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,
	2009		2008		2009		2008
Operating Revenues:
Electric	$	1,320	$	1,423	$	5,909	$	6,367
Gas		355		485		1,181		1,472
Total operating revenues		1,675		1,908		7,090		7,839
Operating Expenses:
Fuel		274		372		1,141		1,275
Purchased power		201		246		909		1,210
Gas purchased for resale		226		360		749		1,057
Other operations and maintenance		444		496		1,738		1,857
Depreciation and amortization		184		172		725		685
Taxes other than income taxes		101		93		412		393
Total operating expenses		1,430		1,739		5,674		6,477
Operating Income		245		169		1,416		1,362
Other Income and Expenses:
Miscellaneous income		22		19		71		80
Miscellaneous expense		(9)		(8)		(23)		(31)
Total other income		13		11		48		49
Interest Charges		132		109		508		440
Income Before Income Taxes		126		71		956		971
Income Taxes		44		8		332		327
Net Income		82		63		624		644
Less: Net Income Attributable to Noncontrolling Interests		3		6		12		39
Net Income Attributable to Ameren Corporation	$	79	$	57	$	612	$	605
Earnings per Common Share - Basic and Diluted	$	0.34	$	0.27	$	2.78	$	2.88
Average Common Shares Outstanding		237.0		211.5		220.4		210.1

AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET

(Unaudited, in millions)

	December 31, 2009		December 31, 2008
ASSETS
Current Assets:
Cash and cash equivalents	$	622	$	92
Accounts receivable - trade, net		434		516
Unbilled revenue		367		427
Miscellaneous accounts and notes receivable		308		315
Materials and supplies		782		842
Mark-to-market derivative assets		121		207
Other current assets		208		209
Total current assets		2,842		2,608
Property and Plant, Net		17,610		16,567
Investments and Other Assets:
Nuclear decommissioning trust fund		293		239
Goodwill		831		831
Intangible assets		129		167
Regulatory assets		1,430		1,653
Other assets		655		606
Total investments and other assets		3,338		3,496
TOTAL ASSETS	$	23,790	$	22,671
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt	$	204	$	380
Short-term debt		20		1,174
Accounts and wages payable		694		813
Taxes accrued		54		54
Interest accrued		110		107
Customer deposits		101		126
Mark-to-market derivative liabilities		109		155
Other current liabilities		419		268
Total current liabilities		1,711		3,077
Credit Facility Borrowings		830		–
Long-term Debt, Net		7,113		6,554
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net		2,554		2,131
Accumulated deferred investment tax credits		94		100
Regulatory liabilities		1,338		1,291
Asset retirement obligations		429		406
Accrued pension and other postretirement benefits		1,165		1,495
Other deferred credits and liabilities		496		438
Total deferred credits and other liabilities		6,076		5,861
Ameren Corporation Stockholders’ Equity:
Common stock		2		2
Other paid-in capital, principally premium on common stock		5,412		4,780
Retained earnings		2,455		2,181
Accumulated other comprehensive loss		(16)		–
Total Ameren Corporation stockholders’ equity		7,853		6,963
Noncontrolling Interests		207		216
Total equity		8,060		7,179
TOTAL LIABILITIES AND EQUITY	$	23,790	$	22,671

AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited, in millions)

	Year Ended December 31,
	2009		2008
Cash Flows From Operating Activities:
Net income	$	624	$	644
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales of emission allowances		(6)		(8)
Loss on asset impairments		7		14
Net mark-to-market gain on derivatives		(23)		(3)
Depreciation and amortization		748		705
Amortization of nuclear fuel		53		37
Amortization of debt issuance costs and premium/discounts		25		20
Deferred income taxes and investment tax credits, net		402		167
Other		(17)		(9)
Changes in assets and liabilities:
Receivables		21		12
Materials and supplies		67		(100)
Accounts and wages payable		(42)		57
Taxes accrued		–		(30)
Assets, other		(66)		83
Liabilities, other		103		113
Pension and other postretirement benefit obligations		(9)		(4)
Counterparty collateral, net		(17)		(25)
Taum Sauk costs, net of insurance recoveries		107		(149)
Net cash provided by operating activities		1,977		1,524
Cash Flows From Investing Activities:
Capital expenditures		(1,704)		(1,896)
Nuclear fuel expenditures		(80)		(173)
Purchases of securities - nuclear decommissioning trust fund		(383)		(520)
Sales of securities - nuclear decommissioning trust fund		380		497
Purchases of emission allowances		(4)		(14)
Sales of emission allowances		–		6
Other		2		3
Net cash used in investing activities		(1,789)		(2,097)
Cash Flows From Financing Activities:
Dividends on common stock		(338)		(534)
Capital issuance costs		(65)		(12)
Short-term and credit facility borrowings, net		(324)		(298)
Dividends paid to noncontrolling interest holders		(21)		(40)
Redemptions, repurchases, and maturities:
Long-term debt		(631)		(842)
Preferred stock		–		(16)
Issuances:
Common stock		634		154
Long-term debt		1,021		1,879
Generator advances received for construction, net		66		19
Net cash provided by financing activities		342		310
Net change in cash and cash equivalents		530		(263)
Cash and cash equivalents at beginning of year		92		355
Cash and cash equivalents at end of year	$	622	$	92