EnBW Energie Baden-Württemberg AG on March 26 posted adjusted EBITDA of €2.43 billion for 2019, an increase from €2.16 billion in 2018.
"We have met our 2020 earnings target of €2.4 billion, which we set back in 2013, one year ahead of plan," CEO Frank Mastiaux said.
The German electric utility's adjusted EBIT fell year over year to €944.7 million, from €957.5 million in 2018. Meanwhile, group net profit surged to €734.2 million, or €2.71 per share, from €334.2 million, or €1.23 per share, in 2018.
Retained cash flow in 2019 totaled €1.24 billion, rising from €999.1 million in 2018. EnBW's total investments almost doubled year over year to €3.32 billion from €1.79 billion, while net financial debt grew 61.1% to €6.02 billion in 2019.
The company plans to propose a dividend of 70 euro cents per share at this year's annual general meeting.
EnBW is targeting full-year 2020 adjusted EBITDA of €2.75 billion to €2.9 billion, or 13% to 19% above its 2019 result. It also reinstated the aim of growing its EBITDA to over €3 billion by 2025.
"Our new strategy is very ambitious and places new demands on structures, processes and the capabilities of our teams," Mastiaux said.
In light of the ongoing global coronavirus pandemic, CFO Thomas Kusterer said the crisis had "not yet had any significant impact on our operating business." But, he added, "Depending on the duration and intensity of developments going forward, we cannot rule out delays on individual projects. It is too early to be able to say more."