First Solar Inc

  All amounts in Millions of US Dollars except per share items
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BALANCE SHEET (at a glance)
2012/122013/122014/122015/122016/12
INDICATORS
year end date2012/122013/122014/122015/122016/12
date preliminary data loaded2013-02-272014-04-232015-03-012016-02-282017-02-26
earnings period indicatorFAAAA
quarterly indicator44444
basic earnings indicatorYYYYY
template indicator
preliminary full context indNNNNN
projected fiscal year date0000-00-002014-12-312015-12-312016-12-312017-12-31
number of months last report period123333
INCOME STATEMENT
operating revenue3,368.53,309.03,391.83,579.02,951.3
total revenue3,368.53,309.03,391.83,579.02,951.3
adjustments to revenue0.00.00.00.00.0
cost of sales2,253.12,446.22,564.72,659.72,247.3
cost of sales with depreciation2,515.82,446.22,564.72,659.72,247.3
gross margin1,115.5862.8827.1919.3704.0
gross operating profit1,115.5862.8827.1919.3704.0
Research & Development (R&D) Expense132.5134.3144.0130.6124.8
Selling, General & Administrative (SG&A) Expense288.8273.0259.0272.0263.0
advertising0.00.00.00.00.0
operating income-37.6368.5424.2516.7-502.6
EBITDA694.3614.5679.8784.6-220.2
depreciation262.70.00.00.00.0
depreciation (unrecognized)0.0-234.4-245.8-257.8-230.9
amortization0.0234.4245.8257.8230.9
amortization of intangibles0.00.00.00.00.0
operating profit after depreciation431.5614.5679.8784.6-220.2
interest income12.816.818.022.525.2
earnings from equity interest0.00.00.00.00.0
other income net-1.2-5.2-13.28.126.2
income, acquired in process r&a0.00.00.00.00.0
Income, Restructuring and M&A-469.10.00.00.00.0
other special charges0.00.00.00.00.0
special income charges-469.1-86.90.00.0-818.8
EBIT-25.9380.1434.0526.8-451.2
interest expense13.91.92.07.020.5
pre-tax income -39.8378.2432.0519.8-471.7
income taxes56.56.71.71.35.3
minority interest0.00.00.00.00.0
pref. securities of subsid. trust0.00.00.00.00.0
income before income taxes-39.8378.2432.0519.8-471.7
net income (continuing operations)-96.3353.0396.9546.4-358.0
net income (discontinued operations)0.00.00.00.00.0
net income (total operations)-96.3353.0396.9546.4-358.0
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-96.3353.0396.9546.4-358.0
normalized income372.8434.1396.9546.4359.8
net income available for common-96.3353.0396.9546.4-358.0
preferred dividends0.00.00.00.00.0
excise taxes0.00.00.00.00.0
*
Basic EPS (Continuing)-1.113.773.975.42-3.48
Basic EPS (Discontinued)0.000.000.000.000.00
Basic EPS from Total Operations-1.113.773.975.42-3.48
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-1.113.773.975.42-3.48
Basic EPS - Normalized4.294.633.975.423.50
*
Diluted EPS (Continuing)-1.113.703.915.37-3.48
Diluted EPS (Discontinued)0.000.000.000.000.00
Diluted EPS from Total Operations-1.113.703.915.37-3.48
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-1.113.703.915.37-3.48
Diluted EPS - Normalized4.294.553.915.373.50
Dividends Paid Per Share (DPS)0.000.000.000.000.00
INCOME STATEMENT (YEAR-TO-DATE)
Revenue (YTD)3,368.53,309.03,391.83,579.02,951.3
Net Income from Total Operations (YTD)-96.3353.0396.9546.4-358.0
EPS from Total Operations (YTD)-1.113.773.975.42-3.48
Dividends Paid Per Share (YTD)0.000.000.000.000.00
BALANCE SHEET
ASSETS
cash & equivalents901.31,325.11,482.11,126.81,347.2
restricted cash0.00.074.772.537.2
marketable securities102.61,764.21,991.11,830.31,955.1
accounts receivable553.6657.7212.4500.6266.7
loans receivable17.70.00.00.00.0
other receivable401.00.00.060.4205.5
receivables972.3657.7224.9561.1509.5
inventories, raw materials0.00.041.90.00.0
inventories, work in progress0.00.020.80.00.0
inventories, purchased components0.00.00.00.00.0
inventories, finished goods0.00.0442.40.00.0
inventories, other434.90.00.00.00.0
inventories, adjustments & allowances0.00.00.00.00.0
inventories434.9389.0505.1380.4363.2
prepaid expenses207.424.642.275.077.3
current defered income taxes44.10.00.00.00.0
other current assets169.8893.5260.9238.4143.1
total current assets2,832.33,792.83,190.53,345.63,786.6
land and improvements22.310.712.412.17.8
building and improvements495.5360.5381.9410.9379.0
machinery, furniture & equipment1,760.01,570.31,828.81,969.51,592.3
construction in progress51.1133.2154.537.793.2
other fixed assets0.01,385.11,448.71,377.91,077.7
total fixed assets2,328.91,385.11,448.71,377.91,077.7
gross fixed assets2,328.91,385.11,448.71,377.91,077.7
accumulated depreciation803.5-940.7-1,134.4-1,335.5-1,530.6
net fixed assets1,525.41,385.11,448.71,377.91,077.7
intangibles0.0117.4119.2110.088.0
cost in excess65.485.085.085.014.5
non-current deferred income taxes317.5296.6222.3357.7252.7
other non-current assets1,608.1158.1144.3159.4515.4
total non-current assets3,516.43,090.73,534.03,970.73,080.6
total assets6,348.76,883.56,724.47,316.36,867.2
inventory valuation method2FIFIFIFI
EQUITY & LIABILITIES
accounts payable350.2261.3214.7337.7148.7
notes payable0.00.00.00.00.0
short-term debt62.30.00.00.00.0
accrued expenses0.0451.0541.6409.5263.0
accrued liabilities554.40.00.00.00.0
deferred revenues2.11.221.918.07.7
current deferred income taxes0.00.00.00.00.0
other current liabilities132.30.10.00.00.0
total current liabilities1,101.41,588.11,001.1960.8899.7
long-term debt500.2162.8165.0251.3160.4
capital lease obligations0.00.00.00.00.0
deferred income taxes0.0-20.914.1-17.5123.9
other non-current liabilities1,141.6404.4284.5392.3428.1
minority interest liability0.02,380.41,697.01,767.81,654.5
preferred secur. of subsid. trust0.00.00.00.00.0
preferred equity outside stock equity0.00.00.00.00.0
total non-current liabilities1,641.8792.3695.9807.0754.8
total liabilities2,743.22,380.41,697.01,767.81,654.5
preferred stock equity0.00.00.00.00.0
common stock equity3,605.54,503.15,027.55,548.55,212.7
common par0.10.00.00.00.0
additional paid-in capital2,065.52,646.02,697.62,742.82,759.2
cumulative translation adjustments0.00.00.00.00.0
retained earnings1,529.71,882.82,279.72,790.12,463.3
treasury stock0.00.00.00.00.0
other equity adjustments10.20.00.00.00.0
total capitalization4,105.74,665.95,192.55,799.85,373.1
total equity3,605.54,503.15,027.55,548.55,212.7
total liabilities & stock equity6,348.76,883.56,724.47,316.36,867.2
*
cash flow166.40.00.00.00.0
working capital1,731.02,204.72,189.42,384.82,886.9
free cash flow380.5573.6423.4-527.4-22.7
invested capital4,105.74,726.45,244.45,837.95,401.1
*
shares out (common class only)87.199.5100.3101.8104.0
preferred shares0.00.00.00.00.0
total ordinary shares0.099.5100.3101.8104.0
total common shares out87.199.5100.3101.8104.0
treasury shares0.00.00.00.00.0
basic weighted shares86.90.00.00.00.0
diluted weighted shares86.90.00.00.00.0
number of employees56004850606063505400
number of part-time employees
CASH-FLOW STATEMENT
OPERATING ACTIVITIES
net income/loss-96.3353.0396.9546.4-358.0
depreciation262.70.00.00.00.0
amortization0.0234.4245.8257.8230.9
amortization of intangibles0.00.00.00.00.0
deferred income taxes14.6-20.914.1-17.5123.9
operating gains-0.00.00.0-20.4-213.6
extraordinary gains0.00.00.00.00.0
(increase) decrease in receivables-388.0565.0453.8-340.392.7
(increase) decrease in inventories-75.615.4-99.9113.595.8
(increase) decrease in prepaid expenses-28.9109.1-19.9-38.69.6
(increase) decrease in other current assets0.00.00.00.00.0
decrease (increase) in payables174.3-57.0-53.3130.6-191.6
decrease (increase) in other current liabilities614.3-128.3-426.4-164.7183.2
decrease (increase) in other working capital-92.4-317.7136.5-866.0-671.3
other non-cash items377.665.61.538.3867.2
net cash from continuing operations762.2856.1681.0-360.9206.8
net cash from discontinued operations0.00.00.00.00.0
net cash from total operating activities762.2856.1681.0-360.9206.8
INVESTING ACTIVITIES
sale of property, plant & equipment0.0116.41.50.10.0
sale of long-term investments108.70.00.00.0291.5
sale of short-term investments4.50.00.00.0525.5
purchase of property, plant & equipment-379.2-282.6-257.5-166.4-229.5
acquisitions-2.4-30.7-4.30.0-10.3
purchase of long-term investments-80.7-17.9-25.0-27.50.0
purchase of short-term investments-29.2-435.0-378.1-556.5-422.6
other investing changes, net-5.418.7-125.9340.0-5.4
cash from discontinued investing activities0.00.00.00.00.0
net cash from investing activities-383.7-537.1-511.9-112.1144.5
FINANCING ACTIVITIES
issuance of debt1,375.0335.065.6146.0576.8
issuance of capital stock0.2428.20.00.00.0
repayment of long-term debt-1,483.8-670.0-60.1-47.1-687.4
repurchase of capital stock0.00.00.00.00.0
payment of cash dividends0.00.00.00.00.0
other financing charges, net19.66.91.938.2-25.8
cash from discontinued financing activities0.00.00.00.00.0
net cash from financing activities-89.1101.27.4137.1-136.4
NET CASH FLOW
effect exchange rate changes6.33.6-19.5-19.3-6.3
net change in cash & equivalents295.7423.8157.0-355.2208.6
cash at beginning of period605.6901.31,325.11,482.11,207.1
cash end of period901.31,325.11,482.11,126.81,415.7
*
foreign sales671.6477.5349.2461.2502.7
domestic sales2,697.02,831.53,042.63,117.82,448.6
auditor namePricewaterhouseCoopers LLPPWC LLPPWC LLPPWC LLPPWC LLP
auditor reportUQUQUQUQUQ
RATIOS CALCULATIONS
PROFIT MARGINS
Close PE Ratio0.019.215.313.1-10.9
High PE Ratio0.056.144.930.4-21.5
Low PE Ratio0.03.12.92.1-3.3
gross profit margin33.10.30.20.30.0
pre-tax profit margin-1.20.10.10.10.0
post-tax profit margin-2.90.10.10.10.0
net profit margin-2.90.10.10.20.0
interest coverage (cont. operations)0.0201.8219.075.50.0
interest as % of invested capital0.30.40.30.40.5
effective tax rate0.00.10.10.00.0
income per employee-17203727916549886051
NORMALIZED RATIOS
Normalized Close PE Ratio7.215.314.813.310.6
Normalized High PE Ratio11.715.615.213.511.0
Normalized Low PE Ratio2.715.114.712.910.4
normalized net profit margin11.10.10.10.20.0
Normalized ROE10.30.10.10.10.1
Normalized ROA5.90.10.10.10.1
Normalized ROCI9.10.10.10.10.1
normalized income per employee6656589515654988605166624
SOLVENCY RATIOS
quick ratio1.81.52.22.52.7
current ratio2.62.43.23.54.2
payout ratio
total debt/equity ratio0.160.050.040.050.04
long-term debt/total capital 0.120.030.030.040.03
EFFICIENCY RATIOS
leverage ratio1.80.00.00.10.0
asset turnover0.60.50.50.50.4
cash as % of revenue26.840.043.731.545.6
receivables as % of revenue28.919.96.615.717.3
SG&A as % of Revenue8.68.37.67.68.9
R&D as % of Revenue3.94.14.23.64.2
ACTIVITY RATIOS
revenue per $ cash3.742.502.293.182.19
revenue per $ plant (net)2.212.392.342.602.74
revenue per $ common equity0.930.730.670.650.57
revenue per $ invested capital0.820.700.650.610.55
LIQUIDITY RATIOS
receivables turnover3.75.57.810.07.7
inventory turnover4.95.95.76.06.0
receivables per day sales103.919845147.444803618.4615431554.5510738555.27
sales per $ receivables3.465.0315.086.385.79
sales per $ inventory7.758.516.729.418.13
revenue/assets0.50.50.50.50.4
number of days cost of goods in inventory73
current assets per share32.5051.7843.5546.2650.29
total assets per share72.8593.9791.80101.1691.21
intangibles as % of book-value1.80.00.00.00.0
inventory as % of revenue12.911.814.910.612.3
CAPITAL STRUCTURE RATIOS
long-term debt per share5.742.222.253.482.13
current liabilities per share12.6421.6813.6713.2811.95
cash per share10.348.976.70-3.542.01
LT-Debt to Equity Ratio0.140.040.030.050.03
LT-Debt as % of Invested Capital12.23.43.14.33.0
LT-Debt as % of Total Debt18.272.976.186.885.2
total debt as % total assets43.23.23.24.02.7
working captial as % of equity48.049.043.543.055.4
revenue per share38.6545.1746.3049.4939.20
book value per share41.3745.2550.1354.5250.10
tangible book value per share40.6258.7165.8474.0267.87
price/revenue ratio0.80213.88176.66199.75133.61
price/equity ratio0.75157.17119.18128.8575.65
price/tangible book ratio0.76164.56124.23133.5477.16
working capital as % of price64.431.236.533.473.2
PROFITABILITY
working capital per share19.8622.1521.8323.4327.75
cash flow per share1.918.976.70-3.542.01
free cash flow per share4.376.014.17-5.18-0.22
Return on Stock Equity (ROE)0.00.10.10.1-0.1
Return on Capital Invested (ROCI)-2.30.10.10.00.0
Return on Assets (ROA)-1.50.10.10.1-0.1
price/cash flow ratio16.27.98.9-19.818.9
price/free cash flow ratio7.111.814.3-13.6-172.4
sales per employee601526682266559705563621
AGAINST THE INDUSTRY RATIOS
% of sales-to-industry11.4
% of earnings-to-industry-21.7
% of EPS-to-Industry-6824.9
% of price-to-industry178.5
% of PE-to-Industry0.0
% of price/book-to-industry28.0
% of price/sales-to-industry33.3
% of price/cashflow-to-industry53.3
% of pric/free cashlow-to-industry-4.9
% of debt/equity-to-industry60.9
% of current ratio-to-industry113.0
% of gross profit margin-to-industry77.9
% of pre-tax profit margin-to-industry-31.6
% of post-tax profit margin-to-industry-193.3
% of net profit margin-to-industry-193.3
% of ROE-to-Industry0.0
% of leverage-to-industry90.0
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P:42 V:us D:20170427 05:23:15