ANNUAL REPORT 2024DPM
CHAPTER

01

INTRODUCTION OF PVFCCo
CHAPTER

02

2024 Performance report and BOM assessment
CHAPTER

03

Corporate governance
CHAPTER

04

Sustainable development report
CHAPTER

05

Financial statements
Vision - Mission
Chairman’s message
2024 financial indicators

STATEMENT OF THE EXECUTIVE BOARD

The Executive Board of PetroVietnam Fertilizer and Chemicals Corporation (the “Corporation”) presents this report together with the Corporation’s consolidated financial statements for the year ended 31 December 2024.

THE BOARD OF DIRECTORS, THE EXECUTIVE BOARD AND BOARD OF SUPERVISORS

The members of the Board of Directors, the Executive Board and Board of Supervisors of the Corporation during the year and to the date of this report are as follows:

Board of Directors

  • Mr. Nguyen Xuan Hoa

    Chairman (appointed on 29 March 2024)

  • Mr. Phan Cong Thanh

    Member (appointed on 29 March 2024)

  • Mr. Trinh Van Khiem

    Member

  • Mr. Nguyen Ngoc Anh

    Member

  • Mr. Hoang Trong Dung

    Member (resigned on 29 March 2024)

  • Mr. Duong Tri Hoi

    Member (resigned on 29 March 2024)

  • Mr. Ho Quyet Thang

    Independent Member

Executive Board

  • Mr. Phan Cong Thanh

    Chief Executive Officer (appointed on 25 January 2024)

  • Mr. Dao Van Ngoc

    Executive Officer

  • Ms. Tran Thi Phuong Thao

    Executive Officer

  • Mr. Ta Quang Huy

    Executive Officer

  • Mr. Vo Ngoc Phuong

    Executive Officer (appointed on 28 May 2024)

  • Mr. Cao Trung Kien

    Executive Officer (resigned on 29 March 2024)

  • Mr. Vu An

    Executive Officer (appointed on 12 December 2024)

Board of Supervisors

  • Mr. Huynh Kim Nhan

    Head of Board of Supervisors

  • Mr. Luong Phuong

    Member

  • Ms. Tran Thi Phuong

    Membern

THE EXECUTIVE BOARD’S STATEMENT OF RESPONSIBILITY

The Executive Board of the Corporation is responsible for preparing the consolidated financial statements, which give a true and fair view of the consolidated financial position of the Corporation as at 31 December 2024, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to consolidated financial reporting. In preparing these consolidated financial statements, the Executive Board is required to:

  • select suitable accounting policies and then apply them consistently;
  • make judgments and estimates that are reasonable and prudent;
  • state whether applicable accounting principles have been followed, subject to any material departures disclosed and explained in the consolidated financial statements;
  • prepare the consolidated financial statements on the going concern basis unless it is inappropriate to presume that the Corporation will continue in business and
  • design and implement an effective internal control system for the purpose of properly preparing and presenting the consolidated financial statements so as to minimize errors and frauds.

The Executive Board of the Corporation is responsible for ensuring that proper accounting records are kept, which disclose, with reasonable accuracy at any time, the consolidated financial position of the Corporation and that the consolidated financial statements comply with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to consolidated financial reporting. The Executive Board is also responsible for safeguarding the assets of the Corporation and hence for taking reasonable steps for the prevention and detection of frauds and other irregularities.

The Executive Board confirms that the Corporation has complied with the above requirements in preparing these consolidated financial statements.

For and on behalf of the Executive Board,

Phan Cong Thanh
Chief Executive Officer

27 March 2025
Ho Chi Minh City, S.R. Vietnam

INDEPENDENT AUDITORS’ REPORT

No.: 0884/VN1A-HN-BC

To:

The Shareholders
The Board of Directors and the Executive Board
PetroVietnam Fertilizer and Chemicals Corporation

We have audited the accompanying consolidated financial statements of PetroVietnam Fertilizer and Chemicals Corporation (the “Corporation”) prepared on 27 March 2025, as set out from page 145 to page 190, which comprise the consolidated balance sheet as at 31 December 2024, the consolidated statement of income, the consolidated statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to consolidated financial reporting and for such internal control as management determines is necessary to enable the preparation of the consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Corporation’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Corporation as at 31 December 2024, and its financial performance and its cash flows for the year then ended in accordance with Vietnamese Accounting Standards, accounting regime for enterprises and legal regulations relating to financial reporting.

Emphasis of Matter

As stated in Note 35 of the Notes to the consolidated financial statements, as at 31 December 2024, the Corporation has the guarantee obligation under the memorandum signed with the Vietnam Oil and Gas Group (“the Group”) relating to the Group’s guarantee commitment for the medium and long-term loan of Vietnam Petrochemical and Fiber Joint Stock Company - an associate of the Corporation. The Corporation has made appropriate accounting records regarding the rights and obligations araising in 2024 with the parties.

Our opinion is not modified in respect of this matter.

Khuc Thi Lan Anh
Deputy General Director

Audit Practising Registration Certificate No. 0036-2023-001-1

DELOITTE VIETNAM AUDIT COMPANY LIMITED

27 March 2025
Hanoi, S.R. Vietnam

Nguyen Thi Ngan
Auditor

Audit Practising Registration Certificate
No. 5248-2025-001-1

Codes
Closing balance
VND
Opening balance
VND
ASSETS
Cash
Codes 111
Closing balance
VND 741,876,402,650
Opening balance
VND 574,781,435,783
Cash equivalents
Codes 112
Closing balance
VND 263,035,900,920
Opening balance
VND 666,779,926,332
Held-to-maturity investments
Codes 123
Closing balance
VND 9,464,000,000,000
Opening balance
VND 5,385,000,000,000
Short-term trade receivables
Codes 131
Closing balance
VND 276,247,523,509
Opening balance
VND 432,251,479,566
Short-term advances to suppliers
Codes 132
Closing balance
VND 227,545,463,111
Opening balance
VND 56,288,686,447
Other short-term receivables
Codes 136
Closing balance
VND 532,760,539,063
Opening balance
VND 377,802,561,892
Provision for short-term doubtful debts
Codes 137
Closing balance
VND (383,368,013,359)
Opening balance
VND (224,127,369,554)
Inventories
Codes 141
Closing balance
VND 1,731,334,756,236
Opening balance
VND 1,942,109,074,750
Provision for devaluation of inventories
Codes 149
Closing balance
VND (649,924,475)
Opening balance
VND (31,268,467,536)
Short-term prepayments
Codes 151
Closing balance
VND 8,847,530,205
Opening balance
VND 33,978,366,057
Value added tax deductibles
Codes 152
Closing balance
VND 357,943,413,481
Opening balance
VND 310,224,881,046
Taxes and other receivables from the State budget
Codes 153
Closing balance
VND-
Opening balance
VND 41,286,177,485
Other long-term receivables
Codes 216
Closing balance
VND 1,125,000,000
Opening balance
VND 876,100,000
Tangible fixed assets
Codes 221
Closing balance
VND 1,852,113,498,553
Opening balance
VND 2,154,198,652,529
Cost
Codes 222
Closing balance
VND 11,632,992,941,593
Opening balance
VND 11,574,815,724,954
Accumulated depreciation
Codes 223
Closing balance
VND (9,780,879,443,040)
Opening balance
VND (9,420,617,072,425)
Intangible assets
Codes 227
Closing balance
VND 859,108,852,567
Opening balance
VND 834,247,135,764
Cost
Codes 228
Closing balance
VND 1,220,829,677,992
Opening balance
VND 1,182,099,652,534 3
Accumulated amortisation
Codes 229
Closing balance
VND (361,720,825,425)
Opening balance
VND (347,852,516,770)
Cost
Codes 231
Closing balance
VND 317,953,542,202
Opening balance
VND 317,953,542,202
Accumulated depreciation
Codes 232
Closing balance
VND (137,180,643,592)
Opening balance
VND (127,496,896,631)
Construction in progress
Codes 242
Closing balance
VND 89,432,287,256
Opening balance
VND 261,326,265,034
Investments in joint-ventures, associates
Codes 252
Closing balance
VND 30,589,383,462
Opening balance
VND 29,759,983,256
Equity investments in other entities
Codes 253
Closing balance
VND 20,502,000,000
Opening balance
VND 20,502,000,000
Provision for impairment of long-term financial investments
Codes 254
Closing balance
VND (16,902,000,000)
Opening balance
VND (16,902,000,000)
Long-term prepayments
Codes 261
Closing balance
VND 67,439,702,684
Opening balance
VND 57,616,661,429
Deferred tax assets
Codes 262
Closing balance
VND 97,580,052,912
Opening balance
VND 59,981,494,127
Long-term reserved spare parts
Codes 263
Closing balance
VND 128,013,698,990
Opening balance
VND 129,152,858,473
Other long-term assets
Codes 268
Closing balance
VND 22,937,481,132
Opening balance
VND 22,937,481,132
TOTAL ASSETS (270=100+200)
Codes 270
Closing balance
VND16,552,286,447,507
Opening balance
VND 13,309,260,029,583
RESOURCES
Short-term trade payables
Codes 311
Closing balance
VND 691,027,535,623
Opening balance
VND 768,442,429,490
Short-term advances from customers
Codes 312
Closing balance
VND 216,889,576,593
Opening balance
VND 124,312,355,882
Taxes and amounts payable to the State budge
Codes 313
Closing balance
VND 58,254,209,708
Opening balance
VND 6,127,123,790
Payables to employees
Codes 314
Closing balance
VND 177,347,094,144
Opening balance
VND 164,498,016,812
Short-term accrued expenses
Codes 315
Closing balance
VND 121,855,980,698
Opening balance
VND 239,514,869,880
Short-term unearned revenue
Codes 318
Closing balance
VND 18,181,819
Opening balance
VND 18,181,819
Other current payables
Codes 319
Closing balance
VND 188,515,955,342
Opening balance
VND 71,840,876,194
Short-term loans and obligations under finance leases
Codes 320
Closing balance
VND 3,422,025,863,029
Opening balance
VND -
Short-term provisions
Codes 321
Closing balance
VND 253,973,730,976
Opening balance
VND 8,176,000,000
Bonus and welfare funds
Codes 322
Closing balance
VND 68,810,786,910
Opening balance
VND 101,563,091,373
Other long-term payables
Codes 337
Closing balance
VND 2,807,058,000
Opening balance
VND 2,219,808,500
Deferred tax liabilities
Codes 341
Closing balance
VND 132,540,000,000
Opening balance
VND 132,540,000,000
Long-term provisions
Codes 342
Closing balance
VND-
Opening balance
VND 102,177,312,389
Scientific and technological development fund
Codes 343
Closing balance
VND 38,384,054,396
Opening balance
VND 42,630,189,610
Owners’ contributed capital
Codes 411
Closing balance
VND 3,914,000,000,000
Opening balance
VND 3,914,000,000,000
- Ordinary shares carrying voting rights
Codes411a
31/12/2024
VND 3,914,000,000,000
1/1/2024
VND 3,914,000,000,000
Share premium
Codes 412
Closing balance
VND 21,179,913,858
Opening balance
VND 21,179,913,858
Treasury shares
Codes 415
Closing balance
VND (2,296,824,120)
Opening balance
VND (2,296,824,120)
Investment and development fund
Codes 418
Closing balance
VND 4,599,179,502,370
Opening balance
VND 4,599,179,502,370
Retained earnings
Codes 421
Closing balance
VND 2,470,369,047,680
Opening balance
VND 2,838,340,934,833
- Retained earnings accumulated to the prior year end
Codes421a
31/12/2024
VND 2,048,700,696,050
1/1/2024
VND 2,435,451,267,470
- Retained earnings of the current year
Codes421b
31/12/2024
VND421,668,351,630
1/1/2024
VND 402,889,667,363
Non-controlling interests
Codes 429
Closing balance
VND 177,404,780,481
Opening balance
VND 174,796,246,903
TOTAL RESOURCES (440=300+400)
Codes 440
Closing balance
VND 16,552,286,447,507
Opening balance
VND13,309,260,029,583
ITEMS
Codes
Current year
VND
Prior year
VND
Gross revenue from goods sold and services rendered
Codes 01
Current year
VND 13,657,031,176,628
Prior year
VND 13,719,510,012,331
Deductions
Codes 02
Current year
VND 160,888,952,925
Prior year
VND 150,324,493,920
Net revenue from goods sold and services rendered (10=01-02)
Codes 10
Current year
VND13,496,142,223,703
Prior year
VND 13,569,185,518,411
Cost of sales
Codes 11
Current year
VND 11,598,010,673,565
Prior year
VND 11,917,438,631,877
Gross profit from goods sold and services rendered (20=10-11)
Codes 20
Current year
VND 1,898,131,550,138
Prior year
VND 1,651,746,886,534
Financial income
Codes 21
Current year
VND 369,143,114,332
Prior year
VND 457,576,170,227
Financial expenses
Codes 22
Current year
VND 65,028,684,735
Prior year
VND 71,157,838,669
- In which: Interest expense
Codes23
31/12/2024
VND 47,838,183,679
1/1/2024
VND 50,638,299,383
Share of net profit from joint-ventures, associates
Codes 24
Current year
VND 2,649,700,205
Prior year
VND 2,664,912,263
Selling expenses
Codes 25
Current year
VND 837,208,423,254
Prior year
VND 848,444,338,144
General and administration expenses
Codes 26
Current year
VND 702,811,258,885
Prior year
VND 502,354,622,004
Operating profit (30=20+(21-22)+24-(25+26))
Codes 30
Current year
VND 664,875,997,801
Prior year
VND 690,031,170,207
Other income
Codes 31
Current year
VND 12,791,842,667
Prior year
VND 11,025,864,376
Other expenses
Codes 32
Current year
VND 8,336,263,370
Prior year
VND 10,090,505,890
Profit from other activities (40=31-32)
Codes 40
Current year
VND 4,455,579,297
Prior year
VND 935,358,486
Accounting profit before tax (50=30+40)
Codes 50
Current year
VND 669,331,577,098
Prior year
VND 690,966,528,693
Current corporate income tax expense
Codes 51
Current year
VND 152,663,594,385
Prior year
VND 33,233,788,075
Deferred corporate tax (income)/expense
Codes 52
Current year
VND (37,598,558,785)
Prior year
VND 127,915,820,096
Net profit after corporate income tax (60=50-51-52)
Codes 60
Current year
VND554,266,541,498
Prior year
VND 529,816,920,522
In which:
Profit after tax attributable to Parent Company
Codes 61
Current year
VND 537,763,664,155
Prior year
VND 519,466,561,842
Profit after tax attributable to non-controlling shareholders
Codes 62
Current year
VND 16,502,877,343
Prior year
VND 10,350,358,680
Basic earnings per share
Codes 70
Current year
VND 1,078
Prior year
VND 1,029
Codes
Current year
VND
Prior year
VND
CASH FLOWS FROM OPERATING ACTIVITIES
Codes
Current year
VND
Prior year
VND
Profit before tax
Codes01
Current year
VND 669,331,577,098
Prior year
VND 690,966,528,693
Adjustments for:
Codes
Current year
VND
Prior year
VND
Depreciation of fixed assets and investment properties and amortisation of fixed assets
Codes 02
Current year
VND 393,838,974,383
Prior year
VND 403,299,073,758
Provisions
Codes 03
Current year
VND 272,242,519,331
Prior year
VND (364,604,096,606)
Foreign exchange (gain)/loss arising from translating foreign currency items
Codes 04
Current year
VND (3,065,306,806)
Prior year
VND 763,978,887
Gain from investing activities
Codes 05
Current year
VND (346,166,068,458)
Prior year
VND (452,967,211,465)
Interest expense
Codes 06
Current year
VND 47,838,183,679
Prior year
VND 50,638,299,383
Operating profit before movements in working capital
Codes08
Current year
VND 1,034,019,879,227
Prior year
VND 328,096,572,650
Change in receivables
Codes 09
Current year
VND (187,933,522,440)
Prior year
VND (239,668,055,799)
Change in inventories
Codes 10
Current year
VND 211,913,477,997
Prior year
VND 2,089,951,570,430
Change in payables (excluding accrued loan interest and corporate income tax payable)
Codes 11
Current year
VND 148,751,345,070
Prior year
VND (551,418,283,375)
Change in prepaid expenses
Codes 12
Current year
VND 15,307,794,597
Prior year
VND (29,502,348,922)
Interest paid
Codes 14
Current year
VND (46,079,958,516)
Prior year
VND (76,374,372,520)
Corporate income tax paid
Codes 15
Current year
VND (64,714,670,264)
Prior year
VND (344,716,043,525)
Other cash outflows
Codes 17
Current year
VND (163,434,814,750)
Prior year
VND (231,522,416,705)
Net cash generated by operating activities
Codes 20
Current year
VND 947,829,530,921
Prior year
VND 944,846,622,234
Acquisition and construction of fixed assets and other long-term assets
Codes 21
Current year
VND (85,463,362,684)
Prior year
VND (240,758,232,062)
Proceeds from sale, disposal of fixed assets and other long-term assets
Codes 22
Current year
VND 524,381,835
Prior year
VND 906,078,161
Cash outflow for lending, buying debt instruments of other entities
Codes 23
Current year
VND (17,258,000,000,000)
Prior year
VND (9,615,000,000,000)
Cash recovered from lending, selling debt instruments of other entities
Codes 24
Current year
VND 13,179,000,000,000
Prior year
VND 11,110,000,000,000
Interest earned, dividends and profits received
Codes 27
Current year
VND 355,728,465,186
Prior year
VND 420,929,990,034
Net cash (used in)/generated by investing activities
Codes30
Current year
VND (3,808,210,515,663)
Prior year
VND 1,676,077,836,133
Proceeds from borrowings
Codes 33
Current year
VND 5,068,036,976,529
Prior year
VND -
Repayment of borrowings
Codes 34
Current year
VND (1,646,011,113,500)
Prior year
VND (707,152,179,119)
Dividends and profits paid
Codes 36
Current year
VND (801,478,274,775)
Prior year
VND (2,755,413,813,475)
Net cash generated by/(used in) financing activities
Codes40
Current year
VND 2,620,547,588,254
Prior year
VND(3,462,565,992,594)
Net decreases in cash (50=20+30+40)
Codes50
Current year
VND (239,833,396,488)
Prior year
VND (841,641,534,227)
Cash and cash equivalents at the beginning of the year
Codes60
Current year
VND 1,241,561,362,115
Prior year
VND 2,083,841,053,069
Effects of changes in foreign exchange rates
Codes61
Current year
VND 3,184,337,943
Prior year
VND (638,156,727)
Cash and cash equivalents at the end of the year (70=50+60+61)
Codes70
Current year
VND1,004,912,303,570
Prior year
VND1,241,561,362,115

01

INTRODUCTION OF PVFCCo

02

2024 Performance report and BOM assessment

03

Corporate governance

04

Sustainable development report

05

Financial statements

PETROVIETNAM FERTILIZER AND CHEMICALS CORPORATION

  • Address: 43 Mac Dinh Chi, Da Kao Ward, District 1, Ho Chi Minh City
  •  Tel: (84.28) 3825 6258
  • Fax: (84.28) 3825 6269
  •  Website: www.dpm.vn
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