Archive for the ‘energy’ Category

Parkland announces date of 2021 first quarter results and virtual Annual General Meeting

CaribPR Wire, CALGARY, Alberta, April 15, 2021: Parkland Corporation (“Parkland”) (TSX:PKI) expects to announce its 2021 first quarter results after markets close on Monday, May 3, 2021. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Tuesday, May 4, 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=1450915&tp_key=c49f8f1250

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0605 (toll-free) (Conference ID: 83343797).

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.

Virtual Annual General Meeting
Parkland will hold its 2021 Annual General Meeting of shareholders in a virtual-only format. The virtual-only meeting will be conducted via live audio webcast online on Tuesday, May 4, 2021, at 9:00 a.m. MDT (11:00 a.m. EDT).

All Shareholders will be able to attend the live virtual meeting. Information for shareholders is posted in Parkland’s Management Information Circular available at www.parkland.ca and under Parkland’s profile at www.sedar.com.

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 Announces Closing of Senior Unsecured Notes Offering

CaribPR Wire, CALGARY, Alberta, April 13, 2021: 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 4.500% senior unsecured notes due 2029 (the “notes”).

Parkland will use the net proceeds of the offering to redeem all of its 6.000% senior notes due 2026 in the aggregate principal amount of US$500 million, to redeem the remaining C$200 million of its 5.625% senior notes due 2025 in the aggregate principal amount of C$500 million not already called for redemption and repay certain amounts outstanding under its revolving bank credit facility.

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 to a non-U.S. person 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. This news release is neither an offer to purchase nor a solicitation of an offer to sell any of the 6.000% senior notes due 2026 or the 5.625% senior notes due 2025 and this press release shall not constitute a notice of redemption in respect therefor.

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”, “will”, “would” 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 6.000% senior notes and the 5.625% senior notes and the repayment of certain amounts outstanding under Parkland’s revolving bank credit facility.

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 year ended December 31, 2020, dated March 4, 2021, which are 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 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 Announces US$800 Million Offering of Senior Unsecured Notes

CaribPR Wire, CALGARY, Alberta, March 29, 2021: Designated News Release – Parkland Corporation (“Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today a private offering of US$800 million aggregate principal amount of senior unsecured notes (the “Offering”). The notes will bear interest at 4.500% per annum and are due October 1, 2029.

Parkland intends to use the net proceeds of the Offering to (i) redeem on April 14, 2021 all of the outstanding US$500 million aggregate principal amount of its 6.000% senior notes with a final maturity date of April 1, 2026, (ii) redeem on May 10, 2021 the remaining C$200 million of its C$500 million aggregate principal amount of 5.625% senior notes with a final maturity date of May 9, 2025 not already called for redemption (with conditional redemption notices for such redemptions issued today), and (iii) repay certain amounts outstanding under its revolving bank credit facility.

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 to a non-U.S. person 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, 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 news release is neither an offer to purchase nor a solicitation of an offer to sell any of the 6.000% senior notes or the 5.625% senior notes and this press release shall not constitute a notice of redemption in respect thereof.

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 completion of the Offering, the use of proceeds of the Offering and statements regarding the redemptions for the 6.000% senior notes and the 5.625% 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 some of which are described in Parkland’s annual information form dated March 5, 2021 (the “AIF”) and other continuous disclosure documents. 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 Redemptions since they are 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 Redemptions; 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 Redemptions in the manner described in this press release or at all. If Parkland is unable to complete the Offering and/or Redemptions, there could be a material adverse impact on Parkland and on the value of its securities. Readers are directed to, and are encouraged to read, Parkland’s management discussion and analysis for the year ended December 31, 2020 (the “MD&A”) and the AIF, including the disclosure contained under the heading “Risk Factors” therein (including COVID-19 related risk factors). The MD&A and AIF are available by accessing Parkland’s profile on SEDAR at www.sedar.com and such information is incorporated by reference herein.

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 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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Path to 100% experts share the latest developments fueling the renewable energy transition

Path to 100% is an objective community bringing together thought leaders and industry leading experts to discover solutions, raise awareness, and create a dialogue on creating an operationally and financially realistic approach towards a 100% renewable energy future. This initiative is made possible by Wärtsilä, a global leader in smart technologies and complete lifecycle solutions for marine and energy markets.

CaribPR Wire, HOUSTON, March 16, 2021: The renewable energy transition is complex, but it is possible, practical and affordable. That is the topic global smart technology leader, Wärtsilä, will explore during the S&P Global Platts Central America and Caribbean Energy Webinar March 18. Energy Business Director, Latin America North, Wärtsilä Energy, Sampo Suvisaari; Business Development Manager, Latin America North, Raúl Carral and Business Development Manager, Central America and Caribbean, Francisco Picasso will discuss decarbonization strategies.

Suvisaari will chair the event and moderate the first panel discussion titled Fuel choices and dilemmas; fuel oil and LNG in Central America and the Caribbean.

“In these rapidly changing times for the energy industry in Central America the choice of fuel and of renewable energy deployment is more critical than ever,” Suvisaari said. “Now is the time to think of how to future-proof your investments for the next two decades and beyond.”

The blackouts in Texas and California revealed the need for firm capacity. Carral explains the value of these fuels to Latin America.

“Due to environmental and economic reasons we see in Central America and the Caribbean the continuous strong development of renewable energies like solar and wind power while there is also a continuous emergence of fuels, like natural gas / LNG, propane / LPG, and even ammonia and hydrogen, among others,” Carral said. “These new fuels in the region will prove to be most valuable when they operate with flexible power technologies, which will be also more prominent while integrating intermittent renewable energy.”

Picasso will moderate a panel discussion on renewable energy.

“The path to 100% requires ongoing discussion with thought leaders and industry experts to raise awareness and discover operational and financially realistic approaches to reliable decarbonization,” Picasso added. “A renewable energy future requires addressing economic, technological and political challenges which are different throughout the world.”

The three-hour webinar will begin at 9:00 a.m. EDT on March 18 and there is no charge for the event. Registrations close at 9:00 a.m. on March 17.

Wärtsilä Energy Business in brief
Wärtsilä Energy Business leads the transition towards a 100% renewable energy future. We help our customers unlock the value of the energy transition by optimising their energy systems and future-proofing their assets. Our offering comprises flexible power plants, energy management systems, and storage, as well as lifecycle services that ensure increased efficiency and guaranteed performance. Wärtsilä has delivered 72 GW of power plant capacity in 180 countries around the world.
https://www.wartsila.com/energy/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eea0d8f5-6589-4f59-bd02-0cba87dc428d

Especialistas de Path to 100% comparten los más recientes desarrollos que promueven la transición a la energía renovable

CARIBPR WIRE, HOUSTON, March 17, 2021: La transición hacia la energía renovable es compleja, sin embargo, es posible, práctica y asequible. Ese es el tema que el líder mundial de tecnología inteligente, Wärtsilä, explorará durante el Webinar de Energía en Centroamérica y el Caribe de S&P Global Platts el 18 de marzo. Sampo Suvisaari, director de negocios de energía de Wärtsilä Energy, Norte de América Latina; Raúl Carral gerente de desarrollo de negocios, Norte de América Latina y Francisco Picasso gerente de desarrollo de negocios, Centroamérica y el Caribe tratarán sobre las estrategias de descarbonización.

Suvisaari presidirá el evento y moderará el primer debate titulado, Opciones y dilemas de combustibles; fuelóleo y GNL en Centroamérica y el Caribe.

“En estos tiempos de rápido cambio para el sector energético en Centroamérica, la elección de combustible y de la implementación de energía renovable es más crítica que nunca”, dijo Suvisaari. “Hoy es el momento de pensar en cómo proteger sus inversiones en el futuro para las próximas dos décadas y más adelante”.

Los apagones en Texas y California revelaron la necesidad de capacidad firme. Carral explica el valor de estos combustibles para América Latina.

“Debido a razones ambientales y económicas hemos observado en Centroamérica y el Caribe el desarrollo continuo y fuerte de energías renovables, como la energía solar y eólica, además del surgimiento continuo de combustibles, como gas natural/GNL, propano/GLP, e incluso amoníaco e hidrógeno, entre otros”, dijo Carral. “Estos nuevos combustibles en la región comprobarán ser más valiosos cuando operen con tecnologías de energía flexible, que también serán más prominentes con su integración a la energía renovable intermitente”.

Picasso moderará un debate sobre energía renovable.

“El camino al 100% requiere un debate continuo con líderes visionarios y especialistas del sector para crear mayor conciencia y descubrir enfoques operativos y financieramente realistas para la descarbonización confiable”, agregó Picasso. “Un futuro de energía renovable requiere abordar desafíos económicos, tecnológicos y políticos que son diferentes en todo el mundo”.

El webinar de tres horas comenzará a las 9:00 a.m. EDT el 18 de marzo, el evento no tiene costo. Las inscripciones cierran a las 9:00 a.m. del 17 de marzo.

Wärtsilä Energy Business en resumen
Wärtsilä Energy Business lidera la transición hacia un futuro con energía 100% renovable. Ayudamos a nuestros clientes a descubrir el valor de la transición energética optimizando sus sistemas energéticos y protegiendo sus activos en el futuro. Nuestra oferta incluye plantas eléctricas flexibles, sistemas de gestión y almacenamiento de energía, así como servicios de ciclo de vida que garantizan una mayor eficiencia y rendimiento garantizado. Wärtsilä ofrece 72 GW de capacidad de planta eléctrica en 180 países de todo el mundo.
https://www.wartsila.com/energy/

Una foto asociada con este comunicado de prensa está disponible en,  https://www.globenewswire.com/NewsRoom/AttachmentNg/eea0d8f5-6589-4f59-bd02-0cba87dc428d

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Parkland reports 2020 results and provides 2021 outlook, including ninth consecutive annual dividend increase

CaribPR Wire, CALGARY, Alberta, March 04, 2021: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today its financial and operating results for the fourth quarter and year ended December 31, 2020 and 2021 outlook. Highlights include:

  • Continued track record of steady dividend growth; our annual dividend will increase two cents per share, marking our ninth consecutive annual dividend increase and demonstrating conviction in our 2021 outlook and beyond.
  • Confidence in our resilience and flexibility supports 2021 Adjusted EBITDA (attributable to Parkland) guidance of $1,200 million +/- 5 percent.
  • Record safety performance through 2020; our front-line teams embraced extensive health and safety protocols to provide the essential fuels and services our customers depend on.
  • 2020 Adjusted distributable cash flow of $478 million fully funded growth capital expenditures, acquisitions and net dividend payments for the year and validated the strength of our diverse geographic and product platform.
  • 2020 Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”) of $967 million, demonstrating the strength and resilience of our business model through a challenging year. Decisive interventions in March 2020 resulted in significant cost reductions and reduced capital expenditures in response to an uncertain business environment. Adjusted EBITDA was down from 2019 due to the economic impacts of COVID-19 and our 2020 Burnaby refinery turnaround. This was partially offset by strong marketing results driven by unit margins and costs controls.
  • Q4 2020 Adjusted EBITDA of $247 million. Strong Canada and International marketing operations and refinery utilization of 90 percent was offset by lower refining margins in Supply and per unit fuel margins in the USA segment. This was lower than Q4 2019 primarily due to the economic impacts of COVID-19.
  • Q4 2020 Net earnings attributable to Parkland of $53 million, or $0.36 per share, basic, a decrease from Q4 2019 primarily resulting from lower Adjusted EBITDA referenced above and certain non-cash items related to interest rate and foreign exchange impacts.
  • Q4 2020 Fuel and petroleum product volume of 5.4 billion litres, a decrease of 7 percent relative to the prior year quarter due to the impacts of COVID-19. The impact of lower volumes on Adjusted EBITDA was mitigated by strong per unit fuel margins in Canada and International and robust Company C-Store same-store sales growth (”SSSG”) in Canada of around 8 percent, our 20th consecutive quarter of growth.
  • Q4 2020 Operating and Marketing, General and Administrative (”MG&A”) costs of $339 million, $68 million lower than Q4 2019, reflecting the variability in our cost structure and sustained benefit of proactive cost control measures.
  • We maintained significant liquidity of $1.3 billion and Total Funded Debt to Credit Facility EBITDA ratio of 2.9 times as of December 31, 2020, similar to the 2.8 times as of December 31, 2019. We proactively updated our syndicated credit facilities and refinanced near-term senior note maturities in June 2020, securing additional financial flexibility and positioning us to take advantage of potential future growth opportunities.

“I would like to thank our front-line teams for their exemplary work through the ongoing challenges posed by COVID-19, safely and reliably meeting our customers needs with the utmost professionalism,” said Bob Espey, President and Chief Executive Officer. “In 2020, we demonstrated financial prudence, safely provided the essential fuels and services our customers and communities rely on, enhanced our customer offerings and proved the resilience of our business through an extremely difficult external environment.”

“We are excited about the opportunities ahead of us,” added Espey. “We remain focused on our stated strategy and meeting our long-term growth ambitions. In 2021, we will strengthen our customer offerings and continue our organic growth initiatives, advance our disciplined acquisition strategy and deepen our commitment to providing customers with low carbon fuel choices as part of our broader sustainability efforts.”

Our Sustainability Journey

As we advance our Sustainability journey, we intend to provide regular updates on our environmental, social and governance efforts as part of our normal disclosure process. A snapshot of our recent successes includes:

  • Published our inaugural Sustainability Report in fall 2020, outlining our established environmental, social and governance practices and setting the stage for development of our enterprise-wide sustainability strategy.
  • Underpinned by work completed during the Refinery turnaround in 2020, we co-processed approximately 44 million litres of Canadian-sourced canola and tallow bio-feedstocks in 2020, marking an almost 140 percent increase from 2019.
  • In January 2021, our Burnaby refinery set a new monthly record by co-processing approximately 10 million litres of Canadian sourced canola and tallow bio-feedstocks, well on our way to our 2021 target of co-processing up to 100 million litres of bio-feedstocks. Through this initiative we can offer customers a variety of low carbon fuels, including an up to 15 percent renewable content diesel. The annual environmental benefit of producing our low carbon fuels in 2021 is expected to be the equivalent of taking over 80,000 passenger vehicles off the road.
  • Our ability to significantly reduce the carbon intensity of refined product from Burnaby is a result of highly capital efficient initiatives. We have accomplished the current levels of bio-feedstock throughput using existing refinery infrastructure and approximately $30 million of combined capital expenditures and operating costs since 2017.
  • Successfully produced low carbon aviation fuel (bio-jet) and are moving towards commercialization.
  • From March 1, 2021, JOURNIE™ Rewards Members can select a new ‘carbon offset’ reward option as part of their fuel purchase reward ‘unlocks’. Parkland will calculate the number of Carbon Offset Credits activated by Members and contribute to a Canadian carbon offset project on their behalf. Introducing the choice of a carbon credit offset as an ‘unlock’ in the JOURNIE™ app aligns with our broader effort to support our customers in reducing their own emissions.
  • Record full-year safety performance with total recordable injury frequency (”TRIF”) of 1.12.

2021 Outlook

While we remain vigilant regarding the ongoing impacts of COVID-19, our performance through 2020 demonstrated the strength and resilience of our business model. Our track record gives us confidence in our ability to manage and thrive through periods of uncertainty and volatility. As a result, we are providing 2021 guidance metrics that account for near-term COVID-19 uncertainty but assume an economic recovery in the second half of the year. Highlights of our 2021 outlook include:

  • Adjusted EBITDA (attributable to Parkland) of $1,200 million +/- 5 percent.
  • Growth capital expenditures (attributable to Parkland) of $175 – $275 million. We will continue to exercise strict financial discipline when evaluating our organic growth initiatives and depending on market conditions, have significant flexibility in the level and timing of investment. Our growth capital expenditures include new-to-industry retail sites, On-the-run conversions and site upgrades, supply infrastructure, enhancing our digital capabilities, commercial bulk fuel and propane expansion and low-carbon initiatives at the Burnaby refinery.
  • Maintenance capital expenditures (attributable to Parkland) of $225 – $275 million, which includes approximately $40 million of catch-up work deferred from 2020. Maintenance capital includes retail and commercial site and system upgrades, fleet maintenance, infrastructure improvements and work to maintain operational excellence at the Burnaby refinery.
  • Burnaby refinery utilization of approximately 85 percent, reflecting the ongoing impacts of COVID-19 in the near-term and minor downtime in the second half of the year for a required catalyst change at the diesel and naphtha hydrotreating units.
  • Maintain $50 – $70 million of annualized cost savings resulting from 2020 initiatives (combined Operating and marketing, general and administrative, or “MG&A”, costs).
  • Full capture of our $42 million annual synergy target from the Sol acquisition is anticipated by the end of 2021, on-track with our original guidance upon announcement of the transaction.

Advancing our Disciplined Acquisition Strategy

  • We continue to show momentum in our U.S. consolidation strategy. We announced five U.S. acquisitions and closed four during 2020. Late in the fourth quarter of 2020, we successfully completed the acquisition of: (i) all the assets of Sevier Valley Oil Company, Inc. and its related entities (collectively, “SVO”); and (ii) certain assets of Carter Oil Company, Inc. and its affiliates (collectively, “Carter”). The previously announced acquisition of assets of Story Distributing Company and its affiliates (collectively, “Story”) was completed in early February 2021. The five acquisitions added nearly 30 company retail sites and over 140 dealer retail sites to our Rockies and Northern Regional Operations Centers (”ROCs”) along with robust commercial, supply and distribution capabilities.
  • Subsequent to 2020, we signed an agreement to acquire Conrad & Bischoff Inc. and its related companies (collectively, “C&B”). This acquisition will establish our fourth U.S. ROC, strengthen our supply advantage and add a high-quality retail network to our portfolio. The acquisition includes 19 high-quality company owned retail sites with proprietary branded backcourts and 39 retail dealer sites. In addition, terminal operations with combined tank storage of 30 million litres and capacity for 88 rail cars adds significant supply optionality in PADD IV. The transaction is expected to close in early Q2 2021.
  • The SVO, Carter, Story and C&B acquisitions are expected to increase our run-rate USA segment Adjusted EBITDA by approximately 70 percent from 2020.
  • Subsequent to 2020, we acquired two Midwest LPG terminals to expand our integrated logistics business and enhance our overall LPG supply optionality. The transaction closed in January 2021.
  • Subsequent to 2020, we signed an agreement to acquire a residential and commercial LPG distributor in St. Maarten which further supports our LPG growth strategy in the International segment. The transaction is expected to close in late Q1 2021.

Q4 2020 Segment Highlights

  • In Canada, fuel margins, convenience store sales and lower costs drove Adjusted EBITDA of $112 million, up $24 million relative to Q4 2019. We delivered our 20th consecutive quarter of Company C-Store SSSG, surpassed 1.5 million JOURNIE™ Rewards members and captured retail market share.
  • In International, enhanced logistics, storage optimization and cost control initiatives helped offset the impact of reduced tourist activity and generated Adjusted EBITDA of $72 million, approximately flat relative to Q4 2019. COVID-19 lockdown measures impacted volumes, however, we continue to benefit from geographic and product diversification within the region and growth in our LPG business. Natural resource economies performed well, with Guyana commercial operations growing approximately 15 percent in 2020.
  • In USA, Adjusted EBITDA of $11 million was down $4 million relative to Q4 2019. The contribution from first half 2020 acquisitions was more than offset by COVID-19 impacts, with the Northern ROC seeing heavily restricted mobility in addition to reduced oil and gas activity. Furthermore, incremental repair and maintenance costs and lower marine fuel and lubricant margins contributed to the decline.
  • In Supply, Adjusted EBITDA of $78 million was down $75 million relative to Q4 2019, primarily driven by lower crack spreads. Q4 2020 benefited from a 90 percent refinery utilization rate, low operating costs and solid performance from our integrated logistics business. This was offset by approximately $35 million relating to prior period adjustments, realized risk management losses on intermediation and a third-party power outage at the Burnaby refinery.
  • Corporate Adjusted EBITDA expense of $26 million.

Consolidated Financial Overview

($ millions, unless otherwise noted) Three months ended December 31, Year ended December 31,
Financial Summary 2020(4) 2019(4) 2018(4) 2020(4) 2019(4) 2018(4)
Sales and operating revenue 3,474 4,779 3,506 14,011 18,453 14,442
Fuel and petroleum product volume (million litres) 5,416 5,850 4,354 21,424 22,282 16,978
Adjusted gross profit(1) 606 728 587 2,360 2,832 1,995
Adjusted EBITDA including non-controlling interest (”NCI”) 271 327 285 1,057 1,358 887
Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)(1) 247 302 285 967 1,265 887
Canada(2) 112 88 105 435 380 409
International 72 73 270 281
USA 11 15 11 74 56 28
Supply 78 153 199 280 660 561
Corporate (26 ) (27 ) (30 ) (92 ) (112 ) (111 )
Net earnings (loss) 64 186 77 112 414 206
Net earnings (loss) attributable to Parkland 53 176 77 82 382 206
Net earnings (loss) per share – basic ($ per share) 0.36 1.19 0.58 0.55 2.60 1.56
Net earnings (loss) per share – diluted ($ per share) 0.35 1.17 0.57 0.54 2.55 1.53
Dividends 47 44 41 184 177 159
Per share 0.3036 0.2985 0.2934 1.2110 1.1906 1.1704
Weighted average number of common shares (million shares) 149 148 133 149 147 132
TTM distributable cash flow(1)(5) 481 564 416 481 564 416
Per share(1)(3)(5) 3.23 3.84 3.15 3.23 3.84 3.15
TTM adjusted distributable cash flow(1)(5) 478 561 568 478 561 568
Per share(1)(3)(5) 3.21 3.82 4.30 3.21 3.82 4.30
TTM dividends(5) 184 177 159 184 177 159
TTM dividend payout ratio(1)(5) 38 % 31 % 38 % 38 % 31 % 38 %
TTM adjusted dividend payout ratio(1)(5) 38 % 32 % 28 % 38 % 32 % 28 %
TTM weighted average number of common shares (million shares)(5) 149 147 132 149 147 132
Total assets 9,094 9,283 5,661 9,094 9,283 5,661
Total Funded Debt to Credit Facility EBITDA ratio(1)(6) 2.91 2.79 2.47 2.91 2.79 2.47
Non-current financial liabilities 4,377 4,328 2,288 4,377 4,328 2,288
Interest coverage ratio(1) 5.33 5.32 6.52 5.33 5.32 6.52
Growth capital expenditures attributable to Parkland(1) 45 69 57 110 221 109
Maintenance capital expenditures attributable to Parkland(1) 39 91 52 225 232 187

(1) Measure of segment profit and Non-GAAP financial measures. See Section 14 of the MD&A.
(2) 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.
(3) Calculated using the weighted average number of common shares.
(4) 2020 and 2019 results reflect the adoption of IFRS 16 as of January 1, 2019. 2018 comparative figures reflect the accounting standards in effect for that year and are not restated to reflect the impact of IFRS 16, as is allowed under the modified retrospective approach for IFRS 16 adoption.
(5) Amounts presented on a trailing-twelve-month (”TTM”) basis.
(6) Beginning in Q1 2020, Credit Facility EBITDA includes Adjusted EBITDA attributable to NCI and excludes IFRS 16 impact attributable to NCI, and Total Funded Debt includes long term-debt attributable to NCI, letters of credit attributable to NCI and cash and cash equivalents attributable to NCI. The amounts presented for 2019 and 2018 have not been restated.

Ninth Consecutive Annual Dividend Increase

Parkland’s annualized common share dividend will increase $0.0204 per share, our ninth consecutive annual increase, from $1.2144 to $1.2348, effective with the monthly dividend payable on April 15, 2021 to shareholders of record at the close of business on March 22, 2021.

Conference Call and Webcast Details

Parkland will host a webcast and conference call on Friday, March 5, at 6:30am MST (8:30am EST) 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=1432661&tp_key=f1590068d5

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: 87395118). International participants can call 1-587-880-2171 (toll) (Conference ID: 87395118).

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 Q4 2020 MD&A and Q4 2020 Financial Statements provide a detailed explanation of Parkland’s operating results for the year ended December 31, 2020. 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 Q4 2020 French MD&A and Q4 2020 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, estimated 2021 capital expenditures, expected timing of closing and benefits to be derived from announced acquisitions, potential future acquisition opportunities, expected increase to USA segment’s run-rate Adjusted EBITDA from the SVO, Carter, Story and C&B acquisitions, potential projects to extend Parkland’s supply advantage, the ongoing roll out of the JOURNIE™ Rewards loyalty program, expected Burnaby refinery utilization rates, 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 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; 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 30, 2020, and “Forward-Looking Information” and “Risk Factors” included in 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”). Distributable cash flow, distributable cash flow per share, adjusted distributable cash flow, adjusted distributable cash flow per share, total funded debt to credit facility EBITDA ratio, dividend payout ratio, adjusted dividend payout ratio 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 Q4 2020 MD&A for a discussion of non-GAAP measures and their reconciliations to the nearest applicable IFRS measure.

Adjusted EBITDA and adjusted gross profit are measures of segment profit. See Section 16 of the Q4 2020 MD&A and Note 24 of the Q4 2020 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.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs, such as SSSG and 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 Q4 2020 MD&A for further details.

Expected increase in run-rate USA segment Adjusted EBITDA including SVO, Carter, Story and C&B reflects the reported 2020 Adjusted EBITDA in the USA segment plus the annual run rate Adjusted EBITDA contribution expected from the acquired assets based on trailing-twelve-month performance at the time of acquisition. Due to closing date impacts of the acquisitions, this does not represent guidance for USA segment 2021 Adjusted EBITDA. Further, expected annual run rate Adjusted EBITDA contribution is calculated based on historical performance of the acquired businesses; future performance of such business may differ from historical results.

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.

Effective January 1, 2019, Parkland adopted the new accounting standard, IFRS 16 – Leases (”IFRS 16″). The adoption of IFRS 16 has a significant effect on Parkland’s reported results. Due to Parkland’s selected transition method, it has not restated its prior year comparatives. Certain financial statement measures are presented excluding the impact of IFRS 16 (”Pre-IFRS 16 measures”).

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 announces acquisition of Conrad & Bischoff Inc., establishing a new growth platform in the Pacific Northwest

CaribPR Wire, CALGARY, Alberta, Feb. 26, 2021: 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 Conrad & Bischoff Inc. and its related companies (collectively, “C&B”). Through this acquisition, Parkland will establish a fourth U.S. Regional Operating Center (“ROC”) in Idaho Falls, ID.

C&B is a well-established retail, commercial, wholesale and lubricants business with annual fuel and petroleum product volume of approximately 700 million litres. Family owned and operated since 1959, C&B’s operations are concentrated in the fast-growing markets of Idaho and western Wyoming with additional distribution capability into Utah, Nevada, Montana and other states.

“This acquisition checks all the boxes of our U.S. growth strategy and complements our existing ROCs,” said Doug Haugh, President of Parkland USA. “C&B strengthens our supply advantage, brings a high-quality retail network and offers a long runway for organic growth.”

The transaction includes 58 retail locations, comprising 19 high-quality company-owned sites featuring proprietary branded backcourts and 39 retail dealer sites. In addition, terminal operations with combined tank storage of 30 million litres and capacity for 88 rail cars adds significant supply optionality in PADD IV.

“In addition to adding an exceptional team, C&B creates a springboard for growth throughout the Pacific Northwest,” added Haugh. “We continue to profitably grow our U.S. business and will remain disciplined in our appraisal of the many opportunities we see in front of us.”

The transaction will be completed at valuation metrics consistent with recent acquisitions which established new ROCs in the U.S.. Gross profit from the acquired assets is split approximately 55 percent retail operations and 45 percent wholesale and commercial operations. The acquisition will be funded out of existing credit facility capacity, is subject to customary closing conditions and is expected to close in the second quarter of 2021.

Management look forward to discussing this transaction as part of our previously disclosed 2020 fourth quarter and year-end results conference call, scheduled for March 5, 2021 at 6:30am MST (8:30am EST). Conference call details can be found in our press release dated February 17, 2021 or on our website at www.parkland.ca.

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 C&B and the timing thereof; expected benefits of the acquisition, including potential organic growth and acquisition opportunities, the strengthening of Parkland’s supply advantage, 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; 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 30, 2020 and in “Forward-Looking Information” and “Risk Factors” in Parkland’s annual MD&A for the year ended December 31, 2019 dated March 5, 2020 and in the interim MD&A for the three and nine month period ended September 30, 2020 dated November 3, 2020, 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 sets new low carbon fuel production record at its Burnaby Refinery and targets 125 percent annual production growth in 2021

CaribPR Wire, CALGARY, Alberta, Feb. 17, 2021: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) today announced it co-processed approximately 44 million litres of Canadian-sourced canola and tallow bio-feedstocks in 2020 and aims to increase this to up to 100 million litres in 2021.

“Our Refinery is focused on delivering the essential fuels our customers depend on, but with lower carbon intensity,” said Ryan Krogmeier, SVP Supply, Trading, Refining and Health, Safety and Environment. “This is a made in Canada success story. We continue to ramp-up our use of Canadian bio-feedstocks and scale our innovative co-processing capabilities. In addition to providing our British Columbia customers with low carbon gasoline, diesel and jet fuel, we are growing a competitive advantage that will win new business and drive organic growth.”

Our Burnaby Refinery was the first facility in Canada to use existing infrastructure and equipment to co-process bio-feedstocks such as canola oil, and oil derived from animal fats (tallow) alongside crude oil to produce low carbon fuels. The resulting co-processed low carbon fuels have less than one eighth of the carbon intensity of conventional fuels.

A trajectory of co-processing growth
Underpinned by our commitment to a lower carbon future, low capital investments and work completed during the Refinery turnaround in 2020, we co-processed approximately 44 million litres of Canadian-sourced canola and tallow bio-feedstocks in 2020, marking an almost 140 percent increase from 2019.

In 2021, we aim to co-process up to 100 million litres of bio-feedstocks and offer our customers a variety of low carbon fuels, including an up to 15 percent renewable content diesel. The annual environmental benefit of producing our low carbon fuels in 2021 is expected to be the equivalent of taking over 80,000 passenger vehicles off the road.

We look forward to partnering with Government and Industry to expand our low carbon fuel capabilities and help position Canada and British Columbia to meet its low carbon commitments and become global leaders in low carbon technologies.

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.

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 2021 target for co-processing bio-feedstocks at the Burnaby Refinery; the expected environmental benefit of Parkland’s co-processing bio-feedstock in 2021; Parkland’s continued development and advancement in lower carbon intensity fuels and technologies; and the benefits Parkland expects from advancing its co-processing technologies, including potential new business and organic growth.

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; unexpected delays or refinery shutdowns that affect Parkland’s ability to achieve its bio-feedstock co-processing targets in this press release; actions by governmental authorities and other regulators; changes and developments in 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 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.

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Parkland Corporation Announces Date of 2020 Fourth Quarter & Year-End Results

CaribPR Wire, CALGARY, Alberta, Feb. 17, 2021: Parkland Corporation (“Parkland”) (TSX:PKI) expects to announce its 2020 fourth quarter and year-end results after markets close on Thursday March 4, 2021. A conference call and webcast will then be held at 6:30 a.m. MST (8:30 a.m. EST) on Friday, March 5, 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=1432661&tp_key=f1590068d5

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: 87395118). International participants can call 1-587-880-2171 (toll) (Conference ID: 87395118).

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.

Click Here for More Information »

Government of St. Kitts and Nevis, SKELEC and Leclanché Commence Construction of Caribbean’s Largest Solar Generation and Storage System

Innovative, fully integrated solar photovoltaic generation and lithium-ion battery energy storage system, will displace 30-35% of the islands’ diesel-generated baseload power

Sustainable microgrid system to reduce CO2 emissions by more than 740,000 metric tons over 20 years

BASSETERRE, Saint Kitts and Nevis and YVERDON-LES-BAINS, Switzerland, Dec. 10, 2020 /PRNewswire-HISPANIC PR WIRE/ – The Government of St. Kitts and Nevis, the state-owned St. Kitts Electric Company (SKELEC) and Leclanché SA (SIX: LECN) today broke ground on a landmark solar generation and storage project that will provide between 30-35% of St. Kitts baseload energy needs for the next 20-25 years while reducing carbon dioxide emissions by more than 740,000 metric tons.

Leclanche logo

The $70 million microgrid project is being built by Leclanché, one of the world’s leading energy storage companies, which will serve as the prime engineering, procurement and construction (EPC) contractor.   Leclanché will provide a turnkey solar plus storage solution together with its main subcontractor Grupotec, headquartered in Valencia, Spain, an experienced engineering and construction firm and leader in the photovoltaic energy sector. Leclanché will own and operate the facility under its strategic build, own and operate model through its SOLEC Power Ltd subsidiary with partner Solrid Ltd.

Construction and start-up will take approximately 18 months. The project consists of a fully integrated 35.7 MW solar photovoltaic system (solar field) and a 14.8 MW / 45.7 MWh lithium-ion battery energy storage system (BESS) utilizing Leclanché’s proprietary energy management system software. Upon completion, the St. Kitts project will be the largest solar generation and energy storage system in the Caribbean and a model for other island nations worldwide. In its first year of operation, the system will generate approximately 61,300 MWh of electricity with a 41,500 metric ton reduction of CO2 emissions.

“Today’s groundbreaking marks a significant milestone for our citizens, tourist economy, our broader business community and indeed the entire Caribbean region, despite the delays caused by COVID-19,” said Dr. Honorable Timothy Harris, St. Kitts and Nevis Prime Minister.“This visionary project will help secure our energy independence, provide long-term price stability and reduce our reliance on diesel fuel.”

“The amount of carbon dioxide emissions we will reduce – nearly three quarters of a million metric tons over 20 years – is a significant demonstration of our strong policy for clean, renewable energy. We invite our Caribbean neighbors – and island communities around the world – to consider joining us in a commitment to a sustainable energy future for our children and generations to come,” said Harris.

Very Beneficial Use of Government-owned Land:
The project is being built in St. Kitts’ Basseterre Valley on a 102-acre plot of government-owned land adjacent to the current SKELEC power station and next to the thriving capital city of Basseterre, the heart of the country’s economic region.

The land, which was once used for sugar cane production but has been idle for years, was leased to Leclanché by the Government of St. Kitts and Nevis under a 20-year agreement with an automatic five-year renewal. Environmental Impact Assessment and geotechnical analysis were successfully completed in 2019, demonstrating the renewable energy project will bring a positive impact to the Basseterre Valley.

Novel “No Capital Outlay” Arrangement with St. Kitts
“SKELEC has been working closely with Leclanché for nearly two years now developing a state-of-the-art and highly sustainable energy production and storage system to serve our citizens,” said Honorable Shawn Richards, Deputy Prime Minister Public Infrastructure, Post and Urban Development. “St. Kitts residents will enjoy energy price stability for a generation while benefitting from cleaner air and water.”

“We set out to create a model solar energy production and storage system here for SKELEC that generates long-term financial and environmental benefits for the utility and its customers without SKELEC having to make a costly up-front investment,” said Anil Srivastava, CEO, Leclanché“Together, we have designed a system whose construction and ongoing energy production will be paid for over time from the sale of clean and reliable solar energy. We are pleased to have accomplished both objectives while developing a project financeable by well-established institutional investors.”

Clean, renewable energy produced from the solar + storage project will be sold to SKELEC under a 20-year power purchase agreement at flat rate over that entire period which is designed to provide a significant long-term savings to the projected diesel generation costs.

How the Solar Generation and Storage System Works
Currently, tankers deliver diesel fuel to St. Kitts on a weekly basis, and the fuel is then burned in generators to produce all the nation’s electricity. This expensive process contributes to local pollution and global warming (each gallon of diesel generates 22 pounds of CO2 when burned). The solar and storage project should reduce diesel use by 30-35%, saving money and the environment.

Leclanché’s fully integrated system consists of three core components: the solar field, battery storage system and energy management system software.

The solar panels collect sunlight that is converted into electricity. The solar project on St. Kitts will be oversized, allowing a portion of that electricity to meet current electric demand on the island, and the remainder to charge the large-scale battery storage system to meet island demand after the sun sets. The battery system will also improve grid stability and serve as a back-up in case one of the diesel generators fails.

The batteries will be housed in 14 custom-designed enclosures near the main SKELEC power station and adjacent to the solar field. Additional equipment such as inverters, transformers and protection devices will ensure that the electricity from the new project is reliable and safe.

Leclanché’s energy management system software integrates all the different components of the system and coordinates the delivery of electricity to the grid according to SKELEC’s requirements. Once completed in the first half of 2022, the solar and storage system will replace over four million gallons of diesel per year, and the battery system will enable the remaining diesel generators to operate more efficiently.

For more information, write to [email protected] or visit www.leclanche.com.

About Leclanché
Headquartered in Switzerland, Leclanché SA is a leading provider of high-quality energy storage solutions designed to accelerate our progress towards a clean energy future. Leclanché’s history and heritage is rooted in over 100 years of battery and energy storage innovation and the Company is a trusted provider of energy storage solutions globally. This coupled with the Company’s culture of German engineering and Swiss precision and quality, continues to make Leclanché the partner of choice for both disruptors, established companies and governments who are pioneering positive changes in how energy is produced, distributed and consumed around the world. The energy transition is being driven primarily by changes in the management of our electricity networks and the electrification of transport, and these two end markets form the backbone of our strategy and business model. Leclanché is at the heart of the convergence of the electrification of transport and the changes in the distribution network. Leclanché is the only listed pure play energy storage company in the world, organised along three business units: stationary storage solutions, e-Transport solutions and specialty batteries systems. Leclanché is listed on the Swiss Stock Exchange (SIX: LECN).

SIX Swiss Exchange: ticker symbol LECN | ISIN CH 011 030 311 9

Disclaimer

This press release contains certain forward-looking statements relating to Leclanché’s business, which can be identified by terminology such as “strategic”, “proposes”, “to introduce”, “will”, “planned”, “expected”, “commitment”, “expects”, “set”, “preparing”, “plans”, “estimates”, “aims”, “would”, “potential”, “awaiting”, “estimated”, “proposal”, or similar expressions, or by expressed or implied discussions regarding the ramp up of Leclanché’s production capacity, potential applications for existing products, or regarding potential future revenues from any such products, or potential future sales or earnings of Leclanché or any of its business units. You should not place undue reliance on these statements. Such forward-looking statements reflect the current views of Leclanché regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that Leclanché’s products will achieve any particular revenue levels. Nor can there be any guarantee that Leclanché, or any of the business units, will achieve any particular financial results.

Logo - https://mma.prnewswire.com/media/711940/Leclanche_Logo.jpg

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Parkland advances growth strategy with two U.S. acquisitions

CaribPR Wire, CALGARY, Alberta, Dec. 03, 2020: 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 a series of transactions (the “Acquisitions”) to acquire:

  • The assets of Story Distributing Company and its affiliates (collectively, “Story”). Story is a well-established retail and commercial fuel business headquartered in Bozeman, Montana. This acquisition adds scale and density to Parkland’s existing Northern Tier Regional Operating Center (“ROC”) and expands our presence in the high-growth Montana and Idaho markets.
  • The assets of Carter Oil Company, Inc. and its affiliates (collectively, “Carter”). Carter is a wholesale and commercial fuel distributor based in Flagstaff, Arizona. This acquisition complements Parkland’s existing Utah and Arizona operations within our Rockies ROC and expands our presence in the high-growth Northern Arizona region.

On a combined basis, the Acquisitions include 13 quality company retail sites with strong non-fuel contribution, approximately 40 retail dealers as well as commercial fuel and lubricant distribution capabilities. The Acquisitions are expected to add annual fuel and petroleum product volume of approximately 275 million litres to our USA segment.

“We continue to build momentum in the U.S. and advance our growth strategy,” said Doug Haugh, President of Parkland USA. “These acquisitions expand our presence in high-growth regions and provide additional opportunities to leverage our On the Run convenience store brand and increase our supply and distribution capabilities. We see an attractive pipeline of opportunities and are well positioned for further growth.”

The Acquisitions are at valuation metrics consistent with Parkland’s prior U.S. transactions and will be funded with cash on hand and existing credit facility capacity. The transactions are subject to customary closing conditions, with Carter expected to close in the fourth quarter of 2020 and Story in early 2021. Closing will be confirmed as part of our regular quarterly disclosure.

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 Acquisitions and the timing thereof; expected benefits of the Acquisitions, the anticipated sources of funding of the Acquisitions, and future acquisition 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 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 Acquisitions; failure to achieve the anticipated benefits of the Acquisitions; 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 30, 2020 and in “Forward-Looking Information” and “Risk Factors” in Parkland’s annual MD&A for the year ended December 31, 2019 dated March 5, 2020 and in the interim MD&A for the three and nine month period ended September 30, 2020 dated November 3, 2020, 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 appoints Marcel Teunissen as Chief Financial Officer

CaribPR Wire, CALGARY, Alberta, Nov. 19, 2020: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) is pleased to announce the appointment of Marcel Teunissen as Chief Financial Officer (“CFO”), effective December 1, 2020.

Marcel joins Parkland from Royal Dutch Shell, where he was Executive Vice President, Finance, Integrated Gas and New Energies, responsible for the financial management of Shell’s global portfolio of LNG assets and its emerging new energy business. With over 23 years of experience, Marcel has worked globally across the entire energy value chain, with an emphasis on refining, retail and related infrastructure.

“I am delighted to welcome Marcel to the Parkland Team and look forward to his contributions as we embark upon our next phase of growth,” said Bob Espey, President and Chief Executive Officer at Parkland. “His leadership experience, financial and business acumen, and broad global experiences make him an ideal fit to help drive our growth strategy and deliver market-leading results.”

Marcel brings an extensive background in corporate finance, treasury, financial planning and analysis, tax, strategic planning and commodity & financial risk management. He has also worked in many of the markets across Parkland’s diverse geographies, including Canada and the Caribbean.

Upon Marcel’s arrival, Darren Smart, who has served as interim CFO since December 2019, will return to his role of Senior Vice President, Strategy & Corporate Development which will be expanded to include developing and leading Parkland’s low-carbon and renewables strategy. Darren will continue to report directly to Bob Espey, President and Chief Executive Officer.

“I want to thank Darren for his tremendous work as interim CFO,” said Espey. “He embraced a large mandate through a global pandemic and ensured that we emerged with a stronger balance sheet and a high performing finance function. He accomplished this while simultaneously leading our Strategy and Corporate Development groups and developing a re-invigorated pipeline of accretive acquisition opportunities. Darren is key to Parkland’s success and I look forward to partnering with him to execute our aggressive growth agenda and to seize profitable, low-carbon and renewable opportunities.”

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 advances U.S. growth strategy with acquisition of Sevier Valley Oil Company, Inc.

CaribPR Wire, CALGARY, Alberta, Nov. 10, 2020: 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 all the assets of Sevier Valley Oil Company, Inc. and its related companies (collectively, “SVO”).

Based in Richfield, Utah, SVO is a well-established retail and commercial fuel business with annual fuel and petroleum product volume of approximately 350 million litres. SVO’s primary operations are in Southwestern Utah along with a presence in Northern Utah and Colorado. The acquisition of SVO adds seven company retail locations and over 20 retail dealers in addition to robust diesel and lubricant distribution capabilities.

“We continue to expand our U.S. footprint and execute on our growth strategy,” said Doug Haugh, President of Parkland USA. “This acquisition meaningfully expands our retail presence in rapidly growing Southern Utah and presents a fantastic opportunity to leverage our North American On the Run convenience store brand, enhance our customer proposition and drive incremental value.”

“The acquisition strongly complements our existing Rockies Regional Operating Center and positions us for further organic and acquisition growth in neighboring Nevada and Arizona,” added Haugh. “We are delighted to welcome Garrett Ekker and the SVO team to Parkland and look forward to the continued growth of our USA business.”

This acquisition is at valuation metrics consistent with Parkland’s prior U.S. transactions and will be funded out of existing credit facility capacity. SVO’s annual fuel and petroleum product volume of approximately 350 million litres is based on the trailing-twelve-month period ending July 2020 and contains a mix of retail, wholesale and commercial volume consistent with our existing USA segment.

The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2020.

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 SVO and the timing thereof; expected benefits of the acquisition, including potential organic growth and acquisition opportunities 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; failure to achieve 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 30, 2020 and in “Forward-Looking Information” and “Risk Factors” in Parkland’s annual MD&A for the year ended December 31, 2019 dated March 5, 2020 and in the interim MD&A for the three and nine month period ended September 30, 2020 dated November 3, 2020, 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.

Click Here for More Information »

Parkland reports strong third quarter financial and operating results with Adjusted EBITDA of $338 million

CaribPR Wire, CALGARY, Alberta, Nov. 03, 2020: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today its financial and operating results for the three and nine months ended September 30, 2020. Highlights from the third quarter (unless otherwise indicated) include:

  • Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”) of $338 million.
  • Net earnings attributable to Parkland of $76 million, or $0.51 per share, basic.
  • Adjusted distributable cash flow of $342 million (nine months ended September 30, 2020) fully funded growth capital expenditures, acquisitions and net dividend payments.
  • Fuel and petroleum product volume continued to recover from the impact of COVID-19; total company volumes were within 5 percent of Q3 2019 volumes.
  • Pro-active cost reductions and strong per unit fuel margins continued to offset the impact of volume declines. Operating and marketing, general and administrative (”MG&A”) costs were $47 million lower relative to Q3 2019.
  • Marketing segments (Canada, International and USA) generated a 24 percent increase in Adjusted EBITDA over Q3 2019.
  • Strong refinery utilization of 90 percent, which highlights the quality of our Burnaby refinery. This utilization rate reflected robust local demand and our best-in-class ability to successfully market distillate through the challenges of COVID-19.
  • Maintained liquidity of $1.6 billion and lowered our Total Funded Debt to Credit Facility EBITDA ratio to 2.6 times as of September 30, 2020.
  • Published our inaugural Sustainability Report outlining our established environmental, social and governance practices and setting the stage for development of our enterprise-wide sustainability strategy.

“I would like to congratulate the Parkland team for exceptional financial and operating performance,” said Bob Espey, President and Chief Executive Officer. “We continue to prove the resilience of our business model and first-rate execution capabilities. These strengths have underpinned our success year-to-date and give us confidence in our ability to manage through challenging market environments, grow the business and add shareholder value.”

“I am especially proud of the way our team has maintained a focus on safety, managed costs, won new business, published our inaugural Sustainability Report and continued to serve our customers and support our communities over the last nine months,” added Espey. “In addition, we have maintained strict financial discipline and positioned ourselves to grow our existing business organically and through acquisitions in the current environment.”

Q3 2020 Segment Highlights

Canada: Recovering volumes, strong margins and c-store sales

Steady volume recovery, strong fuel margins and convenience store sales drove a 23 percent increase in Adjusted EBITDA relative to Q3 2019. We delivered our 19th consecutive quarter of Company C-Store same-store sales growth (”SSSG’), surpassed one million JOURNIE™ Rewards members and continued to win new business. Third quarter highlights include:

  • Adjusted EBITDA of $128 million, up $24 million relative to 2019. The increase was primarily driven by strong per unit fuel margins, higher convenience store baskets and lower operating and MG&A costs.
  • Fuel and petroleum product volume of 2.3 billion litres, a decrease of 7 percent relative to 2019 due to the impact of COVID-19. Retail fuel volumes were 8 percent lower than prior year while commercial and other volumes were 6 percent lower.
  • Company C-Store SSSG of 10.7 percent, reflecting the attractiveness of the convenience store channel, the quality of our customer value proposition, strong execution and domestic tourism impacts. We saw particular strength in our new-to-industry and rebranded On the Run sites, with sales increases across most major categories, offset by lower car wash.
  • Operating Costs decreased $10 million and MG&A costs decreased $8 million relative to 2019, reflecting proactive cost control measures and natural variability in our cost structure.
  • JOURNIE™ Rewards membership continued to grow and now exceeds one million active members. We have witnessed high engagement from our initial promotional campaigns, increases in backcourt conversion and growing CIBC cardholder penetration.

International: Strong supply performance, shipping optimization and cost efficiencies

The International segment delivered a 22 percent increase in Adjusted EBITDA relative to Q3 2019, driven by strong supply performance, shipping optimization and cost reduction initiatives. Rolling COVID-19 lockdowns resulted in lower volumes; however, we continued to benefit from geographic and product diversity within our portfolio. The International team continued to drive new growth, in particular, securing new natural resource sector business in Suriname and new diesel supply contracts in the Spanish Caribbean. Third quarter highlights include:

  • Adjusted EBITDA of $77 million, up $14 million relative to 2019. The increase was primarily driven by profitable supply sourcing initiatives, including a one-off supply gain of approximately $10 million, and lower costs, offset by reduced aviation and retail activity.
  • Fuel and petroleum product volume of 1.1 billion litres, a decrease of 8 percent relative to 2019 due to the impact of COVID-19. Retail fuel volumes were 15 percent lower while commercial and other volumes were 3 percent lower. Although International is experiencing continuing progress in demand recovery with the easing of COVID-19 restrictions, we anticipate the recovery will be tempered until COVID-19 restrictions are lifted and tourism activity returns to normal.
  • Reduced operating costs by $7 million and MG&A costs by $6 million relative to 2019, reflecting the sustained benefit of proactive cost control measures, natural variability in our cost structure and integration.

USA: National accounts growth and strong margins

The USA segment delivered a 35 percent increase in Adjusted EBITDA relative to Q3 2019, driven by recent acquisitions, organic growth and strong fuel and non-fuel unit margins. This performance was partially offset by COVID-19 volume impacts and lower commercial activity in our Northern Regional Operations Center (”ROC”). The USA team is realizing the benefits of local scale, winning new business and growing volume in the Rockies and Southeast ROCs and improving fuel and lubricant supply economics. We continue to evaluate acquisition opportunities to increase our marketing presence and optimize our growing supply advantage. Third quarter highlights include:

  • Adjusted EBITDA of $23 million, up $6 million relative to 2019. The increase was primarily due to acquisitions, strong unit margins and coordinated marketing efforts to grow national accounts.
  • Fuel and petroleum product volume of 653 million litres, an increase of 44 percent relative to 2019 due to the impact of acquisitions and organic growth, offset by the impact of COVID-19. Retail fuel volume increased 4 percent while wholesale and commercial volume increased 51 percent.
  • Operating Costs increased $8 million and MG&A costs increased $4 million relative to 2019, due to the impact of acquisitions.
  • Consistent with our strategy to grow our non-fuel business, we acquired the license for the exclusive use of the On the Run trademark in the majority of U.S. states. This positions us to create a unified, North American convenience store brand and our first pilot rebranding is planned for the first half of 2021.

Supply: Burnaby refinery operated at 90 percent utilization

Adjusted EBITDA in the Supply segment decreased 16% relative to Q3 2019, driven by the impacts of COVID-19 but mitigated by strong refining utilization and steady performance from our integrated logistics business. Our ability to market diesel and jet fuel allowed our refinery to run more efficiently, resulting in utilization rates meaningfully above the North American average. Third quarter highlights include:

  • Adjusted EBITDA of $122 million, down $24 million relative to 2019 due to COVID-19 related volume and pricing impacts which drove lower refinery utilization and margins compared to 2019, but strong considering external market factors.
  • Refinery utilization was 90 percent, underpinned by our integrated marketing channels in British Columbia and ability to place both diesel and jet fuel at prevailing market prices.
  • Reduced operating costs by $15 million and MG&A costs by $6 million relative to 2019, reflecting the variable components of production costs and proactive cost control measures.
  • We continue to pursue high-quality growth projects that extend our supply advantage, such as diesel import and export opportunities and development of our renewable fuel strategy.

Corporate – organizational efficiency delivering sustainable MG&A savings

The Corporate segment includes centralized administrative services and expenses incurred to support operations. Third quarter highlights include:

  • MG&A costs of $22 million, down $7 million relative to 2019, reflecting the sustained benefit of proactive cost control measures and natural variability in our cost structure.
  • As a percentage of total adjusted gross profit, MG&A costs decreased to 3.3 percent (from 4.3 percent in 2019).
  • Adjusted EBITDA expense of $12 million, which includes MG&A costs and foreign exchange gains on US dollar debt repayments during the quarter.

Consolidated Financial Overview

($ millions, unless otherwise noted) Three months ended September 30, Nine months ended September 30,
Financial Summary 2020(4) 2019(4) 2018(4) 2020(4) 2019(4) 2018(4)
Sales and operating revenue 3,505 4,605 3,811 10,537 13,674 10,936
Fuel and petroleum product volume (million litres) 5,324 5,622 4,211 16,008 16,483 12,624
Adjusted gross profit(1) 674 679 465 1,754 2,104 1,408
Adjusted EBITDA including non-controlling interest (”NCI”) 364 322 200 786 1,031 602
Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)(1) 338 302 200 720 963 602
Canada(2) 128 104 97 323 292 304
International 77 63 198 208
USA 23 17 8 63 41 17
Supply 122 146 121 202 507 362
Corporate (12 ) (28 ) (26 ) (66 ) (85 ) (81 )
Net earnings (loss) 91 26 49 48 228 129
Net earnings (loss) attributable to Parkland 76 24 49 29 206 129
Net earnings (loss) per share – basic ($ per share) 0.51 0.16 0.37 0.19 1.41 0.98
Dividends 47 45 39 137 133 118
Per share 0.3036 0.2985 0.2934 0.9074 0.8921 0.8770
Weighted average number of common shares (million shares) 149 148 133 149 147 132
TTM distributable cash flow(1)(5) 479 566 310 479 566 310
Per share(1)(3)(5) 3.24 3.96 2.35 3.24 3.96 2.35
TTM adjusted distributable cash flow(1)(5) 484 594 495 484 594 495
Per share(1)(3)(5) 3.27 4.15 3.75 3.27 4.15 3.75
TTM dividends(5) 181 174 157 181 174 157
TTM dividend payout ratio(1)(5) 38 % 31 % 51 % 38 % 31 % 51 %
TTM adjusted dividend payout ratio(1)(5) 37 % 29 % 32 % 37 % 29 % 32 %
TTM weighted average number of common shares
(million shares)(5)
148 143 132 148 143 132
Total assets 8,978 9,157 5,736 8,978 9,157 5,736
Total Funded Debt to Credit Facility EBITDA ratio(1)(6) 2.56 2.58 2.62 2.56 2.58 2.62
Interest coverage ratio(1) 5.52 5.97 5.91 5.52 5.97 5.91
Growth capital expenditures attributable to Parkland(1) 15 71 29 65 152 52
Maintenance capital expenditures attributable to Parkland(1) 18 46 28 186 141 135

(1)  Measure of segment profit and Non-GAAP financial measures. See Section 12 of this MD&A.
(2)  For comparative purposes, information for the three and nine months ended September 30, 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 the first six months of 2020.
(3)  Calculated using the weighted average number of common shares.
(4)  2020 and 2019 results reflect the adoption of IFRS 16 as of January 1, 2019. 2018 comparative figures reflect the accounting standards in effect for that year and are not restated to reflect the impact of IFRS 16, as is allowed under the modified retrospective approach for IFRS 16 adoption.
(5)  Amounts presented on a trailing-twelve-month (”TTM”) basis.
(6)  Beginning in Q1 2020, Credit Facility EBITDA includes Adjusted EBITDA attributable to NCI and excludes IFRS 16 impact attributable to NCI, and Total Funded Debt includes long term-debt attributable to NCI, letters of credit attributable to NCI and cash and cash equivalents attributable to NCI. The amounts presented for 2019 and 2018 have not been restated.

Conference Call and Webcast Details

Parkland will host a webcast and conference call on Wednesday, November 4, at 6:30am MST (8:30am EST) 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=1390182&tp_key=aefbc264cf

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: 51942789). International participants can call 1-587-880-2171 (toll) (Conference ID: 51942789).

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 2020 MD&A and Q3 2020 Financial Statements provide a detailed explanation of Parkland’s operating results for the three and nine months ended September 30, 2020. 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 2020 French MD&A and Q3 2020 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, estimated 2020 capital expenditures, potential acquisition opportunities, potential projects to extend Parkland’s supply advantage, the ongoing roll out of the JOURNIE™ Rewards loyalty program, expected Burnaby refinery utilization rates, 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 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; 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 20, 2020, and “Forward-Looking Information” and “Risk Factors” included in the Q3 2020 MD&A dated November 3, 2020, 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”). Distributable cash flow, distributable cash flow per share, adjusted distributable cash flow, adjusted distributable cash flow per share, total funded debt to credit facility EBITDA ratio, dividend payout ratio, adjusted dividend payout ratio 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 12 of the Q3 2020 MD&A for a discussion of non-GAAP measures and their reconciliations to the nearest applicable IFRS measure.

Adjusted EBITDA and adjusted gross profit are measures of segment profit. See Section 12 of the Q3 2020 MD&A and Note 19 of the Q3 2020 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.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs, such as SSSG and 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 12 of the Q3 2020 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.

Effective January 1, 2019, Parkland adopted the new accounting standard, IFRS 16 – Leases (”IFRS 16″). The adoption of IFRS 16 has a significant effect on Parkland’s reported results. Due to Parkland’s selected transition method, it has not restated its prior year comparatives. Certain financial statement measures are presented excluding the impact of IFRS 16 (”Pre-IFRS 16 measures”).

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 Corporation Announces Date of 2020 Third Quarter Results

CaribPR Wire, CALGARY, Alberta, Oct. 20, 2020: Parkland Corporation (“Parkland”) (TSX:PKI) expects to announce its 2020 third quarter results after markets close on Tuesday, November 3, 2020. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Wednesday, November 4, 2020, 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=1390182&tp_key=aefbc264cf

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: 51942789).

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.

Click Here for More Information »

Parkland releases inaugural Sustainability Report

CaribPR Wire, CALGARY, Alberta, Sept. 30, 2020: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) is pleased to publish its inaugural Sustainability Report which outlines its established environmental, social and governance practices and sets the stage for the development of an enterprise-wide sustainability strategy. The report includes insight into Parkland’s 2019 operations and key 2020 milestones and is available at www.parkland.ca/Sustainability

“Our inaugural Sustainability Report is a natural next step in our sustainability journey,” said Bob Espey, President and Chief Executive Officer. “While sustainability practices are already deeply embedded across our business, we have completed critical work to identify five strategic focus areas that are important to our business and stakeholders and align with our ambitious growth strategy. This report and the work that underpins it are just a start. Together, they set the stage for us to develop an enterprise-wide sustainability strategy that is grounded in meaningful targets, ongoing transparency and regular performance reporting.”

The report highlights Parkland’s existing sustainability practices coupled with the company’s philosophy and aspirations within each of its five strategic focus areas;

  • Climate Change: We are committed to meeting our customers growing need for energy while at the same time contributing to the world’s transition to a lower carbon future.
  • Safety and Emergency Preparedness: Safety is foundational to our organizational culture, and the safety of our people, customers and communities is our top priority.
  • Product Transportation and Storage: Extensive systems and processes across our operations protect the environment and ensure our products stay safely where they belong.
  • Diversity and Inclusion (D&I): Underpinning our focus on attracting and retaining the best talent, we are committed to delivering equal opportunities and an environment where all employees can contribute their best.
  • Governance and Ethics: We measure our business practices against the highest standards of ethical conduct, and are guided by our values of Safety, Integrity, Community and Respect.

“This report highlights the importance of sustainability to Parkland and provides a springboard to the creation of our enterprise sustainability strategy,” said Christy Elliott, Vice President, Senior General Counsel and Executive Sponsor of Sustainability. “We will build on our accomplishments and low carbon leadership and are actively developing meaningful targets across our business.”

Parkland’s Sustainability Report is aligned with recommendations from the Task Force on Climate Related Financial Disclosures (TCFD) and includes guidance from the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI).

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, 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”). In particular, this news release contains forward-looking statements with respect to, among other things, the development of an enterprise-wide sustainability strategy that is grounded in meaningful targets, ongoing transparency and annual performance reporting, and Parkland’s aspirations with respect to Climate Change, Safety and Emergency Preparedness, Product Transportation and Storage, Diversity and Inclusion (D&I) and Governance and Ethics.

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; industry capacity; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators; changes and developments in 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 and in “Forward-Looking Information” and “Risk Factors” in Parkland’s quarterly MD&A, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

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Parkland positioned to expand ‘On the Run’ across the U.S., creating a unified North American convenience store brand

CaribPR Wire, CALGARY, Alberta, Sept. 10, 2020: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced it has acquired the license for the exclusive use of the On the Run trademark in the majority of U.S. states. The acquisition positions Parkland to expand On the Run across the U.S. to create a unified, North American convenience store brand.

“We are excited to expand the On the Run convenience store brand across the U.S. and harness the advantages of our scale,” said Ian White, Senior Vice President, Strategic Marketing & Innovation at Parkland. “As we continue to advance our ambitious growth strategy, the time is right to create a unified, North American retail and convenience store brand. On the Run is an established retail brand that we can quickly and efficiently scale by leveraging the capabilities we have established in the Canadian market.”

The strategic rationale for this acquisition includes:

  • Expanding On the Run across the U.S. to create a unified North American convenience brand;
  • Capturing efficiencies through common brand collateral, product assortments, private label product ranges and operational continuity;
  • Opportunity to rebrand our existing U.S. convenience stores and efficiently incorporate the On the Run convenience brand to newly developed sites;
  • Greater optionality and a strong convenience store foundation for future U.S. M&A activities;
  • Support the organic growth of our dealer business by providing an enhanced, bundled offer that combines a leading convenience store brand with multiple forecourt fuel brands.

“The On the Run retail brand provides a solid platform for our continued U.S. growth,” added Doug Haugh, President, Parkland USA. “Building on our existing On the Run brand image, product assortments and private label goods in Canada, we look forward to meeting the convenience needs of our U.S. customers under the On the Run banner. Our U.S. customers will enjoy enhanced interior and exterior rebranding elements, larger and brighter canopies and a variety of new product offerings, all backed by their same local and friendly service teams.”

Through this acquisition, Parkland has acquired, for a one-time fee, the perpetual license for the exclusive use of the On the Run trademark in the majority of U.S. states. The deal includes an option to purchase the On the Run U.S. trademark together with the license owner’s On the Run franchise business.

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.

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 growth strategy with respect to the On the Run brand; Parkland’s ability to create a unified On the Run convenience store brand, including Parkland’s opportunity to rebrand existing sites and incorporate the On the Run brand to new sites; Parkland’s opportunity to incorporate the On the Run brand to its dealer business; and the expected enhanced customer experience from Parkland’s use of the On the Run brand.

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, Parkland’s ability to execute its strategy with respect to the On the Run brand in the United States; general economic, market and business conditions; industry capacity; competitive action by other companies; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators; changes and developments in 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 and in “Forward-Looking Information” and “Risk Factors” in Parkland’s quarterly MD&A, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/2965ce74-f1d9-4a15-8c37-7bb62ec77cdc

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Parkland reports second quarter financial and operating results with Adjusted EBITDA of $191 million

CARIB PR WIRE, CALGARY, Alberta, Aug. 06, 2020: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today its financial and operating results for the three and six months ended June 30, 2020. Highlights from the second quarter (three months) include:

  • Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”) of $191 million.
  • Net earnings attributable to Parkland of $32 million or $0.22 per share, basic.
  • Cash flow from operations fully funded capital expenditures, acquisitions and net dividend payments.
  • Fuel and petroleum product volume decreased by 14 percent relative to 2019 due to the impact of COVID-19.
  • Operating and marketing, general and administrative (”MG&A”) costs decreased by a combined $80 million relative to 2019. The cost reductions and strong per unit fuel margins helped offset the impact of volume declines.
  • Refinery utilization was 64 percent for the quarter, reflecting the impact of the Burnaby refinery turnaround (the “Turnaround”). Post the Turnaround, utilization was between 75 – 80 percent to account for lower product demand.
  • Closed $400 million offering of Senior Notes due 2028 and subsequently redeemed $400 million of Senior Notes maturing in 2021 and 2022.
  • Improved liquidity of $1.6 billion and Total Funded Debt to Credit Facility EBITDA ratio of 2.7 times as of June 30, 2020.
  • Modest increase to expected 2020 capital expenditures of $50 million, to an expected total of $325 million +/- 5%.
  • Proudly supported our Canadian, US and International communities through the COVID-19 pandemic by donating over $4 million of fuel and premium food items.

“I would like to thank the Parkland team for safely serving our customers and delivering strong financial and operating performance, in what was the most challenging macro environment we have ever seen,” said Bob Espey, President and Chief Executive Officer. “We delivered solid margins, won new business and successfully managed our cash flow by reducing costs and controlling capital expenditures. Our financial and operating performance through the second quarter demonstrates the flexibility and resilience of our diversified business model. While we remain nimble in light of ongoing COVID-19 uncertainty, we are confident in our ability to advance our growth agenda.”

Q2 2020 Segment Highlights

Canada

Strong per unit fuel margins and convenience store traffic drove an over 30 percent increase in Adjusted EBITDA relative to 2019. We advanced key organic growth initiatives such as real-time pricing and enhanced digital analytics and continued to win new commercial business. We delivered our 18th consecutive quarter of Company C-Store same-store sales growth (”SSSG’), completed the roll out of our JOURNIE™ Rewards program and advanced our National Fueling Network (”NFN”) to prepare for a second half 2020 launch. Second quarter highlights include:

  • Adjusted EBITDA of $93 million, an increase of $22 million relative to 2019. The increase was primarily driven by strong per unit fuel margins, higher convenience store baskets and lower operating and MG&A costs.
  • Fuel and petroleum product volume of 1.8 billion litres, a decrease of 24 percent relative to 2019 due to the impact of COVID-19. Retail fuel volume declined 28 percent while commercial and other volume declined 16 percent.
  • Company volume SSSG of negative 29.3 percent, reflecting the volume decline due to COVID-19.
  • Company C-Store SSSG of 12.1 percent, our 18th consecutive quarter of positive C-Store SSSG. The convenience store channel has been an attractive consumer option through COVID-19 and performed well despite the significant decline in forecourt traffic. The sales increase was driven by strong tobacco, alcohol, household essential, grocery and take-home format performance offset by lower car wash, fresh food and dispensed beverage offerings. Excluding the impact of cigarettes, Company C-Store SSSG was 7.3 percent.
  • Operating Costs decreased $25 million and MG&A costs decreased $11 million relative to 2019, reflecting the natural variability in our cost structure, proactive cost control measures and a benefit from relief provided under the Canada Emergency Wage Subsidy (”CEWS”) program.
  • Completed the roll out of JOURNIE™ Rewards at over 900 sites under the Chevron, Pioneer and Ultramar brands in Canada. Initial results are encouraging, with increased convenience and fuel baskets and early momentum with CIBC linked customers. We plan to begin joint marketing efforts with CIBC later this year as market conditions warrant. For more information on JOURNIE™, to save money on your fuel purchases and earn in-store rewards, please visit www.journie.ca.
  • Our Canadian Commercial team secured a series of new organic business wins, including multi-million litre cardlock customers.

International

The International segment delivered a strong quarter despite an extensive COVID-19 impact in the Caribbean and South American regions. Our geographic and product diversity underpinned performance, with natural resource sector activity in South America and diversified economies in the Spanish Caribbean helping offset significant declines in aviation and retail. In addition, we meaningfully reduced costs and completed some of our ongoing integration work. The International team grew market share with minimal capital investment, including an exclusive commercial fuel supply agreement in Guyana and continued growth in the commercial mining sector. Our second quarter results demonstrate a robust base business excluding tourism and reinforce the long-term potential for International. Second quarter highlights include:

  • Adjusted EBITDA of $54 million, a decrease of $20 million relative to 2019. The decrease was primarily driven by COVID-19 shutdowns, national curfew measures which required us to close certain retail gasoline and convenience stores, and lower aviation activity.
  • Fuel and petroleum product volume of 1.2 billion litres, a decrease of 4 percent relative to 2019 due to the impact of COVID-19. Retail fuel volume declined 35 percent while commercial and other volume increased 15 percent. While Commercial and other volumes have lower per unit margins, this organic growth helped mitigate the overall decline.
  • Reduced operating costs by $9 million and MG&A costs by $10 million relative to 2019, reflecting the natural variability in our cost structure, integration efforts and proactive cost control measures taken during the quarter.
  • Our International team secured a five-year marine fuel contract with an international energy company in Guyana and continues to grow our presence in the power, energy, mining and construction sectors across the region.

USA

Our USA business performed well, with strong fuel margins, recent acquisitions, organic national accounts growth and proactive cost management contributing to a year over year increase in Adjusted EBITDA. We closed our previously announced acquisition of ConoMart Super Stores in mid-May, bringing seven high quality corporate retail locations and expanding our presence in Montana. Our recent acquisitions continue to perform well, and in particular, Tropic Oil delivered a record quarter through organic growth initiatives, including joint business opportunities with International and strength in the marine bunkering business in Miami. COVID-19 volume declines were offset by strong per unit retail and marine fuel margins. Second quarter highlights include:

  • Adjusted EBITDA of $22 million, an increase of $9 million relative to 2019. The increase was primarily due to acquisitions, organic growth and strong retail and marine fuel margins.
  • Fuel and petroleum product volume of 626 million litres, an increase of 59 percent relative to 2019 due to the impact of acquisitions and organic growth, offset by the impact of COVID-19. Retail fuel volume declined 14 percent while wholesale and commercial volume increased 73 percent.
  • Operating Costs increased $15 million and MG&A costs increased $1 million relative to 2019, due to the impact of acquisitions.
  • Our US team continues to win new business in a tough environment, adding national accounts customers in seven states, including several multi-million litre customers.

Supply

The Supply team delivered a safe and successful restart of the planned Turnaround in late April and reliable fuel supply to our customers with no interruptions. Our integrated logistics business performed well despite COVID-19 supply and demand impacts which lowered overall system volume. Refinery utilization and margins increased through June as the market recovered and we exited the quarter with balanced crude and finished product inventory levels. Second quarter highlights include:

  • Adjusted EBITDA of $40 million, a decrease of $178 million relative to 2019 due to extended Turnaround timing driven by labour productivity challenges, some of which were COVID-19 related, reduced refinery utilization in response to lower product demand and strong refining crack spreads in the comparable 2019 period.
  • Refinery utilization was 64 percent, reflecting downtime in early April and a standard production ramp up process. Utilization was between 75 – 80 percent for the remainder of the quarter and was supported by our integrated marketing channels in British Columbia.
  • Invested $71 million of capital on the Turnaround during the six months ended June 30, 2020. Capital expenditures for the Turnaround were above original estimates of $60 million due to labour productivity challenges, some of which were COVID-19 related.
  • Reduced operating costs by $26 million and MG&A costs by $3 million relative to 2019, reflecting the variable components of production costs, proactive cost control measures and relief provided under the CEWS program.
  • We continue to pursue high-quality growth projects that extend our supply advantage, such as a fuel import terminal opportunity in the Port of Oshawa, Ontario, to provide a further cost-effective fuel supply source to our integrated marketing operations in the Greater Toronto Area.

Corporate

The Corporate segment includes centralized administrative services and expenses incurred to support operations. Second quarter highlights include:

  • MG&A costs of $17 million, a decrease of $12 million relative to 2019, reflecting the natural variability in our cost structure, deliberate cost control measures and relief provided under the CEWS program.
  • Adjusted EBITDA expense of $18 million, which includes MG&A costs and minor foreign exchange impacts during the quarter.
  • As a percentage of total adjusted gross profit, MG&A costs decreased to 3.5 percent (from 4.0 percent in 2019).
  • We continue to enhance base systems and processes to capture efficiency, limit costs from re-emerging in 2021 and position ourselves to scale the business without adding complexity. Examples include teaming up with Amazon Web Services to strengthen our customer value proposition and accelerate our digital transformation and process improvements to further simplify reporting and deliver efficiencies.

Consolidated Financial Overview

($ millions, unless otherwise noted) Three months ended June 30, Six months ended June 30,
Financial Summary 2020(4) 2019(4) 2018(4) 2020(4) 2019(4) 2018(4)
Sales and operating revenue 2,704 4,854 3,783 7,032 9,069 7,125
Fuel and petroleum product volume (million litres) 4,757 5,525 4,202 10,684 10,861 8,413
Adjusted gross profit(1) 487 728 513 1,080 1,425 943
Adjusted EBITDA including non-controlling interest (”NCI”) 208 370 249 422 709 402
Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)(1) 191 346 249 382 661 402
Supply 40 218 170 80 361 241
Canada(2) 93 71 100 195 188 207
International 54 74 121 145
USA 22 13 5 40 24 9
Corporate (18 ) (30 ) (26 ) (54 ) (57 ) (55 )
Net earnings (loss) 31 111 60 (43 ) 202 80
Net earnings (loss) attributable to Parkland 32 105 60 (47 ) 182 80
Net earnings (loss) per share ($ per share)
Per share – basic 0.22 0.72 0.45 (0.32 ) 1.25 0.61
Per share – diluted 0.21 0.70 0.45 (0.32 ) 1.22 0.60
Dividends 45 45 41 90 88 79
Per share 0.3036 0.2985 0.2934 0.6038 0.5936 0.5836
Weighted average number of common shares (million shares) 149 147 132 149 146 132
TTM distributable cash flow(1)(5) 331 562 237 331 562 237
Per share(1)(3)(5) 2.24 4.04 1.81 2.24 4.04 1.81
TTM adjusted distributable cash flow(1)(5) 364 612 415 364 612 415
Per share(1)(3)(5) 2.46 4.40 3.17 2.46 4.40 3.17
TTM dividends(5) 179 168 156 179 168 156
TTM dividend payout ratio(1)(5) 54 % 30 % 66 % 54 % 30 % 66 %
TTM adjusted dividend payout ratio(1)(5) 49 % 27 % 38 % 49 % 27 % 38 %
TTM weighted average number of common shares (million shares) 148 139 131 148 139 131
Total assets 9,702 9,104 5,592 9,702 9,104 5,592
Total Funded Debt to Credit Facility EBITDA ratio(1)(6) 2.70 2.47 2.39 2.70 2.47 2.39
Interest coverage ratio(1) 5.40 6.47 6.08 5.40 6.47 6.08
Growth capital expenditures attributable to Parkland(1) 19 52 13 50 80 23
Maintenance capital expenditures attributable to Parkland(1) 50 45 31 168 95 107

(1)  Measure of segment profit and Non-GAAP financial measures. See Section 12 of the MD&A.
(2)  For comparative purposes, information for the three and six months ended June 30, 2019 was restated due to a change in segment presentation. Canada Retail and Canada Commercial, formerly presented separately as individual segments and Canadian distribution business, formerly presented in Supply are now included in Canada, reflecting a change in organizational structure in the first six months of 2020.
(3)  Calculated using the weighted average number of common shares.
(4)  2020 and 2019 results reflect the adoption of IFRS 16 as of January 1, 2019. 2018 comparative figures reflect the accounting standards in effect for that year and are not restated to reflect the impact of IFRS 16, as is allowed under the modified retrospective approach for IFRS 16 adoption.
(5)  Amounts presented on a trailing-twelve-month (”TTM”) basis.
(6)  Beginning in Q1 2020, Credit Facility EBITDA includes Adjusted EBITDA attributable to NCI and excludes IFRS 16 impact attributable to NCI, and Total Funded Debt includes long term debt attributable to NCI, letters of credit attributable to NCI and cash and cash equivalents attributable to NCI. The amounts presented for 2019 and 2018 have not been restated.

Update on COVID-19 Business Impacts

While the beginning of the economic recovery from COVID-19 has not been linear, we saw a steady increase in fuel volumes through the second quarter and into July. The potential for a COVID-19 second wave and associated economic impacts are difficult to forecast, however, our business has demonstrated tremendous resilience and flexibility through the uncertainty and these characteristics position us well for the future. Operational highlights subsequent to quarter end include:

  • Canada segment volumes steadily improved through the quarter and continued into July and are now trending approximately 15 percent lower relative to 2019, consisting of an approximate 15 percent decline in both retail volume and commercial and other volume. Retail volume continues to trend upwards, while the recovery in commercial and wholesale volume has slowed in-line with seasonal activity. Consolidated per unit fuel margins have moderated slightly from Q2 2020 but remain above prior year levels.
  • Canadian convenience store sales have remained robust through July. Convenience store margins have improved slightly relative to Q2 2020 as higher margin categories such as car wash and fresh food and beverage offerings recover.
  • Our International segment is entering a seasonal low period. Although many countries have begun to reopen their economies, certain key markets have temporarily increased their restrictions as a result of rising COVID-19 cases. Volumes are trending approximately 20 percent lower in July relative to 2019 as a result of lower wholesale and aviation volumes, consisting of an approximate 25 percent decline in the commercial lines of business and 10 percent in the retail line of business. Per unit fuel margins for the segment have modestly increased relative to Q2 2020 as a result of the shifting product mix.
  • Including the impact of acquisitions, US retail gasoline volumes in July are trending in-line relative to 2019 while preliminary wholesale and commercial volume continues to trend well above 2019. Per unit fuel margins have moderated from the historical strength in Q2 2020.
  • Refinery utilization has been between 80 and 85 percent through July 2020. We continue to optimize throughput rates and refinery yields to maximize margin within current market conditions.

2020 Capital Guidance

On March 30, 2020, Parkland took decisive action in response to COVID-19 and reduced its guidance for 2020 total capital expenditures to $275 million +/- 5%, a reduction of $300 million. This reduction was consistent with our priority to maintain financial flexibility and balance sheet strength. Based on stronger cash flow generation relative to our initial COVID-19 planning scenario, higher Turnaround costs and other maintenance spend, we have increased our 2020 total capital expenditure guidance (the “2020 Capital Program”) by $50 million to $325 million +/- 5%. We remain flexible with our second half program to adapt to the economic environment. Details of our amended capital program are below:

Capital Expenditures ($ millions) Previous Updated
Growth 85 105
2020 Refinery Turnaround Maintenance 60 75
Other Maintenance 130 145
2020 Capital Program 275 325 +/- 5%

Conference Call and Webcast Details

Parkland will host a webcast and conference call on Friday, August 7, 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=1345078

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: 51995975). International participants can call 1-587-880-2171 (toll) (Conference ID: 51995975).

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 2020 MD&A and Q2 2020 Financial Statements provide a detailed explanation of Parkland’s operating results for the three and six months ended June 30, 2020. 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 2020 French MD&A and Q2 2020 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, estimated 2020 capital expenditures, the ongoing launch of the JOURNIE™ Rewards loyalty program, expected Burnaby refinery utilization rates, the expected launch of the National Fueling Network program in the second half of 2020, potential supply import opportunities, and Parkland’s ability to advance its growth agenda. Additionally, this press release contains certain preliminary July results to illustrate the impact COVID-19 has had on our business. These numbers are preliminary, subject to finalization and quarter-end accounting procedures and do not constitute guidance.

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, including the duration and impact of the COVID-19 pandemic; Parkland’s ability to execute its business strategies; 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 20, 2020, and “Forward-Looking Information” and “Risk Factors” included in the Q2 2020 MD&A dated August 6, 2020, 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”). Distributable cash flow, distributable cash flow per share, adjusted distributable cash flow, adjusted distributable cash flow per share, total funded debt to credit facility EBITDA ratio, dividend payout ratio and adjusted dividend payout ratio 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 12 of the Q2 2020 MD&A for a discussion of non-GAAP measures and their reconciliations to the nearest applicable IFRS measure.

Adjusted EBITDA and adjusted gross profit are measures of segment profit. See Section 12 of the Q2 2020 MD&A and Note 20 of the Q2 2020 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.

In addition to non-GAAP financial measures, Parkland uses a number of operational KPIs 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 12 of the Q2 2020 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.

Effective January 1, 2019, Parkland adopted the new accounting standard, IFRS 16 – Leases (”IFRS 16″). The adoption of IFRS 16 has a significant effect on Parkland’s reported results. Due to Parkland’s selected transition method, it has not restated its prior year comparatives. Certain financial statement measures are presented excluding the impact of IFRS 16 (”Pre-IFRS 16 measures”).

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 teams up with Amazon Web Services to accelerate digital transformation

CaribPR Wire, CALGARY, Alberta, July 22, 2020 — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced it is collaborating with Amazon Web Services (“AWS”) to further strengthen its customer value proposition and loyalty initiatives and accelerate its digital transformation. With AWS as its strategic digital provider, Parkland intends to tap into leading expertise in machine learning and analytics to improve its logistics and enable frictionless commerce.

“We are excited to be teaming up with AWS to advance our strategic priorities and support our ambitious organic growth targets,” said Ian White, Senior Vice President Strategic Marketing and Innovation at Parkland. “AWS is a renowned global technology leader who is laser-focused on customer experience and innovation.”

“Across our growing business in North America, the Caribbean, Central and South America, we complete over one million customer transactions every day,” added White. “Through digital, we will build on this unique perspective and uncover valuable insights into our customers’ needs and preferences to provide enhanced services, products and personalized offers.”

Parkland has been building its internal capabilities to leverage digital technology trends for some time. It has identified several technologies and customer-centric opportunities that support organic growth. These include:

  • Loyalty program data optimization (including the Canadian JOURNIE™ rewards loyalty program) and personalized customer offers;
  • Real-time price optimization using enhanced data feeds and machine learning;
  • Progressing our vision for the convenience store of the future.

Moving forward, additional strategic opportunities include monitoring fuel inventories in real-time and optimizing routing and distribution, harnessing digital to help scale the business without adding significant cost and complexity, and improving the speed and efficiency of M&A integration.

“By embracing digital, we will strengthen our position as a leading fuel and convenience marketer and believe that through enhanced customer focus we can drive organic revenue growth and margin expansion,” added White. “Digital services are changing constantly and teaming up with AWS helps us channel those developments to elevate our customer focus and enhance our core competencies of retailing, customer loyalty, pricing, supply and distribution.”

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.

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 “further”, “intends”, “advance”, “build”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to: Parkland’s ability to strengthen its customer value proposition and loyalty initiatives and accelerate its digital transformation; Parkland’s ability to tap into AWS’ leading expertise in machine learning, artificial intelligence, logistics and frictionless commerce; Parkland’s belief that teaming up with AWS will advance strategic priorities; Parkland’s expectation that the collaboration will allow it to provide enhanced services, products and personalized offers; Parkland’s expectation that the collaboration with AWS will allow for the monitoring fuel inventories in real-time, the optimization of routing and distribution, allow Parkland to harness digital to help scale business without adding significant cost and complexity, and improve the speed and efficiency of M&A integration. Forward-looking statements are based on Parkland’s current expectations, estimates, projections and assumptions that were made by the company in light of its information available at the time the statement was made. These forward-looking statements consider Parkland and AWS’ experience and Parkland’s expectations and assumptions concerning: capital efficiencies and cost savings; the adoption and implementation of technology; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour and services.

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 30, 2020 and in “Forward-Looking Information” and “Risk Factors” in the Q1 2020 MD&A, which are 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 Corporation Announces Date of 2020 Second Quarter Results

CaribPR Wire, CALGARY, Alberta, July 21, 2020 — Parkland Corporation (“Parkland”) (TSX:PKI) expects to announce its 2020 second quarter results after markets close on Thursday, August 6, 2020. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Friday, August 7, 2020, 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=1345078&tp_key=a86f827043

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: 51995975).

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.

Click Here for More Information »

A Greener Caribbean: Distributed Resilient Energy Spurs Economic Opportunities

New RMI report analyzes opportunities that distributed energy resources provide amid the COVID-19 pandemic and economic downturn that can benefit the Caribbean’s economy, environment, and communities.

BOULDER, Colorado, June 16, 2020 /PRNewswire-HISPANIC PR WIRE/ — Rocky Mountain Institute’s (RMI’s) latest report describes four core principles of stimulus and recovery. Together, the principles lay a framework for decision makers, regional agencies, and financial institutions that demonstrate how the Caribbean region can build back better and advance their economies for a cleaner, healthier, and more sustainable future.

“I’ve partnered with many Caribbean island stakeholders seeking to effectively transition to distributed, resilient energy for both the immediate and long-term benefits they offer. It’s critical to consider what the most suitable option is for each unique island and what leads to economic development at the local level,” said Kaitlyn Bunker, principal at RMI.

The four core principles for a Caribbean green stimulus and recovery are:

  • The Power of Distributed Energy Resources (DERs): Incorporating DERs into island energy systems to create jobs now, and support a diversified economy.
  • Near Term—Focus on Jobs: Highlighting opportunities across the solar photovoltaic, wind, vehicle electrification, and energy efficiency sectors.
  • Long Term—Focus on Increased Resilience and Economic Diversification: Examining undergrounding and critical facilities as ways to build local resilience, and clean energy to support upcoming sectors such as agriculture.
  • Immediate Stimulus Recommendations: Outlining next steps for decision makers.

“Having worked as a leader of the Anguilla utility for over a decade, I’m extremely passionate about the growth and development of island states. I view the opportunity to create a clean energy job hub across the region as a differentiator. This is how the Caribbean can build back better and be viewed globally as an example of resilience,” said David Gumbs, senior consultant at RMI.

To download the Green Stimulus in the Caribbean paper, visit https://rmi.org/insight/green-stimulus-in-the-caribbean-resilient-distributed-energy-resources-can-support-job-creation-and-economic-diversification

Rocky Mountain Institute (RMI)
RMI transforms global energy use to create a clean, prosperous, and secure low-carbon future.
For more information, visit www.rmi.org or follow us on Twitter @RockyMtnInst.

Read RMI’s Stimulus Series

  1. Global Stimulus Principles
  2. US Stimulus Strategy: Recommendations for a Zero-Carbon Economic Recovery
  3. Green Stimulus in the Caribbean: Resilient Distributed Energy Resources Can Support Job Creation and Economic Diversification
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