Logitech 2011 Annual Report Download - page 182

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The Board of Directors may limit or withdraw the shareholders’ right to subscribe for the bonds by preference
for valid reasons, in particular (a) if the bonds are issued in connection with the financing or refinancing of the
acquisition of one or more companies, businesses or parts of businesses, or (b) to facilitate the placement of the
bonds on the international markets or to increase the security holder base of the Company. If the shareholders’ right
to subscribe for the bonds by preference is limited or withdrawn, the bonds must be issued at market conditions,
the exercise period of the conversion rights must not exceed 7 years from the date of issuance of the bonds, and
the conversion price must be set at a level that is not lower than the market price of the shares preceding the
determination of the final conditions for the bonds.
2.3 Changes in Shareholders’ Equity
As of March 31, 2011, 2010, 2009 and 2008, balances in shareholders’ equity of Logitech International S.A.,
based on the parent company’s Swiss Statutory Financial Statements, were as follows (in thousands):
As of March 31,
2011 2010 2009 2008
Share capital........................... CHF 47,902 CHF 47,902 CHF 47,902 CHF 47,902
Legal reserves:
General reserve ..................... 9,580 9,580 9,580 9,580
Reserve for treasury shares ............ 281,565 419,770 389,648 400,710
Unappropriated retained earnings.......... 507,730 349,312 354,924 316,586
Total shareholders’ equity . . . . . . . . . . . . . . . . CHF 846,777 CHF826,564 CHF802,054 CHF 774,778
The following table shows authorized and conditional share capital as of the last four fiscal year ends (in
thousands):
As of March 31,
2011 2010 2009 2008
Authorized share capital ....................... CHF —CHF —CHF —CHF 10,000
First conditional share capital ................... CHF 6,250 CHF 6,250 CHF 6,250 CHF 15,165
Second conditional share capital . . . . . . . . . . . . . . . . CHF 6,250 CHF 6,250 CHF 6,250 CHF —
For information on Logitech’s shareholders’ equity as of March 31, 2011 and 2010, refer to the Swiss Statutory
Balance Sheets on page 231 of our Annual Report, Invitation and Proxy Statement.
During fiscal years 2011, 2010 and 2009, the Company had the following approved share buyback programs
in place (in thousands):
Date of
Announcement
Approved
Buyback
Amount Expiration Date Completion Date Amount Remaining
September 2008 .......................... $250,000 September 2012 — $250,000
July 2007 ................................ $250,000 September 2010 March 2010 $ —
The Company repurchased shares under these buyback programs as follows (in thousands):
Amount Repurchased During Year ended March 31,(1)
Date of
Announcement
Program to date 2011 2010 2009
Shares Amount Shares Amount Shares Amount Shares Amount
September 2008 . . . . . . . . . . . . . . — $ — — $— — $ — — $ —
June 2007 ................... 11,978 $250,555 —$— 7,425 $126,301 2,803 $78,870
(1) Represents the amount in U.S. dollars, calculated based on exchange rates on the repurchase dates.