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Pingtan Marine Enterprise Reports Financial Results for the Fourth Quarter and Year-Ended December 31, 2016

2017-03-09 05:05
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Company Reports Fourth Quarter EPS of $0.08; Hits its Previous Provided Guidance of Approximately Break-even To A Slight Profit Per Diluted Share; and Reiterates 2017 First Quarter EPS Guidance of between $0.08 and $0.10

Company to Hold Conference Call Thursday, March 9, 2017, at 8:30 AM ET

FUZHOU, China, March 9, 2017 /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, 2016.

The Company's recent notable events are as follows:

  • The Company hits its previous announced guidance for 2016 fourth quarter of approximately break-even to a slight profit per diluted share by $0.08 per basic and diluted share.
  • January 17, 2017: The Company announced a cash dividend of $0.01 per share of common stock outstanding, which was paid on or about February 15, 2017 to shareholders of record on January 31, 2017. This marks the ninth consecutive quarterly dividend paid by the Company. The Company intends to continue paying a quarterly dividend and expects to adjust its quarterly dividend rate in accordance with its earnings performance.
  • December 7, 2016: The Company announced that its 4 tuna longline vessels will be put into operation in the international waters of the Pacific Ocean in the first quarter of 2017. 
  • December 1, 2016: The Company announced that it has completed construction on its 2 squid jigging vessels and has commenced fishing activity in the Southwest Atlantic and Southeast Pacific Oceans.
  • November 22, 2016:  The Company announced that 13 of its fishing vessels were placed in Indo-Pacific waters according to the Company's previously announced operating plan in August 2016, and have arrived in their fishing designation in Indo-Pacific Waters to be put into operation. 

Management Comments

Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "In 2016 we were dedicated to expanding into new fishing territories, and we have achieved substantial progress in the fourth quarter. Since November 2016, we have deployed 13 of our fishing vessels to the Indo-Pacific waters, 2 large-scaled squid jigging vessels to the international waters of the Pacific and Atlantic Oceans, and 4 tuna longline vessels to the international waters of the Pacific Ocean. Through these efforts, we started to recover our production capacity to about 30%, returned to profitability by the fourth quarter, and finally ended the losses since the moratorium enacted by the Indonesian government. Looking forward, we will continue to focus on expanding our fishing regions to increase harvest volume and enrich product mix and to innovate and integrate our existing resources to further penetrate into mainland areas and the retail market."

Factors Affecting Pingtan's Results of Operation – Indonesia Moratorium

As previously disclosed in our Forms 10-K and 10-Q  filed during 2015 and 2016, in early December 2014 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 fight illegal fishing activities. As a result, all licensed fishing vessels operating in Indonesian waters were informed by the Indonesian government to operate within strict guidelines. To cooperate and comply with the Indonesian government's fishing license check procedures, since February 2015, Pingtan has ceased operations of its vessels in Indonesian waters.  Since the Company derives a majority of its revenue from this area, this 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.

Among the Company's 135 fishing vessels, 13 are operating in Indo-Pacific waters; 12 are operating in the Bay of Bengal in India; 2 are operating in international waters of Southwest Atlantic and Southeast Pacific Oceans; 4 will be deployed to in international waters of Pacific Ocean in the first quarter of 2017, and the remaining vessels are licensed to operate in the Arafura Sea in Indonesia but temporarily not operating due to the Indonesia moratorium.

2016 Financial Highlights (all results are compared to prior year):

  • As a result of the above, revenue was $20.5 million, compared to $60.7 million.
  • Gross loss was $8.8 million, compared to $2.8 million, and gross margin was (42.8)% compared to (4.6)%, due to the moratorium described above.
  • Net loss attributable to owners of the Company was $15.5 million, or $(0.20) per basic and diluted share, compared to net income attributable to owners of the Company of $18.4 million, or $0.23 per basic and diluted share. The decrease was primarily due to the same reasons described above. 

Fourth Quarter 2016 Financial Highlights (all results are compared to prior year period)

  • As a result of the above, revenue was $13.2 million compared to $14.0 million.
  • Gross profit was $9.9 million compared to gross loss of $8.9 million.
  • Net income attributable to owners of the Company was $6.7 million, or $0.08 per basic and diluted share, compared to net loss attributable to owners of the Company of $9.1 million, or $(0.11) per basic and diluted share. The increase was primarily due to decrease in fuel cost, labor cost and maintenance fee as a result of the moratorium described above, as well as the increase of average unit sale price and the increase in sales volume. 

Pingtan's Revenue Break-down By PRC Territories:



Year Ended December 31,



2016


2015


2014

Guangdong province



48%



47%



34%

Fujian province



32%



36%



44%

Zhejiang province



13%



8%



5%

Shandong province



4%



3%



11%

Liaoning province



1%



2%



1%

Other areas



2%



4%



5%

Total



100%



100%



100%

2016 Selected Financial Highlights

($ in millions,  except share and per share data)

Three Months ended
December 31,


Year Ended
December 31,
 


2016

2015


2016

2015

2014








Revenue

$13.2

$14.0


$20.5

$60.7

$233.4

Cost of Revenue

3.3

22.9


29.3

63.5

155.8

Gross Profit (Loss)

9.9

(8.9)


(8.8)

(2.8)

77.6

Gross Margin

75.1%

(64.0)%


(42.8)%

(4.6)%

33.2%

Net Income (Loss)

7.3

(9.8)


(16.6)

19.6

85.8

Basic and Diluted Weighted Average Shares

79.1

79.1


79.1

79.1

79.1

EPS (in $)

$0.08

$(0.11)


(0.20)

$0.23

$1.08

Balance Sheet Highlights

($ in millions, except for book value per share)


12/31/2016


12/31/2015








Cash and Cash Equivalents


$0.8


$11.4


Total Current Assets


59.0


91.9


Total Assets


224.7


231.9


Total Current Liabilities


64.9


42.4


Total Long-term Debt, net of current portion


21.9


22.6


Total Liabilities


86.8


65.0


Shareholders' Equity


137.9


166.9


Total Liabilities and Shareholders' Equity


224.7


231.9


Book Value Per Share (in $)


$1.74


$2.11


Consolidated Financial and Operating Review

Revenues

Revenues for the three months ended December 31, 2016 was $13.2 million compared $14.0 million for the same period in 2015

For the year ended December 31, 2016, the Company's revenues were $20.5 million compared to $60.7 million for the year ended December 31, 2015. 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 was 75.1% for the three months ended December 31, 2016, compared to (64.0)% in the prior year period.  The increase was primarily due to significant decrease in cost of revenue, namely fuel cost, labor cost and maintenance fee, as a result of the moratorium described above.   

The Company's gross margin was (42.8)% in the fiscal year ended December 31, 2016 compared to (4.6)% in the same period of 2015, the decrease was primarily due to the reduced scale of operations resulting from the moratorium described above.

Selling Expenses

For the three months ended December 31, 2016, selling expense was $0.7 million compared to $0.5 million, in the prior year period.

For the year ended December 31, 2016, total selling expense was $1.2 million compared to $1.9 million in the same period of 2015. The decrease was primarily due to the same reasons described above which resulted in less shipping and handling fees, storage fees, customs service charge and advertising expenses, partially offset by the increase in insurance cost.

General & Administrative Expenses

For the three months ended December 31, 2016, general and administrative expense was $0.9 million, compared to $0.4 million in the prior year period. 

For the fiscal year ended December 31, 2016, total general and administrative expense was $4.0 million compared to $2.9 million in the same period of 2015. The increase was primarily due to increase in depreciation expense, increase in travel for investor conferences, as well as bad debt recovery based on our periodic review of accounts receivable balances and management's evaluation of the collectability of receivable balances, and increase in other miscellaneous items, partially offset by decrease in professional fees.

Net Income (Loss)

Net income attributable to owners of the Company for the three months ended December 31, 2016 was $6.7 million, or $0,08 per basic and diluted share, compared to net loss attributable to owners of the Company of $(9.1) million, or $(0.11) per basic and diluted share, in the same period of 2015. The increase was primarily due to significant decrease in cost of revenue, namely fuel cost, labor cost and maintenance fee, as a result of the moratorium described above, as well as the increase of average unit sale price and the increase in sales volume. 

Net loss attributable to owners of the Company for the year ended December 31, 2016 was $(15.5) million, or $(0.20) per basic and diluted share, compared to net income attributable to owners of the Company of $18.4 million, or $0.23 per basic and diluted share, in the same period of 2015. The decrease was primarily due to the moratorium described above.

EPS Guidance for First Quarter 2017

Based on the current status of its deployed fleet of fishing vessels and production capacity, the Company reiterates its previously provided 2017 first quarter EPS guidance of between $0.08 and $0.10

Conference Call Details

Pingtan also announced that it will discuss financial results in a conference call Thursday, March 9, 20178:30 a.m. ET.

The dial-in numbers are:

Live Participant Dial In (Toll Free):        

877-407-0310

Live Participant Dial In (International):      

201-493-6786

To listen to the live webcast, please go to http://www.ptmarine.com and click on the conference call link at the top of the page, or go to: http://ptmarine.equisolvewebcast.com/q4-2016. This webcast will be archived and accessible through the Company's website for approximately 30 days following the call.

About Pingtan

Pingtan is a global fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.

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. Such forward looking statements include, but are not limited to, expectations to continue paying quarterly cash dividends and recognizing sales and commencing fishing activities in the first quarter of 2017. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Risks include anticipated growth and growth strategies; need for additional capital and the availability of financing; our ability to successfully manage relationships with customers, distributors and other important relationships; technological changes; competition; demand for our products and services; the deterioration of general economic conditions, whether internationally, nationally or in the local markets in which we operate; legislative or regulatory changes that may adversely affect our business; operational, mechanical, climatic or other unanticipated issues that adversely affect the production capacity of the Company's fishing vessels and their ability to generate expected annual revenue and net income; and other 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. 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 COUNSEL:

The Equity Group Inc.
Katherine Yao, Senior Associate
Tel: +86 10 6587 6435
kyao@equityny.com

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED)
(IN U.S. DOLLARS)










For the three Months Ended










December 31,
2016


December 31,
2015














REVENUE







$

13,152,374

$

13,972,382














COST OF REVENUE







3,274,073


22,913,976














GROSS PROFIT(LOSS)







9,878,301


(8,941,594)














OPERATING EXPENSES:











    Selling






727,435


548,828


    General and administrative






930,481


386,363


         Total Operating Expenses





1,657,916


935,191














INCOME (LOSS) FROM OPERATIONS






8,220,385


(9,876,785)














OTHER INCOME (EXPENSE):










      (Loss) gain on equity method investment






(7,978)


17,845


      Loss from cost method investment





-


(3,820)


      Loss on fixed assets disposal






-


(39,557)


      Interest income







27,940


4,774


      Interest expenses







(315,595)


(773,684)


      Grant income







404,937


1,461,532


      Other income







-


2


      Foreign currency transaction loss






(1,000,663)


(594,302)














INCOME (LOSS) BEFORE INCOME TAXES




7,329,026


(9,803,995)














INCOME TAXES







-


-














NET INCOME (LOSS)






$

7,329,026

$

(9,803,995)














LESS: NET INCOME (LOSS) ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST




638,807


(719,958)














NET INCOME (LOSS)  ATTRIBUTABLE TO OWNERS OF THE COMPANY




$

6,690,219

$

(9,084,037)













COMPREHENSIVE INCOME (LOSS):









    NET INCOME (LOSS)







7,329,026


(9,803,995)


OTHER COMPREHENSIVE LOSS









   Unrealized foreign currency translation loss





(5,379,076)


(2,779,885)

   TOTAL COMPREHENSIVE INCOME (LOSS)





$

1,949,950

$

$ (12,583,880)














LESS: COMPREHENSIVE INCOME (LOSS)  ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST



213,511


(942,077)














COMPREHENSIVE INCOME (LOSS)  ATTRIBUTABLE TO OWNERS OF THE COMPANY



$

1,736,439

$

(11,641,803)













NET INCOME  (LOSS)  PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPNAY








Basic and diluted earnings per share





$

0.08

$

(0.11)













WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:








    Basic and diluted








79,055,053


79,055,053













 

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(IN U.S. DOLLARS)





For the Years Ended December 31,





2016


2015


2014










REVENUE

$

20,540,769

$

60,700,190

$

233,427,011










COST OF REVENUE


29,328,776


63,476,627


155,840,823










GROSS (LOSS) PROFIT


(8,788,007)


(2,776,437)


77,586,188










OPERATING EXPENSES:








Selling


1,235,497


1,858,687


2,673,213


General and administrative


3,969,465


2,933,588


4,537,351












Total Operating Expenses


5,204,962


4,792,275


7,210,564










(LOSS) INCOME FROM OPERATIONS


(13,992,969)


(7,568,712)


70,375,624










OTHER INCOME (EXPENSE):








Interest income


31,991


103,668


16,772


Interest expense


(1,972,267)


(3,630,200)


(4,815,670)


Foreign currency transaction loss


(1,543,357)


(1,308,922)


(258,248)


Grant income


558,451


33,152,698


20,094,039


Gain from cost method investment


375,396


413,614


348,523


Loss on equity method investment


(33,073)


(19,700)


-


Loss on fixed assets disposal


-


(1,583,834)


-


Other expense


(471)


(210)


(335)












Total Other (Expense) Income, net


(2,583,330)


27,127,114


15,385,081










(LOSS) INCOME BEFORE INCOME TAXES


(16,576,299)


19,558,402


85,760,705










INCOME TAXES


984


-


-










NET (LOSS) INCOME

$

(16,577,283)

$

19,558,402

$

85,760,705










LESS: NET (LOSS) INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST


(1,111,685)


1,205,485


-










NET (LOSS) INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY

$

(15,465,598)

$

18,352,917

$

85,760,705










COMPREHENSIVE (LOSS) INCOME:








NET (LOSS) INCOME


(16,577,283)


19,558,402


85,760,705


OTHER COMPREHENSIVE LOSS









Unrealized foreign currency translation loss


(9,207,341)


(8,628,162)


(552,656)


COMPREHENSIVE (LOSS) INCOME  

$

(25,784,624)

$

10,930,240

$

85,208,049


LESS: COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST


(1,840,584)


658,092


-


COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY

$

(23,944,040)

$

10,272,148

$

85,208,049










NET (LOSS) INCOME PER ORDINARY SHARE ATTRIBUTABLE TO OWNERS OF THE COMPNAY








Basic and diluted

$

(0.20)

$

0.23

$

1.08










WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING:








Basic and diluted


79,055,053


79,055,053


79,055,053


 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN U.S. DOLLARS)



December 31,



2016


2015

ASSETS










CURRENT ASSETS:





    Cash

$

820,396

$

11,448,684

    Restricted cash


2,911,922


1,577,642

    Accounts receivable, net of allowance for doubtful accounts


11,322,726


12,575,042

    Inventories, net of reserve for inventories


8,811,111


2,336,167

    Advances to suppliers


3,969,352


35,994,146

    Prepaid expenses


8,145


1,818

    Prepaid expenses - related parties


522,337


4,640,166

    Receivable from transferring equity method investment shares


-


15,406,659

    Other receivables


30,016,198


78,051

    Other receivables - related parties


639,917


7,887,527






        Total Current Assets


59,022,104


91,945,902






OTHER ASSETS:





    Cost method investment


3,027,245


3,235,398

    Equity method investment


28,493,273


30,486,314

    Prepayment for long-term assets


11,913,912


11,654,645

    Property, plant and equipment, net


122,196,594


94,555,114






        Total Other Assets


165,631,024


139,931,471






        Total Assets

$

224,653,128

$

231,877,373






LIABILITIES AND SHAREHOLDERS' EQUITY










CURRENT LIABILITIES:





    Accounts payable

$

916,737

$

978,353

    Accounts payable - related parties


2,560,760


408,631

    Short-term bank loans


21,554,636


21,971,438

    Long-term bank loans - current portion


17,298,544


12,679,680

    Accrued liabilities and other payables


4,399,536


5,044,049

    Accrued liabilities and other payables - related party


18,147,152


-

    Due to related parties


43,354


1,384,644






        Total Current Liabilities


64,920,719


42,466,795






OTHER LIABILITIES:





    Long-term bank loans - non-current portion


21,839,412


22,570,755






        Total Liabilities


86,760,131


65,037,550






COMMITMENTS AND CONTINGENCIES










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, 2016 and 2015)


79,055


79,055

    Additional paid-in capital


111,008,085


111,008,085

    Retained earnings


15,690,240


34,318,040

    Statutory reserve


9,391,827


9,391,827

    Accumulated other comprehensive loss


(12,804,793)


(4,326,351)

    Total equity attributable to owners of the company


123,364,414


150,470,656

    Non-controlling interest


14,528,583


16,369,167






        Total Shareholders' Equity


137,892,997


166,839,823






        Total Liabilities and Shareholders' Equity

$

224,653,128

$

231,877,373


 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN U.S. DOLLARS)






For the Years Ended December 31,






2016


2015


2014











CASH FLOWS FROM OPERATING ACTIVITIES:








Net (loss) income

$

(16,577,283)

$

19,558,402

$

85,760,705


Adjustments to reconcile net (loss) income from operations to net cash









(used in) provided by operating activities:









Depreciation


6,613,720


6,353,055


6,017,886



(Decrease) increase in allowance for doubtful accounts


(100,366)


(770,195)


1,173,223



(Decrease) increase in reserve for inventories


(213,255)


227,826


-



Loss on equity method investment


33,073


19,700


-



Loss on disposal of fixed assets


-


1,583,834


-


Changes in operating assets and liabilities:









Accounts receivable


563,318


37,007,012


(42,134,612)



Inventories


(6,705,933)


9,302,719


(3,150,909)



Advances to suppliers


(145,293)


(37,575,746)


-



Prepaid expenses


(6,729)


30,633


4,213,938



Prepaid expenses - related parties


3,988,749


2,382,910


(7,314,375)



Deferred expenses - related parties


-


1,016,039


(1,028,327)



Other receivables


(94,155)


87,907


(156,606)



Accounts payable


1,387


(145,617)


(1,762,518)



Accounts payable - related parties


2,275,069


2,202,515


(8,604,461)



Advances from customers


-


(162,631)


(128,109)



Accrued liabilities and other payables


(334,820)


(266,105)


1,019,221



Accrued liabilities and other payables - related party


5,732,472


-


-



Due to related parties


20,000


1,292


23,352











NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES


(4,950,046)


40,853,550


33,928,408











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


(1,465,144)


(56,222,226)


(890,897)



Proceeds from government grants for fishing vessels construction


-


-


3,451,914



Prepayments made for long-term assets


(26,671,132)


-


-



Payments for equity method investment


-


(40,209,087)


(15,952,598)



Proceeds from transferring equity method investment share


15,055,026


8,041,817


-











NET CASH USED IN INVESTING ACTIVITIES


(13,081,250)


(66,187,228)


(35,862,379)

 

PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(IN U.S. DOLLARS)



For the Years Ended December 31,



2016


2015


2014

CASH FLOWS FROM FINANCING ACTIVITIES:









Proceeds from short-term bank loans


23,275,729


23,958,292


67,175,414



Repayments of short-term bank loans


(22,234,749)


(30,989,630)


(45,797,736)



Proceeds from long-term bank loans


18,818,783


-


3,743,977



Repayments of long-term bank loans


(12,390,286)


(19,963,812)


(19,957,026)



Increase in restricted cash


(1,499,481)


(1,646,964)


-



Advances from related parties


5,063,620


3,910,000


2,350,000



Payments made for dividend


(3,162,202)


(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)


-











NET CASH PROVIDED BY FINANCING ACTIVITIES


7,871,414


23,881,357


6,724,079











EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS


(468,406)


148,733


(194,435)











NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS


(10,628,288)


(1,303,588)


4,595,673











CASH AND CASH EQUIVALENTS - beginning of year


11,448,684


12,752,272


8,156,599











CASH AND CASH EQUIVALENTS - end of year

$

820,396

$

11,448,684

$

12,752,272











SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:








Cash paid for:










Interest

$

2,921,417

$

3,799,389

$

5,648,796




Income taxes

$

984

$

-

$

-











NON-CASH INVESTING AND FINANCING ACTIVITIES:








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

$

38,332,421

$

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

$

6,424,910

$

4,900,000

$

-


Increase in prepayment for long-term assets by increasing in accrued liabilities and other payables - related party

$

13,219,818

$

-

$

-


Reclassification of advances to suppliers to other receivables

$

31,172,469

$

-

$

-

 

Source: Pingtan Marine Enterprise Ltd.

Related stocks: NASDAQ-NMS:PME

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