ST. LOUIS, Nov. 9, 2012 /PRNewswire/ -- Ameren
Corporation (NYSE: AEE) today announced third quarter 2012 net
income in accordance with generally accepted accounting principles
(GAAP) of $374 million, or
$1.54 per share, compared to third
quarter 2011 GAAP net income of $285
million, or $1.18 per share.
Excluding certain items discussed below, Ameren recorded third
quarter 2012 core (non-GAAP) net income of $323 million, or $1.33 per share, compared to third quarter 2011
core (non-GAAP) net income of $381
million, or $1.57 per
share.
The decrease in third quarter 2012 core (non-GAAP) earnings,
compared to third quarter 2011 core (non-GAAP) earnings, reflected
a decline in earnings of each of Ameren's three business segments.
Ameren Illinois' earnings were negatively impacted by its
Sept. 2012 rate order for electric
delivery service and a change in the quarterly distribution of
revenues and earnings resulting from formula ratemaking. In
addition, Ameren Missouri core (non-GAAP) earnings declined due to
lower electric sales and a higher effective income tax rate
partially offset by the benefit of a 2011 electric rate adjustment.
Third quarter 2012 temperatures, while warmer-than-normal, were
similar to those experienced in the third quarter of 2011. Merchant
generation segment core (non-GAAP) earnings also declined, compared
to the third quarter of 2011, reflecting lower power prices and
higher fuel costs.
"The third quarter was solid from an operations perspective with
our system and people performing very well under extended severe
weather conditions. Overall, earnings were in line with our
expectations despite a challenging Illinois electric delivery rate order," said
Thomas R. Voss, chairman, president
and CEO of Ameren Corporation. "Today, we have narrowed our 2012
core earnings guidance range to $2.35 to
$2.45 per share from our prior range of $2.25 to $2.55 per share."
For the nine months ended Sept. 30,
2012, Ameren recorded GAAP net income of $182 million, or 75
cents per share, compared to GAAP net income of $494 million, or $2.05 per share, for the nine months ended
Sept. 30, 2011. Excluding certain
items that are discussed below, Ameren recorded core (non-GAAP) net
income of $553 million, or
$2.28 per share, for the first nine
months of 2012, compared to core (non-GAAP) net income of
$585 million, or $2.42 per share, for the first nine months of
2011.
The decrease in core (non-GAAP) earnings for the first nine
months of 2012, compared to core (non-GAAP) earnings for the first
nine months of 2011, reflected declines in Ameren Illinois and
merchant generation segment earnings offset by increased Ameren
Missouri earnings. Ameren Illinois' earnings were negatively
impacted by a lower allowed return on equity (ROE), driven by lower
Treasury bond yields under formula ratemaking for 2012, and
by the utility's Sept. 2012 rate
order for electric delivery service. The impact of these negative
factors on earnings was partially offset by a 2012 Illinois gas
rate adjustment. Merchant generation segment core (non-GAAP)
earnings declined reflecting lower power prices and higher fuel
costs. The increase in Ameren Missouri earnings reflected a 2011
electric rate adjustment, a favorable Federal Energy Regulatory
Commission order related to a disputed power purchase agreement
that expired in 2009, the absence in 2012 of a 2011 charge to
earnings related to the fuel adjustment clause, and lower
operations and maintenance expenses reflecting disciplined cost
management and reduced storm-related costs.
The following items were excluded from third quarter and
nine-month 2012 and 2011 core (non-GAAP) earnings, as
applicable:
- Asset impairment and other charges which decreased net income
by $377 million in the first nine
months of 2012, $76 million in the
third quarter of 2011 and $77 million
in the first nine months of 2011. The 2012 charge was a noncash
asset impairment of the merchant generation segment's Duck Creek
Energy Center. The 2011 charges were the result of the Missouri
Public Service Commission's disallowance of costs of enhancements
related to the rebuilding of the Taum Sauk Energy Center and the
decision to cease operations at the merchant generation segment's
Meredosia and Hutsonville energy centers.
- A noncash change in income tax benefit, related to the 2012
asset impairment discussed above, resulting from the requirement to
recognize interim period income tax expense using the annual
estimated effective rate. This item increased net income by
$43 million in the third quarter of
2012 but did not impact net income for the first nine months of
2012 and is not expected to impact full-year 2012 net income.
- The net effect of unrealized mark-to-market activity, which
increased net income by $8 million
and $6 million in the third quarter
and first nine months of 2012, respectively, and decreased net
income by $20 million and
$14 million in the third quarter and
first nine months of 2011, respectively.
A reconciliation of GAAP to core (non-GAAP) earnings per share
is as follows:
|
Third
Quarter
|
Nine
Months
|
|
2012
|
2011
|
2012
|
2011
|
GAAP
earnings per share
|
$
1.54
|
$
1.18
|
$
0.75
|
$
2.05
|
Asset
impairment and other charges
|
--
|
0.32
|
1.55
|
0.32
|
Increase
in tax benefit related to asset impairment and annual estimated
effective income tax rate
|
(0.18)
|
--
|
--
|
--
|
Net
unrealized mark-to-market activity, (gain) loss
|
(0.03)
|
0.07
|
(0.02)
|
0.05
|
Core
(non-GAAP) earnings per share
|
$
1.33
|
$
1.57
|
$
2.28
|
$
2.42
|
2012 Earnings Guidance
Ameren narrowed its guidance for 2012 core (non-GAAP) earnings
to a range of $2.35 to $2.45 per
share, compared to the prior range of $2.25
to $2.55 per share. Core (non-GAAP) earnings guidance
excludes the Duck Creek asset impairment charge of $1.55 per share discussed above. GAAP 2012
earnings are now expected to be in the range of $0.80 to $0.90 per share, compared to the prior
range of $0.70 to $1.00 per share.
Any net unrealized mark-to-market gains or losses will impact GAAP
and core (non-GAAP) earnings but are excluded from earnings
guidance because the company is unable to reasonably estimate the
impact of any such gains or losses.
Ameren expects its businesses to provide the following
contributions to 2012 core (non-GAAP) earnings per share:
Regulated Utilities
Earnings Guidance Midpoint
|
$2.30
|
Merchant Generation
Earnings Guidance Midpoint
|
$0.10
|
2012 Core (Non-GAAP)
Earnings Guidance Range
|
$2.35 -
$2.45
|
Ameren's earnings guidance for 2012 assumes normal temperatures
for the fourth quarter of the year. In addition, Ameren's future
results are subject to the effects of, among other things,
regulatory decisions and legislative actions; energy center
operations; energy, economic, and 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 Missouri Segment Results
Ameren Missouri segment GAAP earnings were $236 million for the third quarter of 2012,
compared to $190 million for the
third quarter of 2011. Third quarter 2012 core (non-GAAP) earnings
were $235 million, compared to third
quarter 2011 core (non-GAAP) earnings of $248 million. The decrease in core (non-GAAP)
earnings reflected lower electric sales and a higher effective
income tax rate partially offset by the benefits of a 2011 electric
rate adjustment. Third quarter 2012 temperatures, while
warmer-than-normal, were similar to those experienced in the third
quarter of 2011. The GAAP earnings comparison was affected by the
factors mentioned above as well as a $55
million charge in the third quarter of 2011 related to the
previously-mentioned Taum Sauk disallowance and a $1 million gain in the third quarter of 2012 as
opposed to a $3 million loss in the
third quarter of 2011 from net unrealized mark-to-market
activity.
Ameren Illinois Segment Results
Ameren Illinois segment third quarter 2012 GAAP earnings were
$71 million, compared to third
quarter 2011 GAAP earnings of $98
million. Third quarter 2012 core (non-GAAP) earnings were
$70 million, compared to third
quarter 2011 core (non-GAAP) earnings of $99
million. This decline in earnings reflected the utility's
Sept. 2012 rate order for electric
delivery service and a change in the quarterly distribution of
revenues and earnings resulting from formula ratemaking. The GAAP
earnings comparison was affected by the factors mentioned above as
well as a $1 million gain in the
third quarter of 2012 as opposed to a $1
million loss in the third quarter of 2011 from net
unrealized mark-to-market activity.
Merchant Generation Segment Results
Merchant generation segment third quarter 2012 GAAP earnings
were $20 million, compared to a third
quarter 2011 GAAP loss of $9 million.
Third quarter 2012 core (non-GAAP) earnings were $22 million, compared to third quarter 2011 core
(non-GAAP) earnings of $24 million.
The decrease in core earnings reflected the impact on margins of
lower power prices and higher fuel costs partially offset by lower
depreciation and operations and maintenance expenses. The GAAP
earnings comparison was affected by the factors mentioned above as
well as a third quarter 2012 noncash $4
million reduction in the income tax benefit related to the
first quarter 2012 Duck Creek Energy Center asset impairment
charge. This reduction in income tax benefit resulted from the
requirement to recognize interim period income tax expense using
the annual estimated effective rate. GAAP earnings also included
asset impairment and other charges of $21
million in the third quarter of 2011 related to the decision
to cease operations at the Meredosia and Hutsonville energy centers as well as a
$2 million gain in the third quarter
of 2012 as opposed to a $12 million
loss in the third quarter of 2011 from net unrealized
mark-to-market activity.
Ameren Other
In addition to the factors noted in the above segment
discussions, third quarter 2012 GAAP earnings for Ameren were
increased by a third quarter 2012 noncash income tax benefit of
$47 million related to the first
quarter 2012 Duck Creek Energy Center asset impairment charge. This
income tax benefit resulted from the requirement to recognize
interim period income tax expense using the annual estimated
effective rate. This item is not expected to impact full-year 2012
earnings.
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at
9 a.m. Central Time on Friday, Nov. 9, to discuss third quarter 2012
earnings and other matters. Investors, the news media and the
public may listen to a live Internet broadcast of the call at
Ameren.com by clicking on "Q3 2012 Ameren Corporation Earnings
Conference Call," followed by the appropriate audio link. An
accompanying slide presentation will be available on Ameren's
website. This presentation will be posted in the "Investors"
section of the website under "Webcasts & Presentations." The
analyst call will also be available for replay on the Internet for
one year. In addition, a telephone playback of the conference call
will be available beginning at approximately noon Central Time from Nov. 9 through Nov. 16, by dialing U.S.
877.660.6853 or international 201.612.7415, and entering ID number
402074.
About Ameren
St. Louis-based Ameren
Corporation owns a diverse mix of electric energy centers
strategically located in our Midwest market, with a generating
capacity of 15,900 megawatts. Through our Missouri and Illinois subsidiaries, we serve 2.4 million
electric customers and more than 900,000 natural gas customers in a
64,000-square-mile area. Our mission is to meet our customers'
energy needs in a safe, reliable, efficient and
environmentally-responsible manner. For more information, visit
Ameren.com.
Regulation G Statement
Ameren has presented certain information in this release on a
diluted cents per share basis. These diluted per share amounts
reflect certain factors that directly impact Ameren's total
earnings per share. The core (non-GAAP) earnings per share and core
(non-GAAP) earnings per share guidance exclude one or more of the
following: asset impairment and other charges including the Taum
Sauk regulatory disallowance, changes in the income tax benefit
recognized in conjunction with asset impairment and other charges
and the annual estimated effective income tax rate, and net
unrealized mark-to-market gains or losses. Ameren uses core
(non-GAAP) earnings internally for financial planning and for
analysis of performance. Ameren also uses core (non-GAAP) earnings
as primary performance measurements when communicating with
analysts and investors regarding our earnings results and outlook,
as the company believes that core (non-GAAP) earnings allow the
company to more accurately compare its ongoing performance across
periods.
In providing consolidated and segment core (non-GAAP)
earnings guidance, there could be differences between core
(non-GAAP) earnings and earnings prepared in accordance with GAAP
as a result of our treatment of certain items, such as those listed
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 under Risk Factors in Ameren's Form
10-K for the year ended December 31,
2011, 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 the outcome of Ameren Missouri's and Ameren Illinois' electric
rate cases filed in 2012; Ameren Missouri's fuel adjustment clause
prudence review and the related request for an accounting authority
order; Ameren Illinois' request for rehearing of a July 2012 Federal Energy Regulatory Commission
order regarding the inclusion of acquisition premiums in Ameren
Illinois' transmission rates; and future regulatory, judicial, or
legislative actions that seek to change regulatory recovery
mechanisms, such as the Illinois Energy Infrastructure
Modernization Act (IEIMA), which provides for formula ratemaking in
Illinois;
- the effect of Ameren Illinois participating in a new
performance-based formula ratemaking process under the IEIMA, 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;
- impairments of long-lived assets, intangible assets, or
goodwill, including the merchant generation segment and Ameren
Energy Generating Company energy centers, which had carrying values
that exceeded their estimated fair values by an amount
significantly in excess of $1 billion
after the impairment of the Duck Creek energy center in the first
quarter of 2012;
- the effects of, or changes to, the Illinois power procurement process;
- changes in laws and other governmental actions, including
monetary, fiscal, and tax policies;
- changes in laws or regulations that adversely affect the
ability of electric distribution companies and other purchasers of
wholesale electricity to pay their suppliers, including Ameren
Missouri and Ameren Energy Marketing Company;
- the effects of increased competition in the future due to,
among other things, deregulation of certain aspects of our business
at both the state and federal levels, and the implementation of
deregulation;
- the effects on demand for our services resulting from
technological advances, including advances in energy efficiency and
distributed generation sources, which generate electricity at the
site of consumption;
- increasing capital expenditure and operating expense
requirements and our ability to recover these costs;
- 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 the ability to recover the costs for such
commodities;
- the effectiveness of our risk management strategies and the
use of financial and derivative instruments;
- the level and volatility of future prices for power in the
Midwest;
- the development of a multi-year capacity market within the
Midwest Independent Transmission System Operator, Inc. (MISO) and
the outcomes of MISO's inaugural annual capacity auction in
2013;
- business and economic conditions, including their impact on
interest rates, bad debt expense, and demand for our
products;
- disruptions of the capital markets, deterioration in our
credit metrics, or other events that make our access to necessary
capital, including short-term credit and liquidity, impossible,
more difficult, or more costly;
- 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 impacts of droughts which
may cause lower river levels and could limit our energy centers'
ability to generate power;
- the impact of system outages;
- generation, transmission, and distribution asset
construction, installation, performance, and cost
recovery;
- 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 claims
against insurers in connection with its Taum Sauk pumped-storage
hydroelectric energy center incident;
- the extent to which Ameren Missouri is permitted by its
regulators to recover in rates the investments it made in
connection with a proposed second unit at its Callaway Energy
Center;
- operation of Ameren Missouri's Callaway Energy Center,
including planned and unplanned outages, decommissioning costs, and
potential increased costs because of Nuclear Regulatory Commission
orders to address nuclear plant readiness as a result of
nuclear-related developments in Japan in 2011;
- the effects of strategic initiatives, including mergers,
acquisitions and divestitures, and any related tax
implications;
- the impact of current environmental regulations on utilities
and power generating companies and new, more stringent or changing
requirements, including those related to greenhouse gases, other
emissions, 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
generating units, increase our costs, result in an impairment of
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, workforce reductions, future wage and
employee benefits costs, including changes in discount rates and
returns on benefit plan assets;
- the inability of our counterparties and affiliates to meet
their obligations with respect to contracts, credit facilities, and
financial instruments;
- the cost and availability of transmission capacity for the
energy generated by our energy centers or required to satisfy
energy sales made by us;
- legal and administrative proceedings; and
- acts of sabotage, war, terrorism, cybersecurity attacks or
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.
AMEREN
CORPORATION (AEE)
|
Reconciliation of GAAP to Core (Non-GAAP) Earnings
(Loss) Attributable to Ameren Corporation
|
(Unaudited, in millions, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
/
|
|
Ameren
Corp.
|
|
Ameren
Missouri
|
|
Ameren
Illinois
|
|
Merchant Generation
|
|
Intersegment Eliminations
|
|
Earnings (Loss)
|
|
|
Per
Share
|
Three
Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
GAAP earnings
|
$
236
|
|
$
71
|
|
$
20
|
|
$
47
|
|
$
374
|
|
|
$
1.54
|
(Increase)
decrease in tax benefit related to asset
impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
and annual
estimated effective income tax rate
|
-
|
|
-
|
|
4
|
|
(47)
|
|
(43)
|
|
|
(0.18)
|
Net
unrealized mark-to-market activity, (gain)
|
(1)
|
|
(1)
|
|
(2)
|
|
(4)
|
|
(8)
|
|
|
(0.03)
|
2012
Core (non-GAAP) earnings (loss)
|
$
235
|
|
$
70
|
|
$
22
|
|
$
(4)
|
|
$
323
|
|
|
$
1.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
GAAP earnings (loss)
|
$
190
|
|
$
98
|
|
$
(9)
|
|
$
6
|
|
$
285
|
|
|
$
1.18
|
Asset
impairment and other charges
|
55
|
|
-
|
|
21
|
|
-
|
|
76
|
|
|
0.32
|
Net
unrealized mark-to-market activity, loss
|
3
|
|
1
|
|
12
|
|
4
|
|
20
|
|
|
0.07
|
2011
Core (non-GAAP) earnings
|
$
248
|
|
$
99
|
|
$
24
|
|
$
10
|
|
$
381
|
|
|
$
1.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
GAAP earnings (loss)
|
$
400
|
|
$
130
|
|
$
(348)
|
|
$
-
|
|
$
182
|
|
|
$
0.75
|
Asset
impairment charge
|
-
|
|
-
|
|
377
|
|
-
|
|
377
|
|
|
1.55
|
Net
unrealized mark-to-market activity, (gain) loss
|
(2)
|
|
(1)
|
|
3
|
|
(6)
|
|
(6)
|
|
|
(0.02)
|
(Increase)
decrease in tax benefit related to asset
impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
and annual
estimated effective income tax rate
|
-
|
|
-
|
|
2
|
|
(2)
|
|
-
|
|
|
-
|
2012
Core (non-GAAP) earnings (loss)
|
$
398
|
|
$
129
|
|
$
34
|
|
$
(8)
|
|
$
553
|
|
|
$
2.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
GAAP earnings (loss)
|
$
301
|
|
$
168
|
|
$
26
|
|
$
(1)
|
|
$
494
|
|
|
$
2.05
|
Asset
impairment and other charges
|
55
|
|
-
|
|
22
|
|
-
|
|
77
|
|
|
0.32
|
Net
unrealized mark-to-market activity, loss
|
3
|
|
1
|
|
8
|
|
2
|
|
14
|
|
|
0.05
|
2011
Core (non-GAAP) earnings
|
$
359
|
|
$
169
|
|
$
56
|
|
$
1
|
|
$
585
|
|
|
$
2.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMEREN
CORPORATION (AEE)
|
CONSOLIDATED STATEMENT OF INCOME
|
(Unaudited, in millions, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
September 30,
|
|
September 30,
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
Operating Revenues:
|
|
|
|
|
|
|
|
Electric
|
$
1,871
|
|
$
2,138
|
|
$
4,694
|
|
$
5,222
|
Gas
|
130
|
|
130
|
|
625
|
|
731
|
Total
operating revenues
|
2,001
|
|
2,268
|
|
5,319
|
|
5,953
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
Fuel
|
359
|
|
467
|
|
1,032
|
|
1,217
|
Purchased
power
|
236
|
|
332
|
|
532
|
|
796
|
Gas
purchased for resale
|
40
|
|
46
|
|
304
|
|
413
|
Other
operations and maintenance
|
424
|
|
432
|
|
1,309
|
|
1,368
|
Asset
impairments and other charges
|
-
|
|
124
|
|
628
|
|
126
|
Depreciation and amortization
|
188
|
|
196
|
|
582
|
|
585
|
Taxes
other than income taxes
|
119
|
|
121
|
|
356
|
|
355
|
Total
operating expenses
|
1,366
|
|
1,718
|
|
4,743
|
|
4,860
|
Operating Income
|
635
|
|
550
|
|
576
|
|
1,093
|
|
|
|
|
|
|
|
|
Other
Income and Expenses:
|
|
|
|
|
|
|
|
Miscellaneous income
|
17
|
|
18
|
|
54
|
|
51
|
Miscellaneous expense
|
7
|
|
5
|
|
29
|
|
15
|
Total
other income
|
10
|
|
13
|
|
25
|
|
36
|
|
|
|
|
|
|
|
|
Interest Charges
|
113
|
|
113
|
|
338
|
|
336
|
|
|
|
|
|
|
|
|
Income
Before Income Taxes
|
532
|
|
450
|
|
263
|
|
793
|
|
|
|
|
|
|
|
|
Income
Taxes
|
158
|
|
163
|
|
82
|
|
293
|
|
|
|
|
|
|
|
|
Net
Income
|
374
|
|
287
|
|
181
|
|
500
|
|
|
|
|
|
|
|
|
Less: Net Income (Loss) Attributable to
Noncontrolling Interests
|
-
|
|
2
|
|
(1)
|
|
6
|
|
|
|
|
|
|
|
|
Net
Income Attributable to Ameren Corporation
|
$
374
|
|
$
285
|
|
$
182
|
|
$
494
|
|
|
|
|
|
|
|
|
Earnings per Common Share - Basic and
Diluted
|
$
1.54
|
|
$
1.18
|
|
$
0.75
|
|
$
2.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Common Shares Outstanding
|
242.6
|
|
241.7
|
|
242.6
|
|
241.2
|
|
|
|
|
|
|
|
|
AMEREN
CORPORATION (AEE)
|
CONSOLIDATED BALANCE SHEET
|
(Unaudited, in millions)
|
|
|
|
|
|
September 30,
|
|
December
31,
|
|
2012
|
|
2011
|
|
|
|
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and
cash equivalents
|
$
298
|
|
$
255
|
Accounts
receivable - trade, net
|
523
|
|
473
|
Unbilled
revenue
|
265
|
|
324
|
Miscellaneous accounts and notes
receivable
|
82
|
|
69
|
Materials
and supplies
|
756
|
|
712
|
Mark-to-market derivative assets
|
134
|
|
115
|
Current
regulatory assets
|
250
|
|
215
|
Other
current assets
|
98
|
|
132
|
Total
current assets
|
2,406
|
|
2,295
|
Property and Plant, Net
|
17,833
|
|
18,127
|
Investments and Other Assets:
|
|
|
|
Nuclear
decommissioning trust fund
|
407
|
|
357
|
Goodwill
|
411
|
|
411
|
Intangible
assets
|
14
|
|
7
|
Regulatory
assets
|
1,655
|
|
1,603
|
Other
assets
|
772
|
|
845
|
Total
investments and other assets
|
3,259
|
|
3,223
|
|
|
|
|
TOTAL
ASSETS
|
$
23,498
|
|
$
23,645
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Current
maturities of long-term debt
|
$
206
|
|
$
179
|
Short-term
debt
|
5
|
|
148
|
Accounts
and wages payable
|
458
|
|
693
|
Taxes
accrued
|
163
|
|
65
|
Interest
accrued
|
145
|
|
101
|
Customer
deposits
|
96
|
|
98
|
Mark-to-market derivative liabilities
|
155
|
|
161
|
Current
regulatory liabilities
|
125
|
|
133
|
Other
current liabilities
|
193
|
|
207
|
Total
current liabilities
|
1,546
|
|
1,785
|
Long-term Debt, Net
|
6,781
|
|
6,677
|
Deferred Credits and Other
Liabilities:
|
|
|
|
Accumulated deferred income taxes, net
|
3,385
|
|
3,315
|
Accumulated deferred investment tax
credits
|
74
|
|
79
|
Regulatory
liabilities
|
1,542
|
|
1,502
|
Asset
retirement obligations
|
429
|
|
428
|
Pension
and other postretirement benefits
|
1,152
|
|
1,344
|
Other
deferred credits and liabilities
|
563
|
|
447
|
Total
deferred credits and other liabilities
|
7,145
|
|
7,115
|
Ameren
Corporation Stockholders' Equity:
|
|
|
|
Common
stock
|
2
|
|
2
|
Other
paid-in capital, principally premium on common stock
|
5,611
|
|
5,598
|
Retained
earnings
|
2,259
|
|
2,369
|
Accumulated other comprehensive gain
(loss)
|
2
|
|
(50)
|
Total
Ameren Corporation stockholders' equity
|
7,874
|
|
7,919
|
Noncontrolling Interests
|
152
|
|
149
|
Total
equity
|
8,026
|
|
8,068
|
|
|
|
|
TOTAL
LIABILITIES AND EQUITY
|
$
23,498
|
|
$
23,645
|
|
|
|
|
AMEREN
CORPORATION (AEE)
|
CONSOLIDATED STATEMENT OF CASH
FLOWS
|
(Unaudited, in millions)
|
|
Nine
Months Ended
|
|
September 30,
|
|
2012
|
|
2011
|
Cash
Flows From Operating Activities:
|
|
|
|
Net
income
|
$
181
|
|
$
500
|
Adjustments to reconcile net income to net cash
provided by operating activities:
|
|
|
|
Loss on
asset impairments and other charges
|
628
|
|
126
|
Net gain
on sales of properties
|
(11)
|
|
(12)
|
Net
mark-to-market loss on derivatives
|
6
|
|
15
|
Depreciation and amortization
|
552
|
|
558
|
Amortization of nuclear fuel
|
63
|
|
51
|
Amortization of debt issuance costs and
premium/discounts
|
17
|
|
17
|
Deferred
income taxes and investment tax credits, net
|
40
|
|
302
|
Allowance
for equity funds used during construction
|
(26)
|
|
(25)
|
Other
|
22
|
|
2
|
Changes in
assets and liabilities:
|
|
|
|
Receivables
|
(19)
|
|
130
|
Materials
and supplies
|
(44)
|
|
(34)
|
Accounts
and wages payable
|
(157)
|
|
(192)
|
Taxes
accrued
|
97
|
|
94
|
Assets,
other
|
(29)
|
|
96
|
Liabilities, other
|
137
|
|
(2)
|
Pension
and other postretirement benefits
|
19
|
|
(98)
|
Counterparty collateral, net
|
23
|
|
37
|
Premiums
paid on long-term debt repurchases
|
(138)
|
|
-
|
Net
cash provided by operating activities
|
1,361
|
|
1,565
|
|
|
|
|
Cash
Flows From Investing Activities:
|
|
|
|
Capital
expenditures
|
(905)
|
|
(758)
|
Nuclear
fuel expenditures
|
(56)
|
|
(45)
|
Purchases
of securities - nuclear decommissioning trust fund
|
(341)
|
|
(163)
|
Sales of
securities - nuclear decommissioning trust fund
|
277
|
|
147
|
Proceeds
from sales of properties
|
22
|
|
50
|
Other
|
(8)
|
|
18
|
Net
cash used in investing activities
|
(1,011)
|
|
(751)
|
|
|
|
|
Cash
Flows From Financing Activities:
|
|
|
|
Dividends
on common stock
|
(284)
|
|
(279)
|
Dividends
paid to noncontrolling interest holders
|
(5)
|
|
(5)
|
Short-term
debt and credit facility repayments, net
|
(143)
|
|
(379)
|
Redemptions, repurchases, and maturities of long-term
debt
|
(754)
|
|
(150)
|
Issuances:
|
|
|
|
Long-term
debt
|
882
|
|
-
|
Common
stock
|
-
|
|
49
|
Capital
issuance costs
|
(7)
|
|
-
|
Generator
advances received for construction
|
4
|
|
-
|
Repayments
of generator advances received for construction
|
-
|
|
(73)
|
Net
cash used in financing activities
|
(307)
|
|
(837)
|
|
|
|
|
Net
change in cash and cash equivalents
|
43
|
|
(23)
|
Cash
and cash equivalents at beginning of year
|
255
|
|
545
|
|
|
|
|
Cash
and cash equivalents at end of period
|
$
298
|
|
$
522
|
|
|
|
|
AMEREN
CORPORATION (AEE)
|
CONSOLIDATED OPERATING STATISTICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Electric Sales - kilowatthours (in
millions):
|
|
|
|
|
|
|
|
|
Ameren
Missouri
|
|
|
|
|
|
|
|
|
|
Residential
|
|
4,031
|
|
4,144
|
|
10,352
|
|
10,935
|
|
Commercial
|
|
4,128
|
|
4,184
|
|
11,195
|
|
11,333
|
|
Industrial
|
|
2,268
|
|
2,294
|
|
6,533
|
|
6,542
|
|
Other
|
|
28
|
|
29
|
|
89
|
|
91
|
|
Native
load subtotal
|
|
10,455
|
|
10,651
|
|
28,169
|
|
28,901
|
|
Off-system
and wholesale
|
|
1,696
|
|
2,514
|
|
5,483
|
|
8,410
|
|
Subtotal
|
|
12,151
|
|
13,165
|
|
33,652
|
|
37,311
|
|
|
|
|
|
|
|
|
|
|
Ameren
Illinois
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
|
|
|
|
|
|
|
Power
supply and delivery service
|
|
2,720
|
|
3,641
|
|
7,735
|
|
9,361
|
|
Delivery
service only
|
|
910
|
|
13
|
|
1,281
|
|
14
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
Power
supply and delivery service
|
|
889
|
|
1,030
|
|
2,396
|
|
2,874
|
|
Delivery
service only
|
|
2,754
|
|
2,582
|
|
6,939
|
|
6,507
|
|
Industrial
|
|
|
|
|
|
|
|
|
|
Power
supply and delivery service
|
|
385
|
|
393
|
|
1,167
|
|
1,112
|
|
Delivery
service only
|
|
3,245
|
|
3,088
|
|
8,954
|
|
8,637
|
|
Other
|
|
139
|
|
136
|
|
400
|
|
402
|
|
Native
load subtotal
|
|
11,042
|
|
10,883
|
|
28,872
|
|
28,907
|
|
|
|
|
|
|
|
|
|
|
Merchant Generation
|
|
|
|
|
|
|
|
|
|
Energy
sales
|
|
6,623
|
|
9,108
|
|
18,790
|
|
24,001
|
|
Affiliate
native energy sales
|
|
653
|
|
434
|
|
1,447
|
|
523
|
|
Subtotal
|
|
7,276
|
|
9,542
|
|
20,237
|
|
24,524
|
|
|
|
|
|
|
|
|
|
|
Eliminate
affiliate sales
|
|
(653)
|
|
(434)
|
|
(1,447)
|
|
(523)
|
Eliminate
Ameren Illinois/Merchant Generation common customers
|
|
(2,307)
|
|
(1,549)
|
|
(5,291)
|
|
(4,108)
|
|
|
|
|
|
|
|
|
|
|
|
Ameren
Total
|
|
27,509
|
|
31,607
|
|
76,023
|
|
86,111
|
|
|
|
|
|
|
|
|
|
|
Electric Revenues (in millions):
|
|
|
|
|
|
|
|
|
Ameren
Missouri
|
|
|
|
|
|
|
|
|
|
Residential
|
|
$
463
|
|
$
466
|
|
$
1,055
|
|
$
1,041
|
|
Commercial
|
|
367
|
|
373
|
|
874
|
|
874
|
|
Industrial
|
|
142
|
|
145
|
|
343
|
|
347
|
|
Other
|
|
25
|
|
25
|
|
72
|
|
49
|
|
Native
load subtotal
|
|
997
|
|
1,009
|
|
2,344
|
|
2,311
|
|
Off-system
and wholesale
|
|
49
|
|
90
|
|
160
|
|
281
|
|
Subtotal
|
|
$
1,046
|
|
$
1,099
|
|
$
2,504
|
|
$
2,592
|
|
|
|
|
|
|
|
|
|
|
Ameren
Illinois
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
|
|
|
|
|
|
|
Power
supply and delivery service
|
|
$
281
|
|
$
379
|
|
$
813
|
|
$
959
|
|
Delivery
service only
|
|
43
|
|
-
|
|
57
|
|
-
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
Power
supply and delivery service
|
|
79
|
|
119
|
|
217
|
|
287
|
|
Delivery
service only
|
|
61
|
|
54
|
|
136
|
|
119
|
|
Industrial
|
|
|
|
|
|
|
|
|
|
Power
supply and delivery service
|
|
14
|
|
19
|
|
42
|
|
51
|
|
Delivery
service only
|
|
13
|
|
13
|
|
34
|
|
33
|
|
Other
|
|
45
|
|
47
|
|
105
|
|
107
|
|
Native
load subtotal
|
|
$
536
|
|
$
631
|
|
$
1,404
|
|
$
1,556
|
|
|
|
|
|
|
|
|
|
|
Merchant Generation
|
|
|
|
|
|
|
|
|
|
Non-affiliate energy sales
|
|
$
294
|
|
$
416
|
|
$
788
|
|
$
1,088
|
|
Affiliate
native energy sales
|
|
84
|
|
66
|
|
243
|
|
160
|
|
Other
|
|
4
|
|
(1)
|
|
20
|
|
6
|
|
Subtotal
|
|
$
382
|
|
$
481
|
|
$
1,051
|
|
$
1,254
|
|
|
|
|
|
|
|
|
|
|
Eliminate
affiliate revenues and other
|
|
(93)
|
|
(73)
|
|
(265)
|
|
(180)
|
|
Ameren
Total
|
|
$
1,871
|
|
$
2,138
|
|
$
4,694
|
|
$
5,222
|
|
|
|
|
|
|
|
|
|
|
AMEREN
CORPORATION (AEE)
|
CONSOLIDATED OPERATING STATISTICS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Electric Generation - megawatthours (in
millions):
|
|
|
|
|
|
|
|
|
Ameren
Missouri
|
|
12.2
|
|
13.4
|
|
34.2
|
|
37.8
|
Merchant Generation
|
|
|
|
|
|
|
|
|
|
Ameren
Energy Generating Company (Genco)
|
|
5.0
|
|
6.3
|
|
13.6
|
|
16.5
|
|
AmerenEnergy Resources Generating Company
(AERG)
|
|
1.8
|
|
2.0
|
|
5.4
|
|
5.3
|
|
AmerenEnergy Medina Valley Cogen, L.L.C.
|
|
-
|
|
-
|
|
-
|
|
0.1
|
|
Subtotal
|
|
6.8
|
|
8.3
|
|
19.0
|
|
21.9
|
|
Ameren
Total
|
|
19.0
|
|
21.7
|
|
53.2
|
|
59.7
|
|
|
|
|
|
|
|
|
|
|
Fuel
Cost per kilowatthour (cents):
|
|
|
|
|
|
|
|
|
|
Ameren
Missouri
|
|
1.852
|
|
1.705
|
|
1.709
|
|
1.571
|
|
Merchant
Generation
|
|
2.496
|
|
2.486
|
|
2.474
|
|
2.430
|
|
|
|
|
|
|
|
|
|
|
Gas
Sales - decatherms (in thousands):
|
|
|
|
|
|
|
|
|
|
Ameren
Missouri
|
|
948
|
|
823
|
|
6,084
|
|
8,067
|
|
Ameren
Illinois
|
|
6,179
|
|
5,862
|
|
48,443
|
|
57,789
|
|
Ameren
Total
|
|
7,127
|
|
6,685
|
|
54,527
|
|
65,856
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
|
|
December
31,
|
|
|
|
|
|
2012
|
|
|
|
2011
|
Common
Stock:
|
|
|
|
|
|
|
|
|
|
Shares
outstanding (in millions)
|
|
|
|
242.6
|
|
|
|
242.6
|
|
Book value
per share
|
|
|
|
$32.45
|
|
|
|
$32.64
|
|
|
|
|
|
|
|
|
|
|
Capitalization Ratios:
|
|
|
|
|
|
|
|
|
|
Common
equity
|
|
|
|
53.5%
|
|
|
|
53.4%
|
|
Preferred
stock
|
|
|
|
1.0%
|
|
|
|
1.0%
|
|
Debt, net
of cash
|
|
|
|
45.5%
|
|
|
|
45.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Ameren Corporation