Logitech 2003 Annual Report

Logitech 2003 Annual Report

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EDGESAREASIMPORTANTASTHECORE !SKSOMEONEWHATMAKESHIMHUMAN ANDHE´LLLIKELY TALKABOUTHEART SOUL MIND°THEINSIDE"UTWHAT COULDWEREALLYKNOWORLOVEABOUTEXPERIENCE WITHOUTOURSENSEOFTOUCH THESENSETHATCONNECTS USTOTHEOUTSIDE4HEGUITARPLAYERTAPSINTOHIS INNATETALENT"UTHEINSISTSONACERTAINBRANDOF GUITARSTRINGS3MALLEXTERNALTHING BIGDIFFERENCE !NENTIREINDUSTRYHASFOCUSEDONPERFECTINGTHE INSIDEOFTHECOMPUTERBUTWHATOFTHEOUTSIDE THE PLACES WHERE THE HUMAN SENSES ACTUALLY ENGAGEINFORMATION ,OGITECHISTHEOUTSIDE4HEOTHERDESKTOP)NTHE BEGINNING WEZEROEDINONANOPPORTUNITYTHATNO ONEELSETOOKSERIOUSLY)TWASTHEROADLESSTRAVELED ANDASWEEXPLOREDIT WEBUILTABUSINESSTHATPROVED TOTHEMARKETHOWMUCHPERIPHERALS°THETOUCH POINTS°CANMATTER )../6!4)/. 7ITHMORETHANINDUSTRY±½RSTS²TOITSNAME ,OGITECHISDEDICATEDTO INNOVATION"UTMOREIMPORTANTLY THECOMPANYDOESNOTINNOVATEFOR INNOVATION´SSAKE7ECREATENEWPRODUCTSTHATPEOPLEWANTTOBUY ANDLOVETOUSE 0%. ,/')4%#(IO 4//523(!2%(/,$%23 0!24.%23!.$%-0,/9%%3 &OR,OGITECH &ISCALWASAYEAROFMILESTONES ASWEDELIVEREDOVERONEBILLIONDOLLARSINREVENUE PASSEDTHEMILLIONUNITLEVELFORSALESOFCORDLESS PRODUCTSSINCEENTERINGTHISMARKET ANDSOLDOVER MILLION,OGITECH BRANDEDPRODUCTSINONEYEAR 7ELAUNCHEDNEWPRODUCTSWHILEACHIEVING OUR TH CONSECUTIVE YEAR OF RECORD REVENUES ANDPRO½TABILITY 4HECOMPANYPOSTEDREVENUESOFBILLIONA PERCENTGROWTHOVERTHEPRIORYEAR )NALLINDUSTRIES THEREISINCREASEDCONCERNREGARDINGCORPORATEGOVERNANCEANDRESPON WITHANETINCOMEOFMILLIONPERSHARE!$3 ANINCREASEOFPERCENTOVER SIBILITY TO INVESTORS 7E VALUE THE CON½DENCE AND RESPECT OF OUR SHAREHOLDERS WHOSE &ISCAL/PERATINGINCOMEOFMILLIONGREWBYPERCENT/PERATINGMARGIN TRUSTWEHAVENURTUREDSINCEOURINITIAL3WISSPUBLICOFFERINGIN)NTHISSPIRIT WEARE OFPERCENTWASBASISPOINTSGREATERTHANTHEPRIORYEAR WHILENETMARGINOF INCLUDINGOURENTIRE &ADOCUMENTWHICHWE½LEANNUALLYWITHTHE533ECURITIESAND PERCENTWASBASISPOINTSGREATER %XCHANGE#OMMISSION INTHISPACKAGE WHICHNOWCONTAINSMOREINFORMATIONTHANEVER BEFOREREGARDINGSTRATEGY RISKS ANDOVERALL½NANCIALDETAILS #ASH¾OWFROMOPERATIONSWASMILLION ANINCREASEOFMILLIONCOMPAREDTOTHE PRIORYEAR/URRETAILBUSINESSCONTINUEDTOTHRIVE INCREASINGBYPERCENTFORTHEYEAR !SWEENTER&ISCAL WEWISHTOTHANKOUREMPLOYEES WHOSECREATIVITYANDDEDICA WHILEOUR/%-BUSINESSDELIVEREDEVENSTRONGERPERFORMANCE GROWINGBYPERCENT TIONARERESPONSIBLEFORTHESUCCESSESOFTHEPASTYEAR)NADDITION WETHANKOURINDUSTRY AS WE CONTINUED TO INCREASE THE NUMBER OF PRODUCTS OFFERED TO OUR TRADITIONAL 0# PARTNERSANDSHAREHOLDERSFORTHEIRCONTINUINGSUPPORT CUSTOMERS ASWELLASTOBROADENOURPRESENCEINTHECONSOLEINDUSTRY)NADDITION WE CONTINUEDTOBENE½TFROMTHEACQUISITIONOF,ABTEC WITHSOLIDGROWTHINOURCOREAUDIO BUSINESSANDTHEOPPORTUNITYTOENTERANEWMARKET°MOBILEPHONEHEADSETS &ISCALWASALSOAYEAROFCHALLENGES FOR,OGITECHANDFORTHEINDUSTRYINGENERAL 4HETECHNOLOGYMARKETCONTINUESTOBESLUGGISH ANDCONSUMERCON½DENCEISWEAK AS PEOPLEANDCOMPANIESFACEECONOMICUNCERTAINTYANDINCREASINGSOCIETALFEARS7HILE ,OGITECHHASBEENABLETOKEEPONDELIVERING WEREALIZETHATINTHESECHALLENGINGTIMES WEMUSTREDOUBLEOUREFFORTSTOSTAYTHECOURSEWEHAVECHARTED7ECONTINUETOBE CON½DENTINOURABILITYTOGROWFURTHER ASWEBRINGTOMARKETANONGOINGSTREAMOF POWERFUL ATTRACTIVELYPRICEDOFFERINGSACROSSALLCATEGORIES )NALLCASES THEKEYTOOURSUCCESSWILLBETHEINTEGRATIONOFTHOSETRAITSTHATDISTINGUISH THE ,OGITECH BRAND°INNOVATION COMPELLING DESIGN SUPERIOR TECHNOLOGY AND ADHER '5%22)./$%,5#! $!.)%,"/2%, 0RESIDENTAND #HAIRMANOFTHE"OARD ENCETOSTRINGENTQUALITYSTANDARDS°ALLOFWHICHENSURETHEHIGHESTLEVELOFCUSTOMER #HIEF%XECUTIVE/F½CER SATISFACTION)NADDITION WEREMAIN½RMLYCOMMITTEDTOCONTINUOUSIMPROVEMENTINTHE MANAGEMENTOFCRITICALFACTORSSUCHASCOSTCONTROL SUPPLYCHAINISSUES ANDINTERNAL PROCESSES TO SUPPORT GLOBAL OPERATIONS 4O MEET THESE CHALLENGES AND ENSURE SOLID EXECUTIONOFOURGOALS WEHAVEADDEDNEWSENIORMANAGEMENTTALENTANDREGROUPED OURBUSINESSUNITSFORGREATEREF½CIENCIES $%3)'. ,/')4%#(-/"),%%!2"5$02%-)5- ,OGITECH IS SYNONYMOUS WITH GREAT INDUSTRIALDESIGN4HROUGHOUTTHEYEARS WE HAVECONSISTENTLYGARNEREDTOPDESIGNAWARDS )N &9 THE 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NOUSAVONSmLARGINOTREDIRECTIONENENGAGEANTDENOUVEAUX 4OUJOURSPARRAPPORTgL´ANNmE½SCALE LAPROGRESSIONDELAMARGEOPmRATIONNELLE CADRESSUPmRIEURS$EPLUS POURACCROsTRENOTREEF½CACITm NOUSAVONSREGROUPmCERTAINES ESTDEPOINTSDEBASE ETDEPOURCELLEDELAMARGENETTE ,E¾UXDE BUSINESSUNITS TRmSORERIERmSULTANTDESACTIVITmSD´EXPLOITATIONAATTEINTMILLIONS SOITUNEAUGMENTA TIONDEMILLIONSPARRAPPORTgL´EXERCICEPRmCmDENT,ESVENTESDEDmTAILONTCONTINUm $ANSTOUSLESSECTEURSINDUSTRIELS LAGOUVERNANCED´ENTREPRISEETLARESPONSABILITmENVERS gPROSPmRER ENHAUSSEDEPOURL´ENSEMBLEDEL´ANNmE½SCALE1UANTgL´ACTIVITm/%- LESINVESTISSEURSPRENDUNEPLACETOUJOURSPLUSIMPORTANTE.OUSATTACHONSPOURNOTRE ELLEACONNUUNEFORTECROISSANCEHAUSSEDE DYNAMISmEPARL´mLARGISSEMENTCONTINU PARTUNEGRANDEIMPORTANCEgLACON½ANCEETAURESPECTDENOSACTIONNAIRES CON½ANCE DELAPALETTEDESPRODUITSDESTINmSgNOSCLIENTS/%-AINSIQUEPARLERENFORCEMENTDE DONTNOUSBmNm½CIONSDEPUISNOTREENTRmEgLABOURSESUISSEEN#´ESTDANSCET NOTREPRmSENCEDANSLESECTEURDESCONSOLESDEJEU%NOUTRE GRhCEgL´ACQUISITIONDE ESPRITQUENOUSINSmRONSgCEDOSSIERNOTREFORMULAIRE &COMPLETDOCUMENTQUENOUS ,ABTEC L´ACTIVITmAUDIOCONTINUED´AF½CHERUNECROISSANCESOLIDEETDENOUSPERMETTRE DmPOSONSCHAQUEANNmEAUPRnSDELA3%# L´AUTORITmDESURVEILLANCEDESBOURSESAMmRI D´ENTRERDANSUNNOUVEAUMARCHmLESCASQUESPOURTmLmPHONESMOBILES CAINES LEDOSSIERCONTIENTAINSIDESINFORMATIONSPLUSCOMPLnTESQUEPARLEPASSmSURLA STRATmGIEETSURLESRISQUES AINSIQUEDESCOMPLmMENTS½NANCIERSGmNmRAUX ,´ANNmE½SCALEAmTmMARQUmEPARDENOMBREUXDm½S POURLABRANCHEENGmNmRAL ETPOUR,OGITECHENPARTICULIER,EMARCHmDELATECHNOLOGIESTAGNEETLACON½ANCEDES 0ERMETTEZ NOUS ENCEDmBUTD´ANNmE½SCALE DEREMERCIERCHALEUREUSEMENTNOSCOLLABO CONSOMMATEURSESTmBRANLmEPARLESINCERTITUDESmCONOMIQUESRESSENTIESTANTAUNIVEAU RATEURS DONTLACRmATIVITmETLEDmVOUEMENTONTLARGEMENTCONTRIBUmgNOTRERmUSSITE DELASOCImTmENGmNmRALQUEDESENTREPRISES3´ILESTVRAIQUE,OGITECHARmUSSIgATTEINDRE .OUSTENONSAUSSIgPRmSENTERNOSSINCnRESREMERCIEMENTSgNOSPARTENAIRESSTRATmGIQUES VOIREDmPASSERSESOBJECTIFSDURANTL´EXERCICEmCOULm NOUSSOMMESCONSCIENTS COMPTE AINSIQU´gNOSACTIONNAIRESPOURLEURSOUTIENCONTINU TENU DU CLIMAT mCONOMIQUE TRnS DIF½CILE QUI PRmVAUT QU´IL FAUDRA REDOUBLER D´EFFORTS A½ND´ATTEINDRELESOBJECTIFSQUENOUSNOUSSOMMES½XmSPOURL´ANNmEENCOURS.OUS RESTONSCEPENDANTCON½ANTSDANSLACAPACITmDU'ROUPEgPOURSUIVRESADYNAMIQUEDE CROISSANCE GRhCE ENPARTICULIER AULANCEMENTCONTINUDEPRODUITSNOVATEURSgDESPRIX ATTRAYANTSETCEPOURCHACUNEDESLIGNESDEPRODUITS ,ACLEFDUSUCCnSREPOSERASURLESATTRIBUTSQUICARACTmRISENTLAMARQUE,OGITECH gSAVOIR L´INNOVATION UNDESIGNSmDUISANT UNETECHNOLOGIESUPmRIEUREETDESCRITnRESDEQUALITm RIGOUREUX!UTANTDESPmCI½CITmSQUIDEVRAIENTNOUSPERMETTREDESATISFAIREAUMIEUXNOS CLIENTS$EPLUS NOUSNOUSSOMMESDONNmSCOMMEOBJECTIFPRIORITAIREL´AMmLIORATIONDE #534/-%23!4)3&!#4)/. #/2$,%33/04)#!,-/53% ,/')4%#(-8 ,OGITECHISDRIVENBYTHENEEDSOFITSCUSTOMERS 7E ARE PASSIONATE ABOUT IMPROVING THE DIGITAL EXPERIENCETHROUGHPRODUCTSTHATPEOPLECANJUSTPLUG IN KNOWINGTHATTHEY´LLPERFORM¾AWLESSLY.OTHINGTHRILLSUS MORETHANTOHEARFROMSATIS½EDCUSTOMERSANDTOLEARNTHATWE AREHELPINGTHEMTOWORKSMARTERANDHAVEMOREFUN !.5.3%2%!+4)/._2% 0!24.%25.$-)4!2"%)4%2 &~R,OGITECHWARDAS'ESCHiFTSJAHREIN*AHRDER -EILENSTEINE INWELCHEMWIRBEZ~GLICH5MSATZDIE -ILLIARDEN $OLLAR -ARKE BEZ~GLICHVERKAUFTER%INHEITEN KABELLOSER0RODUKTESEITUNSEREM%NTRITTINDIESEN -ARKTDIE-ILLIONEN -ARKEUNDBEZ~GLICHVERKAUFTER 0RODUKTEDER-ARKE,OGITECHINNERHALBEINES*AHRESDIE -ILLIONEN -ARKE~BERSCHRITTENHABEN7IRF~HRTEN NEUE0RODUKTEEINUNDERZIELTENZUMF~NFTEN-ALIN 3ERIEEIN2EKORDJAHRBEZ~GLICH5MSATZUND2ENTABILITiT ,OGITECH ERZIELTE EINEN 5MSATZ VON -IO 53$ EINE 3TEIGERUNG GEGEN~BER DEM !UFJEDEN&ALLWIRDDER3CHL~SSELZUM%RFOLGINDER5MSETZUNGJENER%IGENSCHAFTENLIEGEN

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