

														Midstream & Marketing					UGI International
	Total			Elim- inations				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation		Antargaz			Flaga & Other			Corporate & Other (b)
2014
Revenues	$	8,277.3		$	(321.3	)	(c)	$	3,712.9		$	977.3		$	1,305.5		$	85.1	$	1,295.5		$	1,026.9		$	195.4
Cost of sales	$	5,175.7		$	(317.7	)	(c)	$	2,107.1		$	496.8		$	1,058.8		$	39.6	$	848.1		$	809.9		$	133.1
Operating income (loss)	$	1,005.6		$	0.2			$	472.0		$	236.2		$	180.5		$	18.1	$	79.1		$	38.4		$	(18.9	)
Loss from equity investees	(0.1		)	—				—			—			—			—		(0.1		)	—			—
Interest expense	(237.7		)	—				(165.6		)	(36.6		)	(2.9		)	—		(25.1		)	(4.9		)	(2.6		)
Income (loss) before income taxes	$	767.8		$	0.2			$	306.4		$	199.6		$	177.6		$	18.1	$	53.9		$	33.5		$	(21.5	)
Net income (loss) attributable to UGI	$	337.2		$	—			$	63.0		$	118.8		$	105.2		$	12.6	$	20.6		$	27.7		$	(10.7	)
Depreciation and amortization	$	362.9		$	—			$	197.2		$	54.8		$	12.3		$	10.7	$	54.5		$	27.1		$	6.3
Noncontrolling interests’ net income (loss)	$	195.4		$	—			$	195.8		$	—		$	—		$	—	$	(0.4	)	$	—		$	—
Partnership EBITDA (a)	$	655.3		$	—			$	664.8		$	—		$	—		$	—	$	—		$	—		$	(9.5	)
Total assets	$	10,093.0		$	(86.5	)		$	4,377.0		$	2,214.1		$	569.0		$	277.7	$	1,659.1		$	643.6		$	439.0
Short-term borrowings	$	210.8		$	—			$	109.0		$	86.3		$	7.5		$	—	$	—		$	8.0		$	—
Capital expenditures	$	436.4		$	—			$	113.9		$	156.4		$	67.8		$	15.6	$	50.2		$	23.0		$	9.5
Investments in equity investees	$	0.6		$	—			$	—		$	—		$	—		$	—	$	—		$	0.6		$	—
Goodwill	$	2,833.4		$	—			$	1,945.1		$	182.1		$	5.6		$	—	$	601.2		$	92.4		$	7.0



														Midstream & Marketing						UGI International
	Total			Elim- inations				AmeriGas Propane			Gas Utility			Energy Services			Electric Generation			Antargaz			Flaga & Other			Corporate & Other (b)
2013
Revenues	$	7,194.7		$	(223.8	)	(c)	$	3,168.8		$	839.0		$	969.4		$	71.4		$	1,322.6		$	856.6		$	190.7
Cost of sales	$	4,324.4		$	(217.5	)	(c)	$	1,657.2		$	407.2		$	836.9		$	39.9		$	845.0		$	653.4		$	102.3
Operating income	$	831.1		$	(1.1	)		$	394.4		$	196.5		$	82.5		$	7.5		$	111.4		$	35.6		$	4.3
Loss from equity investees	(0.4		)	—				—			—			—			—			(0.4		)	—			—
Interest expense	(240.3		)	—				(166.6		)	(37.4		)	(3.2		)	—			(25.3		)	(5.1		)	(2.7		)
Income before income taxes	590.4			(1.1		)		227.8			159.1			79.3			7.5			85.7			30.5			1.6
Net income attributable to UGI	$	278.1		$	(0.6	)		$	47.5		$	94.3		$	46.3		$	6.2		$	57.2		$	25.5		$	1.7
Depreciation and amortization	$	363.1		$	—			$	205.9		$	51.7		$	7.6		$	10.0		$	57.6		$	24.1		$	6.2
Noncontrolling interests’ net (loss) income	$	149.5		$	—			$	149.6		$	—		$	—		$	—		$	(0.2	)	$	0.1		$	—
Partnership EBITDA (a)								$	596.5
Total assets	$	10,008.8		$	(100.3	)		$	4,429.3		$	2,069		$	501.2		$	269.7		$	1,784.4		$	667.1		$	388.4
Short-term borrowings	$	227.9		$	—			$	116.9		$	17.5		$	87.0		$	—		$	—		$	6.5		$	—
Capital expenditures	$	489.1		$	(1.1	)		$	111.1		$	144.4		$	133.8		$	22.6		$	53.4		$	17.4		$	7.5
Investments in equity investees	$	0.3		$	—			$	—		$	—		$	—		$	—		$	—		$	0.3		$	—
Goodwill	$	2,873.7		$	—			$	1,941.0		$	182.1		$	2.8		$	—		$	643.7		$	97.1		$	7.0

2012
Revenues	$	6,521.3		$	(178.8	)	(c)	$	2,921.5		$	785.4		$	816.4		$	43.9		$	1,121.4		$	824.7		$	186.8
Cost of sales	$	4,099.1		$	(174.0	)	(c)	$	1,722.4		$	402.5		$	701.9		$	28.0		$	685.5		$	640.3		$	92.5
Operating income (loss)	$	538.6		$	—			$	168.7		$	174.1		$	70.8		$	(6.5	)	$	88.3		$	23.6		$	19.6
Loss from equity investees	(0.3		)	—				—			—			—			—			(0.3		)	—			—
Loss on extinguishments of debt	(13.3		)	—				(13.3		)	—			—			—			—			—			—
Interest expense	(220.4		)	—				(141.5		)	(40.1		)	(4.8		)	—			(26.3		)	(4.6		)	(3.1		)
Income (loss) before income taxes	$	304.6		$	—			$	13.9		$	134.0		$	66.0		$	(6.5	)	$	61.7		$	19.0		$	16.5
Net income (loss) attributable to UGI	$	210.2		$	—			$	15.4		$	81.6		$	38.7		$	(1.0	)	$	51.4		$	13.8		$	10.3
Depreciation and amortization	$	315.0		$	—			$	168.1		$	49.0		$	3.7		$	9.0		$	57.1		$	22.1		$	6.0
Noncontrolling interests’ net (loss) income	$	(12.5	)	$	—			$	(12.7	)	$	—		$	—		$	—		$	0.2		$	—		$	—
Partnership EBITDA (a)								$	322.1
Total assets	$	9,676.9		$	(104.1	)		$	4,533.8		$	2,045.5		$	368.5		$	258.2		$	1,686.5		$	531.8		$	356.7
Short-term borrowings	$	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


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



	2014			2013			2012
Partnership EBITDA	$	664.8		$	596.5		$	322.1
Depreciation and amortization	(197.2		)	(205.9		)	(168.1		)
Loss on extinguishments of debt	—			—			13.3
Noncontrolling interests (i)	4.4			3.8			1.4
Operating income	$	472.0		$	394.4		$	168.7


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

(b)

Corporate & Other results principally comprise (1) Electric Utility, (2) Enterprises’ heating, ventilation, air-conditioning, refrigeration and electrical contracting businesses (“HVAC”), (3) net expenses of UGI’s captive general liability insurance company, (4) UGI Corporation’s unallocated corporate and general expenses and interest income and (5) net (losses) gains on Midstream & Marketing’s unsettled commodity derivative instruments and certain settled commodity derivative instruments not associated with current period transactions, and net (losses) gains on AmeriGas Propane’s unsettled commodity derivative instruments entered into beginning April 1, 2014, totaling $(18.0), $7.4 and $15.1 in Fiscal 2014, Fiscal 2013 and Fiscal 2012, respectively. Corporate & Other assets principally comprise cash, short-term investments, the assets of Electric Utility and HVAC, and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation.


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