Exhibit 99.1

Excepts from Preliminary Offering Memorandum dated October 15, 2018

Summary Historical Financial and Other Data

The following table sets forth the summary historical financial and other data of UGI International as of and for the periods indicated. The summary historical consolidated financial data as of and for the fiscal years ended September 30, 2017 and 2016 have been derived from UGI International’s audited consolidated financial statements included elsewhere in this offering memorandum. The summary historical consolidated financial data for the fiscal year ended September 30, 2015 have been derived from UGI International’s audited consolidated financial statements not included in this offering memorandum. We have derived the summary historical consolidated financial data as of and for the nine months ended June 30, 2018 and 2017 from the unaudited condensed consolidated financial statements of UGI International for such periods included in this offering memorandum. The historical consolidated financial statements for the interim periods contain all adjustments, consisting of normal recurring adjustments, that management considers necessary for a fair presentation of our financial position and results of operations for the periods presented. We derived the summary historical consolidated financial data for the twelve months ended June 30, 2018 by adding the financial data for the fiscal year ended September 30, 2017 and the nine months ended June 30, 2018, and then subtracting the financial data for the nine months ended June 30, 2017. Operating results for the nine-month and twelve-month periods are not necessarily indicative of results for a full fiscal year, or any other periods. Our historical operating results are not necessarily indicative of our future operating results.

This summary historical financial data of UGI International is qualified in its entirety by reference to, and should be read in conjunction with, the information contained in the sections entitled “Capitalization,” “Selected Historical Consolidated Financial Data” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as well as the consolidated financial

1

statements of UGI International and the notes thereto included elsewhere in this offering memorandum.

(1)                                 Reflects the results of DVEP subsequent to its acquisition on August 31, 2017.

(2)                                 Reflects the results of Finagaz subsequent to its acquisition on May 29, 2015

(3)                                 Reflects the results of UnveriGas subsequent to its acquisition on October 5, 2017.

(4)                                 Reflects allocated share of Parent’s indirect corporate expenses.

2

(5)                                 Includes (loss) gain on certain foreign currency derivative contracts in Fiscal 2017, the nine-month periods ended June 30, 2018 and 2017, and the twelve months ended June 30, 2018, of $(23.9) million, $9.8 million, $(16.1) million and $2.0 million, respectively. Also includes loss from equity investees in Fiscal 2017, Fiscal 2016, Fiscal 2015, the nine-month periods ended June 30, 2018 and 2017, and the twelve months ended June 30, 2018 of $(0.1) million, $(0.2) million, $(1.2) million, $(0.3) million, $(0.3) million and $(0.1) million, respectively.

(6)                                 Reflects net (income) loss associated with noncontrolling interests in certain less than wholly owned subsidiaries.

(7)                                 Total debt reflects long-term debt (including current maturities but excluding debt issuance costs) and short-term borrowings. Net debt reflects Total debt less cash and cash equivalents.

(8)                                 Fiscal 2015 interest expense excludes costs associated with extinguishment of debt of $10.3 million.

(9)                                 UGI International’s management uses the non-GAAP measures “EBITDA” and “Adjusted EBITDA” in assessing its ability to service debt and to meet loan covenants. Management believes that these non-GAAP measures provide meaningful information to investors. These financial measures are not in accordance with, or an alternative to, U.S. GAAP and should be considered in addition to, and not as an alternative to, the comparable U.S. GAAP measures. Our calculations of EBITDA and Adjusted EBITDA may not be comparable to similar measures reported by other companies. For more information, see “Non-GAAP Financial Measures.”

EBITDA and Adjusted EBITDA have important limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Some of these limitations are:

·                  EBITDA and Adjusted EBITDA;

·                  do not reflect our cash expenditures or future requirements for capital expenditures or contracted commitments;

·                  do not reflect the significant interest expense on our debt, including the New Credit Facilities and the Notes;

·                  do not reflect changes in, or cash requirements for, our working capital needs; and

·                  eliminate the impact of income taxes on our results of operations;

·                  although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements; and

·                  other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do, limiting their utility as comparative measures.

The following table includes reconciliations of EBITDA and Adjusted EBITDA to net income attributable to UGI International, LLC, the most directly comparable financial measure calculated and presented in accordance with GAAP for the periods presented:

(a)                                 Includes the effects of rounding.

(b)                                 Represents expenses relating to the integration of Totalgaz SAS (now known as “Finagaz”) subsequent to its acquisition on May 29, 2015.

(10)                          Calculated to give effect to the Transactions as if they had occurred on July 1, 2017.

3

Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis in conjunction with the financial statements and related notes included elsewhere in this offering memorandum. This discussion and analysis contains forward-looking statements that are based on management’s current expectations, estimates and projections about our business and operations. Our actual results may differ materially from those currently anticipated and expressed in such forward-looking statements as a result of various factors, including the factors we describe under “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors” and elsewhere in this offering memorandum. Our fiscal year ends on September 30 of each calendar year and hence references to a fiscal year mean the fiscal year ended September 30 of such calendar year.

Executive Overview

UGI International, through subsidiaries and affiliates, conducts (i) an LPG distribution business in 17 countries throughout Europe (France, Poland, Austria, Hungary, the Czech Republic, Slovakia, Switzerland, Romania, Belgium, the Netherlands, Luxembourg, the United Kingdom, Italy, Finland, Denmark, Norway and Sweden), and (ii) an energy marketing business in France, Belgium, the Netherlands and the United Kingdom. Based on Fiscal 2017 volumes, we believe that we are the largest distributor of LPG in France, Austria, Belgium, Denmark, Luxembourg and Hungary and one of the largest distributors of LPG in Poland, the Czech Republic, Slovakia, Norway, the Netherlands and Sweden.

Financial Review

Nine Months Ended June 30, 2018

We experienced weather during the nine months ended June 30, 2018 (“2018 nine-month period”) that was slightly warmer than normal and warmer than the nine months ended June 30, 2017 (“2017 nine-month period”). Although temperatures were slightly warmer than normal, the weather was inconsistent with weather during the first four months of the 2018 nine-month period being normal, followed by a cold February and late March, and ending with much warmer than normal late spring and early summer. In addition, the start of Fiscal 2018 was preceded by an unusually dry summer that reduced agricultural demand for crop drying. During the nine months ended June 2018, average wholesale prices for LPG in northwest Europe were slightly higher than in the prior year. Total LPG retail gallons sold were higher in the 2018 nine-month period principally reflecting incremental gallons from the UniverGas acquisition and slightly higher legacy business retail LPG volumes partially offset by lower crop drying volumes. Although average propane and butane wholesale prices increased during the 2018 nine-month period, we were able to compensate for these rising costs through effective price management. We incurred approximately $20.8 million of Finagaz integration expenses in the 2018 nine-month period as we have completed substantially all major integration activities associated with the Finagaz operations acquired in May 2015. With substantially all of the Finagaz integration activities now behind us, we expect to see the continuing synergistic benefits from these integration activities in our future operating results. Our 2018 nine-month period also reflects the operating results of DVEP, our electricity and natural gas marketing business in the Netherlands, that we purchased in August 2017.

Our net income for the 2018 nine-month period was affected by the December 2017 French Finance Bills and the enactment of the Tax Cuts and Jobs Act (the “TCJA”) in the United States.

In December 2017, the French Parliament approved the Finance Bill for 2018 and the second amended Finance Bill for 2017 (collectively, the “December 2017 French Finance Bills”). Among other things, the December 2017 French Finance Bills increased the Fiscal 2018 corporate income tax rate in France from 34.4% to 39.4%. In addition, the December 2017 French Finance Bills included measures to reduce the corporate income tax rate to 25.8% effective for fiscal years starting after January 1, 2022

4

(Fiscal 2023). The corporate income tax rate will decrease each year until it reaches the 25.8% rate in 2022.

The TCJA was enacted into law on December 22, 2017. Among other things, the TCJA reduces the U.S. federal income tax rate from 35% to 21% effective January 1, 2018, and creates a territorial tax system with a one-time mandatory “toll tax” on previously un-repatriated foreign earnings. We are subject to a blended U.S. federal income tax rate of 24.5% for Fiscal 2018 because our fiscal year contains the effective date of the rate change from 35% to 21%. We will be subject to a U.S. federal tax rate of 21% beginning in Fiscal 2019. As a result of the enactment of the TCJA’s territorial regime, during the nine months ended June 30, 2018, the Company re-established a $7.6 million valuation allowance on foreign tax credits which had been previously released in September 2017.

Our financial results include two types of impacts from the enactment of the TCJA and the December 2017 French Finance Bills.

The first impact comprises “one-time” discrete adjustments to our deferred income tax assets and liabilities, accrued income taxes and deferred tax valuation allowances existing as of the dates these tax laws were enacted. These “one-time” adjustments to our income tax assets and liabilities have been excluded from adjusted net income attributable to UGI International, LLC, a non-GAAP financial measure, presented below.

The second impact of the TCJA and the December 2017 French Finance Bills primarily comprises the effects of the tax law changes on current-period results. With respect to the December 2017 French Finance Bills, the impact on current-period results principally includes the higher Fiscal 2018 French corporate income tax rate of 39.4% compared to 34.4% in the prior year. With respect to the TCJA, the impact on current-period results principally reflects the lower U.S. corporate income tax rate, which for Fiscal 2018 consists of a blended federal corporate income tax rate of 24.5% compared to 35% in the prior year. These impacts of the TCJA and the December 2017 French Finance Bills on current-period results have been included in our non-GAAP financial measures presented below.

Year Ended September 30, 2017

We experienced weather in Fiscal 2017 that was slightly warmer than normal but colder than in Fiscal 2016. Expenses associated with the integration of French LPG retail distributor Finagaz, which we acquired in May 2015, were higher in Fiscal 2017 than in Fiscal 2016 ($39.9 million compared to $27.9 million), reflecting substantial progress with our integration activities in our bulk and cylinder businesses. The higher Fiscal 2017 costs associated with these integration activities were offset in large part by the ramping up of expense synergies from these integration activities.

Although our retail volumes were higher in Fiscal 2017 as a result of the colder weather, Fiscal 2017 results were negatively affected by slightly lower LPG unit margins reflecting the effects on unit margins in Fiscal 2017 of higher LPG commodity costs and the beneficial effects in Fiscal 2016 of declining LPG commodity prices. Our Fiscal 2017 net income also reflects a $29 million decrease in net deferred income tax liabilities resulting from a change in the French corporate income tax rate enacted in December 2016 that will become effective in Fiscal 2021.

Year Ended September 30, 2016

Our Fiscal 2016 results reflect the full-year impact of the operations of Finagaz, which was acquired on May 29, 2015. The acquisition of Finagaz nearly doubled our retail distribution business in France and was a significant contributor to the increase in our operating results in Fiscal 2016 compared to Fiscal 2015.

Weather experienced in Fiscal 2016 was warmer than normal and slightly warmer than in Fiscal 2015. However, our retail volumes for Fiscal 2016 were significantly higher than in Fiscal 2015

5

reflecting incremental retail gallons associated with the full-year results of Finagaz and, to a much lesser extent, retail gallons associated with small scale acquisitions at Flaga and AvantiGas. This increase was partially offset by our exiting the low-margin autogas business in Poland. Our adjusted operating income in Fiscal 2016 was significantly higher than in Fiscal 2015, principally reflecting incremental operating income from Finagaz. We incurred $27.9 million of Finagaz integration expenses in Fiscal 2016 compared to $22.6 million in Fiscal 2015 as we finished the first full year of integration activities begun in Fiscal 2015. Our interest expense in Fiscal 2015 includes $10.3 million of costs associated with an early extinguishment of debt in France. Excluding these costs, our interest expense in Fiscal 2016 was slightly lower as higher average debt outstanding resulting from the acquisition of Finagaz was more than offset by lower average interest rates on long-term debt.

Strategic Initiatives

We seek to continue to expand our footprint in Europe as well as to pursue opportunities to capture additional synergies and cost efficiencies. Historically, we have grown our business through both acquisitions and organic investments. Successful acquisitions have provided meaningful growth and allowed us to access new regions, including Italy with the acquisition of UniverGas in 2017 and the Netherlands with respect to energy marketing with the acquisition of DVEP in 2017. We target entering into large, mature markets in Europe. We will continue to seek acquisition opportunities that meet our investment criteria within our current markets and will also consider potential opportunities for attractive acquisitions outside of our existing footprint.

We market and supply natural gas and electricity to small and medium enterprises, schools and municipalities through third party distribution systems. We started developing this business in 2012 and have been leveraging our sales force, best practices and acquisitions to drive growth. As part of this strategy we completed the acquisition of DVEP in the Netherlands in August 2017.

We continue to focus on our core LPG business, which benefits from broad geographic reach, strong brand recognition and a diverse customer base. We prioritize organic growth within our current service territories and plan to reinvest in our business to position our LPG operations for future growth.

Optimum execution is a daily focus in our operations as we drive continuous improvement and efficiencies by standardizing business processes, centralizing support functions where value can be achieved, and enhancing technology. As an example, in 2017 we began the process of centralizing our LPG Supply function to take advantage of our scale. Previously, LPG was acquired locally and in smaller volumes per contract, although quite often from the same supplier. We believe that this newly centralized function allows us to better manage our overall LPG supply costs and provides greater visibility across all of our businesses, enabling us to more effectively manage counterparty risk.

Factors Affecting Our Results of Operations

Seasonality

Because many of our customers use LPG for heating purposes, our results are significantly affected by temperatures across our service territories, particularly during the heating season months of October to March. As a result, our earnings are generally significantly higher in the first half of our fiscal year. In addition, our agricultural customers use propane for crop drying purposes, among other things, and dry weather conditions can reduce the demand for LPG in this market.

Commodity Prices

LPG is an energy commodity and its cost to us is subject to fluctuations in response to supply or other market conditions. Our LPG business is a margin-based business in which our profitability is

6

dependent upon the excess of our sales price over the cost our LPG supply. We generally increase our prices to our customers to recover increases in LPG costs. However, during periods of rapid increases in costs of LPG we may not be able to recover fully such increase in cost especially when such costs increase rapidly. In addition, increases in commodity prices for LPG may result in customer conservation which can reduce volumes sold.

Acquisitions and Integration Costs

Our results also reflect the impact of recent acquisitions. We include the results of acquired companies in our results from the date of acquisition. In May 2015, we purchased the operations of Finagaz which significantly increased the size of our LPG business in France. We have also entered into other smaller scale LPG business acquisitions in Europe during Fiscal 2015, Fiscal 2016 and Fiscal 2017, and closed the acquisition of UniverGas in October 2018. In addition, we expanded our energy marketing business in the Netherlands through the acquisition of DVEP in August 2017. Subsequent to their acquisition, we often incur expenses related to the integration of these businesses with our existing operations in order to achieve operating synergies. We completed our integration activities associated with Finagaz in Fiscal 2018. During the nine months ended June 30, 2018, Fiscal 2017, Fiscal 2016 and Fiscal 2015, we incurred integration and acquisition expenses associated with Finagaz of $20.8 million, $39.9 million, $27.9 million and $22.6 million, respectively.

Foreign Currency Exchange Rates

Our results are translated into U.S. dollars using an average exchange rate for each reporting period or, in the case of balance sheet items, the exchange rate as of the date of the balance sheet. The functional currency of a significant portion of the transactions reflected in our results is the euro and, to a lesser extent, the British pound sterling. Period-to-period changes in exchange rates between these and other currencies in the countries in which we operate and the U.S. dollar can affect our reported results. In order to reduce the volatility in our earnings resulting from changes in these currency exchange rates, we generally enter into forward foreign currency exchange contracts. Changes in the fair values of these contracts are reported in our earnings and realized gains and losses on these contracts generally mitigate the impact of currency exchange rate changes on our adjusted net income.

Derivative Instruments

In order to manage price risk associated with changes in the supply cost of LPG, natural gas and electricity, we may enter into bilateral and exchange-traded forward and futures contracts. We do not designate these contracts as hedges for accounting purposes. Volatility in our earnings as determined in accordance with U.S. GAAP can occur as a result of unrealized gains and losses on these contracts. Because these contracts economically hedge future anticipated purchases of energy commodities, we expect that gains and losses on these contracts, when realized, will be largely offset by gains or losses on the anticipated future energy transactions. We do not use derivative instruments for speculative or trading purposes.

Energy Marketing

We also market and supply natural gas and electricity to small- and medium-sized businesses, schools and municipalities through third-party distribution systems. In August 2017, we expanded our energy marketing business through the acquisition of DVEP in the Netherlands. Our energy marketing business currently constitutes a small but growing portion of our operating results.

7

Parent Company Relationship with UGI Corporation

While UGI Corporation does not have a stated dividend policy with respect to its ownership of UGI International, since the beginning of Fiscal 2015, we have paid dividends to UGI Corporation ($69.8 million and $110.0 million in Fiscal 2016 and 2017, respectively) and expect to continue to pay dividends to our parent company in the future. In addition, we received capital contributions from UGI Corporation ($162.4 million in Fiscal 2015 and $38.0 million in Fiscal 2017) in the past, primarily to fund significant acquisitions (Finagaz in France and UniverGas in Italy), although there can be no assurance that UGI Corporation will contribute capital or otherwise fund our business in the future.

In addition, UGI Corporation provides us with certain financial and administrative services. UGI Corporation bills us for all direct expenses incurred or paid on our behalf and we reimburse UGI Corporation for such expenses. Our financial statements also reflect an allocation of UGI Corporation indirect corporate expenses. This allocation is based upon a weighted, three-component formula comprising revenues, operating expenses and net assets employed and considers our relative share of such items to such items for all of UGI Corporation’s operating subsidiaries for which such services are provided. Such allocated indirect expenses for the nine months ended June 30, 2018 and Fiscal 2017, Fiscal 2016 and Fiscal 2015 totaled $7.5 million, $9.6 million, $9.4 million and $8.5 million, respectively.

Non-GAAP Financial Measures

UGI International does not designate its LPG commodity derivative instruments as hedges under U.S. GAAP. As a result, volatility in net income as determined in accordance with GAAP can occur as gains and losses on commodity derivative instruments not associated with current-period transactions, principally comprising non-cash changes in unrealized gains and losses, are reflected in cost of sales.

UGI International’s management presents the non-GAAP measures adjusted total margin, adjusted operating income, adjusted income before income taxes and adjusted net income attributable to UGI International, LLC in order to assist in the evaluation of UGI International’s overall performance. Management believes that these non-GAAP measures provide meaningful information to investors about UGI International’s performance because they eliminate the impact of (1) gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions and (2) other significant discrete items that can affect the comparisons of period-over-period results. These financial measures are not in accordance with, or an alternative to, U.S. GAAP and should be considered in addition to, and not as a substitute for, the comparable U.S. GAAP measures.

The following table includes reconciliations of adjusted total margin, adjusted operating income, adjusted income before income taxes and adjusted net income attributable to UGI International, LLC

8

to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP for the periods presented.

(1)                                 Represents expenses relating to the integration of Totalgaz SAS (now known as “Finagaz”) subsequent to its acquisition on May 29, 2015.

(2)                                 Includes costs associated with an extinguishment of debt at Antargaz.

(3)                                 Represents the one-time impacts on deferred income taxes associated with the December 2017 French Finance Bills.

(4)                                 Represents the one-time impacts on deferred income taxes associated with the Finance Bill for 2017 and the amended Finance Bill for 2016 approved by the French Parliament in December 2016 (collectively, the “December 2016 French Finance Bills”).

(5)                                 Represents the one-time impacts on deferred income tax assets and liabilities, accrued income taxes and deferred tax valuation allowances associated with the TCJA.

9

Results of Operations

The following analyses compare UGI International’s results of operations for 2018 nine-month period with the 2017 nine-month period; the year ended September 30, 2017 (“Fiscal 2017”) with the year ended September 30, 2016 (“Fiscal 2016”); and Fiscal 2016 with the year ended September 30, 2015 (“Fiscal 2015”).

Nine Months Ended June 30, 2018 and 2017

(a)              Total margin represents total revenues less total cost of sales.

(b)              Total margin, operating income, income before income taxes, and net income attributable to UGI International, LLC for the nine months ended June 30, 2018 and 2017 include the impact of net pre-tax gains (losses) of $39.3 million and $(7.1) million, respectively, on commodity derivative instruments not associated with current-period transactions.

(c)               Operating and administrative expenses include Finagaz integration expenses for the nine months ended June 30, 2018 and 2017, of $20.8 million and $21.8 million, respectively.

(d)              Income before income taxes and net income attributable to UGI International, LLC for the nine months ended June 30, 2018 and 2017 includes the impact of net pre-tax unrealized gains (losses) on certain foreign currency derivative contracts of $24.1 million and $(16.1) million, respectively.

(e)               These financial measures are non-GAAP financial measures and are not in accordance with, or an alternative to, U.S. GAAP and should be considered in addition to, and not a substitute for, the comparable U.S. GAAP measures. See “Non-GAAP Financial Measures” included elsewhere in this Offering Memorandum.

(f)                Deviation from average heating degree days for the 15-year period 2002-2016 at locations in our European service territories.

Average temperatures during the 2018 nine-month period were approximately 4% warmer than normal and approximately 4% warmer than the prior-year period. Total LPG retail gallons sold during the 2018 nine-month period were higher principally reflecting incremental retail LPG gallons sold as a

10

result of our October 2017 acquisition of UniverGas and slightly higher legacy business retail LPG bulk volumes partially offset by slightly lower crop-drying volumes early in the 2018 nine-month period. During the 2018 nine-month period, average wholesale prices for propane and butane in northwest Europe were slightly higher than in the prior-year period.

UGI International base-currency results are translated into U.S. dollars based upon exchange rates experienced during the reporting periods. The functional currency of a significant portion of our UGI International results is the euro and, to a much lesser extent, the British pound sterling. During the 2018 and 2017 nine-month periods, the average unweighted euro-to-U.S. dollar translation rates were approximately $1.20 and $1.08, respectively, and the average unweighted British pound sterling-to-U.S. dollar translation rates were approximately $1.36 and $1.26, respectively. Although the euro and British pound sterling were stronger during the 2018 nine-month period and affect the comparisons of line item amounts presented in the table above, the beneficial impact of these stronger currencies in the 2018 nine-month period on net income attributable to UGI International, LLC was substantially offset by realized net losses on foreign currency exchange contracts.

Revenues increased $716.3 million during the 2018 nine-month period reflecting approximately $355 million of combined incremental revenues from UniverGas and DVEP; the translation effects on legacy business revenues of the stronger euro and British pound sterling; and higher LPG selling prices. The higher LPG selling prices reflect in large part the effects of slightly higher LPG product costs. During the 2018 nine-month period, average unweighted wholesale commodity prices for propane and butane in northwest Europe were approximately 20% and 14% higher than in the prior-year period, respectively. Total cost of sales during the 2018 nine-month period increased $544.5 million from the prior-year period. Cost of sales in the 2018 and 2017 nine-month periods includes gains and (losses) on commodity derivative instruments not associated with current period transactions of $39.3 million and $(7.1) million, respectively. Excluding the effects of these gains and losses on commodity derivative instruments, UGI International cost of sales increased $590.9 million reflecting approximately $306 million of incremental adjusted cost of sales associated with UniverGas and DVEP; the effects on cost of sales from the higher average LPG commodity costs; and the translation effects of the stronger euro and British pound sterling.

UGI International total margin (which includes unrealized gains and losses on commodity derivative instruments not associated with current-period transactions) increased $171.8 million. Adjusted total margin increased $125.4 million reflecting the translation effects of the stronger euro and British pound sterling and approximately $49 million of incremental adjusted margin from UniverGas and DVEP.

Operating income (which includes unrealized gains and losses on commodity derivative instruments not associated with current-period transactions and Finagaz integration expenses) increased $69.9 million. Adjusted operating income increased $22.5 million reflecting the $125.4 million increase in adjusted total margin partially offset by the $81.3 million increase in operating and administrative expenses (excluding the effects of the Finagaz integration expenses) and a $20.3 million increase in depreciation and amortization. The increase in operating and administrative costs principally reflects the translation effects of the stronger euro and British pound sterling on local currency expenses and approximately $29 million of incremental expenses from UniverGas and DVEP. The increase in operating and administrative expenses also reflects, among other things, higher compliance costs associated with energy conservation and operational safety requirements and slightly higher distribution costs, partially offset by lower tank and cylinder repair costs. The increase in depreciation and amortization reflects the translation effects of the stronger currencies, incremental amounts associated with UniverGas and DVEP ($7.5 million), and the impact of changes in estimated book lives of certain tanks and cylinders.

11

Income before income taxes (which includes unrealized gains and losses on commodity derivative instruments not associated with current period transactions, Finagaz integration expenses and unrealized gains and losses on certain foreign currency contracts) increased $94.7 million. Adjusted income before income taxes increased $7.1 million principally reflecting the previously mentioned $22.5 million increase in UGI International adjusted operating income reduced by higher realized losses on foreign currency exchange contracts ($14.2 million) and slightly higher interest expense due to the effects of the stronger euro.

Our effective income tax rate was significantly higher in the 2018 nine-month period compared to the prior-year period. Income taxes in the 2018 nine-month period reflect the net one-time beneficial impact on deferred income taxes and valuation allowances of the TCJA and the December 2017 French Finance Bills totaling $4.9 million. These one-time benefits were offset by the negative effects of an increase in the Fiscal 2018 income tax rate in France from 34.4% to 39.4% totaling $4.7 million. Income taxes in the 2017 nine-month period reflect the beneficial effects of a $27.4 million decrease in net deferred income tax liabilities in France as a result of the 2016 French Finance Bills and the beneficial impact of an income tax settlement of $6.7 million, plus interest, in France. Adjusted net income attributable to UGI International excludes the previously mentioned $4.9 million one-time tax benefits in the 2018 nine-month period, and the previously mentioned $27.4 million decrease in net deferred income tax liabilities in the 2017 nine-month period.

Years Ended September 30, 2017 and 2016

(a)                                 Total margin represents total revenues less total cost of sales.

(b)                                 Total margin, operating income, income before income taxes, and net income attributable to UGI International, LLC for Fiscal 2017 and Fiscal 2016 includes the impact of net pre-tax gains of $19.0 million and $31.8 million, respectively, on commodity derivative instruments not associated with current-period transactions.

(c)                                  Operating and administrative expenses includes Finagaz integration expenses in Fiscal 2017 and Fiscal 2016 of $39.9 million and $27.9 million, respectively.

12

(d)                                 Income before income taxes and net income attributable to UGI International, LLC in Fiscal 2017 includes the impact of net pre-tax unrealized losses on certain foreign currency derivative contracts of $23.8 million.

(e)                                  These financial measures are non-GAAP financial measures and are not in accordance with, or an alternative to, U.S. GAAP and should be considered in addition to, and not a substitute for, the comparable U.S. GAAP measures. See “Non-GAAP Financial Measures” included elsewhere in this Offering Memorandum.

(f)                                   Retail gallons sold in Fiscal 2017 reflect a 30.7 million decline in autogas volumes principally as a result of exiting the low-margin autogas business in Poland during Fiscal 2016.

(g)                                  Deviation from average heating degree days for the 15-year period 2002-2016 at locations in our European service territories.

Average temperatures during Fiscal 2017 in our service territories were 1.0% colder than normal and 9.7% colder than in Fiscal 2016. Total retail gallons sold during Fiscal 2017 were slightly higher as the beneficial volume effects of the colder weather were substantially offset by a 30.7 million gallon decline in autogas volumes, principally as a result of exiting the low-margin, high-volume autogas business in Poland during Fiscal 2016, and lower crop-drying volumes as a result of a dry Fiscal 2017 crop season in France. During Fiscal 2017, average wholesale commodity prices for propane and butane in northwest Europe were approximately 34% and 29%, respectively, higher than in Fiscal 2016.

UGI International base-currency results are translated into U.S. dollars based upon exchange rates experienced during the reporting periods. The functional currency of a significant portion of our UGI International results is the euro and, to a much lesser extent, the British pound sterling. Although the British pound sterling and the euro during much of Fiscal 2017 were slightly weaker than during Fiscal 2016, the translation effects of these currencies did not negatively impact UGI International net income due to gains on foreign currency exchange contracts used to hedge a portion of U.S. dollar purchases of LPG.

Revenues increased $15.4 million during Fiscal 2017 as higher average bulk and cylinder LPG selling prices and the effects of the colder weather on bulk sales were substantially offset by the translation impact on revenues of the weaker British pound sterling and euro, the effects of exiting the low-margin autogas business in Poland and lower Fiscal 2017 wholesale sales. Total cost of sales during Fiscal 2017 increased $50.3 million from Fiscal 2016. Cost of sales in Fiscal 2017 and Fiscal 2016 include gains on commodity derivative instruments not associated with current period transactions of $19.0 million and $31.8 million, respectively. Excluding the effects of these gains on commodity derivative instruments, UGI International cost of sales increased $37.5 million during Fiscal 2017 as the effects on cost of sales from the higher average LPG commodity costs and the increase in bulk sales were partially offset by the translation impact from the slightly weaker British pound sterling and the euro, the effects of the lower volumes associated with exiting the autogas business in Poland, and the effects of the lower wholesale sales.

Total margin (which includes unrealized gains on commodity derivative instruments not associated with current-period transactions) decreased $34.9 million. Adjusted total margin decreased $22.1 million primarily reflecting (1) the translation effects of the weaker British pound sterling and euro; (2) slightly lower average retail bulk and cylinder LPG unit margins; and (3) the absence of margin from the autogas business in Poland. The slightly lower average retail bulk and cylinder LPG unit margins principally reflect the negative effects on Fiscal 2017 unit margins of higher LPG commodity costs and the beneficial effects on Fiscal 2016 unit margins of declining LPG wholesale commodity costs. The effect of these decreases in unit margin was partially offset by the increase in bulk sales resulting from the colder weather.

13

Operating income (which includes unrealized gains on commodity derivative instruments not associated with current-period transactions and Finagaz integration expenses) decreased $25.1 million. Adjusted operating income decreased $0.3 million reflecting the $22.1 million decrease in adjusted total margin and an $8.7 million increase in depreciation and amortization expense partially offset by a $21.5 million decrease in operating and administrative expenses (excluding the effects of the Finagaz expenses) and higher other operating income. The decrease in operating and administrative expenses principally reflects lower operating and administrative costs in France resulting from expense synergies associated with the Finagaz integration and, to a much lesser extent, the translation effects of the weaker euro and British pound sterling. The increase in other operating income reflects, in large part, the absence of a $5.5 million loss recorded during Fiscal 2016 associated with interest rate hedge ineffectiveness.

Income before income taxes (which includes unrealized gains on commodity derivative instruments not associated with current-period transactions, Finagaz integration expenses and in Fiscal 2017 unrealized losses on certain foreign currency contracts) decreased $45.1 million. Adjusted income before income taxes increased $3.5 million principally reflecting the $0.3 million decrease in adjusted operating income partially offset by lower interest expense due in large part to lower Fiscal 2017 average interest rates on UGI France’s €600 million Senior Facilities Agreement term loan.

Our effective income tax rate as a percentage of income before income taxes was significantly lower in Fiscal 2017 compared to Fiscal 2016. The lower effective income tax rate principally reflects a $29.0 million decrease in net deferred income tax liabilities in France as a result of a reduction in the French statutory tax rate from 34.43% to 28.92%, effective in Fiscal 2021; the release of a $7.6 million valuation allowance against future uses of foreign tax credit carryforwards; and an income tax settlement of $6.7 million, plus interest, in France. Adjusted net income attributable to UGI International, LLC excludes the $29.0 million adjustment decrease to net deferred income taxes in Fiscal 2017.

Years Ended September 30, 2016 and 2015

(a)                                 Total margin represents total revenues less total cost of sales.

(b)                                 Total margin, operating income, income before income taxes and net income attributable to UGI International, LLC for Fiscal 2016 and Fiscal 2015 includes the impact of net pre-tax gains (losses)

14

of $31.8 million and $(28.4) million on commodity derivative instruments not associated with current-period transactions, respectively.

(c)                                  Operating and administrative expenses includes Finagaz integration and acquisition-related expenses in Fiscal 2016 and Fiscal 2015 of $27.9 million and $22.6 million, respectively.

(d)                                 Fiscal 2015 income before income taxes and net income attributable to UGI International, LLC are net of the impact of pre-tax costs of $10.3 million associated with an extinguishment of debt at Antargaz which are reflected in interest expense.

(e)                                  These financial measures are non-GAAP financial measures and are not in accordance with, or an alternative to, U.S. GAAP and should be considered in addition to, and not a substitute for, the comparable U.S. GAAP measures. See “Non-GAAP Financial Measures” included elsewhere in this Offering Memorandum.

(f)                                   Retail gallons sold in Fiscal 2016 reflect a 69.4 million decline in autogas volumes principally as a result of exiting the low-margin autogas business in Poland during Fiscal 2016.

(g)                                  Deviation from average heating degree days for the 15-year period 2002-2016 at locations in our European service territories.

Fiscal 2016 results include the full-year results of Finagaz, which was acquired on May 29, 2015. The acquisition of Finagaz nearly doubled our retail distribution business in France and is a significant contributor to the variances in the table above.

Based upon heating degree day data, temperatures during Fiscal 2016 were warmer than normal and the prior year. Total retail gallons sold during Fiscal 2016 were significantly higher principally reflecting incremental retail LPG gallons associated with Finagaz and, to a much lesser extent, retail gallons associated with small-scale acquisitions at Flaga and AvantiGas. Partially offsetting these increases was the impact on retail volumes in 2016 of exiting the low-margin autogas business in Poland (69.4 million gallons). During Fiscal 2016, average wholesale commodity prices for both propane and butane in northwest Europe were approximately 20% lower than during Fiscal 2015. Much of the lower wholesale commodity cost occurred during the early part of Fiscal 2016.

Base-currency results are translated into U.S. dollars based upon exchange rates experienced during the reporting periods. The functional currency of a significant portion of our results is the euro and, to a much lesser extent, the British pound sterling. During Fiscal 2016 and Fiscal 2015, the average un-weighted euro-to-U.S. dollar translation rates were approximately $1.11 and $1.15, respectively, and the average unweighted British pound sterling-to-U.S. dollar translation rates were approximately $1.42 and $1.55, respectively. Although the euro and the British pound sterling were weaker during Fiscal 2016 and affect the comparisons of amounts in the table above, these weaker currencies did not negatively impact UGI International net income due to higher gains on foreign currency exchange contracts used to hedge a portion of U.S. dollar purchases of LPG.

Revenues increased $73.4 million during Fiscal 2016 principally reflecting incremental revenues from Finagaz subsequent to its acquisition on May 29, 2015 and, to a much lesser extent, incremental revenues associated with small-scale acquisitions at Flaga and AvantiGas. These increases in revenues were substantially offset by lower average LPG selling prices at each of our legacy European LPG businesses and, to a lesser extent, the impact of exiting the low-margin autogas business in Poland and the effects of the weaker euro and the British pound sterling. The lower average LPG sales prices in Fiscal 2016 resulted from lower average LPG wholesale commodity prices.

15

Total cost of sales during Fiscal 2016 decreased $269.3 million from Fiscal 2015. Cost of sales in Fiscal 2016 and Fiscal 2015 include gains (losses) on commodity derivative instruments not associated with current period transactions of $31.8 million and $(28.4) million, respectively. Excluding the effects of these gains and losses on commodity derivative instruments, cost of sales decreased $209.1 million during Fiscal 2016 principally reflecting the effects of lower average LPG wholesale commodity prices and, to a much lesser extent, the absence of certain low-margin autogas volumes in Poland, the effects of the weaker euro and the British pound sterling, and higher realized gains from foreign currency exchange contracts used to hedge a portion of U.S. dollar purchases of LPG. These decreases in cost of sales were partially offset by incremental cost of sales associated with Finagaz.

Total margin (which includes unrealized gains and losses on commodity derivative instruments not associated with current-period transactions) increased $342.6 million. Adjusted total margin increased $282.4 million primarily reflecting incremental local-currency margin from the full-year results of Finagaz and, to a much lesser extent, higher average unit margins and the impact of the small-scale acquisitions at Flaga and AvantiGas. The higher average unit margins at our legacy UGI France and Flaga businesses reflect the benefits of declining LPG wholesale commodity costs and effective margin management. The impact of the slightly higher local currency total margin was partially offset by the effects on such margin of the weaker euro and the British pound sterling.

Operating income (which includes unrealized gains and losses on commodity derivative instruments not associated with current-period transactions and Finagaz integration expenses) increased $161.3 million. Adjusted operating income increased $106.4 million reflecting the $282.4 million increase in adjusted total margin partially offset by a $141.7 million increase in operating and administrative expenses (excluding the impact of Finagaz integration expenses), a $25.5 million increase in depreciation and amortization and, to a much lesser extent, lower other operating income. The higher operating and administrative expenses primarily reflect incremental expenses associated with Finagaz and, to a much lesser extent, small-scale acquisitions at Flaga and AvantiGas, partially offset by the translation effects of the weaker euro and British pound sterling. The increase in depreciation and amortization expense reflects incremental expenses of Finagaz and the other small-scale acquisitions at Flaga and AvantiGas.

Income before income taxes (which includes unrealized gains and losses on commodity instruments not associated with current-period transactions, Finagaz integration expenses, and costs associated with an extinguishment of debt in Fiscal 2015) increased $173.1 million. Adjusted income before income taxes increased $107.9 million principally reflecting the previously mentioned $106.4 million increase in adjusted operating income. UGI International interest expense in Fiscal 2016 was slightly lower than in Fiscal 2015 (excluding the impact of the $10.3 million costs associated with an extinguishment of debt) as higher average long-term debt balances outstanding at UGI France resulting from the acquisition of Finagaz was more than offset by lower average interest rates on long-term debt and the translation effects of the weaker euro.

Income taxes as a percentage of income before income taxes was slightly higher in Fiscal 2016 compared to Fiscal 2015 reflecting, among other things, higher French company value-added contribution taxes and other income tax effects of foreign operations.

Liquidity and Capital Resources

We depend on both internal and external sources of liquidity to provide funds for working capital and to fund capital requirements. Our short-term cash requirements not met by cash from operations can generally be satisfied with borrowings under our primary credit facilities, although we have generally not needed to borrow under such credit facilities. Long-term cash requirements are generally met through the issuance of long-term debt or capital contributions. We believe that we have sufficient liquidity in the forms of cash and cash equivalents on hand; cash expected to be generated from

16

operations; credit facility borrowing capacity; and the ability to obtain long-term financing to meet anticipated contractual and projected cash commitments.

The primary sources of UGI International’s cash and cash equivalents have been cash flows generated from operations and cash contributions made by UGI Corporation principally to fund acquisitions of businesses. However, there can be no assurance that UGI Corporation will make contributions to our capital or otherwise provide funding in the future. Our primary uses of cash have been to fund acquisitions of businesses, repay long-term debt and pay distributions to our parent company. Our ability to service debt has been, and will continue to be, dependent upon our ability to generate cash from our operations. While UGI Corporation does not have a stated dividend policy with respect to its ownership of UGI International, we expect to continue to pay dividends to our parent company with cash generated from operations.

Our cash and cash equivalents totaled $245.5 million at June 30, 2018, $360.6 million at September 30, 2017, and $358.5 million at September 30, 2016. A substantial portion of this cash is located outside of the United States.

Analysis of Adjusted EBITDA

We use the non-GAAP measures “EBITDA” and “Adjusted EBITDA” in assessing our ability to service debt and to comply with loan covenants. These financial measures are not in accordance with, or an alternative to, U.S. GAAP and should be considered in addition to, and not as an alternative to, comparable U.S. GAAP measures. See “Summary Historical Financial and Other Data” for a presentation of EBITDA and Adjusted EBITDA for Fiscal 2017, Fiscal 2016 and Fiscal 2015, and the nine months ended June 30, 2018 and 2017, as well as reconciliations of EBITDA and Adjusted EBITDA to net income attributable to UGI International, LLC, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.

Nine Months Ended June 30, 2018 and June 30, 2017

Adjusted EBITDA was $28.4 million higher in the 2018 nine-month period reflecting an increase in adjusted total margin of $125.4 million partially offset by an $81.3 million increase in operating and administrative expenses (excluding the effects of the Finagaz integration expenses) and a $14.2 million increase in losses on certain foreign currency exchange contracts resulting from the stronger euro and British pound sterling. Adjusted total margin increased $125.4 million reflecting the translation effects of the stronger euro and British pound sterling and approximately $49 million of incremental margin from UniverGas and DVEP. The increase in operating and administrative expenses principally reflects the translation effects of the stronger euro and British pound sterling on local currency expenses and approximately $29 million of incremental expenses from UniverGas and DVEP. The increase in operating and administrative expenses also reflects, among other things, higher compliance costs associated with energy conservation and operational safety requirements and slightly higher distribution costs, partially offset by lower tank and cylinder repair costs.

Years Ended September 30, 2017 and 2016

Adjusted EBITDA was $8.2 million higher in Fiscal 2018 compared to Fiscal 2017 reflecting a decrease in adjusted total margin of $22.1 million partially offset by an $21.5 million decrease in operating and administrative expenses (excluding the effects of the Finagaz integration expenses) and slightly higher other operating income. The decrease in adjusted total margin million primarily reflects (1) the translation effects of the weaker British pound sterling and euro; (2) slightly lower average retail bulk and cylinder LPG unit margins; and (3) the absence of margin from the autogas business in Poland as a result of exiting this low-margin, high-volume business in Fiscal 2016. The slightly lower average retail bulk and cylinder LPG unit margins principally reflect the negative effects on Fiscal 2017

17

unit margins of higher LPG commodity costs and the beneficial effects on Fiscal 2016 unit margins of declining LPG wholesale commodity costs. The decrease in operating and administrative expenses principally reflects lower operating and administrative costs in France resulting from expense synergies associated with the Finagaz integration and, to a much lesser extent, the translation effects of the weaker euro and British pound sterling.

Years Ended September 30, 2016 and 2015

Adjusted EBITDA was $133.2 million higher in Fiscal 2016 compared to Fiscal 2015 principally reflecting the full year benefit of the operations of Finagaz acquired in May 2015. The increase in Adjusted EBITDA reflects an increase in adjusted total margin of $282.4 million primarily reflecting incremental local-currency margin from the full-year results of Finagaz and, to a much lesser extent, higher average unit margins and the impact of the small-scale acquisitions at Flaga and AvantiGas. The higher average unit margins at our legacy UGI France and Flaga businesses reflect the benefits of declining LPG wholesale commodity costs and effective margin management. The impact of the slightly higher local currency total margin was partially offset by the effects on such margin of the weaker euro and the British pound sterling. The impact on Adjusted EBITDA from the higher total margin was partially offset by a $141.7 million increase in operating and administrative expenses (excluding the impact of Finagaz integration expenses). The higher operating and administrative expenses primarily reflect incremental expenses associated with Finagaz and, to a much lesser extent, small-scale acquisitions at Flaga and AvantiGas, which were partially offset by the translation effects of the weaker euro and British pound sterling.

Cash Flows

Due to the seasonal nature of the Company’s businesses, cash flows from operating activities are generally strongest during the second and third fiscal quarters when customers pay for LPG consumed during the peak heating season months. Conversely, operating cash flows are generally at their lowest levels during the fourth and first fiscal quarters when the Company’s investment in working capital, principally inventories and accounts receivable, is generally greatest.

Cash flows from operating activities can be significantly affected by year-to-year variations in changes in operating working capital reflecting changes in LPG commodity prices. Cash flow from investing activity is principally affected by cash expenditures for property, plant and equipment; cash paid for acquisitions of businesses; and net cash proceeds from sales and retirements of property, plant and equipment. Changes in cash flow from financing activities are primarily due to issuances and repayments of long-term debt, cash capital contributions from UGI usually in conjunction with material business acquisitions, short-term borrowings, and distributions paid to UGI International’s parent company.

The following table presents cash flow from operating activities, investing activities and financing activities for the nine months ended June 30, 2018 and 2017, Fiscal 2017, Fiscal 2016 and Fiscal 2015:

18

Nine Months Ended June 30, 2018 and 2017

Cash flows from operating activities were $168.6 million during the 2018 nine-month period compared to $182.8 million in the 2017 nine-month period. Cash flows from operating activities before changes in operating working capital were $233.2 million during the 2018 nine-month period compared to $235.6 million in the prior-year period. The slightly lower cash flow from operating activities before changes in operating working capital during the 2018 nine-month period principally reflects the effects of lower net income (after adjusting net income for the noncash effects of unrealized gains and losses on derivative instruments) offset by the noncash effects of increases in depreciation and amortization and changes in deferred income taxes. Changes in operating working capital used operating cash flow of $64.6 million in the 2018 nine-month period compared to $52.9 million for the prior-year period. Cash flow from changes in operating working capital principally reflect the impact of increases in LPG and natural gas prices on changes in accounts receivable, inventories and accounts payable.

Cash flows used by investing activities were $178.5 million during the 2018 nine-month period compared to $73.0 million in the 2017 nine-month period. Cash expenditures for property, plant and equipment totaled $75.3 million in the 2018 nine-month period compared to $62.2 million in the prior-year period principally reflecting incremental cash expenditures associated with UniverGas and the effects of foreign currency rates. Net cash paid for acquisitions of businesses was $106.9 million in the 2018 nine-year period compared to $16.0 million in the prior-year period. Cash used for acquisitions of businesses in the 2018 nine-month period reflects the acquisition of UniverGas.

Cash flow used by financing activities was $101.8 million in the 2018 nine-month period compared to $102.7 million in the 2017 nine-month period. Repayments of debt and capital leases in the 2018 nine-month period includes approximately $82.0 million of term loan debt repayments at UGI France and Flaga. Distributions paid in the 2017 nine-month period primarily reflects the dividend of cash at UGI France.

Years Ended September 30, 2017 and 2016

Cash flows from operating activities were $201.8 million during Fiscal 2017 compared to $266.2 million during Fiscal 2016. Cash flows from operating activities before changes in operating working capital were $253.3 million during Fiscal 2017 period compared to $236.5 million in Fiscal 2016. The slightly higher Fiscal 2017 cash flow from operating activities before changes in operating working capital principally reflects the effects of higher net income (after adjusting net income for the noncash effects of unrealized gains on derivative instruments) partially offset by the effects of higher noncash deferred income tax benefits in Fiscal 2017. Changes in operating working capital used $51.5 million of operating cash flow during Fiscal 2017 and provided $29.7 million of operating cash flow during Fiscal 2016. The greater cash flow required to fund changes in operating working capital in Fiscal 2017 principally reflects the net impact of increases in commodity LPG prices on changes in accounts receivable, inventories and accounts payable.

Cash flow used by investing activities was $145.8 million in Fiscal 2017 compared to $116.2 million in Fiscal 2016. Net cash paid for acquisitions of businesses was $64.7 million during Fiscal 2017 compared to $23.6 million during Fiscal 2016. Net cash used for acquisitions of businesses during Fiscal 2017 principally reflects the acquisition of DVEP in August 2017.

Cash flow used by financing activities was $55.1 million in Fiscal 2017 compared to $70.4 million in Fiscal 2016. Distributions paid were $110.0 million during Fiscal 2017 compared to $69.8 million in the prior-year period. Distributions paid in Fiscal 2017 were higher principally reflecting cash distributions of cash at UGI France. Capital contributions of $38.0 million in Fiscal 2017 were made primarily to provide funding for the UniverGas acquisition in October of Fiscal 2018.

19

Years Ended September 30, 2016 and 2015

Cash flows from operating activities were $266.2 million during Fiscal 2016 compared to $179.2 million during Fiscal 2015. Cash flows from operating activities before changes in operating working capital were $236.5 million during Fiscal 2016 compared to $140.8 million in Fiscal 2015. The significantly higher cash flow from operating activities before changes in operating working capital in Fiscal 2016 principally reflects the full-year effects of the Finagaz acquisition acquired in May 2015. Changes in operating working capital provided operating cash flow of $29.7 million during Fiscal 2017 compared to $38.4 million during Fiscal 2015.

Cash flows from investing activities used $116.2 million in Fiscal 2016 compared to $511.3 million in Fiscal 2015. Net cash paid for acquisitions of businesses was $23.6 million during Fiscal 2016 compared to $428.1 million in Fiscal 2015. Fiscal 2015 investing activities included cash paid for the acquisition of Finagaz.

Cash flow used by financing activities was $70.4 million in Fiscal 2016 compared to cash flow provided by financing activities of $418.5 million in Fiscal 2015. Distributions paid were $69.8 million during Fiscal 2016 principally reflecting the distribution of cash at UGI France. Capital contributions received in Fiscal 2015 of $162.4 million were used to fund a portion of the Finagaz acquisition. Net proceeds from issuances of $660.0 million of long-term debt in Fiscal 2015 principally reflect the issuance of term loan debt under the UGI France Credit Facilities the proceeds of which were used principally to fund a portion of the acquisition of Finagaz and to prepay term loans outstanding under a previous senior facilities agreement.

Capital Expenditures

Our capital expenditures include amounts to replace and maintain our bulk tank and cylinder assets as well as our storage, production and logistics assets. We also incur capital expenditures to expand our bulk and cylinder businesses, including expanding cylinder offerings through vending machines and composite cylinder offerings, and capital costs related to IT and other technology initiatives. During the nine months ended June 30, 2018 and Fiscal 2017, Fiscal 2016 and Fiscal 2015, our capital expenditures totaled $75.1 million, $90.3 million, $99.9 million and $87.5 million, respectively.

Contractual Obligations and Commitments

The following is a summary of our significant contractual obligations as of September 30, 2017: