Ameren (AEE) 8-K Results of Operations and Financial Condition

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