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,
	2010		2009		2010		2009
Operating Revenues:
Electric	$	1,381	$	1,327	$	6,521	$	5,940
Gas		325		357		1,117		1,195
Total operating revenues		1,706		1,684		7,638		7,135
Operating Expenses:
Fuel		350		274		1,323		1,141
Purchased power		191		201		1,106		909
Gas purchased for resale		202		226		669		749
Other operations and maintenance		457		443		1,821		1,768
Goodwill and other impairment losses		-		2		589		7
Depreciation and amortization		194		184		765		725
Taxes other than income taxes		114		109		449		420
Total operating expenses		1,508		1,439		6,722		5,719
Operating Income		198		245		916		1,416
Other Income and Expenses:
Miscellaneous income		20		22		90		71
Miscellaneous expense		14		9		33		23
Total other income		6		13		57		48
Interest Charges		120		132		497		508
Income Before Income Taxes		84		126		476		956
Income Taxes		30		44		325		332
Net Income		54		82		151		624
Less: Net Income Attributable to Noncontrolling Interests		2		3		12		12
Net Income Attributable to Ameren Corporation	$	52	$	79	$	139	$	612
Earnings per Common Share - Basic and Diluted	$	0.21	$	0.34	$	0.58	$	2.78
Average Common Shares Outstanding		239.9		237.0		238.8		220.4

AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET

(Unaudited, in millions)

	December 31, 2010		December 31, 2009
ASSETS
Current Assets:
Cash and cash equivalents	$	545	$	622
Accounts receivable - trade, net		500		424
Unbilled revenue		406		367
Miscellaneous accounts and notes receivable		231		318
Materials and supplies		707		782
Mark-to-market derivative assets		129		121
Current regulatory assets		267		110
Other current assets		109		98
Total current assets		2,894		2,842
Property and Plant, Net		17,853		17,610
Investments and Other Assets:
Nuclear decommissioning trust fund		337		293
Goodwill		411		831
Intangible assets		7		129
Regulatory assets		1,259		1,342
Other assets		754		655
Total investments and other assets		2,768		3,250
TOTAL ASSETS	$	23,515	$	23,702
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt	$	155	$	204
Short-term debt		269		20
Accounts and wages payable		651		694
Taxes accrued		63		54
Interest accrued		107		110
Customer deposits		100		101
Mark-to-market derivative liabilities		161		109
Current regulatory liabilities		99		82
Other current liabilities		283		337
Total current liabilities		1,888		1,711
Credit Facility Borrowings		460		830
Long-term Debt, Net		6,853		7,111
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net		2,886		2,554
Accumulated deferred investment tax credits		90		94
Regulatory liabilities		1,319		1,257
Asset retirement obligations		475		429
Pension and other postretirement benefits		1,045		1,165
Other deferred credits and liabilities		615		491
Total deferred credits and other liabilities		6,430		5,990
Ameren Corporation Stockholders’ Equity:
Common stock		2		2
Other paid-in capital, principally premium on common stock		5,520		5,412
Retained earnings		2,225		2,455
Accumulated other comprehensive loss		(17)		(13)
Total Ameren Corporation stockholders’ equity		7,730		7,856
Noncontrolling Interests		154		204
Total equity		7,884		8,060
TOTAL LIABILITIES AND EQUITY	$	23,515	$	23,702

AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited, in millions)

	Year Ended December 31,
	2010		2009
Cash Flows From Operating Activities:
Net income	$	151	$	624
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on goodwill and other impairments		589		7
Net mark-to-market gain on derivatives		(15)		(23)
Depreciation and amortization		783		748
Amortization of nuclear fuel		54		53
Amortization of debt issuance costs and premium/discounts		23		25
Deferred income taxes and investment tax credits, net		302		402
Allowance for equity funds used during construction		(52)		(36)
Other		40		17
Changes in assets and liabilities:
Receivables		(85)		21
Materials and supplies		78		67
Accounts and wages payable		27		(42)
Taxes accrued		9		-
Assets, other		(109)		(66)
Liabilities, other		71		99
Pension and other postretirement benefits		(5)		(9)
Counterparty collateral, net		(73)		(17)
Taum Sauk insurance recoveries, net of costs		54		107
Net cash provided by operating activities		1,842		1,977
Cash Flows From Investing Activities:
Capital expenditures		(1,031)		(1,704)
Nuclear fuel expenditures		(90)		(80)
Purchases of securities - nuclear decommissioning trust fund		(271)		(383)
Sales of securities - nuclear decommissioning trust fund		256		380
Other		24		(2)
Net cash used in investing activities		(1,112)		(1,789)
Cash Flows From Financing Activities:
Dividends on common stock		(368)		(338)
Dividends paid to noncontrolling interest holders		(8)		(21)
Capital issuance costs		(15)		(65)
Short-term and credit facility borrowings, net		(121)		(324)
Redemptions, repurchases, and maturities:
Long-term debt		(310)		(631)
Preferred stock		(52)		-
Issuances:
Common stock		80		634
Long-term debt		-		1,021
Generator advances received for construction, net of repayments		(13)		66
Net cash provided by (used in) financing activities		(807)		342
Net change in cash and cash equivalents		(77)		530
Cash and cash equivalents at beginning of year		622		92
Cash and cash equivalents at end of year	$	545	$	622