Sinovac Reports Unaudited Fourth Quarter and Preliminary Full Year 2011 Financial Results - Conference call scheduled for Thursday, March 29, 2012 at 8:00 AM EDT -

BEIJING, March 29, 2012 /PRNewswire-Asia/ -- Sinovac Biotech Ltd. (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, announced today its unaudited fourth quarter and preliminary full year financial results for the period ended December 31, 2011.

Financial Highlights

  • Sales in the fourth quarter 2011 increased 131.3% year-over-year to $21.1 million, compared to $9.1 million, and full year sales increased 70.2% to $56.8 million.
  • Net income attributable to stockholders in the fourth quarter 2011 was $2.8 million, or $0.05 per basic and diluted share.  Full year net loss attributable to stockholders was $845,000, or $0.02 per basic and diluted share.
  • Operating cash flow in the fourth quarter was $16.6 million, up 40.6% compared to $11.8 million in the same period of last year.  Compared to a cash outflow of $14.3 million in 2010, operating cash inflow in 2011 was $13.9 million.
  • Cash and cash equivalents and short-term investments with guaranteed income totaled $104.3 million as of December 31, 2011, compared to $94.2 million as of September 30, 2011 and $103.1 million as of December 31, 2010.

Recent Business Highlights

  • In January 2012, Sinovac commenced the phase III clinical trial for its proprietary inactivated EV71 vaccine against hand, foot and mouth disease (HFMD).  According to the results of phase II clinical trial completed in November 2011, the formulation of 400U with aluminum adjuvant was selected as the dosage to be evaluated in the Phase III clinical trial.  The trial is expected to enroll up to 10,000 healthy volunteers from ages 6-35 months, and designed as a randomized, double blinded, placebo controlled study.  The vaccination schedule calls for two shots at 0 and 28 days.  Up to present time, approximately 10,000 healthy volunteers have been enrolled. Recently, the two-shot inoculation schedule and the blood collection on the 56th day after the first inoculation were completed.  Starting on March 14, 2012, the observation and data collection phase to assess the HFMD epidemic situation has commenced to evaluate the efficacy of the novel vaccine.  Currently, the Phase III trial is on track to be completed in the first half of 2013.
  • In December 2011, Sinovac Dalian, an operating subsidiary of the Company obtained the production license from the SFDA for its mumps vaccine. Subsequently in March 2012, Sinovac Dalian, applied for the GMP certification for the mumps vaccine production plant and currently is waiting for notification of the inspection date from the SFDA.
  • In October 2011, the Company purchased an additional 1.53% interest in Sinovac Beijing by contributing a total amount of $2.9 million (RMB 18.6 million) in declared but unpaid dividends and increased its equity ownership from 71.56% to 73.09%.
  • In March 2012, Sinovac was awarded the government tender in Mongolia to supply Healive to Mongolia.  The total ordered quantity is approximately 191,000 doses.

Dr. Weidong Yin, Chairman, President and CEO of Sinovac, commented, "I am very pleased with our sales performance this year, especially for Bilive, which has been instrumental in expanding our private market share and increasing our revenue from private market in China.  In 2011, we have gained traction in the public market and won tenders in Xinjiang Uyghur Autonomous Region, Shanghai and Beijing.  While the Chinese vaccine market is recovering from unfavorable factors that occurred in 2010, we have nonetheless expanded our sales to overseas markets.  We are now exporting vaccines to Mongolia, Nepal and the Philippines, and we focused on entering Mexico in 2012, subject to receipt of requisite local market clearance.  In 2012, our sales team will continue its efforts to execute its sales strategies to expand existing commercialized vaccine products and we expect both of our animal rabies vaccine and mumps vaccine to contribute revenue to the Company this year."

Dr. Yin continued, "We are committed to advancing the development of our vaccine pipeline.  Since there is no EV71 specific prevention method to help control the spread of HFMD, our development of this vaccine addresses a significant unmet medical need as recognized by the governments and parents across Asia.  As such, advancing the clinical development of our proprietary EV71 vaccine is our highest priority program.  Following the positive results from phase I and phase II clinical trials for our EV71 vaccine in 2011, we commenced the phase III clinical trial in January 2012.  We have enrolled approximately 10,000 healthy volunteers, and completed the two shot inoculation schedule and the blood samples collection on the 56th days after the first shot.  We are collecting the epidemic situation data surrounding the clinical site and this data will be utilized to assess the vaccine's efficacy.  We anticipate completing the clinical trial in the first half of 2013.  Meanwhile, the construction of a dedicated EV71 vaccine production plant is progressing on schedule at our Changping site in Beijing."

Dr. Yin concluded, "In addition to improving our operating efficiencies, we continue to manage proactively our strong cash position, which provides ample resources to support our near-term R&D programs and production capacity expansion for our new vaccines.  We are prudently investing in future growth for the long-term interest of our shareholders. "

Financial Review for Fourth Quarter Ended December 31, 2011

Sales Revenue and Gross Profit

Sales for the fourth quarter 2011 were $21.1 million, up 131.3% from $9.1 million for the fourth quarter of 2010. The increase of the fourth quarter 2011 sales mainly comes from the recognition of $14 million revenue of H1N1 vaccine, and the increased sales of Bilive in the private market.  

An analysis of gross profit is as follows:

 

Three months ended December 31,

 

 

2011

2010

 

$

% of Revenue

$

% of Revenue

Sales

 

 

 

 

Hepatitis vaccines

$3,576,426

17%

$2,007,117

22%

Influenza vaccines 

17,566,978

83%

7,134,463

78%

Total sales

21,143,404

100%

9,141,580

100%

Cost of sales

8,031,758

38%

11,028,661

121%

Gross profit (loss)

$ 13,111,646

62%

$ (1,887,081)

(21)%

 

 

 

 

 

 

 

Compared to the same period of 2010, the increased gross profit margin in the fourth quarter 2011 was mainly attributed to the reduced inventory write-offs and provisions and more revenue recognized on government stockpiled H1N1 vaccines that expired and passed inspection. The Company recorded a $2.74 million inventory provision in the fourth quarter 2011 as cost of sales to reflect the expiration of their shelf lives of 581,000 doses of seasonal influenza vaccines due to ending of the flu season, and 2.03 million doses of Healive and Bilive that may not likely be sold in 2012.  The gross margin also reflected a 10% sales return provision for 2011 sales of Anflu and an 8.3% provision for Healive and Bilive.

After deducting depreciation of land use rights, amortization of licenses and permits, the gross margin was a positive 61.9% and a negative 23.2% for the fourth quarter of 2011 and 2010, respectively.

Operating Expenses

Selling, general and administrative expenses for the fourth quarter 2011 decreased compared to the same period in 2010.  The decrease in general expenses mainly resulted from cost control.  The decrease in selling expenses was mainly due to improved productivity of our sales team and less handling and transportation fees on government stockpiling orders which did not require shipment.

Excluding pandemic flu vaccine sales, SG&A expenses as a percentage of sales was 83.2% and 176.1% for the current quarter and prior year quarter, respectively.

Due to the more effective credit management implemented in 2011, the provision for doubtful accounts for the fourth quarter 2011 was reversed by $1.7 million, compared to an increase of $1.9 million for the same period in prior year. 

The R&D expenses in the fourth quarter of 2011 were primarily allocated to the continued development of the pipeline vaccines, including the expenses for the EV71 vaccine with its phase II clinical trial completed in November 2011, the trial production of the mumps vaccine and other R&D projects.

Depreciation of property, plant and equipment and amortization of license and permits for the fourth quarter 2011 were $365,000, lower than $525,000 for the same period of last year, primarily because of the expiration of the amortization period of inactivated hepatitis vaccines.

Total operating expenses for the fourth quarter of 2011 were $6.3 million, compared to $11.3 million in the comparative period in 2010.

Operating income for the three months ended December 31, 2011 was $6.8 million, compared to an operating loss of $13.2 million for the same period of the prior year.  Net income attributable to stockholders for the fourth quarter of 2011 was $2.8 million, or $0.05 per diluted share, as compared to a net loss attributable to stockholders of $8.9 million, or $0.17 per diluted share, in the same period of 2010.

Financial Review for the Twelve Months Period Ended December 31, 2011

Sales Revenue and Gross Profit

Annual sales in 2011 were $56.8 million, up 70.2% from $33.4 million in 2010.  During 2011, $21.8 million in pandemic influenza vaccine sales relating to a prior year order were recorded.  The increase in the regular (non-pandemic) vaccine sales was driven by the significant growth in Bilive sales to the private market.

Sales of our H1N1 and H5N1 vaccines, Panflu.1 and Panflu, represented 24.6% and 13.7%, respectively, of total sales in 2011, as compared to 21.5% and 7.2% of total sales for 2010.  The H1N1 and H5N1 vaccines were all ultimately sold to the Chinese government.

An analysis of our gross profit is as follows:

 

Twelve months ended December 31,

 

2011

2010

 

$

% of revenue

$

% of revenue

Sales

 

 

 

 

Hepatitis vaccines

$26,939,386

47%

$16,200,844

49%

Influenza vaccines 

29,902,506

53%

17,200,582

51%

Total sales

56,841,892

100%

33,401,426

100%

Cost of sales

21,127,410

37%

16,718,727

50%

Gross profit

$35,714,482

63%

$16,682,699

50%

As coordination of production planning improved in 2011, inventory write-offs and provisions decreased from $6.8 million in 2010 to $4.0 million in 2011, which yielded a higher gross profit margin compared to 2010.  However, the lowered inventory write-offs and provisions were not totally reflected in the gross margin increase, given that the positive effect was partially offset by a higher write-off of idle capacity being included in cost of sales, which rose from $298,000 in 2010 to $1.2 million in 2011.  In 2011, due to the enhanced control of production volume, hepatitis and the influenza production facilities had idle capacity of 48% and 30%, respectively.  In 2010, the idle capacity of hepatitis plant was only 11%.

After deducting depreciation of land-use rights, amortization of licenses, permits, gross margins were 62.3% and 48.3% for 2011 and 2010, respectively.

Operating Expenses

Selling general and administrative expenses increased in 2011, but by much less proportionately than the increase in sales.  In 2011, the Company has realigned its sales and marketing efforts to better address the changing Chinese vaccine market.  Selling expenses increased as a result of increased sales promotional expenses for selling Bilive in the private market, expanded sales team to cover a wider geographic area, and increased compensation to sales professionals to improve employee retention.  General and administrative expenses remained at about the same level as in 2010.

Sinovac implemented a more effective credit management in 2011.  As a result, we recorded a recovery of doubtful accounts of $167,000 in 2011, compared to an expense of $1.9 million in 2010.

Over the last few years, the Company has placed a much greater emphasis on product development and built a strong pipeline for the future.  R&D expenses for 2011 were $9.0 million, compared to $8.5 million in 2010.  R&D expenses in 2011 were primarily related to completing the phase II clinical trial and phase III trial production for the Company's EV71 vaccine product candidate, and trial production of mumps vaccine and completing the development of the animal rabies vaccine.

Depreciation of property, plant and equipment and amortization of license and permits for 2011 were $1.4 million, unchanged from the prior year.  Additional depreciation on property, plant and equipment was recorded in 2011 due to the expansion of facilities, and amortization of license and permits in 2011 was reduced because the inactivated hepatitis A vaccine license and permit was fully amortized during the year.

Total operating expenses in 2011 were $31.9 million, compared to $28.8 million in 2010.

Operating income in 2011 was $3.8 million, compared to an operating loss of $12.1 million in 2010.  The net loss attributable to stockholders for 2011 was $845,000, or $0.02 per diluted share, as compared to a net loss attributable to stockholders of $8.5 million, or $0.16 per diluted share, in 2010.

As of December 31, 2011, cash and cash equivalents and short-term investments with guaranteed income totaled $104.3 million, compared to $103.1 million as of December 31, 2010.  The Company has ample financial resources to support its planned research and development activities and its anticipated investment in manufacturing facility expansion initiatives for new vaccines.

Conference Call Details

The Company will host a conference call on Wednesday, March 29, 2012 at 8:00 a.m. EDT (March 29, 2012 at 8:00 p.m. China Standard Time) to review the Company's financial results and provide an update on recent corporate developments.  To access the conference call, please dial 1-877-407-4018 (USA) or 1-201-689-8471 (International).  A replay of the call will be available from 11 a.m. EDT on March 29, 2012 to April 11, 2012 at midnight. To access the replay, please dial 1-877-870-5176 (USA) or 1-858-384-5517 (International) and reference the replay pin number 390514.

A live audio webcast of the call will also be available from the investors section on the corporate web site at www.sinovac.com.  A webcast replay can be accessed on the corporate website beginning March 29, 2012 and the replay will remain available for 30 days.

About Sinovac

Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacturing and commercialization of vaccines that protect against human infectious diseases including hepatitis A and B, seasonal influenza, H5N1 pandemic influenza (avian flu) and H1N1 influenza (swine flu) as well as animal rabies vaccine for canines.  In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, Panflu.1, and has manufactured for the Chinese Central Government pursuant to the government-stockpiling program.  The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government-stockpiling program.  Sinovac has been developing a number of new pipeline vaccines including vaccines for enterovirus 71 (against hand, foot & mouth disease), pneumococcal conjugate, pneumococcal polysaccharides, mumps and rubella, etc.  Sinovac sells its vaccines mainly in China and is exporting selected vaccines to Mongolia, Nepal, and the Philippines.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about Sinovac's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Sinovac does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Helen Yang/Chris Lee

Sinovac Biotech Ltd.
Tel:  +86-10-8279-9871/9659
Fax:  +86-10-6296-6910
Email: ir@sinovac.com

Investors:
Stephanie Carrington
The Ruth Group
Tel:  +1-646-536-7017
Email: scarrington@theruthgroup.com

Media:
Victoria Aguiar
The Ruth Group
Tel:  +1-646-536-7013
Email:  vaguiar@theruthgroup.com

  

 

SINOVAC BIOTECH LTD.

Incorporated in Antigua and  Barbuda

Consolidated Balance Sheets

December 31, 2011 and 2010

(Expressed in U.S. Dollars)

 

 

2011

 

2010

ASSETS

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

  Cash and cash equivalents

$

104,286,695

$

101,585,490

  Short-term investments

 

-

 

1,512,447

  Accounts receivable – net

 

17,834,407

 

22,370,296

  Inventories

 

8,113,428

 

14,541,554

  Due from related party

 

-

 

3,397,522

  Prepaid expenses and deposits

 

1,804,555

 

887,187

  Deferred tax assets

 

-

 

2,682,069

 

 

 

 

 

Total current assets

 

132,039,085

 

146,976,565

 

 

 

 

 

Property, plant and equipment

 

75,627,881

 

64,036,228

Long-term inventories

 

5,248,237

 

395,516

Long-term prepaid expenses

 

408,656

 

517,957

Prepayments for acquisition of equipment

 

828,902

 

576,232

Deferred tax assets

 

419,114

 

507,062

Licenses and permits

 

1,336,254

 

1,348,364

Total assets

$

215,908,129

$

214,357,924

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

  Loans payable

$

4,713,498

$

10,435,887

  Accounts payable and accrued liabilities

 

29,522,495

 

22,091,190

Income tax payable

 

3,351,127

 

958,411

Deferred revenue

 

429,416

 

9,707,688

  Deferred tax liability

 

-

 

1,005,186

  Dividends payable

 

795,106

 

-

  Deferred research grants

 

1,830,566

 

1,559,589

 

 

 

 

 

Total current liabilities

 

40,642,208

 

45,757,951

 

 

 

 

 

Deferred government grants

 

2,277,428

 

2,464,565

Loans payable

 

17,321,327

 

10,057,775

Long term payable for acquisition of assets 

 

-

 

4,842,509

Deferred revenue

 

10,369,695

 

3,478,629

Total long term liabilities

 

29,968,450

 

20,843,478

 

 

 

 

 

Total liabilities

 

70,610,658

 

66,601,429

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

Preferred stock

 

-

 

-

  Authorized 50,000,000 shares at par value of $0.001 each

 

 

 

 

  Issued and outstanding: nil

 

 

 

 

Common stock

 

54,774

 

54,306

  Authorized: 100,000,000 shares at par value of $0.001 each

 

 

 

 

  Issued and outstanding:  54,773,961(2010 –54,305,961)

 

 

 

 

Additional paid-in capital

 

105,383,346

 

104,152,182

Accumulated other comprehensive income

 

9,978,325

 

6,883,834

Statutory surplus reserves

 

11,808,271

 

11,473,110

Retained earnings 

 

2,696,227

 

3,876,084

 

 

 

 

 

Total stockholders' equity

 

129,920,943

 

126,439,516

 

 

 

 

 

Non-controlling interests

 

15,376,528

 

21,316,979

 

 

 

 

 

Total equity

 

145,297,471

 

147,756,495

 

 

 

 

 

Total liabilities and equity

$

215,908,129

$

214,357,924

 

 

  

 

SINOVAC BIOTECH LTD.

Incorporated in Antigua and Barbuda

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

Years ended December 31, 2011 and 2010

(Expressed in U.S. Dollars)

 

 

Three months ended

 

Twelve months ended

 

 

December 31

 

December 31

 

 

2011

 

2010

 

2011

 

2010

Sales

$

21,143,404

$

9,141,580

$

56,841,892

$

33,401,426

 

 

 

 

 

 

 

 

 

Cost of sales-(exclusive of depreciation of land use right and amortization of licenses and permits of $33,507 (2010- $231,339) for three months and $290,526  (2010 -$546,623) for twelve months. 

 

8,031,758

 

11,028,661

 

21,127,410

 

16,718,727

 

 

 

 

 

 

 

 

 

Gross profit

 

13,111,646

 

(1,887,081)

 

35,714,482

 

16,682,699

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

5,909,584

 

7,373,830

 

22,372,095

 

18,885,270

 

 

 

 

 

 

 

 

 

Provision for (recovery of) doubtful accounts

 

(1,661,581)

 

1,921,493

 

(166,865)

 

1,921,493

 

 

 

 

 

 

 

 

 

Research and development expenses - net of $470,827 (2010-$26,210) in government research grants for three months and $686,258 (2010-$43,278) for twelve months. 

 

2,261,688

 

3,248,846

 

9,006,550

 

8,507,796

 

 

 

 

 

 

 

 

 

Depreciation of property, plant and equipment  and amortization of  licenses and permits

 

365,391

 

525,409

 

1,436,944

 

1,411,053

 

 

 

 

 

 

 

 

 

Government grant recognised as income

 

(556,169)

 

(1,726,075)

 

(763,677)

 

(1,924,134)

 

 

 

 

 

 

 

 

 

Total operating expenses

 

6,318,913

 

11,343,503

 

31,885,047

 

28,801,478

Operating income (loss)

 

6,792,733

 

(13,230,584)

 

3,829,435

 

(12,118,779)

 

 

 

 

 

 

 

 

 

Interest and financing expenses –net of $485,317 (2010-$nil) in government grants for three months and $595,883 (2010-$147,520) for twelve months. 

 

61,756

 

(475,002)

 

(384,560)

 

(1,178,072)

 

 

 

 

 

 

 

 

 

Interest income

 

555,375

 

40,039

 

1,397,141

 

1,132,907

 

 

 

 

 

 

 

 

 

Other income (expenses)

 

122,452

 

95,744

 

279,866

 

95,744

 

 

 

 

 

 

 

 

 

Loss on disposal and write down of equipment

 

(259,464)

 

(368,643)

 

(454,973)

 

(1,237,685)

 

 

 

 

 

 

 

 

 

Income (loss)  before income taxes and non-controlling interests

 

7,272,852

 

(13,938,446)

 

4,666,909

 

(13,305,885)

 

 

 

 

 

 

 

 

 

Income tax recovery (expenses) 

 

(3,009,880)

 

1,524,655

 

(5,066,603)

 

703,882

 

 

 

 

 

 

 

 

 

Consolidated net income (loss)

 

4,262,972

 

(12,413,791)

 

(399,694)

 

(12,602,003)

 

 

 

 

 

 

 

 

 

Less: income (loss) attributable to non-controlling interests

 

1,494,118

 

(3,465,991)

 

445,002

 

(4,094,659)

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to stockholders

$

2,768,854

$

(8,947,800)

$

(844,696)

$

(8,507,344)

Net income (loss)

$

4,262,972

$

(12,413,791)

$

(399,694)

$

(12,602,003)

Other comprehensive income 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

789,653

 

2,971,343

 

3,639,992

 

3,547,617

Total comprehensive income (loss)

 

5,052,625

 

(9,442,448)

 

3,240,298

 

(9,054,386)

Less: comprehensive income (loss) attributable to non-controlling interests 

 

1,595,969

 

(3,153,286)

 

973,562

 

(3,205,680)

Comprehensive income (loss) attributable to stockholders

$

3,456,656

$

(6,289,162)

$

2,266,736

$

(5,848,706)

 

 

 

 

 

 

 

 

 

Earnings (loss) per share              – basic

$

0.05

$

(0.17)

$

(0.02)

$

(0.16)

                                                             – diluted

$

0.05

$

(0.17)

$

(0.02)

$

(0.16)

 

 

 

 

 

 

 

 

 

Weighted average number of shares of common stock outstanding

 

 

 

 

 

 

 

 

      – Basic 

 

54,766,428

 

54,197,487

 

54,608,919

 

53,064,968

– Diluted

 

54,946,194

 

54,197,487

 

54,608,919

 

53,064,968

 

 

 

 

 

 

 

 

 

  

SINOVAC BIOTECH LTD.

Incorporated in Antigua and Barbuda

Consolidated Statements of Cash Flows

Years ended December 31, 2011 and 2010

(Expressed in U.S. Dollars)

 

 

Three months ended

 

Twelve months ended

 

 

December 31

 

December 31

 

 

2011

 

2010

 

2011

 

2010

Cash flows from (used in) operating activities

 

 

 

 

 

 

 

 

  Net income (loss)

$

4,262,972

$

(12,413,791)

$

(399,694)

$

(12,602,003)

  Adjustments to reconcile net income to net cash

 

 

 

 

 

 

 

 

  provided by operating activities:

 

 

 

 

 

 

 

 

 - deferred income taxes

 

788,472

 

(2,121,362)

 

2,845,195

 

(1,708,489)

 - stock-based compensation

 

41,909

 

161,839

 

206,301

 

459,901

 - inventory provision

 

2,735,822

 

6,561,748

 

4,034,169

 

6,805,541

 - Provision for (recovery of)  doubtful accounts

 

(1,661,581)

 

1,921,493

 

(166,865)

 

1,921,493

 - write-down of equipment and loss on disposal

 

259,464

 

368,643

 

454,973

 

1,237,685

 - research and development expenditures qualified for 

 

 

 

 

 

 

 

 

   government grant

 

(470,827)

 

(26,210)

 

(686,258)

 

(43,278)

 - depreciation of property, plant and equipment

 

 

 

 

 

 

 

 

   and amortization of licenses and permits

 

1,213,428

 

1,449,207

 

4,825,613

 

4,232,103

 - deferred government grant recognized in income 

 

(225,035)

 

(217,960)

 

(432,543)

 

(416,019)

accretion expenses

 

86,780

 

117,064

 

377,410

 

117,064

Changes in:

 

 

 

 

 

 

 

 

 - accounts receivable

 

6,014,109

 

8,404,181

 

5,474,602

 

1,003,642

 - inventories

 

(108,988)

 

3,488,785

 

(1,915,078)

 

(8,597,440)

 - income tax payable 

 

1,863,729

 

97,280

 

1,339,812

 

(5,524,628)

 - prepaid expenses and deposits

 

(107,276)

 

(679,474)

 

(530,715)

 

(903,696)

- deferred revenue 

 

(1,190,534)

 

800,596

 

(2,695,943)

 

426,040

 - accounts payable and accrued liabilities

 

3,075,574

 

3,877,262

 

1,204,647

 

(686,461)

 

 

 

 

 

 

 

 

 

Net cash (used in) provided by operating activities

 

16,578,018

 

11,789,301

 

13,935,626

 

(14,278,545)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

- Loan proceeds

 

7,399,314

 

10,405,704

 

11,391,836

 

19,989,083

- Loan repayment

 

(9,275,502)

 

(1,755,806)

 

(10,658,840)

 

(17,850,030)

   net of share issuance costs

 

6,400

 

266,560

 

748,800

 

62,255,261

- Proceeds from shares subscribed 

 

-

 

-

 

3,360

 

-

- Dividends paid to non-controlling shareholder 

 

 

 

 

 

 

 

 

of Sinovac Beijing

 

-

 

-

 

(5,862,676)

 

(3,285,902)

- Government grants received 

 

1,585,289

 

136,194

 

1,592,925

 

372,012

- Repayment from (loan to) non-controlling shareholder of  Sinovac  Beijing 

 

-

 

-

 

3,397,522

 

(3,286,695)

 

 

 

 

 

 

 

 

 

Net cash provided by financing activities

 

(284,499)

 

9,052,652

 

612,927

 

58,193,729

 

 

 

 

 

 

 

 

 

Cash flows used in investing activities

 

 

 

 

 

 

 

 

 - Restricted cash 

 

-

 

-

 

-

 

64,400

 - Proceeds from disposal of equipment

 

4,797

 

(118,307)

 

122,089

 

231,606

- Proceeds from redemption of short-term investments

 

-

 

-

 

1,544,759

 

7,314,187

- Purchase of short-term investments

 

-

 

6,300,156

 

-

 

(1,475,209)

  - Prepayments for acquisition of equipment

 

(467,183)

 

(332,956)

 

(467,183)

 

(562,043)

 - Acquisition of property, plant and equipment

 

(6,346,012)

 

(10,928,350)

 

(14,989,876)

 

(24,817,168)

 

 

 

 

 

 

 

 

 

Net cash provided (used) in investing activities

 

(6,808,398)

 

(5,079,457)

 

(13,790,211)

 

(19,244,227)

 

 

 

 

 

 

 

 

 

Exchange gain on cash and cash equivalents

 

602,319

 

1,318,456

 

1,942,863

 

1,961,321

 

 

 

 

 

 

 

 

 

Increase in cash and cash equivalents

 

10,087,440

 

17,080,952

 

2,701,205

 

26,632,278

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

94,199,255

 

84,504,538

 

101,585,490

 

74,953,212

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

$

104,286,695

$

101,585,490

$

104,286,695

$

101,585,490

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid for interest,net of amounts capitalized

$

242,504

$

195,726

$

455,851

$

1,017,502

Cash paid for income taxes

$

167,883

$

785,505

$

881,596

$

5,986,249

 

 

 

 

 

 

 

 

 

Supplemental schedule of non-cash activities:

 

 

 

 

 

 

 

 

 

 

 Acquisition of property, plant and equipment included in accounts payable and accrued liabilities

$

9,124,751

$

3,958,740

$

9,124,751

$

3,958,740

 

SOURCE Sinovac Biotech Ltd.



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http://www.sinovac.com

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