United states securities and exchange commission
Download 1.9 Mb.
|
- Navigate this page:
- For the year ended December 31, 2010 compared to the year ended December 31, 2009
- (Expressed in thousands of U.S. dollars)
- Income before income taxes and noncontrolling interest $ 7,561 $ 5,145
- Net income 7,497 6,799
- Net income attributable to Navios Logistics’ stockholders $ 5,600 $ 5,351
|
<><>Time Charter, Voyage and Port Terminal Revenues: <>For the year ended December 31, 2011, our revenue increased by $28.8 million or 21.1% to $165.6 million, as compared to $136.8 million for the same period during 2010. Revenue from the cabotage business increased by $14.1 million or 38.0% to $51.2 million for the year ended December 31, 2011, as compared to $37.1 million for the same period during 2010. This increase was mainly attributable to the new vessels, the Stavroula and the San San H, which commenced operations in October 2010 and March 2011, respectively. Revenue from the barge business increased by $14.8 million or 19.4% to $91.1 million for the year ended December 31, 2011, as compared to $76.3 million for the same period in 2010. This increase was mainly attributable to the increase in volumes in the iron ore transportated. This overall increase of $28.9 million was partially mitigated by a $0.1 million or 0.4% decrease from the port terminal business to $23.3 million for the year ended December 31, 2011, as compared to $23.4 million for the same period of 2010. The decrease was mainly attributable to a $0.6 million decrease in storage services in the liquid port terminal that was partially mitigated by a $0.5 million increase in revenues in the dry port. <><>Sales of Products: <>For the year ended December 31, 2011, our sales of products increased by $17.9 million or 35.0% to $69.1 million, as compared to $51.2 million for the same period during 2010. The increase was mainly attributable to an increase in the price of products sold. <><>Time Charter, Voyage and Port Terminal Expenses: <>Time charter, voyage and port terminal expenses increased by $6.3 million or 17.8% to $41.7 million for the year ended December 31, 2011, as compared to $35.4 million for the same period in 2010. This increase was due to an increase in time charter and voyage expenses of the barge business by $6.2 million or 24.0% to $32.0 million for the year ended December 31, 2011, as compared to $25.8 million for the same period in 2010. This was mainly attributable to the increase in volumes in the iron ore transported. In the port terminal business, expenses increased by $1.2 million or 16.2% to $8.6 million for the year ended December 31, 2011, as compared to $7.4 million for the same period in 2010. This increase was attributable to a $1.1 million increase of expenses in our dry port in Uruguay mainly from salaries, and a $0.1 million increase in expenses of the liquid port in Paraguay. The overall increase of the barge and port terminal business was offset by a $1.1 million or 50.0% decrease in time charter and voyage expenses of the cabotage business to $1.1 million for the year ended December 31, 2011, as compared to $2.2 million for the same period during 2010. This decrease was mainly attributable to a decrease in the fuel expenses of the cabotage vessels due to increase in operating days under time charter contracts. <><>Direct Vessel Expenses: <>Direct vessel expenses increased by $13.0 million or 25.8% to $63.4 million for the year ended December 31, 2011, as compared to $50.4 million for the same period in 2010. Direct vessel expenses of the cabotage business increased by $12.8 million or 69.2% to $31.3 million for the year ended December 31, 2011, as compared to $18.5 million for the same period in 2010. The increase resulted primarily from the additional operating expenses generated by the new vessels, the Stavroula and the San San H, which commenced operations in October 2010 and March 2011, respectively and an increase in crew costs and repairs and maintenance. Direct vessels expenses of the barge business increased by $0.2 million or 0.6% to $32.1 million for the year ended December 31, 2011, as compared to $31.9 million for the same period in 2010. The increase resulted primarily from the increase in crew costs, repairs and maintenance. Direct vessel expenses include crew costs, victualling costs, dockage expenses, lubricants, stores, insurance, maintenance and repairs. <><>Cost of Products Sold: <>For the year ended December 31, 2011, our cost of products sold increased by $19.7 million or 41.8% to $66.8 million, as compared to $47.1 million for the same period during 2010. The increase was mainly attributable to an increase in the price of products sold. <><>Depreciation of Vessels, Port Terminals and Other Fixed Assets, Net: <>Depreciation of vessels, port terminals and other fixed assets, net increased by $0.5 million to $18.2 million for the year ended December 31, 2011, as compared to $17.7 million for the same period of 2010. The increase in depreciation of fixed assets was mainly due to an increase of $0.9 million in depreciation of the cabotage business due to the additional depreciation generated by the new vessels, the Stavroula and the San San H, which commenced operations in October 2010 and March 2011, respectively. This increase was partially offset by a $0.4 million decrease in barge business due to the fact that some assets reached the end of their useful life in 2010. Depreciation in the port terminal business remained the same $2.5 million for both years. <><>Amortization of Intangibles Assets and Liabilities, Net: <>Amortization of intangible assets and liabilities, net decreased by $0.1 million to $4.4 million for the year ended December 31, 2011, as compared to $4.5 million for the same period of 2010. <><>Amortization of Deferred Drydock and Special Survey Costs: <>For the year ended December 31, 2011, amortization of deferred drydock and special survey costs increased by $0.3 million to $0.7 million, as compared to $0.4 million for the same period during 2010. The increase was mainly attributable to additional drydock and special survey costs amounting to $4.1 million in the barge business. <><>General and Administrative Expenses: <>General and administrative expenses increased by $1.5 million or 12.3% to $13.7 million for the year ended December 31, 2011, as compared to $12.2 million for the same period during 2010. General and administrative expenses relating to the port terminal business increased by $0.2 million or 9.5% to $2.3 million, as compared to $2.1 million in the same period in 2010. General and administrative expenses relating to the barge business increased by $1.3 million or 13.3% to $11.1 million for the year ended December 31, 2011, as compared to $9.8 million for the same period in 2010. General and administrative expenses relating to the cabotage business was $0.3 million in both years ended December 31, 2011 and 2010. The overall increase was mainly attributable to an increase in salaries by $2.1 million mainly due to an increased number of employees, wages increase and the impact of foreign exchange rates, mitigated by a decrease in other administrative costs by $0.6 million. <><>Provision for Losses on Accounts Receivable: <>Provision for losses on accounts receivable decreased by $0.2 million to $0.5 million for the year ended December 31, 2011, as compared to $0.7 million for the same period in 2010. The main reason was lower provisions for bad debts recognized during 2011. <><>Taxes Other Than Income Taxes: <>Taxes other than income taxes increased by $1.0 million or 12.7% to $8.9 million for the year ended December 31, 2011, as compared to $7.9 million for the same period during 2010. The increase was mainly attributable to an increase in the withholding tax and the turnover tax in Argentina for the cabotage business amounting to $0.8 million and in the ports business amounting to $0.2 million mainly attributable to foreign currency exchange losses. <><>Gain on Sale of Assets: <>During the year ended December 31, 2011, gain on sale of assets was less than $0.1 million. Gain on sale of assets during the year ended December 31, 2010 was $0.1 million. <><>Interest Expense and Finance Cost, Net: <>Interest expense and finance cost, net, increased by $12.6 million or 280.0% to $17.1 million for the year ended December 31, 2011, as compared to $4.5 million for the same period in 2010. The increase was mainly attributable to the interest expense generated by our Senior Notes. <><>Interest Income: <>Interest income increased by $0.5 million or 166.7% to $0.8 million for the year ended December 31, 2011, as compared to $0.3 million for the same period in 2010. The increase is due to the short-term deposits. <><>Foreign Exchange Differences: <>Foreign exchange differences increased by $0.6 million to a $0.6 million loss for the year ended December 31, 2011 as compared to $0 for the same period in 2010. The variation is mainly attributable to an unfavorable fluctuation of the U.S. dollar exchange rate against the local currencies in the different countries where we conducted our barge business operations. <><>Other income, Net: <>Other income, net increased by $0.6 million to $0.7 million for the year ended December 31, 2011, as compared to $0.1 million for the same period in 2010. This was due to an increase of $0.6 million in the barge business. <><>Income Tax Benefit/(Expense): <>Income taxes decreased by $0.4 million to $0.3 million of benefit for the year ended December 31, 2011, as compared to $0.1 million of expense for the same period in 2010. The variation was mainly due to (a) $0.2 million of higher income tax expense in Argentina due to the decrease of deferred tax assets carried forward, and (b) a $0.1 million increase in income tax charges with respect to retained earnings in Paraguay. By segment, income taxes in the port terminal business increased by $0.3 million or 300.0% to an expense of $0.3 million for the year ended December 31, 2011 as compared to an expense of $0.1 million for the same period in 2010. Income taxes of the barge business decreased by $0.1 million or 11.1% to a benefit of $1.0 million for the year ended December 31, 2011 as compared to a benefit of $0.9 million for the same period in 2010. Income taxes of the cabotage business decreased by $0.6 million or 66.7% to an expense of $0.3 million for the year ended December 31, 2011 as compared to an expense of $0.9 million for the same period in 2010. <><>Net Income Attributable to the Noncontrolling Interest: <>Net income attributable to the noncontrolling interest decreased by $1.1 million or 57.9% to $0.8 million for the year ended December 31, 2011, as compared to $1.9 million for the same period during 2010. This was mainly due to the acquisition of the noncontrolling interests in the cabotage business. <>For the year ended December 31, 2010 compared to the year ended December 31, 2009 <>The following table presents consolidated revenue and expense information for the years ended December 31, 2010 and 2009 and was derived from our audited consolidated financial statements for each of the years ended December 31, 2010 and 2009.
Directory: customer-content -> www -> CMS -> files files -> Diocese of atlanta letter of agreement files -> Diocese of atlanta letter of agreement files -> Prayers for Ferguson Prayers for our Life Together files -> Information about the Diocese of Atlanta to include in Clergy-Search Profiles About the Diocese of Atlanta files -> In support of a Community Benefits Agreement for the neighborhoods immediately surrounding Turner Field files -> Mid-Atlantic Parish Training Program Letter of Intent Download 1.9 Mb. Share with your friends:
|