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,
		2005			2004
ASSETS
Current Assets:
Cash and cash equivalents	$	96		$	69
Accounts receivable - trade		552			442
Unbilled revenue		382			336
Miscellaneous accounts and notes receivable		31			38
Materials and supplies, at average cost		814			623
Other current assets		185			74
Total current assets		2,060			1,582
Property and Plant, Net		13,572			13,297
Investments and Other Assets:
Investments in leveraged leases		50			140
Nuclear decommissioning trust fund		250			235
Goodwill and other intangibles, net		980			940
Other assets		419			411
Regulatory assets		831			829
Total investments and other assets		2,530			2,555
TOTAL ASSETS	$	18,162		$	17,434
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt	$	96		$	423
Short-term debt		193			417
Accounts and wages payable		706			567
Taxes accrued		131			26
Other current liabilities		361			374
Total current liabilities		1,487			1,807
Long-term Debt, Net		5,354			5,021
Preferred Stock of Subsidiary Subject to Mandatory Redemption		19			20
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net		1,969			1,886
Accumulated deferred investment tax credits		129			139
Regulatory liabilities		1,132			1,042
Asset retirement obligations		518			439
Accrued pension and other postretirement benefits		760			756
Other deferred credits and liabilities		218			315
Total deferred credits and other liabilities		4,726			4,577
Preferred Stock of Subsidiaries Not Subject to Mandatory Redemption		195			195
Minority Interest in Consolidated Subsidiaries		17			14
Stockholders' Equity:
Common stock		2			2
Other paid-in capital, principally premium on common stock		4,399			3,949
Retained earnings		1,999			1,904
Accumulated other comprehensive loss		(24	)		(45	)
Other		(12	)		(10	)
Total stockholders' equity		6,364			5,800
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	18,162		$	17,434

AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF INCOME
(Unaudited, in millions, except per share amounts)
	Three Months Ended						Year Ended
	December 31,						December 31,
	2005			2004			2005			2004
Operating Revenues:
Electric	$	1,174		$	1,108		$	5,431		$	4,263
Gas		526			368			1,345			866
Other		1			1			4			6
Total operating revenues		1,701			1,477			6,780			5,135
Operating Expenses:
Fuel and purchased power		531			390			2,055			1,253
Gas purchased for resale		407			263			957			598
Other operations and maintenance		378			381			1,487			1,337
Depreciation and amortization		160			159			632			557
Taxes other than income taxes		81			81			365			312
Total operating expenses		1,557			1,274			5,496			4,057
Operating Income		144			203			1,284			1,078
Other Income and Expenses:
Miscellaneous income		10			12			29			32
Miscellaneous expense		(3	)		(3	)		(15	)		(9	)
Total other income		7			9			14			23
Interest Charges and Preferred Dividends:
Interest		80			86			301			278
Preferred dividends of subsidiaries		3			3			13			11
Net interest charges and preferred dividends		83			89			314			289
Income Before Income Taxes and Cumulative Effect of Change in Accounting Principle		68			123			984			812
Income Taxes		26			40			356			282
Income Before Cumulative Effect of Change in Accounting Principle	$	42		$	83		$	628		$	530
Cumulative Effect of Change in Accounting Principle, Net of Income Taxes		(22	)		-			(22	)		-
Net Income	$	20		$	83		$	606		$	530
Earnings per Common Share - Basic and Diluted:
Income before cumulative effect of change in accounting principle	$	0.21		$	0.42		$	3.13		$	2.84
Cumulative effect of change in accounting principle, net of income taxes		(0.11	)		-			(0.11	)		-
Earnings per Common Share - Basic and Diluted:	$	0.10		$	0.42		$	3.02		$	2.84
Average Common Shares Outstanding		204.3			194.8			200.8			186.4

AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, in millions)
	Year Ended
	December 31,
	2005			2004
Cash Flows From Operating Activities:
Net income	$	606		$	530
Adjustments to reconcile net income to net cash
provided by operating activities:
Cumulative effect of change in accounting principle		22			-
Gain on sale of leveraged lease companies		(22	)		-
Depreciation and amortization		588			557
Amortization of nuclear fuel		28			31
Amortization of debt issuance costs and premium/discounts		15			13
Deferred income taxes and investment tax credits, net		59			339
Coal contract settlement		-			36
Other		2			(44	)
Changes in assets and liabilities, excluding the effects of the acquisition:
Receivables, net		(160	)		(18	)
Materials and supplies		(108	)		(25	)
Accounts and wages payable		129			29
Taxes accrued		107			(67	)
Assets, other		(80	)		(62	)
Liabilities, other		(37	)		(3	)
Pension and other postretirement obligations, net		22			(187	)
Net cash provided by operating activities		1,171			1,129
Cash Flows From Investing Activities:
Capital expenditures		(947	)		(806	)
Proceeds from sale of leveraged lease companies		54			-
Acquisitions, net of cash acquired		12			(443	)
Nuclear fuel expenditures		(17	)		(42	)
Other		17			25
Net cash used in investing activities		(881	)		(1,266	)
Cash Flows From Financing Activities:
Dividends on common stock		(511	)		(479	)
Capital issuance costs		(6	)		(40	)
Short-term debt, net		(224	)		256
Redemptions, Repurchases and Maturities:
Nuclear fuel lease		-			(67	)
Long-term debt		(618	)		(1,465	)
Preferred stock		(1	)		(1	)
Issuances:
Common stock		454			1,441
Long-term debt		643			458
Other		-			(8	)
Net cash provided by (used in) financing activities		(263	)		95
Net Change In Cash and Cash Equivalents		27			(42	)
Cash and Cash Equivalents at Beginning of Year		69			111
Cash and Cash Equivalents at End of Year	$	96		$	69