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)
2011/122012/122013/122014/122015/12
INDICATORS
year end date2011/122012/122013/122014/122015/12
date preliminary data loaded2012-02-292013-02-272014-04-232015-03-012016-02-28
earnings period indicatorFFAAA
quarterly indicator44444
basic earnings indicatorYYYYY
template indicator
preliminary full context indNNNNN
projected fiscal year date0000-00-000000-00-002014-12-312015-12-312016-12-31
number of months last report period1212333
INCOME STATEMENT
operating revenue2,766.23,368.53,309.03,391.83,579.0
total revenue2,766.23,368.53,309.03,391.83,579.0
adjustments to revenue0.00.00.00.00.0
cost of sales1,559.22,253.12,446.22,564.72,659.7
cost of sales with depreciation1,794.52,515.82,446.22,564.72,659.7
gross margin1,207.01,115.5862.8827.1919.3
gross operating profit1,207.01,115.5862.8827.1919.3
Research & Development (R&D) Expense140.5132.5134.3144.0130.6
Selling, General & Administrative (SG&A) Expense446.2288.8273.0259.0272.0
advertising0.00.00.00.00.0
operating income-68.7-37.6368.5424.2516.7
EBITDA620.3694.3614.5679.8784.6
depreciation235.2262.70.00.00.0
depreciation (unrecognized)0.00.0-234.4-245.8-257.8
amortization0.00.0234.4245.8257.8
amortization of intangibles0.00.00.00.00.0
operating profit after depreciation385.1431.5614.5679.8784.6
interest income13.412.816.818.022.5
earnings from equity interest0.00.00.00.00.0
other income net1.7-1.2-5.2-13.28.1
income, acquired in process r&a0.00.00.00.00.0
Income, Restructuring and M&A-60.4-469.10.00.00.0
other special charges-393.40.00.00.00.0
special income charges-453.7-469.1-86.90.00.0
EBIT-53.6-25.9380.1434.0526.8
interest expense0.113.91.92.07.0
pre-tax income -53.7-39.8378.2432.0519.8
income taxes-14.256.56.71.71.3
minority interest0.00.00.00.00.0
pref. securities of subsid. trust0.00.00.00.00.0
income before income taxes-53.7-39.8378.2432.0519.8
net income (continuing operations)-39.5-96.3353.0396.9546.4
net income (discontinued operations)0.00.00.00.00.0
net income (total operations)-39.5-96.3353.0396.9546.4
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 income-39.5-96.3353.0396.9546.4
normalized income414.2372.8434.1396.9546.4
net income available for common-39.5-96.3353.0396.9546.4
preferred dividends0.00.00.00.00.0
excise taxes0.00.00.00.00.0
*
Basic EPS (Continuing)-0.46-1.113.773.975.42
Basic EPS (Discontinued)0.000.000.000.000.00
Basic EPS from Total Operations-0.46-1.113.773.975.42
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 - Total-0.46-1.113.773.975.42
Basic EPS - Normalized4.824.294.633.975.42
*
Diluted EPS (Continuing)-0.46-1.113.703.915.37
Diluted EPS (Discontinued)0.000.000.000.000.00
Diluted EPS from Total Operations-0.46-1.113.703.915.37
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 - Total-0.46-1.113.703.915.37
Diluted EPS - Normalized4.824.294.553.915.37
Dividends Paid Per Share (DPS)0.000.000.000.000.00
INCOME STATEMENT (YEAR-TO-DATE)
Revenue (YTD)2,766.23,368.53,309.03,391.83,579.0
Net Income from Total Operations (YTD)-39.5-96.3353.0396.9546.4
EPS from Total Operations (YTD)-0.46-1.113.773.975.42
Dividends Paid Per Share (YTD)0.000.000.000.000.00
BALANCE SHEET
ASSETS
cash & equivalents605.6901.31,325.11,482.11,126.8
restricted cash0.00.00.074.772.5
marketable securities66.1102.61,764.21,991.11,830.3
accounts receivable844.0553.6657.7212.4500.6
loans receivable0.017.70.00.00.0
other receivable0.0401.00.00.060.4
receivables844.0972.3657.7224.9561.1
inventories, raw materials0.00.00.041.90.0
inventories, work in progress0.00.00.020.80.0
inventories, purchased components0.00.00.00.00.0
inventories, finished goods0.00.00.0442.40.0
inventories, other475.9434.90.00.00.0
inventories, adjustments & allowances0.00.00.00.00.0
inventories475.9434.9389.0505.1380.4
prepaid expenses526.7207.424.642.275.0
current defered income taxes41.144.10.00.00.0
other current assets53.8169.8893.5260.9238.4
total current assets2,613.32,832.33,792.83,190.53,345.6
land and improvements8.122.310.712.412.1
building and improvements442.1495.5360.5381.9410.9
machinery, furniture & equipment1,564.21,760.01,570.31,828.81,969.5
construction in progress419.451.1133.2154.537.7
other fixed assets0.00.01,385.11,448.71,377.9
total fixed assets2,433.72,328.91,385.11,448.71,377.9
gross fixed assets2,433.72,328.91,385.11,448.71,377.9
accumulated depreciation617.8803.5-940.7-1,134.4-1,335.5
net fixed assets1,816.01,525.41,385.11,448.71,377.9
intangibles0.00.0117.4119.2110.0
cost in excess65.465.485.085.085.0
non-current deferred income taxes340.3317.5296.6222.3357.7
other non-current assets942.71,608.1158.1144.3159.4
total non-current assets3,164.43,516.43,090.73,534.03,970.7
total assets5,777.66,348.76,883.56,724.47,316.3
inventory valuation method22FIFIFI
EQUITY & LIABILITIES
accounts payable176.4350.2261.3214.7337.7
notes payable0.00.00.00.00.0
short-term debt44.562.30.00.00.0
accrued expenses0.00.0451.0541.6409.5
accrued liabilities406.7554.40.00.00.0
deferred revenues0.02.11.221.918.0
current deferred income taxes0.00.00.00.00.0
other current liabilities346.1132.30.10.00.0
total current liabilities973.71,101.41,588.11,001.1960.8
long-term debt619.1500.2162.8165.0251.3
capital lease obligations0.00.00.00.00.0
deferred income taxes0.00.0-20.914.1-17.5
other non-current liabilities540.91,141.6404.4284.5392.3
minority interest liability0.00.02,380.41,697.01,767.8
preferred secur. of subsid. trust0.00.00.00.00.0
preferred equity outside stock equity0.00.00.00.00.0
total non-current liabilities1,160.01,641.8792.3695.9807.0
total liabilities2,133.82,743.22,380.41,697.01,767.8
preferred stock equity0.00.00.00.00.0
common stock equity3,643.93,605.54,503.15,027.55,548.5
common par0.10.10.00.00.0
additional paid-in capital2,022.72,065.52,646.02,697.62,742.8
cumulative translation adjustments0.00.00.00.00.0
retained earnings1,626.11,529.71,882.82,279.72,790.1
treasury stock0.00.00.00.00.0
other equity adjustments-5.010.20.00.00.0
total capitalization4,263.04,105.74,665.95,192.55,799.8
total equity3,643.93,605.54,503.15,027.55,548.5
total liabilities & stock equity5,777.66,348.76,883.56,724.47,316.3
*
cash flow195.7166.40.00.00.0
working capital1,639.51,731.02,204.72,189.42,384.8
free cash flow-786.4380.5573.6423.4-527.4
invested capital4,263.04,105.74,726.45,244.45,837.9
*
shares out (common class only)86.587.199.5100.3101.8
preferred shares0.00.00.00.00.0
total ordinary shares0.00.099.5100.3101.8
total common shares out86.587.199.5100.3101.8
treasury shares0.00.00.00.00.0
basic weighted shares86.186.90.00.00.0
diluted weighted shares86.186.90.00.00.0
number of employees70005600485060606350
number of part-time employees
CASH-FLOW STATEMENT
OPERATING ACTIVITIES
net income/loss-39.5-96.3353.0396.9546.4
depreciation235.2262.70.00.00.0
amortization0.00.0234.4245.8257.8
amortization of intangibles0.00.00.00.00.0
deferred income taxes-155.514.6-20.914.1-17.5
operating gains-4.6-0.00.00.0-20.4
extraordinary gains0.00.00.00.00.0
(increase) decrease in receivables-529.8-388.0565.0453.8-340.3
(increase) decrease in inventories-348.2-75.615.4-99.9113.5
(increase) decrease in prepaid expenses-141.0-28.9109.1-19.9-38.6
(increase) decrease in other current assets0.00.00.00.00.0
decrease (increase) in payables94.7174.3-57.0-53.3130.6
decrease (increase) in other current liabilities742.3614.3-128.3-426.4-164.7
decrease (increase) in other working capital-354.8-92.4-317.7136.5-866.0
other non-cash items467.6377.665.61.538.3
net cash from continuing operations-33.5762.2856.1681.0-360.9
net cash from discontinued operations0.00.00.00.00.0
net cash from total operating activities-33.5762.2856.1681.0-360.9
INVESTING ACTIVITIES
sale of property, plant & equipment0.00.0116.41.50.1
sale of long-term investments492.6108.70.00.00.0
sale of short-term investments0.04.50.00.00.0
purchase of property, plant & equipment-731.8-379.2-282.6-257.5-166.4
acquisitions-21.1-2.4-30.7-4.30.0
purchase of long-term investments-394.0-80.7-17.9-25.0-27.5
purchase of short-term investments0.0-29.2-435.0-378.1-556.5
other investing changes, net-22.2-5.418.7-125.9340.0
cash from discontinued investing activities0.00.00.00.00.0
net cash from investing activities-676.5-383.7-537.1-511.9-112.1
FINANCING ACTIVITIES
issuance of debt370.11,375.0335.065.6146.0
issuance of capital stock8.30.2428.20.00.0
repayment of long-term debt-33.8-1,483.8-670.0-60.1-47.1
repurchase of capital stock0.00.00.00.00.0
payment of cash dividends0.00.00.00.00.0
other financing charges, net226.619.66.91.938.2
cash from discontinued financing activities0.00.00.00.00.0
net cash from financing activities571.2-89.1101.27.4137.1
NET CASH FLOW
effect exchange rate changes-21.46.33.6-19.5-19.3
net change in cash & equivalents-160.1295.7423.8157.0-355.2
cash at beginning of period765.7605.6901.31,325.11,482.1
cash end of period605.6901.31,325.11,482.11,126.8
*
foreign sales1,528.1671.6477.5349.2461.2
domestic sales1,238.12,697.02,831.53,042.63,117.8
auditor namePricewaterhouseCoopers LLPPricewaterhouseCoopers LLPPWC LLPPWC LLPPWC LLP
auditor reportUQUQUQUQUQ
RATIOS CALCULATIONS
PROFIT MARGINS
Close PE Ratio0.00.019.215.313.1
High PE Ratio0.00.056.144.930.4
Low PE Ratio0.00.03.12.92.1
gross profit margin43.633.10.30.20.3
pre-tax profit margin-1.9-1.20.10.10.1
post-tax profit margin-1.4-2.90.10.10.1
net profit margin-1.4-2.90.10.10.2
interest coverage (cont. operations)0.00.0201.8219.075.5
interest as % of invested capital0.00.30.40.30.4
effective tax rate0.00.00.10.10.0
income per employee-5642-17203727916549886051
NORMALIZED RATIOS
Normalized Close PE Ratio7.07.215.314.813.3
Normalized High PE Ratio36.411.715.615.213.5
Normalized Low PE Ratio6.22.715.114.712.9
normalized net profit margin15.011.10.10.10.2
Normalized ROE11.410.30.10.10.1
Normalized ROA7.25.90.10.10.1
Normalized ROCI9.79.10.10.10.1
normalized income per employee5917766565895156549886051
SOLVENCY RATIOS
quick ratio1.61.81.52.22.5
current ratio2.72.62.43.23.5
payout ratio
total debt/equity ratio0.180.160.050.040.05
long-term debt/total capital 0.150.120.030.030.04
EFFICIENCY RATIOS
leverage ratio1.61.80.00.00.1
asset turnover0.50.60.50.50.5
cash as % of revenue21.926.840.043.731.5
receivables as % of revenue30.528.919.96.615.7
SG&A as % of Revenue16.18.68.37.67.6
R&D as % of Revenue5.13.94.14.23.6
ACTIVITY RATIOS
revenue per $ cash4.573.742.502.293.18
revenue per $ plant (net)1.522.212.392.342.60
revenue per $ common equity0.760.930.730.670.65
revenue per $ invested capital0.650.820.700.650.61
LIQUIDITY RATIOS
receivables turnover4.83.75.57.810.0
inventory turnover4.64.95.95.76.0
receivables per day sales109.84103.919845147.444803618.4615431554.55
sales per $ receivables3.283.465.0315.086.38
sales per $ inventory5.817.758.516.729.41
revenue/assets0.50.50.50.50.5
number of days cost of goods in inventory7873
current assets per share30.2232.5051.7843.5546.26
total assets per share66.8272.8593.9791.80101.16
intangibles as % of book-value1.81.80.00.00.0
inventory as % of revenue17.212.911.814.910.6
CAPITAL STRUCTURE RATIOS
long-term debt per share7.165.742.222.253.48
current liabilities per share11.2612.6421.6813.6713.28
cash per share7.0010.348.976.70-3.54
LT-Debt to Equity Ratio0.170.140.040.030.05
LT-Debt as % of Invested Capital14.512.23.43.14.3
LT-Debt as % of Total Debt29.018.272.976.186.8
total debt as % total assets36.943.23.23.24.0
working captial as % of equity45.048.049.043.543.0
revenue per share31.9938.6545.1746.3049.49
book value per share42.1441.3745.2550.1354.52
tangible book value per share41.3840.6258.7165.8474.02
price/revenue ratio1.060.80213.88176.66199.75
price/equity ratio0.800.75157.17119.18128.85
price/tangible book ratio0.820.76164.56124.23133.54
working capital as % of price56.264.431.236.533.4
PROFITABILITY
working capital per share18.9619.8622.1521.8323.43
cash flow per share2.261.918.976.70-3.54
free cash flow per share-9.094.376.014.17-5.18
Return on Stock Equity (ROE)0.00.00.10.10.1
Return on Capital Invested (ROCI)-0.9-2.30.10.10.0
Return on Assets (ROA)-0.7-1.50.10.10.1
price/cash flow ratio14.916.27.98.9-19.8
price/free cash flow ratio-3.77.111.814.3-13.6
sales per employee395172601526682266559705563621
AGAINST THE INDUSTRY RATIOS
% of sales-to-industry9.011.4
% of earnings-to-industry-2.4-21.7
% of EPS-to-Industry-113.8-6824.9
% of price-to-industry213.9178.5
% of PE-to-Industry0.00.0
% of price/book-to-industry32.028.0
% of price/sales-to-industry51.733.3
% of price/cashflow-to-industry78.653.3
% of pric/free cashlow-to-industry2.4-4.9
% of debt/equity-to-industry77.360.9
% of current ratio-to-industry112.5113.0
% of gross profit margin-to-industry103.677.9
% of pre-tax profit margin-to-industry-32.8-31.6
% of post-tax profit margin-to-industry-29.8-193.3
% of net profit margin-to-industry-25.5-193.3
% of ROE-to-Industry0.00.0
% of leverage-to-industry84.290.0
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P:34 V:us D:20161208 09:52:07