| SEGMENT INFORMATION |
NOTE 18: SEGMENT INFORMATION
The Company currently has two reportable segments from which it derives its revenues: Dry bulk Vessel Operations and Logistics Business. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Dry bulk Vessel Operations consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels, freight and FFAs. The Logistics Business consists of operating ports and transfer station terminals, handling of vessels, barges and push boats as well as upriver transport facilities in the Hidrovia region.
The Company measures segment performance based on net income/ (loss) attributable to Navios Holdings common stockholders. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following tables. Summarized financial information concerning each of the Company's reportable segments is as follows:
|
|
Dry Bulk Vessel Operations for the Year Ended December 31, 2016 |
|
|
Logistics Business for the Year Ended December 31, 2016 |
|
|
Total for the Year Ended December 31, 2016 |
|
Revenue |
|
$ |
199,446 |
|
|
$ |
220,336 |
|
|
$ |
419,782 |
|
Administrative fee revenue from affiliates |
|
|
21,799 |
|
|
|
— |
|
|
|
21,799 |
|
Interest income |
|
|
4,132 |
|
|
|
815 |
|
|
|
4,947 |
|
Interest expense and finance cost |
|
|
(89,399 |
) |
|
|
(24,240 |
) |
|
|
(113,639 |
) |
Depreciation and amortization |
|
|
(87,197 |
) |
|
|
(26,628 |
) |
|
|
(113,825 |
) |
Equity/ (loss) in net earnings of affiliated companies |
|
|
(202,779 |
) |
|
|
— |
|
|
|
(202,779 |
) |
Net (loss)/ income attributable to Navios Holdings common stockholders |
|
|
(310,306 |
) |
|
|
6,483 |
|
|
|
(303,823 |
) |
Total assets |
|
|
2,083,526 |
|
|
|
669,369 |
|
|
|
2,752,895 |
|
Goodwill |
|
|
56,240 |
|
|
|
104,096 |
|
|
|
160,336 |
|
Capital expenditures |
|
|
(60,420 |
) |
|
|
(91,173 |
) |
|
|
(151,593 |
) |
Investment in affiliates |
|
|
160,071 |
|
|
|
— |
|
|
|
160,071 |
|
Cash and cash equivalents |
|
|
70,810 |
|
|
|
65,182 |
|
|
|
135,992 |
|
Restricted cash |
|
|
2,486 |
|
|
|
2,900 |
|
|
|
5,386 |
|
Long-term debt, net (including current and noncurrent portion) |
|
$ |
1,223,146 |
|
|
$ |
427,949 |
|
|
$ |
1,651,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dry Bulk Vessel Operations for the Year Ended December 31, 2015 |
|
|
Logistics Business for the Year Ended December 31, 2015 |
|
|
Total for the Year Ended December 31, 2015 |
|
Revenue |
|
$ |
229,772 |
|
|
$ |
251,048 |
|
|
$ |
480,820 |
|
Administrative fee revenue from affiliates |
|
|
16,177 |
|
|
|
— |
|
|
|
16,177 |
|
Interest income |
|
|
1,801 |
|
|
|
569 |
|
|
|
2,370 |
|
Interest expense and finance cost |
|
|
(86,069 |
) |
|
|
(27,082 |
) |
|
|
(113,151 |
) |
Depreciation and amortization |
|
|
(92,341 |
) |
|
|
(27,969 |
) |
|
|
(120,310 |
) |
Equity in net earnings of affiliated companies |
|
|
61,484 |
|
|
|
— |
|
|
|
61,484 |
|
Net (loss)/ income attributable to Navios Holdings common stockholders |
|
|
(148,306 |
) |
|
|
14,194 |
|
|
|
(134,112 |
) |
Total assets |
|
|
2,359,299 |
|
|
|
599,514 |
|
|
|
2,958,813 |
|
Goodwill |
|
|
56,240 |
|
|
|
104,096 |
|
|
|
160,336 |
|
Capital expenditures |
|
|
(7,882 |
) |
|
|
(27,039 |
) |
|
|
(34,921 |
) |
Investment in affiliates |
|
|
381,746 |
|
|
|
— |
|
|
|
381,746 |
|
Cash and cash equivalents |
|
|
81,905 |
|
|
|
81,507 |
|
|
|
163,412 |
|
Restricted cash |
|
|
13,480 |
|
|
|
— |
|
|
|
13,480 |
|
Long-term debt, net (including current and noncurrent portion) |
|
$ |
1,213,740 |
|
|
$ |
367,568 |
|
|
$ |
1,581,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dry Bulk Vessel Operations for the Year Ended December 31, 2014 |
|
|
Logistics Business for the Year Ended December 31, 2014 |
|
|
Total for the Year Ended December 31, 2014 |
|
Revenue |
|
$ |
300,242 |
|
|
$ |
268,774 |
|
|
$ |
569,016 |
|
Administrative fee revenue from affiliates |
|
|
14,300 |
|
|
|
— |
|
|
|
14,300 |
|
Interest income |
|
|
5,224 |
|
|
|
291 |
|
|
|
5,515 |
|
Interest expense and finance cost |
|
|
(85,823 |
) |
|
|
(27,837 |
) |
|
|
(113,660 |
) |
Depreciation and amortization |
|
|
(79,603 |
) |
|
|
(25,087 |
) |
|
|
(104,690 |
) |
Equity in net earnings of affiliated companies |
|
|
57,751 |
|
|
|
— |
|
|
|
57,751 |
|
Net loss attributable to Navios Holdings common stockholders |
|
|
(45,541 |
) |
|
|
(10,662 |
) |
|
|
(56,203 |
) |
Total assets |
|
|
2,525,103 |
|
|
|
602,594 |
|
|
|
3,127,697 |
|
Goodwill |
|
|
56,240 |
|
|
|
104,096 |
|
|
|
160,336 |
|
Capital expenditures |
|
|
(145,840 |
) |
|
|
(91,658 |
) |
|
|
(237,498 |
) |
Investment in affiliates |
|
|
344,453 |
|
|
|
— |
|
|
|
344,453 |
|
Cash and cash equivalents |
|
|
175,625 |
|
|
|
71,931 |
|
|
|
247,556 |
|
Restricted cash |
|
|
2,564 |
|
|
|
— |
|
|
|
2,564 |
|
Long-term debt, net (including current and noncurrent portion) |
|
$ |
1,246,181 |
|
|
$ |
366,709 |
|
|
$ |
1,612,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table sets out the Company's revenue by geographic region. Dry bulk Vessel Operations (excluding administrative fee revenue from affiliates) and Logistics Business revenue are allocated on the basis of the geographic region in which the customer is located. Dry bulk vessels operate worldwide. Logistics business operates different types of tanker vessels, pushboats, and wet and dry barges for delivering a wide range of products between ports in the Paraná, Paraguay and Uruguay River systems in South America (commonly known as the “Hidrovia” or the “waterway”).
Revenues from specific geographic regions which contribute over 10% of revenue are disclosed separately.
Revenue by Geographic Region
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2016 |
|
|
Year ended December 31, 2015 |
|
|
Year ended December 31, 2014 |
|
North America |
|
$ |
6,218 |
|
|
$ |
22,317 |
|
|
$ |
30,299 |
|
Europe |
|
|
109,267 |
|
|
|
109,347 |
|
|
|
173,100 |
|
Asia |
|
|
73,073 |
|
|
|
87,658 |
|
|
|
84,766 |
|
South America |
|
|
220,336 |
|
|
|
253,746 |
|
|
|
275,327 |
|
Other |
|
|
10,888 |
|
|
|
7,752 |
|
|
|
5,524 |
|
Total |
|
$ |
419,782 |
|
|
$ |
480,820 |
|
|
$ |
569,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate the assets of these operations to specific countries. The total net book value of long-lived assets for dry bulk vessels amounted to $1,409,415 and $1,423,147 at December 31, 2016 and 2015, respectively. For Logistics Business, all long-lived assets are located in South America. The total net book value of long-lived assets for the Logistics Business amounted to $544,065 and $468,842 at December 31, 2016 and 2015, respectively.
|