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 December 31,					Year Ended December 31,
	2015			2014		2015		2014
Operating Revenues:
Electric	$	1,087		$	1,049	$	5,180	$	4,913
Gas	221			321		918		1,140
Total operating revenues	1,308			1,370		6,098		6,053
Operating Expenses:
Fuel	208			188		878		826
Purchased power	121			121		514		461
Gas purchased for resale	95			183		415		615
Other operations and maintenance	438			453		1,694		1,684
Provision for Callaway construction and operating license	—			—		69		—
Depreciation and amortization	202			194		796		745
Taxes other than income taxes	104			106		473		468
Total operating expenses	1,168			1,245		4,839		4,799
Operating Income	140			125		1,259		1,254
Other Income and Expenses:
Miscellaneous income	20			19		74		79
Miscellaneous expense	8			2		30		22
Total other income	12			17		44		57
Interest Charges	91			75		355		341
Income Before Income Taxes	61			67		948		970
Income Taxes	30			20		363		377
Income from Continuing Operations	31			47		585		593
Income (Loss) from Discontinued Operations, Net of Taxes	(1		)	2		51		(1		)
Net Income	30			49		636		592
Less: Net Income from Continuing Operations Attributable to Noncontrolling Interests	1			1		6		6
Net Income (Loss) Attributable to Ameren Common Shareholders:
Continuing Operations	30			46		579		587
Discontinued Operations	(1		)	2		51		(1		)
Net Income Attributable to Ameren Common Shareholders	$	29		$	48	$	630	$	586
Earnings per Common Share – Basic:
Continuing Operations	$	0.12		$	0.19	$	2.39	$	2.42
Discontinued Operations	—			0.01		0.21		—
Earnings per Common Share – Basic	$	0.12		$	0.20	$	2.60	$	2.42
Earnings per Common Share – Diluted:
Continuing Operations	$	0.12		$	0.19	$	2.38	$	2.40
Discontinued Operations	—			0.01		0.21		—
Earnings per Common Share – Diluted	$	0.12		$	0.20	$	2.59	$	2.40
Average Common Shares Outstanding – Basic	242.6			242.6		242.6		242.6
Average Common Shares Outstanding – Diluted	243.0			244.5		243.6		244.4

AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET

(Unaudited, in millions)

	December 31, 2015			December 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents	$	292		$	5
Accounts receivable - trade (less allowance for doubtful accounts)	388			423
Unbilled revenue	239			265
Miscellaneous accounts and notes receivable	98			81
Materials and supplies	538			524
Current regulatory assets	260			295
Other current assets	88			86
Assets of discontinued operations	14			15
Total current assets	1,917			1,694
Property and Plant, Net	18,799			17,424
Investments and Other Assets:
Nuclear decommissioning trust fund	556			549
Goodwill	411			411
Regulatory assets	1,382			1,582
Other assets	575			629
Total investments and other assets	2,924			3,171
TOTAL ASSETS	$	23,640		$	22,289
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt	$	395		$	120
Short-term debt	301			714
Accounts and wages payable	777			711
Taxes accrued	43			46
Interest accrued	89			85
Current regulatory liabilities	80			106
Other current liabilities	379			434
Liabilities of discontinued operations	29			33
Total current liabilities	2,093			2,249
Long-term Debt, Net	6,880			6,085
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net	3,885			3,571
Accumulated deferred investment tax credits	60			64
Regulatory liabilities	1,905			1,850
Asset retirement obligations	618			396
Pension and other postretirement benefits	580			705
Other deferred credits and liabilities	531			514
Total deferred credits and other liabilities	7,579			7,100
Ameren Corporation Shareholders’ Equity:
Common stock	2			2
Other paid-in capital, principally premium on common stock	5,616			5,617
Retained earnings	1,331			1,103
Accumulated other comprehensive loss	(3		)	(9		)
Total Ameren Corporation shareholders’ equity	6,946			6,713
Noncontrolling Interests	142			142
Total equity	7,088			6,855
TOTAL LIABILITIES AND EQUITY	$	23,640		$	22,289

AMEREN CORPORATION (AEE)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited, in millions)

	Year Ended December 31,
	2015			2014
Cash Flows From Operating Activities:
Net income	$	636		$	592
Loss (Income) from discontinued operations, net of tax	(51		)	1
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for Callaway construction and operating license	69			—
Depreciation and amortization	777			710
Amortization of nuclear fuel	97			81
Amortization of debt issuance costs and premium/discounts	22			22
Deferred income taxes and investment tax credits, net	369			451
Allowance for equity funds used during construction	(30		)	(34		)
Stock-based compensation costs	24			25
Other	(10		)	(24		)
Changes in assets and liabilities	118			(267		)
Net cash provided by operating activities – continuing operations	2,021			1,557
Net cash used in operating activities – discontinued operations	(4		)	(6		)
Net cash provided by operating activities	2,017			1,551
Cash Flows From Investing Activities:
Capital expenditures	(1,917		)	(1,785		)
Nuclear fuel expenditures	(52		)	(74		)
Purchases of securities – nuclear decommissioning trust fund	(363		)	(405		)
Sales and maturities of securities – nuclear decommissioning trust fund	349			391
Proceeds from note receivable – Illinois Power Marketing Company	20			95
Contributions to note receivable – Illinois Power Marketing Company	(8		)	(89		)
Other	20			11
Net cash used in investing activities – continuing operations	(1,951		)	(1,856		)
Net cash provided by (used in) investing activities – discontinued operations	(25		)	139
Net cash used in investing activities	(1,976		)	(1,717		)
Cash Flows From Financing Activities:
Dividends on common stock	(402		)	(390		)
Dividends paid to noncontrolling interest holders	(6		)	(6		)
Short-term debt, net	(413		)	346
Redemptions and maturities of long-term debt	(120		)	(697		)
Issuances of long-term debt	1,197			898
Capital issuance costs	(12		)	(11		)
Other	2			1
Net cash provided by financing activities – continuing operations	246			141
Net change in cash and cash equivalents	287			(25		)
Cash and cash equivalents at beginning of year	5			30
Cash and cash equivalents at end of year – continuing operations	$	292		$	5