Exhibit 99.2
[LOGO]
DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENT OF OPERATIONS (PRELIMINARY/UNAUDITED)
(in Millions, Except per Share Amounts)
3 MONTHS - DECEMBER 12 MONTHS - DECEMBER
2003 2002 % CHANGE 2003 2002 % CHANGE
-------------------------------- -------------------------------
OPERATING REVENUES $ 1,692 $ 1,704 -1% $ 7,041 $ 6,729 5%
-------------------------------- -------------------------------
OPERATING EXPENSES
Fuel, purchased power and gas 483 460 5% 2,241 2,099 7%
Operation and maintenance 763 743 3% 3,032 2,547 19%
Depreciation, depletion and amortization 140 164 -15% 687 737 -7%
Taxes other than income 79 91 -13% 334 352 -5%
-------------------------------- -------------------------------
1,465 1,458 -- 6,294 5,735 10%
-------------------------------- -------------------------------
OPERATING INCOME 227 246 -8% 747 994 -25%
-------------------------------- -------------------------------
OTHER (INCOME) AND DEDUCTIONS
Interest expense 134 143 -6% 546 569 -4%
Interest income (15) (9) -67% (37) (29) 28%
Minority interest (19) (14) -36% (91) (37) n/m
Other income (63) (40) -58% (138) (62) n/m
Other expenses 28 20 40% 110 51 n/m
-------------------------------- -------------------------------
65 100 -35% 390 492 -21%
-------------------------------- -------------------------------
INCOME BEFORE INCOME TAXES 162 146 11% 357 502 -29%
INCOME TAX BENEFIT (67) (48) -40% (123) (84) -46%
-------------------------------- -------------------------------
INCOME FROM CONTINUING OPERATIONS 229 194 18% 480 586 -18%
-------------------------------- -------------------------------
DISCONTINUED OPERATIONS - ITC
Income from operations -- 9 -- 5 46 n/m
Gain on sale -- -- -- 63 -- --
-------------------------------- -------------------------------
-- 9 -- 68 46 n/m
-------------------------------- -------------------------------
CUMULATIVE EFFECT OF ACCOUNTING CHANGES
Asset retirement obligations -- -- -- (11) -- --
Energy trading activities -- -- -- (16) -- --
-------------------------------- -------------------------------
-- -- -- (27) -- --
-------------------------------- -------------------------------
REPORTED NET INCOME $ 229 $ 203 13% $ 521 $ 632 -18%
================================ ===============================
REPORTED EARNINGS PER DILUTED SHARE $ 1.36 $ 1.21 13% $ 3.09 $ 3.83 -19%
================================ ===============================
SIGNIFICANT ITEMS IMPACTING COMPARABILITY
UNUSUAL ITEMS
August 2003 Blackout Costs -- -- -- 0.10 -- --
Loss on Sale of Steam Heating Business -- -- -- 0.08 -- --
Contribution to DTE Energy Foundation -- -- -- 0.06 -- --
Disallowance of Gas Costs -- -- -- 0.10 -- --
Energy Trading Activities (EITF 98-10 flowback) -- -- -- (0.10) -- --
Effective Tax Rate Adjustment (0.42) 0.03 n/m -- -- --
DISCONTINUED OPERATIONS
Income from operations of ITC -- (0.05) -- (0.03) (0.28) n/m
Gain on sale of ITC -- -- -- (0.37) -- --
CUMULATIVE EFFECT OF ACCOUNTING CHANGES
Asset Retirement Obligations (FAS 143) -- -- -- 0.07 -- --
Energy Trading Activities (EITF 98-10 implementation) -- -- -- 0.09 -- --
-------------------------------- -------------------------------
OPERATING EARNINGS PER DILUTED SHARE $ 0.94 $ 1.19 -21% $ 3.09 $ 3.55 -13%
================================ ===============================
AVERAGE COMMON SHARES
Basic 168 167 1% 168 164 2%
Diluted 169 168 1% 168 165 2%
DIVIDENDS DECLARED PER COMMON SHARE $ 0.515 $ 0.515 -- $ 2.06 $ 2.06 --
The Consolidated Statement of Operations (Preliminary/Unaudited) should be read
in conjunction with the Notes to Consolidated Financial Statements appearing in
the Annual Report to Shareholders, 10K and 10Q. n/m - not meaningful
[LOGO]
(Preliminary/Unaudited)
Net Income ($millions) REPORTED OPERATING OPERATING
2003 Adjustments 2003 2002 Variance
-------- ------------ -------- ---------- --------
ENERGY RESOURCES
REGULATED - POWER GENERATION $235 $16 A $251 $241 $10
NON-REGULATED
Energy Services
Coal Based Fuels
Synfuels 197 - 197 136 61
Coke Batteries (7) - (7) 52 (59)
On Site Energy Projects 9 - 9 9 -
Merchant Generation 4 - 4 (5) 9
Other (4) - (4) (11) 7
Coal Services 8 - 8 13 (5)
Biomass Energy 6 - 6 7 (1)
Energy Trading & CoEnergy Portfolio 45 (16) B 29 25 4
Energy Resources Overheads (16) - (16) (12) (4)
-------- -------- -------- ------- -----
TOTAL ENERGY RESOURCES NON-REGULATED 242 (16) 226 214 12
-------- -------- -------- ------- -----
TOTAL ENERGY RESOURCES 477 - 477 455 22
-------- -------- -------- ------- -----
ENERGY DISTRIBUTION
REGULATED - POWER DISTRIBUTION 17 14 C 31 111 (80)
Non Regulated (Energy Technologies) (15) - (15) (16) 1
-------- -------- -------- ------- -----
Total Energy Distribution 2 14 16 95 (79)
-------- -------- -------- ------- -----
ENERGY GAS
REGULATED 29 17 D 46 66 (20)
Non-Regulated 29 - 29 26 3
-------- -------- -------- ------- -----
Total Energy Gas 58 17 75 92 (17)
-------- -------- -------- ------- -----
HOLDING COMPANY & OTHER
ENERGY TECHNOLOGY INVESTMENTS (9) - (9) (10) 1
Other (48) 10 E (38) (46) 8
-------- -------- -------- ------- -----
Total Holding Company & Other (57) 10 (47) (56) 9
-------- -------- -------- ------- -----
DISCONTINUED OPERATIONS - ITC
Income from Operations 5 (5) F - - -
Gain on Sale 63 (63) G - - -
CUMULATIVE EFFECT OF ACCOUNTING CHANGES
Asset Retirement Obligations (FAS 143) (11) 11 - - -
Energy Trading Activities (EITF 98-10
implementation cumulative effect) (16) 16 - - -
-------- -------- -------- ------- -----
TOTAL NET INCOME $521 - $521 $586 ($65)
======== ======== ======== ======= ======
TOTAL EPS $3.09 - $3.09 $3.55 ($0.46)
======== ======== ======== ======= ======
DILUTED SHARES OUTSTANDING (MILLIONS) 168 168 165
* Includes Energy Technology Investments
KEY:
A - Blackout Costs
B - Adjustment for rescission of EITF 98-10 Accounting Change (flow back)
C - Loss on sale of steam heating business
D - Disallowance of gas costs
E - Contribution to DTE Energy Foundation
F - Adjustment for Discontinued Operations (ITC)
G - Gain on Sale of ITC
[LOGO]
DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
Earnings Variance Analysis (Preliminary/Unaudited)
2002 REPORTED EARNINGS PER SHARE $3.83
Adjust for discontinued operations (ITC) (0.28)
- --------------------------------------------------------------------------------------------------------------------------
2002 Operating Earnings per Share $3.55
- --------------------------------------------------------------------------------------------------------------------------
REGULATED ELECTRIC (0.45)
GROSS MARGIN (0.80)
Weather impact (0.44)
Incremental losses to Choice (0.27)
Other (0.09)
O&M EXPENSE (0.21)
Benefits Cost (0.32)
Uncollectable Expense (0.07)
Storm Cost (0.13)
Cost reductions - generation & corp support costs, lower incentive costs 0.31
DEPRECIATION, INTEREST, TAXES & OTHER 0.56
Regulatory Deferral - Choice 0.19
Regulatory Deferral - Clean Air 0.12
Interest - lower borrowing costs (excluding clean air related) 0.05
Other - lower property and single business taxes, other 0.20
REGULATED GAS (0.13)
GROSS MARGIN 0.08
Weather impact 0.06
Other 0.02
O&M EXPENSE (0.28)
Benefits Cost (0.12)
Uncollectable Expense (0.07)
Other - injuries and damages, customer service initiatives (0.09)
NON REGULATED 0.05
ENERGY RESOURCES - higher year-over-year synfuel earnings, power contract gains 0.04
MIDSTREAM GAS - gain on sale of Portland pipeline interest 0.01
CORPORATE AND OTHER - primarily loss reserves in 2002 0.07
- --------------------------------------------------------------------------------------------------------------------------
2003 OPERATING EARNINGS PER SHARE $3.09
- --------------------------------------------------------------------------------------------------------------------------
Net Adjustment Operating to Reported -
2003 Reported Earnings per Share $3.09
[LOGO]
Net Income Summary
(Preliminary/Unaudited)
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) REPORTED OPERATING OPERATING
Q4 2003 Adjustments Q4 2003 Q4 2002 Variance
------- ----------- --------- --------- --------
ENERGY RESOURCES
REGULATED - POWER GENERATION $ 103 $ - $ 103 $ 71 $ 32
NON-REGULATED
Energy Services
Coal Based Fuels
Synfuels 48 - 48 77 (29)
Coke Batteries 2 - 2 2 -
On Site Energy Projects 3 - 3 2 1
Merchant Generation (4) - (4) (3) (1)
Other - - - (4) 4
Coal Services 1 - 1 6 (5)
Biomass Energy 1 - 1 2 (1)
Energy Trading & CoEnergy Portfolio (7) - (7) 13 (20)
Energy Resources Overheads (4) (4) - (4)
----- ----- ----- ----- -----
TOTAL ENERGY RESOURCES NON-REGULATED $ 40 $ - $ 40 $ 95 $ (55)
----- ----- ----- ----- -----
TOTAL ENERGY RESOURCES $ 143 $ - $ 143 $ 166 $ (23)
----- ----- ----- ----- -----
ENERGY DISTRIBUTION
REGULATED - POWER DISTRIBUTION $ 2 $ - $ 2 $ 14 $ (12)
NON REGULATED (ENERGY TECHNOLOGIES) (3) - (3) (5) 2
----- ----- ----- ----- -----
TOTAL ENERGY DISTRIBUTION $ (1) $ - $ (1) $ 9 $ (10)
----- ----- ----- ----- -----
ENERGY GAS
REGULATED $ 22 $ - $ 22 $ 36 $ (14)
NON-REGULATED 4 - 4 5 (1)
----- ----- ----- ----- -----
TOTAL ENERGY GAS $ 26 $ - $ 26 $ 41 $ (15)
----- ----- ----- ----- -----
HOLDING COMPANY & OTHER
ENERGY TECHNOLOGY INVESTMENTS $ - $ - $ - $ (1) $ 1
OTHER 61 (70)A (9) (16) 7
----- ----- ----- ----- -----
TOTAL HOLDING COMPANY & OTHER $ 61 $ (70) $ (9) $ (17) $ 8
----- ----- ----- ----- -----
TOTAL NET INCOME $ 229 $ (70) $ 159 $ 199 $ (40)
===== ===== ===== ===== =====
TOTAL DILUTED EPS $1.36 $(0.42) $0.94 $1.19 $(0.25)
===== ===== ===== ===== =====
AVERAGE DILUTED SHARES OUTSTANDING 169 169 168
KEY:
- --------------------------------------------------------------------------------
A - Quarterly Effective Tax Rate Adjustment
[LOGO]
DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES
Earnings Variance Analysis (Preliminary/Unaudited)
Q4 2002 REPORTED EARNINGS PER SHARE $1.21
Adjust for Q4 2002 Quarterly Effective Tax Rate Adjustment 0.03
Adjust for discontinued operations (ITC) (0.05)
- ------------------------------------------------------------------------------------------------------------------------------
Q4 2002 Operating Earnings per Share $1.19
- ------------------------------------------------------------------------------------------------------------------------------
REGULATED ELECTRIC 0.12
GROSS MARGIN (0.13)
Weather impact (0.05)
Incremental losses to Choice (0.11)
Territory growth 0.03
O&M EXPENSE 0.03
Benefits (0.09)
Uncollectable Expense (0.03)
Corporate Support Allocation Adj. (offset in Regulated Gas) 0.13
Other - lower outage costs 0.02
DEPRECIATION AND AMORT 0.16
Regulatory Deferral - Choice 0.11
Other 0.05
INTEREST & OTHER - lower borrowing costs and taxes 0.06
REGULATED GAS (0.09)
GROSS MARGIN (0.04)
Weather impact (0.06)
Territory growth 0.02
O&M EXPENSE (0.12)
Benefits (0.01)
Uncollectable Expense (0.01)
Corporate Support Allocation Adj. (offset in Regulated Electric) (0.13)
Other 0.03
TAXES & OTHER 0.07
NON REGULATED (0.32)
ENERGY SERVICES - Coke battery earnings in 2002, lower year-over-year synfuel prod. (0.15)
ENERGY TRADING - Large unrealized gains at Co-Energy in 2002 (0.12)
OTHER NON REGULATED (0.05)
CORPORATE & OTHER - primarily loss reserves in Q4 2002 0.04
- ------------------------------------------------------------------------------------------------------------------------------
Q4 2003 OPERATING EARNINGS PER SHARE $0.94
- ------------------------------------------------------------------------------------------------------------------------------
Quarterly effective tax rate adjustment 0.42
Q4 2003 Reported Earnings per Share $1.36
[LOGO]
DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (PRELIMINARY/UNAUDITED)
(in Millions)
DEC. 31 DEC. 31 PERCENT
ASSETS 2003 2002 CHANGE
- -------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
Cash and cash equivalents $ 54 $ 133 -59%
Restricted cash 131 237 -45%
Accounts receivable
Customer (less allow. for doubtful accounts of $99 and $82) 877 902 -3%
Accrued unbilled revenues 316 296 7%
Other 338 237 43%
Inventories
Fuel and gas 467 413 13%
Materials and supplies 162 163 -1%
Assets from risk management and trading activities 186 224 -17%
Other 181 159 14%
-------- -------- ----
2,712 2,764 -2%
-------- -------- ----
INVESTMENTS
Nuclear decommissioning trust funds 518 417 24%
Other 601 487 23%
-------- -------- ----
1,119 904 24%
-------- -------- ----
PROPERTY
Property, plant and equipment 17,679 17,862 -1%
Less accumulated depreciation and depletion (8,010) (8,049) --
-------- -------- ----
9,669 9,813 -1%
-------- -------- ----
OTHER ASSETS
Goodwill 2,068 2,114 -2%
Regulatory assets 2,063 1,197 72%
Securitized regulatory assets 1,527 1,613 -5%
Notes receivable 469 336 40%
Assets from risk management and trading activities 88 152 -42%
Prepaid pension assets 181 172 5%
Other 202 182 11%
-------- -------- ----
6,598 5,766 14%
-------- -------- ----
TOTAL ASSETS $ 20,098 $ 19,247 4%
======== ======== ====
LIABILITIES AND DEC. 31 DEC. 31 PERCENT
SHAREHOLDERS' EQUITY 2003 2002 CHANGE
- -------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES
Accounts payable $ 625 $ 647 -3%
Accrued interest 110 115 -4%
Dividends payable 87 90 -3%
Accrued payroll 51 49 4%
Income taxes 185 44 n/m
Short-term borrowings 370 414 -11%
Current portion long-term debt, including
capital leases 477 1,018 -53%
Liab. from risk mgmt. and trading activities 346 284 22%
Other 648 552 17%
-------- -------- ----
2,899 3,213 -10%
----
OTHER LIABILITIES
Deferred income taxes 988 916 8%
Regulatory liabilities 162 179 -9%
Asset retirement obligations 866 -- --
Unamortized investment tax credit 156 168 -7%
Liab. from risk mgmt. and trading activities 173 208 -17%
Liab. from transportation and storage contracts 475 523 -9%
Accrued pension liability 345 582 -41%
Deferred gains from asset sales 311 161 93%
Minority interest 156 128 22%
Nuclear decommissioning 67 416 -84%
Other 544 394 38%
-------- -------- ----
4,243 3,675 15%
-------- -------- ----
LONG-TERM DEBT (NET OF CURRENT PORTION)
Mortgage bonds, notes and other 5,913 5,936 --
Securitization bonds 1,496 1,585 -6%
Equity-linked securities 185 191 -3%
Capital lease obligations 75 82 -9%
-------- -------- ----
7,669 7,794 -2%
-------- -------- ----
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Common stock 3,109 3,052 2%
Retained earnings 2,308 2,132 8%
Accumulated other comprehensive loss (130) (619) 79%
-------- -------- ----
5,287 4,565 16%
-------- -------- ----
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 20,098 $ 19,247 4%
======== ======== ====
The Consolidated Statement of Financial Position (Preliminary/Unaudited) should
be read in conjunction with the Notes to Consolidated Financial Statements
appearing in the Annual Report to Shareholders, Form 10K and 10Q.
n/m - not meaningful
[LOGO]
DTE ENERGY COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS (PRELIMINARY/UNAUDITED)
12 MONTHS - DECEMBER
--------------------
2003 2002
------- -------
(in Millions)
OPERATING ACTIVITIES
Net Income $ 521 $ 632
Adjustments to reconcile net income to net cash from
operating activities:
Depreciation, depletion, and amortization 691 759
Deferred income taxes (220) (208)
Gain on sale of assets, net (129) --
Partners' share of synfuel project losses (78) (40)
Contributions from synfuel partners 65 22
Cumulative effect of accounting changes 27 --
Changes in assets and liabilities, exclusive of changes
shown separately 73 (169)
------- -------
Net cash from operating activities $ 950 $ 996
------- -------
INVESTING ACTIVITIES
Plant and equipment expenditures - regulated (679) (794)
Plant and equipment expenditures - non-regulated (72) (190)
Proceeds from sale of interests in synfuel projects 89 32
Proceeds from sale of ITC and other assets 669 9
Restricted cash for debt redemptions 106 (79)
Other investments (103) (93)
------- -------
Net cash from (used for ) investing activities $ 10 $(1,115)
------- -------
FINANCING ACTIVITIES
Issuance of long-term debt 527 958
Redemption of long-term debt (1,208) (613)
Issuance of preferred securities -- 180
Redemption of preferred securities -- (180)
Short-term borrowings, net (44) (267)
Capital lease obligations (9) (12)
Issuance of common stock 44 265
Repurchase of common stock (3) (9)
Dividends on common stock (346) (338)
------- -------
Net cash used for financing activities $(1,039) $ (16)
------- -------
NET DECREASE IN CASH AND CASH EQUIVALENTS (79) (135)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 133 268
------- -------
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD $ 54 $ 133
======= =======
[LOGO]
THE DETROIT EDISON COMPANY
Consolidated Statement of Operations (Preliminary/Unaudited)
(in Millions)
3 MONTHS - DECEMBER 12 MONTHS - DECEMBER
2003 2002 % CHANGE 2003 2002 % CHANGE
------------------------------ -------------------------------
Operating Revenues $ 871 $ 962 -9% $ 3,695 $ 4,054 -9%
------------------------------ -------------------------------
OPERATING EXPENSES
Fuel and purchased power 177 233 -24% 939 1,074 -13%
Operation and maintenance 327 334 -2% 1,352 1,271 6%
Depreciation and amortization 87 128 -32% 473 577 -18%
Taxes other than income 53 67 -21% 257 273 -6%
------------------------------ -------------------------------
644 762 -15% 3,021 3,195 -5%
------------------------------ -------------------------------
OPERATING INCOME 227 200 14% 674 859 -22%
------------------------------ -------------------------------
OTHER (INCOME) AND DEDUCTIONS
Interest expense 67 79 -15% 284 311 -9%
Interest income (7) -- -- (7) (1) n/m
Other income (31) (20) n/m (93) (36) n/m
Other expense 26 17 n/m 93 51 n/m
------------------------------ -------------------------------
55 76 -28% 277 325 -15%
------------------------------ -------------------------------
INCOME BEFORE INCOME TAXES 172 124 39% 397 534 -26%
Income Tax Provision 67 40 68% 145 178 -19%
------------------------------ -------------------------------
Income Before Accounting Change 105 84 25% 252 356 -29%
Cumulative Effect of Accounting Change -- -- -- (6) -- --
------------------------------ -------------------------------
REPORTED EARNINGS $ 105 $ 84 25% $ 246 $ 356 -31%
============================== ===============================
CUMULATIVE EFFECT OF ACCOUNTING CHANGES
Asset Retirement Obligations (FAS 143) -- -- -- 6 -- --
UNUSUAL ITEMS
August 2003 Blackout Costs -- -- -- 16 -- --
Loss on Sale of Steam Heating Business -- -- -- 14 -- --
Elimination of Intercompany Gain -- -- -- -- (4) --
------------------------------ -------------------------------
OPERATING EARNINGS $ 105 $ 84 25% $ 282 $ 352 -20%
============================== ===============================
The Consolidated Statement of Operations (Preliminary/Unaudited) should be read
in conjunction with the Notes to Consolidated Financial Statements appearing in
the Annual Report to Shareholders, Form 10K and Form 10Q.
n/m - not meaningful
[LOGO]
MICHIGAN CONSOLIDATED GAS COMPANY
Consolidated Statement of Operations (Preliminary/Unaudited)
(in Millions)
3 MONTHS - DECEMBER 12 MONTHS - DECEMBER
2003 2002 % CHANGE 2003 2002 % CHANGE
------------------------------------- -------------------------------------
Operating Revenues $ 414 $ 370 12% $ 1,492 $ 1,312 14%
------------------------------------- -------------------------------------
OPERATING EXPENSES
Cost of gas 251 223 13% 888 754 18%
Operation and maintenance 98 64 53% 349 277 26%
Depreciation, depletion and amortization 26 28 -7% 105 107 -2%
Taxes other than income 10 13 -23% 52 51 2%
Property write-down and contract losses -- -- -- 5 48 n/m
Loss on sale of assets 3 -- -- 3 -- --
------------------------------------- -------------------------------------
385 328 17% 1,402 1,237 13%
------------------------------------- -------------------------------------
OPERATING INCOME 29 42 -31% 90 75 20%
------------------------------------- -------------------------------------
OTHER (INCOME) AND DEDUCTIONS
Interest expense 15 15 -- 57 59 -3%
Interest income (2) (2) -- (10) (10) --
Gain on sale of joint venture (6) -- -- (6) -- --
Other (1) (2) n/m (5) (6) 17%
------------------------------------- -------------------------------------
6 11 -45% 36 43 -16%
------------------------------------- -------------------------------------
INCOME BEFORE INCOME TAXES 23 31 -26% 54 32 69%
Income Tax Provision 2 12 -83% 9 12 -25%
------------------------------------- -------------------------------------
REPORTED EARNINGS 21 19 11% 45 20 125%
PURCHASE ACCOUNTING AND OTHER ADJUSTMENTS -- 17 -- -- 46 --
------------------------------------- -------------------------------------
OPERATING EARNINGS (A) $ 21 $ 36 -42% $ 45 $ 66 -32%
===================================== =====================================
</Table>
The Consolidated Statement of Operations (Preliminary/Unaudited) should be read
in conjunction with the Notes to Consolidated Financial Statements appearing in
the Annual Report to Shareholders, Form 10K and Form 10Q.
(A) Represents MichCon's results included in the DTE
Energy Consolidated Statement of Operations.
n/m - not meaningful
[DTE ENERGY LOGO]
Sales Analysis
Electric Sales - Detroit Edison Service Area (000's of GWh)
Q4 2003 Q4 2002 % Change
------------------------------ ---------------------------- ------------------
Residential 3,519 3,580 -1.7%
Commercial 3,690 4,260 -13.4%
Industrial 2,990 3,245 -7.9%
Other 666 686 -2.9%
------------------------------ ----------------------------
TOTAL SYSTEM 10,865 11,771 -7.7%
Choice Sales* 2,047 1,377 48.7%
------------------------------ ----------------------------
TOTAL SALES 12,912 13,148 -1.8%
============================== ============================
* Includes Dearborn Industrial Group sales
Electric Sales - Detroit Edison Service Area (000's of GWh)
2003 2002 % Change
------------------------------ ---------------------------- ------------------
Residential 15,075 15,959 -5.5%
Commercial 15,940 18,393 -13.3%
Industrial 12,254 13,588 -9.8%
Other 2,621 2,653 -1.2%
TOTAL SYSTEM 45,890 50,593 -9.3%
Choice Sales * 7,237 3,954 83.0%
-------------------------------------------------------------
TOTAL SALES 53,127 54,547 -2.6%
============================== ============================
* Includes Dearborn Industrial Group sales
Gas Sales and End User Transportation- MichCon Service Area (Mcf)
2003 2002 % Change
------------------------------ ---------------------------- ------------------
Residential 129,551,203 129,740,574 -0.1%
Commercial 41,135,858 38,916,292 5.7%
Industrial 1,526,112 1,570,220 -2.8%
------------------------------ ----------------------------
172,213,173 170,227,086 1.2%
End User Transportation* 151,089,646 169,524,109 -10.9%
------------------------------ ----------------------------
TOTAL SALES 323,302,819 339,751,195 -4.8%
============================== ============================
* includes choice customers
Electric Revenue - Detroit Edison Service Area ($000s)
Q4 2003 Q4 2002 % Change
---------------------------- ---------------------------- ------------------
Residential 314,120 318,996 -1.5%
Commercial 307,033 349,664 -12.2%
Industrial 149,906 168,957 -11.3%
Other 27,947 28,369 -1.5%
---------------------------- ----------------------------
TOTAL SYSTEM 799,006 865,986 -7.7%
Choice Sales* 10,439 6,722 55.3%
---------------------------- ----------------------------
TOTAL SALES 809,445 872,708 -7.2%
============================== ============================
* Includes Dearborn Industrial Group sales
Electric Revenue - Detroit Edison Service Area ($000s)
2003 2002 % Change
---------------------------- ---------------------------- ------------------
Residential 1,350,882 1,433,123 -5.7%
Commercial 1,309,563 1,500,143 -12.7%
Industrial 632,489 699,712 -9.6%
Other 115,975 114,437 1.3%
---------------------------- ----------------------------
TOTAL SYSTEM 3,408,909 3,747,415 -9.0%
Choice Sales* 35,443 19,339 83.3%
---------------------------- ----------------------------
TOTAL SALES 3,444,352 3,766,754 -8.6%
============================== ============================
* Includes Dearborn Industrial Group sales
Gas - MichCon Service Area (Mcf)
Q4 2003 Q4 2002 % Change
---------------------------- ---------------------------- ------------------
Residential 40,307,846 41,713,952 -3.4%
Commercial 12,102,969 11,328,746 6.8%
Industrial 466,728 331,964 40.6%
---------------------------- ----------------------------
52,877,543 53,374,662 -0.9%
End Use Transportation (includes choice customers) 38,042,355 47,787,008 -20.4%
---------------------------- ----------------------------
TOTAL SALES 90,919,898 101,161,670 -10.1%
============================== ============================
* includes choice customers
[DTE ENERGY LOGO]
DTE ENERGY DEBT/EQUITY CALCULATION
As of December 31, 2003
($ millions)
Short-term borrowings $370
Current portion LTD + cap leases 477
Mortgage bonds, notes, and other long-term debt 5,913
Securitization bonds 1,496
Capital leases 75
Less QUIDS 385
Less Trust Preferreds 280
Less MichCon short-term debt 238
Less securitization debt 1,585
-------------------
TOTAL DEBT $5,843
Trust preferred $280
QUIDS 385
Mandatory convertible 185
-------------------
TOTAL PREFERRED/ OTHER $850
EQUITY $5,287
-------------------
TOTAL CAP $11,980
===================
Debt 48.8%
Preferred stock/ other 7.1%
Common shareholders' equity 44.1%
-------------------
TOTAL 100.0%
===================