Logitech 2004 Annual Report Download - page 80

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Cash Flow from Investing Activities
The following table sets forth information on the Company’s cash flows from investing activities during
fiscal years 2004, 2003 and 2002 (in thousands):
2004 2003 2002
Purchases of property, plant and equipment ......... $(24,718) $(28,657) $(21,941)
Acquisitions and investments, net of cash acquired .... (15,490) 1,985 (6,822)
Sales of investments ............................ — 2,072 4,249
Net cash used in investing activities ........... $(40,208) $(24,600) $(24,514)
The Company’s investing activities used cash of $40.2 million for the year ended March 31, 2004,
compared to $24.6 million and $24.5 million for the years ended March 31, 2003 and 2002.
During the year ended March 31, 2004, the Company used cash of $24.7 million to acquire property and
equipment, primarily for tooling and computer equipment purchases. Also, the Company used cash of
$15.5 million to invest in two technology companies, $15 million of which was invested in the Anoto Group AB,
a Swedish high technology company from which Logitech licenses digital pen technology.
During the year ended March 31, 2003, the Company invested $28.7 million for normal capital expenditures
to acquire computer hardware and software, tooling costs, capital improvements, and machinery and equipment.
The Company received net cash of $2.5 million as a result of its acquisition of Spotlife in May 2002 and used
$.4 million to acquire non-marketable securities. The Company received $.7 million in proceeds from the sale of
available-for-sale securities, and $1.3 million of net cash proceeds from the sale of a non-core business activity in
December 2002.
During the year ended March 31, 2002, the Company invested $21.9 million for normal capital expenditures
to acquire computer hardware and software, tooling costs, capital improvements, and machinery and equipment.
Also, the Company used cash of $6.8 million for incremental acquisition costs related to the purchase of Labtec
and to acquire non-marketable equity investments. These expenditures were partially offset by cash proceeds of
$4.2 million from the sale of available-for-sale securities.
Cash Flow from Financing Activities
The following tables set forth information on the Company’s cash flows from financing activities, including
information on its share repurchases during fiscal years 2004, 2003 and 2002 (in thousands except per share
amounts):
2004 2003 2002
Net borrowings of short-term debt .................................... $ — $ 2,822 $(53,994)
Borrowings of long-term debt, net of issuance costs ...................... — — 93,292
Repayments of long-term debt ....................................... (1,331) (1,185) (27,450)
Purchases of treasury shares ......................................... (79,162) (63,822) (15,043)
Proceeds from sale of shares upon exercise of options and rights ............ 31,404 15,629 16,389
Net cash used provided by (used in) financing activities ............... $(49,089) $(46,556) $ 13,194
2004 2003 2002
Number of shares repurchased ....................................... 2,199 1,836 629
Value of shares repurchased ......................................... $79,162 $63,822 $15,043
Average price per share ............................................ $ 36.00 $ 34.76 $ 23.92
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