EX-99.3 4 d774783dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

UGI ENERGY SERVICES, LLC

AND SUBSIDIARIES

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

for the three and six months ended March 31, 2019

(Unaudited)


UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

TABLE OF CONTENTS

 

     Pages  
Financial Statements (unaudited):   

Condensed Consolidated Balance Sheet as of March 31, 2019

     3  

Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended March 31, 2019

     4  

Condensed Consolidated Statements of Cash Flows for the three and nine months ended March 31, 2019

     5  


UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(unaudited)

(Thousands of dollars)

 

     March 31, 2019  

ASSETS

  

Current assets:

  

Cash and cash equivalents

   $ 51,511  

Restricted cash

     3,598  

Accounts receivable (less allowances for doubtful accounts of $ 1,242)

     207,032  

Inventories

     14,077  

Derivative instruments

     11,159  

Prepaid expenses and other current assets

     4,694  
  

 

 

 

Total current assets

     292,071  

Property, plant and equipment:

  

Gross property, plant and equipment

     1,272,376  

Accumulated depreciation

     (230,099
  

 

 

 

Net property, plant and equipment

     1,042,277  

Goodwill

     11,919  

Intangible assets, net

     20,597  

Derivative instruments

     3,795  

Investment in equity method investee

     81,080  

Other assets

     23,964  
  

 

 

 

Total assets

   $ 1,475,703  
  

 

 

 

LIABILITIES AND EQUITY

  

Current liabilities:

  

Current capital lease obligations

   $ 132  

Accounts payable

     168,072  

Employee compensation and benefits accrued

     10,862  

Derivative instruments

     4,050  

Other current liabilities

     47,206  
  

 

 

 

Total current liabilities

     230,322  

Long-term capital lease obligations

     269  

Deferred income taxes

     149,649  

Derivative instruments

     4,781  

Other noncurrent liabilities

     9,159  
  

 

 

 

Total liabilities

     394,180  

Member’s equity

     1,081,523  
  

 

 

 

Total liabilities and equity

   $ 1,475,703  
  

 

 

 

 

3


UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(unaudited)

(Thousands of dollars)

 

     Three Months
Ended
    Six Months
Ended
 
     March 31, 2019     March 31, 2019  

Revenues

   $ 535,554     $ 980,914  
  

 

 

   

 

 

 

Costs and expenses:

    

Cost of sales

     435,230       802,002  

Operating and administrative expenses

     24,932       48,713  

Depreciation and amortization

     11,325       22,565  

Other operating income, net

     (471     (944
  

 

 

   

 

 

 
     471,016       872,336  
  

 

 

   

 

 

 

Operating income

     64,538       108,578  

Income from equity method investee

     1,610       3,081  

Other non-operating income, net

     51       69  

Interest expense

     (488     (941
  

 

 

   

 

 

 

Income before income taxes

     65,711       110,787  

Income tax expense

     (18,035     (30,073
  

 

 

   

 

 

 

Net income and comprehensive income

   $ 47,676     $ 80,714  
  

 

 

   

 

 

 

 

4


UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(Thousands of dollars)

 

     Three Months
Ended
    Six Months
Ended
 
     March 31, 2019     March 31, 2019  

CASH FLOWS FROM OPERATING ACTIVITIES:

    

Net income

   $ 47,676     $ 80,714  

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation and amortization

     11,325       22,565  

Deferred income taxes, net

     3,460       4,198  

Changes in unrealized gains and losses on derivative instruments

     (11,578     (13,396

Other, net

     (2,937     (2,136

Net change in:

    

Accounts receivable

     16,073       (95,042

Inventories

     8,637       10,763  

Accounts payable

     (35,115     76,382  

Other current assets

     (571     (568

Other current liabilities

     2,554       19,462  
  

 

 

   

 

 

 

Net cash provided by operating activities

     39,524       102,942  
  

 

 

   

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

    

Expenditures for property, plant and equipment

     (32,538     (56,408

Acquisitions of businesses and assets

     (20,000     (35,000

Increase in equity method investments

     (1,816     (2,205

Other

     —         58  
  

 

 

   

 

 

 

Net cash used by investing activities

     (54,354     (93,555
  

 

 

   

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

    

Decrease in bank loans

     (10,000     —    

Receivables Facility net repayments

     —         (2,000

Other

     (34     (67
  

 

 

   

 

 

 

Net cash used by financing activities

     (10,034     (2,067
  

 

 

   

 

 

 

Cash, cash equivalents and restricted cash (decrease) increase

   $ (24,864   $ 7,320  
  

 

 

   

 

 

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

    

Cash, cash equivalents and restricted cash at end of period

   $ 55,109     $ 55,109  

Cash, cash equivalents and restricted cash at beginning of period

     79,973       47,789  
  

 

 

   

 

 

 

Cash, cash equivalents and restricted cash (decrease) increase

   $ (24,864   $ 7,320  
  

 

 

   

 

 

 

 

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