LOGITECH Visit www.logitech.com for a complete list of Logitech locations Holding Company Logitech International S.A. CH-1143 Apples Switzerland Americas Headquarters Logitech Inc. 6505 Kaiser Drive Fremont, CA 94555 United States 2005 FINANCIAL REVIEW Asia Pacific Headquarters Logitech Hong Kong Ltd. Room 1408-10, China Resources Building 26 Harbour Road Wanchai, Hong Kong Europe Headquarters Logitech Europe S.A. Moulin du Choc D CH-1122 Romanel-sur-Morges Switzerland Japan Headquarters Logicool Co. Ltd. Iidabashi MF Bldg., 3F 1-1 Shin Ogawamachi, Shinjuku-ku Tokyo, 162-0814, Japan Worldwide Operational Headquarters Logitech Far East Ltd. #2 Creation Road IV Science-Based Industrial Park Hsinchu, Taiwan Manufacturing Suzhou Logitech Electronic Co. Ltd. 168 Bin He Road Standard Plant Suzhou City, PRC 215011 © 2005 Logitech. All rights reserved. Logitech, the Logitech logo, and other Logitech marks are owned by Logitech and may be registered. All other trademarks are the property of their respective owners. PN: 743670-0100 FINANCIAL REVIEW 2005 TABLE OF CONTENTS TABLE DES MATIÈRES INHALT CG Report on Corporate Governance Rapport sur la Gouvernance d’entreprise Bericht zur Corporate Governance Logitech’s Report on Corporate Governance Le Rapport sur la Gouvernance d’entreprise Der Bericht von Logitech zur Corporate provides information on the Company’s de Logitech fournit des informations sur la Governance stellt Informationen betreffend structure, its Board members and executive structure de l’entreprise, la composition de son die Struktur der Gesellschaft, die Mitglieder officers, and its corporate governance practices. Conseil d’administration, ses cadres dirigeants von Verwaltungsrat und Geschäftleitung This Report includes information required by the et ses règles internes. Ce rapport contient aussi sowie die Corporate Governance-Grundsätze directives of the SWX Swiss Exchange for lesinformationsrequisesparlesdirectivesde zur Verfügung. Darüber hinaus sind in diesem SWX-listed issuers and the U.S. Securities and la Bourse suisse SWX pour les entreprises cotées Bericht Informationen enthalten, die gemäss Exchange Commission for foreign registrants. et de la Securities and Exchange Commission den Richtlinien der SWX Swiss Exchange für américaine pour les entreprises enregistrées an der SWX gelistete Emittenten und der U.S. à l’étranger. Securities and Exchange Commission für kotierte ausländische Unternehmen anzugeben sind. 20-F Form 20-F Formulaire 20-F “Form 20-F” Logitech’s Form 20-F is its annual report to “Form 20-F” von Logitech ist ihr Geschäftsbericht shareholders. The Form 20-F provides Le Formulaire 20-F de Logitech est le rapport zuhanden der Aktionäre. “Form 20-F” enthält information about the Company’s business annuel présenté aux actionnaires. Il donne Informationen über die Markt- und operativen and operational risks; information about des informations sur les risques commerciaux Risiken der Gesellschaft, Angaben zu Geschäfts- its business and industry; a discussion and et opérationnels encourus par l’entreprise, sur bereichen und Branche, eine Erörterung und analysis of operating results and financial son activité et son secteur, ainsi qu’un rapport Analyse der operativen Ergebnisse und Finanzlage condition; and audited consolidated financial commenté et une analyse de ses opérations. sowie geprüfte Konzernabschlüsse, die nach in statements prepared in accordance with Par ailleurs il fournit des informations sur la den USA allgemein anerkannten Rechnungsle- accounting principles generally accepted in situation financière de l’entreprise et ses gungsgrundsätzen erstellt wurden. “Form 20-F” the United States of America. The Form 20-F résultats, ainsi que les états financiers consolidés wird von der U.S. Securities and Exchange is required by the U.S. Securities and Exchange et vérifiés, préparés conformément aux normes Commission (SEC) von kotierten ausländischen Commission (SEC) for foreign registrants comptables communément admises aux États- Unternehmen verlangt und wird, gemeinsam and, along with the Report on Corporate Unis. Le Formulaire 20-F répond aux exigences mit dem Bericht zur Corporate Governance, Governance, is filed with the SEC. de la Securities and Exchange Commission amér- der SEC eingereicht. icaine envers les entreprises enregistrées à l’étranger. Il est soumis à cette Commission comme le Rapport sur la Gouvernance d’entreprise. LISA Logitech International S.A., Apples — Logitech International S.A., Apples — Logitech International S.A., Apples — Swiss Statutory Financial Statements Etats financiers réglementaires suisses Gesetzlicher Jahresabschluss nach The Swiss Statutory Financial Statements Les états financiers réglementaires suisses Schweizer Recht provide the stand-alone audited results fournissent les résultats isolés et vérifiés de la Im gesetzlichen Jahresabschluss nach Schweizer of Logitech’s parent company, Logitech maison mère de Logitech, Logitech International Recht sind die separat ausgewiesenen geprüften International S.A., Apples. These financial S.A., à Apples. Ces états financiers et les infor- Ergebnisse von Logitech International S.A., statements and accompanying disclosures mations qui les accompagnent sont présentés Apples, der Muttergesellschaft von Logitech, are presented in Swiss francs and are en francs suisses et préparés conformément à enthalten. Dieser Jahresabschluss mit den damit prepared in accordance with Swiss Law. la réglementation helvétique. verbundenen Angaben wird in Schweizer Franken und nach Schweizer Recht erstellt. CG LOGITECH INTERNATIONAL S.A. REPORT ON CORPORATE GOVERNANCE 20-F LISA Exhibit 15.1 REPORT ON CORPORATE GOVERNANCE Logitech believes that sound corporate governance practices are essential to an open and responsible corporation. The Company has for many years had a strong commitment to corporate governance and believes that its corporate governance practices reflect a continuing commitment to corporate accountability, sound judgment, and transparency to shareholders. As a company whose securities are traded both on the SWX Swiss Exchange and on the Nasdaq National Market, Logitech’s commitment to sound corporate governance principles is guided by the legal and regulatory requirements of both Switzerland and the United States. In addition, Logitech’s internal guidelines regarding corporate governance are provided in its Articles of Incorporation, Organizational Regulations, and Board Committee Charters. This report conforms with the requirements of the Corporate Governance Directive of the SWX Swiss Exchange that was released in July 2002 and includes certain corporate governance disclosures required by the U.S. Securities and Exchange Commission. 1. Group Structure and Shareholders 1.1 Operational Group Structure The Logitech Group (also referred to as “Logitech”) designs, manufactures, and markets personal peripherals for personal computers and other digital platforms. The Company’s products include webcams, mice, trackballs, and keyboards for the PC; interactive gaming controllers, multimedia speakers, headsets and headphones for the PC and for gaming consoles; headsets for mobile phones; headsets, headphones and speakers for mobile entertainment platforms; advanced remote controls; digital writing solutions; and 3D control devices. Logitech is organized into four business units – Control Devices, Video, Interactive Entertainment and Audio – which develop products and bring them to market. These business units are responsible for product design and development, industrial design, technological innovation and overall product management. Logitech’s marketing and sales organization is responsible for selling the products brought to market by the business units and is structured around two main sales channels, retail and original equipment manufacturers (“OEM”). The retail organization is responsible for sales to direct retail accounts, mass merchants and distributors while the OEM organization is responsible for sales to OEM customers. Logitech’s sales and marketing activities are also organized into three geographic regions: Americas (including North America, South America and Australia), Europe-Middle-East-Africa, and Asia Pacific. Since 1994, Logitech has had its own manufacturing operations in Suzhou, China, which currently produce approximately half of the Company’s products. The Company outsources the remaining production to contract manufacturers and original design manufacturers located in Asia. The Company’s other operations support the business units and marketing and sales organizations through management of distribution centers and the product supply chain, and the provision of technical support, customer relations and other services. Logitech International S.A. (also referred to as the “Company”), the parent company of Logitech, is a joint stock company (société anonyme, Aktiengesellschaft) incorporated under the laws of Switzerland, with its registered office located in Apples, Switzerland. The Company’s registered shares are listed on the SWX Swiss Exchange (Ticker: LOGN; security number: 1260719; ISIN: CH0012607195). American Depositary Shares (“ADSs”) are listed on the Nasdaq National Market in the form of American Depositary Receipts (“ADRs”) (Ticker: LOGI; U.S. security number: 541419; ISIN: US5414191073). For information on Logitech’s holdings in its own shares, refer to section 1.2 below. As of March 31, 2005, Logitech’s market capitalization, based on issued and outstanding registered shares of 47,901,655,