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,
	2011		2010		2011		2010
Operating Revenues:
Electric	$	1,308	$	1,381	$	6,530	$	6,521
Gas		270		325		1,001		1,117
Total operating revenues		1,578		1,706		7,531		7,638
Operating Expenses:
Fuel		350		350		1,567		1,323
Purchased power		170		191		966		1,106
Gas purchased for resale		157		202		570		669
Other operations and maintenance		452		464		1,820		1,821
Goodwill, impairment and other charges		(1)		-		125		589
Depreciation and amortization		200		194		785		765
Taxes other than income taxes		102		107		457		449
Total operating expenses		1,430		1,508		6,290		6,722
Operating Income		148		198		1,241		916
Other Income and Expenses:
Miscellaneous income		18		20		69		90
Miscellaneous expense		8		14		23		33
Total other income		10		6		46		57
Interest Charges		115		120		451		497
Income Before Income Taxes		43		84		836		476
Income Taxes		17		30		310		325
Net Income		26		54		526		151
Less: Net Income Attributable to Noncontrolling Interests		1		2		7		12
Net Income Attributable to Ameren Corporation	$	25	$	52	$	519	$	139
Earnings per Common Share - Basic and Diluted	$	0.10	$	0.21	$	2.15	$	0.58
Average Common Shares Outstanding		242.3		239.9		241.5		238.8

AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET

(Unaudited, in millions)

	December 31, 2011		December 31, 2010
ASSETS
Current Assets:
Cash and cash equivalents	$	255	$	545
Accounts receivable - trade, net		473		517
Unbilled revenue		324		406
Miscellaneous accounts and notes receivable		69		210
Materials and supplies		712		707
Mark-to-market derivative assets		115		129
Current regulatory assets		215		267
Other current assets		132		109
Total current assets		2,295		2,890
Property and Plant, Net		18,127		17,853
Investments and Other Assets:
Nuclear decommissioning trust fund		357		337
Goodwill		411		411
Intangible assets		7		7
Regulatory assets		1,603		1,263
Other assets		845		750
Total investments and other assets		3,223		2,768
TOTAL ASSETS	$	23,645	$	23,511
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt	$	179	$	155
Short-term debt		148		269
Accounts and wages payable		693		651
Taxes accrued		65		63
Interest accrued		101		107
Customer deposits		98		100
Mark-to-market derivative liabilities		161		161
Current regulatory liabilities		133		99
Other current liabilities		207		283
Total current liabilities		1,785		1,888
Credit Facility Borrowings		-		460
Long-term Debt, Net		6,677		6,853
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net		3,315		2,882
Accumulated deferred investment tax credits		79		90
Regulatory liabilities		1,502		1,319
Asset retirement obligations		428		475
Pension and other postretirement benefits		1,344		1,045
Other deferred credits and liabilities		447		615
Total deferred credits and other liabilities		7,115		6,426
Ameren Corporation Stockholders’ Equity:
Common stock		2		2
Other paid-in capital, principally premium on common stock		5,598		5,520
Retained earnings		2,369		2,225
Accumulated other comprehensive loss		(50)		(17)
Total Ameren Corporation stockholders’ equity		7,919		7,730
Noncontrolling Interests		149		154
Total equity		8,068		7,884
TOTAL LIABILITIES AND EQUITY	$	23,645	$	23,511

AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited, in millions)

	Year Ended December 31,
	2011		2010
Cash Flows From Operating Activities:
Net income	$	526	$	151
Adjustments to reconcile net income to net cash provided by operating activities:
Goodwill, impairment and other charges		125		589
Gain on sales of properties		(15)		(10)
Net mark-to-market (gain) loss on derivatives		11		(15)
Depreciation and amortization		747		746
Amortization of nuclear fuel		61		54
Amortization of debt issuance costs and premium/discounts		21		23
Deferred income taxes and investment tax credits, net		346		410
Allowance for equity funds used during construction		(34)		(52)
Other		-		21
Changes in assets and liabilities:
Receivables		231		(197)
Materials and supplies		(27)		73
Accounts and wages payable		(36)		20
Taxes accrued		(3)		10
Assets, other		76		(47)
Liabilities, other		(75)		71
Pension and other postretirement benefits		(102)		(5)
Counterparty collateral, net		27		(73)
Taum Sauk insurance recoveries, net of costs		(1)		54
Net cash provided by operating activities		1,878		1,823
Cash Flows From Investing Activities:
Capital expenditures		(1,030)		(1,042)
Nuclear fuel expenditures		(62)		(68)
Purchases of securities - nuclear decommissioning trust fund		(220)		(271)
Sales of securities - nuclear decommissioning trust fund		199		256
Proceeds from sales of properties		53		27
Other		12		2
Net cash used in investing activities		(1,048)		(1,096)
Cash Flows From Financing Activities:
Dividends on common stock		(375)		(368)
Dividends paid to noncontrolling interest holders		(6)		(8)
Capital issuance costs		-		(15)
Short-term debt and credit facility repayments, net		(581)		(121)
Redemptions, repurchases, and maturities:
Long-term debt		(155)		(310)
Preferred stock		-		(52)
Issuances of common stock		65		80
Repayments of generator advances received for construction		(73)		(39)
Generator advances received for construction		5		29
Net cash used in financing activities		(1,120)		(804)
Net change in cash and cash equivalents		(290)		(77)
Cash and cash equivalents at beginning of year		545		622
Cash and cash equivalents at end of year	$	255	$	545