| INTANGIBLE ASSETS OTHER THAN GOODWILL |
NOTE 4: INTANGIBLE ASSETS OTHER THAN GOODWILL
|
|
|
|
|
|
|
|
Intangible assets |
|
June 30, 2017 |
|
December 31, 2016 |
|
Acquisition cost (*) (***) |
|
$ |
200,610 |
|
$ |
271,547 |
|
Accumulated amortization (*) |
|
|
(77,240) |
|
|
(73,795 |
) |
Write offs (*) |
|
|
— |
|
|
(70,937 |
) |
Total Intangible assets net book value |
|
|
123,370 |
|
|
126,815 |
|
Unfavorable lease terms |
|
|
|
|
|
|
|
Acquisition cost (**) |
|
|
— |
|
|
(24,721 |
) |
Write offs (**) |
|
|
— |
|
|
24,721 |
|
Total Intangibles net book value |
|
$ |
123,370 |
|
$ |
126,815 |
|
|
|
|
|
|
|
|
|
(*) |
As of both June 30, 2017 and December 31, 2016, intangible assets associated with the favorable lease terms included an amount of $1,180 related to purchase options for the vessels. During the year ended December 31, 2016, acquisition costs of $70,937 and accumulated amortization of $57,930 of favorable lease terms were written off resulting in a loss of $13,007. This write-off resulted from the early redelivery of one vessel during the third quarter of 2016. |
(**) |
During the year ended December 31, 2016, acquisition costs of $24,721 and accumulated amortization of $17,406 of unfavorable lease terms were written off resulting in an income of $7,315. This write-off resulted from the early redelivery of one vessel during the first quarter of 2016. |
(***) |
As of June 30, 2017, Navios Logistics had paid $17,000 for the expansion of its dry port in Uruguay. |
Amortization (expense)/income, net for the three month periods ended June 30, 2017 and 2016 amounted to $(1,725) and $(2,922), respectively, and for the six month periods ended June 30, 2017 and 2016 amounted to $(3,445) and $1,546, respectively.
The remaining aggregate amortization of acquired intangibles as of June 30, 2017 will be as follows:
|
|
|
|
|
Period |
|
|
|
Year One |
|
$ |
6,739 |
|
Year Two |
|
|
6,218 |
|
Year Three |
|
|
6,225 |
|
Year Four |
|
|
6,218 |
|
Year Five |
|
|
6,218 |
|
Thereafter |
|
|
90,572 |
|
Total |
|
$ |
122,190 |
|
|
|
|
|
|
|