Logitech 2012 Annual Report Download - page 282

LOGITECH INTERNATIONAL S.A., APPLES
NOTES TO SWISS STATUTORY FINANCIAL STATEMENTS (continued)
Upon an uncured event of default under the facility, the lenders may declare all or a portion of the outstanding
obligations payable by the Holding Company to be immediately due and payable, terminate their commitments and
exercise other rights and remedies provided for under the facility. The events of default under the facility include,
among other things, payment defaults, covenant defaults, inaccuracy of representations and warranties, cross
defaults with certain other indebtedness, bankruptcy and insolvency events and events that have a material adverse
effect (as defined in the facility). Upon a change of control of the Holding Company, lenders whose commitments
aggregate more than two-thirds of the total commitments under the facility may terminate the commitments and
declare all outstanding obligations to be due and payable.
Note 4 — 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
Logitech Mirial Italy Srl . . Italy 100 EUR 14,009,834 Research and development
All subsidiaries are directly or indirectly 100% owned by the Holding Company.
Note 5 — Treasury Shares:
During fiscal years 2011 and 2012, repurchases of and issuances from the Holding Company’s treasury shares
were as follows (total cost in thousands):
Number of
shares
Total cost
(in thousands)
Held by the Holding Company at March 31, 2010 ........................ 16,435,528 CHF 419,770
Additions ..................................................... — —
Disposals ..................................................... (4,001,914) (138,205)
Held by the Holding Company at March 31, 2011 ........................ 12,433,614 281,565
Additions ..................................................... 17,509,412 133,955
Disposals ..................................................... (2,769,687) (82,075)
Held by the Holding Company at March 31, 2012 ........................ 27,173,339 CHF 333,445
In September 2008, the Board of Directors approved a share buyback program which authorizes the Holding
Company to invest up to USD 250,000,000 to purchase its own shares. 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, up to a total of 28.5 million shares. As of March 31,
2012, the Holding Company had repurchased 7,609,412 registered shares for approximately USD 73,134,017,
including transaction costs, under the September 2008 program and 9,900,000 registered shares for approximately
CHF 75,537,980, including transaction costs, under the amended September 2008 program.
272