Western Refining Financials

Revenue/Financials

Income Statement

Annual

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

Revenue

10.1 b15.2 b9.8 b7.7 b

Revenue growth, %

50%(35%)(21%)

Cost of goods sold

8.7 b12.7 b7.5 b6 b

Gross profit

1.4 b2.4 b2.3 b1.8 b

Gross profit Margin, %

14%16%23%23%

General and administrative expense

23.4 m

Operating expense total

23.4 m

EBIT

571.9 m1.1 b930.1 m343.4 m

EBIT margin, %

6%7%10%4%

Interest income

746 k1.2 m703 k692 k

Pre tax profit

453.5 m1 b838.4 m241.9 m

Income tax expense

153.9 m292.6 m224 m54.9 m

Net Income

299.6 m710.1 m614.4 m187 m

Quarterly

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

Revenue

2.4 b3.7 b4.4 b4.1 b2.3 b2.8 b2.6 b1.5 b812.3 m732.3 m826.7 m

Cost of goods sold

2.2 b3.2 b3.7 b3.4 b1.7 b2.2 b1.9 b1 b626.1 m584.7 m703.7 m

Gross profit

270 m564.4 m620.1 m672.8 m577.4 m651 m673.3 m408.1 m186.2 m147.6 m123 m

Gross profit Margin, %

11%15%14%17%25%23%26%28%23%20%15%

General and administrative expense

28.8 m58.7 m54.6 m57.2 m55.8 m59.5 m54.5 m53.3 m56.1 m57.3 m58.6 m

Operating expense total

2.4 b3.5 b4 b3.7 b2.1 b2.5 b2.2 b1.4 b1.9 b2 b2.3 b

EBIT

94.1 m204.2 m310.6 m348.7 m256 m315.4 m332.6 m78.6 m163.5 m86.9 m53.1 m

EBIT margin, %

4%5%7%9%11%11%13%5%20%12%6%

Interest income

155 k195 k221 k483 k163 k201 k186 k164 k131 k141 k108 k

Pre tax profit

79.4 m176.9 m284 m328.1 m234.4 m292.3 m310.2 m58.2 m141 m56 m26.4 m

Income tax expense

(29.1 m)(49.2 m)(93.4 m)(80.7 m)(59.4 m)(78.4 m)(92.1 m)(18.6 m)(38.2 m)(11.7 m)(5.4 m)

Net Income

50.3 m127.7 m190.6 m247.4 m175 m213.9 m218.1 m39.6 m102.9 m44.3 m21 m

Balance Sheet

Annual

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

Cash

468.1 m431.2 m772.5 m268.6 m

Inventories

557.4 m629.2 m547.5 m772 m

Current Assets

1.8 b1.8 b1.9 b1.7 b

PP&E

2.1 b2.2 b2.3 b2.4 b

Goodwill

1.3 b1.3 b1.3 b1.3 b

Total Assets

5.5 b5.7 b5.8 b5.6 b

Accounts Payable

879 m681.8 m554 m753.9 m

Short-term debt

213.6 m5.5 m5.5 m10.5 m

Current Liabilities

1.4 b1 b807.9 m984 m

Long-term debt

1.2 b1.5 b1.6 b1.9 b

Non-Current Liabilities

1.5 b1.9 b2.1 b2.3 b

Total Debt

1.4 b1.5 b1.7 b1.9 b

Total Liabilities

2.9 b2.9 b2.9 b3.3 b

Additional Paid-in Capital

625.8 m487.7 m492.8 m633.4 m

Retained Earnings

624.2 m890.4 m1.2 b1.1 b

Total Equity

2.6 b2.8 b2.9 b1.7 b

Debt to Equity Ratio

0.5 x0.5 x0.6 x1.1 x

Debt to Assets Ratio

0.3 x0.3 x0.3 x0.3 x

Financial Leverage

2.1 x2 x2 x3.3 x

Quarterly

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

Cash

371.1 m431.6 m531.8 m650.2 m463.1 m543.9 m709.6 m593.1 m198.3 m266.1 m160 m

Inventories

266.4 m616.3 m546.5 m667.3 m673.1 m687.1 m651.8 m683.6 m659.4 m660.7 m829 m

Current Assets

1.3 b1.9 b2.1 b2.2 b1.8 b2.1 b2 b1.9 b1.7 b1.8 b1.6 b

PP&E

1.2 b2.1 b2.1 b2.1 b2.2 b2.2 b2.2 b2.3 b2.3 b2.4 b2.4 b

Goodwill

1.3 b1.3 b1.3 b1.3 b1.3 b1.3 b1.3 b1.3 b1.3 b1.3 b

Total Assets

2.5 b5.6 b5.8 b5.9 b5.7 b6 b5.9 b5.8 b5.5 b5.7 b5.5 b

Accounts Payable

540.8 m945 m969.4 m817.7 m592.3 m725.4 m573.7 m562.4 m717.4 m634.7 m678.6 m

Short-term debt

204.3 m5.7 m5.7 m5.7 m5.5 m5.5 m5.5 m5.5 m10.5 m10.5 m10.5 m

Current Liabilities

911.1 m1.2 b1.3 b1.1 b887.1 m1 b911.9 m786.7 m924.6 m861.4 m895.2 m

Long-term debt

300 m300 m422.8 m313.2 m312.8 m313.5 m

Non-Current Liabilities

720.9 m1.7 b1.5 b1.6 b2 b1.9 b1.9 b2.1 b2.5 b2.6 b2.3 b

Total Debt

204.3 m5.7 m5.7 m5.7 m5.5 m305.5 m305.5 m428.3 m323.7 m323.3 m324 m

Additional Paid-in Capital

624.6 m626.4 m485.6 m486.6 m489.1 m490.7 m491.8 m492.8 m546.1 m550.9 m630.7 m

Retained Earnings

649.1 m689 m825 m985.4 m967.7 m1.1 b1.2 b1.2 b1.1 b1.1 b1 b

Total Equity

917.1 m2.7 b3 b3.1 b2.9 b3 b3 b2.9 b2.1 b2.3 b2.3 b

Financial Leverage

2.8 x2.1 x1.9 x1.9 x2 x2 x1.9 x2 x2.7 x2.5 x2.4 x

Cash Flow

Annual

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

Net Income

299.6 m710.1 m614.4 m187 m

Depreciation and Amortization

13 m17.4 m26.9 m39.2 m

Accounts Receivable

(129.5 m)132.1 m108.6 m(64.8 m)

Inventories

37.8 m(71.8 m)81.7 m(91 m)

Cash From Operating Activities

441.2 m737.6 m843.1 m383.7 m

Capital Expenditures

(205.7 m)(223.3 m)(290.9 m)(301 m)

Cash From Investing Activities

(895.9 m)(380.9 m)(191.8 m)(226.3 m)

Long-term Borrowings

(325.4 m)(6.1 m)(7.4 m)(135.4 m)

Dividends Paid

(52.5 m)(293.7 m)(129.2 m)(153.7 m)

Cash From Financing Activities

468.8 m(393.7 m)(309.9 m)(661.3 m)

Interest Paid

1.8 m

Income Taxes Paid

1 k

Free Cash Flow

646.8 m960.9 m1.1 b82.8 m

Quarterly

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

Net Income

50.3 m127.7 m190.6 m247.4 m175 m15.9 m16.5 m14 m17.9 m6.9 m19.9 m

Depreciation and Amortization

27.7 m46.4 m47.8 m46.9 m49.9 m4.7 m5 m7.1 m7.3 m10.6 m9.7 m

Inventories

546.5 m667.3 m15 m16.2 m17.4 m12.5 m10.6 m11.1 m60 k

Accounts Payable

969.4 m817.7 m592.3 m725.4 m573.7 m562.4 m717.4 m634.7 m678.6 m