Q4 2012 Financial performance:
o Revenue of $249.2m (Q4 2011: $244.0m), Core revenue $155.6m increased 7% year-on-year (Q4 2011: $145.6m),
o Increased underlying Core gross margin of 59.2% (Q4 2011: 55.8%),
o IFRS operating profit of $117.5m (Q4 2011: loss of $50.6m) mainly due to the Samsung transaction,
o Underlying operating profit of $15.3m (Q4 2011: $0.6m).
Momentum in platform strategy, with platform revenue 58% of reported revenues (Q4 2011: 56%):
o CSR Bluetooth® Smart solution utilised in One Key wireless smartphone remote control from LG Electronics,
o Introduced Sonata, CSR's first consumer Wi-Fi® streaming DLNA networked audio processor, at CES in January 2013.
Continued technical innovation:
o Announced latest version of IPS™ Universal Print Interpreter software with support for new Apple and Google print protocols,
o Extended reach of aptX®low latency codec to gaming and automotive markets adding 22 aptX licencees during the quarter for a total of 120 at 28 December 2012,
o Winner of two industry awards: SiRFstarV™ and SiRFusion™ location technologies honoured by CES in Best of Innovation Design and Innovation Awards category; also named "Outstanding EMEA Semiconductor Company" by the Global Semiconductor Alliance (GSA).
Dividend and buyback:
o Proposed final dividend of $0.08 per ordinary share (2011: $0.071), representing a dividend of $0.118 per ordinary share for the financial year (2011 $0.103), an increase of 15% on 2011 full year dividend,
o Intention to return $50 million via buyback.
Joep van Beurden, Chief Executive Officer, said: "2012 has seen CSR accelerate its transformation, becoming a leader in integrated and differentiated technology platforms in several growing market segments. We delivered record revenues and underlying gross margins and ended the year with another good quarter with revenues at the top end of our guidance and increased underlying profits. The growth of our Core business has been especially pleasing with strong growth in Voice & Music and a solid performance by Auto.
"During the quarter, we successfully completed our tender offer and returned $285 million to our shareholders. We have ended the year with $333.3 million in cash and cash equivalents. Given the strength of our financial position, our confidence in future prospects and our focus on delivering returns to shareholders, the Board is recommending a final dividend of $0.08 per ordinary share, implying a full year increase of 15% year-on-year. In addition, we are proposing to return $50 million to shareholders via a share buyback.
"In 2013, we will continue to invest to develop our platforms in our five chosen markets of Auto, Voice & Music, Imaging, Bluetooth Smart and Indoors Location, which we believe hold good growth potential.
"Overall, our business continues to perform well, with continued strength in stereo Voice & Music. In addition, mono audio revenue growth in China driven by the enforcement of hands-free driving legislation and greater resilience in our Legacy business, is resulting in greater than expected revenues in the short term."
