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

Exhibit 99.2

AEGEAN MARINE PETROLEUM NETWORK INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2017 AND DECEMBER 31, 2016

(UNAUDITED)

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

	September 30, 2017			December 31, 2016
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	74,828		$	93,836
Trade receivables, net of allowance for doubtful accounts of $10,492 and $8,647, as of September 30, 2017 and December 31, 2016, respectively		580,014			503,751
Trade receivables from related parties		3,781			11,509
Due from related companies		12,752			9,548
Inventories		236,267			187,766
Prepayments and other current assets, net of allowances for doubtful accounts of $2,175 and $2,160  as of September 30, 2017 and December 31, 2016, respectively		88,530			95,885
Deferred tax asset		1,164			3,769
Restricted cash		6,154			3,188
Total current assets		1,003,490			909,252
FIXED ASSETS:
Advances for other fixed assets under construction		6,973			2,985
Vessels, cost		456,738			457,401
Vessels, accumulated depreciation		(118,394	)		(107,426	)
Vessels' net book value		338,344			349,975
Other fixed assets, net		232,204			238,480
Total fixed assets		577,521			591,440
OTHER NON-CURRENT ASSETS:
Deferred charges, net		16,679			19,748
Intangible assets		7,202			7,708
Goodwill		66,175			66,031
Derivative asset		5,304			6,041
Other non-current assets		1,395			713
Total non-current assets		96,755			100,241
Total assets		1,677,766			1,600,933
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings		408,349			261,359
Short-term borrowings from related companies		-			20,000
Current portion of long-term debt		44,302			33,495
Trade payables to third parties		133,572			131,576
Other payables to related companies		1,431			1,344
Deferred tax liability		715			-
Derivative liability		7,419			12,503
Accrued and other current liabilities		47,532			37,435
Total current liabilities		643,320			497,712
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion		423,473			502,777
Deferred tax liability		7,541			6,626
Derivative liability		718			987
Other non-current liabilities		3,582			3,240
Total non-current liabilities		435,314			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 September 30, 2017 and December 31, 2016; 42,612,061 and 41,375,461 shares issued and 40,640,422 and 39,403,822 shares outstanding at September 30, 2017 and December 31, 2016, respectively		426			414
Treasury stock $0.01 par value; 1,971,639 shares, repurchased at September 30, 2017 and December 31, 2016		(29,327	)		(29,327	)
Additional paid-in capital		430,813			418,215
Retained earnings		197,119			200,231
Total  AMPNI stockholders' equity		599,031			589,533
Non-controlling interest		101			58
					58
Total  equity		599,132			589,591
Total liabilities and equity	$	1,677,766		$	1,600,933

AEGEAN MARINE PETROLEUM NETWORK INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016

(UNAUDITED)

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

	Nine Months Ended September 30,
	2017			2016
Revenues
Revenues – third parties	$	4,294,323		$	2,864,165
Revenues – related companies		14,719			15,879
Total Revenues		4,309,042			2,880,044
Cost of  Revenues
Cost of revenues– third parties		4,010,664			2,568,063
Cost of revenues – related companies		67,914			49,294
Total Cost of Revenues		4,078,578			2,617,357
Gross Profit		230,464			262,687
OPERATING EXPENSES:
Selling and distribution		157,674			148,921
General and administrative		35,519			36,850
Amortization of intangible assets		506			900
(Gain) / Loss on sale of vessels		(94	)		6,312
Total operating expenses		193,605			192,983
Operating income		36,859			69,704
OTHER INCOME / (EXPENSE):
Interest and finance costs		(39,940	)		(30,302	)
Interest income		349			145
Foreign exchange gains / (losses), net		1,179			(1,804	)
Total other expense, net		(38,412	)		(31,961	)
(Loss) / Income before income taxes		(1,553	)		37,743
Income tax benefit / (expense)		898			(1,811	)
Net  (loss) / income		(655	)		35,932
Net income attributable to non-controlling interest		43			86
Net  (loss) / income attributable to AMPNI shareholders	$	(698	)	$	35,846
Basic net (loss) / earnings per common share	$	(0.02	)	$	0,73
Diluted net (loss) / earnings per common share	$	(0.02	)	$	0,73
Weighted average number of shares, basic		38,086,529			47,372,496
Weighted average number of shares, diluted		38,086,529			47,372,496

AEGEAN MARINE PETROLEUM NETWORK INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016

(UNAUDITED)

(Expressed in thousands of U.S. dollars)

	Nine Months Ended September 30,
	2017			2016
Cash flows from operating activities:
Net (loss) / income	$	(655	)	$	35,932
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation		17,758			18,944
Provision of doubtful accounts		1,860			1,191
Share-based compensation		8,711			10,239
Amortization		15,006			13,686
Net deferred tax benefit		4,235			(671	)
Unrealized (gain) / loss on derivatives		(4,616	)		33,452
(Gain) / Loss on sale of vessels		(94	)		6,312
Unrealized foreign exchange loss		(68	)		131
Decrease / (Increase) in:
Trade receivables		(68,358	)		(107,136	)
Due from related companies		(3,204	)		(4,037	)
Inventories		(48,501	)		(66,185	)
Prepayments and other current assets		9,718			23,981
Increase/ (Decrease) in:
Trade payables		(2,042	)		27,095
Other payables to related companies		95			119
Accrued and other current liabilities		10,690			(4,609	)
(Increase) / Decrease in other non-current assets		(682	)		291
Increase in other non-current liabilities		342			681
Payments for dry-docking		(3,350	)		(4,214	)
Net cash used in operating activities		(63,155	)		(14,798	)
Cash flows from investing activities:
Vessel acquisitions		-			(8,667	)
Advances for other fixed assets under construction		(3,988	)		-
Acquisition of subsidiary, net of cash acquired		1,080			-
Net proceeds from sale of vessels		275			8,105
Net proceeds from sale of vessels to a related party		-			200
Purchase of other fixed assets		(488	)		(165	)
Decrease in restricted cash		29			726
Net cash (used in) / provided by investing activities		(3,092	)		199
Cash flows from financing activities:
Proceeds from long-term debt		22,500			13,000
Repayment of long-term debt		(19,224	)		(25,925	)
Net change in short-term borrowings		71,990			54,114
Net change in short-term borrowings from related companies		(20,000	)		-
Increase in restricted cash		(2,995	)		(3,080	)
Financing costs paid		(1.558	)		(2,841	)
Dividends paid		(2,414	)		(3,016	)
Net cash provided by / (used in) financing activities		48,299			(67,328	)
Effect of exchange rate changes on cash and cash equivalents		(1,060	)		586
Net decrease in cash and cash equivalents		(19,008	)		(81,341	)
Cash and cash equivalents at beginning of period		93,836			139,314
Cash and cash equivalents at end of period	$	74,828		$	57,973