Archive for the ‘energy’ Category

Parkland to expand its Canadian convenience and retail fuel network with acquisition of select Husky branded locations

CALGARY, AB, Nov. 30, 2021 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), a leading consolidator of convenience retail and fuel marketing businesses, announced today it has entered into an agreement to acquire approximately 156 retail locations, from Cenovus Energy Inc. (”the Acquisition”). This Acquisition bolsters Parkland’s existing Canadian convenience retail network by adding high-quality retail locations in Greater Vancouver, Vancouver Island, Calgary, and the Greater Toronto area.

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“This acquisition is a natural fit for Parkland,” said Donna Sanker, President Parkland Canada. “Consistent with our recently announced strategy to develop our retail network in key Canadian markets and diversify our retail business to better serve our customers, it provides an opportunity to create convenience destinations by expanding our ON the RUN convenience brand, enhancing food offerings, and strengthening the Parkland national network for JOURNIE™ Rewards.”

This Acquisition includes 109 company owned sites and 47 dealer locations and is expected to add annual fuel volumes of approximately 400 million litres to our network.

“The Acquisition is a unique opportunity to expand our coverage in markets where Parkland has an existing supply advantage and offsets a portion of our planned organic growth capital,” added Sanker. “We will convert a significant number of the company owned sites to ON the RUN and accelerate our plan to build a network of over 1,000 ON the RUN locations in Canada and the U.S. by 2025.”

The total cash consideration for this transaction is approximately $156 million and reflects a post-synergy multiple consistent with certain prior transactions of approximately 5 times. Subject to approval under the Competition Act (Canada) and other closing conditions, the transaction is expected to close in mid-2022.

About Parkland Corporation
Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. Parkland services customers across Canada, the United States, the Caribbean region, and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage, and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community, and respect, which are embraced across our organization.

Forward Looking Statement
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the successful completion of the Acquisition and the timing thereof; expected benefits of the acquisition, including potential organic growth, creating convenience destinations, Parkland’s ability to expand its ON the RUN convenience brand, enhancing its food offer and JOURNIE™ Rewards loyalty program, the expected product volume resulting from the transaction, offset of planned organic growth capital and a post-synergy multiple of approximately 5 times.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as may be required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, failure to complete the Acquisition; failure to satisfy the conditions to closing of the Acquisition, including approval under the Competition Act (Canada); failure to realize all or any of the anticipated benefits of the Acquisition; general economic, market and business conditions; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca.

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Parkland Announces Normal Course Issuer Bid

CALGARY, AB, Nov. 29, 2021 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, “our”, or “the Company”) (TSX: PKI) announced today that the Toronto Stock Exchange (”TSX”) has accepted the Company’s notice of intention to implement a normal course issuer bid (the “NCIB”) during the 12-month period commencing December 1, 2021 and ending November 30, 2022.

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On November 25, 2021, Parkland had 152,457,236 common shares issued and outstanding. Under the NCIB, a maximum of 15,091,885 common shares (representing 10% of the public float of common shares as of November 25, 2021) may be repurchased by Parkland in open market transactions on the TSX during the 12-month period commencing December 1, 2021 and ending November 30, 2022.

“In the right conditions, and in addition to our regular monthly dividend, the NCIB will provide optionality to return additional capital to shareholders,” said Bob Espey, President and Chief Executive Officer. “We will continue to exercise strict capital discipline, and the decision to repurchase Parkland shares will be evaluated against our other investment opportunities and leverage guidelines. We are focused on creating long-term shareholder value, and only our most accretive opportunities will secure capital.”

The NCIB is intended to augment Parkland’s ongoing return of capital to shareholders through dividends. Parkland believes that the market price of its common shares may not, from time to time, accurately reflect their underlying value. Accordingly, purchasing its own common shares for cancellation under the NCIB may represent an attractive investment opportunity to enhance shareholder value.

The common shares will be purchased through the facilities of the TSX and/or alternative trading systems in Canada at the prevailing market price at the time of purchase. All common shares purchased under the NCIB will be cancelled. In accordance with the rules of the TSX, any daily repurchases (other than pursuant to a block purchase exception) on the TSX under the NCIB are limited to a maximum of 94,920 common shares, which represents 25% of the average daily trading volume on the TSX of 379,683 for the six months ended October 31, 2021. The actual number of common shares that may be purchased under the NCIB and the timing of any such purchases will be determined by Parkland. There can be no assurance as to the precise number of common shares that will be purchased under the NCIB, if any. Parkland may discontinue purchases under the NCIB at any time, subject to compliance with applicable regulatory requirements.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the NCIB, potential purchases of common shares under the NCIB, returning additional capital to shareholders and future accretive investment opportunities.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to, the failure to obtain approval of the NCIB from the TSX, failure to realize the anticipated benefits of the NCIB, a failure to execute purchases under the NCIB,  general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic; Parkland’s ability to execute its business strategies, including without limitation, Parkland’s ability to consistently identify accretive acquisition targets and successfully integrate them, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to grow its supply advantage by leveraging its scale and infrastructure; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

About Parkland Parkland is a leading independent convenience store operator and supplier, marketer and retailer of fuel and petroleum products. Parkland serves customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves. Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community, and respect, which are embraced across our organization.

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Parkland Announces Closing of Senior Unsecured Notes Offering

CALGARY, AB, Nov. 23, 2021 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”) (TSX: PKI) announced today the closing of its previously announced private offering (the “Offering”) of US$800 million aggregate principal amount of 4.625% senior unsecured notes due 2030 (the “notes”).

Parkland will use the net proceeds of the Offering to redeem all of the outstanding $300 million aggregate principal amount of its 6.500% senior notes with a final maturity date of January 21, 2027 (the “6.5% Senior Notes”) and to repay the drawings under its revolving bank credit facility (the “Revolving Facility”), with the remainder to be used for general corporate purposes. Amounts repaid under the Revolving Facility may be redrawn, subject to the terms of the Revolving Facility, for general corporate purposes including acquisitions and capital spending.

The notes were offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and offered and sold outside the United States pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any of these notes, except as required by law, nor shall there be any offer or sale of the notes in any state, or jurisdiction in which such offer, solicitation, or sale would be unlawful.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward -looking statements”). When used in this news release the words “may”, “to be”, “will” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to the use of proceeds from the Offering, the redemption of the 6.5% Senior Notes, the repayment of amounts outstanding under the Revolving Facility and the re-drawing of such amounts.

No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. See the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021 and in “Forward-Looking Information” and “Risk Factors” in the management’s discussion and analysis for the quarter ended September 30, 2021, dated November 2, 2021, which are filed on SEDAR and available on Parkland’s website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

About Parkland Corporation

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

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Parkland initiates steps to pause refinery processing operations in response to ongoing Trans Mountain Pipeline shut down

CALGARY, AB, Nov. 22, 2021 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), announced today, that in response to the ongoing crisis in British Columbia that resulted in the shutdown of the Trans Mountain Pipeline on November 14, it has initiated steps to pause refinery processing operations at the Burnaby Refinery (”the refinery”) and maintain the refinery in ready-mode. The Trans Mountain Pipeline is the primary source of crude oil feedstock to the refinery.

“Due to a lack of crude oil supply from the Trans Mountain Pipeline, we are maintaining the refinery in ready-mode,” said Ryan Krogmeier, SVP Supply, Trading and Refining. “Ready-mode, is a state of operational readiness which positions us to recommence processing once sufficient crude oil feedstocks become available.”

While the refinery’s processing operations are being paused, its blending, shipping, terminal, and rack activities remain operational. This enables available fuels to be offloaded from ships and rail directly into the refinery, from where they can be stored and distributed across the lower mainland and Vancouver Island.

“We are focused on serving our customers and communities,” added Krogmeier. “Our teams are working tirelessly to source and import available refined fuels. By leveraging our supply capabilities and infrastructure at the refinery, we are confident in our ability to keep our retail and commercial locations supplied with fuel.”

About Parkland Corporation

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. Parkland services customers across Canada, the United States, the Caribbean region, and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage, and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community, and respect, which are embraced across our organization.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “continue”, “confident” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: recommencing processing at the Burnaby refinery, importing refined fuels and supplying our retail and commercial locations.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions and the effects of the COVID-19 pandemic on economic, market and business conditions; the ability of suppliers and other counterparties to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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Parkland’s strategy to drive sustainable growth through the energy transition

CALGARY, AB, Nov. 16, 2021 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI), a leading convenience retailer, fuel marketer and consolidator, introduced today its refreshed strategy to drive sustainable growth and released its Sustainability Report which includes ambitious greenhouse gas emission reduction targets. Parkland will host its 2021 Investor Day later today, where its executive team will outline the company’s continued growth and energy transition plans.

Parkland Logo (CNW Group/Parkland Corporation)

“Parkland’s proven business model and resilient base business is uniquely positioned to capture high growth opportunities through the energy transition,” said Bob Espey, President and Chief Executive Officer. “We are focused on meeting the evolving needs of our retail customers who are seeking convenience destinations which include high-quality food offers at all times of the day. Furthermore, we are well positioned to partner with our commercial customers to help them decarbonize their operations. We expect our strategy to deliver significant near-term value, sustainable per share returns, and position our business for long-term success.”

During today’s Investor Day, Parkland’s executive team will discuss:

The tremendous opportunity we see through the energy transition. We believe the decarbonization of society is inevitable, but expect it will look different in each channel and region we operate. Our refreshed strategy leverages our existing business which has a long, profitable future, and will generate strong returns and cash flow to enable investment in energy transition opportunities. Underpinned by the strong fundamentals in convenience and food, renewable fuels, and emerging demand for electric vehicle charging, we will meaningfully shift our capital allocation toward these high-return opportunities. Highlights include:

  • Developing our existing business; our business model is underpinned by strong market fundamentals, and a track record of delivery through organic growth, acquiring and integrating quality businesses, and capturing supply chain cost advantages. We will continue to consolidate high-quality assets in markets where we expect long-lasting customer demand, seizing opportunities to create additional value and position the business to transition in the future.
  • Diversifying our retail business; our retail sites of the future will look different. We will build on our existing capabilities to create convenience destinations, with high-quality stores and significantly expanded all-day-dining food offerings. In addition, we will launch standalone ON the RUN conveniences stores, and enhance our digital capabilities in support of ON the RUN, food, and electric vehicle charging, where we see demand.
  • Helping our customers Decarbonize; we will leverage our existing capabilities in supply, trading and refining to provide our commercial customers with a portfolio of low carbon products and services. This includes almost tripling our co-processing volumes by 2025 to over 300 million liters. Our ambition is to deliver 1MT of annual greenhouse gas (”GHG”) emissions reductions, equivalent to making approximately 350,000 vehicles zero emission.

2022 Guidance

Parkland targets continued growth in 2022. Highlights include:

  • Adjusted EBITDA (attributable to Parkland) of $1.45 billion +/- 5 percent. This is up approximately 16 percent from 2021 guidance, and approximately 50 percent from 2020.
  • Capital expenditures (attributable to Parkland) of between $475 million and $575 million, comprised of:
    • Growth capital expenditures (attributable to Parkland) of between $250 million and $300 million.
    • Maintenance capital expenditures (attributable to Parkland) of between $225 million and $275 million.

Parkland Publishes Sustainability Report: ‘Drive to Zero’

This morning, we published our latest Sustainability Report. Titled ‘Drive to Zero’, it reflects our goal to achieve zero safety incidents, zero spills, zero tolerance for racism and discrimination, zero tolerance for corruption, bribery, and unethical behaviour and to help our governments achieve their goal of net-zero emissions by 2050. Grounded in meaningful and measurable targets, our report formalizes our enterprise-wide sustainability strategy. Key commitments include:

  • Additional ESG performance measures incorporated into executive compensation by 2022
  • Conduct proactive sustainability assessments for all acquisitions starting in 2022
  • Reduce our customers’ GHG emissions by 1MT through low-carbon fuel production by 2026
  • Reduce GHG emissions from our marketing businesses by 40 percent per site by 2030
  • Reduce GHG emissions from our refining business by 15 percent per barrel processed by 2030

Parkland’s Sustainability Report can be viewed here: https://www.parkland.ca/en/sustainability/overview

Investor Day Webcast Details

The Investor Day presentation will be webcast, with video, beginning at 9 a.m. Eastern Time (7 a.m. Mountain Time) on November 16, 2021. For analysts and investors who have already registered to attend in person, or remotely, we look forward to your participation.

Analysts and Investors who have not yet registered, but wish to attend remotely, are encouraged to email  parklandinvestorday@humancontact.com. Analysts and Investors who have not yet registered, but wish to attend in-person, are encouraged to email Melanie Evans at melanie.evans@parkland.ca.

Parkland’s Investor Day presentation is available online at https://www.parkland.ca/en/investors/presentations-webcasts. The video webcast of the presentation will be available for replay from November 18, 2021 using the same link.

About Parkland Corporation

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. Parkland services customers across Canada, the United States, the Caribbean region, and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage, and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community, and respect, which are embraced across our organization.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives and strategies, Parkland’s ambition to achieve $2 billion run-rate Adjusted EBITDA by the end of 2025, 2022 Adjusted EBITDA and capital expenditure (growth and maintenance) guidance, strategies for developing our existing business and diversifying our retail business, launching standalone On the Run locations, tripling our co-processing volumes by 2025 to over 300 million liters, deliver 1MT of annual emissions reductions, reduce GHG emissions from our marketing businesses by 40 percent per site by 2030, Reduce GHG emissions from our refining business by 15 percent per barrel processed by 2030, and Parkland’s ability to advance its growth agenda.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to, general economic, market and business conditions, including the duration and impact of the COVID pandemic; Parkland’s ability to execute its business strategies, including without limitation, Parkland’s ability to consistently identify accretive acquisition targets and successfully integrate them, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to reduce GHG in its refining and marketing business, Parkland’s ability to grow its supply advantage by leveraging its scale and infrastructure; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP and other financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Adjusted EBITDA is a non-GAAP financial measure and does not have a standardized meanings prescribed by IFRS and may not be comparable to similar financial measures used by other issuers. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. See Section 14 of the Q3 2021 MD&A for a discussion of non-GAAP measures, the reasons Parkland considers it appropriate for supplemental analysis and their reconciliations to the nearest applicable IFRS measure. Investors are cautioned that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indication of Parkland’s performance.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs, such as growth and maintenance capital expenditures, to measure the success of our strategic objectives and to set variable compensation targets for employees. These KPIs are not accounting measures, do not have comparable IFRS measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 14 of the Q3 2021 MD&A for further details.

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Parkland strengthens retail convenience network and supply advantage with acquisition in its growing Pacific Northwest region

CALGARY, AB, Nov. 11, 2021 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, “our”, or “the Company”) (TSX:PKI) is pleased to announce that through its wholly-owned U.S. subsidiaries (collectively, “Parkland USA”), it has entered into an agreement to acquire substantially all of the assets of Lynch Oil and certain of its affiliates (collectively, “Lynch”). This acquisition strengthens our growth platform across the Pacific Northwest and complements our existing retail, commercial and wholesale businesses in Idaho.

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“This acquisition advances our strategy by strengthening our retail convenience network and supply advantage in a growing market where we already have a significant presence,” said Doug Haugh, President of Parkland USA. “We are excited to welcome the Lynch team to Parkland and look forward to growing our customer base and providing them with the quality products and exceptional service they expect.”

Family owned and operated since 1923, Lynch’s operations are concentrated in southern and central Idaho.  This acquisition adds annual fuel sales of over 180 million litres and includes five large-format convenience stores and forecourts, two travel centers, two stand-alone car washes, and a rail storage terminal. Gross profit from the acquired assets is split roughly 60 percent retail, convenience, carwash and non-fuel, and 40 percent commercial and wholesale.

90 percent of the transaction consideration will be funded out of existing credit facility capacity, and the remaining 10 percent with Parkland common shares issued from treasury. The transaction is expected to close in the fourth quarter of 2021.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the successful completion of the acquisition of Lynch and the timing thereof; expected benefits of the acquisition, increasing retail and convenience presence in the market, potential supply advantage resulting from the transaction, consolidation opportunities for Parkland, the expected gross profit split amongst the segments of the business, and the anticipated funding of the acquisition.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as may be required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, failure to complete this acquisition; failure to satisfy the conditions to closing of the acquisition, including approval by the U.S. Federal Trade Commission and Department of Justice; failure to realize all or any of the anticipated benefits of the acquisition; general economic, market and business conditions; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

About Parkland

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. Parkland services customers across Canada, the United States, the Caribbean region, and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage, and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community, and respect, which are embraced across our organization.

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Parkland Announces Pricing of US$800 Million Offering of Senior Unsecured Notes

CALGARY, AB, Nov. 9, 2021 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) announced today that it has priced its previously announced private offering of senior unsecured notes, and increased the aggregate principal amount of notes to be offered thereunder from US$500 million to US$800 million (the “Offering”). The notes will bear interest at 4.625% per annum and have a maturity date of May 1, 2030. Closing of the Offering is expected to occur on or about November 23, 2021.

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Parkland intends to use the net proceeds of the Offering to redeem all of the outstanding $300 million aggregate principal amount of its 6.5% Senior Notes (the “6.5% Senior Notes”) with a final maturity date of January 21, 2027 and to repay the drawings under its revolving bank credit facility, with the remainder to be used for general corporate purposes, including acquisitions and capital spending. Amounts repaid under the revolving bank credit facility may be redrawn for general corporate purposes, including acquisitions and capital spending. The redemption date for the 6.5% Senior Notes will be December 8, 2021 and the redemption is conditional on the closing of the Offering.

The notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may be offered and sold outside the United States pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of the notes in any state, or jurisdiction in which such offer, solicitation, or sale would be unlawful.

Forward-Looking Statements

Certain information included herein is forward-looking. Many of these forward looking statements can be identified by words such as “believe”, “expects”, “expected”, “will”, “intends”, “projects”, “projected”, “anticipates”, “estimates”, “continues”, “objective” or similar words and include, but are not limited to, statements regarding the use of proceeds of the Offering, the timing and successful completion of the Offering and statements regarding the redemption of the 6.5% Senior Notes. Parkland believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

The forward-looking statements contained herein are based upon certain assumptions and factors including, without limitation: historical trends, current and future economic and financial conditions, and expected future developments. Parkland believes such assumptions and factors are reasonably accurate at the time of preparing this press release. However, forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Parkland’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward looking statements. Such factors include, but are not limited to, risks associated with: closing of the Offering and effecting the redemption of the 6.5% Senior Notes since it is conditional on closing of the Offering; failure to obtain any necessary consents and approvals required to complete the Offering; failure to complete the Offering and redemption; and general economic, market and business conditions; and other factors, many of which are beyond the control of Parkland.  There is a specific risk that Parkland may be unable to complete the Offering and the redemption in the manner described in this press release or at all. If Parkland is unable to complete the Offering and/or redemption, there could be a material adverse impact on Parkland and on the value of its securities.  See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca.

Any forward-looking statements are made as of the date hereof and Parkland does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

About Parkland Corporation

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

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Parkland Announces US$500 Million Offering of Senior Unsecured Notes

CALGARY, AB, Nov. 8, 2021 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) announced today that, subject to market and other conditions, it plans to commence a private offering of US$500 million aggregate principal amount of senior unsecured notes due 2030 (the “Offering”).

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Parkland intends to use the net proceeds of the Offering, if completed, to redeem all of the outstanding $300 million aggregate principal amount of its 6.5% Senior Notes (the “6.5% Senior Notes”) with a final maturity date of January 21, 2027 and to repay a portion of the drawings under its revolving bank credit facility. Amounts repaid may be redrawn for general corporate purposes, including acquisitions and capital spending.  A redemption notice will be delivered by Parkland today for the 6.5% Senior Notes, and the redemption will be conditional on the completion of the Offering.

The notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may be offered and sold outside the United States pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of the notes in any state, or jurisdiction in which such offer, solicitation, or sale would be unlawful. This announcement does not constitute a notice of redemption with respect to the 6.5% Senior Notes.

Forward-Looking Statements

Certain information included herein is forward-looking. Many of these forward looking statements can be identified by words such as “believe”, “expects”, “expected”, “will”, “intends”, “projects”, “projected”, “anticipates”, “estimates”, “continues”, “objective” or similar words and include, but are not limited to, statements regarding the size and terms of the Offering, whether the Offering will proceed, the use of proceeds of the Offering, the timing and successful completion of the Offering and statements regarding the redemption of the 6.5% Senior Notes. Parkland believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

The forward-looking statements contained herein are based upon certain assumptions and factors including, without limitation: historical trends, current and future economic and financial conditions, and expected future developments. Parkland believes such assumptions and factors are reasonably accurate at the time of preparing this press release. However, forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Parkland’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward looking statements. Such factors include, but are not limited to, risks associated with: closing of the Offering and effecting the redemption of the 6.5% Senior Notes since it is conditional on closing of the Offering; failure to obtain any necessary consents and approvals required to complete the Offering; failure to complete the Offering and redemption; and general economic, market and business conditions; and other factors, many of which are beyond the control of Parkland.  There is a specific risk that Parkland may be unable to complete the Offering and the redemption in the manner described in this press release or at all. If Parkland is unable to complete the Offering and/or redemption, there could be a material adverse impact on Parkland and on the value of its securities.  See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca.

Any forward-looking statements are made as of the date hereof and Parkland does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

About Parkland Corporation

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

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Parkland grows U.S. retail business by over 90 percent with acquisition in the rapidly growing South Florida region

CALGARY, AB, Nov. 3, 2021 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, “our”, or “the Company”) (TSX: PKI) is pleased to announce that through its wholly owned U.S. subsidiaries (collectively, “Parkland USA”), it has entered into an agreement to acquire substantially all of the assets of Urbieta Oil Co. and certain of its affiliates (collectively, “Urbieta”). This acquisition complements Parkland’s existing Florida commercial business by establishing a large retail and convenience growth platform with high quality real estate in Miami.

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“This acquisition advances our growth strategy to increase our convenience retail presence in a region where we have had success with fuel supply and commercial operations,” said Doug Haugh, President of Parkland USA. “Adding the Urbieta stores nearly doubles our U.S. retail business, provides immediate scale in a resilient, fast-growing market, and creates opportunity to meet customers’ needs through our ON the RUN convenience brand”.

Family owned and operated since 1974, Urbieta is a well-established retail, convenience, and fuel distribution business with 2020 annual fuel sales of approximately 465 million litres. Urbieta’s operations are concentrated in the Miami market. The transaction includes 94 retail locations including the real estate purchase of 54 strategic sites.

“In addition to adding an exceptional team, this acquisition provides a springboard for growth in the Southern Florida market with close proximity to our Caribbean business,” added Haugh. “The fragmented U.S. market presents a long runway of consolidation opportunities for Parkland to build scale, and better serve our customers. We will remain disciplined in our appraisal of the opportunities we see in front of us.”

The valuation metrics of this transaction reflect Urbieta’s scale, significant retail weighting and the purchase of strategic real estate. Gross profit from the acquired assets is split approximately 85 percent retail and 15 percent commercial and wholesale operations. 90 percent of the transaction consideration will be funded out of existing credit facility capacity, and the remaining 10 percent with Parkland common shares issued from treasury. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2021.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the successful completion of the acquisition of Urbieta and the timing thereof; expected benefits of the acquisition, increasing retail and convenience presence in the market, Parkland’s ability to add value to the acquired network through its expanded ON the RUN brand, consolidation opportunities for Parkland, the expected gross profit split amongst the segments of the business, and the anticipated funding of the acquisition.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as may be required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, failure to complete this acquisition; failure to satisfy the conditions to closing of the acquisition, including approval by the U.S. Federal Trade Commission and Department of Justice; failure to realize all or any of the anticipated benefits of the acquisition; general economic, market and business conditions; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

About Parkland

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

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Parkland delivers record third quarter results with Adjusted EBITDA of $364 million; $1 billion for the first nine months

CALGARY, AB, Nov. 2, 2021 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) today announced its financial and operating results for the three and nine months ended September 30, 2021. Highlights for the three months ended September 30, 2021 (”Q3 2021″) include1:

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  • Record Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”) of $364 million, up 8 percent year-over-year, underpinned by record Adjusted EBITDA in our International and U.S. segments that reflect accretive acquisitions and realized synergies, record co-processing volumes at the Burnaby refinery, consistent execution, and ongoing post-COVID economic recovery.
  • Net earnings attributable to Parkland of $115 million, or $0.76 per share, basic, an increase of approximately 50 percent relative to the prior year, and record Adjusted earnings attributable to Parkland (”Adjusted earnings”) of $107 million, or $0.70 per share, basic, up approximately 15 percent year-over-year.
  • Trailing twelve-month distributable cash flow per share of $4.72, an increase of approximately 44 percent relative to prior year of $3.28.
  • Co-processed a record 33 million litres (2,300 barrels per day) of bio-feedstock at the Burnaby Refinery, helping our customers decarbonize their operations and placing us on track to achieve our target of 100 million litres, which is equivalent to taking over 80,000 passenger vehicles off the road in 2021.

“I want to congratulate the entire Parkland team for delivering the strongest quarterly and year-to-date results in Parkland’s history,” said Bob Espey, President and Chief Executive Officer. “Underpinned by our quality brands and consistent ability to anticipate and meet the evolving needs of our customers, including meeting a growing need for low-carbon fuels, we delivered $1 billion of Adjusted EBITDA during the first nine months of the year, demonstrating the strength and growth trajectory of our company.”

“Each segment of our business performed strongly,” added Espey. “From record results in our USA and International segments, ongoing post-COVID economic recovery in Canada and record co-processing volumes in Burnaby, our teams have set us up for a strong finish to the year. We remain focused on maintaining our financial strength and have high confidence in achieving the upper end of our full-year Adjusted EBITDA guidance and longer-term growth ambition.”

_________________________________

1 Adjusted EBITDA, Adjusted earnings and Total Funded Debt to Credit Facility EBITDA ratio are non-GAAP financial measures and may not be comparable to similar measures of other issuers. See Section 14 of the Management’s Discussion and Analysis (”Q3 2021 MD&A”) dated November 2, 2021.

Q3 2021 Segment Highlights2

  • Our Canadian segment delivered Adjusted EBITDA of $105 million, down 18 percent relative to Q3 2020. Lower unit fuel margins, reduced benefit from the COVID-related wage assistance program and a shift in product mix were partially offset by recovering volumes and growth in merchandise gross profit. Company C-store same-store sales growth (”SSSG”) was 1.7 percent excluding cigarettes, driven by growth in high margin categories including beverages, centre of store and food service. We continue to optimize results by leveraging our proprietary brands, including ON the RUN and 59th Street, at company owned retail sites and our JOURNIETM rewards program, which now has more than 2.5 million members.
  • Our International segment delivered record Adjusted EBITDA of $83 million, up 8 percent relative to Q3 2020. Results were underpinned by a strong base business, the successful integration of the Isla Dominicana de Petroleo Corp. joint venture and other acquisitions, plus recovering onshore and aviation volumes driven by the slowly recovering tourism industry.
  • Our USA segment delivered record Adjusted EBITDA of $44 million, up 110 percent relative to Q3 2020. Results were driven by the impact of acquisitions and synergies, new business wins including national accounts, and a robust summer driving season, which offset weakness of marine bunkering in our Florida market due to COVID.
  • Our Supply segment delivered Adjusted EBITDA of $161 million, up 30 percent relative to Q3 2020. We continue to reliably and safely operate the Burnaby refinery delivering composite utilization of 101 percent (92 percent in Q3 2020) and co-processed a record 33 million litres of bio-feedstock, resulting in year-to-date compliance cost savings of more than $35 million3. Recovering fuel volumes underpinned strong margins in our integrated logistics business. Planned maintenance at the Burnaby refinery commenced in early October and the refinery was substantially operational by the end of October 2021.
  • Corporate Adjusted EBITDA expense of $29 million, was consistent with pre-COVID Q3 2019 and up from $12 million in Q3 2020, reflecting reduced benefit from the COVID related wage assistance program and administrative costs to support the partial return to pre-COVID business activities and growth programs.

Developing our Business: A Track-Record of Disciplined and Accretive Acquisitions

From late last year, we have announced or closed 13 accretive acquisitions for an investment of approximately $850 million, including purchase price adjustments. The Total Funded Debt to Credit Facility EBITDA ratio of 3.2 times as of September 30, 2021 reflects the closing of three previously announced acquisitions. There are no credit facility or bond maturities until 2026 and the company has significant financial liquidity. Highlights from the third quarter include:

  • Announced the acquisition of Montreal-based Pétroles Crevier Inc. Expected to close in Q1 2022, this acquisition will extend our existing retail network in Quebec and expand our presence in key markets.
  • Signed and closed agreements to acquire Colorado-based Master Petroleum, North Dakota-based Red Carpet Carwash and Florida-based Bradenton Fuel Oil, all of which strategically build upon our existing capabilities in those regions.

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2 C-store SSSG and composite utilization are Parkland key performance indicators (”KPIs”). These KPIs are not accounting measures, do not have comparable IFRS measures and may not be comparable to similar measures presented by other issuers. See Section 14 of the Q3 2021 MD&A for further details.
3 Reflects a notional computation of savings in comparison to the highest cost alternative to meet low carbon fuel requirements in British Columbia.

Our Sustainability Journey

As we advance our sustainability journey, we are committed to providing regular updates on our environmental, social and governance efforts as part of our normal disclosure process. Q3 2021 highlights include:

  • As part of our commitment to help our customers decarbonize their operations and essential mobility needs, we delivered another co-processing record at the Burnaby refinery. The refinery co-processed approximately 33 million litres of Canadian bio-feedstock during the third quarter of 2021, for a total of 82 million litres during the first nine months of 2021. We are on track to achieve our target of 100 million litres, which will have the equivalent effect of taking over 80,000 passenger vehicles off the road in 2021.
  • Consistent with our commitment to Board renewal, we appointed two new Board members, Angela John and Richard Hookway. Together they bring extensive global experience in supply, low carbon technologies and in creating value across the entire downstream value chain. We expect Parkland, and our shareholders, will benefit greatly from their contributions.
  • In July 2021, we launched a Diversity and Inclusion Leadership program to a selection of our Vice Presidents, Directors and Managers across all regions completing over 500 hours of training. We also hosted Pride Month events, Hispanic Heritage month events and held other events hosted by our Women’s network.
  • Throughout September, employees in all our operating geographies came together to recognize Canada’s National Day for Truth and Reconciliation. This included a virtual event hosted by senior leaders and attended by approximately 800 employees that featured a former-elected chief, and residential school survivor and author. The event was designed to educate our employees on the history of Canadian Indigenous people.

Parkland’s second Sustainability report will be issued in the fourth quarter and will provide enhanced disclosure, including greenhouse gas reduction targets.

Changes to Dividend Reinvestment Plan

On November 2, 2021, the Company announced a reduction of the Enhanced Dividend Reinvestment Plan (”Enhanced DRIP”) from a 5 percent per share discount to a 2 percent per share discount, effective immediately.

Consolidated Financial Overview

($ millions, unless otherwise noted)

Three months ended September 30,

Nine months ended September 30,

Financial Summary

2021

2020

2019

2021

2020

2019

Fuel and petroleum product volume (million litres)(1)

6,267

5,301

5,622

17,563

15,939

16,483

Sales and operating revenue(1)

6,006

3,498

4,605

15,260

10,505

13,674

Adjusted gross margin(2)(3)

779

674

679

2,143

1,754

2,104

Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)(2)(3)

364

338

302

1,000

720

963

Canada(4)

105

128

104

322

323

292

International

83

77

63

216

198

208

USA(5)

44

21

17

95

64

41

Supply(4)(5)

161

124

146

451

201

507

Corporate

(29)

(12)

(28)

(84)

(66)

(85)

Net earnings attributable to Parkland

115

76

24

89

29

206

Net earnings per share – basic ($ per share)

0.76

0.51

0.16

0.59

0.19

1.41

Net earnings per share – diluted ($ per share)

0.75

0.50

0.16

0.59

0.19

1.38

Adjusted earnings attributable to Parkland (”Adjusted earnings”)(3)

107

93

65

295

81

259

Adjusted earnings per share – basic ($ per share)(3)

0.70

0.62

0.44

1.96

0.54

1.77

Adjusted earnings per share – diluted ($ per share)(3)

0.70

0.62

0.44

1.94

0.54

1.74

TTM Cash generated from operating activities(2)(6)

746

1,458

1,105

746

1,458

1,105

TTM Distributable cash flow(3)(6)

712

485

594

712

485

594

TTM Distributable cash flow per share(3)(6)

4.72

3.28

4.15

4.72

3.28

4.15

Dividends

48

47

45

143

137

133

Dividends per share(2)

0.3087

0.3036

0.2985

0.9227

0.9074

0.8921

Weighted average number of common shares (million shares)

152

149

148

151

149

147

Total assets

10,646

8,978

9,157

10,646

8,978

9,157

Non-current financial liabilities(2)

5,215

4,168

4,278

5,215

4,168

4,278

(1)

Certain amounts within sales and operating revenue and fuel and petroleum product volumes were restated and reclassified to conform to the presentation used in the current period.

(2)

4Measure of segment profit or key performance indicator. See Section 14 of the MD&A.

(3)

Non-GAAP financial measure. See Section 14 of the MD&A.

(4)

For comparative purposes, information for the year ended December 31, 2019 was restated due to a change in segment presentation. Canada Retail and Canada Commercial, formerly presented separately as individual segments, and the Canadian distribution business, formerly presented in Supply, are now included in Canada, reflecting a change in organizational structure in 2020.

(5)

For comparative purposes, information for previous periods was restated due to a change in segment presentation. The supply and trading business in the United States, formerly presented in the Supply segment, is now included in the USA segment, reflecting a change in organizational structure in the first nine months of 2021.

(6)

Amounts presented on a trailing-twelve-month basis (”TTM”).

(7)

Calculated based on weighted average number of shares.

Registration Available for 2021 Investor Day on November 16, 2021

Parkland will host its 2021 Investor Day presentation on November 16, 2021 at 7:00 a.m. MST (9:00 a.m. EST). The event will be held at the Fairmont Royal York in Toronto, Ontario and simultaneously webcast with video for those unable to attend in person. The event will include presentations from Parkland’s leadership team on our long-term growth and energy transition strategy, capital allocation and financial outlook.

To ensure a safe and engaging in-person event, we will be following Ontario’s COVID protocols. Analysts and investors who wish to attend the event, either in person or remotely, are invited to register using the following link: https://parkland.fluid.events/ParklandInvestorDay

Q3 2021 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Wednesday, November 3, at 6:30am MDT (8:30am EDT) to discuss the results. To listen to the live webcast and watch the presentation, please use the following link:

https://produceredition.webcasts.com/starthere.jsp?ei=1502999&tp_key=0713d330d0

Analysts and institutional investors interested in participating in the question-and-answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 88891002). International participants can call 1-587-880-2171 (toll) (Conference ID: 88891002).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

MD&A and Consolidated Financial Statements

The Q3 2021 MD&A and Q3 2021 Financial Statements provide a detailed explanation of Parkland’s operating results for the three and nine months ended September 30, 2021. An English version of these documents will be available online at www.parkland.ca and SEDAR after the results are released by newswire under Parkland’s profile at www.sedar.com. The Q3 2021 French MD&A and Q3 2021 French Financial Statements will be posted to www.parkland.ca and SEDAR as soon as they become available.

About Parkland Corporation

Parkland is a leading convenience store operator and an independent supplier and marketer of fuel and petroleum products. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives and strategies, Parkland’s expectation of achieving the upper end of its 2021 Adjusted EBITDA guidance and achieving its 2021 co-processing target and long-term growth ambitions, expected benefits and synergies to be derived from acquisitions, expected closing dates of announced transactions, expecting timing of Parkland publishing its second sustainability report, and Parkland’s ability to advance its growth agenda.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to, general economic, market and business conditions, including the duration and impact of the COVID pandemic; Parkland’s ability to execute its business strategies, including without limitation, Parkland’s ability to consistently identify accretive acquisition targets and successfully integrate them, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to grow its supply advantage by leveraging its scale and infrastructure; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2021 MD&A dated November 2, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Adjusted EBITDA and Adjusted gross margin are measures of segment profit and non-GAAP financial measures. Total funded debt to credit facility EBITDA ratio, Adjusted earnings, distributable cash flow, and distributable cash flow per share attributable to Parkland are non-GAAP financial measures. These measures do not have standardized meanings prescribed by IFRS and may not be comparable to similar financial measures used by other issuers. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. See Section 14 of the Q3 2021 MD&A for a discussion of non-GAAP measures, the reasons Parkland considers it appropriate for supplemental analysis and their reconciliations to the nearest applicable IFRS measure.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs, such as Company C-Store SSSG, refinery utilization and composite refinery utilization, to measure the success of our strategic objectives and to set variable compensation targets for employees. These KPIs are not accounting measures, do not have comparable IFRS measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 14 of the Q3 2021 MD&A for further details.

Investors are cautioned that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indication of Parkland’s performance.

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Parkland announces date of 2021 Third Quarter Results and opens registration for its 2021 Investor Day

CALGARY AB, Oct. 14, 2021 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) expects to announce its 2021 third quarter results after markets close on Tuesday, November 2, 2021. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Wednesday, November 3, 2021, to discuss the results.

Parkland Logo

To listen to the live webcast and watch the presentation, please use the following link:

https://produceredition.webcasts.com/starthere.jsp?ei=1502999&tp_key=0713d330d0

Analysts and institutional investors interested in participating in the question-and-answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 88891002). International participants can call 1-587-880-2171 (toll) (Conference ID: 88891002).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and SEDAR after the results are released.

2021 Investor Day – Registration is open

Parkland will host its 2021 Investor Day presentation on November 16, 2021 at 7:00 a.m. MDT (9:00 a.m. EDT). The event will be held at the Fairmont Royal York in Toronto, Ontario and simultaneously webcast with video for those unable to attend in person.

To ensure a safe and engaging in-person event, we will be following Ontario’s COVID-19 protocols, which include showing proof of vaccination, wearing face masks when not consuming food, and physical distancing.

Analysts and investors who wish to attend the event, either in person or remotely, are invited to register using the following link: https://parkland.fluid.events/ParklandInvestorDay

The event will include presentations from Parkland’s leadership team on our long-term growth and energy transition strategy, capital allocation and financial outlook.

About Parkland

Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

Photo – https://mma.prnewswire.com/media/1660423/Parkland_Corporation_Parkland_announces_date_of_2021_Third_Quart.jpg

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Parkland delivers strong second quarter financial and operating results with Adjusted EBITDA of $322 million

CaribPR Wire, CALGARY, Alberta, Aug. 05, 2021: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) today announced its financial and operating results for the three months ended June 30, 2021 (”Q2 2021″), raised its full-year 2021 Adjusted EBITDA Guidance to $1.25 billion +/- 5 percent, and lowered its 2021 Capital Expenditure Guidance range by $50 million to between $350 – $500 million. Highlights include1:

  • Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”) of $322 million, up 69 percent year-over-year, underpinned by continued strong marketing performance and organic growth, high utilization at the Burnaby refinery, acquisitions, and volume recovery.
  • Adjusted earnings attributable to Parkland (”Adjusted earnings”) of $96 million, or $0.64 per share, basic, up $106 million year-over-year. Net loss attributable to Parkland was $57 million, or $0.38 per share, basic. The variance between Adjusted Earnings and Net loss attributable to Parkland was mainly due to a non-cash charge related to the valuation of the Sol Put Option and one-time costs associated with the early redemption of senior notes. See section 14 of the Q2 2021 MD&A for a reconciliation of Adjusted Earnings to net earnings (loss).
  • Cash generated from operating activities of $322 million, compared to $629 million in the prior year. The comparable quarter in 2020 included a $425 million working capital inflow due to COVID-19 related impacts, including payment extensions for certain government duties and taxes, and lower product demand and prices.
  • Total Funded Debt to Credit Facility EBITDA ratio of 3.0 times as of June 30, 2021.
  • Completed private offering of US$800 million 4.50% Senior Notes due in 2029, with proceeds used to redeem notes due in 2025 and 2026.
  • Completed private offering of $600 million 3.875% senior unsecured notes due 2026, our lowest interest rate achieved to date, with proceeds used to repay certain outstanding amounts under existing revolving credit facilities.
  • We are on track with our 2021 target for 100 million litres of bio-feedstock co-processing at the Burnaby refinery, which has the equivalent effect of taking over 80,000 passenger vehicles off the road.
  • 2021 Adjusted EBITDA Guidance increased by $50 million to $1.25 billion +/- 5 percent, and total 2021 Capital expenditures reduced by $50 million to between $350 – $500 million.

1 Adjusted EBITDA, Adjusted earnings and Total Funded Debt to Credit Facility EBITDA ratio are Non-GAAP financial measures and may not be comparable to similar measures of other issuers. See Section 14 of the MD&A

“I am proud of the Parkland team, who once again delivered excellent financial and operating results,” said Bob Espey, President and Chief Executive Officer. “We continue to advance our proven strategy through consistent operational execution, organic growth, financial discipline and accretive acquisitions. In parallel, our announcement of British Columbia’s largest network of electric vehicle ultra-fast chargers is a natural extension of our energy transition activities.”

“Our strong base business, ongoing economic recovery and contribution from acquisitions gives us confidence to raise our full year Adjusted EBITDA guidance,” added Espey. “Each segment of our business has a pipeline of attractive growth opportunities that underpin our ambition for $2 billion run-rate Adjusted EBITDA by the end of 2025. We are excited about the future and remain focused on maintaining our financial strength and delivering sustainable, long-term distributable cash flow growth on a per share basis.”

Q2 2021 Segment Highlights

  • Our Canada segment delivered Adjusted EBITDA of $101 million, up 9 percent relative to Q2 2020. This performance was driven by strong per unit fuel margins, recovering volumes, and growth in non-fuel gross profit. Company C-store same-store sales growth (”SSSG”) was 8.6 percent excluding cigarettes, driven by growth in high margin categories including beverages, car wash and Triple O’s. Company C-Store SSSG was (3.2) percent including cigarettes, due to temporary COVID-19 related closures of competing sales channels in Q2 2020.
  • Our International segment delivered Adjusted EBITDA of $66 million, up 22 percent relative to Q2 2020. Results were driven by strong base business and per unit margins, robust wholesale volumes, and continued benefits from sustainable cost control initiatives.
  • Our USA segment delivered Adjusted EBITDA of $31 million, up 15 percent relative to Q2 2020. We benefited from acquisitions and organic growth, recovering volumes, strong operational performance and continued to successfully manage an inflationary environment.
  • Our Supply segment delivered Adjusted EBITDA of $154 million, up 340 percent relative to Q2 2020 which included a scheduled turnaround at the Burnaby refinery. We operated safely, maintained record co-processing volumes, delivered composite refinery utilization of 97 percent (65 percent in Q2 2020) and strong performance in our integrated logistics business.
  • Corporate Adjusted EBITDA expense of $30 million, up $12 million relative to Q2 2020, reflecting variable costs connected to volume recovery and reduced benefit from COVID-19 related wage assistance programs.

A Track-Record of Disciplined and Accretive Acquisitions

From November 2020 through August 5, 2021, and following a purposeful pause in the early stages of COVID-19, we have announced approximately $800 million of acquisitions. In aggregate, these transactions are expected to be immediately accretive to distributable cash flow per share, and approximately 8 percent accretive post-synergies.

Highlights from Q2 2021 include:

  • Completed the acquisition of Conrad & Bischoff Inc. and its related companies, adding a high-quality retail network to our U.S. portfolio, strengthening our supply advantage, and establishing a fourth U.S. Regional Operating Center in the Pacific Northwest. The acquisition closed on April 7.
  • Announced three transactions in our International segment through our 75 percent ownership in Sol Investments SEZC (“Sol”), which strengthen our network and extend our portfolio of growth opportunities. We purchased an aviation business and associated infrastructure with operations in Puerto Rico which improves our regional aviation portfolio (closed June 14). Through the contribution of our on-shore Dominican Republic (”DR”) assets and a follow-on investment, the second transaction includes Sol becoming a 50 percent indirect partner in Isla Dominicana de Petroleo Corp., creating the largest retail network in the DR (closed July 1). The third transaction positions us as the leading fuel marketer in St. Maarten (closed July 17).

Subsequent to Q2 2021, we have continued to advance our acquisition strategy. Details as follows:

  • On July 6, 2021, we announced the acquisition of Montreal-based Pétroles Crevier Inc. Expected to close in Q1 2022, this acquisition will extend our existing retail network in Quebec and expand our presence in key markets.
  • On July 27, 2021, we signed an agreement to acquire Colorado-based Master Petroleum. Expected to close in Q3 2021, this acquisition will expand our commercial business in our Rockies Regional Operating Center.
  • On July 30, 2021, we signed an agreement to acquire North Dakota-based Red Carpet Carwash. Expected to close in Q3 2021, this acquisition adds 12 quality retail sites with large format convenience stores and a premium car wash business in our Northern Tier Regional Operating Center.

Our Sustainability Journey

As we advance our sustainability journey, we are committed to providing regular updates on our environmental, social and governance efforts as part of our normal disclosure process. Q2 2021 highlights include:

  • As a natural extension to our energy transition activities, we announced plans to launch the largest network (by site count) of electric vehicle ultra-fast chargers in British Columbia. Strategically located on major highways and in key cities and towns across our extensive retail portfolio, this network of approximately 25 high-quality sites will stretch from Vancouver Island to Calgary and is expected to open to customers in 2022.
  • Maintained our previous quarter’s record volumes at the Burnaby refinery by co-processing approximately 25 million litres of Canadian bio-feedstocks. We are on track with our 2021 target of 100 million litres, which has the equivalent effect of taking over 80,000 passenger vehicles off the road.
  • We continue to celebrate and embed Diversity and Inclusion (”D&I”) across the business. In 2021, our Senior Leadership Team has completed 88 hours of D&I training, and our employees have completed over 1,000 hours. Through the quarter, we hosted Pride Month events attended by over 900 employees and our Women’s network ran employee events focused on balancing work and life.
  • Effective August 5, 2021, and consistent with our commitment to Board renewal, we appointed Angela John and Richard Hookway to our Board of Directors. They bring extensive global experience in supply, low carbon technologies and in creating value across the entire downstream value chain. We expect the Board, and our shareholders will benefit greatly from their contributions.

Updated 2021 Guidance

We are focused on advancing our strategy through consistent operational execution and organic growth, strengthening our supply advantage, and making disciplined, accretive acquisitions. While we remain vigilant to potential ongoing impacts of COVID-19, the combination of strong year-to-date performance, volume recovery, pace of capital spend, and confidence in our trajectory through the second half of 2021 supports the following updates to our 2021 Guidance:

  • Adjusted EBITDA (attributable to Parkland) increased by $50 million, to $1.25 billion +/- 5 percent.
  • Growth capital expenditures (attributable to Parkland) reduced by $25 million (now $150 – $250 million) and Maintenance capital expenditures (attributable to Parkland) reduced by $25 million (now $200 – $250 million), reflecting changes to timing and COVID-19 related delays.

The factors and assumptions which contribute to Parkland’s assessment of the 2021 Guidance are consistent with existing Parkland disclosures and such Guidance is subject to risks and uncertainties inherent in Parkland’s business. Readers are directed to the “Risk Factors” section in the Q2 2021 MD&A and the Annual Information Form for a description of such factors, assumptions, risks and uncertainties. All other elements of Parkland’s original 2021 guidance remain unchanged.

Consolidated Financial Overview

($ millions, unless otherwise noted) Three months ended June 30, Six months ended June 30,
Financial Summary 2021 2020 2019 2021 2020 2019
Sales and operating revenue(1) 5,021 2,691 4,854 9,254 7,007 9,069
Fuel and petroleum product volume (million litres)(1) 5,760 4,730 5,525 11,296 10,638 10,861
Adjusted gross profit(2)(3) 699 487 728 1,364 1,080 1,425
Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)(2)(3) 322 191 346 636 382 661
Canada(4) 101 93 71 217 195 188
International 66 54 74 133 121 145
USA(5) 31 27 13 51 43 24
Supply(4)(5) 154 35 218 290 77 361
Corporate (30 ) (18 ) (30 ) (55 ) (54 ) (57 )
Net earnings (loss) (50 ) 31 111 (12 ) (43 ) 202
Net earnings (loss) attributable to Parkland (57 ) 32 105 (26 ) (47 ) 182
Net earnings (loss) per share – basic ($ per share) (0.38 ) 0.22 0.72 (0.17 ) (0.32 ) 1.25
Net earnings (loss) per share – diluted ($ per share) (0.38 ) 0.21 0.70 (0.17 ) (0.32 ) 1.22
Adjusted earnings (loss) attributable to Parkland (”Adjusted earnings (loss)”)(3) 96 (10 ) 104 188 (12 ) 193
Adjusted earnings (loss) per share – basic ($ per share)(3) 0.64 (0.07 ) 0.71 1.25 (0.08 ) 1.32
Adjusted earnings (loss) per share – diluted ($ per share)(3) 0.64 (0.07 ) 0.69 1.24 (0.08 ) 1.30
Distributable cash flow(3)(6) 769 364 612 769 364 612
Distributable cash flow per share(3)(6) 5.13 2.46 4.40 5.13 2.46 4.40
Dividends 48 45 45 95 90 88
Per share 0.3087 0.3036 0.2985 0.6123 0.6038 0.5936
Weighted average number of common shares (million shares) 151 149 147 151 149 146
Total assets 9,972 9,702 9,104 9,972 9,702 9,104
Non-current financial liabilities 4,997 4,500 4,166 4,997 4,500 4,166

(1) Certain amounts within sales and operating revenue and fuel and petroleum product volumes were restated and reclassified to conform to the presentation used in the current period.
(2) Measure of segment profit. See Section 14 of the MD&A.
(3) Non-GAAP financial measure. See Section 14 of the MD&A.
(4) For comparative purposes, information for the year ended December 31, 2019 was restated due to a change in segment presentation. Canada Retail and Canada Commercial, formerly presented separately as individual segments, and the Canadian distribution business, formerly presented in Supply, are now included in Canada, reflecting a change in organizational structure in 2020.
(5) For comparative purposes, information for previous periods was restated due to a change in segment presentation. The supply and trading business in the United States, formerly presented in the Supply segment, is now included in the USA segment, reflecting a change in organizational structure in the first six months of 2021.
(6) Amounts presented on a trailing-twelve-month basis.

Investor Day: November 16, 2021

As a reminder, Parkland will host an investor day the morning of November 16, 2021. The event will be held in Toronto, Ontario and simultaneously webcast with video. Registration details will follow closer to the date.

Q2 2021 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Friday, August 6, at 6:30am MDT (8:30am EDT) to discuss the results. To listen to the live webcast and watch the presentation, please use the following link:

https://produceredition.webcasts.com/starthere.jsp?ei=1481382&tp_key=85182819cb

Analysts and institutional investors interested in participating in the question-and-answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 18980971). International participants can call 1-587-880-2171 (toll) (Conference ID: 18980971).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

MD&A and Consolidated Financial Statements

The Q2 2021 MD&A and Q2 2021 Financial Statements provide a detailed explanation of Parkland’s operating results for the three and six months ended June 30, 2021. An English version of these documents will be available online at www.parkland.ca and SEDAR after the results are released by newswire under Parkland’s profile at www.sedar.com. The Q2 2021 French MD&A and Q2 2021 French Financial Statements will be posted to www.parkland.ca and SEDAR as soon as they become available.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives and strategies, Parkland’s ambition to generate run-rate Adjusted EBITDA of $2 billion by 2025 and the key strategic pillars underpinning such ambition, Parkland’s 2021 Adjusted EBITDA and maintenance and capital expenditures guidance, expected benefits and synergies to be derived from acquisitions, potential future acquisition opportunities, expected closing dates of announced transactions, expected transaction multiples based on annual run-rate Adjusted EBITDA, expected post-synergy accretion rates, expected timing of the opening of Parkland’s electric vehicle ultra-fast charging network in British Columbia, and Parkland’s ability to advance its growth agenda. Expected accretion to distributable cash flow per share also reflects Adjusted EBITDA expectations plus anticipated tax expense, maintenance capital expenditures, additional interest expense and other adjusting items. This is calculated relative to weighted average shares outstanding in the trailing twelve-month period ended June 30, 2021, plus pending equity issuance as part of the Crevier transaction consideration. Expected accretion metrics are based on assumptions regarding business performance and synergies which are not guaranteed to occur.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to, general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic; Parkland’s ability to execute its business strategies, including without limitation, Parkland’s ability to consistently identify accretive acquisition targets and successfully integrate them, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to grow its supply advantage by leveraging its scale and infrastructure; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021, and “Forward-Looking Information” and “Risk Factors” included in the Q2 2021 MD&A dated August 5, 2021 and the Q4 2020 MD&A dated March 4, 2021, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Adjusted EBITDA, Adjusted gross profit, total funded debt to credit facility EBITDA ratio, Adjusted earnings, distributable cash flow, distributable cash flow per share, and growth and maintenance capital expenditures attributable to Parkland are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of Parkland’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. See Section 14 of the Q2 2021 MD&A for a discussion of non-GAAP measures, and the reasons Parkland considers it appropriate for supplemental analysis and their reconciliations to the nearest applicable IFRS measure.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs, such as Company C-Store SSSG, refinery utilization and composite refinery utilization, to measure the success of our strategic objectives and to set variable compensation targets for employees. These KPIs are not accounting measures, do not have comparable IFRS measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 14 of the Q2 2021 MD&A for further details.

Investors are cautioned that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indication of Parkland’s performance.

About Parkland Corporation

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

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Parkland appoints Angela John and Richard Hookway to its Board of Directors

CaribPR Wire, CALGARY, Alberta, Aug. 05, 2021: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) today announced the appointment of Angela John and Richard Hookway to Parkland’s Board of Directors (the “Board”), effective today.

“We are delighted to welcome Angela and Richard to our Board of Directors,” said Jim Pantelidis, Chairman of the Board. “Collectively, they bring extensive global experience in supply, low carbon technologies and in creating value across the entire downstream value chain. We expect our Board and Parkland’s shareholders will benefit greatly from their contributions.”

Angela John currently serves as Director, New Energy Ventures with Williams where she develops and implements clean energy strategies for renewables, emerging technologies, and carbon markets. Previously, Angela spent 27 years with BP including 19 years in the global supply and trading organization focusing on renewable fuels and energy markets. She held a variety of leadership roles, including Senior Vice President Marketing and Origination and Vice President Marketing and Supply. Angela has a Master of Business Administration from Northwestern’s Kellogg School of Management and a Bachelor of Science in Chemical Engineering from the University of Houston.

Richard Hookway is a highly experienced executive and Board Director who is currently a non-executive member of the Supervisory Board at Royal Vopak N.V. Previously, Richard was Chief Executive Officer of the global business division of Centrica plc, and an executive member of the Centrica plc Board. In addition, Richard spent 35 years with BP in a variety of global leadership roles including Chief Executive Officer of their Natural Gas Liquids and Commercial and Industrial businesses, and Chief Financial Officer for their Downstream and Petrochemical businesses. Richard has a Master of Science in Management from Stanford University and a Bachelor of Science in Mathematics from the University of Manchester.

About Parkland Corporation
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

Click Here for More Information »

Parkland Corporation Announces Date of 2021 Second Quarter Results

CaribPR Wire, CALGARY, Alberta, July 22, 2021: Parkland Corporation (“Parkland”) (TSX:PKI) expects to announce its 2021 second quarter results after markets close on Thursday, August 5, 2021. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Friday, August 6, 2021, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:
https://produceredition.webcasts.com/starthere.jsp?ei=1481382&tp_key=85182819cb

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 18980971). International participants can call 1-587-880-2171 (toll) (Conference ID: 18980971).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and SEDAR after the results are released.

About Parkland
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

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Parkland strengthens its Quebec retail network with the acquisition of Pétroles Crevier Inc.

CaribPR Wire, CALGARY, Alberta, July 06, 2021: Parkland Corporation (“Parkland”, “we”, “our”, or “the Company”) (TSX:PKI) is pleased to announce it has entered into an agreement to acquire Pétroles Crevier Inc. (“Crevier”) (a subsidiary of Crevier Group), which is a well-established retail and wholesale business based in Montreal, Canada. This is Parkland’s eighth acquisition announced year-to-date, each of which supports our growth strategy and moves us toward our ambition for $2 billion of run-rate Adjusted EBITDA by the end of 2025.

“This acquisition extends our existing retail network in Quebec and expands our presence in key markets,” said Donna Sanker, President of Parkland Canada. “We believe we can add significant value by deploying our proven retail capabilities, proprietary Marche Express (ON the RUN) convenience and Ultramar forecourt brands, and JOURNIE™ Rewards loyalty program. We look forward to continuing to provide Crevier’s customers with essential products and exceptional service.”

Crevier’s operations extend across Quebec, serving customers through a portfolio of 36 company-owned retail locations and 138 retail dealer locations. In addition, Crevier’s large wholesale business and significant unbranded volume enhance our supply advantage and import optionality. This transaction is expected to add annual fuel and petroleum product volume of approximately 700 million litres, of which 70 percent is attributable to wholesale, and annual run-rate Adjusted EBITDA of approximately C$12 million, prior to additional growth and synergy upside.

75 percent of the transaction consideration will be funded out of existing credit facility capacity, and the remaining 25 percent with Parkland common shares issued from treasury. The transaction is expected to close in the first quarter of 2022 and is subject to approval under the Competition Act (Canada) and other customary closing conditions.

Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the successful completion of the acquisition of Crevier and the timing thereof; expected benefits of the acquisition, including potential organic growth, post-closing synergy opportunities, Parkland’s ability to add value to the acquired network through its Marche Express (ON the RUN) convenience and Ultramar forecourt brands, and JOURNIE™ Rewards loyalty program, the expected product volume and annual run-rate Adjusted EBITDA contributions resulting from the transaction and the anticipated funding of the acquisition.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as may be required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, failure to complete this acquisition; failure to satisfy the conditions to closing of the acquisition, including approval under the Competition Act (Canada); failure to realize all or any of the anticipated benefits of the acquisition; general economic, market and business conditions; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021 and in “Forward-Looking Information” and “Risk Factors” in Parkland’s annual MD&A for the year ended December 31, 2020 dated March 4, 2021 and in the interim MD&A for the three month period ended March 31, 2021 dated May 3, 2021, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

About Parkland
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community, and respect, which are embraced across our organization.

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Parkland advances its track record of energy transition leadership in British Columbia; announces BC’s largest EV ultra-fast charging network

CaribPR Wire, CALGARY, Alberta, June 21, 2021: Parkland Corporation (“Parkland”, “we”, “our”, or “the Company”) (TSX:PKI) is pleased to announce plans to launch the largest network (by site count) of Electric Vehicle (“EV”) ultra-fast chargers in British Columbia (“BC”), Canada. Strategically located on major highways and in key cities and towns across Parkland’s extensive retail portfolio, this network of approximately 25 high-quality sites will stretch from Vancouver Island to Calgary and is expected to open to customers in 2022.

“Parkland’s purpose is to power journeys and energize communities and for over 50 years we have served our customers’ evolving energy and convenience needs,” said Bob Espey, President and Chief Executive Officer. “Coupled with our track record of renewable fuel manufacturing, our ultra-fast charging network is one of many disciplined, focused investments we are making as part of our approach to energy transition.”

“We are committed to meeting customer demand and learning about customer preferences in emerging EV markets,” added Donna Sanker, President Parkland Canada. “While adoption is in its early phases, BC leads the way in North America, making this province a natural, scalable step for our EV charging network. Our BC retail portfolio covers major population centres and highway corridors and includes our high-quality convenience stores and exclusive Triple O’s food offering. Collectively, these create convenience destinations where customers can shop, eat and use complimentary wi-fi while they charge their vehicles.”

Helping customers make the most of every stop
We will install, own, and operate up to 100 EV ultra-fast charging ports at approximately 25 of our existing retail locations. The charging ports will be branded ON the RUN to connect with our well-established convenience store brand at our retail sites. Highlights will include:

  • Network Coverage: Strategically located on highways and in major destinations including Victoria, Nanaimo, Vancouver, Whistler, Abbotsford, Kelowna, Penticton, Kamloops, Revelstoke and into Calgary.
  • Ultra-fast Charging: Delivering up to a 150-kilowatt charge, Parkland’s ON the RUN ultra-fast chargers will be capable of delivering up to an 80 percent charge to most EV’s in approximately 20 minutes.
  • Customer Amenities and Convenience: Vast majority of locations will feature an ON the RUN convenience store, Triple O’s restaurant and complimentary wi-fi, enabling customers to make the most of every stop.
  • Maximum Compatibility: ON the RUN ultra-fast chargers will be compatible with most popular EV models.

Advancing our track record of energy transition leadership
The addition of an EV ultra-fast charging network in BC which connects to Calgary is a natural and scalable extension to how we power our customers’ journeys. In parallel, and as part of our broader energy transition activities, we will continue to focus on our leading renewable fuel manufacturing capabilities in BC. We look forward to providing more details of our energy transition strategy through 2021 and at our November Investor Day.

Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). In particular, this news release contains forward-looking statements with respect to, among other things: Parkland’s plans to launch a network of EV fast chargers in BC; the expected geography of Parkland’s EV charging network; the branding of Parkland’s planned EV charging network; technical capability of the EV network, including amount of charge, time to charge and compatibility with the market of EVs; and Parkland’s focus on renewable fuel manufacturing capabilities in BC.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, general economic, market and business conditions; the ability of suppliers to meet commitments; Parkland’s ability to negotiate the required right of way’s in order to install the EV chargers; unexpected delays that affect Parkland’s ability to achieve its targets in this press release; actions by governmental authorities and other regulators; changes and developments in regulations; ability to obtain required government or regulatory approval; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form and in “Forward-Looking Information” and “Risk Factors” in Parkland’s quarterly and annual MD&A, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

About Parkland
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region, and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage, and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community, and respect, which are embraced across our organization.

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Participant Energy Announces Groundbreaking Construction on Largest Privately-Owned Solar System In Honduras

BERKELEY, Calif., June 10, 2021 /PRNewswire-HISPANIC PR WIRE/ — Participant Energy announces the commencement of construction on a 14.7 MW solar array in Honduras. The client, Green Valley Industrial Park, located near San Pedro Sula, is a world-class industrial facility with multinational clients such as Lear Corporation, Simtex, and Gildan Textiles.

About Participant Energy: Participant Energy is a U.S. based international renewable energy development company, focusing on clean power for California, Central America, and the Caribbean. www.participantenergy.com (PRNewsFoto/Participant Energy)

Participant Energy, a renewable energy developer based in Northern California, began working in Honduras in 2018 after developing solar in Costa Rica as part of that government’s official solar initiative, Plan Piloto. Nick Goodwin Self, CEO of Participant Energy, stated, “We believe that due to the prestige of the client and the fact that this is largest private commercial solar facility built to date in Honduras, this venture will have a catalytic effect on valuable new markets for renewable energy in this sector.” The PPA will save Green Valley 20 percent on their energy costs from day one. Gustavo Raudales, Director General of Grupo Karims, which owns Green Valley Industrial Park, affirmed, “Participant Energy is meeting the challenge we face here in Honduras to develop not only more affordable energy, but clean renewable energy to help grow Honduras’ rising industrial and commercial development, while remaining conscious of increasing environmental concerns.”

Participant Energy, working with industrial-scale agriculture, has developed some of the largest solar arrays in Northern California. The company is also pioneering agricultural waste-to-energy gasification technology to create clean synthetic fuels from rice hulls, nut shells and bagasse. This produce-gas can also be used with linear gas-powered generators to produce electricity for baseload operations, as well as providing emergency back-up generation during periods of grid destabilization.

About Participant Energy:
Participant Energy is a U.S. based international renewable energy development company, focusing on clean power for California, Central America, and the Caribbean. www.participantenergy.com

Logo - https://mma.prnewswire.com/media/1530063/Participant_Energy_Logo.jpg

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Parkland Advances Growth Strategy With Two International Transactions

CaribPRWire, CALGARY, Alberta, May 17, 2021: Parkland Corporation (“Parkland”, “we”, “our”, or “the Company”) (TSX:PKI) is pleased to announce, through its 75 percent ownership in Sol Investments SEZC (“Sol”), two transactions in our International business (the “International transactions”) which provide additional scale in the Caribbean and strengthen our position as a natural acquirer in the region.

“These transactions strengthen Parkland’s network throughout the Caribbean and extend our portfolio of growth opportunities in retail, commercial, LPG and aviation,” said Pierre Magnan, President of Parkland International. “Our International business currently spans 23 countries and provides a platform for continued organic growth and consolidation in the region. We are excited about the opportunity set in the International segment which we expect to play a significant role in achieving Parkland’s 2025 growth ambition.”

Details of the International transactions are as follows:

Creating the Dominican Republic’s largest retail network

Through the contribution of our approximately 80 retail locations, commercial and aviation marketing operations in the Dominican Republic (”DR”) and a follow-on investment, Sol will become a 50 percent indirect partner in Isla Dominicana de Petroleo Corp. (”Isla”). Isla currently operates a high-quality retail network with approximately 160 locations. The combined portfolio will comprise 240 retail locations (the largest retail network in the DR) alongside an integrated commercial and aviation business. As part of the agreement, Isla will operate the joint onshore marketing operations while Parkland will become the principal fuel supplier to the combined network.

Strategic rationale includes:

  • A market leading retail network in all major DR population centers with operational synergies
  • Strong free cash flow conversion with regulated on-shore margins in a high-growth market
  • Unlocks supply synergies through improved scale and optimized shipping logistics
  • A new partnership with a shared appetite for continued growth and renewable opportunities

Becoming the leading fuel marketer in St. Maarten

We have signed an agreement for the purchase of an integrated fuel marketing business with operations in St. Maarten. The acquisition includes retail, commercial, marine, LPG distribution and an aviation business. The acquisition strengthens our activities at the Princess Juliana International Airport (a hub for surrounding islands and major North American and European markets) and adds a complementary retail network.

As a result of the acquisition, we will become the leading fuel marketer in the Dutch side of St. Maarten and are well positioned to drive operational synergies.

Together with the Puerto Rico aviation acquisition disclosed with our first quarter 2021 results, the International transactions are expected to increase our International segment’s annual run-rate Adjusted EBITDA including non-controlling interest by approximately C$20 million (C$15 million attributable to Parkland), prior to additional growth and synergy upside.

The International transactions will be funded out of existing credit facility capacity. Subject to customary closing conditions, the transactions are expected to close in the third quarter of 2021.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: the successful completion of the transactions and timings thereof; expected benefits of the transactions, collectively and independently, as applicable, including without limitation, expected increase to the International segment’s run rate Adjusted EBITDA resulting from the International transactions, strengthening Parkland’s position as a natural acquirer in the region and its network in the Caribbean, extending Parkland’s growth opportunities, the projected growth and synergy upside, organic growth and consolidation opportunities, post-closing synergy opportunities, renewable opportunities, the creation of the largest retail network in DR and the size thereof and becoming the leading fuel marketer in St. Maarten; the International segment’s expected contribution to Parkland’s 2025 growth ambition; and the anticipated funding of the transactions.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as may be required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, failure to complete these transactions; failure to satisfy the conditions to closing of the transactions; failure to realize all or any of the anticipated benefits of the transactions; general economic, market and business conditions; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 5, 2021 and in “Forward-Looking Information” and “Risk Factors” in Parkland’s annual MD&A for the year ended December 31, 2020 dated March 4, 2021 and in the interim MD&A for the three month period ended March 31, 2021 dated May 3, 2021, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

Expected increase in our International segment’s annual run-rate Adjusted EBITDA is based on anticipated full-year impact of the combined Puerto Rico aviation acquisition (disclosed May 3, 2021) and the International transactions; future performance of such businesses may differ from expectations due to the numerous risks and uncertainties as noted above. Due to closing date impacts of the transactions and other factors, this does not represent the expected 2021 Adjusted EBITDA impact for the International segment.

Non-GAAP Financial Measures

Adjusted EBITDA is a measure of segment profit. See Section 9 and Section 14 of the Q1 2021 MD&A and Note 13 of the Q1 2021 FS for a reconciliation of these measures of segment profit. Investors are encouraged to evaluate each measure and the reasons Parkland considers it appropriate for supplemental analysis.

Investors are cautioned that these measures should not be construed as an alternative to net earnings determined in accordance with IFRS as an indication of Parkland’s performance.

About Parkland
Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community, and respect, which are embraced across our organization.

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The Future of Barbados Does Not Include Waste

An exciting and important project has been approved by the Government of Barbados; the project, a cooperation between the Sanitation Service Authority (SSA) and Barbadian company Prosource Limited, will completely transform residential waste collection in the country.

BRIDGETOWN, Barbados, May 7, 2021 /PRNewswire-HISPANIC PR WIRE/ — Waste management is a significant challenge for any society. An appropriate waste management strategy mitigates public health risks, contributes to sustained economic activity, and enhances Public welfare generally. While waste management is one of the least recognized public policy issues in the Caribbean, with the implementation of this project, Barbados will have a world-leading and technology-driven solution for the efficient collection of residential waste.

Minister of the Environment and National Beautification, Hon. Adrian Forde, M.P. observed, “The consequences of COVID 19, climate change and the ash fall caused by the recent eruption of the La Soufriere volcano only serves to underscore the importance of solid waste management and the need for efficient waste collection in Barbados. One of the most important tenets of sustainable development is a partnership, whether with private entities, community groups or individuals. The health and safety of our people are paramount in our environmental planning and development. This project will ensure our streets, beaches, ecosystems, wetlands and other areas of biodiversity are maintained. I am eagerly looking forward to this seamless transformation at SSA. My Friends, this is who we are.”

The project is a cooperation between the Sanitation Service Authority (SSA) and Barbadian company Prosource Limited, which will vastly improve the efficiency, reliability, and regularity of waste collections. Prosource Limited, whose expertise lies in the residential, commercial, and industrial waste sector, will provide and implement a fully managed end to end solution for the country. Prosource Limited is a part of the Innotech Group and has successfully completed similar projects in the region. In 2020, the Solid Waste Management Corporation of St. Kitts engaged the company to undertake an island-wide waste collection improvement project. David Tomlinson, Director of Prosource Limited, explained how it works for the people of Barbados. “Each household in Barbados will be provided, free of charge, with a standardized Radio Frequency Identification (RFID) enabled 65-gallon roll-out cart for general waste and an 18-gallon bin to be used for commingled recycling. In addition, all the SSA’s collection compactor trucks will be retrofitted with market-leading equipment for mechanically lifting the carts. The RFID readers installed on the trucks will track collection activity, improve collection efficiency, and the in-cab route optimization and management solution will also benefit drivers whilst reducing SSA’s operational cost. Once implemented, the residential waste collection methodology for Barbados will change from a manual system to a much more efficient and safer mechanical operation.” The solution includes a specialist software system capable of tracking, monitoring, and providing analytics for waste collection services and operations. It also allows for automated work orders and asset inventory management. Households will now also have a convenient way to dispose of recyclables using the new recyclable bin provided by the SSA.

It is not just the public who will benefit from this project, according to SSA Chairman Ramon Alleyne. “This project will not only allow our team to be better equipped with state-of-the-art tools and technology, we will be able to deliver a higher standard of service to the public. Just as importantly, it will ensure safer, healthier and better working conditions for SSA’s workers who provide this critical service to the country.”

A cleaner Barbados will also be a benefit for the island’s tourism promotion efforts. A modern and progressive way of keeping the island environmentally friendly and clean can be a competitive edge for a destination, especially with health being a paramount consideration of travelers in deciding where to visit. Chairman of Innotech Group, Anthony Da Silva, stated, “This groundbreaking initiative is a huge win for the island, both for our people and our key industries such as tourism. It is innovative projects such as these that will hopefully serve as a model for the region. We must not overlook the importance of waste management and recycling, and this public health project is evidence that we are serious about making the improvements and investments necessary.”

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Parkland Corporation Announces the Results of the 2021 Annual General Meeting of Shareholders

CaribPR Wire, CALGARY, Alberta, May 04, 2021: Parkland Corporation, (”Parkland”, “We”, the “Company”, or “Our”) (TSX:PKI) held its annual General meeting of shareholders on May 4, 2021 (the “Meeting”).

The Company is pleased to announce that all nine of the nominees listed in its management information circular dated March 2, 2021 (the “Information Circular”) were elected as directors of the Corporation and PricewaterhouseCoopers LLP was reappointed as Parkland’s auditor at its annual general meeting of shareholders held today (the “Meeting”).

The results of these votes, as well as the results for the other items of business considered at the Meeting are set out below:

Resolution 1

Election of directors of Parkland for the ensuing year.

Nominee Votes For %For Votes Withheld %Withheld
John F. Bechtold 79,789,479 91.67% 7,254,202 8.33%
Lisa Colnett 83,878,189 96.36% 3,165,492 3.64%
Robert Espey 86,099,921 98.92% 943,760 1.08%
Timothy Hogarth 86,682,577 99.59% 361,104 0.41%
Jim Pantelidis 82,676,070 94.98% 4,367,611 5.02%
Domenic Pilla 83,550,992 95.99% 3,492,689 4.01%
Steven Richardson 83,715,080 96.18% 3,328,601 3.82%
David A. Spencer 84,397,735 96.96% 2,645,946 3.04%
Deborah Stein 83,692,650 96.15% 3,351,031 3.85%

Resolution 2

The reappointment of PricewaterhouseCoopers LLP, Chartered Accountants, as auditor of Parkland for the fiscal year ending December 31, 2021.

Votes For 87,006,198 99.58%
Votes Withheld 369,171 0.42%

Resolution 3

The approval, on a non-binding and advisory basis, of Parkland’s approach to executive compensation as more particularly set forth and described in the Information Circular.

Votes For 83,129,244 95.50%
Votes Against 3,914,437 4.50%

Voting results for all matters have been posted on SEDAR.

About Parkland Corporation

Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

Click Here for More Information »