Logitech 2015 Annual Report Download - page 152

out of retained earnings to Logitech shareholders who owned shares on September 16, 2013. Eligible
shareholders were paid CHF 0.21 per share ($0.22 per share in U.S. Dollars), totaling $36.1 million in
U.S. Dollars on September 17, 2013. On September 5, 2012, Logitech’s shareholders approved a cash
dividend payment of CHF 125.7 million out of retained earnings to Logitech shareholders who owned
shares on September 17, 2012. Eligible shareholders were paid CHF 0.79 per share ($0.85 per share in
U.S. Dollars), totaling $133.5 million in U.S. Dollars on September 18, 2012. The dividend in September
2012 qualified as a distribution of qualifying additional paid-in-capital and, as such, was not subject to
Swiss Federal withholding tax.
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 U.S. resident (as determined under the Treaty), and
U.S. 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):
Shares
Repurchased
Weighted
Average Price
Per Share Amount
Available for
RepurchaseDuring Fiscal Year Ended CHF USD
March 31, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,600 9.66 10.21 $ 6,472
March 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 250,000
March 31, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 — 14.43 248,337
8,715
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Annual Report Fiscal Year 2015