Sinovac Reports Unaudited First Quarter 2011 Financial Results

Friday, May 13, 2011 General News
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- Conference call scheduled for Friday, May 13, 2011 at 8:00 AM EDT -

SINOVAC BIOTECH LTD.

Incorporated in Antigua and Barbuda

Consolidated Statements of Cash Flows

Three months ended March 31, 2011 and 2010

(Unaudited)

(Expressed in U.S. Dollars)

Three months ended

March 31

2011

2010

Cash flows from (used in) operating activities

 Net loss

$

(3,664,676)

$

(1,212,698)

 Adjustments to reconcile net income to net cash

 provided by operating activities:

- deferred income taxes

310,422

692,520

- stock-based compensation

32,662

103,664

- inventory provision

-

16,206

- write-down of equipment and loss on disposal

7,704

687,095

- research and development expenditures qualified for

  government grant

(73,390)

(17,554)

- depreciation of property, plant and equipment

  and amortization of licenses and permits

1,192,706

891,007

- deferred government grant recognized in income

(68,482)

(65,830)

- accretion expense

101,845

-

Changes in:

- accounts receivable

46,577

1,829,731

- inventories

(2,281,688)

(3,771,749)

- income tax payable (refundable)

(103,393)

(2,628,408)

- prepaid expenses and deposits

(9,231)

(335,770)

- deferred revenue and advances from customers

(302,680)

(234,054)

- accounts payable and accrued liabilities

(2,878,114)

(6,100,581)

Net cash used in operating activities

(7,689,736)

(10,146,421)

Cash flows from (used in) financing activities

- Loan proceeds

-

8,265,031

- Proceeds from issuance of common stock,

  net of share issuance costs

284,709

61,867,706

- Dividends paid to non-controlling shareholder

of Sinovac Beijing

(2,456,884)

-

- Government grant received

-

46,811

- Loan to non-controlling shareholder of  Sinovac  Beijing

-

(6,572,159)

Net cash provided by  (used in) financing activities

(2,172,175)

63,607,389

Cash flows used in investing activities

- Proceeds from disposal of equipment

-

189,876

-  Proceeds from redemption of short-term investments

-

7,314,187

-  Purchase of short-term investments

-

(8,338,173)

- Deposits for acquisition of equipment

(1,529)

(8,265,031)

- Acquisition of property, plant and equipment

(1,153,348)

(448,165)

Net cash used in investing activities

(1,154,877)

(9,489,345)

Exchange gain on cash and cash equivalents

407,599

7,630

Increase in cash and cash equivalents

(10,609,191)

43,979,253

Cash and cash equivalents, beginning of period

101,585,490

74,953,212

Cash and cash equivalents, end of period

$

90,976,299

$

118,932,465

Cash paid for interest

$

103,393

$

268,279

Cash paid for income taxes

$

306,017

$

1,653,353

Supplemental schedule of non-cash activities:

 Acquisition of property, plant and equipment included in

 accounts payable and accrued liabilities

$

831,592

$

798,541



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