Posts Tagged ‘#Businessnews’

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.

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Mastercard Survey Shows Consumers Are Now Placing More Value on Family, Health and Mental Well-Being than Before COVID

The survey shows results about the essential aspects of Latin Americans’ lives after quarantine.
The new Mastercard campaign seeks to support consumers and small businesses as they return to a new normal.

CaribPR Wire, MIAMI, Oct. 08, 2020: Latin America and the Caribbean are entering a new reality: many countries are reopening their borders, governments are easing distance measures, and non-essential businesses are opening to the public again.

During this new phase, Mastercard announced its new regional campaign, “Lo Esencial” (The Essentials) to highlight those everyday moments that became essential after COVID-19. The campaign will provide consumers and local businesses with safe shopping experiences, tools, and education that help fulfill their everyday needs.

To develop this initiative, Mastercard conducted a survey in 13 countries throughout Latin America and the Caribbean including, Brazil, Mexico, Chile, Colombia, Argentina, and Peru, to better understand consumption and purchase habits after the period of confinement.

According to the “Lo Esencial” survey, 67% of Latin Americans surveyed said they have a greater appreciation for their family than before the quarantine. The survey also highlights an increased awareness of other essentials such as health (47%), taking personal time (41%), mental health (32%), and spending time with friends (26%).

As consumers engage in their return to a new normal, 6 out of 10 people (57%) plan to invest in the quality of their family experiences. Additionally, 46% of Latin Americans indicated their wish to support local businesses more in this return phase, than before the pandemic.

In terms of payment experiences, for purchases made in person as well as online, the essentials cited by consumers include, security (59%), speed (23%), and convenience (17%). Purchases with chip cards and contactless payments were the most popular options for payment. Furthermore, 62% of Latin Americans stated that they used a home shopping service during the quarantine. In fact, almost half of them (46%) said that they would continue to use this service in the future.

As a leader in the payments industry, Mastercard is committed to developing a global technology infrastructure and use its brand strength to positively impact society with safer, faster, and more efficient payment experiences. This new regional campaign reflects this commitment and seeks to highlight everyday moments that have become “The Essentials” (Lo Esencial) in the aftermath of the pandemic. The campaign will continue to provide unique shopping experiences, relevant consumer education, and tools to help society thrive.

“The pandemic helped us realize the importance of the everyday moments we lost and grew to miss as we all did our part to stay at home. The experience associated with getting our morning coffee, or meeting up with friends have a renewed level of appreciation, and the ability to recover these essential moments today is priceless,” said Roberto Ramirez Laverde, Senior Vice President of Marketing and Communications for Mastercard Latin America and the Caribbean. “This campaign seeks to help individuals welcome a new normal with a new sense of gratitude while also helping consumers and small businesses make them a reality as part of our role as the strategic partner for local businesses.”

About Mastercard (NYSE: MA)www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere, by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships, and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside our company. With connections across more than 210 countries and territories, we build a sustainable world that unlocks priceless possibilities for all.

A Photo accompanying this PR is at: https://www.newsamericasnow.com/wp-content/uploads/2020/10/lo-esencial-lac-infographics-eng.jpg

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SQL Power’s Supervisory Platform continues to revolutionize the financial regulation industry

TORONTO, Oct. 6, 2020 /PRNewswire-HISPANIC PR WIRE/ – SQL Power (www.sqlpower.ca), the global leader in financial regulatory and advanced analytics technology is proud to announce the implementation of their supervisory platform, the SQL Power Suite, on September 22, 2020 at the Trinidad and Tobago Securities and Exchange Commission (TTSEC).

According to the TTSEC, the Electronically Advanced Submission interface or EASi platform will revolutionize the way in which the securities industry is regulated, as it puts market players front and center in navigating the system, from submission and renewal of applications to disclosure filings among other important services.

The implementation of the EASi platform also comes in the midst of a national public health crisis (and global pandemic) when the demand for contactless delivery of services is paramount to ensuring business continuity and the stability of the economy, whilst safeguarding public health. The integrated system allows for a greater degree of transparency in the regulatory process and will strengthen confidence in the local securities market.

“I am confident that the TTSEC digital transformation initiative (EASi) will be a huge success, and will serve as a showcase implementation for all Security Exchange Commissions around the World,” said Sam Selim, President and CEO of SQL Power.

The SQL Power Suite is the most robust financial regulatory (SupTech) solution on the market, delivering the ultimate in regulator flexibility, efficiency and transparency; increasing the likelihood of timely successful intervention while providing all interested parties with the ultimate confidence in the regulated market.

About SQL Power:

Founded in 1989, and headquartered in Toronto, Ontario, Canada, SQL Power Group Inc. is a global application software firm specializing in data collection, data integration, business intelligence, and regulatory implementations.

Since implementing the first supervisory solution in Canada in 2009, SQL Power has been at the forefront of financial regulatory software innovation – rolling out the world’s first fully-integrated XBRL-based data collection, risk management, case management and advanced analytics solution that evolves seamlessly with evolving Global Financial Standards.

The SQL Power Supervisory Platform is an end to end solution for financial regulation. The platform is multilingual, modular and includes: Data Collection, Registration and Licensing, Case Management, Risk Management, and Onsite inspection solutions. The platform also comes bundled with built-in Advanced Analytics capabilities and a world-class Business Intelligence Tool.

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RBC opens registration for first global, virtual running event in its charitable Race for the Kids series

Participants are encouraged to run or walk their ‘virtual race’ independently to support 36 participating charity partners from 16 countries

TORONTO, Sept. 14, 2020 /PRNewswire-HISPANIC PR WIRE/ — Today, RBC opened registration for its first global and virtual charitable running event, as part of its signature Race for the Kids series. Fundraising from the event will benefit youth and children’s causes around the globe, with 36 charity partners that participants can elect to support. Facing the significant disruption of the COVID-19 pandemic, the youth-focused services provided by these charity partners are needed now more than ever.

Instead of a standard running event format, participants will enjoy an innovative virtual experience through the event’s online registration and fundraising website:

  • Registering for the event is free and open to all, regardless of geography, age, or running ability.
  • Participants can elect to support any of the participating 36 charity partners, regardless of where they are physically located.
  • Participants will be able to select their personal race distance and route in their local community (with no pre-determined race course).
  • Participants are encouraged to complete their run or walk independently or with family members (while observing local public health advice and government guidelines) over the October 17-18 weekend.
  • The event website integrates with many running apps, allowing participants to record and map their virtual run or walk.
  • Runner bibs, event posters, and completion certificates will be available for download through the event website.
  • Participants will also receive digital medals and recognition which can be shared on social media.

RBC’s goal for the event is to create ‘the world’s largest virtual family fun run,’ with all RBC employees, their family/friends, charity partner supporters, and members of the public invited to take part.

“The global pandemic has disrupted several aspects of our lives. For many young people, the crisis has negatively impacted their mental health and well-being, access to education, and employment opportunities,” said Dave McKay, President and Chief Executive Officer, RBC. “That’s why we’re taking our RBC Race for the Kids to a virtual format this year – to ensure we can continue to address these needs, supporting young people and their families facing these challenges. I want to thank our 36 charity partners for their ongoing dedication to youth in this critical year and am looking forward to Race weekend.”

Prior to 2020, RBC Race for the Kids events took place in 17 physical locations, including: Bahamas, Barbados, Calgary, Chicago, Hong Kong, Jersey, Kuala Lumpur, London, Montreal, New York, Ottawa, Seattle, St. Paul, Sydney, Toronto, Trinidad & Tobago, and Vancouver. Since its inception in 2009, the series has attracted more than 260,000 participants and raised over $57 million for youth and children’s causes around the world.

In addition to hosting this virtual event, RBC has committed $10.5 million to date towards food security, mental health, and strategic preparedness in response to the COVID-19 pandemic. In 2019, RBC donated $130 million to nearly 5,000 charitable organizations, globally.

To learn more about RBC Race for the Kids, its charity partners, or register for the virtual event, visit: www.rbcraceforthekids.com.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 86,000+ employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com.‎

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.

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MCI WET Develops Containerized Seawater Reverse Osmosis Systems for Middle East Power Plants

MCI Water Equipment Technologies is meeting and exceeding the global challenge to provide high quality purified water

DALLAS, Sept. 8, 2020 /PRNewswire-HISPANIC PR WIRE/ – MCI Water Equipment Technologies was awarded 50 containerized seawater reverse osmosis systems deployed to the Middle East. The systems are designed to handle varying feed water quality to different sites.

Learn more about MCI WET@ https://wetpurewater.com/portfolio/

Countries around the world are dealing with population expansion.  Land development puts a great strain on government resources and infrastructure to provide the basic needs to their citizens.  Often, municipal infrastructure services will not reach underdeveloped areas for years.

Seawater Reverse Osmosis System Includes:
Engineers at MCI Water Equipment Technologies developed Seawater Reverse Osmosis systems that incorporates floating feed pumps and ultrafiltration membranes. This system will be able to produce 300,000 GPD (1,136 m3/day) of high-quality water.  Each system will be packaged inside a customized container that is designed and built in house. The air-conditioned containers are fitted with the latest technology and construction materials.  The advanced features will achieve the highest efficiency and operational needs of each system.  MCI WET Engineers were able to overcome many challenges to provide advanced Seawater Reverse Osmosis systems suited for communities all over the globe.

Our factory in Dallas, Texas provides one of the most modern fabrication facilities in the industry today.  MCI Water Equipment Technologies has the capability to produce and deliver 50 containers, and ancillary equipment in a timeframe unmatched by any other company. Our experience with large scale projects allows MCI Water Equipment Technologies to execute this project at a record pace.

MCI Water Equipment Technologies, Raafat Ali, Middle East Manager, said: “Our multi-disciplined work force and 240,000 sq. ft. state of the art manufacturing facility can design and engineer projects with specialized equipment requiring complex customization.”

MCI Water Equipment Technologies is setting revolutionary benchmarks for others to follow.

Video - https://www.youtube.com/watch?v=Q2fjJPb5Xi8

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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.

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Parkland increases financial flexibility under its syndicated credit facilities

CaribPR Wire, CALGARY, Alberta, June 09, 2020: Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) is pleased to announce a proactive update to its syndicated credit agreement terms. Highlights of the amended credit agreement include:

  • An additional C$300 million of commitments under our syndicated credit facilities, maturing January 8, 2023. Pro forma the amendment, cash and cash equivalents plus unused credit facilities as of March 31, 2020 would have been C$1.2 billion.
  • As at March 31, 2020 Total Funded Debt to Credit Facility EBITDA was 2.9 times, with a covenant limit of 5.0 times. Effective from Q4 2020 though Q3 2021, Parkland’s Total Funded Debt to Credit Facility EBITDA covenant limit will increase to 6.0 times, reverting to 5.0 times thereafter.
  • The effective interest rate on the updated syndicated credit facilities is materially unchanged and all other financial covenants remain the same.

“We continue to see improvement in fuel demand and robust convenience store sales in most markets,” said Darren Smart, Interim-Chief Financial Officer. “Recognizing that the COVID-19 recovery remains dynamic, we have taken proactive steps to secure additional financial flexibility and to position us to take advantage of potential future growth opportunities. We remain focused on maintaining our balance sheet strength and are committed to exercising strict capital discipline. We would like to thank our banking group for their ongoing support and partnership in our future success.”

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 “potential” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to the ability to take advantage of potential future growth opportunities.

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.

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”). See Section 12 – “Non-GAAP Financial Measures” of the Q1 2020 MD&A for a description of “Credit Facility EBITDA” and “Total Funded Debt to Credit Facility EBITDA”.

About Parkland Fuel 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 completes acquisition of ConoMart Super Stores

CaribPR Wire, CALGARY, Alberta, May 13, 2020: Parkland Fuel Corporation (“Parkland”, “We”, “Our” or “Us”) (TSX:PKI) announced today that through its wholly-owned U.S. subsidiaries (collectively, “Parkland USA”), it has completed the previously announced asset agreement to acquire ConoMart Super Stores.

ConoMart Super Stores operates seven retail sites located in and around Billings, Montana. Please see Parkland’s press release dated March 9, 2020, for more information about this acquisition.

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 Fuel Corporation Announces Shareholder Approval of Corporate Name Change and Results of the 2020 Annual and Special Meeting of Shareholders

CaribPR Wire, CALGARY, Alberta, May 08, 2020: Parkland Fuel Corporation, (”Parkland”, “We”, the “Company”, or “Our”) (TSX:PKI) held its annual and special meeting of shareholders on May 7, 2020 (the “Meeting”).

The Company is pleased to announce that shareholders representing approximately 99.9% of votes cast approved a special resolution authorizing the Company to amend its articles to change its name to “Parkland Corporation” and the adoption of “Corporation Parkland” as its French name. The common shares of the Company will continue to trade on the Toronto Stock Exchange (TSX) under its existing trading symbol, PKI. The effective date of the name change will be May 15, 2020 and the Company’s common shares will commence trading on the TSX under the new name within 2-3 business days. Each existing share certificate reflecting the current name of the Company will continue to represent a valid certificate until such certificate is transferred, re-registered or otherwise exchanged.

Furthermore, all matters presented at the meeting were approved included the election of all nine of the nominees listed in its management information circular dated March 31, 2020 (the “Information Circular”). The complete results of voting for business considered at the Meeting are set out below:

Resolution 1

Election of directors of Parkland for the ensuing year.

Nominee Votes For %For Votes Withheld %Withheld
John F. Bechtold 96,389,584 92.85 % 7,420,425 7.15 %
Lisa Colnett 100,789,666 97.09 % 3,020,343 2.91 %
Robert Espey 102,351,997 98.60 % 1,458,012 1.40 %
Timothy Hogarth 98,907,395 95.28 % 4,902,614 4.72 %
Jim Pantelidis 96,481,478 92.94 % 7,328,531 7.06 %
Domenic Pilla 101,206,634 97.49 % 2,603,375 2.51 %
Steven Richardson 101,635,187 97.90 % 2,174,822 2.10 %
David A. Spencer 97,735,762 94.15 % 6,074,247 5.85 %
Deborah Stein 100,431,854 96.75 % 3,378,155 3.25 %

Resolution 2

The reappointment of PricewaterhouseCoopers LLP, Chartered Accountants, as auditor of Parkland for the fiscal year ending December 31, 2020.

Votes For 103,611,494 99.27 %
Votes Withheld 765,180 0.73 %

Resolution 3

The approval of Parkland’s restated shareholder rights plan, as set forth and described in the Information Circular.

Votes For 97,354,559 93.78 %
Votes Against 6,455,450 6.22 %

Resolution 4

The approval of unallocated options under Parkland’s stock option plan, as set forth and described in the Information Circular.

Votes For 97,171,975 93.61 %
Votes Against 6,638,034 6.39 %

Resolution 5

The approval of amendments to Parkland’s restricted share unit plan, as set forth and described in the Information Circular.

Votes For 100,203,588 96.53 %
Votes Against 3,606,421 3.47 %

Resolution 6

The approval of unallocated restricted share units under Parkland’s restricted share unit plan, as set forth and described in the Information Circular.

Votes For 100,442,293 96.76 %
Votes Against 3,367,716 3.24 %

Resolution 7

The approval of Parkland’s corporate name change from “Parkland Fuel Corporation” or “Corporation Pétroles Parkland” to “Parkland Corporation” or “Corporation Parkland”, respectively, as set forth and described in the Information Circular.

Votes For 104,272,205 99.90 %
Votes Against 104,469 0.10 %

Resolution 8

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

Votes For 96,526,981 92.98 %
Votes Against 7,283,028 7.02 %

Voting results for all matters have been posted on SEDAR.

About Parkland Fuel Corporation

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

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

Click Here for More Information »

Parkland reports 2020 first quarter results and update on Covid-19 business impacts

CaribPR WIRE CALGARY, Alberta, May 06, 2020: Parkland Fuel Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced today its financial and operating results for the three months ended March 31, 2020. First quarter highlights include:

  • Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”) of $191 million.
  • Net earnings (loss) attributable to Parkland of $(79) million or $(0.53) per share, basic.
  • Strong financial position with significant liquidity to manage through challenging market environments. Cash and cash equivalents plus unused credit facilities was $908 million as of March 31, 2020.
  • Total Funded Debt to Credit Facility EBITDA ratio was 2.9 times (relative to a covenant of 5.0 times) as of March 31, 2020.
  • Cash flow from operating activities of $258 million fully funded growth and maintenance capital expenditures, dividend payments and the Kellerstrass acquisition.
  • Trailing-twelve-month adjusted dividend payout ratio of 40 percent.
  • Fuel and petroleum product volume of 6.0 billion litres, up 12 percent from Q1 2019.
  • Acted decisively and prudently in response to the novel coronavirus (”Covid-19″) to ensure the safety of our employees, customers and communities, mitigate the impacts of the pandemic, maintain balance sheet strength and increase the resilience of our business.

“We delivered strong financial and operating performance through the first 10 weeks of the year with base operations and growth initiatives on-track with our plan,” said Bob Espey, President and Chief Executive Officer. “Covid-19 paused this momentum in mid-March, however, despite this and other economic headwinds, including a declining Canadian dollar and lower, more volatile commodity prices, our diverse business is proving resilient.”

“We entered this challenging period with a strong balance sheet and acted decisively to protect it. We removed over $300 million of capital expenditures from our 2020 plans and reduced our fixed and variable expenses,” added Espey. “I want to thank the Parkland team who are intensely focused on safely providing essential products and services to our customers and supporting our communities. These characteristics underpin our resilience and growth capabilities. I would also like to thank the refinery team for their hard work and for safely completing the turnaround in April.”

Our commitment to safety, customers and community

Parkland’s top priority is the safety of its employees, customers and communities and to reliably provide an essential service in the 25 countries we operate.

In response to Covid-19 and in-line with recommendations from local health authorities, enhanced operating procedures and protocols were instituted to maintain our sites to even higher levels of cleanliness. From rigorous sanitization and disinfecting protocols, plexiglass guards in our company-owned convenience stores and navigating global supply shortages to provide personal protective equipment to our front-line teams, we have, and will continue to put safety first.

Parkland’s retail and commercial brands remain trusted, integral parts of their communities. Consistent with our values, we have extended over $3.5 million of fuel discounts to front-line health care workers and first responders across Canada, the US and our International business through April. We are providing free hot showers, as well as food and snack discounts, to Canada’s truck-driving community at select company cardlock and convenience store locations. We will continue to monitor the needs of our customers and communities and remain committed to providing safe and reliable services and giving back to those in need.

Q1 2020 Segment Highlights

Supply

Operations were focused on the safe and successful execution of the Burnaby refinery turnaround and continued performance from our integrated logistics operations. Our supply team reliably sourced and maintained uninterrupted fuel supply for our customers during the turnaround. We advanced our US supply business through the expansion of our Houston office operations and saw strong organic growth in wholesale volumes. First quarter highlights include:

  • Due to the Burnaby refinery turnaround which began on February 1, 2020, Adjusted EBITDA was $39 million; a decrease of $104 million relative to 2019.
  • As a result of the planned turnaround, refinery utilization was 30.9 percent.
  • Invested $55 million of capital and $27 million of operating costs on the turnaround. The additional operating expenses were mostly offset by lower fuel, catalyst and chemical costs while the plant was shut down.

Canada

We have combined Canada Retail and Canada Commercial into one “Canada” segment to align with our US and International segment reporting and to reflect the operational accountability of our Canadian leadership team.

Our Canadian business performed well through the quarter. We gained momentum on our growth initiatives through the first 10 weeks but experienced a pause in mid-March due to the Covid-19 pandemic. We delivered our 17th consecutive quarter of Company C-Store same-store-sales growth (”SSSG”), progressed the national roll out of our JOURNIE™ Rewards program and developed our network through On-the-Run (”OTR”) conversions and New to Industry (”NTI”) sites. In addition, we grew our industrial propane market share and benefited from the high-grading of our commercial customer base in 2019.  First quarter highlights include:

  • Adjusted EBITDA of $103 million, a decrease of $14 million relative to 2019. The decrease was driven by lower retail fuel margins in the first part of the quarter, a warmer winter heating season and lower volume demand in the second half of March due to Covid-19.
  • Fuel and petroleum product volume of 2.4 billion litres, a decrease of 6 percent relative to 2019. The business saw strong growth early in the year but was offset by weakness in March due to Covid-19.
  • Company C-Store SSSG of 0.4 percent, our 17th consecutive quarter of positive C-store SSSG despite weakening sales in the latter half of March due to Covid-19.
  • Company volume SSSG of negative 4.3 percent. Company volume was trending well through the first 10 weeks of the quarter relative to 2019 but decreased in March due to Covid-19.
  • Commenced the national launch of JOURNIE™ Rewards in January 2020 with CIBC as our strategic banking partner. Initial results remain encouraging with strong membership acquisition and engagement. Due to reduced site traffic and additional preventative safety measures as a result of Covid-19, we deferred our national roll-out strategy and marketing campaigns until the economy improves. For more information on JOURNIE™ and how to become a registered member please visit www.journie.ca.

International

Our International business had a strong start to the year, benefiting from organic growth initiatives, supply synergies and a robust tourist industry. We continued to benefit from strength in our wholesale channel and marine bunkering business which resulted from new customer wins and the collaboration with our Tropic Oil operations in Florida. This momentum paused in mid-March due to Covid-19 which led to a decline in fuel demand and lower supply margins. First quarter highlights include:

  • Adjusted EBITDA of $67 million, a decrease of $4 million relative to 2019. The decrease was driven by demand reductions in March due to Covid-19 and margin pressure due to commodity price volatility.
  • Fuel and petroleum product volume of 1.4 billion litres, an increase of 31 percent relative to 2019, consisting of 406 million litres sold through retail channels and 990 million litres sold through commercial and wholesale channels.

USA

Our USA business had a strong quarter with improved operational efficiency and significant growth excluding the impact of M&A. We closed our previously announced acquisition of Kellerstrass Oil in mid-February, bringing 84 new dealer locations and expanding our presence in Idaho, Wyoming and northern Utah. Our recent acquisitions have exceeded investment case to date, and in particular, Tropic Oil has driven strong organic growth and also benefited our International business. We saw a volume decline in mid-March due to the Covid-19 pandemic which was offset by strength in retail and marine fuel margins.  First quarter highlights include:

  • Adjusted EBITDA of $18 million, an increase of $7 million relative to 2019. The increase was primarily due to our 2019 acquisitions, organic growth and strong retail and marine fuel margins.
  • Fuel and petroleum product volume was 634 million litres, up 92 percent relative to 2019.

Corporate

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

  • Marketing, General and Administrative (”MG&A”) costs were flat relative to 2019, at $27 million.
  • Adjusted EBITDA of negative $36 million, which includes MG&A costs and a loss on US dollar debt repayments resulting from the significant decline in the USD/CAD exchange rate during the quarter.
  • As a percentage of total adjusted gross profit, marketing, general and administrative expenses increased to 4.6 percent (up from 3.9 percent in 2019).


Consolidated Financial Overview

($ millions, unless otherwise noted) Three months ended March 31,
2020(5) 2019(5) 2018(5)
Financial Summary
Sales and operating revenue 4,359 4,215 3,342
Fuel and petroleum product volume (million litres) 5,975 5,336 4,211
Adjusted gross profit(1) 593 697 430
Adjusted EBITDA including non-controlling interest (”NCI”) 214 339 153
Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)(1) 191 315 153
Supply 39 143 71
Canada(2) 103 117 107
International 67 71
USA 18 11 4
Corporate (36 ) (27 ) (29 )
Net earnings (loss) (74 ) 91 20
Net earnings (loss) attributable to Parkland (79 ) 77 20
Net earnings (loss) per share ($ per share)
Per share – basic (0.53 ) 0.53 0.15
Per share – diluted (0.53 ) 0.52 0.15
Dividends 45 43 38
Per share outstanding 0.3002 0.2951 0.2902
Weighted average number of common shares (million shares) 148 145 131
TTM distributable cash flow(3)(6) 417 512 142
Per share(3)(4)(6) 2.82 3.76 1.13
TTM adjusted distributable cash flow(3)(6) 444 595 315
Per share(3)(4)(6) 3.00 4.38 2.50
TTM dividends(6) 179 164 148
TTM dividend payout ratio(3)(6) 43 % 32 % 104 %
TTM adjusted dividend payout ratio(3)(6) 40 % 28 % 47 %
TTM weighted average number of common shares (million shares) 148 136 126
Total assets 9,446 8,998 5,492
Total long-term liabilities 5,487 5,108 2,524
Shares outstanding (millions) 149 146 132
Total Funded Debt to Credit Facility EBITDA ratio(3)(7) 2.93 2.71 2.74
Interest coverage ratio(3) 5.78 7.18 6.00
Growth capital expenditures attributable to Parkland(3) 31 29 10
Maintenance capital expenditures attributable to Parkland(3) 118 50 76

(1) Measure of segment profit. See Section 12 of this MD&A.
(2) For comparative purposes, information for the three months ended March 31, 2019 was restated due to a change in segment presentation. Canada Retail and Canada Commercial, formerly presented separately as individual segments, are now combined as the Canada segment, reflecting a change in organizational structure in the first quarter of 2020.
(3) Non-GAAP financial measure. See Section 12 of this MD&A.
(4) Calculated using the weighted average number of common shares.
(5)  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.
(6) Amounts presented on a trailing-twelve-month (”TTM”) basis
(7) Beginning in Q1 2020, Parkland includes Adjusted EBITDA attributable to NCI and excludes IFRS 16 impact attributable to NCI in Credit Facility EBITDA and includes long term debt attributable to NCI, letters of credit attributable to NCI and cash and cash equivalents attributable to NCI in Senior Funded Debt and Total Funded Debt. The 2019 and 2018 numbers have not been adjusted.

Update on Covid-19 business impacts

The duration and impact of Covid-19 is difficult to forecast, however, it has already led to significantly reduced global economic activity and fuel demand. Based on our own conservative demand and economic recovery model, we took immediate action to protect our business and financial strength, and enhance our resilience to position the Company to emerge stronger.

  • Canada segment volumes have declined approximately 35 percent in April relative to 2019, consisting of an approximate 40 percent decline in retail gasoline volumes and 25 percent in commercial and other volume. Rural markets have been less impacted than major urban centers and key supply chains have remained open for trucking traffic.
  • US segment volumes have declined approximately 20 percent in April relative to 2019, excluding the impact of acquisitions, consisting of an approximate 20 percent decline in wholesale and commercial volume and 35 percent in US retail gasoline volume. The US segment has fewer major urban centers in our areas of operations and a higher commercial weighting of the portfolio.
  • International segment on-shore volumes have declined approximately 40 percent in April relative to 2019, consisting of an approximate 25 percent decline in the commercial lines of business and 55 percent in the retail line of business. Many countries in the International segment have extensive curfew measures and higher exposure to tourist activity.
  • The impact of the volume declines has been partially offset by generally stronger fuel margins (per litre) in April. This benefit has been most pronounced in the US, followed by our Canada segment, and less so in our International segment.
  • Convenience store sales in Canada are marginally down in April relative to 2019. Tobacco, alcohol and household essentials have performed well, while confectionery items and car wash traffic have declined along with the temporary suspension of frozen and hot beverage offerings and fresh food service. We have altered our merchandising strategy where appropriate to prioritize higher demand categories and our teams have done a great job at keeping shelves merchandised.
  • Refinery utilization as of May 6, 2020 is approximately 75 percent, which accounts for lower fuel demand in locally served markets. Based on the current refinery throughput, we have been able to reduce jet fuel to less than 10 percent of output. We will continue to optimize utilization rates going forward based on demand projections.
  • Despite the current economic slowdown and reduction to our 2020 capital program, there are several high return initiatives we are focused on in the interim such as the integration of recent acquisitions and enhancing our digital capability and back-office systems. These initiatives will allow us to resume our growth programs when the economy improves.

2020 Capital Program Guidance

On March 30, 2020, Parkland reduced its guidance for 2020 Total Capital expenditures to $275 million +/- 5%, a reduction of $300 million. This reduction is consistent with our priority to maintain financial flexibility and balance sheet strength. The capital expenditures included in the reduction can be deferred until an improvement in the current economic environment. Further detail can be found in our press release dated March 30, 2020 and in the Q1 2020 MD&A.

Conference Call and Webcast Details

Parkland will host a webcast and conference call on Thursday, May 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=1302735&tp_key=014a45b92e

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: 14261230). International participants can call 1-587-880-2171 (toll) (Conference ID: 14261230).

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 Q1 2020 MD&A and Q1 2020 FS provide a detailed explanation of Parkland’s operating results for the three months ended March 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. French Financial Statements and MD&A 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, and Parkland’s ability to quickly resume growth strategy when economic conditions improve. Additionally, this press release contains certain preliminary April 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; 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 the Q1 2020 MD&A dated May 6, 2020, 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 Q1 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 Q1 2020 MD&A and Note 20 of the Q1 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 Q1 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 Fuel 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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Mastercard Study Shows Consumers in LAC Make the Move to Contactless Payments

Consumers cite simplicity, cleanliness and speed through checkout experience as contactless payments booster

– Mastercard champions effort to raise limits for contactless payment transactions across Latin America & Caribbean

MIAMI, April 30, 2020 /PRNewswire-HISPANIC PR WIRE/ – During first quarter of 2020, as many countries imposed necessary restrictions on social distancing, a growing number of consumers in Latin America & Caribbean (LAC) turned to contactless payments for necessary purchases, a new Mastercard study shows. According to the survey, 35% of people in the region have increased their usage of contactless payments, citing simplicity, safety and cleanliness.

Consumer polling by Mastercard paints a picture of accelerated and sustained contactless adoption. This shift in consumer behavior is particularly clear at checkout as people express a desire for contactless cards and concerns over cleanliness and safety at the point of sale, according to the study. In fact, findings of the study show that the impact of social distancing and other safety guidelines on consumer payment behavior is extensive:

  • 56% of Latin Americans said they are more aware of dirtiness of cash.
  • 84% of Latin Americans believe contactless is a cleaner way to pay.

1.        Mastercard’s own initiatives, along with the intelligence of its technology, data analytics and investments in security, will continue to propel a world beyond cash. Already, more than half of consumers around the world (63%) are using cash less often, or not at all, since the pandemic began. The same is true in LAC, where on average 66% of consumers are using cash less often, or not at all:

  • 77% of Brazilians indicated that they are using cash less, or not at all, since the pandemic.
  • 61% of Colombians indicated that they are using cash less, or not at all, since the pandemic.
  • 68% of Costa Ricans indicated that they are using cash less, or not at all, since the pandemic.
  • 58% Dominican Republicans indicated that they are using cash less, or not at all, since the pandemic.

2.       Consumers are quickly appreciating the benefits of contactless payments with 79% across LAC finding them more secure when compared to keeping or paying with cash. Additionally, regional consumer polling by Mastercard indicated sustained contactless usage with consumers preferring the quick and efficient checkout experience.

  • 78% of Latin Americans indicated they will continue using contactless payments even after the pandemic is over.
  • The belief was even stronger among those under the age of 35, where 82% of this population indicated continued use post-COVID.

“As we all experience the first global pandemic in an age defined by the digitalization of our lives, contactless card payments have taken on a new urgency. It has been both encouraging and gratifying to see our partners throughout the LAC region adopt the changes and acceleration of contactless. The technology is available, and it’s clear that the change we are witnessing in consumer behavior is here to stay,” said Walter Pimenta, Senior Vice President, Products & Innovation, Mastercard Latin America and Caribbean.

Accelerating faster, cleaner, safer payments
Throughout the world, Mastercard has been spearheading the transition to contactless for more than 15 years, championing it as the simple, safe and fast way to pay. As a region with countries where contactless technologies are a newer experience, LAC has seen a rapid increase in infrastructure, with 75% of point of sale terminals ready to accept contactless transactions, and 60% of financial institutions issuing contactless-enabled cards.

In March, Mastercard led a move to increase the contactless payment limits across the LAC region as people looked for safer ways to pay in the wake of the COVID-19 pandemic. Today, four countries have already raised their contactless payment limits including, Colombia, Argentina, Dominican Republic and Costa Rica, with many others expected to follow soon. The initiative is in line with similar actions taking place around the world as health officials recommend social distancing and a growing number of merchants are encouraging consumers to pay with contactless instead of cash to avoid contact.

“As the spread of COVID-19 highlights the steadfast mindset for ‘contact-free’ environments and experiences in many aspects of our lives, the increased interest in contactless payments is far reaching. We believe in providing consumers with the freedom of choice in how they pay and peace of mind when they pay. With increased convenience and security, we look forward to expanding the contactless footprint more than ever before,” added Pimenta.

Contactless Payments Growth
As consumers increasingly seek out ways to quickly get in and out of stores without touching terminals, Mastercard data reveals over 40% growth in contactless transactions globally in the first quarter of 20201. Further, 80% of contactless transactions are under $25, a range that is typically dominated by cash. LAC, a less mature region when it comes to contactless penetration, saw exponential growth, with contactless transactions up 500% overall since March of last year.

While countries worldwide are at different stages of contactless card deployment and usage for daily shopping habits, Mastercard’s insights on grocery and pharmacy trends – two areas where many day-to-day essentials are being purchased – showed that nearly all regions experienced significant spikes in February and March. Further, reinforcing changing behaviors and consumer checkout preferences, Mastercard saw the number of contactless card payments at grocery stores and pharmacies grow twice as fast as non-contactless transactions globally2.

Notes to Editors:

1 Growth calculated as the percentage increase in contactless transactions compared to the percentage increase in non-contactless transactions, comparing March 2020 to March 2019, at Grocery and Pharmacy categories

2Growth calculated as the percentage increase in contactless transactions compared to the percentage increase in non-contactless transactions, comparing March 2020 to February 2020, at Grocery and Pharmacy categories

Survey Methodology

  • Online interviews of 17,000 consumers in 19 countries worldwide
  • 1,000 banked respondents per country in the US and Canada (North America); Australia, Singapore (Asia Pacific); UAE, Kingdom of Saudi Arabia, South Africa (Middle East and Africa); UK, Italy, France, German, Spain, Poland, Russia, the Netherlands (Europe).
  • 500 banked respondents per country in Brazil, Costa Rica, Dominican Republic, and Colombia (Latin America and the Caribbean)
  • Research conducted April 10-12, 2020
  • Nationally representative sample
  • Readable sample sizes of:
    • Gen Z/Millennials
    • Affluent [defined at a country level]
    • Contactless users
    • Primary shoppers
    • Those with high levels of concern about Covid-19

About Mastercard
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

Photo – https://mma.prnewswire.com/media/1162232/Contactless_Infographic_LAC_ENG_Infographic.jpg
Logo – https://mma.prnewswire.com/media/1162156/mc_symbol_Logo.jpg

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Parkland announces date of 2020 first quarter results, virtual Annual General Meeting and confirms completion of the Burnaby Refinery turnaround

CaribPR Wire, CALGARY, Alberta, April 27, 2020: Parkland Fuel Corporation (“Parkland”) (TSX:PKI) expects to announce its 2020 first quarter results after markets close on Wednesday, May 6, 2020. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Thursday, May 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=1302735&tp_key=014a45b92e

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: 14261230).

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
Due to the ongoing public health concerns regarding COVID-19, Parkland will hold its 2020 Annual and Special Meeting of shareholders in a virtual-only format. The virtual-only meeting will be conducted via live audio webcast online on Thursday, May 7, 2020, 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 dated March 31, 2020 available at www.parkland.ca and under Parkland’s profile at www.sedar.com.

Burnaby Refinery turnaround
Parkland is pleased to announce the Burnaby Refinery turnaround is complete and confirm the facility is now fully operational.

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 acquisition of ConoMart Super Stores

CaribPR Wire, CALGARY, Alberta, March 09, 2020: Parkland Fuel Corporation (“Parkland”) (TSX:PKI) announced today that through its wholly owned U.S. subsidiaries (collectively, “Parkland USA”), it has entered into an asset agreement to acquire seven retail sites located in and around Billings, Montana. All seven retail sites feature a strong convenience store offering and a Conoco-branded forecourt.

“This acquisition expands our Montana business and scales our existing Northern Tier Regional Operating Center,” said Doug Haugh, President of Parkland USA. “ConoMart Super Stores is a well-run, customer-focused business and we look forward to welcoming the team to Parkland.”

Pro forma the acquisition, Parkland expects a modest increase in annual run-rate adjusted EBITDA for its USA operating segment. The transaction is expected to close in the second quarter of 2020 and is subject to customary closing conditions.

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.

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”, “pro forma” 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 this acquisition and the timing thereof; expected benefits of the acquisition, including potential synergies, organic growth and acquisition opportunities and the expected annual run-rate adjusted EBITDA of Parkland’s USA operating segment following 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; 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 management discussion and analysis for the year ended December 31, 2019 dated March 5, 2020 (the “Annual MD&A”), as filed on SEDAR and available on the Parkland website at www.parkland.ca.

Annual run-rate adjusted EBITDA is an internally-prepared estimate of annualized adjusted EBITDA which assumes full year contributions from the acquisitions to date. Annual run-rate adjusted EBITDA is a non-GAAP financial measure and may not be comparable to similar measures used by other issuers. See Parkland’s Annual MD&A for further information on how Parkland calculates adjusted EBITDA and a reconciliation to the nearest IFRS measure.

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Parkland Announces Date of 2019 Fourth Quarter & Year-End Results

CaribPR Wire, CALGARY, Alberta, Feb. 21, 2020: Parkland Fuel Corporation (“Parkland”) (TSX:PKI) expects to announce its 2019 fourth quarter and year-end results after markets close on Thursday, March 5, 2020. A conference call and webcast will then be held at 6:30 a.m. MST (8:30 a.m. EST) on Friday, March 6, 2020 to discuss the results.

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

https://event.on24.com/wcc/r/2202396/DE9374B8003A48A6DC3F09374333E802

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: 95848696). Please connect and log in approximately 10 minutes before the beginning of the call.

The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

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

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

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

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Canada Life Reinsurance enters into €12bn longevity risk reinsurance agreement with Aegon

WINNIPEG, Manitoba, Dec. 19, 2019 /CNW/ - Canada Life Reinsurance is pleased to announce that it has recently entered into a long-term longevity reinsurance agreement with Aegon covering €12 billion of in-force liabilities. Close to 200,000 of in-payment and deferred pensioners will be reinsured by Canada Life Reinsurance under this agreement.

Jeff Poulin, Global Head of Canada Life Reinsurance, commented, “This transaction is the result of a great effort by both our team and Aegon’s team and highlights Canada Life Reinsurance’s strength as a partner for reinsurance longevity transactions globally”.  Derek Popkes, Chief Operating Officer at Canada Life Reinsurance, added “We are delighted to grow and diversify our global longevity portfolio by working with Aegon to deliver a transformational longevity transaction tailored to their specific requirements.  We will continue to innovate and work in partnership with our valued clients to deliver the best risk transfer solutions matching their objectives.”

Canada Life Reinsurance offers a range of innovative risk and capital management solutions covering mortality, longevity, health and lapse risks for insurers, reinsurers and pension funds across the U.S. and Europe, including the Netherlands, the U.K., France, Germany, Italy, Spain, Portugal, Sweden, Belgium and Ireland.

About Aegon
Aegon’s roots go back 175 years – to the first half of the nineteenth century. Since then, Aegon has grown into an international company, with businesses in more than 20 countries in the Americas, Europe and Asia. Today, Aegon is one of the world’s leading financial services organizations, providing life insurance, pensions and asset management. Aegon’s purpose is to help people achieve a lifetime of financial security. More information on www.aegon.com.

About Canada Life Reinsurance
Canada Life Reinsurance is a division of The Canada Life Assurance Company and certain of its subsidiaries and affiliates. The Canada Life Assurance Company is a subsidiary of Great-West Lifeco Inc.

About Great-West Lifeco
Great-West Lifeco Inc. (TSX:GWO) is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Great-West Lifeco has operations in Canada, the United States, Europe and Asia through Canada Life, Empower Retirement, Putnam Investments, and Irish Life. At the end of 2018, our companies had approximately 24,200 employees, 240,000 advisor relationships, and thousands of distribution partners – all serving our more than 31 million customer relationships across these regions.
Great-West Lifeco and its companies have €1.1 trillion (approximately C$1.6 trillion) * in consolidated assets under administration and are members of the Power Financial Corporation group of companies.

*as at September 30, 2019

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Parkland completes acquisition of assets from Mort Distributing, Inc.

CaribPR Wire, CALGARY, Alberta, Dec. 17, 2019: Parkland Fuel Corporation (“Parkland”) (TSX:PKI) announced today that through its wholly owned U.S. subsidiaries (collectively, “Parkland USA”), it has completed the previously announced acquisition of the assets of Mort Distributing, Inc. and its affiliates (collectively, “Mort”).

Mort is a marketer and distributor of fuels and lubricants serving retail, commercial and wholesale customers across Montana. Please see Parkland’s press release dated November 21, 2019 for more information about this acquisition.

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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Highgate Systems Appoints Kelley Gray as Managing Director

CaribPR Wire, MISSISSAUGA, Ontario, Nov. 22, 2019: Highgate Systems Inc. today announced that Kelley Gray, has been named interim Managing Director of Highgate Systems Inc., replacing Aldo Campodonico effective immediately.

After 3 years, Aldo and Highgate Systems Inc. have decided to part ways and we wish to thank Aldo for his contribution to Highgate Systems.

Reporting to Highgate’s Board of Directors, Kelley will focus on strategies and tactics in support of the company’s future global growth initiatives.

Kelley remarked, “My key to success has been built on a passion for building strong relationships and obtaining results through collaboration. I am very excited to have this opportunity to contribute to Highgate’s present and future growth.”

Barry Walsh, Highgate’s Chairman said, “On behalf of the management and staff at Highgate, I’d like to congratulate Kelley on her appointment to the leadership team and wish her every success in her new role.”

Kelley, brings over 25 years of technology experience in executive management roles for companies such as: Symcor, Manulife Canada, CGI, Bell and Sun Microsystems. Her diverse background in the area of information technology, financial services, telecommunications, and government will be an invaluable asset to Highgate Systems Inc.

In addition to her impressive professional qualifications and experience, Kelley maintains an interest in both professional and recreational sporting activities. She is an accomplished golfer, hockey player, softball player and bowler.

About Highgate
Highgate Systems Inc. is a trusted provider of fully integrated, end-to-end Banking solutions to the financial services industry. Founded in 1986, Highgate Systems, technological footprint and Clients spans across Canada, the U.S and the Caribbean. Highgate Systems Inc. is a proudly Canadian Company delivering cutting edge solutions to Commercial Bank, Development Banks and Credit Unions.

Highgate Systems nombra a Kelley Grey como Directora General Interina

CaribPR Wire MISSISSAUGA, Ontario, Nov. 27, 2019: Hoy, Highgate Systems Inc. (Highgate) anunció que Kelley Grey, fue nombrada Directora General Interina de Highgate, en reemplazo de Aldo Campodonico.

Después de tres años trabajando en conjunto, Aldo y Highgate decidieron emprender rumbos diferentes. Queremos agradecerle a Aldo por sus contribuciones a Highgate.

Kelley, que estará bajo la supervisión de la junta directiva de Highgate, se enfocará en estrategias para apoyar las futuras iniciativas de crecimiento global de la empresa.

Kelley destacó: “Mi clave para el éxito ha sido la dedicación para construir relaciones sólidas y obtener resultados a través de la colaboración. Estoy muy entusiasmada por tener esta oportunidad para contribuir al crecimiento de Highgate tanto en el presente como en el futuro”.

Barry Walsh, Presidente de Highgate, dijo: “En nombre de la Gerencia y el personal de Highgate, me gustaría felicitar a Kelley por su nombramiento y desearle mucho éxito en su nueva función”.

Kelley tiene más de 25 años de experiencia técnica en funciones de administración ejecutiva para empresas como: Symcor, Manulife Canadá, CGI, Bell y Sun Microsystems. Su experiencia integral en las áreas de tecnología de la información, servicios financieros, telecomunicaciones y Gobierno será un recurso invaluable para Highgate.

Además de sus impresionantes calificaciones profesionales y experiencia, Kelley mantiene un interés en actividades deportivas tanto profesionales como recreativas. Es una excelente jugadora de golf, de hockey, de softball y, además, de boliche.

Acerca de Highgate
Highgate Systems Inc. es un proveedor confiable de soluciones bancarias integradas punta-a-punta, para la industria de servicios financieros. Fundada en 1986, la tecnología y los clientes de Highgate Systems se extienden por Canadá, Estados Unidos y el Caribe. Highgate Systems Inc. es una empresa orgullosamente canadiense que ofrece soluciones de vanguardia a bancos comerciales, bancos de desarrollo y cooperativas de crédito.

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Parkland announces internal appointment of Darren Smart to Interim Chief Financial Officer

CaribPR Wire, CALGARY, Alberta, Nov. 12, 2019: Parkland Fuel Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI) announced that Darren Smart has assumed the role of Interim Chief Financial Officer (“CFO”) in addition to his current role as Parkland’s Senior Vice President, Strategy and Corporate Development. As previously announced, Mike McMillan, who has served as the company’s CFO since 2015 will be leaving the company. Mike will be available to support Darren’s transition until December 31, 2019.

“We are pleased that Darren has assumed the Interim CFO role in addition to his existing accountabilities,” said Bob Espey, Parkland’s President and Chief Executive Officer. “During the past five-years, Darren has played a significant commercial and financial leadership role in the company. I am confident he will do an excellent job and provide strong continuity as we search for a permanent Chief Financial Officer.”

“Mike has made exceptional contributions during his ten-years with Parkland,” said Espey. “On behalf of the Parkland team, I thank him for his commitment to our growth and success and offer my best wishes.”

Darren Smart joined Parkland in 2014 and leads the company’s enterprise wide strategy and corporate development activity.  He has been a member of the company’s Senior Leadership Team since 2015. Prior to joining Parkland, Darren was a Portfolio Manager at Teachers’ Private Capital, the private equity arm of the Ontario Teachers’ Pension Plan, where he was responsible for sourcing, evaluating and managing energy-related investments. Darren has a Master of Business Administration from Harvard Business School and a Bachelor of Business Administration with distinction from Wilfrid Laurier University.

About Parkland Fuel 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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