UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 30, 2013

UGI Corporation
(Exact name of registrant as specified in its charter)

 
					
Pennsylvania	 	1-11071	 	23-2668356	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(I.R.S. Employer
Identification No.)	
			
460 No. Gulph Road, King of Prussia, Pennsylvania	 		 	19406	
(Address of principal executive offices)	 		 	(Zip Code)	
Registrant’s telephone number, including area code: 610 337-7000
Not Applicable
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02 Results of Operations and Financial Condition.
On April 30, 2013, UGI Corporation (the “Company”) issued a press release announcing financial results for the Company for the fiscal quarter ended March 31, 2013. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On May 1, 2013, the Company held a live Internet Audio Webcast of its conference call to discuss its financial results for the second quarter ended March 31, 2013.
Presentation materials containing certain historical and forward-looking information relating to the Company (the “Presentation Materials”) have been made available on the Company’s website. A copy of the Presentation Materials is furnished as Exhibit 99.2 to this report and is incorporated herein by reference in this Item 7.01. All information in Exhibit 99.2 is presented as of the particular dates referenced therein, and the Company does not undertake any obligation to, and disclaims any duty to, update any of the information provided.
In accordance with General Instruction B.2 of Form 8-K, the information in this report, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and will not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in that filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being furnished herewith:

99.1	  	Press Release of UGI Corporation dated April 30, 2013, reporting its financial results for the fiscal quarter ended March 31, 2013.	
		
99.2	  	Presentation of UGI Corporation dated May 1, 2013.	

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	 		 	UGI Corporation	
				
May 1, 2013	 		 	By:	 	/s/ Hugh J. Gallagher	
	 		 	Name:	 	Hugh J. Gallagher	
	 		 	Title:	 	Treasurer	

EXHIBIT INDEX
The Following Exhibits Are Furnished:

EXHIBIT
NO.	  	DESCRIPTION	
		
99.1	  	Press Release of UGI Corporation dated April 30, 2013, reporting its financial results for the fiscal quarter ended March 31, 2013.	
		
99.2	  	Presentation of UGI Corporation dated May 1, 2013.	

Exhibit 99.1

Contact:	  	610-337-1000	  	For Immediate Release:	
	  	Hugh J. Gallagher, ext. 1029	  	April 30, 2013	
	  	Simon Bowman, ext. 3645	  		
	  	Shelly Oates, ext. 3202	  		
UGI Reports 28% Increase in Second Quarter Earnings
VALLEY FORGE, Pa., April 30 - UGI Corporation (NYSE: UGI) today reported net income attributable to UGI of $173.4 million, or $1.51 per diluted share, for the second quarter of Fiscal 2013 ended March 31, 2013, compared to $133.4 million, or $1.18 per diluted share, for the prior-year period. The $40.0 million increase in net income attributable to UGI was the result of substantially improved performance across all of UGI’s business units given the return to more normal winter weather.
John Walsh, president and chief executive officer of UGI, said, “I am pleased to report a significant increase in earnings for the quarter, as a return to more normal winter weather in February and March enabled our businesses to demonstrate their earnings power. AmeriGas’s contribution to earnings increased nearly 49% from the prior-year period, as the business was able to show the benefits of last year’s acquisition of Heritage Propane. At Gas Utility, earnings increased 22% due in large part to colder weather, but also to our ongoing program to convert customers to natural gas from heating oil. Midstream & Marketing results were encouraging as natural gas marketing, electric generation, and winter peaking all saw strong year-over-year growth, resulting in a 47% increase in earnings contribution. International Propane also posted a 7% increase in earnings contribution due to colder weather and the benefits of the Shell LPG acquisition completed last year.”
Walsh continued, “Based upon our results to date and our assessment of business conditions for the second half of Fiscal 2013, we continue to expect earnings per diluted share for Fiscal 2013 within our previously-stated guidance of $2.40 to $2.50.”
Segment Performance (Millions, except where otherwise indicated)
AmeriGas Propane:
																	
For the three months ended March 31,	  	2013	 	 	2012	 	 	Increase	 	
Revenues	  	$	1,185.0	  	 	$	1,155.6	  	 	$	29.4	  	  	 	2.5	% 	
Total margin (a)	  	$	572.6	  	 	$	485.6	  	 	$	87.0	  	  	 	17.9	% 	
Partnership EBITDA	  	$	312.2	  	 	$	224.5	  	 	$	87.7	  	  	 	39.1	% 	
Operating income	  	$	266.1	  	 	$	195.0	  	 	$	71.1	  	  	 	36.5	% 	
Retail gallons sold	  	 	464.4	  	 	 	389.4	  	 	 	75.0	  	  	 	19.3	% 	
Degree days - % (warmer) than normal	  	 	(1.5	)% 	 	 	(21.7	)% 	 				  				
Capital expenditures	  	$	27.9	  	 	$	23.5	  	 	$	4.4	  	  	 	18.7	% 	
 
 	•	 	Weather for the current-year period was 1.5% warmer than normal and 24.5% colder than the prior year.	
 
 	•	 	Retail gallons sold reflect winter weather that was markedly colder than the prior-year period and, to a much lesser extent, the full-period effects of Heritage Propane.	
 
 	•	 	Revenues increased primarily due to increased retail volumes sold partially offset by a decline in average retail selling prices, the result of lower propane product costs.	
 
- MORE –

			
UGI Reports 28% Increase in Second Quarter Earnings	  	Page 2	

 	•	 	The average wholesale cost of propane at Mont Belvieu, Texas for the current quarter was approximately 31% lower than the average cost in the same period last year.	
 
 	•	 	Total margin increased principally due to higher retail volumes sold.	
 
 	•	 	Operating and administrative expenses increased $13.0 million as the full-period impact of expenses associated with the operations of Heritage Propane and incremental costs associated with higher sales activity (primarily due to the colder weather) were only partially offset by expense synergies resulting from the acquisition.	
 
 	•	 	Operating income increased $71.1 million primarily reflecting the higher total margin partially offset by the increased operating expenses and greater depreciation and amortization expenses ($3.8 million) principally associated with Heritage Propane.	
 
 	•	 	Capital expenditures increased from the prior-year period, primarily due to a $5.1 million increase in transition capital expenditures associated with the Heritage Propane acquisition.	
International Propane:
																	
For the three months ended March 31,	  	2013	 	 	2012	 	 	Increase (decrease)	 	
Revenues	  	$	683.5	  	 	$	681.7	  	 	$	1.8	  	 	 	0.3	% 	
Total margin (a)	  	$	220.3	  	 	$	207.9	  	 	$	12.4	  	 	 	6.0	% 	
Operating income	  	$	81.6	  	 	$	70.2	  	 	$	11.4	  	 	 	16.2	% 	
Income before income taxes	  	$	74.1	  	 	$	62.1	  	 	$	12.0	  	 	 	19.3	% 	
Retail gallons sold	  	 	177.9	  	 	 	183.0	  	 	 	(5.1	) 	 	 	(2.8	)% 	
Degree days - % colder (warmer) than normal:	  				 				 				 				
Antargaz	  	 	10.1	% 	 	 	1.2	% 	 				 				
Flaga	  	 	5.1	% 	 	 	(2.1	)% 	 				 				
Capital expenditures	  	$	17.4	  	 	$	8.8	  	 	$	8.6	  	 	 	97.7	% 	
 
 	•	 	Weather in our European service territories was colder than normal and colder than last year.	
 
 	•	 	Despite colder temperatures, retail gallons sold decreased slightly primarily due to erratic weather patterns during the Fiscal 2012 heating season which included a later start to the heating season and an extremely cold February 2012 which influenced the timing of LPG deliveries.	
 
 	•	 	Revenues were about equal to the prior-year period, as increased revenues from natural gas marketing activities in France ($18.1 million) were largely offset by a decrease in revenues primarily associated with lower volumes sold.	
 
 	•	 	Average wholesale propane prices in Northwest Europe were approximately 15% lower than in the prior-year period while average wholesale butane prices were approximately 12% lower than the prior-year period.	
 
 	•	 	Total margin increased principally reflecting higher retail unit margins at Antargaz and, to a lesser extent, increased natural gas marketing total margin ($2.8 million).	
 
 	•	 	Operating income and income before income taxes were higher than the prior-year period, primarily reflecting the higher total margin.	
 
 	•	 	Capital expenditures increased primarily due to increased spending on distribution equipment related to Calypso cylinders and storage.	
 
 	•	 	The average euro-to-dollar translation rate for the current quarter and the prior-year period was approximately $1.32.	
 
- MORE –

			
UGI Reports 28% Increase in Second Quarter Earnings	  	Page 3	
 
Gas Utility:
																	
For the three months ended March 31,	  	2013	 	 	2012	 	 	Increase (decrease)	 	
Revenues	  	$	368.6	  	 	$	319.5	  	 	$	49.1	  	 	 	15.4	% 	
Total margin (a)	  	$	171.9	  	 	$	142.0	  	 	$	29.9	  	 	 	21.1	% 	
Operating income	  	$	105.7	  	 	$	85.0	  	 	$	20.7	  	 	 	24.4	% 	
Income before income taxes	  	$	96.4	  	 	$	74.9	  	 	$	21.5	  	 	 	28.7	% 	
System throughput - billions of cubic feet (“bcf”)	  				 				 				 				
Core market	  	 	34.9	  	 	 	27.1	  	 	 	7.8	  	 	 	28.8	% 	
Total	  	 	68.6	  	 	 	60.7	  	 	 	7.9	  	 	 	13.0	% 	
Degree days - % colder (warmer) than normal	  	 	1.9	% 	 	 	(19.3	)% 	 				 				
Capital expenditures	  	$	24.4	  	 	$	25.7	  	 	$	(1.3	) 	 	 	(5.1	)% 	
 
 	•	 	Weather during the current-year quarter was 1.9% colder than normal and 24.8% colder than the prior-year period.	
 
 	•	 	Throughput to core-market customers increased 28.8% reflecting the effects of the colder weather and, to a much lesser extent, customer growth due to conversions from oil.	
 
 	•	 	Revenue increased reflecting higher revenues from retail core-market customers and greater revenues from firm and interruptible customers on higher volumes.	
 
 	•	 	Total margin increased $29.9 million principally reflecting higher core market total margin ($24.6 million) and greater firm delivery service total margin.	
 
 	•	 	Operating income increased primarily due to the increase in total margin partially offset by higher operating expenses including, among other things, higher distribution system expenses and greater pension expense.	
Midstream & Marketing:
																	
For the three months ended March 31,	  	2013	 	  	2012	 	  	Increase	 	
Revenues	  	$	320.2	  	  	$	269.0	  	  	$	51.2	  	  	 	19.0	% 	
Total margin (a)	  	$	63.5	  	  	$	47.4	  	  	$	16.1	  	  	 	34.0	% 	
Operating income	  	$	44.0	  	  	$	30.6	  	  	$	13.4	  	  	 	43.8	% 	
Income before income taxes	  	$	43.2	  	  	$	29.3	  	  	$	13.9	  	  	 	47.4	% 	
Capital expenditures	  	$	23.5	  	  	$	5.9	  	  	$	17.6	  	  	 	298.3	% 	
 
 	•	 	The revenue increase primarily reflects higher volumes due to a colder 2013 three-month period, with respect to natural gas marketing and peaking activities. The increase in electric generation revenues reflects greater electricity produced and higher average electricity prices.	
 
 	•	 	Total margin increased due to higher margin from natural gas marketing ($10.4 million), electricity generation ($4.2 million), and greater peaking and capacity management total margin ($5.1 million). These increases were partially offset by lower retail power total margin, reflecting lower average unit margins, and lower storage total margin.	
 
 	•	 	Operating income was $13.4 million higher due to the increase in total margin partially offset by higher operating and depreciation expenses.	
 
 	•	 	Capital expenditures increased due to the Auburn II project and various storage projects.	

(a)	Total margin represents total revenues less total cost of sales.	
 
- MORE –

			
UGI Reports 28% Increase in Second Quarter Earnings	  	Page 4	
 
About UGI
UGI is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes propane both domestically and internationally, manages midstream energy and electric generation assets in Pennsylvania, and engages in energy marketing in the Mid-Atlantic region. UGI, through subsidiaries, is the sole General Partner and owns 26% of AmeriGas Partners, L.P. (NYSE:APU), the nation’s largest retail propane distributor.
UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss second quarter earnings and other current activities at 9:00 AM ET on Wednesday, May 1, 2013. Interested parties may listen to the audio webcast both live and in replay on the Internet at http://www.ugicorp.com/investor-relations/events-and-presentations/default.aspx or at the company website http://www.ugicorp.com under Investor Relations. A telephonic replay will be available from 12:00 PM ET on May 1 through 9:00 pm on May 6. The replay may be accessed at 1-877-344-7529, conference ID 10019733 and International access 1-412-317-0088, conference ID 10019733.
Comprehensive information about UGI Corporation is available on the Internet at http://www.ugicorp.com
This press release contains certain forward-looking statements that management believes to be reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read UGI’s Annual Report on Form 10-K for a more extensive list of factors that could affect results. Among them are adverse weather conditions, cost volatility and availability of all energy products, including propane, natural gas, electricity and fuel oil, increased customer conservation measures, the impact of pending and future legal proceedings, domestic and international political, regulatory and economic conditions including currency exchange rate fluctuations (particularly the euro), the timing of development of Marcellus Shale gas production, the timing and success of our commercial initiatives and investments to grow our business, and our ability to successfully integrate acquired businesses, including Heritage Propane, and achieve anticipated synergies. UGI undertakes no obligation to release revisions to its forward-looking statements to reflect events or circumstances occurring after today.

C-07	  	###	  	4/30/13	

UGI CORPORATION
REPORT OF EARNINGS
(Millions of dollars, except per share)
(Unaudited)

 	  	Three Months Ended
March 31,	 	 	Six Months Ended
March 31,	 	 	Twelve Months Ended
March 31,	 	
 	  	2013	 	 	2012	 	 	2013	 	 	2012	 	 	2013	 	 	2012	 	
Revenues:	  				 				 				 				 				 				
AmeriGas Propane	  	$	1,185.0	  	 	$	1,155.6	  	 	$	2,061.6	  	 	$	1,839.4	  	 	$	3,143.8	  	 	$	2,770.4	  	
International Propane	  	 	683.5	  	 	 	681.7	  	 	 	1,348.4	  	 	 	1,200.0	  	 	 	2,094.4	  	 	 	1,729.9	  	
Gas Utility	  	 	368.6	  	 	 	319.5	  	 	 	616.9	  	 	 	574.5	  	 	 	827.8	  	 	 	827.3	  	
Midstream & Marketing	  	 	320.2	  	 	 	269.0	  	 	 	562.1	  	 	 	507.8	  	 	 	907.3	  	 	 	927.6	  	
Corporate & Other (a)	  	 	(11.5	) 	 	 	1.7	  	 	 	(20.0	) 	 	 	(5.4	) 	 	 	(1.4	) 	 	 	5.8	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total revenues	  	$	2,545.8	  	 	$	2,427.5	  	 	$	4,569.0	  	 	$	4,116.3	  	 	$	6,971.9	  	 	$	6,261.0	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income:	  				 				 				 				 				 				
AmeriGas Propane	  	$	266.1	  	 	$	195.0	  	 	$	406.0	  	 	$	255.1	  	 	$	321.2	  	 	$	251.8	  	
International Propane	  	 	81.6	  	 	 	70.2	  	 	 	139.4	  	 	 	111.9	  	 	 	139.3	  	 	 	82.2	  	
Gas Utility	  	 	105.7	  	 	 	85.0	  	 	 	175.5	  	 	 	146.2	  	 	 	201.5	  	 	 	169.8	  	
Midstream & Marketing	  	 	44.0	  	 	 	30.6	  	 	 	71.5	  	 	 	54.5	  	 	 	79.4	  	 	 	69.1	  	
Corporate & Other (a)	  	 	(2.5	) 	 	 	0.0	  	 	 	(1.4	) 	 	 	1.4	  	 	 	1.8	  	 	 	2.9	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total operating income	  	 	494.9	  	 	 	380.8	  	 	 	791.0	  	 	 	569.1	  	 	 	743.2	  	 	 	575.8	  	
Income (loss) from equity investees	  	 	0.1	  	 	 	0.0	  	 	 	0.1	  	 	 	(0.1	) 	 	 	(0.1	) 	 	 	(0.4	) 	
(Loss) gain on extinguishments of debt	  	 	0.0	  	 	 	(13.4	) 	 	 	0.0	  	 	 	(13.4	) 	 	 	0.1	  	 	 	(32.7	) 	
Interest expense:	  				 				 				 				 				 				
AmeriGas Propane	  	 	(41.8	) 	 	 	(45.1	) 	 	 	(83.0	) 	 	 	(61.6	) 	 	 	(164.0	) 	 	 	(93.4	) 	
International Propane	  	 	(7.7	) 	 	 	(8.1	) 	 	 	(15.4	) 	 	 	(15.6	) 	 	 	(30.7	) 	 	 	(31.1	) 	
Gas Utility	  	 	(9.3	) 	 	 	(10.1	) 	 	 	(18.9	) 	 	 	(20.2	) 	 	 	(38.8	) 	 	 	(40.3	) 	
Midstream & Marketing	  	 	(0.8	) 	 	 	(1.3	) 	 	 	(1.8	) 	 	 	(2.4	) 	 	 	(4.2	) 	 	 	(3.7	) 	
Corporate & Other, net (a)	  	 	(0.5	) 	 	 	(0.7	) 	 	 	(1.3	) 	 	 	(1.5	) 	 	 	(2.9	) 	 	 	(3.2	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total interest expense	  	 	(60.1	) 	 	 	(65.3	) 	 	 	(120.4	) 	 	 	(101.3	) 	 	 	(240.6	) 	 	 	(171.7	) 	
Income before income taxes	  	 	434.9	  	 	 	302.1	  	 	 	670.7	  	 	 	454.3	  	 	 	502.6	  	 	 	371.0	  	
Income tax expense	  	 	(100.9	) 	 	 	(75.1	) 	 	 	(166.0	) 	 	 	(117.2	) 	 	 	(148.4	) 	 	 	(96.3	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	 	334.0	  	 	 	227.0	  	 	 	504.7	  	 	 	337.1	  	 	 	354.2	  	 	 	274.7	  	
Less: net income attributable to noncontrolling interests, principally in AmeriGas Partners, L.P.	  	 	(160.6	) 	 	 	(93.6	) 	 	 	(228.7	) 	 	 	(116.7	) 	 	 	(99.2	) 	 	 	(83.9	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to UGI Corporation	  	$	173.4	  	 	$	133.4	  	 	$	276.0	  	 	$	220.4	  	 	$	255.0	  	 	$	190.8	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Earnings per share attributable to UGI shareholders:	  				 				 				 				 				 				
Basic	  	$	1.52	  	 	$	1.19	  	 	$	2.43	  	 	$	1.96	  	 	$	2.25	  	 	$	1.70	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	$	1.51	  	 	$	1.18	  	 	$	2.40	  	 	$	1.95	  	 	$	2.24	  	 	$	1.69	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average common shares outstanding (thousands):	  				 				 				 				 				 				
Basic	  	 	113,709	  	 	 	112,510	  	 	 	113,416	  	 	 	112,380	  	 	 	113,110	  	 	 	112,237	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	 	115,199	  	 	 	113,239	  	 	 	114,829	  	 	 	113,085	  	 	 	114,044	  	 	 	113,177	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Supplemental information:	  				 				 				 				 				 				
Net income (loss) attributable to UGI Corporation:	  				 				 				 				 				 				
AmeriGas Propane	  	$	39.0	  	 	$	26.2	  	 	$	57.2	  	 	$	38.3	  	 	$	34.8	  	 	$	25.6	  	
International Propane	  	 	53.4	  	 	 	50.0	  	 	 	88.9	  	 	 	81.0	  	 	 	73.0	  	 	 	53.5	  	
Gas Utility	  	 	56.6	  	 	 	46.3	  	 	 	92.1	  	 	 	77.4	  	 	 	95.2	  	 	 	79.1	  	
Midstream & Marketing	  	 	26.2	  	 	 	17.8	  	 	 	42.0	  	 	 	31.7	  	 	 	46.7	  	 	 	40.6	  	
Corporate & Other (a)	  	 	(1.8	) 	 	 	(6.9	) 	 	 	(4.2	) 	 	 	(8.0	) 	 	 	5.3	  	 	 	(8.0	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total net income attributable to UGI Corporation	  	$	173.4	  	 	$	133.4	  	 	$	276.0	  	 	$	220.4	  	 	$	255.0	  	 	$	190.8	  	

(a)	Corporate & Other includes the elimination of certain intercompany transactions and, with respect to net income, consolidated effective tax rate adjustments.	

	

Second Quarter 2013
Earnings Conference Call
May 1, 2013
Exhibit 99.2	

	

May 1, 2013
2
About This Presentation
This presentation contains certain forward-looking statements that management
believes to be reasonable as of today’s date only. Actual results may differ
significantly because of risks and uncertainties that are difficult to predict and
many of which are beyond management’s control. You should read UGI’s Annual
Report on Form 10-K for a more extensive list of factors that could affect results.
Among them are adverse weather conditions, cost volatility and availability of all
energy products, including propane, natural gas, electricity and fuel oil, increased
customer conservation measures, the impact of pending and future legal
proceedings, domestic and international political, regulatory and economic
conditions including currency exchange rate fluctuations (particularly the euro),
the timing of development of Marcellus Shale gas production, the timing and
success of our commercial initiatives and investments to grow our business, and
our ability to successfully integrate acquired businesses, including Heritage
Propane, and achieve anticipated synergies. UGI undertakes no obligation to
release revisions to its forward-looking statements to reflect events or
circumstances occurring after today.	

	

John Walsh
President & CEO, UGI
Kirk Oliver
Chief Financial Officer, UGI
Jerry Sheridan
President & CEO, AmeriGas	

	

Second Quarter EPS
+28% over Q2
of Fiscal 12
An almost 30% increase in EPS over Q2 of FY12
May 1, 2013
4	

	

May 1, 2013
5
Weather vs Normal
-
1.5%
-21.7%
10.1%
1.2%
5.1%
-2.1%
1.9%
-
19.3%
-25%
-20%
-
15%
-10%
-
5%
0%
5%
10%
15%
FY2013
FY2012
AmeriGas
Antargaz
Flaga
Utility	

	

AmeriGas
VOLUME
Colder weather
Full-period impact of Heritage
OPEX
Full-period impact of Heritage
Higher sales activity
Synergies
Transition expenses: $2.7 MM
lower than prior year
Increase in miscellaneous income
Total Margin
* Opex includes all operating expenses, net of miscellaneous income.
195.0
266.1
82.9
(0.3)
4.4
(11.9)
(3.8)
$100
$150
$200
$250
$300
Operating Income, $ MM
May 1, 2013
6
Total margin represents total revenues less total cost of sales.	

	

International Propane
VOLUME
Colder weather
Timing of deliveries in Q2 of FY12
MARGIN
Higher unit margins at Antargaz
Higher natural gas marketing
margin
OPEX
Antargaz operating expenses
Transition expense of $1 million in
prior period
Total Margin
* Opex includes all operating expenses, net of miscellaneous income.
62.1
74.1
(5.7)
18.1
(2.4)
1.4
0.6
$40
$50
$60
$70
$80
Income Before
Taxes
, $ MM
May 1, 2013
7
Total margin represents total revenues less total cost of sales.	

	

Gas Utility
MARGIN
Colder weather
Conversions from heating oil
OPEX
Higher pension and system
maintenance expenses
* Opex includes all operating expenses, net of miscellaneous income.
74.9
96.4
24.6
5.3
(8.7)
(0.5)
0.8
$60
$70
$80
$90
$100
$110
Income Before
Taxes
, $ MM
Total Margin
May 1, 2013
8
Total margin represents total revenues less total cost of sales.	

	

May 1, 2013
9
Midstream & Marketing
MARGIN
Colder weather
Gas price volatility in January
Lower power marketing margins
due to lower average unit price s
D&A
Increase due to Temple II
Total Margin
* Opex includes all operating expenses, net of miscellaneous income.
29.3
43.2
8.4
4.2
3.5
(1.4)
(1.3)
0.5
$10
$20
$30
$40
$50
Income Before Taxes, $ MM
Total margin represents total revenues less total cost of sales.	

	

May 1, 2013
10
Liquidity
Int'l
Corporate/
Total
AmeriGas
Propane
Utilities
Midstream
Other
Cash on hand
446.3
$     
123.1
$     
165.7
$     
58.3
$       
11.8
$       
87.4
$       
Revolving Credit Facilities
525.0
$     
125.0
$     
300.0
$     
240.0
$     
NA
Accounts receivable facility
NA
NA
NA
59.1
$       
NA
Drawn on facilities
(115.9)
$   
(14.8)
$      
-
$         
(47.0)
$      
NA
Letters of credit
(54.1)
$      
(24.9)
$      
(2.0)
$        
-
$         
NA
    Available facilities
355.0
$     
85.3
$       
298.0
$     
252.1
$     
-
$         
Available liquidity
478.1
$     
251.0
$     
356.3
$     
263.9
$     
87.4
$       
Excluding cash residing at operating subsidiaries, UGI had $78.4 million of cash at 3/31/13
compared with $63.3 million at 3/31/12.	

	

Jerry Sheridan
CEO of AmeriGas	

	

Q2 Adjusted EBITDA
29% over Q2
of Fiscal 12
* See appendix for Adjusted EBITDA reconciliation
29% over Q2
of Fiscal 12
* See appendix for Adjusted EBITDA reconciliation
246.0
317.6
$150
$200
$250
$300
$350
Adjusted EBITDA*, $ Millions
May 1, 2013
12	

	

May 1, 2013
13
Operational Update
Operations
•
Weather:  Warmer than normal, much colder than LY
•
Volume up in line with expectations
•
Lower COGS, Mt. Belvieu prices down 39 cents, or 31%
Growth Initiatives
•
AmeriGas Cylinder Exchange (ACE) :
•
National Accounts :
•
Acquisitions :
Volume growth of 6% y/y,
results muted by a colder March
Volume increased 14 MM gallons y/y, 22 MM
gallons ytd
No acquisitions closed during the quarter	

	

May 1, 2013
14
Guidance & Heritage Update
•
FY13
Guidance
remains
$620MM
-
$645MM ,
trending
toward
the midpoint
•
Final stages of Heritage integration: Planning to consolidate over
200 stores
•
Increased estimated transition expenses for the year by $5 MM
reflecting additional severance costs
•
On track to realize at least $60MM in total net synergies	

	

May 1, 2013
15
Distribution Increase
$2.00
$2.20
$2.40
$2.60
$2.80
$3.00
$3.20
$3.40
2006
2007
2008
2009
2010
2011
2012
2013
AmeriGas: Distributions per unit
(excluding special distributions)
5.4% CAGR	

	

John Walsh
President & CEO	

	

May 1, 2013
17
Operational Update
Gas Utility
•
Infrastructure
Replacement
Program
approved
by
PUC ;
Gas
Utility
infrastructure capex expected to be approximately 25% above FY12
levels
•
Demand
for
natural
gas
remains
at
unprecedented
levels :
Net
customer growth expected to exceed 2% in FY13
AmeriGas
•
.
Final phase of Heritage integration is now underway and will conclude
this summer
•
Superior distribution network covering the entire United States and very
strong leadership team in place	

	

May 1, 2013
18
Operational Update
International
•
Focused
on
operational
efficiencies:
Broader
base
of
operations
in 
Europe will help reduce costs and enhance efficiencies in areas such
as product sourcing
•
BP
Poland
acquisition :
Expected
to
close
in
Q4
of
FY13
•
20% drop in propane costs a positive for both UGI and our customers
Midstream & Marketing
•
Expanding LNG services with Temple II
•
Auburn II pipeline in field execution phase. Expected in-service date
remains early FY14
•
New Tenaska gathering system expected in early 2014	

	

May 1, 2013
19
Concluding Remarks
•
FY13 Guidance remains $2.40 - $2.50 , trending toward lower half
•
FY13
Will
mark
UGI’s
129
consecutive
year
of
dividends
and
26  
consecutive year of dividend increases
th
th
$0.60
$0.80
$1.00
$1.20
2006
2007
2008
2009
2010
2011
2012
2013
UGI: Dividends per share
(excluding special distributions)
6.9% CAGR	

	

Q&A	

	

Appendix	

	

May 1, 2013
22
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.
EBITDA and Adjusted EBITDA are not measures of performance or financial condition under accounting principles
generally accepted in the United States ("GAAP"). Management believes EBITDA and Adjusted EBITDA are meaningful
non-GAAP financial measures used by investors to compare the Partnership's operating performance with that of other
companies within the propane industry. The Partnership's definitions of EBITDA and Adjusted EBITDA may be different
from those used by other companies. 
EBITDA and  Adjusted EBITDA should not be considered as alternatives to net income (loss) attributable to AmeriGas
Partners, L.P. Management uses EBITDA to compare year-over-year profitability of the business without regard to capital
structure as well as to compare the relative performance of the Partnership to that of other master limited partnerships
without regard to their financing methods, capital structure, income taxes or historical cost basis.   Management uses
Adjusted
EBITDA
to
exclude
from
AmeriGas
Partners’
EBITDA
gains
and
losses
that
competitors
do
not
necessarily
have
to provide additional insight into the comparison of year-over-year profitability to that of other master limited partnerships.
In view of the omission of interest, income taxes, depreciation and amortization from EBITDA and Adjusted EBITDA,
management also assesses the profitability of the business by comparing net income attributable to AmeriGas Partners,
L.P. for the relevant years.  Management also uses EBITDA to assess the Partnership's profitability because its parent,
UGI Corporation, uses the Partnership's EBITDA to assess the profitability of the Partnership, which is one of UGI
Corporation’s industry segments.  UGI Corporation discloses the Partnership's EBITDA in its disclosures about its industry
segments as the profitability measure for its domestic propane segment.	

	

May 1, 2013
23
AmeriGas Propane EBITDA Reconciliation
(1) Adjusted EBITDA is a non-GAAP financial measure. Management believes the presentation of this measure provides useful information to
investors to more effectively evaluate the year-over-year results of operations of the Partnership. Management uses Adjusted EBITDA to exclude
from AmeriGas Partners' EBITDA gains and losses that competitors do not necessarily have to provide additional insight into the comparison of
year-over-year profitability to that of other master limited partnerships. This measure is not comparable to measures used by other entities and
should only be considered in conjunction with net income attributable to AmeriGas Partners, L.P. for the relevant periods.
2013
2012
2013
2012
2013
2012
Net income attributable to AmeriGas Partners, L.P.
221,820
$       
133,885
$     
318,485
$     
176,410
$    
153,100
$     
122,063
$    
Income tax (benefit) expense
(52)
764
575
1,214
1,292
1,256
Interest expense
41,776
45,045
82,972
61,578
164,035
93,374
Depreciation
37,607
35,351
75,930
56,282
153,873
98,841
Amortization
11,022
9,441
22,050
12,698
44,250
18,978
EBITDA
312,173
$       
224,486
$     
500,012
$     
308,182
$    
516,550
$     
334,512
$    
Heritage Propane acquisition and transition expense
5,396
8,138
10,884
11,855
45,216
11,855
Loss (gain) on extinguishments of debt
-
13,379
-
13,379
(30)
32,695
Adjusted EBITDA (1)
317,569
$       
246,003
$     
510,896
$     
333,416
$    
561,736
$     
379,062
$    
March 31,
Twelve Months Ended
March 31,
Three Months Ended
Six Months Ended
March 31,	

	

Investor Relations:
610-337-1000
Hugh Gallagher (x1029)
gallagherh@ugicorp.com
Simon Bowman (x3645)
bowmans@ugicorp.com