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- EBITDA Reconciliation to Net Income/(loss) Attributable to Navios Logistics’ Stockholders
- Year Ended December 31, 2011
- Port Terminal Business Cabotage Business Barge Business
- EBITDA $ 14,432 $ 13,050
- Year Ended December 31, 2010
- EBITDA $ 17,936 $ 10,018
- Year Ended December 31, 2009
- EBITDA $ 13,641 $ 9,880
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<><>Time Charter, Voyage and Port Terminal Revenues: <>For the year ended December 31, 2010, our time charter, voyage and port terminal revenues increased by $24.5 million or 21.8% to $136.8 million, as compared to $112.3 million for the same period during 2009. Revenue from the port terminal business increased by $5.4 million or 30.0% to $23.4 million for the year ended December 31, 2010, as compared to $18.0 million for the same period during 2009. The increase was mainly attributable to an increase in volumes in the dry port terminal as well as to the increase in storage capacity by 80,000 metric tons due to the construction of a new silo at our port facilities in Uruguay, which became operational in August 2009. Revenue from the cabotage business increased by $11.3 million or 43.8% to $37.1 million for the year ended December 31, 2010, as compared to $25.8 million for the same period during 2009. This increase was mainly attributable to the two new vessels acquired, the Makenita H and the Sara H, which were delivered in June 2009 and February 2010, respectively. Revenue from the barge business increased by $7.8 million or 11.4% to $76.3 million for the year ended December 31, 2010, as compared to $68.5 million for the same period during 2009. This increase was attributable to the increase in the operational number of barges, mainly due to a three-year charter-in agreement for 15 tank barges, which were delivered during the third and fourth quarter of 2010. <><>Sales of Products: <>For the year ended December 31, 2010, our sales of products relating to the port terminal business increased by $24.6 million or 92.5% to $51.2 million, as compared to $26.6 million for the same period during 2009. This was mainly due to the increase in the Paraguayan liquid port’s volume. Sales of products relate to revenues earned in our role as an intermediary primarily in the purchase and sale of oil products and it is part of our liquid port operations. <><>Time Charter, Voyage and Port Terminal Expenses: <>Time charter, voyage and port terminal expenses increased by $3.0 million or 9.3% to $35.4 million for the year ended December 31, 2010, as compared to $32.4 million for the same period in 2009. Port terminal business expenses for the year ended December 31, 2010 increased by $1.9 million or 34.5% to $7.4 million for the year ended December 31, 2010, as compared to $5.5 million for the same period during 2009. This increase in the port terminal business expenses is mainly attributable to an increase in the dry ports’ activities and to the additional cost of operations of the new silo constructed at our port facilities in Uruguay. Time charter and voyage expenses of the cabotage business increased by $1.2 million or 120.0% to $2.2 million for the year ended December 31, 2010, as compared to $1.0 million for the same period during 2009. This increase in the cabotage business is mainly due to the operations of the two newly acquired vessels, the Makenita H and the Sara H, which were delivered in June 2009 and February 2010, respectively. Time charter and voyage expenses of the barge business decreased by $0.1 million or 0.4% to $25.8 million for the year ended December 31, 2010, as compared to $25.9 million for the same period during 2009. <><>Direct Vessel Expenses: <>Direct vessel expenses increased by $13.3 million or 35.8% to $50.4 million for the year ended December 31, 2010, as compared to $37.1 million for the same period in 2009. Direct vessel expenses of the cabotage business increased by $7.5 million or 68.2% to $18.5 million for the year ended December 31, 2010, as compared to $11.0 million for the same period in 2009. The increase resulted primarily from the increase in crew costs and spares and the additional operating expenses generated from the acquisitions of the Makenita H and the Sara H. Direct vessel expenses of the barge business increased by $5.8 million or 22.2% to $31.9 million for the year ended December 31, 2010, as compared to $26.1 million for the same period in 2009. The increase resulted primarily from the increase in crew costs and spares. Direct vessel expenses include crew costs, victual costs, dockage expenses, lubricants, spares, insurance, maintenance and repairs. <><>Cost of Products Sold: <>For the year ended December 31, 2010, cost of products sold relating to the port terminal business increased by $22.9 million or 94.6% to $47.1 million, as compared to $24.2 million for the same period during 2009. This was mainly due to the increase in the Paraguayan liquid port’s volume. This cost relates to expenses incurred in our role as an intermediary primarily in the purchase and sale of oil products and it is part of our liquid port operations. <><>Depreciation of Vessels, Port Terminals and Other Fixed Assets, Net: <>Depreciation of vessels, port terminals and other fixed assets, net decreased by $0.3 million to $17.7 million for the year ended December 31, 2010, as compared to $18.0 million for the same period of 2009. The decrease in depreciation of fixed assets was mainly due to the fact that in our barge business some assets reached the end of their useful life in 2009, resulting in a decrease of $1.2 million, mitigated mainly by an increase of $0.6 million in depreciation of the cabotage business due to the acquisition of the new vessels and an increase of $0.3 million in depreciation in the port terminal business due to the new silo constructed at our port facilities in Uruguay. <><>Amortization of Intangibles Assets and Liabilities, Net: <>Amortization of intangible assets and liabilities, net increased by $1.4 million to $4.5 million for the year ended December 31, 2010, as compared to $3.1 million for the same period of 2009. The increase in amortization expense was mainly attributable to the full amortization in 2009 of the unfavorable contracts (intangible liabilities). <><>Amortization of Deferred Drydock and Special Survey Costs:<> <>For the year ended December 31, 2010, amortization of deferred drydock and special survey costs increased by $0.1 million to $0.4 million, as compared to $0.3 million for the same period during 2009. The increase was attributable to additional drydock and special survey costs amounting to $0.1 million in the barge business.<> <><>General and Administrative Expenses: <>General and administrative expenses increased by $3.1 million or 34.1% to $12.2 million for the year ended December 31, 2010, as compared to $9.1 million for the same period during 2009. General and administrative expenses relating to the port terminal business increased by $0.5 million or 31.3% to $2.1 million for the year ended December 31, 2010, as compared to $1.6 million for the same period during 2009. General and administrative expenses relating to the barge business increased by $2.5 million or 34.2% to $9.8 million for the year ended December 31, 2010, as compared to $7.3 million for the same period during 2009. General and administrative expenses relating to the cabotage business increased by $0.1 million or 50.0% to $0.3 million for the year ended December 31, 2010, as compared to $0.2 million for the same period during 2009. The overall increase in general and administrative expenses was mainly attributable to (i) a $1.2 million increase in salaries which was mainly due to an increase in the number of employees, higher local inflation and the impact of foreign exchange rates, (ii) a $0.6 million increase in professional fees due to the increase in our reporting needs, and (iii) a $1.3 million increase in other administrative costs mainly due to an increase in travel, communication and accommodation expenses by $0.7 million and in other administrative expenses by $0.6 million. <><>Provision for Losses on Accounts Receivable: <>Provision for losses on accounts receivable decreased by $0.7 million to $0.7 million for the year ended December 31, 2010, as compared to $1.4 million for the same period in 2009. The main reason was lower provisions for bad debts recognized during 2010. <><>Taxes Other Than Income Taxes: <>Taxes other than income taxes increased by $3.1 million or 64.6% to $7.9 million for the year ended December 31, 2010, as compared to $4.8 million for the same period during 2009. The increase was mainly attributable to an increase in the withholding tax and the turnover tax in Argentina, in the cabotage business amounting to $1.7 million and in the barge business amounting to $1.4 million. <><>Gain on Sale of Assets: <>During the year ended December 31, 2010 we sold a barge recognizing a gain on sale of $0.1 million. There was no gain on sale of assets during the year ended December 31, 2009. <><>Interest Expense and Finance Cost, Net: <>Interest expense and finance cost, net, increased by $0.3 million or 7.1% to $4.5 million for the year ended December 31, 2010, as compared to $4.2 million for the same period in 2009. The increase was mainly attributable to the new loans obtained in the cabotage business for the acquisition of two product tankers the Makenita H and the Sara H, which were delivered in June 2009 and February 2010, respectively. <><>Interest Income: <>Interest income increased by $0.3 million for the year ended December 31, 2010, as compared to $0 for the same period in 2009. The increase is due to the short-term deposits in our dry port in Uruguay. <><>Foreign Exchange Differences: <>Foreign exchange differences decreased by $0.4 million to $0 for the year ended December 31, 2010. The variation is due to a favorable 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 decreased by $0.4 million to $0.1 million for the year ended December 31, 2010, as compared to $0.5 million for the same period in 2009. This was due to a decrease of $0.2 million in the barge business and a decrease of $0.2 million in the port terminal business. <><>Income Tax (Expense)/Benefits: <>Income taxes for the year ended December 31, 2010 changed by $1.8 million to a loss of $0.1 million for 2010, as compared to $1.7 million gain for the same period in 2009. The variation was due mainly to a $1.7 million increase in income tax charges in the barge business with respect to undistributed retained earnings in Paraguay and an increase of $0.1 million in income taxes in the Paraguayan liquid port. <><>Net Income Attributable to the Noncontrolling Interest: <>Net income attributable to the noncontrolling interest increased by $0.5 million or 35.7% to $1.9 million for the year ended December 31, 2010, as compared to $1.4 million for the same period during 2009. This was mainly due to the increase in the operations in the cabotage business following the acquisition of the Makenita H and the Sara H during 2009 and 2010 respectively. <>EBITDA__$_14,432__$_13,050'>EBITDA_Reconciliation_to_Net_Income/(loss)_Attributable_to_Navios_Logistics’_Stockholders'>EBITDA Reconciliation to Net Income/(loss) Attributable to Navios Logistics’ Stockholders <>EBITDA represents net income/(loss) attributable to Navios Logistics’ stockholders before interest, taxes, depreciation and amortization. EBITDA is presented because it is used by certain investors to measure a company’s operating performance. <>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 EBITDA is frequently used as a measure of operating performance, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation. <>Year Ended December 31, 2011
<>Year Ended December 31, 2010
<>Year Ended December 31, 2009
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