ISSUES 2009 EARNINGS GUIDANCE ST. LOUIS, Feb. 13
/PRNewswire-FirstCall/ -- Ameren Corporation (NYSE: AEE) today
announced 2008 net income in accordance with generally accepted
accounting principles (GAAP) of $605 million, or $2.88 per share,
compared to 2007 GAAP net income of $618 million, or $2.98 per
share. Excluding certain items in each year, Ameren recorded 2008
core (non-GAAP) net income of $622 million, or $2.95 per share,
compared to 2007 core (non-GAAP) net income of $685 million, or
$3.30 per share. 2009 Earnings Guidance Ameren also announced today
it expects 2009 GAAP earnings to be in the range of $2.68 to $3.08
per share and core (non-GAAP) earnings to be in the range of $2.75
to $3.15 per share. An estimated 7 cents per share negative impact
in 2009 from the 2007 settlement agreement among parties in
Illinois to provide comprehensive electric rate relief and customer
assistance is excluded from core (non-GAAP) earnings guidance. Any
net unrealized mark-to-market gains or losses will impact GAAP
earnings, but are excluded from GAAP and core (non-GAAP) earnings
guidance because the company is unable to reasonably estimate the
impact of any such gains or losses at this time. In addition, the
effects of a January 2009 severe winter storm, including the
related impact of reduced electric margins due to the loss of
operating capacity at our Missouri regulated operation's largest
customer, the Noranda Aluminum, Inc. smelter plant in New Madrid,
Missouri, are also excluded from GAAP and core (non-GAAP) earnings
guidance. At this time, the company is unable to reasonably
estimate the impact of the severe storm on earnings. "Despite
recent rate increases in Missouri and Illinois, as well as our
proactive sales of 2009 non-rate-regulated generation in early
2008, we believe our 2009 core earnings will be relatively flat
compared to our 2008 core earnings. We believe that the weak
economy, the volatile commodity markets, and unprecedented strains
in the capital and credit markets will result in lower regulated
customer sales versus 2008, lower power prices for unsold
non-rate-regulated generation, and higher financing costs
throughout 2009 and perhaps longer," said Gary L. Rainwater,
chairman, president and chief executive officer. Ameren expects its
business segments to provide the following contributions to 2009
core (non-GAAP) earnings per share: Missouri Regulated $1.25 -
$1.35 Illinois Regulated 0.40 - 0.50 Non-rate-regulated Generation
1.10 - 1.30 2009 Core (Non-GAAP) Earnings Guidance Range $2.75 -
$3.15 Ameren's guidance for 2009 assumes normal weather and is
subject to, among other things, regulatory decisions and
legislative actions, plant operations, energy and capital and
credit market conditions, economic 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. Dividends Today, Ameren's
board of directors declared a 38.5 cents per share quarterly
dividend, payable on March 31, 2009, to shareholders of record on
March 11, 2009. The board's action is consistent with an annualized
dividend of $1.54 per share, or a 39 percent reduction from the
previous annual dividend level of $2.54 per share. "We recognize
the importance of our common dividend to our investors, and this
dividend reduction, while prudent, was not a decision that our
board took lightly," said Rainwater. "It was made only after
implementing many other less painful steps. We put in place plans
to significantly reduce 2008 and projected 2009 capital and
operating expenditures by approximately $800 million. We reduced
executive management salaries and incentive compensation
opportunities, and placed firm controls on headcount and other
operating expenditures. "Several factors contributed to our
decision to reduce the dividend. First and foremost was the desire
to enhance Ameren's financial strength and flexibility as we manage
our company through the dramatically weakened state of the economy
and the continued uncertainties in the capital, credit, and
commodity markets. Financial strength and flexibility are critical
to providing long-term benefits to our shareholders and customers.
Specifically, this dividend reduction will allow Ameren to retain
approximately $215 million of cash annually, which will provide
incremental funds to enhance reliability, meet our customers'
expectations and grow our regulated businesses, reduce our reliance
on dilutive equity financings, enhance our access to the capital
and credit markets to fund our operations and drive solid long-term
earnings per share growth from our strong, regulated asset base.
"In making this decision, the board was not only mindful of the
dramatic changes that have taken place in the economy and the
capital, credit, and commodity markets over the last few months,
but also the company's current business mix. Federal and state
environmental expenditure requirements have increased, as have
costs to invest in our energy infrastructure to meet our customers'
reliability needs. Upon considering these challenges and others
facing our company, our industry, and in certain respects, our
country, our board made a prudent decision to reduce our dividend
for the long-term benefit of all our stakeholders. "We remain
committed to our straightforward, long-term business strategy of
investing in Missouri and Illinois in order to deliver safe,
reliable, and affordable energy to our customers in an
environmentally responsible manner and achieving solid returns in
our regulated businesses, optimizing our existing
non-rate-regulated generation assets, and delivering solid
long-term value to our shareholders. This same strategy will also
be a critical factor in helping create jobs and provide long-term
growth in Missouri and Illinois during this difficult economic
period." Ameren's dividend level has historically been among the
highest of its utility peers and, in fact, of all large U.S.
companies. In 2008, Ameren paid out 88 percent of its GAAP earnings
in dividends versus 50 to 60 percent for peer companies. Rainwater
noted that Ameren's new dividend rate will put it squarely within
the payout range of similar companies and that, coupled with the
company's long-term annual earnings per share growth target of at
least 5 percent, would provide competitive long-term total return
potential for shareholders. "Our adjusted dividend level provides
Ameren with a more sustainable dividend payout ratio based upon
earnings from our regulated businesses and better aligns our
dividend payout ratio with industry peers," said Rainwater.
"Looking ahead, our goal would be to grow the dividend level as our
earnings from rate-regulated operations increase and our overall
cash flow profile improves." 2008 Earnings As noted above, Ameren
Corporation today announced 2008 net income in accordance with
generally accepted accounting principles (GAAP) of $605 million, or
$2.88 per share, compared to 2007 GAAP net income of $618 million,
or $2.98 per share. Excluding certain items in each year, Ameren
recorded 2008 core (non-GAAP) net income of $622 million, or $2.95
per share, compared to 2007 core (non-GAAP) net income of $685
million, or $3.30 per share. For the fourth quarter of 2008, Ameren
recorded GAAP net income of $57 million, or 27 cents per share,
compared to $108 million, or 52 cents per share, for the fourth
quarter of 2007. Excluding certain items in each period, Ameren
recorded fourth quarter 2008 core (non-GAAP) net income of $97
million, or 45 cents per share, compared to fourth quarter 2007
core (non-GAAP) net income of $125 million, or 60 cents per share.
The decline in core (non-GAAP) earnings per share in 2008 versus
2007 was principally due to higher fuel and related transportation
prices, higher plant operations and maintenance costs, increased
spending on utility distribution system reliability, and milder
weather, among other things. These items more than offset the
positive impacts of improved generating plant output and higher
realized margins from non-rate-regulated generation operations, as
well as net increases in electric and natural gas rates, among
other things. The following items are excluded from 2008 and 2007
core (non-GAAP) earnings: -- Net unrealized mark-to-market losses
reduced 2008 net income by $17 million as compared to net
unrealized gains of $7 million in 2007. -- A lump-sum settlement
payment in 2008 from a coal supplier for expected higher fuel costs
in 2009 as a result of the premature closure of a mine and
termination of a contract. This payment benefited 2008 net income
by $16 million, but the contract termination will result in higher
fuel costs for non-rate-regulated generation in 2009. -- A 2008
benefit reflecting Missouri accounting and electric rate orders
directing our Missouri utility to record a regulatory asset for the
January 2007 severe ice storm costs and authorizing amortization
and recovery of these costs over five years. These orders increased
2008 net income by $16 million, offsetting virtually the entire
Missouri portion of Ameren-wide net costs of $18 million recorded
in 2007 for the January 2007 severe ice storm. -- A 2008 benefit to
net income of $7 million related to a Missouri rate order directing
our Missouri utility to record a regulatory asset for previously
incurred costs pursuant to a 2007 Federal Energy Regulatory
Commission (FERC) order. The Missouri order authorizes amortization
and recovery of these costs over two years. The 2007 FERC order
retroactively reallocated certain Midwest Independent Transmission
System Operator (MISO) costs among MISO market participants
resulting in a 2007 Ameren-wide net charge to earnings of $12
million. -- The net costs associated with the Illinois
comprehensive electric rate relief and customer assistance
settlement agreement reached in 2007, which reduced 2008 net income
by $27 million as compared to a 2007 reduction of $44 million. --
Asset impairment charges primarily related to the Indian Trails
cogeneration plant as a result of the suspension of operations by
the plant's only customer. These charges reduced 2008 net income by
$12 million. A reconciliation of GAAP to non-GAAP earnings per
share is as follows: Fourth Quarter Year 2008 2007 2008 2007 GAAP
earnings per share $0.27 $0.52 $2.88 $2.98 Net unrealized
mark-to-market (gain)/loss 0.16 (0.01) 0.07 (0.04) Coal contract
settlement - 2009 Portion - - (0.08) - 2007 severe storms &
related MO Orders (0.03) - (0.07) 0.09 FERC order & related MO
order (0.04) 0.01 (0.04) 0.06 Illinois electric rate relief
settlement, net 0.03 0.08 0.13 0.21 Asset impairment charges 0.06 -
0.06 - Core (non-GAAP) earnings per share $0.45 $0.60 $2.95 $3.30
"Despite a very challenging economic environment, as well as
volatile and uncertain capital, credit, and commodity market
conditions, we were able to report 2008 core earnings in line with
our expectations," said Rainwater. "As important, we were able to
execute on key aspects of our long-term strategic plan, as well as
take prudent actions to address the unprecedented economic and
capital market conditions we are facing today. In 2008, we were
granted much needed electric and natural gas rate increases in our
regulated operations in Illinois. We also recently received
approval of an electric rate increase in our Missouri regulated
operations, which is expected to be effective March 1, 2009. The
Missouri order authorized fuel and purchased power cost recovery
and vegetation management and infrastructure inspection
cost-tracking mechanisms. These mechanisms improve our ability to
continue to invest in our infrastructure so that we will be able to
meet our customers' expectations for safe and reliable service. "In
addition, we took timely, prudent actions to increase liquidity and
enhance our financial flexibility in light of very difficult
capital and credit market conditions and a weakening economy. These
actions included accessing the capital markets, as well as making
significant reductions in our 2008 and 2009 spending plans, while
still meeting our reliability, environmental and safety objectives.
As a result, our current available liquidity, which represents our
cash on hand and amounts available under our credit facilities,
remains solid at approximately $1.3 billion." 2008 Earnings at
Missouri Regulated Operations Core (non-GAAP) earnings in 2008 were
$236 million, down from $302 million in 2007. The decline in core
(non-GAAP) earnings was primarily due to higher fuel and related
transportation costs and near normal summer weather in 2008
compared to very hot weather in the year-ago summer. Other factors
contributing to the decline included higher plant operations and
maintenance costs and higher other labor and employee benefits
costs. The above negatives were partly offset by the positive
impact of a full year of the 2007 rate increases, among other
things. Missouri regulated operations recorded GAAP earnings in
2008 of $234 million, $47 million lower than in 2007. In addition
to the items noted above, this GAAP earnings decrease was also due
to net unrealized mark-to-market losses in 2008 versus net
unrealized mark-to-market gains in 2007. 2008 Earnings at Illinois
Regulated Operations Core (non-GAAP) earnings in 2008 were $51
million compared with $77 million in 2007. The decline in core
(non-GAAP) earnings was primarily due to higher costs for
infrastructure reliability efforts, higher financing costs
reflecting difficult capital market conditions, higher
storm-related expenses, milder weather, and higher bad debt
expenses. These negatives were partly offset by the positive impact
of the 2008 Illinois net increase in electric and natural gas rates
and lower other labor and employee benefits costs, among other
things. Illinois regulated operations recorded GAAP earnings in
2008 of $32 million, down $15 million from the 2007 level. In
addition to the items noted above, this GAAP earnings decrease was
also due to net unrealized mark-to-market losses. 2008 Earnings at
Non-rate-regulated Generation Operations Core (non-GAAP) earnings
in 2008 were $336 million versus $304 million in 2007. The increase
in core (non-GAAP) earnings was primarily driven by improved
generating plant output and higher realized margins. These
positives were partly offset by higher fuel and related
transportation prices and higher plant operations and maintenance
costs, among other things. Non-rate-regulated generation GAAP
earnings in 2008 were $352 million compared to $281 million in
2007. In addition to the items noted above, this increase in GAAP
earnings was also driven by net unrealized mark-to-market gains and
the previously discussed 2009 portion of the lump-sum settlement
payment received in 2008 related to a terminated coal contract,
partially offset by the majority of the previously discussed asset
impairment charges. Analyst Conference Call Ameren will conduct a
conference call for financial analysts at 7:00 a.m. Central Time on
Tuesday, Feb. 17, to discuss 2008 earnings, 2009 earnings guidance,
the dividend, and other matters. Investors, the news media and the
public may listen to a live Internet broadcast of the call at
http://www.ameren.com/ by clicking on "Q4 2008 Ameren Corporation
Earnings Conference Call," followed by the appropriate audio link.
An accompanying slide presentation will be available on Ameren's
Web site. This presentation will be posted in the "Investors"
section of the Web site under "Presentations." The analyst call
will also be available for replay on the Internet for one year. In
addition, a telephone playback of the conference call will be
available beginning at approximately noon Central Time, from Feb.
17 through Feb. 24, by dialing, U.S. (800) 405-2236; international
(303) 590-3000 and entering the number: 11125672#. The conference
call on Tuesday, Feb. 17 replaces the previously scheduled
Wednesday, Feb. 18 conference call for financial analysts. There
will be no call on Feb. 18. About Ameren With assets of
approximately $23 billion, Ameren serves approximately 2.4 million
electric customers and almost one million natural gas customers in
a 64,000-square-mile area of Missouri and Illinois. Ameren owns a
diverse mix of electric generating plants strategically located in
its Midwest market with a generating capacity of more than 16,400
megawatts. Regulation G Statement Ameren has presented certain
information in this release on a diluted cents per share basis.
These diluted per share amounts reflect certain factors that
directly impact Ameren's total earnings per share. The core
(non-GAAP) earnings per share and core (non-GAAP) earnings per
share guidance excludes one or more of the following: costs related
to severe January 2007 storms, the effects of a January 2009 storm,
including the related impact on our Missouri regulated operation's
largest customer, the Noranda Aluminum, Inc. smelter plant in New
Madrid, Missouri, the earnings impact of the settlement agreement
among parties in Illinois for comprehensive electric rate relief
and customer assistance, a March 2007 Federal Energy Regulatory
Commission order and 2009 Missouri Public Service Commission rate
order relating to prior years' regional transmission organization
costs, net mark-to-market gains or losses from nonqualifying
hedges, the benefit of accounting and rate orders from the Missouri
Public Service Commission associated with 2007 storm costs, an
asset impairment charge primarily related to the shutdown of the
Indian Trails cogeneration plant, and the 2008 lump-sum payment
from a coal supplier for expected higher fuel costs in 2009 as a
result of the premature closure of a mine and termination of a
contract. Ameren uses core (non-GAAP) earnings internally for
financial planning and for analysis of performance. Ameren also
uses core (non-GAAP) earnings as primary performance measurements
when communicating with analysts and investors regarding our
earnings results and outlook, as the company believes it allows it
to more accurately compare the company's ongoing performance across
periods. In providing consolidated and segment core (non-GAAP)
earnings guidance, there could be differences between core
(non-GAAP) earnings and earnings prepared in accordance with GAAP
for certain items, such as those listed above. Ameren is unable to
estimate the impact, if any, on future GAAP earnings of such 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 elsewhere in
this release and in our filings with the Securities and Exchange
Commission, could cause actual results to differ materially from
management expectations suggested in such forward-looking
statements: -- regulatory or legislative actions, including changes
in regulatory policies and ratemaking determinations and future
rate proceedings or future legislative actions that seek to limit
or reverse rate increases; -- uncertainty as to the continued
effectiveness of the Illinois power procurement process; -- changes
in laws and other governmental actions, including monetary and
fiscal policies; -- changes in laws or regulations that adversely
affect the ability of electric distribution companies and other
purchasers of wholesale electricity to pay their suppliers,
including Union Electric Company and Ameren Energy Marketing
Company; -- enactment of legislation taxing electric generators, in
Illinois or elsewhere; -- the effects of increased competition in
the future due to, among other things, deregulation of certain
aspects of our business at both the state and federal levels, and
the implementation of deregulation, such as occurred when the
electric rate freeze and power supply contracts expired in Illinois
at the end of 2006; -- increasing capital expenditure and operating
expense requirements and our ability to recover these costs in a
timely fashion in light of regulatory lag; -- the effects of
participation in the Midwest Independent Transmission System
Operator, Inc.; -- the cost and availability of fuel such as coal,
natural gas, and enriched uranium used to produce electricity; the
cost and availability of purchased power and natural gas for
distribution; and the level and volatility of future market prices
for such commodities, including the ability to recover the costs
for such commodities; -- the effectiveness of our risk management
strategies and the use of financial and derivative instruments; --
prices for power in the Midwest, including forward prices; --
business and economic conditions, including their impact on
interest rates, bad debt expense, and demand for our products; --
disruptions of the capital markets or other events that make the
Ameren Companies' access to necessary capital, including short-term
credit, more difficult or costly; -- our assessment of our
liquidity and the effect of regulatory lag on our available
liquidity sources; -- the impact of the adoption of new accounting
standards and the application of appropriate technical accounting
rules and guidance; -- actions of credit rating agencies and the
effects of such actions; -- weather conditions and other natural
phenomena; -- the impact of system outages caused by severe weather
conditions or other events; -- generation plant construction,
installation and performance, including costs associated with Union
Electric Company's Taum Sauk pumped-storage hydroelectric plant
incident and the plant's future operation; -- recoverability
through insurance of costs associated with Union Electric Company's
Taum Sauk pumped-storage hydroelectric plant incident; -- operation
of Union Electric Company's nuclear power facility, including
planned and unplanned outages, and decommissioning costs; -- the
effects of strategic initiatives, including acquisitions and
divestitures; -- the impact of current environmental regulations on
utilities and power generating companies and the expectation that
more stringent requirements, including those related to greenhouse
gases, will be introduced over time, which could have a negative
financial effect; -- labor disputes, future wage and employee
benefits costs, including changes in discount rates and returns on
benefit plan assets; -- the inability of our counterparties and
affiliates to meet their obligations with respect to contracts,
credit facilities and financial instruments; -- the cost and
availability of transmission capacity for the energy generated by
the Ameren Companies' facilities or required to satisfy energy
sales made by the Ameren Companies; -- legal and administrative
proceedings; and -- acts of sabotage, war, terrorism or
intentionally disruptive acts. 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 BALANCE SHEET
(Unaudited, in millions) December 31, December 31, 2008 2007 ASSETS
Current Assets: Cash and cash equivalents $92 $355 Accounts
receivable - trade, net 502 570 Unbilled revenue 427 359
Miscellaneous accounts and notes receivable 292 262 Materials and
supplies 842 735 Mark-to-market derivative assets 207 35 Other
current assets 153 146 Total current assets 2,515 2,462 Property
and Plant, Net 16,567 15,069 Investments and Other Assets: Nuclear
decommissioning trust fund 239 307 Goodwill 831 831 Intangible
assets 167 198 Regulatory assets 1,732 1,158 Other assets 606 703
Total investments and other assets 3,575 3,197 TOTAL ASSETS $22,657
$20,728 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities:
Current maturities of long-term debt $380 $223 Short-term debt
1,174 1,472 Accounts and wages payable 813 687 Taxes accrued 54 84
Mark-to-market derivative liabilities 155 24 Other current
liabilities 487 414 Total current liabilities 3,063 2,904 Long-term
Debt, Net 6,554 5,689 Preferred Stock of Subsidiary Subject to
Mandatory Redemption - 16 Deferred Credits and Other Liabilities:
Accumulated deferred income taxes, net 2,131 2,046 Accumulated
deferred investment tax credits 100 109 Regulatory liabilities
1,291 1,240 Asset retirement obligations 406 562 Accrued pension
and other postretirement benefits 1,495 839 Other deferred credits
and liabilities 438 354 Total deferred credits and other
liabilities 5,861 5,150 Preferred Stock of Subsidiaries Not Subject
to Mandatory Redemption 195 195 Minority Interest in Consolidated
Subsidiaries 21 22 Stockholders' Equity: Common stock 2 2 Other
paid-in capital, principally premium on common stock 4,780 4,604
Retained earnings 2,181 2,110 Accumulated other comprehensive
income - 36 Total stockholders' equity 6,963 6,752 TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY $22,657 $20,728 AMEREN
CORPORATION (AEE) CONSOLIDATED STATEMENT OF INCOME (Unaudited, in
millions, except per share amounts) Three Months Ended Year Ended
December 31, December 31, 2008 2007 2008 2007 Operating Revenues:
Electric $1,423 $1,428 $6,367 $6,283 Gas 485 384 1,472 1,279 Total
operating revenues 1,908 1,812 7,839 7,562 Operating Expenses: Fuel
372 303 1,275 1,167 Purchased power 246 281 1,210 1,387 Gas
purchased for resale 360 278 1,057 900 Other operations and
maintenance 497 439 1,857 1,687 Depreciation and amortization 171
167 685 681 Taxes other than income taxes 93 86 393 381 Total
operating expenses 1,739 1,554 6,477 6,203 Operating Income 169 258
1,362 1,359 Other Income and Expenses: Miscellaneous income 19 22
80 75 Miscellaneous expense (8) (4) (31) (25) Total other income 11
18 49 50 Interest Charges 109 107 440 423 Income Before Income
Taxes, Minority Interest, and Preferred Dividends of Subsidiaries
71 169 971 986 Income Taxes 8 51 327 330 Income Before Minority
Interest and Preferred Dividends of Subsidiaries 63 118 644 656
Minority Interest and Preferred Dividends of Subsidiaries 6 10 39
38 Net Income $57 $108 $605 $618 Earnings per Common Share - Basic
and Diluted $0.27 $0.52 $2.88 $2.98 Average Common Shares
Outstanding 211.5 208.1 210.1 207.4 AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, in millions) Year
Ended December 31, 2008 2007 Cash Flows From Operating Activities:
Net income $605 $618 Adjustments to reconcile net income to net
cash provided by operating activities: Gain on sales of emission
allowances (8) (8) Gain on sale of noncore properties - (3) Loss on
asset impairments 14 - Net mark-to-market gain on derivatives (3)
(3) Depreciation and amortization 705 735 Amortization of nuclear
fuel 37 37 Amortization of debt issuance costs and
premium/discounts 20 19 Deferred income taxes and investment tax
credits, net 167 (28) Minority interest 29 27 Other (9) 12 Changes
in assets and liabilities: Receivables 25 (194) Materials and
supplies (100) (88) Accounts and wages payable 57 - Taxes accrued,
net (30) 21 Assets, other 63 49 Liabilities, other 183 (36) Pension
and other postretirement benefit obligations (4) 27 Counterparty
collateral, net (69) (27) Taum Sauk costs, net of insurance
recoveries (149) (56) Net cash provided by operating activities
1,533 1,102 Cash Flows From Investing Activities: Capital
expenditures (1,896) (1,381) Proceeds from sales of noncore
properties, net - 13 Nuclear fuel expenditures (173) (68) Purchases
of securities - nuclear decommissioning trust fund (520) (142)
Sales of securities - nuclear decommissioning trust fund 497 128
Purchases of emission allowances (12) (24) Sales of emission
allowances 4 5 Other 3 1 Net cash used in investing activities
(2,097) (1,468) Cash Flows From Financing Activities: Dividends on
common stock (534) (527) Capital issuance costs (12) (4) Short-term
debt, net (298) 860 Dividends paid to minority interest holder (30)
(21) Redemptions, repurchases, and maturities: Long-term debt (842)
(488) Preferred stock (16) (1) Issuances: Common stock 154 91
Long-term debt 1,879 674 Net cash provided by financing activities
301 584 Net change in cash and cash equivalents (263) 218 Cash and
cash equivalents at beginning of year 355 137 Cash and cash
equivalents at end of year $92 $355 AMEREN CORPORATION (AEE)
CONSOLIDATED OPERATING STATISTICS Three Months Twelve Months Ended
Ended December 31, December 31, 2008 2007 2008 2007 Electric Sales
- kilowatt-hour (in millions): Missouri Regulated Residential 3,337
3,135 13,904 14,258 Commercial 3,485 3,486 14,690 14,766 Industrial
2,266 2,431 9,256 9,675 Other 179 182 785 759 Native load subtotal
9,267 9,234 38,635 39,458 Interchange sales 1,926 3,798 10,457
10,984 Subtotal 11,193 13,032 49,092 50,442 Illinois Regulated
Residential Generation and delivery service 2,949 2,720 11,667
11,857 Commercial Generation and delivery service 1,609 1,580 6,095
7,232 Delivery service only 1,592 1,254 6,147 5,178 Industrial
Generation and delivery service 351 223 1,442 1,606 Delivery
service only 2,733 2,447 11,300 11,199 Other 149 145 555 576 Native
load subtotal 9,383 8,369 37,206 37,648 Non-rate-regulated
Generation Non-affiliate energy sales 6,835 6,757 26,395 25,196
Affiliate native energy sales 1,416 1,633 6,055 7,296 Subtotal
8,251 8,390 32,450 32,492 Eliminate affiliate sales (1,416) (1,633)
(6,055) (7,296) Eliminate Illinois Regulated/Non-rate- regulated
Generation common customers (1,283) (1,312) (4,939) (5,800) Ameren
Total 26,128 26,846 107,754 107,486 Electric Revenues (in
millions): Missouri Regulated Residential $192 $179 $948 $980
Commercial 165 165 838 839 Industrial 77 82 372 390 Other 11 12 108
93 Native load subtotal 445 438 2,266 2,302 Interchange sales 81
181 490 484 Subtotal $526 $619 $2,756 $2,786 Illinois Regulated
Residential Generation and delivery service $287 $247 $1,112 $1,055
Commercial Generation and delivery service 154 134 616 666 Delivery
service only 21 17 77 54 Industrial Generation and delivery service
25 17 102 105 Delivery service only 8 7 30 24 Other 55 77 285 372
Native load subtotal $550 $499 $2,222 $2,276 Non-rate-regulated
Generation Non-affiliate energy sales $332 $339 $1,389 $1,310
Affiliate native energy sales 132 110 441 461 Other 22 (3) 106 41
Subtotal $486 $446 $1,936 $1,812 Eliminate affiliate revenues (139)
(136) (547) (591) Ameren Total $1,423 $1,428 $6,367 $6,283 AMEREN
CORPORATION (AEE) CONSOLIDATED OPERATING STATISTICS Three Months
Ended Twelve Months Ended December 31, December 31, 2008 2007 2008
2007 Electric Generation - megawatthour (in millions): Missouri
Regulated 11.2 12.9 49.3 50.3 Non-rate-regulated Generation Ameren
Energy Generating Company (Genco) 4.4 4.6 16.6 17.4 AmerenEnergy
Resources Generating Company (AERG) 1.6 1.4 6.7 5.3 Electric
Energy, Inc. (EEI) 2.1 2.2 8.0 8.1 AmerenEnergy Medina Valley
Cogen, L.L.C. - - 0.2 0.2 Subtotal 8.1 8.2 31.5 31.0 Ameren Total
19.3 21.1 80.8 81.3 Fuel Cost per kilowatthour (cents) Missouri
Regulated 1.365 1.252 1.312 1.247 Non-rate-regulated Generation
1.924 1.649 1.912 1.691 Gas Sales -decatherms (in thousands)
Missouri Regulated 4,172 3,759 12,694 11,745 Illinois Regulated
34,546 29,095 103,668 93,952 Other 2,228 576 3,350 2,174 Ameren
Total 40,946 33,430 119,712 107,871 Net Income (Loss) by Segment
(in millions): Missouri Regulated $(38) $18 $234 $281 Illinois
Regulated 17 2 32 47 Non-rate-regulated Generation 68 84 352 281
Other 10 4 (13) 9 Ameren Total $57 $108 $605 $618 December 31,
December 31, 2008 2007 Common Stock: Shares outstanding (in
millions) 212.3 208.3 Book value per share $32.80 $32.41
Capitalization Ratios: Common equity 45.9% 48.2% Preferred stock
1.3% 1.4% Debt, net of cash 52.8% 50.4% DATASOURCE: Ameren
Corporation CONTACT: media, Susan Gallagher, +1-314-554-2175, , or
analysts, Doug Fischer, +1-314-554-4859, , or investors, Investor
Services, 1-800-255-2237, , all of Ameren Corporation Web Site:
http://www.ameren.com/
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