PBF Energy 2012 Annual Report Download - page 53
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Selected Historical Financial Data of Paulsboro, PBF LLC’s Predecessor
The following table presents Paulsboro’s selected historical financial data. We refer to Paulsboro as PBF
LLC’s “Predecessor” or “Predecessor Paulsboro,” as prior to its acquisition PBF LLC generated substantially no
revenues and prior to the acquisition of Paulsboro and the Delaware City assets, was a new company formed to
pursue acquisitions of crude oil refineries and downstream assets in North America. At the time of its acquisition,
Paulsboro represented the major portion of PBF LLC’s business and assets.
The financial information of Predecessor Paulsboro, are presented as of, and for the years ended,
December 31, 2009 and 2008 and for the period from January 1, 2010 through December 16, 2010 and as of
December 16, 2010, periods prior to PBF LLC’s acquisition. These financial statements were prepared by the
former management of Predecessor Paulsboro and audited by Predecessor Paulsboro’s independent registered
public accounting firm. The financial information of Predecessor Paulsboro presented herein may not be
representative of the operations of PBF going forward for the following reasons, among others:
• Both PBF LLC’s financial statements and Paulsboro’s financial statements contain items which require
management to make considerable judgments and estimates. There can be no assurance that the
judgments and estimates made by PBF LLC’s management will be identical or even similar to the
historical judgments and estimates made by Paulsboro’s former management.
• The financial statements of Paulsboro contain allocations of certain general and administrative
expenses and income taxes specific to Valero.
• The financial statements of Paulsboro reflect depreciation and amortization expense and asset
impairment losses based on Valero’s historical cost basis for the applicable assets. PBF LLC’s cost
basis in such assets is different.
The historical financial data and other statistical data presented below should be read in conjunction with
Paulsboro’s financial statements and the related notes thereto for the period from January 1, 2010 through
December 16, 2010 and as of December 16, 2010, included elsewhere in this Annual Report on Form 10-K, and
the section entitled “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of
Operations—Results of Operations.” The historical financial data for Paulsboro as of and for the years ended
December 31, 2009 and 2008 has been derived from audited financial statements not included in this Annual
Report on Form 10-K.
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