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

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

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

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

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

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

Q3 2021 Segment Highlights²

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

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

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

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

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

Our Sustainability Journey

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

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

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

Changes to Dividend Reinvestment Plan

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

Consolidated Financial Overview

($ millions, unless otherwise noted)	Three months ended September 30,			Nine months ended September 30,
Financial Summary	2021	2020	2019	2021	2020	2019
Fuel and petroleum product volume (million litres)⁽¹⁾	6,267	5,301	5,622	17,563	15,939	16,483
Sales and operating revenue⁽¹⁾	6,006	3,498	4,605	15,260	10,505	13,674
Adjusted gross margin⁽²⁾⁽³⁾	779	674	679	2,143	1,754	2,104
Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)⁽²⁾⁽³⁾	364	338	302	1,000	720	963
Canada⁽⁴⁾	105	128	104	322	323	292
International	83	77	63	216	198	208
USA⁽⁵⁾	44	21	17	95	64	41
Supply⁽⁴⁾⁽⁵⁾	161	124	146	451	201	507
Corporate	(29)	(12)	(28)	(84)	(66)	(85)
Net earnings attributable to Parkland	115	76	24	89	29	206
Net earnings per share – basic ($ per share)	0.76	0.51	0.16	0.59	0.19	1.41
Net earnings per share – diluted ($ per share)	0.75	0.50	0.16	0.59	0.19	1.38
Adjusted earnings attributable to Parkland (”Adjusted earnings”)⁽³⁾	107	93	65	295	81	259
Adjusted earnings per share – basic ($ per share)⁽³⁾	0.70	0.62	0.44	1.96	0.54	1.77
Adjusted earnings per share – diluted ($ per share)⁽³⁾	0.70	0.62	0.44	1.94	0.54	1.74
TTM Cash generated from operating activities⁽²⁾⁽⁶⁾	746	1,458	1,105	746	1,458	1,105
TTM Distributable cash flow⁽³⁾⁽⁶⁾	712	485	594	712	485	594
TTM Distributable cash flow per share⁽³⁾⁽⁶⁾	4.72	3.28	4.15	4.72	3.28	4.15
Dividends	48	47	45	143	137	133
Dividends per share⁽²⁾	0.3087	0.3036	0.2985	0.9227	0.9074	0.8921
Weighted average number of common shares (million shares)	152	149	148	151	149	147
Total assets	10,646	8,978	9,157	10,646	8,978	9,157
Non-current financial liabilities⁽²⁾	5,215	4,168	4,278	5,215	4,168	4,278

⁽¹⁾	Certain amounts within sales and operating revenue and fuel and petroleum product volumes were restated and reclassified to conform to the presentation used in the current period.
⁽²⁾	4Measure of segment profit or key performance indicator. See Section 14 of the MD&A.
⁽³⁾	Non-GAAP financial measure. See Section 14 of the MD&A.
⁽⁴⁾	For comparative purposes, information for the year ended December 31, 2019 was restated due to a change in segment presentation. Canada Retail and Canada Commercial, formerly presented separately as individual segments, and the Canadian distribution business, formerly presented in Supply, are now included in Canada, reflecting a change in organizational structure in 2020.
⁽⁵⁾	For comparative purposes, information for previous periods was restated due to a change in segment presentation. The supply and trading business in the United States, formerly presented in the Supply segment, is now included in the USA segment, reflecting a change in organizational structure in the first nine months of 2021.
⁽⁶⁾	Amounts presented on a trailing-twelve-month basis (”TTM”).
⁽⁷⁾	Calculated based on weighted average number of shares.

Registration Available for 2021 Investor Day on November 16, 2021

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

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

Q3 2021 Conference Call and Webcast Details

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

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

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

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

MD&A and Consolidated Financial Statements

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

About Parkland Corporation

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

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

Forward-Looking Statements

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

Non-GAAP Financial Measures

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

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

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

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2 Nov 2021

by caribpr

energy

#businessnewstoday, #earningsnews, #EnergyNews, #oilandGas, #oilandgasindustry, #parklandcorporation

RBC invites participants around the world to experience reimagined, virtual Race for the Kids event

A new mobile app will keep participants connected as they run, walk, or roll in support of 35 youth-focused charities in 19 countries

TORONTO, Aug. 16, 2021 /PRNewswire-HISPANIC PR WIRE/ – Due to the ongoing impacts of COVID-19, RBC Race for the Kids will return in its global, virtual format for an event weekend on October 16-17, 2021. Today, RBC opened registration for the event weekend and announced plans for its reimagined, virtual participant experience with a new mobile app.

At the onset of the COVID-19 pandemic, RBC proactively pivoted its long-running RBC Race for the Kids event series to a global, virtual format – ensuring it could continue to support young people around the globe while facing necessary restrictions for public gatherings. As a result, $8.8 million was raised by over 33,000 participants in 2020, benefiting dozens of youth-focused charity partners whose supports and services were needed more than ever.

Through the mobile app, participants can stay connected and competitive

A new way to race
RBC Race for the Kids is open to all, regardless of geography, age, or fitness ability. Participants can register for free on rbcraceforthekids.com – an integrated registration and fundraising platform providing a seamless experience.

New for 2021, RBC Race for the Kids participants will experience the event weekend through a mobile app. After registering, participants can download the app to begin engaging with its many exciting, interactive features, including:

Selecting a pre-determined distance to complete in their local community (with no set routes). Based on their chosen distance, the app will share a series of audio cues during the event to encourage and excite participants towards their personal finish line.
Choosing the most convenient method of recording their activity: through the integrated, in-app tracker or by linking to a wearable fitness device.
Tracking training kilometers/miles, competing against individuals or teams to climb leaderboards, and following their peers’ training activity.
Recording their event performance and sharing their route map/photos within the app event feed –or posting to their personal social media channels.
Unlocking the app’s augmented-reality lens to use face filters and digital medals during and after completing their event – which can also be posted to their personal social media channels.

Participants are encouraged to complete their run, walk, or roll independently or with family members and friends, while observing local public health advice and government guidelines.

Support youth from wherever you are
Regardless of where participants are physically located, they can choose to support any of the 35 participating charity partners during their registration process. Located around the globe, all participating partners offer critical supports and services for youth in their local communities.

RBC Race for the Kids’ 2021 partners include:

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. To date, the series has seen over 290,000 participants who have collectively raised more than $65 million.

In addition to continuing to host RBC Race for the Kids, RBC has committed $13 million to date towards food security, mental health, and strategic preparedness in response to the COVID-19 pandemic. In 2020, RBC aligned more than $140 million in donations to its strategic priority pillars, directing funds to local community organizations and causes in the places where it operates.

To learn more about RBC Race for the Kids, its charity partners, or the virtual event experience, visit: 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 leverage their imaginations and insights to 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 27 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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16 Aug 2021

by caribpr

Banking/Financial Services

#BankingNews, #businessnewstoday, #Caribbeannews, #competition, #kidscontest, #RBC, #RBCRacefortheKids, #virtualevents, #virtualraces

Hamilton Reserve Bank, Formerly Nevis International Bank & Trust, Completes Rebranding as A Leading Bank in the Hometown of Alexander Hamilton

NEW YORK and ST. KITTS AND NEVIS, March 22, 2021 /PRNewswire-HISPANIC PR WIRE/ – HAMILTON RESERVE BANK (www.hrbank.com), formerly Nevis International Bank & Trust, announces the completion of the Bank’s rebranding as the leading hometown bank of Alexander Hamilton, a Founding Father of America. Hamilton Reserve Bank combines powerful modern banking services with the legacy of Alexander Hamilton.

Hamilton Reserve Bank is the largest global bank in the region with worldwide offices and customers. The Bank’s rebranding reflects its global presence, “fortress” balance sheet, and rapidly expanding customer base from more than 150 countries. The Bank’s operations, compliance, control, and SWIFT code NIBTKNNE remain the same.

Hamilton Reserve Bank offers white glove banking solutions in 10 different currencies to a worldwide clientele of large institutions, individuals, businesses, and ultra-high-net-worth family offices seeking reliable, holistic, and efficient international banking and investment solutions. Certified annually by Grant Thornton, the Bank’s auditor, Hamilton Reserve Bank maintains a pristine regulatory history and is committed to a best practices approach in all aspects of its business.

About HAMILTON RESERVE BANK

HAMILTON RESERVE BANK (www.hrbank.com) is a fully regulated global bank (SWIFT: NIBTKNNE) with a deep British heritage. Powered by advanced modern banking technology, the Bank offers personal banking, business banking, and investment solutions in 10 different currencies across 150+ countries, serving a large, rapidly expanding worldwide clientele. The Bank has a “fortress” balance sheet, zero customer loan exposure, pristine compliance history, an exceptional CET1 capital ratio, strong customer privacy protection, speedy client onboarding, and 24/7 mobile banking. The Bank’s independent asset management affiliate is regulated by the U.S. SEC, which advises the Morningstar 5-Star rated, New York Stock Exchange listed Volshares Large Cap ETF (NYSE stock symbol: VSL), a top 1% performer three years in a row. Hamilton Reserve Bank engages in four areas: Banking, Trust & Escrow, Capital Markets, and Asset Management. Headquartered on a large bank compound at the Hamilton Reserve Bank Plaza in St. Kitts & Nevis, Alexander Hamilton’s birthplace and a thriving British Commonwealth nation, Hamilton Reserve Bank is the largest global bank in the region, maintaining worldwide offices and global customer support.

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22 Mar 2021

by caribpr

Banking/Financial Services

#alexanderhamilton, #BankingNews, #businessnewstoday, #HamiltonReserveBank, Nevis

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.

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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22 Jul 2020

by caribpr

energy

#amazonParklandteamup, #Businessnews, #businessnewstoday, #parklandcorporation, #technologynews

GM Sectec and Visa promote the adoption of secure payment technologies and practices in Latin America

SAN JUAN, Puerto Rico and MIAMI, June 18, 2020 /PRNewswire-HISPANIC PR WIRE/ – GM Sectec, a global leader in cybersecurity, and Visa, the world’s leader in digital payments, have announced the development of a virtual initiative – following a series of successful roadshows in Latin America in 2019 – where they will work together, with the objective of evangelizing, educating and guiding companies in the adoption of secure payment technologies and practices, taking into consideration the moment that we are living in worldwide due to the Coronavirus pandemic.

The COVID-19 health crisis is putting the world at risk. The impact on businesses, markets and economies is already beginning to be felt, and in business ecosystems the demand for strong measures to ensure business continuity is fundamental.

At a global level, the changes and challenges that companies have faced include adapting to new tele-working scenarios, unknown until only about three months ago, have created unique opportunities on all ends of the digital divide. For many large corporations, this option has become the norm and many have chosen to adopt it permanently, at least for the rest of 2020.

As a result, the number of people making electronic payments has multiplied, as shown by the recent Visa study which presented that more than 13 million of its cardholders made an e-commerce transaction for the first time in the first quarter of 2020, in key markets in Latin America and the Caribbean. This means that two out of every 10 active e-commerce cardholders are “new to e-commerce,” representing up to 14 percent of all active Visa accounts in key markets during this period.

“Our intention in developing our GM Sectec & Visa ‘PaySec Talks’ on the heels of our successful ‘PaySec Day’ Events throughout Latin America in 2019; is to promote the adoption of secure payment technologies and practices in concert with our Strategic Partner, Visa. Offering organizations and individuals who are working from home, the opportunity to learn about the tools, tactics and procedures they have available today to prevent multi-vector fraud and identity theft is a critical objective for all of us here at GM Sectec.” said Héctor Guillermo Martínez, President of GM Sectec.

Through the “PaySec Talks”, which will be held throughout July, in three sessions – English, Spanish and Portuguese – GM Sectec and Visa will be sharing better strategies and practices on how to maintain the security of their customers’ information and data when conducting electronic transactions.

“We have seen a pivotal change in consumer shopping behaviors as a result of the pandemic, which has rapidly reinforced the multiple benefits of e-commerce and contactless payments, as consumers prioritize health, safety and hygiene both at home and when out shopping,” said Eduardo Perez, Chief Risk Officer for Visa Latina America and the Caribbean. ”Now is the time for issuers, acquirers and businesses to invest in quickly implementing payment services that consumers will increasingly demand during and as we overcome this situation.”

for this reason, we want through the PaySec Talks, to educate companies in Latin America, where e-commerce is a growing alternative, to ensure the safety of their customers and their business.”

The “PaySec Talks” will be held on July 2nd, 16th and 30th, to participate you just have to register through the following link: https://events.gmsectec.com/visagmsectec

About GM Sectec

GM Sectec offers innovative solutions and services in cybersecurity, governance, and compliance focused on managing digital risk. Its solutions are designed to detect advanced attacks and respond to them effectively, reducing business risk, fraud, and cybercrime. Founded in 1970 as General Computer Corporation and later as GM Group in the 1990s, GM Sectec has an extensive track record and experience in the management of policies and integrated processes of technologies and standards for data protection in payment system risk. Its commitment to the principles of simplicity, innovation and customer success has made them the leading and fastest growing provider of security and technology in Latin America and the Caribbean. GM Sectec has been selected as one of the “Hot 150 Cybersecurity Companies to watch in 2020″ by Cybercrime Magazine. To learn more about GM Security Technologies, visit our website: www.gmsectec.com

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit  About Visa, visa.com/blog and  @VisaNews.

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18 Jun 2020

by caribpr

Banking/Financial Services, Technology

#businessnewstoday, #financenews, #GMSectec, #latinamericanewstoday, #technologynews, #Visanews

Mastercard Partners with Facebook to Enable Brazilians to Send and Receive Money Using WhatsApp

WhatsApp users in Brazil can now transfer money and pay businesses directly from the app, quickly, conveniently and securely

MIAMI, June 15, 2020 /PRNewswire-HISPANIC PR WIRE/ — Today, Mastercard announced the extension of its partnership with Facebook to offer a new and innovative way for Brazilians to send and receive money from friends and family on the WhatsApp application. Mastercard cardholders banking with Nubank and Sicredi are among the first in Brazil to experience payments on WhatsApp. Additional banking partners are expected to join the program soon.

Leveraging Mastercard Send™, millions of WhatsApp users can now use their phones to simply and easily transfer money instantly (24 hours a day, 7 days per week)¹ . As social distancing measures propel consumers to seek alternative, touch-free payment methods, consumers can use WhatsApp to transfer money and make and receive payments seamlessly, securely and in a contact-free way. Paying friends and family just got easier Person-to-person payments (P2P) are experiencing significant growth across the world, driven by technologies and mobile platforms that consumers enjoy using at little-to-no cost to them. Globally, domestic P2P transfers are expected to reach more than $2.07 trillion in volume by 2022². Until now, the P2P user-experience in Brazil was cumbersome and time consuming. Consumers had to identify money transfer services and provide bank account information for recipients, who could wait days to receive funds. With the enablement of P2P payments on WhatsApp, Brazilians will be able to send and receive money conveniently and securely by registering their debit card through the most popular instant messaging app in the country, eliminating the risks and inefficiencies associated with other payment methods including cash. The new solution responds to the needs of Brazilians who are increasingly looking for quick and safe ways to send and receive money, whether it is to reimburse a friend for a meal, to pay a roommate for rent, or simply lend money to a family member. The inclusion of small businesses in electronic payments In addition to making transfers, WhatsApp users can also pay small businesses through the WhatsApp Business Application. This allows for instant digital payments of goods and services to millions of small businesses in Brazil. Mastercard cardholders can register their credit or debit card to make their purchases securely. According to a recent study³, 60% of Brazilian consumers already use WhatsApp to interact with small businesses, be it to order products, negotiate prices or schedule appointments. Enabling payments through WhatsApp will now allow consumers to complete the shopping journey with their favorite businesses without leaving the application. “Adding a payment functionality to WhatsApp is a logical evolution to answer the needs of both consumers and small businesses in Brazil. The possibility to make purchases from small merchants through WhatsApp will support millions of local businesses which have been heavily impacted by the recent crisis as well as meet the demands for Brazilian of users who are looking to send payments to their friends and family each day,” said Kiki Del Valle, Senior Vice President, Digital Partnerships, Mastercard Latin America and Caribbean. “We are very excited to bring payments on WhatsApp to our users across Brazil. Making it easier to send and receive money could not be more important than at a time like this,” said Matt Idema, WhatsApp’s Chief Operating Officer. “Small businesses are the backbone of the country. The ability to easily make sales right within WhatsApp will help business owners adapt to the digital economy and to support growth and financial recovery.” Security in every WhatsApp payment transactions Linking their preferred credit or debit card within the app is highly secure thanks to the use of Mastercard’s state-of-the-art tokenization solution. The tokenization technology protects cardholder information by replacing the original 16-digit card number with a unique alternative number, or “token,” which is associated with each WhatsApp user’s individual account and not functional elsewhere. Once the token has been created, consumers will need to input their security PIN each time they want to perform a transaction. Click on the link to learn how to use this new service: www.whatsapp.com/payments/br 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 of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. ¹ Actual posting times for approved transactions will depend on the receiving financial institution ² Juniper Research, 2018, Digital Money Transfer & Remittances ³WhatsApp Economic Impact Report-final.pdf ⁴ Mastercard, 2019, P2P Payments Research

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15 Jun 2020

by caribpr

Banking/Financial Services

#brazilnewstoday., #brazilremittance, #businessnewstoday, #facebooknews, #financialnews, #latinamericanewstoday, #mastercardnews, #whatsapp, #whatsappnews, MasterCard

Leclanché announces strategic company reorganization along with an Industrial Partnership Agreement with Eneris Group aiming at creating a leading European battery partnership

Eneris Group to make direct investments totaling up to CHF 95 million in two manufacturing JVs and a Technology License Agreement

Eneris to provide up to CHF 42 million in working capital loans and make investments in excess of CHF 53 million in a major capacity expansion programme in newly established Joint Ventures with majority ownership;
Leclanché grants a license to Eneris for further development and access to larger scale industrialization;
Material reduction for Leclanché in cash intensity of the business: reduced Operating and Capital expenses;
Worldwide business wins with combined order book exceeding CHF 90 million for delivery over years 2020 to 2021- excluding the St. Kitts project;
Establishing a Build-Own-Operate (BOO) projects business line for selected stationary projects with a long-term Power Purchase Agreement (PPA) and/or Offtake Agreement with local customers;
Leclanché shall retain all customer contracts unchanged;
New Leclanché pivots to a green tech software and systems integration company using the competitive products manufactured at giga-scale in partnership with Eneris group

YVERDON-LES-BAINS, Switzerland, June 2, 2020 /PRNewswire-HISPANIC PR WIRE/ – Leclanché SA (SIX: LECN), one of the world’s leading energy storage companies, today announced a strategic reorganization which will convert the company into a market oriented, research-driven, software and systems integration company with expanded production and R&D capabilities based on a partnership agreement with Eneris Group, a leading European cleantech player operating out of Poland, “the factory of Europe” and a key participant in the EU “Important Project for Common European Interest on batteries” programme.

Stefan Mueller , Chairman of the Board, said: “We are pleased with the comprehensive Strategic partnership agreements signed with Eneris Group. This can be a truly transformational partnership to create a market leader. We thank all our shareholders for their significant and patient investments since late 2006 in developing our Energy Storage Business based on in-house Lithium Cells and Systems. Our time has now come.

We are embarking on a strategic reorganization while recognizing the challenging current economic conditions due to COVID-19. The Board of Directors of the Company has decided to reorganize Leclanché’s operating model as the current Business Units have reached a critical size in terms of personnel, revenue and customer contracts. The Board is of the firm view that the Company has solid fundamentals to deliver profitable growth based on a strong global order book, advances in proprietary high capacity cells and the adoption of a highly profitable build-own-operate model for our Stationary Business Unit.

The Board believes that the partnership with Eneris Group enables the Company to secure the funding and resources that will help the Company achieve its goal of becoming one of the full value chain energy storage market leaders.

On behalf of the Board, I would like to sincerely thank Mr. Artur Dela, Founder and CEO of Eneris Group, for his trust in Leclanché. We are looking forward to his entrepreneurial leadership and drive to support the success of both Companies.

I would also like to thank and congratulate Anil Srivastava, CEO of Leclanché, for securing the industrial investment partnership with Eneris Group. We are confident that he and his management team will expeditiously implement the strategic reorganization. ”

Artur Dela, Chairman of Eneris Group, said: “The mission of Eneris is ‘clean air, soil and water, innovation protecting the environment.’ The challenge of this century is to protect the planet. To protect the environment, we need to change our energy paradigm. The European “Green Deal” confirms this clear direction to our industries, scientists and financiers. Energy transition is our focus and energy storage is key to it, as demonstrated by our participation in EUs ICPEI program and now partnership with Leclanché.

The market needs adequate batteries for stationary energy storage to be associated with renewable energy sources and, in association with fuel cells, for eTransportation: buses, trucks, vessels, locomotives, heavy-duty machines, etc.

Leclanché has them. A 111-year old start-up, Leclanché is a pioneer in new generation batteries and a visionary focus on cleaner and more performant systems with no harmful liquids, higher energy density and more charging cycles. It has an important growth potential. The market demand for its products far exceeds its current manufacturing capacity, while its current advanced know-how needs to be further financed.

I am persuaded that various cooperation models and integration are key to succeeding in any new industry, and in particular, in sectors like energy storage which is highly competitive and capital intensive for R&D, large scale industrialisation and commercialization. Eneris’s industrial base and its participation in the IPCEI consortium, together with Leclanché’s know-how, will accelerate and reinforce our common development.

I am pleased Leclanch é has accepted our proposal to join forces and I would like to personally thank the Board for its confidence and the management team led by Anil Srivastava for the hard work in completing a complex and far-reaching transaction in record time during this turbulent period.”

A Shareholder Letter, dated 2^nd of June, 2020, provides additional information from the company and is available here.

Strategic Reorganization: New Capital-Light Operating Model for Production

Anil Srivastava, CEO of Leclanché, said: “The transformational partnership agreement with Eneris will lift a tremendous capital burden off Leclanché’s shoulders while guaranteeing production capacity. The JVs to be created will produce Leclanché technologies and Leclanché-branded products. They will be m ajority owned by Eneris with a minority stake held by Leclanché with key reserve matters and approval rights. The Joint Ventures with Eneris shall manufacture products based on Leclanché technologies with capacity reservation for Leclanché based on mutually agreed-upon business plans with Eneris.”

Industrial Partnership Agreement with Eneris Group

The Company’s Board has negotiated and accepted an investment offer from Eneris. Eneris is a company of the Eneris Group, a leading European Cleantech player. On this basis, the Company and Eneris have signed three interrelated agreements (”Agreements”): a Loan Agreement and a Technology License Agreement – both in force since 28^th of May 2020, and an Industrial Cooperation Agreement to be effective as soon as the JVs will be formed. Through the agreements, the Company shall secure funding and resources to ensure long-term profitable growth.

Key features of this agreement include:

Eneris will provide Leclanché with working capital financing of up to CHF 42 million to fully fund the business plan through June 2021;
Licensing of Leclanché’s technology to Eneris against payment of a royalty fee of up to CHF 32 million, according to an agreed-upon payment schedule. This licensing is non-exclusive on a right to use basis, with the freedom to carry out future developments. The licensing is applicable worldwide excluding the Republic of India;
Creation of two manufacturing Joint Ventures (”JV“) in which Eneris will hold the majority of the share capital thanks to an investment in excess of CHF 53 million for a major capacity expansion programme: one in Germany for the production of cells and the other in Switzerland and Poland for the assembly of modules. A third is being considered for France. We expect these JVs to be formed over a period of time, in consultation with the relevant workers council and in accordance with applicable laws. About 135 production employees will be transferred to the JVs;
Leclanché will sign a production offtake agreement with Eneris in which Eneris will reserve the required production capacity for Leclanché in the coming years;
Leclanché will retain full ownership of its technology and will continue to invest in Research & Development (R&D) activities for cells, modules and Battery Management Systems (BMS).

Anil Srivastava, CEO of Leclanché, said: “ This transaction provides a number of critical benefits for Leclanché including avoiding Capex investments of up to CHF 53 million in 2020, and a further CHF 60 million in 2022 for increased cell production. The Company will realize a reduction of approximately 20% in Operating Expenses. Additionally, the transfer of production activities to the JVs will result in substantial reduction of working capital needs related to production. The agreement enables the Company to maintain access to the large production capacity, nearly 1 GWh by Q1 2022 and up to 2.4 GWh by end 2024, needed to deliver contractual commitments for large eTransport customers with multi-year Master Supply Agreements such as Kongsberg Maritime and Bombardier. This shall super-charge our ability to win new customers who require access to large-volume deliveries.
Lastly, and most importantly, the strategic partnership with Eneris is materially non-dilutive to current shareholders.”

Phased implementation and funding plan by Eneris Group

Prior to the signing of the agreements with Eneris, the full Board made a determination to ensure that the agreement was in the best interest of the Company and all its shareholders. A Valuation Analysis of the new Leclanché resulting from the transaction with Eneris Group was conducted by an Independent Director of the Board. The full Board reviewed this analysis and arrived at a very clear and unanimous view that the agreement with Eneris is highly value accretive for the Company and is in the best interest of all its shareholders. On this basis, the Board of Directors approved all three agreements underpinning the overall transaction with Eneris Group.

The Board has sought and secured reasonable proof-of-funds from Eneris Group that underpins its confidence that the Group has the means to make the investments delineated under the agreements between the Companies. A phased implementation plan in line with Eneris’ funding schedule gives the Company the ability to manage the risk prudently.

Build-Own-Operate Model Impacts Company’s Revenue in 2019-2020 and EBITDA Positive Timeline

To launch the highly profitable and selective Build-Own-Operate (BOO) business line, the St. Kitts project has been moved from a traditional turnkey EPC contract to a BOO contract. While Leclanché will still build the project as an EPC contractor, IFRS accounting rules prevent any revenue recognition as an EPC contractor under the BOO model. This accounting requirement shall lead to a reduction of more than CHF 40 million revenue in 2019- although not lost revenue. This technical shift shall be more than offset with a revenue recognition of circa CHF 9 million average revenue per year and a positive EBITDA of more than CHF 5 million per year for a period of 20 years under the signed Power Purchase Agreement with SKELEC, the St. Kitts Electrical Utility. In addition, future projects will add their own recurring EBITDA.

The Company has already secured a Construction Loan of CHF 46 million for the St. Kitts project from a large Infrastructure Fund in New York and aims to start the Construction of this project at the earliest possible point after COVID-19 related travel restrictions are eased.

The Company plans to create a separate holding company, the “BOO HoldCo,” where Leclanché S.A. shall retain a controlling majority stake. The shift to the BOO model underpins long-term profitability for the Company, the shift of the revenue due to technical accounting rules mentioned above shall also move EBITDA positive results to the year 2022. It is important to reiterate that the addition of the BOO model will add profitable growth for 20 years and further strengthen the assets in the balance sheet of the Company and make it less dependent on annual fluctuations of project revenues.

Path to Becoming a Global Market Leader

Anil Srivastava, CEO of Leclanché, said: “We are excited about the comprehensive Industrial Cooperation Agreement signed with Eneris Group. Though the agreements shall be implemented progressively, upon meeting certain conditions, the Company remains confident to successfully implement all the agreements. Nevertheless, the Company has put in place reasonable safeguards to mitigate the risks resulting from any unlikely event of major variations to the agreement. This can truly be a transformational partnership to create a global market leader. We reiterate that the strategic reorganization underway shall:

Set the Company on course to deliver sustainable and profitable growth for years to come;
The new Leclanché shall pivot increasingly towards more software and systems integration using the competitive products manufactured-at-scale in partnership with Eneris Group;
We have secured substantial fresh capital and access to large production capacity with minimal dilution for all shareholders of Leclanché S.A.;
With all of the above, we have increased our ability to serve all our customers better; and win new ones at an accelerated pace to become a market leader.”

About Eneris Group
Eneris Group is a private company dedicated to Innovation protecting the environment: “clean air, soil and water” promoting circular economy, a holistic approach and a vertical integration in the field of waste, water, energy and energy storage. It is primarily operating and developing utilities in Poland and participating in the energy transition, while its cleantech scope is pan-European. Together with its affiliates (Eneris Polbatt, Eneris Batteries & Recycling, etc.), Eneris is implementing a series of ventures and projects focusing on batteries. Its batteries portfolio is supported by European authorities and the Polish government in the framework of the European Battery Alliance and “Important Project for Common European Interest on Batteries” (IPCEI) programs, including strategic projects in terms of R&D and industrialization of the whole value chain inclusive of advanced materials, cells with improved performance and new types of cells, battery pack and module configuration, repurposing and recycling, etc. Eneris’ strategy includes R&D and manufacturing plants in Poland, Germany and France.

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

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

Disclaimer

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

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2 Jun 2020

by caribpr

energy

#businessnewstoday, #COVID19News, #EnergyNews, #EnerisGroup, Leclanché

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