Ameren Illinois Co - Quarter Report: 2006 September (Form 10-Q)

AMEREN CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Unaudited) (In millions, except per share amounts)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2006			2005			2006			2005
Operating Revenues:
Electric	$	1,767		$	1,732		$	4,356		$	4,257
Gas		143			149			904			819
Other		-			-			-			3
Total operating revenues		1,910			1,881			5,260			5,079
Operating Expenses:
Fuel and purchased power		623			634			1,672			1,524
Gas purchased for resale		84			90			641			550
Other operations and maintenance		395			392			1,137			1,112
Depreciation and amortization		162			158			489			472
Taxes other than income taxes		99			98			302			284
Total operating expenses		1,363			1,372			4,241			3,942
Operating Income		547			509			1,019			1,137
Other Income and Expenses:
Miscellaneous income		5			6			13			19
Miscellaneous expense		(3	)		(1	)		(4	)		(7	)
Total other income		2			5			9			12
Interest Charges		82			70			238			221
Income Before Income Taxes, Minority Interest
and Preferred Dividends of Subsidiaries		467			444			790			928
Income Taxes		161			159			273			330
Income Before Minority Interest and Preferred
Dividends of Subsidiaries		306			285			517			598
Minority Interest and Preferred Dividends
of Subsidiaries		(13	)		(5	)		(31	)		(12	)
Net Income	$	293		$	280		$	486		$	586
Earnings per Common Share – Basic and Diluted	$	1.42		$	1.37		$	2.37		$	2.94
Dividends per Common Share	$	0.635		$	0.635		$	1.905		$	1.905
Average Common Shares Outstanding		205.9			203.8			205.4			199.6

 

AMEREN CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) (In millions)
	Nine Months Ended
	September 30,
	2006			2005
Cash Flows From Operating Activities:
Net income	$	486		$	586
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		507			499
Amortization of nuclear fuel		26			25
Amortization of debt issuance costs and premium/discounts		12			11
Deferred income taxes and investment tax credits, net		7			83
Loss on sale of leveraged leases		4			-
Gain on sales of emission allowances		(25	)		(4	)
Minority interest		23			1
Other		17			3
Changes in assets and liabilities, excluding the effects of acquisitions:
Receivables, net		157			(1	)
Materials and supplies		(136	)		(94	)
Accounts and wages payable		(289	)		(72	)
Taxes accrued		148			172
Assets, other		(97	)		(28	)
Liabilities, other		101			(11	)
Pension and other postretirement benefit obligations, net		89			7
Net cash provided by operating activities		1,030			1,177
Cash Flows From Investing Activities:
Capital expenditures		(666	)		(660	)
Acquisitions, net of cash acquired		-			12
CT acquisitions		(292	)		-
Nuclear fuel expenditures		(37	)		(16	)
Proceeds from sale of leveraged leases		11			-
Purchases of emission allowances		(38	)		(92	)
Sales of emission allowances		12			4
Other		5			16
Net cash used in investing activities		(1,005	)		(736	)
Cash Flows From Financing Activities:
Dividends on common stock		(391	)		(383	)
Capital issuance costs		(4	)		(4	)
Short-term debt, net		118			(394	)
Borrowings from credit facility		40			-
Dividends paid to minority interest		(21	)		-
Redemptions, repurchases, and maturities:
Long-term debt		(138	)		(262	)
Preferred stock		(1	)		(1	)
Issuances:
Common stock		78			430
Long-term debt		232			382
Net cash used in financing activities		(87	)		(232	)
Net change in cash and cash equivalents		(62	)		209
Cash and cash equivalents at beginning of year		96			69
Cash and cash equivalents at end of period	$	34		$	278

UNION ELECTRIC COMPANY
CONSOLIDATED STATEMENT OF INCOME
(Unaudited) (In millions)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2006			2005			2006			2005
Operating Revenues:
Electric	$	836		$	876		$	2,090		$	2,134
Gas		20			19			111			120
Other		1			-			2			-
Total operating revenues		857			895			2,203			2,254
Operating Expenses:
Fuel and purchased power		214			261			598			586
Gas purchased for resale		10			8			66			66
Other operations and maintenance		214			199			581			573
Depreciation and amortization		82			79			243			231
Taxes other than income taxes		66			66			184			180
Total operating expenses		586			613			1,672			1,636
Operating Income		271			282			531			618
Other Income and Expenses:
Miscellaneous income		2			3			6			12
Miscellaneous expense		(3	)		(2	)		(7	)		(6	)
Total other income (expense)		(1	)		1			(1	)		6
Interest Charges		35			29			107			81
Income Before Income Taxes and Equity
in Income of Unconsolidated Investment		235			254			423			543
Income Taxes		92			91			161			193
Income Before Equity in Income
of Unconsolidated Investment		143			163			262			350
Equity in Income of Unconsolidated Investment		23			1			47			3
Net Income		166			164			309			353
Preferred Stock Dividends		1			1			4			4
Net Income Available to Common Stockholder	$	165		$	163		$	305		$	349

UNION ELECTRIC COMPANY
CONSOLIDATED BALANCE SHEET
(Unaudited) (In millions, except per share amounts)
	September 30,			December 31,
	2006			2005
ASSETS
Current Assets:
Cash and cash equivalents	$	2		$	20
Accounts receivable – trade (less allowance for doubtful
accounts of $5 and $6, respectively)		196			190
Unbilled revenue		105			133
Miscellaneous accounts and notes receivable		84			7
Accounts receivable – affiliates		35			53
Current portion of intercompany note receivable – CIPS		-			6
Materials and supplies		236			199
Other current assets		59			57
Total current assets		717			665
Property and Plant, Net		7,756			7,379
Investments and Other Assets:
Nuclear decommissioning trust fund		271			250
Intercompany note receivable – CIPS		-			61
Intangible assets		63			63
Other assets		565			269
Regulatory assets		562			590
Total investments and other assets		1,461			1,233
TOTAL ASSETS	$	9,934		$	9,277
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt	$	10		$	4
Short-term debt		208			80
Accounts and wages payable		119			274
Accounts payable – affiliates		141			134
Taxes accrued		214			59
Other current liabilities		176			96
Total current liabilities		868			647
Long-term Debt, Net		2,932			2,698
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net		1,286			1,277
Accumulated deferred investment tax credits		91			96
Regulatory liabilities		815			802
Asset retirement obligations		484			466
Accrued pension and other postretirement benefits		238			203
Other deferred credits and liabilities		51			72
Total deferred credits and other liabilities		2,965			2,916
Commitments and Contingencies (Notes 2, 8 and 9)
Stockholders' Equity:
Common stock, $5 par value, 150.0 shares authorized – 102.1 shares outstanding		511			511
Preferred stock not subject to mandatory redemption		113			113
Other paid-in capital, principally premium on common stock		736			733
Retained earnings		1,839			1,689
Accumulated other comprehensive loss		(30	)		(30	)
Total stockholders' equity		3,169			3,016
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	9,934		$	9,277

UNION ELECTRIC COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) (In millions)
	Nine Months Ended September 30,
	2006			2005
Cash Flows From Operating Activities:
Net income	$	309		$	353
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		243			231
Amortization of nuclear fuel		26			25
Amortization of debt issuance costs and premium/discounts		4			3
Deferred income taxes and investment tax credits, net		(10	)		27
Gain on sales of emission allowances		(2	)		(2	)
Other		-			12
Changes in assets and liabilities:
Receivables, net		(34	)		(96	)
Materials and supplies		(35	)		2
Accounts and wages payable		(127	)		44
Taxes accrued		174			130
Assets, other		(52	)		(14	)
Liabilities, other		62			(2	)
Pension and other postretirement benefit obligations, net		35			(1	)
Net cash provided by operating activities		593			712
Cash Flows From Investing Activities:
Capital expenditures		(325	)		(388	)
CT acquisitions from nonaffiliates		(292	)		-
CT acquisitions from Genco		-			(241	)
Nuclear fuel expenditures		(37	)		(16	)
Changes in money pool advances		-			-
Proceeds from intercompany note receivable - CIPS		67			-
Sales of emission allowances		2			2
Other		1			10
Net cash used in investing activities		(584	)		(633	)
Cash Flows From Financing Activities:
Dividends on common stock		(154	)		(209	)
Dividends on preferred stock		(4	)		(4	)
Capital issuance costs		-			(3	)
Changes in short-term debt, net		128			(375	)
Changes in money pool borrowings		-			79
Issuance of long-term debt		-			382
Capital contribution from parent		3			4
Net cash used in financing activities		(27	)		(126	)
Net change in cash and cash equivalents		(18	)		(47	)
Cash and cash equivalents at beginning of year		20			48
Cash and cash equivalents at end of period	$	2		$	1

 

CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
STATEMENT OF INCOME
(Unaudited) (In millions)
	Three Months Ended September 30,						Nine Months Ended September 30,
		2006			2005			2006			2005
Operating Revenues:
Electric	$	228		$	244		$	569		$	542
Gas		23			22			150			133
Other		3			1			4			2
Total operating revenues		254			267			723			677
Operating Expenses:
Purchased power		125			140			355			331
Gas purchased for resale		11			12			99			86
Other operations and maintenance		41			39			117			109
Depreciation and amortization		16			17			47			45
Taxes other than income taxes		9			9			30			24
Total operating expenses		202			217			648			595
Operating Income		52			50			75			82
Other Income and Expenses:
Miscellaneous income		4			4			13			13
Miscellaneous expense		-			(1	)		(1	)		(5	)
Total other income		4			3			12			8
Interest Charges		8			7			23			22
Income Before Income Taxes		48			46			64			68
Income Taxes		19			15			21			22
Net Income		29			31			43			46
Preferred Stock Dividends		1			1			2			2
Net Income Available to Common Stockholder	$	28		$	30		$	41		$	44

CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
BALANCE SHEET
(Unaudited) (In millions)
	September 30,			December 31,
	2006			2005
ASSETS
Current Assets:
Cash and cash equivalents	$	-		$	-
Accounts receivable – trade (less allowance for doubtful
accounts of $2 and $4, respectively)		58			70
Unbilled revenue		44			71
Accounts receivable – affiliates		4			18
Current portion of intercompany note receivable – Genco		37			34
Current portion of intercompany tax receivable – Genco		10			10
Advances to money pool		18			-
Materials and supplies		82			75
Other current assets		22			28
Total current assets		275			306
Property and Plant, Net		1,150			1,130
Investments and Other Assets:
Intercompany note receivable – Genco		126			163
Intercompany tax receivable – Genco		118			125
Other assets		31			24
Regulatory assets		35			36
Total investments and other assets		310			348
TOTAL ASSETS	$	1,735		$	1,784
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt	$	-		$	20
Accounts and wages payable		31			36
Accounts payable – affiliates		65			65
Borrowings from money pool		-			2
Current portion of intercompany note payable – UE		-			6
Taxes accrued		28			26
Other current liabilities		43			43
Total current liabilities		167			198
Long-term Debt, Net		471			410
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and investment tax credits, net		289			302
Intercompany note payable – UE		-			61
Regulatory liabilities		218			208
Accrued pension and other postretirement benefits		13			7
Other deferred credits and liabilities		21			29
Total deferred credits and other liabilities		541			607
Commitments and Contingencies (Notes 2 and 8)
Stockholders' Equity:
Common stock, no par value, 45.0 shares authorized – 25.5 shares outstanding		-			-
Other paid-in capital		190			189
Preferred stock not subject to mandatory redemption		50			50
Retained earnings		321			329
Accumulated other comprehensive income (loss)		(5	)		1
Total stockholders' equity		556			569
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,735		$	1,784