Of Thanks to Floudopoulos
If what is happening on the planet were not happening right now, with the result that we do not know what dawns on us the next day, Mytilineos would proceed with a positive review of the guidance for the results of 2022, said the president and CEO of the company E. Mytilineos in the context of the annual regular general meeting of shareholders. “If we do not do it (revision of guidance) this will not be done purely for conservative reasons because we live in the age we live in,” Mr. Mytilineos said. “Despite the crisis, the company has shown tremendous resilience and today able to predict that the goal of doubling profits in 2022 compared to 2020 will not only be achieved but in addition Mytilineos will exceed the limit of 260 million euros.
He noted that because of the war, the narrative of energy security at tolerable prices outweighs climate concerns, but reaffirmed 100% Mytilineos’ climate targets for both 2030 and 2050.
Regarding the issue of taxation of the profits of the electricity producers, after clarifying that the company has already formed a relevant provision for any eventuality, Mr. Mytilineos left clear points, emphasizing his opposition with descriptions such as “super profits” or “skyrocketing profits”. We operated exactly as the target model (electricity market operation model) did, we did not use the target model to create practices that would bring unfair profits, we did exactly what the law stipulates and we were checked 10 times for it. The fact that the electricity and gas department worked well with the best planning of the market does not mean that there was a notoriety or overprofit, said Mr. Mytilineos, adding that if the issue is raised differently in the context of the contribution of all stakeholders to support it society then this is another discussion. “But I will never admit that there was a scandal,” said Mr. Mytilineos.
The head of Mytilineos stressed that the company has proceeded with hedging moves, a practice that has been successfully implemented for 20 years and is in the company’s dna. At the same time, he stressed that Mytilineos remains in the 25% of the most competitive aluminum producers, a fact that is presumed by the fact that Aluminum is one of the few aluminum factories that continue to operate despite the crisis. Mr. Mytilineos expressed the estimation that the prices of metals will remain at high levels while for the soft commodities the course of the market will depend on the outcome of the war in Ukraine.
Regarding the RES portfolio, he stressed that at the moment Mytilineos has matured an 8GW power portfolio of which 5GW concerns worldwide (Latin America, Europe, Asia and Australia) 1 GW in Italy and 2GW in Greece.
Of the 5GW portfolio, 2 are in a very mature phase (operation, construction or ready to build) while 3GW is in the final stage of development. In Italy 50% is ready for construction and 50% in development, while in Greece from 2GW in operation are 250mW, 250MW in the final licensing phase, while another 1.5GW is in the final licensing phase (connection terms are pending). From this 1.5 GW (of the Egnatia portfolio) the construction for the first 135MW started.
Consequently in Greece and Italy in the next period will be in 3GW operation while other 5GW BOT (Build, Operate, Transfer) are expected to be sold in the next 2 to 3 years. Mr. Mytilineos underlined that for reasons related to cashflow and the ability to raise funds, Mytilineos is not going to change its strategy, ie to have a part of its portfolio for sale (BOT).
Finally, Mr. Mytilineos characterized the fulfillment of a share of years in the MSCI, which will benefit the company in various ways, as a dream come true. Only a few days have passed and we have seen a change in the type of funds that enter as shareholders, said Mr. Mytilineos, citing as an example the ADIA (Abu Dhabi Investment Authority) which is positioned and constantly increases its participation in the share of Mytilineos.