ST. LOUIS, Feb. 16, 2017 /PRNewswire/ -- Ameren
Corporation (NYSE: AEE) today announced 2016 net income
attributable to common shareholders in accordance with Generally
Accepted Accounting Principles (GAAP) of $653 million, or $2.68 per diluted share, compared to $630 million, or $2.59 per diluted share, for 2015. The 2015 GAAP
earnings included results from discontinued operations and a loss
provision for discontinuing the pursuit of a construction and
operating license (COL) for a second nuclear unit at Ameren
Missouri's Callaway Energy Center. Excluding these two items,
Ameren recorded 2015 core earnings of $622
million, or $2.56 per diluted
share.
The year-over-year increase in 2016 earnings reflected increased
2016 electric transmission and distribution infrastructure
investments made by Ameren Transmission Company of Illinois (ATXI) and Ameren Illinois under
modern, constructive regulatory frameworks. Earnings in 2016 also
benefited from higher summer 2016 electric sales to residential and
commercial customers driven by warmer temperatures, as well as
higher Illinois natural gas
distribution rates and 2016 tax impacts associated with share-based
compensation. These positive factors were partially offset by lower
electric sales to the New Madrid
aluminum smelter, the unfavorable comparative impact of the 2015
Missouri energy efficiency plan and 2016 nuclear refueling and
maintenance outage expenses at the Callaway Energy Center compared
to no such outage in 2015.
"In 2016, we again delivered solid earnings growth," said
Warner L. Baxter, chairman,
president and chief executive officer of Ameren Corporation. "Our
team continued to successfully execute all elements of our
strategy, including allocating capital to jurisdictions with
modern, constructive regulatory frameworks, enhancing existing
regulatory frameworks in Illinois
and managing costs in a disciplined manner."
Ameren recorded GAAP net income attributable to common
shareholders for the three months ended Dec.
31, 2016, of $32 million, or
13 cents per diluted share, compared
to $29 million, or 12 cents per diluted share, for the same period
in 2015. The GAAP results for the three months ended Dec. 31, 2015, included a $1 million loss from discontinued operations. The
year-over-year increase in fourth quarter 2016 earnings reflected
higher retail electric and gas sales to residential and commercial
customers due to near-normal winter temperatures compared to mild
temperatures in the fourth quarter of 2015. Earnings in 2016 also
reflected increased electric transmission infrastructure
investments made by ATXI and Ameren Illinois, as well as a lower
effective income tax rate. These factors were partially offset by
the unfavorable comparative impact of the 2015 Missouri energy
efficiency plan and lower electric sales to the New Madrid smelter.
As reflected in the table below, the following items were
excluded from core earnings for the year ended Dec. 31, 2015:
- Results from discontinued operations, which increased 2015 GAAP
net income by $51 million, primarily
due to recognition of a tax benefit related to the resolution of an
uncertain tax position.
- A provision for discontinuing pursuit of a COL for a second
nuclear unit at Ameren Missouri's Callaway Energy Center, which
decreased 2015 net income from continuing operations by
$43 million.
A reconciliation of full-year GAAP to core earnings in millions
of dollars and per share, is as follows:
|
Year
Ended
|
|
Dec.
31,
|
|
2016
|
2015
|
GAAP Earnings /
Diluted EPS
|
$
|
653
|
|
$
|
2.68
|
|
$
|
630
|
|
$
|
2.59
|
|
Results from
discontinued operations
|
|
|
|
|
Operating
income before income tax
|
—
|
|
—
|
|
(1)
|
|
(0.01)
|
|
Income tax
benefit
|
—
|
|
—
|
|
(50)
|
|
(0.20)
|
|
Income from
discontinued operations, net of taxes
|
—
|
|
—
|
|
(51)
|
|
(0.21)
|
|
|
|
|
|
|
Provision for
Callaway COL
|
|
|
|
|
Provision
before income tax
|
—
|
|
—
|
|
69
|
|
0.29
|
|
Income tax
benefit
|
—
|
|
—
|
|
(26)
|
|
(0.11)
|
|
Provision, net
of taxes
|
—
|
|
—
|
|
43
|
|
0.18
|
|
Core Earnings /
Diluted EPS
|
$
|
653
|
|
$
|
2.68
|
|
$
|
622
|
|
$
|
2.56
|
|
Earnings Guidance
Ameren expects 2017 diluted earnings per share to be in a range
of $2.65 to $2.85 and continues to
expect diluted earnings per share to grow at a 5% to 8% compound
annual rate from 2016 through 2020, driven by projected rate base
growth and based on the adjusted 2016 earnings per share guidance
midpoint of $2.63 provided in
February 2016. Ameren also expects
projected rate base growth of 6% compounded annually from 2016
through 2021.
"Looking ahead, we plan to continue to deliver solid long-term
earnings per share growth compared to our peers reflecting a robust
pipeline of investments in critical energy infrastructure that will
deliver long-term benefits to our customers and the communities we
serve," Baxter said. "In addition, we will maintain our strong
financial discipline by allocating more capital to those
jurisdictions with modern, constructive frameworks and will
continue to actively engage with policymakers and key stakeholders
to implement energy and economic policies that will deliver
long-term benefits to our customers and shareholders."
Earnings guidance for 2017 assumes normal temperatures and,
along with Ameren's growth expectations, is subject to the effects
of, among other things: 30-year U.S. Treasury bond yields;
regulatory, judicial and legislative actions; energy center and
energy distribution operations; energy, economic, capital and
credit market conditions; severe storms; unusual or otherwise
unexpected gains or losses; and other risks and uncertainties
outlined, or referred to, in the Forward-looking Statements section
of this press release.
Ameren Reportable Segments
Effective with the fourth quarter of 2016, Ameren now has four
reportable segments: Ameren Missouri, Ameren Illinois Electric
Distribution, Ameren Illinois Natural Gas and Ameren Transmission.
The Ameren Missouri segment includes all of the operations of
Ameren Missouri. The Ameren Illinois Electric Distribution segment
consists of the electric distribution business of Ameren Illinois.
The Ameren Illinois Natural Gas segment consists of the natural gas
distribution business of Ameren Illinois. The Ameren Transmission
segment is composed of the electric transmission businesses of
Ameren Illinois and ATXI. The Other category includes all
activities not included in the four reportable segments.
Ameren Missouri Segment Results
Ameren Missouri segment 2016 GAAP and core earnings were
$357 million, compared to 2015 GAAP
and core earnings of $352 million and
$395 million, respectively. GAAP
earnings in 2015 included the provision for the Callaway COL, but
this item was excluded from core earnings. The decrease in
year-over-year core earnings reflected lower electric sales to the
New Madrid smelter, the
unfavorable comparative impact of the 2015 energy efficiency plan,
2016 nuclear refueling and maintenance outage expenses at the
Callaway Energy Center compared to no such outage in 2015, as well
as higher depreciation expense. These unfavorable factors were
partially offset by higher 2016 electric sales to residential and
commercial customers primarily driven by warmer summer
temperatures, as well as lower other operations and maintenance and
financing expenses.
Ameren Illinois Electric Distribution Segment Results
Ameren Illinois Electric Distribution segment 2016 earnings were
$126 million, compared to 2015
earnings of $123 million. The
year-over-year earnings improvement reflected increased
infrastructure investments, as well as higher electric sales driven
by warmer summer temperatures. These positive factors were
partially offset by a reduced allowed return on equity due to lower
30-year U.S. Treasury bond yields and by the absence in 2016 of an
Illinois Commerce Commission (ICC) order approving recovery of
cumulative power usage costs in 2015.
Ameren Illinois Natural Gas Segment Results
Ameren Illinois Natural Gas segment 2016 earnings were
$59 million, compared to 2015
earnings of $37 million. The
year-over-year earnings improvement reflected higher natural gas
distribution rates authorized in a December
2015 ICC order, which incorporated 2016 energy
infrastructure investments and a higher allowed return on
equity.
Ameren Transmission Segment Results
Ameren Transmission segment 2016 earnings were $117 million, compared to 2015 earnings of
$83 million. The year-over-year
earnings improvement reflected increased infrastructure investments
and a higher average allowed return on equity.
Other Results from Continuing Operations
Results for the Other category for 2016 were a loss of
$6 million, compared to a loss of
$16 million for 2015. This reduced
year-over-year loss reflected a decrease in the effective income
tax rate, which was primarily due to the recognition of 2016 tax
benefits of $21 million associated
with share-based compensation. This positive factor was partially
offset by increased parent company interest charges resulting from
the November 2015 issuance of
$700 million of senior notes that
replaced lower-cost, short-term debt.
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at
9 a.m. Central Time on Thursday, Feb. 16, to discuss 2016 earnings,
earnings guidance and growth expectations, and regulatory and other
matters. Investors, the news media and the public may listen to a
live Internet broadcast of the call at Amereninvestors.com by
clicking on the Q4 2016 "Webcast," where an accompanying slide
presentation will also be available. The conference call and
presentation will be archived in the "Investors News and Events"
section of the website under "Events and Presentations."
About Ameren
St. Louis-based Ameren
Corporation powers the quality of life for 2.4 million
electric customers and more than 900,000 natural gas customers in a
64,000-square-mile area through its Ameren Missouri and Ameren
Illinois rate-regulated utility subsidiaries. Ameren Illinois
provides electric and natural gas transmission and distribution
service while Ameren Missouri provides vertically integrated
electric service, with generating capacity of over 10,200
megawatts, and natural gas distribution service. Ameren
Transmission Company of Illinois
develops regional electric transmission projects. Follow the
company on Twitter @AmerenCorp. For more information, visit
Ameren.com.
Use of Non-GAAP Financial Measures
In this release, Ameren has presented core earnings,
which is a non-GAAP measure and may not be comparable to those of
other companies. A reconciliation of GAAP to non-GAAP results has
been included in this release. Generally, core earnings or losses
include earnings or losses attributable to Ameren common
shareholders and exclude income or loss from discontinued
operations and income or loss from significant discrete items that
management does not consider representative of ongoing earnings,
such as the Callaway COL provision. Ameren uses core
earnings internally for financial planning and for analysis of
performance. Ameren also uses core earnings as the
primary performance measurement when communicating with analysts
and investors regarding our earnings results and outlook, as the
company believes that core earnings allow the company to more
accurately compare its ongoing performance across periods. In
providing core earnings guidance, there could be differences
between core earnings and earnings prepared in accordance with GAAP
as a result of our treatment of certain items, such as those
described above. Ameren is unable to estimate the impact,
if any, on future GAAP earnings of such items.
Forward-looking Statements
Statements in this release not based on historical facts are
considered "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 within Risk Factors in Ameren's Annual
Report on Form 10-K for the year ended December 31, 2015, and elsewhere in this release
and in our other filings with the Securities and Exchange
Commission, could cause actual results to differ materially from
management expectations suggested in such forward-looking
statements:
- regulatory, judicial, or legislative actions, including any
federal income tax reform and changes in regulatory policies and
ratemaking determinations, such as those that may result from the
complaint case filed in February 2015
with the Federal Energy Regulatory Commission seeking a reduction
in the allowed base return on common equity under the Midcontinent
Independent System Operator tariff, Ameren Missouri's July 2016 electric rate case filing, and future
regulatory, judicial, or legislative actions that change regulatory
recovery mechanisms;
- the effect of Ameren Illinois' participating in a
performance-based formula ratemaking process under the Illinois
Energy Infrastructure Modernization Act (IEIMA), including the
direct relationship between Ameren Illinois' return on common
equity and 30-year United States Treasury bond yields, and the
related financial commitments required by the IEIMA;
- our ability to align our overall spending, both operating and
capital, with frameworks established by our regulators in our
attempt to earn our allowed return on equity;
- the effects of changes in federal, state, or local laws and
other governmental actions, including monetary, fiscal, and energy
policies;
- the effects of changes in federal, state, or local tax laws,
regulations, interpretations, or rates and any challenges to the
tax positions we have taken;
- the effects on demand for our services resulting from
technological advances, including advances in customer energy
efficiency and private generation sources, which generate
electricity at the site of consumption and are becoming more
cost-competitive;
- the effectiveness of Ameren Missouri's customer energy
efficiency programs and the related revenues and performance
incentives earned under its MEEIA plans;
- the effect of the Illinois Future Energy Jobs Act on Ameren
Illinois, including on the allowed return earned on its customer
energy efficiency investments and its ability to achieve the
electric energy efficiency saving goals established by the Illinois
Future Energy Jobs Act;
- the timing of increasing capital expenditure and operating
expense requirements and our ability to recover these costs in a
timely manner;
- the cost and availability of fuel, such as ultra-low-sulfur
coal, natural gas, and enriched uranium used to produce
electricity; the cost and availability of purchased power and
natural gas for distribution; and the level and volatility of
future market prices for such commodities, including our ability to
recover the costs for such commodities and our customers' tolerance
for the related rate increases;
- disruptions in the delivery of fuel, failure of our fuel
suppliers to provide adequate quantities or quality of fuel, or
lack of adequate inventories of fuel, including ultra-low-sulfur
coal used for Ameren Missouri's compliance with environmental
regulations;
- the effectiveness of our risk management strategies and our use
of financial and derivative instruments;
- the ability to obtain sufficient insurance, including insurance
for Ameren Missouri's Callaway Energy Center, or, in the absence of
insurance, the ability to recover uninsured losses from our
customers;
- business and economic conditions, including their impact on
interest rates, collection of our receivable balances, and demand
for our products;
- suspended operations at the New
Madrid smelter, and the resulting impacts to Ameren
Missouri's ability to recover its revenue requirement in its
July 2016 electric rate case and
future rate cases to accurately reflect the New Madrid smelter's actual sales
volumes;
- disruptions of the capital markets, deterioration in our credit
metrics, or other events that may have an adverse effect on the
cost or availability of capital, including short-term credit and
liquidity;
- the actions of credit rating agencies and the effects of such
actions;
- the impact of adopting new accounting guidance and the
application of appropriate accounting rules and guidance;
- the impact of weather conditions and other natural phenomena on
us and our customers, including the impact of system outages;
- the construction, installation, performance, and cost recovery
of generation, transmission, and distribution assets;
- the effects of breakdowns or failures of equipment in the
operation of natural gas transmission and distribution systems and
storage facilities, such as leaks, explosions and mechanical
problems, and compliance with natural gas safety regulations;
- the effects of our increasing investment in electric
transmission projects, our ability to obtain all of the necessary
approvals to complete the projects, and the uncertainty as to
whether we will achieve our expected returns in a timely
manner;
- operation of Ameren Missouri's Callaway Energy Center,
including planned and unplanned outages, and decommissioning
costs;
- the effects of strategic initiatives, including mergers,
acquisitions and divestitures;
- the impact of current environmental regulations and new, more
stringent, or changing requirements, including those related to
carbon dioxide, other emissions and discharges, cooling water
intake structures, coal combustion residuals, and energy
efficiency, that are enacted over time and that could limit or
terminate the operation of certain of Ameren Missouri's energy
centers, increase our costs or investment requirements, result in
an impairment of our assets, cause us to sell our assets, reduce
our customers' demand for electricity or natural gas, or otherwise
have a negative financial effect;
- the impact of complying with renewable energy portfolio
requirements in Missouri;
- labor disputes, work force reductions, future wage and employee
benefits costs, including changes in discount rates, mortality
tables, and returns on benefit plan assets;
- the inability of our counterparties to meet their obligations
with respect to contracts, credit agreements, and financial
instruments;
- the cost and availability of transmission capacity for the
energy generated by Ameren Missouri's energy centers or required to
satisfy Ameren Missouri's energy sales;
- legal and administrative proceedings;
- the impact of cyber attacks, which could result in the loss of
operational control of energy centers and electric and natural gas
transmission and distribution systems and/or the loss of data, such
as customer data and account information; and
- acts of sabotage, war, terrorism, or other intentionally
disruptive acts.
New factors emerge from time to time. Management cannot predict
all of such factors, nor can it assess the impact of each such
factor on the business or the extent to which any such factor, or
combination of factors, may cause actual results to differ
materially from those contained or implied in any forward-looking
statement. 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 update or revise publicly any forward-looking statements to
reflect new information or future events.
AMEREN CORPORATION
(AEE)
CONSOLIDATED STATEMENT OF INCOME (Unaudited, in millions,
except per share amounts)
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Operating
Revenues:
|
|
|
|
|
|
|
|
Electric
|
$
|
1,095
|
|
|
$
|
1,087
|
|
|
$
|
5,196
|
|
|
$
|
5,180
|
|
Natural
gas
|
261
|
|
|
221
|
|
|
880
|
|
|
918
|
|
Total operating
revenues
|
1,356
|
|
|
1,308
|
|
|
6,076
|
|
|
6,098
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
Fuel
|
171
|
|
|
208
|
|
|
745
|
|
|
878
|
|
Purchased
power
|
170
|
|
|
121
|
|
|
621
|
|
|
514
|
|
Natural gas purchased
for resale
|
114
|
|
|
95
|
|
|
341
|
|
|
415
|
|
Other operations and
maintenance
|
430
|
|
|
438
|
|
|
1,676
|
|
|
1,694
|
|
Provision for
Callaway construction and operating license
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
Depreciation and
amortization
|
217
|
|
|
202
|
|
|
845
|
|
|
796
|
|
Taxes other than
income taxes
|
109
|
|
|
104
|
|
|
467
|
|
|
473
|
|
Total operating
expenses
|
1,211
|
|
|
1,168
|
|
|
4,695
|
|
|
4,839
|
|
Operating
Income
|
145
|
|
|
140
|
|
|
1,381
|
|
|
1,259
|
|
Other Income and
Expenses:
|
|
|
|
|
|
|
|
Miscellaneous
income
|
20
|
|
|
20
|
|
|
74
|
|
|
74
|
|
Miscellaneous
expense
|
11
|
|
|
8
|
|
|
32
|
|
|
30
|
|
Total other
income
|
9
|
|
|
12
|
|
|
42
|
|
|
44
|
|
Interest
Charges
|
95
|
|
|
91
|
|
|
382
|
|
|
355
|
|
Income Before
Income Taxes
|
59
|
|
|
61
|
|
|
1,041
|
|
|
948
|
|
Income
Taxes
|
26
|
|
|
30
|
|
|
382
|
|
|
363
|
|
Income from
Continuing Operations
|
33
|
|
|
31
|
|
|
659
|
|
|
585
|
|
Income (Loss) from
Discontinued Operations, Net of Taxes
|
—
|
|
|
(1)
|
|
|
—
|
|
|
51
|
|
Net
Income
|
33
|
|
|
30
|
|
|
659
|
|
|
636
|
|
Less: Net Income
from Continuing Operations Attributable to Noncontrolling
Interests
|
1
|
|
|
1
|
|
|
6
|
|
|
6
|
|
Net Income (Loss)
Attributable to Ameren Common Shareholders:
|
|
|
|
|
|
|
|
Continuing
Operations
|
32
|
|
|
30
|
|
|
653
|
|
|
579
|
|
Discontinued
Operations
|
—
|
|
|
(1)
|
|
|
—
|
|
|
51
|
|
Net Income
Attributable to Ameren Common Shareholders
|
$
|
32
|
|
|
$
|
29
|
|
|
$
|
653
|
|
|
$
|
630
|
|
Earnings per
Common Share – Basic:
|
|
|
|
|
|
|
|
Continuing
Operations
|
$
|
0.13
|
|
|
$
|
0.12
|
|
|
$
|
2.69
|
|
|
$
|
2.39
|
|
Discontinued
Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
0.21
|
|
Earnings per
Common Share – Basic
|
$
|
0.13
|
|
|
$
|
0.12
|
|
|
$
|
2.69
|
|
|
$
|
2.60
|
|
|
|
|
|
|
|
|
|
Earnings per
Common Share – Diluted:
|
|
|
|
|
|
|
|
Continuing
Operations
|
$
|
0.13
|
|
|
$
|
0.12
|
|
|
$
|
2.68
|
|
|
$
|
2.38
|
|
Discontinued
Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
0.21
|
|
Earnings per
Common Share – Diluted
|
$
|
0.13
|
|
|
$
|
0.12
|
|
|
$
|
2.68
|
|
|
$
|
2.59
|
|
|
|
|
|
|
|
|
|
Average Common
Shares Outstanding – Basic
|
242.6
|
|
|
242.6
|
|
|
242.6
|
|
|
242.6
|
|
Average Common
Shares Outstanding – Diluted
|
244.7
|
|
|
243.0
|
|
|
243.4
|
|
|
243.6
|
|
AMEREN CORPORATION
(AEE)
CONSOLIDATED BALANCE SHEET (Unaudited, in
millions)
|
|
|
December 31,
2016
|
|
December 31,
2015
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
9
|
|
|
$
|
292
|
|
Accounts receivable -
trade (less allowance for doubtful accounts)
|
437
|
|
|
388
|
|
Unbilled
revenue
|
295
|
|
|
239
|
|
Miscellaneous
accounts and notes receivable
|
63
|
|
|
98
|
|
Inventories
|
527
|
|
|
538
|
|
Current regulatory
assets
|
149
|
|
|
260
|
|
Other current
assets
|
98
|
|
|
88
|
|
Assets of
discontinued operations
|
15
|
|
|
14
|
|
Total current
assets
|
1,593
|
|
|
1,917
|
|
Property, Plant,
and Equipment, Net
|
20,113
|
|
|
18,799
|
|
Investments and
Other Assets:
|
|
|
|
Nuclear
decommissioning trust fund
|
607
|
|
|
556
|
|
Goodwill
|
411
|
|
|
411
|
|
Regulatory
assets
|
1,437
|
|
|
1,382
|
|
Other
assets
|
538
|
|
|
575
|
|
Total investments and
other assets
|
2,993
|
|
|
2,924
|
|
TOTAL
ASSETS
|
$
|
24,699
|
|
|
$
|
23,640
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Current maturities of
long-term debt
|
$
|
681
|
|
|
$
|
395
|
|
Short-term
debt
|
558
|
|
|
301
|
|
Accounts and wages
payable
|
805
|
|
|
777
|
|
Taxes
accrued
|
46
|
|
|
43
|
|
Interest
accrued
|
93
|
|
|
89
|
|
Customer
deposits
|
107
|
|
|
100
|
|
Current regulatory
liabilities
|
110
|
|
|
80
|
|
Other current
liabilities
|
248
|
|
|
279
|
|
Liabilities of
discontinued operations
|
26
|
|
|
29
|
|
Total current
liabilities
|
2,674
|
|
|
2,093
|
|
Long-term Debt,
Net
|
6,595
|
|
|
6,880
|
|
Deferred Credits
and Other Liabilities:
|
|
|
|
Accumulated deferred
income taxes, net
|
4,264
|
|
|
3,885
|
|
Accumulated deferred
investment tax credits
|
55
|
|
|
60
|
|
Regulatory
liabilities
|
1,985
|
|
|
1,905
|
|
Asset retirement
obligations
|
635
|
|
|
618
|
|
Pension and other
postretirement benefits
|
769
|
|
|
580
|
|
Other deferred
credits and liabilities
|
477
|
|
|
531
|
|
Total deferred
credits and other liabilities
|
8,185
|
|
|
7,579
|
|
Ameren Corporation
Shareholders' Equity:
|
|
|
|
Common
stock
|
2
|
|
|
2
|
|
Other paid-in
capital, principally premium on common stock
|
5,556
|
|
|
5,616
|
|
Retained
earnings
|
1,568
|
|
|
1,331
|
|
Accumulated other
comprehensive loss
|
(23)
|
|
|
(3)
|
|
Total Ameren
Corporation shareholders' equity
|
7,103
|
|
|
6,946
|
|
Noncontrolling
Interests
|
142
|
|
|
142
|
|
Total
equity
|
7,245
|
|
|
7,088
|
|
TOTAL LIABILITIES
AND EQUITY
|
$
|
24,699
|
|
|
$
|
23,640
|
|
AMEREN CORPORATION
(AEE)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited,
in millions)
|
|
|
|
Year Ended
December 31,
|
|
2016
|
|
2015
|
Cash Flows From
Operating Activities:
|
|
|
|
Net income
|
$
|
659
|
|
|
$
|
636
|
|
Income from
discontinued operations, net of tax
|
—
|
|
|
(51)
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Provision for
Callaway construction and operating license
|
—
|
|
|
69
|
|
Depreciation and
amortization
|
835
|
|
|
777
|
|
Amortization of
nuclear fuel
|
88
|
|
|
97
|
|
Amortization of debt
issuance costs and premium/discounts
|
22
|
|
|
22
|
|
Deferred income taxes
and investment tax credits, net
|
386
|
|
|
369
|
|
Allowance for equity
funds used during construction
|
(27)
|
|
|
(30)
|
|
Share-based
compensation costs
|
17
|
|
|
24
|
|
Other
|
4
|
|
|
(10)
|
|
Changes in assets and
liabilities
|
140
|
|
|
132
|
|
Net cash provided by
operating activities – continuing operations
|
2,124
|
|
|
2,035
|
|
Net cash used in
operating activities – discontinued operations
|
(1)
|
|
|
(4)
|
|
Net cash provided
by operating activities
|
2,123
|
|
|
2,031
|
|
Cash Flows From
Investing Activities:
|
|
|
|
Capital
expenditures
|
(2,076)
|
|
|
(1,917)
|
|
Nuclear fuel
expenditures
|
(55)
|
|
|
(52)
|
|
Purchases of
securities – nuclear decommissioning trust fund
|
(392)
|
|
|
(363)
|
|
Sales and maturities
of securities – nuclear decommissioning trust fund
|
377
|
|
|
349
|
|
Proceeds from note
receivable – Illinois Power Marketing Company
|
—
|
|
|
20
|
|
Contributions to note
receivable – Illinois Power Marketing Company
|
—
|
|
|
(8)
|
|
Other
|
5
|
|
|
20
|
|
Net cash used in
investing activities – continuing operations
|
(2,141)
|
|
|
(1,951)
|
|
Net cash used in
investing activities – discontinued operations
|
—
|
|
|
(25)
|
|
Net cash used in
investing activities
|
(2,141)
|
|
|
(1,976)
|
|
Cash Flows From
Financing Activities:
|
|
|
|
Dividends on common
stock
|
(416)
|
|
|
(402)
|
|
Dividends paid to
noncontrolling interest holders
|
(6)
|
|
|
(6)
|
|
Short-term debt,
net
|
257
|
|
|
(413)
|
|
Maturities of
long-term debt
|
(395)
|
|
|
(120)
|
|
Issuances of
long-term debt
|
389
|
|
|
1,197
|
|
Capital issuance
costs
|
(9)
|
|
|
(12)
|
|
Share-based
payments
|
(83)
|
|
|
(12)
|
|
Other
|
(2)
|
|
|
—
|
|
Net cash provided
by (used in) financing activities – continuing
operations
|
(265)
|
|
|
232
|
|
Net change in cash
and cash equivalents
|
(283)
|
|
|
287
|
|
Cash and cash
equivalents at beginning of year
|
292
|
|
|
5
|
|
Cash and cash
equivalents at end of year – continuing operations
|
$
|
9
|
|
|
$
|
292
|
|
AMEREN CORPORATION
(AEE)
OPERATING STATISTICS FROM CONTINUING OPERATIONS
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Electric Sales -
kilowatthours (in millions):
|
|
|
|
|
|
|
|
Ameren
Missouri
|
|
|
|
|
|
|
|
Residential
|
3,002
|
|
|
2,717
|
|
|
13,245
|
|
|
12,903
|
|
Commercial
|
3,443
|
|
|
3,320
|
|
|
14,712
|
|
|
14,574
|
|
Industrial
|
1,107
|
|
|
2,021
|
|
|
4,790
|
|
|
8,273
|
|
Off-system and
other
|
2,101
|
|
|
1,906
|
|
|
7,250
|
|
|
7,506
|
|
Ameren Missouri
total
|
9,653
|
|
|
9,964
|
|
|
39,997
|
|
|
43,256
|
|
Ameren Illinois
Electric Distribution
|
|
|
|
|
|
|
|
Residential
|
|
|
|
|
|
|
|
Power supply and
delivery service
|
1,105
|
|
|
1,034
|
|
|
4,652
|
|
|
4,797
|
|
Delivery service
only
|
1,506
|
|
|
1,487
|
|
|
6,860
|
|
|
6,757
|
|
Commercial
|
|
|
|
|
|
|
|
Power supply and
delivery service
|
693
|
|
|
663
|
|
|
2,861
|
|
|
2,837
|
|
Delivery service
only
|
2,430
|
|
|
2,290
|
|
|
9,722
|
|
|
9,443
|
|
Industrial
|
|
|
|
|
|
|
|
Power supply and
delivery service
|
214
|
|
|
259
|
|
|
708
|
|
|
1,589
|
|
Delivery service
only
|
2,629
|
|
|
2,524
|
|
|
11,030
|
|
|
10,274
|
|
Other
|
131
|
|
|
130
|
|
|
521
|
|
|
524
|
|
Ameren Illinois
Electric Distribution total
|
8,708
|
|
|
8,387
|
|
|
36,354
|
|
|
36,221
|
|
Eliminate affiliate
sales
|
(126)
|
|
|
(179)
|
|
|
(520)
|
|
|
(385)
|
|
Ameren
total
|
18,235
|
|
|
18,172
|
|
|
75,831
|
|
|
79,092
|
|
Electric Revenues
(in millions):
|
|
|
|
|
|
|
|
Ameren
Missouri
|
|
|
|
|
|
|
|
Residential
|
$
|
268
|
|
|
$
|
285
|
|
|
$
|
1,421
|
|
|
$
|
1,464
|
|
Commercial
|
241
|
|
|
254
|
|
|
1,223
|
|
|
1,258
|
|
Industrial
|
64
|
|
|
99
|
|
|
315
|
|
|
469
|
|
Off-system and
other
|
139
|
|
|
80
|
|
|
435
|
|
|
279
|
|
Ameren Missouri
total
|
$
|
712
|
|
|
$
|
718
|
|
|
$
|
3,394
|
|
|
$
|
3,470
|
|
Ameren Illinois
Electric Distribution
|
|
|
|
|
|
|
|
Residential
|
|
|
|
|
|
|
|
Power supply and
delivery service
|
$
|
108
|
|
|
$
|
113
|
|
|
$
|
484
|
|
|
$
|
495
|
|
Delivery service
only
|
77
|
|
|
75
|
|
|
410
|
|
|
363
|
|
Commercial
|
|
|
|
|
|
|
|
Power supply and
delivery service
|
58
|
|
|
59
|
|
|
251
|
|
|
247
|
|
Delivery service
only
|
57
|
|
|
50
|
|
|
267
|
|
|
227
|
|
Industrial
|
|
|
|
|
|
|
|
Power supply and
delivery service
|
11
|
|
|
12
|
|
|
34
|
|
|
71
|
|
Delivery service
only
|
15
|
|
|
13
|
|
|
62
|
|
|
53
|
|
Other
|
10
|
|
|
12
|
|
|
41
|
|
|
76
|
|
Ameren Illinois
Electric Distribution total
|
$
|
336
|
|
|
$
|
334
|
|
|
$
|
1,549
|
|
|
$
|
1,532
|
|
Ameren
Transmission
|
|
|
|
|
|
|
|
Ameren Illinois
Transmission(a)
|
$
|
45
|
|
|
$
|
39
|
|
|
$
|
232
|
|
|
$
|
189
|
|
ATXI
|
27
|
|
|
14
|
|
|
123
|
|
|
70
|
|
Ameren Transmission
total
|
$
|
72
|
|
|
$
|
53
|
|
|
$
|
355
|
|
|
$
|
259
|
|
Other and
intersegment eliminations
|
(25)
|
|
|
(18)
|
|
|
(102)
|
|
|
(81)
|
|
Ameren
total
|
$
|
1,095
|
|
|
$
|
1,087
|
|
|
$
|
5,196
|
|
|
$
|
5,180
|
|
|
|
(a)
|
Includes $9 million,
$6 million, $45 million and $38 million, respectively, of electric
operating revenues from transmission
services provided to the Ameren
Illinois Electric Distribution segment.
|
AMEREN CORPORATION
(AEE)
OPERATING STATISTICS FROM CONTINUING OPERATIONS
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Gas Sales -
dekatherms (in millions):
|
|
|
|
|
|
|
|
Ameren
Missouri
|
5
|
|
|
5
|
|
|
18
|
|
|
18
|
|
Ameren Illinois
Natural Gas
|
49
|
|
|
41
|
|
|
166
|
|
|
165
|
|
Ameren
total
|
54
|
|
|
46
|
|
|
184
|
|
|
183
|
|
Gas Revenues (in
millions):
|
|
|
|
|
|
|
|
Ameren
Missouri
|
$
|
38
|
|
|
$
|
36
|
|
|
$
|
128
|
|
|
$
|
137
|
|
Ameren Illinois
Natural Gas
|
224
|
|
|
186
|
|
|
754
|
|
|
783
|
|
Eliminate affiliate
revenues
|
(1)
|
|
|
(1)
|
|
|
(2)
|
|
|
(2)
|
|
Ameren
total
|
$
|
261
|
|
|
$
|
221
|
|
|
$
|
880
|
|
|
$
|
918
|
|
|
|
|
December 31,
2016
|
|
|
|
December 31,
2015
|
Common
Stock:
|
|
|
|
|
|
|
|
Shares outstanding
(in millions)
|
|
|
242.6
|
|
|
|
|
242.6
|
|
Book value per
share
|
|
|
$
|
29.28
|
|
|
|
|
$
|
28.63
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ameren-nyse-aee-announces-2016-results-and-issues-2017-earnings-guidance-300408744.html
SOURCE Ameren Corporation