UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 30, 2013

AmeriGas Partners, L.P.
(Exact name of registrant as specified in its charter)

 
					
Delaware	 	1-13692	 	23-2787918	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(I.R.S. Employer
Identification No.)	

460 No. Gulph Road, King of Prussia,
Pennsylvania	 	19406	
(Address of principal executive offices)	 	(Zip Code)	
Registrant’s telephone number, including area code: 610 337-7000
Not Applicable
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02 Results of Operations and Financial Condition.
On April 30, 2013, AmeriGas Propane, Inc., the general partner of AmeriGas Partners, L.P. (the “Partnership”), issued a press release announcing financial results for the Partnership for the fiscal quarter ended March 31, 2013. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On May 1, 2013, the Partnership held a live Internet Audio Webcast of its conference call to discuss its financial results for the second quarter ended March 31, 2013.
Presentation materials containing certain historical and forward-looking information relating to the Partnership (the “Presentation Materials”) have been made available on the Partnership’s website. A copy of the Presentation Materials is furnished as Exhibit 99.2 to this report and is incorporated herein by reference in this Item 7.01. All information in Exhibit 99.2 is presented as of the particular dates referenced therein, and the Partnership does not undertake any obligation to, and disclaims any duty to, update any of the information provided.
In accordance with General Instruction B.2 of Form 8-K, the information in this report, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and will not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in that filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being furnished herewith:

99.1	 	Press Release of AmeriGas Partners, L.P. dated April 30, 2013, reporting its financial results for the fiscal quarter ended March 31, 2013.	
		
99.2	 	Presentation of AmeriGas Partners, L.P. dated May 1, 2013.	

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	 	 	 	AmeriGas Partners, L.P.	
				
May 1, 2013	 		 	By:	 	/s/ Hugh J. Gallagher	
	 		 		 	Name: Hugh J. Gallagher	
	 		 		 	Title: Treasurer of AmeriGas Propane, Inc., the general partner of AmeriGas Partners, L.P.	

EXHIBIT INDEX
The Following Exhibits Are Furnished:

EXHIBIT 
NO. 	 	DESCRIPTION 	
		
99.1	 	Press Release of AmeriGas Partners, L.P. dated April 30, 2013, reporting its financial results for the fiscal quarter ended March 31, 2013.	
		
99.2	 	Presentation of AmeriGas Partners, L.P. dated May 1, 2013.	

Exhibit 99.1

Contact:	  	610-337-7000	  		  	For Immediate Release:	  		
	  	Hugh J. Gallagher, ext. 1029	  		  	April 30, 2013	  		
	  	Simon Bowman, ext. 3645	  		  		  		
	  	Shelly Oates, ext. 3202	  		  		  		
AmeriGas Partners Reports 29% increase in Adjusted EBITDA
VALLEY FORGE, Pa., April 30 - AmeriGas Propane, Inc., general partner of AmeriGas Partners, L.P. (NYSE: APU), reported net income attributable to AmeriGas Partners for the second quarter of Fiscal 2013 ended March 31, 2013 of $221.8 million compared to $133.9 million for the same period last year. Net income attributable to AmeriGas Partners, L.P. for the current-year period includes the impact of $5.4 million in acquisition and transition expenses associated with Heritage Propane. Net income attributable to AmeriGas Partners, L.P. for the prior-year quarter includes the impact of a $13.4 million loss on extinguishment of debt and $8.1 million in acquisition and transition expenses. The Partnership’s adjusted earnings before interest expense, income taxes, depreciation and amortization (Adjusted EBITDA) increased to $317.6 million for the second quarter of 2013 compared to $246.0 million for the same period last year. The improved results for the current-year period reflect winter weather that was markedly colder than the record warmth experienced during the prior-year period and, to a much lesser extent, the full-period effects of Heritage Propane, which was acquired January 12, 2012.
For the three months ended March 31, 2013, retail propane volumes sold were 464.4 million gallons compared with retail propane volumes of 389.4 million gallons in the prior-year period. Weather for the quarter was 1.5% warmer than normal, but 24.5% colder than in the prior-year period, according to the National Oceanic and Atmospheric Administration (“NOAA”).
Jerry E. Sheridan, chief executive officer of AmeriGas, said, “Heating demand began the quarter on a weak note as the warm weather experienced during December carried into January. However, the business responded as expected once we began to experience a return to more seasonal weather in February and colder-than-normal weather in March. The late season return of normal winter weather helped to offset the impact of the warm January, and we ended the quarter with a nearly 20% increase in volume over the same period last year. Now that the heating season is winding down, we will turn our attention to ACE, our cylinder exchange program, and the final phase of the Heritage Propane integration.”
Sheridan continued, “Given our results thus far and our current assessment of business conditions for the remainder of the fiscal year, we now anticipate Adjusted EBITDA for fiscal 2013 to be near the midpoint of our previously-stated guidance of $620 million to $645 million and we remain on track to deliver at least $60 million in net synergies from the acquisition this year. Additionally, I am pleased that our board once again demonstrated their confidence in the business when they recently approved a 5% increase in our quarterly distribution to an annualized rate of $3.36 per limited partner unit. This marks the ninth consecutive year of increases, during which time we have increased our distribution by more than 50%.”
-MORE-

					
AmeriGas Partners Reports 29% increase in Adjusted EBITDA	  	 	Page 2	  	
Revenues for the quarter increased to $1,184.9 million from $1,155.6 million in the prior-year period, reflecting the higher retail volumes sold offset largely by lower average selling prices. The average wholesale cost of propane at Mont Belvieu, Texas, for the current quarter was approximately 31% lower than the average cost in the same period last year. Total margin increased $86.9 million principally due to higher volumes sold and increased total margin related to ancillary sales and services.
Operating and administrative expenses increased $13.0 million as the full period impact of expenses associated with the operations of Heritage Propane and incremental costs associated with higher sales activity (primarily due to the colder weather) were only partially offset by expense synergies resulting from the acquisition. Operating income increased $71.2 million primarily reflecting the higher total margin partially offset by the increased operating expenses and greater depreciation and amortization expenses ($3.8 million) principally associated with Heritage Propane.
EBITDA, Adjusted EBITDA, and total margin are non-GAAP financial measures. Adjusted EBITDA is defined herein as earnings before interest expense, income taxes, depreciation and amortization, losses on extinguishment of debt and Heritage Propane acquisition and transition expenses. Total margin represents total revenues less total cost of sales. Management believes the presentation of these measures provides useful information to investors to more effectively evaluate the year-over-year results of operations of the Partnership. These measures are not comparable to measures used by other entities and should only be considered in conjunction with net income attributable to AmeriGas Partners, L.P. A reconciliation of EBITDA and Adjusted EBITDA to the most comparable GAAP financial measure is included on the last page of this press release.
About AmeriGas
AmeriGas is the nation’s largest retail propane marketer, serving over two million customers in all 50 states from over 2,100 distribution locations. UGI Corporation, through subsidiaries, is the sole General Partner and owns 26% of the Partnership. An affiliate of Energy Transfer Partners, L.P. owns 32% of the Partnership and the public owns the remaining 42%.
AmeriGas Partners, L.P. will hold a live Internet Audio Webcast of its conference call to discuss second quarter earnings and other current activities at 9:00 AM ET on Wednesday, May 1, 2013. Interested parties may listen to the audio webcast both live and in replay on the Internet at http://investors.amerigas.com/investor-relations/events-presentations or at the company website http:// www.amerigas.com under Investor Relations. A telephonic replay will be available from 12:00 PM ET on May 1 through 9:00 pm on May 6. The replay may be accessed at 1-877-344-7529, conference ID 10019733 and International access 1-412-317-0088, conference ID 10019733.
Comprehensive information about AmeriGas is available on the Internet at http://www.amerigas.com.
This press release contains certain forward-looking statements which management believes to be reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read the Partnership’s Annual Report on Form 10-K for a more extensive list of factors that could affect results. Among them are adverse weather conditions, cost volatility and availability of propane, increased customer conservation measures, the capacity to transport propane to our market areas, the impact of pending and future legal proceedings, political, economic and regulatory conditions in the U.S. and abroad, and our ability to successfully integrate Heritage Propane and achieve anticipated synergies. The Partnership undertakes no obligation to release revisions to its forward-looking statements to reflect events or circumstances occurring after today.

AP-06	  	 	#	## 	 	4/30/13	

AMERIGAS PARTNERS, L.P. AND SUBSIDIARIES
REPORT OF EARNINGS
(Thousands, except per unit and where otherwise indicated)
(Unaudited)

 	  	Three Months Ended
March 31,	 	 	Six Months Ended
March 31,	 	 	Twelve Months Ended
March 31,	 	
 	  	2013	 	 	2012	 	 	2013	 	 	2012	 	 	2013	 	 	2012	 	
Revenues:	  				 				 				 				 				 				
Propane	  	$	1,107,082	  	 	$	1,082,764	  	 	$	1,904,141	  	 	$	1,720,047	  	 	$	2,861,725	  	 	$	2,567,079	  	
Other	  	 	77,825	  	 	 	72,810	  	 	 	157,413	  	 	 	119,339	  	 	 	282,059	  	 	 	203,270	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	1,184,907	  	 	 	1,155,574	  	 	 	2,061,554	  	 	 	1,839,386	  	 	 	3,143,784	  	 	 	2,770,349	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Costs and expenses:	  				 				 				 				 				 				
Cost of sales - propane	  	 	594,128	  	 	 	652,393	  	 	 	1,023,691	  	 	 	1,082,373	  	 	 	1,583,976	  	 	 	1,656,125	  	
Cost of sales - other	  	 	18,282	  	 	 	17,618	  	 	 	40,803	  	 	 	31,446	  	 	 	86,428	  	 	 	62,882	  	
Operating and administrative expenses	  	 	265,298	  	 	 	252,275	  	 	 	508,815	  	 	 	412,185	  	 	 	985,323	  	 	 	705,861	  	
Depreciation	  	 	37,607	  	 	 	35,351	  	 	 	75,930	  	 	 	56,282	  	 	 	153,873	  	 	 	98,841	  	
Amortization	  	 	11,022	  	 	 	9,441	  	 	 	22,050	  	 	 	12,698	  	 	 	44,250	  	 	 	18,978	  	
Other income, net	  	 	(7,635	) 	 	 	(6,551	) 	 	 	(15,806	) 	 	 	(10,741	) 	 	 	(31,586	) 	 	 	(24,229	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
	  	 	918,702	  	 	 	960,527	  	 	 	1,655,483	  	 	 	1,584,243	  	 	 	2,822,264	  	 	 	2,518,458	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	266,205	  	 	 	195,047	  	 	 	406,071	  	 	 	255,143	  	 	 	321,520	  	 	 	251,891	  	
(Loss) gain on extinguishments of debt	  	 	0	  	 	 	(13,379	) 	 	 	0	  	 	 	(13,379	) 	 	 	30	  	 	 	(32,695	) 	
Interest expense	  	 	(41,776	) 	 	 	(45,045	) 	 	 	(82,972	) 	 	 	(61,578	) 	 	 	(164,035	) 	 	 	(93,374	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	224,429	  	 	 	136,623	  	 	 	323,099	  	 	 	180,186	  	 	 	157,515	  	 	 	125,822	  	
Income tax benefit (expense)	  	 	52	  	 	 	(764	) 	 	 	(575	) 	 	 	(1,214	) 	 	 	(1,292	) 	 	 	(1,256	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	 	224,481	  	 	 	135,859	  	 	 	322,524	  	 	 	178,972	  	 	 	156,223	  	 	 	124,566	  	
Less: net income attributable to noncontrolling interests	  	 	(2,661	) 	 	 	(1,974	) 	 	 	(4,039	) 	 	 	(2,562	) 	 	 	(3,123	) 	 	 	(2,503	) 	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net income attributable to AmeriGas Partners, L.P.	  	$	221,820	  	 	$	133,885	  	 	$	318,485	  	 	$	176,410	  	 	$	153,100	  	 	$	122,063	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
General partner’s interest in net income attributable to AmeriGas Partners, L.P.	  	$	6,470	  	 	$	4,282	  	 	$	11,689	  	 	$	6,273	  	 	$	18,535	  	 	$	8,862	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Limited partners’ interest in net income attributable to AmeriGas Partners, L.P.	  	$	215,350	  	 	$	129,603	  	 	$	306,796	  	 	$	170,137	  	 	$	134,565	  	 	$	113,201	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Income per limited partner unit (a)	  				 				 				 				 				 				
Basic	  	$	1.61	  	 	$	1.26	  	 	$	2.54	  	 	$	2.13	  	 	$	1.44	  	 	$	1.67	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	$	1.61	  	 	$	1.26	  	 	$	2.54	  	 	$	2.13	  	 	$	1.44	  	 	$	1.67	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Average limited partner units outstanding:	  				 				 				 				 				 				
Basic	  	 	92,830	  	 	 	83,153	  	 	 	92,827	  	 	 	70,073	  	 	 	92,813	  	 	 	63,602	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Diluted	  	 	92,895	  	 	 	83,195	  	 	 	92,901	  	 	 	70,124	  	 	 	92,882	  	 	 	63,653	  	
	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
SUPPLEMENTAL INFORMATION:	  				 				 				 				 				 				
Retail gallons sold (millions)	  	 	464.4	  	 	 	389.4	  	 	 	815.1	  	 	 	610.3	  	 	 	1,222.3	  	 	 	911.8	  	
EBITDA (b)	  	$	312,173	  	 	$	224,486	  	 	$	500,012	  	 	$	308,182	  	 	$	516,550	  	 	$	334,512	  	
Adjusted EBITDA (b)	  	$	317,569	  	 	$	246,003	  	 	$	510,896	  	 	$	333,416	  	 	$	561,736	  	 	$	379,062	  	
Expenditures for property, plant and equipment:	  				 				 				 				 				 				
Maintenance capital expenditures	  	$	11,293	  	 	$	11,514	  	 	$	21,347	  	 	$	23,304	  	 	$	43,108	  	 	$	41,757	  	
Transition capital related to Heritage integration	  	$	6,440	  	 	$	1,343	  	 	$	10,981	  	 	$	1,343	  	 	$	27,246	  	 	$	1,343	  	
Growth capital expenditures	  	$	10,215	  	 	$	10,640	  	 	$	22,109	  	 	$	20,453	  	 	$	42,123	  	 	$	38,614	  	
 
(a)	Income per limited partner unit is computed in accordance with accounting guidance regarding the application of the two-class method for determining earnings per share as it relates to master limited partnerships. Refer to Note 2 to the consolidated financial statements included in the AmeriGas Partners, L.P. Annual Report on Form 10-K for the fiscal year ended September 30, 2012.	
(b)	Earnings before interest expense, income taxes, depreciation and amortization (“EBITDA”) should not be considered as an alternative to net income attributable to AmeriGas Partners, L.P. (as an indicator of operating performance) and is not a measure of performance or financial condition under accounting principles generally accepted in the United States (“GAAP”). Management believes EBITDA is a meaningful non-GAAP financial measure used by investors to (1) compare the Partnership’s operating performance with that of other companies within the propane industry and (2) assess the Partnership’s ability to meet loan covenants. The Partnership’s definition of EBITDA may be different from those used by other companies.	
 
(continued)
1

AMERIGAS PARTNERS, L.P. AND SUBSIDIARIES
REPORT OF EARNINGS
(Thousands, except per unit and where otherwise indicated)
(Unaudited)
 
(continued)
 
Management uses EBITDA to compare year-over-year profitability of the business without regard to capital structure as well as to compare the relative performance of the Partnership to that of other master limited partnerships without regard to their financing methods, capital structure, income taxes or historical cost basis. In view of the omission of interest, income taxes, depreciation and amortization from EBITDA, management also assesses the profitability of the business by comparing net income attributable to AmeriGas Partners, L.P. for the relevant years.
Management also uses EBITDA to assess the Partnership’s profitability because its parent, UGI Corporation, uses the Partnership’s EBITDA to assess the profitability of the Partnership which is one of UGI Corporation’s reportable segments. UGI Corporation discloses the Partnership’s EBITDA in its disclosure about reportable segments as the profitability measure for its domestic propane segment. EBITDA in the three, six and twelve months ended March 31, 2013 includes acquisition and transition expense of $5,396, $10,884 and $45,216, respectively, associated with the Heritage Propane acquisition. EBITDA in the three, six and twelve months ended March 31, 2012 includes acquisition and transition expense of $8,138, $11,855 and $11,855, respectively, associated with the Heritage Propane acquisition. EBITDA in the three, six and twelve months ended March 31, 2012 includes pre-tax losses of $13,379, $13,379 and $32,695, respectively, from extinguishments of debt.
The following table includes reconciliations of net income attributable to AmeriGas Partners, L.P. to EBITDA and Adjusted EBITDA (1) for all periods presented:

 	  	Three Months Ended
March 31,	 	  	Six Months Ended
March 31,	 	  	Twelve Months Ended
March 31,	 	
 	  	2013	 	 	2012	 	  	2013	 	  	2012	 	  	2013	 	 	2012	 	
Net income attributable to AmeriGas Partners, L.P.	  	$	221,820	  	 	$	133,885	  	  	$	318,485	  	  	$	176,410	  	  	$	153,100	  	 	$	122,063	  	
Income tax (benefit) expense	  	 	(52	) 	 	 	764	  	  	 	575	  	  	 	1,214	  	  	 	1,292	  	 	 	1,256	  	
Interest expense	  	 	41,776	  	 	 	45,045	  	  	 	82,972	  	  	 	61,578	  	  	 	164,035	  	 	 	93,374	  	
Depreciation	  	 	37,607	  	 	 	35,351	  	  	 	75,930	  	  	 	56,282	  	  	 	153,873	  	 	 	98,841	  	
Amortization	  	 	11,022	  	 	 	9,441	  	  	 	22,050	  	  	 	12,698	  	  	 	44,250	  	 	 	18,978	  	
	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
EBITDA	  	$	312,173	  	 	$	224,486	  	  	$	500,012	  	  	$	308,182	  	  	$	516,550	  	 	$	334,512	  	
Heritage Propane acquisition and transition expense	  	 	5,396	  	 	 	8,138	  	  	 	10,884	  	  	 	11,855	  	  	 	45,216	  	 	 	11,855	  	
Loss (gain) on extinguishments of debt	  	 	—   	  	 	 	13,379	  	  	 	—   	  	  	 	13,379	  	  	 	(30	) 	 	 	32,695	  	
	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
Adjusted EBITDA (1)	  	$	317,569	  	 	$	246,003	  	  	$	510,896	  	  	$	333,416	  	  	$	561,736	  	 	$	379,062	  	
	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	
The following table includes a reconciliation of forecasted net income attributable to AmeriGas Partners, L.P. to forecasted EBITDA and Adjusted EBITDA for the fiscal year ending September 30, 2013:

 	  	Forecast
Fiscal Year
Ending
September 30,
2013	 	
Net income attributable to AmeriGas Partners, L.P. (estimate)	  	$	239,000	  	
Interest expense (estimate)	  	 	166,000	  	
Income tax expense (estimate)	  	 	2,500	  	
Depreciation (estimate)	  	 	156,000	  	
Amortization (estimate)	  	 	44,000	  	
	  	 	 	 	
EBITDA	  	$	607,500	  	
Transition expenses (estimate)	  	 	25,000	  	
	  	 	 	 	
Adjusted EBITDA (1)	  	$	632,500	  	

(1)	Adjusted EBITDA is a non-GAAP financial measure. Management believes the presentation of this measure provides useful information to investors to more effectively evaluate the year-over-year results of operations of the Partnership. Management uses Adjusted EBITDA to exclude from AmeriGas Partners’ EBITDA gains and losses that competitors do not necessarily have to provide additional insight into the comparison of year-over-year profitability to that of other master limited partnerships. This measure is not comparable to measures used by other entities and should only be considered in conjunction with net income attributable to AmeriGas Partners, L.P. for the relevant periods.	

Exhibit 99.2

 
Second Quarter 2013 Earnings Conference Call May 1, 2013

 
Jerry Sheridan
CEO of AmeriGas
2	 		

 
Q2 Adjusted EBITDA
Adjusted EBITDA*, $ Millions
$350
29% over Q2 of Fiscal 12
$300
$250
317.6 $200 246.0
$150
2012 2013
*	 	See appendix for Adjusted EBITDA reconciliation	
May 1, 2013
3	 		

 
Operational Update
Operations
Weather: Warmer than normal, much colder than LY
Volume up in line with expectations
Lower COGS, Mt. Belvieu prices down 39 cents, or 31%
Growth Initiatives
AmeriGas Cylinder Exchange (ACE): Volume growth of 6% y/y, results muted by a colder March
National Accounts: Volume increased 14 MM gallons y/y, 22 MM gallons ytd
Acquisitions: No acquisitions closed during the quarter
May 1, 2013
4	 		

 
Guidance & Heritage Update
FY13 Guidance remains $620MM—$645MM, trending toward the midpoint
Final stages of Heritage integration: Planning to consolidate over 200 stores
Increased estimated transition expenses for the year by $5 MM reflecting additional severance costs
On track to realize at least $60MM in total net synergies
May 1, 2013
5	 		

 
Distribution Increase
AmeriGas: Distributions per unit
(excluding special distributions)
$3.40
$3.20
5.4% CAGR
$3.00
$2.80
$2.60
$2.40
$2.20
$2.00
2006 2007 2008 2009 2010 2011 2012 2013
May 1, 2013
6	 		

 
Q&A
7	 		

 
Appendix
8	 		

 
AmeriGas Supplemental Information: Footnotes
The enclosed supplemental information contains a reconciliation of earnings before interest expense, income taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA to Net Income.
EBITDA and Adjusted EBITDA are not measures of performance or financial condition under accounting principles generally accepted in the United States (“GAAP”). Management believes EBITDA and Adjusted EBITDA are meaningful non-GAAP financial measures used by investors to compare the Partnership’s operating performance with that of other companies within the propane industry. The Partnership’s definitions of EBITDA and Adjusted EBITDA may be different from those used by other companies.
EBITDA and Adjusted EBITDA should not be considered as alternatives to net income (loss) attributable to AmeriGas Partners, L.P. Management uses EBITDA to compare year-over-year profitability of the business without regard to capital structure as well as to compare the relative performance of the Partnership to that of other master limited partnerships without regard to their financing methods, capital structure, income taxes or historical cost basis. Management uses Adjusted EBITDA to exclude from AmeriGas Partners’ EBITDA gains and losses that competitors do not necessarily have to provide additional insight into the comparison of year-over-year profitability to that of other master limited partnerships.
In view of the omission of interest, income taxes, depreciation and amortization from EBITDA and Adjusted EBITDA, management also assesses the profitability of the business by comparing net income attributable to AmeriGas Partners, L.P. for the relevant years. Management also uses EBITDA to assess the Partnership’s profitability because its parent, UGI Corporation, uses the Partnership’s EBITDA to assess the profitability of the Partnership, which is one of UGI
Corporation’s industry segments. UGI Corporation discloses the Partnership’s EBITDA in its disclosures about its industry segments as the profitability measure for its domestic propane segment.
May 1, 2013
9

 
AmeriGas Propane EBITDA Reconciliation
Three Months Ended Six Months Ended Twelve Months Ended
March 31, March 31, March 31,
2013 2012 2013 2012 2013 2012
Net income attributable to AmeriGas Partners, L.P. $ 221,820 $ 133,885 $ 318,485 $ 176,410 $ 153,100 $ 122,063
Income tax (benefit) expense (52) 764 575 1,214 1,292 1,256
Interest expense 41,776 45,045 82,972 61,578 164,035 93,374
Depreciation 37,607 35,351 75,930 56,282 153,873 98,841
Amortization 11,022 9,441 22,050 12,698 44,250 18,978
EBITDA $ 312,173 $ 224,486 $ 500,012 $ 308,182 $ 516,550 $ 334,512
Heritage Propane acquisition and transition expense 5,396 8,138 10,884 11,855 45,216 11,855
Loss (gain) on extinguishments of debt — 13,379 — 13,379 (30) 32,695
Adjusted EBITDA (1) $ 317,569 $ 246,003 $ 510,896 $ 333,416 $ 561,736 $ 379,062
(1) Adjusted EBITDA is a non-GAAP financial measure. Management believes the presentation of this measure provides useful information to investors to more effectively evaluate the year-over-year results of operations of the Partnership. Management uses Adjusted EBITDA to exclude from AmeriGas Partners’ EBITDA gains and losses that competitors do not necessarily have to provide additional insight into the comparison of year-over-year profitability to that of other master limited partnerships. This measure is not comparable to measures used by other entities and should only be considered in conjunction with net income attributable to AmeriGas Partners, L.P. for the relevant periods.
May 1, 2013
10

 
Investor Relations:
610-337-1000
Hugh Gallagher (x1029) gallagherh@ugicorp.com
Simon Bowman (x3645) bowmans@ugicorp.com