ST. LOUIS, Feb. 16, 2018 /PRNewswire/ -- Ameren Corporation
(NYSE: AEE) today announced 2017 net income attributable to common
shareholders in accordance with Generally Accepted Accounting
Principles (GAAP) of $523 million, or
$2.14 per diluted share, compared to
$653 million, or $2.68 per diluted share, for 2016. The 2017 GAAP
earnings included non-cash charges, primarily at the parent
company, that decreased earnings by a combined $168 million, or 69
cents per diluted share, reflecting the revaluation of
deferred taxes as a result of changes in Illinois and federal income tax rates.
Excluding these charges, Ameren recorded 2017 core earnings of
$691 million, or $2.83 per diluted share. There were no
differences between GAAP and core earnings for 2016.
The year-over-year increase in 2017 core earnings reflected new
Ameren Missouri electric service rates effective April 1, 2017, which were driven, in part, by
increased infrastructure investments and removal of the negative
effect of lower sales to the New
Madrid aluminum smelter. In addition, the comparison
benefited from earnings on increased infrastructure investments
made at Ameren Transmission and Ameren Illinois Electric
Distribution. These favorable factors were partially offset by
lower electric retail sales, primarily driven by milder summer
temperatures. The earnings comparison was also unfavorably impacted
by the absence of a 2016 performance incentive award related to
Ameren Missouri's 2013 through 2015 energy efficiency plan, as well
as higher Ameren Missouri depreciation expense.
"In 2017, we again delivered strong core earnings growth," said
Warner L. Baxter, chairman,
president and chief executive officer of Ameren Corporation. "Our
team continued to successfully execute our strategy across our
businesses, including allocating capital to jurisdictions with
modern, constructive regulatory frameworks and managing costs in a
disciplined manner. In addition, Ameren Missouri announced a
forward-thinking plan under which it expects to accelerate its
transition to a cleaner, more diversified energy portfolio,
including significant investments in renewable generation by
2020."
Ameren recorded a GAAP net loss attributable to common
shareholders for the three months ended Dec.
31, 2017, of $60 million, or
24 cents per diluted share, compared
to net income attributable to common shareholders of $32 million, or 13
cents per diluted share, for the same period in 2016. The
GAAP results for the three months ended Dec.
31, 2017, included a $154
million, or 63 cents per
diluted share, charge for the revaluation of deferred taxes
resulting from a change in the federal income tax rate. Excluding
this charge, Ameren recorded core earnings for the three months
ended Dec. 31, 2017, of $94 million, or 39
cents per diluted share.
The year-over-year increase in fourth quarter 2017 core earnings
reflected a change in the timing of interim period revenue
recognition at Ameren Illinois Electric Distribution that increased
results by 12 cents per diluted share
but had no effect on full-year earnings. The comparison also
benefited from new Ameren Missouri electric service rates,
increased infrastructure investments made at Ameren Transmission
and a lower effective income tax rate. These favorable factors were
partially offset by a nuclear refueling and maintenance outage at
the Callaway Energy Center in the fourth quarter that increased
operations and maintenance expenses, compared to the year-ago
period when there was no such outage.
As reflected in the table below, the following items were
excluded from core earnings:
- A non-cash charge, at the parent company, for the revaluation
of deferred taxes resulting from a July
2017 change in Illinois law
that increased the state's corporate income tax rate, which
decreased 2017 earnings by $14
million.
- A non-cash charge, primarily at the parent company, for the
revaluation of deferred taxes resulting from a Dec. 2017 change in federal law that decreased
the federal corporate income tax rate, which decreased fourth
quarter and full-year 2017 earnings by $154
million.
A reconciliation of three-month and full-year GAAP to core
earnings in millions of dollars and per share, is as follows:
|
Three Months
Ended
|
Year
Ended
|
|
Dec.
31,
|
Dec.
31,
|
|
2017
|
2016
|
2017
|
2016
|
GAAP Earnings
(Loss) / Diluted EPS
|
$
|
(60)
|
$
|
(0.24)
|
$
|
32
|
$
|
0.13
|
$
|
523
|
$
|
2.14
|
$
|
653
|
$
|
2.68
|
Charge for
revaluation of deferred taxes from increased Illinois state income
tax rate
|
|
|
|
|
22
|
0.09
|
|
|
Less: Federal
income tax benefit
|
—
|
—
|
—
|
—
|
(8)
|
(0.03)
|
—
|
—
|
Charge, net of tax
benefit
|
—
|
—
|
—
|
—
|
14
|
0.06
|
—
|
—
|
|
|
|
|
|
|
|
|
|
Charge for
revaluation of deferred taxes from decreased federal income tax
rate
|
162
|
0.66
|
—
|
—
|
162
|
0.66
|
—
|
—
|
Less: State
income tax benefit
|
(8)
|
(0.03)
|
—
|
—
|
(8)
|
(0.03)
|
—
|
—
|
Charge, net of tax
benefit
|
154
|
0.63
|
—
|
—
|
154
|
0.63
|
—
|
—
|
Core Earnings /
Diluted EPS
|
$
|
94
|
$
|
0.39
|
$
|
32
|
$
|
0.13
|
$
|
691
|
$
|
2.83
|
$
|
653
|
$
|
2.68
|
Earnings Guidance
Ameren expects diluted earnings per share to be in a range of
$2.95 to $3.15 for 2018 and to grow at a 5% to 7% compound
annual rate from 2017 through 2022, using 2017 core results as a
base. This multi-year earnings growth is expected to be driven by
projected rate base growth of approximately 7% compounded annually
from 2017 through 2022, which does not include approximately
$1 billion of wind generation
investment proposed by Ameren Missouri in its September 2017 Integrated Resource Plan filing
with the Missouri Public Service Commission.
"Looking ahead, we plan to continue to deliver strong long-term
earnings per share growth reflecting a robust pipeline of
investments in critical energy infrastructure that will deliver
long-term benefits to our customers and the communities we serve,"
Baxter said. "In addition, our customers will ultimately
realize significant benefits associated with the recent reduction
in the federal corporate income tax rate. Increased investments in
critical energy infrastructure coupled with utility rate benefits
associated with tax reform result in a win-win for our customers,
the communities we serve and our shareholders."
Earnings guidance for 2018 assumes normal temperatures and,
along with Ameren's growth expectations, is subject to the effects
of, among other things: 30-year U.S. Treasury bond yields;
regulatory, judicial and legislative actions; energy center and
energy distribution operations; energy, economic, capital and
credit market conditions; severe storms; unusual or otherwise
unexpected gains or losses; and other risks and uncertainties
outlined, or referred to, in the Forward-looking Statements section
of this press release.
Ameren Missouri Segment Results
Ameren Missouri 2017 GAAP and core earnings were $323 million and $359
million, respectively, compared to 2016 earnings of
$357 million. GAAP earnings in 2017
included a $36 million non-cash
charge for the revaluation of deferred taxes resulting from a
change in the federal income tax rate, but this charge was excluded
from core earnings. The increase in year-over-year core earnings
reflected new electric service rates that were largely offset
by lower electric retail sales primarily driven by milder summer
temperatures, the absence of a 2016 performance incentive award, as
well as higher depreciation and transmission expenses.
Ameren Illinois Electric Distribution Segment Results
Ameren Illinois Electric Distribution 2017 earnings were
$131 million, compared to 2016
earnings of $126 million. The
year-over-year earnings improvement was primarily driven by
earnings on increased infrastructure investments, as well as a
higher allowed return on equity due to a higher average 30-year
U.S. Treasury bond yield in 2017 compared to 2016. These favorable
factors were partially offset by the absence of the 2016 benefit
from warmer-than-normal temperatures before the decoupling of
electric revenues began in 2017.
Ameren Illinois Natural Gas Segment Results
Ameren Illinois Natural Gas 2017 earnings of $60 million were comparable to 2016 earnings of
$59 million.
Ameren Transmission Segment Results
Ameren Transmission 2017 earnings were $140 million, compared to 2016 earnings of
$117 million. The year-over-year
earnings improvement reflected increased infrastructure investments
partially offset by a lower allowed return on equity.
Other Results (includes items not reported in a business
segment)
Other results for 2017 were a GAAP loss of $131 million and core earnings of $1 million, respectively, compared to a 2016 loss
of $6 million. The 2017 GAAP loss
included non-cash charges that decreased earnings by a combined
$132 million reflecting the
revaluation of deferred taxes as a result of changes in
Illinois and federal income tax
rates, but these charges were excluded from core results. The
improvement in year-over-year core results primarily reflected a
decrease in the effective income tax rate.
Analyst Conference Call
Ameren will conduct a conference call for financial analysts at
9 a.m. Central Time on Friday, Feb.
16, to discuss 2017 earnings, earnings guidance and other matters.
Investors, the news media and the public may listen to a live
broadcast of the call at AmerenInvestors.com by clicking on
"Webcast" under "Q4 2017 Earnings Conference Call," where an
accompanying slide presentation will also be available. The
conference call and presentation will be archived for one year in
the "Investor News and Events" section of the website under "Events
and Presentations."
About Ameren
St. Louis-based Ameren
Corporation powers the quality of life for 2.4 million
electric customers and more than 900,000 natural gas customers in a
64,000-square-mile area through its Ameren Missouri and Ameren
Illinois rate-regulated utility subsidiaries. Ameren Illinois
provides electric and natural gas transmission and distribution
service while Ameren Missouri provides vertically integrated
electric service, with generating capacity of over 10,200
megawatts, and natural gas distribution service. Ameren
Transmission Company of Illinois
develops regional electric transmission projects. For more
information, visit Ameren.com, or follow us at @AmerenCorp,
Facebook.com/AmerenCorp, or LinkedIn/company/Ameren.
Use of Non-GAAP Financial Measures
In this release, Ameren has presented core earnings per
share, which is a non-GAAP measure and may not be comparable to
those of other companies. A reconciliation of GAAP information to
non-GAAP information has been included in this release. Generally,
core earnings or losses include earnings or losses
attributable to common shareholders and exclude income or loss from
significant discrete items that management does not consider
representative of ongoing earnings, such as the third quarter 2017
non-cash charge for the revaluation of deferred taxes resulting
from a July 2017 change in
Illinois law that increased the
state's corporate income tax rate and the fourth quarter 2017
non-cash charge for the revaluation of deferred taxes resulting
from a December 2017 change in
federal law that decreased the federal corporate income tax rate.
Ameren uses core earnings internally for financial planning and for
analysis of performance. Ameren also uses core earnings as the
primary performance measurement when communicating with analysts
and investors regarding our earnings results and outlook, as the
company believes that core earnings allow the company to more
accurately compare its ongoing performance across periods. In
providing core earnings guidance, there could be differences
between core earnings and earnings prepared in accordance with GAAP
as a result of our treatment of certain items, such as that
described above. Ameren is unable to estimate the impact, if any,
on future GAAP earnings of such future items.
Forward-looking Statements
Statements in this release not based on historical facts are
considered "forward-looking" and, accordingly, involve risks and
uncertainties that could cause actual results to differ materially
from those discussed. Although such forward-looking statements have
been made in good faith and are based on reasonable assumptions,
there is no assurance that the expected results will be achieved.
These statements include (without limitation) statements as to
future expectations, beliefs, plans, strategies, objectives,
events, conditions, and financial performance. In connection with
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, we are providing this cautionary statement to
identify important factors that could cause actual results to
differ materially from those anticipated. The following factors, in
addition to those discussed under Risk Factors in Ameren's Annual
Report on Form 10-K for the year ended December 31, 2016, and elsewhere in this release
and in our other filings with the Securities and Exchange
Commission, could cause actual results to differ materially from
management expectations suggested in such forward-looking
statements:
- regulatory, judicial, or legislative actions, and changes in
regulatory policies and ratemaking determinations, such as those
that may result from the complaint case filed in February 2015 with the Federal Energy Regulatory
Commission (FERC) seeking a reduction in the allowed base return on
common equity under the Midcontinent Independent System Operator
(MISO) tariff, Ameren Missouri's proceeding with the Missouri
Public Service Commission to pass through to customer rates the
effect of the reduction in the federal corporate income tax rate
enacted under the Tax Cuts and Jobs Act of 2017 (TCJA), Ameren
Illinois' natural gas rate case filed with the Illinois Commerce
Commission (ICC) in January 2018,
Ameren Illinois' requests filed with the ICC to pass through to
customer rates the effect of the reduction in the federal corporate
income tax rate enacted under the TCJA, the request filed by MISO,
which includes Ameren Illinois and Ameren Transmission Company of
Illinois, with the FERC to allow
revisions to 2018 revenue requirements to reflect the impacts of
the reduction in the federal corporate income tax rate enacted
under the TCJA, actions taken by regulators to address the TCJA,
and future regulatory, judicial, or legislative actions that change
regulatory recovery mechanisms;
- the effect of Ameren Illinois' participation in
performance-based formula ratemaking frameworks under the Illinois
Energy Infrastructure Modernization and the Future Energy Jobs Acts
(FEJA), including the direct relationship between Ameren Illinois'
return on common equity and 30-year United States Treasury bond
yields, and the related financial commitments;
- the effects of changes in federal, state, or local laws and
other governmental actions, including monetary, fiscal, and energy
policies;
- the effects of changes in federal, state, or local tax laws or
rates, including additional regulations, interpretations,
amendments, or technical corrections to the TCJA, and any
challenges to the tax positions we have taken;
- the effects on demand for our services resulting from
technological advances, including advances in customer energy
efficiency and private generation sources, which generate
electricity at the site of consumption and are becoming more
cost-competitive;
- the effectiveness of Ameren Missouri's customer
energy-efficiency programs and the related revenues and performance
incentives earned under its Missouri Energy Efficiency Investment
Act plans;
- Ameren Illinois' ability to achieve FEJA electric
energy-efficiency goals and the resulting impact on its allowed
return on program investments;
- our ability to align overall spending, both operating and
capital, with frameworks established by our regulators and to
recover these costs in a timely manner in our attempt to earn our
allowed returns on equity;
- the cost and availability of fuel, such as ultra-low-sulfur
coal, natural gas, and enriched uranium used to produce
electricity; the cost and availability of purchased power,
zero-emission credits, renewable energy credits, 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 any
related price increases;
- disruptions in the delivery of fuel, failure of our fuel
suppliers to provide adequate quantities or quality of fuel, or
lack of adequate inventories of fuel, including nuclear fuel
assemblies from Westinghouse Electric Company, LLC, the Callaway
Energy Center's only Nuclear Regulatory Commission-licensed
supplier of such assemblies, which is currently in bankruptcy
proceedings;
- the effectiveness of our risk management strategies and our use
of financial and derivative instruments;
- the ability to obtain sufficient insurance, including insurance
for Ameren Missouri's Callaway Energy Center, or, in the absence of
insurance, the ability to recover uninsured losses from our
customers;
- business and economic conditions, including their impact on
interest rates, collection of our receivable balances, and demand
for our products;
- the effects of the TCJA on us and the resulting treatment by
regulators will have on our results of operations, financial
position, and liquidity;
- disruptions of the capital markets, deterioration in our credit
metrics, including as a result of the implementation of the TCJA,
or other events that may have an adverse effect on the cost or
availability of capital, including short-term credit and
liquidity;
- the actions of credit rating agencies and the effects of such
actions;
- the impact of adopting new accounting guidance and the
application of appropriate accounting rules and guidance;
- 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 transmission and distribution systems and
storage facilities, such as leaks, explosions, and mechanical
problems, and compliance with natural gas safety regulations;
- the effects of our increasing investment in electric
transmission projects, as well as potential wind and solar
generation projects, our ability to obtain all of the necessary
approvals to complete the projects, and the uncertainty as to
whether we will achieve our expected returns in a timely
manner;
- 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;
- the impact of current environmental regulations and new, more
stringent, or changing requirements, including those related to
carbon dioxide, 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 Ameren Missouri's 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 negative opinions of us or our utility services
that our customers, legislators, or regulators may have or develop,
which could result from a variety of factors, including failures in
system reliability, failure to implement our investment plans or
protect sensitive customer information, increases in rates, or
negative media coverage;
- the impact of complying with renewable energy portfolio
requirements in Missouri and
Illinois;
- 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;
- legal and administrative proceedings;
- the impact of cyber attacks, which could, among other things,
result in the loss of operational control of energy centers and
electric and natural gas transmission and distribution systems
and/or the loss of data, such as customer, employee, financial, and
operating system information; and
- acts of sabotage, war, terrorism, or other intentionally
disruptive acts.
New factors emerge from time to time, and it is not possible for
management to predict all of such factors, nor can it assess the
impact of each such factor on the business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained or implied in any
forward-looking statement. Given these uncertainties, undue
reliance should not be placed on these forward-looking statements.
Except to the extent required by the federal securities laws, we
undertake no obligation to update or revise publicly any
forward-looking statements to reflect new information or future
events.
|
|
AMEREN CORPORATION
(AEE)
|
CONSOLIDATED
STATEMENT OF INCOME
|
(Unaudited, in
millions, except per share amounts)
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Operating
Revenues:
|
|
|
|
|
|
|
|
Electric
|
$
|
1,127
|
|
|
$
|
1,095
|
|
|
$
|
5,310
|
|
|
$
|
5,196
|
|
Natural
gas
|
275
|
|
|
261
|
|
|
867
|
|
|
880
|
|
Total operating
revenues
|
1,402
|
|
|
1,356
|
|
|
6,177
|
|
|
6,076
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
Fuel
|
143
|
|
|
171
|
|
|
737
|
|
|
745
|
|
Purchased
power
|
147
|
|
|
170
|
|
|
638
|
|
|
621
|
|
Natural gas purchased
for resale
|
115
|
|
|
114
|
|
|
311
|
|
|
341
|
|
Other operations and
maintenance
|
431
|
|
|
430
|
|
|
1,660
|
|
|
1,676
|
|
Depreciation and
amortization
|
228
|
|
|
217
|
|
|
896
|
|
|
845
|
|
Taxes other than
income taxes
|
113
|
|
|
109
|
|
|
477
|
|
|
467
|
|
Total operating
expenses
|
1,177
|
|
|
1,211
|
|
|
4,719
|
|
|
4,695
|
|
Operating
Income
|
225
|
|
|
145
|
|
|
1,458
|
|
|
1,381
|
|
Other Income and
Expenses:
|
|
|
|
|
|
|
|
Miscellaneous
income
|
17
|
|
|
20
|
|
|
59
|
|
|
74
|
|
Miscellaneous
expense
|
5
|
|
|
11
|
|
|
21
|
|
|
32
|
|
Total other
income
|
12
|
|
|
9
|
|
|
38
|
|
|
42
|
|
Interest
Charges
|
96
|
|
|
95
|
|
|
391
|
|
|
382
|
|
Income Before
Income Taxes
|
141
|
|
|
59
|
|
|
1,105
|
|
|
1,041
|
|
Income
Taxes
|
200
|
|
|
26
|
|
|
576
|
|
|
382
|
|
Net Income
(Loss)
|
(59)
|
|
|
33
|
|
|
529
|
|
|
659
|
|
Less: Net Income
Attributable to Noncontrolling Interests
|
1
|
|
|
1
|
|
|
6
|
|
|
6
|
|
Net Income (Loss)
Attributable to Ameren Common Shareholders
|
$
|
(60)
|
|
|
$
|
32
|
|
|
$
|
523
|
|
|
$
|
653
|
|
|
|
|
|
|
|
|
|
Earnings (Loss)
per Common Share – Basic
|
$
|
(0.24)
|
|
|
$
|
0.13
|
|
|
$
|
2.16
|
|
|
$
|
2.69
|
|
|
|
|
|
|
|
|
|
Earnings (Loss)
per Common Share – Diluted
|
$
|
(0.24)
|
|
|
$
|
0.13
|
|
|
$
|
2.14
|
|
|
$
|
2.68
|
|
|
|
|
|
|
|
|
|
Average Common
Shares Outstanding – Basic
|
242.6
|
|
|
242.6
|
|
|
242.6
|
|
|
242.6
|
|
Average Common
Shares Outstanding – Diluted
|
244.7
|
|
|
244.7
|
|
|
244.2
|
|
|
243.4
|
|
|
|
|
AMEREN CORPORATION
(AEE)
|
CONSOLIDATED
BALANCE SHEET
|
(Unaudited, in
millions)
|
|
|
December 31,
2017
|
|
December 31,
2016
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
10
|
|
|
$
|
9
|
|
Accounts receivable -
trade (less allowance for doubtful accounts)
|
445
|
|
|
437
|
|
Unbilled
revenue
|
323
|
|
|
295
|
|
Miscellaneous
accounts and notes receivable
|
70
|
|
|
63
|
|
Inventories
|
522
|
|
|
527
|
|
Current regulatory
assets
|
144
|
|
|
149
|
|
Other current
assets
|
98
|
|
|
113
|
|
Total current
assets
|
1,612
|
|
|
1,593
|
|
Property, Plant,
and Equipment, Net
|
21,466
|
|
|
20,113
|
|
Investments and
Other Assets:
|
|
|
|
Nuclear
decommissioning trust fund
|
704
|
|
|
607
|
|
Goodwill
|
411
|
|
|
411
|
|
Regulatory
assets
|
1,230
|
|
|
1,437
|
|
Other
assets
|
522
|
|
|
538
|
|
Total investments and
other assets
|
2,867
|
|
|
2,993
|
|
TOTAL
ASSETS
|
$
|
25,945
|
|
|
$
|
24,699
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Current maturities of
long-term debt
|
$
|
841
|
|
|
$
|
681
|
|
Short-term
debt
|
484
|
|
|
558
|
|
Accounts and wages
payable
|
902
|
|
|
805
|
|
Taxes
accrued
|
52
|
|
|
46
|
|
Interest
accrued
|
99
|
|
|
93
|
|
Customer
deposits
|
108
|
|
|
107
|
|
Current regulatory
liabilities
|
128
|
|
|
110
|
|
Other current
liabilities
|
326
|
|
|
274
|
|
Total current
liabilities
|
2,940
|
|
|
2,674
|
|
Long-term Debt,
Net
|
7,094
|
|
|
6,595
|
|
Deferred Credits
and Other Liabilities:
|
|
|
|
Accumulated deferred
income taxes, net
|
2,506
|
|
|
4,264
|
|
Accumulated deferred
investment tax credits
|
49
|
|
|
55
|
|
Regulatory
liabilities
|
4,387
|
|
|
1,985
|
|
Asset retirement
obligations
|
638
|
|
|
635
|
|
Pension and other
postretirement benefits
|
545
|
|
|
769
|
|
Other deferred
credits and liabilities
|
460
|
|
|
477
|
|
Total deferred
credits and other liabilities
|
8,585
|
|
|
8,185
|
|
Ameren Corporation
Shareholders' Equity:
|
|
|
|
Common
stock
|
2
|
|
|
2
|
|
Other paid-in
capital, principally premium on common stock
|
5,540
|
|
|
5,556
|
|
Retained
earnings
|
1,660
|
|
|
1,568
|
|
Accumulated other
comprehensive loss
|
(18)
|
|
|
(23)
|
|
Total Ameren
Corporation shareholders' equity
|
7,184
|
|
|
7,103
|
|
Noncontrolling
Interests
|
142
|
|
|
142
|
|
Total
equity
|
7,326
|
|
|
7,245
|
|
TOTAL LIABILITIES
AND EQUITY
|
$
|
25,945
|
|
|
$
|
24,699
|
|
|
|
|
AMEREN CORPORATION
(AEE)
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
(Unaudited, in
millions)
|
|
|
Year Ended
December 31,
|
|
2017
|
|
2016
|
Cash Flows From
Operating Activities:
|
|
|
|
Net income
|
$
|
529
|
|
|
$
|
659
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
876
|
|
|
835
|
|
Amortization of
nuclear fuel
|
76
|
|
|
88
|
|
Amortization of debt
issuance costs and premium/discounts
|
22
|
|
|
22
|
|
Deferred income taxes
and investment tax credits, net
|
539
|
|
|
386
|
|
Allowance for equity
funds used during construction
|
(24)
|
|
|
(27)
|
|
Share-based
compensation costs
|
17
|
|
|
17
|
|
Other
|
(10)
|
|
|
4
|
|
Changes in assets and
liabilities
|
79
|
|
|
140
|
|
Net cash provided by
operating activities – continuing operations
|
2,104
|
|
|
2,124
|
|
Net cash used in
operating activities – discontinued operations
|
—
|
|
|
(1)
|
|
Net cash provided
by operating activities
|
2,104
|
|
|
2,123
|
|
Cash Flows From
Investing Activities:
|
|
|
|
Capital
expenditures
|
(2,132)
|
|
|
(2,076)
|
|
Nuclear fuel
expenditures
|
(63)
|
|
|
(55)
|
|
Purchases of
securities – nuclear decommissioning trust fund
|
(413)
|
|
|
(392)
|
|
Sales and maturities
of securities – nuclear decommissioning trust fund
|
396
|
|
|
377
|
|
Other
|
7
|
|
|
5
|
|
Net cash used in
investing activities
|
(2,205)
|
|
|
(2,141)
|
|
Cash Flows From
Financing Activities:
|
|
|
|
Dividends on common
stock
|
(431)
|
|
|
(416)
|
|
Dividends paid to
noncontrolling interest holders
|
(6)
|
|
|
(6)
|
|
Short-term debt,
net
|
(74)
|
|
|
257
|
|
Maturities of
long-term debt
|
(681)
|
|
|
(395)
|
|
Issuances of
long-term debt
|
1,345
|
|
|
389
|
|
Debt issuance
costs
|
(11)
|
|
|
(9)
|
|
Share-based
payments
|
(39)
|
|
|
(83)
|
|
Other
|
(1)
|
|
|
(2)
|
|
Net cash provided
by (used in) financing activities
|
102
|
|
|
(265)
|
|
Net change in cash
and cash equivalents
|
1
|
|
|
(283)
|
|
Cash and cash
equivalents at beginning of year
|
9
|
|
|
292
|
|
Cash and cash
equivalents at end of year
|
$
|
10
|
|
|
$
|
9
|
|
|
|
|
AMEREN CORPORATION
(AEE)
|
OPERATING
STATISTICS
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Electric Sales -
kilowatthours (in millions):
|
|
|
|
|
|
|
|
Ameren
Missouri
|
|
|
|
|
|
|
|
Residential
|
3,064
|
|
|
3,002
|
|
|
12,653
|
|
|
13,245
|
|
Commercial
|
3,431
|
|
|
3,443
|
|
|
14,384
|
|
|
14,712
|
|
Industrial
|
1,101
|
|
|
1,107
|
|
|
4,469
|
|
|
4,790
|
|
Street lighting and
public authority
|
32
|
|
|
36
|
|
|
117
|
|
|
125
|
|
Ameren Missouri
retail load subtotal
|
7,628
|
|
|
7,588
|
|
|
31,623
|
|
|
32,872
|
|
Off-system
|
1,518
|
|
|
2,065
|
|
|
10,640
|
|
|
7,125
|
|
Ameren Missouri
total
|
9,146
|
|
|
9,653
|
|
|
42,263
|
|
|
39,997
|
|
Ameren Illinois
Electric Distribution
|
|
|
|
|
|
|
|
Residential
|
2,680
|
|
|
2,611
|
|
|
10,985
|
|
|
11,512
|
|
Commercial
|
3,111
|
|
|
3,123
|
|
|
12,382
|
|
|
12,583
|
|
Industrial
|
2,848
|
|
|
2,843
|
|
|
11,359
|
|
|
11,738
|
|
Street lighting and
public authority
|
127
|
|
|
131
|
|
|
515
|
|
|
521
|
|
Ameren Illinois
Electric Distribution total
|
8,766
|
|
|
8,708
|
|
|
35,241
|
|
|
36,354
|
|
Eliminate affiliate
sales
|
(58)
|
|
|
(126)
|
|
|
(440)
|
|
|
(520)
|
|
Ameren
total
|
17,854
|
|
|
18,235
|
|
|
77,064
|
|
|
75,831
|
|
Electric Revenues
(in millions):
|
|
|
|
|
|
|
|
Ameren
Missouri
|
|
|
|
|
|
|
|
Residential
|
$
|
282
|
|
|
$
|
268
|
|
|
$
|
1,416
|
|
|
$
|
1,421
|
|
Commercial
|
236
|
|
|
241
|
|
|
1,207
|
|
|
1,223
|
|
Industrial
|
63
|
|
|
64
|
|
|
305
|
|
|
315
|
|
Other, including
street lighting and public authority
|
35
|
|
|
27
|
|
|
115
|
|
|
102
|
|
Ameren Missouri
retail load subtotal
|
$
|
616
|
|
|
$
|
600
|
|
|
$
|
3,043
|
|
|
$
|
3,061
|
|
Off-system
|
40
|
|
|
112
|
|
|
370
|
|
|
333
|
|
Ameren Missouri
total
|
$
|
656
|
|
|
$
|
712
|
|
|
$
|
3,413
|
|
|
$
|
3,394
|
|
Ameren Illinois
Electric Distribution
|
|
|
|
|
|
|
|
Residential
|
$
|
219
|
|
|
$
|
185
|
|
|
$
|
870
|
|
|
$
|
894
|
|
Commercial
|
132
|
|
|
115
|
|
|
527
|
|
|
518
|
|
Industrial
|
31
|
|
|
26
|
|
|
113
|
|
|
96
|
|
Other, including
street lighting and public authority
|
8
|
|
|
10
|
|
|
58
|
|
|
41
|
|
Ameren Illinois
Electric Distribution total
|
$
|
390
|
|
|
$
|
336
|
|
|
$
|
1,568
|
|
|
$
|
1,549
|
|
Ameren
Transmission
|
|
|
|
|
|
|
|
Ameren Illinois
Transmission(a)
|
$
|
61
|
|
|
$
|
45
|
|
|
$
|
258
|
|
|
$
|
232
|
|
ATXI
|
39
|
|
|
27
|
|
|
168
|
|
|
123
|
|
Ameren Transmission
total
|
$
|
100
|
|
|
$
|
72
|
|
|
$
|
426
|
|
|
$
|
355
|
|
Other and
intersegment eliminations
|
(19)
|
|
|
(25)
|
|
|
(97)
|
|
|
(102)
|
|
Ameren
total
|
$
|
1,127
|
|
|
$
|
1,095
|
|
|
$
|
5,310
|
|
|
$
|
5,196
|
|
|
|
(a)
|
Includes $10 million,
$10 million, $42 million and $45 million, respectively, of electric
operating revenues from transmission services provided to the
Ameren Illinois Electric Distribution segment.
|
|
|
|
AMEREN CORPORATION
(AEE)
|
OPERATING
STATISTICS
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Gas Sales -
dekatherms (in millions):
|
|
|
|
|
|
|
|
Ameren
Missouri
|
6
|
|
|
5
|
|
|
18
|
|
|
18
|
|
Ameren Illinois
Natural Gas
|
53
|
|
|
48
|
|
|
166
|
|
|
166
|
|
Ameren
total
|
59
|
|
|
53
|
|
|
184
|
|
|
184
|
|
Gas Revenues (in
millions):
|
|
|
|
|
|
|
|
Ameren
Missouri
|
$
|
43
|
|
|
$
|
38
|
|
|
$
|
126
|
|
|
$
|
128
|
|
Ameren Illinois
Natural Gas
|
233
|
|
|
224
|
|
|
743
|
|
|
754
|
|
Eliminate affiliate
revenues
|
(1)
|
|
|
(1)
|
|
|
(2)
|
|
|
(2)
|
|
Ameren
total
|
$
|
275
|
|
|
$
|
261
|
|
|
$
|
867
|
|
|
$
|
880
|
|
|
|
|
December 31,
2017
|
|
|
|
December 31,
2016
|
Common
Stock:
|
|
|
|
|
|
|
|
Shares outstanding
(in millions)
|
242.6
|
|
|
|
|
242.6
|
|
Book value per
share
|
$
|
29.61
|
|
|
|
|
$
|
29.28
|
|
|
|
|
|
|
|
|
|
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SOURCE Ameren Corporation