EX-99.2 3 k04673exv99w2.htm FINANCIAL INFORMATION DISTRIBUTED FOR MEDIA & INVESTOR RELATIONS COMMUNICATIONS exv99w2
 

Exhibit 99.2

 

(POWERPOINT SLIDE)
Q1 2006 Supplemental Financial Information April 26, 2006


 

DTE Energy Company
Consolidated Statement of Financial Position
                 
    (Unaudited)        
    March 31     December 31  
    2006     2005  
(in Millions)
               
ASSETS
               
Current Assets
               
Cash and cash equivalents
  $ 75     $ 88  
Restricted cash
    99       122  
Accounts receivable
               
Customer (less allowance for doubtful accounts of $159 and $136, respectively)
    1,284       1,288  
Accrued unbilled revenues
    297       458  
Collateral held by others
    29       286  
Other
    570       549  
Inventories
               
Fuel and gas
    318       522  
Materials and supplies
    139       146  
Deferred income taxes
    203       257  
Assets from risk management and trading activities
    573       806  
Other
    193       160  
 
           
 
    3,780       4,682  
 
           
 
               
Investments
               
Nuclear decommissioning trust funds
    678       646  
Other
    543       530  
 
           
 
    1,221       1,176  
 
           
 
               
Property
               
Property, plant and equipment
    18,762       18,660  
Less accumulated depreciation and depletion
    (7,845 )     (7,830 )
 
           
 
    10,917       10,830  
 
           
 
               
Other Assets
               
Goodwill
    2,057       2,057  
Regulatory assets
    2,037       2,074  
Securitized regulatory assets
    1,314       1,340  
Notes receivable
    360       409  
Assets from risk management and trading activities
    253       316  
Prepaid pension assets
    186       186  
Other
    252       265  
 
           
 
    6,459       6,647  
 
           
 
               
Total Assets
  $ 22,377     $ 23,335  
 
           

 


 

DTE Energy Company
Consolidated Statement of Financial Position
                 
    (Unaudited)        
    March 31     December 31  
    2006     2005  
(in Millions, Except Shares)
               
LIABILITIES AND SHAREHOLDERS’ EQUITY
               
Current Liabilities
               
Accounts payable
  $ 1,090     $ 1,187  
Accrued interest
    121       115  
Dividends payable
    92       92  
Accrued payroll
    39       34  
Short-term borrowings
    647       943  
Gas inventory equalization
    158        
Current portion of long-term debt, including capital leases
    693       691  
Liabilities from risk management and trading activities
    569       1,089  
Other
    774       769  
 
           
 
    4,183       4,920  
 
           
 
               
Other Liabilities
               
Deferred income taxes
    1,444       1,396  
Regulatory liabilities
    728       715  
Asset retirement obligations
    1,111       1,091  
Unamortized investment tax credit
    128       131  
Liabilities from risk management and trading activities
    330       527  
Liabilities from transportation and storage contracts
    307       317  
Accrued pension liability
    305       284  
Deferred gains from asset sales
    173       188  
Minority interest
    17       92  
Nuclear decommissioning
    90       85  
Other
    699       740  
 
           
 
    5,332       5,566  
 
           
 
               
Long-Term Debt (net of current portion)
               
Mortgage bonds, notes and other
    5,218       5,234  
Securitization bonds
    1,238       1,295  
Equity-linked securities
    175       175  
Trust preferred-linked securities
    289       289  
Capital lease obligations
    84       87  
 
           
 
    7,004       7,080  
 
           
 
               
Commitments and Contingencies
               
 
               
Shareholders’ Equity
               
Common stock, without par value, 400,000,000 shares authorized, 177,769,890 and 174,814,429 shares issued and outstanding, respectively
    3,466       3,483  
Retained earnings
    2,602       2,557  
Accumulated other comprehensive loss
    (210 )     (271 )
 
           
 
    5,858       5,769  
 
           
 
               
Total Liabilities and Shareholders’ Equity
  $ 22,377     $ 23,335  
 
           

 


 

DTE Energy Company
Consolidated Statement of Cash Flows (Unaudited)
                 
    Three Months Ended  
    March 31  
    2006     2005  
(in Millions)
               
Operating Activities
               
Net Income
  $ 136     $ 122  
Adjustments to reconcile net income to net cash from operating activities:
               
Depreciation, depletion and amortization
    225       208  
Deferred income taxes
    64       51  
Gain on sale of interests in synfuel projects
    (22 )     (82 )
Gain on sale of assets, net
          4  
Partners’ share of synfuel project losses
    (71 )     (71 )
Contributions from synfuel partners
    70       47  
Changes in assets and liabilities, exclusive of changes shown separately
    211       134  
 
           
Net cash from operating activities
    613       413  
 
           
 
               
Investing Activities
               
Plant and equipment expenditures — utility
    (264 )     (172 )
Plant and equipment expenditures — non-utility
    (71 )     (26 )
Acquisitions, net of cash acquired
    (23 )      
Proceeds from sale of interests in synfuel projects
    72       63  
Proceeds from sale of other assets
    29       2  
Restricted cash for debt redemptions
    23       52  
Proceeds from sale of nuclear decommissioning trust fund assets
    37       63  
Investment in nuclear decommissioning trust funds
    (47 )     (73 )
Other investments
    (16 )     (21 )
 
           
Net cash used for investing activities
    (260 )     (112 )
 
           
 
               
Financing Activities
               
Issuance of long-term debt
          395  
Redemption of long-term debt
    (70 )     (628 )
Short-term borrowings, net
    (193 )     36  
Repurchase of common stock
    (8 )     (9 )
Dividends on common stock
    (91 )     (90 )
Other
    (4 )     (1 )
 
           
Net cash used for financing activities
    (366 )     (297 )
 
           
 
               
Net Increase in Cash and Cash Equivalents
    (13 )     4  
Cash and Cash Equivalents at Beginning of the Period
    88       56  
 
           
Cash and Cash Equivalents at End of the Period
  $ 75     $ 60  
 
           


 

The Detroit Edison Company
Consolidated Statement of Operations (unaudited)
                 
    Three Months Ended  
    March 31  
    2006     2005  
(in Millions)
               
 
               
Operating Revenues
  $ 1,050     $ 990  
 
           
 
               
Operating Expenses
               
Fuel and purchased power
    309       301  
Operation and maintenance
    345       321  
Depreciation and amortization
    167       150  
Taxes other than income
    69       69  
 
           
 
    890       841  
 
           
 
               
Operating Income
    160       149  
 
           
 
               
Other (Income) and Deductions
               
Interest expense
    72       64  
Interest income
          (1 )
Other income
    (7 )     (12 )
Other expenses
    10       18  
 
           
 
    75       69  
 
           
 
               
Income Before Income Taxes
    85       80  
 
               
Income Tax Provision
    27       25  
 
           
 
               
Income Before Accounting Change
    58       55  
 
               
Cumulative Effect of Accounting Change
    1        
 
           
 
               
Reported Earnings
    59       55  
 
               
Adjustments
               
Incremental non-recurring DTE2 project costs
          2  
Performance Excellence Process
    8        
 
           
 
               
Operating Earnings
  $ 67     $ 57  
 
           
The Consolidated Statement of Operations (Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and 10Q.


 

Michigan Consolidated Gas Company
Consolidated Statement of Operations (Unaudited)
                 
    Three Months Ended March 31  
    2006     2005  
(in Millions)
               
 
               
Operating Revenues
  $ 863     $ 834  
 
           
 
               
Operating Expenses
               
Cost of gas
    624       627  
Operation and maintenance
    119       119  
Depreciation, depletion and amortization
    23       26  
Taxes other than income
    15       13  
Asset (gains) and losses, net
          48  
 
           
 
    781       833  
 
           
 
               
Operating Income (Loss)
    82       1  
 
           
 
               
Other (Income) and Deductions
               
Interest expense
    17       15  
Interest income
    (2 )     (2 )
Other income
    (2 )      
Other expenses
    1          
 
           
 
    14       13  
 
           
 
               
Income (Loss) Before Income Taxes
    68       (12 )
 
               
Income Tax Provision (Benefit)
    18       1  
 
           
 
               
Reported Earnings
    50       (13 )
 
               
Adjustments
               
Effective tax rate normalization
    (4 )     8  
Performance Excellence Process
    2        
April 2005 MPSC gas orders
          53  
Incremental non-recurring DTE2 project costs
          1  
 
           
 
               
Operating Earnings
  $ 48     $ 49  
 
           
The Consolidated Statement of Operations (Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and 10Q.


 

(DTE ENERGY LOGO)
DTE Energy Debt/Equity Calculation
As of March 31, 2006
($ millions)
         
Short-term borrowings
    647  
Current portion long-term debt, including capital leases
    693  
Mortgage bonds, notes and other
    5,218  
Securitization bonds
    1,238  
Capital lease obligations
    84  
Equity-linked securities
    175  
less MichCon short-term debt
    (186 )
less Securitization bonds, including current portion
    (1,345 )
 
     
Total debt
    6,524  
 
       
Trust preferred-linked securities
    289  
Total preferred/ other
    289  
 
       
Equity
    5,858  
 
       
 
     
Total capitalization
    12,671  
 
     
 
       
Debt
    51.5 %
Preferred
    2.3 %
Common shareholders’ equity
    46.2 %
 
     
 
       
Total
    100.0 %
 
     


 

(DTE ENERGY LOGO)
Sales Analysis — Q1 2006
Electric Sales — Detroit Edison Service Area (GWh)
                         
    Q1 2006     Q1 2005     % Change  
     
Residential
    3,836       4,051       -5 %
Commercial
    4,008       3,365       19 %
Industrial
    3,154       2,896       9 %
Other
    782       666       17 %
     
 
    11,780       10,978       7 %
Interconnection
    414       1,719       -76 %
Choice*
    1,363       1,914       -29 %
     
TOTAL SALES
    13,557       14,611       -7 %
     
* Includes Dearborn Industrial Group sales
Electric Revenue — Detroit Edison Service Area ($000s)
                         
    Q1 2006     Q1 2005     % Change  
     
Residential
    385,971       361,539       7 %
Commercial
    344,029       286,344       20 %
Industrial
    185,072       154,662       20 %
Other
    37,902       30,118       26 %
     
 
    952,974       832,663       14 %
Interconnection
    16,212       79,273       -80 %
Choice*
    30,072       37,269       -19 %
     
TOTAL REVENUES
    999,258       949,205       5 %
     
* Distribution charge, includes Dearborn Industrial Group revenues
Gas Sales — MichCon Service Area (Mcf)
                         
    Q1 2006     Q1 2005     % Change  
     
Residential
    48,165,971       61,048,508       -21 %
Commercial
    16,385,031       20,370,715       -20 %
Industrial
    541,165       542,713       0 %
     
 
    65,092,167       81,961,936       -21 %
End User
                       
Transportation*
    43,453,449       49,593,455       -12 %
     
TOTAL SALES
    108,545,616       131,555,391       -17 %
     
* Includes choice customers
Gas Revenue — MichCon Service Area ($000s)
                         
    Q1 2006     Q1 2005     % Change  
     
Residential
    607,843       538,990       13 %
Commercial
    206,061       182,707       13 %
Industrial
    6,675       4,820       38 %
     
 
    820,579       726,517       13 %
End User
                       
Transportation*
    44,980       45,422       -1 %
     
TOTAL REVENUES
    865,559       771,939       12 %
     
* Includes choice customers
Weather
Cooling Degree Days
Detroit Edison service territory
                         
    Q1 2006     Q1 2005     % Change  
     
Actuals
    0       0       n/m  
Normal
    0       0          
             
Deviation from normal
    n/m       n/m          
Heating Degree Days
MichCon service territory
                         
    Q1 2006     Q1 2005     % Change  
     
Actuals
    2,851       3,388       -16 %
Normal
    3,288       3,283          
             
Deviation from normal
    -13 %     3 %