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Q4 2014 EARNINGS CALL – Amerigas Partners Lp

Amerigas Partners Lp · Nov 13, 2014 · 32 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 1
    2014 Q4 Earnings Conference Call November 13, 2014 November 13, 2014
  2. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 2
    John Walsh President & CEO, UGI Kirk Oliver Chief Financial Officer, UGI Jerry Sheridan President & CEO, AmeriGas November 13, 2014
  3. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 3
    FY14 Results and FY15 Guidance Adjusted EPS* Weather impacts of 2.25 U.S. and Europe 2.00 1.99 1.88 - 1.98 1.75 1.58 1.50 1.25 1.00 2013 2014 Forecast 2015 Guidance FY 2015 Adjusted EPS* Guidance Range: 1.88 1.98…
  4. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 4
    Strategic Milestones Midstream & Marketing 20% equity partner in PennEast Pipeline o 100+ mile pipeline will link Marcellus production with customers in southeast PA and central NJ Project Manager and Pipeline Operator UGI…
  5. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 5
    Strategic Milestones AmeriGas Strong ACE and National Accounts growth at AmeriGas 8% ACE volume growth Over 20% National Account volume growth UGI International Purchase agreement to acquire Totals LPG distribution business in…
  6. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 6
    Kirk Oliver Chief Financial Officer November 13, 2014
  7. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 7
    Fiscal Year Weather vs. Normal 20.0% 10.0% 10.0% COLDER 3.4% 3.7% 0.9% 0.0% (WARMER) -0.5% -4.9% -10.0% -14.1% (WARMER) -15.7% -20.0% 2014 2013 AmeriGas Antargaz Flaga Gas Utility November 13, 2014 8
  8. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 8
    AmeriGas 550 Operating Income, MM VOLUME 500 66.5 4.1 25.3 Colder weather 8.7 472.0 450 MARGIN 31.8 Higher retail unit margins 400 394.4 OPEX 350 Higher distribution-related 300 expenses Higher uncollectable accounts 250…
  9. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 9
    UGI International Income Before Taxes, MM MARGIN 140 Lower volume due to warmer 120 116.2 16.4 weather 12.9 Slightly higher total margin at 100 0.1 0.4 87.4 Flaga 80 Slightly stronger Euro and British pound 60 40 OPEX…
  10. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 10
    Gas Utility 250 Income Before Taxes, MM MARGIN 14.9 (5.9) (3.1) Colder weather 0.8 199.6 200 Higher core market and large 159.1 33.8 firm delivery margins 150 100 OPEX Higher distribution system 50 maintenance Higher…
  11. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 11
    Midstream & Marketing 240 Income Before Taxes, MM MARGIN 5.4 Higher capacity management, 210 14.2 0.3 195.7 storage, and gathering margin 180 Higher gas marketing margin 89.8 150 Higher electric generation 120 margin 13.9 86.8…
  12. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 12
    Q2 Basis Differentials Spot Price Comparison 18 Location Texas Eastern Zone M-3 16 Pre-recession Values 14 12 10 /mcf 8 Fiscal 2012 6 4 (WARMER) 2 0 1-Jan 8-Jan 15-Jan 22-Jan 29-Jan 5-Feb 12-Feb 19-Feb…
  13. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 13
    Q2 Basis Differentials Spot Price Comparison Location Texas Eastern Zone M-3 90 80 70 60 /mcf 50 40 30 Pre-recession Values 20 (WARMER) 10 0 5-Mar 1-Jan 8-Jan 12-Feb 19-Feb 26-Feb…
  14. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 14
    Liquidity and Guidance UGI Corporate Total AmeriGas International Utilities Midstream & Other Cash on Hand 419.5 13.5 140.2 12.4 8.1 245.4 Revolving Credit Facilities 525.0 123.8 300.0 240.0 NA Accounts Receivable Facility NA NA…
  15. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 15
    Jerry Sheridan CEO of AmeriGas November 13, 2014
  16. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 16
    Q4 Adjusted EBITDA Adjusted EBITDA*, Millions 50 45 48.3 40 46.5 35 30 Q4 2013 Q4 2014 * See appendix for Adjusted EBITDA reconciliation November 13, 2014 17
  17. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 17
    Fiscal 2014 Adjusted EBITDA Adjusted EBITDA*, Millions 700 660 620 664.8 580 617.7 540 500 FY2013 FY2014 * See appendix for Adjusted EBITDA reconciliation November 13, 2014 18
  18. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 18
    Growth Initiatives AmeriGas Cylinder Exchange (ACE) Volume growth up 8% in fiscal 2014 Added over 1,300 new locations Now 48,000 distribution locations nationwide National Accounts 22% volume growth in fiscal 2014 Over 50 new…
  19. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 19
    Strategic Milestones Strong Balance Sheet Leverage Ratio 3.6x Distribution coverage - 1.2x Earnings Power Earnings have nearly doubled from just two years ago FY15 Adjusted EBITDA Guidance of 670MM-700MM Supports long-term goals…
  20. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 20
    John Walsh President & CEO November 13, 2014
  21. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 21
    Operational Highlights Gas Utility Added 16,000 residential heating customers and 2,000 new commercial customers Moving forward with innovative approaches to support continued growth, such as GET Gas Received the highest customer…
  22. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 22
    Operational Highlights UGI International Strong performance despite significantly warmer weather Planned Total acquisition remains on track to close in first half of calendar year 2015 AmeriGas Leveraged size and scale to ensure…
  23. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 23
    In Conclusion Strongest financial performance in our history Progress on a range of strategic growth initiatives Significant growth opportunities across all four business segments in FY 2015 and beyond November 13, 2014 24
  24. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 24
    Q&A November 13, 2014
  25. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 25
    Appendix November 13, 2014
  26. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 26
    UGI Supplemental Information: Footnotes Management uses adjusted net income attributable to UGI and adjusted diluted earnings per share, both of which are non-GAAP financial measures, when evaluating UGI's overall performance. Adjusted…
  27. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 27
    Adjusted EPS to GAAP EPS Reconciliation Three Months Ended Twelve Months Ended September 30, September 30, 2014 2013 2014 2013 Adjusted diluted earnings (loss) per share: UGI Corporation earnings (loss) per share - diluted (0.11)…
  28. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 28
    Adjusted Net Income to GAAP Net Income Reconciliation Three Months Ended Twelve Months Ended September 30, September 30, 2014 2013 2014 2013 Adjusted net (loss) income attributable to UGI Corporation: Net (loss) income…
  29. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 29
    AmeriGas Supplemental Information: Footnotes The enclosed supplemental information contains a reconciliation of earnings before interest expense, income taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA to Net…
  30. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 30
    AmeriGas Partners EBITDA Reconciliation Three Months Ended Twelve Months Ended September 30, September 30, 2014 2013 2014 2013 Net (loss) income attributable to AmeriGas Partners, L.P. (47,347) (54,056) 289,893 221,222 Income tax…
  31. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 31
    AmeriGas Partners Adj. EBITDA Guidance Reconciliation Forecast Fiscal Year Ending September 30, 2015 Net income attributable to AmeriGas Partners, L.P. (estimate) 323,000 Interest expense (estimate) 163,000 Income tax…
  32. Q4 2014 EARNINGS CALL – Amerigas Partners Lp – slide 32
    Investor Relations: 610-337-1000 Daniel Platt (x1029) plattdugicorp.com November 13, 2014

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