Petrovietnam Camau Fertilizer Joint Stock Company (PVCFC – HoSE: DCM) successfully held its Annual General Meeting of Shareholders 2021 in the morning of April 27 in Ho Chi Minh City. The meeting was held under the conditions of safety, disease prevention, as well as being organized in a methodical, strict and proper manner.

Attending this congress, there were Ms. Nguyen Thi Thanh Nga - Head of Human Resources Department Vietnam Oil and Gas Group (Petrovietnam) and other representatives of specialized departments of the Group.

On behalf of Deloitte Vietnam Auditing Company, there was Mr. Do Trung Kien - Audit Director.

On behalf of PVCFC, there were Mr. Tran Ngoc Nguyen, Chairman of the Board of Directors; Mr. Van Tien Thanh, Member of the Board of Directors - General Director, along with other members of the Board of Directors, Board of Management, Board of Supervisors, and leaders of specialized departments of the Company. Besides, there were 45 authorized shareholders and individuals, equivalent to 456,521,761 shares, equivalent to 86.23% of voting shares attending the meeting.

Presenting the report at the general meeting, Mr. Tran Ngoc Nguyen, Chairman of the Board of Directors emphasized that: In 2020 and some first months of 2021, the world economy as well as the domestic economy still faces with many difficulties due to the double-dip recession which is the decline in oil prices and the COVID-19 pandemic. Climate change, consecutive drought and saline intrusion in the Mekong Delta also affect the arable land. All of the above factors have significantly impacted the fertilizer industry. However, with a stable and methodical system on the basis of digital technology and a team of experienced staff and a strong financial picture, PVCFC has overcome all difficulties and challenges and achieved proud results in 2020 such as reaching a record revenue of VND 7,700 billion, a record export output of over 300 thousand tons, crossing the milestone of 7 million tons of Urea, reaching the finish line 51 days ahead of time, expanding the brand from "Ca Mau Urea" (Dam Ca Mau) to "Ca Mau Fertilizer". This has helped the Company's products to maintain the National Brand for 5 consecutive years. 2021 is the 10th anniversary of PVCFC establishment, marking a milestone on the way of formation and development with many ups and downs as well as many achievements in the fertilizer production and supply market which accounts for 60% of the market share of the South West region with a total revenue of over 2.5 billion USD and 3.5 times the total investment of Ca Mau Fertilizer Plant project.

Although Vietnam and the world are facing challenges due to COVID-19 pandemic, PVCFC continues to operate with high efficiency in production and business, steadfast in its goal, striving to achieve revenue of 15 trillion VND in 2025, and at the same time continue to attract strategic investors to develop high-grade, environmentally friendly fertilizers and increase exports to expand market share.

The above results were achieved thanks to the contribution, support, sharing and companionship of shareholders and the solidarity and unanimity of all employees of the Company, as well as the promptly direction of the Group's leaders. Although there are still many difficulties and challenges in the future, with the firm belief, the right strategy and the sustainable gains achieved over the past years, PVCFC is determined and confident that the Company will develop strongly in the near future.

At the meeting, the shareholders passed many important contents such as: Income Statements for the year 2020 and business plan targets in 2021; Audited financial statements for the year 2020; Profit distribution plan, reserved funds, dividend payment in 2020 and profit distribution plan for the year 2021; Supplementing and modifying business line details...

At the General Meeting, the Board of Directors of PVCFC consulted on the election and dismissal of independent members of the Board of Directors towards Ms. Nguyen Minh Phuong and Mr. Le Duc Quang, and dismissed Mr. Nguyen Quoc Huy and Mr. Do Minh Duong from Supervisor position. At the same time, the General Meeting voted to elect 2 additional independent members for the Board of Directors, 1 member for the Board of Managers, and 3 controllers. The meeting also discussed and answered the questions about the content of reports and presentations.

The General Meeting of Shareholders was also reported by Mr. Van Tien Thanh on production and business process of the year 2020 and business plan targets in 2021. Valuing the advantages and disadvantages in medium and long-term development orientation, Mr. Van Tien Thanh on behalf of PVCFC stated he following 4 advantages: according to Fetercon's forecast, Urea price in 2021 is about 253 USD/ton, according to IMF, world GDP growth rate in 2021 is 6%, Vietnam is 6.5%, the weather is more favorable for the crop, thereby the demand for fertilizers is improved, inventory levels at the end of 2020 is low, therefore it will be more proactive in distributing products in 2021. Along with advantages, there are also many difficulties such as: Oil price is on the rise which is forecasted at about 60 USD/barrel in 2021, leading to increase of gas price, impact of Covid-19 pandemic, he large domestic oversupply leads to fierce competition between domestic manufacturers and importers, the local currencies of Malaysia, Indonesia, China... depreciate creating a competitive advantage for these countries' exports.

In terms of operating results: The plant operates continuously in safe, stable and effective conditions, reaching 110% of the designed capacity; Total revenue is VND 7,664 billion, reaching 112% of the plan, and 106% over the same period in 2019; pre-tax profit is VND714.83 billion, reaching 141% of the plan, and 155% over the same period in 2019.

In 2021, PVCFC sets a target for urea production at 860 thousand tons; urea business output at 791 thousand tons and revenue target at 7,839 billion dong, of which pre-tax profit is 210 billion dong, after-tax profit is 197 billion dong and the planned state budget payment is 56.9 billion dong.

During the discussion, shareholders actively contributed ideas and asked questions, and the Presidium also updated information and answered issues of concern to shareholders such as: prospect of NPK fertilizer; implementation and efficiency of investment projects; solutions to overcome challenges and complete the plan of the year 2021; cost reduction plan; the state capital divestment roadmap; VAT issues for fertilizers, exportation to Cambodia market during the complicated pandemic situation. 

The voting results at the General Meeting of Shareholders in 2021, with 100% approval of the attending shareholders and all reports have been approved by the General Meeting of Shareholders.

PVCFC's Annual General Meeting of Shareholders has successfully ended with the confidence and agreement of shareholders with the efforts to complete tasks in the coming period and continue to affirm the journey of Ca Mau Fertilizer on the way to a breakthrough in the domestic fertilizer industry as well as a higher position in the region.