– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
CALGARY, AB, May 4, 2022 /PRNewswire/ - 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
______________________________________ |
|
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.
__________________________________________ |
2 Specified Financial Measure. See "Specified 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:
___________________________________ 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 $4 million (2021 - nil). |
(3) |
The tax normalization adjustment was applied to net earnings (loss) adjusting items that were considered temporary differences, such as gains and losses on asset disposals, acquisition, integration and other costs, unrealized foreign exchange gains and losses, gains and losses on risk management and other, changes in fair value of redemption options, changes in estimates of environmental provisions, and debt modifications. The tax impact was estimated using the effective tax rates applicable to jurisdictions where the related items occur. |
(4) |
Weighted average number of common shares are calculated in accordance with Parkland's accounting policy contained in Note 2 of the Annual Consolidated Financial Statements. |
TTM distributable cash flow is a non-GAAP financial measure and TTM distributable cash flow per share is a non-GAAP ratio. TTM distributable cash flow is a cash metric that adjusts for the impact of seasonality in Parkland's business by removing non-cash working capital items and excludes the effect of items that are not considered representative of Parkland's ability to generate cash flows. Such items include: (i) acquisition, integration, and other costs; (ii) turnaround maintenance capital expenditures, and; (iii) interest on leases and long-term debt, and principal payments on leases attributable to non-controlling interests. Distributable cash flow does not have any standardized meaning under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Parkland uses this non-GAAP financial measure to monitor normalized cash flows of the business by eliminating the impact of Parkland's working capital fluctuations and expenditures used in acquisition, integration and other activities, which can vary significantly from quarter-to-quarter.
Three months ended |
Trailing twelve March 31, |
||||
($ millions, unless otherwise noted) |
June 30, |
September 30, |
December 31, |
March 31, |
|
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 |
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, |
||||
($ millions, unless otherwise noted) |
June 30, |
September 30, |
December 31, |
March 31, |
|
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 |
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 |
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. |
SOURCE Parkland Corporation
КАЛГАРИ, АВ, 4 мая 2022 г. /PRNewswire/ - Корпорация Parkland ("Паркленд", "мы", "Компания" или "наш") (TSX: PKI), ведущий международный оператор продовольственных и круглосуточных магазинов, независимый поставщик и маркетолог топлива и нефтепродуктов и лидер в Компания renewable energy объявила сегодня о своих финансовых и операционных результатах за три месяца, закончившихся 31 марта 2022 года. Основные моменты включают в себя:
Основные моменты 1 квартала 2022 года
______________________________________ |
|
1 |
Specified Financial Measure. See "Specified Financial Measures" section of this news release. |
"Наши результаты за первый квартал демонстрируют силу нашей стратегии", - сказал Боб Эспей, президент и главный исполнительный директор. "Мы расширили наш маркетинговый бизнес за счет интеграции недавних приобретений и использования наших преимуществ в области поставок".
"Мы продолжаем уделять приоритетное внимание инициативам по органическому росту, интегрируем и используем синергию от недавних приобретений и уверены, что сможем достичь высокого уровня наших прогнозов по скорректированной EBITDA на 2022 год", - добавил Эспей. "Я горжусь командой Parkland, которая стремится обеспечить поездки наших клиентов и зарядить энергией сообщества, которые мы обслуживаем".
Основные моменты сегмента 1 квартал 2022 года
Чтобы соответствовать стратегическим инициативам и обеспечить большую прозрачность нашей деятельности, мы внесли несколько улучшений в раскрытие информации в нашей отчетности. Чтобы привести отчетность в соответствие с отчетностью по сегментам в США и за рубежом, канадский сегмент теперь включает в себя соответствующие виды деятельности по поставкам, торговле и оптовой торговле. Результаты нефтеперерабатывающего завода в Бернаби можно найти в новом сегменте нефтепереработки. Кроме того, отдельно раскрываются общая скорректированная на возобновляемые источники энергии EBITDA и результаты нашей розничной и коммерческой деятельности. Для целей сравнения информация за предыдущий период была пересчитана и реклассифицирована в соответствии с представлением, использованным в текущем периоде.
__________________________________________ |
2 Specified Financial Measure. See "Specified Financial Measures" section of this news release. |
Лидерство в области устойчивого развития
Устойчивое развитие глубоко укоренилось в нашем бизнесе. Наша стратегия "Стремление к нулю" включает в себя наши цели по достижению нулевых инцидентов в области безопасности, нулевых утечек, нулевой терпимости к расизму и дискриминации, нулевой терпимости к коррупции, взяточничеству и неэтичному поведению, а также по оказанию помощи нашим правительствам в достижении их цели по нулевому уровню выбросов к 2050 году. Заметные достижения за первый квартал включают:
___________________________________ 4Non-Financial Measure. See "Non-Financial Measures" section of this news release. |
|
Консолидированный Финансовый обзор
($ 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. |
Подробности конференц-связи и веб-трансляции за 1 квартал 2022 года
Паркленд проведет веб-трансляцию и селекторное совещание в четверг, 5 мая, в 6:30 утра по Гринвичу (8:30 утра по восточному времени), чтобы обсудить результаты. Чтобы прослушать прямую трансляцию и посмотреть презентацию, пожалуйста, воспользуйтесь следующей ссылкой:
https://produceredition .webcasts.com/starthere.jsp?ei=1544615&tp_key=5bc5cc6104
Аналитики и институциональные инвесторы, заинтересованные в участии в сеансе вопросов и ответов телефонной конференции, могут сделать это по телефону 1-888-390-0605 (звонок бесплатный) (Идентификатор конференции: 22960035). Международные участники могут позвонить по телефону 1-800-389-0704 (звонок бесплатный) (Идентификатор конференции: 22960035).
Пожалуйста, подключитесь и войдите в систему примерно за 10 минут до начала разговора. Веб-трансляция будет доступна для воспроизведения через два часа после окончания телефонной конференции по ссылке выше. Он будет оставаться доступным в течение одного года, а также будет размещен на www.parkland.ca .
MD&A и Консолидированная финансовая отчетность
Обсуждение и анализ руководства за три месяца, закончившихся 31 марта 2022 года ("MD&A за 1 квартал 2022 года"), и консолидированная финансовая отчетность за три месяца, закончившихся 31 марта 2022 года ("Консолидированная финансовая отчетность за 1 квартал 2022 года"), содержат подробное объяснение операционных результатов Parkland за три месяцы, закончившиеся 31 марта 2022 года. Английская версия этих документов будет доступна в Интернете по адресу www.parkland.ca и SEDAR после того, как результаты будут опубликованы newswire в профиле Parkland на www.sedar.com . Французская версия MD&A за 1 квартал 2022 года и Консолидированная финансовая отчетность будут размещены на www.parkland.ca и СЕДАР, как только они станут доступны.
О компании Parkland Corporation
Цель Parkland - стимулировать Путешествия и заряжать энергией Сообщества. Мы удовлетворяем основные потребности наших сообществ, предоставляя нашим клиентам необходимое топливо, от которого они зависят, чтобы передвигаться, качественные продукты питания и предметы первой необходимости, помогая им достичь своих целей по снижению воздействия на окружающую среду. Благодаря нашему портфолио надежных и местных брендов мы обслуживаем более миллиона клиентов в день по всей Канаде, Соединенным Штатам, Карибскому региону, Центральной и Южной Америке.
В дополнение к использованию наших возможностей в области поставок и хранения для обеспечения основных видов топлива, от которых зависят наши разнообразные клиенты, мы ведем наших клиентов через переход к энергетике. Начиная с зарядки электромобилей, возобновляемых видов топлива, солнечной энергии и соблюдения требований законодательства и торговли компенсацией выбросов углерода, мы являемся лидерами в оказании помощи нашим клиентам в снижении их воздействия на окружающую среду.
Проверенная стратегия Parkland сосредоточена на органическом росте, нашем преимуществе в области поставок, разумном приобретении и успешной интеграции. Мы сосредоточены на развитии нашего существующего бизнеса на устойчивых рынках, росте и диверсификации нашего розничного бизнеса в области продуктов питания, товаров первой необходимости и решений для возобновляемых источников энергии, а также помогаем нашим коммерческим клиентам обезуглероживать свои операции. Наша стратегия опирается на наших сотрудников, а также на наши ценности безопасности, честности, сообщества и уважения, которые глубоко укоренились во всей нашей организации.
Прогнозные заявления
Некоторые заявления, содержащиеся в этом пресс-релизе, представляют собой прогнозную информацию и заявления (совместно именуемые "прогнозные заявления"). При использовании в этом пресс-релизе слова "ожидать", "будет", "мог бы", "хотел бы", "полагать", "продолжать", "преследовать" и подобные выражения предназначены для обозначения прогнозных заявлений. В частности, в этом пресс-релизе содержатся прогнозные заявления, касающиеся, среди прочего, бизнес-целей и стратегий, способности Parkland достичь высокого уровня скорректированного показателя EBITDA на 2022 год; целей и задач Parkland в области ESG; ожидаемых выгод и синергии, которые будут получены от приобретений; и способности Parkland для продвижения своей программы роста.
Эти заявления связаны с известными и неизвестными рисками, неопределенностями и другими факторами, которые могут привести к тому, что фактические результаты или события будут существенно отличаться от тех, которые ожидаются в таких прогнозных заявлениях. Нельзя дать никаких гарантий в том, что эти ожидания окажутся верными, и на такие прогнозные заявления, включенные в этот пресс-релиз, не следует чрезмерно полагаться. Эти прогнозные заявления относятся только к дате настоящего пресс-релиза. Parkland не берет на себя никаких обязательств по публичному обновлению или пересмотру каких-либо прогнозных заявлений, за исключением случаев, предусмотренных законом о ценных бумагах. Фактические результаты могут существенно отличаться от ожидаемых в этих прогнозных заявлениях в результате многочисленных рисков, допущений и неопределенностей, включая, но не ограничиваясь ими, общие экономические, рыночные и деловые условия, включая продолжительность и последствия пандемии COVID-19; способность Parkland осуществлять свои бизнес-стратегии, включая, помимо прочего, способность Parkland последовательно определять цели приобретения и успешно интегрировать их, успешно внедрять инициативы по органическому росту и финансировать такие приобретения и инициативы на разумных условиях; способность Parkland наращивать свои преимущества в области поставок за счет использования своего масштаба и инфраструктуры; способность Parkland достигать своих целей и задач, связанных с его устойчивость "Стремление к нулю"; конкурентные действия других компаний; рентабельность переработки и сбыта; способность поставщиков выполнять обязательства; действия государственных органов и других регулирующих органов, включая, но не ограничиваясь этим, повышение налогов или ограничение доступа к рынкам; изменения и изменения в экологических и других нормативных актах; и другие факторы, многие из которых находятся вне контроля парковой зоны. См. также риски и неопределенности, описанные в "Прогнозной информации" и "Факторах риска", включенных в Пересмотренную годовую информационную форму Parkland от 17 марта 2022 года, и "Прогнозная информация" и "Факторы риска", включенные в MD& A за 1 квартал 2022 года от 4 мая 2022 года, каждый зарегистрирован на сайте SEDAR и доступен на веб-сайте Parkland по адресу www.parkland.ca . Прогнозные заявления, содержащиеся в этом пресс-релизе, прямо квалифицируются этим предостерегающим заявлением.
Нефинансовые меры
Parkland использует ряд нефинансовых показателей, в том числе совокупное использование, коэффициент частоты травм, связанных с потерей рабочего времени, TTM и общий показатель регистрируемой частоты травм TTM, для оценки успеха наших стратегических целей и установления переменных целевых показателей компенсации для сотрудников. Эти нефинансовые показатели не являются показателями бухгалтерского учета, не имеют сопоставимых показателей по МСФО и могут быть несопоставимы с аналогичными показателями, представленными другими эмитентами, поскольку другие эмитенты могут рассчитывать эти показатели по-разному. Более подробную информацию о нефинансовых мерах, используемых Parkland, см. в разделе 14 MD&A за 1 квартал 2022 года, который включен путем ссылки в этот пресс-релиз.
Конкретные Финансовые Меры
Этот пресс-релиз содержит в общей сложности показатели сегментов, финансовые показатели и коэффициенты, не относящиеся к GAAP, а также дополнительные финансовые показатели (в совокупности "конкретные финансовые показатели"). Руководство Parkland использует определенные финансовые показатели для анализа операционных и финансовых показателей, левереджа и ликвидности бизнеса. Эти конкретные финансовые показатели не имеют какого-либо стандартизированного значения и поэтому вряд ли будут сопоставимы с аналогичными показателями, представленными другими компаниями. Указанные финансовые показатели не следует рассматривать изолированно или использовать вместо показателей эффективности, подготовленных в соответствии с МСФО. См. Раздел 14 MD&A за 1 квартал 2022 года, который включен путем ссылки в этот пресс-релиз, для получения более подробной информации о конкретных финансовых мерах, используемых Parkland.
Финансовые показатели и коэффициенты, не относящиеся к ОПБУ
Скорректированная прибыль является финансовым показателем, не относящимся к GAAP, а Скорректированная прибыль на акцию является финансовым коэффициентом, не относящимся к GAAP, включенным в этот пресс-релиз для оказания помощи руководству, инвесторам и аналитикам в анализе основных операционных показателей деятельности Parkland на консолидированном уровне. Эти финансовые показатели и коэффициенты, не относящиеся к GAAP, не имеют какого-либо стандартизированного значения в соответствии с МСФО и поэтому вряд ли будут сопоставимы с аналогичными показателями, представленными другими компаниями. Финансовые показатели и коэффициенты, не относящиеся к ОПБУ, не должны рассматриваться изолированно или использоваться вместо показателей эффективности, подготовленных в соответствии с МСФО. Если не указано иное, эти показатели и коэффициенты, не относящиеся к GAAP, рассчитываются и раскрываются на постоянной основе от периода к периоду. Более подробную информацию о финансовых показателях и коэффициентах Parkland, не относящихся к GAAP, см. в разделе 14 MD&A за 1 квартал 2022 года, который включен путем ссылки в этот пресс-релиз. Ниже приведена сверка Скорректированной прибыли (убытка) с чистой прибылью (убытком) и расчет Скорректированной прибыли (убытка) на акцию за три месяца, закончившихся 31 марта 2022 года и 31 марта 2021 года.
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. |
Распределяемый денежный поток TTM - это финансовый показатель, не соответствующий GAAP, а распределяемый денежный поток TTM на акцию - это коэффициент, не соответствующий GAAP. Распределяемый денежный поток TTM - это показатель денежных средств, который учитывает влияние сезонности в бизнесе Parkland путем исключения статей неденежного оборотного капитала и исключает влияние статей, которые не считаются репрезентативными для способности Parkland генерировать денежные потоки. Такие статьи включают: (i) затраты на приобретение, интеграцию и другие расходы; (ii) капитальные затраты на техническое обслуживание и; (iii) проценты по договорам аренды и долгосрочным долгам, а также основные платежи по договорам аренды, приходящиеся на неконтролирующие доли участия. Распределяемый денежный поток не имеет какого-либо стандартизированного значения в соответствии с МСФО и поэтому вряд ли будет сопоставим с аналогичными показателями, представленными другими компаниями. Parkland использует этот финансовый показатель, не относящийся к GAAP, для мониторинга нормализованных денежных потоков бизнеса, устраняя влияние колебаний оборотного капитала Parkland и расходов, используемых на приобретение, интеграцию и другие виды деятельности, которые могут значительно варьироваться от квартала к кварталу.
Three months ended |
Trailing twelve March 31, |
||||
($ millions, unless otherwise noted) |
June 30, |
September 30, |
December 31, |
March 31, |
|
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 |
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, |
||||
($ millions, unless otherwise noted) |
June 30, |
September 30, |
December 31, |
March 31, |
|
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 |
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. |
SSSG продовольственных и фирменных магазинов относится к росту продаж за период, вызванному розничными круглосуточными магазинами на тех же площадках компании. Последствия открытия и закрытия магазинов, временного закрытия (в том числе закрытия для переоборудования магазинов ON the RUN / Marché Express), расширения, реконструкции и изменений в моделях общественного питания за период исключаются для получения сопоставимого показателя для одного и того же магазина. Рост продаж в одном магазине - это показатель, обычно используемый в розничной торговле, который предоставляет инвесторам значимую информацию при оценке состояния и силы брендов и розничной сети Parkland, что в конечном итоге влияет на финансовые показатели. SSSG Food and Company C-Store не имеет какого-либо стандартизированного значения в соответствии с МСФО и поэтому вряд ли будет сопоставим с аналогичными показателями, представленными другими компаниями. См. Ниже сверку выручки круглосуточных магазинов в канадском сегменте с продажами в одном и том же магазине продуктов питания и C-Store ("SSS") и расчет SSSG для продуктов питания и C-Store компании.
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 |
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. |
Дополнительные Финансовые Меры
Parkland использует ряд дополнительных финансовых показателей, включая дивиденды на акцию, дивиденды TTM и денежные средства TTM, полученные от (использованные в) операционной деятельности, для оценки успеха наших стратегических целей и установления переменных целевых показателей вознаграждения для сотрудников. Эти показатели могут быть несопоставимы с аналогичными показателями, представленными другими эмитентами, поскольку другие эмитенты могут рассчитывать эти показатели по-разному. Более подробную информацию о дополнительных финансовых мерах, используемых Parkland, см. в разделе 14 MD&A за 1 квартал 2022 года, который включен путем ссылки в этот пресс-релиз.
Общее количество сегментов Измеряет
Скорректированный показатель EBITDA представляет собой совокупный показатель сегментов, используемый главным лицом, принимающим операционные решения, для принятия решений о распределении ресурсов для сегмента и оценки его эффективности. Скорректированная EBITDA для Канадского и Нефтеперерабатывающего сегментов и Общая скорректированная EBITDA по возобновляемым источникам энергии (являющаяся суммой возобновляемых подсегментов Канады и Нефтеперерабатывающего сегмента) также являются суммой показателей сегментов. В соответствии с МСФО корректировки и исключения, сделанные при подготовке финансовой отчетности предприятия, а также распределение доходов, расходов и прибылей или убытков, должны включаться в определение отчетной прибыли или убытка сегмента только в том случае, если они включены в показатель прибыли или убытка сегмента, который используется главным операционным решением создатель. Таким образом, скорректированная EBITDA Parkland вряд ли будет сопоставима с аналогичными показателями, представленными другими эмитентами, которые могут рассчитывать эти показатели по-другому. Parkland рассматривает скорректированную EBITDA в качестве ключевого показателя основных операционных показателей деятельности бизнес-сегмента на операционном уровне. Скорректированный показатель EBITDA используется руководством для установления целевых показателей для Parkland (включая годовые рекомендации и целевые показатели переменной компенсации) и используется для определения способности Parkland обслуживать долг, финансировать капитальные затраты и обеспечивать выплату дивидендов акционерам. Более подробную информацию об общем количестве сегментов, используемых Parkland, см. в разделе 14 MD&A за 1 квартал 2022 года, который включен путем ссылки в этот пресс-релиз. Сверка скорректированной EBITDA с чистой прибылью (убытком) за три месяца, закончившихся 31 марта 2022 года и 31 марта 2021 года, приведена в таблице ниже.
Reporting segments |
Canada |
Refining |
International |
USA |
Corporate |
IntersegmentEliminations(3) |
Consolidated |
|||||||||||||||||||
Sub-segments |
Renewable |
Conventional |
Total |
Renewable |
Conventional |
Total |
Total Renewable Sub-segment |
Total Conventional Sub-segment(4) |
||||||||||||||||||
For the three months ended March 31, |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
Fuel and petroleum product volume (million litres)(1) |
120 |
80 |
3,300 |
3,044 |
3,420 |
3,124 |
— |
— |
979 |
804 |
979 |
804 |
120 |
80 |
4,279 |
3,848 |
1,524 |
1,229 |
1,860 |
1,086 |
— |
— |
(811) |
(720) |
6,972 |
5,523 |
Sales and operating revenue |
121 |
66 |
3,731 |
2,332 |
3,852 |
2,398 |
73 |
56 |
1,003 |
554 |
1,076 |
610 |
194 |
122 |
4,734 |
2,886 |
1,722 |
1,004 |
2,018 |
892 |
— |
— |
(878) |
(557) |
7,790 |
4,347 |
Sub-segment eliminations(2) |
(121) |
(66) |
(63) |
(55) |
(184) |
(121) |
||||||||||||||||||||
Sales and operating revenue - after eliminations |
3,731 |
2,332 |
1,013 |
555 |
1,722 |
1,004 |
2,018 |
892 |
— |
— |
(878) |
(557) |
7,606 |
4,226 |
||||||||||||
Cost of purchases |
109 |
62 |
3,354 |
2,031 |
3,463 |
2,093 |
54 |
24 |
798 |
436 |
852 |
460 |
163 |
86 |
4,152 |
2,467 |
1,470 |
835 |
1,840 |
813 |
— |
— |
(878) |
(557) |
6,747 |
3,644 |
Sub-segment eliminations(2) |
(121) |
(66) |
(63) |
(55) |
(184) |
(121) |
||||||||||||||||||||
Cost of purchases - after eliminations |
3,342 |
2,027 |
789 |
405 |
1,470 |
835 |
1,840 |
813 |
— |
— |
(878) |
(557) |
6,563 |
3,523 |
||||||||||||
Fuel and petroleum product adjusted gross margin, before the following: |
12 |
4 |
317 |
253 |
329 |
257 |
19 |
32 |
203 |
117 |
222 |
149 |
31 |
36 |
520 |
370 |
229 |
147 |
129 |
48 |
— |
— |
— |
— |
909 |
601 |
Gain (loss) on risk management and other - realized |
(3) |
1 |
— |
(4) |
(3) |
(3) |
— |
— |
(70) |
(5) |
(70) |
(5) |
(3) |
1 |
(70) |
(9) |
(92) |
(32) |
(18) |
(5) |
— |
— |
— |
— |
(183) |
(45) |
Gain (loss) on foreign exchange - realized |
1 |
— |
— |
(1) |
1 |
(1) |
— |
— |
2 |
3 |
2 |
3 |
1 |
— |
2 |
2 |
2 |
3 |
— |
— |
3 |
4 |
— |
— |
8 |
9 |
Other adjusting items to adjusted gross margin |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(2) |
— |
— |
— |
(2) |
Fuel and petroleum product adjusted gross margin |
10 |
5 |
317 |
248 |
327 |
253 |
19 |
32 |
135 |
115 |
154 |
147 |
29 |
37 |
452 |
363 |
139 |
118 |
111 |
43 |
3 |
2 |
— |
— |
734 |
563 |
Food, convenience and other adjusted gross margin |
— |
— |
60 |
48 |
60 |
48 |
— |
— |
2 |
1 |
2 |
1 |
— |
— |
62 |
49 |
23 |
22 |
49 |
31 |
— |
— |
— |
— |
134 |
102 |
Total adjusted gross margin |
10 |
5 |
377 |
296 |
387 |
301 |
19 |
32 |
137 |
116 |
156 |
148 |
29 |
37 |
514 |
412 |
162 |
140 |
160 |
74 |
3 |
2 |
— |
— |
868 |
665 |
Operating costs |
1 |
1 |
149 |
119 |
150 |
120 |
2 |
2 |
61 |
46 |
63 |
48 |
3 |
3 |
210 |
165 |
40 |
34 |
84 |
42 |
— |
— |
— |
— |
337 |
244 |
Marketing, general and administrative |
1 |
1 |
46 |
31 |
47 |
32 |
— |
— |
4 |
3 |
4 |
3 |
1 |
1 |
50 |
34 |
23 |
19 |
29 |
13 |
25 |
20 |
— |
— |
128 |
87 |
Share in (earnings) loss of associates and joint ventures |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(5) |
(2) |
— |
— |
— |
— |
— |
— |
(5) |
(2) |
Other adjusting items to Adjusted EBITDA |
— |
— |
(1) |
— |
(1) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
(1) |
— |
(5) |
(1) |
— |
— |
— |
— |
— |
— |
(6) |
(1) |
Adjusted EBITDA including NCI |
8 |
3 |
183 |
146 |
191 |
149 |
17 |
30 |
72 |
67 |
89 |
97 |
25 |
33 |
255 |
213 |
109 |
90 |
47 |
19 |
(22) |
(18) |
— |
— |
414 |
337 |
Attributable to NCI |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
27 |
23 |
— |
— |
— |
— |
— |
— |
27 |
23 |
Adjusted EBITDA attributable to Parkland ("AdjustedEBITDA") |
8 |
3 |
183 |
146 |
191 |
149 |
17 |
30 |
72 |
67 |
89 |
97 |
25 |
33 |
255 |
213 |
82 |
67 |
47 |
19 |
(22) |
(18) |
— |
— |
387 |
314 |
Add: Adjusted EBITDA attributable to NCI |
27 |
23 |
||||||||||||||||||||||||
Less: |
||||||||||||||||||||||||||
Acquisition, integration and other costs |
13 |
5 |
||||||||||||||||||||||||
Depreciation and amortization |
155 |
154 |
||||||||||||||||||||||||
Finance costs |
70 |
83 |
||||||||||||||||||||||||
(Gain) loss on foreign exchange – unrealized |
6 |
4 |
||||||||||||||||||||||||
(Gain) loss on risk management and other – unrealized |
11 |
5 |
||||||||||||||||||||||||
Other (gains) and losses |
72 |
45 |
||||||||||||||||||||||||
Other adjusting items(2) |
6 |
(1) |
||||||||||||||||||||||||
Income tax expense (recovery) |
13 |
6 |
||||||||||||||||||||||||
Net earnings (loss) |
68 |
36 |
||||||||||||||||||||||||
Less: Net earnings (loss) attributable to NCI |
13 |
7 |
||||||||||||||||||||||||
Net earnings (loss) attributable to Parkland |
55 |
29 |
||||||||||||||||||||||||
(1) Fuel and petroleum product volume for renewable activities only includes fuel trading volumes and does not include volumes of low-carbon intensity feedstocks used for co-processing and blending. |
(2) Represents elimination of transactions between Renewable and Conventional sub-segments within Canada and Refining. |
(3) Includes inter-segment sales and cost of purchases. See Note 13 of the Interim Condensed Consolidated Financial Statements. |
(4) Total of Conventional sub-segment is not a financial measure used by Parkland to evaluate performance and is not a Total of segment measure under NI 52-112. It is included in the table above for the reconciliation purposes only. |
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