PV Power strives to achieve the highest targets in 2022

On April 19, PetroVietnam Power Corporation (PV Power, HOSE: POW) successfully held the Annual General Meeting of Shareholders (AGM) in 2022. The AGM in 2022 is the second year PV Power is held in the online mode. Up to the starting time of the meeting, there were 56 shareholders and authorized persons attending, corresponding to 1,906,926,512 shares, accounting for 81.42% of total voting shares of PV Power. Opening the AGM, PV Power Chairman- Mr. Ho Cong Ky welcomed shareholders to attend the 2022 AGM in the online mode. Mr. Ho Cong Ky emphasized that 2021 is a year with many difficulties and challenges due to the continuous accumulated difficulties, but PV Power has been determined to make every efforts to reach the finish line, exceeding the plan with very important targets. Entering 2022, PV Power turns 15 years old. It has been a glorious journey for the Corporation, with 15 years of construction and growth, convergence and brilliance, affirming the position of a major production and business field of the Vietnam Oil and Gas Group (Petrovietnam), contributing to ensuring energy security for the country. PV Power's leaders believe that with the experience, thoughtful preparation, and unremitting efforts of the team of leadership and employees, PV Power will complete the tasks entrusted by shareholders.

At the meeting, PV Power's General Director – Mr. Le Nhu Linh presented a report on production and business results in 2021 as well as the profit distribution plan in 2021 and the production and business plan in 2022 of the Corporation. Accordingly, PV Power implements its production and business plan for 2021 in the context of a sharp decrease in electricity load due to the influence of the Covid-19 epidemic wave, affecting PV Power's electricity production. At the same time, the growth rate of renewable energy sources (renewable energy - solar power, wind power) was high and the priority was to maximize the mobilization of renewable energy sources according to the release capability of the power grid, power plants with high costs were not prioritized for assigning Qc, reserve had to be stopped at many points in 2021. Meanwhile, world crude oil prices fluctuate high in 2021, increasing gas prices leading to higher prices of gas-fired power plants of the Corporation. In the context of difficulties and challenges, PV Power has made great efforts to overcome difficulties to achieve total electricity output of PV Power of 14,701 million kWh, total revenue of VND 25,293 billion, profit before tax of the Corporation reaching VND 2,339 billion, achieving 151% of the 2021 plan. State budget contribution is 1,346 billion VND, equal to 102% of the year plan. According to the plan to distribute profits to shareholders, PV Power will not pay dividends, instead it will spend most of the profit to increase the Investment and Development Fund (VND 1,437 billion), equivalent to 90.7% of the profit after tax of the parent company in 2021. In particular, the first quarter of 2022 recorded positive results of PV Power when most of the power plants operated stably and safely, PV Power's power output in the first quarter reached 3,661 million kWh, equal to 137% of the plan. Total revenue of the Corporation reached 7,233 billion VND, exceeding 63% of the plan. Profit before tax of the Corporation is 751.5 billion dong, profit before tax of parent company is 440 billion dong. Entering 2022, PV Power strives to fulfill the set targets. In which, strives to achieve total electricity production of 13.9 billion kWh. The planned total revenue is 24,242 billion VND, profit before tax is 865 billion VND, paying the state budget 1,088 billion VND. The Board of Directors' representative also presented reports for shareholders' opinions, including: Audited financial statements for 2021 of the Corporation; Report on activities of the Board of Directors in 2021, operation direction in 2022; Report on activities of the Board of Supervisors of the Corporation in 2021 and operation plan in 2022; Salary/remuneration and bonus plan in 2022 of the Board of Directors, Board of Supervisors of the Corporation.

Discussed at the General Meeting, most of the shareholders expressed their joy with the business results of 2021 and the positive results of the first quarter of 2022. Shareholders exchanged and discussed mainly on production and business plans in 2022, investment plans in new projects, the start time of Nhon Trach 3 & 4 projects, progress of repairing Unit 1 of Vung Ang 1 thermal power plant as well as the progress of repairing Unit 1 of Vung Ang 1 thermal power plant as well as some issues about the development of renewable energy. Representatives of PV Power's leadership, the specialized divisions exchanged and answered questions of shareholders, and explained and clarified a number of contents that were of interest to shareholders.

On behalf of Petrovietnam's major shareholder, Mr. Pham Tien Dung - Deputy General Director of the PVN recognized and appreciated the efforts to overcome difficulties and complete the business plan in 2021, making an important contribution to the national electricity output of the Board of Directors, Board of Management, officers and employees of PV Power. In 2022, it is forecasted that there will be many challenges for energy enterprise as PV Power, Deputy General Director of Petrovietnam Mr. Pham Tien Dung asked PV Power to continue promoting its achievements, inheriting the tradition of 15 years of construction and development of the Corporation, continue to achieve success in 2022, strive to complete and exceed the business and production targets assigned by the General Meeting of Shareholders. Mr. Pham Tien Dung also committed that as a major shareholder of PV Power, the Group will continue to support, facilitate and accompany PV Power in implementing tasks in 2022, bringing high efficiency for PV Power and the greatest benefit for shareholders.

The General Meeting of Shareholders approved all the contents presented at the meeting with a high rate. At the same time, the General Meeting of Shareholders dismissed Mr. Pham Xuan Truong from the position of Member of the Board of Directors of PV Power, and elected Ms. Nguyen Thi Ngoc Bich - Deputy General Director of PV Power to hold the position of Member of the Board of Directors of PV Power. On behalf of the Board of Directors, Chairman of the Board of Directors of PV Power Mr.  Ho Cong Ky committed to PV Power shareholders to strive to perform well the tasks assigned by the General Meeting of Shareholders, to exceed the planned targets, to deserve with the trust and support of shareholders.