MAGE SOLAR posts solid results for 2011

The MAGE SOLAR GROUP looks back at a successful financial year for 2011. The company earned a consolidated revenue of 222 million euros. Fifty percent of the revenue for 2011 was derived from international business. In 2010, the international sales share was around 40 percent.

Sales of photovoltaic modules rose about 25 percent to over 150 megawatts. Domestic sales of complete systems showed a light downtrend. This was compensated, however, through strong growth in the component area.

\"Our business was also influenced by the market-driven price drop in photovoltaic modules,\" said Dr. Markus Feil, CEO of MAGE SOLAR AG. \"This led to a revenue decrease parallel to a rise in units sold. In 2011, we were able to achieve a solid operational result and strengthen the foundation for our continued sustainable business growth through international expansion.\"

MAGE SOLAR\'s international expansion strategy led to the company stepping up its presence in foreign markets in 2011. Last year, customers in Great Britain, Greece, Slovenia, Croatia, Austria, Switzerland, South Africa, Australia and South America were serviced through our own on-site sales teams. The number of international sales regions doubled to over 20.

The MAGE SOLAR GROUP employee numbers increased from 2010, totaling 180 employees at the end of the year.
In March 2011, MAGE SOLAR GMBH changed its legal form and became a stock corporation, MAGE SOLAR AG.