UGI Corporation's 2008 Annual Report discusses the company's performance and business segments over the past fiscal year. Key points:
- UGI's stock has outperformed market indexes over the past 5 years, with a 15% average annual return for shareholders.
- The company's business segments include AmeriGas Propane, International Propane, Gas Utility, Electric Utility, and Energy Services.
- In fiscal year 2008, UGI grew revenues to over $6.6 billion and earnings per share to $1.99, while acquiring additional propane businesses.
- Going forward, UGI aims to continue profitable growth through strategic acquisitions and initiatives across its diversified portfolio of energy businesses.
This document summarizes Hormel Foods Corporation's strong financial performance in fiscal year 1999. Net earnings rose 17.3% to $163.4 million and earnings per share increased to $2.22. All core operating units contributed to sales growth of 3.0% to $3.357 billion. The company invested in expanding production capacities and new product lines that contributed to volume growth, including Always Tender pork products, fully cooked bacon, and Jennie-O turkey products. Hormel Foods adopted economic value added to further optimize performance and increase shareholder value.
The Supreme Court delivered its final verdict in the legal dispute between Reliance Industries Limited (RIL) and Reliance Natural Resources Limited (RNRL) over natural gas pricing and supply. The court ruled 2-1 in favor of RIL, finding that the family memorandum of understanding that RNRL relied on was not binding and that government regulations take precedence. The court ordered RIL and RNRL to renegotiate their gas supply agreement in line with government rules within six weeks. This verdict removes the uncertainty around the dispute and is viewed positively for RIL, while being negative for RNRL. Analysts maintain a buy rating on RIL with a target price of Rs. 1,260 per share.
Presentation on corporate integration of fit residencial and tendaGafisa RI !
This document discusses Tenda's acquisition of FIT. After the transaction, Tenda will have R$398 million of net cash and -34% net debt to equity. Gafisa will hold 60% of the combined company's voting shares. The implied valuation of FIT based on the transaction is R$1.335 billion, representing 41-44% of Gafisa's current market value. The transaction will combine Tenda and FIT, two Brazilian homebuilders that target the entry-level housing market.
1. Group 1 Automotive had another record year in 2000, with revenues growing 43% to over $3.5 billion and net income increasing 21% to $40.8 million. Their business model of decentralized dealership operations and consolidated corporate functions has driven strong financial performance.
2. Their acquisition strategy focuses on building regional platform operations through large, multi-franchise dealerships, and supplementing these with smaller "tuck-in" acquisitions. Acquisitions create synergies through cost reductions from consolidated functions and revenue enhancements from products like finance and insurance.
3. While new vehicle sales are expected to slow in 2001, Group
This document is Xcel Energy's 2003 annual report. It provides the following key information:
1) Xcel Energy is a major electric and natural gas utility serving 3.3 million electricity customers and 1.8 million natural gas customers across 11 Western and Midwestern states.
2) In 2003, Xcel Energy met its earnings target of $1.23 per share from continuing operations, despite challenges including higher costs and less favorable weather. Total earnings were $1.50 per share.
3) Key priorities and accomplishments in 2003 included refinancing debt at lower rates, divesting from NRG Energy, and operational successes like generating and safety records at several plants.
The document appears to be a market share report for BHGRE Gary Greene that includes data from January 1, 2012 to September 27, 2012. It shows that Prudential Gary Greene had a 12.79% market share based on list price volume and Coldwell Banker United had a 10.76% market share. Overall, the 355 properties listed under BHGRE Gary Greene represented a 19.45% market share based on number of units listed.
This document discusses The Shaw Group's annual report for 2000. Some key points:
- Shaw acquired Stone & Webster, strengthening its presence in the global power industry.
- Shaw formed a joint venture with Entergy called EntergyShaw to build combined-cycle power plants.
- Shaw is well positioned for continued growth due to increasing demand for new power generation capacity over the next 20 years. Approximately 90% of new capacity is expected to be combined-cycle or combustion turbine technology.
- At the end of 2000, Shaw's backlog reached over $1.9 billion, with 67% from power generation projects. This positions Shaw well to benefit from the build-up of power generation infrastructure.
The document provides an overview of Petrobras' 4th quarter 2006 results and full year 2006 results. Key points include:
- Domestic oil and gas production increased 5.6% in 2006 due to new production units coming online.
- Total oil, gas, and NGL production increased 3.5% in 4Q06.
- Average sales prices for oil increased 20.45% in 2006.
- Net income decreased 26.6% in 4Q06 primarily due to lower oil prices and sales volumes.
- Exploration and Production operational profit decreased due to international oil price declines.
This document summarizes Hormel Foods Corporation's strong financial performance in fiscal year 1999. Net earnings rose 17.3% to $163.4 million and earnings per share increased to $2.22. All core operating units contributed to sales growth of 3.0% to $3.357 billion. The company invested in expanding production capacities and new product lines that contributed to volume growth, including Always Tender pork products, fully cooked bacon, and Jennie-O turkey products. Hormel Foods adopted economic value added to further optimize performance and increase shareholder value.
The Supreme Court delivered its final verdict in the legal dispute between Reliance Industries Limited (RIL) and Reliance Natural Resources Limited (RNRL) over natural gas pricing and supply. The court ruled 2-1 in favor of RIL, finding that the family memorandum of understanding that RNRL relied on was not binding and that government regulations take precedence. The court ordered RIL and RNRL to renegotiate their gas supply agreement in line with government rules within six weeks. This verdict removes the uncertainty around the dispute and is viewed positively for RIL, while being negative for RNRL. Analysts maintain a buy rating on RIL with a target price of Rs. 1,260 per share.
Presentation on corporate integration of fit residencial and tendaGafisa RI !
This document discusses Tenda's acquisition of FIT. After the transaction, Tenda will have R$398 million of net cash and -34% net debt to equity. Gafisa will hold 60% of the combined company's voting shares. The implied valuation of FIT based on the transaction is R$1.335 billion, representing 41-44% of Gafisa's current market value. The transaction will combine Tenda and FIT, two Brazilian homebuilders that target the entry-level housing market.
1. Group 1 Automotive had another record year in 2000, with revenues growing 43% to over $3.5 billion and net income increasing 21% to $40.8 million. Their business model of decentralized dealership operations and consolidated corporate functions has driven strong financial performance.
2. Their acquisition strategy focuses on building regional platform operations through large, multi-franchise dealerships, and supplementing these with smaller "tuck-in" acquisitions. Acquisitions create synergies through cost reductions from consolidated functions and revenue enhancements from products like finance and insurance.
3. While new vehicle sales are expected to slow in 2001, Group
This document is Xcel Energy's 2003 annual report. It provides the following key information:
1) Xcel Energy is a major electric and natural gas utility serving 3.3 million electricity customers and 1.8 million natural gas customers across 11 Western and Midwestern states.
2) In 2003, Xcel Energy met its earnings target of $1.23 per share from continuing operations, despite challenges including higher costs and less favorable weather. Total earnings were $1.50 per share.
3) Key priorities and accomplishments in 2003 included refinancing debt at lower rates, divesting from NRG Energy, and operational successes like generating and safety records at several plants.
The document appears to be a market share report for BHGRE Gary Greene that includes data from January 1, 2012 to September 27, 2012. It shows that Prudential Gary Greene had a 12.79% market share based on list price volume and Coldwell Banker United had a 10.76% market share. Overall, the 355 properties listed under BHGRE Gary Greene represented a 19.45% market share based on number of units listed.
This document discusses The Shaw Group's annual report for 2000. Some key points:
- Shaw acquired Stone & Webster, strengthening its presence in the global power industry.
- Shaw formed a joint venture with Entergy called EntergyShaw to build combined-cycle power plants.
- Shaw is well positioned for continued growth due to increasing demand for new power generation capacity over the next 20 years. Approximately 90% of new capacity is expected to be combined-cycle or combustion turbine technology.
- At the end of 2000, Shaw's backlog reached over $1.9 billion, with 67% from power generation projects. This positions Shaw well to benefit from the build-up of power generation infrastructure.
The document provides an overview of Petrobras' 4th quarter 2006 results and full year 2006 results. Key points include:
- Domestic oil and gas production increased 5.6% in 2006 due to new production units coming online.
- Total oil, gas, and NGL production increased 3.5% in 4Q06.
- Average sales prices for oil increased 20.45% in 2006.
- Net income decreased 26.6% in 4Q06 primarily due to lower oil prices and sales volumes.
- Exploration and Production operational profit decreased due to international oil price declines.
The document provides highlights and results from FY12 for an unnamed company. Key points include:
- Revenues grew 10.4% to €1,806 million and EBITDA rose 13% to €1,390 million.
- Capex reached a record €1,235 million. Non-traditional activities contributed €64 million to EBITDA.
- Regulatory frameworks set incentive schemes for battery projects, with 8 pilot projects eligible for a 2% incentive.
XTO Energy had a successful 2001, exceeding expectations with record cash flow of $4.49 per share, daily gas production growth of 21%, and proved reserves growth of 19% to 2.68 trillion cubic feet equivalent. The company deployed $395 million in development expenditures to grow production and reserves organically while also acquiring new properties. XTO Energy is well positioned for continued growth and strong returns in 2002 with over 1.5 trillion cubic feet equivalent of potential future reserves and a visible path to exceptional growth.
ArvinMeritor had a challenging fiscal year 2001 due to economic downturn and declining automotive sales. However, the company has taken steps to strengthen its position such as aggressively cutting costs, improving quality, and focusing on core competencies. While sales and profits decreased from the prior year, the company generated strong operating cash flow through emphasis on working capital reductions and debt paydown. Looking forward, ArvinMeritor is well positioned in key markets and believes systems integration will be an area of growth opportunity.
CPFL Energia is the largest private electricity company in Brazil. It operates through subsidiaries that distribute, commercialize, and generate energy. After its IPO in 2004, CPFL Energia became the first private Brazilian company to trade on the São Paulo Stock Exchange and NYSE, requiring high corporate governance standards. The company has a diversified shareholder base and serves over 6 million customers across São Paulo, Rio Grande do Sul, Paraná, and Minas Gerais. CPFL Energia focuses on operational efficiency, synergic growth, financial discipline, and sustainability to create value for shareholders.
The 2001 annual report discusses Group 1 Automotive's record financial and operational results for the year. Revenues increased 11% to over $3.9 billion while earnings per share grew 38% to $2.59. The company benefited from a diversified revenue mix, with 40% of revenues and 85% of profits coming from areas other than new vehicle sales. Going forward, Group 1 plans to pursue additional acquisitions to take advantage of opportunities in the automotive retailing industry.
The Sherwin-Williams Company 2002 Annual Report summarizes the company's financial performance for the year. It discusses the company's four business segments: Paint Stores (63.7% of sales), Consumer (22.7% of sales), Automotive Finishes (8.8% of sales), and International Coatings (4.7% of sales). It also highlights that net sales were $5.18 billion for 2002, income before accounting changes was $310.7 million, and return on sales was 6.0%.
charter communications 2Q_2008_Earnings_Presentation_FINALfinance34
Charter Communications held its second quarter 2008 earnings call on August 5, 2008. The presentation included forward-looking statements and discussed Charter's second quarter 2008 financial results. Key highlights included 8.9% revenue growth and 10.1% adjusted EBITDA growth. Charter saw increases in video, high-speed internet, and telephone customers. Bundled customer penetration reached 50% in the second quarter.
The document provides an overview of Petrobras' financial results for the first quarter of 2007. Some key points:
- Oil and gas production decreased 1.2% domestically due to scheduled platform maintenance, while international production fell 3% due to unrest in Ecuador.
- Revenue fell 5.2% from the previous quarter due to lower sales volumes and oil prices. Operating profit rose 15% through cost reductions.
- Net income declined 20.6% to R$4.1 billion, impacted by higher financial expenses from currency fluctuations and an absence of tax benefits from the prior quarter.
- Investments totaled R$8.3 billion, with 48% toward E&P and 23
Allstate operates from a strong financial position with $117.4 billion in assets and $17.4 billion in shareholders' equity. In 2002, Allstate's revenues increased to $29.58 billion due to growth in its Property-Liability and Allstate Financial business units, though net income declined to $1.13 billion due to higher realized capital losses compared to 2001. Operating income increased to $2.08 billion in 2002 driven by growth in both its Property-Liability and Allstate Financial segments.
This document is the 2007 annual report of W. R. Berkley Corporation, a commercial property and casualty insurance provider. The report summarizes the company's strong financial performance in 2007, with total revenues increasing 3% to $5.6 billion, net income reaching a new high of $3.78 per share and return on equity exceeding 22%. It provides an overview of the company's five business segments and decentralized operating structure. The report also highlights Berkley's long-term strategies of accountability, developing talent internally, proactively managing risk exposures, and maintaining a strong balance sheet.
CPFL Energia is a leading Brazilian electric utility holding company and the largest private group in the Brazilian electric sector. It distributes, commercializes, and generates energy through subsidiaries across Brazil. After its IPO in 2004, CPFL Energia became the first private Brazilian company to trade on the São Paulo Stock Exchange and NYSE, requiring the highest levels of corporate governance. The company has a diversified corporate structure and service territory across key regions of Brazil. It aims to create value through operational efficiency, synergic growth, financial discipline, and sustainability.
- Alltel Corporation completed a spin-off of its wireline business and merger with Valor Communications on July 17, 2006, forming Windstream Corporation.
- Alltel now focuses solely on its wireless business serving over 12 million customers across 35 states.
- As conditions of regulatory approvals for acquisitions, Alltel agreed to divest certain wireless operations in Minnesota, Arkansas, Kansas, and Nebraska.
- The financial statements separate results for continuing and discontinued wireless operations in compliance with accounting standards.
Natural State Research seeks $3 million investment for its technology that converts plastic waste into fuel. It has spent $7 million developing this process. The technology can produce fuel from almost all types of plastic at a lower cost than crude oil. It aims to license this technology to waste management companies and fuel users. Projections estimate the $3 million investment would be worth $17 million by 2013 and $80 million for the 10% stake by 2023 as the technology is adopted globally reducing plastic waste and dependence on imported oil.
"8º Foro Latibex - Petrobras Overview – Petroleum, Gas and Petrochemical”Petrobras
Petrobras is an integrated energy company operating in oil exploration, production, refining, and petrochemicals. It has significant upstream and downstream operations both within Brazil and internationally. The company's 2007-2011 business plan includes $87.1 billion in investments, with 56% going to exploration and production projects. Some of the major projects over this period aim to boost Brazil's oil production capacity substantially through new offshore oil field developments and production platforms.
public serviceenterprise group 10/08/04-1-33finance20
The document provides an agenda and materials for a strategic presentation by PSEG to the financial community on October 8, 2004. The agenda covers PSEG's strategic overview, its subsidiaries PSE&G, PSEG Power, PSEG Energy Holdings, and financial review. Key points include PSEG's 2004 guidance of $750-800 million in earnings and 13-14% ROE. It also discusses competitive pressures from higher fuel prices and lower BGS auction margins, as well as PSE&G and PSEG Power's strategic focus on safety, reliability and low costs.
- Alltel Corporation completed a spin-off of its wireline business and merger with Valor Communications in July 2006, forming Windstream Corporation. Alltel now focuses solely on wireless services.
- As required by regulators, Alltel divested certain wireless operations in Minnesota and from acquired companies Western Wireless and Midwest Wireless. These divested operations are classified as discontinued.
- For the first half of 2007, Alltel reported service revenues of $3.9 billion, operating income of $866 million, and net income of $486 million from continuing wireless operations. Basic earnings per share were $1.39 and diluted were $1.38.
Jean-Claude Bradley and Andrew Lang present to Columbia University on May 21, 2009 in an effort to explore what role libraries could play in archiving Open Notebook Science projects and other forms of digital scholarship.
The document outlines the schedule for an ASEAN integration symposium held on May 25, 2015 at the Capiz State University Dumarao Satellite College campus library. The symposium hosted by BSEd 3 students included presentations by the campus director and emcee, fashion shows, music video contests, certificate awards, and encouraged attendees to visit the Facebook pages for individual reports. The event aimed to enhance understanding of the political, economic, and socio-cultural settings of Southeast Asian nations.
Presented at Drexel University on Oct 10, 2008 in the chemistry department faculty mini-symposium. A quick summary of Open Notebook Science and its application to drug discovery.
The document provides highlights and results from FY12 for an unnamed company. Key points include:
- Revenues grew 10.4% to €1,806 million and EBITDA rose 13% to €1,390 million.
- Capex reached a record €1,235 million. Non-traditional activities contributed €64 million to EBITDA.
- Regulatory frameworks set incentive schemes for battery projects, with 8 pilot projects eligible for a 2% incentive.
XTO Energy had a successful 2001, exceeding expectations with record cash flow of $4.49 per share, daily gas production growth of 21%, and proved reserves growth of 19% to 2.68 trillion cubic feet equivalent. The company deployed $395 million in development expenditures to grow production and reserves organically while also acquiring new properties. XTO Energy is well positioned for continued growth and strong returns in 2002 with over 1.5 trillion cubic feet equivalent of potential future reserves and a visible path to exceptional growth.
ArvinMeritor had a challenging fiscal year 2001 due to economic downturn and declining automotive sales. However, the company has taken steps to strengthen its position such as aggressively cutting costs, improving quality, and focusing on core competencies. While sales and profits decreased from the prior year, the company generated strong operating cash flow through emphasis on working capital reductions and debt paydown. Looking forward, ArvinMeritor is well positioned in key markets and believes systems integration will be an area of growth opportunity.
CPFL Energia is the largest private electricity company in Brazil. It operates through subsidiaries that distribute, commercialize, and generate energy. After its IPO in 2004, CPFL Energia became the first private Brazilian company to trade on the São Paulo Stock Exchange and NYSE, requiring high corporate governance standards. The company has a diversified shareholder base and serves over 6 million customers across São Paulo, Rio Grande do Sul, Paraná, and Minas Gerais. CPFL Energia focuses on operational efficiency, synergic growth, financial discipline, and sustainability to create value for shareholders.
The 2001 annual report discusses Group 1 Automotive's record financial and operational results for the year. Revenues increased 11% to over $3.9 billion while earnings per share grew 38% to $2.59. The company benefited from a diversified revenue mix, with 40% of revenues and 85% of profits coming from areas other than new vehicle sales. Going forward, Group 1 plans to pursue additional acquisitions to take advantage of opportunities in the automotive retailing industry.
The Sherwin-Williams Company 2002 Annual Report summarizes the company's financial performance for the year. It discusses the company's four business segments: Paint Stores (63.7% of sales), Consumer (22.7% of sales), Automotive Finishes (8.8% of sales), and International Coatings (4.7% of sales). It also highlights that net sales were $5.18 billion for 2002, income before accounting changes was $310.7 million, and return on sales was 6.0%.
charter communications 2Q_2008_Earnings_Presentation_FINALfinance34
Charter Communications held its second quarter 2008 earnings call on August 5, 2008. The presentation included forward-looking statements and discussed Charter's second quarter 2008 financial results. Key highlights included 8.9% revenue growth and 10.1% adjusted EBITDA growth. Charter saw increases in video, high-speed internet, and telephone customers. Bundled customer penetration reached 50% in the second quarter.
The document provides an overview of Petrobras' financial results for the first quarter of 2007. Some key points:
- Oil and gas production decreased 1.2% domestically due to scheduled platform maintenance, while international production fell 3% due to unrest in Ecuador.
- Revenue fell 5.2% from the previous quarter due to lower sales volumes and oil prices. Operating profit rose 15% through cost reductions.
- Net income declined 20.6% to R$4.1 billion, impacted by higher financial expenses from currency fluctuations and an absence of tax benefits from the prior quarter.
- Investments totaled R$8.3 billion, with 48% toward E&P and 23
Allstate operates from a strong financial position with $117.4 billion in assets and $17.4 billion in shareholders' equity. In 2002, Allstate's revenues increased to $29.58 billion due to growth in its Property-Liability and Allstate Financial business units, though net income declined to $1.13 billion due to higher realized capital losses compared to 2001. Operating income increased to $2.08 billion in 2002 driven by growth in both its Property-Liability and Allstate Financial segments.
This document is the 2007 annual report of W. R. Berkley Corporation, a commercial property and casualty insurance provider. The report summarizes the company's strong financial performance in 2007, with total revenues increasing 3% to $5.6 billion, net income reaching a new high of $3.78 per share and return on equity exceeding 22%. It provides an overview of the company's five business segments and decentralized operating structure. The report also highlights Berkley's long-term strategies of accountability, developing talent internally, proactively managing risk exposures, and maintaining a strong balance sheet.
CPFL Energia is a leading Brazilian electric utility holding company and the largest private group in the Brazilian electric sector. It distributes, commercializes, and generates energy through subsidiaries across Brazil. After its IPO in 2004, CPFL Energia became the first private Brazilian company to trade on the São Paulo Stock Exchange and NYSE, requiring the highest levels of corporate governance. The company has a diversified corporate structure and service territory across key regions of Brazil. It aims to create value through operational efficiency, synergic growth, financial discipline, and sustainability.
- Alltel Corporation completed a spin-off of its wireline business and merger with Valor Communications on July 17, 2006, forming Windstream Corporation.
- Alltel now focuses solely on its wireless business serving over 12 million customers across 35 states.
- As conditions of regulatory approvals for acquisitions, Alltel agreed to divest certain wireless operations in Minnesota, Arkansas, Kansas, and Nebraska.
- The financial statements separate results for continuing and discontinued wireless operations in compliance with accounting standards.
Natural State Research seeks $3 million investment for its technology that converts plastic waste into fuel. It has spent $7 million developing this process. The technology can produce fuel from almost all types of plastic at a lower cost than crude oil. It aims to license this technology to waste management companies and fuel users. Projections estimate the $3 million investment would be worth $17 million by 2013 and $80 million for the 10% stake by 2023 as the technology is adopted globally reducing plastic waste and dependence on imported oil.
"8º Foro Latibex - Petrobras Overview – Petroleum, Gas and Petrochemical”Petrobras
Petrobras is an integrated energy company operating in oil exploration, production, refining, and petrochemicals. It has significant upstream and downstream operations both within Brazil and internationally. The company's 2007-2011 business plan includes $87.1 billion in investments, with 56% going to exploration and production projects. Some of the major projects over this period aim to boost Brazil's oil production capacity substantially through new offshore oil field developments and production platforms.
public serviceenterprise group 10/08/04-1-33finance20
The document provides an agenda and materials for a strategic presentation by PSEG to the financial community on October 8, 2004. The agenda covers PSEG's strategic overview, its subsidiaries PSE&G, PSEG Power, PSEG Energy Holdings, and financial review. Key points include PSEG's 2004 guidance of $750-800 million in earnings and 13-14% ROE. It also discusses competitive pressures from higher fuel prices and lower BGS auction margins, as well as PSE&G and PSEG Power's strategic focus on safety, reliability and low costs.
- Alltel Corporation completed a spin-off of its wireline business and merger with Valor Communications in July 2006, forming Windstream Corporation. Alltel now focuses solely on wireless services.
- As required by regulators, Alltel divested certain wireless operations in Minnesota and from acquired companies Western Wireless and Midwest Wireless. These divested operations are classified as discontinued.
- For the first half of 2007, Alltel reported service revenues of $3.9 billion, operating income of $866 million, and net income of $486 million from continuing wireless operations. Basic earnings per share were $1.39 and diluted were $1.38.
Jean-Claude Bradley and Andrew Lang present to Columbia University on May 21, 2009 in an effort to explore what role libraries could play in archiving Open Notebook Science projects and other forms of digital scholarship.
The document outlines the schedule for an ASEAN integration symposium held on May 25, 2015 at the Capiz State University Dumarao Satellite College campus library. The symposium hosted by BSEd 3 students included presentations by the campus director and emcee, fashion shows, music video contests, certificate awards, and encouraged attendees to visit the Facebook pages for individual reports. The event aimed to enhance understanding of the political, economic, and socio-cultural settings of Southeast Asian nations.
Presented at Drexel University on Oct 10, 2008 in the chemistry department faculty mini-symposium. A quick summary of Open Notebook Science and its application to drug discovery.
The document discusses an app that recommends solvents for recrystallizing compounds by using open data sources and algorithms. It summarizes how the app works by looking up solvent properties like boiling point and solubility to predict recrystallization yield. The discussion emphasizes the importance of open data, models and software in chemistry. It provides examples of using open data sources and models to predict properties, validate data, and enable new applications. The conclusions advocate for more openness in chemistry to make science more efficient.
Nuit de la Liberté - Science Ouverte avec Jean-Claude Bradley Jean-Claude Bradley
Jean-Claude Bradley présente a la nuit de la liberté au musée de la civilisation a l'université Laval le 8 novembre 2012. Cette présentation de 10 minutes discute des façons de partager la Science Ouverte en général et la Science par Cahier de Laboratoire Ouvert en particulier.
This document is Ameren Corporation's 2005 Annual Report. It includes financial highlights showing increased revenues, earnings, and generation in 2005 compared to 2004 and 2003. The letter to shareholders discusses key events in 2005 including successful integration of Illinois Power Company, record plant availability, and regulatory changes expected in Illinois in 2006. It also discusses Ameren's focus on reliability, cost control, and challenges from the Taum Sauk plant breach while continuing to invest in infrastructure.
The Progressive Corporation reported its July 2005 results, including:
- Net premiums written increased 8% to $1.403 billion compared to July 2004.
- Net income decreased 14% to $143.9 million compared to July 2004.
- The combined ratio, a measure of profitability, increased 4.3 percentage points to 86.9% compared to July 2004.
- Total policies in force increased 11% to 9.42 million compared to July 2004, driven by growth in personal and commercial auto insurance policies.
The Progressive Corporation reported financial results for July 2005:
- Net premiums written increased 8% to $1,403.2 million compared to July 2004.
- Net income decreased 14% to $143.9 million compared to July 2004.
- The combined ratio was 86.9%, 4.3 percentage points higher than July 2004.
- Progressive offers auto insurance to personal and commercial drivers throughout the US.
The document provides details from ConAgra Foods' Q4 FY08 quarterly earnings call, including sales and volume figures for various brands and segments. It lists examples of brands that saw sales growth and declines in the Consumer Foods segment. Total depreciation, capital expenditures, interest expenses, dividends paid, and weighted average shares are also reported for both the quarter and full fiscal year.
The document is Sempra Energy's 1999 annual report. It summarizes the company's strong financial performance in 1999, exceeding earnings growth targets. However, total shareholder return did not increase. As a result, Sempra Energy is undertaking a strategic realignment to become a leading global energy services company focused on meeting changing customer needs. Key steps include investments in growing domestic and international businesses and a reduced dividend to increase financial flexibility for growth.
The Sherwin-Williams Company 2002 Annual Report summarizes the company's financial performance for the year. It discusses the company's four business segments: Paint Stores (63.7% of sales), Consumer (22.7% of sales), Automotive Finishes (8.8% of sales), and International Coatings (4.7% of sales). It also highlights that net sales were $5.18 billion for 2002, income before accounting changes was $310.7 million, and net income was $127.6 million. The report indicates Sherwin-Williams has been a leading force in the coatings industry for 137 years.
Satellite TV dishes on tens of millions of homes and seamless global telephone service are some developing markets driving a $70 billion satellite and wireless industry. Hughes is uniquely positioned to take advantage of opportunities in this industry due to its leadership in satellite and wireless systems, proven record of innovation, strong finances, and highly skilled workforce.
- DTE Energy Company and Subsidiary Companies provided a condensed consolidated statement of income and balance sheet for the third quarter of 2000 compared to the third quarter of 1999.
- Key highlights include operating revenues increased 7.4% to $1.547 billion driven by higher fuel and purchased power costs, while operating income decreased 38.8% to $172 million.
- Net income including one-time items decreased 35.2% to $104 million, while earnings per share decreased 38.8% to $0.73 per share compared to the prior year.
- DTE Energy Company and Subsidiary Companies provided a condensed consolidated statement of income and balance sheet for the third quarter of 2000 compared to the third quarter of 1999.
- Key highlights include operating revenues increased 7.4% to $1.547 billion driven by higher fuel and purchased power costs, while operating income decreased 38.8% to $172 million.
- Net income including one-time items decreased 35.2% to $104 million, while earnings per share decreased 38.8% to $0.73 per share compared to the prior year.
- The Progressive Corporation reported strong financial results for the second quarter and first half of 2005, with net premiums written growth of 8% and an underwriting margin of 85.6%.
- Progressive saw growth in both new customers and retention of existing customers, with policies in force up 7-16% across business lines.
- Strategic initiatives around the Drive and Progressive Direct brands, expanded claims service centers, and technology projects were progressing well in the first half of the year.
- The Progressive Corporation reported strong financial results for the second quarter and first half of 2005, with net premiums written growth of 8% and an underwriting margin of 85.6%.
- Progressive saw growth in both new customers and retention of existing customers, with policies in force up 7-16% across business lines.
- Strategic initiatives around claims handling, branding, and technology were making progress, including expanding the number of claims service centers, deploying new customer billing and claims management platforms, and breaking ground on a new data center.
This document provides financial highlights and key metrics for Bank of America Corporation for the year 2000. It summarizes that the company had revenue of $33.25 billion and net income of $7.86 billion for the year. The Chairman also announces that he will retire in April 2001 and that Kenneth D. Lewis will assume the roles of Chairman and CEO upon his retirement, after having led the company through the merger transition period.
Constellation Energy Group reported strong financial results in 2002 despite challenges in the energy sector. Earnings per share grew to $3.20 compared to $0.57 in 2001, though some of the growth came from special items like asset sales. Excluding special items, earnings still grew 4.6% to $2.52 per share. The company sharpened its focus on core businesses of generating and selling energy by selling $708 million in non-core assets. It also strengthened its balance sheet through debt refinancing, allowing it to be well positioned for future growth in a challenging environment.
public serviceenterprise group 2Q2007Slidesfinance20
This document provides an earnings conference call transcript for Public Service Enterprise Group (PSEG) for the second quarter of 2007. Some key details include:
- Operating earnings per share for Q2 2007 were $1.15, up from $0.68 in Q2 2006. Year-to-date operating earnings per share were $2.47, up from $1.52.
- PSEG Power saw improved earnings from higher energy and capacity prices. PSE&G's performance improved due to rate relief and normal weather. Holdings earnings declined due to lower spark spreads in Texas and an extended outage in Italy.
- Results are on track to meet full-year earnings guidance and commitments around system
public serviceenterprise group 2Q2007Slidesfinance20
PSEG Power reported improved second quarter 2007 operating earnings of $187 million compared to $86 million in the second quarter of 2006. Higher realized energy and capacity prices contributed to the increased earnings. PSEG Power's nuclear fleet maintained a 90% capacity factor while combined cycle output increased to offset declines from coal plants. PSEG Power is pursuing new back end technology for the Hudson coal plant to comply with environmental regulations.
- Monsanto reported a 10% increase in net sales for the first quarter of fiscal year 2007 compared to the same period in 2006, driven by growth in its U.S. corn seed and traits business and increased sales of Roundup herbicides.
- Net income for the quarter was $90 million, up from $59 million in the prior year. Earnings per share were $0.16 for both reported and ongoing business.
- For the full fiscal year 2007, Monsanto expects earnings per share toward the upper end of its previous guidance range of $1.50 to $1.57 and free cash flow between $875-950 million.
Monsanto reported financial results for the first quarter of fiscal year 2007, with key drivers being growth in its U.S. corn seed and traits business as well as its Roundup herbicide business. Net sales increased 10% over the same period last year to $1.539 billion. Net income was $90 million compared to $59 million last year. Monsanto reiterated its full-year guidance for earnings per share between $1.50-$1.57 and free cash flow between $875-$950 million. The company expects strong performance in the second and third quarters to be key drivers for achieving its fiscal year outlook.
The Progressive Corporation 2008 Annual Report summarizes the company's performance for the year. Key points include:
- Progressive reported its first net loss in 26 years due to challenging market conditions including declining auto insurance rates and rising economic uncertainty.
- However, the company's 94.6 combined ratio for the year was in line with its target of 96, demonstrating responsive pricing and cost control. 42 of its 50 states were profitable.
- Total policies in force grew 3% to over 10 million, driven by strong growth in its direct auto business, though overall premium growth was modest at 1% due to prolonged rate reductions.
- A pretax underwriting income of $735 million was an acceptable result given the
The Progressive Corporation 2008 Annual Report summarizes the company's performance for the year. Key points include:
- Progressive reported its first net loss in 26 years due to challenging market conditions including declining auto insurance rates and rising economic uncertainty.
- However, the company's 94.6 combined ratio for the year was in line with its target of 96, demonstrating responsive pricing and cost control. 42 of its 50 states were profitable.
- Total policies in force grew 3% to over 10 million, driven by strong growth in its direct auto business, though overall premium growth was modest at 1% due to prolonged rate reductions.
- A pretax underwriting income of $735 million was an acceptable result given the
- Alltel Corporation completed the spin-off of its wireline business and merger with Valor Communications in July 2006, forming Windstream Corporation.
- Alltel agreed to divest certain wireless operations in Minnesota and from the Western Wireless acquisition to comply with regulatory approvals.
- For the third quarter of 2007, Alltel reported service revenues of $2.07 billion, operating income of $433.9 million, and net income of $282.6 million.
Western Digital's revenue in Q1 FY2005 was $824 million. 59% of revenue came from OEM customers, 35% from distributors, and 6% from retailers. Geographically, 40% of revenue was from the Americas, 30% from Europe, and 30% from Asia. Worldwide headcount increased to 20,760 employees. Total inventory was $144 million with inventory turns of 20 times.
Western Digital reported revenue of $955 million for Q2 FY2005, up 16% from Q2 FY2004. 58% of revenue came from OEM customers and 35% from distributors. Geographically, 38% of revenue was from the Americas, 32% from Europe, and 30% from Asia. Hard drive unit shipments increased by 16% to 16.2 million units while worldwide headcount grew slightly to 21,565. Total inventory fell to $118 million while inventory turns improved to 27 times.
Western Digital reported Q3 FY2005 revenue of $920 million, with 56% from OEM customers, 37% from distributors, and 7% from retail. Revenue was highest in Asia at 34% of the total, followed by Americas at 36% and Europe at 30%. The number of hard drive units shipped was 15.3 million, with worldwide headcount growing to 22,426. Inventory levels increased to $136 million, with inventory turns at 22.
Western Digital reported Q4 FY2005 revenue of $940 million. 57% of revenue came from OEM customers, 38% from distributors, and 5% from retail. 37% of revenue was from the Americas, 25% from Europe, and 37% from Asia. 48% of revenue came from the top 10 largest customers. Hard drive unit shipments reached 15.8 million for the quarter. Worldwide headcount increased to 23,161 employees. Inventory levels increased to $153 million with inventory turns at 20 times.
Western Digital's revenue in Q1 FY2006 was $1.01 billion, up from $824 million in Q1 FY2005. 55% of revenue came from OEM customers, 39% from distributors, and 6% from retail. Geographically, 36% of revenue was from the Americas, 29% from Europe, and 35% from Asia. Worldwide headcount increased to 24,211 from 20,760 in Q1 FY2005. Total inventory, net increased to $173 million from $144 million in Q1 FY2005.
Western Digital reported revenue of $1.117 billion for Q2 FY2006, up 11% from the same period last year. Approximately 56% of revenue came from OEM customers and 39% from distributors. Geographically, revenue declined in the Americas to 32% while rising in Europe to 34% and remaining flat in Asia at 34%. Inventory levels increased to $168 million but inventory turns improved to 21 turns.
Western Digital Corporation's Q3 FY2006 financial results show that hard drive unit shipments increased to 18.8 million, revenue was $1.129 billion with an average selling price of $60 per unit, and gross margin was 19.3%. Revenue was split 53% from OEMs, 40% from distributors, and 7% from retail, with the largest geographic regions being the Americas at 39%, Europe at 27%, and Asia at 34%. Cash flow from operations was $119 million.
Western Digital Corporation reported its financial results for the fourth quarter of fiscal year 2006, with total revenue of $1.086 billion. The average selling price of hard drives declined to $56 per unit from $60 in the previous quarter. Gross margin was 18.8% and cash flow from operations was $126 million. Worldwide headcount increased to 24,750 employees. Total inventory increased to $205 million while inventory turns declined to 17 turns.
Western Digital reported higher unit shipments and revenue in Q1 FY2007 compared to the same quarter last year. Revenue increased by $254 million to $1.264 billion due to a 22% increase in hard drive unit shipments. Gross margin declined slightly to 17.3% and revenue from OEM customers decreased to 52% of total revenue. Cash flow from operations was $128 million and inventory levels increased by $11 million from the previous quarter to $216 million.
Western Digital reported increased revenue and unit shipments in Q2 FY2007 compared to the same period last year. Revenue grew 28% to $1.428 billion while unit shipments increased 36% to 24.5 million units. Gross margin improved slightly to 17.9% and worldwide headcount grew 9% to over 27,000 employees. Inventories also increased due to higher finished goods and work in process levels.
Western Digital reported its Q3 FY2007 financial results. While unit shipments remained steady at 24.5 million, revenue declined slightly to $1.41 billion. Gross margins decreased to 15.8% due to pricing pressures. Cash flow from operations was $164 million. Inventory levels increased but inventory turns improved to 20 times.
Western Digital Corporation's Q4 FY2007 investor information summary shows that the company's hard drive unit shipments increased slightly compared to Q3 FY2007, but revenue and average selling price declined. Gross margin also decreased from the prior quarter. The company's largest customers - representing 48% of revenue - continued to be OEMs, distributors, and retailers. Cash flow from operations and inventory levels increased from Q3 FY2007.
Western Digital reported higher revenue and unit shipments in Q1 FY2008 compared to the same period last year. Revenue increased 40% to $1.77 billion driven by a 7% increase in average selling price and 29% more hard drive units shipped. Gross margin improved to 18.3% from 17.3% a year ago. Total inventory increased significantly to support future demand, leading to lower inventory turns. Capital expenditures also increased substantially to $163 million to expand production capacity.
Western Digital reported revenue of $2.2 billion for Q2 FY2008, a 25% increase from the previous quarter. Gross margins improved to 23.3% as average selling prices increased to $61 per hard drive unit. Inventory levels remained steady at $459 million while inventory turns improved to 15 times. Worldwide headcount grew modestly to 42,534 employees.
Western Digital Corporation provides a quarterly investor information summary including key metrics such as hard drive unit shipments, revenue, average selling prices, gross margins, revenue by channel and geography, cash flow from operations, inventory levels, and number of employees. For the third quarter of fiscal year 2008, the company shipped 34.5 million hard drive units, generated $2.11 billion in revenue, and had a gross margin of 22.6%.
Western Digital reported revenue of $1.993 billion in Q4 FY2008, down from $2.111 billion in the previous quarter. Their average hard drive selling price was $56 and gross margin was 21.3%. Over half of revenue came from OEM customers, while Asia accounted for 46% of geographic revenue. Total inventory was $456 million with inventory turns of 14 times.
Western Digital reported revenue of $2.1 billion for Q1 FY2009, up slightly from the previous year. Average selling prices for hard drives declined to $53 per unit from $56 in the previous quarter. Gross margins decreased to 20.1% as production costs increased. Revenue from Asia grew and now makes up 48% of total revenue, while the Americas saw a decline to 23% of revenue. The company's workforce grew to 51,409 employees worldwide.
Western Digital reported Q2 FY2009 revenue of $1.823 billion, down 15% from the previous year. Revenue from OEM customers was 57% of total, down from 48% the previous year. The Asia region accounted for 48% of revenue, up from 36% the previous year. Gross margin declined to 15.9% from 23.3% the previous year. Cash flow from operations was $300 million and days sales outstanding was 46 days.
Western Digital Corporation is a leading manufacturer of hard disk drives. In fiscal year 1995, the company achieved record revenues and earnings despite intense competition. It gained market share in hard drives, improved its financial position, and received an ISO 9001 quality certification. Looking forward, Western Digital is expanding its hard drive production capacity and entering new high-performance, high-capacity hard drive markets. It aims to take advantage of growth opportunities through investment in research and development.
Western Digital Corporation is a leading manufacturer of hard drives. In 1996, the company reported record revenues and unit shipments, gained market share, and introduced new enterprise hard drives. Despite significant investments, Western Digital remains debt-free with strong cash flow and financial position. The company expects continued growth in the hard drive market and is well-positioned with efficient operations and quality products to capitalize on opportunities.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
2. Sustainable Performance:
UGI’s stock has outperformed the S&P 500 index and the S&P Utilities
index over the past five years. In 2003, if you had invested $100 in UGI
Corporation shares and reinvested all dividends, as of September 30,
2008, it would be worth $207. This represents an average annual rate of
return of more than 15%.
Five-Year Cumulative Total Shareholder Return
Comparison between UGI Corporation, S&P 500 Index and S&P Utilities Index
Gas and Electric
Propane
UGI Corporation
UGI Utilities, Inc. distributes
UGI Corporation owns 44%
UGI Corporation (NYSE: UGI)
natural gas to customers
of AmeriGas Partners, L.P .
is a balanced growth and
in eastern and central
(NYSE: APU), the largest retail
income investment. We
Pennsylvania. UGI Energy
marketer of propane in the
have paid dividends for
Services, Inc. markets natural
United States. UGI is also a
124 consecutive years and
gas, electricity and propane
retail marketer of propane
have increased our dividend
and owns a variety of assets
and butane in Austria, France
each year for the past
that support the storage,
and Switzerland through its
21 years.
transportation and delivery
international subsidiaries,
of natural gas. Through other
Antargaz and Flaga. Through
For more information
subsidiaries, we own electric
joint ventures, UGI also
about UGI Corporation
generation assets and provide
serves countries in central and
and its subsidiaries, visit
heating, air conditioning,
eastern Europe and China.
www.ugicorp.com.
refrigeration and electrical
services.
3. Financial Highlights
Year Ended September 30, 2008 2007 2006
Income Statement Data (millions, except per share data)
$ 6,648.2
Revenues $ 5,476.9 $ 5,221.0
$ 585.2
Operating income $ 581.3 $ 467.7
$ 215.5
Net income $ 204.3 $ 176.2
$ 1.99
Earnings per common share (diluted) $ 1.89 $ 1.65
Common Stock Data
107.9
Shares outstanding (millions) 106.6 105.5
15.7%
Return on average common equity 16.9% 16.8%
$ 13.14
Book value per common share $ 12.40 $ 10.42
$ 0.77
Dividend rate per common share $ 0.74 $ 0.71
Market price of common stock
$ 28.71
High $ 29.63 $ 28.64
$ 24.67
Low $ 22.75 $ 20.21
$ 25.78
Close $ 25.98 $ 24.45
Business Segment Data (millions of dollars)
Net income (loss)
$ 43.9
AmeriGas Propane $ 53.2 $ 25.1
52.3
International Propane 44.9 67.1
60.3
Gas Utility 59.0 38.1
13.1
Electric Utility 13.7 10.5
45.3
Energy Services 34.5 31.3
0.6
Corporate & Other (1.0) 4.1
$ 215.5 $ 204.3 $ 176.2
2008 Net Income by Business Segment
AmeriGas
Propane
20% International
Gas
Propane Contents
Utility 28%
25% 1 Financial Highlights
2 Letter to Our Shareholders
6%
21% 4 Business Review
13 Financial Review
Electric
34 Report of Management
Utility
Energy 35 Report of Independent Registered
Services
Public Accounting Firm
36 Consolidated Financial Statements
72 Shareholder Information
73 Board of Directors and Officers
1
4. To Our Shareholders
UGI Corporation has thrived for more • Barron’s Dow Jones Business and shareholders. By doing so, our earnings
than 125 years. Our sustained perfor- Financial Weekly ranked UGI among its per share have grown at a compounded
mance is attributable to the fact that we 500 top-performing large companies; annual rate of nearly 12% over the last
adhere to the fundamentals. We have five fiscal years, and the total return
• Platts named UGI one of the
the strategic, operational and financial to our shareholders has grown at a
“Top 250 Global Energy Companies”;
processes in place that ensure our ability compounded annual rate in excess of
to deliver results. We also have the core 15% over this same five-year period. We
• Public Utilities Fortnightly ranked UGI
competencies needed to be successful in believe that our stock price will reflect our
among its “40 Best Energy Companies. ”
each of our businesses and a committed overall financial progress over time.
group of employees who are dedicated to We also delivered on our goal of
meeting customer needs. While attention As we write this letter, the turbulence that
providing superior long-term total return
to these fundamentals may not always be began late last year continues to severely
on your investment. During fiscal year
in fashion, we remain committed to them. affect not only our financial markets, but
2008, total return to shareholders rose
also economic prospects throughout
2.1% compared to a decline of 14.3% in
We have noted over the years that the the world. A worldwide credit crisis,
the Standard & Poor’s Utility Index. As
road to sustained performance is traveled combined with a potentially significant
you are aware, stock markets around the
one step at a time. Fiscal year 2008 was recession, is causing economic disruption
world experienced significant declines
another year of progress for us. We and uncertainty. These events coincided
during calendar year 2008, and those
again achieved our long-standing goal with a rapid and dramatic drop in energy
declines have accelerated since the
of growing our earnings per share prices following a period of record-high
beginning of our 2009 fiscal year
6% – 10%. Although our reported earnings energy prices.
on October 1, 2008. While we have not
per share grew 5.3% to a record $1.99, escaped that accelerated decline, we
earnings per share grew more than 12% We are realistic about the challenges
have performed far better than many
excluding the one-time gain on the sale we will face in calendar year 2009, for
others. Between January 1, 2008 and
of a storage terminal in fiscal year 2007. we are not immune from the worldwide
the date of this letter, the total return
We believe this comparison to be a more issues that exist. We entered fiscal year
to our shareholders has declined 12.4%
useful way for investors to evaluate 2009 in excellent shape: we have a strong
compared to a much more significant
year-over-year earnings performance balance sheet, sufficient liquidity to
decline in the Standard & Poor’s Utility
because significant asset sales are not meet our needs, and good momentum
Index of 27.5%. We fully understand that
reflective of the earnings capacity of in our businesses. For example, we took
outperforming in a lagging environment
the assets we will continue to own. We the following steps last fiscal year to
is of small consolation to you.
also met our long-standing dividend strengthen our businesses and enhance
growth goal by increasing our dividend our future prospects:
The decline in total return on your
by 4%. We achieved these results while investment this calendar year has
• On October 1, 2008, we acquired PPL ’s
also investing in activities to build our occurred notwithstanding the earnings
gas utility and their Penn Fuel propane
businesses for the future. growth we experienced in fiscal year
business. The natural gas operations, now
2008 or the forecast of earnings growth
known as UGI Central Penn Gas, expand
We have become accustomed to we have made for our 2009 fiscal year.
our service territories in eastern and
receiving recognition for our excellent We have stated many times over the
central Pennsylvania while the propane
performance and last year was no years that we cannot control how the
business strengthens AmeriGas’s market
exception: market views our securities at any given
position in our key Mid-Atlantic region.
time. Instead, we firmly believe we
• Forbes named UGI to their list of We have brought the disciplines that
should focus on fundamentals as the best
“America’s Best Big Companies”; served us so well in the Penn Natural
way to create sustainable value for our
2
5. Lon R. Greenberg and John L. Walsh
Gas acquisition to the Central Penn Gas an innovative and highly successful, We want to thank our employees for
integration process. We’re very pleased privately branded cylinder program their efforts in helping us achieve our
with our progress to date and a positive with Carrefour, a leading French retailer, goals and demonstrating clearly that
earnings contribution is included in fiscal earlier this year. These programs demon- results can be achieved the “right way. ”
2009 guidance. strate our ability to work successfully on Similarly, we want to thank our Board
a local and national basis with our major of Directors for their engagement,
• Our Energy Services business continues
accounts. insight and guidance. In particular,
to identify and develop high-quality
after nearly 30 years of service on our
projects that provide a foundation for
Our attention to fundamentals over the Board, Jim Stratton will retire at the next
future growth. In June we announced
years has resulted in our having the shareholders’ meeting. Jim has not only
the Broad Mountain project, a $36
financial flexibility and organizational witnessed substantial change at UGI, he
million investment in the generation of
agility to respond even when unexpected also has played a central role in shaping
11 megawatts of Tier 1 renewable energy
issues arise. We remain confident in our our success. His counsel over the years
using recovered landfill gas. This project
strategies and our ability to execute. In has been a great source of strength for
is expected to be on-line early in 2009.
addition, the challenges noted above us. While we will miss his significant
Broad Mountain is one of the largest
may provide us with opportunities to contribution, we know we will be able to
landfill gas projects in the U.S. and a
make investments in energy marketing look to him for advice and friendship in
great example of our commitment to
and distribution assets due to difficulties the future.
delivering sustainable energy solutions.
experienced by others. We have a history
of showing leadership during difficult UGI is not like any other company –
• AmeriGas and Antargaz have established
times and we expect to be in a position nor do we aspire to be. We are unique
leadership positions in the LPG cylinder
to capitalize on any opportunities that because of the choices we have made,
market by leveraging their extensive dis-
present themselves. While we cannot the portfolio of businesses we have built
tribution networks and strategic account
know how the future will unfold, one and the culture and character that defines
development programs. AmeriGas has
thing is certain. As we move forward, us. We are confident that we will sustain
worked closely with Home Depot over the
we will follow the same set of deeply our tradition of performance for many
past three years to establish the world’s
held values that have always guided our years to come.
largest network of automated propane
company.
cylinder vending units. Antargaz launched
Lon R. Greenberg John L. Walsh
Chairman and Chief Executive Officer President and Chief Operating Officer
November 28, 2008
3
6. Sustainable Performance:
A Diversified Business
Our combination of fuels, which includes natural gas, propane, butane and
electricity, and our presence in diverse markets across the United States and
Europe help sustain our performance and limit risk.
Domestic Propane
convenience stores and supermarkets across
AmeriGas is the largest retail propane dis-
the nation. In 2008, more than 10 million tank
tribution company in the United States with
transactions were made, representing a 10%
nearly 600 locations in 46 states. We can
increase over the prior year. These cylinders are
reach more than 95% of all domestic propane
used primarily to fuel barbecue grills. Usage
consumers with clean-burning propane
peaks in the summer months, which helps us to
gas, used predominantly for residential and
diversify our revenue stream and to better use
commercial space heating, water heating,
our workforce throughout the year.
cooking and engine fuel.
Strategies Support Continued Growth Growing Our Base Business. We continuously
work to grow our base business by providing
For more than a decade, four strategies have
the best service in the propane industry. We
sustained our growth and delivered strong
have a variety of programs and applications
earnings for us:
designed to fuel our growth with new and
• Acquiring quality propane marketers
existing customers. We offer a comprehensive
• Building our Strategic Accounts program
package of convenient payment programs
• Expanding our AmeriGas Cylinder
and promote the use of tankless propane
Exchange (ACE) program
water heaters to our existing customers with
• Attracting and retaining new residential
electric water heaters. We are also developing
and commercial customers.
partnerships with the manufacturers of
commercial lawn mowers to increase the
Acquisitions Add 42,000 Customers.
availability of propane-powered equipment.
Acquisitions have sustained our growth
for close to 50 years. During fiscal 2008,
Value, Service and Safety
we completed four acquisitions, and on
Underscore Our Efforts
October 1, 2008, we purchased Penn Fuel
AmeriGas performance is
We remain focused on our value proposition
Propane, LLC. These five acquisitions added
sustained by 5,900 employees
to be the most reliable, the safest and the most
42,000 customers and 20 million annual
who deliver on our value responsive propane company in the United
gallons.
proposition to be the most States. We monitor and evaluate our reliability
reliable, the safest and the and responsiveness through an index of factors
Strategic Accounts Growth Rate Averages 9%.
most responsive propane that reflect customer satisfaction and loyalty.
We have the best geographic coverage and
supplier in the United States. In 2008, 93% of our customers surveyed were
the most extensive storage and distribution
satisfied or very satisfied with the service they
network in the industry. These factors make
received from AmeriGas, despite significant
us the provider of choice for large-volume
industry-wide product cost increases.
propane users with multiple locations who
want the benefits and convenience of working
Safety is a core value at AmeriGas and we
with a single supplier. We serve Strategic
have demonstrated consistent improvement
Accounts customers at nearly 20,000 locations
in our safety performance. In 2008, our safety
and our annual earnings growth rate from this
results improved by more than 25% as a direct
program has averaged 9% since 2005.
result of a new management training program,
the development of localized safety plans
10 Million Cylinder Transactions in 2008. Our
and several training programs focused on
AmeriGas Cylinder Exchange (ACE) program
improving driving skills.
gives the AmeriGas brand a visible presence
at approximately 25,000 home centers,
4
8. Sustainable Performance:
Adaptable to Change
Adaptability has sustained UGI’s performance for more than 125 years. We have
anticipated and responded to changing business conditions. We have evolved,
innovated and capitalized on opportunities and remained true to our core business
of providing energy-related products and services.
International Propane
Our decision to expand our propane expertise have a unique gas level indicator and our
to markets abroad has diversified our business Calypso tank is made of composite materials
among different economies, currencies and that make it lightweight and easy to carry. In
climates. Our international expansion allows 2008, Antargaz collaborated with the Carrefour
us to capitalize on business opportunities in group – a major European retailer – to provide
countries with growth rates that exceed those the company with its own butane cylinder
in the United States. house brand.
Antargaz Focuses on Providing Superior Customer Service. We pro-
Innovation and New Markets vide responsive service to customers through
Antargaz is one of the largest liquefied petro- our national call center in France. We also use
leum gas (LPG) suppliers in France. We grew call agents who survey our customers and
our customer base by our ability to identify identify potential service problems. This initia-
growth segments and to adapt quickly to tive helps us maintain customer loyalty. We
change by introducing innovative products developed new marketing offers and services
and supply arrangements. Our strategy is to increase brand loyalty, such as incentives to
focused on three objectives: to develop new customers who switch to more energy-saving
market opportunities; to pursue innovation and environmentally friendly gas equipment.
in products and services; and to provide
Flaga Grows Across
superior customer service.
Central and Eastern Europe
Flaga has a reputation for high service and
Developing New Market Opportunities with
Community Systems. Antargaz is a market safety standards and has been successful
leader in the installation of community propane in establishing itself as the leading LPG
systems, which are piped and metered from a distributor in Austria. Through its central and
Our International Propane
central underground tank. These community eastern European joint venture, Flaga has
operations excel in identifying
systems bring the benefits of gas to an entire established a market leadership position in the
growth segments and adapting town and are more cost effective than setting Czech Republic and Slovakia and a presence
to change by introducing individual tanks for each customer. In the last in Hungary, Poland and Romania. Our internal
innovative products and supply three years, Antargaz has developed long-term growth rates, coupled with several investment
systems that retain and grow supply agreements that range from 25 to 30 and acquisition opportunities, indicate
our customer base. years with 50 towns, and currently has 150 substantial growth potential.
such projects in various stages of development.
We build customer loyalty by continually
Antargaz aims to capitalize on the availability
improving the skills of our call center and sales
of an estimated 3,000 French towns eligible to
staff. We developed a key accounts program,
install this type of community propane system.
similar to the Strategic Accounts program at
AmeriGas, to capture more volume from exist-
Product Innovation in the Cylinder Business.
ing customers who value a supplier offering
Butane cylinders are widely available in French
high service levels. Our footprint in central and
supermarkets and are used primarily for
eastern Europe provides a competitive advan-
cooking inside the home. We currently serve
tage and positions Flaga to be a single supplier
more than 3 million consumers in this market
for large multi-location customers that have
segment and are growing our market share
activities in several European countries.
through product innovation that distinguishes
us from our competitors. Our +Control tanks
6
10. Sustainable Performance:
Execution of Strategies
We set clear strategies and do our homework before changing course or
implementing new initiatives. We sweat the details that determine how well we
execute our strategies to attain our goals.
Gas and Electric
We have been in the energy utility business Response to Changing Economic Climate.
in Pennsylvania since 1882. Over that time we Our Gas Utility territory has historically
have successfully adapted to significant change: experienced a higher-than-average residential
regulations affecting our business, changing and commercial growth rate that fueled our
economic trends, evolving technology and expansion over the past decade. As a response
growing customer expectations. Regardless to the decline in new housing, which slowed
of the challenge, we remain flexible and our growth, we shifted our marketing efforts
continuously reposition ourselves to sustain to converting homes from heating oil and
our performance over the long term. electricity to natural gas. As a result of our
efforts, conversions increased nearly 90% in
Gas Utility Acquisitions. In fiscal year 2008, fiscal year 2008.
we completed the two-year integration of
UGI Penn Natural Gas. On October 1, 2008, Electric Distribution Business Continues
we acquired the natural gas business of PPL Load Growth. Our electric distribution
Corporation, which added 76,000 customers business continues to see load growth as
in eastern and central Pennsylvania. These consumers add new appliances and equip-
acquisitions grow and diversify our gas utility ment, such as computers and air conditioners.
business and contribute to our overall success. To achieve operating cost efficiencies in
this growing environment, we consolidated
We renamed our October 2008 acquisition operations with our UGI Penn Natural Gas
UGI Central Penn Gas and will integrate this subsidiary and combined office locations,
business into our existing operations to meter reading departments and vehicle
operate as a single unit. We have several new garages. We maintained our high levels of
initiatives to improve the operations of the customer satisfaction during this transition
business, including the use of technology that period.
Our Utility employees focus
allows us to serve customers better and at a
on maintaining high levels of
lower cost, such as remote transmitters on Focus on Customer Service and Safety.
customer satisfaction as we
our gas meters. UGI Utilities has a long history of outstanding
work to integrate two recent
customer satisfaction. Our track record for
acquisitions. We continuously monitor the effectiveness of service awards is unmatched by any other
our operating methods and the costs of doing gas utility in the country. We are focused on
business. In 2008, we examined the costs meeting the future needs of our customers and
of our operational infrastructure and how adapt constantly to meet their expectations for
effectively it supports our ability to respond superior service.
to the changing needs of our customers. As
a result, we closed and consolidated two UGI Utilities trains employees to maintain high
facilities and will complete the merger of two safety standards. We are committed to improve
more locations by the end of January 2009. our safety measures and have been cited as a
top-quartile safety performer in the industry.
In 2008, our combined Gas and Electric Utility
operations reduced OSHA recordable injuries
by more than 20%.
8
12. Sustainable Performance:
Strong Cash Flow
Aggressive goals ensure we deliver on our promise to grow the company.
Our businesses generate cash flow available to pay shareholder dividends
and for reinvestment within our core operations.
Energy Services
In 2008, UGI Energy Services had strong traditional natural gas pipeline service during
performance in its three major lines of periods of peak demand – when pipelines are
business: energy marketing, mid-stream most constrained and transportation costs are
asset management and electric generation. significantly higher. We plan to expand the
Since 2003, our earnings increased more production capacity of our LNG plant by 400%
than 450%. During that period, we adopted over the next several years.
a more diversified strategy, which included
asset-based investments, that complements Electric Generation. We own 150 megawatts of
our commodity lines of business. We currently base load, coal-fired generation and we sell a
have $250 million of growth projects planned majority of this power to wholesale customers
or in progress, which we project will sustain in the northeastern United States. We are
our long-term growth. currently working on two growth investments
in electricity generation. We are engaged in
Energy Marketing. We continue to sell a $36 million renewable electric generation
natural gas, electricity, propane and fuel oil project to capture landfill gas to generate
to approximately 13,000 commercial and electricity. We will own and operate this plant,
industrial customers on 33 utility systems which is expected to go online in early 2009.
in the Northeast. We strategically focus on The second investment is a $113 million project
small commercial and chain accounts, such to repower our coal-fired electric generation
as restaurants, office complexes and grocery station near Wilkes-Barre, Pennsylvania to a
stores. We help them easily and more cost natural gas, combined cycle generating station.
effectively navigate the complexities of the The repowered plant is scheduled to begin
direct purchase and transportation of natural generation in 2011. These projects will increase
gas and other energy products. Our electricity our generation capacity by 97 megawatts and
marketing business is growing rapidly in diversify our fuel base.
several states and we anticipate marked
Our Energy Services group
HVAC Business Enhances Service Levels
growth as markets emerge from electricity
has experienced the highest
rate caps. In 2008, our heating, ventilating and air condi-
growth rates in the company.
tioning business improved its infrastructure,
We have developed assets
Mid-Stream Gas Assets. We continue to add consolidated its call center operations into
that complement our energy
to the portfolio of assets that supports our a single location and implemented a program
marketing lines of business.
energy marketing lines of business. In early of customer satisfaction measurement.
2008, we completed construction of two Residential customer surveys indicate that
propane-air plants, which expanded our overall 97% of our customers are satisfied with our
peaking capacity by more than 25%. Our installation work and 95% of our customers
peaking facilities now include five propane- would recommend our services to others.
air plants and a liquefied natural gas (LNG)
plant. The energy output of these assets offers
local utilities an economical alternative to
10
14. Sustainable Performance:
Environmental Initiatives
We are investing in several sustainable energy initiatives and are examining the
impact of our day-to-day activities and purchases to align them with best practices
in environmental sustainability.
Environmental Issues
Affecting Our Business
Propane and natural gas are environmentally • We encourage the employees of our HVAC
superior fuels, which ensures they will play a business to get LEED (Leadership in Energy
significant role in meeting future energy needs. and Environmental Design) certified to
Both products are also classified as alternative help commercial customers reduce energy
fuels by the EPA, giving our businesses clear expenses through changes in their mechanical
advantages as concerns about climate change systems.
increase. In addition to these inherent product
advantages, we are becoming more proactive Offering Customers Choice. Our Electric Utility
with green energy and conservation initiatives is offering our customers a “green tariff, which
”
that minimize our company’s impact on the allows them to pay a small premium to pur-
environment. chase all or a portion of their electricity genera-
tion from renewable energy sources, such as
wind, solar, methane, biomass or geothermal.
Green Energy Development Projects.
We have several alternative energy projects
and initiatives in progress: Sustainable Business Practices. We are
• We are involved in three landfill gas projects examining our business practices to minimize
that supply methane gas, released from our impact on the environment. We are looking
decaying waste, as an alternative green at ways to increase our recycling efforts and
energy source. improve fleet efficiency. We also are conducting
• We will repower our coal-fired electric building energy audits. These examples are
generation station near Wilkes-Barre, a few of the ways we can be a good role model
Pennsylvania to operate on natural gas. in the industry, as well as a good steward of
• We are developing partnerships with our planet.
commercial lawn mower manufacturers
and dealers to produce propane-powered
lawn mowers, which have lower operating
costs and reduced carbon emissions.
12
15. UGI Corporation 2008 Annual Report
Financial Review
Business Overview (collectively, “Energy Services”). Energy Services’ wholly owned
subsidiary, UGI Development Company (“UGID”), owns and
UGI Corporation (“UGI”) is a holding company that, through
operates a 48-megawatt coal-fired electric generation station
subsidiaries and joint-venture affiliates, distributes and markets
located in northeastern Pennsylvania and owns an approximate
energy products and related services. We are a domestic and
6% interest in a 1,711-megawatt coal-fired electric generation
international distributor of propane and butane which are lique-
station located in western Pennsylvania. In addition, Energy
fied petroleum gases (“LPG”); a provider of natural gas and
Services’ wholly owned subsidiary UGI Asset Management, Inc.,
electric service through regulated local distribution utilities; a
through its subsidiary Atlantic Energy, Inc. (collectively, “Asset
generator of electricity through our ownership interests in
Management”), owns a propane storage terminal located in
Pennsylvania electric generation facilities; a regional marketer of
Chesapeake, Virginia. Energy Services also owns and operates a
energy commodities; and a regional provider of heating, ventila-
natural gas liquefaction, storage and vaporization facility, and
tion, air conditioning, refrigeration and electrical services.
propane storage and propane-air mixing assets. Through other
We conduct a national propane distribution business through
subsidiaries, Enterprises owns and operates heating, ventilation,
AmeriGas Partners, L.P (“AmeriGas Partners”) and its principal
.
air-conditioning, refrigeration and electrical contracting services
operating subsidiaries AmeriGas Propane, L.P and AmeriGas
.
businesses in the Middle Atlantic states (“HVAC/R”).
Eagle Propane, L.P At September 30, 2008, UGI, through its
.
This financial review should be read in conjunction with our
wholly owned second-tier subsidiary AmeriGas Propane, Inc.
Consolidated Financial Statements and Notes to Consolidated
(the “General Partner”), held an approximate 44% effective
Financial Statements including the reportable segment informa-
interest in AmeriGas Partners. We refer to AmeriGas Partners
tion included in Note 16.
and its subsidiaries together as “the Partnership” and the
General Partner and its subsidiaries, including the Partnership,
Executive Overview
as “AmeriGas Propane. ”
Our wholly owned subsidiary UGI Enterprises, Inc. Our financial results over the three fiscal years ended
(“Enterprises”) through subsidiaries (1) conducts an LPG distri- September 30, 2008 (“Fiscal 2008, “Fiscal 2007” and “Fiscal
”
bution business in France; (2) conducts LPG distribution busi- 2006, respectively) reflect the benefits of our commitment to
”
nesses and participates in an LPG joint-venture business grow through acquisitions and capital projects, as well as
(“ZLH”) in central and eastern Europe (collectively, “Flaga”); through our continued focus on executing our strategies in our
and (3) participates in an LPG joint-venture business in the business units. In Fiscal 2006, our growth transactions included
Nantong region of China. Our LPG distribution business in the PG Energy Acquisition by UGI Utilities and Flaga’s formation
France is conducted through Antargaz, an operating subsidiary of ZLH which expanded our International Propane operations
of AGZ Holding (“AGZ”), and its operating subsidiaries (collec- into eastern Europe. In Fiscal 2007 the Partnership acquired the
,
tively, “Antargaz”). We refer to our foreign operations collective- retail propane businesses of All Star Gas Corporation and Shell
ly as “International Propane. ” Gas (LPG) USA. In Fiscal 2008 and Fiscal 2007 Energy Services
,
Our natural gas and electric distribution utility businesses are added peaking storage assets to its portfolio of midstream
conducted through UGI Utilities, Inc. and its subsidiary, UGI assets. On October 1, 2008, we acquired the stock of CPG
Penn Natural Gas, Inc. (“UGIPNG”). The term “UGI Utilities” is from PPL Corporation which expanded our natural gas distribu-
used herein as an abbreviated reference to UGI Utilities, Inc., or tion utility and retail propane businesses in Pennsylvania.
UGI Utilities, Inc. and its subsidiaries collectively, including Because most of our businesses sell energy products used
UGIPNG. UGI Utilities owns and operates (1) natural gas distri- in large part for heating purposes, our results are significantly
bution utilities in eastern and northeastern Pennsylvania (“UGI influenced by temperatures in our service territories, particularly
Gas” and “PNG Gas, respectively) and (2) an electric distribu-
” during the peak-heating season months of November through
tion utility in northeastern Pennsylvania (“Electric Utility”). UGI March. As a result, our earnings are generally higher in the first
Gas and PNG Gas are collectively referred to herein as “Gas and second fiscal quarters. In addition, high and volatile com-
Utility. Gas Utility and Electric Utility are subject to regulation
” modity prices like those experienced by our domestic and inter-
by the Pennsylvania Public Utility Commission (“PUC”). On national businesses over the last several years and weak eco-
August 24, 2006, UGI Utilities, Inc., through UGIPNG, acquired nomic conditions can result in lower customer consumption and
the natural gas utility business of PG Energy, an operating divi- increased competitive pressures in certain markets.
sion of Southern Union Company (the “PG Energy Acquisition”). Net income in Fiscal 2008 increased to $215.5 million from
The acquired natural gas distribution business now comprises $204.3 million in the prior year principally as a result of improved
PNG Gas. On October 1, 2008, UGI Utilities acquired all of the Energy Services and U.S. dollar-denominated International
issued and outstanding stock of PPL Gas Utilities Corporation Propane results. Energy Services experienced higher total margin
(the “CPG Acquisition”), now named UGI Central Penn Gas, Inc. in Fiscal 2008 particularly from greater income from peaking sup-
(“CPG”) (see “Subsequent Event – Acquisition of PPL Gas ply and storage management services and higher total electric
Utilities Corporation and Penn Fuel Propane, LLC and generation margin. During Fiscal 2008, temperatures in our
Partnership Sale of Storage Facility” below). Because the CPG International Propane operations were warmer than normal but
Acquisition occurred after the end of Fiscal 2008, it did not much colder than the record-setting warm temperatures experi-
directly affect the accompanying financial statements. enced during Fiscal 2007 In our International Propane operations,
.
Through other subsidiaries, Enterprises also conducts an the beneficial effects from the weather-related increase in vol-
energy marketing business primarily in the eastern United States umes were offset by a decline in total average retail unit margin
13
16. UGI Corporation 2008 Annual Report
Financial Review (continued)
due to significantly higher LPG commodity costs and increased Highlights – Fiscal 2008 versus Fiscal 2007
competition in certain customer segments at Antargaz. • Energy Services Fiscal 2008 results benefited from
Although Flaga’s results, including those of ZLH, improved in greater income from peaking supply and storage manage-
Fiscal 2008 due in large part to the colder weather, ZLH contin- ment services and higher electric generation margin.
ued to experience the effects on sales volumes of customer • Fiscal 2008 International Propane results improved driven
conservation and competition from other suppliers and alterna- by a return to more normal weather compared with the
tive fuels caused in large part by high and increasing LPG com- record-setting warm weather experienced in Fiscal 2007 .
modity costs. AmeriGas Propane’s sales volumes were also • Significant increases in LPG cost during most of Fiscal 2008
affected by price-induced customer conservation due to extraor- caused all propane businesses to experience increased con-
dinarily high propane product costs in the U.S. Additionally, each servation and certain of our International Propane business
of our domestic businesses and, to a lesser extent, our units to experience modest unit margin reductions.
International Propane operations were negatively affected by • AmeriGas Propane total margin was higher in Fiscal 2008
general economic conditions during Fiscal 2008. despite the effects of price-induced customer conserva-
The U.S. dollar was weaker versus the euro in Fiscal 2008 tion on volumes sold.
than in Fiscal 2007 Although the weaker dollar resulted in high-
. Increase
er translated International Propane operating results, the effects 2007 (Decrease)
AmeriGas Propane: 2008
of the weaker dollar on reported International Propane net
(Millions of dollars)
income were substantially offset by the effects of Fiscal 2008
Revenues $2,277.4 $537.8 23.6%
$2,815.2
losses on forward currency contracts used to hedge purchases
Total margin (a) $ 840.2 $ 66.7 7.9%
$ 906.9
of dollar-denominated LPG.
Partnership EBITDA (b) $ 338.7 $ (25.7) (7.6)%
$ 313.0
Looking ahead, we expect that our Fiscal 2009 financial
Operating income $ 265.8 $ (30.8) (11.6)%
$ 235.0
results will be significantly influenced by, among other things,
Retail gallons sold (millions) 1,006.7 (13.5) (1.3)%
993.2
heating-season temperatures in our domestic and international
Degree days - % warmer
service territories, the effects of commodity prices on customer
than normal (c) 6.5% – –
3.4%
consumption of our products and competition in the markets
(a) Total margin represents total revenues less total cost of sales.
we serve. The severity and duration of the weak U.S. economy
and weak economies in France and eastern and central Europe (b) Partnership EBITDA (earnings before interest expense, income taxes and deprecia-
tion and amortization) should not be considered as an alternative to net income (as an
may affect consumption of energy products in the markets we
indicator of operating performance) or as an alternative to cash flow (as a measure of
serve. Notwithstanding these economic challenges, in order to
liquidity or ability to service debt obligations) and is not a measure of performance or
continue our strategy of growing our businesses in markets in financial condition under accounting principles generally accepted in the United States
of America. Management uses Partnership EBITDA as the primary measure of segment
which we have core competencies, we expect to continue to
profitability for the AmeriGas Propane reportable segment (see Note 16 to Consolidated
pursue growth through acquisitions and internal growth initia-
Financial Statements).
tives, extend our presence in the markets we serve with new
(c) Deviation from average heating degree days for the 30-year period 1971-2000 based
and innovative products and services, and control our operating
upon national weather statistics provided by the National Oceanic and Atmospheric
costs throughout the organization.
Administration (“NOAA”) for 335 airports in the United States, excluding Alaska.
Based upon heating degree-day data, average temperatures
Results of Operations
in AmeriGas Propane’s service territories were 3.4% warmer
The following analyses compare the Company’s results of oper-
than normal in Fiscal 2008 compared with temperatures that
ations for (1) Fiscal 2008 with Fiscal 2007 and (2) Fiscal 2007
were 6.5% warmer than normal in Fiscal 2007 Notwithstanding
.
with Fiscal 2006.
the slightly colder Fiscal 2008 weather and the full year benefits
Fiscal 2008 Compared with Fiscal 2007 of acquisitions made in Fiscal 2007 retail gallons sold were
,
slightly lower reflecting, among other things, customer conser-
Consolidated Results
Variance – vation in response to increasing propane product costs and a
Favorable
weak economy. The average wholesale propane cost at Mont
2007 (Unfavorable)
2008
Belvieu, Texas, one of the major LPG supply points in the U.S.,
Net % of Total Net
% of Total
Income Net Income
Net Net increased nearly 50% during Fiscal 2008 over the average cost
Income (Loss) % Change
(Loss)
Income Income
during the same period last year.
(Millions of dollars) Retail propane revenues increased $480.7 million in Fiscal 2008
AmeriGas Propane 20.4% $ 53.2 26.0% $ (9.3) (17.5)%
$ 43.9 reflecting a $507 million increase due to the higher average sell-
.0
International Propane 44.9 22.0% 7.4 16.5%
52.3 24.3% ing prices partially offset by a $26.3 million decrease as a result of
Gas Utility 59.0 28.9% 1.3 2.2%
60.3 28.0% the lower retail volumes sold. Wholesale propane revenues
Electric Utility 13.7 6.7% (0.6) (4.4)%
13.1 6.1% increased $47 million in Fiscal 2008 reflecting a $55.1 million
.8
Energy Services 34.5 16.9% 10.8 31.3%
45.3 21.0% increase from higher average wholesale selling prices partially off-
Corporate & Other (1.0) (0.5)% 1.6 N.M.
0.6 0.2% set by a $7 million decrease from lower wholesale volumes sold.
.3
Total $ 215.5 100.0% $204.3 100.0% $ 11.2 5.5% Other revenues increased $9.3 million reflecting in large part higher
fee income. Total cost of sales increased $471.1 million to $1,908.3
N.M. – Variance is not meaningful.
million in Fiscal 2008 reflecting higher propane product costs.
14
17. UGI Corporation 2008 Annual Report
Total margin was $66.7 million greater in Fiscal 2008 princi- During Fiscal 2008, the average currency translation rate was
pally reflecting higher average propane margin per retail gallon $1.51 per euro compared to a rate of $1.34 during Fiscal 2007 .
sold and, to a much lesser extent, higher fee income. The effects of the weaker dollar on year-over-year International
Partnership EBITDA in Fiscal 2008 was $313.0 million com- Propane net income were substantially offset, however, by the
pared to EBITDA of $338.7 million in Fiscal 2007 Fiscal 2007
. impact of losses on forward currency contracts used to pur-
EBITDA includes $46.1 million resulting from the sale of the chase dollar denominated LPG.
Partnership’s Arizona storage facility. Excluding the effects of this International propane euro-based revenues increased €147 .4
gain in Fiscal 2007 EBITDA in Fiscal 2008 increased $20.4 million
, million principally reflecting higher Antargaz and Flaga average
over Fiscal 2007 principally reflecting the previously mentioned selling prices during Fiscal 2008 and the higher Antargaz and
increase in total margin partially offset by a $47 million increase
.9 Flaga retail volumes sold. International Propane’s total cost of
in operating and administrative expenses. The increased operat- sales increased to €434.9 million in Fiscal 2008 from €292.6
ing expenses reflect expenses associated with acquisitions, million in Fiscal 2007 largely reflecting the higher per-unit LPG
,
increased vehicle fuel and maintenance expenses, greater gener- commodity costs, the greater volumes sold and, to a much
al insurance expense and, to a lesser extent, higher uncollectible lesser extent, higher losses on forward currency contracts.
accounts expenses largely attributable to the higher revenues. International Propane total margin increased €5.1 million or
AmeriGas Propane’s operating income decreased $30.8 mil- 1.6% in Fiscal 2008 reflecting the effects of the greater retail
lion in Fiscal 2008 reflecting the lower EBITDA and higher sales of LPG substantially offset by a decline in average retail
depreciation and amortization expense resulting from the full- unit margin per gallon primarily due to the significantly higher
year effects of Fiscal 2007 propane business acquisitions and LPG commodity costs and increased competition in certain cus-
plant and equipment expenditures. tomer segments at Antargaz. In U.S. dollars, total margin
increased $61.1 million or 14.8% principally reflecting the
Increase
effects of the weaker dollar on translated euro base-currency
2007 (Decrease)
International Propane: 2008
revenues and cost of sales.
(Millions of euros)
International Propane euro-based operating income decreased
Revenues €602.4 €147.4 24.5%
€ 749.8
€2.9 million principally reflecting the previously mentioned €5.1
Total margin (a) €309.8 € 5.1 1.6%
€ 314.9
million increase in total margin more than offset by higher operat-
Operating income € 73.3 € (2.9) (4.0)%
€ 70.4
ing and administrative expenses, due in large part to the effects
Income before income taxes € 51.4 € (2.6) (5.1)%
€ 48.8
of the increased sales activity and higher fuel costs, and greater
depreciation from plant and equipment additions. On a U.S. dollar
(Millions of dollars)
Revenues $800.4 $324.4 40.5% basis, operating income increased $12.3 million as the previously-
$1,124.8
Total margin (a) $411.8 $ 61.1 14.8% mentioned $61.1 million increase in total margin was substantially
$ 472.9
Operating income $ 94.5 $ 12.3 13.0% offset by higher U.S. dollar denominated operating and adminis-
$ 106.8
Income before income taxes $ 64.1 $ 8.9 13.9% trative expenses and depreciation and amortization expense.
$ 73.0
Euro-based income before income taxes was €2.6 million lower
Antargaz retail gallons sold (millions) 269.1 23.5 8.7%
292.6
than last year primarily reflecting the lower operating income. In
Degree days - % warmer
U.S. dollars, income before income taxes was $8.9 million higher
than normal (b) 21.1% – –
4.1%
than the prior year reflecting the higher operating income slightly
(a) Total margin represents total revenues less total cost of sales. offset by greater U.S. dollar translated interest expense. Although
Flaga’s results, including those of ZLH, improved in Fiscal 2008
(b) Deviation from average heating degree days for the 30-year period 1971-2000 at
more than 30 locations in our French service territory. due in large part to the colder weather, ZLH continued to experi-
ence the effects on sales volumes of customer conservation and
Based upon heating degree-day data, temperatures in
competition from alternative fuels and other suppliers caused in
Antargaz’ service territory were approximately 4.1% warmer
large part by high and increasing LPG commodity costs.
than normal during Fiscal 2008 compared with temperatures
2007 Increase
that were approximately 21.1% warmer than normal during Gas Utility: 2008
Fiscal 2007 Temperatures in Flaga’s service territory were also
. (Millions of dollars)
warmer than normal and significantly colder than the prior year. Revenues $1,044.9 $ 93.4 8.9%
$1,138.3
Principally as a result of the colder weather, Antargaz’ retail vol- Total margin (a) $ 303.4 $ 3.8 1.3%
$ 307.2
umes sold increased to 292.6 million gallons in Fiscal 2008 Operating income $ 136.6 $ 1.0 0.7%
$ 137.6
from 269.1 million gallons in Fiscal 2007 Flaga also recorded
. Income before income taxes $ 96.7 $ 3.8 3.9%
$ 100.5
higher retail gallons sold in Fiscal 2008. The beneficial volume System throughput -
effects on Antargaz resulting from the colder weather were par- billions of cubic feet (“bcf”) 131.8 1.9 1.4%
133.7
tially offset by customer conservation in response to substan- Degree days - % warmer
tially higher LPG commodity costs, the loss of a low-margin than normal (b) 4.7% – –
5.5%
industrial customer and a weaker economy. The average whole-
(a) Total margin represents total revenues less total cost of sales.
sale price for propane in northwest Europe during Fiscal 2008
(b) Deviation from average heating degree days for the 30-year period 1975-2004 based
was nearly 35% higher than such average price in Fiscal 2007 .
upon weather statistics provided by NOAA for airports located within Gas Utility’s serv-
ice territory.
15
18. UGI Corporation 2008 Annual Report
Financial Review (continued)
Increase
Temperatures in the Gas Utility service territory based upon
2007 (Decrease)
Electric Utility: 2008
heating degree days were 5.5% warmer than normal in Fiscal
2008 compared with temperatures that were 4.7% warmer than (Millions of dollars)
Revenues $121.9 $17.3 14.2%
normal in Fiscal 2007 Total distribution system throughput
. $139.2
Total margin (a) $ 47.3 $ (0.3) (0.6)%
increased 1.9 bcf in Fiscal 2008 principally reflecting greater inter- $ 47.0
Operating income $ 26.0 $ (1.6) (6.2)%
ruptible delivery service volumes (principally volumes associated $ 24.4
Income before income taxes $ 23.6 $ (1.2) (5.1)%
with low margin cogeneration customers) and an increase in the $ 22.4
Distribution sales - millions of
number of Gas Utility core market customers partially offset by
kilowatt hours (“gwh”) 1,010.6 (6.2) (0.6)%
lower average usage per customer due in large part to price- 1,004.4
induced customer conservation and a weak economy. Gas
(a) Total margin represents total revenues less total cost of sales and revenue-related
Utility’s core market customers principally comprise firm- residen- taxes, i.e. gross receipts taxes of $7.9 million and $6.8 million in Fiscal 2008 and Fiscal
2007, respectively. For financial statement purposes, revenue-related taxes are included
tial, commercial and industrial (“retail core-market”) customers,
in “Utility taxes other than income taxes” on the Consolidated Statements of Income.
who purchase their gas from Gas Utility and, to a much lesser
extent, residential and small commercial and industrial (“core Electric Utility’s kilowatt-hour sales in Fiscal 2008 were about
market transportation”) customers who purchase their gas from equal to Fiscal 2007 on heating-season weather that was slightly
alternate suppliers. warmer and cooling-season weather that was slightly cooler.
Gas Utility revenues increased $93.4 million in Fiscal 2008 prin- Electric Utility revenues increased $17 million principally as a
.3
cipally reflecting a $57 million increase in revenues from off-sys-
.4 result of higher Provider of Last Resort (“POLR”) rates. Electric
tem sales and the effects of higher average purchased gas costs Utility cost of sales increased to $84.3 million in Fiscal 2008 from
(“PGC”) rates on retail core-market revenues. Increases or $67 million in the prior year principally reflecting higher per-unit
.8
decreases in retail core-market revenues and cost of sales princi- purchased power costs.
pally result from changes in retail core-market volumes and the Electric Utility total margin in Fiscal 2008 was about equal to
level of gas costs collected through the PGC recovery mechanism. Fiscal 2007 reflecting the effects of the higher POLR rates offset
Under the PGC recovery mechanism, Gas Utility records the cost principally by the higher per-unit purchased power costs and high-
of gas associated with sales to retail core-market customers at er revenue-related taxes.
amounts included in PGC rates. The difference between actual gas The decrease in Fiscal 2008 Electric Utility operating income
costs and the amounts included in rates is deferred on the balance reflects slightly higher operating and administrative costs including
sheet as a regulatory asset or liability and represents amounts to higher system maintenance and uncollectible accounts expense.
be collected from or refunded to customers in a future period. As a Income before income taxes reflects the lower operating income
result of this PGC recovery mechanism, increases or decreases in partially offset by lower interest expense on bank loans.
the cost of gas associated with retail core-market customers have
2007 Increase
Energy Services: 2008
no direct effect on retail core-market margin. Gas Utility’s cost of
sales was $831.1 million in Fiscal 2008 compared with $741.5 mil- (Millions of dollars)
Revenues $1,336.1 $283.4 21.2%
lion in Fiscal 2007 principally reflecting the greater off-system sales $1,619.5
Total margin (a) $ 100.9 $ 23.2 23.0%
and the increase in average retail core-market PGC rates. $ 124.1
Operating income $ 57.4 $ 19.9 34.7%
Gas Utility total margin increased $3.8 million in Fiscal 2008 $ 77.3
Income before income taxes $ 57.4 $ 19.9 34.7%
primarily reflecting modest increases in interruptible delivery $ 77.3
service and core market total margin. (a) Total margin represents total revenues less total cost of sales.
The increase in Gas Utility operating income principally reflects
Notwithstanding retail gas volumes in Fiscal 2008 that were
the previously mentioned $3.8 million increase in total margin and
approximately equal to the prior-year period, Energy Services
a $5.3 million increase in other income partially offset by modestly
revenues increased $283.4 million principally reflecting the
higher operating and administrative expenses. The higher other
effects of higher commodity costs for natural gas and propane,
income reflects in large part greater storage contract fees and a
higher electricity spot-market and fixed contract prices, and
$2.2 million postretirement benefit plan curtailment gain. The
higher revenues from peaking supply services.
increase in operating and administrative expenses includes,
Total margin from Energy Services was $23.2 million higher
among other things, higher environmental legal costs and greater
in Fiscal 2008 reflecting greater total margin from peaking sup-
uncollectible accounts expense. Gas Utility income before income
ply and storage management services, due in part to the expan-
taxes also reflects lower interest expense on bank loans.
sion of peaking facilities and higher peaking rates charged, and
higher electric generation margin resulting in large part from
higher spot-market and fixed contract prices for electricity in
Fiscal 2008 compared with Fiscal 2007 The increase in Energy
.
Services’ operating income and income before income taxes in
Fiscal 2008 principally reflects the previously mentioned $23.2
million increase in total margin partially offset by slightly higher
operating and administrative expenses.
16