Navios South American Logistics Inc.

CIK:0001506042|SEC Filings

Earnings per Share (EPS)

12 Months Ended

Dec. 31, 2023

NOTE 24: EARNINGS/(LOSS) PER SHARE (EPS) Earnings per Share (EPS)

Basic and diluted net earnings/(loss) per share are computed using the weighted-average number of common shares outstanding. The computations of basic and diluted earnings per share for each of the years ended December 31, 2023, 2022 and 2021, are as follows:

Earnings per Share (Table)

		Year Ended December 31, 2023		Year Ended December 31, 2022		Year Ended December 31, 2021
Profit/(loss) attributable to Navios Logistics’ stockholders	$	13,781	$	(4,442)	$	(66,379)
Weighted average number of shares, basic and diluted		20,000		20,000		20,000
Net earnings/(loss) per share from continuing operations: Basic and diluted	$	0.69	$	(0.22)	$	(3.32)

At December 31, 2023, 2022 and 2021, the Company had no dilutive or potentially dilutive securities; accordingly there is no difference between basic and diluted net earnings per share.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Profit/(loss) before tax	$ 20,845	$ (6,161)	$ (61,149)
Adjustments to reconcile profit/(loss) before tax to net cash flows:
Loss on sale of vessel/Impairment losses	1,651	3,195	19,396
Depreciation of tangible assets	33,855	33,296	32,557
Amortization and impairment of intangible assets	2,923	2,773	2,772
Depreciation of right-of-use assets	2,668	712	746
Loss from mark to market and disposal of financial asset	(0)	(0)	24,149
Movements in provisions	301	492	501
Finance income	(1,743)	(598)	(4,627)
Finance costs	63,640	62,287	65,299
Working capital adjustments:
(Increase)/decrease in other non-current assets	(1,034)	1,684	(2,512)
Increase/(decrease) in other non-current liabilities	39	(183)	286
Decrease/(increase) in trade receivables and contract assets	10,341	(2,754)	(9,741)
(Increase)/decrease in inventories	(80)	1,857	1,290
(Decrease)/increase in trade and other payables and contract liabilities	(2,532)	2,307	2,491
(Increase)/decrease in prepayments and other assets	(4,856)	(1,950)	524
Interest received	1,743	598	8,178
Interest paid	(58,350)	(58,402)	(60,193)
Income tax paid	(9)	(25)	(27)
Net cash flows from operating activities	69,402	35,414	19,940
Investing activities
Acquisition of tangible assets	(27,707)	(12,835)	(10,738)
Acquisition of assets under construction	(24,249)	(2,598)	(19,498)
Decrease/(increase) in restricted cash	300	(300)	0
Proceeds from sale of vessels	4,489	2,186	0
Proceeds from disposals	615	0	0
Partial collection of the parent Company loan agreement (related party)	0	0	7,500
Acquisition of subsidiaries	(1,424)	0	0
Proceeds from the sale of shares (related party)	0	0	3,704
Proceeds from net investment in the lease	0	0	313
Net cash flows used in investing activities	(47,976)	(13,547)	(18,719)
Financing activities
Payment of principal portion of lease liabilities	(2,430)	(547)	(579)
Proceeds from long term debt, net of deferred finance costs	38,638	37,000	0
Repayment of long-term debt and payment of principal	(23,205)	(31,206)	(13,525)
Repayment of notes payable	(5,011)	(4,830)	(5,261)
Dividends paid - Promissory Note	(10,000)	(5,000)	(24,146)
Net cash flows used in financing activities	(2,008)	(4,583)	(43,511)
Net increase/(decrease) in cash and cash equivalents	19,418	17,284	(42,290)
Cash and cash equivalents at January 1	49,864	32,580	74,870
Cash and cash equivalents at December 31	69,282	49,864	32,580
Non-cash investing and financing activities:
Transfers from assets under construction to tangible assets	1,907	0	57,107
Seller’s credit agreement for the construction of six liquid barges	0	0	2,246
Seller’s credit agreement for the acquisition of the 2020 Fleet	0	0	15,000
Collection of parent Company loan agreement (related party)	0	0	62,500
Dividend in kind	0	0	(36,159)
Dividend payable -promissory note	0	0	15,000
Lease of Twelve Jumbo Barges	3,031	0	0
Tangible assets unpaid	(1,985)	0	(576)
Assets under construction unpaid	(600)	0	0
Capitalized interest	$ 826	$ 0	$ 0

Consolidated Statement of Financial Position - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Non-current assets
Tangible assets	$ 506,009	$ 511,286
Assets under construction	27,079	3,311
Intangible assets	148,695	150,289
Right-of-use assets	20,487	10,848
Deferred tax assets	88	1,010
Other assets	2,223	1,189
Total non-current assets	704,581	677,933
Current Assets
Inventories	10,519	10,468
Trade receivables	34,463	45,962
Contract assets	1,183	532
Prepayments and other assets	12,982	8,126
Deferred tax assets	0	390
Cash and cash equivalents	69,282	49,864
Restricted cash	0	300
Total current assets	128,429	115,642
Total Assets	833,010	793,575
Equity
Share capital	20	20
Share premium	233,441	233,441
Accumulated deficit	(72,014)	(85,795)
Total equity	161,447	147,666
Non-current liabilities
Interest-bearing loans and borrowings	531,092	523,751
Contract liabilities	0	1,313
Lease liabilities	20,623	10,084
Provisions	642	733
Deferred tax liabilities	13,592	9,962
Income tax payable	0	9
Other non-current liabilities	431	392
Total non-current liabilities	566,380	546,244
Current liabilities
Trade and other payables	68,186	61,344
Contract liabilities	1,872	3,100
Deferred tax liabilities	66	0
Interest-bearing loans and borrowings	31,013	23,544
Promissory note (related party)	0	10,000
Lease liabilities	4,046	1,677
Total current liabilities	105,183	99,665
Total liabilities	671,563	645,909
Total equity and liabilities	$ 833,010	$ 793,575