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View Annual Report Corporate Headquarters 4050 East Cotton Center Boulevard, Building 6, Suite 68 Phoenix, Arizona 85040 PH: +1-602-414-9300 FX: +1-602-414-9400 info@fi rstsolar.com www.fi rstsolar.com Annual Report 2006 Company Overview First Solar manufactures solar modules with an advanced thin film semiconductor process that significantly lowers solar electricity costs. By enabling clean renewable electricity at affordable prices, First Solar provides an economic alternative to peak conventional electricity and the related fossil fuel dependence, greenhouse gas emissions and peak time grid constraints. First Solar was founded in 1999 to commercialize its process for manufacturing cost effective photovoltaic (PV) modules. In 2003, the Company began production of its solar modules for commercial applications, and by the end of 2004, completed the qualification of its base module production plant. In 2005, Corporate Information First Solar initiated plans to replicate its base module production plant in order to meet demand for its products. In 2006, the base plant expansion was completed and construction began on Executive Management Corporate Headquarters a new manufacturing facility in Germany. The German plant will more than double First Solar’s Michael J. Ahearn, Chief Executive Offi cer, Chairman 4050 East Cotton Center Boulevard, Building 6, Suite 68 manufacturing and will leverage its “Copy Smart” replication technology. First Solar became a Bruce Sohn, President, Director Phoenix, Arizona 85040 public company on November 17, 2006. First Solar’s objective is to use its advanced thin film George A. Hambro, Chief Operating Offi cer PH: +1-602-414-9300 FX: +1-602-414-9400 module technology and manufacturing capabilities to enable cost effective solar electricity to be Jens Meyerhoff , Chief Financial Offi cer info@fi rstsolar.com Kenneth M. Schultz, Vice President, Sales & Marketing www.fi rstsolar.com deployed throughout the world. Paul Kacir, Vice President, General Counsel & Corporate Secretary Carol Campbell, Vice President, Human Resources Investor Relations First Solar, Inc. Attn: Investor Relations Board of Directors 4050 East Cotton Center Boulevard, Building 6, Suite 68 Michael J. Ahearn, Chief Executive Offi cer, Chairman Phoenix, Arizona 85040 Bruce Sohn, President, Director investor@fi rstsolar.com James F. Nolan, Director PH: +1-602-414-9315 J. Thomas Presby, Director Michael Sweeney, Director Paul H. Stebbins, Director Transfer Agent Computershare Trust Company, N.A. PO Box 43023 Providence, Rhode Island 02940-3023 PH: +1-800-446-2617 www.computershare.com This report contains forward- Independent Auditors looking statements which are PricewaterhouseCoopers LLP made pursuant to the safe harbor provisions of Section 21E of the Corporate Counsel Securities Exchange Act of 1934. Cravath, Swaine & Moore LLP The forward-looking statements in this report do not constitute guarantees of future performance. Annual Meeting Those statements involve a Embassy Suites Phoenix-Biltmore number of factors that could cause 2630 East Camelback Road First Solar Manufacturing Plant actual results to differ materially, Phoenix, Arizona 85016 in Frankfurt-Oder, Germany including risks associated with May 25, 2007 - 2:00 pm local time the company’s business involving the company’s products, their development and distribution, Stock Listing First Solar, Inc. common stock is traded on Nasdaq National economic and competitive factors Market, listed under FSLR and the company’s key strategic relationships and other risks detailed in the company’s filings with the Securities and Exchange Commission. First Solar assumes no obligation to update any forward- looking information contained in this report or with respect to the information described herein. Dear Shareholders, During 2006 we reached a number of major in 2005. Our ability to achieve net income at milestones that solidified our position as the a relatively low production level and while incurring significant expenses to support our industry’s cost leader and created a platform for growth, become a public company and start up continued growth: a new plant in Germany reflects the operating leverage of our business model and the We tripled our annual production volume to discipline and focus of our organization. 60 mega-Watts (MW), and achieved an annual run rate of nearly 100MW during the fourth quarter with production totaling 24.7MW. Our annual revenue grew threefold to $135 million, driven by the additional production volume and continued strong market demand for our products. We entered into long term contracts with selected customers, which, after recent modifications, total approximately 1.5 giga-Watts (GW) between 2007 and 2012 and equate to $3.0 billion of sales volume at an assumed exchange rate of $1.30 per Euro. These contracts, and our relationships with our core customers, established First Solar as a market leader in large scale photovoltaic (PV) systems and provide us with multi-year demand visibility that has enabled us to continue to aggressively expand our production capacity. Rote Jahne, 6MW We continued our relentless quest towards We benefited in 2006, and expect to continue lowering our production costs. In the to benefit in 2007, from strong market demand fourth quarter of 2006, we reached steady for photovoltaic products. Policy makers in state production at our Ohio facility with growing numbers are recognizing the severe manufacturing costs of $1.25 per Watt, environmental, economic and social consequences providing strong evidence of First Solar’s cost leadership in this rapidly expanding industry. of “business as usual” energy policies, and the role that photovoltaics will play in the emerging Gross margins reached 48.6% in the fourth global electricity infrastructure of the future. This quarter and 40.2% for the year 2006. Our awareness has translated into an increasing number ability to be the industry price leader while of subsidy programs designed to incentivize maintaining industry-leading gross margins consumer demand for photovoltaics. For First Solar, demonstrates the strength of our competitive the increased demand presents an opportunity to cost advantage. achieve economies of scale, accelerate learning and We also became a profitable company in 2006 improvement cycles and increase purchasing power and posted net income of $4.0 million for the across our bill of materials, all of which are integral year compared to a net loss of $6.5 million to our continuing cost reduction efforts. First Solar is grateful for its success to date. However, to expand sales into we believe the key to building significant long the U.S. in 2007 with term value, and the reason the company exists, is new U.S. customers. to reduce solar electricity prices to levels that are We anticipate that sufficient to stimulate consumer demand without the added customers the need for financial subsidies. We have set a mid- and expanded markets will enable further term (2010-2012) goal of reducing module costs to production capacity levels that will make solar retail electricity prices expansion in the competitive with conventional alternatives, and we future and reduce our are executing with a sense of urgency to build upon dependence upon the our success in 2006 in order to achieve this goal. The German EEG program, key initiatives we are executing in 2007 include: which has incentivized the vast majority of our Rapid capacity expansion through our plant sales to date. replication process. We completed the construction of our 100MW nameplate production Continued facility in Frankfurt-Oder, Germany in late 2006 manufacturing cost First Solar and are currently in the process of qualifying reductions enabled by Series 2 Module the production lines and product in anticipation higher line throughput, of commercial shipments in the second half of increased module conversion efficiency, 2007. In addition, we recently broke ground on a improved economies of scale and expanding 100MW nameplate production facility in Malaysia, our manufacturing capacity in low cost which we intend to construct over the balance of manufacturing locations. 2007. We are able to tackle this aggressive agenda Market expansion, both geographically and by only because of the enormous dedication and market segment. We have expanded into Spain talent of our associates at all levels and across through sales to both existing customers and new all functions in the organization, market leading Spanish customers. In addition, we are preparing customers with whom we have developed enjoyable and mutually rewarding relationships, a strong group of supportive investors and an engaged and capable board of directors. Our sincere thanks goes to them for the commitments they have made to our collective success. Sincerely, Michael J. Ahearn Chairman & Chief Executive Offi cer Dimbach, 1.3 MW Financial Highlights $ in 000’s 2003 2004 2005 2006 Net sales 3,210 13,522 48,063 134,974 Operating income (loss) (24,107) (16,781) (4,790) 2,810 Net income (loss) (28,043) (16,771) (6,462) 3,974 Cash and cash equivalents 3,727 3,465 16,721 308,092 Total assets 31,575 41,765 101,884 578,510 Long-term debt 8,700 13,700 28,581 61,047 Net Sales ($ in 000’s) Gross Margin % of Net Sales 134,974 35% 40% -39% 48,063 13,522 3,210 -258% 2003 2004 2005 2006 2003 2004 2005 2006 Manufacturing Cost Per Watt ($/watt) Total Megawatts Produced 2.94 59.9 1.59 1.40 21.4 6.5 2004 2005 2006 2004 2005 2006 Net Income ($ in 000’s) 3,974 (6,462) (16,771) (28,043) 2003 2004 2005 2006 Meeder Installation, 517kW UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ¥ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 30, 2006 or n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-33156 First Solar, Inc.
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