Logitech 2005 Annual Report Download - page 138

Download and view the complete annual report

Please find page 138 of the 2005 Logitech annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 143

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143

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 Swiss 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.
Certain amounts reported in prior years’ financial statements have been reclassified to conform to the
current year presentation.
Note 2 — Contingent Liabilities:
Logitech International S.A. issued guarantees to various banks for CHF 26,195,000 for lines of credit
available to its subsidiaries. At March 31, 2005 the aforementioned credit line facilities were not drawn down.
Logitech International S.A. purchases foreign exchange contracts for and on behalf of an operating
subsidiary. The notional amount of foreign exchange contracts outstanding at March 31, 2005 was
CHF 23,449,000. The notional amount represents the future cash flows under contracts to purchase foreign
currencies. Net unrecognized gains totaled CHF 422,000 at March 31, 2005. Such contracts were purchased for
and on behalf of an operating subsidiary and any gain or loss will be effectively transferred to the subsidiary on
maturity.
Logitech International S.A. is the guarantor of convertible bonds issued by Logitech (Jersey) Ltd. in June
2001. Logitech (Jersey) Ltd. issued 1% convertible bonds with a nominal value of CHF 170.0 million which
mature in June 2006.
Note 3 — Investments:
Principal operating subsidiaries include the following: Logitech Europe S.A., Logitech Hong Kong, Ltd.,
Logitech Inc., and Suzhou Logitech Electronic Co. Ltd. All subsidiaries are directly or indirectly 100% owned by
the Holding Company.
Note 4 — Treasury Shares:
During fiscal years 2004 and 2005, repurchases of and issuances from the Company’s treasury shares were
as follows (total cost in thousands):
Number of
shares Total cost
Held by the holding company at March 31, 2003 ........................... 2,454,857 CHF 115,313
Additions ...................................................... 2,199,236 105,019
Disposals ...................................................... (1,751,965) (83,742)
Held by the holding company at March 31, 2004 ........................... 2,902,128 CHF 136,590
Additions ...................................................... 2,775,000 167,670
Disposals ...................................................... (2,016,581) (86,387)
Held by the holding company at March 31, 2005 ........................... 3,660,547 CHF 217,873
LISA-5
CG
20-F
LISA