

														Midstream & Marketing						International Propane
	Total			Elim- inations				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation			Antargaz			Flaga & Other			Corporate & Other (b)
2012
Revenues	$	6,519.2		$	(178.8	)	(c)	$	2,921.6		$	785.4		$	816.4		$	43.0		$	1,121.3		$	824.7		$	185.6
Cost of sales	$	4,111.2		$	(174.0	)	(c)	$	1,719.7		$	402.5		$	703.8		$	27.1		$	685.5		$	640.3		$	106.3
Operating income (loss)	$	521.3		$	—			$	170.3		$	172.2		$	68.9		$	(6.5	)	$	88.2		$	23.6		$	4.6
Loss from equity investees	$	(0.3	)	—				—			—			—			—			(0.3		)	—			—
Loss on extinguishments of debt	$	(13.3	)	—				(13.3		)	—			—			—			—			—			—
Interest expense	$	(221.5	)	—				(142.6		)	(40.1		)	(4.8		)	—			(26.3		)	(4.6		)	(3.1		)
Income (loss) before income taxes	$	286.2		$	—			$	14.4		$	132.1		$	64.1		$	(6.5	)	$	61.6		$	19.0		$	1.5
Net income (loss) attributable to UGI	$	199.4		$	—			$	15.9		$	80.5		$	37.6		$	(1.2	)	$	51.3		$	13.8		$	1.5
Depreciation and amortization	$	316.0		$	—			$	169.1		$	49.0		$	3.7		$	9.0		$	57.1		$	22.1		$	6.0
Noncontrolling interests’ net (loss) income	$	(12.8	)	$	—			$	(13.0	)	$	—		$	—		$	—		$	0.2		$	—		$	—
Partnership EBITDA (a)								$	324.7
Total assets	$	9,709.7		$	(104.1	)		$	4,539.6		$	2,070.4		$	368.5		$	258.2		$	1,686.5		$	531.8		$	358.8
Bank loans	$	165.1		$	—			$	49.9		$	9.2		$	85.0		$	—		$	—		$	21.0		$	—
Capital expenditures	$	343.2		$	—			$	103.1		$	109.0		$	36.0		$	24.4		$	47.3		$	16.9		$	6.5
Investments in equity investees	$	0.3		$	—			$	—		$	—		$	—		$	—		$	—		$	0.3		$	—
Goodwill	$	2,818.3		$	—			$	1,919.2		$	182.1		$	2.8		$	—		$	612.0		$	95.2		$	7.0

2011
Revenues	$	6,091.3		$	(233.0	)	(c)	$	2,538.0		$	1,026.4		$	1,023.8		$	49.1		$	1,050.6		$	438.1		$	198.3
Cost of sales	$	4,010.9		$	(228.6	)	(c)	$	1,605.3		$	610.6		$	902.2		$	31.1		$	649.8		$	321.0		$	119.5
Operating income (loss)	$	616.0		$	—			$	242.9		$	199.6		$	84.2		$	(1.3	)	$	89.2		$	(3.1	)	$	4.5
Loss from equity investees	$	(0.9	)	—				—			—			—			—			(0.9		)	—			—
Loss on extinguishments of debt	$	(38.1	)	—				(38.1		)	—			—			—			—			—			—
Interest expense	$	(138.0	)	—				(63.5		)	(40.4		)	(2.0		)	(0.7		)	(25.5		)	(2.7		)	(3.2		)
Income (loss) before income taxes	$	439.0		$	—			$	141.3		$	159.2		$	82.2		$	(2.0	)	$	62.8		$	(5.8	)	$	1.3
Net income (loss) attributable to UGI	$	232.9		$	—			$	39.9		$	99.3		$	48.4		$	4.1		$	44.2		$	(3.2	)	$	0.2



Depreciation and amortization	$	227.9		$	—			$	94.7		$	48.4		$	2.4		$	5.6		$	52.1		$	18.5		$	6.2
Noncontrolling interests’ net income	$	75.3		$	—			$	75.0		$	—		$	—		$	—		$	0.3		$	—		$	—
Partnership EBITDA (a)								$	297.1
Total assets	$	6,663.3		$	(93.3	)		$	1,800.4		$	2,028.7		$	338.2		$	242.5		$	1,636.6		$	428.8		$	281.4
Bank loans	$	138.7		$	—			$	95.5		$	—		$	24.3		$	—		$	—		$	18.9		$	—
Capital expenditures	$	355.6		$	—			$	77.2		$	91.3		$	63.1		$	49.7		$	48.9		$	16.5		$	8.9
Investments in equity investees	$	0.3		$	—			$	—		$	—		$	—		$	—		$	—		$	0.3		$	—
Goodwill	$	1,562.2		$	—			$	696.3		$	182.1		$	2.8		$	—		$	591.8		$	82.2		$	7.0

2010
Revenues	$	5,591.4		$	(203.9	)	(c)	$	2,320.3		$	1,047.5		$	1,105.3		$	58.5		$	887.1		$	172.4		$	204.2
Cost of sales	$	3,584.0		$	(197.1	)	(c)	$	1,395.1		$	653.4		$	998.0		$	30.6		$	465.9		$	116.2		$	121.9
Operating income (loss)	$	659.2		$	—			$	235.8		$	175.3		$	110.8		$	9.2		$	115.1		$	1.9		$	11.1
Loss from equity investees	$	(2.1	)	—				—			—			—			—			(2.0		)	(0.1		)	—
Loss on extinguishments of debt				—				—			—			—			—			—			—			—
Interest expense	$	(133.8	)	—				(65.1		)	(40.5		)	(0.1		)	(0.1		)	(22.4		)	(3.0		)	(2.6		)
Income (loss) before income taxes	$	523.3		$	—			$	170.7		$	134.8		$	110.7		$	9.1		$	90.7		$	(1.2	)	$	8.5
Net income attributable to UGI	$	261.0		$	—			$	47.3		$	83.1		$	61.2		$	7.0		$	60.0		$	(1.2	)	$	3.6
Depreciation and amortization	$	210.2		$	—			$	87.4		$	49.5		$	3.3		$	4.4		$	48.9		$	11.5		$	5.2
Noncontrolling interests’ net income (loss)	$	94.7		$	—			$	91.1		$	—		$	3.3		$	—		$	0.3		$	—		$	—
Partnership EBITDA (a)								$	321.0
Total assets	$	6,374.0		$	(81.1	)		$	1,690.6		$	1,996.3		$	245.8		$	205.0		$	1,678.3		$	320.2		$	318.9
Bank loans	$	200.4		$	—			$	91.0		$	17.0		$	—		$	—		$	68.2		$	24.2		$	—
Capital expenditures	$	352.9		$	—			$	83.2		$	73.5		$	48.3		$	68.1		$	51.4		$	7.6		$	20.8
Investments in equity investees	$	0.4		$	—			$	—		$	—		$	—		$	—		$	—		$	0.4		$	—
Goodwill	$	1,562.7		$	—			$	683.1		$	180.1		$	2.8		$	—		$	602.7		$	87.0		$	7.0


(a)	The following table provides a reconciliation of Partnership EBITDA to AmeriGas Propane operating income:



Year ended September 30,	2012			2011			2010
Partnership EBITDA	$	324.7		$	297.1		$	321.0
Depreciation and amortization	(169.1		)	(94.7		)	(87.4		)
Loss on extinguishments of debt	13.3			38.1			—
Noncontrolling interests (i)	1.4			2.4			2.2
Operating income	$	170.3		$	242.9		$	235.8


(i)	Principally represents the General Partner’s 1.01% interest in AmeriGas OLP.

(b)

Corporate & Other results principally comprise Electric Utility, UGI Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVAC/R”), net expenses of UGI’s captive general liability insurance company, and UGI Corporation’s unallocated corporate and general expenses and interest income. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC/R, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation.


(c)	Principally represents the elimination of intersegment transactions principally among Midstream & Marketing, Gas Utility and AmeriGas Propane.