Navios Maritime Holdings Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2012

Navios Maritime Holdings Inc. Reports Financial Results for the Fourth Quarter 
and Year Ended December 31, 2012 
PIRAEUS, GREECE -- (Marketwire) -- 02/19/13 --  Navios Maritime
Holdings Inc. (NYSE: NM) 


 
--  $166.0 million Net Income for the Full Year 2012
--  $146.6 million Net Income for Q4 2012
--  $352.6 million Liquidity
--  $390.0 million EBITDA for the Full Year 2012
--  $205.6 million EBITDA for Q4 2012
--  Dividend of $0.06 per share for Q4 2012

  
Navios Maritime Holdings Inc. ("Navios Holdings" or "the Company")
(NYSE: NM), a global, vertically integrated seaborne shipping and
logistics company, today reported financial results for the fourth
quarter and year ended December 31, 2012. 
Angeliki Frangou, Chairman and Chief Executive Officer of Navios
Holdings stated, "I believe that Navios Holdings is poised to capture
any upturn in the market. During the past few years, as the maritime
industry suffered, we focused our energies on controlling that which
we could. Today, we not only have excellent cost controls and superb
technical management capabilities, we also have a strong balance
sheet. As a result, we continue returning capital to our shareholders
through dividend payments and declared a $0.06 dividend for Q4 2012
to shareholders of record on March 20, 2013." 
HIGHLIGHTS -- RECENT DEVELOPMENTS 
Navios Holdings 
Credit Default Insurance Settlement 
In Q4 of 2012, Navios Holdings restructured the insurance arrangement
with its credit default insurer. In connection with this
restructuring, Navios Holdings received:  
(i) a $175.4 million lump sum cash payment from the credit default
insurer; and 
 (ii) $41.2 million of revenue covered under the
restructured credit default insurance policy. 
As part of restructuring of the credit default insurance and pursuant
to the management agreement between the parties, Navios Holdings
agreed to provide supplemental charter insurance for $76.7 million of
charters to Navios Maritime Partners L.P. ("Navios Partners"), with a
maximum cash payment of $20.0 million.  
Navios Holdings has $41.2 million of charters participating in the
pool insurance coverage from its credit default insurer. The pool
insurance covers charters totaling $217.1 million of both Navios
Holdings and Navio
s Partners, with a maximum cash payment of $120.0
million. 
Liquidity  
Net Debt to Total Capitalization was 42% as of December 31, 2012.
Navios Holdings' total liquidity, including lines of credit, as of
December 31, 2012 was approximately $352.6 million. 
Time Charter Coverage  
As of February 18, 2013, Navios Holdings had chartered-out 46.8% and
8.6% of available days for 2013 and 2014, respectively, equivalent to
$93.2 million and $32.7 million in revenue, respectively. The average
daily charter-out rate for the core fleet is $13,411 and $25,595 for
2013 and 2014, respectively. The average daily charter-in rate for
the active long-term charter-in vessels for 2013 is $13,927.  
The above figures do not include the fleet of Navios South American
Logistics Inc. ("Navios Logistics") and vessels servicing Contracts
of Affreightment. 
Dividend Policy  
On February 15, 2013, the Board of Directors declared a quarterly
cash dividend for the fourth quarter of 2012 of $0.06 per share of
common stock. The dividend is payable on March 27, 2013 to
stockholders of record as of March 20, 2013. The declaration and
payment of any further dividend remain subject to the discretion of
the Board and will depend on, among other things, Navios Holdings'
cash requirements after taking into account market opportunities,
restrictions under its credit agreements and other debt obligations
and such other factors as the Board may deem advisable. 
Navios Logistics  
On February 8, 2013, Navios Logistics agreed to acquire Energias
Renovables del Sur S.A. ("Energias"), an Uruguayan company, for a
total consideration of $2.0 million. Energias controls approximately
12 hectares of undeveloped land located in the Nueva Palmira free
zone in Uruguay, near to Navios Logistics' existing port. Navios
Logistics plans on developing this land in expanding its port
operations. 
Navios Partners  
On February 14, 2013, Navios Holdings received $7.3 million
representing the cash dividend from Navios Partners for the fourth
quarter of 2012. 
Navios Maritime Acquisition Corporation ("Navios Acquisition")  
On January 4, 2013, Navios Holdings received $1.3 million
representing the cash dividend from Navios Acquisition for the third
quarter of 2012. 
Fleet Profile 
 Navios Holdings controls a fleet of 50 vessels
totaling 5.1 million dwt, of which 30 are owned and 20 are
chartered-in under long-term charters (collectively, the "Core
Fleet"). Navios Holdings currently operates 46 vessels (16 Capesize,
10 Panamax, 18 Ultra-Handymax and two Handysize) totaling 4.7 million
dwt. Additionally, Navios Holdings has four newbuilding charter-in
vessels expected to be delivered at various dates through December
2013. The current average age of the operating fleet is 6.0 years. 
Exhibit II provides certain details of the "Core Fleet" of Navios
Holdings. It does not include the fleet of Navios Logistics. 
Financial Highlights 
Fourth Quarter 2012 and 2011 Results (in thousands of U.S. dollars,
except per share data and unless otherwise stated): 
The fourth quarter 2012 and 2011 information presented below was
derived from the unaudited condensed consolidated financial
statements for the respective periods. EBITDA is a non-U.S. GAAP
financial measure and should not be used in isolation or as
substitution for Navios Holdings' results. 
See Exhibit I under the heading, "Disclosure of Non-GAAP Financial
Measures," for a discussion of EBITDA of Navios Holdings, on a
consolidated basis, and Navios Logistics, and a reconciliation of
such measure to the most comparable measure under U.S. GAAP. 


 
                                                                            
                                                                            
                                       Three Month Period Three Month Period
                                              Ended              Ended      
                                          December 31,       December 31,   
                                              2012               2011       
                                       ------------------ ------------------
                                           (unaudited)        (unaudited)   
Revenue                                $          128,457 $          168,420
EBITDA (*)                             $          205,562 $           63,914
Net Income (*)                         $          146,614 $           11,816
Basic Earnings Per Share (*)           $             1.44 $             0.11
                                                                            
(*)  EBITDA for the three months ended December 31, 2012 includes a $161.2  
     million gain from defaulted charters' compensation and related         
     accounts, net.                                                         
                                                                            
     Net Income and Basic Earnings Per Share for the three months ended     
     December 31, 2012 also includes the item described in the immediately  
     preceding paragraph, and a $4.1 million accelerated amortization of    
     intangibles.                                                           
                                              
                              
     EBITDA, Net Income and Basic Earnings Per Share for the three months   
     ended December 31, 2011 includes a $1.7 million accounting loss related
     to the settlement in shares of part of the outstanding receivables from
     Korea Line Corporation.                                                

 
Revenue from drybulk vessel operations for the three months ended
December 31, 2012 was $69.9 million as compared to $101.6 million for
the same period during 2011. The decrease in drybulk revenue was
mainly attributable to (i) a decrease in the time charter equivalent
rate ("TCE") per day by 39.2% to $12,805 per day in the fourth
quarter of 2012 as compared to $21,068 per day in the same period of
2011 and (ii) a decrease in the short-term charter-in fleet available
days of 367 days. This decrease was partially offset by (i) an
increase in available days for owned vessels by 6.8% to 2,741 days in
the fourth quarter of 2012 from 2,566 days in the same period of 2011
and (ii) an increase in the long-term charter-in fleet available days
of 436 days. 
Revenue from the logistics business was $58.6 million for the three
months ended December 31, 2012 as compared to $66.8 million for the
same period of 2011.This decrease was mainly attributable to the
decrease in the Paraguayan liquid port's volume of products sold and
a decrease in revenues from liquid cargo transportation in the barge
business. 
EBITDA of Navios Holdings for the three months ended December 31,
2012 increased by $141.7 million to $205.6 million as compared to
$63.9 million for the same period of 2011. The $141.7 million
increase in EBITDA was primarily due to: (i) a $10.4 million decrease
in time charter, voyage and logistics business expenses; (ii) a $0.2
million increase in gains from derivatives; (iii) a $1.2 million
increase in equity in net earnings from affiliated companies; (iv) a
$1.0 million decrease in direct vessel expenses (excluding the
amortization of deferred drydock and special survey costs) and (v) a
$170.6 million increase in other income, net (positively affected
from defaulted charters' compensation and related accounts, net). The
overall variance of $183.4 million was mitigated by: (i) a decrease
in revenue of $40.0 million (affected by defaulted charters' loss and
the accounting loss related to the settlement in shares of part of
the outstanding receivables from Korea Line Corporation in 2011);
(ii) an increase in general and administrative expenses of $1.6
million (excluding share based compensation expenses); and (iii) a
$0.1 million increase in net income attributable to the
noncontrolling interest. 
EBITDA of Navios Logistics was $10.9 million for the three month
period ended December 31, 2012 as compared to $10.1 million for the
same period in 2011. 
Net income of Navios Holdings for the three months ended December 31,
2012 was $146.6 million as compared to $11.8 million for the same
period of 2011. The increase of Net Income by $134.8 million was
mainly due to: (i) an increase in EBITDA of $141.7 million; (ii) a
decrease in share-based compensation expense of $0.1 million and
(iii) a decrease in income taxes of $0.1 million. This increase was
partially offset by: (i) an increase in interest income/expense and
finance cost, net of $ 1.8 million; (ii) an increase in depreciation
and amortization of $4.9 million (including the accelerated
amortization of intangibles); and (iii) an increase of $0.4 million
in amortization for deferred drydock and special survey costs.  
Year Ended December 31, 2012 and 2011 Results (in thousands of U.S.
dollars, except per share data and unless otherwise stated): 
The information for the year ended December 31, 2012 and 2011
(excluding consolidation of Navios Acquisition, with respect to the
year ended December 31, 2011) presented below was derived from the
unaudited condensed consolidated financial statements for the
respective periods. EBITDA is a non-U.S. GAAP financial measure, and
should not be used in isolation or as substitution for Navios
Holdings' results. 
From March 30, 2011, Navios Acquisition is no longer consolidated and
is accounted for under the equity method of accounting. The table and
the discussion below (with respect to the year ended December 31,
2011) exclude the impact of Navios Acquisition and are presented to
provide investors with a clearer picture of Navios Holdings on a
going forward basis. 
See Exhibit I under the heading, "Disclosure of Non-GAAP Financial
Measures," for a discussion of EBITDA of Navios Holdings, on a
consolidated basis, Navios Acquisition and Navios Logistics, and a
reconciliation of such measure to the most comparable measure under
U.S. GAAP. 


 
                                                              (Excluding    
                                                           consolidation of 
                                                         Navios Acquisition)
                                          Year Ended          Year Ended    
                                         December 31,        December 31,   
                                             2012                2011       
                                     ------------------- -------------------
                                         (unaudited)         (unaudited)    
Revenue                              $           616,494 $           664,225
EBITDA (*)                           $           389,986 $           245,889
Net Income (*)                       $           165,988 $            42,267
Basic Earnings Per Share (*)         $              1.62 $              0.40
                                                                            
(*)  EBITDA for year ended December 31, 2012 includes (i) a $161.2 million  
     gain from defaulted charters' compensation and related accounts, net;  
     and (ii) a $0.3 million gain on the sale of the Navios Buena Ventura to
     Navios Partners.                                                       
                                                                            
     Net Income and Basic Earnings Per Share for the year ended December 31,
     2012 includes items (i) and (ii) described in the immediately preceding
     paragraph, and a $4.1 million accelerated amortization of intangibles. 
                                                                            
     EBITDA, Net Income and Basic Earnings Per Share for the year ended     
     December 31, 2011 include: (i) $21.2 million of expenses relating to   
     the bond extinguishment in January 2011; (ii) a $35.3 million loss on  
     deconsolidation of Navios Acquisition; (iii) a $38.8 million gain on   
     the sale of Navios Luz and Navios Orbiter to Navios Partners; and (iv) 
     a $1.7 million accounting loss related to the settlement in shares of  
     part of the outstanding receivables from Korea Line Corporation.       

 
Navios Holdings' total consolidated revenue for the year ended
December 31, 2012 decreased by $47.7 million to $616.5 million as
compared to $664.2 million for the same period during 2011. 
Revenue from drybulk vessel operations for the year ended December
31, 2012 was $369.5 million as compared to $429.5 million for the
same period during 2011. The decrease in drybulk revenue was mainly
attributable to: (i) a decrease in TCE per day by 21.2% to $18,167
per day during the year ended December 31, 2012 as compared to
$23,064 per day in the same period of 2011 and (ii) a decrease in the
short-term charter-in fleet available days of 1,544 days. This
decrease was partially offset by: (i) an increase in available days
for owned vessels by 5.3% to 10,757 days during year ended December
31, 2012 from 10,214 days in the same period of 2011 and (ii) an
increase in the long-term charter-in fleet available days of 2,167
days. 
Revenue from the logistics business was $247.0 million for the year
ended December 31, 2012 as compared to $234.7 million during the same
period of 2011. This increase was mainly attributable to: (i)
increase in volumes and rates in the dry and liquid port terminals;
(ii) increase due to the expansion of the barge fleet in the third
and fourth quarter of 2011; and (iii) increase in time charter rates
of cabotage vessels. 
EBITDA of Navios Holdings for the year ended December 31, 2012
increased by $144.1 million to $390.0 million as compared to $245.9
million for the same period of 2011. The $144.1 million increase in
EBITDA was primarily due to: (i) a $3.6 million decrease in time
charter, voyage and logistics business expenses; (ii) a decrease in
general and administrative expenses of $1.0 million (excluding share
based compensation expenses); (iii) an increase in equity in net
earnings from affiliated companies of $2.2 million; (iv) a $0.6
million increase in net income attributable to the noncontrolling
interest; (v) a $172.6 million increase in other income, net
(positively affected from defaulted charters' compensation and
related accounts, net); (vi) a $35.3 million loss on deconsolidation
of Navios Acquisition in 2011; and (vii) $21.2 million of expenses
relating to the bond extinguishment in January 2011. This overall
variance of $236.5 million was mitigated by: (i) a decrease in
revenue of $47.7 million (affected by defaulted charters' loss and
the accounting loss related to the settlement in shares of part of
the outstanding receivables from Korea Line Corporation in 2011);
(ii) an increase in direct vessel expenses (excluding the
amortization of deferred drydock and special survey costs) of $6.2
million; and (iii) a decrease in gain from sale of assets of $38.5
million. 
EBITDA of Navios Logistics was $48.1 million for the year ended
December 31, 2012 as compared to $39.0 million during the same period
in 2011. 
Net income of Navios Holdings for the year ended December 31, 2012
was $166.0 million as compared to $42.3 million for the same period
of 2011. The increase of Net Income by $123.7 million was mainly due
to an increase in EBITDA of $144.1 million. This increase was
mitigated by: (i) an increase in interest income/expense and finance
cost, net of $8.8 million; (ii) an increase in depreciation and
amortization of $8.9 million (including the accelerated amortization
of intangibles); (iii) an increase of $1.9 million in amortization
for deferred drydock and special survey costs; (iv) an increase of
$0.5 million in share-based compensation expense; and (v) an increase
in income taxes of $0.3 million.  
Fleet Summary Data:  
The following table reflects certain key indicators indicative of the
performance of the Navios Holdings' drybulk operations (excluding the
Navios Acquisition and the Navios Logistics fleets) and its fleet
performance for the three and twelve month periods ended December 31,
2012 and 2011. 


 
                                                                            
                      Three Month   Three Month                             
                     Period Ended  Period Ended   Year Ended    Year Ended  
                     December 31,  December 31,  December 31,  December 31, 
                         2012          2011          2012          2011     
                     ------------  ------------  ------------  ------------ 
                      (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) 
Available Days (1)          4,474         4,230        17,589        16,423 
Operating Days (2)          4,391         4,139        17,273        16,201 
Fleet Utilization                                                           
 (3)                         98.2%         97.8%         98.2%         98.7%
Equivalent Vessels                                                          
 (4)                           49            46            48            45 
TCE (5)              $     12,805  $     21,068  $     18,167  $     23,064 
                                                                            
(1)  Available days for the fleet are total calendar days the vessels were  
     in Navios Holdings' possession for the relevant period after           
     subtracting off-hire days associated with major repairs, drydocking or 
     special surveys. The shipping industry uses available days to measure  
     the number of days in a relevant period during which vessels should be 
     capable of generating revenues.                                        
                                                                            
(2)  Operating days are the number of available days in the relevant period 
     less the aggregate number of days that the vessels are off-hire due to 
     any reason, including unforeseen circumstances. The shipping industry  
     uses operating days to measure the aggregate number of days in a       
     relevant period during which vessels actually generate revenues.       
                                                                            
(3)  Fleet utilization is the percentage of time that Navios Holdings'      
     vessels were available for generating revenue, and is determined by    
     dividing the number of operating days during a relevant period by the  
     number of available days during that period. The shipping industry uses
     fleet utilization to measure a company's efficiency in finding suitable
     employment for its vessels.                                            
                                                                            
(4)  Equivalent Vessels is defined as the total available days during a     
     relevant period divided by the number of days of this period.          
                                                                            
(5)  TCE is defined as voyage and time charter revenues less voyage expenses
     during a relevant period divided by the number of available days during
     the period                                                             

 
Conference Call: 
As previously announced, Navios Holdings will host a conference call
today, February 19, 2013, at 8:30 am EST, at which time members of
senior management will provide highlights and commentary on the
financial results of the Company for the fourth quarter and twelve
months ended December 31, 2012. 
A supplemental slide presentation will be available on the Navios
Holdings website at www.navios.com under the "Investors" section at
8:00 am EST. 
Conference Call details:
 Call Date/Time: February 19, 2013, at 8:30
am EST
 Call Title: Navios Holdings Inc. Q4 and FY 2012 Financial
Results Conference Call
 US Dial In: +1.877.480.3873
 International
Dial In: +1.404.665.9927
 Conference ID: 8968 0240 
The conference call replay will be available two hours after the live
call and remain available for one week at the following numbers:  
US Replay Dial In: +1.800.585.8367
 International Replay Dial In:
+1.404.537.3406
 Conference ID: 8968 0240 
This call will be simultaneously Webcast
. The Webcast will be
available on the Navios Holdings website, www.navios.com, under the
"Investors" section. The Webcast will be archived and available at
the same Web address for two weeks following the call. 
About Navios Maritime Holdings Inc. 
Navios Maritime Holdings Inc. (NYSE: NM) is a global, vertically
integrated seaborne shipping and logistics company focused on the
transport and transshipment of drybulk commodities including iron
ore, coal and grain. For more information about Navios Holdings
please visit our website: www.navios.com. 
About Navios South American Logistics Inc.  
Navios South American Logistics Inc. is one of the largest logistics
companies in the Hidrovia region of South America, focusing on the
Hidrovia region river system, the main navigable river system in the
region, and on cabotage trades along the eastern coast of South
America. Navios Logistics serves the storage and marine
transportation needs of its petroleum, agricultural and mining
customers through its port terminals, river barge and coastal
cabotage operations. For more information about Navios Logistics
please visit its website: www.navios-logistics.com. 
About Navios Maritime Partners L.P.  
Navios Partners (NYSE: NMM) is a publicly traded master limited
partnership which owns and operates dry cargo vessels. For more
information, please visit its website: www.navios-mlp.com. 
About Navios Maritime Acquisition Corporation  
Navios Acquisition (NYSE: NNA) is an owner and operator of tanker
vessels focusing in the transportation of petroleum products (clean
and dirty) and bulk liquid chemicals. For more information about
Navios Acquisition, please visit its website:
www.navios-acquisition.com. 
Forward Looking Statements - Safe Harbor  
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended) concerning
future events and Navios Holdings' growth strategy and measures to
implement such strategy, including expected vessel acquisitions and
entering into further time charters. Words such as "expects,"
"intends," "plans," "believes," "anticipates," "hopes," "estimates,"
and variations of such words and similar expressions are intended to
identify forward-looking statements. Such statements include comments
regarding expected revenues and time charters. Although Navios
Holdings believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given
that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates which are inherently subject to
significant uncertainties and contingencies, many of which are beyond
the control of Navios Holdings. Actual results may differ materially
from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially include,
but are not limited to changes in the demand for drybulk vessels;
competitive factors in the market in which Navios Holdings operates;
risks associated with operations outside the United States; and other
factors listed from time to time in Navios Holdings' filings with the
Securities and Exchange Commission. Navios Holdings expressly
disclaims any obligations or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in Navios Holdings' expectations with
respect thereto or any change in events, conditions or circumstances
on which any statement is based. 


 
                                                                            
                                                                            
                                                                   EXHIBIT I
                                                                            
                        NAVIOS MARITIME HOLDINGS INC.                       
                    CONDENSED CONSOLIDATED BALANCE SHEETS                   
        (Expressed in thousands of U.S. dollars -- except share data)       
                                                                            
                                                  December 31,  December 31,
                                                       2012          2011   
                                                  ------------  ------------
                                                   (unaudited)   (unaudited)
ASSETS                                                                      
Current assets                                                              
Cash and cash equivalents                         $    257,868  $    171,096
Restricted cash                                         24,704         6,399
Accounts receivable, net                                83,091       101,386
Due from affiliate companies                            50,837        49,404
Prepaid expenses and other current assets               51,437        42,689
                                                  ------------  ------------
Total current assets                                   467,937       370,974
                                                  ------------  ------------
                                                                            
Deposit for vessel acquisitions                             --        63,814
Vessels, port terminal and other fixed assets,                              
 net                                                 1,746,493     1,767,946
Loan receivable from affiliate company                  35,000        40,000
Long term receivable from affiliate companies           57,701            --
Investments in affiliates                              187,794       117,088
Investments in available for sale securities               559        82,904
Other long term assets                                  64,457        67,489
Intangibles other than goodwill                        209,058       243,273
Goodwill                                               160,336       160,336
                                                  ------------  ------------
Total non-current assets                             2,461,398     2,542,850
                                                  ------------  ------------
Total assets                                      $  2,929,335  $  2,913,824
                                                  ============  ============
                                                                            
LIABILITIES AND EQUITY                                                      
Current liabilities                                                         
Accounts payable                                  $     63,921  $     52,113
Dividends payable                                           --         6,149
Accrued expenses                                        75,681        63,870
Deferred income and cash received in advance            12,696        28,557
Current portion of capital lease obligations             1,353        31,221
Current portion of long term debt                       33,095        70,093
                                                  ------------  ------------
Total current liabilities                              186,746       252,003
                                                  ------------  ------------
                                                                            
Senior and ship mortgage notes, net of discount      1,034,141       945,538
Long term debt, net of current portion                 290,976       437,926
Capital lease obligations, net of current portion       23,759            --
Unfavorable lease terms                                 32,006        44,825
Other long term liabilities and deferred income         29,643        38,212
Deferred tax liability                                  18,522        19,628
    
                                              ------------  ------------
Total non-current liabilities                        1,429,047     1,486,129
                                                  ------------  ------------
Total liabilities                                    1,615,793     1,738,132
                                                  ------------  ------------
                                                                            
Commitments and contingencies                               --            --
Stockholders' equity                                                        
Preferred Stock -- $0.0001 par value, authorized                            
 1,000,000 shares, 8,479 issued and outstanding                             
 for both December 31, 2012 and 2011.                       --            --
Common stock -- $0.0001 par value, authorized                               
 250,000,000 shares, issued and outstanding                                 
 103,255,409 and 102,409,364, as of December 31,                            
 2012 and 2011,respectively                                 10            10
Additional paid-in capital                             547,377       542,582
Accumulated other comprehensive (loss)/income             (558)        6,166
Retained earnings                                      650,050       510,348
                                                  ------------  ------------
Total Navios Holdings' stockholders' equity          1,196,879     1,059,106
                                                  ------------  ------------
Noncontrolling interest                                116,663       116,586
                                                  ------------  ------------
Total stockholders'equity                            1,313,542     1,175,692
                                                  ------------  ------------
Total liabilities and stockholders'equity         $  2,929,335  $  2,913,824
                                                  ============  ============
                                                                            
                                                                            
                                                                            
                       NAVIOS MARITIME HOLDINGS INC.                        
         CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME          
(Expressed in thousands of U.S. dollars -- except share and per share data) 
                                                                            
                      Three Month   Three Month                             
                     Period Ended  Period Ended   Year Ended    Year Ended  
                     December 31,  December 31,  December 31,  December 31, 
                         2012          2011          2012          2011     
                     ------------  ------------  ------------  ------------ 
                      (unaudited)   (unaudited)   (unaudited)   (unaudited) 
Revenue              $    128,457  $    168,420  $    616,494  $    689,355 
Time charter, voyage                                                        
 and logistics                                                              
 business expenses        (65,774)      (76,188)     (269,279)     (273,312)
Direct vessel                                                               
 expenses                 (26,167)      (26,788)     (117,790)     (117,269)
General and                                                                 
 administrative                                                             
 expenses                 (15,239)      (13,731)      (51,331)      (52,852)
Depreciation and                                                            
 amortization             (29,932)      (25,055)     (108,206)     (107,395)
Interest                                                                    
 income/(expense)                                                           
 and finance cost,                                                          
 net                      (25,981)      (24,219)     (103,479)     (103,061)
Gain/(loss) on                                                              
 derivatives                   79           (80)         (196)         (165)
Gain on sale of                                                             
 assets                        --            --           323        38,822 
Loss on change in                                                           
 control                       --            --            --       (35,325)
Loss on bond                                                                
 extinguishment                --            --            --       (21,199)
Other                                                                       
 income/(expense),                                                          
 net                      167,144        (3,412)      161,110       (11,569)
                     ------------  ------------  ------------  ------------ 
Income/(loss) before                                                        
 equity in net                                                              
 earnings of                                                                
 affiliated                                                                 
 companies                132,587        (1,053)      127,646         6,030 
Equity in net                                                               
 earnings of                                                                
 affiliated                                                                 
 companies                 13,772        12,544        38,731        35,246 
                     ------------  ------------  ------------  ------------ 
Income before taxes  $    146,359  $     11,491  $    166,377  $     41,276 
Income tax                                                                  
 (expense)/benefit            (31)          (80)         (312)           56 
                     ------------  ------------  ------------  ------------ 
Net income                146,328        11,411       166,065        41,332 
Less: Net                                                                   
 loss/(income)                                                              
 attributable to the                                                        
 noncontrolling                                                             
 interest                     286           405           (77)         (506)
Preferred stock                                                             
 dividends of                                                               
 subsidiary                    --            --            --           (27)
Preferred stock                                                             
 dividends                                                                  
 attributable to the                                                        
 noncontrolling                                                             
 interest                      --            --            --            12 
                     ------------  ------------  ------------  ------------ 
Net income                                                                  
 attributable to                                                            
 Navios Holdings                                                            
 common stockholders $    146,614  $     11,816  $    165,988  $     40,811 
                     ============  ============  ============  ============ 
Income attributable                                                         
 to Navios Holdings                                                         
 common                                                                     
 stockholders, basic $    146,187  $     11,388  $    164,283  $     39,115 
      
               ============  ============  ============  ============ 
Income attributable                                                         
 to Navios Holdings                                                         
 common                                                                     
 stockholders,                                                              
 diluted             $    146,614  $     11,816  $    165,988  $     40,811 
                     ============  ============  ============  ============ 
Basic earnings per                                                          
 share attributable                                                         
 to Navios Holdings                                                         
 common stockholders $       1.44  $       0.11  $       1.62  $       0.39 
                     ============  ============  ============  ============ 
Weighted average                                                            
 number of shares,                                                          
 basic                101,326,887   100,939,063   101,232,720   100,926,448 
                     ============  ============  ============  ============ 
Diluted earnings per                                                        
 share attributable                                                         
 to Navios Holdings                                                         
 common stockholders $       1.32  $       0.11  $       1.49  $       0.37 
                     ============  ============  ============  ============ 
Weighted average                                                            
 number of shares,                                                          
 diluted              111,107,512   110,395,599   111,033,758   110,323,652 
                     ============  ============  ============  ============ 
                                                                            
Other Comprehensive                                                         
 income/(loss)                                                              
Unrealized holding                                                          
 gains/(losses) on                                                          
 investments in                                                             
 available for sale                                                         
 securities                    41         8,075          (566)      (26,458)
Reclassification to                                                         
 investments in                                                             
 affiliates                    --            --        (6,158)           -- 
                     ------------  ------------  ------------  ------------ 
Total other                                                                 
 comprehensive                                                              
 income/(loss)                 41         8,075        (6,724)      (26,458)
                     ============  ============  ============  ============ 
Total comprehensive                                                         
 income                   146,369        19,486       159,341        14,859 
Comprehensive                                                               
 loss/(income)                                                              
 attributable to                                                            
 noncontrolling                                                             
 interest                     286           405           (77)         (506)
                     ------------  ------------  ------------  ------------ 
Total comprehensive                                                         
 income attributable                                                        
 to Navios Holdings                                                         
 common stockholders      146,655        19,891       159,264        14,353 
                     ============  ============  ============  ============ 
                                                                            
                                                                            
                       NAVIOS MARITIME HOLDINGS INC.                        
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS               
                  (Expressed in thousands of U.S. dollars)                  
                                                                            
                                                                            
                                                 Year Ended     Year Ended  
                                                December 31,   December 31, 
                                                    2012           2011     
                                               -------------  ------------- 
                                                (unaudited)    (unaudited)  
OPERATING ACTIVITIES:                                                       
Net income                                     $     166,065  $      41,332 
Adjustments to reconcile net income to net                                  
 cash provided by operating activities:                                     
Non-cash adjustments                                 150,945        131,470 
Increase in operating assets                         (48,057)       (77,023)
(Decrease)/increase in operating liabilities         (20,646)        23,633 
Payments for drydock and special survey costs        (14,461)       (12,769)
                                               -------------  ------------- 
Net cash provided by operating activities      $     233,846  $     106,643 
                                               -------------  ------------- 
                                                                            
INVESTING ACTIVITIES:                                                       
Cash acquired through asset acquisition                   33             -- 
Deconsolidation of Navios Acquisition                     --        (72,425)
Acquisition of subsidiary, net of cash                                      
 acquired                                                 --             -- 
Proceeds from sale of assets                          67,500        120,000 
Decrease in restricted cash                               --            778 
Receipts from investment in finance lease                 --             -- 
Loan repayment from affiliate company                 10,000          6,000 
Loan proceeds to affiliate company                   (11,120)       (33,609)
Deposits for vessel acquisitions                          --        (66,769)
Acquisition of General Partner units                  (1,472)        (2,052)
Acquisition of vessels                               (38,357)       (56,059)
Purchase of property, equipment and other                                   
 fixed assets                                        (19,333)       (71,128)
                                               -------------  ------------- 
Net cash provided by/(used in) investing                                    
 activities                                    $       7,251  $    (175,264)
                                               -------------  ------------- 
                                                                            
                                                                            
FINANCING ACTIVITIES:                                                       
Proceeds from long-term loans                         52,230         86,379 
Proceeds from issuance of ship mortgage and                                 
 senior notes, net of debt issuance costs             84,965        534,188 
Repayment of long-term debt and payment of                                  
 principal                                          (236,178)      (248,487)
Repaymen
t of senior notes                                 --       (300,000)
Payments of obligations under capital leases          (1,519)        (1,040)
Debt issuance costs                                   (1,858)        (2,767)
Increase in restricted cash                          (19,623)          (284)
Acquisition of noncontrolling interest                    --         (8,638)
Issuance of common stock                                  93            415 
Dividends paid                                       (32,435)       (27,238)
Acquisition of treasury stock                             --           (221)
                                               -------------  ------------- 
Net cash (used in)/provided by financing                                    
 activities                                         (154,325)        32,307 
                                               -------------  ------------- 
Increase/(decrease) in cash and cash                                        
 equivalents                                          86,772        (36,314)
                                               -------------  ------------- 
Cash and cash equivalents, beginning of year         171,096        207,410 
                                               -------------  ------------- 
Cash and cash equivalents, end of year         $     257,868  $     171,096 
                                               =============  ============= 

 
Disclosure of Non-GAAP Financial Measures 
 EBITDA represents net
income plus interest and finance costs plus depreciation and
amortization and income taxes, if any, unless otherwise stated.
EBITDA is a "non-GAAP financial measure" and should not be considered
a substitute for net income, cash flow from operating activities and
other operations or cash flow statement data prepared in accordance
with generally accepted accounting principles in the United States or
as a measure of profitability or liquidity.  
EBITDA is presented to provide additional information with respect to
the ability of Navios Holdings and Navios Acquisition to satisfy
their respective obligations including debt service, capital
expenditures and working capital requirements. While EBITDA is
frequently used as a measure of operating results and the ability to
meet debt service requirements, the definition of EBITDA used here
may not be comparable to that used by other companies due to
differences in methods of calculation.  
Navios Logistics EBITDA is used to measure company's operating
performance. 
The following tables provide a reconciliation of EBITDA of Navios
Holdings, Navios Acquisition and Navios Logistics, which in the case
of Navios Holdings is on a consolidated basis: 
Navios Holdings Reconciliation of EBITDA to Cash from Operations 


 
                                                                            
                                                December 31,   December 31, 
Three Months Ended                                  2012           2011     
                                               -------------  ------------- 
(in thousands of U.S. dollars)                  (unaudited)    (unaudited)  
                                                                            
  Net cash provided by operating activities    $     172,135  $      48,598 
  Net decrease in operating assets                   (17,641)       (40,603)
  Net decrease in operating liabilities               34,451         27,245 
  Net interest cost                                   25,981         24,219 
  Deferred finance charges                            (1,554)        (1,254)
  Provision for losses on accounts receivable        (16,694)          (120)
  Unrealized gain on FFA derivatives                      49             43 
  Equity in affiliates, net of dividends                                    
   received                                            2,619          1,498 
  Payments for drydock and special survey              5,930          3,883 
  Noncontrolling interest                                286            405 
                                               -------------  ------------- 
  EBITDA                                       $     205,562  $      63,914 
                                               -------------  ------------- 

 
Navios Logistics EBITDA Reconciliation to Net Loss 


 
                                                                            
                                                December 31,   December 31, 
Three Months Ended                                  2012           2011     
                                               -------------  ------------- 
(in thousands of U.S. dollars)                  (unaudited)    (unaudited)  
                                                                            
  Net loss attributable to Navios Logistics                                 
   shareholders                                $        (748) $      (1,179)
  Depreciation and amortization                        6,866          6,007 
  Amortization of deferred drydock and special                              
   survey costs                                          312            275 
  Interest income                                       (104)          (136)
  Interest expense and finance cost, net               4,598          5,096 
  Income tax expense                                     (39)             8 
                                               -------------  ------------- 
  EBITDA                                       $      10,885  $      10,071 
                                               =============  ============= 

 
Navios Holdings Reconciliation of EBITDA to Cash from Operations 


 
                                                                            
                                                December 31,   December 31, 
Twelve Months Ended                                 2012           2011     
                                               -------------  ------------- 
(in thousands of U.S. dollars)                  (unaudited)    (unaudited)  
                                                                            
  Net cash provided by operating activities    $     233,846  $     106,643 
  Net increase in operating assets                    48,057         77,023 
  Net decrease/(increase) in operating                                      
   liabilities                                        20,646        (23,633)
  Net interest cost                                  103,479        103,061 
  Deferred finance charges                            (6,309)        (5,580)
  Provision for losses on accounts re
ceivable        (17,136)          (239)
  Unrealized loss on FFA derivatives                    (124)        (5,284)
  Equity in affiliates, net of dividends                                    
   received                                           (7,180)        (6,909)
  Payments for drydock and special survey             14,461         12,769 
  Noncontrolling interest                                (77)          (521)
  Gain on sale of assets                                 323         38,822 
  Loss on change in control                               --        (35,325)
                                               -------------  ------------- 
  EBITDA                                       $     389,986  $     260,827 
                                               =============  ============= 

 
Navios Acquisition Reconciliation of EBITDA to Cash from Operations 


 
                                                                            
                                                 December 31,  December 31, 
Twelve Months Ended                                  2012          2011     
                                                ------------- ------------- 
(in thousands of U.S. dollars)                   (unaudited)   (unaudited)  
  Net cash provided by operating activities     $          -- $      18,749 
  Net decrease in operating assets                         --        (4,117)
  Net increase in operating liabilities                    --        (6,613)
  Net interest cost                                        --         8,349 
  Deferred finance charges                                 --          (318)
  Equity in affiliates, net of dividends                                    
   received                                                --        (1,300)
  Noncontrolling interest                                  --           188 
                                                ------------- ------------- 
  EBITDA                                        $          -- $      14,938 
                                                ============= ============= 

 
Navios Logistics EBITDA Reconciliation to Net Income/(Loss) 


 
                                                                            
                                                December 31,   December 31, 
Twelve Months Ended                                 2012           2011     
                                               -------------  ------------- 
(in thousands of U.S. dollars)                  (unaudited)    (unaudited)  
                                                                            
  Net income/(loss) attributable to Navios                                  
   Logistics shareholders                      $         156  $        (196)
  Depreciation and amortization                       26,940         22,616 
  Amortization of deferred drydock and special                              
   survey costs                                        1,332            718 
  Interest income                                       (388)          (843)
  Interest expense and finance cost, net              20,057         17,074 
  Income taxes                                            35           (348)
                                               -------------  ------------- 
  EBITDA                                       $      48,132  $      39,021 
                                               =============  ============= 
                                                                            
                                                                  EXHIBIT II
Owned Vessels                                                               
                                                              Deadweight    
Vessel Name                   Vessel Type     Year Built   (in metric tons) 
------------------------- ------------------ ------------ ------------------
Navios Serenity                Handysize         2011           34,690      
Navios Ionian               Ultra Handymax       2000           52,067      
Navios Vector               Ultra Handymax       2002           50,296      
Navios Horizon              Ultra Handymax       2001           50,346      
Navios Herakles             Ultra Handymax       2001           52,061      
Navios Achilles             Ultra Handymax       2001           52,063      
Navios Meridian             Ultra Handymax       2002           50,316      
Navios Mercator             Ultra Handymax       2002           53,553      
Navios Arc                  Ultra Handymax       2003           53,514      
Navios Hios                 Ultra Handymax       2003           55,180      
Navios Kypros               Ultra Handymax       2003           55,222      
Navios Ulysses              Ultra Handymax       2007           55,728      
Navios Vega                 Ultra Handymax       2009           58,792      
Navios Celestial            Ultra Handymax       2009           58,063      
Navios Astra                Ultra Handymax       2006           53,468      
Navios Magellan                 Panamax          2000           74,333      
Navios Star                     Panamax          2002           76,662      
Navios Asteriks                 Panamax          2005           76,801      
Navios Centaurus                Panamax          2012           81,472      
Navios Avior                    Panamax          2012           81,355      
Navios Bonavis                 Capesize          2009           180,022     
Navios Happiness               Capesize          2009           180,022     
Navios Lumen                   Capesize          2009           180,661     
Navios Stellar                 Capesize          2009           169,001     
Navios Phoenix                 Capesize          2009           180,242     
Navios Antares                 Capesize          2010           169,059     
Navios Etoile                  Capesize          2010           179,234     
Navios Bonheur                 Capesize          2010           179,259     
Navios Altamira                Capesize          2011           179,165     
Navios Azimuth                 Capesize          2011           179,169     

 
Long term Chartered-in Fleet in Operation 


 
                                                                           
                                       Year      Deadweight       Purchase 
Vessel Name            Vessel Type    Built   (in metric tons)   Option(1) 
------------------- ---------------- ------- ------------------ -----------
Navios Lyra             Handysize      2012        34,718         Yes (2)  
Navios Apollon       Ultra Handymax    2000        52,073            No    
Navios Primavera     Ultra Handymax    2007        53,464           Yes    
Navios Armonia       Ultra Handymax    2008        55,100            No    
Navios Oriana        Ultra Handymax    2012        61,442           Yes    
Navios Libra II          Panamax       1995        70,136            No    
Navios Altair            Panamax       2006        83,001            No    
Navios Esperanza         Panamax       2007        75,356            No    
Golden Heiwa             Panamax       2007        76,662            No    
Navios Marco Polo        Panamax       2011        80,647           Yes    
Beaufiks                Capesize       2004        180,310          Yes    
Rubena N                Capesize       2006        203,233           No    
SC Lotta                Capesize       2009        169,056           No    
King Ore                Capesize       2010        176,800           No    
Navios Koyo             Capesize       2011        181,415          Yes    
Navios Obeliks          Capesize       2012        181,415          Yes    

 
Long-term Chartered-in Fleet to be Delivered 


 
                                                                            
                                      Delivery    Purchase     Deadweight   
     Vessels         Vessel Type        Date       Option   (in metric tons)
---------------- ------------------ ----------- ----------- ----------------
Navios Felix          Capesize        07/2013       Yes          180,000    
Navios Mercury     Ultra Handymax     08/2013       Yes          61,000     
Navios Venus       Ultra Handymax     12/2013       Yes          61,000     
Navios Southern                                                             
Star                   Panamax        03/2013       Yes          82,100     
                                                                            
(1)  Generally, Navios Holdings may exercise its purchase option after three
     to five years of service
.                                              
(2)  The initial 50% purchase option on the vessel is held by Navios        
     Holdings.                                                              

  
Contact:
Navios Maritime Holdings Inc.
+1.212.906.8643
investors@navios.com 
 
 
Press spacebar to pause and continue. Press esc to stop.