On 22 April 2015, at Phu My Fertilizer Plant, PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo – stock code: DPM) successfully held the 2015 Annual General Meeting of Shareholders.

Attendees of the meeting included Ms. Tran Anh Dao – Vice President of Ho Chi Minh City Stock Exchange, representing the market management agency; Mr. Phan Dinh Duc, member of BOD, Vietnam National Oil and Gas Group (PVN) – PVFCCo’s parent company and largest shareholder; 260 shareholders of PVFCCo, representing 76.8% of the shares with voting rights and members in BOD, BOM and key officers of PVFCCo, and its partners, journalists and representatives of Deloitte Vietnam Company Limited – auditor of PVFCCo’s financial statements.

At the meeting, PVFCCo’s leaders presented: report of production  business in 2014 and key business targets in 2015; BOD’s activities report; Report of the Supervisory Board in 2014 and proposal for auditor appointment in 2015; 2014 financial statements; 2014 profit distribution plan, profit distribution plan for 2015; Report on remuneration, salary and bonus for BOD, Supervisory Board in 2014, proposal for budget in 2015; Statement on amending and supplementing PVFCCo’s Charter; Statement on the organization and operation  charter of PVFCCo’s Science and Technology Development Fund; Statement on gas trading in 2016-2019; Statement on Employee Stock Ownership Plan(ESOP).

Regarding to business results in 2014, Mr. Cao Hoai Duong, PVFCCo’s President & CEO reported: Despite many difficulties and challenges such as fluctuated gas prices, increased freight cost, falling fertilizer prices, etc. PVFCCo completed and exceeded business and profit targets, thanks to efforts of the leadership, personnel and shareholders’ support. In specific, the plant was in safe, optimal and stable operation, reaching the highest record with 885,000 converted tons of urea and exceeding the plan by 6%; sales in 2014 was 9,972 billion VND, equal to 115% of the plan; pre-tax profit 1,285 billion VND, equal to 122% of the plan, the payout ratio was 30%, 5% higher than the plan.Regarding to 2015 business plan, PVFCCo targets at Urea production output of 780,000 tons, pre-tax profit of 1,293 billion VND, dividend payment ratio of 25%. PVFCCo’s leaders also briefed the shareholders on business activities of PVFCCo in the Quarter I, with all targets fulfilled and exceeded, such as: Phu My Urea production output reaching 219,815 tons, representing 28% of annual plan and exceeding the plan by 5%, chemicals trading reaching 1,377 tons, exceeding by 61%. Total revenues reached 2,386 billion VND; estimated pre-tax profit 560 billion VND. Especially, on 21/4/2015, PVFCCo’s EPC bidding result for the NH3-NPK project has been approved by PVN, the construction contract is expected to be signed at the end of April and the project will be scheduled for completion after 24 months.

Addressing the meeting, the representative of major shareholder, also Parent company – PetroVietnam Oil and Gas Group, Mr. Phan Dinh Duc said that although 2014 was a tough year, PVFCCo still affirmed its important role in the overall success of PVN, featuring a highlight in the national economy. Besides, he also reminded PVFCCo to focus on new projects to ensure efficient investment, creating new driving forces for PVFCCo’s development. He also confirmed that PVN would fully implement its commitments to shareholders, ensuring stable gas supply, facilitating PVFCCo in development.

Besides, the Presidium also satisfactorily answered shareholders’ concern such as: Phu My Fertilizer plant maintenance, maintaining the domestic fertilizer market share; project implementation, cash utilization, treasury share purchase…

On behalf of PVFCCo’s BOD, Mr Le Cu Tan – Chairman expressed his thanks to leaders, management agencies, PVN and especially shareholders for partnering and supporting PVFCCo in 2014. With difficulties and challenges looming ahead, PVFCCo leaders hoped to keep enjoying the support and partnership from shareholders in order to fulfill and exceed the 2015 targets, implementing projects on schedule to give rise to growth in the coming years.

At the meeting, all statements and resolution were adopted by majority of shareholders. The Resolutions and Minutes of Annual General Meeting would be completed and made available to shareholders within the statutory time limit.   

Below are some photos of the General Meeting: