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Ameren (NYSE: AEE) Announces 2013 Results And Issues Earnings Guidance

-- 2013 Diluted EPS from Continuing Operations Were $2.10

ST. LOUIS, Feb. 21, 2014 /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced 2013 net income from continuing operations of $512 million, or $2.10 per diluted share, compared to 2012 net income from continuing operations of $516 million, or $2.13 per diluted share. As a result of Ameren's divestiture of its merchant generation business, the results of this business are classified as discontinued operations in the financial statements.

The decrease in 2013 earnings from continuing operations, compared to 2012, reflected 2013 nuclear refueling outage expenses, versus the prior year when there was no refueling outage, and milder summer weather. The earnings comparison was positively affected by increased rates for Missouri electric and Illinois transmission service and increased Illinois electric delivery earnings under formula ratemaking. Additional factors negatively affecting the earnings comparison included charges in 2013 related to Missouri and Illinois regulatory decisions and the absence in 2013 of a benefit related to a 2012 Federal Energy Regulatory Commission (FERC) decision.

"With the divestiture of our merchant generation business now complete, we are solely focused on our rate-regulated utilities. In 2013, these continuing operations delivered improved earnings on a weather-normalized basis despite a Callaway refueling outage and two regulatory charges," said Thomas R. Voss, chairman and CEO of Ameren Corporation. "Looking ahead, our FERC-regulated transmission and Illinois energy delivery businesses are making significant new investments to improve reliability and customers' ability to manage their energy usage. Our capability to make such investments is supported by modern, constructive regulatory frameworks in these jurisdictions, and we expect these investments to lead to solid earnings growth. In addition, we continue our work to enhance the Missouri regulatory framework to better support investment in that state's aging energy infrastructure for the benefit of customers while managing the business in a disciplined fashion, including aligning spending with the existing regulatory framework."

Ameren recorded earnings from continuing operations of $48 million, or 19 cents per share, for the fourth quarter of 2013, compared to $12 million, or 5 cents per share, for the fourth quarter of 2012. The improvement in earnings reflected increased rates for Missouri electric and Illinois transmission service; greater electric and gas sales volumes primarily resulting from colder winter temperatures; and increased Illinois electric delivery earnings under formula ratemaking. These positive factors were partially offset by a fourth quarter 2013 charge related to the Illinois Commerce Commission's (ICC) disallowance of certain debt redemption costs.

Earnings from Continuing Operations Guidance

Ameren expects 2014 earnings to be in a range of $2.25 to $2.45 per share. Further, it expects earnings per share to grow at a 7% to 10% compound annual rate through 2018 using 2013 results from continuing operations as the base. This growth is expected to be driven primarily by infrastructure investments in FERC-regulated transmission and Illinois energy delivery services.

Ameren's earnings guidance assumes normal temperatures and is subject to the effects of, among other things, changes in 30-year U.S. Treasury bond yields; regulatory decisions and legislative actions; energy center 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 segment 2013 earnings were $395 million, compared to 2012 earnings of $416 million. The decrease in earnings reflected 2013 Callaway refueling outage expenses, compared to 2012 when there was no refueling outage, and milder summer weather. The earnings comparison was positively affected by an increase in rates for electric service, effective in January 2013, and disciplined cost management. Additional factors negatively affecting the earnings comparison included a 2013 charge resulting from a Missouri Public Service Commission decision related to the fuel adjustment clause and the absence in 2013 of a benefit related to a 2012 FERC decision.

Ameren Illinois Segment Results

Ameren Illinois segment 2013 earnings were $160 million, compared to 2012 earnings of $141 million. The increase in earnings reflected higher electric delivery earnings recognized under formula ratemaking resulting from increased infrastructure investment; a higher allowed return on equity due to higher 30-year Treasury bond yields; and the absence in 2013 of a 2012 contribution required to implement formula ratemaking. The earnings comparison also benefited from increased rates for transmission service, effective in January 2013. These positive factors were partially offset by a fourth quarter 2013 charge for the ICC's disallowance of certain debt redemption costs.

Parent Company and Other

The parent company and other loss from continuing operations was $43 million for 2013, compared to $41 million for 2012. Parent company and other results include interest expense and certain other costs which were previously allocated to the merchant generation business, as well as costs historically not allocated to Ameren's business segments.

Analyst Conference Call

Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Friday, Feb. 21, to discuss 2013 earnings, earnings guidance and other matters. Investors, the news media and the public may listen to a live Internet broadcast of the call at Ameren.com by clicking on "Q4 2013 Ameren Corporation Earnings Conference Call," followed by the appropriate audio link. An accompanying slide presentation will be available on Ameren's website. This presentation will be posted in the "Investors" section of the website under "Webcasts & Presentations." The analyst call will 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. 21 through Feb. 28 by dialing U.S. 877.660.6853 or international 201.612.7415, and entering ID number 13575772.

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 delivery service while Ameren Missouri provides vertically integrated electric service, with generating capacity of 10,300 megawatts, and natural gas delivery service. Ameren Transmission of Illinois develops regional electric transmission projects. Follow us on Twitter @AmerenCorp. For more information, visit Ameren.com.

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 Form 10-K for the year ended December 31, 2012 and Ameren's Form 10-Q for the quarter ended March 31, 2013, 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, including changes in regulatory policies and ratemaking determinations, such as complaint cases filed by Noranda Aluminum, Inc. with the Missouri Public Service Commission in February 2014 requesting a reduction in Ameren Missouri's electric rates, including a reduction in its allowed return on equity, and certain rate design changes; the outcome of Ameren Illinois' appeal of the ICC's electric and natural gas rate orders issued in December 2013; Ameren Illinois' request for rehearing of a July 2012 FERC order regarding the inclusion of acquisition premiums in its transmission rates; and future regulatory, judicial, or legislative actions that seek to change regulatory recovery mechanisms;
  • the effect of Ameren Illinois participating in a performance-based formula ratemaking process under the Illinois Energy Infrastructure Modernization Act (IEIMA), including the direct relationship between Ameren Illinois' return on common equity and the 30-year United States Treasury bond yields, the related financial commitments required by the IEIMA, and the resulting uncertain impact on the financial condition, results of operations and liquidity of Ameren Illinois;
  • the effects of Ameren Illinois' expected participation, beginning in 2015, in the regulatory framework provided by the state of Illinois' Natural Gas Consumer, Safety and Reliability Act, which allows for the use of a rider to recover costs of certain natural gas infrastructure investments made between rate cases;
  • the effects of, or changes to, the Illinois power procurement process;
  • the effects of increased competition in the future due to, among other things, deregulation of certain aspects of our business at either the state or federal levels, and the implementation of deregulation;
  • changes in laws and other governmental actions, including monetary, fiscal, and tax policies;
  • the effects on demand for our services resulting from technological advances, including advances in energy efficiency and distributed generation sources, which generate electricity at the site of consumption;
  • increasing capital expenditure and operating expense requirements and our ability to timely recover these costs;
  • our ability to reduce costs that are not recoverable from customers;
  • 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 our ability to recover the costs for such commodities;
  • the effectiveness of our risk management strategies and the use of financial and derivative instruments;
  • business and economic conditions, including their impact on interest rates, bad debt expense, and demand for our products;
  • disruptions of the capital markets, deterioration in our credit metrics, or other events that may make our access to necessary capital, including short-term credit and liquidity, impossible, more difficult, or more costly;
  • our assessment of our liquidity;
  • the impact of the adoption of new accounting guidance and the application of appropriate technical accounting rules and guidance;
  • actions of credit rating agencies and the effects of such actions;
  • the impact of weather conditions and other natural phenomena on us and our customers, including the impact of system outages;
  • generation, transmission, and distribution asset construction, installation, performance, and cost recovery;
  • the effects of our increasing investment in electric transmission projects and uncertainty as to whether we will achieve our expected returns in a timely fashion, if at all;
  • the extent to which Ameren Missouri prevails in its claims against insurers in connection with its Taum Sauk pumped-storage hydroelectric energy center incident;
  • the extent to which Ameren Missouri is permitted by its regulators to recover in rates the investments it made in connection with additional nuclear generation at its Callaway Energy Center;
  • operation of Ameren Missouri's Callaway Energy Center, including planned and unplanned outages, and future decommissioning costs;
  • the effects of strategic initiatives, including mergers, acquisitions and divestitures, and any related tax implications;
  • the impact of current environmental regulations on utilities and power generating companies and new, more stringent or changing requirements, including those related to greenhouse gases, 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 our energy centers, increase our costs, result in an impairment of our assets, result in sales of our assets, reduce our customers' demand for electricity or natural gas, or otherwise have a negative financial effect;
  • the impact of complying with renewable energy portfolio requirements in Missouri;
  • labor disputes, workforce reductions, future wage and employee benefits costs, including changes in discount rates 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's and Ameren Missouri's energy centers or required to satisfy energy sales made by Ameren or Ameren Missouri;
  • the inability of Dynegy Inc. and Illinois Power Holdings, LLC (IPH) to satisfy their indemnities and other obligations to Ameren in connection with the divestiture of New Ameren Energy Resources Generating Company, LLC to IPH;
  • legal and administrative proceedings; and
  • acts of sabotage, war, terrorism, cybersecurity attacks 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 STATEMENT OF INCOME

(Unaudited, in millions, except per share amounts)










Three Months Ended


Year Ended


December 31,


December 31,


2013


2012


2013


2012









Operating Revenues:








Electric

$1,009


$    959


$4,832


$4,857

Gas

313


299


1,006


924

Total operating revenues

1,322


1,258


5,838


5,781









Operating Expenses:








Fuel

197


164


845


714

Purchased power

102


150


502


780

Gas purchased for resale

182


168


526


472

Other operations and maintenance

388


387


1,617


1,511

Depreciation and amortization

178


171


706


673

Taxes other than income taxes

104


106


458


443

Total operating expenses

1,151


1,146


4,654


4,593

Operating Income 

171


112


1,184


1,188









Other Income and Expenses:








Miscellaneous income

18


17


69


70

Miscellaneous expense

8


9


26


37

Total other income

10


8


43


33









Interest Charges

109


97


398


392









Income Before Income Taxes

72


23


829


829









Income Taxes 

23


10


311


307









Income from Continuing Operations

49


13


518


522









Loss from Discontinued Operations, Net of Taxes

(11)


(1,168)


(223)


(1,496)









Net Income (Loss)

38


(1,155)


295


(974)









Less:  Net Income (Loss) Attributable to Noncontrolling Interests:








Continuing Operations

1


1


6


6

Discontinued Operations

-


-


-


(6)









Net Income (Loss) Attributable to Ameren Corporation:








Continuing Operations

48


12


512


516

Discontinued Operations

(11)


(1,168)


(223)


(1,490)









Net Income (Loss) Attributable to Ameren Corporation

$     37


$(1,156)


$   289


$  (974)









Earnings (Loss) per Common Share – Basic:








Continuing Operations

$  0.19


$   0.05


$  2.11


$  2.13

Discontinued Operations

(0.04)


(4.81)


(0.92)


(6.14)

Earnings (Loss) per Common Share – Basic

$  0.15


$  (4.76)


$  1.19


$ (4.01)









Earnings (Loss) per Common Share – Diluted:








Continuing Operations

$  0.19


$   0.05


$  2.10


$  2.13

Discontinued Operations

(0.04)


(4.81)


(0.92)


(6.14)

Earnings (Loss) per Common Share – Diluted

$  0.15


$  (4.76)


$  1.18


$ (4.01)









Average Common Shares Outstanding – Basic

242.6


242.6


242.6


242.6

Average Common Shares Outstanding – Diluted

245.1


243.0


244.5


243.0

 


AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET 

(Unaudited, in millions)






December 31,


December 31,


2013


2012





ASSETS




Current Assets:




Cash and cash equivalents

$               30


$            184

Accounts receivable - trade (less allowance for doubtful accounts)

404


354

Unbilled revenue

304


291

Miscellaneous accounts and notes receivable

196


71

Materials and supplies

526


570

Current regulatory assets

156


247

Current accumulated deferred income taxes, net

106


170

Other current assets

85


98

Assets of discontinued operations

165


1,611

Total current assets

1,972


3,596

Property and Plant, Net

16,205


15,348

Investments and Other Assets:




Nuclear decommissioning trust fund

494


408

Goodwill 

411


411

Intangible assets

22


14

Regulatory assets

1,240


1,786

Other assets

698


667

Total investments and other assets

2,865


3,286

TOTAL ASSETS

$         21,042


$       22,230





LIABILITIES AND EQUITY




Current Liabilities:




Current maturities of long-term debt

$             534


$            355

Short-term debt

368


-

Accounts and wages payable

806


533

Taxes accrued

55


49

Interest accrued

86


89

Customer deposits

105


107

Mark-to-market derivative liabilities

52


92

Current regulatory liabilities

216


100

Other current liabilities

194


168

Liabilities of discontinued operations

45


1,193

Total current liabilities

2,461


2,686

Long-term Debt, Net

5,504


5,802

Deferred Credits and Other Liabilities:




Accumulated deferred income taxes, net

3,166


3,186

Accumulated deferred investment tax credits

63


70

Regulatory liabilities

1,705


1,589

Asset retirement obligations

369


349

Pension and other postretirement benefits

466


1,138

Other deferred credits and liabilities

622


643

Total deferred credits and other liabilities

6,391


6,975

Ameren Corporation Stockholders' Equity:




Common stock

2


2

Other paid-in capital, principally premium on common stock

5,632


5,616

Retained earnings

907


1,006

Accumulated other comprehensive income (loss)

3


(8)

Total Ameren Corporation stockholders' equity

6,544


6,616

Noncontrolling Interests

142


151

Total equity

6,686


6,767

TOTAL LIABILITIES AND EQUITY

$         21,042


$       22,230

 


AMEREN CORPORATION (AEE)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 

(Unaudited, in millions)






Year Ended


December 31,


2013


2012

Cash Flows From Operating Activities:




Net income (loss)

$  295


$ (974)

Loss from discontinued operations, net of taxes

223


1,496

Adjustments to reconcile net income (loss) to net cash provided by operating activities:




Depreciation and amortization

666


633

Amortization of nuclear fuel

71


83

Amortization of debt issuance costs and premium/discounts

24


20

Deferred income taxes and investment tax credits, net

410


257

Allowance for equity funds used during construction

(37)


(36)

Stock-based compensation costs

27


29

Other 

23


(7)

Changes in assets and liabilities

(66)


(97)

Net cash provided by operating activities - continuing operations

1,636


1,404

Net cash provided by operating activities - discontinued operations

57


286

Net cash provided by operating activities

1,693


1,690





Cash Flows From Investing Activities:




Capital expenditures

(1,379)


(1,063)

Nuclear fuel expenditures

(45)


(91)

Purchases of securities - nuclear decommissioning trust fund

(214)


(403)

Sales and maturities of securities - nuclear decommissioning trust fund

196


384

Tax grants received related to renewable energy properties

-


18

Other

2


2

Net cash used in investing activities - continuing operations

(1,440)


(1,153)

Net cash used in investing activities - discontinued operations

(283)


(157)

Net cash used in investing activities

(1,723)


(1,310)





Cash Flows From Financing Activities:




Dividends on common stock

(388)


(382)

Dividends paid to noncontrolling interest holders

(6)


(6)

Short-term debt, net

368


(148)

Redemptions, repurchases, and maturities of long-term debt

(399)


(760)

Issuances of long-term debt

278


882

Capital issuance costs

(2)


(16)

Other

-


4

Net cash used in financing activities - continuing operations

(149)


(426)

Net cash provided by financing activities - discontinued operations

-


-

Net cash used in financing activities 

(149)


(426)





Net change in cash and cash equivalents

(179)


(46)

Cash and cash equivalents at beginning of year

209


255

Cash and cash equivalents at end of year

30


209





Less: cash and cash equivalents at end of year - discontinued operations 

-


25

Cash and cash equivalents at end of year - continuing operations 

$    30


$  184





Noncash financing activity - dividends on common stock

$      -


$     (7)



AMEREN CORPORATION (AEE)

OPERATING STATISTICS FROM CONTINUING OPERATIONS












Three Months Ended


Twelve Months Ended



December 31, 


December 31, 



2013


2012


2013


2012










Electric Sales - kilowatthours (in millions):








Ameren Missouri









Residential

3,318


3,033


13,562


13,385


Commercial

3,511


3,380


14,634


14,575


Industrial

2,170


2,127


8,709


8,660


Other

36


37


125


126


  Native load subtotal

9,035


8,577


37,030


36,746


Off-system and wholesale

1,475


1,810


6,128


7,293


  Subtotal

10,510


10,387


43,158


44,039










Ameren Illinois









  Power supply and delivery service

1,099


1,772


5,474


9,507


  Delivery service only

1,829


822


6,310


2,103


Commercial









  Power supply and delivery service

650


589


2,606


2,985


  Delivery service only

2,420


2,236


9,541


9,175


Industrial









  Power supply and delivery service

394


428


1,667


1,595


  Delivery service only

2,728


2,799


10,861


11,753


Other

127


123


522


523


  Native load subtotal

9,247


8,769


36,981


37,641










Eliminate affiliate sales

(41)


-


(82)


-


Ameren Total from Continuing Operations

19,716


19,156


80,057


81,680










Electric Revenues (in millions):








Ameren Missouri









Residential

$                298


$    242


$           1,428


$   1,297


Commercial

246


214


1,216


1,088


Industrial

104


92


491


435


Other

22


32


61


104


  Native load subtotal

670


580


3,196


2,924


Off-system and wholesale

42


48


183


208


  Subtotal

$                712


$    628


$           3,379


$   3,132










Ameren Illinois









Residential









  Power supply and delivery service

$                  88


$    146


$             501


$      953


  Delivery service only

71


35


282


98


Commercial









  Power supply and delivery service

48


39


215


253


  Delivery service only

40


39


184


178


Industrial









  Power supply and delivery service

17


14


70


53


  Delivery service only

10


13


44


50


Other

27


49


165


154


  Native load subtotal

301


335


1,461


1,739










Eliminate affiliate revenues and other

(4)


(4)


(8)


(14)


Ameren Total from Continuing Operations

$             1,009


$    959


$           4,832


$   4,857










Electric Generation - megawatthours (in millions):









Ameren Missouri

10.6


10.5


43.2


44.7










Fuel Cost per kilowatthour (cents):









Ameren Missouri

1.814


1.745


1.846


1.718










Gas Sales - decatherms (in thousands):









Ameren Missouri

6,052


4,856


19,420


15,858


Ameren Illinois

56,350


48,479


175,846


156,789


Ameren Total

62,402


53,335


195,266


172,647










Net Income (Loss) by Segment (in millions):









Ameren Missouri

$                  33


$      16


$             395


$      416


Ameren Illinois

21


11


160


141


Other

(6)


(15)


(43)


(41)


Ameren Total

$                  48


$      12


$             512


$      516












December 31, 




December 31, 





2013




2012



Common Stock:









Shares outstanding (in millions)

242.6




242.6




Book value per share

$             26.97




$           27.27












Capitalization Ratios:









Common equity

50.1%




52.0%




Preferred stock

1.1%




1.1%




Debt, net of cash(a)

48.8%




46.9%












(a)  For December 31, 2012, excludes cash and debt of discontinued operations.
























 

 

SOURCE Ameren Corporation

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In the fast-paced advances and popularity in cloud technology, one of the most critical factors revolves around concerns for security of your critical data. How to assure both your company and your customers they can confidently trust and utilize your cloud environment is most often top on the list. There is a method to evaluating and providing security that exceeds conventional modes of protecting data both within the cloud as well externally on mobile and other devices. With the public failure...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
Transforming cloud-based data into a reportable format can be a very expensive, time-intensive and complex operation. As a SaaS platform with more than 30 million global users, Cornerstone OnDemand’s challenge was to create a scalable solution that would improve the time it took customers to access their user data. Our Real-Time Data Warehouse (RTDW) process vastly reduced data time-to-availability from 24 hours to just 10 minutes. In his session at 21st Cloud Expo, Mark Goldin, Chief Technolo...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...