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- Liquidity and Capital Resources
- (Expressed in thousands of U.S. dollars) Year Ended December 31, 2011
- Net increase in cash and cash equivalents
- Cash and cash equivalents, end of year
- Cash provided by operating activities for the year ended December 31, 2011 as compared to the year ended December 31, 2010
- (Expressed in thousands of U.S. dollars)
- Net income adjusted for non-cash items $ 25,211 $ 31,135
- Cash used in investing activities for the year ended December 31, 2011 as compared to the year ended December 31, 2010
- Cash provided by financing activities for the year ended December 31, 2011 as compared to cash used in financing activities for the year ended December 31, 2010
- Cash provided by operating activities for the year ended December 31, 2010 as compared to the year ended December 31, 2009
- Net income adjusted for non-cash items $ 31,135 $ 27,941
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<>EBITDA increased by $6.5 million to $39.0 million for the year ended December 31, 2011 as compared to $32.5 million for the same period of 2010. The increase was mainly attributable to: (a) an increase in time charter, voyage and port terminal revenues by $28.8 million, out of which $14.1 million was attributable to an increase in the cabotage business and $14.8 million was attributable to an increase in the barge business and a $0.1 million decrease attributable to the port terminal business, (b) a $17.9 million increase in sales of products in the port terminal business, (c) a $0.2 million decrease in provision for losses on accounts receivable, (d) a $1.1 million decrease in noncontrolling interest and (e) a $0.6 million increase in other income, net. The above increase was offset mainly by: (a) a $6.3 million increase in time charter, voyage and port terminal expenses out of which $1.2 million was attributable to the port terminal business and $6.2 million was attributable to the barge business, mitigated by a decrease of $1.1 million attributable to the cabotage business; (b) a $13.0 million increase in direct vessel expenses out of which $12.8 million was attributable to the cabotage business and $0.2 million was attributable to the barge business; (c) a $19.7 million increase in cost of products sold in the port terminal business, (d) a $1.5 million increase in general and administrative expenses out of which $0.2 million was attributable to the port terminal business and $1.3 million was attributable to the barge business, (e) a $1.0 million increase in taxes other than income taxes and (f) a $0.6 million increase in loss from foreign exchange differences. <>EBITDA increased by $3.2 million to $32.5 million for the year ended December 31, 2010 as compared to $29.3 million for the same period of 2009. The increase was mainly attributable to: (a) an increase in time charter, voyage and port terminal revenues by $24.5 million, out of which $11.3 million was attributable to the cabotage business, $7.8 million was attributable to the barge business and $5.4 million was attributable to the port terminal business, (b) an increase in sales of products by $24.6 million in the port terminal business, and (c) a $0.7 million decrease in provision for losses on accounts receivable. The above increase was offset mainly by: (a) a $3.0 million increase in time charter, voyage expenses and port terminal expenses out of which $1.2 million was attributable to the cabotage business and $1.9 million was attributable to the port terminal business, mitigated by a decrease of $0.1 million attributable to the barge business; (b) a $13.3 million increase in direct vessel expenses out of which $7.5 million was attributable to the cabotage business and $5.8 million was attributable to the barge business; (c) a $22.9 million increase in cost of products sold in the port terminal business, (d) a $3.1 million increase in general and administrative expenses out of which $0.1 million was attributable to the cabotage business, $2.5 million was attributable to the barge business and $0.5 million was attributable to the port terminal business, (e) a $3.1 million increase in taxes other than income taxes, (f) a $0.4 million increase in losses from foreign exchange differences, (g) a $0.4 million increase in noncontrolling interest, and (h) an increase in other, net by $0.4 million. <>Liquidity and Capital Resources <>We have historically financed our capital requirements with cash flows from operations, equity contributions from stockholders, borrowings under our credit facilities and issuance of other debt. Main uses of funds have been capital expenditures for the acquisition of new vessels, new construction and upgrades at the port terminals, expenditures incurred in connection with ensuring that the owned vessels comply with international and regulatory standards and repayments of credit facilities. We anticipate that cash on hand, internally generated cash flows and borrowings under existing and future credit facilities will be sufficient to fund our operations, including working capital requirements. In addition, we regularly review opportunities for acquisitions of businesses and additional vessels, development of new facilities and infrastructure, joint ventures and other corporate transactions that may be material to us. In connection with any such transactions, we may need to raise significant amounts of capital, including debt. We do not have any material contractual arrangements for such transactions at this time. See “Working Capital”, “Capital Expenditures” and “Long-term Debt Obligations and Credit Arrangements” for further discussion of our working capital position. <>The following table presents cash flow information for each of the years ended December 31, 2011, 2010 and 2009.
<>Cash provided by operating activities for the year ended December 31, 2011 as compared to the year ended December 31, 2010: <>Net cash from operating activities decreased by $19.7 million to $14.6 million cash provided by operating activities for the year ended December 31, 2011 as compared to $34.3 million cash provided by operating activities for the year ended December 31, 2010. In determining net cash from operating activities, net income is adjusted for the effect of certain non-cash items including depreciation and amortization and income taxes, which are analyzed in detail as follows:
<>Accounts receivable, net increased by $14.9 million from $17.1 million at December 31, 2010 to $32.0 million at December 31, 2011. The primary reason was the increase in operations, mainly due to the new fleet acquired and due to the increase in sales of products, which amounted to an aggregate of $15.3 million, and the decrease in the allowance for doubtful receivables by $0.5 million. <>Prepaid expenses and other current assets increased by $2.9 million from $7.7 million at December 31, 2010 to $10.6 million at December 31, 2010. The main reason was an increase of (a) $1.9 million in inventories, and (b) $0.9 million in other prepaid expenses. <>Accounts payable increased by $0.6 million from $22.6 million at December 31, 2010 to $23.2 million at December 31, 2011. This increase is mainly attributable to the increase in operations. <>Accrued expenses increased by $6.1 million to $15.7 million at December 31, 2011 from $9.6 million at December 31, 2010. The primary reason was an increase of (a) $1.2 million in accrued salaries, (b) $1.6 million in taxes payable, (c) $3.9 million in accrued senior notes coupon expense and (d) $0.1 million in accrued interest. Such increase was mitigated by a $0.4 million and $0.3 million decrease in accrued legal fees and in other accrued expenses, respectively. <>Cash used in investing activities for the year ended December 31, 2011 as compared to the year ended December 31, 2010: <>Net cash used in investing activities increased by $56.5 million to $70.6 million for the year ended December 31, 2010 from $14.1 million for the same period in 2010. <>Cash used in investing activities for the year ended December 31, 2011 was mainly the result of (a) $0.9 million for the construction of the new drying and conditioning facility in Nueva Palmira, (b) $6.4 million for the construction of a new silo in Nueva Palmira, (c) $60.0 million for the acquisition and transportation of three pushboats, 66 barges and one floating dry dock, (d) $1.7 million for improvements and (e) $1.6 million for the purchase of other fixed assets. <>Cash used in investing activities for the year ended December 31, 2010 was mainly the result of (a) the acquisition of two 29 acre parcels of land south of Nueva Palmira Free Zone for $1.0 million; (b) the payments for the construction of the new dry and conditioning facility in Nueva Palmira amounting to $3.0 million; and (c) the rest for the purchase of other fixed assets, barges and pushboats. <>Cash provided by financing activities for the year ended December 31, 2011 as compared to cash used in financing activities for the year ended December 31, 2010: <>Cash provided by financing activities increased by $49.4 million to $57.3 million for the year ended December 31, 2011, as compared to a net cash used in financing activities of $7.9 million for the same period of 2010. <>Cash provided by financing activities for the year ended December 31, 2011 was mainly due to (i) $200.0 million proceeds from the senior notes issued in April 2011 and (ii) $0.5 million decrease in restricted cash relating to loan repayments. This was partially offset by (a) $1.0 million payments of obligations under capital leases in connection with the product tanker vessels, the San San H and the Stavroula, (b) $126.8 million repayments of long-term debt, (c) $6.8 million payments for deferred financing costs following the amendment of the Marfin loan facility and the issuance of the senior notes and (d) $8.6 million for the acquisition of noncontrolling interests. <>Cash used in financing activities for the year ended December 31, 2010 was mainly due to (a) the payments by $1.8 million for the capital lease obligations in connection with the acquisition of the product tanker vessels the San San H and the Stavroula, (b) $5.2 million repayments of long-term debt, (b) a $0.5 million increase in deferred financing costs, (c) a $0.5 million of dividends paid to noncontrolling interests, and (d) a $0.2 million increase in restricted cash relating to loan repayments. This result was primarily offset by the proceeds from loan facilities amounting to $0.3 million. <>Cash provided by operating activities for the year ended December 31, 2010 as compared to the year ended December 31, 2009: <>Net cash from operating activities increased by $11.2 million to $34.3 million cash provided by operating activities for the year ended December 31, 2010 as compared to $23.1 million cash provided by operating activities for the year ended December 31, 2009. In determining net cash from operating activities, net income is adjusted for the effect of certain non-cash items including depreciation and amortization and income taxes, which are analyzed in detail as follows:
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