-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TipGQSko6f9KwHBbYbr9PR177zmX9+1Kwd7mrxB7s6vq0m1h2VgcrNN2eiWDJG5G q7yK//FXvV7dhgkqf8e6aA== 0001002910-05-000046.txt : 20050208 0001002910-05-000046.hdr.sgml : 20050208 20050208093711 ACCESSION NUMBER: 0001002910-05-000046 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050208 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050208 DATE AS OF CHANGE: 20050208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMEREN CORP CENTRAL INDEX KEY: 0001002910 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 431723446 STATE OF INCORPORATION: MO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14756 FILM NUMBER: 05582266 BUSINESS ADDRESS: STREET 1: 1901 CHOUTEAU AVE STREET 2: MC 1370 CITY: ST LOUIS STATE: MO ZIP: 63166-6149 BUSINESS PHONE: 314-621-3222 MAIL ADDRESS: STREET 1: 1901 CHOUTEAU AVE STREET 2: MC 1370 CITY: ST LOUIS STATE: MO ZIP: 63103 8-K 1 form8-k.htm AMC8K2-8-2005 amc8k2-8-2005
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 8, 2005

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

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

     

SECTION 2—FINANCIAL INFORMATION

ITEM 2.02 Results of Operations and Financial Condition.

On February 8, 2005, Ameren Corporation (the “Registrant”) issued a press release announcing its earnings for the fourth quarter and fiscal year ended December 31, 2004. The press release is attached as Exhibit 99.1 and is incorporated herein by reference. The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act.

The information contained in Exhibit 99.2 shall be deemed filed for purposes of Section 18 of the Exchange Act and shall be deemed to be incorporated by reference into any filing of the Registrant under the Securities Act or the Exchange Act.

SECTION 8—OTHER EVENTS

ITEM 8.01 Other Events.

In its press release dated February 8, 2005, the Registrant disclosed the following unaudited consolidated financial statements: Statement of Income for the three-months and twelve-months ended December 31, 2004 and December 31, 2003, Statement of Cash Flows for the twelve-months ended December 31, 2004 and December 31, 2003 and Balance Sheet at December 31, 2004 and December 31, 2003. The Registrant hereby incorporates such information by reference into this Item 8.01 of this Current Report on Form 8-K.

SECTION 9—FINANCIAL STATEMENTS AND EXHIBITS.

ITEM 9.01 Financial Statements and Exhibits.
 
Exhibit Number:
 
Title:
 
99.1
 
Press release regarding earnings for the year and quarter ended December 31, 2004, issued on February 8, 2005 by Ameren Corporation.
 
99.2* 
Ameren Corporation’s Unaudited Statement of Income for the three-months and twelve-months ended December 31, 2004 and December 31, 2003, Statement of Cash Flows for the twelve-months ended December 31, 2004 and December 31, 2003 and Balance Sheet at December 31, 2004 and December 31, 2003.

 
________________________
* Exhibit 99.2 is intended to be deemed filed rather than furnished pursuant to General Instructions B.2 of Form 8-K.

     

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)
 

 
/s/ Martin J. Lyons__________________    
Martin J. Lyons
Vice President and Controller
(Principal Accounting Officer)
 

 

Date: February 8, 2005
 

 
     

 
Exhibit Index

Exhibit Number:
 
Title:
 
99.1
 
Press release regarding earnings for the year and quarter ended December 31, 2004, issued on February 8, 2005 by Ameren Corporation.
 
99.2* 
Ameren Corporation’s Unaudited Statement of Income for the three-months and twelve-months ended December 31, 2004 and December 31, 2003, Statement of Cash Flows for the twelve-months ended December 31, 2004 and December 31, 2003 and Balance Sheet at December 31, 2004 and December 31, 2003.

 


 
________________________
* Exhibit 99.2 is intended to be deemed filed rather than furnished pursuant to General Instructions B.2 of Form 8-K.
 
 
EX-99.1 2 ex99_1.htm EXHIBIT 99.1 Exhibit 99.1


 
 
                                                                                Exhibit 99.1
[Missing Graphic Reference]
[Missing Graphic Reference]
              
                        &nb sp;                           One Ameren Plaza
                        &nb sp;                           1901 Chouteau Avenue
                                                                                          St. Louis, MO 63103
                                                              
Contacts:
 
Media
Analysts
Investors
Tim Fox
Bruce Steinke
Investor Services
(314) 554-3120
(314) 554-2574
(800) 255-2237
tfox2@ameren.com
bsteinke@ameren.com
invest@ameren.com
 
FOR IMMEDIATE RELEASE
 
AMEREN REPORTS 2004 EARNINGS
Announces 2005 Earnings Guidance
 
St. Louis, Mo., Feb. 8, 2005 --- Ameren Corporation (NYSE: AEE) today announced 2004 net income of $530 million, or $2.84 per share basic and diluted, compared to net income of $524 million, or $3.25 per share basic and diluted, in 2003. Ameren recorded net income of $83 million, or 42 cents per share basic and diluted, for the fourth quarter of 2004, compared to $38 million, or 24 cents per share basic and diluted, for the fourth quarter of 2003.
 
Net income in 2003 included a third quarter after-tax gain of $31 million, or 19 cents per share, related to the settlement of a dispute over certain mine reclamation issues with a coal supplier, and a first quarter after-tax gain of $18 million, or 11 cents per share, due to the adoption of a new accounting standard related to the recognition of asset retirement obligations. Excluding these items, adjusted (non-GAAP) net income in 2003 was $475 million, or $2.95 per share basic and diluted.
 
“Our solid 2004 earnings performance was accomplished despite some of the mildest weather on record and a two-month refueling and maintenance outage at our Callaway nuclear plant. In addition, we prudently issued common stock to fund the Illinois Power acquisition in February and July of 2004, prior to the September completion of the deal. Since we did not have the benefit of Illinois Power’s earnings prior to the closing of the transaction, our earnings per share were diluted,” said Gary L. Rainwater, chairman, chief executive officer and president of Ameren Corporation.
 
“We overcame these challenges through effective cost control and the excellent performance of our low-cost coal-fired power plants. The performance of these plants reduced our average generating cost per megawatthour and allowed us to take advantage of strong power prices in the energy markets through the sale of our excess generation,” added Rainwater. “Simply put, we remained focused on the fundamentals of our business and executed very well.”
 
- more -
 

 
     

 

Add One
 
Total revenues in 2004 of $5.2 billion increased by $552 million, compared to 2003. The September 30, 2004 acquisition of Illinois Power Company added revenues of $379 million, and the January 31, 2003 acquisition of CILCORP Inc. added revenues of $105 million in 2004 over 2003. In addition, Ameren continued to see the benefit of improved economic conditions with solid organic growth in its service territories.
 
Record power plant production in 2004 and mild weather boosted the amount of low-cost generation available, increasing interchange electric sales by almost 17 percent, and increasing interchange revenues by $71 million in 2004, as compared to 2003. These factors, coupled with strong power prices in the energy markets, resulted in interchange power sales contributing 71 cents per share to earnings in 2004, versus 55 cents per share in 2003, on a comparable share basis.
 
However, heating degree days in 2004 were approximately 7 percent below 2003, and cooling degree days in the summer months were more than 20 percent below 2003. Weather in both 2003 and 2004 was mild, but, according to the National Weather Service, 2004 summer weather in Ameren’s service territory was the 7th mildest in the past 109 years. In total, mild weather reduced revenues by an estimated $51 million in 2004, as compared to 2003. Electric rate reductions in Missouri also decreased revenues by $34 million in 2004, while increases in natural gas delivery rates raised revenues by $27 million in 2004, as compared to 2003.
 
In the spring of 2004, the Callaway nuclear plant had a 64-day refueling and maintenance outage. That outage increased purchased power and maintenance expenses by $63 million in 2004, as compared to 2003 when there was no refueling outage. In addition, operating expenses rose due to higher employee benefit costs and depreciation expenses, as well as due to the acquisitions of Illinois Power and CILCORP. Offsetting these increases, in part, were lower labor costs and a refund of $18 million in exit fees previously paid to the Midwest Independent Transmission System Operator, Inc. (MISO). Ameren rejoined the MISO on May 1, 2004.
 
Earnings per share in 2004 were also reduced by 19 cents, compared to 2003, as a result of the issuance of 30 million new common shares prior to the close of the acquisition of Illinois Power. On September 30, 2004, Ameren completed the acquisition of Decatur, Ill-based Illinois Power and a 20 percent interest in Electric Energy, Inc. for $2.3 billion. Proceeds from the issuance of common stock of $1.3 billion were used to pay the cash portion of the purchase price and eliminate approximately $700 million of Illinois Power’s high-cost debt in the fourth quarter of 2004.
 
- more -
 

 
     

 

Add Two
 
“Illinois Power is a natural fit for Ameren. Illinois Power’s adjoining service territories and core energy business fits nicely into Ameren’s existing businesses,” added Rainwater. “Importantly, we expect Illinois Power will be accretive to earnings in the first two years of ownership by a total of 9 to 13 cents per share, up from our original estimate of 5 to 10 cents per share. By completing this acquisition in only eight months, we have positioned ourselves very well to integrate Illinois Power into Ameren and quickly begin realizing synergies.”
 
Ameren also announced today that its 2005 earnings are expected to range between $2.90 and $3.10 per share, compared to earnings of $2.84 per share in 2004. Ameren’s guidance assumes normal weather and is subject to, among other things, plant operations, energy market and economic conditions, unusual or otherwise unexpected gains or losses and other risks and uncertainties outlined in Ameren’s Forward-looking Statements.
 
“We expect 2005 earnings per share to rise above the 2004 level,“ stated Warner L. Baxter, Executive Vice President and Chief Financial Officer. “Our 2005 earnings are expected to increase due to continued solid organic growth in our service territories, coupled with a return to more normal weather. In addition, we expect 2005 earnings per share to increase due to the Illinois Power acquisition as we will realize a full year of Illinois Power’s earnings and will eliminate the dilution associated with the prefunding of the Illinois Power acquisition.
 
“These benefits will be offset, in part, by higher employee benefit and depreciation expenses in 2005. In addition, we expect to realize lower margins from interchange sales due to reduced levels of low-cost excess generation being available for sale. We anticipate greater levels of low cost, coal-fired generation being needed to serve our native load customers due to demand growth and an expected return to more normal weather conditions, as well as due to a planned 70 to 75-day refueling and maintenance outage at our Callaway nuclear plant in the fall of 2005. Also, earnings per share in 2005 will be reduced by the issuance of additional common stock under our DRPlus and employee benefit plans and under our outstanding adjustable conversion-rate equity security units.”
 
Ameren will conduct a conference call for financial analysts at 9:00 a.m. (Central Time) on Tuesday, Feb. 8, 2005, to discuss 2004 earnings, 2005 guidance and other matters related to the company. Investors, the news media and the public may listen to a live Internet broadcast of the Ameren analyst call at www.ameren.com by clicking on "Q4 2004 Ameren Corporation Earnings Conference Call," then the appropriate audio link. A slide presentation is also available on Ameren’s Web site that reconciles earnings per share between 2004 and 2003 and
 
- more -
 

 
     

 

Add Three
 
reconciles 2005 earnings guidance to 2004 actual earnings. This presentation will be posted in the Investors section of the site under presentations and is provided in a .pdf format. The analyst call will also be available for replay on the Internet for one year. Telephone playback of the conference call will also be available beginning at 12:00 p.m. (Central Time), from Feb. 8 through Feb. 15, by dialing, U.S. (888) 203-1112; international (719) 457-0820, and entering the number: 360884.
 
With assets of more than $17 billion, Ameren serves approximately 2.3 million electric customers and more than 900,000 natural gas customers in a 64,000 square mile area of Missouri and Illinois. Ameren owns a diverse mix of electric generating plants strategically located in its Midwest market with a generating capacity of more than 14,800 megawatts.
 
Regulation G

In addition to presenting results of operations and earnings amounts in total, Ameren has presented certain information in this news release on a per share basis, as well as adjusted (non-GAAP) net income. These per share amounts, as well as the deductions from net income to arrive at adjusted (non-GAAP) net income, reflect certain factors that directly impact Ameren’s total earnings. Ameren believes this per share information and the adjusted (non-GAAP) net income figure are useful because they enable readers to better understand the impact of these factors on Ameren’s earnings. 

Forward-looking Statements

Statements made in this release, which are not based on historical facts, are "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such "forward-looking" statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, strategies, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed elsewhere in this release and in past and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such "forward-looking" statements:

·   regulatory actions, including changes in regulatory policies;
·   changes in laws and other governmental actions, including monetary and fiscal policies;
·   the effects of increased competition in the future due to, among other things, deregulation of certain aspects of our business at both the state and federal levels, and the implementation of deregulation, such as in Illinois when current power supply contracts expire in 2006;
·   the effects of participation in the Midwest Independent System Operator (MISO);
·   the availability of fuel for the production of electricity, such as coal and natural gas, and purchased power and natural gas for distribution, and the level and volatility of future market prices for such commodities, including the ability to recover any increased costs;
·   the use of financial and derivative instruments;
·   prices for power in the Midwest;
·   business and economic conditions, including their impact on interest rates;
·   disruptions of the capital markets or other events making Ameren’s access to necessary capital more difficult or costly;
·   the impact of the adoption of new accounting standards and the application of appropriate technical accounting rules and guidance;
 

 
     

 

·   actions of ratings agencies and the effects of such actions;
·   weather conditions;
·   generation plant construction, installation and performance;
·   operation of nuclear power facilities, including planned and unplanned outages, and decommissioning costs;
·   the effects of strategic initiatives, including acquisitions and divestitures;
·   the impact of current environmental regulations on utilities and generating companies and the expectation that more stringent requirements will be introduced over time, which could potentially have a negative financial effect;
·   future wages and employee benefits costs, including changes in returns on benefit plan assets;
·   difficulties in integrating Illinois Power with Ameren’s other businesses;
·   changes in the energy markets, environmental laws or regulations, interest rates or other factors adversely impacting assumptions in connection with the CILCORP Inc. and Illinois Power acquisitions;
·   cost and availability of transmission capacity for the energy generated by Ameren’s generating facilities or required to satisfy energy sales made by Ameren; and
·   legal and administrative proceedings.

Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
 
# # #
 

 
     

 

     
AMEREN CORPORATION (AEE)
 
CONSOLIDATED BALANCE SHEET
 
(Unaudited, in millions)
 
           
   
December 31,
 
December 31,
 
   
2004
 
2003
 
           
ASSETS
         
Current Assets:
             
Cash and cash equivalents
 
$
69
 
$
111
 
Accounts receivable - trade
   
442
   
326
 
Unbilled revenue
   
336
   
221
 
Miscellaneous accounts and notes receivable
   
38
   
126
 
Materials and supplies, at average cost
   
623
   
487
 
Other current assets
   
74
   
46
 
Total current assets
   
1,582
   
1,317
 
Property and Plant, Net
   
13,297
   
10,920
 
Investments and Other Non-Current Assets:
             
Investments in leveraged leases
   
140
   
152
 
Nuclear decommissioning trust fund
   
235
   
212
 
Goodwill and other intangibles, net
   
940
   
574
 
Other assets
   
411
   
332
 
Total investments and other assets
   
1,726
   
1,270
 
Regulatory Assets
   
829
   
729
 
               
TOTAL ASSETS
 
$
17,434
 
$
14,236
 
               
LIABILITIES AND STOCKHOLDERS' EQUITY
             
Current Liabilities:
             
Current maturities of long-term debt
 
$
423
 
$
498
 
Short-term debt
   
417
   
161
 
Accounts and wages payable
   
567
   
480
 
Taxes accrued
   
26
   
103
 
Other current liabilities
   
374
   
215
 
Total current liabilities
   
1,807
   
1,457
 
Long-term Debt, Net
   
5,021
   
4,070
 
Preferred Stock Subject to Mandatory Redemption
   
20
   
21
 
Deferred Credits and Other Non-Current Liabilities:
             
Accumulated deferred income taxes, net
   
1,886
   
1,853
 
Accumulated deferred investment tax credits
   
139
   
151
 
Regulatory liabilities
   
1,042
   
824
 
Asset retirement obligations
   
439
   
413
 
Accrued pension and other post-retirement benefits
   
756
   
699
 
Other deferred credits and liabilities
   
315
   
190
 
Total deferred credits and other liabilities
   
4,577
   
4,130
 
Preferred Stock Not Subject to Mandatory Redemption
   
195
   
182
 
Minority Interest in Consolidated Subsidiaries
   
14
   
22
 
Stockholders' Equity:
             
Common stock
   
2
   
2
 
Other paid-in capital, principally premium on common stock
   
3,949
   
2,552
 
Retained earnings
   
1,904
   
1,853
 
Accumulated other comprehensive income (loss)
   
(45
)
 
(44
)
Other
   
(10
)
 
(9
)
Total stockholders' equity
   
5,800
   
4,354
 
               
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
17,434
 
$
14,236
 
               
               

 
     

 


AMEREN CORPORATION (AEE)
 
CONSOLIDATED STATEMENT OF INCOME
 
(Unaudited, in millions, except per share amounts)
 
                   
                   
                   
   
Three Months Ended
 
Twelve Months Ended
 
   
December 31,
 
December 31,
 
   
2004
 
2003
 
2004
 
2003
 
                   
Operating Revenues:
                         
Electric
 
$
1,106
 
$
851
 
$
4,288
 
$
3,952
 
Gas
   
368
   
198
   
866
   
648
 
Other
   
1
   
2
   
6
   
8
 
Total operating revenues
   
1,475
   
1,051
   
5,160
   
4,608
 
                           
Operating Expenses:
                         
Fuel and purchased power
   
388
   
256
   
1,278
   
1,070
 
Gas purchased for resale
   
263
   
141
   
598
   
457
 
Other operations and maintenance
   
381
   
323
   
1,337
   
1,224
 
Coal contract settlement
   
-
   
-
   
-
   
(51
)
Depreciation and amortization
   
159
   
131
   
557
   
519
 
Taxes other than income taxes
   
81
   
61
   
312
   
299
 
Total operating expenses
   
1,272
   
912
   
4,082
   
3,518
 
Operating Income
   
203
   
139
   
1,078
   
1,090
 
                           
Other Income and (Deductions):
                         
Miscellaneous income
   
12
   
11
   
32
   
27
 
Miscellaneous expense
   
(3
)
 
(8
)
 
(9
)
 
(22
)
Total other income and (deductions)
   
9
   
3
   
23
   
5
 
                           
Interest Charges and Preferred Dividends:
                         
Interest
   
86
   
73
   
278
   
277
 
Preferred dividends of subsidiaries
   
3
   
3
   
11
   
11
 
Net interest charges and preferred dividends
   
89
   
76
   
289
   
288
 
                           
Income Before Income Taxes and Cumulative Effect of Change in Accounting Principle
   
123
   
66
   
812
   
807
 
                           
Income Taxes
   
40
   
28
   
282
   
301
 
                           
Income Before Cumulative Effect of Change in Accounting Principle
   
83
   
38
   
530
   
506
 
                           
Cumulative Effect of Change in Accounting Principle, Net of Income Taxes
   
-
   
-
   
-
   
18
 
                           
Net Income
 
$
83
 
$
38
 
$
530
 
$
524
 
                           
Earnings per Common Share - Basic and Diluted:
                         
Income before cumulative effect of change in accounting
principle
 
$
0.42
 
$
0.24
 
$
2.84
 
$
3.14
 
Cumulative effect of change in accounting principle, net of
income taxes
   
-
   
-
   
-
   
0.11
 
Earnings per Common Share - Basic and Diluted:
 
$
0.42
 
$
0.24
 
$
2.84
 
$
3.25
 
                           
                           
Average Common Shares Outstanding
   
194.8
   
162.4
   
186.4
   
161.1
 
                           
                           

 
     

 

AMEREN CORPORATION (AEE)
 
CONSOLIDATED STATEMENT OF CASH FLOWS
 
(Unaudited, in millions)
 
           
           
   
Twelve Months Ended
 
   
December 31,
 
   
2004
 
2003
 
           
Cash Flows From Operating Activities:
             
Net income
 
$
530
 
$
524
 
Adjustments to reconcile net income to net cash
             
provided by operating activities:
             
Cumulative effect of change in accounting principle
   
-
   
(18
)
Depreciation and amortization
   
557
   
519
 
Amortization of nuclear fuel
   
31
   
33
 
Amortization of debt issuance costs and premium/discounts
   
13
   
10
 
Deferred income taxes, net
   
351
   
12
 
Deferred investment tax credits, net
   
(12
)
 
(11
)
Coal contract settlement
   
36
   
(36
)
Voluntary retirement and other restructuring charges
   
-
   
(5
)
Pension contribution
   
(295
)
 
(25
)
Other
   
28
   
5
 
Changes in assets and liabilities, excluding the effects of the acquisitions:
             
Receivables, net
   
(18
)
 
6
 
Materials and supplies
   
(25
)
 
(47
)
Accounts and wages payable
   
29
   
(16
)
Taxes accrued
   
(67
)
 
39
 
Assets, other
   
(62
)
 
(15
)
Liabilities, other
   
33
   
47
 
Net cash provided by operating activities
   
1,129
   
1,022
 
               
               
Cash Flows From Investing Activities:
             
Construction expenditures
   
(806
)
 
(682
)
Acquisitions, net of cash acquired
   
(443
)
 
(479
)
Nuclear fuel expenditures
   
(42
)
 
(23
)
Other
   
25
   
3
 
Net cash used in investing activities
   
(1,266
)
 
(1,181
)
               
               
Cash Flows From Financing Activities:
             
Dividends on common stock
   
(479
)
 
(410
)
Capital issuance costs
   
(40
)
 
(14
)
Redemptions, Repurchases and Maturities:
             
Nuclear fuel lease
   
(67
)
 
(46
)
Short-term debt
   
-
   
(110
)
Long-term debt
   
(1,465
)
 
(815
)
Preferred stock
   
(1
)
 
(31
)
Issuances:
             
Common stock
   
1,441
   
361
 
Short-term debt
   
256
   
-
 
Long-term debt
   
458
   
698
 
Other
   
(8
)
 
9
 
Net cash provided by (used in) financing activities
   
95
   
(358
)
               
Net Change In Cash and Cash Equivalents
   
(42
)
 
(517
)
Cash and Cash Equivalents at Beginning of Year
   
111
   
628
 
               
Cash and Cash Equivalents at End of Period
 
$
69
 
$
111
 
               

 
     



AMEREN CORPORATION (AEE)
 
CONSOLIDATED OPERATING STATISTICS
 
                   
   
Three Months Ended
 
Twelve Months Ended
 
   
December 31,
 
December 31,
 
   
2004
 
2003
 
2004
 
2003
 
Electric Sales - KWH (in millions):
                         
Residential
   
5,192
   
3,967
   
19,121
   
17,673
 
Commercial
   
5,812
   
4,754
   
20,863
   
19,248
 
Industrial
   
5,598
   
4,405
   
18,814
   
17,259
 
Wholesale
   
2,245
   
2,099
   
9,388
   
8,770
 
Other
   
185
   
84
   
421
   
308
 
Native
   
19,032
   
15,309
   
68,607
   
63,258
 
Interchange sales
 
 
3,782
 
 
2,702
 
 
10,840
 
 
9,268
 
EEI (outside sales)
 
 
443
 
 
1,182
 
 
4,118
 
 
5,255
 
Total
   
23,257
   
19,193
   
83,565
   
77,781
 
                           
Electric Revenues - (in millions):
                         
Residential
 
$
317
 
$
240
 
$
1,323
 
$
1,247
 
Commercial
   
314
   
244
   
1,239
   
1,152
 
Industrial
   
214
   
169
   
774
   
710
 
Wholesale
   
79
   
68
   
335
   
295
 
Other
   
13
   
6
   
33
   
26
 
Native
   
937
   
727
   
3,704
   
3,430
 
Interchange sales
   
129
   
74
   
366
   
295
 
EEI (outside sales)
   
10
   
23
   
97
   
134
 
Other
   
30
   
28
   
121
   
93
 
Total
   
1,106
   
852
   
4,288
   
3,952
 
                           
Power Supply (%):
                         
Fossil
   
68.1
   
78.3
   
77.4
   
77.5
 
Nuclear
   
10.7
   
12.2
   
9.0
   
11.9
 
Hydro
   
1.7
   
0.8
   
1.6
   
0.9
 
Purchased
   
19.5
   
8.7
   
12.0
   
9.7
 
                           
Fuel Cost per KWH (cents)
   
1.073
   
1.074
   
1.096
   
1.079
 
Gas Sales - MMBTU (in thousands)
   
33,970
   
21,695
   
87,787
   
72,440
 
                           
                December 31,     
December 31,
 
                 
2004
   
2003
 
Common Stock:
                         
Shares outstanding (in millions)
               
195.2
   
162.9
 
Book value per share
             
$
29.82
 
$
26.73
 
                           
Capitalization Ratios:
                         
Common equity
               
49.2
%
 
47.5
%
Preferred stock
 
 
 
 
 
 
 
 
1.6
%
 
2.0
%
Debt, net of cash
               
49.2
%
 
50.5
%
                           
EX-99.2 3 ex99_2.htm EXHIBIT 99.2 Exhibit 99.2

 
     
 
Exhibit 99.2
     
AMEREN CORPORATION (AEE)
 
CONSOLIDATED BALANCE SHEET
 
(Unaudited, in millions)
 
           
   
December 31,
 
December 31,
 
   
2004
 
2003
 
           
ASSETS
         
Current Assets:
             
Cash and cash equivalents
 
$
69
 
$
111
 
Accounts receivable - trade
   
442
   
326
 
Unbilled revenue
   
336
   
221
 
Miscellaneous accounts and notes receivable
   
38
   
126
 
Materials and supplies, at average cost
   
623
   
487
 
Other current assets
   
74
   
46
 
Total current assets
   
1,582
   
1,317
 
Property and Plant, Net
   
13,297
   
10,920
 
Investments and Other Non-Current Assets:
             
Investments in leveraged leases
   
140
   
152
 
Nuclear decommissioning trust fund
   
235
   
212
 
Goodwill and other intangibles, net
   
940
   
574
 
Other assets
   
411
   
332
 
Total investments and other assets
   
1,726
   
1,270
 
Regulatory Assets
   
829
   
729
 
               
TOTAL ASSETS
 
$
17,434
 
$
14,236
 
               
LIABILITIES AND STOCKHOLDERS' EQUITY
             
Current Liabilities:
             
Current maturities of long-term debt
 
$
423
 
$
498
 
Short-term debt
   
417
   
161
 
Accounts and wages payable
   
567
   
480
 
Taxes accrued
   
26
   
103
 
Other current liabilities
   
374
   
215
 
Total current liabilities
   
1,807
   
1,457
 
Long-term Debt, Net
   
5,021
   
4,070
 
Preferred Stock Subject to Mandatory Redemption
   
20
   
21
 
Deferred Credits and Other Non-Current Liabilities:
             
Accumulated deferred income taxes, net
   
1,886
   
1,853
 
Accumulated deferred investment tax credits
   
139
   
151
 
Regulatory liabilities
   
1,042
   
824
 
Asset retirement obligations
   
439
   
413
 
Accrued pension and other post-retirement benefits
   
756
   
699
 
Other deferred credits and liabilities
   
315
   
190
 
Total deferred credits and other liabilities
   
4,577
   
4,130
 
Preferred Stock Not Subject to Mandatory Redemption
   
195
   
182
 
Minority Interest in Consolidated Subsidiaries
   
14
   
22
 
Stockholders' Equity:
             
Common stock
   
2
   
2
 
Other paid-in capital, principally premium on common stock
   
3,949
   
2,552
 
Retained earnings
   
1,904
   
1,853
 
Accumulated other comprehensive income (loss)
   
(45
)
 
(44
)
Other
   
(10
)
 
(9
)
Total stockholders' equity
   
5,800
   
4,354
 
               
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
17,434
 
$
14,236
 
               
               

 
     

 


AMEREN CORPORATION (AEE)
 
CONSOLIDATED STATEMENT OF INCOME
 
(Unaudited, in millions, except per share amounts)
 
                   
                   
                   
   
Three Months Ended
 
Twelve Months Ended
 
   
December 31,
 
December 31,
 
   
2004
 
2003
 
2004
 
2003
 
                   
Operating Revenues:
                         
Electric
 
$
1,106
 
$
851
 
$
4,288
 
$
3,952
 
Gas
   
368
   
198
   
866
   
648
 
Other
   
1
   
2
   
6
   
8
 
Total operating revenues
   
1,475
   
1,051
   
5,160
   
4,608
 
                           
Operating Expenses:
                         
Fuel and purchased power
   
388
   
256
   
1,278
   
1,070
 
Gas purchased for resale
   
263
   
141
   
598
   
457
 
Other operations and maintenance
   
381
   
323
   
1,337
   
1,224
 
Coal contract settlement
   
-
   
-
   
-
   
(51
)
Depreciation and amortization
   
159
   
131
   
557
   
519
 
Taxes other than income taxes
   
81
   
61
   
312
   
299
 
Total operating expenses
   
1,272
   
912
   
4,082
   
3,518
 
Operating Income
   
203
   
139
   
1,078
   
1,090
 
                           
Other Income and (Deductions):
                         
Miscellaneous income
   
12
   
11
   
32
   
27
 
Miscellaneous expense
   
(3
)
 
(8
)
 
(9
)
 
(22
)
Total other income and (deductions)
   
9
   
3
   
23
   
5
 
                           
Interest Charges and Preferred Dividends:
                         
Interest
   
86
   
73
   
278
   
277
 
Preferred dividends of subsidiaries
   
3
   
3
   
11
   
11
 
Net interest charges and preferred dividends
   
89
   
76
   
289
   
288
 
                           
Income Before Income Taxes and Cumulative Effect of Change in Accounting Principle
   
123
   
66
   
812
   
807
 
                           
Income Taxes
   
40
   
28
   
282
   
301
 
                           
Income Before Cumulative Effect of Change in Accounting Principle
   
83
   
38
   
530
   
506
 
                           
Cumulative Effect of Change in Accounting Principle, Net of Income Taxes
   
-
   
-
   
-
   
18
 
                           
Net Income
 
$
83
 
$
38
 
$
530
 
$
524
 
                           
Earnings per Common Share - Basic and Diluted:
                         
Income before cumulative effect of change in accounting
principle
 
$
0.42
 
$
0.24
 
$
2.84
 
$
3.14
 
Cumulative effect of change in accounting principle, net of
income taxes
   
-
   
-
   
-
   
0.11
 
Earnings per Common Share - Basic and Diluted:
 
$
0.42
 
$
0.24
 
$
2.84
 
$
3.25
 
                           
                           
Average Common Shares Outstanding
   
194.8
   
162.4
   
186.4
   
161.1
 
                           
                           

 
     

 

AMEREN CORPORATION (AEE)
 
CONSOLIDATED STATEMENT OF CASH FLOWS
 
(Unaudited, in millions)
 
           
           
   
Twelve Months Ended
 
   
December 31,
 
   
2004
 
2003
 
           
Cash Flows From Operating Activities:
             
Net income
 
$
530
 
$
524
 
Adjustments to reconcile net income to net cash
             
provided by operating activities:
             
Cumulative effect of change in accounting principle
   
-
   
(18
)
Depreciation and amortization
   
557
   
519
 
Amortization of nuclear fuel
   
31
   
33
 
Amortization of debt issuance costs and premium/discounts
   
13
   
10
 
Deferred income taxes, net
   
351
   
12
 
Deferred investment tax credits, net
   
(12
)
 
(11
)
Coal contract settlement
   
36
   
(36
)
Voluntary retirement and other restructuring charges
   
-
   
(5
)
Pension contribution
   
(295
)
 
(25
)
Other
   
28
   
5
 
Changes in assets and liabilities, excluding the effects of the acquisitions:
             
Receivables, net
   
(18
)
 
6
 
Materials and supplies
   
(25
)
 
(47
)
Accounts and wages payable
   
29
   
(16
)
Taxes accrued
   
(67
)
 
39
 
Assets, other
   
(62
)
 
(15
)
Liabilities, other
   
33
   
47
 
Net cash provided by operating activities
   
1,129
   
1,022
 
               
               
Cash Flows From Investing Activities:
             
Construction expenditures
   
(806
)
 
(682
)
Acquisitions, net of cash acquired
   
(443
)
 
(479
)
Nuclear fuel expenditures
   
(42
)
 
(23
)
Other
   
25
   
3
 
Net cash used in investing activities
   
(1,266
)
 
(1,181
)
               
               
Cash Flows From Financing Activities:
             
Dividends on common stock
   
(479
)
 
(410
)
Capital issuance costs
   
(40
)
 
(14
)
Redemptions, Repurchases and Maturities:
             
Nuclear fuel lease
   
(67
)
 
(46
)
Short-term debt
   
-
   
(110
)
Long-term debt
   
(1,465
)
 
(815
)
Preferred stock
   
(1
)
 
(31
)
Issuances:
             
Common stock
   
1,441
   
361
 
Short-term debt
   
256
   
-
 
Long-term debt
   
458
   
698
 
Other
   
(8
)
 
9
 
Net cash provided by (used in) financing activities
   
95
   
(358
)
               
Net Change In Cash and Cash Equivalents
   
(42
)
 
(517
)
Cash and Cash Equivalents at Beginning of Year
   
111
   
628
 
               
Cash and Cash Equivalents at End of Period
 
$
69
 
$
111
 
               

 
     


-----END PRIVACY-ENHANCED MESSAGE-----