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2014 Analyst Day – UGI Corp.

UGI Corp. · Nov 6, 2014 · 139 slides

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Slides

  1. 2014 Analyst Day – UGI Corp. – slide 1
    2014 Analyst Day 1 1
  2. 2014 Analyst Day – UGI Corp. – slide 2
    Management Team UGI Corporation Business Unit Management John Walsh Jerry Sheridan AmeriGas Kirk Oliver Hugh Gallagher AmeriGas Daniel Platt Paul Grady AmeriGas Davinder Athwal Bradley Hall Energy Services Monica Gaudiosi Angela…
  3. 2014 Analyst Day – UGI Corp. – slide 3
    Agenda 8:30 AM Daniel Platt Introductions 8:35 AM John Walsh Opening Remarks 8:50 AM Robert Beard Utilities 9:20 AM Bradley Hall Energy Services 10:00 AM Break 10:15 AM Jerry Sheridan AmeriGas 10:45 AM John Walsh UGI International…
  4. 2014 Analyst Day – UGI Corp. – slide 4
    John Walsh President & CEO 5 5
  5. 2014 Analyst Day – UGI Corp. – slide 5
    Company Overview UGI Corporation is a distributor and marketer of energy products and services including natural gas, propane, butane, and electricity. * 1 Propane Premier Energy Gas & distributor LPG marketing, Electric in U.S.…
  6. 2014 Analyst Day – UGI Corp. – slide 6
    UGIs Business Diversity Diversification mitigates risks and increases opportunity set Diversification: Geographic Weather Market / Economy Products Downstream & Midstream November 6, 2014 7
  7. 2014 Analyst Day – UGI Corp. – slide 7
    UGIs Businesses Similar End Uses (heating, Similar Functionally related with cooking, Margin / commercial customer applications) pricing mix numerous common management (Residential and attributes commercial) Common…
  8. 2014 Analyst Day – UGI Corp. – slide 8
    Key Takeaways Exceptional track record of delivering growth and income Strong cash generation Broad range of growth opportunities Demonstrated ability to deliver value from new investments Balance sheet strength provides…
  9. 2014 Analyst Day – UGI Corp. – slide 9
    Key Developments Our Businesses are Evolving and Growing Dynamic Growth Series of Major Investments Core focus remains distribution and marketing of energy products and services Well Positioned for Future Growth Recent investments…
  10. 2014 Analyst Day – UGI Corp. – slide 10
    Key Developments Strong growth in attractive service Successful Heritage integration territory Strong operating performance during Investing to strengthen infrastructure 2013/14 winter and extend reach Delivering value from…
  11. 2014 Analyst Day – UGI Corp. – slide 11
    Why Invest in UGI We are a balanced Growth and Income investment 6-10% EPS Growth 4% Dividend Growth We have a track record of delivering on our commitments Our portfolio of growth opportunities has never been stronger…
  12. 2014 Analyst Day – UGI Corp. – slide 12
    Total Shareholder Return as of 9/30/14 Outstanding Total Returns over the short, medium, and long-term 1 Year Total Return 3 Year Total Return 5 Year Total Return 35% 30% 20% 30% 25% 16% 25% 20% 20% 12% 15% 15% 8% 10% 10% 4% 5%…
  13. 2014 Analyst Day – UGI Corp. – slide 13
    Dividend Growth Dividend Per Share 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Increased dividend for 27 consecutive years Paid dividend for 130…
  14. 2014 Analyst Day – UGI Corp. – slide 14
    The UGI Growth Engine Income-producing businesses generate cash for growth opportunities and dividends Cash Flow Dividends Base business earnings growth 300 MM- 150 MM- 3-4% 170 MM* 350 MM* Organic Investment and M&A1…
  15. 2014 Analyst Day – UGI Corp. – slide 15
    Significant Growth Opportunities Base Growth Utility Conversions / GET Gas Midstream & Marketing Organic Growth AmeriGas EBITDA Growth Natural Gas Marketing in France Heating Oil to LPG Conversions in the Nordic Countries…
  16. 2014 Analyst Day – UGI Corp. – slide 16
    EPS Growth Guidance: 6% to 10% Totalgaz, Midstream investments, 2.50 LPG / Utility Acquisitions REINVESTMENT 2.40 OF CASH 2.30 2.20 IDENTIFIED INVESTMENTS: 2.10 Auburn II & III, LNG Expansion, PennEast, Union Dale, AmeriGas 2.00…
  17. 2014 Analyst Day – UGI Corp. – slide 17
    Looking Ahead Balanced contribution to EPS 23% 23% 23% 31% Represents forward-looking multi-year average November 6, 2014 18
  18. 2014 Analyst Day – UGI Corp. – slide 18
    UGI 2015 Adjusted EPS* Guidance Adjusted EPS 2.25 Weather impacts of 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…
  19. 2014 Analyst Day – UGI Corp. – slide 19
    AmeriGas 2015 Adjusted EBITDA Guidance * Adjusted EBITDA 720MM 700MM 670-700 680MM 665 660MM 640MM 620MM 618 600MM 580MM 560MM 2013 2014 Forecast 2015 Guidance FY 2015 Adjusted EBITDA Guidance Range: 670MM -…
  20. 2014 Analyst Day – UGI Corp. – slide 20
    Strong Outlook Underlying fundamentals of the business are strong Continue to execute on our core business strategies Current and future growth prospects are clear and UGI is well positioned November 6, 2014 21
  21. 2014 Analyst Day – UGI Corp. – slide 21
    UGI Utilities Bob Beard 22
  22. 2014 Analyst Day – UGI Corp. – slide 22
    Key Messages Demonstrated track record of growth Strong operational and safety focus Well positioned to serve growing natural gas demand in our region November 6, 2014 23
  23. 2014 Analyst Day – UGI Corp. – slide 23
    Segment Overview Serve over 600,000 Gas Customers and 62,000 Electric Customers Pennsylvanias 2nd Largest Gas Utility 12,000 miles of gas mains serving 28% of Pennsylvania Service territories lie within or adjacent to the…
  24. 2014 Analyst Day – UGI Corp. – slide 24
    Well Strong Positioned to Demonstrated Operational Serve Track Record and Safety Growing of Growth Focus Natural Gas Demand 25
  25. 2014 Analyst Day – UGI Corp. – slide 25
    Customer Growth Total Gas Customers 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 UGI Gas PNG CPG November 6, 2014 26
  26. 2014 Analyst Day – UGI Corp. – slide 26
    Exceptional Natural Gas Demand Natural Gas Delivered (Bcf) 209 192 173 178 150 154 2009 2010 2011 2012 2013 2014F November 6, 2014 27
  27. 2014 Analyst Day – UGI Corp. – slide 27
    Earnings Growth Gas Utility Track Record Of Earnings Growth 140MM 25% 120MM 20% 100MM 15% 80MM 60MM 10% 40MM 5% 20MM 0MM 0% 2009 2010 2011 2012 2013 2014F Net Income Operating Margin November 6, 2014 28
  28. 2014 Analyst Day – UGI Corp. – slide 28
    Well Strong Positioned to Demonstrated Operational Serve Track Record and Safety Growing of Growth Focus Natural Gas Demand 29
  29. 2014 Analyst Day – UGI Corp. – slide 29
    Customer Service Highest in Customer Satisfaction with Residential Natural Gas Service in the East among Large Utilities, Two Years in a Row * Disclaimer: UGI received the highest numerical score among large utilities in the…
  30. 2014 Analyst Day – UGI Corp. – slide 30
    Infrastructure Management Making smart investments today, for tomorrow UGI has an accelerated Capital Expenditures 200MM capital replacement plan 180MM Highest percentage of 160MM contemporary pipe in 140MM Pennsylvania among…
  31. 2014 Analyst Day – UGI Corp. – slide 31
    Constructive Regulatory Environment Proactive communications with regulators Distribution System Improvement Charge (DSIC) approved in 2012 provides a quarterly surcharge to recover cost of infrastructure updates All universal…
  32. 2014 Analyst Day – UGI Corp. – slide 32
    Well Strong Positioned to Demonstrated Operational Serve Track Record and Safety Growing of Growth Focus Natural Gas Demand 33
  33. 2014 Analyst Day – UGI Corp. – slide 33
    Strong U.S. Natural Gas Demand In the 2011 2014 period, Natural Gas Demand is up 4.0 Bcf or 6% January 2014 was the highest natural gas consumption month on record Residential, Commercial, and Industrial Power Generation demand…
  34. 2014 Analyst Day – UGI Corp. – slide 34
    Growth in the Residential Business Focus on customer conversions has yielded strong results Total Residential Customer Additions 18,000 Added16,000 residential 14,000 natural gas heating 10,000 customers in FY14 6,000 Low…
  35. 2014 Analyst Day – UGI Corp. – slide 35
    Growth in the Commercial Business Strong conversion activity over the last 20 years Total Commercial Customer Additions Solid growth in the highly 2,500 attractive commercial 2,000 segment Several dozen government 1,500…
  36. 2014 Analyst Day – UGI Corp. – slide 36
    GET Gas Program Improving accessibility of natural gas Committed to serving customers in Pennsylvania Innovative way to make natural gas available to more customers Program utilizes a standard 10-year repayment period designed to…
  37. 2014 Analyst Day – UGI Corp. – slide 37
    Looking Forward We are driving operational and financial performance through: Continued focus on operational excellence Extending & reinforcing our gas network to efficiently serve demand from all customer segments Competitive…
  38. 2014 Analyst Day – UGI Corp. – slide 38
    Q&A 39
  39. 2014 Analyst Day – UGI Corp. – slide 39
    Midstream & Marketing Brad Hall 40 40
  40. 2014 Analyst Day – UGI Corp. – slide 40
    Key Messages Strong Existing Marcellus Asset Network Broad Range of Investment Opportunities Strong Track Record of Project Execution Well Positioned to Serve Growing Natural Gas Demand November 6, 2014 41
  41. 2014 Analyst Day – UGI Corp. – slide 41
    Lines of Business MARKETING Natural Gas Power GENERATION Electricity Generation Renewable Energy MIDSTREAM Pipelines & Gathering Peaking Asset Management Storage November 6, 2014 42
  42. 2014 Analyst Day – UGI Corp. – slide 42
    FY2014 - Pivotal Year for Energy Services Record earnings Commodity and asset network performed exceptionally well during the Polar Vortex Extreme volatility highlighted the need for additional pipeline capacity Created…
  43. 2014 Analyst Day – UGI Corp. – slide 43
    Energy Services Margin History MM 350MM Polar Vortex 11% Colder Than Normal 300MM 250MM 200MM 22% Warmer Winter than Normal 150MM 100MM 50MM 0MM 2010 2011 2012 2013 2014F November 6, 2014 44
  44. 2014 Analyst Day – UGI Corp. – slide 44
    Commodity Marketing Strategy: Target small & medium size businesses that value our services Hedging Management of energy requirements Focus on margin management Working capital discipline Strong credit review process Natural Gas…
  45. 2014 Analyst Day – UGI Corp. – slide 45
    Commodity Marketing Margin History Consistent, disciplined approach results in steady earnings growth through numerous disruptive events Commodity Marketing Margin Polar Vortex 11% colder s in 000s 22% than normal 90,000 warmer…
  46. 2014 Analyst Day – UGI Corp. – slide 46
    Generation Electricity Renewable Hunlock 130 MWs; natural gas-fired 20 MWs Conemaugh 102 MWs; coal-fired November 6, 2014 47
  47. 2014 Analyst Day – UGI Corp. – slide 47
    Generation Margin History MM 60MM Hunlock Benefitted from Local Natural Gas 50MM 40MM 30MM Hunlock Conversion to Natural 20MM Gas 10MM 0MM 2010 2011 2012 2013 2014F November 6, 2014 48
  48. 2014 Analyst Day – UGI Corp. – slide 48
    Midstream Strategy Focus on Capital Project Execution Proven track record of meeting or exceeding targets Continue to build expertise with midstream asset engineering, construction and operation Build on Existing Asset Network…
  49. 2014 Analyst Day – UGI Corp. – slide 49
    Midstream Strategy Long-Term Commitments Continue to develop capital projects that are underwritten by long-term take-or-pay commitments with credit worthy counterparties Fee-based earnings Recent and future capital investments…
  50. 2014 Analyst Day – UGI Corp. – slide 50
    Midstream Margin History MM 200MM Extreme Gas price volatility / Auburn II 160MM 120MM Temple Expansion 80MM Auburn I 40MM 0MM 2010 2011 2012 2013 2014F November 6, 2014 51
  51. 2014 Analyst Day – UGI Corp. – slide 51
    Marcellus Midstream Assets (WARMER) UGI Legend Other Other November 6, 2014 52
  52. 2014 Analyst Day – UGI Corp. – slide 52
    Auburn System Auburn Gathering System Auburn I: 9-mile 12 pipeline Auburn II: 28-mile 20 pipeline Auburn III: 9-mile pipeline loop and compression Total investment: 230 million Auburn gathering system capacity to be expanded by…
  53. 2014 Analyst Day – UGI Corp. – slide 53
    Temple LNG Plant 1.25 BCF Storage 205,000 Dth/day peaking capacity Peaking revenue is demand fee based Received FERC Approval to expand LNG liquids trucking business is growing November 6, 2014 54
  54. 2014 Analyst Day – UGI Corp. – slide 54
    Volatility Benefits UGI Midstream & Marketing Strong natural gas demand and lack of sufficient outlet capacity has created an Infrastructure Gap in the Marcellus Region Volatility will remain a factor for the foreseeable future…
  55. 2014 Analyst Day – UGI Corp. – slide 55
    Volatility Winter 2014 Basis Volatility in the Mid-Atlantic Region 90.00 80.00 70.00 60.00 50.00 40.00 30.00 Pre Recession Level 20.00 10.00 - 1-Dec 8-Dec 15-Dec 22-Dec 29-Dec 5-Jan 12-Jan 19-Jan 26-Jan 2-Feb 9-Feb…
  56. 2014 Analyst Day – UGI Corp. – slide 56
    Natural Gas Demand Residential Opportunities Natural Gas Demand Drivers Short - Medium Term Volatility Capacity Management Power Generation Peaking Increasing Demand Medium - Long Term Capital Investment Ratable…
  57. 2014 Analyst Day – UGI Corp. – slide 57
    A Pipeline of Attractive Projects Cumulative Forecast Capital Expenditures 500MM (Identified Projects) 400MM 300MM 200MM 100MM 0MM 2014 2015 2016 2017 2018 Pipeline Peaking Other November 6, 2014 58
  58. 2014 Analyst Day – UGI Corp. – slide 58
    New Midstream Projects PennEast Pipeline Will bring low cost Marcellus gas to Southeastern PA and New Jersey o 100 mile pipeline o Initial capacity up to 1bcf o Backed by long-term contracts Joint project of AGL, New Jersey…
  59. 2014 Analyst Day – UGI Corp. – slide 59
    New Midstream Projects Auburn III 50,000 dth/d on-line by end of 2014 Additional 150,000 dth/d on- line by Fall of 2015 Total capacity of Auburn system will be 470,000 dth/d Capital 60MM Union Dale Lateral 6-mile, 12 pipeline…
  60. 2014 Analyst Day – UGI Corp. – slide 60
    New Midstream Projects Temple LNG Expansion Increase liquefaction capacity by 50% Capital 10MM Supports LDC peak shaving demand and other emerging LNG segments On-line during Q2 FY2015 Actively developing other LNG projects in…
  61. 2014 Analyst Day – UGI Corp. – slide 61
    Midstream Asset Growth Net Midstream Property, Plant & Equipment 500 450 402 400 PennEast 350 348 Union Dale ( millions) 300 250 LNG Expansion 196 200 164 Marcellus build- 150 out 100 86 50 0 2010 2011 2012…
  62. 2014 Analyst Day – UGI Corp. – slide 62
    Increasing Midstream Margin Contribution Historical Future Margin Margin Commodity Midstream 30% 36% Commodity 47% Midstream 55% Generation 15% Generation 17% Represents multi-year historical average Represents…
  63. 2014 Analyst Day – UGI Corp. – slide 63
    Conclusion Increasing Natural Gas demand and abundance of supply leads to a broad range of investment opportunities Growing pipeline of capital projects Asset network is well positioned to deliver value during periods of…
  64. 2014 Analyst Day – UGI Corp. – slide 64
    Q&A 65 65
  65. 2014 Analyst Day – UGI Corp. – slide 65
    UGI - Natural Gas Manage critical natural gas infrastructure Serving significant natural gas demand in the region Knowledge and insight leveraged across businesses Enhance commercial and operational efficiency Broaden new…
  66. 2014 Analyst Day – UGI Corp. – slide 66
    Break 67 67
  67. 2014 Analyst Day – UGI Corp. – slide 67
    AmeriGas Jerry Sheridan 68 68
  68. 2014 Analyst Day – UGI Corp. – slide 68
    Key Messages Meeting Commitments Bigger is Better Growth Opportunities November 6, 2014 69
  69. 2014 Analyst Day – UGI Corp. – slide 69
    Business Overview 3%-4% EBITDA Growth November 6, 2014 70
  70. 2014 Analyst Day – UGI Corp. – slide 70
    Business Overview 3%-4% EBITDA Growth November 6, 2014 71
  71. 2014 Analyst Day – UGI Corp. – slide 71
    Business Overview 3%-4% EBITDA Growth November 6, 2014 72
  72. 2014 Analyst Day – UGI Corp. – slide 72
    Business Overview 3%-4% EBITDA Growth November 6, 2014 73
  73. 2014 Analyst Day – UGI Corp. – slide 73
    Business Overview 3%-4% EBITDA Growth November 6, 2014 74
  74. 2014 Analyst Day – UGI Corp. – slide 74
    Business Overview Largest Player in a Fragmented Market with15% Market Share 1 Two Million Customers Over 2,000 Propane Over 1.3 Distribution Locations Billion Gallons Sold 8,400 Employees FY14 48,000 Cylinder…
  75. 2014 Analyst Day – UGI Corp. – slide 75
    Competitive Advantage Unmatched geographic coverage Customer density = efficiency Advantage in acquisitions, serving multi-state customers Significant transportation and logistics assets and ability to flex workforce = certainty of…
  76. 2014 Analyst Day – UGI Corp. – slide 76
    Meeting Bigger is Growth Commitments Better Opportunities 77
  77. 2014 Analyst Day – UGI Corp. – slide 77
    Meeting Commitments Promise to Investors GOALS ACCOMPLISHMENTS DISTRIBUTION 5.4% Average Distribution Growth GROWTH: 5% 2006-2014 EBITDA Adj. EBITDA Growth 2006-2011: 6% GROWTH: 3-4% 2006-2014: 13% HERITAGE 60 million+ in…
  78. 2014 Analyst Day – UGI Corp. – slide 78
    Balance Sheet Commitments AmeriGas has nearly doubled adjusted EBITDA while returning to pre-acquisition credit metrics 6.0 Debt/Adjusted EBITDA 4.8 5.0 3.9 4.0 3.7 3.6 3.2 3.1 3.0 3.0 2.5 2.6 2.0 1.0 0.0 2006 2007 2008…
  79. 2014 Analyst Day – UGI Corp. – slide 79
    Growth Adjusted EBITDA* ( millions) Distributions per Unit 800 3.60 670-700 3.52 700 665 3.40 3.36 618 600 3.20 3.20 500 3.00 2.96 400 384 2.82 342 340 335 313 293 2.80 300 255 2.68 2.60 2.56 200 2.44 2.40 2.32…
  80. 2014 Analyst Day – UGI Corp. – slide 80
    Meeting Bigger is Growth Commitments Better Opportunities 81
  81. 2014 Analyst Day – UGI Corp. – slide 81
    Bigger is Better Over 20 Strategically located Terminals 10 Transflows 4,000 Bobtail Trucks 550 Propane Trailers 400 Railroad Tank Cars November 6, 2014 82
  82. 2014 Analyst Day – UGI Corp. – slide 82
    Diversification Customer Base Geography 10% Ag & 22% Transport Southwest 13% 25% Motor Fuel 41% Northwest Residential 26% Northeast 27% 36% Commercial Southeast Geographic and Customer diversity supports cash flow and…
  83. 2014 Analyst Day – UGI Corp. – slide 83
    Winter 2014 Environment Severe Weather Supply Shortages Volatile Costs Solutions Significant supply and transportation assets Strong relationships with suppliers AmeriGas Airborne November 6, 2014 84
  84. 2014 Analyst Day – UGI Corp. – slide 84
    Unit Margin Management A long track record of exceptional margin management through volatile propane cost environments 1.60 1.40 Propane Unit Margins Avg. Mt. Belvieu Cost 1.20 1.00 0.80 0.60 0.40 0.20 0.00 2005…
  85. 2014 Analyst Day – UGI Corp. – slide 85
    Meeting Bigger is Growth Commitments Better Opportunities 86
  86. 2014 Analyst Day – UGI Corp. – slide 86
    The Propane Industry AmeriGas Conservation (1) Study 550 Site Built Housing 1.5% annual conservation 525 500 475 450 425 400 2010 2011 2012 2013 Same customer sales (1) Annual study of AmeriGas Sloan, Michael…
  87. 2014 Analyst Day – UGI Corp. – slide 87
    The Propane Industry US supply continues to grow as more wet- gas shale production comes on line Exports rising, but U.S. remains long propane Current inventories at all-time highs Mont Belvieu price 0.84 versus 1.14 at…
  88. 2014 Analyst Day – UGI Corp. – slide 88
    Growth: Cylinder Exchange Counter seasonal due to summer grilling demand ACCOMPLISHMENTS Product of convenience Safe, reliable service Achieved 6% same store sales growth on 48,000 distribution points existing business Platform…
  89. 2014 Analyst Day – UGI Corp. – slide 89
    Growth: National Accounts Utilize nationwide distribution footprint to serve commercial ACCOMPLISHMENTS customers with multiple locations: One bill, one point of contact 22% volume growth in fiscal 2014 Less weather sensitive vs.…
  90. 2014 Analyst Day – UGI Corp. – slide 90
    Growth: Local Acquisitions Synergies in every geography Integration is a core competency Seven deals closed in 2014; 73 in the past 10 years Over 175 acquisitions since the early 1980s 1987 1993 2001 2012 Cal Gas Petrolane…
  91. 2014 Analyst Day – UGI Corp. – slide 91
    Conclusion Long history of meeting commitments o Successfully completed the Heritage acquisition while meeting all key objectives for the investment Significant scale enables strong performance o Delivered exceptional operating…
  92. 2014 Analyst Day – UGI Corp. – slide 92
    Q&A 93 93
  93. 2014 Analyst Day – UGI Corp. – slide 93
    UGI International Panel John Walsh, Moderator Reinhard Schdlbauer Eric Naddeo Neil Murphy Paul Ladner Antargaz AvantiGas Flaga 94 94
  94. 2014 Analyst Day – UGI Corp. – slide 94
    Key Takeaways Premier LPG Distribution Network in Europe Geographic and Customer Diversity Consistent Growth Effective Unit Margin Management Track record of integrating acquisitions Strong local teams with in-depth knowledge of…
  95. 2014 Analyst Day – UGI Corp. – slide 95
    UGI International Summary One Company with strong local presence Delivering a core service in a stable environment Diverse, actively-managed supply portfolio November 6, 2014 96
  96. 2014 Analyst Day – UGI Corp. – slide 96
    Volume Growth Acquisition Acquisition Historically 700 of Shell of BP warm LPG Poland winter 600 Acquisition of Shell 500 and BP Retail Gallons Distributed (millions) Acquisition of remaining Assets 50% 400 PROGAS JV…
  97. 2014 Analyst Day – UGI Corp. – slide 97
    Commonality with AmeriGas UNITED CUSTOMER SEGMENTS STATES EUROPE Bulk delivery business (250 1,000 gallons) Cylinder exchange Motor fuel forklifts Motor fuel over the road autogas UNITED COMPETITIVE ADVANTAGES STATES EUROPE…
  98. 2014 Analyst Day – UGI Corp. – slide 98
    Antargaz Eric Naddeo Antargaz 99 99
  99. 2014 Analyst Day – UGI Corp. – slide 99
    One of the largest LPG Distributors in France Large customer base: Cuijk 200,000 bulk customers Gent Diegem Over 3 million cylinder Nannine Valenciennes Waimes customers Le Havre Habay 275 MM gallons* Bertrange Courbevoie…
  100. 2014 Analyst Day – UGI Corp. – slide 100
    Market Position Strong market position combined with steady profitability supports growth programs Stable customer base: Calypso Bulk Butane (France) Long term contracts Low churn rate of 3% Propane (BENELUX) Average customer…

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