PBF Energy 2013 Annual Report Download - page 76

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Cash Flow Analysis
Cash Flows from Operating Activities
Net cash provided by operating activities was $291.3 million for the year ended December 31, 2013 compared
to net cash provided by operating activities of $812.4 million for the year ended December 31, 2012. Our operating
cash flows for the year ended December 31, 2013 included our net income of $214.1 million, plus net non-cash
charges relating to depreciation and amortization of $118.0 million, change in deferred income taxes of $16.7
million, pension and other post retirement benefits costs of $16.7 million, change in the tax receivable agreement
liability of $8.5 million and stock-based compensation of $3.8 million, partially offset by the change in the fair
value of our inventory repurchase obligations of $20.5 million, changes in the fair value of our catalyst lease of
$4.7 million, and gain on sale of assets of $183 thousand. In addition, net changes in working capital reflected
uses of cash of $61.1 million driven by the timing of inventory purchases and collections of accounts receivables
as well as payments associated with the terminations of the MSCG offtake and Statoil supply agreements. Our
operating cash flows for the year ended December 31, 2012 included our net income of $804.0 million, plus net
non-cash charges relating to depreciation and amortization of $97.7 million, pension and other post retirement
benefits of $12.7 million, changes in the fair value of our catalyst lease and Toledo contingent consideration
obligations of $6.4 million, change in the fair value of our inventory repurchase obligations of $4.6 million, the
write-off of unamortized deferred financing fees related to retired debt of $4.4 million and stock-based
compensation of $2.9 million, partially offset by a gain on sales of assets of $2.3 million. In addition, net changes
in working capital used $118.0 million in cash driven by increases in hydrocarbon purchases and sales volumes
and their associated impact on inventory, accounts receivable, and hydrocarbon-related liabilities.
Net cash provided by operating activities was $812.4 million for the year ended December 31, 2012 compared
to net cash provided by operating activities of $249.3 million for the year ended December 31, 2011. During the
2011 period, our cash flows reflect only ten months of operations of our Toledo refinery, which was acquired on
March 1, 2011, and limited operations at our Delaware City refinery, which was not fully operational until October
2011. Our operating cash flows for the year ended December 31, 2011 included our net income of $242.7 million,
plus net non-cash charges relating to depreciation and amortization of $56.9 million, pension and other post
retirement benefits of $9.8 million, change in the fair value of the Toledo contingent consideration of $5.2 million
and stock-based compensation of $2.5 million, change in the fair value of our inventory repurchase obligations of
$25.3 million, partially offset by changes in the fair value of our catalyst lease obligations of $7.3 million, and net
cash used in working capital of $85.8 million.
Cash Flows from Investing Activities
Net cash used in investing activities was $313.3 million for the year ended December 31, 2013 compared
to net cash used in investing activities of $219.3 million for the year ended December 31, 2012. The net cash flows
used in investing activities for the year ended December 31, 2013 was comprised of capital expenditures totaling
$318.4 million, expenditures for turnarounds of $64.6 million, primarily at our Delaware City refinery, and
expenditures for other assets of $32.7 million, partially offset by $102.4 million in proceeds from the sale of railcars.
Net cash used in investing activities for the year ended December 31, 2012 consisted primarily of the capital
expenditures totaling $175.9 million, expenditures for turnarounds of $38.6 million, primarily at our Toledo refinery
and expenditures for other assets of $8.2 million, slightly offset by $3.4 million in proceeds from the sale of assets.
Net cash used in investing activities was $219.3 million for the year ended December 31, 2012 compared
to net cash used in investing activities of $739.2 million for the year ended December 31, 2011. Net cash used in
investing activities for the year ended December 31, 2011 consisted primarily of the acquisition of the Toledo
refinery of $168.2 million, capital expenditures totaling $488.7 million, primarily related to the reconfiguration
and re-start of our Delaware City refinery, expenditures for a turnaround at our Paulsboro refinery of $62.8 million
and expenditures for other assets of $23.3 million slightly offset by $4.7 million in proceeds from the sale of assets.
Cash Flows from Financing Activities
Net cash used in financing activities was $187.0 million for the year ended December 31, 2013 compared
to $357.4 million for the year ended December 31, 2012. For the year ended December 31, 2013, net cash used in