Logitech 2012 Annual Report Download - page 265

LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Legal Reserves
Under Swiss corporate law, a minimum of 5% of the Company’s annual net income must be retained in a legal
reserve until this legal reserve equals 20% of the Company’s issued and outstanding aggregate par value per share
capital. These legal reserves represent an appropriation of retained earnings that are not available for distribution
and totaled $10.6 million at March 31, 2012 (based on exchange rates at March 31, 2012).
Additionally, under Swiss corporate law, the Company is required to establish a reserve equal to the cost
of repurchased treasury shares owned as of year-end. The reserve for treasury shares, which is not available for
distribution, totaled $369.7 million at March 31, 2012 (based on exchange rates at March 31, 2012).
Share Repurchases
During the years ended March 31, 2012 and 2011, the Company had in place the approved share buyback
programs shown in the following table (in thousands, excluding transaction costs). In November 2011, the Company
received approval from the Swiss regulatory authorities for an amendment to the September 2008 share buyback
program to enable future repurchases of shares for cancellation.
Date of Announcement
Approved
Share Buyback
Number
Approved
Buyback
Amount
Expiration
Date
Completion
Date
Number of
Shares
Remaining(1)
Amount
Remaining
September 2008—amended ..... 28,465 $177,030 August 2013 — 12,075 $94,255
September 2008 . . . . . . . . . . . . . . 8,344 250,000 August 2013 — — —
(1) Represents an estimate of the shares remaining to be repurchased calculated based on the amount remaining
to repurchase as of March 31, 2012, $94.3 million, divided by the adjusted closing price of the Company’s
shares traded on the SIX Swiss Exchange as of the same date, $7.81 per share.
The Company repurchased shares under these buyback programs as follows (in thousands):
Amounts Repurchased During Year ended March 31,(1)
Program to date 2012 2011
Date of Announcement Shares Amount Shares Amount Shares Amount
September 2008—amended .................. 9,900 82,902 9,900 82,902 — —
September 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,609 73,134 7,609 73,134 — —
17,509 $156,036 17,509 $156,036 — $—
(1) Represents the amount in U.S. dollars, including transaction costs, calculated based on exchange rates on the
repurchase dates.
The Company intends to request shareholder approval at the Company’s next Annual General Meeting
of Shareholders to cancel the 9.9 million shares repurchased under the September 2008 amended share
buyback program.
Note 12 — Shareholders’ Equity (Continued)
ANNUAL REPORT
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