Exhibit 99.1
One Ameren Plaza
1901 Chouteau Avenue
St. Louis, MO 63103
News ReleaseContacts:
Analysts | Missouri/National Media | Illinois Media | Investors |
| Bruce Steinke | Tim Fox | Erica Abbett | Investor Services |
| (314) 554-2574 | (314) 554-3120 | (618) 236-4329 | (800) 255-2237 |
| bsteinke@ameren.com | tfox@ameren.com | eabbett@ameren.com | invest@ameren.com |
FOR IMMEDIATE RELEASE
AMEREN ANNOUNCES THIRD QUARTER 2007 EARNINGS
ST. LOUIS, MO., Nov. 9, 2007—Ameren Corporation (NYSE: AEE) today announced third quarter 2007 GAAP net income of $244 million, or $1.18 per share, compared to third quarter 2006 GAAP net income of $293 million, or $1.42 per share. GAAP net income for the first nine months of 2007 was $510 million, or $2.46 per share, compared to $486 million, or $2.37 per share, in the first nine months of 2006.
Excluding unusual items in 2007 and 2006, third quarter 2007 non-GAAP net income was $282 million, or $1.36 per share, compared to third quarter 2006 non-GAAP net income of $312 million, or $1.52 per share. Non-GAAP net income for the first nine months of 2007 was $567 million, or $2.73 per share, compared to $511 million, or $2.50 per share in the first nine months of 2006.
Ameren’s earnings in the third quarter and first nine months of 2007 were reduced by $38 million (after taxes), or 18 cents per share, as a result of costs associated with an Illinois rate relief and customer assistance settlement agreement. The impact of these costs on the first nine months of 2007 was reduced because of the reversal of a $10 million charge (after taxes), or 5 cents per share, originally recorded in 2006 related to funding commitments for low-income energy assistance and energy efficiency programs. These commitments were terminated in early 2007 and ultimately replaced by the Illinois settlement. Earnings in the first nine months of 2007 were also reduced by $19 million (after taxes), or 9 cents per share, because of restoration costs following severe January ice storms. Earnings in 2006 reflected costs of severe storms of approximately $19 million (after taxes), or 10 cents per share, for the third quarter and approximately $25 million (after taxes), or 13 cents per share, for the first nine months of 2006. Earnings for the first nine months of 2007 were also reduced $10 million (after taxes), or 5 cents per share, as a result of a Federal Energy Regulatory Commission (FERC) order retroactively
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adjusting prior years’ regional transmission organization costs. Excluding unusual items in 2006 and 2007, non-GAAP earnings per share were as follows:
Third Quarter | Nine Months | ||||||||||
2007 | 2006 | 2007 | 2006 | ||||||||
| GAAP Earnings per Share | $ | 1.18 | $ | 1.42 | $ | 2.46 | $ | 2.37 | |||
| Illinois settlement, net | 0.18 | – | 0.13 | – | |||||||
| Severe storms | – | 0.10 | 0.09 | 0.13 | |||||||
| FERC order | – | – | 0.05 | – | |||||||
| Non-GAAP Earnings per Share | $ | 1.36 | $ | 1.52 | $ | 2.73 | $ | 2.50 | |||
“Our 2007 third quarter earnings were lower than the 2006 period primarily because of the Illinois rate relief settlement, changes in our Illinois electric summer rate structure and the rising costs of operating our regulated utility businesses, including increased reliability expenditures,” said Gary L. Rainwater, chairman, president and chief executive officer of Ameren Corporation. “These factors more than offset warmer summer weather and higher electric margins from our non-rate-regulated generation business segment. Through the first nine months of operations this year, our Illinois regulated business experienced a significant earnings decline compared to 2006 due to, among other things, our current levels of electric and gas delivery service rates being insufficient to recover our current costs of providing service to our customers and provide a reasonable return on our investments. Our Nov. 2 requests for $247 million in increased electric and gas rates in Illinois are clearly needed in order for us to provide safe and reliable service to our customers, as well as earn a reasonable return on our investments.”
“We understand that increases in energy costs can be difficult for our customers. In recognition of this, earlier this year, we pledged to keep the overall annual residential electric bill increases in Illinois to less than 10 percent in the first year for each utility in its next rate filing. Our Illinois rate filing fulfills that promise,” Rainwater added.
While earnings were significantly lower in the Illinois regulated business segment, earnings improved in the Missouri regulated and non-rate-regulated electric generation business segments. Overall, Ameren’s earnings in the third quarter of 2007 were negatively impacted by increases in fuel and related transportation costs, distribution system reliability expenditures, plant maintenance, labor and benefits, depreciation and amortization, and financing costs. In addition, a change in the summer rate structure for the delivery of electricity in Illinois also reduced earnings compared to the prior-year period. Higher-priced power sales contracts in Ameren’s non-rate-regulated generation business segment, as well as the June 2007 implementation of the Missouri electric rate order, reduced the negative impact of these items on Ameren’s earnings. In addition, electric margins in Ameren’s Missouri and Illinois rate-regulated business segments benefited from greater cooling demand caused by warmer summer weather. Cooling degree days increased
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16 percent in the third quarter of 2007, compared to the same period in 2006, and were 30 percent above normal.
On November 5, 2007, Ameren reaffirmed its 2007 earnings guidance. The company expects GAAP earnings to range between $2.80 and $3.05 per share and non-GAAP 2007 earnings to range between $3.15 and $3.40 per share. The 2007 non-GAAP earnings per share guidance excludes the 9 cents per share negative impact of the severe January 2007 ice storms; the estimated 26 cents per share negative impact in 2007 of the settlement agreement among parties in Illinois to provide comprehensive electric rate relief and customer assistance; the 5 cents per share positive impact resulting from the reversal of accruals made in 2006 for low-income energy assistance and energy efficiency program funding commitments in Illinois; and the 5 cents per share negative impact of a Federal Energy Regulatory Commission (FERC) order retroactively adjusting prior years’ regional transmission organization costs. Non-GAAP contribution to 2007 net income for Ameren’s Missouri regulated business segment is expected to be an estimated $310 million; the Illinois regulated business segment is expected to contribute an estimated $90 million; and the non-rate-regulated business segment is expected to contribute an estimated $280 million. Ameren’s earnings guidance for 2007 assumes normal weather for the balance of 2007 and is subject to, among other things, regulatory and legislative decisions, plant operations, energy market and economic conditions, severe storms, unusual or otherwise unexpected gains or losses and other risks and uncertainties outlined in Ameren’s Forward-looking Statements.
Missouri Regulated Operations
Ameren’s Missouri regulated business segment, which includes AmerenUE’s electric and gas utility operations, contributed $179 million to GAAP net income in the third quarter of 2007 – $37 million more than the year-ago period. This segment contributed $264 million to GAAP net income in the first nine months of 2007 – $9 million above the year-ago period.
Third quarter 2007 earnings for the Missouri regulated business segment increased, compared to the same period in 2006, primarily due to the impact of the Missouri electric rate order, warmer summer weather, and the lack of severe storms which occurred in the prior-year period. These gains were reduced by higher fuel and purchased power, labor and employee benefits, financing and reliability improvement costs. Severe storms in the third quarter of 2006 reduced earnings in the Missouri regulated business segment for that period by $13 million, after taxes.
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On a non-GAAP basis, Ameren’s Missouri regulated business segment contributed $179 million to net income in the third quarter of 2007 – $24 million more than the year-ago period. This segment contributed $288 million to non-GAAP net income in the first nine months of 2007 – $14 million above the year-ago period.
Illinois Regulated Operations
The Illinois regulated business segment, which includes the electric and gas distribution utility businesses of AmerenCIPS, AmerenCILCO and AmerenIP, incurred a GAAP net loss of $9 million in the third quarter of 2007 - a $92 million decrease in earnings compared to the third quarter of 2006. This segment contributed $45 million to GAAP net income in the first nine months of 2007, down from $125 million in the year-ago period.
The Illinois regulated business segment incurred a loss for the third quarter of 2007 compared to the same period in 2006 primarily because of the new summer rate structure for the delivery of electricity in Illinois. In addition, costs associated with the Illinois rate relief and customer assistance settlement agreement reduced earnings from the Illinois regulated segment by $16 million, after taxes. Higher financing costs, resulting from reduced credit ratings and increased borrowings, and increased depreciation and amortization also reduced third quarter 2007 earnings compared to the year-ago period. Severe storms in the third quarter of 2006 reduced earnings in the Illinois regulated business segment by $7 million, after taxes.
On a non-GAAP basis, Ameren’s Illinois regulated business segment contributed $7 million to net income in the third quarter of 2007 – $83 million less than the year-ago period. This segment contributed $66 million to non-GAAP net income in the first nine months of 2007 – $66 million less than the year-ago period.
Non-Rate-Regulated Generation Operations
Ameren’s non-rate-regulated electric generation business segment contributed $73 million to GAAP net income in the third quarter of 2007 – $11 million more than the year-ago period. This segment contributed $197 million to GAAP net income in the first nine months of 2007 – $95 million more than the year-ago period.
Third quarter 2007 earnings for Ameren’s non-rate-regulated generation business segment increased, compared to the year-ago period, because of the replacement of below-market power sales contracts, which expired in 2006, with higher-priced, market-based contracts in 2007. However, costs associated with the Illinois rate relief and customer assistance settlement agreement reduced earnings from the non-rate-regulated business segment by $22 million, after taxes. Higher plant maintenance expenses also reduced 2007 earnings. In addition, the third
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quarter of 2006 included earnings from the sale of emission allowances while no allowance sales were made in the current-year period.
On a non-GAAP basis, Ameren’s non-rate-regulated electric generation business segment contributed $95 million to non-GAAP net income in the third quarter of 2007 – $34 million more than the year-ago period. This segment contributed $209 million to non-GAAP net income in the first nine months of 2007 – $108 million above the year-ago period.
Ameren will conduct a conference call for financial analysts at 9:00 a.m. (Central Time) on Friday, Nov. 9, to discuss third quarter 2007 earnings and other matters. Investors, the news media and the public may listen to a live Internet broadcast of the call at www.ameren.com by clicking on "Q3 2007 Ameren Corporation Earnings Conference Call," then the appropriate audio link. A slide presentation will also be available on Ameren’s Web site that reconciles earnings per share for the third quarter and first nine months of 2007 to the same periods in 2006, and reconciles 2007 earnings per share guidance to 2006 earnings per share on a comparable share basis. This presentation will be posted in the “Investors” section of the website under “Presentations.” The analyst call will also be available for replay on the Internet for one year. Telephone playback of the conference call will also be available beginning at 11:00 a.m. (Central Time), from Nov. 9 through Nov. 16, by dialing, U.S. (800) 405-2236, international (303) 590-3000 and entering the number: 11100448#.
With assets of over $20 billion, Ameren serves approximately 2.4 million electric customers and nearly one million natural gas customers in a 64,000 square mile area of Missouri and Illinois. Ameren owns a diverse mix of electric generating plants strategically located in its Midwest market with a generating capacity of more than 16,400 megawatts.
Regulation G Statement
Ameren has presented certain information in this release on a diluted cents per share basis. These diluted per share amounts reflect certain factors that directly impact Ameren’s total earnings per share. The 2007 non-GAAP earnings per share and 2007 non-GAAP earnings per share guidance excludes the impact of January 2007 severe storms, a March 2007 FERC order that increased regional transmission organization costs, the reversal of accruals made in 2006 for low-income energy assistance and energy efficiency program funding commitments in Illinois and the earnings impact of the 2007 settlement agreement among parties in Illinois for comprehensive electric rate relief and customer assistance. Ameren believes this information enables readers to better understand the impact of these factors on Ameren’s results of operations and earnings per share.
Forward-looking Statements
Statements in this release not based on historical facts are considered “forward-looking” and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, strategies, objectives, events, conditions, and financial performance. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed elsewhere in this
release and in our filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations as suggested by such forward-looking statements:
· | regulatory or legislative actions, including changes in regulatory policies and ratemaking determinations, such as the outcome of pending AmerenCIPS, AmerenCILCO and AmerenIP rate proceedings or future legislative actions that seek to limit rate increases; |
· | uncertainty as to the implementation of the Illinois electric settlement agreement on Ameren and its Illinois utilities and generating companies, including in respect of the new power procurement process in Illinois for 2008 and 2009; |
· | changes in laws and other governmental actions, including monetary and fiscal policies; |
· | the effects of increased competition in the future due to, among other things, deregulation of certain aspects of our business at both the state and federal levels, and the implementation of deregulation, such as occurred when the electric rate freeze and power supply contracts expired in Illinois at the end of 2006; |
· | the effects of participation in the Midwest Independent Transmission System Operator; |
· | the availability of fuel such as coal, natural gas, and enriched uranium used to produce electricity; the availability of purchased power and natural gas for distribution; and the level and volatility of future market prices for such commodities, including the ability to recover the costs for such commodities; |
· | the effectiveness of our risk management strategies and the use of financial and derivative instruments; |
· | prices for power in the Midwest; |
· | business and economic conditions, including their impact on interest rates; |
· | disruptions of the capital markets or other events that make access to necessary capital more difficult or costly; |
· | the impact of the adoption of new accounting standards and the application of appropriate technical accounting rules and guidance; |
· | actions of credit rating agencies and the effects of such actions; |
· | weather conditions and other natural phenomena; |
· | the impact of system outages caused by severe weather conditions or other events; |
· | generation plant construction, installation and performance, including costs associated with AmerenUE’s Taum Sauk pumped-storage hydroelectric plant incident and the plant’s future operation; |
· | recoverability through insurance of costs associated with AmerenUE’s Taum Sauk pumped-storage hydroelectric plant incident; |
· | operation of AmerenUE’s nuclear power facility, including planned and unplanned outages, and decommissioning costs; |
· | the effects of strategic initiatives, including acquisitions and divestitures; |
· | the impact of current environmental regulations on utilities and power generating companies and the expectation that more stringent requirements, including those related to greenhouse gases, will be introduced over time, which could have a negative financial effect; |
· | labor disputes, future wage and employee benefits costs, including changes in returns on benefit plan assets; |
· | the inability of our counterparties and affiliates to meet their obligations with respect to contracts and financial instruments; |
· | the cost and availability of transmission capacity for the energy generated or required to satisfy energy sales; |
· | legal and administrative proceedings; and |
· | acts of sabotage, war, terrorism or intentionally disruptive acts. |
Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements to reflect new information, future events, or otherwise.
AMEREN CORPORATION (AEE) | ||||||||||||||||
CONSOLIDATED OPERATING STATISTICS | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Electric Sales - kilowatt-hour (in millions): | ||||||||||||||||
Missouri Regulated | ||||||||||||||||
| Residential | 4,409 | 3,965 | 11,123 | 10,085 | ||||||||||||
| Commercial | 4,407 | 4,024 | 11,280 | 10,708 | ||||||||||||
| Industrial | 2,617 | 2,527 | 7,244 | 7,213 | ||||||||||||
| Other | 219 | 214 | 577 | 561 | ||||||||||||
| Native | 11,652 | 10,730 | 30,224 | 28,567 | ||||||||||||
| Non-affiliate interchange sales | 2,219 | 682 | 7,186 | 1,982 | ||||||||||||
| Affiliate interchange sales | - | 2,073 | - | 7,507 | ||||||||||||
| Subtotal | 13,871 | 13,485 | 37,410 | 38,056 | ||||||||||||
Illinois Regulated | ||||||||||||||||
| Residential | ||||||||||||||||
| Generation and delivery service | 3,624 | 3,531 | 9,137 | 8,907 | ||||||||||||
| Commercial | ||||||||||||||||
| Generation and delivery service | 1,839 | 3,193 | 5,652 | 8,642 | ||||||||||||
| Delivery service only | 1,609 | 68 | 3,924 | 201 | ||||||||||||
| Industrial | ||||||||||||||||
| Generation and delivery service | 147 | 2,975 | 1,383 | 8,062 | ||||||||||||
| Delivery service only | 3,317 | 390 | 8,752 | 2,038 | ||||||||||||
| Other | 140 | 154 | 431 | 454 | ||||||||||||
| Subtotal | 10,676 | 10,311 | 29,279 | 28,304 | ||||||||||||
Non-rate-regulated Generation | ||||||||||||||||
| Non-affiliate energy sales | 6,708 | 5,872 | 18,420 | 18,241 | ||||||||||||
| Affiliate energy sales | 2,088 | 5,088 | 5,682 | 13,942 | ||||||||||||
| Subtotal | 8,796 | 10,960 | 24,102 | 32,183 | ||||||||||||
| Eliminate affiliate sales | (2,086 | ) | (6,695 | ) | (5,663 | ) | (21,371 | ) | ||||||||
| Eliminate Illinois Regulated/Non-rate-regulated Generation common customers | (1,444 | ) | (368 | ) | (4,488 | ) | (1,737 | ) | ||||||||
| Ameren Total | 29,813 | 27,693 | 80,640 | 75,435 | ||||||||||||
Electric Revenues (in millions): | ||||||||||||||||
Missouri Regulated | ||||||||||||||||
| Residential | $ | 366 | $ | 322 | $ | 801 | $ | 728 | ||||||||
| Commercial | 302 | 267 | 674 | 639 | ||||||||||||
| Industrial | 129 | 124 | 308 | 314 | ||||||||||||
| Other | 37 | 33 | 81 | 77 | ||||||||||||
| Native | 834 | 746 | 1,864 | 1,758 | ||||||||||||
| Non-affiliate interchange sales | 92 | 56 | 303 | 175 | ||||||||||||
| Affiliate interchange sales | - | 34 | - | 156 | ||||||||||||
| Subtotal | 926 | 836 | 2,167 | 2,089 | ||||||||||||
Illinois Regulated | ||||||||||||||||
| Residential | ||||||||||||||||
| Generation and delivery service | 217 | 293 | 808 | 679 | ||||||||||||
| Commercial | ||||||||||||||||
| Generation and delivery service | 171 | 242 | 532 | 610 | ||||||||||||
| Delivery service only | 18 | - | 37 | 2 | ||||||||||||
| Industrial | ||||||||||||||||
| Generation and delivery service | 13 | 148 | 88 | 365 | ||||||||||||
| Delivery service only | 7 | - | 17 | 2 | ||||||||||||
| Other | 187 | 34 | 285 | 85 | ||||||||||||
| Subtotal | 613 | 717 | 1,767 | 1,743 | ||||||||||||
Non-rate-regulated Generation | ||||||||||||||||
| Non-affiliate energy sales | 333 | 282 | 940 | 781 | ||||||||||||
| Affiliate native energy sales | 142 | 180 | 382 | 502 | ||||||||||||
| Affiliate other sales | 19 | 5 | 37 | 13 | ||||||||||||
| Subtotal | 494 | 467 | 1,359 | 1,296 | ||||||||||||
| Eliminate affiliate sales | (161 | ) | (253 | ) | (449 | ) | (772 | ) | ||||||||
| Ameren Total | $ | 1,872 | $ | 1,767 | $ | 4,844 | $ | 4,356 | ||||||||
AMEREN CORPORATION (AEE) | |||||||||||||||
CONSOLIDATED OPERATING STATISTICS | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2007 | 2006 | 2007 | 2006 | ||||||||||||
Electric Generation - KWH (in millions): | |||||||||||||||
Missouri Regulated | 13.6 | 13.4 | 37.4 | 38.0 | |||||||||||
Non-rate-regulated Generation | |||||||||||||||
| Genco | 4.8 | 4.3 | 13.0 | 11.0 | |||||||||||
| AERG | 1.3 | 1.7 | 3.9 | 5.0 | |||||||||||
| EEI | 2.0 | 2.3 | 5.9 | 6.2 | |||||||||||
| Subtotal | 8.1 | 8.3 | 22.8 | 22.2 | |||||||||||
| Ameren Total | 21.7 | 21.7 | 60.2 | 60.2 | |||||||||||
Fuel Cost per KWH (cents) | |||||||||||||||
| Missouri Regulated | 1.372 | 1.132 | 1.245 | 1.046 | |||||||||||
| Non-rate-regulated Generation | 1.810 | 1.606 | 1.711 | 1.576 | |||||||||||
Gas Sales - Dth (in thousands) | |||||||||||||||
| Missouri Regulated | 862 | 932 | 7,986 | 6,989 | |||||||||||
| Illinois Regulated | 6,282 | 8,970 | 64,653 | 60,890 | |||||||||||
Net Income(Loss) by Segment (in millions): | |||||||||||||||
| Missouri Regulated | $ | 179 | $ | 142 | $ | 264 | $ | 255 | |||||||
| Illinois Regulated | (9 | ) | 83 | 45 | 125 | ||||||||||
| Non-rate-regulated Generation | 73 | 62 | 197 | 102 | |||||||||||
| Other | 1 | 6 | 4 | 4 | |||||||||||
| Ameren Total | $ | 244 | $ | 293 | $ | 510 | $ | 486 | |||||||
September 30, | December 31, | ||||||||||||||
2007 | 2006 | ||||||||||||||
Common Stock: | |||||||||||||||
| Shares outstanding (in millions) | 208.0 | 206.6 | |||||||||||||
| Book value per share | $ | 32.41 | $ | 31.87 | |||||||||||
Capitalization Ratios: | |||||||||||||||
| Common equity | 49.3 | % | 50.6 | % | |||||||||||
| Preferred stock | 1.4 | % | 1.5 | % | |||||||||||
| Debt, net of cash | 49.3 | % | 47.9 | % | |||||||||||
AMEREN CORPORATION (AEE) | |||||||||||||||
CONSOLIDATED STATEMENT OF INCOME | |||||||||||||||
(Unaudited, in millions, except per share amounts) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2007 | 2006 | 2007 | 2006 | ||||||||||||
Operating Revenues: | |||||||||||||||
| Electric | $ | 1,872 | $ | 1,767 | $ | 4,844 | $ | 4,356 | |||||||
| Gas | 125 | 143 | 895 | 904 | |||||||||||
Total operating revenues | 1,997 | 1,910 | 5,739 | 5,260 | |||||||||||
Operating Expenses: | |||||||||||||||
| Fuel | 338 | 277 | 864 | 776 | |||||||||||
| Purchased power | 419 | 346 | 1,106 | 896 | |||||||||||
| Gas purchased for resale | 68 | 84 | 622 | 641 | |||||||||||
| Other operations and maintenance | 427 | 395 | 1,249 | 1,141 | |||||||||||
| Depreciation and amortization | 169 | 162 | 514 | 485 | |||||||||||
| Taxes other than income taxes | 97 | 99 | 295 | 302 | |||||||||||
Total operating expenses | 1,518 | 1,363 | 4,650 | 4,241 | |||||||||||
Operating Income | 479 | 547 | 1,089 | 1,019 | |||||||||||
Other Income and Expenses: | |||||||||||||||
| Miscellaneous income | 20 | 12 | 54 | 29 | |||||||||||
| Miscellaneous expense | (6 | ) | (3 | ) | (10 | ) | (4 | ) | |||||||
Total other income | 14 | 9 | 44 | 25 | |||||||||||
Interest Charges | 110 | 89 | 316 | 254 | |||||||||||
Income Before Income Taxes, Minority Interest and Preferred Dividends of | |||||||||||||||
Subsidiaries | 383 | 467 | 817 | 790 | |||||||||||
Income Taxes | 130 | 161 | 279 | 273 | |||||||||||
Income Before Minority Interest and Preferred Dividends of Subsidiaries | 253 | 306 | 538 | 517 | |||||||||||
Minority Interest and Preferred Dividends of Subsidiaries | 9 | 13 | 28 | 31 | |||||||||||
Net Income | $ | 244 | $ | 293 | $ | 510 | $ | 486 | |||||||
Earnings per Common Share - Basic and Diluted | $ | 1.18 | $ | 1.42 | $ | 2.46 | $ | 2.37 | |||||||
Average Common Shares Outstanding | 207.6 | 205.9 | 207.1 | 205.4 | |||||||||||
AMEREN CORPORATION (AEE) | |||
CONSOLIDATED STATEMENT OF CASH FLOWS | |||
| (Unaudited, in millions) | |||
Nine Months Ended | |||
September 30, | |||
2007 | 2006 | ||
Cash Flows From Operating Activities: | |||
| Net income | $ 510 | $ 486 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Gain on sales of emission allowances | (7) | (25) | |
| Depreciation and amortization | 537 | 507 | |
| Amortization of nuclear fuel | 26 | 26 | |
| Amortization of debt issuance costs and premium/discounts | 14 | 12 | |
| Deferred income taxes and investment tax credits, net | 18 | 7 | |
| Loss on sale of noncore properties | - | 4 | |
| Minority interest | 20 | 23 | |
| Other | 10 | 17 | |
| Changes in assets and liabilities: | |||
| Receivables, net | (320) | 157 | |
| Materials and supplies | (110) | (136) | |
| Accounts and wages payable | (113) | (260) | |
| Taxes accrued | 75 | 148 | |
| Assets, other | (20) | (87) | |
| Liabilities, other | 193 | 101 | |
| Pension and other postretirement benefit obligations, net | 87 | 89 | |
Net cash provided by operating activities | 920 | 1,069 | |
Cash Flows From Investing Activities: | |||
| Capital expenditures | (1,035) | (693) | |
| Combustion turbine acquisitions | - | (292) | |
| Nuclear fuel expenditures | (39) | (37) | |
| Proceeds from sale of noncore properties | - | 11 | |
| Purchases of securities - nuclear decommissioning trust fund | (110) | (78) | |
| Sales of securities - nuclear decommissioning trust fund | 98 | 68 | |
| Purchases of emission allowances | (12) | (38) | |
| Sales of emission allowances | 5 | 12 | |
| Other | - | 3 | |
Net cash used in investing activities | (1,093) | (1,044) | |
Cash Flows From Financing Activities: | |||
| Dividends on common stock | (395) | (391) | |
| Capital issuance costs | (3) | (4) | |
| Short-term debt, net | 590 | 158 | |
| Dividends paid to minority interest | (16) | (21) | |
| Redemptions, repurchases and maturities: | |||
| Long-term debt | (465) | (138) | |
| Preferred stock | (1) | (1) | |
| Issuances: | |||
| Common stock | 71 | 78 | |
| Long-term debt | 425 | 232 | |
Net cash provided by (used in) financing activities | 206 | (87) | |
Net Change In Cash and Cash Equivalents | 33 | (62) | |
Cash and Cash Equivalents at Beginning of Year | 137 | 96 | |
Cash and Cash Equivalents at End of Period | $ 170 | $ 34 | |
AMEREN CORPORATION (AEE) | ||||||||
CONSOLIDATED BALANCE SHEET | ||||||||
| (Unaudited, in millions) | ||||||||
September 30, | December 31, | |||||||
2007 | 2006 | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
| Cash and cash equivalents | $ | 170 | $ | 137 | ||||
| Accounts receivable - trade | 691 | 418 | ||||||
| Unbilled revenue | 263 | 309 | ||||||
| Miscellaneous accounts and notes receivable | 258 | 160 | ||||||
| Materials and supplies | 757 | 647 | ||||||
| Other current assets | 202 | 203 | ||||||
| Total current assets | 2,341 | 1,874 | ||||||
Property and Plant, Net | 14,729 | 14,286 | ||||||
Investments and Other Assets: | ||||||||
| Nuclear decommissioning trust fund | 301 | 285 | ||||||
| Goodwill | 831 | 831 | ||||||
| Intangible assets | 197 | 217 | ||||||
| Other assets | 683 | 654 | ||||||
| Regulatory assets | 1,323 | 1,431 | ||||||
| Total investments and other assets | 3,335 | 3,418 | ||||||
TOTAL ASSETS | $ | 20,405 | $ | 19,578 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current Liabilities: | ||||||||
| Current maturities of long-term debt | $ | 203 | $ | 456 | ||||
| Short-term debt | 1,202 | 612 | ||||||
| Accounts and wages payable | 415 | 671 | ||||||
| Taxes accrued | 136 | 58 | ||||||
| Other current liabilities | 548 | 406 | ||||||
| Total current liabilities | 2,504 | 2,203 | ||||||
Long-term Debt, Net | 5,486 | 5,285 | ||||||
Preferred Stock of Subsidiary Subject to Mandatory Redemption | 16 | 17 | ||||||
Deferred Credits and Other Liabilities: | ||||||||
| Accumulated deferred income taxes, net | 2,055 | 2,144 | ||||||
| Accumulated deferred investment tax credits | 111 | 118 | ||||||
| Regulatory liabilities | 1,241 | 1,234 | ||||||
| Asset retirement obligations | 571 | 549 | ||||||
| Accrued pension and other postretirement benefits | 1,058 | 1,065 | ||||||
| Other deferred credits and liabilities | 392 | 169 | ||||||
| Total deferred credits and other liabilities | 5,428 | 5,279 | ||||||
Preferred Stock of Subsidiaries Not Subject to Mandatory Redemption | 195 | 195 | ||||||
Minority Interest in Consolidated Subsidiaries | 20 | 16 | ||||||
Stockholders' Equity: | ||||||||
| Common stock | 2 | 2 | ||||||
| Other paid-in capital, principally premium on common stock | 4,579 | 4,495 | ||||||
| Retained earnings | 2,134 | 2,024 | ||||||
| Accumulated other comprehensive income | 41 | 62 | ||||||
| Total stockholders' equity | 6,756 | 6,583 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 20,405 | $ | 19,578 | ||||