8-K 1 amc8-k021004.txt AMC DTD. 02/10/04 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 10, 2004 AMEREN CORPORATION (Exact name of registrant as specified in its charter) Missouri 1-14756 43-1723446 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 1901 Chouteau Avenue, St. Louis, Missouri 63103 (Address of principal executive offices and Zip Code) Registrant's telephone number, including area code: (314) 621-3222 ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. 99.1 Press release regarding earnings for the twelve months ended December 31,2003, issued on February 10, 2004 by Ameren Corporation (the Registrant). ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On February 10, 2004, the Registrant issued a press release announcing its earnings for the twelve months ended December 31, 2003. The press release is attached as Exhibit 99.1 and is incorporated herein by reference. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. AMEREN CORPORATION (Registrant) By /s/ Martin J. Lyons -------------------------------------- Name: Martin J. Lyons Title: Vice President and Controller (Principal Accounting Officer) Date: February 10, 2003 2 Exhibit Index ------------- Exhibit No. Description ----------- ----------- 99.1 - Press release regarding earnings for the twelve months ended December 31, 2003, issued on February 10, 2004 by Ameren Corporation. 3
AMEREN CORPORATION (AEE) CONSOLIDATED OPERATING STATISTICS Three Months Ended Twelve Months Ended December 31, December 31, --------------------------- ------------------------- 2003 2002 2003 2002 --------------------------- ------------------------- Electric Sales - KWH (in millions): Residential 3,967 3,845 17,673 16,704 Commercial 4,650 3,991 18,821 17,224 Industrial 4,510 2,994 17,685 12,442 Wholesale 2,099 2,280 8,770 8,936 Other 83 75 309 280 -------------- -------------- -------------- ----------- Native 15,309 13,185 63,258 55,586 Interchange 2,702 1,610 9,268 8,165 EEI 1,182 1,460 5,255 6,588 -------------- -------------- -------------- ----------- Total 19,193 16,255 77,781 70,339 Electric Revenues - (in millions): Residential $ 240 $ 228 $ 1,247 $ 1,202 Commercial 234 200 1,115 1,024 Industrial 175 111 733 511 Wholesale 68 72 295 291 Other 6 6 25 23 -------------- -------------- -------------- ----------- Native 723 617 3,415 3,051 Interchange 74 43 295 200 EEI 23 29 134 185 Other 27 19 93 84 -------------- -------------- -------------- ----------- Total 847 708 3,937 3,520 Power Supply (%): Fossil 78.3 78.9 77.5 74.3 Nuclear 12.2 12.4 11.9 12.4 Hydro 0.8 1.1 0.9 1.7 Purchased 8.7 7.6 9.7 11.6 Fuel Cost per KWH (cents) 1.074 0.975 1.079 1.015 Gas Sales - MMBTU (in thousands) 21,695 13,507 72,440 39,325 December 31, December 31, 2003 2002 ---------------- --------------- Common Stock: Shares outstanding (in millions) 162.9 154.1 Book value per share $26.73 $24.94 Capitalization Ratios: Common equity 47.5% 51.6% Preferred stock 2.0% 2.6% Debt, net of cash 50.5% 45.8%
AMEREN CORPORATION (AEE) CONSOLIDATED BALANCE SHEET (Unaudited, in millions) December 31, December 31, 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ ASSETS ------------------------------------------------------------------------------------------------------------------------------------ Current Assets: Cash and cash equivalents $ 111 $ 628 Accounts receivable - trade 326 266 Unbilled revenue 221 176 Miscellaneous accounts and notes receivable 126 44 Materials and supplies, at average cost 487 299 Other current assets 46 39 ------------------- ----------------- Total current assets 1,317 1,452 ------------------- ---------------- Property and Plant, net 10,917 8,840 Investments and Other Non-Current Assets: Investments 164 38 Nuclear decommissioning trust fund 212 172 Goodwill and other intangibles, net 664 - Other assets 320 307 ------------------- ---------------- Total investments and other assets 1,360 517 ------------------- ---------------- Regulatory Assets 729 690 ------------------------------------------------------------------------------------------------------------------------------------ TOTAL ASSETS $ 14,323 $ 11,499 ==================================================================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------------------------------------------------------------------------------------------------------ Current Liabilities: Current maturities of long-term debt $ 458 $ 339 Short-term debt 161 271 Accounts and wages payable 480 369 Taxes accrued 103 45 Other current liabilities 216 177 ------------------- ---------------- Total current liabilities 1,418 1,201 ------------------- ---------------- Long-term Debt, Net 4,109 3,433 Preferred Stock Subject to Mandatory Redemption 21 - Deferred Credits and Other Non-Current Liabilities: Accumulated deferred income taxes, net 1,943 1,707 Accumulated deferred investment tax credits 151 149 Regulatory liabilities 821 136 Asset retirement obligations 413 174 Accrued pension and other post-retirement benefits 699 476 Other deferred credits and liabilities 190 173 ------------------- ---------------- Total deferred credits and other liabilities 4,217 2,815 ------------------- ---------------- Preferred Stock Not Subject to Mandatory Redemption 182 193 Minority Interest in Consolidated Subsidiaries 22 15 Stockholders' Equity: Common stock 2 2 Other paid-in capital, principally premium on common stock 2,552 2,203 Retained earnings 1,853 1,739 Accumulated other comprehensive income (loss) (44) (93) Other (9) (9) ------------------- ---------------- Total stockholders' equity 4,354 3,842 ------------------------------------------------------------------------------------------------------- ---------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 14,323 $ 11,499 ====================================================================================================================================
AMEREN CORPORATION (AEE) CONSOLIDATED STATEMENT OF INCOME (Unaudited, in millions, except per share amounts) Three Months Ended Twelve Months Ended December 31, December 31, ---------------------- ------------------------- 2003 2002 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ Operating Revenues: ------------------------------------------------------------------------------------------------------------------------------------ Electric $ 847 $ 708 $ 3,937 $ 3,520 Gas 198 113 648 315 Other 2 2 8 6 ------ ------ ------- --------- Total operating revenues 1,047 823 4,593 3,841 Operating Expenses: ------------------------------------------------------------------------------------------------------------------------------------ Fuel and purchased power 252 170 1,055 825 Gas purchased for resale 141 69 457 198 Other operations and maintenance 323 325 1,224 1,160 Voluntary retirement and other restructuring charges - 92 - 92 Coal contract settlement - - (51) - Depreciation and amortization 131 110 519 431 Taxes other than income taxes 61 51 299 262 ------ ------ ------- --------- Total operating expenses 908 817 3,503 2,968 ------ ------ ------- --------- Operating Income 139 6 1,090 873 ------------------------------------------------------------------------------------------------------------------------------------ Other Income and (Deductions): ------------------------------------------------------------------------------------------------------------------------------------ Miscellaneous income 11 5 27 21 Miscellaneous expense (8) (4) (22) (50) ------- ------ ------- --------- Total other income and (deductions) 3 1 5 (29) ------- ------ ------- --------- Interest Charges and Preferred Dividends: ------------------------------------------------------------------------------------------------------------------------------------ Interest 73 56 277 214 Preferred dividends of subsidiaries 3 2 11 11 ------- ------ ------- --------- Net interest charges and preferred dividends 76 58 288 225 ------- ------ ------- --------- Income Before Income Taxes and Cumulative Effect of Change in Accounting Principle 66 (51) 807 619 ------------------------------------------------------------------------------------------------------------------------------------ Income Taxes 28 (19) 301 237 ------- ------ ------- --------- Income Before Cumulative Effect of Change in Accounting Principle 38 (32) 506 382 ------------------------------------------------------------------------------------------------------------------------------------ Cumulative Effect of Change in Accounting Principle, Net of Income Taxes - - 18 - ------------------------------------------------------------------------------------------------------------------------------------ Net Income $ 38 $ (32) $ 524 $ 382 ==================================================================================================================================== Earnings per Common Share - Basic: Income before cumulative effect of change in accounting principle $ 0.24 $ (0.20) $ 3.14 $ 2.61 Cumulative effect of change in accounting principle, net of income taxes - - 0.11 - ------- ------ ------- --------- Net income $ 0.24 $ (0.20) $ 3.25 $ 2.61 ==================================================================================================================================== Earnings per Common Share - Diluted: Income before cumulative effect of change in accounting principle $ 0.24 $ (0.20) $ 3.14 $ 2.60 Cumulative effect of change in accounting principle, net of income taxes - - 0.11 - ------- ------ ------- --------- Net income $ 0.24 $ (0.20) $ 3.25 $ 2.60 ==================================================================================================================================== Average Common Shares Outstanding 162.4 153.6 161.1 146.1 ====================================================================================================================================
AMEREN CORPORATION (AEE) CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, in millions) Twelve Months Ended December 31, -------------------------- 2003 2002 --------------------------------------------------------------------------------------------------------------------------- Cash Flows From Operating Activities: --------------------------------------------------------------------------------------------------------------------------- Net income $ 524 $ 382 Adjustments to reconcile net income to net cash provided by operating activities: Cumulative effect of change in accounting principle (18) - Depreciation and amortization 519 431 Amortization of nuclear fuel 33 30 Amortization of debt issuance costs and premium/discounts 10 8 Deferred income taxes, net 12 74 Deferred investment tax credits, net (11) (9) Coal contract settlement (36) - Voluntary retirement and other restructuring charges - 92 Other 5 8 Changes in assets and liabilities, excluding the effects of the acquisitions: Receivables, net 6 (26) Materials and supplies (47) (4) Accounts and wages payable (7) (80) Taxes accrued 39 38 Assets, other (15) (12) Liabilities, other 17 (99) -------- ------- Net cash provided by operating activities 1,031 833 --------------------------------------------------------------------------------------------------------------------------- Cash Flows From Investing Activities: --------------------------------------------------------------------------------------------------------------------------- Construction expenditures (682) (787) Acquisitions, net of cash acquired (479) - Nuclear fuel expenditures (23) (28) Other 3 12 -------- ------- Net cash used in investing activities (1,181) (803) --------------------------------------------------------------------------------------------------------------------------- Cash Flows From Financing Activities: --------------------------------------------------------------------------------------------------------------------------- Dividends on common stock (410) (376) Capital issuance costs (14) (35) Redemptions, Repurchases and Maturities - Nuclear fuel lease (46) - Short-term debt (110) (370) Long-term debt (815) (247) Preferred stock (31) (42) Issuances - Common stock 361 658 Nuclear fuel lease - 50 Long-term debt 698 893 -------- ------- Net cash provided by (used in) financing activities (367) 531 --------------------------------------------------------------------------------------------------------------------------- Net Change In Cash and Cash Equivalents (517) 561 Cash and Cash Equivalents at Beginning of Year 628 67 --------------------------------------------------------------------------------------------------------------------------- Cash and Cash Equivalents at End of Year $ 111 $ 628 ===========================================================================================================================