Ameren Announces Third Quarter 2012 Results
Ameren Announces Third Quarter 2012 Results
2012 Earnings Guidance Range Narrowed
- Third Quarter 2012 Core (Non-GAAP) EPS were $1.33
- Third Quarter 2012 GAAP EPS were $1.54
- 2012 Core (Non-GAAP) EPS Guidance Range Narrowed to $2.35 to $2.45; GAAP
Range Now $0.80 to $0.90
PR Newswire
ST. LOUIS, Nov. 9, 2012
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:
o 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.
o 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.
o 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 (0.18) -- -- --
tax rate
Net unrealized mark-to-market activity, (gain) (0.03) 0.07 (0.02) 0.05
loss
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:
o 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;
o 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;
o 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;
o the effects of, or changes to, the Illinois power procurement process;
o changes in laws and other governmental actions, including monetary,
fiscal, and tax policies;
o 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;
o 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;
o 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;
o increasing capital expenditure and operating expense requirements and our
ability to recover these costs;
o 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;
o the effectiveness of our risk management strategies and the use of
financial and derivative instruments;
o the level and volatility of future prices for power in the Midwest;
o 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;
o business and economic conditions, including their impact on interest
rates, bad debt expense, and demand for our products;
o 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;
o our assessment of our liquidity;
o the impact of the adoption of new accounting guidance and the application
of appropriate technical accounting rules and guidance;
o actions of credit rating agencies and the effects of such actions;
o 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;
o the impact of system outages;
o generation, transmission, and distribution asset construction,
installation, performance, and cost recovery;
o 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;
o the extent to which Ameren Missouri prevails in its claims against
insurers in connection with its Taum Sauk pumped-storage hydroelectric
energy center incident;
o 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;
o 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;
o the effects of strategic initiatives, including mergers, acquisitions and
divestitures, and any related tax implications;
o 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;
o the impact of complying with renewable energy portfolio requirements in
Missouri;
o labor disputes, workforce reductions, future wage and employee benefits
costs, including changes in discount rates and returns on benefit plan
assets;
o the inability of our counterparties and affiliates to meet their
obligations with respect to contracts, credit facilities, and financial
instruments;
o the cost and availability of transmission capacity for the energy
generated by our energy centers or required to satisfy energy sales made
by us;
o legal and administrative proceedings; and
o 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 Ameren Merchant Intersegment Earnings Per
Missouri Illinois Generation Eliminations (Loss) Share
Three Months
Ended
September 30,
2012 GAAP $ 236 $ 71 $ $ $ 374 $
earnings 20 47 1.54
(Increase)
decrease in
tax benefit
related to
asset
impairment
and annual
estimated
effective - - 4 (47) (43) (0.18)
income tax
rate
Net unrealized
mark-to-market (1) (1) (2) (4) (8) (0.03)
activity,
(gain)
2012 Core
(non-GAAP) $ 235 $ 70 $ $ $ 323 $
earnings 22 (4) 1.33
(loss)
2011 GAAP $ $ $
earnings $ 190 $ 98 (9) 6 $ 285 1.18
(loss)
Asset
impairment and 55 - 21 - 76 0.32
other charges
Net unrealized
mark-to-market 3 1 12 4 20 0.07
activity, loss
2011 Core $ $ $
(non-GAAP) $ 248 $ 99 24 10 $ 381 1.57
earnings
Nine Months
Ended
September 30,
2012 GAAP $ $ $
earnings $ 400 $ 130 (348) - $ 182 0.75
(loss)
Asset
impairment - - 377 - 377 1.55
charge
Net unrealized
mark-to-market (2) (1) 3 (6) (6) (0.02)
activity,
(gain) loss
(Increase)
decrease in
tax benefit
related to
asset
impairment
and annual
estimated
effective - - 2 (2) - -
income tax
rate
2012 Core
(non-GAAP) $ 398 $ 129 $ $ $ 553 $
earnings 34 (8) 2.28
(loss)
2011 GAAP $ $ $
earnings $ 301 $ 168 26 (1) $ 494 2.05
(loss)
Asset
impairment and 55 - 22 - 77 0.32
other charges
Net unrealized
mark-to-market 3 1 8 2 14 0.05
activity, loss
2011 Core $ $ $
(non-GAAP) $ 359 $ 169 56 1 $ 585 2.42
earnings
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 - 2 (1) 6
Noncontrolling Interests
Net Income Attributable to Ameren $ 374 $ 285 $ 182 $ 494
Corporation
Earnings per Common Share - Basic and $ 1.54 $ 1.18 $ 0.75 $ 2.05
Diluted
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 82 69
receivable
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 74 79
credits
Regulatory liabilities 1,542 1,502
Asset retirement obligations 429 428
Pension and other postretirement 1,152 1,344
benefits
Other deferred credits and liabilities 563 447
Total deferred credits and other 7,145 7,115
liabilities
Ameren Corporation Stockholders'
Equity:
Common stock 2 2
Other paid-in capital, principally 5,611 5,598
premium on common stock
Retained earnings 2,259 2,369
Accumulated other comprehensive gain 2 (50)
(loss)
Total Ameren Corporation stockholders' 7,874 7,919
equity
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 2,720 3,641 7,735 9,361
service
Delivery service only 910 13 1,281 14
Commercial
Power supply and delivery 889 1,030 2,396 2,874
service
Delivery service only 2,754 2,582 6,939 6,507
Industrial
Power supply and delivery 385 393 1,167 1,112
service
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 653 434 1,447 523
sales
Subtotal 7,276 9,542 20,237 24,524
Eliminate affiliate sales (653) (434) (1,447) (523)
Eliminate Ameren
Illinois/Merchant Generation (2,307) (1,549) (5,291) (4,108)
common customers
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 $ 281 $ 379 $ 813 $ 959
service
Delivery service only 43 - 57 -
Commercial
Power supply and delivery 79 119 217 287
service
Delivery service only 61 54 136 119
Industrial
Power supply and delivery 14 19 42 51
service
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 84 66 243 160
sales
Other 4 (1) 20 6
Subtotal $ 382 $ 481 $ 1,051 $ 1,254
Eliminate affiliate revenues (93) (73) (265) (180)
and other
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 5.0 6.3 13.6 16.5
Company (Genco)
AmerenEnergy Resources 1.8 2.0 5.4 5.3
Generating Company (AERG)
AmerenEnergy Medina Valley - - - 0.1
Cogen, L.L.C.
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 242.6 242.6
millions)
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
Website: http://www.ameren.com
Contact: Media, Brian Bretsch, +1-314-554-4135, bbretsch@ameren.com, Analysts,
Doug Fischer, +1-314-554-4859, dfischer@ameren.com, Matt Thayer,
+1-314-554-3151, mthayer@ameren.com, Investors, Investor Services,
+1-800-255-2237, invest@ameren.com
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