Aegean Marine Petroleum Network (ANWWQ) 6-K Announces Second Quarter 2017 Financial Results

Exhibit 99.2

AEGEAN MARINE PETROLEUM NETWORK INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

(UNAUDITED)

(Expressed in thousands of U.S. dollars – except for share and per share data)

	June 30,2017			December 31, 2016
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	82,481		$	93,836
Trade receivables, net of allowance for doubtful accounts of $10,559 and $8,647, as of June 30, 2017 and December 31, 2016, respectively		554,304			503,751
Trade receivables from related parties		5,509			11,509
Due from related companies		12,030			9,548
Derivative asset		2,096			-
Inventories		219,764			187,766
Prepayments and other current assets, net of allowances for doubtful accounts of $2,175 as of June 30, 2017 and December 31, 2016		77,309			95,885
Deferred tax asset		4,094			3,769
Restricted cash		3,131			3,188
Total current assets		960,718			909,252
FIXED ASSETS:
Advances for other fixed assets under construction		6,987			2,985
Vessels, cost		456,738			457,401
Vessels, accumulated depreciation		(114,545	)		(107,426	)
Vessels' net book value		342,193			349,975
Other fixed assets, net		233,961			238,480
Total fixed assets		583,141			591,440
OTHER NON-CURRENT ASSETS:
Deferred charges, net		16,887			19,748
Intangible assets		7,373			7,708
Goodwill		66,175			66,031
Derivative asset		4,646			6,041
Other non-current assets		1,204			713
Total non-current assets		96,285			100,241
Total assets		1,640,144			1,600,933
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings		313,560			261,359
Short-term borrowings from related companies		-			20,000
Current portion of long-term debt		39,102			33,495
Trade payables to third parties		126,059			131,576
Other payables to related companies		1,567			1,344
Derivative liability		83			12,503
Accrued and other current liabilities		37,747			37,435
Total current liabilities		518,118			497,712
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion		507,460			502,777
Deferred tax liability		10,346			6,626
Derivative liability		393			987
Other non-current liabilities		3,237			3,240
Total non-current liabilities		521,436			513,630
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 25,000,000 shares authorized, none issued		-			-
Common stock, $0.01 par value; 100,000,000 shares authorized at June 30, 2017 and December 31, 2016; 42,605,561 and 41,375,461 shares issued and 40,633,922 and 39,403,822 shares outstanding at June 30, 2017 and December 31, 2016, respectively		426			414
Treasury stock $0.01 par value; 1,971,639 shares, repurchased at June 30, 2017 and December 31, 2016		(29,327	)		(29,327	)
Additional paid-in capital		427,719			418,215
Retained earnings		201,706			200,231
Total  AMPNI stockholders' equity		600,524			589,533
Non-controlling interest		66			58
					58
Total  equity		600,590			589,591
Total liabilities and equity	$	1,640,144		$	1,600,933

AEGEAN MARINE PETROLEUM NETWORK INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE SIX MONTHS ENDED JUNE 30, 2017 AND 2016

(UNAUDITED)

(Expressed in thousands of U.S. dollars – except for share and per share data)

	Six Months Ended June 30,
	2017			2016
Revenues
Revenues – third parties	$	2,955,266		$	1,730,853
Revenues – related companies		9,651			9,635
Total Revenues		2,964,917			1,740,488
Cost of  Revenues
Cost of revenues– third parties		2,760,586			1,538,121
Cost of revenues – related companies		41,752			28,120
Total Cost of Revenues		2,802,338			1,566,241
Gross Profit		162,579			174,247
OPERATING EXPENSES:
Selling and distribution		107,943			100,715
General and administrative		24,269			23,319
Amortization of intangible assets		335			597
(Gain) / Loss on sale of vessels		(67	)		2,437
Total operating expenses		132,480			127,068
Operating income		30,099			47,179
OTHER INCOME / (EXPENSE):
Interest and finance costs		(26,963	)		(21,937	)
Interest income		174			99
Foreign exchange gains / (losses), net		597			(1,683	)
Total other expense, net		(26,192	)		(23,521	)
Income before income taxes		3,907			23,658
Income tax (expense) / benefit		(822	)		1,645
Net  income		3,085			25,303
Net income attributable to non-controlling interest		8			8
Net  income attributable to AMPNI shareholders	$	3,077		$	25,295
Basic earnings per common share	$	0.08		$	0.51
Diluted earnings per common share	$	0.08		$	0.51
Weighted average number of shares, basic		37,977,648			47,831,606
Weighted average number of shares, diluted		37,977,648			47,831,606

AEGEAN MARINE PETROLEUM NETWORK INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2017 AND 2016

(UNAUDITED)

(Expressed in thousands of U.S. dollars)

	Six Months Ended June 30,
	2017			2016
Cash flows from operating activities:
Net income	$	3,085		$	25,303
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation		11,797			12,792
Provision of doubtful accounts		1,927			1,421
Share-based compensation		5,617			4,588
Amortization		9,890			9,151
Net deferred tax benefit		3,395			(1,959	)
Unrealized (gain) / loss on derivatives		(13,715	)		34,194
(Gain) / Loss on sale of vessels		(67	)		2,437
Unrealized foreign exchange loss		369			89
Decrease / (Increase) in:
Trade receivables		(45,626	)		(84,712	)
Due from related companies		(2,482	)		(2,427	)
Inventories		(31,998	)		(53,639	)
Prepayments and other current assets		20,939			(17,305	)
Increase/ (Decrease) in:
Trade payables		(9,555	)		36,155
Other payables to related companies		231			(31	)
Accrued and other current liabilities		(150	)		(13,670	)
(Increase) / Decrease in other non-current assets		(491	)		292
(Decrease) / Increase in other non-current liabilities		(3	)		462
Payments for dry-docking		(1,511	)		(2,638	)
Net cash used in operating activities		(48,348	)		(49,497	)
Cash flows from investing activities:
Vessel acquisitions		-			(8,667	)
Advances for other fixed assets under construction		(4,002	)		-
Acquisition of subsidiary, net of cash acquired		1,080			-
Net proceeds from sale of vessels		248			7,942
Purchase of other fixed assets		(115	)		(150	)
Decrease / (increase) in restricted cash		57			(2	)
Net cash used in investing activities		(2,732	)		(877	)
Cash flows from financing activities:
Proceeds from long-term debt		22,500			13,000
Repayment of long-term debt		(12,766	)		(17,987	)
Net change in short-term borrowings		52,201			50,461
Net change in short-term borrowings from related companies		(20,000	)
Increase in restricted cash		-			(4,621	)
Financing costs paid		(731	)		(360	)
Dividends paid		(1,602	)		(2,002	)
Net cash provided by financing activities		39,602			38,491
Effect of exchange rate changes on cash and cash equivalents		123			320
Net decrease in cash and cash equivalents		(11,355	)		(11,563	)
Cash and cash equivalents at beginning of period		93,836			139,314
Cash and cash equivalents at end of period		82,481		$	127,751