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| A hydroelectric project in Lam Dong (Photo: T.C) |
Electricity of Viet Nam (EVN) plans to issue VND350 billion in EVNB0106 bonds to mobilize capital for its hydroelectric projects from March 20 to 24.
The EVNB0106 bonds have a five-year term with a nominal value of VND100,000.
The first year interest rate is planned to be 9.6%. The following years’ interest rate will be equal to the average rate of the 12-month term deposit from 4 state-own commercial banks plus 1.2% per year.
The average rate is calculated from the annual-term deposite rates of the 4 state-own commercial banks at the planned date for the bonds’ interest rate to be announced.
The total needed investment capital of the EVN is around VND250,000 billion in the 2006-2010 period, announced the Vietnamese Ministry of Planning and Investment. With all revenues and solutions taken into account, the EVN still lacks VND16,000 billion.
The EVN plans to release VND3,039 billion bonds, including VND684 billion for construction projects in 2006.
EVN’s total assets has been growing more than 15%/year; equity has risen 12%/year in three recent years (2002-2004). Earnings after tax increased at the average of 7.5%/year. Especially in 2004, it upped more than 16% compared to that of 2003.
(From EVN’s consolidation balance sheet, December 31, 2004)
(Unit: million Vietnamese dong)
Liabilities and shareholders’ equity | 2002 | 2003 | 2004 |
A. Liabilities | 41,953,581 | 51,608,173 | 57,938,630 |
Current liabilities | 8,735,110 | 11,246,747 | 11,512,170 |
Long-term debt | 32,639,719 | 39,349,762 | 45,308,565 |
Other liabilities | 578,752 | 1,011,664 | 1,117,895 |
B. Shareholders’ equity | 33,825,105 | 36,686,227 | 40,664,531 |
Capital stock | 33,193,690 | 36,105,077 | 39,875,020 |
Retained Earnings | 631,415 | 581,150 | 789,511 |
Total liabilities and shareholders’ equity | 75,778,686 | 88,294,400 | 98,603,161 |
State-own commercial banks:
+ Housing Bank of Mekong Delta (MHB)
+ Bank for Investment and Development of Vietnam (BIDV)
+ Bank for Foreign Trade of Viet Nam (Vietcombank)
+ Vietnam Bank for Agriculture and Rural Development (Agribank)
+ The Industrial and Commercial Bank of Viet Nam (Incombank)
