DTE Energy 2012 Annual Report Download - page 27

Table of Contents
Selected Financial Data
The following selected financial data should be read in conjunction with the accompanying Management’s Discussion and Analysis in Item 7 of this
Report and Notes to the Consolidated Financial Statements in Item 8 of this Report.
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




 
$8,858
$8,525
$7,983
$9,281

Income from continuing operations (a)  
$714
$638
$538
$ 439
Discontinued operations (b) 
(3)
(8)
(6)
107
Net Income Attributable to DTE Energy Company 
$711
$630
$ 532
$ 546

Income from continuing operations 
$4.20
$3.78
$3.27
$2.69
Discontinued operations 
(0.02)
(0.04)
(0.03)
0.65
Diluted Earnings Per Common Share 
$4.18
$3.74
$3.24
$3.34

Dividends declared per share of common stock 
$2.32
$2.18
$2.12
$2.12
Total assets 
$26,009
$24,896
$24,195
$24,590
Long-term debt, including capital leases 
$7,187
$7,089
$7,370
$7,741
Shareholders’ equity 
$7,009
$6,722
$6,278
$5,995
_______________________________________
(a) 2011 results include an $87 million income tax benefit related to the enactment of the MCIT.
(b) Discontinued operations represents the Unconventional Gas Production business that was sold in 2012 resulting in a $55 million after-tax loss on sale. The 2008 results include an
$80 million after-tax gain on the sale of a portion of the Unconventional Gas Production properties.
Management’s Discussion and Analysis of Financial Condition and Results of Operations

DTE Energy is a diversified energy company with 2012 operating revenues of approximately $8.8 billion and approximately $26 billion in assets. We
are the parent company of DTE Electric and DTE Gas, regulated electric and gas utilities engaged primarily in the business of providing electricity and natural
gas sales, distribution and storage services throughout southeastern Michigan. We operate three energy-related non-utility segments with operations throughout
the United States.
The following table summarizes our financial results:
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
Income from continuing operations 
$ 723
$ 647
Diluted earnings per common share from continuing operations 
$4.20
$3.78
The decrease in 2012 Income from continuing operations is principally driven by an income tax benefit of $87 million in the Corporate and Other
segment related to the enactment of the MCIT in the second quarter of 2011 and lower results in the Energy Trading segment, partially offset by improved
results in the Electric segment. The increase in 2011 Income from continuing operations is due to the above mentioned income tax benefit and higher earnings
in Energy Trading, partially offset by lower earnings in the Electric and Gas segments and in the Power and Industrial Projects segment.
Please see detailed explanations of segment performance in the following Results of Operations section.
DTE Energy's strategy is to achieve long-term earnings growth, maintain a strong balance sheet and continue our attractive dividend yield.
Our utilities' growth will be driven by mandated environmental and renewable investments in addition to base infrastructure investments. We are focused
on executing plans to achieve operational excellence and customer satisfaction with a focus on customer affordability. We operate in a constructive regulatory
environment and have solid relationships with our regulators.
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