Logitech 2004 Annual Report Download - page 19

2.3 Changes in the Company’s Shareholders’ Equity
As of March 31, 2004, 2003, 2002 and 2001, balances in shareholders’ equity of Logitech International
S.A., based on the parent company’s Swiss Statutory Financial Statements, were as follows (in thousands of
Swiss francs):
As of March 31,
2004 2003 2002 2001
Share capital ............................. CHF47,902 CHF47,902 CHF47,902 CHF44,419
Legal reserves:
General reserve ....................... 66,319 87,597 151,468 142,474
Reserve for treasury shares ............. 136,590 115,313 28,515 5,967
Unappropriated retained earnings ........ 256,964 141,036 140,688 108,147
Total shareholders’ equity .................. CHF507,775 CHF 391,848 CHF 368,573 CHF 301,700
For information on changes in Logitech’s consolidated shareholders’ equity during the fiscal years ended
March 31, 2004, 2003 and 2002, refer to the Consolidated Statement of Changes in Shareholders’ Equity on
page F-6.
During the years ended March 31, 2004, 2003 and 2002, the Company repurchased shares under buyback
programs authorized by the Board of Directors as follows (in thousands):
Date of
Announcement
Approved
Buyback
Amount
Equivalent
USD
Amount
(1) Expiration Date
Amount Repurchased During Year Ended March 31,
Program to Date 2004 2003 2002
Shares Amount Shares Amount Shares Amount Shares Amount
October 2003 . . . CHF 40,000 $32,090 March 2004 665 $32,090 665 $32,090 — $ — — $ —
February 2003 . . . CHF 75,000 $54,728 September 2003 1,772 $54,728 1,534 $47,072 238 $ 7,656 — $ —
July 2002 ....... CHF75,000 $52,414 March 2003 1,510 $52,414 — $ — 1,510 $52,414 — $ —
June 2002 ...... CHF 6,000 $ 3,752 June2002 88 $ 3,752 — $ — 88 $ 3,752 — $ —
August 2001 .... CHF25,000 $15,043 October 2001 629 $15,043 — $ — — $ — 629 $15,043
(1) Represents the approved buyback amount in U.S. dollars, calculated based on exchange rates on the repurchase dates.
On April 15, 2004, the Company announced a new buyback program of up to CHF 250 million
(approximately $200 million based on exchange rates at the date of announcement). Purchases under the program
will be conducted so that the Company’s total holdings of its own shares do not exceed 10 % of its share capital.
The program expires at the Company’s 2006 Annual General Meeting.
2.4 Share Categories
Registered Shares. Logitech International S.A. has only one category of shares – registered shares with a
par value of CHF 1 per share. Each of the 47,901,655 issued shares carries the same rights. There are no
preferential rights. However, a shareholder must be entered in the share register of the Company to exercise
voting rights and the rights deriving thereof (such as the right to convene a general meeting of shareholders or the
right to put an item on the meeting’s agenda). Refer to section 6 for an outline of participation rights of the
Company’s shareholders. Refer to section 1.1 and “Logitech ADRs” below for information on Logitech’s ADR
program.
Each registered share entitles its owner to declared dividends, even if the owner is not registered in the share
register of the Company. Under Swiss law, the Company pays dividends upon approval by its shareholders. This
request for shareholder approval typically follows the recommendation of the Board. Although Logitech has paid
dividends in the past, the Board of Directors announced in 1997 its intention not to recommend to shareholders
any payment of cash dividends in the future in order to retain any future earnings for use in the operation and
expansion of Logitech’s business.
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