Logitech 2011 Annual Report Download - page 245
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ANNUAl REPORT
233
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.
Note 2 — Contingent Liabilities:
The Holding Company issued guarantees to various banks for CHF 91,205,000 and CHF 101,690,000 at
March 31, 2011 and March 31, 2010 for lines of credit available to its subsidiaries. At March 31, 2011 the credit line
facilities were not drawn down.
The Holding Company has guaranteed certain contingent liabilities of various subsidiaries related to specific
transactions occurring in the normal course of business. The maximum amount of the guarantees was CHF
50,075,000 as of March 31, 2011. As of March 31, 2011, CHF 9,419,000 was outstanding under these guarantees. The
Holding Company has also guaranteed the purchases of one of its subsidiaries under three guarantee agreements.
Two of these guarantees do not specify a maximum amount. The third guarantee is limited to CHF 6,407,800. As
of March 31, 2011, CHF 4,471,000 was outstanding under these guarantees.
Note 3 — Investments:
Principal operating subsidiaries include the following:
Company Country % of
possession Currency Share capital Purpose
Logitech Europe S.A. .... Switzerland 100 CHF 100,000 Administration, research,
development, sales and
distribution
Logitech Inc . . . . . . . . . . . U.S.A.100 USD 11,522,396 Administration, research,
development, sales and
distribution
Logitech (Intrigue) Inc. . . Canada 100 CAD 1,661,340 Research and development
Logitech Technology
(Suzhou) Co., Ltd . . . . People’s Republic
of China 100 USD 22,000,000 Manufacturing
All subsidiaries are directly or indirectly 100% owned by the Holding Company.