J.P. Morgan Global High Yield & Leveraged Finance Conference Jerry Sheridan, President and CEO AmeriGas Partners, LP February 24-26, 2014 2/24-2/26, 2014
New AmeriGas Profile Largest Player in a Fragmented Market with 15% Market Share 1 billion gallons sold 2 million customers 47,000 ACE distribution points 8,500 employees 2,500 retail locations 100 brands Operations in all…
Competitive advantages Geographic coverage that is unmatched in the industry Customer density = efficient distribution Advantage in acquisitions, serving multi-state customers Geographic diversity reduces regional weather risk…
Geographic Diversity1 23% 26% 24% 27% 1Based upon retail gallons sold in fiscal 2013 2/24-2/26, 2014 5
End Use Diversity1 - 1.2 billion retail gallons Residential - 42% Commercial 33% Motor Fuel 12% Ag. & Transport 13% 1Based upon retail gallons sold in fiscal 2013 2/24-2/26, 2014 6
Unit Margin Management A long track record of exceptional margin management through volatile propane cost environments 1.80 1.80 1.60 1.60 1.40 1.40 1.20 1.20 1.00 1.00 0.80 0.80 0.60 0.60 0.40 0.40 0.20 0.20 0.00 0.00 2005…
The Propane Industry Supply US Supply continues to grow as more wet-gas shale production comes on line AmeriGas Exports rising, bolstered by Asia (1) Conservation Study 550 1.5% annual conservation Demand 525 500 2-3%…
A word about Natural Gas expansion AmeriGas loses an average of 2,500 customers annually to natural gas (out of a customer base of over 2 million) In FY13, UGI Utilities connected over 15,000 residential customers to natural gas and…
Strategic Growth Initiatives Strategic Growth AmeriGas Advantage Initiatives Leverage extensive distribution network National Accounts Dedicated customer service / billing team AmeriGas Cylinder Counter seasonal summer…
ACE AmeriGas Cylinder Exchange Counter seasonal due to Strategic Accomplishments summer grilling demand Implemented new safety procedures & audit process Achieved 3% SSG on existing business Product of convenience 2,800+ net new…
National Accounts Utilize nationwide distribution footprint Strategic Accomplishments to serve commercial customers with multiple locations: 30% Volume growth in fiscal 2013 One bill, one point of contact Relationships developed with…
Our Strategies 3% - 4% Acquisitions ACE/National Accounts EBITDA Growth Largest Sales Force in the Industry Better Segmentation Really Understand Our Customer Great Customer Service Delight the Customer 16…
Our Track Record Goals: Maintain strong liquidity 5% 3%-4% Sound balance sheet Conservative credit metrics Distribution EBITDA Fund acquisitions and organic Growth Growth growth opportunities through internally generated cash…
Q&A 2/24-2/26, 2014
Appendix 2/24-2/26, 2014
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. EBITDA…
AmeriGas Partners Adjusted EBITDA Reconciliation Year Ended September 30, 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Net income attributable to AmeriGas Partners, L.P. (a) 55.4 72.0 91.8 60.8 91.1 190.8 158.0 224.6…
Cash Flow Reconciliation Year Ended September 30, 2006 2007 2008 2009 2010 2011 2012 2013 Net Cash Provided by Operating Activities 179.5 207.1 180.2 367.5 218.8 188.9 344.4 355.6 Add: Acquisition and Transition expenses 46.2 26.5…
Investor Relations: 610-337-1000 Simon Bowman (x3645) bowmansugicorp.com 2/24-2/26, 2014
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