| OTHER FINANCIAL INFORMATION |
NOTE 24: OTHER FINANCIAL INFORMATION
The Company's 2019 Notes are fully and unconditionally guaranteed on a joint and several basis by all of the Company's subsidiaries with the exception of Navios Maritime Finance II (US) Inc., Navios Maritime Finance (US) Inc., Navios Logistics and its subsidiaries and Navios GP L.L.C. The subsidiary guarantees are “full and unconditional”, except that the indenture provides for an individual subsidiary's guarantee to be automatically released in certain customary circumstances, such as when a subsidiary is sold or all of the assets of the subsidiary are sold, the capital stock is sold, when the subsidiary is designated as an “unrestricted subsidiary” for purposes of the indenture, upon liquidation or dissolution of the subsidiary or upon legal or covenant defeasance or satisfaction and discharge of the 2019 Notes. All subsidiaries, except for the non-guarantor Navios Logistics and its subsidiaries, are 100% owned.
These condensed consolidated statements of Navios Holdings, the guarantor subsidiaries and the non-guarantor subsidiaries have been prepared in accordance on an equity basis as permitted by U.S. GAAP.
|
|
Navios Maritime Holdings Inc. Issuer |
|
|
Guarantor Subsidiaries |
|
|
Non Guarantor Subsidiaries |
|
|
Eliminations |
|
|
Total |
|
Statement of comprehensive (loss)/income for the year ended December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
— |
|
|
$ |
199,446 |
|
|
$ |
220,336 |
|
|
$ |
— |
|
|
$ |
419,782 |
|
Administrative fee revenue from affiliates |
|
|
— |
|
|
|
21,799 |
|
|
|
— |
|
|
|
— |
|
|
|
21,799 |
|
Time charter, voyage and logistics business expenses |
|
|
— |
|
|
|
(115,483 |
) |
|
|
(59,589 |
) |
|
|
— |
|
|
|
(175,072 |
) |
Direct vessel expenses |
|
|
— |
|
|
|
(51,396 |
) |
|
|
(76,000 |
) |
|
|
— |
|
|
|
(127,396 |
) |
General and administrative expenses incurred on behalf of affiliates |
|
|
— |
|
|
|
(21,799 |
) |
|
|
— |
|
|
|
— |
|
|
|
(21,799 |
) |
General and administrative expenses |
|
|
(5,715 |
) |
|
|
(5,286 |
) |
|
|
(14,294 |
) |
|
|
— |
|
|
|
(25,295 |
) |
Depreciation and amortization |
|
|
(2,860 |
) |
|
|
(84,337 |
) |
|
|
(26,628 |
) |
|
|
— |
|
|
|
(113,825 |
) |
Interest expense and finance cost, net |
|
|
(71,262 |
) |
|
|
(14,005 |
) |
|
|
(23,425 |
) |
|
|
— |
|
|
|
(108,692 |
) |
Gain on bond and debt extinguishment |
|
|
27,670 |
|
|
|
1,517 |
|
|
|
— |
|
|
|
— |
|
|
|
29,187 |
|
Other income/ (expense), net |
|
|
75 |
|
|
|
14,392 |
|
|
|
(9,261 |
) |
|
|
— |
|
|
|
5,206 |
|
Loss before equity in net earnings of affiliated companies |
|
|
(52,092 |
) |
|
|
(55,152 |
) |
|
|
11,139 |
|
|
|
— |
|
|
|
(96,105) |
|
Loss from subsidiaries |
|
|
(46,867 |
) |
|
|
6,483 |
|
|
|
— |
|
|
|
40,384 |
|
|
|
— |
|
Equity/ (loss) in net earnings of affiliated companies |
|
|
(204,864 |
) |
|
|
3,138 |
|
|
|
(1,053 |
) |
|
|
— |
|
|
|
(202,779 |
) |
Loss before taxes |
|
|
(303,823 |
) |
|
|
(45,531 |
) |
|
|
10,086 |
|
|
|
40,384 |
|
|
|
(298,884 |
|
Income tax benefit/ (expense) |
|
|
— |
|
|
|
(283 |
) |
|
|
(982 |
) |
|
|
— |
|
|
|
(1,265 |
) |
Net loss |
|
|
(303,823 |
) |
|
|
(45,814 |
) |
|
|
9,104 |
|
|
|
40,384 |
|
|
|
(300,149 |
) |
Less: Net income attributable to the noncontrolling interest |
|
|
— |
|
|
|
— |
|
|
|
(3,674 |
) |
|
|
— |
|
|
|
(3,674 |
) |
Net loss attributable to Navios Holdings common stockholders |
|
$ |
(303,823 |
) |
|
$ |
(45,814 |
) |
|
$ |
5,430 |
|
|
$ |
40,384 |
|
|
$ |
(303,823 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding loss on investments in available-for-sale securities |
|
$ |
100 |
|
|
$ |
100 |
|
|
$ |
— |
|
|
$ |
(100 |
) |
|
$ |
100 |
|
Reclassification to earnings |
|
|
345 |
|
|
|
345 |
|
|
|
— |
|
|
|
(345 |
) |
|
|
345 |
|
Total other comprehensive income |
|
$ |
445 |
|
|
$ |
445 |
|
|
$ |
— |
|
|
$ |
(445 |
) |
|
$ |
445 |
|
Total comprehensive loss |
|
$ |
(303,378 |
) |
|
$ |
(45,369 |
) |
|
$ |
9,104 |
|
|
$ |
39,939 |
|
|
$ |
(299,704 |
|
Comprehensive (income)/loss attributable to noncontrolling interest |
|
|
— |
|
|
|
— |
|
|
|
(3,674 |
) |
|
|
— |
|
|
|
(3,674 |
) |
Total comprehensive loss attributable to Navios Holdings common stockholders |
|
$ |
(303,378 |
) |
|
$ |
(45,369 |
) |
|
$ |
5,430 |
|
|
$ |
39,939 |
|
|
$ |
(303,378 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Navios Maritime Holdings Inc. Issuer |
|
|
Guarantor Subsidiaries |
|
|
Non Guarantor Subsidiaries |
|
|
Eliminations |
|
|
Total |
|
Statement of comprehensive (loss)/income for the year ended December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
— |
|
|
$ |
229,772 |
|
|
$ |
251,048 |
|
|
$ |
— |
|
|
$ |
480,820 |
|
Administrative fee revenue from affiliates |
|
|
— |
|
|
|
16,177 |
|
|
|
— |
|
|
|
— |
|
|
|
16,177 |
|
Time charter, voyage and logistics business expenses |
|
|
— |
|
|
|
(177,507 |
) |
|
|
(70,375 |
) |
|
|
— |
|
|
|
(247,882 |
) |
Direct vessel expenses |
|
|
— |
|
|
|
(46,142 |
) |
|
|
(82,026 |
) |
|
|
— |
|
|
|
(128,168 |
) |
General and administrative expenses incurred on behalf of affiliates |
|
|
— |
|
|
|
(16,177 |
) |
|
|
— |
|
|
|
— |
|
|
|
(16,177 |
) |
General and administrative expenses |
|
|
(7,435 |
) |
|
|
(12,740 |
) |
|
|
(14,008 |
) |
|
|
— |
|
|
|
(34,183 |
) |
Depreciation and amortization |
|
|
(2,769 |
) |
|
|
(89,572 |
) |
|
|
(27,969 |
) |
|
|
— |
|
|
|
(120,310 |
) |
Interest expense and finance cost, net |
|
|
(72,924 |
) |
|
|
(11,344 |
) |
|
|
(26,513 |
) |
|
|
— |
|
|
|
(110,781 |
) |
Other expense, net |
|
|
(60 |
) |
|
|
(18,671 |
) |
|
|
(11,470 |
) |
|
|
— |
|
|
|
(30,201 |
) |
Loss before equity in net earnings of affiliated companies |
|
|
(83,188 |
) |
|
|
(126,204 |
) |
|
|
18,687 |
|
|
|
— |
|
|
|
(190,705 |
) |
Loss from subsidiaries |
|
|
(105,102 |
) |
|
|
14,194 |
|
|
|
— |
|
|
|
90,908 |
|
|
|
— |
|
Equity in net earnings of affiliated companies |
|
|
54,178 |
|
|
|
5,326 |
|
|
|
1,980 |
|
|
|
— |
|
|
|
61,484 |
|
Loss before taxes |
|
|
(134,112 |
) |
|
|
(106,684 |
) |
|
|
20,667 |
|
|
|
90,908 |
|
|
|
(129,221 |
) |
Income tax benefit/ (expense) |
|
|
— |
|
|
|
(397 |
) |
|
|
3,551 |
|
|
|
— |
|
|
|
3,154 |
|
Net loss |
|
|
(134,112 |
) |
|
|
(107,081 |
) |
|
|
24,218 |
|
|
|
90,908 |
|
|
|
(126,067 |
) |
Less: Net income attributable to the noncontrolling interest |
|
|
— |
|
|
|
— |
|
|
|
(8,045 |
) |
|
|
— |
|
|
|
(8,045 |
) |
Net loss attributable to Navios Holdings common stockholders |
|
$ |
(134,112 |
) |
|
$ |
(107,081 |
) |
|
$ |
16,173 |
|
|
$ |
90,908 |
|
|
$ |
(134,112 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding loss on investments in available-for-sale securities |
|
$ |
(1,649 |
) |
|
$ |
(1,649 |
) |
|
$ |
— |
|
|
$ |
1,649 |
|
|
$ |
(1,649 |
) |
Reclassification to earnings |
|
|
1,782 |
|
|
|
1,782 |
|
|
|
— |
|
|
|
(1,782 |
) |
|
|
1,782 |
|
Total other comprehensive income |
|
$ |
133 |
|
|
$ |
133 |
|
|
$ |
— |
|
|
$ |
(133 |
) |
|
$ |
133 |
|
Total comprehensive loss |
|
$ |
(133,979 |
) |
|
$ |
(106,948 |
) |
|
$ |
24,218 |
|
|
$ |
90,775 |
|
|
$ |
(125,934 |
) |
Comprehensive (income)/loss attributable to noncontrolling interest |
|
|
— |
|
|
|
— |
|
|
|
(8,045 |
) |
|
|
— |
|
|
|
(8,045 |
) |
Total comprehensive loss attributable to Navios Holdings common stockholders |
|
$ |
(133,979 |
) |
|
$ |
(106,948 |
) |
|
$ |
16,173 |
|
|
$ |
90,775 |
|
|
$ |
(133,979 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Navios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maritime |
|
|
|
|
|
Non |
|
|
|
|
|
|
|
|
|
Holdings Inc. |
|
|
Guarantor |
|
|
Guarantor |
|
|
|
|
|
|
|
|
|
Issuer |
|
|
Subsidiaries |
|
|
Subsidiaries |
|
|
Eliminations |
|
|
Total |
|
Statement of comprehensive (loss)/income for the year ended December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
— |
|
|
$ |
300,242 |
|
|
$ |
268,774 |
|
|
$ |
— |
|
|
$ |
569,016 |
|
Administrative fee revenue from affiliates |
|
|
— |
|
|
|
14,300 |
|
|
|
— |
|
|
|
— |
|
|
|
14,300 |
|
Time charter, voyage and logistics business expenses |
|
|
— |
|
|
|
(157,640 |
) |
|
|
(105,664 |
) |
|
|
— |
|
|
|
(263,304 |
) |
Direct vessel expenses |
|
|
— |
|
|
|
(52,039 |
) |
|
|
(78,025 |
) |
|
|
— |
|
|
|
(130,064 |
) |
General and administrative expenses incurred on behalf of affiliates |
|
|
— |
|
|
|
(14,300 |
) |
|
|
— |
|
|
|
— |
|
|
|
(14,300 |
) |
General and administrative expenses |
|
|
(10,343 |
) |
|
|
(20,483 |
) |
|
|
(14,764 |
) |
|
|
— |
|
|
|
(45,590 |
) |
Depreciation and amortization |
|
|
(2,811 |
) |
|
|
(76,792 |
) |
|
|
(25,087 |
) |
|
|
— |
|
|
|
(104,690 |
) |
Interest expense and finance cost, net |
|
|
(73,272 |
) |
|
|
(7,327 |
) |
|
|
(27,546 |
) |
|
|
— |
|
|
|
(108,145 |
) |
Loss on bond extinguishment |
|
|
— |
|
|
|
— |
|
|
|
(27,281 |
) |
|
|
— |
|
|
|
(27,281 |
) |
Other income/(expense), net |
|
|
72 |
|
|
|
(2,357 |
) |
|
|
(7,388 |
) |
|
|
— |
|
|
|
(9,673 |
) |
Loss before equity in net earnings of affiliated companies |
|
|
(86,354 |
) |
|
|
(16,396 |
) |
|
|
(16,981 |
) |
|
|
— |
|
|
|
(119,731 |
) |
Loss from subsidiaries |
|
|
(17,418 |
) |
|
|
(10,662 |
) |
|
|
— |
|
|
|
28,080 |
|
|
|
— |
|
Equity in net earnings of affiliated companies |
|
|
47,569 |
|
|
|
6,555 |
|
|
|
3,627 |
|
|
|
— |
|
|
|
57,751 |
|
Loss before taxes |
|
|
(56,203 |
) |
|
|
(20,503 |
) |
|
|
(13,354 |
) |
|
|
28,080 |
|
|
|
(61,980 |
) |
Income tax (expense)/benefit |
|
|
— |
|
|
|
(360 |
) |
|
|
276 |
|
|
|
— |
|
|
|
(84 |
) |
Net loss |
|
|
(56,203 |
) |
|
|
(20,863 |
) |
|
|
(13,078 |
) |
|
|
28,080 |
|
|
|
(62,064 |
) |
Less: Net (income)/loss attributable to the noncontrolling interest |
|
|
— |
|
|
|
(182 |
) |
|
|
6,043 |
|
|
|
— |
|
|
|
5,861 |
|
Net loss attributable to Navios Holdings common stockholders |
|
$ |
(56,203 |
) |
|
$ |
(21,045 |
) |
|
$ |
(7,035 |
) |
|
$ |
28,080 |
|
|
$ |
(56,203 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding loss on investments in available-for-sale securities |
|
$ |
(959 |
) |
|
$ |
(959 |
) |
|
$ |
— |
|
|
$ |
959 |
|
|
$ |
(959 |
) |
Reclassification to earnings |
|
|
11,553 |
|
|
|
11,553 |
|
|
|
— |
|
|
|
(11,553 |
) |
|
|
11,553 |
|
Total other comprehensive income |
|
$ |
10,594 |
|
|
$ |
10,594 |
|
|
$ |
— |
|
|
$ |
(10,594 |
) |
|
$ |
10,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss |
|
$ |
(45,609 |
) |
|
$ |
(10,269 |
) |
|
$ |
(13,078 |
) |
|
$ |
17,486 |
|
|
$ |
(51,470 |
) |
Comprehensive (income)/loss attributable to noncontrolling interest |
|
|
— |
|
|
|
(182 |
) |
|
|
6,043 |
|
|
|
— |
|
|
|
5,861 |
|
Total comprehensive loss attributable to Navios Holdings common stockholders |
|
$ |
(45,609 |
) |
|
$ |
(10,451 |
) |
|
$ |
(7,035 |
) |
|
$ |
17,486 |
|
|
$ |
(45,609 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet as of December 31, 2016 |
|
Navios Maritime Holdings Inc. Issuer |
|
|
Guarantor Subsidiaries |
|
|
Non Guarantor Subsidiaries |
|
|
Eliminations |
|
|
Total |
|
Current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
15,875 |
|
|
$ |
54,935 |
|
|
$ |
65,182 |
|
|
$ |
— |
|
|
$ |
135,992 |
|
Restricted cash |
|
|
— |
|
|
|
2,486 |
|
|
|
2,900 |
|
|
|
— |
|
|
|
5,386 |
|
Accounts receivable, net |
|
|
— |
|
|
|
32,916 |
|
|
|
32,913 |
|
|
|
— |
|
|
|
65,829 |
|
Intercompany receivables |
|
|
— |
|
|
|
— |
|
|
|
74,218 |
|
|
|
(74,218 |
) |
|
|
— |
|
Due from affiliate companies |
|
|
2,362 |
|
|
|
6,186 |
|
|
|
— |
|
|
|
— |
|
|
|
8,548 |
|
Prepaid expenses and other current assets |
|
|
— |
|
|
|
39,778 |
|
|
|
17,607 |
|
|
|
— |
|
|
|
57,385 |
|
Total current assets |
|
|
18,237 |
|
|
|
136,301 |
|
|
|
192,820 |
|
|
|
(74,218 |
) |
|
|
273,140 |
|
Deposits for vessels, port terminals and other fixed assets |
|
|
— |
|
|
|
— |
|
|
|
136,891 |
|
|
|
— |
|
|
|
136,891 |
|
Vessels, port terminals and other fixed assets, net |
|
|
— |
|
|
|
1,411,612 |
|
|
|
409,489 |
|
|
|
— |
|
|
|
1,821,101 |
|
Investments in subsidiaries |
|
|
1,641,863 |
|
|
|
292,209 |
|
|
|
— |
|
|
|
(1,934,072 |
) |
|
|
— |
|
Investments in affiliates |
|
|
137,218 |
|
|
|
11,978 |
|
|
|
10,875 |
|
|
|
— |
|
|
|
160,071 |
|
Loan receivable from affiliate companies |
|
|
— |
|
|
|
23,008 |
|
|
|
— |
|
|
|
— |
|
|
|
23,008 |
|
Other long-term receivable from affiliate companies |
|
|
— |
|
|
|
11,105 |
|
|
|
— |
|
|
|
— |
|
|
|
11,105 |
|
Other long-term assets |
|
|
— |
|
|
|
17,877 |
|
|
|
22,551 |
|
|
|
— |
|
|
|
40,428 |
|
Goodwill and other intangibles |
|
|
83,933 |
|
|
|
35,571 |
|
|
|
167,647 |
|
|
|
— |
|
|
|
287,151 |
|
Total non-current assets |
|
|
1,863,014 |
|
|
|
1,803,360 |
|
|
|
747,453 |
|
|
|
(1,934,072 |
) |
|
|
2,479,755 |
|
Total assets |
|
$ |
1,881,251 |
|
|
$ |
1,939,661 |
|
|
$ |
940,273 |
|
|
$ |
(2,008,290 |
) |
|
$ |
2,752,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
892 |
|
|
$ |
54,731 |
|
|
$ |
29,915 |
|
|
$ |
— |
|
|
$ |
85,538 |
|
Accrued expenses and other liabilities |
|
|
32,025 |
|
|
|
43,823 |
|
|
|
15,901 |
|
|
|
— |
|
|
|
91,749 |
|
Deferred income and cash received in advance |
|
|
— |
|
|
|
4,666 |
|
|
|
4,517 |
|
|
|
— |
|
|
|
9,183 |
|
Intercompany payables |
|
|
191,814 |
|
|
|
(117,596 |
) |
|
|
— |
|
|
|
(74,218 |
) |
|
|
— |
|
Due to affiliate companies |
|
|
— |
|
|
|
32,847 |
|
|
|
— |
|
|
|
— |
|
|
|
32,847 |
|
Current portion of capital lease obligations |
|
|
— |
|
|
|
— |
|
|
|
2,639 |
|
|
|
— |
|
|
|
2,639 |
|
Current portion of long-term debt |
|
|
— |
|
|
|
23,476 |
|
|
|
6,351 |
|
|
|
— |
|
|
|
29,827 |
|
Total current liabilities |
|
|
224,731 |
|
|
|
41,947 |
|
|
|
59,323 |
|
|
|
(74,218 |
) |
|
|
251,783 |
|
Long-term debt, net of current portion |
|
|
928,357 |
|
|
|
221,437 |
|
|
|
421,598 |
|
|
|
— |
|
|
|
1,571,392 |
|
Capital lease obligations, net of current portion |
|
|
— |
|
|
|
— |
|
|
|
14,978 |
|
|
|
— |
|
|
|
14,978 |
|
Long-term payable to affiliate company |
|
|
— |
|
|
|
6,399 |
|
|
|
— |
|
|
|
— |
|
|
|
6,399 |
|
Loan payable to affiliate company |
|
|
49,876 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
49,876 |
|
Other long-term liabilities and deferred income |
|
|
— |
|
|
|
41,857 |
|
|
|
1,531 |
|
|
|
— |
|
|
|
43,388 |
|
Deferred tax liability |
|
|
— |
|
|
|
— |
|
|
|
11,526 |
|
|
|
— |
|
|
|
11,526 |
|
Total non-current liabilities |
|
|
978,233 |
|
|
|
269,693 |
|
|
|
449,633 |
|
|
|
— |
|
|
|
1,697,559 |
|
Total liabilities |
|
|
1,202,964 |
|
|
|
311,640 |
|
|
|
508,956 |
|
|
|
(74,218 |
) |
|
|
1,949,342 |
|
Noncontrolling interest |
|
|
— |
|
|
|
— |
|
|
|
125,266 |
|
|
|
|
|
|
|
125,266 |
|
Total Navios Holdings stockholders' equity |
|
|
678,287 |
|
|
|
1,628,021 |
|
|
|
306,051 |
|
|
|
(1,934,072 |
) |
|
|
678,287 |
|
Total liabilities and stockholders' equity |
|
$ |
1,881,251 |
|
|
$ |
1,939,661 |
|
|
$ |
940,273 |
|
|
$ |
(2,008,290 |
) |
|
$ |
2,752,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet as of December 31, 2015 |
|
Navios Maritime Holdings Inc. Issuer |
|
|
Guarantor Subsidiaries |
|
|
Non Guarantor Subsidiaries |
|
|
Eliminations |
|
|
Total |
|
Current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
34,152 |
|
|
$ |
47,753 |
|
|
$ |
81,507 |
|
|
$ |
— |
|
|
$ |
163,412 |
|
Restricted cash |
|
|
— |
|
|
|
13,480 |
|
|
|
— |
|
|
|
— |
|
|
|
13,480 |
|
Accounts receivable, net |
|
|
— |
|
|
|
38,716 |
|
|
|
26,097 |
|
|
|
— |
|
|
|
64,813 |
|
Intercompany receivables |
|
|
10,360 |
|
|
|
38,108 |
|
|
|
74,573 |
|
|
|
(123,041 |
) |
|
|
— |
|
Due from affiliate companies |
|
|
4,833 |
|
|
|
7,836 |
|
|
|
— |
|
|
|
— |
|
|
|
12,669 |
|
Prepaid expenses and other current assets |
|
|
3 |
|
|
|
36,580 |
|
|
|
12,002 |
|
|
|
— |
|
|
|
48,585 |
|
Total current assets |
|
|
49,348 |
|
|
|
182,473 |
|
|
|
194,179 |
|
|
|
(123,041 |
) |
|
|
302,959 |
|
Deposits for vessels, port terminals and other fixed assets |
|
|
— |
|
|
|
29,695 |
|
|
|
44,254 |
|
|
|
— |
|
|
|
73,949 |
|
Vessels, port terminals and other fixed assets, net |
|
|
— |
|
|
|
1,396,101 |
|
|
|
427,860 |
|
|
|
— |
|
|
|
1,823,961 |
|
Investments in subsidiaries |
|
|
1,636,433 |
|
|
|
285,726 |
|
|
|
— |
|
|
|
(1,922,159 |
) |
|
|
— |
|
Investments in available-for-sale securities |
|
|
— |
|
|
|
5,173 |
|
|
|
— |
|
|
|
— |
|
|
|
5,173 |
|
Investments in affiliates |
|
|
356,797 |
|
|
|
13,028 |
|
|
|
11,921 |
|
|
|
— |
|
|
|
381,746 |
|
Loan receivable from affiliate companies |
|
|
— |
|
|
|
16,474 |
|
|
|
— |
|
|
|
— |
|
|
|
16,474 |
|
Other long-term assets |
|
|
|
|
|
|
21,325 |
|
|
|
22,433 |
|
|
|
— |
|
|
|
43,758 |
|
Goodwill and other intangibles |
|
|
86,793 |
|
|
|
52,829 |
|
|
|
171,171 |
|
|
|
— |
|
|
|
310,793 |
|
Total non-current assets |
|
|
2,080,023 |
|
|
|
1,820,351 |
|
|
|
677,639 |
|
|
|
(1,922,159 |
) |
|
|
2,655,854 |
|
Total assets |
|
$ |
2,129,371 |
|
|
$ |
2,002,824 |
|
|
$ |
871,818 |
|
|
$ |
(2,045,200 |
) |
|
$ |
2,958,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
363 |
|
|
$ |
45,913 |
|
|
$ |
26,329 |
|
|
$ |
— |
|
|
$ |
72,605 |
|
Accrued expenses and other liabilities |
|
|
33,244 |
|
|
|
54,451 |
|
|
|
15,400 |
|
|
|
— |
|
|
|
103,095 |
|
Deferred income and cash received in advance |
|
|
— |
|
|
|
6,267 |
|
|
|
7,225 |
|
|
|
— |
|
|
|
13,492 |
|
Intercompany payables |
|
|
123,041 |
|
|
|
— |
|
|
|
— |
|
|
|
(123,041 |
) |
|
|
— |
|
Due to affiliate companies |
|
|
— |
|
|
|
17,791 |
|
|
|
— |
|
|
|
— |
|
|
|
17,791 |
|
Current portion of capital lease obligations |
|
|
— |
|
|
|
— |
|
|
|
2,929 |
|
|
|
— |
|
|
|
2,929 |
|
Current portion of long-term debt |
|
|
— |
|
|
|
16,875 |
|
|
|
69 |
|
|
|
— |
|
|
|
16,944 |
|
Total current liabilities |
|
|
156,648 |
|
|
|
141,297 |
|
|
|
51,952 |
|
|
|
(123,041 |
) |
|
|
226,856 |
|
Long-term debt, net of current portion |
|
|
983,763 |
|
|
|
213,102 |
|
|
|
367,499 |
|
|
|
— |
|
|
|
1,564,364 |
|
Capital lease obligations, net of current portion |
|
|
— |
|
|
|
— |
|
|
|
17,720 |
|
|
|
— |
|
|
|
17,720 |
|
Unfavorable lease terms |
|
|
— |
|
|
|
7,526 |
|
|
|
— |
|
|
|
— |
|
|
|
7,526 |
|
Other long-term liabilities and deferred income |
|
|
— |
|
|
|
19,360 |
|
|
|
1,518 |
|
|
|
— |
|
|
|
20,878 |
|
Deferred tax liability |
|
|
— |
|
|
|
— |
|
|
|
10,917 |
|
|
|
— |
|
|
|
10,917 |
|
Total non-current liabilities |
|
|
983,763 |
|
|
|
239,988 |
|
|
|
397,654 |
|
|
|
— |
|
|
|
1,621,405 |
|
Total liabilities |
|
|
1,140,411 |
|
|
|
381,285 |
|
|
|
449,606 |
|
|
|
(123,041 |
) |
|
|
1,848,261 |
|
Noncontrolling interest |
|
|
— |
|
|
|
— |
|
|
|
121,592 |
|
|
|
— |
|
|
|
121,592 |
|
Total Navios Holdings stockholders' equity |
|
|
988,960 |
|
|
|
1,621,539 |
|
|
|
300,620 |
|
|
|
(1,922,159 |
) |
|
|
988,960 |
|
Total liabilities and stockholders' equity |
|
$ |
2,129,371 |
|
|
$ |
2,002,824 |
|
|
$ |
871,818 |
|
|
$ |
(2,045,200 |
) |
|
$ |
2,958,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Navios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maritime |
|
|
|
|
|
Non |
|
|
|
|
|
|
|
|
|
Holdings Inc. |
|
|
Guarantor |
|
|
Guarantor |
|
|
|
|
|
|
|
Cash flow statement for the year ended December 31, 2016 |
|
Issuer |
|
|
Subsidiaries |
|
|
Subsidiaries |
|
|
Eliminations |
|
|
Total |
|
Net cash (used in)/provided by operating activities |
|
$ |
(60,889 |
) |
|
$ |
78,830 |
|
|
$ |
18,979 |
|
|
$ |
— |
|
|
$ |
36,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of investments in affiliates |
|
|
— |
|
|
|
(4,275 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,275 |
) |
Loan to affiliate company |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Decrease in long-term receivable from affiliate companies |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Dividends from affiliate companies |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Acquisition of vessels |
|
|
— |
|
|
|
(60,115 |
) |
|
|
— |
|
|
|
— |
|
|
|
(60,115 |
) |
Deposits for vessels, port terminals and other fixed assets |
|
|
— |
|
|
|
— |
|
|
|
(86,911 |
) |
|
|
— |
|
|
|
(86,911 |
) |
Purchase of property, equipment and other fixed assets |
|
|
— |
|
|
|
(305 |
) |
|
|
(4,262 |
) |
|
|
— |
|
|
|
(4,567 |
) |
Disposal of available-for-sale securities |
|
|
— |
|
|
|
5,303 |
|
|
|
— |
|
|
|
— |
|
|
|
5,303 |
|
Net cash provided by/(used in) in investing activities |
|
|
— |
|
|
|
(59,392 |
) |
|
|
(91,173 |
) |
|
|
— |
|
|
|
(150,565 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfer (to)/from other group subsidiaries |
|
|
38,667 |
|
|
|
(38,667 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Repurchase of preferred stock |
|
|
(9,323 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,323 |
) |
Repurchase of senior notes |
|
|
(30,671 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(30,671 |
) |
Repayment of long-term debt and payment of principal |
|
|
— |
|
|
|
(39,332 |
) |
|
|
(1,405 |
) |
|
|
— |
|
|
|
(40,737 |
) |
Proceeds from long-term loans, net of deferred finance fees |
|
|
— |
|
|
|
54,743 |
|
|
|
60,306 |
|
|
|
— |
|
|
|
115,049 |
|
Proceeds from loan payable to affiliate company, net of deferred finance fees |
|
|
48,438 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
48,438 |
|
Acquisition of treasury stock |
|
|
(818 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(818 |
) |
Dividends paid |
|
|
(3,681 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,681 |
) |
Decrease in restricted cash |
|
|
— |
|
|
|
11,000 |
|
|
|
— |
|
|
|
— |
|
|
|
11,000 |
|
Payments of obligations under capital leases |
|
|
— |
|
|
|
— |
|
|
|
(3,032 |
) |
|
|
— |
|
|
|
(3,032 |
) |
Net cash used in financing activities |
|
|
42,612 |
|
|
|
(12,256 |
) |
|
|
55,869 |
|
|
|
— |
|
|
|
86,225 |
|
Increase/(decrease) in cash and cash equivalents |
|
|
(18,277 |
) |
|
|
7,182 |
|
|
|
(16,325 |
) |
|
|
— |
|
|
|
(27,420 |
) |
Cash and cash equivalents, beginning of year |
|
|
34,152 |
|
|
|
47,753 |
|
|
|
81,507 |
|
|
|
— |
|
|
|
163,412 |
|
Cash and cash equivalents, end of year |
|
$ |
15,875 |
|
|
$ |
54,935 |
|
|
$ |
65,182 |
|
|
$ |
— |
|
|
$ |
135,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Navios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maritime |
|
|
|
|
|
Non |
|
|
|
|
|
|
|
|
|
Holdings Inc. |
|
|
Guarantor |
|
|
Guarantor |
|
|
|
|
|
|
|
Cash flow statement for the year ended December 31, 2015 |
|
Issuer |
|
|
Subsidiaries |
|
|
Subsidiaries |
|
|
Eliminations |
|
|
Total |
|
Net cash (used in)/provided by operating activities |
|
$ |
(49,544 |
) |
|
$ |
48,038 |
|
|
$ |
44,984 |
|
|
$ |
— |
|
|
$ |
43,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of investments in affiliates |
|
|
(14,668 |
) |
|
|
(6,650 |
) |
|
|
(1,528 |
) |
|
|
— |
|
|
|
(22,846 |
) |
Loan to affiliate company |
|
|
— |
|
|
|
(7,327 |
) |
|
|
— |
|
|
|
— |
|
|
|
(7,327 |
) |
Decrease in long-term receivable from affiliate companies |
|
|
— |
|
|
|
10,351 |
|
|
|
— |
|
|
|
— |
|
|
|
10,351 |
|
Dividends from affiliate companies |
|
|
18,244 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,244 |
|
Deposits for vessels, port terminals and other fixed assets |
|
|
— |
|
|
|
(7,555 |
) |
|
|
(19,158 |
) |
|
|
— |
|
|
|
(26,713 |
) |
Purchase of property, equipment and other fixed assets |
|
|
— |
|
|
|
(327 |
) |
|
|
(7,881 |
) |
|
|
— |
|
|
|
(8,208 |
) |
Net cash provided by/(used in) in investing activities |
|
|
3,576 |
|
|
|
(11,508 |
) |
|
|
(28,567 |
) |
|
|
— |
|
|
|
(36,499 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfer (to)/from other group subsidiaries |
|
|
17,183 |
|
|
|
(18,711 |
) |
|
|
1,528 |
|
|
|
— |
|
|
|
— |
|
Debt issuance costs |
|
|
— |
|
|
|
(50 |
) |
|
|
— |
|
|
|
— |
|
|
|
(50 |
) |
Repayment of long-term debt and payment of principal |
|
|
— |
|
|
|
(35,987 |
) |
|
|
(69 |
) |
|
|
— |
|
|
|
(36,056 |
) |
Acquisition of treasury stock |
|
|
(252 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(252 |
) |
Dividends paid |
|
|
(35,350 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(35,350 |
) |
Increase in restricted cash |
|
|
— |
|
|
|
(11,114 |
) |
|
|
— |
|
|
|
— |
|
|
|
(11,114 |
) |
Payment for acquisition of intangible asset |
|
|
— |
|
|
|
— |
|
|
|
(6,800 |
) |
|
|
— |
|
|
|
(6,800 |
) |
Payments of obligations under capital leases |
|
|
— |
|
|
|
— |
|
|
|
(1,501 |
) |
|
|
— |
|
|
|
(1,501 |
) |
Net cash used in financing activities |
|
|
(18,419 |
) |
|
|
(65,862 |
) |
|
|
(6,842 |
) |
|
|
— |
|
|
|
(91,123 |
) |
Increase/(decrease) in cash and cash equivalents |
|
|
(64,387 |
) |
|
|
(29,332 |
) |
|
|
9,575 |
|
|
|
— |
|
|
|
(84,144 |
) |
Cash and cash equivalents, beginning of year |
|
|
98,539 |
|
|
|
77,085 |
|
|
|
71,932 |
|
|
|
— |
|
|
|
247,556 |
|
Cash and cash equivalents, end of year |
|
$ |
34,152 |
|
|
$ |
47,753 |
|
|
$ |
81,507 |
|
|
$ |
— |
|
|
$ |
163,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Navios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maritime |
|
|
|
|
|
Non |
|
|
|
|
|
|
|
|
|
Holdings Inc. |
|
|
Guarantor |
|
|
Guarantor |
|
|
|
|
|
|
|
Cash flow statement for the year ended December 31, 2014 |
|
Issuer |
|
|
Subsidiaries |
|
|
Subsidiaries |
|
|
Eliminations |
|
|
Total |
|
Net cash (used in)/provided by operating activities |
|
$ |
(9,357 |
) |
|
$ |
52,664 |
|
|
$ |
13,016 |
|
|
$ |
— |
|
|
$ |
56,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of investments in affiliates |
|
|
— |
|
|
|
— |
|
|
|
(2,233 |
) |
|
|
— |
|
|
|
(2,233 |
) |
Loan to affiliate company |
|
|
— |
|
|
|
(4,465 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,465 |
) |
Increase in long-term receivable from affiliate companies |
|
|
— |
|
|
|
(5,087 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,087 |
) |
Dividends from affiliate companies |
|
|
14,595 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,595 |
|
Deposits for vessels, port terminals and other fixed assets |
|
|
— |
|
|
|
(22,112 |
) |
|
|
(23,225 |
) |
|
|
— |
|
|
|
(45,337 |
) |
Acquisition of intangible assets |
|
|
— |
|
|
|
— |
|
|
|
(10,200 |
) |
|
|
— |
|
|
|
(10,200 |
) |
Acquisition of vessels |
|
|
— |
|
|
|
(123,541 |
) |
|
|
— |
|
|
|
— |
|
|
|
(123,541 |
) |
Purchase of property, equipment and other fixed assets |
|
|
(15 |
) |
|
|
(172 |
) |
|
|
(68,433 |
) |
|
|
— |
|
|
|
(68,620 |
) |
Net cash provided by/(used in) in investing activities |
|
|
14,580 |
|
|
|
(155,377 |
) |
|
|
(104,091 |
) |
|
|
— |
|
|
|
(244,888 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfer (to)/from other group subsidiaries |
|
|
(71,968 |
) |
|
|
69,731 |
|
|
|
2,237 |
|
|
|
— |
|
|
|
— |
|
Issuance of common stock |
|
|
643 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
643 |
|
Net proceeds from issuance of preferred stock |
|
|
163,602 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
163,602 |
|
Proceeds from long-term loans, net of debt issuance costs |
|
|
— |
|
|
|
71,027 |
|
|
|
— |
|
|
|
— |
|
|
|
71,027 |
|
Proceeds from issuance of senior notes, net of debt issuance costs |
|
|
— |
|
|
|
— |
|
|
|
365,668 |
|
|
|
— |
|
|
|
365,668 |
|
Repayment of long-term debt and payment of principal |
|
|
— |
|
|
|
(20,692 |
) |
|
|
(69 |
) |
|
|
— |
|
|
|
(20,761 |
) |
Repayment of senior notes |
|
|
— |
|
|
|
— |
|
|
|
(290,000 |
) |
|
|
— |
|
|
|
(290,000 |
) |
Contribution from noncontrolling shareholders |
|
|
— |
|
|
|
3,484 |
|
|
|
— |
|
|
|
— |
|
|
|
3,484 |
|
Dividends paid |
|
|
(32,730 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(32,730 |
) |
Increase in restricted cash |
|
|
— |
|
|
|
(355 |
) |
|
|
— |
|
|
|
— |
|
|
|
(355 |
) |
Acquisition of noncontrolling interest |
|
|
— |
|
|
|
(10,889 |
) |
|
|
— |
|
|
|
— |
|
|
|
(10,889 |
) |
Payments of obligations under capital leases |
|
|
— |
|
|
|
— |
|
|
|
(1,399 |
) |
|
|
— |
|
|
|
(1,399 |
) |
Net cash provided by financing activities |
|
|
59,547 |
|
|
|
112,306 |
|
|
|
76,437 |
|
|
|
— |
|
|
|
248,290 |
|
Increase/(decrease) in cash and cash equivalents |
|
|
64,770 |
|
|
|
9,593 |
|
|
|
(14,638 |
) |
|
|
— |
|
|
|
59,725 |
|
Cash and cash equivalents, beginning of year |
|
|
33,769 |
|
|
|
67,492 |
|
|
|
86,570 |
|
|
|
— |
|
|
|
187,831 |
|
Cash and cash equivalents, end of year |
|
$ |
98,539 |
|
|
$ |
77,085 |
|
|
$ |
71,932 |
|
|
$ |
— |
|
|
$ |
247,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|