Ameren Illinois Co - Quarter Report: 2008 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,
	2008				2007				2008				2007
Operating Revenues:
Electric	$	1,928			$	1,872			$	4,944			$	4,855
Gas		132				125				987				895
Total operating revenues		2,060				1,997				5,931				5,750
Operating Expenses:
Fuel		461				338				963				864
Coal contract settlement		-				-				(60	)			-
Purchased power		371				419				964				1,106
Gas purchased for resale		73				68				697				622
Other operations and maintenance		449				417				1,340				1,230
Depreciation and amortization		180				176				534				534
Taxes other than income taxes		98				97				300				295
Total operating expenses		1,632				1,515				4,738				4,651
Operating Income		428				482				1,193				1,099
Other Income and Expenses:
Miscellaneous income		23				20				61				53
Miscellaneous expense		(10	)			(9	)			(23	)			(19	)
Total other income		13				11				38				34
Interest Charges		113				110				331				316
Income Before Income Taxes, Minority Interest
and Preferred Dividends of Subsidiaries		328				383				900				817
Income Taxes		113				130				319				279
Income Before Minority Interest and Preferred
Dividends of Subsidiaries		215				253				581				538
Minority Interest and Preferred Dividends of Subsidiaries		11				9				33				28
Net Income	$	204			$	244			$	548			$	510
Earnings per Common Share – Basic and Diluted	$	0.97			$	1.18			$	2.61			$	2.46
Dividends per Common Share	$	0.635			$	0.635			$	1.905			$	1.905
Average Common Shares Outstanding		210.3				207.6				209.5				207.1

 

 

AMEREN CORPORATION
CONSOLIDATED BALANCE SHEET
(Unaudited) (In millions, except per share amounts)
	September 30,				December 31,
	2008				2007
ASSETS
Current Assets:
Cash and cash equivalents	$	206			$	355
Accounts receivable – trade (less allowance for doubtful
accounts of $24 and $22, respectively)		506				570
Unbilled revenue		262				359
Miscellaneous accounts and notes receivable		291				280
Materials and supplies		956				735
Other current assets		326				181
Total current assets		2,547				2,480
Property and Plant, Net		15,977				15,069
Investments and Other Assets:
Nuclear decommissioning trust fund		269				307
Goodwill		831				831
Intangible assets		167				198
Regulatory assets		1,122				1,158
Other assets		566				685
Total investments and other assets		2,955				3,179
TOTAL ASSETS	$	21,479			$	20,728
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt	$	269			$	221
Short-term debt		1,407				1,472
Accounts and wages payable		509				687
Taxes accrued		128				84
Other current liabilities		605				438
Total current liabilities		2,918				2,902
Long-term Debt, Net		6,143				5,691
Preferred Stock of Subsidiary Subject to Mandatory Redemption		-				16
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net		2,072				2,046
Accumulated deferred investment tax credits		102				109
Regulatory liabilities		1,291				1,240
Asset retirement obligations		583				562
Accrued pension and other postretirement benefits		741				839
Other deferred credits and liabilities		367				354
Total deferred credits and other liabilities		5,156				5,150
Preferred Stock of Subsidiaries Not Subject to Mandatory Redemption		195				195
Minority Interest in Consolidated Subsidiaries		24				22
Commitments and Contingencies (Notes 2, 8, 9 and 10)
Stockholders' Equity:
Common stock, $.01 par value, 400.0 shares authorized –
shares outstanding of 210.9 and 208.3, respectively		2				2
Other paid-in capital, principally premium on common stock		4,731				4,604
Retained earnings		2,259				2,110
Accumulated other comprehensive income		51				36
Total stockholders’ equity		7,043				6,752
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	21,479			$	20,728

 

AMEREN CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) (In millions)
	Nine Months Ended
	September 30,
	2008				2007
Cash Flows From Operating Activities:
Net income	$	548			$	510
Adjustments to reconcile net income to net cash
provided by operating activities:
Gain on sales of emission allowances		(2	)			(7	)
Net mark-to-market gain on derivatives		(42	)			(7	)
Depreciation and amortization		549				557
Amortization of nuclear fuel		31				26
Amortization of debt issuance costs and premium/discounts		14				14
Deferred income taxes and investment tax credits, net		130				18
Minority interest		25				20
Other		(2	)			10
Changes in assets and liabilities:
Receivables		144				(220	)
Materials and supplies		(216	)			(110	)
Accounts and wages payable		(100	)			(113	)
Taxes accrued, net		44				75
Assets, other		46				58
Liabilities, other		142				151
Pension and other postretirement benefit obligations		2				67
Counterparty collateral asset		(2	)			(71	)
Counterparty collateral liability		2				-
Taum Sauk insurance receivable, net		(68	)			(58	)
Net cash provided by operating activities		1,245				920
Cash Flows From Investing Activities:
Capital expenditures		(1,316	)			(1,035	)
Nuclear fuel expenditures		(161	)			(39	)
Purchases of securities – nuclear decommissioning trust fund		(386	)			(110	)
Sales of securities – nuclear decommissioning trust fund		360				98
Purchases of emission allowances		(2	)			(12	)
Sales of emission allowances		2				5
Other		2				-
Net cash used in investing activities		(1,501	)			(1,093	)
Cash Flows From Financing Activities:
Dividends on common stock		(399	)			(395	)
Capital issuance costs		(9	)			(3	)
Short-term debt, net		(65	)			590
Dividends paid to minority interest holder		(23	)			(16	)
Redemptions, repurchases, and maturities:
Long-term debt		(823	)			(465	)
Preferred stock		(16	)			(1	)
Issuances:
Common stock		107				71
Long-term debt		1,335				425
Net cash provided by financing activities		107				206
Net change in cash and cash equivalents		(149	)			33
Cash and cash equivalents at beginning of year		355				137
Cash and cash equivalents at end of period	$	206			$	170

 

UNION ELECTRIC COMPANY
CONSOLIDATED STATEMENT OF INCOME
(Unaudited) (In millions)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2008				2007				2008				2007
Operating Revenues:
Electric - excluding off-system	$	742			$	835			$	1,821			$	1,865
Electric - off-system		111				92				409				303
Gas		21				18				139				123
Other		1				-				1				1
Total operating revenues		875				945				2,370				2,292
Operating Expenses:
Fuel		238				179				489				447
Purchased power		45				71				135				140
Gas purchased for resale		11				9				84				73
Other operations and maintenance		234				218				689				667
Depreciation and amortization		83				81				246				252
Taxes other than income taxes		69				70				189				187
Total operating expenses		680				628				1,832				1,766
Operating Income		195				317				538				526
Other Income and Expenses:
Miscellaneous income		17				9				46				28
Miscellaneous expense		(2	)			(5	)			(6	)			(9	)
Total other income		15				4				40				19
Interest Charges		51				49				142				146
Income Before Income Taxes and Equity
in Income of Unconsolidated Investment		159				272				436				399
Income Taxes		60				93				160				132
Income Before Equity in Income
of Unconsolidated Investment		99				179				276				267
Equity in Income of Unconsolidated Investment, Net of Taxes		-				14				11				40
Net Income		99				193				287				307
Preferred Stock Dividends		1				1				4				4
Net Income Available to Common Stockholder	$	98			$	192			$	283			$	303

 

UNION ELECTRIC COMPANY
CONSOLIDATED BALANCE SHEET
(Unaudited) (In millions, except per share amounts)
	September 30,				December 31,
	2008				2007
ASSETS
Current Assets:
Cash and cash equivalents	$	-			$	185
Accounts receivable – trade (less allowance for doubtful
accounts of $7 and $6, respectively)		193				191
Unbilled revenue		102				118
Miscellaneous accounts and notes receivable		228				213
Advances to money pool		-				15
Accounts receivable – affiliates		6				90
Materials and supplies		351				301
Other current assets		76				50
Total current assets		956				1,163
Property and Plant, Net		8,682				8,189
Investments and Other Assets:
Nuclear decommissioning trust fund		269				307
Intercompany note receivable – affiliate		30				-
Intangible assets		50				56
Regulatory assets		696				697
Other assets		354				491
Total investments and other assets		1,399				1,551
TOTAL ASSETS	$	11,037			$	10,903
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current maturities of long-term debt	$	4			$	152
Short-term debt		-				82
Intercompany note payable – Ameren		17				-
Accounts and wages payable		160				315
Accounts payable – affiliates		104				212
Taxes accrued		138				78
Accrued interest		75				47
Taum Sauk pumped-storage hydroelectric facility liability		28				103
Other current liabilities		79				59
Total current liabilities		605				1,048
Long-term Debt, Net		3,677				3,208
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net		1,336				1,273
Accumulated deferred investment tax credits		81				85
Regulatory liabilities		903				865
Asset retirement obligations		495				476
Accrued pension and other postretirement benefits		229				297
Other deferred credits and liabilities		46				50
Total deferred credits and other liabilities		3,090				3,046
Commitments and Contingencies (Notes 2, 8, 9 and 10)
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		1,119				1,119
Retained earnings		1,903				1,855
Accumulated other comprehensive income		19				3
Total stockholders' equity		3,665				3,601
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	11,037			$	10,903

 

UNION ELECTRIC COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) (In millions)
	Nine Months Ended
	September 30,
	2008				2007
Cash Flows From Operating Activities:
Net income	$	287			$	307
Adjustments to reconcile net income to net cash
provided by operating activities:
Gain on sales of emission allowances		(1	)			(5	)
Net mark-to-market gain on derivatives		(10	)			(1	)
Depreciation and amortization		246				252
Amortization of nuclear fuel		31				26
Amortization of debt issuance costs and premium/discounts		5				4
Deferred income taxes and investment tax credits, net		57				19
Other		(19	)			1
Changes in assets and liabilities:
Receivables		79				(82	)
Materials and supplies		(45	)			(49	)
Accounts and wages payable		(226	)			(97	)
Taxes accrued, net		57				140
Assets, other		97				61
Liabilities, other		55				(26	)
Pension and other postretirement benefit obligations		10				27
Taum Sauk insurance receivable, net		(68	)			(58	)
Net cash provided by operating activities		555				519
Cash Flows From Investing Activities:
Capital expenditures		(614	)			(493	)
Nuclear fuel expenditures		(161	)			(39	)
Changes in money pool advances		-				5
Proceeds from intercompany note receivable		6				-
Purchases of securities – nuclear decommissioning trust fund		(386	)			(110	)
Sales of securities – nuclear decommissioning trust fund		360				98
Sales of emission allowances		1				4
Net cash used in investing activities		(794	)			(535	)
Cash Flows From Financing Activities:
Dividends on common stock		(193	)			(246	)
Dividends on preferred stock		(4	)			(4	)
Capital issuance costs		(5	)			(3	)
Short-term debt, net		(82	)			(142	)
Intercompany note payable – Ameren, net		17				(20	)
Redemptions, repurchases, and maturities of long-term debt		(378	)			-
Issuances of long-term debt		699				425
Capital contribution from parent		-				5
Net cash provided by financing activities		54				15
Net change in cash and cash equivalents		(185	)			(1	)
Cash and cash equivalents at beginning of year		185				1
Cash and cash equivalents at end of period	$	-			$	-

 

CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
STATEMENT OF INCOME
(Unaudited) (In millions)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2008				2007				2008				2007
Operating Revenues:
Electric	$	190			$	201			$	539			$	605
Gas		25				22				173				159
Other		2				1				2				3
Total operating revenues		217				224				714				767
Operating Expenses:
Purchased power		117				142				348				416
Gas purchased for resale		13				12				117				107
Other operations and maintenance		49				40				147				124
Depreciation and amortization		16				16				50				49
Taxes other than income taxes		8				6				27				24
Total operating expenses		203				216				689				720
Operating Income		14				8				25				47
Other Income and Expenses:
Miscellaneous income		3				5				9				13
Miscellaneous expense		-				(1	)			(2	)			(2	)
Total other income		3				4				7				11
Interest Charges		8				10				23				28
Income Before Income Taxes		9				2				9				30
Income Taxes		2				1				2				11
Net Income		7				1				7				19
Preferred Stock Dividends		1				1				2				2
Net Income Available to Common Stockholder	$	6			$	-			$	5			$	17