Actual results may differ from those discussed today and therefore we refer you to more detail discussion of risks and uncertainties in the company’s filings with the Securities and Exchange Commission. In addition, any projections as for the company's future performance represent management’s estimates as of today, [May 23, 2012]. Trina Solar assumes no obligation to update these projections in the future as market conditions change. For those of you unable to listen to the entire call at this time a recording will be made available via webcast for 90 days at the IR Section of our website at trinasolar.com.
And with that, it’s my pleasure to turn the call over to Trina Solar’s Chairman and CEO Mr. Jifan Gao for second quarter commercial overview summary.
Thank you Thomas and thank you everyone joining us today. In overview, continued industrial over-capacity and the demand constrains in particular PV market impacted our shipment order. Such industrial environment also led to continued pricing failure in the second quarter which adversely affected our operating margins and the profitability.
Our financial performance was also affected by the equipment and inventory write-downs, AR provisions and FX impact. Market challenges include transitions in traditional feed in tariff markets such as Italy; the US market (inaudible) of ADCVD and project start-up delayed by certain of our US and the China project customers.To address increasing competition in today’s PV commercial environment, we have recently completed a major restructuring of our group sales organization. The company’s revenue operations will be divided into four regions: the Americas, Europe, China and Asia-Pacific, Middle East and Africa; whereby the four regional leaders will report to me.We expect these changes will accelerate the fall of information required in our day-to-day commercial decision making which lets us better respond to either of our four global revenue regions and expanding global customer base.
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