Participants of the General Meeting include Mr. Mai Quoc Hoi - a Member of the Member’s Council of Electricity of Vietnam (EVN), representatives of departments of EVN, securities companies and investors. On the part of the Power Generation Corporation 3 - JSC, participants include Mr. Dinh Quoc Lam - Chairman of the Board of Management, Mr. Le Van Danh - General Director, members of the Board of Management, representatives of the Board of Directors, Board of Supervisors, leaders of management boards, subsidiaries of the Corporation and 54 authorized shareholders representing for 1,115,428,656 shares, equivalent to 99.3% of the total shares of the Corporation.
Image of the General Meeting
At the General Meeting, the Board of Management of EVNGENCO3 has reported the results of Business Production, Investment Construction and Finance in 2021; Business Production, Investment Construction and Finance Plan in 2022; Financial Statements for the year ended on December 31st, 2021 and Profit Distribution Plan of the Corporation; Income Statements of the Board of Management in 2021 and the Plan for 2022; the resignation from the Board of Management for the term of 2018 - 2023 of Mr. Truong Quoc Phuc due to the retirement policy and some other important contents.
Mr. Dinh Quoc Lam - Chairman of the Board of Management of EVNGENCO3 presides over the General Meeting
Mr. Le Van Danh – Member of the Board of Management, General Director of EVNGENCO3 reports at the General Meeting
In 2021, the total output reached 29.6 billion kWh, of which the Parent Company - EVNGENCO3 reached 25.9 billion kWh, accounting for about 10.1% of the electricity output of the National Grid. The total revenue is 37,072 billion VND, reaching 93.17% of the plan and the total profit after tax is 3,022 billion VND, reaching 230.37% of the year plan. The dividend rate is 13%, and the above figure is far higher than the expected dividend the Corporation presented to shareholders at the previous year's General Meeting (7% as minimum). With more than 1.1 billion outstanding shares, EVNGENCO3 is expected to spend about 1,460 billion VND to pay dividends.
Mr. Mai Quoc Hoi – Member of the Board of Management of EVN (representative of major shareholders) speaks at the General Meeting
Speaking at the General Meeting, Mr. Mai Quoc Hoi - Member of EVN's Member’s Council has praised the entire members of the Board of Management, Board of Directors, and employees of EVNGENCO3 for their efforts to overcome difficulties to achieve positive business results in the past time, especially successful management of heat loss rate in plants. At the same time, EVN's leaders also suggest that the Corporation should be ready with all resources to perform production and business tasks in 2022.
In the current context of rising oil and coal fuel costs in the world, domestic coal resources are scarce; fuel prices increase due to the military conflicts in Ukraine; unfavorable exchange rate and interest rate fluctuations in 2022, Power Generation Corporation 3 - JSC has submitted to shareholders a plan of the Parent Company's electricity output of 28,472 billion kWh, total revenue of 45,417 billion VND, and total profit after tax (excluding exchange rate difference) of 1,827 billion VND.
In the first 5 months of 2022, the Corporation’s production results reached 13.228 billion kWh, an increase of 248 million kWh compared to the same period in 2021, reaching 41.9% of the year plan, of which the parent company reached 11.668 billion kWh, achieving 41.4% of the plan.
According to the Profit Distribution Plan in 2022, the Corporation is expected to continue to pay dividends entirely in cash and not less than 11%. EVNGENCO3 has submitted to shareholders a Construction Investment and Capital Contribution Plan in 2022 with a total value of nearly 5,970 billion VND, including 4,851 billion VND for loan repayment, 918.6 billion VND for net investment and nearly 200 billion VND for investment in the form of capital contribution.
EVNGENCO3 shall make efforts to coordinate with partners in the Project Development Group to be selected as the Employer of the Long Son Power Complex Project - Phase 1 (1,500MW Combined-Cycle (LNG) Gas Thermal Power Plant) and implement procedures for capital contribution for construction and investment according to regulations.
Based on the 5-year strategy for the 2021-2025 period, EVNGENCO3 has set a target to contribute capital and investments in new power projects in the period of 2022-2025, including power plants such as combined-cycle LNG gas turbines, Hydropower plants, Wind power plants, and other types of power sources with a total capacity of about 2,600 MW on the basis that projects have been researched and promoted by the Corporation (supplementing the planning and framework agreements on capital contribution and investment cooperation).
Mr. Cao Dat Khoa - Head of EVN’s Capital Investment Management Board answers shareholders' questions
Delegates vote to approve the draft reports, plans and directions of the Board of Management of EVNGENCO3
The General Meeting has received the opinions of the leaders of ENV, and major shareholders of PGV and answered questions and recommendations of the shareholders. Voting results at the General Meeting, the delegates reached 100% consensus (approved by 54/54 delegates, representing more than 1.1 billion shares) for draft reports, plans and directions as proposed by the Board of Management.