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First Solar Inc

  All amounts in Millions of US Dollars except per share items
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BALANCE SHEET (at a glance)
2010/122011/122012/122013/122014/12
INDICATORS
year end date2010/122011/122012/122013/122014/12
date preliminary data loaded2011-02-252012-02-292013-02-272014-04-232015-03-01
earnings period indicatorFFFAA
quarterly indicator44444
basic earnings indicatorYYYYY
template indicator
preliminary full context indNNNNN
projected fiscal year date0000-00-000000-00-000000-00-002014-12-312015-12-31
number of months last report period12121233
INCOME STATEMENT
operating revenue2,563.52,766.23,368.53,309.03,391.8
total revenue2,563.52,766.23,368.53,309.03,391.8
adjustments to revenue0.00.00.00.00.0
cost of sales1,222.61,559.22,253.12,446.22,564.7
cost of sales with depreciation1,378.71,794.52,515.82,446.22,564.7
gross margin1,340.91,207.01,115.5862.8827.1
gross operating profit1,340.91,207.01,115.5862.8827.1
Research & Development (R&D) Expense94.8140.5132.5134.3144.0
Selling, General & Administrative (SG&A) Expense341.1446.2288.8273.0259.0
advertising0.00.00.00.00.0
operating income748.9-68.7-37.6368.5424.2
EBITDA905.0620.3694.3614.5679.8
depreciation156.1235.2262.70.00.0
depreciation (unrecognized)0.00.00.0-234.4-245.8
amortization0.00.00.0234.4245.8
amortization of intangibles0.00.00.00.00.0
operating profit after depreciation748.9385.1431.5614.5679.8
interest income14.413.412.816.818.0
earnings from equity interest0.00.00.00.00.0
other income net-1.21.7-1.2-5.2-13.2
income, acquired in process r&a0.00.00.00.00.0
Income, Restructuring and M&A0.0-60.4-469.10.00.0
other special charges0.0-393.40.00.00.0
special income charges0.0-453.7-469.1-86.90.0
EBIT762.1-53.6-25.9380.1434.0
interest expense0.00.113.91.92.0
pre-tax income 762.1-53.7-39.8378.2432.0
income taxes97.9-14.256.56.71.7
minority interest0.00.00.00.00.0
pref. securities of subsid. trust0.00.00.00.00.0
income before income taxes762.1-53.7-39.8378.2432.0
net income (continuing operations)664.2-39.5-96.3353.0396.9
net income (discontinued operations)0.00.00.00.00.0
net income (total operations)664.2-39.5-96.3353.0396.9
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 income664.2-39.5-96.3353.0396.9
normalized income664.2414.2372.8434.1396.9
net income available for common664.2-39.5-96.3353.0396.9
preferred dividends0.00.00.00.00.0
excise taxes0.00.00.00.00.0
*
Basic EPS (Continuing)7.82-0.46-1.113.773.97
Basic EPS (Discontinued)0.000.000.000.000.00
Basic EPS from Total Operations7.82-0.46-1.113.773.97
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 - Total7.82-0.46-1.113.773.97
Basic EPS - Normalized7.824.824.294.633.97
*
Diluted EPS (Continuing)7.68-0.46-1.113.703.91
Diluted EPS (Discontinued)0.000.000.000.000.00
Diluted EPS from Total Operations7.68-0.46-1.113.703.91
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 - Total7.68-0.46-1.113.703.91
Diluted EPS - Normalized7.684.824.294.553.91
Dividends Paid Per Share (DPS)0.000.000.000.000.00
INCOME STATEMENT (YEAR-TO-DATE)
Revenue (YTD)2,563.52,766.23,368.53,309.03,391.8
Net Income from Total Operations (YTD)664.2-39.5-96.3353.0396.9
EPS from Total Operations (YTD)7.68-0.46-1.113.773.97
Dividends Paid Per Share (YTD)0.000.000.000.000.00
BALANCE SHEET
ASSETS
cash & equivalents765.7605.6901.31,325.11,482.1
restricted cash0.00.00.00.074.7
marketable securities167.966.1102.61,764.21,991.1
accounts receivable307.0844.0553.6657.7212.4
loans receivable0.00.017.70.00.0
other receivable0.00.0401.00.00.0
receivables307.0844.0972.3657.7224.9
inventories, raw materials0.00.00.00.041.9
inventories, work in progress0.00.00.00.020.8
inventories, purchased components0.00.00.00.00.0
inventories, finished goods0.00.00.00.0442.4
inventories, other200.4475.9434.90.00.0
inventories, adjustments & allowances0.00.00.00.00.0
inventories200.4475.9434.9389.0505.1
prepaid expenses143.0526.7207.424.642.2
current defered income taxes0.441.144.10.00.0
other current assets0.053.8169.8893.5260.9
total current assets1,584.52,613.32,832.33,792.83,190.5
land and improvements10.48.122.310.712.4
building and improvements312.0442.1495.5360.5381.9
machinery, furniture & equipment1,068.11,564.21,760.01,570.31,828.8
construction in progress403.7419.451.1133.2154.5
other fixed assets0.00.00.01,385.11,448.7
total fixed assets1,794.12,433.72,328.91,385.11,448.7
gross fixed assets1,794.12,433.72,328.91,385.11,448.7
accumulated depreciation363.3617.8803.5-940.7-1,134.4
net fixed assets1,430.81,816.01,525.41,385.11,448.7
intangibles0.00.00.0117.4119.2
cost in excess433.365.465.485.085.0
non-current deferred income taxes259.2340.3317.5296.6222.3
other non-current assets672.6942.71,608.1158.1144.3
total non-current assets2,795.93,164.43,516.43,090.73,534.0
total assets4,380.45,777.66,348.76,883.56,724.4
inventory valuation method222FIFI
EQUITY & LIABILITIES
accounts payable82.3176.4350.2261.3214.7
notes payable0.00.00.00.00.0
short-term debt26.644.562.30.00.0
accrued expenses0.00.00.0451.0541.6
accrued liabilities244.3406.7554.40.00.0
deferred revenues0.00.02.11.221.9
current deferred income taxes0.00.00.00.00.0
other current liabilities116.5346.1132.30.10.0
total current liabilities469.7973.71,101.41,588.11,001.1
long-term debt210.8619.1500.2162.8165.0
capital lease obligations0.00.00.00.00.0
deferred income taxes0.00.00.0-20.914.1
other non-current liabilities245.0540.91,141.6404.4284.5
minority interest liability0.00.00.02,380.41,697.0
preferred secur. of subsid. trust0.00.00.00.00.0
preferred equity outside stock equity0.00.00.00.00.0
total non-current liabilities455.81,160.01,641.8792.3695.9
total liabilities925.52,133.82,743.22,380.41,697.0
preferred stock equity0.00.00.00.00.0
common stock equity3,454.93,643.93,605.54,503.15,027.5
common par0.10.10.10.00.0
additional paid-in capital1,815.42,022.72,065.52,646.02,697.6
cumulative translation adjustments0.00.00.00.00.0
retained earnings1,665.61,626.11,529.71,882.82,279.7
treasury stock0.00.00.00.00.0
other equity adjustments-26.1-5.010.20.00.0
total capitalization3,665.74,263.04,105.74,665.95,192.5
total equity3,454.93,643.93,605.54,503.15,027.5
total liabilities & stock equity4,380.45,777.66,348.76,883.56,724.4
*
cash flow820.3195.7166.40.00.0
working capital1,114.81,639.51,731.02,204.72,189.4
free cash flow-151.3-786.4380.5573.6423.4
invested capital3,665.74,263.04,105.74,726.45,244.4
*
shares out (common class only)85.886.587.199.5100.3
preferred shares0.00.00.00.00.0
total ordinary shares0.00.00.099.5100.3
total common shares out85.886.587.199.5100.3
treasury shares0.00.00.00.00.0
basic weighted shares84.986.186.90.00.0
diluted weighted shares86.586.186.90.00.0
number of employees61007000560048506060
number of part-time employees
CASH-FLOW STATEMENT
OPERATING ACTIVITIES
net income/loss664.2-39.5-96.3353.0396.9
depreciation156.1235.2262.70.00.0
amortization0.00.00.0234.4245.8
amortization of intangibles0.00.00.00.00.0
deferred income taxes-58.0-155.514.6-20.914.1
operating gains-3.9-4.6-0.00.00.0
extraordinary gains0.00.00.00.00.0
(increase) decrease in receivables-91.8-529.8-388.0565.0453.8
(increase) decrease in inventories-69.7-348.2-75.615.4-99.9
(increase) decrease in prepaid expenses-41.4-141.0-28.9109.1-19.9
(increase) decrease in other current assets0.00.00.00.00.0
decrease (increase) in payables167.694.7174.3-57.0-53.3
decrease (increase) in other current liabilities0.0742.3614.3-128.3-426.4
decrease (increase) in other working capital-56.9-354.8-92.4-317.7136.5
other non-cash items39.4467.6377.665.61.5
net cash from continuing operations705.5-33.5762.2856.1681.0
net cash from discontinued operations0.00.00.00.00.0
net cash from total operating activities705.5-33.5762.2856.1681.0
INVESTING ACTIVITIES
sale of property, plant & equipment0.00.00.0116.41.5
sale of long-term investments62.6492.6108.70.00.0
sale of short-term investments555.90.04.50.00.0
purchase of property, plant & equipment-588.9-731.8-379.2-282.6-257.5
acquisitions-267.9-21.1-2.4-30.7-4.3
purchase of long-term investments-43.1-394.0-80.7-17.9-25.0
purchase of short-term investments-462.10.0-29.2-435.0-378.1
other investing changes, net1.3-22.2-5.418.7-125.9
cash from discontinued investing activities0.00.00.00.00.0
net cash from investing activities-742.1-676.5-383.7-537.1-511.9
FINANCING ACTIVITIES
issuance of debt0.0370.11,375.0335.065.6
issuance of capital stock9.48.30.2428.20.0
repayment of long-term debt-27.9-33.8-1,483.8-670.0-60.1
repurchase of capital stock0.00.00.00.00.0
payment of cash dividends0.00.00.00.00.0
other financing charges, net169.0226.619.66.91.9
cash from discontinued financing activities0.00.00.00.00.0
net cash from financing activities150.5571.2-89.1101.27.4
NET CASH FLOW
effect exchange rate changes-12.7-21.46.33.6-19.5
net change in cash & equivalents101.2-160.1295.7423.8157.0
cash at beginning of period664.5765.7605.6901.31,325.1
cash end of period765.7605.6901.31,325.11,482.1
*
foreign sales2,229.71,528.1671.6477.5349.2
domestic sales333.81,238.12,697.02,831.53,042.6
auditor namePricewaterhouseCoopers LLPPricewaterhouseCoopers LLPPricewaterhouseCoopers LLPPWC LLPPWC LLP
auditor reportUQUQUQUQUQ
RATIOS CALCULATIONS
PROFIT MARGINS
Close PE Ratio16.90.00.019.215.3
High PE Ratio20.00.00.056.144.9
Low PE Ratio12.90.00.03.12.9
gross profit margin52.343.633.10.30.2
pre-tax profit margin29.7-1.9-1.20.10.1
post-tax profit margin25.9-1.4-2.90.10.1
net profit margin25.9-1.4-2.90.10.1
interest coverage (cont. operations)127013.80.00.0201.8219.0
interest as % of invested capital0.00.00.30.40.3
effective tax rate12.80.00.00.10.1
income per employee108885-5642-172037279165498
NORMALIZED RATIOS
Normalized Close PE Ratio16.97.07.215.314.8
Normalized High PE Ratio20.036.411.715.615.2
Normalized Low PE Ratio12.96.22.715.114.7
normalized net profit margin25.915.011.10.10.1
Normalized ROE19.211.410.30.10.1
Normalized ROA15.27.25.90.10.1
Normalized ROCI18.19.79.10.10.1
normalized income per employee10888559177665658951565498
SOLVENCY RATIOS
quick ratio2.61.61.81.52.2
current ratio3.42.72.62.43.2
payout ratio
total debt/equity ratio0.070.180.160.050.04
long-term debt/total capital 0.060.150.120.030.03
EFFICIENCY RATIOS
leverage ratio1.31.61.80.00.0
asset turnover0.70.50.60.50.5
cash as % of revenue29.921.926.840.043.7
receivables as % of revenue12.030.528.919.96.6
SG&A as % of Revenue13.316.18.68.37.6
R&D as % of Revenue3.75.13.94.14.2
ACTIVITY RATIOS
revenue per $ cash3.354.573.742.502.29
revenue per $ plant (net)1.791.522.212.392.34
revenue per $ common equity0.740.760.930.730.67
revenue per $ invested capital0.700.650.820.700.65
LIQUIDITY RATIOS
receivables turnover9.64.83.75.57.8
inventory turnover6.94.64.95.95.7
receivables per day sales43.12109.84103.919845147.444803618.46
sales per $ receivables8.353.283.465.0315.08
sales per $ inventory12.795.817.758.516.72
revenue/assets0.60.50.50.50.5
number of days cost of goods in inventory527873
current assets per share18.4630.2232.5051.7843.55
total assets per share51.0366.8272.8593.9791.80
intangibles as % of book-value12.51.81.80.00.0
inventory as % of revenue7.817.212.911.814.9
CAPITAL STRUCTURE RATIOS
long-term debt per share2.467.165.742.222.25
current liabilities per share5.4711.2612.6421.6813.67
cash per share8.927.0010.348.976.70
LT-Debt to Equity Ratio0.060.170.140.040.03
LT-Debt as % of Invested Capital5.814.512.23.43.1
LT-Debt as % of Total Debt22.829.018.272.976.1
total debt as % total assets21.136.943.23.23.2
working captial as % of equity32.345.048.049.043.5
revenue per share29.8631.9938.6545.1746.30
book value per share40.2542.1441.3745.2550.13
tangible book value per share35.2041.3840.6258.7165.84
price/revenue ratio4.361.060.80213.88176.66
price/equity ratio3.230.800.75157.17119.18
price/tangible book ratio3.700.820.76164.56124.23
working capital as % of price10.056.264.431.236.5
PROFITABILITY
working capital per share12.9918.9619.8622.1521.83
cash flow per share9.562.261.918.976.70
free cash flow per share-1.76-9.094.376.014.17
Return on Stock Equity (ROE)19.20.00.00.10.1
Return on Capital Invested (ROCI)18.1-0.9-2.30.10.1
Return on Assets (ROA)15.2-0.7-1.50.10.1
price/cash flow ratio13.614.916.27.98.9
price/free cash flow ratio-73.9-3.77.111.814.3
sales per employee420248395172601526682266559705
AGAINST THE INDUSTRY RATIOS
% of sales-to-industry8.89.011.4
% of earnings-to-industry19.4-2.4-21.7
% of EPS-to-Industry1085.0-113.8-6824.9
% of price-to-industry772.7213.9178.5
% of PE-to-Industry71.50.00.0
% of price/book-to-industry103.932.028.0
% of price/sales-to-industry159.751.733.3
% of price/cashflow-to-industry85.778.653.3
% of pric/free cashlow-to-industry-193.22.4-4.9
% of debt/equity-to-industry37.577.360.9
% of current ratio-to-industry106.3112.5113.0
% of gross profit margin-to-industry110.3103.677.9
% of pre-tax profit margin-to-industry210.6-32.8-31.6
% of post-tax profit margin-to-industry219.5-29.8-193.3
% of net profit margin-to-industry219.5-25.5-193.3
% of ROE-to-Industry143.30.00.0
% of leverage-to-industry81.384.290.0


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