PBF Energy 2013 Annual Report Download - page 65

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58
Results of Operations
The following tables reflect our financial and operating highlights for the years ended December 31, 2013,
2012 and 2011 (amounts in thousands, except per share data) except for income taxes, net income attributable to
noncontrolling interest and earnings per share, each of which apply only to the financial results of PBF Energy. In
addition, general and administrative expenses for PBF Energy for the year ended December 31, 2013 include a
charge of $8.5 million associated with a change in the tax receivable agreement liability. PBF Holding's interest
expense also includes interest related to an intercompany note with PBF Energy, which is eliminated in
consolidation.
Year Ended December 31,
2013 2012 2011
Revenue $ 19,151,455 $ 20,138,687 $ 14,960,338
Cost of sales, excluding depreciation 17,803,314 18,269,078 13,855,163
Gross refining margin (1) 1,348,141 1,869,609 1,105,175
Operating expenses, excluding depreciation 812,652 738,824 658,831
General and administrative expenses 104,334 120,443 86,183
Gain on sale of asset (183)(2,329)—
Acquisition-related expenses — — 728
Depreciation and amortization expense 111,479 92,238 53,743
Income from operations 319,859 920,433 305,690
Change in fair value of contingent
consideration —(2,768)(5,215)
Change in fair value of catalyst leases 4,691 (3,724) 7,316
Interest income (expense), net (93,784)(108,629)(65,120)
Income before income taxes 230,766 805,312 242,671
Income tax expense 16,681 1,275 —
Net income 214,085 804,037 $ 242,671
Less: net income attributable to
noncontrolling interest 174,545 802,081
Net income attributable to PBF Energy Inc. $ 39,540 $ 1,956
Gross margin $ 436,867 $ 1,046,598 $ 417,962
Net income available to Class A common stock
per share:
Basic $ 1.22 $ 0.08
Diluted $ 1.20 $ 0.08
——————————
(1) See Gross Refining Margin below.