Navios Maritime Holdings Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2014
(firmenpresse) - MONACO -- (Marketwired) -- 11/24/14 -- 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 third quarter and nine months ended September 30, 2014.
Angeliki Frangou, Chairman and Chief Executive Officer, stated, "We are pleased with our results for the third quarter of 2014, for which we reported EBITDA of $42.4 million, a 5% increase compared to the same period last year. As a result, we have announced a dividend of 6 cents for Q3 2014 representing a yield of about 4.2%. We have paid a dividend, uninterrupted, for nine years, regardless of the environment."
On September 17, 2014, Navios Holdings entered into an agreement to purchase a 2012-built 179,515 dwt South Korean Capesize vessel, the Navios Ray, for a purchase price of $51.4 million. The vessel was delivered on November 24, 2014 and was financed with a loan of $31.0 million and balance sheet cash.
In November 2014, Navios Midstream completed its initial public offering ("IPO") of 8,100,000 common units. Navios Maritime Acquisition Corporation ("Navios Acquisition") has an economic interest of 57.5% in Navios Midstream.
At the time of the IPO, Navios Acquisition entered into an ten-year option agreement with Navios Holdings under which Navios Acquisition granted Navios Holdings the option to acquire at least 25% of the outstanding membership interests in Navios Maritime Midstream GP LLC (the "Navios Midstream General Partner"), and all of the incentive distribution rights in Navios Midstream.
On August 22, 2014, Navios Logistics acquired a second-hand bunker vessel for an estimated total acquisition cost of $4.9 million, including repositioning cost to Argentina. The vessel was delivered on September 5, 2014 and is set to service a three-year time charter contract at $16,525 net per day adjusted for crew costs and foreign exchange differences.
On November 19, 2014, the Board of Directors declared a quarterly cash dividend for the third quarter of 2014 of $0.06 per share of common stock. The dividend is payable on December 18, 2014 to stockholders of record as of December 11, 2014. The declaration and payment of any further dividends 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 indentures and other debt obligations and such other factors as the Board may deem advisable.
In November 2014, Navios Holdings received $7.5 million from Navios Partners representing the cash distribution for the third quarter of 2014.
In October 2014, Navios Holdings received $3.6 million from Navios Acquisition representing the cash dividend for the second quarter of 2014.
Navios Holdings controls a fleet of 64 vessels totaling 6.4 million dwt, of which 40 are owned and 24 are chartered-in under long-term charters (collectively, the "Core Fleet"). Navios Holdings currently operates 55 vessels (17 Capesize, 17 Panamax, 19 Ultra Handymax and two Handysize) totaling 5.5 million dwt. The current average age of the operating fleet is 7.5 years. Additionally, Navios Holdings has (i) seven newbuilding charter-in vessels expected to be delivered at various dates through 2016; and (ii) two newbuilding owned vessels which are expected to be delivered in the third and fourth quarter of 2015, respectively.
As of November 19, 2014, Navios Holdings has chartered-out 96.8% and 17.9%, including index-linked charters of available days for 2014 and 2015, respectively, which are expected to generate $201.9 million and $26.1 million in revenue, respectively. The average daily charter-out rate for the core fleet is $12,167 and $20,062 for 2014 and 2015, respectively. The average daily charter-in rate for the active long-term charter-in vessels for 2014 is $13,389.
The above figures do not include the fleet of 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 fleet of Navios Logistics.
As of September 30, 2014:
Net Debt to Total Capitalization of 47.7%, improved by 8%.
Cash of $292.0 million.
EBITDA, Adjusted EBITDA, Adjusted Net Loss and Adjusted Basic Loss 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 and Adjusted EBITDA of Navios Holdings (including Navios Logistics), and Navios Logistics (on a stand-alone basis), and a reconciliation of such measures to the most comparable measure calculated under U.S. GAAP.
The third quarter 2014 and 2013 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.
Revenue from drybulk vessel operations for the three months ended September 30, 2014 was $73.5 million as compared to $72.5 million for the same period during 2013. The increase in drybulk revenue was mainly attributable to a net increase in available days for our fleet by 372 days. This increase was partially mitigated by a decrease in the time charter equivalent rate ("TCE") per day by 4.4% to $11,550 per day in the third quarter of 2014, as compared to $12,085 per day in the same period of 2013.
Revenue from the logistics business was $79.1 million for the three months ended September 30, 2014 as compared to $49.8 million for the same period of 2013. This increase was mainly attributable to (i) the increase in products transported in the dry port terminal; (ii) the commencement of operations of three new dry cargo convoys under time charter contracts during the second quarter of 2014; (iii) the increase in the cabotage fleet''s operating days and the higher time charter rates achieved; and (iv) the increase in the Paraguayan liquid port''s volume and the higher rates charged for products sold.
EBITDA of Navios Holdings for the three months ended September 30, 2014 increased by $1.8 million to $42.4 million as compared to $40.6 million for the same period of 2013. The $1.8 million increase in EBITDA was primarily due to (i) a $30.3 million increase in revenue; and (ii) a $1.6 million decrease in general and administrative expenses (excluding share-based compensation expenses). This overall increase of $31.9 million was mitigated by (i) a $17.0 million increase in time charter, voyage and logistics business expenses; (ii) a $3.6 million increase in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs); (iii) a $6.4 million decrease in equity in net earnings from affiliated companies; (iv) a $1.6 million increase in other expenses, net; and (v) a $1.5 million increase in net income attributable to the noncontrolling interest.
EBITDA of Navios Logistics was $18.1 million for the three month period ended September 30, 2014 as compared to $10.8 million for the same period in 2013.
Net Loss of Navios Holdings for the three months ended September 30, 2014 was $16.6 million as compared to a $13.1 million loss for the same period of 2013. The $3.5 million increase was mainly due (i) an increase in interest expense and finance cost, net of $0.4 million; (ii) an increase in depreciation and amortization of $2.4 million; (iii) an increase in income tax expense of $1.4 million; (iv) an increase of $0.3 million in share-based compensation expense; and (v) an increase of $0.8 million in amortization for deferred drydock and special survey costs. This increase was partially offset by an increase in EBITDA of $1.8 million.
The information for the nine month period ended September 30, 2014 and 2013 presented below was derived from the unaudited condensed consolidated financial statements for the respective periods.
Revenue from drybulk vessel operations for the nine months ended September 30, 2014 was $225.5 million as compared to $195.2 million for the same period during 2013. The increase in dry bulk revenue was mainly attributable to (i) an increase in TCE per day by 4.7% to $12,084 per day in the nine month period ended September 30, 2014, as compared to $11,543 per day in the same period of 2013, and (ii) an increase in available days for our fleet by 2,031 days.
Revenue from the logistics business was $194.7 million for the nine months ended September 30, 2014 as compared to $186.5 million for the same period of 2013. This increase was mainly attributable to (i) the increase in products transported in the dry port terminal; (ii) the commencement of operations of three new dry cargo convoys under time charter contracts during the second quarter of 2014; and (iii) the increase in the cabotage fleet''s operating days and the higher time charter rates achieved. The total increase was partially mitigated by a decrease in the Paraguayan liquid port''s volume of products sold.
EBITDA of Navios Holdings for the nine months ended September 30, 2014 increased by $6.9 million to $124.7 million as compared to $117.8 million for the same period of 2013. EBITDA of Navios Holdings for the nine months ended September 30, 2014 has been affected by the items mentioned in the footnote to the table above. Adjusted EBITDA of Navios Holdings for the nine months period ended September 30, 2014 increased by $35.8 million to $153.6 million as compared to $117.8 million for the same period of 2013. The $35.8 million increase in Adjusted EBITDA was primarily due to (i) a $38.5 million increase in revenue; (ii) a $3.9 million decrease in time charter, voyage and logistics business expenses; (iii) a $4.8 million increase in equity in net earnings from affiliated companies; (iv) a $0.5 million decrease in general and administrative expenses (excluding share-based compensation expenses); and (v) a $0.1 million decrease in net income attributable to the noncontrolling interest. This overall increase of $47.8 million was partially mitigated by (i) a $10.1 million increase in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs); (ii) a $1.9 million decrease in other income, net.
Adjusted EBITDA of Navios Logistics was $53.5 million (adjusted for the $27.3 million loss on bond extinguishment) for the nine month period ended September 30, 2014 as compared to $42.5 million for the same period in 2013.
Net Loss of Navios Holdings for the nine months ended September 30, 2014 was $51.2 million as compared to $39.1 million for the same period of 2013. Net Loss of Navios Holdings for the nine months ended September 30, 2014 has been affected by the items mentioned in the footnote to the table above. Adjusted Net Loss of Navios Holdings for the nine months ended September 30, 2014 was $22.3 million as compared to $39.1 million for the same period of 2013. The $16.8 million decrease in Adjusted Net Loss was mainly due to an increase in Adjusted EBITDA of $35.8 million. This increase was partially offset by (i) an increase in interest expense and finance cost, net of $4.4 million; (ii) an increase in depreciation and amortization of $5.3 million; (iii) an increase in income tax expense of $6.1 million; (iv) an increase of $0.9 million in share-based compensation expense; and (v) an increase of $2.3 million in amortization for deferred drydock and special survey costs.
The following table reflects certain key indicators indicative of the performance of the Navios Holdings'' dry bulk operations (excluding the Navios Logistics fleet) and its fleet performance for the three and nine month periods ended September 30, 2014 and 2013, respectively.
As previously announced, Navios Holdings will host a conference call today, November 24, 2014, at 8:30 am ET, at which time Navios Holdings'' senior management will provide highlights and commentary on earnings results for the third quarter and nine months ended September 30, 2014.
A supplemental slide presentation will be available on the Navios Holdings website at under the "Investors" section by 8:00 am ET on the day of the call.
Conference Call details:
Call Date/Time: Monday, November 24, 2014, at 8:30 am ET
Call Title: Navios Holdings Q3 2014 Financial Results Conference Call
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 3748 7862
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: 3748 7862
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 dry bulk 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: .
Navios Maritime Midstream Partners L.P. (NYSE: NAP) is a Marshall Islands limited partnership recently formed by Navios Acquisition to own, operate and acquire crude oil tankers, refined petroleum product tankers, chemical tankers and liquefied petroleum gas tankers under long-term employment contracts. For more information about Navios Midstream 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 expectations 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 at the time made, 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 charter demand and/or charter rates; production or the demand for the types of dry bulk products that are transported by Navios Holdings'' vessels; operating costs, including but not limited to changes in crew salaries, insurances, provisions, repairs, maintenance, overhead expenses, and changes in interest costs; competition 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/(loss) plus interest and finance costs plus depreciation and amortization and income taxes, if any, before stock-based compensation. Adjusted EBITDA represents EBITDA excluding certain items as described under "Earnings Highlights". EBITDA and Adjusted EBITDA are "non-GAAP financial measures" 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. Navios Holdings believes that EBITDA and Adjusted EBITDA are a basis upon which liquidity can be assessed.
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 definition of EBITDA and Adjusted EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.
Navios Logistics EBITDA and Adjusted EBITDA are used to measure that company''s operating performance.
The following tables provide a reconciliation of EBITDA and Adjusted EBITDA of Navios Holdings (including Navios Logistics) and Navios Logistics on a stand-alone basis:
Navios Maritime Holdings Inc.
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Datum: 24.11.2014 - 06:37 Uhr
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