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Press release from Marketwire

Parkland Fuel Corporation Reports Third Quarter 2013 Results

Weak Refiner's Margins Affected Q3 Results and Parkland Continues With its Growth Strategy Through the Acquisition of SPF Energy Inc.

Friday, November 08, 2013

Parkland Fuel Corporation Reports Third Quarter 2013 Results

08:00 EST Friday, November 08, 2013

RED DEER, ALBERTA--(Marketwired - Nov. 8, 2013) - Parkland Fuel Corporation ("Parkland" or the "Corporation") (TSX:PKI), Canada's largest independent supplier and reseller of fuels and petroleum products, today announced the financial and operating results for the three and nine months ended September 30, 2013. All financial figures are stated in Canadian dollars. Parkland is also announcing today that it has entered into a definitive agreement to acquire all outstanding shares of North Dakota's SPF Energy Inc. ("the Acquisition" or "SPF").

2013 Q3 Operational Highlights:

Parkland delivered Adjusted EBITDA of $37.8 million in the third quarter of 2013, a 38% decrease over the same period in 2012 due to lower refiner's margins that fell to the low end of their five year range, lower Commercial activity, partially offset by positive results from Elbow River.

Grow

  • Volumes increased 62% or 671 million litres year over year primarily due to recent acquisitions;
  • Today Parkland also announced the acquisition of SPF Energy Inc. for approximately $110 million. SPF is anticipated to add $20 million in Adjusted EBITDA and 1.1 billion liters of refined petroleum product annually; and
  • Including the impact of the SPF acquisition, the Adjusted EBITDA forecast guidance for 2014 to 2016 has been increased by $10.0 million.

Supply

  • Gasoline refiner's margins fell dramatically to low end of five year range in third quarter of 2013; and
  • Parkland's supply options, terminal assets and logistics prove to be pivotal in managing both planned and unexpected refiner interruptions during the quarter.

Operate

  • All strategic cost reduction programs remain on track;
  • MG&A costs increase 33% compared year over year primarily due to integration of newly acquired companies; and
  • Increased third quarter operating costs largely the result of the Elbow River Marketing, Sparling's Propane, TransMontaigne and Magnum Oil acquisitions.
For the three months ended
September 30,
For the nine months ended
September 30,
2013 2012 % Change 2013 2012 % Change
(in millions of litres)
Total fuel volume 1,762 1,091 62 4,742 3,179 49
Retail fuel volume 477 491 (3 ) 1,315 1,364 (3 )
Commercial fuel volume* 349 343 2 1,094 1,120 (2 )
(in millions of Canadian dollars)
Net earnings 19.1 31.8 (40 ) 70.0 75.3 (7 )
Adjusted EBITDA (1) 37.8 60.6 (38 ) 156.9 157.9 (1 )
Distributable cash flow (2) 23.2 44.7 (48 ) 110.4 109.2 1
Dividend to distributable cash flow payout ratio 79 % 38 % 49 % 46 %
(1) Due to the acquisition of Elbow River Marketing and ongoing mergers and acquisition activities Parkland will utilize "Adjusted EBITDA". Adjusted EBITDA represents earnings before finance costs (accretion on refinery remediation, accretion on asset retirement obligation, interest on long-term debt, interest and accretion on convertible debentures and loss on interest rate swaps), income tax expense (recovery), depreciation and amortization, unrealized loss (gain) on commodities forward contracts and US dollar forward exchange contracts, acquisition related costs, loss (gain) on disposal of property, plant and equipment and unrealized loss (gain)on foreign exchange. Adjusted EBITDA differs from the previously disclosed EBITDA due to the exclusion of acquisition related costs in the calculation. Please see Adjusted EBITDA in the Non-GAAP Measures section in the MD&A and the reconciliation later in this press release.
(2) Please see Distributable Cash Flow reconciliation table and definition in Non-GAAP Measures section of the MD&A.

"Unusually low refiner's margins, after several exceptionally strong quarters, demonstrate their inherent volatility," said Bob Espey, President and Chief Executive Officer of Parkland. "During the sunset of the refiner's margin based contract, it's a powerful reminder about the value of our supply team and their initiatives that take effect in 2014 to sustainably strengthen our supply profits going forward. The third quarter is traditionally our weakest quarter due to the seasonal nature of our fuel marketing businesses. Despite this, we have increased our Adjusted EBITDA forecast for 2014 and beyond by $10 million on the basis of our supply initiatives and the acquisition of SPF Energy Inc."

SPF Energy Inc. Acquisition

Parkland also announced today in a separate news release, that it has entered into a definitive agreement to acquire all outstanding shares of North Dakota's SPF Energy Inc. All financial figures have been converted to Canadian dollars.

Subject to satisfaction of closing conditions, the outstanding shares of SPF will be purchased for approximately $110 million consisting of approximately $89 million cash and approximately $21 million in common shares of Parkland. Parkland intends to leverage its strong balance sheet position to fund the majority of the transaction.

The SPF acquisition is subject to the receipt of all necessary third party and regulatory consents and approvals, including the approval of the Toronto Stock Exchange, which are expected in the coming weeks with closing expected to be effective January 1, 2014.

Inclusive of the SPF acquisition, in the first year and a half of its five year strategic plan, Parkland will have successfully added approximately 1.7 billion litres in fuel volumes and $47 million in annualized Adjusted EBITDA through acquisitions. Parkland's acquisitions over the past year have been at an average multiple of less than five times Adjusted EBITDA. Parkland has also identified approximately $8 million in synergies across its acquisitions this year and identified savings of $11 million with its "Give me five!" initiative for a total of $66 million in annualized progress towards Parkland's goal of $125 million in additional Adjusted EBITDA by 2016.

Consolidated Highlights:
Three months ended September 30, Nine months ended September 30,
(in millions of Canadian dollars, except volume and per Share amounts)
2013

2012

% Change

2013

2012

% Change
Income Statement Summary:
Sales and operating revenues 1,509.0 1,059.5 42 4,064.6 3,135.2 30
Gross profit 112.8 112.5 - 369.3 333.0 11
Operating costs 44.1 33.3 (32 ) 130.0 113.1 (15 )
Marketing, general and administrative 24.9 18.5 (35 ) 77.1 57.9 (33 )
Depreciation and amortization expense 14.1 12.3 (15 ) 42.4 38.7 (10 )
29.7 48.4 (39 ) 119.8 123.3 (3 )
Customer finance income (0.6 ) (0.8 ) (25 ) (1.8 ) (2.5 ) (28 )
Finance costs 4.4 4.6 4 14.0 16.1 13
Foreign exchange gain (loss) 0.9 - - (0.8 ) (0.1 ) 700
Loss on disposal of property, plant and equipment 1.2 (0.6 ) - 1.6 - -
(Gain) loss on risk management activities (2.5 ) 1.1 - 11.5 6.8 (69 )
Earnings before income taxes 26.3 44.1 (40 ) 95.3 103.0 (7 )
Income tax expense 7.2 12.3 41 25.3 27.7 9
Net earnings 19.1 31.8 (40 ) 70.0 75.3 (7 )
Net earnings per share
- Basic 0.27 0.48 (44 ) 1.00 1.14 (12 )
- Diluted (1) 0.27 0.44 (39 ) 0.99 1.08 (8 )
Non-GAAP Financial Measures:
Adjusted EBITDA (2)(3) 37.8 60.6 (38 ) 156.9 157.9 (1 )
Distributable cash flow (2)(4) 23.2 44.7 (48 ) 110.4 109.2 1
Distributable cash flow per share (2)(4) 0.33 0.66 (50 ) 1.55 1.63 (4 )
Dividends 18.4 17.1 8 54.3 50.5 8
Dividend to distributable cash flow payout ratio (2)(4) 79 % 38 % 49 % 46 %
Key Metrics:
Fuel volume (millions of litres) 1,762.0 1,091.0 62 4,742.0 3,179.0 49
Return on capital employed (ROCE) (2)(5) 20.9 % 24.0 %
Employees 1,323 1,155 15
Fuel Key Metrics - Cents per litre:
Average Retail fuel adjusted gross profit (6) 4.99 4.38 14 4.76 4.77 -
Average Commercial fuel adjusted gross profit (6) 7.94 8.54 (7 ) 9.81 9.55 3
Operating costs 2.50 3.05 18 2.74 3.56 23
Marketing, general and administrative 1.41 1.70 17 1.63 1.82 11
Depreciation and amortization expense 0.80 1.13 29 0.89 1.22 27
Liquidity and bank ratios:
Net debt:adjusted EBITDA (2)(7) 1.51 1.05
Senior debt:adjusted EBITDA (2)(7) 0.86 0.33
Interest coverage (2)(6) 8.09 5.20
  1. Diluted earnings (loss) per share can be impacted by an anti-dilutive impact of conversion of the debentures. Quarterly diluted earnings (loss) per share may therefore not accumulate to the same per share value as the year-to-date calculation.
  2. Please refer to the Non-GAAP Measures section in the MD&A for definitions.
  3. Please see Adjusted EBITDA discussion in the MD&A.
  4. Please see Distributable Cash Flow reconciliation table in the MD&A.
  5. Please see ROCE discussion in the MD&A.
  6. Please see Segmented Results discussion in the MD&A
  7. Please refer to the Non-GAAP Measures section in the MD&A for reconciliations.

Parkland Penny Plan Update

The Parkland Penny Plan, announced on May 15, 2012, is targeting:

  • Growth to seven billion litres in fuel volumes by 2016 through organic growth and acquisitions; and
  • 1 cent per litre in additional Adjusted EBITDA margin by 2016 through economies of scale, better supply options, and efficiencies.
Penny Plan Scorecard Summary:
Area Commitment Analysis 2016
Target
2013 2012
Grow Organic growth Lower Consumption in Oil and Gas Sector
Base volumes, excluding Elbow River Marketing, continue to be down due to softness across several commercial sectors partially offset by strong sales efforts.
0.5
billion litres
(83)
million litres
(29.7)
million litres
Major acquisitions $47 million in Adjusted EBITDA Added
The acquisitions of Elbow River Marketing, Sparling's Propane, SPF Energy Inc. and TransMontaigne will contribute towards the $55 million in Adjusted EBITDA Parkland is targeting by 2016. The mergers and acquisitions environment remains very active. The year to date results exclude 1,315 million litres of fuel and propane volume from Elbow River Marketing.
2.5
billion litres
1,720
million litres
-
Supply Supply Margins On Track
Parkland continues to extend its progress on replacing the average normalized profit of its refiner's margin contract through the negotiation of supply contracts, supply management, terminals, and the addition of Elbow River Marketing. No problems are foreseen in replacing the volume.
100%
Normalized profit plus 1/3 cent
On Track On Track
Operate Operating costs Progress Continues
Elbow River Marketing's volumes and operating costs have been excluded. The primary reason for the decrease is the addition of TMCI's high volume wholesale business.
3.60 cpl 3.49 cpl TTM 3.61 cpl
Marketing, General and Administration costs MG&A Down on Increased Volumes
Elbow River Marketing's volumes and MG&A costs as well as acquisition costs have been excluded.
1.59 cpl 1.79 cpl TTM 1.87 cpl
Total Recordable Injury Frequency Safety remains a focus
TTM Lost Time Injury Frequency was 0.99 at the end of Q3 2013.
Less than 2 2.62 2.33
* Normalized for Cango and one-time costs; The average annualized benefit under this contract excluding performance from outlier years
Note: 2016 cost targets will be updated in the event of a significant change to Parkland's business mix.
Abbreviations: CPL = Cents per litre

This five year strategic plan aims to double 2011 normalized Adjusted EBITDA of $125 million by the end of 2016. (Normalized Adjusted EBITDA ignores one-time costs and irregular profits). $70 million is expected to be derived through a one cent increase in Adjusted EBITDA margin, $55 million is expected to be derived through acquisitions.

A more detailed explanation of the Parkland Penny Plan and the full scorecard can be found in this quarter's Management's Discussion and Analysis.

Commercial Fuels

Q3 2013 vs. Q3 2012

For the three months ended September 30, 2013, Parkland Commercial Fuels' volumes increased 2% to 349 million litres compared with 343 million litres in 2012 due to 19 million litres contributed by Sparlings propane offset by the planned phase out of 15 million litres of low margin distribution on behalf of a major refiner as part of Parkland's ongoing strategy to simplify and streamline its commercial business.

For the three months ended September 30, 2013, the Canadian Association of Oilwell Drilling Contractors (CAODC) reported an average monthly drilling rig count of 346 per month, a 2% increase compared with 339 per month for the same period in 2012. Despite this increase in activity, a diesel supply disruption in Northern Alberta coupled with a shortage of drivers, served to lower our realized activity.

Average net fuel adjusted gross profit on a cents per litre basis for the third quarter of 2013 was 7.94 cpl, a decrease of 7% or 0.60 cpl compared with 8.54 cpl in the third quarter of 2012 due to temporary pricing pressures.

YTD 2013 vs. 2012

For the nine months ended September 30, 2013, Parkland Commercial Fuels volume decreased 2% to 1,094 million litres compared with 1,120 million litres for the same period in 2012 largely due customer loss experienced in Western Canada, the planned phase out of 45 million litres of low margin distribution on behalf of a major refiner, partially offset by 44 million litres contributed by the acquisition of Sparling's propane.

Average net fuel gross profit on a cents per litre basis for the nine months ended September 30, 2013 was 9.81 cpl, an increase of 3% or 0.26 cpl compared with 9.55 cpl in 2012. The year to year increase was due to higher fuel margins realized in the first quarter of 2013 compared to the same period in 2012.

Retail Fuels

Q3 2013 vs. Q3 2012

For the three months ended September 30, 2013, Parkland Retail Fuels' volumes decreased 3% to 477 million litres compared with 491 million litres for the same period in 2012. The decrease was primarily related to an expected 6 million litre reduction in volume contribution from the Cango network due to site rationalization, other temporary closures for the purpose of site upgrades an increase in competition in the Ontario market.

Average adjusted gross profit on a cents per litre basis increased by 14% to 4.99 cpl in the third quarter of 2013 compared with 4.38 cpl in the third quarter of 2012 due to strong fuel margins across the network.

YTD 2013 vs. 2012

For the nine months ended September 30, 2013, Parkland Retail Fuels' volumes decreased 4% to 1,315 million litres compared with 1,364 million litres in 2012. The decrease is mainly due to the factors outlined above.

Retail Fuels' adjusted gross profit remain relatively flat at 4.76 cpl for the nine months ended September 30, 2013 compared with 4.77 cpl in 2012.

Wholesale, Supply and Distribution

Q3 2013 vs. Q3 2012

For the three months ended September 30, 2013 Parkland Wholesale, Supply and Distribution fuel volumes (after eliminating intersegment sales) increased 264% to 936 million litres compared with 257 million litres for the same period in 2012 primarily due to 491 million litres added from the acquisition of Elbow River Marketing and 189 million litres from the acquisition of TMCI.

Fuel adjusted gross profits for the three months ended September 30, 2013 decreased 22% to $32.5 million compared with $42.0 million for the same period in 2012, primarily due to drastically lower refiner's margins partially offset by profits from Elbow River Marketing and Parkland's ongoing supply initiatives.

YTD 2013 vs. 2012

For the nine months ended September 30, 2013 Parkland Wholesale, Supply and Distribution fuel volumes (after eliminating intersegment sales) increased 236% to 2,333 million litres compared with 695 million litres in 2012 primarily due to 1,315 million litres from Elbow River Marketing and 288 million litres from the acquisition of TMCI and volume growth due to the division's sales activities.

Fuel gross profits from Parkland Wholesale, Supply and Distribution for the nine month period ended 2013 increased 25% to $124.7 million compared with $99.8 million in 2012 primarily due $43.0 million from Elbow River Marketing.

Operating and Direct Costs

Q3 2013 vs. Q3 2012

Operating and direct costs increased by 33% to $44.1 million (2.5 cpl) for the three months ended September 30, 2013, compared with $33.2 million (3.0 cpl) in the three months ended September 30, 2012, primarily due to the acquisition of Elbow River Marketing, TransMontaigne and Sparling's Propane, partially offset by business simplification and standardization in Parkland's Retail Fuels Division, reduced volumes and cost initiatives within the Commercial Fuels Division.

YTD 2013 vs. 2012

Operating and direct costs increased by 15% to $130.0 million (2.7 cpl) in the nine months ended September 30, 2013, compared with $113.1 million (3.6 cpl) in 2012 due to the same reasons as described in the quarter.

Marketing, General and Administrative Costs

Q3 2013 vs. Q3 2012

Marketing, general and administrative expenses ("MG&A") increased 35% to $24.9 million (1.4 cpl) in the third quarter of 2013 compared with $18.5 million (1.7 cpl) in the third quarter of 2012. Marketing, general and administrative costs in the third quarter of 2013 increased $4.5 million as a result of the acquisition of Elbow River Marketing, $0.4 million from the purchase of TransMontaigne, $0.4 million from the acquisition of Sparlings Propane, and $0.8 million in acquisition related costs.

YTD 2013 vs. 2012

Marketing, general and administrative expenses increased 33% to $77.1 million (1.6 cpl) in the nine months ended September 30, 2013, compared with $57.9 million (1.8 cpl) for the nine months ended September 30, 2012. Marketing, general and administrative costs in the first nine months of 2013 increased $19.2 million as a result of the acquisition of Elbow River Marketing $13.2 million, $1.0 million from the acquisition of Sparling's Propane and $4.1 million in acquisition related costs.

Adjusted EBITDA

Q3 2013 vs. Q3 2012

Adjusted EBITDA for the third quarter of 2013 decreased by 38% to $37.8 million compared with $60.6 million in the third quarter of 2012. The decrease in Adjusted EBITDA is mainly the result of crack spreads decreasing to below five year historical average levels resulting in lower refiner's margins, lower Commercial Fuels earnings, partially offset by the acquisition of Elbow River Marketing with Adjusted EBITDA of $6.8 million.

YTD 2013 vs. 2012

Adjusted EBITDA for the nine months ended September 30, 2013 was $156.9 million, a decrease of 1% compared with $157.9 million for the nine months ended September 30, 2012, the Elbow River Marketing acquisition has added $19.1 million of Adjusted EBITDA during the first nine months, this has been offset by lower Adjusted EBITDA in the Commercial divisions, and lower participation in refiner's margins as noted in the quarter.

Net Earnings

Q3 2013 vs. Q3 2012

Parkland's net earnings in the third quarter of 2013 were $19.1 million, a decrease of $12.7 million compared with net earnings of $31.8 million in the third quarter of 2012. The decrease in net earnings in the third quarter of 2013 compared with the prior year was primarily due to a $22.8 million decrease in Adjusted EBITDA, $1.8 million increase in depreciation and amortization costs, $1.8 million in increase in loss on disposal of property plant and equipment, partially offset by a $5.3 million decrease in income taxes and a gain on risk management activities of $9.5 million. The gain on risk management activities is due to unrealized gains from the change in fair value of commodity forward contracts and US dollar forward exchange contracts.

YTD 2013 vs. 2012

Net earnings for the nine months ended September 30, 2013 were $69.9 million, a decrease of $5.4 million compared with $75.3 million in 2012. The decrease in net earnings was primarily due to $1.0 million decrease in Adjusted EBITDA, $3.7 million increase in depreciation and amortization, $4.0 million increase in acquisition related costs, $1.6 million loss on disposal of property, plant and equipment, partially offset by $2.0 million decrease in finance costs, a $0.7 million unrealized gain from the change in fair value of commodity related contracts and US dollar forward exchange contracts and a $2.3 million decrease in income taxes.

Outlook

In the Retail Business, during the second quarter of 2013 Parkland signed an agreement with Chevron to be a branded distributor of the Chevron brand in the British Columbia marketplace. Parkland anticipates converting five current locations in Northern British Columbia to the Chevron brand prior to year end 2013.

Commercial Fuels reorganized its commercial division in the third quarter by creating an operations and sales division to better focus on operational efficiencies and sales growth across Canada. Brand consolidation in some areas of the business have driven the transition of lubricants away from other refiners and towards Shell branded lubricants. These transitions are an important step in simplifying and standardizing the commercial business.

The outlook for the Horn River basin and other drilling areas is improving and the commercial team has positioned itself to capitalize on opportunities as they emerge.

Parkland's Wholesale, Supply and Distribution Group, which ensured that retail and commercial customers had access to supply during the third quarter despite refinery outages that occurred in both western and eastern Canada, is well positioned to continue to protect the supply security of Parkland's customers.

Parkland is working closely with industry operators to provide terminal and distribution options through its various terminal assets.

Gasoline refiner's margins have contracted significantly and remain closer to the low end of the five year averages.

MD&A and Financial Statements

Management's Discussion and Analysis, the audited Consolidated Financial Statements, and the Notes to the Consolidated Financial Statements for the three and nine months ended September 30, 2013 are available online at www.parkland.ca.

Conference Call Information

Parkland Fuel Corporation will host a webcast and conference call at 7:00 A.M. MT (9:00 A.M. ET) on November 8th, 2013 to discuss the acquisition of SPF Energy Inc. and Parkland's third quarter 2013 results.

President and CEO Bob Espey and Senior Vice President and CFO Mike Lambert will discuss Parkland's financial results for the quarter and then take questions from securities analysts, brokers and investors.

Please log into the webcast slide presentation 10 minutes before the start time at:

http://www.snwebcastcenter.com/webcast/parkland/2013/1108inv/

To access the conference call by telephone from within Canada dial toll free 1-888-241-0394. International callers or callers from the Toronto area should use (647) 427-3413. Please connect approximately 10 minutes prior to the beginning of the call and quote the conference ID: 7439 0265.

The webcast will be available for replay within 24 hours of the end of the conference call.

Forward Looking Information

Certain information included herein is forward-looking. Forward-looking statements include, without limitation, statements regarding the value of the common shares to be issued and cash to be paid in consideration for the Acquisition, the successful completion of the Acquisition and the timing thereof, the anticipated benefits, including, without limitation, the opportunities, capabilities and synergies, that may result as a consequence of the Acquisition, the sources of funding for the Acquisition, the accretive impact of the Acquisition, the operations of SPF and Parkland following the completion of the Acquisition, the satisfaction of all conditions to the completion of the Acquisition, including, without limitation, obtaining all necessary third party and regulatory consents and approvals, Parkland's expectation of its future financial position, business and growth strategies, including the manner in which such strategies will be implemented, budgets, projected costs, sources of growth, capital expenditures, financial results, future acquisitions and the efficiencies to be derived therefrom and plans and objectives of or involving Parkland. Many of these statements can be identified by looking for words such as "believe", "expects", "expected", "will", "intends", "projects", "projected", "anticipates", "estimates", "continues", or similar words and include, but are not limited to, statements regarding the accretive effects of acquisitions and the anticipated benefits of acquisitions.

Parkland believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties some of which are described in Parkland's annual information form and other continuous disclosure documents. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Parkland's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors include, but are not limited to: failure to complete the Acquisition, failure to obtain the necessary regulatory or other third party approvals, failure to achieve the anticipated benefits of the Acquisition, failure to meet financial, operational and strategic objectives and plans, general economic, market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities including increases in taxes; changes in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. Any forward-looking statements are made as of the date hereof and Parkland does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise.

About Parkland Fuel Corporation

Parkland Fuel Corporation is an independent supplier and reseller of petroleum products, empowered by a continent-wide logistics, supply and trading platform. We provide motorists, businesses, consumers and wholesale customers with a safe and dependable source of gasoline, diesel, propane, lubricants, heating oil and other products through a network of locations across North America that are run by community based operators who care.

To sign up for Parkland's investor information services, please go to http://bit.ly/PKI-Info or visit www.parkland.ca.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Parkland Fuel Corporation
Glen Nelson
Manager Investor Relations
1-800-662-7177 ext. 2533
http://bit.ly/PKIContact
www.parkland.ca

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