Ameren (NYSE: AEE) Announces 2012 Results

                  Ameren (NYSE: AEE) Announces 2012 Results

Issues 2013 Earnings Guidance

-- 2012 Adjusted (Non-GAAP) EPS Were $2.42

-- 2012 GAAP Loss per Share Was $4.01, Reflecting Asset Impairments and Other
Charges

-- 2013 GAAP and Adjusted EPS Guidance Range Established at $2.00 to $2.20

PR Newswire

ST. LOUIS, Feb. 20, 2013

ST. LOUIS, Feb. 20, 2013 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today
announced a 2012 net loss in accordance with generally accepted accounting
principles (GAAP) of $974 million, or $4.01 per share, compared to 2011 GAAP
net income of $519 million, or $2.15 per share. The 2012 GAAP net loss and
2011 GAAP net income included aftertax impairments and other charges of $1.557
billion and $77 million, respectively. Excluding these charges and certain
other items discussed below, Ameren recorded 2012 adjusted[1], (non-GAAP) net
income of $586 million, or $2.42 per share, compared to 2011 adjusted
(non-GAAP) net income of $619 million, or $2.56 per share.

The decrease in 2012 adjusted (non-GAAP) earnings, compared to 2011 adjusted
(non-GAAP) earnings, reflected a decline in Ameren Illinois' earnings
resulting from a lower allowed return on equity (ROE), due to low Treasury
bond yields, and required nonrecoverable program donations, among other
things, related to 2012 implementation of formula ratemaking for electric
delivery service. In addition, natural gas sales volumes declined reflecting
warmer 2012 winter temperatures. Merchant generation segment earnings also
declined reflecting lower power prices and higher fuel costs. The earnings
declines from these two business segments were partially offset by increased
Ameren Missouri earnings due primarily to the full year effect of a 2011
electric rate increase as well as lower operations and maintenance expense,
reflecting the absence of a refueling outage at the Callaway Nuclear Energy
Center in 2012 and reduced storm-related costs. Ameren Missouri's 2012
earnings, compared to 2011 earnings, also benefited from a favorable 2012
Federal Energy Regulatory Commission (FERC) order related to a disputed power
purchase agreement that expired in 2009 and the absence of a 2011 charge to
earnings related to the fuel adjustment clause. These positive factors were
partially offset, at Ameren Missouri, by higher depreciation expense, a higher
effective income tax rate and lower electric sales volumes largely due to
warmer 2012 winter temperatures. 

"Adjusted earnings for 2012 were in line with both our narrowed November and
our initial year-ago guidance ranges," said Thomas R. Voss, chairman,
president and CEO of Ameren Corporation. "I am proud of several significant
accomplishments in 2012. These include record safety metrics as well as strong
electric distribution system reliability and operating performance at our
energy centers. In addition, we advanced our plans to invest in electric
transmission projects, including obtaining additional FERC approvals for
constructive rate treatments for our investments. Further, we received a
needed electric rate increase in Missouri that became effective in early 2013.

"Last year also had its share of challenges, including disappointing decisions
by the Illinois Commerce Commission in our electric delivery formula rate
cases — decisions we are working to improve through legislation and the courts
— and continued downward pressure on already low forward market prices for
power," Voss added. "The latter contributed to our December announcement of
our intent to exit the merchant generation business and a related noncash
impairment charge. Exiting merchant generation will result in Ameren's
businesses being solely rate-regulated utilities with solid growth prospects
as we continue to allocate capital to jurisdictions that have modernized their
regulatory framework in support of energy infrastructure investments. In
addition, we are seeking to enhance the regulatory framework in Missouri to
better support investment in our energy infrastructure. We strongly believe
that such investment will result in long-term benefits for our customers and
create jobs to support our local economy." 

For the fourth quarter of 2012, Ameren recorded a GAAP net loss of $1.156
billion, or $4.76 per share, compared to GAAP net income of $25 million, or 10
cents per share, for the fourth quarter of 2011. Excluding certain items
discussed below, Ameren recorded adjusted (non-GAAP) net income of $33
million, or 14 cents per share, for the fourth quarter of 2012, compared to
adjusted (non-GAAP) net income of $34 million, or 14 cents per share, for the
fourth quarter of 2011.

The decrease in adjusted (non-GAAP) earnings for the fourth quarter of 2012,
compared to adjusted (non-GAAP) earnings for the fourth quarter of 2011,
reflected a decline in Ameren Illinois' earnings, largely due to a lower
allowed ROE for electric delivery service, and a decline in merchant
generation segment earnings, primarily reflecting lower power prices. These
factors were largely offset by increased Ameren Missouri earnings due to the
absence of a refueling outage at the Callaway Nuclear Energy Center in the
fourth quarter of 2012, compared to the scheduled refueling outage that
occurred during the fourth quarter of 2011.

The following items were excluded from fourth quarter and full-year 2012 and
2011 adjusted (non-GAAP) earnings, as applicable:

  oAsset impairments and other charges, which decreased net income by $1.180
    billion and $1.557 billion in the fourth quarter and full year of 2012,
    respectively, and $77 million in the full year of 2011. The 2012 charges
    were a fourth quarter noncash asset impairment charge resulting from
    Ameren's December 2012 announcement that it intends to, and it is probable
    that it will, exit its merchant generation business segment before the end
    of the previously estimated useful lives of that business segment's
    long-lived assets, as well as a first quarter noncash impairment related
    to the 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 business segment's
    Meredosia and Hutsonville energy centers;
  oEmployee separation charges related to a voluntary retirement offer, which
    decreased net income by $17 million in both the fourth quarter and full
    year of 2011; and
  oThe net effect of unrealized mark-to-market activity, which decreased net
    income by $9 million and $3 million in the fourth quarter and full year of
    2012, respectively, and increased net income by $8 million and decreased
    net income by $6 million in the fourth quarter and full year of 2011,
    respectively.

A reconciliation of GAAP to adjusted (non-GAAP) earnings per share is as
follows:

                                                 Fourth Quarter Year
                                                 2012    2011   2012    2011
GAAP earnings per share                          $(4.76) $ 0.10 $(4.01) $ 2.15
Asset impairments and other charges              4.87    --     6.42    0.32
Employee separation charges                      --      0.07   --      0.07
Net unrealized mark-to-market activity,          0.03    (0.03) 0.01    0.02
(gain)/loss
Adjusted (Non-GAAP) earnings per share           $ 0.14  $ 0.14 $ 2.42  $ 2.56

2013 Earnings Guidance

Ameren expects 2013 GAAP and adjusted (non-GAAP) earnings to be in the range
of $2.00 to $2.20 per share. Any net unrealized mark-to-market gains or losses
will impact GAAP earnings but are excluded from GAAP earnings guidance because
the company is unable to reasonably estimate the impact of any such gains or
losses. Adjusted (non-GAAP) earnings guidance also excludes any net unrealized
mark-to-market gains or losses.

The projected decrease in adjusted (non-GAAP) earnings in 2013, compared to
2012, reflects lower expected merchant generation segment earnings in 2013 due
to lower power prices, partially offset by lower depreciation expense as a
result of the 2012 impairment charges. Further, Ameren Missouri adjusted
(non-GAAP) earnings are expected to decline in 2013, compared to 2012,
reflecting the negative impact on electric sales volumes of an assumed return
to normal summer temperatures; increased operations and maintenance costs
primarily due to a 2013 Callaway Nuclear Energy Center refueling outage; and
the absence of the previously discussed favorable 2012 FERC order related to a
disputed power purchase agreement. The above negative factors are expected to
be partially offset by increased Ameren Illinois adjusted (non-GAAP) earnings
primarily reflecting expected higher electric transmission and delivery
earnings, due to rate base growth and formula ratemaking.

Ameren expects its businesses to provide the following contributions to 2013
GAAP and adjusted (non-GAAP) earnings per share:

Regulated Utilities EPS Guidance Midpoint                    $2.25
Merchant Generation Business and Other EPS Guidance Midpoint (0.15)
2013 GAAP and Adjusted (Non-GAAP) EPS Guidance Range         $2.00 - $2.20

Ameren's earnings guidance for 2013 assumes normal temperatures for the full
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 2012 GAAP earnings were $416 million, compared to 2011
GAAP earnings of $287 million. Adjusted (non-GAAP) earnings for 2012 were $414
million, compared to 2011 adjusted (non-GAAP) earnings of $359 million. The
increase in adjusted (non-GAAP) earnings reflected the full year effect of a
2011 electric rate increase as well as lower operations and maintenance
expense, reflecting the absence of a refueling outage at the Callaway Nuclear
Energy Center in 2012 and reduced storm-related costs. The earnings comparison
also benefited from the previously discussed favorable 2012 FERC order related
to a disputed power purchase agreement and the absence of a 2011 charge to
earnings related to the fuel adjustment clause. These factors were partially
offset by higher depreciation expense, a higher effective income tax rate and
lower electric sales volumes. The lower electric sales volumes were largely
due to 2012 winter temperatures that were warmer than those experienced in
2011. The GAAP earnings comparison was affected by the factors mentioned above
as well as a 2011 charge related to the previously discussed Taum Sauk
disallowance, 2011 employee separation charges and a 2012 gain from net
unrealized mark-to-market activity.

Ameren Illinois Segment Results

Ameren Illinois segment 2012 GAAP earnings were $141 million, compared to 2011
GAAP earnings of $193 million. Adjusted (non-GAAP) earnings for 2012 were $139
million, compared to 2011 adjusted (non-GAAP) earnings of $193 million. The
decrease in adjusted (non-GAAP) earnings was primarily due to a lower allowed
ROE, reflecting low Treasury bond yields, and required nonrecoverable program
donations, among other things, related to 2012 implementation of formula
ratemaking for electric delivery service. In addition, natural gas sales
volumes fell due to warmer 2012 winter temperatures, compared to those
experienced in 2011. The required nonrecoverable donations included a one-time
pretax $7.5 million contribution to the Illinois Science & Energy Innovation
Trust related to participation in the state's electric delivery service
formula ratemaking framework. The above factors were partially offset by
increased natural gas delivery rates, effective in January 2012. The GAAP
earnings comparison was impacted by the factors mentioned above and a 2012
gain from net unrealized mark-to-market activity.

Merchant Generation Segment Results

The merchant generation segment 2012 GAAP net loss was $1.516 billion,
compared to 2011 GAAP earnings of $45 million. Adjusted (non-GAAP) earnings
for 2012 were $42 million, compared to 2011 adjusted (non-GAAP) earnings of
$72 million. The decline in adjusted (non-GAAP) earnings reflected 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 and the previously discussed 2012 and 2011
asset impairments and other charges related to the merchant generation
business. In addition, net unrealized mark-to-market activity resulted in a
larger loss in 2012 than in 2011.

Analyst Conference Call

Ameren will conduct a conference call for financial analysts at 9 a.m. Central
Time on Wednesday, Feb. 20, to discuss 2012 earnings, 2013 guidance 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 "Q4 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 Feb. 20 through Feb. 27, by dialing U.S. 877.660.6853 or international
201.612.7415, and entering ID number 408692.

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 while enhancing shareholder value. 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 adjusted, previously
designated as "core", (non-GAAP) earnings per share and adjusted (non-GAAP)
earnings per share guidance exclude one or more of the following: asset
impairments and other charges, employee separation charges, and net unrealized
mark-to-market gains or losses. Ameren uses adjusted (non-GAAP) earnings
internally for financial planning and for analysis of performance. Ameren also
uses adjusted (non-GAAP) earnings as primary performance measurements when
communicating with analysts and investors regarding our earnings results and
outlook, as the company believes that adjusted (non-GAAP) earnings allow the
company to more accurately compare its ongoing performance across periods.

In providing consolidated and segment adjusted (non-GAAP) earnings guidance,
there could be differences between adjusted (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 the Form 10-Q for
the quarter ended September 30, 2012, 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:

  oregulatory, judicial, or legislative actions, including changes in
    regulatory policies and ratemaking determinations, such as the outcome of
    Ameren Illinois' natural gas rate case filed in 2013; the court appeals of
    Ameren Missouri's and Ameren Illinois' electric rate orders issued 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 FERC 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;
  othe effect of Ameren Illinois participating in a performance-based formula
    ratemaking process under the Illinois Energy Infrastructure Modernization
    Act (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;
  oAmeren's eventual exit from the merchant generation business could result
    in impairments of long-lived assets, disposal-related losses,
    contingencies, reduction of existing deferred tax assets, or could have
    other adverse impacts on the financial condition, results of operations
    and liquidity of Ameren;
  oimpairments of long-lived assets, intangible assets, or goodwill,
    including the merchant generation segment energy centers;
  othe effects of, or changes to, the Illinois power procurement process;
  ochanges in laws and other governmental actions, including monetary,
    fiscal, and tax policies;
  ochanges 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;
  othe 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;
  othe 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;
  oincreasing capital expenditure and operating expense requirements and our
    ability to recover these costs;
  othe 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;
  othe effectiveness of our risk management strategies and the use of
    financial and derivative instruments;
  othe level and volatility of future prices for power in the Midwest, which
    may have a significant effect on the financial condition of Ameren's
    merchant generation segment;
  othe development of a multiyear capacity market within the Midwest
    Independent Transmission System Operator, Inc. (MISO) and the outcomes of
    MISO's inaugural annual capacity auction in 2013;
  obusiness and economic conditions, including their impact on interest
    rates, bad debt expense, and demand for our products;
  odisruptions 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;
  oour assessment of our liquidity, including liquidity concerns for Ameren's
    merchant generation business, and specifically for Genco, which has
    limited access to third-party financing sources;
  othe impact of the adoption of new accounting guidance and the application
    of appropriate technical accounting rules and guidance;
  oactions of credit rating agencies and the effects of such actions;
  othe 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;
  othe impact of system outages;
  ogeneration, transmission, and distribution asset construction,
    installation, performance, and cost recovery;
  othe 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;
  othe extent to which Ameren Missouri prevails in its claims against
    insurers in connection with its Taum Sauk pumped-storage hydroelectric
    energy center incident;
  othe extent to which Ameren Missouri is permitted by its regulators to
    recover in rates the investments it made in connection with additional
    nuclear generation at its Callaway Energy Center;
  ooperation of Ameren Missouri's Callaway Energy Center, including planned
    and unplanned outages, and decommissioning costs;
  othe effects of strategic initiatives, including mergers, acquisitions and
    divestitures, and any related tax implications;
  othe 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 energy centers, 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;
  othe impact of complying with renewable energy portfolio requirements in
    Missouri;
  olabor disputes, workforce reductions, future wage and employee benefits
    costs, including changes in discount rates and returns on benefit plan
    assets;
  othe inability of our counterparties and affiliates to meet their
    obligations with respect to contracts, credit agreements, and financial
    instruments;
  othe cost and availability of transmission capacity for the energy
    generated by Ameren's and Ameren Missouri's energy centers or required to
    satisfy energy sales made by Ameren or Ameren Missouri;
  olegal and administrative proceedings; and
  oacts 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.

[1] Previously designated as "core".

AMEREN CORPORATION (AEE)
Reconciliation of GAAP to Adjusted (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
December 31,
2012 GAAP                          $          $                   $ 
earnings       $   16  $  11   (1,168)     (15)          $(1,156)   (4.76)
(loss)
Asset
impairment     -         -         1,169       11            1,180      4.87
charges
(Increase)
decrease in
tax benefit
related to
asset
impairment
and annual
estimated
effective      -         -         (2)         2             -          -
income tax
rate
Net unrealized
mark-to-market -         (1)       9           1             9          0.03
activity,
(gain) loss
2012 Adjusted
(non-GAAP)     $   16  $  10   $       $        $        $ 
earnings                           8           (1)         33        0.14
(loss)
2011 GAAP      $                  $        $        $        $ 
earnings       (14)     $  25   19          (5)         25        0.10
(loss)
Employee
separation     17        -         -           -             17         0.07
charges
Net unrealized
mark-to-market (3)       (1)       (3)         (1)           (8)        (0.03)
activity,
(gain)
2011 Adjusted
(non-GAAP)     $   -  $  24   $        $        $        $ 
earnings                           16          (6)         34        0.14
(loss)
Twelve Months
Ended December
31,
2012 GAAP                          $          $        $         $ 
earnings       $  416   $ 141    (1,516)     (15)          (974)      (4.01)
(loss)
Asset
impairment     -         -         1,546       11            1,557      6.42
charges
Net unrealized
mark-to-market (2)       (2)       12          (5)           3          0.01
activity,
(gain) loss
2012 Adjusted
(non-GAAP)     $  414   $ 139    $        $        $  586   $ 
earnings                           42          (9)                    2.42
(loss)
2011 GAAP                          $        $                   $ 
earnings       $  287   $ 193    45          (6)         $  519   2.15
(loss)
Asset
impairments    55        -         22          -             77         0.32
and other
charges
Employee
separation     17        -         -           -             17         0.07
charges
Net unrealized
mark-to-market -         -         5           1             6          0.02
activity, loss
2011 Adjusted
(non-GAAP)     $  359   $ 193    $        $        $  619   $ 
earnings                           72          (5)                    2.56
(loss)

AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF INCOME (LOSS)
(Unaudited, in millions, except per share amounts)
                           Three Months Ended         Year Ended
                           December 31,               December 31,
                           2012          2011         2012          2011
Operating Revenues:
Electric                   $  1,210    $  1,308   $  5,904    $  6,530
Gas                        299           270          924           1,001
Total operating revenues   1,509         1,578        6,828         7,531
Operating Expenses:
Fuel                       337           350          1,369         1,567
Purchased power            122           170          654           966
Gas purchased for resale   168           157          472           570
Other operations and       443           452          1,752         1,820
maintenance
Impairment and other       1,950         (1)          2,578         125
charges
Depreciation and           193           200          775           785
amortization
Taxes other than income    112           102          468           457
taxes
Total operating expenses   3,325         1,430        8,068         6,290
Operating Income (Loss)    (1,816)       148          (1,240)       1,241
Other Income and Expenses:
Miscellaneous income       17            18           71            69
Miscellaneous expense      8             8            37            23
Total other income         9             10           34            46
Interest Charges           110           115          448           451
Income (Loss) Before       (1,917)       43           (1,654)       836
Income Taxes (Benefit)
Income Taxes (Benefit)     (762)         17           (680)         310
Net Income (Loss)          (1,155)       26           (974)         526
Less: Net Income
Attributable to            1             1            -             7
Noncontrolling Interests
Net Income (Loss)
Attributable to Ameren     $  (1,156)   $    25  $   (974)  $   519
Corporation
Earnings (Loss) per Common $   (4.76)  $   0.10   $   (4.01)  $   2.15
Share - Basic and Diluted
Average Common Shares      242.6         242.3        242.6         241.5
Outstanding

AMEREN CORPORATION (AEE)
CONSOLIDATED BALANCE SHEET
(Unaudited, in millions)
                                        December 31,        December 31,
                                        2012                2011
ASSETS
Current Assets:
Cash and cash equivalents               $            $       
                                        209                255
Accounts receivable - trade, net       401                 473
Unbilled revenue                        322                 324
Miscellaneous accounts and notes        95                  69
receivable
Materials and supplies                  704                 712
Mark-to-market derivative assets        125                 115
Current regulatory assets               247                 215
Current accumulated deferred income     171                 20
taxes, net
Other current assets                    95                  112
Total current assets                    2,369               2,295
Property and Plant, Net                 16,096              18,127
Investments and Other Assets:
Nuclear decommissioning trust fund      408                 357
Goodwill                               411                 411
Intangible assets                       16                  7
Regulatory assets                       1,786               1,603
Other assets                            749                 845
Total investments and other assets      3,370               3,223
TOTAL ASSETS                            $      21,835  $      23,645
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt    $            $       
                                        355                179
Short-term debt                         -                   148
Accounts and wages payable              625                 693
Taxes accrued                           68                  65
Interest accrued                        99                  101
Customer deposits                       108                 98
Mark-to-market derivative liabilities   155                 161
Current regulatory liabilities          100                 133
Other current liabilities               188                 207
Total current liabilities               1,698               1,785
Long-term Debt, Net                     6,626               6,677
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net  2,792               3,315
Accumulated deferred investment tax     72                  79
credits
Regulatory liabilities                  1,589               1,502
Asset retirement obligations            445                 428
Pension and other postretirement        1,178               1,344
benefits
Other deferred credits and liabilities  668                 447
Total deferred credits and other        6,744               7,115
liabilities
Ameren Corporation Stockholders'
Equity:
Common stock                            2                   2
Other paid-in capital, principally      5,616               5,598
premium on common stock
Retained earnings                       1,006               2,369
Accumulated other comprehensive loss    (8)                 (50)
Total Ameren Corporation stockholders'  6,616               7,919
equity
Noncontrolling Interests                151                 149
Total equity                            6,767               8,068
TOTAL LIABILITIES AND EQUITY            $      21,835  $      23,645

AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, in millions)
                                                       Year Ended
                                                       December 31,
                                                       2012         2011
Cash Flows From Operating Activities:
Net income (loss)                                      $   (974)  $   526
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Impairment and other charges                           2,578        125
Net gain on sales of properties                        (11)         (15)
Net mark-to-market loss on derivatives                 22           11
Depreciation and amortization                          735          747
Amortization of nuclear fuel                           83           61
Amortization of debt issuance costs and                24           21
premium/discounts
Deferred income taxes and investment tax credits, net  (714)        346
Allowance for equity funds used during construction    (36)         (34)
Other                                                 25           -
Changes in assets and liabilities:
Receivables                                            33           231
Materials and supplies                                 5            (27)
Accounts and wages payable                             (29)         (36)
Taxes accrued                                          3            (3)
Assets, other                                         (10)         76
Liabilities, other                                     71           (75)
Pension and other postretirement benefits              (23)         (102)
Counterparty collateral, net                           46           27
Premiums paid on long-term debt repurchases            (138)        -
Taum Sauk insurance recoveries, net of costs           -            (1)
Net cash provided by operating activities              1,690        1,878
Cash Flows From Investing Activities:
Capital expenditures                                   (1,240)      (1,030)
Nuclear fuel expenditures                              (91)         (62)
Purchases of securities - nuclear decommissioning      (403)        (220)
trust fund
Sales and maturities of securities - nuclear           384          199
decommissioning trust fund
Proceeds from sales of properties                      22           53
Tax grants received related to renewable energy        18           -
properties
Other                                                  -            12
Net cash used in investing activities                  (1,310)      (1,048)
Cash Flows From Financing Activities:
Dividends on common stock                              (382)        (375)
Dividends paid to noncontrolling interest holders      (6)          (6)
Short-term debt and credit facility repayments, net    (148)        (581)
Redemptions, repurchases, and maturities of long-term  (760)        (155)
debt
Issuances:
Long-term debt                                         882          -
Common stock                                           -            65
Capital issuance costs                                 (16)         -
Generator advances received for construction           4            5
Repayments of generator advances received for          -            (73)
construction
Net cash used in financing activities                  (426)        (1,120)
Net change in cash and cash equivalents                (46)         (290)
Cash and cash equivalents at beginning of year         255          545
Cash and cash equivalents at end of year               $   209   $   255

AMEREN CORPORATION (AEE)
CONSOLIDATED OPERATING STATISTICS
                                Three Months Ended        Twelve Months Ended
                                December 31,             December 31,
                                2012         2011         2012       2011
Electric Sales - kilowatthours
(in millions):
Ameren Missouri
   Residential                  3,033        2,932        13,385     13,867
   Commercial                   3,380        3,410        14,575     14,743
   Industrial                   2,127        2,149        8,660      8,691
   Other                        37           36           126        127
   Native load subtotal         8,577        8,527        36,746     37,428
   Off-system and wholesale     1,810        2,305        7,293      10,715
   Subtotal                     10,387       10,832       44,039     48,143
Ameren Illinois
   Residential
   Power supply and delivery    1,772        2,410        9,507      11,771
   service
   Delivery service only        822          63           2,103      77
   Commercial
   Power supply and delivery    589          788          2,985      3,662
   service
   Delivery service only        2,236        2,054        9,175      8,561
   Industrial
   Power supply and delivery    428          390          1,595      1,502
   service
   Delivery service only        2,799        2,723        11,753     11,360
   Other                        123          127          523        529
   Native load subtotal         8,769        8,555        37,641     37,462
Merchant Generation
   Energy sales                 6,762        7,147        25,552     31,148
   Affiliate native energy      232          481          1,679      1,004
   sales
   Subtotal                     6,994        7,628        27,231     32,152
Eliminate affiliate sales       (232)        (481)        (1,679)    (1,004)
Eliminate Ameren
Illinois/Merchant Generation    (1,970)      (1,346)      (7,261)    (5,454)
common customers
   Ameren Total                23,948       25,188       99,971     111,299
Electric Revenues (in
millions):
Ameren Missouri
   Residential                  $       $       $      $    
                                242         231         1,297      1,272
   Commercial                   214          210          1,088      1,084
   Industrial                   92           91           435        438
   Other                        32           27           104        76
   Native load subtotal         580          559          2,924      2,870
   Off-system and wholesale     48           71           208        352
   Subtotal                     $       $       $      $    
                                628         630         3,132      3,222
Ameren Illinois
   Residential
   Power supply and delivery    $       $       $      $    
   service                      148         235          961     1,194
   Delivery service only        33           3            90         3
   Commercial
   Power supply and delivery    37           63           254        350
   service
   Delivery service only        41           38           177        157
   Industrial
   Power supply and delivery    15           14           57         65
   service
   Delivery service only        12           10           46         43
   Other                        49           21           154        128
   Native load subtotal         $       $       $      $    
                                335         384         1,739      1,940
Merchant Generation
   Non-affiliate energy sales   $       $       $      $    
                                259         295         1,047      1,382
   Affiliate native energy      68           72           311        232
   sales
   Other                        (5)          6            15         12
   Subtotal                     $       $       $      $    
                                322         373         1,373      1,626
Eliminate affiliate revenues    (75)         (78)         (340)      (258)
and other
   Ameren Total                 $        $        $      $    
                                1,210        1,309        5,904      6,530
AMEREN CORPORATION (AEE)
CONSOLIDATED OPERATING STATISTICS
                                Three Months Ended        Twelve Months Ended
                                December 31,             December 31,
                                2012         2011         2012       2011
Electric Generation -
megawatthours (in millions):
Ameren Missouri                 10.5         11.0         44.7       48.8
Merchant Generation
   Ameren Energy Generating     4.9          5.5          18.5       22.0
   Company (Genco)
   AmerenEnergy Resources       1.8          1.7          7.2        7.0
   Generating Company (AERG)
   AmerenEnergy Medina Valley   -            -            -          0.1
   Cogen, L.L.C.
   Subtotal                     6.7          7.2          25.7       29.1
   Ameren Total                 17.2         18.2         70.4       77.9
Fuel Cost per kilowatthour
(cents):
   Ameren Missouri              1.745        1.674        1.718      1.594
   Merchant Generation          2.433        2.364        2.463      2.413
Gas Sales - decatherms (in
thousands):
   Ameren Missouri              3,474        3,154        9,558      11,221
   Ameren Illinois              25,505       23,819       73,948     81,608
   Ameren Total                 28,979       26,973       83,506     92,829
                                             December                December
                                             31,                     31,
                                             2012                    2011
Common Stock:
   Shares outstanding (in                    242.6                   242.6
   millions)
   Book value per share                      $27.27                  $32.64
Capitalization Ratios:
   Common equity                             48.9%                   53.4%
   Preferred stock                           1.0%                    1.0%
   Debt, net of cash                         50.1%                   45.6%



SOURCE Ameren Corporation

Website: http://www.ameren.com
Contact: Media, Brian Bretsch, +1-314-554-4135, bbretsch@ameren.com, or
Analysts, Doug Fischer, +1-314-554-4859, dfischer@ameren.com, or Matt Thayer,
+1-314-554-3151, mthayer@ameren.com; or Investors, Investor Services,
1-800-255-2237, invest@ameren.com
 
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