In a year of transformation that designated Singapore as its new beauty headquarters and saw the departure of beauty executives Ed Shirley and Virginia Drosos, Procter & Gamble capped fiscal 2012 with fourth quarter net beauty sales down 4% to $4.8 billion. The company said organic sales (which exclude the impact of foreign exchange and acquisitions) rose 1%. Sales in developing markets continued to expand, now representing 40% of P&G’s total revenue, as many developed markets underperformed. To correct slipping sales of Olay and Pantene in the U.S., P&G plans to increase innovation, boost advertising and maintain a vertical approach. “It is still a strategy for us to have a full offering in every category,” said Bob McDonald, P&G’s CEO, speaking on a conference call Friday. P&G executives presented a corporate initiative to accelerate the momentum of new markets and jumpstart the old. Here are four main highlights from the call.