AEE Ameren Corp

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 25, 2015

 

 

AMEREN CORPORATION

(Exact Name of Registrant as Specified in Charter)

 

 

 

Missouri		1-14756		43-1723446
(State or other jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification Number)

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))

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ITEM 2.02

Results of Operations and Financial Condition.

On February 25, 2015, Ameren Corporation (“Ameren”) issued a press release announcing its earnings for the fourth quarter and fiscal year ended December 31, 2014, and providing 2015 earnings guidance. 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 Ameren under the Securities Act of 1933 or the Exchange Act.

 

ITEM 8.01

Other Events.

In its press release dated February 25, 2015, Ameren disclosed the following unaudited consolidated financial statements: Statement of Income for the three months and twelve months ended December 31, 2014 and December 31, 2013, Balance Sheet at December 31, 2014 and December 31, 2013, and Statement of Cash Flows for the twelve months ended December 31, 2014 and December 31, 2013. The foregoing consolidated financial statements are attached as Exhibit 99.2 and Ameren hereby incorporates such consolidated financial statements into this Item 8.01 of this Current Report on Form 8-K.

 

ITEM 9.01

Financial Statements and Exhibits.

 

(d)

Exhibits

 

Exhibit Number:		Title:
99.1*		Press release regarding earnings for the year and quarter ended December 31, 2014, and providing 2015 earnings guidance, issued on February 25, 2015, by Ameren.
99.2		Ameren’s unaudited consolidated Statement of Income for the three months and twelve months ended December 31, 2014 and December 31, 2013, Balance Sheet at December 31, 2014 and December 31, 2013, and Statement of Cash Flows for the twelve months ended December 31, 2014 and December 31, 2013.

 

* Exhibit 99.1 is intended to be deemed furnished rather than filed pursuant to General Instruction B.2. of Form 8-K.

 

2

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, Ameren has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Date: February 25, 2015

 

3

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Exhibit Index

 

Exhibit Number:		Title:
99.1*		Press release regarding earnings for the year and quarter ended December 31, 2014, and providing 2015 earnings guidance, issued on February 25, 2015, by Ameren.
99.2		Ameren’s unaudited consolidated Statement of Income for the three months and twelve months ended December 31, 2014 and December 31, 2013, Balance Sheet at December 31, 2014 and December 31, 2013, and Statement of Cash Flows for the twelve months ended December 31, 2014 and December 31, 2013.

 

* Exhibit 99.1 is intended to be deemed furnished rather than filed pursuant to General Instruction B.2. of Form 8-K.

 

4

Exhibit 99.1

 

Contacts

 

Media Joe Muehlenkamp 314.554.4135 jmuehlenkamp@ameren.com		Analysts Doug Fischer 314.554.4859 dfischer@ameren.com		Investors Investor Services 800.255.2237 invest@ameren.com

For Immediate Release

Ameren Announces 2014 Results

and Issues Earnings Guidance

 

•

2014 Diluted Earnings Per Share Were $2.40

 

•

2015 Diluted EPS Guidance Range Established at $2.45 to $2.65

 

•

Continue to Expect Diluted EPS from Continuing Operations to Grow at a 7% to 10% Compound Annual Rate from 2013 through 2018

 

•

Expect Rate Base to Grow at a 6% Compound Annual Rate from 2014 through 2019

ST. LOUIS (Feb. 25, 2015) — Ameren Corporation (NYSE: AEE) today announced 2014 net income from continuing operations of $587 million, or $2.40 per diluted share, compared to 2013 net income from continuing operations of $512 million, or $2.10 per diluted share.

The year-over-year increase in 2014 earnings from continuing operations reflected increased Illinois electric delivery and Federal Energy Regulatory Commission (FERC)-regulated electric transmission services earnings under formula ratemaking driven by infrastructure investments made to better serve customers. This increase in transmission service earnings was partially offset by a reserve for a potential reduction in the allowed return on equity (ROE). The improved earnings were also the result of increased rates for Illinois natural gas delivery service effective January 2014, decreased interest charges and the absence in 2014 of a Missouri fuel adjustment clause (FAC)-related 2013 charge. Factors negatively affecting the earnings comparison included increased depreciation and amortization and operations and maintenance expenses, as well as a higher effective income tax rate.

“We delivered strong earnings growth in 2014 as we continued to successfully execute our strategic plan, which centers on investing in electric and gas utility infrastructure for the benefit of our customers and shareholders, while exercising disciplined cost management,” said Warner L. Baxter, chairman, president and chief executive officer of Ameren Corporation. “Construction of the FERC-regulated Illinois Rivers

 

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NEWS RELEASE

 

Transmission Project proceeded as planned. In addition, Ameren Illinois exceeded its first-year goal for installing advanced electric and upgraded gas meters and received a constructive December electric delivery rate decision, demonstrating that Illinois’ formula rate framework is working as intended. Finally, Ameren Missouri installed a new reactor vessel head at the Callaway Nuclear Energy Center, added further environmental controls at the Labadie Energy Center and completed construction of a major substation in St. Louis and the largest investor-owned solar facility in the state. These projects are already serving Missouri customers and are eligible for inclusion in new rates to be effective by June of 2015.”

Ameren recorded net income from continuing operations for the three months ended Dec. 31, 2014, of $46 million, or $0.19 per diluted share, compared to net income from continuing operations for the three months ended Dec. 31, 2013, of $48 million, or $0.19 per diluted share. Factors negatively affecting the earnings comparison included a scheduled fourth quarter 2014 nuclear refueling and maintenance outage at the Callaway Energy Center and increased depreciation and amortization expenses. The 2013 Callaway refueling and maintenance outage occurred in the spring of that year. In addition, FERC-regulated electric transmission service results decreased due to a reserve for a potential reduction in the allowed ROE, partially offset by the favorable effect of infrastructure investments made under formula ratemaking. Further, electric and natural gas sales volumes declined, reflecting milder winter temperatures. Factors having a positive effect on the earnings comparison included decreased interest charges, increased Illinois electric delivery service earnings under formula ratemaking driven by infrastructure investments, and increased rates for Illinois natural gas delivery service effective January 2014.

Earnings Guidance

Ameren expects 2015 diluted earnings per share to be in a range of $2.45 to $2.65 and continues to expect diluted earnings per share from continuing operations to grow at a 7% to 10% compound annual rate from 2013 through 2018. In addition, rate base is projected to grow at a 6% compound annual rate over the 2014 through 2019 period.

Ameren’s earnings guidance 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 decisions and legislative actions; energy center and energy delivery 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.

 

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NEWS RELEASE

 

Ameren Missouri Segment Results

Ameren Missouri segment 2014 earnings were $390 million, compared to 2013 earnings of $395 million. This earnings decrease reflected increased operations and maintenance and depreciation and amortization expenses. The earnings comparison benefited from the absence in 2014 of the previously mentioned 2013 FAC-related charge.

Ameren Illinois Segment Results

Ameren Illinois segment 2014 earnings were $201 million, compared to 2013 earnings of $160 million. This earnings increase reflected increased Illinois electric delivery and FERC-regulated electric transmission services earnings driven by infrastructure investments made under formula ratemaking. This increase in transmission services earnings was partially offset by a reserve for a potential reduction in the allowed ROE. The earnings comparison also benefited from increased rates for Illinois natural gas delivery service effective January 2014 and lower interest charges primarily due to a December 2014 regulatory decision allowing recovery of the majority of debt redemption costs initially disallowed and charged to earnings in 2013.

Parent Company and Other

The Parent Company and Other loss from continuing operations for 2014 was $4 million, compared to a loss of $43 million for 2013. This decreased loss reflected lower other operations and maintenance expenses, primarily due to the substantial elimination of business and administrative costs previously incurred in support of the divested merchant generation business, and decreased interest charges resulting from the May 2014 maturity of $425 million of parent company 8.875% senior notes that were repaid with lower-cost short-term debt. In addition, earnings from FERC-regulated Ameren Transmission Company of Illinois increased as a result of infrastructure investments made under formula ratemaking. This increase in transmission service earnings was partially offset by a reserve for a potential reduction in the allowed ROE. Finally, the earnings comparison was negatively affected by a higher effective income tax rate.

Analyst Conference Call

Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Wednesday, Feb. 25, to discuss 2014 earnings, earnings guidance and growth expectations, and other matters. Investors, the news media and the public may listen to a live Internet broadcast of the call at Ameren.com by

 

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NEWS RELEASE

 

clicking on “Q4 2014 Ameren Corporation Earnings Conference Call,” followed by the appropriate audio link. An accompanying slide presentation will be available on Ameren’s website. The conference call and this presentation will be accessible in the “Investors” section of the website under “Webcasts & Presentations.” The analyst call will be available for replay on Ameren’s website for one year. In addition, a telephone replay of the conference call will be available beginning at approximately noon Central Time from Feb. 25 through Mar. 4 by dialing U.S. and Canada 877.660.6853 or international 201.612.7415, and entering ID number 13599695.

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 delivery and transmission service as well as natural gas delivery service while Ameren Missouri provides vertically integrated electric service, with generating capacity of over 10,200 megawatts, and natural gas delivery service. Ameren Transmission Company of Illinois develops regional electric transmission projects. Follow the company on Twitter @AmerenCorp. For more information, visit Ameren.com.

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 under Risk Factors in Ameren’s Form 10-K for the year ended December 31, 2013 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 changes in regulatory policies and ratemaking determinations, such as Ameren Missouri’s July 2014 electric rate case filing; Ameren Missouri’s December 2014 Missouri Energy Efficiency Investment Act (MEEIA) filing; Ameren Illinois’ appeals of the Illinois Commerce Commission’s electric and natural gas rate orders issued in December 2013; Ameren Illinois’ January 2015 natural gas delivery service rate case filing; FERC settlement procedures regarding a potential Ameren Illinois electric transmission rate refund; the complaint case filed with the FERC seeking a reduction in the allowed return on common equity under the Midcontinent Independent System Operator tariff; and future regulatory, judicial, or legislative actions that seek to 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, the related financial commitments required by the IEIMA, and the resulting uncertain impact on the financial condition, results of operations and liquidity of Ameren Illinois;

 

•

the potential extension of the IEIMA after its current sunset provision at the end of 2017, and any changes to the performance-based formula ratemaking process or required financial commitments;

 

•

the effects of increased competition in the future due to, among other factors, deregulation of certain aspects of our business at either the state or federal level;

 

•

changes in laws and other governmental actions, including monetary, fiscal, tax, and energy policies;

 

•

the effects on demand for our services resulting from technological advances, including advances in customer energy efficiency and distributed generation sources, which generate electricity at the site of consumption;

 

•

the effectiveness of Ameren Missouri’s energy efficiency programs and the ability to earn incentive awards under the MEEIA;

 

•

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 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 related rate increases;

 

•

the effectiveness of our risk management strategies and our use of financial and derivative instruments;

 

•

business and economic conditions, including their impact on key customers, interest rates, bad debt expense, and demand for our products;

 

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NEWS RELEASE

 

•

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;

 

•

our assessment of our liquidity;

 

•

the impact of the adoption of new accounting guidance and the application of appropriate technical accounting rules and guidance;

 

•

actions of credit rating agencies and the effects of such actions;

 

•

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 our increasing investment in electric transmission projects and uncertainty as to whether we will achieve our expected returns in a timely fashion, if at all;

 

•

the extent to which Ameren Missouri prevails in its claim against an insurer in connection with the December 2005 breach of the upper reservoir at its Taum Sauk pumped-storage hydroelectric energy center;

 

•

the extent to which Ameren Missouri is permitted by its regulators to recover in rates the investments it made in connection with additional nuclear generation at its Callaway Energy Center;

 

•

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, and any related tax implications;

 

•

the impact of current environmental regulations and new, more stringent or changing requirements, including those related to greenhouse gases, 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 our 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;

 

•

the inability of Dynegy Inc. and Illinois Power Holdings, LLC (IPH) to satisfy their indemnity and other obligations to Ameren in connection with the divestiture of New Ameren Energy Resources Generating Company, LLC to IPH;

 

•

legal and administrative proceedings; and

 

•

acts of sabotage, war, terrorism, cyber attacks, or other intentionally disruptive acts.

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.

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AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF INCOME

(Unaudited, in millions, except per share amounts)

 

		Three Months Ended December 31,								Year Ended December 31,
		2014				2013				2014				2013
Operating Revenues:
Electric		$	1,049			$	1,009			$	4,913			$	4,832
Gas			321				313				1,140				1,006
Total operating revenues			1,370				1,322				6,053				5,838
Operating Expenses:
Fuel			188				197				826				845
Purchased power			119				102				454				502
Gas purchased for resale			183				182				615				526
Other operations and maintenance			455				388				1,691				1,617
Depreciation and amortization			194				178				745				706
Taxes other than income taxes			106				104				468				458
Total operating expenses			1,245				1,151				4,799				4,654
Operating Income			125				171				1,254				1,184
Other Income and Expense:
Miscellaneous income			19				18				79				69
Miscellaneous expense			2				8				22				26
Total other income			17				10				57				43
Interest Charges			75				109				341				398
Income Before Income Taxes			67				72				970				829
Income Taxes			20				23				377				311
Income from Continuing Operations			47				49				593				518
Income (Loss) from Discontinued Operations, Net of Taxes			2				(11)				(1)				(223)
Net Income			49				38				592				295
Less: Net Income from Continuing Operations Attributable to Noncontrolling Interests			1				1				6				6
Net Income (Loss) Attributable to Ameren Corporation:
Continuing Operations			46				48				587				512
Discontinued Operations			2				(11)				(1)				(223)
Net Income Attributable to Ameren Corporation		$	48			$	37			$	586			$	289
Earnings (Loss) per Common Share – Basic:
Continuing Operations		$	0.19			$	0.19			$	2.42			$	2.11
Discontinued Operations			0.01				(0.04)				-				(0.92)
Earnings per Common Share – Basic		$	0.20			$	0.15			$	2.42			$	1.19
Earnings (Loss) per Common Share – Diluted:
Continuing Operations		$	0.19			$	0.19			$	2.40			$	2.10
Discontinued Operations			0.01				(0.04)				-				(0.92)
Earnings per Common Share – Diluted		$	0.20			$	0.15			$	2.40			$	1.18
Average Common Shares Outstanding – Basic			242.6				242.6				242.6				242.6
Average Common Shares Outstanding – Diluted			244.5				245.1				244.4				244.5

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AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET

(Unaudited, in millions)

 

		December 31,    2014				December 31,    2013
ASSETS
Current Assets:
Cash and cash equivalents		$	5			$	30
Accounts receivable - trade (less allowance for doubtful accounts)			423				404
Unbilled revenue			265				304
Miscellaneous accounts and notes receivable			81				196
Materials and supplies			524				526
Current regulatory assets			295				156
Current accumulated deferred income taxes, net			352				106
Other current assets			86				85
Assets of discontinued operations			15				165
Total current assets			2,046				1,972
Property and Plant, Net			17,424				16,205
Investments and Other Assets:
Nuclear decommissioning trust fund			549				494
Goodwill			411				411
Regulatory assets			1,582				1,240
Other assets			664				720
Total investments and other assets			3,206				2,865
TOTAL ASSETS		$	22,676			$	21,042
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt		$	120			$	534
Short-term debt			714				368
Accounts and wages payable			711				806
Taxes accrued			46				55
Interest accrued			85				86
Current regulatory liabilities			106				216
Other current liabilities			434				351
Liabilities of discontinued operations			33				45
Total current liabilities			2,249				2,461
Long-term Debt, Net			6,120				5,504
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net			3,923				3,250
Accumulated deferred investment tax credits			64				63
Regulatory liabilities			1,850				1,705
Asset retirement obligations			396				369
Pension and other postretirement benefits			705				466
Other deferred credits and liabilities			514				538
Total deferred credits and other liabilities			7,452				6,391
Ameren Corporation Stockholders’ Equity:
Common stock			2				2
Other paid-in capital, principally premium on common stock			5,617				5,632
Retained earnings			1,103				907
Accumulated other comprehensive income (loss)			(9	)			3
Total Ameren Corporation stockholders’ equity			6,713				6,544
Noncontrolling Interests			142				142
Total equity			6,855				6,686
TOTAL LIABILITIES AND EQUITY		$	22,676			$	21,042

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AMEREN CORPORATION (AEE)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited, in millions)

 

		Year Ended
		December 31,
		2014				2013
Cash Flows From Operating Activities:
Net income		$	592			$	295
Loss from discontinued operations, net of taxes			1				223
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			710				666
Amortization of nuclear fuel			81				71
Amortization of debt issuance costs and premium/discounts			22				24
Deferred income taxes and investment tax credits, net			451				410
Allowance for equity funds used during construction			(34)				(37)
Stock-based compensation costs			25				27
Other			(24)				23
Changes in assets and liabilities			(267)				(66)
Net cash provided by operating activities - continuing operations			1,557				1,636
Net cash provided by (used in) operating activities - discontinued operations			(6)				57
Net cash provided by operating activities			1,551				1,693
Cash Flows From Investing Activities:
Capital expenditures			(1,785)				(1,379)
Nuclear fuel expenditures			(74)				(45)
Purchases of securities - nuclear decommissioning trust fund			(405)				(214)
Sales and maturities of securities - nuclear decommissioning trust fund			391				196
Other			17				2
Net cash used in investing activities - continuing operations			(1,856)				(1,440)
Net cash provided by (used in) investing activities - discontinued operations			139				(283)
Net cash used in investing activities			(1,717)				(1,723)
Cash Flows From Financing Activities:
Dividends on common stock			(390)				(388)
Dividends paid to noncontrolling interest holders			(6)				(6)
Short-term debt, net			346				368
Maturities and redemptions of long-term debt			(697)				(399)
Issuances of long-term debt			898				278
Capital issuance costs			(11)				(2)
Other			1				-
Net cash provided by (used in) financing activities - continuing operations			141				(149)
Net change in cash and cash equivalents			(25)				(179)
Cash and cash equivalents at beginning of year			30				209
Cash and cash equivalents at end of year - continuing operations		$	5			$	30

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AMEREN CORPORATION (AEE)

OPERATING STATISTICS FROM CONTINUING OPERATIONS

 

		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
		2014				2013				2014				2013
Electric Sales - kilowatthours (in millions):
Ameren Missouri
Residential			3,170				3,318				13,649				13,562
Commercial			3,443				3,511				14,649				14,634
Industrial			2,089				2,170				8,600				8,709
Off-system			1,384				1,475				6,170				6,128
Other			35				36				124				125
Ameren Missouri total			10,121				10,510				43,192				43,158
Ameren Illinois
Residential
Power supply and delivery service			1,222				1,099				4,662				5,474
Delivery service only			1,591				1,829				7,222				6,310
Commercial
Power supply and delivery service			602				650				2,535				2,606
Delivery service only			2,413				2,420				9,643				9,541
Industrial
Power supply and delivery service			401				394				1,741				1,667
Delivery service only			2,656				2,728				10,576				10,861
Other			132				127				518				522
Ameren Illinois total			9,017				9,247				36,897				36,981
Eliminate affiliate sales			-				(41	)			(67	)			(82	)
Ameren Total from Continuing Operations			19,138				19,716				80,022				80,057
Electric Revenues (in millions):
Ameren Missouri
Residential		$	287			$	298			$	1,417			$	1,428
Commercial			247				246				1,203				1,216
Industrial			102				104				475				491
Off-system			36				42				173				183
Other			20				22				120				61
Ameren Missouri total		$	692			$	712			$	3,388			$	3,379
Ameren Illinois
Residential
Power supply and delivery service		$	115			$	88			$	468			$	501
Delivery service only			63				71				308				282
Commercial
Power supply and delivery service			53				48				233				215
Delivery service only			42				40				185				184
Industrial
Power supply and delivery service			19				17				90				70
Delivery service only			11				10				42				44
Other			57				27				196				165
Ameren Illinois total		$	360			$	301			$	1,522			$	1,461
ATXI:
Transmission services		$	4			$	4			$	33			$	19
Eliminate affiliate revenues			(7	)			(8	)			(30	)			(27	)
Ameren Total from Continuing Operations		$	1,049			$	1,009			$	4,913			$	4,832

AMEREN CORPORATION (AEE)

OPERATING STATISTICS FROM CONTINUING OPERATIONS

 

		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
		2014				2013				2014				2013
Electric Generation - kilowatthours (in millions):
Ameren Missouri			9,754				10,647				43,474				43,213
Fuel Cost per kilowatthour (cents):
Ameren Missouri			1.962				1.814				1.928				1.846
Gas Sales - dekatherms (in thousands):
Ameren Missouri			5,504				6,052				19,054				19,420
Ameren Illinois			53,622				56,350				183,756				175,846
Ameren Total			59,126				62,402				202,810				195,266
Net Income (Loss) by Segment (in millions):
Ameren Missouri		$	(5	)		$	33			$	390			$	395
Ameren Illinois			45				21				201				160
Other			6				(6	)			(4	)			(43	)
Ameren Total		$	46			$	48			$	587			$	512

				December 31, 2014						December 31, 2013
Common Stock:
Shares outstanding (in millions)					242.6						242.6
Book value per share				$	27.67					$	26.97
Capitalization Ratios:
Common equity					48.7	%					50.1	%
Preferred stock					1.0	%					1.1	%
Debt, net of cash					50.3	%					48.8	%

Exhibit 99.2

AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF INCOME

(Unaudited, in millions, except per share amounts)

 

		Three Months Ended December 31,								Year Ended December 31,
		2014				2013				2014				2013
Operating Revenues:
Electric		$	1,049			$	1,009			$	4,913			$	4,832
Gas			321				313				1,140				1,006
Total operating revenues			1,370				1,322				6,053				5,838
Operating Expenses:
Fuel			188				197				826				845
Purchased power			119				102				454				502
Gas purchased for resale			183				182				615				526
Other operations and maintenance			455				388				1,691				1,617
Depreciation and amortization			194				178				745				706
Taxes other than income taxes			106				104				468				458
Total operating expenses			1,245				1,151				4,799				4,654
Operating Income			125				171				1,254				1,184
Other Income and Expense:
Miscellaneous income			19				18				79				69
Miscellaneous expense			2				8				22				26
Total other income			17				10				57				43
Interest Charges			75				109				341				398
Income Before Income Taxes			67				72				970				829
Income Taxes			20				23				377				311
Income from Continuing Operations			47				49				593				518
Income (Loss) from Discontinued Operations, Net of Taxes			2				(11)				(1)				(223)
Net Income			49				38				592				295
Less: Net Income from Continuing Operations Attributable to Noncontrolling Interests			1				1				6				6
Net Income (Loss) Attributable to Ameren Corporation:
Continuing Operations			46				48				587				512
Discontinued Operations			2				(11)				(1)				(223)
Net Income Attributable to Ameren Corporation		$	48			$	37			$	586			$	289
Earnings (Loss) per Common Share – Basic:
Continuing Operations		$	0.19			$	0.19			$	2.42			$	2.11
Discontinued Operations			0.01				(0.04)				-				(0.92)
Earnings per Common Share – Basic		$	0.20			$	0.15			$	2.42			$	1.19
Earnings (Loss) per Common Share – Diluted:
Continuing Operations		$	0.19			$	0.19			$	2.40			$	2.10
Discontinued Operations			0.01				(0.04)				-				(0.92)
Earnings per Common Share – Diluted		$	0.20			$	0.15			$	2.40			$	1.18
Average Common Shares Outstanding – Basic			242.6				242.6				242.6				242.6
Average Common Shares Outstanding – Diluted			244.5				245.1				244.4				244.5

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AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET

(Unaudited, in millions)

 

		December 31,    2014				December 31,    2013
ASSETS
Current Assets:
Cash and cash equivalents		$	5			$	30
Accounts receivable - trade (less allowance for doubtful accounts)			423				404
Unbilled revenue			265				304
Miscellaneous accounts and notes receivable			81				196
Materials and supplies			524				526
Current regulatory assets			295				156
Current accumulated deferred income taxes, net			352				106
Other current assets			86				85
Assets of discontinued operations			15				165
Total current assets			2,046				1,972
Property and Plant, Net			17,424				16,205
Investments and Other Assets:
Nuclear decommissioning trust fund			549				494
Goodwill			411				411
Regulatory assets			1,582				1,240
Other assets			664				720
Total investments and other assets			3,206				2,865
TOTAL ASSETS		$	22,676			$	21,042
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt		$	120			$	534
Short-term debt			714				368
Accounts and wages payable			711				806
Taxes accrued			46				55
Interest accrued			85				86
Current regulatory liabilities			106				216
Other current liabilities			434				351
Liabilities of discontinued operations			33				45
Total current liabilities			2,249				2,461
Long-term Debt, Net			6,120				5,504
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net			3,923				3,250
Accumulated deferred investment tax credits			64				63
Regulatory liabilities			1,850				1,705
Asset retirement obligations			396				369
Pension and other postretirement benefits			705				466
Other deferred credits and liabilities			514				538
Total deferred credits and other liabilities			7,452				6,391
Ameren Corporation Stockholders’ Equity:
Common stock			2				2
Other paid-in capital, principally premium on common stock			5,617				5,632
Retained earnings			1,103				907
Accumulated other comprehensive income (loss)			(9	)			3
Total Ameren Corporation stockholders’ equity			6,713				6,544
Noncontrolling Interests			142				142
Total equity			6,855				6,686
TOTAL LIABILITIES AND EQUITY		$	22,676			$	21,042

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AMEREN CORPORATION (AEE)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited, in millions)

 

		Year Ended
		December 31,
		2014				2013
Cash Flows From Operating Activities:
Net income		$	592			$	295
Loss from discontinued operations, net of taxes			1				223
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			710				666
Amortization of nuclear fuel			81				71
Amortization of debt issuance costs and premium/discounts			22				24
Deferred income taxes and investment tax credits, net			451				410
Allowance for equity funds used during construction			(34)				(37)
Stock-based compensation costs			25				27
Other			(24)				23
Changes in assets and liabilities			(267)				(66)
Net cash provided by operating activities - continuing operations			1,557				1,636
Net cash provided by (used in) operating activities - discontinued operations			(6)				57
Net cash provided by operating activities			1,551				1,693
Cash Flows From Investing Activities:
Capital expenditures			(1,785)				(1,379)
Nuclear fuel expenditures			(74)				(45)
Purchases of securities - nuclear decommissioning trust fund			(405)				(214)
Sales and maturities of securities - nuclear decommissioning trust fund			391				196
Other			17				2
Net cash used in investing activities - continuing operations			(1,856)				(1,440)
Net cash provided by (used in) investing activities - discontinued operations			139				(283)
Net cash used in investing activities			(1,717)				(1,723)
Cash Flows From Financing Activities:
Dividends on common stock			(390)				(388)
Dividends paid to noncontrolling interest holders			(6)				(6)
Short-term debt, net			346				368
Maturities and redemptions of long-term debt			(697)				(399)
Issuances of long-term debt			898				278
Capital issuance costs			(11)				(2)
Other			1				-
Net cash provided by (used in) financing activities - continuing operations			141				(149)
Net change in cash and cash equivalents			(25)				(179)
Cash and cash equivalents at beginning of year			30				209
Cash and cash equivalents at end of year - continuing operations		$	5			$	30