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As Of Filer Filing For·On·As Docs:Size 8/04/17 Ameren Corp 8-K:2,8,9 8/04/17 3:682K |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 21K 2: EX-99.1 Miscellaneous Exhibit HTML 162K 3: EX-99.2 Miscellaneous Exhibit HTML 70K
Exhibit |
Exhibit 99.1 |
Contacts | |||
Media | Analysts | Investors | |
Joe Muehlenkamp | Doug
Fischer | Andrew Kirk | Investor Services |
314.554.2182 | 314.554.4859 | 314.554.3942 | 800.255.2237 |
• | Second Quarter Earnings Per Share were $0.79 in 2017, Compared to $0.61 in 2016 |
• | 2017 GAAP Earnings Guidance Range Reaffirmed at $2.65 to $2.85 Per Diluted Share |
• | 2017
Core (Non-GAAP) Guidance Range Established at $2.70 to $2.90 Per Diluted Share Reflecting Exclusion of Expected Third Quarter Non-Cash, Tax-Related Charge |
• | regulatory, judicial, or legislative actions, including any 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 seeking a reduction in the allowed base return on common equity under the Midcontinent Independent System Operator tariff, Ameren Illinois’ April 2017 annual electric distribution formula rate update filing, and future regulatory, judicial, or legislative actions that 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 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, regulations, interpretations, such as the increase in Illinois' corporate income tax rate that became effective in July 2017, or rates 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’ achievement of Future Energy Jobs Act 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 in our attempt to earn our allowed return on equity; |
• | the timing of increasing capital expenditure and operating expense requirements and our ability to recover these costs in a timely manner; |
• | 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 the related rate 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; |
• | disruptions
of the capital markets, deterioration in our credit metrics, 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 on Ameren Missouri 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, 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 complying with renewable energy portfolio requirements in Missouri; |
• | 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 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 data and account information; and |
• | acts
of sabotage, war, terrorism, or other intentionally disruptive acts. |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating Revenues: | |||||||||||||||
Electric | $ | 1,383 | $ | 1,274 | $ | 2,589 | $ | 2,376 | |||||||
Natural
gas | 155 | 153 | 463 | 485 | |||||||||||
Total operating revenues | 1,538 | 1,427 | 3,052 | 2,861 | |||||||||||
Operating
Expenses: | |||||||||||||||
Fuel | 189 | 166 | 395 | 369 | |||||||||||
Purchased
power | 149 | 135 | 329 | 273 | |||||||||||
Natural gas purchased for resale | 41 | 41 | 171 | 193 | |||||||||||
Other
operations and maintenance | 422 | 435 | 827 | 835 | |||||||||||
Depreciation and amortization | 222 | 210 | 443 | 417 | |||||||||||
Taxes
other than income taxes | 117 | 115 | 235 | 229 | |||||||||||
Total operating expenses | 1,140 | 1,102 | 2,400 | 2,316 | |||||||||||
Operating
Income | 398 | 325 | 652 | 545 | |||||||||||
Other Income and Expenses: | |||||||||||||||
Miscellaneous
income | 14 | 16 | 29 | 36 | |||||||||||
Miscellaneous expense | 5 | 6 | 14 | 13 | |||||||||||
Total
other income | 9 | 10 | 15 | 23 | |||||||||||
Interest Charges | 99 | 95 | 198 | 190 | |||||||||||
Income
Before Income Taxes | 308 | 240 | 469 | 378 | |||||||||||
Income Taxes | 114 | 92 | 171 | 123 | |||||||||||
Net
Income | 194 | 148 | 298 | 255 | |||||||||||
Less: Net Income Attributable to Noncontrolling Interests | 1 | 1 | 3 | 3 | |||||||||||
Net
Income Attributable to Ameren Common Shareholders | $ | 193 | $ | 147 | $ | 295 | $ | 252 | |||||||
Earnings
per Common Share – Basic and Diluted | $ | 0.79 | $ | 0.61 | $ | 1.21 | $ | 1.04 | |||||||
Average
Common Shares Outstanding – Basic | 242.6 | 242.6 | 242.6 | 242.6 |
ASSETS | |||||||
Current
Assets: | |||||||
Cash and cash equivalents | $ | 10 | $ | 9 | |||
Accounts receivable - trade (less allowance for doubtful accounts) | 446 | 437 | |||||
Unbilled
revenue | 334 | 295 | |||||
Miscellaneous accounts receivable | 77 | 63 | |||||
Inventories | 512 | 527 | |||||
Current
regulatory assets | 95 | 149 | |||||
Other current assets | 97 | 113 | |||||
Total current assets | 1,571 | 1,593 | |||||
Property,
Plant, and Equipment, Net | 20,589 | 20,113 | |||||
Investments and Other Assets: | |||||||
Nuclear decommissioning trust fund | 651 | 607 | |||||
Goodwill | 411 | 411 | |||||
Regulatory
assets | 1,506 | 1,437 | |||||
Other assets | 526 | 538 | |||||
Total investments and other assets | 3,094 | 2,993 | |||||
TOTAL
ASSETS | $ | 25,254 | $ | 24,699 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities: | |||||||
Current
maturities of long-term debt | $ | 578 | $ | 681 | |||
Short-term debt | 892 | 558 | |||||
Accounts
and wages payable | 522 | 805 | |||||
Taxes accrued | 122 | 46 | |||||
Interest accrued | 104 | 93 | |||||
Customer
deposits | 108 | 107 | |||||
Current regulatory liabilities | 141 | 110 | |||||
Other current liabilities | 298 | 274 | |||||
Total
current liabilities | 2,765 | 2,674 | |||||
Long-term Debt, Net | 6,821 | 6,595 | |||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated
deferred income taxes, net | 4,444 | 4,264 | |||||
Accumulated deferred investment tax credits | 52 | 55 | |||||
Regulatory liabilities | 2,003 | 1,985 | |||||
Asset
retirement obligations | 634 | 635 | |||||
Pension and other postretirement benefits | 758 | 769 | |||||
Other deferred credits and liabilities | 477 | 477 | |||||
Total
deferred credits and other liabilities | 8,368 | 8,185 | |||||
Ameren Corporation Shareholders’ Equity: | |||||||
Common stock | 2 | 2 | |||||
Other
paid-in capital, principally premium on common stock | 5,528 | 5,556 | |||||
Retained earnings | 1,649 | 1,568 | |||||
Accumulated other comprehensive loss | (21 | ) | (23 | ) | |||
Total
Ameren Corporation shareholders’ equity | 7,158 | 7,103 | |||||
Noncontrolling Interests | 142 | 142 | |||||
Total equity | 7,300 | 7,245 | |||||
TOTAL
LIABILITIES AND EQUITY | $ | 25,254 | $ | 24,699 |
Six
Months Ended June 30, | |||||||
2017 | 2016 | ||||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | 298 | $ | 255 | |||
Adjustments
to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 433 | 419 | |||||
Amortization of nuclear fuel | 48 | 38 | |||||
Amortization
of debt issuance costs and premium/discounts | 11 | 11 | |||||
Deferred income taxes and investment tax credits, net | 175 | 134 | |||||
Allowance for equity
funds used during construction | (10 | ) | (13 | ) | |||
Share-based compensation costs | 8 | 12 | |||||
Other | (5 | ) | (7 | ) | |||
Changes
in assets and liabilities | (95 | ) | (86 | ) | |||
Net cash provided by operating activities | 863 | 763 | |||||
Cash Flows From Investing Activities: | |||||||
Capital
expenditures | (998 | ) | (1,000 | ) | |||
Nuclear fuel expenditures | (50 | ) | (24 | ) | |||
Purchases of securities – nuclear decommissioning trust fund | (213 | ) | (201 | ) | |||
Sales
and maturities of securities – nuclear decommissioning trust fund | 204 | 192 | |||||
Other | (2 | ) | (2 | ) | |||
Net cash used in investing activities | (1,059 | ) | (1,035 | ) | |||
Cash
Flows From Financing Activities: | |||||||
Dividends on common stock | (214 | ) | (206 | ) | |||
Dividends paid to noncontrolling interest holders | (3 | ) | (3 | ) | |||
Short-term
debt, net | 334 | 477 | |||||
Maturities of long-term debt | (425 | ) | (389 | ) | |||
Issuances of long-term debt | 549 | 149 | |||||
Share-based
payments | (39 | ) | (32 | ) | |||
Capital issuance costs | (4 | ) | (1 | ) | |||
Other | (1 | ) | (2 | ) | |||
Net
cash provided by (used in) financing activities | 197 | (7 | ) | ||||
Net change in cash and cash equivalents | 1 | (279 | ) | ||||
Cash and cash equivalents at beginning
of year | 9 | 292 | |||||
Cash and cash equivalents at end of period | $ | 10 | $ | 13 |
Three Months Ended | Six Months Ended | ||||||||||||||
June
30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Electric Sales - kilowatthours (in millions): | |||||||||||||||
Ameren
Missouri | |||||||||||||||
Residential | 2,760 | 2,899 | 5,969 | 6,376 | |||||||||||
Commercial | 3,556 | 3,610 | 6,888 | 7,079 | |||||||||||
Industrial | 1,144 | 1,142 | 2,171 | 2,444 | |||||||||||
Off-system
and other | 3,495 | 1,400 | 6,716 | 3,326 | |||||||||||
Ameren Missouri total | 10,955 | 9,051 | 21,744 | 19,225 | |||||||||||
Ameren
Illinois Electric Distribution | |||||||||||||||
Residential | 2,416 | 2,540 | 5,133 | 5,444 | |||||||||||
Commercial | 2,934 | 3,001 | 5,851 | 5,836 | |||||||||||
Industrial | 2,792 | 2,876 | 5,528 | 5,707 | |||||||||||
Street
Lighting/Public Authority | 125 | 119 | 257 | 263 | |||||||||||
Ameren Illinois Electric Distribution total | 8,267 | 8,536 | 16,769 | 17,250 | |||||||||||
Eliminate
affiliate sales | (97 | ) | (79 | ) | (265 | ) | (277 | ) | |||||||
Ameren Total | 19,125 | 17,508 | 38,248 | 36,198 | |||||||||||
Electric
Revenues (in millions): | |||||||||||||||
Ameren Missouri | |||||||||||||||
Residential | $ | 362 | $ | 356 | $ | 650 | $ | 654 | |||||||
Commercial | 334 | 326 | 563 | 566 | |||||||||||
Industrial | 84 | 82 | 141 | 150 | |||||||||||
Off-system
and other | 133 | 80 | 305 | 168 | |||||||||||
Ameren Missouri total | $ | 913 | $ | 844 | $ | 1,659 | $ | 1,538 | |||||||
Ameren
Illinois Electric Distribution | |||||||||||||||
Residential | |||||||||||||||
Delivery
service | $ | 145 | $ | 134 | $ | 282 | $ | 251 | |||||||
Power
supply and other cost recovery | 63 | 72 | 145 | 159 | |||||||||||
Commercial | |||||||||||||||
Delivery
service | 82 | 70 | 162 | 131 | |||||||||||
Power supply and other cost recovery | 45 | 49 | 98 | 100 | |||||||||||
Industrial | |||||||||||||||
Delivery
service | 15 | 13 | 32 | 26 | |||||||||||
Power supply and other cost recovery | 12 | 10 | 23 | 18 | |||||||||||
Street
Lighting/Public Authority | |||||||||||||||
Delivery service | 9 | 5 | 15 | 13 | |||||||||||
Power
supply and other cost recovery | 3 | 2 | 6 | 6 | |||||||||||
Other | 14 | 3 | 10 | 6 | |||||||||||
Ameren
Illinois Electric Distribution total | $ | 388 | $ | 358 | $ | 773 | $ | 710 | |||||||
Ameren
Transmission | |||||||||||||||
Ameren Illinois Transmission(a) | $ | 65 | $ | 63 | $ | 125 | $ | 114 | |||||||
ATXI | 40 | 29 | 82 | 61 | |||||||||||
Ameren
Transmission total | $ | 105 | $ | 92 | $ | 207 | $ | 175 | |||||||
Other
and intersegment eliminations | (23 | ) | (20 | ) | (50 | ) | (47 | ) | |||||||
Ameren Total | $ | 1,383 | $ | 1,274 | $ | 2,589 | $ | 2,376 |
(a) | Includes
$12 million, $10 million, $18 million and $21 million, respectively, of electric operating revenues from transmission services provided to the Ameren Illinois Electric Distribution segment. |
Three
Months Ended | Six Months Ended | ||||||||||||||
June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Gas
Sales - dekatherms (in millions): | |||||||||||||||
Ameren Missouri | 3 | 3 | 9 | 10 | |||||||||||
Ameren
Illinois Natural Gas | 29 | 30 | 87 | 92 | |||||||||||
Ameren Total | 32 | 33 | 96 | 102 | |||||||||||
Gas
Revenues (in millions): | |||||||||||||||
Ameren Missouri | $ | 22 | $ | 23 | $ | 66 | $ | 70 | |||||||
Ameren
Illinois Natural Gas | 134 | 131 | 398 | 416 | |||||||||||
Eliminate affiliate revenues | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||
Ameren
Total | $ | 155 | $ | 153 | $ | 463 | $ | 485 | |||||||
Common Stock: | |||||||||||||||
Shares
outstanding (in millions) | 242.6 | 242.6 | |||||||||||||
Book value per share | $ | 29.51 | $ | 29.28 |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / For Period End: | 8/4/17 | |||
7/1/17 | ||||
6/30/17 | ||||
4/1/17 | ||||
12/31/16 | 10-K, 11-K | |||
6/30/16 | 10-Q | |||
List all Filings |