Forum Moderators: open
I have done something similar. I do not think I was penalised as I do not believe engines consider 2 pages with the same content in different languages as spam, mirror or doorway pages.
On the other hand you should not expect your translated page to rank well either, since just one page could be a rather limited content available in German.
If you want to submit your site to the ODP or other language-specific directories, it would be worth considering translating beyond the home page. Some directories will only take the time to list you if they believe there is enough content for the target language.