Exhibit 99.1
Media | Analysts | Investors |
| Susan Gallagher | Doug Fischer | Investor Services |
| (314) 554-2175 | (314) 554-4859 | (800) 255-2237 |
| sgallagher@ameren.com | dfischer@ameren.com | invest@ameren.com |
FOR IMMEDIATE RELEASE
AMEREN ANNOUNCES SECOND QUARTER 2009 EARNINGS
REAFFIRMS 2009 EARNINGS GUIDANCE
ST. LOUIS, MO., Aug. 6, 2009—Ameren Corporation (NYSE: AEE) today announced second quarter 2009 net income in accordance with generally accepted accounting principles (GAAP) of $165 million, or 77 cents per share, compared to second quarter 2008 GAAP net income of $206 million, or 98 cents per share. Excluding certain items in each year, Ameren recorded second quarter 2009 core (non-GAAP) net income of $161 million, or 75 cents per share, compared to second quarter 2008 core (non-GAAP) net income of $142 million, or 67 cents per share.
The increase in core (non-GAAP) earnings per share in the second quarter of 2009 over the same period in 2008 was principally because of new utility service rates in Illinois, effective October 1, 2008, and in Missouri, effective March 1, 2009, as well as lower plant operations and maintenance expenses and warmer weather. The favorable earnings impact of the above factors was reduced by higher net fuel costs and the absence this year of the 2008 portion of a lump-sum payment from a coal supplier received last year as a result of the premature closure of a mine and the termination of a contract, among other items.
“I am pleased to report that our second quarter earnings were in line with our expectations, and the company’s strong operating performance allows me to reaffirm our core 2009 earnings guidance of $2.70 to $3.05 per share,” said Thomas R. Voss, president and chief executive officer of Ameren Corporation. “Rate relief, cost control and actions taken to reduce our exposure to price fluctuations in the wholesale energy markets are helping us weather difficult economic and market conditions in 2009.
“We are realizing the benefits from steps we took, beginning in late 2008, to reduce our planned capital and operations and maintenance costs,” Voss added. “As we look ahead to 2010 and beyond, we are identifying further opportunities to tighten our belt for the good of all stakeholders. In total, we have identified approximately $2 billion of opportunities to reduce capital expenditures for
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2010 through 2013, as compared to earlier plans. Notably, in our non-rate-regulated, or merchant, generation business, we have eliminated approximately $1 billion of planned capital expenditures from this period. In our regulated businesses, we have also identified and are carefully evaluating projects that may be eliminated or deferred to help our customers manage their costs in these tough economic times and further strengthen our financial profile. However, we will not reduce costs to a level that would prevent us from providing safe and reliable service. We are also looking carefully at planned operations and maintenance expenditures across our organization, but especially in our merchant generation business and business support functions. We are aggressively managing power plant outage and labor costs, among other things. Our objective is to significantly lower 2010 non-fuel operations and maintenance costs, relative to the 2008 level, in our merchant generation business.”
In the second quarter of 2009, warmer weather contributed to a 4% increase in kilowatthour sales to residential customers and a 1% increase in kilowatthour sales to commercial customers, compared to the year-ago quarter. On a weather-normalized basis, Ameren estimates that second quarter 2009 residential and commercial kilowatthour sales were virtually unchanged from the year-ago period. The slowing economy continued to affect the level of regulated electric sales to industrial customers, resulting in a 13% decline from the year-ago quarter, excluding the impact of reduced demand from AmerenUE’s largest customer, the Noranda Aluminum, Inc., smelter plant in New Madrid, Missouri. Noranda’s plant sustained damage because of a power interruption on non-Ameren-owned power lines during a severe January 2009 ice storm. Including Noranda, regulated industrial electric sales declined 17% in the second quarter of 2009, as compared to the year-ago quarter.
Despite solid operating performance, second quarter 2009 merchant generation output declined 4%, compared to the year-ago quarter, as lower power prices reduced the periods of time when the plants could profitably sell power in the open market. However, the segment’s core earnings were not significantly affected due to proactive forward hedges of 2009 generation in prior years at higher-than-current market prices.
The following items are excluded from second quarter 2009 and second quarter 2008 core (non-GAAP) earnings, as applicable:
| · | The net costs associated with the Illinois comprehensive electric rate relief and customer assistance settlement agreement reached in 2007 reduced net income by $4 million in the second quarter of 2009 and by $8 million in the second quarter of 2008. |
· The net effects of mark-to-market activity increased net income by $8 million in the second quarter of 2009 and by $48 million in the second quarter of 2008.
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| · | The 2009 portion of a lump-sum payment in the second quarter of 2008 from a coal supplier benefited second quarter 2008 net income by $16 million. This portion of the payment was related to expected higher 2009 fuel costs for merchant generation as a result of the premature closure of a mine and termination of a contract. |
| · | The estimated minimum benefit of an accounting order from the Missouri Public Service Commission that gave AmerenUE the ability to seek recovery in its then-pending electric rate case of all, or a portion, of AmerenUE’s 2007 severe storm costs benefited second quarter 2008 net income by $8 million. |
Net income in accordance with GAAP for the first six months of 2009 was $306 million, or $1.43 per share, compared to $344 million, or $1.64 per share, in the first half of 2008. Excluding certain items in each year, Ameren recorded first half 2009 core (non-GAAP) net income of $275 million, or $1.29 per share, compared to first half 2008 core (non-GAAP) net income of $276 million, or $1.31 per share. A reconciliation of GAAP to core (non-GAAP) earnings per share is as follows:
| Second Quarter | Six Months | |||
| 2009 | 2008 | 2009 | 2008 | |
| GAAP earnings per share | $0.77 | $0.98 | $1.43 | $1.64 |
| Illinois electric rate relief settlement, net | 0.02 | 0.04 | 0.04 | 0.07 |
| Net unrealized mark-to-market activity | (0.04) | (0.23) | (0.18) | (0.28) |
| Coal contract settlement - 2009 portion | – | (0.08) | – | (0.08) |
| Accounting order for severe storms | – | (0.04) | – | (0.04) |
| Core (non-GAAP) earnings per share | $0.75 | $0.67 | $1.29 | $1.31 |
2009 Earnings Guidance
Ameren also announced today that it has reaffirmed its expectations for full-year 2009 GAAP and core (non-GAAP) earnings. GAAP earnings for 2009 continue to be expected in the range of $2.63 to $2.98 per share, and core (non-GAAP) earnings continue to be expected in the range of $2.70 to $3.05 per share. GAAP and core (non-GAAP) guidance includes the estimated effect on earnings of cooler-than-normal July 2009 weather. An estimated 7 cents per share negative impact in 2009 from the 2007 settlement agreement among parties in Illinois to provide comprehensive electric rate relief and customer assistance is excluded from core (non-GAAP) earnings guidance. Any net unrealized mark-to-market gains or losses will affect GAAP earnings, but are excluded from GAAP and core (non-GAAP) earnings guidance because the company is unable to reasonably estimate the impact of any such gains or losses.
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Ameren expects its business segments to provide the following contributions to full year 2009 core (non-GAAP) earnings per share:
Missouri Regulated $1.05 - - $1.15
Illinois Regulated 0.45 - 0.55
Merchant Generation 1.20 - 1.35
2009 Core (Non-GAAP) Earnings Guidance Range $2.70 - $3.05
These estimated segment contributions have been updated to reflect revised load and revenue forecasts and July’s mild weather, among other things.
Ameren’s earnings guidance for 2009 assumes normal weather for the balance of the year and is subject to, among other things, regulatory decisions and legislative actions, plant operations, energy and capital and credit market conditions, economic conditions, severe storms, unusual or otherwise unexpected gains or losses, and other risks and uncertainties outlined, or referred to, in the Forward-looking Statements section of this press release.
Missouri Regulated Segment Earnings
Core (non-GAAP) earnings in the second quarter of 2009 were $80 million, comparable to year-ago results. The primary factors positively impacting second quarter 2009 earnings as compared to the year-ago period were higher electric rates, effective March 1, 2009, warmer 2009 weather and lower plant operations and maintenance costs. These factors were offset by higher net fuel costs, lower electric margins as a result of reduced industrial load, including lower sales to the Noranda Aluminum smelter plant, and higher financing and depreciation and amortization expenses. Missouri regulated operations recorded GAAP earnings in the second quarter of 2009 of $82 million, $40 million less than in the second quarter of 2008. The GAAP earnings decrease was the result of reduced income from net mark-to-market activity, which in the prior-year period included gains on non-qualifying hedges of transportation costs, and the previously-mentioned benefit, in the second quarter of 2008, of the accounting order from the Missouri Public Service Commission related to 2007 severe storm costs.
Illinois Regulated Segment Earnings
Core (non-GAAP) earnings in the second quarter of 2009 were $17 million versus a loss of $9 million in the second quarter of 2008. This earnings improvement was primarily due to higher electric and natural gas delivery service rates, effective October 1, 2008. The increase was offset by higher storm restoration, financing and depreciation and amortization expenses, among other things. Illinois regulated operations recorded GAAP earnings in the second quarter of 2009 of $15 million versus a loss of $14 million in the second quarter of 2008. In addition to the items noted above, this GAAP
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earnings increase was primarily due to lower costs in 2009 related to the 2007 Illinois electric settlement agreement.
Merchant Generation Segment Earnings
Core (non-GAAP) earnings in the second quarter of 2009 were $73 million, down from $77 million earned in the second quarter of 2008. This decline reflected the absence this year of the previously mentioned 2008 portion of a lump-sum payment from a coal supplier, which increased the year-ago period core earnings by $21 million. In addition, merchant generation operations incurred higher financing and depreciation and amortization expenses, which were only partly offset by lower plant operations and maintenance costs. While market prices for power were substantially lower in the second quarter of 2009, as compared to the year-ago period, the segment’s core earnings were not significantly affected because of proactive forward physical and financial hedges of 2009 generation in prior years at higher-than-current market prices. GAAP earnings from merchant generation operations in the second quarter of 2009 were $75 million, down from $98 million in the second quarter of 2008. In addition to the items noted above, this decline in GAAP earnings was driven by the absence of the previously-mentioned 2009 portion of a lump-sum payment from a coal supplier recorded in 2008 and reduced income from net mark-to-market activity, partially offset by lower costs related to the 2007 Illinois electric settlement agreement.
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at 9:00 a.m. Central Time on Thursday, August 6, to discuss second quarter 2009 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 "Q2 2009 Ameren Corporation Earnings Conference Call," followed by the appropriate audio link. An accompanying slide presentation will be available on Ameren’s Web site. This presentation will be posted in the “Investors” section of the Web site under “Presentations.” The analyst call will also be available for replay on the Internet for one year. In addition, a telephone playback of the conference call will be available beginning at approximately noon Central Time, from August 6 through August 13, by dialing, U.S. (877) 660-6853 or international (201) 612-7415, and entering account number 352 and ID number 328249.
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About Ameren
With assets of $23 billion, Ameren serves approximately 2.4 million electric customers and almost 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.
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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 core (non-GAAP) earnings per share and core (non-GAAP) earnings per share guidance excludes one or more of the following: the earnings impact of the settlement agreement among parties in Illinois for comprehensive electric rate relief and customer assistance, net mark-to-market gains or losses, the 2009 portion of a 2008 lump-sum payment from a coal supplier for expected higher fuel costs in 2009 as a result of the premature closure of a mine and termination of a contract, and the estimated minimum benefit of an accounting order from the Missouri Public Service Commission associated with the 2007 storm costs. Ameren uses core (non-GAAP) earnings internally for financial planning and for analysis of performance. Ameren also uses core (non-GAAP) earnings as primary performance measurements when communicating with analysts and investors regarding our earnings results and outlook, as the company believes it allows it to more accurately compare the company’s ongoing performance across periods.
In providing consolidated and segment core (non-GAAP) earnings guidance, there could be differences between core (non-GAAP) earnings and earnings prepared in accordance with GAAP for certain items, such as those listed above. Ameren is unable to estimate the impact, if any, on future GAAP earnings of such items.
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 suggested in such forward-looking statements:
| · | regulatory or legislative actions, including changes in regulatory policies and ratemaking determinations such as the outcome of pending AmerenUE, AmerenCIPS, AmerenCILCO and AmerenIP rate proceedings, and future rate proceedings or future legislative actions that seek to limit or reverse rate increases; |
| · | uncertainty as to the continued effectiveness of the Illinois power procurement process; |
| · | changes in laws and other governmental actions, including monetary and fiscal policies; |
| · | changes in laws or regulations that adversely affect the ability of electric distribution companies and other purchasers of wholesale electricity to pay their suppliers, including AmerenUE and Ameren Energy Marketing Company; |
| · | enactment of legislation taxing electric generators, in Illinois or elsewhere; |
| · | 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; |
| · | increasing capital expenditure and operating expense requirements and our ability to recover these costs in a timely fashion in light of regulatory lag; |
| · | the effects of participation in the Midwest Independent Transmission System Operator, Inc.; |
| · | the cost and availability of fuel such as coal, natural gas, and enriched uranium used to produce electricity; the cost and 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, including forward prices; |
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| · | business and economic conditions, including their impact on interest rates, bad debt expense, and demand for our products; |
| · | disruptions of the capital markets or other events that make the Ameren companies’ access to necessary capital, including short-term credit and liquidity, impossible, more difficult or more costly; |
| · | our assessment of our liquidity; |
| · | 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; |
| · | the impact of weather conditions and other natural phenomena on us and our customers; |
| · | 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; |
| · | impairments of long-lived assets or goodwill; |
| · | the recovery of costs associated with AmerenUE’s Taum Sauk pumped-storage hydroelectric plant incident and investment in a combined nuclear plant construction and operating licensing application for a second unit at its Callaway nuclear plant; |
| · | 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 enacted over time, which could limit the operation of our generating units or otherwise have a negative financial effect; |
| · | labor disputes, future wage and employee benefits costs, including changes in discount rates and returns on benefit plan assets; |
| · | the inability of our counterparties and affiliates to meet their obligations with respect to contracts, credit facilities and financial instruments; |
| · | the cost and availability of transmission capacity for the energy generated by the Ameren companies’ facilities or required to satisfy energy sales made by the Ameren companies; |
| · | 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 update or revise publicly any forward-looking statements to reflect new information or future events.
# # #
| AMEREN CORPORATION (AEE) | ||||||||||||||||
| CONSOLIDATED OPERATING STATISTICS | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| Electric Sales - kilowatthours (in millions): | ||||||||||||||||
| Missouri Regulated | ||||||||||||||||
| Residential | 3,045 | 2,881 | 6,742 | 6,859 | ||||||||||||
| Commercial | 3,621 | 3,662 | 7,094 | 7,185 | ||||||||||||
| Industrial | 1,731 | 2,210 | 3,360 | 4,488 | ||||||||||||
| Other | 446 | 212 | 622 | 396 | ||||||||||||
| Native load subtotal | 8,843 | 8,965 | 17,818 | 18,928 | ||||||||||||
| Off-system sales | 3,051 | 2,930 | 6,301 | 6,041 | ||||||||||||
| Subtotal | 11,894 | 11,895 | 24,119 | 24,969 | ||||||||||||
| Illinois Regulated | ||||||||||||||||
| Residential | ||||||||||||||||
| Generation and delivery service | 2,646 | 2,573 | 5,594 | 5,655 | ||||||||||||
| Commercial | ||||||||||||||||
| Generation and delivery service | 1,426 | 1,517 | 2,795 | 2,959 | ||||||||||||
| Delivery service only | 1,561 | 1,336 | 3,051 | 2,851 | ||||||||||||
| Industrial | ||||||||||||||||
| Generation and delivery service | 126 | 404 | 239 | 739 | ||||||||||||
| Delivery service only | 2,581 | 2,740 | 5,185 | 5,607 | ||||||||||||
| Other | 141 | 128 | 278 | 274 | ||||||||||||
| Native load subtotal | 8,481 | 8,698 | 17,142 | 18,085 | ||||||||||||
| Non-rate-regulated Generation | ||||||||||||||||
| Non-affiliate energy sales | 6,168 | 5,928 | 11,713 | 12,315 | ||||||||||||
| Affiliate native energy sales | 1,032 | 1,437 | 2,307 | 3,198 | ||||||||||||
| Subtotal | 7,200 | 7,365 | 14,020 | 15,513 | ||||||||||||
| Eliminate affiliate sales | (1,032 | ) | (1,437 | ) | (2,307 | ) | (3,198 | ) | ||||||||
| Eliminate Illinois Regulated/Non-rate-regulated Generation common customers | (1,356 | ) | (1,128 | ) | (2,661 | ) | (2,378 | ) | ||||||||
| Ameren Total | 25,187 | 25,393 | 50,313 | 52,991 | ||||||||||||
| Electric Revenues (in millions): | ||||||||||||||||
| Missouri Regulated | ||||||||||||||||
| Residential | $ | 261 | $ | 227 | $ | 470 | $ | 445 | ||||||||
| Commercial | 244 | 230 | 411 | 395 | ||||||||||||
| Industrial | 84 | 94 | 143 | 170 | ||||||||||||
| Other | 45 | 35 | 56 | 63 | ||||||||||||
| Native load subtotal | 634 | 586 | 1,080 | 1,073 | ||||||||||||
| Off-system sales | 91 | 150 | 224 | 304 | ||||||||||||
| Subtotal | 725 | 736 | 1,304 | 1,377 | ||||||||||||
| Illinois Regulated | ||||||||||||||||
| Residential | ||||||||||||||||
| Generation and delivery service | 288 | 255 | 567 | 513 | ||||||||||||
| Commercial | ||||||||||||||||
| Generation and delivery service | 141 | 151 | 275 | 285 | ||||||||||||
| Delivery service only | 22 | 17 | 43 | 34 | ||||||||||||
| Industrial | ||||||||||||||||
| Generation and delivery service | 7 | 22 | 8 | 49 | ||||||||||||
| Delivery service only | 9 | 7 | 17 | 14 | ||||||||||||
| Other | 16 | 69 | 67 | 157 | ||||||||||||
| Native load subtotal | 483 | 521 | 977 | 1,052 | ||||||||||||
| Non-rate-regulated Generation | ||||||||||||||||
| Non-affiliate energy sales | 322 | 289 | 626 | 606 | ||||||||||||
| Affiliate native energy sales | 103 | 92 | 219 | 210 | ||||||||||||
| Other | (5 | ) | 29 | 27 | 44 | |||||||||||
| Subtotal | 420 | 410 | 872 | 860 | ||||||||||||
| Eliminate affiliate revenues | (113 | ) | (120 | ) | (243 | ) | (273 | ) | ||||||||
| Ameren Total | $ | 1,515 | $ | 1,547 | $ | 2,910 | $ | 3,016 | ||||||||
| AMEREN CORPORATION (AEE) | ||||||||||||||||
| CONSOLIDATED OPERATING STATISTICS | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| Electric Generation - megawatthours (in millions): | ||||||||||||||||
| Missouri Regulated | 11.7 | 12.2 | 24.0 | 25.1 | ||||||||||||
| Non-rate-regulated Generation | ||||||||||||||||
| Ameren Energy Generating Company (Genco) | 3.5 | 3.5 | 6.9 | 7.9 | ||||||||||||
| AmerenEnergy Resources Generating Company (AERG) | 1.6 | 1.6 | 3.0 | 3.3 | ||||||||||||
| Electric Energy, Inc. (EEI) | 1.5 | 1.8 | 3.4 | 3.8 | ||||||||||||
| AmerenEnergy Medina Valley Cogen, L.L.C. | - | - | 0.1 | 0.1 | ||||||||||||
| Subtotal | 6.6 | 6.9 | 13.4 | 15.1 | ||||||||||||
| Ameren Total | 18.3 | 19.1 | 37.4 | 40.2 | ||||||||||||
| Fuel Cost per kilowatthour (cents) | ||||||||||||||||
| Missouri Regulated | 1.387 | 1.279 | 1.355 | 1.254 | ||||||||||||
| Non-rate-regulated Generation | 2.010 | 1.846 | 1.983 | 1.875 | ||||||||||||
| Gas Sales - decatherms (in thousands) | ||||||||||||||||
| Missouri Regulated | 1,446 | 1,564 | 6,883 | 7,772 | ||||||||||||
| Illinois Regulated | 11,030 | 13,677 | 54,171 | 64,460 | ||||||||||||
| Other | 1,164 | 288 | 3,257 | 926 | ||||||||||||
| Ameren Total | 13,640 | 15,529 | 64,311 | 73,158 | ||||||||||||
| Net Income (Loss) by Segment (in millions): | ||||||||||||||||
| Missouri Regulated | $ | 82 | $ | 122 | $ | 103 | $ | 174 | ||||||||
| Illinois Regulated | 15 | (14 | ) | 40 | 2 | |||||||||||
| Non-rate-regulated Generation | 75 | 98 | 168 | 176 | ||||||||||||
| Other | (7 | ) | - | (5 | ) | (8 | ) | |||||||||
| Ameren Total | $ | 165 | $ | 206 | $ | 306 | $ | 344 | ||||||||
| June 30, | December 31, | |||||||||||||||
| 2009 | 2008 | |||||||||||||||
| Common Stock: | ||||||||||||||||
| Shares outstanding (in millions) | 214.2 | 212.3 | ||||||||||||||
| Book value per share | $ | 33.36 | $ | 32.80 | ||||||||||||
| Capitalization Ratios: | ||||||||||||||||
| Common equity | 46.1 | % | 45.9 | % | ||||||||||||
| Preferred stock | 1.3 | % | 1.3 | % | ||||||||||||
| Debt, net of cash | 52.6 | % | 52.8 | % | ||||||||||||
| AMEREN CORPORATION (AEE) | ||||||||||||||||
| CONSOLIDATED STATEMENT OF INCOME | ||||||||||||||||
| (Unaudited, in millions, except per share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| Operating Revenues: | ||||||||||||||||
| Electric | $ | 1,515 | $ | 1,547 | $ | 2,910 | $ | 3,016 | ||||||||
| Gas | 169 | 243 | 690 | 855 | ||||||||||||
| Total operating revenues | 1,684 | 1,790 | 3,600 | 3,871 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Fuel | 287 | 200 | 561 | 502 | ||||||||||||
| Coal contract settlement | - | (60 | ) | - | (60 | ) | ||||||||||
| Purchased power | 219 | 306 | 452 | 593 | ||||||||||||
| Gas purchased for resale | 83 | 165 | 466 | 624 | ||||||||||||
| Other operations and maintenance | 451 | 476 | 872 | 905 | ||||||||||||
| Depreciation and amortization | 182 | 171 | 356 | 340 | ||||||||||||
| Taxes other than income taxes | 97 | 89 | 207 | 202 | ||||||||||||
| Total operating expenses | 1,319 | 1,347 | 2,914 | 3,106 | ||||||||||||
| Operating Income | 365 | 443 | 686 | 765 | ||||||||||||
| Other Income and Expenses: | ||||||||||||||||
| Miscellaneous income | 17 | 19 | 33 | 38 | ||||||||||||
| Miscellaneous expense | (7 | ) | (8 | ) | (11 | ) | (13 | ) | ||||||||
| Total other income | 10 | 11 | 22 | 25 | ||||||||||||
| Interest Charges | 124 | 118 | 242 | 218 | ||||||||||||
| Income Before Income Taxes | 251 | 336 | 466 | 572 | ||||||||||||
| Income Taxes | 83 | 119 | 153 | 206 | ||||||||||||
| Net Income | 168 | 217 | 313 | 366 | ||||||||||||
| Less: Net Income Attributable to Noncontrolling Interests | 3 | 11 | 7 | 22 | ||||||||||||
| Net Income Attributable to Ameren Corporation | $ | 165 | $ | 206 | $ | 306 | $ | 344 | ||||||||
| Earnings per Common Share - Basic and Diluted | $ | 0.77 | $ | 0.98 | $ | 1.43 | $ | 1.64 | ||||||||
| Average Common Shares Outstanding | 213.6 | 209.5 | 213.1 | 209.1 | ||||||||||||
| AMEREN CORPORATION (AEE) | ||||||||
| CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||
| (Unaudited, in millions) | ||||||||
| Six Months Ended | ||||||||
| June 30, | ||||||||
| 2009 | 2008 | |||||||
| Cash Flows From Operating Activities: | ||||||||
| Net income | $ | 313 | $ | 366 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Gain on sales of emission allowances | - | (2 | ) | |||||
| Net mark-to-market gain on derivatives | (56 | ) | (94 | ) | ||||
| Coal contract settlement | - | (60 | ) | |||||
| Depreciation and amortization | 364 | 350 | ||||||
| Amortization of nuclear fuel | 25 | 20 | ||||||
| Amortization of debt issuance costs and premium/discounts | 7 | 8 | ||||||
| Deferred income taxes and investment tax credits, net | 77 | 107 | ||||||
| Other | 11 | 4 | ||||||
| Changes in assets and liabilities: | ||||||||
| Receivables | 93 | 15 | ||||||
| Materials and supplies | 109 | 16 | ||||||
| Accounts and wages payable | (204 | ) | (38 | ) | ||||
| Taxes accrued | 77 | (58 | ) | |||||
| Assets, other | 53 | 32 | ||||||
| Liabilities, other | 68 | 65 | ||||||
| Pension and other postretirement benefits | 23 | 29 | ||||||
| Counterparty collateral, net | (4 | ) | (126 | ) | ||||
| Taum Sauk costs, net of insurance recoveries | (48 | ) | (133 | ) | ||||
| Net cash provided by operating activities | 908 | 501 | ||||||
| Cash Flows From Investing Activities: | ||||||||
| Capital expenditures | (846 | ) | (798 | ) | ||||
| Nuclear fuel expenditures | (35 | ) | (123 | ) | ||||
| Purchases of securities - nuclear decommissioning trust fund | (288 | ) | (247 | ) | ||||
| Sales of securities - nuclear decommissioning trust fund | 291 | 231 | ||||||
| Purchases of emission allowances | (4 | ) | (2 | ) | ||||
| Sales of emission allowances | - | 2 | ||||||
| Other | - | 2 | ||||||
| Net cash used in investing activities | (882 | ) | (935 | ) | ||||
| Cash Flows From Financing Activities: | ||||||||
| Dividends on common stock | (164 | ) | (266 | ) | ||||
| Debt issuance costs | (47 | ) | (9 | ) | ||||
| Dividends paid to noncontrolling interest holders | (16 | ) | (21 | ) | ||||
| Short-term debt, net | (209 | ) | (22 | ) | ||||
| Redemptions, repurchases, and maturities of long-term debt | (250 | ) | (808 | ) | ||||
| Issuances: | ||||||||
| Common stock | 47 | 75 | ||||||
| Long-term debt | 772 | 1,335 | ||||||
| Net cash provided by financing activities | 133 | 284 | ||||||
| Net change in cash and cash equivalents | 159 | (150 | ) | |||||
| Cash and cash equivalents at beginning of year | 92 | 355 | ||||||
| Cash and cash equivalents at end of period | $ | 251 | $ | 205 | ||||
| AMEREN CORPORATION (AEE) | ||||||
| CONSOLIDATED BALANCE SHEET | ||||||
| (Unaudited, in millions) | ||||||
| June 30, | December 31, | |||||
| 2009 | 2008 | |||||
| ASSETS | ||||||
| Current Assets: | ||||||
| Cash and cash equivalents | $ | 251 | $ | 92 | ||
| Accounts receivable - trade, net | 450 | 502 | ||||
| Unbilled revenue | 365 | 427 | ||||
| Miscellaneous accounts and notes receivable | 337 | 292 | ||||
| Materials and supplies | 733 | 842 | ||||
| Mark-to-market derivative assets | 277 | 207 | ||||
| Other current assets | 251 | 232 | ||||
| Total current assets | 2,664 | 2,594 | ||||
| Property and Plant, Net | 17,006 | 16,567 | ||||
| Investments and Other Assets: | ||||||
| Nuclear decommissioning trust fund | 249 | 239 | ||||
| Goodwill | 831 | 831 | ||||
| Intangible assets | 150 | 167 | ||||
| Regulatory assets | 1,616 | 1,653 | ||||
| Other assets | 674 | 606 | ||||
| Total investments and other assets | 3,520 | 3,496 | ||||
| TOTAL ASSETS | $ | 23,190 | $ | 22,657 | ||
| LIABILITIES AND EQUITY | ||||||
| Current Liabilities: | ||||||
| Current maturities of long-term debt | $ | 129 | $ | 380 | ||
| Short-term debt | 965 | 1,174 | ||||
| Accounts and wages payable | 523 | 813 | ||||
| Taxes accrued | 131 | 54 | ||||
| Interest accrued | 126 | 107 | ||||
| Mark-to-market derivative liabilities | 234 | 155 | ||||
| Other current liabilities | 437 | 380 | ||||
| Total current liabilities | 2,545 | 3,063 | ||||
| Long-term Debt, Net | 7,321 | 6,554 | ||||
| Deferred Credits and Other Liabilities: | ||||||
| Accumulated deferred income taxes, net | 2,194 | 2,131 | ||||
| Accumulated deferred investment tax credits | 95 | 100 | ||||
| Regulatory liabilities | 1,307 | 1,291 | ||||
| Asset retirement obligations | 418 | 406 | ||||
| Pension and other postretirement benefits | 1,486 | 1,495 | ||||
| Other deferred credits and liabilities | 470 | 438 | ||||
| Total deferred credits and other liabilities | 5,970 | 5,861 | ||||
| Ameren Corporation Stockholders' Equity: | ||||||
| Common stock | 2 | 2 | ||||
| Other paid-in capital, principally premium on common stock | 4,835 | 4,780 | ||||
| Retained earnings | 2,323 | 2,181 | ||||
| Accumulated other comprehensive income (loss) | (13) | - | ||||
| Total Ameren Corporation stockholders' equity | 7,147 | 6,963 | ||||
| Noncontrolling Interests | 207 | 216 | ||||
| Total equity | 7,354 | 7,179 | ||||
| TOTAL LIABILITIES AND EQUITY | $ | 23,190 | $ | 22,657 | ||