SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 10, 2004
AMEREN CORPORATION
(Exact name of registrant as specified in its charter)
Missouri 1-14756 43-1723446
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1901 Chouteau Avenue, St. Louis, Missouri 63103
(Address of principal executive offices and Zip Code)
Registrant's telephone number, including area code: (314) 621-3222
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press release regarding earnings for the twelve
months ended December 31,2003, issued on February
10, 2004 by Ameren Corporation (the Registrant).
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On February 10, 2004, the Registrant issued a press release announcing its
earnings for the twelve months ended December 31, 2003. The press release is
attached as Exhibit 99.1 and is incorporated herein by reference.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMEREN CORPORATION
(Registrant)
By /s/ Martin J. Lyons
--------------------------------------
Name: Martin J. Lyons
Title: Vice President and Controller
(Principal Accounting Officer)
Date: February 10, 2003
2
Exhibit Index
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Exhibit No. Description
----------- -----------
99.1 - Press release regarding earnings for the twelve months ended
December 31, 2003, issued on February 10, 2004 by Ameren
Corporation.
3
AMEREN CORPORATION (AEE)
CONSOLIDATED OPERATING STATISTICS
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------------- -------------------------
2003 2002 2003 2002
--------------------------- -------------------------
Electric Sales - KWH (in millions):
Residential 3,967 3,845 17,673 16,704
Commercial 4,650 3,991 18,821 17,224
Industrial 4,510 2,994 17,685 12,442
Wholesale 2,099 2,280 8,770 8,936
Other 83 75 309 280
-------------- -------------- -------------- -----------
Native 15,309 13,185 63,258 55,586
Interchange 2,702 1,610 9,268 8,165
EEI 1,182 1,460 5,255 6,588
-------------- -------------- -------------- -----------
Total 19,193 16,255 77,781 70,339
Electric Revenues - (in millions):
Residential $ 240 $ 228 $ 1,247 $ 1,202
Commercial 234 200 1,115 1,024
Industrial 175 111 733 511
Wholesale 68 72 295 291
Other 6 6 25 23
-------------- -------------- -------------- -----------
Native 723 617 3,415 3,051
Interchange 74 43 295 200
EEI 23 29 134 185
Other 27 19 93 84
-------------- -------------- -------------- -----------
Total 847 708 3,937 3,520
Power Supply (%):
Fossil 78.3 78.9 77.5 74.3
Nuclear 12.2 12.4 11.9 12.4
Hydro 0.8 1.1 0.9 1.7
Purchased 8.7 7.6 9.7 11.6
Fuel Cost per KWH (cents) 1.074 0.975 1.079 1.015
Gas Sales - MMBTU (in thousands) 21,695 13,507 72,440 39,325
December 31, December 31,
2003 2002
---------------- ---------------
Common Stock:
Shares outstanding (in millions) 162.9 154.1
Book value per share $26.73 $24.94
Capitalization Ratios:
Common equity 47.5% 51.6%
Preferred stock 2.0% 2.6%
Debt, net of cash 50.5% 45.8%
AMEREN CORPORATION (AEE)
CONSOLIDATED BALANCE SHEET
(Unaudited, in millions)
December 31, December 31,
2003 2002
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ASSETS
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Current Assets:
Cash and cash equivalents $ 111 $ 628
Accounts receivable - trade 326 266
Unbilled revenue 221 176
Miscellaneous accounts and notes receivable 126 44
Materials and supplies, at average cost 487 299
Other current assets 46 39
------------------- -----------------
Total current assets 1,317 1,452
------------------- ----------------
Property and Plant, net 10,917 8,840
Investments and Other Non-Current Assets:
Investments 164 38
Nuclear decommissioning trust fund 212 172
Goodwill and other intangibles, net 664 -
Other assets 320 307
------------------- ----------------
Total investments and other assets 1,360 517
------------------- ----------------
Regulatory Assets 729 690
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TOTAL ASSETS $ 14,323 $ 11,499
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current Liabilities:
Current maturities of long-term debt $ 458 $ 339
Short-term debt 161 271
Accounts and wages payable 480 369
Taxes accrued 103 45
Other current liabilities 216 177
------------------- ----------------
Total current liabilities 1,418 1,201
------------------- ----------------
Long-term Debt, Net 4,109 3,433
Preferred Stock Subject to Mandatory Redemption 21 -
Deferred Credits and Other Non-Current Liabilities:
Accumulated deferred income taxes, net 1,943 1,707
Accumulated deferred investment tax credits 151 149
Regulatory liabilities 821 136
Asset retirement obligations 413 174
Accrued pension and other post-retirement benefits 699 476
Other deferred credits and liabilities 190 173
------------------- ----------------
Total deferred credits and other liabilities 4,217 2,815
------------------- ----------------
Preferred Stock Not Subject to Mandatory Redemption 182 193
Minority Interest in Consolidated Subsidiaries 22 15
Stockholders' Equity:
Common stock 2 2
Other paid-in capital, principally premium on common stock 2,552 2,203
Retained earnings 1,853 1,739
Accumulated other comprehensive income (loss) (44) (93)
Other (9) (9)
------------------- ----------------
Total stockholders' equity 4,354 3,842
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 14,323 $ 11,499
====================================================================================================================================
AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF INCOME
(Unaudited, in millions, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
---------------------- -------------------------
2003 2002 2003 2002
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Operating Revenues:
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Electric $ 847 $ 708 $ 3,937 $ 3,520
Gas 198 113 648 315
Other 2 2 8 6
------ ------ ------- ---------
Total operating revenues 1,047 823 4,593 3,841
Operating Expenses:
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Fuel and purchased power 252 170 1,055 825
Gas purchased for resale 141 69 457 198
Other operations and maintenance 323 325 1,224 1,160
Voluntary retirement and other restructuring charges - 92 - 92
Coal contract settlement - - (51) -
Depreciation and amortization 131 110 519 431
Taxes other than income taxes 61 51 299 262
------ ------ ------- ---------
Total operating expenses 908 817 3,503 2,968
------ ------ ------- ---------
Operating Income 139 6 1,090 873
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Other Income and (Deductions):
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Miscellaneous income 11 5 27 21
Miscellaneous expense (8) (4) (22) (50)
------- ------ ------- ---------
Total other income and (deductions) 3 1 5 (29)
------- ------ ------- ---------
Interest Charges and Preferred Dividends:
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Interest 73 56 277 214
Preferred dividends of subsidiaries 3 2 11 11
------- ------ ------- ---------
Net interest charges and preferred dividends 76 58 288 225
------- ------ ------- ---------
Income Before Income Taxes and Cumulative Effect of Change in Accounting Principle 66 (51) 807 619
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Income Taxes 28 (19) 301 237
------- ------ ------- ---------
Income Before Cumulative Effect of Change in Accounting Principle 38 (32) 506 382
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Cumulative Effect of Change in Accounting Principle, Net of Income Taxes - - 18 -
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Net Income $ 38 $ (32) $ 524 $ 382
====================================================================================================================================
Earnings per Common Share - Basic:
Income before cumulative effect of change in accounting principle $ 0.24 $ (0.20) $ 3.14 $ 2.61
Cumulative effect of change in accounting principle, net of income taxes - - 0.11 -
------- ------ ------- ---------
Net income $ 0.24 $ (0.20) $ 3.25 $ 2.61
====================================================================================================================================
Earnings per Common Share - Diluted:
Income before cumulative effect of change in accounting principle $ 0.24 $ (0.20) $ 3.14 $ 2.60
Cumulative effect of change in accounting principle, net of income taxes - - 0.11 -
------- ------ ------- ---------
Net income $ 0.24 $ (0.20) $ 3.25 $ 2.60
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Average Common Shares Outstanding 162.4 153.6 161.1 146.1
====================================================================================================================================
AMEREN CORPORATION (AEE)
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, in millions)
Twelve Months Ended
December 31,
--------------------------
2003 2002
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Cash Flows From Operating Activities:
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Net income $ 524 $ 382
Adjustments to reconcile net income to net cash
provided by operating activities:
Cumulative effect of change in accounting principle (18) -
Depreciation and amortization 519 431
Amortization of nuclear fuel 33 30
Amortization of debt issuance costs and premium/discounts 10 8
Deferred income taxes, net 12 74
Deferred investment tax credits, net (11) (9)
Coal contract settlement (36) -
Voluntary retirement and other restructuring charges - 92
Other 5 8
Changes in assets and liabilities, excluding the effects of the acquisitions:
Receivables, net 6 (26)
Materials and supplies (47) (4)
Accounts and wages payable (7) (80)
Taxes accrued 39 38
Assets, other (15) (12)
Liabilities, other 17 (99)
-------- -------
Net cash provided by operating activities 1,031 833
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Cash Flows From Investing Activities:
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Construction expenditures (682) (787)
Acquisitions, net of cash acquired (479) -
Nuclear fuel expenditures (23) (28)
Other 3 12
-------- -------
Net cash used in investing activities (1,181) (803)
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Cash Flows From Financing Activities:
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Dividends on common stock (410) (376)
Capital issuance costs (14) (35)
Redemptions, Repurchases and Maturities -
Nuclear fuel lease (46) -
Short-term debt (110) (370)
Long-term debt (815) (247)
Preferred stock (31) (42)
Issuances -
Common stock 361 658
Nuclear fuel lease - 50
Long-term debt 698 893
-------- -------
Net cash provided by (used in) financing activities (367) 531
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Net Change In Cash and Cash Equivalents (517) 561
Cash and Cash Equivalents at Beginning of Year 628 67
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Cash and Cash Equivalents at End of Year $ 111 $ 628
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