Logitech 2005 Annual Report Download - page 17

2.3 Changes in the Company’s Shareholders’ Equity
As of March 31, 2005, 2004, 2003 and 2002, 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,
2005 2004 2003 2002
Share capital ............................. CHF47,902 CHF47,902 CHF47,902 CHF47,902
Legal reserves:
General reserve ....................... 9,580 66,319 87,597 151,468
Reserve for treasury shares ............. 217,873 136,590 115,313 28,515
Unappropriated retained earnings ........ 327,892 256,964 141,036 140,688
Total shareholders’ equity .................. CHF603,247 CHF 507,775 CHF 391,848 CHF 368,573
For information on changes in Logitech’s consolidated shareholders’ equity during fiscal years 2005, 2004
and 2003, refer to the Consolidated Statement of Changes in Shareholders’ Equity on page F-6.
During fiscal years 2005, 2004 and 2003, 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 2005 2004 2003
Shares Amount Shares Amount Shares Amount Shares Amount
April 2004 ..... CHF250,000 $200,000 June 2006 2,775 $134,525 2,775 $134,525 — $ — — $ —
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 ...... CHF 75,000 $ 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
(1) Represents the approved buyback amount in U.S. dollars, calculated based on exchange rates on the repurchase dates.
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 registered 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 dividends declared, 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 payment of cash
dividends in the future in order to retain earnings for use in the operation and expansion of Logitech’s business.
Unless this right is restricted in compliance with Swiss law and the Company’s Articles of Incorporation,
shareholders have the right to subscribe by preference for newly issued shares. Refer to section 2.2 for a
description of the provisions of the Company’s Articles of Incorporation relating to the restriction of the
shareholders’ preferential subscription rights.
The Company has not issued non-voting shares (“bons de participation,” “Partizipationsscheine”).
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