Aegean Marine Petroleum Network Inc. Announces Second Quarter 2016 Financial Results

• Revenue – The Company reported total revenue of $987.6 million for the second quarter of 2016, a decrease of 18.2% compared to the same period in 2015, primarily due to the drop in oil prices. Voyage and other revenues decreased to $19.8 million or by 8.8% compared to the same period in 2015.
• Gross Profit – Gross Profit, which equals total revenue less directly attributable cost of revenue increased by 19.0% to $93.4 million in the second quarter of 2016 compared to $78.5 million in the same period in 2015.
• Operating Expense – The Company reported operating expense of $64.5 million for the second quarter of 2016, an increase of $0.8 million or 1.3% compared to the same period in prior year.  Adjusting for the sale of non-core assets, operating expense was $62.1 million, a decrease of 2.5% compared to the same period in the prior year.
• Operating Income – Operating income for the second quarter of 2016 adjusted for the sale of non-core assets was $31.3 million, an increase of 111.5% compared to the same period in the prior year.
• Net Income – Net income attributable to Aegean shareholders adjusted for the sale of non-core vessels was $16.0 million, or $0.32 basic and diluted earnings per share, an increase of $8.9 million or 125.4% compared to the same period in 2015.

Operational Metrics 

• Sales Volume – For the three months ended June 30, 2016, the Company reported marine fuel sales volumes of 4,092,789 metric tons, an increase of 29.9% compared to the same period in 2015.
• Adjusted EBITDA Per Metric Ton of Marine Fuel Sold – For the three months ended June 30, 2016, the Company reported adjusted EBITDA per metric ton of marine fuel sold of $9.26. Adjusted EBITDA per metric ton of marine fuel sold in the prior year period was $7.63 per metric ton.
• Gross Spread Per Metric Ton of Marine Fuel Sold – For the three months ended June 30, 2016, the Company reported gross spread per metric ton of marine fuel sold on an aggregate basis of $20.9. Gross spread per metric ton of marine fuel sold in the prior year period was $22.5.

Liquidity and Capital Resources

• Net cash used in operating activities was $60.4 million for the three months ended June 30, 2016. Net income as adjusted for non-cash items (as defined in Note 9 below) was $37.1 million for the same period.
• Net cash provided by investing activities was $7.9 million for the three months ended June 30, 2016, primarily due to the sale of two non-core vessels.
• Net cash provided by financing activities was $44.5 million for the three months ended June 30, 2016, mainly due to the drawdown of short-term debt.
• As of June 30, 2016, the Company had cash and cash equivalents of $127.8 million and working capital of $387.6 million. Non-cash working capital, or working capital excluding cash and debt, was $581.6 million.
• As of June 30, 2016, the Company had $867.8 million of undrawn amounts under its working capital facilities and $127.8 million of unrestricted cash and cash equivalents to finance working capital requirements.
• The weighted average basic and diluted shares outstanding for the three months ended June 30, 2016, was 48,117,508. The weighted average basic and diluted shares outstanding for the three months ended June 30, 2015 was 47,366,134.

Spyros Gianniotis, Aegean's Chief Financial Officer, stated, "During the quarter, we achieved strong adjusted EBITDA per metric ton of marine fuel sold of $9.26, a 43.8% increase quarter over quarter. While we achieved strong results across the board, we believe adjusted EBITDA per metric ton of marine fuel sold best reflects our operational improvements.  In the second quarter we also reported a 29.9% year over year increase in volumes and improved performance without increase in operating expenses. Financial flexibility and a strong balance sheet remain important differentiators for our business. The two vessel sales during the quarter enabled us to pay down $5 million of debt and is expected to help eliminate approximately $6.4 million in operating costs on an annual basis. We have and intend to continue to actively manage our business while de-levering and strengthening our balance sheet to drive results for all Aegean shareholders."

Summary Consolidated Financial and Other Data (Unaudited)

		For the Three Months Ended June 30,				For the Six Months Ended June 30,
		2015		2016			2015		2016
		(in thousands of U.S. dollars, unless otherwise stated)
Income Statement Data:
Revenues - third parties	$	1,203,100	$	982,337		$	2,214,056	$	1,730,853
Revenues - related companies		4,607		5,219			8,754		9,635
Total revenues		1,207,707		987,556			2,222,810		1,740,488
Cost of revenues  - third parties		1,078,112		876,495			1,970,384		1,538,121
Cost of revenues– related companies		51,114		17,682			93,323		28,120
Total cost of revenues		1,129,226		894,177			2,063,707		1,566,241
Gross profit		78,481		93,379			159,103		174,247
Operating expenses:
Selling and distribution		52,744		49,943			102,561		100,715
General and administrative		10,602		11,823			20,908		23,319
Amortization of intangible assets		375		297			749		597
Loss on sale of vessels		-		2,437			130		2,437
Operating income		14,760		28,879			34,755		47,179
Net financing cost		(8,813)		(12,477)			(18,139)		(21,838)
Foreign exchange gains / (losses), net		658		(1,922)			692		(1,683)
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