{"id":141763,"date":"2022-12-09T17:40:00","date_gmt":"2022-12-08T02:22:00","guid":{"rendered":"https:\/\/hispanicprwire.com\/english-parkland-announces-2023-guidance\/"},"modified":"2022-12-09T18:50:01","modified_gmt":"2022-12-09T22:50:01","slug":"parkland-anuncia-sus-previsiones-para-2023","status":"publish","type":"post","link":"https:\/\/hispanicprwire.com\/en\/parkland-anuncia-sus-previsiones-para-2023\/","title":{"rendered":"Parkland announces 2023 guidance"},"content":{"rendered":"<p><\/p>\n<style type=\"text\/css\"><![CDATA[\n\/* Style Definitions *\/\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt  black; BORDER-RIGHT:1pt  black; BORDER-BOTTOM:1pt  black; BORDER-LEFT:1pt  black\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n]]><\/style>\n<div class=\"xn-content\">\n<p class=\"prntac\"><i>2023 Adjusted EBITDA guidance<sup>1 <\/sup>of <span class=\"xn-money\">$1.7 billion<\/span> to <span class=\"xn-money\">$1.8 billion<\/span><br \/><\/i><i>2025 Adjusted EBITDA ambition of <span class=\"xn-money\">$2 billion<\/span> without further acquisitions\u00a0<br \/><\/i><i>Reducing leverage and enhancing shareholder returns<\/i><\/p>\n<p><span class=\"xn-location\">CALGARY, AB<\/span>, <span class=\"xn-chron\">Dec. 7, 2022<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212; Parkland Corporation (&#8220;Parkland&#8221;, &#8220;we&#8221;, &#8220;our&#8221;, or the &#8220;Company&#8221;) (TSX: PKI) announced today its 2023 guidance which underscores the strength of its differentiated business model, diversified customer base and operating geographies.<\/p>\n<p>&#8220;We are two years into the four-year strategy outlined at our investor day last year,&#8221; said <span class=\"xn-person\">Bob Espey<\/span>, President and Chief Executive Officer. &#8220;Having accelerated acquisitions, we are focused on integration, capturing synergies, deleveraging and enhancing shareholder returns. We expect to deliver record Adjusted EBITDA in 2023 and have high confidence in achieving our <span class=\"xn-money\">$2 billion<\/span> Adjusted EBITDA ambition by 2025 without further acquisitions.&#8221;<\/p>\n<p>&#8220;Our balanced capital allocation approach prioritizes deleveraging, followed by enhancing shareholder distributions and growth,&#8221; added Espey. &#8220;We will exercise strict capital discipline, investing in accretive opportunities and optimizing our portfolio to ensure strategic fit and attractive returns. We are entering a phase of our strategy where we will harvest value from the unique business we have created.&#8221;<\/p>\n<div class=\"wcag-arialevel-3\" style=\"display: block; font-size: 1.17em; margin-block-start: 1em; margin-block-end: 1em; margin-inline-start: 0px; margin-inline-end: 0px; font-weight: bold; text-align: left;\" role=\"heading\" aria-level=\"3\">2023 Guidance<\/div>\n<ul type=\"disc\">\n<li>Adjusted EBITDA attributable to Parkland (&#8220;Adjusted EBITDA&#8221;) of <span class=\"xn-money\">$1,700 million<\/span> to <span class=\"xn-money\">$1,800 million<\/span>, which includes an approximate <span class=\"xn-money\">$100 million<\/span> impact as a result of the eight-week turnaround planned at the refinery in <span class=\"xn-location\">Burnaby, British Columbia<\/span> (the &#8220;Burnaby Refinery&#8221;) in the first quarter of 2023.<sup>2\u00a0<\/sup> \u00a0<\/li>\n<li>Capital expenditures of <span class=\"xn-money\">$500 million<\/span> to <span class=\"xn-money\">$550 million<\/span>, which is comprised of:<\/li>\n<ul type=\"disc\">\n<li>Maintenance capital expenditures<sup>1<\/sup> of <span class=\"xn-money\">$300 million<\/span> to <span class=\"xn-money\">$325 million<\/span>, which includes approximately <span class=\"xn-money\">$100 million<\/span> for the planned turnaround at the Burnaby Refinery.<\/li>\n<li>Growth capital expenditures<sup>1 <\/sup>of <span class=\"xn-money\">$200 million<\/span> to <span class=\"xn-money\">$225 million<\/span>, which we expect to be largely funded by anticipated network optimization dispositions.\u00a0<\/li>\n<\/ul>\n<li>Reduce Leverage Ratio<sup>1<\/sup> to approximately 3 times by year-end 2023.<\/li>\n<\/ul>\n<div class=\"wcag-arialevel-3\" style=\"display: block; font-size: 1.17em; margin-block-start: 1em; margin-block-end: 1em; margin-inline-start: 0px; margin-inline-end: 0px; font-weight: bold; text-align: left;\" role=\"heading\" aria-level=\"3\">2025 Outlook<\/div>\n<p>We have high confidence in meeting our 2025 strategic ambition, which includes:<\/p>\n<ul type=\"disc\">\n<li><span class=\"xn-money\">$2 billion<\/span> of Adjusted EBITDA without further acquisitions.<\/li>\n<li>Reduce Leverage Ratio to the low end of our target range of 2 to 3 times by year-end 2025.<\/li>\n<li>Cash flow generated by operating activities of approximately <span class=\"xn-money\">$9.50<\/span> per common share.<sup>3<\/sup>\u00a0<\/li>\n<\/ul>\n<p>We have made significant progress advancing our strategy and will continue to drive organic growth by:<\/p>\n<ul type=\"disc\">\n<li>Harnessing our integrated supply platform to extract greater value from our retail and commercial network.<\/li>\n<li>Expanding ON the RUN across <span class=\"xn-location\">Canada<\/span> and into <span class=\"xn-location\">the United States<\/span>, growing membership of the JOURNIE\u2122 loyalty program, and advancing our food strategy.<\/li>\n<li>Helping customers lower their environmental impact with renewable fuels, carbon offsets, and Electric Vehicle charging.<\/li>\n<\/ul>\n<div class=\"wcag-arialevel-3\" style=\"display: block; font-size: 1.17em; margin-block-start: 1em; margin-block-end: 1em; margin-inline-start: 0px; margin-inline-end: 0px; font-weight: bold; text-align: left;\" role=\"heading\" aria-level=\"3\">Business model and strategy<\/div>\n<p>Our proven business model is centered around organic growth, our supply advantage, driven by scale and our integrated refinery and supply infrastructure, acquiring prudently, and integrating successfully. Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize.\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\">__________________________________<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>1<\/sup> Supplementary Financial Measure. See &#8220;Supplementary Financial Measure&#8221; section of this news release.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>2<\/sup> Assumes Refining adjusted gross margin of CAD$40\/bbl. and average Burnaby Refinery utilization of between 75 and 85 percent. Adjusted gross margin composition is consistent with that disclosed in Section 14A of the Q3 2022 MD&amp;A.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\"><span class=\"prnews_span\"><sup>3<\/sup> Assumes approximately 175 million common shares are issued and outstanding.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div class=\"wcag-arialevel-3\" style=\"display: block; font-size: 1.17em; margin-block-start: 1em; margin-block-end: 1em; margin-inline-start: 0px; margin-inline-end: 0px; font-weight: bold; text-align: left;\" role=\"heading\" aria-level=\"3\">About Parkland Corporation<\/div>\n<p>Parkland is an international fuel distributor and retailer with operations in twenty-five countries. Our purpose is to Power Journeys and Energize Communities, and every day, we provide over one million customers with the essential fuels, convenience items and quality foods on which they depend.<\/p>\n<p>With over 4,000 retail and commercial locations across <span class=\"xn-location\">Canada<\/span>, <span class=\"xn-location\">the United States<\/span>, and the <span class=\"xn-location\">Caribbean<\/span> region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. In addition to meeting our customers&#8217; needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast Electric Vehicle charging.\u00a0<\/p>\n<p>Our business is underpinned by our people, and our values; safety, integrity, community, and respect, which are deeply embedded across our organization.<\/p>\n<div class=\"wcag-arialevel-3\" style=\"display: block; font-size: 1.17em; margin-block-start: 1em; margin-block-end: 1em; margin-inline-start: 0px; margin-inline-end: 0px; font-weight: bold; text-align: left;\" role=\"heading\" aria-level=\"3\">Forward-Looking Statements\u00a0<\/div>\n<p>Certain statements contained in this news release constitute forward-looking information and statements (collectively, &#8220;forward-looking statements&#8221;). When used in this news release the words &#8220;expect&#8221;, &#8220;will&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;believe&#8221;, &#8220;continue&#8221;, &#8220;pursue&#8221; 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, strategies and model; Parkland&#8217;s focus on integration, capturing synergies, deleveraging and enhancing shareholder returns; expect to deliver record Adjusted EBITDA in 2023; Parkland&#8217;s capital allocation approach, including investing in accretive opportunities and optimizing its portfolio and the expected effects thereof; Parkland&#8217;s 2023 guidance, including with respect to Adjusted EBITDA, capital expenditures (maintenance capital and growth capital) and leverage ratio; the planned turnaround at the Burnaby Refinery in the first quarter of 2023 and the estimated impact thereof on 2023 guidance; future dispositions and the expectation of such dispositions to largely fund 2023 growth capital; Parkland&#8217;s 2025 outlook and its high confidence in meeting its 2025 strategic ambition, which includes <span class=\"xn-money\">$2 billion<\/span> Adjusted EBITDA, reducing leverage ratio to the lower end of the 2 to 3 times range, and cash flow generated by operating activities of approximately <span class=\"xn-money\">$9.50<\/span> per common share; and Parkland&#8217;s four-year strategy, the progress thereof and continuing to drive organic growth through its integrated supply platform, expanding ON the RUN and JOURNIE\u2122 loyalty program, advancing its food strategy, and helping customers lower their environmental impact with renewable fuels, carbon offsets and Electric Vehicle charging.<\/p>\n<p>These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic and the <span class=\"xn-location\">Russia<\/span>&#8211;<span class=\"xn-location\">Ukraine<\/span> conflict; Parkland&#8217;s ability to execute its business strategies and capital allocation approach, including without limitation, with respect to integration, capturing synergies, deleveraging, enhancing shareholder returns and growth, successfully implementing organic growth initiatives and to finance such initiatives on reasonable terms; Parkland&#8217;s ability to complete projects; Parkland&#8217;s ability to complete the planned turnaround at the Burnaby Refinery in a timely manner and the financial impact thereof; Refining adjusted gross margin and average utilization at the Burnaby Refinery in 2023; number of common shares issued and outstanding in 2025; 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 &#8220;Forward-Looking Information&#8221; and &#8220;Risk Factors&#8221; included in Parkland&#8217;s Revised Annual Information Form dated <span class=\"xn-chron\">March 17, 2022<\/span>, and &#8220;Forward-Looking Information&#8221; and &#8220;Risk Factors&#8221; included in the Q4 2021 MD&amp;A dated <span class=\"xn-chron\">March 3, 2022<\/span>, each filed on SEDAR and available on the Parkland website at <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3731499-1&amp;h=185218428&amp;u=https%3A%2F%2Fwww.parkland.ca%2Fen&amp;a=www.parkland.ca.\" target=\"_blank\" rel=\"nofollow\">www.parkland.ca.<\/a> The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.<\/p>\n<div class=\"wcag-arialevel-3\" style=\"display: block; font-size: 1.17em; margin-block-start: 1em; margin-block-end: 1em; margin-inline-start: 0px; margin-inline-end: 0px; font-weight: bold; text-align: left;\" role=\"heading\" aria-level=\"3\">Supplementary Financial Measures<\/div>\n<p>This press release refers to Adjusted EBITDA guidance, maintenance capital expenditures guidance, growth capital expenditures guidance and Leverage Ratio guidance, which are supplementary financial measures and may not be comparable to similar measures used by other issuers, who may calculate these measures differently. <span class=\"xn-person\">See Section<\/span> 14 of the Q3 2022 MD&amp;A for a discussion of Adjusted EBITDA guidance, maintenance capital expenditures guidance and growth capital expenditures guidance, which is incorporated by reference into this presentation. See below for details on the Leverage Ratio guidance.<\/p>\n<p><i>Leverage Ratio Guidance<\/i><\/p>\n<p>This measure represents our forecast of the Leverage Ratio and is calculated based on historical data and estimates of future conditions as inputs to make informed forecasts that are predictive in determining the direction of future trends. This measure is a forward-looking measure of which the equivalent historical measure is the Leverage Ratio. See Note 7 of the Q3 2022 interim condensed consolidated financial statements for further detail on the composition of the Leverage Ratio. The Leverage Ratio does not have any standardized meaning prescribed under IFRS. It is therefore unlikely to be comparable to similar measures presented by other companies.<\/p>\n<p>Investor Inquiries, <span class=\"xn-person\">Valerie Roberts<\/span>, Director, Investor Relations, 403-956-9282, <a href=\"mailto:Valerie.Roberts@parkland.ca\" rel=\"nofollow\">Valerie.Roberts@parkland.ca<\/a>; Media Inquiries, <span class=\"xn-person\">Simon Scott<\/span>, Director, Corporate Communications, 403-956-9272, <a href=\"mailto:Simon.Scott@parkland.ca\" rel=\"nofollow\">Simon.Scott@parkland.ca<\/a><\/p>\n<p>SOURCE  Parkland Corporation<\/p>\n<\/div>\n<p><\/p>","protected":false},"excerpt":{"rendered":"<div class=\"xn-content\">\n<p class=\"prntac\"><i>2023 Adjusted EBITDA guidance<sup>1 <\/sup>of <span class=\"xn-money\">$1.7 billion<\/span> to <span class=\"xn-money\">$1.8 billion<\/span><br \/><\/i><i>2025 Adjusted EBITDA ambition of <span class=\"xn-money\">$2 billion<\/span> without further acquisitions\u00a0<br \/><\/i><i>Reducing leverage and enhancing shareholder returns<\/i><\/p>\n<p><span class=\"xn-location\">CALGARY, AB<\/span>, <span class=\"xn-chron\">Dec. 7, 2022<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212; Parkland Corporation (&#8220;Parkland&#8221;, &#8220;we&#8221;, &#8220;our&#8221;, or the &#8220;Company&#8221;) (TSX: PKI) announced today its 2023&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":["post-141763","post","type-post","status-publish","format-standard","hentry","category-general"],"acf":[],"_links":{"self":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/141763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/comments?post=141763"}],"version-history":[{"count":"1","href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/141763\/revisions"}],"predecessor-version":[{"id":141812,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/141763\/revisions\/141812"}],"wp:attachment":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/media?parent=141763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/categories?post=141763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/tags?post=141763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}