Navios Maritime Holdings Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2011
(firmenpresse) - PIRAEUS, GREECE -- (Marketwire) -- 02/23/12 -- Navios Maritime Holdings Inc. (NYSE: NM)
Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the fourth quarter and year ended December 31, 2011.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Holdings, stated, "We are pleased to report a solid year and a good quarter despite a difficult market. Our focus during this period has been to efficiently manage the operations of our global fleet. As a result, we are well positioned for 2012. We have fleet coverage of about 77%, our capex is fully funded and we have no material debt maturities until 2017."
Ms. Frangou continued, "We maintain a solid balance sheet and reward our shareholders through consistent dividend payments. Consequently, we declared a $.06 dividend for Q4 2011."
Navios Holdings has long-term fleet employment for periods up to 11 years. As of February 22, 2012, Navios Holdings had chartered-out 77.2% and 41.4% of available days for 2012 and 2013, respectively, equivalent to $261.4 million and $179.1 million in revenue, respectively. The average daily charter-out rate for the core fleet is $23,792 and $29,625 for 2012 and 2013, respectively. The average daily charter-in rate for the active long-term charter-in vessels for 2012 is $12,592.
The above figures do not include the fleet of Navios South American Logistics Inc. ("Navios Logistics") and vessels servicing Contracts of Affreightment ("COA").
Net Debt to Total Capitalization was 50.8% as of December 31, 2011. Navios Holdings' total available liquidity, including lines of credit, as of December 31, 2011 was approximately $229.6 million. Navios Holdings has no further newbuilding vessel capital expenditures commitments for the vessels Navios Centaurus and Navios Avior, which are scheduled for delivery in the first and second quarter of 2012, respectively.
The Board of Directors declared a quarterly cash dividend for the fourth quarter of 2011 of $0.06 per share of common stock. The dividend is payable on April 12, 2012 to stockholders of record as of March 22, 2012. The declaration and payment of any further dividend remain subject to the discretion of the Board and will depend on, among other things, Navios Holdings' cash requirements after taking into account market opportunities, restrictions under its credit agreements and other debt obligations and such other factors as the Board may deem advisable.
On February 14, 2012, Navios Holdings received $6.7 million representing the cash distribution from Navios Partners for the fourth quarter of 2011.
Navios Logistics revenue and EBITDA increased by 25% and 20%, respectively, for the year ended December 31, 2011 compared to the same period in 2010.
Navios Holdings controls a fleet of 57 vessels totalling 5.8 million dwt, of which 30 are owned and 27 are chartered-in under long-term charters. Navios Holdings currently operates 45 vessels (17 Capesize, ten Panamax, 17 Ultra-Handymax and one Handysize) totalling 4.8 million dwt. Additionally, Navios Holdings has agreed to acquire two newbuilding Panamax vessels expected to be delivered in March and April 2012 and has ten newbuilding charter-in vessels expected to be delivered at various dates through 2013 (the "Core Fleet"). The current average age of the operating fleet is 5.3 years.
Exhibit II provides certain details of the "Core Fleet" of Navios Holdings. It does not include the fleet of Navios Logistics.
Revenue increased by 2.4% to $168.4 million for the three month period ended December 31, 2011 from $164.5 million for the same period in 2010.
As of December 31, 2011, Navios Holdings' total Net Debt to book capitalization was 50.8% and liquidity was $229.6 million including available undrawn revolving credit facilities.
The quarterly 2011 and 2010 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings per Share are non-U.S. GAAP financial measures, and should not be used in isolation or as substitution for Navios Holdings' results.
From March 30, 2011, Navios Maritime Acquisition Corporation ("Navios Acquisition") is no longer consolidated and is accounted for under the equity method of accounting. The table and the discussion below exclude the impact of the consolidation of Navios Acquisition and are presented to provide investors with a clearer picture of Navios Holdings on a going forward basis.
See Exhibit I under the heading, "Disclosure of Non-GAAP Financial Measures" for a discussion of EBITDA and Adjusted EBITDA of Navios Holdings, on a consolidated basis, Navios Acquisition and Navios Logistics, and a reconciliation of such measures to the most comparable measures under U.S. GAAP.
(*) Adjusted EBITDA, Adjusted Net Income and Adjusted Basic Earnings Per Share for the three months ended December 31, 2011 excludes a $1.7 million accounting loss related to the settlement in shares of part of the outstanding receivables from Korea Line Corporation.
Adjusted EBITDA, Adjusted Net income and Adjusted Basic Earnings Per Share for the three months ended December 31, 2010 excludes (i) $29.3 million of gain on the sale of the Navios Fulvia and the Navios Melodia to Navios Partners; and (ii) a $3.8 million gain on the buyback of the convertible notes.
Navios Holdings' consolidated revenue for the three months ended December 31, 2011 increased by $3.9 million to $168.4 million as compared to $164.5 million for the same period during 2010.
Revenue from drybulk vessel operations for the three months ended December 31, 2011 was $101.6 million as compared to $119.7 million for the same period during 2010. The decrease in drybulk revenue was mainly attributable to a decrease in Time Charter Equivalents ("TCE") per day by 18.4% to $21,460 per day in the fourth quarter of 2011 as compared to $26,282 per day in the same period of 2010. This decrease was partially offset by (i) an increase in short-term charter-in and long-term charter-in fleet available days by 112 days and 126 days, respectively, and (ii) an increase in available days for owned vessels to 2,566 days in the fourth quarter of 2011 from 2,350 days in the same period of 2010.
Revenue from the logistics business was $66.8 million for the three months ended December 31, 2011 as compared to $44.8 million for the same period of 2010. This increase was mainly attributable to: (i) an increase in the Paraguayan liquid port's volume; (ii) an increase in the price of products sold; and (iii) an increase in the volume of iron ore transported.
EBITDA of Navios Holdings for the three months ended December 31, 2011 decreased by $42.4 million to $63.9 million as compared to $106.3 million for the same period of 2010. EBITDA of Navios Holdings for the three months ended December 31, 2011 and 2010 has been affected by the items mentioned above. Therefore, Adjusted EBITDA of Navios Holdings for the three months ended December 31, 2011 decreased by $7.5 million to $65.7 million as compared to $73.2 million for the same period of 2010. The $7.5 million decrease in Adjusted EBITDA was primarily due to: (i) an increase in time charter, voyage and port terminal expenses of $8.8 million; (ii) an increase in direct vessel expenses (excluding the amortization of deferred dry dock and special survey costs) of $2.9 million and (iii) an increase in other expenses of $8.0 million. The overall variance of $19.7 million was partially offset by: (i) an increase in revenue (excluding the accounting loss related to the settlement in shares of part of the outstanding receivables from Korea Line Corporation) of $5.7 million to $170.2 million in the three months ended December 31, 2011 from $164.5 million in the same period of 2010; (ii) a decrease in general and administrative expenses of $0.9 million (excluding share-based compensation expenses); (iii) a decrease in loss from derivatives of $3.7 million and (iv) a decrease of $1.9 million in income attributable to the noncontrolling interest.
EBITDA of Navios Logistics was $10.1 million for the three month period ended December 31, 2011 as compared to $9.7 million for the same period in 2010.
Net income of Navios Holdings for the three months ended December 31, 2011 was $11.8 million as compared to $57.5 million for the same period of 2010. Net income of Navios Holdings for the three months ended December 31, 2011 and 2010 has been affected by the items mentioned above. Therefore,Adjusted Net Income of Navios Holdings for the three month period ended December 31, 2011 was $13.6 million as compared to $24.4 million for the same period of 2010. The decrease of Adjusted Net Income by $10.8 million was mainly due to: (i) a decrease in Adjusted EBITDA of $7.5 million; (ii) an increase in interest income/expense and finance cost, net of $1.1 million; (iii) an increase in depreciation and amortization of $2.1 million; (iv) an increase of $0.5 million in amortization for drydock and special survey costs; and (v) an increase of $0.5 million in share-based compensation expense. This decrease was partially offset by a decrease in income taxes of $0.9 million.
The information for the year ended December 31, 2011 and 2010 (excluding consolidation of Navios Acquisition) presented below was derived from the unaudited condensed consolidated financial statements for the respective periods. The information for the year ended December 31, 2010 was derived from the audited consolidated financial statements for such period. EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-U.S. GAAP financial measures, and should not be used in isolation or as substitution for Navios Holdings' results.
From March 30, 2011, Navios Acquisition is no longer consolidated and is accounted for under the equity method of accounting. The table and the discussion below exclude the impact of the consolidation of Navios Acquisition and are presented to provide investors with a clearer picture of Navios Holdings on a going forward basis.
See Exhibit I under the heading, "Disclosure of Non-GAAP Financial Measures" for a discussion of EBITDA and Adjusted EBITDA of Navios Holdings, on a consolidated basis, Navios Acquisition and Navios Logistics, and a reconciliation of such measures to the most comparable measures under U.S. GAAP.
(*) Adjusted EBITDA, Adjusted Net Income and Adjusted Basic Earnings Per Share for the year ended December 31, 2011 excludes (i) $21.2 million of expenses relating to the bond extinguishment in January 2011; (ii) a $35.3 million loss on deconsolidation of Navios Acquisition; (iii) a $38.8 million gain on the sale of Navios Luz and Navios Orbiter to Navios Partners and (iv) a $1.7 million accounting loss related to the settlement in shares of part of the outstanding receivables from Korea Line Corporation.
Adjusted EBITDA, Adjusted Net Income and Adjusted Basic Earnings Per Share for the year ended December 31, 2010 excludes (i) $55.4 million of gain on the sale of the vessels Navios Hyperion, Navios Aurora II, Navios Pollux, Navios Melodia and Navios Fulvia to Navios Partners; (ii) a $17.7 million gain recognized as a result of obtaining control of Navios Acquisition as of May 28, 2010; (iii) a $4.0 million write-off of an unfavourable short-term charter and (iv) a $3.8 million gain on the buyback of the convertible notes.
Navios Holdings' consolidated revenue for the year ended December 31, 2011 increased by $17.8 million to $664.2 million as compared to $646.4 million for the year ended December 31, 2010.
Revenue from drybulk vessel operations for the year ended December 31, 2011 was $429.5 million as compared to $458.4 million for the year ended December 31, 2010. The decrease in drybulk revenue was mainly attributable to: (i) a decrease in short-term charter-in and long-term charter-in fleet available days by 275 days and 754 days, respectively, and (ii) a decrease in TCE per day by 9.3% to $23,160 per day during the year ended December 31, 2011 as compared to $25,527 per day during the year ended December 31, 2010. This decrease was partially offset by an increase in available days for owned vessels by 17.7% to 10,214 days during the year ended December 31, 2011 from 8,680 days during the year ended December 31, 2010.
Revenue from the logistics business was $234.7 million for the year ended December 31, 2011 as compared to $188.0 million for the year ended December 31, 2010. This increase was mainly attributable to: (i) the new vessels, the San San H (formerly known as the Jiujiang) and the Stavroula, which commenced operations in October 2010 and March 2011, respectively; (ii) an increase in the volumes of iron ore transported; and (iii) an increase in the price of products sold.
EBITDA of Navios Holdings for the year ended December 31, 2011 decreased by $92.8 million to $245.9 million as compared to $338.7 million for the year ended December 31, 2010. EBITDA of Navios Holdings for the year ended December 31, 2011 and 2010 has been affected by the items mentioned above. Therefore, Adjusted EBITDA of Navios Holdings for the year ended December 31, 2011 decreased by $0.3 million to $265.4 million as compared to $265.7 million for the year ended December 31, 2010. The $0.3 million decrease in Adjusted EBITDA was primarily due to: (i) an increase in direct vessel expenses (excluding the amortization of deferred dry dock and special survey costs) of $19.5 million; (ii) an increase in general and administrative expenses of $0.9 million (excluding share-based compensation expenses); (iii) a $0.4 million increase in losses from derivatives (excluding the gain on the buyback of the convertible notes); (iv) a $9.6 million increase in net other expenses (excluding the write-off of an unfavorable short term charter); and (v) a decrease in equity in earnings by $5.3 million. The overall variance of $35.7 million was partially offset by: (i) an increase in revenue (excluding the accounting loss related to the settlement in shares of part of the outstanding receivables from Korea Line Corporation) of $19.6 million to $666.0 million for the year ended December 31, 2011 from $646.4 million for the year ended December 31, 2010; (ii) a decrease in time charter, voyage and port terminal expenses of $12.6 million; and (iii) a decrease of $3.2 million in income attributable to the noncontrolling interest.
EBITDA of Navios Logistics was $39.0 million for the year ended December 31, 2011 as compared to $32.5 million during the year ended December 31, 2010.
Net income of Navios Holdings for the year ended December 31, 2011 was $42.3 million as compared to $154.1 million for the year ended December 31, 2010. Net income of Navios Holdings for the year ended December 31, 2011 and 2010 has been affected by the items mentioned above. Therefore, Adjusted Net Income of Navios Holdings for the year ended December 31, 2011 was $61.7 million as compared to $81.1 million for the year ended December 31, 2010. The decrease of Adjusted Net Income by $19.4 million was mainly due to (i) a decrease in Adjusted EBITDA of $0.3 million; (ii) an increase in interest income/expense and finance cost, net of $8.0 million; (iii) an increase in depreciation and amortization of $7.7 million; (iv) an increase of $2.1 million in amortization for drydock and special survey costs; and (v) an increase of $1.8 million in share-based compensation expense. This decrease was partially offset by a decrease in income taxes of $0.5 million.
The following table reflects certain key indicators indicative of the performance of the Navios Holdings drybulk operations (excluding Navios Acquisition and Navios Logistics fleet) and its fleet performance for the three and twelve month periods ended December 31, 2011 and 2010.
(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.
As previously announced, Navios Holdings will host a conference call today, February 23, 2012, at 8:30 am ET, at which time Navios Holdings' senior management will provide highlights and commentary on the financial results of the fourth quarter and year ended December 31, 2011.
A supplemental slide presentation will be available on the Navios Holdings website at under the "Investors" section at 7:45 am ET.
Conference Call details:
Call Date/Time: February 23, 2012, at 8:30 am ET
Call Title: Navios Holdings Q4 2011 and FY 2011 Financial Results Conference Call
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 4054 2536
The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:
US Replay Dial In: 800.585.8367
International Replay Dial In: +1.404.537.3406
Conference ID: 4054 2536
This call will be simultaneously Webcast. The Webcast will be available on the Navios Holdings website, , under the "Investors" section. The Webcast will be archived and available at the same Web address for two weeks following the call.
Navios Maritime Holdings Inc. (NYSE: NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain.
For more information about Navios Holdings please visit our website: .
Navios South American Logistics Inc. ("Navios Logistics") 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 terminal, river barge and coastal cabotage operations. For more information about Navios Logistics please visit its website:
Navios Partners (NYSE: NMM) is a publicly traded master limited partnership which owns and operates dry cargo vessels. For more information, please visit its website: .
Navios Acquisition (NYSE: NNA) is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. For more information about Navios Acquisition, please visit its website: .
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios Holdings' growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenues and time charters. Although Navios Holdings believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Holdings. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for drybulk vessels; competitive factors in the market in which Navios Holdings operates; risks associated with operations outside the United States; and other factors listed from time to time in Navios Holdings' filings with the Securities and Exchange Commission. Navios Holdings expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Holdings' expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes, if any, unless otherwise stated. Adjusted EBITDA represents EBITDA excluding certain items as described under "Financial Highlights." EBITDA and Adjusted EBITDA are "non-GAAP financial measure" and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.
EBITDA is presented to provide additional information with respect to the ability of Navios Holdings, Navios Acquisition and Navios Logistics to satisfy its obligations including debt service, capital expenditures, working capital requirements and payment of dividends. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.
The following tables provide a reconciliation of EBITDA, of Navios Holdings, Navios Acquisition and Navios Logistics, which in the case of Navios Holdings is on a consolidated basis, and Adjusted EBITDA of Navios Holdings, Navios Acquisition and Navios Logistics, which in the case of Navios Holdings is on a consolidated basis (as defined in the notes to the tables):
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