Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document and Entity Information | ' |
Entity Registrant Name | 'SINOVAC BIOTECH LTD |
Entity Central Index Key | '0001084201 |
Document Type | '20-F |
Document Period End Date | 31-Dec-13 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--12-31 |
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 | 55,570,361 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $107,242 | $91,241 |
Accounts receivable - net (notes 3 and 9) | 31,927 | 23,440 |
Inventories (note 4) | 14,329 | 10,530 |
Prepaid expenses and deposits (including prepaid expenses to related party of 2012 - $156, 2013 - $161)(notes 12(b)) | 1,150 | 1,072 |
Deferred tax assets (note 10) | 2,602 | ' |
Total current assets | 157,250 | 126,283 |
Property, plant and equipment (notes 6 and 9) | 67,963 | 69,171 |
Prepaid land lease payments (note 7) | 10,948 | 10,912 |
Long-term inventories (note 5) | 2,781 | 28 |
Long-term prepaid expenses (including prepaid expenses to related party of2012 - $261, 2013 -$145) (note 12 (b)) | 154 | 290 |
Prepayments for acquisition of equipment | 708 | 483 |
Deferred tax assets (note 10) | 117 | 446 |
Licenses (note 8) | 772 | 1,150 |
Total assets | 240,693 | 208,763 |
Current liabilities | ' | ' |
Bank loan and current portion of long-term debt | 16,217 | 3,329 |
Current portion of loan from a non-controlling shareholder (note 12(a)) | 3,324 | ' |
Accounts payable and accrued liabilities(note13) | 28,037 | 24,778 |
Income tax payable (note 10) | 246 | 239 |
Deferred revenue (note 19) | 875 | 1,378 |
Deferred government grants (note 18) | 458 | 431 |
Total current liabilities | 49,157 | 30,155 |
Deferred government grants (note 18) | 4,746 | 4,069 |
Long- term debt | 32,146 | 31,181 |
Loan from a non-controlling shareholder (note 12(a)) | ' | 3,230 |
Deferred revenue (note 19) | 11,005 | 10,693 |
Total long term liabilities | 47,897 | 49,173 |
Total liabilities | 97,054 | 79,328 |
Commitments and contingencies (notes 14 and 22) | ' | ' |
EQUITY | ' | ' |
Preferred stock Authorized 50,000,000 shares at par value of $0.001 each Issued and outstanding: nil | ' | ' |
Common stock (note 15) Authorized: 100,000,000 shares at par value of $0.001 each Issued and outstanding: 55,570,361 (2012-55,091,561) | 56 | 55 |
Additional paid-in capital | 107,393 | 106,246 |
Accumulated other comprehensive income | 14,141 | 11,771 |
Statutory surplus reserves (note 17) | 11,808 | 11,808 |
Accumulated deficit | -4,714 | -12,156 |
Total stockholders' equity | 128,684 | 117,724 |
Non-controlling interests (note 11) | 14,955 | 11,711 |
Total equity | 143,639 | 129,435 |
Total liabilities and equity | $240,693 | $208,763 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets | ' | ' |
Prepaid expense to related party, current (in dollars) | $161 | $156 |
Long-term prepaid expense to related party (in dollars) | $145 | $261 |
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 | 55,570,361 | 55,091,561 |
Common stock, outstanding shares | 55,570,361 | 55,091,561 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements of Comprehensive Income (Loss) | ' | ' | ' |
Sales (note 21) | $72,524 | $49,216 | $56,842 |
Cost of sales | 21,273 | 19,100 | 21,128 |
Gross profit | 51,251 | 30,116 | 35,714 |
Selling, general and administrative expenses(including rent expenses incurred to related party of 2011 - $805, 2012 - $823, 2013 - $847) (note 12(b)) | 34,538 | 33,280 | 23,809 |
Recovery for doubtful accounts | -504 | -874 | -167 |
Research and development expenses - (net of 2011- $686, 2012- $125, 2013- $nil in government research grants) | 8,384 | 17,044 | 9,007 |
Loss on disposal and impairment of property, plant and equipment(note 6) | 88 | 2,190 | 455 |
Government grants recognised in income | ' | -373 | -764 |
Total operating expenses | 42,506 | 51,267 | 32,340 |
Operating income (loss) | 8,745 | -21,151 | 3,374 |
Interest and financing expenses - (net of 2011-$596; 2012-$1,458; 2013- $65 in interest subsidies) | -3,031 | -775 | -384 |
Interest income | 2,168 | 2,370 | 1,397 |
Other income (expenses) | 263 | -77 | 280 |
Income (loss)before income taxes and non-controlling interests | 8,145 | -19,633 | 4,667 |
Income tax benefit (expense) (note 10) | 2,225 | 884 | -5,066 |
Net income(loss) | 10,370 | -18,749 | -399 |
Less: (income) loss attributable to non-controlling interests | -2,928 | 3,896 | -445 |
Net income (loss) attributable to stockholders of Sinovac | 7,442 | -14,853 | -844 |
Other comprehensive income(loss), net of tax of nil | ' | ' | ' |
Foreign currency translation adjustments | 2,686 | 2,024 | 3,639 |
Total comprehensive income (loss) | 13,056 | -16,725 | 3,240 |
Less: comprehensive (income) loss attributable to non-controlling interests | -3,244 | 3,665 | -973 |
Comprehensive income (loss) attributable to stockholders of Sinovac | $9,812 | ($13,060) | $2,267 |
Basic and diluted earnings(loss) per share (note 20) (in dollars per share) | $0.13 | ($0.27) | ($0.02) |
Weighted average number of shares of common stock outstanding | ' | ' | ' |
- Basic (in shares) | 55,301,276 | 54,926,440 | 54,608,919 |
- Diluted (in shares) | 55,802,338 | 54,926,440 | 54,608,919 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements of Comprehensive Income (Loss) | ' | ' | ' |
Rent expenses incurred to related party | $847 | $823 | $805 |
Research and development expenses, government research grants | 0 | 125 | 686 |
Interest and financing expenses, government grants | 65 | 1,458 | 596 |
Tax effect of other comprehensive income (loss) | $0 | $0 | $0 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Total stockholders' 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 |
In Thousands, except Share data, unless otherwise specified | ||||||||
Balance at Dec. 31, 2010 | $147,757 | $126,440 | $55 | $104,152 | $6,884 | $11,473 | $3,876 | $21,317 |
Balance (in shares) at Dec. 31, 2010 | ' | ' | 54,305,961 | ' | ' | ' | ' | ' |
Increase (Decrease) in Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 206 | 206 | ' | 206 | ' | ' | ' | ' |
Exercise of stock options (note 15) | 749 | 749 | ' | 749 | ' | ' | ' | ' |
Exercise of stock options (in shares) (note 15) | 468,000 | ' | 468,000 | ' | ' | ' | ' | ' |
Subscriptions received (note 15) | 3 | 3 | ' | 3 | ' | ' | ' | ' |
Equity adjustment on acquisition of an additional 1.53% in Sinovac Beijing for the years ended 2011 | ' | 256 | ' | 273 | -17 | ' | ' | -256 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' |
- Other comprehensive income attributable to non-controlling interests | 528 | ' | ' | ' | ' | ' | ' | 528 |
- Other comprehensive income attributable to stockholders | 3,111 | 3,111 | ' | ' | 3,111 | ' | ' | ' |
Net income (loss) for the year | ' | ' | ' | ' | ' | ' | ' | ' |
- Net income (loss) attributable to non-controlling interests | 445 | ' | ' | ' | ' | ' | ' | 445 |
- Net income (loss) attributable to stockholders of Sinovac | -844 | -844 | ' | ' | ' | ' | -844 | ' |
Transfer to statutory surplus reserves | ' | ' | ' | ' | ' | 335 | -335 | ' |
Dividend distributed to non-controlling interest | -6,658 | ' | ' | ' | ' | ' | ' | -6,658 |
Balance at Dec. 31, 2011 | 145,297 | 129,921 | 55 | 105,383 | 9,978 | 11,808 | 2,697 | 15,376 |
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 15) | 508 | 508 | ' | 508 | ' | ' | ' | ' |
Exercise of stock options (in shares) (note 15) | 317,600 | ' | 317,600 | ' | ' | ' | ' | ' |
Subscriptions received (note 15) | 8 | 8 | ' | 8 | ' | ' | ' | ' |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' |
- Other comprehensive income attributable to non-controlling interests | 231 | ' | ' | ' | ' | ' | ' | 231 |
- Other comprehensive income attributable to stockholders | 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 stockholders of Sinovac | -14,853 | -14,853 | ' | ' | ' | ' | -14,853 | ' |
Balance at Dec. 31, 2012 | 129,435 | 117,724 | 55 | 106,246 | 11,771 | 11,808 | -12,156 | 11,711 |
Balance (in shares) at Dec. 31, 2012 | 55,091,561 | ' | 55,091,561 | ' | ' | ' | ' | ' |
Increase (Decrease) in Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | 281 | 281 | ' | 281 | ' | ' | ' | ' |
Exercise of stock options (note 15) | 849 | 849 | 1 | 848 | ' | ' | ' | ' |
Exercise of stock options (in shares) (note 15) | ' | ' | 478,800 | ' | ' | ' | ' | ' |
Subscriptions received (note 15) | 18 | 18 | ' | 18 | ' | ' | ' | ' |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' |
- Other comprehensive income attributable to non-controlling interests | 316 | ' | ' | ' | ' | ' | ' | 316 |
- Other comprehensive income attributable to stockholders | 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 stockholders of Sinovac | 7,442 | 7,442 | ' | ' | ' | ' | 7,442 | ' |
Balance at Dec. 31, 2013 | $143,639 | $128,684 | $56 | $107,393 | $14,141 | $11,808 | ($4,714) | $14,955 |
Balance (in shares) at Dec. 31, 2013 | 55,570,361 | ' | 55,570,361 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2011 | |
Consolidated Statements of Changes in Shareholders' Equity | ' |
Additional interest acquired in Sinovac Beijing | 1.53% |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows provided by (used in) operating activities | ' | ' | ' |
Net income (loss) | $10,370 | ($18,749) | ($399) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' |
- deferred income taxes | -2,225 | -17 | 2,845 |
- stock-based compensation | 281 | 347 | 206 |
- inventory provision | 1,399 | 3,479 | 4,034 |
- recovery for doubtful accounts | -504 | -874 | -167 |
- impairment of equipment and loss on disposal | 88 | 2,190 | 455 |
- research and development expenditures qualified for government grant | 0 | -125 | -686 |
- depreciation of property, plant and equipment and amortization of licenses | 6,433 | 4,189 | 4,540 |
Amortization of the prepaid land use rights | 311 | 299 | 285 |
- deferred government grant recognized in income | ' | -358 | -434 |
- accretion expenses | 100 | 235 | 377 |
Changes in: | ' | ' | ' |
- accounts receivable | -7,256 | -4,286 | 5,475 |
- inventories | -7,547 | -426 | -1,915 |
- income tax payable | 7 | -3,130 | 1,340 |
- prepaid expenses and deposits | 242 | 913 | -531 |
- deferred revenue | -675 | 1,026 | -2,696 |
- accounts payable and accrued liabilities | 4,552 | -967 | 1,208 |
Net cash provided by (used in) operating activities | 5,576 | -16,254 | 13,936 |
Cash flows provided by financing activities | ' | ' | ' |
- Loan proceeds | 16,800 | 16,787 | 11,392 |
- Loan repayments | -4,089 | -4,755 | -10,659 |
- Proceeds from issuance of common stock, net of share issuance costs | 848 | 508 | 749 |
- Proceeds from shares subscribed | 18 | 8 | 3 |
- Dividends paid to a non-controlling shareholder of Sinovac Beijing | ' | -802 | -5,863 |
- Government grants received | 842 | 2,395 | 1,593 |
- Repayment of loan from a non-controlling shareholder of Sinovac Beijing | ' | ' | 3,398 |
Loan from a non-controlling shareholder of Sinovac Dalian | ' | 3,189 | ' |
Net cash provided by financing activities | 14,419 | 17,330 | 613 |
Cash flows used in investing activities | ' | ' | ' |
- Proceeds from disposal of equipment | ' | 5 | 122 |
- Proceeds from redemption of short-term investments | ' | ' | 1,545 |
- Acquisition of property, plant and equipment | -5,176 | -16,156 | -15,457 |
Net cash provided by (used in) investing activities | -5,176 | -16,151 | -13,790 |
Exchange gain on cash and cash equivalents | 1,182 | 2,029 | 1,943 |
Increase (decrease) in cash and cash equivalents | 16,001 | -13,046 | 2,702 |
Cash and cash equivalents, beginning of year | 91,241 | 104,287 | 101,585 |
Cash and cash equivalents, end of year | 107,242 | 91,241 | 104,287 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for interest | 2,853 | 750 | 456 |
Cash paid for income taxes | ' | 2,265 | 882 |
Supplemental schedule of non-cash activities: | ' | ' | ' |
Acquisition of property, plant and equipment included in accounts payable and accrued liabilities | $2,270 | $3,788 | $9,125 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
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 activity | ||||||
incorporation or | incorporation | ownership as | ownership as of | ||||||||
establishment | (or | of December | December 31, 2012 | ||||||||
establishment) | 31, 2013 | ||||||||||
/operation | |||||||||||
Sinovac Biotech (Hong Kong) Ltd (“Sinovac Hong Kong”) | |||||||||||
October 2008 | Hong Kong | 100% | 100% | Investment holding company | |||||||
Sinovac Biotech Co., Ltd. (“Sinovac Beijing”) (note 11) | Research and development, production and sales of vaccine products | ||||||||||
April 2001 | PRC | 73.09% | 73.09% | ||||||||
Tangshan Yian Biological Engineering Co., Ltd (“Tangshan Yian”) | Research and development, production and sales of vaccine products | ||||||||||
Feb-93 | PRC | 100% | 100% | ||||||||
Sinovac Biological Technology Co., Ltd. (“Sinovac R&D”) | Research and development of vaccine products | ||||||||||
May-09 | PRC | 100% | 100% | ||||||||
Sinovac (Dalian) Vaccine Technology Co., Ltd. (“Sinovac Dalian”) (note 11) | Research and development, production and sales of vaccine products | ||||||||||
Jan-10 | PRC | 55% | 55% |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Significant Accounting Policies | ' | ||||||||||||||||
Significant Accounting Policies | ' | ||||||||||||||||
2. Significant Accounting Policies | |||||||||||||||||
(a) Use of Estimates | |||||||||||||||||
In preparing 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 with maturities of three months or less when purchased. Cash equivalents as of December 31, 2013and 2012 are short-term deposits and investments with banks with original maturities of three months or less. | |||||||||||||||||
(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 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 and net realizable value with respect to finished goods and work in progress. The cost of work in progress and finished goods is generally 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 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 building | 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 improvement | Lesser of useful lives and term of lease | ||||||||||||||||
(f) Prepaid land lease payments | |||||||||||||||||
Prepaid land lease payments represent amount 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 land use rights 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. On August 15, 2012, the Company entered into amendments 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, (note 22(c)). The weighted-average useful lives of the acquired licenses are 9.16 years. | |||||||||||||||||
(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, 2013 of $57 (2012- $2,176, 2011- $419). | |||||||||||||||||
(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. 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. | |||||||||||||||||
The Company has reviewed the tax positions taken, or to be taken, in its tax return for all tax years currently open to examination by a taxing authority in accordance with the recognition and measurement standards of Accounting Standards Codification (“ASC”) 740-Accounting for Income Taxes”. The Company is not under examination by any authority for income tax purposes and has not applied for any income tax filing extension. | |||||||||||||||||
The Company is not subject to taxation in the U.S. The Company’s taxing jurisdiction is Antigua and Barbuda. Sinovac Hong Kong’s taxing jurisdiction is Hong Kong. The taxing jurisdiction of Sinovac Beijing, Tangshan Yian, Sinovac R&D and Sinovac Dalian is China. | |||||||||||||||||
(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. The Company subjects to VAT at a rate of 6%. | |||||||||||||||||
(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, 2013, the sales return provision for inactivated hepatitis A vaccine and combined inactivated hepatitis A&B vaccine was $2,240 (December 31, 2012-$1,700). Percentage of sales return provision for the year of private pay market sales on inactivated hepatitis A and combined inactivated hepatitis A&B represents 5.5% and 5.4% in 2013 and 2012, respectively. The Company does not accept returns for hepatitis products sold under the Expanded Program for 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 general accepts returns before the end of the flu season. As of December 31, 2013, the sales return provision for seasonal influenza vaccine returns were approximately $575 (December 31, 2012-$1,300). | |||||||||||||||||
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, 2013, $1,235 (2012 - $1,118; 2011 - $1,197) of shipping and handling costs were included in selling, general and administrative expenses. | |||||||||||||||||
(m) Advertising Expenses | |||||||||||||||||
Advertising costs are expensed as incurred and included in selling, general and administrative expenses. Advertising costs were $474 for the year ended December 31, 2013 (2012 - $29; 2011 - $12). | |||||||||||||||||
(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. Licenses 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 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 research and development 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 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 production facilities are amortized. Interest subsidies are recorded as a reduction to interest and financing expense 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 loan 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 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, were $2,580, $2,771 and $3,138 for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||||||||
(q) Foreign Currency Translation and Transactions | |||||||||||||||||
The Company maintains their accounting records in their functional currencies, U.S. dollars (“US$”) 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 in the consolidated statements of comprehensive income (loss). The Company recognized foreign exchange gains (losses) of $(89), $207 and $650 for the year ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||||||||
The assets and liabilities of the PRC subsidiaries, Sinovac Beijing, Tangshan Yian, Sinovac R&D and Sinovac Dalian are translated into US$ at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at average exchange rates. Gain and losses from such translations are recorded in accumulated other comprehensive income, a component of stockholders’ equity. | |||||||||||||||||
Gains on intra-entity foreign currency transactions that are of a long-term-investment nature were $247, $199 and $235 for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||||||||
(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 stockholders 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 Lease | |||||||||||||||||
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 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, 2012 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 and cash equivalents, accounts receivable, current portion of loans payable, and accounts payable and accrued liabilities approximate their fair value because of their short-term nature. The fair values of long-term loans payable are 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. For the long-term loan with carrying value of $1,730 and loan from a non-controlling shareholder of $3,324 with fixed interest rates as at December 31, 2013, the carrying values approximate fair value as the interest rates offered by financial institutions for debt instruments of comparable maturities approximate the interest rates of these loans. | |||||||||||||||||
The Company measures property, plant and equipment at fair value on a nonrecurring basis only if an impairment charge were to be recognized. As at December 31, 2012, the Company’s property, plant and equipment at Tangshan Yian and certain equipment and leasehold improvements at Sinovac Beijing are measured at fair value on a nonrecurring basis. The Company determined the fair value of Tangshan Yian’s land use rights, 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 improvement 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 $740. | |||||||||||||||||
Fair value measurement at December 31, 2012 using | |||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active Markets for | Other Observable | unobservable | |||||||||||||||
Total | Identical Assets | Inputs | Inputs | Total | |||||||||||||
Description | Fair Value | (Level 1) | (Level 2) | (Level 3) | Losses | ||||||||||||
Nonrecurring | |||||||||||||||||
Land use right | $ | 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 Chinese RMB. Foreign exchange gains (losses) of $(89), $207 and $650 are included in selling, general and administrative expenses for the years ended December 31, 2011, 2012 and 2013; respectively. As at December 31, 2012 and 2013, cash and cash equivalents of $70,173 (RMB 437 million) and $92,861 (RMB 563 million), respectively, are denominated in RMB and are held in PRC and Hong Kong. | |||||||||||||||||
Currency Convertibility Risks | |||||||||||||||||
Substantially all of the Company’s operating activities are transacted in Chinese 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, 2013, 2012and 2011except for government stockpile purchases. 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 $1,730 and loan from a non-controlling shareholder of $3,324 with fixed interest rates as at December 31, 2013, other interest-bearing loans are stated at variable rates based on the People’s Bank of China (note 9). | |||||||||||||||||
(x) Comparative information | |||||||||||||||||
Certain comparative figures of prior year have been reclassified to conform to the current year’s presentation. | |||||||||||||||||
(y) Recently Adopted Accounting Standards | |||||||||||||||||
Effective January 1, 2013, the Company adopted Accounting Standard Update (“ASU”) 2013-02, Comprehensive Income: Reporting Amounts Reclassified out of Accumulated Other Comprehensive Income, which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. Adoption of this guidance does not have a material effect on the Company’s consolidated financial statements. | |||||||||||||||||
(z) Recently Issued Accounting Standards | |||||||||||||||||
In March 2013, the FASB issued ASU No. 2013-05 (“ASU 2013-05”), Foreign Currency Matters (Topic 830):, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity, which specifies that foreign currency translation adjustments should be released into earnings when an entity ceases to have a controlling financial interest in a subsidiary or group of assets within a consolidated foreign entity and the sale or transfer results in the complete or substantially complete liquidation of the foreign entity. For sales of an equity method investment that is a foreign entity, a pro rata portion of CTA attributable to the investment would be recognized in earnings when the investment is sold. When an entity sells either a part or all of its investment in a consolidated foreign entity, CTA would be recognized in earnings only if the sale results in the parent no longer having a controlling financial interest in the foreign entity. In addition, CTA should be recognized in earnings in a business combination achieved in stages. For public entities, ASU 2013-05 is effective for reporting periods beginning after December 15, 2013, with early adoption permitted. The Company will adopt ASU 2013-05 on January 1, 2014 and does not expect the adoption to have a material impact on its consolidated financial statements. | |||||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11 (“ASU 2013-11”), Income Taxes (Topic 740) to provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carry forward, similar tax loss, or tax credit carry forward exists. This ASU requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carry forward, a similar tax loss, or a tax credit carry forward, with certain exceptions. The modifications to ASC 740 resulting from the issuance of ASU 2013-11 are effective for fiscal years beginning after December 15, 2013 and interim periods within those years. Early adoption is permitted. The Company will adopt ASU 2013-11 on January 1, 2014 and does not expect the adoption to have a material impact on its consolidated financial statements.. |
Accounts_Receivable_net
Accounts Receivable - net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Receivable - net | ' | |||||||
Accounts Receivable - net | ' | |||||||
3. Accounts Receivable - net | ||||||||
December 31, | December 31, | |||||||
2012 | 2013 | |||||||
Trade receivables (note 9) | $ | 25,606 | $ | 33,743 | ||||
Allowance for doubtful accounts | (2,936 | ) | (2,429 | ) | ||||
22,670 | 31,314 | |||||||
Other receivables | 770 | 613 | ||||||
Total accounts receivable | $ | 23,440 | $ | 31,927 | ||||
As at December 31, 2012, accounts receivable with a carrying value of $5,600 (RMB 35 million) were pledged as collateral for a bank loan which was repaid in full in 2013. (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, 2013, the Company provided 100% (2012: 100%) allowance for accounts receivable aged more than three years, approximately 56.3% (2012: 100%) allowance for accounts receivable aged between two year and three years, approximately 16.9% (2012: 48.5%) allowance for accounts receivable aged between one year and two years, and approximately 1.7% (2012: 4%) allowance for accounts receivable aged less than one year. | ||||||||
For the year ended December 31, 2013, the Company changed its estimates of the allowance for doubtful accounts due to an improved historical trend of being able to collect accounts aged two years or more. The change in estimate resulted in an increase to operating income and net income attributable to stockholders by $801 and $616, respectively. In addition, basic and diluted earnings per share increased by $0.02 and $0.01, respectively. | ||||||||
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, | |||||||
2012 | 2013 | |||||||
Aging within one year, net of allowance for doubtful accounts | $ | 22,065 | $ | 29,565 | ||||
Aging greater than one year, net of allowance for doubtful accounts | 605 | 1,749 | ||||||
Total trade receivables | $ | 22,670 | $ | 31,314 |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventories | ' | |||||||
Inventories | ' | |||||||
4. Inventories | ||||||||
December 31, | December 31, | |||||||
2012 | 2013 | |||||||
Raw materials | $ | 1,299 | $ | 3,832 | ||||
Work in progress | 971 | 448 | ||||||
Finished goods | 8,260 | 10,049 | ||||||
Inventories | $ | 10,530 | $ | 14,329 | ||||
For the year ended December 31, 2013, the Company charged $2,217 (2012- $3,140, 2011- $1,205) of excessive fixed production overhead to cost of sales as such costs were incurred. | ||||||||
For the years ended December 31, 2013, the cost of sales includes $1,399 (2012- $3,479, 2011 - $4,034) of inventory provision for products that are likely to be expired before being sold. |
Longterm_Inventories
Long-term Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Long-term Inventories | ' | |||||||
Long-term Inventories | ' | |||||||
5. Long-term Inventories | ||||||||
December 31 | December 31, | |||||||
2012 | 2013 | |||||||
Work in progress | $ | — | $ | 666 | ||||
Finished goods | 28 | 2,115 | ||||||
Long-term Inventories | $ | 28 | $ | 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. The amount of H1N1 vaccine with expired shelf lives was $1,099 as at December 31, 2012. Since government inspection has not been completed, a full provision of $1,099 (2011- $nil) was recognized as cost of sales in 2012. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment | ' | |||||||
Property, Plant and Equipment | ' | |||||||
6. Property, Plant and Equipment | ||||||||
December 31, 2012 | December 31, 2013 | |||||||
Cost | ||||||||
Construction in progress | 1,646 | 424 | ||||||
Plant and buildings | 34,230 | 35,259 | ||||||
Machinery and equipment | 39,359 | 42,851 | ||||||
Motor vehicles | 1,831 | 1,884 | ||||||
Equipment and furniture | 2,480 | 2,620 | ||||||
Leasehold improvements | 9,692 | 12,386 | ||||||
Total cost | $ | 89,238 | $ | 95,424 | ||||
Less: Accumulated depreciation | ||||||||
Construction in progress | — | — | ||||||
Plant and buildings | 4,603 | 6,455 | ||||||
Machinery and equipment | 11,922 | 15,658 | ||||||
Motor vehicles | 1,423 | 1,653 | ||||||
Equipment and furniture | 1,253 | 1,546 | ||||||
Leasehold improvements | 866 | 2,149 | ||||||
Total accumulated depreciation | $ | 20,067 | $ | 27,461 | ||||
Property, plant and equipment net | $ | 69,171 | $ | 67,963 | ||||
The land use rights and buildings of the Changping facilities of Sinovac Beijing with a net book value of $7,760 (RMB 47 million) were pledged as collateral (note 9) for a bank loan from China Construction Bank. | ||||||||
The land use rights and building of Sinovac Beijing with a net book value of $20,893 (RMB 126.5 million) were pledged as collateral (note 9) for a bank loan from Bank of Beijing. | ||||||||
The land use rights and building of Sinovac Dalian with a net book value of $9,911 (RMB 60 million) were pledged as collateral (note 9) for a bank loan from Bank of China. The loan was partially drawn down in March 2013. | ||||||||
Depreciation expense for the years ended December 31, 2011, 2012, and 2013 was $4,272, $3,961 and $5,998, respectively. | ||||||||
Loss on disposal of equipment in 2011, 2012 and 2013 were $36, $14 and $31, respectively. | ||||||||
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 Shangdi site were impaired as a consequence. The Company recorded an impairment charge of $679 (RMB 4.1 million) and $57 (RMB 0.3 million) in the year ended December 31, 2012, and 2013, respectively. | ||||||||
Tangshan Yian incurred a loss in 2012 and was expected to continue to incur losses in the future. 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 discounted 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 land use rights 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 land use rights was $2,923 compared to the carrying value of $4,420 as at December 31, 2012. The impairment of $1,497 was allocated on a pro-rata basis to the land use rights, plant and buildings, and machinery and equipment based on their relative carrying value. As the fair value of the land use rights exceeded their carrying value, the impairment amount of $1,497 was allocated to plant and buildings and machinery and equipment based on their relative carrying values. |
Prepaid_land_lease_payments
Prepaid land lease payments (Land use right) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Land use right | ' | |||||||
Prepaid land lease payments | ' | |||||||
Prepaid land lease payments | ' | |||||||
7. Prepaid land lease payments | ||||||||
December 31, | December 31, | |||||||
2012 | 2013 | |||||||
Prepaid land lease payments | $ | 11,891 | $ | 12,238 | ||||
Less: accumulated amortization | 979 | 1,290 | ||||||
Net carrying value | $ | 10,912 | $ | 10,948 | ||||
Amortization expenses for prepaid land lease payments for the years ended December 2011, 2012 and 2013 were $285, $299 and $311, respectively. |
Licenses
Licenses (Licenses) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Licenses | ' | ||||||||||
Licenses | ' | ||||||||||
Licenses | ' | ||||||||||
8. Licenses | |||||||||||
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) | 1,519 | 797 | 722 | ||||||||
Total | $ | 5,511 | $ | 4,739 | $ | 772 | |||||
December 31, 2012 | |||||||||||
Accumulated | Net book | ||||||||||
Cost | amortization | value | |||||||||
Inactivated hepatitis A | 3,391 | 3,391 | — | ||||||||
Combined inactivated hepatitis A&B | 488 | 390 | 98 | ||||||||
H5N1 licenses (note 22) | 1,476 | 424 | 1,052 | ||||||||
Total | $ | 5,355 | $ | 4,205 | $ | 1,150 | |||||
(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. According, the estimated useful life of the patent was revised to end on December 29, 2015 (note 22) which is the termination date of the main license agreement. | |||||||||||
(b) Amortization expense for the licenses was $268, $228 and $435 for 2011, 2012 and 2013, respectively. | |||||||||||
(c) Estimated amortization expense for the existing licenses over their remaining useful lives as of December 31, 2013 is as follows: | |||||||||||
Within 1 year | $ | 411 | |||||||||
Between 1 and 2 years | 361 | ||||||||||
Between 2 and 3 years | — | ||||||||||
Total | $ | 772 | |||||||||
The above 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. |
Loans_Payable
Loans Payable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Bank Loans and Other Debt | ' | ||||||||
Bank Loans and Other Debt | ' | ||||||||
9. Bank Loans and Other Debt | |||||||||
December 31, | December 31, | ||||||||
2012 | 2013 | ||||||||
Bank loan (China Merchants Bank): $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 is repayable on January 30, 2014. | |||||||||
$ | — | $ | 1,652 | ||||||
Bank loan (Bank of China) On December 17, 2012, Sinovac Dalian entered into a bank loan agreement with Bank of China with a credit line of $3,304 (RMB 20 million). The first $826 (RMB 5 million) was drawn down on March 13, 2013 and the second $826 (RMB 5 million)was drawn down on September 24, 2013, bearing interest at 7.4% and the interest is payable monthly. The first $826 (RMB 5 million) is repayable on March 12, 2014 and the second $826 (RMB 5 million) is repayable on September 23, 2014. Land use right and buildings of Sinovac Dalian with a net book value of $9,911 (RMB 60 million) were pledged as collateral. | — | 1,652 | |||||||
Bank loans | — | 3,304 | |||||||
Bank loan (Industrial and Commercial Bank of China Limited): $3,211 (RMB 20 million)(December 31, 2012- RMB 20 million), bearing interest at 10% above Bank of China’s prime bank loan rate of a one-year term loan plus 1.456% of financing fee per year, at 8.672% per year before it was repaid on December 10, 2012. $3,211 (RMB 20 million), was drawn down on December 13, 2012 under a new loan agreement with same interest rate calculation basis with financing fee of 1.2% per year (interest rate at 7.8%). Trade receivables of Sinovac Beijing with a carrying value of $5.6 million (RMB 35 million) were pledged as collateral (note 3). The loan was repaid in full on December 12, 2013. | 3,211 | — | |||||||
Bank loan (China Construction Bank): The total amount of the loan facility is $8,259 (RMB 50 million) for a three-year period from December 13, 2012 to December 12, 2015. The amount drawn is $5,121 (RMB 31 million) as at December 31, 2013 $458 was repaid in 2013 and $3,938 was drawn in 2013. 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.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 $15,032 (RMB 91 million) and contingent liabilities as a percentage of total stockholders’ equity must not be higher than 10%. The Company is in compliance with such covenants as of December 31, 2012 and 2013. | 118 | 518 | |||||||
Bank loan (Bank of Beijing): $24,130 (RMB 146 million) (December 31, 2012- $14,892) bearing interest at the bank’s prime lending rate and adjusted every 12 months, currently at 6.4% per year (2012 — 6.4%). Interest is payable quarterly. The loan is for construction of the Changping facility and has a maximum credit facility amount of $33,038 (RMB 200 million). $9,238 was drawn in 2013. The loan is repayable in four equal installments on May13, 2014, November 13, 2014, May 13, 2015 and November 13, 2015. The Company also obtained a credit line with a maximum quota for issuing letter of credits of $13,215 (RMB 80 million) with the same bank. No letters of credit were issued by the Company as at December 31, 2012 and 2013. Land use right and buildings of Sinovac Beijing with a net book value of $20,893 (RMB 126.5 million) were pledged as collateral. | — | 12,065 | |||||||
Bank loan (China Construction Bank): $14.536 (RMB 88 million)(December 31, 2012- $14,446), bearing interest at the bank’s prime lending rate and adjusted every 12 months, at 6.4% per year (2012 — 6.9%). The loan is exclusively for the purchase of the Changping facility. Interest is payable monthly. Land and building of the Changping facility of Sinovac Beijing with a net book value of $7,760 (RMB 47 million) were pledged as collateral. $165 (RMB 1 million) was repaid on June 20, 2013 and $165 (RMB 1 million) was repaid on December 20, 2013. $330 (RMB 2 million) is repayable in 2014. | — | 330 | |||||||
Current portion of long-term debt | $ | 3,329 | $ | 12,913 | |||||
Bank loans and current portion of long term debt | $ | 3,329 | $ | 16,217 | |||||
December 31, | December31, | ||||||||
2012 | 2013 | ||||||||
Bank loan (China Construction Bank): $14,536 (RMB 88 million) (December 31, 2012- $14,446), bearing interest at the bank’s prime lending rate and adjusted every 12 months, at 6.4% per year (2012 — 6.9%). The loan is exclusively for the purchase of the Changping facility. Interest is payable monthly. Land use right and buildings of the Changping facility of Sinovac Beijing with a net book value of $7,760 (RMB 47 million) were pledged as collateral. $165 (RMB 1 million) was repaid on June 20, 2013 and $165 (RMB 1 million) was repaid on December 20, 2013. $330 (RMB 2 million) is repayable in 2014. The remainder is payable on February 9, 2015. | $ | 14,446 | $ | 14,206 | |||||
Bank loan (China Construction Bank): The total amount of the loan facility is $8,259 (RMB 50 million) for a three-year period from December 13, 2012 to December 12, 2015. The amount drawn is $5,121 (RMB 31 million) as at December 31, 2013 $458 was repaid in 2013 and $3,938 was drawn in 2013. 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 remainder principal repayable in 2015. Pursuant to the covenants set out in the agreement, the debt to total assets ratio must not be higher than 85%, current ratio must not be lower than 1, contingent liabilities must not be higher than $15,032 (RMB — 91 million) and contingent liabilities as a percentage of total stockholders’ equity must not be higher than 10%. The Company is in compliance with such covenants as of December 31, 2012 and 2013. | 1,065 | 4,145 | |||||||
Bank loan (Bank of Beijing): $24,130 (RMB 146 million) (December 31, 2012- $14,892) bearing interest at the bank’s prime lending rate and adjusted every 12 months, currently at 6.4% per year (2012 — 6.4%). Interest is payable quarterly. The loan is for construction of the Changping facility and has a maximum credit facility amount of $33,038 (RMB 200 million). $9,238 was drawn in 2013. The loan is repayable in four equal installments on May13, 2014, November 13, 2014, May 13, 2015 and November 13, 2015. The Company also obtained a credit line with a maximum quota for issuing letter of credits of $13.2 million (RMB 80 million) with the same bank. No letters of credit were issued by the Company as at December 31, 2012 and 2013. Land use right and buildings of Sinovac Beijing with a net book value of $20,893 (RMB 126.5 million) were pledged as collateral. | 14,892 | 12,065 | |||||||
Loan (Beijing Zhongguancun Development Group): $1,982 (RMB 12million) bearing interest currently at 0.36% per year to fund EV71 vaccine research project of Sinovac Beijing. The total loan is $1,982 (RMB 12 million) of which RMB 6 million was received in 2012 and the second RMB 6 million was received on February 25, 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 payment are required to be paid as no profits have been generated to date as of December 31, 2013. The Company can repay the loan at any time during the loan period. The fair value differential of $383 (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 (2012- $216) (see note 18). | 778 | 1,730 | |||||||
Long - term debt — non-current portion | $ | 31,181 | $ | 32,146 | |||||
Aggregate annual principal payments of the loans payable as of December 31, 2013 are as follows: | |||||||||
Within 1 year | $ | 16,217 | |||||||
Between 1 and 2 years | $ | 30,416 | |||||||
Between 2 and 3 years | $ | 1,730 | |||||||
Total | $ | 48,363 | |||||||
The weighted average effective interest rate was 6.71%, 7% and 6.6% in 2011, 2012 and 2013 respectively. The Company incurred $1,440, $1,955 and $2,942, respectively, in interest and financing expense for the years ending December 31, 2011, 2012 and 2013, respectively, of which $252 (net of $712 loan interest subsidies received), $1,306 (net of $1,458 loan interest subsidies received), and $116 for the years ending December 31, 2011, 2012 and 2013, respectively, was capitalized in property, plant and equipment. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | ' | ||||||||||
10. 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 | |||||||||||
Sinovac Beijing, Tangshan Yian, Sinovac R&D and Sinovac Dalian are subject to income taxes in China on their taxable income as reported in their statutory accounts at a tax rate in accordance with the relevant income tax laws applicable to foreign investment enterprises. Income tax returns filed by the Company and its active subsidiaries that are subject to examination are Sinovac Beijing and Tangshan Yian for the years since 2004 and Sinovac R&D and Sinovac Dalian for the years since 2010. | |||||||||||
On January 1, 2008, “The Law of the People’s Republic of China on Enterprise Income Tax” (the “Enterprise Income Tax Law”) became effective. This Enterprise Income Tax Law eliminated the previous preferential tax treatment that was available to the foreign invested enterprises (“FIEs”) but provided grandfathering of the preferential tax treatment currently enjoyed by the FIEs. Under the Enterprise Income Tax Law, both domestic companies and FIEs are subject to a unified income tax rate of 25%. Sinovac Beijing reconfirmed its “High and New Technology Enterprise” (“HNTE”) status according to the new criteria and obtained the certificate on September 19, 2011. Sinovac Beijing qualifies for preferential income tax rate of 15% from 2011 to 2014. The income tax rate will need to be reviewed every three years thereafter depending on whether or not Sinovac Beijing is in compliance with the HNTE criteria. Tangshan Yian is subject to a 25% income tax rate. The unified income tax rate of 25% is also applicable to Sinovac R&D and Sinovac Dalian until they obtain HNTE certificates. | |||||||||||
The Enterprise Income Tax Law provides that, if an enterprise incorporated outside the PRC has its ‘‘de facto management organization’’ located within the PRC, such enterprise may be recognized as a PRC tax resident enterprise and thus may be subject to enterprise income tax at the rate of 25% on its worldwide income. Under the Implementation Rules of the Enterprises Income Tax Law, ‘‘de facto management organization’’ means the organization which is essentially in charge of overall management and control with respect to the operation, personnel, books and accounts, and assets of the enterprise in question. As substantially all members of the management continue to be located in the PRC, the Company and its Hong Kong subsidiary may be deemed a PRC tax resident enterprise and therefore be subject to an enterprise income tax rate of 25% on its worldwide income. The dividends that the Company receives from its PRC subsidiaries would be exempt from PRC withholding tax but be subject to income tax at 25% if the Company is recognized as a PRC tax resident. However, the administration of laws and regulations in China is subject to a certain degree of discretion by the government authorities. In practice, the risk of Sinovac Hong Kong being deemed as a PRC tax resident is remote under the prevailing tax laws and regulations. | |||||||||||
Pursuant to the arrangement between Hong Kong and PRC for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion With Respect To Taxes on Income, dividends paid by a mainland PRC tax resident company to a Hong Kong tax resident company may be taxed in the PRC if the beneficial owner of the dividends is a resident of Hong Kong, the tax so charged shall not exceed 10% of the gross amount of the dividend or 5% of the gross amount of the dividend when the beneficial owner is a company directly owns at least 25% of the capital of the company which pays the dividends. | |||||||||||
According to Guoshuihan [2009] No. 601 (“Circular 601”), the beneficial owners means persons who possess ownership and right of control on their proceeds or rights or properties generated from such proceeds. The beneficial owners generally engage in substantive operation activities whereas agents and conduit companies for tax evasion purposes are not beneficial owners. Circular 601 sets out several key factors for determining the existence of substantive operation activities, such as size of assets, number of employees, size of business and effective control over the shares. The tax authority determines if an applicant satisfies the definition of a beneficial owner by applying the substance over form principle. However, due to the lack of specific guidance on the execution of the substance over form principle in practice, the qualification of a beneficial owner is subject to the in-charge tax authority’s judgement and discretion. | |||||||||||
In addition, whether the favourable rate will be applicable to dividends received by a Hong Kong company from its PRC subsidiaries is subject to the approval of the PRC tax authority in-charge which has the discretion to assess whether a recipient of the PRC-sourced income is only an agent or a conduit, or lacks the requisite amount of business substance, in which case the application of the tax arrangement may be denied. In May 2012, Sinovac Hong Kong was granted by the in-charge tax bureau the status of 5% withholding tax on dividends declared by Sinovac Beijing for three years from 2012 to 2014.However, the higher level tax bureau has the authority to re-assess the approval of the preferential dividend withholding tax rate granted by the in-charge tax bureau. It is uncertain if the higher level tax bureau will re-assess the approval granted by the in-charge tax bureau, or if the higher level tax bureau will agree with the approval issued by the in-charge tax bureau when a re-assessment is conducted. If Sinovac Hong Kong had not been subject to the preferential tax rate of 5%, the recovery of withholding tax expenses would have been decreased by approximately $867 for the year ended December 31, 2012. Basic and diluted loss per common share would have been increased by approximately ($0.02) for the year ended December 31, 2012. On January 18, 2012, the withholding tax on dividends declared to Sinovac Hong Kong with amount of $865 was paid. | |||||||||||
The Company was incorporated in Antigua and Barbuda, and has historically been involved in a number of business combinations and significant financing. As a result, the Company could be involved in various investigations, claims and tax reviews that arise in the ordinary course of business activities. | |||||||||||
The Company’s income (loss) before income tax consists of: | |||||||||||
For the year ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
Non - PRC | $ | (301 | ) | $ | (527 | ) | $ | (65 | ) | ||
PRC | 4,968 | (19,106 | ) | 8,210 | |||||||
Total | $ | 4,667 | $ | (19,633 | ) | $ | 8,145 | ||||
Income taxes are attributed to the operations in China and consist of: | |||||||||||
For the year ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
Current | $ | (2,221 | ) | $ | 867 | $ | — | ||||
Deferred | (2,845 | ) | 17 | 2,225 | |||||||
Total income tax benefit (expense) | $ | (5,066 | ) | $ | 884 | $ | 2,225 | ||||
The following is a reconciliation of total income tax benefit (expense) to the amount computed by applying the PRC income tax rate of 25% for the year ended December 31, 2011, 2012 and 2013: | |||||||||||
For the year ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
Income (loss) before income tax expense and non-controlling interests | 4,667 | (19,633 | ) | 8,145 | |||||||
Income tax expense at PRC statutory rate | (1,167 | ) | 4,909 | (2,036 | ) | ||||||
International tax rate differential | (300 | ) | (40 | ) | (16 | ) | |||||
Other adjustments | (290 | ) | 59 | 228 | |||||||
Permanent differences | (207 | ) | 1051 | 387 | |||||||
Effect of preferential tax treatment | 1,225 | (648 | ) | 1,573 | |||||||
Change in valuation allowance | (4,327 | ) | (5,314 | ) | 2,089 | ||||||
Effect of withholding tax at 5% on the distributable profits of the Company’s PRC subsidiaries | — | 867 | — | ||||||||
Income tax benefit (expense) | $ | (5,066 | ) | $ | 884 | $ | 2,225 | ||||
The tax effects of temporary differences that give rise to the Company’s deferred tax assets are as follow: | |||||||||||
December 31, | December 31, | ||||||||||
2012 | 2013 | ||||||||||
Accrued expenses | $ | 1,744 | $ | 1,982 | |||||||
Inventories | 649 | 729 | |||||||||
Tax losses carried forward | $ | 10,315 | $ | 10,545 | |||||||
Less: valuation allowance | (12,708 | ) | (10,654 | ) | |||||||
Deferred tax assets, current portion | — | 2,602 | |||||||||
Fixed assets | 940 | 576 | |||||||||
Less: valuation allowance | (494 | ) | (459 | ) | |||||||
Deferred tax assets, non-current portion | $ | 446 | $ | 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 allowances of $13,202 and $11,113 as of December 31, 2012and 2013, respectively. | |||||||||||
The Company determines deferred taxes for each tax-paying entity in each tax jurisdiction. It is more likely than not that the excess of the tax base of the land use rights and licences over the carrying value, certain accruals as well as tax loss carried forward by Sinovac Beijing will be realized in the future and the tax benefits on this temporary difference of $2,719 (2012 - $446) has been recorded. | |||||||||||
The Company evaluates its valuation allowance requirements at 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 change causes 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. | |||||||||||
The valuation allowance relating to losses carried forward of Tangshan Yian, Sinovac R&D and Sinovac Dalian are still required as realization of this element of the potential tax benefit is still uncertain. The potential tax benefits arising from the losses incurred by Tangshan Yian, Sinovac R&D and Sinovac Dalian have not been recorded in the consolidated financial statements. | |||||||||||
The tax losses of its PRC subsidiaries in the amount of $43,483 (RMB 263 million) can be carried forward for five consecutive years against its profits starting from 2014 and will expire ranging from 2015 to 2018. | |||||||||||
As none of the Company’s foreign subsidiaries had retained earnings at 31 December 2013, no provision for withholding income taxes has been made thereon. Upon repatriation of any earnings in the future, in the form of dividends or otherwise, the Company would be subject to PRC withholding income taxes. Determination of the amount of unrecognized deferred income tax liability is not practicable. | |||||||||||
The changes in unrecognized tax benefit are as follows: | |||||||||||
For the year ended December 31, | |||||||||||
2012 | 2013 | ||||||||||
Balance at January 1 | 198 | 345 | |||||||||
Additions based on tax positions related to the current year | 147 | 25 | |||||||||
Balance at December 31 | $ | 345 | $ | 370 | |||||||
The Company recognizes interest and penalties related to unrecognized tax benefits as part of its income tax expenses. The Company recorded interest and penalties of $nil for the years ended December 31, 2011, 2012 and 2013. The PRC tax law provides 3-5 years statute of limitation and the Company’s income tax returns are subject to examination by tax authorities during that period. | |||||||||||
As of December 31, 2011, 2012 and 2013, the Company had approximately $198, $345 and $370 of unrecognized tax benefits related to uncertain tax positions. All of the unrecognized tax benefits would affect the effective tax rate if recognised. The Company does not anticipate any material changes to its uncertain tax positions in the next 12 months. |
Noncontrolling_Interests
Non-controlling Interests | 12 Months Ended |
Dec. 31, 2013 | |
Non-controlling Interests | ' |
Non-controlling Interests | ' |
11. 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 $3,073 (RMB 18.6 million). An adjustment of $271 (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 Biotech Group Co., Ltd (“Sino Bioway”), the non-controlling shareholder of Sinovac Beijing, transferred its 26.91% equity interests in Sinovac Beijing to Xiamen Bioway Biotech Co., Ltd. (“Xiamen Bioway”), a company owned by Sino Bioway. There will be 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, 2013 and December 31, 2012. |
Related_Party_Transactions_and
Related Party Transactions and Balances | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Related Party Transactions and Balances | ' | ||||||||||
Related Party Transactions and Balances | ' | ||||||||||
12. Related Party Transactions and Balances | |||||||||||
(a) Loan from a non-controlling shareholder | |||||||||||
December 31, | December 31, | ||||||||||
2012 | 2013 | ||||||||||
Loan — current | $ | — | $ | 3,324 | |||||||
Loan — long-term | 3,230 | — | |||||||||
Total | $ | 3,230 | $ | 3,324 | |||||||
The loan of $3,324 (RMB 20 million) is due to Dalian Jin Gang Group, the non-controlling shareholder of Sinovac Dalian, which is unsecured, bearing interest at 7.2% per year. Interest is payable monthly. The loan is repayable on March 14, 2014. | |||||||||||
On May 21, 2012, Sinovac Dalian lent RMB 15 million to Dalian Jin Gang Group and the loan was repaid on June 1, 2012. The interest rate is 6%. The loan was unsecured. | |||||||||||
(b) The Company entered into the following transactions in the normal course of operations at the exchange amount with related parties: | |||||||||||
2011 | 2012 | 2013 | |||||||||
Rent expenses incurred to SinoBioway Biotech Group Co., Ltd (“Sino Bioway”). | $ | 805 | $ | 823 | $ | 847 | |||||
In 2004, the Company entered into two operating lease agreements with Sino Bioway with respect to Sinovac Beijing’s production plant and laboratory in Beijing, China with annual lease payments totaling $231 (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 $75 (RMB 0.5 million) to $224 (RMB 1.4 million) per year. | |||||||||||
In June 2007, the Company entered into another operating lease agreement with Sino Bioway, with respect to the expansion of Sinovac Beijing’s production plant in Beijing, China for an annual lease payment of $338 (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 Sino Bioway with respect to expansion of Sinovac R&D’s business on research and development for an annual lease payment of $142 (RMB 0.9 million). The lease commenced on September 30, 2010 and has a term of five years. On April 8, 2013, the Company entered into four supplemental agreements with SinoBioway, under which the expiration date of each 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, 2013, is $306 (RMB 1.9 million) (December 31, 2012, $417(RMB 2.7 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, 2013 | ||||||||
Accounts Payable and Accrued Liabilities | ' | |||||||
Accounts Payable and Accrued Liabilities | ' | |||||||
13. Accounts Payable and Accrued Liabilities | ||||||||
December 31, 2012 | December 31, 2013 | |||||||
Trade payables | $ | 2,170 | $ | 6,063 | ||||
Machinery and equipment payables | 3,788 | 2,270 | ||||||
Accrued expenses | 7,514 | 8,669 | ||||||
Value added tax payable | 167 | 208 | ||||||
Other tax payable | 617 | 576 | ||||||
Withholding personal income tax | 1,240 | 1,511 | ||||||
Bonus and benefit payables | 6,776 | 5,244 | ||||||
Other payables | 2,506 | 3,496 | ||||||
Total | $ | 24,778 | $ | 28,037 |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies | ' | ||||
Commitments and Contingencies | ' | ||||
14. Commitments and Contingencies | |||||
(a) Operating Lease Commitments | |||||
The Company leases production plant and laboratory under operating leases from its related parties (note 12 (b)). Rental expense amounted to $805, $823, and $847 for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||
Minimum future rental payments under operating leases to related parties for the years ending December 31 are as follows: | |||||
2014 | 847 | ||||
2015 | 847 | ||||
2016 | 847 | ||||
2017 | 847 | ||||
2018 | 847 | ||||
Thereafter | 4,468 | ||||
Total minimum future payments | $ | 8,703 | |||
(b) Other Commitments | |||||
In addition to commitments disclosed in note 22, commitments related to R&D expenditures are $181 as at December 31, 2013. | |||||
Commitments related to capital expenditures are approximately $1,400 as at December 31, 2013. |
Common_Stock
Common Stock | 12 Months Ended |
Dec. 31, 2013 | |
Common Stock | ' |
Common Stock | ' |
15. Common Stock | |
Share Capital | |
Each share of common stock is entitled to one vote per share and are entitled to dividends when declared by the Company’s board of directors. As of December 31, 2012 and 2013, there were 55,091,561 and 55,570,361 shares of common stock outstanding, respectively. As of December 31, 2011, 2012 and 2013, there was no preferred stock issued and outstanding. | |
In 2011, the Company issued 468,000 shares of common stock on the exercise of employee stock options with exercise price of $1.60 per share, for total proceeds of $749. In 2011, the Company received further cash proceeds of $3 on the exercise of stock options for which the shares were issued subsequent to December 31, 2011. | |
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. |
Stock_Options
Stock Options | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock Options | ' | ||||||||||||||||
Stock Options | ' | ||||||||||||||||
16. Stock Options | |||||||||||||||||
(a) Stock Option Plan | |||||||||||||||||
The board of directors approved a stock option plan (the “2003 Plan”) effective 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, 2012, 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 June2013. | |||||||||||||||||
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, 2013. 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: | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Expected volatility | 86.91 | % | 82.89 | % | — | ||||||||||||
Risk-free interest rate | 0.36 | % | 0.39 | % | — | ||||||||||||
Expected life (years) | 3.24 | 2.95 | — | ||||||||||||||
Dividend yield | Nil | Nil | — | ||||||||||||||
Estimated forfeiture rate | 10 | % | 10 | % | — | ||||||||||||
The weighted average fair value of options granted for the years ended December 31, 2011, 2012 and 2013 were $1.35 $1.08 and $nil per option, respectively. | |||||||||||||||||
Expected volatility is estimated based on the Company’s historical stock prices. Computation of expected life was estimated after considering the contractual terms of the stock-based award, vesting schedules and expectations of future employee behaviour. The risk-free interest rate for period within the contractual life of the award is based on the U.S. Treasury yield in effect at the time of grant. | |||||||||||||||||
(c) Stock-based Payment Award Activity | |||||||||||||||||
A summary of the Company’s stock options activity for the 2003 Plan is presented below: | |||||||||||||||||
Weighted | Aggregate Intrinsic | ||||||||||||||||
Average | |||||||||||||||||
Number | Exercise Price | Value | |||||||||||||||
of Options | ($/option) | ($) | |||||||||||||||
Outstanding as at December 31, 2012 | 1,448,200 | $ | 2.02 | 1,617,138 | |||||||||||||
Granted | — | — | — | ||||||||||||||
Exercised | (478,800 | ) | 1.79 | — | |||||||||||||
Forfeited | (65,000 | ) | 2.15 | — | |||||||||||||
Outstanding as at December 31, 2013 | 904,400 | $ | 2.14 | $ | 3,603,712 | ||||||||||||
Vested and expected to vest as at December 31, 2013 | 841,520 | $ | 2.12 | $ | 3,367,912 | ||||||||||||
Exercisable as at December 31, 2013 | 520,900 | $ | 1.96 | $ | 2,165,587 | ||||||||||||
As at December 31, 2013 | |||||||||||||||||
Average | Average | ||||||||||||||||
Exercise | Number of | Remaining | Exercise | Number | Remaining | Exercise | |||||||||||
Prices | Options | Contractual | Price | of Options | Contractual | Price | |||||||||||
($/option) | Outstanding | Life (years) | ($/option) | Exercisable | Life (years) | ($/option) | |||||||||||
$ | 1.6 | 275,600 | 0.05 | $ | 1.6 | 275,600 | 0.05 | $ | 1.6 | ||||||||
$ | 2.37 | 628,800 | 2.99 | $ | 2.37 | 245,300 | 2.99 | $ | 2.37 | ||||||||
904,400 | 2.09 | $ | 2.14 | 520,900 | 1.44 | $ | 1.96 | ||||||||||
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 amount is $206, $347 and $281 respectively in 2011, 2012 and 2013 which are recorded in selling, general and administrative expenses. As of December 31, 2013, there was $462 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 15months. | |||||||||||||||||
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 $995, $127 and $1,344 for years ended December 31, 2011, 2012 and 2013 respectively, determined as of the date of option exercise. | |||||||||||||||||
The estimated fair value of stock options vested during the years ended December 31, 2011, 2012 and 2013 was $416, $631 and $420 respectively. |
Statutory_surplus_reserves
Statutory surplus reserves | 12 Months Ended |
Dec. 31, 2013 | |
Statutory surplus reserves | ' |
Statutory surplus reserves | ' |
17. 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 general reserve after the general reserve is equal to 50% of the subsidiary’s registered capital. Statutory surplus reserves are recorded as a component of shareholders’ equity and are not distributable other than upon liquidation. The statutory surplus reserves as at December 31, 2013 is $11,808 (2012 - $11,808). | |
For the year ended December 31, 2013, Sinovac Beijing appropriated 0% (2012—0%; 2011-10%) and 0% (2012-0%; 2011- 0%) of its after-tax profit, determined under the relevant Chinese accounting regulations, to the general reserve and the enterprise expansion reserve, respectively. For the year ended December 31, 2013, the general reserve and the enterprise expansion reserve appropriated are $nil (2012- $nil, 2011 - $335 (RMB 2million)) and $nil (2012— $nil, 2011 — $nil) respectively. | |
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 the relevant PRC GAAP to a staff welfare and bonus fund. For the year ended December 31, 2013, the amount is $nil (2012- nil, 2011 - $168 (RMB 1million)) for contribution to such fund which shall be utilized for collective staff benefits. 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, 2013, 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, so 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. No dividends were declared in 2013 (2012-$802 (RMB5 million), 2011-$5,863 (RMB 39million)) to the non-controlling shareholder of Sinovac Beijing. As of December 31, 2013, the Company has $nil dividend payable (December 31, 2012- 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. Staff welfare and bonus funds are restricted to capital expenditures for the collective welfare of employees. The reserve is 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 $74,923(RMB 467 million) and$81,249 (RMB492million) as of December 31, 2012 and 2013, respectively. 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, 2012 and 2013, amounts restricted include the net assets of the Company’s PRC subsidiaries, which amounted to $27,373 and $34,860, respectively. |
Deferred_Government_Grants
Deferred Government Grants | 12 Months Ended |
Dec. 31, 2013 | |
Deferred Government Grants | ' |
Deferred Government Grants | ' |
18. Deferred Government Grants | |
Deferred government grants represent funding received from the government for research and development, 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. The Company received $891 (RMB 5.8 million), $936 (RMB 5.9 million) and $842 (RMB 5.2 million) in 2011, 2012 and 2013, respectively. | |
Deferred government grants included $1,800 (RMB 10.9 million) (December 31, 2012- $2,037(RMB 12.7 million)) represents the unamortized portion of the amount that the Company received in 2007 for construction of a pandemic influenza vaccine production facility of RMB 20 million. $297 (RMB 1.8 million) which will be amortized in 2014 was included in the current portion and $1,503 (RMB 9.1 million) which will be amortized after 2014 was included in the non-current portion of the 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 this production facility of $278, $285 and $237 for the years ended December 31, 2011, 2012 and 2013, respectively, were recorded as a reduction to depreciation expense. | |
Deferred government grants also included $793 (RMB 4.8 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 RMB 6.2 million. The amount of $146 (RMB 0.9 million) which will be recognized in 2014 was included in the current portion and the amount of $647 (RMB 3.9 million) which will be recognized after 2014 was included in the non-current portion of government grants. The Company has fulfilled the conditions attached to the government grant. $82 and $119 of the government grant in 2012 and 2013, respectively, were recorded as a reduction to the related depreciation expense. | |
Deferred government grants also included $99 (RMB 0.6 million) being the unamortized portion of the amount that the Company received in 2013 for purchasing equipments for H5N1 vaccine production. The amount of $14 (RMB 0.1 million) which will be amortized in 2014 was included in the current portion and the amount of $85 (RMB 0.5 million) which will be amortized after 2014 was included in the non-current portion of government grants. The grant will be recorded as a reduction to depreciation expense when the conditions attached to the grant are met. | |
Deferred government grants also include $2,129 (RMB 12.9 million) in relation to other research projects. As of December 31, 2013, the Company has not fulfilled the conditions attached to the government grants. As the Company does not expect to fulfill the conditions within one year, the grants are recorded as long-term deferred government grants. | |
The Company received a loan of $1,982 (RMB 12 million) 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 a government grant of $383 (2012 - $216). (see note 9). |
Deferred_Revenue
Deferred Revenue | 12 Months Ended |
Dec. 31, 2013 | |
Deferred Revenue | ' |
Deferred Revenue | ' |
19. Deferred Revenue | |
Current deferred revenue included $102 (December 31, 2012 - $100) received from the Chinese government for stockpiling of H5N1 vaccines that expire within one year and $773 (December 31, 2012- $1,278) of advances from customers. | |
Long-term deferred revenue included $11,005 (December 31, 2012 - $10,693) received from the Chinese government for stockpiling of H5N1 vaccines. |
Earnings_loss_per_Share
Earnings (loss) per Share | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
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 | |||||||||||
2011 | 2012 | 2013 | |||||||||
Net income (loss) attributable to stockholders | $ | (844 | ) | $ | (14,853 | ) | $ | 7,442 | |||
Basic weighted average number of common shares outstanding | 54,608,919 | 54,926,440 | 55,301,276 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | — | 501,062 | ||||||||
Diluted weighted average number of common shares outstanding | 54,608,919 | 54,926,440 | 55,802,338 | ||||||||
Basic earnings (loss) per share | $ | (0.02 | ) | $ | (0.27 | ) | $ | 0.13 | |||
Diluted earnings (loss) per share | $ | (0.02 | ) | $ | (0.27 | ) | $ | 0.13 | |||
Anti-dilutive options were not included in the diluted EPS calculation for the year ended December 31, 2011 and 2012. |
Segmented_Information
Segmented Information | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
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 $79,683 (December 31, 2012 - $81,233) including land use rights, property, plant and equipment and licenses are all located in mainland China. The Company’s total assets by geographic location are as follows: | |||||||||||
December 31, 2012 | December 31, 2013 | ||||||||||
Assets | |||||||||||
Mainland China | $ | 164,174 | $ | 199,703 | |||||||
Hong Kong | 44,589 | 40,990 | |||||||||
Total | $ | 208,763 | $ | 240,693 | |||||||
The Company’s revenues by product are as follows: | |||||||||||
For the year ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
Sales | |||||||||||
Inactivated hepatitis vaccines | $ | 26,939 | $ | 39,951 | $ | 47,202 | |||||
Influenza vaccines | 8,113 | 9,191 | 12,156 | ||||||||
H5N1 | 7,782 | — | 10,736 | ||||||||
H1N1 | 14,008 | — | — | ||||||||
Mumps | — | 24 | 1,680 | ||||||||
Rabend | — | 50 | 750 | ||||||||
Total | $ | 56,842 | $ | 49,216 | $ | 72,524 | |||||
The H5N1 and H1N1 vaccines were all sold to the Chinese government. The Company’s sales of H5N1 and H1N1 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, | |||||||||||
2011 | 2012 | 2013 | |||||||||
Sales | |||||||||||
Mainland China | $ | 56,407 | $ | 48,199 | $ | 71,397 | |||||
Foreign countries | 435 | 1,017 | 1,127 | ||||||||
Total | $ | 56,842 | $ | 49,216 | $ | 72,524 |
Collaboration_Agreements
Collaboration Agreements | 12 Months Ended |
Dec. 31, 2013 | |
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, the Tianjin CanSino will transfer the technology of a 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 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% for the net sales in Chinese market. Both parties will work together to develop international markets for the products. | |
On December 14, 2011, an amendment agreement was signed for the payment of $300 for the transfer of an additional six serotypes and related technology. As of December 31, 2013, 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, including obtains clinical trials approval, completes clinical trials and achieves desired results, and achievement of commercial sales. The Company recorded $nil, $200 and $nil in research and development expenses for the years ended December 31, 2011, 2012, and 2013, respectively. | |
(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, obtains regulatory approval for marketing, and achievement of commercial sales. The Company recorded a license issue royalty of $8, $8 and $21 for the years ended December 31, 2011, 2012 and 2013 as research and development expenses, respectively. | |
(c) The Company licensed from Medimmune, LLC, a US based pharmaceutical company, certain non-exclusive rights to use patented reverse genetics technology pertaining toH5N1 influenzavirus 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 less than 10% of net sales of the licensed products in China (including Hong Kong and Macau).Licenses fee and royalties of $3,400 were paid in the year ended December 31, 2012.In 2013, the Company obtained a new stockpile order of 3 million doses H5N1 vaccines from the Chinese government. As of December 31, 2013, royalties of $1,036 was capitalized as inventory costs and included in the accounts payable and accrued liabilities. No additional milestone payments have been paid as the Company has not met the cumulative net sales threshold. | |
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. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events | ' |
Subsequent Events | ' |
23 Subsequent Events | |
On January 30, 2014, Sinovac Beijing repaid $1,652 (RMB 10 million) of the loan from China Merchants Bank. | |
On March 3, 2014, Sinovac Beijing entered into a bank loan agreement with the China Merchants Bank with a credit limit of $4,956 (RMB 30 million). The loan is unsecured, repayable on March 2, 2015 with an interest rate of 6.9%. | |
On March 12, 2014, Sinovac Dalian repaid a bank loan of $826 (RMB 5 million) to the Bank of China. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Significant Accounting Policies | ' | ||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
(a) Use of Estimates | |||||||||||||||||
In preparing 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 with maturities of three months or less when purchased. Cash equivalents as of December 31, 2013and 2012 are short-term deposits and investments with banks with original maturities of three months or less. | |||||||||||||||||
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 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 and net realizable value with respect to finished goods and work in progress. The cost of work in progress and finished goods is generally 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 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 building | 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 improvement | Lesser of useful lives and term of lease | ||||||||||||||||
Prepaid land lease payments | ' | ||||||||||||||||
(f) Prepaid land lease payments | |||||||||||||||||
Prepaid land lease payments represent amount 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 land use rights 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. On August 15, 2012, the Company entered into amendments 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, (note 22(c)). The weighted-average useful lives of the acquired licenses are 9.16 years. | |||||||||||||||||
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, 2013 of $57 (2012- $2,176, 2011- $419). | |||||||||||||||||
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. 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. | |||||||||||||||||
The Company has reviewed the tax positions taken, or to be taken, in its tax return for all tax years currently open to examination by a taxing authority in accordance with the recognition and measurement standards of Accounting Standards Codification (“ASC”) 740-Accounting for Income Taxes”. The Company is not under examination by any authority for income tax purposes and has not applied for any income tax filing extension. | |||||||||||||||||
The Company is not subject to taxation in the U.S. The Company’s taxing jurisdiction is Antigua and Barbuda. Sinovac Hong Kong’s taxing jurisdiction is Hong Kong. The taxing jurisdiction of Sinovac Beijing, Tangshan Yian, Sinovac R&D and Sinovac Dalian is China. | |||||||||||||||||
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. The Company subjects to VAT at a rate of 6%. | |||||||||||||||||
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, 2013, the sales return provision for inactivated hepatitis A vaccine and combined inactivated hepatitis A&B vaccine was $2,240 (December 31, 2012-$1,700). Percentage of sales return provision for the year of private pay market sales on inactivated hepatitis A and combined inactivated hepatitis A&B represents 5.5% and 5.4% in 2013 and 2012, respectively. The Company does not accept returns for hepatitis products sold under the Expanded Program for 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 general accepts returns before the end of the flu season. As of December 31, 2013, the sales return provision for seasonal influenza vaccine returns were approximately $575 (December 31, 2012-$1,300). | |||||||||||||||||
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, 2013, $1,235 (2012 - $1,118; 2011 - $1,197) of shipping and handling costs were included in selling, general and administrative expenses. | |||||||||||||||||
Advertising Expenses | ' | ||||||||||||||||
(m) Advertising Expenses | |||||||||||||||||
Advertising costs are expensed as incurred and included in selling, general and administrative expenses. Advertising costs were $474 for the year ended December 31, 2013 (2012 - $29; 2011 - $12). | |||||||||||||||||
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. Licenses 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 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 research and development 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 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 production facilities are amortized. Interest subsidies are recorded as a reduction to interest and financing expense 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 loan 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 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, were $2,580, $2,771 and $3,138 for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||||||||
Foreign Currency Translation and Transactions | ' | ||||||||||||||||
(q) Foreign Currency Translation and Transactions | |||||||||||||||||
The Company maintains their accounting records in their functional currencies, U.S. dollars (“US$”) 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 in the consolidated statements of comprehensive income (loss). The Company recognized foreign exchange gains (losses) of $(89), $207 and $650 for the year ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||||||||
The assets and liabilities of the PRC subsidiaries, Sinovac Beijing, Tangshan Yian, Sinovac R&D and Sinovac Dalian are translated into US$ at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at average exchange rates. Gain and losses from such translations are recorded in accumulated other comprehensive income, a component of stockholders’ equity. | |||||||||||||||||
Gains on intra-entity foreign currency transactions that are of a long-term-investment nature were $247, $199 and $235 for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||||||||
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 stockholders 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 Lease | |||||||||||||||||
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 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, 2012 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 and cash equivalents, accounts receivable, current portion of loans payable, and accounts payable and accrued liabilities approximate their fair value because of their short-term nature. The fair values of long-term loans payable are 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. For the long-term loan with carrying value of $1,730 and loan from a non-controlling shareholder of $3,324 with fixed interest rates as at December 31, 2013, the carrying values approximate fair value as the interest rates offered by financial institutions for debt instruments of comparable maturities approximate the interest rates of these loans. | |||||||||||||||||
The Company measures property, plant and equipment at fair value on a nonrecurring basis only if an impairment charge were to be recognized. As at December 31, 2012, the Company’s property, plant and equipment at Tangshan Yian and certain equipment and leasehold improvements at Sinovac Beijing are measured at fair value on a nonrecurring basis. The Company determined the fair value of Tangshan Yian’s land use rights, 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 improvement 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 $740. | |||||||||||||||||
Fair value measurement at December 31, 2012 using | |||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active Markets for | Other Observable | unobservable | |||||||||||||||
Total | Identical Assets | Inputs | Inputs | Total | |||||||||||||
Description | Fair Value | (Level 1) | (Level 2) | (Level 3) | Losses | ||||||||||||
Nonrecurring | |||||||||||||||||
Land use right | $ | 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 Chinese RMB. Foreign exchange gains (losses) of $(89), $207 and $650 are included in selling, general and administrative expenses for the years ended December 31, 2011, 2012 and 2013; respectively. As at December 31, 2012 and 2013, cash and cash equivalents of $70,173 (RMB 437 million) and $92,861 (RMB 563 million), respectively, are denominated in RMB and are held in PRC and Hong Kong. | |||||||||||||||||
Currency Convertibility Risks | ' | ||||||||||||||||
Currency Convertibility Risks | |||||||||||||||||
Substantially all of the Company’s operating activities are transacted in Chinese 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, 2013, 2012and 2011except for government stockpile purchases. 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 $1,730 and loan from a non-controlling shareholder of $3,324 with fixed interest rates as at December 31, 2013, other interest-bearing loans are stated at variable rates based on the People’s Bank of China (note 9). | |||||||||||||||||
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 Adopted Accounting Standards | |||||||||||||||||
Effective January 1, 2013, the Company adopted Accounting Standard Update (“ASU”) 2013-02, Comprehensive Income: Reporting Amounts Reclassified out of Accumulated Other Comprehensive Income, which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. Adoption of this guidance does not have a material effect on the Company’s consolidated financial statements. | |||||||||||||||||
(z) Recently Issued Accounting Standards | |||||||||||||||||
In March 2013, the FASB issued ASU No. 2013-05 (“ASU 2013-05”), Foreign Currency Matters (Topic 830):, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity, which specifies that foreign currency translation adjustments should be released into earnings when an entity ceases to have a controlling financial interest in a subsidiary or group of assets within a consolidated foreign entity and the sale or transfer results in the complete or substantially complete liquidation of the foreign entity. For sales of an equity method investment that is a foreign entity, a pro rata portion of CTA attributable to the investment would be recognized in earnings when the investment is sold. When an entity sells either a part or all of its investment in a consolidated foreign entity, CTA would be recognized in earnings only if the sale results in the parent no longer having a controlling financial interest in the foreign entity. In addition, CTA should be recognized in earnings in a business combination achieved in stages. For public entities, ASU 2013-05 is effective for reporting periods beginning after December 15, 2013, with early adoption permitted. The Company will adopt ASU 2013-05 on January 1, 2014 and does not expect the adoption to have a material impact on its consolidated financial statements. |
Basis_of_Presentation_Tables
Basis of Presentation (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Basis of Presentation | ' | ||||||||||
Schedule of details of the Company's subsidiaries | ' | ||||||||||
Name | Date of | Place of | Percentage of | Percentage of | Principal activity | ||||||
incorporation or | incorporation | ownership as | ownership as of | ||||||||
establishment | (or | of December | December 31, 2012 | ||||||||
establishment) | 31, 2013 | ||||||||||
/operation | |||||||||||
Sinovac Biotech (Hong Kong) Ltd (“Sinovac Hong Kong”) | |||||||||||
October 2008 | Hong Kong | 100% | 100% | Investment holding company | |||||||
Sinovac Biotech Co., Ltd. (“Sinovac Beijing”) (note 11) | Research and development, production and sales of vaccine products | ||||||||||
April 2001 | PRC | 73.09% | 73.09% | ||||||||
Tangshan Yian Biological Engineering Co., Ltd (“Tangshan Yian”) | Research and development, production and sales of vaccine products | ||||||||||
Feb-93 | PRC | 100% | 100% | ||||||||
Sinovac Biological Technology Co., Ltd. (“Sinovac R&D”) | Research and development of vaccine products | ||||||||||
May-09 | PRC | 100% | 100% | ||||||||
Sinovac (Dalian) Vaccine Technology Co., Ltd. (“Sinovac Dalian”) (note 11) | Research and development, production and sales of vaccine products | ||||||||||
Jan-10 | PRC | 55% | 55% |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Significant Accounting Policies | ' | ||||||||||||||||
Schedule of estimated useful lives of assets included in property, plant and equipment | ' | ||||||||||||||||
Plant and building | 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 improvement | 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 measurement at December 31, 2012 using | |||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active Markets for | Other Observable | unobservable | |||||||||||||||
Total | Identical Assets | Inputs | Inputs | Total | |||||||||||||
Description | Fair Value | (Level 1) | (Level 2) | (Level 3) | Losses | ||||||||||||
Nonrecurring | |||||||||||||||||
Land use right | $ | 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, 2013 | ||||||||
Accounts Receivable - net | ' | |||||||
Schedule of accounts receivable - net | ' | |||||||
December 31, | December 31, | |||||||
2012 | 2013 | |||||||
Trade receivables (note 9) | $ | 25,606 | $ | 33,743 | ||||
Allowance for doubtful accounts | (2,936 | ) | (2,429 | ) | ||||
22,670 | 31,314 | |||||||
Other receivables | 770 | 613 | ||||||
Total accounts receivable | $ | 23,440 | $ | 31,927 | ||||
Schedule of maximum exposure to credit risk at the balance sheet date relating to trade receivables | ' | |||||||
December 31, | December 31, | |||||||
2012 | 2013 | |||||||
Aging within one year, net of allowance for doubtful accounts | $ | 22,065 | $ | 29,565 | ||||
Aging greater than one year, net of allowance for doubtful accounts | 605 | 1,749 | ||||||
Total trade receivables | $ | 22,670 | $ | 31,314 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventories | ' | |||||||
Schedule of inventories | ' | |||||||
December 31, | December 31, | |||||||
2012 | 2013 | |||||||
Raw materials | $ | 1,299 | $ | 3,832 | ||||
Work in progress | 971 | 448 | ||||||
Finished goods | 8,260 | 10,049 | ||||||
Inventories | $ | 10,530 | $ | 14,329 |
Longterm_Inventories_Tables
Long-term Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Long-term Inventories | ' | |||||||
Schedule of long-term inventories | ' | |||||||
December 31 | December 31, | |||||||
2012 | 2013 | |||||||
Work in progress | $ | — | $ | 666 | ||||
Finished goods | 28 | 2,115 | ||||||
Long-term Inventories | $ | 28 | $ | 2,781 |
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment | ' | |||||||
Schedule of property, plant and equipment | ' | |||||||
December 31, 2012 | December 31, 2013 | |||||||
Cost | ||||||||
Construction in progress | 1,646 | 424 | ||||||
Plant and buildings | 34,230 | 35,259 | ||||||
Machinery and equipment | 39,359 | 42,851 | ||||||
Motor vehicles | 1,831 | 1,884 | ||||||
Equipment and furniture | 2,480 | 2,620 | ||||||
Leasehold improvements | 9,692 | 12,386 | ||||||
Total cost | $ | 89,238 | $ | 95,424 | ||||
Less: Accumulated depreciation | ||||||||
Construction in progress | — | — | ||||||
Plant and buildings | 4,603 | 6,455 | ||||||
Machinery and equipment | 11,922 | 15,658 | ||||||
Motor vehicles | 1,423 | 1,653 | ||||||
Equipment and furniture | 1,253 | 1,546 | ||||||
Leasehold improvements | 866 | 2,149 | ||||||
Total accumulated depreciation | $ | 20,067 | $ | 27,461 | ||||
Property, plant and equipment net | $ | 69,171 | $ | 67,963 |
Prepaid_land_lease_payments_Ta
Prepaid land lease payments (Tables) (Land use right) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Land use right | ' | |||||||
Prepaid land lease payments | ' | |||||||
Schedule of prepaid land lease payments | ' | |||||||
December 31, | December 31, | |||||||
2012 | 2013 | |||||||
Prepaid land lease payments | $ | 11,891 | $ | 12,238 | ||||
Less: accumulated amortization | 979 | 1,290 | ||||||
Net carrying value | $ | 10,912 | $ | 10,948 |
Licenses_Tables
Licenses (Tables) (Licenses) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Licenses | ' | ||||||||||
Licenses | ' | ||||||||||
Schedule of licenses | ' | ||||||||||
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) | 1,519 | 797 | 722 | ||||||||
Total | $ | 5,511 | $ | 4,739 | $ | 772 | |||||
December 31, 2012 | |||||||||||
Accumulated | Net book | ||||||||||
Cost | amortization | value | |||||||||
Inactivated hepatitis A | 3,391 | 3,391 | — | ||||||||
Combined inactivated hepatitis A&B | 488 | 390 | 98 | ||||||||
H5N1 licenses (note 22) | 1,476 | 424 | 1,052 | ||||||||
Total | $ | 5,355 | $ | 4,205 | $ | 1,150 | |||||
Schedule of estimated amortization expense for the existing licenses over their remaining useful lives | ' | ||||||||||
Estimated amortization expense for the existing licenses over their remaining useful lives as of December 31, 2013 is as follows: | |||||||||||
Within 1 year | $ | 411 | |||||||||
Between 1 and 2 years | 361 | ||||||||||
Between 2 and 3 years | — | ||||||||||
Total | $ | 772 |
Loans_Payable_Tables
Loans Payable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Bank Loans and Other Debt | ' | ||||||||
Schedule of Bank Loans and Other Debt | ' | ||||||||
December 31, | December 31, | ||||||||
2012 | 2013 | ||||||||
Bank loan (China Merchants Bank): $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 is repayable on January 30, 2014. | |||||||||
$ | — | $ | 1,652 | ||||||
Bank loan (Bank of China) On December 17, 2012, Sinovac Dalian entered into a bank loan agreement with Bank of China with a credit line of $3,304 (RMB 20 million). The first $826 (RMB 5 million) was drawn down on March 13, 2013 and the second $826 (RMB 5 million)was drawn down on September 24, 2013, bearing interest at 7.4% and the interest is payable monthly. The first $826 (RMB 5 million) is repayable on March 12, 2014 and the second $826 (RMB 5 million) is repayable on September 23, 2014. Land use right and buildings of Sinovac Dalian with a net book value of $9,911 (RMB 60 million) were pledged as collateral. | — | 1,652 | |||||||
Bank loans | — | 3,304 | |||||||
Bank loan (Industrial and Commercial Bank of China Limited): $3,211 (RMB 20 million)(December 31, 2012- RMB 20 million), bearing interest at 10% above Bank of China’s prime bank loan rate of a one-year term loan plus 1.456% of financing fee per year, at 8.672% per year before it was repaid on December 10, 2012. $3,211 (RMB 20 million), was drawn down on December 13, 2012 under a new loan agreement with same interest rate calculation basis with financing fee of 1.2% per year (interest rate at 7.8%). Trade receivables of Sinovac Beijing with a carrying value of $5.6 million (RMB 35 million) were pledged as collateral (note 3). The loan was repaid in full on December 12, 2013. | 3,211 | — | |||||||
Bank loan (China Construction Bank): The total amount of the loan facility is $8,259 (RMB 50 million) for a three-year period from December 13, 2012 to December 12, 2015. The amount drawn is $5,121 (RMB 31 million) as at December 31, 2013 $458 was repaid in 2013 and $3,938 was drawn in 2013. 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.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 $15,032 (RMB 91 million) and contingent liabilities as a percentage of total stockholders’ equity must not be higher than 10%. The Company is in compliance with such covenants as of December 31, 2012 and 2013. | 118 | 518 | |||||||
Bank loan (Bank of Beijing): $24,130 (RMB 146 million) (December 31, 2012- $14,892) bearing interest at the bank’s prime lending rate and adjusted every 12 months, currently at 6.4% per year (2012 — 6.4%). Interest is payable quarterly. The loan is for construction of the Changping facility and has a maximum credit facility amount of $33,038 (RMB 200 million). $9,238 was drawn in 2013. The loan is repayable in four equal installments on May13, 2014, November 13, 2014, May 13, 2015 and November 13, 2015. The Company also obtained a credit line with a maximum quota for issuing letter of credits of $13,215 (RMB 80 million) with the same bank. No letters of credit were issued by the Company as at December 31, 2012 and 2013. Land use right and buildings of Sinovac Beijing with a net book value of $20,893 (RMB 126.5 million) were pledged as collateral. | — | 12,065 | |||||||
Bank loan (China Construction Bank): $14.536 (RMB 88 million)(December 31, 2012- $14,446), bearing interest at the bank’s prime lending rate and adjusted every 12 months, at 6.4% per year (2012 — 6.9%). The loan is exclusively for the purchase of the Changping facility. Interest is payable monthly. Land and building of the Changping facility of Sinovac Beijing with a net book value of $7,760 (RMB 47 million) were pledged as collateral. $165 (RMB 1 million) was repaid on June 20, 2013 and $165 (RMB 1 million) was repaid on December 20, 2013. $330 (RMB 2 million) is repayable in 2014. | — | 330 | |||||||
Current portion of long-term debt | $ | 3,329 | $ | 12,913 | |||||
Bank loans and current portion of long term debt | $ | 3,329 | $ | 16,217 | |||||
December 31, | December31, | ||||||||
2012 | 2013 | ||||||||
Bank loan (China Construction Bank): $14,536 (RMB 88 million) (December 31, 2012- $14,446), bearing interest at the bank’s prime lending rate and adjusted every 12 months, at 6.4% per year (2012 — 6.9%). The loan is exclusively for the purchase of the Changping facility. Interest is payable monthly. Land use right and buildings of the Changping facility of Sinovac Beijing with a net book value of $7,760 (RMB 47 million) were pledged as collateral. $165 (RMB 1 million) was repaid on June 20, 2013 and $165 (RMB 1 million) was repaid on December 20, 2013. $330 (RMB 2 million) is repayable in 2014. The remainder is payable on February 9, 2015. | $ | 14,446 | $ | 14,206 | |||||
Bank loan (China Construction Bank): The total amount of the loan facility is $8,259 (RMB 50 million) for a three-year period from December 13, 2012 to December 12, 2015. The amount drawn is $5,121 (RMB 31 million) as at December 31, 2013 $458 was repaid in 2013 and $3,938 was drawn in 2013. 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 remainder principal repayable in 2015. Pursuant to the covenants set out in the agreement, the debt to total assets ratio must not be higher than 85%, current ratio must not be lower than 1, contingent liabilities must not be higher than $15,032 (RMB — 91 million) and contingent liabilities as a percentage of total stockholders’ equity must not be higher than 10%. The Company is in compliance with such covenants as of December 31, 2012 and 2013. | 1,065 | 4,145 | |||||||
Bank loan (Bank of Beijing): $24,130 (RMB 146 million) (December 31, 2012- $14,892) bearing interest at the bank’s prime lending rate and adjusted every 12 months, currently at 6.4% per year (2012 — 6.4%). Interest is payable quarterly. The loan is for construction of the Changping facility and has a maximum credit facility amount of $33,038 (RMB 200 million). $9,238 was drawn in 2013. The loan is repayable in four equal installments on May13, 2014, November 13, 2014, May 13, 2015 and November 13, 2015. The Company also obtained a credit line with a maximum quota for issuing letter of credits of $13.2 million (RMB 80 million) with the same bank. No letters of credit were issued by the Company as at December 31, 2012 and 2013. Land use right and buildings of Sinovac Beijing with a net book value of $20,893 (RMB 126.5 million) were pledged as collateral. | 14,892 | 12,065 | |||||||
Loan (Beijing Zhongguancun Development Group): $1,982 (RMB 12million) bearing interest currently at 0.36% per year to fund EV71 vaccine research project of Sinovac Beijing. The total loan is $1,982 (RMB 12 million) of which RMB 6 million was received in 2012 and the second RMB 6 million was received on February 25, 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 payment are required to be paid as no profits have been generated to date as of December 31, 2013. The Company can repay the loan at any time during the loan period. The fair value differential of $383 (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 (2012- $216) (see note 18). | 778 | 1,730 | |||||||
Long - term debt — non-current portion | $ | 31,181 | $ | 32,146 | |||||
Schedule of aggregate annual principal payments of loans payable | ' | ||||||||
Aggregate annual principal payments of the loans payable as of December 31, 2013 are as follows: | |||||||||
Within 1 year | $ | 16,217 | |||||||
Between 1 and 2 years | $ | 30,416 | |||||||
Between 2 and 3 years | $ | 1,730 | |||||||
Total | $ | 48,363 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Schedule of income (loss) before income tax | ' | ||||||||||
For the year ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
Non - PRC | $ | (301 | ) | $ | (527 | ) | $ | (65 | ) | ||
PRC | 4,968 | (19,106 | ) | 8,210 | |||||||
Total | $ | 4,667 | $ | (19,633 | ) | $ | 8,145 | ||||
Schedule of income taxes attributed to the operations in China | ' | ||||||||||
For the year ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
Current | $ | (2,221 | ) | $ | 867 | $ | — | ||||
Deferred | (2,845 | ) | 17 | 2,225 | |||||||
Total income tax benefit (expense) | $ | (5,066 | ) | $ | 884 | $ | 2,225 | ||||
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, | |||||||||||
2011 | 2012 | 2013 | |||||||||
Income (loss) before income tax expense and non-controlling interests | 4,667 | (19,633 | ) | 8,145 | |||||||
Income tax expense at PRC statutory rate | (1,167 | ) | 4,909 | (2,036 | ) | ||||||
International tax rate differential | (300 | ) | (40 | ) | (16 | ) | |||||
Other adjustments | (290 | ) | 59 | 228 | |||||||
Permanent differences | (207 | ) | 1051 | 387 | |||||||
Effect of preferential tax treatment | 1,225 | (648 | ) | 1,573 | |||||||
Change in valuation allowance | (4,327 | ) | (5,314 | ) | 2,089 | ||||||
Effect of withholding tax at 5% on the distributable profits of the Company’s PRC subsidiaries | — | 867 | — | ||||||||
Income tax benefit (expense) | $ | (5,066 | ) | $ | 884 | $ | 2,225 | ||||
Schedule of deferred tax assets | ' | ||||||||||
December 31, | December 31, | ||||||||||
2012 | 2013 | ||||||||||
Accrued expenses | $ | 1,744 | $ | 1,982 | |||||||
Inventories | 649 | 729 | |||||||||
Tax losses carried forward | $ | 10,315 | $ | 10,545 | |||||||
Less: valuation allowance | (12,708 | ) | (10,654 | ) | |||||||
Deferred tax assets, current portion | — | 2,602 | |||||||||
Fixed assets | 940 | 576 | |||||||||
Less: valuation allowance | (494 | ) | (459 | ) | |||||||
Deferred tax assets, non-current portion | $ | 446 | $ | 117 | |||||||
Schedule of unrecognized tax benefits | ' | ||||||||||
For the year ended December 31, | |||||||||||
2012 | 2013 | ||||||||||
Balance at January 1 | 198 | 345 | |||||||||
Additions based on tax positions related to the current year | 147 | 25 | |||||||||
Balance at December 31 | $ | 345 | $ | 370 | |||||||
Related_Party_Transactions_and1
Related Party Transactions and Balances (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Related Party Transactions and Balances | ' | ||||||||||
'Schedule of loan from a non-controlling shareholder | ' | ||||||||||
December 31, | December 31, | ||||||||||
2012 | 2013 | ||||||||||
Loan — current | $ | — | $ | 3,324 | |||||||
Loan — long-term | 3,230 | — | |||||||||
Total | $ | 3,230 | $ | 3,324 | |||||||
Schedule of transactions in the normal course of operations at the exchange amount with related parties | ' | ||||||||||
2011 | 2012 | 2013 | |||||||||
Rent expenses incurred to SinoBioway Biotech Group Co., Ltd (“Sino Bioway”). | $ | 805 | $ | 823 | $ | 847 | |||||
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Payable and Accrued Liabilities | ' | |||||||
Schedule of accounts payable and accrued liabilities | ' | |||||||
December 31, 2012 | December 31, 2013 | |||||||
Trade payables | $ | 2,170 | $ | 6,063 | ||||
Machinery and equipment payables | 3,788 | 2,270 | ||||||
Accrued expenses | 7,514 | 8,669 | ||||||
Value added tax payable | 167 | 208 | ||||||
Other tax payable | 617 | 576 | ||||||
Withholding personal income tax | 1,240 | 1,511 | ||||||
Bonus and benefit payables | 6,776 | 5,244 | ||||||
Other payables | 2,506 | 3,496 | ||||||
Total | $ | 24,778 | $ | 28,037 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
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: | |||||
2014 | 847 | ||||
2015 | 847 | ||||
2016 | 847 | ||||
2017 | 847 | ||||
2018 | 847 | ||||
Thereafter | 4,468 | ||||
Total minimum future payments | $ | 8,703 | |||
Stock_Options_Tables
Stock Options (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock Options | ' | ||||||||||||||||
Schedule of assumptions used in determining stock based compensation costs under the Black-Scholes option pricing model | ' | ||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Expected volatility | 86.91 | % | 82.89 | % | — | ||||||||||||
Risk-free interest rate | 0.36 | % | 0.39 | % | — | ||||||||||||
Expected life (years) | 3.24 | 2.95 | — | ||||||||||||||
Dividend yield | Nil | Nil | — | ||||||||||||||
Estimated forfeiture rate | 10 | % | 10 | % | — | ||||||||||||
Summary of stock options activity | ' | ||||||||||||||||
Weighted | Aggregate Intrinsic | ||||||||||||||||
Average | |||||||||||||||||
Number | Exercise Price | Value | |||||||||||||||
of Options | ($/option) | ($) | |||||||||||||||
Outstanding as at December 31, 2012 | 1,448,200 | $ | 2.02 | 1,617,138 | |||||||||||||
Granted | — | — | — | ||||||||||||||
Exercised | (478,800 | ) | 1.79 | — | |||||||||||||
Forfeited | (65,000 | ) | 2.15 | — | |||||||||||||
Outstanding as at December 31, 2013 | 904,400 | $ | 2.14 | $ | 3,603,712 | ||||||||||||
Vested and expected to vest as at December 31, 2013 | 841,520 | $ | 2.12 | $ | 3,367,912 | ||||||||||||
Exercisable as at December 31, 2013 | 520,900 | $ | 1.96 | $ | 2,165,587 | ||||||||||||
Schedule of stock options by range of exercise prices | ' | ||||||||||||||||
As at December 31, 2013 | |||||||||||||||||
Average | Average | ||||||||||||||||
Exercise | Number of | Remaining | Exercise | Number | Remaining | Exercise | |||||||||||
Prices | Options | Contractual | Price | of Options | Contractual | Price | |||||||||||
($/option) | Outstanding | Life (years) | ($/option) | Exercisable | Life (years) | ($/option) | |||||||||||
$ | 1.6 | 275,600 | 0.05 | $ | 1.6 | 275,600 | 0.05 | $ | 1.6 | ||||||||
$ | 2.37 | 628,800 | 2.99 | $ | 2.37 | 245,300 | 2.99 | $ | 2.37 | ||||||||
904,400 | 2.09 | $ | 2.14 | 520,900 | 1.44 | $ | 1.96 |
Earnings_loss_per_Share_Tables
Earnings (loss) per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings (loss) per Share | ' | ||||||||||
Schedule of calculation of earnings (loss) per share | ' | ||||||||||
For the year ended December 31 | |||||||||||
2011 | 2012 | 2013 | |||||||||
Net income (loss) attributable to stockholders | $ | (844 | ) | $ | (14,853 | ) | $ | 7,442 | |||
Basic weighted average number of common shares outstanding | 54,608,919 | 54,926,440 | 55,301,276 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | — | 501,062 | ||||||||
Diluted weighted average number of common shares outstanding | 54,608,919 | 54,926,440 | 55,802,338 | ||||||||
Basic earnings (loss) per share | $ | (0.02 | ) | $ | (0.27 | ) | $ | 0.13 | |||
Diluted earnings (loss) per share | $ | (0.02 | ) | $ | (0.27 | ) | $ | 0.13 |
Segmented_Information_Tables
Segmented Information (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Segmented Information | ' | ||||||||||
Schedule of Company's total assets by geographic location | ' | ||||||||||
December 31, 2012 | December 31, 2013 | ||||||||||
Assets | |||||||||||
Mainland China | $ | 164,174 | $ | 199,703 | |||||||
Hong Kong | 44,589 | 40,990 | |||||||||
Total | $ | 208,763 | $ | 240,693 | |||||||
Schedule of Company's revenues by product | ' | ||||||||||
For the year ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
Sales | |||||||||||
Inactivated hepatitis vaccines | $ | 26,939 | $ | 39,951 | $ | 47,202 | |||||
Influenza vaccines | 8,113 | 9,191 | 12,156 | ||||||||
H5N1 | 7,782 | — | 10,736 | ||||||||
H1N1 | 14,008 | — | — | ||||||||
Mumps | — | 24 | 1,680 | ||||||||
Rabend | — | 50 | 750 | ||||||||
Total | $ | 56,842 | $ | 49,216 | $ | 72,524 | |||||
Schedule of Company's revenues attributed to geographic locations | ' | ||||||||||
For the year ended December 31, | |||||||||||
2011 | 2012 | 2013 | |||||||||
Sales | |||||||||||
Mainland China | $ | 56,407 | $ | 48,199 | $ | 71,397 | |||||
Foreign countries | 435 | 1,017 | 1,127 | ||||||||
Total | $ | 56,842 | $ | 49,216 | $ | 72,524 |
Basis_of_Presentation_Details
Basis of Presentation (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
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% |
SinovacR&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, 2013 | |
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 $) | 12 Months Ended | 0 Months Ended | 7 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 15, 2012 | Aug. 14, 2012 |
Land use right | Land use right | Licenses | Licenses | Licenses | Licenses | ||||
Minimum | Maximum | Inactivated hepatitis A and recombinant hepatitis A&B licenses | H5N1 licenses | H5N1 licenses | |||||
item | |||||||||
Licenses | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | '28 years | '49 years | '9 years 1 month 28 days | '10 years | ' | '20 years |
Number of sublicense agreements with termination date revised | ' | ' | ' | ' | ' | ' | ' | 3 | ' |
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges on long-lived assets | $57 | $2,176 | $419 | ' | ' | ' | ' | ' | ' |
Value-added Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value-added taxes rate (as a percent) | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Significant_Accounting_Policie5
Significant Accounting Policies (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Shipping and Handling | ' | ' | ' |
Shipping and handling costs, included in selling, general and administrative expenses | $1,235 | $1,118 | $1,197 |
Advertising Expenses | ' | ' | ' |
Advertising costs, included in selling, general and administrative expenses | 474 | 29 | 12 |
Retirement and other post-retirement benefits | ' | ' | ' |
Amount incurred | 3,138 | 2,771 | 2,580 |
Foreign Currency Translation and Transactions | ' | ' | ' |
Foreign exchange gains (losses) included in selling, general and administrative expenses | 650 | 207 | -89 |
Gains (losses) on intra-entity foreign currency transactions that are of a long-term-investment nature | 235 | 199 | 247 |
Operating Leases | ' | ' | ' |
Capital leases | 0 | 0 | ' |
Seasonal influenza vaccine | ' | ' | ' |
Revenue Recognition | ' | ' | ' |
Sales return provisions | 575 | 1,300 | ' |
Inactivated hepatitis A vaccine and combined inactivated hepatitis A&B vaccine | ' | ' | ' |
Revenue Recognition | ' | ' | ' |
Sales return provisions | $2,240 | $1,700 | ' |
Sales return provision represented as a percentage of private pay market sales | 5.50% | 5.40% | ' |
Significant_Accounting_Policie6
Significant Accounting Policies (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value Measurements | ' | ' | ' |
Long-term loan with fixed interest rate | $1,730 | ' | ' |
Loan from a non-controlling shareholder with fixed interest rate | 3,324 | ' | ' |
Property, plant and equipment, carrying value | 67,963 | 69,171 | ' |
Total Losses | 57 | 2,176 | 419 |
Nonrecurring | ' | ' | ' |
Fair Value Measurements | ' | ' | ' |
Total Losses | ' | 2,171 | ' |
Nonrecurring | Plant, building and equipment | ' | ' | ' |
Fair Value Measurements | ' | ' | ' |
Total Losses | ' | 2,171 | ' |
Nonrecurring | Fair value | ' | ' | ' |
Fair Value Measurements | ' | ' | ' |
Total nonrecurring | ' | 3,012 | ' |
Nonrecurring | Fair value | Land use right | ' | ' | ' |
Fair Value Measurements | ' | ' | ' |
Total nonrecurring | ' | 1,226 | ' |
Nonrecurring | Fair value | Plant, building and equipment | ' | ' | ' |
Fair Value Measurements | ' | ' | ' |
Total nonrecurring | ' | 1,786 | ' |
Nonrecurring | Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Fair Value Measurements | ' | ' | ' |
Total nonrecurring | ' | 3,012 | ' |
Nonrecurring | Significant Other Observable Inputs (Level 2) | Land use right | ' | ' | ' |
Fair Value Measurements | ' | ' | ' |
Total nonrecurring | ' | 1,226 | ' |
Nonrecurring | Significant Other Observable Inputs (Level 2) | 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 | $740 | ' | ' |
Significant_Accounting_Policie7
Significant Accounting Policies (Details 5) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
USD ($) | 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 | $650 | $207 | ($89) | ' | ' | ' | ' | ' |
Cash and cash equivalents denominated in RMB | $107,242 | $91,241 | $104,287 | $101,585 | $92,961 | 563,000 | $70,173 | 437,000 |
Significant_Accounting_Policie8
Significant Accounting Policies (Details 6) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Significant Accounting Policies | ' |
Long-term loan with fixed interest rate | $1,730 |
Loan from a non-controlling shareholder with fixed interest rate | $3,324 |
Accounts_Receivable_net_Detail
Accounts Receivable - net (Details) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | CNY | 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 | Accounts aged more than two years | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Change in estimate of allowance for accounts receivable | |||||||||||||
Adjustment | |||||||||||||||||||||
USD ($) | |||||||||||||||||||||
Accounts Receivable - net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable, gross | ' | ' | ' | ' | $33,743 | $25,606 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for doubtful accounts | ' | ' | ' | ' | -2,429 | -2,936 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total accounts receivable | 31,927 | 23,440 | ' | ' | 31,314 | 22,670 | 29,565 | 22,065 | 1,749 | 605 | 613 | 770 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of accounts receivable pledged as collateral for a bank loan | 5,600 | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage allowance for accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 56.30% | 100.00% | 16.90% | 48.50% | 1.70% | 4.00% | ' |
Operating income | 8,745 | -21,151 | 3,374 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 801 |
Net income (loss) attributable to stockholders | $7,442 | ($14,853) | ($844) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $616 |
Basic earnings per share | $0.13 | ($0.27) | ($0.02) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.02 |
Diluted earnings per share | $0.13 | ($0.27) | ($0.02) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 |
Inventories_Details
Inventories (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Inventories | ' | ' | ' |
Raw materials | $3,832 | $1,299 | ' |
Work in progress | 448 | 971 | ' |
Finished goods | 10,049 | 8,260 | ' |
Inventories | 14,329 | 10,530 | ' |
Fixed production overhead charged to cost of sales | 2,217 | 3,140 | 1,205 |
Inventory provision for products likely to be expired included in cost of sales | $1,399 | $3,479 | $4,034 |
Longterm_Inventories_Details
Long-term Inventories (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Long-term Inventories | ' | ' | ' |
Work in progress | $666 | ' | ' |
Finished goods | 2,115 | 28 | ' |
Long-term inventories | 2,781 | 28 | ' |
Long-term Inventories | ' | ' | ' |
Provision recognized as cost of sales | 1,399 | 3,479 | 4,034 |
H1N1 vaccines | ' | ' | ' |
Long-term Inventories | ' | ' | ' |
The amount of inventory with expired shelf lives | ' | 1,099 | ' |
Provision recognized as cost of sales | ' | $1,099 | $0 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Dalian | Sinovac Dalian | Tangshan Yian | Construction in progress | Construction in progress | Plant and building | Plant and building | Machinery and equipment | Machinery and equipment | Motor vehicles | Motor vehicles | Equipment and furniture | Equipment and furniture | Leasehold improvements | Leasehold improvements | |
USD ($) | CNY | USD ($) | CNY | China Construction Bank | China Construction Bank | Bank of Beijing | Bank of Beijing | Bank of China | Bank of China | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | |||||||||||||||||||||
Property, Plant and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost | $95,424 | $89,238 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $424 | $1,646 | $35,259 | $34,230 | $42,851 | $39,359 | $1,884 | $1,831 | $2,620 | $2,480 | $12,386 | $9,692 |
Less: Accumulated depreciation | 27,461 | 20,067 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,455 | 4,603 | 15,658 | 11,922 | 1,653 | 1,423 | 1,546 | 1,253 | 2,149 | 866 |
Impairment of plant and building, and machinery and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,497 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment net | 67,963 | 69,171 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,420 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Land use rights and building of subsidiary pledged as collateral | ' | ' | ' | ' | ' | ' | ' | 7,760 | 47,000 | 20,893 | 126,500 | 9,911 | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense | 5,998 | 3,961 | 4,272 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on disposal of equipment | 31 | 14 | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | ' | ' | ' | 57 | 300 | 679 | 4,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of property, plant and equipment rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,923 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid_land_lease_payments_De
Prepaid land lease payments (Details) (Land use right, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Land use right | ' | ' | ' |
Prepaid land lease payments | ' | ' | ' |
Prepaid land lease payments | $12,238 | $11,891 | ' |
Accumulated amortization | 1,290 | 979 | ' |
Net book value | 10,948 | 10,912 | ' |
Amortization expense | $311 | $299 | $285 |
Licenses_Details
Licenses (Details) (Licenses, USD $) | 12 Months Ended | 0 Months Ended | 7 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 15, 2011 | Aug. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Inactivated hepatitis A | Inactivated hepatitis A | Combined inactivated hepatitis A&B | Combined inactivated hepatitis A&B | H5N1 licenses | H5N1 licenses | H5N1 licenses | H5N1 licenses | ||||
item | |||||||||||
Licenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost | $5,511 | $5,355 | ' | $3,490 | $3,391 | $502 | $488 | ' | ' | $1,519 | $1,476 |
Accumulated amortization | 4,739 | 4,205 | ' | 3,490 | 3,391 | 452 | 390 | ' | ' | 797 | 424 |
Estimated useful life | '9 years 1 month 28 days | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' |
Amortization expense | 435 | 228 | 268 | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Within 1 year | 411 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Between 1 and 2 years | 361 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net book value | $772 | $1,150 | ' | ' | ' | $50 | $98 | ' | ' | $722 | $1,052 |
Number of sublicense agreements entered with Medimmune | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Loans_Payable_Details
Loans Payable (Details) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 13, 2012 | Dec. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 10, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 20, 2013 | Dec. 20, 2013 | Jun. 20, 2013 | Jun. 20, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 17, 2012 | Dec. 17, 2012 | Sep. 24, 2013 | Sep. 24, 2013 | Mar. 13, 2013 | Mar. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 25, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 25, 2013 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | China Merchants Bank term loan | China Merchants Bank term loan | Industrial and Commercial Bank of China Limited | Industrial and Commercial Bank of China Limited | Industrial and Commercial Bank of China Limited | Industrial and Commercial Bank of China Limited | Industrial and Commercial Bank of China Limited | Industrial and Commercial Bank of China Limited | Industrial and Commercial Bank of China Limited | Industrial and Commercial Bank of China Limited | Industrial and Commercial Bank of China Limited | China Construction Bank - Sinovac Beijing | China Construction Bank - Sinovac Beijing | China Construction Bank - Sinovac Beijing | China Construction Bank - Sinovac Beijing | 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 Loan for Changping facility | China Construction Bank Loan for Changping facility | China Construction Bank Loan for Changping facility | Bank of China credit facility | Bank of China credit facility | Bank of China credit facility | Bank of China term loan | Bank of China term loan | Bank of China term loan | Bank of China term loan | Bank of China term loan | Bank of China term loan | Bank of Beijing Line of Credit | Bank of Beijing Line of Credit | 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 Letters of Credit Facility | Bank of Beijing Letters of Credit Facility | Bank of Beijing Letters of Credit Facility | 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 ($) | CNY | USD ($) | CNY | CNY | USD ($) | CNY | Sinovac Beijing | Sinovac Beijing | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | Sinovac Beijing | Sinovac Beijing | USD ($) | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | USD ($) | CNY | USD ($) | USD ($) | CNY | Sinovac Beijing | Sinovac Beijing | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | CNY | USD ($) | USD ($) | ||||||
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | item | USD ($) | CNY | ||||||||||||||||||||||||||||||||||||||
Bank Loans and Other Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank loan | $3,304 | ' | ' | $1,652 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,652 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt | 12,913 | 3,329 | ' | ' | ' | ' | ' | ' | ' | 3,211 | ' | ' | ' | ' | 518 | ' | 118 | ' | ' | ' | ' | ' | 330 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,065 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans payable- current portion | 16,217 | 3,329 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 330 | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Bank Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,536 | 88,000 | 14,446 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,130 | 14,892 | 146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans payable - non-current portion | 32,146 | 31,181 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,145 | ' | 1,065 | ' | ' | ' | ' | ' | 14,206 | ' | 14,446 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,065 | 14,892 | ' | ' | ' | ' | ' | ' | ' | 1,730 | ' | ' | ' | 778 |
Term of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount drawn | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,121 | 31,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate amount over base rate (as a percent) | ' | ' | ' | 10.00% | 10.00% | ' | ' | 10.00% | 10.00% | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis of interest rate | ' | ' | ' | 'prime rate of a one-year term loan published by the People's Bank of China | 'prime rate of a one-year term loan published by the People's Bank of China | ' | ' | 'Bank of China's prime rate of a one year term loan | 'Bank of China's prime rate of a one year term loan | 'Bank of China's prime rate of a one year term loan | 'Bank of China's prime rate of a one year term loan | ' | ' | ' | 'prime lending rate | 'prime lending rate | 'prime lending rate | 'prime lending rate | ' | ' | ' | ' | 'bank prime lending rate adjusted every 12 months | 'bank prime lending rate adjusted every 12 months | 'bank prime lending rate adjusted every 12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'bank prime lending rate adjusted every 12 months | 'bank prime lending rate adjusted every 12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term after which variable rate basis is to be adjusted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | '12 months | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | 1,652 | 10,000 | ' | ' | ' | 20,000 | 3,211 | 20,000 | ' | ' | ' | 8,259 | 50,000 | 8,259 | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,038 | 20,000 | ' | ' | ' | ' | ' | ' | 33,038 | 200,000 | ' | ' | ' | ' | ' | 13,200 | 80,000 | ' | ' | ' | ' | ' | ' | ' |
Number of installments in which loan is repayable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing fee rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.20% | 1.20% | 1.46% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.80% | 7.80% | 8.67% | ' | ' | 6.15% | 6.15% | 6.15% | 6.15% | ' | ' | ' | ' | 6.40% | 6.40% | 6.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.40% | 6.40% | ' | ' | ' | ' | ' | ' | ' | 0.36% | ' | ' | ' | ' |
Percentage of debt repayable in 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of debt repayable in 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt covenant, contingent liability not higher than | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,032 | 91,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt covenant, gearing ratio not higher than | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount pledged as collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,600 | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,760 | 47,000 | ' | ' | ' | ' | ' | ' | ' | 9,911 | 60,000 | ' | ' | ' | ' | ' | 20,893 | 126,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' |
Repayment of debt | 4,089 | 4,755 | 10,659 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 458 | ' | ' | ' | 165 | 1,000 | 165 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Amount mature in 2014 | 16,217 | 3,329 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 330 | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000 | 1,982 | ' | 12,000 | 1,982 | ' |
Amount drawn/ received | 16,800 | 16,787 | 11,392 | ' | ' | 3,211 | 20,000 | ' | ' | ' | ' | ' | ' | ' | 3,938 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 826 | 5,000 | 826 | 5,000 | ' | ' | ' | ' | 9,238 | ' | ' | ' | ' | ' | ' | ' | 6,000 | ' | 6,000 | ' | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.40% | 7.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership of profits from intellectual property, percentage to which lender is entitled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.62% | ' | ' | ' | ' |
Effective interest rate used to calculate fair value differential (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.90% | ' | ' | ' | ' |
Fair value differential | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 383 | ' | ' | ' | 216 |
Aggregate annual principal payments of loans payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Within 1 year | 16,217 | 3,329 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 330 | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Between 1 and 2 years | 30,416 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Between 2 and 3 years | 1,730 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | 48,363 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average effective interest rate (as a percent) | 7.00% | 7.00% | 6.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest costs incurred, net of interest subsidies received | 2,942 | 1,955 | 1,440 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest costs capitalized in property, plant and equipment | 116 | 1,306 | 252 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest subsidies received | ' | $1,458 | $712 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 18, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | USD ($) | USD ($) | PRC subsidiaries | PRC subsidiaries | PRC | PRC | PRC | PRC | PRC | PRC | PRC | PRC | PRC | PRC | PRC | PRC | PRC | PRC | PRC | PRC | |
USD ($) | CNY | Minimum | Maximum | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Tangshan Yian | Sinovac R&D | Sinovac Dalian | |||||
USD ($) | Future Tax Rate | Approval, subject to reassessment, of preferential 5% withholding tax on dividends declared by Sinovac Beijing to Sinovac Hong Kong | Approval, subject to reassessment, of preferential 5% withholding tax on dividends declared by Sinovac Beijing to Sinovac Hong Kong | Approval, subject to reassessment, of preferential 5% withholding tax on dividends declared by Sinovac Beijing to Sinovac Hong Kong | Approval, subject to reassessment, of preferential 5% withholding tax on dividends declared by Sinovac Beijing to Sinovac Hong Kong | If reassessment does not approve preferential 5% withholding tax on dividends declared by Sinovac Beijing to Sinovac Hong Kong | |||||||||||||||
Future Tax Rate | USD ($) | ||||||||||||||||||||
Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unified income tax rate (as a percent) | 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% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Period after which preferential income tax rates need to be reviewed | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Withholding income tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Withholding tax rate on dividends paid by mainland PRC resident company to beneficial owner that is a resident of Hong Kong and that directly owns less than 25 percent of the PRC company paying the dividend (as a percent) | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Withholding tax rate on dividends paid by mainland PRC resident company to beneficial owner that is a resident of Hong Kong and that directly owns at least 25 percent of the PRC company paying the dividend (as a percent) | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | 5.00% | ' | ' | ' | ' |
Beneficial ownership percentage of foreign invested enterprises by Hong Kong resident company to qualify for lower 5% dividend tax rate | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for withholding tax rate on dividend distributed by foreign-invested enterprises to its direct holding company in Hong Kong (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' |
Decrease in withholding tax recovery on dividend distributed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $867 | ' | ' | ' |
Increase in basic and diluted loss per common share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.02) | ' | ' | ' |
Withholding taxes paid on dividend declared to Sinovac Hong Kong | ' | ' | ' | ' | ' | ' | ' | ' | 865 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non - PRC | -65 | -527 | -301 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PRC | 8,210 | -19,106 | 4,968 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | 8,145 | -19,633 | 4,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income taxes attributed to the operations in China | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current | ' | 867 | -2,221 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred | 2,225 | 17 | -2,845 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total income tax benefit (expense) | 2,225 | 884 | -5,066 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income tax expense and non-controlling interests | 8,145 | -19,633 | 4,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense at PRC statutory rate | -2,036 | 4,909 | -1,167 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
International tax rate differential | -16 | -40 | -300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other adjustments | 228 | 59 | -290 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Permanent differences | 387 | 1,051 | -207 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of preferential tax treatment | 1,573 | -648 | 1,225 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in valuation allowance | 2,089 | -5,314 | -4,327 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of withholding tax at 5% on the distributable profits of the Company's PRC subsidiaries | ' | 867 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total income tax benefit (expense) | 2,225 | 884 | -5,066 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax effects of temporary differences giving rise to deferred tax assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses | 1,982 | 1,744 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories | 729 | 649 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax losses carried forward | 10,545 | 10,315 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: valuation allowance | -10,654 | -12,708 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax assets, current portion | 2,602 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed assets | 576 | 940 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: valuation allowance | -459 | -494 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax assets, non-current portion | 117 | 446 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance | -11,113 | -13,202 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carry forward of tax losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax benefit on temporary difference due to excess of the tax base of the land use rights, and licenses over the carrying value | 2,719 | 446 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax losses carried forward | ' | ' | ' | 43,483 | 263,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period over which tax losses can be carried forward | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for withholding income taxes for retained earnings | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of statute of limitation | ' | ' | ' | ' | ' | ' | '3 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 345 | 198 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additions based on tax positions related to the current year | 25 | 147 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | 370 | 345 | 198 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and penalties recorded | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling_Interests_Detai
Non-controlling Interests (Details) | 12 Months Ended | 0 Months Ended | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2011 | Oct. 02, 2011 | Oct. 02, 2011 | Sep. 30, 2011 | Apr. 08, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Dalian | Sinovac Dalian | ||
USD ($) | CNY | Sino Bioway | |||||
Non-controlling Interests | ' | ' | ' | ' | ' | ' | ' |
Increase in ownership (as a percent) | 1.53% | 1.53% | 1.53% | ' | ' | ' | ' |
Increase in ownership by the entity in a subsidiary through contributing dividends declared to another subsidiary, but unpaid | ' | $3,073 | 18,600 | ' | ' | ' | ' |
Adjustment charged to additional paid-in capital, resulted from the difference between adjusted carrying amount of non-controlling interest and consideration | ' | $271 | 1,600 | ' | ' | ' | ' |
Non-controlling ownership interest (as a percent) | ' | 26.91% | 26.91% | 28.44% | ' | 45.00% | 45.00% |
Transfer of noncontrolling equity interest to Xiamen Bioway Biotech Co., Ltd. (as a percent) | ' | ' | ' | ' | 26.91% | ' | ' |
Related_Party_Transactions_and2
Related Party Transactions and Balances (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | 21-May-12 | Apr. 08, 2013 | Aug. 12, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 12, 2004 | Dec. 31, 2004 | Dec. 31, 2004 | Aug. 12, 2010 | Aug. 12, 2010 | Aug. 12, 2010 | Aug. 12, 2010 | Jun. 30, 2007 | Jun. 30, 2007 | Sep. 30, 2010 | Sep. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
USD ($) | USD ($) | Dalian Jin Gang Group | Dalian Jin Gang Group | Dalian Jin Gang Group | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | Sino Bioway | |
USD ($) | CNY | Sinovac Dalian | item | item | USD ($) | USD ($) | USD ($) | Two operating lease agreements, production plant and laboratory | Two operating lease agreements, production plant and laboratory | Two operating lease agreements, production plant and laboratory | Before amendment, one operating lease agreement, production plant and laboratory | Before amendment, one operating lease agreement, production plant and laboratory | After amendment, one operating lease agreement, production plant and laboratory | After amendment, one operating lease agreement, production plant and laboratory | Operating lease agreement, expansion of production plant and laboratory | Operating lease agreement, expansion of production plant and laboratory | Operating lease agreement, R&D expansion | Operating lease agreement, R&D expansion | Operating lease agreement, R&D expansion | Operating lease agreement, R&D expansion | Operating lease agreement, R&D expansion | Operating lease agreement, R&D expansion | |||
CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | |||||||||||
item | |||||||||||||||||||||||||
Related Party Transactions and Balances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan - current | $3,324,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan - long-term | ' | 3,230,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | 3,324,000 | 3,230,000 | 3,324,000 | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on loan from related party (as a percent) | ' | ' | 7.20% | 7.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan receivable from related party | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on loan to related party (as a percent) | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense incurred to related party | ' | ' | ' | ' | ' | ' | ' | 847,000 | 823,000 | 805,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating lease agreements entered with related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating lease, annual rent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 231,000 | 1,400,000 | 75,000 | 500,000 | 224,000 | 1,400,000 | 338,000 | 2,000,000 | 142,000 | 900,000 | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating lease agreements for which expiration date is extended | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid lease payments included in current and long-term prepaid expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $306,000 | 1,900,000 | $417,000 | 2,700,000 |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities | ' | ' |
Trade payables | $6,063 | $2,170 |
Machinery and equipment payables | 2,270 | 3,788 |
Accrued expenses | 8,669 | 7,514 |
Value added tax payable | 208 | 167 |
Other tax payable | 576 | 617 |
Withholding personal income tax | 1,511 | 1,240 |
Bonus and benefit payables | 5,244 | 6,776 |
Other payables | 3,496 | 2,506 |
Total | $28,037 | $24,778 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Lease Commitments | ' | ' | ' |
Rental expense | $847 | $823 | $805 |
Minimum future rental payments under operating leases | ' | ' | ' |
2014 | 847 | ' | ' |
2015 | 847 | ' | ' |
2016 | 847 | ' | ' |
2017 | 847 | ' | ' |
2018 | 847 | ' | ' |
Thereafter | 4,468 | ' | ' |
Total minimum future payments | 8,703 | ' | ' |
R&D expenditures | ' | ' | ' |
Commitments | ' | ' | ' |
Other commitments | 181 | ' | ' |
Capital expenditures | ' | ' | ' |
Commitments | ' | ' | ' |
Other commitments | $1,400 | ' | ' |
Common_Stock_Details
Common Stock (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
vote | |||
Common Stock | ' | ' | ' |
Number of votes on each share of common stock | 1 | ' | ' |
Common stock outstanding (in shares) | 55,570,361 | 55,091,561 | ' |
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 | 468,000 |
Exercise price of options exercised (in dollars per share) | ' | $1.60 | $1.60 |
Proceeds from common stock issued on exercise of stock options | $848 | $508 | $749 |
Cash proceeds received on exercise of stock options for which shares were not issued till date | 18 | 8 | 3 |
$1.60 | ' | ' | ' |
Common Stock | ' | ' | ' |
Common stock issued on exercise of stock options (in shares) | 360,600 | ' | ' |
Exercise price of options exercised (in dollars per share) | $1.60 | ' | ' |
$2.37 | ' | ' | ' |
Common Stock | ' | ' | ' |
Common stock issued on exercise of stock options (in shares) | 118,200 | ' | ' |
Exercise price of options exercised (in dollars per share) | $2.37 | ' | ' |
Employee stock options | ' | ' | ' |
Common Stock | ' | ' | ' |
Cash proceeds received on exercise of stock options for which shares were not issued till date | $18 | $8 | $3 |
Stock_Options_Details
Stock Options (Details) (Stock options, USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 1-May-12 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 22, 2012 | Nov. 01, 2003 | Dec. 31, 2013 | Aug. 22, 2012 | |
2003 Plan | 2003 Plan | 2003 Plan | 2003 Plan | 2012 Plan | 2012 Plan | Maximum | Maximum | Maximum | ||||
2003 Plan | 2003 Plan | 2012 Plan | ||||||||||
Stock Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding common stocks reserved for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Common stock available under the options plan (in shares) | ' | ' | ' | ' | ' | ' | 42,800 | ' | ' | ' | ' | ' |
Number of shares available for purchase to each holder of stock option | ' | ' | ' | ' | ' | 1 | ' | 1 | ' | ' | ' | ' |
Term of options granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years |
Granted (in shares) | ' | ' | ' | 50,000 | 767,000 | ' | ' | 0 | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for issuance | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' |
Valuation assumptions for stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility (as a percent) | ' | 82.89% | 86.91% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate (as a percent) | ' | 0.39% | 0.36% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life | ' | '2 years 11 months 12 days | '3 years 2 months 26 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend yield (as a percent) | ' | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated forfeiture rate (as a percent) | ' | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional information related to stock option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value of options granted (in dollars per share) | $0 | $1.08 | $1.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Options_Details_2
Stock Options (Details 2) (USD $) | 12 Months Ended | |||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock options | Stock options | |||
2003 Plan | 2003 Plan | |||
Stock options activity | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | ' | ' | 1,448,200 | ' |
Exercised (in shares) | -317,600 | -468,000 | -478,800 | ' |
Forfeited (in shares) | ' | ' | -65,000 | ' |
Outstanding at the end of the period (in shares) | ' | ' | 904,400 | ' |
Vested and expected to vest at the end of the period (in shares) | ' | ' | 841,520 | ' |
Exercisable at the end of the period (in shares) | ' | ' | 520,900 | ' |
Weighted Average Exercise Price | ' | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | ' | ' | $2.02 | ' |
Exercised (in dollars per share) | $1.60 | $1.60 | $1.79 | ' |
Forfeited (in dollars per share) | ' | ' | $2.15 | ' |
Outstanding at the end of the period (in dollars per share) | ' | ' | $2.14 | ' |
Vested and expected to vest at the end of the period (in dollars per share) | ' | ' | $2.12 | ' |
Exercisable at the end of the period (in dollars per share) | ' | ' | $1.96 | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' |
Outstanding at the end of the period | ' | ' | $3,603,712 | $1,617,138 |
Vested and expected to vest at the end of the period (in dollars) | ' | ' | 3,367,912 | ' |
Exercisable at the end of the period | ' | ' | $2,165,587 | ' |
Stock_Options_Details_3
Stock Options (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock options by range of exercise prices | ' | ' | ' |
Options Outstanding - Number of Options Outstanding (in shares) | 904,400 | ' | ' |
Options Outstanding - Weighted Average Remaining Contractual Life | '2 years 1 month 2 days | ' | ' |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $2.14 | ' | ' |
Options Exercisable - Number of Options Exercisable (in shares) | 520,900 | ' | ' |
Options Exercisable - Weighted Average Remaining Contractual Life | '1 year 5 months 8 days | ' | ' |
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $1.96 | ' | ' |
Information pertaining to stock options | ' | ' | ' |
Stock-based compensation expense included in selling, general and administrative expenses | $281 | $347 | $206 |
Stock options | ' | ' | ' |
Stock options by range of exercise prices | ' | ' | ' |
Estimated fair value of stock options vested | 420 | 631 | 416 |
Stock options | 2003 Plan | ' | ' | ' |
Stock options by range of exercise prices | ' | ' | ' |
Unrecognized compensation cost related to non-vested stock options granted | 462 | ' | ' |
Period of recognition of unrecognized compensation expense | '15 months | ' | ' |
Aggregate intrinsic value of stock options exercised under the Plan | $1,344 | $127 | $995 |
$1.60 | ' | ' | ' |
Stock options by range of exercise prices | ' | ' | ' |
Options Outstanding - Number of Options Outstanding (in shares) | 275,600 | ' | ' |
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) | 275,600 | ' | ' |
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) | 628,800 | ' | ' |
Options Outstanding - Weighted Average Remaining Contractual Life | '2 years 11 months 26 days | ' | ' |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $2.37 | ' | ' |
Options Exercisable - Number of Options Exercisable (in shares) | 245,300 | ' | ' |
Options Exercisable - Weighted Average Remaining Contractual Life | '2 years 11 months 26 days | ' | ' |
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $2.37 | ' | ' |
Statutory_surplus_reserves_Det
Statutory surplus reserves (Details) | 12 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | CNY | USD ($) | CNY | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Tangshan Yian | Sinovac R&D | Sinovac Dalian | |
USD ($) | USD ($) | CNY | USD ($) | 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 | $11,808 | ' | $11,808 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of after-tax profits appropriated to general reserve | ' | ' | ' | ' | 0.00% | 0.00% | 0.00% | 10.00% | 10.00% | ' | ' | ' |
Percentage of after-tax profits appropriated to enterprise expansion reserve | ' | ' | ' | ' | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ' | ' | ' |
Appropriation of after-tax profits to general reserve | ' | ' | ' | ' | 0 | 0 | ' | 335 | 2,000 | ' | ' | ' |
Appropriation of after-tax profits to enterprise expansion reserve | ' | ' | ' | ' | 0 | 0 | ' | 0 | ' | ' | ' | ' |
Appropriation of net income after taxes to staff welfare and bonus fund | ' | ' | ' | ' | 0 | 0 | ' | 168 | 1,000 | 0 | 0 | 0 |
Appropriation to statutory surplus reserve fund | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Dividend declared to non-controlling shareholder | ' | ' | ' | ' | 0 | 802 | 5,000 | 5,863 | 39,000 | ' | ' | ' |
Dividend payable | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of paid-in-capital and statutory surplus reserves that are restricted from transfer or dividend distribution | 81,249 | 492,000 | 74,923 | 467,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of net assets that are restricted from transferring in the form of loans, advances or cash dividends | $34,860 | ' | $27,373 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred_Government_Grants_Det
Deferred Government Grants (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | 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 2013 for H5N1 | Grants received in 2013 for H5N1 | Other research projects | Other research projects | |
USD ($) | CNY | USD ($) | USD ($) | USD ($) | USD ($) | CNY | CNY | CNY | USD ($) | USD ($) | CNY | CNY | USD ($) | CNY | USD ($) | CNY | |||||||
Deferred Government Grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Government grants received | $842 | 5,200 | $936 | 5,900 | $891 | 5,800 | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | 6,200 | ' | ' | ' | ' | ' |
Deferred government grants | ' | ' | ' | ' | ' | ' | 383 | ' | 216 | 1,800 | 2,037 | ' | ' | 10,900 | 12,700 | 793 | ' | ' | 4,800 | 99 | 600 | 2,129 | 12,900 |
Current portion of government grants | 458 | ' | 431 | ' | ' | ' | ' | ' | ' | 297 | ' | ' | ' | 1,800 | ' | 146 | ' | ' | 900 | 14 | 100 | ' | ' |
Non-current portion of government grants | 4,746 | ' | 4,069 | ' | ' | ' | ' | ' | ' | 1,503 | ' | ' | ' | 9,100 | ' | 647 | ' | ' | 3,900 | 85 | 500 | ' | ' |
Portion of grant recorded as a reduction to depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 237 | 285 | 278 | ' | ' | ' | 119 | 82 | ' | ' | ' | ' | ' | ' |
Loan received | ' | ' | ' | ' | ' | ' | $1,982 | 12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current interest rate (as a percent) | ' | ' | ' | ' | ' | ' | 0.36% | 0.36% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate used to calculate fair value differential (as a percent) | ' | ' | ' | ' | ' | ' | 6.90% | 6.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred_Revenue_Details
Deferred Revenue (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Revenue | ' | ' |
Amount received, included in current deferred revenue | $875 | $1,378 |
Amount received, included in long-term deferred revenue | 11,005 | 10,693 |
Chinese government stockpiling purchases of H5N1 vaccines | ' | ' |
Deferred Revenue | ' | ' |
Amount received, included in current deferred revenue | 102 | 100 |
Amount received, included in long-term deferred revenue | 11,005 | 10,693 |
Advances from customers | ' | ' |
Deferred Revenue | ' | ' |
Amount received, included in current deferred revenue | $773 | $1,278 |
Earnings_loss_per_Share_Detail
Earnings (loss) per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings (loss) per Share | ' | ' | ' |
Net income (loss) attributable to stockholders | $7,442 | ($14,853) | ($844) |
Basic weighted average number of common shares outstanding | 55,301,276 | 54,926,440 | 54,608,919 |
Effect of dilutive securities: | ' | ' | ' |
Stock options (in shares) | 501,062 | ' | ' |
Diluted weighted average number of common shares outstanding | 55,802,338 | 54,926,440 | 54,608,919 |
Basic earnings (loss) per share (in dollars per share) | $0.13 | ($0.27) | ($0.02) |
Diluted earnings (loss) per share (in dollars per share) | $0.13 | ($0.27) | ($0.02) |
Segmented_Information_Details
Segmented Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | |||
Segmented Information | ' | ' | ' |
Number of operating segment | 1 | ' | ' |
Segmented information | ' | ' | ' |
Assets | $240,693 | $208,763 | ' |
Revenues | 72,524 | 49,216 | 56,842 |
Inactivated hepatitis vaccines | ' | ' | ' |
Segmented information | ' | ' | ' |
Revenues | 47,202 | 39,951 | 26,939 |
Influenza vaccines | ' | ' | ' |
Segmented information | ' | ' | ' |
Revenues | 12,156 | 9,191 | 8,113 |
H5N1 | ' | ' | ' |
Segmented information | ' | ' | ' |
Revenues | 10,736 | ' | 7,782 |
H1N1 | ' | ' | ' |
Segmented information | ' | ' | ' |
Revenues | ' | ' | 14,008 |
Mumps | ' | ' | ' |
Segmented information | ' | ' | ' |
Revenues | 1,680 | 24 | ' |
Rabend | ' | ' | ' |
Segmented information | ' | ' | ' |
Revenues | 750 | 50 | ' |
Mainland China | ' | ' | ' |
Segmented information | ' | ' | ' |
Total long-lived assets | 79,683 | 81,233 | ' |
Assets | 199,703 | 164,174 | ' |
Revenues | 71,397 | 48,199 | 56,407 |
Hong Kong | ' | ' | ' |
Segmented information | ' | ' | ' |
Assets | 40,990 | 44,589 | ' |
Foreign countries | ' | ' | ' |
Segmented information | ' | ' | ' |
Revenues | $1,127 | $1,017 | $435 |
Collaboration_Agreements_Detai
Collaboration Agreements (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 15, 2012 | Dec. 14, 2011 | Mar. 12, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 12, 2009 | Mar. 12, 2009 | Aug. 18, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 18, 2009 | Aug. 18, 2009 | Aug. 15, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Licenses | 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 | ||||
H5N1 licenses | 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 | ||||
item | item | Minimum | Maximum | Minimum | Maximum | H5N1 licenses | H5N1 licenses | H5N1 licenses | H5N1 licenses | ||||||||||||
item | Maximum | ||||||||||||||||||||
Collaboration Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaborative agreement, term | ' | ' | ' | ' | ' | '8 years | ' | ' | ' | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Milestone payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $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 | 8,384 | 17,044 | 9,007 | ' | ' | ' | 0 | 200 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalties included in the account payable and accrued liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,036 | ' |
Milestone payments incurred | ' | ' | ' | ' | ' | ' | 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% | ' | ' | ' | 10.00% |
Royalty payments upon achieving each benchmark | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 330 | ' | ' | ' | ' | ' | ' | ' | ' |
License issue royalty recorded in research and development expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21 | $8 | $8 | ' | ' | ' | ' | ' | ' |
Number of sublicense agreements with termination date revised | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 17, 2012 | Dec. 17, 2012 | Jan. 30, 2014 | Jan. 30, 2014 | Mar. 03, 2014 | Mar. 03, 2014 | Mar. 12, 2014 | Mar. 12, 2014 |
USD ($) | USD ($) | USD ($) | China Merchants Bank term loan | China Merchants Bank term loan | Bank of China term loan | Bank of China credit facility | Bank of China credit facility | Subsequent events | Subsequent events | Subsequent events | Subsequent events | Subsequent events | Subsequent events | |
USD ($) | CNY | Sinovac Dalian | Sinovac Dalian | Sinovac Dalian | China Merchants Bank term loan | China Merchants Bank term loan | China Merchants Bank term loan | China Merchants Bank term loan | Bank of China term loan | Bank of China term loan | ||||
USD ($) | CNY | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Beijing | Sinovac Dalian | Sinovac Dalian | |||||||
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | |||||||||
Subsequent Events | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of loans | $4,089 | $4,755 | $10,659 | ' | ' | ' | ' | ' | $1,652 | 10,000 | ' | ' | $826 | 5,000 |
Maximum borrowing capacity | ' | ' | ' | $1,652 | 10,000 | ' | $33,038 | 20,000 | ' | ' | $4,956 | 30,000 | ' | ' |
Interest rate (as a percent) | ' | ' | ' | ' | ' | 7.40% | ' | ' | ' | ' | 6.90% | 6.90% | ' | ' |