- DTE Energy's consolidated statement of financial position as of September 30, 2006 showed total assets of $22.3 billion and total liabilities and shareholders' equity of the same amount.
- Key assets included property, plant and equipment of $10.5 billion, goodwill of $2.1 billion, and regulatory and intangible assets of $3.5 billion. Total debt was $6.7 billion.
- Detroit Edison reported operating revenues of $1.5 billion for the third quarter of 2006 with operating earnings of $145 million. Michigan Consolidated Gas had operating revenues of $167 million and an operating loss of $7 million for the same period.
- DTE Energy's consolidated statement of financial position as of June 30, 2006 showed total assets of $22.2 billion and total liabilities and shareholders' equity of $22.2 billion. Cash and cash equivalents totaled $76 million as of June 30, 2006.
- Detroit Edison's electric sales increased 7% in the second quarter of 2006 compared to the same period in 2005, while gas sales at MichCon decreased 21% over the same period.
- DTE Energy's debt to total capitalization as of June 30, 2006 was 52.9% with long-term debt totaling $6.7 billion.
- DTE Energy's total assets increased slightly to $23.8 billion in 2006 from $23.3 billion in 2005. Total liabilities also increased slightly to $15.2 billion from $14.5 billion.
- Electric sales for Detroit Edison decreased 5% to 57 billion kWh while revenues increased 8% to $4.5 billion, driven by higher commercial and industrial sales.
- Gas sales for MichCon decreased 16% to 271 billion cubic feet while revenues decreased 10% to $1.7 billion due to lower residential and commercial usage.
- DTE Energy's total assets as of March 31, 2008 were $23.2 billion, with current assets of $3.4 billion and total liabilities of $17.2 billion.
- For the first quarter of 2008, DTE Energy reported net income of $212 million and operating cash flow of $890 million.
- Electric sales for Detroit Edison increased 2% in the first quarter compared to the same period in 2007, while gas sales for MichCon decreased 3%.
This document provides supplemental financial information for DTE Energy Company for the second quarter of 2007. It includes consolidated statements of financial position, cash flows, and operations for DTE Energy and its subsidiaries Detroit Edison and Michigan Consolidated Gas. Some key details are:
- Total assets for DTE Energy as of June 30, 2007 were $23.958 billion, with current assets of $4.336 billion and property, plant and equipment of $11.451 billion.
- Total debt for DTE Energy as of June 30, 2007 was $6.981 billion, or 53% of its total capitalization of $13.159 billion.
- For the second quarter of 2007, Detroit E
DTE Energy's consolidated financial statements for Q1 2006 show:
- Total assets of $22.4 billion, with current assets of $4.7 billion including cash of $75 million.
- Total liabilities of $16.7 billion including long-term debt of $7.1 billion.
- Shareholders' equity of $5.8 billion.
- Operating revenues for Detroit Edison increased 5% to $1.05 billion due to higher sales across all customer classes as weather was warmer.
Statutory demands are a great way to attempt to recover debts from an insolvent debtor company. This eBook is a complete guide to drafting and serving statutory demands.
1) Many groups presented file replication systems they have developed and are using in production, including JLAB, SRB, Globus, GDMP, MAGDA, SAM, STAR, and BaBar.
2) The systems utilize various components like replica catalogs, file transfer services, storage interfaces, and scheduling/management layers to provide robust file replication capabilities.
3) Key topics of discussion included interfaces and standards for replication services, error handling, reliability, performance, and experience from different experiments. Groups expressed interest in further collaboration in these areas.
This document provides a blueprint for metering, pricing, billing, payments, account management, and subscription management for cloud commerce. It discusses various pricing models including one-time, recurring, usage-based, and bundled pricing. It also outlines best practices for usage processing, billing, payments, account setup and maintenance, subscription changes, and a self-service web portal. Advanced commerce models like billing-as-a-service and cloud marketplaces are also mentioned.
- DTE Energy's consolidated statement of financial position as of June 30, 2006 showed total assets of $22.2 billion and total liabilities and shareholders' equity of $22.2 billion. Cash and cash equivalents totaled $76 million as of June 30, 2006.
- Detroit Edison's electric sales increased 7% in the second quarter of 2006 compared to the same period in 2005, while gas sales at MichCon decreased 21% over the same period.
- DTE Energy's debt to total capitalization as of June 30, 2006 was 52.9% with long-term debt totaling $6.7 billion.
- DTE Energy's total assets increased slightly to $23.8 billion in 2006 from $23.3 billion in 2005. Total liabilities also increased slightly to $15.2 billion from $14.5 billion.
- Electric sales for Detroit Edison decreased 5% to 57 billion kWh while revenues increased 8% to $4.5 billion, driven by higher commercial and industrial sales.
- Gas sales for MichCon decreased 16% to 271 billion cubic feet while revenues decreased 10% to $1.7 billion due to lower residential and commercial usage.
- DTE Energy's total assets as of March 31, 2008 were $23.2 billion, with current assets of $3.4 billion and total liabilities of $17.2 billion.
- For the first quarter of 2008, DTE Energy reported net income of $212 million and operating cash flow of $890 million.
- Electric sales for Detroit Edison increased 2% in the first quarter compared to the same period in 2007, while gas sales for MichCon decreased 3%.
This document provides supplemental financial information for DTE Energy Company for the second quarter of 2007. It includes consolidated statements of financial position, cash flows, and operations for DTE Energy and its subsidiaries Detroit Edison and Michigan Consolidated Gas. Some key details are:
- Total assets for DTE Energy as of June 30, 2007 were $23.958 billion, with current assets of $4.336 billion and property, plant and equipment of $11.451 billion.
- Total debt for DTE Energy as of June 30, 2007 was $6.981 billion, or 53% of its total capitalization of $13.159 billion.
- For the second quarter of 2007, Detroit E
DTE Energy's consolidated financial statements for Q1 2006 show:
- Total assets of $22.4 billion, with current assets of $4.7 billion including cash of $75 million.
- Total liabilities of $16.7 billion including long-term debt of $7.1 billion.
- Shareholders' equity of $5.8 billion.
- Operating revenues for Detroit Edison increased 5% to $1.05 billion due to higher sales across all customer classes as weather was warmer.
Statutory demands are a great way to attempt to recover debts from an insolvent debtor company. This eBook is a complete guide to drafting and serving statutory demands.
1) Many groups presented file replication systems they have developed and are using in production, including JLAB, SRB, Globus, GDMP, MAGDA, SAM, STAR, and BaBar.
2) The systems utilize various components like replica catalogs, file transfer services, storage interfaces, and scheduling/management layers to provide robust file replication capabilities.
3) Key topics of discussion included interfaces and standards for replication services, error handling, reliability, performance, and experience from different experiments. Groups expressed interest in further collaboration in these areas.
This document provides a blueprint for metering, pricing, billing, payments, account management, and subscription management for cloud commerce. It discusses various pricing models including one-time, recurring, usage-based, and bundled pricing. It also outlines best practices for usage processing, billing, payments, account setup and maintenance, subscription changes, and a self-service web portal. Advanced commerce models like billing-as-a-service and cloud marketplaces are also mentioned.
This document provides steps to set up Application Link Enabling (ALE) between two SAP systems (Shatadru 555 and Shatadru 777) to transfer vendor master data. The steps include: 1) Defining logical systems in each system, 2) Assigning logical systems to clients, 3) Creating RFC destinations in each system for communication, 4) Preparing a customer distribution model to define the messages to be transferred, 5) Generating partner profiles in the sender system, 6) Distributing the customer distribution model.
This document provides an overview and guide to investing in Algeria. It discusses Algeria's history, demographics, economy, legal system, foreign investment policies and incentives, business structures, commercial activities, trade, banking, taxation and accounting practices. The key points are:
- Algeria aims to attract foreign investment through tax incentives and guarantees for investors. The National Investment Council and National Investment Development Agency promote investment.
- Common business structures include joint stock companies, limited liability companies, sole proprietorships and partnerships. Foreign companies can also establish as a branch or liaison office.
- Algeria has transitioned to a more market-based economy but still intervenes in certain sectors. It seeks to diversify its oil and
Solar energy market overview nov 25 2011_eng_finalJason_2011710
The document provides an overview of Ukraine's solar energy market, current status, and key legislation. It discusses Ukraine's high potential for solar development. Currently, the market is growing rapidly at an estimated 90% annually until 2015. Key legislation includes a green tariff that guarantees above-market rates for solar electricity through 2030, however investors remain concerned about legislative and regulatory instability. Major players in Ukraine's solar market are beginning to emerge, though development challenges around infrastructure, financing, and policy consistency remain.
Qwest Communications International Inc. reported financial results for the quarter ended March 31, 2008. Total operating revenue for Qwest was $3.4 billion for the quarter. Net income was $157 million, with basic earnings per share of $0.09. Total assets as of March 31, 2008 were $21.9 billion, with current assets of $3.2 billion. Cash provided by operating activities for the quarter was $388 million.
The document is a notice from Sun Microsystems for its 2007 Annual Meeting of Stockholders. It informs stockholders that the meeting will be held on November 8, 2007 at Sun's campus in Santa Clara, California. The purposes of the meeting are to elect directors, ratify the appointment of the independent auditors, approve stock and compensation plans, and consider two stockholder proposals. Stockholders of record as of September 10, 2007 are entitled to vote. Stockholders are encouraged to vote whether attending in person or by proxy.
This document is a notice and proxy statement from Agilent Technologies for its 2009 annual meeting of stockholders. It announces the meeting details including date, time, and location. The meeting will be held on March 11, 2009 at 10:00 am at the South San Francisco Conference Center in South San Francisco, California. Stockholders will vote on three proposals - electing three directors, ratifying the appointment of PricewaterhouseCoopers as the independent auditor, and approving Agilent's 2009 stock plan. Stockholders are encouraged to vote by proxy prior to the meeting. Admission tickets are required to attend and can be obtained from the proxy materials or Agilent's investor relations department.
This document provides an overview and analysis of the city of Wuhan, China. It discusses Wuhan's infrastructure, regional strategy, economy, industries, population data, housing prices, government projects, foreign investment environment and policies. Key information includes details on Wuhan's transportation network, GDP, pillar industries like equipment manufacturing and biomedicine, population of over 10 million, and incentives available for foreign direct investment. Contact information is also provided for Wuhan government offices and service providers.
Plot() is the main plotting function in base R. It is a generic function that dispatches different methods depending on the class of the first argument. When called, plot() follows 8 steps: 1) Open a new plotting window, 2) Set the plotting coordinates, 3) Evaluate pre-plot expressions, 4) Make the actual plot, 5) Evaluate post-plot expressions, 6) Add axes, 7) Add a frame, and 8) Add annotations. The class of the first argument determines which plotting method is used, and additional arguments can customize the plot output.
This report provides a summary of Solyndra's operations from its founding through its bankruptcy filing in 2011. It discusses Solyndra's solar panel technology, its financing and construction of two manufacturing facilities, the impact of the economic downturn on the solar industry, and Solyndra's restructuring efforts and capital raising attempts in 2010. It also provides context on the solar industry and market conditions during this period. The report reviews Solyndra's $535 million loan guarantee from the Department of Energy that helped fund construction of its second factory.
This document provides an overview of using the User Managed Access (UMA) protocol and Keycloak for authorization. It describes UMA concepts like request tokens, resources, and permissions. It then demonstrates a sample UMA photo sharing application implemented with Keycloak. The application allows users to create photo albums, share albums with other users, and request access that can be approved or revoked. It also shows how to interact with the UMA functionality through REST APIs to perform actions like requesting access tokens, viewing resources, and managing permissions.
This document provides an overview of training for KeyCloak - Redhat SSO advanced topics. It covers various prerequisites and then discusses several advanced KeyCloak topics like using the SPI to add a custom event listener, debugging KeyCloak SPIs using Eclipse, configuring the KeyCloak logger, enabling multifactor authentication using OTP, understanding MFA concepts in KeyCloak, mapping LDAP groups to KeyCloak roles, getting an access token from LDAP values, using client scopes, understanding client authenticators, understanding token usage including offline tokens, examples of using offline tokens, understanding KeyCloak user federation, customizing the KeyCloak authentication flow, using the Apache mod_auth_openidc module with KeyCloak
The document describes indicators and methodology to measure the role of livestock in livelihoods and gender dynamics. It outlines 6 indicators related to: 1) livestock ownership and importance as an asset; 2) access to technologies and services; 3) livestock production and productivity; 4) labor use in livestock systems; 5) contribution of livestock to income; and 6) role of livestock in food security. For each indicator, it provides the rationale and describes the data needed and calculations. The focus is on collecting sex-disaggregated data on livestock ownership, use of inputs/services, and roles/work to understand gender dynamics within livestock systems.
This document provides an overview of training for Red Hat Single Sign-On (RH-SSO). It covers prerequisites, installing RH-SSO, starting the RH-SSO server, creating realms and users, and examples of using RH-SSO with client applications. Specific topics covered include cloning RH-SSO examples, registering applications with RH-SSO, configuring the Keycloak adapter, and testing login flows. The document also provides pointers for understanding OAuth2, OpenID Connect, and using RH-SSO's REST API and authorization services.
This document provides information about the USB2817 integrated circuit, including its pin descriptions and functions. It describes the purpose of pins such as AD, DA, DI, DO, and CNT for analog to digital conversion and digital to analog functions. It also explains the chip's ID register for identification purposes and provides programming information for configuration registers to control aspects like conversion timing and power management.
1) The document is Archer Daniels Midland Company's 2006 Annual Report.
2) It discusses the retirement of G. Allen Andreas as CEO and Chairman of the Board after over 30 years of service, during which he led global expansion and improvements in governance.
3) Under his leadership, ADM transitioned from a focus on U.S. processing to a more global business model, establishing leadership positions in important international markets.
DTE Energy reported 2004 earnings of $431 million, down from 2003 earnings of $521 million. Operating earnings for 2004 were $427 million, down from $500 million in 2003. Earnings declined due to factors such as mild weather, lower retail customer sales, and higher expenses. However, the company completed several regulatory proceedings favorably and expects earnings to improve in 2005 with resolution of outstanding rate cases and continued non-utility business growth. DTE Energy reconfirmed its 2005 earnings guidance of $3.30 to $3.60 per share.
DTE Energy reported third quarter net income of $176 million compared to $161 million in the previous year. Operating earnings for the third quarter were $114 million, comparable to the $120 million in 2002. For the first nine months, net income was $292 million compared to $429 million in 2002, while operating earnings were $362 million versus $387 million the prior year. The company faced challenges from a cool summer, storms, and the August 2003 blackout. Looking ahead, the company said regulatory actions and legislative changes are needed to address issues with Michigan's electric customer choice program.
This document is CenterPoint Energy's 2008 Annual Report. It summarizes the company's strong financial performance in 2008, with net income increasing 12% to $447 million. It highlights the reliable performance of the company's electric transmission, natural gas distribution, interstate pipelines and field services businesses. It also discusses challenges for 2009, including a national recession, volatile energy markets and reduced customer growth, but notes the company is well positioned due to its diversified portfolio and strengthened financial position.
DTE Energy reported a 25% increase in earnings for 2005 compared to 2004, driven by operational and regulatory improvements at its electric and gas utilities Detroit Edison and MichCon. It expects continued strong earnings growth in 2006 across all of its business segments. Non-utility operations performed well in 2005 and are expected to contribute further to earnings growth in 2006. The company provided guidance of $3.60 to $3.90 per share in operating earnings for 2006, a significant increase over 2005.
DTE Energy reported earnings for 2003 fell 18% from 2002, driven by weak results at its utility subsidiaries, Detroit Edison and MichCon. Earnings at Detroit Edison dropped 31% due to impacts of Michigan's Electric Choice program, as well as higher costs and mild weather. MichCon saw a 26% rise in operating expenses. The CEO noted regulatory issues need resolution and Electric Choice program flaws addressed for financial health of the utilities. Non-regulated operations increased earnings 7% and continued stable growth, but regulated businesses face financial pressure until regulatory issues are resolved.
DTE Energy reported first quarter 2007 earnings of $134 million, down slightly from $136 million in first quarter 2006. Operating earnings were $149 million in first quarter 2007, down from $171 million in the prior year period. The company reiterated its full year 2007 operating earnings guidance. DTE Energy saw increased earnings at its gas utility segment due to colder weather, while earnings declined at its electric utility due to a rate reduction and higher storm costs. The company is pursuing plans to restructure its non-utility businesses and return value to shareholders through stock buybacks.
The document provides financial information for DTE Energy Company for Q3 2005, including:
- Operating net income was $5 million compared to $97 million in Q3 2004. Electric utility income was $97 million and gas utility lost $18 million.
- Factors impacting results included unrealized mark-to-market losses at Energy Trading of $140 million, gain on land sale of $10 million, and impairment charges of $15 million.
- Consolidated statements of financial position and cash flows are provided for the company and its subsidiaries.
This document provides steps to set up Application Link Enabling (ALE) between two SAP systems (Shatadru 555 and Shatadru 777) to transfer vendor master data. The steps include: 1) Defining logical systems in each system, 2) Assigning logical systems to clients, 3) Creating RFC destinations in each system for communication, 4) Preparing a customer distribution model to define the messages to be transferred, 5) Generating partner profiles in the sender system, 6) Distributing the customer distribution model.
This document provides an overview and guide to investing in Algeria. It discusses Algeria's history, demographics, economy, legal system, foreign investment policies and incentives, business structures, commercial activities, trade, banking, taxation and accounting practices. The key points are:
- Algeria aims to attract foreign investment through tax incentives and guarantees for investors. The National Investment Council and National Investment Development Agency promote investment.
- Common business structures include joint stock companies, limited liability companies, sole proprietorships and partnerships. Foreign companies can also establish as a branch or liaison office.
- Algeria has transitioned to a more market-based economy but still intervenes in certain sectors. It seeks to diversify its oil and
Solar energy market overview nov 25 2011_eng_finalJason_2011710
The document provides an overview of Ukraine's solar energy market, current status, and key legislation. It discusses Ukraine's high potential for solar development. Currently, the market is growing rapidly at an estimated 90% annually until 2015. Key legislation includes a green tariff that guarantees above-market rates for solar electricity through 2030, however investors remain concerned about legislative and regulatory instability. Major players in Ukraine's solar market are beginning to emerge, though development challenges around infrastructure, financing, and policy consistency remain.
Qwest Communications International Inc. reported financial results for the quarter ended March 31, 2008. Total operating revenue for Qwest was $3.4 billion for the quarter. Net income was $157 million, with basic earnings per share of $0.09. Total assets as of March 31, 2008 were $21.9 billion, with current assets of $3.2 billion. Cash provided by operating activities for the quarter was $388 million.
The document is a notice from Sun Microsystems for its 2007 Annual Meeting of Stockholders. It informs stockholders that the meeting will be held on November 8, 2007 at Sun's campus in Santa Clara, California. The purposes of the meeting are to elect directors, ratify the appointment of the independent auditors, approve stock and compensation plans, and consider two stockholder proposals. Stockholders of record as of September 10, 2007 are entitled to vote. Stockholders are encouraged to vote whether attending in person or by proxy.
This document is a notice and proxy statement from Agilent Technologies for its 2009 annual meeting of stockholders. It announces the meeting details including date, time, and location. The meeting will be held on March 11, 2009 at 10:00 am at the South San Francisco Conference Center in South San Francisco, California. Stockholders will vote on three proposals - electing three directors, ratifying the appointment of PricewaterhouseCoopers as the independent auditor, and approving Agilent's 2009 stock plan. Stockholders are encouraged to vote by proxy prior to the meeting. Admission tickets are required to attend and can be obtained from the proxy materials or Agilent's investor relations department.
This document provides an overview and analysis of the city of Wuhan, China. It discusses Wuhan's infrastructure, regional strategy, economy, industries, population data, housing prices, government projects, foreign investment environment and policies. Key information includes details on Wuhan's transportation network, GDP, pillar industries like equipment manufacturing and biomedicine, population of over 10 million, and incentives available for foreign direct investment. Contact information is also provided for Wuhan government offices and service providers.
Plot() is the main plotting function in base R. It is a generic function that dispatches different methods depending on the class of the first argument. When called, plot() follows 8 steps: 1) Open a new plotting window, 2) Set the plotting coordinates, 3) Evaluate pre-plot expressions, 4) Make the actual plot, 5) Evaluate post-plot expressions, 6) Add axes, 7) Add a frame, and 8) Add annotations. The class of the first argument determines which plotting method is used, and additional arguments can customize the plot output.
This report provides a summary of Solyndra's operations from its founding through its bankruptcy filing in 2011. It discusses Solyndra's solar panel technology, its financing and construction of two manufacturing facilities, the impact of the economic downturn on the solar industry, and Solyndra's restructuring efforts and capital raising attempts in 2010. It also provides context on the solar industry and market conditions during this period. The report reviews Solyndra's $535 million loan guarantee from the Department of Energy that helped fund construction of its second factory.
This document provides an overview of using the User Managed Access (UMA) protocol and Keycloak for authorization. It describes UMA concepts like request tokens, resources, and permissions. It then demonstrates a sample UMA photo sharing application implemented with Keycloak. The application allows users to create photo albums, share albums with other users, and request access that can be approved or revoked. It also shows how to interact with the UMA functionality through REST APIs to perform actions like requesting access tokens, viewing resources, and managing permissions.
This document provides an overview of training for KeyCloak - Redhat SSO advanced topics. It covers various prerequisites and then discusses several advanced KeyCloak topics like using the SPI to add a custom event listener, debugging KeyCloak SPIs using Eclipse, configuring the KeyCloak logger, enabling multifactor authentication using OTP, understanding MFA concepts in KeyCloak, mapping LDAP groups to KeyCloak roles, getting an access token from LDAP values, using client scopes, understanding client authenticators, understanding token usage including offline tokens, examples of using offline tokens, understanding KeyCloak user federation, customizing the KeyCloak authentication flow, using the Apache mod_auth_openidc module with KeyCloak
The document describes indicators and methodology to measure the role of livestock in livelihoods and gender dynamics. It outlines 6 indicators related to: 1) livestock ownership and importance as an asset; 2) access to technologies and services; 3) livestock production and productivity; 4) labor use in livestock systems; 5) contribution of livestock to income; and 6) role of livestock in food security. For each indicator, it provides the rationale and describes the data needed and calculations. The focus is on collecting sex-disaggregated data on livestock ownership, use of inputs/services, and roles/work to understand gender dynamics within livestock systems.
This document provides an overview of training for Red Hat Single Sign-On (RH-SSO). It covers prerequisites, installing RH-SSO, starting the RH-SSO server, creating realms and users, and examples of using RH-SSO with client applications. Specific topics covered include cloning RH-SSO examples, registering applications with RH-SSO, configuring the Keycloak adapter, and testing login flows. The document also provides pointers for understanding OAuth2, OpenID Connect, and using RH-SSO's REST API and authorization services.
This document provides information about the USB2817 integrated circuit, including its pin descriptions and functions. It describes the purpose of pins such as AD, DA, DI, DO, and CNT for analog to digital conversion and digital to analog functions. It also explains the chip's ID register for identification purposes and provides programming information for configuration registers to control aspects like conversion timing and power management.
1) The document is Archer Daniels Midland Company's 2006 Annual Report.
2) It discusses the retirement of G. Allen Andreas as CEO and Chairman of the Board after over 30 years of service, during which he led global expansion and improvements in governance.
3) Under his leadership, ADM transitioned from a focus on U.S. processing to a more global business model, establishing leadership positions in important international markets.
DTE Energy reported 2004 earnings of $431 million, down from 2003 earnings of $521 million. Operating earnings for 2004 were $427 million, down from $500 million in 2003. Earnings declined due to factors such as mild weather, lower retail customer sales, and higher expenses. However, the company completed several regulatory proceedings favorably and expects earnings to improve in 2005 with resolution of outstanding rate cases and continued non-utility business growth. DTE Energy reconfirmed its 2005 earnings guidance of $3.30 to $3.60 per share.
DTE Energy reported third quarter net income of $176 million compared to $161 million in the previous year. Operating earnings for the third quarter were $114 million, comparable to the $120 million in 2002. For the first nine months, net income was $292 million compared to $429 million in 2002, while operating earnings were $362 million versus $387 million the prior year. The company faced challenges from a cool summer, storms, and the August 2003 blackout. Looking ahead, the company said regulatory actions and legislative changes are needed to address issues with Michigan's electric customer choice program.
This document is CenterPoint Energy's 2008 Annual Report. It summarizes the company's strong financial performance in 2008, with net income increasing 12% to $447 million. It highlights the reliable performance of the company's electric transmission, natural gas distribution, interstate pipelines and field services businesses. It also discusses challenges for 2009, including a national recession, volatile energy markets and reduced customer growth, but notes the company is well positioned due to its diversified portfolio and strengthened financial position.
DTE Energy reported a 25% increase in earnings for 2005 compared to 2004, driven by operational and regulatory improvements at its electric and gas utilities Detroit Edison and MichCon. It expects continued strong earnings growth in 2006 across all of its business segments. Non-utility operations performed well in 2005 and are expected to contribute further to earnings growth in 2006. The company provided guidance of $3.60 to $3.90 per share in operating earnings for 2006, a significant increase over 2005.
DTE Energy reported earnings for 2003 fell 18% from 2002, driven by weak results at its utility subsidiaries, Detroit Edison and MichCon. Earnings at Detroit Edison dropped 31% due to impacts of Michigan's Electric Choice program, as well as higher costs and mild weather. MichCon saw a 26% rise in operating expenses. The CEO noted regulatory issues need resolution and Electric Choice program flaws addressed for financial health of the utilities. Non-regulated operations increased earnings 7% and continued stable growth, but regulated businesses face financial pressure until regulatory issues are resolved.
DTE Energy reported first quarter 2007 earnings of $134 million, down slightly from $136 million in first quarter 2006. Operating earnings were $149 million in first quarter 2007, down from $171 million in the prior year period. The company reiterated its full year 2007 operating earnings guidance. DTE Energy saw increased earnings at its gas utility segment due to colder weather, while earnings declined at its electric utility due to a rate reduction and higher storm costs. The company is pursuing plans to restructure its non-utility businesses and return value to shareholders through stock buybacks.
The document provides financial information for DTE Energy Company for Q3 2005, including:
- Operating net income was $5 million compared to $97 million in Q3 2004. Electric utility income was $97 million and gas utility lost $18 million.
- Factors impacting results included unrealized mark-to-market losses at Energy Trading of $140 million, gain on land sale of $10 million, and impairment charges of $15 million.
- Consolidated statements of financial position and cash flows are provided for the company and its subsidiaries.
DTE Energy reported lower third quarter earnings compared to the previous year. Earnings were down due to a decline in operating earnings at Detroit Edison, impacted by mild weather and loss of customers to electric choice programs. While non-regulated businesses performed well, regulatory uncertainties at the utilities impacted overall results. Management expects resolutions to rate cases and improvements to electric choice programs to strengthen earnings in 2005.
DTE Energy reported first quarter earnings of $149 million compared to $190 million in the first quarter of 2004. Operating earnings, which exclude non-recurring items, were $153 million compared to $152 million in the prior year. The company reconfirmed its 2005 earnings guidance range of $3.30 to $3.60 per share. Several business units saw lower earnings due to timing factors but the company expects to meet its annual targets.
- DTE Energy's consolidated statement of financial position as of June 30, 2006 showed total assets of $22.2 billion and total liabilities and shareholders' equity of $22.2 billion. Cash and cash equivalents totaled $76 million as of June 30, 2006.
- Detroit Edison's electric sales increased 7% in the second quarter of 2006 compared to the same period in 2005, while gas sales at MichCon decreased 21% over the same period.
- DTE Energy's debt to total capitalization as of June 30, 2006 was 52.9% with long-term debt totaling $6.7 billion.
This document provides supplemental financial information for DTE Energy Company for the second quarter of 2007. It includes consolidated statements of financial position, cash flows, and operations for DTE Energy and its subsidiaries Detroit Edison and Michigan Consolidated Gas. Key details include total assets of $23.958 billion, total debt of $6.981 billion, and equity of $5.889 billion for DTE Energy. Electric sales increased 2% while revenues grew 4% for Detroit Edison compared to the second quarter of 2006.
- DTE Energy's total assets increased slightly to $23.8 billion in 2006 from $23.3 billion in 2005. Total liabilities also increased slightly to $15.2 billion from $14.5 billion.
- Electric sales for Detroit Edison decreased 5% to 57 billion kWh while revenues increased 8% to $4.5 billion, driven by higher commercial and industrial sales.
- Gas sales for MichCon decreased 16% to 271 billion cubic feet while revenues decreased 10% to $1.7 billion due to lower residential and commercial usage.
- DTE Energy's total assets as of March 31, 2008 were $23.2 billion, with current assets of $3.4 billion and property, plant and equipment of $11.5 billion. Total liabilities were $17.1 billion and shareholders' equity was $6.1 billion.
- For the first quarter of 2008, DTE Energy reported net income of $212 million and operating cash flow of $890 million. Electric sales increased 2-4% for Detroit Edison compared to the prior year.
- Key subsidiaries Detroit Edison and MichCon both saw higher earnings in the first quarter of 2008 compared to the prior year, with weather slightly positively impacting Detroit Edison
DTE Energy's consolidated financial statements for Q1 2006 show:
- Total assets of $22.4 billion, with current assets of $4.7 billion including cash of $75 million.
- Total liabilities of $16.7 billion including long-term debt of $7.1 billion.
- Shareholders' equity of $5.8 billion.
- Operating revenues for Detroit Edison increased 5% to $1.05 billion due to higher sales across all customer classes as weather was warmer.
- DTE Energy's consolidated financial position as of March 31, 2007 included total assets of $23.4 billion and total liabilities and shareholders' equity of $23.4 billion. Debt accounted for 53.6% of DTE's total capitalization.
- For the first quarter of 2007, DTE Energy reported net income of $134 million, while Detroit Edison and MichCon reported operating earnings of $48 million and $62 million, respectively.
- Electric sales for Detroit Edison increased 5% from the prior year quarter due to higher sales in all customer classes except choice customers. Gas sales for MichCon increased 8% due to higher residential and industrial sales.
- DTE Energy's consolidated financial position as of March 31, 2007 included total assets of $23.4 billion and total liabilities and shareholders' equity of $23.4 billion. Debt accounted for 53.6% of DTE's total capitalization.
- For the first quarter of 2007, DTE Energy reported net income of $134 million, while Detroit Edison and MichCon reported operating earnings of $48 million and $62 million, respectively.
- Electric sales for Detroit Edison increased 5% from the prior year quarter due to higher sales in all customer classes except choice customers. Gas sales for MichCon increased 8% due to higher residential and industrial sales.
This document is a financial supplement providing quarterly financial results for Genworth Financial, Inc. for 3Q 2008. It includes sections on net income, net operating income by business segment, balance sheets, investment portfolio details, and non-GAAP financial measures reconciliations. New metrics were added this quarter to provide more transparency into financial trends for the International and U.S. Mortgage Insurance segments.
This document is a financial supplement providing quarterly financial results for Genworth Financial, Inc. for 3Q 2008. It includes sections on net income, net operating income by business segment, balance sheets, investment portfolio details, and non-GAAP financial measures reconciliations. New metrics were added this quarter to provide more transparency into financial trends for the International and U.S. Mortgage Insurance segments.
This document is an interim shareholders report from Berkshire Hathaway Inc. for the second quarter of 2004. It includes consolidated balance sheets, statements of earnings, and condensed consolidated statements of cash flows for the periods ended June 30, 2004 and 2003. The balance sheet shows total assets of $203.4 billion as of June 30, 2004, including $150.4 billion in insurance and other assets and $48.9 billion in finance and financial products assets. Total liabilities were $122.1 billion, including $79.9 billion in insurance and other liabilities and $42.2 billion in finance and financial products liabilities. Shareholders' equity totaled $80.4 billion. The statements of earnings show
This document is a Form 10-Q quarterly report filed by HSBC Finance Corporation with the US Securities and Exchange Commission. It provides financial statements and disclosures for the quarter ended September 30, 2008. Specifically, it includes an unaudited consolidated statement of income, balance sheet, and cash flows. It shows a net loss of $271 million for the quarter due to a high provision for credit losses of $3.8 billion. Total assets were $131.5 billion as of September 30, 2008, with receivables, net making up 86% of total assets. The report provides additional details on financial results, credit quality, liquidity, and risk management.
This document is a Form 10-Q quarterly report filed by HSBC Finance Corporation with the US Securities and Exchange Commission. It provides financial statements and disclosures for the quarter ended September 30, 2008. Specifically, it includes an unaudited consolidated statement of income, balance sheet, cash flows, and notes to the financial statements. It discloses a net loss of $271 million for the quarter due to a $3.8 billion provision for credit losses, as well as a goodwill impairment charge of $71 million. Total assets were $131.5 billion as of September 30, 2008, with receivables, net making up 86% of total assets.
This document is Berkshire Hathaway's interim shareholders report for the third quarter of 2004. It includes consolidated balance sheets, statements of earnings, and condensed statements of cash flows for the periods ended September 30, 2004 and 2003. The report provides key financial information on Berkshire's insurance, utilities, manufacturing, and services businesses. It summarizes revenues, costs, earnings, cash flows, and financial positions for the periods. The management discussion and analysis section provides additional context regarding Berkshire's financial condition and operating results.
This document is a financial supplement providing quarterly financial results for Genworth Financial, Inc. for the fourth quarter of 2007. It includes sections on net income, net operating income by business segment, consolidated balance sheets, investments information, and reconciliations of non-GAAP measures to GAAP measures. The supplement provides detailed financial results and key metrics for Genworth's business segments to allow for analysis of performance on a quarterly basis.
This document is a financial supplement providing quarterly financial results for Genworth Financial, Inc. for the fourth quarter of 2007. It includes sections on net income, net operating income by business segment, consolidated and segment balance sheets, investment portfolio details, and reconciliations of non-GAAP measures. The supplement provides detailed performance metrics for Genworth's business segments to allow for analysis of results.
This document is a financial supplement providing quarterly financial results for Genworth Financial, Inc. for the fourth quarter of 2007. It includes sections on net income, net operating income by business segment, consolidated and segment balance sheets, investment portfolio details, and reconciliations of non-GAAP measures. The supplement provides detailed performance metrics for Genworth's business segments to allow for analysis of results.
This document is an SEC Form 10-Q quarterly report filed by HSBC Finance Corporation. It provides financial statements and disclosures for the quarter ending June 30, 2008, including:
- Consolidated statements of income, balance sheets, cash flows, and changes in shareholders' equity.
- Notes to the financial statements providing details on accounting policies, segment information, credit quality, liquidity, and other disclosures.
- Management's discussion and analysis of financial condition, results of operations, credit quality, liquidity, risk management, and reconciliations to GAAP measures.
The annual report discusses Smurfit-Stone Corporation's performance in 2006 and strategies for 2007. Key points include:
- Smurfit-Stone achieved $243 million in cost savings in 2006 from its strategic initiatives, exceeding its $240 million goal. It closed plants and reduced headcount.
- The company aims to deliver an additional $180 million in cost savings in 2007 to reach its $525 million goal by 2008.
- Smurfit-Stone's recycling division exceeded its 2006 targets and will focus on profit improvement and cost savings in 2007.
- The company's container division scaling plan is a critical 2007 initiative to drive further productivity gains.
The annual report discusses Smurfit-Stone Corporation's performance in 2006 and strategies for 2007. Key points include:
- Smurfit-Stone achieved $243 million in cost savings in 2006 and exceeded its goal, closing plants and reducing headcount. It aims to achieve $525 million in savings by 2008.
- The company delivered solid financial results in 2006 despite inflation in input costs. However, it was not satisfied with financial performance.
- Smurfit-Stone is structured for growth in 2007 through initiatives to lower costs, drive revenue growth, build a high-performance team, and improve financial flexibility. It expects to deliver $180 million in additional cost savings in 2007.
- The report
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Pepco Holdings, Inc. held an analyst conference on October 5-6, 2004 to discuss the company's performance. The presentation included an overview of PHI's businesses, strategy, and corporate governance practices. It noted PHI has $7.1 billion in revenues and focuses on its regulated electric and gas delivery business, which accounts for 72% of operating income. The Power Delivery segment was discussed, which includes the transmission and distribution of electricity to 1.8 million customers across several mid-Atlantic states.
The document discusses Joseph Rigby's presentation on the strategic positioning of Southeast Utilities. It summarizes the company's strategic focus on power delivery, Conectiv Energy, and Pepco Energy Services. It also outlines the goals for the power delivery business, including sales growth, infrastructure investment, operational excellence, and constructive regulatory outcomes to deliver average annual earnings growth of at least 4%. Key infrastructure projects are highlighted.
The document summarizes a presentation given by Joseph M. Rigby, CFO of Pepco Holdings, Inc. (PHI) at an investor conference on March 28, 2006. The presentation outlines PHI's strategy to remain a regional diversified energy delivery and competitive services company focused on operational excellence. It discusses PHI's power delivery business, Conectiv Energy, and Pepco Energy Services. The presentation also provides financial performance summaries and projections showing PHI's ability to cover dividends and capital expenditures with cash from operations.
The document provides an overview and summary of PHI's strategy and performance across its various business segments. PHI aims to remain a regional diversified energy delivery and competitive services company focused on value creation and operational excellence. Key aspects include achieving constructive regulatory outcomes and 4% annual earnings growth for its power delivery utilities, optimizing assets and market opportunities for Conectiv Energy, and expanding Pepco Energy Services into additional markets. Financial performance has been positively impacted by infrastructure investments and sales growth, though earnings have been reduced in some jurisdictions due to higher standard offer service pricing.
This document provides an overview of PHI and its strategy for positioning itself for success in a dynamic industry. PHI's strategy is to remain a diversified regional energy delivery and competitive services company focused on value creation and operational excellence. For its power delivery utility operations, PHI's goals are to operate with excellence, achieve constructive regulatory outcomes, invest in infrastructure, and deliver at least 4% annual average earnings growth. PHI's service territory has a robust economy that is less susceptible to downturns and includes diverse government and private sectors.
This document provides an overview of PHI's 41st EEI Financial Conference held from November 5-8, 2006. It includes sections on PHI's financial performance for Q3 and year-to-date 2006, drivers of performance, sales and customer trends, regulated distribution summaries, upcoming regulatory activities including transmission formula rate filings and rate cases, and PHI's proposed MAPP transmission project. Key highlights are lower sales due to mild weather, lower transmission revenue, and plans to file rate cases in late 2006/early 2007.
This document provides an overview and summary of Power Holdings Inc.'s (PHI) various business segments. It discusses PHI's regulated electric and gas delivery business, which accounts for 67% of operating income. It also summarizes Conectiv Energy's competitive merchant generation and load service business, which accounts for 33% of operating income. Key highlights from rate cases and recent regulatory activities involving PHI's delivery businesses are also provided. The document contains forward-looking statements and non-GAAP financial measures.
The document provides an overview of Pepco Holdings Inc.'s (PHI) power delivery business and regulatory environment. It summarizes PHI's sales and customer growth projections, infrastructure investment strategy including the proposed Mid-Atlantic Power Pathway transmission project and Blueprint for the Future initiative. Recent distribution rate case outcomes for PHI's utilities are also summarized. The document is intended as a presentation for investors on PHI's positioned for success through its regulated electric and gas delivery business.
The document provides an overview of Pepco Holdings Inc.'s (PHI) various businesses including its regulated electric and gas delivery business, competitive energy generation business, and energy services business. It discusses PHI's infrastructure investment strategies, the status of major projects like the Mid-Atlantic Power Pathway, and the company's regulatory environment. Financial projections show expectations for continued investment and growth across PHI's businesses.
The document discusses Pepco Holdings' strategic focus on infrastructure investments and customer programs to position the company for continued success. It outlines plans to invest $1.2 billion in the Mid-Atlantic Power Pathway transmission project through 2014 and $646 million in advanced metering infrastructure and other programs through the company's Blueprint for the Future initiative between 2008-2014. Regulatory support is essential for cost recovery for these investments, which aim to enhance reliability, manage costs and protect the environment for customers.
This document provides an overview of Pepco Holdings' transmission and distribution business. It discusses plans to invest over $5 billion from 2007-2012 to upgrade aging infrastructure and improve reliability. A key project is the $1.05 billion Mid-Atlantic Power Pathway, a 230-mile 500kV transmission line from Northern Virginia to Southern New Jersey to be completed by 2013. The presentation outlines the project timeline, environmental stewardship efforts, and cost recovery approach through PJM and FERC. It also reviews the company's focus on replacing aging transmission equipment to further enhance reliability.
The document provides an overview of Pepco Holdings, Inc.'s (PHI) strategy to build shareholder value. PHI aims to increase investment in infrastructure through its Blueprint programs to modernize its electric grid. It also plans growth for its competitive energy businesses, Conectiv Energy and Pepco Energy Services. PHI expects its regulated Power Delivery business to remain the primary driver of earnings, contributing 60-70% of operating income over the planning period through infrastructure investments and favorable regulatory outcomes.
This document provides an overview of Pepco Holdings, Inc.'s power delivery business. It discusses planned infrastructure investments totaling $4.99 billion from 2008-2012 to improve reliability, support load growth, and implement new technology. A key project is the $1.05 billion Mid-Atlantic Power Pathway transmission line. The document also reviews regulatory highlights, including recent rate cases, and outlines operational and financial summaries for the company's distribution and transmission businesses.
- Pepco Holdings held its annual meeting and provided its annual report to shareholders.
- In 2002, Pepco Holdings earned $210.5 million in consolidated earnings, or $1.61 per share. Earnings were driven by strong performance from regulated utility businesses and some competitive energy businesses.
- The letter discusses the company's strategy, leadership, and financial and operational performance across its various business segments in 2002. It also encourages shareholders to vote and continue supporting the company.
- Pepco Holdings provided its first annual report after merging Pepco and Conectiv in August 2002.
- In 2002, PHI earned $210.5 million, or $1.61 per share, on $4.3 billion in revenue. Excluding merger costs, earnings were $1.74 per share.
- The letter discusses the company's regulated utility and competitive energy businesses, noting stable earnings from utilities and growth potential from competitive businesses. It encourages shareholders to vote and thanks them for their confidence and investment.
This document provides a summary of Pepco Holdings' 2004 annual report and proxy statement. Key points include:
1) Pepco Holdings reported improved financial performance in 2004 with consolidated earnings of $258.7 million, up from $113.5 million in 2003, driven by improved performance of competitive energy businesses.
2) The company made progress on reducing debt and preferred stock by $480 million in 2004 and achieved a total shareholder return of over 22% for 2003-2004.
3) The regulated power delivery business continues as the primary focus and driver of steady cash flow. Earnings from this segment improved to $233.4 million in 2004.
4) Competitive energy businesses also posted
The document provides details on Pepco Holdings' 2003 performance and future plans. It discusses challenges faced in 2003 including an energy trading loss, Mirant's bankruptcy, and Hurricane Isabel. However, actions taken in 2003 such as divesting non-core businesses and reducing risk are expected to set the stage for future earnings growth. The company remains focused on strengthening its core power delivery business and improving customer satisfaction.
The document provides details on Pepco Holdings' 2003 performance and future plans. It discusses challenges faced in 2003 including an energy trading loss, Mirant's bankruptcy, and Hurricane Isabel. However, actions taken in 2003 such as divesting non-core businesses and reducing risk are expected to set the stage for future earnings growth. The company remains focused on strengthening its core power delivery business and improving customer satisfaction.
This document provides a summary of Pepco Holdings' 2004 annual report and proxy statement. Key points include:
1) Pepco Holdings reported improved financial performance in 2004 with consolidated earnings of $258.7 million, up from $113.5 million in 2003, driven by improved performance of competitive energy businesses.
2) The company made progress on reducing debt and preferred stock by $480 million in 2004 as part of its balance sheet improvement goals.
3) The regulated power delivery business continues as the primary focus due to its stability and cash generation. Earnings from this segment grew to $233.4 million in 2004.
4) Competitive energy businesses also posted profits in 2004 despite challenging markets
The document is the 2005 annual report and proxy statement from PHI (Pepco Holdings Inc.). It discusses PHI's strategy of focusing on stable power delivery and growing energy businesses. In 2005, PHI achieved earnings of $371.2 million and strengthened its balance sheet by paying down over $1 billion in debt. Rising energy prices present challenges for PHI and its customers. The proxy statement announces the annual meeting to elect directors and ratify the independent auditor.
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Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
2. DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Unaudited)
December 31
September 30
2005
2006
(in Millions)
ASSETS
Current Assets
Cash and cash equivalents..................................................................................... $ 88
$ 65
Restricted cash ...................................................................................................... 122
93
Accounts receivable
Customer (less allowance for doubtful accounts of $159 and $136, respectively) 1,746
1,152
Collateral held by others ...................................................................................... 286
248
Other ................................................................................................................... 363
209
Accrued power and gas supply cost recovery revenue .......................................... 186
178
Inventories
Fuel and gas ........................................................................................................ 522
661
Materials and supplies......................................................................................... 146
148
Deferred income taxes .......................................................................................... 257
143
Assets from risk management and trading activities............................................. 806
575
Other ..................................................................................................................... 160
238
4,682
3,710
Investments
Nuclear decommissioning trust funds ................................................................... 646
709
Other .......................................................................................................................... 530
501
1,176
1,210
Property
Property, plant and equipment .............................................................................. 18,187
18,380
(7,663 )
(7,578 )
Less accumulated depreciation and depletion ......................................................
10,524
10,802
Other Assets
Goodwill ............................................................................................................... 2,057
2,057
Regulatory assets .................................................................................................. 2,074
1,991
Securitized regulatory assets ................................................................................. 1,340
1,264
Intangible assets .................................................................................................... 400
456
Notes receivable.................................................................................................... 409
226
Assets from risk management and trading activities............................................. 316
262
Prepaid pension assets........................................................................................... 186
184
Other ..................................................................................................................... 171
154
6,953
6,594
$ 23,335
Total Assets............................................................................................................. $ 22,316
3. DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Unaudited)
December 31
September 30
2005
2006
(in Millions, Except Shares)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable ............................................................................................. $ 1,187
$ 909
Accrued interest................................................................................................ 115
128
Dividends payable ............................................................................................ 92
92
Short-term borrowings...................................................................................... 943
884
Current portion of long-term debt, including capital leases ............................. 691
362
Liabilities from risk management and trading activities ...................................... 1,089
648
Other................................................................................................................. 803
810
4,920
3,833
Other Liabilities
Deferred income taxes...................................................................................... 1,396
1,363
Regulatory liabilities ........................................................................................ 715
753
Asset retirement obligations ............................................................................. 1,091
1,158
Unamortized investment tax credit................................................................... 131
122
Liabilities from risk management and trading activities................................... 527
333
Liabilities from transportation and storage contracts ....................................... 317
288
Accrued pension liability.................................................................................. 284
376
Deferred gains from asset sales ........................................................................ 188
72
Minority interest ............................................................................................... 92
41
Nuclear decommissioning ................................................................................ 85
94
Other................................................................................................................. 740
737
5,566
5,337
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other..................................................................... 5,234
5,724
Securitization bonds......................................................................................... 1,295
1,185
Equity-linked securities ................................................................................... 175
-
Trust preferred-linked securities ...................................................................... 289
289
Capital lease obligations .................................................................................. 87
84
7,080
7,282
Commitments and Contingencies
Shareholders’ Equity
Common stock, without par value, 400,000,000 shares
authorized, 177,964,872 and 177,814,429 shares issued
and outstanding, respectively ......................................................................... 3,483
3,480
Retained earnings ............................................................................................. 2,557
2,574
Accumulated other comprehensive loss ........................................................... (271 )
(190 )
5,769
5,864
$ 23,335
Total Liabilities and Shareholders’ Equity ..................................................... $ 22,316
4. DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
Nine Months Ended
September 30
2005
2006
(in Millions)
Operating Activities
Net Income ..................................................................................................... $ 155
$ 291
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization .................................................. 663
801
Deferred income taxes ............................................................................... 121
24
Gain on sale of interests in synfuel projects .............................................. (180 )
(72 )
Gain on sale of assets, net.......................................................................... (31 )
(1 )
Impairment of synfuel projects.................................................................. -
124
Partners’ share of synfuel project losses.................................................... (241 )
(191 )
Contributions from synfuel partners .......................................................... 177
155
Changes in assets and liabilities, exclusive of changes
shown separately (Note 1) ...................................................................... (71 )
43
Net cash from operating activities .................................................................. 593
1,174
Investing Activities
Plant and equipment expenditures – utility..................................................... (564 )
(830 )
Plant and equipment expenditures – non-utility ............................................. (145 )
(214 )
Acquisitions, net of cash acquired .................................................................. -
(27 )
Proceeds from sale of interests in synfuel projects......................................... 251
203
Proceeds from sale of other assets .................................................................. 56
41
Restricted cash for debt redemptions.............................................................. 30
29
Proceeds from sale of nuclear decommissioning trust fund assets ................. 159
136
Investment in nuclear decommissioning trust funds....................................... (188 )
(163 )
Other investments........................................................................................... (80 )
(6 )
Net cash used for investing activities ............................................................. (481 )
(831 )
Financing Activities
Issuance of long-term debt ............................................................................. 623
545
Redemption of long-term debt........................................................................ (1,059 )
(672 )
Short-term borrowings, net ............................................................................. 472
44
Issuance of common stock.............................................................................. 172
9
Repurchase of common stock......................................................................... (12 )
(10 )
Dividends on common stock .......................................................................... (268 )
(274 )
Other............................................................................................................... (5 )
(8 )
Net cash used for financing activities ............................................................. (77 )
(366 )
Net Increase (Decrease) in Cash and Cash Equivalents............................... (23 ) 35
Cash and Cash Equivalents at Beginning of the Period............................... 88 56
$ 91
Cash and Cash Equivalents at End of the Period ......................................... $ 65
5. THE DETROIT EDISON COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
Three Months Ended Nine Months Ended
September 30 September 30
(in Millions) 2005 2005
2006 2006
$ 1,409 $ 3,434
Operating Revenues .................................................................$ 1,460 $ 3,685
Operating Expenses
Fuel and purchased power ....................................................... 604 1,248
539 1,257
Operation and maintenance ..................................................... 325 976
277 990
Depreciation and amortization................................................. 174 484
308 643
Taxes other than income.......................................................... 68 200
64 198
Asset (gains) and losses, net .................................................... (26 ) (26 )
(1 ) (1 )
1,145 2,882
1,187 3,087
264 552
Operating Income .................................................................... 273 598
Other (Income) and Deductions
Interest expense ....................................................................... 68 201
60 208
Interest income ........................................................................ (1 ) (2 )
(1 ) (2 )
Other income ........................................................................... (17 ) (47 )
(9 ) (22 )
Other expenses ........................................................................ 20 62
9 29
70 214
59 213
194 338
Income Before Income Taxes................................................... 214 385
80 126
Income Tax Provision............................................................... 73 128
$ 114 $ 212
Reported Earnings....................................................................$ 141 $ 257
Adjustments
Performance Excellence Process ............................................. - -
(31 ) -
Incremental non-recurring DTE2 project costs ....................... 3 8
- -
Effective tax rate normalization .............................................. (3 ) (3 )
(3 ) (2 )
Gain on sale of assets .............................................................. (17 ) (17 )
- -
September 2006 MPSC electric order ..................................... - -
38 38
(17 ) (12 )
4 36
$ 97 $ 200
Operating Earnings .................................................................$ 145 $ 293
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.
6. MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
Three Months Ended Nine Months Ended
September 30 September 30
(in Millions) 2005 2005
2006 2006
$ 206 $ 1,301
Operating Revenues ..................................................... $ 167 $ 1,259
Operating Expenses
Cost of gas................................................................... 100 858
56 768
Operation and maintenance ......................................... 93 308
91 320
Depreciation and amortization .................................... 23 73
24 71
Taxes other than income.............................................. 9 35
13 41
Asset (gains) and losses, net........................................ - 48
(3) -
225 1,322
181 1,200
Operating Income (Loss) ............................................ (19) (21)
(14) 59
Other (Income) and Deductions
Interest expense ........................................................... 14 42
17 49
Interest income ............................................................ (3) (8)
(2) (6)
Other income ............................................................... (1) (3)
(2) (6)
Other expenses ............................................................ 1 3
- 1
11 34
13 38
(30) (55)
Income (Loss) Before Income Taxes ........................... (27) 21
(189) (151)
Income Tax Provision (Benefit)................................... (8) 3
$ 159 $ 96
Reported Earnings (Loss) ............................................ $ (19) $ 18
Adjustments
Effective tax rate normalization ................................... (181 ) (130)
5 3
Performance Excellence Process .................................. - -
7 11
Incremental non-recurring DTE2 project costs ........... 2 4
- -
April 2005 MPSC gas orders........................................ - 57
- -
(179 ) (69)
12 14
$ (20 ) $ 27
Operating Earnings (Loss)........................................... $ (7) $ 32
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.
7. DTE Energy Debt/Equity Calculation
As of Sept. 30, 2006
($ millions)
Short-term borrowings 884
Current portion of long-term debt, including capital leases 362
Mortgage bonds, notes and other 5,724
Securitization bonds 1,185
Capital lease obligations 84
less MichCon short-term debt (254)
less Securitization bonds, including current portion (1,296)
Total debt 6,689
Trust preferred-linked securities 289
Total preferred/ other 289
Equity 5,864
Total capitalization 12,842
Debt 52.1%
Preferred 2.2%
Common shareholders' equity 45.7%
Total 100.0%
8. Sales Analysis - Q3 2006
Electric Sales - Detroit Edison Service Area (GWh) Electric Revenue - Detroit Edison Service Area ($000s)
Q3 2006 Q3 2005 Q3 2006 Q3 2005
% Change % Change
Residential 4,883 5,555 -12% Residential 529,454 508,444 4%
Commercial 4,927 4,462 10% Commercial 444,827 376,134 18%
Industrial 3,695 3,197 16% Industrial 240,020 187,559 28%
Other 814 691 18% Other 44,448 34,172 30%
14,319 13,905 3% 1,258,749 1,106,309 14%
Interconnection Interconnection
1,023 1,111 -8% 66,152 139,351 -53%
Choice* Choice*
534 1,697 -69% 15,355 32,915 -53%
TOTAL SALES 15,876 16,713 -5% TOTAL REVENUES 1,340,256 1,278,575 5%
* Includes Dearborn Industrial Group sales * Distribution charge, includes Dearborn Industrial Group revenues
Gas Sales - MichCon Service Area (Mcf) Gas Revenue - MichCon Service Area ($000s)
Q3 2006 Q3 2005 Q3 2006 Q3 2005
% Change % Change
Residential 7,814,094 7,262,523 8% Residential 104,066 102,002 2%
Commercial 2,171,363 2,413,047 -10% Commercial 26,294 30,857 -15%
Industrial 230,837 201,249 15% Industrial 2,322 2,188 6%
10,216,294 9,876,819 3% 132,682 135,047 -2%
End User End User
Transportation* Transportation*
27,815,723 34,491,497 -19% 24,149 24,268 0%
TOTAL SALES 38,032,017 44,368,316 -14% TOTAL REVENUES 156,831 159,315 -2%
* Includes choice customers * Includes choice customers
Weather
Cooling Degree Days Heating Degree Days
Detroit Edison service territory MichCon service territory
Q3 2006 Q3 2005 Q3 2006 Q3 2005
% Change % Change
Actuals 640 775 -17% Actuals 148 58 155%
Normal 537 537 Normal 177 179
19% 44% -16% -68%
Deviation from normal Deviation from normal