EX-99.A 3 w57814ex99-a.txt UGI CORP. AND SUBS. CONSOLIDATING BALANCE SHEET EXHIBIT A UGI CORPORATION AND SUBSIDIARIES CONSOLIDATING BALANCE SHEET SEPTEMBER 30, 2001 (Unaudited) (Millions of dollars)
Consolidated Eliminations Northfield Vulcan UGI and UGI Holding Acquisition Corp. Adjustments Corp. Company Corp. ------------ ------------ --------- ---------- ----------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 87.5 $ -- $ 0.6 $ 31.3 $ -- Short-term investments 3.6 -- -- -- -- Accounts receivable 180.8 (75.0) 14.5 57.6 -- Accrued utility revenues 11.1 -- -- -- -- Accounts receivable - intercompany -- -- -- -- -- Inventories 128.6 -- -- -- -- Deferred income taxes 25.2 -- 0.2 -- -- Prepaid expenses and other current assets 22.1 (1.6) 0.3 -- -- ------------ ------------ --------- ---------- ----------- Total current assets 458.9 (76.6) 15.6 88.9 -- INVESTMENTS IN SUBSIDIARIES -- (314.3) 314.3 -- -- PROPERTY, PLANT AND EQUIPMENT Gross property, plant and equipment 1,913.5 -- 0.4 -- -- Less: Accumulated depreciation and amortization 645.5 -- 0.4 -- -- ------------ ------------ --------- ---------- ----------- Net property, plant and equipment 1,268.0 -- -- -- -- OTHER ASSETS Intangible assets 672.4 -- -- -- -- Utility regulatory assets 56.2 -- -- -- -- Other assets 94.7 (13.7) 2.6 -- -- ------------ ------------ --------- ---------- ----------- Total assets $ 2,550.2 $ (404.6) $ 332.5 $ 88.9 $ -- ============ ============ ========= ========== ===========
United UGI UGI Valley Ashtola UGI Utilities, AmeriGas, Properties, Insurance Production Enterprises, Inc. Inc. Inc. Company Company Inc. ---------- ----------- ------------ ----------- ---------- ------------ ASSETS CURRENT ASSETS: Cash and cash equivalents $ 7.7 $ 37.0 $ 0.6 $ 1.3 $ 0.2 $ 8.8 Short-term investments -- -- -- 3.6 -- -- Accounts receivable 39.2 105.6 -- -- -- 38.9 Accrued utility revenues 11.1 -- -- -- -- -- Accounts receivable - intercompany -- -- -- -- -- -- Inventories 48.1 73.1 -- -- -- 7.4 Deferred income taxes 5.5 12.6 -- 0.2 -- 6.7 Prepaid expenses and other current assets 2.2 18.8 0.2 -- -- 2.2 ---------- ----------- ------------ ----------- ---------- ------------ Total current assets 113.8 247.1 0.8 5.1 0.2 64.0 INVESTMENTS IN SUBSIDIARIES -- -- -- -- -- -- PROPERTY, PLANT AND EQUIPMENT Gross property, plant and equipment 855.2 984.0 10.3 -- -- 63.6 Less: Accumulated depreciation and amortization 276.4 355.1 2.2 -- -- 11.4 ---------- ----------- ------------ ----------- ---------- ------------ Net property, plant and equipment 578.8 628.9 8.1 -- -- 52.2 OTHER ASSETS Intangible assets -- 615.9 -- -- -- 56.5 Utility regulatory assets 56.2 -- -- -- -- -- Other assets 35.6 31.8 4.7 0.6 -- 33.1 ---------- ----------- ------------ ----------- ---------- ------------ Total assets $ 784.4 $ 1,523.7 $ 13.6 $ 5.7 $ 0.2 $ 205.8 ========== =========== ============ =========== ========== ============
UGI CORPORATION AND SUBSIDIARIES CONSOLIDATING BALANCE SHEET SEPTEMBER 30, 2001 (Unaudited) (Millions of dollars)
Consolidated Eliminations Northfield Vulcan UGI and UGI Holding Acquisition, Corp. Adjustments Corp. Company Corp. ------------- ------------ ----------- ----------- ----------- LIABILITIES AND EQUITY CURRENT LIABILITIES Current maturities of long-term debt $ 98.3 $ -- $ -- $ -- $ -- Bank loans 67.8 -- -- -- -- Accounts payable 167.0 (10.5) 10.3 -- -- Accounts payable - intercompany -- (3.7) -- -- -- Employee compensation and benefits accrued 39.4 -- 1.9 -- -- Dividends and interest accrued 38.4 (0.1) -- -- -- Income taxes accrued 11.6 -- (0.8) 0.2 -- Refunds and deposits 55.6 -- -- -- -- Other current liabilities 89.4 (2.3) 0.1 -- -- ------------ ------------ ----------- ---------- ----------- Total current liabilities 567.5 (16.6) 11.5 0.2 -- DEBT AND OTHER LIABILITIES Long-term debt 1,196.9 (70.5) 47.5 -- -- Deferred income taxes 182.4 (2.6) 0.1 -- -- Deferred investment tax credits 8.8 -- -- -- -- Other noncurrent liabilities 72.8 -- 3.8 -- -- MINORITY INTEREST Minority interest in AmeriGas Partners 246.2 -- -- -- -- PREFERRED STOCK UGI Utilities Series Preferred Stock Subject to Mandatory Redemption 20.0 -- -- -- -- COMMON STOCKHOLDERS' EQUITY Common Stock -- (60.4) -- -- -- Additional paid-in-capital 395.0 (684.9) 395.0 275.7 -- Retained earnings (accumulated deficit) 9.0 430.9 9.0 (187.0) -- Accumulated comprehensive income (loss) (13.5) -- -- -- -- ------------ ------------ ----------- ---------- ----------- 390.5 (254.0) 404.0 88.7 -- Less: treasury stock, at cost 134.9 0.5 134.4 -- -- ------------ ------------ ----------- ---------- ----------- Total common stockholders' equity 255.6 (254.5) 269.6 88.7 -- ------------ ------------ ----------- ---------- ----------- Total liabilities and stockholders' equity $ 2,550.2 $ (344.2) $ 332.5 $ 88.9 $ -- ============ ============ =========== ========== ===========
United UGI UGI Valley Ashtola UGI Utilities, AmeriGas, Properties, Insurance Production Enterprises Inc. Inc. Inc. Company Company Inc. ---------- ---------- ----------- ---------- ---------- ----------- LIABILITIES AND EQUITY CURRENT LIABILITIES Current maturities of long-term debt $ -- $ 87.2 $ 0.5 $ -- $ -- $ 10.6 Bank loans 57.8 -- -- -- -- 10.0 Accounts payable 65.9 73.9 -- -- -- 27.4 Accounts payable - intercompany 1.6 -- -- -- -- 2.1 Employee compensation and benefits accrued 8.4 27.8 -- -- -- 1.3 Dividends and interest accrued 5.4 32.7 -- 0.1 -- 0.3 Income taxes accrued 11.1 6.9 0.1 (0.2) 0.1 (5.8) Refunds and deposits 6.0 48.6 -- -- -- 1.0 Other current liabilities 21.2 52.9 -- 3.0 -- 14.5 ---------- ---------- ----------- ---------- ---------- ----------- Total current liabilities 177.4 330.0 0.6 2.9 0.1 61.4 DEBT AND OTHER LIABILITIES Long-term debt 208.5 918.7 6.4 -- -- 86.3 Deferred income taxes 121.9 59.3 0.1 -- -- 3.6 Deferred investment tax credits 8.8 -- -- -- -- -- Other noncurrent liabilities 12.0 43.9 -- -- -- 13.1 MINORITY INTEREST Minority interest in AmeriGas Partners -- 246.2 -- -- -- -- PREFERRED STOCK UGI Utilities Series Preferred Stock Subject to Mandatory Redemption 20.0 -- -- -- -- -- COMMON STOCKHOLDERS' EQUITY Common Stock 60.3 -- -- 0.1 -- -- Additional paid-in-capital 72.8 243.7 6.7 0.4 9.9 75.7 Retained earnings (accumulated deficit) 102.7 (314.0) (0.2) 2.2 (9.8) (24.8) Accumulated comprehensive income (loss) -- (4.1) -- 0.1 -- (9.5) ---------- ---------- ----------- ---------- ---------- ----------- 175.5 (74.4) 6.5 2.7 0.1 41.4 Less: treasury stock, at cost -- -- -- -- -- ---------- ---------- ----------- ---------- ---------- ----------- Total common stockholders' equity 175.5 (74.4) 6.5 2.7 0.1 41.4 ---------- ---------- ----------- ---------- ---------- ----------- Total liabilities and stockholders' equity $ 724.1 $ 1,523.7 $ 13.6 $ 5.6 $ 0.2 $ 205.8 ========== ========== =========== ========== ========== ===========
UGI CORPORATION AND SUBSIDIARIES CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED SEPTEMBER 30, 2001 (Unaudited) (Millions of dollars)
Consolidated Eliminations Northfield Vulcan UGI and UGI Holding Acquisition Corp. Adjustments Corp. Company Corp. ------------ ------------ ----------- ----------- ------------- REVENUES AmeriGas Propane $ 1,418.4 $ -- $ -- $ -- $ -- UGI Utilities 584.7 -- -- -- -- International Propane 50.9 -- -- -- -- Energy Services and other 414.1 (2.8) -- -- -- ------------ ------------ ---------- ----------- ------------- 2,468.1 (2.8) -- -- -- COSTS AND EXPENSES AmeriGas Propane cost of sales 836.0 -- -- -- -- UGI Utilities - gas, fuel and purchased power 374.8 -- -- -- -- International Propane cost of sales 28.4 -- -- -- -- Energy Services and other cost of sales 382.2 -- -- -- -- Operating and administrative expenses 517.8 (13.1) 10.8 -- -- Utility taxes other than income taxes 9.2 -- -- -- -- Depreciation and amortization 105.2 -- -- -- -- Provision for exit costs - Hearth, USA(TM) 8.5 -- -- -- -- Other income, net (21.4) 10.3 (9.7) (2.0) -- ------------ ------------ ---------- ----------- ------------- 2,240.7 (2.8) 1.1 (2.0) -- ------------ ------------ ---------- ----------- ------------- OPERATING INCOME 227.4 -- (1.1) 2.0 -- Interest expense (104.8) -- (2.4) 3.4 -- Minority interests in AmeriGas Partners (23.6) -- -- -- -- ------------ ------------ ---------- ----------- ------------- INCOME BEFORE INCOME TAXES, SUBSIDIARY PREFERRED STOCK DIVIDENDS AND ACCOUNTING CHANGES 99.0 -- (3.5) 5.4 -- Income taxes (45.4) -- 0.7 (1.9) -- Dividends on UGI Utilities Series Preferred Stock (1.6) (1.6) -- -- -- Equity in income of subsidiaries -- (59.3) 59.3 -- -- ------------ ------------ ---------- ----------- ------------- INCOME BEFORE ACCOUNTING CHANGES 52.0 (60.9) 56.5 3.5 -- Cumulative effect of accounting changes, net 4.5 -- -- -- -- ------------ ------------ ---------- ----------- ------------- NET INCOME $ 56.5 (60.9) 56.5 3.5 -- ============ Dividends on preferred stock 1.6 -- -- -- ------------ ----------- ----------- ------------- NET INCOME AFTER DIVIDENDS ON PREFERRED STOCK $ (59.3) $ 56.5 $ 3.5 $ -- ============ ========== =========== =============
United UGI UGI Valley Ashtola UGI Utilities, AmeriGas, Properties, Insurance Production Enterprises, Inc. Inc. Inc. Company Company Inc. ---------- ---------- ----------- --------- ---------- ------------ REVENUES AmeriGas Propane $ -- $ 1,418.4 $ -- $ -- $ -- $ -- UGI Utilities 584.7 -- -- -- -- -- International Propane -- -- -- -- -- 50.9 Energy Services and other -- -- 2.0 0.8 -- 414.1 ---------- ---------- ----------- --------- ---------- ------------ 584.7 1,418.4 2.0 0.8 -- 465.0 COSTS AND EXPENSES AmeriGas Propane cost of sales -- 836.0 -- -- -- -- UGI Utilities--gas, fuel and purchased power 374.8 -- -- -- -- -- International Propane cost of sales -- -- -- -- -- 28.4 Energy Services and other cost of sales -- -- -- -- -- 382.2 Operating and administrative expenses 93.6 379.4 0.8 1.3 -- 45.0 Utility taxes other than income taxes 9.2 -- -- -- -- -- Depreciation and amortization 23.8 75.5 0.2 -- -- 5.7 Provision for exit costs - Hearth, USA(TM) -- -- -- -- -- 8.5 Other income, net (15.1) (6.4) (0.2) (0.3) -- 2.0 ---------- ---------- ----------- --------- ---------- ------------ 486.3 1,284.5 0.8 1.0 -- 471.8 ---------- ---------- ----------- --------- ---------- ------------ OPERATING INCOME 98.4 133.9 1.2 (0.2) -- (6.8) Interest expense (18.9) (80.3) (0.6) -- -- (6.0) Minority interests in AmeriGas Partners -- (23.6) -- -- -- -- ---------- ---------- ----------- --------- ---------- ------------ INCOME BEFORE INCOME TAXES, SUBSIDIARY PREFERRED STOCK DIVIDENDS AND ACCOUNTING CHANGES 79.5 30.0 0.6 (0.2) -- (12.8) Income taxes (31.4) (16.2) (0.3) 0.1 0.5 3.1 Dividends on UGI Utilities Series Preferred Stock -- -- -- -- -- -- Equity in income of subsidiaries -- -- -- -- -- -- ---------- ---------- ----------- --------- ---------- ------------ INCOME BEFORE ACCOUNTING CHANGES 48.1 13.8 0.3 (0.1) 0.5 (9.7) Cumulative effect of accounting changes, net -- 4.5 -- -- -- -- ---------- ---------- ----------- --------- ---------- ------------ NET INCOME 48.1 18.3 0.3 (0.1) 0.5 (9.7) Dividends on preferred stock (1.6) -- -- -- -- -- ---------- ---------- ----------- --------- ---------- ------------ NET INCOME AFTER DIVIDENDS ON PREFERRED STOCK $ 46.5 $ 18.3 $ 0.3 $ (0.1) $ 0.5 $ (9.7) ========== ========== =========== ========= ========== ============
UGI CORPORATION AND SUBSIDIARIES CONSOLIDATING STATEMENT OF RETAINED EARNINGS (ACCUMULATED DEFICIT) FOR THE YEAR ENDED SEPTEMBER 30, 2001 (Unaudited) (Millions of dollars)
Consolidated Eliminations Northfield Vulcan UGI and UGI Holding Acquisition Corp. Adjustments Corp. Company Corp. ------------ ------------ ----------- ---------- ------------ Balance at September 30, 2000 $ (4.9) $ 407.1 $ (4.9) $ (190.5) $ 0.5 Net income (loss) 56.5 (60.9) 56.5 3.5 -- Dividends on Common Stock (42.6) 83.1 (42.6) -- (0.5) Dividends on UGI Utilities Series Preferred Stock -- 1.6 -- -- -- ------------ ------------ ----------- ---------- ------------ Balance at September 30, 2001 $ 9.0 $ 430.9 $ 9.0 $ (187.0) $ -- ============ ============ =========== ========== ============
United UGI UGI Valley Ashtola UGI Utilities, AmeriGas, Properties, Insurance Production Enterprises, Inc. Inc. Inc. Company Company Inc. ---------- ---------- ----------- --------- ---------- ------------ Balance at September 30, 2000 $ 95.6 $ (291.3) $ -- $ 2.5 $ (10.3) $ (13.6) Net income (loss) 48.1 18.3 0.3 (0.1) 0.5 (9.7) Dividends on Common Stock (39.4) (41.0) (0.5) (0.2) -- (1.5) Dividends on UGI Utilities Series Preferred Stock (1.6) -- -- -- -- ---------- ---------- ----------- --------- ---------- ------------ Balance at September 30, 2001 $ 102.7 $ (314.0) $ (0.2) $ 2.2 $ (9.8) $ (24.8) ========== ========== =========== ========= ========== ============