BEIJING, Feb. 25, 2016 /PRNewswire/ -- China
Biologic Products, Inc. (NASDAQ: CBPO, "China Biologic" or the
"Company"), a leading fully integrated plasma-based
biopharmaceutical company in China, today announced its financial results
for the fourth quarter and fiscal year of 2015.
Fourth Quarter 2015 Financial Highlights
- Total sales in the fourth quarter of 2015 increased by
22.6% in RMB terms, or 17.8% in USD terms, to $68.3 million from $58.0
million in the same quarter of 2014.
- Gross profit increased by 11.6% to $41.3 million from $37.0
million in the same quarter of 2014. Gross margin
decreased to 60.5% in the fourth quarter of 2015 from 63.8% in the
fourth quarter of 2014.
- Income from operations increased by 14.7% to
$22.6 million from $19.7 million in the same quarter of 2014.
Operating margin decreased to 33.1% in the fourth quarter of
2015 from 34.0% in the same quarter of 2014.
- Net income attributable to the Company increased by
26.4% to $16.3 million from
$12.9 million in the same quarter of
2014. Fully diluted net income per share increased to
$0.59 from $0.48 in the same quarter of 2014.
- Non-GAAP adjusted net income attributable to the Company
increased by 44.5% in RMB terms, or 38.8% in USD terms, to
$20.4 million from $14.7 million in the same quarter of 2014.
Fully diluted non-GAAP adjusted net income
per share increased to $0.74 from $0.56 in
the same quarter of 2014.
Fiscal Year 2015 Financial Highlights
- Total sales in 2015 increased by 23.4% in RMB terms, or
21.9% in USD terms, to $296.5 million
from $243.3 million in 2014.
- Gross profit increased by 16.4% to $190.0 million from $163.2
million in 2014. Gross margin decreased to 64.1% in
2015 from 67.1% in 2014.
- Income from operations increased by 19.2% to
$132.6 million from $111.2 million in 2014. Operating margin
decreased to 44.7% in 2015 from 45.7% in 2014.
- Net income attributable to the Company increased by
25.5% to $89.0 million from
$70.9 million in 2014. Fully
diluted net income per share increased to $3.27 from $2.71 in
2014.
- Non-GAAP adjusted net income attributable to the Company
increased by 34.0% in RMB terms, or 32.4% in USD terms, to
$100.1 million from $75.6 million in 2014. Fully diluted
non-GAAP adjusted net income per
share increased to $3.68
from $2.89 in 2014.
Mr. David (Xiaoying) Gao,
Chairman and Chief Executive Officer of China Biologic, commented,
"We are very pleased with our 2015 financial results which exceeded
our revised guidance forecast from last quarter despite the
negative impact from foreign currency conversion. Throughout 2015,
we executed our major financial and strategic initiatives while
positioning our business for sustainable growth through investments
that enhance our commercial, operational and research and
development capabilities."
"We delivered double-digit collection growth through our
existing plasma collection network for a fourth consecutive year.
We recently added a new plasma branch collection facility and have
two new stations under construction that we expect to be
operational in 2016. Our strategic collaboration with a third-party
plasma fractionator enables our Guizhou facility to have access to an
additional 500 tonnes of plasma, significantly enhancing its plant
utilization over the next three years. In terms of our
manufacturing capabilities, the new fractionation facility we are
building in Shandong province
remains on track, and a new Huitian facility in Shaanxi province, in which we have a minority
equity interest, recently received its GMP certification and
commenced production, which will incrementally contribute to our
profit in 2016. Our efforts to further penetrate tier-one
markets also contributed to our financial results in 2015 and
provided a solid foundation for future IVIG growth. According to
our estimates based on published government data, China Biologic
had the largest market share among Chinese IVIG producers in
2015."
Mr. Gao continued, "In addition to our operational achievements,
we were also pleased to be included in the NASDAQ Biotechnology
Index in December 2015, a testament
to our strong, stable track record of growth. As we move into 2016,
our growth strategy will focus on continuing strong plasma growth
momentum, advancing and expanding our product portfolio through
continued investment in research and development, and strengthening
our sales efforts to maximize market potential resulting from the
price ceiling removal by the Chinese government in 2015."
Fourth Quarter 2015 Financial Performance
Total sales increased by 22.6% in RMB terms, or 17.8% in
USD terms, to $68.3 million from
$58.0 million in the fourth quarter
of 2015, compared with the same quarter of 2014. The increase was
primarily attributable to increases in sales volume of major
plasma-based products and hyper-immune products.
Cost of sales increased by 28.6% to $27.0 million in the fourth quarter of 2015 from
$21.0 million in the same quarter of
2014, mainly in line with the total sales growth. As a percentage
of total sales, cost of sales was 39.5%, compared to 36.2% in the
same quarter of 2014. The increase in cost of sales as a percentage
of total sales was mainly due to the higher cost of products made
from the purchased raw plasma.
Gross profit increased by 11.6% to $41.3 million in the fourth quarter of 2015 from
$37.0 million in the same quarter of
2014. Gross margin was 60.5% and 63.8% in the fourth quarter
of 2015 and 2014, respectively.
Total operating expenses in the fourth quarter of 2015
increased by 8.1% to $18.7 million
from $17.3 million in the same
quarter of 2014, due to increased compensation and R&D
expenses, partially offset by the decrease of a one-time provision
in the fourth quarter of 2014. As a percentage of total sales,
total operating expenses decreased to 27.4% in the fourth quarter
of 2015 from 29.8% in the same quarter of 2014.
Income from operations for the fourth quarter of 2015
increased by 14.7% to $22.6 million
from $19.7 million in the same period
of 2014. Operating margin was 33.1% in the fourth quarter of
2015, compared to 34.0% in the same quarter of 2014.
Net income attributable to the Company increased
by 26.4% to $16.3 million in the
fourth quarter of 2015 from $12.9
million in the same quarter of 2014. Fully diluted net
income per share was $0.59 in the
fourth quarter of 2015, compared to $0.48 in the fourth quarter of 2014.
Non-GAAP adjusted net income attributable to the Company
was $20.4 million in the fourth
quarter of 2015, or $0.74 per diluted
share, representing an increase of 44.5% in RMB terms, or 38.8% in
USD terms, from $14.7 million, or
$0.56 per diluted share, in the same
quarter of 2014.
Fiscal Year 2015 Financial Performance
Total sales, increased by 23.4% in RMB terms, or 21.9% in
USD terms, to $296.5 million from
$243.3 million, in 2015 compared with
2014. The increase in sales was primarily driven by increases in
sales volume of major plasma-based products.
During 2015, human albumin and IVIG products remained the
Company's largest two sales contributors. The sales volume of human
albumin and IVIG products increased by 16.6% and 27.0%,
respectively, in 2015. As a percentage of total sales, sales from
human albumin products were 37.6% in 2015, compared to 39.3% in
2014. Revenues from IVIG increased to 42.2% of total sales in 2015
from 40.4% in 2014.
The average price for human albumin products, excluding foreign
exchange impact, increased by approximately 1.3% in RMB terms, or
remained stable in USD terms, in 2015 compared to the prior year.
The average price for IVIG products, excluding foreign exchange
impact, increased by approximately 1.2% in RMB terms, or remained
stable in USD terms, in 2015 compared to the prior year.
Cost of sales was $106.5
million in 2015, compared to $80.0
million in 2014. Cost of sales as a percentage of total
sales was 35.9%, compared to 32.9% in 2014. The increase in cost of
sales was mainly due to increased sales volume and increased plasma
collection costs, and from the higher cost of products made from
the purchased raw plasma.
Gross profit increased by 16.4% to $190.0 million in 2015 from $163.2 million in 2014. Gross margin was
64.1% in 2015, compared to 67.1% in 2014.
Total operating expenses in 2015 increased by 10.2% to
$57.4 million from $52.1 million in 2014, primarily due to the
increase in share-based compensation expense, partially offset by
the decrease of a one-time provision incurred in 2014. As a
percentage of total sales, total operating expenses decreased to
19.4% in 2015 from 21.4% in 2014.
Selling expenses in 2015 decreased by 6.5% to
$10.0 million from $10.7 million in 2014. As a percentage of total
sales, selling expenses were 3.4%, down from 4.4% in 2014, which
was primarily due to the decreased selling expense of placenta
polypeptide.
General and administrative expenses in 2015 increased by
29.0% to $41.4 million from
$32.1 million in 2014. As a
percentage of total sales, general and administrative expenses were
14.0% and 13.2% in 2015 and 2014, respectively. The increase in
general and administrative expenses was mainly due to the increase
in share-based compensation expense and the increase in asset
disposal losses.
Research and development expenses in 2015 were
$6.0 million, or 2.0% of total sales,
compared to $4.2 million, or 1.7% of
total sales, in 2014 primarily due to expenditures related to
certain clinical trial programs conducted in 2015. During 2015 and
2014, the Company received government grants totaling $1.2 million and $2.1
million, respectively, and recognized them as a reduction of
research and development expenses. Excluding this impact, research
and development expenses increased by $0.9
million in 2015 from 2014, and these expenses as a
percentage of total sales decreased from 2.6% to 2.4%.
Income from operations in 2015 increased by 19.2% to
$132.6 million from $111.2 million in 2014. Operating margin
was 44.7% in 2015, compared to 45.7% in 2014.
Income tax expense in 2015 was $21.0 million, compared to $26.6 million in 2014. The effective income tax
rate was 15.5% and 21.7% in 2015 and 2014, respectively. The
Company recognized dividend withholding income tax of $8.9 million in 2014, while no such tax was
recognized in 2015. Excluding the impact of dividend withholding
income tax, the effective income tax rates were 15.5% and 14.4% for
2015 and 2014, respectively.
Net income attributable to the Company increased
by 25.5% to $89.0 million in 2015,
from $70.9 million in 2014. Net
margin was 30.0% and 29.1% in 2015 and 2014, respectively.
Fully diluted net income per share was $3.27, compared to $2.71 in 2014.
Non-GAAP adjusted net income attributable to the Company
increased by 34.0% in RMB terms, or 32.4% in USD terms, to
$100.1 million, or $3.68 per diluted share in 2015, compared with
$75.6 million, or $2.89 per diluted share in 2014.
Non-GAAP adjusted net income and diluted earnings per share in
2015 exclude $11.1 million of
non-cash employee share-based compensation expenses.
As of December 31, 2015, the
Company had $144.9 million in cash
and cash equivalents, primarily consisting of cash on hand and
demand deposits, and $38.0 million in
time deposits.
Net cash provided by operating activities in 2015 was
$109.4 million, as compared to
$93.5 million in 2014. The increase
in net cash provided by operating activities was mainly in line
with the increases in net income, partially offset by the increases
in accounts receivable and inventories.
Accounts receivable increased by $7.1
million during 2015, as compared to $2.2 million during 2014, primarily due to the
extended credit terms granted to certain distributors for human
rabies immunoglobulin products. Excluding the impact of these
rabies immunoglobulin distributors, the accounts receivable
turnover days for plasma products remained stable in 2015 compared
with 2014.
Inventories increased by $32.1
million in 2015, as compared to $13.4
million during 2014, primarily due to the increase of plasma
products derived from the source plasma and plasma pastes purchased
from Xinjiang Deyuan.
Net cash used in investing activities for 2015 was
$89.8 million, as compared to
$13.4 million for 2014. During 2015,
the Company paid $52.3 million for
the acquisition of property, plant and equipment, intangible assets
and land use rights and provided a long-term loan of $40.7 million to Xinjiang Deyuan, partially
offset by $2.5 million government
grants in connection with the purchase of property, plant and
equipment. During 2014, the Company paid $21.9 million for the acquisition of property,
plant and equipment, intangible assets and land use right,
partially offset by a refund of deposit of $1.6 million from the local government due to a
decrease in the size of a land parcel purchased by the Company in
Guizhou and proceeds of
$6.6 million from the maturity of a
time deposit made in 2013.
Net cash provided by financing activities in 2015 was
$51.6 million, as compared to net
cash used in financing activities of $142.8
million in 2014. The net cash provided by financing
activities in 2015 mainly consisted of proceeds of $80.6 million from the follow-on offering of the
Company's common stock in June 2015,
proceeds of $63.2 million from the
maturity of deposits used as security for bank loans, proceeds of
$15.8 million from a short-term bank
loan, and proceeds of $7.7 million
from stock options exercised, partially offset by the repayment of
bank loans totaling $113.5 million
and a dividend payment of $3.7
million held in escrow by a trial court in connection with
disputes with a minority shareholder of Guizhou Taibang. Net cash
used in financing activities during 2014 mainly consisted of a
payment of $86.8 million for
acquisition of non-controlling interest in Guizhou Taibang, a
dividend payment of $8.8 million by
the Company's subsidiaries to noncontrolling interest shareholders
and a payment of $70.0 million for
share repurchase, partially offset by proceeds of $33.2 million from a follow-on offering of the
Company's common stock in July
2014.
Financial Outlook
For the full year of 2016, the Company expects total sales to
grow 21% to 23% in RMB terms and non-GAAP adjusted net income to
grow 24% to 26% in RMB terms over 2015 financial results. This
guidance does not factor in any potential foreign currency
translation impact. The Company adopted an exchange rate of
approximately RMB6.21 = $1.00 based on weighted average quarterly
exchange rates in 2015 in translating 2015 financial results, and
expects that the total sales and non-GAAP adjusted net income in
USD terms in 2016 will be adversely affected by the foreign
currency translation impact.
This guidance assumes only organic growth, excluding
acquisitions, and necessarily assumes no significant product price
changes during 2016. This forecast reflects the Company's current
and preliminary views, which are subject to change.
Conference Call
The Company will hold a conference call at 7:30 a.m. ET on Friday,
February 26, 2016 which is 8:30
p.m. Beijing Time on February 26,
2016 to discuss its results for the fourth quarter and
fiscal year 2015 and answer questions from investors. Listeners may
access the call by dialing:
US (Toll
Free):
|
1 888 346 8982
|
International:
|
1 412 902 4272
|
Hong Kong (Toll
Free):
|
800 905 945
|
China (Toll Free):
|
400 120 1203
|
A telephone replay will be available one hour after the
conclusion of the conference call through March 5, 2016. The dial-in details are:
US (Toll
Free):
|
1 877 344 7529
|
International:
|
1 412 317 0088
|
Passcode:
|
10081319
|
A live and archived webcast of the conference call will be
available through the Company's investor relations website at
http://chinabiologic.investorroom.com.
About China Biologic Products, Inc.
China Biologic Products, Inc. (NASDAQ: CBPO), is a leading fully
integrated plasma-based biopharmaceutical company in China. The Company's products are used as
critical therapies during medical emergencies and for the
prevention and treatment of life-threatening diseases and
immune-deficiency related diseases. China Biologic is headquartered
in Beijing and manufactures over
20 different dosage forms of plasma products through its indirect
majority-owned subsidiaries, Shandong Taibang Biological Products
Co., Ltd. and Guizhou Taibang Biological Products Co., Ltd. The
Company also has an equity investment in Xi'an Huitian Blood
Products Co., Ltd. The Company sells its products to hospitals,
distributors and other healthcare facilities in China. For additional information, please see
the Company's website www.chinabiologic.com.
Non-GAAP Disclosure
This news release contains non-GAAP financial measures that
exclude non-cash compensation expenses related to options and
restricted shares granted to employees and directors under the
Company's 2008 Equity Incentive Plan. To supplement the Company's
unaudited condensed consolidated financial statements presented on
a GAAP basis, the Company has provided non-GAAP financial
information excluding the impact of these items in this release.
The Company's management believes that these non-GAAP measures
provide investors with a better understanding of how the results
relate to the Company's performance. A reconciliation of the
adjustments to GAAP results appears in the table accompanying this
news release. This additional non-GAAP information is not meant to
be considered in isolation or as a substitute for GAAP financials.
The non-GAAP financial information that the Company provides also
may differ from the non-GAAP information provided by other
companies.
Safe Harbor Statement
This news release may contain certain "forward-looking
statements" relating to the business of China Biologic Products,
Inc. and its subsidiaries. All statements, other than statements of
historical fact included herein, are "forward-looking statements."
These forward-looking statements are often identified by the use of
forward-looking terminology such as "intend," "believe," "expect,"
"are expected to," "will," or similar expressions, and involve
known and unknown risks and uncertainties. Among other things, the
Company's plans regarding the production and sale of plasma
products made from the outsourced raw materials and the
management's quotations and forecast of the Company's financial
performance in this news release contain forward-looking
statements. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
involve assumptions, risks, and uncertainties, and these
expectations may prove to be incorrect.
Investors should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
news release. The Company's actual results could differ materially
from those anticipated in these forward-looking statements as a
result of a variety of factors, including, without limitation,
quality inspection of outsourced source plasma, potential delay or
failure to complete construction of new collection facilities,
potential inability to pass government inspection and certification
process for existing and new facilities, potential inability to
achieve the designed collection capacities at the new collection
facilities, potential inability to achieve the expected operating
and financial performance, potential inability to find alternative
sources of plasma, potential inability to increase production at
permitted sites, potential inability to mitigate the financial
consequences of a temporarily reduced raw plasma supply through
cost cutting or other efficiencies, and potential additional
regulatory restrictions on its operations and those additional
risks and uncertainties discussed in the Company's periodic reports
that are filed with the Securities and Exchange Commission and
available on its website (http://www.sec.gov). All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does
not assume a duty to update these forward-looking statements.
Contact:
China Biologic Products, Inc.
Mr. Ming Yin
Senior Vice President
Phone: +86-10-6598-3099
Email: ir@chinabiologic.com
ICR Inc.
Mr. Bill Zima
Phone: +86-10-6583-7511 or +1-646-405-5191
E-mail: bill.zima@icrinc.com
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
|
|
|
For the Years
Ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2013
|
|
|
USD
|
|
USD
|
|
USD
|
Sales
|
|
296,457,902
|
|
243,251,658
|
|
203,356,856
|
Cost of
sales
|
|
106,482,626
|
|
80,025,375
|
|
65,484,153
|
Gross
profit
|
|
189,975,276
|
|
163,226,283
|
|
137,872,703
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
Selling
expenses
|
|
9,973,449
|
|
10,707,409
|
|
10,643,149
|
General and administrative expenses
|
|
41,391,520
|
|
32,129,985
|
|
36,073,871
|
Research and development expenses
|
|
6,024,368
|
|
4,161,901
|
|
4,223,165
|
Provision for
other receivables in respect of an employee housing development
project
|
|
-
|
|
5,068,075
|
|
-
|
Income from
operations
|
|
132,585,939
|
|
111,158,913
|
|
86,932,518
|
|
|
|
|
|
|
|
Other income
(expenses)
|
|
|
|
|
|
|
Equity in (loss) income of an equity method
investee
|
|
(1,311,278)
|
|
8,646,181
|
|
2,170,473
|
Interest income
|
|
5,551,105
|
|
6,644,886
|
|
4,433,326
|
Interest expense
|
|
(1,727,335)
|
|
(3,697,819)
|
|
(1,134,952)
|
Total other income,
net
|
|
2,512,492
|
|
11,593,248
|
|
5,468,847
|
|
|
|
|
|
|
|
Earnings before
income tax expense
|
|
135,098,431
|
|
122,752,161
|
|
92,401,365
|
|
|
|
|
|
|
|
Income tax
expense
|
|
20,992,913
|
|
26,639,527
|
|
15,540,301
|
|
|
|
|
|
|
|
Net
income
|
|
114,105,518
|
|
96,112,634
|
|
76,861,064
|
|
|
|
|
|
|
|
Less: Net income
attributable to noncontrolling interest
|
|
25,062,815
|
|
25,195,794
|
|
22,259,513
|
|
|
|
|
|
|
|
Net income
attributable to China Biologic Products, Inc.
|
|
89,042,703
|
|
70,916,840
|
|
54,601,551
|
|
|
|
|
|
|
|
Net income per share
of common stock:
|
|
|
|
|
|
|
Basic
|
|
3.40
|
|
2.85
|
|
2.05
|
Diluted
|
|
3.27
|
|
2.71
|
|
1.96
|
Weighted average
shares used in computation:
|
|
|
|
|
|
|
Basic
|
|
25,599,153
|
|
24,427,196
|
|
26,410,819
|
Diluted
|
|
26,567,366
|
|
25,685,064
|
|
27,572,111
|
|
|
|
|
|
|
|
Net
income
|
|
114,105,518
|
|
96,112,634
|
|
76,861,064
|
|
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net of nil income taxes
|
|
(24,368,360)
|
|
(1,918,715)
|
|
9,126,218
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
89,737,158
|
|
94,193,919
|
|
85,987,282
|
|
|
|
|
|
|
|
Less: Comprehensive
income attributable to noncontrolling interest
|
|
20,698,249
|
|
24,798,384
|
|
23,951,559
|
|
|
|
|
|
|
|
Comprehensive income
attributable to China Biologic Products, Inc.
|
|
69,038,909
|
|
69,395,535
|
|
62,035,723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
December 31,
2015
|
|
December 31,
2014
|
|
USD
|
|
USD
|
ASSETS
|
|
|
|
Current
Assets
|
|
|
|
Cash and
cash equivalents
|
144,937,893
|
|
80,820,224
|
Restricted cash deposits
|
-
|
|
63,677,610
|
Time
deposits
|
38,032,593
|
|
-
|
Accounts
receivable, net of allowance for doubtful accounts
|
25,144,969
|
|
19,402,820
|
Inventories
|
126,395,312
|
|
101,304,932
|
Prepayments and other current assets, net of allowance for doubtful
accounts
|
24,545,597
|
|
14,781,658
|
Deposits
related to land use rights, current portion
|
10,056,200
|
|
-
|
Total Current Assets
|
369,112,564
|
|
279,987,244
|
|
|
|
|
Property, plant and
equipment, net
|
105,364,251
|
|
80,230,888
|
Land use rights,
net
|
23,576,300
|
|
11,909,136
|
Deposits related to
land use rights
|
-
|
|
12,792,355
|
Restricted cash and
cash deposits, excluding current portion
|
-
|
|
40,230,250
|
Equity method
investment
|
8,718,133
|
|
18,221,777
|
Loan
receivable
|
39,834,173
|
|
-
|
Other non-current
assets
|
4,861,075
|
|
3,475,442
|
Total Assets
|
551,466,496
|
|
446,847,092
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
Liabilities
|
|
|
|
Short-term bank loans, including current portion of long-term
bank loans
|
-
|
|
57,902,600
|
Accounts
payable
|
9,681,835
|
|
4,829,350
|
Other
payables and accrued expenses
|
57,462,563
|
|
49,692,757
|
Income
tax payable
|
4,510,986
|
|
8,257,133
|
Total Current Liabilities
|
71,655,384
|
|
120,681,840
|
|
|
|
|
Long-term bank loans,
excluding current portion
|
-
|
|
40,000,000
|
Deferred
income
|
4,525,867
|
|
2,765,024
|
Other
liabilities
|
8,323,446
|
|
8,138,498
|
Total Liabilities
|
84,504,697
|
|
171,585,362
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
Common
stock:
|
|
|
|
par value
$0.0001;
|
|
|
|
100,000,000 shares
authorized;
|
|
|
|
28,835,053 and
27,865,871 shares issued at December31, 2015 and 2014,
respectively;
|
|
|
|
26,580,349 and
24,806,167 shares outstanding at December 31, 2015 and 2014,
respectively
|
2,884
|
|
2,787
|
Additional paid-in capital
|
105,079,845
|
|
24,008,281
|
Treasury
stock: 2,254,704 and 3,059,704 shares at December31, 2015 and
2014, respectively, at cost
|
(56,425,094)
|
|
(76,570,621)
|
|
|
|
|
Retained
earnings
|
333,704,094
|
|
244,661,391
|
Accumulated other comprehensive income
|
(18,605)
|
|
19,985,189
|
Total
equity attributable to China Biologic Products,
Inc.
|
382,343,124
|
|
212,087,027
|
|
|
|
|
Noncontrolling interest
|
84,618,675
|
|
63,174,703
|
|
|
|
|
Total Stockholders' Equity
|
466,961,799
|
|
275,261,730
|
|
|
|
|
Commitments and contingencies
|
-
|
|
-
|
|
|
|
|
Total Liabilities and Stockholders'
Equity
|
551,466,496
|
|
446,847,092
|
|
|
|
|
|
|
|
|
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
For the Years
Ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2013
|
|
|
USD
|
|
USD
|
|
USD
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net
income
|
|
114,105,518
|
|
96,112,634
|
|
76,861,064
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
Depreciation
|
|
8,179,376
|
|
6,989,222
|
|
6,096,650
|
Amortization
|
|
854,364
|
|
758,232
|
|
1,365,734
|
Loss (gain) on sale of property, plant and equipment
|
|
3,024,830
|
|
172,032
|
|
(123,777)
|
Allowance (reversal) for doubtful accounts – accounts receivable,
net
|
|
34,902
|
|
(24,462)
|
|
31,567
|
Allowance for doubtful accounts - other receivables and
prepayments
|
|
788
|
|
5,068,075
|
|
65,094
|
Write-down of obsolete inventories
|
|
76,587
|
|
324,584
|
|
-
|
Deferred tax expense
|
|
(170,345)
|
|
3,483,890
|
|
112,632
|
Share-based compensation
|
|
12,114,272
|
|
5,396,271
|
|
5,050,796
|
Equity in loss (income) of an equity method
investee
|
|
1,311,278
|
|
(8,646,181)
|
|
(2,170,473)
|
Excess tax benefits from share-based compensation
arrangements
|
|
(1,518,702)
|
|
(1,611,399)
|
|
-
|
Change in operating
assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
|
|
(7,146,311)
|
|
(2,191,118)
|
|
(5,667,386)
|
Prepayment and other current assets
|
|
879,165
|
|
(9,236,125)
|
|
(624,159)
|
Inventories
|
|
(32,095,328)
|
|
(13,418,971)
|
|
(10,432,492)
|
Accounts payable
|
|
5,348,896
|
|
405,071
|
|
1,621,917
|
Other
payables and accrued expenses
|
|
6,734,988
|
|
4,472,691
|
|
2,562,739
|
Deferred income
|
|
(416,185)
|
|
(224,040)
|
|
-
|
Income tax payable
|
|
(1,926,093)
|
|
5,683,912
|
|
(446,911)
|
Net cash provided
by operating activities
|
|
109,392,000
|
|
93,514,318
|
|
74,302,995
|
|
|
|
|
|
|
|
CASH FLOWS
FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Payment
for property, plant and equipment
|
|
(38,790,998)
|
|
(17,194,201)
|
|
(20,492,159)
|
Payment
for intangible assets and land use rights
|
|
(13,500,526)
|
|
(4,677,358)
|
|
(1,327,148)
|
Refund
of deposits related to land use right
|
|
-
|
|
1,635,200
|
|
2,100,150
|
Dividends received
|
|
-
|
|
-
|
|
565,425
|
Purchase
of time deposit
|
|
-
|
|
-
|
|
(6,608,612)
|
Proceeds
upon maturity of time deposit
|
|
-
|
|
6,608,612
|
|
-
|
Proceeds
from sale of property, plant and equipment and land use
rights
|
|
827,020
|
|
220,135
|
|
194,749
|
Long-term loan lent to a third party
|
|
(40,744,167)
|
|
-
|
|
-
|
Receipt
of government grants related to property and equipment
|
|
2,452,864
|
|
-
|
|
-
|
Net cash used in
investing activities
|
|
(89,755,807)
|
|
(13,407,612)
|
|
(25,567,595)
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
Proceeds
from stock option exercised
|
|
7,745,978
|
|
3,860,401
|
|
5,394,070
|
Payment
for share repurchase
|
|
-
|
|
(70,000,000)
|
|
(29,594,080)
|
Proceeds
from short-term bank loans
|
|
15,770,881
|
|
44,500,340
|
|
9,693,000
|
Repayment of short-term bank loans
|
|
(47,201,255)
|
|
(22,833,400)
|
|
(8,014,000)
|
Proceeds
from long-term bank loans
|
|
-
|
|
70,000,000
|
|
30,000,000
|
Repayment of long-term bank loans
|
|
(66,300,000)
|
|
(33,700,000)
|
|
-
|
Payment
for cash deposit as security for bank loans
|
|
-
|
|
(104,172,005)
|
|
(30,000,000)
|
Maturity
of deposit as security for bank loans
|
|
63,152,258
|
|
30,370,670
|
|
-
|
Net
proceeds from reissuance of treasury stock
|
|
80,583,959
|
|
33,212,518
|
|
-
|
Acquisition of noncontrolling interest
|
|
-
|
|
(86,830,499)
|
|
(1,963,913)
|
Excess
tax benefits from share-based compensation arrangements
|
|
1,518,702
|
|
1,611,399
|
|
-
|
Dividend
paid by subsidiaries to noncontrolling interest
shareholders
|
|
-
|
|
(8,846,984)
|
|
(16,931,149)
|
Contribution from noncontrolling interest shareholders
|
|
-
|
|
-
|
|
2,891,422
|
Dividend
to the trial court to be held in escrow as to dispute with
Jie'an
|
|
(3,690,814)
|
|
-
|
|
-
|
Net cash provided
by (used in) financing activities
|
|
51,579,709
|
|
(142,827,560)
|
|
(38,524,650)
|
|
|
|
|
|
|
|
EFFECT OF FOREIGN
EXCHANGE RATE CHANGES ON CASH
|
|
(7,098,233)
|
|
(597,409)
|
|
4,318,420
|
|
|
|
|
|
|
|
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
64,117,669
|
|
(63,318,263)
|
|
14,529,170
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of year
|
|
80,820,224
|
|
144,138,487
|
|
129,609,317
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of year
|
|
144,937,893
|
|
80,820,224
|
|
144,138,487
|
|
|
|
|
|
|
|
Supplemental cash
flow information
|
|
|
|
|
|
|
Cash
paid for income taxes
|
|
23,348,371
|
|
17,652,514
|
|
15,947,939
|
Cash
paid for interest expense
|
|
1,526,807
|
|
3,150,381
|
|
347,602
|
Noncash
investing and financing activities:
|
|
|
|
|
|
|
Acquisition of property, plant and equipment included in
payables
|
|
6,363,392
|
|
3,300,284
|
|
4,252,428
|
Restricted cash spent for property, plant and equipment
|
|
-
|
|
-
|
|
2,928,421
|
|
|
|
|
|
|
|
CHINA BIOLOGIC
PRODUCTS, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2015
|
|
2014
|
|
|
|
USD
|
|
USD
|
Adjusted Net Income
Attributable to the Company - Non GAAP
|
|
20,431,948
|
|
14,723,811
|
Diluted EPS - Non
GAAP
|
|
|
0.74
|
|
0.56
|
Non-cash employee
stock compensation
|
|
|
(4,152,226)
|
|
(1,865,663)
|
Net Income
Attributable to the Company
|
|
16,279,722
|
|
12,858,148
|
Weighted average
number of shares used in computation of Non GAAP diluted
EPS
|
|
27,111,105
|
|
25,949,267
|
|
|
|
|
|
|
|
|
|
For the Years
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2015
|
|
2014
|
|
|
|
USD
|
|
USD
|
Adjusted Net Income
Attributable to the Company - Non GAAP
|
|
100,149,667
|
|
75,555,173
|
Diluted EPS - Non
GAAP
|
|
|
3.68
|
|
2.89
|
Non-cash employee
stock compensation
|
|
|
(11,106,964)
|
|
(4,638,333)
|
Net Income
Attributable to the Company
|
|
89,042,703
|
|
70,916,840
|
Weighted average
number of shares used in computation of Non GAAP diluted
EPS
|
|
26,567,366
|
|
25,685,064
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-biologic-reports-financial-results-for-the-fourth-quarter-and-fiscal-year-2015-300226088.html
SOURCE China Biologic Products, Inc.