Impairments affect Enel's 2019 profit, revenues rise 6.3%

Italian energy giant Enel SpA (BIT:ENEL) reported a 54.6% plunge in group net profit for 2019 due to an impairment recognised on several coal-fired plants.

Overall, Enel’s 2019 results aligned with its guidance.

The group said it has taken certain preventive measures to ensure full operation and continuity of service during the coronavirus COVID-19 pandemic and noted that the situation is not seen to impact its 2020 financial results significantly.

The following table shows Enel’s financial results for 2019.

Enel attributed the 6.3% increase in revenues to its Infrastructure and Networks operations, in particular in Latin America, and to Thermal Generation and Trading in Italy.

The consolidated generation mix of the group includes 45% thermal, 43% renewables and 12% nuclear. However, in 2019 Enel’s generation from renewable sources, including managed capacity, exceeded that from thermal generation for the first time, going up 1.9% on the year to 110 TWh. For comparison, thermal generation was down 18.9% to 103 TWh.

As per Enel’s strategic goals for 2019, it said it achieved all of them. During the year, the group built more than 3 GW of new renewable energy plants and reduced its coal generation by 4.1 GW. Its customers on the free market climbed by 1.2 million to reach a total of 17.2 million in December 2019.

For 2019, the group proposes a total dividend of EUR 0.328 per share, which is a 17% year-on-year increase.

(EUR 1.0 = USD 1.068)

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