Net sales in Q4/2014 were NT$4,004 million, an increase of 37.8% quarter-over-quarter from NT$2,905 million in Q3/2014, and a decrease of 7.2% year-over-year from NT$4,315 million in Q4/2013. The sequential increase in revenue was driven mainly by higher shipment volumes, partially offset by slightly lower selling prices, while OEM business as a percentage of shipment remained relatively stable. On a full year basis, net sales in 2014 were NT$15,567 million, an increase of 3.1% year-over-year from NT$15,098 million in 2013. We shipped 1.35GW of solar products, representing a decrease of 3% year-over-year.

Gross loss in Q4/2014 was NT$38 million, compared to gross loss of NT$234 million in Q3/2014 and gross profit of NT$537 million in Q4/2013. Gross margin was -1.0% in Q4/2014, compared to -8.1% in Q3/2014 and 12.5% in Q4/2013. Our gross margin recovered significantly thanks to lower input costs, higher capacity utilization and aggressive cost reduction. In addition, higher mono product mix and module shipment volume were both accretive to our gross margin. Full year 2014 gross profit was NT$588 million and gross margin was 3.8%, compared to gross profit of NT$437 million and gross margin of 2.9% in full year 2013, respectively.

Net loss in Q4/2014 was NT$207 million, compared to net loss of NT$437 million in Q3/2014, and net profit of NT$243 million in Q4/2013. Net margin was -5.2% and loss per share came in at NT$0.51 in Q4/2014, compared to net margin of -15.1% and loss per share of NT$1.08 in Q3/2014, and net margin of 5.6% and earnings per share of NT$0.58 in Q4/2013. Full year 2014 net loss was NT$378 million, compared to net loss of NT$591 million in full year 2013. Net margin was -2.4% and loss per share came in at NT$0.93 in 2014, compared to net margin of -3.9% and loss per share of NT$1.65 in 2013.

Despite the traditional seasonal weakness in Q1/2015, we expect global demand to continue its growth from 45GW in 2014 to 55GW in 2015, with China, US, and emerging markets such as India being the growth drivers. We continue to focus on efficiency improvement to differentiate ourselves from peers and provide premium products to the market. We are also driving module business and our high efficiency Diamond series products to improve our profitability. Furthermore, we are currently evaluating the relocation of a portion of our facility to South East Asia region which can help us regain access to the US market.