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L O G I T E C H 2 0 0 5 LOGITECH 2005 ANNUAL REPORT A PORTFOLIO OF PRODUCTS FOR THE DIGITAL LIFESTYLE LOGITECH 2005 ANNUAL REPORT LOGITECH OFFICERS BOARD OF DIRECTORS Daniel Borel Rory Dooley Daniel Borel Chairman of the Board President and Chief Executive Officer, Chairman of the Board 3Dconnexion Guerrino De Luca Guerrino De Luca President and Chief Executive Officer Bernard Gander President and Chief Executive Officer Vice President, Erh-Hsun Chang Business Development Gary Bengier Senior Vice President, Former Senior Vice President, Worldwide Operations and Vladimir Langer eBay Inc. General Manager, Far East Vice President, Worldwide OEM Sales Kee-Lock Chua David Henry Managing Director, Senior Vice President, Roberta Linsky Walden International Control Devices Vice President, Worldwide Human Resources Frank Gill Junien Labrousse Former Executive Vice President, Senior Vice President, Bryan McLeod Intel Corporation Video Vice President, Remote Controls Michael Moone A PORTFOLIO OF PRODUCTS Kristen Onken President and Chief Executive Officer, Senior Vice President, Denis Pavillard Exavio, Inc. FOR THE DIGITAL LIFESTYLE Finance and Chief Financial Officer Vice President, Product Marketing, Shin’ichi Okamoto Marcel Stolk Retail Keyboards and Desktops Research and Development Consultant, Senior Vice President, Former Chief Technology Officer, Worldwide Sales and Marketing Dan Poulin Sony Computer Entertainment Inc. Vice President, Robert Wick Worldwide Information Technology Monika Ribar Senior Vice President, Chief Information Officer, Audio and Interactive Entertainment Robin Selden Panalpina Management Ltd. Vice President, Matthew Aoyagi Worldwide Marketing Vice President, General Manager, Simon Tsai Logicool, Japan Vice President, Manufacturing Ashish Arora Vice President, Catherine Valentine Product Marketing, Vice President, Retail Pointing Devices Legal and General Counsel Patrick Brubeck D. Gray Williams Vice President, Vice President, Worldwide Quality Worldwide Supply Chain Collette Bunton Gavin Wu Vice President, Vice President, Regional Sales and Marketing, Regional Sales and Marketing, Americas Asia Pacific Aldo Bussien Margaret Wynne Vice President, Vice President, Engineering, Control Devices Legal Affairs, Europe, Middle East and Africa Steve Daverio Vice President, Todd Yuzuriha Regional Sales and Marketing, Vice President, Europe, Middle East and Africa Engineering, Audio and Interactive Entertainment PN: 743670-0000 THE LOGITECH COLLECTION QUALITY CORDLESS DESKTOP® LX 700 Quality is built into every part of the LX 700, which features integrated software and special media-control buttons for easy enjoyment of music, videos and photos. La qualité est la composante clé de chaque pièce de l’ensemble desktop LX 700, qui est doté d’un logiciel intégré et de boutons de commande multimedia, pour profi ter aisément de la musique, de la vidéo et des photos. Jeder einzelne Bestandteil des LX 700, das über eine integrierte Software und besondere Medienbedienelemente zum Abspielen von Musik und Videos sowie zum Aufrufen von Fotos verfügt, zeichnet sich durch hochwertige Qualität aus. 665268_LogitechAR.indd5268_LogitechAR.indd 1 55/16/05/16/05 11:21:34:21:34 PMPM FINANCIAL HIGHLIGHTS REVENUE INCOME SHARE PERFORMANCE (in millions of U.S. dollars) (in millions of U.S. dollars) (based on an initial investment of 100 Swiss francs) 1,483 171.7 857 782 1,268 145.6 149.3 1,100 123.9 132.2 566 944 618 97.2 98.8 736 428 427 592 75.0 448 54.7 41.0 45.1 30.0 16.2 112 109 100 100 90 98 63 7.1 99 00 01 02 03 04 05 99 00 01 02 03 04 05 99 00 01 02 03 04 05 OPERATING INCOME LOGITECH NET INCOME SWISS PERFORMANCE INDEX MARCH 31, 1999 – MARCH 31, 2005 665268_LogitechAR.indd5268_LogitechAR.indd 2 55/16/05/16/05 11:21:47:21:47 PMPM THE LOGITECH COLLECTION INNOVATION LOGITECH® MX™ 1000 LASER CORDLESS MOUSE The world’s fi rst mouse to use laser illumination and tracking, setting a new standard for responsiveness and accuracy. La première souris au monde à utiliser la technologie laser pour le suivi et l’illumination, établissant un nouveau standard en termes de réactivité et de précision. Die weltweit erste Maus, die Lasertechnik zur Oberfl ächenabtastung einsetzt und somit in Bezug auf Präzision und Leistung neue Standards setzt. 665268_LogitechAR.indd5268_LogitechAR.indd 3 55/16/05/16/05 11:21:47:21:47 PMPM TO OUR SHAREHOLDERS Daniel Borel Guerrino De Luca Chairman of the Board President and Chief Executive Offi cer Fiscal Year 2005 was Logitech’s seventh consecutive year of double-digit Fueled by the worldwide popularity of video instant messaging, growth. We exceeded our ambitious fi nancial targets, and at the same we continued to see record sales of webcams, and this year we sold time we invested signifi cantly for future growth. our 25 millionth webcam. In interactive entertainment, Logitech had an exceptional year, selling 1.9 million cordless controllers for Our sales growth accelerated, and revenue reached $1.48 billion the PlayStation 2 and the Xbox® gaming consoles. (a 17 percent increase over FY 2004). Operating income was up by 18 percent to $172 million, generating the highest operating Following the acquisition of the Harmony remote control business margin in the Company’s history. in May 2004, Logitech successfully integrated the business into the Company. Harmony sales in North America steadily increased, with In spite of pressure in material and fuel costs, which challenged the Harmony remote now the U.S. market leader in its category. our manufacturing and logistics efforts, our gross margin improved to 34 percent, compared to 32.2 percent a year earlier, a testament Most recently, we expanded our line of personal peripherals to mobile to the strength of our business proposition and execution. entertainment platforms, such as the PSP™ handheld entertainment system, the iPod®, and other MP3 players. We’re leveraging our expertise In addition to investing in the business, we used the continued strong in audio and design to offer the very best in music headphones, speakers cash fl ow from operations to repurchase Logitech shares. This year, and other must-haves for these platforms. the Company purchased 2,775,000 shares, for 168 million Swiss francs (approximately $135 million), and we plan to continue buying back Beyond investing in the development and marketing of leading personal shares in FY 2006. peripherals, Logitech is investing in our most important asset—people. Our 6900 employees are the heart of Logitech, and we are proud of As we said, FY 2005 was a year of signifi cant investments in infrastructure, their continued passion, hard work, inventiveness and dedication. We R&D, and marketing, to set the foundation for our future growth. recently initiated a broad leadership-development program to prepare Construction is nearly completed on a new and larger production facility the Company’s future leaders. We also are proud to be able to count in Suzhou, China, expected to be fully operational by summer 2005. on an executive team whose breadth, strong skills and experience are An essential part of the Company, our long-established manufacturing a source of confi dence in our future. operations in Suzhou produce approximately half of our products. We The breadth of Logitech’s product portfolio provides the Company with also invested in information technology that will scale appropriately as multiple growth drivers and increased resilience. Even as we broaden the Company grows. This ongoing investment is intended to simplify, our portfolio to support new platforms, our mission remains consistent: standardize and automate business processes. to provide personal peripherals that make the digital experience more To support the development of a broader portfolio of innovative products, personal. Our strategy is to compete in areas where we have or can we expanded our R&D staff, including the addition of nearly 200 achieve market leadership—and where we can use our scale advantage. engineers. We hired more sales people to take advantage of opportunities We look toward the future with optimism. Logitech is at the crossroads in China, Eastern Europe and the U.S. We also invested to strengthen of key trends in the digital revolution that present tremendous oppor- our brand, and to enhance our in-store presence through improved tunity: cordless, IP communications, mobile entertainment and the new merchandising and packaging. digital living room. Yet, we are mindful that delivering continuous The signifi cant growth of our retail sales (up 27 percent over last year, growth is a challenge, and that we must redouble our efforts to sustain with 58 million Logitech-branded products sold) was a key highlight the current pace of our growth. The key to this is innovation—it keeps for the year. While retail sales in Asia Pacifi c were essentially fl at, we are us ahead of our competitors, it helps maintain stability in pricing and encouraged by the investments we have made in this area, which margins, and it is what drives and motivates us. position Logitech to take better advantage of the growth opportunities Our future success also depends on those who have been instrumental in the region. in building Logitech into the company it is today. Consumers around Our best performance came from our two largest retail regions, the the world have used our products and told their friends. Their loyalty Americas and Europe. In both, our sales growth was higher than 30 percent. toward the Logitech brand is what we strive for. Equally important are We strengthened our market leadership in several of our product busi- our partners. We are fortunate to have established strong relationships nesses. We expanded distribution, stepped up sales operations in new with leading distribution and retail partners, technology suppliers and markets (Eastern Europe, Latin America), and broadened the reach of platform companies—and we will continue to cultivate them. our brand by entering new product categories. Logitech also greatly benefi ts from the wisdom and perspective of our This year’s OEM sales declined, following last year’s exceptional sales to Board of Directors.
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