SOURCE: Parkland Fuel Corporation

Parkland Fuel Corporation

November 13, 2014 08:25 ET

Parkland Fuel Corporation Provides Unaudited Summary of Financial Results for Pioneer Energy

RED DEER, AB--(Marketwired - November 13, 2014) - Parkland Fuel Corporation ("Parkland" or the "Corporation") (TSX: PKI), in connection with Parkland's previously announced definitive agreement to acquire the assets of Pioneer Energy (the "Acquisition"), today provided the unaudited summary of financial results of Pioneer Energy LP ("Pioneer Energy") for the year ended September 30, 2014.

"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,
(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  

(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