Investors

Pingtan Marine Enterprise Reports Financial Results For The Fourth Quarter And Year-Ended December 31, 2015

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Company to Hold Conference Call on Thursday, March 10, 2016, at 8:30 AM ET

FUZHOU, China, March 9, 2016 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME) ("Pingtan," or the "Company"), a global fishing company based in the People's Republic of China (PRC), today announced financial results for its fourth quarter and year-ended December 31, 2015.

Factors Affecting Pingtan's Results of Operation

As previously disclosed in Form 10-K and 10-Q the Company filed in 2015, the Indonesian government introduced a six-month moratorium on issuing new fishing licenses and renewals so that the country's Ministry of Maritime Affairs and Fisheries ("MMAF") could monitor the operations of existing fleets and to fight illegal fishing activities in early December 2014. As a result, all licensed fishing vessels operating in Indonesian waters have been informed by the Indonesian government to operate within strict guidelines and subsequently to cease operation, in order to avoid potential enforcement actions by the Indonesian Navy such as boat seizures.

Among the 135 fishing vessels, 117 of these vessels operate in the Arafura Sea of Indonesia. To cooperate and comply with the Indonesian government's fishing license check procedures, in January 2015, the Company reduced its operation; and from February 2015, Pingtan temporarily ceased operations of the 117 vessels which are licensed to operate in Indonesian waters.  Since the Company derives a majority of our revenue from this area, this temporary ban caused a significant drop in production.

In November 2015, the Indonesian government announced that the moratorium had concluded. The Company's expectation is that the MMAF will implement new fishing policies and resume the license renewal process although this has not yet occurred. In the interim, the Company's financial results will continue to be materially adversely affected by this moratorium.

As a result, our sales for the three months and year ended December 31, 2015 decreased significantly as compared to the three months and year ended December 31, 2014.

Below is a link to the news release announces the Indonesian government concluded its fishing moratorium from Ministry of Marine Affairs and Fisheries Republic of Indonesia (in Indonesian): http://kkp.go.id/index.php/berita/moratorium-berakhir-menteri-susi-ingatkan-pelaku-usaha-patuhi-aturan/  

2015 Financial Highlights (all results are compared to prior year):

  • As a result of the above, revenue from fishing business was $60.7 million, compared to $233.4 million.
  • Gross loss was $2.8 million, compared to gross profit of $77.6 million, and gross margin was (4.6%) compared to 33.2%, due to the moratorium described above.
  • Net income was $19.6 million, or $0.23 per basic and diluted share, compared to net income of $85.8 million, or $1.08 per basic and diluted share. The decrease was primarily due to the same reasons described above.

Management Commentary

Commenting on the results, Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "In 2015 we faced substantial challenges from the moratorium enacted by the Indonesian government, . In November, the Indonesian government concluded the moratorium but has not yet implemented its new fishing policies and authorized fishing resumption in Indonesian waters. As a fully licensed fishing company, we look forward to operating in a more secure and protected environment and to those benefits associated with a more highly regulated market in upcoming months. In 2015, we expanded our fleet with six fishing vessels into Western and Central Pacific Ocean of international waters to focus on higher margined products like tuna and squid. We seek to continue to expand into new fishing territories to help reduce our dependency on a single region, diversify our revenue stream and fulfill the needs of our customers."

Dividend Announcement

  • The Company announced that it has declared a cash dividend of $0.01 per share of common stock outstanding. The dividend will be payable in cash on or about April 15, 2016 to shareholders of record on March 31, 2016. This marks the fifth consecutive quarterly dividend paid by the Company, which it intends to continue paying on a quarterly basis.

2015 Fleet Development

  • The Company expanded its fleet through the purchase of 4 longline fishing vessels and 2 squid jigging vessels for the appraised fair market value of approximately $56.2 million, and the Company's total current fleet has increased to 135 vessels. These vessels are fully licensed in the Western and Central Pacific Ocean of the international waters, and are primarily focused on the catch of tuna and squid. Pingtan currently owns 107 trawlers, 4 longline fishing vessels, 2 squid jigging vessels and 2 drifters and has exclusive operating license rights to 20 drifters.

Pingtan is the second largest China based fishery company operating its vessels outside of China waters and its fleet has an average remaining useful life of approximately 14 years. Among the fishing vessels, 117 of these vessels are licensed to operate in the Arafura Sea in Indonesia, (although such vessels are temporarily not operating in Indonesian waters due to the moratorium discussed below), 12 vessels are operating in the Bay of Bengal in India, and the remaining 6 are operating in the Western and Central Pacific Ocean of international waters.

Currently Pingtan catches nearly 30 different species of fish including ribbon fish, Indian white shrimp, croaker fish, pomfret, Spanish mackerel, conger eel, squid and red snapper. All fish products caught by the Company are shipped and transported to cold storage warehouse facilities to nearby onshore fishing bases. The Company then arranges periodic chartered transportation to deliver the frozen fish to its nine cold storage warehouses located in one of China's largest seafood trading centers, Mawei Seafood Market in Fujian Province.

The Company encourages investors to review detailed information on each vessel (including age of vessel / tonnage capacity) and revenue breakdown from its catch available in its 2015 Annual Report on Form 10-K.

Pingtan's Revenue Break-down By PRC Territories:


Year Ended December 31,


2015


2014


2013

Guangdong province

47%


34%


46%

Fujian province

36%


44%


26%

Zhejiang province

8%


5%


17%

Shandong province

3%


11%


4%

Liaoning province

2%


1%


2%

Other areas

4%


5%


5%

Total

100%


100%


100%

2015 Selected Financial Table

 

($ in millions, except per share data)

 

 

 

Three Months ended
December 31,


 

 

Year Ended
December 31,


2015


2014


2015


2014


2013

Fishing Business










Revenue

$14.0


$56.5


$61.0


$233.4


$122.7

Cost of Revenue

22.9


37.4


63.5


155.8


75.0

Gross Profit

(8.9)


19.1


(2.8)


77.6


47.7

Gross Profit Margin

(64.0%)


33.8%


(4.6%)


33.2%


38.9%

Net Income from Fishing Business

(9.8)


33.3


19.6


85.8


47.1

Basic and Diluted Weighted Average Shares

79.1


79.1


79.1


79.1


78.8

EPS (from continuing operations) (in $)

(0.12)


$0.42


$0.23


$1.08


$0.60











Balance Sheet Highlights

(in million U.S. dollar except for book value per share)


12/31/2015


12/31/2014


12/31/2013










Cash and Cash Equivalents


$11.4


$12.8


$8.2


Total Current Assets


91.9


105.9


30.7


Total Assets


231.9


249.0


170.1


Total Current Liabilities


42.5


61.1


50.8


Total Long-term Debt, net of current portion


22.6


38.6


54.5


Total Liabilities


65.0


99.7


105.3


Shareholders' Equity


166.9


149.3


64.8


Total Liabilities and Shareholders' Equity


231.9


249.0


170.1


Book Value Per Share (in $)


$2.11


$1.89


$0.82


Consolidated Financial and Operating Review

Revenues

Revenues from the fishing business for the three months ended December 31, 2015 was $14.0 million compared $56.5 million for the same period in 2014. The decrease was primarily due to the Company temporarily ceasing its operations in Indonesia waters since February 2015 resulting from the moratorium described above.

For the year ended December 31, 2015, the Company's revenues from the fishing business were $60.7 million compared to $233.4 million in in the year ended December 31, 2014. The decrease was primarily due to decrease in sales volume resulting from the moratorium described above, as well as the decrease in average unit sale price from the different sales mix.

Gross Margin

The Company's gross margin for fishing business was -64.0% for the three months ended December 31, 2015, compared to 33.8% in the prior year period.  The significant decrease was primarily due to the reduced scale of operations resulting from the moratorium, which is reflected in the allocation of fixed costs, mainly consisting of depreciation and labor costs, to cost of revenue. The ordinary repairs and maintenance fees were incurred in the periods to maintain vessels in operating condition and represent revenue expenditures.

The Company's gross margin for the fishing business was -4.6% in the fiscal year ended December 31, 2015 compare to 33.2% in that of 2014, the decrease was primarily due to the same reasons described above.

Selling Expense

For the three months ended December 31, 2015, selling expense for the fishing business was $0.5 million compared to $0.8 million, in the prior year period.

For the fiscal year ended December 31, 2015, total selling expense was $1.9 million compared to $2.7 million in the same period of 2014. The decrease was primarily due to the same reasons described above which resulting in less storage fees, insurance fees, and shipping and handling fees.

General & Administrative Expense

For the three months ended December 31, 2015, general and administrative expense for the fishing business was $0.4 million, compared to $2.1 million in the prior year period.  

For the fiscal year ended December 31, 2015, total general and administrative expense was $2.9 million compared to $4.5 million in the same period of 2014. The decrease was primarily due to bad debt recovery based on our periodic review of accounts receivable balances and management's evaluation of the collectability of receivable balances.

Net Income

Net loss from the fishing business for the three months ended December 31, 2015 was $9.8 million, or $(0.12) per basic and diluted share, compared to net income of $33.3 million, or $0.42 per basic and diluted share, in the same period of 2014. The decrease was primarily due to all factors described above.

Net income from the fishing business in the year ended December 31, 2015 was $19.6 million, or $0.23 per basic and diluted share, compared to $85.8 million, or $1.08 per basic and diluted share, in the same period of 2014. The decrease was primarily due to the same reasons described above.

Conference Call Details

Pingtan also announced that it will discuss financial results in a conference call on Thursday, March 10, 2016, at 8:30 AM ET.

The dial-in numbers are:

Live Participant Dial In (Toll Free): 877-407-0310
Live Participant Dial In (International): 201-493-6786

The conference call will also be webcast live.  To listen to the call, please go to the Investor Relations section of Pingtan's website at www.ptmarine.com, or click on the following link: http://ptmarine.equisolvewebcast.com/q4-2015.

About Pingtan Marine

Pingtan is a global fishing company, engaging in ocean fishing through its wholly-owned subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.  Pingtan Fishing primarily engages in ocean fishing with many of its self-owned vessels operating within the Indian Exclusive Economic Zone and other international waters.

Business Risks and Forward-Looking Statements

This press release may contain forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, including statements that the Company's expectation is that the MMAF will implement new fishing policies, that the Company may achieve benefits associated with operating in a more highly a regulated market in upcoming months and that the Company seeks to expand into new fishing territories to help  reduce its dependency on a single region, diversify its revenue stream and fulfill the needs  of its customers. . Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. In addition, please refer to the risk factors contained in Pingtan's SEC filings available at www.sec.gov, including Pingtan's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Definitive Proxy Statement. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason.

CONTACT:


Roy Yu


Chief Financial Officer


Pingtan Marine Enterprise Ltd.


Tel: +86 591 87271753


ryu@ptmarine.net




INVESTOR RELATIONS:


The Equity Group Inc.

In China

Adam Prior, Senior Vice President

Katherine Yao, Senior Associate

Tel: (212) 836-9606

Tel: +86 10 6587 6435

aprior@equityny.com

kyao@equityny.com

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(IN U.S. DOLLARS)









For the three months ended December 31,








2015


2014






















Revenue






$ 13,972,382


$  56,517,834












Cost of revenue





(22,913,976)


(37,452,094)












Gross (Loss) Profit





(8,941,594)


19,065,740












Operating expenses:









Selling and marketing expenses



(548,828)


(758,398)


General and administrative expenses



(386,363)


(2,129,981)


Total operating expenses




(935,191)


(2,888,379)












Operating (loss) income





(9,876,785)


16,177,361












Other income (expenses)








Gain on equity method investment




17,845




Investment (loss) gain from cost method investment




(3,820)


141


Loss on fixed assets disposal




(39,557)




Interest income





4,774


2,756


Interest expenses





(773,684)


(1,726,985)


Subsidy income





1,461,532


18,853,497


Sundry income





2


-


 (Loss) Gain on foreign exchange, net



(594,302)


28,328












(Loss) Income from continuing operations before income taxes

(9,803,995)


33,335,098












Income tax expense





-


-












Net (loss) income from continuing operations



$   (9,803,995)


$  33,335,098











NET INCOME FROM DISCONTINUED OPERATIONS, NET OF INCOME TAX

-


-











NET (LOSS) INCOME





(9,803,995)


33,335,098











COMPREHENSIVE INCOME:







   NET (LOSS) INCOME





(9,803,995)


33,335,098











   OTHER COMPREHENSIVE INCOME






       Unrealized Foreign currency translation (loss) gain



(2,779,885)


138,292















   TOTAL COMPREHENSIVE (LOSS) INCOME  



$ (12,583,880)


33,473,390











BASIC AND DILUTED EARNINGS PER SHARE





    From continuing operations




(0.12)


0.42

    From discontinued operations




0.00


0.00

    Net income





(0.12)


0.42











WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:




    Basic and diluted





79,055,053


79,055,053











 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(IN U.S. DOLLARS)






For the Years Ended December 31,





2015


2014


2013










REVENUE








Revenue

$

60,700,190

$

233,427,011

$

112,295,158


Revenue - related party


-


-


10,372,611



Total Revenue


60,700,190


233,427,011


122,667,769










COST OF REVENUE








Cost of revenue


63,476,627


155,840,823


68,403,097


Cost of revenue - related party


-


-


6,580,193



Total Cost of Revenue


63,476,627


155,840,823


74,983,290










GROSS (LOSS) PROFIT


(2,776,437)


77,586,188


47,684,479










OPERATING EXPENSES:








Selling


1,858,687


2,673,213


1,618,278


General and administrative


2,933,588


4,537,351


3,191,637












Total Operating Expenses


4,792,275


7,210,564


4,809,915










(LOSS) INCOME FROM OPERATIONS


(7,568,712)


70,375,624


42,874,564










OTHER INCOME (EXPENSE):








Interest income


103,668


16,772


8,250


Interest expense


(3,630,200)


(4,815,670)


(3,301,696)


Foreign currency transaction (loss) gain


(1,308,922)


(258,248)


144,740


Grant income


33,152,698


20,094,039


7,338,273


Gain from cost method investment


413,614


348,523


69,519


Loss on equity method investment


(19,700)


-


-


Loss on fixed assets disposal


(1,583,834)


-


-


Other (expense) income


(210)


(335)


2,144












Total Other Income (Expense), net


27,127,114


15,385,081


4,261,230










INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES


19,558,402


85,760,705


47,135,794










INCOME TAXES


-


-


-










NET INCOME FROM CONTINUING OPERATIONS

$

19,558,402

$

85,760,705

$

47,135,794










NET INCOME FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES


-


-


51,910,662










NET INCOME


19,558,402


85,760,705


99,046,456










LESS: NET INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST


1,205,485


-


-










NET INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY

$

18,352,917

$

85,760,705

$

99,046,456










COMPREHENSIVE INCOME:








NET INCOME


19,558,402


85,760,705


99,046,456


OTHER COMPREHENSIVE (LOSS) INCOME









Unrealized foreign currency translation (loss) gain


(8,628,162)


(552,656)


8,195,045


COMPREHENSIVE INCOME  

$

10,930,240

$

85,208,049

$

107,241,501


LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST


658,092


-


-


COMPREHENSIVE INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY

$

10,272,148

$

85,208,049

$

107,241,501










BASIC AND DILUTED NET INCOME PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY








From continuing operations

$

0.23

$

1.08

$

0.60


From discontinued operations


0.00


0.00


0.66



Total

$

0.23

$

1.08

$

1.26










WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:








Basic and diluted


79,055,053


79,055,053


78,772,743

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN U.S. DOLLARS)




December 31,



2015


2014

ASSETS










CURRENT ASSETS:





    Cash

$

11,448,684

$

12,752,272

    Restricted cash


1,577,642


-

    Accounts receivable, net of allowance for doubtful accounts


12,575,042


49,999,712

    Inventories, net of reserve for inventories


2,336,167


12,123,405

    Advances to suppliers


35,994,146


-

    Prepaid expenses


1,818


32,913

    Prepaid expenses - related parties


4,640,166


7,319,975

    Deferred expenses - related parties


-


1,029,114

    Receivable from transferring equity method investment shares


15,406,659


-

    Other receivables


78,051


22,656,232

    Other receivables - related parties


7,887,527


-






        Total Current Assets


91,945,902


105,913,623






OTHER ASSETS:





    Cost method investment


3,235,398


3,421,031

    Equity method investment


30,486,314


15,964,812

    Prepayment for long-term assets


11,654,645


13,750,102

    Property, plant and equipment, net


94,555,114


109,980,617






        Total Other Assets


139,931,471


143,116,562






        Total Assets

$

231,877,373

$

249,030,185






LIABILITIES AND SHAREHOLDERS' EQUITY










CURRENT LIABILITIES:





    Accounts payable

$

978,353

$

1,181,977

    Accounts payable - related party


408,631


2,601,314

    Advances from customers


-


164,724

    Short-term bank loans


21,971,438


30,353,890

    Long-term bank loans - current portion


12,679,680


18,868,616

    Accrued liabilities and other payables


5,044,049


5,602,307

    Due to related parties


1,384,644


2,373,352






        Total Current Liabilities


42,466,795


61,146,180






OTHER LIABILITIES:





    Long-term bank loans - non-current portion


22,570,755


38,625,071






        Total Liabilities


65,037,550


99,771,251






SHAREHOLDERS' EQUITY:





     Equity attributable to owners of the company:





    Ordinary shares ($0.001 par value; 225,000,000 shares authorized; 79,055,053





        shares issued and outstanding at December 31, 2015 and 2014)


79,055


79,055

    Additional paid-in capital


111,008,085


117,525,377

    Retained earnings


17,911,378


21,315,710

    Statutory reserve


25,798,489


6,412,892

    Accumulated other comprehensive (loss) income


(4,326,351)


3,925,900

    Total equity attributable to owners of the company


150,470,656


149,258,934

    Non-controlling interest


16,369,167


-






        Total Shareholders' Equity


166,839,823


149,258,934






        Total Liabilities and Shareholders' Equity

$

231,877,373

$

249,030,185

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN U.S. DOLLARS)







For the Years Ended December 31,






2015


2014


2013











CASH FLOWS FROM OPERATING ACTIVITIES:








Net income from continuing operations

$

19,558,402

$

85,760,705

$

47,135,794


Adjustments to reconcile net income from operations to net cash









provided by operating activities:









Depreciation


6,353,055


6,017,886


2,394,692



(Decrease) increase in allowance for doubtful accounts


(770,195)


1,173,223


-



Increase in reserve for inventories


227,826


-


-



Loss on equity method investment


19,700


-


-



Loss on disposal of fixed assets


1,583,834


-


-


Changes in operating assets and liabilities:









Accounts receivable


37,007,012


(42,134,612)


2,788,320



Notes receivable (banker's acceptances)


-


-


3,745,196



Inventories


9,302,719


(3,150,909)


(8,766,511)



Prepayments made for inventories purchase


(37,575,746)


-


-



Prepaid expenses


30,633


4,213,938


(1,925,477)



Prepaid expenses - related parties


2,382,910


(7,314,375)


-



Deferred expenses - related parties


1,016,039


(1,028,327)


-



Other receivables


87,907


(156,606)


19,201



Accounts payable


(145,617)


(1,762,518)


2,081,172



Accounts payable - related party


2,202,515


(8,604,461)


13,944,394



Advances from customers


(162,631)


(128,109)


292,802



Advances from customers - related parties


-


-


(13,026,770)



Accrued liabilities and other payables


(266,105)


1,019,221


3,583,989



Due to related parties


1,292


23,352


-











NET CASH PROVIDED BY OPERATING ACTIVITIES FROM CONTINUING OPERATIONS


40,853,550


33,928,408


52,266,802











CASH FLOWS FROM INVESTING ACTIVITIES:









Refunds from commercial retail space prepayments


22,202,268


-


-



Prepayments made for acquisition of commercial retail space


-


(22,470,798)


-



Purchase of property, plant and equipment


(16,146)


(890,897)


(257,701,854)



Proceeds from government grants for fishing vessels construction


-


3,451,914


8,320,882



Payment for fishing vessels deposit


-


-


(1,901,220)



Advance to related parties


-


-


(312,569)



Payments for equity method investment


(40,209,087)


(15,952,598)


-



Proceeds from transferring equity method investment share


8,041,817


-


-



Decrease in cash related to sale of subsidiary


-


-


(84,917,899)











NET CASH USED IN INVESTING ACTIVITIES FOR CONTINUING OPERATIONS


(9,981,148)


(35,862,379)


(336,512,660)











 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(IN U.S. DOLLARS)




For the Years Ended December 31,



2015


2014


2013

CASH FLOWS FROM FINANCING ACTIVITIES:









Proceeds from short-term bank loans


23,958,292


67,175,414


43,713,708



Repayments of short-term bank loans


(30,989,630)


(45,797,736)


(64,358,336)



Proceeds from long-term bank loans


-


3,743,977


55,811,568



Repayments of long-term bank loans


(19,963,812)


(19,957,026)


(7,584,023)



Increase in restricted cash


(1,646,964)


-


-



Advances from related parties


3,910,000


2,350,000


(777)



Payments made for dividend


(2,371,652)


(790,550)


-



Capital contribution from non-controlling interest


64,334,540


-


-



Payments made to related parties in connection with the termination of VIE


(13,349,417)


-


-



Acquisition of fishing vessels from relate parties under common control


(56,206,080)


-


-



Cash acquired in recapitalization


-


-


3,565,355











NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (FOR) FROM CONTINUING OPERATIONS


(32,324,723)


6,724,079


31,147,495











CASH FLOWS FROM DISCONTINUED OPERATIONS:

















NET CASH PROVIDED BY OPERATING ACTIVITIES FROM DISCONTINUED OPERATIONS


-


-


79,605,841











NET CASH PROVIDED BY INVESTING ACTIVITIES FROM DISCONTINUED OPERATIONS


-


-


7,099,979











NET CASH USED IN FINANCING ACTIVITIES FOR DISCONTINUED OPERATIONS


-


-


(407,030)











NET CASH PROVIDED BY DISCONTINUED OPERATIONS


-


-


86,298,790











EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS


148,733


(194,435)


3,032,812











NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS


(1,303,588)


4,595,673


(163,766,761)











CASH AND CASH EQUIVALENTS - beginning of year


12,752,272


8,156,599


171,923,360











CASH AND CASH EQUIVALENTS - end of year

$

11,448,684

$

12,752,272

$

8,156,599











SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:








Cash paid from continuing operations for:










Interest

$

3,799,389

$

5,648,796

$

4,060,069




Income taxes

$

-

$

-

$

-












Cash paid from discontinued operations for:










Interest

$

-

$

-

$

-




Income taxes

$

-

$

-

$

17,278,643











NON-CASH INVESTING AND FINANCING ACTIVITIES:








Purchase of property and equipment pursuant to capital lease

$

-

$

-

$

26,435,403


Purchase of property and equipment by setting off advance to related parties

$

-

$

-

$

55,064,953


Deposit on setting up equity investment netted of accounts payable - related parties

$

-

$

-

$

6,090,302


Acquisition of property and equipment by decreasing prepayment for long-term assets

$

1,408,636

$

19,750,438

$

-


Property and equipment acquired on credit as payable

$

-

$

790,459

$

-


Decrease in cost of property and equipment by proceeds from government grants

$

-

$

3,451,914

$

-


Decrease in cost of property and equipment by recognition of deferred grant income

$

-

$

512,469

$

-


Decrease in cost of property and equipment by decreasing in accounts payable - related party

$

4,344,190

$

-

$

-


Other receivable increase by transferring equity method investment share

$

16,083,635

$

-

$

-


Offset other receivables – related parties against due to related parties

$

4,900,000

$

-

$

-











 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pingtan-marine-enterprise-reports-financial-results-for-the-fourth-quarter-and-year-ended-december-31-2015-300233621.html

SOURCE Pingtan Marine Enterprise Ltd.