EX-99.2 3 c99682exv99w2.htm EXHIBIT 99.2 Exhibit 99.2

Exhibit 99.2

Q1 2010 Supplemental Financial Information


 

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)
                 
    March 31     December 31  
(in Millions)   2010     2009  
ASSETS
               
Current Assets
               
Cash and cash equivalents
  $ 193     $ 52  
Restricted cash
    39       84  
Accounts receivable (less allowance for doubtful accounts of $263 and $262, respectively)
               
Customer
    1,403       1,438  
Other
    60       217  
Inventories
               
Fuel and gas
    233       309  
Materials and supplies
    210       200  
Deferred income taxes
    163       167  
Derivative assets
    265       209  
Other
    167       201  
 
           
 
    2,733       2,877  
 
           
 
               
Investments
               
Nuclear decommissioning trust funds
    859       817  
Other
    477       598  
 
           
 
    1,336       1,415  
 
           
 
               
Property
               
Property, plant and equipment
    20,924       20,588  
Less accumulated depreciation, depletion and amortization
    (8,270 )     (8,157 )
 
           
 
    12,654       12,431  
 
           
 
               
Other Assets
               
Goodwill
    2,024       2,024  
Regulatory assets
    4,099       4,110  
Securitized regulatory assets
    835       870  
Intangible assets
    54       54  
Notes receivable
    130       113  
Derivative assets
    150       116  
Other
    188       185  
 
           
 
    7,480       7,472  
 
           
 
               
Total Assets
  $ 24,203     $ 24,195  
 
           

 

 


 

DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)
                 
    March 31     December 31  
(in Millions, Except Shares)   2010     2009  
LIABILITIES AND EQUITY
               
Current Liabilities
               
Accounts payable
  $ 637     $ 723  
Accrued interest
    148       114  
Dividends payable
    88       88  
Short-term borrowings
          327  
Gas inventory equalization
    190        
Current portion long-term debt, including capital leases
    677       671  
Derivative liabilities
    239       220  
Other
    503       502  
 
           
 
    2,482       2,645  
 
           
 
               
Long-Term Debt (net of current portion)
               
Mortgage bonds, notes and other
    6,242       6,237  
Securitization bonds
    717       793  
Trust preferred-linked securities
    289       289  
Capital lease obligations
    47       51  
 
           
 
    7,295       7,370  
 
           
 
               
Other Liabilities
               
Deferred income taxes
    2,191       2,096  
Regulatory liabilities
    1,362       1,337  
Asset retirement obligations
    1,456       1,420  
Unamortized investment tax credit
    82       85  
Derivative liabilities
    184       198  
Liabilities from transportation and storage contracts
    92       96  
Accrued pension liability
    699       881  
Accrued postretirement liability
    1,338       1,287  
Nuclear decommissioning
    142       136  
Other
    285       328  
 
           
 
    7,831       7,864  
 
           
 
               
Equity
               
Common stock, without par value, 400,000,000 shares authorized, 168,409,616 and 165,400,045 shares issued and outstanding, respectively
    3,388       3,257  
Retained earnings
    3,309       3,168  
Accumulated other comprehensive loss
    (146 )     (147 )
 
           
Total DTE Energy Company Equity
    6,551       6,278  
Noncontrolling interests
    44       38  
 
           
Total Equity
    6,595       6,316  
 
           
Total Liabilities and Equity
  $ 24,203     $ 24,195  
 
           

 

 


 

DTE Energy Company
Consolidated Statements of Cash Flows (Unaudited)
                 
    Three Months Ended  
    March 31  
(in Millions)   2010     2009  
Operating Activities
               
Net income
  $ 230     $ 179  
Adjustments to reconcile net income to net cash from operating activities:
               
Depreciation, depletion and amortization
    251       232  
Deferred income taxes
    36       66  
Other asset (gains), losses and reserves, net
    1       (3 )
Changes in assets and liabilities, exclusive of changes shown separately
    299       365  
 
           
Net cash from operating activities
    817       839  
 
           
 
               
Investing Activities
               
Plant and equipment expenditures — utility
    (209 )     (303 )
Plant and equipment expenditures — non-utility
    (30 )     (23 )
Proceeds from sale of other assets, net
    13       30  
Restricted cash for debt redemption
    49       64  
Proceeds from sale of nuclear decommissioning trust fund assets
    59       113  
Investment in nuclear decommissioning trust funds
    (68 )     (113 )
Consolidation of equity method companies
    19        
Other investments
    (4 )     (24 )
 
           
Net cash from (used) for investing activities
    (171 )     (256 )
 
           
 
               
Financing Activities
               
Redemption of long-term debt
    (90 )     (86 )
Short-term borrowings, net
    (330 )     (414 )
Issuance of common stock
    9       9  
Dividends on common stock
    (88 )     (86 )
Other
    (6 )     (4 )
 
           
Net cash used for financing activities
    (505 )     (581 )
 
           
 
               
Net Increase in Cash and Cash Equivalents
    141       2  
Cash and Cash Equivalents at Beginning of Period
    52       86  
 
           
Cash and Cash Equivalents at End of Period
  $ 193     $ 88  
 
           

 

 


 

The Detroit Edison Company
Consolidated Statements of Operations (Unaudited)
                 
    Three Months Ended  
    March 31  
(in Millions)   2010     2009  
Operating Revenues
  $ 1,146     $ 1,118  
 
           
 
               
Operating Expenses
               
Fuel and purchased power
    343       340  
Operation and maintenance
    309       316  
Depreciation and amortization
    204       188  
Taxes other than income
    65       60  
Asset (gains) losses and reserves, net
    (1 )      
 
           
 
    920       904  
 
           
 
               
Operating Income
    226       214  
 
           
 
               
Other (Income) and Deductions
               
Interest expense
    81       79  
Other income
    (8 )     (7 )
Other expenses
    6       12  
 
           
 
    79       84  
 
           
 
               
Income Before Income Taxes
    147       130  
 
               
Income Tax Provision
    56       52  
 
           
 
               
Net Income
  $ 91     $ 78  
 
           

 

 


 

MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
                 
    Three Months Ended  
    March 31  
(in Millions)   2010     2009  
Operating Revenues
  $ 745     $ 759  
 
           
 
               
Operating Expenses
               
Cost of gas
    458       503  
Operation and maintenance
    108       114  
Depreciation and amortization
    26       26  
Taxes other than income
    16       13  
 
           
 
    608       656  
 
           
 
               
Operating Income
    137       103  
 
           
 
               
Other (Income) and Deductions
               
Interest expense
    17       16  
Interest income
    (2 )     (2 )
Other income
    (2 )     (3 )
Other expenses
    1       3  
 
           
 
    14       14  
 
           
 
               
Income Before Income Taxes
    123       89  
 
               
Income Tax Provision
    44       26  
 
           
 
               
Net Income
  $ 79     $ 63  
 
           

 

 


 

(DTE ENERGY LOGO)
DTE Energy Debt/Equity Calculation
As of March 31, 2010
($ millions)
         
Short-term borrowings
  $  
Current portion of long-term debt, including capital leases
    677  
Mortgage bonds, notes and other
    6,242  
Securitization bonds, excluding current portion
    717  
Capital lease obligations
    47  
less MichCon short-term debt
     
less Securitization bonds, including current portion
    (861 )
 
     
Total debt
    6,822  
 
       
Trust preferred-linked securities
    289  
 
     
Total preferred/ other
    289  
 
       
Equity
    6,551  
 
     
 
       
Total capitalization
  $ 13,662  
 
     
 
       
Debt
    49.9 %
Preferred
    2.1 %
Common shareholders’ equity
    48.0 %
 
     
 
       
Total
    100.0 %
 
     

 

 


 

(DTE ENERGY LOGO)
Sales Analysis — Q1 2010
Electric Sales — Detroit Edison Service Area (GWh)
                         
    Q1 2010     Q1 2009     % Change  
Residential
    3,665       3,738       -2 %
Commercial
    3,942       4,423       -11 %
Industrial
    2,475       2,637       -6 %
Other
    802       817       -2 %
 
                 
 
    10,884       11,615       -6 %
Choice
    1,103       317       248 %
 
                 
TOTAL SALES
    11,987       11,932       0 %
 
                 
Electric Revenue — Detroit Edison Service Area ($000s)
                         
    Q1 2010     Q1 2009     % Change  
Residential
    467,973       447,022       5 %
Commercial
    385,170       410,028       -6 %
Industrial
    160,679       197,049       -18 %
Other
    45,757       48,915       -6 %
 
                 
 
    1,059,579       1,103,014       -4 %
Choice
    25,728       11,116       131 %
 
                 
TOTAL REVENUES
    1,085,307       1,114,130       -3 %
 
                 
Gas Sales — MichCon Service Area (MMcf)
                         
    Q1 2010     Q1 2009     % Change  
Residential
    43,157       50,191       -14 %
Commercial
    12,075       16,427       -26 %
Industrial
    216       595       -64 %
 
                 
 
    55,448       67,213       -18 %
End User Transportation*
    43,953       41,605       6 %
 
                 
TOTAL SALES
    99,401       108,818       -9 %
 
                 
     
*  
Includes choice customers
Gas Revenue — MichCon Service Area ($000s)
                         
    Q1 2010     Q1 2009     % Change  
Residential
    474,263       486,808       -3 %
Commercial
    131,897       159,772       -17 %
Industrial
    2,359       5,093       -54 %
 
                 
 
    608,519       651,673       -7 %
End User Transportation*
    76,993       52,356       47 %
 
                 
TOTAL REVENUES
    685,511       704,029       -3 %
 
                 
     
*  
Includes choice customers
Weather
Cooling Degree Days
Detroit Edison service territory
                         
    Q1 2010     Q1 2009     % Change  
Actuals
                    N/A  
Normal
                       
 
                       
Deviation from normal
    N/A       N/A          
Heating Degree Days
MichCon service territory
                         
    Q1 2010     Q1 2009     % Change  
Actuals
    3,040       3,397       -11 %
Normal
    3,309       3,306          
 
                   
 
                       
Deviation from normal
    -8 %     3 %        
Earnings Impact of Weather
Variance from normal weather ($millions, after-tax)
                         
    Q1 2010     Q1 2009          
MichCon
    (8 )     3     Milder weather reduced MichCon’s earnings by $8M Q1 2010