Bunker supply firm
Aegean Marine Petroleum Network Inc. has posted a full year net income attributable to shareholders of $27.1 million, or $0.58 basic and diluted earnings per share, in 2013. The figure represents an increase of $7 million, or 34.8 percent, on the $20.1 million net income achieved during the previous year, having posted a full year net profit of $10.228 million in 2011 and $18.733 million in 2010.
Net income attributable to Aegean shareholders adjusted for the sale of non-core assets was $27.2 million, or $0.58 basic diluted earnings per share, for the full year.
Gross profit for the full year was $286.0 million, compared to $302.6 million in 2012. Operating profit was $48.8 million versus the $55.0 million figure recorded the previous year.
Sales volumes last year declined by 679,803 metric tonnes, or 6.4 percent, to 9,941,061 tonnes, down from 10,620,864 tonnes in 2012. In 2011, the company sold 10,646,271 tonnes and, in 2010, 10,308,210 tonnes were sold to clients.
Earnings before interest, taxes, depreciation and amortization (EBITDA) were $83.2 million for the full year. EBITDA adjusted for the sale of non-core assets was $83.4 million.
Fourth quarter results
For the three months ended December 31, 2013, Aegean achieved a net income of $7.0 million, or $0.15 basic diluted earnings per share. The previous year, the company's net income was $3.3 million, or $0.07 basic and diluted earnings per share, compared with $6.3 million, or $0.14 basic and diluted earnings per share, during the corresponding period in 2011.
Net income attributable to Aegean shareholders adjusted for the sale of non-core assets was $7.5 million, or $0.16 basic and diluted earnings per share, in the fourth quarter of 2013. In 2012, net income attributable to Aegean shareholders excluding a non-cash loss from the sale of a non-core vessel was $5.1 million, or 0.11 basic and diluted earnings per share.
Total revenues for the three months ended December 31, 2013, decreased by 15.2 percent to $1,470.4 million compared with $1,734.7 million reported for the same period in 2012.
Sales of marine petroleum products decreased by 15.7 percent to $1,453.0 million compared with $1,724 million for the same period in 2012.
Gross profit, which equals total revenue less directly attributable cost of revenue, increased by 4.5 percent to $75.0 million in the fourth quarter of 2013 compared with $71.8 million in the same period in 2012. In 2011, fourth quarter gross profit was $75.4 million.
The volume of marine fuel sold during the last three months of 2013 decreased by 344,694 tonnes, or 12.6 percent, to 2,384,376 tonnes, down from 2,729,070 tonnes during the fourth quarter of 2012. In 2011, 2,568,714 tonnes were sold during the same period.
Operating income for the fourth quarter of 2013 amounted to $14.5 million, compared to $11.3 million for the same period in 2012. In 2011, fourth quarter operating income was $17.6 million.
Operating expenses decreased by $0.1 million, or 0.2 percent, to $60.5 million for the three months ended December 31, 2013, compared with $60.6 million during the same period in 2012.
Recorded EBITDA during the fourth quarter of 2013 was $22.4 million compared to $19.5 million during the corresponding period in 2012.
EBITDA adjusted for the sale of non-core assets was $22.9 million in the last three months of 2013. The previous year, EBITDA adjusted for the sale of vessels was $21.3 million between October and December.
Commenting on the results,
E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, said: "We closed 2013 with great momentum and the fourth quarter marked our third consecutive full year of profitability. Despite persisting market headwinds, we executed on our strategy and once again demonstrated the strength of our business model and our ability to drive compelling returns in a challenging environment. By leveraging our flexible infrastructure, we successfully drove profitable top-line growth and opportunistically captured additional voyage and storage revenues. At the same time, we monetized non-core vessels, which will allow Aegean to further drive profitability by increasing our fleet utilization over time, reducing our capital expenditures and streamlining our expense run-rate."
"We have built a steady track record of growth and we believe that the continued execution on our core initiatives will enhance shareholder value. We continue to build significant and sustainable internal growth drivers, including our new Aegean U.S. East Coast business and our soon-to-be launched Fujairah storage facility, which we believe will allow Aegean to continue to succeed should market headwinds persist. For 2014, however, we are beginning to see indications that the macro environment will improve steadily throughout the year, and we believe Aegean is uniquely positioned to incrementally benefit from this strengthening market."
Spyros Gianniotis, Aegean's Chief Financial Officer, remarked: "Our focus on growing revenues and strategically leveraging our fixed infrastructure to drive profitability continues to yield strong results. During the quarter we built on our track record of solid financial performance and believe we are very well positioned for the year ahead. We have also continued to maintain our financial flexibility and with the recent establishment of our $150 million credit facility, we now have a total of approximately $1.3 billion in revolving bank borrowing capacity, which will allow us to support our key expansion initiatives such as Aegean Bunkering USA. Our strong financial position and dynamic business model distinguish Aegean from the competitive landscape and we look forward to building on our history of enhancing value for our shareholders."
