As a result of the aforementioned factors, the net loss in the year ended December 31, 2014 amounted to R$739.5 million, compared to a net loss of R$815.8 million in the year ended December 31, 2013. The decrease is mainly driven by the depreciation in the Brazilian Real against the U.S. Dollar and Pound Sterling during the period.
Net margin in the year ended December 31, 2014 was negative 3.5%, compared to negative 4.4% in the year ended December 31, 2013. The main factor contributing to the net loss in the year ended December 31, 2014 was the depreciation in the Brazilian real against the U.S. dollar and Pound Sterling during the period.