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Good afternoon and welcome to the Fourth Quarter and Full Year 2011 Results Conference Call. Throughout the call, all participants will be in listen-only-mode. (Operator Instructions) Just to remind you, this conference call is being recorded.
Today, I’m please to present Joep van Beurden. Please begin.
Joep van Beurden
Thank you. Good morning and welcome to CSR’s Q4 2011 and full year results presentation. My name is Joep van Beurden, CEO, and with me is Will Gardner, our CFO. Will and I will be making forward-looking statements. Before we start, I would like to draw your careful attention to our cautionary statement.
During today’s presentation, we will reference estimates, plans and expectations that are forward-looking statements. The actual outcomes could differ materially due to the factors we note on this slide and in our regulatory filings. Please take a moment to carefully read the cautionary statement and refer to the disclosure in today’s earnings release as well as the filings with the U.S. Securities and Exchange Commission on Forms 20-F and 6-K for more details.
Today’s agenda, first, I will give you the overview of our Q4 and 2011 performance. Then Will will review the numbers. I’ll discuss outlook and go to Q&A. First, the key messages. In 2011, we made progress in our transition to being a provider of higher margin platforms to multiple end markets. That being said, we have a lot of work to do to complete that transition:
further improving margins, reducing cost, allocating our capital to areas where we can grow, improving our profitability.
For Q4 2011, our revenues came in at $244 million towards the top end of our guidance. We saw year-over-year revenue growth in Automotive of 15% and in Home of 32%. The declines in Personal Navigation Devices, or PNDs, of 56% and in handsets of 11%.