Meyer Burger Technology AG — Earnings Release 2010

May 14, 2010

News Details

Corporate | 14 May 2010 10:01

Roth & Rau AG publishes results for first quarter of 2010

Roth & Rau AG / Quarter Results

14.05.2010 10:01

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Roth & Rau AG publishes results for first quarter of 2010
- Sales as expected at EUR 35,326k; consolidated net income of EUR -598k
- New orders up 22.5 % to EUR 55,863k
- Forecast confirmed for 2010 as a whole
- Operating cash flow improves from EUR -2,941k to EUR 10,339k

Hohenstein-Ernstthal, 14 May 2010 - The gradual economic recovery impacted
positively on investments in the solar industry in the first quarter. New
orders at the Roth & Rau Group rose by 22.5 % from EUR 45,593k to EUR
55,863k in the first quarter. This dynamic development in orders will be
reflected in the Group's sales and earnings performance at a later date
starting in the second quarter of 2010. Orders on hand amounted to EUR
225,306k as of 31 March 2010 (2009: EUR 193,959k). Furthermore, the Group
has received letters of intent for orders worth EUR 497,255k.

Given the long lead times in the project business, the first quarter was
still affected by the poor order situation in the second and third quarters
of 2009. As expected, sales fell by 46.6 % to EUR 35,326k (2009: EUR
66,133k). This development impacted negatively on the Group's earnings
position: earnings before interest, taxes, depreciation and amortisation
(EBITDA) amounted to EUR 1,369k in the first three months (2009: EUR
9,186k). Earnings before interest and taxes (EBIT) amounted to EUR -784k
(2009: EUR 7,109k), while consolidated net income amounted to EUR -598k
(2009: EUR 5,300k). Furthermore, personnel expenses grew year-on-year by
43.4 % to EUR 10,934k (2009: EUR 7,627k). 'Notwithstanding our business
performance, we did not make any cutbacks in staff last year. Quite the
reverse, we further boosted our personnel resources in central departments.
We also consistently maintained our investments in research and development
regardless of their negative impact on earnings. We are convinced that,
this way, we have optimally prepared the Roth & Rau Group for the recovery
in the market and for increasing competitive pressure', stated Carsten
Bovenschen, CFO of Roth & Rau AG. The Roth & Rau Group had a total of 902
employees as of 31 March 2010 (2009: 702). Since the beginning of 2010, the
production department has been working in two shifts a day once again
following the temporary conversion to one shift a day in the past year due
to the weaker order situation.

The financial strength of the Roth & Rau Group improved further in the
first quarter of 2010. The cash flow from operations amounted to EUR
10,339k, as against EUR -2,491k in the previous year's period. This was due
to targeted measures taken to optimise working capital management and boost
internal structures in the fields of treasury and commercial order
handling, as well as to stricter receivables management. Moreover, Roth &
Rau generated gross issue proceeds of EUR 35.9 million from its capital
increase in February, thus providing the company with additional financial
leeway. In all, the Roth & Rau Group currently has funds of around EUR 104
million available to implement its growth strategy.

Outlook: forecast for 2010 confirmed

The gradual recovery in the underlying business framework and improved
order situation will have a tangible impact on key sales and earnings
figures from the second quarter of 2010. Operating earnings can be expected
to return to positive territory in the second quarter already. Overall, the
Management Board is cautiously optimistic about the current financial year
and is upholding its forecast of achieving consolidated sales of EUR 285
million and an EBIT margin of around 9 %.

Moreover, Roth & Rau expects to see positive momentum from the market
launch of its turnkey production lines for the manufacture of solar modules
based on cadmium-telluride thin film technology. The company is thus
extending its product and technology portfolio in the promising future thin
film market. 'We will consistently pursue our strategic objectives in the
current financial year, focusing on the development and market launch of
high-efficiency technologies. The implementation of our technology roadmap
and ongoing integration of our new subsidiaries will help significantly
strengthen our market position. We are thus optimally prepared for the
forthcoming upturn', remarked Dr. Dietmar Roth, CEO of Roth & Rau AG.

About Roth & Rau AG:
Roth & Rau AG, based in Hohenstein-Ernstthal, has been one of the world's
leading suppliers of production equipment and innovative production
technologies for the photovoltaics industry for more than 10 years now. In
its photovoltaics segment, Roth & Rau focuses on providing antireflective
coating systems and turnkey production lines for use in the manufacture of
crystalline silicon solar cells. Further products include thermal
processing systems also used in the manufacture of crystalline silicon
solar cells, as well as coating systems and turnkey production lines for
the manufacture of thin film solar modules. Roth & Rau MicroSystems, a
subsidiary located in the Wüstenbrand district, develops and produces
process systems for plasma and ion beam enhanced thin film and surface
processing methods tailored to customers' specific needs. The customers
served by this division particularly include companies in the semiconductor
industry, R&D departments in various other industrial sectors, research
institutes and universities. The portfolio of the Roth & Rau Group is
supplemented by software products in the field of systems management,
production monitoring and maintenance and service offerings.

Contact:
Roth & Rau AG
Dr. Silvia Roth
Tel.: +49 (0) 3723/6685-333
E-Mail: investor@roth-rau.de

Haubrok Investor Relations GmbH
Simone Gorny
Tel.: +49 (0) 211/30126-130
E-Mail: s.gorny@haubrok.de

14.05.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: Roth & Rau AG
An der Baumschule 6-8
09337 Hohenstein-Ernstthal
Deutschland
Phone: 03723 6685-0
Fax: 03723 6685-100
E-mail: info@roth-rau.de
Internet: www.roth-rau.de
ISIN: DE000A0JCZ51
WKN: A0JCZ5
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart

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