d1457475_6k-a.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K/A

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13A-16 OR 15D-16 UNDER THE SECURITIES
EXCHANGE ACT OF 1934

For the month of February 2014

Commission File Number:  001-33179

AEGEAN MARINE PETROLEUM NETWORK INC.
(Translation of registrant's name into English)

10, Akti Kondili
185 45, Piraeus
Greece
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ]     Form 40-F [   ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ________.

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ________.

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 
 
 

INFORMATION CONTAINED IN THIS FORM 6-K/A REPORT

This Amendment No. 1 to the Report on Form 6-K of Aegean Marine Petroleum Network Inc. (the "Company") originally furnished to the U.S. Securities and Exchange Commission on February 26, 2014 (the "Original Form 6-K") is being furnished solely to correct typographical errors contained in the Exhibit 2 attached to the Original Form 6-K.

Attached hereto as Exhibit 2 is an amended and restated copy of the Company's consolidated financial statements relating to the Company's financial and operating results for the fourth quarter ended December 31, 2013.  This Exhibit 2 replaces in its entirety the Exhibit 2 attached to the Original Form 6-K.


 
 
 

SIGNATURES
 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 


 
AEGEAN MARINE PETROLEUM NETWORK INC.
 
(registrant)
   
Dated:  February 27, 2014
By:
/s/ E. Nikolas Tavlarios
 
Name:
E. Nikolas Tavlarios
 
Title:
President
     



 


 
 
 

Exhibit 2
 
 
AEGEAN MARINE PETROLEUM NETWORK INC.
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2012 AND 2013
(Expressed in thousands of U.S. dollars – except for share and per share data)
 
 
 
 
December 31,
 
 
 
2012
 
 
2013
 
ASSETS
 
 
 
 
 
 
CURRENT ASSETS:
 
 
 
 
 
 
Cash and cash equivalents
 
 $
77,246
 
 
$
62,575
 
Trade receivables, net of allowance for doubtful accounts of $3,503 and $2,622  as of December 31, 2012 and 2013, respectively
 
 
474,235
 
 
 
469,921
 
Due from related companies
 
 
15,248
 
 
 
14,654
 
Inventories
 
 
180,826
 
 
 
303,297
 
Prepayments and other current assets, net of allowance for doubtful accounts of $770 and $0, as of Dec 31, 2012 & 2013
 
 
32,132
 
 
 
38,707
 
Deferred tax asset
    
-
      
1,044
  
Restricted cash
 
 
6,917
 
 
 
6,532
 
Total current assets
 
 
786,604
 
 
 
896,730
 
 
 
 
 
 
 
 
  
 
FIXED ASSETS:
 
 
 
 
 
 
  
 
Advances for vessels under construction and acquisitions
 
 
-
 
 
 
1,585
 
Advances for other fixed assets under construction
 
 
103,112
 
 
 
159,062
 
Vessels, cost
 
 
532,121
 
 
 
517,225
 
Vessels, accumulated depreciation
 
 
(79,095
)
 
 
(95,696
)
Vessels' net book value
 
 
453,026
 
 
 
421,529
 
Other fixed assets, net
 
 
13,392
 
 
 
22,909
 
Total fixed assets
 
 
569,530
 
 
 
605,085
 
 
 
 
 
 
 
 
  
 
OTHER NON-CURRENT ASSETS:
 
 
 
 
 
 
  
 
Deferred charges, net
 
 
16,562
 
 
 
27,478
 
Intangible assets
 
 
18,518
 
 
 
18,830
 
Goodwill
 
 
37,946
 
 
 
66,031
 
Deferred tax asset
 
 
2,524
 
 
 
-
 
Other non-current assets
 
 
159
 
 
 
179
 
Total non-current assets
 
 
75,709
 
 
 
112,518
 
 
 
 
 
 
 
 
  
 
Total assets
 
 
1,431,843
 
 
 
1,614,333
 
 
 
 
 
 
 
 
  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
  
 
CURRENT LIABILITIES:
 
 
 
 
 
 
  
 
Short-term borrowings
 
 
321,752
 
 
 
331,590
 
Current portion of long-term debt
 
 
144,042
 
 
 
34,983
 
Trade payables to third-parties
 
 
225,467
 
 
 
231,235
 
Trade payables to related companies
 
 
17,432
 
 
 
10,508
 
Other payables to related companies
 
 
1,460
 
 
 
1,902
 
Derivative liability
 
 
3
 
 
 
839
 
Accrued and other current liabilities
 
 
24,595
 
 
 
41,220
 
Total current liabilities
 
 
734,751
 
 
 
652,277
 
 
 
 
 
 
 
 
  
 
OTHER NON-CURRENT LIABILITIES:
 
 
 
 
 
 
  
 
Long-term debt, net of current portion
 
 
187,492
 
 
 
416,744
 
Deferred tax liability
 
 
3,045
 
 
 
165
 
Derivative liability
 
 
632
 
 
 
470
 
Other non-current liabilities
 
 
1,405
 
 
 
931
 
Total non-current liabilities
 
 
192,574
 
 
 
418,310
 
 
 
 
 
 
 
 
  
 
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 December 31, 2012 and December 2013;  48,553,038 and  49,243,659 shares issued and 46,581,399 and 47,272,020 shares outstanding at December 31, 2012 and  December 31, 2013, respectively
 
 
486
 
 
 
492
 
Treasury stock, $0.01 par value; 1,971,639 shares, repurchased at December 31, 2012 and December 31, 2013, respectively
 
 
(29,327
)
 
 
(29,327
)
Additional paid-in capital
 
 
345,556
 
 
 
363,160
 
Retained earnings
 
 
183,951
 
 
 
209,130
 
Total AMPNI stockholders' equity
 
 
500,666
 
 
 
543,455
 
 
 
 
 
 
 
 
  
 
Non-controlling interest
 
 
3,852
 
 
 
291
 
Total equity
 
 
504,518
 
 
 
543,746
 
Total liabilities and equity
 
 $
1,431,843
 
 
$
1,614,333
 

 
F-1
 


AEGEAN MARINE PETROLEUM NETWORK INC.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2011, 2012 AND 2013
(Expressed in thousands of U.S. dollars – except for share and per share data)
 
 
 
 
For the Year Ended December 31,
 
 
 
2011
 
 
2012
 
 
2013
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
Revenues – third-parties
 
$
6,910,348
 
 
$
7,207,813
 
 
$
6,304,129
 
Revenues – related companies
 
 
55,117
 
 
 
51,147
 
 
 
30,600
 
Total Revenues
 
 
6,965,465
 
 
 
7,258,960
 
 
 
6,334,729
 
 
 
 
 
 
 
 
 
 
 
 
  
 
Cost of Revenues
 
 
 
 
 
 
 
 
 
 
  
 
Cost of revenues – third-parties
 
 
6,284,179
 
 
 
6,496,327
 
 
 
5,623,450
 
Cost of revenues – related companies
 
 
404,988
 
 
 
459,984
 
 
 
425,287
 
Total Cost of Revenues
 
 
6,689,167
 
 
 
6,956,311
 
 
 
6,048,737
 
 
 
 
 
 
 
 
 
 
 
 
  
 
Gross Profit
 
 
276,298
 
 
 
302,649
 
 
 
285,992
 
 
 
 
 
 
 
 
 
 
 
 
  
 
OPERATING EXPENSES:
 
 
 
 
 
 
 
 
 
 
  
 
Selling and Distribution
 
 
192,846
 
 
 
210,236
 
 
 
201,597
 
General and Administrative
 
 
29,806
 
 
 
29,897
 
 
 
29,727
 
Amortization of intangible assets
 
 
1,461
 
 
 
1,505
 
 
 
1,603
 
Loss on sale of vessels, net
 
 
8,682
 
 
 
5,966
 
 
 
4,312
 
Total operating expenses
 
 
232,795
 
 
 
247,604
 
 
 
237,239
 
 
 
 
 
 
 
 
 
 
 
 
  
 
Operating income
 
 
43,503
 
 
 
55,045
 
 
 
48,753
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
  
 
OTHER INCOME/(EXPENSE):
 
 
 
 
 
 
 
 
 
 
  
 
Interest and finance costs
 
 
(27,864
)
 
 
(31,192
)
 
 
(28,073
)
Interest income
 
 
57
 
 
 
123
 
 
 
75
 
Gain on sale of subsidiary
    
-
      
-
      
4,174
  
Foreign exchange (losses)/gains, net
 
 
1,440
 
 
 
3,786
 
 
 
1,123
 
Other expense
 
 
-
 
 
 
(1,191
)
 
 
-
  
Total other expenses, net
 
 
(26,367
)
 
 
(28,474
)
 
 
(22,701
)
Income before provision for income taxes
 
 
17,136
 
 
 
26,571
 
 
 
26,052
 
 
 
 
 
 
 
 
 
 
 
 
  
 
Income taxes
 
 
(5,428
)
 
 
(4,122
)
 
 
978
  
 
 
 
 
 
 
 
 
 
 
 
  
 
Net  income
 
 
11,708
 
 
 
22,449
 
 
 
27,030
 
Net  income attributed to non-controlling interest
 
 
1,480
 
 
 
2,372
 
 
 
(33
)
Net  income attributed to AMPNI shareholders
 
$
10,228
 
 
$
20,077
 
 
$
27,063
 
 
 
 
 
 
 
 
 
 
 
 
  
 




 
F-2
 

 
 
AEGEAN MARINE PETROLEUM NETWORK INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2011, 2012 AND 2013
(Expressed in thousands of U.S. dollars)
 
 
 
 
For the Year Ended December 31,
 
 
 
2011
 
 
2012
 
 
2013
 
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income
 
$
11,708
 
 
$
22,449
 
 
$
27,030
 
Adjustments to reconcile net income to net cash (used in)/ provided by operating activities:
 
 
 
 
 
 
 
 
 
 
  
 
Depreciation
 
 
21,755
 
 
 
22,102
 
 
 
20,467
 
(Release of)/ Provision of doubtful accounts
 
 
61
 
 
 
2,919
 
 
 
(881
)
Share-based compensation
 
 
3,963
 
 
 
4,406
 
 
 
4,497
 
Amortization
 
 
9,576
 
 
 
10,115
 
 
 
9,939
 
Provision for income taxes
 
 
(358
)
 
 
428
 
 
 
(1,400
)
Loss on sale of vessels, net
 
 
8,682
 
 
 
5,966
 
 
 
4,312
 
Gain on sale of subsidiary
    
-
      
-
      
(4,174
)
Change in fair value of derivatives
 
 
(834
)
 
 
1,469
 
 
 
-
 
Other non-cash charges
 
 
-
 
 
 
(39
)
 
 
343
  
Decrease (increase) in:
 
 
 
 
 
 
 
 
 
 
  
 
Trade receivables
 
 
(84,843
)
 
 
48,278
 
 
 
4,606
 
Due from related companies
 
 
4,382
 
 
 
880
 
 
 
594
 
Inventories
 
 
(49,039
)
 
 
23,231
 
 
 
(25,081
)
Prepayments and other current assets
 
 
(5,423
)
 
 
(1,329
)
 
 
(8,869
)
(Decrease) increase in:
 
 
 
 
 
 
 
 
 
 
  
 
Trade payables
 
 
43,146
 
 
 
(8,642
)
 
 
(1,076
)
Other payables to related companies
 
 
1,559
 
 
 
(671
)
 
 
442
  
Accrued and other current liabilities
 
 
674
 
 
 
(2,436
)
 
 
17,552
  
Fair value of derivatives
    
-
      
-
      
674
  
Increase in other non-current assets
 
 
(55
)
 
 
(1
)
 
 
(20
)
Increase in other non-current liabilities
 
 
101
 
 
 
(45
)
 
 
627
  
Payments for dry-docking
 
 
(9,920
)
 
 
(5,561
)
 
 
(8,999
)
Net cash (used in)/ provided by operating activities
 
 
(44,865
)
 
 
123,519
 
 
 
40,583
 
 
 
 
 
 
 
 
 
 
 
 
  
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
  
 
Advances for vessels under construction
 
 
(22,751
)
 
 
(2,303
)
 
 
(1,585
)
Cash payments for acquisitions, net of cash acquired
    
-
      
-
      
(127,390
)
Advances for vessel acquisitions
 
 
(453
)
 
 
-
 
 
 
-
 
Advances for other fixed assets under construction
 
 
(29,116
)
 
 
(62,366
)
 
 
(62,675
)
Purchase of intangible assets
 
 
(1,500
)
 
 
-
 
 
 
-
 
Proceeds from sale of subsidiary, net of cash surrendered
    
-
      
-
      
6,149
  
Net proceeds from sale of vessels
 
 
8,474
 
 
 
8,932
 
 
 
8,431
 
Purchase of other fixed assets
 
 
(247
)
 
 
(844
)
 
 
(5,136
)
Decrease in restricted cash
 
 
4
 
 
 
-
 
 
 
385
 
Increase in restricted cash
 
 
-
 
 
 
(1,581
)
 
 
-
  
Net cash used in investing activities
 
 
(45,589
)
 
 
(58,162
)
 
 
(181,821
)
 
 
 
 
 
 
 
 
 
 
 
  
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
    
Proceeds from long-term debt
 
 
17,273
 
 
 
-
 
 
 
170,750
 
Repayment of long-term debt
 
 
(77,405
)
 
 
(26,109
)
 
 
(152,765
)
Repayment of capital lease obligation
 
 
(1,238
)
 
 
(1,267
)
 
 
(1,181
)
Net change in short-term borrowings
 
 
142,350
 
 
 
(27,482
)
 
 
124,838
  
Repurchases of common stock
 
 
(4,628
)
 
 
(19
)
 
 
-
  
Financing costs paid
 
 
(1,319
)
 
 
(390
)
 
 
(11,067
)
Dividends paid to non-controlling interest
    
-
      
-
      
(2,713
)
Dividends paid
 
 
(1,864
)
 
 
(1,860
)
 
 
(1,884
)
Net cash provided by/ (used in) financing activities
 
 
73,169
 
 
 
(57,127
)
 
 
125,978
  
 
 
 
 
 
 
 
 
 
 
 
  
 
Effect of exchange rate changes on cash and cash equivalents
 
 
(632
)
 
 
434
 
 
 
589
 
 
 
 
 
 
 
 
 
 
 
 
  
 
Net increase (decrease)  in cash and cash equivalents
 
 
(17,917
)
 
 
8,664
 
 
 
(14,671
)
Cash and cash equivalents at beginning of year
 
 
86,499
 
 
 
68,582
 
 
 
77,246
 
Cash and cash equivalents at end of year
 
$
68,582
 
 
$
77,246
 
 
$
62,575
 
 
 
 
 
 
 
 
 
 
 
 
  
 



 
F-3