Energy Transfer 2010 Annual Report Download - page 60

ITEM 6. SELECTED FINANCIAL DATA
In November 2007, we changed our fiscal year end from August 31 to December 31 and, in connection with such
change, we have reported financial results for a four-month transition period ended December 31, 2007.
The selected financial data should be read in conjunction with “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and the historical consolidated financial statements and the
accompanying notes thereto included elsewhere in this report. The amounts in the table below, except per unit
data, are in thousands.
Years Ended December 31,
Four Months
Ended
December 31,
2007
Years Ended
August 31,
2010 2009 2008 2007 2006
Statement of Operations Data:
Revenues:
Intrastate transportation and storage $3,290,905 $2,391,544 $5,634,604 $1,254,401 $3,915,932 $5,013,224
Interstate transportation (a) 292,419 270,213 244,224 76,000 178,663 —
Midstream 3,169,314 2,441,160 5,342,393 1,166,313 2,853,496 4,223,544
Retail propane and other retail propane related 1,419,646 1,292,583 1,624,010 511,258 1,284,867 879,556
All other 287,323 21,665 16,702 6,060 121,278 102,028
Eliminations (2,574,780) (999,870) (3,568,065) (664,522) (1,562,199) (2,359,256)
Total revenues 5,884,827 5,417,295 9,293,868 2,349,510 6,792,037 7,859,096
Gross margin 2,284,886 2,295,239 2,355,788 675,856 1,713,831 1,290,780
Depreciation and amortization 343,011 312,803 262,151 71,333 179,162 117,415
Operating income 1,058,171 1,127,607 1,117,579 323,634 829,652 642,871
Interest expense, net of interest capitalized 412,553 394,274 265,701 66,298 175,563 113,857
Income from continuing operations before income
tax expense 632,758 804,319 872,703 272,613 690,939 544,006
Income tax expense (b) 15,536 12,777 6,680 10,789 13,658 25,920
Income from continuing operations 617,222 791,542 866,023 261,824 677,281 518,086
Basic income from continuing operations per unit 1.20 2.53 3.74 1.24 3.32 3.61
Diluted income from continuing operations per
unit 1.19 2.53 3.74 1.24 3.31 3.60
Cash distributions per unit (c) 3.58 3.58 3.55 1.13 3.19 2.56
Balance Sheet Data (at period end):
Current assets 1,121,423 1,271,963 1,183,401 1,409,959 1,041,093 1,301,804
Total assets 12,149,992 11,734,972 10,627,489 9,008,161 7,708,428 5,455,013
Current liabilities 842,450 823,539 1,150,547 1,215,461 924,217 1,016,490
Long-term debt, less current maturities 6,404,916 6,176,918 5,618,549 4,297,264 3,626,977 2,589,124
Total equity 4,743,437 4,599,708 3,743,069 3,379,191 3,042,072 1,738,719
Other Financial Data:
Cash flows provided by operating activities 1,202,283 826,878 1,258,145 245,702 1,112,732 543,884
Cash flows used in investing activities (1,493,848) (1,345,756) (2,015,585) (995,943) (2,158,090) (1,244,406)
Cash flows provided by financing activities 272,922 495,159 792,875 738,003 1,088,022 701,649
Capital expenditures:
Maintenance (accrual basis) 99,275 102,652 140,968 48,998 89,226 51,826
Growth (accrual basis) 1,288,863 530,333 1,921,679 604,371 998,075 677,861
Cash (received in) paid for acquisitions 177,920 (30,367) 84,783 337,092 90,695 586,185
(a) Our interstate transportation operations began in fiscal 2007 with the acquisition of Transwestern pipeline.
(b) As a partnership, we are generally not subject to income taxes. However, our subsidiaries, Oasis Pipe Line
Company, HHI, Heritage Service Corporation and Titan Propane Services, Inc. are corporations subject to income
taxes.
(c) The cash distribution per unit for fiscal year 2006 includes the special distribution of $0.0325 per unit related to
the proceeds we received in connection with the settlement of litigation with SCANA Corporation, Cornerstone
Ventures, L.P. and Suburban Propane, L.P.
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