Navios Maritime Holdings Inc (NM) 2023 Q2 法說會逐字稿

Good morning, and thank you for joining Navios Maritime Holdings Second Quarter 2023 Earnings Conference Call. We are pleased to host the call from the Cayman Islands. With us today from the company are Chairwoman and CEO, Ms. Angeliki N. Frangou; Chief Financial Officer, Mr. Georgios Akhniotis; Senior Vice President of Strategic Planning, Mr. Ioannis Karyotis; and Navios Logistics Chief Financial Officer, Mr. Enrique Ferrando.

早上好，感謝您參加 Navios Maritime Holdings 2023 年第二季度收益電話會議。我們很高興接到來自開曼群島的電話。今天與我們同行的有公司董事長兼首席執行官 Angeliki N. Frangou 女士；首席財務官 Georgios Akhniotis 先生；戰略規劃高級副總裁 Ioannis Karyotis 先生； Navios Logistics 首席財務官 Enrique Ferrando 先生。

I will now turn the call over to [Ms. Norris Trifon], who will take you through the conference call details and safe harbor statements. Norris.

我現在將把電話轉給[Ms. Norris Trifon]，他將帶您了解電話會議的詳細信息和安全港聲明。諾里斯。

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

謝謝你，邁克爾。提醒一下，本次電話會議正在網絡直播。要觀看網絡廣播，請訪問 Navios 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，並且還可以在那裡找到引用今天的收益電話會議的（聽不清）演示文稿。

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 Holdings. Forward-looking statements are statements that are not historical facts.

現在我將回顧安全港聲明。本次電話會議可能包含 1995 年《私人證券訴訟改革法案》所界定的有關 Navios Holdings 的前瞻性陳述。前瞻性陳述是非歷史事實的陳述。

Such forward-looking statements are based upon the current beliefs and expectations of Navios Holdings management and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements. Such risks are more fully discussed in Navios Holdings filings with the Securities and Exchange Commission. The information set forth herein should be understood in light of such risks. Navios Holdings does not assume any obligation to update information contained in this conference call.

此類前瞻性陳述基於 Navios 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，可能導致實際結果與前瞻性陳述存在重大差異。 Navios 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 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' Chairman and CEO, Ms. Angeliki Frangou. Angeliki?

我們將開始今天上午與 Navios Holdings 董事長兼首席執行官 Angeliki Frangou 女士的電話會議。安吉利基？

Thank you, Michael, and good morning to all of you joining us on today's call. I am pleased with our results for the second quarter of 2023 during which, we reported revenue of $82 million and net income of $15.5 million. Navios Holdings owns [twice] to 10.3% ownership in the -- in Navios Partners diversified [multinational] company and the 63.8% [owners] interest in Navios South American Logistics, and logistics and infrastructure provided in the Hidrovia region of South America.

謝謝邁克爾，祝參加今天電話會議的所有人早上好。我對 2023 年第二季度的業績感到滿意，期間我們報告收入為 8200 萬美元，淨利潤為 1550 萬美元。 Navios Holdings 擁有 Navios Partners 多元化[跨國]公司[兩次]至 10.3% 的所有權，以及 Navios South American Logistics 以及在南美洲 Hidrovia 地區提供的物流和基礎設施的 63.8% [所有者]權益。

We believe that the global conditions support continuous growth in the Hidrovia region as the world's requirements evolve, whether for raw materials for green technology, old world requirements for mineral commodities or dynamically changing grain trade patterns, our region will be providing solutions. We intend to play our part by maximizing the return from our existing assets through innovative logistics solutions that leverage our unique infrastructure assets. I would like now to turn the call over to Mr. George Akhniotis who will go through the financials. George?

我們相信，隨著世界需求的變化，全球條件支持 Hidrovia 地區的持續增長，無論是綠色技術的原材料、舊世界對礦產商品的需求還是動態變化的糧食貿易模式，我們的地區都將提供解決方案。我們打算通過利用我們獨特的基礎設施資產的創新物流解決方案，最大限度地提高現有資產的回報，從而發揮我們的作用。我現在想把電話轉給喬治·阿克尼奧蒂斯先生，他將負責財務事宜。喬治？

Thank you, Angeliki. Please turn to Slide 5 for a review of the Navios Holdings financial highlights for the second quarter and first 6 months of 2023. Focus on EBITDA and net income from continued operations in order to exclude the sale of the dry bulk fleet in Q3 of 2022. EBITDA for the quarter was $42.3 million compared to $41.6 million in 2022. The 2023 results include $1.1 million being Navios Holding shares (inaudible) from the sale of vessel in Navios South American Logistics. Net income for the quarter was $15.5 million compared to $16 million in 2022.

謝謝你，安吉利基。請參閱幻燈片 5，回顧 Navios Holdings 2023 年第二季度和前 6 個月的財務亮點。重點關注 EBITDA 和持續運營淨利潤，以排除 2022 年第三季度幹散貨船隊的出售。本季度的EBITDA 為4230 萬美元，而2022 年為4160 萬美元。2023 年業績包括因出售Navios South American Logistics 船舶而獲得的110 萬美元Navios Holding 股票（聽不清）。本季度淨利潤為 1550 萬美元，而 2022 年為 1600 萬美元。

Moving to the first half financial highlights. EBITDA for the first half of 2023 was $82.8 million compared to $74.9 million in the first half of '22. The improvement is mostly due to an increase in the equity (inaudible) from Navios Partners and the improved results of Navios South American Logistics. Net income for the period was about $30 million compared to $590,000 in the first half of '22. Net income for 2022 includes a $24 million upfront fee paid in the form of convertible debenture for the refinancing of the ship mortgage notes in Q1 2022.

轉向上半年財務亮點。 2023 年上半年的 EBITDA 為 8280 萬美元，而 2022 年上半年為 7490 萬美元。這一改善主要是由於 Navios Partners 的股權增加（聽不清）以及 Navios South American Logistics 業績的改善。這一時期的淨利潤約為 3000 萬美元，而 2022 年上半年為 59 萬美元。 2022 年的淨利潤包括以可轉換債券形式支付的 2400 萬美元預付費用，用於 2022 年第一季度的船舶抵押票據再融資。

Moving to Slide 6 and the balance sheet highlights. Following the sale of the fleet, the consolidated balance sheet mainly represents the balance sheet highlights of South American Logistics and our investment in Navios Partners. The cash balance was up $69 million compared to about $79 million at the end of December '22. Out of the $69 million, $23 million was of Navios Holdings and $46 million of Navios South American Logistics.

轉到幻燈片 6，資產負債表突出顯示。出售機隊後，合併資產負債表主要代表南美物流的資產負債表亮點以及我們對 Navios Partners 的投資。現金餘額較 2022 年 12 月末的約 7900 萬美元增加了 6900 萬美元。在 6900 萬美元中，2300 萬美元來自 Navios Holdings，4600 萬美元來自 Navios South American Logistics。

Please turn to Slide 7 for a another review of Navios South American Logistics. Navios Logistics is a leading infrastructure and logistics company in the Hidrovia region. The company operates [3 ports] in (inaudible), which for the first half of the year provided about 71% of our EBITDA. These are complemented by our (inaudible) transportation and [tanker] fleet for coastal cabotage (inaudible). We have unique infrastructure assets in the region, which will leverage to serve our existing clients and develop new business opportunities. At this point, I turn the call over to Ioannis Karyotis for an outlook on Navios South American Logistics (inaudible).

請參閱幻燈片 7，了解 Navios 南美物流的另一篇評論。 Navios Logistics 是 Hidrovia 地區領先的基礎設施和物流公司。該公司在（聽不清）運營 [3 個港口]，該港口占我們上半年 EBITDA 的約 71%。我們的（聽不清）運輸和沿海沿海航行（聽不清）的[油輪]船隊對這些進行了補充。我們在該地區擁有獨特的基礎設施資產，將利用這些資產為我們現有的客戶提供服務並開發新的商機。此時，我將電話轉給 Ioannis Karyotis，了解 Navios 南美物流的前景（聽不清）。

Thank you, George. Please turn to Slide 8, where we discuss the recent developments. Increased mineral exports from the Corumba area in Brazil as well as increased exports of agricultural products from Paraguay, Bolivia, and the State of Mato Grosso in Brazil through the Hidrovia river system are creating a positive environment for our iron ore Port Terminal and our Barge business. In the second quarter record of 2023, a record of 1.2 million tons of minerals were transshipped through our port terminal compared to just 266,000 in the same period last year. Increased exports of iron ore as well as strong soybean and corn crops in Paraguay, drive the demand for back transportation.

謝謝你，喬治。請參閱幻燈片 8，我們將在其中討論最近的進展。巴西科倫巴地區礦產出口的增加，以及巴拉圭、玻利維亞和巴西馬托格羅索州通過希德羅維亞河系統的農產品出口的增加，為我們的鐵礦石港口碼頭和駁船業務創造了積極的環境。在創紀錄的 2023 年第二季度，我們的港口碼頭轉運了創紀錄的 120 萬噸礦物，而去年同期僅為 266,000 噸。巴拉圭鐵礦石出口的增加以及大豆和玉米作物的旺盛推動了回程運輸的需求。

Since the beginning of the year, we have fixed 6 dry barge convoys on period charters which should generate about $27 million revenue. All our remaining dry bulk convoys are (inaudible) under volume contracts for this year. In the market of logistics for agricultural products, trading partners and our companies backing its services over our clients, innovative logistics solutions and [capturing] business are continuing to driving plant (inaudible) by importing soybean from Brazil to cover the shortfall in the supply of raw materials due to the very domestic soybean crop.

自今年年初以來，我們已以定期租船方式租用了 6 艘幹駁船隊，預計將產生約 2700 萬美元的收入。我們所有剩餘的干散貨船隊都（聽不清）今年的批量合同。在農產品物流市場，貿易夥伴和我們的公司支持其為客戶提供的服務，創新的物流解決方案和[捕獲]業務通過從巴西進口大豆來彌補供應短缺，繼續推動工廠（聽不清）原料來自國內大豆作物。

Our grain port terminal in Uruguay is a cost competitive solution for the storage and transshipment of Brazilian beans based into Argentina. We expect the new trade to continue through the year and mitigate partially the impact of the weak Uruguayan soybean production in the year. Market conditions in cabotage continue to be healthy, and our vessels are performing well. For the remaining 6 months of the year, we have fixed 90% of our available days expected to add a time charter equivalent of $27,143 per day per vessel.

我們位於烏拉圭的穀物港口碼頭是一個具有成本競爭力的解決方案，用於存儲和轉運巴西豆至阿根廷。我們預計新的貿易將持續全年，並部分緩解今年烏拉圭大豆產量疲軟的影響。沿海運輸市場狀況繼續健康，我們的船舶表現良好。在今年剩下的 6 個月裡，我們已經固定了 90% 的可用天數，預計每艘船每天的期租租金相當於 27,143 美元。

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

我現在想將電話轉給 Navios Logistics 首席財務官 Enrique Ferrando，討論財務業績。

Thank you, [Ian]. Please turn to Page 9. Navios Logistics had a strong performance in Q2 2023, mainly driven by the improved results on the Barge segment. (inaudible) profit in this slide has been adjusted to exclude $1.7 million of impairment losses incurred as a result of the sale of our bunker vessel He Man H, which was completed in August 2023. The adjusted EBITDA was $32.5 million, 3% higher as compared to the same quarter last year.

謝謝你，[伊恩]。請參閱第 9 頁。 Navios Logistics 在 2023 年第二季度表現強勁，主要得益於駁船業務業績的改善。本幻燈片中的（聽不清）利潤已進行調整，以排除因出售我們的加油船He Man H（該船於2023 年8 月完成）而產生的170 萬美元減值損失。調整後的EBITDA為3,250 萬美元，比上年增長3%。與去年同期相比。

In the Barge segment, Q2 2023 EBITDA increased by $4.2 million to $9.5 million.

在駁船領域，2023 年第二季度 EBITDA 增加了 420 萬美元，達到 950 萬美元。

A significantly increased demand for iron ore and green transportation has allowed us to fix various barge convoys under period contracts at attractive rates. Port segment EBITDA was $21.1 million, 13% lower as compared to $24.4 million in the same quarter last year. The positive impact of higher (inaudible) iron (inaudible) was negatively offset by a lower gain throughout mainly related to a reduction in the Uruguayan exports. In the Cabotage business, Q2 2023 adjusted EBITDA remained almost stable at $1.1 million. For Q2 2023, the adjusted profit was $6.1 million, 4% lower as compared to the same period last year.

對鐵礦石和綠色運輸的需求顯著增加，使我們能夠根據定期合同以有吸引力的價格固定各種駁船船隊。港口部門 EBITDA 為 2110 萬美元，比去年同期的 2440 萬美元下降 13%。高鐵（聽不清）的積極影響被總體收益下降所抵消，主要與烏拉圭出口減少有關。在 Cabotage 業務中，2023 年第二季度調整後 EBITDA 幾乎穩定在 110 萬美元。 2023年第二季度，調整後利潤為610萬美元，比去年同期下降4%。

Turning to the financial results for the 6-month period revenue ended [August 30,] 2023, revenue 15% to $146.6 million, adjusted EBITDA increased by 6% to $59.1 million, and adjusted profit increased by $1.7 million to $7.7 million compared to the same period last year.

轉向截至2023 年8 月30 日的6 個月期間收入的財務業績，與去年同期相比，收入增長15%，達到1.466 億美元，調整後EBITDA 增長6%，達到5910 萬美元，調整後利潤增長170 萬美元，達到770 萬美元。去年同期。

Please turn to Slide 10. (inaudible). Cash and cash equivalents at the end of Q2 2023 were $45.9 million. This concludes my presentation. I would now like to turn the call over to Angeliki for her final comments. Angeliki?

請翻到幻燈片 10。（聽不清）。截至 2023 年第二季度末，現金和現金等價物為 4590 萬美元。我的演講到此結束。我現在想將電話轉給 Angeliki 以徵求她的最終意見。安吉利基？

Thank you, Enrique. This concludes our second quarter 2023 earnings conference call. Thank you.

謝謝你，恩里克。我們的 2023 年第二季度收益電話會議到此結束。謝謝。

Thank you. This does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連接。