Income Statement - Roth & Rau AG

I/07
Quarterly Report

2
Overview of Roth & Rau AG
First quarter First quarter
2006 2007 Change in %
Sales kEUR 7,015 24,568 250
Foreign share % 58.0 68.8 /
Orders received kEUR 7,329 32,233 340
Orders on hand* kEUR 16,279 109,849 575
EBITDA kEUR 1,118 2,822 152
EBIT kEUR 914 2,512 175
EBT kEUR 857 2,639 208
Net profit for the period kEUR 547 1,794 228
Earnings per share EUR 0.36 0.78 117
Cash flow from kEUR 1,693 2,176 28.5
current operations
Investments kEUR 549 870 58.5
Employees* 90 156 73.3
* As at 31 March 2007

ROTH & RAU AG Quarterly Report I/2007
Quarterly Report I/2007
of Roth & Rau AG
1 January to 31 March 2007
Table of Contents
Letter to the Shareholders 4
Business Development 6
Outlook 9
The Share 10
Balance Sheet 12
Income Statement 14
Cash Flow Statement 15
Statement of Changes in Equity 16
Notes 18
Financial Calendar 19
Imprint 19
3

4
Letter to the Shareholders
Dear Shareholders,
In the first quarter we were able to follow up directly on the success of the prosperous financial year 2006. Sales in
the first quarter of 2007 rose by 250 % to EUR 24,568k, compared with EUR 7,015k in the first quarter of the previous
year. Thus, the level of sales we reached in the first three months was nearly as high as in the first nine months of
the previous financial year. The resulting EBIT (earnings before interest and taxes), at EUR 2,512k, was up 175 % on
the previous year’s result. Likewise, net profit for the period rose by 228 % to EUR 1,794k. A particular contribution to
the good result for the quarter was made by the photovoltaic division, where we benefited from a continuing favourable
industry environment and our position in the market of anti-reflection coating plants, which we were able to
strengthen again in 2006. Characterised by strategic research & development projects, the plasma & ion beam
technology division, which accounts for approximately 8.5 % of sales, performed less strongly than in the previous
year due to once-only special items. This division is a source of our technological progress, giving us the opportunity
to develop new technologies, essentially in the form of equipment for research & development, in close
cooperation with customers and long-time science partners.
As reported by us earlier, the order situation was extremely pleasing during the first two months. It continued to be
so in March as well. Total orders received in the first quarter amounted to EUR 32,233k, resulting in orders on
hand of EUR 109,849k on 31 March. Thus, both orders received and orders on hand reached record highs in the
company’s history. These figures indicate that we will experience marked growth in the current financial year.
Therefore, we will continue to expand our staff and operating capacity in the coming months as announced earlier.
Having recruited 47 new employees in the past year already, we are planning to employ some 40 more this year to
support us in the areas of project management, customer service, production and research & development, particularly
in the photovoltaic division. As for our production capacity, we commissioned the construction of a new photovoltaic
site in Hohenstein-Ernstthal already in the past financial year. The process of completion is absolutely on
schedule, so from today’s perspective there is no obstacle to starting production at the new location in September 2007.
In the coming months we will consistently work on our strategic goal of boosting Roth & Rau’s share of the value
creation chain in the manufacturing of crystalline silicon solar cells. To do so, we will mainly test new plasma
processes on the MAiA pilot plant we installed last year in order to develop new solar cell manufacturing plants
building on that. We will intensify our activities in thin layer solar technology as well, concentrating on several
promising research projects and our co-operation with Oerlikon Solar, a Swiss thin layer specialist. Our growth
strategy is clearly focused on organic growth at the moment. Nevertheless, we are watching the market closely and
will carefully examine any acquisition opportunity promising to make sense as an addition to our portfolio.
In light of the good start of the new financial year, we feel that our plans have been confirmed and adhere to our
sales forecast of EUR 100 million and a continuing increase in EBIT.
Yours sincerely,
Dr. Dietmar Roth

ROTH & RAU AG Quarterly Report I/2007 5

6
Business Development
Business and Conditions
The development of the global economy was very stable
again in the first three months of this year, continuing
the global economic upturn we have seen for about four
years. Despite a slight decline in the rate of overall economic
expansion and a slowdown of the U.S. economy,
the trend of the economic outlook remained upward.
The development of the economic cycle in Japan and
the Asian emerging economies of China and India was
especially dynamic. Likewise, the upturn in the Euro
area continued.
Business activity in Germany continued to pick up fast
despite a rise in the VAT rate. In its spring survey, the
German Institute for Economic Research (DIW), Berlin,
found an increase of 3.2 % in GDP for the first quarter of
2007 compared with the previous year’s figure.
The dynamic trend of the photovoltaic market remained
unbroken during the first three months of the year as
well. Demand impulses came mainly from Asia again.
Demand in southern Europe did not rise as fast as
expected, which is attributable to the fact that the
underlying political conditions are still uncertain. In
Germany, more and more investments are also being
made in thin layer solar modules. However, we do not
expect this to affect the dominance of crystalline solar
cells because thin layer technology is still inferior to
them in many respects.
Sales and Profits Development
The company’s marked growth continued in the first
three months of the new financial year and is especially
evident in the 250 % rise in sales from EUR 7,015k to
EUR 24,568k. Many of the orders received in the second
half-year 2006 were completed in the first quarter 2007,
leading to a considerable increase in sales. The majority
of sales, 68.8 % in all, were generated outside
Germany. Continuing to play an important role in this
regard is the Asian market, where we were able to both:
secure follow-up orders and gain new customers.
An analysis of sales by segment shows that the two
divisions of photovoltaics and plasma & ion beam technology
accounted for EUR 22,483k and EUR 2,085k,
respectively. This means that the share of photovoltaics
in sales is 91.5 %. The business involving our SiNA ®
series of anti-reflection coating plants performed particularly
well. In the first quarter of 2007 alone, 8 plants
were delivered to customers and 9 new orders were
secured. By steadily developing our SiNA ® plants
further and optimising them, we are able to consistently
meet our customers’ increasing demands on efficiency
and production capacity and to secure important
follow-up orders. In the plasma & ion beam technology
division, pilot projects for thin layer photovoltaic applications
and different plants for research & development
applications in different industries were in the foreground
during the first quarter.
Income statement items developed as follows: Other
operating income rose slightly from EUR 115k to EUR
123k. Stocks of finished products and work in process
fell by EUR 111k. Other capitalised internal activities,
which mainly reflect capitalised development costs, fell
by 58.8 % to EUR 416k (EUR 1,011k in previous year). In
consequence of the strong increase in business volume,
the cost of materials rose clearly by 258 % to EUR 19,382k
(EUR 5,408k in previous year). The resulting ratio of cost
of materials to sales was 78.9 % (77.1 % in previous year).
In pursuit of our growth strategy, we not only expanded

ROTH & RAU AG Quarterly Report I/2007
our operating capacity but added new employees to
our workforce as well. This led to a marked increase in
personnel costs by 73.3 % to EUR 1,437k, compared with
EUR 829k in the previous year’s period. In absolute terms,
other operating costs rose from EUR 836k to EUR 1,355k.
However, as a percentage of sales they fell, from 11.9 %
to 5.5 %, thanks to much lower commission payments to
external distributors in our business in Asia.
Earnings before interest, taxes, depreciation and amortisation
(EBITDA) amounted to EUR 2,822k, exceeding
the previous year’s result of EUR 1,118k by 152 %. Thus,
the EBITDA margin was 11.5 % (12.9 % in the entire year
2006). Earnings before interest and taxes (EBIT) as calculated
by deducting depreciation and amortisation,
which rose from EUR 204k to EUR 310k, were EUR 2,512k.
This corresponds to a 175 % increase compared with
the previous year and an EBIT margin of 10.2 % (10.5 %
in the entire year 2006).
An analysis of earnings by segment shows that the photovoltaics
division got off to a very successful start into
the new year. It achieved EBITDA of EUR 3,432k and
EBIT of EUR 3,298k. The resulting EBITDA margin is
15.3 %, the EBIT margin 14.7 %. On the other hand, the
plasma & ion beam technology division developed less
strongly than in the previous year, with EBITDA of
EUR -618k and EBIT of EUR -794k. This was mainly due
to special items in connection with strategic research &
development projects. We expect the performance of
the segment to improve in the further course of the year.
The interest and financial result was EUR 127k after
EUR -57k in the previous year. There was a marked
decrease in financial expense by 53.0 % from EUR 66k to
EUR 31k thanks to repayments of non-current and current
liabilities in the financial year 2006. On the other
hand, financial income rose from EUR 9k in the first
quarter of 2006 to EUR 158k in the first quarter of 2007,
which is attributable to the clearly improved liquidity
situation as a result of the IPO in May 2006. Earnings
before taxes (EBT) rose by 208 % accordingly, to
EUR 2,639k (EUR 857k in previous year). Income taxes
amounted to EUR 845k after EUR 310k in the previous
year’s period. Due to special items, the tax rate fell to
32.0 %, compared with 36.2 % in the reference period.
Net profit for the period rose by 228 % from EUR 547k to
EUR 1,794k. Consequently, earnings per share were
EUR 0.78 (EUR 0.36 in previous year).
7

8
Order Situation
The order situation continued to develop very dynamically
in the first three months of the new financial year.
Orders received rose by 340 % to a record high of EUR
32,233k (EUR 7,329k in previous year). We already secured
another order for turn-key production lines in the
first two months. Hyundai Heavy Industries Co., Ltd., a
conglomerate based in Korea, commissioned the project
with a volume of approx. EUR 12,150k. The plants
are due to be installed starting in December 2007, and
the project is scheduled to be completed by the end of
the second quarter 2008. The orders on hand as at 31
March 2007 totalled EUR 109,849k, compared with EUR
16,279k in the previous year.
Approximately 94.4 % of new orders were received in
the photovoltaics division, reflecting both a strong
demand for the company’s main product, the series of
SiNA ® anti-reflection coating plants, and Hyundai’s
order. In addition, the first plant of the type MAiA was
sold to a German manufacturer of solar cells. In the
plasma & ion beam technology division we sold another
IonScan 800 plant. Thanks to this plant, Roth & Rau is
one of two suppliers in ion beam trimming, a technology
which is at the global forefront of semiconductor wafer
surface processing. The plant was ordered by one of
Europe’s largest manufacturers of semiconductor components
and is due to be installed already in May 2007.
The IonScan 800 plant is among the most important products
within this highly research-driven division of Roth
& Rau AG. The increasing dynamics in the distribution of
the plant has a beneficial effect on the growth of the
company’s second strategically important pillar.
We received 27.8 % of new orders from customers
based in Germany, the remaining 72.2 % were received
from abroad.
Financial Situation
Roth & Rau AG’s balance sheet total rose by 23.3 %
compared with the end of the financial year 2006, from
EUR 68,686k to EUR 84,697k. On the assets side, noncurrent
assets increased slightly from EUR 7,211k to
EUR 7,768k, which is attributable to a 15.8 % increase
in property, plant and equipment to EUR 3,852k.
Among current assets, stocks increased by 37.7 % from
EUR 20,493k to EUR 28,210k as a result of the favourable
order situation. In addition, the receivables from goods
and services and other receivables item rose to
EUR 23,346k, corresponding to a 41.4 % increase compared
with the balance sheet date of 31 December 2006.
This increase is essentially attributable to the advanced
stage of the ASCM project, a turn-key production line in
Taiwan. Current assets totalled EUR 76,929k after EUR
61,475k at the end of the financial year 2006.
On the liabilities & shareholders’ equity side of the balance
sheet, equity rose slightly by 5.2 %, to EUR 36,953k
(EUR 35,118k at 31 December 2006). The equity ratio was
43.6 % (51.1 % at 31 December 2006). Non-current liabilities
increased from EUR 3,224k to EUR 3,495k.
However, current liabilities saw a marked increase to
EUR 44,249k. This corresponds to a percentage change
of 45.8 % compared with the 2006 balance sheet date. It
was mainly due to a strong increase, by EUR 12,721k, in
the payables for goods and services and other payables
item. The great number of new projects in process had
a particular effect in this regard. In addition, advance
payments received rose clearly from EUR 534k to
EUR 1,639k.
Operating cash flow at EUR 2,176k was 28.5 % higher
than the previous year’s figure of EUR 1,693k. The cash
flow from investment activity was EUR -870k, after
EUR -549k in the previous year’s period. The cash flow
from financing activity decreased clearly from
EUR -1,108k to EUR -402k. The previous year’s figure
included costs of the IPO (before taxes) of EUR -84k and
significantly higher loan repayments.

ROTH & RAU AG Quarterly Report I/2007 9
Investments
Investments during the first three months of 2007 amounted
to EUR 870k, compared with EUR 549k in the previous
year’s period. These are essentially advance payments
of EUR 540k made for the construction of the new photovoltaics
site as well as capitalised development costs.
Employees
The number of staff employed by Roth & Rau was 156 as
at 31 March 2007. This is a 73.3 % increase on the
previous year. By boosting our staff capacity we pay
due regard to the dynamic development of operations
and to the continuing growth we expect. In the first
quarter, 19 new employees were added to our workforce
to support the company mainly in the areas of
project management, production, customer service and
research & development.
Events after the End of the
Reporting Period
No significant events which would have to be reported
here occurred after 31 March 2007.
Risks
Detailed information on Roth & Rau AG’s individual risk
situation was given in the risk report of the annual
report 2006. No significant changes occurred in this
regard in the first quarter of 2007.
Outlook
On the basis of a positive overall development of the
economy during the first three months, Germany’s five
leading economic research institutes expect business
activity to pick up further in the year as a whole. In their
spring survey they forecast that GDP in Germany will
grow by 2.5 % in real terms in 2007. Like in the previous
year, impulses for growth are expected to come from
domestic demand and an increasingly dynamic international
investment activity. According to the survey,
world GDP is expected to grow by approximately 3.25 %.
We assume that the friendly business sentiment in our
industry will persist during the remainder of the current
financial year. In our view, the photovoltaic market is set
to continue to develop dynamically, with growth rates of
more than 20 %. We expect clear impulses for growth to
come from Asia in particular. However, more investments
are also expected to be made in Germany and
Europe, where large cell factories, high production
capacity and rising demands on quality will play an
important role.
A pleasing development of sales and profits in the first
quarter, a comfortable order situation and a favourable
industry environment are all signs that our business will
continue to prosper. We affirm the forecast we made at
the beginning of the year, according to which we expect
sales of approximately EUR 100 million and EBIT to rise
in the financial year 2007.

10
The Share
Roth & Rau’s share performed extremely well during the
first three months of the new financial year. Having traded
at EUR 37.20 on the first trading day of the new year,
its price was 62.2 % higher, at EUR 61.50 on 31 March
2007. On the first day of the year the share price had
also been at its low for the reporting period. The share
price reached its high for the reporting period on 26
March 2007, at EUR 62.00. The share is currently (9 May
2007) trading at EUR 82.00.
Investor relations activities at the beginning of the year
focused on the preparation of Roth & Rau AG’s first
annual report and on the preparations for the company’s
first balance sheet press & analyst conference. With
a view to transparency of communication we set great
store by a high degree of information depth in the
preparation of the annual report. For example, in the
management report we followed the requirements of
All prices refer to the XETRA closing prices.
German reporting standard DRS 15. Even our first annual
report was published within the deadline of 90 days
after the end of the financial year in accordance with
corporate governance rules. Additionally, we published
the report in English on a voluntary basis. The Management
Board presented the figures of the financial year
2006 and the annual report to journalists, analysts and
investors in Munich on 3 April.
Share Figures First quarter 2007
Share capital EUR 2,300,000
Number of shares 2,300,000 bearer shares
ISIN DE000A0JCZ51
Stock exchange abbreviation R8R
Highest price (26/3/2007) EUR 62.00
Lowest price (2/1/2007) EUR 37.20
Price at the end of the period (31/3/2007) EUR 61.50
Earnings per share EUR 0.78
Free float market capitalisation as of the balance sheet date of 31/3/2007 EUR 109.2m

ROTH & RAU AG Quarterly Report I/2007
11

12
Interim Financial Statements
of Roth & Rau AG as at 30 June 2006
Balance Sheet
Assets
31 Mar 2007 31 Dec 2006
kEUR kEUR
Non-current assets
Intangible assets 3,556 3,521
Property, plant and equipment 3,852 3,328
Other non-current receivables 8 8
Investment property 193 195
Deferred tax asset 159 159
Total non-current assets 7,768 7,211
Current assets
Stocks
Receivables from goods and services
28,210 20,493
and other receivables 23,346 16,513
Cash 25,373 24,469
Total current assets 76,929 61,475
Total assets 84,697 68,686

ROTH & RAU AG Quarterly Report I/2007
Equity and debt
13
31 Mar 2007 31 Dec 2006
kEUR kEUR
Equity
Share capital 2,300 2,300
Capital reserves 26,655 26,655
Retained earnings 574 574
Other reserves 53 12
Profit carried forward 7,371 5,577
Total equity 36,953 35,118
Non-current debt
Non-current loans 2 3
Deferred tax liabilities 3,064 2,799
Non-current provisions 429 422
Total non-current debt 3,495 3,224
Current debt
Payables for goods and servicess
and other payables 38,821 26,100
Advance payments received 1,639 534
Current loans 996 1,396
Actual tax liabilities 604 135
Current provisions 2,189 2,179
Total current debt 44,249 30,344
Total debt 47,744 33,568
Total liabilities and shareholders' equity 84,697 68,686

14
Income Statement
1 Jan-31 Mar 2007 1 Jan-31 Mar 2006
kEUR kEUR
Sales revenues 24,568 7,015
Change in stocks of finished products
and work in process -111 50
Capitalised internal activities 416 1,011
Other operating income 123 115
Cost of materials 19,382 5,408
Personnel costs 1,437 829
Amortisation of intangible fixed assets and
depreciation of property, plant and equipment 310 204
Other operating costs 1,355 836
Operating profit 2,512 914
Financial result 127 -57
Earnings before income taxes 2,639 857
Income taxes 845 310
Net profit for the period 1,794 547
Earnings per share € 0.78 € 0.36

ROTH & RAU AG Quarterly Report I/2007
Cash Flow Statement
15
1 Mar 2007 31 Mar 2006
kEUR kEUR
Net loss (-) / profit (+) for the period 1,794 547
Depreciation/amortisation of fixed assets 313 207
Change in deferred taxes 246 -92
Change in value of derivative financial instruments 60 0
Change in pension provisions 7 6
Cash flow 2,421 668
Decrease (+) / Increase (-) in stocks -7,717 -102
Decrease (+) / Increase (-) in receivables and other assets -6,833 1,031
Gains (-) / Losses (+) from disposals of fixed assets 0 0
Decrease (-) / Increase (+) in adv. payments received on purchase orders 1,105 -262
Decrease (-) / Increase (+) in business-related payables 13,200 358
Increase (+) / Decrease (-) in working capital -245 1,025
Cash inflow/outflow from operating activity 2,176 1,693
Investments in intangible assets and property, plant and equipment -870 -549
Incoming payments from disposals of fixed assets 0 0
Cash inflow/outflow from investment activity -870 -549
Costs of IPO (before taxes) 0 -84
Loan redemption -402 -1,024
Cash inflow/outflow from financing activity -402 -1,108
Increase (+) / Decrease (-) in cash 904 36
Cash balance at beginning of period 24,469 2,561
Cash balance at end of period 25,373 2,597

16
Statement of Changes in Equity
1 Jan - 31 Mar 2007
Subscribed capital Capital reserves
kEUR kEUR
Balance on 1 Jan 2007 2,300 26,655
Net profit for the period
Retained earnings
Equity 2,300 26,655
1 Jan - 31 Mar 2006
Balance on 1 Jan 2006 1,500 0
Net profit for the period
Costs of equity financing (after taxes) -84
Equity 1,500 -84

ROTH & RAU AG Quarterly Report I/2007
Retained earnings Other reserves Profit carried forward Total
kEUR kEUR kEUR kEUR
574 12 5,577 35,118
1,794 1,794
41 41
574 53 7,371 36,953
409 0 2,838 4,747
547 547
-84
409 0 3,385 5,210
17

18
Notes
Accounting and valuation methods
Roth & Rau AG’s unaudited quarterly report as at
31 March 2007 has been prepared in accordance with
International Financial Reporting Standards (IFRS). The
accounting and valuation methods used are consistent
with the ones used by Roth & Rau AG in its annual financial
statements as at 31 December 2006.
Segment reporting
Roth & Rau AG divides its business activities into the
two segments of photovoltaics and plasma & ion beam
technology. The segment reporting below is presented
for the period from January to March 2007 only because
no figures are available from the previous year.
Segment reporting I/2007
Photovoltaics Plasma &
ion beam technology
Unallocated
Sales revenues 22,483 2,085 0
EBITDA 3,432 -618 8
Amortisation of capitalised development costs 21 148 0
Depreciation/amortisation 114 28 0
EBIT 3,298 -794 8
Dividend
The company did not pay a dividend in the first quarter
2007. The joint profit appropriation proposal for the
financial year 2006 by the Management Board and the
Supervisory Board provides for the entire profit to be
carried forward to new account to finance the company’s
future growth.
Earnings per share
Earnings per share are calculated bydividing the net
profit for the period by the weighted average of the
number of shares outstanding during the reporting
period. The average number of shares in the quarter
at 31 March 2007 was 2,300,000 (1,500,000 at 31
March 2006). Net profit for the first quarter 2007 was
EUR 1,794,444.09 (EUR 546,977.74 in previous year).
Accordingly, undiluted earnings per share are EUR 0.78
(EUR 0.36 in previous year). No shares which could
dilute earnings per share were outstanding, neither at
31 March 2006 nor at 31 March 2007.

ROTH & RAU AG Quarterly Report I/2007
Financial Calendar
Financial Calendar 2007
Annual General Meeting 6 July
6 month report 15 August
9 month report 15 November
Imprint
This quarterly report also exists in German. Both versions
are available for download on the Internet at
www.roth-rau.de under the heading “Investor Relations/Reports“.
Roth & Rau AG
Gewerbering 3
OT Wüstenbrand
09337 Hohenstein-Ernstthal
GERMANY
Fax: +49 (0) 3723/4988-25
Email: investor@roth-rau.de
Internet: www.roth-rau.de
Contact for Investor Relations:
Haubrok Investor Relations GmbH
Simone Gorny
Kaistraße 16
40221 Düsseldorf
GERMANY
Telephone: +49 (0) 211/30126-130
Fax: +49 (0) 211/30126-5130
Email: s.gorny@haubrok.de
Internet: www.haubrok.de
Publisher:
Roth & Rau AG, Hohenstein-Ernstthal
Editing:
Haubrok Investor Relations GmbH, Düsseldorf
Photos: PhotoDisc, cover
Martin Jehnichen, Leipzig
Pages 5, 11
Design: M1 AG Werbung, Leipzig
Print: Druckerei Hennig, Leipzig
19

Roth & Rau AG
Gewerbering 3
OT Wüstenbrand
09337 Hohenstein-Ernstthal
Germany
Phone +49 (0) 3723 - 49 88 - 0
Fax +49 (0) 3723 - 49 88 - 25
Email investor@roth-rau.de
www.roth-rau.de