EX-15.3 10 d724464dex153.htm EX-15.3 EX-15.3

EXHIBIT 15.3

NAVIOS MARITIME CONTAINERS L.P.

CONSOLIDATED BALANCE SHEET

(Expressed in thousands of U.S. dollars—except for unit data)

 

     December 31,
2018
     December 31,
2017
 

ASSETS

     

Current assets

     

Cash and cash equivalents

   $ 16,958      $ 14,221  

Restricted cash

     1,934        280  

Accounts receivable, net

     2,643        642  

Balance due from related parties, current

     —          5,643  

Inventories

     599        536  

Other current assets

     2,903        49  

Prepaid expenses

     100        —    
  

 

 

    

 

 

 

Total current assets

     25,137        21,371  
  

 

 

    

 

 

 

Non-current assets

     

Vessels, net

     342,693        177,597  

Intangible assets

     25,350        58,496  

Deferred drydock and special survey costs, net

     11,386        3,582  

Balance due from related parties, non-current

     7,862        5,765  

Other long-term assets

     1,099        —    
  

 

 

    

 

 

 

Total non-current assets

     388,390        245,440  
  

 

 

    

 

 

 

Total assets

   $ 413,527      $ 266,811  
  

 

 

    

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL

     

Current liabilities

     

Accounts payable

   $ 3,574      $ 582  

Accrued expenses

     2,302        3,934  

Deferred income and cash received in advance

     2,152        2,544  

Balance due to related parties, current

     4,065        —    

Financial liability short term, net

     7,665        —    

Current portion of long-term debt, net

     27,626        42,499  
  

 

 

    

 

 

 

Total current liabilities

     47,384        49,559  
  

 

 

    

 

 

 

Non-current liabilities

     

Long-term financial liability, net of current portion

     78,100        —    

Long-term debt, net of current portion

     105,570        76,534  
  

 

 

    

 

 

 

Total non-current liabilities

     183,670        76,534  
  

 

 

    

 

 

 

Total liabilities

     231,054        126,093  
  

 

 

    

 

 

 

Commitment and contingencies

     —          —    

Partners’ capital

     

Common unit holders —34,603,100 and 29,148,554 common units issued and outstanding as of December 31, 2018 and December 31, 2017, respectively

     182,473        140,718  

Total Partners’ capital

     182,473        140,718  
  

 

 

    

 

 

 

Total liabilities and Partners’ capital

   $ 413,527      $ 266,811  
  

 

 

    

 

 

 


NAVIOS MARITIME CONTAINERS L.P.

CONSOLIDATED STATEMENTS OF INCOME

(Expressed in thousands of U.S. dollars—except for unit and per unit data)

 

     Year Ended
December 31,
2018
    Period from
April 28, 2017
(date of
inception) to
December 31,
2017
 

Revenue

     133,921       39,188  

Time charter and voyage expenses

     (4,178     (1,257

Direct vessel expenses

     (1,314     (672

Management fees (entirely through related parties transactions)

     (53,772     (16,488

General and administrative expenses

     (7,413     (2,262

Listing transaction-related expenses

     (4,990     —    

Depreciation and amortization

     (38,552     (13,578

Interest expense and finance cost

     (11,785     (2,293

Interest income

     90       25  

Other income

     1,017       7  

Other expense

     (324     (32
  

 

 

   

 

 

 

Net income

   $ 12,700     $ 2,638  
  

 

 

   

 

 

 

Net earnings per common unit, basic and diluted

   $ 0.38     $ 0.14  

Weighted average number of common units, basic and diluted

     33,527,135       18,371,855  


NAVIOS MARITIME CONTAINERS L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in thousands of U.S. dollars—except for unit data)

 

     Year Ended
December 31,
2018
    Period from
April 28, 2017
(date of
inception) to
December 31,
2017
 

OPERATING ACTIVITIES:

    

Net income

   $ 12,700     $ 2,638  

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation and amortization

     38,552       13,578  

Amortization of deferred financing costs

     1,598       430  

Amortization of deferred drydock and special survey costs

     1,314       225  

Changes in operating assets and liabilities:

    

Increase in accounts receivable

     (2,001     (642

Decrease/(increase) in balance due from related companies, current

     5,643       (5,195

Increase in inventories

     (63     (536

Increase in other current assets

     (2,854     (4

Increase in prepaid expenses

     (100     —    

Increase in balance due from related parties, non-current

     (2,097     (5,765

Increase in other long term assets

     (1,099     —    

Increase in accounts payable

     2,992       536  

(Decrease)/increase in accrued expenses

     ( 1,631     2,541  

Increase/(decrease) in due to related companies

     4,065       (1,674

(Decrease)/increase in deferred income and cash received in advance

     (392     298  

Payments for drydock and special survey costs

     (9,118     (3,807
  

 

 

   

 

 

 

Net cash provided by operating activities

   $ 47,509     $ 2,623  
  

 

 

   

 

 

 

INVESTING ACTIVITIES:

    

Cash acquired through asset acquisition

     —         5,433  

Acquisition of vessels and time charters at favorable terms

     (170,503     (254,660
  

 

 

   

 

 

 

Net cash used in investing activities

   $ (170,503   $ (249,227
  

 

 

   

 

 

 

FINANCING ACTIVITIES:

    

Proceeds from long-term debt and financial liability, net

     216,200       127,760  

Repayment of long-term debt and financial liability

     (114,255     (8,340

Debt issuance costs

     (3,615     (815

Proceeds from issuance of common units, net of offering costs

     29,055       142,500  
  

 

 

   

 

 

 

Net cash provided by financing activities

   $ 127,385     $ 261,105  
  

 

 

   

 

 

 

Net increase in cash and cash equivalents and restricted cash

     4,391       14,501  
  

 

 

   

 

 

 

Cash and cash equivalents and restricted cash, beginning of period

     14,501       —    

Cash and cash equivalents and restricted cash, end of period

   $ 18,892     $ 14,501  
  

 

 

   

 

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

    

Cash paid for interest, net

   $ 9,028     $ 1,599  


NAVIOS MARITIME CONTAINERS L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

(Expressed in thousands of U.S. dollars—except for unit data)

 

     Common unit holders     Total
Partners’
Capital
 
     Units      Amount  

Balance April 28, 2017 (date of inception)

     —        $ —     $ —  

Proceeds from private placements, net of offering costs

     29,148,554        142,503       142,503  

Deemed distribution

     —          (4,423     (4,423

Net income

     —          2,638       2,638  
  

 

 

    

 

 

   

 

 

 

Balance December 31, 2017

     29,148,554      $ 140,718     $ 140,718  
  

 

 

    

 

 

   

 

 

 

Proceeds from private placements, net of offering costs

     5,454,546        29,055       29,055  

Net income

     —          12,700       12,700  
  

 

 

    

 

 

   

 

 

 

Balance, December 31, 2018

     34,603,100      $ 182,473     $ 182,473