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:
o Asset 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;
o Employee 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
o The 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:
o regulatory, 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;
o the 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;
o Ameren'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;
o impairments of long-lived assets, intangible assets, or goodwill,
including the merchant generation segment energy centers;
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, which
may have a significant effect on the financial condition of Ameren's
merchant generation segment;
o the 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;
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, including liquidity concerns for Ameren's
merchant generation business, and specifically for Genco, which has
limited access to third-party financing sources;
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 additional
nuclear generation at its Callaway Energy Center;
o operation of Ameren Missouri's Callaway Energy Center, including planned
and unplanned outages, and decommissioning costs;
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 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;
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 agreements, and financial
instruments;
o the 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;
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.
[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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