Logitech 2014 Annual Report Download - page 301

LOGITECH INTERNATIONAL S.A., APPLES
NOTES TO SWISS STATUTORY FINANCIAL STATEMENTS
Note 1 — Basis of Presentation:
The Swiss statutory financial statements of Logitech International S.A. (“the Holding Company”) are prepared
in accordance with the provisions of the Swiss Code of Obligations applicable prior to the changes introduced on
1 January 2013, in accordance with the transitional provisions of the new accounting law. The financial statements
present the financial position and results of operations of the Holding Company on a standalone basis and do not
represent the consolidated financial position of the Holding Company and its subsidiaries.
Note 2 — Contingent Liabilities:
The Holding Company issued guarantees to various banks for CHF 54,482,301 and CHF 10,476,000 at
March 31, 2014 and March 31, 2013 for lines of credit available to its subsidiaries. At March 31, 2013 the credit line
facilities were not drawn down.
The Holding Company has guaranteed payment of the purchase obligations of various subsidiaries from
certain component suppliers. These guarantees generally have an unlimited term. The maximum potential future
payment under the guarantee arrangements is limited to CHF 26,548,673. At March 31, 2014, there were no purchase
obligations outstanding for which the Holding Company was required to guarantee payment.
Note 3 — Financing Arrangements:
In December 2011, the Holding Company entered into a Senior Revolving Credit Facility Agreement with a
group of primarily Swiss banks that provides for a revolving multicurrency unsecured credit facility in an amount
of up to $250 million. The Holding Company may, upon notice to the lenders and subject to certain requirements,
arrange with existing or new lenders to provide up to an aggregate of $150 million in additional commitments, for
a total of $400 million of unsecured revolving credit. The credit facility may be used for working capital, general
corporate purposes, and acquisitions. There were no outstanding borrowings under the credit facility at March 31,
2014 or 2013. In December 2013, given the significant improvement in our financial performance and outlook, we
chose to terminate this Credit Facility and wrote-off $1.0 million of capitalized deferred loan fees. There were no
outstanding borrowings at the time of termination.
Note 4 — Investments:
Principal operating subsidiaries include the following:
Company Country
% of
possession Currency Share capital Purpose
Logitech Europe S.A. . . . . . . . Switzerland 100 CHF 100,000 Administration, research,
development, sales and
distribution
Logitech Inc . . . . . . . . . . . . . . U.S.A 100 USD 11,522,396 Administration, research,
development, sales and
distribution
Logitech Technology
(Suzhou) Co., Ltd . . . . . . .
People’s Republic
of China
100 USD 22,000,000 Manufacturing
All subsidiaries are directly or indirectly 100% owned by the Holding Company.
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ANNUAl REPORT