Exhibit 99.1
Navios Maritime Acquisition Corporation
Reports Financial Results for the First Quarter ended
March 31, 2014
• | 38.0% increase in Q1 Revenue to $61.0 million |
• | 28.4% increase in Q1 Adjusted EBITDA to $35.9 million |
• | One of the leading public owners of VLCCs |
• | 11 VLCCs |
• | Three VLCCs delivered in 2014 YTD |
• | Two additional VLCCs acquired in Q2 2014 |
• | Extended Management and Administrative Services Agreements to 2020 |
• | Management fees fixed for two years |
• | 5% decrease in VLCC Opex rates |
• | Steady Opex rates for product and chemical tankers |
• | $1.5 million profit sharing for Q1 |
• | Quarterly dividend of $0.05 per share |
MONACO May 14, 2014 – Navios Maritime Acquisition Corporation (“Navios Acquisition”) (NYSE: NNA), an owner and operator of tanker vessels, reported its financial results today for the first quarter ended March 31, 2014.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, “I am pleased with our results as we grew revenue and adjusted EBITDA by 38.0% and 28.4%, respectively. As a result, we again declared a quarterly dividend of $0.05 per share. Given our current share price, stockholders are receiving a yield of about 5.4%.”
“We have grown our company to be one of the top five largest publicly listed tanker owners among our US and European peers, with one of the youngest on-the-water fleets. In fact, so far this year, we grew this fleet by four vessels and expect six additional vessels to be delivered in 2014. We are proud of our responsible growth strategy, as we have been able to expand our fleet while protecting our balance sheet and stakeholders.”
Angeliki Frangou continued, “We also added further visibility into our operating cost as we have extended the management structure with Navios Holdings for another five years and fixed management fees for two years. In a market generally pressured by rising costs, we have been able to reduce VLCC opex rates by 5% while keeping rates for product and chemical tankers constant. In fact, our daily opex is 17% below industry average and our G&A expenses are well below our peers. We believe this demonstrates the group’s economies of scale and the group’s ability to share these economies with its members, ultimately to the unique benefit of our stakeholders.”
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HIGHLIGHTS – RECENT DEVELOPMENTS
Dividend of $0.05 per share of common stock
On May 9, 2014, the Board of Directors declared a quarterly cash dividend in respect of the first quarter of 2014 of $0.05 per share of common stock payable on July 3, 2014 to stockholders of record as of June 17, 2014.
VLCC Acquisitions
In May 2014, Navios Acquisition agreed to acquire, from an unaffiliated third party, a 2002-built 305,178 dwt VLCC for a purchase price of $41.0 million. The vessel is expected to be delivered in the second quarter of 2014.
On April 7, 2014, Navios Acquisition agreed to acquire from an unaffiliated third party a 2003-built 298,287 dwt VLCC, for a purchase price of $43.5 million. The vessel is expected to be delivered in the second quarter of 2014.
Navios Acquisition is expected to finance the acquisitions with cash on its balance sheet and financing consistent with its existing credit arrangements.
Vessel Deliveries and Sale
On May 7, 2014, Navios Acquisition took delivery of the Nave Jupiter, a newbuilding 49,999 dwt MR2 product tanker for a contract price of $35.5 million.
On March 10, 2014, Navios Acquisition took delivery of the Nave Buena Suerte, a 2011-built 297,491 dwt VLCC, from an unaffiliated third party for a total cost of $57.1 million.
On February 12, 2014, Navios Acquisition took delivery of the Nave Quasar, a 2010-built 297,376 dwt VLCC, from an unaffiliated third party for a total cost of $54.7 million.
On February 4, 2014, Navios Acquisition took delivery of the Nave Galactic, a 2009-built 297,168 dwt VLCC, from an unaffiliated third party, for a total cost of $51.7 million.
On May 6, 2014, Navios Acquisition sold the Shinyo Splendor to an unaffiliated third party for a net sale price of $19.2 million.
Navios Acquisition currently owns 44 vessels, 11 VLCCs, 29 product tankers and four chemical tankers of which, 36 vessels are currently on-the-water with the remaining eight vessels still to be delivered, six of which are newbuildings.
Amendment to Management and Administrative Services Agreements
In May 2014, Navios Acquisition extended the duration of its existing Management Agreement with Navios Maritime Holdings Inc. (“Navios Holdings”), until May 2020 and fixed the fees for ship management services of its owned fleet for two additional years through May 2016 at current rates for product tanker and chemical tanker vessels, being $6,000 daily rate per MR2 product tanker and chemical tanker vessel and $7,000 daily rate per LR1 product tanker vessel and reduced the rate by 5% to $9,500 daily rate per VLCC vessel. Drydocking expenses under this Agreement will be reimbursed at cost at occurrence for all vessels.
In May 2014, Navios Acquisition extended the duration of its existing Administrative Services Agreement with Navios Holdings, until May 2020 pursuant to the same terms.
Equity Transactions
On February 20, 2014, Navios Acquisition completed the public offering of 14,950,000 shares of its common stock at $3.85 per share, raising gross proceeds of $57.6 million. These figures include 1,950,000 shares sold pursuant to the underwriters’ option, which was exercised in full. Total net proceeds of the above transactions, net of agents’ costs of $3.0 million and offering costs $0.3 million, amounted to $54.3 million.
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$60.0 Million 8.125% Add-on First Priority Ship Mortgage Notes Due 2021
On March 31, 2014 the Company completed the sale of $60.0 million of its 8.125% first priority ship mortgage notes due 2021 (the “Existing Notes”), with terms identical to the Existing Notes that were issued at 103.25% plus accrued interest from November 13, 2013. The net cash received amounted to $59.8 million.
Time Charter Coverage
As of May 14, 2014, Navios Acquisition had contracted 89.0%, 45.1% and 21.6% of its available days on a charter-out basis for 2014, 2015 and 2016, respectively, equivalent to $221.9 million, $157.5 million and $108.1 million of expected revenue, respectively. The average contractual daily charter-out rate for the fleet is $19,075, $22,297 and $31,100 for 2014, 2015 and 2016, respectively.
FINANCIAL HIGHLIGHTS
For the following results and the selected financial data presented herein, Navios Acquisition has compiled consolidated statement of operations for the three months ended March 31, 2014 and 2013. The quarterly information for 2014 and 2013 was derived from the unaudited condensed consolidated financial statements for the respective periods.
(Expressed in thousands of U.S. dollars) | Three Month Period ended March 31, 2014 (unaudited) | Three Month Period ended March 31, 2013 (unaudited) | ||||||
Revenue | $ | 60,969 | $ | 44,172 | ||||
EBITDA | $ | 21,558 | $ | 27,952 | ||||
Adjusted EBITDA(1) | $ | 35,878 | $ | 27,952 | ||||
Net (Loss)/ Income | $ | (12,818 | ) | $ | 735 | |||
Adjusted Net Income(1) | $ | 1,502 | $ | 735 | ||||
(Loss)/ Earnings per share (basic and diluted) | $ | (0.09 | ) | $ | 0.01 | |||
Adjusted Net Income per share (basic and diluted) (1) | $ | 0.01 | $ | 0.01 |
(1) | Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income per share (basic and diluted) for the three months ended March 31, 2014, exclude a $10.7 million non-cash impairment loss recognized for one of our VLCCs sold in May 2014, a $1.0 million non-cash impairment loss related to a receivable, a $1.2 million non-cash fair value loss related to other assets and a $1.4 million for non-cash share based compensation expense. For the three months ended March 31, 2013, there were no corresponding losses or expenses. |
Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income per share are non-GAAP financial measures and should not be used in isolation or substitution for Navios Acquisition’s results (see Exhibit II for reconciliation of Adjusted EBITDA).
Three month periods ended March 31, 2014 and 2013
Revenue for the three month period ended March 31, 2014 increased by $16.8 million or 38.0% to $61.0 million, as compared to $44.2 million for the same period in 2013. The increase was mainly
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attributable to the acquisitions of the Nave Atropos in April 2013, the Nave Titan and the Nave Equinox in June 2013, the Nave Capella, the Nave Pulsar and the Nave Universe in July 2013, the Nave Celeste in August 2013, the Nave Constellation, the Nave Alderamin, the Nave Dorado and the Bougainville in September 2013, the Nave Lucida in October 2013, the Nave Galactic and the Nave Quasar in February 2014 and the Nave Buena Suerte in March 2014. As a result of the above, available days of the fleet increased to 3,079 days for the three month period ended March 31, 2014, as compared to 1,832 days for the three month period ended March 31, 2013. The increase in revenue was partially mitigated by the decrease in time charter equivalent (“TCE”) to $19,544 for the three month period ended March 31, 2014, from $23,725 for the three month period ended March 31, 2013.
Excluding the impact of $10.7 million non-cash impairment loss recognized for one of our VLCCs sold in May 2014, a $1.0 million non-cash impairment loss related to a receivable, a $1.2 million non-cash fair value loss related to other assets, and a $1.4 million for non-cash share based compensation expense, Adjusted EBITDA for the three month period ended March 31, 2014 increased by $7.9 million to $35.9 million from $28.0 million in the three month period ended March 31, 2013. The increase in Adjusted EBITDA was due to: (a) a $16.8 million increase in revenue; and (b) a $0.5 million increase in Other income/ (expense), partially mitigated by a: (i) $0.1 million increase in time charter expenses; (ii) $1.1 million increase in general and administrative expenses; and (iii) $8.2 million increase in management fees.
Net loss for the three month period ended March 31, 2014, amounting to $12.8 million, was adversely affected by a $10.7 million non-cash impairment loss recognized for one of our VLCCs sold in May 2014, a $1.0 million non-cash impairment loss related to a receivable, a $1.2 million non-cash fair value loss related to other assets, and a $1.4 million non-cash share based compensation expense. Excluding these items, Adjusted Net income for the three month period ended March 31, 2014, amounted to $1.5 million, compared to a $0.7 million Net income for the three month period ended March 31, 2013. The increase in Adjusted Net income by approximately $0.8 million was due to an increase of $7.9 million in Adjusted EBITDA mitigated by a; (a) $3.3 million increase in depreciation and amortization due to the acquisitions of the vessels described above; (b) $3.8 million increase in interest expense and finance cost net; and (c) $0.1 million decrease in interest income.
Fleet Employment Profile
The following table reflects certain key indicators of the performance of Navios Acquisition and its core fleet for the three months ended March 31, 2014 and 2013.
Three month period ended March 31, | ||||||||
2014 | 2013 | |||||||
(unaudited) | (unaudited) | |||||||
FLEET DATA | ||||||||
Available days(1) | 3,079 | 1,832 | ||||||
Operating days(2) | 3,073 | 1,830 | ||||||
Fleet utilization(3) | 99.8 | % | 99.9 | % | ||||
Time Charter Equivalent per day(4) | $ | 19,544 | $ | 23,725 | ||||
Vessels operating at period end | 36 | 22 |
(1) | Available days for the fleet represent total calendar days the vessels were in Navios Acquisition’s possession for the relevant period after subtracting off-hire days associated with scheduled repairs, drydockings 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: 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. |
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(3) | Fleet utilization: Fleet utilization is the percentage of time that Navios Acquisition’s 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 and minimizing the amount of days that its vessels are off hire for reasons other than scheduled repairs, drydockings or special surveys. |
(4) | Time Charter Equivalent Rate: Time Charter Equivalent Rate is defined as voyage and time charter revenues less voyage expenses during a period divided by the number of available days during the period. The Time Charter Equivalent Rate is a standard shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet. |
Conference Call, Webcast and Presentation Details:
As previously announced, Navios Acquisition will host a conference call today, Wednesday May 14, 2014 at 8:30 am ET., at which time Navios Acquisition’s senior management will provide highlights and commentary on the results of the first quarter ended March 31, 2014.
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 34147942
The conference call replay will be available shortly 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: 34147942
The call will be simultaneously Webcast. The Webcast will be available on the Navios Acquisition website,www.navios-acquisition.com, under the “Investors” section. The Webcast will be archived and available at the same Web address for two weeks following the call.
A supplemental slide presentation will be available by 8:00 am ET on the day of the call.
About Navios Acquisition
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 our website:www.navios-acquisition.com.
Forward Looking Statements
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 Acquisition’s 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 revenue and time charters. Although Navios Acquisition 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 Acquisition. 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 crude oil, product and chemical tanker vessels, competitive factors in the market in which Navios Acquisition operates; risks associated with operations outside the United States; and other factors listed from time to time in the Navios Acquisition’s filings with
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the Securities and Exchange Commission. Navios Acquisition 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 Acquisition’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Public & Investor Relations Contact:
Navios Maritime Acquisition Corporation
+1.212.906.8644
info@navios-acquisition.com
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EXHIBIT I
NAVIOS MARITIME ACQUISITION CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars — except share data)
March 31, 2014 (unaudited) | December 31, 2013 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 118,001 | $ | 82,835 | ||||
Restricted cash | 6,457 | 24,962 | ||||||
Accounts receivable, net | 12,327 | 8,441 | ||||||
Prepaid expenses and other current assets | 4,298 | 4,563 | ||||||
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| |||||
Total current assets | 141,083 | 120,801 | ||||||
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| |||||
Vessels, net | 1,490,548 | 1,353,131 | ||||||
Deposits for vessels acquisitions | 94,429 | 100,112 | ||||||
Deferred finance costs, net | 25,433 | 23,246 | ||||||
Goodwill | 1,579 | 1,579 | ||||||
Intangible assets-other than goodwill | 38,817 | 40,171 | ||||||
Other long-term assets | 3,683 | 5,533 | ||||||
Deferred dry dock and special survey costs, net | 4,551 | 4,678 | ||||||
Investment in affiliates | 4,790 | 4,750 | ||||||
Loan receivable from affiliate | 4,975 | 2,660 | ||||||
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| |||||
Total non-current assets | 1,668,805 | 1,535,860 | ||||||
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| |||||
Total assets | $ | 1,809,888 | $ | 1,656,661 | ||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 1,318 | $ | 1,577 | ||||
Dividend payable | 7,967 | 7,220 | ||||||
Accrued expenses | 25,960 | 11,985 | ||||||
Due to related parties, short term | 5,179 | 2,848 | ||||||
Deferred revenue | 4,604 | 7,056 | ||||||
Current portion of long-term debt | 37,566 | 34,714 | ||||||
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Total current liabilities | 82,594 | 65,400 | ||||||
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Long-term debt, net of current portion and premium | 1,219,941 | 1,119,734 | ||||||
Due to related parties, long term | 6,333 | 5,144 | ||||||
Unfavorable lease terms | 3,390 | 3,561 | ||||||
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Total non-current liabilities | 1,229,664 | 1,128,439 | ||||||
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Total liabilities | $ | 1,312,258 | $ | 1,193,839 | ||||
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Commitments and contingencies | — | — | ||||||
Series D Convertible Preferred stock 1,200 shares issued and outstanding with $12,000 redemption amount as of each of March 31, 2014 and December 31, 2013 | 12,000 | 12,000 | ||||||
Stockholders’ equity | ||||||||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; 4,540 issued and outstanding as of each of March 31, 2014 and December 31, 2013 | — | — | ||||||
Common stock, $0.0001 par value; 250,000,000 shares authorized; 151,664,942 and 136,714,942 issued and outstanding as of each of March 31, 2014 and December 31, 2013 | 15 | 13 | ||||||
Additional paid-in capital | 577,827 | 530,203 | ||||||
Accumulated Deficit | (92,212 | ) | (79,394 | ) | ||||
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Total stockholders’ equity | 485,630 | 450,822 | ||||||
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Total liabilities and stockholders’ equity | $ | 1,809,888 | $ | 1,656,661 | ||||
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NAVIOS MARITIME ACQUISITION CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of U.S. dollars- except share and per share data)
For the Three Months Ended March 31, 2014 (unaudited) | For the Three Months Ended March 31, 2013 (unaudited) | |||||||
Revenue | $ | 60,969 | $ | 44,172 | ||||
Time charter and voyage expenses | (785 | ) | (710 | ) | ||||
Direct vessel expenses | (736 | ) | (762 | ) | ||||
Management fees | (22,300 | ) | (14,098 | ) | ||||
General and administrative expenses | (3,585 | ) | (1,084 | ) | ||||
Depreciation and amortization | (16,638 | ) | (13,330 | ) | ||||
Impairment loss | (11,690 | ) | — | |||||
Interest income | 110 | 212 | ||||||
Interest expenses and finance cost, net | (17,112 | ) | (13,337 | ) | ||||
Change in fair value of other assets | (1,188 | ) | ||||||
Other income/ (expense), net | 137 | (328 | ) | |||||
Net (loss)/ income | $ | (12,818 | ) | $ | 735 | |||
Dividend declared on preferred shares Series B | (27 | ) | (27 | ) | ||||
Dividend on Series D preferred shares | (111 | ) | — | |||||
Dividend declared on restricted shares | (105 | ) | — | |||||
Undistributed loss/ (income) attributable to Series C participating preferred shares | 601 | (88 | ) | |||||
Net (loss)/ income attributable to common shareholders | (12,460 | ) | 620 | |||||
Net (loss)/ income per share, basic | $ | (0.09 | ) | $ | 0.01 | |||
Weighted average number of shares, basic | 141,093,275 | 53,870,086 | ||||||
Net (loss)/ income per share, diluted | $ | (0.09 | ) | $ | 0.01 | |||
Weighted average number of shares, diluted | 141,093,275 | 56,146,277 |
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NAVIOS MARITIME ACQUISITION CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of U.S. dollars)
For the Three Months Ended March 31, 2014 (unaudited) | For the Three Months Ended March 31, 2013 (unaudited) | |||||||
Operating Activities | ||||||||
Net (loss)/ income | $ | (12,818 | ) | $ | 735 | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 16,638 | 13,330 | ||||||
Amortization and write-off of deferred finance fees and bond premium | 715 | 580 | ||||||
Amortization of dry dock and special survey costs | 736 | 762 | ||||||
Stock based compensation | 1,442 | — | ||||||
Impairment loss | 11,690 | — | ||||||
Change in fair value of other assets | 1,188 | — | ||||||
Changes in operating assets and liabilities: | ||||||||
Increase in prepaid expenses and other current assets | (715 | ) | (646 | ) | ||||
Increase in accounts receivable | (3,886 | ) | (1,699 | ) | ||||
Decrease / (Increase) in restricted cash | 240 | (675 | ) | |||||
Decrease / (Increase) in other long term assets | 341 | (12 | ) | |||||
(Decrease)/ Increase in accounts payable | (259 | ) | 558 | |||||
Increase in accrued expenses | 13,975 | 9,302 | ||||||
Payments for dry dock and special survey costs | (609 | ) | — | |||||
Increase/(Decrease) in due to related parties | 2,637 | (4,446 | ) | |||||
Decrease / (Increase) in deferred revenue | (2,452 | ) | 1,179 | |||||
Increase in other long term liabilities | — | (66 | ) | |||||
Net cash provided by operating activities | $ | 28,863 | $ | 18,902 | ||||
Investing Activities | ||||||||
Acquisition of vessels | (146,695 | ) | (27,598 | ) | ||||
Deposits for vessel acquisitions | (10,220 | ) | (5,777 | ) | ||||
Decrease in restricted cash | — | 2,991 | ||||||
Loan to affiliate | (2,024 | ) | — | |||||
Net cash used in investing activities | $ | (158,939 | ) | $ | (30,384 | ) | ||
Financing Activities | ||||||||
Loan proceeds, net of deferred finance costs and net of premium | 50,140 | 29,564 | ||||||
Loan repayment to related party | — | (35,000 | ) | |||||
Loan repayments | (9,890 | ) | (20,880 | ) | ||||
Dividend paid | (7,358 | ) | (2,436 | ) | ||||
Decrease/ (Increase) in restricted cash | 18,265 | (4,167 | ) | |||||
Net proceeds from equity offering | 54,287 | 95,970 | ||||||
Proceeds from issuance of ship mortgage and senior notes, net of debt issuance costs | 59,798 | — | ||||||
Net cash provided by financing activities | $ | 165,242 | $ | 63,051 | ||||
Net increase in cash and cash equivalents | 35,166 | 51,569 | ||||||
Cash and cash equivalents, beginning of year | 82,835 | 42,846 | ||||||
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Cash and cash equivalents, end of year | $ | 118,001 | $ | 94,415 | ||||
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EXHIBIT II
Reconciliation of Adjusted EBITDA to Net Cash provided by Operating Activities
(Expressed in thousands of U.S. dollars)
Expressed in thousands of U.S. dollars | Three Month Period Ended March 31, 2014 (unaudited) | Three Month Period Ended March 31, 2013 (unaudited) | ||||||
Net cash provided by operating activities | $ | 28,863 | $ | 18,902 | ||||
Net decrease in operating assets | 4,629 | 3,032 | ||||||
Net increase in operating liabilities | (13,901 | ) | (6,527 | ) | ||||
Net interest cost | 17,002 | 13,125 | ||||||
Deferred finance costs | (715 | ) | (580 | ) | ||||
Adjusted EBITDA(1) | $ | 35,878 | $ | 27,952 |
(1) |
Three Month Period Ended March 31, 2014 (unaudited) | Three Month Period Ended March 31, 2013 (unaudited) | |||||||
Net Cash provided by operating activities | $ | 28,863 | $ | 18,902 | ||||
Net Cash used in investing activities | $ | (158,939 | ) | $ | (30,384 | ) | ||
Net Cash provided by financing activities | $ | 165,242 | $ | 63,051 |
Disclosure of Non-GAAP Financial Measures
ADJUSTED EBITDA
Adjusted EBITDA represents net income/ (loss) plus interest expenses and finance cost plus depreciation and amortization and income taxes adjusted for change in fair value of other assets, impairment losses and non-cash share- based compensation expense.
Adjusted EBITDA is presented because Navios Acquisition believes that Adjusted EBITDA is a basis upon which liquidity can be assessed and present useful information to investors regarding Navios Acquisition’s ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. Adjusted 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 accounting principles generally accepted in the United States or as a measure of profitability or liquidity. While Adjusted EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of Adjusted EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.
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EXHIBIT III
Vessels | Type | Built/Delivery Date | DWT | |||
Owned Vessels | ||||||
Nave Constellation | Chemical Tanker | 2013 | 45,281 | |||
Nave Universe | Chemical Tanker | 2013 | 45,513 | |||
Nave Polaris | Chemical Tanker | 2011 | 25,145 | |||
Nave Cosmos | Chemical Tanker | 2010 | 25,130 | |||
Nave Jupiter | MR2 Product Tanker | 2014 | 49,999 | |||
Bougainville | MR2 Product Tanker | 2013 | 50,626 | |||
Nave Alderamin | MR2 Product Tanker | 2013 | 49,998 | |||
Nave Bellatrix | MR2 Product Tanker | 2013 | 49,999 | |||
Nave Capella | MR2 Product Tanker | 2013 | 49,995 | |||
Nave Orion | MR2 Product Tanker | 2013 | 49,999 | |||
Nave Titan | MR2 Product Tanker | 2013 | 49,999 | |||
Nave Aquila | MR2 Product Tanker | 2012 | 49,991 | |||
Nave Atria | MR2 Product Tanker | 2012 | 49,992 | |||
Buddy | MR2 Product Tanker | 2009 | 50,470 | |||
Bull | MR2 Product Tanker | 2009 | 50,542 | |||
Nave Equinox | MR2 Product Tanker | 2007 | 50,922 | |||
Nave Pulsar | MR2 Product Tanker | 2007 | 50,922 | |||
Nave Dorado | MR2 Product Tanker | 2005 | 47,999 | |||
Nave Lucida | MR2 Product Tanker | 2005 | 47,999 | |||
Nave Atropos | LR1 Product Tanker | 2013 | 74,695 | |||
Nave Rigel | LR1 Product Tanker | 2013 | 74,673 | |||
Nave Cassiopeia | LR1 Product Tanker | 2012 | 74,711 | |||
Nave Cetus | LR1 Product Tanker | 2012 | 74,581 | |||
Nave Estella | LR1 Product Tanker | 2012 | 75,000 | |||
Nave Andromeda | LR1 Product Tanker | 2011 | 75,000 | |||
Nave Ariadne | LR1 Product Tanker | 2007 | 74,671 | |||
Nave Cielo | LR1 Product Tanker | 2007 | 74,671 | |||
Nave Buena Suerte | VLCC | 2011 | 297,491 | |||
Shinyo Kieran | VLCC | 2011 | 297,066 | |||
Shinyo Saowalak | VLCC | 2010 | 298,000 | |||
Nave Quasar | VLCC | 2010 | 297,376 | |||
Nave Galactic | VLCC | 2009 | 297,168 | |||
Nave Celeste | VLCC | 2003 | 298,717 | |||
Shinyo Kannika | VLCC | 2001 | 287,175 | |||
Shinyo Ocean | VLCC | 2001 | 281,395 | |||
C. Dream | VLCC | 2000 | 298,570 | |||
Owned Vessels to be delivered | ||||||
TBN | VLCC | Q2 2014 | 298,287 | |||
TBN | VLCC | Q2 2014 | 305,178 | |||
Nave Luminosity | MR2 | Q3 2014 | 50,000 | |||
TBN | MR2 | Q3 2014 | 51,200 | |||
Nave Velocity | MR2 | Q4 2014 | 50,000 | |||
TBN | MR2 | Q4 2014 | 51,200 | |||
TBN | MR2 | Q1 2015 | 51,200 | |||
TBN | MR2 | Q2 2015 | 51,200 |
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