Posts Tagged ‘#financialnews’

Vantage launches UK liquidity service for institutional traders

LONDON, Nov. 15, 2022 /PRNewswire-HISPANIC PR WIRE/ — International multi-asset trading platform Vantage (or “Vantage Markets”) is announcing the launch of Vantage Connect, a liquidity solution for institutions and corporates in the UK.

To be officially announced at Finance Magnates London Summit 2022, the news comes as part of a wider strategic push by Vantage to expand the institutional side of their business in response to growing demand among hedge funds, family offices, banks, brokers, money managers and asset managers for bespoke trading solutions.

Widespread volatility has led to a 17.2% year on year increase in trading volumes globally this September. This presents both risks and opportunities for institutions, who must navigate rapidly changing market conditions, such as the LSE widened the spread limit on UK gilts, as well as bigger spreads, such as on the CFD and derivatives contracts that are commonly used in hedging strategies.

Vantage Connect allows these institutional clients to manage volatility effectively and make the most of market opportunities by leveraging Vantage’s deep liquidity pool to buy and sell complex assets quickly.

The offering is customised depending on what the clients’ needs are across the full range of Vantage’s services, including in-house built risk management and their unique PAMM (percentage allocation management module). It is quick and secure, as clients can easily plug into the service via an API, ensuring speed to market, and are protected under Vantage’s FCA license.

Vantage Connect will be exhibiting at this year’s FMLS and will be joined by the McLaren Extreme E team, who will be featuring their new vehicle.

David Shayer, UK CEO at Vantage, commented: “Market volatility often brings opportunities for those who know where to look, and we’ve seen the increasing volumes over the last few months. We’ve built up a strong retail solution, and now is the right time to expand to institutional investors. We have a strong team in the UK, all of whom are excited to launch the new service, that ensures that Vantage can be a trusted partner and a one-stop shop for the institutional trading community, and gives them the springboard to make the most of market opportunities.”

About Vantage

Vantage is a global, multi-asset broker offering clients access to a nimble and powerful service for trading CFDs on Forex, Commodities, Indices, Shares and ETFs.

With more than 13 years of market experience, Vantage now has over 1,000 employees across more than 30 global offices.

Vantage is more than a broker. It provides a trusted trading ecosystem and a user-friendly trading platform that enables clients to take advantage of trading opportunities.

Be empowered to better capitalise on winning market opportunities when you trade smarter @vantage

Logo - https://mma.prnewswire.com/media/1745281/Vantage_Logo.jpg

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Parkland delivers record quarterly results

CALGARY, AB, May 4, 2022 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), a leading international food and convenience store operator, independent supplier and marketer of fuel and petroleum products and leader in renewable energy, announced today its financial and operating results for the three months ended March 31, 2022. Highlights include:

Q1 2022 Highlights

  • Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)1 of $387 million, up 23 percent year-over-year underpinned by the impact of acquisitions, consistent operating performance, continued organic growth in our marketing business, strong supply performance and robust margins.
  • Net earnings attributable to Parkland (”net earnings”) of $55 million, or $0.36 per share, basic, an increase of 90 percent from prior year and Adjusted earnings attributable to Parkland (”Adjusted earnings”)1 of $136 million, or $0.88 per share, basic, up approximately 48 percent year-over-year.
  • Trailing twelve months (”TTM”) distributable cash flow per share1 of $4.73, an increase of approximately 9 percent relative to Q1 2021.
  • Cash used in operating activities of $48 million, compared to cash generated from operating activities of $264 million, down $312 million year-over-year, driven by a working capital outlay of $436 million related to increasing commodity prices.
  • Continued to strengthen our customer proposition with the close of the previously announced acquisitions of Crevier and M&M Food Market.
  • Fuel volumes of approximately 7 billion liters, up over 26 percent from Q1 2021, reflecting the impact of acquisitions, growing customer demand for essential fuels and ongoing economic recovery from COVID.
  • Continued to expand our ON the RUN convenience brand with 37 additional locations and attracted 300,000 new members to our JOURNIE™ Rewards loyalty program.
  • Generated $25 million of Total Renewable Adjusted EBITDA1 and accomplished a world first by co-processing tall oil to create renewable fuels at the Burnaby refinery. In addition to demonstrating our leading position in co-processing, tall oil further diversifies our bio-feedstock supply chain.

______________________________________

1

Specified Financial Measure. See “Specified Financial Measures” section of this news release.

“Our first quarter results demonstrate the strength of our strategy,” said Bob Espey President and Chief Executive Officer. “We grew our marketing business by integrating recent acquisitions and leveraging our supply advantage.”

“We continue to prioritize organic growth initiatives, integrate and capture synergies from recent acquisitions and are confident we can achieve the high end of our 2022 Adjusted EBITDA guidance,” added Espey. “I am proud of the Parkland team who are dedicated to powering our customers’ journeys and energizing the communities we serve.”

Q1 2022 Segment Highlights

To align with strategic initiatives and provide greater visibility into our operations, we have made several enhancements to our reporting disclosures. To align with USA and International segment reporting, the Canada segment now includes its respective supply, trading and wholesale activities. The Burnaby refinery results can be found in a new Refining segment. In addition, Total Renewable Adjusted EBITDA and the results of our Retail and Commercial lines of business are separately disclosed. For comparative purposes, prior period information has been restated and reclassified to conform to the presentation used in the current period.

  • Canada delivered Adjusted EBITDA2 of $191 million, up 28 percent, from Q1 2021 ($149 million). Performance was underpinned by strong margins, increasing fuel volumes, the close of our previously announced acquisitions (Crevier and M&M Food Market), and organic growth. Food and Company C-Store Same Store Sales Growth2 (”SSSG”) (excluding cigarettes) was 1.7 percent. We opened 37 new ON the RUN stores and welcomed an additional 300,000 customers to our JOURNIE™ Rewards loyalty program, bringing total members to 3.2 million.
  • International delivered Adjusted EBITDA of $82 million, up 22 percent, from Q1 2021 ($67 million). Performance was underpinned by fuel volume growth primarily driven by a recovery in tourism (aviation) and wholesale, contribution from our previously announced acquisition in St. Maarten, and supply synergies from our Isla joint venture in Dominican Republic.
  • USA delivered Adjusted EBITDA of $47 million, up 147 percent, from Q1 2021 ($19 million). Performance was underpinned by prior year acquisitions and related synergies, strong margins, higher marine fuel demand and new cruise ship contracts. Margin improvements helped mitigate the impact of inflation.
  • Refining delivered Adjusted EBITDA2 of $89 million, down 8 percent, from Q1 2021 ($97 million). Utilization3 of 92.2 percent (Q1 2021 – 91.0 percent) and a stronger margin was offset by higher operating costs.

__________________________________________

2 Specified Financial Measure. See “Specified Financial Measures” section of this news release.
3 Non-Financial Measure. See “Non-Financial Measures” section of this news release.

Sustainability Leadership

Sustainability is deeply embedded across our business. Our ‘Drive to Zero’ strategy includes our goals to achieve zero safety incidents, zero spills, zero tolerance for racism and discrimination, zero tolerance for corruption, bribery, and unethical behaviour and to help our governments achieve their goal of net-zero emissions by 2050. Notable accomplishments from the first quarter include:

  • Improving our TTM lost time injury frequency rate4 to 0.14 (Q1 2021 – 0.25) and TTM total recordable injury frequency rate4 to 1.19 (Q1 2021 – 1.22), reflecting our continued focus on safety.
  • Delivering a world first, by co-processing tall oil in a fluid catalytic cracker without pretreatment to produce renewable fuels with approximately one eighth of the carbon intensity of regular fuels (tall oil is a waste product from the pulp and paper industry).
  • Co-processing over 20 million litres of bio-feedstocks, which has the equivalent impact of taking over 16,000 cars off the road.
  • Generating $25 million of Total Renewable Adjusted EBITDA.
  • Advancing our plans to launch the largest (by site count) electric vehicle ultra-fast charger network in British Columbia, which is expected to open to customers in 2022.

___________________________________

4Non-Financial Measure. See “Non-Financial Measures” section of this news release.

Consolidated Financial Overview

($ millions, unless otherwise noted)

Three months ended March 31,

Financial Summary

2022

2021

Fuel and petroleum product volume (million litres)

6,972

5,523

Sales and operating revenue(2)

7,606

4,226

Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)(4)

387

314

Canada(2)(3)(4)

191

149

International

82

67

USA(1)(3)

47

19

Refining(1)(2)(3)(4)

89

97

Corporate(3)

(22)

(18)

Net earnings (loss) attributable to Parkland

55

29

Net earnings (loss) per share – basic ($ per share)

0.36

0.19

Net earnings (loss) per share – diluted ($ per share)

0.35

0.19

Adjusted earnings (loss) attributable to Parkland (”Adjusted earnings”)(5)

136

92

Adjusted earnings (loss) per share – basic ($ per share)(5)

0.88

0.61

Adjusted earnings (loss) per share – diluted ($ per share)(5)

0.87

0.61

TTM Distributable cash flow(5)

724

646

TTM Distributable cash flow per share(5)

4.73

4.34

Dividends

49

47

Dividends per share(6)

0.3141

0.3053

Weighted average number of common shares (million shares)

155

150

Total assets

12,844

9,592

Non-current financial liabilities

6,846

4,311

(1)

The supply and trading business in the United States, formerly presented in the Supply segment (now Refining), is now included in the USA segment, reflecting a change in organizational structure in the first three months of 2021.

(2)

Certain amounts within sales and operating revenue, cost of purchases, and marketing, general and administrative were restated and reclassified to conform to the presentation used in the current period. For comparative purposes, information for the three-months ended March 31, 2021 was restated due to a change in segment presentation. The supply, wholesale and logistics businesses, formerly presented in the Supply segment, are now included in the Canada segment, reflecting a change in organizational structure in the first three months of 2022. Following the change, the Supply segment has been renamed to “Refining” as it only includes the results of the Burnaby refinery. This change better aligns Canada results with those of USA and International which carry supply businesses within their respective divisions.

(3)

Certain amounts in the comparative period were also restated and reclassified to conform to the presentation used in the current period with respect to the allocation of Corporate costs.

(4)

Total of segments measure. See “Specified Financial Measures” section of this news release.

(5)

Non-GAAP financial measure or non-GAAP financial ratio. See “Specified Financial Measures” section of this news release.

(6)

Supplementary financial measure. See “Specified Financial Measures” section of this news release.

Q1 2022 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Thursday, May 5, at 6:30 am MDT (8:30 am 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=1544615&tp_key=5bc5cc6104

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: 22960035). International participants can call 1-800-389-0704 (toll-free) (Conference ID: 22960035).

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 management’s discussion and analysis for the three months ended March 31, 2022 (the “Q1 2022 MD&A”) and consolidated financial statements for the three months ended March 31, 2022 (the “Q1 2022 Consolidated Financial Statements”) provide a detailed explanation of Parkland’s operating results for the three months ended March 31, 2022. 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 French version of the Q1 2022 MD&A and Consolidated Financial Statements will be posted to www.parkland.ca and SEDAR as soon as they become available.

About Parkland Corporation

Parkland’s purpose is to Power Journeys and Energize Communities. We serve essential needs in our communities, providing our customers with the essential fuels they depend on to get around, quality foods and convenience items, while helping them achieve their goals of lowering their environmental impact. Through our portfolio of trusted and locally relevant brands, we serve well over one million customers per day across Canada, the United States, the Caribbean region and Central and South America.

In addition to leveraging our supply and storage capabilities to provide the essential fuels our diverse customers depend on; we are leading our customers through the energy transition. From electric vehicle charging, renewable fuels, solar energy and compliance and carbon offset trading, we are leaders in helping our customers lower their environmental impact.

Parkland’s proven strategy is centered around organic growth, our supply advantage, acquiring prudently, and integrating successfully. We are focused on developing our existing business in resilient markets, growing, and diversifying our retail business into food, convenience, and renewable energy solutions and helping our commercial customers decarbonize their operations. Our strategy is underpinned by our people, as well as our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives and strategies, Parkland’s ability to meet the high end of its 2022 Adjusted EBITDA guidance; Parkland’s ESG goals and targets; expected benefits and synergies to be derived from acquisitions; and Parkland’s ability to advance its growth agenda.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to, general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic; Parkland’s ability to execute its business strategies, including without limitation, Parkland’s ability to consistently identify accretive acquisition targets and successfully integrate them, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland’s ability to grow its supply advantage by leveraging its scale and infrastructure; Parkland’s ability to achieve its goals and targets relating to its “Drive to Zero” sustainability; 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 Revised Annual Information Form dated March 17, 2022, and “Forward-Looking Information” and “Risk Factors” included in the Q1 2022 MD&A dated May 4, 2022, 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-Financial Measures

Parkland uses a number of non-financial measures, including composite utilization, TTM lost time injury frequency rate and TTM total recordable injury frequency rate, in measuring the success of our strategic objectives and to set variable compensation targets for employees. These non-financial measures 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 Q1 2022 MD&A, which is incorporated by reference into this news release, for further details on the non-financial measures used by Parkland.

Specified Financial Measures

This news release contains total of segments measures, non-GAAP financial measures and ratios and supplementary financial measures (collectively, “specified financial measures”). Parkland’s management uses certain specified financial measures to analyze the operating and financial performance, leverage and liquidity of the business. These specified financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The specified financial measures should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. See Section 14 of the Q1 2022 MD&A, which is incorporated by reference into this news release, for further details regarding specified financial measures used by Parkland.

Non-GAAP Financial Measures and Ratios

Adjusted earnings is a non-GAAP financial measure and Adjusted earnings per share is a non-GAAP financial ratio included in this news release to assist management, investors and analysts with the analysis of the core operating performance of business activities of Parkland on a consolidated level. These non-GAAP financial measures and ratios do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. The non-GAAP financial measures and ratios should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Except as otherwise indicated, these non-GAAP measures and ratios are calculated and disclosed on a consistent basis from period to period. See section 14 of the Q1 2022 MD&A, which is incorporated by reference into this news release, for further details regarding Parkland’s non-GAAP financial measures and ratios. See below for the reconciliation of Adjusted earnings (loss) to net earnings (loss) and calculation of Adjusted earnings (loss) per share for the three months ended March 31, 2022 and March 31, 2021.

Three months ended March 31,

($ millions, unless otherwise stated)

2022

2021

Net earnings (loss) attributable to Parkland

55

29

Add: Net earnings (loss) attributable to NCI

13

7

Net earnings (loss)

68

36

Add:

Acquisition, integration and other costs

13

5

Loss on modification of long-term debt

24

(Gain) loss on foreign exchange – unrealized

6

4

(Gain) loss on risk management and other – unrealized

11

5

Other (gains) and losses(1)

72

45

Other adjusting items(2)

6

(1)

Tax normalization(3)

(26)

(18)

Adjusted earnings (loss) including NCI

150

100

Less: Adjusted earnings (loss) attributable to NCI

14

8

Adjusted earnings (loss)

136

92

Weighted average number of common shares (million shares)(4)

155

150

Weighted average number of common shares adjusted for the effects of dilution (million shares)(4)

156

152

Adjusted earnings (loss) per share ($ per share)

Basic

0.88

0.61

Diluted

0.87

0.61

(1)

Other (gains) and losses for the three months ended March 31, 2022, include the following: (i) $4 million non-cash valuation loss (2021 – $8 million non-cash valuation gain) due to the change in redemption value of Sol Put Option; (ii) $86 million non-cash valuation loss (2021 – $59 million non-cash valuation loss) due to the change in fair value of redemption options; (iii) $18 million gain (2021 – $6 million gain) in Other items. Refer to Note 12 of the Q1 2022 Consolidated Financial Statements.

(2)

Other Adjusting Items for the three months ended March 31, 2022 include the share of depreciation and income taxes for the Isla joint venture of $4 million (2021 – nil).

(3)

The tax normalization adjustment was applied to net earnings (loss) adjusting items that were considered temporary differences, such as gains and losses on asset disposals, acquisition, integration and other costs, unrealized foreign exchange gains and losses, gains and losses on risk management and other, changes in fair value of redemption options, changes in estimates of environmental provisions, and debt modifications. The tax impact was estimated using the effective tax rates applicable to jurisdictions where the related items occur.

(4)

Weighted average number of common shares are calculated in accordance with Parkland’s accounting policy contained in Note 2 of the Annual Consolidated Financial Statements.

TTM distributable cash flow is a non-GAAP financial measure and TTM distributable cash flow per share is a non-GAAP ratio. TTM distributable cash flow is a cash metric that adjusts for the impact of seasonality in Parkland’s business by removing non-cash working capital items and excludes the effect of items that are not considered representative of Parkland’s ability to generate cash flows. Such items include: (i) acquisition, integration, and other costs; (ii) turnaround maintenance capital expenditures, and; (iii) interest on leases and long-term debt, and principal payments on leases attributable to non-controlling interests. Distributable cash flow does not have any standardized meaning under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Parkland uses this non-GAAP financial measure to monitor normalized cash flows of the business by eliminating the impact of Parkland’s working capital fluctuations and expenditures used in acquisition, integration and other activities, which can vary significantly from quarter-to-quarter.

Three months ended

Trailing twelve
months ended

March 31,
2022

($ millions, unless otherwise noted)

June 30,
2021

September 30,
2021

December 31,
2021

March 31,
2022

Cash generated from (used in) operating activities(1)

322

200

118

(48)

592

Exclude: Adjusted EBITDA attributable to NCI, net of tax

(21)

(26)

(22)

(26)

(95)

301

174

96

(74)

497

Reverse: Change in other liabilities and other assets(2)

(9)

4

8

(2)

1

Reverse: Net change in non-cash working capital(2)

22

119

148

436

725

Include: Maintenance capital expenditures attributable to Parkland

(45)

(40)

(112)

(29)

(226)

Exclude: Turnaround maintenance capital expenditures

3

8

11

Include: Proceeds on asset disposals

1

4

4

1

10

Reverse: Acquisition, integration and other costs

11

12

24

13

60

Include: Interest on leases and long-term debt

(54)

(56)

(59)

(64)

(233)

Exclude: Interest on leases and long-term debt attributable to NCI

1

1

1

1

4

Include: Payments on principal amount on leases

(33)

(36)

(38)

(37)

(144)

Exclude: Payments on principal amount on
leases attributable to NCI

4

5

5

5

19

Distributable cash flow

199

190

85

250

724

Weighted average number of common shares (million shares)

153

Distributable cash flow per share

4.73

(1)

Supplementary financial measure. See “Specified Financial Measures” section of this news release.

(2)

For comparative purposes, information for the quarter ended September 30, 2021 was restated due to a change in presentation for certain emission credits and allowances held for trading, which were formerly included in “Risk management and other” and are now included in “Inventories”.

Three months ended

Trailing twelve

months ended

March 31,
2021

($ millions, unless otherwise noted)

June 30,
2020

September 30,
2020

December 31,
2020

March 31,
2021

Cash generated from (used in) operating activities(1)(2)

629

253

(40)

264

1,106

Exclude: Adjusted EBITDA attributable to NCI, net of tax

(15)

(24)

(20)

(23)

(82)

614

229

(60)

241

1,024

Reverse: Change in other liabilities, other assets and other instruments

(3)

27

12

(14)

22

Reverse: Net change in non-cash working capital

(425)

89

288

53

5

Include: Maintenance capital expenditures attributable to Parkland

(50)

(18)

(39)

(20)

(127)

Exclude: Turnaround maintenance capital expenditures

16

1

2

19

Include: Proceeds on asset disposals

5

2

6

5

18

Reverse: Acquisition, integration and other costs

8

9

14

5

36

Include: Interest on leases and long-term debt

(59)

(59)

(56)

(54)

(228)

Exclude: Interest on leases and long-term debt attributable to NCI(3)

1

1

1

3

Include: Payments on principal amount on leases

(35)

(40)

(35)

(35)

(145)

Exclude: Payments on principal amount on
leases attributable to NCI

5

6

4

4

19

Distributable cash flow(4)

76

247

137

186

646

Weighted average number of common shares (million shares)

149

Distributable cash flow per share

4.34

(1)

For comparative purposes, information for previous periods was restated due to a change in presentation of cash flows from (used in) operating and financing activities. Interest paid on long-term debt and leases, formerly included in “Cash generated from (used in) operating activities”, is now included in “Cash generated from (used in) financing activities”, reflecting a more relevant presentation of finance costs payments.

(2)

Supplementary financial measure. See “Specified Financial Measures” section of this news release.

(3)

Beginning September 30, 2020, interest on leases and long-term debt attributable to NCI is excluded from distributable cash flow.

(4)

Prior to March 31, 2021, distributable cash flow and the dividend payout ratio were referred to as adjusted distributable cash flow and adjusted dividend payout ratio, respectively. The previous measures were consolidated to a single primary measure representing Parkland’s ability to generate cash flows.

Food and Company C-Store SSSG refers to the period-over-period sales growth generated by retail convenience stores at the same company sites. The effects of opening and closing stores, temporary closures (including closures for ON the RUN / Marché Express conversions), expansions, renovations, and changes in food service models in the period are excluded to derive a comparable same-store metric. Same-store sales growth is a metric commonly used in the retail industry that provides meaningful information to investors in assessing the health and strength of Parkland’s brands and retail network, which ultimately impacts financial performance. Food and Company C-Store SSSG does not have any standardized meaning under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. See below for a reconciliation of convenience store revenue of the Canada segment with the Food and C-Store Same Store Sales (”SSS”) and calculation of the Food and Company C-Store SSSG.

Three months ended March 31,

($ millions)

2022

2021

%(1)

2021

2020

%(1)

Food and Company C-Store revenue

100

92

92

89

Add:

Point-of-sale (”POS”) value of goods and services sold at Food and Company
C-Store operated by retailers and franchisees(2)

130

129

130

121

Less:

Rental and royalty income from retailers, franchisees and others(3)

(25)

(24)

(24)

(24)

Same Store revenue adjustments(4)(5) (excluding cigarettes)

(25)

(7)

(5)

(3)

Same Store Food and Company C-Store Sales

180

190

(5.5)%

193

183

5.5%

Less:

Same Store revenue adjustments(4)(5) (cigarettes)

(91)

(103)

(104)

(102)

Same Store Food and Company C-Store Sales (excluding cigarettes)

89

87

1.7%

89

81

10.2%

(1)

Percentages are calculated based on actual amounts and are impacted by rounding.

(2)

POS values used to calculate Food and Company C-Store SSSG are not a Parkland financial measure and do not form part of Parkland’s consolidated financial statements.

(3)

Includes rental income from retailers in the form of a percentage rent on Food and Company C-Store sales, royalty, franchisee fees and excludes revenues from automated teller machine, POS system licensing fees, and others.

(4)

This adjustment excludes the effects of acquisitions, opening and closing stores, temporary closures (including closures for On the Run / Marché Express conversions), expansions of stores, renovations of stores, and stores with changes in food service models, to derive a comparable same-store metric.

(5)

Excludes sales from the businesses acquired in 2022 as these will not impact the metric until after the completion of one year of the acquisitions in 2023 as the sales or volume generated in 2022 establish the baseline for these metrics.

Supplementary Financial Measures

Parkland uses a number of supplementary financial measures, including dividends per share, TTM dividends and TTM cash generated from (used in) operating activities, to evaluate the success of our strategic objectives and to set variable compensation targets for employees. These measures may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 14 of the Q1 2022 MD&A, which is incorporated by reference into this news release, for further details regarding supplementary financial measures used by Parkland.

Total of Segments Measures

Adjusted EBITDA is a total of segments measure used by the chief operating decision maker to make decisions about resource allocation to the segment and to assess its performance.  Adjusted EBITDA for the Canada and Refining segments and Total Renewable Adjusted EBITDA (being a summation of Canada and Refining segment renewable subsegments) are also total of segments measures. In accordance with IFRS, adjustments and eliminations made in preparing an entity’s financial statements and allocations of revenue, expenses, and gains or losses shall be included in determining reported segment profit or loss only if they are included in the measure of the segment’s profit or loss that is used by the chief operating decision maker. As such, Parkland’s Adjusted EBITDA is unlikely to be comparable to similarly named measures presented by other issuers, who may calculate these measures differently. Parkland views Adjusted EBITDA as the key measure for the underlying core operating performance of business segment activities at an operational level. Adjusted EBITDA is used by management to set targets for Parkland (including annual guidance and variable compensation targets) and is used to determine Parkland’s ability to service debt, finance capital expenditures and provide for dividend payments to shareholders. See Section 14 of the Q1 2022 MD&A, which is incorporated by reference into this news release, for further details regarding total of segments measures used by Parkland. Refer to the table below for the reconciliation of Adjusted EBITDA to net earnings (loss) for the three months ended March 31, 2022 and March 31, 2021.

Reporting segments

Canada

Refining

International

USA

Corporate

IntersegmentEliminations(3)

Consolidated

Sub-segments

Renewable

Conventional

Total

Renewable

Conventional

Total

Total Renewable

Sub-segment

Total Conventional

Sub-segment(4)

For the three months ended March 31,

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

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

120

80

3,300

3,044

3,420

3,124

979

804

979

804

120

80

4,279

3,848

1,524

1,229

1,860

1,086

(811)

(720)

6,972

5,523

Sales and operating revenue

121

66

3,731

2,332

3,852

2,398

73

56

1,003

554

1,076

610

194

122

4,734

2,886

1,722

1,004

2,018

892

(878)

(557)

7,790

4,347

Sub-segment eliminations(2)

(121)

(66)

(63)

(55)

(184)

(121)

Sales and operating revenue – after eliminations

3,731

2,332

1,013

555

1,722

1,004

2,018

892

(878)

(557)

7,606

4,226

Cost of purchases

109

62

3,354

2,031

3,463

2,093

54

24

798

436

852

460

163

86

4,152

2,467

1,470

835

1,840

813

(878)

(557)

6,747

3,644

Sub-segment eliminations(2)

(121)

(66)

(63)

(55)

(184)

(121)

Cost of purchases – after eliminations

3,342

2,027

789

405

1,470

835

1,840

813

(878)

(557)

6,563

3,523

Fuel and petroleum product adjusted gross margin, before the following:

12

4

317

253

329

257

19

32

203

117

222

149

31

36

520

370

229

147

129

48

909

601

Gain (loss) on risk management and other – realized

(3)

1

(4)

(3)

(3)

(70)

(5)

(70)

(5)

(3)

1

(70)

(9)

(92)

(32)

(18)

(5)

(183)

(45)

Gain (loss) on foreign exchange – realized

1

(1)

1

(1)

2

3

2

3

1

2

2

2

3

3

4

8

9

Other adjusting items to adjusted gross margin

(2)

(2)

Fuel and petroleum product adjusted gross margin

10

5

317

248

327

253

19

32

135

115

154

147

29

37

452

363

139

118

111

43

3

2

734

563

Food, convenience and other adjusted gross margin

60

48

60

48

2

1

2

1

62

49

23

22

49

31

134

102

Total adjusted gross margin

10

5

377

296

387

301

19

32

137

116

156

148

29

37

514

412

162

140

160

74

3

2

868

665

Operating costs

1

1

149

119

150

120

2

2

61

46

63

48

3

3

210

165

40

34

84

42

337

244

Marketing, general and administrative

1

1

46

31

47

32

4

3

4

3

1

1

50

34

23

19

29

13

25

20

128

87

Share in (earnings) loss of associates and joint ventures

(5)

(2)

(5)

(2)

Other adjusting items to Adjusted EBITDA

(1)

(1)

(1)

(5)

(1)

(6)

(1)

Adjusted EBITDA including NCI

8

3

183

146

191

149

17

30

72

67

89

97

25

33

255

213

109

90

47

19

(22)

(18)

414

337

Attributable to NCI

27

23

27

23

Adjusted EBITDA attributable to Parkland (”AdjustedEBITDA”)

8

3

183

146

191

149

17

30

72

67

89

97

25

33

255

213

82

67

47

19

(22)

(18)

387

314

Add: Adjusted EBITDA attributable to NCI

27

23

Less:

Acquisition, integration and other costs

13

5

Depreciation and amortization

155

154

Finance costs

70

83

(Gain) loss on foreign exchange – unrealized

6

4

(Gain) loss on risk management and other – unrealized

11

5

Other (gains) and losses

72

45

Other adjusting items(2)

6

(1)

Income tax expense (recovery)

13

6

Net earnings (loss)

68

36

Less: Net earnings (loss) attributable to NCI

13

7

Net earnings (loss) attributable to Parkland

55

29

(1) Fuel and petroleum product volume for renewable activities only includes fuel trading volumes and does not include volumes of low-carbon intensity feedstocks used for co-processing and blending.

(2) Represents elimination of transactions between Renewable and Conventional sub-segments within Canada and Refining.

(3) Includes inter-segment sales and cost of purchases. See Note 13 of the Interim Condensed Consolidated Financial Statements.

(4) Total of Conventional sub-segment is not a financial measure used by Parkland to evaluate performance and is not a Total of segment measure under NI 52-112. It is included in the table above for the reconciliation purposes only.

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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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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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