Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Document and Entity Information | |
Entity Registrant Name | SINOVAC BIOTECH LTD |
Entity Central Index Key | 1084201 |
Document Type | 20-F |
Document Period End Date | 31-Dec-14 |
Amendment Flag | FALSE |
Current Fiscal Year End Date | -19 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 55,809,661 |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $91,518 | $107,242 |
Accounts receivable - net (notes 3 and 9) | 40,757 | 31,927 |
Inventories (note 4) | 18,832 | 14,329 |
Prepaid expenses and deposits (including prepaid expenses to related party of 2014 - $157, 2013 - $161) (note 10 (b)) | 1,430 | 1,150 |
Deferred tax assets (note 12) | 2,266 | 2,602 |
Total current assets | 154,803 | 157,250 |
Property, plant and equipment (notes 6 and 9) | 68,417 | 67,963 |
Prepaid land lease payments (note 7) | 10,405 | 10,948 |
Long-term inventories (note 5) | 2,648 | 2,781 |
Prepaid expenses (including prepaid expenses to related party of 2014 - $232, 2013 - $145) (note 10 (b)) | 3 | 154 |
Prepayments for acquisition of equipment | 1,387 | 708 |
Deferred tax assets (note 12) | 515 | 117 |
Licenses (note 8) | 352 | 772 |
Total assets | 238,530 | 240,693 |
Current liabilities | ||
Short-term bank loans and current portion of long-term debt (note 9) | 47,375 | 16,217 |
Loan from a non-controlling shareholder (note 10(a)) | 2,595 | 3,324 |
Accounts payable and accrued liabilities (note11) | 23,237 | 28,037 |
Income tax payable (note 12) | 1,101 | 246 |
Deferred revenue (note 13) | 4,996 | 875 |
Deferred government grants (note 14) | 530 | 458 |
Total current liabilities | 79,834 | 49,157 |
Deferred government grants (note 14) | 7,494 | 4,746 |
Long-term debt (note 9) | 1,803 | 32,146 |
Deferred revenue (note 13) | 7,191 | 11,005 |
Other non-current liabilities (note 12) | 482 | |
Total long-term liabilities | 16,970 | 47,897 |
Total liabilities | 96,804 | 97,054 |
Commitments and contingencies (notes 15 and 22) | ||
EQUITY | ||
Preferred stock Authorized 50,000,000 shares at par value of $0.001 each Issued and outstanding: nil | ||
Common stock (note 16) Authorized: 100,000,000 shares at par value of $0.001 each Issued and outstanding: 55,809,661 (2013-55,570,361) | 56 | 56 |
Additional paid-in capital | 108,243 | 107,393 |
Accumulated other comprehensive income | 12,022 | 14,141 |
Statutory surplus reserves (note 18) | 12,627 | 11,808 |
Accumulated deficit | -6,384 | -4,714 |
Total shareholders' equity | 126,564 | 128,684 |
Non-controlling interests (note 19) | 15,162 | 14,955 |
Total equity | 141,726 | 143,639 |
Total liabilities and equity | $238,530 | $240,693 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets | ||
Prepaid expense to related party, current (in dollars) | $157 | $161 |
Long-term prepaid expense to related party (in dollars) | $232 | $145 |
Preferred stock, Authorized shares | 50,000,000 | 50,000,000 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, Issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, Authorized shares | 100,000,000 | 100,000,000 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, Issued shares | 55,809,661 | 55,570,361 |
Common stock, outstanding shares | 55,809,661 | 55,570,361 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements of Comprehensive Income (Loss) | |||
Sales (note 21) | $63,101 | $72,524 | $49,216 |
Cost of sales | 16,493 | 21,273 | 19,100 |
Gross profit | 46,608 | 51,251 | 30,116 |
Selling, general and administrative expenses (including rent expenses incurred to related party of 2014 - $869, 2013 - $847, 2012 - $823) (note 10(b)) | 34,787 | 34,538 | 33,280 |
Provision (recovery) for doubtful accounts | 329 | -504 | -874 |
Research and development expenses - (net of 2014- $nil, 2013- $nil, 2012- $125 in government research grants) | 11,034 | 8,384 | 17,044 |
Loss on disposal and impairment of property, plant and equipment (note 6) | 74 | 88 | 2,190 |
Government grants recognized in income | -104 | -373 | |
Total operating expenses | 46,120 | 42,506 | 51,267 |
Operating income (loss) | 488 | 8,745 | -21,151 |
Interest and financing expenses - (net of 2014-$81, 2013-$65, 2012 - $1,458, in interest subsidies, Including interest expenses incurred to related party, 2014 - $221, 2013 - $237, 2012 - $231) | -3,407 | -3,031 | -775 |
Interest income | 2,685 | 2,168 | 2,370 |
Other income (expenses) | 1,356 | 263 | -77 |
Income (loss) before income taxes and non-controlling interests | 1,122 | 8,145 | -19,633 |
Income tax benefit (expense) (note 12) | -1,458 | 2,225 | 884 |
Net income(loss) | -336 | 10,370 | -18,749 |
Less: (income) loss attributable to non-controlling interests | -515 | -2,928 | 3,896 |
Net income (loss) attributable to shareholders of Sinovac | -851 | 7,442 | -14,853 |
Other comprehensive income(loss), net of tax of nil | |||
Foreign currency translation adjustments | -2,427 | 2,686 | 2,024 |
Total comprehensive income (loss) | -2,763 | 13,056 | -16,725 |
Less: comprehensive (income) loss attributable to non-controlling interests | -207 | -3,244 | 3,665 |
Comprehensive income (loss) attributable to shareholders of Sinovac | ($2,970) | $9,812 | ($13,060) |
Basic and diluted earnings(loss) per share (note 20) (in dollars per share) | ($0.02) | $0.13 | ($0.27) |
Weighted average number of shares of common stock outstanding | |||
- Basic (in shares) | 55,681,076 | 55,301,276 | 54,926,440 |
- Diluted (in shares) | 55,681,076 | 55,802,338 | 54,926,440 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements of Comprehensive Income (Loss) | |||
Rent expenses incurred to related party | $869 | $847 | $823 |
Research and development expenses, government research grants | 0 | 0 | 125 |
Interest and financing expenses, subsidies | 81 | 65 | 1,458 |
Interest and financing expenses incurred to related party | 221 | 237 | 231 |
Tax effect of other comprehensive income (loss) | $0 | $0 | $0 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total shareholders' equity | Common stock | Additional paid-in capital | Accumulated other comprehensive income (foreign currency translation adjustment) | Statutory surplus reserves | Retained earnings (accumulated deficits) | Non-controlling interests | Total |
In Thousands, except Share data, unless otherwise specified | ||||||||
Balance at Dec. 31, 2011 | $129,921 | $55 | $105,383 | $9,978 | $11,808 | $2,697 | $15,376 | $145,297 |
Balance (in shares) at Dec. 31, 2011 | 54,773,961 | |||||||
Increase (Decrease) in Equity | ||||||||
Stock-based compensation | 347 | 347 | 347 | |||||
Exercise of stock options (note 16) | 508 | 508 | 508 | |||||
Exercise of stock options (in shares) (note 16) | 317,600 | 317,600 | ||||||
Subscriptions received (note 16) | 8 | 8 | 8 | |||||
Other comprehensive income | ||||||||
- Other comprehensive income attributable to non-controlling interests | 231 | 231 | ||||||
- Other comprehensive income attributable to shareholders | 1,793 | 1,793 | 1,793 | |||||
Net income (loss) for the year | ||||||||
- Net income (loss) attributable to non-controlling interests | -3,896 | -3,896 | ||||||
- Net income (loss) attributable to shareholders of Sinovac | -14,853 | -14,853 | -14,853 | |||||
Balance at Dec. 31, 2012 | 117,724 | 55 | 106,246 | 11,771 | 11,808 | -12,156 | 11,711 | 129,435 |
Balance (in shares) at Dec. 31, 2012 | 55,091,561 | |||||||
Increase (Decrease) in Equity | ||||||||
Stock-based compensation | 281 | 281 | 281 | |||||
Exercise of stock options (note 16) | 849 | 1 | 848 | 849 | ||||
Exercise of stock options (in shares) (note 16) | 478,800 | |||||||
Subscriptions received (note 16) | 18 | 18 | 18 | |||||
Other comprehensive income | ||||||||
- Other comprehensive income attributable to non-controlling interests | 316 | 316 | ||||||
- Other comprehensive income attributable to shareholders | 2,370 | 2,370 | 2,370 | |||||
Net income (loss) for the year | ||||||||
- Net income (loss) attributable to non-controlling interests | 2,928 | 2,928 | ||||||
- Net income (loss) attributable to shareholders of Sinovac | 7,442 | 7,442 | 7,442 | |||||
Balance at Dec. 31, 2013 | 128,684 | 56 | 107,393 | 14,141 | 11,808 | -4,714 | 14,955 | 143,639 |
Balance (in shares) at Dec. 31, 2013 | 55,570,361 | 55,570,361 | ||||||
Increase (Decrease) in Equity | ||||||||
Stock-based compensation | 287 | 287 | 287 | |||||
Exercise of stock options (note 16) | 512 | 512 | 512 | |||||
Exercise of stock options (in shares) (note 16) | 239,300 | |||||||
Subscriptions received (note 16) | 51 | 51 | 51 | |||||
Other comprehensive income | ||||||||
- Other comprehensive income attributable to non-controlling interests | -308 | -308 | ||||||
- Other comprehensive income attributable to shareholders | -2,119 | -2,119 | -2,119 | |||||
Net income (loss) for the year | ||||||||
- Net income (loss) attributable to non-controlling interests | 515 | 515 | ||||||
- Net income (loss) attributable to shareholders of Sinovac | -851 | -851 | -851 | |||||
Transfer to statutory surplus reserves | 819 | -819 | ||||||
Balance at Dec. 31, 2014 | $126,564 | $56 | $108,243 | $12,022 | $12,627 | ($6,384) | $15,162 | $141,726 |
Balance (in shares) at Dec. 31, 2014 | 55,809,661 | 55,809,661 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows provided by (used in) operating activities | |||
Net income (loss) | ($336) | $10,370 | ($18,749) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
- Deferred income taxes | -162 | -2,225 | -17 |
- Stock-based compensation | 287 | 281 | 347 |
- Inventory provision | 1,273 | 1,399 | 3,479 |
- Provision (recovery) for doubtful accounts | 329 | -504 | -874 |
- Loss on disposal and impairment of property, plant and equipment | 74 | 88 | 2,190 |
- Research and development expenditures qualified for government grant | 0 | 0 | -125 |
- Depreciation of property, plant and equipment and amortization of licenses | 8,142 | 6,433 | 4,189 |
Amortization of the prepaid land lease payments | 278 | 311 | 299 |
- Deferred government grant recognized in income | -104 | -358 | |
- Accretion expenses | 114 | 100 | 235 |
Changes in: | |||
- Accounts receivable | -9,691 | -7,256 | -4,286 |
- Inventories | -6,170 | -7,547 | -426 |
- Income tax payable | 899 | 7 | -3,130 |
- Prepaid expenses and deposits | -496 | 242 | 913 |
- Deferred revenue | 601 | -675 | 1,026 |
- Accounts payable and accrued liabilities | -4,167 | 4,552 | -967 |
- Other non-current liabilities | 482 | ||
Net cash provided by (used in) operating activities | -8,647 | 5,576 | -16,254 |
Cash flows provided by financing activities | |||
- Proceeds of bank loans | 17,837 | 16,800 | 16,787 |
- Repayments of bank loans | -15,962 | -4,089 | -4,755 |
- Proceeds from issuance of common stock, net of share issuance costs | 512 | 848 | 508 |
- Proceeds from shares subscribed | 51 | 18 | 8 |
- Dividends paid to a non-controlling shareholder | -802 | ||
- Government grants received | 3,520 | 842 | 2,395 |
- Repayment of loan from a non-controlling shareholder | -649 | ||
- Proceeds of loan from a non-controlling shareholder | 3,189 | ||
Net cash provided by financing activities | 5,309 | 14,419 | 17,330 |
Cash flows used in investing activities | |||
- Proceeds from disposal of equipment | 5 | ||
- Acquisition of property, plant and equipment | -11,003 | -5,176 | -16,156 |
Net cash used in investing activities | -11,003 | -5,176 | -16,151 |
Exchange gain (loss) on cash and cash equivalents | -1,383 | 1,182 | 2,029 |
Increase (decrease) in cash and cash equivalents | -15,724 | 16,001 | -13,046 |
Cash and cash equivalents, beginning of year | 107,242 | 91,241 | 104,287 |
Cash and cash equivalents, end of year | 91,518 | 107,242 | 91,241 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 3,152 | 2,853 | 750 |
Cash paid for income taxes | 491 | 2,265 | |
Supplemental schedule of non-cash activities: | |||
Acquisition of property, plant and equipment included in accounts payable and accrued liabilities | $2,209 | $2,270 | $3,788 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Basis of Presentation | |||||||||||
Basis of Presentation | |||||||||||
1.Basis of Presentation | |||||||||||
These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”). They include the accounts of Sinovac Biotech Ltd., which is incorporated under the laws of Antigua and Barbuda, and its wholly owned or controlled subsidiaries (collectively, the “Company”). All significant intercompany transactions have been eliminated. Details of the Company’s subsidiaries are as follows: | |||||||||||
Name | Date of | Place of | Percentage of | Percentage of | Principal activities | ||||||
incorporation or | incorporation | ownership as | ownership as of | ||||||||
establishment | (or | of December | December 31, 2013 | ||||||||
establishment) | 31, 2014 | ||||||||||
/operation | |||||||||||
Sinovac Biotech (Hong Kong) Ltd (“Sinovac Hong Kong”) | Oct-08 | Hong Kong | 100% | 100% | Investment holding company | ||||||
Sinovac Biotech Co., Ltd. (“Sinovac Beijing”) (note 19) | Apr-01 | People’s Republic of China (“PRC”) | 73.09% | 73.09% | Research and development, production and sales of vaccine products | ||||||
Tangshan Yian Biological Engineering Co., Ltd. (“Tangshan Yian”) | Feb-93 | PRC | 100% | 100% | Research and development, production and sales of vaccine products | ||||||
Sinovac Biological Technology Co., Ltd. (“Sinovac R&D”) | May-09 | PRC | 100% | 100% | Research and development of vaccine products | ||||||
Sinovac (Dalian) Vaccine Technology Co., Ltd. (“Sinovac Dalian”) (note19) | Jan-10 | PRC | 55% | 55% | Research and development, production and sales of vaccine products | ||||||
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Significant Accounting Policies | |||||||||||||||
Significant Accounting Policies | |||||||||||||||
2.Significant Accounting Policies | |||||||||||||||
(a)Use of Estimates | |||||||||||||||
In preparation of the Company’s consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates made by management include: provision for product returns, allowance for doubtful accounts, inventory provisions, useful lives of amortizable intangible assets, impairment of long-lived assets, and realizability of deferred tax assets. On an ongoing basis, management reviews its estimates to ensure that these estimates appropriately reflect changes in the Company’s business and new information as it becomes available. If historical experience and other factors used by management to make these estimates do not reasonably reflect future activity, the Company’s consolidated financial statements could be materially impacted. | |||||||||||||||
(b)Cash and Cash Equivalents | |||||||||||||||
Cash equivalents consist of highly liquid investments that are readily convertible to cash generally with maturities of three months or less when purchased. | |||||||||||||||
(c)Accounts Receivable | |||||||||||||||
The Company extends unsecured credit to its customers in the ordinary course of business and actively pursues past due accounts. The Company estimates an allowance for doubtful accounts based on historical experience, the age of the accounts receivable balances, credit quality of the Company’s customers, current economic conditions and other factors that may affect its customers’ ability to pay. | |||||||||||||||
(d)Inventories | |||||||||||||||
Inventories are stated at the lower of cost or replacement cost with respect to raw materials and the lower of cost or net realizable value with respect to finished goods and work in progress. The cost of work in progress and finished goods is determined on a weighted-average cost basis and includes direct material, direct labor and overhead costs. Net realizable value represents the anticipated selling price, net of distribution cost, less the cost for finished goods or estimated costs to completion for work in progress. | |||||||||||||||
(e)Property, Plant and Equipment | |||||||||||||||
Property, plant and equipment are recorded at cost. Significant additions and improvements are capitalized, while repairs and maintenance are charged to expenses as incurred. Equipment purchased for specific research and development projects with no alternative uses are expensed. Assets under construction are not depreciated until construction is completed and the assets are ready for their intended use. Gains and losses from the disposal of property, plant and equipment are recorded in loss on disposal and impairment of property, plant and equipment included in the consolidated statements of comprehensive income (loss). | |||||||||||||||
Depreciation of property, plant and equipment is computed using the straight-line method based on the estimated useful lives of the assets as follows: | |||||||||||||||
Plant and buildings | 10 to 24 years | ||||||||||||||
Machinery and equipment | 8 to 10 years | ||||||||||||||
Motor vehicles | 4 to 5 years | ||||||||||||||
Office equipment and furniture | 3 to 5 years | ||||||||||||||
Leasehold improvements | Lesser of useful lives and term of lease | ||||||||||||||
(f)Prepaid land lease payments | |||||||||||||||
Prepaid land lease payments represent amounts paid for the rights to use land in the PRC and is recorded at purchase cost less accumulated amortization. Amortization is provided on a straight-line basis over the term of the lease agreement, which is 28 to 49 years. | |||||||||||||||
(g)Licenses | |||||||||||||||
The Company capitalizes the patent payment and the purchase cost of vaccines if the vaccine has received a new drug certificate from the China Food and Drug Administration (“CFDA”) of China. If the vaccine has not received a new drug certificate, the purchase cost is expensed as in-process research and development. | |||||||||||||||
Licenses in relation to the production and sales of pharmaceutical products are amortized on a straight-line basis over their respective useful lives. The useful lives of inactivated hepatitis A and recombinant hepatitis A&B licenses are estimated to be ten years. Before August 15, 2012, the useful life for H5N1 licenses was estimated to be 20 years. Effective August 15, 2012, the remaining useful life was revised to three years expiring on December 29, 2015 as a result of amendment to the agreement with the licensor (note 22(c)). The weighted average useful lives of the acquired licenses are 9.16 years. Costs incurred to renew or extend the term of a licenses are capitalized and amortized over the license’s useful life on a straight-line basis. | |||||||||||||||
(h)Impairment of Long-Lived Assets | |||||||||||||||
Long-lived assets including intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable from the future undiscounted net cash flows expected to be generated by the asset group. An asset group is identified as assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. If the asset group is not fully recoverable, an impairment loss would be recognized for the difference between the carrying value of the asset group and its estimated fair value, based on the discounted net future cash flows or other appropriate methods, such as comparable market values. The Company uses estimates and judgments in its impairment tests and if different estimates or judgment had been utilized, the timing or the amount of any impairment charges could be materially different. The Company recorded impairment charges on long-lived assets for the year ended December 31, 2014 of $nil (2013 - $57, 2012 - $2,176). | |||||||||||||||
(i)Income Taxes | |||||||||||||||
The Company follows the liability method of accounting for income taxes. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the financial statements and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance is provided if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates and laws. | |||||||||||||||
The tax benefit from an uncertain tax position is recognized only if it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the amount that is greater than 50% likely of being realized upon settlement. The Company recognizes a change in available facts after the reporting date but before issuance of the financial statements in the period when the change in facts occur, even if that new information provides a better estimate of the ultimate outcome of an uncertainty. Liabilities associated with uncertain tax positions are classified as long−term unless expected to be paid within one year. Interest and penalties related to uncertain tax positions, if any, are recorded in the provision for income taxes and classified with the related liability on the consolidated balance sheets. | |||||||||||||||
(j)Value-added Taxes | |||||||||||||||
Value-added taxes (“VAT”) collected from customers relating to product sales and remitted to governmental authorities are presented on a net basis. VAT collected from customers is excluded from revenue. Prior to July 1, 2014, the Company was subject to a VAT rate of 6%. Starting on July 1, 2014, the Company is subject to a VAT rate of 3%. | |||||||||||||||
(k)Revenue Recognition | |||||||||||||||
Revenue is recognized when persuasive evidence of an arrangement exists, the price is fixed and determinable, delivery has occurred and there is a reasonable assurance of collection of the sales proceeds. The Company generally obtains purchase authorizations from its customers for a specified amount of products at a specified price and considers delivery to have occurred when the customer takes title of the products. The Company provides certain customers with a right of return. | |||||||||||||||
Revenue for inactivated hepatitis A, combined inactivated hepatitis A&B and seasonal influenza vaccines are recognized when delivery has occurred and the Company estimates return provision for these products. The product return provisions for inactivated hepatitis A vaccine and combined inactivated hepatitis A&B vaccine are estimated based on historical return and exchange levels as well as the inventory levels and the remaining shelf lives of the products in the distribution channels. As of December 31, 2014, the sales return provision for inactivated hepatitis A vaccine and combined inactivated hepatitis A&B vaccine was $3,553 (December 31, 2013 - $2,240). Private pay sales return provision of inactivated hepatitis A and combined inactivated hepatitis A&B as a percentage of sales was 8.6% and 5.5% in 2014 and 2013, respectively. The Company does not accept returns for hepatitis products sold under the Expanded Program on Immunization and exports. As such, no sales returns are estimated for these sales. The product return provision for seasonal influenza vaccines is estimated based on actual sales returns and expected sales returns up to the end of the flu season because the Company generally accepts returns before the end of the flu season. As of December 31, 2014, the sales return provision for seasonal influenza vaccine returns was approximately $1,320 (December 31, 2013 - $575). | |||||||||||||||
Revenue for animal and mumps vaccines without a right of return provided to customers is recognized when delivery has occurred. Revenue for animal and mumps vaccines with a right of return provided to customers is recognized when payments are collected from customers as the Company currently does not have sufficient historical data to estimate returns for these products. | |||||||||||||||
Deferred revenue is generally relating to government stockpiling programs and advances received from customers. For government stockpiling programs of H1N1 and H5N1 vaccines, the Company generally obtains purchase authorizations from the government for a specified amount of products at a specified price and no rights of return are provided. Revenue is recognized when the government takes delivery of the products. If the products expire prior to delivery, these expired products are recognized as revenue once cash is received and the products have expired and passed government inspection. | |||||||||||||||
(l)Shipping and Handling | |||||||||||||||
Shipping and handling fees billed to customers are included in sales. Costs related to shipping and handlings are recognized in selling, general and administrative expenses in the consolidated statements of comprehensive income (loss). For the year ended December 31, 2014, $1,241 of shipping and handling costs was included in selling, general and administrative expenses (2013 - $1, 235, 2012 - $1,118). | |||||||||||||||
(m)Advertising Expenses | |||||||||||||||
Advertising costs are expensed as incurred and included in selling, general and administrative expenses. Advertising costs were $268 for the year ended December 31, 2014 (2013 - $474, 2012 - $29). | |||||||||||||||
(n)Research and Development | |||||||||||||||
Research and development (“R&D”) costs are expensed as incurred and are disclosed as a separate line item on the Company’s consolidated statements of comprehensive income (loss). R&D costs consist primarily of the remuneration of R&D staff, depreciation, material, clinical trial costs as well as amortization of acquired technology and know-how used in R&D with alternative future uses. R&D costs also include costs associated with collaborative R&D and in-licensing arrangements, including upfront fees paid to collaboration partners in connection with technologies which have not reached technological feasibility and did not have an alternative future use. Reimbursement of R&D costs for arrangements with collaboration partners is recognized when the obligations are incurred. | |||||||||||||||
Under certain R&D arrangements with third parties, the Company may be required to make payments that are contingent on the achievement of specific development, regulatory and/or commercial milestones. Before a product receives regulatory approval, license fees and milestone payments made to third parties are expensed as incurred. License fees and milestone payments made to third parties after regulatory approval is received are capitalized and amortized over the remaining life of the agreement with third parties. | |||||||||||||||
(o)Government Grants | |||||||||||||||
Government grants received from the PRC government by the PRC operating subsidiaries of the Company are recognized when there is reasonable assurance that the amount is receivable and all the conditions specified in the grant have been met. Government grants for R&D are recognized as a reduction to R&D expenses when the expenses are incurred in the same period when the conditions attached to the grants are met, or recognized as government grants recognized in income in the period when the conditions are met after the expenses are incurred. Government grants for property, plant and equipment are deferred and recognized as a reduction to the related depreciation and amortization expenses in the same manner as the plant and equipment are amortized. Interest subsidies are recorded as a reduction to interest and financing expenses in the consolidated statements of comprehensive income (loss), or recorded as a reduction to interest capitalized if the subsidies granted are related to a specific borrowing associated with building a qualifying asset. For government loans received at below market interest rate, the difference between the face value of the loan and fair value using the effective interest rate method is recorded as deferred government grants. Accretion expense is recorded in interest and financing expense and the government grant will be recognized as “government grants recognized in income” in the consolidated statement of comprehensive income (loss) when the government loan is fully repaid. | |||||||||||||||
(p)Retirement and Other Post-retirement Benefits | |||||||||||||||
Full-time employees of the Company in the PRC participate in a government mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the Company makes contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Company has no legal obligation for the benefits beyond the contributions. The total amounts for such employee benefits, which were expensed as incurred was $3,498 for the year ended December 31, 2014 (2013 - $3,138, 2012 - $2,771). | |||||||||||||||
(q)Foreign Currency Translation and Transactions | |||||||||||||||
The Company maintains their accounting records in their functional currencies, U.S. dollars (“US$”) for the Company and Sinovac Hong Kong and Renminbi Yuan (“RMB”) for the PRC subsidiaries. The Company uses the US$ as its reporting currency. | |||||||||||||||
At the transaction date, each asset, liability, revenue and expense is re-measured into the functional currency by the use of the exchange rate in effect at that date. At the period end, foreign currency monetary assets, and liabilities are re-measured into the functional currency by using the exchange rate in effect at the balance sheet date. The resulting foreign exchange gains and losses are included in selling, general and administrative expenses. The Company recognized foreign exchange gains (losses) of $(647) for the year ended December 31, 2014 (2013 - $650, 2012 - $207). | |||||||||||||||
The assets and liabilities of the PRC subsidiaries, Sinovac Beijing, Tangshan Yian, Sinovac R&D and Sinovac Dalian are translated into US$ at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at average exchange rates. Gains and losses from such translations are recorded in accumulated other comprehensive income, a component of shareholders’ equity. | |||||||||||||||
Gains and losses on intra-entity foreign currency transactions that are of a long-term-investment nature was $294 for year ended December 31, 2014 (2013 - $235, 2012 - $199) which was recorded in other comprehensive income (loss). | |||||||||||||||
(r)Stock-based Compensation | |||||||||||||||
Compensation expense for costs related to all share-based payments, including grants of stock options, is recognized through a fair-value based method. The Company uses the Black-Scholes option-pricing model to determine the grant date fair value for the awards. The Company has elected to recognize share-based compensation costs using the straight-line method over the requisite service period with a graded vesting schedule, provided that the amount of compensation costs recognized at any date is at least equal to the portion of the grant date value of the awards that are vested at that date. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Share based compensation costs are recorded net of estimated forfeitures such that expense is recorded only for those awards that are expected to vest. | |||||||||||||||
(s)Comprehensive Income (loss) | |||||||||||||||
The Company’s comprehensive income (loss) consists of net income (loss) and foreign currency translation adjustments. | |||||||||||||||
(t)Earnings(loss) Per Share | |||||||||||||||
Earnings (loss) per share is calculated in accordance with ASC 260 Earnings per Share. Basic earnings (loss) per share is computed by dividing the net income (loss) attributable to shareholders of Sinovac by the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed in accordance with the treasury stock method and based on the weighted average number of common shares and dilutive common share equivalents of options. If the Company records a net loss, the basic and diluted loss per share is the same because the exercise of options would have an anti-dilutive effect. | |||||||||||||||
(u)Operating Leases | |||||||||||||||
Leases are classified as capital and operating depending on the terms and conditions of the lease agreement. Leases that transfer substantially all the benefits and risks incidental to ownership of assets are accounted for as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases where rental payments are expensed as incurred. There are no capital leases for the periods presented. | |||||||||||||||
(v)Fair Value Measurements | |||||||||||||||
Assets and liabilities subject to fair value measurements are required to be disclosed within a specified fair value hierarchy. The fair value hierarchy ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following categories based on the lowest level input used that is significant to a particular fair value measurement: | |||||||||||||||
· | Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||||||||
· | Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets and liabilities in markets that are not active. | ||||||||||||||
· | Level 3 — Unobservable inputs for the asset or liability. | ||||||||||||||
As of December 31, 2014 and 2013, the Company did not have any financial assets or liabilities measured at fair value on a recurring basis. | |||||||||||||||
The carrying values of cash equivalents, accounts receivable, accounts payable and accrued liabilities and short-term bank loans and the current portion of long-term debt approximate their fair value because of their short-term nature. The fair value of long-term debt is estimated based on the discounted value of future contractual cash flows which approximates their carrying value due to the fact they are predominately stated at variable rates based on the People’s Bank of China. Fair value of cash equivalents and the long-term debt are determined based on level 2 inputs. | |||||||||||||||
The Company measures property, plant and equipment at fair value on a non-recurring basis only if an impairment charge were to be recognized. As at December 31, 2012, the Company’s prepaid land lease payment, property, plant and equipment at Tangshan Yian and certain equipment and leasehold improvements at Sinovac Beijing were measured at fair value on a nonrecurring basis. The Company determined the fair value of Tangshan Yian’s prepaid land lease payments, plant and buildings using the market approach by obtaining quoted prices for similar assets in the principal resale market. The Company determined the fair value of Tangshan Yian’s machinery and equipment using the cost approach by estimating the amount that currently would be required to construct or purchase substitute machinery and equipment of comparable utility. The estimate considers the condition of the assets which include the physical deterioration and economic obsolescence. It was determined the fair value of Tangshan Yian’s property, plant and equipment was $2,923 compared to the carrying value of $4,420. The Company determined the fair value of certain equipment and leasehold improvements at Sinovac Beijing using the market approach by obtaining quoted prices for similar assets in the principal resale market, and determined the fair value was $89 compared to the carrying value of $763. There were no non-recurring fair value measurements for the years ended December 31, 2014 and 2013. | |||||||||||||||
Fair value measurements at December 31, 2012 | |||||||||||||||
using | |||||||||||||||
Description | Total | Quoted | Significant | Significant | Total | ||||||||||
Fair Value | Prices in | Other | unobservable | Losses | |||||||||||
Active | Observable | Inputs | |||||||||||||
Markets for | Inputs (Level 2) | (Level 3) | |||||||||||||
Identical | |||||||||||||||
Assets | |||||||||||||||
(Level 1) | |||||||||||||||
Prepaid land lease payment | $ | 1,226 | — | $ | 1,226 | — | — | ||||||||
Plant, building and equipment | $ | 1,786 | — | $ | 1,786 | — | $ | 2,171 | |||||||
Total nonrecurring | $ | 3,012 | — | $ | 3,012 | — | $ | 2,171 | |||||||
(w)Concentration of Risks | |||||||||||||||
Exchange Rate Risks | |||||||||||||||
The Company operates in China, which may give rise to significant foreign currency risks from fluctuations and the degree of volatility of foreign exchange rates between the US$ and the RMB. In 2014, foreign exchange loss of $647 is included in selling, general and administrative expenses (2013 - $650, 2012 - $207). As at December 31, 2014, cash and cash equivalents of $72,104 (RMB 447 million) is denominated in RMB and are held in PRC and Hong Kong (December 31, 2013 - $ 92,861 (RMB 563 million)). | |||||||||||||||
Currency Convertibility Risks | |||||||||||||||
Substantially all of the Company’s operating activities are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with other information such as suppliers’ invoices, shipping documents and signed contracts. | |||||||||||||||
Concentration of Credit Risks | |||||||||||||||
Financial instruments that potentially subject the Company to concentration of credit risks consist primarily of cash and cash equivalents and accounts receivable, the balances of which are stated on the consolidated balance sheets which represent the Company’s maximum exposure. The Company places its cash and cash equivalents in good credit quality financial institutions in Hong Kong and China. Concentration of credit risks with respect to accounts receivables is linked to the concentration of revenue. The Company’s customers are mainly various government agencies in China. No single customer accounted for more than 10% of total sales for the years ended December 31, 2014, 2013 and 2012 except for government stockpile purchases revenue recognized in 2013. To manage credit risk, the Company performs ongoing credit evaluations of customers’ financial condition. | |||||||||||||||
Interest Rate Risks | |||||||||||||||
The Company is subject to interest rate risk. Other than a long-term loan with carrying value of $1,803 and loan from a non-controlling shareholder of $2,595 with fixed interest rates as at December 31, 2014, other interest-bearing loans are stated at variable rates based on the People’s Bank of China (note 10). | |||||||||||||||
(x)Comparative information | |||||||||||||||
Certain comparative figures of prior year have been reclassified to conform to the current year’s presentation. | |||||||||||||||
(y)Recently Issued Accounting Standards | |||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606). Where a single, global revenue recognition model applies to most contracts with customers. Revenue will be recognized in a manner that depicts the transfer of goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled, subject to certain limitations. The guidance is effective for annual periods beginning after December 15, 2016. Early adoption is prohibited, and a full or modified retrospective transition method is required. The Company is currently evaluating the impact of its consolidated financial statements of adopting this standard. | |||||||||||||||
In August 2014, the FASB issued ASU No. 2014-15 (“ASU 2014-15”), Going concern. Management the Company will be required to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern and, if so, disclose that fact. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The guidance is effective for annual periods beginning after December 15, 2016. Early adoption is permitted. The Company will adopt ASC 2014-15 on January 1, 2017, and does not expect the adoption of this standard will have a material impact on its consolidated financial statements. | |||||||||||||||
Accounts_Receivable_net
Accounts Receivable - net | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Receivable - net | ||||||||
Accounts Receivable - net | ||||||||
3.Accounts Receivable - net | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Trade receivables (note 9) | $ | 42,423 | $ | 33,743 | ||||
Allowance for doubtful accounts | (2,571 | ) | (2,429 | ) | ||||
39,852 | 31,314 | |||||||
Other receivables | 905 | 613 | ||||||
Total | $ | 40,757 | $ | 31,927 | ||||
Accounts receivables with a carrying value of $5,641 (RMB 35 million) were pledged as collateral for a bank loan (note 9). | ||||||||
The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The Company estimates the allowance based on known troubled accounts, historical experience, the age of the accounts receivable balances, credit quality of the Company’s customers, current economic conditions, and other factors that may affect customers’ ability to pay. The Company records its allowance for doubtful accounts based upon its assessment of various factors. As of December 31, 2014, the Company provided 100% (December 31, 2013 -100%) allowance for accounts receivable aged more than three years, approximately 56.3% (December 31,2013 - 56.3%) allowance for accounts receivable aged between two year and three years, approximately 18.5% (December 31,2013 - 16.9%) allowance for accounts receivable aged between one year and two years, and approximately 1.8% (December 31,2013 - 1.7%) allowance for accounts receivable aged less than one year. | ||||||||
The Company’s maximum exposure to credit risk at the balance sheets date relating to trade receivables is summarized as follows: | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Aging within one year, net of allowance for doubtful accounts | $ | 35,130 | $ | 29,565 | ||||
Aging greater than one year, net of allowance for doubtful accounts | 4,722 | 1,749 | ||||||
Total | $ | 39,852 | $ | 31,314 | ||||
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventories | ||||||||
Inventories | ||||||||
4.Inventories | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 2,688 | $ | 3,832 | ||||
Work in progress | 4,056 | 448 | ||||||
Finished goods | 12,088 | 10,049 | ||||||
Total | $ | 18,832 | $ | 14,329 | ||||
For the year ended December 31, 2014, the Company charged $2,492 of excessive fixed production overhead to cost of sales as such costs were incurred (2013 - $2,217, 2012- $3,140). | ||||||||
For the year ended December 31, 2014, the cost of sales includes $1,273 of inventory provision for products that are likely to be expired before being sold (2013 - $1,399, 2012- $3,479). | ||||||||
Longterm_Inventories
Long-term Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Long-term Inventories | ||||||||
Long-term Inventories | ||||||||
5.Long-term Inventories | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Work in progress | $ | — | $ | 666 | ||||
Finished goods | 2,648 | 2,115 | ||||||
Total | $ | 2,648 | $ | 2,781 | ||||
Long-term inventories represent H5N1 vaccines with remaining shelf lives over one year and not expected to be sold within one year. These vaccines are for government stockpiling purposes. | ||||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment | ||||||||
Property, Plant and Equipment | ||||||||
6.Property, Plant and Equipment | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Cost | ||||||||
Construction in progress | $ | 8,206 | $ | 424 | ||||
Plant and buildings | 34,419 | 35,259 | ||||||
Machinery and equipment | 42,517 | 42,851 | ||||||
Motor vehicles | 1,832 | 1,884 | ||||||
Equipment and furniture | 2,612 | 2,620 | ||||||
Leasehold improvements | 13,232 | 12,386 | ||||||
Total cost | $ | 102,818 | $ | 95,424 | ||||
Less: Accumulated depreciation | ||||||||
Construction in progress | $ | — | $ | — | ||||
Plant and buildings | 7,908 | 6,455 | ||||||
Machinery and equipment | 18,891 | 15,658 | ||||||
Motor vehicles | 1,643 | 1,653 | ||||||
Equipment and furniture | 1,765 | 1,546 | ||||||
Leasehold improvements | 4,194 | 2,149 | ||||||
Total accumulated depreciation | $ | 34,401 | $ | 27,461 | ||||
Property, plant and equipment net | $ | 68,417 | $ | 67,963 | ||||
The buildings of the Changping facilities of Sinovac Beijing with a net book value of $14,876 (RMB 92.3 million) were pledged as collateral for a bank loan from China Construction Bank (note 9). | ||||||||
The buildings of Sinovac Beijing with a net book value of $2,933 (RMB 18.2 million) was pledged as collateral for a bank loan from Bank of Beijing (note 9). | ||||||||
The buildings of Sinovac Dalian with a net book value of $5,836 (RMB 36.2 million) were pledged as collateral for a bank loan from Bank of China (note 9). | ||||||||
Depreciation expense for the year ended December 31, 2014 was $7,771 (2013 - $5,998, 2012 - $3,961). | ||||||||
Loss on disposal of equipment for the year ended December 31, 2014 was $74 (2013 - $31, 2012 - $14). | ||||||||
In 2012, Sinovac Beijing decided to move the packaging line from its Shangdi site to the Changping site. The equipment not being relocated to Changping and the leasehold improvements for the packaging line production area at the Shangdi site were impaired as a consequence. The Company recorded an impairment charge of $nil for the year ended December 31, 2014 (2013 - $57 (RMB 0.3 million), 2012 - $656 (RMB 4.1 million)). | ||||||||
Tangshan Yian incurred a loss in 2012 and was expected to continue to incur losses in the future. In 2012, the Company performed a recoverability test of Tangshan Yian’s property, plant and equipment by comparing the forecasted undiscounted cash flow to be generated from continuous use of the property, plant and equipment to their carrying value. As the undiscounted cash flows over the remaining useful life of the assets were negative, the Company measured the impairment amount by estimating the fair value of the property, plant and equipment. The Company determined the fair value of Tangshan Yian’s prepaid land lease payments and plant and buildings using the market approach by obtaining quoted prices for similar assets in the principal resale market. The Company determined the fair value of Tangshan Yian’s machinery and equipment using the cost approach by estimating the amount that currently would be required to construct or purchase substitute machinery and equipment of comparable utility. The estimate considered the condition of the assets which include the physical deterioration and economic obsolescence. | ||||||||
It was determined the fair value of Tangshan Yian’s property, plant and equipment and prepaid land lease payments was $2,923 compared to the carrying value of $4,420 as at December 31, 2012. As the fair value of the prepaid land lease payments exceeded their carrying value, the impairment of $1,497 was allocated on a pro-rata basis to the plant and buildings, and machinery and equipment based on their relative carrying value. At the end of 2013 and 2014, the Company determined impairment indicators at Tangshan Yian continued to exist due to losses incurred, and performed impairment analysis using the same methodology used in 2012. The Company concluded no further impairment losses were required to be recorded. | ||||||||
Prepaid_land_lease_payments
Prepaid land lease payments (Land use rights) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Land use rights | ||||||||
Prepaid land lease payments | ||||||||
Prepaid land lease payments | ||||||||
7.Prepaid land lease payments | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Prepaid land lease payments | $ | 11,940 | $ | 12,238 | ||||
Less: accumulated amortization | 1,535 | 1,290 | ||||||
Net carrying value | $ | 10,405 | $ | 10,948 | ||||
The prepaid land lease payments of the Changping facilities of Sinovac Beijing with a net book value of $2,922 (RMB18.1 million) were pledged as collateral (note 9) for a bank loan from China Construction Bank. | ||||||||
The prepaid land lease payments of Sinovac Beijing with a net book value of $352 (RMB2.2million) were pledged as collateral (note 9) for a bank loan from Bank of Beijing. | ||||||||
The prepaid land lease payments of Sinovac Dalian with a net book value of $3,801 (RMB23.6million) were pledged as collateral (note 9) for a bank loan from Bank of China. | ||||||||
Amortization expenses for prepaid land lease payments for the year ended December 2014 was $278 (2013 - $311, 2012 - $299). | ||||||||
Licenses
Licenses (Licenses) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Licenses | |||||||||||
Licenses | |||||||||||
Licenses | |||||||||||
8.Licenses | |||||||||||
December 31, 2014 | |||||||||||
Accumulated | Net book | ||||||||||
Cost | amortization | value | |||||||||
Inactivated hepatitis A | $ | 3,405 | $ | 3,405 | $ | — | |||||
Combined inactivated hepatitis A&B | 490 | 490 | — | ||||||||
H5N1 licenses (note 22(c)) | 1,482 | 1,130 | 352 | ||||||||
Total | $ | 5,377 | $ | 5,025 | $ | 352 | |||||
December 31, 2013 | |||||||||||
Accumulated | Net book | ||||||||||
Cost | amortization | value | |||||||||
Inactivated hepatitis A | $ | 3,490 | $ | 3,490 | $ | — | |||||
Combined inactivated hepatitis A&B | 502 | 452 | 50 | ||||||||
H5N1 licenses (note 22(c)) | 1,519 | 797 | 722 | ||||||||
Total | $ | 5,511 | $ | 4,739 | $ | 772 | |||||
(a) | On August 15, 2011, the Company entered into a non-exclusive main license agreement together with three sublicense agreements with Medimmune, LLC (“Medimmune”) to use patented reverse genetics technology pertaining to virus strain production for vaccines, including the H5N1 influenza virus strain. The Company amortized the patent fee on a straight-line method basis over the estimated useful life of 20 years. On August 15, 2012, the Company entered into amendment agreements with Medimmune which amended the term of the license agreements. As for the main license agreement, the estimated useful life of the patent was revised to end on December 29, 2015. The other three sublicense agreements have been revised to end on April 5, 2020, July 14, 2020, and May 23, 2021, respectively. Accordingly, the estimated useful life of the patent was revised to end on December 29, 2015 (note 22(c)) which is the termination date of the main license agreement. | ||||||||||
(b) | Amortization expense for the licenses was $371 for the year ended December 31, 2014 (2013 - $435, 2012 - $228). | ||||||||||
(c) | Estimated amortization expense for the existing license over their remaining useful lives as of December 31, 2014 is $352 within one year. | ||||||||||
The amortization expense forecast is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, changes in foreign currency exchange rates, impairment of licenses and other events. | |||||||||||
Bank_loans_and_other_debt
Bank loans and other debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Bank loans and other debt [Abstract] | ||||||||
Bank Loans and Other Debt | ||||||||
9.Bank loans and other debt | ||||||||
Summarized below were bank loans and other debt as of December 31, 2014 and 2013: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
China Merchants Bank(a) | $ | 4,835 | $ | 1,652 | ||||
Bank of Beijing (b) | 8,059 | — | ||||||
Bank of China (c) | 1,612 | 1,652 | ||||||
Industrial and Commercial Bank of China (d) | 3,223 | — | ||||||
Bank loans less than one year | 17,729 | 3,304 | ||||||
China Construction Bank (e) | 13,861 | 330 | ||||||
China Construction Bank (f) | 4,044 | 518 | ||||||
Bank of Beijing (g) | 11,741 | 12,065 | ||||||
Current portion of long-term bank loans | 29,646 | 12,913 | ||||||
China Construction Bank (e) | — | 14,206 | ||||||
China Construction Bank (f) | — | 4,145 | ||||||
Bank of Beijing (g) | — | 12,065 | ||||||
Beijing Zhongguancun Development Group (h) | 1,803 | 1,730 | ||||||
Long-term bank loans and other debt | 1,803 | 32,146 | ||||||
Total bank loans and other debt | $ | 49,178 | $ | 48,363 | ||||
(a) In 2013, Sinovac Beijing entered into a bank loan with China Merchants Bank in the aggregate principal amount of $1,652 (RMB 10 million), bearing interest at 10% above the prime rate of a one-year term loan published by the People’s Bank of China. Interest is payable quarterly. The loan was drawn on January 31, 2013 and was repaid in full on January 30, 2014. | ||||||||
In 2014, Sinovac Beijing entered into a bank loan with China Merchants Bank in the aggregate principal amount of $4,835 (RMB 30 million) to finance its working capital requirements, bearing interest at 15% above the prime rate of a one-year term loan published by the People’s Bank of China, at 6.9% per year. Interest is payable quarterly. The loan was drawn on March 3, 2014 and was repaid on March 2, 2015. | ||||||||
(b) In 2014, Sinovac Beijing entered into a bank loan with Bank of Beijing in the aggregate principal amount of $8,059 (RMB 50 million) to finance its working capital requirements. The loan bears interest at 6% and is payable quarterly. The loan was drawn on August 21, 2014 and is repayable on August 21, 2015. | ||||||||
(c) On December 17, 2012, Sinovac Dalian entered into a bank loan agreement with Bank of China with a credit line of $3,223 (RMB 20 million). The first $806 (RMB 5 million) was drawn down on March 13, 2013 and repaid on March 12, 2014. The second $806 (RMB 5 million) was drawn down on September 24, 2013 and repaid on September 23, 2014. The third $806 (RMB 5 million) was drawn down on March 31, 2014 and was repaid on March 26, 2015. The fourth $806 (RMB 5 million) was drawn down on September 23, 2014 and is repayable on September 22, 2015. The loan bears interest at 7.4% and the interest is payable monthly. Prepaid land lease payments and buildings of Sinovac Dalian with a net book value of $9,637 (RMB 59.8 million) were pledged as collateral. | ||||||||
(d) In 2014, Sinovac Beijing entered into a bank loan with Industrial and Commercial Bank of China Limited in the aggregate principal amount of $3,223 (RMB 20 million) to finance the working capital requirements, bearing interest at 10% above the prime rate of a one-year term loan published by the People’s Bank of China plus 0.9% of financing fee per year, at 7.5% per year. Interest is payable monthly. The loan was drawn on June 19, 2014 and is repayable on June 19, 2015. The loan is guaranteed by an unrelated third party, with a guarantee fee of $64 (RMB 0.4 million) over the term of the loan. Trade receivables of Sinovac Beijing with a carrying value of not lower than $5,641 (RMB 35 million) were pledged as collateral. | ||||||||
(e) The loan from China Construction Bank in the aggregate principal amount of $14,183 (RMB 88 million) (December 31, 2013 - $14,536) is exclusively for the purchase of the Changping facility, bearing interest at the bank’s prime lending rate and adjusted every 12 months, at 6.4% per year. Interest is payable monthly. Prepaid land lease payment and buildings of the Changping facilities of Sinovac Beijing with a net book value of $17,798 (RMB 110 million) were pledged as collateral. $322 (RMB 2 million) was repaid in 2013, $322 (RMB 2 million) was repaid in 2014 and $13,861 (RMB 86 million) was repaid in February 2015. | ||||||||
(f) The total amount of the loan facility from China Construction Bank is $8,059 (RMB 50 million) for a three-year period from December 13, 2012 to December 12, 2015. The amount drawn is $4,996 (RMB 31 million) as at December 31, 2014. The interest is set at the bank’s prime lending rate at 6.15% per year. The loan is to be used exclusively for the operation and production costs of Sinovac Beijing. Interest is payable monthly. The loan is unsecured and 10% of the principal amount is repayable in 2013, 10% of the principal amount is repayable in 2014 with the remaining principal repayable in 2015. $458 (RMB 3 million) was repaid in 2013 and $494 (RMB 3 million) was repaid in 2014. Pursuant to the covenants set out in the agreement, the debt to total assets ratio must not be higher than 85%, the current ratio must not be lower than 1, contingent liabilities must not be higher than $14,667 (RMB 91 million) and contingent liabilities as a percentage of total shareholders’ equity must not be higher than 10%. The Company is in compliance with such covenants as of December 31, 2014 and 2013. | ||||||||
(g) The loan from Bank of Beijing in the aggregate principal amount of $23,531 (RMB 146 million) (December 31, 2013- $24,130) for a period from May, 2011 to November, 2015 is for construction of the Changping facility and has a maximum credit facility amount of $32,234 (RMB 200 million). The loan bears interest at the bank’s prime lending rate and adjusted every 12 months, currently at 6.4% per year. Interest is payable quarterly. The loan is repayable in four equal installments on May 13, 2014, November 13, 2014, May 13, 2015 and November 13, 2015. $11,790 (RMB 72.6 million) was repaid in 2014. The Company also obtained a credit line with a maximum quota for issuing letter of credits of $12,894 (RMB 80 million) with the same bank. No letters of credit were issued by the Company as at December 31, 2014 and 2013, respectively. Prepaid land lease payments and buildings of Sinovac Beijing with a net book value of $3,285 (RMB 20.4 million) were pledged as collateral. $11,741 (RMB 72.9 million) is repayable in 2015. | ||||||||
(h) The loan from Beijing Zhongguancun Development Group in the aggregate principal amount of $1,934 (RMB 12 million) bearing interest currently at 0.36% per year is for the purpose of funding EV71 vaccine research project of Sinovac Beijing. The total loan is $1,934 (RMB 12 million) of which $967 (RMB 6 million) was received in 2012 and the second $967 (RMB 6 million) was received in 2013. The loan is unsecured and repayable on February 24, 2016. The Beijing Zhongguancun Development Group is entitled to 10.62% ownership of the profits, if any, generated from the intellectual property developed during the loan period. No profit-sharing payments are required to be made as no profits have been generated to date. The Company can repay the loan at any time during the loan period. The fair value differential of $376 (between the face value and the fair value using the effective interest rate method at the Company’s borrowing rate of 6.9%) is recorded as non-current deferred government grant (2013 - $383) (see note 14). | ||||||||
Aggregate annual principal payments of loans payable as of December 31, 2014 are as follows: | ||||||||
Within 1 year | $ | 47,375 | ||||||
Between 1 and 2 years | 1,803 | |||||||
Total | $ | 49,178 | ||||||
The weighted average effective interest rate for all short-term and loan-term bank loans was 6.8% in 2014 (2013 - 6.6%, 2012 - 7.0%). The weighted average interest rate for short-term loans was 6.8% in 2014 (2013 - 7.0%, 2012 - 7.0%).The Company incurred $3,374 in interest and financing expenses for the year ended December 31, 2014 (2013 - $2,942, 2012 - $1,955), of which $nil for the year ended December 31, 2014, was capitalized in property, plant and equipment (2013 - $116, 2012 - $1,306 (net of $1,458 loan interest subsidies received)). | ||||||||
Related_Party_Transactions_and
Related Party Transactions and Balances | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Related Party Transactions and Balances | |||||||||||
Related Party Transactions and Balances | |||||||||||
10.Related Party Transactions and Balances | |||||||||||
(a)Loan from a non-controlling shareholder | |||||||||||
December 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
Loan - current | $ | 2,595 | $ | 3,324 | |||||||
The Company has a loan due to Dalian Jin Gang Group, the non-controlling shareholder of Sinovac Dalian, which is unsecured, bearing interest at 7.2% per year. Interest expense was $221 in 2014 (2013 - $237, 2012 - $231). Interest is payable monthly. As of December 31, 2014, $16 of interest payable is included in loan from a non-controlling shareholder (December 31, 2013 - $20). $649 (RMB 4 million) was repaid on September 25, 2014 and no payments were made for the years ended December 31, 2013 and 2012. | |||||||||||
(b)The Company entered into the following transactions in the normal course of operations at the exchange amount with related parties: | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Rent expenses payable to SinoBioway Biotech Group Co. Ltd. (“SinoBioway”). | $ | 869 | $ | 847 | $ | 823 | |||||
In 2004, the Company entered into two operating lease agreements with SinoBioway, the non-controlling shareholder of Sinovac Beijing, with respect to Sinovac Beijing’s production plant and laboratory in Beijing, China with annual lease payments totaling $220 (RMB 1.4 million). The leases commenced on August 12, 2004 and have a term of 20 years. One of the lease agreements was amended on August 12, 2010 with the rent increasing from $81 (RMB 0.5 million) to $220 (RMB 1.4 million) per year. | |||||||||||
In June 2007, the Company entered into another operating lease agreement with SinoBioway, with respect to the expansion of Sinovac Beijing’s production plant in Beijing, China for an annual lease payment of $332 (RMB2.0 million). The lease commenced in June 2007 and has a term of 20 years. | |||||||||||
In September 2010, the Company entered into another operating lease agreement with SinoBioway with respect to expansion of Sinovac R&D’s business on research and development for an annual lease payment of $164 (RMB 1.0 million). The lease commenced on September 30, 2010 and has a term of five years. | |||||||||||
On April 8, 2013, the Company entered into three supplemental agreements with SinoBioway, under which the expiration date of three of the four operating lease agreements was extended to April 7, 2033. | |||||||||||
Included in current and long-term prepaid expenses and deposits as at December 31, 2014, is $389 (RMB 2.4 million) (December 31, 2013 -$306 (RMB 1.9 million)), representing prepaid lease payments made to this related party. | |||||||||||
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Payable and Accrued Liabilities | ||||||||
Accounts Payable and Accrued Liabilities | ||||||||
11.Accounts Payable and Accrued Liabilities | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Trade payables | $ | 3,164 | $ | 6,063 | ||||
Machinery and equipment payables | 2,209 | 2,270 | ||||||
Accrued expenses | 8,342 | 8,669 | ||||||
Value added tax payable | 206 | 208 | ||||||
Other tax payable | 177 | 576 | ||||||
Withholding tax payable | 354 | 1,511 | ||||||
Bonus and benefit payables | 5,626 | 5,244 | ||||||
Other payables | 3,159 | 3,496 | ||||||
Total | $ | 23,237 | $ | 28,037 | ||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Income Taxes | |||||||||||
Income Taxes | |||||||||||
12.Income Taxes | |||||||||||
Antigua and Barbuda | |||||||||||
Under the current laws of Antigua and Barbuda, the Company is not subject to tax on income or capital gains. Additionally, upon payments of dividends by the Company to its shareholders, no Antigua and Barbuda withholding tax will be imposed. | |||||||||||
Hong Kong | |||||||||||
Under the Hong Kong tax laws, Sinovac Hong Kong is exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. | |||||||||||
China | |||||||||||
Effective from January 1, 2008, the PRC’s statutory income tax rate is 25%.The Company’s PRC subsidiaries are subject to income tax at the statutory rate of 25% except for Sinovac Beijing. Sinovac Beijing, being reconfirmed as a “High and New Technology Enterprise” (“HNTE”) in 2014 for a period of 3 years, is subject to a preferential income tax rate of 15% from 2014 to 2016. | |||||||||||
The Company’s income (loss) before income tax consists of: | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Non-PRC | $ | (1,336 | ) | $ | (65 | ) | $ | (527 | ) | ||
PRC | 2,458 | 8,210 | (19,106 | ) | |||||||
Total | $ | 1,122 | $ | 8,145 | $ | (19,633 | ) | ||||
Income taxes are attributed to the operations in China and consist of: | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Current | $ | (1,620 | ) | $ | — | $ | 867 | ||||
Deferred | 162 | 2,225 | 17 | ||||||||
Total income tax benefit (expense) | $ | (1,458 | ) | $ | 2,225 | $ | 884 | ||||
The following is a reconciliation of the Company’s total income tax benefit (expense) to the amount computed by applying the PRC statutory income tax rate of 25% to its income (loss) before income taxes for the years ended December 31, 2014, 2013 and 2012: | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Income (loss) before income tax expense and non-controlling interests | $ | 1,122 | $ | 8,145 | $ | (19,633 | ) | ||||
Income tax (expense) benefit at the PRC statutory rate | (281 | ) | (2,036 | ) | 4,909 | ||||||
International tax rate differential | (334 | ) | (16 | ) | (40 | ) | |||||
Change in unrecognized tax benefits | (282 | ) | (25 | ) | 147 | ||||||
Other adjustments | (79 | ) | 228 | 59 | |||||||
Permanent differences | 362 | 412 | 904 | ||||||||
Effect of preferential tax treatment | 901 | 1,573 | (648 | ) | |||||||
Change in valuation allowance | (1,639 | ) | 2,089 | (5,314 | ) | ||||||
Effect of PRC withholding tax | (106 | ) | — | 867 | |||||||
Income tax benefit (expense) | $ | (1,458 | ) | $ | 2,225 | $ | 884 | ||||
The tax effects of temporary differences that give rise to the Company’s deferred tax assets are as follows: | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
Accrued expenses | $ | 2,413 | $ | 1,982 | |||||||
Inventories | 388 | 729 | |||||||||
Prepaid expenses and deposits | (6 | ) | — | ||||||||
Deferred government grants | 12 | — | |||||||||
Tax losses carried forward | — | 485 | |||||||||
Less: valuation allowance | (541 | ) | (594 | ) | |||||||
Deferred tax assets, current portion | $ | 2,266 | $ | 2,602 | |||||||
Fixed assets | 1,493 | 576 | |||||||||
Deferred government grants | 428 | — | |||||||||
Tax losses carried forward | 10,805 | 10,060 | |||||||||
Less: valuation allowance | $ | (12,211 | ) | $ | (10,519 | ) | |||||
Deferred tax assets,non-current portion | $ | 515 | $ | 117 | |||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible or utilized. The Company considers projected future taxable income and tax planning strategies in making this assessment. Based upon an assessment of the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible or can be utilized, the Company provided valuation allowance of $12,752 as of December 31, 2014 ( December 31, 2013 - $11,113). | |||||||||||
The Company evaluates its valuation allowance requirements at end of each reporting period by reviewing all available evidence, both positive and negative, and considering whether, based on the weight of that evidence, a valuation allowance is needed. When circumstances cause a change in management’s judgement about the realizability of deferred tax assets, the impact of the change on the valuation allowance is generally reflected in income from operations. The future realization of the tax benefit of an existing deductible temporary difference ultimately depends on the existence of sufficient taxable income of the appropriate character within the carry forward period available under applicable tax law. | |||||||||||
Tax losses of the Company’s PRC subsidiaries in the amount of $43,221 (RMB 262 million) as of December 31, 2014 and will expire from 2015 to 2019. | |||||||||||
As of December 31, 2014, the Company has not recognized any deferred tax liability on Sinovac Beijing’s undistributed earnings of approximately $5,420, in view of the Company’s permanent reinvestment plan. The Company would be subject to PRC withholding income taxes at 5% or 10%, depending on the availability of treaty benefit between China and Hong Kong, upon the distribution of such profits outside of China. As of December 31, 2014, the amount of unrecognized deferred tax liability ranges from $271 to $542. | |||||||||||
The changes in unrecognized tax benefits are as follows: | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Balance at January 1 | $ | 370 | $ | 345 | $ | 198 | |||||
Additions for tax positions of the current year | 168 | 25 | 147 | ||||||||
Lapse of statute of limitations | (56 | ) | — | — | |||||||
Balance at December 31 | $ | 482 | $ | 370 | $ | 345 | |||||
The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as part of its income tax expenses. The Company did not record any interest and penalties as of December 31, 2014 (December 31, 2013 - $nil, December 31, 2012 - $nil).The PRC tax law provides statute of limitations ranging from 3 to 10 years. The PRC tax returns for the Company’s PRC subsidiaries are open to examination by tax authorities for the tax years beginning in 2004. | |||||||||||
As of December 31, 2014, the Company had unrecognized tax benefits of approximately $482 (December 31, 2013 - $370, December 31, 2012 - $345) and such balance was included in “other non-current liabilities”. All of the unrecognized tax benefits would affect the effective tax rate if recognized. In February 2015, a local taxing authority initiated a tax audit on one of the Company’s PRC subsidiaries for the year ended December 31, 2013. The local taxing authority raised some queries on the deductibility of certain expenses of the concerned subsidiary and management was in the process of clarifying the natures of those expenses and hence their tax deductibility with the taxing authority. The potential tax exposures for 2013 and 2012 were $208 and $153, respectively. No unrecognized tax benefits were accrued on these potential tax exposures before as management considered it was more likely than not that these expenses were income tax deductible. The reasonable possible change on the Company’s unrecognized tax benefits in the next 12 months ranges from $nil to $361. | |||||||||||
Deferred_Revenue
Deferred Revenue | 12 Months Ended |
Dec. 31, 2014 | |
Deferred Revenue | |
Deferred Revenue | |
13.Deferred Revenue | |
Current deferred revenue included $3,546 received from the Chinese government for stockpiling of H5N1 vaccines (December 31, 2013 - $102) that expire within one year and $1,450 of advances from customers (December 31, 2013 - $773). | |
Long-term deferred revenue included $7,191 received from the Chinese government for stockpiling of H5N1 vaccines (December 31, 2013 - $11,005). | |
Deferred_Government_Grants
Deferred Government Grants | 12 Months Ended |
Dec. 31, 2014 | |
Deferred Government Grants | |
Deferred Government Grants | |
14.Deferred Government Grants | |
Deferred government grants represent funding received from the government for R&D, or investment in building or improving production facility. The amount of deferred government grants as at year end is net of research and development expenditures or depreciation incurred or those recognized as government grant income. The Company received $3,520 (RMB 21.7 million) in 2014 (2013 - $842 (RMB 5.2 million, 2012 - $936 (RMB 5.9 million)). | |
Deferred government grants included $1,466 (RMB 9.1 million) represents the unamortized portion of the amount that the Company received in 2007 for construction of a pandemic influenza vaccine plant and buildings of RMB 20 million (December 31, 2013 - $1,800 (RMB 10.9 million)). $290 (RMB 1.8 million) which will be amortized in 2015 was included in the current portion and $1,176 (RMB 7.3 million) which will be amortized after 2015 was included in the non-current portion of the deferred government grants. The production facility grant requires the Company to have the entire facility available to manufacture pandemic influenza vaccines at any given moment upon request by the Chinese government. The Company has fulfilled the conditions attached to the government grant. Government grant relating to these production facilities of $290, $237 and $285 for the years ended December 31, 2014, 2013 and 2012, respectively, was recorded as a reduction to the related depreciation expenses. | |
Deferred government grants also included $630 (RMB 3.9 million) being the unamortized portion of the amount that the Company received in 2009 for purchasing equipment for H1N1 vaccine production with a total amount of $999 (RMB 6.2 million). The amount of $143 (RMB 0.9 million) which will be recognized in 2015 was included in the current portion and the amount of $487 (RMB 3.0 million) which will be recognized after 2015 was included in the non-current portion of deferred government grants. The Company has fulfilled the conditions attached to the government grant. Government grants relating to the production facility of $143, $119 and $82 for the years ended December 31, 2014, 2013 and 2012, respectively, were recorded as a reduction to the related depreciation expenses. | |
Deferred government grants also included $81 (RMB 0.5 million) being the unamortized portion of the amount that the Company received in 2013 for purchasing equipment for H5N1 vaccine production. The amount of $16 (RMB 0.1 million) which will be amortized in 2015 was included in the current portion and the amount of $65 (RMB 0.4 million) which will be amortized after 2015 was included in the non-current portion of deferred government grants. Government grant relating to this production facility of $16 for the year ended December 31, 2014 was recorded as a reduction to the related depreciation expenses. | |
The Company received a government grant in the amount of $3,223 (RMB 20 million) for equipment purchase and construction of the EV71 vaccine production facility. As of December 31, 2014, the Company has not fulfilled the conditions attached to the government grant. As the Company does not expect to fulfill the conditions within one year, the grant is recorded as a non-current government grant. | |
Deferred government grants also include $1,525 (RMB 9.5 million) that the Company received for research and development, as well as purchasing equipment for EV71 vaccine production. As of December 31, 2014, the Company has not fulfilled the conditions attached to the government grant. As the Company does not expect to fulfill the conditions within one year, the grant is recorded as a non-current government grant. | |
Deferred government grants also include $723 (RMB 4.5 million) in relation to four other research projects. As of December 31, 2014, the conditions attached to three government grants totalling $642 (RMB 4 million) has not been fulfilled by the Company. As the Company does not expect to fulfill the conditions within one year, these grants are recorded as non-current deferred government grants (December 31, 2013 - $578 (RMB 3.6 million)). The Company expects to fulfil the conditions attached to one of the four grants and recorded $81 (RMB 0.5 million) as a current government grant (December 31, 2013 - $83 (RMB 0.5 million) in non-current government grant). | |
The Company received a loan of $1,934 (RMB 12million) bearing an interest rate of 0.36% per year from Beijing Zhongguancun Development Group. The fair value differential (between the face value and the fair value using the effective interest rate method at the Company’s borrowing rate of 6.9%) is recorded as non-current deferred government grant of $376 (December 31, 2013 - $383) (see note 9). | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies | |||||
Commitments and Contingencies | |||||
15.Commitments and Contingencies | |||||
(a)Operating Lease Commitments | |||||
The Company leases production plant and laboratory under operating leases from its related parties (note 10 (b)). Rental expense amounted to $869 for the year ended December 31, 2014 (2013 - $847, 2012 - $823). | |||||
Minimum future rental payments under operating leases to related parties for the years ending December 31 are as follows: | |||||
2015 | $ | 869 | |||
2016 | 869 | ||||
2017 | 869 | ||||
2018 | 869 | ||||
2019 | 869 | ||||
Thereafter | 9,679 | ||||
Total minimum future payments | $ | 14,024 | |||
(b)Other Commitments | |||||
In addition to commitments disclosed in note 22, commitments related to R&D expenditures are $960 as at December 31, 2014. | |||||
Commitments related to capital expenditures for the Company’s pneumococcal polysaccharide and varicella vaccine production facilities are approximately $5,528 as at December 31, 2014. | |||||
Common_Stock
Common Stock | 12 Months Ended |
Dec. 31, 2014 | |
Common Stock. | |
Common Stock | |
16.Common Stock | |
Share Capital | |
Each share of common stock is entitled to one vote per share and is entitled to dividends when declared by the Company’s board of directors. As of December 31, 2014 and 2013, there were 55,809,661 and 55,570,361 shares of common stock outstanding, respectively. As of December 31, 2014 and 2013, there was no preferred stock issued and outstanding. | |
In 2012, the Company issued 317,600 shares of common stock on the exercise of employee stock options with exercise price of $1.60 per share, for total proceeds of $508. The Company received further cash proceeds of $8 on the exercise of stock option for which the shares were issued subsequent to December 31, 2012. | |
In 2013, the Company issued 360,600 shares of common stock on the exercise of employee stock options with exercise price of $1.60 per share and 118,200 shares of common stock on the exercise of employee stock options with exercise price of $2.37 per share, for total proceeds of $848. The Company received further cash proceeds of $18 on the exercise of stock option for which the shares were issued subsequent to December 31, 2013. | |
In 2014, the Company issued 48,000 shares of common stock on the exercise of employee stock options with exercise price of $1.60 per share and 191,300 shares of common stock on the exercise of employee stock options with exercise price of $2.37 per share, for total proceeds of $512. The Company received further cash proceeds of $51 on the exercise of stock option for which the shares were issued subsequent to December 31, 2014. | |
Stock_Options
Stock Options | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Stock Options | |||||||||||||||||
Stock Options | |||||||||||||||||
17.Stock Options | |||||||||||||||||
(a)Stock Option Plan | |||||||||||||||||
The board of directors approved a stock option plan (the “2003 Plan”) effective on November 1, 2003, pursuant to which directors, officers, employees and consultants of the Company are eligible to receive grants of options for the Company’s common stock. The 2003 Plan expires on November 1, 2023. Up to 10% of the Company’s then outstanding common stocks were reserved for issuance under the 2003 Plan. As of December 31, 2014, 42,800 shares of common stock under the 2003 Plan remain available for issuance. Each stock option entitles its holder to purchase one share of common stock of the Company. Options may be granted for a term not exceeding 10 years from the date of grant. The 2003 Plan is administered by the board of directors. | |||||||||||||||||
In December 2011, the Company granted 767,000 options to employees with an exercise price of $2.37, being the quoted market price of the Company’s shares at the time of grant. 10% of the options vest every three months from December 26, 2012 to March 26, 2015 and expire on December 25, 2017. | |||||||||||||||||
On May 1, 2012, the Company granted 50,000 options to an officer with an exercise price of $2.05, being the quoted market price of the Company’s shares at the time of grant. The options were granted on May 1, 2012 and expire on April 30, 2017. 10% of the options will vest on May 1, 2013 (the “Initial Vesting Date”) and the remaining options will vest at 10% in equal quarterly proportions over a period of 27 months from the Initial Vesting Date. The officer has left the Company at the end of May 2013 and forfeited the unvested options in June 2013. | |||||||||||||||||
On August 22, 2012, the board of directors approved a new stock option plan (the “2012 Plan”), which allowed the Company to issue up to 4,000,000 options for common shares of the Company to directors, officers, employees and consultants of the Company. Each stock option entitles its holder to purchase one share of common stock of the Company. Options may be granted for a term not exceeding 10 years from the date of grant. The 2012 Plan is administered by the board of directors. No stock options were granted under the 2012 Plan as of December 31, 2014. The 2012 Plan will expire on August 22, 2022. Any awards that are outstanding on August 22, 2022 will remain in force according to the terms of the 2012 Plan and the applicable award agreement. | |||||||||||||||||
(b)Valuation Assumptions | |||||||||||||||||
The following assumptions were used in determining stock based compensation costs under the Black-Scholes option-pricing model: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected volatility | — | — | 82.89 | % | |||||||||||||
Risk-free interest rate | — | — | 0.39 | % | |||||||||||||
Expected life (years) | — | — | 2.95 | ||||||||||||||
Dividend yield | — | — | Nil | ||||||||||||||
Estimated forfeiture rate | — | — | 10 | % | |||||||||||||
The weighted average fair value of options granted for the year ended December 31, 2014 was $nil per option (2013 - $nil, 2012 - $1.08). | |||||||||||||||||
Expected volatility is estimated based on the Company’s historical stock prices. Computation of expected life was estimated after considering the contractual terms of the stock-based award, vesting schedules and expectations of future employee behaviour. The risk-free interest rates for the period within the contractual life of the awards are based on the U.S. Treasury yield in effect at the time of grant. | |||||||||||||||||
(c)Stock-based Payment Award Activity | |||||||||||||||||
A summary of the Company’s stock options activity for the 2003 Plan is presented below: | |||||||||||||||||
Weighted | Aggregate Intrinsic | ||||||||||||||||
Average | |||||||||||||||||
Number | Exercise Price | Value | |||||||||||||||
of Options | ($/option) | ($) | |||||||||||||||
Outstanding as at December 31, 2013 | 904,400 | $ | 2.14 | $ | 3,603,712 | ||||||||||||
Granted | — | ||||||||||||||||
Exercised | (239,300 | ) | 2.22 | — | |||||||||||||
Forfeited | (27,900 | ) | 2.37 | — | |||||||||||||
Outstanding as at December 31, 2014 | 637,200 | $ | 2.09 | $ | 1,997,644 | ||||||||||||
Vested and expected to vest at December 31, 2014 | 596,240 | $ | 2.08 | $ | 1,880,498 | ||||||||||||
Exercisable as at December 31, 2014 | 560,550 | $ | 2.06 | $ | 1,778,282 | ||||||||||||
As at December 31,2014 | |||||||||||||||||
Exercise | Number of | Remaining Average | Average | Number | Remaining | Average Exercise | |||||||||||
Exercise | of | Contractual | |||||||||||||||
Prices | Options | Contractual | Price | Options | Life | Price | |||||||||||
($/option) | Outstanding | Life (years) | ($/option) | Exercisable | (years) | ($/option) | |||||||||||
$ | 1.60 | 227,600 | 0.05 | $ | 1.60 | 227,600 | 0.05 | $ | 1.60 | ||||||||
$ | 2.37 | 409,600 | 2.99 | $ | 2.37 | 332,900 | 2.99 | $ | 2.37 | ||||||||
637,200 | 1.94 | 560,500 | 1.80 | $ | 2.06 | ||||||||||||
Stock-based compensation expense, included in selling, general and administrative expenses, is charged to operations over the vesting period of the options using the straight-line amortization method. The share-based compensation expense was $287 in 2014 (2013 - $281, 2012 - $347). As of December 31, 2014, there was $175 of unrecognized compensation cost related to non-vested stock options and granted under the 2003 Plan and this cost will be recognized over a period of 3 months. | |||||||||||||||||
The aggregate intrinsic value of the Company’s stock options is calculated as the difference between the exercise price of the options and the quoted price of the common shares that were in the money. The aggregate intrinsic value of the Company’s stock options exercised under the 2003 Plan was $840 for year ended December 31, 2014, determined as of the date of option exercise (2013 - $1,344, 2012 - $127). | |||||||||||||||||
The estimated fair value of stock options vested during the year ended December 31, 2014 was $414 (2013 - $420, 2012 - $631). | |||||||||||||||||
Statutory_surplus_reserves
Statutory surplus reserves | 12 Months Ended |
Dec. 31, 2014 | |
Statutory surplus reserves. | |
Statutory surplus reserves | |
18.Statutory surplus reserves | |
Pursuant to Chinese company law applicable to foreign investment companies, the Company’s PRC subsidiaries are required to maintain statutory surplus reserves. The statutory surplus reserves are to be appropriated from net income after taxes, and should be at least 10% of the after tax net income determined in accordance with accounting principles and relevant financial regulations applicable to PRC enterprises (“PRC GAAP”). The Company has an option of not appropriating the statutory surplus reserve after the statutory surplus reserve is equal to 50% of the subsidiary’s registered capital. Statutory surplus reserves are recorded as a component of shareholders’ equity. The statutory surplus reserve as at December 31, 2014 is $12,627 (2013 - $11,808). | |
For the year ended December 31, 2014, Sinovac Beijing appropriated 10 % ( 2013 - 0%, 2012 - 0%) of its after-tax profit, determined under PRC GAAP, to the statutory surplus reserves. For the year ended December 31, 2014, statutory surplus reserves appropriated are $819 (RMB 5 million) (2013 - $nil, 2012- $nil). | |
Pursuant to the same Chinese company law, the Company’s subsidiaries, Sinovac Beijing, Tangshan Yian, Sinovac R&D and Sinovac Dalian can transfer, at the discretion of their respective boards of directors, a certain amount of their annual net income after taxes as determined under PRC GAAP to a staff welfare and bonus fund which shall be utilized for collective staff benefits. For the year ended December 31, 2014, the amount is $nil for contribution to such fund (2013 - $nil, 2012- $nil). The amounts appropriated to the staff welfare and bonus fund were charged against income and the related provisions were reflected as accrued liabilities in the consolidated balance sheets. | |
Tangshan Yian recorded a net loss for each of the three years in the period ended December 31, 2014, so no appropriation to the statutory surplus reserves and staff welfare and bonus fund was made. | |
Sinovac R&D and Sinovac Dalian have not made any profit since inception. No appropriation to the statutory surplus reserves and staff welfare and bonus was made. | |
Dividends declared by the Company’s PRC subsidiaries are based on the distributable profits as reported in their statutory financial statements reported in accordance with PRC GAAP, which differ from the results of operations reflected in the consolidated financial statements prepared in accordance with US GAAP. The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its PRC subsidiaries. Dividends declared in 2014 was $nil to the non-controlling shareholder of Sinovac Beijing (2013 - $nil, 2012 - $802 (RMB5 million)). As of December 31, 2014, the Company has $nil dividend payable (December 31, 2013 - $nil). | |
Under PRC laws and regulations, statutory surplus reserves are restricted to set-off against losses, expansion of production and operation and increasing registered capital of the respective company, and are not distributable other than upon liquidation. Staff welfare and bonus funds are restricted to expenditures for the collective welfare of employees. The reserves are not allowed to be transferred to the Company in terms of cash dividends, loans or advances, nor are they allowed for distribution except under liquidation. Amounts restricted include the PRC subsidiaries’ paid-in capital and statutory surplus reserves of the Company’s PRC subsidiaries totalling $80,091(RMB 497 million) as of December 31, 2014 (December 31, 2013, $81,249 (RMB492 million)). Further, foreign exchange and other regulations in the PRC further restrict the Company’s PRC subsidiaries from transferring funds to the Company in the form of loans, advances or cash dividends. As of December 31, 2014, amount restricted include the net assets of the Company’s PRC subsidiaries, which amounted to $61,345 (December 31, 2013 - $34,860). | |
Noncontrolling_Interests
Non-controlling Interests | 12 Months Ended |
Dec. 31, 2014 | |
Non-controlling Interests. | |
Non-controlling Interests | |
19.Non-controlling Interests | |
Non-controlling interests represent the interest of non-controlling shareholders in Sinovac Beijing and Sinovac Dalian based on their proportionate interests in the equity of that company adjusted for its proportionate share of income or losses from operations. On October 1, 2011, the Company increased its ownership in Sinovac Beijing by an additional 1.53% by contributing the dividends declared to Sinovac Hong Kong but unpaid in the amount of $2,998 (RMB 18.6 million). An adjustment of $258 (RMB 1.6 million) resulted from the difference between the adjustment to the carrying amount of the non-controlling interest in Sinovac Beijing and the consideration that was charged to additional paid-in capital.The non-controlling interest in Sinovac Beijing was 28.44% prior to October 1, 2011 and was 26.91% after October 1, 2011. On April 8, 2013, SinoBioway transferred its 26.91% equity interests in Sinovac Beijing to Xiamen Bioway Biotech Co., Ltd. (“Xiamen Bioway”), a company owned by SinoBioway. There was no change to the composition of the board of directors of Sinovac Beijing after the completion of the transaction. The non-controlling interest in Sinovac Dalian was 45% as of December 31, 2014 and December 31, 2013. | |
Earnings_loss_per_Share
Earnings (loss) per Share | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings (loss) per Share | |||||||||||
Earnings (loss) per Share | |||||||||||
20.Earnings (loss) per Share | |||||||||||
Earnings (loss) per share were calculated as follows: | |||||||||||
For the year ended December 31 | |||||||||||
2014 | 2013 | 2012 | |||||||||
Net income (loss) attributable to shareholders | $ | (851 | ) | $ | 7,442 | $ | (14,853 | ) | |||
Basic weighted average number of common shares outstanding | 55,681,076 | 55,301,276 | 54,926,440 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | 501,062 | — | ||||||||
Diluted weighted average number of common shares outstanding | 55,681,076 | 55,802,338 | 54,926,440 | ||||||||
Basic earnings (loss) per share | $ | (0.02 | ) | $ | 0.13 | $ | (0.27 | ) | |||
Diluted earnings (loss) per share | $ | (0.02 | ) | $ | 0.13 | $ | (0.27 | ) | |||
Anti-dilutive options were not included in the diluted EPS calculation for the years ended December 31, 2014 and December 31, 2012. | |||||||||||
Segmented_Information
Segmented Information | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Segmented Information | |||||||||||
Segmented Information | |||||||||||
21.Segmented Information | |||||||||||
The Company operates exclusively in the biotechnology sector. The Company’s business is considered as operating in one segment. The Company’s Chief Executive Officer is the chief operating decision maker and reviews the consolidated results of operations when making decisions about resources allocation and assessing performance of the Company as a whole. All revenues are generated from the subsidiaries located in China. Total long-lived assets of $79,174 including prepaid land lease payments, property, plant and equipment and licenses are all located in mainland China (December 31, 2013 - $79,683). The Company’s total assets by geographic location are as follows: | |||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||
Assets | |||||||||||
Mainland China | $ | 207,645 | $ | 199,703 | |||||||
Hong Kong | 30,885 | 40,990 | |||||||||
Total | $ | 238,530 | $ | 240,693 | |||||||
The Company’s revenues by product are as follows: | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Sales | |||||||||||
Inactivated hepatitis vaccines | $ | 48,450 | $ | 47,202 | $ | 39,951 | |||||
Influenza vaccines | 12,131 | 12,156 | 9,191 | ||||||||
H5N1 | 201 | 10,736 | — | ||||||||
Mumps | 2,150 | 1,680 | 24 | ||||||||
Rabend | 169 | 750 | 50 | ||||||||
Total | $ | 63,101 | $ | 72,524 | $ | 49,216 | |||||
The H5N1 vaccines were all sold to the Chinese government. The Company’s sales of H5N1 vaccines are dependent on government stockpiling purchases. Loss of such government stockpiling purchases would have a material adverse effect on the Company’s total sales. | |||||||||||
The Company’s revenues are attributed to geographic locations as follows: | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Sales | |||||||||||
Mainland China | $ | 62,124 | $ | 71,397 | $ | 48,199 | |||||
Foreign countries | 977 | 1,127 | 1,017 | ||||||||
Total | $ | 63,101 | $ | 72,524 | $ | 49,216 | |||||
Collaboration_Agreements
Collaboration Agreements | 12 Months Ended |
Dec. 31, 2014 | |
Collaboration Agreements | |
Collaboration Agreements | |
22.Collaboration Agreements | |
(a) On March 12, 2009, the Company entered into a technology transfer agreement (with an amendment agreement entered on December 14, 2011) with Tianjin CanSino Biotechnology Inc. (“Tianjin Cansino”). According to the agreement, Tianjing Cansino will transfer the technology related to pneumococcal vaccine to the Company and jointly develop the technology with the Company. The collaboration term under the technology transfer agreement is from March 12, 2009 to eight years after the first sale of the vaccine developed under the technology transfer agreement in the Chinese market. | |
Under the terms of the technology transfer agreement, the Company will make milestone payments of up to $3,000 and royalty payments ranging from 6% to 10% of net sales in China. Both parties will work together to develop international markets for the products. On November 17, 2009 and December 14, 2011, two amendment agreements were signed for the payment of $300 for the transfer of an additional six serotypes and related technology. As of December 31, 2014, the Company made total milestone payments of $1,200 ($1,000 under the March 12, 2009 agreement and $200 under the December 14, 2011 amendment). The remaining milestone payment will be paid when the Company achieves each specific milestone, which includes obtaining clinical trials approval, completing clinical trials and achievement of desired results, and achievement of commercial sales. The Company recorded $nil R&D expenses for the year ended December 31, 2014 (2013 - $nil, 2012 - $200). | |
On January 29, 2015, the Company entered into a third amendment to the technology transfer agreement dated March 12, 2009 and the two amendment agreements dated November 17, 2009 and December 24, 2011. By entering into this third amendment, the technology transfer agreement was revised to be a licensing agreement. The remaining milestone and royalty payments under the technology transfer agreement have been reduced. Both the Company and Tianjin Cansino are free to develop pneumococcal vaccines or to collaborate with one other company for the same purpose. The Company made a payment of $300 in March 2015. | |
(b)On August 18, 2009, the Company entered into a patent license agreement with the National Institutes of Health (“NIH”), an agency of the United States Public Health Services within the Department of Health and Human Services. NIH has granted the Company a non-exclusive license to make and use certain of its products. NIH has also granted the Company the right to use certain associated information for development of its licensed products. The collaboration term under the patent license agreement is from August 18, 2009 to the later of (a) the expiration of all royalty obligations under the licensed rights where such rights exist and (b) eight years after the first commercial sale by the Company, unless the agreement is terminated earlier per the provisions included therein. | |
The Company has agreed to pay NIH a license issue royalty of $80 upon execution of the agreement and a non-refundable minimum annual royalty of $8, and royalty payments on net sales ranging from 1.5% to 4% depending on the sales territory and the customers. The Company has also agreed to pay NIH benchmark royalties of $330 upon achieving each benchmark as specified in the patent license agreement, including completion of clinical trials, obtaining regulatory approval for marketing, and achievement of commercial sales.The Company recorded a license issue royalty of $8 for the year ended December 31, 2014 as R&D expenses (2013 - $21, 2012 - $8). | |
(c)On August 15, 2011, the Company licensed from Medimmune, LLC, a US based pharmaceutical company, certain non-exclusive rights to use patented reverse genetics technology pertaining toH5N1 influenza virus strain production for vaccines. The Company has agreed to pay an upfront license fee and milestone payments of up to an aggregate of $9.9 million based upon achievement of cumulative net sales of licensed products in China (including Hong Kong and Macau), as well as royalty payments in single digit of net sales of the licensed products in China (including Hong Kong and Macau). License fee and royalties of $3,400 accrued at the end of 2011 were paid in 2012. In 2013, the Company obtained a new stockpile order of 3 million doses H5N1 vaccines from the Chinese government. For the year ended December 31, 2013, royalties of $1,036 was capitalized as inventory costs and included in accounts payable and accrued liabilities, which was paid in May 2014. No royalties were incurred for the year ended December 31,2014. | |
On August 15, 2012, the Company entered into amendment agreements with Medimmune to revise the termination date of the license to December 29, 2015 as a result of amendment of the main license agreement to end on December 29, 2015. The other three sublicense agreements have been revised to end on April 5, 2020, July 14, 2020, and May 23, 2021, respectively. | |
(d)On April 3, 2014, the Company entered into a non-exclusive license agreement (the “Agreement”) with The Institute for Translational Vaccinology (“INTRAVACC”), a governmental institute working under the Dutch Ministry of Public Health, Welfare and Sports, to develop and commercialize the Sabin Inactivated Polio Vaccine (“sIPV”) for distribution in China and other countries. The Company expects to develop and commercialize the vaccine in China, as well as seeking regulatory approval in other countries. The agreement has a term of 50 years. | |
The Company has agreed to pay INTRAVACC up to net of PRC tax $2,406 (€1.5 million), including an entrance fee and milestone payments upon achieving specific milestones. The Company has also agreed to pay royalty payments in single digit on net sales generated worldwide from the product or products developed under the Agreement. The Company recorded an entrance fee of $665 (€0.5 million) for the year ended December 31, 2014 as research and development expense. The Company also recorded $125 (€94) for payment made to INTRAVACC for use of sIPV viral seeds in research and development expense, for the year ended December 31, 2014. | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events. | |
Subsequent Events | |
23.Subsequent Events | |
In February 2015, Sinovac Beijing repaid a loan in an aggregate principal amount of $13,861 (RMB 86 million) to China Construction Bank. | |
In March 2015, Sinovac Beijing repaid a one year term loan in an aggregate principal amount of $4,835 (RMB 30 million) to China Merchants Bank. | |
In March 2015, Sinovac Dalian repaid a loan in an aggregate principal amount of $806 (RMB 5 million) to Bank of China. | |
In February 2015, the Beijing Municipal Office of the State Administration of Taxation (“SAT”) commenced a tax audit of Sinovac Beijing for the 2013 tax year, the results of which are pending. The tax exposure has been disclosed in note 12. | |
Condensed_Financial_Informatio
Condensed Financial Information of the Parent Company | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Condensed Financial Information of the Parent Company | |||||||||||
Condensed Financial Information of the Parent Company | |||||||||||
24. Condensed Financial Information of the Parent Company | |||||||||||
Balance Sheets | |||||||||||
December 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 997 | $ | 1,400 | |||||||
Prepaid expenses and other receivables | 9 | 123 | |||||||||
Amount due from subsidiaries | 69,824 | 68,520 | |||||||||
Dividend receivables | 21,280 | 21,280 | |||||||||
Total current assets | 92,110 | 91,323 | |||||||||
Investment in subsidiaries | 38,616 | 40,044 | |||||||||
Total assets | $ | 130,726 | $ | 131,367 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Accrued expenses and other payables | $ | 584 | $ | 920 | |||||||
Amount due to subsidiaries | 3,578 | 1,763 | |||||||||
Total current liabilities | 4,162 | 2,683 | |||||||||
Total liabilities | 4,162 | 2,683 | |||||||||
EQUITY | |||||||||||
Preferred stock | — | — | |||||||||
Authorized 50,000,000 shares at par value of $0.001 each Issued and outstanding: nil | |||||||||||
Common stock | 56 | 56 | |||||||||
Authorized: 100,000,000 shares at par value of $0.001 each Issued and outstanding: 55,809,661 (2013—55,570,361) | |||||||||||
Additional paid-in capital | 108,243 | 107,393 | |||||||||
Accumulated other comprehensive income | 12,022 | 14,141 | |||||||||
Accumulated deficit | 6,243 | 7,094 | |||||||||
Total shareholders’ equity | 126,564 | 128,684 | |||||||||
Total liabilities and equity | $ | 130,726 | $ | 131,367 | |||||||
Statements of Comprehensive Income (Loss) | |||||||||||
For the year ended December 31 | |||||||||||
2014 | 2013 | 2012 | |||||||||
Operation expenses | |||||||||||
General and administrative expenses | $ | 2,466 | $ | 2,710 | $ | 3,170 | |||||
Total operating expenses | 2,466 | 2,710 | 3,170 | ||||||||
Loss from operations | (2,466 | ) | (2,710 | ) | (3,170 | ) | |||||
Interest income | 759 | 755 | 879 | ||||||||
Equity income (losses) of subsidiaries, net of tax | 856 | 9,397 | (12,562 | ) | |||||||
Net income (loss) | (851 | ) | 7,442 | (14,853 | ) | ||||||
Other comprehensive income (loss), net of tax of nil | |||||||||||
Foreign currency translation adjustments | (2,119 | ) | 2,370 | 1,793 | |||||||
Total comprehensive income (loss) | $ | (2,970 | ) | $ | 9,812 | $ | (13,060 | ) | |||
Statements of Cash Flows | |||||||||||
For the year ended December 31 | |||||||||||
2014 | 2013 | 2012 | |||||||||
Cash flows provided by (used in) operating activities | |||||||||||
Net income (loss) | $ | (851 | ) | $ | 7,442 | $ | (14,853 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
- Stock-based compensation | 287 | 281 | 347 | ||||||||
- Equity in earnings (loss) of subsidiaries | (856 | ) | (9,397 | ) | 12,562 | ||||||
Changes in: | |||||||||||
- Amount due from subsidiaries | (1,304 | ) | 2,505 | (1,283 | ) | ||||||
- Prepaid expenses and other receivables | 114 | 59 | 25 | ||||||||
- Dividend receivables | — | 1,043 | (13,782 | ) | |||||||
- Amount due to subsidiaries | 1,815 | 1,130 | (1,792 | ) | |||||||
- Accrued expenses and other payables | (336 | ) | (776 | ) | 269 | ||||||
Net cash provided by (used in) operating activities | (1,131 | ) | 2,287 | (18,507 | ) | ||||||
Cash flows provided by financing activities | |||||||||||
- Proceeds from issuance of common stock, net of share issuance costs | 512 | 848 | 508 | ||||||||
- Proceeds from shares subscribed | 51 | 18 | 8 | ||||||||
Net cash provided by financing activities | 563 | 866 | 516 | ||||||||
Cash flows provided by (used in) investing activities | |||||||||||
-Investment in subsidiaries | 165 | (4,042 | ) | 16,588 | |||||||
Net cash provided by (used in) investing activities | 165 | (4,042 | ) | 16,588 | |||||||
Decrease in cash and cash equivalents | (403 | ) | (889 | ) | (1,403 | ) | |||||
Cash and cash equivalents, beginning of year | 1,400 | 2,289 | 3,692 | ||||||||
Cash and cash equivalents, end of year | $ | 997 | $ | 1,400 | $ | 2,289 | |||||
(a) Basis of presentation | |||||||||||
The condensed financial information has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the Company used the equity method to account for investment in its subsidiaries. | |||||||||||
The Company records its investment in its subsidiaries under the equity method of accounting. Such investment is presented on the balance sheets as “Investment in subsidiaries” and share of their income (loss) as “Equity income (losses) of subsidiaries” in the statements of comprehensive income (loss). | |||||||||||
Each of the Company’s PRC subsidiaries has restrictions on its ability to pay dividends to the Company under PRC laws and regulations (Note 18). The subsidiaries did not pay any dividends to the Company for the years presented. | |||||||||||
Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted by reference to the consolidated financial statements. | |||||||||||
(b) Commitments | |||||||||||
The Company does not have any significant commitments or long-term obligations as of any of the periods presented, except for those disclosed in the consolidated financial statements (notes 15 and 22). | |||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Significant Accounting Policies | |||||||||||||||
Use of Estimates | |||||||||||||||
(a)Use of Estimates | |||||||||||||||
In preparation of the Company’s consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates made by management include: provision for product returns, allowance for doubtful accounts, inventory provisions, useful lives of amortizable intangible assets, impairment of long-lived assets, and realizability of deferred tax assets. On an ongoing basis, management reviews its estimates to ensure that these estimates appropriately reflect changes in the Company’s business and new information as it becomes available. If historical experience and other factors used by management to make these estimates do not reasonably reflect future activity, the Company’s consolidated financial statements could be materially impacted. | |||||||||||||||
Cash and Cash Equivalents | |||||||||||||||
(b)Cash and Cash Equivalents | |||||||||||||||
Cash equivalents consist of highly liquid investments that are readily convertible to cash generally with maturities of three months or less when purchased. | |||||||||||||||
Accounts Receivable | |||||||||||||||
(c)Accounts Receivable | |||||||||||||||
The Company extends unsecured credit to its customers in the ordinary course of business and actively pursues past due accounts. The Company estimates an allowance for doubtful accounts based on historical experience, the age of the accounts receivable balances, credit quality of the Company’s customers, current economic conditions and other factors that may affect its customers’ ability to pay. | |||||||||||||||
Inventories | |||||||||||||||
(d)Inventories | |||||||||||||||
Inventories are stated at the lower of cost or replacement cost with respect to raw materials and the lower of cost or net realizable value with respect to finished goods and work in progress. The cost of work in progress and finished goods is determined on a weighted-average cost basis and includes direct material, direct labor and overhead costs. Net realizable value represents the anticipated selling price, net of distribution cost, less the cost for finished goods or estimated costs to completion for work in progress. | |||||||||||||||
Property, Plant and Equipment | |||||||||||||||
(e)Property, Plant and Equipment | |||||||||||||||
Property, plant and equipment are recorded at cost. Significant additions and improvements are capitalized, while repairs and maintenance are charged to expenses as incurred. Equipment purchased for specific research and development projects with no alternative uses are expensed. Assets under construction are not depreciated until construction is completed and the assets are ready for their intended use. Gains and losses from the disposal of property, plant and equipment are recorded in loss on disposal and impairment of property, plant and equipment included in the consolidated statements of comprehensive income (loss). | |||||||||||||||
Depreciation of property, plant and equipment is computed using the straight-line method based on the estimated useful lives of the assets as follows: | |||||||||||||||
Plant and buildings | 10 to 24 years | ||||||||||||||
Machinery and equipment | 8 to 10 years | ||||||||||||||
Motor vehicles | 4 to 5 years | ||||||||||||||
Office equipment and furniture | 3 to 5 years | ||||||||||||||
Leasehold improvements | Lesser of useful lives and term of lease | ||||||||||||||
Prepaid land lease payments | |||||||||||||||
(f)Prepaid land lease payments | |||||||||||||||
Prepaid land lease payments represent amounts paid for the rights to use land in the PRC and is recorded at purchase cost less accumulated amortization. Amortization is provided on a straight-line basis over the term of the lease agreement, which is 28 to 49 years. | |||||||||||||||
Licenses | |||||||||||||||
(g)Licenses | |||||||||||||||
The Company capitalizes the patent payment and the purchase cost of vaccines if the vaccine has received a new drug certificate from the China Food and Drug Administration (“CFDA”) of China. If the vaccine has not received a new drug certificate, the purchase cost is expensed as in-process research and development. | |||||||||||||||
Licenses in relation to the production and sales of pharmaceutical products are amortized on a straight-line basis over their respective useful lives. The useful lives of inactivated hepatitis A and recombinant hepatitis A&B licenses are estimated to be ten years. Before August 15, 2012, the useful life for H5N1 licenses was estimated to be 20 years. Effective August 15, 2012, the remaining useful life was revised to three years expiring on December 29, 2015 as a result of amendment to the agreement with the licensor (note 22(c)). The weighted average useful lives of the acquired licenses are 9.16 years. Costs incurred to renew or extend the term of a licenses are capitalized and amortized over the license’s useful life on a straight-line basis. | |||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||
(h)Impairment of Long-Lived Assets | |||||||||||||||
Long-lived assets including intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset group may not be recoverable from the future undiscounted net cash flows expected to be generated by the asset group. An asset group is identified as assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. If the asset group is not fully recoverable, an impairment loss would be recognized for the difference between the carrying value of the asset group and its estimated fair value, based on the discounted net future cash flows or other appropriate methods, such as comparable market values. The Company uses estimates and judgments in its impairment tests and if different estimates or judgment had been utilized, the timing or the amount of any impairment charges could be materially different. The Company recorded impairment charges on long-lived assets for the year ended December 31, 2014 of $nil (2013 - $57, 2012 - $2,176). | |||||||||||||||
Income Taxes | |||||||||||||||
(i)Income Taxes | |||||||||||||||
The Company follows the liability method of accounting for income taxes. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the financial statements and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance is provided if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates and laws. | |||||||||||||||
The tax benefit from an uncertain tax position is recognized only if it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority, based on the technical merits of the position. The tax benefits recognized from such a position are measured based on the amount that is greater than 50% likely of being realized upon settlement. The Company recognizes a change in available facts after the reporting date but before issuance of the financial statements in the period when the change in facts occur, even if that new information provides a better estimate of the ultimate outcome of an uncertainty. Liabilities associated with uncertain tax positions are classified as long−term unless expected to be paid within one year. Interest and penalties related to uncertain tax positions, if any, are recorded in the provision for income taxes and classified with the related liability on the consolidated balance sheets. | |||||||||||||||
Value-added Taxes | |||||||||||||||
(j)Value-added Taxes | |||||||||||||||
Value-added taxes (“VAT”) collected from customers relating to product sales and remitted to governmental authorities are presented on a net basis. VAT collected from customers is excluded from revenue. Prior to July 1, 2014, the Company was subject to a VAT rate of 6%. Starting on July 1, 2014, the Company is subject to a VAT rate of 3%. | |||||||||||||||
Revenue Recognition | |||||||||||||||
(k)Revenue Recognition | |||||||||||||||
Revenue is recognized when persuasive evidence of an arrangement exists, the price is fixed and determinable, delivery has occurred and there is a reasonable assurance of collection of the sales proceeds. The Company generally obtains purchase authorizations from its customers for a specified amount of products at a specified price and considers delivery to have occurred when the customer takes title of the products. The Company provides certain customers with a right of return. | |||||||||||||||
Revenue for inactivated hepatitis A, combined inactivated hepatitis A&B and seasonal influenza vaccines are recognized when delivery has occurred and the Company estimates return provision for these products. The product return provisions for inactivated hepatitis A vaccine and combined inactivated hepatitis A&B vaccine are estimated based on historical return and exchange levels as well as the inventory levels and the remaining shelf lives of the products in the distribution channels. As of December 31, 2014, the sales return provision for inactivated hepatitis A vaccine and combined inactivated hepatitis A&B vaccine was $3,553 (December 31, 2013 - $2,240). Private pay sales return provision of inactivated hepatitis A and combined inactivated hepatitis A&B as a percentage of sales was 8.6% and 5.5% in 2014 and 2013, respectively. The Company does not accept returns for hepatitis products sold under the Expanded Program on Immunization and exports. As such, no sales returns are estimated for these sales. The product return provision for seasonal influenza vaccines is estimated based on actual sales returns and expected sales returns up to the end of the flu season because the Company generally accepts returns before the end of the flu season. As of December 31, 2014, the sales return provision for seasonal influenza vaccine returns was approximately $1,320 (December 31, 2013 - $575). | |||||||||||||||
Revenue for animal and mumps vaccines without a right of return provided to customers is recognized when delivery has occurred. Revenue for animal and mumps vaccines with a right of return provided to customers is recognized when payments are collected from customers as the Company currently does not have sufficient historical data to estimate returns for these products. | |||||||||||||||
Deferred revenue is generally relating to government stockpiling programs and advances received from customers. For government stockpiling programs of H1N1 and H5N1 vaccines, the Company generally obtains purchase authorizations from the government for a specified amount of products at a specified price and no rights of return are provided. Revenue is recognized when the government takes delivery of the products. If the products expire prior to delivery, these expired products are recognized as revenue once cash is received and the products have expired and passed government inspection. | |||||||||||||||
Shipping and Handling | |||||||||||||||
(l)Shipping and Handling | |||||||||||||||
Shipping and handling fees billed to customers are included in sales. Costs related to shipping and handlings are recognized in selling, general and administrative expenses in the consolidated statements of comprehensive income (loss). For the year ended December 31, 2014, $1,241 of shipping and handling costs was included in selling, general and administrative expenses (2013 - $1, 235, 2012 - $1,118). | |||||||||||||||
Advertising Expenses | |||||||||||||||
(m)Advertising Expenses | |||||||||||||||
Advertising costs are expensed as incurred and included in selling, general and administrative expenses. Advertising costs were $268 for the year ended December 31, 2014 (2013 - $474, 2012 - $29). | |||||||||||||||
Research and Development | |||||||||||||||
(n)Research and Development | |||||||||||||||
Research and development (“R&D”) costs are expensed as incurred and are disclosed as a separate line item on the Company’s consolidated statements of comprehensive income (loss). R&D costs consist primarily of the remuneration of R&D staff, depreciation, material, clinical trial costs as well as amortization of acquired technology and know-how used in R&D with alternative future uses. R&D costs also include costs associated with collaborative R&D and in-licensing arrangements, including upfront fees paid to collaboration partners in connection with technologies which have not reached technological feasibility and did not have an alternative future use. Reimbursement of R&D costs for arrangements with collaboration partners is recognized when the obligations are incurred. | |||||||||||||||
Under certain R&D arrangements with third parties, the Company may be required to make payments that are contingent on the achievement of specific development, regulatory and/or commercial milestones. Before a product receives regulatory approval, license fees and milestone payments made to third parties are expensed as incurred. License fees and milestone payments made to third parties after regulatory approval is received are capitalized and amortized over the remaining life of the agreement with third parties. | |||||||||||||||
Government Grants | |||||||||||||||
(o)Government Grants | |||||||||||||||
Government grants received from the PRC government by the PRC operating subsidiaries of the Company are recognized when there is reasonable assurance that the amount is receivable and all the conditions specified in the grant have been met. Government grants for R&D are recognized as a reduction to R&D expenses when the expenses are incurred in the same period when the conditions attached to the grants are met, or recognized as government grants recognized in income in the period when the conditions are met after the expenses are incurred. Government grants for property, plant and equipment are deferred and recognized as a reduction to the related depreciation and amortization expenses in the same manner as the plant and equipment are amortized. Interest subsidies are recorded as a reduction to interest and financing expenses in the consolidated statements of comprehensive income (loss), or recorded as a reduction to interest capitalized if the subsidies granted are related to a specific borrowing associated with building a qualifying asset. For government loans received at below market interest rate, the difference between the face value of the loan and fair value using the effective interest rate method is recorded as deferred government grants. Accretion expense is recorded in interest and financing expense and the government grant will be recognized as “government grants recognized in income” in the consolidated statement of comprehensive income (loss) when the government loan is fully repaid. | |||||||||||||||
Retirement and Other Post-retirement Benefits | |||||||||||||||
(p)Retirement and Other Post-retirement Benefits | |||||||||||||||
Full-time employees of the Company in the PRC participate in a government mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the Company makes contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Company has no legal obligation for the benefits beyond the contributions. The total amounts for such employee benefits, which were expensed as incurred was $3,498 for the year ended December 31, 2014 (2013 - $3,138, 2012 - $2,771). | |||||||||||||||
Foreign Currency Translation and Transactions | |||||||||||||||
(q)Foreign Currency Translation and Transactions | |||||||||||||||
The Company maintains their accounting records in their functional currencies, U.S. dollars (“US$”) for the Company and Sinovac Hong Kong and Renminbi Yuan (“RMB”) for the PRC subsidiaries. The Company uses the US$ as its reporting currency. | |||||||||||||||
At the transaction date, each asset, liability, revenue and expense is re-measured into the functional currency by the use of the exchange rate in effect at that date. At the period end, foreign currency monetary assets, and liabilities are re-measured into the functional currency by using the exchange rate in effect at the balance sheet date. The resulting foreign exchange gains and losses are included in selling, general and administrative expenses. The Company recognized foreign exchange gains (losses) of $(647) for the year ended December 31, 2014 (2013 - $650, 2012 - $207). | |||||||||||||||
The assets and liabilities of the PRC subsidiaries, Sinovac Beijing, Tangshan Yian, Sinovac R&D and Sinovac Dalian are translated into US$ at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at average exchange rates. Gains and losses from such translations are recorded in accumulated other comprehensive income, a component of shareholders’ equity. | |||||||||||||||
Gains and losses on intra-entity foreign currency transactions that are of a long-term-investment nature was $294 for year ended December 31, 2014 (2013 - $235, 2012 - $199) which was recorded in other comprehensive income (loss). | |||||||||||||||
Stock-based Compensation | |||||||||||||||
(r)Stock-based Compensation | |||||||||||||||
Compensation expense for costs related to all share-based payments, including grants of stock options, is recognized through a fair-value based method. The Company uses the Black-Scholes option-pricing model to determine the grant date fair value for the awards. The Company has elected to recognize share-based compensation costs using the straight-line method over the requisite service period with a graded vesting schedule, provided that the amount of compensation costs recognized at any date is at least equal to the portion of the grant date value of the awards that are vested at that date. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Share based compensation costs are recorded net of estimated forfeitures such that expense is recorded only for those awards that are expected to vest. | |||||||||||||||
Comprehensive Income (loss) | |||||||||||||||
(s)Comprehensive Income (loss) | |||||||||||||||
The Company’s comprehensive income (loss) consists of net income (loss) and foreign currency translation adjustments. | |||||||||||||||
Earnings (loss) Per Share | |||||||||||||||
(t)Earnings(loss) Per Share | |||||||||||||||
Earnings (loss) per share is calculated in accordance with ASC 260 Earnings per Share. Basic earnings (loss) per share is computed by dividing the net income (loss) attributable to shareholders of Sinovac by the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed in accordance with the treasury stock method and based on the weighted average number of common shares and dilutive common share equivalents of options. If the Company records a net loss, the basic and diluted loss per share is the same because the exercise of options would have an anti-dilutive effect. | |||||||||||||||
Operating Lease | |||||||||||||||
(u)Operating Leases | |||||||||||||||
Leases are classified as capital and operating depending on the terms and conditions of the lease agreement. Leases that transfer substantially all the benefits and risks incidental to ownership of assets are accounted for as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases where rental payments are expensed as incurred. There are no capital leases for the periods presented. | |||||||||||||||
Fair Value of Measurements | |||||||||||||||
(v)Fair Value Measurements | |||||||||||||||
Assets and liabilities subject to fair value measurements are required to be disclosed within a specified fair value hierarchy. The fair value hierarchy ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following categories based on the lowest level input used that is significant to a particular fair value measurement: | |||||||||||||||
· | Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||||||||
· | Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets and liabilities in markets that are not active. | ||||||||||||||
· | Level 3 — Unobservable inputs for the asset or liability. | ||||||||||||||
As of December 31, 2014 and 2013, the Company did not have any financial assets or liabilities measured at fair value on a recurring basis. | |||||||||||||||
The carrying values of cash equivalents, accounts receivable, accounts payable and accrued liabilities and short-term bank loans and the current portion of long-term debt approximate their fair value because of their short-term nature. The fair value of long-term debt is estimated based on the discounted value of future contractual cash flows which approximates their carrying value due to the fact they are predominately stated at variable rates based on the People’s Bank of China. Fair value of cash equivalents and the long-term debt are determined based on level 2 inputs. | |||||||||||||||
The Company measures property, plant and equipment at fair value on a non-recurring basis only if an impairment charge were to be recognized. As at December 31, 2012, the Company’s prepaid land lease payment, property, plant and equipment at Tangshan Yian and certain equipment and leasehold improvements at Sinovac Beijing were measured at fair value on a nonrecurring basis. The Company determined the fair value of Tangshan Yian’s prepaid land lease payments, plant and buildings using the market approach by obtaining quoted prices for similar assets in the principal resale market. The Company determined the fair value of Tangshan Yian’s machinery and equipment using the cost approach by estimating the amount that currently would be required to construct or purchase substitute machinery and equipment of comparable utility. The estimate considers the condition of the assets which include the physical deterioration and economic obsolescence. It was determined the fair value of Tangshan Yian’s property, plant and equipment was $2,923 compared to the carrying value of $4,420. The Company determined the fair value of certain equipment and leasehold improvements at Sinovac Beijing using the market approach by obtaining quoted prices for similar assets in the principal resale market, and determined the fair value was $89 compared to the carrying value of $763. There were no non-recurring fair value measurements for the years ended December 31, 2014 and 2013. | |||||||||||||||
Fair value measurements at December 31, 2012 | |||||||||||||||
using | |||||||||||||||
Description | Total | Quoted | Significant | Significant | Total | ||||||||||
Fair Value | Prices in | Other | unobservable | Losses | |||||||||||
Active | Observable | Inputs | |||||||||||||
Markets for | Inputs (Level 2) | (Level 3) | |||||||||||||
Identical | |||||||||||||||
Assets | |||||||||||||||
(Level 1) | |||||||||||||||
Prepaid land lease payment | $ | 1,226 | — | $ | 1,226 | — | — | ||||||||
Plant, building and equipment | $ | 1,786 | — | $ | 1,786 | — | $ | 2,171 | |||||||
Total nonrecurring | $ | 3,012 | — | $ | 3,012 | — | $ | 2,171 | |||||||
Exchange Rate Risks | |||||||||||||||
Exchange Rate Risks | |||||||||||||||
The Company operates in China, which may give rise to significant foreign currency risks from fluctuations and the degree of volatility of foreign exchange rates between the US$ and the RMB. In 2014, foreign exchange loss of $647 is included in selling, general and administrative expenses (2013 - $650, 2012 - $207). As at December 31, 2014, cash and cash equivalents of $72,104 (RMB 447 million) is denominated in RMB and are held in PRC and Hong Kong (December 31, 2013 - $ 92,861 (RMB 563 million)). | |||||||||||||||
Currency Convertibility Risks | |||||||||||||||
Currency Convertibility Risks | |||||||||||||||
Substantially all of the Company’s operating activities are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with other information such as suppliers’ invoices, shipping documents and signed contracts. | |||||||||||||||
Concentration of Credit Risks | |||||||||||||||
Concentration of Credit Risks | |||||||||||||||
Financial instruments that potentially subject the Company to concentration of credit risks consist primarily of cash and cash equivalents and accounts receivable, the balances of which are stated on the consolidated balance sheets which represent the Company’s maximum exposure. The Company places its cash and cash equivalents in good credit quality financial institutions in Hong Kong and China. Concentration of credit risks with respect to accounts receivables is linked to the concentration of revenue. The Company’s customers are mainly various government agencies in China. No single customer accounted for more than 10% of total sales for the years ended December 31, 2014, 2013 and 2012 except for government stockpile purchases revenue recognized in 2013. To manage credit risk, the Company performs ongoing credit evaluations of customers’ financial condition. | |||||||||||||||
Interest Rate Risks | |||||||||||||||
Interest Rate Risks | |||||||||||||||
The Company is subject to interest rate risk. Other than a long-term loan with carrying value of $1,803 and loan from a non-controlling shareholder of $2,595 with fixed interest rates as at December 31, 2014, other interest-bearing loans are stated at variable rates based on the People’s Bank of China (note 10). | |||||||||||||||
Comparative information | |||||||||||||||
(x)Comparative information | |||||||||||||||
Certain comparative figures of prior year have been reclassified to conform to the current year’s presentation. | |||||||||||||||
Recently Adopted and issued Accounting Standards | |||||||||||||||
(y)Recently Issued Accounting Standards | |||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606). Where a single, global revenue recognition model applies to most contracts with customers. Revenue will be recognized in a manner that depicts the transfer of goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled, subject to certain limitations. The guidance is effective for annual periods beginning after December 15, 2016. Early adoption is prohibited, and a full or modified retrospective transition method is required. The Company is currently evaluating the impact of its consolidated financial statements of adopting this standard. | |||||||||||||||
In August 2014, the FASB issued ASU No. 2014-15 (“ASU 2014-15”), Going concern. Management the Company will be required to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern and, if so, disclose that fact. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The guidance is effective for annual periods beginning after December 15, 2016. Early adoption is permitted. The Company will adopt ASC 2014-15 on January 1, 2017, and does not expect the adoption of this standard will have a material impact on its consolidated financial statements. | |||||||||||||||
Basis_of_Presentation_Tables
Basis of Presentation (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Basis of Presentation | |||||||||||
Schedule of details of the Company's subsidiaries | |||||||||||
Name | Date of | Place of | Percentage of | Percentage of | Principal activities | ||||||
incorporation or | incorporation | ownership as | ownership as of | ||||||||
establishment | (or | of December | December 31, 2013 | ||||||||
establishment) | 31, 2014 | ||||||||||
/operation | |||||||||||
Sinovac Biotech (Hong Kong) Ltd (“Sinovac Hong Kong”) | Oct-08 | Hong Kong | 100% | 100% | Investment holding company | ||||||
Sinovac Biotech Co., Ltd. (“Sinovac Beijing”) (note 19) | Apr-01 | People’s Republic of China (“PRC”) | 73.09% | 73.09% | Research and development, production and sales of vaccine products | ||||||
Tangshan Yian Biological Engineering Co., Ltd. (“Tangshan Yian”) | Feb-93 | PRC | 100% | 100% | Research and development, production and sales of vaccine products | ||||||
Sinovac Biological Technology Co., Ltd. (“Sinovac R&D”) | May-09 | PRC | 100% | 100% | Research and development of vaccine products | ||||||
Sinovac (Dalian) Vaccine Technology Co., Ltd. (“Sinovac Dalian”) (note19) | Jan-10 | PRC | 55% | 55% | Research and development, production and sales of vaccine products | ||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Significant Accounting Policies | |||||||||||||||
Schedule of estimated useful lives of assets included in property, plant and equipment | |||||||||||||||
Plant and buildings | 10 to 24 years | ||||||||||||||
Machinery and equipment | 8 to 10 years | ||||||||||||||
Motor vehicles | 4 to 5 years | ||||||||||||||
Office equipment and furniture | 3 to 5 years | ||||||||||||||
Leasehold improvements | Lesser of useful lives and term of lease | ||||||||||||||
Schedule of fair value of equipment and leasehold improvement using the market approach by obtaining quoted prices for similar assets in the principal resale market | |||||||||||||||
Fair value measurements at December 31, 2012 | |||||||||||||||
using | |||||||||||||||
Description | Total | Quoted | Significant | Significant | Total | ||||||||||
Fair Value | Prices in | Other | unobservable | Losses | |||||||||||
Active | Observable | Inputs | |||||||||||||
Markets for | Inputs (Level 2) | (Level 3) | |||||||||||||
Identical | |||||||||||||||
Assets | |||||||||||||||
(Level 1) | |||||||||||||||
Prepaid land lease payment | $ | 1,226 | — | $ | 1,226 | — | — | ||||||||
Plant, building and equipment | $ | 1,786 | — | $ | 1,786 | — | $ | 2,171 | |||||||
Total nonrecurring | $ | 3,012 | — | $ | 3,012 | — | $ | 2,171 | |||||||
Accounts_Receivable_net_Tables
Accounts Receivable - net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Receivable - net | ||||||||
Schedule of accounts receivable - net | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Trade receivables (note 9) | $ | 42,423 | $ | 33,743 | ||||
Allowance for doubtful accounts | (2,571 | ) | (2,429 | ) | ||||
39,852 | 31,314 | |||||||
Other receivables | 905 | 613 | ||||||
Total | $ | 40,757 | $ | 31,927 | ||||
Schedule of maximum exposure to credit risk at the balance sheet date relating to trade receivables | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Aging within one year, net of allowance for doubtful accounts | $ | 35,130 | $ | 29,565 | ||||
Aging greater than one year, net of allowance for doubtful accounts | 4,722 | 1,749 | ||||||
Total | $ | 39,852 | $ | 31,314 | ||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventories | ||||||||
Schedule of inventories | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 2,688 | $ | 3,832 | ||||
Work in progress | 4,056 | 448 | ||||||
Finished goods | 12,088 | 10,049 | ||||||
Total | $ | 18,832 | $ | 14,329 | ||||
Longterm_Inventories_Tables
Long-term Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Long-term Inventories | ||||||||
Schedule of long-term inventories | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Work in progress | $ | — | $ | 666 | ||||
Finished goods | 2,648 | 2,115 | ||||||
Total | $ | 2,648 | $ | 2,781 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment | ||||||||
Schedule of property, plant and equipment | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Cost | ||||||||
Construction in progress | $ | 8,206 | $ | 424 | ||||
Plant and buildings | 34,419 | 35,259 | ||||||
Machinery and equipment | 42,517 | 42,851 | ||||||
Motor vehicles | 1,832 | 1,884 | ||||||
Equipment and furniture | 2,612 | 2,620 | ||||||
Leasehold improvements | 13,232 | 12,386 | ||||||
Total cost | $ | 102,818 | $ | 95,424 | ||||
Less: Accumulated depreciation | ||||||||
Construction in progress | $ | — | $ | — | ||||
Plant and buildings | 7,908 | 6,455 | ||||||
Machinery and equipment | 18,891 | 15,658 | ||||||
Motor vehicles | 1,643 | 1,653 | ||||||
Equipment and furniture | 1,765 | 1,546 | ||||||
Leasehold improvements | 4,194 | 2,149 | ||||||
Total accumulated depreciation | $ | 34,401 | $ | 27,461 | ||||
Property, plant and equipment net | $ | 68,417 | $ | 67,963 | ||||
Prepaid_land_lease_payments_Ta
Prepaid land lease payments (Tables) (Land use rights) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Land use rights | ||||||||
Prepaid land lease payments | ||||||||
Schedule of prepaid land lease payments | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Prepaid land lease payments | $ | 11,940 | $ | 12,238 | ||||
Less: accumulated amortization | 1,535 | 1,290 | ||||||
Net carrying value | $ | 10,405 | $ | 10,948 | ||||
Licenses_Tables
Licenses (Tables) (Licenses) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Licenses | |||||||||||
Licenses | |||||||||||
Schedule of licenses | |||||||||||
December 31, 2014 | |||||||||||
Accumulated | Net book | ||||||||||
Cost | amortization | value | |||||||||
Inactivated hepatitis A | $ | 3,405 | $ | 3,405 | $ | — | |||||
Combined inactivated hepatitis A&B | 490 | 490 | — | ||||||||
H5N1 licenses (note 22(c)) | 1,482 | 1,130 | 352 | ||||||||
Total | $ | 5,377 | $ | 5,025 | $ | 352 | |||||
December 31, 2013 | |||||||||||
Accumulated | Net book | ||||||||||
Cost | amortization | value | |||||||||
Inactivated hepatitis A | $ | 3,490 | $ | 3,490 | $ | — | |||||
Combined inactivated hepatitis A&B | 502 | 452 | 50 | ||||||||
H5N1 licenses (note 22(c)) | 1,519 | 797 | 722 | ||||||||
Total | $ | 5,511 | $ | 4,739 | $ | 772 | |||||
(a) | On August 15, 2011, the Company entered into a non-exclusive main license agreement together with three sublicense agreements with Medimmune, LLC (“Medimmune”) to use patented reverse genetics technology pertaining to virus strain production for vaccines, including the H5N1 influenza virus strain. The Company amortized the patent fee on a straight-line method basis over the estimated useful life of 20 years. On August 15, 2012, the Company entered into amendment agreements with Medimmune which amended the term of the license agreements. As for the main license agreement, the estimated useful life of the patent was revised to end on December 29, 2015. The other three sublicense agreements have been revised to end on April 5, 2020, July 14, 2020, and May 23, 2021, respectively. Accordingly, the estimated useful life of the patent was revised to end on December 29, 2015 (note 22(c)) which is the termination date of the main license agreement. | ||||||||||
(b) | Amortization expense for the licenses was $371 for the year ended December 31, 2014 (2013 - $435, 2012 - $228). | ||||||||||
(c) | Estimated amortization expense for the existing license over their remaining useful lives as of December 31, 2014 is $352 within one year. | ||||||||||
Bank_loans_and_other_debt_Tabl
Bank loans and other debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Bank loans and other debt [Abstract] | ||||||||
Schedule of Bank Loans and Other Debt | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
China Merchants Bank(a) | $ | 4,835 | $ | 1,652 | ||||
Bank of Beijing (b) | 8,059 | — | ||||||
Bank of China (c) | 1,612 | 1,652 | ||||||
Industrial and Commercial Bank of China (d) | 3,223 | — | ||||||
Bank loans less than one year | 17,729 | 3,304 | ||||||
China Construction Bank (e) | 13,861 | 330 | ||||||
China Construction Bank (f) | 4,044 | 518 | ||||||
Bank of Beijing (g) | 11,741 | 12,065 | ||||||
Current portion of long-term bank loans | 29,646 | 12,913 | ||||||
China Construction Bank (e) | — | 14,206 | ||||||
China Construction Bank (f) | — | 4,145 | ||||||
Bank of Beijing (g) | — | 12,065 | ||||||
Beijing Zhongguancun Development Group (h) | 1,803 | 1,730 | ||||||
Long-term bank loans and other debt | 1,803 | 32,146 | ||||||
Total bank loans and other debt | $ | 49,178 | $ | 48,363 | ||||
Schedule of aggregate annual principal payments of loans payable | ||||||||
Aggregate annual principal payments of loans payable as of December 31, 2014 are as follows: | ||||||||
Within 1 year | $ | 47,375 | ||||||
Between 1 and 2 years | 1,803 | |||||||
Total | $ | 49,178 | ||||||
Related_Party_Transactions_and1
Related Party Transactions and Balances (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Related Party Transactions and Balances | |||||||||||
Schedule of loan from a non-controlling shareholder | |||||||||||
December 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
Loan - current | $ | 2,595 | $ | 3,324 | |||||||
Schedule of transactions in the normal course of operations at the exchange amount with related parties | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Rent expenses payable to SinoBioway Biotech Group Co. Ltd. (“SinoBioway”). | $ | 869 | $ | 847 | $ | 823 | |||||
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Payable and Accrued Liabilities | ||||||||
Schedule of accounts payable and accrued liabilities | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Trade payables | $ | 3,164 | $ | 6,063 | ||||
Machinery and equipment payables | 2,209 | 2,270 | ||||||
Accrued expenses | 8,342 | 8,669 | ||||||
Value added tax payable | 206 | 208 | ||||||
Other tax payable | 177 | 576 | ||||||
Withholding tax payable | 354 | 1,511 | ||||||
Bonus and benefit payables | 5,626 | 5,244 | ||||||
Other payables | 3,159 | 3,496 | ||||||
Total | $ | 23,237 | $ | 28,037 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Income Taxes | |||||||||||
Schedule of income (loss) before income tax | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Non-PRC | $ | (1,336 | ) | $ | (65 | ) | $ | (527 | ) | ||
PRC | 2,458 | 8,210 | (19,106 | ) | |||||||
Total | $ | 1,122 | $ | 8,145 | $ | (19,633 | ) | ||||
Schedule of income taxes attributed to the operations in China | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Current | $ | (1,620 | ) | $ | — | $ | 867 | ||||
Deferred | 162 | 2,225 | 17 | ||||||||
Total income tax benefit (expense) | $ | (1,458 | ) | $ | 2,225 | $ | 884 | ||||
Reconciliation of income taxes at the statutory income tax rate in Antigua and Barbuda to income tax rate based on income before income taxes stated in the consolidated statements of comprehensive income (loss) | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Income (loss) before income tax expense and non-controlling interests | $ | 1,122 | $ | 8,145 | $ | (19,633 | ) | ||||
Income tax (expense) benefit at the PRC statutory rate | (281 | ) | (2,036 | ) | 4,909 | ||||||
International tax rate differential | (334 | ) | (16 | ) | (40 | ) | |||||
Change in unrecognized tax benefits | (282 | ) | (25 | ) | 147 | ||||||
Other adjustments | (79 | ) | 228 | 59 | |||||||
Permanent differences | 362 | 412 | 904 | ||||||||
Effect of preferential tax treatment | 901 | 1,573 | (648 | ) | |||||||
Change in valuation allowance | (1,639 | ) | 2,089 | (5,314 | ) | ||||||
Effect of PRC withholding tax | (106 | ) | — | 867 | |||||||
Income tax benefit (expense) | $ | (1,458 | ) | $ | 2,225 | $ | 884 | ||||
Schedule of deferred tax assets | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
Accrued expenses | $ | 2,413 | $ | 1,982 | |||||||
Inventories | 388 | 729 | |||||||||
Prepaid expenses and deposits | (6 | ) | — | ||||||||
Deferred government grants | 12 | — | |||||||||
Tax losses carried forward | — | 485 | |||||||||
Less: valuation allowance | (541 | ) | (594 | ) | |||||||
Deferred tax assets, current portion | $ | 2,266 | $ | 2,602 | |||||||
Fixed assets | 1,493 | 576 | |||||||||
Deferred government grants | 428 | — | |||||||||
Tax losses carried forward | 10,805 | 10,060 | |||||||||
Less: valuation allowance | $ | (12,211 | ) | $ | (10,519 | ) | |||||
Deferred tax assets,non-current portion | $ | 515 | $ | 117 | |||||||
Schedule of unrecognized tax benefits | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Balance at January 1 | $ | 370 | $ | 345 | $ | 198 | |||||
Additions for tax positions of the current year | 168 | 25 | 147 | ||||||||
Lapse of statute of limitations | (56 | ) | — | — | |||||||
Balance at December 31 | $ | 482 | $ | 370 | $ | 345 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies | |||||
Schedule of minimum future rental payments under operating leases to related parties | |||||
Minimum future rental payments under operating leases to related parties for the years ending December 31 are as follows: | |||||
2015 | $ | 869 | |||
2016 | 869 | ||||
2017 | 869 | ||||
2018 | 869 | ||||
2019 | 869 | ||||
Thereafter | 9,679 | ||||
Total minimum future payments | $ | 14,024 | |||
Stock_Options_Tables
Stock Options (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Stock Options | |||||||||||||||||
Schedule of assumptions used in determining stock based compensation costs under the Black-Scholes option pricing model | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected volatility | — | — | 82.89 | % | |||||||||||||
Risk-free interest rate | — | — | 0.39 | % | |||||||||||||
Expected life (years) | — | — | 2.95 | ||||||||||||||
Dividend yield | — | — | Nil | ||||||||||||||
Estimated forfeiture rate | — | — | 10 | % | |||||||||||||
Summary of stock options activity | |||||||||||||||||
Weighted | Aggregate Intrinsic | ||||||||||||||||
Average | |||||||||||||||||
Number | Exercise Price | Value | |||||||||||||||
of Options | ($/option) | ($) | |||||||||||||||
Outstanding as at December 31, 2013 | 904,400 | $ | 2.14 | $ | 3,603,712 | ||||||||||||
Granted | — | ||||||||||||||||
Exercised | (239,300 | ) | 2.22 | — | |||||||||||||
Forfeited | (27,900 | ) | 2.37 | — | |||||||||||||
Outstanding as at December 31, 2014 | 637,200 | $ | 2.09 | $ | 1,997,644 | ||||||||||||
Vested and expected to vest at December 31, 2014 | 596,240 | $ | 2.08 | $ | 1,880,498 | ||||||||||||
Exercisable as at December 31, 2014 | 560,550 | $ | 2.06 | $ | 1,778,282 | ||||||||||||
Schedule of stock options by range of exercise prices | |||||||||||||||||
As at December 31,2014 | |||||||||||||||||
Exercise | Number of | Remaining Average | Average | Number | Remaining | Average Exercise | |||||||||||
Exercise | of | Contractual | |||||||||||||||
Prices | Options | Contractual | Price | Options | Life | Price | |||||||||||
($/option) | Outstanding | Life (years) | ($/option) | Exercisable | (years) | ($/option) | |||||||||||
$ | 1.60 | 227,600 | 0.05 | $ | 1.60 | 227,600 | 0.05 | $ | 1.60 | ||||||||
$ | 2.37 | 409,600 | 2.99 | $ | 2.37 | 332,900 | 2.99 | $ | 2.37 | ||||||||
637,200 | 1.94 | 560,500 | 1.80 | $ | 2.06 | ||||||||||||
Earnings_loss_per_Share_Tables
Earnings (loss) per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Earnings (loss) per Share | |||||||||||
Schedule of calculation of earnings (loss) per share | |||||||||||
For the year ended December 31 | |||||||||||
2014 | 2013 | 2012 | |||||||||
Net income (loss) attributable to shareholders | $ | (851 | ) | $ | 7,442 | $ | (14,853 | ) | |||
Basic weighted average number of common shares outstanding | 55,681,076 | 55,301,276 | 54,926,440 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | 501,062 | — | ||||||||
Diluted weighted average number of common shares outstanding | 55,681,076 | 55,802,338 | 54,926,440 | ||||||||
Basic earnings (loss) per share | $ | (0.02 | ) | $ | 0.13 | $ | (0.27 | ) | |||
Diluted earnings (loss) per share | $ | (0.02 | ) | $ | 0.13 | $ | (0.27 | ) | |||
Segmented_Information_Tables
Segmented Information (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Segmented Information | |||||||||||
Schedule of Company's total assets by geographic location | |||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||
Assets | |||||||||||
Mainland China | $ | 207,645 | $ | 199,703 | |||||||
Hong Kong | 30,885 | 40,990 | |||||||||
Total | $ | 238,530 | $ | 240,693 | |||||||
Schedule of Company's revenues by product | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Sales | |||||||||||
Inactivated hepatitis vaccines | $ | 48,450 | $ | 47,202 | $ | 39,951 | |||||
Influenza vaccines | 12,131 | 12,156 | 9,191 | ||||||||
H5N1 | 201 | 10,736 | — | ||||||||
Mumps | 2,150 | 1,680 | 24 | ||||||||
Rabend | 169 | 750 | 50 | ||||||||
Total | $ | 63,101 | $ | 72,524 | $ | 49,216 | |||||
Schedule of Company's revenues attributed to geographic locations | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Sales | |||||||||||
Mainland China | $ | 62,124 | $ | 71,397 | $ | 48,199 | |||||
Foreign countries | 977 | 1,127 | 1,017 | ||||||||
Total | $ | 63,101 | $ | 72,524 | $ | 49,216 | |||||
Condensed_Financial_Informatio1
Condensed Financial Information of the Parent Company (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Condensed Financial Information of the Parent Company | |||||||||||
Balance Sheets | |||||||||||
December 31, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 997 | $ | 1,400 | |||||||
Prepaid expenses and other receivables | 9 | 123 | |||||||||
Amount due from subsidiaries | 69,824 | 68,520 | |||||||||
Dividend receivables | 21,280 | 21,280 | |||||||||
Total current assets | 92,110 | 91,323 | |||||||||
Investment in subsidiaries | 38,616 | 40,044 | |||||||||
Total assets | $ | 130,726 | $ | 131,367 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Accrued expenses and other payables | $ | 584 | $ | 920 | |||||||
Amount due to subsidiaries | 3,578 | 1,763 | |||||||||
Total current liabilities | 4,162 | 2,683 | |||||||||
Total liabilities | 4,162 | 2,683 | |||||||||
EQUITY | |||||||||||
Preferred stock | — | — | |||||||||
Authorized 50,000,000 shares at par value of $0.001 each Issued and outstanding: nil | |||||||||||
Common stock | 56 | 56 | |||||||||
Authorized: 100,000,000 shares at par value of $0.001 each Issued and outstanding: 55,809,661 (2013—55,570,361) | |||||||||||
Additional paid-in capital | 108,243 | 107,393 | |||||||||
Accumulated other comprehensive income | 12,022 | 14,141 | |||||||||
Accumulated deficit | 6,243 | 7,094 | |||||||||
Total shareholders’ equity | 126,564 | 128,684 | |||||||||
Total liabilities and equity | $ | 130,726 | $ | 131,367 | |||||||
Statements of Comprehensive Income (Loss) | |||||||||||
For the year ended December 31 | |||||||||||
2014 | 2013 | 2012 | |||||||||
Operation expenses | |||||||||||
General and administrative expenses | $ | 2,466 | $ | 2,710 | $ | 3,170 | |||||
Total operating expenses | 2,466 | 2,710 | 3,170 | ||||||||
Loss from operations | (2,466 | ) | (2,710 | ) | (3,170 | ) | |||||
Interest income | 759 | 755 | 879 | ||||||||
Equity income (losses) of subsidiaries, net of tax | 856 | 9,397 | (12,562 | ) | |||||||
Net income (loss) | (851 | ) | 7,442 | (14,853 | ) | ||||||
Other comprehensive income (loss), net of tax of nil | |||||||||||
Foreign currency translation adjustments | (2,119 | ) | 2,370 | 1,793 | |||||||
Total comprehensive income (loss) | $ | (2,970 | ) | $ | 9,812 | $ | (13,060 | ) | |||
Statements of Cash Flows | |||||||||||
For the year ended December 31 | |||||||||||
2014 | 2013 | 2012 | |||||||||
Cash flows provided by (used in) operating activities | |||||||||||
Net income (loss) | $ | (851 | ) | $ | 7,442 | $ | (14,853 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
- Stock-based compensation | 287 | 281 | 347 | ||||||||
- Equity in earnings (loss) of subsidiaries | (856 | ) | (9,397 | ) | 12,562 | ||||||
Changes in: | |||||||||||
- Amount due from subsidiaries | (1,304 | ) | 2,505 | (1,283 | ) | ||||||
- Prepaid expenses and other receivables | 114 | 59 | 25 | ||||||||
- Dividend receivables | — | 1,043 | (13,782 | ) | |||||||
- Amount due to subsidiaries | 1,815 | 1,130 | (1,792 | ) | |||||||
- Accrued expenses and other payables | (336 | ) | (776 | ) | 269 | ||||||
Net cash provided by (used in) operating activities | (1,131 | ) | 2,287 | (18,507 | ) | ||||||
Cash flows provided by financing activities | |||||||||||
- Proceeds from issuance of common stock, net of share issuance costs | 512 | 848 | 508 | ||||||||
- Proceeds from shares subscribed | 51 | 18 | 8 | ||||||||
Net cash provided by financing activities | 563 | 866 | 516 | ||||||||
Cash flows provided by (used in) investing activities | |||||||||||
-Investment in subsidiaries | 165 | (4,042 | ) | 16,588 | |||||||
Net cash provided by (used in) investing activities | 165 | (4,042 | ) | 16,588 | |||||||
Decrease in cash and cash equivalents | (403 | ) | (889 | ) | (1,403 | ) | |||||
Cash and cash equivalents, beginning of year | 1,400 | 2,289 | 3,692 | ||||||||
Cash and cash equivalents, end of year | $ | 997 | $ | 1,400 | $ | 2,289 | |||||
Basis_of_Presentation_Details
Basis of Presentation (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Sinovac Hong Kong | ||
Basis of Presentation | ||
Percentage of ownership | 100.00% | 100.00% |
Sinovac Beijing | ||
Basis of Presentation | ||
Percentage of ownership | 73.09% | 73.09% |
Tangshan Yian | ||
Basis of Presentation | ||
Percentage of ownership | 100.00% | 100.00% |
Sinovac R&D | ||
Basis of Presentation | ||
Percentage of ownership | 100.00% | 100.00% |
Sinovac Dalian | ||
Basis of Presentation | ||
Percentage of ownership | 55.00% | 55.00% |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Plant and building | Minimum | |
Property, Plant and Equipment | |
Estimated useful life | 10 years |
Plant and building | Maximum | |
Property, Plant and Equipment | |
Estimated useful life | 24 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment | |
Estimated useful life | 8 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment | |
Estimated useful life | 10 years |
Motor vehicles | Minimum | |
Property, Plant and Equipment | |
Estimated useful life | 4 years |
Motor vehicles | Maximum | |
Property, Plant and Equipment | |
Estimated useful life | 5 years |
Office equipment and furniture | Minimum | |
Property, Plant and Equipment | |
Estimated useful life | 3 years |
Office equipment and furniture | Maximum | |
Property, Plant and Equipment | |
Estimated useful life | 5 years |
Significant_Accounting_Policie4
Significant Accounting Policies (Details 2) (USD $) | 6 Months Ended | 12 Months Ended | 9 Months Ended | 0 Months Ended | 7 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Aug. 15, 2012 | Aug. 14, 2012 |
Impairment of long-lived assets | ||||||||
Impairment charges on long-lived assets | $0 | $57 | $2,176 | |||||
Value-added Taxes | ||||||||
Value-added taxes rate (as a percent) | 3.00% | 6.00% | ||||||
H5N1 licenses | ||||||||
Licenses | ||||||||
Estimated useful life | 20 years | |||||||
Land use rights | Minimum | ||||||||
Licenses | ||||||||
Estimated useful life | 28 years | |||||||
Land use rights | Maximum | ||||||||
Licenses | ||||||||
Estimated useful life | 49 years | |||||||
Licenses | ||||||||
Licenses | ||||||||
Estimated useful life | 9 years 1 month 28 days | |||||||
Licenses | Inactivated hepatitis A and recombinant hepatitis A&B licenses | ||||||||
Licenses | ||||||||
Estimated useful life | 10 years | |||||||
Licenses | H5N1 licenses | ||||||||
Licenses | ||||||||
Estimated useful life | 20 years | |||||||
Remaining useful life | 3 years |
Significant_Accounting_Policie5
Significant Accounting Policies (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Shipping and Handling | |||
Shipping and handling costs, included in selling, general and administrative expenses | $1,241 | $1,235 | $1,118 |
Advertising Expenses | |||
Advertising costs, included in selling, general and administrative expenses | 268 | 474 | 29 |
Retirement and other post-retirement benefits | |||
Amount incurred | 3,498 | 3,138 | 2,771 |
Foreign Currency Translation and Transactions | |||
Foreign exchange gains (losses) included in selling, general and administrative expenses | -647 | 650 | 207 |
Gains (losses) on intra-entity foreign currency transactions that are of a long-term-investment nature | 294 | 235 | 199 |
Operating Leases | |||
Capital leases | 0 | 0 | |
Seasonal influenza vaccine | |||
Revenue Recognition | |||
Sales return provisions | 1,320 | 575 | |
Inactivated hepatitis A and recombinant hepatitis A&B licenses | |||
Revenue Recognition | |||
Sales return provisions | $3,553 | $2,240 | |
Sales return provision represented as a percentage of private pay market sales | 8.60% | 5.50% |
Significant_Accounting_Policie6
Significant Accounting Policies (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Measurements | |||
Property, plant and equipment, carrying value | $68,417 | $67,963 | |
Total Losses | 0 | 57 | 2,176 |
Nonrecurring basis | |||
Fair Value Measurements | |||
Total nonrecurring | 0 | 0 | |
Total Losses | 2,171 | ||
Total nonrecurring | 0 | 0 | |
Nonrecurring basis | Plant, building and equipment | |||
Fair Value Measurements | |||
Total Losses | 2,171 | ||
Nonrecurring basis | Significant Other Observable Inputs (Level 2) | |||
Fair Value Measurements | |||
Total nonrecurring | 3,012 | ||
Nonrecurring basis | Significant Other Observable Inputs (Level 2) | Land use rights | |||
Fair Value Measurements | |||
Total nonrecurring | 1,226 | ||
Nonrecurring basis | Significant Other Observable Inputs (Level 2) | Plant, building and equipment | |||
Fair Value Measurements | |||
Total nonrecurring | 1,786 | ||
Nonrecurring basis | Fair value | |||
Fair Value Measurements | |||
Total nonrecurring | 3,012 | ||
Nonrecurring basis | Fair value | Land use rights | |||
Fair Value Measurements | |||
Total nonrecurring | 1,226 | ||
Nonrecurring basis | Fair value | Plant, building and equipment | |||
Fair Value Measurements | |||
Total nonrecurring | 1,786 | ||
Tangshan Yian | |||
Fair Value Measurements | |||
Property, plant and equipment, fair value | 2,923 | ||
Property, plant and equipment, carrying value | 4,420 | ||
Sinovac Beijing | Equipment and leasehold improvement | |||
Fair Value Measurements | |||
Property, plant and equipment, fair value | 89 | ||
Property, plant and equipment, carrying value | $763 |
Significant_Accounting_Policie7
Significant Accounting Policies (Details 5) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | USD ($) | Denominated in RMB | Denominated in RMB | Denominated in RMB | Denominated in RMB | |
USD ($) | CNY | USD ($) | CNY | |||||
Exchange Rate Risks | ||||||||
Foreign exchange gains (losses) included in selling, general and administrative expenses | ($647) | $650 | $207 | |||||
Cash and cash equivalents denominated in RMB | $91,518 | $107,242 | $91,241 | $104,287 | $72,104 | 447,000 | $92,861 | 563,000 |
Significant_Accounting_Policie8
Significant Accounting Policies (Details 6) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Significant Accounting Policies | ||
Long-term loan with fixed interest rate | $1,803 | |
Loan from a non-controlling shareholder with fixed interest rate | $2,595 | $3,324 |
Accounts_Receivable_net_Detail
Accounts Receivable - net (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | CNY | USD ($) | Trade receivables | Trade receivables | Aging within one year, net of allowance for doubtful accounts | Aging within one year, net of allowance for doubtful accounts | Aging greater than one year, net of allowance for doubtful accounts | Aging greater than one year, net of allowance for doubtful accounts | Other receivables | Other receivables | Accounts aged more than three years | Accounts aged more than three years | Accounts receivable aged between two year and three years | Accounts receivable aged between two year and three years | Accounts receivable aged between one year and two years | Accounts receivable aged between one year and two years | Accounts receivable aged less than one year | Accounts receivable aged less than one year |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||
Accounts Receivable - net | |||||||||||||||||||
Accounts receivable, gross | $42,423 | $33,743 | |||||||||||||||||
Allowance for doubtful accounts | -2,571 | -2,429 | |||||||||||||||||
Total | 40,757 | 31,927 | 39,852 | 31,314 | 35,130 | 29,565 | 4,722 | 1,749 | 905 | 613 | |||||||||
Carrying value of accounts receivable pledged as collateral for a bank loan | $5,641 | 35,000 | |||||||||||||||||
Percentage allowance for accounts receivable | 100.00% | 100.00% | 56.30% | 56.30% | 18.50% | 16.90% | 1.80% | 1.70% |
Inventories_Details
Inventories (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inventories | |||
Raw materials | $2,688 | $3,832 | |
Work in progress | 4,056 | 448 | |
Finished goods | 12,088 | 10,049 | |
Total | 18,832 | 14,329 | |
Fixed production overhead charged to cost of sales | 2,492 | 2,217 | 3,140 |
Inventory provision for products likely to be expired included in cost of sales | $1,273 | $1,399 | $3,479 |
Longterm_Inventories_Details
Long-term Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term Inventories | ||
Work in progress | $666 | |
Finished goods | 2,648 | 2,115 |
Total | $2,648 | $2,781 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | USD ($) | USD ($) | Bank Of Beijing | Bank Of Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Tangshan Yian | Construction in progress | Construction in progress | Plant and building | Plant and building | Machinery and equipment | Machinery and equipment | Motor vehicles | Motor vehicles | Office equipment and furniture | Office equipment and furniture | Leasehold improvements | Leasehold improvements | Building | Building | Building | Building | Building | Building | |
Bank of Beijing loan for Changping facility | Bank of Beijing loan for Changping facility | USD ($) | CNY | USD ($) | CNY | China Construction Bank | China Construction Bank | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Dalian | Sinovac Dalian | ||||
USD ($) | CNY | China Construction Bank Loan for Changping facility | China Construction Bank Loan for Changping facility | China Construction Bank | China Construction Bank | Bank Of Beijing | Bank Of Beijing | Bank Of China | Bank Of China | |||||||||||||||||||||
USD ($) | CNY | China Construction Bank Loan for Changping facility | China Construction Bank Loan for Changping facility | Bank of Beijing loan for Changping facility | Bank of Beijing loan for Changping facility | Bank of China Term loan | Bank of China Term loan | |||||||||||||||||||||||
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | |||||||||||||||||||||||||
Property, Plant and Equipment | ||||||||||||||||||||||||||||||
Cost | $102,818 | $95,424 | $8,206 | $424 | $34,419 | $35,259 | $42,517 | $42,851 | $1,832 | $1,884 | $2,612 | $2,620 | $13,232 | $12,386 | ||||||||||||||||
Less: Accumulated depreciation | 34,401 | 27,461 | 7,908 | 6,455 | 18,891 | 15,658 | 1,643 | 1,653 | 1,765 | 1,546 | 4,194 | 2,149 | ||||||||||||||||||
Impairment of plant and building, and machinery and equipment | 1,497 | |||||||||||||||||||||||||||||
Property, plant and equipment net | 68,417 | 67,963 | 4,420 | |||||||||||||||||||||||||||
Land use rights and building of subsidiary pledged as collateral | 3,285 | 20,400 | 17,798,000 | 110,000 | 14,876 | 92,300 | 2,933 | 18,200 | 5,836 | 36,200 | ||||||||||||||||||||
Depreciation expense | 7,771 | 5,998 | 3,961 | |||||||||||||||||||||||||||
Loss on disposal of equipment | 74 | 31 | 14 | |||||||||||||||||||||||||||
Impairment charge | 57 | 300 | 656 | 4,100 | ||||||||||||||||||||||||||
Fair value of property, plant and equipment rights | $2,923 |
Prepaid_land_lease_payments_De
Prepaid land lease payments (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | Bank Of Beijing | Bank Of Beijing | Land use rights | Land use rights | Land use rights | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Dalian | Sinovac Dalian |
Bank of Beijing loan for Changping facility | Bank of Beijing loan for Changping facility | USD ($) | USD ($) | USD ($) | China Construction Bank | China Construction Bank | Land use rights | Land use rights | Land use rights | Land use rights | Land use rights | Land use rights | |
USD ($) | CNY | China Construction Bank Loan for Changping facility | China Construction Bank Loan for Changping facility | China Construction Bank | China Construction Bank | Bank Of Beijing | Bank Of Beijing | Bank Of China | Bank Of China | ||||
USD ($) | CNY | China Construction Bank Loan for Changping facility | China Construction Bank Loan for Changping facility | Bank of Beijing loan for Changping facility | Bank of Beijing loan for Changping facility | Bank of China Term loan | Bank of China Term loan | ||||||
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | ||||||||
Prepaid land lease payments | |||||||||||||
Prepaid land lease payments | $11,940 | $12,238 | |||||||||||
Accumulated amortization | 1,535 | 1,290 | |||||||||||
Net book value | 10,405 | 10,948 | |||||||||||
Amount pledged as collateral | 3,285 | 20,400 | 17,798,000 | 110,000 | 2,922 | 18,100 | 352 | 2,200 | 3,801 | 23,600 | |||
Amortization expense | $278 | $311 | $299 |
Licenses_Details
Licenses (Details) (USD $) | 9 Months Ended | 12 Months Ended | 0 Months Ended | 7 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 15, 2011 | Aug. 14, 2012 |
item | ||||||
H5N1 licenses | ||||||
Licenses | ||||||
Estimated useful life | 20 years | |||||
Licenses | ||||||
Licenses | ||||||
Cost | $5,377 | $5,511 | ||||
Accumulated amortization | 5,025 | 4,739 | ||||
Estimated useful life | 9 years 1 month 28 days | |||||
Amortization expense | 371 | 435 | 228 | |||
Estimated amortization expenses | ||||||
Within 1 year | 352 | |||||
Net book value | 352 | 772 | ||||
Licenses | Inactivated hepatitis A | ||||||
Licenses | ||||||
Cost | 3,405 | 3,490 | ||||
Accumulated amortization | 3,405 | 3,490 | ||||
Licenses | Combined inactivated hepatitis A&B | ||||||
Licenses | ||||||
Cost | 490 | 502 | ||||
Accumulated amortization | 490 | 452 | ||||
Estimated amortization expenses | ||||||
Net book value | 50 | |||||
Licenses | H5N1 licenses | ||||||
Licenses | ||||||
Cost | 1,482 | 1,519 | ||||
Accumulated amortization | 1,130 | 797 | ||||
Estimated useful life | 20 years | |||||
Estimated amortization expenses | ||||||
Net book value | $352 | $722 | ||||
Number of sublicense agreements entered with Medimmune | 3 |
Bank_loans_and_other_debt_Deta
Bank loans and other debt (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Mar. 03, 2014 | Mar. 03, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 21, 2014 | Aug. 21, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 23, 2014 | Sep. 23, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 24, 2013 | Sep. 24, 2013 | Mar. 13, 2013 | Mar. 13, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 17, 2012 | Dec. 17, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | China Merchants Bank | China Merchants Bank | China Merchants Bank | China Merchants Bank | China Merchants Bank | China Merchants Bank | China Merchants Bank | China Merchants Bank | China Merchants Bank | China Merchants Bank | Bank Of Beijing | Bank Of Beijing | Bank Of Beijing | Bank Of Beijing | Bank Of Beijing | Bank Of Beijing | Bank Of Beijing | Bank Of Beijing | Bank Of Beijing | Bank Of Beijing | Bank Of China | Bank Of China | Bank Of China | Bank Of China | Bank Of China | Bank Of China | Bank Of China | Bank Of China | Bank Of China | Bank Of China | Bank Of China | Bank Of China | Bank Of China | Bank Of China | Bank Of China | Industrial And Commercial Bank Of China | Industrial And Commercial Bank Of China | Industrial And Commercial Bank Of China | Industrial And Commercial Bank Of China | China Construction Bank | China Construction Bank | China Construction Bank | China Construction Bank | China Construction Bank | China Construction Bank | China Construction Bank | China Construction Bank | China Construction Bank | China Construction Bank | Beijing Zhongguancun Development Group | Beijing Zhongguancun Development Group | Beijing Zhongguancun Development Group | Beijing Zhongguancun Development Group | Beijing Zhongguancun Development Group | Beijing Zhongguancun Development Group | Beijing Zhongguancun Development Group | Beijing Zhongguancun Development Group | |
USD ($) | USD ($) | China Merchants Bank term loan drawn on January 31st 2013 | China Merchants Bank term loan drawn on January 31st 2013 | China Merchants Bank term loan drawn on January 31st 2013 | China Merchants Bank term loan drawn on January 31st 2013 | Bank Term Loan Drawn In March 2014 | Bank Term Loan Drawn In March 2014 | Bank Term Loan Drawn In March 2014 | Bank Term Loan Drawn In March 2014 | USD ($) | Bank Term Loan Drawn In August 2014 | Bank Term Loan Drawn In August 2014 | Bank Term Loan Drawn In August 2014 | Bank of Beijing loan for Changping facility | Bank of Beijing loan for Changping facility | Bank of Beijing loan for Changping facility | Bank of Beijing loan for Changping facility | Bank of Beijing loan for Changping facility | Bank of Beijing loan for Changping facility | USD ($) | USD ($) | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Line of Credit | USD ($) | Bank Term Loan Drawn In June 2014 | Bank Term Loan Drawn In June 2014 | Bank Term Loan Drawn In June 2014 | China Construction Bank Loan for Changping facility | China Construction Bank Loan for Changping facility | China Construction Bank Loan for Changping facility | China Construction Bank Loan for Changping facility | China Construction Bank Loan for Changping facility | China Construction Bank Loan for Changping facility | China Construction Bank - Sinovac Beijing | China Construction Bank - Sinovac Beijing | China Construction Bank - Sinovac Beijing | China Construction Bank - Sinovac Beijing | USD ($) | USD ($) | Term Loan For Funding Vaccine Research Project | Term Loan For Funding Vaccine Research Project | Term Loan For Funding Vaccine Research Project | Term Loan For Funding Vaccine Research Project | Term Loan For Funding Vaccine Research Project | Term Loan For Funding Vaccine Research Project | ||||
Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | USD ($) | CNY | USD ($) | Letter of Credit | Letter of Credit | Letter of Credit | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | USD ($) | USD ($) | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | ||||||||||||
USD ($) | CNY | Prime Rate | USD ($) | CNY | Prime Rate | USD ($) | CNY | item | USD ($) | CNY | USD ($) | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | Prime Rate | USD ($) | CNY | USD ($) | CNY | ||||||||||||||||||||||||||||||
Bank Loans and Other Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank loan | $17,729 | $3,304 | $4,835 | $1,652 | $8,059 | $1,612 | $1,652 | $3,223 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term bank loans | 29,646 | 12,913 | 11,741 | 72,900 | 12,065 | 13,861 | 330 | 13,861 | 86,000 | 4,044 | 518 | |||||||||||||||||||||||||||||||||||||||||||||||||
Long-term bank loans and other debt | 1,803 | 32,146 | 12,065 | 14,206 | 4,145 | 1,803 | 1,730 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total bank loans and other debt | 49,178 | 48,363 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Face amount of debt instrument | 1,652 | 10,000 | 4,835 | 30,000 | 8,059 | 50,000 | 3,223 | 20,000 | 8,059 | 50,000 | 1,934 | 12,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | 32,234 | 200,000 | 12,894 | 80,000 | 3,223 | 20,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate amount over base rate (as a percent) | 10.00% | 15.00% | 10.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term of debt instrument | 1 year | 1 year | 1 year | 1 year | 3 years | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount drawn/ received | 17,837 | 16,800 | 16,787 | 806 | 5,000 | 806 | 5,000 | 806 | 5,000 | 806 | 5,000 | 967 | 6,000 | 967 | 6,000 | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate (as a percent) | 6.00% | 7.40% | 7.40% | 7.40% | 6.15% | 6.15% | 6.15% | 6.15% | 0.36% | 0.36% | 0.36% | 0.36% | ||||||||||||||||||||||||||||||||||||||||||||||||
Repayment of debt | 15,962 | 4,089 | 4,755 | 11,790 | 72,600 | 322 | 2,000 | 322,000 | 2,000 | 494 | 3,000 | 458 | 3,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Financing fee rate (as a percent) | 0.90% | 0.90% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current interest rate (as a percent) | 6.80% | 6.60% | 7.00% | 6.90% | 6.40% | 6.40% | 6.40% | 7.50% | 7.50% | 6.40% | 6.40% | 6.40% | 6.40% | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantee fee | 64 | 400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount pledged as collateral | 3,285 | 20,400 | 9,637 | 59,800 | 5,641 | 35,000 | 17,798,000 | 110,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount outstanding | 23,531 | 146,000 | 24,130 | 14,183 | 88,000 | 14,536 | 4,996 | 31,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of debt repayable | 10.00% | 10.00% | 10.00% | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt covenant, debt to total assets ratio not higher than | 85.00% | 85.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt covenant, current ratio not lower than | 1.00% | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt covenant, contingent liability not higher than | 14,667 | 91,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt covenant, gearing ratio not higher than | 10.00% | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term after which variable rate basis is to be adjusted | 12 months | 12 months | 12 months | 12 months | 12 months | 12 months | 12 months | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of installments in which loan is repayable | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Letters of credit issued | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership of profits from intellectual property, percentage to which lender is entitled | 10.62% | 10.62% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value differential | 376 | 383 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate used to calculate fair value differential (as a percent) | 6.90% | 6.90% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate annual principal payments of loans payable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Within 1 year | 47,375 | 16,217 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Between 1 and 2 years | 1,803 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total bank loans and other debt | 49,178 | 48,363 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average interest rate for short-term loans | 6.80% | 7.00% | 7.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest costs incurred, net of interest subsidies received | 3,374 | 2,942 | 1,955 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest costs capitalized in property, plant and equipment | 0 | 116 | 1,306 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest subsidies received | $1,458 |
Related_Party_Transactions_and2
Related Party Transactions and Balances (Details) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 25, 2014 | Sep. 25, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 08, 2013 | Aug. 12, 2010 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 12, 2004 | Dec. 31, 2004 | Dec. 31, 2004 | Aug. 12, 2010 | Aug. 12, 2010 | Aug. 12, 2010 | Aug. 12, 2010 | Jun. 30, 2007 | Jun. 30, 2007 | Sep. 30, 2010 | Sep. 30, 2010 |
USD ($) | USD ($) | USD ($) | Dalian Jin Gang Group | Dalian Jin Gang Group | Dalian Jin Gang Group | Dalian Jin Gang Group | Dalian Jin Gang Group | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | |
USD ($) | CNY | USD ($) | USD ($) | USD ($) | item | item | USD ($) | USD ($) | USD ($) | CNY | CNY | Two operating lease agreements, production plant and laboratory | Two operating lease agreements, production plant and laboratory | Two operating lease agreements, production plant and laboratory | Before amendment, one operating lease agreement, production plant and laboratory | Before amendment, one operating lease agreement, production plant and laboratory | After amendment, one operating lease agreement, production plant and laboratory | After amendment, one operating lease agreement, production plant and laboratory | Operating lease agreement, expansion of production plant and laboratory | Operating lease agreement, expansion of production plant and laboratory | Operating lease agreement, R&D expansion | Operating lease agreement, R&D expansion | ||||
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | |||||||||||||||||
item | ||||||||||||||||||||||||||
Related Party Transactions and Balances | ||||||||||||||||||||||||||
Loan - current | $2,595 | $3,324 | ||||||||||||||||||||||||
Interest rate on loan from related party (as a percent) | 7.20% | |||||||||||||||||||||||||
Interest expense | 221 | 237 | 231 | 221 | 237 | 231 | ||||||||||||||||||||
Amount of interest payable included in loan from a non-controlling shareholder | 16 | 20 | ||||||||||||||||||||||||
Repayment of loan to related party | 649 | 4,000 | 0 | 0 | ||||||||||||||||||||||
Expense payable to related party | 869 | 847 | 823 | |||||||||||||||||||||||
Number of operating lease agreements entered with related party | 2 | 2 | ||||||||||||||||||||||||
Operating lease, annual rent | 220 | 1,400 | 81 | 500 | 220 | 1,400 | 332 | 2,000 | 164 | 1,000 | ||||||||||||||||
Term of lease | 20 years | 20 years | 20 years | 5 years | 5 years | |||||||||||||||||||||
Number of lease agreements amended | 1 | |||||||||||||||||||||||||
Number of supplemental agreements entered into with the related party | 3 | |||||||||||||||||||||||||
Number of operating lease agreements for which expiration date is extended | 4 | |||||||||||||||||||||||||
Prepaid lease payments included in current and long-term prepaid expenses | $389 | $306 | 2,400 | 1,900 |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities | ||
Trade payables | $3,164 | $6,063 |
Machinery and equipment payables | 2,209 | 2,270 |
Accrued expenses | 8,342 | 8,669 |
Value added tax payable | 206 | 208 |
Other tax payable | 177 | 576 |
Withholding tax payable | 354 | 1,511 |
Bonus and benefit payables | 5,626 | 5,244 |
Other payables | 3,159 | 3,496 |
Total | $23,237 | $28,037 |
Income_Taxes_Details
Income Taxes (Details) | 12 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
USD ($) | USD ($) | USD ($) | USD ($) | Minimum | Maximum | Sinovac Beijing | PRC subsidiaries | PRC subsidiaries | PRC | PRC | PRC | PRC | PRC | PRC | PRC | ||||
USD ($) | USD ($) | USD ($) | USD ($) | CNY | Minimum | Maximum | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | PRC subsidiaries | |||||||||
Future Tax Rate | Future Tax Rate | ||||||||||||||||||
Income Taxes | |||||||||||||||||||
Statutory income tax rate (as a percent) | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | |||||||||||
Preferential income tax rate (as a percent) | 15.00% | 15.00% | 15.00% | ||||||||||||||||
Period after which preferential income tax rates need to be reviewed | 3 years | ||||||||||||||||||
Withholding income tax | |||||||||||||||||||
Withholding tax rate, lower end (as a percent) | 5.00% | ||||||||||||||||||
Withholding tax rate, higher end (as a percent) | 10.00% | ||||||||||||||||||
Income (loss) before income tax | |||||||||||||||||||
Non - PRC | ($1,336) | ($65) | ($527) | ||||||||||||||||
PRC | 2,458 | 8,210 | -19,106 | ||||||||||||||||
Total | 1,122 | 8,145 | -19,633 | ||||||||||||||||
Income taxes attributed to the operations in China | |||||||||||||||||||
Current | -1,620 | 867 | |||||||||||||||||
Deferred | 162 | 2,225 | 17 | ||||||||||||||||
Total income tax benefit (expense) | -1,458 | 2,225 | 884 | ||||||||||||||||
Reconciliation of income taxes | |||||||||||||||||||
Income (loss) before income taxes and non-controlling interests | 1,122 | 8,145 | -19,633 | ||||||||||||||||
Income tax (expense) benefit at the PRC statutory rate | -281 | -2,036 | 4,909 | ||||||||||||||||
International tax rate differential | -334 | -16 | -40 | ||||||||||||||||
Change in unrecognized tax benefitsChange in unrecognized tax benefits | -282 | -25 | 147 | ||||||||||||||||
Other adjustments | -79 | 228 | 59 | ||||||||||||||||
Permanent differences | 362 | 412 | 904 | ||||||||||||||||
Effect of preferential tax treatment | 901 | 1,573 | -648 | ||||||||||||||||
Change in valuation allowance | -1,639 | 2,089 | -5,314 | ||||||||||||||||
Effect of PRC withholding tax | -106 | 867 | |||||||||||||||||
Total income tax benefit (expense) | -1,458 | 2,225 | 884 | ||||||||||||||||
Tax effects of temporary differences giving rise to deferred tax assets | |||||||||||||||||||
Accrued expenses | 2,413 | 1,982 | |||||||||||||||||
Inventories | 388 | 729 | |||||||||||||||||
Prepaid expenses and deposits | -6 | ||||||||||||||||||
Deferred government grants | 12 | ||||||||||||||||||
Tax losses carried forward | 485 | ||||||||||||||||||
Less: valuation allowance | -541 | -594 | |||||||||||||||||
Deferred tax assets, current portion | 2,266 | 2,602 | |||||||||||||||||
Fixed assets | 1,493 | 576 | |||||||||||||||||
Deferred government grants | 428 | ||||||||||||||||||
Tax losses carried forward | 10,805 | 10,060 | |||||||||||||||||
Less: valuation allowance | -12,211 | -10,519 | |||||||||||||||||
Deferred tax assets, non-current portion | 515 | 117 | |||||||||||||||||
Valuation allowance | 12,752 | 11,113 | |||||||||||||||||
Carry forward of tax losses | |||||||||||||||||||
Tax losses carried forward | 43,221 | 262,000 | |||||||||||||||||
Amount of undistributed earnings | 5,420 | ||||||||||||||||||
Amount of unrecognized deferred tax liabilities | 271 | 542 | |||||||||||||||||
Term of statute of limitation | 3 years | 10 years | |||||||||||||||||
Unrecognized tax benefit | |||||||||||||||||||
Balance at the beginning of the period | 370 | 345 | 198 | ||||||||||||||||
Additions for tax positions of the current year | 168 | 25 | 147 | ||||||||||||||||
Lapse of statute of limitations | -56 | ||||||||||||||||||
Balance at the end of the period | 482 | 370 | 345 | 198 | |||||||||||||||
Interest and penalties recorded | 0 | 0 | |||||||||||||||||
Potential tax exposures | 208 | 153 | |||||||||||||||||
Reasonable possible change on the Company's unrecognized tax benefits, low bound | 0 | ||||||||||||||||||
Reasonable possible change on the Company's unrecognized tax benefits, upper bound | $361 |
Deferred_Revenue_Details
Deferred Revenue (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Revenue | ||
Amount received, included in current deferred revenue | $4,996 | $875 |
Amount received, included in long-term deferred revenue | 7,191 | 11,005 |
Chinese government stockpiling purchases of H5N1 vaccines | ||
Deferred Revenue | ||
Amount received, included in current deferred revenue | 3,546 | 102 |
Amount received, included in long-term deferred revenue | 7,191 | 11,005 |
Advances from customers | ||
Deferred Revenue | ||
Amount received, included in current deferred revenue | $1,450 | $773 |
Deferred_Government_Grants_Det
Deferred Government Grants (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2007 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | Beijing Zhongguancun Development Group | Beijing Zhongguancun Development Group | Beijing Zhongguancun Development Group | Grants for pandemic influenza vaccine | Grants for pandemic influenza vaccine | Grants for pandemic influenza vaccine | Grants for pandemic influenza vaccine | Grants for pandemic influenza vaccine | Grants for pandemic influenza vaccine | Grants received in 2009 for H1N1 | Grants received in 2009 for H1N1 | Grants received in 2009 for H1N1 | Grants received in 2009 for H1N1 | Grants received in 2009 for H1N1 | Grants received in 2009 for H1N1 | Grants received in 2013 for H5N1 | Grants received in 2013 for H5N1 | Grants for EV 71 vaccine research and development | Grants for EV 71 vaccine research and development | Grants received for research and and development, as well as purchasing equipment for EV71 vaccine production | Grants received for research and and development, as well as purchasing equipment for EV71 vaccine production | Other research projects | Other research projects | Other research projects | Other research projects | |
Term Loan For Funding Vaccine Research Project | Term Loan For Funding Vaccine Research Project | Term Loan For Funding Vaccine Research Project | USD ($) | USD ($) | USD ($) | CNY | CNY | CNY | USD ($) | USD ($) | USD ($) | USD ($) | CNY | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | |||||||
USD ($) | CNY | USD ($) | project | ||||||||||||||||||||||||||||
Deferred Government Grants | |||||||||||||||||||||||||||||||
Government grants received | $3,520 | 21,700 | $842 | 5,200 | $936 | 5,900 | 20,000 | $999 | 6,200 | $3,223 | 20,000 | ||||||||||||||||||||
Deferred government grants | 376 | 383 | 1,466 | 1,800 | 9,100 | 10,900 | 630 | 3,900 | 81 | 500 | 723 | 4,500 | |||||||||||||||||||
Current portion of government grants | 530 | 458 | 290 | 1,800 | 143 | 900 | 16 | 100 | 81 | 500 | 83 | 500 | |||||||||||||||||||
Non-current portion of government grants | 7,494 | 4,746 | 1,176 | 7,300 | 487 | 3,000 | 65 | 400 | 1,525 | 9,500 | 642 | 4,000 | 578 | 3,600 | |||||||||||||||||
Portion of grant recorded as a reduction to depreciation expense | 290 | 237 | 285 | 143 | 119 | 82 | 16 | ||||||||||||||||||||||||
Number of projects | 4 | 4 | |||||||||||||||||||||||||||||
Number of projects, noncurrent | 3 | 3 | |||||||||||||||||||||||||||||
Loan received | $1,934 | 12,000 | |||||||||||||||||||||||||||||
Interest rate (as a percent) | 0.36% | 0.36% | 0.36% | ||||||||||||||||||||||||||||
Effective interest rate used to calculate fair value differential (as a percent) | 6.90% | 6.90% |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Lease Commitments | |||
Rental expense | $869 | $847 | $823 |
Minimum future rental payments under operating leases | |||
2015 | 869 | ||
2016 | 869 | ||
2017 | 869 | ||
2018 | 869 | ||
2019 | 869 | ||
Thereafter | 9,679 | ||
Total minimum future payments | 14,024 | ||
R&D expenditures | |||
Commitments | |||
Other commitments | 960 | ||
Capital expenditures | |||
Commitments | |||
Other commitments | $5,528 |
Common_Stock_Details
Common Stock (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Vote | |||
Common Stock | |||
Number of votes on each share of common stock | 1 | ||
Common stock outstanding (in shares) | 55,809,661 | 55,570,361 | |
Preferred stock issued (in shares) | 0 | 0 | |
Preferred stock outstanding (in shares) | 0 | 0 | |
Common stock issued on exercise of stock options (in shares) | 317,600 | ||
Exercise price of options exercised (in dollars per share) | $1.60 | ||
Proceeds from common stock issued on exercise of stock options | $512 | $848 | $508 |
Cash proceeds received on exercise of stock options for which shares were not issued till date | 51 | 18 | 8 |
$1.60 | |||
Common Stock | |||
Common stock issued on exercise of stock options (in shares) | 48,000 | 360,600 | |
Exercise price of options exercised (in dollars per share) | $1.60 | $1.60 | |
$2.37 | |||
Common Stock | |||
Common stock issued on exercise of stock options (in shares) | 191,300 | 118,200 | |
Exercise price of options exercised (in dollars per share) | $2.37 | $2.37 | |
Employee stock options | |||
Common Stock | |||
Cash proceeds received on exercise of stock options for which shares were not issued till date | $51 | $18 | $8 |
Stock_Options_Details
Stock Options (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 1-May-12 | Dec. 31, 2011 | Aug. 22, 2012 |
Stock Options | ||||||
Proceeds from Stock Options Exercised | $512 | $848 | $508 | |||
Stock options | ||||||
Valuation assumptions for stock options | ||||||
Expected volatility (as a percent) | 82.89% | |||||
Risk-free interest rate (as a percent) | 0.39% | |||||
Expected life | 2 years 11 months 12 days | |||||
Dividend yield (as a percent) | 0.00% | |||||
Estimated forfeiture rate (as a percent) | 10.00% | |||||
Additional information related to stock option | ||||||
Weighted average fair value of options granted (in dollars per share) | $0 | $0 | $1.08 | |||
Stock options | 2003 Plan | ||||||
Stock Options | ||||||
Common stock available under the options plan (in shares) | 42,800 | |||||
Number of shares available for purchase to each holder of stock option | 1 | |||||
Granted (in shares) | 50,000 | 767,000 | ||||
Vesting percentage for every three months | 10.00% | |||||
Period for each 10% vesting | 3 months | |||||
Exercise price for options granted (in dollars per share) | $2.05 | $2.37 | ||||
Percentage of award that vests on the Initial Vesting Date | 10.00% | |||||
Percentage of award that vests quarterly over a 27 months period after the initial vesting date | 10.00% | |||||
Period from the Initial Vesting Date for vesting of remaining options excluding options vesting on Initial Vesting Date | 27 months | |||||
Stock options | 2012 Plan | ||||||
Stock Options | ||||||
Number of shares available for purchase to each holder of stock option | 1 | |||||
Granted (in shares) | 0 | |||||
Number of shares authorized for issuance | 4,000,000 | |||||
Stock options | Maximum | 2003 Plan | ||||||
Stock Options | ||||||
Percentage of outstanding common stocks reserved for issuance | 10.00% | |||||
Term of options granted | 10 years | |||||
Stock options | Maximum | 2012 Plan | ||||||
Stock Options | ||||||
Term of options granted | 10 years |
Stock_Options_Details_2
Stock Options (Details 2) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended |
Dec. 31, 2012 | 1-May-12 | Dec. 31, 2011 | Dec. 31, 2014 | |
Stock options activity | ||||
Exercised (in shares) | -317,600 | |||
Weighted Average Exercise Price | ||||
Exercised (in dollars per share) | $1.60 | |||
Stock options | 2003 Plan | ||||
Stock options activity | ||||
Outstanding at the beginning of the period (in shares) | 904,400 | |||
Granted (in shares) | 50,000 | 767,000 | ||
Exercised (in shares) | -239,300 | |||
Forfeited (in shares) | -27,900 | |||
Outstanding at the end of the period (in shares) | 637,200 | |||
Vested and expected to vest at the end of the period (in shares) | 596,240 | |||
Exercisable at the end of the period (in shares) | 560,550 | |||
Weighted Average Exercise Price | ||||
Outstanding at the beginning of the period (in dollars per share) | $2.14 | |||
Exercised (in dollars per share) | $2.22 | |||
Forfeited (in dollars per share) | $2.37 | |||
Outstanding at the end of the period (in dollars per share) | $2.09 | |||
Vested and expected to vest at the end of the period (in dollars per share) | $2.08 | |||
Exercisable at the end of the period (in dollars per share) | $2.06 | |||
Aggregate Intrinsic Value | ||||
Outstanding at the beginning of the period | $3,603,712 | |||
Vested and expected to vest at the end of the period (in dollars) | 1,880,498 | |||
Exercisable at the end of the period | 1,778,282 | |||
Outstanding at the end of the period | $1,997,644 |
Stock_Options_Details_3
Stock Options (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock options by range of exercise prices | |||
Options Outstanding - Number of Options Outstanding (in shares) | 637,200 | ||
Options Outstanding - Weighted Average Remaining Contractual Life | 1 year 11 months 9 days | ||
Options Exercisable - Number of Options Exercisable (in shares) | 560,500 | ||
Options Exercisable - Weighted Average Remaining Contractual Life | 1 year 9 months 18 days | ||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $2.06 | ||
Information pertaining to stock options | |||
Stock-based compensation expense included in selling, general and administrative expenses | $287 | $281 | $347 |
Stock options | |||
Stock options by range of exercise prices | |||
Estimated fair value of stock options vested | 414 | 420 | 631 |
Stock options | 2003 Plan | |||
Stock options by range of exercise prices | |||
Unrecognized compensation cost related to non-vested stock options granted | 175 | ||
Period of recognition of unrecognized compensation expense | 3 months | ||
Aggregate intrinsic value of stock options exercised under the Plan | $840 | $1,344 | $127 |
$1.60 | |||
Stock options by range of exercise prices | |||
Options Outstanding - Number of Options Outstanding (in shares) | 227,600 | ||
Options Outstanding - Weighted Average Remaining Contractual Life | 18 days | ||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $1.60 | ||
Options Exercisable - Number of Options Exercisable (in shares) | 227,600 | ||
Options Exercisable - Weighted Average Remaining Contractual Life | 18 days | ||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $1.60 | ||
$2.37 | |||
Stock options by range of exercise prices | |||
Options Outstanding - Number of Options Outstanding (in shares) | 409,600 | ||
Options Outstanding - Weighted Average Remaining Contractual Life | 2 years 11 months 27 days | ||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $2.37 | ||
Options Exercisable - Number of Options Exercisable (in shares) | 332,900 | ||
Options Exercisable - Weighted Average Remaining Contractual Life | 2 years 11 months 27 days | ||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $2.37 |
Statutory_surplus_reserves_Det
Statutory surplus reserves (Details) | 12 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | CNY | USD ($) | CNY | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Tangshan Yian | Sinovac R&D | Sinovac Dalian | |
USD ($) | CNY | USD ($) | USD ($) | CNY | USD ($) | USD ($) | USD ($) | |||||
Distribution of Profit | ||||||||||||
Minimum percentage appropriation to statutory surplus reserve fund required | 10.00% | 10.00% | ||||||||||
Reserve level threshold for mandatory transfer requirement (as a percent) | 50.00% | 50.00% | ||||||||||
Statutory surplus reserves | $12,627 | $11,808 | ||||||||||
Percentage of after-tax profits appropriated to statutory surplus reserves | 10.00% | 10.00% | 0.00% | 0.00% | 0.00% | |||||||
Appropriation of after-tax profits to statutory surplus reserves | 819 | 5,000 | 0 | 0 | ||||||||
Appropriation of net income after taxes to staff welfare and bonus fund | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Appropriation to statutory surplus reserve fund | 0 | 0 | 0 | |||||||||
Dividend declared to non-controlling shareholder | 0 | 0 | 802 | 5,000 | ||||||||
Dividend payable | 0 | 0 | ||||||||||
Amount of paid-in-capital and statutory surplus reserves that are restricted from transfer or dividend distribution | 80,091 | 497,000 | 81,249 | 492,000 | ||||||||
Amount of net assets that are restricted from transferring in the form of loans, advances or cash dividends | $61,345 | $34,860 |
Noncontrolling_Interests_Detai
Non-controlling Interests (Details) | 0 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Oct. 01, 2011 | Oct. 01, 2011 | Oct. 01, 2011 | Sep. 30, 2011 | Apr. 08, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Dalian | Sinovac Dalian | |
USD ($) | CNY | Sino Bioway | |||||
Non-controlling Interests | |||||||
Increase in ownership (as a percent) | 1.53% | 1.53% | |||||
Increase in ownership by the entity in a subsidiary through contributing dividends declared to another subsidiary, but unpaid | $2,998 | 18,600 | |||||
Adjustment charged to additional paid-in capital, resulted from the difference between adjusted carrying amount of non-controlling interest and consideration | $258 | 1,600 | |||||
Non-controlling ownership interest (as a percent) | 26.91% | 28.44% | 45.00% | 45.00% | |||
Transfer of noncontrolling equity interest to Xiamen Bioway Biotech Co., Ltd. (as a percent) | 26.91% |
Earnings_loss_per_Share_Detail
Earnings (loss) per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings (loss) per Share | |||
- Net income (loss) attributable to shareholders of Sinovac | ($851) | $7,442 | ($14,853) |
Basic weighted average number of common shares outstanding | 55,681,076 | 55,301,276 | 54,926,440 |
Effect of dilutive securities: | |||
Stock options (in shares) | 501,062 | ||
Diluted weighted average number of common shares outstanding | 55,681,076 | 55,802,338 | 54,926,440 |
Basic earnings (loss) per share (in dollars per share) | ($0.02) | $0.13 | ($0.27) |
Diluted earnings (loss) per share (in dollars per share) | ($0.02) | $0.13 | ($0.27) |
Segmented_Information_Details
Segmented Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
item | |||
Segmented Information | |||
Number of operating segment | 1 | ||
Segmented information | |||
Assets | $238,530 | $240,693 | |
Revenues | 63,101 | 72,524 | 49,216 |
Inactivated hepatitis A | |||
Segmented information | |||
Revenues | 48,450 | 47,202 | 39,951 |
Seasonal influenza vaccine | |||
Segmented information | |||
Revenues | 12,131 | 12,156 | 9,191 |
H5N1 | |||
Segmented information | |||
Revenues | 201 | 10,736 | |
Mumps | |||
Segmented information | |||
Revenues | 2,150 | 1,680 | 24 |
Rabend | |||
Segmented information | |||
Revenues | 169 | 750 | 50 |
PRC | |||
Segmented information | |||
Total long-lived assets | 79,174 | 79,683 | |
Assets | 207,645 | 199,703 | |
Revenues | 62,124 | 71,397 | 48,199 |
Hong Kong | |||
Segmented information | |||
Assets | 30,885 | 40,990 | |
Foreign countries | |||
Segmented information | |||
Revenues | $977 | $1,127 | $1,017 |
Collaboration_Agreements_Detai
Collaboration Agreements (Details) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 | Dec. 14, 2011 | Mar. 12, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 12, 2009 | Mar. 12, 2009 | Aug. 18, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 18, 2009 | Aug. 18, 2009 | Aug. 15, 2012 | 31-May-14 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Apr. 03, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | USD ($) | USD ($) | Technology Transfer Agreement | Tianjing CanSino Biotechnology Inc. | Tianjing CanSino Biotechnology Inc. | Tianjing CanSino Biotechnology Inc. | Tianjing CanSino Biotechnology Inc. | Tianjing CanSino Biotechnology Inc. | Tianjing CanSino Biotechnology Inc. | Tianjing CanSino Biotechnology Inc. | National Institutes of Health | National Institutes of Health | National Institutes of Health | National Institutes of Health | National Institutes of Health | National Institutes of Health | Medimmune | Medimmune | Medimmune | Medimmune | Medimmune | The Institute for Translational Vaccinology | The Institute for Translational Vaccinology | The Institute for Translational Vaccinology | The Institute for Translational Vaccinology | The Institute for Translational Vaccinology | |
USD ($) | Technology Transfer Agreement | Technology Transfer Agreement | Technology Transfer Agreement | Technology Transfer Agreement | Technology Transfer Agreement | Technology Transfer Agreement | Technology Transfer Agreement | Patent License Agreement | Patent License Agreement | Patent License Agreement | Patent License Agreement | Patent License Agreement | Patent License Agreement | Licenses | Licenses | Licenses | Licenses | Licenses | USD ($) | EUR (€) | sIPV | sIPV | |||||
USD ($) | USD ($) | USD ($) | USD ($) | Minimum | Maximum | USD ($) | USD ($) | USD ($) | USD ($) | Minimum | Maximum | H5N1 licenses | H5N1 licenses | H5N1 licenses | H5N1 licenses | H5N1 licenses | USD ($) | EUR (€) | |||||||||
item | USD ($) | USD ($) | item | USD ($) | USD ($) | USD ($) | Maximum | ||||||||||||||||||||
item | USD ($) | ||||||||||||||||||||||||||
Collaboration Agreements | |||||||||||||||||||||||||||
Collaborative agreement, term | 8 years | 8 years | 50 years | ||||||||||||||||||||||||
Milestone payments | $3,000 | $0 | $9,900 | ||||||||||||||||||||||||
Amount of payment for transfer of an additional serotypes and related technology | 300 | ||||||||||||||||||||||||||
Number of additional serotypes transferred as per amended agreement | 6 | ||||||||||||||||||||||||||
Research and development expenses | 11,034 | 8,384 | 17,044 | 0 | 0 | 200 | |||||||||||||||||||||
Royalties included in the account payable and accrued liabilities | 1,036 | ||||||||||||||||||||||||||
Milestone payments incurred | 300 | 1,200 | |||||||||||||||||||||||||
Milestone payments incurred under the March 12, 2009 agreement | 1,000 | ||||||||||||||||||||||||||
Milestone payments incurred under the December 14, 2011 agreement | 200 | ||||||||||||||||||||||||||
License issue royalty | 80 | ||||||||||||||||||||||||||
Licenses fees and royalties paid | 3,400 | ||||||||||||||||||||||||||
Non-refundable annual royalty | 8 | ||||||||||||||||||||||||||
Royalty payments on net sales (as a percent) | 6.00% | 10.00% | 1.50% | 4.00% | |||||||||||||||||||||||
Royalty payments upon achieving each benchmark | 330 | ||||||||||||||||||||||||||
License issue royalty recorded in research and development expenses | 8 | 21 | 8 | ||||||||||||||||||||||||
Number of sublicense agreements with termination date revised | 3 | ||||||||||||||||||||||||||
Doses of vaccines obtained from the Chinese government | 3,000,000 | ||||||||||||||||||||||||||
Entrance fees and Milestone payments | 2,406 | 1,500 | |||||||||||||||||||||||||
Entrance fee recorded as research and development expense | 665 | 500 | |||||||||||||||||||||||||
Payment made recorded in research and development expense | $125 | € 94 |
Subsequent_Events_Details
Subsequent Events (Details) | 12 Months Ended | 1 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Feb. 28, 2015 | Feb. 28, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 |
USD ($) | USD ($) | USD ($) | China Construction Bank | China Construction Bank | China Construction Bank | China Construction Bank | China Merchants Bank | Subsequent events | Subsequent events | Subsequent events | Subsequent events | Line of Credit | Line of Credit | |
China Construction Bank Loan for Changping facility | China Construction Bank Loan for Changping facility | China Construction Bank Loan for Changping facility | China Construction Bank Loan for Changping facility | Bank Term Loan Drawn In March 2014 | China Construction Bank | China Construction Bank | China Merchants Bank | China Merchants Bank | Subsequent events | Subsequent events | ||||
Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | China Construction Bank Loan for Changping facility | China Construction Bank Loan for Changping facility | Bank Term Loan Drawn In March 2014 | Bank Term Loan Drawn In March 2014 | Bank Of China | Bank Of China | ||||
USD ($) | CNY | USD ($) | CNY | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Dalian | Sinovac Dalian | |||||
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | |||||||||
Subsequent Events | ||||||||||||||
Repayments of loans | $15,962 | $4,089 | $4,755 | $322 | 2,000 | $322,000 | 2,000 | $13,861 | 86,000 | $4,835 | 30,000 | $806 | 5,000 | |
Term of debt instrument | 1 year | 1 year | 1 year |
Condensed_Financial_Informatio2
Condensed Financial Information of the Parent Company (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, except Share data, unless otherwise specified | ||||
Current assets | ||||
Cash and cash equivalents | $91,518 | $107,242 | $91,241 | $104,287 |
Prepaid expenses and other receivables | 1,430 | 1,150 | ||
Total current assets | 154,803 | 157,250 | ||
Total assets | 238,530 | 240,693 | ||
Current liabilities | ||||
Accrued expenses and other payables | 8,342 | 8,669 | ||
Total current liabilities | 79,834 | 49,157 | ||
Total liabilities | 96,804 | 97,054 | ||
EQUITY | ||||
Preferred stock Authorized 50,000,000 shares at par value of $0.001 each Issued and outstanding: nil | ||||
Preferred stock, Authorized shares | 50,000,000 | 50,000,000 | ||
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
Preferred stock, Issued shares | 0 | 0 | ||
Preferred stock, outstanding shares | 0 | 0 | ||
Common stock (note 16) Authorized: 100,000,000 shares at par value of $0.001 each Issued and outstanding: 55,809,661 (2013-55,570,361) | 56 | 56 | ||
Common stock, Authorized shares | 100,000,000 | 100,000,000 | ||
Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
Common stock, Issued shares | 55,809,661 | 55,570,361 | ||
Common stock, outstanding shares | 55,809,661 | 55,570,361 | ||
Additional paid-in capital | 108,243 | 107,393 | ||
Accumulated other comprehensive income | 12,022 | 14,141 | ||
Total shareholders' equity | 126,564 | 128,684 | ||
Total liabilities and equity | 238,530 | 240,693 | ||
Parent Company | ||||
Current assets | ||||
Cash and cash equivalents | 997 | 1,400 | 2,289 | 3,692 |
Prepaid expenses and other receivables | 9 | 123 | ||
Amount due from subsidiaries | 69,824 | 68,520 | ||
Dividend receivables | 21,280 | 21,280 | ||
Total current assets | 92,110 | 91,323 | ||
Investment in subsidiaries | 38,616 | 40,044 | ||
Total assets | 130,726 | 131,367 | ||
Current liabilities | ||||
Accrued expenses and other payables | 584 | 920 | ||
Amount due to subsidiaries | 3,578 | 1,763 | ||
Total current liabilities | 4,162 | 2,683 | ||
Total liabilities | 4,162 | 2,683 | ||
EQUITY | ||||
Preferred stock Authorized 50,000,000 shares at par value of $0.001 each Issued and outstanding: nil | ||||
Preferred stock, Authorized shares | 50,000,000 | 50,000,000 | ||
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
Preferred stock, Issued shares | 0 | 0 | ||
Preferred stock, outstanding shares | 0 | 0 | ||
Common stock (note 16) Authorized: 100,000,000 shares at par value of $0.001 each Issued and outstanding: 55,809,661 (2013-55,570,361) | 56 | 56 | ||
Common stock, Authorized shares | 100,000,000 | 100,000,000 | ||
Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
Common stock, Issued shares | 55,809,661 | 55,570,361 | ||
Common stock, outstanding shares | 55,809,661 | 55,570,361 | ||
Additional paid-in capital | 108,243 | 107,393 | ||
Accumulated other comprehensive income | 12,022 | 14,141 | ||
Accumulated deficit | 6,243 | 7,094 | ||
Total shareholders' equity | 126,564 | 128,684 | ||
Total liabilities and equity | $130,726 | $131,367 |
Condensed_Financial_Informatio3
Condensed Financial Information of the Parent Company (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating expenses | |||
General and administrative expenses | $34,787 | $34,538 | $33,280 |
Total operating expenses | 46,120 | 42,506 | 51,267 |
Loss from operations | 488 | 8,745 | -21,151 |
Interest income | 2,685 | 2,168 | 2,370 |
Other comprehensive income(loss), net of tax of nil | |||
Foreign currency translation adjustments | -2,427 | 2,686 | 2,024 |
Comprehensive income (loss) attributable to shareholders of Sinovac | -2,970 | 9,812 | -13,060 |
Parent Company | |||
Operating expenses | |||
General and administrative expenses | 2,466 | 2,710 | 3,170 |
Total operating expenses | 2,466 | 2,710 | 3,170 |
Loss from operations | -2,466 | -2,710 | -3,170 |
Interest income | 759 | 755 | 879 |
Equity income (losses) of subsidiaries, net of tax | 856 | 9,397 | -12,562 |
Net income (loss) | -851 | 7,442 | -14,853 |
Other comprehensive income(loss), net of tax of nil | |||
Foreign currency translation adjustments | -2,119 | 2,370 | 1,793 |
Comprehensive income (loss) attributable to shareholders of Sinovac | ($2,970) | $9,812 | ($13,060) |
Condensed_Financial_Informatio4
Condensed Financial Information of the Parent Company (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
- Stock-based compensation | $287,000 | $281,000 | $347,000 |
Changes in: | |||
- Prepaid expenses and other receivables | -496,000 | 242,000 | 913,000 |
Accrued expenses and other payables | -4,167,000 | 4,552,000 | -967,000 |
Net cash provided by (used in) operating activities | -8,647,000 | 5,576,000 | -16,254,000 |
Cash flows provided by financing activities | |||
- Proceeds from issuance of common stock, net of share issuance costs | 512,000 | 848,000 | 508,000 |
- Proceeds from shares subscribed | 51,000 | 18,000 | 8,000 |
Net cash provided by financing activities | 5,309,000 | 14,419,000 | 17,330,000 |
Cash flows provided by (used in) investing activities | |||
Net cash used in investing activities | -11,003,000 | -5,176,000 | -16,151,000 |
Decrease in cash and cash equivalents | -15,724,000 | 16,001,000 | -13,046,000 |
Cash and cash equivalents, beginning of year | 107,242,000 | 91,241,000 | 104,287,000 |
Cash and cash equivalents, end of year | 91,518,000 | 107,242,000 | 91,241,000 |
Parent Company | |||
Cash flows provided by (used in) operating activities | |||
Net income (loss) | -851,000 | 7,442,000 | -14,853,000 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
- Stock-based compensation | 287,000 | 281,000 | 347,000 |
- Equity in earnings (loss) of subsidiaries | -856,000 | -9,397,000 | 12,562,000 |
Changes in: | |||
- Amount due from subsidiaries | -1,304,000 | 2,505,000 | -1,283,000 |
- Prepaid expenses and other receivables | 114,000 | 59,000 | 25,000 |
- Dividend receivables | 1,043,000 | -13,782,000 | |
- Amount due to subsidiaries | 1,815,000 | 1,130,000 | -1,792,000 |
Accrued expenses and other payables | -336,000 | -776,000 | 269,000 |
Net cash provided by (used in) operating activities | -1,131,000 | 2,287,000 | -18,507,000 |
Cash flows provided by financing activities | |||
- Proceeds from issuance of common stock, net of share issuance costs | 512,000 | 848,000 | 508,000 |
- Proceeds from shares subscribed | 51,000 | 18,000 | 8,000 |
Net cash provided by financing activities | 563,000 | 866,000 | 516,000 |
Cash flows provided by (used in) investing activities | |||
- Investment in subsidiaries | 165,000 | -4,042,000 | 16,588,000 |
Net cash used in investing activities | 165,000 | -4,042,000 | 16,588,000 |
Decrease in cash and cash equivalents | -403,000 | -889,000 | -1,403,000 |
Cash and cash equivalents, beginning of year | 1,400,000 | 2,289,000 | 3,692,000 |
Cash and cash equivalents, end of year | $997,000 | $1,400,000 | $2,289,000 |