Category Archives: PR News

Daily regional news summary from Cuba!: The source for the latest news throughout Cuba and Caribbean.

WRB Energy: What Will It Take to Develop More Renewable Energy in the Caribbean?

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TAMPA, Florida, March 12, 2019 /PRNewswire-HISPANIC PR WIRE/ – With the abundance of clean energy resources in the Caribbean—sun, wind, water, and geothermal—it’s a natural environment for more renewable energy generation.  So why isn’t there more renewable energy produced in the Caribbean, and why aren’t there more projects in the pipeline?

With more than three decades of experience developing renewable energy projects and operating utilities, WRB Energy can address some of the challenges that hinder increased renewable energy generation in the Caribbean.

Contain costs

Most small Caribbean island nations lack economies of scale to absorb the high costs and complexities of developing relatively small renewable installations as compared to those in larger, more developed countries.  With relatively smaller populations, economies, and electricity demand, there are fewer kilowatt-hours produced to amortize the up-front investment expenses cost-effectively. However, as the prices for renewable energy equipment continue to decrease and technologies advance, solar, wind, and geothermal are increasingly more viable, least-cost options for diversified energy portfolios.

Flatten the learning curve

Government leaders with a stable long-term vision and implementation plans for increased renewable energy attract the best opportunities for project development. By working collaboratively, utilities, government, regulators and developers can help level the learning curve for initial projects.

Understand that land is precious

Securing appropriate land for project siting poses significant challenges. There is tremendous pride in land ownership, with parcels of land being passed on from generation to generation. Also, there is a history of informal land dealings, which leads to clouded property titles. Consequently, these issues can create local owner resistance to land transactions and long-term leases.

Clarify investment requirements

Banks, investors, and multilateral organizations have mandates, terms, securities and covenants that can be misunderstood in negotiations with governments, utilities and regulators. Policies and processes need to be clearly defined to avoid misinterpretation of project terms.

Harness a sustainable future

Developing renewable systems reliably and affordably requires due diligence to avoid electricity rate increases. It’s a long-term strategy requiring cooperation between stable government policies, flexible utilities, competent regulatory bodies, responsible investors, and credible development partners to design, develop and deliver renewable energy projects as promised.  Read more at https://wrbenergy.com/wp-content/uploads/2013/08/FINAL-ENERGY-0032-2019-feature-article-3-4-19.pdf. Download photos at https://www.dropbox.com/sh/8u4fxjjpjghexce/AACs-LpeFMSgBQ58o7_NrmzQa?dl=0

WRB Energy develops renewable energy projects to help stabilize electricity prices, reduce dependence on imported fuels, and drive economic growth in Latin America and the Caribbean. Visit www.wrbenergy.com and https://wrbenergy.com/content-solar-jamaicas-first-utility-scale-solar-plant/.

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Canada Life Reinsurance enters into €5.5bn longevity risk reinsurance agreement with SRLEV N.V. (VIVAT)

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DUBLIN, March 6, 2019 /PRNewswire-HISPANIC PR WIRE/ — Canada Life Reinsurance is pleased to announce that it has recently entered into a long-term longevity reinsurance agreement with VIVAT covering 70% of €8 billion of in-force liabilities. More than 150,000 of in-payment and deferred pensioners are reinsured by Canada Life Reinsurance under this agreement.

Jeff Poulin, Global Head of Canada Life Reinsurance, commented, “I am pleased to announce this significant reinsurance transaction, which highlights our strength in working effectively with VIVAT to structure a longevity risk solution to efficiently manage their overall risk. This transaction adds to our diverse longevity reinsurance portfolio and demonstrates how, together with Arpian, we create large, complex and unique risk transfer structures backed by our financial strength to benefit our clients.”

Canada Life Reinsurance offers a range of innovative risk and capital management solutions covering mortality, longevity, health and lapse risks for insurers, reinsurers and pension funds across the U.S. and Europe, including the Netherlands, the U.K., France, Germany, Italy, Spain, Portugal, Sweden, Belgium and Ireland.

About VIVAT
VIVAT NV is the holding company for, among others, SRLEV NV, VIVAT Schadeverzekeringen NV, Proteq Levensverzekeringen NV, ACTIAM NV and Zwitserleven PPI NV. VIVAT’s subsidiaries are also active on the Dutch market with, among others, the Zwitserleven, Reaal and ACTIAM brands. A balance sheet total of €56 billion (end of December 2018) makes VIVAT one of the largest insurers in the Netherlands. Anbang Group Holdings Co. Ltd., a full subsidiary of Anbang Insurance Group Co. Ltd, is the sole shareholder of VIVAT NV. For more information please visit www.vivat.nl.

About Canada Life
Canada Life is part of a group of companies owned by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies. To learn more, visit canadalifere.com.

About Great-West Lifeco Inc.
Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Great-West Lifeco has operations in Canada, the United States and Europe through Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments. Great-West Lifeco and its companies have approximately €0.9 trillion (C$1.4 trillion) in consolidated assets under administration as of December 31, 2018 and are members of the Power Financial Corporation group of companies. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO. To learn more, visit greatwestlifeco.com.

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Scotiabank completes acquisition of 51% of Banco Cencosud in Peru

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TORONTO and LIMA, Peru, March 1, 2019 /PRNewswire-HISPANIC PR WIRE/ — Scotiabank announced today it has successfully completed the acquisition of 51% of the controlling interest of Banco Cencosud after receiving regulatory approval from Peruvian authorities. Scotiabank and Banco Cencosud will jointly manage the credit card operations and offer other products and services to customers in partnership for 15 years. Scotiabank and Cencosud have similar agreements in Chile and Colombia. With the closing of this acquisition, Scotiabank has become Peru’s second largest credit card issuer.

“Partnering with Cencosud has been a rewarding process in which we have begun to leverage the potential of the consumer finance business”, said Miguel Uccelli, CEO & Country Head of Scotiabank Peru.” With this acquisition we have completed one more phase in our strategy to strengthen our consumer financing and credit card business in Peru, which aligns with our global vision to increase scale in the countries of the Pacific Alliance; Colombia, Chile, Mexico and Peru”, he concluded.

“Our objective is to leverage the teams from Banco Cencosud and Scotiabank to build an improved experience for all our customers”, said Carlos Morante, CEO of Banco Cencosud, and who will be in charge of the operation under the new name of CAJA CAT PERÚ. “Our customers will continue to enjoy the products they have with us, under the same conditions, but with greater support. We will continue operating separately, taking into account the special features of each business and we will continue to work with our current team of employees”, he said. Morante indicated that no customer has to change their credit cards or other products, “Everything remains the same”, he concluded.

Cencosud Peru owns the second-largest supermarket and the fourth-largest department store chain in the country. Cencosud has operated in Peru since 2007 through the Wong supermarket brand Metro supermarket and Paris department stores. It is also the owner of various shopping malls.

About Scotiabank

Scotiabank is Canada’s international bank and a leading financial services provider in the Americas. We are dedicated to helping our more than 25 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 98,000 employees1 and assets of over $1 trillion (as at January 31, 2019), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.

1Employees are reported on a full-time equivalent basis.

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Scotiabank completes acquisition of 51% of Banco Cencosud in Peru

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TORONTO and LIMA, Peru, March 1, 2019 /PRNewswire-HISPANIC PR WIRE/ — Scotiabank announced today it has successfully completed the acquisition of 51% of the controlling interest of Banco Cencosud after receiving regulatory approval from Peruvian authorities. Scotiabank and Banco Cencosud will jointly manage the credit card operations and offer other products and services to customers in partnership for 15 years. Scotiabank and Cencosud have similar agreements in Chile and Colombia. With the closing of this acquisition, Scotiabank has become Peru’s second largest credit card issuer.

“Partnering with Cencosud has been a rewarding process in which we have begun to leverage the potential of the consumer finance business”, said Miguel Uccelli, CEO & Country Head of Scotiabank Peru.” With this acquisition we have completed one more phase in our strategy to strengthen our consumer financing and credit card business in Peru, which aligns with our global vision to increase scale in the countries of the Pacific Alliance; Colombia, Chile, Mexico and Peru”, he concluded.

“Our objective is to leverage the teams from Banco Cencosud and Scotiabank to build an improved experience for all our customers”, said Carlos Morante, CEO of Banco Cencosud, and who will be in charge of the operation under the new name of CAJA CAT PERÚ. “Our customers will continue to enjoy the products they have with us, under the same conditions, but with greater support. We will continue operating separately, taking into account the special features of each business and we will continue to work with our current team of employees”, he said. Morante indicated that no customer has to change their credit cards or other products, “Everything remains the same”, he concluded.

Cencosud Peru owns the second-largest supermarket and the fourth-largest department store chain in the country. Cencosud has operated in Peru since 2007 through the Wong supermarket brand Metro supermarket and Paris department stores. It is also the owner of various shopping malls.

About Scotiabank

Scotiabank is Canada’s international bank and a leading financial services provider in the Americas. We are dedicated to helping our more than 25 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 98,000 employees1 and assets of over $1 trillion (as at January 31, 2019), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.

1Employees are reported on a full-time equivalent basis.

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Scotiabank completes acquisition of 97.44% of Banco Dominicano del Progreso

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TORONTO and SANTO DOMINGO, Dominican Republic, March 1, 2019 /PRNewswire-HISPANIC PR WIRE/ – Scotiabank announced today that it has successfully completed the acquisition of 97.44% of Banco Dominicano del Progreso (BDP), after receiving regulatory approval by the Superintendency of Banks and the Monetary Board of the Central Bank of the Dominican Republic.

“We are excited to have completed this transaction that is fueled by the strategy of gaining greater scale in economically stable markets with prospects for growth, and allows us to expand and strengthen our operations in the country. We are building a leaner, more modern digital bank, to continue improving our customers’ experience with enhanced financial services and products” said Gonzalo Parral, CEO, Scotiabank Dominican Republic.

With the closing of this acquisition, Scotiabank doubles its customer base and strengthens its fourth-place position in terms of assets in full-service banking and its third-place ranking in the credit card segment in the Dominican Republic, with a 17% share of the market. The acquired Banco Dominicano del Progreso operations include 57 branches, 184 ABMs and more than 160 banking sub-agents, which serve more than 250,000 personal and commercial banking customers.

For further information on the integration stage, please visit www.scotiabank.com.do and www.progreso.com.do.

About Scotiabank
Scotiabank is Canada’s international bank and a leading financial services provider in the Americas. We are dedicated to helping our more than 25 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 98,000 employees¹ and assets of over $1 trillion (as at January 31, 2019), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.

¹Employees are reported on a full-time equivalent basis.

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Parkland Fuel Corporation Announces Record 2018 Adjusted EBITDA of $887 million & Dividend Increase

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Exceptional 2018 Driven by Full Year Contributions From Acquisitions, Strong Supply Performance and Integration Synergies

CaribPR Wire, CALGARY, Alberta, Feb. 28, 2019: Parkland Fuel Corporation, (”Parkland”, “We”, the “Company”, or “Our”) (TSX:PKI) announced today the financial and operating results for the three months and year ended December 31, 2018. All financial figures are expressed in Canadian dollars unless otherwise noted.

“Parkland continues to deliver strong performance across the enterprise,” said Bob Espey, President and Chief Executive Officer. “A standout fourth quarter in the supply segment underpinned our record results, while continued synergy realization and underlying organic growth initiatives positively contributed. While Parkland benefited from higher than normal refining margins in the fourth quarter, we are focused on driving sustainable and long-term cash flow growth within the ratable portions of our business. I would like to thank the entire Parkland team for their hard work and continued focus on safety to deliver another record year.”

Dividend Increase

Parkland’s annualized common share dividend will increase two cents per share, from $1.174 to $1.194, effective with the monthly dividend payable on April 15, 2019 to shareholders of record at the close of business on March 22, 2019.

Q4 & Full-Year 2018 Highlights

  • Fourth quarter Adjusted EBITDA of $285 million and net earnings of $77 million ($0.58 per share, basic) was driven by strong refining crack spreads, continued efforts in executing Parkland’s supply strategy and synergy realization.
  • Full-year Adjusted EBITDA of $887 million and net earnings of $206 million ($1.56 per share, basic). As the acquisition of the majority of the Canadian business and assets of CST Brands, Inc. (the “Ultramar Acquisition”) closed on June 28, 2017, and the acquisition of all outstanding shares of Chevron Canada R & M ULC (the “Chevron Acquisition”) closed on October 1, 2017 (collectively, the “Acquisitions”), the increase in full-year Adjusted EBITDA and net earnings was driven by full year contributions from the Acquisitions in addition to the factors outlined above. See Section 3 of the Management’s Discussion and Analysis for further discussion.
  • Fourth quarter fuel and petroleum product volume was 4.4 billion litres, relatively flat compared to the fourth quarter of 2017 (”Q4 2017″). On a full-year basis, fuel and petroleum product volume was 17.0 billion litres, up 27% year-over year, primarily driven by incremental business from the Acquisitions.
  • Fourth quarter Adjusted distributable cash flow increased by $73 million to $175 million, resulting in an Adjusted dividend payout ratio of 23%. Full-year Adjusted distributable cash flow increased by $317 million to $568 million, resulting in an Adjusted dividend payout ratio of 28%.
  • Total Funded Debt to Credit Facility EBITDA ratio of 2.5 times as at December 31, 2018.
  • Completed 2018 initiatives that are expected to result in run-rate annual synergies on the Acquisitions of approximately $100 million. We continue to expect that annual run-rate synergies on the Acquisitions will reach approximately $180 million by the end of 2020.
  • Announced during the fourth quarter a new strategic initiative to bring Filld’s mobile fuelling service to consumers across Canada, starting in Vancouver, British Columbia. Parkland co-led a $15 million investment into Series B Preferred Shares in the capital of Filld in October 2018. As part of Parkland’s investment, Parkland will be the exclusive supplier of fuel to Filld in Canada.

Retail Highlights

  • Fourth quarter Adjusted EBITDA of $78 million, a decrease of $16 million relative to Q4 2017 due to very strong comparable gasoline and diesel margins in Q4 2017 and softer fourth quarter 2018 margins in some markets. Our underlying Retail business is performing well, with consistent execution in the field resulting in strong key performance indicators. Full-year Adjusted EBITDA was $316 million, an increase of $85 million relative to 2017 primarily due to the Acquisitions.
  • Fourth quarter Company C-Store SSSG was 10.3%, our 12th consecutive quarter of positive Company C-Store SSSG, while full-year Company C-Store SSSG was 7.6%. Growth was attributable to the successful implementation of the new On the Run / Marché Express Flagship and Retrofit store concepts, the successful roll-out of Parkland’s proprietary private label brand 59th Street Food Co., and continued backcourt convenience store optimization that resulted in higher forecourt to backcourt conversion rates.
  • Fourth quarter Company Volume SSSG was 3.5%, while full-year Company Volume SSSG was 0.7%. The increases were primarily due to strategic efforts to increase same-store volume at Company sites.
  • We retrofitted 78 existing On the Run / Marché Express locations and constructed twelve Flagship locations in 2018. Our development initiatives will see the brand rolled out across our Canadian network in the coming years. In 2018, we expanded our private label brand, “59th Street Food Co.”, and are now offering 20 products at select Parkland locations. We are planning to launch an additional 20 private label products in 2019. In addition, we are currently testing our “Journie” loyalty program in two Canadian markets, and expect to expand the program across our network in 2019.

Commercial Highlights

  • Fourth quarter Adjusted EBITDA of $27 million, approximately flat compared to Q4 2017. Full-year Adjusted EBITDA was $93 million, an increase of $23 million relative to 2017 primarily due to the Acquisitions and strong first half 2018 propane organic growth and customer wins.
  • Fourth quarter Fuel and petroleum product volume decreased 4% relative to Q4 2017, primarily due to softer volumes in Western Canada. This was partially offset by a 4% decrease in operating costs as Parkland continues to maintain a strong emphasis on cost management.
  • Ongoing optimization of our Commercial brand portfolio in various geographies has seen certain legacy operations, particularly in Eastern Canada, successfully rebranded to Ultramar. This enables Parkland to drive future growth and sustained profitability under one aligned customer value proposition.

Supply Highlights

  • Fourth quarter Adjusted EBITDA of $199 million, an increase of $105 million relative to Q4 2017. These exceptional results were primarily driven by profitable supply sourcing initiatives, improved supply economics, continued efforts in executing Parkland’s supply advantage strategy and strong refining crack spreads. Due to the rapid price decrease of both crude feedstock and refined products in the fourth quarter, Parkland also realized a $49 million benefit from its working capital funding agreement at the Burnaby Refinery which flows through cost of purchases. On a full-year basis, this benefit totalled $20 million.
  • Full-year Adjusted EBITDA of $561 million, an increase of $401 million relative to 2017. The increase was driven by full year contributions from the Acquisitions and the factors outlined above.
  • Refinery utilization, which measures the amount of crude oil processed and converted to products in the Burnaby Refinery, was 87.8% for the fourth quarter, compared to 94.4% for Q4 2017. The Burnaby Refinery processed intermediary products and bio-fuels such as canola and tallow which are not reflected in crude throughput, and therefore not included in refinery utilization.

Parkland USA Highlights

  • Completed three acquisitions in 2018, the largest of which was the acquisition of all of the issued and outstanding equity interests of Rhinehart Oil Co., LLC and its affiliates (the “Rhinehart Acquisition”). The Rhinehart Acquisition closed on August 27, 2018, and added 10 distribution facilities, 9 retail sites, and 4 cardlock facilities across Utah, Colorado, Wyoming and New Mexico.
  • Fourth quarter Adjusted EBITDA of $11 million, an increase of $7 million relative to Q4 2017. Full-year Adjusted EBITDA was $28 million, an increase of $12 million relative to 2017. The increases are primarily due to the Rhinehart Acquisition and Parkland’s continued focus on its strategy to drive new business, grow organically and manage costs.
  • Fuel and petroleum product volume increased 92 million litres in the fourth quarter and 119 million litres on a full-year basis, relative to Q4 2017 and full-year 2017, respectively. The increase was primarily due to the Rhinehart Acquisition and organic growth initiatives.
  • Subsequent to the quarter, Parkland opened a Houston office that will support its growing supply and trading business in the U.S. and Caribbean markets.
  • Parkland will continue to look for acquisition opportunities in the U.S., including tuck-in opportunities in and around its existing regional operations centers and new regional operations centers in areas where we can establish a supply advantage.

Corporate Segment Highlights

  • Marketing, general and administrative expenses were $32 million in the fourth quarter and $111 million on a full-year basis. As expected, these expenses increased primarily due to additional corporate costs to support the larger integrated business and execute future growth strategies. In particular, additional costs were incurred for technological innovation initiatives and employee costs to support Parkland’s growth.

Consolidated Financial Overview

($ millions, unless otherwise noted) Three months ended December 31, Year ended December 31,
2018 2017 2016 2018 2017 2016
Financial Summary
Sales and operating revenue(6) 3,526 3,429 1,740 14,442 9,560 6,266
Adjusted gross profit(1) 587 469 197 1,995 1,094 708
Adjusted EBITDA(1) 285 198 77 887 418 253
Net earnings 77 49 3 206 82 48
Per share – basic 0.58 0.37 0.03 1.56 0.70 0.50
Per share – diluted 0.57 0.37 0.03 1.53 0.69 0.49
Distributable cash flow(2) 151 45 29 416 151 120
Per share(2)(3) 1.14 0.33 0.30 3.15 1.29 1.26
Adjusted distributable cash flow(2) 175 102 43 568 251 153
Per share(2)(3) 1.32 0.78 0.45 4.30 2.15 1.60
Dividends 41 39 28 159 138 110
Dividends declared per share outstanding 0.2934 0.2886 0.2835 1.1704 1.1510 1.1250
Dividend payout ratio(2) 27 % 89 % 94 % 38 % 91 % 91 %
Adjusted dividend payout ratio(2) 23 % 38 % 64 % 28 % 55 % 71 %
Total assets 5,661 5,412 2,562 5,661 5,412 2,562
Total long-term liabilities 2,750 2,469 692 2,750 2,469 692
Shares outstanding (millions) 134 131 96 134 131 96
Weighted average number of common shares (millions) 133 131 96 132 117 95
Operating Summary
Fuel and petroleum product volume (million litres)(4) 4,354 4,432 2,783 16,978 13,333 10,415
Fuel and petroleum product adjusted gross profit(1) (cpl)(5):
Retail 7.69 8.95 5.39 7.83 7.17 5.48
Commercial(6) 9.02 8.59 11.47 8.56 9.25 11.09
Parkland USA 4.97 3.48 3.62 3.95 3.32 3.46

(1) Measure of segment profit. See Section 13 of the MD&A.

(2) Non-GAAP financial measure. See Section 13 of the MD&A.
(3) Calculated using the weighted average number of common shares.
(4) Fuel and petroleum product volume represents external volumes only. Intersegment volumes, including volumes produced by the Burnaby Refinery and transferred to the Retail and Commercial segments, are excluded from this reported volume.
(5) “cpl” stands for cents-per-litre and is a key performance indicator. See Section 13 of the MD&A.
(6) For comparative purposes, sales and operating revenue and fuel and petroleum product adjusted gross profit (cpl) for the three months ended December 31, 2017 was restated for a reclassification from Commercial to Supply, reflecting a change in customer service delivery structure in 2018.

2019 Outlook & Guidance Range

Parkland will remain focused on its key strategies of organic growth, building a strong supply advantage and acquiring prudently. We will focus our efforts across three areas of operation (Canada, US & International):

  • Canada: Network development, optimize operations, increase customer loyalty and penetration, leverage scale
  • United States: Continued organic growth, target acquisitions with potential to enhance our supply advantage
  • International: Business continuity, asset optimization and growth

Enabled by integrated supply and marketing:

  • Supply: Leverage market inefficiencies and expand our supply advantage
  • Marketing: Enhanced customer value proposition across our entire portfolio

Our 2019 Guidance for Adjusted EBITDA attributable to Parkland is $960 million, with anticipated variance of up to 5 percent (”2019 Guidance Range”). In addition, the Company expects to spend approximately $200 million of maintenance capital expenditures. Our 2019 Guidance Range includes the expected contribution from Parkland’s 75% interest in SOL Investments Limited (”SOL”) and excludes the impact of adopting IFRS 16 – Leases. Parkland is in the process of assessing the impact of adopting IFRS 16 – Leases, which will be completed and disclosed in the March 31, 2019 Interim Condensed Consolidated Financial Statements and MD&A.

The 2019 Guidance Range includes some key assumptions highlighted below:

  • Burnaby refining margins forecast in line with the 5-year historical average
  • The performance of recently acquired businesses, general market conditions, including but not limited to fuel margins and weather, will remain substantially consistent in 2019
  • The low end of our 2019 Guidance Range accounts for potential adverse market conditions across our areas of operations, as well as the potential for lower refining margins than currently observable, while the high end of our 2019 Guidance Range accounts for greater than expected contributions from acquisition synergies, refining margins and organic growth

In addition, the factors and assumptions which contribute to Parkland’s assessment of the 2019 Guidance Range are consistent with existing Parkland disclosure and such guidance range is subject to risks and uncertainties inherent in Parkland’s business. Readers are directed to the “Risk Factors” section in the Annual MD&A and the Annual Information Form for a description of such factors, assumptions, risks and uncertainties.

Conference Call and Webcast Details: Q4 2018 & Year-end Results

Parkland will host a webcast and conference call on Friday, March 1, 2019 at 6:30am MST (8:30am EST) to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link:

https://event.on24.com/wcc/r/1939108/C2E33F78683C1160CA31B32003C1BF58

Analysts and institutional investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0605 (toll-free) (Conference ID: 46696156).

Please connect and log in approximately 10 minutes before the beginning of the call.

The webcast will be available for replay two hours after the conference call ends. It will remain available at the link above for one year and will also be posted to www.parkland.ca.

MD&A and Consolidated Financial Statements

The Q4 2018 Management’s Discussion and Analysis (”MD&A”) and the 2018 Consolidated Financial Statements provide a detailed explanation of Parkland’s operating results for the year ended December 31, 2018. An English version of these documents will be available online at www.parkland.ca and SEDAR immediately after the results are released by newswire under Parkland’s profile at www.sedar.com. French Financial Statements and MD&A will be posted to www.parkland.ca and SEDAR as soon as they become available.

Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” 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, cash flow growth, run-rate synergies, private label program expansion, fuel volume growth, new business objectives, organic growth initiatives; Adjusted EBITDA Guidance; capital expenditure forecasts, contribution of the SOL business and 2018 U.S. acquisitions, forecast crack spreads and refining margins; supply improvement and optimization and plans and objectives of or involving Parkland.

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 and uncertainties including, but 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 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 “Forward-Looking Information” and “Risk Factors” included in Parkland’s Annual Information Form dated March 9, 2018 and in “Forward-Looking Information” and “Risk Factors” in the Q4 2018 MD&A, each as filed on SEDAR and available on the Parkland website at www.parkland.ca.

Non-GAAP Financial Measures

This news release refers to certain non-GAAP financial measures that are not determined in accordance with International Financial Reporting Standards (”IFRS”). Distributable cash flow, distributable cash flow per share, adjusted distributable cash flow, adjusted distributable cash flow per share, dividend payout ratio and adjusted dividend payout ratio 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 Section 13 of the Q4 2018 MD&A for a discussion of non-GAAP measures and their reconciliations to the nearest applicable IFRS measure.

Adjusted EBITDA and adjusted gross profit are measures of segment profit. See Section 13 of the Q4 2018 MD&A and Note 24 of the 2018 Consolidated Financial Statements for a reconciliation of these measures of segment profit. Annual Synergies is an annualized measure and is considered to be forward-looking information. See Section 10 of the Q4 2018 MD&A. Investors are encouraged to evaluate each measure 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 earnings determined in accordance with IFRS as an indication of Parkland’s performance. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

ABOUT PARKLAND FUEL CORPORATION

Parkland is Canada and the Caribbean’s largest, and one of America’s fastest growing, independent suppliers and marketers of fuel and petroleum products and a leading convenience store operator. Parkland services customers in 25 countries through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves.

Parkland creates value for shareholders by focusing on its proven strategy of growing organically, realizing a supply advantage and acquiring prudently and integrating successfully. At the core of our strategy are our people, as well as our values of safety, integrity, community and respect, which are embraced across our organization.

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Perfect Water for the Caribbean – Zero Mass Water Unveils SOURCE Hydropanels in Jamaica

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Zero Mass Water’s SOURCE Hydropanels make water from air for the University Hospital of the West Indies’ Pediatric Ward

KINGSTON, Jamaica, Feb. 27, 2019 /PRNewswire-HISPANIC PR WIRE/ — How does a hospital maintain continuous access to its most precious resource? Zero Mass Water has the answer: SOURCE Hydropanels that use only sunlight and air to make high-quality, resilient water.

The Caribbean Climate-Smart Accelerator was formed by Caribbean leaders in 2017 to strengthen the region’s readiness and response to disasters. The Accelerator’s objective is to create the globes’ first climate-smart zone to transform Caribbean economies with investment opportunities that support climate action. Zero Mass Water’s SOURCE Hydropanels attracted the attention of the University Hospital of the West Indies’ (UHWI) Pediatric Ward. Looking to provide high-quality water while supporting Jamaica’s pioneering efforts as one of only a handful of countries to have banned single-use plastics, the Hospital eagerly joined the ranks of communities worldwide taking their drinking water off-grid with the renewable water technology.

“We’re excited about the impact of this hospital project, our first in partnership with the Accelerator,” says Zero Mass Water Founder and CEO Cody Friesen, “This array of SOURCE Hydropanels is providing clean, resilient drinking water to staff and patients, and represents the impact we have across the broader Caribbean.”

Installed on the Hospital’s rooftop, the Hydropanel array produces up to 3,000 liters of water per month. This installation is the first of several arrays Zero Mass Water will complete through its partnership with the Caribbean Climate-Smart Accelerator.

Until now, communities in Jamaica lacked good options for water access. With the island’s water infrastructure often deemed too old and ineffective –Jamaicans often turn to bottled water as their primary supply, contributing to the nation’s plastic waste troubles. Recent water lock offs in Jamaica have left institutions, like UHWI, to seek better solutions.

SOURCE Hydropanels make, mineralize, and deliver high-quality drinking water by converting moisture in the air, representing a new choice for water that is both waste-less and reliable.

“A first step in building resilience is having access to clean drinking water after a disaster. The elegance in this solution is that it provides that facility while also displacing plastic water bottles that are contributors to our climate challenge. Zero Mass Water’s delivery of an innovative solution to our most vulnerable is an example to others, it embodies the kind of partnerships most desired by the Accelerator,” said Sir Richard Branson, Virgin Group Founder.

Zero Mass Water’s SOURCE Hydropanels are available for purchase and have been installed for homes and communities across the Caribbean.

About Zero Mass Water

Zero Mass Water’s mission is to make drinking water an unlimited resource. SOURCE is a Hydropanel that creates drinking water simply from sunlight and air – made possible by the combination of thermodynamics, materials science and controls technology. Zero Mass Water puts the power of safe, high-quality water production into the hands of every person in nearly every climate and corner of the world. Zero Mass Water is headquartered in Scottsdale, Arizona.

For more information, go to zeromasswater.com or follow Zero Mass Water on Twitter @zeromasswater.

Photo – https://mma.prnewswire.com/media/828018/Zero_Mass_Water_SOURCE_Water.jpg

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Four Royalton Luxury Resorts Earn 2019 Hotels.com “Loved by Guests” Award

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CaribPR Wire, TALLAHASSEE, Fla., Feb. 22, 2019: The award-winning trend continues at Royalton ResortsRoyalton Riviera Cancun and Hideaway at Royalton Riviera Cancun in Mexico, Royalton Saint Lucia in Saint Lucia and Royalton Hicacos in Cuba were recognized in the Hotels.com ‘Loved by Guests’ awards for delivering outstanding levels of service in 2018 adding to its banner year of industry accreditations.

The achievement celebrates hospitality businesses that have earned great traveler reviews on Hotels.com. The 2019 ‘Loved by Guests’ award recipients offer accommodations, eateries and attractions, located all over the world, that have continually delivered outstanding customer experiences.

“Winning the 2019 ‘Loved by Guests’ award is excellent news and demonstrates our commitment to providing unique experiences to our guests,” said Jordi Pelfort, President of Hotel Operations, Blue Diamond Resorts. “Thanks to our amazing staff members for their hard work and most importantly, our incredible guests for all their support.”

Royalton Resorts is starting 2019 off strong with multiple recognitions, including the prestigious TripAdvisor® Travelers’ Choice Award, TUI Top Quality Award, the World Luxury Hotel Awards and the 2019 Noble Beach Prize.

To learn more about Royalton Luxury Resorts, visit www.royaltonresorts.com

About Royalton Luxury Resorts

Epitomizing modern elegance, award-winning Royalton Luxury Resorts, a brand of Blue Diamond Resorts, offers All-In Luxury® vacations in some of the world’s most popular tropical destinations, including Jamaica, the Dominican Republic, Mexico, Saint Lucia, Antigua and Cuba. Boasting an array of world-class all-inclusive features including the premium, handcrafted DreamBed™, unlimited reservation-free luxury dining, All-In Connectivity™ with complimentary Wi-Fi and in-room long distance calling, a Sports Event Guarantee™, and more. Many of the resorts cater equally to families and couples alike, with industry-leading, supervised, kids and teen activities offered at no additional cost combined with family-friendly accommodation and dining options. Royalton Luxury Resorts expanded its offering of upscale and elegant vacation experiences with the addition of two new resorts, Royalton Suites Cancun, and coming soon, Royalton Antigua Resort & Spa.

Cuatro hoteles de la cadena Royalton Luxury Resorts reciben el premio “Loved by Guests” de Hotels.com en 2019

CaribPR Wire, TALLAHASSEE, Florida, Feb. 22, 2019: La cadena Royalton Resorts continúa recibiendo prestigiosos galardones como reconocimiento por sus servicios de alta calidad. El Royalton Rivera Cancun y el  Hideaway at Royalton Riviera Cancun en México, el Royalton Saint Lucia en Santa Lucía y el Royalton Hicacos en Cuba han recibido muy buenas reseñas de los viajeros en Hotels.com y han sido galardonados con el premio “Loved by Guests” 2019. Los recipientes de este importante premio brindan servicios de alojamiento, alimentación y entretenimiento, están ubicados en todo el mundo y continuamente han brindado experiencias extraordinarias a sus clientes.

“Ganar el premio ‘Loved by Guests’ 2019 es una excelente noticia y demuestra nuestro compromiso en brindar experiencias únicas a nuestros huéspedes”, afirmó Jordi Pelford, presidente de operaciones hoteleras de Blue Diamond Resorts. “Agradecemos a nuestros maravillosos empleados por su buen trabajo y sobre todo a nuestros excepcionales clientes por todo su apoyo”.

Royalton Resorts arranca con fuerza el 2019 con varios reconocimientos que incluyen el prestigioso premio Travelers’ Choice de TripAdvisor®, el premio TUI Top Quality, los premios de World Luxury Hotel Awards, el premio Noble Beach de 2019 y, más recientemente los premios “Loved by Guests” por ofrecer un extraordinario nivel de servicio en 2018, lo cual suma más reconocimientos a un año destacable de acreditaciones de la industria.

Para conocer más acerca de Royalton Luxury Resorts, visite www.royaltonresorts.com

Acerca de Royalton Luxury Resorts

Los galardonados Royalton Luxury Resorts, una marca de Blue Diamond Resorts, representan la elegancia contemporánea y ofrecen vacaciones  All-In Luxury® en algunos de los destinos tropicales más populares del mundo, entre ellos Jamaica, la República Dominicana, México, Santa Lucía, Antigua y Cuba. Los hoteles Royalton Luxury Resorts cuentan con una amplia variedad de servicios de primera clase todo incluido, como colchones artesanales de calidad superior DreamBed™, gastronomía de lujo ilimitada sin necesidad de reservas, All-In Connectivity™ con Internet inalámbrico y llamadas de larga distancia gratis, la garantía de Sports Event Guarantee™ y mucho más. Muchos de los resorts han sido ideados para satisfacer las necesidades tanto de familias como de parejas, con innovadoras actividades supervisadas para niños y adolescentes que se ofrecen sin cargo adicional, además de alojamiento y opciones gastronómicas para toda la familia. Royalton Luxury Resorts amplió su oferta de experiencias de vacaciones elegantes y de alta categoría con la adición de dos nuevos complejos hoteleros, Royalton Suites Cancun y, próximamente, Royalton Antigua Resort & Spa.

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If you purchased dental supplies or equipment directly from Henry Schein, Patterson, Benco, or Burkhart, an $80 million class action settlement may affect you

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PHILADELPHIA, Feb. 22, 2019 /PRNewswire-HISPANIC PR WIRE/ – The following statement is being issued by Berger Montague regarding the Dental Supplies Antitrust Litigation.

An $80 million cash Settlement has been reached in a lawsuit known as In re Dental Supplies Antitrust Litigation, No 16-cv-00696 (E.D.N.Y.), against Henry Schein, Inc. (”Schein”), Patterson Companies, Inc. (”Patterson”), and Benco Dental Supply Company (”Benco”) (collectively, “Defendants”). The lawsuit alleges that the Defendants agreed not to compete on prices for Dental Products. The Defendants deny these claims, insist they did nothing wrong, and a judge has not decided who is right.

Who’s Included?
The Settlement is for a “Class” that includes anyone in the U.S. who purchased Dental Products directly from Defendants or Burkhart during the Class Period: August 31, 2008 to March 31, 2016.

What does the Settlement provide?
The Defendants will pay $80 million into a “Settlement Fund.” The settlement proceeds, net of all court-approved fees and costs, will be allocated pro rata, based on relative purchase amounts. For more information on payouts, please consult paragraphs 25-30 of the November 12, 2018, Declaration of Eric L. Cramer and/or the Plan of Allocation (when it is available) on the settlement website. Class Counsel will be asking the Court to approve a fee of up to 1/3 of the Settlement amount, plus reimbursement of costs, and service awards for the named plaintiffs. That Fee Application will be available on the settlement website on March 24, 2019.

How can I receive benefits?
If the Settlement is approved, you will receive a Claim form in the mail (it will also be available on the Settlement website). You must file a claim by September 19, 2019 in order to receive a payment.

How can I exclude myself or object?
If you want to sue the Defendants yourself, you must exclude yourself from the Settlement by April 18, 2019, in which case you will not receive a payment from the Settlement. If you do not exclude yourself, you may file an objection to the Settlement or any aspect of it by April 18, 2019.

More complete information, including the Settlement Agreement and release of claims, instructions on filing a claim (when a claim form becomes available), Excluding, and Objecting is available on the settlement website, www.DentalSuppliesAntitrustClassAction.com or you may call toll free 1-844-367-8807.

When will the Court decide?
A Fairness Hearing will be held on May 22, 2019 at 10:00 a.m. at the U.S.D.C. for the Eastern District of NY, 225 Cadman Plaza E, Brooklyn, NY 11201 in Courtroom 8D S to consider whether to approve the Settlement and Fee Application. You may, at your own expense appear at the Hearing, but you don’t have to.

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Trinidad & Tobago’s First Citizens Group Becomes Visa Loyalty Solutions Premium Partner

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– Bank is one of the first in the Caribbean to implement Visa Loyalty Solutions, a cutting-edge digital payment platform and loyalty program co-created by fintech and insurtech company novae and leading payment technology company Visa

– With VLS, First Citizens, already a pioneer in Internet banking and mobile banking in Trinidad & Tobago, has incorporated a powerful tool to increase customer loyalty

PORT OF SPAIN, Trinidad and Tobago, Feb. 22, 2019 /PRNewswire-HISPANIC PR WIRE/ – Trinidad-based First Citizens Group has received the Premium Partner designation from fintech and insurtech company novae and leading payment technology company Visa for being one of the first banks in the Caribbean to adopt Visa Loyalty Solutions (VLS), the white-label digital loyalty platform the two companies recently co-created.

From left to right: Jorge Salum, Sr. Director, Business Development, Caribbean for Visa; Jorge Lemus, SVP and Group Country Head, Caribbean and Central America for Visa; Avril Edwards, General Manager of Electronic Banking for First Citizens Group; and Facundo Mendez, Managing Director of Enterprise, Growth & Loyalty for novae.

Over the years First Citizens has introduced a number of innovations locally, including Internet banking and mobile banking. It has also been recognized on several occasions for excellence in innovation, communications technology and e-commerce by the Energy Chamber of Trinidad and Tobago.

VLS is a user-centric, universal, cross-border, all-digital, mobile-first, white-label loyalty platform for banks that enables consumers and merchants to redeem points anytime, anywhere, from any device (mobile, desktop or wearable) and using multiple payment methods (credit, debit, points or split payment), while offering banks superior customer care, same-day activation and easy administration.

Thanks to VLS’s single, smart payment solution on an invisible and securely encrypted payment platform, First Citizens clients will be able to register rewards as digital currency that can be used alone or split with other payment methods, such as credit or debit cards registered on the platform, to make payments online and contactless in-store around the world.

Finally, by integrating artificial intelligence and machine learning, VLS’s technologies will help First Citizens better analyze the interactions and purchase behaviors of its clients to present increasingly relevant offers, while retaining contact information, payment and travel preferences.

novae not only created the technology behind the digital platform, but also the program’s impressive network of international travel rewards, to which First Citizens customers will now have access. A powerful metasearch engine and partnerships with major worldwide travel aggregators enable users to get preferential pricing and exclusive deals at more than 400,000 hotels in 25,000 cities; 70,000 flights to 1,700 destinations on 130 airlines; 500 car rental companies at 30,000 locations in 170 countries; 2 million vacation rental properties in 190 countries; and 10,000 tours and other entertainment options in 90 countries.

First Citizens Group’s VLS Premier Partner designation is the latest of several awards and recognitions the bank has received. The bank was awarded the Best Bank in Trinidad and Tobago by Euromoney Award for Banking Excellence 2016 and also received an affirmed rating of BBB+/A-2 from Standard & Poor’s. Other awards bestowed on the bank over the years include Safest Bank in the English-speaking Caribbean in 2015, 2011 and 2010 (Global Finance Magazine); Best Bank In Trinidad & Tobago in 2015, 2014, 2012, 2010 and 2009 (World Finance); Bank Of The Year 2015 and 2009 (The Banker Magazine) and Bank of The Year in 2009 (Latin Finance).

“First Citizens Group is proud to have received the Visa Loyalty Solutions Premium Partner designation, which recognizes our bank’s positioning as a first adopter of cutting-edge digital and mobile solutions,” said Avril Edwards, General Manager of Electronic Banking for First Citizens Group.

“Visa Loyalty Solutions offers First Citizens a seamless and flexible digital experience that adds value and provides an unmatched customer experience,” said Ricardo Tafur, Vice President of Consumer Products for Visa in Latin America and the Caribbean.

“VLS gives First Citizens an important differentiator in this competitive retail banking market,” said Jorge Lemus, SVP and Group Country Head, Caribbean and Central America for Visa.

“As a pioneer in mobile and Internet banking, First Citizens has always offered customers cutting-edge solutions to meet their banking needs. With Visa Loyalty Solutions, they have added a powerful tool in their arsenal to maximize loyalty, boost spend and increase operational efficiency,” said Facundo Mendez, Managing Director of Enterprise, Growth and Loyalty for novae.

Photo – https://mma.prnewswire.com/media/825444/novae_Visa.jpg

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