Italian energy company Enel SpA (ENEL.MI) said Tuesday that it is planning 24.6 billion euros ($28.9 billion) in capital expenditure over the next three years, with a significant amount earmarked for digitalization.
The company expects to invest about EUR5.3 billion in digitalization and is targeting earnings before interest, taxes, depreciation and amortization of EUR3.3 billion in 2020, an increase of 32% compared with 2017.
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Enel confirmed it plans to pay out 70% of its ordinary after-tax income as dividends from 2018 onwards. For 2018 itself, the company said its minimum dividend would be EUR0.28, a 33% increase on the dividend it has guaranteed for 2017.
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Enel SpA expects ordinary earnings before interest, taxes, depreciation and amortization of 18.2 billion euros ($21.4 billion) in 2020, compared with a EUR15.5 billion goal for 2017. "Enel Plans to Invest EUR24.6 Billion in Next Three Years," which ran at 0745 GMT, misstated the Ebitda goal for 2020 and its growth rate in the second paragraph. The error also appeared in a flash at 0725 GMT. The 2020 target is EUR18.2 billion, not EUR3.3 billion.
(END) Dow Jones Newswires
November 21, 2017 05:45 ET (10:45 GMT)