Navios Maritime Holdings Inc (NM) 2022 Q4 法說會逐字稿

Good day, everyone, and welcome to the Navios Maritime Holdings' Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions)

大家好，歡迎參加 Navios Maritime Holdings 2022 年第四季度收益電話會議。 （操作員說明）

With us from the company today are Chairwoman and CEO, Ms. Angeliki Frangou; Chief Financial Officer, Mr. George Akhniotis; Senior Vice President of Strategic Planning, Mr. Ioannis Karyotis; and Navios Logistics' Chief Financial Officer, Mr. Enrique Ferrando.

今天和我們一起從公司來的有董事長兼首席執行官 Angeliki Frangou 女士；首席財務官 George Akhniotis 先生；戰略規劃高級副總裁 Ioannis Karyotis 先生； Navios Logistics 的首席財務官 Enrique Ferrando 先生。

Please note today's call will be recorded, and I will be standing by if you should need any assistance.

請注意，今天的電話會被錄音，如果您需要任何幫助，我會隨時待命。

It is now my pleasure to turn the call over to Mr. Michael Pearson. Please go ahead.

現在我很高興將電話轉給 Michael Pearson 先生。請繼續。

Good morning, and thank you for joining Navios Maritime Holdings' Fourth Quarter 2022 Earnings Conference Call. We are pleased to host this call from the Cayman Islands.

早上好，感謝您參加 Navios Maritime Holdings 的 2022 年第四季度收益電話會議。我們很高興主持這次來自開曼群島的電話會議。

I will now turn the call over to Ms. Daniela Guerrero, who will take you through the conference call details and safe harbor statements. Daniela?

我現在將把電話轉給 Daniela Guerrero 女士，她將向您介紹電話會議的詳細信息和安全港聲明。丹妮拉？

Thank you. As a reminder, this conference call is being webcast. To access the webcast, please visit the Investor section of Navios Maritime Holdings website at www.navios.com. You'll see the webcast link in the middle of the page, and a copy of the presentation referenced in today's call will also be found there.

謝謝。提醒一下，本次電話會議正在進行網絡直播。如需觀看網絡廣播，請訪問 Navios Maritime Holdings 網站 www.navios.com 的投資者部分。您將在頁面中間看到網絡廣播鏈接，您還可以在此處找到今天電話會議中引用的演示文稿副本。

Now I will review the safe harbor statement. This conference call could contain forward-looking statements under the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Maritime Holdings. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of Navios Maritime Holdings' management and are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements.

現在我將回顧安全港聲明。根據 1995 年私人證券訴訟改革法案的含義，本次電話會議可能包含有關 Navios Maritime Holdings 的前瞻性陳述。前瞻性陳述是非歷史事實的陳述。此類前瞻性陳述基於 Navios Maritime Holdings 管理層當前的信念和預期，並受到風險和不確定性的影響，這可能導致實際結果與前瞻性陳述存在差異。

Such risks are more fully discussed in Navios Maritime Holdings' filings with the Securities and Exchange Commission. The information set forth herein should be understood in light of such risks. Navios Maritime Holdings does not assume any obligation to update the information contained in this conference call.

Navios Maritime Holdings 向美國證券交易委員會提交的文件中更全面地討論了此類風險。應根據此類風險來理解此處列出的信息。 Navios Maritime Holdings 不承擔更新本次電話會議中包含的信息的任何義務。

We will begin this morning's conference call with Navios Holdings' Chairwoman and CEO, Ms. Angeliki Frangou. Angeliki?

今天上午，我們將與 Navios Holdings 的董事長兼首席執行官 Angeliki Frangou 女士舉行電話會議。安吉利基？

Thank you, Michael, and good morning to all of you joining us on today's call. I am pleased with the results for the fourth quarter and full year of 2022. We performed well with 2022 net income of $87 million and EBITDA of $355 million.

謝謝邁克爾，早上好，今天的電話會議上的所有人。我對 2022 年第四季度和全年的業績感到滿意。我們表現良好，2022 年淨收入為 8700 萬美元，EBITDA 為 3.55 億美元。

2022 marked a turning point for Navios Holdings, as we sold our international fleet, recognizing $170 million gain from the sale of the vessels. We used $370 million in sale proceeds, primarily to repay debt, substantially deleveraging the company. Today, Navios Holdings owns 10.3% ownership interest in Navios Partners, a diversified marine transportation company. We believe this is an attractive investment with good long-term prospects.

2022 年對 Navios Holdings 來說是一個轉折點，因為我們出售了我們的國際船隊，從出售船隻中獲得了 1.7 億美元的收益。我們使用了 3.7 億美元的銷售收益，主要用於償還債務，從而大大降低了公司的槓桿率。如今，Navios Holdings 擁有多元化海運公司 Navios Partners 10.3% 的所有權權益。我們相信這是一項具有良好長期前景的有吸引力的投資。

We also own 63.8% ownership interest in Navios South American Logistics, a logistics and infrastructure provider in the Hidrovia region of South America. We believe that the global macro condition support heavy growth in the Hidrovia region, as China is coming out from the pandemic and demand for mineral commodities increased.

我們還擁有南美洲 Hidrovia 地區的物流和基礎設施供應商 Navios South American Logistics 63.8% 的所有權權益。我們認為，隨著中國從大流行中走出來以及對礦產商品的需求增加，全球宏觀環境支持 Hidrovia 地區的大幅增長。

Also, Ukraine has impacted demand for the gasoline commodity. In fact, the continued focus on food security drives agricultural volumes. We are focusing on maximizing the return from our existing assets by building adaptive and offering innovative logistics solutions. We are seeking to leverage Navios Logistics' unique infrastructure assets to capture increased demand from existing clients, while developing new businesses.

此外，烏克蘭影響了對汽油商品的需求。事實上，對糧食安全的持續關注推動了農業產量的增長。我們專注於通過構建適應性和提供創新的物流解決方案來最大化現有資產的回報。我們正在尋求利用 Navios Logistics 獨特的基礎設施資產來捕捉現有客戶不斷增長的需求，同時開發新業務。

I would like now to turn the call over to Mr. George Akhniotis, who will go through the financials. George?

我現在想把電話轉給 George Akhniotis 先生，他將負責財務。喬治？

Thank you, Angeliki. Please turn to Slide 5 for a review of the Navios Holdings financial highlights for the fourth quarter and full year 2022.

謝謝你，安吉利基。請轉到幻燈片 5，查看 Navios Holdings 2022 年第四季度和全年的財務亮點。

I want to remind you that following the sale of the drybulk fleet in Q3, the consolidated results of the company mainly reflect the results of Navios South American Logistics, plus the equity net earnings of Navios Partners. In order to present a more meaningful comparison of the results, we are presenting EBITDA and net income from continuing operations for both 2021 and 2022.

我想提醒您，在第三季度幹散貨船隊出售後，公司的綜合業績主要反映了 Navios South American Logistics 的業績，加上 Navios Partners 的股權淨收益。為了對結果進行更有意義的比較，我們展示了 2021 年和 2022 年的 EBITDA 和來自持續經營業務的淨收入。

EBITDA from continuing operations for the quarter was about $35 million compared to $17 million in Q4 of 2021. EBITDA was mainly made up of $15 million from Navios South American Logistics, including noncontrolling interests, and $21 million from the equity pickup of Navios Partners, minus $3 million of expenses. Net income for Q4 2022 from continuing operations was $11 million compared to a $13 million loss in Q4 of '21.

本季度持續經營業務的 EBITDA 約為 3500 萬美元，而 2021 年第四季度為 1700 萬美元。EBITDA 主要包括來自 Navios South American Logistics 的 1500 萬美元，包括非控股權益，以及來自 Navios Partners 股權收購的 2100 萬美元，減去300萬美元的開支。 2022 年第四季度來自持續經營業務的淨收入為 1100 萬美元，而 2021 年第四季度為虧損 1300 萬美元。

Moving to the full year financial highlights. EBITDA from continuing operations was $65 million compared to $148 million in '21. The 2022 results were affected by a $98 million impairment loss relating to our investment in Navios Partners. Net loss from continuing operations for the year was $59 million compared to a $41 million income in 2021. The impairment loss that affected EBITDA also affected the net income of the year.

轉向全年財務亮點。持續經營業務的 EBITDA 為 6500 萬美元，而 21 年為 1.48 億美元。 2022 年的業績受到與我們對 Navios Partners 投資相關的 9800 萬美元減值損失的影響。本年度持續經營淨虧損為 5900 萬美元，而 2021 年的收入為 4100 萬美元。影響 EBITDA 的減值損失也影響了本年度的淨收入。

Moving to Slide 6 and our balance sheet highlights. Similar to the income statement, the consolidated balance sheet as of December 31, 2022, mainly represents the balance sheet of Navios South American Logistics. The cash balance was about $79 million compared to about $138 million at the end of December '21.

轉到幻燈片 6 和我們的資產負債表亮點。與損益表類似，截至 2022 年 12 月 31 日的合併資產負債表，主要代表 Navios South American Logistics 的資產負債表。現金餘額約為 7900 萬美元，而截至 2021 年 12 月末，現金餘額約為 1.38 億美元。

I want to remind you that at the end of December 2021, the balance included $84 million that was restricted cash used to facilitate the repayment of the loans in January of '22. During Q4, we completed a tender offer for the preferred equity, $9.2 million was paid for 604,000 preferred shares G and H, representing 26% of the total preferred shares.

我想提醒您，在 2021 年 12 月底，餘額中包括 8400 萬美元的限制現金，用於幫助償還 22 年 1 月的貸款。第四季度，我們完成了優先股的要約收購，為 604,000 股優先股 G 和 H 支付了 920 萬美元，佔優先股總數的 26%。

Please turn to Slide 7 for an overview of Navios South American Logistics. Navios Logistics operates three port terminals, which provide more than 90% of EBITDA. These are complemented by our barge fleet for river transportation and product tanker fleet for costal cabotage trade. We have unique infrastructure assets in the region, which we want to leverage to serve our existing clients and develop new business opportunities.

請轉到幻燈片 7 了解 Navios 南美物流的概況。 Navios Logistics 經營三個港口碼頭，提供超過 90% 的 EBITDA。這些由我們的內河運輸駁船船隊和沿海沿海貿易的成品油輪船隊補充。我們在該地區擁有獨特的基礎設施資產，我們希望利用這些資產為現有客戶提供服務並開發新的商機。

At this point, I will turn the call over to Ioannis Karyotis for an update of Navios South American Logistics' recent developments.

在這一點上，我將把電話轉給 Ioannis Karyotis，了解 Navios South American Logistics 最近的發展情況。

Thank you, George. Please turn to Slide 8, where we discuss the current market environment.

謝謝你，喬治。請轉到幻燈片 8，我們在其中討論了當前的市場環境。

The outlook for mineral transportation and transshipment is positive, driven by favorable macro conditions. J&F acquired the mines of Vale in the region in the second half of 2022. Today, J&F are driving more cargoes through our terminal and plan to increase further production.

在有利的宏觀條件的推動下，礦產運輸和轉運前景樂觀。 J&F 於 2022 年下半年收購了淡水河谷在該地區的礦山。今天，J&F 正在通過我們的碼頭運送更多貨物，併計劃進一步提高產量。

Two other regional iron ore producers, Vetria and 4B Mining, both use our terminal to export iron ore. In 2022, throughput in our iron ore terminal increased 123% to 1.5 million tons. About half of this volume was transshipped during the fourth quarter, so we are expecting 2023 volumes to be larger.

另外兩家區域性鐵礦石生產商 Vetria 和 4B Mining 都使用我們的碼頭出口鐵礦石。 2022 年，我們的鐵礦石碼頭吞吐量增長 123% 至 150 萬噸。這一數量的大約一半是在第四季度轉運的，因此我們預計 2023 年的數量會更大。

In 2022, grain exports through our port in Uruguay were 38% higher than in 2021, mainly driven by higher Uruguayan exports of soybeans. According to USDA, the 2022/'23 soybean crop of Paraguay is expected to be 10 million tons from 4.2 in the prior year, while the Uruguayan crop is expected to be 2.3 million tons lower than the 3.1 million tons produced last year.

2022 年，通過烏拉圭港口的糧食出口量比 2021 年增加了 38%，這主要是由於烏拉圭大豆出口量增加。據美國農業部稱，巴拉圭 2022/'23 大豆產量預計為 1000 萬噸，上年為 4.2，而烏拉圭的產量預計比去年的 310 萬噸減少 230 萬噸。

Increased production and exports of iron ore means more transshipments through our port terminal in Nueva Palmira, but also increased demand for barge transportation. The recovery of the Paraguayan soybean production creates better demand for dry cargo barge transportation this year. This should result to an improved performance of the barge segment compared to 2022.

鐵礦石產量和出口的增加意味著更多的轉運通過我們位於新帕爾米拉的港口碼頭，但也增加了對駁船運輸的需求。巴拉圭大豆產量的恢復為今年的干貨駁船運輸創造了更好的需求。與 2022 年相比，這應該會改善駁船部分的表現。

In fact, in the first month of 2023, we fixed a number of barge convoys for iron ore transportation on period time charter contracts at attractive rates. In 2022, the cabotage business recovered compared to 2021 when demand collapsed due to COVID. We continue to see strong demand from clients that is resulting to improved charter rates. 2023 contracted days are fixed at 36% higher average time charter equivalent rate compared to 2022.

事實上，在 2023 年的第一個月，我們以有吸引力的價格在定期租船合同上固定了一些用於鐵礦石運輸的駁船船隊。與 2021 年因 COVID 導致需求暴跌相比，2022 年沿海航運業務有所復甦。我們繼續看到客戶的強勁需求導致租船費率提高。與 2022 年相比，2023 年合同天數固定為平均期租當量費率高 36%。

I would now like to turn the call over to Enrique Ferrando, Navios Logistics CFO, for the discussion of the financial results.

我現在想把電話轉給 Navios Logistics 首席財務官 Enrique Ferrando，討論財務結果。

Thank you, Ioannis. Please turn to Page 9.

謝謝你，約阿尼斯。請翻到第 9 頁。

In 2022, Navios Logistics performed strongly with a 20% growth in adjusted EBITDA, driven by our barge and cabotage segment. Revenue increased 14% to $254.2 million and adjusted EBITDA increased to $95.4 million from $79.2 million in the prior year. We recorded an adjusted loss of $1.2 million, which represents an improvement of $21.6 million as compared to an adjusted loss of $22.8 million in 2021.

2022 年，Navios Logistics 表現強勁，調整後的 EBITDA 增長了 20%，這得益於我們的駁船和沿海運輸業務部門。收入增長 14% 至 2.542 億美元，調整後的 EBITDA 從上一年的 7920 萬美元增至 9540 萬美元。我們錄得調整後虧損 120 萬美元，與 2021 年調整後虧損 2280 萬美元相比減少了 2160 萬美元。

Turning to the results of the fourth quarter. Q4 2022 adjusted EBITDA was $10 million, 5% lower compared to the same quarter last year. Port segment adjusted EBITDA grew 15% to $16.8 million, mainly driven by higher values at the iron ore port and increased iron ore throughput from the clients, 4B Mining and Vetria.

轉向第四季度的結果。 2022 年第四季度調整後的 EBITDA 為 1000 萬美元，比去年同期下降 5%。港口部門調整後的 EBITDA 增長 15% 至 1,680 萬美元，這主要是由於鐵礦石港口的價值增加以及來自客戶 4B Mining 和 Vetria 的鐵礦石吞吐量增加。

In the last segment, Q4 2022 adjusted EBITDA decreased by $5.6 million to a negative of $7.2 million. Mainly due to the sale of Paraguayan crop, our dry cargo barge fleet was effectively idle in the fourth quarter. At the same time, the fleet incurred expenses related to the repositioning to Asuncion and readiness for 2023 season. In addition, higher general and administrative expenses, mostly personnel and travel related to our reorganization, burden the results of the quarter.

在最後一部分中，2022 年第四季度調整後的 EBITDA 減少了 560 萬美元，為負值 720 萬美元。主要由於巴拉圭作物的銷售，我們的干貨駁船船隊在第四季度實際上處於閒置狀態。與此同時，船隊產生了與重新定位到亞松森和為 2023 賽季做好準備相關的費用。此外，較高的一般和行政費用，主要是與我們重組相關的人員和差旅費，給本季度的業績帶來了負擔。

In the cabotage business, Q4 2022 adjusted EBITDA increased by $2.9 million to $0.4 million due to more operating days of the fleet as the market environment in Argentina has improved compared to the prior year, following recovery of the demand after the end of the lockdown.

在沿海航運業務中，2022 年第四季度調整後的 EBITDA 增加了 290 萬美元，達到 40 萬美元，原因是在封鎖結束後需求恢復後，阿根廷的市場環境比上一年有所改善，船隊的運營天數增加了。

For Q4 2022, the adjusted loss was $12 million compared to $20.2 million loss in the same period last year, mainly due to lower finance cost and an income tax benefit on the Argentinian operations.

2022 年第四季度，調整後虧損為 1200 萬美元，而去年同期為虧損 2020 萬美元，這主要是由於財務成本降低以及阿根廷業務的所得稅優惠。

Please turn to Slide 10. Navios Logistics had no significant debt maturities until 2025. Cash and cash equivalents at the end of the year of 2022 were $50.2 million.

請轉到幻燈片 10。Navios Logistics 在 2025 年之前沒有重大債務到期。2022 年底的現金和現金等價物為 5020 萬美元。

This concludes my presentation. I would now like to turn the call over to Angeliki for her final comments. Angeliki?

我的演講到此結束。我現在想把電話轉給 Angeliki，聽取她的最後評論。安吉利基？

Thank you, Enrique. This concludes our Q4 earnings presentation, and thank you for attending.

謝謝你，恩里克。我們的第四季度收益介紹到此結束，感謝您的參與。

This concludes today's call. Thank you for your participation. You may disconnect at any time.

今天的電話會議到此結束。感謝您的參與。您可以隨時斷開連接。