-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, YEF13mnEGSvQoV0OAU1aK1kaJpkx53ecnWvFUGMNVfZryb9YL6DzRd+EHMmUhbe+ SOOjdP5gU/xiDeuGOBCnCg== 0000950131-94-001703.txt : 19941111 0000950131-94-001703.hdr.sgml : 19941111 ACCESSION NUMBER: 0000950131-94-001703 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19940930 FILED AS OF DATE: 19941110 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNION ELECTRIC CO CENTRAL INDEX KEY: 0000100826 STANDARD INDUSTRIAL CLASSIFICATION: 4911 IRS NUMBER: 430559760 STATE OF INCORPORATION: MO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-02967 FILM NUMBER: 94558527 BUSINESS ADDRESS: STREET 1: P O BOX 149 CITY: ST LOUIS STATE: MO ZIP: 63166 BUSINESS PHONE: 3146213222 MAIL ADDRESS: STREET 1: P O BOX 149 CITY: ST LOUIS STATE: MO ZIP: 63166 10-Q 1 FORM 10-Q - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarterly Period Ended September 30, 1994 ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Transition Period From to Commission file number 1-2967. UNION ELECTRIC COMPANY (Exact name of registrant as specified in its charter) Missouri 43-0559760 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) 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 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No . ------- ------- Shares outstanding of each of registrant's classes of common stock as of October 31, 1994: Common Stock, $5 par value - 102,123,834 (excl. 42,990 treasury shares) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- UNION ELECTRIC COMPANY ---------------------- INDEX -----
Page No. Part I Financial Information (Unaudited) Balance Sheet -- September 30, 1994 and December 31, 1993 2 Statement of Income -- Three Months, Nine Months and Twelve Months Ended September 30, 1994 and 1993 3 Statement of Cash Flows -- Nine Months Ended September 30, 1994 and 1993 4 Notes to Financial Statements 5 Management's Discussion and Analysis 6 thru 8 Part II Other Information
Page 2
UNION ELECTRIC COMPANY ---------------------- BALANCE SHEET ------------- (UNAUDITED) ----------- (Thousands of Dollars) ASSETS - ------ September 30, December 31, 1994 1993 ------------- ------------ Utility properties, at original cost: Electric $8,143,482 $7,916,493 Gas 158,073 149,167 Other 32,954 32,954 ---------- ---------- 8,334,509 8,098,614 Less accumulated depreciation and amortization 3,247,747 3,078,989 ---------- ---------- 5,086,762 5,019,625 Construction work in progress: Nuclear fuel in process 113,983 101,265 Other 110,836 142,656 ---------- ---------- Total net utility properties 5,311,581 5,263,546 Other property and investments: Other property 1,665 1,410 Decommissioning trust fund 52,446 44,420 Other investments 17,942 18,654 ---------- ---------- Total other property and investments 72,053 64,484 Regulatory asset - deferred income taxes 735,662 762,331 Deferred charges: Unamortized debt expense 50,670 53,451 Other 7,262 9,898 --------- ---------- Total deferred charges 57,932 63,349 Current assets: Cash 2,582 1,297 Temporary cash investments 140,578 - Accounts receivable - trade less allowance for doubtful accounts of $6,697 and $6,194, at respective dates) 230,097 178,559 Unbilled revenue 65,348 79,957 Other accounts and notes receivable 16,675 18,319 Materials and supplies, at average cost - Fossil fuel 60,595 53,123 Construction and maintenance 95,136 87,450 Environmental bond fund 5,897 17,026 Other 7,410 6,129 ---------- ---------- Total current assets 624,318 441,860 ---------- ---------- Total Assets $6,801,546 $6,595,570 ========== ========== CAPITAL AND LIABILITIES - ----------------------- September 30, December 31, 1994 1993 ------------- ------------ Capitalization: Common stock, $5 par value, authorized 150,000,000 shares; outstanding 102,123,834 shares (excluding 42,990 shares at par value in treasury) $ 510,619 $ 510,619 Other paid-in capital 717,669 717,669 Retained earnings 1,087,711 977,880 ---------- ---------- Total common stockholders' equity 2,315,999 2,206,168 Preferred stock not subject to mandatory redemption 218,497 218,497 Preferred stock subject to mandatory redemption 650 676 Capital lease obligation 84,359 68,568 Long-term debt 1,745,585 1,708,585 Unamortized discount and premium on debt (10,273) (10,498) ---------- ---------- Long-term debt, net 1,735,312 1,698,087 ---------- ---------- Total capitalization 4,354,817 4,191,996 Accumulated deferred income taxes 1,358,772 1,360,159 Accumulated deferred investment tax credits 174,247 178,887 Regulatory liability 232,248 266,399 Accumulated provision for nuclear decommissioning 54,119 46,093 Other deferred credits and liabilities 120,908 92,227 Current and accrued liabilities: Current maturity of preferred stock 26 26 Current maturity of capital lease obligation 29,963 30,539 Current maturity of long-term debt 38,000 - Accounts payable 71,190 153,474 Wages payable 33,017 37,326 Bank loans - 59,600 Income taxes accrued 91,458 25,147 Accumulated deferred income taxes 28,702 28,871 Other taxes accrued 84,542 17,578 Interest accrued 63,910 41,252 Dividends declared 3,301 3,301 Other 62,326 62,695 ---------- ---------- Total current and accrued liabilities 506,435 459,809 ---------- ---------- Total Capital and Liabilities $6,801,546 $6,595,570 ========== ==========
Page 3 UNION ELECTRIC COMPANY ---------------------- STATEMENT OF INCOME ------------------- (UNAUDITED) (Thousands of Dollars Except Shares and Per Share Amounts)
Three Months Ended Nine Months Ended Twelve Months Ended September 30, September 30, September 30, ------------------- ----------------------- ----------------------- 1994 1993 1994 1993 1994 1993 -------- -------- ---------- ---------- ---------- ---------- Operating revenues (*): Electric $667,274 $688,649 $1,586,088 $1,580,473 $1,971,594 $1,978,463 Gas 9,899 611 62,653 73,707 88,498 102,055 Other 67 70 343 325 491 438 -------- -------- ---------- ---------- ---------- ---------- Total operating revenues 677,240 689,330 1,649,084 1,654,505 2,060,583 2,080,956 Operating expenses: Operations Fuel and purchased power 96,027 130,586 256,906 317,114 352,847 415,197 Other 100,272 103,107 326,144 328,485 443,193 432,792 -------- -------- ---------- ---------- ---------- ---------- 196,299 233,693 583,050 645,599 796,040 847,989 Maintenance 49,598 46,141 140,105 127,928 202,275 174,307 Depreciation and nuclear decommissioning 56,762 55,044 168,135 163,830 223,938 218,244 Amortization of phase-in plans deferred costs - - - - - 7,774 Income taxes 106,067 102,135 194,065 176,446 197,094 190,323 Other taxes (*) 63,041 63,804 165,299 161,842 210,369 211,551 -------- -------- ---------- ---------- ---------- ---------- Total operating expenses 471,767 500,817 1,250,654 1,275,645 1,629,716 1,650,188 -------- -------- ---------- ---------- ---------- ---------- Operating income 205,473 188,513 398,430 378,860 430,867 430,768 Other income and deductions: Allowance for equity funds used during construction 1,204 1,912 4,340 4,790 5,968 6,200 Miscellaneous, net 160 867 3,259 2,606 4,573 17,057 -------- -------- ---------- ---------- ---------- ---------- Total other income and deductions, net 1,364 2,779 7,599 7,396 10,541 23,257 -------- -------- ---------- ---------- ---------- ---------- Income before interest charges 206,837 191,292 406,029 386,256 441,408 454,025 Interest charges: Interest (**) 41,673 31,491 107,774 98,015 139,360 130,108 Allowance for borrowed funds used during construction (1,311) (1,487) (3,838) (4,097) (4,867) (5,310) -------- -------- ---------- ---------- ---------- ---------- Net interest charges 40,362 30,004 103,936 93,918 134,493 124,798 -------- -------- ---------- ---------- ---------- ---------- Net income 166,475 161,288 302,093 292,338 306,915 329,227 Preferred stock dividends 3,312 3,647 9,939 10,773 13,252 14,288 -------- -------- ---------- ---------- ---------- ---------- Earnings on common stock $163,163 $157,641 $ 292,154 $ 281,565 $ 293,663 $ 314,939 ======== ======== ========== ========== ========== ========== Earnings per share of common stock (based on average shares outstanding) $ 1.60 $ 1.54 $ 2.86 $ 2.76 $ 2.88 $ 3.08 ======== ======== ========== ========== ========== ========== Dividends per share of common stock $ 0.595 $ 0.58 $ 1.785 $ 1.74 $ 2.38 $ 2.32 ======== ======== ========== ========== ========== ========== Average number of common shares outstanding (in thousands) 102,124 102,124 102,124 102,124 102,124 102,124 ======== ======== ========== ========== ========== ==========
(*) Includes license and franchise taxes of $32,968,000 and $34,633,000, respectively, for the three-month periods; $78,456,000 and $78,936,000, respectively, for the nine-month periods; and $97,311,000 and $98,588,000, respectively, for the twelve-month periods ended September 30, 1994 and 1993. (**) Includes annual interest charges on all bonds of $109,639,000 and $105,497,000, respectively, for the twelve-month periods ended September 30, 1994 and 1993. Page 4 UNION ELECTRIC COMPANY STATEMENT OF CASH FLOWS (UNAUDITED) (Thousands of Dollars)
Nine Months Ended September 30, ---------------------- 1994 1993 --------- ---------- Cash Flows From Operating: Net income $ 302,093 $ 292,338 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 161,149 156,864 Amortization of nuclear fuel 32,932 41,628 Allowance for funds used during construction (8,178) (8,887) Postretirement benefit accrual 19,633 24,411 Deferred income taxes, net (9,038) 39,620 Deferred investment tax credits, net (4,640) (5,882) Changes in assets and liabilities: Receivables, net (35,285) (88,790) Materials and supplies (15,158) 50,330 Accounts and wages payable (86,593) (63,200) Taxes accrued 133,275 121,560 Interest and dividends accrued or declared 22,658 10,071 Other, net 15,969 (17,026) --------- --------- Net cash provided by operating activities 528,817 553,037 Cash Flows From Investing: Construction expenditures (232,095) (188,551) Allowance for funds used during construction 8,178 8,887 Nuclear fuel expenditures (12,525) (30,904) --------- --------- Net cash used in investing activities (236,442) (210,568) Cash Flows From Financing: Dividends on preferred stock (9,939) (10,773) Dividends on common stock (182,291) (177,696) Environmental bond funds 11,129 47,500 Redemptions - Nuclear fuel lease (22,728) (41,909) Short-term debt (59,600) - Long-term debt (25,000) (630,500) Preferred stock (26) (73,751) Issuances - Nuclear fuel lease 37,943 30,464 Short-term debt - 28,100 Long-term debt 100,000 411,000 Preferred stock - 74,438 --------- --------- Net cash used in financing activities (150,512) (343,127) --------- --------- Net change in cash and cash equivalents 141,863 (658) Cash and cash equivalents at beginning of period 1,297 2,257 --------- --------- Cash and cash equivalents at end of period $ 143,160 $ 1,599 ========= ========= Supplemental disclosure of cash flow information: Cash and cash equivalents include cash on hand and temporary investments purchased with a maturity of three months or less Cash paid during the period: Interest (net of amount capitalized) $ 71,646 $ 76,594 Income taxes 141,390 87,550
Page 5 UNION ELECTRIC COMPANY ---------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) Note 1 - Financial statement note disclosures, normally included in financial statements prepared in conformity with generally accepted accounting principles, have been omitted in this Form 10-Q pursuant to the Rules and Regulations of the Securities and Exchange Commission. However, in the opinion of the registrant, the disclosures contained in this Form 10-Q are adequate to make the information presented not misleading. See Notes to Financial Statements included in the 1993 Annual Report on Form 10-K for information relevant to the financial statements contained in this Form 10-Q, including information as to the significant accounting policies of the registrant. Note 2 - In the opinion of the registrant the interim financial statements filed as part of this Form 10-Q reflect all adjustments, consisting only of normal recurring adjustments, necessary to a fair statement of the results for the periods presented. Registrant's financial statements were prepared to permit the information required in the Financial Data Schedule (FDS), Exhibit 27, to be directly extracted from the filed statements. The FDS amounts correspond to or are calculable from the amounts reported in the financial statements or notes thereto. Note 3 - Due to the effect of weather on sales and other factors which are characteristic of public utility operations, financial results for the periods ended September 30, 1994 and 1993 are not necessarily indicative of trends for any twelve-month period. Note 4 - Electric rates charged to customers provide for recovery of Callaway Plant decommissioning costs over the life of the plant, based on an assumed 40-year life, ending with expiration of the plant's operating license in 2024. The Callaway site is assumed to be decommissioned using the DECON (immediate dismantlement) alternative. Decommissioning costs, including decontamination, dismantling and site restoration, are estimated to be $372 million in current year dollars and are expected to escalate 4.5% per year through the end of decommissioning activity in 2033. Decommissioning costs are charged to depreciation expense over Callaway's service life and amounted to $6.7 million in 1993 and $5.0 million in the first nine months of 1994. Every three years, the Missouri Public Service Commission (MoPSC) requires the registrant to file updated cost studies for decommissioning Callaway and rates may be adjusted at such times to reflect changes in assumptions. The MoPSC has approved the costs currently being collected from customers and deposited in an external trust fund established to provide for Callaway's decommissioning. Fund earnings are expected to average 10.4% thru 2017 and 8.4% thereafter until 2033. If the assumed return on trust assets is not earned, the registrant believes it is probable that such earnings deficiency will be recovered in rates. Trust fund earnings, net of expenses appear on the balance sheet as increases in Nuclear decommissioning trust fund and in the Accumulated provision for nuclear decommissioning. Page 6 UNION ELECTRIC COMPANY ---------------------- MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE RESULTS OF OPERATIONS Third quarter 1994 common stock earnings were $163.2 million, an increase of $5.5 million from the third quarter of 1993. Earnings of $1.60 per share in the third quarter of 1994 were 6 cents higher than in the comparable 1993 period. Common stock earnings for the nine months ended September 30, 1994 were $292.2 million, an increase of $10.6 million from the same period in 1993. Earnings of $2.86 per share during the nine months ended September 30, 1994 were 10 cents higher than in the comparable 1993 period. Common stock earnings for the twelve months ended September 30, 1994 totaled $293.7 million, a $21.3 million decrease from the preceding twelve-month period. Per share earnings of $2.88 during the twelve months ended September 30, 1994 decreased 20 cents from the twelve months ended September 30, 1993. The increased earnings for the three and nine months ended September 30, 1994 over the comparable 1993 periods, are primarily due to lower electric fuel and purchased power costs. Partially offsetting these benefits were increased expenses, higher taxes and greater interest charges. The lower earnings for the twelve months ended September 30, 1994 versus the prior twelve-month period reflects an $18 million net gain on the sale of registrant's Iowa and northern Illinois electric properties in December, 1992, higher income taxes from increased federal and Missouri rates, greater non-fuel operations and maintenance expenses and increased interest expenses, partially offset by lower fuel prices. The higher operations and maintenance expenses result from a Callaway plant nuclear refueling in the Fall of 1993 and accruing postretirement benefits costs beginning in January, 1993. The impact of the more significant items affecting revenues, costs and earnings during the three-month, nine-month and twelve-month periods ended September 30, 1994 and 1993 is detailed below: Electric Operating Revenues - ---------------------------
(Millions of Dollars) Variations for periods ended September 30, 1994 from comparable prior periods ---------------------------------------------------- Three Months Nine Months Twelve Months --------------- ---------------- ---------------- Rate variations.............. $ - $ - $ (8.4) Effect of abnormal weather... (31.6) (23.5) (27.3) Growth and other............. 10.2 29.1 28.8 ------ ------ ------ $(21.4) $ 5.6 $ (6.9) ------ ------ ------
Third quarter 1994 kilowatt-hour sales declined 1 percent from the same quarter of 1993, primarily due to milder weather this summer. Residential sales dropped 9 percent while less weather-sensitive commercial and industrial sales rose 3 percent and 4 percent, respectively. Kilowatt-hour sales for the nine months ended September 30, 1994 were 2 percent higher than the comparable 1993 period. Residential sales declined 2 percent but commercial and industrial sales, reflecting an improving economy, increased 4 percent and 2 percent, respectively. Kilowatt-hour sales during the twelve months ended September 30, 1994 were up 1 percent from the twelve-month period ending September 30, 1993. Residential and industrial sales fell 1 percent and 2 percent, respectively, while commercial sales rose 4 percent. Page 7 UNION ELECTRIC COMPANY ---------------------- MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE RESULTS OF OPERATIONS (Continued) Operating Expenses - -----------------
(Millions of Dollars) Variations for periods ended September 30, 1994 from comparable prior periods ----------------------------------------------- Three Months Nine Months Twelve Months -------------- ----------- ---------------- Fuel: Variation in generation............................. $ 25.3 $ 23.7 $ (.6) Price............................................... (20.4) (51.5) (45.8) Amortization of uranium litigation settlement....... - - (.1) Generation efficiencies............................. (5.3) (8.2) (14.2) Department of Energy assessment..................... .6 1.4 1.8 Net Interchange sales and purchased power variation.. (34.8) (25.6) (3.4) ------ ------ ------ $(34.6) $(60.2) $(62.3) ------ ------ ------
The decreased fuel and purchased power costs during the three-month and nine- month periods ended September 30, 1994 versus the comparable periods in 1993, reflect increased fossil fuel generation, resulting from the absence this year of the flood-interrupted coal deliveries that reduced 1993 generation. The effect of increased generation was offset by lower fuel prices, greater generating efficiencies and reduced net purchased power costs. The decreased fuel costs for the twelve months ended September 30, 1994, versus the twelve months ended September 30, 1993, reflect lower fuel prices, increased generating efficiencies and reduced net purchased power costs. Other operating expense variations reflect recurring conditions such as growth, inflation and wage increases. During the three months ended September 30, 1994, versus the comparable 1993 period, operations expenses, other than fuel and purchased power, decreased $3 million, primarily due to decreased employee welfare costs, reduced audit and regulatory expenses and lower material and equipment expenses. Maintenance expenses during the same period increased $3 million, primarily reflecting increased expenses at our fossil-fueled power plants. During the nine months ended September 30, 1994, versus the comparable 1993 period, operations expenses, other than fuel and purchased power, decreased $2 million, primarily due to lower employee welfare costs and lower material and equipment expenses. Maintenance expenses during the same period were $12 million higher due to increased power plant maintenance and higher tree-trimming costs. For the twelve months ended September 30, 1994, versus the prior twelve-month period, operations expenses, other than fuel and purchased power, increased $10 million, primarily due to a $3 million increase in accruing employee postretirement benefit expenses, a $3 million increase in injuries and damages, a $2 million increase in professional services, a $1 million increase in computer related expenses and a $1 million increase in labor costs. Maintenance expenses during the same period increased $28 million primarily due to the Callaway plant nuclear refueling outage in the Fall of 1993 and increased power plant maintenance. Depreciation expense for the three-month, nine-month and twelve-month periods ended September 30, 1994, versus the comparable 1993 periods increased $2 million, $4 million and $6 million, respectively, primarily due to increases in depreciable property. Elimination of the phase-in credits associated with the registrant's nuclear plant phase-in plan reduced operating expenses by $8 million for the twelve months ended September 30, 1994. Other taxes charged to operating expenses during the three-month and twelve- month periods ended September 30, 1994, versus the comparable prior periods, dropped $1 million in each period, primarily due to decreased gross receipts taxes associated with lower revenues. Other taxes charged to operating expenses for the nine-month period ended September 30, 1994, versus the comparable prior year period, increased $3 million due to higher real estate taxes. Page 8 UNION ELECTRIC COMPANY ---------------------- MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE RESULTS OF OPERATIONS (Continued) Operating Expenses (Continued) - ------------------ Income taxes charged to operating expenses during the three and nine months ended September 30, 1994, versus the comparable prior periods, increased $4 million and $18 million, respectively, primarily due to higher pre-tax income and increased Missouri income tax rates. During the twelve months ended September 30, 1994, versus the twelve months ended September 30, 1993, income taxes increased $7 million primarily due to increased federal and Missouri income tax rates. Other Income and Deductions - --------------------------- Miscellaneous other net income and deductions decreased $12 million for the twelve months ended September 30, 1994, versus the twelve months ended September 30, 1993, reflecting the gain on the sale of the registrant's Iowa and northern Illinois electric distribution properties in December 1992, partially offset by higher other income and lower miscellaneous income deductions. Interest - -------- During the three-month, nine-month, and twelve-month periods ended September 30, 1994, versus the comparable 1993 periods, interest increased $10 million, $10 million and $9 million, respectively, reflecting increased debt outstanding and higher interest rates on variable rate debt. Allowance for Funds Used During Construction (AFC) - -------------------------------------------------- Variations in AFC track variations in construction work in progress and were not significant for the reporting periods. During the twelve-month periods ended September 30, 1994 and 1993, AFC rates averaged 8.8 percent and 7.4 percent, respectively. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION Liquidity and Capital Resources - ------------------------------- As of September 30, 1994 the registrant had temporary cash investments of $140,578,000. PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K -------------------------------- (a) Exhibits. Exhibit 12(a) - Computation of Ratio of Earnings to Fixed Charges, 12 Months Ended September 30, 1994. Exhibit 12(b) - Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividend Requirements, 12 Months Ended September 30, 1994. Exhibit 27 - Financial Data Schedule (b) Reports on Form 8-K. None
SIGNATURES 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. UNION ELECTRIC COMPANY (Registrant) November 10, 1994 By /s/ Donald E. Brandt --------------------------------------- Donald E. Brandt Senior Vice President Finance and Corporate Services EX-12.A 2 EXHIBIT 12A EXHIBIT 12(a) UNION ELECTRIC COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
12 Months Year Ended December 31, Ended ------------------------------------------------------- September 30, 1989 1990 1991 1992 1993 1994 ------- -------- --------- --------- -------- ------ (Thousands of Dollars Except Ratios) Net Income for the Period..... $285,605 $294,219 $321,512 $302,748 $297,160 $306,915 -------- -------- -------- -------- -------- -------- Add: Taxes Based on Income......... 181,793 191,532 218,954 197,009 182,716 197,442 -------- -------- -------- -------- -------- -------- Fixed Charges: Interest on Debt............ 172,288 183,215 163,061 125,798 124,430 133,859 Amortization of Premium and Discount, Less Expense, on Debt; and Bond Defeasance Cost........ 4,283 4,369 4,148 9,521 5,170 5,501 Rentals (See Note).......... 1,040 1,114 1,171 908 1,314 1,381 -------- -------- -------- -------- -------- -------- Total Fixed Charges........ 177,611 188,698 168,380 136,227 130,914 140,741 -------- -------- -------- -------- -------- -------- Earnings Available for Fixed Charges...................... $645,009 $674,449 $708,846 $635,984 $610,790 $645,098 ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges...................... 3.63 3.57 4.21 4.66 4.66 4.58 ======== ======== ======== ======== ======== ========
Note: Represents the interest factor applicable to rentals. EX-12.B 3 EXHIBIT 12B EXHIBIT 12(b) PAGE 1 of 2 UNION ELECTRIC COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS
Year Ended December 31, ------------------------------------------------ 12 Months Ended September 30, 1989 1990 1991 1992 1993 1994 -------- -------- -------- -------- -------- -------- (Thousands of Dollars Except Ratios) Net income for the period................. $285,605 $294,219 $321,512 $302,748 $297,160 $306,915 Add: Taxes based on income................... 181,793 191,532 218,954 197,009 182,716 197,442 Fixed charges (see below)............... 177,611 188,698 168,380 136,227 130,914 140,741 -------- -------- -------- -------- -------- -------- Earnings available for fixed charges and preferred stock dividend requirements of Company......... $645,009 $674,449 $708,846 $635,984 $610,790 $645,098 ======== ======== ======== ======== ======== ======== Fixed charges: Interest on debt........................ $172,288 $183,215 $163,061 $125,798 $124,430 $133,859 Amortization of premium and discount, less expense, on debt; and bond defeasance cost................................... 4,283 4,369 4,148 9,521 5,170 5,501 Rentals (see note)...................... 1,040 1,114 1,171 908 1,314 1,381 -------- -------- -------- -------- -------- -------- Total fixed charges.................... $177,611 $188,698 $168,380 $136,227 $130,914 $140,741 Preferred stock dividend requirements of Company *(Adjusted for income tax effect).............................. 29,994 22,901 22,213 21,852 21,537 20,605 -------- -------- -------- -------- -------- -------- Total fixed charges and preferred stock dividend requirements.............. $207,605 $211,599 $190,593 $158,079 $152,451 $161,346 ======== ======== ======== ======== ======== ======== Ratio of earnings to fixed charges and preferred stock dividends............ 3.11 3.19 3.72 4.02 4.01 4.00 ======== ======== ======== ======== ======== ========
Note: Represents the interest factor applicable to rentals. * See following page for supporting computation. EX-27 4 EXHIBIT 27
UT This schedule contains summary financial information extracted from the Balance Sheet, the Statement of Income and the Statement of Cash Flows and is qualified in its entirety by reference to such financial statements. 1,000 U.S. Dollars 9-MOS DEC-31-1994 JAN-01-1994 SEP-30-1994 1 PER-BOOK 5,311,581 72,053 624,318 57,932 735,662 6,801,546 510,619 717,669 1,087,711 2,315,999 650 218,497 1,735,312 0 0 0 38,000 26 84,359 29,963 2,378,740 6,801,546 1,649,084 194,065 1,056,589 1,250,654 398,430 7,599 406,029 103,936 302,093 9,939 292,154 182,291 109,639 528,817 2.86 2.86
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