Date:5/8/2012

djustments to reconcile net income to cash provided by operating activities: Depreciation 1,096,7251,108,744Amortization 755,797884,588Loss on sale of property, plant and equipment 15,0928,502Allowance / (reversal of allowance) for doubtful accounts, net 58,497(28,340)Write-down of obsolete inventories 63,98274,715Deferred tax expense / (benefit), net 98,278(377,359)Stock compensation 962,4191,174,882Change in fair value of derivative liabilities (1,209,382)(1,021,865)Amortization of deferred note issuance cost -53,388Amortization of discount on convertible notes -1,458,489Equity in income of an equity method investee (1,022,412)(270,394)Change in operating assets and liabilities Accounts receivable - third parties (7,933,930)(3,353,933)Accounts receivable - a related party -213,283Other receivables 1,698272,337Inventories 1,146,821(4,981,926)Prepayments and prepaid expenses (658,754)(1,172,953)Accounts payable (881,402)503,023Other payables and accrued expenses (3,815,042)(1,895,565)Due to related parties 2,482,577-Advance from customers 139,246(326,128)Advance from customers – a related party 528,961-Income tax payable (1,569,925)564,195Other taxes payable 230,789162,340Net cash provided by operating activities8,208,2022,878,223CASH FLOWS FROM INVESTING ACTIVITIES:Purchase of property, plant and equipment (2,325,870)(1,692,558)Purchase of intangible assets and land use right (318,622)(205,422)Net cash used in investing activities(2,644,492)(1,897,980) 

CHINA BIOLOGIC PRODUCTS, INC. AND SUBSIDIARIES
UNAUDTIED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) For the three months ended March 31, 2012 March 31, 2011 CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from short term bank loans -6,087,200Repayment for short term bank loans (6,352,000)(3,043,600)Acquisition of noncontrolling interest -(7,635,000)Dividend paid by subsidiaries to noncontrolling interest shareholders (4,382,880)(5,589,920)Net cash used in financing activities(10,734,880
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SOURCE China Biologic Products, Inc. Copyright©2010 PR Newswire. All rights reserved

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