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Aegean: 35% decline in 2014 net income despite record sales volumes

17 Mar 2015 10:48 GMT

Supplier posts a 14 percent rise in sales volumes, but net income fell by $9.47 million to $17.59 million in 2014.



Aegean Marine Petroleum Network Inc. has announced that net income attributable to shareholders declined by $9,473,000, or 35 percent, to $17,590,000 in 2014, down from $27,063,000 the previous year despite a 14 percent increase in sales volumes.

2014 figures

Sales volumes in 2014 increased by 1,391,324 tonnes, or 14.0 percent, to 11,332,385 metric tonnes, up from 9,941,061 tonnes in 2013. It is the first annual volume rise since 2011. (Please view the table of annual sales volumes below).

Total revenues rose by $327,286,000, or 5.2 percent, to $6,662,015,000, up from $6,334,729,000 during the previous 12 months.

Gross profit in 2014 increased by $49,171,000, or 17.2 percent, to $335,163,000, up from $285,992,000 in 2013.

Operating income in 2014 was $57,916,000, representing an increase of $9,163,000, or 18.8 percent, on the $48,753,000 recorded the previous year.

The 2014 results show that despite a rise in sales volumes, total revenues, gross profit and operating income, there was an overall decline in net income as a result of a higher net financing cost, foreign exchange losses and income tax expenses compared to 2013.

Also, the total cost of revenues was $278,115,000, or 4.6 percent higher in 2014 than the previous year ($6,326,852,000 versus $6,048,737,000), and operating expenses rose by $40,008,000, or 16.9 percent, from $237,239,000 to $277,247,000.

Fourth quarter 2014

Net income attributable to shareholders for the last three months of 2014 rose by $504,000,000, or 7.2 percent, to $7,516,000, up from $7,012,000 during the corresponding period in 2013.

The rise in net income was achieved despite a fall in total revenues and was aided by a $42,894,000 decline in the total cost of revenues ($1,352,570 during the last quarter of 2014 versus $1,395,464,000 in 2013).

Total revenues decreased by $32,692,000, or 2.2 percent, to $1,437,738,000, down from $1,470,430,000 during the same period in 2013.

Sales volumes during the fourth quarter of 2014 rose by 623,684 tonnes, or 26.2 percent, to 3,008,060 metric tonnes, up from 2,384,376 tonnes in 2013.

Gross profit during the last quarter of 2014 increased by $10,202,000, or 13.6 percent, to $85,168,000, up from $74,966,000 in 2013.

Operating income during the last three months of 2014 was $18,456,000, representing an increase of $3,962,000, or 27.3 percent, on the $14,494,000 recorded the previous year.

Commenting on the results, E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, said: "2014 was a landmark year for Aegean. We took advantage of recent sector turbulence to expand into new markets, and announced new operations across four continents. We have already fully integrated our new operations in the Gulf of Mexico and the Port of Los Angeles, and are close to completing the integration of our new operations in Hamburg, Germany, and St. Petersburg, Russia. In addition, we launched our long-awaited Fujairah storage facility, fully integrated our U.S. East Coast operations, and continued to streamline our expenses to maximize utilization of our fleet. We are proud to have significantly grown our company and delivered solid results despite industry-wide headwinds."

"Throughout 2014 we successfully executed on our strategy to streamline and our infrastructure and leverage our full-year results, which include fourth quarter and full-year operating income growth of 42 and 47 percent respectively. Looking ahead, we expect to continue building on our strong momentum in 2015 to deliver continued bottom line growth. We look forward to evaluating additional expansion opportunities and leveraging our strengthened global position to drive continued growth and value creation."

Spyros Gianniotis, Aegean's Chief Financial Officer, stated: "Aegean continues to successfully execute on a strategy of expanding/ enhancing its global offering while streamlining its operating platform and has achieved strong growth despite market volatility. Notably, we upsized and priced our previously announced 4.00 percent Convertible Senior Notes due 2018, which will provide us with additional liquidity to continue pursuing growth opportunities.

"Going forward we will continue to vigilantly monitor our capital allocation to capitalize on our expanded global scale and world-class integrated logistics platform and enhance shareholder value. I'd like to welcome all of our new employees around the world, and thank our dedicated team for their strong execution that is allowing us to enhance value for our shareholders."

Summary of annual sales volumes (in metric tonnes)

2007 - 3,437,269
2008 - 5,200,256
2009 - 6,192,755
2010 - 10,308,210
2011 - 10,646,271
2012 - 10,620,864
2013 - 9,941,061
2014 - 11,332,385






Related Links:

Aegean launches new marketing and trading division
Aegean to open office in Russia with five ex-OW staff
Aegean appoints Adrian Tolson as MD of U.S. subsidiary
Aegean announces proposed offering of $40m of 4.00% convertible senior notes
Aegean to launch bunkering operation in Germany

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