Other Financial Information
 6 Months Ended
Jun. 30, 2017
OTHER FINANCIAL INFORMATION [Abstract]  
OTHER FINANCIAL INFORMATION
NOTE 14: 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 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 on an equity basis as permitted by U.S. GAAP.
During the first quarter of 2017, the Company has presented revised financial information for the year ended December 31, 2016, as the intercompany receivables of the Guarantor Subsidiaries were reclassified within the condensed consolidated balance sheet. This revision was not material to the previously issued financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Navios
Maritime
Holdings Inc.
Issuer
 
 
Guarantor
Subsidiaries
 
 
Non
Guarantor
Subsidiaries
 
 
Eliminations
 
 
Total
 
Statement of comprehensive (loss)/income for the three months ended June 30, 2017
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
  
$
—  
 
 
$
 59,238
 
 
$
59,380  
 
 
$
—  
  
 
$
 118,618
Administrative fee revenue from affiliates
  
 
—  
 
 
 
 5,360
 
 
 
—     
 
 
 
—  
  
 
 
 5,360
Time charter, voyage and logistics business expenses
  
 
—  
 
 
 
 (36,050)
 
 
 
 (18,028)
 
 
 
—  
  
 
 
 (54,078)
Direct vessel expenses
  
 
—  
 
 
 
 (12,699)
 
 
 
 (19,084)
 
 
 
—  
  
 
 
 (31,783)
General and administrative expenses incurred on behalf of affiliates
  
 
—  
 
 
 
 (5,360)
 
 
 
—     
 
 
 
—  
  
 
 
 (5,360)
General and administrative expenses
  
 
 (1,791)
 
 
 
 (200)
 
 
 
 (4,117)
 
 
 
—  
  
 
 
 (6,108)
Depreciation and amortization
  
 
 (701)
 
 
 
 (19,011)
 
 
 
 (6,379)
 
 
 
—  
  
 
 
 (26,091)
Interest expense and finance cost, net
  
 
 (19,903)
 
 
 
 (1,368)
 
 
 
 (6,294)
 
 
 
—  
  
 
 
 (27,565)
Gain on debt extinguishment
 
 
—  
 
 
 
 1,715
 
 
 
—  
 
 
 
—  
 
 
 
 1,715
Vessel impairment loss
 
 
—  
 
 
 
(5,141
 ) 
 
 
—  
 
 
 
—  
 
 
 
 (5,141)
Gain on sale of asset
 
 
—  
 
 
 
—  
 
 
 
 21
 
 
 
—  
 
 
 
 21
Other (expense)/income, net
  
 
(75
 ) 
 
 
(255
 ) 
 
 
 (1,214)
 
 
 
—  
  
 
 
 (1,544)
(Loss)/income before equity in net earnings of affiliated companies
  
 
(22,470)
 
 
 
(13,771)
 
 
 
4,285
 
 
 
—  
  
 
 
(31,956)
(Loss)/income from subsidiaries
  
 
 (10,328)
 
 
 
 2,826
 
 
 
—  
 
 
 
7,502
 
 
 
—  
Equity in net (losses)/earnings of affiliated companies
  
 
 (4,460)
 
 
 
 601
 
 
 
84
 
 
 
—  
  
 
 
(3,775)
(Loss)/income before taxes
  
 
 (37,258)
 
 
 
 (10,344)
 
 
 
4,369
 
 
 
7,502
 
 
 
(35,731)
Income tax (expense)/benefit
  
 
—  
 
 
 
 (68)
 
 
 
144
 
 
 
—  
  
 
 
  76
Net (loss)/income
  
 
(37,258)
 
 
 
 (10,412)
 
 
 
 4,513
 
 
 
7,502
 
 
 
  (35,655)
Less: Net income attributable to the noncontrolling interest
  
 
—  
 
 
 
—  
 
 
 
 (1,603)
 
 
 
—  
  
 
 
(1,603
)
Net (loss)/income attributable to Navios Holdings common stockholders
  
$
(37,258)
 
 
$
 (10,412)
 
 
$
2,910
 
 
$
7,502
 
 
$
  (37,258)
Other Comprehensive( loss)/ income
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized holding gain/(loss) on investments in available-for-sale securities
  
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
Reclassification to earnings
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
Total other comprehensive (loss)/income
  
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
Total comprehensive (loss)/income
  
$
(37,258)
 
 
$
 (10,412)
 
 
$
4,513
 
 
$
7,502
 
 
$
  (35,655)
Comprehensive income attributable to noncontrolling interest
  
 
—  
 
 
 
—  
 
 
 
 (1,603)
 
 
 
—  
  
 
 
  (1,603)
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders
  
$
(37,258)
 
 
$
 (10,412)
 
 
$
 2,910
 
 
$
7,502
 
 
$
  (37,258)
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Navios
Maritime
Holdings Inc.
Issuer
 
 
Guarantor
Subsidiaries
 
 
Non
Guarantor
Subsidiaries
 
 
Eliminations
 
 
Total
 
Statement of comprehensive (loss)/income for the three months ended June 30, 2016
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
  
$
—  
  
 
$
46,991
  
 
$
58,742
  
 
$
—  
  
 
$
105,733
  
Administrative fee revenue from affiliates
  
 
—  
  
 
 
5,463
  
 
 
—  
  
 
 
—  
  
 
 
5,463
  
Time charter, voyage and logistics business expenses
  
 
—  
  
 
 
(23,176
) 
 
 
(12,919
) 
 
 
—  
  
 
 
(36,095
) 
Direct vessel expenses
  
 
—  
  
 
 
(13,302
) 
 
 
(21,383
) 
 
 
—  
  
 
 
(34,685
) 
General and administrative expenses incurred on behalf of affiliates
  
 
—  
  
 
 
(5,463
) 
 
 
—  
  
 
 
—  
  
 
 
(5,463
) 
General and administrative expenses
  
 
(1,777
) 
 
 
(1,077
) 
 
 
(3,538
) 
 
 
—  
  
 
 
(6,392
) 
Depreciation and amortization
  
 
(701
) 
 
 
(20,044
) 
 
 
(6,387
) 
 
 
—  
  
 
 
(27,132
) 
Interest expense and finance cost, net
  
 
(19,170
) 
 
 
(1,699
) 
 
 
(5,829
) 
 
 
—  
  
 
 
(26,698
) 
Other income/(expense), net
  
 
12
  
 
 
(524
) 
 
 
(2,018
) 
 
 
—  
  
 
 
(2,530
) 
(Loss)/income before equity in net earnings of affiliated companies
  
 
(21,636
) 
 
 
(12,831
) 
 
 
6,668
  
 
 
—  
  
 
 
(27,799
) 
(Loss)/income from subsidiaries
  
 
(7,695
) 
 
 
4,701
  
 
 
—  
  
 
 
2,994
  
 
 
—  
  
Equity in net earnings of affiliated companies
  
 
2,917
  
 
 
843
  
 
 
(336
) 
 
 
—  
  
 
 
3,424
  
(Loss)/income before taxes
  
 
(26,414
) 
 
 
(7,287
) 
 
 
6,332
  
 
 
2,994
  
 
 
(24,375
) 
Income tax (expense)/benefit
  
 
—  
  
 
 
(73
) 
 
 
694
  
 
 
—  
  
 
 
621
  
Net (loss)/income
  
 
(26,414
) 
 
 
(7,360
) 
 
 
7,026
  
 
 
2,994
  
 
 
(23,754
) 
Less: Net income attributable to the noncontrolling interest
  
 
—  
  
 
 
—  
  
 
 
(2,662
) 
 
 
—  
  
 
 
(2,662
) 
Net (loss)/income attributable to Navios Holdings common stockholders
  
$
(26,414
) 
 
$
(7,360
) 
 
$
4,364
  
 
$
2,994
  
 
$
(26,416
) 
Other Comprehensive income/( loss)
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized holding gain/(loss) on investments in available-for-sale securities
  
$
495
  
 
$
495
  
 
$
—  
  
 
$
(495
) 
 
$
495
  
Reclassification to earnings
  
 
345
  
 
 
345
  
 
 
—  
  
 
 
(345
) 
 
 
345
  
Total other comprehensive income/(loss)
  
$
840
  
 
$
840
  
 
$
—  
  
 
$
(840
) 
 
$
840
  
Total comprehensive (loss)/income
  
$
(25,574
) 
 
$
(6,520
) 
 
$
7,026
  
 
$
2,154
  
 
$
(22,914
) 
Comprehensive income attributable to noncontrolling interest
  
 
—  
  
 
 
—  
  
 
 
(2,662
) 
 
 
—  
  
 
 
(2,662
) 
Total comprehensive (loss)/ income attributable to Navios Holdings common stockholders
  
$
(25,574
) 
 
$
(6,520
) 
 
$
4,364
  
 
$
2,154
  
 
$
(25,576
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Navios
Maritime
Holdings Inc.
Issuer
 
 
Guarantor
Subsidiaries
 
 
Non
Guarantor
Subsidiaries
 
 
Eliminations
 
 
Total
 
Statement of comprehensive (loss)/income for the six months ended June 30, 2017
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
  
$
—  
 
 
$
 110,783
 
 
$
 103,181
 
 
$
—  
  
 
$
 213,964
Administrative fee revenue from affiliates
  
 
—  
 
 
 
 10,658
 
 
 
—    
 
 
 
—  
  
 
 
 10,658
Time charter, voyage and logistics business expenses
  
 
—  
 
 
 
 (72,756)
 
 
 
 (32,048)
 
 
 
—  
  
 
 
 (104,804)
Direct vessel expenses
  
 
—  
 
 
 
 (25,215)
 
 
 
 (36,612)
 
 
 
—  
  
 
 
 (61,827)
General and administrative expenses incurred on behalf of affiliates
  
 
—  
 
 
 
 (10,658)
 
 
 
 —  
 
 
 
—  
  
 
 
 (10,658)
General and administrative expenses
  
 
 (3,597)
 
 
 
 (1,257)
 
 
 
 (7,638)
 
 
 
—  
  
 
 
 (12,492)
Depreciation and amortization
  
 
 (1,394)
 
 
 
 (37,851)
 
 
 
 (12,469)
 
 
 
—  
  
 
 
 (51,714)
Interest expense and finance cost, net
  
 
 (39,812)
 
 
 
 (3,100)
 
 
 
 (12,075)
 
 
 
—  
  
 
 
 (54,987)
Gain on debt extinguishment
 
 
—  
 
 
 
 1,715
 
 
 
—  
 
 
 
—  
 
 
 
 1,715
Vessel impairment loss
 
 
—  
 
 
 
(14,239
 ) 
 
 
—  
 
 
 
—  
 
 
 
(14,239
)
Gain on sale of asset
 
 
—  
 
 
 
—  
 
 
 
1,051
 
 
 
—  
 
 
 
1,051
Other (expense)\income, net
  
 
(499
 ) 
 
 
(834
 ) 
 
 
(2,596)  
 
 
 
—  
  
 
 
(3,929
)
(Loss)/income before equity in net earnings of affiliated companies
  
 
(45,302)
 
 
 
(42,754)
 
 
 
794
 
 
 
—  
  
 
 
(87,262)
(Loss)/income from subsidiaries
  
 
(40,609)
 
 
 
 907
 
 
 
—  
 
 
 
39,702
 
 
 
—  
Equity in net (losses)/earnings of affiliated companies
  
 
(66
 ) 
 
 
 1,402
 
 
 
(29)
 
 
 
—  
  
 
 
1,307
(Loss)/income before taxes
  
 
(85,977)
 
 
 
(40,445)
 
 
 
765
 
 
 
39,702
 
 
 
 (85,955)
Income tax (expense)/benefit
  
 
—  
 
 
 
(135)
 
 
 
628
 
 
 
—  
  
 
 
 493
Net (loss)/income
  
 
(85,977)
 
 
 
(40,580)
 
 
 
 1,393
 
 
 
39,702
 
 
 
 (85,462)
Less: Net income attributable to the noncontrolling interest
  
 
—  
 
 
 
—  
 
 
 
 (515)
 
 
 
—  
  
 
 
 (515)
Net (loss)/income attributable to Navios Holdings common stockholders
  
$
(85,977)
 
 
$
(40,580)
 
 
$
 878
 
 
$
39,702
 
 
$
 (85,977)
Other Comprehensive( loss)/ income
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized holding gain/(loss) on investments in available-for-sale securities
  
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
Reclassification to earnings
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
Total other comprehensive loss
  
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
Total comprehensive (loss)/income
  
$
(85,977)  
 
 
$
(40,580)
 
 
$
 1,393
 
 
$
39,702
 
 
$
 (85,462)
Comprehensive income attributable to noncontrolling interest
  
 
—  
 
 
 
—  
 
 
 
 (515)
 
 
 
—  
  
 
 
 (515)
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders
  
$
(85,977)
 
 
$
(40,580)
 
 
$
 878
 
 
$
39,702
 
 
$
 (85,977)
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Navios
Maritime
Holdings Inc.
Issuer
 
 
Guarantor
Subsidiaries
 
 
Non
Guarantor
Subsidiaries
 
 
Eliminations
 
 
Total
 
Statement of comprehensive (loss)/income for the six months ended June 30, 2016
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
  
$
—  
  
 
$
93,259
  
 
$
113,961
  
 
$
—  
  
 
$
207,220
  
Administrative fee revenue from affiliates
  
 
—  
  
 
 
10,945
  
 
 
—  
  
 
 
—  
  
 
 
10,945
  
Time charter, voyage and logistics business expenses
  
 
—  
  
 
 
(55,020
) 
 
 
(27,456
) 
 
 
—  
  
 
 
(82,476
) 
Direct vessel expenses
  
 
—  
  
 
 
(26,677
) 
 
 
(38,082
) 
 
 
—  
  
 
 
(64,759
) 
General and administrative expenses incurred on behalf of affiliates
  
 
—  
  
 
 
(10,945
) 
 
 
—  
  
 
 
—  
  
 
 
(10,945
) 
General and administrative expenses
  
 
(3,134
) 
 
 
(2,860
) 
 
 
(6,836
) 
 
 
—  
  
 
 
(12,830
) 
Depreciation and amortization
  
 
(1,443
) 
 
 
(32,455
) 
 
 
(13,061
) 
 
 
—  
  
 
 
(46,959
) 
Interest expense and finance cost, net
  
 
(38,990
) 
 
 
(3,425
) 
 
 
(12,033
) 
 
 
—  
  
 
 
(54,448
) 
Other (expense)\income, net
  
 
60
  
 
 
12,249
  
 
 
(3,175
) 
 
 
—  
  
 
 
9,134
  
(Loss)/income before equity in net earnings of affiliated companies
  
 
(43,507
) 
 
 
(14,929
) 
 
 
13,318
  
 
 
—  
  
 
 
(45,118
) 
(Loss)/income from subsidiaries
  
 
(5,389
) 
 
 
8,322
  
 
 
—  
  
 
 
(2,933
) 
 
 
—  
  
Equity in net earnings of affiliated companies
  
 
15,016
  
 
 
1,691
  
 
 
(331
) 
 
 
—  
  
 
 
16,376
  
(Loss)/income before taxes
  
 
(33,880
) 
 
 
(4,916
) 
 
 
12,987
  
 
 
(2,933
) 
 
 
(28,742
) 
Income tax expense
  
 
—  
  
 
 
(142
) 
 
 
(282
) 
 
 
—  
  
 
 
(424
) 
Net (loss)/income
  
 
(33,880
) 
 
 
(5,058
) 
 
 
12,705
  
 
 
(2,933
) 
 
 
(29,166
) 
Less: Net income attributable to the noncontrolling interest
  
 
—  
  
 
 
—  
  
 
 
(4,715
) 
 
 
—  
  
 
 
(4,715
) 
Net (loss)/income attributable to Navios Holdings common stockholders
  
$
(33,880
) 
 
$
(5,058
) 
 
$
7,990
  
 
$
(2,933
) 
 
$
(33,881
) 
Other Comprehensive( loss)/ income
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized holding gain/(loss) on investments in available-for-sale securities
  
$
100
  
 
$
100
  
 
$
—  
  
 
$
(100
) 
 
$
100
  
Reclassification to earnings
  
 
345
  
 
 
345
  
 
 
—  
  
 
 
(345
) 
 
 
345
  
Total other comprehensive income/(loss)
  
$
445
  
 
$
445
  
 
$
—  
  
 
$
(445
) 
 
$
445
  
Total comprehensive (loss)/income
  
$
(33,435
) 
 
$
(4,613
) 
 
$
12,705
  
 
$
(3,378
) 
 
$
(28,721
) 
Comprehensive income attributable to noncontrolling interest
  
 
—  
  
 
 
—  
  
 
 
(4,715
) 
 
 
—  
  
 
 
(4,715
) 
Total comprehensive (loss)/income attributable to Navios Holdings common stockholders
  
$
(33,435
) 
 
$
(4,613
) 
 
$
7,990
  
 
$
(3,378
) 
 
$
(33,436
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance Sheet as of June 30, 2017
  
Navios
Maritime
Holdings Inc.
Issuer
 
  
Guarantor
Subsidiaries
 
  
Non
Guarantor
Subsidiaries
 
  
Eliminations
 
 
Total
 
Current assets
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Cash and cash equivalents
  
$
6,933
  
  
$
60,375
  
  
$
62,900
  
  
$
—  
  
 
$
130,208
  
Restricted cash
  
 
—  
  
  
 
4,462
  
  
 
—  
  
  
 
—  
  
 
 
4,462
  
Accounts receivable, net
  
 
—  
  
  
 
32,220
  
  
 
20,391
  
  
 
—  
  
 
 
52,611
  
Intercompany receivables
  
 
—  
  
  
 
217,438
  
  
 
71,088
  
  
 
(288,526
) 
 
 
—  
  
Due from affiliate companies
  
 
1,919
  
  
 
—
  
  
 
—  
 
  
 
(1,544) 
  
 
 
375
 
Prepaid expenses and other current assets
  
 
—  
  
  
 
37,731
  
  
 
14,185
  
  
 
—  
  
 
 
51,916
  
Total current assets
  
 
8,852
  
  
 
352,226
  
  
 
168,564
  
  
 
(290,070
) 
 
 
239,572
  
Vessels, port terminals and other fixed assets, net
  
 
—  
  
  
 
1,355,708
  
  
 
533,963
  
  
 
—  
  
 
 
1,889,671
  
Deposits for vessel acquisitions
  
 
—  
  
  
 
—  
  
  
 
27,119
 
  
 
—  
  
 
 
27,119
  
Investments in subsidiaries
  
 
1,642,742
  
  
 
293,117
  
  
 
—  
  
  
 
(1,935,859
) 
 
 
—  
  
Investment in affiliates
  
 
164,277
  
  
 
11,443
  
  
 
13,475
  
  
 
—  
  
 
 
189,195
  
Loan receivable from affiliate companies
  
 
—  
  
  
 
28,727
  
  
 
—  
  
  
 
—  
  
 
 
28,727
  
Other long-term assets
  
 
—  
  
  
 
17,243
  
  
 
21,207
  
  
 
—  
  
 
 
38,450
  
Goodwill and other intangibles
  
 
82,539
  
  
 
35,249
  
  
 
165,918
  
  
 
—  
  
 
 
283,706
  
Total non-current assets
  
 
1,889,558
  
  
 
1,741,487
  
  
 
 761,682
  
  
 
(1,935,859
) 
 
 
2,456,868
  
Total assets
  
$
1,898,410
  
  
$
2,093,713
  
  
$
 930,246
  
  
$
(2,225,929
) 
 
$
2,696,440
  
LIABILITIES AND STOCKHOLDERS' EQUITY
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Current liabilities
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Accounts payable
  
$
2,419
  
  
$
46,128
 
  
$
23,078
  
  
$
—  
  
 
$
71,625
  
Accrued expenses and other liabilities
  
 
31,291
  
  
 
47,096
  
  
 
16,203
  
  
 
—  
  
 
 
94,590
  
Deferred income and cash received in advance
  
 
—  
  
  
 
7,169
  
  
 
5,208
  
  
 
—  
  
 
 
12,377
  
Intercompany payables
  
 
288,526
  
  
 
—  
  
  
 
—  
  
  
 
(288,526
) 
 
 
—  
  
Due to affiliate company
  
 
—  
  
  
 
29,001
  
  
 
—  
  
  
 
(1,544)  
  
 
 
27,457
  
Current portion of long-term debt
  
 
—  
  
  
 
20,851
  
  
 
9,496
  
  
 
—  
  
 
 
30,347
  
Total current liabilities
  
 
322,236
  
  
 
150,245
  
  
 
53,985
  
  
 
(290,070
) 
 
 
236,396
  
Senior and ship mortgage notes, net of discount
  
 
929,745
  
  
 
—  
  
  
 
368,707
  
  
 
 —  
 
 
 
1,298,452
  
Long-term debt, net of current portion
 
 
—  
 
 
 
202,304
 
 
 
62,676  
 
 
 
—  
 
 
 
264,980  
 
Long term payable to affiliate companies
  
 
—  
  
  
 
68,491
  
  
 
—  
  
  
 
—  
  
 
 
68,491
  
Loan payable to affiliate companies
 
 
52,491
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
52,491
 
Other long-term liabilities and deferred income
  
 
—  
  
  
 
43,743
  
  
 
1,462
  
  
 
—  
  
 
 
45,205
  
Deferred tax liability
  
 
—  
  
  
 
—  
  
  
 
10,706
  
  
 
—  
  
 
 
10,706
  
Total non-current liabilities
  
 
982,236
  
  
 
314,538
  
  
 
443,551
  
  
 
—  
  
 
 
1,740,325
  
Total liabilities
  
 
1,304,472
  
  
 
464,783
  
  
 
497,536
  
  
 
(290,070
) 
 
 
1,976,721
  
Noncontrolling interest
  
 
—  
  
  
 
—  
  
  
 
125,781
  
  
 
—  
  
 
 
125,781
  
Total Navios Holdings stockholders' equity
  
 
593,938
  
  
 
1,628,930
  
  
 
306,929
  
  
 
(1,935,859
) 
 
 
593,938
  
Total liabilities and stockholders' equity
  
$
1,898,410
  
  
$
2,093,713
  
  
$
930,246
  
  
$
(2,225,929
) 
 
$
2,696,440
  
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
  
 
—  
 
  
 
117,596  
 
 
 
74,218
 
  
 
(191,814
 ) 
 
 
—  
 
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
 
  
 
253,897
 
 
 
192,820
 
  
 
(191,814)
 
 
 
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
 
  
$
2,057,257
 
 
$
940,273
 
  
$
(2,125,886)
 
 
$
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
 
  
 
— 
 
 
 
—  
 
  
 
(191,814
 ) 
 
 
—  
 
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
 
  
 
159.543
 
 
 
59,323
 
  
 
(191,814)
 
 
 
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
 
  
 
429,236
 
 
 
508,956
 
  
 
(191,814)
 
 
 
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
 
  
$
2,057,257
 
 
$
940,273
 
  
$
(2,125,886)
 
 
$
2,752,895
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Navios
 
 
 
 
 
 
 
 
 
 
 
  
Maritime
 
 
 
 
 
Non
 
 
 
 
 
  
Holdings Inc.
 
 
Guarantor
 
 
Guarantor
 
 
 
 
Cash flow statement for the six months ended June 30, 2017
  
Issuer
 
 
Subsidiaries
 
 
Subsidiaries
 
 
Eliminations
 
  
Total
 
Net cash (used in)/provided by operating activities
  
$
(21,533)
 
 
$
43,962
  
 
$
26,674
  
 
$
—  
  
  
$
49,103
  
Cash flows from investing activities
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Acquisition of investments in affiliates
 
 
(5,000
 ) 
 
 
—  
 
 
 
(2,626
 ) 
 
 
—  
 
 
 
(7,626
 ) 
Loan to affiliate company
  
 
—  
  
 
 
(4,461
 ) 
 
 
—  
  
 
 
—  
  
  
 
(4,461)
 
Acquisition of vessels
  
 
—  
  
 
 
—  
 
 
 
—  
  
 
 
—  
  
  
 
 
 
Proceeds from sale of asset
 
 
—  
 
 
 
5,280
 
 
 
—  
 
 
 
—  
 
 
 
5,280
 
Deposits for vessel acquisitions
  
 
—  
  
 
 
—  
  
 
 
(25,972)
 
 
 
—  
  
  
 
(25,972)
 
Lease investment
 
 
—  
 
 
 
—  
 
 
 
100
 
 
 
—  
 
 
 
100
 
Purchase of property, equipment and other fixed assets
  
 
—  
  
 
 
(100)  
 
 
 
(3,099)
 
 
 
—  
  
  
 
(3,199)
 
Net cash (used in)/provided by investing activities
  
 
(5,000)
  
 
 
719
 
 
 
(31,597)
 
 
 
—  
  
  
 
(35,878)
 
Cash flows from financing activities
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Transfer (to)/from other group subsidiaries
  
 
18,073
  
 
 
(20,699)
 
 
 
2,626
  
 
 
—  
  
  
 
—  
  
Proceeds from transfer of rights to affiliate company
 
 
—  
 
 
 
4,050
 
 
 
—  
 
 
 
—  
 
 
 
4,050
 
Tender offer - Redemption of preferred stock - costs
 
 
(482
 ) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(482
 ) 
Repayment of long-term debt and payment of principal
  
 
—  
  
 
 
(35,709)
 
 
 
(2,212)
 
 
 
—  
  
  
 
(37,921)
 
Proceeds from long-term loans, net of deferred finance fees
  
 
—  
  
 
 
15,093
 
 
 
14,601
 
 
 
—  
  
  
 
29,694
 
Decrease in restricted cash
  
 
—  
  
 
 
(1,976
 ) 
 
 
—  
  
 
 
—  
  
  
 
(1,976
 ) 
Payments of obligations under capital leases
  
 
—  
  
 
 
—  
  
 
 
(12,374)
 
 
 
—  
  
  
 
(12,374)
 
Net cash provided by/(used in) financing activities
  
 
 17,591
  
 
 
 (39,241)
  
 
 
 2,641
  
 
 
—  
  
  
 
 (19,009)
 
(Decrease)/ increase in cash and cash equivalents
  
 
 (8,942)
 
 
 
 5,440
  
 
 
 (2,282)
 
 
 
—  
  
  
 
 (5,784)
 
Cash and cash equivalents, at beginning of period
  
 
 15,875
  
 
 
 54,935
  
 
 
 65,182
  
 
 
—  
  
  
 
 135,992
 
Cash and cash equivalents, at end of period
  
$
 6,933
  
 
$
 60,375
  
 
$
 62,900
  
 
$
—  
  
  
 
 130,208
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Navios
 
 
 
 
 
 
 
 
 
 
 
  
Maritime
 
 
 
 
 
Non
 
 
 
 
 
  
Holdings Inc.
 
 
Guarantor
 
 
Guarantor
 
 
 
 
Cash flow statement for the six months ended June 30, 2016
  
Issuer
 
 
Subsidiaries
 
 
Subsidiaries
 
 
Eliminations
 
  
Total
 
Net cash (used in)/provided by operating activities
  
$
(28,889
) 
 
$
52,146
  
 
$
16,880
  
 
$
—  
  
  
$
40,137
  
Cash flows from investing activities
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Loan to affiliate company
  
 
—  
  
 
 
(4,275
) 
 
 
—  
  
 
 
—  
  
  
 
(4,275
) 
Acquisition of vessels
  
 
—  
  
 
 
(60,115
) 
 
 
—  
  
 
 
—  
  
  
 
(60,115
) 
Deposits for vessel acquisitions
  
 
—  
  
 
 
—  
  
 
 
(44,628
)
 
 
—  
  
  
 
(44,628
) 
Purchase of property, equipment and other fixed assets
  
 
—  
  
 
 
(97
) 
 
 
(3,204
) 
 
 
—  
  
  
 
(3,301
) 
Net cash used in investing activities
  
 
—  
  
 
 
(64,487
) 
 
 
(47,832
) 
 
 
—  
  
  
 
(112,319
) 
Cash flows from financing activities
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Transfer (to)/from other group subsidiaries
  
 
13,426
  
 
 
(13,426
) 
 
 
—  
  
 
 
—  
  
  
 
—  
  
Repayment of long-term debt and payment of principal
  
 
—  
  
 
 
(18,081
) 
 
 
(34
) 
 
 
—  
  
  
 
(18,115
) 
Proceeds from long-term loans, net of deferred finance fees
  
 
—  
  
 
 
39,128
 
 
 
23,880
  
 
 
—  
  
  
 
63,008
  
Dividends paid
  
 
(3,681
) 
 
 
—  
  
 
 
—  
  
 
 
—  
  
  
 
(3,681
) 
Decrease in restricted cash
  
 
—  
  
 
 
11,000
  
 
 
—  
  
 
 
—  
  
  
 
11,000
  
Acquisition of treasury stock
  
 
(819
) 
 
 
—  
  
 
 
—  
  
 
 
—  
  
  
 
(819
) 
Payments of obligations under capital leases
  
 
—  
  
 
 
—  
  
 
 
(2,094
 ) 
 
 
—  
  
  
 
(2,094
) 
Net cash provided by financing activities
  
 
8,926
  
 
 
18,621
  
 
 
21,752
  
 
 
—  
  
  
 
49,299
  
(Decrease)/ increase in cash and cash equivalents
  
 
(19,963
) 
 
 
6,280
  
 
 
(9,200)
 
 
 
—  
  
  
 
(22,883
) 
Cash and cash equivalents, at beginning of period
  
 
34,152
  
 
 
47,753
  
 
 
81,507  
  
 
 
—  
  
  
 
163,412
  
Cash and cash equivalents, at end of period
  
$
14,189
  
 
$
54,033
  
 
$
72,307
  
 
$
—  
  
  
$
140,529