EX-99.A 3 w83834exv99wa.txt CONSOLIDATING STATEMENT OF INCOME & BALANCE SHEET EXHIBIT A UGI Corporation and Subsidiaries Consolidating Balance Sheet September 30, 2002 (Unaudited) (Millions of dollars)
Consolidated Eliminations Northfield UGI UGI and UGI Holding Utilities, AmeriGas, Corp. Adjustments Corp. Company Inc. Inc. ------------- ------------ --------- ---------- --------- ----------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 194.3 $ - $ 0.2 $ 113.8 $ 6.1 $ 49.3 Accounts receivable 157.7 (69.5) 2.2 63.2 38.5 90.0 Accrued utility revenues 8.1 - - - 8.1 - Inventories 109.2 - - - 38.7 62.5 Deferred income taxes 10.4 (1.1) 0.2 - 2.6 8.6 Income taxes recoverable 1.7 (5.3) - - 6.9 - Utility deferred fuel costs 4.3 - - - 4.3 - Prepaid expenses and other current assets 44.3 - 0.3 - 3.1 31.2 ------------- ------------ --------- ---------- --------- ----------- Total current assets 530.0 (75.9) 2.9 177.0 108.3 241.6 INVESTMENTS IN SUBSIDIARIES - (388.4) 388.4 - - - PROPERTY, PLANT AND EQUIPMENT Gross property, plant and equipment 1,992.4 - 0.4 - 883.3 1,028.6 Less: Accumulated depreciation and amortization 720.5 - 0.4 - 290.2 416.1 ------------- ------------ --------- ---------- --------- ----------- Net property, plant and equipment 1,271.9 - - - 593.1 612.5 OTHER ASSETS Goodwill and excess reorganization value 644.9 - - - - 589.0 Intangible assets 25.8 - - - - 22.6 Utility regulatory assets 57.7 - - - 57.7 - Other assets 84.1 (15.2) 4.5 - 39.0 27.3 ------------- ------------ --------- ---------- --------- ----------- Total assets $ 2,614.4 $ (479.5) $ 395.8 $ 177.0 $ 798.1 $ 1,493.0 ============= ============ ========= ========== ========= ===========
United UGI Valley Ashtola UGI Properties, Insurance Production Enterprises, Inc. Company Company Inc. ----------- --------- ----------- ----------- ASSETS CURRENT ASSETS: Cash and cash equivalents $ 0.9 $ 0.7 $ 0.1 $ 23.2 Accounts receivable 0.1 - - 33.2 Accrued utility revenues - - - - Inventories - - - 8.0 Deferred income taxes - 0.1 - - Income taxes recoverable 0.1 - - - Utility deferred fuel costs - - - - Prepaid expenses and other current assets 0.1 2.9 - 6.7 ----------- --------- ----------- ----------- Total current assets 1.2 3.7 0.1 71.1 INVESTMENTS IN SUBSIDIARIES - - - - PROPERTY, PLANT AND EQUIPMENT Gross property, plant and equipment 10.4 - - 69.7 Less: Accumulated depreciation and amortization 2.4 - - 11.4 ----------- --------- ----------- ----------- Net property, plant and equipment 8.0 - - 58.3 OTHER ASSETS Goodwill and excess reorganization value - - - 55.9 Intangible assets - - - 3.2 Utility regulatory assets - - - - Other assets 3.5 0.8 - 24.2 ----------- --------- ----------- ----------- Total assets $ 12.7 $ 4.5 $ 0.1 $ 212.7 =========== ========= =========== ===========
UGI CORPORATION AND SUBSIDIARIES Consolidating Balance Sheet September 30, 2002 (Unaudited) (Millions of dollars)
Consolidated Eliminations Northfield UGI UGI and UGI Holding Utilities, AmeriGas, Corp. Adjustments Corp. Company Inc. Inc. ------------- ------------ --------- ---------- --------- ----------- LIABILITIES AND EQUITY CURRENT LIABILITIES Current maturities of long-term debt $ 148.7 $ - $ - $ - $ 76.0 $ 60.4 Bank loans 55.8 - - - 37.2 10.0 Accounts payable 166.1 (10.0) 10.2 - 56.4 85.1 Accounts payable - intercompany - (6.4) 0.1 - 1.1 0.6 Employee compensation and benefits accrued 35.4 - 2.0 - 9.0 22.4 Dividends and interest accrued 41.5 (0.5) 0.5 - 5.4 34.4 Income taxes accrued - (5.2) 0.3 - - 0.1 Deposits and advances 63.0 - - - 8.8 53.2 Other current liabilities 75.9 (0.9) 0.9 - 22.3 41.1 ------------- ------------ --------- ---------- --------- ----------- Total current liabilities 586.4 (23.0) 14.0 - 216.2 307.3 DEBT AND OTHER LIABILITIES Long-term debt 1,127.0 (62.7) 55.5 - 172.4 885.4 Deferred income taxes 200.2 (4.6) 0.1 - 131.5 71.1 Deferred investment tax credits 8.4 - - - 8.4 - Other noncurrent liabilities 79.1 - 8.4 - 11.7 46.1 MINORITY INTEREST Minority interests in AmeriGas Partners 276.0 - - - - 276.0 PREFERRED STOCK UGI Utilities Series Preferred Stock Subject to Mandatory Redemption 20.0 - - - 20.0 - COMMON STOCKHOLDERS' EQUITY Common Stock - (60.4) - - 60.3 - Additional paid-in-capital 396.6 (787.0) 396.6 362.3 73.1 251.0 Retained earnings (accumulated deficit) 39.7 465.5 39.7 (185.3) 107.3 (346.0) Accumulated comprehensive income (loss) 6.6 (6.8) 6.6 - (2.8) 2.1 ------------- ------------ --------- ---------- --------- ----------- 442.9 (388.7) 442.9 177.0 237.9 (92.9) Less: treasury stock, at cost (125.6) (0.5) (125.1) - - - ------------- ------------ --------- ---------- --------- ----------- Total common stockholders' equity 317.3 (389.2) 317.8 177.0 237.9 (92.9) ------------- ------------ --------- ---------- --------- ----------- Total liabilities and stockholders' equity $ 2,614.4 $ (479.5) $ 395.8 $ 177.0 $ 798.1 $ 1,493.0 ============= ============ ========= ========== ========= ===========
United UGI Valley Ashtola UGI Properties, Insurance Production Enterprises, Inc. Company Company Inc. ----------- --------- ----------- ----------- LIABILITIES AND EQUITY CURRENT LIABILITIES Current maturities of long-term debt $ 0.5 $ - $ - $ 11.8 Bank loans - - - 8.6 Accounts payable - - - 24.4 Accounts payable - intercompany - - - 4.6 Employee compensation and benefits accrued - - - 2.0 Dividends and interest accrued - 0.1 - 1.6 Income taxes accrued - - - 4.8 Deposits and advances - - - 1.0 Other current liabilities 0.2 1.3 - 11.0 ----------- --------- ----------- ----------- Total current liabilities 0.7 1.4 - 69.8 DEBT AND OTHER LIABILITIES Long-term debt 5.8 - - 70.6 Deferred income taxes 0.1 0.1 - 1.9 Deferred investment tax credits - - - - Other noncurrent liabilities - - - 12.9 MINORITY INTEREST Minority interests in AmeriGas Partners - - - - PREFERRED STOCK UGI Utilities Series Preferred Stock Subject to Mandatory Redemption - - - - COMMON STOCKHOLDERS' EQUITY Common Stock - 0.1 - - Additional paid-in-capital 6.7 0.4 9.9 83.6 Retained earnings (accumulated deficit) (0.6) 2.3 (9.8) (33.4) Accumulated comprehensive income (loss) - 0.2 - 7.3 ----------- --------- ----------- ----------- 6.1 3.0 0.1 57.5 Less: treasury stock, at cost - - - - ----------- --------- ----------- ----------- Total common stockholders' equity 6.1 3.0 0.1 57.5 ----------- --------- ----------- ----------- Total liabilities and stockholders' equity $ 12.7 $ 4.5 $ 0.1 $ 212.7 =========== ========= =========== ===========
UGI CORPORATION AND SUBSIDIARIES Consolidating Statement of Income For the Year Ended September 30, 2002 (Unaudited) (Millions of dollars)
Consolidated Eliminations Northfield UGI UGI and UGI Holding Utilities, AmeriGas, Corp. Adjustments Corp. Company Inc. Inc. ------------- ------------ --------- ---------- --------- ----------- REVENUES AmeriGas Propane $ 1,307.9 $ - $ - $ - $ - $ 1,307.9 UGI Utilities 490.5 - - - 490.5 - International Propane 46.7 - - - - - Energy Services and other 368.6 (2.1) - - - - ------------- ------------ --------- ---------- --------- ----------- 2,213.7 (2.1) - - 490.5 1,307.9 COSTS AND EXPENSES AmeriGas Propane cost of sales 632.1 - - - - 632.1 UGI Utilities - gas, fuel and purchased power 290.3 - - - 290.3 - International Propane cost of sales 22.6 - - - - - Energy Services and other cost of sales 330.6 - - - - - Operating and administrative expenses 597.5 (15.2) 13.6 - 87.6 468.5 Utility taxes other than income taxes 11.9 - - - 11.9 - Depreciation and amortization 93.5 - - - 22.2 66.4 Other income, net (17.4) 13.1 (12.4) (1.0) (11.8) (3.5) ------------- ------------ --------- ---------- --------- ----------- 1,961.1 (2.1) 1.2 (1.0) 400.2 1,163.5 ------------- ------------ --------- ---------- --------- ----------- OPERATING INCOME (LOSS) 252.6 - (1.2) 1.0 90.3 144.4 Income from equity investees 8.5 - - - - 0.3 Interest expense (109.1) - (1.3) 1.6 (16.6) (87.8) Minority interests in AmeriGas Partners (28.0) - - - - (28.0) ------------- ------------ --------- ---------- --------- ----------- INCOME BEFORE INCOME TAXES AND SUBSIDIARY PREFERRED STOCK DIVIDENDS 124.0 - (2.5) 2.6 73.7 28.9 Income tax (expense) benefit (46.9) - 0.9 (0.9) (29.6) (11.5) Dividends on UGI Utilities Series Preferred Stock (1.6) (1.6) - - - - Equity in income of subsidiaries - (77.1) 77.1 - - - ------------- ------------ --------- ---------- --------- ----------- NET INCOME $ 75.5 (78.7) 75.5 1.7 44.1 17.4 ============= Dividends on preferred stock 1.6 - - (1.6) - ------------ --------- ---------- --------- ----------- NET INCOME AFTER DIVIDENDS ON PREFERRED STOCK $ (77.1) $ 75.5 $ 1.7 $ 42.5 $ 17.4 ============ ========= ========== ========= ===========
United UGI Valley Ashtola UGI Properties, Insurance Production Enterprises, Inc. Company Company Inc. ----------- --------- ----------- ----------- REVENUES AmeriGas Propane $ - $ - $ - $ - UGI Utilities - - - - International Propane - - - 46.7 Energy Services and other 2.0 0.1 - 368.6 ----------- --------- ----------- ----------- 2.0 0.1 - 415.3 COSTS AND EXPENSES AmeriGas Propane cost of sales - - - - UGI Utilities - gas, fuel and purchased power - - - - International Propane cost of sales - - - 22.6 Energy Services and other cost of sales - - - 330.6 Operating and administrative expenses 0.9 0.2 - 41.9 Utility taxes other than income taxes - - - - Depreciation and amortization 0.3 - - 4.6 Other income, net (0.2) (0.3) - (1.3) ----------- --------- ----------- ----------- 1.0 (0.1) - 398.4 ----------- --------- ----------- ----------- OPERATING INCOME (LOSS) 1.0 0.2 - 16.9 Income from equity investees - - - 8.2 Interest expense (0.5) - - (4.5) Minority interests in AmeriGas Partners - - - - ----------- --------- ----------- ----------- INCOME BEFORE INCOME TAXES AND SUBSIDIARY PREFERRED STOCK DIVIDENDS 0.5 0.2 - 20.6 Income tax (expense) benefit (0.2) - - (5.6) Dividends on UGI Utilities Series Preferred Stock - - - - Equity in income of subsidiaries - - - - ----------- --------- ----------- ----------- NET INCOME 0.3 0.2 - 15.0 Dividends on preferred stock - - - - ----------- --------- ----------- ----------- NET INCOME AFTER DIVIDENDS ON PREFERRED STOCK $ 0.3 $ 0.2 $ - $ 15.0 =========== ========= =========== ===========
UGI CORPORATION AND SUBSIDIARIES Consolidating Statement of Retained Earnings (Accumulated Deficit) For the Year Ended September 30, 2002 (Unaudited) (Millions of dollars)
Consolidated Eliminations Northfield UGI UGI and UGI Holding Utilities, AmeriGas, Corp. Adjustments Corp. Company Inc. Inc. ------------- ------------ --------- ---------- --------- ----------- Balance at September 30, 2001 $ 9.0 $ 430.9 $ 9.0 $ (187.0) $ 102.7 $ (314.0) Net income (loss) 75.5 (78.7) 75.5 1.7 44.1 17.4 Dividends on Common Stock (44.8) 111.7 (44.8) - (37.9) (49.4) Dividends on UGI Utilities Series Preferred Stock - 1.6 - - (1.6) - ------------- ------------ --------- ---------- --------- ----------- Balance at September 30, 2002 $ 39.7 $ 465.5 $ 39.7 $ (185.3) $ 107.3 $ (346.0) ============= ============ ========= ========== ========= ===========
United UGI Valley Ashtola UGI Properties, Insurance Production Enterprises, Inc. Company Company Inc. ----------- --------- ----------- ----------- Balance at September 30, 2001 $ (0.2) $ 2.2 $ (9.8) $ (24.8) Net income (loss) 0.3 0.2 - 15.0 Dividends on Common Stock (0.7) (0.1) - (23.6) Dividends on UGI Utilities Series Preferred Stock - - - - ----------- --------- ----------- ----------- Balance at September 30, 2002 $ (0.6) $ 2.3 $ (9.8) $ (33.4) =========== ========= =========== ===========