CSR20 Feb 2012 11:43
Joep van Beurden, Chief Executive Officer, said: "We continue to see good momentum in our transition to being a provider of higher-margin platforms to multiple end markets, which now include cameras and document imaging, and this is reflected in our improving underlying gross margin.
"During 2011, we largely completed our integration of Zoran and following our December announcement on discontinuing investment in digital televisions systems-on-a-chip (SoC) and silicon tuners, we are fully on track to deliver $130m of annualised savings by the end of the second quarter this year.
"We have ended 2011 with a strong balance sheet and $278m in treasury deposits, cash and cash equivalents. Given the strength of our financial position, our confidence in our future prospects and our focus on delivering returns to shareholders, the Board is recommending an increased final dividend. In addition, we are announcing a share buy-back of up to $50m.
"In 2012, we will continue our disciplined approach to capital allocation and investment in higher margin platforms. We are investing in five specific medium to longer-term areas of opportunity in Voice & Music, Location (including deep indoors), Automotive, the proliferation of Bluetooth low energy, now named Bluetooth SMART, and next-generation image capture; as it expands into areas such as security and automotive. We are on track with our with 40nm CSR9800 Wi-Fi/Bluetooth chip."