AmeriGas Partners L.P. Common Units (APU, Financial) filed Quarterly Report for the period ended 2010-12-31.
Amerigas Partnr has a market cap of $2.91 billion; its shares were traded at around $50.99 with a P/E ratio of 28.9 and P/S ratio of 1.2. The dividend yield of Amerigas Partnr stocks is 5.6%. Amerigas Partnr had an annual average earning growth of 4.1% over the past 10 years. GuruFocus rated Amerigas Partnr the business predictability rank of 2.5-star.Hedge Fund Gurus that owns APU: Jim Simons of Renaissance Technologies LLC.
The Partnerships debt outstanding at December 31, 2010 totaled $971.7 million (including current maturities of long-term debt of $5.6 million and bank loans of $178 million). The Partnerships debt outstanding at September 30, 2010 totaled $882.4 million (including current maturities of long-term debt of $20.1 million and bank loans of $91 million). Total debt outstanding at December 31, 2010 includes long-term debt comprising $779.7 million of AmeriGas Partners Senior Notes and $14.0 million of other long-term debt. See Subsequent Event Partnership Debt Refinancing below.
AmeriGas OLPs short-term borrowing needs are seasonal and are typically greatest during the fall and winter heating-season months due to the need to fund higher levels of working capital. In order to meet its short-term cash needs, AmeriGas OLP has a $200 million unsecured credit agreement (Credit Agreement) which expires on October 15, 2011. AmeriGas OLP also has a $75 million unsecured revolving credit facility (2009 Supplemental Credit Agreement) which expires on June 30, 2011. AmeriGas OLP expects to renew these credit agreements prior to their expiration. AmeriGas OLPs Credit Agreement consists of (1) a $125 million Revolving Credit Facility and (2) a $75 million Acquisition Facility. The Revolving Credit Facility may be used for working capital and general purposes of AmeriGas OLP. The Acquisition Facility provides AmeriGas OLP with the ability to borrow up to $75 million to finance the purchase of propane businesses or propane business assets or, to the extent it is not so used, for working capital and general purposes. The 2009 Supplemental Credit Agreement permits AmeriGas OLP to borrow up to $75 million for working capital and general purposes.
At December 31, 2010, there were $135 million of borrowings outstanding under the Credit Agreement and $43 million of borrowings outstanding under the 2009 Supplemental Credit Agreement. Borrowings under our credit agreements are classified as bank loans on the Consolidated Balance Sheets. Issued and outstanding letters of credit under the Revolving Credit Facility, which reduce the amount available for borrowings, totaled $35.7 million at December 31, 2010 and $36.1 million at December 31, 2009. The average daily and peak bank loan borrowings outstanding under the credit agreements during the 2010 three-month period were $135.1 million and $201 million, respectively. The average daily and peak bank loan borrowings outstanding under the credit agreements during the 2009 three-month period were $13.2 million and $48 million, respectively. At December 31, 2010, the Partnerships available borrowing capacity under the credit agreements was $61.3 million.
Cash flow used by operating activities was $2.0 million in the 2010 three-month period compared to $3.4 million in the 2009 three-month period. Cash flow from operating activities before changes in operating working capital was $103.8 million in the 2010 three-month period compared with $113.3 million in the prior-year period principally reflecting the lower 2010 three-month period operating results. Cash required to fund changes in operating working capital totaled $105.8 million in the 2010 three-month period compared with $116.7 million in the prior-year period. The decrease in cash required to fund operating working capital in the current-year period principally reflects the timing and amount of cash payments for purchases of propane.
Investing activities. Investing activity cash flow is principally affected by investments in property, plant and equipment, cash paid for acquisitions of businesses and proceeds from sales of assets. Cash flow used in investing activities was $38.6 million in the 2010 three-month period compared with $29.5 million in the prior-year period. We spent $21.3 million for property, plant and equipment (comprising $10.4 million of maintenance capital expenditures and $10.9 million of growth capital expenditures) in the 2010 three-month period compared with $26.7 million (comprising $10.4 million of maintenance capital expenditures and $16.3 million of growth capital expenditures) in the 2009 three-month period. The greater capital expenditures in the prior-year period reflected accelerated opportunistic purchases of cylinders associated with our AmeriGas Cylinder Exchange program.
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Amerigas Partnr has a market cap of $2.91 billion; its shares were traded at around $50.99 with a P/E ratio of 28.9 and P/S ratio of 1.2. The dividend yield of Amerigas Partnr stocks is 5.6%. Amerigas Partnr had an annual average earning growth of 4.1% over the past 10 years. GuruFocus rated Amerigas Partnr the business predictability rank of 2.5-star.Hedge Fund Gurus that owns APU: Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Retail propane revenues increased $42.9 million during the 2010 three-month period reflecting higher average retail sales prices ($66.0 million) partially offset by lower retail volumes sold ($23.1 million). Wholesale propane revenues decreased $3.5 million principally reflecting lower wholesale volumes sold ($10.4 million) partially offset by higher wholesale selling prices ($6.9 million). Average wholesale propane prices at Mont Belvieu, Texas, a major supply location in the U.S., were approximately 15% higher during the 2010 three-month period compared with average wholesale propane prices during the 2009 three-month period. Other revenues from ancillary sales and services increased $4.2 million in the 2010 three-month period. Total cost of sales increased $45.7 million, to $435.3 million, principally reflecting the previously mentioned higher 2010 wholesale propane product costs.The Partnerships debt outstanding at December 31, 2010 totaled $971.7 million (including current maturities of long-term debt of $5.6 million and bank loans of $178 million). The Partnerships debt outstanding at September 30, 2010 totaled $882.4 million (including current maturities of long-term debt of $20.1 million and bank loans of $91 million). Total debt outstanding at December 31, 2010 includes long-term debt comprising $779.7 million of AmeriGas Partners Senior Notes and $14.0 million of other long-term debt. See Subsequent Event Partnership Debt Refinancing below.
AmeriGas OLPs short-term borrowing needs are seasonal and are typically greatest during the fall and winter heating-season months due to the need to fund higher levels of working capital. In order to meet its short-term cash needs, AmeriGas OLP has a $200 million unsecured credit agreement (Credit Agreement) which expires on October 15, 2011. AmeriGas OLP also has a $75 million unsecured revolving credit facility (2009 Supplemental Credit Agreement) which expires on June 30, 2011. AmeriGas OLP expects to renew these credit agreements prior to their expiration. AmeriGas OLPs Credit Agreement consists of (1) a $125 million Revolving Credit Facility and (2) a $75 million Acquisition Facility. The Revolving Credit Facility may be used for working capital and general purposes of AmeriGas OLP. The Acquisition Facility provides AmeriGas OLP with the ability to borrow up to $75 million to finance the purchase of propane businesses or propane business assets or, to the extent it is not so used, for working capital and general purposes. The 2009 Supplemental Credit Agreement permits AmeriGas OLP to borrow up to $75 million for working capital and general purposes.
At December 31, 2010, there were $135 million of borrowings outstanding under the Credit Agreement and $43 million of borrowings outstanding under the 2009 Supplemental Credit Agreement. Borrowings under our credit agreements are classified as bank loans on the Consolidated Balance Sheets. Issued and outstanding letters of credit under the Revolving Credit Facility, which reduce the amount available for borrowings, totaled $35.7 million at December 31, 2010 and $36.1 million at December 31, 2009. The average daily and peak bank loan borrowings outstanding under the credit agreements during the 2010 three-month period were $135.1 million and $201 million, respectively. The average daily and peak bank loan borrowings outstanding under the credit agreements during the 2009 three-month period were $13.2 million and $48 million, respectively. At December 31, 2010, the Partnerships available borrowing capacity under the credit agreements was $61.3 million.
Cash flow used by operating activities was $2.0 million in the 2010 three-month period compared to $3.4 million in the 2009 three-month period. Cash flow from operating activities before changes in operating working capital was $103.8 million in the 2010 three-month period compared with $113.3 million in the prior-year period principally reflecting the lower 2010 three-month period operating results. Cash required to fund changes in operating working capital totaled $105.8 million in the 2010 three-month period compared with $116.7 million in the prior-year period. The decrease in cash required to fund operating working capital in the current-year period principally reflects the timing and amount of cash payments for purchases of propane.
Investing activities. Investing activity cash flow is principally affected by investments in property, plant and equipment, cash paid for acquisitions of businesses and proceeds from sales of assets. Cash flow used in investing activities was $38.6 million in the 2010 three-month period compared with $29.5 million in the prior-year period. We spent $21.3 million for property, plant and equipment (comprising $10.4 million of maintenance capital expenditures and $10.9 million of growth capital expenditures) in the 2010 three-month period compared with $26.7 million (comprising $10.4 million of maintenance capital expenditures and $16.3 million of growth capital expenditures) in the 2009 three-month period. The greater capital expenditures in the prior-year period reflected accelerated opportunistic purchases of cylinders associated with our AmeriGas Cylinder Exchange program.
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