2014 Q3 Earnings Conference Call July 30, 2014 July 30, 2014
John Walsh President & CEO, UGI Kirk Oliver Chief Financial Officer, UGI Jerry Sheridan President & CEO, AmeriGas July 30, 2014
2014 Q3 Results Adjusted EPS* 0.16 36% increase in Adjusted EPS* 0.12 0.15 0.08 0.11 0.04 0.00 2013 2014 Adjusted Net Income* attributable to UGI rose to 17.1 million in Q3 of FY 2014 vs. 12.4 million in prior-year…
Operational Highlights Midstream & Marketing Marcellus asset network serving strong natural gas demand across the region Producer and consumer recognition of infrastructure gap Gas Utility Expect to add a record 18,000 new…
Operational Highlights AmeriGas AmeriGas Cylinder Exchange (ACE) volume growth up 8% YTD National Accounts volumes up 11% in Q3 year-over-year UGI International Strong performance despite significantly warmer weather in Q3 and…
UGI International Income Before Taxes, MM VOLUME 16 13.7 (11.0) Significantly warmer weather 14 12 MARGIN 10 Weather impact on customer mix 8 6 OPEX 4 Increased costs at Flaga from (0.6) (2.1) BP Poland acquisition 2 (0.7)…
Gas Utility 20 Income Before Taxes, MM MARGIN Weather slightly colder than prior year period Higher core market and large (1.3) firm delivery margins 3.0 10 (0.6) (0.6) 7.3 1.8 5.0 OPEX Higher maintenance expenses 0 Int.…
Midstream & Marketing 40 Income Before Taxes, MM MARGIN Higher capacity management, 10.6 (2.8) storage, and gathering margin 30 Higher gas marketing margin (1.3) 0.1 25.6 Higher electric generation 20 2.0 margin 10.6 Continued…
Liquidity and Guidance Update UGI Corporate & Total AmeriGas International Utilities Midstream Other Cash on Hand 438.4 14.7 147.0 28.5 14.1 234.1 Revolving Credit Facilities 525.0 134.2 300.0 240.0 NA Accounts Receivable Facility NA…
Dividend Increase, Stock Split and Guidance Dividend Increase 10.6% in quarterly dividend from 0.2950 to 0.3263 on a pre-split basis Strikes balance between income and growth Stock Split Three-for-two stock split for shareholders…
Jerry Sheridan CEO of AmeriGas July 30, 2014
Q3 Adjusted EBITDA Adjusted EBITDA*, Millions 80 70 60 50 40 69.0 55.1 30 20 10 0 2013 Q3 2014 Q3 * See appendix for Adjusted EBITDA reconciliation July 30, 2014 16
Operational Highlights Adjusted EBITDA was 55.1MM compared to 69MM in prior-year period Warmer weather led to a 4% decrease in retail volume Retail margins expanded with inflation Unusual winter led to higher operating…
Growth Initiatives National Accounts Volume up 11% in Q3 versus last year AmeriGas Cylinder Exchange (ACE) Volume growth up 4% in Q3 and 8% YTD Added over 1,000 new locations YTD Now 48,000 distribution locations nationwide…
Strategic Milestones Earnings Power Earnings have nearly doubled from just three years ago 2014 YTD EBITDA through Q3 approximately equal to full- year 2013 EBITDA Strong Balance Sheet Leverage Ratio 3.6x Distribution coverage 1.2x…
John Walsh President & CEO July 30, 2014
Strategic Milestones Diversified Growth Opportunities Total LPG distribution business Reached agreement in principle to acquire Totals LPG business in France for 400 - 450 million Distributed 265 retail gallons of LPG in 2013…
In Conclusion Strong Q3 performance despite warmer than normal weather across most of our service territories Significant growth opportunities across all four business segments in 2015FY and beyond Combination of dividend increase…
Q&A July 30, 2014
Appendix July 30, 2014
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…
Adjusted EPS to GAAP EPS Reconciliation Three Months Ended Nine Mont June 30, June 2014 2013 Adjusted diluted earnings per share: UGI Corporation earnings per share - diluted 0.18 0.08 Net (gains) losses on Midstream &…
Adjusted Net Income to GAAP EPS Reconciliation Three Months Ended Nine Months June 30, June 30 2014 2013 Adjusted net income attributable to UGI Corporation: Net income attributable to UGI Corporation 20.6 9.1 Net (gains) losses…
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 Income.…
AmeriGas Partners EBITDA Reconciliation Three Months Ended June 30, 2014 2013 Net (loss) attributable to AmeriGas Partners, L.P. (37,761) (34,595) Income tax expense (benefit) 847 (59) Interest expense 41,328 41,247 Depreciation…
Investor Relations: 610-337-1000 Daniel Platt (x1029) pllattdugicorp.com July 30, 2014
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