PBF Energy Financials

$5.5 B

Revenue Q3, 2017

$4.3 B

Mkt cap, 18-Apr-2018
Gross profit (Q3, 2017)648 M
Gross profit margin (Q3, 2017), %11.8%
Net income (Q3, 2017)347.2 M
EBIT (Q3, 2017)587.2 M
Cash, 30-Sep-2017300.9 M
EV6.2 B

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Revenue

19.2 b19.8 b13.1 b15.9 b

Revenue growth, %

4%(34%)21%

EBIT

319.9 m150.7 m360.1 m498.9 m

EBIT margin, %

2%1%3%3%

Interest expense

93.8 m98.8 m106.2 m150 m

Interest income

93.8 m98.8 m106.2 m150 m

Pre tax profit

230.8 m55.9 m282.3 m363.2 m

Income tax expense

16.7 m(22.4 m)86.7 m137.7 m

Net Income

214.1 m78.3 m195.5 m225.5 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Revenue

4.9 b4.7 b5.3 b5.3 b3 b3.6 b3.2 b2.8 b3.9 b4.5 b4.8 b5 b5.5 b

Cost of goods sold

4.8 b

Gross profit

648 m

Gross profit Margin, %

12%

General and administrative expense

30.7 m36.6 m33 m34.3 m36 m39.2 m53.3 m37.6 m43.4 m44 m43.8 m41.1 m58.3 m

Operating expense total

30.7 m36.6 m33 m34.3 m36 m39.2 m53.3 m37.6 m43.4 m44 m43.8 m41.1 m58.3 m

EBIT

(55.6 m)260.2 m87.9 m284.1 m172.4 m273.8 m90.1 m(5.4 m)234.8 m129.7 m694 k(111.1 m)587.2 m

EBIT margin, %

(1%)5%2%5%6%8%3%0%6%3%0%(2%)11%

Interest expense

26.2 m25.3 m26.2 m24.4 m22.2 m26.9 m28 m37.5 m35.9 m38.5 m37.2 m40.7 m37 m

Pre tax profit

(84.2 m)233 m59.3 m265.3 m152.3 m248.9 m67 m(45.8 m)197.1 m88.1 m(39.1 m)(176.2 m)551.2 m

Income tax expense

(19.3 m)49.7 m13.5 m95.3 m49.1 m90.4 m11.5 m(22.5 m)76.4 m31.7 m(19 m)(72 m)204 m

Net Income

(64.9 m)183.3 m45.8 m170 m103.1 m158.5 m55.5 m(23.3 m)120.6 m56.4 m(20 m)(104.2 m)347.2 m

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Cash

77 m397.9 m944.3 m746.3 m

Accounts Receivable

596.6 m551.3 m454.8 m620.2 m

Inventories

1.4 b1.1 b1.2 b1.9 b

Current Assets

2.2 b2.3 b3 b3.4 b

PP&E

1.8 b1.9 b2.4 b3.3 b

Total Assets

4.4 b5.2 b6.1 b7.6 b

Accounts Payable

402.3 m335.3 m315.7 m535.9 m

Short-term debt

12 m39.7 m

Current Liabilities

1.6 b1.5 b1.5 b2.1 b

Long-term debt

723.5 m1.3 b1.8 b2.1 b

Total Debt

735.6 m1.3 b1.8 b2.1 b

Additional Paid-in Capital

657.5 m1.5 b1.9 b2.2 b

Retained Earnings

3.6 m(123.3 m)(83.5 m)(44.9 m)

Total Equity

1.7 b1.7 b2.1 b2.6 b

Debt to Equity Ratio

0.4 x0.7 x0.9 x0.8 x

Debt to Assets Ratio

0.2 x0.2 x0.3 x0.3 x

Financial Leverage

2.6 x3.1 x2.9 x3 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Cash

57.4 m237.1 m317.5 m477.4 m449.5 m623.8 m472.8 m740.3 m1.4 b625.4 m306.1 m173 m300.9 m

Accounts Receivable

577.9 m529.6 m713.2 m698.4 m441.2 m540.2 m395.6 m541.5 m647.9 m653.6 m610.2 m611.6 m776 m

Inventories

1.5 b1.5 b1.7 b1.8 b1.1 b1.3 b1.1 b1.2 b1.3 b1.8 b2.1 b1.9 b2.3 b

Current Assets

2.2 b2.4 b2.8 b3 b2.3 b2.7 b2.3 b3 b3.9 b3.5 b3.1 b2.7 b3.4 b

PP&E

1.7 b1.8 b1.8 b1.9 b1.9 b2 b2 b2.4 b2.5 b3.3 b3.4 b3.5 b3.5 b

Total Assets

4.3 b4.7 b5.7 b5.9 b5.2 b5.5 b5.1 b6.2 b7 b7.5 b7.5 b7.5 b8 b

Accounts Payable

563.9 m246.8 m339.2 m377.3 m313.2 m354.6 m212.8 m388.2 m373.8 m369.7 m380.6 m449.2 m447.6 m

Short-term debt

13 m135.9 m59.7 m

Current Liabilities

1.6 b1.6 b1.9 b1.8 b1.4 b1.6 b1.1 b1.6 b1.9 b2 b2 b2.1 b2.3 b

Long-term debt

722.6 m710.3 m1 b1.1 b1.3 b1.4 b1.4 b1.8 b2.2 b2.3 b2.1 b2.2 b2.2 b

Total Debt

722.6 m710.3 m1 b1.1 b1.3 b1.4 b1.4 b1.8 b2.4 b2.4 b2.1 b2.2 b2.2 b

Total Liabilities

2.7 b2.9 b3.6 b3.7 b3.4 b3.7 b3.2 b4.1 b4.8 b5.2 b5 b5.1 b5.3 b

Common Stock

88 k92 k92 k92 k93 k93 k93 k94 k94 k94 k

Additional Paid-in Capital

659.7 m1.2 b1.5 b1.5 b1.6 b1.6 b1.6 b1.9 b1.9 b2 b2.3 b2.3 b2.3 b

Retained Earnings

64.6 m64.7 m179.3 m

Total Equity

1.6 b1.8 b2.1 b2.2 b1.8 b1.9 b1.9 b2 b2.2 b2.3 b2.5 b2.4 b2.7 b

Financial Leverage

2.6 x2.6 x2.8 x2.7 x2.9 x3 x2.7 x3 x3.2 x3.3 x3 x3.2 x3 x

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

214.1 m78.3 m195.5 m225.5 m

Accounts Receivable

(92.9 m)45.4 m97.6 m(165.4 m)

Inventories

46 m(394 m)(271.9 m)236.6 m

Accounts Payable

42.2 m(67 m)(24.3 m)217.6 m

Cash From Operating Activities

291.3 m456.3 m560.4 m651.9 m

Purchases of PP&E

(318.4 m)(476.4 m)(354 m)(298.7 m)

Cash From Investing Activities

(313.3 m)(663.6 m)(812.1 m)(1.4 b)

Long-term Borrowings

Dividends Paid

(37.9 m)(88.6 m)(106.6 m)(117.5 m)

Cash From Financing Activities

(187 m)528.2 m798.1 m544 m

Interest Paid

92.8 m98.5 m100.4 m146.1 m

Income Taxes Paid

1.1 m65.5 m124 m3.8 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2017Q3, 2017

Net Income

(64.9 m)183.3 m45.8 m170 m103.1 m(124.2 m)223 m

Depreciation and Amortization

27.4 m33.2 m34.7 m68 m47.7 m134.6 m215.1 m

Accounts Receivable

8.5 m(155.8 m)

Inventories

(178.7 m)(349.2 m)

Accounts Payable

(138.8 m)(102.5 m)

Cash From Operating Activities

322.2 m

Purchases of PP&E

(220.4 m)(267.2 m)

Cash From Investing Activities

(428.6 m)(609.9 m)

Dividends Paid

(65.8 m)(98.7 m)

Cash From Financing Activities

(109.9 m)(157.7 m)

Ratios

USDY, 2017

EV/EBIT

10.5 x

EV/CFO

19.2 x

Revenue/Employee

1.7 m

Financial Leverage

3 x
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