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F-5
LOGITECH INTERNATIONAL S.A.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year ended March 31,
2008 2007 2006
Cash flows from operating activities:
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 231,026 $ 229,848 $ 181,105
Non-cash items included in net income:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,831 35,239 29,880
Amortization of other intangible assets. . . . . . . . . . . . . . . . . . . 5,391 4,876 4,641
Share-based compensation expense related to options and
purchase rights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,040 19,464 —
Write-down of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,823 — 1,168
Gain on sale of investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . (27,761) (8,980) (560)
Excess tax benefits from share-based compensation . . . . . . . . (15,231) (13,076) —
Gain on cash surrender value of life insurance policies . . . . . . (724) (1,006) (1,523)
In-process research and development . . . . . . . . . . . . . . . . . . . . — 1,000 —
Deferred income taxes and other. . . . . . . . . . . . . . . . . . . . . . . . (2,138) (9,175) (3,701)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31,212) (9,917) (66,651)
Inventories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,230) (11,478) (25,425)
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,725) (8,637) (5,416)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,096 33,890 5,162
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,893 41,777 33,537
Net cash provided by operating activities. . . . . . . . . . . . . 393,079 303,825 152,217
Cash flows from investing activities:
Purchases of property, plant and equipment . . . . . . . . . . . . . . . . . . . (57,900) (47,246) (54,102)
Purchases of short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . (379,793) (416,475) —
Sales of short-term investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 538,479 201,850 —
Sale of investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,308 12,874 —
Acquisitions, net of cash acquired. . . . . . . . . . . . . . . . . . . . . . . . . . . (59,722) (20,524) 860
Premiums paid on cash surrender value life insurance policies . . . . (1,151) (537) (1,464)
Net cash provided by (used in) investing activities . . . . . 53,221 (270,058) (54,706)
Cash flows from financing activities:
Borrowings (repayments) of short-term debt . . . . . . . . . . . . . . . . . . (11,739) (2,181) 5,192
Purchases of treasury shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (219,742) (138,095) (241,352)
Proceeds from sale of shares upon exercise of options
and purchase rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,603 44,706 49,206
Excess tax benefits from share-based compensation. . . . . . . . . . . . . 15,231 13,076 —
Net cash used in financing activities. . . . . . . . . . . . . . . . . (165,647) (82,494) (186,954)
Effect of exchange rate changes on cash and cash equivalents . . . . . . . . 5,502 (90) (6,820)
Net increase (decrease) in cash and cash equivalents. . . . 286,155 (48,817) (96,263)
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . 196,197 245,014 341,277
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . $ 482,352 $ 196,197 $ 245,014
Supplemental cash flow information:
Interest paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22 $ 178 $ 1,582
Income taxes paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,655 $ 10,165 $ 6,456
Non-cash financing activities:
Conversion of convertible debt to registered shares . . . . . . . . . . . . . $ — $ — $ 138,674
The accompanying notes are an integral part of these consolidated financial statements.