Exhibit 99.2
AMEREN CORPORATION (AEE) | |||||||
CONSOLIDATED BALANCE SHEET | |||||||
(Unaudited, in millions) | |||||||
December 31, | December 31, | ||||||
2004 | 2003 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 69 | $ | 111 | |||
Accounts receivable - trade | 442 | 326 | |||||
Unbilled revenue | 336 | 221 | |||||
Miscellaneous accounts and notes receivable | 38 | 126 | |||||
Materials and supplies, at average cost | 623 | 487 | |||||
Other current assets | 74 | 46 | |||||
Total current assets | 1,582 | 1,317 | |||||
Property and Plant, Net | 13,297 | 10,920 | |||||
Investments and Other Non-Current Assets: | |||||||
Investments in leveraged leases | 140 | 152 | |||||
Nuclear decommissioning trust fund | 235 | 212 | |||||
Goodwill and other intangibles, net | 940 | 574 | |||||
Other assets | 411 | 332 | |||||
Total investments and other assets | 1,726 | 1,270 | |||||
Regulatory Assets | 829 | 729 | |||||
TOTAL ASSETS | $ | 17,434 | $ | 14,236 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current Liabilities: | |||||||
Current maturities of long-term debt | $ | 423 | $ | 498 | |||
Short-term debt | 417 | 161 | |||||
Accounts and wages payable | 567 | 480 | |||||
Taxes accrued | 26 | 103 | |||||
Other current liabilities | 374 | 215 | |||||
Total current liabilities | 1,807 | 1,457 | |||||
Long-term Debt, Net | 5,021 | 4,070 | |||||
Preferred Stock Subject to Mandatory Redemption | 20 | 21 | |||||
Deferred Credits and Other Non-Current Liabilities: | |||||||
Accumulated deferred income taxes, net | 1,886 | 1,853 | |||||
Accumulated deferred investment tax credits | 139 | 151 | |||||
Regulatory liabilities | 1,042 | 824 | |||||
Asset retirement obligations | 439 | 413 | |||||
Accrued pension and other post-retirement benefits | 756 | 699 | |||||
Other deferred credits and liabilities | 315 | 190 | |||||
Total deferred credits and other liabilities | 4,577 | 4,130 | |||||
Preferred Stock Not Subject to Mandatory Redemption | 195 | 182 | |||||
Minority Interest in Consolidated Subsidiaries | 14 | 22 | |||||
Stockholders' Equity: | |||||||
Common stock | 2 | 2 | |||||
Other paid-in capital, principally premium on common stock | 3,949 | 2,552 | |||||
Retained earnings | 1,904 | 1,853 | |||||
Accumulated other comprehensive income (loss) | (45 | ) | (44 | ) | |||
Other | (10 | ) | (9 | ) | |||
Total stockholders' equity | 5,800 | 4,354 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 17,434 | $ | 14,236 | |||
AMEREN CORPORATION (AEE) | |||||||||||||
CONSOLIDATED STATEMENT OF INCOME | |||||||||||||
(Unaudited, in millions, except per share amounts) | |||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2004 | 2003 | 2004 | 2003 | ||||||||||
Operating Revenues: | |||||||||||||
Electric | $ | 1,106 | $ | 851 | $ | 4,288 | $ | 3,952 | |||||
Gas | 368 | 198 | 866 | 648 | |||||||||
Other | 1 | 2 | 6 | 8 | |||||||||
Total operating revenues | 1,475 | 1,051 | 5,160 | 4,608 | |||||||||
Operating Expenses: | |||||||||||||
Fuel and purchased power | 388 | 256 | 1,278 | 1,070 | |||||||||
Gas purchased for resale | 263 | 141 | 598 | 457 | |||||||||
Other operations and maintenance | 381 | 323 | 1,337 | 1,224 | |||||||||
Coal contract settlement | - | - | - | (51 | ) | ||||||||
Depreciation and amortization | 159 | 131 | 557 | 519 | |||||||||
Taxes other than income taxes | 81 | 61 | 312 | 299 | |||||||||
Total operating expenses | 1,272 | 912 | 4,082 | 3,518 | |||||||||
Operating Income | 203 | 139 | 1,078 | 1,090 | |||||||||
Other Income and (Deductions): | |||||||||||||
Miscellaneous income | 12 | 11 | 32 | 27 | |||||||||
Miscellaneous expense | (3 | ) | (8 | ) | (9 | ) | (22 | ) | |||||
Total other income and (deductions) | 9 | 3 | 23 | 5 | |||||||||
Interest Charges and Preferred Dividends: | |||||||||||||
Interest | 86 | 73 | 278 | 277 | |||||||||
Preferred dividends of subsidiaries | 3 | 3 | 11 | 11 | |||||||||
Net interest charges and preferred dividends | 89 | 76 | 289 | 288 | |||||||||
Income Before Income Taxes and Cumulative Effect of Change in Accounting Principle | 123 | 66 | 812 | 807 | |||||||||
Income Taxes | 40 | 28 | 282 | 301 | |||||||||
Income Before Cumulative Effect of Change in Accounting Principle | 83 | 38 | 530 | 506 | |||||||||
Cumulative Effect of Change in Accounting Principle, Net of Income Taxes | - | - | - | 18 | |||||||||
Net Income | $ | 83 | $ | 38 | $ | 530 | $ | 524 | |||||
Earnings per Common Share - Basic and Diluted: | |||||||||||||
Income before cumulative effect of change in accounting principle | $ | 0.42 | $ | 0.24 | $ | 2.84 | $ | 3.14 | |||||
Cumulative effect of change in accounting principle, net of income taxes | - | - | - | 0.11 | |||||||||
Earnings per Common Share - Basic and Diluted: | $ | 0.42 | $ | 0.24 | $ | 2.84 | $ | 3.25 | |||||
Average Common Shares Outstanding | 194.8 | 162.4 | 186.4 | 161.1 | |||||||||
AMEREN CORPORATION (AEE) | |||||||
CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||
(Unaudited, in millions) | |||||||
Twelve Months Ended | |||||||
December 31, | |||||||
2004 | 2003 | ||||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | 530 | $ | 524 | |||
Adjustments to reconcile net income to net cash | |||||||
provided by operating activities: | |||||||
Cumulative effect of change in accounting principle | - | (18 | ) | ||||
Depreciation and amortization | 557 | 519 | |||||
Amortization of nuclear fuel | 31 | 33 | |||||
Amortization of debt issuance costs and premium/discounts | 13 | 10 | |||||
Deferred income taxes, net | 351 | 12 | |||||
Deferred investment tax credits, net | (12 | ) | (11 | ) | |||
Coal contract settlement | 36 | (36 | ) | ||||
Voluntary retirement and other restructuring charges | - | (5 | ) | ||||
Pension contribution | (295 | ) | (25 | ) | |||
Other | 28 | 5 | |||||
Changes in assets and liabilities, excluding the effects of the acquisitions: | |||||||
Receivables, net | (18 | ) | 6 | ||||
Materials and supplies | (25 | ) | (47 | ) | |||
Accounts and wages payable | 29 | (16 | ) | ||||
Taxes accrued | (67 | ) | 39 | ||||
Assets, other | (62 | ) | (15 | ) | |||
Liabilities, other | 33 | 47 | |||||
Net cash provided by operating activities | 1,129 | 1,022 | |||||
Cash Flows From Investing Activities: | |||||||
Construction expenditures | (806 | ) | (682 | ) | |||
Acquisitions, net of cash acquired | (443 | ) | (479 | ) | |||
Nuclear fuel expenditures | (42 | ) | (23 | ) | |||
Other | 25 | 3 | |||||
Net cash used in investing activities | (1,266 | ) | (1,181 | ) | |||
Cash Flows From Financing Activities: | |||||||
Dividends on common stock | (479 | ) | (410 | ) | |||
Capital issuance costs | (40 | ) | (14 | ) | |||
Redemptions, Repurchases and Maturities: | |||||||
Nuclear fuel lease | (67 | ) | (46 | ) | |||
Short-term debt | - | (110 | ) | ||||
Long-term debt | (1,465 | ) | (815 | ) | |||
Preferred stock | (1 | ) | (31 | ) | |||
Issuances: | |||||||
Common stock | 1,441 | 361 | |||||
Short-term debt | 256 | - | |||||
Long-term debt | 458 | 698 | |||||
Other | (8 | ) | 9 | ||||
Net cash provided by (used in) financing activities | 95 | (358 | ) | ||||
Net Change In Cash and Cash Equivalents | (42 | ) | (517 | ) | |||
Cash and Cash Equivalents at Beginning of Year | 111 | 628 | |||||
Cash and Cash Equivalents at End of Period | $ | 69 | $ | 111 | |||