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SEC Filings

F-4/A
NAVIOS MARITIME ACQUISITION CORP filed this Form F-4/A on 11/13/2018
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NAVIOS MARITIME ACQUISITION CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in thousands of U.S. dollars)

 

    Notes     Year ended
December 31,
2017
    Year ended
December 31,
2016
    Year ended
December 31,
2015
 

Operating Activities

       

Net (loss)/ income

    $ (78,899   $ 62,878     $ 89,737  

Adjustments to reconcile net (loss)/ income to net cash provided by operating activities:

       

Depreciation and amortization

    5,6       56,880       57,617       57,623  

Amortization and write-off of deferred finance costs and bond premium

    12       3,784       3,656       3,495  

Gain on debt repayment

      —         (350     —    

Amortization of dry dock and special survey costs

      4,198       2,837       1,532  

Stock based compensation

    17       57       864       2,362  

Gain on sale of vessels

    5       —         (11,749     (5,771

Equity/ (loss) in earnings of affiliates, net of dividends received

    8       56,923       (1,438     (3,821

Changes in operating assets and liabilities:

       

(Increase)/ decrease in prepaid expenses and other current assets

      (2,390     (479     5,067  

Decrease/ (increase) in accounts receivable

      8,123       (6,731     4,367  

Decrease/ (increase) in due from related parties short-term

      11,116       (7,210     —    

(Increase)/ decrease in restricted cash

      (26     224       (41

Decrease/ (increase) in other long term assets

      —         1,020       (1,230

(Decrease)/ increase in accounts payable

      (993     2,102       1,246  

Increase/ (decrease) in accrued expenses

      1,164       1,245       (293

Payments for dry dock and special survey costs

      (14,897     (3,828     (6,598

Increase/ (decrease) in due to related parties

      17,107       —         (17,763

Increase in due from related parties long-term

      (12,730     (7,638     (16,476

(Decrease)/ increase in deferred revenue

      (3,475     (75     6,200  

Net cash provided by operating activities

    $ 45,942     $ 92,945     $ 119,636  

Investing Activities

       

Loan repayment from affiliated companies

    15       55,132       —         —    

Acquisition of vessels

    5       —         —         (163,791

Net cash proceeds from sale of vessels

    5,8       —         89,988       71,224  

Investment in affiliates

      (84     (89     (7,201

Loans receivable from affiliates

      (13,706     (4,275     (7,327

Loan receivable from affiliate, net of issuance fee and costs

    15       —         (49,342     —    

Dividends received from affiliates

      11,036       7,223       2,585  

Net cash provided by/ (used in) investing activities

    $ 52,378     $ 43,505     $ (104,510

Financing Activities

       

Loan proceeds, net of deferred finance costs

    12       49,764       —         192,930  

Loan repayments

    12       (84,196     (105,531     (140,861

Dividend paid

    10       (31,614     (31,682     (40,084

Decrease/ (increase) in restricted cash

      2,085       (750     (130

Payment to related party

    15       —         —         (11,265

Redemption of Convertible shares and puttable common stock

    17       (2,500     (4,000     (5,500

Acquisition of treasury stock

    17       —         —         (9,904

Net cash used in financing activities

    $ (66,461   $ (141,963   $ (14,814

Net increase/ (decrease) in cash and cash equivalents

      31,859       (5,513     312  

Cash and cash equivalents, beginning of year

      49,292       54,805       54,493  

Cash and cash equivalents, end of year

    $ 81,151     $ 49,292     $ 54,805  

Supplemental disclosures of cash flow information

       

Cash interest paid, net of capitalized interest

    $ 71,966     $ 72,478     $ 70,130  

Non-cash investing activities

       

Capitalized financing costs

    $ —       $ —       $ 19  

Investment in affiliates received upon sale of vessels

    $ —       $ —       $ 27,111  

Accrued interest on loan to affiliates

    $ 2,643     $ 3,498     $ 1,357  

Deferred gain on sale of assets

    $ —       $ 8,823     $ 8,971  

Non-cash financing activities

       

Acquisition of vessels

    $ —       $ —       $ (914

Due to related party

    $ —       $ —       $ (914

Stock based compensation

    $ 57     $ 864     $ 2,362  

See notes to consolidated financial statements.

 

154

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