2. Cautionary Statement
This presentation contains forward-looking statements concerning plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements, which are other than statements of historical facts. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements and we desire to take advantage of
such safe harbor legislation. The forward-looking statements in this report are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data
contained in our records and other data available from third parties. Important assumptions relating to the forward-looking
statements include, among other things, assumptions regarding demand for our products, the cost and availability of refined marine
fuel from suppliers, pricing levels, the timing and cost of capital expenditures, competitive conditions, and general economic
conditions. These assumptions could prove inaccurate. Although we believe that these assumptions were reasonable when made,
because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to
predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or
projections.
For a more comprehensive discussion of the risk factors affecting our business please see our Annual Report on Form 20-F and other
reports filed with the U.S. Securities and Exchange Commission, a copy of which can be found on our website www.ampni.com.
Unless required by law, we disclaim any obligation to update any forward-looking statements contained in this presentation, whether
as a result of new information, future events, a change in our views or expatiations, to conform them to actual results or otherwise.
In addition, this presentation contains unaudited financial information related to our financial statements. The information provided
is for indicative purposes only. Unless required by law, we undertake no obligation to update or revise any such information.
Non-GAAP Financial Measures
Within this presentation, the Company makes reference to certain non-GAAP financial measures, which have directly comparable
GAAP financial measures as identified in this presentation. These non-GAAP measures are provided because they are used as
standard metrics by the investment community. We believe these measures will assist the investment community in properly
assessing the underlying performance of the Company.
AEGEAN MARINE PETROLEUM NETWORK INC. 2
3. HIGHLIGHTS
• Expanded Sales Volumes 6.2% to 2,729,070 in Q4 2012
compared to Q4 2011.
• Increased Gross Profit to $71.8 million in Q4 2012 and $303
million for the full-year.
• Expanded full-year EBITDA adjusted for the sale of non-core
assets to $93.6 million or 13.5% year-on-year.
• Expanded full-year Net Income adjusted for the sale of non-
core assets 37.7% to $26.0 million or $0.56 basic and diluted
earnings per share.
AEGEAN MARINE PETROLEUM NETWORK INC. 3
4. Selected Financials
(1)
Year-on-Year Comparison
(3)
4q11 4q12 YoY %
Sales Volumes (MT) 2,568,714 2,729,070 6.2%
Gross Profit (2)
$75,448 $71,849 -4.8%
EBITDA $23,856 $21,273 -10.8%
Operating Income $17,625 $13,037 -26.0%
Net Income $6,293 $5,092 -19.1%
Quarter-on-Quarter Comparison
3q12 4q12 (3)
QoQ %
Sales Volumes (MT) 2,716,388 2,729,070 0.5%
Gross Profit (2)
$74,389 $71,849 -3.4%
EBITDA $24,574 $21,273 -13.4%
Operating Income $15,074 $13,037 -13.5%
Net Income $8,018 $5,092 -36.5%
(1) All amounts are in thousands of USD unless otherwise specified.
(2) Gross Profit = Total Revenue – Total Cost of Sales
(3) Figures adjusted for sale of non-core asset
AEGEAN MARINE PETROLEUM NETWORK INC. 4
5. Substantial EBITDA Growth
100,000
90,000
80,000
70,000
$,000
60,000
50,000
40,000
30,000
20,000
10,000
-
2005 2006 2007 2008 2009 2010 2011 2012
Note: Figures are adjusted to exclude one-time loss on sale of vessels
AEGEAN MARINE PETROLEUM NETWORK INC. 5
6. Built-in Fleet Capacity to Further Scale Business
• Modern fleet consisting of 67 (58 owned and 9 Fleet Size and Hull Type
chartered) bunkering vessels including a specialty 80
tanker and 3 owned floating storage vessels 60
• Average age of fleet is 10 years, with 32 vessels less
40
than 5 years old
20
• Modern vessels equipped with:
– Segregated cargo tanks allowing for 0
2006 2007 2008 2009 2010 2011 2012
transportation of multiple grades of fuel
Double Hull Single Hull
– High-capacity fuel pumps
Aegean Fleet
Current Average Size Average Age % Double Hull
Number of Vessels/Barges 67 5,000 dwt 10 years 87%
AEGEAN MARINE PETROLEUM NETWORK INC. 6
7. Continued Progress Marketing & Distributing
Marine Lubricants
• ALFA marine lubricants part of a comprehensive
solution for Aegean customers
• Product availability in more that 550 ports worldwide
• Estimated annual global market size of 2mm metric
tons
Lubricant Volume (mt)
30,000
25,000
20,000
15,000
10,000
5,000
-
2007 2008 2009 2010 2011 2012
AEGEAN MARINE PETROLEUM NETWORK INC. 7
9. Utilization
(1)
(metric tons delivered per vessel per day)
700 50
600 45
500
40 (3)
Fleet Size
400
Volume
35
300
30
200
100 25
0 20
1q09 2q09 3q09 4q09 1q10 2q10 3q10 4q10 1q11 2q11 3q11 4q11 1q12 2q12 3q12 4q12
(2)
Gross Adjusted Fleet
Volume Sensitivity Analysis (4)
MT Delivered per Vessel per Day Total Annual Sales Volume (mt) (1) Utilization is measured as volume (in metric tons) delivered per average number of
ocean-going bunkering vessel per day. Utilization data does not include inland and
estuary barge utilization figures
400 9,700,000 (2) Adjusted figure excludes non-operating (off-hire) days caused by both scheduled and
unscheduled maintenance requirements and charter hire days
(3) Fleet size for utilization calculation refers to ocean-going bunkering tankers
500 11,250,000 exclusively
(4) Assumes 360 operating work days per vessel per year, 41.1 ocean-going bunkering
vessels and a flat utilization run-rate basis 2012 on non-ocean going inland and
600 12,800,000 estuary barge vessels
700 14,400,000
800 15,900,000
AEGEAN MARINE PETROLEUM NETWORK INC. 9
10. Profitability (1,2,)
$90,000 60%
$80,000
50%
$70,000
$60,000 40%
$50,000
30%
$40,000
$30,000 20%
$20,000
10%
$10,000
$- 0%
Gross Profit EBITDA Margin
(1) EBITDA Margin is calculated as EBITDA divided by Net Revenue.
(2) EBITDA figures are adjusted for gains/losses on sale of non-core assets
AEGEAN MARINE PETROLEUM NETWORK INC. 10
11. Working Capital
35
30
25
20 DIO
Days
DSO
15
DPO
CCC
10
5
0
2q09 3q09 4q09 1q10 2q10 3q10 4q10 1Q11 2Q11 3Q11 4q11 1q12 2q12 3q12 4q12
(1) DIO= Days Inventory Outstanding, DSO= Days Sales Outstanding, DPO= Days Payable Outstanding, CCC= Cash Conversion Cycle
AEGEAN MARINE PETROLEUM NETWORK INC. 11
12. Balanced Capital Allocation Strategy Drives
Shareholder Value Creation
Key Balance Sheet Data as of December 31, 2012
Cash $ 77,246
Trade Receivables (net) 474,235
Inventory 180,826
Other Current Assets 55,488
Trade Payables (242,899)
Trade Finance Debt (440,002)
Fixed Asset Debt (213,285)
(1)
Net Debt $ 108,390
Fixed Assets $ 568,339
• Financial flexibility and balanced capital allocation strategy position Aegean to return value to shareholders
while continuing to invest in growth
• One million share repurchase plan in place
• Built in fleet capacity allows for flexible, strategic market reactions
• Solid financial foundation to manage commodity price fluctuations
• $1.4 billion in working capital and supplier credit allows Aegean Marine to manage volatile marine
fuel prices and procure large quantities of supply at a discount relative to competitors
(1) Net Debt = Total current assets – Trade Payables, Trade Credit Financing, Fixed Asset and Corporate Debt
AEGEAN MARINE PETROLEUM NETWORK INC. 12
13. Financial Flexibility to Invest in Growth and
Return Capital to Shareholders
• Significant Financial Liquidity with Working Capital Facilities (,000)
over $1 Billion in Available Credit $1,200
– Ability to better manage commodity price
fluctuations 968
$1,000 943
– Bulk purchases provide pricing power
relative to competitors
$800
706
• Superior Financing Terms on Newbuild
Vessels $600
– Reduces cost of capital and improves 420
profitability $400 320
300
• Strong Capital Structure
$200
– Net Debt of $108 million 75
– Fixed asset debt to ttm EBITDA of 2.4x
$-
At IPO 2007 2008 2009 2010 2011 2012
AEGEAN MARINE PETROLEUM NETWORK INC. 13
14. Creating Long Term Value by Entering New Markets,
Diversifying Revenue and Enhancing Flexibility
• Strategically expanding global footprint, driving business revenues
and increasing global market share
• Scalable global network allows for increased asset utilization and
flexibility as macro conditions improve
• Strategically located storage capacity diversifies business by
providing opportunities to generate substantial income from
leasing storage space to third parties
• Strengthening integrated marine fuel logistics chain via strategic
expansion and disposition of older non-core assets
– 10 vessels sold to date yielding a savings of approximately $20m in annual
operating expense
AEGEAN MARINE PETROLEUM NETWORK INC. 14
15. Strategically Improving Geographic Mix
Start-Up Acquisitions
West Africa 1Q 2008 Northern Europe – Bunkers at Sea 4Q 2007
Patras 1Q 2009 United Kingdom – Portland 4Q 2007
Tanger-Med 1Q 2009 Vancouver, Montreal, Mexico – ICS 3Q 2008
Trinidad and Tobago 2Q 2009 Amsterdam, Rotterdam, Antwerp – Verbeke 1Q 2010
Cape Verde 1Q 2011 Las Palmas 2Q 2010
Panama 2Q 2011
Tenerife 2Q 2011
Hong Kong 3Q 2012
Barcelona 1Q 2013
Geographic Markets 20 21 +
19
16
14
11
5 7
3 4
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
AEGEAN MARINE PETROLEUM NETWORK INC. 15
16. Unique Offerings with Global Reach and
Diverse Customer Base
• Aegean’s customers include commercial shipping companies, cruise lines, marine fuel traders and brokers
as well as oil majors
• Strong, diverse customer base, sophisticated credit management systems and a global footprint mitigate
counterparty and market risk and provide top-line predictability
• No customer accounts for more than 10% of total revenues
Sales by Client Sector 4Q12 Volume by Market
Chemical Reefers LPG/LNG Canary
Other Piraeus /
Tankers Islands
Tankers Panama Patras
Cruise Ships Gibraltar
U.A.E.
N.W.E.
Car Carriers Singapore
Bulkers Jamaica
Containers
Morocco U.K. West Africa
Trinidad Vancouver Kong
Hong
AEGEAN MARINE PETROLEUM NETWORK INC. 16
17. Streamlining Cost Structure and Leveraging
Fixed Costs
• Successfully reduced operating expenses in three
consecutive quarters
• Sale of ten older, non-core vessels yields approximately
$20m in annual operating savings
• Movement from floating to land based storage capacity
mitigates costly ongoing operating and maintenance
expense while enhancing purchasing power and providing
additional revenue streams
AEGEAN MARINE PETROLEUM NETWORK INC. 17
18. Global Storage Capacity Enhances Purchasing
Power and Product Availability
STORAGE
• Enhanced, stable product Location Type Capacity
availability in key markets Fujairah
Expected completion 4Q13
Land 465,000 m3
• Augmented buying power via bulk Jamaica Land 80,000 m3
Available development site
purchases
Portland Land 40,000 m3
• Generate incremental income Tanger-Med Land 218,000 m3
through leasing of excess storage Panama Land 570,000 m3
space to third-parties Las Palmas Land 65,000 m3
Barcelona Land 52,000 m3
APPROXIMATE TOTAL Land 1,490,000 m3
Gibraltar Floating 84,040 dwt
Fujairah Floating 83,890 dwt
Mediterranean Floating 19,894 dwt
Amsterdam- Rotterdam-Antwerp Floating 2,500 dwt
APPROXIMATE TOTAL Floating 190,324 dwt
AEGEAN MARINE PETROLEUM NETWORK INC. 18
19. Well-Positioned to Benefit from Positive
Macro Trends
• Global GDP growth forecast of 3.5%
and 4.1% in 2013 and 2014
respectively (1)
• Global marine market to expand 5% to
(2)
6% annually through 2015
• Chinese PMI for January 2013 highest
reading in 24 months (3)
World GDP and Bunker Demand
Bunker Demand (,000 mt/ year)
• Continued expansion of world 120,000 350,000
Global GDP (USD Trillions)
100,000 300,000
250,000
seaborne trade and world fleet driving 80,000
200,000
60,000
demand for all grades of marine fuel 40,000
150,000
100,000
20,000 50,000
- 0
World GDP Bunker Demand
Source: IEA, EPA, Company Estimates
(1) IMF “World Economic Update” January 2013
(2) IHS Global Insight
(3) HSBC
AEGEAN MARINE PETROLEUM NETWORK INC. 19
20. Uniquely Positioned to Drive Profitability
• Well-positioned to capitalize on emerging trends
• Poised for long-term, sustainable growth; immune
to many headwinds facing shipping industry
• Diversified revenue streams, market leadership and
operational infrastructure create significant barriers
to entry
• Track record of strong financial results
• Capital allocation strategy focused on driving
shareholder value
• Creating long term value by entering new markets
and further diversifying revenue
AEGEAN MARINE PETROLEUM NETWORK INC. 20
