ENEL Enel Spa

   By Giulia Petroni 
 

Enel SpA said Thursday that net income fell in 2019 due to impairment on a number of coal-fired plants and confirmed its objectives for 2020.

The Rome-based energy company said net income for the year fell to 2.17 billion euros ($2.38 billion) from EUR4.79 billion the previous year. On an adjusted basis, net income came in at EUR4.77 billion.

Earnings before interest, tax, depreciation and amortization came in at EUR17.70 billion from EUR16.35 billion the previous year.

Revenue for the year was up 6.3% to EUR80.33 billion euros. The rise was attributed to positive performance in the company's infrastructure and networks division, especially in Latin America, as well as its thermal-generation and trading division in Italy.

Enel reported a net debt of EUR45.18 billion for the period, a 9.9% increase from the previous year as a result of investments and accounting effects.

Overall capital expenditure in 2019 was EUR9.95 billion, of which more than 50% was allocated toward decarbonisation, according to the company.

Enel said it increased its renewables capacity by about 3 gigawatts and registered a reduction of 4.1 gigawatts in coal generation.

The company said it would propose a dividend increase to EUR0.328 a share for 2019.

Enel met all its strategic goals for 2019, it said, and confirmed the targets outlined in the 2020-2022 strategic plan.

"With regards to the possible consequences of the coronavirus pandemic, the group has implemented a series of preventive measures," according to Enel. "In light of the first results of the measures implemented, no significant impact on 2020 financial results are expected."

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 19, 2020 14:00 ET (18:00 GMT)

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