By Nathan Allen
EnBW Energie Baden-Wuerttemberg AG (EBK.XE) issued upbeat financial targets on Thursday, while reporting a sharp drop in 2018 profit.
Net profit at the German energy company fell to 334.2 million euros ($376.3 million) from EUR2.05 billion a year earlier, the company said. EnBW attributed the drop to asset sales in the year-earlier period, which drove up 2017's results.
External revenue declined to EUR20.62 billion from EUR21.97 billion.
Adjusted earnings before interest, taxes, depreciation and amortization, a metric that strips out the effect of the disposals, rose 2.1% on year to EUR2.16 billion, within the company's guidance range.
In 2019 EnBW said it expects adjusted Ebitda to rise between 9% and 16% to a range of EUR2.35 billion to EUR2.50 billion, driven largely by its power-grids and renewables businesses.
The company proposed a dividend of EUR0.65 a share.
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