Ameren Illinois Co - Quarter Report: 2007 June (Form 10-Q)

Commission File Number	Exact name of registrant as specified in its charter; State of Incorporation; Address and Telephone Number	IRS Employer Identification No.
1-14756	Ameren Corporation	43-1723446
	(Missouri Corporation)
	1901 Chouteau Avenue
	St. Louis, Missouri 63103
	(314) 621-3222
1-2967	Union Electric Company	43-0559760
	(Missouri Corporation)
	1901 Chouteau Avenue
	St. Louis, Missouri 63103
	(314) 621-3222
1-3672	Central Illinois Public Service Company	37-0211380
	(Illinois Corporation)
	607 East Adams Street
	Springfield, Illinois 62739
	(888) 789-2477
333-56594	Ameren Energy Generating Company	37-1395586
	(Illinois Corporation)
	1901 Chouteau Avenue
	St. Louis, Missouri 63103
	(314) 621-3222
2-95569	CILCORP Inc.	37-1169387
	(Illinois Corporation)
	300 Liberty Street
	Peoria, Illinois 61602
	(309) 677-5271
1-2732	Central Illinois Light Company	37-0211050
	(Illinois Corporation)
	300 Liberty Street
	Peoria, Illinois 61602
	(309) 677-5271
1-3004	Illinois Power Company	37-0344645
	(Illinois Corporation)
	370 South Main Street
	Decatur, Illinois 62523
	(217) 424-6600

 

 

	Large Accelerated Filer	Accelerated Filer	Non-Accelerated Filer
Ameren Corporation	(X)	(   )	(   )
Union Electric Company	(   )	(   )	(X)
Central Illinois Public Service Company	(   )	(   )	(X)
Ameren Energy Generating Company	(   )	(   )	(X)
CILCORP Inc.	(   )	(   )	(X)
Central Illinois Light Company	(   )	(   )	(X)
Illinois Power Company	(   )	(   )	(X)

Ameren Corporation	Yes	(   )	No	(X)
Union Electric Company	Yes	(   )	No	(X)
Central Illinois Public Service Company	Yes	(   )	No	(X)
Ameren Energy Generating Company	Yes	(   )	No	(X)
CILCORP Inc.	Yes	(   )	No	(X)
Central Illinois Light Company	Yes	(   )	No	(X)
Illinois Power Company	Yes	(   )	No	(X)

Ameren Corporation	Common stock, $.01 par value per share – 207,601,632
Union Electric Company	Common stock, $5 par value per share, held by Ameren Corporation (parent company of the registrant) – 102,123,834
Central Illinois Public Service Company	Common stock, no par value, held by Ameren Corporation (parent company of the registrant) – 25,452,373
Ameren Energy Generating Company	Common stock, no par value, held by Ameren Energy Development Company (parent company of the registrant and indirect subsidiary of Ameren Corporation) – 2,000
CILCORP Inc.	Common stock, no par value, held by Ameren Corporation (parent company of the registrant) – 1,000
Central Illinois Light Company	Common stock, no par value, held by CILCORP Inc. (parent company of the registrant and subsidiary of Ameren Corporation) – 13,563,871
Illinois Power Company	Common stock, no par value, held by Ameren Corporation (parent company of the registrant) – 23,000,000

 

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AMEREN CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Unaudited) (In millions, except per share amounts)
	Three Months Ended June 30,								Six Months Ended June 30,
	2007				2006				2007				2006
Operating Revenues:
Electric	$	1,514			$	1,378			$	2,972			$	2,589
Gas		209				172				770				761
Total operating revenues		1,723				1,550				3,742				3,350
Operating Expenses:
Fuel		263				247				526				499
Purchased power		314				277				687				550
Gas purchased for resale		133				104				554				557
Other operations and maintenance		426				394				822				746
Depreciation and amortization		169				162				345				323
Taxes other than income taxes		96				90				198				203
Total operating expenses		1,401				1,274				3,132				2,878
Operating Income		322				276				610				472
Other Income and Expenses:
Miscellaneous income		20				11				34				16
Miscellaneous expense		(4	)			(1	)			(4	)			(1	)
Total other income		16				10				30				15
Interest Charges		108				87				206				164
Income Before Income Taxes, Minority Interest
and Preferred Dividends of Subsidiaries		230				199				434				323
Income Taxes		78				68				149				112
Income Before Minority Interest and Preferred
Dividends of Subsidiaries		152				131				285				211
Minority Interest and Preferred Dividends of Subsidiaries		9				8				19				18
Net Income	$	143			$	123			$	266			$	193
Earnings per Common Share – Basic and Diluted	$	0.69			$	0.60			$	1.29			$	0.94
Dividends per Common Share	$	0.635			$	0.635			$	1.270			$	1.270
Average Common Shares Outstanding		207.1				205.4				206.9				205.1

AMEREN CORPORATION
CONSOLIDATED BALANCE SHEET
(Unaudited) (In millions, except per share amounts)
	June 30,				December 31,
	2007				2006
ASSETS
Current Assets:
Cash and cash equivalents	$	687			$	137
Accounts receivable – trade (less allowance for doubtful
accounts of $31 and $11, respectively)		562				418
Unbilled revenue		304				309
Miscellaneous accounts and notes receivable		222				160
Materials and supplies		612				647
Other current assets		178				203
Total current assets		2,565				1,874
Property and Plant, Net		14,538				14,286
Investments and Other Assets:
Investments in leveraged leases		13				13
Nuclear decommissioning trust fund		301				285
Goodwill		831				831
Intangible assets		206				217
Other assets		730				641
Regulatory assets		1,347				1,431
Total investments and other assets		3,428				3,418
TOTAL ASSETS	$	20,531			$	19,578
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt	$	203			$	456
Short-term debt		1,619				612
Accounts and wages payable		455				671
Taxes accrued		120				58
Other current liabilities		423				405
Total current liabilities		2,820				2,202
Long-term Debt, Net		5,511				5,285
Preferred Stock of Subsidiary Subject to Mandatory Redemption		18				18
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net		2,039				2,144
Accumulated deferred investment tax credits		113				118
Regulatory liabilities		1,216				1,234
Asset retirement obligations		564				549
Accrued pension and other postretirement benefits		1,040				1,065
Other deferred credits and liabilities		378				169
Total deferred credits and other liabilities		5,350				5,279
Preferred Stock of Subsidiaries Not Subject to Mandatory Redemption		195				195
Minority Interest in Consolidated Subsidiaries		19				16
Commitments and Contingencies (Notes 2, 8, and 9)
Stockholders' Equity:
Common stock, $.01 par value, 400.0 shares authorized –
shares outstanding of 207.0 and 206.6, respectively		2				2
Other paid-in capital, principally premium on common stock		4,551				4,495
Retained earnings		2,023				2,024
Accumulated other comprehensive income		42				62
Total stockholders’ equity		6,618				6,583
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	20,531			$	19,578

AMEREN CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) (In millions)
	Six Months Ended
	June 30,
	2007				2006
Cash Flows From Operating Activities:
Net income	$	266			$	193
Adjustments to reconcile net income to net cash
provided by operating activities:
Gain on sales of emission allowances		(2	)			-
Depreciation and amortization		357				340
Amortization of nuclear fuel		15				16
Amortization of debt issuance costs and premium/discounts		10				7
Deferred income taxes and investment tax credits, net		(8	)			(19	)
Loss on sale of noncore properties		-				4
Minority interest		13				12
Other		7				1
Changes in assets and liabilities:
Receivables		(195	)			168
Materials and supplies		35				25
Accounts and wages payable		(62	)			(214	)
Taxes accrued		59				(33	)
Assets, other		(69	)			63
Liabilities, other		67				10
Pension and other postretirement benefit obligations		50				46
Net cash provided by operating activities		543				619
Cash Flows From Investing Activities:
Capital expenditures		(715	)			(449	)
CT acquisitions		-				(292	)
Nuclear fuel expenditures		(24	)			(25	)
Proceeds from sale of noncore properties		-				11
Purchases of securities – nuclear decommissioning trust fund		(75	)			(53	)
Sales of securities – nuclear decommissioning trust fund		65				48
Purchases of emission allowances		(9	)			(38	)
Sales of emission allowances		3				4
Other		1				(1	)
Net cash used in investing activities		(754	)			(795	)
Cash Flows From Financing Activities:
Dividends on common stock		(263	)			(260	)
Capital issuance costs		(3	)			(2	)
Short-term debt, net		1,007				204
Dividends paid to minority interest		(10	)			(14	)
Redemptions, repurchases, and maturities of long-term debt		(443	)			(86	)
Issuances:
Common stock		48				57
Long-term debt		425				232
Net cash provided by financing activities		761				131
Net change in cash and cash equivalents		550				(45	)
Cash and cash equivalents at beginning of year		137				96
Cash and cash equivalents at end of period	$	687			$	51

 

UNION ELECTRIC COMPANY
CONSOLIDATED STATEMENT OF INCOME
(Unaudited) (In millions)
	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2007				2006				2007				2006
Operating Revenues:
Electric - excluding off-system	$	579			$	584			$	1,030			$	1,013
Electric - off-system		89				103				211				241
Gas		29				22				105				91
Other		-				1				1				1
Total operating revenues		697				710				1,347				1,346
Operating Expenses:
Fuel		143				124				268				249
Purchased power		29				68				62				135
Gas purchased for resale		15				12				64				56
Other operations and maintenance		222				196				446				367
Depreciation and amortization		84				81				171				161
Taxes other than income taxes		60				59				117				118
Total operating expenses		553				540				1,128				1,086
Operating Income		144				170				219				260
Other Income and Expenses:
Miscellaneous income		12				8				20				12
Miscellaneous expense		(6	)			(2	)			(8	)			(4	)
Total other income		6				6				12				8
Interest Charges		51				44				97				80
Income Before Income Taxes and Equity
in Income of Unconsolidated Investment		99				132				134				188
Income Taxes		30				50				41				69
Income Before Equity in Income
of Unconsolidated Investment		69				82				93				119
Equity in Income of Unconsolidated Investment,
Net of Taxes		12				10				26				24
Net Income		81				92				119				143
Preferred Stock Dividends		2				2				3				3
Net Income Available to Common Stockholder	$	79			$	90			$	116			$	140

 

UNION ELECTRIC COMPANY
CONSOLIDATED BALANCE SHEET
(Unaudited) (In millions, except per share amounts)
	June 30,				December 31,
	2007				2006
ASSETS
Current Assets:
Cash and cash equivalents	$	209			$	1
Accounts receivable – trade (less allowance for doubtful
accounts of $8 and $6, respectively)		220				145
Unbilled revenue		157				120
Miscellaneous accounts and notes receivable		164				128
Advances to money pool		12				18
Accounts receivable – affiliates		59				33
Materials and supplies		267				236
Other current assets		56				45
Total current assets		1,144				726
Property and Plant, Net		8,000				7,882
Investments and Other Assets:
Nuclear decommissioning trust fund		301				285
Intangible assets		58				58
Other assets		474				526
Regulatory assets		790				810
Total investments and other assets		1,623				1,679
TOTAL ASSETS	$	10,767			$	10,287
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt	$	152			$	5
Short-term debt		426				234
Intercompany note payable – Ameren		37				77
Accounts and wages payable		159				313
Accounts payable – affiliates		114				185
Taxes accrued		142				66
Other current liabilities		229				191
Total current liabilities		1,259				1,071
Long-term Debt, Net		3,212				2,934
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net		1,273				1,293
Accumulated deferred investment tax credits		86				89
Regulatory liabilities		838				827
Asset retirement obligations		504				491
Accrued pension and other postretirement benefits		370				374
Other deferred credits and liabilities		83				55
Total deferred credits and other liabilities		3,154				3,129
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		739				739
Retained earnings		1,775				1,783
Accumulated other comprehensive income		4				7
Total stockholders' equity		3,142				3,153
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	10,767			$	10,287

UNION ELECTRIC COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) (In millions)
	Six Months Ended
	June 30,
	2007				2006
Cash Flows From Operating Activities:
Net income	$	119			$	143
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization		171				161
Amortization of nuclear fuel		15				16
Amortization of debt issuance costs and premium/discounts		3				3
Deferred income taxes and investment tax credits, net		15				11
Other		-				(5	)
Changes in assets and liabilities:
Receivables		(174	)			(15	)
Materials and supplies		(31	)			(13	)
Accounts and wages payable		(136	)			(180	)
Taxes accrued		76				54
Assets, other		55				30
Liabilities, other		17				35
Pension and other postretirement obligations		15				18
Net cash provided by operating activities		145				258
Cash Flows From Investing Activities:
Capital expenditures		(355	)			(222	)
CT acquisitions		-				(292	)
Nuclear fuel expenditures		(24	)			(25	)
Changes in money pool advances		6				-
Proceeds from intercompany note receivable – CIPS		-				67
Purchases of securities – nuclear decommissioning trust fund		(75	)			(53	)
Sales of securities – nuclear decommissioning trust fund		65				48
Sales of emission allowances		2				2
Net cash used in investing activities		(381	)			(475	)
Cash Flows From Financing Activities:
Dividends on common stock		(127	)			(84	)
Dividends on preferred stock		(3	)			(3	)
Capital issuance costs		(3	)			-
Short-term debt, net		192				284
Intercompany note payable – Ameren, net		(40	)			-
Issuances of long-term debt		425				-
Capital contribution from parent		-				1
Net cash provided by financing activities		444				198
Net change in cash and cash equivalents		208				(19	)
Cash and cash equivalents at beginning of year		1				20
Cash and cash equivalents at end of period	$	209			$	1