
	Segment Information

We have organized our business units into six reportable segments generally based upon products sold, geographic location and regulatory environment. Our reportable segments comprise: (1) AmeriGas Propane; (2) an international LPG segment comprising Antargaz; (3) an international LPG segment principally comprising Flaga and AvantiGas; (4) Gas Utility; (5) Energy Services; and (6) Electric Generation. We refer to both international segments together as “International Propane” and Energy Services and Electric Generation together as “Midstream & Marketing.” For Fiscal 2012, the Company began reporting its Electric Generation operating segment as a separate reportable segment and our former Electric Utility reportable segment was combined with Corporate & Other. Previously, the Electric Generation operating segment was included in the Energy Services’ reportable segment. Segment information for the three and six months ended March 31, 2012 presented below has been adjusted to conform to the current year presentation.

The accounting policies of our reportable segments are the same as those described in Note 2, “Significant Accounting Policies” in the Company’s 2012 Annual Financial Statements and Notes. We evaluate AmeriGas Propane’s performance principally based upon the Partnership’s earnings before interest expense, income taxes, depreciation and amortization (“Partnership EBITDA”). Although we use Partnership EBITDA to evaluate AmeriGas Propane’s profitability, it should not be considered as an alternative to net income (as an indicator of operating performance) or as an alternative to cash flow (as a measure of liquidity or ability to service debt obligations) and is not a measure of performance or financial condition under GAAP. Our definition of Partnership EBITDA may be different from that used by other companies. We evaluate the performance of our other reportable segments principally based upon their income before income taxes.

Three Months Ended March 31, 2013:



														Midstream & Marketing					International Propane
	Total			Elims.				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation		Antargaz			Flaga & Other			Corporate & Other (b)
Revenues	$	2,537.1		$	(61.1	)	(c)	$	1,176.3		$	368.6		$	304.0		$	17.1	$	452.6		$	230.9		$	48.7
Cost of sales	$	1,500.6		$	(58.8	)	(c)	$	612.4		$	196.7		$	247.0		$	10.6	$	285.8		$	177.4		$	29.5
Segment profit:
Operating income (loss)	$	486.2		$	(0.9	)		$	257.4		$	105.7		$	43.5		$	0.5	$	67.8		$	13.8		$	(1.6	)
Income from equity investees	0.1			—				—			—			—			—		0.1			—			—
Interest expense	(60.1		)	—				(41.8		)	(9.3		)	(0.8		)	—		(6.3		)	(1.3		)	(0.6		)
Income (loss) before income taxes	$	426.2		$	(0.9	)		$	215.6		$	96.4		$	42.7		$	0.5	$	61.6		$	12.5		$	(2.2	)
Partnership EBITDA (a)								$	303.6
Noncontrolling interests’ net income	$	154.3		$	—			$	154.0		$	—		$	—		$	—	$	0.3		$	—		$	—
Depreciation and amortization	$	87.3		$	—			$	48.6		$	12.7		$	1.9		$	2.4	$	14.2		$	5.8		$	1.7
Capital expenditures	$	93.6		$	(1.0	)		$	27.9		$	24.4		$	19.3		$	4.2	$	13.2		$	4.1		$	1.5
Total assets (at period end)	$	10,236.3		$	(110.8	)		$	4,682.8		$	2,205.5		$	450.4		$	261.7	$	1,847.7		$	551.3		$	347.7
Bank loans (at period end)	$	177.7		$	—			$	115.9		$	—		$	47.0		$	—	$	—		$	14.8		$	—
Goodwill (at period end)	$	2,813.8		$	—			$	1,919.2		$	182.1		$	2.8		$	—	$	610.0		$	92.7		$	7.0

Three Months Ended March 31, 2012:



														Midstream & Marketing						International Propane
	Total			Elims.				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation			Antargaz			Flaga & Other			Corporate & Other (b)
Revenues	$	2,427.5		$	(44.8	)	(c)	$	1,155.6		$	319.5		$	261.4		$	8.8		$	445.3		$	236.4		$	45.3
Cost of sales	$	1,526.6		$	(43.6	)	(c)	$	670.0		$	177.5		$	216.4		$	6.4		$	288.6		$	185.2		$	26.1
Segment profit:
Operating income (loss)	$	380.8		$	—			$	195.0		$	85.0		$	33.1		$	(2.5	)	$	60.2		$	10.0		$	—
Income from equity investees	—			—				—			—			—			—			—			—			—
Loss on extinguishments of debt	(13.4		)	—				(13.4		)	—			—			—			—			—			—
Interest expense	(65.3		)	—				(45.1		)	(10.1		)	(1.3		)	—			(6.9		)	(1.2		)	(0.7		)
Income (loss) before income taxes	$	302.1		$	—			$	136.5		$	74.9		$	31.8		$	(2.5	)	$	53.3		$	8.8		$	(0.7	)
Partnership EBITDA (a)								$	224.5
Noncontrolling interests’ net income	$	93.6		$	—			$	93.2		$	—		$	—		$	—		$	0.4		$	—		$	—
Depreciation and amortization	$	82.8		$	—			$	44.8		$	12.2		$	0.8		$	2.2		$	15.0		$	6.4		$	1.4
Capital expenditures	$	65.3		$	—			$	23.5		$	25.7		$	4.3		$	1.6		$	4.9		$	3.9		$	1.4
Total assets (at period end)	$	10,129.4		$	(84.4	)		$	4,823.8		$	2,038.5		$	387.7		$	255.4		$	1,843.3		$	548.4		$	316.7
Bank loans (at period end)	$	190.2		$	—			$	50.9		$	—		$	112.0		$	—		$	—		$	27.3		$	—
Goodwill (at period end)	$	2,795.2		$	—			$	1,881.3		$	182.1		$	2.8		$	—		$	638.5		$	83.5		$	7.0


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



Three Months Ended March 31,	2013			2012
Partnership EBITDA	$	303.6		224.5
Depreciation and amortization	(48.6		)	(44.8		)
Loss on extinguishments of debt	—			13.4
Noncontrolling interests (i)	2.4			1.9
Operating income	$	257.4		$	195.0


(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 among Midstream & Marketing, Gas Utility and AmeriGas Propane.

Six Months Ended March 31, 2013:



														Midstream & Marketing					International Propane
	Total			Elims.				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation		Antargaz			Flaga & Other			Corporate & Other (b)
Revenues	$	4,560.3		$	(119.6	)	(c)	$	2,052.9		$	616.9		$	531.8		$	32.0	$	871.9		$	476.5		$	97.9
Cost of sales	$	2,719.4		$	(116.1	)	(c)	$	1,064.5		$	320.3		$	434.9		$	20.2	$	565.7		$	372.3		$	57.6
Segment profit:
Operating income (loss)	$	782.3		$	(0.9	)		$	397.3		$	175.5		$	70.8		$	0.7	$	115.3		$	24.1		$	(0.5	)
Income from equity investees	0.1			—				—			—			—			—		0.1			—			—
Interest expense	(120.4		)	—				(83.0		)	(18.9		)	(1.8		)	—		(12.8		)	(2.6		)	(1.3		)
Income (loss) before income taxes	$	662.0		$	(0.9	)		$	314.3		$	156.6		$	69.0		$	0.7	$	102.6		$	21.5		$	(1.8	)
Partnership EBITDA (a)								$	491.4
Noncontrolling interests’ net income	$	222.4		$	—			$	222.0		$	—		$	—		$	—	$	0.4		$	—		$	—
Depreciation and amortization	$	174.4		$	—			$	98.0		$	25.3		$	3.5		$	4.9	$	28.3		$	11.3		$	3.1
Capital expenditures	$	184.9		$	(1.0	)		$	54.4		$	52.9		$	32.8		$	11.0	$	25.4		$	6.3		$	3.1
Total assets (at period end)	$	10,236.3		$	(110.8	)		$	4,682.8		$	2,205.5		$	450.4		$	261.7	$	1,847.7		$	551.3		$	347.7
Bank loans (at period end)	$	177.7		$	—			$	115.9		$	—		$	47.0		$	—	$	—		$	14.8		$	—
Goodwill (at period end)	$	2,813.8		$	—			$	1,919.2		$	182.1		$	2.8		$	—	$	610.0		$	92.7		$	7.0

Six Months Ended March 31, 2012:



														Midstream & Marketing						International Propane
	Total			Elims.				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation			Antargaz			Flaga & Other			Corporate & Other (b)
Revenues	$	4,116.3		$	(100.8	)	(c)	$	1,839.4		$	574.5		$	495.5		$	16.2		$	746.9		$	453.1		$	91.5
Cost of sales	$	2,628.4		$	(98.6	)	(c)	$	1,113.8		$	319.2		$	413.1		$	11.2		$	464.3		$	353.3		$	52.1
Segment profit:
Operating income (loss)	$	569.1		$	—			$	255.1		$	146.2		$	60.5		$	(6.0	)	$	97.5		$	14.4		$	1.4
Loss from equity investees	(0.1		)	—				—			—			—			—			(0.1		)	—			—
Loss on extinguishments of debt	(13.4		)	—				(13.4		)	—			—			—			—			—			—
Interest expense	(101.3		)	—				(61.6		)	(20.2		)	(2.4		)	—			(13.4		)	(2.2		)	(1.5		)
Income (loss) before income taxes	$	454.3		$	—			$	180.1		$	126.0		$	58.1		$	(6.0	)	$	84.0		$	12.2		$	(0.1	)
Partnership EBITDA (a)								$	308.2
Noncontrolling interests’ net income	$	116.7		$	—			$	116.2		$	—		$	—		$	—		$	0.5		$	—		$	—
Depreciation and amortization	$	143.1		$	—			$	69.0		$	24.3		$	1.5		$	4.3		$	29.1		$	11.9		$	3.0
Capital expenditures	$	154.0		$	—			$	45.1		$	47.5		$	22.9		$	11.1		$	16.0		$	8.7		$	2.7
Total assets (at period end)	$	10,129.4		$	(84.4	)		$	4,823.8		$	2,038.5		$	387.7		$	255.4		$	1,843.3		$	548.4		$	316.7
Bank loans (at period end)	$	190.2		$	—			$	50.9		$	—		$	112.0		$	—		$	—		$	27.3		$	—
Goodwill (at period end)	$	2,795.2		$	—			$	1,881.3		$	182.1		$	2.8		$	—		$	638.5		$	83.5		$	7.0


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



Six Months Ended March 31,	2013			2012
Partnership EBITDA	$	491.4		$	308.2
Depreciation and amortization	(98.0		)	(69.0		)
Loss on extinguishments of debt	—			13.4
Noncontrolling interests (i)	3.9			2.5
Operating income	$	397.3		$	255.1


(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 among Midstream & Marketing, Gas Utility and AmeriGas Propane.