BEIJING, Nov. 15, 2012 /PRNewswire/ -- Sinovac Biotech
Ltd. (NASDAQ: SVA), a leading provider of vaccines in China, announced today its unaudited financial
results for the third quarter ended September 30, 2012.
Third Quarter 2012 Financial Highlights
(year-over-year comparisons to third quarter
2011)
- Hepatitis vaccines sales in private pay market rose 31.2%;
total sales decreased 7.0% to $14.3
million.
- Gross margin was 52.6%, compared to 56.8%.
- Net loss attributable to common stockholders was $3.0 million, or $0.06 per basic and diluted share.
- Cash and cash equivalents totaled $82.0
million as of September 30,
2012, compared to $104.3
million as of December 31,
2011.
Recent Business Highlights
-- Sales and Marketing
Both Bilive sales and Healive sales in the private pay market
continued to exhibit solid year-over-year growth in the third
quarter compared to the same period of 2011. In addition to the
private pay market sales growth, Sinovac continues to execute its
sales plan in the public market. In the past few months, the
Company was awarded multiple provincial tender awards for both
Healive and Anflu. Besides the tender awards in Gansu Province, Beijing, and Shanghai previously announced, in October,
Sinovac was selected by Jiangsu Centers for Disease Control and
Prevention (Jiangsu CDC) as one of the two vaccine manufacturers to
supply inactivated hepatitis A vaccine for the EPI in Jiangsu province in 2013. In the third
quarter, total sales were mainly impacted by the decrease of
Healive revenue in the public market, and sales are expected to
increase in the coming quarters after vaccine delivery.
-- Phase III Clinical Trial for EV71 Vaccine
Candidate
The EV71 vaccine Phase III clinical trial is progressing on
schedule. The hand, foot and mouth disease (HFMD) case surveillance
is ongoing, and documentation collection, data input, data review,
and quality control on the database are well underway and
progressing on schedule.
-- Mumps Vaccine Progress
In the third quarter, Sinovac Biotech received Good
Manufacturing Practices (GMP) certification from the China SFDA for
the Company's dedicated mumps vaccine production plant at its
Sinovac Dalian facility.
-- 2012 Annual General Meeting
On August 22, 2012, Sinovac held
its 2012 Annual General Meeting of shareholders. During the
meeting, four proposals, including the 2012 Share Incentive Plan
were approved, while a fifth, a proposal to amend the Company's
by-laws, was not approved.
Dr. Weidong Yin, Chairman,
President and CEO of Sinovac, commented, "During the third quarter
2012, our hepatitis vaccine business grew in the private pay
market, while the Healive sales in the public market decreased
compared to the same period of last year, impacting our total
sales. In the coming quarters we expect sales of Healive in the
public market will pick up, as we continue to improve our
capabilities and expand our presence in that market."
Dr. Yin continued, "We expect the commercialization of our EV71
vaccine to become our key future growth catalyst. Currently, the
Phase III clinical trial of our EV71 vaccine is being executed
smoothly and moving forward well on schedule. We remain in close
communication with the relevant authorities and experts on the
expected schedule for trial conclusion and data unblinding, and we
will share that information when appropriate."
Dr. Yin concluded, "Our cash position and credit
line facilities with local commercial banks provide us with
the resources to commercialize our EV71 vaccine being
developed for HFMD. We are in the position to drive
the future growth of our business with a combination
of commercialized vaccines and vaccine candidates."
Financial Review for Third Quarter Ended
September 30, 2012
An analysis of sales and gross profit is as
follows:
|
In USD
|
|
2012Q3
|
% of
Sales
|
2011Q3
|
%of
Sales
|
Increase /
- Decrease %
|
|
|
|
|
|
|
|
|
Hepatitis A –
Healive
|
|
4,931,790
|
34.5%
|
5,595,358
|
36.4%
|
-11.9%
|
|
|
|
|
|
|
|
|
Hepatitis A&B –
Bilive
|
|
5,548,237
|
38.9%
|
5,205,478
|
33.9%
|
6.6%
|
|
|
|
|
|
|
|
|
Hepatitis
vaccines
|
|
10,480,027
|
73.4%
|
10,800,836
|
70.3%
|
-3.0%
|
|
|
|
|
|
|
|
|
Influenza
vaccines
|
|
3,806,454
|
26.6%
|
4,560,961
|
29.7%
|
-16.5%
|
|
|
|
|
|
|
|
|
Animal
vaccine
|
|
619
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
14,287,100
|
100%
|
15,361,797
|
100%
|
-7.0%
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
6,770,712
|
47.4%
|
6,631,672
|
43.2%
|
2.1%
|
|
|
|
|
|
|
|
|
Gross profit
|
|
7,516,388
|
52.6%
|
8,730,125
|
56.8%
|
-13.9%
|
Total sales in the third quarter of 2012 decreased 7.0%,
compared to $15.4 million in the same
period of 2011.
The decrease in total third quarter 2012 sales were primarily
due to decreased Healive sales to the public market and reduced
Anflu sales that started later this year. This was partially offset
by the increase of both Healive and Bilive sales in the private pay
market. The Company ended the quarter with a net total sales
decrease of $1.1 million, or 7.0%,
compared to the same quarter of last year.
Core vaccines sales for the nine months period ended
September 30, 2012, increased 6.0% to
$29.6 million, compared to
$28.0 million in the same period of
2011. Despite a 29.0% increase in Bilive sales, total sales
decreased 17.0% to $29.6 million,
compared to $35.7 million in the same
period of last year. The decrease was mainly affected by non-core
government stockpiling of the pandemic flu H5N1 vaccine sales of
$7.7 million in the 2011 period, as
there were no government stockpiling sales in the current fiscal
year to date. Please refer to note 1 below for the sales analysis
for the nine months period ended September
30, 2012.
Gross margin in third quarter of 2012 was 52.6%, compared to
56.8% in the same period of last year. The lower quarterly gross
margin was mainly due to the increased provision for expired H1N1
inventory costs and overhead allocated to cost of goods sold
arising from seasonal excess capacity. After deducting depreciation
of land use rights, amortization of licenses and permits, the gross
margin was 52.4% and 56.5% for the third quarter of 2012 and 2011,
respectively.
Selling, general and administrative expenses as a percentage of
third quarter 2012 sales were 54.9%, compared to 49.8% for the same
quarter of the prior year. The increase in the year-over-year
quarterly SG&A expenses was mainly due to the ongoing
preparation costs for the GMP upgrade and the Changping site
validation.
Research and development expenses for the third quarter were
$3.8 million, a $1.4 million increase over the same period in
2011, mainly due to the ongoing EV71 clinical trial
development.
The increase in depreciation of property, plant and equipment
and amortization of licenses and permits for the third quarter of
2012 was mainly due to the assets at Changping site that were in
use in the quarter.
As of September 30, 2012, cash and
cash equivalents totaled $82.0
million, compared to $104.3
million as of December 31,
2012. The Company utilized $1.1
million and $6.5 million of
its cash resources in the third quarter and nine months period,
respectively, to contribute to its ongoing clinical trial for its
proprietary EV71 vaccine. The Company intends to provide the trial
with approximately an additional $3.4
million during the remaining quarter of the year and
$1.5 million in 2013. During the
quarter and the first nine months period, $3.7 million and $8.7
million, respectively, were spent for the ongoing capital
needs of the Changping site development, which were in part covered
by the credit line arrangements already in place. Capital
expenditure payments to complete the Changping site, which are in
part covered by the credit line arrangements, are estimated up to
$7.0 million in the remaining quarter
of 2012 and $8.7 million in 2013. The
cash position and credit line facilities with local commercial
banks provide the Company with the resources to commercialize
the EV71 vaccine being developed for HFMD. The
Company is in the position to drive the future growth of the
business with a combination of commercialized vaccines
and vaccine candidates.
Note 1
Sales Analysis for the Nine-month Period ended September 30, 2012
|
In USD
|
|
2012
1-9
|
% of
sales
|
2011
1-9
|
%of
sales
|
Increase /
- Decrease %
|
|
|
|
|
|
|
|
|
Hepatitis A –
Healive
|
|
10,104,218
|
34.1%
|
11,246,591
|
31.5%
|
-10.2%
|
|
|
|
|
|
|
|
|
Hepatitis A&B –
Bilive
|
|
15,633,272
|
52.8%
|
12,116,369
|
33.9%
|
29.0%
|
|
|
|
|
|
|
|
|
Hepatitis
vaccines
|
|
25,737,490
|
86.9%
|
23,362,960
|
65.4%
|
10.2%
|
|
|
|
|
|
|
|
|
Influenza
vaccines
|
|
3,852,860
|
13.0%
|
4,588,828
|
12.9%
|
-16.0%
|
|
|
|
|
|
|
|
|
Animal
vaccine
Core vaccines
|
|
34,849
29,625,199
|
0.1%
100%
|
-
27,951,788
|
-
78.3%
|
6.0%
|
|
H5N1
|
|
-
|
-
|
7,746,700
|
21.7%
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
29,625,199
|
100%
|
35,698,488
|
100%
|
-17.0%
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
10,401,918
|
35.1%
|
13,095,652
|
36.7%
|
-20.6%
|
|
|
|
|
|
|
|
|
Gross profit
|
|
19,223,281
|
64.9%
|
22,602,836
|
63.3%
|
-15.0%
|
Conference Call Details
The Company will host a conference call on Thursday, November 15, 2012 at 8:00 a.m. EST (November
15, 2012 at 9:00 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. EST on November 15, 2012
to November 29, 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 403079.
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
November 15, 2012, and the replay
will remain available for 30 days.
About Sinovac
Sinovac Biotech Ltd. is a China-based biopharmaceutical company that
focuses on research, development, manufacturing and
commercialization of vaccines that protect against human infectious
diseases including hepatitis A and B, seasonal influenza, H5N1
pandemic influenza and mumps, as well as animal rabies
vaccine. In 2009, Sinovac was the first company worldwide to
receive approval for its H1N1 influenza vaccine, Panflu.1, and has
manufactured it 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 is developing a
number of new pipeline vaccines including vaccines for enterovirus
71 (against hand, foot, and mouth disease), of which the EV71
vaccine is currently in Phase III clinical trials, pneumococcal
conjugate, pneumococcal polysaccharides, varicella and
rubella. Sinovac sells its vaccines mainly in China and exports 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:
Tracy Lessor
The Ruth Group
Tel: +1-646-536-7006
Email: tlessor@theruthgroup.com
|
SINOVAC BIOTECH
LTD.
|
|
|
|
|
|
Incorporated in Antigua
and Barbuda
|
|
|
|
|
|
Consolidated Balance
Sheets
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
(Expressed in U.S.
Dollars)
|
|
|
|
|
|
|
September 30
2012
|
|
December 31
2011
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
81,962,420
|
$
|
104,286,695
|
|
Accounts
receivable – net
|
|
25,316,304
|
|
17,834,407
|
|
Inventories
|
|
14,099,902
|
|
8,113,428
|
|
Prepaid expenses
and deposits
|
|
905,437
|
|
1,804,555
|
|
|
|
|
|
|
Total current
assets
|
|
122,284,063
|
|
132,039,085
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
82,994,261
|
|
75,627,881
|
|
Long-term
inventories
|
|
2,227,196
|
|
5,248,237
|
|
Long-term prepaid
expenses
|
|
311,079
|
|
408,656
|
|
Prepayments for
acquisition of equipment
|
|
525,972
|
|
828,902
|
|
Deferred tax
assets
|
|
351,627
|
|
419,114
|
|
Licenses and
permits
|
|
1,261,820
|
|
1,336,254
|
|
Total
assets
|
|
209,956,018
|
|
215,908,129
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Loans
payable
|
|
4,773,422
|
|
4,713,498
|
|
Accounts payable
and accrued liabilities
|
|
27,529,207
|
|
29,522,495
|
|
Income tax
payable
|
|
236,697
|
|
3,351,127
|
|
Deferred
revenue
|
|
8,108,669
|
|
429,416
|
|
Dividends
payable
|
|
-
|
|
795,106
|
|
Deferred
government grants
|
|
101,992
|
|
1,830,566
|
|
Total current
liabilities
|
|
40,749,987
|
|
40,642,208
|
|
|
|
|
|
|
Deferred government
grants
|
|
2,761,758
|
|
2,277,428
|
|
Loans
payable
|
|
24,670,318
|
|
17,321,327
|
|
Due to related
party
|
|
3,201,375
|
|
-
|
|
Deferred
revenue
|
|
4,194,246
|
|
10,369,695
|
|
Total long term
liabilities
|
|
34,827,697
|
|
29,968,450
|
|
|
|
|
|
|
Total
liabilities
|
|
75,577,684
|
|
70,610,658
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
Preferred
stock
|
|
-
|
|
-
|
|
Authorized
50,000,000 shares at par value of $0.001 each
|
|
|
|
|
|
Issued and
outstanding: nil
|
|
|
|
|
|
Common
stock
|
|
55,024
|
|
54,774
|
|
Authorized:
100,000,000 shares at par value of $0.001 each
|
|
|
|
|
|
Issued and
outstanding: 55,023,461 (2011 –54,773,961)
|
|
|
|
|
|
Additional paid-in
capital
|
|
106,204,800
|
|
105,383,346
|
|
Accumulated other
comprehensive income
|
|
10,899,102
|
|
9,978,325
|
|
Statutory surplus
reserves
|
|
11,808,271
|
|
11,808,271
|
|
Retained
earnings(accumulated deficit)
|
|
(6,867,075)
|
|
2,696,227
|
|
Total stockholders'
equity
|
|
122,100,122
|
|
129,920,943
|
|
|
|
|
|
|
Non-controlling
interests
|
|
12,278,212
|
|
15,376,528
|
|
|
|
|
|
|
Total
equity
|
|
134,378,334
|
|
145,297,471
|
|
|
|
|
|
|
Total liabilities and
equity
|
|
209,956,018
|
|
215,908,129
|
|
SINOVAC BIOTECH
LTD.
|
|
|
|
Consolidated
Statements of Income (Loss) and Comprehensive Income
(Loss)
|
|
|
|
Three and Nine Months
Ended September 30, 2012 and 2011
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(Expressed in U.S.
Dollars)
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Nine months
ended
|
|
|
September
30
|
|
September
30
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
Sales
|
$
|
14,287,100
|
$
|
15,361,797
|
$
|
29,625,199
|
$
|
35,698,488
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales-(exclusive of depreciation of land-use rights and
amortization of licenses and permits of $35,800 (2011 - $47,394)
for three months and $107,770 (2011 -$257,019) for nine
months
|
|
6,770,712
|
|
6,631,672
|
|
10,401,918
|
|
13,095,652
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
7,516,388
|
|
8,730,125
|
|
19,223,281
|
|
22,602,836
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
7,844,861
|
|
7,644,466
|
|
18,865,676
|
|
16,730,771
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses - net of
|
|
3,773,625
|
|
2,366,842
|
|
15,792,500
|
|
6,744,862
|
|
$nil (2011- $nil) for
three months and $78,980(2011- $(215,431)) for nine months in
government research grants
|
|
|
|
|
|
|
|
|
|
Depreciation of
property, plant and equipment and amortization of
licenses and permits
|
|
471,242
|
|
225,398
|
|
1,103,629
|
|
1,071,553
|
|
Provision for
doubtful debts
|
|
97,067
|
|
1,226,456
|
|
97,067
|
|
1,226,456
|
|
Government grants
recognized in income
|
|
(78,053)
|
|
(70,061)
|
|
(1,535,383)
|
|
(207,508)
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
12,108,742
|
|
11,393,101
|
|
34,323,489
|
|
25,566,134
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(4,592,354)
|
|
(2,662,976)
|
|
(15,100,208)
|
|
(2,963,298)
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
464,512
|
|
333,797
|
|
1,561,039
|
|
841,766
|
|
Interest and
financing expenses
|
|
302,846
|
|
(181,298)
|
|
(143,552)
|
|
(446,316)
|
|
Loss on disposal of
equipment
|
|
(24,574)
|
|
(229,015)
|
|
(23,712)
|
|
(195,509)
|
|
Other income
(Expenses)
|
|
(22,709)
|
|
135,033
|
|
109,142
|
|
157,414
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes and non-controlling interests
|
|
(3,872,279)
|
|
(2,604,459)
|
|
(13,597,291)
|
|
(2,605,943)
|
|
|
|
|
|
|
|
|
|
|
Income tax recovery
(expenses)
|
|
(5,958)
|
|
(271,230)
|
|
794,406
|
|
(2,056,723)
|
|
|
|
|
|
|
|
|
|
|
Consolidated net
income (loss)
|
|
(3,878,237)
|
|
(2,875,689)
|
|
(12,802,885)
|
|
(4,662,666)
|
|
|
|
|
|
|
|
|
|
|
Less: income (loss)
attributable to non-controlling interests
|
(849,619)
|
|
(733,453)
|
|
(3,239,583)
|
|
(1,049,116)
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to stockholders
|
|
(3,028,618)
|
|
(2,142,236)
|
|
(9,563,302)
|
|
(3,613,550)
|
|
Net income
(loss)
|
|
(3,878,237)
|
|
(2,875,689)
|
|
(12,802,885)
|
|
(4,662,666)
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss)
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
890,063
|
|
838,029
|
|
1,062,045
|
|
2,850,339
|
|
Total comprehensive
income (loss)
|
|
(2,988,174)
|
|
(2,037,660)
|
|
(11,740,840)
|
|
(1,812,327)
|
|
Less: comprehensive
income (loss) attributable to non-controlling
interests
|
|
(744,732)
|
|
(619,032)
|
|
(3,098,315)
|
|
(622,407)
|
|
Comprehensive
income(loss) attributable to stockholders
|
(2,243,442)
|
|
(1,418,628)
|
|
(8,642,525)
|
|
(1,189,920)
|
|
Basic and
diluted earnings (loss) per share
|
|
-0.06
|
|
-0.04
|
|
-0.17
|
|
-0.07
|
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
|
of common stock
outstanding
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
55,023,070
|
|
54,674,182
|
|
54,881,874
|
|
54,504,318
|
|
- Diluted
|
|
55,023,070
|
|
54,674,182
|
|
54,881,874
|
|
54,504,318
|
|
SINOVAC BIOTECH
LTD.
|
|
|
Consolidated
Statements of Cash Flows
|
|
Three and Nine Months
Ended September 30, 2012 and 2011
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(Expressed in U.S. Dollars)
|
|
|
|
|
|
|
|
|
|
|
Three Months ended September 30
|
|
Nine Months ended September 30
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Cash flows from (used
in) operating activities
|
|
|
|
|
|
|
|
|
|
Net income(loss) for period
|
$
|
(3,878,237)
|
$
|
(2,875,689)
|
$
|
(12,802,885)
|
$
|
(4,662,666)
|
|
Adjustments to
reconcile net income (loss) to net cash from
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(used
by) operating activities:
|
|
-
|
|
-
|
|
-
|
|
-
|
|
- deferred income
taxes
|
|
5,958
|
|
285,838
|
|
72,287
|
|
2,056,723
|
|
-write-off of
equipment and loss (gain) on disposal
|
|
24,574
|
|
229,015
|
|
23,712
|
|
195,509
|
|
FA Impairment
provision
|
|
(21,106)
|
|
|
|
(17,784)
|
|
|
|
- unrealized
foreign exchange gain
|
|
-
|
|
-
|
|
(43,880)
|
|
-
|
|
- stock-based
compensation
|
|
134,138
|
|
63,759
|
|
388,104
|
|
164,392
|
|
- inventory
provision
|
|
776,838
|
|
1,298,347
|
|
1,365,628
|
|
1,298,347
|
|
-provision for doubtful
debt
|
|
97,067
|
|
1,226,456
|
|
97,067
|
|
1,226,456
|
|
- depreciation of
property, plant and equipment, and amortization of
licenses and permits
|
|
1,161,592
|
|
1,020,131
|
|
3,719,795
|
|
3,612,185
|
|
- research and
development expenditures qualifying for government grant
|
|
|
|
|
|
(78,980)
|
|
(215,431)
|
|
- deferred government
grant recognized in income
|
|
(68,712)
|
|
(70,061)
|
|
(1,446,925)
|
|
(207,508)
|
|
- accretion
expenses
|
|
48,560
|
|
86,221
|
|
185,349
|
|
290,630
|
|
- accounts
receivable
|
|
(6,631,251)
|
|
(4,648,768)
|
|
(7,302,483)
|
|
(271,247)
|
|
-
inventories
|
|
1,287,997
|
|
820,897
|
|
(4,140,923)
|
|
(1,806,090)
|
|
- income tax
payable
|
|
(375)
|
|
(17,984)
|
|
(3,124,852)
|
|
(523,917)
|
|
- prepaid
expenses and deposits
|
|
560,264
|
|
88,351
|
|
1,048,642
|
|
(423,439)
|
|
- deferred revenue and
advances from customers
|
|
1,456,127
|
|
1,812,241
|
|
1,356,605
|
|
(1,505,409)
|
|
- accounts
payable and accrued liabilities
|
|
(1,213,161)
|
|
2,315,631
|
|
(3,735,436)
|
|
(1,870,927)
|
|
Net cash provided by
(used in) operating activities
|
|
(6,259,727)
|
|
1,634,385
|
|
(24,436,959)
|
|
(2,642,392)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from (used
in) financing activities
|
|
|
|
|
|
|
|
|
|
- Loan
proceeds
|
|
1,288,549
|
|
2,111,150
|
|
7,298,056
|
|
3,992,522
|
|
- Loan
repayment
|
|
-
|
|
-
|
|
-
|
|
(1,383,338)
|
|
- Proceeds from
issuance of common stock
|
|
5,760
|
|
197,852
|
|
399,200
|
|
734,400
|
|
- Repayment from
non-controlling shareholder of Sinovac Beijing
|
-
|
|
-
|
|
-
|
|
3,397,522
|
|
- Subscriptions
received
|
|
32,000
|
|
2,880
|
|
34,400
|
|
11,360
|
|
- Dividends paid
to non-controlling shareholder of Sinovac Beijing
|
-
|
|
-
|
|
(799,376)
|
|
(5,862,676)
|
|
- Loan from
non-controlling shareholder of Sinovac Dalian
|
|
|
|
-
|
|
3,178,164
|
|
-
|
|
- Government
grant received
|
|
-
|
|
-
|
|
240,580
|
|
7,636
|
|
Net cash provided by
(used in) financing activities
|
|
1,326,309
|
|
2,311,882
|
|
10,351,024
|
|
897,426
|
|
|
|
|
|
|
|
|
|
|
Cash flows used in
investing activities
|
|
|
|
|
|
|
|
|
|
- Proceeds from disposal
of equipment
|
|
-
|
|
117,292
|
|
-
|
|
117,292
|
|
- Proceeds from
redemption of short-term investments
|
|
-
|
|
-
|
|
-
|
|
1,547,030
|
|
- Purchase of short-term
investments
|
|
-
|
|
(9,845,966)
|
|
-
|
|
(32,277,897)
|
|
- Acquisition of
property, plant and equipment
|
|
(4,322,153)
|
|
(2,945,723)
|
|
(10,941,774)
|
|
(8,643,864)
|
|
Net cash used in
investing activities
|
|
(4,322,153)
|
|
(12,674,397)
|
|
(10,941,774)
|
|
(39,257,439)
|
|
|
|
|
|
|
|
|
|
|
Exchange effect on cash
and cash equivalents
|
|
1,777,618
|
|
(163,169)
|
|
2,703,434
|
|
812,896
|
|
Increase (decrease)
in cash and cash equivalents
|
|
(7,477,953)
|
|
(8,891,299)
|
|
(22,324,275)
|
|
(40,189,509)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
89,440,373
|
|
70,287,280
|
|
104,286,695
|
|
101,585,490
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
|
81,962,420
|
|
61,395,981
|
|
81,962,420
|
|
61,395,981
|
|
|
|
|
|
|
|
|
|
|
Cash paid for
interest
|
|
493,244
|
|
167,883
|
|
1,375,203
|
|
809,303
|
|
Cash paid for income
taxes
|
|
-
|
|
|
|
866,693
|
|
520,514
|
|
|
|
|
|
|
|
|
|
|
Supplemental schedule of
non-cash activities:
|
|
|
|
|
|
|
|
|
|
Acquisition of
property, plant and equipment included in
|
|
8,183,093
|
|
8,021,881
|
|
8,183,093
|
|
8,021,881
|
|
accounts payable
and accrued liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Sinovac Biotech Ltd.