Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities    
Net income $ 38,560,294 $ 48,197,267 [1]
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation of property, plant and equipment 5,347,650 5,555,301 [1]
(Gain)/loss on derivative (1,764,249) 921,677 [1]
Available-for-sale financial instrument fair value adjustment 0 (721) [1]
Changes in operating assets and liabilities    
Accounts receivable - third parties 16,875,326 (14,880) [1]
Accounts receivable - related parties 0 (1,688,997) [1]
Cost and estimated earnings in excess of billings on contracts in progress (85,235) (5,749,657) [1]
Other receivables (2,957,500) (4,526,907) [1]
Prepaid expenses 394,949 5,165,650 [1]
Inventories (2,024,538) 951,295 [1]
Accounts payable - third parties 5,020,682 1,715,489 [1]
Accounts payable - related parties* 331,367 [2] 907,893 [1],[2]
Receipt in advance 2,435,603 (1,064,711) [1]
Income tax payable (18,121) (712,176) [1]
Accrued liabilities and other payables 9,180,577 (177,157) [1]
Net cash provided by operating activities 58,354,125 49,479,366 [1]
Cash flows from investing activities    
Deposit paid for acquisition of fishing vessels (200,000,000) 0 [1]
Changes in security deposits 6,811,085 0 [1]
Payment for long-term investment 0 (2,992,116) [1]
Proceeds from disposition of short-term investment 0 792,286 [1]
Proceeds from deferred income 1,861,416 0 [1]
Purchase of property, plant and equipment (15,360,530) (5,330,180) [1]
Advance to related parties (8,731,951) (35,700,532) [1]
Net cash used in investing activities (215,419,980) (43,230,542) [1]
Cash flows from financing activities    
Proceeds from short-term loans 24,994,395 28,556,774 [1]
Repayment of short-term loans (30,680,742) (30,928,269) [1]
Proceeds from long-term loans 0 21,688,883 [1]
Repayment of long-term loans (1,884,778) 0 [1]
Advance from related parties 8,571,161 20,139,296 [1]
Advance from a shareholder (233,705) 1,006 [1]
Net cash provided by financing activities 766,331 39,457,690 [1]
Net (decrease)/increase in cash (156,299,524) 45,706,514 [1]
Effect of exchange rate 1,617,223 (1,275,105) [1]
Cash at the beginning of period 175,488,715 [1] 114,204,340 [1]
Cash at the end of period 20,806,414 158,635,749 [1]
Supplemental disclosure of cash flow information:    
Income tax paid 7,494,648 15,576,011 [1]
Interest paid 1,395,742 1,358,650 [1]
Related Party [Member]
   
Changes in operating assets and liabilities    
Receipt in advance $ (12,942,680) $ 0 [1]
[1] Represents the consolidation retrospectively restated as if Pingtan Marine Enterprise Ltd. (formerly known as China Growth Equity Investment Ltd.) completed its merger with China Dredging Group Co., Ltd. and the share purchase of Merchant Supreme Co., Ltd. on January 1, 2012 rather than on February 25, 2013.
[2] Deposit on setting up Joint Venture netted off with accounts payable – related parties.