Rapport Annuel 2009, Geschäftsbericht 2009, 2009 Annual Report, Invitation et Document Einladung und Invitation and Proxy D’Information Informationsmaterial Statement Designed for the Digital Future Selected Financial Highlights The following selected historical information has been derived from audited financial statements included in our annual reports for such years. Accordingly, the table should be read in conjunction with the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our annual reports for Fiscal Years 2009 and 2008 and the section titled “Operating and Financial Review and Prospects,” in our annual reports for Fiscal Years 2005 through 2007. Fiscal Year 2005 2006 2007 2008 2009 (in thousands of U.S. dollars, except per share amounts) Total revenues $ 1,482,626 $ 1,796,715 $ 2,066,569 $ 2,370,496 $ 2,208,832 Gross margin 34.0% 32.0% 34.3% 35.8% 31.3% Operating income $ 171,674 $ 198,911 $ 230,862 $ 286,680 $ 109,654 Operating margin 11.6% 11.1% 11.2% 12.1% 5.0% Net income $ 149,266 $ 181,105 $ 229,848 $ 231,026 $ 107,032 Earnings per diluted share $ 0.77 $ 0.92 $ 1.20 $ 1.23 $ 0.59 Diluted number of shares (in millions) 198,250 198,769 190,991 187,942 182,911 Cash flow from operations $ 213,674 $ 152,217 $ 303,825 $ 393,079 $ 200,587 Capital expenditures $ 40,541 $ 54,102 $ 47,246 $ 57,900 $ 48,263 Cash & cash equivalents net of short-term debt $ 331,402 $ 230,943 $ 398,966 $ 486,292 $ 494,396 Shareholders’ equity $ 526,149 $ 685,176 $ 844,524 $ 960,044 $ 997,708 This document contains forward-looking statements, including the statements regarding a return to earnings growth for the second half of Fiscal Year 2010, Logitech’s ability to emerge stronger from the recession, the size and timing of expected savings from the restructuring and efforts to lower variable expenses, evolving technology and market trends, growth opportunities in our product categories and our business strategies for Fiscal Year 2010 and beyond. The forward-looking statements involve risks and uncertainties that could cause Logitech’s actual results to differ materially from that anticipated in these forward-looking statements. Factors that could cause actual results to differ materially include: our inability to predict the depth and length of the deterioration of general economic conditions and its impact on our business, operating results and financial condition; het demand of our customers and our consumers for our products and our ability to accurately forecast it; Logitech’s ability to achieve expected cost reductions within expected time frames; the effect of pricing, product, marketing and other initiatives by our competitors, and our reaction to them, on our sales, gross margins and profitability; if we fail to take advantage of long-term trends in the consumer electronics and personal computers industries; if we fail to successfully innovate in our current and emerging product categories and identify new feature or product opportunities; the sales mix among our lower- and higher-margin products and our geographic sales mix; as well as those additional factors set forth in our periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal eary ended March 31, 2009 and our Quarterly Reports on Form 10-Q, available at www.sec.gov. Logitech does not undertake to update any forward-looking statements. “We’ve never been more excited about our opportunities to bring meaningful product innovation to the digital world.” Gerald P. Quindlen Guerrino De Luca President and Chief Executive Officer Chairman of the Board S H SH A nos actionnaires C Sehr geehrte Aktionärin, sehr To our shareholders AI I S L Ç T geehrter Aktionär G AN N EU E R D F Les résultats financiers de Logitech pour Logitech blickt auf ein enttäuschendes Logitech’s financial esultsr for Fiscal l’exercice fiscal 2009 ont été décevants. Geschäftsjahr 2009 zurück. Zahlreiche Year 2009 were disappointing. The La récession économique sans précédent a Unternehmen litten im vergangenen Jahr unprecedented economic downturn touché de nombreuses entreprises — et la unter der beispiellosen Wirtschaftskrise — impacted many companies, and ours was nôtre n’a pas été épargnée. und Logitech bildete dabei leider keine no exception. Nous avons enregistré un bon premier Ausnahme. We had a solid first half, in which our semestre, au cours duquel nos ventes ont Im ersten Halbjahr verzeichneten wir sales grew more than 14%. However, the augmenté de plus de 14 %. Toutefois, la noch eine solide Entwicklung mit einer global recession took a significant toll crise mondiale a eu un effet négatif sur la Umsatz-steigerung von über 14 %. In on consumer demand in the second half demande des consommateurs au cours du der zweiten Jahreshälfte bremste die and, regrettably, interrupted our growth second semestre, interrompant malheu- weltweite Rezession die Konsumnachfrage in sales and earnings. Our sales for FY reusement la croissance de nos ventes et jedoch spürbar, was sich deutlich negativ 2009 were $2.2 billion, down 7% from FY de nos revenus. Nos ventes pour l’exercice auf unsere Verkaufszahlen und Erträge 2008, and our operating income was $110 fiscal 2009 se montent à $2,2 milliards, auswirkte. Insgesamt beläuft sich der million, down 62%. soit une diminution de 7 % par rapport à Umsatz für das Geschäftsjahr 2009 auf USD As disappointing and challenging as l’exercice 2008. Quant à notre bénéfice 2,2 Milliarden, was einem Rückgang um d’exploitation, il a été de $110 millions, ce 7 % im Vergleich zum Geschäftsjahr 2008 the global downturn has been for our qui représente une diminution de 62 %. entspricht. Das Betriebsergebnis ging um company, the essence of what makes Aussi décevant et difficile qu’ait pu être 62 % auf USD 110 Millionen zurück. Logitech successful remains intact. We l’impact de la récession mondiale sur notre Trotz der Enttäuschung und den are heartened and encouraged by many entreprise, les qualités qui ont conduit Herausforderungen, die der globale factors that we believe will enable us to Logitech au succès sont intactes. De Abschwung mit sich brachte — die Substanz emerge stronger from this recession. nombreux éléments nous encouragent à dessen, was Logitech so erfolgreich With this annual letter to you, we want croire que nous sortirons renforcés de cette macht, bleibt intakt. Wir blicken mit to provide perspective on why we remain récession. Selbstvertrauen und Zuversicht in die very optimistic and confident about Au moyen de cette lettre annuelle qui Zukunft, denn es gibt viele Gründe, weshalb Logitech’s future. vous est destinée, nous souhaitons vous Logitech gestärkt aus dieser Krise hervor- Our solid management team has donner les raisons pour lesquelles nous gehen wird. Mit diesem Jahresbrief wollen focused our worldwide organization on a demeurons très optimistes et confiants sur wir Ihnen die wichtigsten dieser Gründe plan that we believe prepares the founda- le futur de Logitech. aufzeigen. 1 180338_Logi_Narr_R1.indd 1 7/17/09 3:00:55 PM Innovation is in our DNA In 1981, it was innovation that fueled Logitech as we turned an interface idea — the computer mouse — into intuitive, empowering control. Innovation has helped us extend into other categories where people have deep connections to digital experiences. Innovation has helped us reinvent categories, including mice, with a steady stream of breakthroughs. And it is the power behind another major milestone — we shipped our billionth mouse this year. Logitech is more committed than ever to funding innovation through R&D investments, sustaining our competitive advantage and category leadership. 2002 2004 2006 2008 MX700 MX1000 MX Revolution V550 Nano First rechargeable mouse First laser mouse Hyper-fast scrolling Tiny, ultra-portable USB receiver with clip-and-go dock Notre solide équipe dirigeante poursuit Das Führungsteam von Logitech hat tion for earnings growth for the second la mise en œuvre d’un plan qui devrait die weltweite Organisation auf eine neue half of FY 2010. It was a painful decision, poser les fondations d’une croissance des Basis gestellt, die unserer Ansicht nach die but as part of the plan, we restructured revenus au cours du second semestre de Voraussetzungen für ein Ertragswachstum the company, reducing the size of our l’exercice 2010. La décision de restructurer in der zweiten Jahreshälfte 2010 schafft. global workforce. We also identified la société a été difficile, et ce d’autant Die Entscheidung fiel uns nicht leicht, additional ways to scale back our expenses plus qu’une partie de ce plan a conduit aber als Teil dieser Neuorganisation wurde throughout the organization. Although à une réduction de l’ensemble de nos das Unternehmen restrukturiert und die the restructuring negatively impacted effectifs. Nous avons aussi identifié d‘autres weltweite Belegschaft reduziert. Parallel our operating income for FY 2009 by réductions de dépenses à tous les niveaux dazu wurden unternehmensweit zusätz- approximately $21 million, we expect the de l’entreprise. Bien que cette restructura- liche Massnahmen zur Kostensenkung actions we have taken will reduce our cost tion ait réduit notre bénéfice d’exploitation identifiziert. Zwar hat die Restrukturierung structure in FY 2010 by $100 million. d’environ $20 millions pour l’exercice 2009, das Betriebsergebnis 2009 mit rund Despite the recession’s impact on nous prévoyons que les mesures que nous USD 20 Millionen belastet. Wir rechnen our revenues, we continued throughout avons prises réduiront nos coûts de $100 jedoch damit, durch die umgesetzten FY 2009 to prioritize our investment millions au cours de l’exercice fiscal 2010. Massnahmen die Kostenstruktur im Malgré l’impact de la récession sur nos Geschäftsjahr 2010 um USD 100 Millionen in innovation, which, as you know, has revenus, nous avons continué tout au long zu entlasten.