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PBF ENERGY INC. AND
PBF HOLDING COMPANY LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT, PER SHARE, PER UNIT AND BARREL DATA)
F- 67
23. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING
CONSOLIDATING STATEMENT OF CASH FLOW
Year Ended December 31, 2011
Issuer
Guarantors
Subsidiaries
Non-
Guarantors
Subsidiaries
Combining
and
Consolidated
Adjustments Total
Cash flows from operating activities
Net income (loss) $ 242,671 $ 326,170 $ — $ (326,170) $ 242,671
Adjustments to reconcile net income to net
cash from operating activities:
Depreciation and amortization 4,877 52,042 — — 56,919
Stock based compensation — 2,516 — — 2,516
Change in fair value of catalyst lease obligation — (7,316)— —
(7,316)
Change in fair value of contingent consideration — 5,215 — — 5,215
Non-cash change in inventory repurchase obligations — 25,329 — — 25,329
Pension and other post retirement benefit costs 1,241 8,527 — — 9,768
Equity in earnings of subsidiaries (326,170) — — 326,170 —
Changes in operating assets and liabilities, net of effects of
acquisitions
Accounts receivable — (279,315)— —
(279,315)
Inventories — (512,054)— —
(512,054)
Other current assets (8,896) (48,057)— —
(56,953)
Accounts payable 4,456 245,309 — — 249,765
Accrued expenses 46,724 348,369 — — 395,093
Deferred revenue — 122,895 — — 122,895
Other assets and liabilities (1,029) (4,222)— —
(5,251)
Net cash from operating activities (36,126) 285,408 — — 249,282
Cash flows from investing activities
Acquisition of the Toledo Refinery, net of cash received
for sale of assets — (168,156)— —
(168,156)
Expenditures for property, plant and equipment (17,202) (471,519)— —
(488,721)
Expenditures for refinery turnarounds costs — (62,823)— —
(62,823)
Expenditures for other assets — (23,339)— —
(23,339)
Proceeds from sale of assets — 4,700 — — 4,700
Amounts due to/from related parties (750,630) — — 750,630 —
Other —(854)——
(854)
Net cash used in investing activities (767,832) (721,991) — 750,630 (739,193)
Cash flows from financing activities
Proceeds from member contributions 408,397 — — — 408,397
Proceeds from long-term debt 470,000 18,894 — — 488,894
Proceeds from catalyst lease — 18,624 — — 18,624
Repayments of long-term debt (201,250) (19,151)— —
(220,401)
Repayment of seller note for inventory — (299,645)— —
(299,645)
Amounts due to/from related parties 750,630 (750,630)—
Deferred financing costs and other (10,737) (512)— —
(11,249)
Net cash (used in) provided by financing activities 666,410 468,840 — (750,630) 384,620
Net (decrease) increase in cash and cash equivalents (137,548) 32,257 — — (105,291)
Cash and equivalents, beginning of period 140,672 14,785 — — 155,457
Cash and equivalents, end of period $ 3,124 $ 47,042 $ — $ — $ 50,166