Logitech 2014 Annual Report Download - page 204

Dividends paid and similar cash or in-kind distributions made by Logitech to a holder of Logitech shares
(including dividends or liquidation proceeds and stock dividends), other than distributions of qualifying additional
paid-in-capital if it is available under the current Swiss tax regime, are subject to a Swiss federal anticipatory tax at
a rate of 35%. The anticipatory tax must be withheld by Logitech from the gross distribution, and paid to the Swiss
Federal Tax Administration.
A Swiss resident holder and beneficial owner of Logitech shares may qualify for a full refund of the Swiss
anticipatory tax withheld from such dividends. A holder and beneficial owner of Logitech shares who is a
non-resident of Switzerland, but a resident of a country that maintains a double tax treaty with Switzerland, may
qualify for a full or partial refund of the Swiss anticipatory tax withheld from such dividends by virtue of the
provisions of the applicable treaty between Switzerland and the country of residence of the holder and beneficial
owner of the Logitech shares.
In accordance with the tax convention between the United States and the Swiss Confederation (“Treaty”),
a mechanism is provided whereby a United States resident (as determined under the Treaty), and United States
corporations, other than U.S. corporations having a “permanent establishment” or a fixed base, as defined in the
Treaty, in Switzerland, generally can obtain a refund of the Swiss anticipatory tax withheld from dividends in
respect of Logitech shares, to the extent that 15% of the gross dividend is withheld as final withholding tax (i.e. 20%
of the gross dividend may generally be refunded). In specific cases, U.S. companies not having a “permanent
establishment” or a fixed base in Switzerland owning at least 10% of Logitech registered shares may receive a
refund of the Swiss anticipatory tax withheld from dividends to the extent it exceeds 5% of the gross dividend
(i.e. 30% of the gross dividend may be refunded). To get the benefit of a refund, holders must beneficially own
Logitech shares at the time such dividend becomes due.
Share Repurchases
The following table presents certain information related to purchases made by Logitech of its equity securities
under its publicly announced share buyback program (in thousands, except per share amounts):
Weighted
Average Price
Per Share
During Fiscal Year Ended
Shares
Repurchased CHF USD
Amount
Available for
Repurchase
March 31, 2012(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,509 7.63 8.90 $ 94,255
March 31, 2013(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,600 9.66 10.21 6,472
March 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 250,000
26,109
(1) Expired in August 2013
In fiscal year 2014, the following approved share buyback programs were in place:
Approved
Share Buyback Program Shares Amounts
March 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,311 $ 250,000
September 2008—amended(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,465 177,030
September 2008(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,344 250,000
54,120 $ 677,030
(1) Expired in August 2013
188