His arrows against the Commission for its management of its subject energy crisis unleashed once again o Evangelos Mytileneos, from the floor of the General Assembly of shareholders. Mr. Mytilineos spoke about the dual listing on a “foreign stock exchange”, about the group’s net profits which this year may exceed 700 million euros, about METKA which will return to the stock market as a pure construction company, while he also answered in question if… looking towards Helleniq Energy.

Vivian Bouzali, general manager of Communication and Marketing Strategy of Mytilineos, presented the new identity of the group, which is renamed to Metlen -from Energy & Metals-, with a double star symbol.

Equilibrium will come with the concentration of the market in a few

Asked about the energy market, the president of the group noted that anyone who is not vertically integrated will face problems. He even made a prediction. As he said, he foresees that the tenders for the issuance of license and license to connect RES will be completely abolished. In this context, he noted that anyone who builds a RES project should also take the risk, such as the possibility of reaching the point of selling “zero” the electricity it produces.

“RES yields will decrease, they will become less attractive to investors until an equilibrium is reached, which will be found by concentrating the market in a few groups that have the know-how to manage the new reality,” said Mr. Mytilineos. .

Change… track

Asked about the group’s results, Mr. Mytilineos referred to statements he had made at the General Assembly of shareholders in 2021. “Then, I said that in 2022 the group’s profitability would more than double. Some laughed, some said ‘he has lost it’ Vangelis.’ Along the way I lost them. We more than doubled our results.”

He went on to say that then, and already in the midst of an energy crisis, he made a forecast for EBITDA of 1 billion euros and net profits of 600 million euros. At this point he even made the distinction between operating profitability and net profits, referring to “shareholder capitalism” who look at profits and specifically earnings per share.

As Mr. Mytilineos said, if no dramatic events intervene, the group will continue its very good course. “It will begin to ‘cement’ in the consciousness of the market and the shareholders that Mytilineos will fluctuate steadily in operating profitability between 1 billion – 1.2 billion euros. And in net profitability of more than 600 million euros (for this year he estimated that net profits may reach 700 million euros). That’s where we’re going to hit the track again, we’re going to completely escape those numbers.”

The group’s growth is organic

When asked about this, Mr. Mytilineos emphasized that although the group has made large acquisitions in the past which were very profitable, the growth of the group has always been organic. “We have relied on organic growth. We invested part of the profits and that’s how we got to where we are. At the moment there are 4-5 billion projects ‘running’, for example in Canada, Italy, etc. Without asking for money from the shareholders. And that’s because we know how to handle the asset rotation plan.”

Maybe next year the General Assembly will be held elsewhere

Referring to the procedures for listing on a “major foreign stock exchange”, Mr. Mytilineos said that they are progressing. “The most likely stock exchange is that of London,” he said, adding that it is an extremely complex and painstaking process. “Whatever has to be done, is done on time. There are no delays.” He refrained from predicting when the dual listing will take place, however he expressed the hope that “next year the General Meeting will be held elsewhere.”

What about Helleniq Energy?

Mr. Mytileneos was also asked about the reports that he has a large stake in Helleniq Energy. As he said, percentages of shares are reported that do not correspond to reality. “Both Mytilineos and I have undisclosed amounts of shares.” And he continued by saying: ELPE has two major shareholders. The Latsis family and the Greek government. Neither of the two has expressed an intention to sell a percentage,” he said. However, he added that “if this changes and the whole case is put on a different basis, then the matter goes elsewhere. Refining is an activity of the wider energy sector in which we have a presence. We will look at the evidence and decide. It’s too early now and I don’t want to create expectations that may have nothing to do with reality.”

Return to the stock market for METKA

Referring to METKA, Mr. Mytilineos emphasized that with the backlog of projects it has, but also with the projects it seeks to undertake – and in light of the intense construction activity, public and private – METKA will be ready to return to the stock market as a pure manufacturing company with a healthy balance sheet.

“I am sure it will happen. We have grown and matured in the Greek stock market, but now it is time to shake the scarf, which I have a feeling is not good for the Greek stock market. My responsibility, however, is to the shareholders of the company Despite all this, I recognize the future of the Greek stock exchange and the efforts being made to upgrade it. That is why we want to keep the dual listing in Athens and replace Mytilineos with METKA” said the president of Mytilineos .

Arrows against the Commission

Regarding the energy crisis and its handling by the Commission, Mr. Mytilineos referred to very big mistakes that have been made, while his reference was typical that the way in which Europe and the Commission handled the problem will be a story with many inks pages.

He also referred to the Energy Commissioner, stressing that he is from Estonia, who “all he says is that we have to stop importing energy from Russia. That’s what he keeps telling us. What he doesn’t tell us is what we’re going to do when the TTF arrives at 120 euros and when the electricity will be more expensive and people will be shouting. She is not interested”. “All German industry rests on a Commissioner from Estonia,” was his characteristic aversion.

Support for Spyros Theodoropoulos

Finally, when asked why he is not running for president of SEB, Mr. Mytilineos stated that he is glad that this year there are two candidates for the presidency of SEB. My presence is not necessary. The candidate is Spyros Theodoropoulos, who is an extremely worthy businessman with great experience, while he has our absolute support. “If elected, he will do very well.”