UGI : Consolidated Financial Statements for the quarter ended June 30, 2023

UGI INTERNATIONAL, LLC

AND SUBSIDIARIES

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AND

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS

OF OPERATIONS

for the three and nine months ended June 30, 2023 and 2022

(Unaudited)

UGI INTERNATIONAL, LLC AND SUBSIDIARIES

TABLE OF CONTENTS

	Page
Glossary of Terms and Abbreviations	3
Financial Statements (unaudited):
Condensed Consolidated Balance Sheets as of June 30, 2023, September 30, 2022 and June 30, 2022	5
Condensed Consolidated Statements of Income for the three and nine months ended June 30, 2023 and	6
2022
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended	7
June 30, 2023 and 2022
Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2023 and 2022	8
Condensed Consolidated Statements of Changes in Equity for the nine months ended June 30, 2023 and	9
2022
Notes to Condensed Consolidated Financial Statements	10
Management's Discussion and Analysis of Financial Condition and Results of Operations	22

UGI INTERNATIONAL, LLC AND SUBSIDIARIES

GLOSSARY OF TERMS AND ABBREVIATIONS

Terms and abbreviations used in this document are defined below:

UGI International and Related Entities

AvantiGas - AvantiGas Limited, an indirect wholly owned subsidiary of UGI International

Company - UGI International and its consolidated subsidiaries collectively

DVEP - DVEP Investeringen B.V., an indirect wholly owned subsidiary of UGI International

Enterprises - UGI Enterprises, LLC, a Pennsylvania limited liability company and wholly owned subsidiary of UGI Flaga - Flaga GmbH, an indirect wholly owned subsidiary of UGI International

UGI - UGI Corporation or, collectively, UGI Corporation and its consolidated subsidiaries

UGI France - UGI France SAS (a Société par actions simplifiée), an indirect wholly owned subsidiary of UGI International UGI International - UGI International, LLC, a wholly owned subsidiary of Enterprises

UniverGas - UniverGas Italia S.r.l, an indirect wholly owned subsidiary of UGI International

Other Terms and Abbreviations

2.50% Senior Notes - An underwritten private placement of €400 million principal amount of senior unsecured notes due December 1, 2029, issued by UGI International, LLC

2022 Annual Report - UGI International's audited financial statements and related notes, along with Management's Discussion and Analysis of Financial Condition and Results of Operations for the fiscal year ended September 30, 2022

2022 nine-monthperiod - Nine months ended June 30, 2022

2022 three-monthperiod - Three months ended June 30, 2022 2023 nine-monthperiod - Nine months ended June 30, 2023

2023 three-monthperiod - Three months ended June 30, 2023 AOCI - Accumulated Other Comprehensive Income (Loss) ASC - Accounting Standards Codification

ASC 606 - ASC 606, "Revenue from Contracts with Customers"

ASU - Accounting Standards Update

COVID-19- A novel strain of coronavirus disease discovered in 2019

Euribor - Euro Interbank Offered Rate

Fiscal 2021 - The fiscal year ended September 30, 2021

Fiscal 2022 - The fiscal year ended September 30, 2022

Fiscal 2023 - The fiscal year ending September 30, 2023

GAAP - U.S. generally accepted accounting principles

LPG - Liquefied petroleum gas

NPNS - Normal purchase and normal sale

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UGI INTERNATIONAL, LLC AND SUBSIDIARIES

UGI International 2023 Credit Facilities Agreement - A five-year unsecured senior facilities agreement entered into in March 2023 comprising a €300 million variable-rate term loan facility and a €500 million multicurrency revolving credit facility scheduled to expire in March 2028

UGI International Credit Facilities Agreement - A five-year unsecured senior facilities agreement entered into in October 2018, by UGI International, LLC comprising a €300 million term loan facility and a €300 million revolving credit facility, scheduled to expire in October 2023, repaid in full and terminated concurrently with the execution of the UGI International 2023 Credit Facilities Agreement

UGI International 3.25% Senior Notes - An underwritten private placement of €350 million principal amount of senior unsecured notes originally due November 1, 2025, issued by UGI International, LLC. The UGI International 3.25% Senior Notes were repaid in December 2021.

U.K. - United Kingdom

U.S. - United States of America

USD - U.S. dollar

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UGI INTERNATIONAL, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(Millions of dollars)

		June 30,		September 30,			June 30,
		2023			2022			2022
ASSETS
Current assets:
Cash and cash equivalents	$	192	$	298	$	482
Restricted cash		23			2			3
Accounts receivable (less allowances for doubtful accounts of $30, $20		427			530			573
and $17, respectively)
Inventories		143			188			156
Derivative instruments		7			751			640
Held for sale assets (Note 11)		50			295			-
Prepaid expenses and other current assets		44			48			56
Total current assets		886			2,112			1,910
Property, plant and equipment, (less accumulated depreciation of $1,046,		1,008			901			958
$870 and $925, respectively)
Goodwill		942			840			898
Intangible assets, net		114			119			131
Derivative instruments		45			497			367
Other assets		188			141			146
Total assets	$	3,183	$	4,610	$	4,410
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	1	$	1	$	1
Short-term borrowings		245			1			1
Accounts payable		227			301			293
Employee compensation and benefits accrued		48			55			48
Derivative instruments		33			87			54
Held for sale liabilities (Note 11)		37			19			-
Other current liabilities		219			219			207
Total current liabilities		810			683			604
Long-term debt		759			681			728
Deferred income taxes		177			599			553
Derivative instruments		11			24			22
Customer tank and cylinder deposits		260			243			262
Other noncurrent liabilities		77			70			91
Total liabilities		2,094			2,300			2,260
Commitments and contingencies (Note 6)
Equity:
Member's equity		1,080			2,302			2,141
Noncontrolling interests		9			8			9
Total equity		1,089			2,310			2,150
Total liabilities and equity	$	3,183	$	4,610	$	4,410
See accompanying notes to condensed consolidated financial statements.

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