PINGTAN MARINE ENTERPRISE REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2021
Company to Hold Conference Call on Wednesday, May 18, 2022, at 8:30 AM ET
FUZHOU, China, May 17, 2022 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (NASDAQ:PME) ("Pingtan" or the "Company"), a fishing company based in the People's Republic of China (PRC), today announced financial results for its fourth quarter and fiscal year ended December 31, 2021.
Fourth Quarter 2021 Financial Highlights (Year over Year Comparison)
- Revenue was $62.8 million, representing a 102.5% year-over-year increase.
- Gross loss was $7.4 million, compared to gross loss of $12.0 million, and gross loss margin was 11.8%, compared to gross loss margin of 38.7%.
- 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 $79.7 million, or $(1.00) per basic and diluted share.
2021 Financial Highlights (Year over Year Comparison)
- Revenue was $164.1 million, representing an 88.1% year-over-year increase.
- Gross loss was $12.6 million, compared to gross loss of $2.4 million, and gross loss margin was 7.7%, compared to gross loss margin of 2.8%.
- Net loss attributable to owners of the Company was $2.5 million, or $(0.03) per basic and diluted share, compared to net loss attributable to owners of the Company of $72.9 million, or $(0.92) per basic and diluted share.
Management Comments
Mr. Xinrong Zhuo, Chairman and CEO of the Company, commented, "In 2021, various businesses were challenged by the COVID-19 as it resurged from time to time in many localities across China throughout the year. Despite the overall difficulties, we were able to deliver an 88.1% increase in revenue and a 54.4% increase in sales volumes for 2021. However, due to the market downturn, the company recorded a decreased gross margin for the 2021 fiscal year, albeit a slightly increased gross profit margin in the second half of the year.
As such, the management believes that it is necessary to continue to strengthen the Company's production capacity and all aspects of product sales in the new year. Meanwhile, the management has decided to make certain strategic adjustments, including suspending the construction of the Antarctic krill vessel to recover funds, as well as expediting the modification and rebuilding progress of a new batch of fishing vessels to further increase harvest capacity and volume. The Company has also intensified its efforts to connect with large-scale distributors to improve the delivery speed through online-offline linkage, reduce frozen storage costs and selling expenses, and improve corporate efficiency."
Factors Affecting Pingtan's Results of Operations
COVID-19 pandemic
The COVID-19 pandemic has adversely affected the global economy, our markets in the PRC and our business.
In reaction to the pandemic, many provinces and municipalities in the PRC, where our business is currently conducted, activated the highest response to the emergency public health incident. Emergency quarantine measures and travel restrictions have had a significant impact on many sectors across China, which has also adversely affected the Company's operations. To reduce the impact on its production and operations, the Company has implemented a series of safety measures, and has resumed normal operations since March 2020. Management is focused on mitigating the impact of COVID-19 on its business operations while protecting the employees' health and safety. The Company will continue to actively monitor the situation and may take further actions that alter its business operations as may be required by local authorities or that the Company determines are in the best interests of its employees, customers, partners, suppliers and other stakeholders.
Some of the Company's customers are fish processing plants that export processed fish products to foreign countries. These customers reduced or postponed their purchases from us and adjusted their business strategies in relation to exportation or domestic sale in light of the development of the pandemic. These changes may cause a decrease in our unit selling price, an increase in inventory and delayed settlement of our accounts receivable. If the economic effects caused by the pandemic continue or increase in the PRC, overall customer demand may continue to decrease, which could have an adverse effect on our business, results of operations and financial condition.
The Company anticipates that its results of operations will continue to be affected by this pandemic in fiscal year 2022, as the COVID-19 pandemic has continued to caused disruptions to domestic and global businesses and markets. However, the extent of the impact on the Company's financial condition and results of operations is still highly uncertain and will depend on future developments, such as the ultimate duration and scope of the pandemic, its continuing impact on our customers, how quickly normal economic conditions, operations, and the demand for the Company's products can fully resume and whether the pandemic leads to recessionary conditions in the PRC, the United States or globally. As such, the Company may not reasonably estimate the extent of the impact on its full-year results of operations, its liquidity or its overall financial position.
The Company's Fishing Fleet
As of December 31, 2021, of the Company's 142 vessels, 100 were located in international waters, 12 were located in the Bay of Bengal in India, 13 were located in the PRC, and the remaining 17 were located in the Arafura Sea in Indonesia and not in operation.
Pingtan's Revenue Break-down By PRC Provincial Division
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Fujian province | 50 | % | 68 | % | 66 | % | ||||||
Shandong province | 29 | % | 24 | % | 28 | % | ||||||
Zhejiang province | 9 | % | 7 | % | 4 | % | ||||||
Guangdong province | 4 | % | 0 | % | 1 | % | ||||||
Liaoning province | 3 | % | 0 | % | 0 | % | ||||||
Other areas | 5 | % | 1 | % | 1 | % | ||||||
Total | 100 | % | 100 | % | 100 | % | ||||||
2021 Selected Financial Highlights
($ in millions, except share and per share data) | Three Months ended December 31, | Years Ended December 31, | |||
2021 | 2020 | 2021 | 2020 | 2019 | |
Revenue | $62.8 | $31.0 | $164.1 | $87.2 | $89.6 |
Cost of Revenue | $70.2 | $43.0 | $176.7 | $89.7 | $64.4 |
Gross (Loss) Profit | $ (7.4) | $(12.0) | $(12.6) | $(2.4) | $25.2 |
Gross (Loss) Profit Margin | (11.8)% | (38.7)% | (7.7)% | (2.8)% | 28.1% |
Net (Loss) Income | $7.3 | $(85.2) | $(2.4) | $(77.6) | $6.4 |
Basic and Diluted Weighted Average Shares Outstanding | 85.9 | 79.3 | 84.9 | 79.1 | 79.1 |
EPS (in $) | $0.08 | $(1.00) | $(0.04) | $(0.92) | $0.07 |
Balance Sheet Highlights
As of December 31, | ||
($ in millions, except for book value per share) | 2021 | 2020 |
Cash and Cash Equivalents | $5.8 | $0.7 |
Total Current Assets | $240.4 | $114.2 |
Total Assets | $576.2 | $463.5 |
Total Current Liabilities | $243.4 | $133.4 |
Total Long-term bank loans-non-current | $240.7 | $245.1 |
Total Liabilities | $484.1 | $378.5 |
Shareholders' Equity | $92.1 | $85.0 |
Total Liabilities and Shareholders' Equity | $576.2 | $463.5 |
Book Value Per Share (in $) | $1.08 | $1.07 |
Consolidated Financial and Operating Review
Revenue
The Company's revenue for the three months ended December 31, 2021 was $62.8 million, as compared to $31.0 million for the same period of 2020.
The Company's revenue was $164.1 million in 2021, representing an increase of 88.1% from $87.2 million in 2020.
In 2021, the Company's sales volumes increased by 54.4% to 129,993,532 kg from 84,185,002 kg in 2020. The average unit selling price increased by 21.2% from 2020 to 2021. The increase in revenue was mainly attributable to the different sales mix, an increase in the average unit selling price, and the increased sales volume as a result of more vessels were put into operations.
Gross Margin
The Company's gross loss margin was 11.8 % for the three months ended December 31, 2021, as compared to gross loss margin of 38.7% for the same period of 2020.
The Company's gross loss margin was 7.7% in 2021, as compared to gross loss margin of 2.8% in 2020.
Selling Expense
For the three months ended December 31, 2021, total selling expense was $2.5 million, as compared to $1.6 million for the same period of 2020.
In 2021, total selling expense was $7.6 million, as compared to $4.9 million in 2020, representing an increase of 57.4%. The increase was primarily due to the increases in insurance fees, storage fees, customs clearance charges, shipping and handling fees, and miscellaneous selling expense.
General & Administrative Expense
For the three months ended December 31, 2021, general and administrative expense was $0.7 million, as compared to $2.0 million for the same period of 2020.
In 2021, total general and administrative expense was $6.8 million, as compared to $7.2 million in 2020, representing a decrease of 6.0%, primarily due to a decrease in depreciation expense, partially offset by an increase in professional fees due to the increases in accounting fees and legal fees.
Net Income/(Loss)
Net income for the three months ended December 31, 2021 was $7.3 million, as compared to net loss of $85.2 million for the same period of 2020.
In 2021, net loss was $2.4 million, as compared to net loss of $77.6 million in 2020.
Net Income/(Loss) Attributable to Ordinary Shareholders of the Company
Net income attributable to ordinary shareholders of the Company for the three months ended December 31, 2021 was $6.7 million, or $0.08 per basic and diluted share, as compared to net loss attributable to ordinary shareholders of the Company of $79.7 million, or $(1.00) per basic and diluted share, for the same period of 2020.
Net loss attributable to ordinary shareholders of the Company in 2021 was $2.5 million, or $(0.03) per basic and diluted share, as compared to net loss attributable to ordinary shareholders of the Company of $72.9 million, or $(0.92) per basic and diluted share, in 2020.
Conference Call Details
Pingtan also announced that it will discuss financial results in a conference call on Wednesday, May 18, 2022 – 8:30 a.m. ET (May 18, 2022, at 8:30 p.m. Beijing Time).
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: https://event.choruscall.com/mediaframe/webcast.html?webcastid=XgNdUfYE.html.This webcast will be archived and accessible through the Company's website for approximately 30 days following the call.
About Pingtan
Pingtan is a fishing company that engages 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 contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding Pingtan's business development, financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as "expect," "anticipate," "believe," "project," "will" and similar expressions intended to identify forward-looking statements. 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; delays in deploying vessels; conducting fishing operations and locating or re-locating vessels, in foreign waters and related license requirements; actions taken by government regulators, such as the Indonesian moratorium, or reports or allegations of illegal activity by us, related parties or those with which we conduct business; our ability to successfully manage relationships with customers, distributors and other important relationships; technological changes; competition; demand for our products and services; operational, mechanical, climatic or other unanticipated issues; the deterioration of general economic conditions, whether internationally, nationally or in the local markets in which we operate; the impact of the coronavirus (COVID-19) on the Company's financial condition, business operations and liquidity; the impact of COVID-19 on our customers and distributors global or national health concerns, including the outbreak of pandemic or contagious diseases such as the COVID-19 pandemic; legislative or regulatory changes that may adversely affect our business; 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 and 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, except as required by law.
CONTACT:
LiMing Yung (Michael)
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 87271753
michaelyung@ptmarine.net
Maggie Li
Investor Relations Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
mli@ptmarine.net
INVESTOR RELATIONS
PureRock Communications Limited
PTmarine@pure-rock.com
PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES | |||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) | |||||||||||
(IN U.S. DOLLARS) | |||||||||||
For the three Months Ended | |||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||
REVENUE | $ | 62,807,077 | $ | 31,022,204 | |||||||
COST OF REVENUE | 70,194,063 | 43,019,999 | |||||||||
GROSS PROFIT | (7,386,986) | (11,997,795) | |||||||||
OPERATING EXPENSES: | |||||||||||
Selling | 2,519,748 | 1,567,947 | |||||||||
General and administrative | 987,971 | 1,216,266 | |||||||||
General and administrative-Depreciation | (310,673) | 791,943 | |||||||||
Subsidy | (561,642) | (881,465) | |||||||||
Impairment loss | 4,830,150 | 67,713,324 | |||||||||
Settlement of contract | (26,408,130) | - | |||||||||
Total Operating Expenses | (18,942,576) | 70,408,015 | |||||||||
INCOME FROM OPERATIONS | 11,555,590 | (82,405,810) | |||||||||
OTHER INCOME (EXPENSE): | |||||||||||
Interest income | 298,966 | 409,734 | |||||||||
Interest expenses | (5,650,377) | (3,560,970) | |||||||||
Foreign currency transaction gain | 1,047,466 | 204,687 | |||||||||
Gain(Loss) from cost method investment | 7,518 | 1,821 | |||||||||
Gain(Loss) on equity method investment | 57,081 | 195,044 | |||||||||
Other expense | 2,638 | (477) | |||||||||
Total Other Expense, net | (4,236,708) | (2,750,161) | |||||||||
LOSS BEFORE INCOME TAXES | 7,318,882 | (85,155,971) | |||||||||
INCOME TAXES | 1,749 | - | |||||||||
NET INCOME (LOSS) | $ | 7,317,133 | $ | (85,155,971) | |||||||
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO THE NON- | 642,211 | (5,499,859) | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO OWNERS | $ | 6,674,922 | $ | (79,656,112) | |||||||
COMPREHENSIVE INCOME: | |||||||||||
NET INCOME/LOSS | 7,317,133 | (85,155,971) | |||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
Unrealized foreign currency translation gain (loss) | (187,190) | 3,310,552 | |||||||||
TOTAL COMPREHENSIVE INCOME/LOSS | $ | 7,129,943 | $ | (81,845,419) | |||||||
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO | 625,298 | (5,170,963) | |||||||||
COMPREHENSIVE INCOME (LOSS)ATTRIBUTABLE TO | $ | 6,504,645 | $ | (76,674,456) | |||||||
NET INCOME (LOSS)PER ORDINARY SHARE ATTRIBUTABLE TO | |||||||||||
Basic and diluted earnings per share | $ | 0.08 | $ | (1.00) | |||||||
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING: | |||||||||||
Basic and diluted | 85,940,965 | 79,302,428 | |||||||||
PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||
(IN U.S. DOLLARS) | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
REVENUE | $ | 164,083,044 | $ | 87,240,420 | $ | 89,622,156 | ||||||
COST OF REVENUE | 176,724,581 | 89,661,883 | 64,396,571 | |||||||||
GROSS (LOSS)/ PROFIT | (12,641,537) | (2,421,463) | 25,225,585 | |||||||||
OPERATING EXPENSE (INCOME): | ||||||||||||
Selling | 7,632,730 | 4,850,044 | 2,715,599 | |||||||||
General and administrative | 5,892,080 | 4,091,729 | 4,163,873 | |||||||||
General and administrative - depreciation | 836,142 | 3,066,522 | 3,726,061 | |||||||||
Government subsidy | (20,449,471) | (13,660,284) | (6,440,299) | |||||||||
Impairment loss | 6,301,373 | 67,713,324 | 7,951,635 | |||||||||
Settlement of contract | (26,408,130) | - | - | |||||||||
(Gain) on fixed assets disposal | - | - | (59,432) | |||||||||
Total Operating (Income) Expense, Net | (26,195,276) | 66,061,335 | 12,057,437 | |||||||||
INCOME (LOSS) FROM OPERATIONS | 13,553,739 | (68,482,798) | 13,168,148 | |||||||||
OTHER INCOME (EXPENSE): | ||||||||||||
Interest income | 371,695 | 3,745,611 | 780,604 | |||||||||
Interest (expense) | (17,371,089) | (13,432,919) | (6,055,310) | |||||||||
Foreign currency transaction gain (loss) | 1,231,614 | 607,674 | (298,304) | |||||||||
Dividend income from cost method investment | 612,734 | 135,338 | 312,727 | |||||||||
(Loss) on the interest sold | - | - | (86,603) | |||||||||
(Loss) on equity method investment | (708,020) | (156,085) | (486,803) | |||||||||
Other (expense) | (74,223) | (35,401) | (954,394) | |||||||||
Total Other Expense, net | (15,937,289) | (9,135,782) | (6,788,083) | |||||||||
(LOSS) INCOME BEFORE INCOME TAXES | (2,383,550) | (77,618,580) | 6,380,065 | |||||||||
INCOME TAXES | 1,749 | - | - | |||||||||
NET (LOSS) INCOME | (2,385,299) | (77,618,580) | 6,380,065 | |||||||||
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST | 95,420 | (4,740,332) | 698,041 | |||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO OWNERS OF THE COMPANY | (2,480,719) | (72,878,248) | 5,682,024 | |||||||||
LESS: PREFERRED DIVIDENDS | (640,922) | |||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO ORDINARY | $ | (3,121,641) | $ | (72,878,248) | $ | 5,682,024 | ||||||
COMPREHENSIVE (LOSS) INCOME: | ||||||||||||
NET (LOSS) INCOME | $ | (2,385,299) | $ | (77,618,580) | $ | 6,380,065 | ||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||
Unrealized foreign currency translation gain (loss) | 2,895,972 | 7,156,773 | (2,861,319) | |||||||||
COMPREHENSIVE INCOME (LOSS) | 510,673 | (70,461,807) | 3,518,746 | |||||||||
Less: comprehensive income (loss) attributable to the non-controlling interest | 342,401 | (4,095,594) | 469,583 | |||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO OWNERS OF THE COMPANY | $ | 168,272 | $ | (66,366,213) | $ | 3,049,163 | ||||||
NET (LOSS) INCOME PER ORDINARY SHARE; | ||||||||||||
Basic and diluted | $ | (0.03) | $ | (0.92) | $ | 0.07 | ||||||
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING: | ||||||||||||
Basic and diluted | 84,906,368 | 79,121,471 | 79,055,053 | |||||||||
PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(IN U.S. DOLLARS) | ||||||||
December 31, | ||||||||
2021 | 2020 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash | $ | 5,789,508 | $ | 691,933 | ||||
Restricted cash | 14,831,138 | 9,912,666 | ||||||
Accounts receivable, net of allowance for doubtful accounts | 26,861,827 | 31,946,561 | ||||||
Accounts receivable-related parties | 5,660,857 | - | ||||||
Inventories, net of reserve | 54,969,973 | 67,611,136 | ||||||
Prepaid expenses | 18,559,252 | 170,706 | ||||||
Prepaid expenses-related party | - | 2,015,357 | ||||||
Other receivables | 113,765,721 | 1,901,094 | ||||||
Total Current Assets | 240,438,276 | 114,249,453 | ||||||
OTHER ASSETS: | ||||||||
Cost method investment | 3,293,756 | 3,218,440 | ||||||
Equity method investment | 29,674,764 | 29,689,813 | ||||||
Prepayment for long-term assets | 30,114,340 | 66,083,041 | ||||||
Right-of-use asset | 465,016 | 64,220 | ||||||
Property, plant and equipment, net | 272,249,346 | 250,155,011 | ||||||
Total Other Assets | 335,797,222 | 349,210,525 | ||||||
Total Assets | $ | 576,235,498 | $ | 463,459,978 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 54,153,711 | $ | 18,792,983 | ||||
Accounts payable - related parties | 4,960,300 | 9,966,708 | ||||||
Short-term bank loans | 72,305,786 | 52,414,596 | ||||||
Long-term bank loans - current | 76,856,590 | 39,987,577 | ||||||
Accrued liabilities and other payables | 27,531,333 | 12,151,633 | ||||||
Lease liabilities- current | 400,557 | 32,349 | ||||||
Due to related parties | 7,175,988 | 18,354 | ||||||
Total Current Liabilities | 243,384,265 | 133,364,200 | ||||||
OTHER LIABILITIES: | ||||||||
Lease liabilities | 32,161 | - | ||||||
Long-term bank loans - non-current | 240,729,193 | 245,116,088 | ||||||
Total Liabilities | 484,145,619 | 378,480,288 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
SHAREHOLDERS' EQUITY: | ||||||||
Equity attributable to owners of the Company: | ||||||||
Ordinary shares ($0.001 par value; 125,000,000 shares authorized; 85,940,965 and 79,302,428 shares issued and | 85,941 | 79,302 | ||||||
Additional paid-in capital | 89,279,792 | 82,045,993 | ||||||
(Deficit) | (21,842,858) | (18,594,755) | ||||||
Statutory reserve | 15,878,174 | 15,751,712 | ||||||
Accumulated other comprehensive (loss) | (6,919,882) | (9,568,873) | ||||||
Total equity attributable to owners of the Company | 76,481,167 | 69,713,379 | ||||||
Non-controlling interest | 15,608,712 | 15,266,311 | ||||||
Total Shareholders' Equity | 92,089,879 | 84,979,690 | ||||||
Total Liabilities and Shareholders' Equity | $ | 576,235,498 | $ | 463,459,978 | ||||
PINGTAN MARINE ENTERPRISE LTD. AND SUBSIDIARIES | ||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
(IN U.S. DOLLARS) | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net (loss) income | $ | (2,385,299) | $ | (77,618,580) | $ | 6,380,065 | ||||||
Adjustments to reconcile net income from operations to net cash provided by (used in) operating | ||||||||||||
Depreciation | 16,129,686 | 14,722,446 | 11,308,882 | |||||||||
Bad debt expense | 178,244 | 380,866 | 8,050 | |||||||||
Inventory reserve (reversal) | 9,366,467 | 14,984,980 | (142,370) | |||||||||
Loss on equity method investment | 708,020 | 156,085 | 486,803 | |||||||||
Stock issued for professional fees | - | 209,793 | - | |||||||||
Loss on the interest sold | - | - | 86,603 | |||||||||
(Gain) on disposal of fixed assets | - | - | (59,432) | |||||||||
Impairment loss | 6,301,372 | 67,713,324 | 7,943,585 | |||||||||
Settlement of contract | (26,408,129) | - | - | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | 5,669,874 | (21,222,129) | (3,110,730) | |||||||||
Inventories | 4,820,618 | (48,067,241) | (24,918,904) | |||||||||
Prepaid expenses | (18,341,059) | 1,199,764 | (727,857) | |||||||||
Prepaid expenses - related parties | 2,057,259 | (1,906,460) | - | |||||||||
Due from related parties | (5,646,422) | - | - | |||||||||
Other receivables | (8,091,258) | (1,177,998) | 74,967 | |||||||||
Accounts payable | 35,780,524 | 8,933,807 | (22,443,999) | |||||||||
Accounts payable - related parties | (5,226,281) | 7,701,504 | (1,501,793) | |||||||||
Accrued liabilities and other payables | 14,108,415 | 738,755 | 5,527,508 | |||||||||
Accrued liabilities and other payables - related party | - | - | (1,290) | |||||||||
Due to related parties | 297,678 | 672,932 | (9,483,868) | |||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 29,319,709 | (32,578,152) | (30,573,780) | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Prepayment for long-term assets | (54,141,296) | (12,913,191) | (49,592,695) | |||||||||
Purchase of property, plant and equipment | (30,718,417) | (86,611,283) | (118,468,793) | |||||||||
Proceeds from disposal of property, plant and equipment | - | - | 72,480 | |||||||||
Proceeds from government grants for fishing vessels construction | 18,460,576 | 29,358,038 | 35,524,824 | |||||||||
NET CASH (USED IN) INVESTING ACTIVITIES | (66,399,137) | (70,166,436) | (132,464,184) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Proceeds from short-term bank loans | 72,121,401 | 93,075,852 | 10,147,133 | |||||||||
Repayment of short-term bank loans | (53,504,380) | (53,641,846) | (5,062,771) | |||||||||
Proceeds from long-term bank loans | 98,315,781 | 108,821,094 | 208,023,483 | |||||||||
Repayment of long-term bank loans | (72,571,291) | (58,952,604) | (18,880,916) | |||||||||
Advances from (to) related parties | 6,992,000 | - | (22,664,328) | |||||||||
Proceeds from Due from related party | - | 12,619,964 | - | |||||||||
Proceeds from Issue of Ordinary Shares | 4,351,243 | - | - | |||||||||
Proceeds from Issue of Preferred Shares | 3,698,273 | - | - | |||||||||
Repayment to related party | (11,913,633) | - | - | |||||||||
Repurchase shares | (1,450,000) | - | - | |||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 46,039,394 | 101,922,460 | 171,562,601 | |||||||||
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 1,056,081 | 1,334,522 | (399,287) | |||||||||
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 10,016,047 | 512,394 | 8,125,350 | |||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - beginning of period | 10,604,599 | 10,092,205 | 1,966,855 | |||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED - end of period | $ | 20,620,646 | $ | 10,604,599 | $ | 10,092,205 | ||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||||||
Cash paid for: | ||||||||||||
Interest | $ | 17,759,215 | $ | 20,549,990 | $ | 6,419,569 | ||||||
Income taxes | $ | - | $ | - | $ | - | ||||||
RECONCILIATION TO AMOUNTS ON CONSOLIDATED BALANCE SHEETS: | ||||||||||||
Cash and cash equivalents | $ | 5,789,508 | $ | 691,933 | $ | 10,092,205 | ||||||
Restricted cash | 14,831,138 | 9,912,666 | - | |||||||||
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH | $ | 20,620,646 | $ | 10,604,599 | $ | 10,092,205 | ||||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||||
Acquisition of property and equipment by decreasing prepayment for long-term assets | $ | 37,419,467 | $ | - | $ | - | ||||||
View original content:https://www.prnewswire.com/news-releases/pingtan-marine-enterprise-reports-financial-results-for-the-fourth-quarter-and-year-ended-december-31-2021-301549579.html
SOURCE Pingtan Marine Enterprise Ltd.