Parkland Fuel Corporation ("Parkland" or the "Corporation") (TSX:PKI), an
independent North American distributor and marketer of fuels and lubricants,
today confirmed 2014 Adjusted EBITDA guidance and announced the financial and
operating results for the three and twelve months ended December 31, 2013. All
financial figures are expressed in Canadian dollars.
2013 Q4 and Total Year Operational Highlights:
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For the three months For the twelve months
ended ended
December 31, December 31,
% %
2013 2012 Change 2013 2012 Change
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(in millions of litres)
Total fuel volume 1,917 1,062 81 6,659 4,241 57
Retail fuel volume 432 442 (2) 1,747 1,806 (3)
Commercial fuel volume 452 383 18 1,545 1,503 3
(in millions of Canadian
dollars)
Net earnings 22.0 9.6 129 92.0 84.9 8
Adjusted EBITDA (1) (2) 50.6 42.5 19 207.4 200.4 4
Distributable cash flow (3) 26.1 20.8 25 136.5 129.9 5
Dividend to distributable cash
flow payout ratio 71% 83% 53% 52%
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(1) Due to the acquisition of Elbow River Marketing and ongoing mergers and
acquisition activity Parkland will utilize "Adjusted EBITDA".
(2) Adjusted EBITDA represents earnings before finance costs (accretion on
refinery remediation, accretion on asset retirement obligation, interest
on long-term debt, interest and accretion on convertible debentures and
loss on interest rate swaps), income tax expense (recovery), depreciation
and amortization, unrealized loss (gain) on commodities forward contracts
and US dollar forward exchange contracts, acquisition related costs, loss
(gain) on disposal of property, plant and equipment and unrealized loss
(gain)on foreign exchange. Adjusted EBITDA differs from the previously
disclosed EBITDA due to the exclusion of acquisition related costs in the
calculation. Please see Adjusted EBITDA in the Non-GAAP Measures section
in the MD&A and the reconciliation in the Non-GAAP Measures section of the
MD&A.
(3) Please see Distributable Cash Flow reconciliation table and definition
in Non-GAAP Measures section of the MD&A.
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Parkland Confirms 2014-2016 Adjusted EBITDA Guidance:
Acquisition
assumptions:
(Adjusted EBITDA
Adjusted EBITDA Forecast ($ millions) 2014 2015 2016 acquired per year)
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Expected Case 200 226 252 12
Low Case 185 210 228 7
High Case 209 239 269 15
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Positive indications from the business through the first two months of 2014
support Management's forecast. Please refer to the "2014 - 2016 Forecast
Guidance" section on page nine of the 2013 fourth quarter and year-end
Management's Discussion and Analysis for more information.
To provide investors and analysts with a better understanding of the seasonality
of Parkland's Adjusted EBITDA distribution, the contribution by percentage to
Parkland's 2013 Adjusted EBITDA from all the Corporation's current and ongoing
operations, including recent acquisitions, excluding Refiner's margins and
adjusted for current business mix, is shown in the schedule below:
Q1 Q2 Q3 Q4 Total
Adjusted EBITDA 29% 20% 22% 29% 100%
2013 Operational Highlights:
Grow
-- Increased volumes by 57% to 6.7 billion litres from 4.2 billion litres
in 2012 through the acquisition of Elbow River Marketing, Sparling's
Propane Limited and the assumption of the customers and assets of
TransMontaigne Marketing Canada Inc. ("Les Petroles Parkland");
-- Became Canada's third largest marketer of propane through the
acquisition of Sparling's Propane Limited; and
-- Entered the United States through the acquisition of SPF Energy Inc.
which is expected to add 1.1 billion litres of annual fuel volumes. The
acquisition was effective at the beginning of January 2014.
-- Subsequent to year-end, the Corporation entered into an agreement with
Chevron Canada to purchase eleven Chevron-branded service stations in
northern British Columbia. The sale is expected to close in the second
quarter of 2014 and is an extension of the Supply and Branded Marketer
Agreement signed in 2013.
Supply
-- Leveraged Parkland's strategic supply assets, including rail capacity,
storage infrastructure, import capability and multiple refiner and
carrier relationships, to offset the impact of regional propane and
diesel shortages and ensure Parkland's customers received fuel
deliveries; and
-- Benefitted from strong Refiner's margins that continued throughout much
of 2013 with the exception of the third quarter.
Operate
-- Operating and direct costs increased by 24% to $190.3 million (2.9 cents
per litre ("cpl")) for the year ended December 31, 2013, compared with
$153.0 million (3.6 cpl) in 2012 due to the $32.3 million from the
acquisitions of Elbow River Marketing, Les Petroles Parkland and
Sparling's Propane. Operating and direct costs in 2013 include a legal
provision of $9.8 million to adjust for one-time liabilities Parkland
assumed with acquisitions;
-- MG&A expenses increased 40% to $111.6 million (1.7 cpl) in 2013,
compared with $79.6 million (1.9 cpl) in 2012. The $32.0 million
increase is primarily attributable to the acquisitions of Elbow River
Marketing, Les Petroles Parkland, Sparling's Propane which together
added $25.9 million in MG&A expenses and $5.5 million in acquisition-
related costs. The base business MG&A remains on target; and
-- Strategic cost reduction programs remain on track for the base business.
"2013 was another strong year for Parkland, increasing Adjusted EBITDA by
approximately $7 million over the record we set in 2012," said Bob Espey,
President and Chief Executive Officer of Parkland. "We continued to strengthen
our earnings potential through the closing of the Elbow River Marketing
acquisition, the successful completion of two additional tuck-in acquisitions,
and the strong performance of our Supply group. Subsequent to year end we also
entered the northern tier of the United States by acquiring North Dakota based
SPF Energy Inc. which became effective in early January. As a reflection of the
progress we have made and confidence we have in delivering our Parkland Penny
Plan, the corporation is announcing an increase to its annual dividend of two
cents per common share commencing March 2014."
"In Q4 we saw significant improvements in our commercial sales as new programs
started to help us regain ground we lost in the first half of 2013. We are
well-positioned for further growth in 2014 in the Commercial division," added
Mr. Espey.
Consolidated Highlights:
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Three months ended
December 31, Year ended December 31,
----------------------------------------------------------------------------
(in millions of Canadian
dollars, except volume % %
and per Share amounts) 2013 2012 Change 2013 2012 Change
----------------------------------------------------------------------------
Income Statement Summary:
Sales and operating
revenues 1,598.9 998.4 60 5,663.4 4,133.6 37
Gross profit 150.7 104.0 45 520.0 437.0 19
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Operating costs 60.3 39.8 (52) 190.3 153.0 (24)
Marketing, general and
administrative 34.5 21.7 (59) 111.6 79.6 (40)
Depreciation and
amortization expense 15.0 16.0 6 57.4 54.7 (5)
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41.0 26.5 55 160.7 149.8 7
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Customer finance income (0.7) (1.0) (30) (2.5) (3.5) (29)
Finance costs 4.5 4.2 (7) 18.5 20.2 8
Foreign exchange gain
(loss) (0.2) - - (0.9) (0.1) (700)
Loss on disposal of
property, plant and
equipment 0.8 0.2 (300) 2.4 0.3 -
Loss on risk management
activities 8.8 2.3 (283) 20.2 9.1 (122)
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Earnings before income
taxes 27.8 20.8 34 123.0 123.9 (1)
Income tax expense 5.8 11.3 49 31.0 38.9 20
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Net earnings 22.0 9.6 129 92.0 84.9 8
Net earnings per share
- Basic 0.31 0.14 121 1.31 1.28 2
- Diluted (1) 0.30 0.14 114 1.26 1.22 3
Non-GAAP Financial
Measures:
Adjusted EBITDA (2)(3) 50.6 42.5 19 207.4 200.4 3
Distributable cash flow
(2)(4) 26.1 20.8 25 136.5 129.9 5
Distributable cash flow
per share (2)(4) 0.36 0.31 16 1.90 1.91 (1)
Dividends 18.6 17.2 8 72.9 67.8 8
Dividend to distributable
cash flow payout ratio
(2)(4) 71% 83% 53% 52%
Key Metrics:
Fuel volume (millions of
litres) 1,917 1,062 81 6,659 4,241 57
Return on capital employed
(ROCE)(2)(5) 21.1% 25.2%
Employees 1,370 1,179 16
Fuel Key Metrics - Cents
per litre:
Average Retail fuel
adjusted gross profit (6) 4.63 5.36 (14) 4.73 4.91 (4)
Average Commercial fuel
adjusted gross profit (6) 10.18 10.43 (2) 9.93 9.78 2
Operating costs 3.15 3.75 16 2.86 3.61 21
Marketing, general and
administrative 1.80 2.04 12 1.68 1.88 11
Depreciation and
amortization expense 0.78 1.50 48 0.86 1.29 33
Liquidity and bank ratios:
Net debt:adjusted EBITDA
(2)(7) 1.66 1.38
Senior debt:adjusted
EBITDA (2)(7) 1.03 0.69
Interest coverage (2)(6) 8.46 7.65
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(1) Diluted earnings (loss) per share can be impacted by an anti-dilutive
impact of conversion of the debentures. Quarterly diluted earnings (loss)
per share may therefore not accumulate to the same per share value as the
year-to-date calculation.
(2) Please refer to the Non-GAAP Measures section in the MD&A for
definitions.
(3) Please see Adjusted EBITDA discussion in the MD&A.
(4) Please see Distributable Cash Flow reconciliation table in the MD&A.
(5) Please see ROCE discussion in the MD&A.
(6) Please see Segmented Results discussion in the MD&A.
(7) Please refer to the Non-GAAP Measures section in the MD&A for
reconciliations.
Parkland Penny Plan Update
The Parkland Penny Plan, announced on May 15, 2012, aspires to double 2011
normalized Adjusted EBITDA of $125 million through acquisitions and efficiencies
to achieve $250 million in Adjusted EBITDA by the end of 2016.
Penny Plan Scorecard Summary:
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Area Commitment Analysis 2016 December December
Target 2013 2012
----------------------------------------------------------------------------
Organic growth Making up Ground 500 11.2 (29.7)
Year over year organic million million million
growth in acquired litres litres litres
Grow businesses offset YTD YTD
softness across some
commercial and retail
sectors.
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Major $47 million in Adjusted 4.6 3.9
acquisitions EBITDA Added billion billion
The acquisitions of litres litres
Elbow River Marketing,
Sparling's Propane, SPF
Energy Inc. and Les
Petroles Parkland will
contribute towards the
$55 million in Adjusted
EBITDA and 4.6 billion
litres Parkland is
targeting by 2016. The
mergers and acquisitions
environment remains very
active.
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Supply Margins On Track 100% On Track On Track
Parkland continues to Normalized
extend its progress on profit plus
replacing the average 1/3 cent
normalized profit+ of
its refiner's margin
contract through the
Supply negotiation of supply
contracts, supply
management, terminals,
and the addition of
Elbow River Marketing.
No problems are foreseen
in replacing the volume.
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Operating Holding Steady 2.48 cpl 2.58 cpl 2.56 cpl
costs The operating costs of TTM TTM
businesses acquired in
2013 were incorporated
into the 2012 benchmark
Operate to provide a reasonable
comparison. As can be
seen, on a per litre
basis, costs crept up in
2013.
--------------------------------------------------------------------
Marketing, MG&A Increases on 1.52 cpl 1.50 cpl 1.45 cpl
General and Acquisition Costs TTM TTM
Administration The MGA costs of
("MG&A") costs businesses acquired in
2013 were incorporated
into the 2012 benchmark
to provide a reasonable
comparison. Acquisition
and restructuring costs
of approximately $6.8
million in 2013 and $1.4
million in 2012 were
removed from the
calculation.
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Total Cold Winter Increases Less than 3.95 2.33
Recordable Incidents 2 TTM TTM
Injury Lost time injury
Frequency frequency significantly
exceeded target in 2013
and total recordable
injury frequency was
higher when compared
with 2012. Parkland is
taking steps to improve
on these metrics.
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(i) Normalized for Cango and one-time costs; +The average annualized benefit
under this contract excluding performance from outlier years
Note: 2016 cost targets will be updated in the event of a significant change
to Parkland's business mix.
Abbreviations: CPL = Cents per litre
YTD = Year-to-date
TTM = Trailing twelve months
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Payout Ratio Lower on Contributions from New Acquisitions, Base Business
Improvements and Refiner's Margins
Q4 2013 vs. Q4 2012
Distributable cash flow exceeded dividends in the fourth quarter by $7.5 million
compared with $3.5 million in the fourth quarter of 2012. The dividend payout
ratio for the fourth quarter of 2013 was 71% compared with 83% in the fourth
quarter of 2012. Distributable cash flow increased by $5.3 million to $26.1
million in the fourth quarter of 2013 compared with $20.8 million in the fourth
quarter of 2012. The increase in distributable cash flow and decrease in the
dividend payout ratio is primarily due to the $8.1 million increase in Adjusted
EBITDA, partially offset by a decrease of $1.8 million in proceeds on disposal
of capital assets and $1.8 million in increased maintenance expenditures.
Total Year 2013 vs. 2012
Distributable cash flow for the year ended December 31, 2013 exceeded dividends
by $63.6 million compared with $62.1 million for the year ended December 31,
2012. The dividend payout ratio for the year ended December 31, 2013 was 53%
compared with 52% for the year ended December 31, 2012. Distributable cash flow
increased by $6.6 million to $136.5 million in the year of 2013 compared to
$129.9 million in the year of 2012. The increase in distributable cash flow is
primarily due to a $7.1 million increase in Adjusted EBITDA, a $5.0 million
decrease in current taxes, and a $1.9 million decrease in cash expenditures on
asset retirement obligation, partially offset by a $8.6 million decrease in
proceeds on property plant and equipment.
Commercial Team adds Volumes
For the three months ended December 31, 2013, Parkland Commercial Fuels' volumes
increased 18% to 452 million litres compared with 383 million litres in 2012
primarily due to the addition of approximately 46.3 million litres of propane
sales through Sparlings propane, strong sales volumes in the Maritimes and
Ontario, slightly offset by lower demand in the Pacific markets.
Strong sales activity with a focus on diversifying Parkland's customer mix
helped to offset the impact of commercial's discontinuation of several low
margin, high-volume accounts in western Canada.
Year-over-year drilling activity saw modest gains in Western Canada for natural
gas and crude oil. The average rig utilization rate for the three months ended
December 31, 2013 increased to 45% compared with 43% for the same period in 2012
according to the Canadian Association of Oilwell Drilling Contractors. Despite
slightly higher activity levels, weather related diesel delivery disruptions
lowered Parkland's realized activity during the fourth quarter.
Average net fuel gross profit on a cents per litre basis for the fourth quarter
of 2013 was 10.18 cpl, a decrease of 3% compared with 10.43 cpl in the fourth
quarter of 2012 due in part to the addition of several new low margin high
volume government contracts.
Total Year 2013 vs. 2012
Parkland Commercial Fuels' volumes increased 3% to 1.55 billion litres in 2013
compared with 1.50 billion litres for the same period in 2012 due to
approximately 90 million litres of lower margin propane contributed from
Sparling's, new wholesale contracts, and increased volumes resulting from cold
temperatures in Eastern Canada.
Average net fuel gross profit on a cents per litre basis for the year ended
December 31, 2013 was 9.93 cpl, an increase of 2% or 0.15 cpl compared with 9.78
cpl in 2012. The year over year increase is due to the same reasons described
for the quarter.
Retail Team Achieves another Strong Year
For the three months ended December 31, 2013, Parkland Retail Fuels' volumes
decreased 2% to 432 million litres compared with 443 million litres for the same
period in 2012. The decrease was primarily the result of increased competitive
pressures in certain markets offset by volume increases in other regions.
Average gross profit on a cents per litre basis decreased by 13% to 4.63 cpl in
the fourth quarter of 2013 compared with 5.36 cpl in the fourth quarter of 2012
as margins returned to historic norms after uncharacteristically strong margins
in the fourth quarter of 2012.
Total Year 2013 vs. 2012
For the year ended December 31, 2013, Parkland Retail Fuels' volumes decreased
3% to 1.75 billion litres compared with 1.81 billion litres in 2012. The
decrease was primarily the result of planned reductions in the volume
contributions from the Cango network due to site rationalization, temporary
upgrading closures, and competitive pressures in certain markets partly offset
by volume increases in Alberta and British Columbia.
Retail Fuels' gross profit decreased by 4% to 4.73 cpl for the year ended
December 31, 2013 compared with 4.91 cpl in 2012, primarily due to the reasons
listed above.
Retail Fuels realized a 6% increase in non-fuel margin to $17.8 million compared
with $16.8 million in 2012 largely as a result of higher c-store sales, rents
collected and higher vendor rebates.
Elbow River Marketing Continues to Surpass Expectations
Wholesale, Supply and Distribution is responsible for managing Parkland's fuel
supply contracts, purchasing fuel from refiners, distribution through third
party long-haul carriers, and serving wholesale and reseller customers. This
division includes profits from Parkland's recent acquisition of Elbow River
Marketing, participation in refiner's margins, profits derived through superior
supply management, and profits from wholesale fuel sales.
Q4 2013 vs. Q4 2012
For the three months ended December 31, 2013 Parkland Wholesale, Supply and
Distribution fuel sales volumes (factoring out intersegment sales) increased
337% to 1.0 billion litres compared with 237 million litres for the same period
in 2012 primarily due to the acquisition of Elbow River Marketing and Les
Petroles Parkland.
The supply group made full use of Parkland's strategic supply assets including
rail capacity, storage infrastructure, import capability and multiple refiner
and carrier relationships to augment Parkland's supply in regions impacted by
refiner diesel shortages in the fourth quarter. This ensured Parkland's
customers had uninterrupted access to fuel.
Fuel gross profits for the three months ended December 31, 2013 increased 176%
to $54.1 million compared with $19.6 million for the same period in 2012
primarily due to Elbow River Marketing, strong refiner's margins and continued
progress on supply management activities.
Total Year 2013 vs. 2012
For the year ended December 31, 2013, Parkland Wholesale, Supply and
Distribution fuel volumes (factoring out intersegment sales) increased 261% to
3.4 billion litres compared with 932 million litres in 2012 primarily due to
volume additions from its 2013 acquisitions of Elbow River Marketing, and Les
Petroles Parkland.
Fuel gross profits from Parkland Wholesale, Supply and Distribution for the year
ended 2013 increased 50% to $178.7 million compared with $119.4 million in 2012
primarily due to high refiner's margins.
Operating Costs Increase on a Busy Year of Acquisitions
Q4 2013 vs. Q4 2012
Operating and direct costs increased by 52% to $60.3 million (3.2 cpl) for the
three months ended December 31, 2013, compared with $39.8 million (3.7 cpl) in
the three months ended December 31, 2012, primarily due to the acquisitions of
Elbow River Marketing $7.4 million, Les Petroles Parkland $1.0 million and
Sparling's Propane $4.0 million, and legal cost provision of $9.8 million,
partially offset by cost reductions in the Retail Fuels division.
Total Year 2013 vs. 2012
Operating and direct costs increased by 24% to $190.3 million (2.9 cpl) for the
year ended December 31, 2013, compared with $153.0 million (3.6 cpl) in 2012
primarily due to the acquisitions of Elbow River Marketing $20.3 million, Les
Petroles Parkland $2.9 million and Sparling's Propane $9.1 million, and legal
cost provision of $9.8 million to adjust in part for one time liabilities
largely associated with acquisitions.
Marketing, General and Administrative Costs
Q4 2013 vs. Q4 2012
Marketing, general and administrative expenses ("MG&A") increased by 59% to
$34.5 million (1.8 cpl) in the fourth quarter of 2013 compared with $21.7
million (2.0 cpl) in the fourth quarter of 2012. MG&A costs increased in the
fourth quarter of 2013 as a result of adding in the ongoing MG&A costs of
acquired companies including $11.0 million from Elbow River Marketing, $0.2
million from Les Petroles Parkland, $0.3 million from Sparlings Propane and $1.5
million in acquisition related costs.
Total Year 2013 vs. 2012
MG&A expenses increased by 40% to $111.6 million (1.7 cpl) in the year ended
December 31, 2013, compared with $79.6 million (1.9 cpl) for the year ended
December 31, 2012. MG&A expenses increased in 2013 as a result of adding in the
ongoing MG&A costs of acquired companies including $24.1 million from Elbow
River Marketing, $0.5 million from Les Petroles Parkland, $1.3 million from
Sparling's Propane and $5.5 million in acquisition related costs.
Record Annual EBITDA
Q4 2013 vs. Q4 2012
Adjusted EBITDA for the fourth quarter of 2013 increased by 19% to $50.6 million
compared with $42.5 million in the fourth quarter of 2012. The increase in
Adjusted EBITDA primarily relates to the acquisition of Elbow River Marketing
which contributed $9.3 million to Adjusted EBITDA in the fourth quarter.
Total Year 2013 vs. 2012
Adjusted EBITDA for the year ended December 31, 2013 was $207.4 million, an
increase of 4% compared with $200.4 million for the year ended December 31, 2012
the Elbow River Marketing acquisition which added $28.5 million of Adjusted
EBITDA during the year, partially offset lower refiner's margins and by lower
Commercial Fuels result due to the discontinuation of several low margin, high
volume accounts in Western Canada.
Record Annual Net Earnings
Q4 2013 vs. Q4 2012
Parkland's net earnings in the fourth quarter of 2013 were $22.0 million, an
increase of $12.4 million compared with net earnings of $9.6 million in the
fourth quarter of 2012. The increase in net earnings in the fourth quarter of
2013 compared with the prior year was primarily due to a $8.1 million increase
in Adjusted EBITDA, and a $5.6 million decrease in income taxes, partially
offset by a $1.5 million increase in acquisition related costs and $1.0 million
decrease in depreciation and amortization.
Total Year 2013 vs. 2012
Net earnings for the year ended December 31, 2013 were $92.0 million, an
increase of $7.1 million compared with $84.9 million in 2012. The increase in
net earnings was primarily due to $7.1 million increase in Adjusted EBITDA, $7.9
million decrease in income tax expense, $1.8 million decrease in finance costs
and $1.3 million unrealized gain from the change in fair value of commodity
related contracts. Partially offset by a $5.5 million increase in acquisition
related costs, $2.7 million increase in amortization and depreciation and $2.2
million increase in loss on disposal of property plant, and equipment.
MD&A and Financial Statements
Management's Discussion and Analysis, the audited Consolidated Financial
Statements, and the Notes to the Consolidated Financial Statements for the three
and twelve months ended December 31, 2013 are available online at
www.parkland.ca. and will also be posted to www.parkland.ca and SEDAR
immediately after the results are released by newswire.
Conference Call Information
On March 4, 2014 (Today) Parkland Fuel Corporation will host a webcast and
conference call at 4:00 p.m. Mountain Standard Time ("MST") (6:00 p.m.) Eastern
Standard Time ("EST") to discuss the results for the three and twelve months
ended December 31, 2013.
Please log into the webcast slide presentation 10 minutes before the start time
at: http://www.gowebcasting.com/5260.
To access the conference call by telephone dial toll free 1- 866-223-7781.
Callers from the Toronto area should use (416) 340-2216. Please connect
approximately 10 minutes prior to the beginning of the call.
The webcast will be available for replay two hours after the conference call
ends. It will remain available at the link above for one year.
2014 Annual & Special Meeting of Shareholders
On May 6, 2014 the annual and special meeting of the common shareholders of
Parkland Fuel Corporation will take place at 9:00 a.m. MST (11:00 a.m. EST) in
the Strand / Tivoli room of the Metropolitan Conference Centre at 333 Fourth
Avenue S.W. Calgary, Alberta T2P 0H9.
CUSIP / ISIN: 70137T105 / CA70137T1057
Meeting Date: May 6, 2014
Record Date: March 20, 2014
About Parkland Fuel Corporation
Parkland Fuel Corporation is an independent marketer of petroleum products in
North America, empowered by a continent-wide logistics, supply and trading
platform. We provide motorists, businesses, consumers and wholesale customers
with a safe and dependable source of gasoline, diesel, propane, lubricants,
heating oil and other products through a network of locations across North
America that are run by community based operators who care.
To sign up for Parkland's investor information services, please go to
http://bit.ly/PKI-Info or visit www.parkland.ca.
Forward-Looking Information
Certain information included herein is forward-looking. Forward-looking
statements include, without limitation, statements regarding Parkland's future
financial position, business and growth strategies, including the manner in
which such strategies will be implemented, budgets, projected costs, sources of
growth, capital expenditures, financial results, taxes, future acquisitions and
the efficiencies to be derived therefrom, effectiveness of internal controls,
sources of funding for growth capital expenditures, anticipated dividends and
the amount thereof, if any, to be declared by Parkland Fuel Corporation, and
plans and objectives of or involving Parkland. Many of these statements can be
identified by looking for words such as "believe", "expects", "expected",
"will", "intends", "projects", "projected", "anticipates", "estimates",
"continues", or similar words and include, but are not limited to, statements
regarding the accretive effects of acquisitions and the anticipated benefits of
acquisitions. 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. 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 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: general economic, market and business conditions; industry capacity;
competitive action by other companies; refining and marketing margins; the
ability of suppliers to meet commitments; actions by governmental authorities
including increases in taxes; changes in environmental and other regulations;
and other factors, many of which are beyond the control of Parkland. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
For investor and media inquiries please contact:
Glen Nelson
Manager Investor Relations
1-800-662-7177 ext 2533
http://bit.ly/PKIContact
www.parkland.ca
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