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First Solar, Inc.

  All amounts in Millions of US Dollars except per share items
Select start date for annual reports
BALANCE SHEET (at a glance)
2008/122009/122010/122011/122012/12
INDICATORS
year end date2008/122009/122010/122011/122012/12
date preliminary data loaded2009-02-262010-02-222011-02-252012-02-292013-02-27
earnings period indicatorFFFFF
quarterly indicator44444
basic earnings indicatorYYYYY
template indicator
preliminary full context indNNNNN
projected fiscal year date0000-00-000000-00-000000-00-000000-00-000000-00-00
number of months last report period1212121212
INCOME STATEMENT
operating revenue1,246.32,066.22,563.52,766.23,368.5
total revenue1,246.32,066.22,563.52,766.23,368.5
adjustments to revenue0.00.00.00.00.0
cost of sales507.1892.01,222.61,559.22,253.1
cost of sales with depreciation567.91,021.61,378.71,794.52,515.8
gross margin739.21,174.21,340.91,207.01,115.5
gross operating profit739.21,174.21,340.91,207.01,115.5
Research & Development (R&D) Expense33.578.294.8140.5132.5
Selling, General & Administrative (SG&A) Expense206.5286.8341.1446.2288.8
advertising0.00.00.00.00.0
operating income438.3679.6748.9-68.7-37.6
EBITDA499.2809.2905.0620.3694.3
depreciation60.9129.6156.1235.2262.7
depreciation (unrecognized)0.00.00.00.00.0
amortization0.00.00.00.00.0
amortization of intangibles0.00.00.00.00.0
operating profit after depreciation438.3679.6748.9385.1431.5
interest income21.29.714.413.412.8
earnings from equity interest0.00.00.00.00.0
other income net4.82.2-1.21.7-1.2
income, acquired in process r&a0.00.00.00.00.0
Income, Restructuring and M&A0.00.00.0-60.4-469.1
other special charges0.00.00.0-393.40.0
special income charges0.00.00.0-453.7-469.1
EBIT464.3691.6762.1-53.6-25.9
interest expense0.55.30.00.113.9
pre-tax income 463.8686.3762.1-53.7-39.8
income taxes115.446.297.9-14.256.5
minority interest0.00.00.00.00.0
pref. securities of subsid. trust0.00.00.00.00.0
income before income taxes463.8686.3762.1-53.7-39.8
net income (continuing operations)348.3640.1664.2-39.5-96.3
net income (discontinued operations)0.00.00.00.00.0
net income (total operations)348.3640.1664.2-39.5-96.3
extraordinary income/losses0.00.00.00.00.0
income from cum. effect of acct. change0.00.00.00.00.0
income from tax loss carryforward0.00.00.00.00.0
other gains/losses0.00.00.00.00.0
total net income348.3640.1664.2-39.5-96.3
normalized income348.3640.1664.2414.2372.8
net income available for common348.3640.1664.2-39.5-96.3
preferred dividends0.00.00.00.00.0
excise taxes0.00.00.00.00.0
*
Basic EPS (Continuing)4.347.677.82-0.46-1.11
Basic EPS (Discontinued)0.000.000.000.000.00
Basic EPS from Total Operations4.347.677.82-0.46-1.11
Basic EPS (Extraordinary Items)0.000.000.000.000.00
Basic EPS (Cum. Effect of Acct. Change)0.000.000.000.000.00
Basic EPS (Tax Loss Carry Forward)0.000.000.000.000.00
Basic EPS (Other Gains/Losses)0.000.000.000.000.00
Basic EPS - Total4.347.677.82-0.46-1.11
Basic EPS - Normalized4.347.677.824.824.29
*
Diluted EPS (Continuing)4.247.537.68-0.46-1.11
Diluted EPS (Discontinued)0.000.000.000.000.00
Diluted EPS from Total Operations4.247.537.68-0.46-1.11
Diluted EPS (Extraordinary)0.000.000.000.000.00
Diluted EPS (Cum. Effect of Acct. Change)0.000.000.000.000.00
Diluted EPS (Tax Loss Carry Forward)0.000.000.000.000.00
Diluted EPS (Other Gains/Losses)0.000.000.000.000.00
Diluted EPS - Total4.247.537.68-0.46-1.11
Diluted EPS - Normalized4.247.537.684.824.29
Dividends Paid Per Share (DPS)0.000.000.000.000.00
INCOME STATEMENT (YEAR-TO-DATE)
Revenue (YTD)1,246.32,066.22,563.52,766.23,368.5
Net Income from Total Operations (YTD)348.3640.1664.2-39.5-96.3
EPS from Total Operations (YTD)4.247.537.68-0.46-1.11
Dividends Paid Per Share (YTD)0.000.000.000.000.00
BALANCE SHEET
ASSETS
cash & equivalents716.2664.5765.7605.6901.3
restricted cash0.00.00.00.00.0
marketable securities76.0120.2167.966.1102.6
accounts receivable61.7226.8307.0844.0553.6
loans receivable0.00.00.00.017.7
other receivable0.00.00.00.0401.0
receivables61.7226.8307.0844.0972.3
inventories, raw materials103.70.00.00.00.0
inventories, work in progress4.00.00.00.00.0
inventories, purchased components0.00.00.00.00.0
inventories, finished goods13.80.00.00.00.0
inventories, other0.0152.8200.4475.9434.9
inventories, adjustments & allowances0.00.00.00.00.0
inventories121.6152.8200.4475.9434.9
prepaid expenses90.6164.1143.0526.7207.4
current defered income taxes9.921.70.441.144.1
other current assets1.41.10.053.8169.8
total current assets1,077.41,351.31,584.52,613.32,832.3
land and improvements5.85.010.48.122.3
building and improvements148.6255.0312.0442.1495.5
machinery, furniture & equipment582.4852.11,068.11,564.21,760.0
construction in progress206.8102.5403.7419.451.1
other fixed assets0.00.00.00.00.0
total fixed assets943.61,214.61,794.12,433.72,328.9
gross fixed assets943.61,214.61,794.12,433.72,328.9
accumulated depreciation100.9225.8363.3617.8803.5
net fixed assets842.6988.81,430.81,816.01,525.4
intangibles0.00.00.00.00.0
cost in excess33.8286.5433.365.465.4
non-current deferred income taxes61.3130.5259.2340.3317.5
other non-current assets99.3592.4672.6942.71,608.1
total non-current assets1,037.11,998.22,795.93,164.43,516.4
total assets2,114.53,349.54,380.45,777.66,348.7
inventory valuation method22222
EQUITY & LIABILITIES
accounts payable46.375.782.3176.4350.2
notes payable0.00.00.00.00.0
short-term debt35.028.626.644.562.3
accrued expenses140.90.00.00.00.0
accrued liabilities0.0186.7244.3406.7554.4
deferred revenues0.00.00.00.02.1
current deferred income taxes0.00.00.00.00.0
other current liabilities159.7103.9116.5346.1132.3
total current liabilities381.8394.9469.7973.71,101.4
long-term debt163.5146.4210.8619.1500.2
capital lease obligations0.00.00.00.00.0
deferred income taxes0.00.00.00.00.0
other non-current liabilities56.2155.4245.0540.91,141.6
minority interest liability0.00.00.00.00.0
preferred secur. of subsid. trust0.00.00.00.00.0
preferred equity outside stock equity0.00.00.00.00.0
total non-current liabilities219.7301.8455.81,160.01,641.8
total liabilities601.5696.7925.52,133.82,743.2
preferred stock equity0.00.00.00.00.0
common stock equity1,513.02,652.83,454.93,643.93,605.5
common par0.10.10.10.10.1
additional paid-in capital1,176.21,658.11,815.42,022.72,065.5
cumulative translation adjustments0.00.00.00.00.0
retained earnings361.21,001.41,665.61,626.11,529.7
treasury stock0.00.00.00.00.0
other equity adjustments-24.4-6.8-26.1-5.010.2
total capitalization1,676.62,799.23,665.74,263.04,105.7
total equity1,513.02,652.83,454.93,643.93,605.5
total liabilities & stock equity2,114.53,349.54,380.45,777.66,348.7
*
cash flow409.2769.8820.3195.7166.4
working capital695.6956.31,114.81,639.51,731.0
free cash flow3.8395.6-151.3-786.4380.5
invested capital1,676.62,799.23,665.74,263.04,105.7
*
shares out (common class only)81.685.285.886.587.1
preferred shares0.00.00.00.00.0
total ordinary shares0.00.00.00.00.0
total common shares out81.685.285.886.587.1
treasury shares0.00.00.00.00.0
basic weighted shares80.283.584.986.186.9
diluted weighted shares82.185.086.586.186.9
number of employees35244700610070005600
number of part-time employees
CASH-FLOW STATEMENT
OPERATING ACTIVITIES
net income/loss348.3640.1664.2-39.5-96.3
depreciation59.5129.6156.1235.2262.7
amortization1.30.00.00.00.0
amortization of intangibles0.00.00.00.00.0
deferred income taxes-13.0-35.0-58.0-155.514.6
operating gains0.81.0-3.9-4.6-0.0
extraordinary gains0.00.00.00.00.0
(increase) decrease in receivables-41.0-122.2-91.8-529.8-388.0
(increase) decrease in inventories-84.8-52.1-69.7-348.2-75.6
(increase) decrease in prepaid expenses-48.07.5-41.4-141.0-28.9
(increase) decrease in other current assets1.90.00.00.00.0
decrease (increase) in payables209.976.3167.694.7174.3
decrease (increase) in other current liabilities0.00.00.0742.3614.3
decrease (increase) in other working capital-4.9-53.8-56.9-354.8-92.4
other non-cash items32.983.739.4467.6377.6
net cash from continuing operations463.1675.2705.5-33.5762.2
net cash from discontinued operations0.00.00.00.00.0
net cash from total operating activities463.1675.2705.5-33.5762.2
INVESTING ACTIVITIES
sale of property, plant & equipment0.00.00.00.00.0
sale of long-term investments0.00.062.6492.6108.7
sale of short-term investments526.2290.3555.90.04.5
purchase of property, plant & equipment-459.3-279.9-588.9-731.8-379.2
acquisitions0.00.3-267.9-21.1-2.4
purchase of long-term investments0.0-103.8-43.1-394.0-80.7
purchase of short-term investments-334.8-607.4-462.10.0-29.2
other investing changes, net-40.6-1.31.3-22.2-5.4
cash from discontinued investing activities0.00.00.00.00.0
net cash from investing activities-308.4-701.7-742.1-676.5-383.7
FINANCING ACTIVITIES
issuance of debt138.944.70.0370.11,375.0
issuance of capital stock16.06.09.48.30.2
repayment of long-term debt-41.7-78.2-27.9-33.8-1,483.8
repurchase of capital stock0.00.00.00.00.0
payment of cash dividends0.00.00.00.00.0
other financing charges, net64.35.5169.0226.619.6
cash from discontinued financing activities0.00.00.00.00.0
net cash from financing activities177.5-22.0150.5571.2-89.1
NET CASH FLOW
effect exchange rate changes-20.2-3.2-12.7-21.46.3
net change in cash & equivalents312.0-51.7101.2-160.1295.7
cash at beginning of period404.3716.2664.5765.7605.6
cash end of period716.2664.5765.7605.6901.3
*
foreign sales0.01,929.32,229.71,528.1671.6
domestic sales0.0136.9333.81,238.12,697.0
auditor namePricewaterhouseCoopers LLPPricewaterhouseCoopers LLPPricewaterhouseCoopers LLPPricewaterhouseCoopers LLPPricewaterhouseCoopers LLP
auditor reportUQUQUQUQUQ
RATIOS CALCULATIONS
PROFIT MARGINS
Close PE Ratio32.518.016.90.00.0
High PE Ratio74.827.620.00.00.0
Low PE Ratio20.113.412.90.00.0
gross profit margin59.356.852.343.633.1
pre-tax profit margin37.233.229.7-1.9-1.2
post-tax profit margin27.931.025.9-1.4-2.9
net profit margin27.931.025.9-1.4-2.9
interest coverage (cont. operations)912.2131.5127013.80.00.0
interest as % of invested capital0.00.20.00.00.3
effective tax rate24.96.712.80.00.0
income per employee98845136200108885-5642-17203
NORMALIZED RATIOS
Normalized Close PE Ratio32.518.016.97.07.2
Normalized High PE Ratio74.827.620.036.411.7
Normalized Low PE Ratio20.113.412.96.22.7
normalized net profit margin27.931.025.915.011.1
Normalized ROE23.024.119.211.410.3
Normalized ROA16.519.115.27.25.9
Normalized ROCI20.822.918.19.79.1
normalized income per employee988451362001088855917766565
SOLVENCY RATIOS
quick ratio2.22.62.61.61.8
current ratio2.83.43.42.72.6
payout ratio
total debt/equity ratio0.130.070.070.180.16
long-term debt/total capital 0.100.050.060.150.12
EFFICIENCY RATIOS
leverage ratio1.41.31.31.61.8
asset turnover0.70.80.70.50.6
cash as % of revenue57.532.229.921.926.8
receivables as % of revenue5.011.012.030.528.9
SG&A as % of Revenue16.613.913.316.18.6
R&D as % of Revenue2.73.83.75.13.9
ACTIVITY RATIOS
revenue per $ cash1.743.113.354.573.74
revenue per $ plant (net)1.482.091.791.522.21
revenue per $ common equity0.820.780.740.760.93
revenue per $ invested capital0.740.740.700.650.82
LIQUIDITY RATIOS
receivables turnover21.514.39.64.83.7
inventory turnover6.36.56.94.64.9
receivables per day sales17.8239.5243.12109.84103.91
sales per $ receivables20.209.118.353.283.46
sales per $ inventory10.2513.5212.795.817.75
revenue/assets0.60.60.60.50.5
number of days cost of goods in inventory5755527873
current assets per share13.2015.8618.4630.2232.50
total assets per share25.9139.3151.0366.8272.85
intangibles as % of book-value2.210.812.51.81.8
inventory as % of revenue9.87.47.817.212.9
CAPITAL STRUCTURE RATIOS
long-term debt per share2.001.722.467.165.74
current liabilities per share4.684.635.4711.2612.64
cash per share8.787.808.927.0010.34
LT-Debt to Equity Ratio0.110.060.060.170.14
LT-Debt as % of Invested Capital9.85.25.814.512.2
LT-Debt as % of Total Debt27.221.022.829.018.2
total debt as % total assets28.420.821.136.943.2
working captial as % of equity46.036.132.345.048.0
revenue per share15.2724.2529.8631.9938.65
book value per share18.5431.1340.2542.1441.37
tangible book value per share18.1327.7735.2041.3840.62
price/revenue ratio9.035.584.361.060.80
price/equity ratio7.444.353.230.800.75
price/tangible book ratio7.614.883.700.820.76
working capital as % of price6.28.310.056.264.4
PROFITABILITY
working capital per share8.5311.2212.9918.9619.86
cash flow per share5.019.039.562.261.91
free cash flow per share0.054.64-1.76-9.094.37
Return on Stock Equity (ROE)23.024.119.20.00.0
Return on Capital Invested (ROCI)20.822.918.1-0.9-2.3
Return on Assets (ROA)16.519.115.2-0.7-1.5
price/cash flow ratio27.515.013.614.916.2
price/free cash flow ratio2759.229.2-73.9-3.77.1
sales per employee353661439617420248395172601526
AGAINST THE INDUSTRY RATIOS
% of sales-to-industry5.59.68.89.011.4
% of earnings-to-industry28.441.019.4-2.4-21.7
% of EPS-to-Industry1930.42255.71085.0-113.8-6824.9
% of price-to-industry1244.1863.5772.7213.9178.5
% of PE-to-Industry64.637.871.50.00.0
% of price/book-to-industry273.5125.0103.932.028.0
% of price/sales-to-industry422.0167.6159.751.733.3
% of price/cashflow-to-industry139.161.285.778.653.3
% of pric/free cashlow-to-industry248.857.7-193.22.4-4.9
% of debt/equity-to-industry28.920.037.577.360.9
% of current ratio-to-industry82.4103.0106.3112.5113.0
% of gross profit margin-to-industry124.1116.6110.3103.677.9
% of pre-tax profit margin-to-industry437.6364.8210.6-32.8-31.6
% of post-tax profit margin-to-industry516.7424.7219.5-29.8-193.3
% of net profit margin-to-industry516.7430.6219.5-25.5-193.3
% of ROE-to-Industry338.2317.1143.30.00.0
% of leverage-to-industry77.876.581.384.290.0


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