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I/07<br />
Quarterly Report
2<br />
Overview of <strong>Roth</strong> & <strong>Rau</strong> <strong>AG</strong><br />
First quarter First quarter<br />
2006 2007 Change in %<br />
Sales kEUR 7,015 24,568 250<br />
Foreign share % 58.0 68.8 /<br />
Orders received kEUR 7,329 32,233 340<br />
Orders on hand* kEUR 16,279 109,849 575<br />
EBITDA kEUR 1,118 2,822 152<br />
EBIT kEUR 914 2,512 175<br />
EBT kEUR 857 2,639 208<br />
Net profit for the period kEUR 547 1,794 228<br />
Earnings per share EUR 0.36 0.78 117<br />
Cash flow from kEUR 1,693 2,176 28.5<br />
current operations<br />
Investments kEUR 549 870 58.5<br />
Employees* 90 156 73.3<br />
* As at 31 March 2007
ROTH & RAU <strong>AG</strong> Quarterly Report I/2007<br />
Quarterly Report I/2007<br />
of <strong>Roth</strong> & <strong>Rau</strong> <strong>AG</strong><br />
1 January to 31 March 2007<br />
Table of Contents<br />
Letter to the Shareholders 4<br />
Business Development 6<br />
Outlook 9<br />
The Share 10<br />
Balance Sheet 12<br />
<strong>Income</strong> <strong>Statement</strong> 14<br />
Cash Flow <strong>Statement</strong> 15<br />
<strong>Statement</strong> of Changes in Equity 16<br />
Notes 18<br />
Financial Calendar 19<br />
Imprint 19<br />
3
4<br />
Letter to the Shareholders<br />
Dear Shareholders,<br />
In the first quarter we were able to follow up directly on the success of the prosperous financial year 2006. Sales in<br />
the first quarter of 2007 rose by 250 % to EUR 24,568k, compared with EUR 7,015k in the first quarter of the previous<br />
year. Thus, the level of sales we reached in the first three months was nearly as high as in the first nine months of<br />
the previous financial year. The resulting EBIT (earnings before interest and taxes), at EUR 2,512k, was up 175 % on<br />
the previous year’s result. Likewise, net profit for the period rose by 228 % to EUR 1,794k. A particular contribution to<br />
the good result for the quarter was made by the photovoltaic division, where we benefited from a continuing favourable<br />
industry environment and our position in the market of anti-reflection coating plants, which we were able to<br />
strengthen again in 2006. Characterised by strategic research & development projects, the plasma & ion beam<br />
technology division, which accounts for approximately 8.5 % of sales, performed less strongly than in the previous<br />
year due to once-only special items. This division is a source of our technological progress, giving us the opportunity<br />
to develop new technologies, essentially in the form of equipment for research & development, in close<br />
cooperation with customers and long-time science partners.<br />
As reported by us earlier, the order situation was extremely pleasing during the first two months. It continued to be<br />
so in March as well. Total orders received in the first quarter amounted to EUR 32,233k, resulting in orders on<br />
hand of EUR 109,849k on 31 March. Thus, both orders received and orders on hand reached record highs in the<br />
company’s history. These figures indicate that we will experience marked growth in the current financial year.<br />
Therefore, we will continue to expand our staff and operating capacity in the coming months as announced earlier.<br />
Having recruited 47 new employees in the past year already, we are planning to employ some 40 more this year to<br />
support us in the areas of project management, customer service, production and research & development, particularly<br />
in the photovoltaic division. As for our production capacity, we commissioned the construction of a new photovoltaic<br />
site in Hohenstein-Ernstthal already in the past financial year. The process of completion is absolutely on<br />
schedule, so from today’s perspective there is no obstacle to starting production at the new location in September 2007.<br />
In the coming months we will consistently work on our strategic goal of boosting <strong>Roth</strong> & <strong>Rau</strong>’s share of the value<br />
creation chain in the manufacturing of crystalline silicon solar cells. To do so, we will mainly test new plasma<br />
processes on the MAiA pilot plant we installed last year in order to develop new solar cell manufacturing plants<br />
building on that. We will intensify our activities in thin layer solar technology as well, concentrating on several<br />
promising research projects and our co-operation with Oerlikon Solar, a Swiss thin layer specialist. Our growth<br />
strategy is clearly focused on organic growth at the moment. Nevertheless, we are watching the market closely and<br />
will carefully examine any acquisition opportunity promising to make sense as an addition to our portfolio.<br />
In light of the good start of the new financial year, we feel that our plans have been confirmed and adhere to our<br />
sales forecast of EUR 100 million and a continuing increase in EBIT.<br />
Yours sincerely,<br />
Dr. Dietmar <strong>Roth</strong>
ROTH & RAU <strong>AG</strong> Quarterly Report I/2007 5
6<br />
Business Development<br />
Business and Conditions<br />
The development of the global economy was very stable<br />
again in the first three months of this year, continuing<br />
the global economic upturn we have seen for about four<br />
years. Despite a slight decline in the rate of overall economic<br />
expansion and a slowdown of the U.S. economy,<br />
the trend of the economic outlook remained upward.<br />
The development of the economic cycle in Japan and<br />
the Asian emerging economies of China and India was<br />
especially dynamic. Likewise, the upturn in the Euro<br />
area continued.<br />
Business activity in Germany continued to pick up fast<br />
despite a rise in the VAT rate. In its spring survey, the<br />
German Institute for Economic Research (DIW), Berlin,<br />
found an increase of 3.2 % in GDP for the first quarter of<br />
2007 compared with the previous year’s figure.<br />
The dynamic trend of the photovoltaic market remained<br />
unbroken during the first three months of the year as<br />
well. Demand impulses came mainly from Asia again.<br />
Demand in southern Europe did not rise as fast as<br />
expected, which is attributable to the fact that the<br />
underlying political conditions are still uncertain. In<br />
Germany, more and more investments are also being<br />
made in thin layer solar modules. However, we do not<br />
expect this to affect the dominance of crystalline solar<br />
cells because thin layer technology is still inferior to<br />
them in many respects.<br />
Sales and Profits Development<br />
The company’s marked growth continued in the first<br />
three months of the new financial year and is especially<br />
evident in the 250 % rise in sales from EUR 7,015k to<br />
EUR 24,568k. Many of the orders received in the second<br />
half-year 2006 were completed in the first quarter 2007,<br />
leading to a considerable increase in sales. The majority<br />
of sales, 68.8 % in all, were generated outside<br />
Germany. Continuing to play an important role in this<br />
regard is the Asian market, where we were able to both:<br />
secure follow-up orders and gain new customers.<br />
An analysis of sales by segment shows that the two<br />
divisions of photovoltaics and plasma & ion beam technology<br />
accounted for EUR 22,483k and EUR 2,085k,<br />
respectively. This means that the share of photovoltaics<br />
in sales is 91.5 %. The business involving our SiNA ®<br />
series of anti-reflection coating plants performed particularly<br />
well. In the first quarter of 2007 alone, 8 plants<br />
were delivered to customers and 9 new orders were<br />
secured. By steadily developing our SiNA ® plants<br />
further and optimising them, we are able to consistently<br />
meet our customers’ increasing demands on efficiency<br />
and production capacity and to secure important<br />
follow-up orders. In the plasma & ion beam technology<br />
division, pilot projects for thin layer photovoltaic applications<br />
and different plants for research & development<br />
applications in different industries were in the foreground<br />
during the first quarter.<br />
<strong>Income</strong> statement items developed as follows: Other<br />
operating income rose slightly from EUR 115k to EUR<br />
123k. Stocks of finished products and work in process<br />
fell by EUR 111k. Other capitalised internal activities,<br />
which mainly reflect capitalised development costs, fell<br />
by 58.8 % to EUR 416k (EUR 1,011k in previous year). In<br />
consequence of the strong increase in business volume,<br />
the cost of materials rose clearly by 258 % to EUR 19,382k<br />
(EUR 5,408k in previous year). The resulting ratio of cost<br />
of materials to sales was 78.9 % (77.1 % in previous year).<br />
In pursuit of our growth strategy, we not only expanded
ROTH & RAU <strong>AG</strong> Quarterly Report I/2007<br />
our operating capacity but added new employees to<br />
our workforce as well. This led to a marked increase in<br />
personnel costs by 73.3 % to EUR 1,437k, compared with<br />
EUR 829k in the previous year’s period. In absolute terms,<br />
other operating costs rose from EUR 836k to EUR 1,355k.<br />
However, as a percentage of sales they fell, from 11.9 %<br />
to 5.5 %, thanks to much lower commission payments to<br />
external distributors in our business in Asia.<br />
Earnings before interest, taxes, depreciation and amortisation<br />
(EBITDA) amounted to EUR 2,822k, exceeding<br />
the previous year’s result of EUR 1,118k by 152 %. Thus,<br />
the EBITDA margin was 11.5 % (12.9 % in the entire year<br />
2006). Earnings before interest and taxes (EBIT) as calculated<br />
by deducting depreciation and amortisation,<br />
which rose from EUR 204k to EUR 310k, were EUR 2,512k.<br />
This corresponds to a 175 % increase compared with<br />
the previous year and an EBIT margin of 10.2 % (10.5 %<br />
in the entire year 2006).<br />
An analysis of earnings by segment shows that the photovoltaics<br />
division got off to a very successful start into<br />
the new year. It achieved EBITDA of EUR 3,432k and<br />
EBIT of EUR 3,298k. The resulting EBITDA margin is<br />
15.3 %, the EBIT margin 14.7 %. On the other hand, the<br />
plasma & ion beam technology division developed less<br />
strongly than in the previous year, with EBITDA of<br />
EUR -618k and EBIT of EUR -794k. This was mainly due<br />
to special items in connection with strategic research &<br />
development projects. We expect the performance of<br />
the segment to improve in the further course of the year.<br />
The interest and financial result was EUR 127k after<br />
EUR -57k in the previous year. There was a marked<br />
decrease in financial expense by 53.0 % from EUR 66k to<br />
EUR 31k thanks to repayments of non-current and current<br />
liabilities in the financial year 2006. On the other<br />
hand, financial income rose from EUR 9k in the first<br />
quarter of 2006 to EUR 158k in the first quarter of 2007,<br />
which is attributable to the clearly improved liquidity<br />
situation as a result of the IPO in May 2006. Earnings<br />
before taxes (EBT) rose by 208 % accordingly, to<br />
EUR 2,639k (EUR 857k in previous year). <strong>Income</strong> taxes<br />
amounted to EUR 845k after EUR 310k in the previous<br />
year’s period. Due to special items, the tax rate fell to<br />
32.0 %, compared with 36.2 % in the reference period.<br />
Net profit for the period rose by 228 % from EUR 547k to<br />
EUR 1,794k. Consequently, earnings per share were<br />
EUR 0.78 (EUR 0.36 in previous year).<br />
7
8<br />
Order Situation<br />
The order situation continued to develop very dynamically<br />
in the first three months of the new financial year.<br />
Orders received rose by 340 % to a record high of EUR<br />
32,233k (EUR 7,329k in previous year). We already secured<br />
another order for turn-key production lines in the<br />
first two months. Hyundai Heavy Industries Co., Ltd., a<br />
conglomerate based in Korea, commissioned the project<br />
with a volume of approx. EUR 12,150k. The plants<br />
are due to be installed starting in December 2007, and<br />
the project is scheduled to be completed by the end of<br />
the second quarter 2008. The orders on hand as at 31<br />
March 2007 totalled EUR 109,849k, compared with EUR<br />
16,279k in the previous year.<br />
Approximately 94.4 % of new orders were received in<br />
the photovoltaics division, reflecting both a strong<br />
demand for the company’s main product, the series of<br />
SiNA ® anti-reflection coating plants, and Hyundai’s<br />
order. In addition, the first plant of the type MAiA was<br />
sold to a German manufacturer of solar cells. In the<br />
plasma & ion beam technology division we sold another<br />
IonScan 800 plant. Thanks to this plant, <strong>Roth</strong> & <strong>Rau</strong> is<br />
one of two suppliers in ion beam trimming, a technology<br />
which is at the global forefront of semiconductor wafer<br />
surface processing. The plant was ordered by one of<br />
Europe’s largest manufacturers of semiconductor components<br />
and is due to be installed already in May 2007.<br />
The IonScan 800 plant is among the most important products<br />
within this highly research-driven division of <strong>Roth</strong><br />
& <strong>Rau</strong> <strong>AG</strong>. The increasing dynamics in the distribution of<br />
the plant has a beneficial effect on the growth of the<br />
company’s second strategically important pillar.<br />
We received 27.8 % of new orders from customers<br />
based in Germany, the remaining 72.2 % were received<br />
from abroad.<br />
Financial Situation<br />
<strong>Roth</strong> & <strong>Rau</strong> <strong>AG</strong>’s balance sheet total rose by 23.3 %<br />
compared with the end of the financial year 2006, from<br />
EUR 68,686k to EUR 84,697k. On the assets side, noncurrent<br />
assets increased slightly from EUR 7,211k to<br />
EUR 7,768k, which is attributable to a 15.8 % increase<br />
in property, plant and equipment to EUR 3,852k.<br />
Among current assets, stocks increased by 37.7 % from<br />
EUR 20,493k to EUR 28,210k as a result of the favourable<br />
order situation. In addition, the receivables from goods<br />
and services and other receivables item rose to<br />
EUR 23,346k, corresponding to a 41.4 % increase compared<br />
with the balance sheet date of 31 December 2006.<br />
This increase is essentially attributable to the advanced<br />
stage of the ASCM project, a turn-key production line in<br />
Taiwan. Current assets totalled EUR 76,929k after EUR<br />
61,475k at the end of the financial year 2006.<br />
On the liabilities & shareholders’ equity side of the balance<br />
sheet, equity rose slightly by 5.2 %, to EUR 36,953k<br />
(EUR 35,118k at 31 December 2006). The equity ratio was<br />
43.6 % (51.1 % at 31 December 2006). Non-current liabilities<br />
increased from EUR 3,224k to EUR 3,495k.<br />
However, current liabilities saw a marked increase to<br />
EUR 44,249k. This corresponds to a percentage change<br />
of 45.8 % compared with the 2006 balance sheet date. It<br />
was mainly due to a strong increase, by EUR 12,721k, in<br />
the payables for goods and services and other payables<br />
item. The great number of new projects in process had<br />
a particular effect in this regard. In addition, advance<br />
payments received rose clearly from EUR 534k to<br />
EUR 1,639k.<br />
Operating cash flow at EUR 2,176k was 28.5 % higher<br />
than the previous year’s figure of EUR 1,693k. The cash<br />
flow from investment activity was EUR -870k, after<br />
EUR -549k in the previous year’s period. The cash flow<br />
from financing activity decreased clearly from<br />
EUR -1,108k to EUR -402k. The previous year’s figure<br />
included costs of the IPO (before taxes) of EUR -84k and<br />
significantly higher loan repayments.
ROTH & RAU <strong>AG</strong> Quarterly Report I/2007 9<br />
Investments<br />
Investments during the first three months of 2007 amounted<br />
to EUR 870k, compared with EUR 549k in the previous<br />
year’s period. These are essentially advance payments<br />
of EUR 540k made for the construction of the new photovoltaics<br />
site as well as capitalised development costs.<br />
Employees<br />
The number of staff employed by <strong>Roth</strong> & <strong>Rau</strong> was 156 as<br />
at 31 March 2007. This is a 73.3 % increase on the<br />
previous year. By boosting our staff capacity we pay<br />
due regard to the dynamic development of operations<br />
and to the continuing growth we expect. In the first<br />
quarter, 19 new employees were added to our workforce<br />
to support the company mainly in the areas of<br />
project management, production, customer service and<br />
research & development.<br />
Events after the End of the<br />
Reporting Period<br />
No significant events which would have to be reported<br />
here occurred after 31 March 2007.<br />
Risks<br />
Detailed information on <strong>Roth</strong> & <strong>Rau</strong> <strong>AG</strong>’s individual risk<br />
situation was given in the risk report of the annual<br />
report 2006. No significant changes occurred in this<br />
regard in the first quarter of 2007.<br />
Outlook<br />
On the basis of a positive overall development of the<br />
economy during the first three months, Germany’s five<br />
leading economic research institutes expect business<br />
activity to pick up further in the year as a whole. In their<br />
spring survey they forecast that GDP in Germany will<br />
grow by 2.5 % in real terms in 2007. Like in the previous<br />
year, impulses for growth are expected to come from<br />
domestic demand and an increasingly dynamic international<br />
investment activity. According to the survey,<br />
world GDP is expected to grow by approximately 3.25 %.<br />
We assume that the friendly business sentiment in our<br />
industry will persist during the remainder of the current<br />
financial year. In our view, the photovoltaic market is set<br />
to continue to develop dynamically, with growth rates of<br />
more than 20 %. We expect clear impulses for growth to<br />
come from Asia in particular. However, more investments<br />
are also expected to be made in Germany and<br />
Europe, where large cell factories, high production<br />
capacity and rising demands on quality will play an<br />
important role.<br />
A pleasing development of sales and profits in the first<br />
quarter, a comfortable order situation and a favourable<br />
industry environment are all signs that our business will<br />
continue to prosper. We affirm the forecast we made at<br />
the beginning of the year, according to which we expect<br />
sales of approximately EUR 100 million and EBIT to rise<br />
in the financial year 2007.
10<br />
The Share<br />
<strong>Roth</strong> & <strong>Rau</strong>’s share performed extremely well during the<br />
first three months of the new financial year. Having traded<br />
at EUR 37.20 on the first trading day of the new year,<br />
its price was 62.2 % higher, at EUR 61.50 on 31 March<br />
2007. On the first day of the year the share price had<br />
also been at its low for the reporting period. The share<br />
price reached its high for the reporting period on 26<br />
March 2007, at EUR 62.00. The share is currently (9 May<br />
2007) trading at EUR 82.00.<br />
Investor relations activities at the beginning of the year<br />
focused on the preparation of <strong>Roth</strong> & <strong>Rau</strong> <strong>AG</strong>’s first<br />
annual report and on the preparations for the company’s<br />
first balance sheet press & analyst conference. With<br />
a view to transparency of communication we set great<br />
store by a high degree of information depth in the<br />
preparation of the annual report. For example, in the<br />
management report we followed the requirements of<br />
All prices refer to the XETRA closing prices.<br />
German reporting standard DRS 15. Even our first annual<br />
report was published within the deadline of 90 days<br />
after the end of the financial year in accordance with<br />
corporate governance rules. Additionally, we published<br />
the report in English on a voluntary basis. The Management<br />
Board presented the figures of the financial year<br />
2006 and the annual report to journalists, analysts and<br />
investors in Munich on 3 April.<br />
Share Figures First quarter 2007<br />
Share capital EUR 2,300,000<br />
Number of shares 2,300,000 bearer shares<br />
ISIN DE000A0JCZ51<br />
Stock exchange abbreviation R8R<br />
Highest price (26/3/2007) EUR 62.00<br />
Lowest price (2/1/2007) EUR 37.20<br />
Price at the end of the period (31/3/2007) EUR 61.50<br />
Earnings per share EUR 0.78<br />
Free float market capitalisation as of the balance sheet date of 31/3/2007 EUR 109.2m
ROTH & RAU <strong>AG</strong> Quarterly Report I/2007<br />
11
12<br />
Interim Financial <strong>Statement</strong>s<br />
of <strong>Roth</strong> & <strong>Rau</strong> <strong>AG</strong> as at 30 June 2006<br />
Balance Sheet<br />
Assets<br />
31 Mar 2007 31 Dec 2006<br />
kEUR kEUR<br />
Non-current assets<br />
Intangible assets 3,556 3,521<br />
Property, plant and equipment 3,852 3,328<br />
Other non-current receivables 8 8<br />
Investment property 193 195<br />
Deferred tax asset 159 159<br />
Total non-current assets 7,768 7,211<br />
Current assets<br />
Stocks<br />
Receivables from goods and services<br />
28,210 20,493<br />
and other receivables 23,346 16,513<br />
Cash 25,373 24,469<br />
Total current assets 76,929 61,475<br />
Total assets 84,697 68,686
ROTH & RAU <strong>AG</strong> Quarterly Report I/2007<br />
Equity and debt<br />
13<br />
31 Mar 2007 31 Dec 2006<br />
kEUR kEUR<br />
Equity<br />
Share capital 2,300 2,300<br />
Capital reserves 26,655 26,655<br />
Retained earnings 574 574<br />
Other reserves 53 12<br />
Profit carried forward 7,371 5,577<br />
Total equity 36,953 35,118<br />
Non-current debt<br />
Non-current loans 2 3<br />
Deferred tax liabilities 3,064 2,799<br />
Non-current provisions 429 422<br />
Total non-current debt 3,495 3,224<br />
Current debt<br />
Payables for goods and servicess<br />
and other payables 38,821 26,100<br />
Advance payments received 1,639 534<br />
Current loans 996 1,396<br />
Actual tax liabilities 604 135<br />
Current provisions 2,189 2,179<br />
Total current debt 44,249 30,344<br />
Total debt 47,744 33,568<br />
Total liabilities and shareholders' equity 84,697 68,686
14<br />
<strong>Income</strong> <strong>Statement</strong><br />
1 Jan-31 Mar 2007 1 Jan-31 Mar 2006<br />
kEUR kEUR<br />
Sales revenues 24,568 7,015<br />
Change in stocks of finished products<br />
and work in process -111 50<br />
Capitalised internal activities 416 1,011<br />
Other operating income 123 115<br />
Cost of materials 19,382 5,408<br />
Personnel costs 1,437 829<br />
Amortisation of intangible fixed assets and<br />
depreciation of property, plant and equipment 310 204<br />
Other operating costs 1,355 836<br />
Operating profit 2,512 914<br />
Financial result 127 -57<br />
Earnings before income taxes 2,639 857<br />
<strong>Income</strong> taxes 845 310<br />
Net profit for the period 1,794 547<br />
Earnings per share € 0.78 € 0.36
ROTH & RAU <strong>AG</strong> Quarterly Report I/2007<br />
Cash Flow <strong>Statement</strong><br />
15<br />
1 Mar 2007 31 Mar 2006<br />
kEUR kEUR<br />
Net loss (-) / profit (+) for the period 1,794 547<br />
Depreciation/amortisation of fixed assets 313 207<br />
Change in deferred taxes 246 -92<br />
Change in value of derivative financial instruments 60 0<br />
Change in pension provisions 7 6<br />
Cash flow 2,421 668<br />
Decrease (+) / Increase (-) in stocks -7,717 -102<br />
Decrease (+) / Increase (-) in receivables and other assets -6,833 1,031<br />
Gains (-) / Losses (+) from disposals of fixed assets 0 0<br />
Decrease (-) / Increase (+) in adv. payments received on purchase orders 1,105 -262<br />
Decrease (-) / Increase (+) in business-related payables 13,200 358<br />
Increase (+) / Decrease (-) in working capital -245 1,025<br />
Cash inflow/outflow from operating activity 2,176 1,693<br />
Investments in intangible assets and property, plant and equipment -870 -549<br />
Incoming payments from disposals of fixed assets 0 0<br />
Cash inflow/outflow from investment activity -870 -549<br />
Costs of IPO (before taxes) 0 -84<br />
Loan redemption -402 -1,024<br />
Cash inflow/outflow from financing activity -402 -1,108<br />
Increase (+) / Decrease (-) in cash 904 36<br />
Cash balance at beginning of period 24,469 2,561<br />
Cash balance at end of period 25,373 2,597
16<br />
<strong>Statement</strong> of Changes in Equity<br />
1 Jan - 31 Mar 2007<br />
Subscribed capital Capital reserves<br />
kEUR kEUR<br />
Balance on 1 Jan 2007 2,300 26,655<br />
Net profit for the period<br />
Retained earnings<br />
Equity 2,300 26,655<br />
1 Jan - 31 Mar 2006<br />
Balance on 1 Jan 2006 1,500 0<br />
Net profit for the period<br />
Costs of equity financing (after taxes) -84<br />
Equity 1,500 -84
ROTH & RAU <strong>AG</strong> Quarterly Report I/2007<br />
Retained earnings Other reserves Profit carried forward Total<br />
kEUR kEUR kEUR kEUR<br />
574 12 5,577 35,118<br />
1,794 1,794<br />
41 41<br />
574 53 7,371 36,953<br />
409 0 2,838 4,747<br />
547 547<br />
-84<br />
409 0 3,385 5,210<br />
17
18<br />
Notes<br />
Accounting and valuation methods<br />
<strong>Roth</strong> & <strong>Rau</strong> <strong>AG</strong>’s unaudited quarterly report as at<br />
31 March 2007 has been prepared in accordance with<br />
International Financial Reporting Standards (IFRS). The<br />
accounting and valuation methods used are consistent<br />
with the ones used by <strong>Roth</strong> & <strong>Rau</strong> <strong>AG</strong> in its annual financial<br />
statements as at 31 December 2006.<br />
Segment reporting<br />
<strong>Roth</strong> & <strong>Rau</strong> <strong>AG</strong> divides its business activities into the<br />
two segments of photovoltaics and plasma & ion beam<br />
technology. The segment reporting below is presented<br />
for the period from January to March 2007 only because<br />
no figures are available from the previous year.<br />
Segment reporting I/2007<br />
Photovoltaics Plasma &<br />
ion beam technology<br />
Unallocated<br />
Sales revenues 22,483 2,085 0<br />
EBITDA 3,432 -618 8<br />
Amortisation of capitalised development costs 21 148 0<br />
Depreciation/amortisation 114 28 0<br />
EBIT 3,298 -794 8<br />
Dividend<br />
The company did not pay a dividend in the first quarter<br />
2007. The joint profit appropriation proposal for the<br />
financial year 2006 by the Management Board and the<br />
Supervisory Board provides for the entire profit to be<br />
carried forward to new account to finance the company’s<br />
future growth.<br />
Earnings per share<br />
Earnings per share are calculated bydividing the net<br />
profit for the period by the weighted average of the<br />
number of shares outstanding during the reporting<br />
period. The average number of shares in the quarter<br />
at 31 March 2007 was 2,300,000 (1,500,000 at 31<br />
March 2006). Net profit for the first quarter 2007 was<br />
EUR 1,794,444.09 (EUR 546,977.74 in previous year).<br />
Accordingly, undiluted earnings per share are EUR 0.78<br />
(EUR 0.36 in previous year). No shares which could<br />
dilute earnings per share were outstanding, neither at<br />
31 March 2006 nor at 31 March 2007.
ROTH & RAU <strong>AG</strong> Quarterly Report I/2007<br />
Financial Calendar<br />
Financial Calendar 2007<br />
Annual General Meeting 6 July<br />
6 month report 15 August<br />
9 month report 15 November<br />
Imprint<br />
This quarterly report also exists in German. Both versions<br />
are available for download on the Internet at<br />
www.roth-rau.de under the heading “Investor Relations/Reports“.<br />
<strong>Roth</strong> & <strong>Rau</strong> <strong>AG</strong><br />
Gewerbering 3<br />
OT Wüstenbrand<br />
09337 Hohenstein-Ernstthal<br />
GERMANY<br />
Fax: +49 (0) 3723/4988-25<br />
Email: investor@roth-rau.de<br />
Internet: www.roth-rau.de<br />
Contact for Investor Relations:<br />
Haubrok Investor Relations GmbH<br />
Simone Gorny<br />
Kaistraße 16<br />
40221 Düsseldorf<br />
GERMANY<br />
Telephone: +49 (0) 211/30126-130<br />
Fax: +49 (0) 211/30126-5130<br />
Email: s.gorny@haubrok.de<br />
Internet: www.haubrok.de<br />
Publisher:<br />
<strong>Roth</strong> & <strong>Rau</strong> <strong>AG</strong>, Hohenstein-Ernstthal<br />
Editing:<br />
Haubrok Investor Relations GmbH, Düsseldorf<br />
Photos: PhotoDisc, cover<br />
Martin Jehnichen, Leipzig<br />
Pages 5, 11<br />
Design: M1 <strong>AG</strong> Werbung, Leipzig<br />
Print: Druckerei Hennig, Leipzig<br />
19
<strong>Roth</strong> & <strong>Rau</strong> <strong>AG</strong><br />
Gewerbering 3<br />
OT Wüstenbrand<br />
09337 Hohenstein-Ernstthal<br />
Germany<br />
Phone +49 (0) 3723 - 49 88 - 0<br />
Fax +49 (0) 3723 - 49 88 - 25<br />
Email investor@roth-rau.de<br />
www.roth-rau.de