Parkland Advances Strategy; Announces Sale Process for its Florida Business
This announcement represents the continued execution of Parkland's strategy. Consistent with its strategy laid out in
"This disposition reflects our commitment to direct capital towards our highest return opportunities and maximize shareholder value," said
Parkland continuously reviews all parts of its portfolio. While its
Parkland remains focused on improving returns and increasing cash flow through disciplined capital allocation. By divesting non-core assets, the Company continues to focus on areas with the highest growth potential and strongest synergies with its core business.
Parkland's
The announced sale of Parkland's
The Company expects to close the previously announced sale of its Canadian propane business in the fourth quarter of 2024. This disposition includes estimated cash proceeds of
About
Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 26 countries across the
Our strategy is focused on two pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers, cultivating their loyalty through proprietary brands, differentiated offers, our extensive network, competitive pricing, reliable service, and our compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and 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 "aim", "continue", "focus", "will", "would" and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: Parkland's plan to divest its
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 laws. 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; Parkland's ability to execute its business strategy; Parkland's ability to identify buyers and complete divestments on terms reasonable to Parkland and in a timely manner; future accretive investments opportunities; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" in Parkland's current Annual Information Form and under the headings "Forward-Looking Information" and "Risk Factors" in Parkland's Management's Discussion and Analysis for the most recently completed financial period ("Q2 2024 MD&A"), each as filed on SEDAR+ at www.sedarplus.ca and available on Parkland's website at www.parkland.ca. The Available cash flow per share Ambition and Adjusted EBITDA Ambition assume continued organic growth from growth capital expenditures in line with historical returns, synergy capture from previously completed acquisitions, identified cost efficiencies, potential acquisitions (not identified, but reflective of expected market returns and similar to expected returns from organic growth initiatives), major planned turnarounds at Parkland's refinery in
Specified Financial Measures This news release refers to certain non-GAAP financial measures and ratios, total of segments measures and supplementary financial measures (collectively "specified financial measures"). Available cash flow is a non-GAAP financial measure; Available cash flow per share and Available cash flow per share Ambition are non-GAAP financial ratios; Adjusted EBITDA is a total of segments measure; and Adjusted EBITDA Ambition is a supplementary financial measure, all of which do not have standardized meanings prescribed by International Financial Reporting Standards ("IFRS") and may not be comparable to similar financial measures used by other issuers who may calculate these measures differently. See Section 16 of the Q2 2024 MD&A for a discussion of Adjusted EBITDA, Available cash flow and Available cash flow per share and, where applicable, their reconciliations to the nearest IFRS measures, which is hereby incorporated by reference into this news release and available on Parkland's profile on SEDAR+ at www.sedarplus.ca. Investors are cautioned that these measures should not be construed as an alternative to net earnings (loss), cash generated from (used in) operating activities, or other directly comparable financial measures determined in accordance with IFRS as an indication of Parkland's performance. Adjusted EBITDA Ambition is the forward-looking metric of the historical measure of Adjusted EBITDA for 2028. Available cash flow per share Ambition is the forward-looking metric of the historical measures of Available cash flow and Available cash flow per share for 2028.
1 Specified financial measure. See "Specified Financial Measure" section of this news release. See "Forward Looking Statements" section of this news release for assumptions underlying Parkland's 2028 ambitions. |
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