RED DEER, AB--(Marketwired - November 13, 2014) - Parkland Fuel Corporation ("Parkland" or the "Corporation") (
"The process of obtaining the consents and approvals to complete the Acquisition continues to proceed as expected," said Bob Espey, President and Chief Executive Officer of Parkland. "Pioneer Energy's results for their 2014 fiscal year, which concluded on September 30, were in line with our expectations and reflect the base EBITDA of our investment case."
The summary consolidated financial information presented below as at and for each of the years ended September 30, 2013 and 2014 is presented in accordance with Accounting Standards for Private Enterprises ("ASPE"). The summary consolidated financial information as at and for each of the years ended September 30, 2013 and 2014 has been derived from Pioneer Energy's audited consolidated financial statements, which are comprised of consolidated balance sheets as at September 30, 2013 and 2014 and the related consolidated statements of income, partners' equity and cash flows for each of the years ended September 30, 2013 and 2014.
While Pioneer Energy's consolidated financial statements as at September 30, 2013 and 2014 and for the years ended September 30, 2013 and 2014 have been audited by an independent registered public accounting firm in accordance with ASPE, they should be considered unaudited from a public company reporting perspective. Parkland prepares its consolidated financial statements in accordance with International Financial Reporting Standards and, therefore, the financial information provided for Pioneer Energy below may not be comparable to the same measures historically presented by Parkland. Pioneer Energy's historical results are not necessarily indicative of its future financial condition or results of operations.
Pioneer Energy Select Historical Unaudited Financial Information
| For the years ended September 30, (unaudited) |
||||
| (C$ millions, unless otherwise noted) | 2013 | 2014 | ||
| Selected Statement of Income Metrics: | ||||
| Net sales | 2,398.5 | 2,581.8 | ||
| Gross margin | 135.1 | 144.5 | ||
| Income before the undernoted items(1) | 55.3 | 54.7 | ||
| Depreciation of property, buildings and equipment | 12.1 | 12.5 | ||
| Amortization of intangible assets | 6.6 | 6.5 | ||
| Selected Statement of Cash Flows Metrics: | ||||
| Purchase of property, buildings and equipment | 24.0 | 9.2 | ||
| Selected Balance Sheet Metrics: | ||||
| Accounts receivable | 29.9 | 30.9 | ||
| Due from affiliated companies | 0.8 | 0.7 | ||
| Inventory | 20.2 | 22.8 | ||
| Prepaid expenses | 0.9 | 0.9 | ||
| Accounts payable and accrued liabilities | 88.0 | 84.7 | ||
| Accounts payable to affiliated companies | 23.7 | 34.9 | ||
| Working capital balance(2) | (59.9 | ) | (64.3 | ) |
| Property, buildings and equipment | 124.2 | 122.1 | ||
| Total assets | 248.6 | 260.8 | ||
| Partners' equity | 108.9 | 114.4 | ||
Note:
(1) Also excludes accretion of asset retirement obligations, (loss) gain on disposal of property, buildings and equipment and income tax (expense) recovery.
(2) Calculated as accounts receivable plus due from affiliated companies plus inventory plus prepaid expenses less accounts payable and accrued liabilities less accounts payable to affiliated companies.
(3) In addition to Pioneer Energy LP, Parkland is also acquiring assets of Pioneer Petroleums Transport Inc.
The table above represents the consolidated amounts for Pioneer Energy LP. As such, they include Pioneer Fuels Inc. and Global Fuels Agency Inc.
About Parkland Fuel Corporation
Parkland Fuel Corporation is North America's fastest growing independent marketer of fuel and petroleum products. We deliver gasoline, diesel, propane, lubricants, heating oil and other high quality petroleum products to motorists, businesses, households and wholesale customers in Canada and the United States. Our mission is to be the partner of choice for our customers and suppliers, and we do this by building lasting relationships through outstanding service, reliability, safety and professionalism.
We are unique in our ability to provide customers with dependable access to fuel and petroleum products, utilizing a portfolio of supply relationships, storage infrastructure and third party rail and highway carriers to rapidly respond to supply disruptions in order to protect our customers.
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Contact Information:
For investor and media inquiries please contact:
Tom McMillan
Director of Corporate Communications and Investor Relations
403-567-2533
http://bit.ly/PKI-Investor