The company todayreported a decline of almost 50% in module sales in 2012 to 130MW from 257MW in 2011.

Consolidated revenueplunged by 60.5% to €155.4m ($199.4m) in 2012 from a year earlier on account ofthe decline in solar module prices, with domestic German revenue falling more steeply than international income.

“With the new strategicdirection, we have created the conditions for Phoenix Solar to return toprofitable growth,” Phoenix CEO Bernd Köhler said.