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2009 Annual Report

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2009 Annual Report 1J`Q` QC:`8HQI +1-602-414-9400 FX: PH: +1-602-414-9300 AZ85281 Tempe, 600 Suite Street, Washington 350 West Q`]Q`: VV:R_%:` V` 1118` QC:`8HQI Cert no. SGS-COC-3028 Cert no. --------------------------------------------------- -------------------------------HINGEHINGEI---------------------------------- ---------------------------------------------------------------------------HINGE---------E----------------------------------- ------- - _ o - JJ%:CV]Q` % :1J:GCV8 ``Q`R:GCV8 CV:J8 ---------------------------------------------------------------------------------------------------------------------------------------------------- ------ Corporate Informa on Executive Management Michael J. Ahearn, Execu ve Chairman Robert J. Gille e, Chief Execu ve O cer Bruce Sohn, President ---------- Jens Meyerho , Chief Financial O cer HINGE Mary Beth Gustafsson, Execu ve Vice President, General Counsel, and Secretary Longuich, Germany (3MW); Phoenix Solar AG TK Kallenbach, Execu ve Vice President, Marke ng and Product Management David Eaglesham, Chief Technology O cer Carol Campbell, Execu ve Vice President, Human Resources James Zhu, Chief Accoun ng O cer About First Solar Board of Directors Michael J. Ahearn, Execu ve Chairman First Solar, Inc. (NASDAQ: FSLR) manufactures photovoltaic (PV) Robert J. Gille e, Chief Execu ve O cer solar modules with an advanced semiconductor technology, and First Solar is proud Craig Kennedy, Director designs and builds utility-scale PV solar systems. Our module ------------------------------------------------------------------------- James F. Nolan, Director manufacturing costs are the lowest in the world due to propri- to have been added J. Thomas Presby, Director etary technology, high-volume continuous-flow manufacturing, Paul H. Stebbins, Director ---------------------------------------------------- and operational excellence. We measure our long-term financial to the S&P 500® Michael Sweeney, Director success by earning a return on net assets targeted to be 5% José H. Villarreal, Director above our cost of capital. In October of 2009, we were added to the S&P 500® Index. in 2009 as the rst Corporate Headquarters Investor Relations By enabling clean, renewable electricity at competitive prices, 350 West Washington Street 350 West Washington Street First Solar provides an economically and environmentally viable pure-play renewable Suite 600 Suite 600 alternative to peaking fossil-fuel electricity generation. First Tempe, AZ 85281 Tempe, AZ 85281 Solar PV power plants operate with no water, air emissions, or energy company in PH: +1-602-414-9300 PH: +1-602-414-9315 waste stream. First Solar has set the benchmark for environmen- FX: +1-602-414-9400 investor@ rstsolar.com tally responsible product life cycle management by introducing info@ rstsolar.com the industry’s first prefunded, comprehensive collection and the composite index www. rstsolar.com recycling program for solar modules. From raw material sourc- ing through end-of-life collection and recycling, First Solar is Transfer Agent Annual Meeting Photo Credits focused on creating value-driven renewable energy solutions Computershare Trust Company, N.A. Desert Willow Conference Center Front and back cover, clockwise from top: that protect and enhance the environment. For more informa- 250 Royal Street 4340 East Co on Center Boulevard Hasborn, Germany (5.6MW); Phoenix Solar AG tion about First Solar, please visit www.firstsolar.com. Canton, MA 02021 Phoenix, AZ 85040 Hassleben, Germany (5.8MW); COLEXON Energy AG Stockholder Services: June 1, 2010–9:00 a.m. local me Blythe, California, USA (21MW); First Solar +1-781-575-2879 Verona, Italy (1MW); juwi Solar GmbH www.computershare.com Stock Listing First Solar, Inc. common stock is traded HINGE HING ---------- --------- ------- ------ Independent Auditors on the Nasdaq Global Select Market, PricewaterhouseCoopers LLP listed under FSLR. BBC eBP - File Name: BPX16452_wo17_FirstSolar_CV.pdf Apr 15, 2010 Page: 2 of --------------------------------------- All nancial numbers in this report are based on U.S. Generally Accepted Accoun ng Principles. This report contains forward-looking statements within the meaning of the United States federal securi es laws. These forward-looking statements do not cons tute guarantees of future performance. These forward-looking statements are based on current informa on and expecta ons, are subject to uncertain es and changes in circumstances, and involve a number of factors that could cause actual results to dic er materially from those an cipated by these forward-looking statements, including risks described in the company’s most recent annual report on Form 10-K, and other lings with the Securi es and Exchange Commission. First Solar assumes no obliga on to update any forward-looking informa on contained in this report or with respect to the informa on described herein. Annual Report 2009 | First Solar First Solar | Annual Report 2009 To Our Shareholders: When I started as CEO of First Solar in October 2009, I knew I would be leading a strong company with a bright future. Under the leadership of former CEO and current Execu ve Chairman, Mike Ahearn, with a dedicated team of over 4,700 associates, First Solar had become a world leader in solar module manufacturing and u lity-scale systems. Yet as we celebrated our 10-year anniversary in 2009, we also experienced a challenging business environment, dealing with industry-wide module over-supply and pricing adjustments, a weak global economy, and a nancial climate that ac ected project nancing. Despite these obstacles, we remained steadfast and made progress in advancing our mission to create enduring value by enabling a world powered by clean, ac ordable solar electricity and delivering on the commitments made to our shareholders. In 2009, First Solar achieved its financial guidance, delivering solid results. Revenues increased 66% Rob Gille e year over year to $2.1 billion, and earnings per share increased 78% to $7.53 per fully diluted share. We Chief Execu ve O cer produced over 1.1 gigawa s (GW)—double our 2008 total—and our module cost per wa decreased by 19% to $0.84 in the fourth quarter of 2009. We generated free cash ow of $395 million, and grew our cash and marketable securi- es balance to $1.1 billion. Our opera ng margin was 32.9% of net sales, contribu ng to a 25.5% return on net assets, exceeding our goal of 20% and crea ng signi cant economic value. First Solar is well-positioned to meet growing global demand. In North America, we built 50 megawa s (MW) of u lity-scale projects, and in 2009 and early 2010, we signed or acquired 1.7GW (AC) of new contracts. In Europe, we added 361MW of module demand to our long-term agreements, which allow for a total of approximately $3.8 billion in sales from 2010 to 2013. In Asia, we entered the Chinese market with a memorandum of understanding to sell modules for a 2GW solar installa on in Ordos City. And the opportunity is growing. Through 2012, we currently project global demand to grow at a compound annual growth rate of 30-35%, increasing global demand to an expected 12-13GW. To sa sfy this demand, we are construc ng eight new lines at our Kulim, Malaysia manufacturing facility, set to ramp up produc on in the rst half of 2011. As part of a 10-year module supply agreement with EDF Energies Nouvelles, an a liate of one of the largest u li es in Europe, we announced plans to build a two-line facility in Blanquefort, France. In the rst quarter of 2010, we ramped our fourth line at our Perrysburg, Ohio facility. By 2012, First Solar’s total manufac- turing capacity is expected to increase to 34 lines, equaling 1.8GW per annum based on the fourth quarter 2009 annual line run rate of 53.4MW. We will continue to focus on our goal of achieving price parity with conventional fossil-fuel based peak electricity generation. To do this, we target cost reduc ons in module manufacturing, balance of system, and project nancing. By con nuing to improve conversion e ciency, line run rate, material cost, and by driving volume to further decrease overhead costs, we expect to achieve a cost reduc on of over 30% in our PV module manufacturing, with a target to bring module costs down to $0.52-$0.63 per wa by 2014. By improving conversion e ciency, leveraging volume procurement around standardized hardware pla orms, and accelerat- ing installa on me, we are striving to cut balance of system costs that include installa on hardware and labor— and which account for more than half of all capital costs—by about 33% to $0.91-$0.98 per wa by 2014. In 2010, we will serve the European feed-in tariff (FiT) markets and continue developing new global markets. We expect the Euro- pean market to grow signi cantly year over year. Germany remains the largest market with good rst-half demand and uncertainty by mid-year due to an an cipated reduc on in the FiT. We expect robust growth in France and Italy while demand in Spain gradually recovers. We are planning for strong growth in our North American systems business as we con nue to execute against our large pipeline. This segment con nues to bene t from state Renewable Por olio Standards, the U.S. federal s mulus package in the form of the federal Investment Tax Credit cash grant, and Ontario, Canada’s Renewable Standard Energy Oc er Program (RESOP). All of these programs contribute to increasing u lity adop on of solar-generated energy. Finally, China, India, and Australia are emerging as poten ally large markets for which we are establishing approaches. Our strong balance sheet and cash flow, along with our project finance capabilities, are enabling us to attract investors to many utility-scale projects throughout North America. In 2009, we sold our 80MW Sarnia, Ontario project to Enbridge Inc. and our 21MW Blythe, California project to NRG Energy. Our 30MW project near Cimarron, New Mexico was recently sold to Southern Com- pany. These sales demonstrate our ability to design and build u lity scale PV solar projects that generate a rac ve rates of return.
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