Posts Tagged ‘#oilandGas’

Parkland to consolidate its International Segment; agrees to a share exchange for the remaining 25 percent of Sol

  • Consolidates Parkland’s ownership of Sol to 100 percent, simplifying corporate structure
  • Increases the Simpson Group’s ownership of Parkland to 19.54 percent, demonstrating its long-term confidence in Parkland, its management team and growth strategy
  • On a trailing 12-month basis, adds approximately $110 million of annual Adjusted EBITDA to Parkland’s International Segment

CALGARY, AB, Aug. 4, 2022 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) announced it has entered into a share exchange agreement with Simpson Oil Limited (”Simpson Oil”), to exchange Simpson Oil’s remaining 25 percent of Sol Investments SEZC (”Sol”) for 20 million common shares (”Parkland Shares”) in the capital of Parkland (the “Share Exchange”). Following the completion of the Share Exchange, Parkland will hold 100 percent of the securities of Sol, a proven international growth platform which spans 23 countries in the Caribbean region and South America.

“We are excited to have the Simpson family expand their ownership in Parkland,” said Bob Espey, President and Chief Executive Officer. “We value the Simpson’s confidence in our growth strategy and long-term vision and are grateful for their ongoing support for the Parkland team. We are consolidating our ownership of Sol in a way that is immediately accretive to shareholders.”

Simpson Oil has been a Parkland shareholder since 2017 and has grown its shareholding to beneficially own, directly or indirectly, or exercise control or direction over, approximately 14.4 million Parkland Shares, representing 9.24 percent of the issued and outstanding Parkland Shares on a non-diluted basis. Following completion of the Share Exchange, Simpson Oil and, if applicable, its affiliates (collectively, the “Simpson Group”) will own approximately 34.4 million Parkland Shares, representing 19.54 percent of the issued and outstanding Parkland Shares on a pro-forma, non-diluted basis.

“We are delighted to expand our ownership in Parkland,” said Sir Kyffin Simpson CBE, and founder of Simpson Oil. “We have tremendous confidence in the Company, its management team and its bright future. We look forward to participating in its continued success as a long-term supportive shareholder with an investment horizon through the next decade and beyond.”

Strategic Rationale
  • Immediately accretive to all Parkland shareholders on a leverage neutral basis
  • 20 million Parkland Shares to be issued at the prevailing share price
  • Share Exchange valuation consistent with the terms of the put and call options (defined below)
  • Supportive shareholder with a long-term investment horizon
  • Simplifies Parkland’s corporate structure and reporting

The Share Exchange is expected to close in 2022, subject to the approval of the Toronto Stock Exchange (”TSX”) and receipt of any other required regulatory approvals. Concurrently with completing the Share Exchange, the put and call options available to Simpson Oil and Parkland, respectively, with respect to the remaining 25 percent of shares of Sol (”put and call options”) shall be terminated.

About Parkland

Parkland’s purpose is to Power Journeys and Energize Communities. We serve essential needs in our communities, providing our customers with the 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 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 Statement

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “continue”, “strategy”, “focus” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: the completion of the Share Exchange and the timing thereof; expected benefits of the Share Exchange; Simpson Oil’s future expectations for Parkland and its future shareholding position, including its investment horizon of more than a decade; Parkland’s business objectives, projects and plans and the execution and impact thereof; leading customers through the energy transition and helping them lower their environmental impact; Parkland’s strategy centered around organic growth, supply advantage, acquiring prudently and integrating successfully; and Parkland’s focus on developing its existing business, growing and diversifying its retail business and helping commercial customers decarbonize their operations.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as may be required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to: failure to complete the Share Exchange; failure to satisfy the conditions to closing of the Share Exchange, including receiving approval from the TSX and other required regulatory approvals; failure to realize all or any of the anticipated benefits of the Share Exchange; general economic, market and business conditions; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Cautionary Statement Regarding 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 Q2 2022 MD&A dated August 4, 2022 and the Q4 2021 MD&A dated March 3, 2022, each filed on SEDAR and available on the Parkland website at www.parkland.ca.

Click Here for More Information »

Parkland announces plans to expand co-processing activities and build British Columbia’s largest renewable diesel complex

The environmental effect of the renewable fuels produced will equate to the permanent removal of approximately 700,000 or 25 per cent of the passenger vehicles on British Columbia’s roads

CALGARY, AB, May 9, 2022 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) announced plans to increase renewable fuel production at its Burnaby Refinery in British Columbia. This is one of many steps we are taking to advance our commercial decarbonization strategy and provide our customers with a portfolio of low carbon products and services to help them meet their low carbon goals. Today’s announced plans include:

  • building on our track record of innovation and leadership, by expanding our existing co-processing volumes to approximately 5,500 barrels per day, and
  • building a stand-alone renewable diesel complex, within the Burnaby Refinery capable of producing approximately 6,500 barrels per day of renewable diesel.

Renewable fuels produced through these plans will have one eighth of the carbon intensity of conventional fuels. They will reduce related greenhouse gas emissions by approximately 2 megatonnes per year. In addition, Parkland is designing the stand-alone renewable diesel complex to ensure it does not increase emissions from the Burnaby Refinery. Today’s announcement follows collaboration with the Government of British Columbia (”BC”) and supports the Government’s ambition to achieve net-zero emissions by 2050.

We currently estimate that these projects will require an investment of approximately $600 million, with the majority of capital investment expected to be deployed in 2024 and 2025. Parkland has received BC Government support for over 40 per cent of the project costs in the form of BC Low-Carbon Fuel Standard Compliance Credits.

“I applaud the Government of British Columbia for their vision and support of these innovative projects,” said Bob Espey, President & Chief Executive Officer. “This announcement advances our decarbonization strategy and our commitment to provide customers with low carbon choices which help them meet their environmental goals. Renewable fuels play a critical role in Canada’s climate ambitions by enabling customers to reduce their carbon footprint using their existing vehicle.”

“Parkland’s plans to increase our province’s renewable fuel capabilities support our Clean BC targets,” said The Hon. Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation. “This is a big step forward in our transition to a lower-carbon economy. Harnessing Parkland’s technical expertise and infrastructure to lower the environmental impact of our transportation is something we can be proud of. When combined with BC’s other sources of renewable power and efforts to electrify the passenger vehicle fleet, we continue to set the bar for Canada.”

These plans will have a positive impact on employment in British Columbia and are expected to directly create up to 1,000 high-quality, family sustaining jobs during the construction phase. Following stakeholder consultation, we aim to make a final investment decision in the second half of 2023, with production expected to commence in 2026. We are currently assessing the feasibility and availability of financial support to produce Sustainable Aviation Fuel (”SAF”) as part of these plans, in support of decarbonizing Canada’s aviation sector.

About Parkland

Parkland’s purpose is to Power Journeys and Energize Communities. We serve essential needs in our communities, providing our customers with the 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 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 Statement

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements“). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives and strategies; plans to expand our co-processing capability to approximately 5,500 barrels per day; plans to build British Columbia’s largest renewable diesel complex capable of producing approximately 6,500 barrels per day of renewable diesel; the environmental effects of the renewable fuels produced through these plans, including equating to removing approximately 700,000 or 25 per cent of the passenger vehicles on British Columbia’s roads, having one eighth of the carbon-intensity of conventional fuels, reducing related greenhouse gas emissions by approximately 2 megatonnes per year and ensuring Parkland does not increase emissions from the Burnaby Refinery; the estimated required investment for these projects and the timing of the deployment thereof; the impact of these plans on the Government’s ambition to achieve net-zero emissions by 2050 and Clean BC targets; the impact of these plans on employment and job opportunities in British Columbia; details with respect to stakeholder consultation and making a final investment decision, including the timing thereof, and expected timing of commencing production; and Parkland’s commercial decarbonization strategy and its commitment to provide customers with low carbon choices.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as may be required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to: ability to execute and realize all or any of the anticipated benefits of expanding its co-processing activities and building a stand-alone renewable diesel complex; ability to fund these projects; the receipt of necessary approvals and support by third parties; general economic, market and business conditions; competitive action by other companies; 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 and the Q4 MD&A dated March 3, 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.

Click Here for More Information »

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.

Click Here for More Information »

Wärtsilä power plant coupled to LNG terminal in Antigua could become model for other Caribbean utilities

CARIBPR WIRE, HELSINKI, Finland, April 26, 2022:  The technology group Wärtsilä has been awarded the contract to supply and install a 46 MW dual-fuel power plant to the Caribbean Island of Antigua. The engineering, procurement and construction (EPC) order was placed by Antigua Power Company Limited (APCL), an independent power producer. The order was entered into Wärtsilä’s order book in January 2022. The plant will operate primarily on regasified liquefied natural gas (LNG).

The project combines a power plant and an LNG gas terminal, storage and regasification facility. APCL won the bid for this project on an international tender held by the tender board of Antigua and Barbuda on behalf of the Antigua Public Utilities Authority (APUA). The LNG gas terminal project is being developed by U.S.-based Eagle LNG in equal partnership with APCL, with APUA as the gas purchaser. The project involves installation of a small-scale LNG storage and regasification terminal which will supply the fuel for the new power plant.

The island of Antigua and Barbuda has taken the lead in utilising environmentally sustainable fuel for power generation, and this will be the first project of its kind in the Eastern Caribbean region where an LNG terminal will be coupled to a Wärtsilä power plant. This integrative plant concept is expected to become a model for other island utilities in the Caribbean as the acceptance of LNG fuel increases in line with efforts to reduce emission levels. Wärtsilä has an installed base of power plants in the region with a combined capacity of more than 3300 MW.

“There is a need to provide additional generating capacity along with the island’s growth in demand for electricity. At the same time, some of the existing power production facilities would soon need to be replaced due to age and the increased focus on more environmentally sustainable systems. Having had good experience with Wärtsilä in the past, we see their dual-fuel power plant solution as the best answer to the island’s green energy plan and its current and future energy requirements,” explained Mr Aziz Hadeed, head of the Hadeed Group of Companies, the parent company of APCL.

Jon Rodriguez, Director, Power Plants, North America, Wärtsilä Energy, responded by saying: “The integration of this new power plant with an LNG terminal is a clear demonstration of Wärtsilä bringing its technological know-how and experience to assist its customers in making use of more environmentally sustainable fuels. We have earlier carried out four successful projects with APCL and we are delighted to have again been selected for this important project. I believe it comes as an endorsement of both the Wärtsilä technology and the sales support capabilities we have throughout the Caribbean.”

The plant will operate with five Wärtsilä 34DF dual-fuel engines capable of operating with both gas and light fuel oil. This flexibility is combined with high efficiency across the entire load range. The fast-starting capability means that the engines can reach full power within five minutes, enabling them to provide efficient grid balancing capacity as the adoption of renewable energy from wind and solar increases. Notably, these engines could be an ideal platform for future decarbonisation strategies by making use of carbon free fuels, such as hydrogen and ammonia.

The plant is expected to become operational in Q3, 2023. It will supply electricity to APUA for distribution to the national grid. The decision to use regasified LNG, the cleanest of all fossil fuels, will result in about 40% less carbon production and is in step with the Government of Antigua and Barbuda and APUA’s plan to reduce its environmental footprint.

Learn more about Wärtsilä engine power plants.

All Wärtsilä releases are available at https://www.wartsila.com/media/news-releases and at http://news.cision.com/wartsila-corporation where also the images can be downloaded.

Wärtsilä Energy in brief
Wärtsilä Energy leads the transition towards a 100% renewable energy future. We help our customers in decarbonisation by developing market-leading technologies. These cover future-fuel enabled balancing power plants, hybrid solutions, energy storage and optimisation technology, including the GEMS energy management platform. Wärtsilä Energy’s lifecycle services are designed to increase efficiency, promote reliability and guarantee operational performance. Our track record comprises 76 GW of power plant capacity and 110 energy storage systems delivered to 180 countries around the world.
https://www.wartsila.com/energy

Wärtsilä in brief
Wärtsilä is a global leader in innovative technologies and lifecycle solutions for the marine and energy markets. We emphasise innovation in sustainable technology and services to help our customers continuously improve their environmental and economic performance. Our dedicated and passionate team of 17,000 professionals in more than 200 locations in 68 countries shape the decarbonisation transformation of our industries across the globe. In 2021, Wärtsilä’s net sales totalled EUR 4.8 billion. Wärtsilä is listed on Nasdaq Helsinki.
www.wartsila.com

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/304ee94d-6454-4ec1-8a28-2173fdb1c776

https://www.globenewswire.com/NewsRoom/AttachmentNg/1ba6303c-af19-4901-a218-af6fe25b1664

Central de energía de Wärtsilä acoplada a terminal de GNL en Antigua podría convertirse en modelo para otras empresas de servicios públicos del Caribe

Firma de APCL
Sr. Francis Hadeed, director de APCL (derecha) y Rodney George, vicepresidente para la región del Caribe, Wärtsilä Energy, firmaron un acuerdo de EPC para la entrega de una central de energía de 46 MW para Antigua en noviembre de 2021.
Motores Wärtsilä
Wärtsilä suministrará e instalará una central de energía de combustible dual de 46 MW en la isla caribeña de Antigua. La central operará con cinco motores Wärtsilä 34DF.

CARIBPR WIRE, HELSINKI, Finlandia, April 27, 2022:  — El grupo tecnológico Wärtsilä fue adjudicado el contrato de suministro e instalación de una central de energía de combustible dual de 46 MW en la isla caribeña de Antigua. El pedido de ingeniería, adquisición y construcción (EPC) fue realizado por Antigua Power Company Limited (APCL), un productor de energía independiente. El pedido fue ingresado en el libro de pedidos de Wärtsilä en enero de 2022. La central operará principalmente con gas natural licuado regasificado (GNL).

El proyecto combina una central de energía y una terminal de GNL, almacenamiento y regasificación. APCL ganó la licitación para este proyecto en una licitación internacional realizada por la junta de licitación de Antigua y Barbuda en representación de la Autoridad de Servicios Públicos de Antigua (APUA). El proyecto de la terminal de gas GNL está siendo desarrollado por Eagle LNG con sede en Estados Unidos en igual asociación con APCL, con APUA como comprador de gas. El proyecto incluye la instalación de una terminal de almacenamiento y regasificación de GNL a pequeña escala que suministrará el combustible para la nueva central de energía.

La isla de Antigua y Barbuda tomó la iniciativa en la utilización de combustible ambientalmente sostenible para la generación de energía, y este será el primer proyecto de este tipo en la región del Caribe Oriental, donde una terminal de GNL se acoplará a una central de energía de Wärtsilä. Se espera que este concepto de central integradora se convierta en un modelo para otras empresas de servicios públicos de la isla en el Caribe, puesto que la aceptación del GNL aumenta de acuerdo con los esfuerzos para reducir los niveles de emisión. Wärtsilä tiene una base instalada de centrales de energía en la región con una capacidad combinada de más de 3300 MW.

“Hay una necesidad de proporcionar capacidad de generación adicional junto con el crecimiento de la demanda de electricidad en la isla. Al mismo tiempo, algunas de las instalaciones de producción de energía existentes tendrían que ser reemplazadas pronto debido a la antigüedad y al creciente enfoque en sistemas ambientalmente más sostenibles. Habiendo tenido una buena experiencia con Wärtsilä en el pasado, vemos su solución de central de energía de doble combustible como la mejor respuesta al plan de energía verde de la isla y sus requisitos energéticos actuales y futuros”, explicó el Sr. Aziz Hadeed, jefe del Grupo de Empresas Hadeed, la compañía matriz de APCL.

Jon Rodríguez, director de centrales de energía, América del Norte, Wärtsilä Energy, respondió: “La integración de esta nueva central de energía con una terminal de GNL es una clara demostración de que Wärtsilä aporta su conocimiento tecnológico y experiencia para ayudar a sus clientes a hacer uso de combustibles ambientalmente más sostenibles. Anteriormente hemos llevado a cabo cuatro proyectos exitosos con la APCL y estamos muy contentos de haber sido seleccionados nuevamente para este importante proyecto. Creo que viene como un respaldo de la tecnología de Wärtsilä, así como de las capacidades de soporte de ventas que tenemos en todo el Caribe”.

La central operará con cinco motores de combustible dual Wärtsilä 34DF capaces de operar tanto con gas como con fuelóleo liviano. Esta flexibilidad se combina con alta eficacia en todo el rango de carga. La capacidad de arranque rápido significa que los motores pueden alcanzar máxima potencia en cinco minutos, lo que les permite proporcionar una capacidad de equilibrio de red eficaz a medida que aumenta la adopción de energía renovable eólica y solar. En especial, estos motores podrían ser una plataforma ideal para futuras estrategias de descarbonización utilizando combustibles libres de carbono, como el hidrógeno y el amoníaco.

Se espera que la central entre en funcionamiento en el tercer trimestre de 2023. La central suministrará electricidad a APUA para su distribución a la red nacional. La decisión de utilizar GNL regasificado, el más limpio de todos los combustibles fósiles, resultará en alrededor de un 40% menos de producción de carbono y está alineada con el plan del gobierno de Antigua y Barbuda y APUA para reducir su huella ambiental.

Para más información acerca de las centrales de energía de motores de Wärtsilä.

Todos los comunicados de prensa de Wärtsilä están disponibles en https://www.wartsila.com/media/news-releases y en http://news.cision.com/wartsila-corporation, donde también se pueden descargar las imágenes.

Wärtsilä Energy en resumen
Wärtsilä Energy lidera la transición hacia un futuro con energía 100% renovable. Ayudamos a nuestros clientes en la descarbonización con el desarrollo de tecnologías líderes en el mercado. Estas cubren centrales de energía de balance habilitadas para operar con los combustibles del futuro, soluciones híbridas, tecnología de almacenamiento y optimización de energía, incluida la plataforma de gestión de energía GEMS. Los servicios de ciclo de vida de Wärtsilä Energy están diseñados para incrementar la eficacia, promover la fiabilidad y garantizar el rendimiento operativo. Nuestra trayectoria incluye 76 GW de capacidad de central de energía y 110 sistemas de almacenamiento de energía distribuidos a 180 países de todo el mundo.
https://www.wartsila.com/energy

Wärtsilä en resumen
Wärtsilä es un líder mundial en tecnologías innovadoras y soluciones de ciclo de vida para los mercados marino y energético. Enfatizamos la innovación en tecnología y servicios sostenibles para ayudar a nuestros clientes a mejorar continuamente su rendimiento ambiental y económico. Nuestro equipo dedicado y apasionado de 17.000 profesionales en más de 200 ubicaciones en 68 países da forma a la transformación de la descarbonización de nuestras industrias en todo el mundo. En 2021, las ventas netas de Wärtsilä alcanzaron un total de 4.8 mil millones de euros. Wärtsilä cotiza en el Nasdaq Helsinki.
www.wartsila.com

Fotos asociadas a este comunicado de prensa están disponibles en

https://www.globenewswire.com/NewsRoom/AttachmentNg/304ee94d-6454-4ec1-8a28-2173fdb1c776/es

https://www.globenewswire.com/NewsRoom/AttachmentNg/1ba6303c-af19-4901-a218-af6fe25b1664/es

Click Here for More Information »

Parkland delivers strong 2021 results led by record marketing performance; increases dividend and 2022 Guidance

CALGARY, AB, March 3, 2022 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX:PKI), a leading 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 and year ended December 31, 2021, increased its 2022 Guidance and announced it is raising its annual dividend for the tenth consecutive year. Highlights include:

Q4 2021 Highlights

  • Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)1 of $260 million reflects record performance in all our marketing segments. We estimate an approximately $35 million negative impact on Adjusted EBITDA from the British Columbia floods, which required the shutdown of the Transmountain Pipeline and led to a pause in refinery processing operations.2
  • Net earnings attributable to Parkland (”net earnings”) of $23 million, or $0.15 per share, basic, a decrease of 57 percent from prior year, and Adjusted earnings attributable to Parkland (”Adjusted earnings”)3 of $55 million, or $0.36 per share, basic, up approximately 28 percent year-over-year.4

2021 Highlights

  • Adjusted EBITDA of $1.260 billion, up over 30 percent from prior year.
  • Net earnings of $97 million, or $0.64 per share, basic, up approximately 20 percent from 2020 and Adjusted earnings of $372 million, up 200 percent from 2020.
  • Trailing twelve months distributable cash flow per share3 of $4.34, up 35 percent from 2020.
  • Cash flow from operating activities of $904 million fully funded capital expenditures, dividend payments, and interest on leases and long-term debt.
  • Undertook a record number of acquisitions for attractive values with significant synergy potential; accelerating delivery of our strategy and building on our track record of prudent acquisitions.
  • Maintained strong liquidity position, with cash and cash equivalents of $284 million and unused credit facilities of $1,270 billion as at December 31, 2021. Continued to enhance financial strength by taking advantage of favourable conditions to refinance senior notes. Parkland has no debt maturities until 2026.
  • Delivered 12 percent year-over-year growth in our Canada, USA and International marketing segments.
  • Fuel and petroleum volume of 24 billion litres, up over 10 percent from 2020, reflecting the impact of acquisitions, resilient customer demand and ongoing recovery from COVID.
  • Continued to expand our ON the RUN convenience brand with 107 additional locations and grow the reach of our JOURNIE™ rewards program to 1,200 locations. Over the past year, we have almost doubled JOURNIE™ membership, from 1.5 million active members to over 2.9 million.

2022 Outlook

  • Increased 2022 Adjusted EBITDA guidance to $1.5 billion +/- 5 percent, reflecting our execution confidence and the expected close of previously announced acquisitions.
  • Increased the annual dividend by 5.3 percent to $1.300 per share and starting in the second quarter will switch to a quarterly payment schedule.

“I want to thank the Parkland team for an incredible year,” said Bob Espey President and Chief Executive Officer. “While the BC floods prevented us delivering record Adjusted EBITDA, I am proud of the way we supported impacted communities. We accelerated all aspects of our strategy in 2021 and announced a record number of acquisitions. We expanded our retail, food and loyalty business, and made significant progress on our decarbonization strategy by doubling our renewable fuel production, growing our voluntary carbon offset business and advancing our electric vehicle charging network.”

“Parkland is poised for continued growth,” added Espey. “We enter 2022 ahead of our plan to deliver $2 billion of run-rate Adjusted EBITDA by the end of 2025. We are focused on integrating and capturing synergies from the businesses we acquired, driving returns and deleveraging. Our base business and recent acquisitions are on track to deliver strong cash flow, giving us confidence to increase our dividend. Our opportunities for growth and value creation have never been greater.”

Q4 2021 Segment Highlights

  • Canada delivered Adjusted EBITDA of $117 million, up almost 5 percent, from $112 million in Q4 2020. Performance was underpinned by robust fuel and convenience margins, company C-store same-store sales growth5 (”SSSG”) of 4.7 percent (excluding cigarettes) and ongoing economic recovery. We continued to expand our ON the RUN convenience brand and successfully extended JOURNIETM Rewards across our FasGas network, and now have 2.9 million active members.
  • International delivered Adjusted EBITDA of $78 million, up over 8 percent, from $72 million in Q4 2020. Performance was underpinned by a strong base and resource business, with growing wholesale volumes. We continue to see signs of recovery in some of the larger tourism markets with others expected to reopen in 2022.
  • USA delivered Adjusted EBITDA of $41 million, up over 400 percent, from $8 million in Q4 2020. Performance was underpinned by the impact of acquisitions, synergy capture and continued organic growth initiatives. We are seeing a gradual return in cruise ship sailings in Florida and our teams continued to offset the impact of inflation.
  • Supply delivered Adjusted EBITDA of $58 million, down 28 percent, from $81 million in Q4 2020. Performance was impacted by the BC floods, which required the shutdown of the Transmountain Pipeline and led to a pause in refinery processing operations. We estimate an approximately $35 million negative impact on Adjusted EBITDA from this event. During the quarter, we also completed a minor planned maintenance turnaround. In 2021, we co-processed a record 86 million litres of bio-feedstocks which has the equivalent environmental effect of taking over 70,000 cars off the road. Full-year composite utilization6 was 84 percent driven by safe and consistent operational performance.

Parkland is a Sustainability Leader: Awarded AA ESG Rating from MSCI

Sustainability is deeply embedded across our business and through 2021, we continued to strengthen our focus on this important area. In recognition of our commitment to sustainability, we received an AA ESG Rating from Morgan Stanley Capital International (”MSCI”). This places us in the top 17 percent of index constituents. Key highlights and environmental accomplishments include:

  • Published our Sustainability Report which reflects our goal to achieve zero safety incidents, zero spills, zero tolerance for racism and discrimination, zero tolerance for corruption, bribery, and unethical behaviour and to help our governments achieve their goal of net-zero emissions by 2050. Grounded in meaningful and measurable targets, including ambitious greenhouse gas emission reduction targets, our report formalizes our enterprise-wide sustainability strategy and can be viewed by clicking this link: Parkland – Drive to Zero.
  • Extended our track record of renewable fuel leadership at the Burnaby Refinery, co-processing a record 86 million litres of bio-feedstocks. These fuels play a crucial role helping our commercial customers decarbonize their energy use. In 2021 this had the equivalent effect of taking over 70,000 cars off the road. We have more than doubled our renewable fuel production every year since 2019.
  • Committed to build British Columbia’s largest network (by site count) of Electric Vehicle (”EV”) ultra-fast chargers. Strategically located on key arterial routes between Vancouver Island and Calgary, this network will offer customers unrivalled amenity in the form of high-speed charging, premium ON the RUN convenience stores and food choices. This network is expected to open during the summer of 2022.
  • Continued to grow our carbon offset and renewable business, which plays an integral role in our sustainability strategy and in helping our customers meet their environmental commitments. With global demand for voluntary offsets increasing, we delivered significant growth and transacted carbon offset credits across various North American registries.
  • Became a signatory of the United Nations Global Compact, a voluntary initiative to support the United Nation’s Sustainable Development Goals.

Updated 2022 Guidance: Adjusted EBITDA of $1.5 billion

Reflecting confidence in our execution capability and continued growth trajectory, as well as the expected close of previously announced acquisitions, we are increasing our Adjusted EBITDA guidance previously disclosed in Parkland’s November 16, 2021 news release. Highlights include:

  • Adjusted EBITDA of $1.5 billion +/- 5 percent. This is up approximately 20 percent from 2021 results.
  • Capital expenditures (attributable to Parkland) are expected to be at the lower end of between $475 million and $575 million, comprising:
    • Growth capital expenditures7 (attributable to Parkland) of between $250 million and $300 million.
    • Maintenance capital expenditures7 (attributable to Parkland) of between $225 million and $275 million.

Consolidated Financial Overview

($ millions, unless otherwise noted)

Three months ended December 31,

Year ended December 31,

Financial Summary

2021

2020

2021

2020

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

6,398

5,485

23,900

21,424

Sales and operating revenue(1)

6,286

3,506

21,468

14,011

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

260

247

1,260

967

Canada(4)

117

112

439

435

International

78

72

294

270

USA(5)

41

8

136

72

Supply(4)(5)

58

81

509

282

Corporate

(34)

(26)

(118)

(92)

Net earnings (loss) attributable to Parkland

23

53

97

82

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

0.15

0.36

0.64

0.55

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

0.15

0.35

0.64

0.54

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

55

43

372

124

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

0.36

0.29

2.46

0.83

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

0.36

0.28

2.45

0.82

TTM Distributable cash flow(3)(6)

660

480

660

480

TTM Distributable cash flow per share(3)(6)(7)

4.34

3.22

4.34

3.22

Dividends

47

47

190

184

Dividends per share(7)

0.3087

0.3036

1.2314

1.2110

Weighted average number of common shares (million shares)

153

149

151

149

Total assets

11,550

9,094

11,550

9,094

Non-current financial liabilities

6,033

4,377

6,033

4,377

(1)

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

(2)

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

(3)

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

(4)

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 2021.

(6)

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

(7)

Calculated based on weighted average number of shares.

Announcing a 5.3 percent annual dividend increase and adoption of quarterly payment schedule

Parkland’s annualized common share dividend will increase 5.3 percent from $1.235 to $1.300, effective with the monthly dividend payable on April 15, 2022 to shareholders of record at the close of business on March 22, 2022. Starting in the second quarter, any declared dividends will be paid on a quarterly basis, at the expected rate of $0.325 per share.

Q4 2021 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Friday, March 4, 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=1527086&tp_key=bb26fea062

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: 33819081). International participants can call 1-587-880-2171 (toll) (Conference ID: 33819081).

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 quarter and year ended December 31, 2021 (the “Q4 2021 MD&A”) and audited consolidated financial statements for the year ended December 31, 2021 (the “Annual Consolidated Financial Statements”) provide a detailed explanation of Parkland’s operating results for the three months and year ended December 31, 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 Q4 2021 French MD&A and Annual Consolidated French 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. Through our portfolio of trusted and locally relevant food, convenience, retail, commercial and wholesale brands, we serve 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 that our diverse customers rely on, we are a leader in renewable energy and are building an EV charging network to serve growing demand for convenient charging from EV drivers in select markets and decarbonizing through renewable fuels manufacturing, compliance and carbon offsets marketing and trading.

Parkland’s proven strategy is centered around growing organically, realizing a supply advantage, acquiring prudently, and integrating successfully. We are positioned to lead through the energy transition and are focused on developing our existing business in resilient markets, further diversifying our retail business into food, convenience, and renewable energy solutions (including EV charging), and helping our commercial customers decarbonize their operations. Our strategy is enabled and 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 ambition to generate run-rate Adjusted EBITDA of $2 billion by 2025 and the key strategic pillars underpinning such ambition; Parkland’s 2022 guidance, including Adjusted EBITDA, growth and maintenance capital expenditure guidance; expected future dividend amounts, timing and frequency; Parkland’s ESG goals and targets, including the expected expansion of our renewables and carbon offset business; expected benefits and synergies to be derived from acquisitions, potential future acquisition opportunities, expected timing of the opening of Parkland’s electric vehicle ultra-fast charging network in British Columbia; and Parkland’s ability to advance its growth agenda.

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 ESG targets; 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 Q4 2021 MD&A dated March 3, 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.

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 15 of the Q4 2021 MD&A, which is incorporated by reference into this news release, for further details regarding specified 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. 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. Please refer to the table below for the reconciliation of Adjusted EBITDA to net earnings (loss) for the three month and twelve month periods ending December 31, 2020 and December 31, 2021.

Three months ended December 31,

Year ended December 31,

($ millions)

2021

2020

2021

2020

Net earnings (loss)

27

64

126

112

Add:

Acquisition, integration and other costs

24

14

52

52

Depreciation and amortization

156

144

616

609

Finance costs

86

58

323

250

(Gain) loss on foreign exchange – unrealized

6

(7)

(2)

(Gain) loss on asset disposals

(5)

1

(13)

2

(Gain) loss on risk management and other – unrealized

(11)

(11)

10

(10)

Other (gains) and losses(1)

20

(29)

203

(4)

Other adjusting items(2)

4

12

6

Income tax expense (recovery)

(22)

30

36

42

Adjusted EBITDA including NCI

285

271

1,358

1,057

Deduct: Attributable to NCI

25

24

98

90

Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)

260

247

1,260

967

(1)

Other (gains) and losses for the three months ended December 31, 2021 include the following: (i) $25 million gain (2020 – $34 million loss) due to the change in redemption value of Sol Put Option; (ii) $34 million loss (2020 – $72 million gain) due to the change in fair value of redemption options; and (iii) $11 million loss (2020 – $9 million loss) in Other items. Other (gains) and losses for the year ended December 31, 2021 include the following: (i) $87 million loss (2020 – $23 million loss) due to change in redemption value of Sol Put Option; (ii) $86 million loss (2020 – $34 million gain) due to change in fair value of redemption options; and (iii) $30 million loss (2020 – $7 million loss) in Other items. Refer to Note 22 of the Annual Consolidated Financial Statements.

(2)

Other Adjusting Items for the three months ended December 31, 2021 include the share of depreciation and income taxes for the Isla joint venture of $4 million (2020 – nil). Other Adjusting Items for the year ended December 31, 2021 include the following: (i) $1 million loss (2020 – $5 million loss) on foreign exchange on cash pooling arrangements within gain (loss) on foreign exchange – realized; (ii) an unrealized gain of nil (2020 – $9 million loss) on Intermediation Facility Derivatives within fuel and petroleum product cost of purchases; (iii) share of depreciation and income taxes from the Isla joint venture of $7 million (2020 – nil).

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 operating and financial performance and liquidity of Parkland. 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 15 of the Q4 2021 MD&A, which is incorporated by reference into this news release, for further details regarding Parkland’s non-GAAP financial measures and ratios. Please see below for the reconciliation of Adjusted earnings (loss) to net earnings (loss) and calculation of Adjusted earnings (loss) per share for the three and twelve month periods ending December 31, 2020 and December 31, 2021.

Three months ended December 31,

Year ended December 31,

($ millions, unless otherwise stated)

2021

2020

2021

2020

Net earnings (loss)

27

64

126

112

Add:

Acquisition, integration and other costs

24

14

52

52

Loss on modification of long-term debt

18

77

3

(Gain) loss on foreign exchange – unrealized

6

(7)

(2)

(Gain) loss on asset disposals

(5)

1

(13)

2

(Gain) loss on risk management and other – unrealized

(11)

(11)

10

(10)

Other (gains) and losses(4)

20

(29)

203

(4)

Other adjusting items(1)

4

12

6

Tax normalization(2)

(13)

15

(42)

(3)

Adjusted earnings (loss) including NCI

70

54

418

156

Less: Adjusted earnings (loss) attributable to NCI

15

11

46

32

Adjusted earnings (loss)

55

43

372

124

Weighted average number of common shares (million shares)(3)

153

149

151

149

Weighted average number of common shares adjusted for the effects of
dilution (million shares)(3)

153

151

152

151

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

Basic

0.36

0.29

2.46

0.83

Diluted

0.36

0.28

2.45

0.82

(1)

Other Adjusting Items for the three months ended December 31, 2021 include the share of depreciation and income taxes for the Isla joint venture of $4 million (2020 – nil). Other Adjusting Items for the year ended December 31, 2021 include the following: (i) $1 million loss (2020 – $5 million loss) on foreign exchange on cash pooling arrangements within gain (loss) on foreign exchange – realized; (ii) an unrealized gain of nil (2020 – $9 million loss) on Intermediation Facility Derivatives within fuel and petroleum product cost of purchases; (iii) share of depreciation and income taxes from the Isla joint venture of $7 million (2020 – nil).

(2)

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.

(3)

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.

(4)

Other (gains) and losses for the three months ended December 31, 2021, include the following: (i) $25 million gain (2020 – $34 million loss) due to the change in redemption value of Sol Put Option; (ii) $34 million loss (2020 – $72 million gain) due to the change in fair value of redemption options; (iii) $11 million loss (2020 – $9 million loss) in Other items. Other (gains) and losses for the year ended December 31, 2021, include the following: (i) $87 million loss (2020 – $23 million loss) due to change in redemption value of Sol Put Option; (ii) $86 million loss (2020 – $34 million gain) due to change in fair value of redemption options; (iii) $30 million loss (2020 – $7 million loss) in Other items. Refer to Note 22 of the Annual Consolidated Financial Statements.

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; (iii) the change in certain risk management and other instruments, and (iv) interest on leases and long-term debt, and principal payments on leases attributable to non-controlling interests. 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. Please refer to the table below for the reconciliation of distributable cash flow to cash generated from (used in) operating activities and a calculation of distributable cash flow per share for the trailing twelve month periods ending December 31, 2020 and December 31, 2021.

Three months ended

Trailing twelve
months ended

($ millions, unless otherwise noted)

March 31,
2021

June 30,
2021

September 30,
2021

December
31, 2021

December 31,
2021

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

264

322

200

118

904

Exclude: Adjusted EBITDA attributable to NCI, net of tax

(23)

(21)

(26)

(22)

(92)

241

301

174

96

812

Reverse: Change in other liabilities and other assets(3)

(14)

(9)

4

8

(11)

Reverse: Net change in non-cash working capital(3)

53

22

119

148

342

Include: Maintenance capital expenditures attributable to Parkland

(20)

(45)

(40)

(112)

(217)

Exclude: Turnaround maintenance capital expenditures

3

8

11

Include: Proceeds on asset disposals

5

1

4

4

14

Reverse: Acquisition, integration and other costs

5

11

12

24

52

Include: Interest on leases and long-term debt

(54)

(54)

(56)

(59)

(223)

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

1

1

1

1

4

Include: Payments on principal amount on leases

(35)

(33)

(36)

(38)

(142)

Exclude: Payments on principal amount on leases attributable to NCI

4

4

5

5

18

Distributable cash flow(1)

186

199

190

85

660

Weighted average number of common shares (million shares)

152

Distributable cash flow per share

4.34

(1)

Prior to March 31, 2021, distributable cash flow was referred to as adjusted distributable cash flow.

(2)

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.

(3)

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

($ millions, unless otherwise noted)

March 31,
2020

June 30,
2020

September 30,
2020

December 31,
2020

December 31,
2020

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

328

629

253

(40)

1,170

Exclude: Adjusted EBITDA attributable to NCI, net of tax

(20)

(15)

(24)

(20)

(79)

308

614

229

(60)

1,091

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

(21)

(3)

27

12

15

Reverse: Net change in non-cash working capital

(135)

(425)

89

288

(183)

Include: Maintenance capital expenditures attributable to Parkland

(118)

(50)

(18)

(39)

(225)

Exclude: Turnaround maintenance capital expenditures

55

16

1

2

74

Include: Proceeds on asset disposals

3

5

2

6

16

Reverse: Acquisition, integration and other costs

21

8

9

14

52

Include: Interest on leases and long-term debt

(59)

(59)

(59)

(56)

(233)

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

1

1

2

Include: Payments on principal amount on leases

(39)

(35)

(40)

(35)

(149)

Exclude: Payments on principal amount on leases attributable to NCI

5

5

6

4

20

Distributable cash flow(1)

20

76

247

137

480

Weighted average number of common shares (million shares)

149

Distributable cash flow per share

3.22

(1)

Prior to March 31, 2021, distributable cash flow was referred to as adjusted distributable cash flow.

(2)

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.

(3)

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

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 of stores, renovations of stores, and stores with 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. 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. Please see below for a reconciliation of convenience store revenue of the Canada segment with the C-Store same store sales (”SSS”) and calculation of the Company C-Store SSSG.

Three months ended
December 31,

Three months ended
December 31,

($ millions)

2021

2020

%

2020

2019

%

Convenience Store (”C-store”) revenue

93

95

95

91

Add:

Point-of-sale (”POS”) value of goods and services sold at C-stores
operated by retailers(3)

141

143

143

131

Less:

Rental income from retailers and others(1)(2)

(26)

(23)

(23)

(25)

Same Store revenue adjustments(4) (excluding cigarettes)

(9)

(9)

(6)

(4)

Same Store C-store Sales(5)

199

206

(3.2)%

209

193

7.8      %

Less:

Same Store revenue adjustments(4) (cigarettes)

(102)

(114)

(115)

(107)

Same Store C-Store sales (excluding cigarettes)(5)

97

92

4.7%

94

86

8.7      %

(1)

Includes rental income from retailers in the form of a percentage rent on convenience store sales.

(2)

Other excluded revenues include automated teller machine and POS system licensing fees.

(3)

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

(4)

This adjustment excludes the effects of 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)

Percentages are calculated based on unrounded numbers.

Supplementary Financial Measures

Parkland uses a number of supplementary financial measures, including maintenance capital expenditures and growth capital expenditures, to evaluate the success of our strategic objectives and to set variable compensation targets for employees and which are included in this news release. These measures may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See section 15 of the Q4 2021 MD&A, which is incorporated by reference into this news release, for further details on the supplementary financial measures used by Parkland.

Non-Financial Measures

In addition to specified financial measures, Parkland uses a number of non-financial measures, including composite utilization, 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 15 of the Q4 MD&A, which is incorporated by reference into this news release, for further details on the non-financial measures used by Parkland.

__________

1

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

2

Estimated based on lost crude throughput and refining margins during the temporary pause in refining operations from November 22 to December 11, 2021.

3

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

4

See “Specified Financial Measures” section of this news release for a reconciliation of net earnings to Adjusted earnings.

5

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

6

Non-financial measure. See “Non-Financial Measures” section of this news release.

7

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

Click Here for More Information »

Parkland To Build The ‘Electric Charging Destination of the Future’

CALGARY, AB, Feb. 2, 2022 /PRNewswire-HISPANIC PR WIRE/ – Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), a leading customer focused convenience retail and fuel marketing business, announced today that it plans to build the ‘Electric Charging Destination of the Future’ and set a new standard for electric vehicle (”EV”) charging and customer experience. Parkland has developed its initial architectural concept by sponsoring an international design competition operated by Electric Autonomy Canada, a leading news platform focused on electric and autonomous vehicle technologies.

“Consistent with our energy transition and convenience destination strategy, our goal in sponsoring this competition was to engage talented architects and designers from around the world, invite them to put the needs of EV customers first, and entirely reimagine their experience,” said Darren Smart, SVP Energy Transition and Corporate Development. “We are committed to bringing the winning concept to life as part of our ambitious EV charging strategy in British Columbia and believe the concept could be extended to our other geographies when we see opportunity to meet emerging customer demand.”

A sustainably built electric charging destination of the future
The winning design was created by James Silvester, an award-winning Scotland-based architect with extensive global experience designing sustainable architecture. Named, ‘More with Less’, the design creates a relaxing environment, where electric vehicle drivers can take a breath, and recharge not just their vehicles, but themselves.

“The environmentally friendly materials and modular nature of the ‘More with Less’ concept, provides tremendous versatility,” added Smart. “It can be scaled large or small, accommodate the amenities we know EV customers value while they charge, such as our ON the RUN convenience stores and high-quality dining. It also creates a series of outdoor spaces. The result is a destination that customers can enjoy and an environment where nature is integral to the structure. We look forward to working with James to further hone the design and identify a suitable location where we can bring it to life and create a world-class experience for EV drivers.”

Parkland’s continued commitment to energy transition and renewables leadership
Bringing the winning design to life is a natural extension of our energy transition and renewables activities. This includes previously announced plans to open British Columbia’s largest network (by site count) of ultra-fast electric vehicle chargers. These are co-located with ON the RUN branded convenience stores and Triple O’s restaurants on high-traffic routes through British Columbia and into Calgary. We expect this network will be complete in the second half of 2022. In addition, underpinned by our commitment to a lower carbon future, we continue to extend our leading co-processing and renewable fuel manufacturing capabilities at our Burnaby Refinery.

About Parkland Corporation
Parkland’s purpose is to Power Journeys and Energize Communities. Through our portfolio of trusted and locally relevant convenience, retail, commercial and wholesale brands, we serve 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 that our diverse customers rely on, we are a leader in renewable energy and are rapidly building a charging network to serve growing demand for convenient charging from electric vehicle drivers in select markets.

Parkland’s proven strategy is centered around growing organically, realizing a supply advantage, acquiring prudently, and integrating successfully. We are positioned to win through the energy transition and are focused on developing our existing business in resilient markets, further diversifying our retail business into convenience, food, and EV charging, and helping our commercial customers decarbonize their operations. Our strategy is enabled and underpinned by our people, as well as our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

ABOUT ELECTRIC AUTONOMY
Electric Autonomy is the leading news and events platform focused on advancing Canada’s transition to safer, cleaner, and more affordable mobility and transportation through the adoption of electric and autonomous vehicle technologies and new mobility services. For more information: https://electricautonomy.ca/

Forward Looking Statement
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, Parkland’s plan to build the ‘Electric Fueling Station of the future’ and set the global standard for electric vehicle charging and customer experience, Parkland’s commitment to and expectations with respect to the ‘More with Less’ concept, Parkland’s energy transition activities, including its plan to open British Columbia’s largest network (by site count) of ultrafast electric vehicle chargers and  details and timing with respect thereto.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as may be required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to: failure to execute and realize all or any of the anticipated benefits of Parkland’s energy transition activities, including with respect to its electric vehicles charging strategies in British Columbia; general economic, market and business conditions; competitive action by other companies; 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.

Click Here for More Information »

Parkland clarifies details regarding a webcast and conference call on Tuesday, January 18, at 4:00pm MDT (6:00pm EDT) to discuss its announced acquisition of M&M Food Market

CALGARY, AB, Jan. 18, 2022 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), will host a webcast and conference call on Tuesday, January 18, at 4:00pm MDT (6:00pm EDT) to discuss its announced acquisition of M&M Food Market.  To listen to the live webcast and watch the presentation, please use the following link: https://produceredition.webcasts.com/starthere.jsp?ei=1524874&tp_key=388fcb2af7

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: 68511332). International participants can call 1-800-389-0704 (toll) (Conference ID: 68511332).

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.

About Parkland Corporation
Parkland’s purpose is to Power Journeys and Energize Communities. We are a leading operator and consolidator of convenience retail and fuel marketing businesses. Through our portfolio of trusted and locally relevant convenience, retail, commercial and wholesale brands, we serve 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 that our diverse customers rely on, we are a leader in manufacturing low carbon fuels and are rapidly building a charging network to serve growing demand for convenient charging from electric vehicle drivers in select markets.

Parkland’s proven strategy is centered around growing organically, realizing a supply advantage, acquiring prudently, and integrating successfully. We are positioned to win through the energy transition and are focused on developing our existing business in resilient markets, further diversifying our retail business into convenience, food, and EV charging, and helping our commercial customers decarbonize their operations. Our strategy is enabled and underpinned by our people, as well as our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

Click Here for More Information »

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

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

Parkland Corporation Logo

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

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

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

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

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

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

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

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

Logo - https://mma.prnewswire.com/media/1699502/Parkland_Corporation_Parkland_to_expand_its_Canadian_convenience.jpg

Click Here for More Information »

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:

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

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

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

_________________________________

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

Q3 2021 Segment Highlights2

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

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

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

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

_________________________________

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

Our Sustainability Journey

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

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

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

Changes to Dividend Reinvestment Plan

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

Consolidated Financial Overview

($ millions, unless otherwise noted)

Three months ended September 30,

Nine months ended September 30,

Financial Summary

2021

2020

2019

2021

2020

2019

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

6,267

5,301

5,622

17,563

15,939

16,483

Sales and operating revenue(1)

6,006

3,498

4,605

15,260

10,505

13,674

Adjusted gross margin(2)(3)

779

674

679

2,143

1,754

2,104

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

364

338

302

1,000

720

963

Canada(4)

105

128

104

322

323

292

International

83

77

63

216

198

208

USA(5)

44

21

17

95

64

41

Supply(4)(5)

161

124

146

451

201

507

Corporate

(29)

(12)

(28)

(84)

(66)

(85)

Net earnings attributable to Parkland

115

76

24

89

29

206

Net earnings per share – basic ($ per share)

0.76

0.51

0.16

0.59

0.19

1.41

Net earnings per share – diluted ($ per share)

0.75

0.50

0.16

0.59

0.19

1.38

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

107

93

65

295

81

259

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

0.70

0.62

0.44

1.96

0.54

1.77

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

0.70

0.62

0.44

1.94

0.54

1.74

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

746

1,458

1,105

746

1,458

1,105

TTM Distributable cash flow(3)(6)

712

485

594

712

485

594

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

4.72

3.28

4.15

4.72

3.28

4.15

Dividends

48

47

45

143

137

133

Dividends per share(2)

0.3087

0.3036

0.2985

0.9227

0.9074

0.8921

Weighted average number of common shares (million shares)

152

149

148

151

149

147

Total assets

10,646

8,978

9,157

10,646

8,978

9,157

Non-current financial liabilities(2)

5,215

4,168

4,278

5,215

4,168

4,278

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

(7)

Calculated based on weighted average number of shares.

Registration Available for 2021 Investor Day on November 16, 2021

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

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

Q3 2021 Conference Call and Webcast Details

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

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

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

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

MD&A and Consolidated Financial Statements

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

About Parkland Corporation

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

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

Forward-Looking Statements

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

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

Non-GAAP Financial Measures

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

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

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

Click Here for More Information »

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

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

Parkland Logo

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

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

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

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

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

2021 Investor Day – Registration is open

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

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

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

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

About Parkland

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

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

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

Click Here for More Information »

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

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

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

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

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

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

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

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

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

Click Here for More Information »

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

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

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

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

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

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

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

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

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

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

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

Click Here for More Information »

Parkland Advances Growth Strategy With Two International Transactions

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

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

Details of the International transactions are as follows:

Creating the Dominican Republic’s largest retail network

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

Strategic rationale includes:

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

Becoming the leading fuel marketer in St. Maarten

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

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

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

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

Forward-Looking Statements

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

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

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

Non-GAAP Financial Measures

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

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

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

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

Click Here for More Information »

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

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

To listen to the live webcast and watch the presentation, please use the following link:
https://produceredition.webcasts.com/starthere.jsp?ei=1450915&tp_key=c49f8f1250

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

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

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

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

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

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

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

Click Here for More Information »

Parkland Announces US$800 Million Offering of Senior Unsecured Notes

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

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

The notes will be offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may be offered and sold outside the United States to a non-U.S. person pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any of these notes, nor shall there be any offer or sale of the notes in any state, or jurisdiction in which such offer, solicitation, or sale would be unlawful. This news release is neither an offer to purchase nor a solicitation of an offer to sell any of the 6.000% senior notes or the 5.625% senior notes and this press release shall not constitute a notice of redemption in respect thereof.

Forward-Looking Statements

Certain information included herein is forward-looking. Many of these forward looking statements can be identified by words such as “believe”, “expects”, “expected”, “will”, “intends”, “projects”, “projected”, “anticipates”, “estimates”, “continues”, “objective” or similar words and include, but are not limited to, statements regarding the completion of the Offering, the use of proceeds of the Offering and statements regarding the redemptions for the 6.000% senior notes and the 5.625% senior notes. Parkland believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

The forward-looking statements contained herein are based upon certain assumptions and factors including, without limitation: historical trends, current and future economic and financial conditions, and expected future developments. Parkland believes such assumptions and factors are reasonably accurate at the time of preparing this press release. However, forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties some of which are described in Parkland’s annual information form dated March 5, 2021 (the “AIF”) and other continuous disclosure documents. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Parkland’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward looking statements. Such factors include, but are not limited to, risks associated with: closing of the Offering and effecting the Redemptions since they are conditional on closing of the Offering; failure to obtain any necessary consents and approvals required to complete the Offering; failure to complete the Offering and Redemptions; and general economic, market and business conditions; and other factors, many of which are beyond the control of Parkland. There is a specific risk that Parkland may be unable to complete the Offering and the Redemptions in the manner described in this press release or at all. If Parkland is unable to complete the Offering and/or Redemptions, there could be a material adverse impact on Parkland and on the value of its securities. Readers are directed to, and are encouraged to read, Parkland’s management discussion and analysis for the year ended December 31, 2020 (the “MD&A”) and the AIF, including the disclosure contained under the heading “Risk Factors” therein (including COVID-19 related risk factors). The MD&A and AIF are available by accessing Parkland’s profile on SEDAR at www.sedar.com and such information is incorporated by reference herein.

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

About Parkland Corporation

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

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

Click Here for More Information »

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

CaribPR Wire, CALGARY, Alberta, Feb. 26, 2021: Parkland Corporation (“Parkland”, “we”, “our”, or “the Company”) (TSX:PKI) is pleased to announce that through its wholly owned U.S. subsidiaries (collectively, “Parkland USA”), it has entered into an agreement to acquire Conrad & Bischoff Inc. and its related companies (collectively, “C&B”). Through this acquisition, Parkland will establish a fourth U.S. Regional Operating Center (“ROC”) in Idaho Falls, ID.

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

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

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

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

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

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

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the successful completion of the acquisition of C&B and the timing thereof; expected benefits of the acquisition, including potential organic growth and acquisition opportunities, the strengthening of Parkland’s supply advantage, and the anticipated funding of the acquisition.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as may be required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, failure to complete this acquisition; failure to satisfy the conditions to closing of the acquisition; failure to realize all or any of the anticipated benefits of the acquisition; general economic, market and business conditions; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 30, 2020 and in “Forward-Looking Information” and “Risk Factors” in Parkland’s annual MD&A for the year ended December 31, 2019 dated March 5, 2020 and in the interim MD&A for the three and nine month period ended September 30, 2020 dated November 3, 2020, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

About Parkland

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

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

Click Here for More Information »

Parkland sets new low carbon fuel production record at its Burnaby Refinery and targets 125 percent annual production growth in 2021

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

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

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

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

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

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

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

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

Forward Looking Statements
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). In particular, this news release contains forward-looking statements with respect to, among other things: Parkland’s 2021 target for co-processing bio-feedstocks at the Burnaby Refinery; the expected environmental benefit of Parkland’s co-processing bio-feedstock in 2021; Parkland’s continued development and advancement in lower carbon intensity fuels and technologies; and the benefits Parkland expects from advancing its co-processing technologies, including potential new business and organic growth.

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

Click Here for More Information »

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

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

To listen to the live webcast and watch the presentation, please use the following link:
https://produceredition.webcasts.com/starthere.jsp?ei=1432661&tp_key=f1590068d5

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 87395118). International participants can call 1-587-880-2171 (toll) (Conference ID: 87395118).

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

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

About Parkland

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

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

Click Here for More Information »

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

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

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

The strategic rationale for this acquisition includes:

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

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

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

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

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

Forward Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). In particular, this news release contains forward-looking statements with respect to, among other things, Parkland’s growth strategy with respect to the On the Run brand; Parkland’s ability to create a unified On the Run convenience store brand, including Parkland’s opportunity to rebrand existing sites and incorporate the On the Run brand to new sites; Parkland’s opportunity to incorporate the On the Run brand to its dealer business; and the expected enhanced customer experience from Parkland’s use of the On the Run brand.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, Parkland’s ability to execute its strategy with respect to the On the Run brand in the United States; general economic, market and business conditions; industry capacity; competitive action by other companies; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators; changes and developments in regulations; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form and in “Forward-Looking Information” and “Risk Factors” in Parkland’s quarterly MD&A, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

Photos accompanying this announcement are available at

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

https://www.globenewswire.com/NewsRoom/AttachmentNg/ce262265-1412-4033-8f32-1e65206709cc

Click Here for More Information »

Parkland increases financial flexibility under its syndicated credit facilities

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

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

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

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “potential” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to the ability to take advantage of potential future growth opportunities.

No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. See the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 30, 2020 and in “Forward-Looking Information” and “Risk Factors” in the Q1 2020 MD&A, which are filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). See Section 12 – “Non-GAAP Financial Measures” of the Q1 2020 MD&A for a description of “Credit Facility EBITDA” and “Total Funded Debt to Credit Facility EBITDA”.

About Parkland Fuel Corporation

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

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

Click Here for More Information »