
							Reportable Segments
																			International Propane
				Elim-			AmeriGas						Electric			Midstream &						Flaga &			Corporate &
	Total			inations			Propane			Gas Utility			Utility			Marketing			Antargaz			Other (b)			Other (c)
2011
Revenues	$	6,091.3		$	(219.8)	(d)	$	2,538.0		$	1,026.4		$	109.1		$	1,059.7		$	1,050.6		$	438.1		$	89.2
Cost of sales	$	4,010.9		$	(215.3)	(d)	$	1,605.3		$	610.6		$	67.9		$	920.0		$	649.8		$	321.0		$	51.6
Operating income (loss)	$	616.0		$	—		$	242.9		$	199.6		$	11.4		$	82.9		$	89.2		$	(3.1	)	$	(6.9	)
Loss from equity investees		(0.9	)		—			—			—			—			—			(0.9	)		—			—
Loss on extinguishments of debt		(38.1	)		—			(38.1	)		—			—			—			—			—			—
Interest expense		(138.0	)		—			(63.5	)		(40.4	)		(2.4	)		(2.7	)		(25.5	)		(2.7	)		(0.8	)

Income (loss) before income taxes	$	439.0		$	—		$	141.3		$	159.2		$	9.0		$	80.2		$	62.8		$	(5.8	)	$	(7.7	)
Net income (loss) attributable to UGI	$	232.9		$	—		$	39.9		$	99.3		$	5.7		$	52.5		$	44.2		$	(3.2	)	$	(5.5	)
Depreciation and amortization	$	227.9		$	—		$	94.7		$	48.4		$	4.2		$	8.0		$	52.1		$	18.5		$	2.0
Noncontrolling interests’ net income	$	75.3		$	—		$	75.0		$	—		$	—		$	—		$	0.3		$	—		$	—
Partnership EBITDA (a)							$	297.1
Total assets	$	6,663.3		$	(93.3	)	$	1,800.4		$	2,028.7		$	140.6		$	580.7		$	1,636.6		$	428.8		$	140.8
Bank loans	$	138.7		$	—		$	95.5		$	—		$	—		$	24.3		$	—		$	18.9		$	—
Capital expenditures	$	355.6		$	—		$	77.2		$	91.3		$	7.5		$	112.8		$	48.9		$	16.5		$	1.4
Investments in equity investees	$	0.3		$	—		$	—		$	—		$	—		$	—		$	—		$	0.3		$	—
Goodwill	$	1,562.2		$	—		$	696.3		$	182.1		$	—		$	2.8		$	591.8		$	82.2		$	7.0


2010
Revenues	$	5,591.4		$	(186.0)	(d)	$	2,320.3		$	1,047.5		$	120.2		$	1,145.9		$	887.1		$	172.4		$	84.0
Cost of sales	$	3,584.0		$	(179.2)	(d)	$	1,395.1		$	653.4		$	77.1		$	1,010.7		$	465.9		$	116.2		$	44.8
Operating income (loss)	$	659.2		$	—		$	235.8		$	175.3		$	13.7		$	120.0		$	115.1		$	1.9		$	(2.6	)
Loss from equity investees		(2.1	)		—			—			—			—			—			(2.0	)		(0.1	)		—
Interest expense		(133.8	)		—			(65.1	)		(40.5	)		(1.8	)		(0.2	)		(22.4	)		(3.0	)		(0.8	)

Income (loss) before income taxes	$	523.3		$	—		$	170.7		$	134.8		$	11.9		$	119.8		$	90.7		$	(1.2	)	$	(3.4	)
Net income (loss) attributable to UGI	$	261.0		$	—		$	47.3		$	83.1		$	6.8		$	68.2		$	60.0		$	(1.2	)	$	(3.2	)
Depreciation and amortization	$	210.2		$	—		$	87.4		$	49.5		$	4.0		$	7.7		$	48.9		$	11.5		$	1.2
Noncontrolling interests’ net income	$	94.7		$	—		$	91.1		$	—		$	—		$	3.3		$	0.3		$	—		$	—
Partnership EBITDA (a)							$	321.0
Total assets	$	6,374.3		$	(81.1	)	$	1,690.9		$	1,996.3		$	143.3		$	450.8		$	1,678.3		$	320.2		$	175.6
Bank loans	$	200.4		$	—		$	91.0		$	17.0		$	—		$	—		$	68.2		$	24.2		$	—
Capital expenditures	$	352.9		$	—		$	83.2		$	73.5		$	8.1		$	116.4		$	51.4		$	7.6		$	12.7
Investments in equity investees	$	0.4		$	—		$	—		$	—		$	—		$	—		$	—		$	0.4		$	—
Goodwill	$	1,562.7		$	—		$	683.1		$	180.1		$	—		$	2.8		$	602.7		$	87.0		$	7.0


2009
Revenues	$	5,737.8		$	(172.5)	(d)	$	2,260.1		$	1,241.0		$	138.5		$	1,224.7		$	837.7		$	117.6		$	90.7
Cost of sales	$	3,670.6		$	(167.7)	(d)	$	1,316.5		$	853.2		$	91.6		$	1,098.5		$	362.4		$	67.1		$	49.0
Operating income (loss)	$	685.3		$	—		$	300.5		$	153.5		$	15.4		$	64.8		$	142.8		$	8.6		$	(0.3	)
Loss from equity investees		(3.1	)		—			—			—			—			—			(2.9	)		(0.2	)		—
Interest expense		(141.1	)		—			(70.3	)		(42.2	)		(1.7	)		—			(24.0	)		(2.6	)		(0.3	)

Income (loss) before income taxes	$	541.1		$	—		$	230.2		$	111.3		$	13.7		$	64.8		$	115.9		$	5.8		$	(0.6	)
Net income attributable to UGI	$	258.5		$	—		$	65.0		$	70.3		$	8.0		$	38.1		$	74.0		$	4.3		$	(1.2	)
Depreciation and amortization	$	200.9		$	—		$	83.9		$	47.2		$	3.9		$	8.5		$	47.7		$	8.8		$	0.9
Noncontrolling interests’ net income (loss)	$	123.5		$	0.2		$	123.6		$	—		$	—		$	—		$	(0.4	)	$	0.1		$	—
Partnership EBITDA (a)							$	381.4
Total assets	$	6,042.6		$	(115.5	)	$	1,647.7		$	1,917.1		$	113.2		$	344.1		$	1,705.6		$	260.1		$	170.3
Bank loans	$	163.1		$	—		$	—		$	145.9		$	8.1		$	—		$	—		$	9.1		$	—
Capital expenditures	$	301.7		$	—		$	78.7		$	73.8		$	5.3		$	66.2		$	70.5		$	5.8		$	1.4
Investments in equity investees	$	3.0		$	—		$	—		$	—		$	—		$	—		$	—		$	3.0		$	—
Goodwill	$	1,582.3		$	(4.1	)	$	670.1		$	180.1		$	—		$	11.8		$	646.9		$	70.4		$	7.1


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


Year ended September 30,	2011			2010			2009
Partnership EBITDA	$	297.1		$	321.0		$	381.4	(i)
Depreciation and amortization		(94.7	)		(87.4	)		(83.9	)
Loss on extinguishments of debt		38.1			—			—
Noncontrolling interests (ii)		2.4			2.2			3.0

Operating income	$	242.9		$	235.8		$	300.5


(i)		Includes $39.9 gain on the sale of California storage facility. See Note 4 to consolidated financial statements.

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

(b)		International Propane — Other principally comprises FLAGA, including, prior to the January 29, 2009 purchase of the 50% equity interest it did not already own, its central and eastern European joint-venture ZLH, and our propane distribution businesses in China and Denmark.

(c)		Corporate & Other results principally comprise 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 and Other assets principally comprise cash, short-term investments, assets of HVAC/R and an intercompany loan. The intercompany loan and associated interest is removed in the segment presentation.

(d)		Principally represents the elimination of intersegment transactions principally among Midstream & Marketing, Gas Utility and AmeriGas Propane.