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

 

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

AMEREN CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) (In millions)
		Six Months Ended
		June 30,
		2006			2005
Cash Flows From Operating Activities:
Net income	$	193		$	306
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		340			299
Amortization of nuclear fuel		16			17
Amortization of debt issuance costs and premium/discounts		7			7
Deferred income taxes and investment tax credits, net		(19	)		66
Loss on sale of leveraged leases		4			-
Minority interest		12			1
Other		1			-
Changes in assets and liabilities, excluding the effects of acquisitions:
Receivables, net		168			(8	)
Materials and supplies		25			46
Accounts and wages payable		(258	)		(163	)
Taxes accrued		(33	)		112
Assets, other		58			11
Liabilities, other		10			1
Pension and other postretirement benefit obligations, net		46			54
Net cash provided by operating activities		570			749
Cash Flows From Investing Activities:
Capital expenditures		(406	)		(442	)
CT acquisitions		(292	)		-
Nuclear fuel expenditures		(25	)		(13	)
Proceeds from sale of leveraged leases		11			-
Purchases of emission allowances		(38	)		(92	)
Sales of emission allowances		4			4
Other		-			12
Net cash used in investing activities		(746	)		(531	)
Cash Flows From Financing Activities:
Dividends on common stock		(260	)		(253	)
Capital issuance costs		(2	)		(1	)
Short-term debt, net		204			(256	)
Dividends paid to minority interest		(14	)		-
Redemptions, repurchases, and maturities:
Long-term debt		(86	)		(237	)
Issuances:
Common stock		57			402
Long-term debt		232			85
Net cash provided by (used in) financing activities		131			(260	)
Net change in cash and cash equivalents		(45	)		(42	)
Cash and cash equivalents at beginning of year		96			69
Cash and cash equivalents at end of period	$	51		$	27

 

UNION ELECTRIC COMPANY
CONSOLIDATED STATEMENT OF INCOME
(Unaudited) (In millions)
	Three Months Ended June 30,						Six Months Ended June 30,
		2006			2005			2006			2005
Operating Revenues:
Electric	$	687		$	726		$	1,254		$	1,259
Gas		22			26			91			101
Other		1			-			1			-
Total operating revenues		710			752			1,346			1,360
Operating Expenses:
Fuel and purchased power		192			182			384			326
Gas purchased for resale		12			13			56			58
Other operations and maintenance		196			193			367			374
Depreciation and amortization		81			76			161			152
Taxes other than income taxes		59			59			118			114
Total operating expenses		540			523			1,086			1,024
Operating Income		170			229			260			336
Other Income and Expenses:
Miscellaneous income		1			2			4			9
Miscellaneous expense		(2	)		(2	)		(4	)		(4	)
Total other income (expense)		(1	)		-			-			5
Interest Charges		37			27			72			52
Income Before Income Taxes and Equity
in Income of Unconsolidated Investment		132			202			188			289
Income Taxes		50			71			69			102
Income Before Equity in Income
of Unconsolidated Investment		82			131			119			187
Equity in Income of Unconsolidated Investment		10			1			24			2
Net Income		92			132			143			189
Preferred Stock Dividends		2			2			3			3
Net Income Available to Common Stockholder	$	90		$	130		$	140		$	186

UNION ELECTRIC COMPANY
CONSOLIDATED BALANCE SHEET
(Unaudited) (In millions, except per share amounts)
	June 30,			December 31,
	2006			2005
ASSETS
Current Assets:
Cash and cash equivalents	$	1		$	20
Accounts receivable – trade (less allowance for doubtful
accounts of $6 and $6, respectively)		141			190
Unbilled revenue		176			133
Miscellaneous accounts and notes receivable		58			7
Accounts receivable – affiliates		26			53
Current portion of intercompany note receivable – CIPS		-			6
Materials and supplies		214			199
Other current assets		49			57
Total current assets		665			665
Property and Plant, Net		7,696			7,379
Investments and Other Assets:
Nuclear decommissioning trust fund		257			250
Intercompany note receivable – CIPS		-			61
Intangible assets		63			63
Other assets		496			269
Regulatory assets		583			590
Total investments and other assets		1,399			1,233
TOTAL ASSETS	$	9,760		$	9,277
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt	$	11		$	4
Short-term debt		364			80
Accounts and wages payable		90			274
Accounts and wages payable – affiliates		83			134
Taxes accrued		113			59
Other current liabilities		148			96
Total current liabilities		809			647
Long-term Debt, Net		2,931			2,698
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net		1,293			1,277
Accumulated deferred investment tax credits		92			96
Regulatory liabilities		811			802
Asset retirement obligations		478			466
Accrued pension and other postretirement benefits		221			203
Other deferred credits and liabilities		56			72
Total deferred credits and other liabilities		2,951			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		734			733
Retained earnings		1,744			1,689
Accumulated other comprehensive loss		(33	)		(30	)
Total stockholders' equity		3,069			3,016
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	9,760		$	9,277

UNION ELECTRIC COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) (In millions)
	Six Months Ended June 30,
	2006			2005
Cash Flows From Operating Activities:
Net income	$	143		$	189
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		161			152
Amortization of nuclear fuel		16			17
Amortization of debt issuance costs and premium/discounts		3			3
Deferred income taxes and investment tax credits, net		11			30
Other		(5	)		(8	)
Changes in assets and liabilities:
Receivables, net		(15	)		(114	)
Materials and supplies		(13	)		5
Accounts and wages payable		(206	)		(61	)
Taxes accrued		54			111
Assets, other		25			(3	)
Liabilities, other		35			11
Pension and other postretirement benefit obligations, net		18			21
Net cash provided by operating activities		227			353
Cash Flows From Investing Activities:
Capital expenditures		(197	)		(248	)
CT acquisitions from non-affiliates		(292	)		-
CT acquisitions from Genco		-			(241	)
Nuclear fuel expenditures		(25	)		(13	)
Sales of emission allowances		2			2
Other		1			8
Net cash used in investing activities		(511	)		(492	)
Cash Flows From Financing Activities:
Dividends on common stock		(84	)		(135	)
Dividends on preferred stock		(3	)		(3	)
Proceeds from intercompany note receivable - CIPS		67			-
Changes in short-term debt, net		284			(237	)
Changes in money pool borrowings		-			380
Issuance of long-term debt		-			85
Capital contribution from parent		1			2
Net cash provided by financing activities		265			92
Net change in cash and cash equivalents		(19	)		(47	)
Cash and cash equivalents at beginning of year		20			48
Cash and cash equivalents at end of period	$	1		$	1

CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
STATEMENT OF INCOME
(Unaudited) (In millions)
	Three Months Ended June 30,						Six Months Ended June 30,
	2006			2005			2006			2005
Operating Revenues:
Electric	$	181		$	171		$	341		$	299
Gas		30			27			127			111
Other		1			-			1			-
Total operating revenues		212			198			469			410
Operating Expenses:
Purchased power		113			105			230			191
Gas purchased for resale		16			15			88			74
Other operations and maintenance		38			37			76			70
Depreciation and amortization		15			15			31			28
Taxes other than income taxes		9			7			21			15
Total operating expenses		191			179			446			378
Operating Income		21			19			23			32
Other Income and Expenses:
Miscellaneous income		4			4			9			9
Miscellaneous expense		-			(4	)		(1	)		(4	)
Total other income		4			-			8			5
Interest Charges		8			8			15			15
Income Before Income Taxes		17			11			16			22
Income Taxes		2			4			2			7
Net Income		15			7			14			15
Preferred Stock Dividends		-			-			1			1
Net Income Available to Common Stockholder	$	15		$	7		$	13		$	14

CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
BALANCE SHEET
(Unaudited) (In millions)
	June 30,			December 31,
	2006			2005
ASSETS
Current Assets:
Cash and cash equivalents	$	1		$	-
Accounts receivable – trade (less allowance for doubtful
accounts of $4 and $4, respectively)		57			70
Unbilled revenue		57			71
Accounts receivable – affiliates		11			18
Current portion of intercompany note receivable – Genco		37			34
Current portion of intercompany tax receivable – Genco		10			10
Advances to money pool		17			-
Materials and supplies		54			75
Other current assets		19			28
Total current assets		263			306
Property and Plant, Net		1,141			1,130
Investments and Other Assets:
Intercompany note receivable – Genco		126			163
Intercompany tax receivable – Genco		120			125
Other assets		15			24
Regulatory assets		35			36
Total investments and other assets		296			348
TOTAL ASSETS	$	1,700		$	1,784
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt	$	-		$	20
Accounts and wages payable		26			36
Accounts and wages payable – affiliates		65			65
Borrowings from money pool		-			2
Current portion of intercompany note payable – UE		-			6
Taxes accrued		7			26
Other current liabilities		37			43
Total current liabilities		135			198
Long-term Debt, Net		471			410
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and investment tax credits, net		295			302
Intercompany note payable – UE		-			61
Regulatory liabilities		209			208
Other deferred credits and liabilities		39			36
Total deferred credits and other liabilities		543			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		189			189
Preferred stock not subject to mandatory redemption		50			50
Retained earnings		316			329
Accumulated other comprehensive income (loss)		(4	)		1
Total stockholders' equity		551			569
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,700		$	1,784