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PVFCCo successfully organized 2014 Annual General Meeting of Shareholders

18/04/2014

HCMC, April 15, 2014- Petrovietnam Fertilizer and Chemicals Corporation (PVFCCo – stock code DPM) successfully organized its 2014 Annual General Meeting of Shareholders.

The General Meeting was attended by 768 shareholders and proxies, representing 80.69% of voting shares. For guests from the securities management agency, the General Meeting was honored to welcome Ms. Tran Anh Dao - Vice President of HoChiMinh Stock Exchange (HOSE); from the Parent company - the biggest shareholder, Vietnam Oil and Gas Group (PVN), Mr. Nguyen Xuan Thang – member of PVN’s Board of Directors; Mr. Phan Dinh Duc - member of PVN’s Board of Directors; Mr. Nguyen Sinh Khang – PVN’s Vice President and especially the participation of PVFCCo’s shareholders, owners as well as members of the BOD, BOM, key officers of PVFCCo and its partners, journalists and representatives from Deloitte Vietnam Company Limited – auditor of PVFCCo’s Financial Statements.

At the meeting, PVFCCo leaders reported on BOD’s activities in 2013, business activities in 2013, major business targets in 2014; financial statement of 2013, reporting on Supervisory Board’s activities, proposing for appointment of auditor in 2014; Profit distribution method for 2013, profit distribution plan for 2014; Reporting on remuneration, wages, bonus of BOD, Supervisory Board in 2013, proposing the budget for 2014, presenting the statement for approval on appointment of BOD member replacements

Regarding to business results, although 2013 was a tough year for fertilizer traders in general and PVFCCo in particular, however, thanks to consensus, determination, effort of leaders and personnel, PVFCCohasexceeded its planned targets in 2013, in particular: trading output reaching 835,000 tons, representing 104% of plan, revenues of 10,807 billion dongs, representing 107% of plan, pre-tax profits reaching 2,468 billion VND, representing 116% of plan. In addition to these revenues, profit figures, PVFCCo has exported 29,104 tons of urea, representing 64% of plan, well performed thrift practice and waste control, saving up to 162 billion dongs.

On behalf of PVFCCo’s BOD, Mr. Le Cu Tan – Chairman of BOD expressed his thanks to leaders, management agencies and especially shareholders for supporting, accompanying and contributing to PVFCCo’s general success in 2013.

For business plan in 2014, PVFCCo has set targets of urea production output at 800,000 tons, pre-tax profits at 1,384 billion VND. With regards to investment projects, addressing the General Meeting, Mr. Cao Hoai Duong said that PVFCCo will boost the implementation of new investment projects, especially 2 major projects including UFC85/Formaldehyde production workshop project and NH3-NPK complex project, with expected contribution of 50-60% to PVFCCo’s profits. 2014 remains a tough year as domestic fertilizer producers are operating at full capacity, the supply still outweighs demand while initial costs of raw materials have been increasing, fertilizer prices are forecast to be in downward trend. With such difficulties and challenges, PVFCCo leaders hope to keep being supported and accompanied by shareholders in the coming time.

Speaking at the General Meeting, representative of the major shareholder, also Parent company – Vietnam Oil and Gas Group – Mr. Phan Dinh Duc – Member of PVN’s Board of Directors has affirmed the important role of PVFCCo in the development of PVN and highly evaluated PVFCCo’s sustainable development and great contribution to the national economy. He said that PVN will always support PVFCCo’s development plans in 2014, its effort to maintain stable and sustainable gas price to ensure benefits of DPM’s shareholders. The Presidium also satisfactorily answered shareholders’ concerns such as: gas input supply and price, business plan for 2014, dividend policy for 2014…

In addition, shareholders have also voted to adopt by majority all presented contents, the General Meeting’s detailed resolution will be provided to valued shareholders within the time limit and in compliance with law regulations and PVFCCo’s Charter. The adoption results with approval rates are as follows:

  1. President’s Report on 2013 business activities: 98.34%
  2. Major business targets for 2014: 95.60%
  3. BOD’s Report on activities in 2013 and action plan for 2014: 97.95%
  4. Financial statements of 2013 and Profit distribution method for 2013: 95%
  5. Profit distribution plan for 2014: 92.73%
  6. Report on remuneration, wages, bonus of BOD, Supervisory Board in 2013 and Budget for 2014: 90.59%
  7. Report on Supervisory Board’s activities in 2013 and proposal of auditor appointment for 2014: 98.33%
  8. Adoption of the Statement for Approval on appointment of BOD member replacements: 84.86%
  9. Resolution of the General Meeting will be officially announced according to regulations.

Below are some pictures of the General Meeting: