Exhibit 99.1
CMS ENERGY
Deutsche Banks Clean Technology, Utilities & Power Conference
May 13, 2013
Cross Winds® Energy Park
Gas Combined Cycle Plant
Consumers Smart Energy Program
CMS ENERGY
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 provides financial results on both a reported (Generally Accepted Accounting Principles) and adjusted (non-GAAP) basis. Management views adjusted earnings as a key measure of the company’s present operating financial performance, unaffected by discontinued operations, asset sales, impairments, regulatory items from prior years, or other items. Certain of these items have the potential to impact, favorably or unfavorably, the company’s reported earnings in 2013. The company is not able to estimate the impact of these matters and is not providing reported earnings guidance.
1
Model Delivers . . . .
CMS ENERGY
Above Average Return
Future
Return
• Attractive dividend yield 4%
• 62% payout ratio
• EPS growth rate 5%-7%
• Driven by $7 billion
investment in regulated
Utility over next five years
Shareowner return 9%-11%
EPSa Growth vs Peers
7%
5%-7% 6% 5%
4% 4%
CMS Peers CMS Peers Ten-Year Growth Future
a Adjusted EPS (non-GAAP)
. . . . good, future return opportunity.
2
Near-Term Catalysts . . . .
CMS ENERGY
Catalysts
1. Constructive regulation
2. Rate cases
3. Capital investment
4. Gas Plant Certificate of Necessity (CON)
5. Strong First Quarter
6. Sales recovery
7. Credit rating upgrade
8. Growth self-funded
Progress
• Governor’s energy speech supportive of 2008 Energy Law
ü Filed Uncontested Settlement Agreement to Electric Rate Case May 7 – $89 million
• Ten-year visibility — $15 billion investment plan
• Filing early summer 2013: Order 2014
ü Full-year guidance on track
• Michigan GDP up 3.3% in 2012
ü Parent upgraded to investment grade; Utility upgraded as well
• NOLs and tax credits avoid need for block equity
. . . . progress made, more opportunities ahead.
3
CATALYST #1 – Constructive Regulation . . . .
CMS ENERGY
Regulatory Improvements
• Governor supportive of 2008 Energy Law
• Appendix “A” – readying Michigan to make good energy decisions
ü Filed Uncontested Settlement Agreement to Electric Rate Case
• More efficient and effective processes
Appendix “A” Process
2013
• Seven public forums, Jan-Apr Company submitted answers May-Jun
• Analyze data
• Draft reports, public Oct-Nov feedback Nov-Dec
• Final reports
• Governor makes policy Dec recommendations
. . . . provides improvements for customers and investors.
4
CATALYST #2 – Rate Cases . . . .
CMS ENERGY
Electric
Amount (mils)
Self-implemented 3/19 (ROE @ 10.3%) $110
ROE @ 10.3% $ -
Investment (10)
O&M (11)
ü Settlement Agreement 5/7 $ 89
Proposal for Decision on AMI July 9
Final order by September 18
Gas
Amount (mils)
Request $49
Capital Investment
(w/o working capital) 120%
Memo: Customer gas prices down $(150)
2015 Capex Adjustment
Mechanism (18 months) $70
Staff testimony July 2
Self-implementation filing July 12
Self-implementation date August 1
Proposal for decision November 18
Final order by January 31
. . . . focused on capital investment.
5
Rate Case Filings . . . .
CMS ENERGY
2008 2009 2010 2011 2012 2013 2014
ELECTRIC
62% 70% 94% 79%
Order Order Order Filed
Settlement
$139 M $146 M $118 M $89 M
New
Energy
Law
GAS Filed
Order Order Order $49 M
$66 M Settled Settled
$31 M $16 M 120%
41% 94% 188% Self-Implement
(Aug 1)
2008 2009 2010 2011 2012 2013 2014
% of capex
. . . . continue to be routine, streamlined and primarily investment recovery.
6
Strong Customer Focus – Outstanding Cost Performance . . . .
CMS ENERGY
Electric Non-fuel O&M Cost
2012 over 2006
Peer Average up 7%
-0.5% Consumers
Examples of Cost Reductions
ü Three voluntary separation programs
ü Pension prefunding
ü Health care sharing
ü Labor agreements
ü SAP efficiencies
ü Productivity up 41%
Source: SNL data service
. . . . best in class.
7
Strong Customer Focus – O&M Cost Control . . . .
CMS ENERGY
Average Annual Change a
7%
Peers
Inflation 2%
-8% -3%
Consumers
-2% -1% -0.5%
Reinvested
-6%
-6%
2006-2012 2012 2013E 2013-2017E
Average
Examples of Cost Reductions
Amount
Past (annual average) (mils)
• Western coal $250
• Workforce restructuring 70
and benefit plans
• SAP 40
• Productivity 50
Future (2013-2017E)
• Small coal plants mothballed $60
• Productivity 50
• Benefit plans 40
• Consumers Smart Energy 60
a Electric non-fuel O&M
. . . . holds down rates and allows better system reliability.
8
Strong Customer Focus – Declining Gas Customer Rates . . . .
CMS ENERGY
Year-Over-Year Average Gas Customer Rates
(2)% (2)%
(5)%
(7)%
2012 2013E 2014E 2013-2017E
. . . . provide headroom for investment.
9
Strong Customer Focus – Propane to Gas Switching . . . .
CMS ENERGY
• 70,000 potential customers
• Saves customers ~$2,000 per year
Annual Customer Switching . . . . Pace Picking Up
Propane to Gas Total New Customers
8,600
8,600
5,000
2,738
3,000
1,345
2012
2013E
Future 2013E-2017E
. . . . a better energy value.
10
CATALYST #3 – Capital Investment Plan . . . .
CMS ENERGY
Major Projects
Karn/Weadock Generating Complex,
Environmental Compliance, Increased capacity
Ludington Pumped Cross Winds® Storage Plant, Energy Park
Reliability & Capacity
Thetford Natural Gas-Fired Plant
Consumers Smart Energy Program
Campbell Generating
Plant, Environmental Gas Transmission
Compliance & Storage
Reliability & Automation
Capital Investment
Amount
(bils)
$8.0
$7.3
$7.0
New Gas Plant
$6.5
Average 2013-2017 2018-2022 Base Rate Increases <2% <2%
. . . . drives EPS and cash flow growth.
11
Long-Term Capital Investment a . . . .
CMS ENERGY
New Gas Plant and Gas Infrastructure
Amount
(bils)
$1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
Peer Average
CMS
$1.5
Amount
(bils)
First five years $ 7
Next five years 8
Ten years $15
Average ≈ $1.5
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
a Source: 10K; actual amounts through 2012 smoothed for illustration
. . . . ten-year plan provides long-term visible growth.
12
Capital Investment . . . .
CMS ENERGY
2013 – 2017 Plan
Opportunity Level
$6.5 – $7.0 Billion
• Faster Consumers Smart Energy
• Pipe replacements
• Pole replacements
• More gas generation
$10 Billion
Customer rates <2%
>4%
ü
X
. . . . at sustainable customer “base rate” increases.
13
Gas Pipeline Integrity Inspection . . . .
CMS ENERGY
2012 Checklist
ü 270 HCA miles
ü 920 non-HCA miles
ü 90% in-line inspections
ü 100% compliant, zero safety incidents
2013 and Beyond Plan
• Six year reassessment program
• Over 1,000 miles
• $75 million next six years
• In-line inspections
. . . . focused on safe and reliable gas transmission.
14
Capacity . .. . .
CMS ENERGY
Installed Capacity Excl Classic 7
Peak Demand with 11% Reserve Margin
Classic 7
Peak Demand with 18% Reserve Margin
MW 9,500 9,000 8,500 8,000 7,500 7,000 6,500 6,000 5,500 5,000 0
Up to 1,500 MW Shortfall
2012 2013 2014 2015 2016 2017
. . . . need looms.
15
CATALYST #4 – Gas Plant CON
CMS ENERGY
• Generating plant investments exceeding $500 million
• Demonstrate need through an Integrated Resource Plan
• File early summer 2013
• Decision within 270 days
2012 2013 2014 2015 2016 2017
Air Permit
Submitted Approval
Certificate of
Necessity Submit Approval
Project Award Major Full Notice Commercial
Contracts to Proceed Operation
Investment — $6 $112 $346 $237 $49
(mils)
Cumulative 6 118 464 701 750
Spending
16
CATALYST #5 – 2013 First Quarter EPS . . . .
CMS ENERGY
Results
2013 2012
Reported — (GAAP) 53¢ 25¢
Less:
Electric decoupling write-off — 14¢
Discontinued ops & other * (2)
Subtotal *¢ 12¢
Adjusted (non-GAAP) 53¢ 37¢
16¢
First Call Estimate 48¢
Weather adjusted 50¢ 50¢
By Business Segment
Adjusted
(non-GAAP)
EPS
Utility 59¢
Enterprises 2
Interest & other (8)
Company 53¢
* Less than 0.5¢ per share
. . . . strong start to year.
17
CMS Manages its Work in 2012 . . . .
CMS ENERGY
2012 Adjusted EPS
(non-GAAP)
Reinvestment
• Customer reinvestment 8¢
• Low income and Foundation 2
• “25x25” Lobby & other 3
Total reinvestment 13¢
$1.55 - $1.52
Warm Winter
Hot Summer
+13¢
Customer Reinvestment
$1.55
-13¢
March 31
Recovery
• Lower financing & benefit costs 4¢
• Lower overhead 4
• Efficiencies & other 5
Total recovery 13¢
July 23
Dec 31
. . . . delivering the high side of performance for customers and owners.
18
CMS Manages its Work . . . .
CMS ENERGY
Adjusted EPS
(non-GAAP)
2012
2013
Guidance
Warm Winter
-13¢
March 31
+13¢
Hot Summer
July 23
First Quarter
+3¢
Reinvestment Opportunities
• Customer reinvestment 2¢
• Other 1
Total reinvestment 3¢
Dec 31 Mar 31
. . . . delivering the high side of performance for customers and owners.
19
CATALYST #6 – Electric Sales Recovery a . . . .
CMS ENERGY
Industrial
Consumers U.S. Utilities
10%
6%
4% 4%b
2%
1%b
-1%
-2%
-4%
-6%
-9%
2008 2009 2010 2011 2012 2013E
Consumers vs Peers
Total
2% 2%
1% 1%b .5%b
0% 0%
-1%
-2%
-3% -3%
2008 2009 2010 2011 2012 2013E
a Weather normalized b Excluding one company with Economic Development Tariff
Source: EEI
. . . . steady, stronger than other service territories.
20
Michigan Economy in 2011 . . . .
CMS ENERGY
Gross Domestic Product Growth: 2011 vs 2010
WA MT ND 6th
2.0 7.6
MN Best
0.0
1.2
SD 2.3 ME OR WI -0.4 ID VT
4.7 0.8
WY 1.1 NH
0.6 MI 0.5 -1.2 IA NY 1.5 NE 2.3 MA
1.9 1.1
0.1 2.2 IL PA
RI
1.3 IN OH CT
NV UT 1.2 0.8 CO 2.0 KS MO 1.1 1.1 NJ
1.2 2.0 MD
1.9 WV
0.5 0.0 -0.5 KY VA 0.9 DE
4.5 CA 0.5
0.3 1.6
2.0 OK TN DC
NC
AR 1.9 1.9
1.0 1.8 NM 0.3 SC
AZ 0.2 MS 1.2
1.5 TX AL GA
LA -0.8 -0.8
3.3 1.7
0.5
FL HI AK 0.5
-0.2 2.5 Highest quintile
U.S. Total = 0.9% Fourth quintile
Third quintile Second quintile Source: U.S. Department of Commerce Lowest quintile
. . . . outperformed the Midwest and most of U.S.
21
Michigan Economy in 2012 . . . .
CMS ENERGY
Estimated Gross Domestic Product Growth: 2012 vs 2011
WA ND 6th 3.1 MT
1.9 6.8 MN Best 2.6
SD 3.3 ME OR WI 1.7 ID 2.3 VT
4.8 2.6 NH 2.2 WY 2.2 MI 2.8 1.2 IA NY
NE 3.0 3.3 MA 2.5 2.0 3.2 IL PA
RI 2.7 IN OH CT
NV UT 2.6 2.3 CO 3.1 KS MO 2.6 2.5 NJ
2.6 3.1 MD 3.0 WV
2.2 1.9 1.6 KY VA 2.4 DE
4.7 CA 2.2
2.0 2.8 3.1 OK TN DC
NC
AR 3.0 3.1 2.5 2.1 3.0
NM SC AZ 2.0 2.6 MS AL
2.8 TX 1.4 GA 3.9 LA 1.4 2.9 2.2
FL
HI AK 2.2 Highest quintile
1.7 3.4
Fourth quintile Third quintile
U.S. Total (est) = 2.2% Second quintile
Source: U.S. Department of Commerce Lowest quintile
. . . . continued strong performance.
22
CATALYST #7 – Credit Rating Upgrade . . . .
CMS ENERGY
Scale
S&P / Fitch Moody’s S&P Moody’s Fitch
A A2
A- A3 Consumers
BBB+ Baa1 Secured
BBB Baa2
BBB- Baa3
BB+ Ba1
CMS
BBB- Baa3 Unsecured
BB+ Ba1
BB Ba2
BB- Ba3
B+ B1
B B2
B- B3 Present
Outlook Stable Stable Positive Prior
2002
. . . . Parent investment grade first time in history of the Company.
23
Liquidity (as of 3/31/13) . . . .
CMS ENERGY
Availability
$2.0 Billion
CMS Energy
5-year revolver—2017 $548 mils
Consumers Energy
5-year revolver—2017 498
5-year revolver—2017 150
AR Facility—2014 250
Cash 586
Recent Financing Activities
• $250 Million Parent prefunding – 30-year debt at 4.7% issued in March
• Issued remaining $20 million of continuous equity program in March
• Filed prospectus for another $50 million to be issued periodically
. . . . strong and conservative.
24
CATALYST #8 – EPS Growth . . . .
CMS ENERGY
Net NOLs and Credits
$0.8 $0.7 $0.7
$0.4 $0.4
$0.2 $0.1
2011 2012 2013E 2014E 2015E 2016E 2017E
Gross NOLs (bils) $1.5 $1.2 $1.1 $0.3 $0.2 $0 $0
“Block” Equity a 0 0 0 0 0 0 0
a Maintain existing DRIP and continuous equity program
. . . . self-funded.
25
Operating Cash Flow Growth
CMS ENERGY
Amount (bils) $2.5
2.0 1.5 1.0 0.5 0
(0.5)
Gross operating cash flowa $2.2
up $0.1 billion per year
$1.8
$1.7
$1.6
$1.9
$2.0
Interest $1.5 Working capital
$1.4
$1.3 and taxes
Base Investment
Investment choices
Cash flow before dividend
2011 2012 2013E 2014E 2015E 2016E 2017E
NOLs & Credits $0.8 $0.7 $0.7 $0.4 $0.4 $0.2 $0.1
a Non-GAAP
26
EPS a and Dividend Growth . . . .
CMS ENERGY
EPS
7%
$1.55
5%
$1.36 $1.45
$1.26
b
$1.21
$1.08
$0.96
$0.90
$0.84
$0.81
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E Future
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
Dividend in Place
6% 1.02
14% 96¢
27% 84¢
32% 66¢
39% 50¢
80% 36¢
20¢
0
2006 2007 2008 2009 2010 2011 2012 2013
Payout 0% 25% 30% 40% 49% 58% 62% 62%
. . . . provides for strong TSR.
27
Five Key Takeaways . . . .
CMS ENERGY
EPS a Growth
$1.70 7%
+7% 5%
+7%
+8%
+12%
+4%
+12%
+7% Target 5%—7%
+11% Actual = 7%
Target 6%—8%
Actual = 8%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
• Strong customer focus
• Visible, investment-driven EPS growth
• Constructive regulation
• 6th Best GDP growth in nation
• Consistent strong financial performance
a Adjusted EPS (non-GAAP) excluding MTM in 2004-2006
. . . . distinguish CMS from our peers.
28
APPENDIX
2013 Adjusted EPS (non-GAAP) . . . .
CMS ENERGY
First Quarter
16¢
18¢ 3¢
$1.55 2013—5¢
2012—13¢ (5)¢
First Quarter
$0.37
2012 Weather & Sales Cost & Other Rate Change &
Decoupling
Nine Months To Go
(5)¢—(8)¢
$1.66
to
$1.63
19¢
(14)¢
(10)¢—(13)¢
First Quarter
$0.53
Sales Cost & Other Rate Change & 2013
Decoupling
. . . . guidance reaffirmed.
30
Capital Expenditures
CMS ENERGY
2013-2017 Plan
2012 2013 2014 2015 2016 2017 Total
(mils) (mils) (mils) (mils) (mils) (mils) (mils)
Electric
Distribution $ 214 $ 198 $ 196 $ 195 $ 205 $ 181 $ 975
Generation 99 54 86 122 135 104 501
New Customers 36 36 55 46 48 45 230
Other 86 99 88 78 75 85 425
Base Capital $ 435 $ 387 $ 425 $ 441 $ 463 $ 415 $ 2,131
Gas
Distribution $ 129 $ 153 $ 143 $ 125 $ 122 $ 139 $ 682
New Customers 50 37 36 36 36 37 182
Other 60 58 56 38 41 44 237
Base Capital $ 239 $ 248 $ 235 $ 199 $ 199 $ 220 $ 1,101
Total base capital $ 674 $ 635 $ 660 $ 640 $ 662 $ 635 $ 3,232
Investment Choices
Environmental $ 170 $ 331 $ 314 $ 247 $ 154 $ 97 $ 1,143
Reliability 135 163 134 106 100 159 662
Gas Infrastructure 110 142 154 133 116 118 663
Thetford Gas Plant — 6 112 346 237 49 750
Renewables 183 31 77 153 5 1 267
Consumers Smart Energy 49 66 61 45 53 98 323
Total Choices $ 647 $ 739 $ 852 $ 1,030 $ 665 $ 522 $ 3,808
Total Utility $ 1,321 $ 1,374 $ 1,512 $ 1,670 $ 1,327 $ 1,157 $ 7,040
31
2013 Cash Flow Forecast (non-GAAP)
CMS ENERGY
CMS Energy Parent
Amount
(mils)
Cash at year end 2012 $ 53
Sources
Consumers Energy dividend and tax sharing $ 545
Enterprises 20
Sources $ 565
Uses
Interest and preferred dividend $ (135)
Overhead and Federal tax payments (15)
Equity infusion (150)
Pension contribution (1)
Uses a $ (310)
Cash flow $ 255
Financing and Dividend
New issues $ 250
Retirements 0
DRP, continuous equity 35
Net short-term financing & other (5)
Common dividend (270)
Financing $ 10
Cash at year end 2013 $ 318
Bank Facility ($550) available $ 548
a Includes other
Consumers Energy
Amount
(mils)
Cash at year end 2012 $ 5
Sources
Operating (depreciation & amortization $620) $ 1,770
Other working capital (70)
Sources $ 1,700
Uses
Interest and preferred dividend $ (220)
Capital expenditures b (1,375)
Dividend and tax sharing $(135) to CMS (545)
Pension contribution (49)
Uses $ (2,189)
Cash flow $ (489)
Financing
Equity $ 150
New issues 325
Retirements 0
Net short-term financing & other 35
Financing $ 510
Cash at year end 2013 $ 26
Bank Facility ($650) available $ 648
AR Facility ($250) available $ 125
b Includes cost of removal and capital leases
32
GAAP Reconciliation
CMS ENERGY CORPORATION
Earnings Per Share By Year GAAP Reconciliation
(Unaudited)
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| | | 2003
| | | 2004
| | | 2005
| | | 2006
| | | 2007
| | | 2008
| | | 2009
| | | 2010
| | | 2011
| | | 2012
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Reported earnings (loss) per share - GAAP | | ($ | 0.30 | ) | | $ | 0.64 | | | ($ | 0.44 | ) | | ($ | 0.41 | ) | | ($ | 1.02 | ) | | $ | 1.20 | | | $ | 0.91 | | | $ | 1.28 | | | $ | 1.58 | | | $ | 1.42 | |
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After-tax items: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Electric and gas utility | | | 0.21 | | | | (0.39 | ) | | | — | | | | — | | | | (0.07 | ) | | | 0.05 | | | | 0.33 | | | | 0.03 | | | | 0.00 | | | | 0.17 | |
Enterprises | | | 0.74 | | | | 0.62 | | | | 0.04 | | | | (0.02 | ) | | | 1.25 | | | | (0.02 | ) | | | 0.09 | | | | (0.03 | ) | | | (0.11 | ) | | | (0.01 | ) |
Corporate interest and other | | | 0.16 | | | | (0.03 | ) | | | 0.04 | | | | 0.27 | | | | (0.32 | ) | | | (0.02 | ) | | | 0.01 | | | | * | | | | (0.01 | ) | | | * | |
Discontinued operations (income) loss | | | (0.16 | ) | | | 0.02 | | | | (0.07 | ) | | | (0.03 | ) | | | 0.40 | | | | ( | *) | | | (0.08 | ) | | | 0.08 | | | | (0.01 | ) | | | (0.03 | ) |
Asset impairment charges, net | | | — | | | | — | | | | 1.82 | | | | 0.76 | | | | 0.60 | | | | — | | | | — | | | | — | | | | — | | | | — | |
Cumulative accounting changes | | | 0.16 | | | | 0.01 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
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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 | | | $ | 1.45 | | | $ | 1.55 | |
Mark-to-market impacts | | | | | | | 0.03 | | | | (0.43 | ) | | | 0.51 | | | | | | | | | | | | | | | | | | | | | | | | | |
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Adjusted earnings per share, excluding MTM - non-GAAP | | | NA | | | $ | 0.90 | | | $ | 0.96 | | | $ | 1.08 | | | | NA | | | | NA | | | | NA | | | | NA | | | | NA | | | | NA | |
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| * | | 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. |
2003-12 EPS
CMS Energy
Reconciliation of Gross Operating Cash Flow to GAAP Operating Activities
(unaudited)
(mils)
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| | | 2011
| | | 2012
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Consumers Operating Income + Depreciation & Amortization | | $ | 1,527 | | | $ | 1,635 | | | $ | 1,735 | | | $ | 1,821 | | | $ | 1,948 | | | $ | 2,011 | | | $ | 2,113 | |
Enterprises Project Cash Flows | | | 24 | | | | 17 | | | | 20 | | | | 29 | | | | 37 | | | | 44 | | | | 56 | |
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Gross Operating Cash Flow | | $ | 1,551 | | | $ | 1,652 | | | $ | 1,755 | | | $ | 1,850 | | | $ | 1,985 | | | $ | 2,055 | | | $ | 2,169 | |
Other operating activities including taxes, interest payments and working capital | | | (382 | ) | | | (411 | ) | | | (405 | ) | | | (400 | ) | | | (435 | ) | | | (805 | ) | | | (819 | ) |
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Net cash provided by operating activities | | $ | 1,169 | | | $ | 1,241 | | | $ | 1,350 | | | $ | 1,450 | | | $ | 1,550 | | | $ | 1,250 | | | $ | 1,350 | |
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2011-17 OCF
CMS ENERGY CORPORATION
Earnings By Quarter and Year GAAP Reconciliation
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
(In Millions, Except Per Share Amounts)
| | 2012
| |
| | | 1Q
| | | 2Q
| | | 3Q
| | | 4Q
| | | YTD Dec
| |
Reported net income - GAAP | | $ | 67 | | | $ | 100 | | | $ | 148 | | | $ | 67 | | | $ | 382 | |
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After-tax items: | | | | | | | | | | | | | | | | | | | | |
Electric and gas utility | | | 36 | | | | 7 | | | | * | | | | ( | *) | | | 43 | |
Enterprises | | | 1 | | | | 1 | | | | (3 | ) | | | ( | *) | | | (1 | ) |
Corporate interest and other | | | — | | | | — | | | | — | | | | * | | | | * | |
Discontinued operations income | | | (7 | ) | | | * | | | | * | | | | * | | | | (7 | ) |
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Adjusted income - non-GAAP | | $ | 97 | | | $ | 108 | | | $ | 145 | | | $ | 67 | | | $ | 417 | |
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Average shares outstanding, basic | | | 255.6 | | | | 261.2 | | | | 262.9 | | | | 263.0 | | | | 260.7 | |
Average shares outstanding, diluted | | | 266.8 | | | | 268.2 | | | | 269.0 | | | | 269.5 | | | | 268.6 | |
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Reported earnings per share - GAAP | | $ | 0.25 | | | $ | 0.37 | | | $ | 0.55 | | | $ | 0.25 | | | $ | 1.42 | |
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After-tax items: | | | | | | | | | | | | | | | | | | | | |
Electric and gas utility | | | 0.14 | | | | 0.03 | | | | * | | | | ( | *) | | | 0.17 | |
Enterprises | | | 0.01 | | | | * | | | | (0.01 | ) | | | ( | *) | | | (0.01 | ) |
Corporate interest and other | | | — | | | | — | | | | — | | | | * | | | | * | |
Discontinued operations income | | | (0.03 | ) | | | * | | | | * | | | | * | | | | (0.03 | ) |
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Adjusted earnings per share - non-GAAP | | $ | 0.37 | | | $ | 0.40 | | | $ | 0.54 | | | $ | 0.25 | | | $ | 1.55 | |
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(In Millions, Except Per Share Amounts)
| | 2013
| | | | | | | | | | | | | |
| | | 1Q
| | | | | | | | | | | | | |
Reported net income - GAAP | | $ | 144 | | | | | | | | | | | | | | | | | |
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After-tax items: | | | | | | | | | | | | | | | | | | | | |
Electric and gas utility | | | — | | | | | | | | | | | | | | | | | |
Enterprises | | | * | | | | | | | | | | | | | | | | | |
Corporate interest and other | | | — | | | | | | | | | | | | | | | | | |
Discontinued operations loss | | | * | | | | | | | | | | | | | | | | | |
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Adjusted income - non-GAAP | | $ | 144 | | | | | | | | | | | | | | | | | |
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Average shares outstanding, basic | | | 263.6 | | | | | | | | | | | | | | | | | |
Average shares outstanding, diluted | | | 270.9 | | | | | | | | | | | | | | | | | |
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Reported earnings per share - GAAP | | $ | 0.53 | | | | | | | | | | | | | | | | | |
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After-tax items: | | | | | | | | | | | | | | | | | | | | |
Electric and gas utility | | | — | | | | | | | | | | | | | | | | | |
Enterprises | | | * | | | | | | | | | | | | | | | | | |
Corporate interest and other | | | — | | | | | | | | | | | | | | | | | |
Discontinued operations loss | | | * | | | | | | | | | | | | | | | | | |
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Adjusted earnings per share - non-GAAP | | $ | 0.53 | | | | | | | | | | | | | | | | | |
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Note: Year-to-date (YTD) EPS may not equal sum of quarters due to share count differences.
| * | | Less than $500 thousand or $0.01 per share. |
2013 A-1
CMS Energy Corporation
Earnings Segment Results GAAP Reconciliation
(Unaudited)
| | | | | | | | |
| | | Three Months Ended
| |
March 31
| | 2013
| | | 2012
| |
Electric Utility | | | | | | | | |
Reported | | $ | 0.24 | | | $ | 0.08 | |
Electric Decoupling Court Order | | | — | | | | 0.14 | |
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Adjusted | | $ | 0.24 | | | $ | 0.22 | |
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Gas Utility | | | | | | | | |
Reported | | $ | 0.35 | | | $ | 0.21 | |
Restructuring Costs | | | — | | | | — | |
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Adjusted | | $ | 0.35 | | | $ | 0.21 | |
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Enterprises | | | | | | | | |
Reported | | $ | 0.02 | | | $ | 0.01 | |
Restructuring Costs | | | * | | | | 0.01 | |
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Adjusted | | $ | 0.02 | | | $ | 0.02 | |
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Corporate Interest and Other | | | | | | | | |
Reported | | $ | (0.08 | ) | | $ | (0.08 | ) |
Restructuring Costs | | | — | | | | — | |
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Adjusted | | $ | (0.08 | ) | | $ | (0.08 | ) |
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Discontinued Operations | | | | | | | | |
Reported | | | (*) | | | $ | 0.03 | |
Discontinued Operations Income | | | * | | | | (0.03 | ) |
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Adjusted | | $ | — | | | $ | — | |
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Totals | | | | | | | | |
Reported | | $ | 0.53 | | | $ | 0.25 | |
Discontinued Operations Income | | | * | | | | (0.03 | ) |
Electric Decoupling Court Order | | | — | | | | 0.14 | |
Restructuring Costs | | | * | | | | 0.01 | |
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Adjusted | | $ | 0.53 | | | $ | 0.37 | |
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Average Common Shares Outstanding - Diluted (in millions) | | | 270.9 | | | | 266.8 | |
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| * | | Less than $0.01 per share. |
2013 A-2
Consumers Energy
2013 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
|
Description
| | non-GAAP
Amount
| | | Sharing
Operating
| | | Payments
as Operating
| | | Capital
as Investing
| | | Lease Pymts
as Financing
| | | Debt Pymts
as Financing
| | | Dividends
as Financing
| | | Dividends
as Financing
| | | GAAP
Amount
| | | Description
|
Cash at year end 2012 | | $ | 5 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 5 | | | Cash at year end 2012 |
Sources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating (dep & amort $620) | | $ | 1,770 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other working capital | | | (70 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Sources | | $ | 1,700 | | | $ | (135 | ) | | $ | (218 | ) | | $ | (108 | ) | | $ | 28 | | | $ | 41 | | | $ | — | | | $ | — | | | $ | 1,308 | | | Net cash provided by operating activities |
Uses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and preferred dividend | | $ | (220 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expendituresa | | | (1,375 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends and tax sharing $(135) to CMS | | | (545 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pension Contribution | | | (49 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Uses | | $ | (2,189 | ) | | $ | 135 | | | $ | 218 | | | $ | 108 | | | $ | — | | | $ | — | | | $ | 2 | | | $ | 410 | | | $ | (1,316 | ) | | Net cash provided by investing activities |
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Cash flow | | $ | (489 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | 28 | | | $ | 41 | | | $ | 2 | | | $ | 410 | | | $ | (8 | ) | | Cash flow from operating and investing activities |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financing | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity | | $ | 150 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
New Issues | | | 325 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retirements | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net short-term financing & other | | | 35 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Financing | | $ | 510 | | | $ | — | | | $ | — | | | $ | — | | | $ | (28 | ) | | $ | (41 | ) | | $ | (2 | ) | | $ | (410 | ) | | $ | 29 | | | Net cash provided by financing activities |
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Net change in cash | | $ | 21 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 21 | | | Net change in cash |
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Cash at year end 2013 | | $ | 26 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 26 | | | Cash at year end 2013 |
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a Includes cost of removal and capital leases
2013 B-1
CMS Energy Parent
2013 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 | | | Cash From | | | Consolidated Statements of Cash Flows
|
Description
| | non-GAAP
Amount
| | | Payments
as Operating
| | | Tax Payments
as Operating
| | | Uses (a) as
Operating
| | | Consolidated
Companies
| | | GAAP
Amount
| | | Description
|
Cash at year end 2012 | | $ | 53 | | | $ | — | | | $ | — | | | $ | — | | | $ | 35 | | | $ | 88 | | | Cash at year end 2012 |
| | | | | | | |
Sources | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumers Energy dividends/tax sharing | | $ | 545 | | | | | | | | | | | | | | | | | | | | | | | |
Enterprises | | | 20 | | | | | | | | | | | | | | | | | | | | | | | |
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Sources | | $ | 565 | | | $ | (135 | ) | | $ | (15 | ) | | $ | (9 | ) | | $ | 23 | | | $ | 429 | | | Net cash provided by operating activities |
| | | | | | | |
Uses | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest and preferred dividends | | $ | (135 | ) | | | | | | | | | | | | | | | | | | | | | | |
Overhead and Federal tax payments | | | (15 | ) | | | | | | | | | | | | | | | | | | | | | | |
Equity infusions | | | (150 | ) | | | | | | | | | | | | | | | | | | | | | | |
Pension Contribution | | | (1 | ) | | | | | | | | | | | | | | | | | | | | | | |
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Uses (a) | | $ | (310 | ) | | $ | 135 | | | $ | 15 | | | $ | 9 | | | $ | (86 | ) | | $ | (237 | ) | | Net cash provided by investing activities |
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Cash flow | | $ | 255 | | | $ | — | | | $ | — | | | $ | — | | | $ | (63 | ) | | $ | 192 | | | Cash flow from operating and investing activities |
| | | | | | | |
Financing and dividends | | | | | | | | | | | | | | | | | | | | | | | | | | |
New Issues | | $ | 250 | | | | | | | | | | | | | | | | | | | | | | | |
Retirements | | | — | | | | | | | | | | | | | | | | | | | | | | | |
DRP, continuous equity | | | 35 | | | | | | | | | | | | | | | | | | | | | | | |
Net short-term financing & other | | | (5 | ) | | | | | | | | | | | | | | | | | | | | | | |
Common dividend | | | (270 | ) | | | | | | | | | | | | | | | | | | | | | | |
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Financing | | $ | 10 | | | $ | — | | | $ | — | | | $ | — | | | $ | 72 | | | $ | 82 | | | Net cash provided by financing activities |
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Net change in cash | | $ | 265 | | | $ | — | | | $ | — | | | $ | — | | | $ | 9 | | | $ | 274 | | | Net change in cash |
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Cash at year end 2013 | | $ | 318 | | | $ | — | | | $ | — | | | $ | — | | | $ | 44 | | | $ | 362 | | | Cash at year end 2013 |
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2013 B-2
Consolidated CMS Energy
2013 Forecasted Consolidation of Consumers Energy and CMS Energy Parent Statements of Cash Flow (in millions) (unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Statements of Cash Flows
| | | Eliminations/Reclassifications to Arrive at the
Consolidated Statement of Cash Flows
| | | Consolidated Statements of Cash Flows
|
| | Consumers
Common Dividend
as Financing
| | | Consumers
Preferred Dividend
as Operating
| | | Equity
Infusions to
Consumers
| | |
| | | Consumers
Amount
| | | CMS Parent
Amount
| | | | | |
Description
| | | | | | | Amount
| | | Description
|
Cash at year end 2012 | | $ | 5 | | | $ | 88 | | | $ | — | | | $ | — | | | $ | — | | | $ | 93 | | | Cash at year end 2012 |
Net cash provided by operating activities | | $ | 1,308 | | | $ | 429 | | | $ | (410 | ) | | $ | (2 | ) | | $ | — | | | $ | 1,325 | | | Net cash provided by operating activities |
Net cash provided by investing activities | | | (1,316 | ) | | | (237 | ) | | | — | | | | — | | | | 150 | | | | (1,403 | ) | | Net cash provided by investing activities |
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Cash flow from operating and investing activities | | $ | (8 | ) | | $ | 192 | | | $ | (410 | ) | | $ | (2 | ) | | $ | 150 | | | $ | (78 | ) | | Cash flow from operating and investing activities |
Net cash provided by financing activities | | $ | 29 | | | $ | 82 | | | $ | 410 | | | $ | 2 | | | $ | (150 | ) | | $ | 373 | | | Net cash provided by financing activities |
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Net change in cash | | $ | 21 | | | $ | 274 | | | $ | — | | | $ | — | | | $ | — | | | $ | 295 | | | Net change in cash |
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Cash at year end 2013 | | $ | 26 | | | $ | 362 | | | $ | — | | | $ | — | | | $ | — | | | $ | 388 | | | Cash at year end 2013 |
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2013 B-3
