Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.1.9
Consolidated Statements of Cash Flows
12 Months Ended
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Dec. 31, 2012
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income from continuing operations $ 85,760,705us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest $ 47,135,794us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest $ 24,280,268us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
Adjustments to reconcile net income from operations to net cash provided by operating activities:      
Depreciation 6,017,886us-gaap_Depreciation 2,394,692us-gaap_Depreciation 2,677,418us-gaap_Depreciation
Increase in allowance for doubtful accounts 1,173,223pme_IncreaseInAllowanceForDoubtfulAccounts      
Short-term investment income       (15,860)pme_ShortTermInvestmentIncome
Changes in operating assets and liabilities:      
Accounts receivable (42,134,612)us-gaap_IncreaseDecreaseInAccountsReceivable 2,788,320us-gaap_IncreaseDecreaseInAccountsReceivable (10,562,176)us-gaap_IncreaseDecreaseInAccountsReceivable
Accounts receivable - related parties       4,584,509us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties
Notes receivable (banker's acceptances)    3,745,196us-gaap_IncreaseDecreaseInNotesReceivables   
Other receivables (156,606)us-gaap_IncreaseDecreaseInOtherReceivables 19,201us-gaap_IncreaseDecreaseInOtherReceivables 6,797,156us-gaap_IncreaseDecreaseInOtherReceivables
Prepaid expenses 4,213,938us-gaap_IncreaseDecreaseInPrepaidExpense (1,925,477)us-gaap_IncreaseDecreaseInPrepaidExpense (218,759)us-gaap_IncreaseDecreaseInPrepaidExpense
Prepaid expenses - related parties (7,314,375)us-gaap_IncreaseDecreaseInPrepaidExpensesOther      
Deferred expenses - related parties (1,028,327)us-gaap_IncreaseDecreaseInDeferredLiabilities      
Inventories (3,150,909)us-gaap_IncreaseDecreaseInInventories (8,766,511)us-gaap_IncreaseDecreaseInInventories 2,397,340us-gaap_IncreaseDecreaseInInventories
Advances to suppliers         
Accounts payable (1,762,518)us-gaap_IncreaseDecreaseInAccountsPayable 2,081,172us-gaap_IncreaseDecreaseInAccountsPayable (43,377)us-gaap_IncreaseDecreaseInAccountsPayable
Accounts payable - related parties (8,604,461)us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties 13,944,394us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties 3,060,668us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties
Advances from customers (128,109)us-gaap_IncreaseDecreaseInCustomerAdvances 292,802us-gaap_IncreaseDecreaseInCustomerAdvances (1,160,618)us-gaap_IncreaseDecreaseInCustomerAdvances
Advances from customers - related parties    (13,026,770)us-gaap_IncreaseDecreaseDueFromAffiliates 12,675,074us-gaap_IncreaseDecreaseDueFromAffiliates
Accrued liabilities and other payables 1,019,221us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities 3,583,989us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities 777,587us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
Due to related parties 23,352us-gaap_IncreaseDecreaseInDueToRelatedParties      
NET CASH PROVIDED BY OPERATING ACTIVITIES FROM CONTINUING OPERATIONS 33,928,408us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 52,266,802us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 45,249,230us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
CASH FLOWS FROM INVESTING ACTIVITIES:      
Payment for long-term investment       (2,661,766)pme_RepaymentOfLongTermInvestment
Proceeds from disposition of short-term investment       808,052us-gaap_ProceedsFromSubordinatedShortTermDebt
Proceeds from government grants for fishing vessels construction 3,451,914us-gaap_PaymentsForConstructionInProcess 8,320,882us-gaap_PaymentsForConstructionInProcess   
Payment for fishing vessels deposit    (1,901,220)pme_PaymentForFishingVesselsDeposit   
Prepayments made for acquisition of commercial retail space (22,470,798)us-gaap_PaymentsForPreviousAcquisition      
Purchase of property, plant and equipment (890,897)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (257,701,854)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (33,992,757)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Advance to related parties    (312,569)us-gaap_PaymentsForAdvanceToAffiliate (41,505,027)us-gaap_PaymentsForAdvanceToAffiliate
Payments for long-term investment (15,952,598)us-gaap_PaymentsToAcquireInterestInJointVenture      
Decrease in cash related to sale of subsidiary    (84,917,899)us-gaap_ProceedsFromDivestitureOfInterestInSubsidiariesAndAffiliates   
NET CASH USED IN INVESTING ACTIVITIES FOR CONTINUING OPERATIONS (35,862,379)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (336,512,660)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (77,351,498)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from short-term bank loans 67,175,414us-gaap_ProceedsFromShortTermDebt 43,713,708us-gaap_ProceedsFromShortTermDebt 51,384,055us-gaap_ProceedsFromShortTermDebt
Repayments of short-term bank loans (45,797,736)us-gaap_RepaymentsOfShortTermDebt (64,358,336)us-gaap_RepaymentsOfShortTermDebt (48,079,121)us-gaap_RepaymentsOfShortTermDebt
Proceeds from long-term bank loans 3,743,977us-gaap_ProceedsFromIssuanceOfLongTermDebt 55,811,568us-gaap_ProceedsFromIssuanceOfLongTermDebt 26,617,656us-gaap_ProceedsFromIssuanceOfLongTermDebt
Repayments of long-term bank loans (19,957,026)us-gaap_RepaymentsOfLongTermDebt (7,584,023)us-gaap_RepaymentsOfLongTermDebt (1,845,808)us-gaap_RepaymentsOfLongTermDebt
Advances from related parties 2,350,000us-gaap_ProceedsFromRelatedPartyDebt (777)us-gaap_ProceedsFromRelatedPartyDebt 9,075,004us-gaap_ProceedsFromRelatedPartyDebt
Payments made for dividend (790,550)us-gaap_PaymentsOfDividends      
Cash acquired in recapitalization    3,565,355pme_PaymentCashAcquiredInRecapitalization   
NET CASH PROVIDED BY FINANCING ACTIVITIES FROM CONTINUING OPERATIONS 6,724,079us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 31,147,495us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 37,151,786us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
CASH FLOWS FROM DISCONTINUED OPERATIONS:      
NET CASH PROVIDED BY OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS    79,605,841us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations 92,587,488us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS    7,099,979us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations (42,204,987)us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES FOR DISCONTINUED OPERATIONS    (407,030)us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations 560,216us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
NET CASH PROVIDED BY DISCONTINUED OPERATIONS    86,298,790us-gaap_NetCashProvidedByUsedInDiscontinuedOperations 50,942,717us-gaap_NetCashProvidedByUsedInDiscontinuedOperations
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS (194,435)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents 3,032,812us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents 1,726,785us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 4,595,673us-gaap_CashPeriodIncreaseDecrease (163,766,761)us-gaap_CashPeriodIncreaseDecrease 57,719,020us-gaap_CashPeriodIncreaseDecrease
CASH AND CASH EQUIVALENTS - beginning of year 8,156,599us-gaap_CashAndCashEquivalentsAtCarryingValue 171,923,360us-gaap_CashAndCashEquivalentsAtCarryingValue 114,204,340us-gaap_CashAndCashEquivalentsAtCarryingValue
CASH AND CASH EQUIVALENTS - end of year 12,752,272us-gaap_CashAndCashEquivalentsAtCarryingValue 8,156,599us-gaap_CashAndCashEquivalentsAtCarryingValue 171,923,360us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash paid:      
From continuing operations Interest paid 5,648,796us-gaap_InterestPaid 4,060,069us-gaap_InterestPaid 3,428,193us-gaap_InterestPaid
From discontinued operations Income tax paid    17,278,643us-gaap_IncomeTaxesPaid 29,324,336us-gaap_IncomeTaxesPaid
NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Purchase of property and equipment pursuant to capital lease    26,435,403pme_PurchaseOfPropertyAndEquipmentPursuantToCapitalLease   
Purchase of property and equipment by setting off advance to related parties    55,064,953pme_PurchaseOfPropertyPlantAndEquipmentBySettingOffAdvancesToRelatedParties   
Deposit on setting up equity investment netted of accounts payable - related parties    6,090,302pme_DepositOnSettingUpJointVentureRelatedToAccountsPayable   
Acquisition of property and equipment by decreasing prepayment for long-term assets 19,750,438pme_AcquisitionOfPropertyAndEquipmentByDecreasingPrepaymentForLongTermAssets      
Property and equipment acquired on credit as payable 790,459pme_PropertyAndEquipmentAcquiredOnCreditAsPayable      
Decrease in cost of property and equipment by proceeds from government grants 3,451,914pme_DecreaseInCostOfPropertyAndEquipmentByProceedsFromGovernmentGrants      
Decrease in cost of property and equipment by recognition of deferred grant income $ 512,469pme_DecreaseInCostOfPropertyAndEquipmentByRecognitionOfDeferredGrantIncome