AEGEAN MARINE PETROLEUM NETWORK INC.

CIK:0001344376|SEC Filings

Consolidated Statements of Income - Revised 2015 & 2014 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Revenues - third-parties (Note 16)	$ 4,055,557	$ 4,211,596	$ 6,625,244
Revenues - related companies (Note 4 and 16)	20,662	20,058	36,557
Total Revenues	4,076,219	4,231,654	6,661,801
Cost of Revenues
Cost of revenues - third-parties (Note 16)	3,658,681	3,762,688	5,971,819
Cost of revenues - related companies (Note 4 and 16)	64,054	137,137	352,888
Total Cost of Revenues	3,722,735	3,899,825	6,324,707
Gross Profit	353,484	331,829	337,094
OPERATING EXPENSES:
Selling and Distribution (Note 17)	202,266	205,078	220,830
General and Administrative (Note 18)	49,757	43,318	38,099
Amortization of intangible assets (Note 10)	1,070	1,421	3,323
Loss on sale of vessels, net (Note 7)	6,312	130	12,864
Impairment charge (Note 7 and 10)	0	5,308	4,062
Total operating expenses	259,405	255,255	279,178
Operating income	94,079	76,574	57,916
OTHER INCOME/(EXPENSE):
Interest and finance costs (Note 19)	(36,499)	(37,608)	(33,898)
Interest income	251	52	117
Foreign exchange (losses) / gains, net	(1,544)	308	(6,032)
Total other expenses, net	(37,792)	(37,248)	(39,813)
Income before income taxes	56,287	39,326	18,103
Income taxes (Note 23)	(4,358)	(4,485)	(1,964)
Net income	51,929	34,841	16,139
Net income attributed to non-controlling interest	58	0	49
Net income attributed to AMPNI shareholders	$ 51,871	$ 34,841	$ 16,090
Basic earnings per common share (Note 22)	$ 1.11	$ 0.71	$ 0.34
Diluted earnings per common share (Note 22)	$ 1.11	$ 0.71	$ 0.34
Weighted average number of common shares outstanding, basic (Note 22)	44,919,189	47,271,582	46,271,716
Weighted average number of common shares outstanding, diluted (Note 22)	44,919,189	47,271,582	46,271,716

Consolidated Statements of Cash Flows - Revised 2015 & 2014 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income	$ 51,929	$ 34,841	$ 16,139
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	24,941	25,799	21,325
Provision of doubtful accounts	3,624	1,992	3,229
Share-based compensation	12,229	10,042	8,774
Amortization	18,417	18,998	14,160
Income taxes	1,437	2,388	(89)
Loss on sale of vessels, net	6,312	130	12,864
Impairment charge	0	5,308	4,062
Change in fair value of derivatives	29,445	(3,647)	(19,658)
Other non-cash charges	(678)	(446)	(870)
(Increase) / Decrease in:
Trade receivables	(188,049)	40,744	117,925
Due from related companies	(2,661)	(914)	(4,008)
Inventories	(73,235)	42,459	146,307
Prepayments and other current assets	17,959	(61,668)	(16,194)
Increase / (Decrease) in:
Trade payables	59,167	(46,639)	(122,687)
Other payables to related companies	150	14	(730)
Accrued and other current liabilities	(5,219)	(10,052)	11,366
Decrease / (increase) in other non-current assets	333	(121)	(746)
Increase in other non-current liabilities	967	1	1,341
Payments for dry-docking	(4,683)	(9,502)	(10,304)
Net cash (used in) / provided by operating activities	(47,615)	49,727	182,206
Cash flows from investing activities:
Advances for vessels under construction	0	(2,979)	(2,730)
Advances for vessel acquisitions	(8,667)	0	(7,786)
Advances for other fixed assets under construction	(2,587)	(5,391)	(61,405)
Net proceeds from sale of vessels	8,105	49	16,156
Net proceeds from sale of vessel to a related party	400	0	0
Purchase of other fixed assets	(177)	(771)	(7,955)
Increase in restricted cash	(862)	1,478	4,226
Net cash used in investing activities	(3,788)	(7,614)	(59,494)
Cash flows from financing activities:
Proceeds from long-term debt	163,000	173,274	119,455
Repayment of long-term debt	(76,150)	(119,112)	(35,706)
Repayment of capital lease obligation	0	0	(395)
Net change in short-term borrowings	11,862	(69,481)	(127,612)
Proceeds from short-term borrowings from related parties	20,000	0	0
Increase in restricted cash	(1,498)	0	0
Financing costs paid	(8,066)	(9,009)	(3,279)
Repurchases of common stock	(99,580)	0	0
Dividends paid to non-controlling interest	0	0	(340)
Dividends paid	(3,805)	(3,926)	(2,403)
Net cash provided by / (used in) financing activities	5,763	(28,254)	(50,280)
Effect of exchange rate changes on cash and cash equivalents	162	(4,096)	(5,456)
Net (decrease) / increase in cash and cash equivalents	(45,478)	9,763	66,976
Cash and cash equivalents at beginning of year	139,314	129,551	62,575
Cash and cash equivalents at end of year	93,836	139,314	129,551
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the year for interest, net of capitalized interest:	26,126	21,501	21,447
Cash paid during the year for income taxes:	2,065	936	3,388
Non cash advances for other fixed assets under construction:	0	0	4,150
Non cash advances for vessels under construction:	$ 0	$ 0	$ 1,151

Consolidated Balance Sheets - Revised 2015 - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 93,836	$ 139,314
Trade receivables, net of allowance for doubtful accounts of $8,647 and $7,278 as of December 31, 2016 and 2015, respectively (Note 2 and 3)	503,751	309,874
Trade receivables from related companies (Note 4)	11,509	18,963
Due from related companies (Note 4)	9,548	6,887
Derivative asset (Note 14)	0	22,416
Inventories (Note 5)	187,766	114,531
Prepayments and other current assets, net of allowances for doubtful accounts of $2,160 and $565, as of December 31, 2016 and 2015, respectively (Note 6)	95,885	116,004
Deferred tax asset (Note 23)	3,769	2,133
Restricted cash (Note 2)	3,188	828
Total current assets	909,252	730,950
FIXED ASSETS:
Advances for other fixed assets under construction	2,985	398
Vessels, cost (Note 7)	457,401	480,346
Vessels, accumulated depreciation (Note 7)	(107,426)	(109,328)
Vessels' net book value	349,975	371,018
Other fixed assets, net (Note 8)	238,480	246,783
Total fixed assets	591,440	618,199
OTHER NON-CURRENT ASSETS:
Deferred charges, net (Note 9)	19,748	25,007
Intangible assets (Note 10)	7,708	8,778
Goodwill	66,031	66,031
Derivative asset (Note 14)	6,041	0
Other non-current assets	713	1,046
Total non-current assets	100,241	100,862
Total assets	1,600,933	1,450,011
CURRENT LIABILITIES:
Short-term borrowings (Note 12)	261,359	249,497
Short-term borrowings from related companies (Note 4)	20,000	0
Current portion of long-term debt (Note 13)	33,495	26,398
Trade payables to third-parties	131,576	72,413
Other payables to related companies (Note 4)	1,344	1,190
Deferred tax liability (Note 23)	0	990
Derivative liability (Note 14)	12,503	0
Accrued and other current liabilities (Note 11)	37,435	43,260
Total current liabilities	497,712	393,748
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion (Note 13)	502,777	434,120
Deferred tax liability (Note 23)	6,626	2,563
Derivative liability (Note 14)	987	420
Other non-current liabilities	3,240	2,273
Total non-current liabilities	513,630	439,376
COMMITMENTS AND CONTINGENCIES (Note 15)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 25,000,000 shares authorized, none issued (Note 21)	0	0
Common stock, $0.01 par value; 100,000,000 shares authorized at December 31, 2016 and December 31, 2015; 41,375,461 and 51,382,492 shares issued and 39,403,822 and 49,410,853 shares outstanding at December 31, 2016 and December 31, 2015, respectively (Note 21)	414	514
Treasury stock, $0.01 par value; 1,971,639 shares, repurchased at December 31, 2016 and December 31, 2015 (Note 21)	(29,327)	(29,327)
Additional paid-in capital (Note 21)	418,215	394,068
Retained earnings	200,231	251,632
Total AMPNI stockholders' equity	589,533	616,887
Non-controlling interest	58	0
Total equity	589,591	616,887
Total liabilities and equity	$ 1,600,933	$ 1,450,011