2016 TD Securities Calgary Energy Conference July 7, 2016
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1 2016 TD Securities Calgary Energy Conference July 7, 2016
2 FORWARD LOOKING STATEMENT DISCLAIMER & NOTE ON NON GAAP MEASURES Certain information included herein and during this presentation and associated discussion are forward-looking. Many of these forward looking statements can be identified by words such as believe, expects, expected, will, intends, projects, projected, anticipates, estimates, continues, objective or similar words and include, but are not limited to, statements regarding Parkland s expectation of its future financial position, business and growth strategies and objectives, sources of growth, capital expenditures, financial results, future acquisitions and the efficiencies to be derived therefrom, and the contribution to Adjusted EBITDA from the acquisitions identified herein. 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. Such forward-looking statements should not be unduly relied upon. The forward-looking statements contained herein and during this presentation are based upon certain assumptions and factors including, without limitation: historical trends, current and future economic and financial conditions, and expected future developments. Parkland believes such assumptions and factors are reasonably accurate at the time of preparing this presentation. However, 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 forwardlooking statements. Such factors include, but are not limited to, risks associated with: failure to obtain necessary regulatory or other third party consents and approvals; the failure to achieve the anticipated benefits of acquisitions, including the Pioneer Acquisition; failure to meet financial, operational and strategic objectives and plans; general economic, market and business conditions; industry capacity; the operations of Parkland s assets; the operation of the Pioneer Commercial Assets by Pioneer in accordance with the Commercial Assets Agreement; the impact of the consent agreement negotiated with the Commissioner in respect of the applications under the Competition Act; failure to achieve economic benefits from the indirect economic interest in the Pioneer Commercial Assets and their operation and/or disposition; failure to resolve the Commissioner s concerns in respect of the Pioneer Acquisition or to achieve a final outcome to the application under the Competition Act on terms and conditions acceptable to Parkland; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including increases in taxes; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. Readers are directed to, and are encouraged to read, Parkland s management discussion and analysis for the three months ended March 31, 2016 (the Q1 MD&A ), including the disclosure contained under the heading Risk Factors therein. The Q1 MD&A is available by accessing Parkland s profile on SEDAR at and such information is incorporated by reference herein. 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. The forward looking statements contained in this presentation are expressly qualified by this cautionary statement. Additionally, readers are directed to, and encouraged to read, the Adjusted EBITDA section of the Parkland s press release dated May 3rd, 2016 and the 2016 Adjusted EBITDA Guidance Range section of the Parkland s press release dated October 5th, 2015, March 2nd, 2016, and May 3rd, This presentation refers to certain financial measures that are not determined in accordance with International Financial Reporting Standards ( IFRS ). Adjusted EBITDA, Adjusted gross profit, Distributable cash flow, Distributable cash flow per share, Dividend payout ratio, Adjusted Dividend Payout Ratio, and Net Debt/Credit Facility EBITDA are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Management considers these to be important supplemental measures of Parkland s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in its industries. See Adjusted EBITDA in Parkland s Q1 MD&A for a reconciliation of Adjusted EBITDA to net earnings, the IFRS measure most directly comparable to Adjusted EBITDA. Distributable cash flow is used to assess the level of cash flow generated from ongoing operations and to evaluate the adequacy of internally generated cash flow to fund dividends. See Distributable Cash Flow in Parkland s Q4 MD&A for a reconciliation of distributable cash flow to cash flow from operating activities, the IFRS measure most directly comparable to distributable cash flow. See Non-GAAP financial measures, reconciliations and advisories section of the Q1 MD&A. Investors are encouraged to evaluate each adjustment and the reasons Parkland considers it appropriate for supplemental analysis. Investors are cautioned, however, that these measures should not be construed as an alternative to net income determined in accordance with IFRS as an indication of Parkland s performance. The financial measures that are not determined in accordance with IFRS in this presentation are expressly qualified by this cautionary statement.
3 PARKLAND CONSISTENTLY DELIVERS SHAREHOLDER VALUE PROVEN TRACK RECORD SUBSTANTIAL OPPORTUNITY TO BUILD SHAREHOLDER VALUE RESILIENT CASH FLOW UNIQUE SUPPLY CAPABILITY STRONG FINANCIAL POSITION 3 See forward looking statements and information in Parkland s most recent MD&A as well as risk factors in Parkland s most recent Annual Information Form.
4 PARKLAND IS CANADA S LARGEST INDEPENDENT FUEL MARKETER $2.2 billion market cap 1 $2.6 Enterprise Value BL Annual Run Rate Volume 2 $1.134 (~5%) Dividend Annually 1 BB/BB- Corporate Credit Rating As of market close on May 24, Full Year Proforma Run Rate includes annualized volume attributed to Pioneer Energy. 3. Based on most recent DBRS and S&P rating. See Risk Factors Credit Ratings of Parkland s most recent Annual Information Form.
5 PARKLAND GOES TO MARKET THROUGH THREE CHANNELS: COMMERCIAL, RETAIL AND WHOLESALE BUY MOVE SELL COMMERCIAL CHANNEL INDUSTRIAL IMPORTERS HOME HEAT RETAIL CHANNEL CORPORATE STORAGE DEALER REFINERIES SUPPLY AND WHOLESALE CHANNEL RESELLER 5 PRODUCERS
6 PARKLAND REPORTS ITS CORE BUSINESS PERFORMANCE THROUGH FOUR BUSINESS UNITS Vol. 3,215 ML 1 ; Proforma 3,680ML 2 Adj. EBITDA $115 MM 1 ; Proforma $124 MM 2 ~1,100 stations Vol. 1,338 ML 1 Adj. EBITDA $52MM branches & 72 cardlocks RETAIL FUELS COMMERCIAL FUELS Vol. 4,251 ML 1 Adj. EBITDA $75MM 1 Vol. 1,008 ML 1 Adj. EBITDA $19MM 1 SUPPLY & WHOLESALE PARKLAND USA 6 1. Q TTM volumes and TTM Adjusted EBITDA. Non-GAAP financial measure. See the Non-GAAP Financial Measures, Reconciliations, and Advisories Section of Parkland s most recent MD&A for reconciliation. 2. Actuals include one quarter of Pioneer results; proforma includes annualized run rate with FY Pioneer Energy Adjusted EBITDA (see most recent MD&A).
7 PARKLAND S STRATEGY GROW ORGANICALLY 3 5% growth p.a. SUPPLY ADVANTAGE Benefit outpaces volume growth 7 ACQUIRE PRUDENTLY Achieve synergies
8 FUELING ORGANIC GROWTH POSITIONS PARKLAND TO EXCEED INDUSTRY GROWTH 3 5% PARKLAND ANNUAL GROWTH TARGET Organic Growth 8
9 PARKLAND S SUPPLY ADVANTAGE OUTPACES VOLUME GROWTH Supply Advantage Create Advantaged Supply DATA INDEXED TO 2010 Supply Improvement 1 Supply Volume 1 Exploit Market Inefficiencies Partner of Choice to Refiners +51% Storage Rail Demand Planning Balance Sheet Balanced Barrel Volume Growth Supply Price Improvement is based on pricing discounts, internal transfer prices and certain other factors and assumptions for the periods in question. Data excludes Elbow River Marketing, Ltd. as it is a trading business and therefore does not generally buy directly from refiners. It also excludes Parkland USA because it does not generally participate in Parkland s broader Canadian purchasing.
10 Feb 2013 Apr 2013 Jan 2014 Apr 2014 Apr 2015 Jun 2015 Mar 2016 Apr 2016 May 2016 A TRACK RECORD OF ACCRETIVE AND STRATEGICALLY ATTRACTIVE ACQUISITIONS OVERVIEW OF SIGNIFICANT ACQUISITIONS SINCE 2013 C$ MM +21% Acquire Girard Bulk Services 20 Chevron (12) 12 Chevron sites 4 22 Chevron (11) Sparlings Elbow River 3 Parkland USA Pioneer Parkland USA Chevron sites Acquired EBITDA 1 Run Rate 2 1. Non-GAAP financial measure. See the Non-GAAP Financial Measures, Reconciliations, and Advisories section of Parkland s most recent MD&A for reconciliation. 2. Run Rate: Management s estimate of the annual Adjusted EBITDA these businesses will achieve on a go-forward basis assuming such acquisitions maintain historical performance and Parkland is able to implement certain synergies and achieve expected organic growth within the acquired assets. 3. On the Run is expected to close in the third quarter of As it has not closed, it s information has not been included in the Acquired EBITDA and run rate information. 4. Propane Nord-Ouest closed on April 5, 2016 but has not been included in the Acquired EBITDA and run rate information. 5. On May 25, 2016 Parkland Industries Ltd. acquired propane assets from Saskatchewan Ltd. which were operated by Girard Bulk Service Ltd. ("Girard Bulk Services"). The Acquired EBITDA from these assets is not included in the Acquired EBITDA and run rate calculation.
11 EXECUTING THE GROWTH STRATEGY PARKLAND ADJUSTED EBITDA 1 C$ MM Synergies % p.a. Potential Acquisitions % CAGR Organic E Non-GAAP financial measure. See the Non-GAAP Financial Measures, Reconciliations, and Advisories section of Parkland s most recent MD&A for reconciliation. 2. The Adjusted EBITDA shown includes contribution from the Refiner s Margin contract. That contract concluded at the end of See the 2016 Adjusted EBITDA Guidance Range section of the Parkland press release dated October 5th, 2015, March 2nd, 2016 and May 3rd, Subject to certain risk factors. See Acquisition Strategy Risk Factors Credit Ratings of Parkland s most recent Annual Information Form.
12 FUELING ORGANIC GROWTH POSITIONS PARKLAND TO EXCEED INDUSTRY GROWTH 5 YEAR GOALS Distributable CFPS 1 Payout Ratio 2 Total Leverage 3 >$ % 3.5x Adjusted $ 1.47 ~$ 1.55 Low 70% s Adjusted 71% 50% range 2.0x $ Actual With Organic Growth With Acquisition Growth Actual With Organic Growth With Acquisition Growth 4 Range Distributable cash flow per share outstanding is calculated as distributable cash flow divided by the number of shares outstanding as at December 31, 2015, and adjusted distributable cash flow per share outstanding is calculated as adjusted distributable cash flow divided by the number of shares outstanding as at December 31, See the Non-GAAP Financial Measures, Reconciliations, and Advisories section of Parkland s Q MD&A for reconciliation. 2. Defined as annual dividend per share divided by Distributable Cash Flow per share. The adjusted dividend payout ratio is calculated as dividends divided by adjusted distributable cash flow. See the Non-GAAP Financial Measures, Reconciliations, and Advisories section of Parkland s Q MD&A for reconciliation. 3. Based on Senior Debt and Senior Unsecured Debt divided by Adjusted EBITDA. Adjusted EBITDA is a non-gaap financial measure. See the Non-GAAP Financial Measures, Reconciliations, and Advisories section of Parkland s Q MD&A for reconciliation. 4. Potential acquisitions are subject to certain risk factors. See Acquisition Strategy Risk Factors Credit Ratings of Parkland s most recent Annual Information Form.
13 COME GROW WITH US PARKLAND TOTAL SHAREHOLDER RETURN 1 % $350 $300 PKI TSX 183% $250 $200 $150 19% $100 $50 $0 -$50 Dec. 31, 2011 Dec. 31, 2012 Dec. 31, 2013 Dec. 31, 2014 Dec. 31, 2015 PKI 20% 91% 97% 145% 174% TSX (9%) (2%) 11% 23% 12% Total Shareholder Return calculation assumes that dividends are reinvested. Cumulative calculation is from Jan. 1, 2011 to May 5, 2016 and is based on an initial investment of one hundred dollars. Source: Capital IQ
14 WELL POSITIONED TO DELIVER SUSTAINED SHAREHOLDER VALUE PROVEN UNIQUE RESILIENT STRONG TRACK RECORD SUPPLY CAPABILITY CASH FLOW FINANCIAL POSITION Organic Growth Accretive Acquisitions Demonstrated Integration Capabilities Leverage Market Inefficiencies Superior Logistics A Refiner Partner of Choice Diversified by Product Line Diversified by Geography Effective Commodity Risk Management Strong Balance Sheet Significant Capacity Disciplined Capital Allocation = SUBSTANTIAL OPPORTUNITY TO BUILD SHAREHOLDER VALUE 14 See forward looking statements and information in Parkland s most recent MD&A as well as risk factors in Parkland s most recent Annual Information Form.
15 COME GROW WITH US Investor Relations Patricia van de Sande Vice President Investor Relations & Compliance parkland.ca
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