,000 | Yes | ||||
Navios Dolphin | Panamax | Q1 2017 | 81,000 | Yes |
(1 | ) | Generally, Navios Holdings may exercise its purchase option after three to five years of service. | |
(2 | ) | Navios Holdings holds the initial 50% purchase option on the vessel. |
Contact:Navios Maritime Holdings Inc. +1.212.906.8643 investors@navios.com