<><><>NAVIOS SOUTH AMERICAN LOGISTICS INC.
<>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
<>(Expressed in thousands of U.S. dollars—except share data)
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<>
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Notes
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December 31,
2011
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December 31,
2010
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ASSETS
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<>Current assets<>
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Cash and cash equivalents
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4
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$ 40,529
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$ 39,204
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Restricted cash
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—
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564
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Accounts receivable, net
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5
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31,959
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17,102
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Prepaid expenses and other current assets
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6
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10,592
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7,687
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Inventories
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2,872
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5,867
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<>
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Total current assets
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85,952
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70,424
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Vessels, port terminals and other fixed assets, net
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7
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350,088
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296,133
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Intangible assets other than goodwill
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8
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63,863
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68,299
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Goodwill
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3, 23
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104,096
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104,096
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Deferred drydock and special survey costs, net
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6,869
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2,041
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Deferred financing costs, net
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10
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6,941
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1,030
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Other long term assets
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3,425
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5,438
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<>
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<>Total noncurrent assets<>
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535,282
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<>477,037<>
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<>
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Total assets
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$ <>621,234<>
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$ <>547,461<>
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<>
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LIABILITIES AND EQUITY
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<>Current liabilities<>
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Accounts payable
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9
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$ 23,211
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$ 22,591
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Due to affiliate companies
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18
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2,000
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155
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Accrued expenses
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9
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15,717
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9,611
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Deferred income
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4,492
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—
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Current portion of capital lease obligations
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7
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31,221
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1,252
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Current portion of long-term debt
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10
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69
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10,171
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<>
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Total current liabilities
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$ <>76,710<>
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$ <>43,780<>
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<>
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Senior notes
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10
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200,000
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—
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Long term debt, net of current portion
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10
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599
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117,251
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Capital lease obligations, net of current portion
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7
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—
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31,009
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Deferred tax liability
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16
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19,628
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21,105
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Other long term liabilities
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3,072
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5,037
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<>
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Total noncurrent liabilities
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$ 223,299
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$ <>174,402<>
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<>
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Total liabilities
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$ 300,009
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$ <>218,182<>
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<>
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<>Commitments and contingencies<>
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15
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—
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—
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STOCKHOLDERS’ EQUITY
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Common stock—$1.00 par value: 50,000,000 authorized shares; 20,000 shares issued and outstanding in 2011 and 2010
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19
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20
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20
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Additional paid-in capital
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303,518
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292,668
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Retained earnings
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17,146
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17,342
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<>
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Total Navios Logistics stockholders’ equity
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320,684
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310,030
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Noncontrolling interest
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541
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19,249
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<>
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Total stockholders’ equity
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321,225
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329,279
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<>
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Total liabilities and stockholders’ equity
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$ <>621,234<>
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$ <>547,461<>
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<>
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<>The accompanying notes are an integral part of these consolidated financial statements.
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<>
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Notes
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Year Ended
December 31,
2011
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Year Ended
December 31,
2010
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Year Ended
December 31,
2009
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Time charter, voyage and port terminal revenues
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$ 165,625
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$ 136,756
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$ 112,263
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Sales of products
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69,063
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51,217
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26,627
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Time charter, voyage and port terminal expenses
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12
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(41,680 )
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(35,410 )
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(32,428 )
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Direct vessel expenses
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13
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(63,422 )
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(50,422 )
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(37,095 )
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Cost of products sold
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(66,757 )
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(47,073 )
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(24,246 )
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Depreciation of vessels, port terminals and other fixed assets, net
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7
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(18,180 )
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(17,729 )
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(18,020 )
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Amortization of intangible assets and liabilities, net
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8
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(4,436 )
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(4,486 )
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(3,111 )
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Amortization of deferred drydock and special survey costs
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2
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(718 )
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(394 )
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(270 )
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General and administrative expenses
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14
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(13,662 )
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(12,210 )
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(9,115 )
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Provision for losses on accounts receivable
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5
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(492 )
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(652 )
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(1,351 )
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Taxes other than income taxes
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(8,934 )
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(7,921 )
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(4,821 )
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Gain on sale of assets
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36
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52
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—
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Interest expense and finance cost, net
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10
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(17,074 )
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(4,526 )
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(4,246 )
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Interest income
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843
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298
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11
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Foreign exchange differences
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(645 )
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(3 )
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378
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Other income, net
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669
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64
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569
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<>
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Income before income taxes and noncontrolling interest
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$ 236
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$ 7,561
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$ 5,145
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Income tax benefit/(expense)
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16
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348
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(64 )
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1,654
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<>
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Net income
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$ 584
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$ 7,497
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$ 6,799
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Less: Net income attributable to the noncontrolling interest
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(780 )
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(1,897 )
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(1,448 )
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<>
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Net (loss)/income attributable to Navios Logistics’ stockholders
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$ (196 )
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$ 5,600
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$ 5,351
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<>
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<>Basic and diluted net (losses)/earnings per share attributable to Navios Logistics’ stockholders <>
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21
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$ (0.0098 )
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$ 0.2800
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$ 0.2676
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<>
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<>Weighted average number of shares, basic and diluted <>
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20,000
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20,000
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20,000
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<>
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