Navios Maritime Holdings Inc. - 6-K filing on 2017-08-22

Other Financial Information (Tables)

6 Months Ended

Jun. 30, 2017

OTHER FINANCIAL INFORMATION [Abstract]

Other Financial Information Income Statement


		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	)

Other Financial Information Balance Sheet


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

Other Financial Information Cash Flow Statement


	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