Navios Maritime Holdings Inc. Reports Financial Results for the First Quarter Ended March 31, 2015
(firmenpresse) - MONACO -- (Marketwired) -- 05/21/15 -- 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 first quarter ended March 31, 2015.
Angeliki Frangou, Chairman and Chief Executive Officer, stated, "We are pleased to report revenue of $118.3 million and EBITDA of $26.2 million for the first quarter of 2015. We also announced a six cent dividend, representing a yield of about 6.8%."
Angeliki Frangou continued: "We are in a difficult market, perhaps one of the most difficult in the past 30 years. While rates are still low, we have seen them improve about 20% in the past three months. In the meantime, we have been positioning Navios Holdings to leverage its stable platform to changing market conditions by maintaining a strong balance sheet, pursuing operating efficiencies through our economies of scale and seeking unique opportunities emerging from this market."
In April 2015, Navios Holdings, Navios Maritime Acquisition Corporation ("Navios Acquisition") and Navios Maritime Partners L.P. ("Navios Partners") executed a binding letter of intent to acquire 14 vessels from debtors of HSH Nordbank AG ("HSH") through a new joint venture ("Navios JV").
The 14 vessels include seven dry bulkers and seven container vessels with an average age of approximately four years. The transaction is expected to close in the second quarter of 2015.
It is estimated that the purchase price to be paid to HSH will consist of cash and the assumption of the HSH Subordinated Participating Loans. It is anticipated that the cash payment will be funded as follows:
Senior bank financing of 60% of fair market value of the vessels at closing, secured by a first-priority mortgage on the vessels; and
$14.0 million, from an investment by Navios JV funded by Navios Holdings, Navios Acquisition and Navios Partners.
The Navios JV will not be consolidated into any of the Navios public entities. The closing of the transaction is subject to certain conditions, and no assurance can be provided that the transaction will be concluded as contemplated, if at all.
On May 18, 2015, the Board of Directors declared a quarterly cash dividend for the first quarter of 2015 of $0.06 per share of common stock. The dividend is payable on June 26, 2015 to stockholders of record as of June 18, 2015. 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, indentures and other debt obligations and such other factors as the Board may deem advisable.
On May 14, 2015, Navios Holdings received $8.1 million from Navios Partners representing the cash distribution for the first quarter of 2015.
On April 2, 2015, Navios Holdings received $3.6 million from Navios Acquisition representing the cash dividend for the fourth quarter of 2014.
Navios Holdings controls a fleet of 66 vessels totaling 6.6 million dwt, of which 40 are owned and 26 are chartered-in under long-term charters (collectively, the "Core Fleet"). Navios Holdings currently operates 59 vessels (17 Capesize, 20 Panamax, 20 Ultra Handymax and two Handysize) totaling 5.8 million dwt. The current average age of the operating fleet is 7.7 years. Additionally, Navios Holdings has (i) five 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 April 23, 2015, Navios Holdings has chartered-out 59.4% and 5.3% of available days for 2015 and 2016, respectively (including index-linked charters), which are expected to generate $75.2 million and $11.9 million in revenue, respectively. The average daily charter-out rate for the core fleet is $9,424 and $26,007 for 2015 and 2016, respectively. The average daily charter-in rate for the active long-term charter-in vessels for 2015 is $13,408.
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 March 31, 2015:
Net Debt to Total Capitalization of 51.2%.
Cash of $200.5 million.
EBITDA is a non-U.S. GAAP financial measure 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 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 first quarter 2015 and 2014 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 March 31, 2015 was $53.2 million as compared to $76.6 million for the same period during 2014. The decrease in drybulk revenue was mainly attributable to a decrease in the time charter equivalent rate ("TCE") per day by 43.4% to $7,196 per day in the first quarter of 2015, as compared to $12,709 per day in the same period of 2014. This decrease was partially mitigated by a net increase in available days of our fleet by 86 days.
Revenue from the logistics business was $65.1 million for the three months ended March 31, 2015 as compared to $45.6 million for the same period during 2014. The increase of $19.5 million was mainly attributable to (i) the increase in sales of products in the liquid terminal; (ii) the increase in products transported and rates charged in the dry and liquid port terminals; and (iii) the operation of three additional convoys under time charter contracts.
EBITDA of Navios Holdings for the three months ended March 31, 2015 decreased by $33.6 million to $26.2 million as compared to $59.8 million for the same period of 2014. The $33.6 million decrease in EBITDA was primarily due to (i) a $3.9 million decrease in revenue; (ii) a $18.7 million increase in time charter, voyage and logistics business expenses; (iii) a $2.2 million increase in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs); (iv) a $0.2 million increase in net income attributable to the noncontrolling interest; (v) a $8.5 million decrease in equity in net earnings from affiliated companies; and (vi) a $4.0 million increase in other expense, net. This overall decrease of $37.5 million was mitigated by a $3.9 million decrease in general and administrative expenses (excluding share-based compensation expenses).
EBITDA of Navios Logistics was $15.6 million for the three month period ended March 31, 2015 as compared to $14.0 million for the same period in 2014.
Net Loss of Navios Holdings for the three months ended March 31, 2015 was $26.7 million as compared to income of $2.1 million for the same period of 2014. The $28.8 million increase in Net Loss was mainly due (i) a decrease in EBITDA of $33.6 million; and (ii) an increase in amortization for deferred drydock and special survey costs of $0.4 million. This overall decrease was partially offset by (i) a decrease in depreciation and amortization of $4.5 million; (ii) an increase in income tax benefit of $0.4 million; and (iii) a decrease in share-based compensation expense of $0.3 million.
The following table reflects certain key indicators indicative of the performance of the Navios Holdings'' drybulk operations (excluding the Navios Logistics fleet) and its fleet performance for the first quarter ended March 31, 2015 and 2014, respectively.
As previously announced, Navios Holdings will host a conference call today, May 21, 2015, at 8:30 am ET, at which time Navios Holdings'' senior management will provide highlights and commentary on earnings results for the first quarter ended March 31, 2015.
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: Thursday, May 21, 2015, at 8:30 am ET
Call Title: Navios Holdings Q1 2015 Financial Results Conference Call
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 2294 6342
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: 2294 6342
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 drycargo 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, please visit its website: .
Navios Maritime Midstream Partners L.P. (NYSE: NAP) is a publicly traded master limited partnership which owns and operates crude oil tankers under long-term employment contracts. For more information, 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 drybulk products that are transported by Navios Holdings'' vessels, the aging of our fleet and resultant increases in operations costs, the loss of any customer or charter or vessel, changes in the availability and costs of funding due to conditions in the bank market, capital markets and other factors, increases in costs and expenses, including but not limited to changes in crew salaries, insurances, provisions, repairs, maintenance, overhead expenses, general and administrative expenses and changes in interest costs, the expected cost of, and our ability to comply with, governmental regulations and maritime self-regulatory organization standards, as well as standard regulations imposed by our charterers applicable to our business, general domestic and international political conditions, 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) attributable to Navios Holdings'' common stockholders before interest and finance costs, before depreciation and amortization, before income taxes and before stock-based compensation. EBITDA is a "non-GAAP financial measure" and should not be considered a substitute 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 the United States. Navios Holdings believes that EBITDA is a basis upon which liquidity can be assessed.
EBITDA is 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 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 the company''s operating performance.
The following tables provide a reconciliation of EBITDA of Navios Holdings (including Navios Logistics) and EBITDA of Navios Logistics on a stand-alone basis:
Navios Maritime Holdings Inc.
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Datum: 21.05.2015 - 05:43 Uhr
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