Exhibit 99.1

 

Contacts		Media Susan Gallagher (314) 554-2175 sgallagher@ameren.com		Analysts Doug Fischer (314) 554-4859 dfischer@ameren.com		Investors Investor Services 800-255-2237 invest@ameren.com

For Immediate Release

Ameren Announces 2010 Earnings

Issues 2011 Earnings Guidance

 

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2010 Core (Non-GAAP) EPS Were $2.75

 

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2010 GAAP EPS Were $0.58, Reflecting Third Quarter Non-cash Goodwill and Other Asset Impairment Charges

 

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2011 GAAP and Core (Non-GAAP) EPS Guidance Range Established at $2.20 to $2.60

ST. LOUIS, MO., Feb. 22, 2011 — Ameren Corporation (NYSE: AEE) today announced 2010 net income, in accordance with generally accepted accounting principles (GAAP), of $139 million, or 58 cents per share, compared to 2009 GAAP net income of $612 million, or $2.78 per share. Excluding certain items in each year, which are discussed below, Ameren recorded 2010 core (non-GAAP) net income of $657 million, or $2.75 per share, compared to 2009 core (non-GAAP) net income of $615 million, or $2.79 per share.

Core (non-GAAP) net income increased in 2010, compared to 2009, despite challenging wholesale power market conditions. Factors favorably affecting 2010 core (non-GAAP) net income, compared to 2009, included increased regulated utility margins, reflecting higher electricity sales volumes and new electric utility rates, and lower financing costs. Sales volumes benefited from favorable weather, a recovering economy and the return to full service of a large customer’s aluminum smelter plant. Offsetting factors included reduced merchant generation margins and higher depreciation and amortization expenses. Merchant margins were reduced by lower realized power prices and higher fuel and related transportation costs. Ameren total non-fuel operations and maintenance costs increased only slightly reflecting the Callaway Nuclear Plant refueling outage largely mitigated by disciplined cost management across all business segments. The Callaway Plant did not have a refueling outage in 2009. On a per share basis, 2010 core (non-GAAP) earnings declined, compared to 2009, because of an increased average number of common shares outstanding.

 

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“This past year was marked by significant accomplishments, as we aggressively pursued our vision of leading the way to a secure energy future,” said Thomas R. Voss, chairman, president and chief executive officer of Ameren Corporation. “Disciplined cost management, strong customer sales and rate relief allowed us to overcome the financial impact of weak wholesale power prices and higher fuel and related transportation costs. We also returned our newly rebuilt Taum Sauk pumped-storage hydroelectric plant to service, installed major environmental controls at two coal-fired plants, simplified our corporate structure, launched plans for growing our transmission business and improved our safety and customer satisfaction performance.

“We continue to position our company for long-term success,” Voss added. “Our regulated utilities narrowed the gap between earned and allowed returns on investment, and our merchant generation business lowered its cost structure to enhance long-term competitiveness. These accomplishments were the direct result of a focused, dedicated workforce.”

Kilowatthour (KWh) sales of electricity to native load utility customers increased 9% in 2010, compared to 2009. KWh sales to industrial customers rose 16%. Excluding KWh sales to the previously mentioned aluminum smelter plant, industrial KWh sales increased 8%. KWh sales to residential and commercial customers rose 7%.

For the fourth quarter of 2010, Ameren recorded GAAP net income of $52 million, or 21 cents per share, compared to $79 million, or 34 cents per share, for the fourth quarter of 2009. Excluding certain items in each year, which are discussed below, Ameren recorded fourth quarter 2010 core (non-GAAP) net income of $56 million, or 22 cents per share, compared to fourth quarter 2009 core (non-GAAP) net income of $85 million, or 37 cents per share.

Factors favorably affecting core (non-GAAP) earnings in the fourth quarter of 2010, compared to the fourth quarter of 2009, included increased regulated utility margins reflecting new electric utility rates and colder winter weather. These factors were more than offset by reduced merchant generation margins, as a result of lower realized power prices and higher fuel and related transportation costs.

 

 

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The following items were excluded from full-year and fourth quarter 2010 and 2009 core (non-GAAP) earnings, as applicable:

 

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Non-cash goodwill and other asset impairment charges related to our merchant generation business, which reduced net income by $522 million in the full-year 2010;

 

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Net unrealized mark-to-market activity, which decreased net income by $4 million in the fourth quarter of 2010, increased net income by $17 million in the full-year 2010, and increased net income by $1 million and $29 million in the fourth quarter and full-year 2009, respectively;

 

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A charge for the impact on deferred taxes of changes in federal healthcare laws, which reduced net income by $13 million in the full-year 2010;

 

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Net costs associated with the Illinois electric rate relief settlement agreement (reached in 2007), which reduced net income by $5 million in the fourth quarter of 2009 and $17 million in the full-year 2009; and

 

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Employee separation and other charges, which reduced net income by $2 million and $15 million in the fourth quarter and full-year 2009, respectively.

A reconciliation of GAAP to core (non-GAAP) earnings per share follows:

 

		Fourth Quarter								Year
		2010				2009				2010				2009
GAAP earnings per share		$	0.21			$	0.34			$	0.58			$	2.78
Goodwill and other asset impairment charges			—				—				2.19				—
Net unrealized mark-to-market activity, (gain)/loss			0.01				—				(0.08	)			(0.14	)
Deferred tax impact of new federal healthcare laws			—				—				0.06				—
Illinois electric rate relief settlement agreement, net			—				0.02				—				0.08
Employee separation and other charges			—				0.01				—				0.07
Core (Non-GAAP) earnings per share		$	0.22			$	0.37			$	2.75			$	2.79

 

 

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2011 Earnings Guidance

Ameren expects 2011 GAAP and core (non-GAAP) earnings to be in the range of $2.20 to $2.60 per share. Any net unrealized mark-to-market gains or losses will impact GAAP earnings but are excluded from GAAP and core (non-GAAP) earnings guidance because the company is unable to reasonably estimate the impact of any such gains or losses.

The projected decline in core (non-GAAP) earnings per share in 2011, compared to 2010, is primarily due to an assumed return to normal weather and expected lower margins at Ameren’s merchant generation business. The merchant generation segment has proactively sold forward or hedged more than 90% of its expected 2011 generation output at an average price per megawatthour that is greater than the current market price; however, the 2011 average realized price is expected to be less than that of 2010. In addition, fuel and related transportation costs are expected to be higher in 2011 than in 2010.

Ameren expects its business segments to provide the following contributions to 2011 GAAP and core (non-GAAP) earnings per share:

 

Ameren Missouri and Ameren Illinois		$	2.05 - $2.30
Merchant Generation			0.15 -   0.30
2011 GAAP and Core (Non-GAAP) Earnings Guidance Range		$	2.20 - $2.60

Ameren’s earnings guidance for 2011 assumes normal weather for the year and is subject to the effects of, among other things, regulatory decisions and legislative actions; plant 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 Results

At the company’s Missouri regulated operations, the gap between earned and allowed returns on investment narrowed in 2010, versus the prior year. Full-year 2010 core (non-GAAP) earnings were $367 million, compared to $241 million in 2009. The improvement in core (non-GAAP) earnings was primarily due to an 8% increase in

 

 

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electricity sales volumes to native load customers, as a result of favorable weather; the return to full capacity of the segment’s largest customer, an aluminum smelter plant, in March 2010; disciplined cost management; and a recovering economy. New electric rates and higher capitalization of financing costs for construction projects also contributed to the earnings improvement. The impact of these positive factors was reduced by higher plant operations and maintenance expenses, primarily due to the spring refueling of the Callaway Nuclear Plant and increased scheduled outages at coal-fired plants, and other items. Full-year 2010 GAAP earnings were $364 million, compared to $259 million in 2009. The GAAP earnings comparison was impacted by the factors mentioned above and by a charge for the impact on deferred taxes of changes in federal healthcare laws in 2010, a reduced gain in 2010 from net unrealized mark-to-market activity and employee separation and other charges in 2009.

Ameren Illinois Results

At the company’s Illinois regulated operations, prompt action to reduce planned spending levels mitigated the impact on 2010 earnings of a disappointing spring 2010 energy delivery rate order, contributing to a narrowing of the gap between earned and allowed returns on investment, versus the prior year. Full-year 2010 core (non-GAAP) earnings were $208 million, compared to $130 million in 2009. The increase in core (non-GAAP) earnings was primarily due to a 9% increase in electric Kwh sales, reflecting favorable weather and a recovering economy. New energy delivery rates, even though disappointing, and new transmission rates also contributed to the earnings improvement. The impact of these positive factors was mitigated by the absence of a 2009 benefit from recovery of prior years’ bad debt expense, among other items. Full-year 2010 GAAP earnings were $208 million, compared to $127 million in 2009. The GAAP earnings comparison was impacted by the factors mentioned above, a reduced gain in 2010 from net unrealized mark-to-market activity and the impact on deferred taxes of changes in federal healthcare laws in 2010. The GAAP comparison was also impacted by charges related to the Illinois electric rate relief settlement agreement (reached in 2007) and employee separation and other charges, both recorded in 2009.

Merchant Generation Results

At the company’s merchant generation operations, aggressive cost control measures mitigated, to some extent, the financial impact of challenging conditions in the wholesale power markets. Full-year 2010 core (non-GAAP) earnings for the merchant

 

 

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generation operations were $108 million, compared to $273 million in 2009. The decline in core (non-GAAP) earnings was principally due to lower realized power prices and higher fuel and related transportation costs. In addition, depreciation expense increased, reflecting environmental control equipment placed in service in late 2009 and early 2010. The impact of these negative factors was mitigated by aggressive cost control measures, which reduced non-fuel operations and maintenance expenses, among other items. Full-year 2010 GAAP losses were $409 million, compared to GAAP earnings of $247 million in 2009. The GAAP earnings comparison was impacted by the factors mentioned above and by non-cash goodwill and other asset impairment charges of $522 million and a charge for the impact on deferred taxes of changes in federal healthcare laws in 2010. The GAAP comparison was also impacted by a gain in 2010, compared to a loss in 2009, from net unrealized mark-to-market activity, and by employee separation and other charges and a charge related to the Illinois electric rate relief settlement agreement (reached in 2007), both recorded in 2009.

Analyst Conference Call

Ameren will conduct a conference call for financial analysts at 9:00 a.m. Central Time on Tuesday, Feb. 22, to discuss fourth quarter and full-year 2010 earnings and other matters. Investors, the news media and the public may listen to a live Internet broadcast of the call at www.ameren.com by clicking on “Q4 2010 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. 22 through March 1, by dialing, U.S. (877) 660-6853 or international (201) 612-7415, and entering account number 352 and ID number 366467.

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: charges for goodwill and other asset impairments, net unrealized mark-to-market gains or losses, a charge for the deferred tax impact of new federal healthcare laws, the earnings impact of the 2007 settlement agreement among parties in Illinois for comprehensive electric rate relief and customer assistance, and employee separation and other charges. Ameren uses core (non-GAAP) earnings internally for financial planning and for analysis of performance. Ameren also uses core (non-GAAP) earnings as primary performance measurements when communicating with analysts and investors regarding our earnings results and outlook, as the company believes it allows it to more accurately compare the company’s ongoing performance across periods.

 

 

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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 elsewhere in this release and in our filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:

 

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regulatory, judicial, or legislative actions, including changes in regulatory policies and ratemaking determinations, such as the outcome of Ameren Missouri’s pending electric rate proceeding and Ameren Illinois’ electric and gas rate proceeding; the court appeals and regulatory proceedings related to Ameren Missouri’s 2009 and 2010 electric rate orders and the court appeals related to Ameren Illinois’ 2010 electric and natural gas rate order; and future regulatory, judicial, or legislative actions that seek to limit or reverse rate increases;

 

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the effects of, or changes to, the Illinois power procurement process;

 

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changes in laws and other governmental actions, including monetary, fiscal, and tax policies;

 

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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;

 

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

 

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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;

 

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

 

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the effects of participation in, or potential withdrawal from, the Midwest Independent Transmission System Operator, Inc.;

 

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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;

 

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the effectiveness of our risk management strategies and the use of financial and derivative instruments;

 

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the level and volatility of future prices for power in the Midwest;

 

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

 

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disruptions of the capital markets or other events that make the Ameren Companies’ access to necessary capital, including short-term credit and liquidity, impossible, more difficult, or more costly;

 

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our assessment of our liquidity;

 

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the impact of the adoption of new accounting guidance and the application of appropriate technical accounting rules and guidance;

 

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actions of credit rating agencies and the effects of such actions;

 

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the impact of weather conditions and other natural phenomena on us and our customers;

 

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the impact of system outages;

 

 

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generation, transmission and distribution asset construction, installation, performance, and cost recovery;

 

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the extent to which Ameren Missouri prevails in its claims against insurers in connection with its Taum Sauk pumped-storage hydroelectric plant incident;

 

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the extent to which Ameren Missouri is permitted by its regulators to recover in rates (i) certain of the Taum Sauk rebuild costs not covered by insurance and (ii) investments made in connection with a proposed second unit at its Callaway nuclear plant;

 

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impairments of long-lived assets, intangible assets, or goodwill;

 

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

 

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the effects of strategic initiatives, including mergers, acquisitions and divestitures;

 

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the impact of current environmental regulations on utilities and power generating companies and the expectation that more stringent requirements, including those related to greenhouse gases, other emissions, and energy efficiency, will be enacted over time, which 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;

 

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the impact of complying with renewable energy portfolio requirements in Missouri;

 

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labor disputes, work force reductions, future wage and employee benefits costs, including changes in discount rates and returns on benefit plan assets;

 

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the inability of our counterparties and affiliates to meet their obligations with respect to contracts, credit facilities and financial instruments;

 

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the cost and availability of transmission capacity for the energy generated by the Ameren Companies’ facilities or required to satisfy energy sales made by the Ameren Companies;

 

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legal and administrative proceedings; and

 

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acts of sabotage, war, terrorism, or intentionally disruptive acts.

Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.

# # #

With assets of $24 billion, St. Louis-based Ameren Corporation owns a diverse mix of electric generating plants strategically located in our Midwest market, with a generating capacity of more than 16,900 megawatts. Through our Missouri and Illinois subsidiaries, we serve 2.4 million electric customers and nearly 1 million natural gas customers in a 64,000-square-mile area. Our mission is to meet their energy needs in a safe, reliable, efficient and environmentally responsible manner. For more information, visit Ameren.com.

 

 

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AMEREN CORPORATION (AEE)

CONSOLIDATED OPERATING STATISTICS

 

		Three Months Ended December 31,								Twelve Months Ended December 31,
		2010				2009				2010				2009
Electric Sales - kilowatthours (in millions):
Ameren Missouri
Residential			3,258				3,279				14,640				13,413
Commercial			3,478				3,484				15,002				14,510
Industrial			2,151				1,815				8,656				7,037
Other			112				536				1,429				1,655
Native load subtotal			8,999				9,114				39,727				36,615
Off-system sales			2,858				3,428				8,496				12,447
Subtotal			11,857				12,542				48,223				49,062
Ameren Illinois
Residential
Power supply and delivery service			2,709				2,764				12,341				11,089
Commercial
Power supply and delivery service			982				1,194				4,419				5,235
Delivery service only			1,963				1,862				8,051				6,797
Industrial
Power supply and delivery service			342				154				1,389				514
Delivery service only			2,690				2,723				11,147				10,712
Other			138				146				545				546
Native load subtotal			8,824				8,843				37,892				34,893
Merchant Generation
Non-affiliate energy sales			7,457				6,683				30,788				25,673
Affiliate native energy sales			—				620				949				3,529
Subtotal			7,457				7,303				31,737				29,202
Eliminate affiliate sales			—				(620	)			(949	)			(3,529	)
Eliminate Illinois Regulated/Merchant Generation common customers			(1,251	)			(1,511	)			(5,016	)			(5,566	)
Ameren Total			26,887				26,557				111,887				104,062
Electric Revenues (in millions):
Ameren Missouri
Residential		$	235			$	201			$	1,193			$	982
Commercial			209				177				1,004				881
Industrial			89				67				399				314
Other			28				36				147				122
Native load subtotal			561				481				2,743				2,299
Off-system sales			85				99				287				401
Subtotal		$	646			$	580			$	3,030			$	2,700
Ameren Illinois
Residential
Power supply and delivery service		$	277			$	256			$	1,270			$	1,094
Commercial
Power supply and delivery service			81				105				425				521
Delivery service only			35				28				143				103
Industrial
Power supply and delivery service			13				7				66				22
Delivery service only			10				10				38				36
Other			15				30				119				189
Native load subtotal		$	431			$	436			$	2,061			$	1,965
Merchant Generation
Non-affiliate energy sales		$	335			$	345			$	1,442			$	1,340
Affiliate native energy sales			55				76				231				385
Other			(24	)			(17	)			20				(15	)
Subtotal		$	366			$	404			$	1,693			$	1,710
Eliminate affiliate revenues			(62	)			(93	)			(263	)			(435	)
Ameren Total		$	1,381			$	1,327			$	6,521			$	5,940

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AMEREN CORPORATION (AEE)

CONSOLIDATED OPERATING STATISTICS

 

		Three Months Ended December 31,								Twelve Months Ended December 31,
		2010				2009				2010				2009
Electric Generation - megawatthours (in millions):
Ameren Missouri			12.0				12.4				48.1				48.7
Merchant Generation
Ameren Energy Generating Company (Genco)*			5.4				5.1				22.0				20.5
AmerenEnergy Resources Generating Company (AERG)			1.8				1.9				7.5				6.8
AmerenEnergy Medina Valley Cogen, L.L.C.			—				0.1				0.1				0.2
Subtotal			7.2				7.1				29.6				27.5
Ameren Total			19.2				19.5				77.7				76.2
Fuel Cost per kilowatthour (cents)
Ameren Missouri			1.472				1.305				1.536				1.356
Merchant Generation			2.253				2.006				2.287				2.007
Gas Sales - decatherms (in thousands)
Ameren Missouri			3,772				3,954				11,923				11,666
Ameren Illinois			29,214				32,092				90,463				92,590
Other			66				91				626				3,391
Ameren Total			33,052				36,137				103,012				107,647
Net Income (Loss) by Segment (in millions):
Ameren Missouri		$	1			$	15			$	364			$	259
Ameren Illinois			40				28				208				127
Merchant Generation			19				42				(409	)			247
Other			(8	)			(6	)			(24	)			(21	)
Ameren Total		$	52			$	79			$	139			$	612
						December 31, 2010								December 31, 2009
Common Stock:
Shares outstanding (in millions)							240.4								237.4
Book value per share						$	32.15							$	33.08
Capitalization Ratios:
Common equity							51.3	%							50.3	%
Preferred stock							0.9	%							1.3	%
Debt, net of cash							47.8	%							48.4	%

 

*	Effective January 1, 2010, Genco acquired an 80% ownership interest in Electric Energy, Inc. (EEI) from an Ameren subsidiary as a result of an internal reorganization. All periods presented reflect the combined generation of Genco and EEI.

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AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF INCOME

(Unaudited, in millions, except per share amounts)

 

		Three Months Ended December 31,								Year Ended December 31,
		2010				2009				2010				2009
Operating Revenues:
Electric		$	1,381			$	1,327			$	6,521			$	5,940
Gas			325				357				1,117				1,195
Total operating revenues			1,706				1,684				7,638				7,135
Operating Expenses:
Fuel			350				274				1,323				1,141
Purchased power			191				201				1,106				909
Gas purchased for resale			202				226				669				749
Other operations and maintenance			457				443				1,821				1,768
Goodwill and other impairment losses			-				2				589				7
Depreciation and amortization			194				184				765				725
Taxes other than income taxes			114				109				449				420
Total operating expenses			1,508				1,439				6,722				5,719
Operating Income			198				245				916				1,416
Other Income and Expenses:
Miscellaneous income			20				22				90				71
Miscellaneous expense			14				9				33				23
Total other income			6				13				57				48
Interest Charges			120				132				497				508
Income Before Income Taxes			84				126				476				956
Income Taxes			30				44				325				332
Net Income			54				82				151				624
Less: Net Income Attributable to Noncontrolling Interests			2				3				12				12
Net Income Attributable to Ameren Corporation		$	52			$	79			$	139			$	612
Earnings per Common Share - Basic and Diluted		$	0.21			$	0.34			$	0.58			$	2.78
Average Common Shares Outstanding			239.9				237.0				238.8				220.4

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AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET

(Unaudited, in millions)

 

		December 31, 2010				December 31, 2009
ASSETS
Current Assets:
Cash and cash equivalents		$	545			$	622
Accounts receivable - trade, net			500				424
Unbilled revenue			406				367
Miscellaneous accounts and notes receivable			231				318
Materials and supplies			707				782
Mark-to-market derivative assets			129				121
Current regulatory assets			267				110
Other current assets			109				98
Total current assets			2,894				2,842
Property and Plant, Net			17,853				17,610
Investments and Other Assets:
Nuclear decommissioning trust fund			337				293
Goodwill			411				831
Intangible assets			7				129
Regulatory assets			1,259				1,342
Other assets			754				655
Total investments and other assets			2,768				3,250
TOTAL ASSETS		$	23,515			$	23,702
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt		$	155			$	204
Short-term debt			269				20
Accounts and wages payable			651				694
Taxes accrued			63				54
Interest accrued			107				110
Customer deposits			100				101
Mark-to-market derivative liabilities			161				109
Current regulatory liabilities			99				82
Other current liabilities			283				337
Total current liabilities			1,888				1,711
Credit Facility Borrowings			460				830
Long-term Debt, Net			6,853				7,111
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net			2,886				2,554
Accumulated deferred investment tax credits			90				94
Regulatory liabilities			1,319				1,257
Asset retirement obligations			475				429
Pension and other postretirement benefits			1,045				1,165
Other deferred credits and liabilities			615				491
Total deferred credits and other liabilities			6,430				5,990
Ameren Corporation Stockholders’ Equity:
Common stock			2				2
Other paid-in capital, principally premium on common stock			5,520				5,412
Retained earnings			2,225				2,455
Accumulated other comprehensive loss			(17)				(13)
Total Ameren Corporation stockholders’ equity			7,730				7,856
Noncontrolling Interests			154				204
Total equity			7,884				8,060
TOTAL LIABILITIES AND EQUITY		$	23,515			$	23,702

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AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited, in millions)

 

		Year Ended December 31,
		2010				2009
Cash Flows From Operating Activities:
Net income		$	151			$	624
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on goodwill and other impairments			589				7
Net mark-to-market gain on derivatives			(15)				(23)
Depreciation and amortization			783				748
Amortization of nuclear fuel			54				53
Amortization of debt issuance costs and premium/discounts			23				25
Deferred income taxes and investment tax credits, net			302				402
Allowance for equity funds used during construction			(52)				(36)
Other			40				17
Changes in assets and liabilities:
Receivables			(85)				21
Materials and supplies			78				67
Accounts and wages payable			27				(42)
Taxes accrued			9				-
Assets, other			(109)				(66)
Liabilities, other			71				99
Pension and other postretirement benefits			(5)				(9)
Counterparty collateral, net			(73)				(17)
Taum Sauk insurance recoveries, net of costs			54				107
Net cash provided by operating activities			1,842				1,977
Cash Flows From Investing Activities:
Capital expenditures			(1,031)				(1,704)
Nuclear fuel expenditures			(90)				(80)
Purchases of securities - nuclear decommissioning trust fund			(271)				(383)
Sales of securities - nuclear decommissioning trust fund			256				380
Other			24				(2)
Net cash used in investing activities			(1,112)				(1,789)
Cash Flows From Financing Activities:
Dividends on common stock			(368)				(338)
Dividends paid to noncontrolling interest holders			(8)				(21)
Capital issuance costs			(15)				(65)
Short-term and credit facility borrowings, net			(121)				(324)
Redemptions, repurchases, and maturities:
Long-term debt			(310)				(631)
Preferred stock			(52)				-
Issuances:
Common stock			80				634
Long-term debt			-				1,021
Generator advances received for construction, net of repayments			(13)				66
Net cash provided by (used in) financing activities			(807)				342
Net change in cash and cash equivalents			(77)				530
Cash and cash equivalents at beginning of year			622				92
Cash and cash equivalents at end of year		$	545			$	622