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NAVIOS MARITIME HOLDINGS INCMARS
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Navios Maritime Holdings Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2012

2013-02-19 07:15 ET - News Release

PIRAEUS, GREECE -- (Marketwire) -- 02/19/13

Navios Maritime Holdings Inc. (NYSE: NM)

  • $166.0 million Net Income for the Full Year 2012
  • $146.6 million Net Income for Q4 2012
  • $352.6 million Liquidity
  • $390.0 million EBITDA for the Full Year 2012
  • $205.6 million EBITDA for Q4 2012
  • Dividend of $0.06 per share for Q4 2012

Navios Maritime Holdings Inc. ("Navios Holdings" or "the Company") (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the fourth quarter and year ended December 31, 2012.

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Holdings stated, "I believe that Navios Holdings is poised to capture any upturn in the market. During the past few years, as the maritime industry suffered, we focused our energies on controlling that which we could. Today, we not only have excellent cost controls and superb technical management capabilities, we also have a strong balance sheet. As a result, we continue returning capital to our shareholders through dividend payments and declared a $0.06 dividend for Q4 2012 to shareholders of record on March 20, 2013."

HIGHLIGHTS -- RECENT DEVELOPMENTS

Navios Holdings

Credit Default Insurance Settlement

In Q4 of 2012, Navios Holdings restructured the insurance arrangement with its credit default insurer. In connection with this restructuring, Navios Holdings received:

(i) a $175.4 million lump sum cash payment from the credit default insurer; and
(ii) $41.2 million of revenue covered under the restructured credit default insurance policy.

As part of restructuring of the credit default insurance and pursuant to the management agreement between the parties, Navios Holdings agreed to provide supplemental charter insurance for $76.7 million of charters to Navios Maritime Partners L.P. ("Navios Partners"), with a maximum cash payment of $20.0 million.

Navios Holdings has $41.2 million of charters participating in the pool insurance coverage from its credit default insurer. The pool insurance covers charters totaling $217.1 million of both Navios Holdings and Navios Partners, with a maximum cash payment of $120.0 million.

Liquidity

Net Debt to Total Capitalization was 42% as of December 31, 2012. Navios Holdings' total liquidity, including lines of credit, as of December 31, 2012 was approximately $352.6 million.

Time Charter Coverage

As of February 18, 2013, Navios Holdings had chartered-out 46.8% and 8.6% of available days for 2013 and 2014, respectively, equivalent to $93.2 million and $32.7 million in revenue, respectively. The average daily charter-out rate for the core fleet is $13,411 and $25,595 for 2013 and 2014, respectively. The average daily charter-in rate for the active long-term charter-in vessels for 2013 is $13,927.

The above figures do not include the fleet of Navios South American Logistics Inc. ("Navios Logistics") and vessels servicing Contracts of Affreightment.

Dividend Policy

On February 15, 2013, the Board of Directors declared a quarterly cash dividend for the fourth quarter of 2012 of $0.06 per share of common stock. The dividend is payable on March 27, 2013 to stockholders of record as of March 20, 2013. The declaration and payment of any further dividend remain subject to the discretion of the Board and will depend on, among other things, Navios Holdings' cash requirements after taking into account market opportunities, restrictions under its credit agreements and other debt obligations and such other factors as the Board may deem advisable.

Navios Logistics

On February 8, 2013, Navios Logistics agreed to acquire Energias Renovables del Sur S.A. ("Energias"), an Uruguayan company, for a total consideration of $2.0 million. Energias controls approximately 12 hectares of undeveloped land located in the Nueva Palmira free zone in Uruguay, near to Navios Logistics' existing port. Navios Logistics plans on developing this land in expanding its port operations.

Navios Partners

On February 14, 2013, Navios Holdings received $7.3 million representing the cash dividend from Navios Partners for the fourth quarter of 2012.

Navios Maritime Acquisition Corporation ("Navios Acquisition")

On January 4, 2013, Navios Holdings received $1.3 million representing the cash dividend from Navios Acquisition for the third quarter of 2012.

Fleet Profile
Navios Holdings controls a fleet of 50 vessels totaling 5.1 million dwt, of which 30 are owned and 20 are chartered-in under long-term charters (collectively, the "Core Fleet"). Navios Holdings currently operates 46 vessels (16 Capesize, 10 Panamax, 18 Ultra-Handymax and two Handysize) totaling 4.7 million dwt. Additionally, Navios Holdings has four newbuilding charter-in vessels expected to be delivered at various dates through December 2013. The current average age of the operating fleet is 6.0 years.

Exhibit II provides certain details of the "Core Fleet" of Navios Holdings. It does not include the fleet of Navios Logistics.

Financial Highlights

Fourth Quarter 2012 and 2011 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):

The fourth quarter 2012 and 2011 information presented below was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA is a non-U.S. GAAP financial measure and should not be used in isolation or as substitution for Navios Holdings' results.

See Exhibit I under the heading, "Disclosure of Non-GAAP Financial Measures," for a discussion of EBITDA of Navios Holdings, on a consolidated basis, and Navios Logistics, and a reconciliation of such measure to the most comparable measure under U.S. GAAP.



                                       Three Month Period Three Month Period
                                              Ended              Ended
                                          December 31,       December 31,
                                              2012               2011
                                       ------------------ ------------------
                                           (unaudited)        (unaudited)
Revenue                                $          128,457 $          168,420
EBITDA (*)                             $          205,562 $           63,914
Net Income (*)                         $          146,614 $           11,816
Basic Earnings Per Share (*)           $             1.44 $             0.11

(*)  EBITDA for the three months ended December 31, 2012 includes a $161.2
     million gain from defaulted charters' compensation and related
     accounts, net.

     Net Income and Basic Earnings Per Share for the three months ended
     December 31, 2012 also includes the item described in the immediately
     preceding paragraph, and a $4.1 million accelerated amortization of
     intangibles.

     EBITDA, Net Income and Basic Earnings Per Share for the three months
     ended December 31, 2011 includes a $1.7 million accounting loss related
     to the settlement in shares of part of the outstanding receivables from
     Korea Line Corporation.

Revenue from drybulk vessel operations for the three months ended December 31, 2012 was $69.9 million as compared to $101.6 million for the same period during 2011. The decrease in drybulk revenue was mainly attributable to (i) a decrease in the time charter equivalent rate ("TCE") per day by 39.2% to $12,805 per day in the fourth quarter of 2012 as compared to $21,068 per day in the same period of 2011 and (ii) a decrease in the short-term charter-in fleet available days of 367 days. This decrease was partially offset by (i) an increase in available days for owned vessels by 6.8% to 2,741 days in the fourth quarter of 2012 from 2,566 days in the same period of 2011 and (ii) an increase in the long-term charter-in fleet available days of 436 days.

Revenue from the logistics business was $58.6 million for the three months ended December 31, 2012 as compared to $66.8 million for the same period of 2011.This decrease was mainly attributable to the decrease in the Paraguayan liquid port's volume of products sold and a decrease in revenues from liquid cargo transportation in the barge business.

EBITDA of Navios Holdings for the three months ended December 31, 2012 increased by $141.7 million to $205.6 million as compared to $63.9 million for the same period of 2011. The $141.7 million increase in EBITDA was primarily due to: (i) a $10.4 million decrease in time charter, voyage and logistics business expenses; (ii) a $0.2 million increase in gains from derivatives; (iii) a $1.2 million increase in equity in net earnings from affiliated companies; (iv) a $1.0 million decrease in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs) and (v) a $170.6 million increase in other income, net (positively affected from defaulted charters' compensation and related accounts, net). The overall variance of $183.4 million was mitigated by: (i) a decrease in revenue of $40.0 million (affected by defaulted charters' loss and the accounting loss related to the settlement in shares of part of the outstanding receivables from Korea Line Corporation in 2011); (ii) an increase in general and administrative expenses of $1.6 million (excluding share based compensation expenses); and (iii) a $0.1 million increase in net income attributable to the noncontrolling interest.

EBITDA of Navios Logistics was $10.9 million for the three month period ended December 31, 2012 as compared to $10.1 million for the same period in 2011.

Net income of Navios Holdings for the three months ended December 31, 2012 was $146.6 million as compared to $11.8 million for the same period of 2011. The increase of Net Income by $134.8 million was mainly due to: (i) an increase in EBITDA of $141.7 million; (ii) a decrease in share-based compensation expense of $0.1 million and (iii) a decrease in income taxes of $0.1 million. This increase was partially offset by: (i) an increase in interest income/expense and finance cost, net of $ 1.8 million; (ii) an increase in depreciation and amortization of $4.9 million (including the accelerated amortization of intangibles); and (iii) an increase of $0.4 million in amortization for deferred drydock and special survey costs.

Year Ended December 31, 2012 and 2011 Results (in thousands of U.S. dollars, except per share data and unless otherwise stated):

The information for the year ended December 31, 2012 and 2011 (excluding consolidation of Navios Acquisition, with respect to the year ended December 31, 2011) presented below was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA is a non-U.S. GAAP financial measure, and should not be used in isolation or as substitution for Navios Holdings' results.

From March 30, 2011, Navios Acquisition is no longer consolidated and is accounted for under the equity method of accounting. The table and the discussion below (with respect to the year ended December 31, 2011) exclude the impact of Navios Acquisition and are presented to provide investors with a clearer picture of Navios Holdings on a going forward basis.

See Exhibit I under the heading, "Disclosure of Non-GAAP Financial Measures," for a discussion of EBITDA of Navios Holdings, on a consolidated basis, Navios Acquisition and Navios Logistics, and a reconciliation of such measure to the most comparable measure under U.S. GAAP.

                                                              (Excluding
                                                           consolidation of
                                                         Navios Acquisition)
                                          Year Ended          Year Ended
                                         December 31,        December 31,
                                             2012                2011
                                     ------------------- -------------------
                                         (unaudited)         (unaudited)
Revenue                              $           616,494 $           664,225
EBITDA (*)                           $           389,986 $           245,889
Net Income (*)                       $           165,988 $            42,267
Basic Earnings Per Share (*)         $              1.62 $              0.40

(*)  EBITDA for year ended December 31, 2012 includes (i) a $161.2 million
     gain from defaulted charters' compensation and related accounts, net;
     and (ii) a $0.3 million gain on the sale of the Navios Buena Ventura to
     Navios Partners.

     Net Income and Basic Earnings Per Share for the year ended December 31,
     2012 includes items (i) and (ii) described in the immediately preceding
     paragraph, and a $4.1 million accelerated amortization of intangibles.

     EBITDA, Net Income and Basic Earnings Per Share for the year ended
     December 31, 2011 include: (i) $21.2 million of expenses relating to
     the bond extinguishment in January 2011; (ii) a $35.3 million loss on
     deconsolidation of Navios Acquisition; (iii) a $38.8 million gain on
     the sale of Navios Luz and Navios Orbiter to Navios Partners; and (iv)
     a $1.7 million accounting loss related to the settlement in shares of
     part of the outstanding receivables from Korea Line Corporation.


Navios Holdings' total consolidated revenue for the year ended December 31, 2012 decreased by $47.7 million to $616.5 million as compared to $664.2 million for the same period during 2011.

Revenue from drybulk vessel operations for the year ended December 31, 2012 was $369.5 million as compared to $429.5 million for the same period during 2011. The decrease in drybulk revenue was mainly attributable to: (i) a decrease in TCE per day by 21.2% to $18,167 per day during the year ended December 31, 2012 as compared to $23,064 per day in the same period of 2011 and (ii) a decrease in the short-term charter-in fleet available days of 1,544 days. This decrease was partially offset by: (i) an increase in available days for owned vessels by 5.3% to 10,757 days during year ended December 31, 2012 from 10,214 days in the same period of 2011 and (ii) an increase in the long-term charter-in fleet available days of 2,167 days.

Revenue from the logistics business was $247.0 million for the year ended December 31, 2012 as compared to $234.7 million during the same period of 2011. This increase was mainly attributable to: (i) increase in volumes and rates in the dry and liquid port terminals; (ii) increase due to the expansion of the barge fleet in the third and fourth quarter of 2011; and (iii) increase in time charter rates of cabotage vessels.

EBITDA of Navios Holdings for the year ended December 31, 2012 increased by $144.1 million to $390.0 million as compared to $245.9 million for the same period of 2011. The $144.1 million increase in EBITDA was primarily due to: (i) a $3.6 million decrease in time charter, voyage and logistics business expenses; (ii) a decrease in general and administrative expenses of $1.0 million (excluding share based compensation expenses); (iii) an increase in equity in net earnings from affiliated companies of $2.2 million; (iv) a $0.6 million increase in net income attributable to the noncontrolling interest; (v) a $172.6 million increase in other income, net (positively affected from defaulted charters' compensation and related accounts, net); (vi) a $35.3 million loss on deconsolidation of Navios Acquisition in 2011; and (vii) $21.2 million of expenses relating to the bond extinguishment in January 2011. This overall variance of $236.5 million was mitigated by: (i) a decrease in revenue of $47.7 million (affected by defaulted charters' loss and the accounting loss related to the settlement in shares of part of the outstanding receivables from Korea Line Corporation in 2011); (ii) an increase in direct vessel expenses (excluding the amortization of deferred drydock and special survey costs) of $6.2 million; and (iii) a decrease in gain from sale of assets of $38.5 million.

EBITDA of Navios Logistics was $48.1 million for the year ended December 31, 2012 as compared to $39.0 million during the same period in 2011.

Net income of Navios Holdings for the year ended December 31, 2012 was $166.0 million as compared to $42.3 million for the same period of 2011. The increase of Net Income by $123.7 million was mainly due to an increase in EBITDA of $144.1 million. This increase was mitigated by: (i) an increase in interest income/expense and finance cost, net of $8.8 million; (ii) an increase in depreciation and amortization of $8.9 million (including the accelerated amortization of intangibles); (iii) an increase of $1.9 million in amortization for deferred drydock and special survey costs; (iv) an increase of $0.5 million in share-based compensation expense; and (v) an increase in income taxes of $0.3 million.

Fleet Summary Data:

The following table reflects certain key indicators indicative of the performance of the Navios Holdings' drybulk operations (excluding the Navios Acquisition and the Navios Logistics fleets) and its fleet performance for the three and twelve month periods ended December 31, 2012 and 2011.


                      Three Month   Three Month
                     Period Ended  Period Ended   Year Ended    Year Ended
                     December 31,  December 31,  December 31,  December 31,
                         2012          2011          2012          2011
                     ------------  ------------  ------------  ------------
                      (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
Available Days (1)          4,474         4,230        17,589        16,423
Operating Days (2)          4,391         4,139        17,273        16,201
Fleet Utilization
 (3)                         98.2%         97.8%         98.2%         98.7%
Equivalent Vessels
 (4)                           49            46            48            45
TCE (5)              $     12,805  $     21,068  $     18,167  $     23,064

(1)  Available days for the fleet are total calendar days the vessels were
     in Navios Holdings' possession for the relevant period after
     subtracting off-hire days associated with major repairs, drydocking or
     special surveys. The shipping industry uses available days to measure
     the number of days in a relevant period during which vessels should be
     capable of generating revenues.

(2)  Operating days are the number of available days in the relevant period
     less the aggregate number of days that the vessels are off-hire due to
     any reason, including unforeseen circumstances. The shipping industry
     uses operating days to measure the aggregate number of days in a
     relevant period during which vessels actually generate revenues.

(3)  Fleet utilization is the percentage of time that Navios Holdings'
     vessels were available for generating revenue, and is determined by
     dividing the number of operating days during a relevant period by the
     number of available days during that period. The shipping industry uses
     fleet utilization to measure a company's efficiency in finding suitable
     employment for its vessels.

(4)  Equivalent Vessels is defined as the total available days during a
     relevant period divided by the number of days of this period.

(5)  TCE is defined as voyage and time charter revenues less voyage expenses
     during a relevant period divided by the number of available days during
     the period


Conference Call:

As previously announced, Navios Holdings will host a conference call today, February 19, 2013, at 8:30 am EST, at which time members of senior management will provide highlights and commentary on the financial results of the Company for the fourth quarter and twelve months ended December 31, 2012.

A supplemental slide presentation will be available on the Navios Holdings website at www.navios.com under the "Investors" section at 8:00 am EST.

Conference Call details:
Call Date/Time: February 19, 2013, at 8:30 am EST
Call Title: Navios Holdings Inc. Q4 and FY 2012 Financial Results Conference Call
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 8968 0240

The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:

US Replay Dial In: +1.800.585.8367
International Replay Dial In: +1.404.537.3406
Conference ID: 8968 0240

This call will be simultaneously Webcast. The Webcast will be available on the Navios Holdings website, www.navios.com, under the "Investors" section. The Webcast will be archived and available at the same Web address for two weeks following the call.

About Navios Maritime Holdings Inc.

Navios Maritime Holdings Inc. (NYSE: NM) is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of drybulk commodities including iron ore, coal and grain. For more information about Navios Holdings please visit our website: www.navios.com.

About Navios South American Logistics Inc.

Navios South American Logistics Inc. is one of the largest logistics companies in the Hidrovia region of South America, focusing on the Hidrovia region river system, the main navigable river system in the region, and on cabotage trades along the eastern coast of South America. Navios Logistics serves the storage and marine transportation needs of its petroleum, agricultural and mining customers through its port terminals, river barge and coastal cabotage operations. For more information about Navios Logistics please visit its website: www.navios-logistics.com.

About Navios Maritime Partners L.P.

Navios Partners (NYSE: NMM) is a publicly traded master limited partnership which owns and operates dry cargo vessels. For more information, please visit its website: www.navios-mlp.com.

About Navios Maritime Acquisition Corporation

Navios Acquisition (NYSE: NNA) is an owner and operator of tanker vessels focusing in the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. For more information about Navios Acquisition, please visit its website: www.navios-acquisition.com.

Forward Looking Statements - Safe Harbor

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios Holdings' growth strategy and measures to implement such strategy, including expected vessel acquisitions and entering into further time charters. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenues and time charters. Although Navios Holdings believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Holdings. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for drybulk vessels; competitive factors in the market in which Navios Holdings operates; risks associated with operations outside the United States; and other factors listed from time to time in Navios Holdings' filings with the Securities and Exchange Commission. Navios Holdings expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Holdings' expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.



                                                                   EXHIBIT I

                        NAVIOS MARITIME HOLDINGS INC.
                    CONDENSED CONSOLIDATED BALANCE SHEETS
        (Expressed in thousands of U.S. dollars -- except share data)

                                                  December 31,  December 31,
                                                       2012          2011
                                                  ------------  ------------
                                                   (unaudited)   (unaudited)
ASSETS
Current assets
Cash and cash equivalents                         $    257,868  $    171,096
Restricted cash                                         24,704         6,399
Accounts receivable, net                                83,091       101,386
Due from affiliate companies                            50,837        49,404
Prepaid expenses and other current assets               51,437        42,689
                                                  ------------  ------------
Total current assets                                   467,937       370,974
                                                  ------------  ------------

Deposit for vessel acquisitions                             --        63,814
Vessels, port terminal and other fixed assets,
 net                                                 1,746,493     1,767,946
Loan receivable from affiliate company                  35,000        40,000
Long term receivable from affiliate companies           57,701            --
Investments in affiliates                              187,794       117,088
Investments in available for sale securities               559        82,904
Other long term assets                                  64,457        67,489
Intangibles other than goodwill                        209,058       243,273
Goodwill                                               160,336       160,336
                                                  ------------  ------------
Total non-current assets                             2,461,398     2,542,850
                                                  ------------  ------------
Total assets                                      $  2,929,335  $  2,913,824
                                                  ============  ============

LIABILITIES AND EQUITY
Current liabilities
Accounts payable                                  $     63,921  $     52,113
Dividends payable                                           --         6,149
Accrued expenses                                        75,681        63,870
Deferred income and cash received in advance            12,696        28,557
Current portion of capital lease obligations             1,353        31,221
Current portion of long term debt                       33,095        70,093
                                                  ------------  ------------
Total current liabilities                              186,746       252,003
                                                  ------------  ------------

Senior and ship mortgage notes, net of discount      1,034,141       945,538
Long term debt, net of current portion                 290,976       437,926
Capital lease obligations, net of current portion       23,759            --
Unfavorable lease terms                                 32,006        44,825
Other long term liabilities and deferred income         29,643        38,212
Deferred tax liability                                  18,522        19,628
                                                  ------------  ------------
Total non-current liabilities                        1,429,047     1,486,129
                                                  ------------  ------------
Total liabilities                                    1,615,793     1,738,132
                                                  ------------  ------------

Commitments and contingencies                               --            --
Stockholders' equity
Preferred Stock -- $0.0001 par value, authorized
 1,000,000 shares, 8,479 issued and outstanding
 for both December 31, 2012 and 2011.                       --            --
Common stock -- $0.0001 par value, authorized
 250,000,000 shares, issued and outstanding
 103,255,409 and 102,409,364, as of December 31,
 2012 and 2011,respectively                                 10            10
Additional paid-in capital                             547,377       542,582
Accumulated other comprehensive (loss)/income             (558)        6,166
Retained earnings                                      650,050       510,348
                                                  ------------  ------------
Total Navios Holdings' stockholders' equity          1,196,879     1,059,106
                                                  ------------  ------------
Noncontrolling interest                                116,663       116,586
                                                  ------------  ------------
Total stockholders'equity                            1,313,542     1,175,692
                                                  ------------  ------------
Total liabilities and stockholders'equity         $  2,929,335  $  2,913,824
                                                  ============  ============



                       NAVIOS MARITIME HOLDINGS INC.
         CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Expressed in thousands of U.S. dollars -- except share and per share data)

                      Three Month   Three Month
                     Period Ended  Period Ended   Year Ended    Year Ended
                     December 31,  December 31,  December 31,  December 31,
                         2012          2011          2012          2011
                     ------------  ------------  ------------  ------------
                      (unaudited)   (unaudited)   (unaudited)   (unaudited)
Revenue              $    128,457  $    168,420  $    616,494  $    689,355
Time charter, voyage
 and logistics
 business expenses        (65,774)      (76,188)     (269,279)     (273,312)
Direct vessel
 expenses                 (26,167)      (26,788)     (117,790)     (117,269)
General and
 administrative
 expenses                 (15,239)      (13,731)      (51,331)      (52,852)
Depreciation and
 amortization             (29,932)      (25,055)     (108,206)     (107,395)
Interest
 income/(expense)
 and finance cost,
 net                      (25,981)      (24,219)     (103,479)     (103,061)
Gain/(loss) on
 derivatives                   79           (80)         (196)         (165)
Gain on sale of
 assets                        --            --           323        38,822
Loss on change in
 control                       --            --            --       (35,325)
Loss on bond
 extinguishment                --            --            --       (21,199)
Other
 income/(expense),
 net                      167,144        (3,412)      161,110       (11,569)
                     ------------  ------------  ------------  ------------
Income/(loss) before
 equity in net
 earnings of
 affiliated
 companies                132,587        (1,053)      127,646         6,030
Equity in net
 earnings of
 affiliated
 companies                 13,772        12,544        38,731        35,246
                     ------------  ------------  ------------  ------------
Income before taxes  $    146,359  $     11,491  $    166,377  $     41,276
Income tax
 (expense)/benefit            (31)          (80)         (312)           56
                     ------------  ------------  ------------  ------------
Net income                146,328        11,411       166,065        41,332
Less: Net
 loss/(income)
 attributable to the
 noncontrolling
 interest                     286           405           (77)         (506)
Preferred stock
 dividends of
 subsidiary                    --            --            --           (27)
Preferred stock
 dividends
 attributable to the
 noncontrolling
 interest                      --            --            --            12
                     ------------  ------------  ------------  ------------
Net income
 attributable to
 Navios Holdings
 common stockholders $    146,614  $     11,816  $    165,988  $     40,811
                     ============  ============  ============  ============
Income attributable
 to Navios Holdings
 common
 stockholders, basic $    146,187  $     11,388  $    164,283  $     39,115
                     ============  ============  ============  ============
Income attributable
 to Navios Holdings
 common
 stockholders,
 diluted             $    146,614  $     11,816  $    165,988  $     40,811
                     ============  ============  ============  ============
Basic earnings per
 share attributable
 to Navios Holdings
 common stockholders $       1.44  $       0.11  $       1.62  $       0.39
                     ============  ============  ============  ============
Weighted average
 number of shares,
 basic                101,326,887   100,939,063   101,232,720   100,926,448
                     ============  ============  ============  ============
Diluted earnings per
 share attributable
 to Navios Holdings
 common stockholders $       1.32  $       0.11  $       1.49  $       0.37
                     ============  ============  ============  ============
Weighted average
 number of shares,
 diluted              111,107,512   110,395,599   111,033,758   110,323,652
                     ============  ============  ============  ============

Other Comprehensive
 income/(loss)
Unrealized holding
 gains/(losses) on
 investments in
 available for sale
 securities                    41         8,075          (566)      (26,458)
Reclassification to
 investments in
 affiliates                    --            --        (6,158)           --
                     ------------  ------------  ------------  ------------
Total other
 comprehensive
 income/(loss)                 41         8,075        (6,724)      (26,458)
                     ============  ============  ============  ============
Total comprehensive
 income                   146,369        19,486       159,341        14,859
Comprehensive
 loss/(income)
 attributable to
 noncontrolling
 interest                     286           405           (77)         (506)
                     ------------  ------------  ------------  ------------
Total comprehensive
 income attributable
 to Navios Holdings
 common stockholders      146,655        19,891       159,264        14,353
                     ============  ============  ============  ============


                       NAVIOS MARITIME HOLDINGS INC.
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                  (Expressed in thousands of U.S. dollars)


                                                 Year Ended     Year Ended
                                                December 31,   December 31,
                                                    2012           2011
                                               -------------  -------------
                                                (unaudited)    (unaudited)
OPERATING ACTIVITIES:
Net income                                     $     166,065  $      41,332
Adjustments to reconcile net income to net
 cash provided by operating activities:
Non-cash adjustments                                 150,945        131,470
Increase in operating assets                         (48,057)       (77,023)
(Decrease)/increase in operating liabilities         (20,646)        23,633
Payments for drydock and special survey costs        (14,461)       (12,769)
                                               -------------  -------------
Net cash provided by operating activities      $     233,846  $     106,643
                                               -------------  -------------

INVESTING ACTIVITIES:
Cash acquired through asset acquisition                   33             --
Deconsolidation of Navios Acquisition                     --        (72,425)
Acquisition of subsidiary, net of cash
 acquired                                                 --             --
Proceeds from sale of assets                          67,500        120,000
Decrease in restricted cash                               --            778
Receipts from investment in finance lease                 --             --
Loan repayment from affiliate company                 10,000          6,000
Loan proceeds to affiliate company                   (11,120)       (33,609)
Deposits for vessel acquisitions                          --        (66,769)
Acquisition of General Partner units                  (1,472)        (2,052)
Acquisition of vessels                               (38,357)       (56,059)
Purchase of property, equipment and other
 fixed assets                                        (19,333)       (71,128)
                                               -------------  -------------
Net cash provided by/(used in) investing
 activities                                    $       7,251  $    (175,264)
                                               -------------  -------------


FINANCING ACTIVITIES:
Proceeds from long-term loans                         52,230         86,379
Proceeds from issuance of ship mortgage and
 senior notes, net of debt issuance costs             84,965        534,188
Repayment of long-term debt and payment of
 principal                                          (236,178)      (248,487)
Repayment of senior notes                                 --       (300,000)
Payments of obligations under capital leases          (1,519)        (1,040)
Debt issuance costs                                   (1,858)        (2,767)
Increase in restricted cash                          (19,623)          (284)
Acquisition of noncontrolling interest                    --         (8,638)
Issuance of common stock                                  93            415
Dividends paid                                       (32,435)       (27,238)
Acquisition of treasury stock                             --           (221)
                                               -------------  -------------
Net cash (used in)/provided by financing
 activities                                         (154,325)        32,307
                                               -------------  -------------
Increase/(decrease) in cash and cash
 equivalents                                          86,772        (36,314)
                                               -------------  -------------
Cash and cash equivalents, beginning of year         171,096        207,410
                                               -------------  -------------
Cash and cash equivalents, end of year         $     257,868  $     171,096
                                               =============  =============

Disclosure of Non-GAAP Financial Measures
EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes, if any, unless otherwise stated. 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 generally accepted accounting principles in the United States or as a measure of profitability or liquidity.

EBITDA is presented to provide additional information with respect to the ability of Navios Holdings and Navios Acquisition to satisfy their respective obligations including debt service, capital expenditures and working capital requirements. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.

Navios Logistics EBITDA is used to measure company's operating performance.

The following tables provide a reconciliation of EBITDA of Navios Holdings, Navios Acquisition and Navios Logistics, which in the case of Navios Holdings is on a consolidated basis:

Navios Holdings Reconciliation of EBITDA to Cash from Operations


                                                December 31,   December 31,
Three Months Ended                                  2012           2011
                                               -------------  -------------
(in thousands of U.S. dollars)                  (unaudited)    (unaudited)

  Net cash provided by operating activities    $     172,135  $      48,598
  Net decrease in operating assets                   (17,641)       (40,603)
  Net decrease in operating liabilities               34,451         27,245
  Net interest cost                                   25,981         24,219
  Deferred finance charges                            (1,554)        (1,254)
  Provision for losses on accounts receivable        (16,694)          (120)
  Unrealized gain on FFA derivatives                      49             43
  Equity in affiliates, net of dividends
   received                                            2,619          1,498
  Payments for drydock and special survey              5,930          3,883
  Noncontrolling interest                                286            405
                                               -------------  -------------
  EBITDA                                       $     205,562  $      63,914
                                               -------------  -------------


Navios Logistics EBITDA Reconciliation to Net Loss


                                                December 31,   December 31,
Three Months Ended                                  2012           2011
                                               -------------  -------------
(in thousands of U.S. dollars)                  (unaudited)    (unaudited)

  Net loss attributable to Navios Logistics
   shareholders                                $        (748) $      (1,179)
  Depreciation and amortization                        6,866          6,007
  Amortization of deferred drydock and special
   survey costs                                          312            275
  Interest income                                       (104)          (136)
  Interest expense and finance cost, net               4,598          5,096
  Income tax expense                                     (39)             8
                                               -------------  -------------
  EBITDA                                       $      10,885  $      10,071
                                               =============  =============

Navios Holdings Reconciliation of EBITDA to Cash from Operations


                                                December 31,   December 31,
Twelve Months Ended                                 2012           2011
                                               -------------  -------------
(in thousands of U.S. dollars)                  (unaudited)    (unaudited)

  Net cash provided by operating activities    $     233,846  $     106,643
  Net increase in operating assets                    48,057         77,023
  Net decrease/(increase) in operating
   liabilities                                        20,646        (23,633)
  Net interest cost                                  103,479        103,061
  Deferred finance charges                            (6,309)        (5,580)
  Provision for losses on accounts receivable        (17,136)          (239)
  Unrealized loss on FFA derivatives                    (124)        (5,284)
  Equity in affiliates, net of dividends
   received                                           (7,180)        (6,909)
  Payments for drydock and special survey             14,461         12,769
  Noncontrolling interest                                (77)          (521)
  Gain on sale of assets                                 323         38,822
  Loss on change in control                               --        (35,325)
                                               -------------  -------------
  EBITDA                                       $     389,986  $     260,827
                                               =============  =============

Navios Acquisition Reconciliation of EBITDA to Cash from Operations


                                                 December 31,  December 31,
Twelve Months Ended                                  2012          2011
                                                ------------- -------------
(in thousands of U.S. dollars)                   (unaudited)   (unaudited)
  Net cash provided by operating activities     $          -- $      18,749
  Net decrease in operating assets                         --        (4,117)
  Net increase in operating liabilities                    --        (6,613)
  Net interest cost                                        --         8,349
  Deferred finance charges                                 --          (318)
  Equity in affiliates, net of dividends
   received                                                --        (1,300)
  Noncontrolling interest                                  --           188
                                                ------------- -------------
  EBITDA                                        $          -- $      14,938
                                                ============= =============

Navios Logistics EBITDA Reconciliation to Net Income/(Loss)


                                                December 31,   December 31,
Twelve Months Ended                                 2012           2011
                                               -------------  -------------
(in thousands of U.S. dollars)                  (unaudited)    (unaudited)

  Net income/(loss) attributable to Navios
   Logistics shareholders                      $         156  $        (196)
  Depreciation and amortization                       26,940         22,616
  Amortization of deferred drydock and special
   survey costs                                        1,332            718
  Interest income                                       (388)          (843)
  Interest expense and finance cost, net              20,057         17,074
  Income taxes                                            35           (348)
                                               -------------  -------------
  EBITDA                                       $      48,132  $      39,021
                                               =============  =============

                                                                  EXHIBIT II
Owned Vessels
                                                              Deadweight
Vessel Name                   Vessel Type     Year Built   (in metric tons)
------------------------- ------------------ ------------ ------------------
Navios Serenity                Handysize         2011           34,690
Navios Ionian               Ultra Handymax       2000           52,067
Navios Vector               Ultra Handymax       2002           50,296
Navios Horizon              Ultra Handymax       2001           50,346
Navios Herakles             Ultra Handymax       2001           52,061
Navios Achilles             Ultra Handymax       2001           52,063
Navios Meridian             Ultra Handymax       2002           50,316
Navios Mercator             Ultra Handymax       2002           53,553
Navios Arc                  Ultra Handymax       2003           53,514
Navios Hios                 Ultra Handymax       2003           55,180
Navios Kypros               Ultra Handymax       2003           55,222
Navios Ulysses              Ultra Handymax       2007           55,728
Navios Vega                 Ultra Handymax       2009           58,792
Navios Celestial            Ultra Handymax       2009           58,063
Navios Astra                Ultra Handymax       2006           53,468
Navios Magellan                 Panamax          2000           74,333
Navios Star                     Panamax          2002           76,662
Navios Asteriks                 Panamax          2005           76,801
Navios Centaurus                Panamax          2012           81,472
Navios Avior                    Panamax          2012           81,355
Navios Bonavis                 Capesize          2009           180,022
Navios Happiness               Capesize          2009           180,022
Navios Lumen                   Capesize          2009           180,661
Navios Stellar                 Capesize          2009           169,001
Navios Phoenix                 Capesize          2009           180,242
Navios Antares                 Capesize          2010           169,059
Navios Etoile                  Capesize          2010           179,234
Navios Bonheur                 Capesize          2010           179,259
Navios Altamira                Capesize          2011           179,165
Navios Azimuth                 Capesize          2011           179,169


Long term Chartered-in Fleet in Operation


                                       Year      Deadweight       Purchase
Vessel Name            Vessel Type    Built   (in metric tons)   Option(1)
------------------- ---------------- ------- ------------------ -----------
Navios Lyra             Handysize      2012        34,718         Yes (2)
Navios Apollon       Ultra Handymax    2000        52,073            No
Navios Primavera     Ultra Handymax    2007        53,464           Yes
Navios Armonia       Ultra Handymax    2008        55,100            No
Navios Oriana        Ultra Handymax    2012        61,442           Yes
Navios Libra II          Panamax       1995        70,136            No
Navios Altair            Panamax       2006        83,001            No
Navios Esperanza         Panamax       2007        75,356            No
Golden Heiwa             Panamax       2007        76,662            No
Navios Marco Polo        Panamax       2011        80,647           Yes
Beaufiks                Capesize       2004        180,310          Yes
Rubena N                Capesize       2006        203,233           No
SC Lotta                Capesize       2009        169,056           No
King Ore                Capesize       2010        176,800           No
Navios Koyo             Capesize       2011        181,415          Yes
Navios Obeliks          Capesize       2012        181,415          Yes

Long-term Chartered-in Fleet to be Delivered


                                      Delivery    Purchase     Deadweight
     Vessels         Vessel Type        Date       Option   (in metric tons)
---------------- ------------------ ----------- ----------- ----------------
Navios Felix          Capesize        07/2013       Yes          180,000
Navios Mercury     Ultra Handymax     08/2013       Yes          61,000
Navios Venus       Ultra Handymax     12/2013       Yes          61,000
Navios Southern
Star                   Panamax        03/2013       Yes          82,100

(1)  Generally, Navios Holdings may exercise its purchase option after three
     to five years of service.
(2)  The initial 50% purchase option on the vessel is held by Navios
     Holdings.

Contact:
Navios Maritime Holdings Inc.
+1.212.906.8643
investors@navios.com

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