Navios Maritime Holdings Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2012
(firmenpresse) - PIRAEUS, GREECE -- (Marketwire) -- 02/19/13 -- Navios Maritime Holdings Inc. (NYSE: NM)
Navios Maritime Holdings Inc. ("Navios Holdings" or "the Company") (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the fourth quarter and year ended December 31, 2012.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Holdings stated, "I believe that Navios Holdings is poised to capture any upturn in the market. During the past few years, as the maritime industry suffered, we focused our energies on controlling that which we could. Today, we not only have excellent cost controls and superb technical management capabilities, we also have a strong balance sheet. As a result, we continue returning capital to our shareholders through dividend payments and declared a $0.06 dividend for Q4 2012 to shareholders of record on March 20, 2013."
In Q4 of 2012, Navios Holdings restructured the insurance arrangement with its credit default insurer. In connection with this restructuring, Navios Holdings received:
(i) a $175.4 million lump sum cash payment from the credit default insurer; and
(ii) $41.2 million of revenue covered under the restructured credit default insurance policy.
As part of restructuring of the credit default insurance and pursuant to the management agreement between the parties, Navios Holdings agreed to provide supplemental charter insurance for $76.7 million of charters to Navios Maritime Partners L.P. ("Navios Partners"), with a maximum cash payment of $20.0 million.
Navios Holdings has $41.2 million of charters participating in the pool insurance coverage from its credit default insurer. The pool insurance covers charters totaling $217.1 million of both Navios Holdings and Navios Partners, with a maximum cash payment of $120.0 million.
Net Debt to Total Capitalization was 42% as of December 31, 2012. Navios Holdings' total liquidity, including lines of credit, as of December 31, 2012 was approximately $352.6 million.
As of February 18, 2013, Navios Holdings had chartered-out 46.8% and 8.6% of available days for 2013 and 2014, respectively, equivalent to $93.2 million and $32.7 million in revenue, respectively. The average daily charter-out rate for the core fleet is $13,411 and $25,595 for 2013 and 2014, respectively. The average daily charter-in rate for the active long-term charter-in vessels for 2013 is $13,927.
The above figures do not include the fleet of Navios South American Logistics Inc. ("Navios Logistics") and vessels servicing Contracts of Affreightment.
On February 15, 2013, the Board of Directors declared a quarterly cash dividend for the fourth quarter of 2012 of $0.06 per share of common stock. The dividend is payable on March 27, 2013 to stockholders of record as of March 20, 2013. 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 8, 2013, Navios Logistics agreed to acquire Energias Renovables del Sur S.A. ("Energias"), an Uruguayan company, for a total consideration of $2.0 million. Energias controls approximately 12 hectares of undeveloped land located in the Nueva Palmira free zone in Uruguay, near to Navios Logistics' existing port. Navios Logistics plans on developing this land in expanding its port operations.
On February 14, 2013, Navios Holdings received $7.3 million representing the cash dividend from Navios Partners for the fourth quarter of 2012.
On January 4, 2013, Navios Holdings received $1.3 million representing the cash dividend from Navios Acquisition for the third quarter of 2012.
Navios Holdings controls a fleet of 50 vessels totaling 5.1 million dwt, of which 30 are owned and 20 are chartered-in under long-term charters (collectively, the "Core Fleet"). Navios Holdings currently operates 46 vessels (16 Capesize, 10 Panamax, 18 Ultra-Handymax and two Handysize) totaling 4.7 million dwt. Additionally, Navios Holdings has four newbuilding charter-in vessels expected to be delivered at various dates through December 2013. The current average age of the operating fleet is 6.0 years.
Exhibit II provides certain details of the "Core Fleet" of Navios Holdings. It does not include the fleet of Navios Logistics.
The fourth quarter 2012 and 2011 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA is a non-U.S. GAAP financial measure and should not be used in isolation or as substitution for Navios Holdings' results.
See Exhibit I under the heading, "Disclosure of Non-GAAP Financial Measures," for a discussion of EBITDA of Navios Holdings, on a consolidated basis, and Navios Logistics, and a reconciliation of such measure to the most comparable measure under U.S. GAAP.
Revenue from drybulk vessel operations for the three months ended December 31, 2012 was $69.9 million as compared to $101.6 million for the same period during 2011. The decrease in drybulk revenue was mainly attributable to (i) a decrease in the time charter equivalent rate ("TCE") per day by 39.2% to $12,805 per day in the fourth quarter of 2012 as compared to $21,068 per day in the same period of 2011 and (ii) a decrease in the short-term charter-in fleet available days of 367 days. This decrease was partially offset by (i) an increase in available days for owned vessels by 6.8% to 2,741 days in the fourth quarter of 2012 from 2,566 days in the same period of 2011 and (ii) an increase in the long-term charter-in fleet available days of 436 days.
Revenue from the logistics business was $58.6 million for the three months ended December 31, 2012 as compared to $66.8 million for the same period of 2011.This decrease was mainly attributable to the decrease in the Paraguayan liquid port's volume of products sold and a decrease in revenues from liquid cargo transportation in the barge business.
EBITDA of Navios Holdings for the three months ended December 31, 2012 increased by $141.7 million to $205.6 million as compared to $63.9 million for the same period of 2011. The $141.7 million increase in EBITDA was primarily due to: (i) a $10.4 million decrease in time charter, voyage and logistics business expenses; (ii) a $0.2 million increase in gains from derivatives; (iii) a $1.2 million increase in equity in net earnings from affiliated companies; (iv) a $1.0 million decrease in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs) and (v) a $170.6 million increase in other income, net (positively affected from defaulted charters' compensation and related accounts, net). The overall variance of $183.4 million was mitigated by: (i) a decrease in revenue of $40.0 million (affected by defaulted charters' loss and the accounting loss related to the settlement in shares of part of the outstanding receivables from Korea Line Corporation in 2011); (ii) an increase in general and administrative expenses of $1.6 million (excluding share based compensation expenses); and (iii) a $0.1 million increase in net income attributable to the noncontrolling interest.
EBITDA of Navios Logistics was $10.9 million for the three month period ended December 31, 2012 as compared to $10.1 million for the same period in 2011.
Net income of Navios Holdings for the three months ended December 31, 2012 was $146.6 million as compared to $11.8 million for the same period of 2011. The increase of Net Income by $134.8 million was mainly due to: (i) an increase in EBITDA of $141.7 million; (ii) a decrease in share-based compensation expense of $0.1 million and (iii) a decrease in income taxes of $0.1 million. This increase was partially offset by: (i) an increase in interest income/expense and finance cost, net of $ 1.8 million; (ii) an increase in depreciation and amortization of $4.9 million (including the accelerated amortization of intangibles); and (iii) an increase of $0.4 million in amortization for deferred drydock and special survey costs.
The information for the year ended December 31, 2012 and 2011 (excluding consolidation of Navios Acquisition, with respect to the year ended December 31, 2011) presented below was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA is a non-U.S. GAAP financial measure, 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 (with respect to the year ended December 31, 2011) exclude the impact 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 of Navios Holdings, on a consolidated basis, Navios Acquisition and Navios Logistics, and a reconciliation of such measure to the most comparable measure under U.S. GAAP.
Navios Holdings' total consolidated revenue for the year ended December 31, 2012 decreased by $47.7 million to $616.5 million as compared to $664.2 million for the same period during 2011.
Revenue from drybulk vessel operations for the year ended December 31, 2012 was $369.5 million as compared to $429.5 million for the same period during 2011. The decrease in drybulk revenue was mainly attributable to: (i) a decrease in TCE per day by 21.2% to $18,167 per day during the year ended December 31, 2012 as compared to $23,064 per day in the same period of 2011 and (ii) a decrease in the short-term charter-in fleet available days of 1,544 days. This decrease was partially offset by: (i) an increase in available days for owned vessels by 5.3% to 10,757 days during year ended December 31, 2012 from 10,214 days in the same period of 2011 and (ii) an increase in the long-term charter-in fleet available days of 2,167 days.
Revenue from the logistics business was $247.0 million for the year ended December 31, 2012 as compared to $234.7 million during the same period of 2011. This increase was mainly attributable to: (i) increase in volumes and rates in the dry and liquid port terminals; (ii) increase due to the expansion of the barge fleet in the third and fourth quarter of 2011; and (iii) increase in time charter rates of cabotage vessels.
EBITDA of Navios Holdings for the year ended December 31, 2012 increased by $144.1 million to $390.0 million as compared to $245.9 million for the same period of 2011. The $144.1 million increase in EBITDA was primarily due to: (i) a $3.6 million decrease in time charter, voyage and logistics business expenses; (ii) a decrease in general and administrative expenses of $1.0 million (excluding share based compensation expenses); (iii) an increase in equity in net earnings from affiliated companies of $2.2 million; (iv) a $0.6 million increase in net income attributable to the noncontrolling interest; (v) a $172.6 million increase in other income, net (positively affected from defaulted charters' compensation and related accounts, net); (vi) a $35.3 million loss on deconsolidation of Navios Acquisition in 2011; and (vii) $21.2 million of expenses relating to the bond extinguishment in January 2011. This overall variance of $236.5 million was mitigated by: (i) a decrease in revenue of $47.7 million (affected by defaulted charters' loss and the accounting loss related to the settlement in shares of part of the outstanding receivables from Korea Line Corporation in 2011); (ii) an increase in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs) of $6.2 million; and (iii) a decrease in gain from sale of assets of $38.5 million.
EBITDA of Navios Logistics was $48.1 million for the year ended December 31, 2012 as compared to $39.0 million during the same period in 2011.
Net income of Navios Holdings for the year ended December 31, 2012 was $166.0 million as compared to $42.3 million for the same period of 2011. The increase of Net Income by $123.7 million was mainly due to an increase in EBITDA of $144.1 million. This increase was mitigated by: (i) an increase in interest income/expense and finance cost, net of $8.8 million; (ii) an increase in depreciation and amortization of $8.9 million (including the accelerated amortization of intangibles); (iii) an increase of $1.9 million in amortization for deferred drydock and special survey costs; (iv) an increase of $0.5 million in share-based compensation expense; and (v) an increase in income taxes of $0.3 million.
The following table reflects certain key indicators indicative of the performance of the Navios Holdings' drybulk operations (excluding the Navios Acquisition and the Navios Logistics fleets) and its fleet performance for the three and twelve month periods ended December 31, 2012 and 2011.
As previously announced, Navios Holdings will host a conference call today, February 19, 2013, at 8:30 am EST, at which time members of senior management will provide highlights and commentary on the financial results of the Company for the fourth quarter and twelve months ended December 31, 2012.
A supplemental slide presentation will be available on the Navios Holdings website at under the "Investors" section at 8:00 am EST.
Conference Call details:
Call Date/Time: February 19, 2013, at 8:30 am EST
Call Title: Navios Holdings Inc. Q4 and FY 2012 Financial Results Conference Call
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 8968 0240
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: +1.800.585.8367
International Replay Dial In: +1.404.537.3406
Conference ID: 8968 0240
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. 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: .
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. EBITDA is a "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 generally accepted accounting principles 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 and Navios Acquisition to satisfy their respective obligations including debt service, capital expenditures and working capital requirements. 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.
Navios Logistics EBITDA is used to measure company's operating performance.
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:
Contact:
Navios Maritime Holdings Inc.
+1.212.906.8643
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Datum: 19.02.2013 - 06:15 Uhr
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