Cms Energy Corporation · NYSE:CMS
Cms Energy — Non-Deal Roadshow (March 2015)
63 slides from Cms Energy's roadshow presentation, Mar 16, 2015
Slide 1: Investor Meetings -- Europe, March 16-19, 2015
Quick Overview • Why invest? • What’s in the Plan?; What’s not? • How do we do it? • What makes us different? Investor Meetings -- Europe March 16 - 19, 2015 Ludington Pumped Storage Cross Winds Energy Park Fourth largest in the world Unmatched Adjusted EPS Performance #2 in renewable sales in the
Slide 2: Forward-looking statements and non-GAAP disclaimer
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, Rule 175 of the Securities Act of 1933, and relevant legal decisions. The forward-looking statements are subject to risks and uncertainties. All f
Slide 3: What's Changed Since Last Year? Delivered on 2014 Commitments
What’s Changed Since Last Year? DELIVERED ON 2014 COMMITMENTS . . . . Commitment Results Delivered a a A. Exceed industry EPS and dividend growth A. +7% EPS ; +7.4% dividend! B. Exceed industry ORGANIC CAPITAL B. $1.7 bil -- 16% of market cap INVESTMENT ($1.6 bil) (peers 14%)! C. Industry leading 2%
Slide 4: Why Invest in CMS Energy? Unmatched EPS Performance
Why Invest in CMS Energy? UNMATCHED EPS PERFORMANCE . . . . Premier, Real EPS Growth a Upsides Future = 5% to 7% / yr $20 bil (vs $15.5 bil) capex growth, CMS = 7% / yr > O&M reductions; 6% ‘14 & ‘15; 4% ‘16 – ’18 -- more to go, > ½% sales growth, 2008 Energy Law updates, AND “DIG” capacit
Slide 5: Why Invest in CMS Energy?
Why Invest in CMS Energy? Our Growth Engine Supported By (2015-2024 Capex) ● UPSIDES create headroom (Investment, Sales, Cost, & DIG) ● PARTNERS in progress $15.5 Billion (Customers, Regulators, & Policy Makers) a 5% - 7% EPS growth ● PASSION to improve for customers AND owners (Value, Reliability,
Slide 6: Investment "Catch-up"
What’s in the Plan? INVESTMENT “CATCH-UP” . . . . Amount (billions) $1.8 > $1.5 per year Peers Peer Performance a Consumers Energy Peer Average CMS Capex Liquidity Cash Flow (oper) 20% 16% 15% 14% 15% 12% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Slide 7: Visible Capex
What’s in the Plan? VISIBLE CAPEX . . . . 2005-2014 2015-2024 $10.7B $15.5B Up +94% Gas Infrastructure Electric Gas Maintenance Infrastructure Electric Maintenance Electric Reliability New New & Distribution Generation Generation Smart Energy Electric Reliability & Distribution Environmental Up +151
Slide 8: Upside Investment Opportunities
What’s NOT in the Plan? UPSIDE INVESTMENT OPPORTUNITIES . . . . 2015-2024 Opportunity Level 10-Year Plan Amount (bils) Generation capacity $3 Gas conversions & expansion 1 Grid modernization 1 $20+ Billion $15.5 Billion Total Opportunities $5 Upside? Rate Base up 5% to 7% Customer base rates <2 >4
Slide 9: Upside Capacity Opportunities
What’s NOT in the Plan? UPSIDE CAPACITY OPPORTUNITIES . . . . Capacity Growth Over Next Ten Years MW 11,000 10,000 PPA’s Expire ~9,400 MW PPA ~8,600 MW 1,240 MW 580 PPA 2,600 780 MW 7,500 capacity Owned ~30% 8,820 ~800 MW 410 MW Lower customer bills Owned Shortfall 6,000 540 MW 5,000 Today Jackson P
Slide 10: Upside Capacity Price Increases
What’s NOT in the Plan? UPSIDE CAPACITY PRICE INCREASES . . . . Was Now Future Scenarios (mils) (mils) (mils) +$40 $55 +$20 $35 $15 $5 Capacity price < $0.50 ≈ $2.00 $4.50 $7.50 ($ kW per (Market) (Market) (CONE) month) . . . . could add value to the 700 MW “DIG” plant. 9
Slide 11: O&M Cost Savings
How Do We Do It? O&M COST SAVINGS . . . . O&M Trend vs Peers O&M Cost Savings 2014 2014 0 50% & 2015 2018 (mils) (mils) ~6% per year 0 Peers • Attrition $ - 35 $ - 75 0 ~2% per year • Productivity (Coal Gas) - 35 - 50 0 • “Pole Top” Hardening - 30 - 30 Inflation 0 -25% • Smart Meters - 5 - 25 0 • El
Slide 12: "Reinvestment" Helps Customers
How Do We Do It? “REINVESTMENT” HELPS CUSTOMERS . . . . a Annual EPS Growth Adjusted EPS 2012 2013 2014 (non-GAAP) 14% CMS EPS Growth Before “Reinvestment” CMS 2014 CMS 7% CMS 7% 7% 3% 2015 $1.45 Peers _____ a Adjusted EPS (non-GAAP) $1.77 +7% Guidance January March 31 June 30 September 30 December
Slide 13: Experienced Policy Makers
How Do We Do It? EXPERIENCED POLICY MAKERS . . . . Governor Rick Snyder Commission Powering Michigan’s John Quackenbush (R), Comeback Chairman Term Ends: July 2, 2017 Consistent Sally Talberg (I) Term Ends: Energy Committee Chairs Leadership! July 2, 2019 Senator Mike Nofs Greg White (I) Term Ends:
Slide 14: Since We Met
What Makes Us Different? SINCE WE MET . . . . 2014 A Year Ago Actual a EPS Growth 5% to 7% 7% Dividend Growth 5% to 7% 7.4% O&M Cost Savings Down 2% Down 3% Capital Investment (bils) $1.6 $1.7 Electric Sales - Industrial Up 2% Up 9% - Total 2% 3% _____ Gas Rate Case a Adjusted EPS (non-GA
Slide 15: Operating Cash Flow Growth
What Makes Us Different? OPERATING CASH FLOW GROWTH . . . . Amount Up $0.5 Billion (bils) Gross operating cash flowa $ 2.5 up $0.1 billion per year $2.4 $2.2 $2.1 $2.0 2.0 $1.9 Interest, working $1.8 capital and taxes $1.55 1.5 Pct of Market Cap (as of Dec. 2014) 1.0 Cap Inv OCF Investment 16% CMS 1
Slide 16: A Passion for Customers AND Investors
What Makes Us Different? A Passion for Customers AND Investors . . . . Future Shines Bright Sustainable Future Growth $3.50 EPS a Past Next 5 Dividend +5% to +7% Performance Years Investment (bils) $6.4 $7.6 (2010-2014) Capacity Op! +7% O&M Reductions (7)% (10)% ~ +4% yield (2006-2013) Conservative
Slide 17: Detailed Overview
Detailed Overview • Why invest? • What’s in the Plan?; What’s not? • How do we do it? • What makes us different? Investor Meetings -- Europe March 16 - 19, 2015 Ludington Pumped Storage Cross Winds Energy Park Fourth largest in the world Unmatched Adjusted EPS Performance #2 in renewable sales in t
Slide 18: Consumers Energy
Consumers Energy . . . . Our Territory Electric Utility • 1.8 million electric customers • 8,600 MW of capacity Gas Utility • 1.7 million gas customers • 312 Tbtu gas storage (3rd biggest in US) Combination Utility • 4th largest in the United States! • Premium regulatory environment Our Generation C
Slide 19: CMS Energy
CMS Energy . . . . What makes us different? What’s in the Plan? • Customers AND • Capex $15.5 bil investors • O&M down 2% per year • Sustainable energy • Sales up 0.5% per year • No “big bets” • Reinvestment • Capex additional $5 bil • Cost controls • Capacity prices • Partner with policy increase m
Slide 20: Why Invest in CMS Energy?
Why Invest in CMS Energy? Our Growth Engine Supported By (2015-2024 Capex) ● UPSIDES create headroom (Investment, Sales, Cost, & DIG) ● PARTNERS in progress $15.5 Billion (Customers, Regulators, & Policy Makers) a 5% - 7% EPS growth ● PASSION to improve for customers AND owners (Value, Reliability,
Slide 21: What's in the Plan?
What’s in the Plan? . . . . • Investment “Catch-up” > than $1.5 billion per year • Visible capex with no “big bets” • More clean generation • Electric distribution -- investing $2 billion over next 5 years • Gas infrastructure -- investing > $1 billion over next 5 years . . . . visible investment. 2
Slide 22: Investment "Catch-up"
What’s in the Plan? INVESTMENT “CATCH-UP” . . . . Amount (billions) $1.8 > $1.5 per year Peers Peer Performance a Consumers Energy Peer Average CMS Capex Liquidity Cash Flow (oper) 20% 16% 15% 14% 15% 12% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Slide 23: Visible Capex
What’s in the Plan? VISIBLE CAPEX . . . . 2005-2014 2015-2024 $10.7B $15.5B Up +94% Gas Infrastructure Electric Gas Maintenance Infrastructure Electric Maintenance Electric Reliability New New & Distribution Generation Generation Smart Energy Electric Reliability & Distribution Environmental Up +151
Slide 24: Gas Infrastructure
What’s in the Plan? GAS INFRASTRUCTURE . . . . New Customers Inspection Storage Includes conversions 50,000 New customers 1,700 Miles 23 Wells $250 Million $100 Million $100 Million Transmission Compression Main Replacement Commission approved 8 Miles 19,000 + Horsepower 800 Miles $100 Million $400
Slide 25: Electric Reliability and Distribution
What’s in the Plan? ELECTRIC RELIABILITY AND DISTRIUBTION . . . . Demand $ 1.0 Billion Circuits In service 2,253 Upgrade 437 Reliability $ 0.7 Billion Transformers In service 663,044 Capacity Replace 39,000 $ 0.3 Billion Total Smart Energy Poles $ 2.0 Billion Meters In service 1,554,309 In service 2
Slide 26: Cleaner Generation
What’s in the Plan? CLEANER GENERATION . . . . Diverse Capacity Balanced Portfolio Renewables Clean Coal 2005 Capacity % Gas 8% Renewables 6% 31% Karn Generating Coal Lake Winds Energy Park Plant, 508 MW a 11% Pumped Storage 100 MW Oil Renewables 3% Pumped Storage Nuclear 41% Purchases Cross Winds
Slide 27: Customer Driven Investment
What’s in the Plan? CUSTOMER DRIVEN INVESTMENT . . . . Clean Power Capacity Reliability Infrastructure Opportunity $1.5 Billion $2.2 Billion $2.4 Billion $4.1 Billion $5 Billion Environmental Jackson gas plant Consumers Smart Energy Gas distribution Gas combined cycle Renewable energy Gas expansion
Slide 28: What's NOT in the Plan?
What’s NOT in the Plan? . . . . • $5 billion more of solid growth • Potential for ~3,000 MW of owned capacity • Capacity price increases • Sales growth up more than ½% per year . . . . opportunity for additional organic growth. 27
Slide 29: Upside Investment Opportunities
What’s NOT in the Plan? UPSIDE INVESTMENT OPPORTUNITIES . . . . 2015-2024 Opportunity Level 10-Year Plan Amount (bils) Generation capacity $3 Gas conversions & expansion 1 Grid modernization 1 $20+ Billion $15.5 Billion Total Opportunities $5 Upside? Rate Base up 5% to 7% Customer base rates <2 >4
Slide 30: Upside Capacity Opportunities
What’s NOT in the Plan? UPSIDE CAPACITY OPPORTUNITIES . . . . Capacity Growth Over Next Ten Years MW 11,000 10,000 PPA’s Expire ~9,400 MW PPA ~8,600 MW 1,240 MW 580 PPA 2,600 780 MW 7,500 capacity Owned ~30% 8,820 ~800 MW 410 MW Lower customer bills Owned Shortfall 6,000 540 MW 5,000 Today Jackson P
Slide 31: New Capacity Opportunities
What’s NOT in the Plan? NEW CAPACITY OPPORTUNITIES . . . . Full Year Impact Replace PPA With New Build Customer Bill Investor (mils) (EPS) Upside: 1,000 MW of Capacity Options PPA’s expire - $325 0¢ Add 1,000 MW + 325 +5 • Build - Thetford owned capacity • Expand - Zeeland Impact Incremental Step-up
Slide 32: Upside Capacity Price Increases
What’s NOT in the Plan? UPSIDE CAPACITY PRICE INCREASES . . . . Was Now Future Scenarios (mils) (mils) (mils) +$40 $55 +$20 $35 $15 $5 Capacity price < $0.50 ≈ $2.00 $4.50 $7.50 ($ kW per (Market) (Market) (CONE) month) . . . . could add value to the 700 MW “DIG” plant. 31
Slide 33: Michigan's Recovery
What’s NOT in the Plan? MICHIGAN’S RECOVERY . . . . Gross Domestic Product – 2010 through 2013 Grand Rapids 15.3% WA ND Top 10% of All Cities! MT 8.8 54.9 11.6 MN 11.5 Michigan ME SD OR ID 11.3 WI Top 10 VT 1.7 17.3 5.5 WY 7.4 MI state NY 9.8 NH 6.2 4.3 IA NE 11.4 6.5 MA 10.3 13.1 9.8 IL PA NV RI 5.
Slide 34: Sales Growth
What’s NOT in the Plan? SALES GROWTH . . . . In the News Annual Electric Salesa Industrial Total “Kent County [Grand Rapids] leads nation’s 8.7% largest counties in post-recession employment gains” -- Grand Rapids Press 5.0% Conservative 2.8% 3.0% “Kent County [Grand Rapids] unemployment 2.0% 1.0% 1
Slide 35: Economic Growth
What’s NOT in the Plan? ECONOMIC GROWTH . . . . Examples of New Business Industries Electric Gas Combination MW Announcement Announcement Auto 50 Plasan Carbon Composites Dicastal North America, Inc. Food 7 • High performance auto • World’s largest maker of body parts alloy wheels • 620 new jobs • 3
Slide 36: How Do We Do It?
How Do We Do It? . . . . • Capital investment catch-up No “big bets” Organic growth Self-funded • Premier cost reductions and “reinvestment” • Strong Energy Law; Constructive rate making • Conservative planning • Customer passion . . . . it’s a way of life at CMS. 35
Slide 37: O&M Cost Control
How Do We Do It? O&M COST CONTROL . . . . Average Annual O&M Change +6% Peers PeersActual/Plan Actual/Plan +2% +2% Peers Peers Peers CMS +1% CMS CMS CMS Excluding CMS CMS Catastrophic December -1% Storm -2% -3% -3% -3% 2006-2013 2012 2013 2014 2015 . . . . at peer leading pace. 36
Slide 38: O&M Cost Savings
How Do We Do It? O&M COST SAVINGS . . . . O&M Trend vs Peers O&M Cost Savings 2014 2014 0 50% & 2015 2018 (mils) (mils) ~6% per year 0 Peers • Attrition $ - 35 $ - 75 0 ~2% per year • Productivity (Coal Gas) - 35 - 50 0 • “Pole Top” Hardening - 30 - 30 Inflation 0 -25% • Smart Meters - 5 - 25 0 • El
Slide 39: O&M Cost Reductions
How Do We Do It? O&M COST REDUCTIONS . . . . -3% -3% Amount 1,080 +5% (mils) 1,060 $1060 1,040 +9% 1,020 1,000 980 -8% 960 940 920 -12% 900 880 860 840 2013 Cost Reinvestment 2014 "Benefits" Cost 2015 Reductions Reductions . . . . providing more headroom for customer benefits. 38
Slide 40: "Reinvestment" Helps Customers
How Do We Do It? “REINVESTMENT” HELPS CUSTOMERS . . . . a Annual EPS Growth Adjusted EPS 2012 2013 2014 (non-GAAP) 14% CMS EPS Growth Before “Reinvestment” CMS 2014 CMS 7% CMS 7% 7% 3% 2015 $1.45 Peers _____ a Adjusted EPS (non-GAAP) $1.77 +7% Guidance January March 31 June 30 September 30 December
Slide 41: 2015 Gas and Electric Rate Cases
How Do We Do It? 2015 GAS AND ELECTRIC RATE CASES . . . . 2014 2015 2016 Our View GAS Filed $88 M 7/01 Settled $45 M A) Settled $45 million B) 10.3% ROE A) A) Jackson Plant in Jackson Plant Classic 7 Decommissioned rate base B) Final Securitization Filed Self- implement Surcharge Ends Order B) Inv
Slide 42: Experienced Policy Makers
How Do We Do It? EXPERIENCED POLICY MAKERS . . . . Governor Rick Snyder Commission Powering Michigan’s John Quackenbush (R), Comeback Chairman Term Ends: July 2, 2017 Consistent Sally Talberg (I) Term Ends: Energy Committee Chairs Leadership! July 2, 2019 Senator Mike Nofs Greg White (I) Term Ends:
Slide 43: 2015 Michigan Energy Law
How Do We Do It? 2015 MICHIGAN ENERGY LAW . . . . • Adaptability • Reliability Upside • RPS Expansion? • Affordability • ROA Elimination? • Environmental protection • 10% renewables by 2015 • Energy efficiency 2015 Energy Timeline standards • Governor Snyder names • File-and-implement energy a top p
Slide 44: What Makes Us Different?
What Makes Us Different? . . . . • Competitive electric residential bills • Improving electric industrial rates • Rapidly improving customer satisfaction • Clean, reliable energy • Carbon emission levels below “implied” EPA target . . . . sustainable, future growth. 43
Slide 45: Electric Customer Prices
What Makes Us Different? ELECTRIC CUSTOMER PRICES . . . . Residential Bills Industrial Rates Worse Worse 20 % 30 % 26% 21% 20 Rates & 10 Fuel 13% Rates & 10 Design 7% 3% National Avg Midwest Avg 0 0 (5)% -10 Policy or market might -10 (12)% (13)% eliminate gap Rates (14)% -20 Rates & Rates & (19)% D
Slide 46: Customer Satisfaction
What Makes Us Different? CUSTOMER SATISFACTION . . . . Electric Gas #2 1st Quartile #3 1st Quartile 2nd Quartile 2nd Quartile #6 #9 3rd Quartile 3rd Quartile 4th Quartile 4th Quartile Present Present 2010 2012 2014 Rank 2016 2010 2012 2014 Rank 2016 Residential Business Residential Business . . . .
Slide 47: Consumers Appears to Be in a Good Carbon Position
What Makes Us Different? CONSUMERS APPEARS . . . . Carbon Tonnage Reduction Million Tons of CO2 (Preliminary) 25 2005 Baseline 23 21 Clean Power Plan 19 “Implied” EPA Target 17 Consumers Energy Projected 15 emission level 13 2014 2020 2025 2029 2030 . . . . to be in a good carbon position. 46
Slide 48: Since We Met
What Makes Us Different? SINCE WE MET . . . . 2014 A Year Ago Actual a EPS Growth 5% to 7% 7% Dividend Growth 5% to 7% 7.4% O&M Cost Savings Down 2% Down 3% Capital Investment (bils) $1.6 $1.7 Electric Sales - Industrial Up 2% Up 9% - Total 2% 3% _____ Gas Rate Case a Adjusted EPS (non-GA
Slide 49: Operating Cash Flow Growth
What Makes Us Different? OPERATING CASH FLOW GROWTH . . . . Amount Up $0.5 Billion (bils) Gross operating cash flowa $ 2.5 up $0.1 billion per year $2.4 $2.2 $2.1 $2.0 2.0 $1.9 Interest, working $1.8 capital and taxes $1.55 1.5 Pct of Market Cap (as of Dec. 2014) 1.0 Cap Inv OCF Investment 16% CMS 1
Slide 50: A Passion for Customers AND Investors
What Makes Us Different? A Passion for Customers AND Investors . . . . Future Shines Bright Sustainable Future Growth $3.50 EPS a Past Next 5 Dividend +5% to +7% Performance Years Investment (bils) $6.4 $7.6 (2010-2014) Capacity Op! +7% O&M Reductions (7)% (10)% ~ +4% yield (2006-2013) Conservative
Slide 51: Appendix
Appendix
Slide 52: Mindset
Mindset . . . . 10-Year Actual $1.77 $1.89 7% CAGR a EPS $1.66 $1.86 Dividend Peers 4% $1.55 $1.45 $1.36 b $1.26 7% $1.21 $1.16 6% $1.08 6% $1.08 14% $1.02 $0.96 96¢ $0.90 27% 84¢ $0.84 32% $0.81 Int’l Sale 66¢ 39% 50¢ 80% 36¢ 20¢ 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Futu
Slide 53: Credit Ratings
Credit Ratings . . . . Scale Reflects S&P / S&P Moody’s Fitch Fitch Moody’s (Dec. ‘14) (Jan. ‘14) (Feb. ‘15) A+ A1 • Consistent A A2 Consumers Performance Secured A- BBB+ A3 Baa1 • Less Risk BBB Baa2 BBB- Baa3 • Customer Focus BB+ Ba1 • Constructive BBB Baa2 CMS Unsecured Regulation BBB- Baa3 BB+ Ba
Slide 54: Generation Strategy: New Supply Sources
Generation Strategy: New Supply Sources . . . . Levelized cost of new build (¢/kWh) New Build 25 Consumers Energy Sources 22¢ 20 15¢ 15 12¢ 11¢ Back 10¢ 10 -up 8¢ 7¢ 6¢ Back 7¢ 6¢ -up 6¢ 9¢ 5.5¢ 5¢ 5¢ 5 Cross Winds 6¢ Big 5 Palisades Zeeland 0 Combined Cycle Gas Plant Wind Coal Nuclear Residential
Slide 55: MISO Zone 7 Capacity
MISO Zone 7 Capacity . . . . As of October 2014 MISO Zones (in GW) 25 3 22 Reserves 3 7 Demand 22 2016 Resources 2016 Resource Expected Shortfall _____ Requirement Source: MISO . . . . shortfall expected to be 3,000 MW in 2016. 54
Slide 56: 2015 Sensitivities
2015 Sensitivities . . . . 2015 Impact Status Sensitivity EPS OCF (mils) Sales a • Electric (37,847 GWh) + 1% + $0.05 + $ 20 • Gas (294.1 Bcf) + 5 + 0.07 + 30 Gas prices (NYMEX) + 50¢ – 0 – 55 + + ROE (authorized) • Electric (10.3%) + 10 bps + 0.01 + 5 • Gas (10.3%) + 10 + < 0.01 + 2 Interest Rates
Slide 57: 2015 Guidance
2015 Guidance . . . . Adjusted EPS (non-GAAP) • Utility • Electric $1.50 - $1.52 • Gas 0.59 - 0.60 Total Utility $2.09 - $2.12 • Enterprises 0.04 • Parent and other (0.27) Total EPS $1.86 - $1.89 +5% to +7% • Operating cash flow (GAAP) (mils) $1,550 . . . . building on high end, actual 2014 performa
Slide 58: Customer-Focused O&M Reinvestment
Customer-Focused O&M Reinvestment . . . . Icy Late December Adjusted EPS (non-GAAP) O&M B/(W) Than Forecast (mils) 2013 +13¢ • Storm(total $50 M) • Insurance $(37) 16 • Lower contributions 9 2012 Hot • Sales-weather 12 Summer Total $ 0 2013 Cold $1.66 Winter & +7% Cost Savings Reinvested earlier 201
Slide 59: Capacity Diversity
Capacity Diversity . . . . Nuclear Oil 8% 6% Renewables 9% Coal 34% Pumped Storage 2014 11% Nuclear Gas Nuclear Oil 6% 32% 8% 8% Oil 6% Renewables Purchases 3% 3% Coal 24% Pumped Coal Renewables Storage 41% 10% 11% 2005 2017 Pumped Gas Storage Gas 31% 12% 37% . . . . evolving to cleaner generation w
Slide 60: Capital Expenditures
Capital Expenditures 2015-2019 2020-2024 2015-2024 2015 2016 2017 2018 2019 Subtotal Subtotal Total (mils) (mils) (mils) (mils) (mils) (mils) (mils) (mils) New Generation (includes Renewables) $ 70 $ 224 $ 52 $ 64 $ 134 $ 544 $ 612 $ 1,156 Environmental 254 98 136 153 212 853 139 992 Gas Infrastruct
Slide 61: GAAP Reconciliation
GAAP Reconciliation
Slide 62: Earnings Per Share By Year GAAP Reconciliation
CMS ENERGY CORPORATION Earnings Per Share By Year GAAP Reconciliation (Unaudited) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 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 $1.66 $1.74 After-tax items: Electric and gas ut
Slide 63: Reconciliation of Gross Operating Cash Flow to GAAP Operating Activities
CMS Energy Reconciliation of Gross Operating Cash Flow to GAAP Operating Activities (unaudited) (mils) 2014 2015 2016 2017 2018 2019 Consumers Operating Income + Depreciation & Amortization $ 1,813 $ 1,885 $ 1,955 $ 2,081 $ 2,194 $ 2,358 Enterprises Project Cash Flows 20 25 29 50 52 55 Gross Operati