United states securities and exchange commission

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PART I

<>Item 1. Identity of Directors, Senior Management and Advisers

<>Directors and Senior Management

<>The members of our Board of Directors and our executive management team, as well as their functions, are as follows:


<>Name	Function	Business address

Angeliki Frangou	Chairman and Director	85 Akti Miaouli Street Piraeus, Greece 185 38
Claudio Pablo Lopez	Chief Executive Officer and Director	846 Av. Santa Fe Buenos Aires, Argentina
Carlos Augusto Lopez	Chief Commercial Officer—Shipping Division and Director	846 Av. Santa Fe Buenos Aires, Argentina
Horacio Enrique Lopez	Chief Operating Officer—Shipping Division and Director	846 Av. Santa Fe Buenos Aires, Argentina
Ruben Martinez	Chief Operating Officer—Port Division and Director	2141 Av. Paraguay ZF Aguada Park, Montevideo, Uruguay 11800
Ioannis Karyotis	Chief Financial Officer	85 Akti Miaouli Street Piraeus, Greece 185 38
George Achniotis	Executive Vice President—Business Development and Director	85 Akti Miaouli Street Piraeus, Greece 185 38
Vasiliki Papaefthymiou	Executive Vice President—Legal	85 Akti Miaouli Street Piraeus, Greece 185 38
Efstratios Desypris	Senior Vice President—Strategic Planning and Director	85 Akti Miaouli Street Piraeus, Greece 185 38
Anna Kalathakis	Secretary, Senior Vice President—Legal Risk Management	85 Akti Miaouli Street Piraeus, Greece 185 38

<>Information concerning the members of our Board of Directors and Senior Management is presented in “Item 6. Directors, Senior Management and Employees.”

<>Auditors

<>Our auditor since January 1, 2008 has been Price Waterhouse & Co. S.R.L., member firm of PricewaterhouseCoopers. Price Waterhouse & Co. S.R.L.’s address is Bouchard 557, C1106ABG, Buenos Aires, Argentina.

<>Item 2. Offer Statistics and Expected Timetable

<>Not Applicable.

<>Item 3. Key Information

<>A. Selected Financial Data

<>The selected consolidated historical financial information and operating results for the years ended December 31, 2011, 2010, and 2009, is derived from our audited consolidated financial statements which are included elsewhere in this report. The selected consolidated historical financial information as of December 31, 2009, 2008 and 2007 and for the years ended December 31, 2008 and December 31, 2007 have been derived from our audited financial statements not included in this report. On January 1, 2008, Navios Holdings contributed: (a) $112.2 million in cash; and (b) 100% of the authorized capital stock of its wholly owned subsidiary, CNSA, to us. As part of the same transaction, we acquired 100% ownership of Horamar. As such, the 2007 selected consolidated historical financial data showed for comparative purposes relates only to CNSA.


<>	Year Ended December 31, 2011	Year Ended December 31, 2010	Year Ended December 31, 2009	Year Ended December 31, 2008	Year Ended December 31, 2007
<>	(Expressed in thousands of U.S. dollars—except share and per share data)
Statement of Income Data
Time charter, voyage and port terminals revenues	$ 165,625	$ 136,756	$ 112,263	$ 97,977	$ 9,689
Sales of products	69,063	51,217	26,627	9,801	—
Time charter, voyage and port terminal expenses	(41,680 )	(35,410 )	(32,428 )	(29,146 )	(3,860 )
Direct vessel expenses	(63,422 )	(50,422 )	(37,095 )	(31,804 )	—
Cost of products sold	(66,757 )	(47,073 )	(24,246 )	(9,247 )	—
Depreciation of vessels, port terminals and other fixed assets, net	(18,180 )	(17,729 )	(18,020 )	(14,747 )	(917 )
Amortization of intangible assets and liabilities, net	(4,436 )	(4,486 )	(3,111 )	(3,244 )	(949 )
Amortization of deferred drydock and special survey costs	(718 )	(394 )	(270 )	(70 )	—
General and administrative expenses	(13,662 )	(12,210 )	(9,115 )	(8,044 )	(507 )
Provision for losses on accounts receivable	(492 )	(652 )	(1,351 )	(115 )	—
Taxes other than income taxes	(8,934 )	(7,921 )	(4,821 )	(2,954 )	—
Gain on sale of assets	36	52	—	—	—
Interest expense and finance cost, net	(17,074 )	(4,526 )	(4,246 )	(4,421 )	—
Interest income	843	298	11	502	148
Foreign exchange differences	(645 )	(3 )	378	831	(642 )
Other income, net	669	64	569	206	1
<>
Income before income taxes and noncontrolling interest	$ 236	$ 7,561	$ 5,145	$ 5,525	$ 2,963
Income tax benefit/(expense)	348	(64 )	1,654	(1,190 )	—
<>
Net income	$ 584	$ 7,497	$ 6,799	$ 4,335	$ 2,963
Less: Net income attributable to the noncontrolling interest	(780 )	(1,897 )	(1,448 )	(907 )	—
<>
Net (loss)/income attributable to Navios Logistics’ stockholders	$ (196 )	$ 5,600	$ 5,351	$ 3,428	$ 2,963
<>
Basic and diluted net (losses)/earnings per share attributable to Navios Logistics’ stockholders	(0.0098 )	0.2800	0.2676	0.1714	0.2321
<>
Weighted average number of shares, basic and diluted	20,000	20,000	20,000	20,000	12,765
<>

Balance Sheet Data (at period end)
Current assets, including cash and cash equivalents	85,952	70,424	57,777	32,580	7,944
Total assets	621,234	547,461	484,549	450,201	76,708
Current liabilities, including current portion of long-term debt	76,710	43,780	31,396	22,430	6,559
Total long-term debt, including current portion	200,668	127,422	120,393	81,328	—
Total liabilities	300,009	218,182	174,517	150,249	6,559
Total Navios Logistics’ stockholders’ equity	320,684	310,030	293,560	288,209	70,149

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