"The money we invested in RES in 2022 is now being taken back with the Asset Rotation Plan. We are essentially self-funded and we will continue our investment program with intensity into 2024." This was stressed by the Chairman and CEO of Mytilineos Group, Evangelos Mytilineos, during the analyst briefing on the occasion of the 2023 results.
According to Mytilineos, the group currently has a 20% market share in the supply business (including supply to Aluminium), which in 2-3 years will rise to 30%. In fact, in response to a question on the occasion of the PPC presentation in London, where it was mentioned that in 2026 PPC will have a 45% market share, Mr. Mytilineos estimated that PPC and Mytilineos together will have 75% and the others 25%.
On the reduced gas prices, he replied that the antidote to this situation is geographical expansion and announced the establishment of an office in Western Europe for the distribution of gas by the group.
Regarding the termination of the PPC contract from 1/1/2024 with Aluminium of Greece, Mytilineos said that the industry now gets power from the group's plants and hinted that the price is better than that of PPC.
Regarding the company's possible entry into the London Stock Exchange, Mytilineos stressed the following: "Three years ago we were in terms of market capitalisation in position 152 in the LSE Large Cap. Today we are in position 80. So, the numbers are there. It is now up to us when we make the decision."
On the scenario of issuing a new bond, the group chief said that you issue a bond when "there is an open window" and not when you need the money, because in that case the window may be closed.
Mytilineos pointed out that the corporate transformation announced in 2022 is starting to pay off and will perform better when synergies reach 100%.
Finally, Mytilineos thanked shareholders for supporting the group in recent years and pointed out that his priority is the bottom line so that they can enjoy better cash distributions. As he said: "high EBITDA is good but it is for the banks and bondholders".
He concluded by stressing that 2024 will be a challenging year and stood in particular on the US election and the European elections, which he said "may hold surprises".
Ακολουθήστε το Business Daily στο Google news 
