EX-99.1 2 dex991.htm PRESS RELEASE REGARDING EARNINGS Press release regarding earnings

Exhibit 99.1

LOGO

Media

   Analysts    Investors

Susan Gallagher

   Doug Fischer    Investor Services

(314) 554-2175

   (314) 554-4859    800-255-2237

sgallagher@ameren.com

   dfischer@ameren.com    invest@ameren.com

FOR IMMEDIATE RELEASE

AMEREN ANNOUNCES THIRD QUARTER 2009 EARNINGS

 

   

Third Quarter 2009 GAAP Earnings per Share $1.04 vs. Year-Ago $0.97

   

Third Quarter 2009 Core Earnings per Share $1.16 vs. Year-Ago $1.17

   

2009 Core Earnings per Share Guidance Narrowed

ST. LOUIS, MO., Oct. 30, 2009—Ameren Corporation (NYSE: AEE) today announced third quarter 2009 net income in accordance with generally accepted accounting principles (GAAP) of $227 million, or $1.04 per share, compared to third quarter 2008 GAAP net income of $204 million, or 97 cents per share. Excluding certain items in each year, Ameren recorded third quarter 2009 core (non-GAAP) net income of $255 million, or $1.16 per share, compared to third quarter 2008 core (non-GAAP) net income of $246 million, or $1.17 per share.

Factors favorably affecting core (non-GAAP) third quarter 2009 earnings per share, as compared to the same period in 2008, included utility rate adjustments in Illinois and Missouri, lower operations and maintenance expenses, as well as the revenue-leveling effect of natural gas rate redesign in the Illinois regulated utility segment. Offsetting factors included lower electricity sales in the regulated utilities and lower margins in the merchant generation segment, as a result of much cooler summer weather and economic conditions. Higher interest expense and increased average common shares outstanding also impacted comparative results.

“I am pleased to report that our third quarter core earnings per share were just one cent less than those of the year-ago quarter despite much cooler summer weather and the weak economy,” said Thomas R. Voss, president and chief executive officer of Ameren Corporation. “Our entire management team is keenly focused on laying a foundation on which we can build and deliver shareholder value in the years to come. Key steps have been taken in this direction over the past few months, including reevaluating and reducing planned expenditures, further strengthening our financial profile and right-sizing our organization. We are also seeking to recover increased costs in our regulated businesses and positioning our merchant generation business to weather current power

 

- more -


Add 2

market conditions and benefit from an expected eventual recovery. We intend to lead the way to a secure energy future for our customers and our communities.

“With our most significant earnings’ quarters behind us, we are narrowing our 2009 core earnings per share guidance to a range of $2.70 to $2.90 from our prior range of $2.70 to $3.05. Our new core guidance range reflects reduced sales due to much cooler-than-normal third quarter weather and continued weak economic conditions, as well as dilution from our third quarter common equity offering. The impact of these factors is partially offset by reduced operating and interest expenses, as compared to our prior guidance.”

In the third quarter of 2009, at Ameren’s regulated utilities, much cooler summer weather and the economic slowdown led to a 10% decrease in kilowatthour sales to residential customers and a 3% decrease in kilowatthour sales to commercial customers, compared to the year-ago quarter. These sales changes were more modest on a weather-normalized basis, with residential sales declining an estimated 2% and commercial sales declining an estimated 1%. Cooling degree-days in the 2009 third quarter were 18% below those of the 2008 third quarter and 23% below normal. The weak economy continued to affect kilowatthour sales by Ameren’s regulated utilities to their industrial customers. These sales declined 13% from the year-ago quarter, excluding the impact of reduced sales to AmerenUE’s largest customer, the Noranda Aluminum, Inc., smelter plant in New Madrid, Mo. Noranda’s plant sustained damage because of a power interruption on non-Ameren-owned power lines during a severe January 2009 ice storm. Including Noranda, electric sales to industrial customers declined 18% in the third quarter of 2009, as compared to the year-ago quarter.

The following items were excluded from third quarter 2009 and third quarter 2008 core (non-GAAP) earnings, as applicable:

 

   

Net costs associated with the Illinois comprehensive electric rate relief and customer assistance settlement agreement (reached in 2007) reduced net income by $4 million in the third quarter of 2009 and by $6 million in the third quarter of 2008.

   

Net effects of mark-to-market activity decreased net income by $11 million in the third quarter of 2009 and by $36 million in the third quarter of 2008.

   

Employee separation programs and the retirement of two generating units at the merchant generation segment’s Meredosia Power Plant reduced net income by $13 million in the third quarter of 2009.

Net income in accordance with GAAP for the nine months ended Sept. 30, 2009, was $533 million, or $2.48 per share, compared to $548 million, or $2.61 per share, for the same period in 2008.

 

- more -


Add 3

Excluding certain items in each year, Ameren recorded nine-month 2009 core (non-GAAP) net income of $530 million, or $2.46 per share, compared to nine-month 2008 core (non-GAAP) net income of $525 million, or $2.50 per share. A reconciliation of GAAP to core (non-GAAP) earnings per share is as follows:

 

     Third Quarter    Nine Months  
     2009    2008    2009     2008  

GAAP earnings per share

   $ 1.04    $ 0.97    $ 2.48      $ 2.61   

Illinois electric rate relief settlement, net

     0.02      0.03      0.06        0.10   

Net unrealized mark-to-market activity

     0.04      0.17      (0.14     (0.09

Coal contract settlement – 2009 portion

     -      -      -        (0.08

Accounting order for 2007 severe storms

     -      -      -        (0.04

Employee separation & generating unit retirements

     0.06      -      0.06        -   

Core (non-GAAP) earnings per share

   $ 1.16    $ 1.17    $ 2.46      $ 2.50   

2009 Earnings Guidance

As previously mentioned, Ameren has updated its expectations for full-year 2009 earnings. GAAP earnings for 2009 are now expected to be in the range of $2.57 to $2.77 per share, compared to the prior range of $2.63 to $2.98 per share. Core (non-GAAP) earnings are now expected to be in the range of $2.70 to $2.90 per share, compared to the prior range of $2.70 to $3.05. The 2009 core (non-GAAP) earnings guidance excludes an estimated 7 cents per share negative impact from the 2007 settlement agreement among parties in Illinois to provide comprehensive electric rate relief and customer assistance and an estimated 6 cents per share negative impact from the costs of employee separation programs and generating unit retirements. Any net unrealized mark-to-market gains or losses will affect GAAP earnings, but are excluded from GAAP and core (non-GAAP) earnings guidance because the company is unable to reasonably estimate the impact of any such gains or losses.

Ameren expects its business segments to provide the following contributions to full year 2009 core (non-GAAP) earnings per share:

 

Missouri Regulated

   $ 1.05 - $1.10

Illinois Regulated

     0.50 -   0.55

Merchant Generation

     1.15 -   1.25
      

2009 Core (Non-GAAP) Earnings Guidance Range

   $ 2.70 - $2.90

 

- more -


Add 4

These estimated segment contributions have been updated to reflect the narrowed core (non-GAAP) earnings guidance.

Ameren’s earnings guidance for 2009 assumes normal weather for the balance of the year and is subject to, among other things, regulatory decisions and legislative actions, plant operations, energy and capital and credit market conditions, economic 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.

Missouri Regulated Segment Earnings

Core (non-GAAP) earnings in the third quarter of 2009 were $145 million versus $141 million in the prior-year period. The earnings improvement was primarily a result of electric rates, which took effect March 1, 2009, and cost control efforts. Offsets included reduced electric sales due to much cooler summer weather, the weak economy and lower sales to the Noranda Aluminum smelter plant, as previously discussed, as well as higher financing costs. Missouri regulated operations recorded GAAP earnings in the 2009 third quarter of $141 million versus $98 million in the 2008 third quarter. In addition to the factors mentioned above, the increase in GAAP earnings was the result of a gain from net mark-to-market activity in the third quarter of 2009 as opposed to a loss in the year-ago quarter, partially offset by third quarter 2009 expenses for employee separation programs.

Illinois Regulated Segment Earnings

Core (non-GAAP) earnings in the third quarter of 2009 were $60 million as compared to $17 million in the third quarter of 2008. This earnings improvement was primarily due to electric and natural gas delivery service rates that took effect Oct. 1, 2008, lower bad debt expense, a seasonal natural gas rate redesign and cost control efforts. Effective Oct. 1, 2008, the Illinois Commerce Commission authorized a change in the way natural gas distribution costs are recovered from residential and commercial customers. This rate redesign shifts revenues from the first quarter to the second and third quarters with no expected impact on full-year earnings. These positives were partially offset by lower electric sales due to much cooler summer weather and the weak economy, higher financing costs and increased pension and benefit expenses, among other factors. Illinois regulated operations recorded GAAP earnings in the third quarter of 2009 of $57 million versus $13 million in the third quarter of 2008. In addition to the items noted above, this GAAP earnings increase resulted from the absence of a year-ago loss from net mark-to-market activity, partially offset by third quarter 2009 expenses for employee separation programs.

 

- more -


Add 5

Merchant Generation Segment Earnings

Core (non-GAAP) earnings in the third quarter of 2009 were $62 million, down from $98 million earned in the third quarter of 2008. This decline was due to weaker power prices and higher fuel and related transportation and financing costs. Proactive forward hedges of 2009 generation, executed in prior years at higher-than-current market prices, have shielded merchant generation earnings from the full impact of falling market power prices. GAAP earnings from merchant generation operations in the third quarter of 2009 were $37 million, down from $108 million in the third quarter of 2008. In addition to the items noted above, a third quarter 2009 loss as opposed to a third quarter 2008 gain from net mark-to-market activity was the primary factor behind the decline in GAAP earnings. Third quarter 2009 charges related to employee separation programs and generating unit retirements also decreased GAAP earnings for the merchant generation segment.

Analyst Conference Call

Ameren will conduct a conference call for financial analysts at 9:00 a.m. Central Time on Friday, Oct. 30, to discuss third quarter 2009 earnings and other matters. Investors, the news media and the public may listen to a live Internet broadcast of the call at www.ameren.com by clicking on “Q3 2009 Ameren Corporation Earnings Conference Call,” followed by the appropriate audio link. An accompanying slide presentation will be available on Ameren’s Web site. This presentation will be posted in the “Investors” section of the Web site under “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 Oct. 30 through Nov. 6, by dialing, U.S. (877) 660-6853 or international (201) 612-7415, and entering account number 352 and ID number 334766.

About Ameren

With assets of $24 billion, Ameren serves approximately 2.4 million electric customers and almost one million natural gas customers in a 64,000-square-mile area of Missouri and Illinois. Ameren owns a diverse mix of electric generating plants strategically located in its Midwest market with a generating capacity of more than 16,300 megawatts.

 

- more -


Add 6

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 excludes one or more of the following: the earnings impact of the settlement agreement among parties in Illinois for comprehensive electric rate relief and customer assistance, net mark-to-market gains or losses, the 2009 portion of a 2008 lump-sum payment from a coal supplier for expected higher fuel costs in 2009 as a result of the premature closure of a mine and termination of a contract, the estimated minimum benefit of an accounting order from the Missouri Public Service Commission associated with the 2007 storm costs, and the costs of employee separation programs and generating unit retirements. 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 it allows it to more accurately compare the company’s 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 for 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 elsewhere in this release and in our filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:

 

   

regulatory or legislative actions, including changes in regulatory policies and ratemaking determinations such as the outcome of pending AmerenUE, AmerenCIPS, AmerenCILCO and AmerenIP rate proceedings, and future rate proceedings or future legislative actions that seek to limit or reverse rate increases;

   

uncertainty as to the continued effectiveness of the Illinois power procurement process;

   

changes in laws and other governmental actions, including monetary and fiscal 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 AmerenUE and Ameren Energy Marketing Company;

   

enactment of legislation taxing electric generators, in Illinois or elsewhere;

   

the effects of increased competition in the future due to, among other things, deregulation of certain aspects of our business at both the state and federal levels, and the implementation of deregulation, such as occurred when the electric rate freeze and power supply contracts expired in Illinois at the end of 2006;

   

increasing capital expenditure and operating expense requirements and our ability to recover these costs in a timely fashion in light of regulatory lag;

   

the effects of participation in the Midwest Independent Transmission System Operator, Inc.;

   

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;

   

prices for power in the Midwest, including forward prices;

 

- more -


Add 7

 

   

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

   

disruptions of the capital markets or other events that make the Ameren companies’ 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 standards 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;

   

the impact of system outages caused by severe weather conditions or other events;

   

generation plant construction, installation and performance, including costs associated with AmerenUE’s Taum Sauk pumped-storage hydroelectric plant incident and the plant’s future operation;

   

impairments of long-lived assets or goodwill;

   

the recovery of costs associated with AmerenUE’s Taum Sauk pumped-storage hydroelectric plant incident and investment in a combined nuclear plant construction and operating licensing application for a second unit at its Callaway nuclear plant;

   

operation of AmerenUE’s nuclear power facility, including planned and unplanned outages, and decommissioning costs;

   

the effects of strategic initiatives, including acquisitions and divestitures;

   

the impact of current environmental regulations on utilities and power generating companies and the expectation that more stringent requirements, including those related to greenhouse gases, will be enacted over time, which could limit the operation of our generating units, increase our costs, or otherwise have a negative financial effect;

   

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 the Ameren companies’ facilities or required to satisfy energy sales made by the Ameren companies;

   

legal and administrative proceedings; and

   

acts of sabotage, war, terrorism 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)

CONSOLIDATED OPERATING STATISTICS

 

     Three Months Ended
September 30,
   Nine Months Ended
September 30,
          2009            2008            2009            2008    

Electric Sales - kilowatthours (in millions):

           

Missouri Regulated

           

Residential

     3,392       3,708       10,134       10,567 

Commercial

     3,932       4,020       11,026       11,205 

Industrial

     1,862       2,502       5,222       6,990 

Other

     497       210       1,119       606 
                           

Native load subtotal

     9,683       10,440       27,501       29,368 

Off-system sales

     2,718       2,490       9,019       8,531 
                           

Subtotal

     12,401       12,930       36,520       37,899 
                           

Illinois Regulated

           

Residential

           

Generation and delivery service

     2,731       3,063       8,325       8,718 

Commercial

           

Generation and delivery service

     1,246       1,527       4,041       4,486 

Delivery service only

     1,884       1,704       4,935       4,555 

Industrial

           

Generation and delivery service

     121       352       360       1,091 

Delivery service only

     2,804       2,960       7,989       8,567 

Other

     122       132       400       406 
                           

Native load subtotal

     8,908       9,738       26,050       27,823 
                           

Merchant Generation

           

Non-affiliate energy sales

     7,277       7,245       18,990       19,560 

Affiliate native energy sales

     602       1,441       2,909       4,639 
                           

Subtotal

     7,879       8,686       21,899       24,199 
                           

Eliminate affiliate sales

     (602)      (1,441)      (2,909)      (4,639)

Eliminate Illinois Regulated/Merchant Generation common customers

     (1,394)      (1,278)      (4,055)      (3,656)
                           

Ameren Total

     27,192       28,635       77,505       81,626 

Electric Revenues (in millions):

           

Missouri Regulated

           

Residential

   $ 311     $ 311     $ 781     $ 756 

Commercial

     293       278       704       673 

Industrial

     104       125       247       295 

Other

     30       25       86       88 
                           

Native load subtotal

     738       739       1,818       1,812 

Off-system sales

     78       114       302       418 
                           

Subtotal

     816       853       2,120       2,230 
                           

Illinois Regulated

           

Residential

           

Generation and delivery service

     271       312       838       825 

Commercial

           

Generation and delivery service

     141       177       416       462 

Delivery service only

     32       22       75       56 

Industrial

           

Generation and delivery service

          28       15       77 

Delivery service only

               26       22 

Other

     68       73       135       230 
                           

Native load subtotal

     528       620       1,505       1,672 
                           

Merchant Generation

           

Non-affiliate energy sales

     369       451       995       1,057 

Affiliate native energy sales

     90       99       309       309 

Other

     (25)      40            84 
                           

Subtotal

     434       590       1,306       1,450 
                           

Eliminate affiliate revenues

     (99)      (135)      (342)      (408)
                           

Ameren Total

   $ 1,679     $ 1,928     $ 4,589     $ 4,944 


AMEREN CORPORATION (AEE)

CONSOLIDATED OPERATING STATISTICS

 

     Three Months Ended
September 30,
   Nine Months Ended
September 30,
        2009        2008      2009    2008

Electric Generation - megawatthours (in millions):

           

Missouri Regulated

     12.3       13.0       36.3       38.1 

Merchant Generation

           

Ameren Energy Generating Company (Genco)

     3.5       4.3       10.4       12.2 

AmerenEnergy Resources Generating Company (AERG)

     1.9       1.8       4.9       5.1 

Electric Energy, Inc. (EEI)

     1.6       2.1       5.0       5.9 

AmerenEnergy Medina Valley Cogen, L.L.C.

          0.1       0.1       0.2 
                           

Subtotal

     7.0       8.3       20.4       23.4 
                           

Ameren Total

     19.3       21.3       56.7       61.5 

Fuel Cost per kilowatthour (cents)

           

Missouri Regulated

     1.412       1.378       1.374       1.297 

Merchant Generation

     2.050       1.982       2.005       1.913 

Gas Sales - decatherms (in thousands)

           

Missouri Regulated

     829       750       7,712       8,522 

Illinois Regulated

     6,327       4,662       60,498       69,122 

Other

     43       196       3,300       1,122 
                           

Ameren Total

     7,199       5,608       71,510       78,766 

Net Income (Loss) by Segment (in millions):

           

Missouri Regulated

   $ 141     $ 98     $ 244     $ 272 

Illinois Regulated

     57       13       97       15 

Merchant Generation

     37       108       205       284 

Other

     (8)      (15)      (13)      (23)
                           

Ameren Total

   $ 227     $ 204     $ 533     $ 548 
          September 30,
2009
        December 31,
2008

Common Stock:

           

Shares outstanding (in millions)

        236.8         212.3

Book value per share

      $ 33.11       $ 32.80

Capitalization Ratios:

           

Common equity

        51.0%         45.9%

Preferred stock

        1.3%         1.3%

Debt, net of cash

        47.7%         52.8%


AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF INCOME

(Unaudited, in millions, except per share amounts)

 

     Three Months Ended
September 30,
   Nine Months Ended
September 30,
          2009            2008            2009            2008    

Operating Revenues:

           

Electric

   $ 1,679     $ 1,928     $ 4,589     $ 4,944 

Gas

     136       132       826       987 
                           

Total operating revenues

     1,815       2,060       5,415       5,931 
                           

Operating Expenses:

           

Fuel

     306       461       867       963 

Coal contract settlement

                    (60)

Purchased power

     256       371       708       964 

Gas purchased for resale

     57       73       523       697 

Other operations and maintenance

     422       456       1,294       1,361 

Depreciation and amortization

     185       173       541       513 

Taxes other than income taxes

     104       98       311       300 
                           

Total operating expenses

     1,330       1,632       4,244       4,738 
                           

Operating Income

     485       428       1,171       1,193 

Other Income and Expenses:

           

Miscellaneous income

     16       23       49       61 

Miscellaneous expense

     (3)      (10)      (14)      (23)
                           

Total other income

     13       13       35       38 
                           

Interest Charges

     134       113       376       331 
                           

Income Before Income Taxes

     364       328       830       900 

Income Taxes

     135       113       288       319 
                           

Net Income

     229       215       542       581 

Less: Net Income Attributable to Noncontrolling Interests

          11            33 
                           

Net Income Attributable to Ameren Corporation

   $ 227     $ 204     $ 533     $ 548 

Earnings per Common Share - Basic and Diluted

   $ 1.04     $ 0.97     $ 2.48     $ 2.61 

Average Common Shares Outstanding

     218.2       210.3       214.9       209.5 


AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited, in millions)

 

     Nine Months Ended
September 30,
          2009            2008    

Cash Flows From Operating Activities:

     

Net income

   $ 542     $ 581 

Adjustments to reconcile net income to net cash provided by operating activities:

     

Gain on sales of emission allowances

          (2)

Net mark-to-market gain on derivatives

     (26)      (42)

Depreciation and amortization

     557       528 

Amortization of nuclear fuel

     40       31 

Amortization of debt issuance costs and premium/discounts

     16       14 

Deferred income taxes and investment tax credits, net

     301       130 

Other

          (2)

Changes in assets and liabilities:

     

Receivables

     239       144 

Materials and supplies

     (11)      (216)

Accounts and wages payable

     (241)      (74)

Taxes accrued

     81       44 

Assets, other

     (96)      46 

Liabilities, other

     134       142 

Pension and other postretirement benefits

     30       23 

Counterparty collateral, net

     66      

Taum Sauk costs, net of insurance recoveries

     110       (94)
             

Net cash provided by operating activities

     1,746       1,253 

Cash Flows From Investing Activities:

     

Capital expenditures

     (1,295)      (1,316)

Nuclear fuel expenditures

     (47)      (161)

Purchases of securities - nuclear decommissioning trust fund

     (315)      (386)

Sales of securities - nuclear decommissioning trust fund

     315       360 

Purchases of emission allowances

     (4)      (2)

Sales of emission allowances

         

Other

         
             

Net cash used in investing activities

     (1,345)      (1,501)

Cash Flows From Financing Activities:

     

Dividends on common stock

     (247)      (399)

Debt issuance costs

     (64)      (9)

Dividends paid to noncontrolling interest holders

     (19)      (31)

Short-term debt, net

     (739)      (65)

Redemptions, repurchases, and maturities:

     

Long-term debt

     (250)      (823)

Preferred stock

          (16)

Issuances:

     

Common stock

     617       107 

Long-term debt

     772       1,335 
             

Net cash provided by financing activities

     70       99 

Net change in cash and cash equivalents

     471       (149)

Cash and cash equivalents at beginning of year

     92       355 

Cash and cash equivalents at end of period

   $ 563     $ 206 


AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET

(Unaudited, in millions)

 

      September 30,
2009
   December 31,
2008
ASSETS      

Current Assets:

     

Cash and cash equivalents

   $ 563     $ 92 

Accounts receivable - trade, net

     416       502 

Unbilled revenue

     250       427 

Miscellaneous accounts and notes receivable

     182       292 

Materials and supplies

     857       842 

Mark-to-market derivative assets

     239       207 

Other current assets

     273       232 
             

Total current assets

     2,780       2,594 
             

Property and Plant, Net

     17,272       16,567 

Investments and Other Assets:

     

Nuclear decommissioning trust fund

     280       239 

Goodwill

     831       831 

Intangible assets

     138       167 

Regulatory assets

     1,641       1,653 

Other assets

     652       606 
             

Total investments and other assets

     3,542       3,496 

TOTAL ASSETS

   $ 23,594     $ 22,657 
LIABILITIES AND EQUITY      

Current Liabilities:

     

Current maturities of long-term debt

   $ 128     $ 380 

Short-term debt

     435       1,174 

Accounts and wages payable

     443       813 

Taxes accrued

     135       54 

Interest accrued

     183       107 

Customer deposits

     107       126 

Mark-to-market derivative liabilities

     197       155 

Other current liabilities

     298       254 
             

Total current liabilities

     1,926       3,063 
             

Long-term Debt, Net

     7,321       6,554 

Deferred Credits and Other Liabilities:

     

Accumulated deferred income taxes, net

     2,431       2,131 

Accumulated deferred investment tax credits

     93       100 

Regulatory liabilities

     1,322       1,291 

Asset retirement obligations

     423       406 

Pension and other postretirement benefits

     1,477       1,495 

Other deferred credits and liabilities

     555       438 
             

Total deferred credits and other liabilities

     6,301       5,861 
             

Ameren Corporation Stockholders’ Equity:

     

Common stock

         

Other paid-in capital, principally premium on common stock

     5,392       4,780 

Retained earnings

     2,467       2,181 

Accumulated other comprehensive loss

     (21)     
             

Total Ameren Corporation stockholders’ equity

     7,840       6,963 

Noncontrolling Interests

     206       216 
             

Total equity

     8,046       7,179 

TOTAL LIABILITIES AND EQUITY

   $ 23,594     $ 22,657