Investor Presentation June, 2014
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1 Investor Presentation June, 2014 Bob Espey (CEO) and Mike Lambert (CFO) Investor Relations ext. 2533
2 Forward Looking Statements Certain information included herein is forward-looking. Forward-looking statements include, without limitation, statements regarding the future financial position, business strategy, budgets, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving Parkland Fuel Corporation ( Parkland or the Corporation ). Many of these statements can be identified by looking for words such as believe, expects, expected, will, intends, projects, anticipates, estimates, continues, or similar words. 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 and such forward-looking statements should not be unduly relied upon. Forwardlooking statements are not guarantees of future performance and involve a number of risks and uncertainties some of which are described in the Corporation s interim reports, 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 the Corporation 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 forward-looking statements. Such factors include, but are not limited to: general economic, market and business conditions; industry capacity; competitive action by other companies; refining and marketing margins; the ability of suppliers to meet commitments; actions by governmental authorities including increases in taxes; changes in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. 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. 2
3 North America s Fastest Growing Independent Fuel Marketer $1.5 billion market capitalization (1) 7.5 billion litres per year $207.6 million Adjusted EBITDA (2) (1) As of market close on May 13, 2014 (2) For the 12 month period ended March 31,
4 Annual Real GDP Growth (%) Cents per Litre Fuel Industry Overview Stable and Growing End Market Canadian Refined Petroleum Demand (billions of litres) CAGR of 1.4% Canadian Refiner and Marketing Margins Jan-91 Jan-94 Jan-97 Jan-00 Jan-03 Jan-06 Jan-09 Outlook Sector consolidation increasing opportunities for large independents Increasing importance of scale and diversity of product demand Changing industry supply dynamics creating opportunities for firms with logistical capabilities Numerous opportunities to differentiate competitive offering Refiner Margin Marketing Margin 2014 GDP Forecast 7.5% 7.0% 5.0% 2.5% 3.2% 2.3% 2.6% 0.0% Alberta Canada North Dakota United States Source: Statistics Canada (Cansim: v22455, v23190, v23428), Kent Marketing Services Limited, The Conference Board of Canada Economic Forecast Provincial Outlook (Winter 2014), Kiplinger 2014 Economic Outlook 4
5 History of Growth 7.5 Billion Litres Entry into US Fuel Volume (billions of litres) Parkland goes public 1987 Bowden Refinery Purchase 2013 Elbow River Marketing 5
6 The Parkland Fuel Value Chain Terminals and Storage Transportation Wholesale Margins Commercial Margins Retail Margins Marketing Channel Fuel Volume (TTM) Commercial Fuels 1.6 billion litres Retail Fuels 1.8 billion litres Wholesale, Supply and Distribution 4.1 billion litres (includes ERM) Multiple Supply Contracts 148 ML Strategic Storage including propane 1,400 Railcars and third party trucking 100+ Wholesale customers 134 Commercial Locations 711 Retail Stations Total Sales: 7.5 billion litres PARKLAND CUSTOMERS THIRD PARTIES includes 6 Lube Distribution Centres 6
7 Wholesale, Supply & Distribution Retail Fuels Commercial Fuels Diversified Revenue Model Volume Revenue Adjusted Gross Profit 1,629ML $1,784M $225M Delivered Fuel/Propane Lubricants Card Lock Home Heat 134 Commercial Locations Volume Revenue Adjusted Gross Profit (1) = 132 = 563 = 16 1,764ML $1,711M $105M Retail Dealers Independent Dealers Company Operated Parkland owns / leases locations managed by staff for commission on fuel Wholesale business whereby Parkland derives profits from sales of fuel to the dealer Parkland s U.S. gas stations are company operated by Parkland employees 711 Locations Volume Revenue (2) Adjusted Gross Profit (1)(2) 4,138ML $2,979M $204M Terminal / Storage Marketing / Sourcing Rail Cars Wholesale Customers Note: Financial data above is for the 12 month period ended March 31, 2014 (1) Excludes $0.5 million revenue and ($0.2) million adjusted gross profit related to SPF rental income, which is accounted for within the corporate segment 7
8 Commercial Fuels Fuel Volumes (LTM) (millions of litres) CAGR: 24.6% 1,784 (1) 1,629 1,458 1,502 1, LTM Financial Performance (LTM) Metric Volume Revenue LTM 1,629 ML $1,784M Gross Profit $225M Note: U.S. states highlighted in blue are serviced by the Company s fleet of transport trucks Delivery of bulk fuel, propane, heating oil, lubricants, agricultural inputs, oilfield fluids to commercial industry and residential customers via an extensive delivery network Brands include Bluewave Energy, Columbia Fuels, Sparlings Propane, Island Petroleum and Farstad Oil (1) 2012 was impacted by million litres reclassified into the Wholesale, Supply & Distribution segment as well as 12 million litres negative impact to heating oil driven by a warmer than normal year, customer conversion to alternative heat sources and a pullback in key industries (as further outlined in 2012 Q4 MD&A) 8
9 Retail Fuels Fuel Volumes (LTM) (millions of litres) CAGR: 4.9% 1,687 1,807 1,747 1,764 1,442 1, LTM Financial Performance (LTM) Metric Volume Revenue LTM 1,764 ML $1,711M Gross Profit $105M Products include gasoline and diesel fuels Three business models: 132 retail operated locations Parkland provides a commission to retail operators, who manage operations 563 dealer owned / operated locations dealer absorbs risk of fuel price fluctuations 16 company owned / operated locations staff are employees of Parkland s US Operations 9
10 Parkland Adds Premium Brand Brands Fas Gas Plus Esso Chevron Race Trac Gas Other Brands Total Operator Multiple Dealer Retail Company* Total Strategy Premium Independent Brand; Urban offering and modern look in a Non-Urban environment Nationally recognized premium brand with various offerings Independent dealeroperated where other brands are not suited
11 SPF Energy Inc. Minot Fargo Billings Fuel Volumes (By Business Category) Lubricants 2% Wholesale 68% Retail Controlled 8% Retail Dealer 22% Financial Performance (LTM at June 2013) Metric Volume Revenue (USD) Gross Profit (USD) LTM 1,100 ML $1,096 M $57 M A mini Parkland in the Northern U.S. Distributes more than 1,100 ML of gasoline and distillates annually Rail trans-loading facilities and 40 KBL of bulk storage in Minot North Dakota Owns and operates 16 Superpumper convenience stores 345 Employees (200 Convenience Store staff ) 11
12 Wholesale, Supply and Distribution Fuel Volumes (LTM) (millions of litres) CAGR: 50.3% ,367 4, LTM Financial Performance (LTM) Metric Volume Revenue LTM 4,138 ML $2,979M Gross Profit $204M Management of fuel supply by contracting / purchasing fuel from refiners and suppliers, distribution and serving wholesale and reseller customers Storage infrastructure enhances supply security Recent developments include: conversion of the Bowden facility and acquisitions of Elbow River, TMCI and SPF Energy 12
13 Elbow River Marketing Fuel Products Storage Propane / Butane Storage 1,400 rail car fleet Trading and logistics capability LPG terminal positions MINOT Refined products Take away capacity Heavy Petroleum Products > Crude, heavy fuel oil, asphalt Liquid Petroleum Gases > Propane, butane, natural gasoline Refined Products > Gasoline, diesel, ethanol and biodiesel 13
14 Unrivalled Supply Infrastructure 88 ML Fuel Product Storage Capacity Fuel Products Storage Propane / Butane Storage 60 ML Propane / Butane Storage Capacity 1400 Rail cars and major third party carrier relationships across Canada MINOT 14
15 Review of Q
16 Operate Supply Grow Parkland Penny Plan Scorecard Commitment 2016 Target Q Grow Commercial base volumes increase 5.5% Retail same store fuel sales up 3% SPF delivers $5.2 million Organic growth Acquisitions 500 million litres 4.6 billion litres 30.5 million litres 1.2 billion litres 11.2 million litres 2.7 billion litres Supply ERM supplies Sparlings with propane ERM supplies SPF with diesel Supply initiatives kick in Supply Centre 100% of Normalized profit plus 1/3 cent On track On track Operate Opex up on cold weather and ERM TRIF & MGA improve Operating Costs 2.48 cpl 2.87 cpl 3.04 cpl Administration Costs 1.52 cpl 1.60 cpl 1.78 cpl Total Rec. Injury Frequency < Note: 2016 cost targets will be updated in the event of a significant change to Parkland s business mix. Abbreviations: CPL = Cents per litre 16
17 Adjusted EBITDA $61.2 million Divisional Highlights Q Adjusted EBITDA Retail Fuel Same stores sales in company network: 10% increase in convenience merchandise sales 3% increase in fuel sales Commercial Fuel Sparlings adds 60 million litres Base business grows 5.5% due to cold weather Supply and Wholesale Supply initiatives and acquisitions effectively offset loss of refiner s margins Acquisitions SPF Energy delivers $5.2 million and is above plan All other acquisitions integrated into Parkland results Q EBITDA Retail Commercial Supply & Wholesale Corporate Acquisitions Q EBITDA 17
18 Quarterly Review Financial Highlights For the quarter ended: Mar 31, 2014 Mar 31, 2013 % Change Earnings per share (basic) $0.30 $0.44 (32) Distributable cash flow $44.6M $44.9M (1) Payout ratio 43% 39% Net Debt : Adjusted EBITDA Interest Coverage ROCE (Return on Capital Employed) 18.7% 26.9% 18
19 Strategy 19
20 5 Year Growth Strategy 1.Grow economies of scale 2.Supply supply advantage 2014 Expected Adjusted EBITDA Guidance of $200 million $150M (1) 5-Year EBITDA Plan $125M $250M $55M Major acquisitions $70M Efficiencies and economies of scale 3.Operate efficient operations Normalized 2016 $125M 2011 Normalized (1) 2011 Adjusted EBITDA excludes $1.3 million of one-time acquisition costs Penny Plan was introduced in
21 Penny Plan Update Progress: Double Adjusted EBITDA by $250 million in Annualized EBITDA by Achieved to Date $66 million Goal Remaining $60 million Efficiencies Acquisitions Synergies $11 million Give me Five! $125 $150 $175 $200 $225 $250 $47 million $8 million Identified to date 21
22 Growing Through Acquisition 5.8 Billion Litres by 2016 Organic Acquisitions Independents Major Oil Assets Volume Volume EBITDA Target 100 ML/yr Target 5300 ML $55 M Progress 31 ML YTD Progress 3400 ML $47 M Robust Pipeline More opportunities than expected 22
23 Financial Capacity Net Debt : EBITDA (Refer to Non-GAAP Measures in MD&A) Net Debt : Capitalization Pay-out Ratio (Refer to Non-GAAP Measures in MD&A) Q Q % Q % % % Series 1 Debentures Converting Conversion price of $14.60 driving conversion 23
24 EBITDA Guidance $200M $226M $252M $125 $145 $165 $185 $205 $225 $245 $265 Year Assumptions Three Year Adjusted EBITDA Forecast ($ Millions) LOW EXPECTED HIGH 2014 $185M $200M $209M 2015 $210M $226M $239M 2016 $228M $252M $269M Acquisitions $7M/year $12M/year $14M/year Stress $20M $10M - Average EBITDA / Quarter (Percent Distribution) Quarter % EBITDA 1 29% 2 20% 3 22% 4 29% Includes: 2013 acquisitions, removes refiner's margin contributions 24
25 A healthy fuel marketing business that is more transparent North America s fastest growing fuel marketer Offering investors yield and growth 25
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