Exhibit 99.1
| Growing Forward AGA Financial Forum May 2011 |
| This presentation is made as of the date hereof and contains "forward-looking statements" as defined in Rule 3b-6 of the Securities Exchange Act of 1934, as amended, Rule 175 of the Securities Act of 1933, as amended, and relevant legal decisions. The forward-looking statements are subject to risks and uncertainties. They should be read in conjunction with "FORWARD- LOOKING STATEMENTS AND INFORMATION" and "RISK FACTORS" sections of CMS Energy's and Consumers Energy's Form 10-K for the year ended December 31 and as updated in subsequent 10-Qs. CMS Energy's and Consumers Energy's "FORWARD-LOOKING STATEMENTS AND INFORMATION" and "RISK FACTORS" sections are incorporated herein by reference and discuss important factors that could cause CMS Energy's and Consumers Energy's results to differ materially from those anticipated in such statements. CMS Energy and Consumers Energy undertake no obligation to update any of the information presented herein to reflect facts, events or circumstances after the date hereof. The presentation also includes non-GAAP measures when describing CMS Energy's results of operations and financial performance. A reconciliation of each of these measures to the most directly comparable GAAP measure is included in the appendix and posted on our website at www.cmsenergy.com. CMS Energy expects 2011 reported earnings to be about the same as adjusted earnings. Reported earnings could vary because of several factors. CMS Energy is not providing reported earnings guidance reconciliation because of the uncertainties associated with those factors. 1 |
| Business Model Strong (5% to 7% growth) . . . . Financial Use NOLs to Eliminate Need for Equity Grow Operating Cash Flow and EPS 5% - 7% Business Invest in Utility Create Jobs Enhance Customer Value Base Rate Increases <2% 2 Consistent financial performance Fair and timely regulation Utility investment Customer value Safe, excellent operations .. . . . and sustainable with moderate rate increases <2%. |
| Capital Investment . . . . 2011 - 2015 Amount Percentage (bils) New Customers $0.7 11% Environmental 1.5 23 Distribution 1.9 30 Generation 0.5 8 Base Capital $4.6 72% Smart Grid 0.4 6 Renewables 0.7 11 Reliability/Other 0.7 11 Choices $1.8 28% Total $6.4 100% 3 .. . . . grows rate base 5% to 7%. Utility Investment $6.4 Billion |
| Ludington Upgrade to 2,200 MW . . . . 4 .. . . . underway. Increase capacity by 15% Increase efficiency by 5% Operate for 30 years before next major overhaul $800 million total investment over 10 years $150 million upgrade $650 million maintenance Consumers Energy share $400 million |
| $1.5 Billion Environmental Investment . . . . 5 Environmental emission reductions better than plan Regulatory outlook improved GHG Regulation - minimal impact anticipated .. . . . over next 5 years. |
| Environmental Spending 2011-2015 . . . . 6 Mercury SO2 NOx Emissions Reductions Expenditures .. . . . significantly reduced air emissions. |
| Renewable Energy Plans . . . . Michigan energy law requires: 10% renewables by 2015 Purchase 50% and build 50% Renewable energy surcharge reduced about $55 million annually Still plan to invest $650 million over next five years, primarily on wind power .. . . . at lower customer costs while maintaining investment. Renewable Facilities Proposed Company-owned Wind Facilities New Power Purchase Agreements (287 MW) ^ 7 ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ Cross Winds Energy Park Lake Winds Energy Park ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ Upper Peninsula |
| Reliability Investments . . . . $700 million next 5 years Reduce outage frequency Reduce repetitive outages Improves Customer Average Interruption Duration Index Increase customer satisfaction 8 .. . . . reduces outages and increases customer satisfaction. |
| 9 Smart Grid Deployment . . . . .. . . . improves overall financial viability. Billing Customer Information Outage Management Work and Asset Management Enterprise Applications MDM/MDUS Total project cost $750 million Meter deployment begins early 2012 Removed deployment of gas only meters Minimize upfront IT system cost by installing only basic functionality Expanded functions installed later Improved ability to scale plan |
| Intense Customer Focus . . . . 10 .. . . . continues as core to success. 2011-2015 Estimated Annual Average Base Rate Increases Productivity Initiatives Customer Value Initiative Maximize Energy Optimization Improve system reliability Competitive rates |
| Focus on Cost Improvement . . . . Fuel Western coal - $250 million Base Rates and Surcharges Benefit plans - $30 million SAP system efficiencies - $40 million Reduced workforce - $30 million Reduced customer renewable energy surcharge - about $55 million 11 .. . . . to minimize customer rate increases. 10% Reduction in Workforce Workforce Resizing Recent Cost Reductions |
| Regulatory Progress . . . . .. . . . supports growth. 2009 Filed $214 M Self-Imp $179 M Order $139 M 2010 Filed $178 M Self-Imp $150 M Order $146 M 2009 Filed $114 M Self-Imp $89 M Order $66 M 2010 Filed $55 M 78% 97% 74% 2008 2009 2010 2011 2012 Electric Gas 2008 2009 2010 2011 2012 Filed New Renewable Plan $55 M Reduction 2011 12 File Self-Imp Settlement $31 M Decision New Energy Law |
| Best in Class Risk Management . . . . .. . . . mitigates volatility. Old Opportunities Old Risks Decouple Decouple Cost Performance Reinvest 13 EPS 5% - 7% Base Rates <2% |
| Cash Flow and EPS Grow 5% to 7% . . . . 14 .. . . . driven by investment. Amount (bils) $ Gross operating cash flow a up $0.1 billion per year $1.8 Interest Working capital and taxes Base Investment $1.3 $1.6 $1.6 $1.7 $1.5 $1.9 Cash flow before dividend Investment choices _ _ _ _ _ a Non-GAAP |
| _ _ _ _ _ a Adjusted EPS (non-GAAP) excluding MTM in 2004-2006 b $1.25 excluding discontinued Exeter operations and accounting changes related to Convertible debt and restricted stock 15 8% CAGR .. . . . paying off. Focus on Customers and Owners . . . . Dividend Annual ¢/share Payout 25% 30% 40% 84¢ +68% $1.20 $1.25 $1.26 $1.35 5%-7% Growth $1.44 $1.21 b Actual a Guidance |
| Business Model Strong (5% to 7% growth) . . . . Financial Use NOLs to Eliminate Need for Equity Grow Operating Cash Flow and EPS 5% - 7% 16 Consistent financial performance Fair and timely regulation Utility investment Customer value Safe, excellent operations .. . . . and sustainable with moderate rate increases <2%. Business Invest in Utility Create Jobs Enhance Customer Value Base Rate Increases <2% |
| Appendix |
| Electric Sales (weather adjusted) . . . . 2011 Sales (vs 2010) .. . . . recovering, conservative outlook. Electric Sales 0 7% decline 1979 to 1982 6% decline 2007 to 2009 Total +2.5% Up 9% 1983 &1984 Up 4% 2010 & 2011 18 Other, 2% Industrial, 33% Commercial, 32% Residential, 33% |
| Michigan 2010 Census Results 19 Population Change by County: 2000-2010 15-25% 5-15 0-5 < -10 Not in service territory Service Territory Change Consumers +3% Non-Consumers - 7 State of Michigan - 1 > -10 |
| Electric Customer Base Diversified . . . . Hemlock Semiconductor General Motors State of Michigan Meijer Incorporated Nexteer Automotive Corporation Packaging Corporation of America Gerdau MacSteel Denso International Spectrum Health City of Grand Rapids Percent of 2010 electric gross margin is 2% Top Ten Customers Residential Commercial Autos Industrial Other (including ROA) 0.48 0.31 0.04 0.1 0.07 $1.95 Billion .. . . . "Autos" only 4% of gross margin. 2010 Electric Gross Margin Note: "Autos" includes 180 Business Partners identified by customer account managers 20 |
| Michigan Public Service Commission (MPSC) Composed of three members appointed by the Governor with the advice and consent of the Senate Appointed to serve staggered six-year terms No more than two Commissioners may represent the same political party One Commissioner is designated as Chairman by the Governor Orjiakor Isiogu, Chairman Appointed: 9/9/07 Term Ends: 7/2/13 Democrat Monica Martinez, Commissioner Appointed: 7/3/05 Term Ends: 7/2/11 Democrat Greg White, Commissioner Appointed: 12/4/09 Term Ends: 7/2/15 Independent 21 |
| 2011 Adjusted EPS (non-GAAP) . . . . First Quarter Nine Months To Go 13¢ (5)¢ $1.36 .. . . . guidance reaffirmed. 22 Gas Weather $1.44 First Quarter First Quarter Utility O&M (10)¢ (reliability & outages) Investment (7) PA141 (3) Financing and other 1 Total (19)¢ Old Rates Old Rates New Rates Storms (3)¢ Investment (3) Enterprises (3) Total (9)¢ 2011 Gas weather (cold) 4¢ 2010 Gas weather (mild) 2 2010 Gas (w/o decoupling) 3 Electric margin 3 Total 12¢ |
| 2011 Cash Flow Forecast (non-GAAP) CMS Energy Parent Consumers Energy _ _ _ _ _ a Includes other _ _ _ _ _ b Includes cost of removal and capital leases $210 23 |
| 2011 Sensitivities . . . . _ _ _ _ _ * Less than 0.5¢ or $500,000 .. . . . partly mitigated. Annual Impact Annual Impact Annual Impact Sensitivity EPS OCF (mils) Sales (weather adjusted) Electric (37,760 Gwh) Gas (282 Bcf) + 1% + 1 $ 0 + 0.01 + $20 + 5 Gas prices (NYMEX) + 1.00 0.01 60 Uncollectible accounts (mils) + 5 0.01 * ROE (authorized) Electric (10.7%) Gas (10.55%) + 50 bps + 50 + 0.06 + 0.02 + 25 + 10 Stock price (dilution) $1 share + 0.01 0 24 - + - + - + |
| Federal Tax Benefits 25 |
| Bonus Depreciation . . . . Cash Flow Cash Flow Cash Flow 2010-2012 2013-2015 2011 EPS Utility (mils) (mils) New bonus depreciation benefit $ 400 $(100) -5¢ Accelerate investment and pension funding (200) 200 +5¢ Reduce debt (200) (100) - Total Utility $ 0 $ 0 0¢ Parent NOL use extended two years $(400) $400 New debt; less equity to Utility 400 (400) Total Parent $ 0 $ 0 0¢ 26 .. . . . supports investment and extends use of NOLs. ? ? |
| Liquidity Strong With Recent Renewals . . . . 27 .. . . . and substantial cash as of March 31, 2011. Renewal Availability Capacity $2.3 Billion $2.0 Billion Among first 5-year term revolvers since 2007 CMS Energy 5-year revolver 5-year revolver 3-year revolver Letter of Credit AR Facility Consumers Energy Cash 2011 2011 2013 2016 2016 $550 mils 500 150 250 800 30 $550 mils 210 150 250 800 |
| Consumers Capital Expenditures 28 |
| GAAP Reconciliation |
CMS ENERGY CORPORATION
Earnings Per Share By Year GAAP Reconciliation
(Unaudited)
Earnings Per Share By Year GAAP Reconciliation
(Unaudited)
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | |||||||||||||||||||||||||
Reported earnings (loss) per share — GAAP | ( $0.30 | ) | $ | 0.64 | ( $0.44 | ) | ( $0.41 | ) | ( $1.02 | ) | $ | 1.20 | $ | 0.91 | $ | 1.28 | ||||||||||||||||
After-tax items: | ||||||||||||||||||||||||||||||||
| Electric and gas utility | 0.21 | (0.39 | ) | — | — | (0.07 | ) | 0.05 | 0.33 | 0.03 | ||||||||||||||||||||||
| Enterprises | 0.74 | 0.62 | 0.04 | (0.02 | ) | 1.25 | (0.02 | ) | 0.09 | (0.03 | ) | |||||||||||||||||||||
| Corporate interest and other | 0.16 | (0.03 | ) | 0.04 | 0.27 | (0.32 | ) | (0.02 | ) | 0.01 | * | |||||||||||||||||||||
| Discontinued operations (income) loss | (0.16 | ) | 0.02 | (0.07 | ) | (0.03 | ) | 0.40 | (* | ) | (0.08 | ) | 0.08 | |||||||||||||||||||
| Asset impairment charges, net | — | — | 1.82 | 0.76 | 0.60 | — | — | — | ||||||||||||||||||||||||
| Cumulative accounting changes | 0.16 | 0.01 | — | — | — | — | — | — | ||||||||||||||||||||||||
Adjusted earnings per share, including MTM — non-GAAP | $ | 0.81 | $ | 0.87 | $ | 1.39 | $ | 0.57 | $ | 0.84 | $ | 1.21 | (a) | $ | 1.26 | $ | 1.36 | |||||||||||||||
| Mark-to-market impacts | 0.03 | (0.43 | ) | 0.51 | ||||||||||||||||||||||||||||
Adjusted earnings per share, excluding MTM — non-GAAP | NA | $ | 0.90 | $ | 0.96 | $ | 1.08 | NA | NA | NA | NA | |||||||||||||||||||||
| * | Less than $500 thousand or $0.01 per share. | |
| (a) | $1.25 excluding discontinued Exeter operations and accounting changes related to convertible debt and restricted stock. |
CMS Energy
Reconciliation of Gross Operating Cash Flow to GAAP Operating Activities
(unaudited)
(mils)
Reconciliation of Gross Operating Cash Flow to GAAP Operating Activities
(unaudited)
(mils)
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||||||||||
| Consumers Operating Income + Depreciation & Amortization | $ | 1,248 | $ | 1,498 | $ | 1,520 | $ | 1,601 | $ | 1,657 | $ | 1,757 | $ | 1,872 | ||||||||||||||
| Enterprises Project Cash Flows | 16 | 39 | 40 | 35 | 47 | 47 | 46 | |||||||||||||||||||||
Gross Operating Cash Flow | $ | 1,264 | $ | 1,537 | $ | 1,560 | $ | 1,636 | $ | 1,704 | $ | 1,804 | $ | 1,918 | ||||||||||||||
| Other operating activities including taxes, interest payments and working capital | (416 | ) | (578 | ) | (410 | ) | (406 | ) | (472 | ) | (439 | ) | (835 | ) | ||||||||||||||
Net cash provided by operating activities | $ | 848 | $ | 959 | $ | 1,150 | $ | 1,230 | $ | 1,232 | $ | 1,365 | $ | 1,083 | ||||||||||||||
CMS ENERGY CORPORATION
Earnings By Quarter and Year GAAP Reconciliation
(Unaudited)
Earnings By Quarter and Year GAAP Reconciliation
(Unaudited)
| (In millions, except per share amounts) | 2010 | |||||||||||||||||||
| 1Q | 2Q | 3Q | 4Q | YTD Dec | ||||||||||||||||
Reported net income — GAAP | $ | 85 | $ | 80 | $ | 134 | $ | 25 | $ | 324 | ||||||||||
After-tax items: | ||||||||||||||||||||
| Electric and gas utility | 6 | * | — | — | 6 | |||||||||||||||
| Enterprises | 1 | (31 | ) | (2 | ) | 24 | (8 | ) | ||||||||||||
| Corporate interest and other | * | * | — | * | * | |||||||||||||||
| Discontinued operations loss | 1 | 16 | * | 6 | 23 | |||||||||||||||
Adjusted income — non-GAAP | $ | 93 | $ | 65 | $ | 132 | $ | 55 | $ | 345 | ||||||||||
Average shares outstanding, basic | 228.0 | 228.2 | 229.0 | 240.7 | 231.5 | |||||||||||||||
Average shares outstanding, diluted | 246.5 | 247.6 | 254.7 | 258.4 | 252.9 | |||||||||||||||
Reported earnings per share — GAAP | $ | 0.34 | $ | 0.32 | $ | 0.53 | $ | 0.09 | $ | 1.28 | ||||||||||
After-tax items: | ||||||||||||||||||||
| Electric and gas utility | 0.03 | * | — | — | 0.03 | |||||||||||||||
| Enterprises | * | (0.13 | ) | (0.01 | ) | 0.10 | (0.03 | ) | ||||||||||||
| Corporate interest and other | * | * | — | * | * | |||||||||||||||
| Discontinued operations loss | 0.01 | 0.07 | * | 0.02 | 0.08 | |||||||||||||||
Adjusted earnings per share — non-GAAP | $ | 0.38 | $ | 0.26 | $ | 0.52 | $ | 0.21 | $ | 1.36 | ||||||||||
| (In millions, except per share amounts) | 2011 | |||
| 1Q | ||||
Reported net income — GAAP | $ | 135 | ||
After-tax items: | ||||
| Electric and gas utility | — | |||
| Enterprises | * | |||
| Corporate interest and other | — | |||
| Discontinued operations (income) loss | (2 | ) | ||
Adjusted income — non-GAAP | $ | 133 | ||
Average shares outstanding, basic | 250.0 | |||
Average shares outstanding, diluted | 261.7 | |||
Reported earnings per share — GAAP | $ | 0.52 | ||
After-tax items: | ||||
| Electric and gas utility | — | |||
| Enterprises | * | |||
| Corporate interest and other | — | |||
| Discontinued operations (income) loss | (0.01 | ) | ||
Adjusted earnings per share — non-GAAP | $ | 0.51 | ||
Note: Year-to-date (YTD) EPS may not equal sum of quarters due to share count differences.
CMS Energy Corporation
Earnings Segment Results GAAP Reconciliation
(Unaudited)
Earnings Segment Results GAAP Reconciliation
(Unaudited)
| Three Months Ended | ||||||||
| March 31 | 2011 | 2010 | ||||||
Electric Utility | ||||||||
| Reported | $ | 0.25 | $ | 0.16 | ||||
| Downsizing Program and Other, net | — | 0.02 | ||||||
| Adjusted | $ | 0.25 | $ | 0.18 | ||||
Gas Utility | ||||||||
| Reported | $ | 0.33 | $ | 0.27 | ||||
| Downsizing Program and Other, net | — | 0.01 | ||||||
| Adjusted | $ | 0.33 | $ | 0.28 | ||||
Enterprises | ||||||||
| Reported | $ | 0.01 | $ | 0.04 | ||||
| Downsizing Program and Other, net | * | * | ||||||
| Adjusted | $ | 0.01 | $ | 0.04 | ||||
Corporate Interest and Other | ||||||||
| Reported | $ | (0.08 | ) | $ | (0.12 | ) | ||
| Downsizing Program and Other, net | — | * | ||||||
| Adjusted | $ | (0.08 | ) | $ | (0.12 | ) | ||
Discontinued Operations | ||||||||
| Reported | $ | 0.01 | $ | (0.01 | ) | |||
| Discontinued Operations (Income) Loss | (0.01 | ) | 0.01 | |||||
| Adjusted | $ | — | $ | — | ||||
Totals | ||||||||
| Reported | $ | 0.52 | $ | 0.34 | ||||
| Discontinued Operations (Income) Loss | (0.01 | ) | 0.01 | |||||
| Downsizing Program and Other, net | * | 0.03 | ||||||
| Adjusted | $ | 0.51 | $ | 0.38 | ||||
Average Common Shares Outstanding — Diluted (in millions) | 261.7 | 246.5 | ||||||
| * | Less than $0.01 per share. |
Consumers Energy
2011 Forecasted Cash Flow GAAP Reconciliation (in millions) (unaudited)
2011 Forecasted Cash Flow GAAP Reconciliation (in millions) (unaudited)
| Reclassifications From Sources and Uses to Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||
| Presentation Sources and Uses | Tax | Interest | Other Working | Capital | Securitization | Preferred | Common | Consolidated Statements of Cash Flows | ||||||||||||||||||||||||||||||||
| non-GAAP | Sharing | Payments | Capital | Lease Pymts | Debt Pymts | Dividends | Dividends | GAAP | ||||||||||||||||||||||||||||||||
| Description | Amount | Operating | as Operating | as Investing | as Financing | as Financing | as Financing | as Financing | Amount | Description | ||||||||||||||||||||||||||||||
| Cash at year end 2010 | $ | 71 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 71 | Cash at year end 2010 | |||||||||||||||||||||
Sources | ||||||||||||||||||||||||||||||||||||||||
| Operating | $ | 1,520 | $ | 50 | $ | (233 | ) | $ | — | $ | 23 | $ | 37 | $ | — | $ | — | $ | 1,397 | |||||||||||||||||||||
| Other working capital | (15 | ) | — | — | 20 | — | — | — | — | 5 | ||||||||||||||||||||||||||||||
| Sources | $ | 1,505 | $ | 50 | $ | (233 | ) | $ | 20 | $ | 23 | $ | 37 | $ | — | $ | — | $ | 1,402 | Net cash provided by operating activities | ||||||||||||||||||||
Uses | ||||||||||||||||||||||||||||||||||||||||
| Interest and preferred dividends | $ | (235 | ) | $ | — | $ | 233 | $ | (20 | ) | $ | — | $ | — | $ | 2 | $ | — | $ | (20 | ) | |||||||||||||||||||
| Capital expenditures | (1,065 | ) | — | — | — | — | — | — | — | (1,065 | ) | |||||||||||||||||||||||||||||
| Dividends/tax sharing to CMS | (315 | ) | (50 | ) | — | — | — | — | — | 365 | — | |||||||||||||||||||||||||||||
| Uses | $ | (1,615 | ) | $ | (50 | ) | $ | 233 | $ | (20 | ) | $ | — | $ | — | $ | 2 | $ | 365 | $ | (1,085 | ) | Net cash provided by investing activities | |||||||||||||||||
Cash flow | $ | (110 | ) | $ | — | $ | — | $ | — | $ | 23 | $ | 37 | $ | 2 | $ | 365 | $ | 317 | Cash flow from operating and investing activities | ||||||||||||||||||||
Financing | ||||||||||||||||||||||||||||||||||||||||
| Equity | $ | 125 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 125 | ||||||||||||||||||||||
| New Issues | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
| Retirements | — | — | — | — | (23 | ) | (37 | ) | — | (365 | ) | (425 | ) | |||||||||||||||||||||||||||
| Net short-term financing & other | (47 | ) | — | — | — | — | — | (2 | ) | — | (49 | ) | ||||||||||||||||||||||||||||
| Financing | $ | 78 | $ | — | $ | — | $ | — | $ | (23 | ) | $ | (37 | ) | $ | (2 | ) | $ | (365 | ) | $ | (349 | ) | Net cash provided by financing activities | ||||||||||||||||
Net change in cash | $ | (32 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (32 | ) | Net change in cash | |||||||||||||||||||
Cash at year end 2011 | $ | 39 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 39 | Cash at year end 2011 | |||||||||||||||||||||
CMS Energy Parent
2011 Forecasted Cash Flow GAAP Reconciliation (in millions) (unaudited)
2011 Forecasted Cash Flow GAAP Reconciliation (in millions) (unaudited)
| Reclassifications From Sources and Uses to Statement of Cash Flows | |||||||||||||||||||||||||||||||||
| Presentation Sources and Uses | Interest | Overheads & | Other | Preferred | Cash From | Consolidated Statements of Cash Flows | |||||||||||||||||||||||||||
| non-GAAP | Payments | Tax Payments | Uses (a) | Dividends | Consolidated | GAAP | |||||||||||||||||||||||||||
| Description | Amount | as Operating | as Operating | as Operating | as Financing | Companies | Amount | Description | |||||||||||||||||||||||||
| Cash at year end 2010 | $ | 163 | $ | — | $ | — | $ | — | $ | — | $ | 13 | $ | 176 | Cash at year end 2010 | ||||||||||||||||||
Sources | |||||||||||||||||||||||||||||||||
| Consumers Energy dividends/tax sharing | $ | 315 | $ | (125 | ) | $ | (15 | ) | $ | — | $ | — | $ | — | $ | 175 | |||||||||||||||||
| Enterprises | 35 | — | — | (90 | ) | — | 7 | (48 | ) | ||||||||||||||||||||||||
| Sources | $ | 350 | $ | (125 | ) | $ | (15 | ) | $ | (90 | ) | $ | — | $ | 7 | $ | 127 | Net cash provided by operating activities | |||||||||||||||
Uses | |||||||||||||||||||||||||||||||||
| Interest and preferred dividends | $ | (125 | ) | $ | 125 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
| Overhead and Federal tax payments | (15 | ) | — | 15 | — | — | — | — | |||||||||||||||||||||||||
| Equity infusions | (125 | ) | — | — | 90 | — | (60 | ) | (95 | ) | |||||||||||||||||||||||
| Uses (a) | $ | (355 | ) | $ | 125 | $ | 15 | $ | 90 | $ | — | $ | (60 | ) | $ | (185 | ) | Net cash provided by investing activities | |||||||||||||||
Cash flow | $ | (5 | ) | $ | — | $ | — | $ | — | $ | — | $ | (53 | ) | $ | (58 | ) | Cash flow from operating and investing activities | |||||||||||||||
Financing and dividends | |||||||||||||||||||||||||||||||||
| New Issues | $ | 250 | $ | — | $ | — | $ | — | $ | — | $ | 53 | $ | 303 | |||||||||||||||||||
| Retirements | (150 | ) | — | — | — | — | — | (150 | ) | ||||||||||||||||||||||||
| Net short-term financing & other | 20 | — | — | — | — | — | 20 | ||||||||||||||||||||||||||
| Common dividend | (210 | ) | — | — | — | — | — | (210 | ) | ||||||||||||||||||||||||
| Financing | $ | (90 | ) | $ | — | $ | — | $ | — | $ | — | $ | 53 | $ | (37 | ) | Net cash provided by financing activities | ||||||||||||||||
Net change in cash | $ | (95 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (95 | ) | Net change in cash | ||||||||||||||||
Cash at year end 2011 | $ | 68 | $ | — | $ | — | $ | — | $ | — | $ | 13 | $ | 81 | Cash at year end 2011 | ||||||||||||||||||
| (a) | Includes other and roundings |
Consolidated CMS Energy
2011 Forecasted Consolidation of Consumers Energy and CMS Energy Parent Statements of Cash Flow (in millions) (unaudited)
2011 Forecasted Consolidation of Consumers Energy and CMS Energy Parent Statements of Cash Flow (in millions) (unaudited)
| Eliminations/Reclassifications to Arrive at the Consolidated | ||||||||||||||||||||||||||||
| Statement of Cash Flows | ||||||||||||||||||||||||||||
| Statements of Cash Flows | Consumers | Consumers | Equity | |||||||||||||||||||||||||
| Consumers | CMS Parent | Common Dividend | Preferred Dividend | Infusions to | Consolidated Statements of Cash Flows | |||||||||||||||||||||||
| Description | Amount | Amount | as Financing | as Operating | Consumers | Amount | Description | |||||||||||||||||||||
Cash at year end 2010 | $ | 71 | $ | 176 | $ | — | $ | — | $ | — | $ | 247 | Cash at year end 2010 | |||||||||||||||
Net cash provided by operating activities | $ | 1,402 | $ | 127 | $ | (365 | ) | $ | (2 | ) | $ | — | $ | 1,162 | Net cash provided by operating activities | |||||||||||||
Net cash provided by investing activities | (1,085 | ) | (185 | ) | — | — | 125 | (1,145 | ) | Net cash provided by investing activities | ||||||||||||||||||
Cash flow from operating and investing activities | $ | 317 | $ | (58 | ) | $ | (365 | ) | $ | (2 | ) | $ | 125 | $ | 17 | Cash flow from operating and investing activities | ||||||||||||
Net cash provided by financing activities | $ | (349 | ) | $ | (37 | ) | $ | 365 | $ | 2 | $ | (125 | ) | $ | (144 | ) | Net cash provided by financing activities | |||||||||||
Net change in cash | $ | (32 | ) | $ | (95 | ) | $ | — | $ | — | $ | — | $ | (127 | ) | Net change in cash | ||||||||||||
Cash at year end 2011 | $ | 39 | $ | 81 | $ | — | $ | — | $ | — | $ | 120 | Cash at year end 2011 | |||||||||||||||