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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ameren Corp | NYSE:AEE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 74.35 | 1 | 12:00:03 |
Missouri | 1-14756 | 43-1723446 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02 | Results of Operations and Financial Condition. |
ITEM 8.01 | Other Events. |
ITEM 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
Exhibit Number: | Title: | |
99.1* | Press release regarding earnings for the quarterly period ended June 30, 2015, issued on July 31, 2015, by Ameren. | |
99.2 | Ameren’s unaudited consolidated Statement of Income for the three and six months ended June 30, 2015 and June 30, 2014, Balance Sheet at June 30, 2015 and December 31, 2014, and Statement of Cash Flows for the three and six months ended June 30, 2015 and June 30, 2014. |
AMEREN CORPORATION | ||
(Registrant) | ||
By: /s/ Martin J. Lyons, Jr.___________________________ | ||
Name: Martin J. Lyons, Jr. | ||
Title: Executive Vice President and Chief Financial Officer |
Exhibit Number: | Title: | |
99.1* | Press release regarding earnings for the quarterly period ended June 30, 2015, issued on July 31, 2015, by Ameren. | |
99.2 | Ameren’s unaudited consolidated Statement of Income for the three and six months ended June 30, 2015 and June 30, 2014, Balance Sheet at June 30, 2015 and December 31, 2014, and Statement of Cash Flows for the three and six months ended June 30, 2015 and June 30, 2014. |
Exhibit 99.1 |
Contacts | |||
Media | Analysts | Investors | |
Joe Muehlenkamp | Doug Fischer | Andrew Kirk | Investor Services |
314.554.4135 | 314.554.4859 | 314.554.3942 | 800.255.2237 |
jmuehlenkamp@ameren.com | dfischer@ameren.com | akirk@ameren.com | invest@ameren.com |
• | Second Quarter Core (Non-GAAP) Earnings Per Share Were $0.58 in 2015, Compared with $0.62 in 2014, Primarily Reflecting Milder Temperatures |
• | Second Quarter GAAP EPS Were $0.61 in 2015, Unchanged from 2014 |
• | Guidance Range for 2015 Core Diluted EPS is $2.45 to $2.65; GAAP Range is Now $2.48 to $2.68 |
NEWS RELEASE |
• | Results from discontinued operations, primarily reflecting recognition of a tax benefit related to the resolution of an uncertain tax position, which increased GAAP net income by $52 million for the second quarter and first six months of 2015; and |
• | A provision for a Callaway COL, which decreased net income from continuing operations by $43 million for the second quarter and first six months of 2015. |
Second Quarter | Six Months | ||||||||
2015 | 2014 | 2015 | 2014 | ||||||
GAAP EPS | $0.61 | $0.61 | $1.06 | $1.01 | |||||
Results from discontinued operations | (0.21 | ) | 0.01 | (0.21 | ) | 0.01 | |||
Provision for Callaway COL | 0.18 | — | 0.18 | — | |||||
Core EPS | $0.58 | $0.62 | $1.03 | $1.02 |
NEWS RELEASE |
NEWS RELEASE |
• | regulatory, judicial, or legislative actions, including changes in regulatory policies and ratemaking determinations which may result from Ameren Missouri’s notice of appeal of the Missouri Public Service Commission's April 2015 electric rate order; Ameren Missouri's December 2014 Missouri Energy Efficiency Investment Act (MEEIA) filing; Ameren Illinois’ April 2015 annual electric delivery service formula update filing; Ameren Illinois’ January 2015 natural gas delivery service rate case filing; the complaint cases filed with the Federal Energy Regulatory Commission (FERC) seeking a reduction in the allowed base return on common equity under the Midcontinent Independent System Operator tariff; and future regulatory, judicial, or legislative actions that seek to change regulatory recovery mechanisms; |
• | the effect of Ameren Illinois participating in a performance-based formula ratemaking process under the Illinois Energy Infrastructure Modernization Act (IEIMA), including the direct relationship between Ameren Illinois’ return on common equity and 30-year United States Treasury bond yields, 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; |
• | our ability to align our overall spending, both operating and capital, with regulatory frameworks established by our regulators in an attempt to earn our allowed return on equity; |
• | the effects of increased competition in the future due to, among other factors, deregulation of certain aspects of our business at either the state or federal level; |
• | changes in laws and other governmental actions, including monetary, fiscal, tax, and energy policies; |
NEWS RELEASE |
• | the effects on demand for our services resulting from technological advances, including advances in customer energy efficiency and distributed generation sources, which generate electricity at the site of consumption; |
• | the effectiveness of Ameren Missouri’s customer energy efficiency programs and the related amount of any net shared benefits and performance incentive earned under the current and proposed MEEIA plans; |
• | the timing of increasing capital expenditure and operating expense requirements and our ability to recover these costs in a timely manner; |
• | 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 our ability to recover the costs for such commodities and our customers’ tolerance for the related rate increases; |
• | the effectiveness of our risk management strategies and our use of financial and derivative instruments; |
• | the ability to obtain sufficient insurance, including insurance relating to Ameren Missouri’s Callaway Energy Center, and to recover the costs of such insurance or in the absence of insurance the ability to recover uninsured losses; |
• | business and economic conditions, including their impact on key customers, interest rates, collection of our receivable balances, and demand for our products; |
• | the financial condition of Noranda Aluminum, Inc. and any reductions in the sales volumes used by its aluminum smelter in southeast Missouri, compared to the sales volumes included in Ameren Missouri's electric rates; |
• | disruptions of the capital markets, deterioration in our credit metrics, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity; |
• | the impact of the adoption of new accounting guidance and the application of appropriate technical accounting rules and guidance; |
• | actions of credit rating agencies and the effects of such actions; |
• | the impact of weather conditions and other natural phenomena on us and our customers, including the impact of system outages; |
• | the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets; |
• | the effects of breakdowns or failures of equipment in the operation of natural gas distribution systems, such as leaks, explosions and mechanical problems, and compliance with natural gas distribution safety regulations; |
• | 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; |
• | the extent to which Ameren Missouri prevails in its claim against an insurer in connection with the December 2005 breach of the upper reservoir at the Taum Sauk pumped-storage hydroelectric energy center; |
• | operation of Ameren Missouri’s Callaway Energy Center, including planned and unplanned outages, and decommissioning costs; |
• | the effects of strategic initiatives, including mergers, acquisitions and divestitures, and any related tax implications; |
• | the impact of current environmental regulations and new, more stringent, or changing requirements, including those related to greenhouse gases, other emissions and discharges, 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 or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers’ demand for electricity or natural gas, or otherwise have a negative financial effect; |
• | the impact of complying with renewable energy portfolio requirements in Missouri; |
• | labor disputes, work force reductions, future wage and employee benefits costs, including changes in discount rates, mortality tables, and returns on benefit plan assets; |
• | the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments; |
• | the cost and availability of transmission capacity for the energy generated by Ameren Missouri’s energy centers or required to satisfy Ameren Missouri’s energy sales; |
• | the inability of Dynegy Inc. and Illinois Power Holdings, LLC (IPH) to satisfy their indemnity and other obligations to Ameren in connection with the divestiture of New Ameren Energy Resources Generating Company, LLC to IPH; |
• | legal and administrative proceedings; and |
• | acts of sabotage, war, terrorism, cyber attacks, or other intentionally disruptive acts. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Operating Revenues: | |||||||||||||||
Electric | $ | 1,250 | $ | 1,235 | $ | 2,393 | $ | 2,341 | |||||||
Gas | 151 | 184 | 564 | 672 | |||||||||||
Total operating revenues | 1,401 | 1,419 | 2,957 | 3,013 | |||||||||||
Operating Expenses: | |||||||||||||||
Fuel | 205 | 198 | 411 | 402 | |||||||||||
Purchased power | 101 | 112 | 240 | 226 | |||||||||||
Gas purchased for resale | 46 | 79 | 282 | 383 | |||||||||||
Other operations and maintenance | 427 | 411 | 828 | 829 | |||||||||||
Provision for Callaway construction and operating license | 69 | — | 69 | — | |||||||||||
Depreciation and amortization | 200 | 183 | 393 | 364 | |||||||||||
Taxes other than income taxes | 116 | 114 | 241 | 241 | |||||||||||
Total operating expenses | 1,164 | 1,097 | 2,464 | 2,445 | |||||||||||
Operating Income | 237 | 322 | 493 | 568 | |||||||||||
Other Income and Expenses: | |||||||||||||||
Miscellaneous income | 16 | 21 | 35 | 39 | |||||||||||
Miscellaneous expense | 6 | 4 | 17 | 13 | |||||||||||
Total other income | 10 | 17 | 18 | 26 | |||||||||||
Interest Charges | 89 | 89 | 177 | 181 | |||||||||||
Income Before Income Taxes | 158 | 250 | 334 | 413 | |||||||||||
Income Taxes | 59 | 99 | 125 | 163 | |||||||||||
Income from Continuing Operations | 99 | 151 | 209 | 250 | |||||||||||
Income (Loss) from Discontinued Operations, Net of Taxes | 52 | (1 | ) | 52 | (2 | ) | |||||||||
Net Income | 151 | 150 | 261 | 248 | |||||||||||
Less: Net Income from Continuing Operations Attributable to Noncontrolling Interests | 1 | 1 | 3 | 3 | |||||||||||
Net Income (Loss) Attributable to Ameren Corporation: | |||||||||||||||
Continuing Operations | 98 | 150 | 206 | 247 | |||||||||||
Discontinued Operations | 52 | (1 | ) | 52 | (2 | ) | |||||||||
Net Income Attributable to Ameren Corporation | $ | 150 | $ | 149 | $ | 258 | $ | 245 | |||||||
Earnings (Loss) per Common Share – Basic and Diluted: | |||||||||||||||
Continuing Operations | $ | 0.40 | $ | 0.62 | $ | 0.85 | $ | 1.02 | |||||||
Discontinued Operations | 0.21 | (0.01 | ) | 0.21 | (0.01 | ) | |||||||||
Earnings per Common Share – Basic and Diluted | $ | 0.61 | $ | 0.61 | $ | 1.06 | $ | 1.01 | |||||||
Average Common Shares Outstanding - Basic | 242.6 | 242.6 | 242.6 | 242.6 |
June 30, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 2 | $ | 5 | |||
Accounts receivable - trade (less allowance for doubtful accounts) | 456 | 423 | |||||
Unbilled revenue | 302 | 265 | |||||
Miscellaneous accounts and notes receivable | 112 | 81 | |||||
Materials and supplies | 500 | 524 | |||||
Current regulatory assets | 223 | 295 | |||||
Current accumulated deferred income taxes, net | 286 | 352 | |||||
Other current assets | 95 | 86 | |||||
Assets of discontinued operations | 15 | 15 | |||||
Total current assets | 1,991 | 2,046 | |||||
Property and Plant, Net | 17,986 | 17,424 | |||||
Investments and Other Assets: | |||||||
Nuclear decommissioning trust fund | 555 | 549 | |||||
Goodwill | 411 | 411 | |||||
Regulatory assets | 1,560 | 1,582 | |||||
Other assets | 649 | 664 | |||||
Total investments and other assets | 3,175 | 3,206 | |||||
TOTAL ASSETS | $ | 23,152 | $ | 22,676 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities: | |||||||
Current maturities of long-term debt | $ | 395 | $ | 120 | |||
Short-term debt | 886 | 714 | |||||
Accounts and wages payable | 486 | 711 | |||||
Taxes accrued | 126 | 46 | |||||
Interest accrued | 98 | 85 | |||||
Current regulatory liabilities | 120 | 106 | |||||
Other current liabilities | 413 | 434 | |||||
Liabilities of discontinued operations | 32 | 33 | |||||
Total current liabilities | 2,556 | 2,249 | |||||
Long-term Debt, Net | 5,981 | 6,120 | |||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated deferred income taxes, net | 3,931 | 3,923 | |||||
Accumulated deferred investment tax credits | 64 | 64 | |||||
Regulatory liabilities | 1,912 | 1,850 | |||||
Asset retirement obligations | 589 | 396 | |||||
Pension and other postretirement benefits | 689 | 705 | |||||
Other deferred credits and liabilities | 524 | 514 | |||||
Total deferred credits and other liabilities | 7,709 | 7,452 | |||||
Ameren Corporation Stockholders’ Equity: | |||||||
Common stock | 2 | 2 | |||||
Other paid-in capital, principally premium on common stock | 5,606 | 5,617 | |||||
Retained earnings | 1,161 | 1,103 | |||||
Accumulated other comprehensive loss | (5 | ) | (9 | ) | |||
Total Ameren Corporation stockholders’ equity | 6,764 | 6,713 | |||||
Noncontrolling Interests | 142 | 142 | |||||
Total equity | 6,906 | 6,855 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 23,152 | $ | 22,676 |
Six Months Ended June 30, | |||||||
2015 | 2014 | ||||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | 261 | $ | 248 | |||
(Income) loss from discontinued operations, net of taxes | (52 | ) | 2 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Provision for Callaway construction and operating license | 69 | — | |||||
Depreciation and amortization | 387 | 349 | |||||
Amortization of nuclear fuel | 47 | 47 | |||||
Amortization of debt issuance costs and premium/discounts | 11 | 11 | |||||
Deferred income taxes and investment tax credits, net | 116 | 178 | |||||
Allowance for equity funds used during construction | (11 | ) | (16 | ) | |||
Stock-based compensation costs | 14 | 15 | |||||
Other | (13 | ) | (8 | ) | |||
Changes in assets and liabilities | (61 | ) | (168 | ) | |||
Net cash provided by operating activities - continuing operations | 768 | 658 | |||||
Net cash used in operating activities - discontinued operations | (1 | ) | (4 | ) | |||
Net cash provided by operating activities | 767 | 654 | |||||
Cash Flows From Investing Activities: | |||||||
Capital expenditures | (846 | ) | (883 | ) | |||
Nuclear fuel expenditures | (28 | ) | (26 | ) | |||
Purchases of securities - nuclear decommissioning trust fund | (117 | ) | (290 | ) | |||
Sales and maturities of securities - nuclear decommissioning trust fund | 110 | 283 | |||||
Proceeds from note receivable - Illinois Power Marketing Company | 10 | 70 | |||||
Contributions to note receivable - Illinois Power Marketing Company | (7 | ) | (78 | ) | |||
Other | 3 | 2 | |||||
Net cash used in investing activities - continuing operations | (875 | ) | (922 | ) | |||
Net cash provided by investing activities - discontinued operations | — | 152 | |||||
Net cash used in investing activities | (875 | ) | (770 | ) | |||
Cash Flows From Financing Activities: | |||||||
Dividends on common stock | (199 | ) | (194 | ) | |||
Dividends paid to noncontrolling interest holders | (3 | ) | (3 | ) | |||
Short-term debt, net | 172 | 425 | |||||
Redemptions and maturities of long-term debt | (114 | ) | (692 | ) | |||
Issuances of long-term debt | 249 | 598 | |||||
Capital issuance costs | (2 | ) | (4 | ) | |||
Other | 2 | 2 | |||||
Net cash provided by financing activities - continuing operations | 105 | 132 | |||||
Net cash used in financing activities - discontinued operations | — | — | |||||
Net cash provided by financing activities | 105 | 132 | |||||
Net change in cash and cash equivalents | (3 | ) | 16 | ||||
Cash and cash equivalents at beginning of year | 5 | 30 | |||||
Cash and cash equivalents at end of period | $ | 2 | $ | 46 |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Electric Sales - kilowatthours (in millions): | |||||||||||||||
Ameren Missouri | |||||||||||||||
Residential | 2,694 | 2,897 | 6,599 | 7,079 | |||||||||||
Commercial | 3,556 | 3,560 | 7,145 | 7,222 | |||||||||||
Industrial | 2,096 | 2,191 | 4,100 | 4,278 | |||||||||||
Off-system | 2,113 | 1,438 | 3,837 | 2,891 | |||||||||||
Other | 26 | 27 | 61 | 60 | |||||||||||
Ameren Missouri total | 10,485 | 10,113 | 21,742 | 21,530 | |||||||||||
Ameren Illinois | |||||||||||||||
Residential | |||||||||||||||
Power supply and delivery service | 1,024 | 935 | 2,443 | 2,241 | |||||||||||
Delivery service only | 1,463 | 1,635 | 3,300 | 3,833 | |||||||||||
Commercial | |||||||||||||||
Power supply and delivery service | 651 | 591 | 1,396 | 1,284 | |||||||||||
Delivery service only | 2,340 | 2,348 | 4,521 | 4,641 | |||||||||||
Industrial | |||||||||||||||
Power supply and delivery service | 437 | 477 | 930 | 924 | |||||||||||
Delivery service only | 2,521 | 2,600 | 5,120 | 5,188 | |||||||||||
Other | 121 | 123 | 267 | 267 | |||||||||||
Ameren Illinois total | 8,557 | 8,709 | 17,977 | 18,378 | |||||||||||
Eliminate affiliate sales | (88 | ) | (50 | ) | (96 | ) | (50 | ) | |||||||
Ameren Total from Continuing Operations | 18,954 | 18,772 | 39,623 | 39,858 | |||||||||||
Electric Revenues (in millions): | |||||||||||||||
Ameren Missouri | |||||||||||||||
Residential | $ | 348 | $ | 351 | $ | 685 | $ | 694 | |||||||
Commercial | 328 | 317 | 576 | 563 | |||||||||||
Industrial | 123 | 124 | 219 | 221 | |||||||||||
Off-system | 45 | 47 | 89 | 83 | |||||||||||
Other | 15 | 32 | 32 | 59 | |||||||||||
Ameren Missouri total | $ | 859 | $ | 871 | $ | 1,601 | $ | 1,620 | |||||||
Ameren Illinois | |||||||||||||||
Residential | |||||||||||||||
Power supply and delivery service | $ | 107 | $ | 101 | $ | 218 | $ | 223 | |||||||
Delivery service only | 85 | 77 | 163 | 154 | |||||||||||
Commercial | |||||||||||||||
Power supply and delivery service | 53 | 54 | 107 | 115 | |||||||||||
Delivery service only | 56 | 48 | 102 | 88 | |||||||||||
Industrial | |||||||||||||||
Power supply and delivery service | 19 | 25 | 40 | 52 | |||||||||||
Delivery service only | 13 | 10 | 28 | 20 | |||||||||||
Other | 53 | 49 | 118 | 65 | |||||||||||
Ameren Illinois total | $ | 386 | $ | 364 | $ | 776 | $ | 717 | |||||||
ATXI | |||||||||||||||
Transmission services | $ | 17 | $ | 9 | $ | 37 | $ | 19 | |||||||
Eliminate affiliate revenues | (12 | ) | (9 | ) | (21 | ) | (15 | ) | |||||||
Ameren Total from Continuing Operations | $ | 1,250 | $ | 1,235 | $ | 2,393 | $ | 2,341 |
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
Electric Generation - kilowatthours (in millions): | |||||||||||||
Ameren Missouri | 10,409 | 10,337 | 21,352 | 22,032 | |||||||||
Fuel Cost per kilowatthour (in cents): | |||||||||||||
Ameren Missouri | 1.783 | 1.855 | 1.839 | 1.902 | |||||||||
Gas Sales - dekatherms (in thousands): | |||||||||||||
Ameren Missouri | 2,876 | 2,770 | 10,820 | 11,293 | |||||||||
Ameren Illinois | 27,269 | 28,364 | 99,058 | 106,311 | |||||||||
Ameren Total | 30,145 | 31,134 | 109,878 | 117,604 | |||||||||
June 30, 2015 | December 31, 2014 | ||||||||||||
Common Stock: | |||||||||||||
Shares outstanding (in millions) | 242.6 | 242.6 | |||||||||||
Book value per share | $ | 27.88 | $ | 27.67 | |||||||||
Capitalization Ratios: | |||||||||||||
Common equity | 47.7 | % | 48.7 | % | |||||||||
Preferred stock | 1.0 | % | 1.0 | % | |||||||||
Debt, net of cash | 51.3 | % | 50.3 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Operating Revenues: | |||||||||||||||
Electric | $ | 1,250 | $ | 1,235 | $ | 2,393 | $ | 2,341 | |||||||
Gas | 151 | 184 | 564 | 672 | |||||||||||
Total operating revenues | 1,401 | 1,419 | 2,957 | 3,013 | |||||||||||
Operating Expenses: | |||||||||||||||
Fuel | 205 | 198 | 411 | 402 | |||||||||||
Purchased power | 101 | 112 | 240 | 226 | |||||||||||
Gas purchased for resale | 46 | 79 | 282 | 383 | |||||||||||
Other operations and maintenance | 427 | 411 | 828 | 829 | |||||||||||
Provision for Callaway construction and operating license | 69 | — | 69 | — | |||||||||||
Depreciation and amortization | 200 | 183 | 393 | 364 | |||||||||||
Taxes other than income taxes | 116 | 114 | 241 | 241 | |||||||||||
Total operating expenses | 1,164 | 1,097 | 2,464 | 2,445 | |||||||||||
Operating Income | 237 | 322 | 493 | 568 | |||||||||||
Other Income and Expenses: | |||||||||||||||
Miscellaneous income | 16 | 21 | 35 | 39 | |||||||||||
Miscellaneous expense | 6 | 4 | 17 | 13 | |||||||||||
Total other income | 10 | 17 | 18 | 26 | |||||||||||
Interest Charges | 89 | 89 | 177 | 181 | |||||||||||
Income Before Income Taxes | 158 | 250 | 334 | 413 | |||||||||||
Income Taxes | 59 | 99 | 125 | 163 | |||||||||||
Income from Continuing Operations | 99 | 151 | 209 | 250 | |||||||||||
Income (Loss) from Discontinued Operations, Net of Taxes | 52 | (1 | ) | 52 | (2 | ) | |||||||||
Net Income | 151 | 150 | 261 | 248 | |||||||||||
Less: Net Income from Continuing Operations Attributable to Noncontrolling Interests | 1 | 1 | 3 | 3 | |||||||||||
Net Income (Loss) Attributable to Ameren Corporation: | |||||||||||||||
Continuing Operations | 98 | 150 | 206 | 247 | |||||||||||
Discontinued Operations | 52 | (1 | ) | 52 | (2 | ) | |||||||||
Net Income Attributable to Ameren Corporation | $ | 150 | $ | 149 | $ | 258 | $ | 245 | |||||||
Earnings (Loss) per Common Share – Basic and Diluted: | |||||||||||||||
Continuing Operations | $ | 0.40 | $ | 0.62 | $ | 0.85 | $ | 1.02 | |||||||
Discontinued Operations | 0.21 | (0.01 | ) | 0.21 | (0.01 | ) | |||||||||
Earnings per Common Share – Basic and Diluted | $ | 0.61 | $ | 0.61 | $ | 1.06 | $ | 1.01 | |||||||
Average Common Shares Outstanding – Basic | 242.6 | 242.6 | 242.6 | 242.6 |
June 30, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 2 | $ | 5 | |||
Accounts receivable - trade (less allowance for doubtful accounts) | 456 | 423 | |||||
Unbilled revenue | 302 | 265 | |||||
Miscellaneous accounts and notes receivable | 112 | 81 | |||||
Materials and supplies | 500 | 524 | |||||
Current regulatory assets | 223 | 295 | |||||
Current accumulated deferred income taxes, net | 286 | 352 | |||||
Other current assets | 95 | 86 | |||||
Assets of discontinued operations | 15 | 15 | |||||
Total current assets | 1,991 | 2,046 | |||||
Property and Plant, Net | 17,986 | 17,424 | |||||
Investments and Other Assets: | |||||||
Nuclear decommissioning trust fund | 555 | 549 | |||||
Goodwill | 411 | 411 | |||||
Regulatory assets | 1,560 | 1,582 | |||||
Other assets | 649 | 664 | |||||
Total investments and other assets | 3,175 | 3,206 | |||||
TOTAL ASSETS | $ | 23,152 | $ | 22,676 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities: | |||||||
Current maturities of long-term debt | $ | 395 | $ | 120 | |||
Short-term debt | 886 | 714 | |||||
Accounts and wages payable | 486 | 711 | |||||
Taxes accrued | 126 | 46 | |||||
Interest accrued | 98 | 85 | |||||
Current regulatory liabilities | 120 | 106 | |||||
Other current liabilities | 413 | 434 | |||||
Liabilities of discontinued operations | 32 | 33 | |||||
Total current liabilities | 2,556 | 2,249 | |||||
Long-term Debt, Net | 5,981 | 6,120 | |||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated deferred income taxes, net | 3,931 | 3,923 | |||||
Accumulated deferred investment tax credits | 64 | 64 | |||||
Regulatory liabilities | 1,912 | 1,850 | |||||
Asset retirement obligations | 589 | 396 | |||||
Pension and other postretirement benefits | 689 | 705 | |||||
Other deferred credits and liabilities | 524 | 514 | |||||
Total deferred credits and other liabilities | 7,709 | 7,452 | |||||
Ameren Corporation Stockholders’ Equity: | |||||||
Common stock | 2 | 2 | |||||
Other paid-in capital, principally premium on common stock | 5,606 | 5,617 | |||||
Retained earnings | 1,161 | 1,103 | |||||
Accumulated other comprehensive loss | (5 | ) | (9 | ) | |||
Total Ameren Corporation stockholders’ equity | 6,764 | 6,713 | |||||
Noncontrolling Interests | 142 | 142 | |||||
Total equity | 6,906 | 6,855 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 23,152 | $ | 22,676 |
Six Months Ended June 30, | |||||||
2015 | 2014 | ||||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | 261 | $ | 248 | |||
(Income) loss from discontinued operations, net of taxes | (52 | ) | 2 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Provision for Callaway construction and operating license | 69 | — | |||||
Depreciation and amortization | 387 | 349 | |||||
Amortization of nuclear fuel | 47 | 47 | |||||
Amortization of debt issuance costs and premium/discounts | 11 | 11 | |||||
Deferred income taxes and investment tax credits, net | 116 | 178 | |||||
Allowance for equity funds used during construction | (11 | ) | (16 | ) | |||
Stock-based compensation costs | 14 | 15 | |||||
Other | (13 | ) | (8 | ) | |||
Changes in assets and liabilities | (61 | ) | (168 | ) | |||
Net cash provided by operating activities - continuing operations | 768 | 658 | |||||
Net cash used in operating activities - discontinued operations | (1 | ) | (4 | ) | |||
Net cash provided by operating activities | 767 | 654 | |||||
Cash Flows From Investing Activities: | |||||||
Capital expenditures | (846 | ) | (883 | ) | |||
Nuclear fuel expenditures | (28 | ) | (26 | ) | |||
Purchases of securities - nuclear decommissioning trust fund | (117 | ) | (290 | ) | |||
Sales and maturities of securities - nuclear decommissioning trust fund | 110 | 283 | |||||
Proceeds from note receivable - Illinois Power Marketing Company | 10 | 70 | |||||
Contributions to note receivable - Illinois Power Marketing Company | (7 | ) | (78 | ) | |||
Other | 3 | 2 | |||||
Net cash used in investing activities - continuing operations | (875 | ) | (922 | ) | |||
Net cash provided by investing activities - discontinued operations | — | 152 | |||||
Net cash used in investing activities | (875 | ) | (770 | ) | |||
Cash Flows From Financing Activities: | |||||||
Dividends on common stock | (199 | ) | (194 | ) | |||
Dividends paid to noncontrolling interest holders | (3 | ) | (3 | ) | |||
Short-term debt, net | 172 | 425 | |||||
Redemptions and maturities of long-term debt | (114 | ) | (692 | ) | |||
Issuances of long-term debt | 249 | 598 | |||||
Capital issuance costs | (2 | ) | (4 | ) | |||
Other | 2 | 2 | |||||
Net cash provided by financing activities - continuing operations | 105 | 132 | |||||
Net cash used in financing activities - discontinued operations | — | — | |||||
Net cash provided by financing activities | 105 | 132 | |||||
Net change in cash and cash equivalents | (3 | ) | 16 | ||||
Cash and cash equivalents at beginning of year | 5 | 30 | |||||
Cash and cash equivalents at end of period | $ | 2 | $ | 46 |
1 Year Ameren Chart |
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