Le Lézard
Classified in: Covid-19 virus
Subjects: HSP, DEI

Parkland delivers record quarterly results and increases 2022 guidance; announced share exchange for the remaining 25 percent of Sol


CALGARY, AB, Aug. 4, 2022 /CNW/ - Parkland Corporation ("Parkland", "we", the "Company", or "our") (TSX: PKI), today announced its financial and operating results for the three and six months ended June 30, 2022.

Q2 2022 Highlights

__________________________

1 Specified Financial Measure. See "Specified Financial Measures" section of this news release.

"Our record results demonstrate the resilience of our integrated business model and our ability to grow throughout economic cycles," said Bob Espey, President and Chief Executive Officer. "The Parkland team continues to serve the needs of our customers, while simultaneously mitigating inflation, driving organic growth and strengthening our financial flexibility."

"Consistent with our strategy, we continue to thoughtfully integrate acquisitions, capture synergies and reduce our leverage ratio," added Espey. "Our operational performance year-to-date gives us confidence to increase our 2022 Adjusted EBITDA guidance. We are firmly on track with our ambition for $2 billion run-rate of Adjusted EBITDA by mid-decade."

Q2 2022 Segment Highlights

_______________________

2 Non-Financial Measure. See "Non-Financial Measures" section of this news release.

Updated 2022 Guidance

The factors and assumptions which contribute to Parkland's assessment of the increased 2022 Adjusted EBITDA Guidance are consistent with existing Parkland disclosures and such guidance is subject to risks and uncertainties inherent in Parkland's business. Readers are directed to the "Risk Factors" section in the Q2 2022 MD&A and Parkland's Revised Annual Information Form dated March 17, 2022 for a description of such factors, assumptions, risks and uncertainties. All other elements of Parkland's previous guidance remain unchanged.

Sustainability Leadership

Sustainability is deeply embedded across our business. Notable accomplishments from the second quarter, and year-to-date, include:

Consolidated Financial Overview

($ millions, unless otherwise noted)

Three months ended June 30,

Financial Summary

2022

2021(7)

Fuel and petroleum product volume (million litres)

6,440

5,746

Sales and operating revenue(2)(7)

9,715

4,974

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

450

322

 Canada(2)(3)(4)

174

126

 International

87

66

 USA(1)(3)

51

30

 Refining(1)(2)(3)(4)

164

123

   Corporate(3)

(26)

(23)

Net earnings (loss) attributable to Parkland(7)

81

(64)

Net earnings (loss) per share ? basic ($ per share)(7)

0.52

(0.42)

Net earnings (loss) per share ? diluted ($ per share)(7)

0.52

(0.42)

Adjusted earnings (loss) attributable to Parkland ("Adjusted earnings")(5)(7)

166

96

Adjusted earnings (loss) per share - basic ($ per share)(5)(7)

1.07

0.64

Adjusted earnings (loss) per share - diluted ($ per share)(5)(7)

1.06

0.64

TTM Distributable cash flow(5)

748

769

TTM Distributable cash flow per share(5)

4.86

5.13

Dividends

51

48

Dividends per share(6)

0.3249

0.3087

Weighted average number of common shares (million shares)

156

151

Total assets

14,047

9,972

Non-current financial liabilities

7,155

4,997



(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 six 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 second quarter of 2021 ended June 30, 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 six 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 Section 14 of the Q2 2022 MD&A.

(5) 

Non-GAAP financial measure or non-GAAP financial ratio. See Section 14 of the Q2 2022 MD&A.

(6) 

Supplementary financial measure. See Section 14 of the Q2 2022 MD&A.

(7)

Certain information in the previous period was restated due to the effects of hyperinflation. Refer to Note 2 of the Interim Condensed Consolidated Financial Statements.

Q2 2022 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Friday, August 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://app.webinar.net/8OZXrAXJQa5

Analysts and 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: 77903406). International participants may call 1-800-389-0704 (toll free) (Conference ID: 77903406).

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 and six months ended June 30, 2022 (the "Q2 2022 MD&A") and consolidated financial statements for the three and six months ended June 30, 2022 (the "Q2 2022 Consolidated Financial Statements") provide a detailed explanation of Parkland's operating results for the three and six months ended June 30, 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 versions of the Q2 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, the 2022 Adjusted EBITDA Guidance and the 2022 capital expenditure guidance and expectations relating thereto; consolidating 100 percent ownership of Sol and the completion thereof; being on track to achieve its ambition for $2 billion of Adjusted EBITDA by mid-decade; completing the acquisition of select Husky branded retail locations; integrating acquisitions, capturing synergies and reducing leverage ratio; continuing to meet customers' needs; its 'Drive to Zero' strategy and goals with respect thereto; supporting the governments' goals of achieving net-zero emissions by 2050; expanding its co-processing activity and building BC's largest renewable diesel complex at the Burnaby Refinery, the completion, funding and timing thereof and the expected benefits relating thereto; future sustainability reports and the timing thereof; and its energy transition strategy and its goals and projects relating 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 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 and the Russia-Ukraine conflict; Parkland's ability to execute its business strategies, including without limitation; Parkland's ability to successfully integrate acquisitions, capture synergies, reduce its leverage ratio, successfully implement organic growth initiatives and to finance such acquisitions and initiatives on reasonable terms; Parkland's ability to achieve its goals and targets relating to its "Drive to Zero" strategy; Parkland's ability to complete transactions and projects, including consolidating 100 percent ownership of Sol, the acquisition of select Husky brand retail locations and expanding its co-processing activity and building BC's largest renewable diesel complex at the Burnaby Refinery; 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 Q2 2022 MD&A dated August 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 International Financial Reporting Standards ("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 Q2 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 and capital management 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 Q2 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. This non-GAAP financial measure and ratio 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 Q2 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 June 30, 2022 and June 30, 2021.


Three months ended June 30,

($ millions, unless otherwise stated)

2022

2021

Net earnings (loss) attributable to Parkland

81

(64)

Add: Net earnings (loss) attributable to NCI

10

4

Net earnings (loss)

91

(60)

Add:



Acquisition, integration and other costs

18

11

Loss on modification of long-term debt

2

35

(Gain) loss on foreign exchange ? unrealized

(6)

(1)

(Gain) loss on risk management and other ? unrealized

20

18

Other (gains) and losses(1)

60

120

Other adjusting items(2)

4

5

Tax normalization(3)

(12)

(22)

Adjusted earnings (loss) including NCI

177

106

Less: Adjusted earnings (loss) attributable to NCI

11

10

Adjusted earnings (loss)

166

96

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

156

151

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

157

151

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



Basic

1.07

0.64

Diluted

1.06

0.64



(1) 

Other (gains) and losses for the three months ended June 30, 2022 include the following: (i) $44 million non-cash valuation loss (2021 - $80 million loss) due to the change in redemption value of Sol Put Option; (ii) $16 million non-cash valuation loss (2021 - $31 million loss) due to the change in fair value of redemption options; and (iii) nil gain (2021 - $9 million gain) in Other items. Refer to Note 12 of the Interim Condensed Consolidated Financial Statements.

(2)

Other Adjusting Items for the three months ended June 30, 2022 mainly includes the share of depreciation and income taxes for the Isla joint venture of $3 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
June 30,
2022

($ millions, unless otherwise noted)

September
30, 2021

December
31, 2021

March 31,
2022

June 30,
2022

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

200

118

(48)

341

611

Exclude: Adjusted EBITDA attributable to NCI, net of tax

(26)

(22)

(26)

(27)

(101)


174

96

(74)

314

510

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

4

8

(2)

(1)

9

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

119

148

436

36

739

Include: Maintenance capital expenditures attributable to Parkland

(40)

(112)

(29)

(44)

(225)

Exclude: Turnaround maintenance capital expenditures

3

8

?

?

11

Include: Proceeds on asset disposals

4

4

1

2

11

Reverse: Acquisition, integration and other costs

12

24

13

18

67

Include: Interest on leases and long-term debt

(56)

(59)

(64)

(69)

(248)

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

1

1

1

1

4

Include: Payments on principal amount on leases

(36)

(38)

(37)

(38)

(149)

Exclude: Payments on principal amount on leases attributable to NCI

5

5

5

4

19

Distributable cash flow(3)

190

85

250

223

748

Weighted average number of common shares (million shares)





154

Distributable cash flow per share





4.86

Dividends(1)

48

47

49

51

195

Dividend payout ratio(3)





26 %



(1)

Supplementary financial measure. Refer to Section 14C of the Q2 2022 MD&A.

(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".

(3)

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.

 


Three months ended

Trailing
twelve
months
ended
June 30,
2021

($ millions, unless otherwise noted)

September
30, 2020

December
31, 2020

March 31,
2021

June 30,
2021

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

253

(40)

264

322

799

Exclude: Adjusted EBITDA attributable to NCI, net of tax

(24)

(20)

(23)

(21)

(88)


229

(60)

241

301

711

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

27

12

(14)

(9)

16

Reverse: Net change in non-cash working capital

89

288

53

22

452

Include: Maintenance capital expenditures attributable to Parkland

(18)

(39)

(20)

(45)

(122)

Exclude: Turnaround maintenance capital expenditures

1

2

?

?

3

Include: Proceeds on asset disposals

2

6

5

1

14

Reverse: Acquisition, integration and other costs

9

14

5

11

39

Include: Interest on leases and long-term debt

(59)

(56)

(54)

(54)

(223)

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

1

1

1

1

4

Include: Payments on principal amount on leases

(40)

(35)

(35)

(33)

(143)

Exclude: Payments on principal amount on leases attributable to NCI

6

4

4

4

18

Distributable cash flow(3)

247

137

186

199

769

Weighted average number of common shares (million shares)





150

Distributable cash flow per share





5.13

Dividends(2)

47

47

47

48

189

Dividend payout ratio(3)





25 %



(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. Refer to Section 14C of the Q2 2022 MD&A.

(3)

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.

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 Q2 2022 MD&A, which is incorporated by reference into this news release, for further details regarding supplementary financial measures used by Parkland.

Capital Management Measures

Parkland's primary capital management measure is the Leverage Ratio, which is used internally by key management personnel to monitor Parkland's overall financial strength, capital structure flexibility, and ability to service debt and meet current and future commitments. The Leverage Ratio is calculated as a ratio of Leverage Debt to Leverage EBITDA and does not have any standardized meaning prescribed under IFRS. It is therefore unlikely to be comparable to similar measures presented by other companies. See Section 14 of the Q2 2022 MD&A, which is incorporated by reference into this news release, for further details regarding capital management 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 Q2 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 June 30, 2022 and June 30, 2021.

Reporting segments

Canada

Refining



International

USA

Corporate

Intersegment Eliminations(3)

Consolidated

Sub-segments

Renewable

Conventional

Total

Renewable

Conventional

Total

Total Renewable

Sub-segment

Total
Conventional

Sub-segment(4)





For the three months ended June 30,

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)

161

154

2,983

2,868

3,144

3,022

?

?

913

879

913

879

161

154

3,896

3,747

1,578

1,202

1,547

1,337

?

?

(742)

(694)

6,440

5,746

Sales and operating revenue

262

166

4,664

2,646

4,926

2,812

120

56

1,212

674

1,332

730

382

222

5,876

3,320

2,312

1,036

2,527

1,184

?

?

(1,084)

(566)

10,013

5,196

Sub-segment eliminations(2)





(262)

(166)





(36)

(56)













(298)

(222)

Sales and operating revenue - after eliminations





4,664

2,646





1,296

674





2,312

1,036

2,527

1,184

?

?

(1,084)

(566)

9,715

4,974

Cost of purchases

253

157

4,288

2,372

4,541

2,529

105

56

936

488

1,041

544

358

213

5,224

2,860

2,044

881

2,317

1,080

?

?

(1,084)

(566)

8,859

4,468

Sub-segment eliminations(2)





(262)

(166)





(36)

(56)













(298)

(222)

Cost of purchases - after eliminations





4,279

2,363





1,005

488





2,044

881

2,317

1,080

?

?

(1,084)

(566)

8,561

4,246

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

9

9

297

221

306

230

15

?

274

184

289

184

24

9

571

405

245

138

150

62

?

?

?

?

990

614

Gain (loss) on risk management and other - realized

(2)

?

(6)

?

(8)

?

2

?

(49)

(7)

(47)

(7)

?

?

(55)

(7)

(103)

(18)

(39)

(8)

?

?

?

?

(197)

(33)

Gain (loss) on foreign exchange - realized

?

?

?

?

?

?

?

?

(9)

2

(9)

2

?

?

(9)

2

?

(2)

?

?

(1)

?

?

?

(10)

?

Other adjusting items to adjusted gross margin

?

?

?

?

?

?

?

?

?

?

?

?

?

?

?

?

?

4

?

?

2

?

?

?

2

4

Fuel and petroleum product adjusted gross margin

7

9

291

221

298

230

17

?

216

179

233

179

24

9

507

400

142

122

111

54

1

?

?

?

785

585

Food, convenience and other adjusted gross margin

?

?

79

53

79

53

?

?

2

2

2

2

?

?

81

55

23

17

60

42

?

?

?

?

164

114

Total adjusted gross margin

7

9

370

274

377

283

17

?

218

181

235

181

24

9

588

455

165

139

171

96

1

?

?

?

949

699

Operating costs

2

1

149

120

151

121

3

2

64

52

67

54

5

3

213

172

36

35

91

53

?

?

?

?

345

263

Marketing, general and administrative

1

?

51

36

52

36

?

?

4

4

4

4

1

?

55

40

22

19

29

13

27

23

?

?

134

95

Share in (earnings) loss of associates and joint ventures

?

?

?

?

?

?

?

?

?

?

?

?

?

?

?

?

(6)

(2)

?

?

?

?

?

?

(6)

(2)

Other adjusting items to Adjusted EBITDA

?

?

?

?

?

?

?

?

?

?

?

?

?

?

?

?

(2)

(1)

?

?

?

?

?

?

(2)

(1)

Adjusted EBITDA including NCI

4

8

170

118

174

126

14

(2)

150

125

164

123

18

6

320

243

115

88

51

30

(26)

(23)

?

?

478

344

Attributable to NCI

?

?

?

?

?

?

?

?

?

?

?

?

?

?

?

?

28

22

?

?

?

?

?

?

28

22

Adjusted EBITDA attributable to Parkland ("Adjusted EBITDA")

4

8

170

118

174

126

14

(2)

150

125

164

123

18

6

320

243

87

66

51

30

(26)

(23)

?

?

450

322

Add: Adjusted EBITDA attributable to NCI

























28

22

Less:



























Acquisition, integration and other costs

























18

11

Depreciation and amortization

























174

154

Finance costs

























80

93

(Gain) loss on foreign exchange ? unrealized

























(6)

(1)

(Gain) loss on risk management and other ? unrealized

























20

18

Other (gains) and losses

























60

120

Other adjusting items

























4

5

Income tax expense (recovery)

























37

4

Net earnings (loss)

























91

(60)

Less: Net earnings (loss) attributable to NCI

























10

4

Net earnings (loss) attributable to Parkland

























81

(64)



(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 reconciliation purposes only.



SOURCE Parkland Corporation


These press releases may also interest you

at 08:47
U.S. Gold Corp. ("U.S. Gold," the "Company," "we," "our" or "us"), a gold exploration and development company, is pleased to provide the following update to its shareholders from its President and Chief Executive Officer, George Bee: Dear U.S. Gold...

at 08:45
Murchison Minerals Ltd. ("Murchison" or the "Company") is pleased to announce the preliminary results of the prospecting Phase of the 2022 summer exploration program on the 100% - owned HPM (Haut-Plateau de la Manicouagan)...

at 08:43
Valor, a professional service provider specializing in mineral rights management and software-based business solutions, was recently honored as a "Small Business of the Year" by the Fort Worth Chamber (FWC). Valor placed first in the category of...

at 08:35
Lamb Weston Holdings, Inc. announced today its fiscal first quarter 2023 results and reaffirmed its fiscal 2023 outlook. "We drove strong sales, earnings growth, and gross margin expansion in the quarter by executing pricing actions across each of...

at 08:31
Deepspatial ("Deepspatial" or the "Company"), an outcome-based artificial intelligence company, enabling organizations to enhance their decision-making...

at 08:30
Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX)( "Alphamin" or the "Company"), a producer of 4% of the world's mined tin1 from its high grade operation in the Democratic Republic of Congo, is pleased to provide the following operational update for...



News published on 4 august 2022 at 17:28 and distributed by: