Exhibit 99.2
Full Year 2009 Supplemental Financial Information |
February 22, 2010 |
DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)
Consolidated Statements of Financial Position (Unaudited)
December 31 | ||||||||
2009 | 2008 | |||||||
(In millions) | ||||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 52 | $ | 86 | ||||
Restricted cash | 84 | 86 | ||||||
Accounts receivable (less allowance for doubtful accounts of $262 and $265, respectively) | ||||||||
Customer | 1,438 | 1,666 | ||||||
Other | 217 | 166 | ||||||
Inventories | ||||||||
Fuel and gas | 309 | 333 | ||||||
Materials and supplies | 200 | 206 | ||||||
Deferred income taxes | 167 | 227 | ||||||
Derivative assets | 209 | 316 | ||||||
Other | 201 | 242 | ||||||
2,877 | 3,328 | |||||||
Investments | ||||||||
Nuclear decommissioning trust funds | 817 | 685 | ||||||
Other | 598 | 595 | ||||||
1,415 | 1,280 | |||||||
Property | ||||||||
Property, plant and equipment | 20,588 | 20,065 | ||||||
Less accumulated depreciation, depletion and amortization | (8,157 | ) | (7,834 | ) | ||||
12,431 | 12,231 | |||||||
Other Assets | ||||||||
Goodwill | 2,024 | 2,037 | ||||||
Regulatory assets | 4,110 | 4,231 | ||||||
Securitized regulatory assets | 870 | 1,001 | ||||||
Intangible assets | 54 | 70 | ||||||
Notes receivable | 113 | 115 | ||||||
Derivative assets | 116 | 140 | ||||||
Other | 185 | 157 | ||||||
7,472 | 7,751 | |||||||
Total Assets | $ | 24,195 | $ | 24,590 | ||||
DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)
Consolidated Statements of Financial Position (Unaudited)
December 31 | ||||||||
2009 | 2008 | |||||||
(In millions, except shares) | ||||||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 723 | $ | 899 | ||||
Accrued interest | 114 | 119 | ||||||
Dividends payable | 88 | 86 | ||||||
Short-term borrowings | 327 | 744 | ||||||
Current portion long-term debt, including capital leases | 671 | 362 | ||||||
Derivative liabilities | 220 | 285 | ||||||
Other | 502 | 518 | ||||||
2,645 | 3,013 | |||||||
Long-Term Debt (net of current portion) | ||||||||
Mortgage bonds, notes and other | 6,237 | 6,458 | ||||||
Securitization bonds | 793 | 932 | ||||||
Trust preferred-linked securities | 289 | 289 | ||||||
Capital lease obligations | 51 | 62 | ||||||
7,370 | 7,741 | |||||||
Other Liabilities | ||||||||
Deferred income taxes | 2,096 | 1,958 | ||||||
Regulatory liabilities | 1,337 | 1,202 | ||||||
Asset retirement obligations | 1,420 | 1,340 | ||||||
Unamortized investment tax credit | 85 | 96 | ||||||
Derivative liabilities | 198 | 344 | ||||||
Liabilities from transportation and storage contracts | 96 | 111 | ||||||
Accrued pension liability | 881 | 871 | ||||||
Accrued postretirement liability | 1,287 | 1,434 | ||||||
Nuclear decommissioning | 136 | 114 | ||||||
Other | 328 | 328 | ||||||
7,864 | 7,798 | |||||||
Equity | ||||||||
Common stock, without par value, 400,000,000 shares authorized, 165,400,045 and 163,019,596 shares issued and outstanding, respectively | 3,257 | 3,175 | ||||||
Retained earnings | 3,168 | 2,985 | ||||||
Accumulated other comprehensive loss | (147 | ) | (165 | ) | ||||
Total DTE Energy Company Shareholders’ Equity | 6,278 | 5,995 | ||||||
Noncontrolling interests | 38 | 43 | ||||||
Total Equity | 6,316 | 6,038 | ||||||
Total Liabilities and Equity | $ | 24,195 | $ | 24,590 | ||||
DTEEnergy Company
Consolidated Statements of Cash Flows (Unaudited)
Consolidated Statements of Cash Flows (Unaudited)
Year Ended December 31 | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
(In millions) | ||||||||||||
Operating Activities | ||||||||||||
Net income | $ | 535 | $ | 553 | $ | 787 | ||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||
Depreciation, depletion and amortization | 1,020 | 899 | 926 | |||||||||
Deferred income taxes | 205 | 348 | 144 | |||||||||
Gain on sale of non-utility business | — | (128 | ) | (900 | ) | |||||||
Other asset (gains), losses and reserves, net | (10 | ) | (4 | ) | (9 | ) | ||||||
Gain on sale of interests in synfuel projects | — | (31 | ) | (248 | ) | |||||||
Impairment of synfuel projects | — | — | 4 | |||||||||
Contributions from synfuel partners | — | 14 | 229 | |||||||||
Changes in assets and liabilities, exclusive of changes shown separately | 69 | (92 | ) | 192 | ||||||||
Net cash from operating activities | 1,819 | 1,559 | 1,125 | |||||||||
Investing Activities | ||||||||||||
Plant and equipment expenditures — utility | (960 | ) | (1,183 | ) | (1,035 | ) | ||||||
Plant and equipment expenditures — non-utility | (75 | ) | (190 | ) | (264 | ) | ||||||
Proceeds from sale of interests in synfuel projects | — | 84 | 447 | |||||||||
Refunds to synfuel partners | — | (387 | ) | (115 | ) | |||||||
Proceeds from sale of non-utility business | — | 253 | 1,262 | |||||||||
Proceeds from sale of other assets, net | 83 | 25 | 85 | |||||||||
Restricted cash for debt redemption | 2 | 54 | 6 | |||||||||
Proceeds from sale of nuclear decommissioning trust fund assets | 295 | 232 | 286 | |||||||||
Investment in nuclear decommissioning trust funds | (315 | ) | (255 | ) | (323 | ) | ||||||
Other investments | (94 | ) | (156 | ) | (19 | ) | ||||||
Net cash from (used) for investing activities | (1,064 | ) | (1,523 | ) | 330 | |||||||
Financing Activities | ||||||||||||
Issuance of long-term debt | 427 | 1,310 | 50 | |||||||||
Redemption of long-term debt | (417 | ) | (446 | ) | (393 | ) | ||||||
Repurchase of long-term debt | — | (238 | ) | — | ||||||||
Short-term borrowings, net | (454 | ) | (340 | ) | (47 | ) | ||||||
Issuance of common stock | 35 | — | — | |||||||||
Repurchase of common stock | — | (16 | ) | (708 | ) | |||||||
Dividends on common stock | (348 | ) | (344 | ) | (364 | ) | ||||||
Other | — | (10 | ) | (6 | ) | |||||||
Net cash used for financing activities | (789 | ) | (84 | ) | (1,468 | ) | ||||||
Net Increase Decrease in Cash and Cash Equivalents | (34 | ) | (48 | ) | (13 | ) | ||||||
Cash and Cash Equivalents Reclassified (to) from Assets Held for Sale | — | 11 | (11 | ) | ||||||||
Cash and Cash Equivalents at Beginning of Period | 86 | 123 | �� | 147 | ||||||||
Cash and Cash Equivalents at End of Period | $ | 52 | $ | 86 | $ | 123 | ||||||
The Detroit Edison Company
Consolidated Statements of Operations (Unaudited)
Consolidated Statements of Operations (Unaudited)
Year Ended December 31 | ||||||||||||
(in Millions) | 2009 | 2008 | 2007 | |||||||||
Operating Revenues | $ | 4,714 | $ | 4,874 | $ | 4,900 | ||||||
Operating Expenses | ||||||||||||
Fuel and purchased power | 1,491 | 1,778 | 1,686 | |||||||||
Operation and maintenance | 1,277 | 1,322 | 1,422 | |||||||||
Depreciation and amortization | 844 | 743 | 764 | |||||||||
Taxes other than income | 205 | 232 | 277 | |||||||||
Asset (gains) losses and reserves, net | (2 | ) | (1 | ) | 8 | |||||||
3,815 | 4,074 | 4,157 | ||||||||||
Operating Income | 899 | 800 | 743 | |||||||||
Other (Income) and Deductions | ||||||||||||
Interest expense | 325 | 293 | 294 | |||||||||
Interest income | (2 | ) | (6 | ) | (7 | ) | ||||||
Other income | (39 | ) | (51 | ) | (40 | ) | ||||||
Other expenses | 11 | 47 | 30 | |||||||||
295 | 283 | 277 | ||||||||||
Income Before Income Taxes | 604 | 517 | 466 | |||||||||
Income Tax Provision | 228 | 186 | 149 | |||||||||
Net Income | $ | 376 | $ | 331 | $ | 317 | ||||||
MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Year Ended December 31 | ||||||||||||
(in Millions) | 2009 | 2008 | 2007 | |||||||||
Operating Revenues | $ | 1,765 | $ | 2,115 | $ | 1,842 | ||||||
Operating Expenses | ||||||||||||
Cost of gas | 1,037 | 1,351 | 1,139 | |||||||||
Operation and maintenance | 411 | 464 | 422 | |||||||||
Depreciation and amortization | 109 | 102 | 93 | |||||||||
Taxes other than income | 48 | 47 | 55 | |||||||||
Asset gains, net | (30 | ) | (26 | ) | (3 | ) | ||||||
1,575 | 1,938 | 1,706 | ||||||||||
Operating Income | 190 | 177 | 136 | |||||||||
Other (Income) and Deductions | ||||||||||||
Interest expense | 67 | 65 | 60 | |||||||||
Interest income | (8 | ) | (8 | ) | (10 | ) | ||||||
Other income | (8 | ) | (11 | ) | (12 | ) | ||||||
Other expenses | 6 | 13 | 4 | |||||||||
57 | 59 | 42 | ||||||||||
Income Before Income Taxes | 133 | 118 | 94 | |||||||||
Income Tax Provision | 40 | 38 | 23 | |||||||||
Net Income | $ | 93 | $ | 80 | $ | 71 | ||||||
DTE Energy Debt/Equity Calculation
As of December 31, 2009
($ millions)
As of December 31, 2009
($ millions)
Short-term borrowings | $ | 327 | ||
Current portion of long-term debt, including capital leases | 671 | |||
Mortgage bonds, notes and other | 6,237 | |||
Securitization bonds, excluding current portion | 793 | |||
Capital lease obligations | 51 | |||
less MichCon short-term debt | (327 | ) | ||
less Securitization bonds, including current portion | (933 | ) | ||
Total debt | 6,819 | |||
Trust preferred-linked securities | 289 | |||
Total preferred/ other | 289 | |||
Equity | 6,278 | |||
Total capitalization | $ | 13,386 | ||
Debt | 50.9 | % | ||
Preferred | 2.2 | % | ||
Common shareholders’ equity | 46.9 | % | ||
Total | 100.0 | % | ||
Sales Analysis — Q4 2009
Electric Sales — Detroit Edison Service Area (GWh)
Q4 2009 | Q4 2008 | % Change | ||||||||||
Residential | 3,633 | 3,537 | 3 | % | ||||||||
Commercial | 4,436 | 4,573 | -3 | % | ||||||||
Industrial | 2,339 | 3,012 | -22 | % | ||||||||
Other | 829 | 811 | 2 | % | ||||||||
11,237 | 11,933 | -6 | % | |||||||||
Choice | 479 | 377 | 27 | % | ||||||||
TOTAL SALES | 11,716 | 12,310 | -5 | % | ||||||||
Electric Revenue — Detroit Edison Service Area ($000s)
Q4 2009 | Q4 2008 | % Change | ||||||||||
Residential | 471,479 | 400,449 | 18 | % | ||||||||
Commercial | 423,775 | 431,144 | -2 | % | ||||||||
Industrial | 159,653 | 208,767 | -24 | % | ||||||||
Other | 44,679 | 44,022 | 1 | % | ||||||||
1,099,586 | 1,084,382 | 1 | % | |||||||||
Choice | 11,737 | 10,622 | 10 | % | ||||||||
TOTAL REVENUES | 1,111,323 | 1,095,004 | 1 | % | ||||||||
Gas Sales — MichCon Service Area (MMcf)
Q4 2009 | Q4 2008 | % Change | ||||||||||
Residential | 31,877 | 36,594 | -13 | % | ||||||||
Commercial | 7,906 | 10,969 | -28 | % | ||||||||
Industrial | 752 | 339 | 122 | % | ||||||||
40,535 | 47,902 | -15 | % | |||||||||
End User Transportation* | 37,906 | 32,426 | 17 | % | ||||||||
TOTAL SALES | 78,441 | 80,328 | -2 | % | ||||||||
* | Includes choice customers |
Gas Revenue — MichCon Service Area ($000s)
Q4 2009 | Q4 2008 | % Change | ||||||||||
Residential | 332,455 | 406,985 | -18 | % | ||||||||
Commercial | 82,616 | 120,611 | -32 | % | ||||||||
Industrial | 7,232 | 3,488 | 107 | % | ||||||||
422,303 | 531,084 | -20 | % | |||||||||
End User Transportation* | 43,091 | 39,166 | 10 | % | ||||||||
TOTAL REVENUES | 465,394 | 570,250 | -18 | % | ||||||||
* | Includes choice customers |
Weather
Cooling Degree Days
Detroit Edison service territory
Detroit Edison service territory
Q4 2009 | Q4 2008 | % Change | ||||||||||
Actuals | 0 | 0 | N/A | |||||||||
Normal | 6 | 6 | ||||||||||
Deviation from normal | -100 | % | -100 | % |
Heating Degree Days
MichCon service territory
MichCon service territory
Q4 2009 | Q4 2008 | % Change | ||||||||||
Actuals | 2,265 | 2,446 | -7 | % | ||||||||
Normal | 2,350 | 2,350 | ||||||||||
Deviation from normal | -4 | % | 4 | % |
Earnings Impact of Weather
Variance from normal weather ($millions, after-tax)
Variance from normal weather ($millions, after-tax)
Q4 2009 | Q4 2008 | |||||||||
Detroit Edison | (5 | ) | 1 | Milder weather reduced Detroit Edison’s earnings by $5M Q4 2009 | ||||||
MichCon | (3 | ) | 3 | Milder weather reduced MichCon’s earnings by $3M Q4 2009 |
Sales Analysis — YTD December 31, 2009
Electric Sales — Detroit Edison Service Area (GWh)
YTD 2009 | YTD 2008 | % Change | ||||||||||
Residential | 14,625 | 15,493 | -6 | % | ||||||||
Commercial | 18,200 | 18,920 | -4 | % | ||||||||
Industrial | 9,922 | 13,086 | -24 | % | ||||||||
Other | 3,229 | 3,217 | 0 | % | ||||||||
45,976 | 50,716 | -9 | % | |||||||||
Choice | 1,477 | 1,458 | 1 | % | ||||||||
TOTAL SALES | 47,453 | 52,174 | -9 | % | ||||||||
Electric Revenue — Detroit Edison Service Area ($000s)
YTD 2009 | YTD 2008 | % Change | ||||||||||
Residential | 1,819,497 | 1,726,154 | 5 | % | ||||||||
Commercial | 1,702,367 | 1,753,228 | -3 | % | ||||||||
Industrial | 729,987 | 893,461 | -18 | % | ||||||||
Other | 176,331 | 175,761 | 0 | % | ||||||||
4,428,182 | 4,548,604 | -3 | % | |||||||||
Choice | 39,556 | 34,371 | 15 | % | ||||||||
TOTAL REVENUES | 4,467,738 | 4,582,975 | -3 | % | ||||||||
Gas Sales — MichCon Service Area (MMcf)
YTD 2009 | YTD 2008 | % Change | ||||||||||
Residential | 103,264 | 109,684 | -6 | % | ||||||||
Commercial | 29,830 | 35,231 | -15 | % | ||||||||
Industrial | 1,617 | 1,015 | 59 | % | ||||||||
134,711 | 145,930 | -8 | % | |||||||||
End User Transportation* | 124,472 | 122,224 | 2 | % | ||||||||
TOTAL SALES | 259,183 | 268,154 | -3 | % | ||||||||
* | Includes choice customers |
Gas Revenue — MichCon Service Area ($000s)
YTD 2009 | YTD 2008 | % Change | ||||||||||
Residential | 1,072,679 | 1,237,581 | -13 | % | ||||||||
Commercial | 305,344 | 389,503 | -22 | % | ||||||||
Industrial | 14,756 | 11,015 | 34 | % | ||||||||
1,392,779 | 1,638,099 | -15 | % | |||||||||
End User Transportation* | 146,368 | 143,599 | 2 | % | ||||||||
TOTAL REVENUES | 1,539,147 | 1,781,698 | -14 | % | ||||||||
* | Includes choice customers |
Weather
Cooling Degree Days
Detroit Edison service territory
Detroit Edison service territory
YTD 2009 | YTD 2008 | % Change | ||||||||||
Actuals | 575 | 759 | -24 | % | ||||||||
Normal | 736 | 736 | ||||||||||
Deviation from normal | -22 | % | 3 | % |
Heating Degree Days
MichCon service territory
MichCon service territory
YTD 2009 | YTD 2008 | % Change | ||||||||||
Actuals | 6,623 | 6,682 | -1 | % | ||||||||
Normal | 6,696 | 6,724 | ||||||||||
Deviation from normal | -1 | % | -1 | % |
Earnings Impact of Weather
Variance from normal weather ($millions, after-tax)
Variance from normal weather ($millions, after-tax)
YTD 2009 | YTD 2008 | |||||||||
Detroit Edison | (43 | ) | 2 | Colder weather reduced Detroit Edison's earnings by $43M YTD 2009 | ||||||
MichCon | (2 | ) | — | Milder weather decreased MichCon's earnings by $2M YTD 2009 |