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

Exhibit 99.2

AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF INCOME
(Unaudited, in millions, except per share amounts)
	Three Months Ended						Year Ended
	December 31,						December 31,
	2008			2007			2008			2007
Operating Revenues:
Electric	$	1,423		$	1,428		$	6,367		$	6,283
Gas		485			384			1,472			1,279
Total operating revenues		1,908			1,812			7,839			7,562
Operating Expenses:
Fuel		372			303			1,275			1,167
Purchased power		246			281			1,210			1,387
Gas purchased for resale		360			278			1,057			900
Other operations and maintenance		497			439			1,857			1,687
Depreciation and amortization		171			167			685			681
Taxes other than income taxes		93			86			393			381
Total operating expenses		1,739			1,554			6,477			6,203
Operating Income		169			258			1,362			1,359
Other Income and Expenses:
Miscellaneous income		19			22			80			75
Miscellaneous expense		(8	)		(4	)		(31	)		(25	)
Total other income		11			18			49			50
Interest Charges		109			107			440			423
Income Before Income Taxes, Minority Interest, and Preferred
Dividends of Subsidiaries		71			169			971			986
Income Taxes		8			51			327			330
Income Before Minority Interest and Preferred Dividends of Subsidiaries		63			118			644			656
Minority Interest and Preferred Dividends of Subsidiaries		6			10			39			38
Net Income	$	57		$	108		$	605		$	618
Earnings per Common Share - Basic and Diluted	$	0.27		$	0.52		$	2.88		$	2.98
Average Common Shares Outstanding		211.5			208.1			210.1			207.4

AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, in millions)
	Year Ended
	December 31,
	2008			2007
Cash Flows From Operating Activities:
Net income	$	605		$	618
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of emission allowances		(8	)		(8	)
Gain on sale of noncore properties		-			(3	)
Loss on asset impairments		14			-
Net mark-to-market gain on derivatives		(3	)		(3	)
Depreciation and amortization		705			735
Amortization of nuclear fuel		37			37
Amortization of debt issuance costs and premium/discounts		20			19
Deferred income taxes and investment tax credits, net		167			(28	)
Minority interest		29			27
Other		(9	)		12
Changes in assets and liabilities:
Receivables		25			(194	)
Materials and supplies		(100	)		(88	)
Accounts and wages payable		57			-
Taxes accrued, net		(30	)		21
Assets, other		63			49
Liabilities, other		183			(36	)
Pension and other postretirement benefit obligations		(4	)		27
Counterparty collateral, net		(69	)		(27	)
Taum Sauk costs, net of insurance recoveries		(149	)		(56	)
Net cash provided by operating activities		1,533			1,102
Cash Flows From Investing Activities:
Capital expenditures		(1,896	)		(1,381	)
Proceeds from sales of noncore properties, net		-			13
Nuclear fuel expenditures		(173	)		(68	)
Purchases of securities - nuclear decommissioning trust fund		(520	)		(142	)
Sales of securities - nuclear decommissioning trust fund		497			128
Purchases of emission allowances		(12	)		(24	)
Sales of emission allowances		4			5
Other		3			1
Net cash used in investing activities		(2,097	)		(1,468	)
Cash Flows From Financing Activities:
Dividends on common stock		(534	)		(527	)
Capital issuance costs		(12	)		(4	)
Short-term debt, net		(298	)		860
Dividends paid to minority interest holder		(30	)		(21	)
Redemptions, repurchases, and maturities:
Long-term debt		(842	)		(488	)
Preferred stock		(16	)		(1	)
Issuances:
Common stock		154			91
Long-term debt		1,879			674
Net cash provided by financing activities		301			584
Net change in cash and cash equivalents		(263	)		218
Cash and cash equivalents at beginning of year		355			137
Cash and cash equivalents at end of year	$	92		$	355

AMEREN CORPORATION (AEE)
CONSOLIDATED BALANCE SHEET
(Unaudited, in millions)
	December 31,		December 31,
	2008		2007
ASSETS
Current Assets:
Cash and cash equivalents	$	92	$	355
Accounts receivable - trade, net		502		570
Unbilled revenue		427		359
Miscellaneous accounts and notes receivable		292		262
Materials and supplies		842		735
Mark-to-market derivative assets		207		35
Other current assets		153		146
Total current assets		2,515		2,462
Property and Plant, Net		16,567		15,069
Investments and Other Assets:
Nuclear decommissioning trust fund		239		307
Goodwill		831		831
Intangible assets		167		198
Regulatory assets		1,732		1,158
Other assets		606		703
Total investments and other assets		3,575		3,197
TOTAL ASSETS	$	22,657	$	20,728
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt	$	380	$	223
Short-term debt		1,174		1,472
Accounts and wages payable		813		687
Taxes accrued		54		84
Mark-to-market derivative liabilities		155		24
Other current liabilities		487		414
Total current liabilities		3,063		2,904
Long-term Debt, Net		6,554		5,689
Preferred Stock of Subsidiary Subject to Mandatory Redemption		-		16
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net		2,131		2,046
Accumulated deferred investment tax credits		100		109
Regulatory liabilities		1,291		1,240
Asset retirement obligations		406		562
Accrued pension and other postretirement benefits		1,495		839
Other deferred credits and liabilities		438		354
Total deferred credits and other liabilities		5,861		5,150
Preferred Stock of Subsidiaries Not Subject to Mandatory Redemption		195		195
Minority Interest in Consolidated Subsidiaries		21		22
Stockholders' Equity:
Common stock		2		2
Other paid-in capital, principally premium on common stock		4,780		4,604
Retained earnings		2,181		2,110
Accumulated other comprehensive income		-		36
Total stockholders' equity		6,963		6,752
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	22,657	$	20,728