Logistea
Annual Report 2011

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Rapport Annuel 2011, Invitation et Document d’Information

Geschäftsbericht 2011, Einladung und Informationsmaterial

2011 Annual Report, Invitation and Proxy Statement

Des produits conçus pour les activités numériques qui vous intéressent

Produkte für die digitalen Erfahrungen, die Ihnen wichtig sind

Products for the digital experiences you care about

SIX: LoGN-VX

NASDAQ: LoGI 

For more information 

about Logitech and 

its products, please 

visit our web site: 

www.logitech.com. 

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Durant les 30 années qui ont suivi la 
création de la société à Apples en Suisse, 
Logitech n’a cessé de se transformer pour 
s’adapter aux évolutions technologiques 
et aux nouvelles habitudes des 
utilisateurs. Nous ouvrons désormais un 
nouveau chapitre, dans cette époque où 
tout va plus vite et chaque nouveauté est 
une révolution, en nous concentrant sur 
le développement de produits et de 
solutions innovants, simples d’utilisation 
et qui permettent aux utilisateurs de tirer 
le meilleur parti de leurs activités 
numériques.

In den 30 Jahren, die seit der Gründung 
unseres Unternehmens in Apples, 
Schweiz, vergangen sind, hat sich 
Logitech kontinuierlich gewandelt, um 
neue Technologien und die Art, wie 
Menschen damit umgehen, aufzugreifen. 
Und auch in diesen Zeiten schneller und 
bahnbrechender Veränderungen 
schlagen wir ein neues Kapitel auf: Wir 
fokussieren uns auf innovative und 
einfach anzuwendende Produkte sowie 
Lösungen, mit denen Menschen ihre 
Wünsche in einer digitalen Welt optimal 
verwirklichen können. 

In the 30 years since our company’s 
founding in Apples, Switzerland,  
Logitech has continually transformed 
itself to adapt to changes in technology 
and how people use technology.  
We embark upon new chapters in this 
time of faster, more disruptive change 
focused on delivering innovative, 
easy-to-use products and solutions  
that allow people to get the most  
out of their digital pursuits.

ans | Jahre | years

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 2008 through 2011 and the section titled “Operating and Financial Review and Prospects,” in our annual reports for Fiscal Year 2007.

Fiscal Year 

2007 

2008 

2009 

2010 

2011

(in U.S. dollars; in thousands, except per share amounts)

Net sales 

Gross margin  

Operating income  

Operating margin  

Net income  

Earnings per diluted share  

Diluted number of shares  

Cash flow from operations 

Capital expenditures 

 $ 2,066,569  

 $ 2,370,496  

 $  2,208,832  

 $  1,966,748  

 $ 2,362,886 

34.3% 

35.8% 

31.3% 

31.9% 

35.4%

 $  230,862  

 $  286,680  

 $  109,654  

 $ 

78,364  

 $  142,656 

11.2% 

12.1% 

5.0% 

4.0% 

6.0%

 $  229,848  

 $  231,026  

 $ 

1.20  

 $ 

1.23  

 $ 

 $ 

107,032  

0.59  

 $ 

 $ 

64,957  

 $  128,460 

0.36  

 $ 

0.72 

190,991  

187,942 

182,911 

179,340 

  178,790

 $  303,825  

 $  393,079  

 $  200,587  

 $  365,259  

 $  156,551 

 $ 

47,246  

 $ 

57,900  

 $ 

48,263  

 $ 

39,834  

 $ 

43,039

Cash and cash equivalents and short-term  
 investments, net of short-term debt 

 $  398,966  

 $  486,292  

 $  494,396  

 $ 

319,944  

 $  477,931 

Shareholders’ equity 

 $  844,524  

 $  960,044  

 $  997,708  

 $  999,715  

 $ 1,205,001

this document contains forward-looking statements, including the statements regarding growth opportunities, strategies and planned product 
introductions in peripherals for tablets, china and other emerging markets, video communications, unified communications and the digital home; 
and priorities for FY 2012. these forward-looking statements involve risks and uncertainties that could cause Logitech’s actual results to differ 
materially from those anticipated in these forward-looking statements. Factors that could cause actual results to differ materially include: the 
demand of our customers and our consumers for our products and our ability to accurately forecast it; if our decisions to prioritize investments in 
our LifeSize division, in growing our sales and marketing in china and other high potential emerging markets, in peripherals for tablets, and in our 
other investment priorities, do not result in the sales or profitability growth we expect, or when we expect it; competition in the video conferencing 
and communications industry, including from companies with significantly greater resources, sales and marketing organizations, installed base and 
name recognition, and the rate of adoption of video communications in enterprises; if significant demand for peripherals to use with tablets and other 
mobile devices with touch interfaces does not develop, or if market reaction to our peripherals for tablets is less positive than we expect; if the decline 
in expected sales for our Pc peripherals in mature markets is greater than we expect, or if the sales growth in emerging markets for our Pc peripherals 
and other products does not increase as much as we expect; if we fail to successfully innovate in our current and emerging product categories and 
identify new feature or product opportunities; if there is a deterioration of business and economic conditions or significant fluctuations in currency 
exchange rates; as well as those additional factors set forth in Logitech’s periodic filings with the Securities and Exchange commission, including our 
Annual Report on Form 10-K for the fiscal year ended March 31, 2011 and our subsequent Quarterly Reports on Form 10-Q available at www.sec.gov. 
Logitech does not undertake to update any forward-looking statements, which speak as of their respective dates.

Acting President and chief Executive officer

Acting President and chief Executive officer

Executive team

Guerrino De Luca

chairman of the Board 

Erik K. Bardman

chief Financial officer and 

Senior Vice President, Finance

Junien Labrousse

Executive Vice President, Products and  

President, Logitech Europe

Werner Heid

Senior Vice President, 

Board of Directors

Guerrino De Luca

chairman of the Board 

Logitech

Daniel Borel

Logitech

Matthew Bousquette

chairman

EGI holdings LLc

Erh-Hsun Chang

co-Founder and Former chairman of the Board

Worldwide Sales and Marketing

Former Senior Vice President, Worldwide operations  

M. Ehtisham Rabbani

Senior Vice President and chief Marketing officer 

Craig Malloy

Senior Vice President, Logitech

chief Executive officer, LifeSize communications,  

Vertex Group 

and General Manager, Far East

Logitech

Kee-Lock Chua

President and chief Executive officer

L. Joseph Sullivan

Senior Vice President, 

Worldwide operations

Martha Tuma

Vice President, 

human Resources

Catherine Valentine

Vice President, Legal, 

General counsel and Secretary of the Board

Sally Davis

chief Executive officer

Bt Wholesale

Neil Hunt

chief Product officer 

Netflix, Inc.

Richard Laube

chief Executive officer

Nobel Biocare holding A.G.

Monika Ribar

Panalpina Group

President and chief Executive officer

Investor Relations

Investor inquiries may be directed to:  

LogitechIR@logitech.com

© 2011 Logitech. All rights reserved. Logitech, the 

Annual Meeting

Logitech logo, and other Logitech marks are registered 

Logitech’s annual meeting of shareholders will be held at 

in the United States and other countries. All other 

14:30 central European Summer time, September 7, 2011,  

trademarks are the property of their respective owners.

at the Palais de Beaulieu in Lausanne, Switzerland.

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chers actionnaires

sehr geehrte aktionärin, sehr 
geehrter aktionär

to our shareholders

Malgré une fin décevante, due à la faiblesse 
de nos ventes sur le marché eMeA, l’exercice 
financier 2011 s’est avéré globalement très 
satisfaisant puisque les ventes ont augmenté 
de 20%, le revenu d’exploitation de 82% et 
le revenu net de 100%. Même si ces résultats 
sont en deçà de nos attentes optimistes et 
que notre cours boursier s’en est ressenti, 
nous gardons confiance en notre stratégie 
à long terme, qui saura nous préparer au 
mieux aux défis et aux opportunités à venir.
L’aspect le plus marquant de l’exercice 
2011 est le retour à une croissance solide 
de notre société dans son ensemble, mais 
aussi dans plusieurs régions de vente et 
catégories de produits. Les ventes des 
régions Amériques et Asie-Pacifique ont en 
effet battu des records, avec des taux de 
croissance respectifs de 28% et 37% par 
rapport à l’année précédente. Nous avons 
également enregistré une croissance à deux 
chiffres pour nos ventes oeM, tandis que 
notre division LifeSize a continué de croître 
à un rythme beaucoup plus soutenu que le 
marché global.

en Asie-Pacifique, c’est la chine qui 

constitue le principal moteur de croissance, 
puisque les ventes y ont plus que doublé 
d’une année sur l’autre et que ce pays 
compte désormais parmi nos cinq plus gros 
marchés. Le succès que nous rencontrons 
en chine traduit bien les opportunités 
considérables qu’offrent les marchés 
émergents et nous conforte dans notre 

trotz des enttäuschenden Abschlusses 
aufgrund unserer Schwäche in der Region 
europa, Naher osten und Afrika (eMeA) 
war das geschäftsjahr 2011 insgesamt ein 
starkes Jahr mit einem Umsatzwachstum 
von 20 %, einer Zunahme des 
Betriebsergebnisses um 82 % sowie einer 
Verdoppelung des Reingewinns. obwohl 
diese ergebnisse unter unseren ehrgeizigen 
erwartungen liegen und unser Aktienkurs 
beeinträchtigt wurde, vertrauen wir auf 
unsere langfristige Strategie, mit der wir 
zukünftige herausforderungen und chancen 
überzeugend meistern werden.

Die wichtigste entwicklung im 

geschäftsjahr 2011 war die Rückkehr zu 
einem soliden Wachstum im Unternehmen 
insgesamt sowie in vielen unserer 
Verkaufsregionen und Produktkategorien. 
in Amerika und im asiatisch-pazifischen 
Raum wurde ein Rekordumsatz mit einem 
Zuwachs gegenüber dem Vorjahr von 28 
bzw. 37 % erreicht. im oeM-Bereich wiesen 
wir ein zweistelliges Umsatzwachstum aus 
und unser Unternehmensbereich LifeSize 
konnte weiterhin stärker zulegen als der 
gesamtmarkt.

Das Umsatzwachstum im asiatisch-
pazifischen Raum ist hauptsächlich china 
zu verdanken, dessen Umsatzzahlen sich 
gegenüber dem Vorjahr verdoppelt haben 
und das nun zu unseren fünf grössten 
Märkten gehört. Der erfolg in china 

Despite its disappointing conclusion, due 
to weakness in our eMeA region, Fiscal 
Year 2011 was a strong year overall with 
20% growth in sales, 82% growth in 
operating income and net income that 
doubled. even though we fell short of 
our more ambitious expectations, and 
our stock price was impacted, we are 
confident about our long-term strategy, 
and how it appropriately prepares us for 
both the challenges and the opportuni-
ties ahead.

the most significant highlight in  
FY 11 was the return to solid growth 
for the company as a whole, and in 
several of our sales regions and product 
categories. our Americas and Asia Pacific 
regions achieved record sales, delivering 
28% and 37% year-over-year growth, 
respectively. our oeM sales also achieved 
double-digit growth and our LifeSize 
division continued to grow significantly 
faster than the overall market.

the major driver of our sales growth 

in Asia Pacific was china, which more 
than doubled year over year and is now 
among our top five markets. the success 
in china is an indication of the enormous 
opportunity in emerging markets and 
our commitment to invest there for 
continued growth. in china, we achieved 

Logitech 2011   1

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volonté d’investir dans ces pays pour assurer 
la poursuite de notre croissance. en chine, 
nous avons réussi à accroître nos ventes 
et notre part de marché en développant 
notre réseau de distribution afin de toucher 
un plus grand nombre de clients, et en 
concevant des produits spécialement 
destinés au marché chinois. cette dernière 
stratégie a été doublement payante puisque 
ces produits se sont également bien vendus 
sur d’autres marchés.

L’exercice 2011 représente la première 

année complète d’activité de notre 
secteur de vidéoconférence LifeSize, 
acquis à la fin de l’exercice 2010. Les 
résultats remarquables de LifeSize au 
cours de l’exercice 2011 sont imputables 
au développement des forces de vente, à 
l’exploitation de synergies opérationnelles 
avec Logitech et au lancement de produits 
innovants dans de nouveaux segments 
de marché pour compléter le portefeuille 
existant de terminaux de vidéoconférence 
hautement performants. LifeSize ne se 
contente pas d’augmenter ses ventes, mais 
gagne aussi des parts de marché dans un 
secteur en pleine expansion.

Pendant l’exercice 2011, nous avons 
atteint une croissance à deux chiffres pour 
la plupart de nos catégories de produits de 
détail: 17% pour les dispositifs de pointage, 
notamment grâce aux souris sans fil, et 19% 
pour les claviers, dont l’augmentation est 
due à la fois aux ensembles clavier et souris 
sans fil et à nos innovants claviers sans fil 
rétro-éclairés et solaires. Quant à la vidéo,  

 2   Logitech 2011

ist ein Beleg für das enorme Potenzial 
aufstrebender Märkte und zeigt uns, dass 
dank investitionen weiteres Wachstum 
in diesen Regionen möglich ist. Dieses 
Umsatzwachstum und den grösseren 
Marktanteil erzielten wir, indem wir unser 
Vertriebsnetz erweiterten, um mehr 
Kunden zu erreichen, und indem wir auf 
den chinesischen Markt zugeschnittene 
Produkte entwarfen. ein positiver 
Nebeneffekt war, dass auch andere Märkte 
gut auf diese Produkte ansprachen. 

Das geschäftsjahr 2011 ist gleichzeitig 

auch das erste Betriebsjahr unseres 
Videokonferenz-Unternehmensbereichs 
LifeSize, den wir am ende des geschäftsjahrs 
2010 erworben hatten. LifeSize erzielte im 
abgelaufenen Jahr hervorragende Resultate, 
indem es den Vertrieb ausbaute, opera-
tive Synergien mit Logitech nutzte und 
zusätzlich zu ihrem bestehenden Portfolio 
aus leistungsstarken Videokonferenz-
Lösungen innovative Produkte für neue 
Marktsegmente einführte. Somit erhöhte 
LifeSize nicht nur seinen Umsatz, sondern 
baute auch seinen Marktanteil in einem 
rasant wachsenden Markt aus.

in den meisten Produktkategorien 

des einzelhandels erzielten wir im 
geschäftsjahr 2011 ein Wachstum im 
zweistelligen Bereich. Pointing Devices 
legten dank der kabellosen Mäuse um 
17 % zu. tastaturen verzeichneten eine 
Zunahme von 19 %, bedingt durch unsere 
kabellosen tastatur-Maus-Sets, unsere 

sales growth and increased market 
share by expanding our distribution 
network to reach more customers and 
by designing products specifically for the 
china market. As an added benefit, these 
“designed for china products” have also 
performed well in other markets.

FY 11 marked the first full year of 
operations for our LifeSize video confer-
encing business, which we acquired 
near the end of FY 10. the outstanding 
results achieved by LifeSize in FY 11 were 
driven by the expansion of its sales force, 
realization of operational synergies with 
Logitech, and introduction of innovative 
products in new market segments to 
complement their existing portfolio of 
performance-leading video conferencing 
endpoints. Not only is LifeSize increasing 
its sales, it is gaining market share in a 
rapidly growing market.

We achieved double-digit growth in 
most of our retail product categories in 
FY 11. Pointing Devices grew by 17%, 
driven by wireless mice. Keyboards grew 
by 19%, driven by our line of wireless 
mouse-and-keyboard combos as well 
as our innovative solar and wireless 
illuminated keyboards. Video grew by 
12%, following the introduction of our 
new Alert video security cameras and 
our hD webcams. Products targeted for 
the Digital home grew by 75%, with our 

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sa croissance a été de 12% suite au 
lancement de nos nouvelles caméras de 
sécurité Alert et de nos caméras Web 
hD. Les produits destinés au marché de 
la maison numérique (Digital home) ont 
augmenté de 75%, des ventes records ayant 
été enregistrées durant l’exercice pour les 
télécommandes harmony.

Si cet exercice a été marqué par de 
nombreuses évolutions positives, nous 
avons également dû relever des défis 
importants et essuyer des déceptions, 
notamment sur la fin de la période. Les 
faibles résultats obtenus au 4e trimestre 
s’expliquent par une baisse importante des 
ventes et de la rentabilité dans la région 
eMeA, en raison d’une faiblesse soudaine 
de la demande durant ce trimestre et des 
difficultés d’exécution liées aux programmes 
de tarification et de distribution dans la 
région. Nous travaillons à la résolution des 
problèmes internes que nous rencontrons 
dans la région et procéderons à des 
changements durant l’exercice 2012.

Au cours de la période écoulée, Logitech 
a lancé aux etats-Unis des produits destinés 
à une nouvelle plateforme, baptisée google 
tV, qui permet aux clients d’accéder à 
internet sur leur téléviseur, confortablement 
installés dans leur salon. Dans ce contexte, 
nous prévoyons l’apparition à terme d’une 
demande pour des périphériques tels que 
claviers, télécommandes et caméra vidéo. 
Au cours de l’exercice 2011, les ventes 
liées à cette nouvelle technologie se sont 
montées à 27 millions de dollars US, un 

innovativen solarbetriebenen und kabello-
sen beleuchteten tastaturen. Der Bereich 
Video legte nach der einführung unserer 
neuen Alert Videosicherheitskameras 
und der hD-Webcams um 12 % zu. Bei 
den Produkten für das digitale Zuhause  
betrug das Wachstum 75 %, wobei 
unsere harmony-Fernbedienungen einen 
Rekordumsatz verzeichnen konnten.

Das Jahr war durch viele höhepunkte, 

aber auch herausforderungen und 
enttäuschungen gekennzeichnet. 
enttäuschend war vor allem die Periode 
am Jahresende. Das schwache ergebnis 
im 4. Quartal war die Folge eines signi-
fikanten Rückgangs der Verkaufszahlen 
und der Profitabilität in der eMeA-Region 
im Vergleich zur Vorjahresperiode. 
gründe dafür waren die unerwartet 
schwache Nachfrage in diesem Quartal, 
aber auch Umsetzungsschwächen 
bei Preisfestsetzungs- und 
Verkaufsprogrammen. Die in der Region 
bestehenden unternehmensinternen 
Probleme sind adressiert worden und wir 
werden im geschäftsjahr 2012 entspre-
chende Änderungen vornehmen.

im geschäftsjahr 2011 lancierte Logitech 
in den USA Produkte für eine neue Plattform 
genannt google tV, diese ermöglicht es, 
den Konsumenten auf ihrem Fernseher 
im Wohnzimmer gleichzeitig auf tV- als 
auch internetinhalte zugreifen zu können. 
Wir gehen davon aus, dass die Nachfrage 
nach Peripheriegeräten wie tastaturen, 
controllern und Videokameras in diesem 

harmony remotes delivering a record 
year in sales.

While it was a year with many 
highlights, it was also a year with 
challenges and disappointments, most 
notably the way in which the year 
concluded. our poor Q4 results were due 
to a significant year-over-year decline in 
sales and profitability in our eMeA region. 
this was due to unexpected weakness in 
demand in the quarter and by execution 
challenges related to pricing and 
channel programs in the region. We are 
addressing the internal issues we have in 
eMeA and implementing changes during 
FY 2012.

During the year Logitech launched 

products in the United States for a 
new platform called google tV, which 
enables consumers to access broadcast 
content as well as the internet on their 
tV from the comfort of their living room. 
We anticipate that this opportunity will 
eventually create demand for multiple 
peripheral devices such as keyboards, 
controllers and video cameras. Sales for 
this initiative in FY 11 were $27 million, 
which is less than we originally targeted, 
indicating that the initiative is still in 
a very early stage and will take some 
time to develop. We look forward to the 
release by google of the next version 

Logitech 2011   3

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chiffre inférieur à nos prévisions initiales, qui 
montre que ce projet n’en est encore qu’à 
ses prémices et que son développement va 
prendre un certain temps. Nous attendons 
avec impatience que google lance la 
nouvelle version des fonctions logicielles de 
google tV, prévue pour l’exercice 2012.
L’une des tendances importantes que 
nous avons observées pendant l’exercice 
2011 est l’évolution rapide de la façon 
dont les clients utilisent leur ordinateur. 
cela représente à la fois un défi et une 
opportunité. Sur nos marchés matures, 
nombreux sont les clients qui reportent 
ou même annulent l’achat d’un nouvel 
ordinateur portable en vue d’investir dans 
une tablette numérique ou un smartphone 
pour se divertir, visionner des contenus 
multimédia, mais aussi rester connectés 
en permanence. cette évolution laisse à 
penser que sur ces marchés matures, les 
clients achèteront moins de périphériques 
pour Pc. Logitech va néanmoins saisir 
l’opportunité en proposant différents 
types de périphériques pour accompagner 
ces nouveaux appareils numériques, en 
particulier les tablettes. 

Parallèlement à la baisse attendue 
des ventes de périphériques pour Pc sur 
les marchés matures et à la popularité 
croissante des tablettes, des smartphones 
et des téléviseurs avec connexion internet, 
d’autres changements rapides dans 
les comportements de consommation 
influent sur l’activité de Logitech. Ainsi, les 
caractéristiques démographiques de notre 
clientèle changent et nous constatons que 

 4   Logitech 2011

Bereich langfristig steigen wird. Die 
Umsatzzahlen dieser im geschäftsjahr 2011 
lancierten initiative lagen mit 27 Millionen 
USD unter unseren erwartungen — ein 
hinweis darauf, dass wir noch am Anfang 
des entwicklungsprozesses stehen und 
dieser Zeit braucht. Wir freuen uns aber 
auf die neuen Funktionen der google-
tV-Software, die voraussichtlich im 
geschäftsjahr 2012 verfügbar sein werden.
ein wichtiger trend des vergangenen 
geschäftsjahrs ist der veränderte Umgang 
von Konsumenten mit computergeräten, 
der sowohl eine herausforderung als auch 
eine chance darstellt. Viele Konsumenten 
in unseren reifen Märkten verschieben 
den Schritt zu einem neuen Laptop oder 
verzichten ganz darauf. Stattdessen 
erwerben sie tablets und Smartphones 
zur Unterhaltung, zum Konsumieren von 
Medien und für den Zugang zum internet. 
Somit liegt es nahe, dass Konsumenten 
in diesen Märkten zukünftig weniger 
Pc-Peripheriegeräte kaufen werden. 
hierin besteht aber auch eine chance für 
Logitech, um diese neuen digitalen geräte, 
vor allem tablets, mit verschiedenen 
Peripheriegeräten zu ergänzen. 

Neben dem in diesen Märkten 
erwarteten rückläufigen Umsatz 
bei Pc-Peripheriegeräten und der 
zunehmenden Beliebtheit von tablets, 
Smartphones und Fernsehern mit 
internetverbindung beeinflussen 
auch andere sich rasch verändernde 
Konsumtrends die geschäfte von Logitech. 

of the google tV software features, 
anticipated in FY 12.

one significant trend we observed 

in FY 11 — which represents both a 
challenge and an opportunity — is the 
rapidly changing way in which consumers 
use computing devices. Many consumers 
in our mature markets are postponing or 
canceling their upgrade to a new laptop 
while investing in a tablet and smart-
phone for entertainment, consuming 
media content and staying connected. 
this suggests that consumers in these 
mature markets will purchase fewer Pc 
peripherals, but it also provides Logitech 
with an opportunity to complement their 
new digital devices, especially tablets, 
with different kinds of peripherals. 

Beyond an expected decline in sales 

of Pc peripherals in mature markets, 
and the rise in popularity of tablets, 
smartphones and internet-connected 
tVs, we see other evidence of how 
rapidly changing consumer trends are 
influencing Logitech’s business. As the 
demographics of our consumer base 
change, we see people choosing their 
digital purchases with different criteria. 
For example, fashion, style and value may 
be more important than compatibility, 
features or performance. 

to ensure that Logitech benefits from 

the opportunity presented by these 

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l’achat d’appareils numériques se fait sur 
des critères différents. La mode, le style et 
la valeur des produits peuvent par exemple 
devenir plus importants que la compa-
tibilité, les fonctionnalités ou encore les 
performances. 

Pour que Logitech bénéficie de 
l’opportunité que représentent ces 
nouveaux modes de consommation, nous 
devons faire évoluer notre entreprise. Nous 
nous concentrons par exemple davantage 
sur la compréhension des attentes de nos 
clients pour orienter notre développement 
produits, ainsi que sur la manière dont nous 
communiquons avec eux. en accordant 
plus d’importance aux préoccupations 
de ses clients, l’entreprise de technologie 
informatique Logitech est en passe de 
devenir une société d’électronique grand 
public. 

cette transformation s’accompagne 

également d’un fort investissement 
dans des catégories nouvelles en pleine 
croissance, telles que le secteur de la 
maison numérique et les communications 
vidéo. Dans le même temps, nous nous 
consacrons également aux domaines 
dans lesquels les périphériques pour Pc 
continuent de croître de façon significative, 
par exemple les marchés émergents et les 
clients professionnels. 

ces considérations nous amènent à nos 

perspectives pour l’exercice 2012 et à la 
poursuite de  notre stratégie à long terme.
Nous continuerons de développer notre 

présence en chine et mettrons en place 
des mesures pour accroître encore notre 

Die Demographie unserer Kundenbasis 
verändert sich und mit ihr die Kriterien, nach 
denen digitale geräte ausgesucht werden. 
Beispielsweise scheinen Design, Stil und 
image mehr zu zählen als Kompatibilität, 
Funktionen und Leistung. 

Logitech muss sich daher 

weiterentwickeln, damit wir von diesen 
veränderten Konsumentenbedürfnissen 
profitieren können. Wir konzentrieren uns 
nun z. B. vermehrt auf consumer insights 
bei der Produktentwicklung sowie auf den 
Dialog mit Konsumenten. So verstehen 
wir ihre Bedürfnisse besser und wandeln 
uns von einem primär auf Pc-technologie 
spezialisierten Unternehmen zu einem 
Unternehmen für Unterhaltungselektronik. 

Mit investitionen in neuere 

Wachstumsbereiche wie das digitale 
Zuhause und die Videokommunikation 
können wir diesen Wandel vollziehen. 
gleichzeitig investieren wir weiterhin 
in Bereiche, in denen das Wachstum 
für Pc-Peripheriegeräte anhält, z. B. 
in aufstrebenden Regionen und den 
Unternehmensbereichen. 

Kommen wir nun zum Ausblick auf 
das geschäftsjahr 2012 und zur weiteren 
Umsetzung unserer langfristigen Strategie.
Wir werden unsere Präsenz in china 
weiter ausbauen und gleichzeitig Pläne in 
anderen aufstrebenden Märkten wie indien, 
Russland und Brasilien umsetzen, die unsere 
Dynamik in diesen Regionen verstärken 
sollen.

consumer changes, we must transform 
our company. For example, we are 
focusing far more on consumer insights 
to drive product development as well 
as how we engage with consumers. By 
developing a deeper understanding of 
what matters to consumers, Logitech is 
evolving from primarily a Pc technology 
company into a consumer electronics 
company. 

this transformation includes investing 
in newer growth categories such as the 
Digital home and video communications. 
And at the same time we are investing in 
areas where significant growth continues 
for Pc peripherals, such as in emerging 
geographies and in business markets. 

this leads us to our perspective on FY 
12 and the continued implementation of 
the long-term strategy.

You will see us continue to build 

our presence in china and begin 
to implement plans to increase our 
momentum in other emerging markets, 
such as india, Russia and Brazil.

our growing commitment to video will 

also be evident throughout FY 12. Video 
on the Pc has been an important part 
of Logitech’s strategy for more than a 
decade. And now we are expanding that 
focus beyond the Pc to the conference 
room through LifeSize, as well as to the 
tV screen and eventually to mobile 

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présence sur d’autres marchés émergents 
tels que l’inde, la Russie et le Brésil.

Notre engagement croissant dans le 
domaine de la vidéo va également être très 
visible tout au long de l’exercice 2012. La 
vidéo sur Pc constitue une part importante 
de la stratégie de Logitech depuis plus 
d’une décennie, et nous élargissons 
maintenant notre champ d’action à la salle 
de conférence avec LifeSize, aux téléviseurs 
et, à terme, aux appareils mobiles comme 
les tablettes. Notre activité dans ces 
secteurs va être grandement consolidée 
durant l’exercice 2012. 

Vous allez également entendre parler de 

notre action dans le domaine passionnant 
et prometteur des «communications 
unifiées» (en anglais «Unified 
communications», Uc). cette activité gagne 
de plus en plus d’importance dans les 
entreprises, puisqu’elle réunit les différentes 
technologies de messagerie vocale, 
d’e-mail, de chat, de vidéoconférence et 
de partage de documents, offrant ainsi 
une expérience intégrée à leurs employés. 
Logitech dispose d’une position sans pareille 
pour fournir les produits-clés sur lesquels se 
baseront les communications unifiées. Nous 
prévoyons de faire plusieurs annonces à ce 
sujet dans l’année qui vient.

Nous allons également poursuivre notre 
stratégie en matière de maison numérique, 
notamment en augmentant l’offre techno-
logique destinée au salon des particuliers 
grâce à la télévision connectée à internet. 
outre notre collaboration avec google sur 
la plateforme google tV, nous percevons 

 6   Logitech 2011

im kommenden geschäftsjahr werden 

wir den Videobereich weiter ausbauen. 
Video auf dem Pc ist seit mehr als einem 
Jahrzehnt ein wesentlicher Bestandteil 
unserer Strategie. Nun beschränken wir uns 
jedoch nicht mehr nur auf den Pc, sondern 
konzentrieren uns mit LifeSize auf den 
Konferenzsaal sowie auf den tV-Bildschirm 
und auf mobile endgeräte wie die tablets. 
Sie werden im kommenden geschäftsjahr 
diesbezüglich viel von uns hören. 
Ausserdem werden Sie von uns 
mehr über ein spannendes und wach-
sendes geschäftsfeld namens Unified 
communications (Uc, «vereinheitlichte 
Kommunikation») erfahren. Uc wird 
immer wichtiger für Unternehmen, da 
sie technologien zur Verfügung stellt, 
die den Mitarbeitenden eine nahtlose 
Benutzererfahrung mit Voicemail, e-Mail, 
chat und Videokonferenzen garantiert. 
Logitech ist in der einzigartigen Lage, die 
Kernprodukte dafür zu liefern. Wir gehen 
davon aus, dass wir im kommenden Jahr 
verschiedene Ankündigungen betreffend 
Unterstützung für Uc machen können.

Wir werden zudem unsere Strategie für 

das digitale Zuhause weiterverfolgen, die 
das Fernsehen mit integriertem internet 
im Wohnzimmer unterstützt. Zusätzlich 
zur Zusammenarbeit mit google bei 
der google-tV-Plattform ergeben sich 
mit unserer harmony-technologie neue 
Möglichkeiten zur Bereicherung des 
Konsumerlebnisses im Wohnzimmer. Wir 
werden in den kommenden Jahren in 

devices such as tablets. You’ll see much 
more from us in all these areas in FY 12. 
You will also hear more from us about 

an exciting and growing area called 
Unified communications (Uc). Uc is 
becoming increasingly important for 
businesses as they integrate technologies 
for voicemail, e-mail, chat, video confer-
encing and document sharing into a 
seamless experience for their employees. 
Logitech is uniquely positioned to provide 
the core products to support Uc, and we 
expect to make multiple announcements 
regarding our support for Uc in the 
coming year.

We will continue to pursue our 
Digital home strategy, supporting the 
experience in the living room with the 
connected tV. in addition to our work 
with google on the google tV platform, 
we see new opportunities for our 
harmony technology to enhance the 
consumer’s experience in the living room. 
And we are working on new innovations 
in this area for the coming years.
As a response to the growing 

popularity of tablets, we have developed 
a comprehensive set of products 
designed to allow consumers to enhance 
their tablet experience. We have already 
begun introducing these products and 
you will see a lot of innovation from 
Logitech in this area in FY 12. We’re just 

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aussi de nouveaux débouchés pour notre 
technologie harmony, qui vise à améliorer 
les possibilités offertes aux clients dans 
leur pièce à vivre. Nous travaillons sur des 
produits innovants dans ce domaine pour 
les prochaines années.

Pour faire face au succès grandissant 

des tablettes numériques, nous avons 
développé un ensemble très complet de 
produits conçus pour optimiser l’usage de 
ces appareils. Le lancement de ces produits 
a déjà commencé et vous verrez toute une 
série d’innovations de Logitech dans ce 
domaine au cours de l’exercice 2012. Nous 
commençons tout juste à insuffler un peu 
de la magie Logitech dans cette nouvelle 
catégorie prometteuse.  

Le 2 octobre 2011, Logitech fêtera 
ses 30 ans d’existence. Pendant ces trois 
décennies, nous avons assisté à de multiples 
tournants technologiques et su résister à 
des périodes difficiles, contrairement à de 
nombreuses entreprises du secteur. Au 
fil de ces années, Logitech a réussi à faire 
progresser considérablement ses ventes et 
ses bénéfices en adaptant continuellement 
la société au gré des crises économiques et 
industrielles, des mutations technologiques 
et des nouveaux modes d’utilisation.
Aujourd’hui, la technologie et le 
comportement des consommateurs 
changent plus rapidement que jamais, et 
nous allons évoluer à nouveau afin d’y faire 
face. Mais au cours de ces trente dernières 
années, une chose n’a pas changé: la clé 
du succès de Logitech est, et restera, sa 
capacité à savoir en permanence ce que 

diesem Bereich an neuen innovationen 
arbeiten.

Auf die zunehmende Beliebtheit von 
tablets haben wir mit einer umfassenden 
Produktpalette reagiert, mit denen 
Konsumenten ihre tablets noch besser 
nutzen können. Wir haben bereits mit der 
einführung dieser Produkte begonnen und 
im geschäftsjahr 2012 werden weitere 
innovationen folgen. Und das ist erst der 
Anfang für zauberhaftes Zubehör von 
Logitech für zauberhafte geräte. 

Am 2. oktober 2011 feiert Logitech 

das 30-jährige Bestehen. in den 
vergangenen dreissig Jahren haben wir 
viele Veränderungen in der technologie 
miterlebt, sind durch schwierige Zeiten 
gegangen und haben viele Unternehmen 
kommen und gehen sehen. in all diesen 
Jahren ist es Logitech gelungen, den Umsatz 
und gewinn deutlich zu steigern, indem sich 
das Unternehmen stetig weiterentwickelte 
und sich den gegebenheiten in 
konjunkturschwachen Zeiten, den 
technologischen Veränderungen und dem 
veränderten Umgang von Kunden und 
Unternehmen mit technologie anpasste. 
heute verändern sich technologie und 
Konsumentenverhalten schneller als je zuvor 
und wir passen uns diesen entwicklungen 
an. Der Schlüssel des erfolgs von Logitech 
blieb jedoch während der letzten 
dreissig Jahren unverändert: Auch heute 
noch erkennen wir die technologischen 
Bedürfnisse der Kunden und bieten ihnen 
innovative, leicht zu bedienende Produkte 

getting started bringing the Logitech 
magic to this exciting new category.  
october 2, 2011 marks the 30th 
anniversary of Logitech. over these 
thirty years we have seen many shifts in 
technology, we have weathered tough 
times, and many companies have come 
and gone. And over these thirty years 
Logitech has managed to significantly 
grow our sales and profits by continu-
ously transforming our company to adapt 
to economic or industry downturns, 
changes in technology as well as changes 
in how consumers and businesses use 
technology. 

today, technology and consumer 
behavior are changing more quickly 
than ever before, and we will change 
with them yet again. But throughout 
the past thirty years of change, the key 
ingredient to Logitech’s success has not 
changed — it is the ability to continu-
ously determine what people want from 
technology and to give them innovative, 
easy-to-use products and solutions that 
allow them to get the most out of their 
digital pursuits. that will never change.
We are excited by the opportunities 

for Logitech as we approach this 
30-year milestone. And we are proud 
of our employees, who are driven by 
their passion for our customers and for 
innovation. We also wish to thank all of 

Logitech 2011   7

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Guerrino De Luca 
chairman of the Board 
acting President and 
chief executive Officer  

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our partners who work with us every 
day to help us achieve our mission to 
immerse and delight people in the digital 
world. And we wish to thank our Board  
of Directors for their stewardship,  
unwavering support and counsel.

Finally, we wish to thank you, our 

shareholders, for your trust in us and your 
participation with us on this journey to 
connect people to what they care about 
in the digital world.

und Lösungen für einen maximalen Nutzen 
an. Das wird immer so bleiben.

im hinblick auf diesen Meilenstein in 
der 30-jährigen geschichte freuen wir uns 
über die Möglichkeiten für Logitech. Wir 
sind stolz auf unsere Mitarbeiter, die sich 
mit Leidenschaft für unsere Kunden und 
für innovation einsetzen. Wir möchten 
uns auch bei allen Partnern bedanken, die 
täglich mit uns zusammenarbeiten und 
uns darin unterstützen, Menschen mit 
der digitalen Welt vertraut zu machen 
und zu erfreuen. Unser Dank gilt auch 
dem Verwaltungsrat für seinen Beistand, 
rückhaltlose Unterstützung und Beratung.
Und schliesslich danken wir ihnen, 

unseren Aktionärinnen und Aktionären, für 
ihr Vertrauen und dafür, dass Sie mit uns an 
Bord sind, während wir Menschen mit den 
für sie wichtigen inhalten und erfahrungen 
in der digitalen Welt verbinden.

le public attend de la technologie et à lui 
proposer des produits et des solutions 
innovants et conviviaux, qui lui permettent 
de tirer pleinement profit de ses activités 
numériques.

A l’approche de ce cap symbolique 
des 30 ans, nous nous réjouissons à la 
perspective des opportunités qui nous 
attendent. et nous sommes fiers de nos 
employés, qui se distinguent par leur 
dévouement envers nos clients et par leur 
passion pour l’innovation. Nous souhaitons 
aussi remercier l’ensemble des partenaires 
qui nous aident chaque jour à accomplir 
notre mission – immerger le public dans le 
monde numérique et susciter son enthou-
siasme pour les nouvelles technologies. Nous 
adressons également nos vifs remerciements 
aux membres de notre conseil d’admi-
nistration pour leur gestion, leur soutien 
indéfectible et leurs précieux conseils.
Pour terminer, nous tenons à vous 
remercier, mesdames et messieurs les 
actionnaires, pour votre confiance et votre 
contribution. ensemble, nous permettons 
au public d’évoluer comme il le souhaite 
dans le monde numérique.

guerrino De Luca
chairman of the Board 
Acting President and chief executive officer

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Invitation	et	Document	D’information	/	Einladung	und	
Informationsmaterial	/	Invitation	and	Proxy	Statement

Français	 1	 A	nos	actionnaires	

3

	 Invitation	à	l’assemblée	générale	ordinaire;	Ordre	du	jour

4

	 Questions	et	réponses	concernant	l’assemblée	générale	ordinaire	2011	de	Logitech

11

	 Propositions	et	explications

24

	 Informations	concernant	le	conseil	d’administration	et	le	Rapport	de	Rémunération*

Deutsch	 25	 An	unsere	Aktionärinnen	und	Aktionäre

27

	 Einladung	zur	ordentlichen	Generalversammlung;	Tagesordnung

28	 	Fragen	und	Antworten	über	die	ordentliche	Generalversammlung	der		

Logitech	International	S.A.	

35	 Traktanden	und	Erläuterungen

47

	 Verwaltungsratsangelebenheiten	und	Entschädigungsbericht**

English	 49	 To	Our	Shareholders

51	 Invitation	and	Agenda	for	the	Annual	General	Meeting

52	 Questions	and	Answers	About	the	Logitech	2011	Annual	General	Meeting

58	 Agenda	Proposals	and	Explanations

969	 Corporate	Governance	and	Board	of	Directors	Matters

91	 Compensation	Report

	 Annual	Report

1 	 Management’s	Discussion	and	Analysis	of	Financial	Condition	and	Results	of	Operations

27

154	 Additional	Financial	Disclosures

165	 Report	on	Corporate	Governance

181	 Consolidated	Financial	Statements

229	 Logitech	International	S.A.,	Apples	—	Swiss	Statutory	Financial	Statements

	*	Se	référer	s’il	vous	plaît	à	la	version	anglaise
	**	Bitte	beziehen	Sie	sich	auf	die	englische	Version

	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
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28 juillet 2011  

A nos actionnaires, 

Vous êtes cordialement invités à participer à l'Assemblée générale ordinaire 2011 de Logitech. L'Assemblée aura 

lieu mercredi 7 septembre 2011 à 14h30 au Palais de Beaulieu, Salle Rome, à Lausanne, Suisse. 

Vous trouverez en annexe une invitation et des informations, qui comprennent un ordre du jour et des indications 
concernant les points qui seront soumis au vote lors de l’Assemblée, la façon dont vous pourrez exercer vos droits de 
vote,  la  rémunération  des  membres  du  Conseil  d’administration  et  de  la  direction  générale  de  Logitech  ainsi  que 
d'autres informations utiles. 

Que vous puissiez participer à l'Assemblée générale ordinaire ou non, votre vote est important. 

Nous vous remercions du soutien continu que vous apportez à Logitech. 

GUERRINO DE LUCA 
Président du Conseil d’administration 

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LOGITECH INTERNATIONAL S.A. 

Invitation à l'Assemblée générale ordinaire 
Mercredi 7 septembre 2011 
14h30 (l'enregistrement débute à 13h30) 
Palais de Beaulieu – Lausanne, Suisse 

***** 

ORDRE DU JOUR 

A.  Rapport  

Rapport d'activité pour l'exercice se terminant au 31 mars 2011 

B.  Points soumis au vote 

1.  Approbation  du  rapport  annuel,  du  rapport  de  rémunération,  des  comptes  consolidés  et  des  comptes 

statutaires de Logitech International S.A. pour l'exercice 2011 

2.  Vote consultatif sur la rémunération des membres de la Direction 

3.  Vote consultatif sur la fréquence de futurs votes consultatifs concernant la rémunération des membres de la 

Direction 

4.  Augmentation du nombre d'actions disponibles selon les Plans d'Achat d'Actions des Collaborateurs 

5.  Autorisation de détenir plus de 10% d’actions propres 

6.  Report à nouveau du bénéfice résultant du bilan sans paiement de dividende 

7.  Décharge des membres du Conseil d’administration et de la Direction pour leur activité pendant l'exercice 

2011 

8. 

Elections au Conseil d’administration 

8.1.  Re-élection de M. Matthew Bousquette 

8.2.  Re-élection de M. Richard Laube 

9.  Re-élection de PricewaterhouseCoopers S.A. en qualité d'organe de révision 

Apples, Suisse, le 28 juillet 2011 

Le Conseil d’administration 

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QUESTIONS ET REPONSES 
CONCERNANT L'ASSEMBLEE GENERALE ORDINAIRE 2011 DE LOGITECH 

INFORMATIONS GENERALES CONCERNANT TOUS LES ACTIONNAIRES 

Pourquoi ai-je reçu cette "Invitation et Document d'Information"? 

Ce document est destiné à satisfaire à la fois aux règles du droit des sociétés suisses et aux règles américaines 
concernant les "proxy statements". En dehors des Etats-Unis et du Canada, cette Invitation et Document d'Information 
sera  remis  aux  actionnaires  inscrits  au  Registre  des  Actions  accompagné  d'une  traduction  partielle  française  et 
allemande.  La version  anglaise  de  cette  Invitation  et  Document  d'Information  fait  foi  en  cas de divergence  avec  les 
autres versions. Des copies de cette Invitation et Document d'Information ont été mises à disposition des actionnaires 
dès le 28 juillet 2011. 

Le coupon-réponse annexé vous est adressé au nom du Conseil d’administration de Logitech pour l’Assemblée 
générale ordinaire. L'Assemblée aura lieu mercredi 7 septembre 2011 à 14h30 au Palais de Beaulieu, Salle Rome, à 
Lausanne, en Suisse. 

Qui peut voter à l'Assemblée? 

Les  actionnaires  inscrits  au  Registre  des  Actions  de  Logitech  International  S.A.  (y  compris  dans  le  sous-registre 
tenu par l'agent de transfert américain de Logitech, The Bank of New York Mellon Corporation) le jeudi 1er septembre 
2011, peuvent voter à l'Assemblée. Aucun actionnaire ne pourra être inscrit au Registre des Actions entre le 2 septembre 
2011 et le jour suivant celui de l'Assemblée. Au 22 juin 2011, 135'340'661 actions étaient inscrites et conféraient le droit 
de vote sur un total de 179'215'747 actions Logitech en circulation. Le nombre d'actions qui pourront effectivement être 
votées lors de l'Assemblée dépendra du nombre d'actions qui seront inscrites ou désinscrites entre le 23 juin 2011 et le 
1er septembre 2011.  

Pour  obtenir  davantage  d'informations  sur  la  façon  dont  les  ayants  droit  économiques  américains  et  canadiens 
peuvent  exercer  leurs  droits  de  vote  dans  la  perspective  de  l'Assemblée,  vous  êtes  priés  de  vous  référer  à  la  section 
"Informations supplémentaires pour les ayants droit économiques américains et canadiens" ci-dessous. 

Qui a la qualité d'actionnaire inscrit?  

Vous  êtes  considéré  comme  un  actionnaire  inscrit  et  cette  Invitation  et  Document  d'Information  ainsi  que  les 
documents qui l'accompagnent vous sont adressés directement, si vos actions sont inscrites au Registre des Actions de 
Logitech  International  S.A.  ou  dans  le  sous-registre  tenu  par  notre  agent  de  transfert  américain,  The  Bank  of  New 
York Mellon Corporation. 

Qui est considéré comme un ayant droit économique d'actions inscrites au nom d'un dépositaire?  

Les  actionnaires  qui  n'ont  pas  demandé  à  ce  que  leurs  actions  soient  inscrites  directement  au  Registre  des 
Actions, et qui détiennent leurs actions par l'intermédiaire d'une banque, d'un trustee, d'une société nominee ou d'une 
organisation similaire inscrite au Registre des Actions, sont les ayants droit économiques des actions inscrites au nom 
du  dépositaire.  Si  vous  détenez  vos  actions  Logitech  par  l'intermédiaire  d'une  banque,  d'un  trustee,  d'une  société 
nominee ou d'une organisation similaire américaine ou canadienne, ce qui est la pratique habituelle aux Etats-Unis et 
au  Canada,  l'organisation  auprès  de  laquelle  vous  détenez  votre  compte  est  considérée  comme  étant  l'actionnaire 
inscrit en ce qui concerne l'exercice du droit de vote à l'Assemblée, et cette Invitation et Document d'Information ainsi 
que les documents qui l'accompagnent sont envoyés à cette organisation ou mis à sa disposition. Vous êtes en droit de 
donner des instructions à l'organisation pertinente sur la façon dont le droit de vote doit être exercé en ce qui concerne 
les actions détenues pour votre compte. 

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Pourquoi est-il important de voter? 

Logitech  est  une  société  cotée  en  bourse  dont  les  décisions  essentielles  ne  peuvent  êtres  prises  que  par  les 
actionnaires.  Que  vous  ayez  l'intention  de  participer  à  l'Assemblée  ou  non,  il  est  important  que  vos  actions  soient 
représentées. 

Combien d'actions doivent être représentées pour que l'Assemblée puisse valablement délibérer? 

L'Assemblée n'est soumise à aucune exigence de quorum. En droit suisse, les assemblées générales des sociétés 
cotées  en  bourse  ne  sont  pas  soumises  à  des  exigences  de  participation  minimale,  et  les  Statuts  de  Logitech  ne 
prévoient pas non plus une telle exigence.  

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Où Logitech a-t-elle ses principales activités?  

Le principal établissement de Logitech en Suisse se situe à la Rue du Sablon 2-4, à 1110 Morges, et le principal 
établissement  aux  Etats-Unis  se  situe  à  6505  Kaiser  Drive,  Fremont,  Californie  94555.  Le  numéro  de  téléphone 
principal de Logitech en Suisse est le +41-(0)21-863-5111 et le numéro de téléphone principal aux Etats-Unis est le 
+510-795-8500.  

Comment puis-je me procurer le rapport annuel de Logitech ainsi que les autres documents mis à la disposition 
des actionnaires? 

Une copie de notre rapport annuel 2011, de cette Invitation et Document d'Information ainsi que notre rapport 
annuel établi sur la base du formulaire 10-K pour l'exercice 2011 que nous avons déposé auprès de la U.S. Securities 
and Exchange Commission sont disponibles sur notre site internet à l'adresse http://ir.logitech.com. Nos actionnaires 
peuvent  aussi  obtenir  sans  frais  des  copies  de  ces  documents  dans  nos  principaux  établissements  en  Suisse  et  aux 
Etats-Unis aux adresses et numéros de téléphone mentionnés ci-dessus. 

Où puis-je obtenir les résultats des votes de l'Assemblée? 

Nous entendons annoncer le résultat des votes lors de l'Assemblée et publier un communiqué de presse à l'issue 
de celle-ci. Nous entendons également annoncer les résultats dans un communiqué établi sur le Formulaire 8-K de la 
U.S. Securities and Exchange Commission au plus tard mardi 13 septembre 2011. Un exemplaire du Formulaire 8-K 
sera disponible sur notre site internet à l’adresse suivante: http://ir.logitech.com. 

Puis-je participer et voter lors de l'Assemblée si je ne suis pas un actionnaire inscrit? 

Vous ne pouvez pas participer et voter vous-même vos actions lors de l'Assemblée à moins que vous deveniez un 
actionnaire inscrit d'ici au 1 septembre 2011 ou que vous obteniez une procuration (legal proxy) de la banque, trustee 
ou  société  nominee  qui  détient  vos  actions  et  qui  vous  permette  de  voter  les  actions  lors  de  l'Assemblée.  Si  vous 
détenez vos actions par l'intermédiaire d'une banque, d'un trustee ou d'une société nominee qui n'est pas américaine ou 
canadienne, vous pouvez vous faire inscrire en qualité d’actionnaire en contactant notre Registre des Actions à notre 
principal  établissement  en  Suisse,  à  l'adresse  mentionnée  ci-dessus,  et  en  suivant  les  instructions  qui  vous  seront 
données ou, pour certaines juridictions, en demandant à être inscrits par l'intermédiaire de la banque ou du négociant 
via lequel vous détenez vos actions. Si vous détenez vos actions par l'intermédiaire d'une banque, d'un trustee ou d'une 
société nominee américaine ou canadienne, vous pouvez vous faire inscrire en qualité d'actionnaire en contactant votre 
banque, trustee ou société nominee et en suivant les instructions qui vous seront données. 

INFORMATIONS SUPPLEMENTAIRES CONCERNANT LES ACTIONNAIRES INSCRITS 

Comment puis-je voter si je n'envisage pas de participer à l'Assemblée? 

Si vous n'envisagez pas de participer à l'Assemblée, vous pouvez cocher la case "Option 3" sur la carte-réponse 
annexée  pour  donner  procuration  à  Logitech  ou  au  représentant  indépendant,  Me  Béatrice  Ehlers,  pour  vous 
représenter  lors  de  l'Assemblée.  Vous  êtes  invité  à  communiquer  vos  instructions  de  vote  en  cochant  les  cases 

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pertinentes  à  côté  des  points  de  l'ordre  du  jour  sur  la  carte-réponse  et  en  signant,  datant  et  retournant  votre  carte-
réponse complétée dès que possible au moyen de l'enveloppe affranchie annexée. Si vous signez et retournez la carte-
réponse  sans  donner  d'instruction  de  vote  pour  tout  ou  partie  de  l'ordre  du  jour,  vos  droits  de  vote  seront  exercés 
conformément aux propositions du Conseil d’administration (le "Conseil") en ce qui concerne les objets pour lesquels 
vous n’aurez pas  donné d'instruction de vote.  Nous vous  invitons à  vous  référer  aux  indications  de  la  carte-réponse 
pour davantage d'informations. 

Comment puis-je participer à l'Assemblée? 

Si vous souhaitez participer à l'Assemblée, nous vous invitons à cocher la case "Option 1" de la carte-réponse et 
à retourner cette dernière dûment complétée, signée et datée à Logitech au moyen de l'enveloppe affranchie annexée 
jusqu'au  vendredi  26  août  2011.  Nous  vous  ferons  parvenir  une  carte  d’accès.  Si  vous  ne  recevez  pas  votre  carte 
d’accès avant l'Assemblée et êtes un actionnaire inscrit au 1er septembre 2011, vous pouvez participer à l'Assemblée 
en y présentant une pièce d'identité. 

Puis-je demander à une autre personne de me représenter à l'Assemblée? 

Oui.  Si  vous  souhaitez  que  quelqu'un  d'autre  que  Logitech  ou  le  Représentant  Indépendant  vous  représente  à 
l'Assemblée, nous vous invitons à cocher la case "Option 2" sur la carte-réponse  et à nous fournir le nom et l'adresse 
de  la  personne  par  laquelle  vous  souhaitez  être  représenté.  Vous  devez  alors  retourner  la  carte-réponse  dûment 
complétée,  signée  et  datée  à  Logitech  en  utilisant  l'enveloppe  affranchie  annexée  jusqu'au  26  août  2011.  Nous 
enverrons une carte d’accès au représentant que vous aurez désigné. Si le nom et l'adresse que vous communiquez ne 
sont  pas  suffisamment  clairs,  Logitech  enverra  la  carte  d’accès  à  votre  adresse.  Il  vous  appartiendra  alors  de  la 
transmettre à votre représentant. 

Puis-je vendre mes actions avant l'Assemblée si j'ai déjà voté?  

Logitech  n'empêche  pas  le  transfert  d'actions  avant  une  assemblée.  Toutefois,  si  vous  vendez  vos  actions 
Logitech avant l'Assemblée et que le Registre des Actions de Logitech est informé de cette vente, le vote concernant 
les  actions  vendues  ne  sera  pas  pris  en  considération.  Toute  personne  qui  achète  des  actions  après  la  clôture  du 
Registre  des  Actions  le  jeudi  1er  septembre  2011  ne  pourra  pas  faire  inscrire  ces  actions  avant  le  jour  suivant 
l'Assemblée et ne sera par conséquent pas en mesure de voter ces actions lors de l'Assemblée. 

Puis-je changer les instructions de vote que j'ai données en utilisant la carte-réponse ? 

Vous pouvez modifier vos instructions jusqu'au moment du vote. Vous pouvez révoquer vos instructions en nous 
demandant  de  vous  remettre  une  nouvelle  carte-réponse,  auquel  cas  votre  précédente  carte-réponse  sera  annulée.  Si 
vous souhaitez donner de nouvelles instructions, vous pouvez compléter la nouvelle carte-réponse et nous la retourner. 
Vous  pouvez  aussi  participer  à  l'Assemblée  et  voter  personnellement.  Toutefois,  votre  participation  à  l'Assemblée 
n'annulera pas automatiquement les instructions contenues dans votre carte-réponse, à moins que vous votiez lors de 
l'Assemblée ou que vous demandiez expressément et par écrit que votre précédente carte-réponse soit révoquée.  

Si je donne procuration au moyen de la carte-réponse, que se passe-t-il si je ne donne pas d'instruction de vote?  

Si vous êtes un actionnaire inscrit et que vous signez et retournez votre carte-réponse sans donner d'instructions 
de vote particulières pour tout ou partie des points figurant à l'ordre du jour, vos droits de vote seront exercés en faveur 
des propositions du Conseil d’administration. En outre, si vous ne donnez pas d'instruction particulière dans la carte-
réponse et que des points ne figurant pas à l'ordre du jour sont valablement soumis au vote, vos droits de vote seront 
exercés en faveur des propositions du Conseil d’administration sur ces points.  

En outre, si vos actions sont représentées par une institution soumise à la Loi fédérale suisse sur les banques et 
les  caisses  d'épargne  ou  par  un  gérant  de  fortune  professionnel  au  sens  du  droit  suisse,  et  si  vous  n'avez  pas  donné 
d'instructions  générales  ou  particulières  à  la  banque  ou  au  gérant  de  fortune  concerné,  la  banque  ou  le  gérant  de 
fortune  sera  tenu,  selon  le  droit  suisse,  d'exercer  les  droits  de  vote  concernant  vos  actions  conformément  aux 
propositions du Conseil d’administration. 

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Qui puis-je contacter pour poser des questions? 

Si vous avez des questions ou besoin d'assistance pour voter vos actions, vous êtes invité à nous appeler au +1-

510-713-4220 ou à nous envoyer un email à l'adresse investorrelations@logitech.com.  

INFORMATIONS SUPPLEMENTAIRES POUR LES AYANTS DROIT ECONOMIQUES AMERICAINS 
OU CANADIENS 

Pourquoi ai-je reçu un courrier d'une page m'indiquant que le matériel de vote peut être obtenu par internet 
cette année plutôt qu'un exemplaire imprimé du matériel de vote?  

Nous  avons  permis  aux  ayants  droit  économiques  détenant  leurs  actions  par  l'intermédiaire  de  banques,  de 
trustees  ou  de  sociétés  nominees  américaines  ou  canadiennes  d'obtenir  le  matériel  de  vote  par  internet.  En 
conséquence, les banques, trustees ou sociétés nominees concernées transmettent un "Avis de mise à disposition" du 
matériel de vote par internet (l' "Avis") aux ayants droit économiques concernés. Ces personnes pourront accéder au 
matériel de vote sur un site internet indiqué dans l'Avis ou demander à recevoir un exemplaire imprimé du matériel de 
vote. Des instructions sur la façon d'accéder au matériel de vote par internet ou de demander la remise d'un exemplaire 
imprimé figurent dans l'Avis. En outre, les ayants droit  économiques détenant leurs actions par l'intermédiaire d'une 
banque, d'un trustee ou d'une société nominee américaine ou canadienne peuvent demander en tout temps à recevoir 
une copie imprimée du matériel de vote par la poste ou par courrier électronique.  

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Comment puis-je accéder au matériel de vote par voie électronique?  

L'Avis vous fournira des indications sur la façon dont vous pouvez: 

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accéder au matériel de vote sur internet concernant l'Assemblée; et 

nous demander de vous adresser à l'avenir le matériel de vote par courrier électronique. 

En choisissant de recevoir votre matériel de vote par courrier électronique à l'avenir, vous nous épargnerez les 
frais liés à l'impression et à l'envoi des documents, ce qui réduira aussi l'impact de notre Assemblée générale ordinaire 
sur  l'environnement.  Si,  à  l'avenir,  vous  décidez  de  recevoir  notre  matériel  de  vote  par  courrier  électronique,  vous 
recevrez l'année prochaine un courrier électronique contenant des instructions ainsi qu'un lien au matériel de vote et 
également un lien sur lequel des instructions de vote pourront être données. Votre décision de recevoir le matériel de 
vote par courrier électronique restera valide jusqu'à ce que vous la révoquiez. 

Qui peut donner des instructions de vote pour l'Assemblée? 

Les  actionnaires  qui  détiennent  leurs  actions  par  l'intermédiaire  d'une  banque,  d'un  trustee  ou  d'une  société 
nominee américaine ou canadienne au 15 juillet 2011 peuvent donner des instructions à l'organisation concernée sur la 
façon dont les droits de vote doivent être exercés. Logitech a pris des mesures pour qu'une société spécialisée dans la 
fourniture de services à des banques, des trustees et des sociétés nominees américaines et canadiennes procède à une 
réconciliation des positions en actions des ayants droit économiques américains et canadiens entre le 15 juillet 2011 et 
le 24 août 2011, date que Logitech a identifiée comme étant la dernière date possible pour une telle réconciliation. Il 
est prévu que ces mesures donnent lieu aux ajustements suivants: si une personne qui était un ayant droit économique 
d'actions américain ou canadien le 15 juillet 2011 donne des instructions de vote, mais vend ses actions par la suite 
jusqu'au  24  août  2011,  les  instructions  de  vote  données  seront  annulées.  Si  une  personne  qui  était  un  ayant  droit 
économique d'actions au 15 juillet 2011 et qui avait donné des instructions de vote augmente ou réduit ultérieurement 
sa participation, mais est toujours un ayant droit économique au 24 août 2011, le nombre de droits de vote attribué à 
cette personne sera augmenté ou réduit pour refléter sa participation au 24 août 2011. 

Si vous devenez un ayant droit économique d'actions après le 15 juillet 2011 par l'intermédiaire d'une banque, 
d'un  trustee  ou  d'une  société  nominee  américaine  ou  canadienne,  et  que  vous  souhaitez  voter  lors  de  l'Assemblée 
générale ou donner des instructions de vote à un représentant, vous devez vous faire inscrire comme actionnaire. Vous 
pouvez devenir un actionnaire inscrit en contactant votre banque, trustee ou société nominee et en vous conformant à 
leurs instructions. Pour que votre inscription, l'envoi du matériel de vote ainsi que l'envoi de vos instructions de vote 
puissent intervenir en temps utile, nous vous encourageons à demander votre inscription dès que possible avant le 1er 
septembre 2011.  

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Comment puis-je voter si je suis un ayant droit économique américain ou canadien? 

Si  vous  êtes  un  ayant  droit  économique  d'actions  et  que  vous  souhaitez  participer  à  l'Assemblée,  vous  devez 

obtenir une procuration de l'organisation qui détient vos actions. 

Si  vous  ne  souhaitez  pas  participer  personnellement  à  l'Assemblée,  vous  pouvez  voter  par  procuration.  Vous 
pouvez  donner  vos  instructions  de  vote  par  internet  ou,  si  vous  avez  demandé  la  remise  d'une  copie  imprimée  du 
matériel de vote, vous pouvez aussi donner vos instructions de vote par la poste ou par téléphone en vous conformant 
aux instructions contenues dans l'Avis. 

Que se passe-t-il si je ne donne pas d'instruction de vote spécifique?  

Si vous êtes un ayant droit économique américain ou canadien et que vous ne donnez pas d'instruction de vote 
spécifique à votre banque, trustee ou société nominee, votre banque, trustee ou société nominee pourra, en application 
des règles de certaines bourses nationales ou régionales, voter sur certains points considérés comme usuels mais devra 
s'abstenir de voter sur les points de l'ordre du jour considérés comme étant non usuels. Si l'organisation qui détient vos 
actions ne reçoit pas d'instruction de vote de votre part  sur la façon dont elle doit exercer les droits de vote sur des 
points de l'ordre du jour qui ne sont pas usuels, les droits de vote afférant à vos actions ne seront pas exercés et ne 
seront  pas  comptabilisés  comme  des  voix  exprimées  dans  le  cadre  du  vote.  Nous  vous  encourageons  à  donner  des 
instructions  de  vote  à  l'organisation  qui  détient  vos  actions  en  suivant  attentivement  les  instructions  figurant  dans 
l'Avis. Nous nous attendons à ce que les points suivants de l'ordre du jour soient considérés comme n'étant pas usuels: 
Point 2 (vote consultatif sur la rémunération des membres de la Direction), Point 3 (vote consultatif sur la fréquence 
du  vote  consultatif  sur  la  rémunération  des  membres  de  la  Direction),  Point  4  (augmentation  du  nombre  d'actions 
disponibles  selon  les  Plans  d'Achat  d'Actions  des  Collaborateurs),  Point  5  (autorisation  de  détenir  plus  de  10% 
d’actions propres), Point 6 (report à nouveau du bénéfice résultant de l'exercice sans paiement de dividende), et Point 
8  (élections  au  conseil  d’administration).  Nous  considérons  tous  les  autres  points  comme  étant  usuels.  L'abstention 
d'une banque (broker non-votes) sur un point de l'ordre du jour ne sera pas considérée comme une voix exprimée. 

Dans quel délai mes instructions de vote doivent-t-elles être données? 

Si vous détenez vos actions par l'intermédiaire d'une banque, d'un négociant ou d'un autre dépositaire américain 
ou canadien, vous pouvez donner vos instructions de vote jusqu'au jeudi 1er septembre 2011 à 23h59 (heure avancée 
de l'Est – Eastern Daylight Time). 

Puis-je changer mes instructions de vote après les avoir données? 

Vous pouvez  révoquer vos  instructions  et  changer  ces  dernières  en  tout temps  jusqu'au  moment  du vote  final. 
Vous  pouvez  donner  de  nouvelles  instructions  par  internet  ou  par  téléphone  (seule  la  dernière  instruction 
communiquée par internet ou par téléphone avant l'Assemblée sera prise en compte), ou en signant et en retournant 
une nouvelle carte d'instruction portant une date ultérieure, ou encore en participant à l'Assemblée et en votant vous-
même,  dans  la  mesure  où  vous  êtes  en  possession  d'une  procuration  (legal  proxy)  qui  vous  permet  de  participer  à 
l'Assemblée et d'y voter. Toutefois, votre participation à l'Assemblée générale ordinaire n'aura pas pour effet d'annuler 
automatiquement vos instructions, à moins que vous votiez à l'occasion de l'Assemblée ou demandiez expressément et 
par écrit que vos instructions de vote antérieures soient révoquées. 

INFORMATIONS  COMPLEMENTAIRES  POUR  LES  ACTIONNAIRES  QUI  DETIENNENT  LEURS 
ACTIONS  PAR  L'INTERMEDIAIRE  D'UNE  BANQUE  OU  D'UN  NEGOCIANT  (EN  DEHORS  DES 
ETATS-UNIS OU DU CANADA) 

Comment puis-je voter par procuration si mes actions sont détenues par l'intermédiaire d'une banque ou d'un 
négociant dépositaire? 

Votre banque, trustee ou société nominee devrait vous inviter à lui communiquer vos instructions sur la façon 
dont elle doit exercer le droit de vote afférant à vos actions. Si tel n'est pas le cas, vous devez contacter votre banque 
ou négociant dépositaire pour lui communiquer vos instructions. 

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Dans  quel  délai  dois-je  transmettre  mes  instructions  de  vote  si  mes  actions  Logitech  sont  détenues  par 
l'intermédiaire d'une banque ou d'un négociant dépositaire? 

Les banques et négociants dépositaires invitent généralement leurs clients à leur communiquer leurs instructions 
dans un certain délai. En dehors des Etats-Unis et du Canada, ce délai échoit généralement deux à trois jours avant la 
date  fixée  par  la  société  qui  tient  son  assemblée  générale.  Si  vous  détenez  des  actions  Logitech  par  l'intermédiaire 
d'une  banque  ou  d'un  négociant  dépositaire  en  dehors  des  Etats-Unis  ou  du  Canada,  nous  vous  invitons  à  vous 
renseigner auprès de la banque ou du négociant concerné sur les délais pratiqués et à transmettre vos instructions de 
vote à ces institutions aussi rapidement que possible avant la date de l'Assemblée. 

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AUTRES INFORMATIONS CONCERNANT L'ASSEMBLEE 

Autres informations concernant les représentants dépositaires 

Les institutions soumises à la Loi fédérale suisse sur les banques et les caisses d'épargne, ainsi que les gérants de 

fortune professionnels doivent aviser Logitech du nombre et de la valeur nominale des actions qu'ils représentent.  

Propositions pour l'Assemblée 

Le  Conseil  ne  fera  pas  d'autres  propositions  et  n'a  pas  de  raison  de  penser  que  des  tiers  feront  d'autres 
propositions pour l'Assemblée générale ordinaire. Si d'autres propositions sont régulièrement soumises au vote lors de 
l'assemblée et que vous n'avez pas donné d'instruction spécifique sur votre carte-réponse ou votre carte d'instruction, 
vos actions seront votées sur ces points conformément aux propositions du Conseil d’administration. 

Sollicitation de procurations 

Nous supporterons les frais engendrés par la sollicitation de procurations et avons mandaté Georgeson Inc. pour 
solliciter de telles procurations moyennant des honoraires de $15'000 ainsi qu'un montant approprié destiné à couvrir 
les frais encourus. Il est possible que certains administrateurs, directeurs et collaborateurs de Logitech sollicitent des 
procurations personnellement ou par poste, téléphone, courrier électronique ou de toute autre manière sans recevoir de 
rémunération supplémentaire. Nous nous réservons la faculté de demander à un tiers de solliciter des procurations et 
des  instructions  de  vote  pour  notre  compte  par  téléphone  pour  un  émolument  de  $5.00  par  appel  ainsi  qu'une 
couverture  appropriée  des  frais.  Aux  Etats-Unis,  nous  devons  demander  aux  banques  et  sociétés  nominees  qui 
détiennent des actions en leur nom de communiquer notre matériel de vote aux ayants droit économiques des actions 
détenues,  et  nous  sommes  tenus  de  défrayer  ces  banques  et  sociétés  nominees  pour  les  frais  engendrés  par  ces 
démarches selon un tarif prévu par la loi. 

Enregistrement des votes 

Les représentants d'au moins deux banques suisses agiront en qualité de scrutateurs lors de l'Assemblée. Suivant 
l'usage  pour  les  sociétés  suisses,  notre  Registre  des  Actions  établira  la  liste  des  instructions  de  vote  qui  auront  été 
reçues des actionnaires inscrits avant la date de l'Assemblée. 

Propositions d'actionnaires et candidats au Conseil d’administration 

Propositions d'actionnaires pour l'Assemblée générale ordinaire 2011  

Nos  Statuts  permettent  à  un  ou  plusieurs  actionnaires  qui  représentent  au  moins  (i)  un  pour-cent  du  capital-
actions ou, si cette valeur est inférieure, (ii) des actions totalisant une valeur nominale d'un million de francs suisses, 
de  requérir  l'inscription  d'un  point  à  l'ordre  du  jour  d'une  assemblée  générale  des  actionnaires.  Notre  Conseil 
d’administration doit inclure une telle proposition dans la convocation à l'Assemblée. L'inscription d'un point à l'ordre 
du  jour  doit  être  requise  par  écrit  auprès  du  Conseil  d’administration  au  moins  60  jours  avant  la  date  prévue  pour 
l'assemblée.  Le  délai  pour  demander  l'inscription  d'un  point à  l'ordre  du  jour  à  l'Assemblée  générale  ordinaire  du  7 
septembre  2011  a  expiré  le  8  juillet  2011.  Toutefois,  le  droit  suisse  permet  à  tout  actionnaire  inscrit  ou  à  toute 
personne ayant reçu une procuration valide de la part d'un actionnaire inscrit de faire avant ou lors de l'assemblée des 
propositions alternatives sur des points figurants à l'ordre du jour de l'Assemblée générale ordinaire 2011. 

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Propositions d'actionnaires pour l'Assemblée générale ordinaire 2012 

Un  actionnaire  inscrit  qui  satisfait  aux  exigences  de  participation  minimale  figurant  dans  les  Statuts  peut 
demander  qu'un  point  soit  porté  à  l'ordre  du  jour  de  l'Assemblée  générale  ordinaire  2012  en  présentant  une  requête 
écrite  et  en  indiquant  les  objets  de  discussion  et  les  propositions  au  Secrétaire  du  Conseil  de  Logitech  à  notre 
établissement  principal  en  Suisse  ou  aux  Etats-Unis  jusqu'au  5  juillet  2012  au  plus  tard.  En  outre,  si  vous  êtes  un 
actionnaire inscrit et satisfaites aux exigences de participation minimale prévues par la règle 14a-8 du U.S. Securities 
Exchange Act of 1934 (la "Loi de 1934"), vous pouvez soumettre une proposition au Conseil d’administration en vue 
de son inscription à l'ordre du jour de l'Assemblée générale ordinaire 2012 en remettant une requête dans ce sens ainsi 
qu'une description de la proposition au Secrétaire du Conseil de Logitech à notre établissement principal en Suisse ou 
aux Etats-Unis jusqu'au 26 mars 2012 au plus tard. La proposition devra satisfaire aux exigences de la règle 14a-8 de 
la  Loi  de  1934,  qui  énumère  les  conditions  auxquelles  une  telle  proposition  doit  satisfaire  pour  être  incluse  dans  le 
matériel de vote établi par la société selon la réglementation américaine sur les valeurs mobilières. Selon les Statuts de 
Logitech, seuls les actionnaires inscrits sont considérés comme étant des actionnaires de Logitech. En conséquence, si 
vous n'êtes pas un actionnaire inscrit, vous n'êtes pas habilité à présenter des propositions pour l'Assemblée générale 
ordinaire 2012. 

Proposition de candidats au Conseil d’administration 

Les  propositions  de  candidats  au  Conseil  d’administration  par  des  actionnaires  inscrits  doivent  être  faites 

conformément aux règles régissant les propositions d'actionnaires mentionnées ci-dessus. 

 Dispositions pertinentes des Statuts 

La disposition des Statuts concernant le droit d'un ou de plusieurs actionnaires inscrits qui représentent au moins 
(i) un pourcent du capital-actions ou, si cette valeur est inférieure, (ii) des actions totalisant une valeur nominale d'un 
million  de  francs  suisses  de  demander  l'inscription  d'un  point  à  l'ordre  du  jour  d'une  Assemblée  générale  des 
actionnaires peut être consultée sur notre site internet à l'adresse http://ir.logitech.com. Vous pouvez aussi contacter le 
Secrétaire du Conseil d’administration de Logitech à notre établissement principal en Suisse ou aux Etats-Unis pour 
obtenir une copie de la disposition pertinente de nos Statuts. 

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PROPOSITIONS ET EXPLICATIONS 

A.  RAPPORT 

Rapport d'activité pour l'exercice se terminant le 31 mars 2011 

La direction de Logitech International  S.A. donnera un rapport sur les opérations de la Société pour l'exercice 

2011 lors de l'Assemblée Générale ordinaire. 

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B.  POINTS DE L'ORDRE DU JOUR SOUMIS AU VOTE 

Point 1 

Approbation du rapport annuel, du rapport de rémunération, des comptes consolidés et des comptes statutaires 
de Logitech International S.A. pour l'exercice 2011 

Proposition 

Le  Conseil  d’administration  propose  d'approuver  le  rapport  annuel,  le  rapport  de  rémunération,  les  comptes 

consolidés et les comptes statutaires de Logitech International S.A. pour l'exercice 2011. 

Explication  

Les  comptes  consolidés  de  Logitech  et  les  comptes  statutaires  de  Logitech  International  S.A.  pour  l'exercice 
2011  sont  inclus  dans  le  rapport  annuel  de  Logitech  qui  a  été  distribué  à  tous  les  actionnaires  inscrits  avec  cette 
Invitation  et  Document  d'Information.  Le  rapport  annuel  contient  également  le  rapport  de  l'organe  de  révision  de 
Logitech  sur  les  comptes  consolidés  et  les  comptes  statutaires  ainsi  que  des  informations  complémentaires  sur 
l'activité  de  la  Société,  son  organisation,  sa  stratégie,  de  même  que  des  informations  concernant  la  gouvernance  de 
l'entreprise conformément aux exigences du SIX Swiss Exchange en la matière. Le rapport de rémunération fait partie 
intégrante  de  cette  Invitation  et  Document  d'Information.  Des  exemplaires  du  rapport  annuel  et  de  l'Invitation  et 
Document d'Information peuvent être obtenus sur internet à l'adresse http://ir.logitech.com.  

La loi suisse requiert que le rapport annuel et les comptes de sociétés suisses soient soumis aux actionnaires pour 
approbation ou rejet lors de chaque assemblée générale ordinaire. La soumission du rapport de rémunération au vote 
des actionnaires en même temps que le rapport annuel est une pratique recommandée par le Code de bonne pratique en 
matière  de  gouvernance  d'entreprise  établi  par  economiesuisse,  l'une  des  principales  associations  faîtières  de 
l'économie suisse. En cas de vote négatif sur cette proposition, le Conseil d’administration convoquera une assemblée 
générale  extraordinaire  pour  permettre  aux  actionnaires  de  reconsidérer  cette  proposition.  L'approbation  de  cette 
proposition ne constitue pas une approbation ou un rejet des points particuliers mentionnés dans le rapport annuel, le 
rapport de rémunération ou les comptes annuels ou statutaires pour l'exercice 2011. 

PricewaterhouseCoopers  S.A.,  en  sa  qualité  d'organe  de  révision  de  Logitech,  a  recommandé  sans  réserve  que 
l'Assemblée générale ordinaire de Logitech approuve les comptes consolidés de Logitech ainsi que les comptes statutaires de 
Logitech  International  S.A.  PricewaterhouseCoopers  S.A.  parvient  à  la  conclusion  que  "les  comptes  consolidés  pour 
l'exercice se terminant au 31 mars 2011 donnent, de manière générale, une image fidèle de la situation financière, du résultat 
des  opérations  et  des  flux  de  fonds  conformément  aux  principes  comptables  généralement  acceptés  aux  Etats-Unis  (US 
GAAP) et en conformité avec le droit suisse". PricewaterhouseCoopers S.A. parvient également à la conclusion et confirme 
que "les comptes annuels ainsi que la proposition du report à nouveau du bénéfice au bilan sont conformes au droit suisse et 
aux Statuts de Logitech International S.A." 

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Majorité requise 

L'approbation de ce point requiert la majorité des voix exprimées par les personnes présentes ou représentées à 

l'Assemblée générale ordinaire, sans tenir compte des abstentions. 

Recommandation 

Le  Conseil  d’administration  recommande  de  voter  en  faveur  de  l'approbation  du  rapport  annuel,  du  rapport  de 

rémunération, des comptes consolidés et des comptes statutaires de Logitech International S.A. pour l'exercice 2011. 

Vote consultatif sur la rémunération des membres de la Direction 

Point 2 

Proposition 

Le Conseil d’administration propose aux actionnaires d'approuver, sur une base consultative, la rémunération des 

membres de la Direction de Logitech publiée dans le Rapport de rémunération pour l’exercice 2011. 

Explication 

Lors des Assemblées générales ordinaires 2009 et 2010, le Conseil d’administration a demandé volontairement 
aux actionnaires d'approuver les principes, la politique et les pratiques de rémunération de Logitech, tels qu’exposés 
dans le chapitre "Compensation Discussion and Analysis" du Rapport de rémunération, conformément à l’évolution de 
la bonne pratique en matière de gouvernement d’entreprise en Suisse et aux Etats-Unis. Cette proposition, connue sous 
le nom de "say-on-pay", a donné à nos actionnaires la possibilité de s’exprimer sur nos rémunérations en général. 

Au début de cette année, le vote consultatif "say-on-pay" est devenu obligatoire pour toutes les sociétés cotées 
soumises  aux  règles  américaines  sur  le  proxy  statement,  y  compris  Logitech.  Conformément  à  cette  nouvelle 
règlementation,  le  Conseil  d’administration  demande  aux  actionnaires  d’approuver,  sur  une  base  consultative,  la 
rémunération des membres de la Direction de Logitech publiée dans le Rapport de rémunération pour l’exercice 2011 
y  compris  le  chapitre  "Compensation  Discussion  and  Analysis",  les  tableaux  résumant  les  rémunérations,  les  notes 
ainsi  que  les  explications  y  relatives.  Ce  vote  ne  concerne  pas  des  points  spécifiques  de  la  rémunération  ou  des 
membres spécifiques de la Direction ; il s’agit plutôt d’un  vote sur la rémunération des membres de la Direction en 
général  ainsi  que  sur  les  principes,  la  politique  et  les  pratiques  de  rémunération  décrits  dans  le  Rapport  de 
rémunération.  

Ce vote say-on-pay est consultatif et, par conséquent, il n'engage pas le Conseil d’administration. Toutefois, ce 
vote  nous  fournira  des  informations  concernant  le  sentiment  de  nos  actionnaires  par  rapport  aux  principes,  à  la 
politique et aux pratiques de rémunération des membres de la Direction que le Comité de rémunération pourra prendre 
en  considération  dans  le  futur.  Le  Comité  de  rémunération  prendra  en  considération  d'éventuels  résultats  négatifs 
importants et cherchera à en comprendre les raisons. . 

Comme  indiqué dans la section "Compensation Discussion and Analysis" du rapport de rémunération 2011 de 
Logitech,  Logitech  a  établi  un  programme  de  rémunération  pour  attirer,  retenir  et  motiver  les  directeurs,  cadres  et 
employés  ayant  les  talents  qui  sont  essentiels  au  succès  de  son  entreprise  dans  le  long  terme.  Plus  précisément,  le 
programme de rémunération des membres de la direction de Logitech a été conçu de façon à: 

• 

être compétitif avec ceux des sociétés comparables de l'industrie et dans les régions dans lesquelles les 
directeurs concernés résident, de façon à retenir les personnes les plus talentueuses; 

•  maintenir un équilibre entre la rémunération fixe et variable et faire dépendre une partie importante de la 

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• 

• 

• 

rémunération des performances de Logitech, tout en évitant les prises de risque inappropriées; 
aligner la rémunération des membres de la direction sur  les intérêts des actionnaires, en liant une part 
importante de la rémunération à l'augmentation de la valeur des actions; 
favoriser  un  environnement  orienté  vers 
exceptionnelles; et 
refléter l'appréciation du Comité de rémunération du rôle et de la performance passée d'un membre de la 
Direction par le niveau de son salaire de base et par des gratifications à court terme, ainsi que de son 
potentiel de contribution future à Logitech par des octrois à long terme réalisés dans le cadre de plans 
d’intéressement et de participation. 

la  performance  qui  récompense 

les  performances 

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Le Comité de rémunération du Conseil a établi un programme de rémunération décrit plus précisément dans le 
rapport  de  rémunération  annexé  à  la  version  anglaise  de  cette  Invitation  et  Document  d'Information.  Le  rapport  de 
rémunération  de  Logitech  décrit  également  la  politique  et  le  mode  de  calcul  des  rémunérations  des  collaborateurs 
ayant un statut inférieur à celui de directeur, les principes directeurs et les risques liés au programme de rémunération, 
ainsi que la rémunération versée pour l'exercice 2011.  

Bien  que  la  rémunération  joue  un  rôle  essentiel  pour  attirer,  retenir  et  motiver  les  meilleurs  cadres  et 
collaborateurs,  nous  pensons  qu'il  ne  s'agit  pas  de  la  seule  raison  pour  laquelle  des  cadres  et  collaborateurs 
exceptionnels décident de rejoindre Logitech et d'y rester, ou de travailler dur pour obtenir des résultats favorables aux 
actionnaires. Le Comité de Rémunération et la direction estiment qu'un environnement de travail attrayant et un cadre 
dans lequel les directeurs et employés peuvent se développer, exprimer leur potentiel et faire la différence constituent 
des  éléments  essentiels  du  succès  de  Logitech  dans  l'embauche,  la  rétention  et  la  motivation  de  ses  directeurs  et 
employés. 

La section "Compensation Discussion and Analysis" va du début du rapport de rémunération jusqu'au début de la 

section intitulée" Summary Compensation Table for Fiscal Year 2011."  

Majorité requise 

L'approbation de ce point requiert la majorité des voix exprimées par les personnes présentes ou représentées à 

l'Assemblée générale ordinaire, sans tenir compte des abstentions. 

Recommandation 

Le  Conseil  d’administration  recommande  de  voter,  sur  une  base  consultative,  en  faveur  de  la  décision  consultative 

suivante : 

"La  rémunération  des  membres  de  la  Direction  de  Logitech  publiée  dans  le  Rapport  de  rémunération  pour 
l’exercice  2011  y  compris  le  chapitre  "Compensation  Discussion  and  Analysis",  les  tableaux  résumant  les 
rémunérations, les notes ainsi que les explications y relatives sont approuvés. " 

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Point 3 

Vote consultatif sur la fréquence des futurs votes consultatifs sur la rémunération 

des membres de la Direction  

Proposition 

Le  Conseil  d’administration  propose  aux  actionnaires  de  se  déterminer,  sur  une  base  consultative,  sur  la 
fréquence des futurs votes consultatifs say-on-pay sur la rémunération des membres de la Direction de Logitech. En 
particulier, le Conseil d’administration demande aux actionnaires s’ils pensent que les futures votes consultatifs say-
on-pay tels que celui qui est prévu au point 2 ci-dessus, doivent être soumis à l’assemblée toutes les années, tous les 
deux ans ou tous les trois ans. 

Explication 

Cette  proposition  demande  aux  actionnaires  d'indiquer,  sur  une  base  consultative,  leur  préférence  relative  à  la 
fréquence des futurs votes consultatifs sur la rémunération des membres de la Direction. Le Conseil d’administration 
demande aux actionnaires leur opinion sur la fréquence de ces votes, conformément à la loi américaine décrite au point 
2  ci-dessus  qui  requiert  désormais  que  chaque  société  soumise  aux  règles  américaines  sur  le  proxy  statement,  y 
compris  Logitech,  soumette  la  rémunération  des  membres  de  la  Direction  au  vote  de  l’assemblée  générale  (say-on-
pay).  Ce  vote  relatif  à  la  fréquence  du  vote  say-on-pay  doit  être  tenu  au  moins  une  fois  tous  les  six  ans  et  est 
consultatif par nature. 

Au  cours  des  deux  dernières  années,  le  Conseil  d'administration  a  demandé  volontairement  aux  actionnaires 
d'approuver les principes, la politique et les pratiques de rémunération de Logitech. Le Conseil est convaincu qu’un 
vote  consultatif  annuel  sur  la  rémunération  lui  permet  d’avoir  un  retour  plus  régulier  des  actionnaires  sur  la 
rémunération  et  recommande  donc  que  le  vote  consultatif  say-on-pay  soit  tenu  chaque  année.  Toutefois, 
conformément  à  la  législation  américaine  applicable,  les  actionnaires  pourront  faire  le  choix  suivant  pour  cette 
proposition: une année, deux ans, trois ans, ou l’abstention. 

Majorité requise 

Ce vote est consultatif; cependant, le Conseil d’administration prendra en compte attentivement les résultats du 
vote et se laissera guider par l’alternative qui obtiendra le plus grand nombre de voix, même si cette alternative devait 
ne pas obtenir la majorité des votes exprimés. 

Recommandation 

Le Conseil d’administration recommande de voter, sur une base consultative, en faveur d’un vote consultatif say-on-
pay annuel sur la rémunération des membres de la Direction. L’alternative qui obtiendra le plus de voix (une année, 
deux ans ou trois ans) sera considérée comme la fréquence choisie par les actionnaires. 

Augmentation du nombre d'actions disponibles selon les Plans d'Achat d'Actions des Collaborateurs 

Point 4 

Proposition 

Le  Conseil  d'Administration  propose  d'approuver  la  distribution  d'un  nombre  supplémentaire  de  5'000'000 
d'actions  dans  le  cadre  du  Plan  d'Achat  d'Actions  des  Collaborateurs  (américains)  de  1996  et  du  Plan  d'Achat 
d'Actions des Collaborateurs (non américains) de 2006. 

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Explication 

Les  plans  d'achat  d'actions  des  collaborateurs  de  Logitech  encouragent  la  détention  d'actions  par  des 
collaborateurs  et  aligne  ainsi  l'intérêt  des  collaborateurs  sur  celui  des  actionnaires.  Le  Conseil  est  d'avis  que  la 
possibilité  de  faire  profiter  les  collaborateurs  de  ce  programme  est  importante  pour  attirer,  motiver  et  retenir  les 
collaborateurs de talent dont dépend le succès de Logitech. 

     Les  plans  d'achat  d'actions  des  collaborateurs  de  Logitech  offrent  aux  collaborateurs  éligibles  la  possibilité 
d'acquérir des actions Logitech au moyen de retenues périodiques de salaire qui sont affectées à l'achat d'actions à un 
prix  inférieur  au  cours  de  bourse.  L'objet  principal  de  ces  plans  est  de  donner  aux  collaborateurs  la  possibilité 
d'acquérir une participation dans Logitech. Des copies du Plan d'Achat d'Actions des Collaborateurs (américains) de 
1996 (le "Plan de 1996") et le Plan d'Achat d'Actions des Collaborateurs (non américains) de 2006 (le "Plan de 2006" 
et, collectivement avec le Plan de 1996, les "Plans d'Achat d'Actions", sont disponibles sous forme d'annexes à notre 
formulaire S-8 POS qui a été déposé auprès de la Securities and Exchange Commission le 30 janvier 2009, et qui peut 
être consulté à l'adresse http://www.sec.gov.  

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Nos  collaborateurs  ont  participé  à  nos  Plans  d'Achat  d'Actions  pendant  plus  de  15  ans.  La  participation  est 
facultative et les collaborateurs qui participent au programme y contribuent au moyen de retenues effectuées sur leur 
salaire.  Dans  la  période  de  contribution  qui  s'est  achevée  le  31  janvier  2011,  plus  de  deux  tiers  des  collaborateurs 
éligibles de Logitech ont participé (soit approximativement 1'771 des 2'605 collaborateurs éligibles). Une conséquence 
directe  de  ce  taux  de  participation  élevé  est  un  élargissement  de  la  base  de  détention  avec  99.63%  des  actions 
distribuées acquises par des collaborateurs n'appartenant pas à la direction générale dans les deux dernières périodes 
d'offre. 

Nous  estimons  qu'au  moment  de  l'Assemblée  Générale  Ordinaire  2011,  des  16'000'000  d'actions  initialement 
autorisées  par  les  actionnaires,  environ  900'000  pourront  encore  être  distribuées  dans  le  cadre  des  Plans  d'Achat 
d'Actions. Nous estimons que toutes les actions restantes auront été vendues jusqu'à l'Assemblée Générale Ordinaire 
2012.  Si  les  ventes  d'actions  dans  le  cadre  des  Plans  d'Achat  d'Actions  dépassent  nos  attentes,  le  nombre  d'actions 
disponibles dans le cadre des Plans d'Achat d'Actions aura été épuisé avant l'Assemblée Générale Ordinaire 2009. En 
conséquence,  le  Conseil  demande  aux  actionnaires  d'approuver  une  augmentation  du  nombre  d'actions  disponibles 
dans  le  cadre  des  Plans  d'Achat  d'Actions  lors  de  l'Assemblée  Générale  Ordinaire  2011.  Une  augmentation  de 
5'000'000 d'actions devrait être suffisante pour couvrir les ventes anticipées dans le cadre des Plans d'Achat d'Actions 
pendant les trois prochaines années. Le tableau ci-dessous décrit le nombre d'actions actuellement disponibles dans le 
cadre des Plans d'Achat d'Actions ainsi que le nombre d'actions qui sera disponible si cette proposition est approuvée.  

Actions disponibles dans le cadre des 
Plans d'Achat d'Actions 

Nombre maximum d'actions disponibles dans le cadre des Plans d'Achat d'Actions des 
Collaborateurs......................................................................................................................  
Estimation du nombre d'actions achetées de 1996 jusqu'à septembre 2011.........................  
Estimation du nombre d'actions disponibles dans le cadre des Plans d'Achat d'Actions des 
Collaborateurs en septembre 2011.......................................................................................  
Nouvelles actions disponibles si l'augmentation proposée est approuvée............................  
Nombre maximum d'actions susceptibles d'être distribuées dans le cadre des Plans 
d'Achat d'Actions des Collaborateurs ..................................................................................  

16.0 millions  

(15.1 millions) 

0.9 million  

5.0 millions 

5.9 millions  

Lors  de  l’Assemblée  générale  ordinaire  de  2008,  les  actionnaires  avaient  approuvé  une  augmentation  à 

concurrence de 4'000'000 actions, du nombre de titres disponibles dans le cadre des Plans d'Achat d'Actions. 

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Informations générales concernant les Plans d'Achat d'Actions de Logitech  

Le Plan de 1996 a été adopté par le Conseil d'Administration le 24 avril 1996 comme Plan International d'Achat 
d'Action  des  Collaborateurs  et  a  été  approuvé  en  dernier  lieu  par  les  actionnaires  de  Logitech  le  27  juin  2002.  Par 
décision  du  Conseil  d'Administration  du  15  juin  2006,  le  Plan  de  1996  a  été  divisé  en  un  plan  destiné  aux 
collaborateurs basés aux Etats-Unis et un autre plan destiné aux collaborateurs basés en dehors des Etats-Unis. 

Les Plans d'Achat d'Actions permettent aux collaborateurs d'acheter des actions deux fois par année à l'échéance 
de deux périodes d'offre de six mois. Le prix d'achat est de 85% du cours de bourse des actions Logitech le premier 
jour de la période d'offre de six mois ou, si cette valeur est inférieure, 85% du cours de bourse des actions le dernier 
jour de la période d'offre. Les collaborateurs peuvent contribuer jusqu'à 10% de leur salaire annuel, sous réserve d'une 
limite  de  $25'000  par  année  calculée  conformément  aux  règles  fiscales  américaines.  La  plupart  des  sociétés  avec 
lesquelles  nous  sommes  en  concurrence  pour  le  recrutement  de  talents  aux  Etats-Unis  offrent  des  programmes 
d'actions à leurs collaborateurs. En dehors des Etats-Unis, nous pensons que les Plans d'Achat d'Actions nous aident à 
nous distinguer d'autres sociétés avec lesquelles nous sommes en concurrence pour le recrutement, car nous pensons 
que des plans d'actions comparables aux nôtres ne sont pas aussi répandus qu'ils le sont aux Etats-Unis. 

Pendant  l'exercice  2011,  1'128’706  actions  (1'073'833  pendant  l'exercice  2010  et  1'094'898  pendant  l'exercice 
2009) ont été distribuées dans le cadre  des Plans d'Achat d'Actions, engendrant un coût de dilution annuel de 0.6% 
(contre également 0.6% pendant l'exercice 2010 et 0.6% pendant l'exercice 2009). La dilution annuelle est égale au 
nombre  d'actions  distribuées divisé  par  le  nombre  d'actions  moyen  en  circulation  pendant  l'exercice  pertinent. Nous 
nous  attendons  à  ce  que  l'approbation  de  l'émission  de  5'000'000  d'actions  supplémentaires  dans  le  cadre  des  Plans 
d'Achat  d'Actions,  combiné  aux  actions  restantes  à  émettre  dans  le  cadre  des  Plans  d'Achat  d'Actions  au  mois  de 
septembre 2011, donne lieu à une dilution d'environ 3.3% jusqu'à l'échéance des plans.  

Termes essentiels  

Seul le nombre d'actions susceptibles d'être émises dans le cadre des Plans d'Achat d'Actions changera si cette 
proposition est approuvée par les actionnaires. Les autres termes des Plans d'Achat d'Actions resteront inchangés. Pour 
faciliter la compréhension, les termes essentiels des Plans d'Achat d'Actions sont résumés ci-dessous. 

Eligibilité  

Les collaborateurs de certaines filiales de Logitech peuvent participer aux Plans d'Achat d'Actions. Logitech peut 
modifier au fil du temps le cercle des filiales dont les collaborateurs sont éligibles. Les collaborateurs de Logitech qui 
travaillent sur une base régulière de 20 heures au moins par semaine et cinq mois au moins par année peuvent, dans la 
mesure  permise  par  la  loi,  participer  aux  Plans  d'Achat  d'Actions.  Logitech  peut  adopter  des  règles  obligeant  les 
collaborateurs  à  souscrire  aux  actions  pendant  une  période  minimum  (actuellement  7  jours)  avant  le  début  d'une 
période d'inscription. Au 24 juin 2011, environ 2'870 collaborateurs pouvaient participer aux Plans d'Achat d'Actions. 

Les  collaborateurs  ne  peuvent  pas  participer  aux  Plans  d'Achat  d'Actions  si,  immédiatement  après  cette 
acquisition,  ils  détiendraient  (directement  ou  indirectement)  des  actions  qui,  ajoutées  aux  actions  qu'ils  pourraient 
acheter  par  l'exercice  d'options  existantes,  représenteraient  5%  ou  plus  du  pouvoir  de  vote  combiné  des  actions 
Logitech. 

Inscription et participation  

Un employé éligible qui souhaite s'inscrire et participer aux Plans d'Achat d'Actions doit conclure un contrat de 
souscription  (qui  comprend  un  contrat  prévoyant  des  retenues  de  salaire)  avec  Logitech  pendant  une  période 
d'inscription.  Le  contrat  de  souscription  autorise  Logitech  à  retenir  automatiquement  un  certain  pourcentage  des 
revenus  des  participants  au  moyen  d'une  retenue  de  salaire.  Le  montant  de  ces  retenues  est  crédité  sur  un  compte 
ouvert au nom du participant dans les livres de Logitech pendant la période d'offre. Le montant minimum de la retenue 
permise est de 1% de la rémunération, et le montant maximum est de 10% des revenus réguliers. Aucun intérêt n'est 
payé ou crédité sur le montant des salaires retenus.  

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Les participants peuvent augmenter, mais pas réduire, leur niveau de contribution pendant une période d'offre en 
remettant un nouveau contrat de souscription. Si un participant n'a pas suivi ces procédures pour changer le niveau de 
ses contributions, le niveau de contribution est maintenu au taux initialement convenu pendant toute la période d'offre 
ainsi que pendant les périodes d'offre subséquentes. Les participants peuvent changer leur niveau de contribution pour 
la période d'offre suivante en remettant une convention de souscription modifiée pendant la période d'inscription. 

Administration  

Le Conseil d'Administration, ou un comité du Conseil (le "Conseil"), administre les Plans d'Achat d'Actions. Le 

Conseil peut interpréter les Plans d'Achat d'Actions et adopter, modifier ou abroger les règles qui s'y rapportent. 

Périodes d'offre  

Les  Plans  d'Achat  d'Actions  prévoient  des  séries  de  périodes  d'offre  de  six  mois  chacune,  avec  de  nouvelles 
périodes d'offre commençant le 1er février et le 1er août de chaque année et se terminant le dernier jour de bourse de 
la période de six mois s'achevant le 31 juillet et le 31 janvier suivant ou à toute autre date arrêtée par le Conseil. Le 
Conseil peut modifier la fréquence ou la durée des périodes d'offre (y compris le début des périodes d'offre).  

Achat d'actions  

Le  dernier  jour  de  chaque  période  d'offre,  tous  les  participants  achètent  le  nombre  entier  d'actions  obtenu  en 
divisant le montant total se trouvant sur le compte qui a été crée pour eux dans le cadre des Plans d'Achat d'Actions 
par le prix d'achat applicable pour cette période d'offre. Aucune fraction d'action n'est émise ou portée en compte. Le 
prix d'achat pour une période d'offre est de 85% de la "valeur de marché" des actions Logitech le premier jour de la 
période d'offre de six mois ou, si cette valeur est inférieure, 85% de la "valeur de marché" des actions le dernier jour 
de  la  période  d'offre.  La  "valeur  de  marché"  est  le  dernier  cours  de  bourse  à  la  date  déterminante.  Le  Conseil  peut 
modifier  le  pourcentage  de  la  valeur  de  marché  utilisée  pour  déterminer  le  prix  d'achat  pour  toutes  périodes  d'offre 
futures,  mais  il  ne  peut  pas  fixer  de  pourcentage  inférieur  à  85%.  Si  le  nombre  total  d'actions  souscrites  pour  une 
période d'offre dépasse le nombre d'actions disponibles dans le cadre des Plans d'Achat d'Actions, le nombre d'actions 
pouvant être acheté par chaque participant est réduit proportionnellement.  

Transférabilité  

Les participants ne peuvent pas transférer leurs droits de souscrire ou tout autre droit leur revenant dans le cadre 
des  Plans  d'Achat  d'Actions,  sauf  par  succession  pour  cause  de  mort.  Tout  transfert  de  tels  droits  sera  considéré 
comme étant invalide. 

Retrait  

Pendant  une  période  d'offre,  les  participants  peuvent  se  retirer  des  Plans  d'Achat  d'Actions  en  informant 
Logitech. En cas de retrait, le solde du compte du participant lui est remboursé en espèces et sans intérêts, son droit de 
participer dans la période d'offre en cours est automatiquement révoqué et les retenues de salaire faites en vue d'achats 
d'actions sont interrompues pour le reste de la période d'offre.  

Ajustements  

Le  nombre  d'actions  couvert  par  les  Plans  d'Achat  d'Actions,  le  nombre  ainsi  que  le  prix  d'achat  des  actions 
couvertes par les droits d'achat existants sont ajustés proportionnellement en cas de modification des actions émises de 
Logitech du fait du paiement de dividendes, de divisions d'actions, consolidations d'actions, augmentations de capital, 
assainissements ou évènements similaires. 

Modification et mise à terme des Plans d'Achat d'Actions  

Le  Conseil  peut  modifier  ou  mettre  un  terme  aux  Plans  d'Achat  d'Actions  en  tout  temps  et  sans  préavis. 
Toutefois, de telles modifications sont subordonnées à l'approbation des actionnaires lorsqu'une telle approbation est 
requise selon la loi applicable. 

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Actions à racheter 

Aucune  option  d’achat  n’a  été  accordée  et  aucune  action  n’a  été  émise  sur  la  base  de  l’augmentation  de 
5'000'000  actions  qui  fait  l’objet  de  cette  proposition.  Etant  donné  que  les  bénéfices  des  Plans  d'Achat  d'Actions 
dépendront d’une part de la volonté des employés d’y participer et, d’autre part, de la fair market value de nos actions 
à différentes dates dans le futur, il n’est pas possible de déterminer à l’avance les bénéfices qui seront perçus par les 
dirigeants  et  autres  employés  si  l’augmentation  du  nombre  d’actions  dans  le  cadre  des  Plans  d'Achat  d'Actions  est 
acceptée par les actionnaires. 

Les administrateurs non exécutifs ne peuvent pas participer aux Plans d'Achat d'Actions. Toutefois, le tableau 
ci-dessous présente pour les personnes et/ou groupes listés (a) le nombre d’actions achetées dans le cadre des Plans 
d'Achat  d'Actions  dans  le  courant  de  l’exercice  2011 ;  ainsi  que  (b)  la  valeur  de  marché  de  ces  actions  au  31  mars 
2011. Le prix par action (déterminé comme décrit ci-dessus) était de $13.38. Le prix de la dernière transaction relative 
aux actions Logitech effectuée le 30 juin 2011 au NASDAQ était de $11.24. 

Individu ou groupe 

Guerrino De Luca 
Gerald Quindlen 
Erik Bardman 
Werner Heid 
Junien Labrousse   
Actuels cadres responables en tant que groupe (6) 
Actuels administrateurs non-exécutifs en tant que groupe 
Tout employé, sauf les cadres responsables 

Nombre d’actions 
achetées 

Valeur marchande des 
actions achetées 

                          - 
                          - 
                          - 
                        2’630 
                        1’523 
                        4’153 
                          - 
                1’128’706

                               - 
                               - 
                               - 
                            47’682 
                            27’612 
                            75’294 
                                - 
                     20’463’440

Traitement fiscal aux Etats-Unis  

Les règles fiscales fédérales américaines applicables au Plan de 1996 selon le U.S. Tax Code sont résumées ci-
dessous. Ce résumé ne traite pas des impôts pouvant être dus dans une commune, un Etat ou une juridiction autre que 
les Etats-Unis dans lequel le participant pourrait résider. 

Aucun revenu imposable n'est imputé à un participant au moment de l'octroi du droit d'achat dans le cadre du 
Plan de 1996 ou au moment auquel les actions sont achetées du fait de l'exercice de ce droit. Si un participant n'aliène 
pas les actions acquises dans le cadre du Plan de 1996 dans les deux ans qui suivent la "date d'octroi" (qui est, pour 
chaque  période  d'offre,  le  dernier  jour  pendant  lequel  les  actions  sont  négociées  avant  la  période  d'inscription  qui 
précède la période d'offre pertinente), le montant soumis à l'impôt fédéral sur le revenu est (a) la portion du produit de 
la  vente  des  actions  dépassant  le  prix  d'acquisition  ou,  si  ce  montant  est  inférieur,  (b)  de  la  valeur  de  marché  des 
actions au jour de l'octroi. L'impôt fédéral sur les gains en capitaux est le cas échéant dû sur le montant correspondant 
à  la  portion  du  produit  de  la  vente  dépassant  la  somme  du  prix  d'acquisition  et  le  montant  du  revenu  ordinaire 
déterminé  au  moment  de  l'aliénation.  Si  l'aliénation  donne  lieu  à  une  perte  (c'est-à-dire  si  la  valeur  des  actions  au 
moment de l'aliénation est inférieure au prix d'acquisition) aucun revenu ordinaire n'est réputé avoir été acquis et le 
régime fédéral applicable aux pertes de capital à long terme est appliqué, à condition que l'aliénation ait été faite au 
profit de certains tiers qui ne sont pas des proches. 

Si  un  participant  aliène  des  actions  moins  de  deux  ans  après  la  date  d'octroi,  la  différence  entre  le  prix 
d'acquisition  et  la  valeur  de  marché  des  actions  à  la  date  d'acquisition  (le  dernier  jour  d'une  période  d'offre)  sera 
imposé  comme  revenu  ordinaire  et  est  déductible  pour  Logitech.  Le  cas  échéant,  la  part  du  produit  de  la  vente 
dépassant la valeur de marché des actions à la date d'acquisition est imposé comme un gain en capital à long terme ou 
à court terme, selon la période de détention. Logitech ne peut pas déduire pour les besoins de la fiscalité américaine les 

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montants  imposés  chez  un  participant  comme  revenu  ordinaire  ou  gain  en  capital,  à  moins  que  le  revenu  ordinaire 
attribué à un participant soit générée par une aliénation réalisée moins de deux ans après la date d'octroi. 

Majorité requise 

L'approbation de ce point requiert la majorité des voix exprimées par les personnes présentes ou représentées à 

l'Assemblée Générale Ordinaire, sans tenir compte des abstentions. 

Recommandation du Conseil  

Le Conseil d'administration recommande de voter en faveur de l'augmentation du nombre d'actions susceptibles 

d'être acquises dans le cadre des Plans d'Achat d'Actions.  

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Point 5 

Autorisation de détenir plus de 10% d’actions propres 

Proposition 

Le Conseil d’administration propose aux actionnaires d'autoriser Logitech à détenir plus de 10 pour cent de ses 

propres actions 

Explication 

En  droit  suisse  des  sociétés,  les  actions  qui  sont  rachetées  ne  sont  pas  automatiquement  annulées,  mais  sont 
détenues dans la trésorerie de la société en attendant soit la décision des actionnaires relative à leur annulation soit leur 
réutilisation  par  la  société  pour  couvrir  des  obligations  d'émission,  sous  réserve  de  certaines  limites  de  temps  et  le 
respect  de  certaines  procédures.  La  responsabilité  personnelle  des  membres  du  Conseil  d’administration  peut  être 
engagée en cas de dommage causé à la société du fait de cette détention de plus de 10 pour cent d’actions propres. 
L'approbation  de  cette  proposition  peut  diminuer  la  responsabilité  personnelle  potentielle  des  membres  du  Conseil 
d'administration dans de telles circonstances. 

Logitech  détient  actuellement  environ  6  pour  cent  de  ses  propres  actions  dans  sa  trésorerie.  Si  la  Société 
commence d’importants rachats dans le cadre du programme de rachat d'actions, elle pourrait bientôt accumuler des 
actions de trésorerie représentant près de 10 pour cent de son capital émis. Afin de fournir à la Société une plus grande 
flexibilité  dans  la  gestion  de  son  capital,  le  Conseil  d'administration  sollicite  l'autorisation  d’amener  la  Société  à 
détenir plus de 10 pour cent de ses propres actions, dans la mesure où les actions excédant le seuil de 10 pour cent sont 
rachetées  en  vue  d'être  annulées.  Dans  le  cas  d'un  vote négatif  sur  cette  proposition  par  les  actionnaires,  le  Conseil 
d'administration fera en sorte que la Société ne dépasse pas le seuil de 10 pour cent d’actions propres. 

Des conséquences fiscales potentiellement défavorables peuvent être évitées si un rachat d'actions au dessus du 
seuil de 10 pour cent est réalisé pas l’intermédiaire d’une "seconde ligne de négoce" de façon à permettre la retenue de 
l’impôt  anticipé.  Si  le  Conseil  d'administration  devait  décider  de  faire  usage  de  l'autorisation  contenue  dans  cette 
proposition,  il  demanderait  l’approbation  de  la  Commission  suisse  des  offres  publiques  d’acquisition,  et  requerrait 
l'ouverture d'une seconde ligne de négoce auprès du SIX Swiss Exchange en vue de l’achat des actions à annuler. Le 
Conseil prendrait également des mesures appropriées pour permettre le prélèvement de l’impôt anticipé qui serait dû 
dans ce cas. 

Majorité requise 

L'approbation de ce point requiert la majorité des voix exprimées par les personnes présentes ou représentées à 
l'Assemblée  générale  ordinaire,  sans  tenir  compte  des  abstentions  et  sans  tenir  compte  des  voix  des  membres  du 
Conseil d’administration ou des membres de la Direction de Logitech ainsi que des voix représentées par Logitech. 

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Recommandation du Conseil  

Le Conseil d’administration recommande de voter en faveur de la décision suivante: 

"La Société est autorisée à détenir plus de 10 pour cent de ses propres actions, dans la mesure où les actions 
propres dépassant la limite de 10 pour cent sont rachetées, sur une ligne de négoce séparée ou par tout autre 
moyen,  pour  être  annulées  dans  le  cadre  d’une  réduction  du  capital-actions  qui  sera  proposée  lors  de 
l'assemblée générale ordinaire de la Société en 2012 et/ou en 2013." 

Point 6 
Report à nouveau du bénéfice résultant du bilan sans paiement de dividende 

Proposition 

Le Conseil d’administration propose de ne pas verser de dividende sur la base du bénéfice réalisé pour l'exercice 
2011  et  que  le  bénéfice  de  CHF  507'730'000  (US  $  609'449'000  au  taux  de  change  du  30  juin  2011)  soit  reporté  à 
nouveau. 

(les chiffres sont indiqués en milliers) 

Bénéfice reporté au début de l'exercice 2011 .............................. 
Report à nouveau du bénéfice décidé par l'Assemblée générale 
ordinaire 2010 – dividende ......................................................... 
Prélèvement sur la réserve pour actions propres ......................... 
Bénéfice net pour l'exercice 2011................................................ 

CHF 349'312 

— 
CHF
CHF 138'205 
20'213 
CHF

Bénéfice à disposition de l'Assemblée générale ordinaire à la 
fin de l'exercice 2011................................................................... 

CHF 507'730 

Explication 

Le droit suisse requiert qu'une proposition d'emploi du bénéfice résultant du bilan soit soumise aux actionnaires 
pour approbation ou rejet lors de chaque assemblée générale ordinaire. Le bénéfice à disposition des actionnaires de 
Logitech à l'Assemblée générale ordinaire 2011 est le  bénéfice de Logitech International S.A., la société faîtière du 
groupe Logitech. 

Le  Conseil  d’administration  continue  de  penser  qu'il  est  dans  l'intérêt  de  Logitech  et  de  ses  actionnaires  de 
conserver  le  bénéfice  de  Logitech  pour  permettre  d'investir  dans  la  croissance  future  de  l'entreprise,  pour  financer 
d'éventuels rachats d'actions et pour acquérir, cas échéant, d'autres sociétés ou entreprises. En conséquence, le Conseil 
propose  de  ne  pas  verser  de  dividende  et  de  reporter  à  nouveau  le  bénéfice  à  disposition  de  l'Assemblée  générale 
ordinaire. 

En  cas  de  vote  négatif  sur  cette  proposition  par  l'assemblée,  le  Conseil  d’administration  prendra  le  vote  des 
actionnaires  en  considération,  et  convoquera  une  assemblée  générale  extraordinaire  pour  soumettre  à  nouveau  cette 
proposition ou une autre proposition aux actionnaires. 

Majorité requise 

L'approbation de ce point requiert la majorité des voix exprimées par les personnes présentes ou représentées à 

l'Assemblée générale ordinaire, sans tenir compte des abstentions. 

Recommandation 

Le Conseil d’administration recommande de voter en faveur du report à nouveau du bénéfice résultant du bilan 

sans paiement de dividende. 

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Point 7 

Décharge des membres du Conseil d’administration et de la Direction  
pour leur activité durant l'exercice 2011 

Proposition 

Le  Conseil  d’administration  propose  aux  actionnaires  de  donner  décharge  aux  membres  du  Conseil 

d’administration et de la Direction pour leur activité durant l'exercice 2011.  

Explication 

Comme il est usuel pour des sociétés suisses et conformément à l'article 698, alinéa. 2, chiffre 5 du Code suisse des 
obligations, les actionnaires sont invités à donner décharge aux membres du Conseil d’administration et de la Direction 
pour leur activité pendant l'exercice 2011 pour les faits révélés aux actionnaires. Cette décharge exclut des actions en 
responsabilité  de  la  part  de  la  Société  ou  d'actionnaires  pour  le  compte  de  la  Société  contre  des  membres  du  Conseil 
d’administration ou de la Direction pour leur activité pendant l'exercice 2011 portant sur des faits qui ont été portés à la 
connaissance des actionnaires. Toutefois, les actionnaires qui n'ont pas voté en faveur de la décharge, ou qui ont acquis 
leurs actions postérieurement au vote relatif à la décharge sans en avoir connaissance,  ne sont pas liés par le résultat du 
vote pendant une période de six mois suivant ce dernier. 

Majorité requise 

L'approbation de ce point requiert la majorité des voix exprimées par les personnes présentes ou représentées à 
l'Assemblée  générale  ordinaire,  sans  tenir  compte  des  abstentions  et  sans  tenir  compte  des  voix  des  membres  du 
Conseil d’administration ou des membres de la Direction de Logitech ainsi que des voix représentées par Logitech. 

Recommandation  

Le Conseil d’administration recommande de voter en faveur de la proposition de donner décharge aux membres 

du Conseil d’administration et de la Direction pour leur activité pendant l'exercice 2011. 

Point 8 

Elections au Conseil d’administration 

Le Conseil d’administration est actuellement composé de neuf membres. Chaque administrateur est élu pour une 
période  de  trois  ans,  avec  des  échéances  échelonnées  dans  le  temps  de  façon  à  ce  que  tous  les  administrateurs  ne 
doivent pas être élus au même moment. Il s'agit là d'une pratique recommandée par le Code suisse de bonnes pratiques 
en matière de gouvernance d'entreprise pour favoriser la continuité au sein du Conseil. 

Sur recommandation du  Comité  de  nomination,  le  Conseil  propose  d'élire  les  deux personnes  mentionnées  ci-
dessous en qualité d'administrateur pour une période de trois ans commençant lors de l'Assemblée générale ordinaire 
du 7 septembre 2011. Ces personnes sont actuellement membres du Conseil d’administration. Leur mandat viendra à 
échéance le jour de l'Assemblée générale ordinaire, soit le 7 septembre 2011. 

Un vote séparé sera tenu pour chaque candidat. 

Si l'un des candidats au poste d'administrateur n'est pas en mesure ou ne souhaite plus faire acte de candidature 
au moment de l'Assemblée générale ordinaire, les actionnaires qui participent à l'Assemblée ou qui y sont représentés 
par le Représentant Indépendant ou par un tiers pourront voter : (1) pour un candidat de remplacement proposé par le 
Conseil  actuel  ou  (2)  pour  un  autre  candidat  de  remplacement.  Selon  le  droit  suisse,  les  membres  du  Conseil  ne 
peuvent être élus que par les actionnaires. En l'absence d'autres candidats et si les personnes mentionnées ci-dessous 
sont  élues,  le  Conseil  sera  formé  de  neuf  membres.  Le  Conseil  n'a  pas  de  raison  de  penser  que  l'un  ou  l'autre  des 
candidats ne souhaitera pas ou ne sera pas en mesure d'assumer son rôle d'administrateur s'il est élu.  

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Pour davantage d'informations sur le Conseil d’administration, en particulier ses membres actuels, ses comités, et la 
façon dont le Conseil supervise les activités  de la direction générale de Logitech, nous vous prions de vous référer à la 
section "Informations concernant le Conseil d’administration et rapport de rémunération" ci-dessous.  

8.1  Re-élection de Matthew Bousquette 

Proposition:  Le  Conseil  d’administration  propose  de  re-élire  M.  Matthew  Bousquette  au  Conseil 

d’administration pour une nouvelle période de trois ans.  

M. Matthew Bousquette, a été un administrateur non-executif de la Société depuis juin 2005. Il est actuellement 
le Président du Conseil de EGI Holdings LLC, un producteur d'objets à offrir et d'objets de décoration pour la maison 
et  le  jardin  basé  aux  Etats-Unis.  Il  a  été  President  de  l'unité  Mattel  Brands  de  Mattel  Inc.  M.  Bousquette  a  rejoint 
Mattel en qualité de Senior Vice President of marketing en décembre 1993, et a été promu à des postes à responsabilité 
croissante  chez  Mattel,  en  particulier  au  poste  de  General  Manager  de  Boys  Toys  en  juillet  1995,  Executive  Vice 
President de Boys Toys en mai 1998, President de Boys/Entertainment en mars 1999, et President de Mattel Brands 
de février 2003 à octobre 2005. Le parcours professionnel antérieur de M. Bousquette comprend divers postes chez 
Lewis Galoob Toys, Teleflora et Procter & Gamble. M. Bousquette est titulaire d'un  BBA degree de l'Université du 
Michigan. Il a 52 ans et est citoyen américain. 

M. Bousquette apporte au Conseil d’administration sa grande expertise en matière de direction, de stratégie, de 
finance et de marketing de par son poste actuel en tant que président d’une société de produits de consommation, ainsi 
que de par son précédent poste en qualité de cadre supérieur chez Mattel. 

M. Bousquette est membre du Conseil d'administration depuis juin 2005. Il siège actuellement au Comité d’audit 
et préside le Comité de rémunération du Conseil d'administration. Le Conseil d'administration a déterminé qu'il est un 
administrateur indépendant. 

8.2  Re-élection de Richard Laube 

Proposition:  Le  Conseil  d’administration  propose  de  re-élire  M.  Richard  Laube  au  Conseil  d’administration 

pour une nouvelle période de trois ans.  

M.  Richard  Laube  est  Chief  Executive  Officer  de  Nobel  Biocare  Holding  A.G.,  depuis  le  mois  d’avril  2011.  
Antérieurement,  il  était  Executive  Vice  President  de  Nestlé  S.A.,    Chief  Executive  Officer  de  Nestlé  Nutrition  et 
membre du Comité exécutif de Nestlé jusqu’au mois d’août 2010. Il a rejoint Nestlé en avril 2005 en qualité de Deputy 
Executive Vice President, Corporate Business Development, et a été nommé Deputy Executive Vice President, Chief 
Executive Officer de Nestlé Nutrition en novembre 2005. Il a été nommé  Executive Vice President en 2008. Depuis 
janvier 2011,  il  a  également  conseillé  Roark  Capital  Group, une  société  de  private  equity  basée  à Atlanta,  Georgie. 
Avant de rejoindre Nestlé, il a travaillé de 1999 à 2004 en qualité de President de Roche Consumer Health, et a fait 
partie du Comité exécutif de Roche de 2001 à 2004. Auparavant, il a travaillé pour Procter & Gamble de 1980 à 1998, 
assumant des responsabilités croissantes en Suisse, aux Etats-Unis, au Japon, en Allemagne et au Brésil. M. Laube est 
titulaire d'un Master et d'un Bachelors of Art en Organizational Development and Evaluation Research de l'Université 
de Boston. Il a 55 ans et est citoyen suisse et américain. 

En tant que CEO d’une importante société cotée et ancien cadre supérieur de l’une des sociétés de produits de 
consommation les plus connues dans le monde, ayant une grande expérience de la stratégie commerciale ainsi qu’en 
marketing, M. Laube apporte au Conseil d’administration sa grande expertise en matière de direction, de marketing de 
marque ainsi que son expérience internationale. . 

M. Laube est membre du Conseil d'administration depuis  le mois de septembre 2008. Il siège actuellement au 
Comité  de  rémunération  du  Conseil  d'administration.  Le  Conseil  d'administration  a  déterminé  qu'il  est  un 
administrateur indépendant. 

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Majorité requise 

L'approbation de ce point requiert la majorité des voix exprimées par les personnes présentes ou représentées à 

l'Assemblée générale ordinaire, sans tenir compte des abstentions. 

Recommandation  

Le  Conseil  d’administration  recommande  de  voter  en  faveur  de  l'élection  au  Conseil  de  chacun  des  candidats 

mentionnés ci-dessus. 

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Re-élection de PricewaterhouseCoopers S.A. en qualité d'organe de révision 

Point 9 

Proposition 

Le Conseil d’administration propose de re-élire PricewaterhouseCoopers S.A. en qualité d'organe de révision de 

Logitech International S.A. pour une période d'une année. 

Explication 

PricewaterhouseCoopers S.A., sur recommandation du Comité d'audit du Conseil, est proposé pour re-élection 
pour  une  nouvelle  période  d'une  année  en  qualité  d'organe  de  révision  de  Logitech  International  S.A. 
PricewaterhouseCoopers S.A. a effectué son premier mandat de révision pour Logitech en 1988. Des informations sur 
les  honoraires  que  Logitech  a  payés  à  PricewaterhouseCoopers  S.A.,  ainsi  que  d'autres  informations  concernant 
PricewaterhouseCoopers  S.A.,  figurent  sous  la  rubrique  “Independent  Public  Accountants”  et  “Report  of  the  Audit 
Committee” de la version anglaise de cette Invitation et Document d'Information.  

Un membre de PricewaterhouseCoopers S.A. sera présent lors de l'Assemblée générale ordinaire. Il pourra y faire 

une déclaration et répondre à vos questions. 

Majorité requise 

L'approbation de ce point requiert la majorité des voix exprimées par les personnes présentes ou représentées à 

l'Assemblée Générale ordinaire, sans tenir compte des abstentions. 

Recommandation  

Le Conseil d’administration recommande de voter en faveur de la re-élection de PricewaterhouseCoopers S.A. 

en qualité d'organe de révision de Logitech International S.A. pour l'exercice se terminant le 31 mars 2012. 

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INFORMATIONS CONCERNANT LE CONSEIL D’ADMINISTRATION ET LE RAPPORT  DE 
REMUNERATION 

Vous  êtes  invités  à  vous  référer  à  la  version  anglaise  de  cette  Invitation  et  Document  d'Information  pour 
davantage d'informations sur notre Conseil d’administration et consulter notre rapport de rémunération pour 2011. La 
version anglaise de cette Invitation et Document d'Information fait foi en cas de divergence avec les autres versions. 

***** 

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28. Juli 2011 

An unsere Aktionärinnen und Aktionäre: 

Sie  sind  herzlich  eingeladen,  an  der  ordentlichen  Generalversammlung  2011  der  Logitech  International  S.A. 
teilzunehmen. Die Versammlung findet am Mittwoch, 7. September 2011 um 14:30 Uhr im Palais de Beaulieu, Saal 
Rom, in Lausanne, Schweiz, statt. 

Beiliegend  finden  Sie  die  Einladung  und  das  Informationsmaterial  für  die  Versammlung,  einschliesslich  der 
Traktandenliste  und  der  Erläuterung  der  zur  Abstimmung  kommenden  Vorlagen  sowie,  die  notwendigen 
Informationen  zur  Ausübung  des  Stimmrechts,  den  Bericht  über  die  Entschädigung  der  Mitglieder  des 
Verwaltungsrates und der Geschäftsleitung sowie weitere wichtige Informationen. 

Ob Sie an der Generalversammlung teilnehmen oder nicht, Ihre Stimme ist wichtig. 

Herzlichen Dank für Ihre anhaltende Unterstützung der Logitech International S.A. 

GUERRINO DE LUCA 
Präsident des Verwaltungsrates 

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LOGITECH INTERNATIONAL S.A. 

Einladung zur ordentlichen Generalversammlung 
Mittwoch, 7. September 2011 
14:30 Uhr (Türöffnung um 13:30 Uhr) 
Palais de Beaulieu – Lausanne, Schweiz 

***** 

TRAKTANDENLISTE 

A.  Berichte  

Geschäftsbericht für das am 31. März 2011 zu Ende gegangene Geschäftsjahr 

B.  Anträge 

1.  Genehmigung  des  Jahresberichtes,  des  Entschädigungsberichtes,  der  Konzernrechnung  und  der 

Jahresrechnung der Logitech International S.A. für das Geschäftsjahr 2011 

2.  Konsultative Abstimmung über die Managementvergütung 

3.  Konsultative  Abstimmung  über  die  Häufigkeit  der  zukünftigen  konsultativen  Abstimmungen  über  die 

Managementvergütung 

4.  Aufstockung der unter dem Aktienerwerbsplan für Mitarbeiter verfügbaren Aktien 

5.  Genehmigung zum Halten eigener Aktien von mehr als 10 % 

6.  Vortrag des Bilanzgewinns des Geschäftsjahres 2011 ohne Ausschüttung einer Dividende 

7. 

Entlastung des Verwaltungsrates und der Geschäftsleitung für das Geschäftsjahr 2011 

8.  Wahlen in den Verwaltungsrat 

8.1.  Wiederwahl von Herrn Matthew Bousquette 

8.2.  Wiederwahl von Herrn Richard Laube 

9.  Wiederwahl von PricewaterhouseCoopers AG als Revisionsstelle 

Apples, Schweiz, 28. Juli 2011 

Der Verwaltungsrat 

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FRAGEN UND ANTWORTEN BETREFFEND DIE ORDENTLICHE GENERALVERSAMMLUNG 2011 
DER LOGITECH INTERNATIONAL S.A. ("LOGITECH") 

ALLGEMEINE INFORMATION AN ALLE AKTIONÄRINNEN UND AKTIONÄRE 

Warum erhalte ich diese Einladung und Information?  

Dieses  Dokument  soll  sowohl  dem  schweizerischen  Gesellschaftsrecht  als  auch  den  proxy  statement  rules  der 
Vereinigten Staaten von Amerika genügen. Ausserhalb der Vereinigten Staaten von Amerika und Kanadas wird diese 
Einladung  mit  Informationsmaterial  (die  "Einladung")  den  eingetragenen  Aktionären  zugestellt,  wobei  Teile  in 
französischer und deutscher Übersetzung abgegeben werden. Der englische Text dieser Einladung ist die massgebliche 
Version. Die Einladung steht den Aktionären ab dem 28. Juli 2011 zur Verfügung. 

Die  beigelegte  Antwortkarte  wird  Ihnen  im  Auftrag  des  Verwaltungsrates  von  Logitech  für  die  ordentliche 
Generalversammlung von Logitech übermittelt. Die Generalversammlung wird am Mittwoch, den 7. September 2011 
um 14:30, im Palais de Beaulieu, Rome Room, in Lausanne, Schweiz stattfinden. 

Wer ist an der Versammlung stimmberechtigt? 

Aktionäre,  die  im  Aktienregister  der  Logitech  (einschliesslich  dem  Unterregister  bei  "The  Bank  of  New  York 
Mellon  Corporation",  Logitechs  amerikanischer  Vermittlungsstelle)  am  Donnerstag,  1.  September  2011,  eingetragen 
sind, geniessen das Stimmrecht. Zwischen dem 2. September 2011 und dem auf die Versammlung folgenden Tag werden 
keine  Aktionäre  ins  Aktienregister  eingetragen.  Am  22.  Juni  2011  waren  135'340'661  Aktien  als  stimmberechtigt 
eingetragen,  bei  179'215'747  an  diesem  Tag  ausstehenden  Logitech  Aktien.  Die  Anzahl  an  der  Generalversammlung 
effektiv stimmberechtigter Aktien wird davon abhängen, wie viele zusätzliche Aktien zwischen dem 23. Juni 2011 und 
dem 1. September 2011 im Aktienregister ein- oder ausgetragen werden.  

Für  Information  über  das  Stimmrecht  von  amerikanischen  oder  kanadischen  Aktionären,  derer  Aktien  unter 
nominees  eingetragen  sind,  siehe  nachstehend  unter  "Zusätzliche  Informationen  für  amerikanische  und  kanadische 
Aktionäre, deren Aktien unter nominees eingetragen sind". 

Wer ist ein eingetragener Aktionär?  

Wenn Ihre Aktien in Ihrem Namen in unserem Aktienregister oder im Unterregister, das von "The Bank of New 
York  Mellon  Corporation",  unserer  amerikanischen  Vermittlungsstelle  geführt  wird,  eingetragen  sind,  sind  Sie  ein 
eingetragener Aktionär und diese Einladung wird Ihnen von Logitech direkt zugesandt. 

Wer ist ein wirtschaftlich Berechtigter mit Aktien, die unter einem nominee eingetragen sind?  

Aktionäre,  die  keine  direkte  Eintragung  in  unserem  Aktienregister  begehrt haben  und  ihre  Aktien  durch  einen 
Wertschriftenhändler,  trustee,  nominee  oder  eine  ähnliche  Gesellschaft  halten,  die  als  Aktionär  eingetragen  ist,  sind 
wirtschaflich Berechtigte an den Aktien, die im Namen des nominee eingetragen sind. Wenn Sie Logitech Aktien über 
einen amerikanischen oder kanadischen Wertschriftenhändler, trustee, nominee oder eine ähnliche Gesellschaft halten, 
was  der  typischen  Praxis  in  diesen  Ländern  entspricht,  so  wird  die  eingetragene  Gesellschaft  als  stimmberechtiger 
Aktionär betrachtet und diese Einladung wird Ihnen von diesen nominees zugesandt. Sie sind berechtigt, dem nominee 
Anweisungen zu erteilen, wie für die auf Ihrem Konto stehenden Aktien zu stimmen ist. 

Warum ist es für mich wichtig an den Abstimmungen teilzunehmen? 

Logitech  ist  eine  börsenkotierte  Gesellschaft  und  die  wichtigsten  Entscheide  können  nur  von  den  Aktionären 
getroffen werden. Ihre Stimme ist wichtig, ob Sie an der Versammlung teilnehmen wollen oder nicht. Wir bitten Sie 
deshalb, Ihre Aktien allenfalls vertreten zu lassen. 

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Wieviel eingetragene Aktien müssen vertreten sein, um die Rechtsgültigkeit der Versammlung sicherzustellen? 

Für  die  Generalversammlung  gibt  es  kein  Quorum.  Unter  schweizerischem  Recht  gibt  es  keine 
Mindestvertretungsvorschriften an Generalversammlungen und unsere Statuten enthalten keine Bestimmung, die ein 
solches Quorum vorsieht. 

Wo sind die wichtigsten Verwaltungssitze der Logitech?  

Logitechs schweizerischer Verwaltungssitz ist in 1110 Morges, Rue du Sablon 2-4, und unser Verwaltungssitz in 
den Vereinigten Staaten von Amerika ist in Fremont, California 94555, 6505 Kaiser Drive. Logitechs Telefonnummer 
in der Schweiz ist +41-(0)21-863-5111 und unsere Telefonnummer in den Vereinigten Staaten von Amerika ist +510-
795-8500.  

Wie kann ich Logitechs Jahresbericht und die weiteren jährlichen Berichte erhalten? 

Unser Jahresbericht 2011 zuhanden der Aktionäre, die Einladung und unser Jahresbericht auf Formular 10-K für 
das  Geschäftsjahr  2011,  wie  es  bei  der Securities  and  Exchange  Commission  der  Vereinigten  Staaten  von  Amerika 
hinterlegt wurde, können auf unserer Webseite unter http://ir.logitech.com eingesehen werden. Aktionäre können auch 
kostenlose Kopien dieser Dokumente an unseren Verwaltungssitzen in der Schweiz und den Vereinigten Staaten von 
Amerika an obgenannten Adressen bestellen. 

Wo kann ich die Abstimmungsresultate finden? 

Wir beabsichtigen, die Abstimmungsresultate an der Versammlung selbst bekannt zu geben und wir werden nach 
der Versammlung umgehend eine Pressemitteilung veröffentlichen. Wir werden zudem die Abstimmungsresultate auf 
einem Current Report Formular 8-K am Dienstag, 13. September 2011, an die Securities and Exchange Commission 
der  Vereinigten  Staaten  von  Amerika  übermitteln.  Eine  Kopie  des  Formulars  8-K  wird  auf  unserer  Website  unter 
http://ir.logitech.com einsehbar sein. 

Wenn ich nicht ein eingetragener Aktionär bin, darf ich an der Generalversammlung teilnehmen und 
stimmen? 

Sie  dürfen  nur  an  der  Generalversammlung  teilnehmen  und  Ihr  Stimmrecht  ausüben,  wenn  Sie  bis  zum  1. 
September  2011  im  Aktienregister  eingetragen  werden  oder  wenn  Sie  eine  Vollmacht  von  Ihrem  Effektenhändler, 
trustee oder nominee erhalten, der Ihre Aktien hält. Wenn Sie Ihre Aktien über einen nicht amerikanischen oder nicht 
kanadischen  Effektenhändler,  trustee  oder  nominee  halten,  können  Sie  ins  Aktienregister  eingetragen  werden.  In 
diesem Fall nehmen Sie bitte mit unserem Aktienregisterführer an unserem Verwaltungssitz in der Schweiz, an obiger 
Adresse,  Kontakt  auf  und  folgen  Sie  den  erhaltenen  Eintragungsinstruktionen.  In  gewissen  Ländern  kann  die 
Eintragung über die Bank oder den Effektenhändler begehrt werden, über die Sie Ihre Aktien halten. Wenn Sie Ihre 
Aktien über einen amerikanischen oder kanadischen Effektenhändler, trustee oder nominee halten, können Sie diesen 
kontaktieren  und  eingetragen  werden.  Bitte  folgen  Sie  den  entsprechenden  Instruktionen,  die  Sie  bei  dieser 
Gelegenheit erhalten. 

WEITERE INFORMATION FÜR EINGETRAGENE AKTIONÄRINNEN UND AKTIONÄRE 

Wie kann ich abstimmen, wenn ich nicht an der Generalversammlung teilnehmen möchte? 

Wenn Sie nicht an der Generalversammlung teilnehmen wollen, können Sie unter Option 3 auf der beiliegenden 
Antwortkarte entweder Logitech oder den unabhängigen Stimmrechtsvertreter, Frau Beatrice Ehlers, bevollmächtigen, 
Sie an der Versammlung zu vertreten. Bitte fügen Sie auf der Antwortkarte Ihre Stimminstruktionen bei und datieren 
und  unterzeichnen  Sie  die  Karte.  Bitte  senden  Sie  die  ausgefüllte  Antwortkarte  im  beiliegenden,  entsprechend 
adressierten  Umschlag  zurück.  Wenn  Sie  die  Antwortkarte  unterzeichnen,  ohne  für  gewisse  oder  alle  Traktanden 
Stimminstruktionen zu erteilen, wird Ihr Stimmrecht im Sinne der Anträge des Verwaltungsrates ausgeübt. Für weitere 

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Informationen verweisen wir Sie auf die Antwortkarte. 

Wie kann ich an der Generalversammlung teilnehmen? 

Wünschen  Sie  an  der  Generalversammlung  teilzunehmen,  wählen  Sie  Option  1  auf  der  Antwortkarte,  die  Sie 
anschliessend im beiliegenden Umschlag vor dem 26. August 2011 an Logitech zurück senden. Wir werden Ihnen eine 
Zutrittskarte zukommen lassen. Sollten Sie die Zutrittskarte vor der Generalversammlung nicht erhalten, können Sie 
dennoch an der Versammlung teilnehmen, sofern Sie am 1. September 2011 im Aktienregister eingetragen sind und 
sich am Versammlungsort ausweisen können. 

Kann ich mich an der Versammlung durch eine andere Person vertreten lassen? 

Ja. Wenn Sie sich nicht durch Logitech oder den unabhängigen Stimmrechtsvertreter vertreten lassen möchten, 
so wählen Sie bitte Option 2 auf der Antwortkarte und geben Sie Namen und Adresse Ihres Vertreters an. Bitte senden 
Sie die ausgefüllte und unterzeichnete Antwortkarte vor dem 26. August 2011 mittels beiliegenden Briefumschlags an 
Logitech  zurück.  Wir  werden  Ihrem  Vertreter  eine  Zutrittskarte  zukommen  lassen.  Wenn  Name  und  Adresse  des 
Vertreters  nicht  klar  sind,  wird  Logitech  die  Zutrittskarte  Ihnen  senden  und  Sie  müssen  sie  Ihrem  Vertreter 
weiterleiten. 

Kann ich meine Aktien vor der Versammlung verkaufen, wenn ich bereits Stimminstruktionen erteilt habe?  

Logitech verhindert die Übertragung von Aktien vor der Generalversammlung nicht. Wenn Sie aber Ihre Aktien 
vor der Generalversammlung verkaufen und das Aktienregister von der Übertragung benachrichtigt wird, werden Ihre 
Stimminstruktionen nicht befolgt. Wer Aktien nach der Schliessung des Registers am Donnerstag, 1. September 2011 
erwirbt,  wird  frühestens  an  dem  auf  die  Versammlung  folgenden  Tag  eingetragen  und  kann  deshalb  nicht  an  der 
Generalversammlung teilnehmen. 

Wenn ich mit der Antwortkarte Stimminstruktionen gegeben habe, kann ich diese noch ändern? 

Sie  können  Ihre  Stimminstruktionen  jederzeit  vor  der  Abstimmung  an  der  Generalversammlung  ändern.  Sie 
können bei uns eine neue Antwortkarte bestellen und Ihre Instruktionen widerrufen. Diesfalls werden wir Ihre frühere 
Antwortkarte annullieren. Wenn Sie erneut Instruktionen geben möchten, füllen Sie bitte die neue Antwortkarte aus 
und senden Sie diese uns zurück. Sie können auch an der Generalversammlung teilnehmen und persönlich abstimmen. 
Allerdings  wird  durch  Ihre  persönliche  Teilnahme  Ihre  Antwortkarte  nicht  automatisch  widerrufen,  es  sei  denn  Sie 
üben  Ihr  Stimmrecht  an  der  Versammlung  aus  oder  verlangen  ausdrücklich  schriftlich,  dass  Ihre  vorhergehende 
Antwortkarte annulliert werden soll.  

Was geschieht, wenn ich die Antwortkarte ausfülle und keine spezifischen Stimminstruktionen gebe?  

Wenn Sie ein eingetragener Aktionär sind und uns eine Antwortkarte ohne spezifische Instruktionen zu einem 
Teil  oder  zu  allen  Traktanden  zurücksenden,  werden  Ihre  Stimmrechte  im  Sinne  der  Anträge  des  Verwaltungsrates 
ausgeübt. Wenn Sie offene Instruktionen erteilen und zusätzliche Traktanden rechtmässig zur Abstimmung gebracht 
werden, werden Ihre Stimmrechte im Sinne der Anträge des Verwaltungsrates ausgeübt. 

Wenn  Ihre  Aktien  an  der  Versammlung  durch  ein  dem  Bundesgesetz  über  die  Banken  und  Sparkassen 
unterstehendes Institut oder durch einen professionellen Vermögensverwalter, der schweizerischem Recht untersteht, 
ausgeübt werden, sind diese zur Stimmabgabe im Sinne der Anträge des Verwaltungsrates verpflichtet, wenn Sie keine 
spezifischen Instruktionen erteilen. 

An wen kann ich mich wenden, wenn ich Fragen habe? 

Sollten Sie Fragen haben oder Hilfe im Zusammenhang mit der Stimmabgabe benötigen, rufen Sie uns bitte an 

unter der Telefonnummer +1-510-713-4220 oder senden Sie uns ein Email an investorrelations@logitech.com.  

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ZUSÄTZLICHE INFORMATIONEN FÜR AMERIKANISCHE ODER KANADISCHE WIRTSCHAFTLICH 
BERECHTIGTE AKTIONÄRE, DEREN TITEL UNTER NOMINEES EINGETRAGEN SIND 

Warum erhielt ich eine Informationsnotiz mit der Post betreffend die Verfügbarkeit des Stimmmaterials über 
Internet und nicht das Stimmmaterial selbst?  

Wir haben sichergestellt, dass das Stimmmaterial den wirtschaftlich berechtigten Aktionären, deren Titel unter 
amerikanischen  oder  kanadischen  Effektenhändlern,  trustees  oder  nominees  eingetragen  sind,  über  das  Internet  zur 
Verfügung steht. Aus diesem Grunde senden diese Effektenhändler, trustees oder nominees eine Information über die 
Verfügbarkeit  des  Stimmmaterials  an  die  wirtschaftlich  berechtigten  Aktionäre.  Alle  diese  Aktionäre  können  das 
Stimmmaterial auf einer Webseite abrufen, die in der genannten Information enthalten ist, oder das Stimmmaterial in 
gedruckter Form anfordern. Die Information enthält Angaben, wie das Stimmmaterial über das Internet erhältlich ist 
und  bei  wem  gedruckte  Exemplare  bestellt  werden  können.  Zusätzlich  können  die  wirtschaftlich  berechtigten 
Aktionäre, deren Aktien im  Namen von amerikanischen oder kanadischen Effektenhändlern, trustees oder nominees 
eingetragen sind, anfordern das Stimmmaterial laufend in gedruckter Form oder elektronisch per Email zu erhalten. 

Wie bekomme ich elektronisch Zugang zum Stimmmaterial?  

Die obenerwähnte Informationsnotiz erläutert,  

- 

- 

wie Sie Ihr Stimmmaterial auf dem Internet finden und  

wie Sie uns Anweisung erteilen können, wohin zukünftiges Stimmmaterial per Email gesandt werden soll. 

Wenn Sie die Wahl treffen, das zukünftige Stimmmaterial per Email zu erhalten, ersparen Sie uns Druck- und 
Versandkosten  und  Sie  vermindern  die  Auswirkungen  unserer  Generalversammlung  auf  die  Umwelt.  Wenn  Sie  die 
Wahl treffen, zukünftiges Stimmmaterial per Email zu erhalten, werden Sie nächstes Jahr ein Email erhalten, das Sie 
auf  die  entsprechende  Webseite  führt,  die  das  Material  sowie  einen  Link  für  Stimminstruktionen  enthält.  Ihre 
Anweisung, das Stimmmaterial per Email zu erhalten, bleibt bis zum Ihrem Widerruf in Kraft. 

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Wer darf Stimminstruktionen für die Generalversammlung erteilen? 

ihrem  Effektenhändler, 

Wirtschaftlich  berechtigte  Aktionäre,  die  ihre  Titel  über  amerikanische  oder  kanadische  Effektenhändler, 
trustees  oder  nominees  am  15.  Juli  2011  halten,  können 
trustee  oder  nominee 
Stimminstruktionen  erteilen.  Zusätzlich  hat  Logitech  mit  Hilfe  einer  Dienstleistungsgesellschaft  sichergestellt,  dass 
eine zusätziche Abgleichung der Aktienpositionen amerikanischer und kanadischer nominees zwischen dem 15. Juli 
und  dem  24.  August  2011  durchgeführt  wird.  Der  24.  August  2011  ist  für  Logitech  das  letztmögliche  Datum  zur 
Durchführung einer solchen Abgleichung. Dies sollte zu folgenden Korrekturen führen: wenn ein amerikanischer oder 
kanadischer  Halter,  der  am  15.  Juli  2011  wirtschaftlich  berechtigter  Aktionär  ist,  seine  Stimme  abgibt  aber 
nachträglich  seine  Titel  vor  dem  24.  August  2011  verkauft,  werden  die  Stimminstruktionen  annulliert.  Wenn  ein 
amerikanischer oder kanadischer Halter, der am 15. Juli 2011 wirtschaftlich berechtigter Aktionäre ist, seine Stimme 
abgibt  und  wirtschaftlich  berechtigter  Aktionär  bleibt,  aber  in  der  entsprechenden  Periode  einen  Teil  seiner  Titel 
verkauft oder weitere Titel zugekauft, so findet eine entsprechende Reduktion oder Erhöhung der Stimmen statt, wie 
sie sich am 24. August 2011 widerspiegeln. 

Wenn  Sie  nach  dem  15.  Juli  2011  über  einen  amerikanischen  oder  kanadischen  Effektenhändler,  trustee  oder 
nominee Aktien erwerben und diese an der Generalversammlung vertreten wollen oder wenn Sie Stimminstruktionen 
an  einen  Bevollmächtigten  geben  möchten,  müssen  Sie  direkt  ins  Aktienregister  eingetragen  werden.  Dazu 
kontaktieren  Sie  Ihren  Effektenhändler,  trustee  oder  nominee  und  folgen  seinen  Instruktionen.  Beginnen  Sie  diesen 
Prozess möglichst lange vor dem 1. September 2011, um sicherzustellen, dass das Stimmmaterial zugesandt werden 
kann und die Stimminstruktionen rechtzeitig bei uns ankommen.  

Wenn ich amerikanischer oder kanadischer wirtschaftlich berechtigter Aktionär bin, wie kann ich mein 
Stimmrecht ausüben? 

Wenn  Sie  in  dieser  Situation  persönlich  an  der  Generalversammlung  teilnehmen  möchten,  müssen  Sie  vom 

eingetragenen nominee eine Vollmacht erhalten. 

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Wenn Sie nicht persönlich an der Generalversammlung teilnehmen möchten, können Sie sich vertreten lassen. 
Sie  können  Ihre  Instruktionen  über  das  Internet,  per  Post  oder  per  Telefon  weitergeben,  wie  dies  in  der 
Informationsnotiz angegeben ist. 

Was geschieht wenn ich keine spezifischen Stimminstruktionen erteile?  

Wenn Sie wirtschaftlich berechtigter Aktionär in den Vereinigten Staaten von Amerika oder in Kanada sind und 
Ihre Aktien über einen Effektenhändler, trustee oder nominee halten, dem Sie keine spezifischen Stimminstruktionen 
erteilen,  wird  dieser  gemäss  den  Regeln  verschiedener  nationaler  oder  regionaler  Börsen 
in  blossen 
Routineangelegenheiten  abstimmen,  nicht  aber  in  anderen  Fragen.  Wenn  Sie  über  solche  anderen  Fragen  keine 
Instruktionen  erteilen,  wird  Ihr  nominee  sich  nicht  an  der  Abstimmung  über  diese  Punkte  beteiligen  und  seine 
Stimmen gelten als nicht abgegeben. Wir ermutigen Sie, Stimminstruktionen zu erteilen, gemäss den Anleitungen in 
der Informationsnotiz. Wir gehen davon aus, dass folgende Anträge nicht als Routineangelegenheit betrachtet werden: 
Antrag 2 (Konsultative Abstimmung über die Managementvergütung), Antrag 3 (Konsultative Abstimmung über die 
Häufigkeit der zukünftigen konsultativen Abstimmungen über die Managementvergütung), Antrag 4 (Aufstockung der 
unter  dem  Aktienerwerbsplan  für  Mitarbeiter  verfügbaren  Aktien),  Antrag  5  (Genehmigung  zum  Halten  eigener 
Aktien von mehr als 10 %), Antrag 6 (Vortrag des Bilanzgewinns des Geschäftsjahres 2011 ohne Ausschüttung einer 
Dividende), und Antrag 8 (Wahlen in den Verwaltungsrat). Alle anderen Anträge erachten wir als Routine. Sämtliche 
Stimmenthaltungen durch nominees werden als nicht abgegebene Stimmen gezählt. 

Bis wann kann ich meine Stimminstruktionen einreichen? 

Wenn Sie Ihre Aktien über ein amerikanisches oder kanadisches Institut halten, können Sie bis am 1. September 

2011, 23.59 Uhr (U.S. Eastern Daylight Time) Stimminstruktionen erteilen. 

Kann ich eine Instruktion ändern? 

Sie  können  Ihre  Vollmacht  widerrufen  und  Ihre  Instruktionen  jederzeit  bis  zur  Abstimmung  an  der 

Generalversammlung ändern. Sie können Ihre Instruktionen auf folgende Weisen ändern:  

-  Über  das  Internet  oder  das  Telefon  (einzig  die  letzte  Internet-  oder  Telefoninstruktion,  welche  vor  der 

Generalversammlung übermittelt wird, ist massgebend).  

-  Durch  Einsendung  einer  neuen,  vollständig  ausgefüllten  Stimmkarte,  die  ein  späteres  Datum  trägt  als  die 

vorhergehende. 

-  Durch  persönliche  Teilnahme  an  der  Generalversammlung,  wenn  Sie  von  Ihrem  nominee  eine  Vollmacht 

erhalten.  

Die Teilnahme an der Generalversammlung hebt die vorhergehenden Instruktionen nur auf, wenn Sie sich aktiv 

an der Abstimmung beteiligen oder wenn Sie ausdrücklich Ihre Aufhebung verlangen. 

WEITERE INFORMATIONEN FÜR AKTIONÄRE, DIE IHRE AKTIEN ÜBER EINE BANK ODER EINEN 
EFFEKTENHÄNDLER HALTEN (AUSSERHALB DER VEREINIGTEN STAATEN VON AMERIKA 
ODER KANADAS) 

Wie kann ich an der Abstimmung teilnehmen, wenn meine Aktien über meine Bank oder meinen 
Effektenhändler eingetragen sind? 

Ihre  Bank  oder  Ihr  Effektenhändler  sollte  Ihnen  Instruktionen  erteilt  haben,  wie  Sie  Ihre  Stimminstruktionen 
abgeben  können.  Sollten  Sie  solche  Instruktionen  nicht  erhalten  haben,  müssen  Sie  sich  mit  Ihrer  Bank  oder  Ihrem 
Effektenhändler in Verbindung setzen.  

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Bis wann kann ich Stimminstruktionen erteilen, wenn meine Aktien über eine Bank oder einen 
Effektenhändler eingetragen sind? 

Üblicherweise setzen Banken und Effektenhändler Fristen für den Erhalt der Stimminstruktionen. Ausserhalb der 
Vereinigten Staaten von Amerika und Kanadas wird diese Frist normalerweise zwei bis drei Tage vor dem Ablauf der 
Frist  der  Gesellschaft,  welche  die  Generalversammlung  abhält,  angesetzt.  Dies  erlaubt  es  den  Instituten,  die 
Stimminstruktionen zu sammeln und der Gesellschaft weiterzugeben. Wenn Sie Ihre Logitech Aktien über eine Bank 
oder einen Effektenhändler ausserhalb der Vereinigten Staaten von Amerika oder Kanadas halten, klären Sie bitte mit 
Ihrer Bank oder Ihrem Effektenhändler die anwendbare Frist ab und erteilen Sie Ihre Stimminstruktionen zeitgerecht. 

WEITERE INFORMATIONEN ÜBER DIE GENERALVERSAMMLUNG 

Informationen für Depotvertreter 

Dem  Bundesgesetz  über  Banken  und  Sparkassen  unterstellte  Institute  und  professionelle  Vermögensverwalter 

müssen Logitech über die Anzahl und den Nennwert der vertretenen Aktien informieren. 

Anträge 

Der  Verwaltungsrat  beabsichtigt  nicht,  an  der  Generalversammlung  andere  Anträge  zu  stellen,  noch  hat  er 
Gründe  vorauszusehen,  dass  Aktionäre  zusätzliche  Anträge  stellen  werden.  Sollten  andere  Anträge  rechtmässig 
gestellt werden und Ihre Stimminstruktionen auf der Antwortkarte offen bleiben, wird mit Ihren Aktien im Sinne der 
Empfehlungen des Verwaltungsrates gestimmt.  

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Gesuche zum Erhalt von Stimminstruktionen (Proxy Solicitation) 

Wir werden die Kosten tragen, die mit der Einladung zur Abgabe von Stimminstruktionen verbunden sind. Wir 
haben  Georgeson  Inc.  beauftragt,  Stimminstruktionen  einzuholen  für  eine  Gebühr  von  $15,000  zuzüglich 
angemessener Spesen. Einzelne unserer Verwaltungsräte, Geschäftsleitungsmitglieder und andere Mitarbeiter dürfen 
Sie auch anfragen, sei es schriftlich, per Telefon, Email oder auf sonstige Weise, ihnen Stimminstruktionen zu erteilen. 
Sie  werden  dafür  nicht  entschädigt.  Wir  können  im  Weiteren  Georgeson  Inc.  beauftragen,  für  uns  per  Telefon 
Stimminstruktionen einzuholen, und dies für ein Entgelt von $5.00 pro Anruf zuzüglich angemessener Spesen. In den 
Vereinigten Staaten von Amerika müssen wir den Effektenhändlern und nominees, die als Aktionäre eingetragen sind, 
das Stimmmaterial zustellen und sie einladen, es den wirtschaftlich Berechtigten weiterzuleiten und wir müssen diese 
Effektenhändler  und nominees  für  ihre  in diesem  Zusammenhang  entstehenden Umtriebe  entschädigen.  Es bestehen 
dafür gesetzliche Spesenreglemente.  

Auszählen der Stimmen 

Vertreter  von  mindestens  zwei  Schweizer  Banken  werden  an  der  Generalversammlung  als  Stimmenzähler 
amtieren.  Wie  es  in  der  Schweiz  üblich  ist,  wird  unser  Aktienregisterführer  die  vor  der  Generalversammlung 
abgegebenen Instruktionen ins elektronische System einspeisen. 

Aktionärsanträge und nominees 

Aktionärsanträge für die Generalversammlung 2011 

Gemäss unseren Statuten haben ein oder mehrere Aktionäre, die zusammen ein Prozent unseres ausgegebenen 
Aktienkapitals oder einen Nominalwert von einer Million Franken vertreten, das Recht, einen Verhandlungspunkt auf 
die  Traktandenliste  der  Generalversammlung  zu  setzen.  Solche  Vorschläge  sind  vom  Verwaltungsrat  in  die 
Generalversammlungsdokumentation  einzuschliessen.  Ein  solcher  Antrag  ist  schriftlich  zu  stellen,  muss  schriftlich 
erläutert  werden  und  nicht  später  als  sechzig  Tage  vor  der  Generalversammlung  dem  Verwaltungsrat  eingereicht 
werden.  Diese  Frist  ist  für  die  Generalversammlung  vom  7.  September  2011  am  8.  Juli  2011  abgelaufen.  Dennoch 

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erlaubt  das  schweizerische  Recht  eingetragenen  Aktionären  oder  ihren  Bevollmächtigten,  zu  den  Anträgen  des 
Verwaltungsrates an der Versammlung selbst oder vorgängig Gegenvorschläge zu machen. 

Aktionärsanträge für die Generalversammlung 2012 

Bis spätestens am 5. Juli 2012 kann ein eingetragener Aktionär, der die obgenannten Mindestzahlen von Aktien 
hält,  verlangen,  dass  ein  Punkt  für  die  Generalversammlung  2012  traktandiert  wird.  Ein  solcher  Antrag  muss 
schriftlich  gestellt  und  erläutert  werden.  Der  Antrag  ist  beim  Sekretär  des  Verwaltungsrates  der  Logitech  am 
Verwaltungssitz  in  der  Schweiz  oder  in  den  Vereinigten  Staaten  von  Amerika  zeitgerecht  einzureichen.  Zusätzlich 
können  Sie,  wenn  Sie  die  Bedingungen  der  Regel  14a-8  des  U.S.  Securities  Exchange  Act  von  1934  erfüllen,  dem 
Verwaltungsrat Vorschläge für die Generalversammlung 2011 einreichen. Solche Vorschläge sind bis zum 26. März 
2012  schriftlich  mit  beiliegender  Erläuterung  des  Vorschlages  dem  Sekretär  des  Verwaltungsrates  an  unseren 
Verwaltungssitzen in der Schweiz oder in den Vereinigten Staaten von Amerika einzureichen. Der Vorschlag muss der 
Regel 14a-8 des U.S. Securities Exchanges Act genügen. Diese Bestimmung zählt die Bedingungen auf, die für den 
Einschluss  eines  Aktionärsvorschlags 
in  die  Generalversammlungsdokumentation  nach  der  amerikanischen 
Wertschriftengesetzgebung  erfüllt  sein  müssen. Nach den Statuten der  Gesellschaft  sind nur  eingetragene  Aktionäre 
im  Aktienregister  eingetragen  sind,  können  Sie  demnach  keine 
als  solche  anerkannt.  Wenn  Sie  nicht 
Traktandumsvorschläge unterbreiten. 

Kandidaturen für den Verwaltungsrat 

Vorschläge von Kandidaten durch eingetragene Aktionäre müssen den obgenannten Regeln genügen.  

Statutenbestimmungen 

Die obgenannten Statutenbestimmungen, nach denen ein oder mehrere Aktionäre, die zusammen ein Prozent des 
ausstehenden  Aktienkapitals  oder  einen  Nominalwert  von  einer  Million  Franken  vertreten,  berechtigt  sind,  den 
Einschluss eines Antrages in die Tagesordnung zu verlangen, können auf unserer Webseite unter http://ir.logitech.com 
abgerufen  werden.  Sie  können  auch  den  Sekretär  des  Verwaltungsrates  der  Logitech  an  einem  unserer 
Verwaltungssitze  in  der  Schweiz  oder  in  den  Vereinigten  Staaten  von  Amerika  kontaktieren  und  eine  Kopie  der 
relevanten Bestimmungen der Statuten anfordern. 

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TRAKTANDEN UND ERLÄUTERUNGEN 

A.  BERICHTE 

Bericht über den Geschäftsverlauf im Geschäftsjahr bis 31. März 2011 

Die Geschäftsleitung der Logitech wird an der Generalversammlung über den Geschäftsgang des abgelaufenen 

Geschäftsjahres berichten. 

B.  ANTRÄGE 

Antrag 1 

Genehmigung des Jahresberichtes, des Entschädigungsberichtes, der Konzernrechnung und der Jahresrechnung 
der Logitech International S.A. für das Geschäftsjahr 2011 

Antrag 

Der  Verwaltungsrat  beantragt  die  Genehmigung  des  Jahresberichtes,  des  Entschädigungsberichtes,  der 

Konzernrechnung und der Jahresrechnung der Logitech International S.A. für das Geschäftsjahr 2011. 

Erläuterungen  

Die  Konzernrechnung  und  die  Jahresrechnung  der  Logitech  International  S.A.  sind  im  Geschäftsbericht 
wiedergegeben,  der  allen  eingetragenen  Aktionären  mit  dieser  Einladung  zugestellt  wurde.  Der  Geschäftsbericht 
enthält  ebenfalls  die  Berichte  der  Revisionsstelle  und  zusätzliche  Informationen  über  den  Geschäftsgang  der 
Gesellschaft,  ihre  Organisation  und  Strategie  sowie  den  Bericht  über  die  Corporate  Governance  gemäss  der  SIX 
Swiss Exchange Richtlinie über Corporate Governance. Der Entschädigungsbericht ist in dieser Einladung enthalten. 
Kopien  des  Geschäftsberichtes  und  der  Einladung  mit  Informationsmaterial  sind  auf  dem  Internet  auf 
http://ir.logitech.com abrufbar. 

Nach  schweizerischem  Recht  ist  der  Geschäftsbericht  einschliesslich  Jahresrechnung  und  Konzernrechnung 
schweizerischer  Gesellschaften  jährlich  der  Generalversammlung  zur  Genehmigung  vorzulegen.  Das  Einschliessen 
des  Entschädigungsberichtes  in  die  Genehmigung  des  Geschäftsberichtes  ist  eine  vorgeschlagene  best  practice 
Empfehlung,  angeregt  durch  den  „Swiss  Code  of  Best  Practice  for  Corporate  Governance“  der  "economiesuisse", 
dem führenden Wirtschaftsverband der Schweiz. Sollte dieser Antrag von den Aktionären abgelehnt werden, wird der 
Verwaltungsrat  eine  ausserordentliche  Generalversammlung  einberufen,  um  den  Antrag  erneut  vorzubringen.  Eine 
Annahme  dieses  Antrags  begründet  keine  Genehmigung  oder  Ablehnung  der  einzelnen  im  Jahresbericht,  im 
Entschädigungsbericht,  in  der  Konzernrechnung  und  der  Jahresrechnung  für  das  Geschäftsjahr  2011  aufgeführten 
Punkte. 

PricewaterhouseCoopers  AG,  die  Revisionsstelle  der  Logitech,  empfiehlt  den  Aktionären  ohne  Vorbehalt,  die 
Konzernrechnung  und  die  Jahresrechnung  2011  zu  genehmigen.  PricewaterhouseCoopers  AG  ist  der  Ansicht,  "dass  die 
Konzernrechnung  für  das  am  31.  März  2011  endende  Geschäftsjahr  die  finanzielle  Situation,  die  Ergebnisse  der 
Geschäftstätigkeit und die Geldflüsse ordnungsgemäss und in jeder Hinsicht vollständig wiedergibt und in Übereinstimmung 
sowohl mit den Buchhaltungsprinzipien, die in den Vereinigten Staaten von Amerika (U.S. GAAP) allgemein anwendbar 
sind, als auch in Übereinstimmung mit dem schweizerischen Recht steht". PricewaterhouseCoopers AG ist im Weiteren der 
Ansicht  und  bestätigt,  dass  "die  Jahresrechnung  sowie  die  beantragte  Gewinnverwendung  im  Einklang  mit  dem 
schweizerischen Recht und den Statuten der Logitech International S.A. stehen". 

Notwendige Mehrheit zur Genehmigung 

Der  Antrag  ist  genehmigt,  wenn  er  eine  Mehrheit  der  an  der  Generalversammlung  abgegebenen  Stimmen, 

entweder persönlich oder aufgrund einer Vollmacht, auf sich vereinigt, wobei Enthaltungen nicht gezählt werden. 

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Empfehlung 

Der  Verwaltungsrat  beantragt  der  Generalversammlung,  den  Jahresbericht,  den  Entschädigungsbericht,  die 

Konzernrechnung und die Jahresrechnung der Logitech International S.A. für das Geschäftsjahr 2011 zu genehmigen. 

Antrag 2 

Konsultative Abstimmung über die Managementvergütung 

Antrag 

Der  Verwaltungsrat  beantragt,  dass  die  Aktionäre  im  Rahmen  einer  konsultativen  Abstimmung  die  Vergütung 
des  Managements  von  Logitech,  wie  im  Bericht  über  die  Managementvergütung  für  das  Geschäftsjahr  2011 
offengelegt, genehmigen. 

Erläuterungen 

Anlässlich  der  ordentlichen  Generalversammlung  2009  von  Logitech  beantragte  der  Verwaltungsrat  den 
Aktionären  die  Entschädigungsphilosophie,  -politik  und  -praktiken  der  Logitech  zu  genehmigen.  Dies  geschah  vor 
dem Hintergrund der sich zunehmend bewährenden “best practices in Corporate Governance“ in der Schweiz und den 
Vereinigten Staaten von Amerika. Die Aktionäre genehmigten 2009 den Antrag und der Verwaltungsrat beantragt den 
Aktionären  erneut  eine  konsultative  Abstimmung  durchzuführen.  Diese  konsultative  Abstimmung  ist  nicht 
verbindlich,  der  Verwaltungsrat  und  dessen  Entschädigungsausschuss  werden  allerdings  das  Abstimmungsresultat 
berücksichtigen und im Falle eines negativen Abstimmungsresultats versuchen, dessen Ursachen festzustellen. 

Wie  im  Kapitel  "Compensation  Discussion  and  Analysis"  des  Entschädigungsberichts  2011  erläutert,  hat 
Logitech  sein  Entschädigungsprogramm  so  gestaltet,  dass  die  entscheidende  Anzahl  leitender  Angestellter  und 
Mitarbeitende  für  die  Gesellschaft  gewonnen  und  zu  einer  langfristigen  Zusammenarbeit  motiviert  und  dadurch  der 
langfristige  Erfolg  der  Gesellschaft  sichergestellt  werden  kann. 
Im  Besonderen  hat  Logitech  seinen 
Entschädigungsplan für leitende Angestellte derart gestaltet um: 

• 

• 

• 

• 

• 

mit  ähnlichen,  in  der  gleichen  Industrie  und  Region  des  Verwaltungssitzes  angesiedelten  Unternehmen 
konkurrenzfähig zu sein und die besten Talente anzuwerben und für die Gesellschaft zu gewinnen; 

einen  Ausgleich  zwischen  festem  und  variablem  Lohnbestandteil  sicherzustellen  und  einen  Grossteil  der 
Gesamtentschädigung  von  Logitech’s  Geschäftsergebnis  abhängig  zu  machen, 
jedoch  unter 
Aufrechterhaltung eines Kontrollsystems zur Vermeidung des Eingehens unangebrachter Risiken; 

die  Entschädigung  leitender  Angestellter  mit  dem  Interesse  der  Aktionäre  zu  vereinbaren  indem  ein 
bedeutender Teil der Entschädigung mit der Erhöhung des Aktienwertes verknüpft wird; 

ein leistungsorientiertes Umfeld, welches überdurchschnittliche Leistungen belohnt, zu fördern; und 

die  Beurteilung  des  Entschädigungsausschusses  betreffend  leitender  Position  und  erbrachter  Leistung 
wiederzuspiegeln, indem dies durch einen Grundlohn und kurzfristige Boni und das persönliche Potential 
für  den  zukünftigen  Einsatz  für  Logitech  durch  eine  Langzeitbeteiligung  am  Eigenkapital  entschädigt 
werden. 

Der  Entschädigungsausschuss  des  Verwaltungsrates  hat  einen  Entschädigungsplan  ausgearbeitet,  der 
ausführlicher  im  Entschädigungsbericht,  welcher  dieser  Einladung  beiliegt,  erläutert  wird.  Weitere  Einzelheiten  zu 
Entschädigungsphilosophie, Entschädigungsbestandteile für Angestellte unterhalb der Geschäftsführungsstufe, Risiken 
und Ausgestaltung des Entschädigungsplans von Logitech sowie der Entschädigungen, welche im Geschäftsjahr 2011 
ausbezahlt wurden, sind ebenfalls im Entschädigungsbericht dargelegt.  

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In Anbetracht der ungewissen Entwicklung der ökonomischen bzw. Marktbedingungen im Geschäftsjahr 2011, 
wurden  die  Grundgehälter  der  Geschäftsführer  im  Geschäftsjahr  2011  im  Vergleich  zum  Geschäftsjahr  2009  nicht 
angehoben und in der Ausgestaltung von Logitech’s Bonusplan wurde ein grösseres Gewicht auf die Generierung und 
Beibehaltung von Barmitteln, Marktanteilen sowie Rentabilität gelegt.  

Auch  wenn  die  Entschädigung  eine  zentrale  Rolle  spielt,  wenn  es  darum  geht,  leitende  Angestellte  und 
Mitarbeitende für die Gesellschaft zu gewinnen und zu einer langfristigen Zusammenarbeit zu motivieren, sind wir der 
Ansicht, dass dies nicht der einzige oder ausschliessliche Grund dafür ist, warum ausgezeichnete leitende Angestellte 
oder Mitarbeitende sich für Logitech entschliessen und auch bleiben, oder warum sie grossen Einsatz zeigen um ein 
gutes  Resultat  für  die  Aktionäre  zu  erreichen.  Diesbezüglich  sind  sich  sowohl  der  Entschädigungsausschuss  sowie 
auch die Geschäftsleitung einig, dass es ganz wesentlich ist, ein gutes Arbeitsumfeld sowie Gelegenheiten zu schaffen, 
die es Mitarbeitenden ermöglicht, sich zu entwickeln und ihr persönliches Potential voll auszuschöpfen. Auch diese 
Aspekte spielen eine Schlüsselrolle für Logitech’s Erfolg, leitende Angestellte und Mitarbeitende für die Gesellschaft 
zu gewinnen und zu einer langfristigen Zusammenarbeit zu motivieren. 

Das Kapitel "Compensation Discussion and Analysis" erstreckt sich vom Anfang des Entschädigungsberichts bis 

vor das Kapitel "Summary Compensation Table for Fiscal Year 2011." 

Notwendige Mehrheit zur Genehmigung 

Der  Antrag  ist  genehmigt,  wenn  er  eine  Mehrheit  der  an  der  Generalversammlung  abgegebenen  Stimmen, 

entweder persönlich oder aufgrund einer Vollmacht, auf sich vereinigt, wobei Enthaltungen nicht gezählt werden. 

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Empfehlung 

Der  Verwaltungsrat  beantragt,  dass  die  Generalversammlung  mittels  konsultativer  Abstimmung  die 
Entschädigungsphilosophie, -politik und -praktiken wie sie im Kapitel "Compensation Discussion and Analysis" des 
Entschädigungsberichts 2011 erläutert werden, genehmigt. 

Konsultative Abstimmung über die Häufigkeit der zukünftigen konsultativen Abstimmungen über die 

Managementvergütung 

Antrag 3 

Antrag 

Der Verwaltungsrat ersucht die Aktionäre im Rahmen einer konsultativen Abstimmung über die Häufigkeit von 
zukünftigen  konsultativen  Abstimmungen  über  die  Managementvergütung  abzustimmen.  Namentlich  befragt  der 
Verwaltungsrat  die  Aktionäre  nach  einer  Empfehlung,  ob  konsultative  Abstimmungen  zum  Vergütungssystem,  wie 
diejenige im obgenannten Antrag 2, in Zukunft alle ein, zwei oder drei Jahre durchgeführt werden sollen. 

Erläuterungen 

In diesem Antrag sollen die Aktionäre ihre Präferenz im Rahmen einer konsultativen Abstimmung in Bezug auf 
die  Häufigkeit  der  zukünftigen  konsultativen  Abstimmungen  über  die  Managementvergütung  angeben.  Der 
Verwaltungsrat  fragt  die  Aktionäre  nach  ihrer  Ansicht  über  die  Häufigkeit  dieser  Abstimmungen  gemäss  den  im 
obgenannten  Antrag  2  erwähnten  amerikanischen  Regeln,  wonach  jede  Gesellschaft,  die  den  amerikanischen 
Richtlinien bezüglich Vollmachtserteilung unterstehen, wozu auch Logitech gehört, verpflichtet ist, eine Abstimmung 
über  das  Vergütungssystem  durchzuführen.  Die  Abstimmung  über  die  Häufigkeit  der  Abstimmungen  zum 
Vergütungssystem muss mindestens alle sechs Jahre durchgeführt werden und ist von konsultativer Natur. 

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Der Verwaltungsrat hat freiwillig entschieden, die Aktionäre in jedem der letzten beiden Jahre im Rahmen einer 
konsultativen  Abstimmung  über  das  Vergütungssystem  von  Logitech  abstimmen  zu  lassen.  Der  Verwaltungsrat 
glaubt,  dass  eine  alljährliche  Abstimmung  über  das  Vergütungssystem  dem  Verwaltungsrat  eine  schnellere 
Rückmeldung  ermöglicht,  weshalb  der  Verwaltungsrat  den  Aktionären  die  alljährliche  Durchführung  einer 
konsultativen  Abstimmung  über  das  Vergütungssystem  empfiehlt.  Dennoch  wird  den  Aktionären, 
in 
Übereinstimmung mit anwendbarem amerikanischen Recht, die Wahl zwischen vier Möglichkeiten gegeben: alle ein, 
zwei oder drei Jahre oder Enthaltung. 

Notwendige Mehrheit zur Genehmigung 

Diese konsultative Abstimmung ist nicht bindend, wobei der Verwaltungsrat das Ergebnis sorgfältig prüfen und 
sich an der Alternative mit den meisten Stimmen orientieren wird, selbst wenn diese keine Mehrheit der abgegebenen 
Stimmen erhalten sollte. 

Empfehlung 

Der  Verwaltungsrat  beantragt,  dass  die  Aktionäre  im  Rahmen  einer  konsultativen  Abstimmung  die 
Durchführung  einer  jährlichen  Abstimmung  über  das  Vergütungssystem  genehmigen.  Die  Alternative,  welche  die 
meisten Stimmen erhält (alle ein, zwei oder drei Jahre) wird als von den Aktionären gewählte Häufigkeit betrachtet. 

Aufstockung der unter dem Aktienerwerbsplan für Mitarbeitende verfügbaren Aktien 

Antrag 4 

Antrag 

Der  Verwaltungsrat  beantragt,  die  Anzahl  Aktien  die  unter  den  Erwerbsplänen  für  Mitarbeitende  erworben 
werden können (1996  Employee Share  Purchase  Plan  (U.S.)  und 2006  Employee  Share  Purchase  Plan  (Non-U.S.)) 
um 5 Millionen Aktien zu erhöhen. 

Erläuterung 

Logitechs Aktienerwerbspläne ermutigen die Mitarbeitenden zum Aktienerwerb und bringen die Interessen der 
Mitarbeitenden  auf  die  Ebene  der  Interessen  der  Aktionäre.  Der  Verwaltungsrat  ist  überzeugt,  dass  die  fortgesetzte 
Fähigkeit, dieses Programm anzubieten, ein wichtiges Element ist, talentierte Mitarbeitende, die für Logitechs Erfolg 
ausschlaggebend sind, anzuziehen, zu motivieren und zu halten. 

Der 1996 Employee Share Purchase Plan (U.S.) ("1996 ESPP") und der 2006  Employee Share Purchase Plan 
(Non-U.S.)("2006  ESPP")  eröffnen  gewissen  Mitarbeitenden  die  Möglichkeit,  mittels  fortlaufender  Lohnrückbehalte 
ein Kapital zu äufnen, das zum Erwerb von Aktien zu einem reduzierten Kaufpreis verwendet wird.  

Mit  den  Plänen  wird  in  erster  Linie  die  Absicht  verfolgt,  Mitarbeitenden  die  Möglichkeit  zum  Erwerb  von 
Miteigentum  an  Logitech  zu geben.  Die 1996 ESPP  und 2006  ESPP wurden  am  2.  Februar  2007  als  Anhänge  zum 
Formular  S-8  POS  bei  der  Securities  and  Exchange  Commission  hinterlegt.  Sie  können  auf  http://www.sec.gov 
eingesehen werden. 

Wir schätzen, dass unter den ESPP's im Zeitpunkt der Generalversammlung 2011 noch ungefähr 900,000 Aktien 
erworben  werden  können,  entsprechend  früheren  Genehmigungen  der  Generalversammlung.  Wir  schätzen,  dass 
sämtliche noch zur Verfügung stehenden Aktien bis zur Generalversammlung 2012 verkauft sein werden. Sollten die 
Aktienerwerbe  unter  den  ESPP's  höher  als  unsere  Schätzungen  sein,  so  wird  die  Fortführung  des  Plans  bis  zur 
Generalversammlung 2012 gefährdet. Aus diesem Grunde beantragt der Verwaltungsrat, die Anzahl der maximal zu 
verkaufenden Aktien unter den ESPP's an der Generalversammlung 2011 zu erhöhen. Die Erhöhung um 5 Millionen 
Aktien  sollte  genügen,  Erwerbe  unter  den  ESPP's  für  fünf  bis  sechs  Jahre  zu  decken.  Die  untenstehende  Tabelle 
erläutert  die  im  jetzigen  Zeitpunkt  vorhandenen  Aktien  unter  den  ESPP's  sowie  den  Einfluss  der  beantragten 
Erhöhung: 

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Aktienreservierungen für ESPP's 

Maximum an Aktien unter den ESPPs.................................................................................  
Geschätzte Erwerbe von 1996 bis September 2011 .............................................................  
Geschätzte Anzahl Aktien unter den ESPPs per September 2011 .......................................  
Neue Aktien, wenn der Antrag auf Erhöhung angenommen wird .......................................  
Maximum an Aktien, die unter den ESPPs erworben werden können.................................  

16.0 million  

(15.1 million )

0.9 million  

5.0 million  
5.9 million  

Hintergrund der Aktienerwerbspläne der Logitech-Gruppe  

Der  1996  ESPP  wurde  vom  Verwaltungsrat  am  24.  April  1996  als  weltweiter  Erwerbsplan  für  Mitarbeitende 
erlassen und wurde letztmals von den Aktionären der Logitech am 27. Juni 2002 genehmigt. Der 1996 ESPP wurde in 
zwei Teile zerlegt, einen für Mitarbeitende in den Vereinigten Staaten und einen anderen für Mitarbeitende ausserhalb 
der Vereinigten Staaten. Diese Aufteilung wurde vom Verwaltungsrat am 15. Juni 2006 beschlossen. 

Unsere  Mitarbeitenden  haben  von  den  Aktienerwerbsplänen  für  mehr  als  zwölf  Jahre  Gebrauch  gemacht.  Die 
Teilname ist freiwillig und die teilnehmenden Mitarbeitenden beteiligen sich mittels Lohnrückbehalten. In der Periode, 
die am 31. Januar 2011 zu Ende ging, nahmen mehr als 67 % der berechtigten Logitech Mitarbeitenden teil (ungefähr 
1,771  von  2,605  berechtigten  Mitarbeitenden).  Als  direkte  Folge  dieser  hohen  Beteiligung  resultierte  eine  weite 
Verteilung  der  Aktien,  wobei  99,63  %  der  Aktien  in  den  letzten  zwei  Perioden  durch  nicht  geschäftsleitende 
Mitarbeitende erworben wurden. 

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Unter  den  ESPPs  können  Mitarbeitende  zweimal  jährlich  am  Ende  einer  sechsmonatigen  Angebotsperiode 
Aktien  erwerben.  Der  Kaufpreis  ist  85  %  des  Marktwertes  der  Logitech  Aktien  am  ersten  Tag  der  sechsmonatigen 
Angebotsperiode oder 85 % des Marktpreises der Aktien am letzten Tag der Angebotsperiode, wenn Letzterer tiefer 
ist. Mitarbeitende können bis maximal 10 % ihres jährlichen Gehalts beitragen, im Maximum aber $25,000 pro Jahr. 
Diese Begrenzung findet ihre Begründung in den Bestimmungen des amerikanischen Steuerrechtes. Die Mehrheit der 
Unternehmen, mit denen wir für die Anstellung talentierter Mitarbeiter in den Vereinigten Staaten konkurrieren, bieten 
ihren  Mitarbeitenden  Aktienerwerbspläne  an.  Wir  glauben  auch,  dass  die  Existenz  dieser  Pläne  ausserhalb  der 
Vereinigten  Staaten  einen  Vorteil  gegenüber  den  Unternehmen  bringt,  mit  denen  wir  für  die  Anstellung  talentierter 
Mitarbeitenden  in  Konkurrenz  stehen.  Wir  glauben,  dass  solche  Aktienerwerbspläne  ausserhalb  der  Vereinigten 
Staaten weniger üblich sind.  

Im  Geschäftsjahr  2011  wurden  als  Folge  der  Erwerbspläne  1,128,706,411  Aktien  ausgegeben  (1,073,833  im 
Geschäftsjahr 2010 und 1,094,898 im Geschäftsjahr 2009). Die jährlichen Verwässerungskosten betragen 0.6 % (0.6 
% im Geschäftsjahr 2010 und 0.6 % im Geschäftsjahr 2009). Verwässerungskosten bedeuten Anzahl Aktien unter den 
Plänen  dividiert  durch  die  Durchschnittsanzahl  gesamthaft  ausstehender  Aktien  während  des  Geschäftsjahres.  Wir 
erwarten,  dass  die  Genehmigung  von  zusätzlichen  5  Millionen  Aktien  unter  den  ESPPs,  kombiniert  mit  den 
verbleibenden Aktien per September 2011 über die Lebensdauer der Pläne in einer ungefähren Verwässerung von 3.3 
% führen wird. 

Wichtigste Bedingungen der Erwerbspläne  

Die  Genehmigung  des  Antrags  wird  einzig  die  Anzahl  zur  Verfügung  stehender  Aktien  ändern.  Alle  anderen 
Bedingungen  der  Erwerbspläne  bleiben  unverändert.  Die  wichtigsten  Punkte  der  Erwerbspläne  seien  hier  in 
Erinnerung gerufen: 

Berechtigung  

Die  Mitarbeitenden  gewisser  Tochtergesellschaften  der  Logitech-Gruppe  sind  zur  Beteiligung  an  den 
Erwerbsplänen  berechtigt.  Die  Tochtergesellschaften,  deren  Mitarbeitende  berechtigt  sind,  können  über  die  Zeit 

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ändern.  Grundsätzlich  sind  Mitarbeitende  der  Logitech,  die  regelmässig  mindestens  20  Stunden  pro  Woche  und 
mindestens 5 Monate pro Jahr arbeiten, zur Beteiligung berechtigt. Lokales Recht kommt zur Anwendung. Logitech 
kann  zudem  Richtlinien  erlassen,  die  Fristen  festlegen,  in  denen  Zeichnungen  eingereicht  werden  müssen 
(gegenwärtig spätestens sieben Tage vor dem Beginn der Angebotsperiode). Am 24. Juni 2011 waren annähernd 2,870 
Mitarbeitende zur Beteiligung an den Erwerbsplänen berechtigt. 

Mitarbeitende sind nicht zur Beteiligung berechtigt, wenn sie nach dem Erwerb direkt oder indirekt mehr als 5 % 
der Stimmrechte der Logitech direkt oder indirekt kontrollieren, wobei die Berechtigung zum Erwerb von Aktien unter 
Optionsplänen dazugerechnet werden. 

Beteiligung  

Ein berechtigter Mitarbeitender, der sich am Erwerbsplan beteiligen will, muss während der Anmeldefrist eine 
Zeichnungsvereinbarung  einreichen.  Diese  Zeichnungsvereinbarung  enthält  namentlich  die  Berechtigung  zum 
Lohnrückbehalt.  Die  Vereinbarung  ermächtigt  Logitech  zum  automatischen  Rückbehalt  eines  Prozentsatzes  des 
regelmässigen  Salärs.  Dieser  Betrag  wird  während  der  Angebotsperiode  dem  persönlichen  ESPP  Konto  des 
Beteiligten gutgeschrieben. Der minimale Lohnrückbehalt ist 1 % des Gehalts, der maximale Rückbehalt ist 10 % des 
Gehalts. Auf den zurückbehaltenen Beträgen werden keine Zinsen abgerechnet. 

Teilnehmer sind berechtigt, den Prozentsatz der Rückbehalte während der Angebotsperiode herabzusetzen, nicht 
aber  heraufzusetzen.  Zu  diesem  Zweck  ist  eine  neue  Zeichnungsvereinbarung  abzuschliessen.  Wenn  ein  Beteiligter 
dieses  Verfahren  zur  Veränderung  des  Lohnrückbehaltes  nicht  eingehalten  hat,  werden  die  Beiträge  zu  den 
ursprünglichen Prozentsätzen durch die ganze Angebotsperiode und zukünftige Angebotsperioden weitergeführt. Die 
Beteiligten können den Prozentsatz der Beteiligung für die nächste Angebotsperiode ändern, indem sie während der 
Anmeldefrist eine neue, angepasste Zeichnungsvereinbarung einreichen.  

Verwaltung  

Die  Aktienerwerbspläne  werden  vom  Verwaltungsrat  oder  einem  Ausschuss  des  Verwaltungsrates  verwaltet. 
Der  Verwaltungsrat  legt  die  Pläne  auf  und  erlässt  die  damit  in  Verbindung  stehenden  Reglemente.  Er  kann  diese 
Reglemente ändern oder aufheben. 

Angebotsperioden  

Die  Erwerbspläne  sehen  sechsmonatige,  direkt  aufeinander  abfolgende  Angebotsperioden  vor,  wobei  neue 
Perioden jeweils am 1. Februar und am 1. August beginnen  und am letzten Handelstag der sechsmonatigen Periode 
enden.  Die  Perioden  enden  am  31.  Juli  und  am  31.  Januar  oder  an  einem  anderen  vom  Verwaltungsrat  bestimmten 
Tag.  Der  Verwaltungsrat  ist  ermächtigt,  die  Frequenz  oder  die  Dauer  der  Angebotsperioden  abzuändern 
(einschliesslich der Daten, an denen sie beginnen).  

Kauf von Aktien  

Am letzten Tag jeder Angebotsperiode kaufen die Beteiligten die Anzahl Aktien, die sich aus der Gesamtsumme 
des ESPP-Kontos, dividiert durch den Kaufpreis, ergibt. Teile von Aktien werden nicht ausgegeben. Der Kaufpreis für 
eine Angebotsperiode ist 85 % des Markwertes der Logitech Aktien am ersten Tag der Angebotsperiode oder 85 % 
des Marktpreises der Aktien am letzten Tag der Angebotsperiode, wenn Letzterer tiefer ist. Marktpreis bedeutet der 
letzte  bezahlte  Preis  am  Stichtag.  Der  Verwaltungsrat  ist  ermächtigt,  den  Prozentsatz  des  Marktwertes,  der  zur 
Bestimmung des Kaufpreises dient, für zukünftige Angebotsperioden zu verändern, wobei er nicht unter 85 % gehen 
darf. Wenn die Summe aller in einer Angebotsperiode gezeichneten Aktien die zur Ausgabe zur Verfügung stehenden 
Aktien überschreitet, wird die Berechtigung jedes Beteiligten anteilsmässig gekürzt. 

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Übertragbarkeit  

Die  Beteiligten  können  ihre  Zeichnungen  oder  sonstigen  Rechte  unter  den  Erwerbsplänen  nicht  anderen 
Personen übertragen, mit Ausnahme der Übertragung durch Testament oder Erbfolge. Versuchte Uebertragungen sind 
nichtig. 

Rückzug  

Teilnehmer können ihre Beteiligung am Erwerbsprogramm auch während einer Angebotsperiode zurückziehen. 
Sie benachrichtigen Logitech in diesem Sinne. Bei Rückzug der Beteiligung wird der auf dem ESPP Konto stehende 
Betrag dem Mitarbeitenden in bar zurückerstattet, ohne Zins, und sein Recht zur Beteiligung am Plan in der laufenden 
Angebotsperiode  ist  automatisch  beendet.  Während  der  laufenden  Angebotsperiode  werden  keine  Lohnrückbehalte 
mehr vorgenommen. 

Anpassungen  

Die  Anzahl  Aktien,  die  unter  den  ESPPs  bezogen  werden  können,  und  die  Anzahl  Aktien  und  der  Kaufpreis 
werden  anteilsmässig  angepasst,  wenn  Logitech  Änderungen  an  den  ausstehenden  Aktien  vornimmt,  zum  Beispiel 
durch  Aktiendividenden,  Aktiensplits,  Aktienzusammenlegungen,  Rekapitalisierungen,  Reorganisationen  oder 
ähnliche Vorkommnisse. 

Änderung und Kündigung der Erwerbspläne 

Der Verwaltungsrat ist ermächtigt, die Aktienerwerbspläne jederzeit ohne weitere Benachrichtigung zu ändern 
oder aufzuheben, wobei Änderungen unter dem Vorbehalt der Genehmigung der Generalversammlung stehen, wenn 
das anwendbare Recht dies verlangt. 

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Zu erwerbende Aktien 

Es  wurden  auf  die  5  Millionen  zusätzlichen  Aktien,  die  von  diesem  Traktandum  betroffen  sind,  keine 
Erwerbsrechte  gewährt  und  keine  Aktien  ausgegeben.  Weil  die  Bezüge  unter  dem  ESPP  von  der  Entscheidung  der 
Angestellten und dem Marktwert von unseren Aktien zu zukünftigen Zeitpunkten abhängen wird, ist es nicht möglich 
die Höhe dieser Bezüge, welche das Management und die übrigen Angestellten im Falle einer Annahme der Erhöhung 
für das ESPP durch die Aktionäre erhalten, genau zu beziffern. Direktoren, die nicht Angestellte sind, können nicht am 
ESPP partizipieren. Dennoch wird in der folgenden Tabelle für die genannten Personen oder Gruppen (a) die gesamte 
Anzahl Aktien, welche unter dem ESPP während des letzten Geschäftsjahres gekauft wurden und (b) der Marktwert 
dieser  Aktien  am  31.  März  2011  aufgeführt.  Der  Marktwert  pro  soeben  erwähnte  Aktie  betrug  $13.38.  Der  letzte 
gemeldete Aktienpreis an der NASDAQ am 30. Juni 2011 betrug $11.24. 

Person oder Gruppe 

 Anzahl ge-
kaufter Ak-
tien

 Marktwert 
der gekauften 
Aktien 

Guerrino De Luca
Gerald Quindlen 
Erik Bardman
Werner Heid
Junien Labrousse
Aktuelle Mitglieder des Managements als Gruppe (6)
Aktuelle nicht-exekutive Direktoren als Gruppe
Alle Angestellten, ausser Mitglieder des Managements

-
-
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2,630
1,523
4,153
-
1,128,706

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47,682
27,612
75,294
-
20,463,440

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Steuerfolgen in den Vereinigten Staaten  

Die  Steuerregeln  des  amerikanischen  Bundesrechts,  die  auf  den  1996  ESPP  anwendbar  sind,  werden 
untenstehend  zusammengefasst.  Diese  Zusammenfassung  enthält  keine  Hinweise  auf  Gemeinden  oder 
Einzelstaatenrecht.  Ebenso  wenig  enthält  es  Hinweise  auf  Steuerregeln,  die  ausserhalb  der  Vereinigten  Staaten  auf 
nicht in den USA ansässige Beteiligte anwendbar sind. 

Weder  im  Zeitpunkt  des  Rechtserwerbs,  unter  dem  1996  ESPP  Aktien  zu  erwerben  noch  im  Zeitpunkt  des 
Aktienerwerbs  realisiert  der Beteiligte  steuerbares  Einkommen.  Verkauft  der  Beteiligte  seine  unter  dem  1996  ESPP 
erworbenen  Aktien  nach  Ablauf  von  zwei  Jahren  seit  dem  Erwerb  der  Berechtigung  (wobei  als  Erwerb  der 
Berechtigung  der  letzte  Handelstag  vor  der  Anmeldefrist  gilt),  so  wird  die  Bundeseinkommenssteuer  bei  einem  so 
qualifizierten  Verkauf  auf  der  Differenz  zwischen  dem  Verkaufspreis  und  dem  Kaufpreis  oder,  wenn  dieser  Betrag 
tiefer  ist,  auf  15  %  des  Marktwertes  der  Aktien  beim  Erwerb  der  Berechtigung  erhoben.  Zusätzlich  wird 
Bundeskapitalgewinnsteuer  erhoben  auf  dem  Überschuss,  sofern  sich  einer  ergibt,  des  Verkaufserlöses  über  der 
Summe des Kaufpreises und des der ordentlichen Einkommenssteuer unterstehenden Betrages. Wenn die qualifizierte 
Veräusserung zu einem Verlust führt (der Marktwert der Aktien am Tag der Veräusserung ist tiefer als der Kaufpreis), 
wird  kein  Einkommen  erzielt  und  die  Regeln  über  Kapitalverluste  sind  anwendbar,  wenn  die  Veräusserung  an 
bestimmte unbeteiligte Dritte vorgenommen wurde. 

Wenn der Beteiligte seine Aktien vor Ablauf der Zweijahresfrist seit dem Datum der Berechtigung veräussert, 
wird in dieser nicht qualifizierten Veräusserung die Differenz zwischen dem Kaufpreis und dem Marktwert der Aktien 
am  Tag  des  Kaufs  (der  letzte  Tag  einer  Angebotsperiode)  als  ordentliches  Einkommen  besteuert  und  dieser  Betrag 
kann bei Logitech von der Steuer abgesetzt werden. Der Überschuss, wenn sich einer ergibt, des Verkaufserlöses über 
dem  Marktwert  der  Aktien  am  Tag  ihres  Erwerbs  wird  als  Kapitalgewinn  besteuert,  kurzfristig  oder  langfristig, 
abhängig  von der Halteperiode.  Logitech kann keine  Steuerabsetzung der  Beträge  beanspruchen,  die  in  Händen  des 
Beteiligten als ordentliches Einkommen oder Kapitalgewinn besteuert werden, es sei denn, ordentliches Einkommen 
wird  von  einem  Beteiligten  realisiert,  weil  er  die  Aktien  vor  Ablauf  der  Zweijahresfrist  seit  dem  Erwerb  der 
Berechtigung veräussert. 

Notwendige Mehrheit zur Genehmigung 

Der  Antrag  ist  genehmigt,  wenn  er  eine  Mehrheit  der  an  der  Generalversammlung  abgegebenen  Stimmen, 

entweder persönlich oder aufgrund einer Vollmacht, auf sich vereinigt, wobei Enthaltungen nicht gezählt werden. 

Empfehlung  

Der Verwaltungsrat empfiehlt, der Erhöhung der für die ESPP zur Verfügung stehenden Aktien zuzustimmen.  

Antrag 5 

Genehmigung zum Halten eigener Aktien von mehr als 10 % 

Antrag 

Der Verwaltungsrat beantragt der Generalversammlung die Genehmigung zum Halten eigener Aktien von mehr 

als 10 %.  

Erläuterungen 

Gemäss  Schweizerischem  Gesellschaftsrecht  werden  zurückgekaufte  Aktien  nicht  automatisch  vernichtet, 
sondern als eigene Aktien gehalten, bis diese entweder durch einen Beschluss der Aktionäre vernichtet oder durch die 
Gesellschaft  gebraucht  werden  um  Emissionsverpflichtungen  nachzukommen,  gemäss  gewissen  zeitlichen  und 
formellen  Einschränkungen.  Mitglieder  des  Verwaltungsrates  könnten  der  Gefahr  der  persönlichen  Haftung  wegen 
Schädigung  der  Gesellschaft  ausgesetzt  sein,  wenn  diese  mehr  als  10  %  eigene  Aktien  hält.  Die  Zustimmung  zu 

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diesem Antrag könnte die persönliche Haftung der Verwaltungsratsmitglieder in diesem Zusammenhang verringern. 

Logitech hält gegenwärtig ungefähr 6 Prozent seiner Aktien als eigene Aktien. Sollte die Gesellschaft mit einem 
bedeutenden  Aktienrückkauf  unter  ihrem  Aktienrückkaufsprogramm  beginnen,  könnte  sie  in  absehbarer  Zeit  die 
Schwelle  von  10  %  der  eigenen  Aktien  erreichen.  Damit  die  Gesellschaft  in  Zukunft  mit  grösserer  Flexibilität  in 
Bezug auf ihr Kapital ausgestattet ist, beantragt der Verwaltungsrat die Zustimmung der Aktionäre zum Halten eigener 
Aktien von mehr als 10 %, sofern die Aktien, welche die 10 % Schwelle überschreiten, zum Zweck der Vernichtung 
gekauft werden. Sollte die Generalversammlung diesen Antrag ablehnen, wird der Verwaltungsrat veranlassen, dass 
die Gesellschaft nicht mehr als 10 % eigener Aktien hält. 

Es  gibt  gewisse  negative  Steuerfolgen  für  die  Gesellschaft,  welche  durch  den  Rückkauf  auf  einer  "zweiten 
Handelslinie"  mit  Massnahmen  in  Bezug  auf  die  Verrechnungssteuer  verhindert  werden  können.  Sollte  der 
Verwaltungsrat  entscheiden,  von  der  in  diesem  Antrag  erteilten  Genehmigung  Gebrauch  zu  machen,  würde  er  die 
Zustimmung  der  Übernahmekommission  einholen  und  die  Eröffnung  einer  zweiten  Handelslinie  bei  der  SIX  Swiss 
Exchange beantragen, um  die  Aktien  zwecks Vernichtung  zurückzukaufen.  Zusätzlich  würden weitere  angemessene 
Massnahmen zur Einforderung der in diesem Falle geschuldeten Verrechnungssteuer ergriffen. 

Notwendige Mehrheit zur Genehmigung  

Der  Antrag  ist  genehmigt,  wenn  er  eine  Mehrheit  der  an  der  Generalversammlung  abgegebenen  Stimmen, 
entweder  persönlich  oder  aufgrund  einer  Vollmacht,  auf  sich  vereinigt,  wobei  Enthaltungen  nicht  gezählt  werden, 
ungeachtet  der  Stimmen  von  Verwaltungsratsmitgliedern,  Mitgliedern  des  Managements  von  Logitech  sowie  von 
Logitech vertretenen Stimmen. 

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Empfehlung 

Der Verwaltungsrat empfiehlt die Annahme des folgenden Beschlusses: 

"Die Gesellschaft wird ermächtigt, mehr als 10 % eigene Aktien zu halten, sofern diejenigen Aktien, welche 
die  10%-Grenze  übersteigen,  zurückgekauft  werden,  sei  es  über  eine  zweite  Handelslinie  oder  auf  andere 
Weise,  um  anlässlich  einer  Kapitalherabsetzung,  welche  der  ordentlichen  Generalversammlung  2012 
und/oder 2013 der Gesellschaft beantragt wird, vernichtet zu werden." 

Vortrag des Bilanzgewinns des Geschäftsjahres 2011 ohne Ausschüttung einer Dividende 

Antrag 6 

Antrag 

Der  Verwaltungsrat  beantragt,  auf  die  Ausschüttung  einer  Dividende  zu  verzichten  und  den  Betrag  von 

CHF 507,730,000 (US $609,449,000 zum Wechselkurs vom 30. Juni 2011) auf die neue Rechnung vorzutragen. 

(in KCHF)  

Gewinnvortrag zu Beginn des Geschäftsjahres 2011 .................. 
Verwendung des Gewinnvortrages gemäss Beschluss der 
Generalversammlung 2010 – Dividende  .................................... 
Release from die Reserve für eigene Aktien ............................... 
Nettogewinn des Geschäftsjahres 2011....................................... 

CHF 349,312 

— 
CHF
CHF 138,205 
20,213 
CHF

Gewinnvortrag zur Verfügung der Generalversammlung zum 
Ende des Geschäftsjahres 2011 ................................................... 

CHF 507,730 

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Erläuterungen 

Nach  schweizerischem  Recht  ist  die  Verwendung  des  verfügbaren  Gewinns  jährlich  dem  Beschluss  der 
Generalversammlung zu unterbreiten. Der zur Verfügung der Generalversammlung 2011 stehende Gewinn besteht aus 
den kumulierten Gewinnen der Logitech International S.A., der Holdinggesellschaft der Logitech-Gruppe. 

Der Verwaltungsrat ist weiterhin davon überzeugt, dass es im besten Interesse der Logitech und ihrer Aktionäre 
ist,  die  Gewinne  zurückzubehalten  für  zukünftige  Investitionen  in  das  Wachstum  des  Geschäfts  der  Logitech,  für 
Aktienrückkäufe und für den möglichen Erwerb anderer Gesellschaften oder Geschäftsbereiche. Aus diesem Grunde 
schlägt  der  Verwaltungsrat  vor,  auf  die  Ausschüttung  einer  Dividende  zu  verzichten  und  den  gesamten,  den 
Aktionären zustehenden Gewinn, auf die neue Rechnung vorzutragen. 

Sollte  dieser  Antrag  von  den  Aktionären  abgewiesen  werden,  wird  der  Verwaltungsrat  diesen  Entscheid 
berücksichtigen,  eine  ausserordentliche  Generalversammlung  einberufen  und  seinen  jetzigen  Vorschlag  oder  einen 
veränderten Vorschlag zur Abstimmung bringen. 

Notwendige Mehrheit zur Genehmigung 

Der  Antrag  ist  genehmigt,  wenn  er  eine  Mehrheit  der  an  der  Generalversammlung  abgegebenen  Stimmen, 

entweder persönlich oder aufgrund einer Vollmacht, auf sich vereinigt, wobei Enthaltungen nicht gezählt werden. 

Empfehlung 

Der  Verwaltungsrat  empfiehlt,  dem  Antrag  auf  Vortrag  des  Bilanzgewinns  des  Geschäftsjahres  2011  ohne 

Dividendenausschüttung zuzustimmen.  

Entlastung des Verwaltungsrates und der Geschäftsleitung für das Geschäftsjahr 2011 

Antrag 7 

Antrag 

Der  Verwaltungsrat  beantragt  der  Generalversammlung  der  Entlastung  seiner  Mitglieder  sowie  der 

Geschäftsleitung für deren Tätigkeiten im Geschäftsjahr 2011 zuzustimmen. 

Erläuterungen 

Es  ist  in  schweizerischen  Gesellschaften  üblich  und  in  Artikel  698,  Absatz  2,  Ziffer  5  des  Schweizerischen 
Obligationenrechts  vorgesehen,  den  Aktionären  die  Entlastung  der  Mitglieder  des  Verwaltungsrates  und  der 
Geschäftsleitung  zu  beantragen.  Die  Entlastung betrifft  die  Haftung  für  ihre  Handlungen während  des  Geschäftsjahres 
2011. Die Entlastung schliesst Verantwortlichkeitsklagen der Gesellschaft oder von Aktionären gegen die Mitglieder des 
Verwaltungsrates und der Geschäftsleitung aus, sofern sie die Geschäftstätigkeit im Geschäftsjahr 2011 betreffen, und auf 
Tatsachen beruhen, die den Aktionären mitgeteilt wurden. Eingetragene Aktionäre, die der Entlastung nicht zustimmen, 
sind während einer Frist von sechs Monaten nach der Generalversammlung an den Entlastungsbeschluss nicht gebunden. 

Notwendige Mehrheit zur Genehmigung 

Der  Antrag  ist  genehmigt,  wenn  er  eine  Mehrheit  der  an  der  Generalversammlung  abgegebenen  Stimmen, 
entweder persönlich oder aufgrund einer Vollmacht, auf sich vereinigt, wobei Enthaltungen nicht gezählt werden. Die 
Mitglieder des Verwaltungsrates und der Geschäftsleitung der Logitech sind nicht stimmberechtigt, ebenso wenig wie 
die von Logitech vertretenen Aktien. 

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Empfehlung  

Der  Verwaltungsrat  empfiehlt  der  Generalversammlung  die  Annahme  des  Antrages  auf  Entlastung  der 

Mitglieder des Verwaltungsrates und der Geschäftsleitung für die Tätigkeit im Geschäftsjahr 2011. 

Antrag 8 

Wahlen in den Verwaltungsrat 

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Unser  Verwaltungsrat  hat  gegenwärtig  neun  Mitglieder.  Jedes  Mitglied  ist  für  drei  Jahre  gewählt.  Die 
Amtszeiten  sind  so  gestaffelt,  dass  nicht  alle  Mitglieder  gleichzeitig  zur  Wiederwahl  kommen.  Dies  ist  eine  Praxis, 
wie sie unter dem schweizerischen Code of Best Practice für Corporate Governance empfohlen ist, um die Kontinuität 
der Aktivität des Verwaltungsrates sicherzustellen. 

Auf  Empfehlung  des  Nominationsausschusses  hat  der  Verwaltungsrat  zwei  Personen  zur  Wahl  vorgeschlagen 
für  eine  Amtszeit  von  drei  Jahren,  die  an  der  Generalversammlung  vom  7.  September  2011  beginnt.  Jeder  der 
vorgeschlagenen Personen sind aktuelle Mitglieder des Verwaltungsrates. Ihre Mandatszeit endet zum Zeitpunkt der 
Generalversammlung vom 7. September 2011. 

Für jeden Kandidaten wird eine getrennte Abstimmung durchgeführt.  

Wenn ein Kandidat im Zeitpunkt der Generalversammlung nicht fähig oder nicht Willens ist, seine Kandidatur 
aufrecht zu erhalten, können die eingetragenen Aktionäre an der Generalversammlung wie auch die Aktionäre, die an 
der  Versammlung  durch  den  unabhängigen  Stimmrechtsvertreter  oder  andere  Bevollmächtigte  vertreten  sind,  in 
folgender Weise vorgehen: (1) sie können ihre Wahl für den Ersatzkandidaten aussprechen, den der Verwaltungsrat 
vorschlägt  oder  (2)  sie  können  einen  anderen  Ersatzkandidaten  wählen.  Nach  schweizerischem  Recht  können 
Verwaltungsratsmitglieder nur von der Generalversammlung gewählt werden. Wenn kein Ersatzkandidat genannt wird 
und die vorgeschlagenen Kandidaten gewählt werden, hat der Verwaltungsrat neun Mitglieder. Der Verwaltungsrat hat 
keinen Grund zur Annahme, dass einer der Kandidaten nicht Willens oder fähig ist, das Amt anzunehmen. 

Für weitere Information über den Verwaltungsrat, einschliesslich die gegenwärtigen Mitglieder, die Ausschüsse, 
die  Mittel,  mit  denen  der  Verwaltungsrat  die  Geschäftsleitung  überwacht,  und  weitere  Information  sind  Sie  auf 
untenstehende Ausführung unter dem Titel "Corporate Governance und Verwaltungsratsangelegenheiten" verwiesen. 

8.1  Wiederwahl von Herrn Matthew Bousquette 

Antrag: Der Verwaltungsrat beantragt die Wiederwahl in den Verwaltungsrat von Herrn Matthew Bousquette 

für drei weitere Jahre.  

Matthew  Bousquette  ist  nicht  exekutives  Mitglied  des  Verwaltungsrates  der  Gesellschaft  seit  Juni  2005.  Er  ist 
gegenwärtig  Präsident  des  Verwaltungsrates  der  EGI  Holdings  LLC,  Hersteller  von  Geschenkartikeln  und 
Dekorationen für Heim und Garten, in den Vereinigten Staaten inkorporiert. Er war früher bei Mattel Inc. und leitete 
die Geschäftseinheit Mattel Brands. Herr Bousquette trat als Senior Vice President Marketing im Dezember 1993 bei 
Mattel ein und wurde anschliessend verschiedentlich in höhere Positionen befördert, einschliesslich Generalmanager 
der  Boys  Toys  (Juli  1995),  Executive  Vice  President  der  Boys  Toys  (Mai  1998),  Präsident  der  Boys/Entertainment 
Division (März 1999) und Präsident der Mattel Brands ab Februar 2003 bis Oktober 2005. Vorgängig sammelte Herr 
Bousquette Erfahrungen in verschiedenen Positionen bei Lewis Galoob Toys, Teleflora und Procter & Gamble. Herr 
Bousquette halt ein BBA degree der University of Michigan. Er ist 52 Jahre alt und amerikanischer Staatsbürger. 

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Herr Bousquette verfügt Dank seinen Positionen als Verwaltungsratspräsident einer Gesellschaft im Bereich 

Konsumgüter und als leitender Angestellter bei Matell über Erfahrung in den Bereichen Führung, Finanzen und 
Marketing. 

Herr Bousquette ist zum gegenwärtigen Zeitpunkt Mitglied des Audit Committee und Vorsitzender des 

Compensation Committee des Verwaltungsrates. Der Verwaltungsrat hat beschlossen, dass er als unabhängiger 
Direktor gilt. 

8.2  Wiederwahl von Herrn Richard Laube 

Antrag:  Der  Verwaltungsrat  beantragt  die  Wiederwahl  in  den  Verwaltungsrat  von  Richard  Laube  für  drei 

weitere Jahre. 

Richard Laube ist Konzernleitungsmitglied der Nobel Biocare Holding A.G., eine Position, die er seit April 2011 
innehat. Zuvor war er Vizepräsident der Nestlé S.A., CEO von Nestlé Nutrition und Executive Vice President. Er trat 
im  April  2005  als  Deputy  Executive  Vice  President  bei  Nestlé  ein,  wo  er  die  Verantwortung  über  das  Business 
Development  übernahm.  Im  November  2005  wurde  er  im  Range  eines  Deputy  Executive  Vice  President  CEO  von 
Nestlé  Nutrition.  Im  Jahre  2008  wurde  er  zum  Executive  Vice  President  ernannt.  Seit  Januar  2011  ist  er  auch  als 
Berater  der  Roark  Capital  Group,  einer  Private  Equity  Gesellschaft  mit  Sitz  in  Atlanta,  Georgia,  tätig.  Vor  seiner 
Tätigkeit für Nestlé, von 1999 bis 2004 war Herr Laube Leiter der Roche Consumer Health und Mitglied der Roche 
Konzernleitung  von  2001  bis  2004.  Zuvor,  von  1980  bis  1998,  stand  Herr  Laube  in  den  Diensten  von  Procter  & 
Gamble,  in  aufsteigenden  Rollen  in  der  Schweiz,  den  Vereinigten  Staaten,  Japan,  Deutschland  und  Brasilien.  Herr 
Laube  ist  Master  und  Bachelor  of  Arts  der  Boston  University  in  der  Entwicklung  von  Organisationen  und  in 
evaluativer Forschung. Er ist 55 Jahre alt und schweizerisch-amerikanischer Doppelbürger. 

Als CEO einer grösseren Publikumsgesellschaft und früherer leitender Angestellter von einer weltbekannten 
Gesellschaft auf dem Bereich Konsumgüter, verfügt Herr Laube über Erfahrung in den Bereichen Führung, Marketing 
und Globalisierung. 

Herr Laube ist zum gegenwärtigen Zeitpunkt Mitglied des Compensation Committees des Verwaltungsrates. Der 

Verwaltungsrat hat beschlossen, dass er als unabhängiger Direktor gilt. 

Notwendige Mehrheit zur Genehmigung 

Der  Antrag  ist  genehmigt,  wenn  er  eine  Mehrheit  der  an  der  Generalversammlung  abgegebenen  Stimmen, 

entweder persönlich oder aufgrund einer Vollmacht, auf sich vereinigt, wobei Enthaltungen nicht gezählt werden. 

Empfehlung  

Der Verwaltungsrat empfiehlt die Wahl der obgenannten Kandidaten in den Verwaltungsrat. 

Antrag 9 

Wiederwahl der PricewaterhouseCoopers S.A. als Revisionsstelle 

Antrag 

Der Verwaltungsrat beantragt, PricewaterhouseCoopers S.A. als Revisionsstelle der Logitech International S.A. 

für ein weiteres Jahr wiederzuwählen. 

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Empfehlung 

Auf Empfehlung des Prüfungsausschusses des Verwaltungsrates ist PricewaterhouseCoopers AG für ein weiteres 
Jahr als Revisionsstelle der Logitech International AG vorgeschlagen. Sie ist seit 1988 für die Revision der Logitech 
verantwortlich.  Informationen  über  die  Honorare,  die  Logitech  an  PricewaterhouseCoopers  AG  bezahlt  hat,  sowie 
weitere Information über PricewaterhouseCoopers S.A. entnehmen Sie dem untenstehenden Abschnitt unter dem Titel 
"Independent Public Accountants” und “Report of the Audit Committee”.  

Ein  Mitglied  der  PricewaterhouseCoopers  S.A.  wird  an  der  Generalversammlung  teilnehmen,  die  Möglichkeit 

haben sich zu äussern und zur Verfügung stehen zur Beantwortung allfälliger Fragen. 

Notwendige Mehrheit zur Genehmigung 

Der  Antrag  ist  genehmigt,  wenn  er  eine  Mehrheit  der  an  der  Generalversammlung  abgegebenen  Stimmen, 

entweder persönlich oder aufgrund einer Vollmacht, auf sich vereinigt, wobei Enthaltungen nicht gezählt werden. 

Empfehlung  

Der Verwaltungsrat empfiehlt die Wiederwahl der PricewaterhouseCoopers S.A. als Revisionsstelle der Logitech 

International S.A. für das am 31. März 2012 endende Geschäftsjahr. 

VERWALTUNGSRATSANGELEBENHEITEN UND ENTSCHÄDIGUNGSBERICHT 

Für weitere Information über unseren Verwaltungsrat und für den Entschädigungsbericht verweisen wir Sie auf 

die englische Version dieser Einladung. Der englische Text ist die massgebliche Version dieser Einladung. 

***** 

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July 28, 2011

To our shareholders:

You are cordially invited to attend Logitech’s 2011 Annual General Meeting. The meeting will be held on 
Wednesday,  September  7,  2011  at  2:30  p.m.  at  the  Palais  De  Beaulieu,  Rome  Room,  in  Lausanne,  Switzerland.

Enclosed is the Invitation and Proxy Statement for the meeting, which includes an agenda and discussion 
of the items to be voted on at the meeting, information on how you can exercise your voting rights, information 
concerning Logitech’s compensation of its Board members and executive officers and other relevant information.

Whether or not you plan to attend the Annual General Meeting, your vote is important.

Thank you for your continued support of Logitech.

Guerrino De Luca
Chairman of the Board

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LOGITECH INTERNATIONAL S.A.

Invitation to the Annual General Meeting 
Wednesday, September 7, 2011 
2:30 p.m. (registration starts at 1:30 p.m.) 
Palais de Beaulieu – Lausanne, Switzerland

*****

AGENDA

A.   Reports

Report on Operations for the fiscal year ended March 31, 2011

B.  Proposals

1. 

 Approval of the Annual Report, the Compensation Report, the consolidated financial statements and the 
statutory financial statements of Logitech International S.A. for fiscal year 2011

2.  Advisory vote on executive compensation 

3.  Advisory vote on the frequency of future advisory votes on executive compensation

4. 

Increase to the number of shares available for issuance under Employee Share Purchase Plans

5.  Authorization to exceed 10% holding of own share capital 

6.  Appropriation of retained earnings without payment of a dividend

7. 

 Release  of  the  Board  of  Directors  and  Executive  Officers  from  liability  for  activities  during  fiscal 
year 2011

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8. 

Elections to the Board of Directors

8.1.   Re-election of Mr. Matthew Bousquette

8.2.  Re-election of Mr. Richard Laube

9.  Re-election of PricewaterhouseCoopers S.A. as auditors

Apples, Switzerland, July 28, 2011

The Board of Directors

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QUESTIONS AND ANSWERS ABOUT THE LOGITECH 
2011 ANNUAL GENERAL MEETING

GENERAL INFORMATION FOR ALL SHAREHOLDERS

Why am I receiving this “Invitation and Proxy Statement”?

This document is designed to comply with both Swiss corporate law and U.S. proxy statement rules. Outside 
of the U.S. and Canada this Invitation and Proxy Statement will be delivered to registered shareholders with certain 
portions translated into French and German. We made copies of this Invitation and Proxy Statement available to 
shareholders beginning on July 28, 2011.

The enclosed Response Coupon is solicited on behalf of the Board of Directors of Logitech for use at Logitech’s 
Annual General Meeting. The meeting will be held on Wednesday, September 7, 2011 at 2:30 p.m. at the Palais de 
Beaulieu, Rome Room, in Lausanne, Switzerland.

Who is entitled to vote at the meeting?

Shareholders registered in the Share Register of Logitech International S.A. (including in the sub-register 
maintained by Logitech’s U.S. transfer agent, The Bank of New York Mellon Corporation) on Thursday, September 1, 
2011 have the right to vote. No shareholders will be entered in the Share Register between September 2, 2011 and 
the day following the meeting. As of June 22, 2011 there were 135,340,661 shares registered and entitled to vote out 
of a total of 179,215,747 Logitech shares outstanding. The actual number of registered shares that will be entitled to 
vote at the meeting will vary depending on how many more shares are registered, or deregistered, between June 23, 
2011 and September 1, 2011.

For information on the criteria for the determination of the U.S. and Canadian “street name” beneficial owners 
who  may  vote  with  respect  to  the  meeting,  please  refer  to  “Further  Information  for  U.S.  and  Canadian  “Street 
Name” Beneficial Owners”, below.

Who is a registered shareholder?

If your shares are registered directly in your name with us in the Share Register of Logitech International 
S.A., or in our sub-register maintained by our U.S. transfer agent, The Bank of New York Mellon Corporation, you 
are considered a registered shareholder, and this Invitation and Proxy Statement and related materials are being sent 
to you directly by Logitech.

Who is a beneficial owner with shares registered in the name of a custodian, or “street name” owner?

Shareholders that have not requested registration on our Share Register directly, and hold shares through a 
broker, trustee or nominee or other similar organization that is a registered shareholder, are beneficial owners of 
shares registered in the name of a custodian. If you hold your Logitech shares through a U.S. or Canadian broker, 
trustee or nominee or other similar organization (also called holding in “street name”), which is the typical practice 
of our shareholders in the U.S. and Canada, the organization holding your account  is considered  the  registered 
shareholder for purposes of voting at the meeting, and this Invitation and Proxy Statement and related materials 
are being sent or made available to you by them. You have the right to direct that organization on how to vote the 
shares held in your account.

Why is it important for me to vote?

Logitech is a public company and key decisions can only be made by shareholders. Whether or not you plan 

to attend, your vote is important so that your shares are represented.

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How many registered shares must be present or represented to conduct business at the meeting?

There is no quorum requirement for the meeting. Under Swiss law, public companies do not have specific 
quorum requirements for shareholder meetings, and our Articles of Incorporation do not otherwise provide for a 
quorum requirement.

Where are Logitech’s principal executive offices?

Logitech’s principal executive office in Switzerland is at Rue du Sablon 2-4, 1110 Morges, Switzerland, and 
our principal executive office in the United States is at 6505 Kaiser Drive, Fremont, California 94555. Logitech’s 
main telephone number in Switzerland is +41-(0)21-863-5111 and our main telephone number in the United States 
is +510-795-8500.

How can I obtain Logitech’s annual report and other annual reporting materials?

A  copy  of  our  2011  Annual  Report  to  Shareholders,  this  Invitation  and  Proxy  Statement  and  our  Annual 
Report on Form 10-K for fiscal year 2011 filed with the U.S. Securities and Exchange Commission are available on 
our website at http://ir.logitech.com. Shareholders also may request free copies of these materials at our principal 
executive offices in Switzerland or the United States, at the addresses and phone numbers above.

Where can I find the voting results of the meeting?

We intend to announce voting results at the meeting and issue a press release promptly after the meeting. We 
will also file the results on a Current Report on Form 8-K with the U.S. Securities and Exchange Commission by 
Tuesday, September 13, 2011. A copy of the Form 8-K will be available on our website at http://ir.logitech.com.

If I am not a registered shareholder, can I attend and vote at the meeting?

You may not attend the meeting and vote your shares in person at the meeting unless you either become a 
registered shareholder by September 1, 2011 or you obtain a “legal proxy” from the broker, trustee or nominee that 
holds your shares, giving you the right to vote the shares at the meeting. If you hold your shares through a non-U.S. 
or non-Canadian broker, trustee or nominee, you may become a registered shareholder by contacting our Share 
Registrar at our principal executive offices in Switzerland, at the above address, and following their registration 
instructions or, in certain countries, by requesting registration through the bank or brokerage through which you 
hold your shares. If you hold your shares through a U.S. or Canadian broker, trustee or nominee, you may become a 
registered shareholder by contacting your broker, trustee or nominee, and following their registration instructions.

FURTHER INFORMATION FOR REGISTERED SHAREHOLDERS

How can I vote if I do not plan to attend the meeting?

If you do not plan to attend the meeting you may mark the applicable box under Option 3 on the enclosed 
Response Coupon to appoint either Logitech or the Independent Representative, Ms. Béatrice Ehlers, to represent 
you at the meeting. Please provide your voting instructions by marking the applicable boxes beside the agenda items 
on the Response Coupon and sign, date and promptly mail your completed Response Coupon using the appropriate 
enclosed postage paid envelope. If you sign and return the Response Coupon but do not provide voting instructions 
for some or all agenda items, your voting rights for those items for which you did not provide voting instructions 
will be exercised in favor of the Proposals of the Board of Directors (the “Board”). Please refer to the Response 
Coupon for more instructions.

How can I attend the meeting?

If you wish to attend the meeting, please mark Option 1 on the Response Coupon, and send the completed, 
signed and dated Response Coupon to Logitech using the enclosed postage paid envelope by Friday, August 26, 
2011. We will send you an admission card for the meeting. If an admission card is not received by you prior to the 
meeting and you are a registered shareholder as of September 1, 2011, you may attend the meeting by presenting 
proof of identification at the meeting.

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Can I have another person represent me at the meeting?

Yes. If you would like someone other than either Logitech or the Independent Representative to represent 
you at the meeting, please mark Option 2 on the Response Coupon and provide the name and address of the person 
you  want  to  represent  you.  Please  return  the  completed,  signed  and  dated  Response  Coupon  to  Logitech  using 
the enclosed postage paid envelope by August 26, 2011. We will send an admission card for the meeting to your 
representative. If the name and address instructions you provide are not clear Logitech will send the admission card 
to you, and you must forward it to your representative.

Can I sell my shares before the meeting if I have voted?

Logitech does not block the transfer of shares before the meeting. However, if you sell your Logitech shares 
before the meeting and Logitech’s Share Registrar is notified of the sale, your votes with those shares will not be 
counted. Any person who purchases shares after the Share Register closes on Thursday, September 1, 2011 will not 
be able to register them until the day after the meeting and so will not be able to vote the shares at the meeting.

If I vote by proxy using the Response Coupon, can I change my vote after I have voted?

You may change your vote at any time before the final vote at the meeting. You may revoke your vote by 
requesting a new Response Coupon from us, and we will cancel your prior Response Coupon. If you wish to vote 
again you may complete the new Response Coupon and return it to us, or you may attend the meeting and vote in 
person. However, your attendance at the meeting will not automatically revoke your Response Coupon unless you 
vote again at the meeting or specifically request in writing that your prior Response Coupon be revoked.

If I vote by proxy using the Response Coupon, what happens if I do not give specific voting instructions?

If you are a registered shareholder and sign and return a Response Coupon without giving specific voting 
instructions  for  some  or  all  agenda  items,  your  voting  rights  will  be  exercised  in  favor  of  the  Proposals  of  the 
Board  of  Directors.  In  addition,  if  you  provide  discretionary  voting  instructions  in  the  Response  Coupon,  and 
other matters are properly presented for voting at the meeting, your voting rights will be exercised in favor of the 
recommendations of the Board of Directors at the meeting on such matters.

In addition, if your shares are represented at the meeting by an institution subject to the Swiss Federal Law 
on Banks and Savings Institutions, or by a professional asset manager subject to Swiss jurisdiction, and if you do 
not provide the institution or asset manager with general or specific voting instructions, the institution or asset 
manager will be obliged under Swiss law to exercise the voting rights of your shares in the manner recommended 
by the Board of Directors.

Who can I contact if I have questions?

If you have any questions or need assistance in voting your shares, please call us at +1-510-713-4220 or e-mail 

us at logitechIR@logitech.com.

FURTHER INFORMATION FOR U.S. OR CANADIAN “STREET NAME” BENEFICIAL OWNERS

Why did I receive a one-page notice in the mail regarding the Internet availability of proxy materials this 
year instead of a full set of proxy materials?

We have provided access to our proxy materials over the Internet to beneficial owners holding their shares 
in “street name” through a U.S. or Canadian broker, trustee or nominee. Accordingly, such brokers, trustees or 
nominees  are  forwarding  a  Notice  of  Internet  Availability  of  Proxy  Materials  (the  “Notice”)  to  such  beneficial 
owners. All such shareholders will have the ability to access the proxy materials on a website referred to in the 
Notice or request to receive a printed set of the proxy materials. Instructions on how to access the proxy materials 
over the Internet or to request a printed copy may be found on the Notice. In addition, beneficial owners holding 
their shares in street name through a U.S. or Canadian broker, trustee or nominee may request to receive proxy 
materials in printed form by mail or electronically by email on an ongoing basis.

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The Notice will provide you with instructions regarding how to:

•	

•	

View our proxy materials for the meeting on the Internet; and

Instruct us to send our future proxy materials to you electronically by email.

Choosing  to  receive  your  future  proxy  materials  by  email  will  save  us  the  cost  of  printing  and  mailing 
documents to you and will reduce the impact of our annual shareholders’ meetings on the environment. If you 
choose to receive future proxy materials by email, you will receive an email next year with instructions containing 
a link to those materials and a link to the proxy voting site. Your election to receive proxy materials by email will 
remain in effect until you terminate it.

Who may provide voting instructions for the meeting?

For  purposes  of  U.S.  or  Canadian  beneficial  shareholder  voting,  shareholders  holding  shares  through  a 
U.S. or Canadian broker, trustee or nominee organization on July 15, 2011 may direct the organization on how 
to  vote.  Logitech  has  made  arrangements  with  a  service  company  to  U.S.  and  Canadian  brokers,  trustees  and 
nominee organizations for that service company to provide a reconciliation of share positions of U.S. and Canadian 
“street name” beneficial owners between July 15, 2011 and August 24, 2011, which Logitech determined is the 
last practicable date before the meeting for such a reconciliation. These arrangements are intended to result in the 
following adjustments: If a U.S. or Canadian “street name” beneficial owner as of July 15, 2011 votes but subsequently 
sells their shares before August 24, 2011, their votes will be cancelled. A U.S. or Canadian “street name” beneficial 
owner as of July 15, 2011 that has voted and subsequently increases or decreases their shareholdings but remains a 
beneficial owner as of August 24, 2011 will have their votes increased or decreased to reflect their shareholdings 
as of August 24, 2011.

If you acquire Logitech shares in “street name” after July 15, 2011 through a U.S. or Canadian broker, trustee 
or nominee, and wish to vote at the meeting or provide voting instructions by proxy, you must become a registered 
shareholder. You may become a registered shareholder by contacting your broker, trustee or nominee, and following 
their registration instructions. In order to allow adequate time for registration, for proxy materials to be sent to you, 
and for your voting instructions to be returned to us before the meeting, please begin the registration process as far 
before September 1, 2011 as possible.

If I am a U.S. or Canadian “street name” beneficial owner, how do I vote?

If you are a beneficial owner of shares held in “street name” and you wish to vote in person at the meeting, 

you must obtain a valid proxy from the organization that holds your shares.

If you do not wish to vote in person, you may vote by proxy. You may vote by proxy over the Internet, or if 
you request printed copies of the proxy materials by mail, you can also vote by mail or by telephone by following 
the instructions provided in the Notice.

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What happens if I do not give specific voting instructions?

If you are a beneficial owner of shares held in “street name” in the United States or Canada and do not provide 
your  broker,  trustee  or  nominee  with  specific  voting  instructions,  then  under  the  rules  of  various  national  and 
regional securities exchanges, your broker, trustee or nominee may generally vote on routine matters but cannot 
vote on non-routine matters. If the organization that holds your shares does not receive instructions from you on how 
to vote your shares on a non-routine matter, your shares will not be voted on such matter and will not be considered 
votes cast on the applicable Proposal. We encourage you to provide voting instructions to the organization that 
holds your shares by carefully following the instructions provided in the Notice. We believe the following Proposals 
will be considered non-routine: Proposal 2 (Advisory vote on executive compensation), Proposal 3 (Advisory vote 
on the frequency of future advisory votes on executive compensation), Proposal 4 (Increase to the number of shares 
available for issuance under Employee Share Purchase Plans), Proposal 5 (Authorization to exceed 10% holding of 

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own share capital), Proposal 6 (Appropriation of retained earnings without payment of a dividend), and Proposal 8 
(Elections to the Board of Directors). All other Proposals involve matters that we believe will be considered routine. 
Any “broker non-votes” on any Proposals will not be considered votes cast on the Proposal.

What is the deadline for delivering my voting instructions?

If  you  hold  your  shares  through  a  U.S.  or  Canadian  bank  or  brokerage  or  other  custodian  you  have  until 

11:59 pm (U.S. Eastern Daylight Time) on Thursday, September 1, 2011 to deliver your voting instructions.

Can I change my vote after I have voted?

You may revoke your proxy and change your vote at any time before the final vote at the meeting. You may 
vote again on a later date on the Internet or by telephone (only your latest Internet or telephone proxy submitted 
prior to the meeting will be counted), or by signing and returning a new proxy card with a later date, or by attending 
the  meeting  and  voting  in  person,  if  you  have  a  “legal  proxy”  that  allows  you  to  attend  the  meeting  and  vote. 
However, your attendance at the Annual General Meeting will not automatically revoke your proxy unless you vote 
again at the meeting or specifically request in writing that your prior proxy be revoked.

FURTHER INFORMATION FOR SHAREHOLDERS WITH SHARES REGISTERED THROUGH A 
BANK OR BROKERAGE AS CUSTODIAN (OUTSIDE THE U.S. OR CANADA)

How do I vote by proxy if my shares are registered through my bank or brokerage as custodian?

Your  broker,  trustee  or  nominee  should  have  enclosed  or  provided  voting  instructions  for  you  to  use  in 
directing the broker, trustee or nominee how to vote your shares. If you did not receive such instructions you must 
contact your bank or brokerage for their voting instructions.

What is the deadline for delivering my voting instructions if my Logitech shares are registered through my 
bank or brokerage as custodian?

Banks and brokerages typically set deadlines for receiving instructions from their account holders. Outside 
of the U.S. and Canada, this deadline is typically two to three days before the deadline of the company holding the 
general meeting. This is so that the custodians can collect the voting instructions and pass them on to the company 
holding the meeting. If you hold Logitech shares through a bank or brokerage outside the U.S. or Canada please 
check with your bank or brokerage for their specific voting deadline and submit your voting instructions to them 
as far before the meeting date as possible.

OTHER MEETING INFORMATION

Further Information for Depositary representatives

Institutions  subject  to  the  Swiss  Federal  Law  on  Banks  and  Savings  Banks,  as  well  as  professional  asset 

managers, are obliged to inform Logitech of the number and par value of the registered shares they represent.

Meeting Proposals

There are no other matters that the Board intends to present, or has reason to believe others will present, at the 
Annual General Meeting. If other matters are properly presented for voting at the meeting, and you have provided 
discretionary voting instructions in the Response Coupon or your voting instruction card, your shares will be voted 
in accordance with the recommendations of the Board of Directors at the meeting on such matters.

Proxy Solicitation

We will bear the expense of soliciting proxies, and we have retained Georgeson, Inc. to solicit proxies for a 
fee of $15,000 plus a reasonable amount to cover expenses. Certain of our directors, officers and other employees, 
without additional compensation, may also solicit proxies personally or in writing, by telephone, e-mail or otherwise, 

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or we may ask our proxy solicitor to solicit votes and proxies on our behalf by telephone for a fee of $5.00 per phone 
call, plus reasonable expenses. In the United States we are required to request that brokers and nominees who hold 
shares in their names furnish our proxy material to the beneficial owners of the shares, and we must reimburse such 
brokers and nominees for the expenses of doing so in accordance with certain U.S. statutory fee schedules.

Tabulation of Votes

Representatives of at least two Swiss banks will serve as scrutineers of the vote tabulations at the meeting. As 
is typical for Swiss companies, our Share Registrar will tabulate the voting instructions of registered shareholders 
that are provided in advance of the meeting.

Shareholder Proposals and Nominees

Shareholder Proposals for 2011 Annual General Meeting

Under  our  Articles  of  Incorporation,  one  or  more  registered  shareholders  who  together  represent  shares 
representing at least the lesser of (i) one percent of our issued share capital or (ii) an aggregate par value of one 
million Swiss francs may demand that an item be placed on the agenda of a meeting of shareholders. Any such 
proposal must be included by the Board in our materials for the meeting. A request to place an item on the meeting 
agenda must be in writing, describe the proposal and be received by our Board of Directors at least 60 days prior to 
the date of the meeting. The deadline to receive proposals for the agenda for the September 7, 2011 Annual General 
Meeting was July 8, 2011. However, under Swiss law registered shareholders, or persons holding a valid proxy from 
a registered shareholder, may propose alternatives to items on the 2011 Annual General Meeting agenda before or 
at the meeting.

Shareholder Proposals for 2012 Annual General Meeting

A registered shareholder that satisfies the minimum shareholding requirements in the Company’s Articles of 
Incorporation may demand that an item be placed on the agenda for our 2012 meeting of shareholders by delivering 
a written request describing the proposal to the Secretary of Logitech at our principal executive office in either 
Switzerland or the United States no later than July 5, 2012. In addition, if you are a registered shareholder and 
satisfy the shareholding requirements under Rule 14a-8 of the U.S. Securities Exchange Act of 1934 (the “Exchange 
Act”), you may submit a proposal for consideration by the Board of Directors for inclusion in the 2012 Annual 
General Meeting agenda by delivering a request and a description of the proposal to the Secretary of Logitech at our 
principal executive office in either Switzerland or the United States no later than March 26, 2012. The proposal will 
need to comply with Rule 14a-8 of the Exchange Act, which lists the requirements for the inclusion of shareholder 
proposals  in  company-sponsored  proxy  materials  under  U.S.  securities  laws.  Under  the  Company’s  Articles  of 
Incorporation only registered shareholders are recognized as Logitech shareholders. As a result, if you are not a 
registered shareholder you may not make proposals for the 2012 Annual General Meeting.

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Nominations of Director Candidates

Nominations of director candidates by registered shareholders must follow the rules for shareholder proposals 

above.

Provisions of Articles of Incorporation

The  relevant  provisions  of  our  Articles  of  Incorporation  regarding  the  right  of  one  or  more  registered 
shareholders who together represent shares representing at least the lesser of (i) one percent of our issued share 
capital or (ii) an aggregate par value of one million Swiss francs to demand that an item be placed on the agenda of a 
meeting of shareholders are available on our website at http://ir.logitech.com. You may also contact the Secretary of 
Logitech at our principal executive office in either Switzerland or the United States to request a copy of the relevant 
provisions of our Articles of Incorporation.

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AGENDA PROPOSALS AND EXPLANATIONS

A. 

 REPORTS

Report on Operations for the Fiscal Year Ended March 31, 2011

Senior management of Logitech International S.A. will provide the Annual General Meeting with a presentation 

and report on operations of the Company for fiscal year 2011.

B. 

 PROPOSALS

Approval of the Annual Report, the Compensation Report, the Consolidated Financial Statements and the 
Statutory Financial Statements of Logitech International S.A. for Fiscal Year 2011

Proposal 1

Proposal

The Board of Directors proposes that the Annual Report, the Compensation Report, the consolidated financial 

statements and the statutory financial statements of Logitech International S.A. for fiscal year 2011 be approved.

Explanation

The Logitech consolidated financial statements and the statutory financial statements of Logitech International 
S.A.  for  fiscal  year  2011  are  contained  in  Logitech’s  Annual  Report,  which  was  distributed  to  all  registered 
shareholders with this Invitation and Proxy Statement. The Annual Report also contains the report of Logitech’s 
auditors, the report of the statutory auditors and additional information on the Company’s business, organization 
and strategy, and information relating to corporate governance as required by the SIX Swiss Exchange directive on 
corporate governance. The Compensation Report forms part of this Invitation and Proxy Statement. Copies of the 
Annual Report, Invitation and Proxy Statement are available on the Internet at ir.logitech.com.

Under  Swiss  law  the  annual  report  and  financial  statements  of  Swiss  companies  must  be  submitted  to 
shareholders  for  approval  or  disapproval  at  each  annual  general  meeting.  The  submission  of  the  compensation 
report  to  a  vote  of  shareholders  as  part  of  the  approval  of  the  annual  report  is  a  suggested  best  practice  under 
applicable  Swiss  best  corporate  governance  principles  published  by  economiesuisse,  a  leading  Swiss  business 
organization. In the event of a negative vote on this proposal by shareholders the Board of Directors will call an 
extraordinary general meeting of shareholders for re-consideration of this proposal by shareholders. Approval of 
this proposal does not constitute approval or disapproval of any of the individual matters referred to in the Annual 
Report, the Compensation Report or the consolidated or statutory financial statements for fiscal year 2011.

PricewaterhouseCoopers S.A., as Logitech auditors, issued an unqualified recommendation to the Annual 
General Meeting that the Logitech consolidated and Logitech International S.A. financial statements be approved. 
PricewaterhouseCoopers S.A. express their opinion that the “consolidated financial statements for the year ended 
March 31, 2011 present fairly, in all material respects, the financial position, the results of operations and the cash 
flows in accordance with accounting principles generally accepted in the United States of America (US GAAP) 
and comply with Swiss law.” They further express their opinion and confirm that the financial statements and the 
proposed appropriation of available earnings comply with Swiss law and the articles of incorporation of Logitech 
International S.A.

Voting Requirement to Approve Proposal

The  affirmative  “FOR”  vote  of  a  majority  of  the  votes  cast  in  person  or  by  proxy  at  the  Annual  General 

Meeting, not counting abstentions.

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Recommendation

The Board of Directors recommends a vote “FOR” approval of the Annual Report, the Compensation Report, 
the consolidated financial statements and the statutory financial statements of Logitech International S.A. for fiscal 
year 2011.

Proposal 2

Advisory Vote on Executive Compensation

Proposal

The  Board  of  Directors  proposes  that  shareholders  approve,  on  an  advisory  basis,  the  compensation  of 

Logitech’s named executive officers disclosed in Logitech’s Compensation Report for fiscal year 2011.

Explanation

At Logitech’s 2009 and 2010 Annual General Meetings, the Logitech Board of Directors voluntarily asked 
shareholders to approve Logitech’s compensation philosophy, policies and practices, as set out in the “Compensation 
Discussion and Analysis” section of the Compensation Report, as a reflection of evolving best practices in corporate 
governance in Switzerland and in the United States. This proposal, commonly known as a “say-on-pay” proposal, 
gave our shareholders the opportunity to express their views on our compensation as a whole.

Beginning this year, a say-on-pay advisory vote is being required for all public companies, including Logitech, 
that are subject to the applicable U.S. proxy statement rules. In accordance with this new law, the Board of Directors 
is asking shareholders to approve, on an advisory basis, the compensation of Logitech’s named executive officers 
disclosed  in  the  Compensation  Report,  including  the  “Compensation  Discussion  and  Analysis,”  the  Summary 
Compensation table and the related compensation tables, notes, and narrative. This vote is not intended to address 
any specific items of compensation or any specific named executive officer, but rather the overall compensation of 
our named executive officers and the philosophy, policies and practices described in the Compensation Report.

This  say-on-pay  vote  is  advisory  and  therefore  is  not  binding.  However,  the  say-on-pay  vote  will  provide 
information  to  us  regarding  shareholder  sentiment  about  our  executive  compensation  philosophy,  policies  and 
practices,  which  the  Compensation  Committee  of  the  Board  will  be  able  to  consider  when  determining  future 
executive  compensation.  The  Committee  will  seek  to  determine  the  causes  of  any  significant  negative  voting 
result.

As discussed in the Compensation Discussion and Analysis section of Logitech’s 2011 Compensation Report, 
Logitech has designed its compensation programs to attract, retain and motivate the high caliber of executives, 
managers and staff that is critical to the long-term success of its business. More specifically, Logitech’s executive 
compensation programs have been designed to: 

•	

•	

•	

•	

•	

be  competitive  with  comparable  companies  in  the  industry  and  in  the  region  where  the  executive  is 
based;  

maintain a balance between fixed and variable compensation and place a significant portion of total 
compensation at risk based on the Company’s performance, while maintaining controls over inappropriate 
risk-taking;  

align executive compensation with shareholders’ interests by tying a significant portion of compensation 
to increasing share value;   

support a performance-oriented environment that rewards superior performance; and

	reflect the Compensation Committee’s assessment of an executive’s role and past performance through 
base salary and short-term cash incentives, and his or her potential for future contribution to Logitech 
through long-term equity incentive awards.

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The Compensation Committee of the Board has developed a compensation program that is described more 
fully in the Compensation Report included in the Annual Report and this Invitation and Proxy Statement. Logitech’s 
compensation  philosophy,  compensation  components  for  employees  below  the  executive  level,  compensation 
program risks and design, and compensation paid during fiscal year 2011 are also set out in the Compensation 
Report.

While compensation is a central part of attracting, retaining and motivating the best executives and employees, 
we believe it is not the sole or exclusive reason why exceptional executives or employees choose to join and stay 
at  Logitech,  or  why  they  work  hard  to  achieve  results  for  shareholders.  In  this  regard,  both  the  Compensation 
Committee and management believe that providing a working environment and opportunities in which executives 
and  employees  can  develop,  express  their  individual  potential,  and  make  a  difference,  are  also  a  key  part  of 
Logitech’s success in attracting, retaining and motivating executives and employees.

Voting Requirement to Approve Proposal

The  affirmative  “FOR”  vote  of  a  majority  of  the  votes  cast  in  person  or  by  proxy  at  the  Annual  General 

Meeting, not counting abstentions.

Recommendation

The Board of Directors recommends a vote “FOR” approval of the following advisory resolution:

 “Resolved, that the compensation of Logitech’s named executive officers disclosed in the Compensation 
Report, including the “Compensation Discussion and Analysis,” the Summary Compensation table and 
the related compensation tables, notes, and narrative, is hereby approved.”

Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation

Proposal 3

Proposal

The Board of Directors asks shareholders for their advisory vote on the frequency of future advisory say-on-pay 
votes on executive compensation. In particular, the Board of Directors asks shareholders for their guidance on whether 
future advisory say-on-pay votes, such as the one in Proposal 2 above, should be held every one, two or three years.

Explanation

This proposal asks shareholders to indicate their preference, on an advisory basis, for the frequency of future 
shareholder  advisory  votes  on  executive  compensation.  The  Board  of  Directors  is  asking  shareholders  for  their 
views on the frequency of these votes pursuant to the same new U.S. law described in Proposal 2 above that now 
requires each company subject to U.S. proxy statement rules, including Logitech, to hold a say-on-pay advisory 
vote on executive compensation. This vote on the frequency of say-on-pay votes must be held at least once every 
six years and is advisory in nature.

The Board of Directors has voluntarily asked shareholders to approve Logitech’s compensation philosophy, 
policies and practices in each of the last two years. The Board believes that providing an annual advisory vote on 
compensation provides the Board with more opportunity for timely feedback, and so the Board recommends that 
shareholders vote to hold a say-on-pay advisory vote every year. However, in accordance with the applicable U.S. 
law, shareholders will be able to specify one of four choices for this proposal: one year, two years, three years, or 
abstain from voting.

Voting Requirement to Approve Proposal

This advisory vote is non-binding; however, the Board will carefully consider the voting results and expects 
to be guided by the alternative that receives the greatest number of votes, even if that alternative does not receive 
a majority of the votes cast.

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Recommendation

The Board of Directors recommends that shareholders approve, on an advisory basis, holding a yearly say-on-
pay advisory vote on executive compensation. The alternative receiving the greatest number of votes (every one, 
two or three years) will be considered the frequency selected by shareholders.

Increase to the Number of Shares Available for Issuance under Employee Share Purchase Plans

Proposal 4

Proposal

The Board of Directors proposes that an additional total of 5,000,000 shares be authorized for issuance under the 

Company’s 1996 Employee Share Purchase Plan (U.S.) and the 2006 Employee Share Purchase Plan (Non-U.S.).

Explanation

Logitech’s Employee Share Purchase Plans encourage share ownership by employees and align the interests 
of employees and shareholders. The Board believes that the continued ability to offer this program is important to 
attract, motivate and retain the employee talent needed for Logitech’s success.

Logitech’s  Employee  Share  Purchase  Plans  offer  eligible  employees  the  opportunity  to  acquire  Logitech 
shares through periodic payroll deductions that are applied toward the purchase of shares, at a discount from the 
current market price. The primary purpose of these plans is to provide employees with the opportunity to acquire 
an ownership stake in Logitech. Copies of the 1996 Employee Share Purchase Plan (U.S.) and the 2006 Employee 
Share Purchase Plan (Non-U.S.) are available as exhibits to our Form S-8 filed with the Securities and Exchange 
Commission on January 30, 2009, available at http://www.sec.gov. We refer to these plans as the “1996 Plan”, the 
“2006 Plan”, and together, as the “ESPPs”.

Employees  have  been  participating  in  our  share  purchase  plans  for  more  than  15  years.  Participation  is 
voluntary and participating employees make contributions through payroll deductions. In the offering period ended 
January 31, 2011 more than two-thirds of Logitech’s eligible employees participated (approximately 1,771 out of 
2,605 eligible employees). A direct result of this high participation level is an increase in broad-based ownership, 
with 99.63% of the shares issued going to non-executive officers in the last two offering periods.

We  estimate  that  at  the  time  of  our  2011  Annual  General  Meeting,  we  will  have  approximately  900,000 
shares remaining for issuance under the ESPPs of the 16,000,000 shares previously authorized by shareholders. We 
estimate that we will sell all of the remaining available shares before the 2012 Annual General Meeting. As a result, 
the Board is seeking shareholder approval to increase the number of shares available under the ESPPs at the 2011 
Annual General Meeting. The increase of 5,000,000 shares should provide sufficient shares to meet expected sales 
under the ESPPs over the next 3 years. The table below sets out the shares currently available under the ESPPs and 
if this proposal is approved.

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Stock Purchase Plan Share Reservation 
Maximum shares available under the ESPPs   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Estimated shares purchased from 1996 through September 2011   . . . . . . . . . . . . . . . . . . . . . . . . .
Estimated shares available under the ESPPs as of September 2011  . . . . . . . . . . . . . . . . . . . . . . . .
New shares if increase Proposal is approved   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Maximum shares available for issuance under the ESPPs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.0 million 
(15.1 million) 
0.9 million 
5.0 million 
5.9 million 

Shareholders last approved an increase to the available shares under the ESPPs at the 2008 Annual General 

Meeting, when the available shares were increased by 4,000,000 shares.

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Background on Share Purchase Plans at Logitech

The  1996  Plan  was  adopted  by  the  Board  of  Directors  on  April  24, 1996  as  a  worldwide  Employee  Share 
Purchase Plan. The 1996 Plan was split into one plan for employees based in the United States and another plan for 
employees based outside of the United States by action of the Board of Directors on June 15, 2006.

Under the ESPPs employees may purchase shares twice a year at the end of each six-month offering period. 
The purchase price is 85% of the market value of Logitech shares on the first day of the six-month offering period 
or 85% of the market value of the shares on the last day of the offering period if that value is lower. Employees are 
able to contribute up to 10% of their annual salary, up to a $25,000 limit calculated in accordance with U.S. tax 
rules (taking into account the application of the $25,000 limit for each calendar year a purchase right is at any time 
outstanding). The majority of companies with which we compete for talent in the United States offer share purchase 
programs to their employees. Outside of the United States we believe our share purchase plan helps set us apart 
from other companies with which we compete for talent, because we believe that share purchase plans similar to 
ours are not as common as they are in the United States.

In fiscal year 2011, 1,128,706 shares (1,073,833 in fiscal year 2010 and 1,094,898 in fiscal year 2009) were 
issued from the ESPPs, resulting in an annual dilution cost of 0.6% (0.6% in fiscal year 2010 and 0.6% in fiscal year 
2009). Annual dilution equals shares issued divided by the average shares outstanding in the applicable fiscal year. 
We expect the approval of an additional 5,000,000 shares under the ESPPs, when combined with the remaining 
shares under the ESPPs as of September 2011, to result in an approximate 3.3% dilution over the life of the plans.

Key Terms

Only the number of shares available for issuance under the ESPPs will change if this proposal is approved by 
shareholders. All other terms of the ESPPs will remain unchanged. For convenience, the key terms of the ESPPs 
are summarized below.

Eligibility

Employees  of  certain  of  Logitech’s  subsidiaries  are  eligible  to  participate  in  the  ESPPs.  The  subsidiaries 
whose employees are entitled to participate may be changed from time to time by Logitech. Employees of Logitech 
who regularly work 20 hours or more per week and five months or more per year, subject to applicable law, are 
eligible to participate in the ESPPs. Logitech may establish administrative rules requiring that employees deliver 
subscriptions  for  shares  some  minimum  period  (currently,  7  days)  before  an  enrollment  period  begins.  As  of 
June 24, 2011, approximately 2,870 employees were eligible to participate in the ESPPs.

Employees are not eligible to participate in the ESPPs if they would immediately after such purchase own 
(directly or indirectly) shares, which when added to shares that the employees may purchase under outstanding 
options, amounts to 5% or more of the total combined voting power of shares of Logitech.

Enrollment and Participation

An eligible employee who wants to enroll and participate in the ESPPs must file a completed subscription 
agreement  (which  includes  a  payroll  deduction  agreement)  with  Logitech  during  an  enrollment  period.  The 
subscription  agreement  authorizes  Logitech  to  withhold  automatically  a  percentage  of  the  participant’s  regular 
earnings through regular payroll deductions, and the amount of the deduction is credited to an ESPP account in 
the participant’s name on Logitech’s books during the offering period. The minimum deduction allowed is 1% of 
compensation, and the maximum deduction is 10% of regular earnings. No interest is paid or credited with respect 
to such payroll deductions.

Participants may decrease, but may not increase, their rate of contribution during an offering period by filing 
a new subscription agreement. If a participant has not followed these procedures to change the rate of contribution, 
the rate of contribution continues at the originally elected rate throughout the offering period and future offering 
periods.  Participants  may  change  their  rate  of  contribution  for  the  next  offering  period  by  filing  an  amended 
subscription agreement during the enrollment periods.

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Administration

The Board, or a committee of the Board (“Board”), administers the ESPP. The Board may interpret the ESPPs 

and establish, amend and rescind any rules related to the ESPPs.

Offering periods

The  ESPPs  have  a  series  of  six-month  offering  periods,  with  new  offering  periods  commencing  on  each 
February 1 and August 1, and ending on the last trading day in the six-month periods ending on the following July 
31 and January 31, respectively, or on such other date as the Board shall determine. The Board has the authority to 
change the frequency and/or duration of offering periods (including the commencement dates of the offering periods).

Purchase of Shares

On the last day of each offering period, all participants purchase the number of whole shares obtained by 
dividing the aggregate amount in their ESPP accounts by the purchase price for that offering period. No fractional 
shares are credited or issued. The purchase price for an offering period is 85% of the “market value” of Logitech 
shares on the first day of the six-month offering period or 85% of the “market value” of the shares on the last day of 
the offering period if that value is lower. “Market value” is the last quoted price on the applicable date. The Board 
may  change  the  percentage  of  market  value  applied  to  determine  the  purchase  price  with  respect  to  any  future 
offering period, but not below 85%. If the aggregate number of shares subscribed for in any offering period exceeds 
the number of shares that remain available for sale under the ESPPs, the number of shares each participant may 
purchase is proportionately reduced.

Transferability

Participants may not transfer their subscription or other rights under the ESPPs to any other person, except by 

will or the laws of descent, and any attempted transfer will be void.

Withdrawal

During an offering period, participants may withdraw from participation in the ESPPs by giving notice to 
Logitech. Upon withdrawal from participation, the balance in the participant’s ESPP account is refunded to him or 
her in cash without interest, his or her right to participate in the current offering period is automatically terminated, 
and no further payroll deductions for the purchase of shares will be made during the offering period.

Adjustments

The number of shares subject to the ESPPs, and the number of shares subject to, and the purchase price of, 
outstanding rights to purchase shares, will be proportionately adjusted in the event of changes in the outstanding 
shares of Logitech by reason of share dividends, share splits, consolidations, recapitalizations, reorganizations or 
similar events.

Amendment and Termination of the ESPPs

The Board may amend or terminate the ESPPs at any time without notice, provided that no amendment may 

be adopted without the approval of the shareholders where shareholder approval is required under applicable law.

Shares to be Purchased

No purchase rights have been granted, and no shares have been issued, on the basis of the 5,000,000 share 
increase which is the subject of this proposal. Because benefits under the ESPPs will depend on employees’ elections 
to participate and the fair market value of our shares at various future dates, it is not possible to determine the benefits 
that will be received by executive officers and other employees if the share increase for the ESPPs is approved by 
shareholders. Non-employee directors are not eligible to participate in the ESPPs. However, the following table 

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sets forth, for the persons or groups listed, (a) the total number of shares purchased under the ESPPs during the 
last  fiscal  year,  and  (b)  the  market  value  of  these  shares  as  of  March  31,  2011.  The  price  per  share  determined 
as described above was $13.38. The last reported trade price for the shares on NASDAQ on June 30, 2011, was 
$11.24.

Person or Group 
Guerrino De Luca  . . . . . . . . . . . . . . . . . . . . . . .
Gerald Quindlen   . . . . . . . . . . . . . . . . . . . . . . . .
Erik Bardman   . . . . . . . . . . . . . . . . . . . . . . . . . .
Werner Heid  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Junien Labrousse  . . . . . . . . . . . . . . . . . . . . . . . .
Current executive officers as a group (6)   . . . . .
Current non-executive directors as a group   . . .
All employees, excluding executive officers  . . .

Number of 
Shares 
Purchased (#) 
—
—
—
2,630
1,523
4,153
—
1,124,553

Market 
Value of 
Shares 
Purchased ($) 
—
—
—
47,682
27,612
75,294
—
20,388,146

U.S. Tax Consequences

The  federal  tax  rules  applicable  to  the  1996  ESPP  under  the  U.S.  Tax  Code  are  summarized  below.  This 
summary does not include the tax laws of any municipality, state or country outside the United States in which a 
participant resides.

No taxable income is recognized by a participant either at the time a right is granted to purchase shares under the 
1996 ESPP or at the time shares are purchased thereunder. If a participant does not dispose of shares acquired under 
the 1996 ESPP before two years after the “date of grant” (which for each offering period is the last day on which 
shares are traded before the enrollment period preceding that offering period), upon such qualifying disposition the 
lesser of (a) the excess of the amount realized on sale of the shares over the purchase price or (b) 15% of the market 
value of the shares on the date of grant will be subject to federal income tax. Federal long-term capital gains tax will 
apply to the excess, if any, of the sale’s proceeds on the date of disposition over the sum of the purchase price and 
the amount of ordinary income recognized upon disposition. If the qualifying disposition produces a loss (the value 
of the shares on the date of disposition is less than the purchase price), no ordinary income will be recognized and 
federal long-term capital loss rules will apply, provided that the disposition involves certain unrelated parties.

If a participant disposes of the shares earlier than two years after the date of grant, upon such disqualifying 
disposition the difference between the purchase price and the market value of the shares on the date of purchase 
(the last day of an offering period) will be taxed to the participant as ordinary income and will be deductible by 
Logitech. The excess, if any, of the sale proceeds over the market value of the shares on the date of purchase will be 
taxed as long-term or short-term capital gain, depending on the holding period. Logitech is not entitled to a U.S. tax 
deduction for amounts taxed as ordinary income or capital gains to a participant, except to the extent that ordinary 
income is recognized by a participant upon a disposition of shares earlier than two years after the date of grant.

Voting Requirement to Approve Proposal

The  affirmative  “FOR”  vote  of  a  majority  of  the  votes  cast  in  person  or  by  proxy  at  the  Annual  General 

Meeting, not counting abstentions.

Recommendation of the Board

The Board of Directors recommends a vote “FOR” approval of the increase to the number of shares available 

for issuance under the ESPPs.

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Proposal 5

Authorization to exceed 10% holding of own share capital

Proposal

The Board of Directors proposes that shareholders authorize the Company to hold more than 10 per cent of 

its own shares.

Explanation

Under Swiss corporate law, shares that are repurchased are not automatically cancelled, but instead are held 
in the Company’s treasury pending either shareholder approval of their cancellation or re-use by the Company to 
cover issuance obligations, subject to certain time limits and procedures. Members of the Board of Directors may 
be exposed to personal liability under Swiss law for harm to the company as a result of it holding more than 10 
percent of its own shares. Approval of this proposal may lessen the potential personal liability of the members of 
the Board of Directors in such a circumstance.

Logitech currently holds approximately 6 percent of its own shares in its treasury. If the Company begins 
significant repurchases under its stock repurchase program, it may soon accumulate shares in treasury approaching 
10 percent of its issued capital. In order to provide the Company with continued greater flexibility in the management 
of its capital, the Board of Directors seeks authorization to cause the Company to hold more than 10 percent of its 
own shares, to the extent that the shares exceeding the 10 percent ownership threshold are being repurchased with 
a view to being cancelled. In the event of a negative vote on this proposal by shareholders, the Board of Directors 
will cause the Company not to exceed a 10 percent holding of its own shares.

There  are  potential  adverse  tax  consequences  to  the  Company  that  may  be  avoided  through  repurchasing 
shares above the 10 percent threshold through a “second trading line” with withholding tax arrangements. Should the 
Board of Directors resolve to make use of the authorization in this proposal, it would apply for applicable approval 
by the Swiss Takeover Board, and apply for the opening of a second trading line on the SIX Swiss Exchange in 
order to purchase shares for cancellation. It will also take other appropriate action to levy the withholding tax that 
would be due in such a case.

Voting Requirement to Approve Proposal

The  affirmative  “FOR”  vote  of  a  majority  of  the  votes  cast  in  person  or  by  proxy  at  the  Annual  General 
Meeting, not counting the votes of any member of the Board of Directors, any Logitech executive officers or any 
votes represented by Logitech.

Recommendation

The Board of Directors recommends a vote “FOR” approval of the following resolution:

 “The Company shall be authorized to hold more than 10 per cent of its own shares, to the extent that the own 
shares exceeding the 10 percent ownership threshold are being repurchased, over a second trading line or 
otherwise, with a view to being cancelled on the occasion of a reduction of share capital, to be proposed to the 
Annual General Meeting of the Company in 2012 and/or 2013.”

Appropriation of Retained Earnings without Payment of a Dividend

Proposal 6

Proposal

The Board of Directors proposes that no dividend be distributed with respect to retained earnings for fiscal 
year  2011  and  that  CHF  507,730,000  (US  $609,449,000  based  on  exchange  rates  on  June  30,  2011)  of  retained 
earnings be carried forward.

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(all numbers in thousands)

Retained earnings at beginning of fiscal year 2011   . . . . . . . . . . .
Appropriation of retained earnings resolved by  

the 2010 Annual General Meeting-Dividend . . . . . . . . . . . . . .
Release from reserve for treasury shares . . . . . . . . . . . . . . . . . . . .
Net income for fiscal year 2011  . . . . . . . . . . . . . . . . . . . . . . . . . . .

CHF 349,312

CHF
—
CHF 138,205
CHF 20,213

Retained earnings at the disposal of the Annual  

General Meeting at the end of fiscal year 2011  . . . . . . . . . . . .

CHF 507,730

Explanation

Under Swiss law the use of retained earnings must be submitted to shareholders for approval or disapproval 
at each annual general meeting. The retained earnings at the disposal of Logitech shareholders at the 2011 Annual 
General Meeting are the earnings of Logitech International S.A., the Logitech parent holding company.

The Board of Directors continues to believe that it is in the best interests of Logitech and its shareholders to 
retain Logitech’s earnings for future investment in the growth of Logitech’s business, for share repurchases, and for 
the possible acquisition of other companies or lines of business. Accordingly, the Board is proposing that no dividend 
be paid to shareholders and all retained earnings at the disposal of the Annual General Meeting be carried forward.

In the event of a negative vote on this proposal by shareholders, the Board of Directors will take the vote of 
the shareholders into consideration, and call an extraordinary general meeting of shareholders for re-consideration 
by shareholders of this proposal or a revised proposal.

Voting Requirement to Approve Proposal

The  affirmative  “FOR”  vote  of  a  majority  of  the  votes  cast  in  person  or  by  proxy  at  the  Annual  General 

Meeting, not counting abstentions.

Recommendation

The Board of Directors recommends a vote “FOR” approval of the appropriation of retained earnings without 

the payment of a dividend.

Release of the Board of Directors and Executive Officers from Liability for Activities during Fiscal Year 2011

Proposal 7

Proposal

The Board of Directors proposes that shareholders release the members of the Board of Directors and Executive 

Officers from liability for activities during fiscal year 2011.

Explanation

As  is  customary  for  Swiss  corporations  and  in  accordance  with  Article  698,  subsection  2,  item  5  of  the 
Swiss Code of Obligations, shareholders are requested to release the members of the Board of Directors and the 
Executive Officers from liability for their activities during fiscal year 2011 that have been disclosed to shareholders. 
This release from liability exempts members of the Board of Directors or Executive Officers from liability claims 
brought by the Company or its shareholders on behalf of the Company against any of them for activities carried out 
during fiscal year 2011 relating to facts that have been disclosed to shareholders. Shareholders that do not vote in 
favor of the proposal, or acquire their shares after the vote without knowledge of the approval of this resolution, are 
not bound by the result for a period ending six months after the vote.

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Voting Requirement to Approve Proposal

The  affirmative  “FOR”  vote  of  a  majority  of  the  votes  cast  in  person  or  by  proxy  at  the  Annual  General 
Meeting, not counting abstentions and not counting the votes of any member of the Board of Directors, any Logitech 
executive officers or any votes represented by Logitech.

Recommendation

The  Board  of  Directors  recommends  a  vote  “FOR”  the  proposal  to  release  the  members  of  the  Board  of 

Directors and Executive Officers from liability for activities during fiscal year 2011.

Proposal 8

Elections to the Board of Directors

Our  Board  of  Directors  is  presently  composed  of  nine  members.  Each  director  serves  a  three-year  term, 
with  the  terms  of  the  directors  staggered  so  that  not  all  directors  are  up  for  election  in  any  one  year.  This  is  a 
recommended practice under the Swiss Code of Best Practice for Corporate Governance, in order to help ensure 
continuity among the Board.

At the recommendation of the Nominating Committee, the Board has nominated the two individuals below to 
serve as directors for the three-year term beginning as of the Annual General Meeting on September 7, 2011. Each 
of the nominees currently serves as a member of the Board of Directors. Their current terms expire on the date of 
the Annual General Meeting on September 7, 2011.

There will be a separate vote on each nominee.

If any director nominee is unable or unwilling to serve as a nominee at the time of the Annual General Meeting, 
registered  shareholders  at  the  meeting  or  represented  at  the  meeting  by  the  Independent  Representative  or  third 
parties may vote either for: (1) a substitute nominee designated by the present Board to fill the vacancy; or (2) another 
substitute nominee. Under Swiss law Board members may only be appointed by shareholders and so if there is no 
substitute nominee and the individuals below are elected the Board will consist of nine members. The Board has no 
reason to believe that either of our nominees will be unwilling or unable to serve if elected as a director.

For further information on the Board of Directors, including the current members of the Board, the Committees 
of  the  Board,  the  means  by  which  the  Board  exercises  supervision  of  Logitech’s  executive  officers,  and  other 
information, please see “Corporate Governance and Board of Directors Matters” below.

8.1  Re-election of Mr. Matthew Bousquette

Proposal:  The Board of Directors proposes that Mr. Matthew Bousquette be re-elected to the Board for a 

further three-year term.

Matthew Bousquette is the Chairman of the Board of EGI Holdings LLC, a U.S.-based producer of giftware 
and  home  and  garden  décor  products.  He  is  the  former  president  of  the  Mattel  Brands  business  unit  of  Mattel, 
Inc.  Mr.  Bousquette  joined  Mattel  as  senior  vice  president  of  marketing  in  December  1993,  and  was  promoted 
to successively more senior positions at Mattel, including general manager of Boys Toys in July 1995, executive 
vice president of Boys Toys in May 1998, president of Boys/Entertainment in March 1999, and president of Mattel 
Brands from February 2003 to October 2005. Mr. Bousquette’s previous experience included various positions at 
Lewis Galoob Toys, Teleflora and Procter & Gamble. Mr. Bousquette earned a BBA degree from the University of 
Michigan. He is 52 years old, and is a U.S. citizen.

Mr. Bousquette brings senior leadership, strategic, financial and marketing expertise to the Board from his 

current position as chairman of a consumer products company, and his prior work as a senior executive at Mattel.

Mr. Bousquette has been a member of the Board of Directors since June 2005. He currently serves on the 
Audit  Committee  and  is  Chairman  of  the  Compensation  Committee  of  the  Board.  The  Board  of  Directors  has 
determined that he is an independent Director.

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8.2  Re-election of Mr. Richard Laube

Proposal: The Board of Directors proposes that Mr. Richard Laube be re-elected to the Board for a further 

three-year term.

Richard Laube is the Chief Executive Officer of Nobel Biocare Holding A.G., a position he has held since 
April  2011.  Previously,  he  was  an  Executive  Vice  President  of  Nestlé  S.A.,  Chief  Executive  Officer  of  Nestlé 
Nutrition and a member of the Nestlé Executive Board until August 2010. He joined Nestlé in April 2005 as Deputy 
Executive Vice President, Corporate Business Development, and was appointed Deputy Executive Vice President, 
Chief  Executive  Officer  of  Nestlé  Nutrition  in  November  2005.  He  was  appointed  Executive  Vice  President  in 
2008. Since January 2011 he has also served as an advisor to the Roark Capital Group, a private equity firm based 
in Atlanta, Georgia. Prior to joining Nestlé he served from 1999 to 2004 as President, Roche Consumer Health, 
and  served  on  the  Roche  Corporate  Executive  Committee  from  2001  to  2004.  Previously,  he  was  employed  by 
Procter & Gamble from 1980 to 1998, serving in successively more senior roles in Switzerland, the United States, 
Japan, Germany and Brazil. Mr. Laube holds MA and BA degrees in Organizational Development and Evaluation 
Research from Boston University. He is 55 years old and is a dual U.S. and Swiss citizen.

As chief executive of a significant public company, and a former senior executive at one of the world’s best-
known consumer products companies, with significant experience in business strategy and marketing, Mr. Laube 
brings senior leadership, brand marketing and global experience to the Board.

Mr.  Laube  has  been  a  member  of  the  Board  of  Directors  since  September  2008.  He  currently  serves  on 
the  Compensation  Committee  of  the  Board.  The  Board  of  Directors  has  determined  that  he  is  an  independent 
Director.

Voting Requirement to Approve Proposals

The  affirmative  “FOR”  vote  of  a  majority  of  the  votes  cast  in  person  or  by  proxy  at  the  Annual  General 

Meeting, not counting abstentions.

Recommendation

The Board of Directors recommends a vote “FOR” the election to the Board of each of the above nominees.

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Proposal 9

Re-election of PricewaterhouseCoopers S.A. as Auditors

Proposal

The  Board  of  Directors  proposes  that  PricewaterhouseCoopers  S.A.  be  re-elected  as  auditors  of  Logitech 

International S.A. for a one-year term.

Explanation

PricewaterhouseCoopers S.A., upon recommendation of the Audit Committee of the Board, is proposed for 
re-election for a further year as auditors for Logitech International S.A. PricewaterhouseCoopers S.A. assumed 
its first audit mandate for Logitech in 1988. Information on the fees paid by Logitech to PricewaterhouseCoopers 
S.A., as well as further information regarding PricewaterhouseCoopers S.A., is set out below under the heading 
“Independent Public Accountants” and “Report of the Audit Committee.”

A member of PricewaterhouseCoopers S.A. will be present at the Annual General Meeting, will have the 

opportunity to make a statement, and will be available to respond to appropriate questions you may ask.

Voting Requirement to Approve Proposal

The  affirmative  “FOR”  vote  of  a  majority  of  the  votes  cast  in  person  or  by  proxy  at  the  Annual  General 

Meeting, not counting abstentions.

Recommendation

Our Board of Directors recommends a vote “FOR” the re-election of PricewaterhouseCoopers S.A. as auditors 

of Logitech International S.A. for the fiscal year ending March 31, 2012.

CORPORATE GOVERNANCE AND BOARD OF DIRECTORS MATTERS

The Board of Directors is elected by the shareholders and holds the ultimate decision-making authority within 
Logitech, except for those matters reserved by law or by Logitech’s Articles of Incorporation to its shareholders or 
those that are delegated to the executive officers under the organizational regulations (also known as by-laws). The 
Board makes resolutions through a majority vote of the members present at the meetings. In the event of a tie, the 
vote of the Chairman decides.

Logitech’s Articles of Incorporation set the minimum number of directors at three. We had ten members of 
the Board of Directors as of June 30, 2011 and, following the resignation of Gerald Quindlen effective July 27, 2011, 
we had nine members of the Board. If each nominee to the Board presented in Proposal 8 is elected the size of the 
Board will remain at nine members.

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BOARD OF DIRECTORS INDEPENDENCE

Each of our directors other than Daniel Borel and Guerrino De Luca qualifies as independent in accordance 
with the published listing requirements of NASDAQ and Swiss corporate governance best practices guidelines. The 
Board of Directors has determined that Matthew Bousquette and Richard Laube, the director nominees standing 
for re-election at the 2011 Annual General Meeting, each qualifies as independent. The NASDAQ independence 
definition includes a series of objective tests, such as that the director is not an employee of the company and has 
not engaged in various types of business dealings with the company. In addition, as further required by NASDAQ 
rules, the Board has made a subjective determination as to each independent director that no relationships exist 
which, in the opinion of the Board, would interfere with the exercise of independent judgment in carrying out the 
responsibilities of a director. In making these determinations, the directors reviewed and discussed information 
provided by the directors and the Company with regard to each director’s business and personal activities as they 
may relate to Logitech and Logitech’s management. In particular, the Board considered the following information 
in regard to the following directors:

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Erh-Hsun  Chang.  Until  April  2006  Mr.  Chang  served  as  Logitech’s  Senior  Vice  President,  Worldwide 

Operations and General Manager, Far East.

Sally Davis.  Ms. Davis is the chief executive of BT Wholesale, a member of the BT Group. In the ordinary course 
of its business, BT’s conferencing division purchased approximately $2.1 million of LifeSize videoconferencing 
equipment  and  approximately  $1.5  million  of  Logitech  computer  peripherals,  and  Logitech  purchased  less  than 
$10,000 of BT communication services in fiscal year 2011. Neither Ms. Davis nor any Logitech executive officer 
had any direct involvement in these transactions.

In each case, the Board determined that none of these facts or relationships would interfere with the exercise 

by Mr. Chang and Ms. Davis of his or her independent judgment in carrying out the responsibilities of a director.

MEMBERS OF THE BOARD OF DIRECTORS

The  members  of  the  Board  of  Directors,  including  their  principal  occupation,  business  experience,  and 

qualifications, are set out below.

Daniel Borel  . . . . . . . . . . . . . . . . . . . . .
61 Years Old  
Director since 1988 
Co-Founder and former CEO and  
Chairman, Logitech International S.A.  
Swiss national

Matthew Bousquette  . . . . . . . . . . . . . .  
52 Years Old  
Director since 2005  
Chairman, EGI Holdings LLC  
U.S. national

Daniel  Borel  is  a  Logitech  founder  and  served  from  May  1988  until 
January  1,  2008  as  the  Chairman  of  the  Board.  From  July  1992  to 
February  1998,  he  also  served  as  Chief  Executive  Officer.  He  has 
held various other executive positions with Logitech. Mr. Borel holds 
an  MS  degree  in  Computer  Science  from  Stanford  University  in 
California and a BE degree in Physics from the Ecole Polytechnique 
Fédérale,  Lausanne,  Switzerland.  He  serves  on  the  Board  of  Nestlé 
S.A.  In  addition,  he  serves  on  the  Board  of  Fondation  Defitech,  a 
Swiss  foundation  which  contributes  to  research  and  development 
projects aimed at assisting the disabled, is the Chairman of the Board 
of SwissUp, a Swiss educational foundation promoting higher learning, 
and serves as President of EPFL Plus, a Swiss foundation which raises 
funds for the Ecole Polytechnique Fédérale de Lausanne.

As a Logitech co-founder, and its former Chairman and CEO, Mr. Borel 
brings deep knowledge of and a passion for Logitech, its people and its 
products,  as  well  as  senior  leadership,  industry,  technical,  and  global 
experience.  As  a  director  for  Nestlé,  Mr.  Borel  also  provides  cross-
board experience.

Matthew  Bousquette  is  the  Chairman  of  the  Board  of  EGI  Holdings 
LLC,  a  U.S.-based  producer  of  giftware  and  home  and  garden  décor 
products. He is the former president of the Mattel Brands business unit 
of Mattel, Inc. Mr. Bousquette joined Mattel as senior vice president 
of  marketing  in  December  1993,  and  was  promoted  to  successively 
more  senior  positions  at  Mattel,  including  general  manager  of  Boys 
Toys in July 1995, executive vice president of Boys Toys in May 1998, 
president  of  Boys/Entertainment  in  March  1999,  and  president  of 
Mattel Brands from February 2003 to October 2005. Mr. Bousquette’s 
previous experience included various positions at Lewis Galoob Toys, 
Teleflora and Procter & Gamble. Mr. Bousquette earned a BBA degree 
from the University of Michigan.

Mr.  Bousquette  brings  senior  leadership,  strategic,  financial  and 
marketing expertise to the Board from his current position as chairman 
of  a  consumer  products  company,  and  his  prior  work  as  a  senior 
executive at Mattel.

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Erh-Hsun Chang  . . . . . . . . . . . . . . . . .
62 Years Old  
Director since 2006 
Former Senior Vice President,  
Worldwide Operations and  
General Manager, Far East,  
Logitech
Taiwan national

Kee-Lock Chua   . . . . . . . . . . . . . . . . . .
50 Years Old  
Director since 2000  
President and Chief Executive Officer, 
Vertex Group 
Singapore national

Erh-Hsun  Chang  has  been  a  member  of  the  Board  of  Directors 
since  June  2006.  Until  April  2006  Mr.  Chang  was  the  Company’s 
Senior  Vice  President,  Worldwide  Operations  and  General  Manager, 
Far  East.  Mr.  Chang  first  joined  Logitech  in  1986  to  establish  its 
operations in Taiwan. After leaving the Company in 1988, he returned 
in  1995  as  Vice  President,  General  Manager,  Far  Eastern  Area  and 
Worldwide  Operations.  In  April  1997,  Mr.  Chang  was  named  Senior 
Vice  President,  General  Manager,  Far  Eastern  Area  and  Worldwide 
Operations. Mr. Chang’s other business experience includes tenure as 
Vice President, Manufacturing Consulting at KPMG Peat Marwick, a 
global professional services firm, between 1991 and 1995, and as Vice 
President,  Sales  and  Marketing,  Power  Supply  Division,  of  Taiwan 
Liton  Electronics  Ltd.,  a  Taiwanese  electronics  company,  in  1995. 
Mr. Chang holds a BS degree in Civil Engineering from Chung Yuang 
University, Taiwan, an MBA degree in Operations Management from 
the University of Dallas, and an MS degree in Industrial Engineering 
from Texas A&M University. Mr. Chang is also Vice Chairman of the 
Company’s subsidiary in Taiwan.

Having  had  an  extensive  career  in  operations,  manufacturing,  and 
sales  and  marketing,  particularly  in  Taiwan  and  China,  Mr.  Chang 
brings senior leadership, manufacturing and operations experience, and 
substantial expertise in doing business in Taiwan and China.

Kee-Lock  Chua  is  president  and  chief  executive  officer  of  the Vertex 
Group,  a  Singapore  -  headquartered  venture  capital  group.  Prior  to 
joining the Vertex Group, Mr. Chua was the president and an executive 
director  of  Biosensors  International  Group,  Ltd.,  a  developer  and 
manufacturer of medical devices used in interventional cardiology and 
critical care procedures. Previously, from 2003 to 2006, Mr. Chua was 
a  managing  director  of  Walden  International,  a  U.S.-headquartered 
venture  capital  firm.  From  2001  to  2003,  Mr.  Chua  served  as  deputy 
president  of  NatSteel  Ltd.,  a  Singapore  industrial  products  company 
active  in  Asia  Pacific.  From  2000  until  2001,  Mr.  Chua  was  the 
president and chief executive officer of Intraco Ltd., a Singapore-listed 
trading  and  distribution  company.  Prior  to  joining  Intraco,  Mr.  Chua 
was the president of MediaRing.com Ltd., a Singapore-listed company 
providing  voice-over-Internet  services.  Mr.  Chua  holds  a  BS  degree 
in Mechanical Engineering from the University of Wisconsin, and an 
MS degree in Engineering from Stanford University in California. He 
also serves on the Board of SHC Capital Ltd. and Yongmao Holdings 
Limited (where he is lead independent director), each publicly traded 
companies in Singapore, and on the board of directors of a number of 
private companies, including as chairman of CrimsonLogic Pte. Ltd., a 
Singapore-based e-government solution provider.

Mr. Chua has extensive investment and senior leadership experience, 
as a venture capitalist in Asia and the United States, and also as the 
former  CEO  of  publicly-traded  companies  in  Asia.  He  brings  to  the 
Board  senior  leadership,  and  financial  and  global  expertise.  As  a 
director of public companies in Asia, and of private companies, he also 
provides cross-board experience.

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Sally Davis   . . . . . . . . . . . . . . . . . . . . . .
57 Years Old  
Director since 2007  
CEO, BT Wholesale  
British national

Guerrino De Luca   . . . . . . . . . . . . . . . .  
58 Years Old  
Director since 1998  
Chairman of the Board of Directors, 
acting President and Chief Executive 
Officer of Logitech International S.A. 
Italian and U.S. national

Sally Davis is the chief executive of BT Wholesale, a position she has 
held since 2007. She was the Chief Portfolio Officer of British Telecom 
from 2005 to 2007. She had previously held senior executive roles within 
BT  since  joining  the  company  in  1999,  including  President,  Global 
Products,  Global  Services  from  2002  to  2005,  President,  BT  Ignite 
Applications Hosting from 2001 to 2002 and Director, Group Internet 
and Multimedia from 1999 to 2001. Before joining BT, Ms. Davis held 
leading  roles  in  several  major  communications  companies,  including 
Bell  Atlantic  in  the  United  States  and  Mercury  Communications  in 
the United Kingdom. Ms. Davis is also a member of the Board of the 
Department for Transport, part of the UK government. She holds a BA 
degree from University College, London.

Ms.  Davis’s  experience  as  a  CEO  of  a 
leading  European 
telecommunications company, and her significant technology product 
strategy  and  product  portfolio  knowledge,  provides  the  Board  with 
expertise  in  senior  leadership,  technology,  product  strategy,  and 
financial management.

Guerrino  De  Luca  has  served  as  Chairman  of  the  Logitech  Board 
of  Directors  since  January  2008  and  as  acting  President  and  Chief 
Executive Officer since July 27, 2011. He served from February 1998 to 
January 2008 as Logitech’s President and Chief Executive Officer, and 
has been a director since June 1998. Prior to joining Logitech, Mr. De 
Luca served as Executive Vice President of Worldwide Marketing for 
Apple, Inc. from February 1997 to September 1997, and as President of 
Claris Corporation, a U.S. personal computing software vendor, from 
May 1994 to February 1997. Prior to joining Claris, Mr. De Luca held 
various positions with Apple in the United States and in Europe. Mr. De 
Luca holds a BS degree in Electronic Engineering from the University 
of Rome, Italy.

As  Logitech’s  Chairman  and  former  CEO,  Mr.  De  Luca  brings 
significant senior leadership, industry, strategy, marketing and global 
experience to the Board, and, like Mr. Borel, a deep passion for and 
commitment to Logitech, its people and its products.

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Neil Hunt . . . . . . . . . . . . . . . . . . . . . . . .  
49 Years Old  
Director since 2010  
Chief Product Officer,
Netflix, Inc.
U.K. and U.S. national

Richard Laube  . . . . . . . . . . . . . . . . . . .  
55 Years Old  
Director since 2008  
Chief Executive Officer,
Nobel Biocare Holding A.G. 
Swiss and U.S. national

Neil Hunt is the Chief Product Officer of Netflix, Inc., a California-
based  company  offering  the  world’s  largest  subscription  service 
streaming  movies  and  TV  episodes  over  the  Internet  and  sending 
DVDs by mail. He has been with Netflix since 1999, and served as its 
Vice President, Internet Engineering from 1999 until being promoted 
to  his  current  position  in  2002.  From  1997  to  1999,  Mr.  Hunt  was 
Director  of  Engineering  for  Rational  Software,  a  California-based 
maker  of  software  development  tools,  and  he  served  in  engineering 
roles  at  predecessor  companies  from  1991  to  1997.  Mr.  Hunt  is  also 
a  member  of  the  Board  of  Directors  of  Simply  Hired,  Inc.,  a  private 
online job listings company. Mr. Hunt holds a Doctorate in Computer 
Science from the University of Aberdeen, U.K. and a Bachelors degree 
from the University of Durham, U.K.

Mr.  Hunt’s  significant  expertise  in  technology,  product  development 
leadership and strategy, and his experience as a member of the senior 
leadership of a leading digital delivery company, provides the Board 
with expertise in technology, product strategy, and senior leadership.

Richard Laube is the Chief Executive Officer of Nobel Biocare Holding 
A.G.,  a  position  he  has  held  since April  2011.  Previously,  he  was  an 
Executive  Vice  President  of  Nestlé  S.A.,  Chief  Executive  Officer  of 
Nestlé  Nutrition  and  a  member  of  the  Nestlé  Executive  Board  until 
August 2010. He joined Nestlé in April 2005 as Deputy Executive Vice 
President, Corporate Business Development, and was appointed Deputy 
Executive Vice President, Chief Executive Officer of Nestlé Nutrition 
in November 2005. He was appointed Executive Vice President in 2008. 
Since January 2011 he has also served as an advisor to the Roark Capital 
Group, a private equity firm based in Atlanta, Georgia. Prior to joining 
Nestlé  he  served  from  1999  to  2004  as  President,  Roche  Consumer 
Health, and served on the Roche Corporate Executive Committee from 
2001 to 2004. Previously, he was employed by Procter & Gamble from 
1980 to 1998, serving in successively more senior roles in Switzerland, 
the United States, Japan, Germany and Brazil. Mr. Laube holds MA and 
BA  degrees  in  Organizational  Development  and  Evaluation  Research 
from Boston University.

As  chief  executive  of  a  significant  public  company,  and  a  former 
senior executive at one of the world’s best-known consumer products 
companies,  with  significant  experience  in  business  strategy  and 
marketing,  Mr.  Laube  brings  senior  leadership,  brand  marketing  and 
global experience to the Board.

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Monika Ribar  . . . . . . . . . . . . . . . . . . . .  
51 Years Old  
Director since 2004  
President and CEO, Panalpina Group  
Swiss national

Monika  Ribar  is  the  President  and  Chief  Executive  Officer  of  the 
Panalpina  Group,  a  Swiss  freight  forwarding  and  logistics  services 
provider. She has been a member of Panalpina’s Executive Board since 
February 2000, and served as Panalpina’s Chief Financial Officer from 
June 2005 to October 2006, and as its Chief Information Officer from 
February 2000 to June 2005. From June 1995 to February 2000, she 
served  as  Panalpina’s  Corporate  Controller,  and  from  1991  to  1995 
served in project management positions at Panalpina. Prior to joining 
Panalpina, Ms. Ribar worked at Fides Group (now KPMG Switzerland), 
a  professional  services  firm,  serving  as  Head  of  Strategic  Planning, 
and was employed by the BASF Group, a German chemical products 
company.  She  also  serves  as  a  Director  of  SIKA  AG,  a  SIX  Swiss 
Exchange-listed supplier of specialty chemical products and industrial 
materials. Ms. Ribar holds a Masters degree in Economics and Business 
Administration from the University of St. Gallen, Switzerland.

Ms.  Ribar  has  significant  executive  experience  with  the  strategic, 
financial,  and  operational  requirements  of  companies  with  global 
operations, and brings to our Board senior leadership, logistics industry, 
global  and  financial  experience.  As  a  member  of  another  public 
company board, Ms. Ribar also provides cross-board experience.

Gerald  Quindlen,  our  former  President  and  Chief  Executive  Officer,  served  as  a  member  of  the  Board  of 
Directors from September 2008 until July 2011. He served as President and Chief Executive Officer from January 
2008 to July 27, 2011. Mr. Quindlen joined Logitech as Senior Vice President, Worldwide Sales and Marketing in 
October 2005. From August 1987 to September 2004, Mr. Quindlen worked for Eastman Kodak Company where 
he was Vice President of Global Sales and Operations for the Consumer and Professional Imaging Division, and 
previously held senior sales or marketing management positions in the United States, Japan and Asia Pacific. From 
September 2004 to September 2005, Mr. Quindlen was a private consultant. Prior to his 17 year tenure at Eastman 
Kodak, he worked for Mobil Oil Corporation in engineering. Mr. Quindlen, age 52, holds a BS degree in chemical 
engineering from Villanova University in Pennsylvania, and an MBA degree in Finance from the University of 
Pennsylvania’s Wharton School.

Other than the current employment and involvement noted above, no other Logitech Board member currently 
has material supervisory, management, or advisory functions outside Logitech. None of the Company’s directors 
holds any official functions or political posts.

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ELECTIONS TO THE BOARD OF DIRECTORS

Directors are elected at the Annual General Meeting of Shareholders, upon proposal of the Board of Directors. 

The proposals of the Board of Directors are made following recommendations of the Nominating Committee.

Shareholder Recommendations and Nominees

Under  our  Articles  of  Incorporation,  one  or  more  registered  shareholders  who  together  represent  shares 
representing at least the lesser of (i) one percent of our issued share capital or (ii) an aggregate par value of one 
million Swiss francs may demand that an item be placed on the agenda of a meeting of shareholders, including a 
nominee for election to the Board of Directors. A request to place an item on the meeting agenda must be in writing, 
describe the proposal and be received by our Board of Directors at least 60 days prior to the date of the meeting. 
Demands by registered shareholders to place an item on the agenda of a meeting of shareholders should be sent to: 
Secretary to the Board of Directors, Logitech International S.A., Rue du Sablon 2-4, 1110 Morges, Switzerland, or 
c/o Logitech Inc., 6505 Kaiser Drive, Fremont, CA 94555, USA.

Under the Company’s Articles of Incorporation only registered shareholders are recognized as shareholders 
of the company. As a result, beneficial shareholders do not have a right to place an item on the agenda of a meeting, 
regardless  of  the  number  of  shares  they  hold.  For  information  on  how  beneficial  shareholders  may  become 
registered shareholders, see “Questions and Answers about the Logitech 2011 Annual General Meeting - If I am 
not a registered shareholder, can I attend and vote at the meeting?”

If the agenda of a general meeting of shareholders includes an item calling for the election of directors, any 

registered shareholder may propose a candidate for election to the Board of Directors before or at the meeting.

The Nominating Committee does not have a policy on consideration of recommendations for candidates to the 
Board of Directors from registered shareholders. The Nominating Committee considers it appropriate not to have a 
formal policy for consideration of such recommendations because the evaluation of potential members of the Board 
of Directors is by its nature a case-by-case process, depending on the composition of the Board at the time, the needs 
and status of the business of the Company, and the experience and qualification of the individual. Accordingly, 
the Nominating Committee would consider any such recommendations on a case-by-case basis in their discretion, 
and, if accepted for consideration, would evaluate any such properly submitted nominee in consideration of the 
membership criteria set forth under “Director Qualifications” below. Shareholder recommendations to the Board 
of Directors should be sent to the above address.

Board Composition

The Nominating Committee is responsible for reviewing and assessing with the Board the appropriate skills, 
experience, and background sought of Board members in the context of our business and the then-current membership 
on the Board. The Nominating Committee has not formally established any specific, minimum qualifications that 
must be met by each candidate for the Board of Directors or specific qualities or skills that are necessary for one or 
more of the members of the Board of Directors to possess. Similarly, the Nominating Committee does not have a 
formal policy on considering diversity in identifying candidates for election or re-election to the Board of Directors. 
However, we do not expect or intend that each director will have the same background, skills, and experience; we 
expect that Board members will have a diverse portfolio of backgrounds, skills, and experiences. One goal of this 
diversity is to assist the Board as a whole in its oversight and advice concerning our business and operations.

The review and assessment of Board candidates and the current membership of the Board by the Nominating 
Committee and the Board includes numerous diverse factors, such as independence; understanding of and experience 
in technology, finance, and marketing; international experience; age; and gender and ethnic diversity. The priorities 
and emphasis of the Nominating Committee and of the Board with regard to these factors change from time to time 
to take into account changes in Logitech’s business and other trends, as well as the portfolio of skills and experience 
of current and prospective Board members.

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Listed below are key skills and experience that we currently consider important for our directors to have in 
light of our current business and structure. We do not expect each director to possess every attribute. The directors’ 
biographies note each director’s relevant experience, qualifications, and skills relative to this list.

•		

•		

•		

•		

Senior Leadership Experience.  Directors who have served in senior leadership positions are important 
to Logitech, because they bring experience and perspective in analyzing, shaping, and overseeing the 
execution of important operational and policy issues at a senior level. 

Financial Expertise.  Knowledge of financial markets, financing and funding operations, and accounting 
and financial reporting processes is important because it assists our directors in understanding, advising, 
and overseeing Logitech’s structure, financial reporting, and internal control of such activities.

Industry  and  Technical  Expertise.  Because  we  develop  and  manufacture  hardware  and  software 
products, ship them worldwide, and sell to both major computer manufacturers and consumer electronics 
distributors  and  retailers,  expertise  in  hardware  and  software,  and  experience  in  supply  chain, 
manufacturing and consumer products is useful in understanding the opportunities and challenges of 
our business and in providing insight and oversight of management.

Brand Marketing Expertise.  Because we are a consumer products company, directors who have brand 
marketing experience can provide expertise and guidance as we seek to maintain and expand brand and 
product awareness and a positive reputation.

•		 Global Expertise.  Because we are a global organization with research and development, and sales and 
other offices in many countries, directors with global expertise, particularly in Europe and Asia, can 
provide a useful business and cultural perspective regarding many significant aspects of our business.

Identification and Evaluation of Nominees for Directors

Our Nominating Committee uses a variety of methods for identifying and evaluating nominees for director. 
Our Nominating Committee regularly assesses the appropriate size and composition of the Board of Directors, the 
needs of the Board of Directors and the respective committees of the Board of Directors and the qualifications of 
candidates in light of these needs. Candidates may come to the attention of the Nominating Committee through 
shareholders, management, current members of the Board of Directors or search firms. The evaluation of these 
candidates may be based solely upon information provided to the committee or may also include discussions with 
persons familiar with the candidate, an interview of the candidate or other actions the committee deems appropriate, 
including the use of paid third parties to review candidates.

TERMS OF OFFICE OF DIRECTORS

Each director is elected individually by a separate vote of shareholders for a term of three years and is eligible 
for re-election until their seventieth birthday. Directors may not seek re-election after they have reached 70 years of 
age, unless the Board of Directors adopts a resolution to the contrary. A member of the Board who reaches 70 years 
of age during the term of his or her directorship may remain a director until the expiration of the term. A director’s 
term of office as Chairman coincides with their term of office as a director. A director may be indefinitely re-
elected as Chairman, subject to the age limit mentioned above.

Although the Company’s Articles of Incorporation and Organizational Regulations do not explicitly require 
this, the terms of office of the directors are staggered. Consequently, all directors will not run for re-election at a 
single annual general meeting.

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The year of appointment and remaining term of office as of March 31, 2011 for each Director are as follows:

Name 
Daniel Borel(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Matthew Bousquette(1) (3)  . . . . . . . . . . . . . . . . . . . . . . . . .
Erh-Hsun Chang(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
Kee-Lock Chua(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
Sally Davis(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Guerrino De Luca(2)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Neil Hunt(1)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Richard Laube(1) (3)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gerald Quindlen(2) (4)   . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Monika Ribar(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Year First Appointed 
1988 
2005 
2006 
2000 
2007 
1998 
2010
2008
2008
2004 

Year Current Term Expires 
Annual General Meeting 2013 
Annual General Meeting 2011 
Annual General Meeting 2012 
Annual General Meeting 2012 
Annual General Meeting 2013 
Annual General Meeting 2013 
Annual General Meeting 2013
Annual General Meeting 2011
Annual General Meeting 2011
Annual General Meeting 2013 

(1)  Non-executive member of the Board of Directors.

(2)  Executive member of the Board of Directors.

(3)  The term of each of Mr. Bousquette and Mr. Laube expires at the 2011 Annual General Meeting, and each is 

being presented for re-election to the Board of Directors at that meeting.

(4)  Mr. Quindlen resigned from the Board on July 27, 2011. He was an executive member of the Board of Directors 

until his resignation.

BOARD RESPONSIBILITIES AND STRUCTURE

The  Board  of  Directors  is  responsible  for  supervising  the  management  of  the  business  and  affairs  of  the 
Company. In addition to the non-transferable powers and duties of boards of directors under Swiss law, the Logitech 
Board of Directors also has the following responsibilities:

•	

•	

•	

•	

•	

the signatory power of its members;

the approval of the budget submitted by the Chief Executive Officer;

the approval of any type of investment or acquisition not included in the approved budgets;

the approval of any expenditure of more than $10 million not specifically identified in the approved 
budgets; and

the approval of the sale or acquisition, including related borrowings, of the Company’s real estate.

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The Board of Directors has delegated the management of the Company to the Chief Executive Officer and 
the  executive  officers,  except  where  Swiss  law  or  the  Company’s  Articles  of  Incorporation  or  Organizational 
Regulations (By-Laws) provide differently.

Board Leadership Structure

The Board has since 1997 had a general practice that the positions of Chairman of the Board and CEO should 
be held by separate persons as an aid in the Board’s oversight of management. Since 1997, the Chairman has been 
a  former  CEO  of  the  Company  and  has  served  as  a  full-time  senior  executive.  Logitech  believes  that  there  are 
advantages to having a former CEO as Chairman, for matters such as leadership continuity; day-to-day assistance 
to and oversight of the CEO and other executive officers; and facilitating communications and relations between 
the Board, the CEO, and other senior management.

Mr. De Luca, the Company’s former CEO and current Chairman, has served in that role since January 2008. 
On July 27, 2011, Mr. De Luca assumed the role of acting President and Chief Executive Officer, in addition to 
continuing his duties as Chairman, at the request of the Board of Directors until such time as the Board appoints a 
new President and Chief Executive Officer. The Board considers the holding of both the Chairman and CEO offices 
by Mr. De Luca as a temporary arrangement, and intends to return to its general practice of the positions being held 
by separate persons upon the appointment of a new CEO.

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The  Chairman  of  the  Board  is  appointed  on  an  annual  basis,  at  the  Board  meeting  coinciding  with  the 
Annual General Meeting of Shareholders. The Secretary of the Board of Directors is also appointed at the same 
meeting. As of June 30, 2011, the Secretary was Ms. Catherine Valentine, the Company’s Vice President, Legal and 
General Counsel.

Role of the Chairman and of the Chief Executive Officer

As Chairman, Mr. De Luca assumes a leading role in mid- and long-term strategic planning and the selection 

of top-level management, and he supports major transaction initiatives of Logitech.

The Chief Executive Officer manages the day-to-day operations of Logitech, with the support of the other 

executive officers. The Chief Executive Officer has, in particular, the following powers and duties:

•	

•	

•	

•	

•	

•	

•	

•	

•	

defining and implementing short and medium term strategies;

preparing the budget, which must be approved by the Board of Directors;

reviewing and certifying the Company’s annual report;

appointing, dismissing and promoting any employees of Logitech other than executive officers and the 
head of the internal audit function;

taking immediate measures to protect the interests of the Company where a breach of duty is suspected 
from executive officers until the Board has decided on the matter;

carrying out Board resolutions;

reporting regularly to the Chairman of the Board of Directors on the activities of the business;

preparing supporting documents for resolutions that are to be passed by the Board of Directors; and

deciding on issues brought to his attention by executive officers.

The detailed authorities and responsibilities of the Board of Directors, the Chief Executive Officer and the 
executive officers are set out in the Company’s Articles of Incorporation and Organizational Regulations. Please 
refer to http://ir.logitech.com for copies of these documents.

Lead Independent Director

As appointed by the Board, Mr. Chua serves as Lead Independent Director. The responsibilities of the Lead 
Independent Director include chairing meetings of the non-executive directors and serving as the presiding director 
in performing such other functions as the Board may direct.

Means by Which the Board of Directors Supervises Executive Officers

The Board of Directors is regularly informed on developments and issues in Logitech’s business, and monitors 

the activities and responsibilities of the executive officers in various ways.

•	

•	

•	

At  each  regular  Board  meeting  the  Chief  Executive  Officer  reports  to  the  Board  of  Directors  on 
developments and important issues. The Chief Executive Officer also provides regular updates to the 
Board members regarding Logitech’s business between the dates of regular Board meetings.

The offices of Chairman and Chief Executive Officer are generally separated, to help ensure balance 
between leadership of the Board and leadership of the day-to-day management of Logitech.

Executive officers and other members of senior management, at the invitation of the Board, regularly 
attend  portions  of  meetings  of  the  Board  and  its  Committees  to  report  on  the  financial  results  of 
Logitech,  its  operations,  performance  and  outlook,  and  on  areas  of  the  business  within  their 
responsibility,  including  risk  management  and  management  information  systems,  as  well  as  other 
business matters. For further information on participation by executive officers and other members of 
senior management in Board and Committee meetings please refer to “Board Committees” above.

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•	

•	

•	

•	

•	

•	

There are regular quarterly closed sessions of the non-executive, independent members of the Board 
of Directors, led by the Lead Independent Director, where Logitech issues are discussed without the 
presence of executive or non-independent members of the Board or executive officers.

The Board holds quarterly closed sessions, where all Board members meet without the presence of non-
Board members, to discuss matters appropriate to such sessions, including organizational structure and 
the hiring and mandates of executive officers.

There are regularly scheduled reviews at Board meetings of Logitech strategic and operational issues, 
including discussions of issues placed on the agenda by the non-executive members of the Board of 
Directors.

The  Board  reviews  and  approves  significant  changes  in  Logitech’s  structure  and  organization, 
and  is  actively  involved  in  significant  transactions,  including  acquisitions,  divestitures  and  major 
investments.

All non-executive Board members have access, at their request, to all internal Logitech information.

The head of the Internal Audit function reports to the Audit Committee.

The Board’s Role in Risk Oversight

One of the Board’s functions is oversight of risk management at Logitech. “Risk” is inherent in business, and 
the Board seeks to understand and advise on risk in conjunction with the activities of the Board and the Board’s 
committees.

The largest risk in any business typically is that the products and services it offers will not be met by customer 
demand, because of poor strategy, poor execution, lack of competitiveness, or some combination of these or other 
factors. The Board implements its risk oversight responsibilities, at the highest level, through regular reviews of 
the Company’s business, product strategy and competitive position, and through management and organizational 
reviews, evaluations and succession planning.

Within the broad strategic framework established by the Board, management is responsible for identifying risk 
and risk controls related to significant business activities; mapping the risks to company strategy; and developing 
programs and recommendations to determine the sufficiency of risk identification, the balance of potential risk to 
potential reward and the appropriate manner in which to control risk.

The  Board’s  risk  oversight  role  is  implemented  at  the  full  Board  level,  and  also  in  individual  Board 
Committees. The full Board receives specific reports on enterprise risk management, in which the identification 
and control of risk are the primary topics of the discussion. Presentations and other information for the Board and 
Board committees generally identify and discuss relevant risk and risk control; and the Board members assess and 
oversee the risks as a part of their review of the related business, financial, or other activity of the Company. The 
Compensation Committee oversees issues related to the design and risk controls of compensation programs. The 
Audit Committee oversees issues related to internal control over financial reporting and Logitech’s risk tolerance 
in  cash-management  investments.  The  Board’s  role  in  oversight  does  not  have  a  direct  impact  on  the  Board’s 
leadership structure, which is discussed above.

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Board Meetings

The Chairman sets the agenda for Board meetings, in coordination with the CEO. Any member of the Board 
of Directors may request that a meeting of the Board be convened. The directors receive materials in advance of 
Board meetings allowing them to prepare for the handling of the items on the agenda.

The  Chairman  and  Chief  Executive  Officer  recommend  executive  officers  or  other  members  of  senior 
management  who,  at  the  invitation  of  the  Board,  attend  portions  of  each  quarterly  Board  meeting  to  report  on 
areas of the business within their responsibility. Infrequently, the Board may also receive reports from external 
consultants such as executive search or succession experts or outside legal experts to assist the Board on matters it 
is considering.

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Each regularly scheduled quarterly Board meeting lasts a full day to a day and a half and all directors participate 
in person except in special individual circumstances. Special meetings of the Board may be held by telephone or 
video-conference and the duration of such meetings varies depending on the subject matters considered.

Emergency Resolutions

In  case  of  emergency,  the  Chairman  of  the  Board  may  have  the  power  to  pass  resolutions  which  would 
otherwise be the responsibility of the Board. Decisions by the Chairman of the Board made in this manner are 
subject to ratification by the Board of Directors at its next meeting or by way of written consent. No such emergency 
resolutions were passed during fiscal year 2011.

Independent Director Sessions

The Board of Directors has adopted a policy of regularly scheduled sessions of Board meetings where the 
independent directors meet to consider matters without management or non-independent directors present. During 
fiscal year 2011, separate sessions of the independent directors were held three times.

Board Effectiveness

Our  Board  of  Directors  performs  an  annual  self-assessment  to  evaluate  its  effectiveness  in  fulfilling  its 

obligations.

BOARD COMMITTEES

The  Board  has  standing  Audit,  Compensation,  and  Nominating  Committees  and  a  Committee  for  Board 
Compensation to assist the Board in carrying out its duties. At each quarterly Board meeting each applicable Board 
Committee reports to the full Board on the substance of the Committee’s meetings, if any, during the quarter.

Each Committee has a written charter approved by the Board. The chair of each Committee determines the 
Committee’s meeting agenda. The Board Committee members receive materials in advance of Committee meetings 
allowing  them  to  prepare  for  the  meeting.  The  Charters  of  each  Board  Committee  are  available  on  Logitech’s 
Investor Relations website at http://ir.logitech.com. Each of the Audit, Compensation and Nominating Committees 
has the authority to engage outside experts, advisors and counsel to the extent it considers appropriate to assist the 
committee in its work. The members of the committees are identified in the following table.

Director
Daniel Borel . . . . . . . . . . . . . . . . . . . . . . .
Matthew Bousquette . . . . . . . . . . . . . . . . .
Erh-Hsun Chang . . . . . . . . . . . . . . . . . . . .
Kee-Lock Chua . . . . . . . . . . . . . . . . . . . . .
Sally Davis . . . . . . . . . . . . . . . . . . . . . . . .
Guerrino De Luca . . . . . . . . . . . . . . . . . . .
Neil Hunt . . . . . . . . . . . . . . . . . . . . . . . . . .
Richard Laube . . . . . . . . . . . . . . . . . . . . . .
Monika Ribar . . . . . . . . . . . . . . . . . . . . . .

Audit

Compensation Nominating

Board  
Compensation

X
X

X

Chair

Chair

X

X

X
X
Chair

Chair

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Attendance at Board, Committee and Annual Shareholders’ Meetings

In fiscal year 2011 the Board met three times, all of which were regularly scheduled quarterly meetings. In 
addition,  the  Audit  Committee  met  eight  times,  the  Compensation  Committee  met  five  times,  the  Nominating 
Committee met two times and the Committee for Board Compensation met once. In addition to its meetings, the 
Board took five actions for approval by consent during fiscal year 2011. We expect each director to attend each 
meeting of the Board and the committees on which he or she serves, and also expect them to attend the Annual 
General Meeting of shareholders. Each director attended the 2010 Annual General Meeting. All directors attended 
at least 75% of the meetings of the Board and the Committees on which he or she served. Detailed attendance 
information for Board and Board Committee meetings during fiscal year 2011 is as follows:

Board of 
Directors
3
3
3
3
3
3
3
2(1)
3
3
3

Audit 
Committee
8
n/a
7
8
n/a
8
n/a
n/a
n/a
n/a
8

Compensation 
Committee
5
n/a
5
n/a
5
n/a
n/a
n/a
4
n/a
n/a

Nominating 
Committee
2
n/a
n/a
n/a
2
2
2
n/a
n/a
n/a
n/a

Committee 
for Board 
Compensation
1
n/a
n/a
n/a
n/a
n/a
1
n/a
n/a
1
n/a

# of meetings held . . . . . . . . . . . . . . . . . . .
Daniel Borel . . . . . . . . . . . . . . . . . . . . . . .
Matthew Bousquette . . . . . . . . . . . . . . . . .
Erh-Hsun Chang . . . . . . . . . . . . . . . . . . . .
Kee-Lock Chua . . . . . . . . . . . . . . . . . . . . .
Sally Davis . . . . . . . . . . . . . . . . . . . . . . . .
Guerrino De Luca . . . . . . . . . . . . . . . . . . .
Neil Hunt . . . . . . . . . . . . . . . . . . . . . . . . . .
Richard Laube . . . . . . . . . . . . . . . . . . . . . .
Gerald Quindlen . . . . . . . . . . . . . . . . . . . .
Monika Ribar . . . . . . . . . . . . . . . . . . . . . .

(1)  Member after September 8, 2010

Audit Committee

The Audit Committee is appointed by the Board to assist the Board in monitoring the Company’s financial 
accounting, controls, planning and reporting. It is composed of only non-executive, independent Board members. 
Among its duties, the Audit Committee:

•	

•	

•	

•	

•	

•	

•	

reviews the adequacy of the Company’s internal controls;

reviews	the	independence,	fee	arrangements,	audit	scope,	and	performance	of	the	Company’s	independent	
auditors,  and  recommends  the  appointment  or  replacement  of  independent  auditors  to  the  Board  of 
Directors;

reviews and approves all non-audit work to be performed by the independent auditors;

reviews the scope of Logitech’s internal auditing and the adequacy of the organizational structure and 
qualifications of the internal auditing staff;

reviews, before release, the quarterly results and interim financial data;

reviews with management and the independent auditors the Company’s major financial risk exposures 
and the steps management has taken to monitor and control those exposures, including the Company’s 
guidelines and policies with respect to risk assessment and risk management; and

reviews, before release, the audited financial statements and “Management’s Discussion and Analysis 
of Financial Condition and Results of Operations” contained in the Company’s annual reporting, and 
recommends that the Board of Directors submit these items to the shareholders’ meeting for approval.

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The Audit Committee currently consists of Ms. Ribar (Chair), Mr. Bousquette, Mr. Chang and Ms. Davis. The 
Board of Directors has determined that each member of the Audit Committee meets the independence requirements 
of the NASDAQ Stock Market listing standards and the applicable rules and regulations of the SEC. In addition, the 
Board has determined that Ms. Ribar and Mr. Bousquette are audit committee financial experts as defined by the 
applicable rules and regulations of the SEC.

The Audit Committee met eight times in fiscal year 2011. Three meetings were held in person on the day 
prior to the regularly scheduled quarterly Board meeting, for two to three hours, and five were held by telephone, 
for  approximately  an  hour.  The  Committee  received  reports  and  presentations  before  the  meetings  in  order  to 
allow  them  time  to  prepare  adequately.  At  the  Committee’s  invitation,  the  Company’s  Chief  Financial  Officer, 
Corporate  Controller  or  Acting  Corporate  Controller,  Vice  President  of  Internal  Audit  and  General  Counsel  or 
Associate General Counsel attended each meeting, and representatives from the Company’s independent auditors, 
PricewaterhouseCoopers, also attended each meeting. Other members of management also participated in certain 
meetings. Three meetings also included separate sessions with representatives of the independent auditors, and two 
meetings included a separate session with the Vice President of Internal Audit.

Compensation Committee

The  Compensation  Committee  reviews  and  approves,  or  recommends  to  the  Board  for  approval,  the 
compensation  of  executive  officers  and  Logitech’s  compensation  policies  and  programs,  including  share-based 
compensation programs and other incentive-based compensation. Within the guidelines established by the Board 
and the limits set forth in the Company’s employee equity incentive plans, the Compensation Committee also has 
the authority to grant equity incentive awards to employees without further Board approval. The Committee is 
composed of only non-executive, independent Board members.

The Compensation Committee currently consists of Mr. Bousquette, Chairman, Mr. Chua and Mr. Laube. 
Robert Malcolm also served as a member of the Committee until his retirement from the Board in September 2010. 
The Board of Directors has determined that each member of the Committee, including Mr. Malcolm, meets the 
independence requirements of the NASDAQ Stock Market listing standards.

The Compensation Committee met five times in fiscal year 2011. At the Committee’s invitation, the Company’s 
Vice President of Worldwide Human Resources and the Senior Director of Worldwide Compensation & Benefits 
attended each meeting. The Company’s Associate General Counsel attended one meeting. Three meetings were 
held in person and two by teleconference and each meeting lasted approximately one hour and a half. In addition to 
its meetings, the Committee took 10 actions for approval by consent during fiscal year 2011.

Please refer to the Company’s Compensation Report for further information on the Compensation Committee’s 

criteria and process for evaluating executive compensation.

Committee for Board Compensation

The  Committee  for  Board  Compensation  establishes  the  compensation  of  the  non-executive  directors. 
This Committee currently consists of Mr. De Luca and, prior to July 27, 2011, consisted of Mr. De Luca and Mr. 
Quindlen. The Committee for Board Compensation met once in fiscal year 2011. The meeting was held in person 
and lasted approximately one hour. At the Committee’s invitation, the Company’s Vice President of Worldwide 
Human Resources and the Senior Director of Worldwide Compensation & Benefits attended the meeting.

Nominating Committee

The Nominating Committee is composed of at least three members, with the Chairman of the Board acting as 
chair for this Committee and the other two members being non-executive, independent directors. Among its duties, 
the Nominating Committee:

•	

evaluates the composition of the Board of Directors and its Committees, determines future requirements 
and makes recommendations to the Board of Directors for approval;

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•	

•	

•	

determines on an annual basis the desired Board qualifications and expertise and conducts searches for 
potential directors with these attributes;

evaluates and makes recommendations of nominees for election to the Board of Directors; and

evaluates and makes recommendations to the Board concerning the appointment of directors to Board 
Committees and the selection of Board Committee chairs.

The  Nominating  Committee  may  and  typically  does  retain  an  executive  search  firm  to  assist  with  the 
identification and evaluation of prospective Board nominees based on criteria established by the Committee. For 
information on the Nominating Committee’s policies with respect to director nominations please see “Elections to 
the Board of Directors” above.

The  Nominating  Committee  currently  consists  of  Mr.  De  Luca,  Chairman,  Mr.  Chua  and  Ms.  Davis. 
Mr. De Luca is not an independent director under applicable NASDAQ rules. The Board of Directors has determined 
that Mr. Chua and Ms. Davis meet the independence requirements of the NASDAQ Stock Market listing standards. 
Upon  the  Committee’s  recommendation  of  nominees  for  election  to  the  Board  of  Directors,  the  nominees  are 
presented to the full Board. Nominees are then selected by a majority of the independent members of the Board. 
The Nominating Committee met twice in fiscal year 2011. Both meetings were held in person and each meeting 
lasted approximately one hour.

COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

None of the members of the Compensation Committee has been an officer or employee of Logitech. None 
of our executive officers serves on the board of directors or compensation committee of a company that has an 
executive officer that serves on our Board of Directors.

COMMUNICATIONS WITH THE BOARD OF DIRECTORS

Shareholders may contact the Board of Directors about bona fide issues or questions about Logitech by sending 

an email to generalcounsel@logitech.com or by writing the Corporate Secretary at the following address:

Logitech International S.A. 
Attn: Corporate Secretary 
Rue du Sablon 2-4 
1110 Morges, Switzerland

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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT 
AS OF JUNE 30, 2011

In accordance with the proxy statement rules under U.S. securities laws, the following table shows the number 

of our shares beneficially owned as of June 30, 2011 by:

•	

•	

•	

•	

each person or group known by Logitech, based on filings pursuant to Section 13(d) or (g) under the 
U.S. Securities Exchange Act of 1934 or notifications to the Company under applicable Swiss laws, to 
own beneficially more than 5% of our outstanding shares as of June 30, 2011;

each director and each nominee for director;

the  persons  named  in  the  Summary  Compensation  Table  in  the  Compensation  Report  (the  “named 
executive officers”); and

all directors and current executive officers as a group.

Beneficial Owner(1)
5% Shareholders:
AXA Group(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FMR LLC(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Directors, not including the  
Chairman or the CEO:
Daniel Borel(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Matthew Bousquette . . . . . . . . . . . . . . . . . . . . . . . .
Erh-Hsun Chang . . . . . . . . . . . . . . . . . . . . . . . . . . .
Kee-Lock Chua . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sally Davis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Neil Hunt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Richard Laube . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Monika Ribar . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Named Executive Officers:
Gerald Quindlen(8) . . . . . . . . . . . . . . . . . . . . . . . . . .
Erik Bardman . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Guerrino De Luca . . . . . . . . . . . . . . . . . . . . . . . . . .
Werner Heid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Junien Labrousse  . . . . . . . . . . . . . . . . . . . . . . . . . .
Current Directors and Executive Officers,  

Number  
of Shares  
Owned(2)

Shares that May  
be Acquired  
Within 60 Days(3)

Total  
Beneficial  
Ownership

Total as a  
Percentage  
of Shares  
Outstanding(4)

9,944,400
9,272,440

—
—

9,944,400
9,272,440

5.5%
5.2%

11,356,636
14,242
152,949
23,499
15,602
—
67,751
10,657

25,606
—
164,018
14,280
21,944

—
70,000
319,000
55,000
30,000
—
20,000
95,000

735,000
25,000
939,288
111,875
402,500

11,356,636
84,242
471,949
78,499
45,602
—
87,751
105,657

760,606
25,000
1,103,306
126,155
424,444

6.3%
*
*
*
*

*
*

*
*
*
*
*

as a Group(14) . . . . . . . . . . . . . . . . . . . . . . . . . .

11,869,008

2,953,913

14,822,921

8.3%

* 

Less than 1%

(1)  Unless  otherwise  indicated,  the  address  for  each  beneficial  owner  listed  in  this  table  is  c/o  Logitech 

International S.A., Rue du Sablon 2-4 Morges, Switzerland / 6505 Kaiser Drive, Fremont, California 94555.

(2)  Each director or executive officer has sole voting and investment power over the shares reported in accordance 

with SEC rules, subject to community property laws where applicable, and except as noted.

(3) 

Includes shares represented by vested, unexercised options as of June 30, 2011 and options and restricted stock 
units that are expected to vest within 60 days after June 30, 2011. These shares are deemed to be outstanding for 
the purpose of computing the percentage ownership of the person holding the options or restricted stock units, 
but are not treated as outstanding for the purpose of computing the percentage ownership of any other person.

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(4)  Based on 179,249,973 shares outstanding on June 30, 2011.

(5)  Based solely on information supplied by AXA Group in a notification to the Company on November 26, 2010 
provided under Swiss law reporting ownership of Logitech’s shares as of November 23, 2010. According to 
the notification AXA Group and its subsidiaries hold 9,944,400 shares as of such date. The address of AXA 
Group is 25, avenue Matignon, 75008 Paris, France.

(6)  Based on information set forth in a Schedule 13G filed with the SEC on February 14, 2011 by FMR LLC 
reporting ownership of Logitech’s shares as of December 31, 2010. According to the notification direct and 
indirect subsidiaries of FMR LLC hold 9,272,440 shares as of such date on behalf of funds managed by and 
clients of direct and indirect subsidiaries of FMR LLC. FMR LLC is the parent holding company of Fidelity 
Management  &  Research  Company,  investment  manager  for  US  mutual  funds,  and  Fidelity  Management 
&  Trust  Company,  a  US  state  chartered  bank  which  acts  as  a  trustee  or  investment  manager  of  various 
pension and trust accounts. The address of the entities affiliated with Fidelity is 82 Devonshire Street, Boston, 
Massachusetts 02109.

(7)  The number of shares held by Mr. Borel includes (a) 53,000 shares held by a charitable foundation, of which 
Mr. Borel and other members of his family are board members, (b) 26,500 shares held by one of Mr. Borel’s 
children, and (c) 6,500 shares held by Mr. Borel’s spouse.

(8)  Mr. Quindlen resigned effective July 27, 2011.

SHARE OWNERSHIP GUIDELINES

Members of the Board of Directors and executive officers and other officers who report directly to the CEO 

are subject to share ownership guidelines.

Directors are required to own at least 5,000 Logitech shares under guidelines adopted by the Board in June 
2006. Directors are required to achieve this ownership within three years of joining the Board, or, in the case of 
directors serving at the time the guidelines were adopted, within three years of the effective date of adoption of 
the guidelines. The guidelines will be adjusted to reflect any share splits or other capital adjustments, and will be 
re-evaluated by the Board from time to time. As of June 30, 2011, each director had either satisfied these ownership 
guidelines or had time remaining to do so.

The Compensation Committee adopted share ownership guidelines for executive officers and other officers 
who report directly to the CEO effective September 2008. These guidelines require the CEO to hold a number of 
Logitech shares with a market value equal to 3 times his annual base salary. Officers who report to the CEO must 
hold a number of Logitech shares with a market value equal to 2 times annual base salary. Officers subject to the 
guidelines are required to achieve the guideline within three years of being appointed to the position making them 
subject to the guideline, or, in the case of such officers serving at the time the guidelines were adopted, within three 
years of the effective date of adoption of the guidelines. The guidelines will be adjusted to reflect any share splits or 
other capital adjustments, and will be re-evaluated by the Compensation Committee from time to time. Up to 50% 
of the guideline may be met through the net value of vested, unexercised stock options. If the guideline is not met 
within 3 years, the CEO must hold 100% of his after – tax shares resulting from option exercises or other equity 
incentive awards until the guideline is reached, and all other CEO direct reports must hold at least 50% of the net 
shares resulting from option exercises or other equity incentive awards until the guideline is reached. As of June 30, 
2011, each officer had either satisfied these ownership guidelines or had time remaining to do so.

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CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

OUR POLICIES

It is our policy that all employees must not engage in any activities which could conflict with Logitech’s business 
interests, which could adversely affect its reputation or which could interfere with the fulfillment of the responsibilities 
of the employee’s job, which at all times must be performed in the best interests of Logitech. In addition, Logitech 
employees may not use their position with Logitech, or Logitech’s information or assets, for their personal gain or for 
the improper benefit of others. These policies are included in our Conflict of Interest and Business Ethics Policy, which 

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covers our directors, executive officers and other employees. If in a particular circumstance the Board concludes that 
there is or may be a perceived conflict of interest, the Board will instruct our Legal department to work with our 
relevant business units to determine if there is a conflict of interest. Any waivers to these conflict rules with regard to 
a director or executive officer require the prior approval of the Audit Committee.

NASDAQ RULES AND SWISS BEST CORPORATE GOVERNANCE PRACTICES

NASDAQ  rules  defining  “independent”  director  status  also  govern  conflict  of  interest  situations,  as  do 
Swiss best corporate governance principles published by economiesuisse, a leading Swiss business organization. 
As discussed above, the Board of Directors has determined that each of our directors other than Mr. Borel and 
Mr. De Luca qualifies as “independent” in accordance with the NASDAQ rules. The NASDAQ rules include a 
series of objective tests that would not allow a director to be considered independent if the director has or has had 
certain employment, business or family relationships with the company. The NASDAQ independence definition 
also includes a requirement that the Board review the relations between each independent director and the company 
on a subjective basis. In accordance with that review, the Board has made a subjective determination as to each 
independent director that no relationships exist that, in the opinion of the Board, would interfere with the exercise 
of independent judgment in carrying out the responsibilities of a director.

SEC RULES

In addition to the Logitech and NASDAQ policies and rules described above, the SEC has specific disclosure 
requirements covering certain types of transactions involving Logitech and a director or executive officer or persons 
and entities affiliated with them. There were no such transactions in fiscal year 2011 that require disclosure. Since 
April 1, 2010, we have not been a party to, and we have no plans to be a party to, any transaction or series of 
similar  transactions  in  which  the  amount  involved  exceeded  or  will  exceed  $120,000  and  in  which  any  current 
director, executive officer, holder of more than 5% of our shares, or any member of the immediate family of any 
of the foregoing, had or will have a direct or indirect material interest other than in connection with the following 
transactions: We have entered into an indemnification agreement with each of our directors and executive officers. 
The indemnification agreements require us to indemnify our directors and officers to the fullest extent permitted 
by Swiss and California law.

None of the following persons has been indebted to Logitech or its subsidiaries at any time since the beginning 
of fiscal year 2011: any of our directors or executive officers; any nominee for election as a director; any member 
of the immediate family of any of our directors, executive officers or nominees for director; any corporation or 
organization of which any of our directors, executive officers or nominees is an executive officer or partner or 
is, directly or indirectly, the beneficial owner of 10% or more of any class of equity securities (except trade debt 
entered into in the ordinary course of business); and any trust or other estate in which any of the directors, executive 
officers or nominees for director has a substantial beneficial interest or for which such person serves as a trustee 
or in a similar capacity.

INDEPENDENT AUDITORS

Under  Logitech’s  Articles  of  Incorporation  the  shareholders  elect  or  re-elect  the  Company’s  independent 

auditors each year at the Annual General Meeting.

Logitech’s  independent  auditors  are  currently  PricewaterhouseCoopers  S.A.,  Lausanne,  Switzerland. 
PricewaterhouseCoopers  S.A.  assumed  its  first  audit  mandate  for  Logitech  in  1988.  They  were  re-elected  by 
the shareholders as Logitech’s auditors at the Annual General Meeting in September 2010. For purposes of U.S. 
securities law reporting, PricewaterhouseCoopers LLP, San Jose, California, serves as the Company’s independent 
registered public accounting firm. Together, PricewaterhouseCoopers S.A. and PricewaterhouseCoopers LLP are 
referred to as “PwC.”

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As  appointed  by  the  Board,  the  Audit  Committee  is  responsible  for  supervising  the  performance  of  the 
Company’s independent auditors, and recommends the election or replacement of the independent auditors to the 
Board of Directors.

Representatives  of  PwC  are  invited  to  attend  all  regular  meetings  of  the  Audit  Committee.  During  fiscal 
year 2011, PwC representatives attended all eight Audit Committee meetings. The Committee met separately three 
times with representatives of PwC in closed sessions of Committee meetings.

On a quarterly basis, PwC reports on the findings of their audit and/or review work including their audit of 
Logitech’s internal control over financial reporting. These reports include their assessment of critical accounting 
policies  and  practices  used,  alternative  treatments  of  financial  information  discussed  with  management,  and 
other  material  written  communication  between  PwC  and  management.  At  each  quarterly  Board  meeting  the 
Audit Committee reports to the full Board on the substance of the Committee meetings during the quarter. On 
an annual basis, the Audit Committee approves PwC’s audit plan and evaluates the performance of PwC and its 
senior representatives in fulfilling its responsibilities. Moreover, the Audit Committee recommends to the Board 
the appointment or replacement of the independent auditors, subject to shareholder approval. The Audit Committee 
reviews the annual report provided by PwC as to its independence.

AUDIT AND NON-AUDIT FEES

In addition to the audit services PwC provides with respect to Logitech’s annual audited consolidated financial 
statements and other filings with the Securities and Exchange Commission, PwC has provided non-audit services 
to  Logitech  in  the  past  and  may  provide  them  in  the  future.  Non-audit  services  are  services  other  than  those 
provided in connection with an audit or a review of Logitech’s financial statements. The Audit Committee of the 
Board of Directors determined that the rendering of non-audit services by PwC was compatible with maintaining 
their independence.

The following table sets forth the aggregate fees billed to us for the audit and other services provided by PwC 

during the fiscal years ended March 31, 2011 and 2010 (in thousands):

Audit fees(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Audit-related fees(2) . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax fees(3)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All other fees(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
$2,612
100
472
8
$3,192

2010
$2,858
406
617
7
$3,888

(1)  Audit fees. This category represent fees for professional services provided in connection with the audit of our 
financial statements, the audit of our internal control over financial reporting, and review of our quarterly 
financial statements and audit services provided in connection with other statutory or regulatory filings.

(2)  Audit-related  fees.  This  category  represents  consultation  on  issues  such  as  acquisition  accounting,  due 
diligence  services  in  connection  with  acquisitions,  review  and  testing  of  the  impact  of  new  accounting 
pronouncements, and other topics.

(3)  Tax  fees.  This  category  represents  fees  for  tax  compliance,  assistance  with  tax  audits,  tax  advice  and  tax 

planning.

(4)  All other fees. This category primarily represents fees for government grant audits and database licenses.

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PRE-APPROVAL PROCEDURES AND POLICIES

The  Audit  Committee  pre-approves  all  audit  and  non-audit  services  provided  by  PwC.  This  pre-approval 
must occur before the auditor is engaged. The Audit Committee pre-approves categories of non-audit services and 
a target fee associated with each category. Usage of PwC fees against the target is presented to the Audit Committee 
at each in-person quarterly meeting, with additional amounts requested as needed. Services that last longer than a 
year must be re-approved by the Audit Committee.

The  Audit  Committee  can  delegate  the  pre-approval  ability  to  a  single  independent  member  of  the  Audit 
Committee. The delegate must communicate all services approved at the next scheduled Audit Committee meeting. 
The Audit Committee or its delegate can pre-approve types of services to be performed by PwC with a set dollar 
limit per type of service. The Vice President, Corporate Controller or Acting Corporate Controller is responsible 
for ensuring that the work performed is within the scope and dollar limit as approved by the Audit Committee. 
Management must report to the Audit Committee the status of each project or service provided by PwC.

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REPORT OF THE AUDIT COMMITTEE

The Audit Committee is responsible for overseeing Logitech’s accounting and financial reporting processes 
and audits of Logitech’s financial statements. The Audit Committee acts only in an oversight capacity and relies 
on the work and assurances of management, which has primary responsibility for Logitech’s financial statements 
and reports, Logitech’s internal auditors, as well as PwC, Logitech’s independent auditors, which is responsible for 
expressing an opinion on the conformity of Logitech’s audited financial statements to generally accepted accounting 
principles and attesting to the effectiveness of Logitech’s internal control over financial reporting.

The Board of Directors has adopted a written charter for the Audit Committee. A copy of the Charter can 
be  found  on  our  website  at  http://ir.logitech.com.  To  view  the  charter,  select  “Audit  Committee  Charter”  under 
“Corporate Governance.”

The Audit Committee has reviewed and discussed our audited financial statements for the fiscal year ended 
March  31,  2011,  with  our  management.  In  addition,  the  Audit  Committee  has  discussed  with  the  independent 
auditors the matters required to be discussed by the Statement of Auditing Standards No. 61, as amended (AICPA, 
Professional Standards, Vol. 1. AU Section 380), as adopted by the Public Company Accounting Oversight Board 
in Rule 3200T.

The Audit Committee has received the written disclosures and the letter from the independent accountant 
required by applicable requirements of the Public Company Accounting Oversight Board regarding the independent 
accountant’s  communications  with  the  Audit  Committee  concerning  independence,  and  has  discussed  with  the 
independent accountant the independent accountant’s independence.

Based on the reviews and discussions referred to above, the Committee recommended to the Board of Directors 
that the audited consolidated financial statements be included in Logitech’s Annual Report on Form 10-K for the 
fiscal year ended March 31, 2011.

Submitted by the Audit Committee of the Board

Monika Ribar, Chairman 
Matthew Bousquette 
Erh-Hsun Chang 
Sally Davis

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SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16 of the Exchange Act requires Logitech’s directors, executive officers and any persons who own 
more than 10% of Logitech’s shares, to file initial reports of ownership and reports of changes in ownership with the 
SEC. Such persons are required by SEC regulation to furnish Logitech with copies of all Section 16(a) forms that 
they file. As a matter of practice, our administrative staff assists our executive officers and directors in preparing 
initial ownership reports and reporting ownership changes, and typically files these reports on their behalf.

We  believe  that  all  Section  16(a)  filing  requirements  were  met  in  fiscal  year  2011,  with  the  exceptions 

noted below:

•	

•	

•	

•	

Late Form 4 reports were filed for L. Joseph Sullivan on August 3, 2010 and for Werner Heid, Junien 
Labrousse and Gerald Quindlen on September 1, 2010 to report shares withheld for tax on June 29, 2010 
on the vesting of previously-reported RSUs.

A late Form 4 report was filed for David Henry on August 25, 2010 to report shares withheld for tax on 
June 29, 2010 on the vesting of previously-reported RSUs and to report the sale of 5,758 shares from his 
direct holdings on August 19, 2010.

A  late  Form  4  report  was  filed  for  L.  Joseph  Sullivan  on  February  2,  2011  to  report  the  exercise  of 
options and the sale of 28,750 shares on July 30, 2010.

A late Form 4 report was filed for Junien Labrousse on April 13, 2011 to report the sale on his behalf 
on February 1, 2011 of 747 shares acquired under the Company’s Employee Share Purchase Plan on 
January 31, 2011. 

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INTRODUCTION

COMPENSATION REPORT 2011

This  Compensation  Report  contains  information  on  Logitech  compensation  philosophy  and  practices,  the 
background for decisions, and the results of decisions with respect to Logitech’s named executive officers and its 
Board members.

This Compensation Report has been designed to comply with the proxy statement rules under U.S. securities 
laws as well as Swiss regulations and best corporate governance practices. This Report is an integrated part of our 
Annual Report, Invitation and Proxy Statement for our 2011 Annual General Meeting.

EXECUTIVE SUMMARY

Compensation Discussion and Analysis

Despite  its  disappointing  conclusion,  due  to  weakness  in  our  EMEA  retail  region,  fiscal  year  2011  was 
otherwise a strong year overall with 20% growth in sales, 82% growth in operating income and net income that 
nearly doubled compared with fiscal year 2010. We delivered solid sales growth in both the Americas and Asia 
Pacific, with strong sales growth in China. Sales for our LifeSize videoconferencing division in the fourth quarter 
of fiscal year 2011 grew nearly 90% over the fourth quarter of fiscal year 2010, the first full fiscal quarter after we 
acquired LifeSize.

The following are key developments in fiscal year 2011 relating to compensation:

•	

•	

•	

Base Salary Actions.  Given the improvement in both the overall economy and in Logitech’s financial 
performance, as well as the market trend with regard to salary increases, we resumed merit increases to 
base salaries in fiscal year 2011 for our broad-based employee population and named executive officers, 
which had generally been frozen in fiscal year 2010. For fiscal year 2012, based on Logitech’s financial 
performance exiting fiscal year 2011, only one of our named executive officers, Mr. Bardman, received 
a base salary increase.

Changes  to  Bonus  Plan  Performance  Measures.  In  fiscal  year  2011  the  Compensation  Committee 
adopted  revenue  and  operating  income  performance  measures  for  Logitech’s  annual  cash  incentive 
bonus plans. This was a return to the performance measures used in prior fiscal years. These metrics 
address both ‘‘top line’’ (revenue) and ‘‘bottom line’’ (operating income) corporate financial goals, both 
of which the Compensation Committee believes are critical to driving long-term shareholder value.

Bonus Plan Payments.  The performance-based cash payments earned by our named executive officers 
in fiscal year 2011 under the annual cash incentive bonus plan were lower, in aggregate, than the bonuses 
earned in fiscal year 2010 due to lower performance against plan than compared with fiscal year 2010. 
On the basis of our full year performance against our original plan, both revenue and operating income 
met or exceeded the Board-approved targets for fiscal year 2011, resulting in an average bonus payout 
against target of 103%.

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The table below compares the change in total cash compensation for our named executive officers in 

fiscal year 2011 over that in fiscal year 2010 against the growth in revenue and operating income.

Position

FY11 vs. FY10 
Base Salary

FY11 vs. FY10  
Bonus 
Earned(1)

FY11 vs. FY10  
Total Cash  
Compensation

FY11 vs. FY10 
Revenue

FY11 vs. FY10 
Operating 
Income

Chairman  . . . . . . . . . . . . . . . . . . . . . .
Chief Executive Officer . . . . . . . . . . .
Other Named Executive Officers . . . .

0%
5%
4%

-36%
-17%
-26%

-23%
-9%
-9%

+20%

+82%

(1)  Excludes impact of FY11 and FY10 bonus earned by Erik Bardman, Logitech’s Chief Financial Officer, 
as  Mr.  Bardman  joined  Logitech  approximately  mid-way  through  FY10.  Mr.  Bardman’s  FY10  base 
salary is annualized for purpose of the table.

•	

•	

Increased  Use  of  Performance-Based  Stock  Units.  In  fiscal  year  2011  the  Compensation  Committee 
established a targeted equity mix for our executive officers that provides the majority of equity value 
granted  in  the  form  of  performance-based  stock  units  (PSUs)  that  will  vest  only  if  certain  relative 
performance criteria based on total shareholder return (TSR) are met over the performance period. A 
smaller portion of the equity value granted is in the form of time-vested restricted stock units (RSUs). 
We believe this mix will provide the appropriate focus on driving above-average shareholder returns 
while providing compelling retention value to our executive team. This approach can also be less dilutive 
to shareholders than an equity mix that includes stock options because the value at grant of PSUs and 
RSUs is generally greater than the value of stock options, which means in general a smaller number of 
PSUs and RSUs may be granted while still delivering similar grant-date award value.

No Vesting of Prior PSUs. While Logitech did return to double-digit growth in revenue and operating 
income in fiscal year 2011, our TSR underperformed. As a result, named executive officers received 
no shares, and therefore no actual delivered value, from PSUs whose 2-year performance period ended 
in fiscal year 2011, because the minimum TSR performance threshold was not met. Named executive 
officers similarly did not receive shares from PSUs whose performance period ended in June 2011, after 
the end of fiscal year 2011. We believe this appropriately reflects our pay for performance philosophy and 
our focus on aligning our executive officers’ compensation with providing above average performance 
for our shareholders.

TERM USED IN THIS COMPENSATION REPORT

In this Compensation Report, we refer to our “named executive officers” in many places. This term includes 

the following individuals:

•	

•	

•	

Gerald Quindlen, our President and Chief Executive Officer during fiscal year 2011.

Erik Bardman, our Chief Financial Officer.

The three other most highly compensated individuals who were serving as executive officers of Logitech 
at the end of fiscal year 2011, including Guerrino De Luca, our Chairman and, following Mr. Quindlen’s 
departure in July 2011, our acting President and Chief Executive Officer; Werner Heid, our Senior Vice 
President, Worldwide Sales & Marketing, and Junien Labrousse, our Executive Vice President, Products 
and President, Logitech Europe.

EXECUTIVE COMPENSATION OBJECTIVES AND PHILOSOPHY

Logitech’s executive compensation programs have been designed to:

•	

be  competitive  with  comparable  companies  in  the  industry  and  in  the  region  where  the  executive  is 
based;

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•	

•	

•	

•	

maintain a balance between fixed and variable compensation and place a significant portion of total 
compensation at risk based on the Company’s performance, while maintaining controls over inappropriate 
risk-taking;

align executive compensation with shareholders’ interests by tying a significant portion of compensation 
to increasing share value;

support a performance-oriented environment that rewards superior performance; and

reflect the Compensation Committee’s assessment of an executive’s role and past performance through 
base salary and short-term cash incentives, and his or her potential for future contribution to Logitech 
through long-term equity incentive awards.

An important component of Logitech’s executive compensation philosophy is to pay executives at or near the 
median of other companies that compete for similar executive talent, and that individual performance and importance 
to Logitech should be reflected in the compensation of individual executives. However, while compensation is a 
central part of attracting, retaining and motivating the best executives and employees, we believe it is not the sole 
or exclusive reason why exceptional executives or employees choose to join and stay at Logitech, or why they work 
hard to achieve results for shareholders. In this regard, both the Compensation Committee and management believe 
that providing a working environment and opportunities in which executives and employees can develop, express 
their individual potential, and make a difference, are also a key part of Logitech’s success in attracting, retaining 
and motivating executives and employees.

EXECUTIVE COMPENSATION PRACTICES

Logitech  has  employed  a  number  of  executive  compensation  practices  that  reflect  its  compensation 

philosophy:

•	

•	

•	

•	

The majority of executive officers’ compensation is performance-based, using a variety of performance 
measures,  including  measuring  Logitech’s  performance  against  Board-established  fiscal  and  other 
targets for annual incentive cash bonuses, and relative TSR for performance-based equity awards.

Logitech  has  claw-back  provisions  included  in  its  annual  incentive  cash  plan  and  its  equity  awards 
plans, which provide for the recovery of compensation by Logitech in the event of misconduct.

Logitech does not maintain any payment arrangements that would be triggered solely by a “change in 
control” of Logitech.

Logitech does not provide special retirement benefits designed solely for executive officers.

In addition, Logitech has been a leader in providing our shareholders the ability to cast advisory votes on 
compensation.  Beginning  in  2009,  Logitech  voluntarily  submitted  its  compensation  philosophy,  policies,  and 
procedures to a shareholder advisory vote. Our voluntary practice is now a requirement under U.S. legislation that 
guarantees shareholders the ability to periodically cast advisory votes on executive compensation, and is reflected 
in proposals 2 and 3 for our Annual General Meeting in September 2011. We remain committed to providing clear 
and thorough disclosure on our executive compensation practices and actions, and our Compensation Committee 
will carefully consider the voting results.

ELEMENTS OF COMPENSATION

The principal components of our executive compensation programs are:

•	

•	

•	

Base salary.

Performance-based cash compensation, in the form of annual incentive cash payments.

Long-term equity incentive awards, which in fiscal year 2011 consisted of PSUs and RSUs.

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Our  executive  officers  are  also  eligible  to  participate  in  our  health  and  benefits  plans,  retirement  savings 
plans, and our employee share purchase plans, which are generally available to our employees. We also provide 
limited perquisites, as described below.

The following table outlines our objectives for each of the principal components of executive compensation.

Element of Compensation 

Objective 

Base salary

• Reward individuals’ current contributions to the company
• Compensate individuals for their expected day-to-day performance

Performance-based cash compensation

• Align executive compensation with Logitech’s annual performance 

goals

• Make a significant portion of the executive’s yearly cash 

compensation variable and subject to the achievement of company 
business goals

• Motivate and reward the executive for above-target performance

Long-term equity incentive awards

• Deliver the majority of total compensation via long-term equity 

incentives

• Directly align executive and shareholder interests
• Provide a direct incentive for future performance
• Support retention of the executive

Pay Mix

In determining how we allocate an executive’s total compensation package among base salary, performance-
based  cash  compensation  and  long-term  equity  incentives,  we  emphasize  compensation  elements  that  reward 
performance against measures that correlate closely with increases in shareholder value. Accordingly, the majority 
of our executive compensation is at-risk, including the annual performance-based cash bonus and the majority of 
our long-term equity incentive awards. Our CEO and other executive officers have a higher percentage of at-risk 
compensation  (and  thus  greater  upside  potential  and  downside  risk)  relative  to  Logitech’s  other  employees.  We 
believe this is appropriate because our executive officers have the greatest influence on Logitech’s performance.

The  charts  below  indicate  the  percentage  of  total  compensation  costs  in  fiscal  year  2011  represented  by 
base salary, performance-based cash compensation, and long-term equity incentive awards for  Gerald Quindlen, 
Guerrino De Luca and all other named executive officers. All underlying amounts are taken from the Summary 
Compensation Table.

Gerald Quindlen

Guerrino De Luca 

All Other Named Executive Officers

Base salary
11%

Performance-
based cash 
compensation
14%

Equity 
incentive
awards
43% 

Equity 
incentive
awards
75% 

Base salary
28%

Base salary
22%

Equity 
incentive
awards
59% 

Performance-
based cash
compensation
19%

Performance-based 
cash compensation
29%

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Base salary

Consistent with Logitech’s philosophy of tying pay to performance, our executive officers receive a relatively 
small percentage of their overall compensation in the form of base pay, comprising approximately 25% of total 
compensation  in  fiscal  year  2011.  Base  salary  is  intended  to  recognize  the  executive’s  current  contributions  to 
Logitech  and  compensate  them  for  their  expected  day-to-day  performance.  The  Committee  targets  executive 
salaries to be at or near the market median for comparable positions.

In setting base salary levels for fiscal year 2011, the Compensation Committee considered each executive’s 
pay against similar roles amongst our peer companies, overall salary increase trends for executive officers, and 
each executive’s performance over the past year.

In fiscal year 2010, the base salaries for our executive officers were frozen due to the uncertain economic and 

market conditions as well as the industry trend to suspend salary increases.

In fiscal year 2011, given the improvement in both the overall economy and in Logitech’s financial performance, 
as well as the market trend with regards to salary increases, we provided salary increases for most of our named 
executive officers. The named executive officers whose salaries were at or above the median for our peer companies 
(Mr. De Luca, Mr. Heid and Mr. Labrousse), based on data provided by the Committee’s independent compensation 
consultant in March 2010, received increases below the average for our peer group, ranging from 0% to 4%. The 
two executive officers (Mr. Quindlen and Mr. Bardman), whose salaries were below the market median, received 
slightly larger increases of 5%. The table below summarizes the changes in base salary in fiscal year 2011.

Named Executive Officer

2011 Base Salary ($)

2010 Base Salary ($)

Change 2011 to 2010

Gerald Quindlen . . . . . . . . . . . . . . . . . . . . . . . . . .
Erik Bardman . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Guerrino De Luca . . . . . . . . . . . . . . . . . . . . . . . . .
Werner Heid . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Junien Labrousse  . . . . . . . . . . . . . . . . . . . . . . . . .

825,000
420,000
550,000
570,000
700,000(2)

787,500
400,000(1)
550,000
550,000
680,000

5%
5%
0%
4%
3%

(1)  Mr. Bardman began employment approximately mid-way through FY10. His FY10 base salary is shown on 

an annualized basis for ease of comparison with his FY11 base salary.

(2)  Mr. Labrousse’s FY11 base salary was set by the Compensation Committee in U.S. dollars. Mr. Labrousse 
subsequently relocated to Switzerland during FY11. The base salary actually earned by Mr. Labrousse in U.S. 
dollars, as shown in the Summary Compensation Table, is different due to fluctuations in the U.S. dollar to 
Swiss franc exchange rate.

Performance-based cash compensation

Logitech’s annual performance-based bonuses, under a program established under the Logitech Management 
Performance  Bonus  Plan  (Bonus  Plan),  compensate  executives  based  on  achievement  against  the  key  financial 
metrics of adjusted revenue and operating income, each of which is equally weighted. These metrics address both 
‘‘top line’’ (adjusted revenue) and ‘‘bottom line’’ (operating income) corporate financial goals, both of which the 
Committee believes are critical to driving long-term shareholder value.

The Bonus Plan is designed to motivate and reward executives for above-target performance. These annual 
performance-based bonuses represent a significant portion of each executive’s yearly cash compensation, ranging 
from 40%-60% of annual targeted cash compensation. Payout under the incentive plan is variable, based on the 
achievement against Logitech financial goals, and can range from 0% to 200% of the executive’s target incentive. 
In fiscal year 2011, the Committee decreased the maximum payout under the plan from 300% to 200%, to reflect 
market practice for our peer companies, who are identified under the heading “Competitive Considerations.”

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In fiscal year 2011, the Committee shifted the Bonus Plan for our executive officers, excluding the Chairman 
and CEO who were already on an annual plan, from a semi-annual performance period to an annual performance 
period. This change was intended to focus and reward our executive team on the execution of Logitech’s annual 
financial plan.

Named executive officer bonus targets for fiscal year 2011

In fiscal year 2011 the Committee approved adjustments to the target bonus percentages for Mr. Quindlen and 
Mr. Bardman. These actions were based on recommendations made by the Committee’s independent compensation 
consultant to move target bonus percentages for these officers to the market median of our peer companies. The 
bonus targets as a percentage of base salary for the other named executive officers remained the same as those in 
fiscal year 2010. The cash bonus target percentages for fiscal year 2011 are summarized in the table below.

Named Executive Officer

Gerald Quindlen . . . . . . . . . . . . . . . . . .  
Erik Bardman . . . . . . . . . . . . . . . . . . . .
Guerrino De Luca . . . . . . . . . . . . . . . . .
Werner Heid . . . . . . . . . . . . . . . . . . . . .
Junien Labrousse  . . . . . . . . . . . . . . . . .

2011 Annual Target Bonus 
Percentage of Base Salary

2010 Annual Target Bonus 
Percentage of Base Salary

Change 2011 to 2010

125%
75%
100%
75%
67%

100%
65%
100%
75%
67%

25%
15%
0%
0%
0%

The target bonus opportunities for named executive officers in fiscal year 2011 are in aggregate below the 

median of the peer group, based on peer group data available in March 2011.

Bonus amounts were earned and paid to the named executive officers as set out in the Summary Compensation 

Table and the Grants of Plan-Based Awards Table below.

Performance measures for fiscal year 2011 bonus program

In fiscal year 2011 the bonus program was based on the following performance measures:

Performance Measure 
Adjusted Revenue

Why It is Used 
Revenue growth is an essential component of 
long-term  success  and  viability  and  enables 
future strategic investments.

Measurement Basis 
Generally  Accepted  Accounting  Principles 
(GAAP),  with  adjustments  for  over/under 
performance in key strategic focus areas.

Operating Income/
Contribution 
Margin

Generating  an  increase  in  per-share  value 
for  investors  is  a  priority,  as  operating 
profit  allows  Logitech  to  re-invest  in  R&D, 
operations and people for future success.

Generally  Accepted  Accounting  Principles 
(GAAP).

For all named executive officers, the 2011 Bonus Plan goals were set equal to Logitech’s annual business plan 
for fiscal year 2011 as approved by the Board in May 2010. In addition to 50% of bonus being tied to Logitech’s 
annual adjusted revenue and operating income goals, Mr. Labrousse had 50% of his bonus based on the annual 
performance  of  the  Product  Group  and  Mr.  Heid  had  50%  of  his  bonus  based  on  the  annual  performance  of 
the  Worldwide  Sales  &  Marketing  function.  All  other  named  executive  officers’  bonuses  were  based  100%  on 
achievement  against  Logitech’s  adjusted  revenue  and  operating  income  goals.  Please  see  further  details  below 
under the heading “Bonus Plan performance targets and results for fiscal year 2011.”

The minimum performance required before any bonus payment is made under the fiscal year 2011 bonus 

program was 80% of the target performance.

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Bonus Formula

The formula for determining the bonus awards in fiscal year 2011 was as follows:

Executive’s eligible 
wages

X

Executive’s target 
bonus percentage(1) X

Bonus Plan funding 
percentage(2)

= Annual bonus award

(1)  Expressed as a percentage of base salary.

(2)  Based on achievement against target performance measures, including the potential for a greater than 1 to 
1 acceleration or deceleration of the funding percentage for each percentage by which actual performance 
exceeds or falls below target performance thresholds.

If earned, the bonus is paid to the executive in May for the fiscal year ended March 31.

Bonus Plan performance targets and results for fiscal year 2011

The performance targets, actual performance and funding percentages from the Bonus Plan in fiscal year 

2011 for our named executive officers are provided in the following table:

Participant

Performance Measure

Minimum 
Performance 
Target  
($s in millions)

Performance 
Target  
($s in millions)

Maximum 
Performance 
Target  
($s in millions)

Actual 
Achievement  
($s in millions)

Funding 
Percentage

Gerald Quindlen . . .
Erik Bardman
Guerrino De Luca

Werner Heid . . . . . .

Adjusted Revenue (50%)(1)
Operating Income (50%)

1,912.3
109.4

2,390.4
136.7

3,585.6
205.1

2,415.7
148.2

Adjusted Revenue (25%)
Operating Income (25%)
Sales Group Revenue (25%)(2)
Sales Group Contribution 
Margin (25%)(3)

1,912.3
109.4
1,796.6

2,390.4
136.7
2,245.8

3,585.6
205.1
3,368.7

2,415.7
148.2
2,246.4

515.5

572.8

687.4

538.7

Junien Labrousse  . .

Adjusted Revenue (25%)
Operating Income (25%)
Product Group Revenue (25%)(4)
Product Group Contribution  
Margin (25%)(5)

1,912.3
109.4
1,814.6

2,390.4
136.7
2,268.3

3,585.6
205.1
3,402.5

2,415.7
148.2
2,269.9

512.3

569.2

683.0

582.9

All named executive officers

101.1%
108.4%
104.7%

101.1%
108.4%
100.0%

78.0%
96.9%

101.1%
108.4%
100.1%

102.4%
103.0%

102.8%

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(1)  Adjusted revenue reflects 200% credit for LifeSize revenue over/under plan and 20% credit for digital home 

products’ revenue over/under plan.

(2)  Sales Group Revenue reflects 20% credit for digital home products’ revenue over/under plan.

(3)  Sales Group Contribution Margin consists of Logitech gross profit less sales operating expenses and a capital 

charge.

(4)  Product Group Revenue reflects 20% credit for digital home products’ revenue over/under plan.

(5)  Product Group Contribution Margin, which consists of Logitech gross profit less product group operating 

expenses.

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The  cash  bonus  awards  earned  and  paid  in  respect  of  fiscal  year  2011  were  based  solely  on  the  formula 
funding results prescribed by the above measures. The following table details the annual performance-based cash 
payments for each listed officer.

Named Executive Officer
Gerald Quindlen . . . . . . . . . . . .
Erik Bardman . . . . . . . . . . . . . .
Guerrino De Luca . . . . . . . . . . .
Werner Heid . . . . . . . . . . . . . . .
Junien Labrousse  . . . . . . . . . . .

2011 Annual Bonus Earned ($)

1,083,000 
331,000 
578,000 
415,000 
535,276 (2)

2010 Annual Bonus Earned ($)
1,299,000 
 n/a (1)
907,000 
607,000 
680,000 

Change 2011 to 2010
-17%
n/a
-36%
-32%
-21%

(1)  Mr. Bardman began employment approximately mid-way through FY10. His actual bonus earned in FY10 

therefore did not reflect the full 2010 fiscal year and is not shown as a result.

(2)  Mr. Labrousse’s FY11 bonus was paid in Swiss francs. The amounts reported above were converted to U.S. 

dollars at a rate of 1.0924 Swiss francs per dollar, the exchange rate as of March 31, 2011.

Long-term equity incentive awards

During fiscal year 2011 the Compensation Committee granted our named executive officers long-term equity 
incentive  awards  in  the  form  of  performance-based  stock  units  (PSUs),  and  time-based  restricted  stock  units 
(RSUs) in order to align their incentives with the long-term interests of our shareholders, to support retention of 
the executives, to provide competitive total compensation packages, and to provide a direct incentive for future 
performance.

PSUs. The majority (60%) of the shares subject to fiscal year 2011 equity awards granted to named executive 
officers were in the form of PSUs. The PSUs are “at-risk” compensation because Logitech’s relative total shareholder 
return (TSR) performance must be at or above the minimum threshold percentile against the TSR of the NASDAQ 
100 index over the performance period in order for the executive to receive any shares from the PSUs. In fiscal year 
2011, the Committee increased the performance period for PSU grants from two to three years in order to increase 
the  long-term  focus  associated  with  these  performance-based  equity  grants.  If,  at  the  end  of  the  performance 
period, threshold performance is achieved, the number of shares awarded is pro-rated according to performance. If 
the performance threshold is not achieved, no shares are awarded.

The Compensation Committee adopted the use of PSUs for executive officers during fiscal year 2009 in part 
to align Logitech’s equity compensation for executives more closely with the peer group, but most importantly to 
further align the interests of executive officers with shareholders. The PSUs are intended to:

•	

•	

•	

•	

•	

Link compensation to key financial metrics of growth and profitability.

Provide vesting based on Logitech’s stock price performance relative to a benchmark (NASDAQ 100).

Require  a  relatively  high  standard  for  any  vesting  to  occur,  and  provide  an  extraordinary  payout  if 
Logitech’s performance significantly exceeds that of the benchmark group.

Support pay-for-performance philosophy and retention efforts.

Be less dilutive to shareholders than stock options.

The  performance  measure  for  the  PSUs  granted  in  fiscal  years  2009,  2010,  and  2011  is  the  relative  TSR, 
expressed as a percentile rank, of Logitech shares against the TSR of companies included in the NASDAQ 100 
Index.  The  Compensation  Committee  believes  this  measure  is  a  key  reflection  of  Logitech’s  operational  and 
financial  performance,  because  it  focuses  on  relative  performance  against  other  mid-  to  large-size  technology 
companies.

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For  purposes  of  the  PSUs,  relative  TSR  reflects  (i)  the  aggregate  change  in  the  30-day  average  closing 
price of Logitech shares against the companies in the NASDAQ 100 Index, and (ii) the value (if any) returned to 
shareholders in the form of dividends or similar distributions, assumed to be reinvested in shares when paid, each 
at the beginning and the end of a three-year performance period (for grants made in fiscal year 2011) or two-year 
performance period (for grants made in fiscal years 2009 and 2010).

The structure of the PSUs is summarized in the table below:

Percentile Rank of Logitech TSR against Nasdaq 100 Index TSR 
Below 40th Percentile Rank (threshold) . . . . . . . . . . . . . . . .
40th Percentile Rank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
60th Percentile Rank (target) . . . . . . . . . . . . . . . . . . . . . . . . .
75th Percentile Rank and Above . . . . . . . . . . . . . . . . . . . . . .

Vested  
percentage of  
shares subject to 
PSU
0%
50%
100%
200%

If the minimum performance threshold of a 40th percentile rank of Logitech TSR against the NASDAQ 100 
Index TSR over the performance period is not met, no shares subject to the PSUs will vest. For a percentile rank 
between the 40th and 60th percentiles, or between the 60th and 75th percentiles, the percent of shares subject to the PSU 
that will vest will be determined by straight-line interpolation.

The  Compensation  Committee  set  the  minimum  performance  threshold,  and  the  vested  percentages  against 
the corresponding TSR percentile ranks, based on the historical TSR of Logitech shares against the NASDAQ 100 
Index.

RSUs. Less than half (40%) of the shares subject to fiscal year 2011 equity awards to named executive officers 
were granted in the form of restricted stock units. Time-based restricted stock units, or RSUs, provide for the issuance 
of shares at a future date upon vesting of the RSUs. RSUs issued to executive officers and other employees generally 
have a four-year vesting period, with the RSUs vesting in four equal annual increments. The Committee believes 
RSUs  create  incentives  for  performance  and  further  align  the  interests  of  executives  with  those  of  shareholders 
because an RSU’s value increases or decreases in conjunction with the Company’s stock price. Because the value at 
grant of RSUs is generally greater than that of stock options, we are able to grant a smaller number of RSUs while 
delivering  similar  grant-date  award  value. As  a  result,  granting  RSUs  helps  minimize  the  dilutive  effects  of  our 
equity awards on our shareholders and, in the Committee’s view, provides a more cost effective balance of incentive 
and risk than stock options.

Long-term equity incentive awards granted in fiscal year 2011

During fiscal year 2011 the target value of long-term equity incentive awards granted to Logitech’s named 
executive officers was determined by the Compensation Committee at the beginning of the fiscal year based on the 
peer group data provided by the Compensation Committee’s independent compensation consultant and data from the 
Radford Global Technology Executive Compensation survey, recommendations from the Committee’s independent 
compensation consultant and Logitech management with regard to grant values, anticipated compensation expense 
and  shareholder  dilution,  as  well  as  the  Compensation  Committee’s  judgment  on  the  relative  impact  of  each 
executive officer’s position within Logitech, the performance of each executive officer, as well as the relatively low 
accrued equity value of the majority of our executive officers. When establishing the design of the fiscal year 2011 
equity awards, the Compensation Committee considered prevailing equity design trends and practices among high 
technology companies.

For fiscal year 2011, the Compensation Committee approved long-term incentive grant values for each named 
executive officer that were between the 25th to 50th percentiles of grant values for comparable executives at our 
peer companies. Grants were made in particular as follows:

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Grants to Mr. Quindlen. On November 15, 2010 during the annual stock focal cycle, Mr. Quindlen received a 
PSU grant for 141,000 shares, assuming 100% target performance, and an RSU grant of 94,000 shares, as part of his 
fiscal year 2011 annual compensation as CEO. In the analysis provided by the Committee’s independent compensation 
consultant, it was noted that Mr. Quindlen’s fiscal year 2010 equity grants and his equity value as a percentage of market 
capitalization were significantly below the 25th percentile for CEOs in our peer group. Their resulting recommendation 
was to provide a fiscal year 2011 equity grant with value at least median for CEOs in our peer group to begin to 
improve Mr. Quindlen’s position relative to the CEOs of our benchmark peer companies. The total number of shares 
granted to Mr. Quindlen was based upon the mix of compensation components, the recommendation provided by  
the independent consultant, the Compensation Committee’s consideration of the accrued value of past grants to  
Mr. Quindlen, as well as the Compensation Committee’s estimate of Mr. Quindlen’s potential for future contributions 
to  Logitech’s  success.  Mr.  Quindlen’s  fiscal  year  2011  equity  grants  were  above  the  median  value  for  our  peer 
group; however his total equity value as a percentage of market capitalization remained below market median for 
our peer group.

Grant to Mr. De Luca. On November 15, 2010 during the annual stock focal cycle, Mr. De Luca received a 
PSU grant for 30,000 shares, assuming 100% target performance, as part of his fiscal year 2011 compensation as 
Chairman. Mr. De Luca did not receive any other equity incentive grants during fiscal year 2011.

Grants to Other Named Executive Officers. The equity incentive award grants made to all Logitech named 
executive officers during fiscal year 2011 are set out in the Grants of Plan-Based Awards in Fiscal Year 2011 table 
below. The value of long-term equity incentive awards in the form of PSUs and RSUs granted during fiscal year 
2011  was  in  aggregate  below  the  peer  group,  based  on  March  2010  compensation  review  data  produced  by  the 
Committee’s independent compensation consultant.

The following table illustrates the number of shares subject to equity awards granted to each named executive 
officer  in  fiscal  year  2011  and  2010,  and  their  grant  date  fair  values,  which  represent  their  accounting  cost  to 
Logitech. Fiscal year 2011 grant date fair values increased significantly over those in fiscal year 2010 due to:

•	

•	

•	

increased use of performance-based equity awards, PSUs, which have a much higher grant date fair 
value than an equivalent amount of options or an equal number of RSUs,

the increase in the number of shares subject to equity grants made in fiscal year 2011 over those in 2010, 
for the reasons described above, and

the 45% increase in Logitech’s stock price between the grant date of the grants made in 2010 and the 
grants made in 2011, which significantly impacted the grant date fair value of RSUs on a dollar-for-
dollar basis, and impacts the grant date fair value of PSUs on a greater than dollar-for-dollar basis.

Named Executive Officer

Type of 
Equity Grant

Gerald Quindlen . . . . . . . PSUs
RSUs
Options

2011 Shares 
Subject 
to Equity 
Grants  
(#)
141,000 
94,000 
n/a 

2010 Shares 
Subject 
to Equity 
Grants  
(#)
40,000 
20,000 
100,000 

Shares Subject 
to Equity  
Grants - 
Change  
2011 to 2010
253%
370%
n/a

2011 Grant 
Date Fair 
Value  
($)(1)
3,926,850 
1,908,200 
 n/a 

2010 Grant 
Date Fair  
Value  
($)(1)
727,200 
280,400 
394,000 

Grant Date 
Fair Value 
Change 2011 
to 2010
440%
581%
n/a

235,000 

160,000 

47%

5,835,050  1,401,600 

316%

Erik Bardman . . . . . . . . . PSUs
RSUs
New Hire 
Options

36,000 
24,000 

 n/a 
 n/a 

 n/a 

100,000 

n/a
n/a

n/a

1,002,600 
487,200 

 n/a 
 n/a 

 n/a 

620,000 

n/a
n/a

n/a

60,000 

100,000 

-40%

1,489,800 

620,000 

140%

Guerrino De Luca . . . . . . PSUs

Options

30,000 
 n/a 

30,000 

 n/a 
30,000

30,000 

n/a
n/a

0%

835,500 
 n/a 

 n/a 
118,200

n/a
n/a

835,500 

118,200 

607%

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Named Executive Officer

Type of 
Equity Grant

Werner Heid . . . . . . . . . . PSUs
RSUs
Options

2011 Shares 
Subject 
to Equity 
Grants  
(#)
36,000
24,000
 n/a 

2010 Shares 
Subject 
to Equity 
Grants  
(#)
13,000
9,000
82,500

Shares Subject 
to Equity  
Grants - 
Change  
2011 to 2010
177%
167%
n/a

2011 Grant 
Date Fair 
Value  
($)(1)
1,002,600 
487,200 
 n/a 

2010 Grant 
Date Fair  
Value  
($)(1)
236,340 
126,180 
450,450

Grant Date 
Fair Value 
Change 2011 
to 2010
324%
286%
n/a

60,000

104,500

-43%

1,489,800 

812,970

83%

Junien Labrousse  . . . . . . PSUs
RSUs
Options

36,000
24,000
 n/a 

20,000
13,000
90,000

80%
85%
n/a

1,002,600 
487,200 
 n/a 

363,600 
182,260 
491,400 

176%
167%
n/a

60,000

123,000

-51%

1,489,800  1,037,260 

44%

(1)  Grant date fair value represents the accounting cost to Logitech associated with equity awards. The actual 
equity  award  value  delivered  to  each  named  executive  officer  may  be  considerably  lower  or  higher  than 
the  grant  date  fair  value  of  the  award.  The  actual  equity  award  value  delivered  depends  on,  in  the  case 
of  performance-based  awards  such  as  PSUs,  whether  or  not  the  minimum  performance  condition  is  met, 
and, if so, the level of performance. Actual equity award value delivered also is significantly impacted by 
appreciation or depreciation in Logitech’s share price between the grant and vesting dates.

Determination of long-term equity incentive awards

The  Compensation  Committee  is  responsible  for  approving  who  should  receive  equity  incentive  awards, 
when the awards should be made, the vesting schedule, the number of shares or other rights to be granted. Long-
term equity incentive awards may be granted only by the Compensation Committee or the full Board of Directors. 
The Compensation Committee regularly reports its activity, including approvals of grants, to the Board. We do not 
have any program, plan, or practice to select equity compensation grant dates in coordination with the release of 
material non-public information, nor do we time the release of information for the purpose of affecting value. We 
do not backdate options or grant options retroactively.

Timing of grants

Long-term  equity  incentive  award  grants  to  executive  officers  are  typically  and  predominantly  made  at 
regularly scheduled, predetermined meetings of the Compensation Committee. These meetings are scheduled up 
to 18 months in advance and take place before the regularly scheduled, predetermined meetings of the full Board. 
On limited occasions, grants may be made at an interim meeting of the Compensation Committee or by consent, for 
the purpose of approving the hiring and compensation package for newly hired or promoted executives. The timing 
of interim meetings or consents, if they occur, is based on the activity which generated the need for the meeting or 
the consent, not Logitech’s share price. In fiscal year 2011 grants were made to new hires and promoted employees 
below  the  executive  officer  level  through  regularly  scheduled  monthly  written  consents  of  the  Compensation 
Committee.

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DETERMINING TOTAL EXECUTIVE COMPENSATION

Role of the Compensation Committee

The  Compensation  Committee  reviews  and  approves  our  compensation  programs,  including  the  specific 

compensation of our Chairman, our Chief Executive Officer, and our other executive officers.

Under the Compensation Committee’s charter, the Committee has the authority to engage its own advisors 
(including  compensation  consultants)  to  assist  it  in  carrying  out  its  responsibilities.  The  Committee  retained 
Frederic  W.  Cook  &  Co.,  Inc.  (Fred  Cook)  to  provide  analysis,  advice  and  guidance  with  respect  to  executive 
compensation.  Fred  Cook  only  provided  services  to  the  Compensation  Committee,  and  did  not  provide  other 

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services  to  the  Company  or  its  management.  On  the  request  of  the  Committee,  Fred  Cook  developed  specific 
executive compensation analyses and recommendations for Logitech’s Chairman, CEO, and executive officers for 
fiscal year 2011.

Role of Executive Officers in Compensation Decisions

While  the  Compensation  Committee  sets  the  compensation  of  our  CEO  and  other  executive  officers 
with  assistance  from  the  independent  compensation  consultant,  the  Committee  looks  to  management  to  make 
recommendations to the Committee with respect to both design of compensation programs and specific compensation 
decisions. We expect that the Compensation Committee will continue to solicit input from our Chairman and CEO 
with respect to compensation decisions affecting executive officers. The Compensation Committee deliberates and 
makes decisions on the executive officers’ compensation without the presence of the Chairman or CEO.

The fiscal year 2011 executive officer compensation proposals for base salary, bonus targets and equity grant 
values were developed by Fred Cook and presented to both the Compensation Committee and Logitech’s management. 
Based on the analysis performed by Fred Cook, Logitech’s Vice President of Worldwide Human Resources and its 
compensation department, in consultation with Guerrino De Luca, Logitech’s Chairman and current acting CEO, 
and Gerald Quindlen, Logitech’s former President and Chief Executive Officer (other than with respect to their own 
proposed compensation) provided specific recommendations to the Compensation Committee.

As part of the annual personnel review and succession planning process, Mr. Quindlen also provided the Board 
and  the  Compensation  Committee  with  his  perspective  on  the  performance  of  Logitech’s  executive  officers,  and 
Mr. De Luca provided the Board with his perspective on the performance of Mr. Quindlen. This performance feedback 
provided additional input to the Committee when making its decisions on fiscal year 2011 compensation.

Once the Compensation Committee received the analysis and recommendations from both Fred Cook and 
Logitech’s management, who were in agreement on the recommended actions, the Committee made all decisions 
regarding executive officer fiscal year 2011 compensation without Mr. De Luca, Mr. Quindlen or any executive officer 
present. The Committee considered, but was not in any way bound by, the recommendations made by management.

Overview of Factors Considered by Committee

The Compensation Committee considers a variety of factors when determining total executive compensation, 

including:

•	

•	

•	

•	

Competitive considerations.

Subjective elements, such as the scope of the executive’s role, experience and skills, the individual’s 
performance during the prior fiscal year and potential for future contribution to Logitech.

The performance of Logitech in the prior fiscal year.

Accrued and realized gains from past equity incentive awards.

Competitive considerations

We attempt to compensate our executive officers competitively relative to industry peers. Both peer group 
and broader industry compensation survey data is used by our Compensation Committee when setting Logitech’s 
executive compensation, as well as to assist the Compensation Committee in the evaluation of the design of bonus 
plan and equity compensation programs.

The companies in Logitech’s peer group were selected in March 2008 based on (i) involvement in the PC-based 
consumer electronics industry, or (ii) revenues approximately equal to Logitech’s and a presence near Silicon Valley 
in the San Francisco Bay Area. Although Logitech is a Swiss company, Logitech primarily competes for executive 
management talent with technology companies in the United States, and particularly in the high-technology area of 
Silicon Valley. As a result, the peer group consists primarily of U.S. public technology companies.

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Fred  Cook  reviewed  the  peer  group  composition  in  March  2010  and  recommended,  and  the  Committee 
approved, that the list remained appropriate for Logitech for fiscal year 2011 executive compensation. For fiscal 
year 2011, the peer companies consisted of:

3Com Corporation
Activision Blizzard, Inc.
Agilent Technologies, Inc.
Advanced Micro Devices, Inc.
Autodesk, Inc.
BMC Software, Inc.
Brocade Communications Systems, Inc. NetApp, Inc.
Novell, Inc.
Cadence Design Systems, Inc.

Cypress Semiconductor Corporation NVIDIA Corporation
Electronic Arts, Inc.
Intuit Inc.
Lexmark International, Inc.
McAfee, Inc.
NCR Corporation

Polycom, Inc.
SanDisk Corporation
Sybase, Inc.
Symantec Corporation
Teradata Corporation
Verisign, Inc.
Western Digital Corporation

At  the  time  the  fiscal  year  2011  executive  compensation  review  was  performed,  in  March  2010,  Logitech 
ranked at approximately the 25th percentile among the peer group for revenues and market capitalization and below 
the 25th percentile for operating income.

75th Percentile . . . . . . . . . . . . . . . . . . . . . . . . . . .
Median  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
25th Percentile . . . . . . . . . . . . . . . . . . . . . . . . . . .
Logitech  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Revenues
(in millions)
$3,980
2,641
1,217
1,849

Operating Income
 (in millions)
$432
263
94
35

Market Capitalization
 (in millions)
$8,872
5,369
2,621
2,739

Most recently available four quarters as of February 2010. Produced by Fred Cook, 
Source: Standard & Poor’s Compustat

In  addition,  to  assist  the  Committee  in  its  review  of  executive  compensation,  Logitech’s  compensation 
department provides compensation data compiled from widely recognized high-technology executive compensation 
surveys.

We  generally  seek  to  be  at  the  median  for  total  compensation,  as  well  as  for  each  of  the  elements  of 
compensation, for our executives against the companies with whom we compete for executive talent, based on peer 
group and survey data.

Effect of individual performance

The differences in compensation among the individual named executive officers, as disclosed in the Summary 
Compensation Table below, were primarily related to market compensation in each position, based on peer group 
and survey data, a subjective assessment of the executive’s impact on the Company’s past and future performance, 
succession planning and retention. The Compensation Committee does not review executive officers’ individual 
performance  against  pre-established  individual  performance  metrics  devised  by  the  Compensation  Committee, 
between the Compensation Committee and the respective executive, or otherwise.

Effect of realized compensation on future pay decisions

The  Compensation  Committee  considers  actual  realized  compensation  received  in  determining  if  our 
compensation  programs  are  meeting  their  objectives  of  pay-for-performance  and  retention.  The  Compensation 
Committee generally does not reduce compensation plan targets based on realized compensation, as we do not want 
to create a disincentive for exceptional performance. However, the possible cash compensation increases and the 
amount of equity incentive awards may be adjusted based on actual realized compensation.

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Other factors

For newly hired executives, in addition to market compensation for the position, consideration is given to the 
base salary of the individual at his or her prior employment and any unique personal circumstances that motivated 
the executive to leave that prior position and join Logitech.

Timing of compensation decisions

Executive compensation (base salary, target bonus, and equity grants) is typically reviewed at the Compensation 
Committee’s March meeting in an effort to align compensation changes with the start of our fiscal year, which 
begins in April. During the March 2010 meeting, the Committee elected to deliver the fiscal year 2011 equity grants 
during the Company’s annual employee equity incentive grant cycle, held in November 2010. The Committee may 
also make executive compensation decisions at other times during the fiscal year in the event of an executive new 
hire or promotion or other reasons.

Beginning  with  fiscal  year  2012,  the  Committee  determined  to  evaluate  and  implement  all  executive 
compensation actions (base salary, target bonus, and equity grants) at the start of the fiscal year in order to align all 
compensation actions, and the related performance periods, with the fiscal year or multiple fiscal years.

OTHER COMPENSATION ELEMENTS

Other cash compensation

The Compensation Committee may award discretionary bonuses in order to recognize outstanding individual 
performance,  to  assist  in  the  retention  of  key  talent,  or  for  other  reasons.  The  Committee  approved  a  one-time 
relocation bonus to Mr. Labrousse in the amount of $112,500 in fiscal year 2011 to offset some of the costs associated 
with his move from the United States to Switzerland, and a one-time bonus to Mr. Labrousse in the amount of 
$21,047 to offset personal taxes incurred by Mr. Labrousse as a result of the Company’s surrender for cash of a 
life insurance contract on his life held by the Company in connection with a change to the funding of the Logitech 
Inc. deferred compensation plan. The Committee did not otherwise award any discretionary bonuses in fiscal year 
2011.

Deferred compensation plan

Executive officers based in the United States are also eligible to participate in the Logitech Inc. Deferred 
Compensation Plan and a predecessor plan, which is an unfunded and unsecured plan that allows employees of 
Logitech Inc., the Logitech subsidiary in the United States, who earn more than a threshold amount the opportunity 
to defer U.S. taxes on up to 80% of their base salary and up to 90% of their bonus or commission compensation. 
Under the plan, compensation may be deferred until termination or other specified dates chosen by the participants, 
and  deferred  amounts  are  invested  in  mutual  funds  chosen  by  the  participants.  The  earnings  credited  to  the 
participants are intended to be funded solely by the plan investments. Logitech does not make contributions to this 
plan. Information regarding named executive officer participation in the Deferred Compensation Plan can be found 
in the Non-Qualified Deferred Compensation for Fiscal Year 2011 table and the accompanying narrative.

Because  the  listed  officers  do  not  receive  preferential  or  above-market  rates  of  return  under  the  deferred 
compensation plan, earnings under the plan are not included in the Summary Compensation table, but are included 
in the Non-Qualified Deferred Compensation table.

In addition, beginning in January 2011, Mr. Labrousse participates in the Switzerland Logitech Employee 
Pension  Fund.  This  is  a  defined  benefit  pension  plan  available  to  all  our  employees  in  Switzerland.  The  plan 
provides benefits which are based on annual contributions as a percentage of salary and accrue at an interest rate 
that is defined annually by the pension fund’s governing board. Mr. Labrousse may elect to contribute between 5% 
and 11.5% of his base salary. Logitech Switzerland contributes 11.5% of Mr. Labrousse’s base salary to the fund. 
Employees of Logitech Switzerland receive their pension plan balance upon retirement, termination or voluntary 
departure.

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Severance and related benefits

All  named  executive  officers  are  eligible  to  receive  benefits  under  certain  conditions  in  accordance  with 
Logitech’s Change of Control Severance Agreement (Change of Control Agreement), as described in the section 
“Potential Payments Upon Termination or Change in Control.”

The purpose of the Change of Control Agreements is to support retention in the event of a prospective change 
of control. Should a change of control occur, benefits will be paid after a “double trigger” event - meaning that there 
has been both a change of control, and the executive is terminated without cause or resigns for good reason within 
12 months thereafter - as described in “Potential Payments Upon Termination or Change in Control.” Other than in 
the case of the Change of Control Agreement for Mr. Quindlen, benefits are capped at the amounts prescribed under 
Sections 280G and 4999 of the U.S. Tax Code and Logitech does not provide payments to reimburse its executive 
officers for additional taxes incurred (also known as “gross-ups”) in connection with a change of control.

The Change of Control Agreement with Mr. Quindlen, which was executed in 2008, provided a tax gross-up 
to reimburse him for any additional taxes incurred under Section 280G of the U.S. Tax Code in connection with 
a change of control. This additional benefit was provided to Mr. Quindlen to be competitive with terms for other 
CEOs at the time the agreement was approved.

In addition, under Mr. Quindlen’s employment agreement and Mr. Heid’s offer letter, if their employment 
is involuntarily terminated without cause they are entitled to their base salary and target bonus as described in 
“Potential Payments Upon Termination or Change in Control.” The term in Mr. Quindlen’s agreement is intended 
to provide consideration for his service to Logitech and the potential length of time until subsequent employment 
is  secured  if  he  is  involuntarily  terminated  without  cause.  The  term  in  Mr.  Heid’s  offer  letter  was  the  result  of 
negotiations of the terms of his employment when he joined Logitech.

The PSU and RSU award agreements for named executive officers other than Guerrino De Luca provide for 
the acceleration of vesting of the RSUs and PSUs subject to the award agreements under the same circumstances 
and conditions as under the Change of Control Agreements; namely, if the named executive officer is subject to an 
involuntary termination within 12 months after a change of control because his or her employment is terminated 
without cause or the executive resigns for good reason. In the event of such an involuntary termination:

•	

•	

All	shares	subject	to	the	RSUs	will	vest.

100%	of	the	shares	subject	to	the	PSUs	will	vest	if	the	change	of	control	occurred	within	1	year	after	
the grant date of the PSUs. If the change of control occurred more than 1 year after the grant date of 
the PSUs, the number of shares subject to the PSU that will vest will be determined by applying the 
performance criteria under the PSUs as if the performance period had ended on the date of the change 
of control.

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To determine the level of benefits to be provided under each change of control agreement and other agreements, 
the Committee considered the circumstances of each type of severance, the impact on shareholders, and market 
practices.

Perquisites

Logitech’s executive officer benefit programs are substantially the same as for all other eligible employees 

except as set out below.

Mr. Quindlen was provided with personal tax preparation services in fiscal year 2011. Expenses related to 
these services were imputed as income to Mr. Quindlen and the additional tax liabilities were paid by Logitech as 
a gross-up payment. In addition, Mr. Quindlen received the use of a car and the payment of travel costs generated 
when he was working out of our California office. These benefits were provided in lieu of relocating Mr. Quindlen 
from his current residence. Logitech did not provide any related tax gross-up for these car and travel benefits. The 
aggregate amount of Mr. Quindlen’s benefits is reflected in the Summary Compensation Table below under the 
heading “All Other Compensation.”

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During fiscal year 2011 Mr. Labrousse relocated from the United States to Switzerland, where, in addition 
to  his  duties  as  Executive  Vice  President  of  Products,  he  assumed  the  duties  of  President,  Logitech  Europe.  In 
connection with his relocation, Mr. Labrousse received a relocation bonus of $112,500, as discussed above under 
the heading “Other Cash Compensation”, and Logitech paid a total of approximately $115,000 for the costs of his 
relocation, under the terms of a relocation policy applicable to all relocating employees. The amount of the bonus 
and the aggregate amount of the relocation costs for Mr. Labrousse are reflected in the Summary Compensation 
Table below.

Other Benefits

Logitech’s executive officers are eligible to receive the same benefits as all other employees, including the 

following:

•	

•	

•	

Company	contributions	to	retirement	programs,	such	as	the	Logitech	Inc.	401(k).

Health,	welfare	and	life	insurance	benefits.

Opportunity	for	participation	in	the	Logitech	Employee	Share	Purchase	Plans.

OTHER COMPENSATION POLICIES

Derivatives

We do not permit any Company insiders, including officers and directors, to trade in puts, calls, warrants or 

other derivative Logitech securities traded on an exchange or in any other organized securities market.

Recovery of compensation for restatements and misconduct

In June 2010 the Compensation Committee adopted a policy regarding the recovery of compensation paid 
to an executive officer or the principal accounting officer of the Company. Under the terms of the policy we may 
recover bonus amounts, equity awards or other incentive compensation awarded or paid within the prior three years 
to a covered officer if the Compensation Committee determines the compensation was based on any performance 
goals that were met or exceeded as a result, in whole or in part, of the officer’s fraud or misconduct, or the officer 
knew at the time of the existence of fraud or misconduct that resulted in performance goals being met or exceeded, 
and a lower amount would otherwise have been awarded or paid to the officer. In addition, under the policy Logitech 
may recover gains realized on the exercise of stock options or on the sale of vested shares by an executive officer 
or the principal accounting officer if, within three years after the date of the gains or sales, Logitech discloses the 
need for a significant financial restatement, other than a financial restatement solely because of revisions to US 
GAAP, and the Compensation Committee determines that the officer’s fraud or misconduct caused or partially 
caused the need for the restatement, or the covered officer knew at the time of the existence of fraud or misconduct 
that resulted in the need for such restatement.

In addition, our 2006 Stock Incentive Plan and our Management Performance Bonus Plan provide that awards 

under the plans are suspended or forfeited if the plan participant, whether or not an executive officer:

•	

•	

•	

has	committed	an	act	of	embezzlement,	fraud	or	breach	of	fiduciary	duty;

makes	an	unauthorized	disclosure	of	any	Logitech	trade	secret	or	confidential	information;	or

induces	any	customer	to	breach	a	contract	with	Logitech.

Any decision to suspend or cause a forfeiture of any award held by an executive officer under the 2006 Stock 

Incentive Plan or the Management Performance Bonus Plan is subject to the approval of the Board of Directors.

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Additional tax considerations

U.S. Tax Code Section 162(m)

We are limited by Section 162(m) of the U.S. Tax Code to a deduction for U.S. federal income tax purposes 
of up to $1,000,000 of compensation paid to our CEO and any of our three most highly compensated executive 
officers, other than our Chief Financial Officer, in a taxable year. Compensation above $1,000,000 may be deducted 
if,  by  meeting  certain  technical  requirements,  it  can  be  classified  as  “performance-based  compensation.”  The 
Compensation  Committee  considers  the  implications  of  Section  162(m)  of  the  U.S.  Tax  Code  in  setting  and 
determining  executive  officer  long-term  equity  incentive  award  grants  and  in  setting  short-term  cash  incentive 
award compensation.

The Logitech International S.A. 2006 Stock Incentive Plan approved by our shareholders in 2006 permits 
certain  grants  of  awards  under  that  plan  to  qualify  as  “performance-based  compensation.”  Bonuses  paid  to 
executives under the Logitech Management Performance Bonus Plan may similarly qualify under Section 162(m). 
The bonuses earned in fiscal year 2011 did qualify under Section 162(m). Although the Compensation Committee 
uses the requirements of Section 162(m) as a guideline, deductibility is not the sole factor it considers in assessing the 
appropriate levels and types of executive compensation and it will elect to forego deductibility when the Committee 
believes it to be in the best interests of the Company and its shareholders.

In  addition  to  considering  the  tax  consequences,  the  Compensation  Committee  considers  the  accounting 
consequences,  including  the  impact  of  the  Financial  Accounting  Standard  Board’s  Accounting  Standards 
Codification Section 718, on its decisions in determining the forms of different equity awards.

COMPENSATION BELOW THE EXECUTIVE LEVEL

Similar to Logitech’s executive compensation programs, Logitech’s compensation for its employees below the 
level of executive officer have been designed to attract, retain and motivate the skilled employees that are essential 
to Logitech’s success. However, one essential difference between compensation of executives and for employees 
below the executive level is that, for employees below the executive level, short-term incentives in the form of cash 
bonuses or profit sharing and long-term equity incentive awards comprise a smaller portion of the employee’s total 
target compensation. This means there is less total compensation at risk for non-executive employees based on the 
Company’s performance, while also meaning, similarly, that there is less potential for increased compensation from 
superior Company performance.

Components – Non-Executive Compensation

The key components of Logitech’s compensation for employees below the executive level are as follows:

Base salary. Base salary is set to reward employees’ current contributions to Logitech and compensate 

them for their expected day-to-day performance

Short-term cash incentives. Logitech has a bonus program for employees at the director level or above, 
a profit-sharing program for employees below the director level, and, for sales personnel, sales commission plans. 
All professional staff other than sales personnel participate in the bonus program or the profit sharing program. 
The potential target compensation from the bonus and profit sharing programs is established as a percentage of the 
employee’s annual base salary. The potential target compensation for sales personnel under sales commission plans 
is set on the basis of their sales quotas.

Long-term equity incentive awards. Approximately one-third of the Company’s professional staff receive 
long-term equity incentive awards, in the form of RSUs, and for eligible employees at the level of Vice-President or 
above, PSUs. In addition, full-time professional staff, in countries where Logitech is able to offer the program, are 

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eligible to participate in the Company’s employee share purchase plans, which allow eligible employees to purchase 
Logitech shares at a 15% discount from the market price of Logitech’s shares at the beginning or end of each six-
month offering period.

Health and welfare, and other local benefits. Health and welfare and other local benefits are offered to 
employees based on the market practices and local law requirements of the various jurisdictions in which employees 
are based. In a limited number of jurisdictions we offer defined benefit or defined contribution pension plans or 
required severance benefits for employees.

Compensation Philosophy – Non-Executive Compensation

The  key  features  of  Logitech’s  compensation  philosophy  for  employees  below  the  executive  level  are  as 

follows:

•	

•	

•	

•	

•	

•	

Base	salary	should	be	at	approximately	the	median	for	comparable	companies	in	the	industry	and	in	the	
region where the employee is based.

The	total	level	of	at-risk	compensation	should	increase	with	the	level	of	the	employee,	to	reflect	the	
relative impact of the employee on the Company’s performance.

High-performing	employees	should	receive	significantly	higher	potential	compensation	in	the	form	of	
equity incentive awards in order to help retain and motivate these employees.

Other	than	for	the	compensation	of	employees	in	the	Company’s	sales	organization,	the	performance	
measures under the Company’s short-term incentives in the form of cash bonuses, profit sharing, or 
long-term equity incentive awards, should be based on the performance of the entire Logitech group, 
or the performance of the Logitech group plus the performance of the employee’s department or unit, 
rather than on the performance of the individual employee. This is primarily to encourage collaboration 
among the Company’s employees.

For	employees	in	the	Company’s	sales	organization,	compensation	should	include	commissions	based	
on the employee’s sales performance against sales quotas or targets. Approximately 30% to 40% of a 
salesperson’s  total  target  compensation  is  based  on  commissions.  The  Company  believes  this  direct 
linking  of  salesperson  compensation  to  individual  performance  helps  drive  sales  performance  and 
reflects competitive market practice.

Equity	 incentive	 compensation	 is	 an	 important	 component	 of	 employee	 compensation.	 This	 reflects	
market practice, especially in California’s Silicon Valley, where the Company has a significant presence, 
but the Company also believes that equity incentive compensation is a key differentiator in attracting 
and retaining employees in employment markets outside of the United States where, historically, equity 
incentive compensation was not or is not common.

Compensation for employees below the executive level is established based on guidelines developed by the 
Company’s  compensation  &  benefits  department,  market  practices,  and  assessment  of  individual  performance 
and potential for future contribution to Logitech by the employee’s manager and the Company’s human resources 
department. The Compensation Committee of the Board provides oversight of compensation below the executive 
level, reviews the yearly short-term incentive program design and performance measures, reviews and approves 
the yearly long-term equity incentive award budget, and reviews and approves all long-term equity incentive award 
grants.

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Compensation Risks Assessment

The  Compensation  Committee  conducted  a  review,  with  the  assistance  of  the  Committee’s  independent 
compensation consultant, of Logitech’s compensation programs in April 2011 to assess the risks associated with their 
design. The Committee reviewed in particular the following compensation programs and associated practices:

•	

2006	Stock	Incentive	Plan.

•	 Management	Performance	Bonus	Plan.

•	

•	

•	

Profit	Sharing	Plan.

Sales	commissions	plans.

Change	of	Control	Severance	Agreements	in	place	with	executive	officers.

The  review  included  a  consideration  of  compensation  risk  areas  associated  with  Logitech’s  current 
compensation programs, and risk controls. Based on this review, we have concluded that our compensation policies 
and practices do not create risks that are reasonably likely to have a material adverse effect on the Company.

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REPORT OF THE COMPENSATION COMMITTEE

The Logitech Compensation Committee, which is composed solely of independent members of the Logitech 
Board of Directors, assists the Board in fulfilling its responsibilities with regard to compensation matters. The 
Compensation  Committee  has  reviewed  and  discussed  the  “Compensation  Discussion  and  Analysis”  section  of 
this Compensation Report with management. Based on this review and discussion, the Compensation Committee 
recommended to the Board of Directors that the Compensation Discussion and Analysis be included in Logitech’s 
2011 Invitation and Proxy Statement and Annual Report.

Compensation Committee 

MATTHEW BOUSQUETTE, Chairman  
KEE-LOCK CHUA 
richarD Laube

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SUMMARY COMPENSATION TABLE

The following table provides information regarding the compensation and benefits earned during fiscal years 2011, 
2010, and 2009 by our named executive officers. For more information, please refer to “Compensation Disclosure 
and  Analysis,”  as  well  as  “Narrative  Disclosure  to  Summary  Compensation  Table  and  Grants  of  Plan-Based 
Awards Table.”

Name and Principal Position

Year Salary ($) Bonus ($)

Gerald Quindlen . . . . . . . . . . FY11 825,000
FY10 787,500
FY09 787,500

President and Chief 
  Executive Officer(6)

Erik Bardman . . . . . . . . . . . . FY11 420,000
FY10 184,615

Sr. Vice President, 
Finance and

  Chief Financial Officer

Non-equity 
Incentive Plan 
Compensation 
($)(2)

Option 
Awards ($) (1)

Stock 
Awards($) (1)
— 5,835,050
— 1,007,600
—

394,000
697,500 1,151,000

— 1,083,000
1,299,000
—

— 1,489,800
—

—
— 620,000

331,000
162,000

Guerrino De Luca . . . . . . . . . FY11 550,000
FY10 550,000
  Chairman 
FY09 550,000

of the Board(7) 

—
—
—

835,500

—
— 118,200
— 223,200

Werner Heid . . . . . . . . . . . . . FY11 570,000

FY10 550,000 40,467(4)

— 1,489,800
362,520

—
450,450

Sr. Vice President,  
Sales and Marketing

578,000
907,000
—

415,000
607,000

Junien Labrousse  . . . . . . . . . FY11 718,588 133,547(5) 1,489,800
545,860
  Executive Vice-
523,125

FY10 680,000
FY09 680,000

—
—

President, Products and
President, Logitech Europe

—
491,400
754,950

535,276
680,000
222,333

Changes in 
Nonqualified 
Deferred 
Compensation 
Earnings($)
—
—
—

All Other 
Compensation 
($) (3)
  62,365
50,370
31,549

Total ($)
7,805,415
3,538,470
2,667,549

—
—

—
—
—

—
—

—
—
—

7,800
3,257

2,248,600
969,872

12,168
12,168
18,128

1,975,668
1,587,368
791,328

9,741
9,648

2,484,541
2,020,085

169,128
12,271
10,415

3,046,339
2,409,531
2,190,823

(1)  These amounts do not represent the actual economic value realized by the named executive officer. Under SEC 
rules, the values reported in the “Stock Awards” and “Option Awards” columns reflect the aggregate grant date 
fair value of grants of stock options and stock awards to each of the listed officers in the fiscal years shown. The 
key assumptions and methodology of valuation of stock options and stock awards are presented in Note 12 to the 
Consolidated Financial Statements included in Logitech’s Annual Report to Shareholders and Annual Report on 
Form 10-K for fiscal year 2011 filed with the SEC on May 27, 2011.

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For FY11: Assuming the highest level of performance is achieved, the maximum possible value of the PSUs 
allocated  in  FY11,  using  the  market  value  of  our  shares  on  the  grant  date  of  the  PSUs,  is:  (a)  in  the  case 
of Mr. Quindlen, $5,724,600; (b) in the case of Mr. Bardman, $1,461,600; (c) in the case of Mr. De Luca, 
$1,218,000; (d) in the case of Mr. Heid, $1,461,600; and (e) in the case of Mr. Labrousse, $1,461,600. 

For FY10: None of the shares represented by PSUs granted in FY10 vested because the minimum performance 
condition  was  not  met.  Assuming  the  highest  level  of  performance  was  achieved,  the  maximum  possible 
value of the PSUs allocated in FY10, using the market value of our shares on the grant date of the PSUs, 
was: (a) in the case of Mr. Quindlen; $1,121,600; (b) in the case of Mr. Heid, $364,520; and (c) in the case of 
Mr. Labrousse, $560,800. 

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For FY09: None of the shares represented by PSUs granted in FY09 vested because the minimum performance 
condition was not met. Assuming the highest level of performance was achieved, the maximum possible value 
of the PSUs allocated in FY09, using the market value of our shares on the date of grant of the PSUs, was: 
(a) in the case of Mr. Quindlen; $1,129,500; and (b) in the case of Mr. Labrousse, $847,125. 

(2)  Reflects amounts earned under the Logitech Management Performance Bonus Plan. In FY09 Mr. De Luca 
and Mr. Quindlen declined bonus payments of $222,750 and $318,937, respectively, they each had otherwise 
earned and were entitled to under the terms of their FY09 bonus program.

(3)  Details regarding the various amounts included in this column are provided in the following table entitled “All 

Other Compensation.”

(4)  The Compensation Committee approved the payment of this bonus to Mr. Heid to enable him to purchase a 
value of Logitech shares equal to what he would have purchased under the Logitech Employee Share Purchase 
Plan  for  the  February  1  -  July  31,  2009  offering  period  but  for  his  employment  start  date  being  after  the 
offering start date.

(5)  Reflects (1) a bonus of $21,047 approved by the Compensation Committee to enable Mr. Labrousse to offset 
taxes incurred on a life insurance contract on his life held by the Company in connection with the Logitech Inc.  
deferred compensation plan, which life insurance contract the Company surrendered for cash in December, 
2010, and (2) a bonus in the amount of $112,500 approved by the Compensation Committee to offset some of 
the costs of Mr. Labrousse’s relocation to Switzerland.

(6)  Mr. Quindlen’s service as President and Chief Executive Officer ended July 27, 2011.

(7)  Mr. De Luca was appointed acting President and Chief Executive Officer effective July 27, 2011.

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All Other Compensation Table

Car 
Use or  
Service 
($) (1)

Tax 
Preparation 
Services 
($) (2)

401(k) or  
Swiss 
Pension Plan 
($) (3)

Group 
Term Life 
Insurance 
($)

Relocation  
or Travel 
in lieu of 
Relocation 
($) (4)

Premium for  
Deferred 
Compensation 
Insurance  
($) (5)

Total ($)

Name

Year

Gerald Quindlen  . . . . . . . . FY11
FY10
FY09

5,936
4,172
3,696

17,698
19,563
3,954

Erik Bardman  . . . . . . . . . . FY11
FY10

—
—

Guerrino De Luca . . . . . . . FY11
FY10
FY09

—
—
5,906

Werner Heid. . . . . . . . . . . . FY11
FY10

—
—

—
—

—
—
—

—
—

2,758
2,726
2,594

6,750
2,841

6,750
6,750
6,804

6,750
6,750

Junien Labrousse . . . . . . . . FY11
FY10
FY09

— 21,290
—
—
—
—

27,919
6,750
6,804

4,384
4,209
3,078

1,050
415

5,418
5,418
5,418

2,991
2,898

2,921
3,616
3,611

31,589
19,700
18,227

—
—

—
—
—

—
—

—
—
—

—
—

—
—
—

—
—

62,365
50,370
31,549

7,800
3,256

12,168
12,168
18,128

9,741
9,648

115,109
—
—

1,889
1,906
—

169,128
12,272
10,415

(1)  Represents the estimated cost to Logitech related to Mr. Quindlen’s use of a company car while working from 
the Company’s office in California, and in  FY09,  the cost to Logitech of $3,795  related to Mr. De Luca’s 
occasional use of a company car and driver to and from work, and tax gross-up payments of $2,111, relating to 
the income imputed to Mr. De Luca as a result.

(2)  Represents  the  cost  to  Logitech  of  $9,910,  $12,925  and  $2,625  in  FY11,  FY10  and  FY09,  related  to  these 
services, and tax gross-up payments, of $7,788, $6,638 and $1,329, respectively, relating to the income imputed 
to Mr. Quindlen as a result, and the cost to Logitech of $21,290 in FY11 for tax preparation services for Mr. 
Labrousse related to his transfer from the U.S. to Switzerland.

(3)  Represents 401(k) savings plan matching contributions, which are available to all of our regular employees who 
are on our U.S. payroll, and matching contributions to the Logitech Employee Pension Fund in Switzerland 
for Mr. Labrousse, for the period in FY11 during which he was employed in Switzerland, which are available 
to all of our regular employees who are on our Swiss payroll.

(4) 

In the case of Mr. Quindlen, represents the cost to Logitech for Mr. Quindlen’s travel to and from Logitech’s 
offices in California from his residence.  In the case of Mr. Labrousse, represents the costs associated with 
Mr. Labrousse’s relocation to Switzerland, including household goods shipping,  temporary accommodations, 
flights, rental car and other costs. 

(5)  Represents imputed income to Mr. Labrousse from an insurance policy held to fund, in part, the Logitech Inc. 

Deferred Compensation Plan.

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GRANTS OF PLAN-BASED AWARDS IN FISCAL YEAR 2011

The  following  table  sets  forth  certain  information  regarding  grants  of  plan-based  awards  to  each  of  our 
named executive officers during fiscal year 2011. For more information, please refer to “Compensation Disclosure 
and Analysis.”

Name

Type

Grant Date
 (MM/DD/YY)

Approval
Date

Gerald Quindlen . . . PSU
RSU
FY11 Bonus

11/15/10
11/15/10
N/A

11/13/10
11/13/10
N/A

Estimated Possible Payouts  
Under Non-Equity Incentive  
Plan Awards (1) 
Target 
($)

Maximum 
($)

Threshold  
($)

Actual  
($) (2)

Estimated Future Payouts  
Under Equity Incentive  
Plan Awards (3) 
Target 
(#)

Maximum 
(#)

Threshold  
(#)

All Other 
Stock 
Awards: 
Number of 
Shares of 
Stock  
or Units  
(#) (4)

Grant 
Date Fair 
Value  
($) (5)

721,875

1,031,250 2,062,500 1,083,000

70,500
—

141,000
—

282,000
—

— 3,926,850
1,908,200

94,000

Erik Bardman . . . . . PSU
RSU
FY11 Bonus

11/15/10
11/15/10
N/A

11/13/10
11/13/10
N/A

220,500

315,000

630,000

331,000

18,000
—

36,000
—

72,000
—

— 1,002,600
487,200

24,000

Guerrino De Luca . . PSU

FY11 Bonus

11/15/10
N/A

11/13/10
N/A

385,000

550,000 1,100,000

578,000

15,000

30,000

60,000

—

835,500

Werner Heid . . . . . . PSU
RSU
FY11 Bonus

Junien Labrousse . . PSU
RSU
FY11 Bonus

11/15/10
11/15/10
N/A

11/15/10
11/15/10
N/A

11/13/10
11/13/10
N/A

11/13/10
11/13/10
N/A

299,250

427,500

855,000

415,000

363,759

519,655 1,039,310

535,276

18,000
—

36,000
—

72,000
—

— 1,002,600
487,200

24,000

18,000
—

36,000
—

72,000
—

— 1,002,600
487,200

24,000

(1)  The amounts in these columns reflect possible payouts with respect to each applicable performance period for 

the FY11 bonus programs under the Bonus Plan. 

(2)  The amounts in this column reflect actual payouts with respect to each applicable performance period for 
the FY11 bonus programs under the Bonus Plan. The actual payout amounts are reflected in the Non-Equity 
Incentive Plan Compensation column of the Summary Compensation Table for FY11. 

(3)  Represents PSUs. All shares subject to the PSUs are unvested. The actual amount, if any, of shares that will 
vest under the PSUs will not be known until the end of the performance period on November 15, 2013.

(4)  Represents RSUs that vest at a rate of 25% per year over four years, on each yearly anniversary of the grant 

date. 

(5)  These amounts do not represent the actual economic value realized by the named executive officer. Amounts 
in this column represent the grant date fair value of PSUs and RSUs calculated in accordance with ASC 718 
but does not include a reduction for forfeitures. For PSUs, that number is calculated by multiplying the value 
determined using the Monte Carlo method by the target number of units awarded. For RSUs, that number 
is equal to the closing price of Logitech shares on the grant date. The key assumptions for the valuation of 
the PSUs are presented in Note 12 to the Consolidated Financial Statements included in Logitech’s Annual 
Report to Shareholders and Annual Report on Form 10-K for FY11 filed with the SEC on May 27, 2011.

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NARRATIVE DISCLOSURE TO SUMMARY COMPENSATION TABLE AND GRANTS OF PLAN-
BASED AWARDS TABLE

Employment Agreements and Offer Letters

We have entered into employment agreements or offer letters with each of our named executive officers. The 
employment agreements and offer letters generally provide that the compensation of the named executive officer is 
subject to the sole discretion of the Compensation Committee or the Board of Directors. The compensation earned 
by the named executive officers in fiscal year 2011 was not the result of any terms of their employment agreements 
or  offer  letters,  except  in  the  case  of  Mr.  Labrousse.  Under  the  terms  of  Mr.  Labrousse’s  employment  agreement 
entered into effective January 1, 2011 in connection with his re-location to Switzerland, Mr. Labrousse received a 
relocation bonus of $112,500 and Logitech paid a total of approximately $115,000 for the costs of his relocation under 
the terms of a relocation policy applicable to all relocating employees. Mr. Labrousse’s base salary previously in effect 
remained the same except for the conversion into Swiss francs and the impact of exchange rate fluctuations.

Performance-Based Vesting Conditions

Please refer to “Compensation Disclosure and Analysis—Elements of Compensation—Performance-based 
cash incentive awards” for a discussion of the performance measures applicable to the Bonus Plan during fiscal 
year  2011.  In  addition,  please  refer  to  “Compensation  Disclosure  and  Analysis—Elements  of  Compensation—
Long-term equity incentive awards” for a discussion of performance measures under the PSUs granted to named 
executive officers during fiscal year 2011.

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

The following table provides information regarding outstanding equity awards for each of our named executive 
officers  as  of  March  31,  2011.  This  table  includes  unexercised  and  unvested  stock  options,  unvested  RSUs  and 
unvested PSUs.

Unless  otherwise  specified,  options  and  RSUs  vest  at  a  rate  of  25%  per  year  on  each  of  the  first  four 
anniversaries of the grant date. Market value for stock options is calculated by taking the difference between the 
closing price of Logitech shares on NASDAQ on the last trading day of the fiscal year ($18.13 on March 31, 2011) 
and  the  option  exercise  price,  and  multiplying  it  by  the  number  of  outstanding  options.  Market  value  for  stock 
awards (RSUs and PSUs) is determined by multiplying the number of shares by the closing price of Logitech shares 
on NASDAQ on the last trading day of the fiscal year.

Certain of the options as granted to Mr. De Luca have exercise prices denominated in Swiss Francs. The U.S. 
Dollar exercise prices shown in the table below for such options are presented in the table based on a Swiss Franc 
to U.S. Dollar exchange rate on March 31, 2011 of 1.0924 to 1.

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Option Awards

Stock Awards

Number of 
Securities 
Underlying 
Unexercised 
Options (#) 
Exercisable

Number of 
Securities 
Underlying 
Unexercised 
Options (#) 
Unexercisable

Option 
Exercise 
Price ($) / 
Share 

Option 
Expiration Date  
(MM/DD/YY)

Market 
Value of 
Unexercised 
Options ($)

Name

Grant Date 
(MM/DD/YY)

Equity 
Incentive 
Plan Awards: 
Number of 
Unearned 
Shares, Units 
or Other 
Rights That 
Have Not 
Vested (#) 

Equity 
Incentive 
Plan Awards: 
Market or 
Payout Value 
of Unearned 
Shares, Units 
or Other 
Rights That 
Have Not 
Vested ($)(1)

Market 
Value of 
Shares 
or Units 
of Stock 
That 
Have Not 
Vested ($)

 Number 
of Shares 
or Units of 
Stock That 
Have Not 
Vested (#) 

Gerald Quindlen . . . .

11/02/05
10/02/06
10/02/07
10/19/07
04/01/08
12/12/08
04/01/09
06/29/09
06/29/09
11/15/10
11/15/10
Total

200,000
60,000
75,000
225,000
50,000
50,000
25,000
—
—
—
—
685,000

—
—
25,000
75,000
50,000
50,000
75,000
—
—
—
—
275,000

20.25
21.61
30.09
34.39
26.67
13.48
10.64
—
—
—
—

10/17/15
10/02/16
10/02/17
10/19/17
04/01/18
12/12/18
04/01/19
—
—
—
—

—
—
—
—
—
465,000
749,000

—
—
—
—
—
—
—
— 15,000
—
—
— 94,000
—
—
1,214,000 109,000

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—
—
—
—
—
—
—
271,950

—
—
—
—
—
—
—
—
— 40,000
—
— 141,000
181,000

1,704,220

1,976,170

—
—
—
—
—
—
—
—
725,200
—
2,556,330
3,281,530

Option Awards

Stock Awards

Name
Erik Bardman . . . . . .

Guerrino De Luca . . .

Werner Heid . . . . . . .

Junien Labrousse . . .

Number of 
Securities 
Underlying 
Unexercised 
Options (#) 
Exercisable
25,000
—
—
25,000

Number of 
Securities 
Underlying 
Unexercised 
Options (#) 
Unexercisable
75,000
—
—
75,000

Grant Date 
(MM/DD/YY)
10/23/09
11/15/10
11/15/10
Total

Option 
Exercise 
Price ($) / 
Share 
18.76
—
—

Option 
Expiration Date  
(MM/DD/YY)
10/23/19
—
—

10/16/02
04/08/04
04/01/05
04/01/06
04/02/07
04/01/08
04/01/09
11/15/10
Total

03/06/09
06/29/09
06/29/09
06/29/09
09/01/09
11/15/10
11/15/10
Total

09/26/05
10/02/06
04/02/07
10/02/07
10/01/08
12/12/08
06/29/09
06/29/09
06/29/09
11/15/10
11/15/10
Total

370,538
200,000
200,000
100,000
50,000
7,500
3,750
—
931,788

75,000
16,250
—
—
4,375
—
—
95,625

100,000
50,000
105,000
37,500
37,500
15,000
—
—
—
—
—
345,000

—
—
—
—
—
7,500
11,250
—
18,750

75,000
48,750
—
—
13,125
—
—
136,875

—
—
35,000
12,500
37,500
30,000
67,500
—
—
—
—
182,500

11.20(2)
16.62(3)
20.26(4)
20.05
27.95
26.67
10.64
—

8.01
14.02
—
—
17.44
—
—

20.25
21.61
27.95
30.09
22.59
13.48
14.02
—
—
—
—

04/16/13
04/08/14
04/01/15
04/01/16
04/02/17
04/01/18
04/01/19
—

03/06/19
06/29/19
—
—
09/01/19
—
—

09/26/15
10/02/16
04/02/17
10/02/17
10/01/18
12/12/18
06/29/19
—
—
—
—

 Number 
of Shares 
or Units of 
Stock That 
Have Not 
Vested (#) 

Market 
Value of 
Unexercised 
Options ($)
—
—
— 24,000
—
—
24,000

2,567,828
302,000
—
—
—
—
112,350
—
2,982,178

—
—
—
—
—
—
—
—

1,518,000
267,150

—
—
— 6,750
—
—
—
12,075
— 24,000
—
1,797,225

30,750

—
—
—
—
—
209,250
277,425

—
—
—
—
—
—
—
— 9,750
—
—
— 24,000
—
—
33,750
486,675

Equity 
Incentive 
Plan Awards: 
Number of 
Unearned 
Shares, Units 
or Other 
Rights That 
Have Not 
Vested (#) 

Market 
Value of 
Shares 
or Units 
of Stock 
That 
Have Not 
Vested ($)
—
435,120

435,120

—
—
— 36,000
36,000

—
—
—
—
—
—
—
—
—
—
—
—
—
—
— 30,000
30,000

—
—
122,378

—
—
—
— 13,000
—
—
—
435,120
36,000
49,000

557,498

—
—
—
—
—
—
—
176,768

—
—
—
—
—
—
—
—
— 20,000
—
— 36,000
56,000

435,120

611,888

Equity 
Incentive 
Plan Awards: 
Market or 
Payout Value 
of Unearned 
Shares, Units 
or Other 
Rights That 
Have Not 
Vested ($)(1)
—
—
652,680
652,680

—
—
—
—
—
—
—
543,900
543,900

—
—
—
235,690
—
—
652,680
888,370

—
—
—
—
—
—
—
—
362,600
—
652,680
1,015,280

(1)  PSUs  are  shown  at  their  target  amount.  The  minimum  performance  condition  of  the  PSUs  granted  on 
June 29, 2009, in FY10, was not met and therefore no shares vested at the conclusion of the 2-year performance 
period on June 29, 2011. The actual conversion, if any, of the PSUs granted in FY11 into Logitech shares 
following the conclusion of the 3-year performance period will range between 50% and 200% of that target 
amount,  depending  upon  Logitech’s  TSR  performance  versus  the  TSR  benchmark  over  the  performance 
period.

(2)  The exercise price of the option as granted (as split-adjusted) is 10.25 Swiss Francs per share.  

(3)  The exercise price of the option as granted (as split-adjusted) is 15.21 Swiss Francs per share.   

(4)  The exercise price of the option as granted (as split-adjusted) is 18.55 Swiss Francs per share. 

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OPTION EXERCISES AND STOCK VESTED FOR FISCAL YEAR 2011

The following table provides the number of shares acquired and the value realized upon exercise of stock 
options and the vesting of RSUs during fiscal year 2011 by each of our named executive officers. No shares resulted 
from PSUs whose performance period ended during fiscal year 2011 because the minimum performance condition 
was not met.

Name
Gerald Quindlen . . . . . . . . . . . . . . .
Erik Bardman . . . . . . . . . . . . . . . . .
Guerrino De Luca . . . . . . . . . . . . . .
Werner Heid . . . . . . . . . . . . . . . . . .
Junien Labrousse  . . . . . . . . . . . . . .

Option Awards

Stock Awards

Number of Shares 
Acquired on  
Exercise (#)
—
—
233,524
—
297,500

Value Realized on  
Exercise ($)(1)
—
—
1,864,545
—
2,840,591

Number of Shares  
Acquired on  
Vesting (#)
5,000
—
—
2,250
3,250

Value Realized on  
Vesting ($) (2)
67,700
—
—
30,465
44,005

(1)  The value realized equals the difference between the option exercise price and the fair market  value of Logitech 
shares on the date of exercise, multiplied by the number of shares for which the option was exercised.

(2)  Based on the closing trading price of Logitech shares on NASDAQ on June 29, 2010, the vesting date, of 

$13.54.

Pension Benefits for Fiscal Year 2011

Upon his relocation from the United States to Switzerland on January 1, 2011, Mr. Labrousse began participation 
in  Logitech’s  Swiss  Employee  Pension  Fund,  which  is  a  program  offered  to  all  eligible  Swiss  employees.  The 
following table sets forth the estimated present value of accumulated pension benefits:

Name
Gerald Quindlen . . . . . . . . . . . . . . . . . . . . . . . . .
Erik Bardman . . . . . . . . . . . . . . . . . . . . . . . . . . .
Guerrino De Luca . . . . . . . . . . . . . . . . . . . . . . . .
Werner Heid . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Junien Labrousse  . . . . . . . . . . . . . . . . . . . . . . . .

Plan Name

—
—
—
—
Logitech Employee Pension Fund 

Number 
of Years of 
Credited 
Service (#)
n/a
n/a
n/a
n/a
0.25 

Present 
Value of 
Accumulated 
Benefit ($)(1)

—
—
—
—
48,986

(1)  No amounts are included in the Summary Compensation table because Mr. Labrousse had no contributions 

to this plan in FY10.

The  Swiss  pension  plan  covers  all  Logitech  employees  in  Switzerland  and  exceeds  the  minimum  benefit 
requirements under Swiss law. The Swiss plan allows employees a choice in the level of annual contributions paid 
by the employee.  

Every month, Logitech Switzerland and Mr. Labrousse each contribute a percentage of Mr. Labrousse’s base 
salary to the pension plan. Mr. Labrousse may elect to contribute between 5% and 11.5% of his base salary. Logitech 
Switzerland contributes 11.5% of Mr. Labrousse’s base salary to the fund.  

The pension plan provides benefits which are based on annual contributions as a percentage of salary and 
accrue at an interest rate that is defined annually by the pension fund’s governing board. Employees of Logitech 
Switzerland receive their pension plan balance upon retirement (age 65 for men and age 64 for women), termination, 
or voluntary departure. The pension savings plan is considered a defined benefit plan.

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No other named executive officers are beneficiaries under any retirement plan benefits maintained by Logitech. 
For additional information regarding other benefits provided upon retirement of Logitech named executive officers, 
please refer to “Potential Payments Upon Termination or Change in Control.”

NON-QUALIFIED DEFERRED COMPENSATION FOR FISCAL YEAR 2011

The following table sets forth information regarding the participation by our named executive officers in the 

Logitech Inc. U.S. Deferred Compensation Plan during fiscal year 2011 and at fiscal year-end.

Name 
Gerald Quindlen . . . . . . . . . . . . . . . .
Erik Bardman . . . . . . . . . . . . . . . . . .
Guerrino De Luca . . . . . . . . . . . . . . .
Werner Heid . . . . . . . . . . . . . . . . . . .
Junien Labrousse  . . . . . . . . . . . . . . .

Executive 
Contributions in 
Last Fiscal Year 
($)(1)

—
—
—
53,438
466,514

Logitech 
Contributions in 
Last Fiscal Year 
($)
—
—
—
—
—

Aggregate 
Earnings in 
Last Fiscal  
Year ($)(2)
—
—
—
2,133
333,602

Aggregate 
Withdrawals/
Distributions  
($)
—
—
—
—
—

Aggregate 
Balance at Last 
Fiscal Year End  
($)

—
—
—
55,571
2,587,956(3)

(1)  Amounts  are  included  in  the  Summary  Compensation  table  in  the  "Salary"  and  "Non-equity  Incentive 
Plan  Compensation"  columns  for  FY11.  All  contributions  were  made  under  the  Logitech  Inc.  Deferred 
Compensation Plan.

(2)  These  amounts  are  not  included  in  the  Summary  Compensation  table  because  plan  earnings  were  not 

preferential or above market.

(3)  Mr. Labrousse’s aggregate contributions of $925,766 for FY08 through FY10 were reported as compensation 

to Mr. Labrousse in the Summary Compensation Table.

NARRATIVE DISCLOSURE TO NON-QUALIFIED DEFERRED COMPENSATION TABLE

The  Logitech  Inc.  U.S.  Deferred  Compensation  Plan  effective  January  1,  2009  allows  the  participating 
executive officers and other eligible employees to defer up to 80% of their annual base salary and up to 90% of 
annual cash bonuses or commissions.

Upon  enrollment,  participants  select  from  a  number  of  mutual  funds  selected  by  Logitech  Inc.’s  Deferred 
Compensation  Committee  for  this  purpose,  and  the  participants’  contributions  are  invested  according  to  the 
participants’ elections. Investment elections may be changed by participants at any time.

Participants can elect upon enrollment to receive one lump-sum distribution per year beginning in the third year 
of plan participation. Although pre-retirement distributions can subsequently be postponed (subject to conditions) 
or canceled, participants cannot elect any additional pre-retirement distributions after initial enrollment, except in 
limited circumstances.

Distributions are generally payable to participants upon termination of employment in a lump sum or, in the 
case of retirement, disability or death, in a series of annual payments of up to 10 years, as elected by the participants, 
subject to any requirements of Section 409A of the U.S. Tax Code.

The Deferred Compensation Plan is the successor to an earlier plan that provided substantially similar benefits.

PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL

We  have  entered  into  agreements  that  provide  for  payments  under  certain  circumstances  in  the  event  of 

termination of employment of our executive officers. These agreements include:

•	

Change of control severance agreements, under which the executive officers may receive certain benefits 
if they are subject to an involuntary termination within 12 months after a “change of control” because 
his or her employment is terminated without cause or the executive resigns for good reason.

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119

•	

•	

•	

PSU and RSU award agreements, that provide for the accelerated vesting of the shares subject to the 
award agreements under the same circumstances as under the change of control agreements.

An employment agreement with Gerald Quindlen under which he was entitled to severance benefits if 
we terminated his employment without cause.

An offer letter with Werner Heid, under which he is entitled to severance benefits if we terminate his 
employment without cause.

These agreements are described in more detail below.

Other than the agreements above, there are no agreements or arrangements for the payment of severance to a 

named executive officer in the event of his involuntary termination with or without cause.

There are no agreements providing for payment of any consideration to any non-executive member of the 

Board of Directors upon termination of his or her services with the Company.

Change of Control Severance Agreements

Each of our named executive officers has executed a change of control severance agreement with Logitech. 
The change of control agreements with each of Mr. Quindlen and Mr. De Luca are slightly different than those of 
the other executive officers. The purpose of the change of control agreements is to support retention in the event of 
a prospective change of control.

Under the change of control agreement, each executive officer is eligible to receive the following benefits, 
should the executive officer be subject to an involuntary termination within 12 months after a “change of control” 
because his or her employment is terminated without cause or the executive resigns for good reason:

•	

•	

•	

•	

•	

The continuation of the executive’s “current compensation” for 12 months;

Continuation of health insurance benefits for up to 12 months;

Acceleration of vesting for all stock options held by the executive;

Acceleration of other employee equity incentives held by the executive if provided for under the terms 
of the grant agreement for the equity incentive; and

Executive – level outplacement services of a value of up to $5,000.

The term “current compensation” includes:

•	

•	

The  greater  of  (i)  the  executive’s  annual  base  salary  in  effect  immediately  prior  to  the  executive’s 
termination and (ii) the executive’s annual base salary in effect on the date of the Change of Control 
Agreement; plus

The amount of the executive’s annual and quarterly bonuses for the fiscal year preceding the fiscal year 
in which severance benefits become payable to the executive.

The change of control agreement defines the term “change of control” to mean:

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•	

•	

•	

•	

A merger or consolidation of Logitech with another corporation resulting in a greater than 50% change 
in the total voting power of Logitech or the surviving company immediately following the transaction;

The complete liquidation of Logitech;

The sale or other disposition of all or substantially all of Logitech’s assets; or

The acquisition by any person of securities of Logitech representing 50% or more of the total voting 
power of Logitech’s outstanding shares.

The change of control agreement with Mr. Quindlen was the same as for the other executive officers, except 
that Mr. Quindlen’s agreement provided for a tax gross-up to reimburse him for any additional taxes incurred under 
Section 280G of the U.S. Tax Code in connection with a change of control.

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The change of control agreement with Mr. De Luca is the same as for the other executive officers, except that only 
those stock options granted by the Company to him before January 28, 2008, while he was serving as CEO, are subject 
to acceleration under the agreement. Options granted to him after January 28, 2008 are not subject to acceleration.

PSU and RSU Award Agreements

The PSU and RSU award agreements for named executive officers other than Guerrino De Luca provide for 
the acceleration of vesting of the RSUs and PSUs subject to the award agreements under the same circumstances 
and conditions as under the change of control agreements; namely, if the named executive officer is subject to an 
involuntary termination within 12 months after a change of control because his or her employment is terminated 
without cause or the executive resigns for good reason. In the event of such an involuntary termination:

•	

•	

All shares subject to the RSUs will vest.

100% of the shares subject to the PSUs will vest if the change of control occurred within one year after 
the grant date of the PSUs. If the change of control occurred more than one year after the grant date 
of the PSUs, the number of shares subject to the PSU that will vest will be determined by applying the 
performance criteria under the PSUs as if the performance period had ended on the date of the change 
of control.

Gerald Quindlen Employment Agreement

Mr. Quindlen was subject to an employment agreement effective December 3, 2008. Under his employment 

agreement, in the event he was terminated without “cause” other than after a change of control he was entitled to:

•	

•	

•	

an amount equal to his current annual base salary; 

his current annual targeted bonus amount; plus

the payment of health insurance benefits for up to 12 months.

Logitech expects to make these payments in connection with Mr. Quindlen’s departure from the Company 

effective July 27, 2011.

“Cause”  in  Mr.  Quindlen’s  employment  agreement  was  defined  as  (i)  theft,  dishonesty,  misconduct  or 
falsification of any employment or Company records; (ii) improper disclosure of the Company’s confidential or 
proprietary  information;  (iii)  any  action  which  has  a  material  detrimental  effect  on  the  Company’s  reputation 
or business; (iv) failure or inability to perform any assigned duties after written notice from the Company, and 
a reasonable opportunity to cure such failure or inability; (v) the conviction (including any plea of guilty or no 
contest) of a felony, or of any other criminal act if that act impairs the ability to perform duties or (vi) the failure to 
cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or 
employees, if the Company has requested cooperation.

If any amounts became payable to Mr. Quindlen under his change of control agreement, or any successor 
agreement, the aggregate amount of any amounts payable to Mr. Quindlen under his employment agreement would 
have been reduced to the extent necessary so as to prevent the duplication of severance payments to him.

Werner Heid Offer Letter

We entered into an offer letter with Werner Heid dated December 24, 2008. Under his offer letter, in the event 

he is terminated without “cause” other than after a change of control he is entitled to:

•	

•	

an amount equal to 75% of his current annual base salary; plus

an amount equal to 75% of his current annual targeted bonus amount.

“Cause”  in  Mr.  Heid’s  offer  letter  is  defined  substantially  the  same  as  in  Mr.  Quindlen’s  employment 
agreement, described above. If any amounts become payable to Mr. Heid under his change of control agreement, or 
any successor agreement, the aggregate amount of any amounts payable to Mr. Heid under his offer letter will be 
reduced to the extent necessary so as to prevent the duplication of severance payments to him.

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Tables of Potential Payments Upon Termination or Change in Control

The  table  below  estimates  the  amount  of  compensation  that  would  be  paid  in  the  event  of  an  involuntary 
termination of a listed named executive officer without cause after a change in control, assuming that each of the 
terminations was effective as of March 31, 2011, subject to the terms of the change of control agreement and the 
terms of the PSU and RSU award agreements with each of the listed named executive officers.

For Mr. Quindlen and Mr. Heid, the additional table below estimates the amount of compensation that would be 
paid in the event of an involuntary termination without cause, assuming that each of the terminations was effective 
as of March 31, 2011, subject to the terms of the agreements with them. As of March 31, 2011, no compensation 
amounts were payable to any named executive officer in the event of a mutual agreement to terminate employment, 
whether upon retirement or otherwise.

The price used for determining the value of accelerated equity in the tables below was the closing price of 
Logitech’s shares on NASDAQ on March 31, 2011,  the  last business day of  the fiscal  year, of $18.13. For those 
unvested  options  held  by  Mr.  De  Luca  that  have  exercise  prices  denominated  in  Swiss  Francs,  the  U.S.  Dollar 
equivalent  of  such  exercise  prices  as  of  March  31,  2011  were  calculated  based  on  a  Swiss  Franc  to  U.S.  Dollar 
exchange rate on March 31, 2011 of 1.0924 to 1.

Involuntary Termination After Change in Control

Name
Gerald Quindlen . . . . . .
Erik Bardman . . . . . . . .
Guerrino De Luca . . . . .
Werner Heid . . . . . . . . .
Junien Labrousse  . . . . .

Base Salary 
($) (1)
825,000
420,000
550,000
570,000
775,622

Bonus ($) (2)
1,083,000
331,000
578,000
415,000
535,276

Other 
Benefits 
($) (3)
24,800
24,800
24,800
24,800
24,800

Value of 
Accelerated 
Equity 
Awards ($) (4)
5,326,750
1,087,800
600,075
2,178,596
1,681,493

280G cut-back/
gross-up ($) (5)
2,297,028
(109,365)

Total ($)
9,556,578
1,754,235
— 1,752,875
— 3,188,396
— 3,017,191

(1)  Represents FY11 annual base salary in effect on March 31, 2011. Mr. Labrousse’s salary and bonus amounts 

were converted using the exchange rate of 1 CHF to 1.0924 USD as of March 31, 2011.

(2)  Represents the aggregate actual bonus earned or paid for FY11.

(3)  Represents the estimated cost of medical and other health insurance premiums (COBRA) for one year after 

termination and $5,000 in outplacement services.

(4)  Represents, as of March 31, 2011, the aggregate intrinsic value (market value less exercise price) of unvested 
options, the aggregate market value of shares underlying all unvested RSUs, and 100% of the shares subject 
to PSUs granted November 15, 2010, in each case held by the named executive officer as of March 31, 2011. 
The minimum performance condition under the terms of the PSUs granted June 29, 2009 was not met as of 
March 31, 2011, and therefore, no value is attributed to the shares subject to such PSUs.

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(5)  Under the Change of Control agreements for all executive officers other than Gerald Quindlen there is a “280G 
cut-back” so that, in effect, the maximum value of the cash payments plus accelerated equity awards to which 
an executive is entitled under the agreement is just under 3 times the average annual taxable compensation 
paid by Logitech to the executive in the prior five taxable years, calculated in accordance with the U.S. Tax 
Code. The 280G cut-back in the Change of Control agreements for named executive officers other than Mr. 
Quindlen was only applicable to Mr. Bardman, and the amount disclosed for Mr. Bardman is based on the 
assumptions in the table. Mr. Quindlen’s Change of Control agreement contained a “280G tax gross-up”, so 
that if Mr. Quindlen was subject to the 280G excise tax in the event of a change of control, Logitech would 
pay Mr. Quindlen an extra amount to fully compensate him for the extra taxes incurred by him as a result of 
the excise tax. The amount disclosed for Mr. Quindlen reflects the cost to Logitech of this tax gross-up, based 
on the assumptions in the table.

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Involuntary Termination

Name
Gerald Quindlen . . . . . . . . . . . . . . . . . . . . . . . . . . .
Werner Heid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Base Salary ($) (1) 
825,000
427,500

Bonus ($) (2)  Other Benefits ($) (3)
1,031,250
320,625

19,800
––

Total ($)
1,876,050
748,125

(1)  For Mr. Quindlen, represents 100% and, for Mr. Heid, 75%, of his FY11 annual base salary in effect on March 

31, 2011.

(2)  For Mr. Quindlen, represents 100% and, for Mr. Heid, 75%, of his FY11 target bonus in effect on March 31, 

2011.

(3)  For Mr. Quindlen, represents the estimated cost of medical and other health insurance premiums (COBRA) 

for one year after termination.

COMPENSATION OF DIRECTORS

The compensation of the members of the Board of Directors that are not Logitech employees is established 
by the Committee for Board Compensation, which in fiscal year 2011, consisted of Guerrino De Luca and Gerald 
Quindlen.  The  general  policy  is  that  compensation  for  non-employee  directors  should  be  a  mix  of  cash  and 
equity-based  compensation.  To  assist  the  Committee  in  its  annual  review  of  director  compensation,  Logitech’s 
Compensation  and  Benefits  Group  provides  director  pay  practices  and  compensation  data  compiled  from  the 
annual reports and proxy statements of companies within the Fortune 100 and technology companies generally 
considered comparable to Logitech.

Effective  September  8,  2010,  the  Committee  for  Board  Compensation  approved  a  change  to  the  cash 
compensation of non-employee directors to eliminate board and committee meeting-based fees. As a result, cash 
compensation now consists solely of annual retainers based on Board and committee service. The Committee also 
determined to calculate the number of RSUs to be granted annually based on a fixed market value. These changes 
were made in response to general industry trends with regard to board compensation.

Directors who are Logitech employees do not receive any compensation for their service on the Board of 

Directors. Non-employee director compensation currently consists of the following elements:

•	

•	

•	

•	

•	

•	

•	

•	

•	

•	

Annual	cash	retainer	of	CHF	60,000.

An	additional	annual	cash	retainer	of	CHF	20,000	for	the	lead	independent	director.

Annual	retainer	of	CHF	40,000	for	the	Audit	Committee	chair.

Annual	retainer	of	CHF	30,000	for	the	Compensation	Committee	chair.

Annual	retainer	of	CHF	15,000	for	non-chair	Audit	Committee	members.

Annual	retainer	of	CHF	10,000	for	non-chair	Compensation	Committee	members.

Annual	retainer	of	CHF	3,000	for	Nominating	Committee	members.

Annual	RSU	grant	with	a	market	value	of	approximately	CHF	120,000.

	Compensation	for	the	number	of	travel	days	spent	traveling	to	attend	Board	and	committee	meetings,	at	
the rate of CHF 2,500 per day.

Reimbursement	of	reasonable	expenses	for	non-local	travel	(business	class).

Non-employee Board members may elect to receive their Board fees in shares, net of withholdings. Any such 

shares are to be issued under the 2006 Stock Incentive Plan.

Annual service is measured between the dates of the Company’s Annual General Meetings, held in September 

each year.

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The following table summarizes the total compensation earned or paid by Logitech during fiscal year 2011 
to continuing members of the Board of Directors who were not executive officers as of March 31, 2011. Because 
the table is based on Logitech’s fiscal year, and annual service for purposes of Board compensation is measured 
between the dates of Logitech’s Annual General Meeting, held in September each year, the amounts in the table 
do not necessarily align with the description of Board compensation above. The compensation paid to Guerrino 
De Luca and Gerald Quindlen, the members of the Board of Directors that are Logitech executive officers as of 
March 31, 2011, is presented in the Summary Compensation Table.

Non-Employee Director Summary Compensation for Fiscal Year 2011

Name 
Daniel Borel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Matthew Bousquette . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Erh-Hsun Chang . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Kee-Lock Chua . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sally Davis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Neil Hunt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Richard Laube . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Monika Ribar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fees Earned In 
Cash ($)

63,499
110,918
87,002
101,104
91,208
44,532
71,746
102,671

Stock Awards 
($)
118,770
116,994
116,994
116,994
118,770
235,569
118,770
118,770

Total ($)
182,269
227,912
203,996
218,098
209,978
280,101
190,516
221,441

The following table presents additional information with respect to the equity awards held as of March 31, 2011 

by members of the Board of Directors who were not executive officers as of fiscal year-end.

In 2010, Logitech began granting RSUs instead of stock options to continuing non-employee directors. The 
RSUs granted in fiscal year 2010 and 2011 fully vest on approximately the one-year anniversary date of the grant.

Market value for stock options is calculated by taking the difference between the closing price of Logitech 
shares on NASDAQ on the last trading day of the fiscal year ($18.13 on March 31, 2011) and the option exercise price, 
and multiplying it by the number of outstanding options. Market value for RSUs is determined by multiplying the 
number of shares by the closing price of Logitech shares on NASDAQ on the last trading day of the fiscal year.

Information regarding the option and stock awards held as of March 31, 2011 by Guerrino De Luca and Gerald 
Quindlen, the only members of the Board of Directors as of such date that were Logitech executive officers, is 
presented in the Outstanding Equity Awards at Fiscal Year-End table.

Certain of the options as granted have exercise prices denominated in Swiss Francs. The U.S. dollar exercise 
price in the table below for such options is based on a Swiss Franc to U.S. Dollar exchange rate on March 31, 2011 
of 1.0924 to 1.

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Outstanding Equity Awards for Non-Employee Directors at Fiscal 2011 Year-End

Option Awards

Stock Awards

Name
Daniel Borel . . . . . . . .

Matthew Bousquette . .

Erh-Hsun Chang(2). . . . 

Kee-Lock Chua . . . . . .

Sally Davis . . . . . . . . .

Neil Hunt . . . . . . . . . . .

Richard Laube . . . . . . .

Monika Ribar . . . . . . .

Grant Date 
(MM/DD/YY)
09/09/10
Total
06/16/05
09/10/08
09/09/10
Total
09/12/03
07/12/04
09/26/05
06/16/06
09/09/10
Total
06/26/03
06/16/06
09/09/10
Total
06/20/07
09/09/10
Total
09/09/10
Total
09/10/08
09/09/10
Total
06/24/04
06/20/07
09/09/10
Total

Number of 
Securities 
Underlying 
Unexercised 
Options 
Exercisable (#)

Number of 
Securities 
Underlying 
Unexercised 
Options 
Unexercisable (#)(1)

—
—
60,000
10,000
—
70,000
109,000
120,000
60,000
30,000
—
319,000
40,000
15,000
—
55,000
30,000
—
30,000
—
—
20,000
—
20,000
80,000
15,000
—
95,000

—
—
—
5,000
—
5,000
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
10,000
—
10,000
—
—
—
—

Option 
Exercise 
Price / 
Share ($)

—

15.41
23.29
—

7.76
11.44
20.25
19.43
—

15.61(3)
19.43
—

37.63(4)
—

—

28.60(5)
—

16.04(6)
37.63(7)
—

Market 
Value of 
Unexercised 
Options ($)

Number of 
Shares or 
Units of
Stock That 
Have Not 
Vested (#)
— 7,400
7,400
—
163,200
—
—
— 7,400
7,400
—
1,130,330
—
802,800
—
—
—
—
— 7,400
7,400
—
100,800
—
—
— 7,400
7,400
—
—
— 7,400
7,400
— 14,900
14,900
—
—
— 7,400
7,400
—
167,200
—
—
— 7,400
7,400

Market Value of 
Shares or Units of 
Stock That Have 
Not Vested ($)
134,162
134,162
—
—
134,162
134,162
—
—
—
—
134,162
134,162
—
—
134,162
134,162
—
134,162
134,162
270,137
270,137
—
134,162
134,162
—
—
134,162
134,162

(1)  Unless otherwise indicated, the shares subject to these options vest and become exercisable at a rate of 33% 

per year over three years from the grant date, on each yearly anniversary of the grant date.

(2)  Options granted to Mr. Chang before 2006 were in respect of his role as a Logitech executive officer at such 

time. Mr. Chang served as a Logitech executive officer until April 2006.

(3)  The exercise price of the option as granted (as split-adjusted) is 14.29 Swiss Francs per share. 

(4)  The exercise price of the option as granted is 34.45 Swiss Francs per share. 

(5)  The exercise price of the option as granted is 26.18 Swiss Francs per share. 

(6)  The exercise price of the option as granted (as split-adjusted) is 14.68 Swiss Francs per share. 

(7)  The exercise price of the option as granted is 34.45 Swiss Francs per share. 

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EQUITY COMPENSATION PLAN INFORMATION

The following table summarizes the shares that may be issued upon the exercise of options, RSUs, PSUs and 
other rights under our employee equity compensation plans as of March 31, 2011. These plans include the 1996 
Employee  Share  Purchase  Plan  (U.S.),  2006  Employee  Share  Purchase  Plan  (Non-U.S.)  (together,  the  “ESPPs” 
and 2006 Stock Incentive Plan. The table also includes shares that may be issued upon the exercise of outstanding 
options under the 1996 Stock Plan (which plan terminated in 2006). The table does not include the additional shares 
that may be issuable pursuant to the proposed amendment to add an additional 5,000,000 shares to the ESPPs that 
is the subject of Proposal No. 4 of this Invitation and Proxy Statement.

(a) 
Number of Securities 
to be Issued Upon 
Exercise of Outstanding 
Options, Warrants 
and Rights (#)

(b) 
Weighted 
Average Exercise 
Price of Outstanding 
Options, Warrants 
and Rights(1)

(c) 
Number of Securities 
Remaining Available for 
Future Issuance Under 
Equity Compensation Plans 
(Excluding Securities 
Reflected in Column(a)) (#)

Plan Category
Equity Compensation Plans 

Approved by Security Holders . . . . . .

18,682,084

Equity Compensation Plans Not 

Approved by Security Holders . . . . . .
Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—
18,682,084

$19

—
$19

6,136,660

—
6,136,660

(1)  The weighted average exercise price is calculated based solely on outstanding options. 

2006 Stock Incentive Plan

The Logitech International S.A. 2006 Stock Incentive Plan provides for the grant to eligible employees and 
non-employee members of the Board of Directors, of stock options, stock appreciation rights, restricted stock and 
restricted stock units, which are bookkeeping entries reflecting the equivalent of shares. As of March 31, 2011, 
Logitech has granted stock options, RSUs and PSUs under the 2006 Plan and has made no grants of restricted shares 
or stock appreciation rights. Stock options granted under the 2006 Plan generally will have terms not exceeding ten 
years and will be issued at exercise prices not less than the fair market value on the date of grant. Awards under the 
2006 Plan may be conditioned on continued employment, the passage of time or the satisfaction of performance 
vesting criteria. The 2006 Plan expires on June 16, 2016. An aggregate of 17,500,000 shares is reserved for issuance 
under the 2006 Plan. As of March 31, 2011, a total of 4,493,291 shares were available for issuance under this plan.

1996 Stock Plan

Under the 1996 Stock Plan, Logitech granted options for shares. Options issued under the 1996 Plan generally 
vest over four years and remain outstanding for periods not to exceed ten years. Options were granted at exercise 
prices  of  at  least  100%  of  the  fair  market  value  of  the  shares  on  the  date  of  grant.  Logitech  made  no  grants  of 
restricted shares, stock appreciation rights or stock units under the 1996 Plan. No further awards will be granted 
under the 1996 Plan.

Each option issued under the 1996 Stock Plan entitles the holder to purchase one share of Logitech International 

S.A. at the exercise price.

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Employee Share Purchase Plans

Logitech maintains two employee share purchase plans, one for employees in the United States and one for 
employees outside the United States. The plan for employees outside the United States is named the 2006 Employee 
Share Purchase Plan (Non-U.S.) (“2006 ESPP”) and was approved by the Board of Directors in June 2006. The plan 
for employees in the United States is named the 1996 Employee Share Purchase Plan (U.S.) (“1996 ESPP”). The 
1996 ESPP was the worldwide plan until the adoption of the 2006 ESPP in June 2006. Under both plans, eligible 
employees may purchase shares with up to 10% of their earnings at the lower of 85% of the fair market value at 
the beginning or the end of each six-month offering period. Purchases under the plans are limited to a fair value 
of  $25,000  in  any  one  year,  calculated  in  accordance  with  U.S.  tax  laws.  There  are  two  offering  periods,  each 
consisting of a six-month period during which payroll deductions of employee participants are accumulated under 
the share purchase plan. Subject to continued participation in these plans, purchase agreements are automatically 
executed at the end of each offering period. A total of 16,000,000 shares have been reserved for issuance under 
both the 1996 and 2006 ESPP plans. As of March 31, 2011, a total of 1,643,369 shares were available for issuance 
under these plans.

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MANAGEMENT DISCUSSION AND ANALYSIS 
OF FINANCIAL CONDITION AND RESULTS 
OF OPERATIONS

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS 
OF OPERATIONS 

The  following  Management’s  Discussion  and  Analysis  of  Financial  Condition  and  Results  of  Operations 
contains forward-looking statements that involve risks and uncertainties. The Company’s actual results could differ 
materially from those anticipated in these statements as a result of certain factors, including those set forth above in 
Item 1A “Risk Factors,” and below in Item 7A “Quantitative and Qualitative Disclosures about Market Risk.” 

Overview of Our Company 

Logitech is a world leader in products that connect people to digital experiences. Spanning multiple computing, 
communication and entertainment platforms, we develop and market innovative hardware and software products 
that enable or enhance digital navigation, music and video entertainment, gaming, social networking, audio and 
video communication over the Internet, video security and home-entertainment control. We have two operating 
segments, peripherals and video conferencing. 

Our  peripherals  segment  encompasses  the  design,  manufacturing  and  marketing  of  peripherals  for  PCs 
(personal  computers)  and  other  digital  platforms.  Our  products  for  the  PC  include  mice,  trackballs,  keyboards, 
interactive gaming controllers, multimedia speakers, headsets, webcams, and lapdesks. Our Internet communications 
products  include  webcams,  headsets,  video  communications  services,  and  digital  video  security  systems  for  a 
home or small business. Our digital music products include speakers, earphones, and custom in-ear monitors. For 
home entertainment systems, we offer the Harmony line of advanced remote controls, Squeezebox wireless music 
solutions and, in the United States, a line of Logitech products for the Google TV platform. For gaming consoles, 
we offer a range of gaming controllers and microphones, as well as other accessories. 

Our peripherals research and product management teams are organized along product lines, and are responsible 
for product strategy, industrial design and development, and technological innovation. Our global marketing and 
sales  organization  helps  define  product  opportunities  and  bring  our  products  to  market,  and  is  responsible  for 
building the Logitech brand and consumer awareness of our products. This organization is comprised of retail and 
OEM (original equipment manufacturer) sales and marketing groups. Our retail sales and marketing activities are 
organized into three geographic regions: Americas (including North and South America), EMEA (Europe-Middle 
East-Africa), and Asia Pacific (including, among other countries, China, Taiwan, Japan, India and Australia). Our 
OEM sales team is a worldwide organization with representatives in each of our three regions. 

We sell our peripheral products to a network of distributors and resellers and to OEMs. Our worldwide retail 
network includes wholesale distributors, consumer electronics retailers, mass merchandisers, specialty electronics 
stores, computer and telecommunications stores, value-added resellers and online merchants. Sales of peripherals 
to our retail channels were 85% and 89% of our net sales for the fiscal years ended March 31, 2011 and 2010. The 
large  majority  of  our  revenues  have  historically  been  derived  from  sales  of  our  peripheral  products  for  use  by 
consumers. Our OEM customers include the majority of the world’s largest PC manufacturers. For the fiscal years 
ended March 31, 2011 and 2010, sales to OEM customers were 9% and 10% of our net sales. 

Our video conferencing segment encompasses the design, manufacturing and marketing of LifeSize video 
conferencing products, infrastructure and services for the enterprise, public sector, and other business markets. 
LifeSize products include scalable HD (high-definition) video communication endpoints, HD video conferencing 
systems with integrated monitors, video bridges and other infrastructure software and hardware to support large scale 
video deployments, and services to support these products. The LifeSize division maintains a separate marketing 
and sales organization, which sells LifeSize products and services worldwide. LifeSize product development and 
product management organizations are separate, but coordinated with our peripherals business, particularly our 
webcam and video communications groups. We sell our LifeSize products and services to distributors, value-added 
resellers, OEMs, and, occasionally, direct enterprise customers. Sales of LifeSize products were 6% and 1% of our 
net sales in the fiscal years ended March 31, 2011 and 2010. We acquired LifeSize on December 11, 2009. Based 

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on financial measurements for the fiscal year ended March 31, 2011 as evaluated by Logitech’s Chief Executive 
Officer, the LifeSize operating segment does not meet the quantitative threshold for separate disclosure of financial 
information required by generally accepted accounting principles in the United States. 

Our  peripherals  and  video  conferencing  industries  are  intensely  competitive.  The  peripherals  industry  is 
characterized by short product life cycles, continual performance enhancements, and rapid adoption of technological 
and  product  advancements  by  competitors  in  our  retail  markets,  and  price  sensitivity  in  the  OEM  market.  We 
experience aggressive price competition and other promotional activities from our primary competitors and from 
less established brands, including brands owned by some retail customers known as house brands, in response to 
declining consumer demand in both the retail and OEM markets. We may also encounter more competition if any 
of our competitors in one or more categories decide to enter other categories in which we currently operate. 

In addition, we have been expanding the categories of products we sell, and entering new markets, such as the 
market for enterprise video conferencing. We remain alert to opportunities in new categories and markets. As we 
do so, we are confronting new competitors, many of which have more experience in the categories or markets and 
have greater marketing resources and brand name recognition than we have. In addition, because of the continuing 
convergence of the markets for computing devices and consumer electronics, we expect greater competition in the 
future from well-established consumer electronics companies in our developing categories as well as future ones 
we might enter. Many of these companies have greater financial, technical, sales, marketing and other resources 
than we have. 

We seek to fulfill the increasing demand for interfaces between people and the expanding digital world across 
multiple platforms and user environments. The interface evolves as platforms, user models and our target markets 
evolve. As access to digital information has expanded, we have extended our focus to mobile devices, the living 
room, and the meeting room, in addition to the PC, as access points to the Internet and the digital world. All of these 
platforms require interfaces that are customized according to how the devices are used. We believe that continued 
investment in product research and development is critical to creating the innovation required to strengthen our 
competitive  advantage  and  to  drive  future  sales  growth.  We  are  committed  to  identifying  and  meeting  current 
and future customer trends with new and improved product technologies, as well as leveraging the value of the 
Logitech and LifeSize brands from a competitive, channel partner and consumer experience perspective. We believe 
innovation and product quality are important to gaining market acceptance and maintaining market leadership. 

The  broadening  of  our  product  lines  has  been  primarily  organic.  However  we  also  seek  to  acquire,  when 
appropriate, companies that have products, personnel, and technologies that complement our strategic direction. 
As part of our corporate strategy, we plan to  increase  investments  in and  realign resources  to  focus  on  certain 
market adjacencies, geographic markets or new categories, including the China market, tablet peripherals, video 
communications and UC (unified communications), which is the integration of enterprise-class collaboration and 
communications solutions such as voice mail, e-mail, chat, presentation sharing and live video meetings. 

We continually evaluate our product offerings and our strategic direction in light of current global economic 
conditions,  changing  consumer  trends,  and  the  evolving  nature  of  the  interface  between  the  consumer  and  the 
digital world. 

Summary of Financial Results 

Our total net sales for the fiscal year ended March 31, 2011 increased 20% compared with the fiscal year 
ended March 31, 2010, based on increased demand in our Americas and Asia Pacific regions, including a strong 
performance in China, and sales of our LifeSize products, offset in part by unexpectedly weak performance in our 
EMEA region in the last quarter of the fiscal year. 

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Retail sales in fiscal year 2011 increased 15% and retail units increased 19% compared with fiscal year 2010, 
with increases in all product families except gaming. Our overall retail average selling price in fiscal year 2011 
declined 3% compared with fiscal year 2010, as unit sales of our retail products priced below $40 increased more 
than other price bands. 

Retail sales in our Asia Pacific and AMR regions increased 37% and 28% in fiscal year 2011 compared with 
fiscal year 2010. Retail sales in our EMEA region decreased 2% in the same period, reflecting a disappointing 
decline of 17% in the fourth quarter of fiscal year 2011 compared with the fourth quarter of fiscal year 2010. The 
weakness in the EMEA region in the fourth quarter of fiscal year 2011 was due to lower than expected demand and 
poor execution of pricing and channel programs in Europe. 

OEM sales increased 13% in fiscal year 2011 compared with fiscal year 2010, and OEM units sold increased 

9%, primarily due to increased keyboard sales. 

Sales of LifeSize Communications products were 6% of total net sales in fiscal year 2011. In fiscal year 2010, 
LifeSize sales were included in our financial results from December 9, 2009, the date of acquisition, to the end of 
the fiscal year. 

Our gross margin for fiscal year 2011 was 35.4% compared with 31.9% in the prior fiscal year, primarily due 
to the a favorable shift in product mix towards products with higher margin, operational efficiencies in our supply 
chain  costs,  and  lower  obsolescence  write-downs,  somewhat  offset  by  the  negative  impact  of  the  weaker  euro 
during most of fiscal year 2011. Our gross margin for fiscal year 2011 would have been higher but for weak sales 
and profitability in our EMEA retail region in the fourth quarter. Operating expenses for fiscal year 2011 were 
29.4% of net sales compared with 27.9% in fiscal year 2010. The increase in operating expenses was primarily due 
to the addition of LifeSize in December 2009, increased advertising and marketing expenses related to promotional 
campaigns for Harmony and Logitech Revue, and increased investment in areas of future growth opportunities, 
such as China. 

Net income for the year ended March 31, 2011 was $128.5 million, compared with net income of $65.0 million 
in fiscal year 2010. The increase in net income was primarily due to increased sales and improved gross margin, 
somewhat offset by the increase in operating expenses. 

Trends in Our Business 

Our sales of PC peripherals for use by consumers in the Americas and Europe have historically made up the 
large majority of our revenues. The increasing popularity of smaller, mobile computing devices such as tablets and 
smartphones with touch interfaces and the declining popularity of desktop PCs is rapidly changing the PC market. 
Consumer demand for PCs is decelerating in our traditional, mature markets such as North America, Western and 
Nordic Europe, Japan, Australia, and New Zealand, and we believe sales of our PC peripherals in mature markets 
will decline in fiscal year 2012 and potentially beyond. We believe there are continued growth opportunities for our 
PC peripherals outside the more mature markets of the Americas and Europe. We also believe there are significant 
opportunities to sell products to consumers to help make their tablets and other mobile devices more productive 
and comfortable. However, we only recently introduced our product line for tablets, and consumer acceptance and 
demand for peripherals for use with tablets and other mobile computing devices is still uncertain. We believe our 
future sales growth will be significantly impacted by our ability to grow sales in emerging markets such as China, 
to grow our LifeSize videoconferencing division, and to develop sales and innovations for our emerging product 
categories which are not PC-dependent, such as our products for tablets and the Google TV platform. 

Our  overall  corporate  strategy  for  future  growth  includes  increasing  our  presence  and  sales  in  emerging 
markets,  which  we  anticipate  will  be  the  high  growth  markets  of  the  future  as  sales  growth  decelerates  in  our 
traditional, mature markets. We are currently investing significantly in growing the number of our sales, marketing 
and administrative personnel in China, and we expect that China may represent one of our top three countries, by 

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sales, in the future. Emerging markets include potentially high economic growth, offset by potentially entrenched 
local competition, higher credit risks, and cultural differences that affect consumer trends in ways which may be 
substantially different from our current major markets. 

For the fiscal year ended March 31, 2011, our video conferencing segment represented 6% of our net sales, and 
we expect sales from the LifeSize division to grow faster than our overall sales. Our LifeSize division will require 
significant  continuing  investments  in  product  development  and  sales  and  marketing  to  stimulate  and  support 
future growth. 

In October 2010, we introduced our Logitech Revue and related peripherals for the Google TV platform in the 
United States. Logitech Revue is a companion box for Google TV software that incorporates Logitech’s Harmony 
remote control technology and enables Google TV software to bring together the Internet and the television. We 
have  invested  and  expect  to  continue  to  invest  significant  funds  in  the  further  development  of  products  for  the 
Google TV platform and other TV-related peripherals. To date the Google TV platform has not met widespread 
consumer  acceptance  and  our  sales  of  Logitech  Revue  and  related  products  have  been  below  our  expectations. 
However, we believe that the continued enhancement of the features and functionality of the Google TV platform 
over time will lead to greater consumer acceptance, and our development of additional home-entertainment and 
TV-related peripherals will provide us with incremental sales over an extended period of time. 

Sales  of  our  OEM  mice  and  keyboards  have  historically  made  up  the  bulk  of  our  OEM  sales.  OEM  sales 
accounted for 9% and 10% of total revenues during the fiscal years ended March 31, 2011 and 2010. In recent years, 
the shift away from desktop PCs adversely affected our sales of OEM mice and keyboards, which are sold with 
name-brand desktop PCs. We expect this trend to continue and for OEM sales to comprise a smaller percentage of 
our total revenues in the future. 

We continue to evaluate potential acquisitions to enhance the breadth and depth of our expertise in engineering 

and other functional areas, our technologies and our product offerings. 

Most  of  our  revenue  comes  from  sales  to  our  retail  channels,  which  resell  to  consumers,  retailers  and 
distributors. As a result, our customers’ demand for our products depends in substantial part on trends in consumer 
confidence and consumer spending, as well as the levels of inventory which our customers, and their customers, 
choose to maintain. We use sell-through data, which represents sales of our products by our retailer customers to 
consumers, and by our distributor customers to their customers, along with other metrics to indicate consumer 
demand for our products. Sell through data is subject to limitations due to collection methods and the third party 
nature of the data and thus may not be an entirely accurate indicator of actual consumer demand for our products. 
In addition, the customers supplying sell through data vary by geographic region and from period to period, but 
typically represent a majority of our retail sales. 

Although our financial results are reported in U.S. dollars, approximately 42% of our sales for the fiscal year 
ended  March  31,  2011  were  made  in  currencies  other  than  the  U.S.  dollar,  such  as  the  euro,  Chinese  renminbi, 
Canadian  dollar  and  Japanese  yen.  Our  product  costs  are  primarily  in  U.S.  dollars  and  Chinese  renminbi.  Our 
operating  expenses  are  incurred  in  U.S.  dollars,  Chinese  renminbi,  euros,  Swiss  francs  and,  to  a  lesser  extent, 
28 other currencies. To the extent that the U.S. dollar significantly increases or decreases in value relative to the 
currencies in which our sales and operating expenses are denominated, the reported dollar amounts of our sales 
and expenses may decrease or increase. In fiscal year 2011 the impact of foreign currency exchange rates on our 
operating income was not material. 

Our gross margins vary with the mix of products sold, competitive activity, product life cycle, new product 
introductions,  unit  volumes,  commodity  and  supply  chain  costs,  foreign  currency  exchange  rate  fluctuations, 
geographic sales mix, and the complexity and functionality of new product introductions. Changes in consumer 
demand  affect  the  need  for  us  to  undertake  promotional  efforts,  such  as  cooperative  marketing  arrangements, 
customer incentive programs or other pricing programs, which alter our product gross margins. Gross margins for 

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the fiscal year ended March 31, 2011 were 35.4%, compared with 31.9% in fiscal year 2010, primarily due to the 
impact of operational efficiencies across our supply chain and a favorable shift in product mix towards products 
with higher margins. Our gross margin for fiscal year 2011 would have been higher but for the weak profitability 
in our EMEA retail region in the fourth quarter. 

Logitech is incorporated in Switzerland but operates in various countries with differing tax laws and rates. 
A  portion  of  our  income  before  taxes  and  the  provision  for  income  taxes  are  generated  outside  of  Switzerland. 
Therefore, our effective income tax rate depends on the amount  of profits generated in each of the various tax 
jurisdictions in which we operate. For the fiscal years ended March 31, 2011 and 2010, the income tax provisions 
were $20.0 million and $18.7 million based on effective income tax rates of 13.5% and 22.3% of pre-tax income. The 
change in the effective income tax rate for the fiscal year ended March 31, 2011 compared with 2010 was primarily 
due to discrete tax benefits of $13.5 million from the expiration of statutes of limitations and the closure of income 
tax audits in certain jurisdictions. We expect future effective income tax rates to fluctuate for similar reasons. 

Critical Accounting Estimates 

The  preparation  of  financial  statements  and  related  disclosures  in  conformity  with  generally  accepted 
accounting principles in the United States of America (“U.S. GAAP”) requires the Company to make judgments, 
estimates  and  assumptions  that  affect  reported  amounts  of  assets,  liabilities,  net  sales  and  expenses,  and  the 
disclosure of contingent assets and liabilities. 

We consider an accounting estimate critical if it: (i) requires management to make judgments and estimates 
about  matters  that  are  inherently  uncertain;  and  (ii)  is  important  to  an  understanding  of  Logitech’s  financial 
condition and operating results. 

We base our estimates on historical experience and on various other assumptions we believe to be reasonable 
under the circumstances. Although these estimates are based on management’s best knowledge of current events and 
actions that may impact the Company in the future, actual results could differ from those estimates. Management 
has  discussed  the  development,  selection  and  disclosure  of  these  critical  accounting  estimates  with  the  Audit 
Committee of the Board of Directors. 

We  believe  the  following  accounting  estimates  are  most  critical  to  our  business  operations  and  to  an 
understanding of our financial condition and results of operations, and reflect the more significant judgments and 
estimates used in the preparation of our consolidated financial statements. 

Accruals for Customer Programs 

We record accruals for product returns, cooperative marketing arrangements, customer incentive programs 
and pricing programs. The estimated cost of these programs is accrued in the period the Company sells the product 
or commits to the program as a reduction of revenue or as an operating expense, if we receive a separately identifiable 
benefit  from  the  customer  and  can  reasonably  estimate  the  fair  value  of  that  benefit.  Significant  management 
judgment and estimates must be used to determine the cost of these programs in any accounting period. 

Returns. The Company grants limited rights to return product. Return rights vary by customer, and range from 
just the right to return defective product to stock rotation rights limited to a percentage approved by management. 
Estimates of expected future product returns are recognized at the time of sale based on analyses of historical return 
trends by customer and by product, inventories owned by and located at distributors and retailers, current customer 
demand,  current  operating  conditions,  and  other  relevant  customer  and  product  information.  Return  trends  are 
influenced  by  product life  cycle  status,  new  product  introductions,  market  acceptance  of  products,  sales  levels, 
product sell-through, the type of customer, seasonality, product quality issues, competitive pressures, operational 
policies and procedures and other factors. Return rates can fluctuate over time, but are sufficiently predictable to 
allow us to estimate expected future product returns. 

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Cooperative  Marketing  Arrangements.  We  enter  into  customer  marketing  programs  with  many  of  our 
distribution and retail customers, and with certain indirect partners, allowing customers to receive a credit equal 
to a set percentage of their purchases of the Company’s products, or a fixed dollar credit for various marketing 
programs. The objective of these programs is to encourage advertising and promotional events to increase sales of 
our products. Accruals for these marketing programs are recorded at the time of sale, or time of commitment, based 
on negotiated terms, historical experience and inventory levels in the channel. 

Customer  Incentive  Programs.  Customer  incentive  programs  include  performance-based  incentives  and 
consumer  rebates.  We  offer  performance-based  incentives  to  our  distribution  customers,  retail  customers  and 
indirect  partners  based  on  pre-determined  performance  criteria.  Allowances  for  performance-based  incentives 
are recognized as a reduction of the sale price at the time of sale. Estimates of required allowances are determined 
based  on  negotiated  terms,  consideration  of  historical  experience,  anticipated  volume  of  future  purchases,  and 
inventory levels in the channel. Consumer rebates are offered from time to time at the Company’s discretion for 
the primary benefit of end-users. Estimated costs of consumer rebates and similar incentives are recorded at the 
time the incentive is offered, based on the specific terms and conditions. Certain incentive programs, including 
consumer rebates, require management to estimate the number of customers who will actually redeem the incentive 
based on historical experience and the specific terms and conditions of particular programs. 

Pricing  Programs.  We  have  agreements  with  certain  of  our  customers  that  contain  terms  allowing  price 
protection credits to be issued in the event of a subsequent price reduction. At management’s discretion, we also 
offer special pricing discounts to certain customers. Special pricing discounts are usually offered only for limited 
time periods or for sales of selected products to specific indirect partners. Our decision to make price reductions is 
influenced by product life cycle stage, market acceptance of products, the competitive environment, new product 
introductions  and  other  factors.  Estimates  of  expected  future  pricing  actions  are  recognized  at  the  time  of  sale 
based on analyses of historical pricing actions by customer and by product, inventories owned by and located at 
distributors and retailers, current customer demand, current operating conditions, and other relevant customer and 
product information, such as stage of product life-cycle. 

We regularly evaluate the adequacy of our accruals for product returns, cooperative marketing arrangements, 
customer incentive programs and pricing programs. Future market conditions and product transitions may require 
the  Company  to  take  action  to  increase  such  programs.  In  addition,  when  the  variables  used  to  estimate  these 
costs change, or if actual costs differ significantly from the estimates, we would be required to record incremental 
reductions  to  revenue  or  increase  operating  expenses.  If,  at  any  future  time,  the  Company  becomes  unable  to 
reasonably  estimate  these  costs,  recognition  of  revenue  might  be  deferred  until  products  are  sold  to  end-users, 
which would adversely impact revenue in the period of transition. 

Investment Securities 

Our investment securities portfolio as of March 31, 2011 and 2010 consisted of bank time deposits, marketable 
securities  related  to  a  management  deferred  compensation  plan,  and  auction  rate  securities  collateralized  by 
residential and commercial mortgages. The bank time deposits are classified as cash equivalents, and are recorded 
at cost, which approximates fair value. The marketable securities are classified as non-current trading investments, 
and  are  recorded  at  fair  value  based  on  quoted  market  prices.  The  auction  rate  securities  are  classified  as  non-
current available-for-sale assets, and are recorded at estimated fair value, determined by estimating future cash 
flows through time according to each security’s terms, including periodic consideration of overcollateralization 
and interest coverage tests, and incorporating estimates of default rate, loss severity, prepayment, and delinquency 
assumptions when available, for the underlying assets in the securities based on representative indices and various 
research reports. The estimated coupon and principal payments are discounted at the rate of return required by 
investors, based on the characteristics of each security as calculated from the indices. The markets for the auction 
rate securities which the Company holds as of March 31, 2011 and 2010 have failed since August 2007 and are not 
expected to resume in the foreseeable future, if at all. Four of the securities with par value of $32.2 million and 
estimated fair value of $0.9 million have experienced events of default, and two of the these four securities have 
declared acceleration. 

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Allowance for Doubtful Accounts 

We sell our products through a worldwide network of distributors, retailers, value-added resellers, business 
enterprises and OEM customers. Logitech generally does not require any collateral from its customers. However, 
we seek to control our credit risk through ongoing credit evaluations of our customers’ financial condition. 

We  regularly  evaluate  the  collectibility  of  our  accounts  receivable  and  maintain  allowances  for  doubtful 
accounts. The allowances are based on management’s assessment of the collectibility of specific customer accounts, 
including their credit worthiness and financial condition, as well as the Company’s historical experience with bad 
debts  and  customer  deductions,  receivables  aging,  current  economic  trends  and  geographic  or  country-specific 
risks and the financial condition of our distribution channel. If management determines that a customer’s accounts 
receivable  balance  is  uncollectible,  recognition  of  revenue  from  that  customer  is  deferred  until  collectibility  is 
reasonably assured. 

As of March 31, 2011, one customer represented 13% of total accounts receivable. The customers comprising 
the  ten  highest  outstanding  trade  receivable  balances  accounted  for  approximately  56%  of  total  accounts 
receivable as of March 31, 2011. A deterioration of a significant customer’s financial condition could cause actual 
write-offs to be materially different from the estimated allowance. If any of these customers’ receivable balances 
should be deemed uncollectible or if actual write-offs are higher than historical experience, we would have to 
make adjustments to our allowance for doubtful accounts, which could result in an increase in the Company’s 
operating expenses. 

Inventory Valuation 

The Company must order components for its products and build inventory in advance of customer orders. 
Further, our industry is characterized by rapid technological change, short-term customer commitments and rapid 
changes in demand. 

We  record  inventories  at  the  lower  of  cost  or  market  value  and  record  write-downs  of  inventories  which 
are obsolete or in excess of anticipated demand or market value. A review of inventory is performed each fiscal 
quarter that considers factors including the marketability and product life cycle stage, product development plans, 
component cost trends, demand forecasts and current sales levels. We identify inventory exposures by comparing 
inventory on hand, in the channel and on order to historical and forecasted sales over six month periods. Inventory 
on hand which is not expected to be sold or utilized based on review of forecasted sales and utilization is considered 
excess, and we recognize the write-off in cost of sales at the time of such determination. The write-off is determined 
by comparison of the current replacement cost with the estimated selling price less any costs of completion and 
disposal  (net  realizable  value)  and  the  net  realizable  value  less  an  allowance  for  normal  profit.  At  the  time  of 
loss  recognition,  a  new,  lower-cost  basis  for  that  inventory  is  established  and  subsequent  changes  in  facts  and 
circumstances would not result in an increase in the cost basis. If there were an abrupt and substantial decline in 
demand for Logitech’s products or an unanticipated change in technological or customer requirements, we may 
be required to record additional write-downs which could adversely affect gross margins in the period when the 
write-downs are recorded. 

Share-Based Compensation Expense 

Share-based  compensation  expense  includes  compensation  expense,  reduced  for  estimated  forfeitures,  for 
awards granted after April 1, 2006 based on the grant-date fair value. The grant date fair value for stock options 
and stock purchase rights is estimated using the Black-Scholes-Merton option-pricing valuation model. The grant 
date fair value of restricted stock units (“RSUs”) which vest upon meeting certain market conditions is estimated 
using the Monte-Carlo simulation method. The grant date fair value of time-based RSUs is calculated based on the 
share market price on the date of grant. For stock options and restricted stock assumed by Logitech when LifeSize 
was acquired, the grant date used to estimate fair value is deemed to be December 11, 2009, the date of acquisition. 
Compensation expense for awards granted or assumed after April 1, 2006 is recognized on a straight-line basis 

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over the service period of the award. For share-based compensation awards granted prior to but not yet vested as of 
April 1, 2006, share-based compensation expense is based on the grant-date fair value estimated using the Black-
Scholes-Merton option-pricing valuation model reduced for estimated forfeitures, and recognized on a straight-line 
basis over the service period for each separately vesting portion of the award. See Note 12-Employee Benefit Plans 
in the Notes to Consolidated Financial Statements for further discussion of share-based compensation. 

Our estimates of share-based compensation expense require a number of complex and subjective assumptions 
including our stock price volatility, employee exercise patterns, future forfeitures, dividend yield, related tax effects 
and the selection of an appropriate fair value model. We estimate expected share price volatility based on historical 
volatility using daily prices over the term of past options, RSUs or purchase offerings, as we consider historical share 
price volatility as most representative of future volatility. We estimate expected life based on historical settlement 
rates, which we believe are most representative of future exercise and post-vesting termination behaviors. We use 
historical data to estimate pre-vesting forfeitures, and we record share-based compensation expense only for those 
awards that are expected to vest. The dividend yield assumption is based on the Company’s history and future 
expectations of dividend payouts. 

The assumptions used in calculating the fair value of share-based compensation expense and related tax effects 
represent management’s best estimates, but these estimates involve inherent uncertainties and the application of 
management judgment. As a result, if factors change and we use different assumptions, or if we decide to use a 
different valuation model, our share-based compensation expense could be materially different in the future from 
what we have recorded in the current period, which could materially affect our results of operations. 

Accounting for Income Taxes

Logitech operates in multiple jurisdictions and its profits are taxed pursuant to the tax laws of these jurisdictions. 
The Company’s effective income tax rate may be affected by the changes in or interpretations of tax laws in any 
given jurisdiction, utilization of net operating loss and tax credit carryforwards, changes in geographical mix of 
income and expense, and changes in management’s assessment of matters such as the ability to realize deferred 
tax assets. As a result of these considerations, we must estimate income taxes in each of the jurisdictions in which 
we operate. This process involves estimating current tax exposure together with assessing temporary differences 
resulting from different treatment of items for tax and accounting purposes. These differences result in deferred tax 
assets and liabilities, which are included in the consolidated balance sheet. 

We assess the likelihood that our deferred tax assets will be recovered from future taxable income, considering 
all available evidence such as historical levels of income, expectations and risks associated with estimates of future 
taxable income and ongoing prudent and feasible tax strategies. We believe it is more likely than not such assets will 
be realized; however, ultimate realization could be negatively impacted by market conditions and other variables 
not known or anticipated at this time. When we determine that we are not able to realize all or part of our deferred 
tax assets, an adjustment is charged to earnings in the period such determination is made. Likewise, if we later 
determine that it is more likely than not that the deferred tax assets would be realized, the previously provided 
valuation allowance would be reversed. 

We make certain estimates and judgments about the application of tax law, the expected resolution of uncertain 
tax  positions  and  other  matters  surrounding  the  recognition  and  measurement  of  uncertain  tax  benefits.  In  the 
event that uncertain tax positions are resolved for amounts different than our estimates, or the related statutes of 
limitations expire without the assessment of additional income taxes, we will be required to adjust the amounts of 
the related assets and liabilities in the period in which such events occur. Such adjustments may have a material 
impact on our income tax provision and our results of operations. 

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Valuation of Long-Lived Assets 

We  review  long-lived  assets,  such  as  investments,  property,  plant  and  equipment,  and  goodwill  and  other 
intangible assets for impairment whenever events indicate that the carrying amount of these assets might not be 
recoverable. Factors considered important which could require us to review an asset for impairment include the 
following: 

•	

•	

•	

•	

significant underperformance relative to historical or projected future operating results; 

significant  changes  in  the  manner  of  use  of  the  assets  or  the  strategy  for  the  Company’s  overall 
business; 

significant negative industry or economic trends; 

significant decline in the Company’s stock price for a sustained period; and 

•	 market capitalization relative to net book value. 

Recoverability  of  investments,  property,  plant  and  equipment,  and  other  intangible  assets  is  measured  by 
comparing the projected undiscounted cash flows the asset is expected to generate with its carrying amount. If an 
asset is considered impaired, the impairment to be recognized is measured by the excess of the carrying amount of 
the asset over its fair value. 

We evaluate goodwill for impairment on an annual basis and whenever events or changes in circumstances 
indicate that the carrying amount may not be recoverable from our estimated future cash flows. Recoverability 
of goodwill is measured at the reporting unit level by comparing the reporting unit’s carrying amount, including 
goodwill, to the fair value of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, 
goodwill is considered impaired, and a second test is performed to measure the amount of impairment loss. We 
continue to maintain discrete financial information for LifeSize, and accordingly determine impairment for the 
goodwill acquired at the entity level. All other acquired goodwill is evaluated for impairment at a total enterprise 
level.  Based  on  the  impairment  analyses  performed  in  fiscal  year  2011,  the  fair  value  of  each  of  our  operating 
segments exceeded the carrying value of the segment by more than 50% of the carrying value. 

In  determining  fair  value,  we  consider  various  factors  including  estimates  of  future  market  growth  and 
trends, forecasted revenue and costs, expected periods over which our assets will be utilized, and other variables. 
We calculate the Company’s fair value based on the present value of projected cash flows using a discount rate 
determined by management to be commensurate to the risk inherent in the Company’s current business model. To 
date, we have not recognized any impairment of goodwill. Logitech bases its fair value estimates on assumptions 
it believes to be reasonable, but which are inherently uncertain. 

Recent Accounting Pronouncements 

In December 2010, the FASB (Financial Accounting Standards Board) issued ASU (Accounting Standards 
Update)  2010-28,  Intangibles  —  Goodwill  and  Other  (Topic  350):  When  to  Perform  Step  2  of  the  Goodwill 
Impairment Test for Reporting Units with Zero or Negative Carrying Amounts. For reporting units with zero or 
negative carrying amounts, if it is more likely than not that a goodwill impairment exists, ASU 2010-28 requires 
performance of an additional test to determine whether goodwill has been impaired and to calculate the amount of 
impairment. In determining whether it is more likely than not that a goodwill impairment exists, an entity should 
consider whether there are any adverse qualitative factors indicating that an impairment may exist. ASU 2010-28 is 
effective for fiscal years and interim periods within those years beginning after December 15, 2010. Logitech will 
adopt ASU 2009-28 in the first quarter of fiscal year 2012. The impact of adopting ASU 2010-28 will not be known 
until the Company performs its evaluations of goodwill impairment. 

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In  December  2010,  the  FASB  issued  ASU  2010-29,  Business  Combinations  (Topic  805):  Disclosure  of 
Supplementary  Pro  Forma  Information  for  Business  Combinations.  ASU  2010-29  specifies  that,  for  material 
business  combinations  when  comparative  financial  statements  are  presented,  revenue  and  earnings  of  the 
combined entity should be disclosed as though the business combination had occurred as of the beginning of the 
comparable prior annual reporting period. ASU 2010-09 also expands the supplemental pro forma disclosures 
to  include  a  description  of  the  nature  and  amount  of  material,  nonrecurring  pro  forma  adjustments  directly 
attributable to the business combination included in the reported pro forma revenue and earnings. ASU 2010-
09 is effective prospectively for business combinations with an acquisition date on or after the beginning of the 
first annual reporting period after December 15, 2010. We will adopt this guidance for acquisitions beginning 
in fiscal year 2012. 

Results of Operations 

Net Sales 

Net sales by channel for fiscal years 2011, 2010 and 2009 were as follows (in thousands): 

Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
OEM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
LifeSize . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total net sales . . . . . . . . . . . . . . . . . . . . . . . .

2011 

Year Ended March 31,  
2010 
$ 2,005,210 $ 1,745,152 $ 1,887,343
321,489
—  
$2,362,886 $1,966,748 $2,208,832

198,364
23,232

223,775
133,901

2009 

Change % 

2011 vs 
2010 
15 %
13 %
476 %
20 %

2010 vs 
2009 
(8)%
(38)%
—  
(11)%

Our retail sales in fiscal year 2011 increased over the preceding fiscal year due to increased consumer demand. 
The decrease in retail sales in fiscal year 2010 compared with 2009 reflected the impact of the global economic 
downturn, which began in the third quarter of fiscal year 2009 and continued through the second quarter of fiscal 
year  2010.  Retail  units  sold  increased  19%  in  fiscal  year  2011  and  decreased  2%  in  fiscal  year  2010  compared 
with the preceding fiscal years. Our overall retail average selling price declined 3% in fiscal years 2011 and 2010 
compared with the preceding fiscal years. Products priced below $40 represented approximately 56%, 57% and 
50% of retail sales in fiscal years 2011, 2010 and 2009, while products priced above $100 represented 18% of retail 
sales in fiscal year 2011, 15% in fiscal year 2010 and 16% in fiscal year 2009. If foreign currency exchange rates had 
been the same in fiscal years 2011 and 2010, our constant dollar retail sales increase would have been 18%. Foreign 
currency exchange rates did not affect the retail sales decrease in fiscal year 2010 compared with fiscal year 2009. 

OEM units sold increased 9% in fiscal year 2011 and decreased 25% during fiscal year 2010 compared with 
the preceding fiscal years. Foreign currency exchange rates did not significantly affect OEM sales. The OEM sales 
increase in fiscal year 2011 was the result of strong keyboard and headset sales. Sales of OEM mice were essentially 
flat in fiscal year 2011 compared with 2010. The decline in OEM sales for fiscal year 2010 compared with 2009 was 
primarily attributable to our console microphones, which sold well in fiscal year 2008 and the first three quarters 
of fiscal year 2009. 

LifeSize net sales in fiscal year 2011 represent sales for a complete fiscal year, whereas in fiscal year 2010, 
LifeSize net sales represent sales for the period from December 11, 2009, the date of acquisition, to the end of the 
fiscal year. Foreign currency exchange rates did not affect LifeSize sales. Comparing the fourth quarter of fiscal 
year 2011 with the same period in fiscal year 2010, LifeSize net sales increased 88%. Unit shipments and revenue for 
the fourth quarter of fiscal year 2011 increased in comparison with the preceding year and the preceding quarter. 

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Approximately 42%, 49% and 55% of the Company’s total net sales were denominated in currencies other 
than the U.S. dollar in fiscal years 2011, 2010 and 2009. If foreign currency exchange rates had been the same in 
fiscal years 2011 and 2010, our constant dollar sales increase would have been 22%. If foreign currency exchange 
rates had been the same in fiscal years 2010 and 2009, our constant dollar sales decrease would have been 12%. 

We refer to our net sales excluding the impact of foreign currency exchange rates as constant dollar sales. 
Constant  dollar  sales  are  a  non-GAAP  financial  measure,  which  is  information  derived  from  consolidated 
financial information but not presented in our financial statements prepared in accordance with U.S. GAAP. Our 
management uses these non-GAAP measures in its financial and operational decision-making, and believes these 
non-GAAP measures, when considered in conjunction with the corresponding GAAP measures, facilitate a better 
understanding of changes in net sales. Constant dollar sales are calculated by translating prior period sales in each 
local currency at the current period’s average exchange rate for that currency. 

Retail Sales by Region 

The following table presents the change in retail sales by region and the change in constant dollar retail sales 
if foreign currency exchange rates had been the same in fiscal year 2011 compared with fiscal year 2010, and fiscal 
year 2010 compared with fiscal year 2009: 

Asia Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Americas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
EMEA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total retail sales . . . . . . . . . . . . . . . . . . . . . .

Year Ended March 31,  

2011 vs 2010

2010 vs 2009

USD Change
37%
28%
(2)%
15%

Constant Dollar 
Change
33%
28%
4%
18%

USD Change
(16)%
1%
(11)%
(8)%

Constant Dollar 
Change
(17)%
2%
(12)%
(8)%

Retail sales in the Asia Pacific region during fiscal year 2011 increased in all product families compared with 
fiscal year 2010, based on strong sales in China. We have invested significantly in growing the number of our sales 
and marketing and administrative personnel in China, and we expect that China will represent one of our top three 
countries, by sales, in the future. During fiscal year 2010, retail sales declined in all product families compared 
with 2009, as our channel partners completed their alignment of inventory levels with consumer demand. Total 
retail units sold in the Asia Pacific region increased 53% in fiscal year 2011 and decreased 10% in fiscal year 2010 
compared with the preceding years. 

In the Americas region, retail sales for fiscal year 2011 increased in all product families compared with the 
preceding  year.  Digital  Home  product  line  sales  in  particular  benefitted  from  the  launch  of  Logitech  Revue  in 
October 2010. Americas region retail sales in fiscal year 2010 were essentially flat compared with 2009, reflecting 
modest economic stability in the region, although sales of pointing devices, keyboards and desktops, and remotes 
increased. Total retail units sold in the Americas region increased 14% in fiscal year 2011 and 7% in fiscal year 
2010 over the preceding fiscal years. 

Retail sales in the EMEA region decreased in most product families in fiscal year 2011 compared with fiscal 
year 2010. During fiscal year 2010 in the EMEA region, all product families except audio decreased in retail sales 
compared with fiscal year 2009, reflecting the effects of the global economic downturn. Retail units sold increased 
9% in fiscal year 2011 and declined 5% in fiscal year 2010 compared with the prior year. The retail sales decline in the 
EMEA region in fiscal year 2011 was the result of the uneven economic recovery, particularly in western Europe, as 
well as demand weakness in the fourth quarter and the implementation of regional pricing and channel management 
programs that negatively impacted profitability without generating the intended incremental demand. The demand 
decline resulted in higher inventory levels for our products at retailers as of March 31, 2011, which also contributed to 
higher inventory levels with our distribution partners. In addition, we had implemented several pricing and channel 

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management programs specific to the EMEA region that were intended to increase our visibility into channel and 
consumer  trends  and  to  increase  satisfaction  among  our  channel  partners.  However  the  implementation  of  these 
programs created unintended consequences, including higher-than-planned promotional spending on the sales that 
occurred, frustrated customers, and reduced order flow due to the perceived increase in complexity.

Net Retail Sales by Product Family 

Net retail sales by product family for fiscal years 2011, 2010 and 2009 were as follows (in thousands): 

Net retail sales by product family:

Year Ended March 31,
2010 

2011 

2009 

2011 vs 
2010 

2010 vs 
2009 

Change % 

Retail — Pointing Devices  . . . . . . . . . . . . . . $ 618,404 $ 528,236 $ 579,775
384,809
Retail — Keyboards & Desktops  . . . . . . . . .
445,362
Retail — Audio  . . . . . . . . . . . . . . . . . . . . . . .
248,339
Retail — Video  . . . . . . . . . . . . . . . . . . . . . . .
127,052
Retail — Gaming . . . . . . . . . . . . . . . . . . . . . .
102,006
Retail — Digital Home  . . . . . . . . . . . . . . . . .
Total net retail sales  . . . . . . . . . . . . . . . . . $2,005,210 $1,745,152 $1,887,343

329,038
454,957
228,344
107,595
96,982

390,426
466,927
255,015
104,459
169,979

17%
19%
3%
12%
(3)%
75%
15%

(9)%
(14)%
2%
(8)%
(15)%
(5)%
(8)%

Logitech’s  Pointing  Devices  product  family  includes  our  mice,  trackballs  and  other  pointing  devices. 
Keyboards and desktops (mouse and keyboard combined) include cordless and corded keyboards and desktops. 
Audio  includes  speakers  and  headset  products  for  the  PC,  the  home,  and  mobile  entertainment  platforms,  and 
wireless music systems. Our video product family is comprised of PC webcams and Alert video security systems. 
Gaming includes console and PC gaming peripherals. The Digital Home product family combines our advanced 
Harmony  Remote  controls,  Logitech  Revue  with  Google  TV,  and  peripherals  associated  with  the  Google  TV 
platform. Net sales reflect accruals for product returns, cooperative marketing arrangements, customer incentive 
programs and pricing programs. 

Retail Pointing Devices 

Retail unit sales of our pointing devices increased 27% in fiscal year 2011 and decreased 2% in fiscal year 
2010 compared with the preceding fiscal years.  The stronger growth in units reflects the success  of our  value-
priced  offerings.  Sales  in  dollars  increased  57%  in  our  Asia  Pacific  region  and  21%  in  our  Americas  region  in 
fiscal year 2011, with no growth in our EMEA region. In fiscal year 2010, sales in dollars decreased 20% in our 
Asia Pacific region and 14% in our EMEA region, and increased 4% in our AMR region. Sales of cordless mice 
increased 27% in fiscal year 2011 and decreased 3% in fiscal year 2010. Unit sales of cordless mice grew 52% in 
fiscal year 2011 and 15% in fiscal year 2010, driven by strong sales of our value-priced cordless notebook mice, 
including the Wireless Mouse M215 and the Wireless Mouse M310 in 2011, and the Performance Mouse MX and 
the Anywhere Mouse MX in 2010. Sales of corded mice decreased 7% in fiscal year 2011 compared with 2010, with 
units increasing 6%. In fiscal year 2010, sales of corded mice declined 19% and units sold decreased 11% compared 
with fiscal year 2009. 

Retail Keyboards and Desktops 

Retail unit sales of keyboards and desktops increased 23% during fiscal year 2011 and decreased 11% during 
fiscal year 2010, compared with the preceding fiscal years. Sales in dollars increased 52% in our Asia Pacific region 
and 35% in our Americas region in fiscal year 2011, but declined 6% in our EMEA region. In fiscal year 2010, 
sales in dollars decreased 22% in our Asia Pacific Region and 20% in our EMEA region, and increased 1% in our 
AMR region. Sales of cordless keyboards and desktops increased 28% and units increased 39% in fiscal year 2011 
compared with 2010, with strong sales of the Wireless Keyboard K250 and the Wireless Desktop MK320. Sales of 
cordless keyboards and desktops in fiscal year 2010 decreased 20% and units decreased 5% compared with 2009, 

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with strong sales of the MK300 wireless desktop and the EX 100 cordless desktop more than offset by declines in 
sales of the EX110 cordless desktop. Sales of corded keyboards and desktops increased 4% in dollars and 15% in 
units in fiscal year 2011. In fiscal year 2010, sales of corded keyboards and desktops decreased 11%, with a 17% 
decline in units. 

Retail Audio 

Retail  audio  unit  sales  increased  2%  in  fiscal  year  2011  and  11%  in  fiscal  year  2010  compared  with  the 
preceding  fiscal  years.  Sales  in  dollars  increased  23%  and  7%  in  the  Americas  and  Asia  Pacific  regions,  and 
decreased 10% in the EMEA region in fiscal year 2011 compared with 2010. In fiscal year 2010 compared with 
2009, sales in dollars remained flat in our Americas region, increased 5% in our EMEA region, and declined 3% 
in our Asia Pacific region. PC speaker sales decreased 2% in dollars, but increased 2% in units in fiscal year 2011, 
following a decrease of 7% in dollars and an increase of 7% in units in fiscal year 2010. Sales of our iPod speakers 
decreased  11%  in  dollars  and  6%  in  units  in  fiscal  year  2011  compared  with  increases  of  1%  and  8%  in  fiscal 
year 2010. Our strongest seller in fiscal 2011 was our Rechargeable Speaker S715i. In fiscal year 2010, the PureFi 
Anywhere 2 speakers, the S315i Rechargeable Speaker and the S215i Portable Speaker made positive contributions 
to sales. PC headset sales grew 12% in fiscal year 2011 and 23% in fiscal year 2010, with units increasing 4% and 
22%. Unit sales of Ultimate Ears products increased 36% and 35% in fiscal years 2011 and 2010. 

Retail Video 

Video units sold increased 20% and 2% in fiscal years 2011 and 2010. The 12% sales increase in fiscal year 
2011  was  due  in  part  to  our  video  security  products,  which  were  negatively  affected  in  fiscal  year  2010  by  the 
product transition to our new Logitech Alert HD digital video security system, which was launched in August 2010. 
Sales in dollars increased 17%, 13% and 9% in the Asia Pacific, Americas and EMEA regions in fiscal year 2011 
compared with 2010. In fiscal year 2010 compared with 2009, sales in dollars decreased 8%, 5% and 12% in the 
Asia Pacific, Americas and EMEA regions. 

Retail Gaming 

Retail unit sales of our gaming peripherals decreased 27% in fiscal year 2011, compared with a decrease of 
26% in fiscal year 2010. The decline in unit and dollar sales is partially attributable to a more targeted portfolio of 
gaming products. The EMEA region experienced an 11% decline in sales dollars in fiscal year 2011, while the Asia 
Pacific and Americas regions grew 15% and 6%. In fiscal year 2010, sales in dollars declined 18%, 10% and 13% 
in the EMEA, Asia Pacific and Americas regions. PC gaming sales decreased 12% in fiscal years 2011 and 2010 
compared with the preceding fiscal years. Unit sales of PC gaming peripherals decreased 20% and 25% in fiscal 
years 2011 and 2010. Console gaming sales increased 21% in fiscal year 2011, primarily due to sales of the Logitech 
Driving Force GT racing wheel for PlayStation 3, and declined 27% in fiscal year 2010, with unit declines of 37% 
and 27%. 

Retail Digital Home 

The growth in Digital Home sales in fiscal year 2011 was due to strong retail remote sales in the first three 
fiscal  quarters  and  the  launch  of  Logitech  Revue  in  October  2010.  Retail  remote  sales  increased  46%  in  fiscal 
year 2011, with strong growth in all regions for fiscal year 2011 as a whole, driven by advertising and promotions. 
However, sales were depressed in the fourth quarter of fiscal year 2011 by the decline in the EMEA region, where 
remote control sales decreased by 31% over the same period in the preceding fiscal year. In fiscal year 2010, retail 
remote sales decreased 5%. Unit sales increased 79% in fiscal year 2011, after decreasing 14% in fiscal year 2010. 
Our  lower-priced  Harmony  One  and  the  Harmony  650  remote  controls  sold  well  in  fiscal  year  2011,  while  the 
Harmony One, Harmony 900 and Harmony 700 Advanced Universal Remote generated the most sales in fiscal year 
2010. Sales of Logitech Revue and associated peripherals for Google TV were $26.7 million in fiscal year 2011. 

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Gross Profit 

Gross profit for fiscal years 2011, 2010 and 2009 was as follows (in thousands): 

Net sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,362,886
1,526,380
Cost of goods sold . . . . . . . . . . . . . . . . . . . . .
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . $ 836,506
Gross margin  . . . . . . . . . . . . . . . . . . . . . . . .

35.4%

2011

Year Ended March 31, 
2010
$1,966,748
1,339,852
$ 626,896

2009
$2,208,832
1,517,606
$ 691,226

Change %  

2011 vs 
2010  
20%
14%
33%

2010 vs 
2009  
(11)%
(12)%
(9)%

31.9%

31.3%

Gross profit consists of net sales, less cost of goods sold which includes materials, direct labor and related 
overhead costs, costs of manufacturing facilities, costs of purchasing components from outside suppliers, distribution 
costs, write-down of inventories and amortization of intangible assets. 

The  improvement  in  the  gross  margin  percentage  in  fiscal  years  2011  over  2010  and  2009  was  primarily 
related to a favorable shift in retail product mix towards products with higher margins, operational efficiencies in 
our supply chain costs, and lower obsolescence write-downs, somewhat offset by the negative impact of the weaker 
euro during most of fiscal year 2011. 

As examples of product mix shifts, control devices and remote controls, which have a higher gross margin 
than other retail product lines, represented a larger proportion of net sales in fiscal year 2011 than in fiscal year 2010. 
LifeSize product sales were also a larger proportion of total net sales in fiscal year 2011, which also contributed to 
the higher gross margin. Examples of supply chain efficiencies achieved include greater use of ocean rather than 
air shipments and discontinuing products with low sales and high promotional requirements. 

The gross margin percentage in the fourth quarter of fiscal year 2011 declined significantly primarily due to 

the negative impact of the EMEA regional pricing and promotional programs on EMEA net sales in the quarter. 

Operating Expenses 

Operating expenses for fiscal years 2011, 2010 and 2009 were as follows (in thousands): 

Marketing and selling  . . . . . . . . . . . . . . . . . . .
% of net sales . . . . . . . . . . . . . . . . . . . . . . .
Research and development  . . . . . . . . . . . . . . .
% of net sales . . . . . . . . . . . . . . . . . . . . . . .
General and administrative . . . . . . . . . . . . . . .
% of net sales . . . . . . . . . . . . . . . . . . . . . . .
Restructuring charges . . . . . . . . . . . . . . . . . . .
% of net sales . . . . . . . . . . . . . . . . . . . . . . .
Total operating expenses . . . . . . . . . . . . . . . . .
% of net sales . . . . . . . . . . . . . . . . . . . . . . .

Change %  

2011 
$420,580

Year Ended March 31, 
2010 
$304,788

2009 
$ 319,167

17.8%

15.5%

14.4%

156,390

135,813

128,755

6.6%

6.9%

5.8%

116,880

106,147

113,103

2011 vs 
2010  
38%

15%

10%

2010 vs 
2009  
(5)%

5%

(6)%

4.9%
—  
0.0%

5.4%

1,784

0.1%

5.1%

20,547

(100)%

(91)%

0.9%

$693,850

$548,532

$ 581,572

26%

(6)%

29.4%

27.9%

26.3%

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The increase in operating expenses as a percentage of net sales was primarily due to the addition of LifeSize 
expenses  beginning  in  December  2009,  increased  advertising  and  marketing  expenses  related  to  promotional 
campaigns for Harmony and Logitech Revue, and increased investment in areas which we believe represent future 
growth  opportunities.  Fiscal  year  2010  included  $6.6  million  in  transactions  costs  related  to  the  acquisition  of 
LifeSize and $1.8 million in restructuring charges associated with the restructuring plan initiated in January 2009. 
We plan to continue implementing efficiencies in our current operations that are intended to limit future growth 
in operating expenses below the growth rate in revenues, by restraining or reducing non-critical expenses while 
investing in activities that will sustain and drive revenue growth. 

We  refer  to  our  operating  expenses  excluding  the  impact  of  foreign  currency  exchange  rates  as  constant 
dollar  operating  expenses.  Constant  dollar  operating  expenses  are  a  non-GAAP  financial  measure,  which  is 
information derived from consolidated financial information but not presented in our financial statements prepared 
in accordance with U.S. GAAP. Our management uses these non-GAAP measures in its financial and operational 
decision-making, and believes these non-GAAP measures, when considered in conjunction with the corresponding 
GAAP  measures,  facilitate  a  better  understanding  of  changes  in  operating  expenses.  Constant  dollar  operating 
expenses are calculated by translating prior period operating expenses in each local currency at the current period’s 
average exchange rate for that currency. 

Marketing and Selling 

Marketing  and  selling  expense  consists  of  personnel  and  related  overhead  costs,  corporate  and  product 

marketing, promotions, advertising, trade shows, customer and technical support and facilities costs. 

Marketing  and  selling  expenses  increased  in  fiscal  year  2011  compared  with  fiscal  year  2010  due  to  the 
addition  of  LifeSize  sales  and  marketing  personnel  in  December  2009,  variable  demand  generation  activities, 
and  increased  personnel  costs.  In  fiscal  year  2011,  we  invested  approximately  $32  million  in  variable  demand 
generation activities focused on Harmony remotes and Logitech Revue. Non-Lifesize personnel costs grew due to a 
14% increase in headcount to support the return to sales growth and expansion of sales efforts in China, and normal 
salary and bonus increases related to our improved profitability compared with the preceding fiscal year. 

The decline in marketing and selling expenses in fiscal year 2010 compared with fiscal year 2009 resulted 
primarily from lower spending in marketing development funds, travel expenses and consulting fees. Personnel 
costs increased in fiscal year 2010 over the preceding fiscal year partially due to the addition of LifeSize sales and 
marketing personnel, and partially relating to a comparative fiscal year in which discretionary personnel costs were 
reduced due to the economic downturn. Bad debt expense declined significantly in fiscal year 2010 as economic 
conditions  stabilized,  compared  with  fiscal  year  2009,  when  customers  were  experiencing  increased  financial 
difficulties related to the economic downturn. 

Foreign currency exchange rates had no impact on marketing and selling expenses for fiscal years 2011 and 
2010. The percentage changes in constant dollar marketing and selling expenses for fiscal years 2011 and 2010 
compared with the preceding years would be the same as the percentage changes in U.S. dollars. 

Research and Development 

Research and development expense consists of personnel and related overhead costs, contractors and outside 
consultants, supplies and materials, equipment depreciation and facilities costs, all associated with the design and 
development of new products and enhancements of existing products. 

The increase in research and development expense for fiscal year 2011 compared with 2010 was due to the 
addition  of  LifeSize  personnel  and  expenses.  Research  and  development  expenses  in  our  peripherals  business 
remained  largely  flat  year  over  year,  as  expenditures  were  re-aligned  from  mature  product  lines  and  multiple 
similar products to product lines with expected future growth potential. 

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The  increase  in  research  and  development  expenses  in  fiscal  year  2010  resulted  from  the  addition  of 
research  and  development  costs  of  LifeSize,  which  was  acquired  in  fiscal  year  2010.  Personnel  costs  excluding 
LifeSize increased in fiscal year 2010 in comparison with fiscal year 2009, when discretionary personnel costs 
were reduced. 

If foreign currency exchange rates had been the same in fiscal years 2011 and 2010, the change in constant 
dollar research and development expense would have been 13%. The percentage change in constant dollar research 
and development expense for fiscal year 2010 compared with 2009 would be the same as the change in U.S. dollars. 

General and Administrative 

General and administrative expense consists primarily of personnel and related overhead and facilities costs 

for the finance, information systems, executive, human resources and legal functions. 

General and administrative expense excluding LifeSize increased moderately in fiscal year 2011 compared 
with 2010, primarily due to increased personnel expenses resulting from normal salary and bonus increases related 
to our improved profitability compared with the preceding fiscal year. 

General and administrative expense declined in fiscal year 2010, primarily due to a decrease of 5% in personnel 
costs, as headcount was reduced. The headcount reduction was offset by the addition of LifeSize personnel in the 
fourth quarter of fiscal year 2010. Decreases in travel and infrastructure expenses in fiscal year 2010 were partially 
offset by $6.6 million in transaction costs related to the acquisition of LifeSize. 

If foreign currency exchange rates had been the same in fiscal years 2011 and 2010, the percentage change in 
constant dollar general and administrative expenses would be the same as the percentage change in U.S. dollars. 
If foreign currency exchange rates had been the same in fiscal years 2010 and 2009, the percentage decrease in 
constant dollar general and administrative expense for fiscal year 2010 would have been 7%. 

Restructuring Charges 

Restructuring charges represent the costs associated with a restructuring plan initiated in January 2009, and 
consist of termination benefits to approximately 500 employees, pension plan curtailment and settlement costs, 
exit costs associated with the closure of existing facilities, and write-downs of fixed assets that were not placed in 
service due to the abandonment of the related projects. The restructuring was completed as of March 31, 2010. 

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The  following  table  summarizes  restructuring-related  activities  during  fiscal  years  2011,  2009  and  2010 

(in thousands). 

Balance at March 31, 2008  . . . . . . . . . . . . . . .
Charges. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash payments . . . . . . . . . . . . . . . . . . . . . .
Charges against assets . . . . . . . . . . . . . . . .
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign exchange . . . . . . . . . . . . . . . . . . . .
Balance at March 31, 2009  . . . . . . . . . . . . . . .
Charges. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash payments . . . . . . . . . . . . . . . . . . . . . .
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign exchange . . . . . . . . . . . . . . . . . . . .
Balance at March 31, 2010 . . . . . . . . . . . . . . . .
Cash payments . . . . . . . . . . . . . . . . . . . . . .
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign exchange . . . . . . . . . . . . . . . . . . . .

Total 
$ —  
20,547
(12,764)
(556)
(3,485)
52
$ 3,794
1,784
(5,194)
(86)
101
399
(322)
(74)
(3)

$

$

Termination
Benefits  
—  
16,427
(12,579)
—  
(121)
52
$ 3,779
1,318
(5,098)
53
106
158
(9)
(149)
—  

$

Asset 
Impairments
$ —  
556
—  
(556)
—  
—  
$ —  
—  
—  
—  
—  
$ —  
—  
—  
—  

Contract 
Termination 
Costs
$ —  
200
(185)
—  
—  
—  
15
419
(96)
(4)
—  
$ 334
(334)
—  
—  

$

Balance at March 31, 2011 . . . . . . . . . . . . . . . .

$ —  

$

—  

$ —  

$ —  

Interest Income, Net

Interest income and expense for fiscal years 2011, 2010 and 2009 were as follows (in thousands): 

Other 
$ —  
3,364
—  
—  
(3,364)
—  
$ —  
47
—  
(135)
(5)
(93)
21
75
(3)

$

$ —  

Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Year Ended March 31, 

2011 
$2,343
(27)

2010  
$2,406
(286)

2009  
$8,648
(20)

Interest income, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 2,316

$ 2,120

$8,628

Change % 

2010 vs 
2009  
(3)%
(91)%

9%

2009 vs 
2008 
(72)%
1330%

(75)%

Interest  income  was  slightly  lower  in  fiscal  year  2011  due  to  lower  invested  balances  offset  by  slightly 
higher  interest  rates.  In  fiscal  year  2010  compared  with  2009,  both  invested  balances  and  interest  rates  were 
significantly lower. 

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Other Income, Net 

Other income and expense for fiscal years 2011, 2010 and 2009 were as follows (in thousands): 

Foreign currency exchange gains, net  . . . . . . . . . . . .
Investment income (loss) related to 

management deferred compensation plan  . . . . . .
Gain on sale of building . . . . . . . . . . . . . . . . . . . . . . .
Write-down of investments  . . . . . . . . . . . . . . . . . . . .
Other, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Year Ended March 31,
2010 
$ 1,720

2009 
$ 13,680

2011 
$ 480

1,409
838
(43)
792

1,221
—
(643)
841

(2,883)
—
(2,727)
441

Other income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 3,476

$ 3,139

$ 8,511

Change % 

2011 vs 
2010 
(72)%

15%
— 
93%
(6)%

11%

2010 vs 
2009 
(87)%

142%
— 
76%
91%

(63)%

Foreign  currency  exchange  gains  or  losses  relate  to  balances  denominated  in  currencies  other  than  the 
functional currency of a particular subsidiary, to the sale of currencies, and to gains or losses recognized on foreign 
exchange forward contracts. The gains on currency sales in fiscal years 2011 and 2010 were largely offset by losses 
on foreign exchange forward contracts intended to reduce the short-term effects of foreign currency fluctuations on 
foreign currency receivables or payables. The higher foreign exchange gains during fiscal year 2009 were due to 
gains on sales of euros for U.S. dollars. We do not speculate in currency positions, but we are alert to opportunities 
to maximize foreign exchange gains. 

Insurance  investment  income  or  loss  represents  changes  in  the  cash  surrender  value  of  Company-owned 
life insurance contracts related to a management deferred compensation plan offered by one of our subsidiaries. 
In December 2010, the Company surrendered the life insurance contracts for cash, and invested the proceeds in a 
Company-selected portfolio of mutual funds. The trading investment income represents the earnings and realized 
and unrealized gains on the mutual funds portfolio. 

The gain on sale of building relates to the sale of our building in Romanel, Switzerland. 

We recorded write-downs of $0.04 million, $0.6 million and $2.7 million in fiscal years 2011, 2010 and 2009 

related to other-than-temporary declines in the estimated fair value of our investment securities. 

Provision for Income Taxes 

The provision for income taxes and effective income tax rate for fiscal years 2011, 2010 and 2009 were as 

follows (in thousands): 

2011 
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . $ 19,988
Effective income tax rate . . . . . . . . . . . . . . . . . . . . . .

13.5%

2010 
$ 18,666

2009 
$ 19,761

22.3%

15.6%

Year Ended March 31, 

The  provision  for  income  taxes  consists  of  income  and  withholding  taxes.  Logitech  operates  in  multiple 
jurisdictions  and  its  profits  are  taxed  pursuant  to  the  tax  laws  of  these  jurisdictions.  The  Company’s  effective 
income tax rate may be affected by changes in or interpretations of tax laws in any given jurisdiction, utilization of 
net operating loss and tax credit carryforwards, changes in geographical mix of income and expense, and changes 
in management’s assessment of matters such as the ability to realize deferred tax. 

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The change in the effective income tax rate to 13.5% in fiscal year 2011 compared with 22.3% in fiscal year 
2010 is due to discrete tax benefits of $13.5 million from the expiration of statutes of limitations and the closure 
of income tax audits in certain jurisdictions. The increase in the effective income tax rate to 22.3% in fiscal year 
2010 compared with 15.6% in fiscal year 2009 is primarily due to the mix of income and losses in the various tax 
jurisdictions in which we operate. 

On December 17, 2010, the enactment in the U.S. of the Tax Relief, Unemployment Insurance Reauthorization, 
and Job Creation Act of 2010 extended retroactively through the end of calendar year 2011 the U.S. federal research 
and development tax credit which had expired on December  31, 2009. Accordingly, the Company’s income tax 
provision for fiscal year 2011 includes a tax benefit of $2.2 million related to the U.S. federal research tax credit. 

As of March 31, 2011 and 2010, the total amount of unrecognized tax benefits and related accrued interest and 
penalties due to uncertain tax positions was $138.1 million and $125.2 million, of which $118.2 million and $101.4 
million would affect the effective income tax rate if recognized. The increase in income tax liability associated 
with uncertain tax positions in fiscal year 2011 was offset by expiration of statutes of limitations and the closure of 
income tax audits in certain jurisdictions. 

The Company continues to recognize interest and penalties related to unrecognized tax positions in income 
tax expense. As of March 31, 2011 and 2010, the Company had approximately $8.0 million and $12.5 million of 
accrued interest and penalties related to uncertain tax positions. 

The Company files Swiss and foreign tax returns. For all these tax returns, the Company is generally not 
subject to tax examinations for years prior to 1999. During the third quarter of fiscal year 2011, the U.S. Internal 
Revenue Service expanded its examination of the Company’s U.S. subsidiary to include fiscal years 2008 and 2009 
in addition to fiscal years 2006 and 2007. At this time it is not possible to estimate the potential impact that the 
examination may have on income tax expense. The Company is also under examination in other tax jurisdictions. 
Although the timing of the resolution or closure on audits is highly uncertain, the Company does not believe it is 
reasonably possible that the unrecognized tax benefits would materially change in the next twelve months. 

Liquidity and Capital Resources 

Cash Balances, Available Borrowings, and Capital Resources 

At March 31, 2011, our working capital was $605.7 million, compared with $353.4 million at March 31, 2010. 
The increase in working capital over the prior year was due to increases in accounts receivable and inventories 
related to the increase in sales in fiscal year 2011, and a higher comparative cash balance. In fiscal year 2010, we 
paid cash of $378.6 million for the acquisition of LifeSize. 

During fiscal year 2011, operating activities provided net cash of $156.6 million, generated from operations 
and  increases  in  accounts  payable.  We  used  $39.9  million  in  investing  activities,  including  $43.0  million  for 
investments in tooling, computer hardware and software, and equipment. Net cash provided by financing activities 
was $46.4 million, primarily from the proceeds of employee stock purchases and the exercise of stock options. 

At March 31, 2011, we had cash and cash equivalents of $477.9 million, comprised of bank demand deposits 

and short-term time deposits. Cash and cash equivalents are carried at cost, which is equivalent to fair value. 

The Company has credit lines with several European and Asian banks totaling $117.1 million as of March 31, 
2011.  As  is  common  for  businesses  in  European  and  Asian  countries,  these  credit  lines  are  uncommitted  and 
unsecured.  Despite  the  lack  of  formal  commitments  from  the  banks,  we  believe  that  these  lines  of  credit  will 
continue to be made available because of our long-standing relationships with these banks and our current financial 
condition.  At  March  31,  2011,  there  were  no  outstanding  borrowings  under  these  lines  of  credit.  There  are  no 
financial covenants under these facilities. 

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We provide various third parties with irrevocable letters of credit in the normal course of business to secure 
our obligations to pay or perform pursuant to the requirements of an underlying agreement or the provision of goods 
and services. These standby letters of credit are cancelable only at the option of the beneficiary who is authorized 
to draw drafts on the issuing bank up to the face amount of the standby letter of credit in accordance with its terms. 
At March 31, 2011, we had $0.7 million of letters of credit in place, of which $0.1 million was outstanding. These 
letters of credit relate primarily to equipment purchases by a subsidiary in China, and expire between April and 
December 2011. 

The Company has financed its operating and capital requirements primarily through cash flow from operations 
and, to a lesser extent, from capital markets and bank borrowings. Our normal short-term liquidity and long-term 
capital resource requirements are provided from three sources: cash flow generated from operations, cash and cash 
equivalents on hand, and borrowings, as needed, under our credit facilities. 

Based upon our available cash balances and credit lines, and the trend of our historical cash flow generation, 

we believe we have sufficient liquidity to fund operations for the foreseeable future. 

Cash Flow from Operating Activities 

The following table presents selected financial information and statistics for fiscal years 2011, 2010 and 2009 

(dollars in thousands): 

Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Inventories  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Working capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Days sales in accounts receivable (DSO)(1). . . . . . . . . . . . . . . . . . . . . . . . . . .
Inventory turnover (ITO)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash provided by operating activities  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Year Ended March 31,  

2011 
$ 258,294
$ 280,814
$ 605,666
42 days
5.2x
$ 156,551

2010
$ 195,247
$ 219,593
$ 353,370
33 days
6.1x
$ 365,259

2009
$ 213,929
$ 233,467
$ 709,382
47 days
5.2x
$ 200,587

(1)  DSO is determined using ending accounts receivable as of the most recent quarter-end and net sales for the 

(2) 

most recent quarter. 
ITO  is  determined  using  ending  inventories  and  annualized  cost  of  goods  sold  (based  on  the  most  recent 
quarterly cost of goods sold).

During fiscal year 2011, the Company’s operating activities generated net cash of $156.6 million, compared 
with $365.3 million in 2010 and $200.6 million in 2009. The decrease in 2011 was the result of higher accounts 
receivable and inventory balances, due to increased sales, higher DSO, and inventory of the new Logitech Revue 
product, and smaller increases than fiscal year 2010 in accounts payable and accrued liabilities. The increase in 
cash provided by operating activities was higher in 2010 primarily due to targeted management of working capital, 
reflected in the lower DSO and higher ITO. 

DSO for fiscal year 2011 increased by 9 days compared with fiscal year 2010 and decreased by 5 days over 
fiscal year 2009. The increase related to a decline in shipment linearity and slight changes in payment terms, as 
well as changes in the types of incentive promotions offered, which resulted in classification of the related accruals 
as a liability rather than a deduction from accounts receivable. The decrease in fiscal year 2010 over 2009 resulted 
from improved cash collections and increased order and shipment linearity. 

Typical payment terms require customers to pay for product sales generally within 30 to 60 days; however, 
terms  may  vary  by  customer  type,  by  country  and  by  selling  season.  Extended  payment  terms  are  sometimes 
offered  to  a  limited  number  of  customers  during  the  second  and  third  fiscal  quarters.  The  Company  does  not 
modify payment terms on existing receivables, but may offer discounts for early payment. 

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Inventory turnover for fiscal year 2011 decreased compared with 2010, and was comparable with fiscal year 
2009. Inventory turns decreased between fiscal years 2011 and 2010 primarily due to higher inventory levels in 
comparison with sales in the fourth quarter of fiscal year 2011. We also increased inventory levels to improve our 
flexibility  in  servicing  customers’  needs  in  fiscal  year  2012  and  added  approximately  $25  million  of  Logitech 
Revue inventory. The improvement in ITO from fiscal year 2009 to 2010 was driven by the increased in sales in the 
fourth quarter of fiscal year 2010, compared with the same period in 2009.

Cash Flow from Investing Activities 

Cash flows from investing activities during fiscal years 2011, 2010 and 2009 were as follows (in thousands): 

Purchases of property, plant and equipment  . . . . . . . . . . . . . . . . . . . . . . .
Purchases of trading investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from cash surrender of life insurance policies . . . . . . . . . . . . . .
Proceeds from sale of business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisitions and investments, net of cash acquired. . . . . . . . . . . . . . . . . .
Sales of trading investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from sale of property, plant and equipment . . . . . . . . . . . . . . . .
Premiums paid on cash surrender value life insurance policies  . . . . . . . .

2011 
$(43,039)
(19,075)
11,313
9,087
(7,300)
6,470
2,688
(5)

Year Ended March 31, 
2010 
$ (39,834)
—  
813
—  
(388,809)
—  
—  
—  

2009 
$ (48,263)
—  
—  
—  
(64,430)
—  
—  
(427)

Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(39,861)

$ (427,830)

$(113,120)

Our purchases of property, plant and equipment during fiscal years 2011, 2010 and 2009 were principally 
for computer hardware and software purchases, machinery and equipment and normal expenditures for tooling. 
Purchasing activity was lower in fiscal years 2011 and 2010 compared with 2009 as we focused our cash outlays 
on critical capital needs. 

In  December  2010,  we  surrendered  the  Company-owned  life  insurance  contracts  held  in  a  Rabbi  Trust 
representing investments of a management deferred compensation plan offered by one of the Company’s subsidiaries. 
We invested the proceeds of $11.3 million from the life insurance contracts, in addition to $0.8 million in cash held 
by the Rabbi Trust, investment earnings and employee contributions, in a Company-selected portfolio of mutual 
funds, which are also held in the Rabbi Trust. The purchases and sales of trading investments represent mutual fund 
activity directed by plan participants within the confines of the Rabbi Trust. The proceeds from cash surrender of 
life insurance policies in fiscal year 2010 and the premiums paid on life insurance in fiscal years 2011 and 2009 
related to the life insurance contracts formerly held by the Company. 

On March 31, 2011, we sold our equity interest in certain 3Dconnexion subsidiaries and the related intellectual 

property rights for $9.1 million, not including cash retained. The loss resulting from the sale was not material. 

In fiscal year 2011, we acquired substantially all of the assets of Paradial AS for $7.3 million in a business 
combination. In fiscal year 2010, we acquired LifeSize Communications for $378.6 million, net of cash acquired 
of $3.7 million, and certain assets of TV Compass for $10 million. In fiscal year 2009, we acquired the Ultimate 
Ears companies for $32.3 million, net of cash acquired of $0.2 million, including transaction costs of $0.5 million 
and excluding a $1.8 million holdback provision which was recorded as a liability in the consolidated financial 
statements. We also acquired SightSpeed in fiscal year 2009 for $30.9 million in cash including transaction costs of 
$0.8 million. In addition, we paid $2.0 million for a pre-acquisition contingency recorded during the third quarter 
of fiscal year 2009 related to our WiLife acquisition and $0.4 million for patent rights acquired pursuant to a patent 
settlement agreement. 

Proceeds from the sale of property, plant and equipment in fiscal year 2011 were related to the sale of our 

building in Romanel, Switzerland. 

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Cash Flow from Financing Activities 

The following tables present information on our cash flows from financing activities, including information 

on our share repurchases during fiscal years 2011, 2010 and 2009 (in thousands except per share amounts): 

Proceeds from sale of shares upon exercise of options  

and purchase rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Excess tax benefits from share-based compensation . . . . . . . . . . . . . . . . . .
Purchases of treasury shares  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repayments of debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net cash provided by (used in) financing activities . . . . . . . . . . . . . . . .

Year Ended March 31, 
2010 

2009 

2011 

$ 42,969
3,455
—  
—  

$ 46,424

$

28,917
2,814
(126,301)
(13,630)
$ (108,200)

$ 31,119
6,592
(78,870)
—  

$ (41,159)

Number of shares repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Value of shares repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Average price per share  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  
$ —  
$ —  

7,425
$ 126,301
17.01
$

Year Ended March 31, 
2010 

2011 

2009 
2,803
$ 78,870
$ 28.14

In  fiscal  years  2011,  2010  and  2009,  we  received  proceeds  from  the  sale  of  4.0  million,  3.1  million  and 
3.1 million shares upon exercise of employee stock options and share purchases under our stock plans. In addition, 
cash was provided in each of those fiscal years from tax benefits on the exercise of share-based payment awards. 

During fiscal years 2010 and 2009, we repurchased 7.4 million and 2.8 million shares for $126.3 million and 
$78.9 million under our buyback program announced in June 2007. The June 2007 buyback program, which was 
completed in March 2010, authorized the purchase of up to $250.0 million in Logitech shares. No share repurchases 
were made in fiscal year 2011 under the share buyback program approved by our Board of Directors in September 
2008, which authorizes the Company to invest up to $250 million to purchase its own shares. 

In  fiscal  year  2010,  we  repaid  $13.6  million  of  short  and  long-term  debt  assumed  when  we  acquired 

LifeSize Communications. 

Cash Outlook 

We have financed our operations and capital requirements primarily through cash flow from operations and, 
to a lesser extent, capital markets and bank borrowings. Our working capital requirements and capital expenditures 
may increase to support future expansion of Logitech operations. Future acquisitions or expansion of our operations 
may be significant and may also require the use of cash. In addition, uncertainty regarding future global economic 
conditions could adversely affect our operations and require the use of cash. 

In  connection  with  the  acquisition  of  LifeSize  Communications,  Inc.  in  December  2009,  Logitech  agreed 
to  establish  a  cash  retention  and  incentive  plan  for  certain  LifeSize  employees,  linked  to  the  achievement  of 
LifeSize performance targets. The duration of the plan’s performance period is two years, from January 1, 2010 
to December 31, 2011. The total available cash incentive is $9.0 million over the two  year  performance  period. 
Approximately $5.6 million is accrued as of March 31, 2011. 

In September 2008, our Board of Directors approved a share buyback program, which authorizes the Company 
to invest up to $250 million to purchase its own shares. As of May 24, 2011, we have not made any repurchases 
under the September 2008 program. 

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On October 12, 2010, the legislature of the U.S. state of California enacted a fiscal budget bill which extended 
the suspension of net operating losses for tax years beginning on or after January 1, 2008 through January 1, 2012. 
The legislation also affects the methodology used by corporate taxpayers to apportion income to California and 
modifies the large corporate underpayment penalty effective for our fiscal years ending March 31, 2011 and 2012. 
Although the Company has significant operations in California, we believe these changes will not have a material 
impact on our results of operations, cash flows or financial condition. 

During the third quarter of fiscal year 2011, the U.S. Internal Revenue Service expanded its examination of 
the Company’s U.S. subsidiary to include fiscal years 2008 and 2009 in addition to fiscal years 2006 and 2007. The 
Company is also under examination in other tax jurisdictions. As of March 31, 2011, we are not able to estimate the 
potential future liability, if any, which may result from these examinations. 

Other  contractual  obligations  and  commitments  of  the  Company  which  require  cash  are  described  in  the 

following sections. 

Over the past several years, we have been able to generate positive cash flow from our operating activities, 
including cash from operations of $156.6 million in fiscal year 2011. We believe that our cash and cash equivalents, 
cash flow generated from operations, and available borrowings under our bank lines of credit will be sufficient to 
fund our operations for the foreseeable future. 

Contractual Obligations and Commitments 

As  of  March  31,  2011,  the  Company’s  outstanding  contractual  obligations  and  commitments  included: 
(i) facilities leased under operating lease commitments, (ii) purchase commitments and obligations, (iii) long-term 
liabilities  for  income  taxes  payable,  and  (iv)  defined  benefit  pension  plan  and  non-retirement  post-employment 
benefit obligations. The following summarizes our contractual obligations and commitments at March 31, 2011 
(in thousands): 

Payments Due by Period 

Operating leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Purchase commitments — inventory . . . . . . . . . . . . . . . . .
Purchase obligations — capital expenditures  . . . . . . . . . .
Purchase obligations — operating expenses . . . . . . . . . . .
Income taxes payable — non-current(1)  . . . . . . . . . . . . . . .
Obligation for management deferred compensation(1) . . . .
Pension and post-employment obligations(1). . . . . . . . . . . . 
Other long-term liabilities(2) . . . . . . . . . . . . . . . . . . . . . . . .

165,286
10,724
49,839
131,968
13,076
26,645
14,146

Total 

Less than 
1 year 

More than 
5 years 
$ 72,591 $ 18,023 $ 25,469 $14,832 $14,267
—  
—  

1-3 years   4-5 years 

—  
—  

—  
—  

165,286
10,724
49,839

—  

—  

—  

—  

Total contractual obligations and commitments  . . . . . . . .

$ 484,275 $243,872 $ 25,469 $14,832 $14,267

(1)  As specific payment dates for these obligations are unknown, the related balances have not been reflected in 

the “Payments Due by Period” section of the table. 

(2)  Other  long-term  liabilities  at  March  31,  2011  included  $4.3  million  of  royalties  payable,  $5.6  million  in 
deferred service revenue, and $4.2 million related to various other obligations. As specific payment dates for 
these obligations are unknown, the related balances have not been reflected in the “Payments Due by Period” 
section of the table. 

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Operating Leases 

The  Company  leases  facilities  under  operating  leases,  certain  of  which  require  it  to  pay  property  taxes, 
insurance and maintenance costs. Operating leases for facilities are generally renewable at the Company’s option 
and usually include escalation clauses linked to inflation. The remaining terms on our non-cancelable operating 
leases expire in various years through 2028. Our asset retirement obligations on these leases as of March 31, 2011 
were $1.6 million. 

In  May,  2011  we  signed  a  new  lease  for  facilities  which  will  house  our  Americas  operations  in  Northern 
California, replacing our leased facilities in Fremont, California. Our future contractual obligation in connection 
with this lease is approximately $35 million. 

Purchase Commitments 

We expect to continue making capital expenditures in the future to support product development activities 
and ongoing and expanded operations. At March 31, 2011, fixed purchase commitments for capital expenditures 
amounted  to  $10.7  million,  and  primarily  relate  to  commitments  for  manufacturing  equipment  and  tooling. 
We  also  have  commitments  for  inventory  purchases  made  in  the  normal  course  of  business  to  original  design 
manufacturers, contract manufacturers and other suppliers. At March 31, 2011, fixed purchase commitments for 
inventory amounted to $165.3 million, which are expected to be fulfilled by September 2011. We also had other 
commitments of $49.8 million for consulting services, marketing arrangements, advertising, outsourced customer 
services and other services. Although open purchase commitments are considered enforceable and legally binding, 
the terms generally allow us the option to reschedule and adjust our requirements based on business needs prior to 
delivery of goods or performance of services. 

Income Taxes Payable 

At  March  31,  2011,  we  had  $132.0  million  in  non-current  income  taxes  payable,  including  interest  and 
penalties,  related  to  our  income  tax  liability  for  recognized  uncertain  tax  positions.  As  specific  payment  dates 
for these obligations are unknown, the related balances have not been reflected in the “Payments Due by Period” 
section of the table. Although we have adequately provided for uncertain tax positions, the provisions on these 
positions may change as revised estimates are made or the underlying matters are settled or otherwise resolved. We 
do not anticipate that this liability will change substantially within the next 12 months. 

The Company files Swiss and foreign tax returns. For all these tax returns, the Company is generally not 
subject to tax examinations for years prior to 1999. During the third quarter of fiscal year 2011, the U.S. Internal 
Revenue Service expanded its examination of the Company’s U.S. subsidiary to include fiscal years 2008 and 2009 
in addition to fiscal years 2006 and 2007. At this time it is not possible to estimate the potential impact that the 
examination may have on income tax expense. The Company is also under examination in other tax jurisdictions. 
Although  timing  of  the  resolution  or  closure  on  audits  is  highly  uncertain,  the  Company  does  not  believe  it  is 
reasonably possible that the unrecognized tax benefits would materially change in the next twelve months. 

Obligation for Management Deferred Compensation 

At March 31, 2011, we had $13.1 million in liabilities related to a management deferred compensation plan 
offered by one of the Company’s subsidiaries. As specific payment dates for these obligations are unknown, the 
related balances have not been reflected in the “Payments Due by Period” section of the table. See Note 12 — 
Employee Benefit Plans for more information. 

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Pension and Post-Employment Obligations 

At March 31, 2011, we had $30.2 million in liabilities related to our defined benefit pension plans and non-
retirement post-employment benefit obligations, of which $3.6 million is payable in the next 12 months. As specific 
payment dates for these obligations are unknown beyond a 12-month period, the related balances have not been 
reflected in the “Payments Due by Period” section of the table. See Note 12 — Employee Benefit Plans for more 
information. 

Off-Balance Sheet Arrangements 

The Company has not entered into any transactions with unconsolidated entities whereby we have financial 
guarantees, subordinated retained interests, derivative instruments or other contingent arrangements that expose 
us  to  material  continuing  risks,  contingent  liabilities,  or  any  other  obligation  under  a  variable  interest  in  an 
unconsolidated entity that provides financing, liquidity, market risk or credit risk support to the Company. 

Guarantees 

The Company has guaranteed the purchase obligations of some of its contract manufacturers and original 
design manufacturers to certain component suppliers. These guarantees generally have a term of one year and are 
automatically extended for one or more years as long as a liability exists. The amount of the purchase obligations 
of these manufacturers varies over time, and therefore the amounts subject to the Company’s guarantees similarly 
varies. At March 31, 2011, there were no outstanding guaranteed purchase obligations. The maximum potential 
future payments for two of the three guarantee arrangements is limited to $30.0 million in total. The third guarantee 
is limited to purchases of specified components from the named suppliers. We do not believe, based on historical 
experience  and  information  available  as  of  the  date  of  this  report,  that  it  is  probable  that  any  amounts  will  be 
required to be paid under these guarantee arrangements. 

Logitech International S.A., the parent holding company, has guaranteed certain contingent liabilities of various 
subsidiaries related to specific transactions occurring in the normal course of business. The maximum amount of 
the guarantees was $54.7 million as of March 31, 2011. As of March 31, 2011, $10.3 million was outstanding under 
these guarantees. The parent holding company has also guaranteed the purchases of one of its subsidiaries under 
three guarantee arrangements. Two of these guarantees do not specify a maximum amount. The third guarantee is 
limited to $7.0 million. As of March 31, 2011, $4.9 million was outstanding under these guarantees. 

Indemnifications 

The  Company  indemnifies  certain  of  its  suppliers  and  customers  for  losses  arising  from  matters  such  as 
intellectual property rights and safety defects, subject to certain restrictions. The scope of these indemnities varies, 
but in some instances, includes indemnification for damages and expenses, including reasonable attorneys’ fees. 
In addition, we have entered into indemnification agreements with our officers and directors, and the bylaws of 
our  subsidiaries  contain  similar  indemnification  obligations  to  our  agents.  No  amounts  have  been  accrued  for 
indemnification provisions at March 31, 2011. We do not believe, based on historical experience and information 
available as of the date of this report, that it is probable that any amounts will be required to be paid under these 
indemnification arrangements. 

Letters of Credit 

We provide various third parties with irrevocable letters of credit in the normal course of business to secure 
our obligations to pay or perform pursuant to the requirements of an underlying agreement or the provision of goods 
and services. These standby letters of credit are cancelable only at the option of the beneficiary who is authorized 
to draw drafts on the issuing bank up to the face amount of the standby letter of credit in accordance with its terms. 
At March 31, 2011, we had $0.7 million of letters of credit in place, of which $0.1 million was outstanding. These 
letters of credit relate primarily to equipment purchases by a subsidiary in China, and expire between April and 
December 2011.

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 ADDITIONAL FINANCIAL DISCLOSURES

MARKETING, SALES AND DISTRIBUTION

Principal Markets

Net sales to unaffiliated customers by geographic region were as follows (in thousands):

EMEA  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Americas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Asia Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
$ 872,774
1,032,988
457,124
$2,362,886

Year ended March 31,
2010
$ 882,635
729,473
354,640
$1,966,748

2009
$ 1,001,337
785,862
421,633
$2,208,832

Revenues  from  sales  to  customers  in  Switzerland,  our  home  domicile,  represented  a  small  portion  of  our 
total consolidated net sales in fiscal years 2011, 2010, and 2009. In fiscal years 2011 and 2009, no single country 
other than the United States represented more than 10% of our total consolidated net sales. The United States and 
Germany each represented more than 10% of our total consolidated net sales for fiscal year 2010.

In fiscal years 2011, 2010 and 2009, Ingram Micro Inc. and its affiliated entities together accounted for 12%, 
13% and 14% of our net sales. No other customer individually accounted for more than 10% of our net sales during 
fiscal years 2011, 2010 and 2009. The material terms of our distribution agreements with Ingram Micro and its 
affiliated entities are summarized as follows:

•	 The  agreements  are  non-exclusive  in  the  particular  territory  and  contain  no  minimum  purchase 

requirements.

•	 Each  agreement  may  be  terminated  for  convenience  at  any  time  by  either  party.  Most  agreements 
provide for termination on 30 days’ written notice from either party, with two Ingram Micro agreements 
providing for termination on 90 days’ notice.

•	 We generally offer an allowance for marketing activities equal to a negotiated percentage of sales and 
volume rebates related to purchase volumes or sales of specific products to specified retailers. These 
terms vary by agreement.

•	 Most agreements allow price protection credits to be issued for on–hand or in transit new inventory if 

we, in our sole discretion, lower the price of the product.

•	 We grant limited rights to return product, which vary by distributor. Under most of the Ingram Micro 
agreements, the Ingram Micro entities may return defective products and may return up to 10% of the 
previous quarter’s purchases, if they place an offsetting order for the amount they returned. Under one 
agreement, the Ingram Micro entity may return aged products or take a nominal credit for inventory held 
over 60 days.

Marketing

Logitech  builds  awareness  of  our  products  and  recognition  of  the  Logitech  brand  through  targeted 
advertising, public relations efforts, social media, distinct packaging of our retail products, in-store promotions and 
merchandising, a Worldwide Web site and other efforts. We also acquire knowledge of our users through customer 
feedback  and  market  research,  including  focus  groups,  product  registrations,  user  questionnaires,  primary  and 
multi-client  surveys  and  other  techniques.  In  addition,  manufacturers  of  PCs  and  other  products  also  receive 
customer feedback and perform user market research, which sometimes results in requests to Logitech for specific 
products, features or enhancements.

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Sales and Distribution

Logitech sells its peripherals through many distribution channels, including distributors, OEMs and regional 
and national retail chains, including online retailers. We support these retail channels with third-party distribution 
centers located in North America, Europe and Asia Pacific. These centers perform final configuration of products 
and product localization with local language manuals, packaging, software CDs and power plugs.

In retail channels, Logitech’s direct sales force sells to distributors and large retailers. These distributors in 
North  America  include  Ingram  Micro,  Tech  Data  Corporation,  D&H  Distributing,  and  Synnex  Corporation.  In 
Europe, pan-European distributors include Ingram Micro, Tech Data, and Gem Distribution. We also sell to many 
regional distributors such as Actebis GmbH in Germany and Copaco Dc B.V. in the Netherlands. In Asia, major 
distributors  include  Beijing  Digital  China  Limited  in  China,  Daiwabo  in  Japan,  and  the  pan-Asian  distributor, 
Ingram  Micro.  Our  distributor  customers  typically  resell  products  to  retailers,  value-added  resellers,  systems 
integrators and other distributors with whom Logitech does not have a direct relationship.

Logitech’s products can be purchased in most major retail chains, where we typically have access to significant 
shelf space. These chains in the U.S. include Best Buy, Wal-Mart, Staples, Target, and Office Depot. In Europe, 
chains  include  Metro  Group  (MediaMarkt  and  Saturn),  Carrefour  Group,  Kesa  Electricals,  Fnac,  and  Dixons 
Stores Group PLC, and in Asia Pacific, Australia’s Dick Smith Electronics Limited. Logitech products can also 
be  purchased  at  the  top  online  e-tailers,  which  include  Amazon.com,  TigerDirect.com,  Buy.com,  CDW,  Insight 
Enterprises, Inc. and others.

Logitech’s  OEM  products  are  sold  to  large  OEM  customers  through  a  direct  sales  force,  and  we  support 
smaller OEM customers through distributors. We count the majority of the world’s largest PC manufacturers among 
our customers.

Our  Life  Size  division  maintains  a  separate  marketing  and  sales  organization  that  sells  LifeSize  products 
and services to distributors, value-added resellers, OEMs and direct enterprise customers. The large majority of 
LifeSize revenues are derived from sales of products for use by large enterprises, small-to-medium businesses and 
public healthcare, education and government organizations.

Through our operating subsidiaries, we maintain sales offices or sales representatives in 38 countries.

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND 
ISSUER PURCHASES OF EQUITY SECURITIES

Logitech’s shares are listed and traded on both the SIX Swiss Exchange, where the share price is denominated 
in Swiss francs, and on the Nasdaq Global Select Market, where the share price is denominated in U.S. dollars. The 
trading symbol for Logitech shares is LOGI on Nasdaq and LOGN on the SIX Swiss Exchange. As of May 2, 2011, 
there were 191,606,620 shares issued (including 12,414,932 shares held as treasury stock) held by 20,842 holders of 
record, and the closing price of our shares was CHF 11.82 ($13.65 based on exchange rates on such date) per share 
on the SIX Swiss Exchange and $13.54 per share as reported by the Nasdaq Stock Market.

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SIX Swiss Exchange

The following table sets forth certain historical share price information for the Company’s shares traded on 
the SIX Swiss Exchange, as reported by the SIX Swiss Exchange. The U.S. dollar equivalent is based on the noon 
buying rate on the trading day of the month in which the high or low closing sales price occurred. The noon buying 
rate is the rate in New York City for cable transfers in selected currencies as certified for customs purposes by the 
Federal Reserve Bank of New York.

Price per share on the 
SIX Swiss Exchange

High
CHF

Low
CHF

High
$

Low
$

Quarterly Highs and Lows:
Fiscal year 2011:

First quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Second quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Third quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fourth quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fiscal year 2010:

First quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Second quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Third quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fourth quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18.76
17.25
20.53
18.78

16.80
20.10
19.21
19.23

14.76
14.24
16.64
16.12

11.94
14.30
16.44
16.40

17.48
16.54
20.64
19.28

14.85
19.21
18.95
18.40

13.66
13.18
17.08
17.50

10.41
13.17
15.87
15.10

Nasdaq Global Select Market

The following table sets forth certain historical share price information for the Company’s shares traded on 

the Nasdaq Global Select Market.

Quarterly Highs and Lows:
Fiscal year 2011:

First quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Second quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Third quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fourth quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fiscal year 2010:

First quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Second quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Third quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fourth quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Price per share on Nasdaq

High
$

17.84
16.54
21.89
19.97

15.19
19.15
18.95
18.49

Low
$

13.41
13.36
17.02
17.69

10.64
13.32
15.85
15.40

Dividends

Under Swiss law, a corporation may only pay dividends upon a vote of its shareholders. This vote typically 
follows the recommendation of the corporation’s board of directors. Logitech has not paid dividends since 1996 
in order to retain earnings for use in the operation and expansion of the business and, in more recent years, to 
repurchase its shares.

156

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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) 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 United States resident (as determined under the Treaty), and United States 
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

In fiscal year 2011, we did not purchase any of our equity securities. In September 2008, our Board of 
Directors approved a share buyback program which authorizes the Company to invest up to $250 million to purchase 
its own shares. As of May 25, 2011, we have not started repurchases under the September 2008 program.

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Performance Graph

The  information  contained  in  the  Performance  Graph  shall  not  be  deemed  to  be  “soliciting  material”  or 
“ filed” with the SEC or subject to the liabilities of Section 18 of the Securities Exchange Act of 1934, as amended 
(the “Exchange Act”), except to the extent that we specifically incorporate it by reference into a document filed 
under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

The following graph compares the cumulative total stockholder return on our shares, the Nasdaq Composite 
Index, and the S&P 500 Information Technology Index. The graph assumes that $100 was invested in our shares, 
the Nasdaq Composite Index and the S&P 500 Information Technology Index on March 31, 2006, and calculates 
the annual return through March 31, 2011. The stock price performance on the following graph is not necessarily 
indicative of future stock price performance.

Comparison of 5 year cumulative total return

$160
$140
$120
$100
$80
$60
$40
$20
$-

2006

2007

2008

2009

2010

2011

Logitech

Logitech

Nasdaq Composite Index

Nasdaq Composite Index

S&P 500 Index

S&P 500 Index

Logitech  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nasdaq Composite Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S&P 500 IT Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

March 31,

2006
$100
$100
$100

2007
$140
$103
$ 110

2008
$128
$ 97
$102

2009
$ 52
$ 65
$ 62

2010
$ 82
$102
$ 90

2011
$ 91
$ 119
$102

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SELECTED FINANCIAL DATA

The financial data below should be read in conjunction with Item 7 “Management’s Discussion and Analysis 
of Financial Condition and Results of Operations.” These historical results are not necessarily indicative of the 
results to be expected in the future.

Year ended March 31,

2011

2010

2009

2008

2007

(In thousands, except per share amounts)

Consolidated statements of operations and 

cash flow data:

Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,362,886 $ 1,966,748 $ 2,208,832 $ 2,370,496 $ 2,066,569
709,525
Gross profit  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating expenses:

836,506

626,896

691,226

849,118

Marketing and selling. . . . . . . . . . . . . . . . . . . .
Research and development. . . . . . . . . . . . . . . .
General and administrative. . . . . . . . . . . . . . . .
Restructuring charges . . . . . . . . . . . . . . . . . . . .
Total operating expenses  . . . . . . . . . . . . . .
Operating income  . . . . . . . . . . . . . . . . . . . . . . . . .
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 128,460 $
Net income per share:

420,580
156,390
116,880
— 
693,850
142,656

304,788
135,813
106,147
1,784
548,532
78,364
64,957 $

272,264
324,451
319,167
108,256
124,544
128,755
98,143
113,443
113,103
— 
— 
20,547
478,663
562,438
581,572
109,654
230,862
286,680
107,032 $ 231,026 $ 229,848

Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

0.73 $
0.72 $

0.37 $
0.36 $

0.60 $
0.59 $

1.27 $
1.23 $

1.26
1.20

Shares used to compute net income per share:

Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash provided by operating activities . . . . . . . $

182,635
178,811
176,928
178,790
190,991
182,911
156,551 $ 365,259 $ 200,587 $ 393,079 $ 303,825

177,279
179,340

181,362
187,942

March 31,

2011

2010

2009

2008

2007

(In thousands)

Consolidated balance sheet data:
477,931 $ 319,944 $ 492,759 $ 482,352 $ 196,197
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . $
Short-term investments . . . . . . . . . . . . . . . . . . . . .  $
214,625
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,861,556 $ 1,599,678 $ 1,421,530 $ 1,526,932 $ 1,327,463
Shareholders’ equity  . . . . . . . . . . . . . . . . . . . . . . . $ 1,205,001 $ 999,715 $ 997,708 $ 960,044 $ 844,524

3,940 $

1,637 $

—  $

—  $

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Research and Development

For a discussion of the Company’s research and development activities, patents and licenses, please refer to 

Item 1 “Business”.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk

Market risk represents the potential for loss due to adverse changes in the fair value of financial instruments. 
As a global concern, the Company faces exposure to adverse movements in foreign currency exchange rates and 
interest rates. These exposures may change over time as business practices evolve and could have a material adverse 
impact on the Company’s financial results.

Foreign Currency Exchange Rates

The Company is exposed to foreign currency exchange rate risk as it transacts business in multiple foreign 
currencies,  including  exposure  related  to  anticipated  sales,  anticipated  purchases  and  assets  and  liabilities 
denominated in currencies other than the U.S. dollar. Logitech transacts business in over 30 currencies worldwide, 
of  which  the  most  significant  to  operations  are  the  CNY  (Chinese  renminbi),  Taiwanese  dollar,  euro,  British 
pound, Mexican peso, Japanese yen and Canadian dollar. The functional currency of the Company’s operations 
is primarily the U.S. dollar. To a lesser extent, certain operations use the euro, Chinese renminbi, Swiss franc or 
the local currency of the country as their functional currencies. Accordingly, unrealized foreign currency gains 
or losses resulting from the translation of net assets or liabilities denominated in foreign currencies to the U.S. 
dollar  are  accumulated  in  the  cumulative  translation  adjustment  component  of  other  comprehensive  income  in 
shareholders’ equity.

The  table  below  provides  information  about  the  Company’s  underlying  transactions  that  are  sensitive  to 
foreign exchange rate changes, primarily assets and liabilities denominated in currencies other than the functional 
currency, where the net exposure is greater than $0.5 million at March 31, 2011. The table also presents the U.S. 
dollar impact on earnings of a 10% appreciation and a 10% depreciation of the functional currency as compared 
with the transaction currency (in thousands):

Functional Currency
U.S. dollar . . . . . . . . . . . . .
Taiwanese dollar . . . . . . . .
Euro . . . . . . . . . . . . . . . . . .
Mexican peso  . . . . . . . . . .
Japanese yen . . . . . . . . . . .
Euro . . . . . . . . . . . . . . . . . .
Canadian dollar . . . . . . . . .
Euro . . . . . . . . . . . . . . . . . .
Euro . . . . . . . . . . . . . . . . . .
Euro . . . . . . . . . . . . . . . . . .
Australian dollar . . . . . . . .
Euro . . . . . . . . . . . . . . . . . .

Transaction Currency
Chinese renminbi
U.S. dollar
British pound
U.S. dollar
U.S. dollar
U.S. dollar
U.S. dollar
Swedish krona
Russian rouble
Swiss franc
U.S. dollar
United Arab Emirates dirham

Net Exposed 
Long (Short) 
Currency 
Position
$58,969
21,377
14,606
(8,715)
(7,345)
(2,743)
2,624
(1,591)
1,109
(1,095)
817
(547)
$77,466

FX Gain (Loss) 
From 10% 
Appreciation of 
Functional 
Currency
$ (5,361)
(1,943)
(1,328)
792
668
249
(239)
145
(101)
100
(74)
50
$ (7,042)

FX Gain (Loss) 
From 10% 
Depreciation of 
Functional 
Currency
$6,552
2,375
1,623
(968)
(816)
(305)
292
(177)
123
(122)
91
(61)
$8,607

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Long  currency  positions  represent  net  assets  being  held  in  the  transaction  currency  while  short  currency 

positions represent net liabilities being held in the transaction currency.

The Company’s principal manufacturing operations are located in China, with much of its component and 
raw material costs transacted in CNY. However, the functional currency of its Chinese operating subsidiary is the 
U.S. dollar as its sales and trade receivables are transacted in U.S. dollars. To hedge against any potential significant 
appreciation of the CNY, the Company maintains a portion of its cash investments in CNY-denominated accounts. 
At March 31, 2011, net assets held in CNY totaled $59.0 million. The Company continues to evaluate the level of net 
assets held in CNY relative to component and raw material purchases and interest rates on cash equivalents.

The Company enters into foreign exchange forward contracts to hedge against exposure to changes in foreign 
currency  exchange  rates  related  to  its  subsidiaries’  forecasted  inventory  purchases.  The  primary  risk  managed 
by  using  derivative  instruments  is  the  foreign  currency  exchange  rate  risk.  The  Company  has  designated  these 
derivatives as cash flow hedges. Logitech does not use derivative financial instruments for trading or speculative 
purposes. These hedging contracts mature within three months, and are denominated in the same currency as the 
underlying transactions. Gains and losses in the fair value of the effective portion of the hedges are deferred as a 
component of accumulated other comprehensive loss until the hedged inventory purchases are sold, at which time 
the gains or losses are reclassified to cost of goods sold. The Company assesses the effectiveness of the hedges by 
comparing changes in the spot rate of the currency underlying the forward contract with changes in the spot rate of 
the currency in which the forecasted transaction will be consummated. If the underlying transaction being hedged 
fails to occur or if a portion of the hedge does not generate offsetting changes in the foreign currency exposure of 
forecasted inventory purchases, the Company immediately recognizes the gain or loss on the associated financial 
instrument in other income (expense). As of March 31, 2011, the notional amounts of foreign exchange forward 
contracts outstanding related to forecasted inventory purchases were $54.9 million (€38.7 million). Deferred realized 
losses of $1.2 million are recorded in accumulated other comprehensive loss at March 31, 2011, and are expected to 
be reclassified to cost of goods sold when the related inventory is sold. Deferred unrealized losses of $1.8 million 
related to open cash flow hedges are also recorded in accumulated other comprehensive loss as of March 31, 2011 
and these forward contracts will be revalued in future periods until the related inventory is sold, at which time the 
resulting gains or losses will be reclassified to cost of goods sold.

The Company also enters into foreign exchange forward contracts to reduce the short-term effects of foreign 
currency  fluctuations  on  certain  foreign  currency  receivables  or  payables.  These  forward  contracts  generally 
mature within two months. The Company may also enter into foreign exchange swap contracts to economically 
extend the terms of its foreign exchange forward contracts. The primary risk managed by using forward and swap 
contracts is the foreign currency exchange rate risk. The gains or losses on foreign exchange forward contracts are 
recognized in earnings based on the changes in fair value.

The notional amounts of foreign exchange forward contracts outstanding at March 31, 2011 relating to foreign 
currency receivables or payables were $12.9 million. Open forward contracts as of March 31, 2011 consisted of 
contracts in British pounds to purchase euros at a future date at a predetermined exchange rate. The notional amounts 
of foreign exchange swap contracts outstanding at March 31, 2011 were $17.1 million. Swap contracts outstanding at 
March 31, 2011 consisted of contracts in Canadian dollars, Japanese yen, and Mexican pesos. Unrealized net losses 
on the contracts outstanding at March 31, 2011 were $0.4 million.

If the U.S. dollar had appreciated by 10% at March 31, 2011 compared with the foreign currencies in which 
we have forward or swap contracts, an unrealized gain of $5.7 million in our forward foreign exchange contract 
portfolio would have occurred. If the U.S. dollar had depreciated by 10% compared with the foreign currencies in 
which we have forward or swap contracts, a $8.6 million unrealized loss in our forward foreign exchange contract 
portfolio would have occurred.

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Interest Rates

Changes  in  interest  rates  could  impact  the  Company’s  anticipated  interest  income  on  its  cash  equivalents 
and investment securities. The Company prepared sensitivity analyses of its interest rate exposures to assess the 
impact of hypothetical changes in interest rates. Based on the results of these analyses, a 100 basis point decrease 
or increase in interest rates from the March 31, 2011 and March 31, 2010 period end rates would not have a material 
effect on the Company’s results of operations or cash flows.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL 
DISCLOSURE

None.

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LOGITECH INTERNATIONAL S.A.

QUARTERLY FINANCIAL DATA 
(Unaudited)

The following table contains selected unaudited quarterly financial data for fiscal years 2011 and 2010 (in 

thousands except per share amounts):

Year ended March 31, 2011

Year ended March 31, 2010

First

Second

Third

Fourth*

First

Second

Third

Fourth

Net sales  . . . . . . . . . . . . . . . . . . . . $479,330 $ 581,884 $754,054 $ 547,618 $ 326,110 $498,093 $ 617,101 $525,444
Gross profit . . . . . . . . . . . . . . . . . . 169,029 216,934
151,788 208,964 188,322
Operating expenses:

179,370

271,173

77,822

Marketing and selling . . . . . . .
Research and development . . .
General and administrative . . .
Restructuring charges  . . . . . . .

91,477
38,389
27,360
— 
Total operating expense . . . 157,226
11,803

97,412 124,914 106,777
38,119
38,955
40,927
30,836
31,264
27,420
— 
— 
— 
195,133
165,759
76,040
51,175

58,938
31,360
21,181
1,449
175,732 112,928
(35,106)

89,693
68,835
39,697
31,825
30,943
23,739
290
45
150,537 160,623
124,444
3,638
27,699
58,427
27,344
2,776 $ (37,365) $ 20,743 $ 57,086 $ 24,493

87,322
32,931
30,284
— 

Operating income (loss) . . . . . . . .
Net income (loss)  . . . . . . . . . . . . . $ 19,522 $ 41,160 $ 65,002 $
Net income (loss) per share**:

Basic  . . . . . . . . . . . . . . . . . . . . $
Diluted . . . . . . . . . . . . . . . . . . . $

0.11 $
0.11 $

0.23 $
0.23 $

0.37 $
0.36 $

0.02 $
0.02 $

(0.21) $
(0.21) $

0.12 $
0.11 $

0.33 $
0.32 $

0.14
0.14

Shares used to compute net 
income (loss) per share:
Basic  . . . . . . . . . . . . . . . . . . . . 175,492 176,359
177,958
Diluted . . . . . . . . . . . . . . . . . . .

177,358

177,233 178,562
179,703 180,423

179,751
179,751

178,395
180,989

175,426
177,668

175,738
177,967

* 

Net income for the fourth quarter includes $5.7 million in pretax charges related to sales incentive allowances 
from fiscal year 2010 and prior quarters in fiscal year 2011. The Company reviewed the accounting errors 
utilizing  SEC  Staff  Accounting  Bulletin  No.  99,  Materiality  and  SEC  Staff  Accounting  Bulletin  No.  108, 
Effects of Prior Year Misstatements on Current Year Financial Statements, and determined the impact of the 
errors to be immaterial to any period presented.

**  Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, 
the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings 
per share.

The following table sets forth certain quarterly financial information as a percentage of net sales:

Year ended March 31, 2011

Year ended March 31, 2010

Fourth
Net sales  . . . . . . . . . . . . . . . . . . . . . . . 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Gross profit . . . . . . . . . . . . . . . . . . . . .
Operating expenses:

Second

Second

Fourth

30.5

32.8

36.0

23.9

35.3

35.8

33.9

Third

Third

37.3

First

First

Marketing and selling . . . . . . . . . .
Research and development . . . . . .
General and administrative . . . . . .
Restructuring charges  . . . . . . . . . .
Total operating expense . . . . . .
Operating income (loss) . . . . . . . . . . .
Net income (loss)  . . . . . . . . . . . . . . . .

19.1
8.0
5.7
— 
32.8
2.5
4.1%

16.7
7.0
4.7
— 
28.5
8.8
7.1%

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19.5
7.0
5.6
— 
32.1
0.7

16.6
5.2
4.1
— 
25.9
10.1
8.6% 0.5% (11.5)% 4.2% 9.3%

18.1
9.6
6.5
0.4
34.6
(10.7)

14.2
5.3
4.9
— 
24.4
9.5

13.8
6.4
4.8
— 
25.0
5.5

17.1
7.6
5.9
— 
30.6
5.2
4.7%

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REPORT ON CORPORATE GOVERNANCE 2011

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REPORT ON CORPORATE GOVERNANCE

Logitech  believes  that  sound  corporate  governance  practices  are  essential  to  an  open  and  responsible 
corporation.  Our  corporate  governance  practices  reflect  a  continuing  commitment  to  corporate  accountability, 
sound judgment, and transparency to shareholders. 

As a company whose securities are listed on both the SIX Swiss Exchange and the Nasdaq Global Select Market, 
our 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 our Articles of Incorporation, Organizational Regulations (Bylaws), and Board Committee Charters. 

This Report has been designed to comply with the Corporate Governance Directive of the SIX Swiss Exchange. 
Portions of the Report are also incorporated by reference from elsewhere in our Annual Report, Invitation and 
Proxy Statement for our 2011 Annual General Meeting, of which this Report is a part. 

1.  GROUP STRUCTURE AND SHAREHOLDERS 

1.1  Operational Group Structure 

Logitech is a world leader in products that connect people to digital experiences. Spanning multiple computing, 
communication and entertainment platforms, we develop and market innovative hardware and software products 
that enable or enhance digital navigation, music and video entertainment, gaming, social networking, audio and 
video communication over the Internet, video security and home-entertainment control.

Logitech was founded in Switzerland in 1981, and Logitech International S.A. has been the parent holding 
company of Logitech since 1988. Logitech International S.A. is a Swiss holding company with its registered office 
in Apples, Switzerland, which conducts its business through subsidiaries in the Americas (including North and 
South America), EMEA (Europe, Middle East, Africa) and Asia Pacific (including, among other countries, China, 
Taiwan, Japan, India and Australia). Shares of Logitech International S.A. are listed on both the Nasdaq Global 
Select Market (Ticker: LOGI, CUSIP H50430232), and the SIX Swiss Exchange (Ticker: LOGN; security number: 
257513). The International Securities Identification Number (ISIN) of our shares is CH0025751329.  As of March 
31, 2011, our market capitalization, based on outstanding shares of 179,173,006, net of treasury shares, amounted to 
approximately $3.2 billion (CHF 3.0 billion). Refer to section 1.2 below for information on Logitech International 
S.A.’s holdings in its shares as of March 31, 2011.

  References  in  this  Report  on  Corporate  Governance  to  the  “Company”  refers  to  Logitech  International  S.A. 

References to “Logitech,” “we,” “our,” and “us” refer to Logitech International S.A. and its consolidated subsidiaries. 

Logitech  International  S.A.  directly  or  indirectly  owns  100%  of  all  the  companies  in  the  Logitech  group, 
through  which  it  carries  on  its  business  and  operations.  Principal  operating  subsidiaries  include:  Logitech  Inc., 
Logitech Europe S.A., Logitech (Intrigue) Inc. and Logitech Technology (Suzhou) Co., Ltd. For a list of Logitech 
subsidiaries,  refer  to  the  table  on  pages  178  and  179.  None  of  Logitech  International  S.A.’s  subsidiaries  have 
securities listed on a stock exchange as of March 31, 2011. 

Please  refer  to  Management’s  Discussion  and  Analysis  of  Financial  Condition  and  Results  of  Operations 
under the heading “Overview of our Company” in our Annual Report, Invitation and Proxy Statement for further 
information on Logitech’s operational group structure.

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1.2  Significant Shareholders 

Greater than 3% Shareholders as of March 31, 2011

The table below sets out, to the knowledge of the Company, beneficial owners holding more than 3% of the 
voting rights of the Company as of March 31, 2011. The number of voting rights of the Company as of March 31, 
2011 is equal to the number of shares issued, 191,606,620 shares. 

Information on the share ownership of the Company by directors,  executive officers  and greater than 5% 
shareholders as of June 30, 2011, based on the number of the Company’s shares outstanding (which is equal to the 
shares issued less the shares held in the Company’s treasury) is set out on page 84 of the Company’s Annual Report, 
Invitation and Proxy Statement for the 2011 Annual General Meeting, under the heading “Security Ownership of 
Certain Beneficial Owners and Management as of June 30, 2011”.

Name

Number of Shares

% of Voting 
Rights(1)

Daniel Borel(2) . . . . . . . . . . . . . . . . . . . . . . . . . . .
Logitech International S.A.  . . . . . . . . . . . . . . . .
FMR LLC(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thornburg Investment Management(4) . . . . . . . .
The Bank of New York Mellon Corporation(5)  . . .
AXA Group(6) . . . . . . . . . . . . . . . . . . . . . . . . . . .

11,356,636
12,433,614
9,272,440
17,686,835
6,467,865
9,944,400

5.9%
6.5%
4.8%
9.2%
3.4%
5.2%

Relevant Date

March 31, 2011
March 31, 2011
December 31, 2010
July 30, 2010
February 7, 2011
November 23, 2010

(1)   Shareholdings are calculated based on the aggregate number of voting rights entered into the Swiss commercial 

register. This aggregate number was 191,606,620 voting rights as of March 31, 2011.

(2)  

Includes  (a)  53,000  shares  held  by  a  charitable  foundation,  of  which  Mr.  Borel  and  other  members  of  his 
family are board members, (b) 26,500 shares held by one of Mr. Borel’s children, and (c) 6,500 shares held by 
Mr. Borel’s spouse. Mr. Borel has not entered into any written shareholders’ agreements.

(3)   Number of shares held by FMR LLC is based on a Schedule 13G filed by FMR LLC with the U.S. Securities 
and Exchange Commission on February 14, 2011, on behalf of funds managed by and clients of FMR LLC 
and its direct and indirect subsidiaries.

(4)   Number of shares held by Thornburg Investment Management on behalf of their investment clients is based 
on a notification received by the Company on August 2, 2010. After March 31, 2011 the Company was notified 
by Thornburg that their ownership fell below 3% effective May 30, 2011.

(5)   Number of shares held by The Bank of New York Mellon Corporation on behalf of certain direct and indirect 
subsidiaries is based on a notification received by the Company on February 14, 2011. After March 31, 2011 
the Company was notified by The Bank of New York Mellon Corporation that their ownership fell below 3% 
effective June 9, 2011. 

(6)   Number  of  shares  held  by  the  AXA  Group  and  its  subsidiaries  is  based  on  a  notification  received  by  the 

Company on November 26, 2010. 

 In addition, as of March 31, 2011, a total of 18,682,084 shares were subject to potential issuance 

under employee equity incentives outstanding as of such date.

Under  Swiss  law  shareholders  who  own  voting  rights  exceeding  certain  percentage  thresholds  of  a  company 
incorporated  in  Switzerland  whose  shares  are  listed  on  a  stock  exchange  in  Switzerland  are  required  to  notify  the 
company  and  the  relevant  Swiss  exchange  of  such  holdings.  Following  receipt  of  this  notification,  the  company  is 
required to inform the public in Switzerland. The notifications are published on the website of the SIX Swiss Exchange at 
http://www.six-swiss-exchange.com/shares/companies/major_shareholders_en.html?fromDate=19980101&issuer=2769

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Logitech has not been notified of any ownership of options or other derivative securities of the Company, 
whether privately or publicly traded, by any significant shareholder of the Company that is not a member of the 
Board of Directors or an executive officer.

1.3  Cross-shareholdings

Logitech has no shareholdings in companies that to its knowledge have shareholdings in Logitech. 

2.  Capital Structure 

2.1  Share Capital 

As of March 31, 2011, Logitech International S.A.’s nominal share capital was CHF 47,901,655, consisting of 

191,606,620 shares with a par value of CHF 0.25 each. 

 Nominal conditional share capital designated to cover the potential issuance of shares under employee equity 
incentive plans amounts to CHF 6,250,000, consisting of 25,000,000 shares. In addition, nominal conditional share 
capital  designated  to  cover  conversion  rights  that  may  be  granted  in  connection  with  a  future  issuance  of  debt 
obligations convertible into Logitech shares amounts to CHF 6,250,000, consisting of 25,000,000 shares. Refer to 
section 2.2 for more information on the Company’s authorized and conditional capital. 

2.2  Details on the Company’s Authorized and Conditional Share Capital 

Authorized share capital. Under Swiss corporate law the total nominal par value of the shares authorized by 
shareholders for future issuance, other than to cover derivative securities, is referred to as authorized share capital.  
As of March 31, 2011 Logitech has no authorized share capital.  

Conditional share capital. Under Swiss corporate law the total nominal par value of the shares authorized 
by  shareholders  for  future  issuance  on  the  conversion  or  exercise  of  derivative  securities  issued  by  a  company 
is  referred  to  as  conditional  share  capital.  Under  Swiss  law  a  company  must  have  sufficient  conditional  capital 
or available treasury shares to cover any conversion rights under derivative securities at the time the derivative 
securities are issued. 

Pursuant to Article 25 of the Company’s Articles of Incorporation, the share capital of the Company may be 
increased by CHF 6,250,000 through the issuance of up to 25,000,000 shares with a par value of CHF 0.25 each. 
The purpose of this conditional share capital is to cover option or other equity rights granted or that may be granted 
to employees, officers and directors of Logitech under its employee equity incentive plans. The conditional share 
capital increase does not have an expiration date. The shareholders do not have pre-emptive rights to subscribe 
to the newly issued shares issued out of conditional share capital. For more information on Logitech’s employee 
equity incentive plans please refer to Note 12 – Employee Benefit Plans - to our Consolidated Financial Statements 
included in our Annual Report. 

Although the Company has been authorized by its shareholders to use conditional capital to meet its obligations 
to  deliver  shares  as  a  result  of  employee  purchases  or  exercises  under  its  employee  equity  incentive  plans,  the 
Company has for some years used shares held in treasury to fulfill its obligations under the plans.

In  addition,  pursuant  to  Article  26  of  the  Company’s  Articles  of  Incorporation,  the  share  capital  of  the 
Company may also be increased by CHF 6,250,000 through the issuance of up to 25,000,000 shares with a par 
value of CHF 0.25 each. The purpose of this conditional share capital is to cover conversion rights that may be 
granted  in  connection  with  a  future  issuance  of  bonds  convertible  into  Logitech  shares.  The  conditional  share 
capital increase does not have an expiration date. The shareholders do not have pre-emptive rights to subscribe to 
the newly issued shares issuable on conversion of the bonds. 

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The Board of Directors may limit or withdraw the shareholders’ right to subscribe for the bonds by preference 
for valid reasons, in particular (a) if the bonds are issued in connection with the financing or refinancing of the 
acquisition of one or more companies, businesses or parts of businesses, or (b) to facilitate the placement of the 
bonds on the international markets or to increase the security holder base of the Company. If the shareholders’ right 
to subscribe for the bonds by preference is limited or withdrawn, the bonds must be issued at market conditions, 
the exercise period of the conversion rights must not exceed 7 years from the date of issuance of the bonds, and 
the  conversion  price  must  be  set  at  a  level  that  is  not  lower  than  the  market  price  of  the  shares  preceding  the 
determination of the final conditions for the bonds. 

2.3  Changes in Shareholders’ Equity 

As of March 31, 2011, 2010, 2009 and 2008, balances in shareholders’ equity of Logitech International S.A., 

based on the parent company’s Swiss Statutory Financial Statements, were as follows (in thousands): 

Share capital. . . . . . . . . . . . . . . . . . . . . . . . . . .
Legal reserves:

General reserve  . . . . . . . . . . . . . . . . . . . . .
Reserve for treasury shares . . . . . . . . . . . .
Unappropriated retained earnings. . . . . . . . . .
Total shareholders’ equity . . . . . . . . . . . . . . . . 

As of March 31,

2011

2010

2009

2008

CHF 47,902

CHF 47,902

CHF 47,902

CHF 47,902

9,580
281,565
507,730
CHF 846,777

9,580
419,770
349,312
CHF 826,564

9,580
389,648
354,924
CHF 802,054

9,580
400,710
316,586
CHF 774,778

The following table shows authorized and conditional share capital as of the last four fiscal year ends (in 

thousands):

2011

2010

2009

2008

As of March 31,

Authorized share capital . . . . . . . . . . . . . . . . . . . . . . .
First conditional share capital . . . . . . . . . . . . . . . . . . .
Second conditional share capital  . . . . . . . . . . . . . . . .

CHF — CHF — CHF
CHF 6,250
CHF 6,250

CHF 6,250
CHF 6,250

CHF 6,250
CHF 6,250

— CHF 10,000
CHF 15,165
—
CHF

For information on Logitech’s shareholders’ equity as of March 31, 2011 and 2010, refer to the Swiss Statutory 

Balance Sheets on page 231 of our Annual Report, Invitation and Proxy Statement. 

During fiscal years 2011, 2010 and 2009, the Company had the following approved share buyback programs 

in place (in thousands):

Date of  
Announcement

September 2008  . . . . . . . . . . . . . . . . . . . . . . . . . .
July 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Approved  
Buyback  
Amount

$250,000
$250,000

Expiration  
Date

Completion  
Date

Amount  
Remaining

September 2012
September 2010 March 2010

— $250,000
$         —

The Company repurchased shares under these buyback programs as follows (in thousands): 

Date of
Announcement

Program to date

2011

2010

2009

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Amount Repurchased During Year ended March 31,(1)

September 2008  . . . . . . . . . . . . . .
June 2007  . . . . . . . . . . . . . . . . . . .

— $

— —
11,978 $ 250,555 —

$—
$—

— $

—
7,425 $126,301

— $ —
2,803 $ 78,870

 (1)  Represents the amount in U.S. dollars, calculated based on exchange rates on the repurchase dates.

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For further information on Logitech’s share repurchases please refer to “Additional Financial Disclosures – 

Market for Logitech’s Shares, Related Shareholder Matters, and Share Repurchases” in our Annual Report. 

2.4  Share Categories 

Registered Shares. Logitech International S.A. has only one category of shares – registered shares with a par 
value of CHF 0.25 per share. Each of the 191,606,620 issued shares carries the same rights. There are no preferential 
rights. However, a shareholder must be entered in the share register of the Company to exercise voting rights and the 
rights deriving therefrom (such as the right to convene a general meeting of shareholders or the right to put an item 
on the meeting’s agenda). Refer to section 6 for an outline of participation rights of the Company’s shareholders. 

Each share entitles its owner to dividends declared, even if the owner is not registered in the share register 
of the Company. Under Swiss law, a company pays dividends upon approval by its shareholders. This request for 
shareholder approval typically follows the recommendation of the Board. Logitech has not paid dividends since 
1996, using retained earnings to invest in the growth of the Company and, in more recent years, to repurchase the 
Company’s shares. 

Unless this right is restricted in compliance with Swiss law and the Company’s Articles of Incorporation, 
shareholders have the pre-emptive right to subscribe for newly issued shares. Refer to section 2.2 for a description 
of the provisions of the Company’s Articles of Incorporation relating to the restriction of the shareholders’ pre-
emptive subscription rights. 

2.5  Non-Voting Shares and Bonus Certificates

The  Company  has  not  issued  non-voting  shares  (“bons  de  participation,”  “Partizipationsscheine”).  The 
Company has not issued certificates or equity securities that provide financial rights in consideration for services 
rendered or claims waived (referred to as “bonus certificates,” “bons de jouissance,” or “Genussscheine”). 

2.6  Limitations on Transferability and Nominee Registration 

The Company and its agent, The Bank of New York Mellon, as US transfer agent, maintain a share register 
that lists the names of the registered owners of the Company’s shares. Registration in the share register occurs upon 
request and is not subject to any conditions. Nominee companies and trustees can be entered into the share register 
with voting rights. There are no restrictions on transfers of shares under the Company’s Articles of Incorporation 
or Swiss law. However, only holders of shares that are recorded in the share register are recognized as shareholders, 
and a transfer of shares reflected in the share register is recognized by the Company only to the extent we are 
notified of the transfer.

Refer to section 6.1 for the conditions for exercise of shareholders’ voting rights. 

2.7  Conversion and Option Rights 

Logitech does not have any outstanding bonds or other publicly traded securities with conversion rights and 

has not issued warrants on its shares. 

Logitech has issued stock options and restricted stock units, including performance-based restricted stock 
units, to its employees and directors. Please refer to Logitech’s Compensation Report included with this Annual 
Report, Invitation and Proxy Statement, under the heading “Equity Compensation Plan Information” at pages 125 
to 126, for details on option rights and restricted stock units issued under our employee equity incentive plans, 
as well as other information regarding those plans, and to Note 12 – Employee Benefit Plans – included in our 
Consolidated Financial Statements. 

3.  The Board of Directors 

For the current members of our Board of Directors, further information regarding the Board of Directors, 
Board  Committees,  and  the  allocation  of  responsibility  between  the  Board  of  Directors  and  executive  officers, 
please see our Annual Report, Invitation and Proxy Statement for the 2011 Annual General Meeting, under the 
heading “Corporate Governance and Board of Directors Matters” at pages 69 to 90.

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4. 

Senior Management 

4.1  Members of Senior Management 

The  members  of  our  senior  management,  referred  to  by  Logitech  as  our  “executive  officers,”  are  set  out 

below. 

Guerrino De Luca . . . . . . . . . . . . . . . . .
58 Years Old 
Director since 1998 
Chairman of the Board of Directors, 
Acting President and 
Chief Executive Officer 
Italian and U.S. national

Gerald P. Quindlen . . . . . . . . . . . . . . . .
52 Years Old 
Former President and Chief Executive 
Officer 
U.S. national

Erik Bardman . . . . . . . . . . . . . . . . . . . .
44 Years Old 
Senior Vice President, Finance and 
Chief Financial Officer 
U.S. national

Guerrino  De  Luca  has  served  as  Chairman  of  the  Logitech  Board 
of  Directors  since  January  2008  and  as  acting  President  and  Chief 
Executive  Officer  since  July  2011.  He  served  from  February  1998  to 
January 2008 as Logitech’s President and Chief Executive Officer, and 
has been a director since June 1998. Prior to joining Logitech, Mr. De 
Luca served as Executive Vice President of Worldwide Marketing for 
Apple, Inc. from February 1997 to September 1997, and as President of 
Claris Corporation, a U.S. personal computing software vendor, from 
May 1994 to February 1997. Prior to joining Claris, Mr. De Luca held 
various positions with Apple in the United States and in Europe. Mr. De 
Luca holds a BS degree in Electronic Engineering from the University 
of Rome, Italy.

Gerald  Quindlen  served  as  Logitech’s  President  and  Chief  Executive 
Officer from January 2008 to July 2011. Mr. Quindlen joined Logitech 
as Senior Vice President, Worldwide Sales and Marketing in October 
2005. From August 1987 to September 2004, Mr. Quindlen worked for 
Eastman Kodak Company where he was Vice President of Global Sales 
and Operations for the Consumer and Professional Imaging Division, 
and  previously  held  senior  sales  or  marketing  management  positions 
in the United States, Japan and Asia Pacific. From September 2004 to 
September  2005,  Mr.  Quindlen  was  a  private  consultant.  Prior  to  his 
17 year tenure at Eastman Kodak, he worked for Mobil Oil Corporation 
in engineering. Mr. Quindlen holds a BS degree in chemical engineering 
from  Villanova  University  in  Pennsylvania,  and  an  MBA  degree  in 
Finance from the University of Pennsylvania’s Wharton School.

Erik Bardman joined Logitech as Senior Vice President, Finance and 
Chief  Financial  Officer  in  October  2009.  Prior  to  joining  Logitech, 
Mr.  Bardman  served  as  a  financial  consultant  to  Zillion  TV,  an 
interactive  television  service  company.  Previously,  he  had  been  with 
eBay  from  2003  to  2008,  most  recently  as  the  chief  financial  officer 
for eBay Marketplaces, the company’s largest portfolio of businesses. 
At  eBay,  Mr.  Bardman  led  a  large  global  team  focused  on  financial 
strategy,  acquisitions,  resource  allocation  and  performance  analysis. 
Prior  to  joining  eBay  Mr.  Bardman  was  with  General  Electric 
Company for 15 years in a variety of roles, developing broad expertise 
in consumer financial services, international finance and mergers and 
acquisitions. Mr. Bardman earned a BA degree from Dickinson College 
in Pennsylvania, with a major in history and a minor in economics. He 
is a graduate of GE’s intensive Financial Management Program.

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Werner Heid  . . . . . . . . . . . . . . . . . . . . .
52 Years Old 
Senior Vice President,  
Worldwide Sales & Marketing 
German national

Junien Labrousse  . . . . . . . . . . . . . . . . .
53 Years Old 
Executive Vice President, Products  
and President, Logitech Europe 
French national

L. Joseph Sullivan . . . . . . . . . . . . . . . . .
58 Years Old 
Senior Vice President,  
Worldwide Operations 
U.S. national

Werner Heid joined Logitech as Senior Vice President, Worldwide Sales 
&  Marketing,  in  February  2009.  Prior  to  joining  Logitech,  Mr.  Heid 
was  a  consultative  CEO  to  private  equity  firms  from  2006  to  2009. 
Previously,  he  served  as  the  president  and  chief  executive  officer  of 
Iomega Corporation, the provider of consumer and small-business data-
storage solutions, from 2001 to 2006. Before joining Iomega, Mr. Heid 
was the executive vice president of global sales, marketing and service for 
InFocus Corporation, a leading supplier of multimedia projection systems 
for consumers and business, from 2000 to 2001. He joined InFocus when 
it  acquired  Proxima  Corporation,  where  Mr.  Heid  served  as  president 
from  1998  to  2000.  Prior  to  taking  on  his  leadership  role  at  Proxima, 
Mr.  Heid  was  with  Hewlett-Packard  Corporation  for  14  years,  in  both 
Europe and the United States. At Hewlett-Packard, he led the business 
definition and the successful global market launch of the company’s All-
In-One  and  color  copier  product  businesses.  Mr.  Heid  holds  a  masters 
degree in electrical engineering from University Karlsruhe in Germany.

Junien Labrousse joined Logitech as Vice President of the Video Division 
in 1997. He was named Senior Vice President, Video Business Unit in 
April 2001, Senior Vice President, Entertainment and Communications 
in  July  2005,  Executive  Vice  President,  Products  in  March  2007  and 
President, Logitech Europe, in September 2010. Prior to joining Logitech, 
he  was  Vice  President  of  Engineering  from  1995  to  1997  at  Winnov 
LP,  a  U.S.  company  engaged  in  the  development  and  marketing  of 
multimedia products. For more than 10 years he held several engineering 
and  management  positions  at  Royal  Philips  Electronics  NV,  a  global 
electronics  company,  in  research  and  in  the  semiconductor  business 
division. Mr. Labrousse holds an MS degree in Electrical Engineering 
from  the  Ecole  Superieure  d’Ingenieurs  de  Marseille,  France  and  an 
MBA degree from Santa Clara University in California. 

L. Joseph Sullivan joined Logitech in October 2005 as Vice President, 
Operations  Strategy,  and  was  appointed  Senior  Vice  President, 
Worldwide  Operations  in  April  2006.  Prior  to  joining  Logitech, 
Mr. Sullivan was Vice President of Operational Excellence and Quality 
for Carrier Corporation, a subsidiary of United Technologies, from 2001 
to  2005.  Previously,  he  was  with  ACCO  Brands,  Inc.  in  engineering 
and manufacturing management roles from 1998 to 2001. Mr. Sullivan 
holds a BS degree in Marketing Management and an MBA degree in 
Operations Management from Suffolk University in Massachusetts. 

4.2 

Involvements outside Logitech of the Executive Officers 

No Logitech executive officer currently has supervisory, management, or material advisory functions outside 

Logitech. None of the Company’s executive officers hold any official functions or political posts. 

4.3  Management Contracts 

Logitech has not entered into any contractual relationships regarding the management of the Company or its 

subsidiaries. 

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5.  Compensation, Shareholdings and Loans 

Please refer to Logitech’s Compensation Report on pages  91 to 126 of our Annual Report, Invitation and 
Proxy Statement for our 2011 Annual General Meeting, of which this Report is a part, for information on Logitech’s 
compensation of its Board members and executive officers, and regarding how and why we make compensation 
decisions. 

In addition, for information required to be disclosed under Swiss law regarding compensation during fiscal 
year 2011 of the individual members of the Board and of the executive officers, in aggregate, and regarding the 
security ownership of members of the Board of Directors and of Logitech executive officers as of March 31, 2011, 
among other disclosures, please refer to Note 18 – Other Disclosures Required by Swiss Law – in the Consolidated 
Financial Statements included in the 2011 Annual Report.

6. 

Shareholders’ Participation Rights 

6.1  Exercise and Limitations to Shareholders’ Voting Rights 

Each registered share confers the right to one vote at a general meeting of shareholders. There are no limitations 
to the number of voting rights that a shareholder or group of shareholders is entitled to exercise, and there are no 
preferential voting rights. To exercise voting rights at a general meeting of shareholders, a shareholder must have 
registered their shares by the date set by the Board of Directors for the closing of the share register before each 
general meeting of shareholders. Refer to section 2.6 for more information on the registration process. 

Any shareholder may be represented at a meeting by a person of its choice who need not be a shareholder of 
the Company. The power of attorney must be made in writing. The use of a form prepared by the Company may 
be required. 

There are currently no limitations under Swiss law or in the Company’s Articles of Incorporation restricting 

the rights of shareholders outside Switzerland to hold or vote Logitech shares.

6.2  Shareholders’ Resolutions for which a Particular Majority is Required 

In general, the resolutions of the general meeting of shareholders are passed with a simple majority of the votes 
cast. However, a number of resolutions may only be passed with a majority of two-thirds of the votes represented, 
including the following. 

•	 change in the Company’s corporate purpose; 

•	 creation of shares with privileged voting rights; 

•	

restriction of the transferability of the shares; 

•	 creation of authorized or conditional capital; 

•	 capital increases to be paid-in by means of existing reserves, against contributions in kind, or conducted 

with a view to the acquisition of specific assets; 

•	 grant of special benefits; 

•	

suppression or limitation of the shareholders’ preferential subscription right; 

•	 change of the registered office of the Company; and 

•	

liquidation of the Company. 

6.3  Convocation of the General Meeting of Shareholders 

The Board of Directors generally convenes a general meeting of shareholders. The convocation notice is made 
in writing and under Swiss law must be sent to each registered shareholder at the address recorded in the share 
register at least 20 days prior to the meeting. 

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Under our Articles of Incorporation one or more shareholders who represent together at least 10% of the share 
capital of the Company may demand that the Board of Directors convene a meeting. Such demands must be made 
in writing and received by the Board of Directors at least 60 days before the date of the proposed meeting. 

The Company has received an exemption from compliance with a Nasdaq listing standard that requires that 
the quorum for shareholder meetings be at least 33 1/3% of the outstanding voting shares. Under Swiss law, public 
companies do not have specific quorum requirements for shareholder meetings. Accordingly, Logitech, like most 
other Swiss public companies, does not observe quorum requirements with respect to its shareholder meetings. 
In compliance with Swiss law, Logitech sends an invitation to all of its registered shareholders and publishes the 
notice of the meeting in the Swiss financial press. It also sends a proxy statement, or a notice of availability of the 
proxy statement, in either case prepared in accordance with U.S. securities laws, to all registered shareholders and 
all beneficial shareholders where requested by the registered shareholder or required by law. Logitech has combined 
the invitation required under Swiss law and the proxy statement required under U.S. law into one document, titled 
Invitation  and  Proxy  Statement,  for  its  2011  Annual  General  Meeting,  and  combined  it  with  its  Annual  Report 
required under Swiss law and U.S. law to create one convenient document for shareholders. Also, to encourage 
attendance, Logitech holds its Annual General Meeting close to its operations in Switzerland. 

6.4  Shareholders’ Right to Place Items on the Agenda of a Meeting 

Under the Company’s Articles of Incorporation, one or more registered shareholders who together represent 
shares representing at least the lesser of (i) one percent of the Company’s issued share capital or (ii) an aggregate par 
value of one million Swiss francs, may demand that an item be placed on the agenda of a meeting of shareholders. 

A request to place an item on the meeting agenda must be in writing, describe the proposal and be received 
by our Board of Directors at least 60 days prior to the date of the meeting. Demands by registered shareholders to 
place an item on the agenda of a meeting of shareholders should be sent to: Secretary to the Board of Directors, 
Logitech International S.A., Rue du Sablon 2-4, CH-1110 Morges, or c/o Logitech Inc., 6505 Kaiser Drive, Fremont, 
CA 94555, USA.

6.5  Registration in the Company’s Share Register 

Registration into the Company’s share register, or the sub-register maintained by the Company’s U.S. transfer 
agent, The Bank of New York Mellon, occurs upon request and is not subject to any condition. The Company’s 
share register closes before a general meeting of shareholders on a date designated by the Board of Directors.  Only 
those shareholders who are registered in the share register on the day the share register is closed have the right to 
vote at the meeting. 

7.  Mandatory Offer and Change of Control Provisions 

7.1  Mandatory Offer 

Under Swiss law any shareholder who acquires more than 33 1/3% of the voting rights of a Swiss company 
whose shares are listed in whole or in part in Switzerland is required to make an offer to acquire all listed equity 
securities  of  the  company  at  a  minimum  price.  Logitech  International  S.A.’s  Articles  of  Incorporation  do  not 
remove this requirement. The Articles do not increase the participation threshold above which an offer must be 
made. Consequently, any person having acquired more than a third of the Company’s voting rights will be required 
to make an offer for all outstanding shares of the Company. 

7.2  Change of Control Provisions 

Please  refer  to  our  Compensation  Report  at  pages  91  to  126  of  our  Annual  Report,  Invitation  and  Proxy 
Statement for the 2011 Annual General Meeting, of which this Report is a part, for information on the severance 
and change of control agreements in place with Logitech’s executive officers, and regarding the potential payments 
in the event of termination of service of an executive officer or a change-in-control of Logitech. 

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8.  Auditors 

Under the Company’s Articles of Incorporation, the shareholders elect the Company’s independent registered 

public accounting firm each year at the Annual General Meeting. Re-election is permitted. 

The  Company’s  auditors  are  currently  PricewaterhouseCoopers  SA,  Lausanne  branch,  45,  Avenue  C.F. 
Ramuz,  P.O.  Box  1172,  CH-1001,  Lausanne,  Switzerland.  PwC  assumed  its  first  audit  mandate  for  Logitech  in 
1988. They were re-elected as the Company’s auditors in September 2010. The responsible principal audit partner 
as of March 31, 2011 is Michael Foley. For purposes of U.S. securities law reporting, PricewaterhouseCoopers LLP, 
San Jose, California, serves as the Company’s independent registered public accounting firm. 

Please refer to Logitech’s Compensation Report included in its Annual Report, Invitation and Proxy Statement 
for the 2011 Annual General Meeting, under the heading “Independent Public Accountants” and “Report of the Audit 
Committee” for further information regarding the audit and non-audit fees paid by Logitech to PricewaterhouseCoopers 
during fiscal year 2011, pre-approval policies for non-audit work by PricewaterhouseCoopers, and the supervisory 
and control instruments of the Board of Directors, including the Audit Committee of the Board, over the work and 
activities of PricewaterhouseCoopers. 

9. 

Information Policy 

The Company reports its financial results quarterly with an earnings press release. Quarterly financial results 

are scheduled to be released as follows:

Q2FY11 Earnings Release and Conference Call . . . . . . . . . . . . . . . . . . . . . . . . .
Q3FY11 Earnings Release and Conference Call . . . . . . . . . . . . . . . . . . . . . . . . .
Q4FY11 Earnings Release and Conference Call . . . . . . . . . . . . . . . . . . . . . . . . .

October 27, 2011
January 26, 2012
April 26, 2012

The Company’s 2011 Annual General Meeting is to be held September 7, 2011 at the Palais de Beaulieu in 

Lausanne, Switzerland.

All registered shareholders and all shareholders in the United States that hold their shares through a U.S. 
bank or brokerage or other nominee receive a copy of the Logitech Annual Report, Invitation and Proxy Statement, 
or a notice that such documents are available. The Annual Report section of the document contains an overview 
of Logitech’s business in the fiscal year, audited financial statements for the group and the Company, the Report 
on Corporate Governance and other key financial and business information. The Invitation and Proxy Statement 
section of the document includes a description of the matters to be acted upon at the Annual General Meeting of 
shareholders, a Compensation Report on executive officer and Board member compensation, and other disclosures 
required under applicable Swiss and U.S. laws. 

Logitech holds public conference calls after our quarterly earnings releases to discuss the results and present 
an opportunity for institutional analysts to ask questions of the Chief Executive Officer and Chief Financial Officer. 
Logitech also holds periodic analyst days where senior management present reviews of Logitech’s business. These 
events are webcast and remain available on Logitech’s Investor Relations website for a period of time after the 
events. Logitech senior management also regularly participates in institutional investor seminars and roadshows, 
many of which are also webcast. 

Our  Investor  Relations  Web  site  is  located  at  http://ir.logitech.com.  We  post  and  maintain  an  archive  of 
our  earnings  and  other  press  releases,  current  reports,  annual  and  quarterly  reports,  earnings  release  schedule, 
information regarding annual general meetings, further information on corporate governance, and other information 
regarding the Company on the Investor Relations Web site. The information we post includes, and in the future will 
include, filings we make with the U.S. Securities and Exchange Commission (“SEC”), including reports on Forms 
10-K, 10-Q, 8-K, our proxy statement related to our annual shareholders’ meeting, including our Compensation 
Report on executive officer and Board member compensation, and any amendments to those reports or statements 
filed or furnished pursuant to U.S. securities laws or Swiss laws. All such filings and information are available 
free of charge on the web site, and we make them available on the web site as soon as reasonably possible after we 

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file or furnish them with the SEC. The contents of these web sites are not intended to be incorporated by reference 
into this report or in any other report or document we file and our references to these Web sites are intended to be 
inactive textual references only. 

In addition, Logitech publishes press releases upon occurrence of significant events within Logitech. Shareholders 
and members of the public may elect to receive e-mails when Logitech issues press releases upon occurrence of 
significant events within Logitech or other press releases by subscribing through http://ir.logitech.com/alerts.cfm. 

As  a  Swiss  company  traded  on  the  SIX  Swiss  Exchange,  and  as  a  company  subject  to  the  provisions 
of  Section  16  of  the  Securities  Exchange  Act  of  1934,  as  amended,  we  file  reports  on  transactions  in 
Logitech  securities  by  members  of  Logitech’s  Board  of  Directors  and  executive  officers.  The  reports 
that  we  file  with  the  SEC  on  Forms  3,  4  and  5  may  be  accessed  on  our  website  or  on  the  SEC’s  website  at 
http://www.sec.gov, and the reports that we file that are published by the SIX Swiss Exchange may be accessed at 
http://www.six-exchange-regulation.com/obligations/management_transactions_en.html.

For no charge, a copy of our annual reports and filings made with the SEC can be requested by contacting our 
Investor Relations department: Logitech Investor Relations, 6505 Kaiser Drive, Fremont, CA 94555 USA, Main 
510-795-8500, e-mail: investorrelations@logitech.com 

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LOGITECH INTERNATIONAL S.A. 
Consolidated Subsidiaries

Jurisdiction of Incorporation

Group 
Holding %

 Share Capital 

Name of Subsidiary
EUROPE

Labtec Europe S.A. . . . . . . . . . . . . . . . . . . . .
Logi Trading and Services  

Switzerland

Limited Liability Company  . . . . . . . . . . Hungary

Jersey, Channel Islands

Spain
Switzerland

Federal Republic of Germany
Ireland

Logitech U.K. Limited . . . . . . . . . . . . . . . . . United Kingdom
Logitech (Jersey) Limited . . . . . . . . . . . . . . .
Logitech Czech Republic, s.r.o.  . . . . . . . . . . Czech Republic
Logitech Espana BCN SL . . . . . . . . . . . . . . .
Logitech Europe S.A. . . . . . . . . . . . . . . . . . .
SAS Logitech France  . . . . . . . . . . . . . . . . . . Republic of France
Logitech GmbH  . . . . . . . . . . . . . . . . . . . . . .
Logitech Ireland Services Limited . . . . . . . .
Logitech Italia SRL  . . . . . . . . . . . . . . . . . . . Republic of Italy
Logitech Nordic AB . . . . . . . . . . . . . . . . . . .
Logitech Benelux B.V.  . . . . . . . . . . . . . . . . . Kingdom of the Netherlands
Logitech Poland Spolka z.o.o.  . . . . . . . . . . .
Logitech S.A.  . . . . . . . . . . . . . . . . . . . . . . . .
Logitech Austria GmbH . . . . . . . . . . . . . . . . Austria
Logitech Middle East FZ-LLC . . . . . . . . . . . United Arab Emirates
Logitech (Streaming Media) SA . . . . . . . . . .
Logitech Hellas MEPE . . . . . . . . . . . . . . . . . Greece
Logitech Schweiz AG . . . . . . . . . . . . . . . . . .
Logi Trading and Services LLC . . . . . . . . . . Romania
Limited Liability Company “Logitech” . . . . Russia
Logi Peripherals Technologies  

Poland
Switzerland

Switzerland

Switzerland

Sweden

(South Africa) (Proprietary) Limited . . .

South Africa

LifeSize Communications Limited  . . . . . . . United Kingdom
LifeSize Communications, GmbH . . . . . . . .
Logitech Norway AS  . . . . . . . . . . . . . . . . . . Norway

Federal Republic of Germany

AMERICAS

Dexxa Accessorios  

De Informatica Do Brasil Ltda.  . . . . . . . Brazil
Logitech (Intrigue) Inc.  . . . . . . . . . . . . . . . . Canada
Logitech de Mexico S.A. de C.V. . . . . . . . . . Mexico
Logitech Canada Inc. . . . . . . . . . . . . . . . . . . Canada
Logitech Inc. . . . . . . . . . . . . . . . . . . . . . . . . . United States of America
Logitech (Streaming Media) Inc. . . . . . . . . . United States of America
Logitech (Slim Devices) Inc.  . . . . . . . . . . . . United States of America
WiLife, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . United States of America
Logitech Servicios Latinoamérica,  

S.A. de C.V. . . . . . . . . . . . . . . . . . . . . . . . Mexico

Ultimate Ears LLC . . . . . . . . . . . . . . . . . . . . United States of America
Ultimate Ears Incorporated  . . . . . . . . . . . . . United States of America
UE Consumer, LLC . . . . . . . . . . . . . . . . . . . United States of America
SightSpeed, Inc.  . . . . . . . . . . . . . . . . . . . . . . United States of America
LifeSize Communications, Inc.  . . . . . . . . . . United States of America
UE Acquisition Inc.  . . . . . . . . . . . . . . . . . . . United States of America
Logitech Latin America Inc.  . . . . . . . . . . . . United States of America

100

100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100

100
100
100
100

100
100
100
100
100
100
100
100

100
100
100
100
100
100
100
100

CHF

150,000

HUF 3,000,000
20,000
EUR
188
USD
200,000
CZK
50,000
EUR
100,000
CHF
182,939
EUR
25,565
EUR
3
EUR
20,000
EUR
100,000
SEK
18,151
EUR
50,000
PLN
200,000
CHF
35,000
EUR
100,000
AED
100,000
CHF
18,000
EUR
CHF
100,000
HUF 3,000,000
20,000
RUB

ZAR
GBP
EUR
NOK

1,000
10,000
25,000
100,000

10,000
BRL
CAD 1,661,340
50,000
MXN
CAD
100
USD 11,522,396
10
USD
10
USD
10
USD

MXN
USD
USD
USD
USD
USD
USD
USD

50,000
—
10
—
1
1
10
1

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LOGITECH INTERNATIONAL S.A. 
Consolidated Subsidiaries—(Continued)

Jurisdiction of Incorporation

Group 
Holding %

 Share Capital 

Name of Subsidiary
ASIA PACIFIC

LogiCool Co., Ltd.  . . . . . . . . . . . . . . . . . . .
Logitech Electronic (India)  

Japan

Private Limited . . . . . . . . . . . . . . . . . . .

India

Logitech Far East, Ltd. . . . . . . . . . . . . . . . . Taiwan, Republic of China
Logitech Hong Kong Limited . . . . . . . . . . . Hong Kong
Logitech Korea Ltd. . . . . . . . . . . . . . . . . . . Korea
Logitech New Zealand Co., Ltd.  . . . . . . . . New Zealand
Logitech Service Asia Pacific Pte. Ltd. . . . Republic of Singapore
Logitech Singapore Pte. Ltd.  . . . . . . . . . . . Republic of Singapore
Logitech Technology (Suzhou) Co., Ltd.  . . . People’s Republic of China
Suzhou Logitech Computing  

Equipment Co., Ltd.  . . . . . . . . . . . . . . . People’s Republic of China

Logitech Asia Logistics Limited  . . . . . . . . Hong Kong
Logitech Asia Pacific Limited . . . . . . . . . . Hong Kong
Logitech Australia Computer  

Peripherals Pty Limited  . . . . . . . . . . . . Commonwealth of Australia

Logitech (Beijing) Trading  

Company Limited . . . . . . . . . . . . . . . . . People’s Republic of China

Logitech Technology (Shenzhen) 

Consulting Co., Ltd . . . . . . . . . . . . . . . . People’s Republic of China

Logitech Trading Pvt Ltd . . . . . . . . . . . . . .
Logitech Engineering & Designs  

India

India Private Limited  . . . . . . . . . . . . . .

India

100

100
100
100
100
100
100
100
100

100
100
100

100

100

100
100

100

JPY 155,000,000

107,760
INR
TWD 480,000,000
1,282
USD
KRW 150,144,225
10,000
NZD
1
USD
SGD
500
22,000,000
USD

USD
USD
USD

AUD

7,500,000
13
13

12

CNY

5,000,000

HKD
INR

110,000
50,000

INR

500,000

Due to local legal requirements, there may be holders of nominal shares apart from Logitech. 

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CONSOLIDATED FINANCIAL STATEMENTS

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Report of the Statutory Auditor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Statements of Income – Years Ended March 31, 2011, 2010 and 2009 . . . . . . . . . . . . . . . . . . .
Consolidated Balance Sheets – March 31, 2011 and 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Statements of Cash Flows – Years Ended March 31, 2011, 2010 and 2009 . . . . . . . . . . . . . . . .
Consolidated Statements of Changes in Shareholders’ Equity – Years Ended March 31, 2011, 2010 

and 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Page
182
184
185
186

187
188

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PricewaterhouseCoopers SA 
Avenue C.-F. Ramuz 45 
Case postale 1172 
1001 Lausanne 
Phone +41 58 792 81 00 
Fax +41 58 792 81 10 
www.pwc.ch

Report of the Statutory Auditor 
to the General Meeting of 
Logitech International S.A. 
Apples

Report of the statutory auditor on the consolidated financial statements

As statutory auditor, we have audited the consolidated financial statements of Logitech International S.A., 
which comprise the balance sheet, income statement, statement of cash flows, statement of changes in shareholders’ 
equity, and notes for the year ended March 31, 2011.

Board of Directors’ Responsibility

The Board of Directors is responsible for the preparation and fair presentation of the consolidated financial 
statements in accordance with accounting principles generally accepted in the United States of America (US GAAP) 
and  the  requirements  of  Swiss  law.  This  responsibility  includes  designing,  implementing  and  maintaining  an 
internal control system relevant to the preparation and fair presentation of consolidated financial statements that 
are free from material misstatement, whether due to fraud or error. The Board of Directors is further responsible 
for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in 
the circumstances. 

Auditor’s Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. 
We conducted our audit in accordance with Swiss law, Swiss Auditing Standards and auditing standards generally 
accepted in the United States of America. Those standards require that we plan and perform the audit to obtain 
reasonable assurance whether the consolidated financial statements are free from material misstatement. 

An  audit  involves  performing  procedures  to  obtain  audit  evidence  about  the  amounts  and  disclosures  in 
the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the 
assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or 
error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s 
preparation and fair presentation of the consolidated financial statements in order to design audit procedures that 
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 
entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies 
used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the 
consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate 
to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements for the year ended March 31, 2011 present fairly, in all 
material respects, the financial position, the results of operations and the cash flows in accordance with accounting 
principles generally accepted in the United States of America (US GAAP) and comply with Swiss law. 

182

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Report on other legal requirements

We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) 
and independence (article 728 CO and article 11 AOA) and that there are no circumstances incompatible with our 
independence.

In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that 
an internal control system exists which has been designed for the preparation of consolidated financial statements 
according to the instructions of the Board of Directors.

We recommend that the consolidated financial statements submitted to you be approved.

PricewaterhouseCoopers SA

Michael Foley 
Audit expert 
Auditor in charge

Lausanne, May 31, 2011

Enclosures:

Aurélien Capt 
Audit expert

 Consolidated financial statements (balance sheet, income statement, statement of cash flows, statement of changes 
in shareholders’ equity and notes) for the year ended March 31, 2011, listed in the index appearing on page 181.

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LOGITECH INTERNATIONAL S.A.

CONSOLIDATED STATEMENTS OF INCOME 
(In thousands, except per share amounts)

Year ended March 31,

2011

2010

2009

Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,362,886
1,526,380

$1,966,748
1,339,852

$2,208,832
1,517,606

Gross profit  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating expenses:

Marketing and selling. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Research and development. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General and administrative. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Restructuring charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total operating expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other income, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income before income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision for income taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

836,506

626,896

691,226

420,580
156,390
116,880
—
693,850
142,656
2,316
3,476
148,448
19,988

304,788
135,813
106,147
1,784
548,532
78,364
2,120
3,139
83,623
18,666

319,167
128,755
113,103
20,547
581,572
109,654
8,628
8,511
126,793
19,761

Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 128,460

Net income per share:

Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$
$

0.73
0.72

$

$
$

64,957

$ 107,032

0.37
0.36

$
$

0.60
0.59

Shares used to compute net income per share:

Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

176,928
178,790

177,279
179,340

178,811
182,911

The accompanying notes are an integral part of these consolidated financial statements.

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LOGITECH INTERNATIONAL S.A.

CONSOLIDATED BALANCE SHEETS 
(In thousands, except per share amounts) 

March 31,

2011

2010

Current assets:

ASSETS

Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other current assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Property, plant and equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Goodwill  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other intangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 477,931
258,294
280,814
59,347

1,076,386
84,160
547,184
74,616
79,210
$1,861,556

$ 319,944
195,247
219,593
58,877

793,661
91,229
553,462
95,396
65,930
$1,599,678

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 298,160
172,560

$ 257,955
182,336

Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

470,720
185,835
656,555

440,291
159,672
599,963

Commitments and contingencies
Shareholders’ equity:

Shares, par value CHF 0.25 — 191,606 issued and authorized and  

50,000 conditionally authorized at March 31, 2011 and 2010 . . . . . . . . . . . .
Additional paid-in capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shares in treasury, at cost, 12,433 at March 31, 2011  

and 16,435 at March 31, 2010  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated other comprehensive loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  Total shareholders’ equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  Total liabilities and shareholders’ equity . . . . . . . . . . . . . . . . . .

33,370
—

33,370
14,880

(264,019)
1,514,168
(78,518)
1,205,001
$1,861,556

(382,512)
1,406,618
(72,641)
999,715
$1,599,678

The accompanying notes are an integral part of these consolidated financial statements.

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LOGITECH INTERNATIONAL S.A.

CONSOLIDATED STATEMENTS OF CASH FLOWS 
(In thousands)

Cash flows from operating activities:

Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-cash items included in net income:

Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of other intangible assets  . . . . . . . . . . . . . . . . . . . .
Share-based compensation expense related to options,  

restricted stock units and stock purchase rights . . . . . . . . . . .
Write-down of investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on disposal of fixed assets . . . . . . . . . . . . . . . . . . . . . . . . . .
Excess tax benefits from share-based compensation . . . . . . . . . .
Loss (gain) on cash surrender value of life insurance policies. . .
In-process research and development. . . . . . . . . . . . . . . . . . . . . .
Deferred income taxes and other  . . . . . . . . . . . . . . . . . . . . . . . . .

Changes in assets and liabilities, net of acquisitions:

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Inventories  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash provided by operating activities. . . . . . . . . . . . .

Cash flows from investing activities:

Purchases of property, plant and equipment. . . . . . . . . . . . . . . . . . . .
Purchases of trading investments . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from cash surrender of life insurance policies  . . . . . . . . . .
Proceeds from sale of business. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisitions and investments, net of cash acquired. . . . . . . . . . . . . .
Sales of trading investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from sale of property, plant and equipment  . . . . . . . . . . . .
Premiums paid on cash surrender value life insurance policies. . . . .
Net cash used in investing activities. . . . . . . . . . . . . . . . .

Cash flows from financing activities:

Proceeds from sale of shares upon exercise of options  

and purchase rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Excess tax benefits from share-based compensation . . . . . . . . . . . . .
Purchases of treasury shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repayments of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash provided by (used in) financing activities . . . . .
Effect of exchange rate changes on cash and cash equivalents. . . . . . . .
Net increase (decrease) in cash and cash equivalents. . . .
Cash and cash equivalents at beginning of period  . . . . . . . . . . . . . . . . .
Cash and cash equivalents at end of period. . . . . . . . . . . . . . . . . . . . . . .
Supplemental cash flow information:

Year ended March 31,

2011

2010

2009

$128,460

$ 64,957

$ 107,032

48,191
27,800

34,846
43
(838)
(3,455)
(901)
—
(8,683)

(54,684)
(60,482)
5,825
37,714
2,715
156,551

(43,039)
(19,075)
11,313
9,087
(7,300)
6,470
2,688
(5)
(39,861)

56,380
14,515

25,807
643
—
(2,814)
(1,223)
—
(17,895)

28,489
30,942
15,038
94,155
56,265
365,259

(39,834)
—
813
—
(388,809)
—
—
—
(427,830)

44,021
8,166

24,503
2,727
—
(6,592)
2,868
1,000
(10,387)

152,496
(9,078)
14,615
(123,802)
(6,982)
200,587

(48,263)
—
—
—
(64,430)
—
—
(427)
(113,120)

42,969
3,455
—
—
46,424
(5,127)
157,987
319,944
$477,931

28,917
2,814
(126,301)
(13,630)
(108,200)
(2,044)
(172,815)
492,759
$ 319,944

31,119
6,592
(78,870)
—
(41,159)
(35,901)
10,407
482,352
$ 492,759

Interest paid  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income taxes paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$
25
$ 16,619

$
$

66
9,436

$
143
$ 15,268

The accompanying notes are an integral part of these consolidated financial statements.

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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY 
(In thousands) 

March 31, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cumulative translation adjustment  . . . . . . . . . . . . . .
Net deferred hedging gains  . . . . . . . . . . . . . . . . . . . .
Actuarial loss on pension plan, net of tax of $182 . . .
Unrealized gain on investment  . . . . . . . . . . . . . . . . .
Total comprehensive income . . . . . . . . . . . . . . . .
Tax benefit from exercise of stock options . . . . . . . .
Purchase of treasury shares . . . . . . . . . . . . . . . . . . . .
Sale of shares upon exercise of options 

and purchase rights  . . . . . . . . . . . . . . . . . . . . . . .
Share-based compensation expense  . . . . . . . . . . . . .
March 31, 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cumulative translation adjustment  . . . . . . . . . . . . . .
Net deferred hedging gains  . . . . . . . . . . . . . . . . . . . .
Actuarial gain on pension plan, net of tax of $122 . .
Total comprehensive income . . . . . . . . . . . . . . . .
Tax benefit from exercise of stock options . . . . . . . .
Purchase of treasury shares . . . . . . . . . . . . . . . . . . . .
Sale of shares upon exercise of options 

and purchase rights  . . . . . . . . . . . . . . . . . . . . . . .
Share-based compensation expense  . . . . . . . . . . . . .
March 31, 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cumulative translation adjustment  . . . . . . . . . . . . . .
Net deferred hedging loss. . . . . . . . . . . . . . . . . . . . . . 
Actuarial loss on pension plan, net of tax of $241 . . .
Unrealized gain on investment  . . . . . . . . . . . . . . . . .
Total comprehensive income . . . . . . . . . . . . . . . .
Tax benefit from exercise of stock options . . . . . . . .
Purchase of treasury shares . . . . . . . . . . . . . . . . . . . .
Sale of shares upon exercise of options 

Registered shares

Shares

Amount

Additional  
paid-in  
capital

191,606
—
—
—
—
—

$33,370
—
—
—
—
—

$ 49,821
—
—
—
—
—

Treasury shares

Shares

Amount

Retained 
earnings

12,431
—
—
—
—
—

$(338,293) $ 1,234,629
107,032
—
—
—
—

—
—
—
—
—

Accumulated 
other 
comprehensive 
loss

$(19,483)
—
(55,983)
216
(6,055)
424

—
—

— 15,253
—

—
— 2,803

—
(78,870)

—
—

—
—

Total

$ 960,044
107,032
(55,983)
216
(6,055)
424
45,634
15,253
(78,870)

$

—
—
191,606

— (44,590)
— 24,528
$ 45,012

$33,370

(3,110)
—
12,124

75,709
—

—
—
$(341,454) $ 1,341,661

—
—
$(80,881)

31,119
24,528
$ 997,708

—
—

—
—

—
—

—
—

—
—

—
—

—
—

266
—
— 7,425

—
(126,301)

64,957

—
—

—
—

2,753
1,178
4,309

—
—

—
—
191,606

— (56,326)
— 25,928
$ 14,880

$33,370

(3,114)
—
16,435

85,243
—

—
—
$(382,512) $ 1,406,618

—
—
$(72,641)

—
—

—
—

—
—

—
—

—
—

4,783
—

—
—

—

128,460

—
—

—
—

—

5,005
(4,366)
(7,260)
744

—
—

64,957
2,753
1,178
4,309
73,197
266
(126,301)

$

28,917
25,928
$ 999,715

128,460
5,005
(4,366)
(7,260)
744
$ 122,583
4,783
—

and purchase rights  . . . . . . . . . . . . . . . . . . . . . . .
Share-based compensation expense  . . . . . . . . . . . . .
March 31, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—
—
191,606

— (54,614)
— 34,951
0
$

$33,370

(4,002)
—
12,433

118,493
—

(20,910)
—
$(264,019) $ 1,514,168

—
—
$(78,518)

42,969
34,951
$1,205,001

The accompanying notes are an integral part of these consolidated financial statements.

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LOGITECH INTERNATIONAL S.A.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Note 1 — The Company

Logitech is a world leader in products that connect people to digital experiences. Spanning multiple computing, 
communications and entertainment platforms, we develop and market innovative hardware and software products 
that enable or enhance digital navigation, music and video entertainment, gaming, social networking, audio and 
video communication over the Internet, video security and home-entertainment control. Our products for the PC 
include mice, trackballs, keyboards, interactive gaming controllers, multimedia speakers, headsets, webcams, and 
lapdesks.  Our  Internet  communications  products  include  webcams,  headsets,  video  communications  services, 
and  digital  video  security  systems  for  a  home  or  small  business.  Our  digital  music  products  include  speakers, 
earphones, and custom in-ear monitors. For home entertainment systems, we offer the Harmony line of advanced 
remote controls, Squeezebox wireless music solutions and, in the United States, a line of Logitech products for 
the Google TV platform. For gaming consoles, we offer a range of gaming controllers and microphones, as well 
as other accessories. Our LifeSize division offers scalable HD (high-definition) video communications endpoints, 
all-in-one HD video conferencing systems, video infrastructure bridges and integrated LifeSize/Logitech products 
and services.

We sell our peripheral products to a network of distributors and resellers and to OEMs (original equipment 
manufacturers). We sell our LifeSize products and services to distributors, value-added resellers, OEMs and direct 
enterprise customers. The large majority of our revenues have historically been derived from sales of our peripheral 
products for use by consumers.

Logitech was founded in Switzerland in 1981, and Logitech International S.A. has been the parent holding 
company of Logitech since 1988. Logitech International S.A. is a Swiss holding company with its registered office 
in Apples, Switzerland, which conducts its business through subsidiaries in the Americas, EMEA (Europe, Middle 
East, Africa) and Asia Pacific. Shares of Logitech International S.A. are listed on both the Nasdaq Global Select 
Market, under the trading symbol LOGI, and the SIX Swiss Exchange, under the trading symbol LOGN. 

Note 2 — Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements include the accounts of Logitech and its subsidiaries. All intercompany 
balances and transactions have been eliminated. The consolidated financial statements are presented in accordance 
with  U.S.  GAAP  (accounting  principles  generally  accepted  in  the  United  States  of  America).  In  the  opinion  of 
management,  these  financial  statements  include  all  adjustments,  consisting  of  normal  recurring  adjustments, 
necessary for a fair statement of the results for the periods presented.

Certain  prior  year  financial  statement  amounts  have  been  reclassified  to  conform  to  the  current  year 

presentation with no impact on previously reported net income.

Fiscal Year 

The Company’s fiscal year ends on March 31. Interim quarters are thirteen-week periods, each ending on a 
Friday. For purposes of presentation, the Company has indicated its quarterly periods as ending on the month end. 

Use of Estimates

The  preparation  of  financial  statements  in  conformity  with  U.S.  GAAP  requires  management  to  make 
judgments, estimates and assumptions that affect reported amounts of assets, liabilities, net sales and expenses, 
and the disclosure of contingent assets and liabilities. Although these estimates are based on management’s best 
knowledge of current events and actions that may impact the Company in the future, actual results could differ 
from those estimates. 

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Foreign Currencies 

The functional currency of the Company’s operations is primarily the U.S. dollar. To a lesser extent, certain 
operations use the euro, Chinese renminbi, Swiss franc or the local currency of the country as their functional 
currencies. The financial statements of the Company’s subsidiaries whose functional currency is other than the 
U.S. dollar are translated to U.S. dollars using period-end rates of exchange for assets and liabilities and monthly 
average  rates  for  revenues  and  expenses.  Cumulative  translation  gains  and  losses  are  included  as  a  component 
of  shareholders’  equity  in  accumulated  other  comprehensive  loss.  Gains  and  losses  arising  from  transactions 
denominated in currencies other than a subsidiary’s functional currency are reported in other income (expense), net 
in the consolidated statement of income. 

Revenue Recognition 

Revenues are recognized when all of the following criteria are met:

•	 evidence of an arrangement exists between the Company and the customer;

•	 delivery has occurred and title and risk of loss transfer to the customer;

•	

the price of the product is fixed or determinable; and

•	 collectibility of the receivable is reasonably assured.

For  sales  of  most  hardware  peripherals  products  and  hardware  bundled  with  software  incidental  to  its 
functionality, these criteria are met at the time delivery has occurred and title and risk of loss have transferred to 
the customer.

For multiple-deliverable revenue arrangements that include both undelivered software elements and hardware 
with software essential its functionality, the Company began using the following hierarchy as of April 1, 2010 to 
determine the relative selling price for allocating revenue to the deliverables: (i) VSOE (vendor specific objective 
evidence) of fair value, if available; (ii) TPE (third party evidence), if VSOE is not available; or (iii) ESP (estimated 
selling price), if neither VSOE or TPE is available. Management judgment must be used to determine the appropriate 
deliverables and associated relative selling prices. The Company has identified Logitech Revue and the LifeSize 
video  conferencing  products  as  products  sold  with  software  components  that  qualify  as  multiple-deliverable 
revenue arrangements.

The  sale  of  Logitech  Revue  consists  of  three  deliverables:  hardware  with  essential  software  delivered  at 
the time of sale, standalone hardware, and unspecified upgrades to the essential software delivered on a when-
and-if-available basis. The relative selling price of the hardware with essential software is based on ESP, using 
the cost-plus margin method. The relative selling price of the standalone hardware is based on VSOE from sales 
of the product on a standalone basis. As future unspecified upgrades to the essential software are not sold on a 
standalone basis by Logitech or its competitors, the ESP for future upgrades is estimated as a percentage of the total 
market price for similar software products sold by third parties which include upgrade rights. Amounts allocated 
to the delivered hardware and essential software are recognized at the time of sale provided the other conditions 
for revenue recognition have been met. Amounts allocated to the future unspecified software upgrade rights are 
deferred and recognized ratably over the estimated 24-month life of the hardware. 

LifeSize products include the following deliverables: 

•	 Hardware with software essential to the functionality of the hardware device delivered at time of sale; 

•	 Non-essential software; 

•	 Maintenance  for  hardware  with  essential  software, 

including  future,  when-and-if  available 

unspecified upgrades; 

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•	 Maintenance for non-essential software, including future, when-and-if available unspecified upgrades; 

•	 Other services including training and installation. 

The relative selling price for LifeSize hardware with essential software and non-essential software is based 
on  ESP,  as  VSOE  and  TPE  cannot  be  established  due  to  variable  price  discounting.  Key  factors  considered  in 
developing  ESP  are  historical  selling  prices  of  the  product,  pricing  of  substantially  similar  products,  and  other 
market conditions. LifeSize sells maintenance for non-essential software, maintenance for hardware with essential 
software,  and  other  services  on  a  standalone  basis,  and  therefore  has  established  VSOE  for  those  deliverables. 
Amounts allocated to the delivered hardware with essential software and non-essential software are recognized 
at  the  time  of  sale  provided  the  other  conditions  for  revenue  recognition  have  been  met.  Amounts  allocated  to 
maintenance are deferred and recognized ratably over the maintenance period. Amounts allocated to other services 
are deferred and recognized upon completion of services. Prior to adopting the selling price hierarchy on April 1, 
2010,  LifeSize  had  established  VSOE  for  all  undelivered  elements,  which  continued  to  be  used  as  the  relative 
selling price.

Separately  priced  maintenance  contracts  and  extended  service  revenue  on  other  Logitech  hardware  and 

software products are recognized ratably over the service period. 

Revenues from sales to distributors and authorized resellers are recognized net of estimated product returns 
and  expected  payments  for  cooperative  marketing  arrangements,  customer  incentive  programs  and  pricing 
programs. The estimated cost of these programs is accrued in the period the Company sells the product or commits 
to the program as a reduction of revenue or as an operating expense, if we receive a separately identifiable benefit 
from the customer and can reasonably estimate the fair value of that benefit. Significant management judgment and 
estimates must be used to determine the cost of these programs in any accounting period. 

The Company grants limited rights to return product. Return rights vary by customer, and range from just the 
right to return defective product to stock rotation rights limited to a percentage approved by management. Estimates 
of expected future product returns are recognized at the time of sale based on analyses of historical return trends by 
customer and by product, inventories owned by and located at distributors and retailers, current customer demand, 
current operating conditions, and other relevant customer and product information. Return trends are influenced 
by product life cycle status, new product introductions, market acceptance of products, sales levels, product sell-
through, the type of customer, seasonality, product quality issues, competitive pressures, operational policies and 
procedures, and other factors. Return rates can fluctuate over time, but are sufficiently predictable to allow us to 
estimate expected future product returns. 

The Company enters into customer marketing programs with many of our distribution and retail customers, 
and with certain indirect partners, allowing customers to receive a credit equal to a set percentage of their purchases 
of the Company’s products, or a fixed dollar credit for various marketing programs. The objective of these programs 
is to encourage advertising and promotional events to increase sales of our products. Accruals for these marketing 
programs are recorded at the time of sale, or time of commitment, based on negotiated terms, historical experience 
and inventory levels in the channel. 

Customer incentive programs include performance-based incentives and consumer rebates. The Company 
offers performance-based incentives to its distribution customers, retail customers and indirect partners based on 
pre-determined performance criteria. Allowances for performance-based incentives are recognized as a reduction 
of the sale price at the time of sale. Estimates of required allowances are determined based on negotiated terms, 
consideration of historical experience, anticipated volume of future purchases, and inventory levels in the channel. 
Consumer rebates are offered from time to time at the Company’s discretion for the primary benefit of end-users. 
Estimated costs of consumer rebates and similar incentives are recorded at the time the incentive is offered, based 
on the specific terms and conditions. Certain incentive programs, including consumer rebates, require management 
to estimate the number of customers who will actually redeem the incentive based on historical experience and the 
specific terms and conditions of particular programs. 

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The  Company  has  agreements  with  certain  of  its  customers  that  contain  terms  allowing  price  protection 
credits to be issued in the event of a subsequent price reduction. At management’s discretion, the Company also 
offers special pricing discounts to certain customers. Special pricing discounts are usually offered only for limited 
time periods or for sales of selected products to specific indirect partners. Management’s decision to make price 
reductions is influenced by product life cycle stage, market acceptance of products, the competitive environment, 
new product introductions and other factors. Estimates of expected future pricing actions are recognized at the 
time of sale based on analyses of historical pricing actions by customer and by products, inventories owned by and 
located  at  distributors  and  retailers,  current  customer  demand,  current  operating  conditions,  and  other  relevant 
customer and product information, such as stage of product life-cycle. 

The Company regularly evaluates the adequacy of the accruals for product returns, cooperative marketing 
arrangements, customer incentive programs and pricing programs. Future market conditions and product transitions 
may require the Company to take action to increase such programs. In addition, when the variables used to estimate 
these costs change, or if actual costs differ significantly from the estimates, the Company would be required to 
record  incremental  reductions  to  revenue  or  increase  operating  expenses.  If,  at  any  future  time,  the  Company 
becomes unable to reasonably estimate these costs, recognition of revenue might be deferred until products are sold 
to end-users, which would adversely impact revenue in the period of transition. 

The Company’s shipping and handling costs are included in cost of sales in the accompanying Consolidated 

Statements of Income for all periods presented. 

Research and Development Costs 

Costs related to research, design and development of products, which consist primarily of personnel, product 

design and infrastructure expenses, are charged to research and development expense as they are incurred. 

Advertising Costs 

Advertising costs are expensed as incurred and amounted to $184.8 million, $118.1 million and $161.5 million 
in fiscal years 2011, 2010 and 2009. Advertising costs are recorded as either a marketing and selling expense or a 
deduction from revenue. Advertising costs reimbursed by the Company to a customer must have an identifiable 
benefit and an estimable fair value in order to be classified as an operating expense. If these criteria are not met, the 
cost is classified as a reduction of revenue. 

Cash Equivalents 

The Company considers all highly liquid instruments purchased with an original maturity of three months or 

less to be cash equivalents. 

Concentration of Credit Risk 

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally 
of  cash  and  cash  equivalents  and  accounts  receivable.  The  Company  maintains  cash  and  cash  equivalents  with 
various financial institutions to limit exposure with any one financial institution, but is exposed to credit risk in the 
event of default by financial institutions to the extent that cash balances with individual financial institutions are 
in excess of amounts that are insured. 

The  Company  sells  to  large  OEMs,  distributors  and  key  retailers  and,  as  a  result,  maintains  individually 
significant receivable balances with such customers. As of March 31, 2011 and 2010, one customer represented 13% 
and 14% of total accounts receivable. Typical payment terms require customers to pay for product sales generally 
within  30  to  60  days;  however  terms  may  vary  by  customer  type,  by  country  and  by  selling  season.  Extended 
payment terms are sometimes offered to a limited number of customers during the second and third fiscal quarters. 
The Company does not modify payment terms on existing receivables. 

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The  Company’s  OEM  customers  tend  to  be  well-capitalized,  multi-national  companies,  while  distributors 
and key retailers may be less well-capitalized. The Company manages its accounts receivable credit risk through 
ongoing credit evaluation of its customers’ financial condition. The Company generally does not require collateral 
from its customers. 

Allowances for Doubtful Accounts 

Allowances  for  doubtful  accounts  are  maintained  for  estimated  losses  resulting  from  the  inability  of  the 
Company’s customers to make required payments. The allowances are based on the Company’s regular assessment 
of the credit worthiness and financial condition of specific customers, as well as its historical experience with bad 
debts and customer deductions, receivables aging, current economic trends, geographic or country-specific risks 
and the financial condition of its distribution channels. 

Inventories 

Inventories  are  stated  at  the  lower  of  cost  or  market.  Cost  is  computed  on  a  first-in,  first-out  basis.  The 
Company records write-downs of inventories which are obsolete or in excess of anticipated demand or market value 
based on a consideration of marketability and product life cycle stage, product development plans, component cost 
trends, demand forecasts, historical sales, and assumptions about future demand and market conditions. 

Investments 

The  Company’s  investment  securities  portfolio  consists  of  bank  time  deposits,  marketable  securities 
related to a management deferred compensation plan, and auction rate securities collateralized by residential and 
commercial mortgages. 

The  bank  time  deposits  are  classified  as  cash  equivalents,  and  are  recorded  at  cost,  which  approximates 

fair value.

The marketable securities are classified as non-current trading investments, and are recorded at fair value 
based on quoted market prices. Earnings, gains and losses on trading investments are included in other income 
(expense), net. 

The auction rate securities are classified as non-current available-for-sale assets, and are recorded at estimated 
fair value. Declines in fair value of the auction rate securities are deemed other-than-temporary and are included in 
other income (expense), net. Increases in fair value are deemed temporary and are included in accumulated other 
comprehensive income (loss). 

Property, Plant and Equipment 

Property, plant and equipment are stated at cost. Additions and improvements are capitalized, and maintenance 
and repairs are expensed as incurred. The Company capitalizes the cost of software developed for internal use in 
connection with major projects. Costs incurred during the feasibility stage are expensed, whereas costs incurred 
during the application development stage are capitalized. 

Depreciation is provided using the straight-line method. Plant and buildings are depreciated over estimated 
useful  lives  from  ten  to  twenty-five  years,  equipment  over  useful  lives  from  three  to  five  years,  software 
development over useful lives of three to five years and leasehold improvements over the life of the lease, generally 
not exceeding five years. Beginning in fiscal year 2011, tooling is depreciated using the straight-line method over 
the forecasted life of the tool, not to exceed one year from the time it is placed into production. Prior to fiscal year 
2011, depreciation for tooling was calculated based on the forecasted production volume and adjusted quarterly 
based on actual production. 

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When property and equipment is retired or otherwise disposed of, the cost and accumulated depreciation are 

relieved from the accounts and the net gain or loss is included in the determination of net income. 

Goodwill and Other Intangible Assets 

The Company’s intangible assets principally include goodwill, acquired technology, trademarks, customer 
contracts and customer relationships, and other. Intangible assets with finite lives, which include acquired technology, 
trademarks, customer contracts and customer relationships, and other, are recorded at cost and amortized using 
the straight-line method over their useful lives ranging from one year to ten years. Intangible assets with indefinite 
lives, which include goodwill, are recorded at cost and evaluated at least annually for impairment. 

Impairment of Long-Lived Assets 

The Company reviews long-lived assets, such as investments, property and equipment, and intangible assets, 
for  impairment  whenever  events  indicate  that  the  carrying  amounts  might  not  be  recoverable.  Recoverability 
of  investments,  property  and  equipment,  and  other  intangible  assets  is  measured  by  comparing  the  projected 
undiscounted net cash flows associated with those assets to their carrying values. If an asset is considered impaired, 
it  is  written  down  to  fair  value,  which  is  determined  based  on  the  asset’s  projected  discounted  cash  flows  or 
appraised value, depending on the nature of the asset. 

Goodwill  is  evaluated  for  impairment  at  least  annually  and  whenever  events  or  changes  in  circumstances 
indicate  that  the  carrying  amount  may  not  be  recoverable  from  estimated  future  cash  flows.  Recoverability  of 
goodwill  is  measured  at  the  reporting  unit  level  by  comparing  the  reporting  unit’s  carrying  amount,  including 
goodwill, to the fair value of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, 
goodwill is considered impaired, and a second test is performed to measure the amount of the impairment loss. 

Income Taxes 

The Company provides for income taxes using the liability method, which requires that deferred tax assets 
and  liabilities  be  recognized  for  the  expected  future  tax  consequences  of  temporary  differences  resulting  from 
differing  treatment  of  items  for  tax  and  accounting  purposes.  In  estimating  future  tax  consequences,  expected 
future events are taken into consideration, with the exception of potential tax law or tax rate changes. 

The Company’s assessment of uncertain tax positions requires that management make estimates and judgments 
about the application of tax law, the expected resolution of uncertain tax positions and other matters. In the event 
that uncertain tax positions are resolved for amounts different than the Company’s estimates, or the related statutes 
of limitations expire without the assessment of additional income taxes, the Company will be required to adjust the 
amounts of the related assets and liabilities in the period in which such events occur. Such adjustments may have a 
material impact on the Company’s income tax provision and its results of operations. 

Fair Value of Financial Instruments 

The  carrying  value  of  certain  of  the  Company’s  financial  instruments,  including  cash,  cash  equivalents, 
accounts receivable, accounts payable and accrued liabilities approximates fair value due to their short maturities. 
The Company’s trading investments are reported at fair value based on quoted market prices, and available-for-sale 
securities are reported at estimated fair value. 

Net Income per Share 

Basic net income per share is computed by dividing net income by the weighted average outstanding shares. 
Diluted  net  income  per  share  is  computed  using  the  weighted  average  outstanding  shares  and  dilutive  share 
equivalents. Dilutive share equivalents consist of share-based compensation awards, including stock options and 
restricted stock. 

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The dilutive effect of in-the-money share-based compensation awards is calculated based on the average share 
price for each fiscal period using the treasury stock method, which assumes that the amount used to repurchase 
shares includes the amount the employee must pay for exercising share-based awards, the amount of compensation 
cost not yet recognized for future service, and the amount of tax impact that would be recorded in additional paid-in 
capital when the award becomes deductible. 

Share-Based Compensation Expense 

Share-based  compensation  expense  includes  compensation  expense,  reduced  for  estimated  forfeitures,  for 
share-based compensation awards granted after April 1, 2006 based on the grant-date fair value. The grant date 
fair value for stock options and stock purchase rights is estimated using the Black-Scholes-Merton option-pricing 
valuation model. The grant date fair value of RSUs (restricted stock units) which vest upon meeting certain market 
conditions is estimated using the Monte-Carlo simulation method. The grant date fair value of time-based RSUs is 
calculated based on the share market price on the date of grant. For stock options and restricted stock assumed by 
Logitech when LifeSize was acquired, the grant date used to estimate fair value is deemed to be December 11, 2009, 
the date of acquisition. Compensation expense for awards granted or assumed after April 1, 2006 is recognized on 
a straight-line basis over the service period of the award, which is generally the vesting term of four years (single-
option approach) for stock options and one to four years for RSUs. 

For share-based compensation awards granted prior to but not yet vested as of April 1, 2006, share-based 
compensation  expense  is  based  on  the  grant-date  fair  value  estimated  using  the  Black-Scholes-Merton  option-
pricing valuation model reduced for estimated forfeitures. Compensation expense for these awards is recognized 
on  a  straight-line  basis  over  the  service  period  for  each  separately  vesting  portion  of  the  award  (multiple-
option approach).

Tax benefits resulting from the exercise of stock options are classified as cash flows from financing activities 
in  the  consolidated  statement  of  cash  flows.  Excess  tax  benefits  are  realized  tax  benefits  from  tax  deductions 
for  exercised  options  in  excess  of  the  deferred  tax  asset  attributable  to  share-based  compensation  costs  for 
such options.

The Company will recognize a benefit from share-based compensation in paid-in capital only if an incremental 
tax benefit is realized after all other available tax attributes have been utilized. For income tax footnote disclosure, 
the Company has elected to offset deferred tax assets against the valuation allowance related to the net operating 
loss and tax credit carryforwards from accumulated tax benefits. The Company will recognize these tax benefits 
in paid-in capital when the deduction reduces cash taxes payable. In addition, the Company has elected to account 
for  the  indirect  benefits  of  share-based  compensation  on  the  research  tax  credit  through  the  income  statement 
(continuing operations) rather than through paid-in capital. 

Comprehensive Income 

Comprehensive income is defined as the total change in shareholders’ equity during the period other than from 
transactions with shareholders. Comprehensive income consists of net income and other comprehensive income, 
a component of shareholders’ equity. Other comprehensive income is comprised of foreign currency translation 
adjustments from those entities not using the U.S. dollar as their functional currency, unrealized gains and losses 
on marketable equity securities, net deferred gains and losses and prior service costs for defined benefit pension 
plans, and net deferred gains and losses on hedging activity. 

Treasury Shares 

The Company periodically repurchases shares in the market at fair value. Treasury shares repurchased are 
recorded at cost, as a reduction of total shareholders’ equity. Treasury shares held are reissued to satisfy the exercise 
of employee stock options and purchase rights, and the vesting of restricted stock units. 

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Derivative Financial Instruments 

The  Company  enters  into  foreign  exchange  forward  contracts  to  reduce  the  short-term  effects  of  foreign 
currency fluctuations on certain foreign currency receivables or payables and to hedge against exposure to changes 
in  foreign  currency  exchange  rates  related  to  its  subsidiaries’  forecasted  inventory  purchases.  These  forward 
contracts generally mature within one to three months. The Company may also enter into foreign exchange swap 
contracts to extend the terms of its foreign exchange forward contracts. 

Gains  and  losses  in  the  fair  value  of  the  effective  portion  of  our  forward  contracts  related  to  forecasted 
inventory  purchases  are  deferred  as  a  component  of  accumulated  other  comprehensive  loss  until  the  hedged 
inventory  purchases  are  sold,  at  which  time  the  gains  or  losses  are  reclassified  to  cost  of  goods  sold.  Gains  or 
losses in fair value on forward contracts which offset translation losses or gains on foreign currency receivables or 
payables are recognized in earnings monthly and are included in other income (expense), net. 

Recent Accounting Pronouncements 

In December 2010, the FASB (Financial Accounting Standards Board) issued ASU 2010-28, Intangibles — 
Goodwill and Other (Topic 350): When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with 
Zero or Negative Carrying Amounts. For reporting units with zero or negative carrying amounts, if it is more likely 
than not that a goodwill impairment exists, ASU 2010-28 requires performance of an additional test to determine 
whether  goodwill  has  been  impaired  and  to  calculate  the  amount  of  impairment.  In  determining  whether  it  is 
more likely than not that a goodwill impairment exists, an entity should consider whether there are any adverse 
qualitative factors indicating that an impairment may exist. ASU 2010-28 is effective for fiscal years and interim 
periods  within  those  years  beginning  after  December  15,  2010.  Logitech  will  adopt  ASU  2009-28  in  the  first 
quarter of fiscal year 2012. The impact of adopting ASU 2010-28 will not be known until the Company performs 
its evaluations of goodwill impairment. 

In  December  2010,  the  FASB  issued  ASU  2010-29,  Business  Combinations  (Topic  805):  Disclosure  of 
Supplementary Pro Forma Information for Business Combinations. ASU 2010-29 specifies that, for material business 
combinations when comparative financial statements are presented, revenue and earnings of the combined entity 
should be disclosed as though the business combination had occurred as of the beginning of the comparable prior 
annual reporting period. ASU 2010-09 also expands the supplemental pro forma disclosures to include a description 
of  the  nature  and  amount  of  material,  nonrecurring  pro  forma  adjustments  directly  attributable  to  the  business 
combination included in the reported pro forma revenue and earnings. ASU 2010-09 is effective prospectively for 
business combinations with an acquisition date on or after the beginning of the first annual reporting period after 
December 15, 2010. We will adopt this guidance for acquisitions beginning in fiscal year 2012.

Note 3 — Net Income per Share 

The computations of basic and diluted net income per share for the Company were as follows (in thousands 

except per share amounts): 

Net income — basic and diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
Weighted average shares — basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of dilutive stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Year ended March 31,
2010
$ 64,957
177,279
2,061

2011
$128,460
176,928
1,862

2009
$107,032
178,811
4,100

Weighted average shares — diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net income per share — basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net income per share — diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

178,790

179,340

182,911

$

$

0.73

0.72

$

$

0.37

0.36

$

$

0.60

0.59

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Employee equity share options, non-vested shares and similar share-based compensation awards granted by 
the Company are treated as potential shares in computing diluted net income per share. Diluted shares outstanding 
include  the  dilutive  effect  of  in-the-money  share-based  awards  which  is  calculated  based  on  the  average  share 
price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount that the 
employee must pay for exercising share-based awards, the amount of compensation cost for future service that the 
Company has not yet recognized, and the amount of tax impact that would be recorded in additional paid-in capital 
when the award becomes deductible are assumed to be used to repurchase shares. 

During fiscal years 2011, 2010 and 2009, 13,705,406, 15,186,997 and 10,567,217 share equivalents attributable 
to outstanding stock options and RSUs were excluded from the calculation of diluted net income per share because 
the  combined  exercise  price,  average  unamortized  fair  value  and  assumed  tax  benefits  upon  exercise  of  these 
options and RSUs were greater than the average market price of the Company’s shares, and therefore their inclusion 
would have been anti-dilutive. 

The  following  table  illustrates  the  dilution  effect  of  share-based  awards  granted,  assumed  and  exercised 

(in thousands):

Basic weighted average shares outstanding as of March 31  . . . . . . . . . . . .
Stock options and RSUs granted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock options and restricted stock assumed in LifeSize acquisition . . . . . .
Stock options and RSUs canceled, forfeited, or expired . . . . . . . . . . . . . . .
Net awards granted and assumed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Grant dilution(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock options exercised and RSUs vested . . . . . . . . . . . . . . . . . . . . . . . . . .
Exercise dilution(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
176,928
2,431
—
(1,411)

Year ended March 31
2010
177,279
3,902
1,078
(1,440)

2009
178,811
4,239
—
(1,163)

1,020

0.6%

2,889

1.6%

3,540

2.0%

1,980

1.1%

3,076

1.7%

2,037

1.1%

(1)  The percentage of grant dilution is computed based on net awards granted and assumed as a percentage of 

basic weighted average shares outstanding. 

(2)  The percentage of exercise dilution is computed based on options exercised as a percentage of basic weighted 

average shares outstanding.

Note 4 — Fair Value Measurements 

The  Company  considers  fair  value  as  the  exchange  price  that  would  be  received  for  an  asset  or  paid  to 
transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly 
transaction between market participants at the measurement date. The Company utilizes the following three-level 
fair value hierarchy to establish the priorities of the inputs used to measure fair value: 

•	 Level 1 — Quoted prices in active markets for identical assets or liabilities. 

•	 Level 2 — Observable inputs other than quoted market prices included in Level 1, such as quoted prices 
for  similar  assets  and  liabilities  in  active  markets;  quoted  prices  for  identical  or  similar  assets  and 
liabilities in markets that are not active; or other inputs that are observable or can be corroborated by 
observable market data. 

•	 Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant 
to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow 
methodologies and similar techniques that use significant unobservable inputs. 

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The following table presents the Company’s financial assets and liabilities that were accounted for at fair 

value as of March 31, 2011 and 2010, classified by the level within the fair value hierarchy (in thousands): 

March 31, 2011

March 31, 2010

Cash and cash equivalents  . . . . . . . . . . . . . . . . . .
Trading investments . . . . . . . . . . . . . . . . . . . . . . .
Available-for-sale securities . . . . . . . . . . . . . . . . .
Foreign exchange derivative assets  . . . . . . . . . . .

Total assets at fair value . . . . . . . . . . . . . . . . . . . .
Foreign exchange derivative liabilities . . . . . . . . .

Level 1
$477,931
13,113
—
566

$ 491,610
$ 1,881

Level 3

Level 1

Level 2
$ — $ — $ 319,944
—
—
—
1,695
599
—

—
—
—

$ — $1,695
$ — $ — $

$320,543
366

Total liabilities at fair value  . . . . . . . . . . . . . . . . .

$ 1,881

$ — $ — $

366

Notes 5 and 14 describe the valuation techniques and inputs used to determine fair value. 

Level 2
$ —
—
—
—

$ —
$ —

$ —

Level 3
$ —
—
994
—

$994
$ —

$ —

Note 5 — Cash and Cash Equivalents and Investment Securities 

Cash and cash equivalents consist of bank demand deposits and time deposits. The time deposits have original 

terms of less than 32 days. Cash and cash equivalents are carried at cost, which approximates fair value. 

The  Company’s  investment  securities  consist  of  marketable  securities  related  to  a  management  deferred 

compensation plan and auction rate securities collateralized by residential and commercial mortgages. 

The marketable securities are classified as non-current trading investments and do not have maturity dates. 
Since  participants  in  the  management  deferred  compensation  plan  may  select  the  mutual  funds  in  which  their 
compensation deferrals are invested, and may actively trade funds within the confines of the Rabbi Trust which 
holds the marketable securities, the Company has designated these marketable securities as trading investments. 
Management has classified the investments as non-current assets because final sale of the investments or realization 
of proceeds by plan participants is not expected within the Company’s normal operating cycle of one year. The 
marketable securities are recorded at a fair value of $13.1 million as of March 31, 2011, based on quoted market 
prices. Quoted market prices are observable inputs that are classified as Level 1 within the fair value hierarchy. 
Earnings, gains and losses on trading investments are included in other income (expense), net. 

The  auction  rate  securities  are  classified  as  non-current  available-for-sale  securities.  These  securities  are 
collateralized by residential and commercial mortgages, and are second-priority senior secured floating rate notes 
with maturity dates in excess of 10 years. Interest rates on these notes were intended to reset through an auction 
every 28 days, however auctions for these securities have failed since August 2007. Four of the securities with par 
value of $32.2 million and estimated fair value of $0.9 million have experienced events of default, and two of these 
four securities have declared acceleration. The auction rate securities are currently rated below investment grade. 
The Company does not expect to realize the proceeds, if any, from these securities until a future auction of these 
securities is successful or a buyer is found outside of the auction process. The auction rate securities are reported 
at estimated fair value at March 31, 2011 and 2010 of $1.7 million and $1.0 million. The estimated fair value was 
determined by estimating future cash flows through time according to each security’s terms, including periodic 
consideration of overcollateralization and interest coverage tests, and incorporating estimates of default rate, loss 
severity,  prepayment,  and  delinquency  assumptions  when  available,  for  the  underlying  assets  in  the  securities 
based on representative indices and various research reports. The estimated coupon and principal payments are 
discounted at the rate of return required by investors, based on the characteristics of each security as calculated 
from the indices. The par value of the auction rate securities at March 31, 2011 and 2010 was $47.5 million. Declines 
in  fair  value  of  the  auction  rate  securities  are  deemed  other-than-temporary  and  are  included  in  other  income 
(expense), net. Increases in fair value are deemed not-other-than-temporary and are included in accumulated other 
comprehensive income (loss). 

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The following table presents the changes in fair value of the Company’s auction rate securities during fiscal 

years 2011 and 2010: 

Auction rate securities, beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unrealized gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unrealized loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Auction rate securities, ending balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

March 31, 

2011
$ 994
744
(43)

2010
$ 1,637
—  
(643)

$1,695

$ 994

Note 6 — Acquisitions and Divestitures 

Paradial 

On July 6, 2010, Logitech acquired substantially all of the assets and employees of Paradial AS, a Norwegian 
company providing firewall and NAT (network address translation) traversal solutions for video communications. 
The  acquisition  will  allow  the  Company  to  closely  integrate  firewall  and  NAT  traversal  across  its  video 
communications  product  portfolio,  enabling  end-to-end  HD  video  calling  over  highly  protected  networks.  The 
acquisition has been treated as an acquisition of a business and has been accounted for using the purchase method of 
accounting. The total consideration paid of $7.3 million was allocated based on estimated fair values to $7.0 million 
of identifiable intangible assets and $0.1 million of assumed liabilities, with the remaining balance allocated to 
goodwill. The intangible assets acquired are amortized on a straight-line basis over their estimated useful lives 
of five years. The goodwill associated with the acquisition is not subject to amortization and is not expected to be 
deductible for income tax purposes. 

LifeSize 

On December 11, 2009, pursuant to a merger agreement signed November 10, 2009, Logitech acquired LifeSize 
Communications,  Inc.,  an  Austin,  Texas-based  privately-held  company  specializing  in  high  definition  video 
communication products and services. Logitech expects the acquisition to drive growth in video communication 
for the enterprise and small-to-medium business markets by leveraging the two companies’ technology expertise, 
including camera design, firewall traversal, video compression and bandwidth management. 

The total consideration paid to acquire LifeSize was $382.8 million, not including cash acquired of $3.7 million. 
In addition, Logitech incurred $6.6 million in transaction costs, which are included in operating expenses. Logitech 
paid $382.3 million in cash to the holders of all outstanding shares of LifeSize capital stock, all vested options 
issued by LifeSize, and all outstanding warrants to purchase LifeSize stock. As part of the acquisition, Logitech 
assumed all outstanding unvested LifeSize stock options and unvested restricted stock held by continuing LifeSize 
employees  at  December  11,  2009.  The  assumed  options  are  exercisable  for  a  total  of  approximately  1.0  million 
Logitech shares and the assumed restricted stock was exchanged for 0.1 million Logitech shares. The stock options 
and restricted stock continue to have the same terms and conditions as under LifeSize’s option plan. The fair value 
attributable to precombination employee services for the stock options assumed, which is part of the consideration 
paid  to  acquire  LifeSize,  was  $0.5  million.  The  weighted  average  fair  value  of  $12.07  per  share  for  the  stock 
options assumed was determined using a Black-Scholes-Merton option-pricing valuation model with the following 
weighted-average assumptions: expected term of 2.0 years, expected volatility of 57%, and risk-free interest rate 
of 0.7%. 

The total cash consideration paid of $382.3 million included $37.0 million deposited into an escrow account 
as security for indemnification claims under the merger agreement and $0.5 million deposited in a stockholder 
representative expense fund. The escrow trustee disbursed 50% of the escrow fund to the former holders of LifeSize 
capital stock, vested options and warrants in December 2010, and the remaining fifty percent will be disbursed in 
June 2011, subject to indemnification claims. 

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In connection with the merger, Logitech also agreed to establish a cash and stock option retention and incentive 
plan for certain LifeSize employees, linked to the achievement of LifeSize performance targets. The duration of 
the plan’s performance period is two years, from January 1, 2010 to December 31, 2011. The total available cash 
incentive is $9.0 million over the two year performance period. As of March 31, 2011, approximately $5.6 million 
has been accrued for this cash incentive. In December 2009, options to purchase 850,000 Logitech shares were 
issued in connection with the retention and incentive plan. 

The  acquisition  has  been  accounted  for  using  the  purchase  method  of  accounting.  Accordingly,  the  total 
consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their 
estimated fair values as of the acquisition date. Fair values were determined by Logitech management based on 
information available at the date of acquisition. 

The allocation of total consideration to the assets acquired and liabilities assumed based on the estimated fair 

value of LifeSize was as follows (in thousands): 

Tangible assets acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax asset, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Intangible assets acquired

Existing technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Patents and core technology  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trademark/trade name. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Customer relationships and other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Goodwill. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Liabilities assumed  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Debt assumed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Estimated 
Life

December 11, 
2009
$ 33,635
8,828

4 years
3 years
5 years
5 years
—

30,000
4,500
7,600
31,500
307,241
423,304
(26,985)
(13,505)

Total consideration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 382,814

The deferred tax asset primarily relates to the tax benefit of a net operating loss carryforward, net of the deferred 
tax liability related to intangible assets. The existing technology of LifeSize relates to the platform technology used 
in LifeSize’s high-definition video conferencing systems. The value of the technology was determined based on the 
present value of estimated expected cash flows attributable to the technology, assuming the highest and best use by 
a market participant. The patents and core technology represent awarded patents, filed patent applications and core 
architectures, trade secrets or processes used in LifeSize’s current and planned future products. Trademark/trade 
name relates to the LifeSize brand names. The value of the patents, core technology and trademark/trade name 
was estimated by capitalizing the estimated profits saved as a result of acquiring or licensing the asset. Customer 
relationships and other relates to the ability to sell existing, in-process, and future versions of the technology and 
services to LifeSize’s existing customer  base, valued based on  projected  discounted cash flows  generated from 
customers in place. The intangible assets acquired are amortized on a straight-line basis over their estimated useful 
lives. The goodwill associated with the acquisition is primarily attributable to the opportunities and economies of 
scale from combining the operations and technologies of Logitech and LifeSize. This goodwill is not subject to 
amortization and is not expected to be deductible for income tax purposes. The debt that Logitech assumed as part 
of the acquisition was repaid in full on December 18, 2009. 

Unaudited pro forma financial information 

The unaudited pro forma financial information in the table below summarizes the combined results of operations 
of Logitech and LifeSize during the fiscal years ended March 31, 2010 and 2009 as though the acquisition took place 
as of the beginning of each fiscal year. The pro forma financial information also includes certain adjustments such 

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as amortization expense from acquired intangible assets, share-based compensation expense related to unvested 
stock options and restricted stock assumed, depreciation adjustments from alignment of the companies’ policies 
related to property, plant and equipment, interest expense related to debt assumed, expense related to retention 
bonuses, pre-acquisition transaction costs, and the income tax impact of the pro forma adjustments. The pro forma 
financial information presented below (in thousands except per share amounts) is for informational purposes only 
and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at 
the beginning of the periods presented. 

Net sales  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income per share — basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income per share — diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

TV Compass 

2010

2009

(Unaudited)

$2,023
$
44
$ 0.25
$ 0.25

$2,282
$
82
$ 0.46
$ 0.45

On November 27, 2009, Logitech acquired certain assets from TV Compass, Inc., a Chicago, Illinois-based 
company providing video software and services for the Web and mobile devices. The acquisition has been treated 
as an acquisition of a business and has been accounted for using the purchase method of accounting. The total 
consideration  paid  of  $10.0  million  was  allocated  based  on  estimated  fair  values  to  $4.2  million  of  identifiable 
intangible assets, with the balance allocated to goodwill. Fair values were determined by Company management 
based on information available at the date of acquisition. The intangible assets acquired are amortized on a straight-
line basis over their estimated useful lives of 6 years. The goodwill results from expected incremental revenue from 
the use of the acquired technology in enhancing our products. The goodwill is not subject to amortization and is not 
expected to be deductible for income tax purposes. In addition, Logitech incurred $0.3 million in transaction costs, 
which are included in operating expenses. 

SightSpeed 

In October 2008, the Company acquired SightSpeed Inc., a privately held company providing high-quality 
Internet  video  communications  services.  The  acquisition  of  SightSpeed  provided  Logitech  with  video  calling 
technology  and  a  software  and  services  development  team  that  is  focused  on  future  video  calling  initiatives  to 
enable cross-platform video communications.

Total consideration paid was $30.9 million, which includes $0.8 million in transaction costs. Under the terms 

of the purchase agreement, the Company acquired all of the outstanding shares of SightSpeed. 

The  acquisition  has  been  accounted  for  using  the  purchase  method  of  accounting.  Accordingly,  the  total 
consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their 
estimated  fair  values  as  of  the  acquisition  date.  Fair  values  were  determined  by  Company  management  based 
on  information  available  at  the  date  of  acquisition.  The  results  of  operations  of  SightSpeed  were  included  in 
Logitech’s consolidated financial statements from the date of acquisition, and were not material to the Company’s 
reported results. 

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The allocation of total consideration, including transaction costs, to the assets acquired and liabilities assumed 

based on the estimated fair value of SightSpeed was as follows (in thousands): 

Tangible assets acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax asset, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Intangible assets acquired

Existing technology  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Patents and core technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trademark/trade name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Customer relationships and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In-process research and development . . . . . . . . . . . . . . . . . . . . . . . . . . .
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Liabilities assumed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total consideration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Estimated  
Life

5 years
5 years
2 years
4.9 years
—
—

November 3, 
2008 
370
6,622

$

800
2,700
200
1,200
1,000
18,751
31,643
(756)
$30,887

The deferred tax asset relates to the tax benefit of a net operating loss carryforward, net of the deferred tax 
liability related to intangible assets. The existing technology of SightSpeed relates to internet video communications 
services that allow users to make video calls, computer-to-computer voice calls, and calls to regular telephones with 
free and prepaid versions. In-process research and development had not reached technological feasibility at the time 
of the acquisition and had no further alternative uses, and was expensed immediately to research and development 
expense upon consummation of the acquisition. The value of the technology was determined based on the present 
value of estimated expected cash flows attributable to the technology. The patents and core technology represent 
awarded patents, filed patent applications and core architectures used in SightSpeed’s current and planned future 
products. Trademark/trade name relates to the SightSpeed brand names. The value of the patents, core technology 
and trademark/trade name was estimated by capitalizing the estimated profits saved as a result of acquiring or 
licensing the asset. Customer relationships and other relates to the ability to sell existing, in-process, and future 
versions  of  the  technology  to  SightSpeed’s  existing  customer  base,  valued  based  on  projected  discounted  cash 
flows generated from customers in place. The intangible assets acquired are amortized on a straight-line basis over 
their estimated useful lives. The goodwill associated with the acquisition is not subject to amortization and is not 
expected to be deductible for income tax purposes. 

Ultimate Ears 

In August 2008, the Company acquired the Ultimate Ears companies, a privately held group of companies 
offering a range of earphones for portable-music enthusiasts as well as a line of custom-fit in-ear monitors for music 
professionals. The acquisition is part of the Company’s strategy to expand its portfolio of digital audio products, 
providing more options for portable music listening. 

Total consideration paid was $34.5 million, which includes $0.7 million in transaction costs. Under the terms 
of the purchase agreement, the Company acquired all of the outstanding equity interests of Ultimate Ears for $33.8 
million, including a $6.9 million holdback provision relating to potential indemnification claims, of which $6.1 
million has been disbursed and $0.8 million is recorded as a liability as of March 31, 2011. The holdback provision 
has been included as part of the purchase price allocation below. 

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The  acquisition  has  been  accounted  for  using  the  purchase  method  of  accounting.  Accordingly,  the  total 
consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their 
estimated  fair  values  as  of  the  acquisition  date.  Fair  values  were  determined  by  Company  management  based 
on information available at the date of acquisition. The results of operations of Ultimate Ears were included in 
Logitech’s consolidated financial statements from the date of acquisition, and were not material to the Company’s 
reported results. 

The allocation of total consideration, including transaction costs, to the assets acquired and liabilities assumed 

based on the estimated fair value of Ultimate Ears was as follows (in thousands): 

Tangible assets acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Intangible assets acquired

Existing technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Patents and core technology  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trademark/trade name. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Customer relationships and other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Goodwill. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Liabilities assumed  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax liability, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total consideration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Estimated  
Life

4 years
4 years
5 years
5 years
—

August 19,  
2008 
$ 4,132

5,900
1,900
2,900
2,500
25,254
42,586
(2,845)
(5,235)
$34,506

The existing technology of Ultimate Ears relates to the technical components used in the in-ear monitors and 
earplugs. The value of the technology was determined based on the present value of estimated expected cash flows 
attributable to the technology. The patents and core technology represent awarded patents, filed patent applications 
and core architectures used in Ultimate Ears’ current and planned future products. Trademark/trade name relates to 
the Ultimate Ears brand names. The value of the patents, core technology and trademark/trade name was estimated 
by capitalizing the estimated profits saved as a result of acquiring or licensing the asset. Customer relationships and 
other relates to Ultimate Ears’ existing customer base, valued based on projected discounted cash flows generated 
from customers in place. The intangible assets acquired are amortized on a straight-line basis over their estimated 
useful lives. The goodwill associated with the acquisition is not subject to amortization and is not expected to be 
deductible for income tax purposes. The deferred tax liability relates to the acquired intangible assets which are 
also not expected to be deductible for income tax purposes. 

3Dconnexion 

On March 31, 2011, the Company sold its equity interest in certain 3Dconnexion subsidiaries, the provider 
of the Company’s 3D controllers, and its intellectual property rights related to the manufacture and sale of certain 
3Dconnexion products, to a group of third party individuals and certain 3Dconnexion employees. The sale price 
was $9.1 million, not including cash retained. Under the sale agreement, the Company will continue to manufacture 
3Dconnexion  products  and  sell  to  the  buyers  for  a  period  of  three  years.  The  loss  resulting  from  the  sale  was 
not material. 

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Note 7 — Balance Sheet Components 

The following provides the components of certain balance sheet asset amounts as of March 31, 2011 and 2010 

(in thousands):

Accounts receivable:

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allowance for doubtful accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allowance for returns  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cooperative marketing arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Customer incentive programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pricing programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Inventories:

Raw materials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Work-in-process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Finished goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other current assets:

Tax and VAT refund receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prepaid expenses and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Property, plant and equipment:

Plant, buildings and improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equipment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Computer equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Computer software. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less: accumulated depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Construction-in-progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other assets:

Deferred taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trading investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash surrender value of life insurance contracts  . . . . . . . . . . . . . . . . . . . . . . . . . .
Deposits and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

March 31, 

2011 

2010 

$ 435,331
(4,086)
(29,666)
(28,669)
(52,358)
(62,258)
$ 258,294

$ 37,126
3
243,685
$ 280,814

$ 17,810
27,018
14,519
$ 59,347

$ 52,681
137,248
60,344
85,338
335,611
(260,283)
75,328
5,974
2,858
$ 84,160

$ 55,897
13,113
—
10,200
$ 79,210

$ 349,722
(5,870)
(23,657)
(17,527)
(44,306)
(63,115)
$ 195,247

$ 31,630
86
187,877
$ 219,593

$ 20,305
27,064
11,508
$ 58,877

$ 58,629
112,454
53,576
78,156
302,815
(224,485)
78,330
9,751
3,148
$ 91,229

$ 45,257
—
11,097
9,576
$ 65,930

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The following provides the components of certain balance sheet liability amounts as of March 31, 2011 and 

2010 (in thousands): 

Accrued liabilities:

Accrued personnel expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued marketing expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued freight and duty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Warranty accrual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-retirement post-employment benefit obligations. . . . . . . . . . . . . . . . . . . . . . . . .
Income taxes payable — current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued restructuring . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other accrued liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Long-term liabilities:

Income taxes payable — non-current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Obligation for management deferred compensation . . . . . . . . . . . . . . . . . . . . . . . . . .
Defined benefit pension plan liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

March 31, 

2011

2010

$ 50,552
32,599
15,859
12,497
5,144
4,970
3,563
2,569
—
44,807
$172,560

$131,968
13,076
26,645
14,146
$185,835

$ 51,378
28,052
16,683
12,696
4,402
3,002
2,761
8,875
399
54,088
$182,336

$116,456
10,307
19,343
13,566
$159,672

The following table presents the changes in the allowance for doubtful accounts during fiscal years ended 

March 31, 2011, 2010 and 2009 (in thousands): 

Allowance for doubtful accounts, beginning balance. . . . . . . . . . . . . . . . . . . . . .
Bad debt expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Write-offs net of recoveries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allowance for doubtful accounts, ending balance  . . . . . . . . . . . . . . . . . . . . . . . .

2011 
$ 5,870
663
(2,447)
$ 4,086

March 31, 
2010 
$6,705
(72)
(763)
$5,870

2009 
$2,497
5,102
(894)
$6,705

Note 8 — Goodwill and Other Intangible Assets 

The following table summarizes the activity in the Company’s goodwill account during fiscal years ended 

March 31, 2011 and 2010 (in thousands): 

Goodwill, beginning balance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sale of business  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other adjustments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Goodwill, ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

March 31, 

2011 
$553,462
332
(6,610)
—
$547,184

2010 
$242,909
313,041
—
(2,488)
$553,462

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Additions to goodwill during fiscal year 2011 related to our acquisition of Paradial. Additions to goodwill 
during fiscal year 2010 primarily related to our acquisitions of LifeSize and TV Compass. The divestiture relates to 
goodwill associated with the 3Dconnexion entities which were sold on March 31, 2011. The adjustment to goodwill 
in fiscal year 2010 represents an adjustment of the deferred tax asset recognized in connection with the acquisitions 
of SightSpeed, Inc. and the Ultimate Ears companies. 

Logitech maintains discrete financial information for LifeSize and accordingly, the acquired goodwill related 
to  the  LifeSize  acquisition  is  separately  evaluated  for  impairment  at  the  entity  level.  The  Company  has  fully 
integrated the Paradial business into LifeSize, and discrete financial information for Paradial is not maintained. 
Accordingly, the acquired goodwill related to Paradial is evaluated for impairment at the LifeSize entity level. 

The  Company  has  fully  integrated  the  TV  Compass  business  into  the  Company’s  other  operations,  and 
discrete financial information for TV Compass is not maintained. Accordingly, the acquired goodwill related to 
TV Compass is evaluated for impairment at the total enterprise level. 

The Company performs its annual goodwill impairment analyses of our operating segments during its fourth 
fiscal quarter or more frequently if events or circumstances indicate that an impairment may have occurred. Based 
on the impairment analyses performed, the fair value of each of our operating segments exceeded the carrying 
value of the segment by more than 50% of the carrying value. 

The Company’s acquired other intangible assets subject to amortization were as follows (in thousands): 

Trademark/tradename. . . . . . 
Technology . . . . . . . . . . . . . .
Customer contracts . . . . . . . .

Gross Carrying 
Amount 
$ 31,907
88,068
38,537
$158,512

March 31, 2011 
Accumulated 
Amortization 
$(23,290)
(45,686)
(14,920)
$(83,896)

Net Carrying 
Amount 
$ 8,617
42,382
23,617
$74,616

Gross Carrying 
Amount 
$ 32,051
87,968
38,517
$158,536

March 31, 2010 
Accumulated 
Amortization 
$(20,421)
(36,033)
(6,686)
$(63,140)

Net Carrying 
Amount 
$ 11,630
51,935
31,831
$95,396

During fiscal year 2011, changes in the gross carrying value of other intangible assets related primarily to 
our acquisition of Paradial. During fiscal year 2010, changes in the gross carrying value of other intangible assets 
related primarily to our acquisitions of LifeSize and TV Compass. 

For fiscal years 2011, 2010 and 2009, amortization expense for other intangible assets was $27.8 million, $14.5 
million and $8.2 million. The Company expects that annual amortization expense for the fiscal years ending 2012, 
2013, 2014, and 2015 will be $26.0 million, $23.1 million, $16.9 million, $8.2 million, and $0.4 million thereafter. 

Note 9 — Financing Arrangements 

The  Company  had  several  uncommitted,  unsecured  bank  lines  of  credit  aggregating  $117.1  million  at 
March 31, 2011. There are no financial covenants under these lines of credit with which the Company must comply. 
At March 31, 2011, the Company had no outstanding borrowings under these lines of credit. 

Note 10 — Shareholders’ Equity 

Share Capital 

The Company’s nominal share capital is CHF 47,901,655, consisting of 191,606,620 shares with a par value of 

CHF 0.25 each, all of which were issued and 12,433,614 of which were held in treasury as of March 31, 2011. 

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In  September  2008,  the  Company’s  shareholders  approved  an  amendment  to  the  Company’s  Articles  of 
Incorporation  which  decreased  the  conditional  capital  reserved  for  potential  issuance  on  the  exercise  of  rights 
granted under the Company’s employee equity incentive plans from 60,661,860 shares to 25,000,000 shares. The 
Board of Directors determined that the reduced amount of conditional capital, together with a portion of its shares 
held in treasury, was adequate to cover employee equity incentives without impacting the ability of the Company 
to maintain employee equity incentive plans. 

In September 2008, the shareholders also approved the creation of conditional capital representing the issuance 
of up to 25,000,000 shares to cover any conversion rights under a future convertible bond issuance. This conditional 
capital was created in order to provide financing flexibility for future expansion, investments or acquisitions. 

Dividends 

Pursuant to Swiss corporate law, Logitech International S.A. may only pay dividends in Swiss francs. The 
payment  of  dividends  is  limited  to  certain  amounts  of  unappropriated  retained  earnings  (CHF  507.7  million  or 
$554.6 million based on exchange rates at March 31, 2011) and is subject to shareholder approval. 

Legal Reserves 

Under Swiss corporate law, a minimum of 5% of the Company’s annual net income must be retained in a legal 
reserve until this legal reserve equals 20% of the Company’s issued and outstanding aggregate par value per share 
capital. These legal reserves represent an appropriation of retained earnings that are not available for distribution 
and totaled $10.5 million at March 31, 2011 (based on exchange rates at March 31, 2011). 

Additionally, under Swiss corporate law, the Company is required to establish a reserve equal to the amount 
of treasury shares repurchased at year-end. The reserve for treasury shares, which is not available for distribution, 
totaled $307.6 million at March 31, 2011. 

Share Repurchases 

During fiscal years 2011, 2010 and 2009, the Company had the following approved share buyback programs 

in place (in thousands): 

Date of Announcement
September 2008  . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 2007  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Approved 
Buyback 
Amount 
$250,000
$250,000

Expiration Date 
September 2012
September 2010

Completion Date 
—  
March 2010

Amount 
Remaining 
$250,000
—  
$

The Company repurchased shares under these buyback programs as follows (in thousands): 

Amounts Repurchased During Year ended March 31,(1)

Date of Announcement
June 2007  . . . . . . . . . . . . . . . . . . .

Program to date
Amount
Shares
11,978 $250,555 —

2011
Shares Amount

$—

2010

Shares
Amount
7,425 $126,301

2009
Shares Amount
2,803 $78,870

(1)  Represents the amount in U.S. dollars, calculated based on exchange rates on the repurchase dates.

The Company has not started repurchases under the September 2008 program. 

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Accumulated Other Comprehensive Loss 

The components of accumulated other comprehensive loss were as follows (in thousands): 

Cumulative translation adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pension liability adjustments, net of tax of $759 and $936  . . . . . . . . . . . . . . . . . . . . . .
Unrealized gain on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net deferred hedging gains (losses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

March 31, 

2011
$(58,641)
(18,073)
1,168
(2,972)
$(78,518)

2010
$(63,646)
(10,813)
424
1,394
$(72,641)

Note 11 — Restructuring 

In January 2009, Logitech initiated the 2009 Restructuring Plan in order to reduce operating expenses and 
improve financial results in response to deteriorating global economic conditions. We completed the restructuring 
plan in fiscal year 2010. The following table summarizes restructuring related activities during fiscal years 2011, 
2010 and 2009 (in thousands): 

Balance at March 31, 2008  . . . . . . . . . .
Charges. . . . . . . . . . . . . . . . . . . . . . .
Cash payments . . . . . . . . . . . . . . . . .
Charges against assets  . . . . . . . . . . .
Other. . . . . . . . . . . . . . . . . . . . . . . . .
Foreign exchange . . . . . . . . . . . . . . .
Balance at March 31, 2009  . . . . . . . . . .
Charges. . . . . . . . . . . . . . . . . . . . . . .
Cash payments . . . . . . . . . . . . . . . . .
Other. . . . . . . . . . . . . . . . . . . . . . . . .
Foreign exchange . . . . . . . . . . . . . . .
Balance at March 31, 2010 . . . . . . . . . . .
Cash payments . . . . . . . . . . . . . . . . .
Other. . . . . . . . . . . . . . . . . . . . . . . . .
Foreign exchange . . . . . . . . . . . . . . .
Balance at March 31, 2011 . . . . . . . . . . .

Total 

$

—  
20,547
(12,764)
(556)
(3,485)
52
$ 3,794
1,784
(5,194)
(86)
101
399
(322)
(74)
(3)
—  

$

$

$

Termination 
Benefits 
—  
16,427
(12,579)
—  
(121)
52
$ 3,779
1,318
(5,098)
53
106
158
(9)
(149)
—  
—  

$

$

Asset 
Impairments 
$ —  
556
—  
(556)
—  
—  
$ —  
—  
—  
—  
—  
$ —  
—  
—  
—  
$ —  

Contract 
Termination 
Costs 
$ —  
200
(185)
—  
—  
—  
$ 15
419
(96)
(4)
—  
$ 334
(334)
—  
—  
$ —  

Other 
$ —
3,364
—
—
(3,364)
—
$ —
47
—
(135)
(5)
(93)
21
75
(3)
$ —

$

Termination benefits incurred pursuant to the 2009 Restructuring Plan  were calculated based  on  regional 
benefit practices and local statutory requirements. Asset impairments were recorded to write down fixed assets that 
were not placed in service due to the abandonment of the related projects. Contract termination costs related to exit 
costs associated with the closure of existing facilities. Other charges primarily consisted of pension curtailment and 
settlement costs of $3.4 million which are reflected in other charges in the preceding table, as the corresponding 
balance sheet amounts were reflected as a reduction of pension assets. 

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Note 12 — Employee Benefit Plans 

Employee Share Purchase Plans and Stock Incentive Plans 

As of March 31, 2011, the Company offers the 2006 ESPP (2006 Employee Share Purchase Plan (Non-U.S.)), 
the 1996 ESPP (1996 Employee Share Purchase Plan (U.S.)) and the 2006 Plan (2006 Stock Incentive Plan). Shares 
issued to employees as a result of purchases or exercises under these plans are generally issued from shares held 
in treasury. 

The following table summarizes the share-based compensation expense and related tax benefit recognized for 

fiscal years 2011, 2010 and 2009 (in thousands). 

Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share-based compensation expense included in gross profit . . . . . . . . . . . . . . .

Year Ended March 31, 

2011 
$ 4,223
4,223

2010 
$ 3,073
3,073

2009 
$ 3,163
3,163

Operating expenses:

Marketing and selling. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Research and development. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General and administrative. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share-based compensation expense included in operating expenses . . . . . . . . .
Total share-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share-based compensation expense, net of income tax  . . . . . . . . . . . . . . . . . . .

12,030
7,829
10,764
30,623
34,846
8,279
$26,567

9,201
4,902
8,631
22,734
25,807
5,768
$20,039

7,989
4,488
8,863
21,340
24,503
3,102
$21,401

As of March 31, 2011, 2010 and 2009, $1.0 million, $0.9 million and $0.8 million of share-based compensation 
cost  was  capitalized  to  inventory.  The  following  table  summarizes  total  share-based  compensation  cost  not  yet 
recognized and the number of months over which such cost is expected to be recognized, on a weighted-average 
basis by type of grant (in thousands, except number of months): 

Non-vested stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Time-based RSUs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Performance-based RSUs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total compensation cost not yet recognized  . . . . . . . . . . . . . . . . . . . .

March 31, 2011 

Compensation Cost Not 
Yet Recognized 
$55,691
29,775
13,330
$98,796

Months of Future 
Recognition 
30
48
33

Under the 1996 ESPP and 2006 ESPP plans, eligible employees may purchase shares at the lower of 85% of the 
fair market value at the beginning or the end of each six-month offering period. Subject to continued participation 
in these plans, purchase agreements are automatically executed at the end of each offering period. An aggregate of 
16,000,000 shares was reserved for issuance under the 1996 and 2006 ESPP plans. As of March 31, 2011, a total of 
1,643,369 shares were available for issuance under these plans. 

The 2006 Plan provides for the grant to eligible employees and non-employee directors of stock options, stock 
appreciation rights, restricted stock and RSUs (restricted stock units), which are bookkeeping entries reflecting 
the equivalent of shares. Awards under the 2006 Plan may be conditioned on continued employment, the passage 
of time or the satisfaction of performance vesting criteria. The 2006 Stock Plan has an expiration date of June 16, 
2016. Stock options granted under the 2006 Plan generally vest over three years for non-executive Directors and 
over four years for employees. All stock options under this plan have terms not exceeding ten years and are issued 
at exercise prices not less than the fair market value on the date of grant. Time-based RSUs granted to employees 
under the 2006 Plan vest in four equal annual installments on the grant date anniversary. Time-based RSUs granted 

208

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to non-executive board members under the 2006 Plan vest in one annual installment on the grant date anniversary. 
Performance-based RSUS granted under the 2006 Plan vest at the end of the performance period upon meeting 
certain  share  price  performance  criteria  measured  against  market  conditions.  The  performance  period  is  three 
years  for  performance-based  RSU  grants  made  in  fiscal  year  2011  and  two  years  for  performance-based  RSU 
grants made in fiscal years 2010 and 2009. An aggregate of 17,500,000 shares was reserved for issuance under the 
2006 Plan. As of March 31, 2011, a total of 4,493,291 shares were available for issuance under this plan. 

A  summary  of  the  Company’s  stock  option  activity  for  fiscal  years  2011,  2010  and  2009  is  as  follows  (in 

thousands, except per share data; exercise prices are weighted averages): 

Outstanding, beginning of year. . . . . . . . . .
Granted . . . . . . . . . . . . . . . . . . . . . . . . . .
Assumed in LifeSize acquisition . . . . . .
Exercised  . . . . . . . . . . . . . . . . . . . . . . . .
Cancelled or expired. . . . . . . . . . . . . . . .
Outstanding, end of year . . . . . . . . . . . . . . .
Exercisable, end of year. . . . . . . . . . . . . . . .

Year ended March 31, 

2011 

2010 

2009 

Number 
20,037
294
—
(2,747)
(1,272)
16,312
11,205

Exercise  
Price 
$ 18
$ 16
$ —
$ 10
$ 21
$ 19
$ 20

Number 
18,897
3,520
1,024
(1,980)
(1,424)
20,037
11,287

Exercise 
Price 
$ 18
$ 14
$ 5
$ 8
$ 17
$ 18
$ 17

Number 
17,952
4,145
—
(2,037)
(1,163)
18,897
10,981

Exercise 
Price 
$ 17
$ 21
$ —
$ 9
$ 24
$ 18
$ 14

The total pretax intrinsic value of stock options exercised during the fiscal years ended March 31, 2011, 2010 
and  2009  was  $23.1  million,  $15.0  million  and  $33.2  million  and  the  tax  benefit  realized  for  the  tax  deduction 
from options exercised during those periods was $7.6 million, $3.9 million and $8.5 million. The total fair value of 
options vested as of March 31, 2011, 2010 and 2009 was $74.3 million, $66.4 million and $57.7 million. 

The  fair  value  of  employee  stock  options  granted  and  shares  purchased  under  the  Company’s  employee 
purchase  plans  was  estimated  using  the  Black-Scholes-Merton  option-pricing  valuation  model  applying  the 
following assumptions and values: 

2011 

2010 
Purchase Plans 

Year ended March 31, 

2009 

2011 

2010 
Stock Option Plans 

2009 

Dividend yield . . . . . . . . . .
Expected life . . . . . . . . . . .
Expected volatility . . . . . .
Risk-free interest rate . . . .

0%

0%

0%

0%

0%

0%

6 months

6 months

6 months

4 years

3.3 years

3.7 years

35%
0.16%

59%
0.19%

63%
1.23%

48%
1.57%

47%
1.64%

36%
2.40%

The  dividend  yield  assumption  is  based  on  the  Company’s  history  and  future  expectations  of  dividend 
payouts. The Company has not paid dividends since 1996. The expected option life represents the weighted-average 
period  the  stock  options  or  purchase  offerings  are  expected  to  remain  outstanding.  The  expected  life  is  based 
on historical settlement rates, which the Company believes are most representative of future exercise and post-
vesting termination behaviors. Expected share price volatility is based on historical volatility using daily prices 
over the term of past options or purchase offerings. The Company considers historical share price volatility as most 
representative of future volatility. The risk-free interest rate assumptions are based upon the implied yield of U.S. 
Treasury zero-coupon issues appropriate for the term of the Company’s stock options or purchase offerings. 

The  Company  estimates  option  forfeitures  at  the  time  of  grant  and  revises  those  estimates  in  subsequent 
periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate pre-vesting 
option forfeitures and records share-based compensation expense only for those awards that are expected to vest. 

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The following table presents the weighted average grant-date fair values of options granted and the expected 

forfeiture rates: 

Year ended March 31, 

2011 

2010 
Purchase Plans 

2009 

2011 

2010 
Stock Option Plans 

2009 

Weighted average grant-date fair value of  

options granted . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expected forfeitures . . . . . . . . . . . . . . . . . . . . . . . . . . .

$4.26

$4.23

$5.46

$6.11

$6.66

$6.25

0%

0%

0%

9%

9%

7%

The following table summarizes significant ranges of outstanding and exercisable options as of March 31, 

2011 (in thousands except per share data; exercise prices and contractual lives are weighted averages): 

Options Outstanding 

Options Exercisable 

Range of Exercise  
Prices
$ 1.00—$11.45  . . . . . . . . .
$11.46—$16.35  . . . . . . . . .
$16.36—$23.35 . . . . . . . . .
$23.36—$50.00 . . . . . . . . .
$ 1.00—$50.00 . . . . . . . . .

Number 
2,870
3,964
5,468
4,010
16,312

Exercise 
Price 
$ 9
$ 15
$ 20
$ 31

Contractual 
Life (years) 
3.8
6.8
5.7
6.2

Aggregate 

Intrinsic Value  Number 
2,359
1,695
4,127
3,024
11,205

$27,256
14,511
1,340
—
$43,107

Exercise 
Price 
$ 9
$ 14
$ 20
$ 31

Contractual 
Life (years) 
2.9
4.8
5.0
6.1

Aggregate 
Intrinsic Value 
$20,768
6,663
846
—
$28,277

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on options 
with an exercise price less than the Company’s closing price of $18.13 at March 31, 2011, which would have been 
received by the option holders had these option holders exercised their options as of that date. The total number of 
fully vested in-the-money options exercisable as of March 31, 2011 was 4,883,941. As of March 31, 2011, 5,107,861 
options were unvested, of which 4,648,154 are expected to vest, based on an estimated forfeiture rate of 9%. 

A summary of the Company’s time- and performance-based RSU activity for fiscal years 2011, 2010 and 2009 

is as follows (in thousands, except per share values; grant-date fair values are weighted averages): 

Outstanding, beginning of year. . . . . . . . . . . . . . .
Time-based RSUs granted . . . . . . . . . . . . . . . .
Performance-based RSUs granted . . . . . . . . . .
Assumed in LifeSize acquisition . . . . . . . . . . .
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cancelled or expired. . . . . . . . . . . . . . . . . . . . .
Outstanding, end of year . . . . . . . . . . . . . . . . . . . .

Year ended March 31, 

2011 

2010 

2009 

Number 
514
1,599
538
—
(142)
(139)
2,370

Grant Date  
Fair Value  Number 

Grant Date 
Fair Value  Number 

$ 18
$ 20
$ 28
$ —
$ 15
$ 24
$ 21

94
267
115
54
—
(16)
514

$ 28
$ 15
$ 18
$  5
$ —
$ 23
$ 18

—
—
94
—
—
—
94

Grant Date 
Fair Value 
$ —
$ —
$ 28
$ —
$ —
$ —
$ 28

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The Company estimates the fair value of the time-based RSUs based on the share market price on the date 
of  grant.  The  fair  value  of  the  performance-based  RSUs  is  estimated  using  the  Monte-Carlo  simulation  model 
applying the following assumptions:

FY 2011 
Grants

FY 2010 
Grants

FY 2009 
Grants

Dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expected life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 years
Expected volatility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Risk-free interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

51%
0.81%

0%

0%

0%

2 years

2 years

58%
1.11%

41%
1.82%

The dividend yield assumption is based on the Company’s history and future expectations of dividend payouts. 
The expected life of the performance-based RSUs is the service period at the end of which the RSUs will vest if the 
performance conditions are satisfied. The volatility assumption is based on the actual volatility of Logitech’s daily 
closing share price over a look-back period equal to the years of expected life. The risk free interest rate is derived 
from the yield on US Treasury Bonds for a term of the same number of years as the expected life.

As of March 31, 2011, the grant date fair values of outstanding RSUs ranged from $14 to $28 per RSU, and the 

weighted average contractual life was 3.8 years.

Defined Contribution Plans

Certain  of  the  Company’s  subsidiaries  have  defined  contribution  employee  benefit  plans  covering  all  or 
a  portion  of  their  employees.  Contributions  to  these  plans  are  discretionary  for  certain  plans  and  are  based  on 
specified or statutory requirements for others. The charges to expense for these plans for fiscal years 2011, 2010 
and 2009, were $8.9 million, $8.2 million and $8.3 million.

Defined Benefit Plans

Certain  of  the  Company’s  subsidiaries  sponsor  defined  benefit  pension  plans  or  non-retirement  post-
employment  benefits  covering  substantially  all  of  their  employees.  Benefits  are  provided  based  on  employees’ 
years  of  service  and  earnings,  or  in  accordance  with  applicable  employee  benefit  regulations.  The  Company’s 
practice is to fund amounts sufficient to meet the requirements set forth in the applicable employee benefit and tax 
regulations.

The Company recognizes the underfunded or overfunded status of defined benefit pension plans and non-
retirement post-employment benefit obligations as an asset or liability in its statement of financial position, and 
recognizes changes in the funded status of defined benefit pension plans in the year in which the changes occur 
through accumulated other comprehensive loss, which is a component of shareholders’ equity. Each plan’s assets 
and benefit obligations are measured approximately as of March 31.

The net periodic benefit cost of the defined benefit pension plans and the non-retirement post-employment 

benefit obligations for fiscal years 2011, 2010 and 2009 was as follows (in thousands):

Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expected return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of net transition obligation . . . . . . . . . . . . . . . . . . . . . .
Amortization of net prior service cost . . . . . . . . . . . . . . . . . . . . . . . .
Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Recognized net actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net periodic benefit cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Year ended March 31,
2010
$ 3,983
1,430
(1,200)
4
138
— 
1,239
$ 5,594

2009
$ 2,814
1,520
(1,488)
5
— 
— 
232
$ 3,083

2011
$ 4,396
1,745
(1,818)
4
161
2
482
$ 4,972

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Additional benefit costs of $3.4 million related to the restructuring were recognized in restructuring expenses 

in fiscal year 2009.

The changes in projected benefit obligations for fiscal years 2011 and 2010 were as follows (in thousands):

Projected benefit obligation, beginning of year  . . . . . . . . . . . . . . . . . . . . . .
Service cost  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest cost  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Plan participant contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Actuarial (gain) loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Benefits paid  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Plan amendments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Settlement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Administrative expense paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency exchange rate changes. . . . . . . . . . . . . . . . . . . . . . . . .
Projected benefit obligation, end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . .

March 31,

2011
$ 57,531
4,396
1,745
2,321
3,911
(2,220)
19
(218)
(131)
8,791
$ 76,145

2010
$48,135
3,983
1,430
1,848
(78)
(1,037)
— 
— 
(177)
3,427
$ 57,531

The accumulated benefit obligation for all defined benefit pension plans as of March 31, 2011 and 2010 was 

$60.2 million and $46.3 million.

The following table presents the changes in the fair value of defined benefit pension plan assets for fiscal 

years 2011 and 2010 (in thousands):

Fair value of plan assets, beginning of year  . . . . . . . . . . . . . . . . . . . . . . . . .
Actual return on plan assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Plan participant contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Benefits paid  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Settlement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Administrative expenses paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency exchange rate changes. . . . . . . . . . . . . . . . . . . . . . . . .
Fair value of plan assets, end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

March 31,

2011
$35,427
34
4,409
2,321
(2,016)
(85)
(131)
5,978
$45,937

2010
$23,415
5,267
4,137
1,848
(864)
— 
(177)
1,801
$35,427

The defined benefit pension plans have the following asset allocations. Investment strategies and allocation 

decisions are determined by the applicable governmental regulatory agency.

Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Debt securities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

March 31,

2011
33.4%
43.3%
6.5%
16.8%
100.0%

2010
34.8%
43.6%
10.7%
10.9%
100.0%

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The funded status of the defined benefit pension plans is the fair value of plan assets as determined by the 
governmental regulatory agency less benefit obligations. The funded status of the non-retirement post-employment 
benefits is the fair value of the benefit obligations. Projected benefit obligations exceeded plan assets for all plans 
by $30.2 million and $22.1 million as of March 31, 2011 and 2010. Amounts recognized on the balance sheet for the 
plans were as follows (in thousands):

Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-current liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

759
(3,563)
(26,645)
$ (29,449)

$

936
(2,761)
(19,343)
$ (21,168)

March 31,

2011

2010

Amounts recognized in other comprehensive income related to defined benefit pension plans were as follows 

(in thousands):

Net prior service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net actuarial loss  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of net transition obligation . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated other comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated other comprehensive loss, net of tax . . . . . . . . . . . . . . . . . . .

March 31,

2011
$ (2,084)
(16,714)
(34)
(18,832)
759
$(18,073)

2010
$ (2,075)
(9,641)
(33)
(11,749)
936
$(10,813)

Changes in accumulated other comprehensive loss related to the defined benefit pension plans were as follows 

(in thousands):

Accumulated other comprehensive loss, beginning of year . . . . . . . . . . . . .
Transition obligation recognized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prior service cost recognized. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loss recognized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Settlement loss recognized  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain (loss) occurred. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency exchange rate changes. . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated other comprehensive loss, end of year  . . . . . . . . . . . . . . . . . .

March 31,

2011
$(10,813)
5
146
396
23
(5,609)
(241)
(1,980)
$(18,073)

2010
$(15,122)
4
120
1,276
— 
4,143
(122)
(1,112)
$(10,813)

The  following  table  presents  the  amounts  included  in  accumulated  other  comprehensive  loss  as  of 
March 31, 2011, which are expected to be recognized as a component of net periodic benefit cost in fiscal year 2012 
(in thousands):

Amortization of net transition obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of net prior service costs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of net actuarial loss  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

March 31, 2011

$

5
152
837
$ 994

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The Company reassesses its benefit plan assumptions on a regular basis. The actuarial assumptions for the 

pension plans for fiscal years 2011 and 2010 were as follows:

2011

2010

Discount rate . . . . . . . . . . . . . . . . . . . .
Estimated rate of  

Benefit Obligation
2.00% to 3.75% 2.00% to 3.75% 2.00% to 3.25% 2.00% to 3.00%

Benefit Obligation

Periodic Cost

Periodic Cost

compensation increase  . . . . . . . . . 3.00% to 5.00% 2.50% to 5.00% 2.50% to 5.00% 2.50% to 5.00%

Expected average rate of  

return on plan assets . . . . . . . . . . . 1.00% to 4.00% 1.00% to 4.75% 1.00% to 4.75% 1.00% to 4.25%

The discount rate is estimated based on corporate bond yields or securities of similar quality in the respective 
country, with a duration approximating the period over which the benefit obligations are expected to be paid. The 
Company  bases  the  compensation  increase  assumptions  on  historical  experience  and  future  expectations.  The 
expected  average  rate  of  return  for  the  Company’s  defined  benefit  pension  plans  represents  the  average  rate  of 
return expected to be earned on plan assets over the period that the benefit obligations are expected to be paid, 
based on government bond notes in the respective country, adjusted for corporate risk premiums as appropriate.

The following table reflects the benefit payments that the Company expects the plans to pay in the periods 

noted (in thousands):

Year ending March 31,

2012  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,898
4,024
2013  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,058
2014  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,018
2015  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2016  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,217
19,360
Thereafter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$39,575

The Company expects to contribute approximately $4.1 million to its defined benefit pension plans during 

fiscal year 2012.

Deferred Compensation Plan

One of the Company’s subsidiaries offers a management deferred compensation plan which permits eligible 
employees  to  make  100%-vested  salary  and  incentive  compensation  deferrals  within  established  limits.  The 
Company does not make contributions to the plan. Prior to December 2010, the participants’ deferrals were invested 
in Company-owned life insurance contracts held in a Rabbi Trust. In December 2010, the Company surrendered 
the life insurance contracts for cash, and invested the proceeds of $11.3 million, in addition to $0.8 million in cash 
held  by  the  Rabbi  Trust,  investment  earnings  and  employee  contributions,  in  a  Company-selected  portfolio  of 
marketable securities, which are also held by the Rabbi Trust.

The  fair  value  of  the  deferred  compensation  plan’s  assets  is  included  in  other  assets  in  the  statements  of 
financial position. The marketable securities are classified as trading investments and are recorded at a fair value of 
$13.1 million as of March 31, 2011, based on quoted market prices. Earnings, gains and losses on trading investments 
are included in other income (expense), net. The cash surrender value of the insurance contracts was approximately 
$10.4 million and trust cash balances were $0.7 million as of March 31, 2010. Expenses and gains or losses related 
to the insurance contracts are included in other income (expense), net.

The  unsecured  obligation  to  pay  the  compensation  deferred,  adjusted  to  reflect  the  positive  or  negative 
performance of investment options selected by each participant, was approximately $13.1 million and $10.3 million 
at March 31, 2011 and 2010 and was included in other liabilities.

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Note 13 — Income Taxes 

The Company is incorporated in Switzerland but operates in various countries with differing tax laws and 
rates. Further, a portion of the Company’s income before taxes and the provision for income taxes are generated 
outside of Switzerland. 

Income  before  income  taxes  for  the  fiscal  years  ended  March  31,  2011,  2010  and  2009  is  summarized  as 

follows (in thousands): 

Year ended March 31,
2010

2011

2009

Income before income taxes:

Swiss  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-Swiss  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 50,219
98,229

$13,352
70,271

$ 40,717
86,076

Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$148,448

$83,623

$ 126,793

The provision for income taxes is summarized as follows (in thousands): 

Year ended March 31, 
2010 

2009 

2011 

Current:

Swiss  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-Swiss  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (1,073)
26,218

$ 1,463
22,279

$

53
32,274

Deferred:

Swiss  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-Swiss  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—  
(5,157)
$19,988

—  
(5,076)
$ 18,666

(36)
(12,530)
$ 19,761

The difference between the provision for income taxes and the expected tax provision at the statutory income 

tax rate is reconciled below (in thousands): 

Expected tax provision at statutory income tax rates  . . . . . . . .
Income taxes at different rates . . . . . . . . . . . . . . . . . . . . . . . . . .
Research and development tax credits . . . . . . . . . . . . . . . . . . . .
Unrealized investment income . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock compensation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transaction costs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Year ended March 31,
2010

2011

2009

$ 12,618
6,476
(2,315)
(315)
551
—
2,309

$ 7,108
10,473
(1,628)
(428)
713
1,257
—

$10,777
9,370
(2,524)
1,004
618
—
—

Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

664

1,171

516

Total provision for income taxes  . . . . . . . . . . . . . . . . . . . . . . . .

$ 19,988

$18,666

$ 19,761

The Company negotiated a tax holiday on certain earnings in China which was effective from January 2006 
through December 2010. The tax holiday was a tax exemption aimed to attract foreign technological investment 
in  China.  The  tax  holiday  decreased  income  tax  expense  by  approximately  $3.6  million,  $2.4  million,  and 
$4.0 million for fiscal years 2011, 2010 and 2009. The benefit of the tax holiday on net income per share (diluted) 
was approximately $0.02, $0.01 and $0.02 in fiscal years 2011, 2010 and 2009. 

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On December 17, 2010, the enactment in the U.S. of the Tax Relief, Unemployment Insurance Reauthorization, 
and Job Creation Act of 2010 extended retroactively through the end of calendar year 2011 the U.S. federal research 
and  development  credit,  which  had  expired  on  December  31,  2009.  Accordingly,  the  Company’s  income  tax 
provision for the fiscal year ended March 31, 2011 includes a tax benefit of $2.2 million related to the U.S. federal 
research tax credit. 

The  U.S.  state  of  California  has  enacted  legislation  affecting  the  methodology  which  must  be  used  by 
corporate taxpayers to apportion income to California. These changes will become effective for our fiscal year 
ending  March  31,  2012.  The  Company  anticipates  that  the  election  to  use  only  sales  in  apportioning  income  to 
California will lower the effective state tax rate in the future. The Company’s income tax provision as of March 31, 
2011 reflects an income tax expense of $0.4 million from adjustments to deferred tax assets resulting from the 
change in the effective state tax rate. 

Deferred income tax assets and liabilities consist of the following (in thousands): 

March 31,

2011

2010

Deferred tax assets:

Net operating loss carryforwards  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax credit carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accruals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and amortization  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share-based compensation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 33,029
5,645
35,172
12,310
21,997
(2,309)
105,844

$ 40,878
3,367
35,346
11,473
17,438
—
108,502

Deferred tax liabilities:

Acquired intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(24,013)
(24,013)

(37,264)
(37,264)

Net deferred tax assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 81,831

$ 71,238

The current and deferred tax provision is calculated based on estimates and assumptions that could differ from 
the actual results reflected in income tax returns filed. Adjustments for differences between the tax provisions and 
tax returns are recorded when identified, which is generally in the third or fourth quarter of the subsequent year. 

Management regularly assesses the ability to realize deferred tax assets recorded in the Company’s entities 
based upon the weight of available evidence, including such factors as recent earnings history and expected future 
taxable income. In the event that future taxable income is below management’s estimates or is generated in tax 
jurisdictions different than projected, the Company could be required to establish a valuation allowance for deferred 
tax assets. This would result in an increase in the Company’s effective tax rate. 

The  Company  established  $2.3  million  of  valuation  allowance  in  fiscal  year  2011.  In  March  2011,  the 
Company sold its equity interest in certain 3Dconnexion subsidiaries, and its intellectual property rights related 
to the manufacture and sale of certain 3Dconnexion products, to a group of third party individuals and certain 
3Dconnexion employees. A full valuation allowance of $2.2 million was provided for $5.7 million of capital loss 
carryforward from the sale of 3Dconnexion Inc. in the U.S. as the Company determined that it is more likely than 
not that the Company would not generate adequate capital gains in the next five years before the capital loss expires 
under the U.S. tax law. The remaining valuation allowance of $0.1 million represents a full valuation allowance for 
certain foreign tax credit carryforwards in the U.S. 

216

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Deferred tax assets relating to tax benefits of employee stock option grants and RSUs have been reduced to 
reflect exercises in fiscal years 2011 and 2010. Some exercises resulted in tax deductions in excess of previously 
recorded benefits based on the option value at the time of grant (“windfalls”). Although these additional tax benefits 
are  reflected  in  net  operating  loss  carryforwards,  the  additional  tax  benefit  associated  with  the  windfall  is  not 
recorded until the deduction reduces cash taxes payable. During fiscal years 2011 and 2010, the Company recorded 
a credit to equity of $4.8 million and $0.3 million. 

As of March 31, 2011, the Company had foreign net operating loss and tax credit carryforwards for income tax 
purposes of $285.9 million and $25.4 million. Approximately $121.7 million of the net operating loss carryforwards 
and $20.2 million of the tax credit carryforwards, if realized, will be credited to equity since they have not met the 
applicable realization criteria. A full valuation allowance has been provided for foreign tax credits of $0.1 million. 
Unused net operating loss carryforwards will expire at various dates in fiscal years 2014 to 2031, and the tax credit 
carryforwards will begin to expire in fiscal year 2012. 

As of March 31, 2011, the Company had capital loss carryforwards of approximately $5.7 million for which a 

full valuation allowance has been provided. The loss will begin to expire in fiscal year 2016. 

Swiss  income  taxes  and  non-Swiss  withholding  taxes  associated  with  the  repatriation  of  earnings  or  for 
other temporary differences related to investments in non-Swiss subsidiaries have not been provided for, as the 
Company  intends  to  reinvest  the  earnings  of  such  subsidiaries  indefinitely  or  the  Company  has  concluded  that 
no additional tax liability would arise on the distribution of such earnings. If these earnings were distributed to 
Switzerland in the form of dividends or otherwise, or if the shares of the relevant non-Swiss subsidiaries were sold 
or otherwise transferred, the Company may be subject to additional Swiss income taxes and non-Swiss withholding 
taxes.  Determination  of  the  amount  of  unrecognized  deferred  income  tax  liability  related  to  these  earnings  is 
not practicable. 

The Company follows a two-step approach to recognizing and measuring uncertain tax positions. The first 
step  is  to  evaluate  the  tax  position  for  recognition  by  determining  if  the  weight  of  available  evidence  indicates 
that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or 
litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 
50% likely of being realized upon ultimate settlement. 

As  of  March  31,  2011  and  2010,  the  total  amount  of  unrecognized  tax  benefits  was  $138.1  million  and 
$125.2 million, of which $118.2 million and $101.4 million would affect the effective income tax rate if realized. 
The Company classified the unrecognized tax benefits as non-current income taxes payable. 

The aggregate changes in gross unrecognized tax benefits in fiscal years 2011, 2010 and 2009 were as follow 

(in thousands): 

Beginning balance as of March 31, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lapse of statute of limitations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
Increases in balances related to tax positions taken during the current period . . . . . . .
Balance as of March 31, 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lapse of statute of limitations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
Decreases in balances related to tax positions taken during prior periods  . . . . . . . . . .
Increases in balances related to tax positions taken during prior periods . . . . . . . . . . .
Increases in balances related to tax positions taken during the current period . . . . . . .
Balance as of March 31, 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lapse of statute of limitations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
Settlements with tax authorities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increases in balances related to tax positions taken during the current period . . . . . . .
Balance as of March 31, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$  92,647
(1,978)
6,958
$ 97,627
(3,667)
(229)
2,690
17,207
$ 113,628
(4,760)
(6,290)
27,550
$ 130,128

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The Company continues to recognize interest and penalties related to unrecognized tax positions in income 
tax  expense.  The  Company  recognized  $1.3  million,  $1.9  million  and  $1.8  million  in  interest  and  penalties  in 
income tax expense during fiscal years 2011, 2010 and 2009. As of March 31, 2011, 2010 and 2009, the Company had 
approximately $8.0 million, $12.5 million and $10.7 million of accrued interest and penalties related to uncertain 
tax positions. 

The Company files Swiss and foreign tax returns. For all these tax returns, the Company is generally not 
subject to tax examinations for years prior to 1999. During the third quarter of fiscal year 2011, the U.S. Internal 
Revenue Service expanded its examination of the Company’s U.S. subsidiary to include fiscal years 2008 and 2009 
in addition to fiscal years 2006 and 2007. At this time it is not possible to estimate the potential impact that the 
examination may have on income tax expense. The Company is also under examination in other jurisdictions. 

Although the Company has adequately provided for uncertain tax positions, the provisions on these positions 
may change as revised estimates are made or the underlying matters are settled or otherwise resolved. Although 
the timing of the resolution or closure on audits is highly uncertain, the Company does not believe it is reasonably 
possible that the unrecognized tax benefits would materially change in the next twelve months. 

Note 14 — Derivative Financial Instruments — Foreign Exchange Hedging 

Cash Flow Hedges 

The Company enters into foreign exchange forward contracts to hedge against exposure to changes in foreign 
currency  exchange  rates  related  to  its  subsidiaries’  forecasted  inventory  purchases.  The  primary  risk  managed 
by  using  derivative  instruments  is  the  foreign  currency  exchange  rate  risk.  The  Company  has  designated  these 
derivatives as cash flow hedges. Logitech does not use derivative financial instruments for trading or speculative 
purposes. These hedging contracts mature within three months, and are denominated in the same currency as the 
underlying transactions. Gains and losses in the fair value of the effective portion of the hedges are deferred as a 
component of accumulated other comprehensive loss until the hedged inventory purchases are sold, at which time 
the gains or losses are reclassified to cost of goods sold. The Company assesses the effectiveness of the hedges by 
comparing changes in the spot rate of the currency underlying the forward contract with changes in the spot rate of 
the currency in which the forecasted transaction will be consummated. If the underlying transaction being hedged 
fails to occur or if a portion of the hedge does not generate offsetting changes in the foreign currency exposure of 
forecasted inventory purchases, the Company immediately recognizes the gain or loss on the associated financial 
instrument in other income (expense). Such losses were immaterial during the fiscal years ended March 31, 2011, 
2010 and 2009. Cash flows from such hedges are classified as operating activities in the consolidated statements of 
cash flows. The notional amounts of foreign exchange forward contracts outstanding related to forecasted inventory 
purchases were $54.9 million (€38.7 million) and $46.2 million (€34.3 million) at March 31, 2011 and 2010. The 
notional amount represents the future cash flows under contracts to purchase foreign currencies. 

Other Derivatives 

The Company also enters into foreign exchange forward contracts to reduce the short-term effects of foreign 
currency  fluctuations  on  certain  foreign  currency  receivables  or  payables.  These  forward  contracts  generally 
mature within three months. The Company may also enter into foreign exchange swap contracts to economically 
extend the terms of its foreign exchange forward contracts. The primary risk managed by using forward and swap 
contracts is the foreign currency exchange rate risk. The gains or losses on foreign exchange forward contracts are 
recognized in earnings based on the changes in fair value. 

The notional amounts of foreign exchange forward contracts outstanding at March 31, 2011 and 2010 relating 
to foreign currency receivables or payables were $12.9 million and $15.1 million. Open forward contracts as of 
March 31, 2011 and 2010 consisted of contracts in British pounds to purchase euros at a future date at a predetermined 
exchange rate. The notional amounts of foreign exchange swap contracts outstanding at March 31, 2011 and 2010 
were  $17.1  million  and  $38.9  million.  Swap  contracts  outstanding  at  March  31,  2011  consisted  of  contracts  in 
Canadian dollars, Japanese yen, and Mexican pesos. Swap contracts outstanding at March 31, 2010 consisted of 
contracts in British pounds, Japanese yen, Mexican pesos and Canadian dollars. 

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The fair value of all our foreign exchange forward contracts and foreign exchange swap contracts is determined 
based on quoted foreign exchange forward rates. Quoted foreign exchange forward rates are observable inputs that 
are classified as Level 1 within the fair value hierarchy. 

The following table presents the fair values of the Company’s derivative instruments and their locations on 

the Balance Sheet as of March 31, 2011 and 2010 (in thousands): 

Asset Derivatives

Liability Derivatives

Fair Value

March 31,

Fair Value

March 31,

Location

2011

2010

Location

2011

2010 

Derivatives designated as hedging instruments:
Cash Flow Hedges . . . . . . . . . . . . . . . . . .

Derivatives not designated as hedging 

instruments:

Foreign Exchange  

Other assets $ — $ 136 Other liabilities $1,763 $ 10
10

— 136

1,763

Forward Contracts  . . . . . . . . . . . . . . .

Other assets

486

11 Other liabilities

— —

Foreign Exchange  

Swap Contracts . . . . . . . . . . . . . . . . . .

Other assets

80

566

452 Other liabilities

463

$ 566 $ 599

118

118

356

356

$1,881 $ 366

The  following  table  presents  the  amounts  of  gains  and  losses  on  the  Company’s  derivative  instruments 
for the fiscal years ended March 31, 2011 and 2010 and their locations on its Consolidated Financial Statements 
(in thousands): 

Net amount 
of gain/(loss) 
deferred as a 
component of 
accumulated 
other 
comprehensive 
loss 

2011

2010

Location of  
gain/(Loss) 
reclassified from 
accumulated other 
comprehensive 
loss into income

Amount of 
gain/(loss) 
reclassified 
from 
accumulated 
other 
comprehensive 
loss into income 
2011

2010

Location of gain/ 
(loss) recognized in  
income immediately

Amount of 
gain/(loss) 
recognized 
in income 
immediately 
2010
2011

Derivatives designated as hedging 

instruments:

Cash Flow Hedges . . . . . . . .

$ (4,366) $1,178 Cost of goods sold

(4,366)

1,178

$6,078
6,078

$(5,615) Other income/expense $

(5,615)

(5) $
(5)

(57)
(57)

Derivatives not designated as  
hedging instruments:

Foreign Exchange  

Forward Contracts. . . . . 

—

—

—

— Other income/expense

855

(831)

Foreign Exchange  

Swap Contracts . . . . . . .

—
—

—
—
$ (4,366) $1,178

—
—
$6,078

— Other income/expense
—
$(5,615)

(2,865)
(2,010)

(2,306)
(3,137)
$ (2,015) $ (3,194)

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Note 15 — Commitments and Contingencies 

Operating Leases 

The  Company  leases  facilities  under  operating  leases,  certain  of  which  require  it  to  pay  property  taxes, 
insurance and maintenance costs. Operating leases for facilities are generally renewable at the Company’s option 
and usually include escalation clauses linked to inflation. Future minimum annual rentals under non-cancelable 
operating leases at March 31, 2011 are as follows (in thousands): 

Year ending March 31,

2012  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2013  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2014  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2015  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2016  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thereafter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 18,023
15,594
9,875
7,870
6,962
14,267

$ 72,591

Rent expense was $19.8 million, $16.3 million and $15.5 million for the years ended March 31, 2011, 2010 

and 2009. 

In  May,  2011  we  signed  a  new  lease  for  facilities  which  will  house  our  Americas  operations  in  Northern 
California, replacing our leased facilities in Fremont, California. Our future contractual obligation in connection 
with this lease is approximately $35 million over an 11 year period. 

In connection with its leased facilities, the Company has recognized a liability for asset retirement obligations 
representing the present value of estimated remediation costs to be incurred at lease expiration. The following table 
describes changes to the Company’s asset retirement obligation liability for the years ended March 31, 2011 and 
2010 (in thousands): 

Asset retirement obligation, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Liabilities incurred  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Liabilities settled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accretion expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Asset retirement obligation, end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Product Warranties 

March 31,

2011
$ 1,374
275
(120)
71
36
$ 1,636

2010
$1,255
44
(18)
71
22
$ 1,374

Certain of the Company’s products are covered by warranty to be free from defects in material and workmanship 
for periods ranging from one year to five years. At the time of sale, the Company accrues a warranty liability for 
estimated costs to provide products, parts or services to repair or replace products in satisfaction of the warranty 
obligation. The Company’s estimate of costs to fulfill its warranty obligations is based on historical experience 
and expectations of future conditions. When the Company experiences changes in warranty claim activity or costs 
associated with fulfilling those claims, the warranty liability is adjusted accordingly. Changes in the Company’s 
warranty liability for the years ended March 31, 2010 and 2011 were as follows (in thousands): 

Warranty liability, beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision for warranties issued during the year . . . . . . . . . . . . . . . . . . . . . . . . . .
Settlements made during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Warranty liability, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

March 31,

2011
$ 3,002
18,666
(16,698)
$ 4,970

2010
$ 2,867
16,344
(16,209)
$ 3,002

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Purchase Commitments 

At March 31, 2011, the Company had the following outstanding purchase commitments: 

Inventory purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total purchase commitments  . . . . . . . . . . . . . . . . . . . . . . . .

March 31, 2011
$ 165,286
49,839
10,724
$225,849

Commitments  for  inventory  purchases  are  made  in  the  normal  course  of  business  to  original  design 
manufacturers, contract manufacturers and other suppliers and are expected to be fulfilled by September 2011. 
Operating  expense  commitments  are  for  consulting  services,  marketing  arrangements,  advertising,  outsourced 
customer services and other services. Fixed purchase commitments for capital expenditures primarily related to 
commitments for manufacturing equipment and tooling. Although open purchase orders are considered enforceable 
and legally binding, the terms generally allow the Company the option to reschedule and adjust its requirements 
based on the business needs prior to delivery of goods or performance of services. 

Guarantees

The Company has guaranteed the purchase obligations of some of its contract manufacturers and original 
design manufacturers to certain component suppliers. These guarantees generally have a term of one year and are 
automatically extended for one or more years as long as a liability exists. The amount of the purchase obligations 
of these manufacturers varies over time, and therefore the amounts subject to Logitech’s guarantees similarly vary. 
At  March  31,  2011,  there  were  no  outstanding  guaranteed  purchase  obligations.  The  maximum  potential  future 
payments under two of the three guarantee arrangements is limited to $30.0 million. The third guarantee is limited 
to purchases of specified components from the named suppliers. The Company does not believe, based on historical 
experience and information currently available, that it is probable that any amounts will be required to be paid 
under these guarantee arrangements. 

Logitech International S.A., the parent holding company, has guaranteed certain contingent liabilities of 
various subsidiaries related to specific transactions occurring in the normal course of business. The maximum 
amount  of  the  guarantees  was  $54.7  million  as  of  March  31,  2011.  As  of  March  31,  2011,  $10.3  million  was 
outstanding  under  these  guarantees.  The  parent  holding  company  has  also  guaranteed  the  purchases  of  one 
of  its  subsidiaries  under  three  guarantee  agreements.  Two  of  these  guarantees  do  not  specify  a  maximum 
amount. The third guarantee is limited to $7.0 million. As of March 31, 2011, $4.9 million was outstanding under 
these guarantees. 

Indemnifications 

Logitech indemnifies some of its suppliers and customers for losses arising from matters such as intellectual 
property rights and product safety defects, subject to certain restrictions. The scope of these indemnities varies, but 
in some instances, includes indemnification for damages and expenses, including reasonable attorneys’ fees. No 
amounts have been accrued for indemnification provisions at March 31, 2011. The Company does not believe, based 
on historical experience and information currently available, that it is probable that any amounts will be required 
to be paid under its indemnification arrangements. 

Letters of Credit 

Logitech provides various third parties with irrevocable letters of credit in the normal course of business to 
secure its obligations to pay or perform pursuant to the requirements of an underlying agreement or the provision 
of goods and services. These standby letters of credit are cancelable only at the option of the beneficiary who is 
authorized to draw drafts on the issuing bank up to the face amount of the standby letter of credit in accordance 
with its terms. At March 31, 2011, the Company had $0.7 million of letters of credit in place, of which $0.1 million 
was  outstanding.  These  letters  of  credit  relate  primarily  to  equipment  purchases  by  a  subsidiary  in  China,  and 
expire between April and December 2011. 

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Acquisition Earn-Out 

In November 2007, the Company acquired WiLife, Inc., a privately held company offering PC-based video 
cameras for self-monitoring a home or a small business. The purchase agreement provided for a performance-based 
payment, payable in the first calendar quarter of 2011, based on net revenues attributed to WiLife during calendar 
2010. Because the minimum performance threshold was not met, no performance-based payment is due under the 
WiLife acquisition agreement. 

Legal Proceedings 

On May 23, 2011, a class action complaint was filed against Logitech and certain of its officers. This action 
was filed in the United States District Court for the Southern District of New York on behalf of individuals who 
purchased Logitech shares between October 28, 2010 and April 1, 2011. The complaint relates to Logitech’s disclosure 
on March 31, 2011 that its results for fiscal year 2011 would fall below expectations and seeks unspecified monetary 
damages and other relief against the defendants. 

In addition, the Company is involved in a number of lawsuits and claims relating to commercial matters that 

arise in the normal course of business. 

The Company believes these lawsuits and claims are without merit and intends to vigorously defend against 
them. However, there can be no assurances that its defenses will be successful, or that any judgment or settlement 
in any of these lawsuits would not have a material adverse impact on the Company’s business, financial condition, 
cash flows and results of operations. The Company’s accruals for lawsuits and claims as of March 31, 2011 were 
not material. 

Note 16 — Interest and Other Income 

Interest and other income (expense), net was comprised of the following (in thousands): 

Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest income, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Year ended March 31, 
2010 
$ 2,406
(286)
$ 2,120

2009 
$ 8,648
(20)
$ 8,628

2011
$2,343
(27)
$ 2,316

Foreign currency exchange gains, net  . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment income (loss) related to management deferred 

compensation  plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on sale of building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Write-down of investments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 480

$ 1,720

$13,680

1,409
838
(43)
792
$ 3,476

1,221
—
(643)
841
$ 3,139

(2,883)
—
(2,727)
441
$ 8,511

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Note 17 — Segment Information 

Net sales by product family, excluding intercompany transactions, were as follows (in thousands): 

Retail — Pointing Devices  . . . . . . . . . . . . . . . . . . . . . . . .
Retail — Keyboards & Desktops  . . . . . . . . . . . . . . . . . . .
Retail — Audio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retail — Video  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retail — Gaming. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retail — Digital Home (1)  . . . . . . . . . . . . . . . . . . . . . . . . .
OEM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Peripherals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
LifeSize  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Year ended March 31, 
2010 

2011 

2009 

$ 618,404
390,426
466,927
255,015
104,459
169,979
223,775
2,228,985
133,901

$ 528,236
329,038
454,957
228,344
107,595
96,982
198,364
1,943,516
23,232

$

579,775
384,809
445,362
248,339
127,052
102,006
321,489
2,208,832
—  

Total net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 2,362,886

$1,966,748

$2,208,832

(1)  Digital Home is a new product family combining Harmony Remotes, Logitech Revue with Google TV and 

peripherals associated with the Google TV platform. 

The Company has two operating segments, peripherals and video conferencing, based on product markets and 
internal organizational structure. The peripherals segment encompasses the design, manufacturing and marketing 
of  peripheral  products  for  the  PC  (personal  computer)  and  other  digital  platforms.  The  peripherals  operating 
segment meets the quantitative thresholds for separate disclosure of financial information. The video conferencing 
segment  consists  of  the  LifeSize  division,  and  encompasses  the  design,  manufacturing  and  marketing  of  video 
conferencing products, infrastructure and services for the enterprise, public sector and other business markets. The 
video conferencing operating segment does not meet the quantitative thresholds for separate disclosure of financial 
information. The Company’s operating segments do not record revenue on sales between segments, as such sales 
are not material. 

Operating performance measures for the peripherals segment and the video conferencing segment are reported 
separately to Logitech’s Chief Executive Officer, who is considered to be the Company’s chief operating decision 
maker. These operating performance measures do not include share-based compensation expense, amortization 
of  intangible  assets,  and  assets  by  operating  segment.  Share-based  compensation  expense  and  amortization  of 
intangible assets are presented in the following financial information by operating segment as “all other.” Long-
lived assets are presented by geographic region. Net sales, operating income and depreciation and amortization for 
the Company’s operating segments were as follows (in thousands): 

Net sales by operating segment

Peripherals  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
LifeSize. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating income by segment

Peripherals  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
LifeSize. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total operating income  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and amortization by segment

2011

Year ended March 31
2010

2009

$ 2,228,985
133,901
$ 2,362,886

$ 1,943,516
23,232
$1,966,748

$ 2,208,832
—
$ 2,208,832

$ 204,202
1,100
(62,646)
$ 142,656

$ 127,530
(8,844)
(40,322)
78,364

$

$

143,323
—
(33,669)
$ 109,654

Peripherals  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
LifeSize. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total depreciation and amortization . . . . . . . . . . . . . . . . .

$

$

55,816
20,175
75,991

$

$

65,130
5,765
70,895

$

$

53,187
—
53,187

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Geographic net sales information in the table below is based on the location of the selling entity. Long-lived 

assets, primarily fixed assets, are reported below based on the location of the asset. 

Net sales to unaffiliated customers by geographic region were as follows (in thousands): 

EMEA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Americas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Asia Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 872,774
1,032,988
457,124
$ 2,362,886

$ 882,635
729,473
354,640
$ 1,966,748

$ 1,001,337
785,862
421,633
$ 2,208,832

Year ended March 31, 
2010 

2011 

2009 

In fiscal years 2011 and 2009, no single country other than the United States represented more than 10% of the 
Company’s total consolidated net sales. In fiscal year 2010, the United States and Germany each represented more 
than 10% of the Company’s total consolidated net sales. Revenues from sales to customers in Switzerland, our home 
domicile, represented a small portion of the Company’s total consolidated net sales in all periods presented. In 
fiscal years 2011, 2010 and 2009, one customer group represented 12%, 13% and 14% of net sales. As of March 31, 
2011 and 2010, one customer represented 13% and 14% of total accounts receivable. 

Long-lived assets by geographic region were as follows (in thousands): 

EMEA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Americas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Asia Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total long-lived assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

March 31, 

2011

2010 

$ 9,774
34,587
45,272
$ 89,633

$ 11,053
40,165
43,765
$94,983

Long-lived assets in China and the United States each represented more than 10% of the Company’s total 

consolidated long-lived assets at March 31, 2011 and 2010. 

Note 18 — Other Disclosures Required by Swiss Law 

Balance Sheet Items

The amounts of certain balance sheet items were as follows (in thousands): 

Prepayments and accrued income  . . . . . . . . . . . . . . . . . . . .
Non-current assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pension liabilities, current  . . . . . . . . . . . . . . . . . . . . . . . . . .
Fire insurance value of property, plant and equipment . . . .

Statement of Income Items 

March 31,

2011
$ 10,953
$785,170
$ 3,563
$ 197,155

2010
$
8,098
$ 806,017
2,761
$
$ 191,600

Total personnel expenses amounted to $364.2 million, $292.3 million and $282.9 million in fiscal years 2011, 

2010 and 2009.

Compensation and Security Ownership of Board Members and Executive Officers 

In accordance with the Swiss Code of Obligations, the compensation and security ownership of members of 

the Board of Directors of Logitech International S.A. and of Logitech executive officers is presented below.

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The following table sets forth compensation Logitech paid or accrued for payment to the individual members of 
the Board of Directors, the highest compensation paid to an executive officer, and the total amount of compensation 
paid or accrued for payment to executive officers for services performed in the fiscal years ended March 31, 2011, 
2010 and 2009:

Salary(1) Bonus(2)

Non-equity 
Incentive Plan 
Compensation(3)

Stock 
Awards(4)

Option 
Awards(4)

Other 
Compensation(5)

Base 

Fiscal 
Year 
2011 $
2010
2009
2011
2010
2009
2011
2010
2009
2011
2010
2009
2011
2010
2009
2011
2011
2010
2009
2011
2010
2009
2011
2010
2009
2011 $ 701,543 $
2010 $
779,174 $
2009 $ 690,864 $

63,499 $
72,974
74,882
110,918
124,762
94,533
87,002
87,098
75,321
101,104
108,284
99,504
91,208
101,222
95,598
44,532
71,746
87,098
58,168
28,863
87,098
85,841
102,671
110,638
107,017

Daniel Borel. . . . . . . . . . . . . . . . . 

Matthew Bousquette . . . . . . . . . .

Erh-Hsun Chang . . . . . . . . . . . . .

Kee-Lock Chua . . . . . . . . . . . . . .

Sally Davis. . . . . . . . . . . . . . . . . . 

Neil Hunt . . . . . . . . . . . . . . . . . . .
Richard Laube . . . . . . . . . . . . . . .

Robert Malcolm. . . . . . . . . . . . . . 

Monika Ribar  . . . . . . . . . . . . . . .

Total Non-Executive Board Members

Highest Paid Executive Officer

Gerald Quindlen . . . . . . . . . . . . .
Gerald Quindlen . . . . . . . . . . . . .
Gerald Quindlen . . . . . . . . . . . . .
Total Executive Officers(6) . . . . . . . . .

— $
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
— $
— $
— $

118,770 $
110,580
—
116,994
109,680

116,994
127,960
—
116,994
127,960
—
118,770
110,580
—
235,569
118,770
110,580

— $
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
— $ 1,061,631 $
— $
917,600 $
— $

— $
—
—
—
—
— 104,850
—
—
—
—
—
—
—
—
—
—
—
—
— 208,500
—
—
—
109,680
—
—
—
118,770
—
110,580
—
—
— $
— $
$

— $ 313,350

Total
182,269
— $
183,554
—
74,882
—
227,912
—
234,442
—
199,383
—
203,996
—
215,058
—
75,321
—
218,098
—
236,244
—
99,504
—
209,978
—
211,802
—
95,598
—
280,101
—
190,516
—
197,678
—
266,668
—
28,863
—
196,778
—
85,841
—
221,441
—
221,218
—
—
107,017
— $ 1,763,174
— $ 1,696,774
— $ 1,004,214

2011 $ 825,000 $
2010 $ 787,500 $
2009 $ 787,500 $
2011 $3,836,280 $133,547
2010 $3,634,808 $ 40,467
2009 $3,340,962 $

— $1,083,000
— $1,299,000
— $

$3,250,276
$ 4,557,000
— $ 584,403

$ 5,835,050 $
$ 1,007,600 $ 394,000
697,500 $ 1,151,000

$12,257,300 $
$ 2,641,020 $ 2,783,850
$ 1,918,125 $ 3,585,950

— $
$
$

62,365
50,370
31,549
— $1,400,897
$
107,745
$ 168,509

$ 7,805,415
$ 3,538,470
$ 2,667,549
$20,878,300
$ 13,764,890
$ 9,597,949

— $

(1)  Base salary for non-executive members of the Board of Directors includes fees to attend meetings, annual 

(2) 

retainers and travel fees. 
In fiscal year 2011, a bonus was granted to an executive officer to offset taxes incurred on a life insurance contract 
on the executive officer’s life held by the Company in connection with the Company’s management deferred 
compensation plan. The Company surrendered the life insurance contract for cash in December 2010. In fiscal 
year 2010, a bonus was granted to an executive officer to enable him to purchase a value of Logitech shares 
equal to what he would have purchased under the Logitech Employee Share Purchase Plan for the February 1 to 
July 31, 2009 offering period but for his employment start date being after the offering start date. 

(3)  Non-equity incentive plan compensation reflects amounts earned under the Logitech Management Performance 
Bonus Plan and predecessor plans. No non-executive members of the Board of Directors participated in any 
non-equity incentive compensation plans in any of fiscal years 2011, 2010 or 2009.

(4)  Amounts shown reflect the grant date fair value, by fiscal year, of stock awards and option awards granted in 
such fiscal year. The key assumptions and methodology for valuation of stock awards and option awards are 
presented in Note 12.

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(5)  Other  compensation  includes  term  life  insurance  premiums,  car  allowance,  tax  preparation  services  (and 
associated tax gross-up), relocation expenses, travel costs in lieu of relocation, and matching contributions 
made by the Company to the Logitech Inc. 401(k) plan or the Logitech Employee Pension Fund.
Includes compensation paid to Mr. David Henry, a former Sr. Vice President, Customer Experience and Chief 
Marketing Officer of the Company. Mr. Henry resigned from the Company in December 2010.

(6) 

No additional fees or compensation have been paid during fiscal years 2011, 2010 and 2009 to any current or 

former members of the Board of Directors or executive officers other than as noted above.

There were no loans made or outstanding at any time during fiscal years 2011, 2010 and 2009 to any current 
or former members of the Board of Directors or executive officers. In addition, no compensation was paid or loans 
made during fiscal years 2011, 2010 and 2009 to parties closely related to members of the Board of Directors or 
executive officers.

The following table sets forth the shares and options held by each of the individual members of the Board of 

Directors and executive officers as of March 31, 2011: 

Shares Held

Options, PRSUs 
and RSUs Held(1)

Exercise Price

Fiscal Years of 
Expiration

Non-Executive Members 

of the Board of Directors:
Daniel Borel(2). . . . . . . . . . . . . . . . . . . . . . .
Matthew Bousquette  . . . . . . . . . . . . . . . . .
Erh-Hsun Chang. . . . . . . . . . . . . . . . . . . . .
Kee-Lock Chua  . . . . . . . . . . . . . . . . . . . . .
Sally Davis . . . . . . . . . . . . . . . . . . . . . . . . .
Neil Hunt  . . . . . . . . . . . . . . . . . . . . . . . . . .
Richard Laube . . . . . . . . . . . . . . . . . . . . . .
Monika Ribar . . . . . . . . . . . . . . . . . . . . . . .

11,356,636
14,242
152,949
23,499
15,602
 —
67,751
10,657

7,400
82,400
326,400
62,400
37,400
14,900
37,400
102,400

n/a
$15.41–$23.29
$7.76–$20.25
$10.78–$19.43(3)
$27.76(4)
n/a
$23.27(5)
$11.71–$27.76(6)

n/a
2016–2019
2014–2017
2014–2017
2018
n/a
2019
2015–2018

Total Non-Executive Members 

of the Board of Directors:  . . . . . . . . . . . . .

11,641,336

670,700

Executive Officers:

Guerrino De Luca  . . . . . . . . . . . . . . . . . . .
Gerald Quindlen. . . . . . . . . . . . . . . . . . . . .
Erik Bardman. . . . . . . . . . . . . . . . . . . . . . .
Werner Heid . . . . . . . . . . . . . . . . . . . . . . . .
Junien Labrousse . . . . . . . . . . . . . . . . . . . .
L. Joseph Sullivan  . . . . . . . . . . . . . . . . . . .
Total Executive Officers . . . . . . . . . . . . . . . . .

164,018
2,803
 —
8,686
20,210
400
196,117

980,538
1,250,000
160,000
312,250
617,250
311,000
3,631,038

$6.84–$27.95
$10.64–$34.39
$18.76
$8.01–$17.44
$13.48–$30.09
$13.48–$30.09

2013–2020
2016–2020
2020
2019–2020
2016–2020
2016–2020

(1)  Each option provides the right to purchase one share at the exercise price. For executive officers, the options 
become exercisable over four years in equal annual installments from the date of grant. For non-executive 
Directors,  the  options  become  exercisable  over  three  years  in  equal  annual  installments  from  the  date  of 
grant. PRSUs granted to executive officers are performance-based restricted stock units that may vest at the 
end of two or three years from the grant date upon meeting certain minimum share price performance criteria 
measured against market conditions. RSUs granted to executive officers are time-based restricted stock units 
that vest in four equal annual installments from the date of grant. RSUs granted to non-executive Directors 
vest in one installment on the grant date anniversary.

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(2)  The number of shares held includes (a) 53,000 shares held by a charitable foundation, of which Mr. Borel 
and other members of his family are board members, (b) 26,500 shares held by one of Mr. Borel’s children, 
and (c) 6,500 shares held by Mr. Borel’s spouse. Mr. Borel has not entered into any written shareholders’ 
agreements.

(3)  One of the option grants to Mr. Chua has an exercise price of CHF 14.29, and the other has a U.S. dollar 
exercise price of $19.43. For the grant denominated in Swiss francs, the U.S. dollar exercise price is based on 
the Swiss franc to U.S. dollar conversion rate on the trading day immediately preceding the grant date. The 
range of the U.S. dollar exercise prices as of March 31, 2011 was $15.61 - $19.43.

(4)  The exercise price of the option as granted to Ms. Davis is CHF 34.45. The U.S. dollar exercise price shown 
is based on the Swiss franc to U.S. dollar conversion rate on the trading day immediately preceding the grant 
date. The U.S. dollar exercise price as of March 31, 2011 was $37.63.

(5)  The exercise price of the option as granted to Mr. Laube is CHF 26.18. The U.S. dollar exercise price shown 
is based on the Swiss franc to U.S. dollar conversion rate on the trading day immediately preceding the grant 
date. The U.S. dollar exercise price as of March 31, 2011 was $28.60.

(6)  The  two  option  grants  to  Ms.  Ribar  have  exercise  prices  of  CHF  14.68  and  CHF  34.45.  The  U.S.  dollar 
exercise prices in the range are based on the Swiss franc to U.S. dollar conversion rate on the trading day 
immediately preceding the grant dates. The range of the U.S. dollar exercise prices as of March 31, 2011 was 
$16.04 - $37.63.

Risk Assessment

At  a  company-wide  level,  Logitech’s  internal  audit  function  coordinates  management’s  risk  assessment 
process, which encompasses financial and operational risks, and reports to senior management and to the Audit 
Committee of the Board of Directors. Material risks are assessed and discussed by the Board of Directors. Financial 
risk assessment and management is integrated into the functions of the Company’s Treasury, Finance and Business 
divisions  operations,  with  oversight  from  the  executive  and  treasury  committees.  Financial  reporting  risk  is 
addressed through the Company’s Corporate Accounting, Financial Reporting and SOX Compliance operations 
and  processes.  Operational  risk  assessment  and  management  is  integrated  into  the  functions  of  the  Company’s 
Business divisions, with support from specialized departments such as Quality, Supply Chain, Legal and Finance. 
Material financial and financial reporting risks are reported to and reviewed with the Audit Committee and the 
Board  of  Directors  as  appropriate,  and  material  operational  risks  are  reported  to  and  reviewed  with  the  Board 
of Directors.

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LOGITECH INTERNATIONAL S.A., 
APPLES

SWISS STATUTORY 
FINANCIAL STATEMENTS

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LOGITECH INTERNATIONAL S.A., APPLES

SWISS STATUTORY FINANCIAL STATEMENTS

TABLE OF CONTENTS

Swiss Statutory Balance Sheets (unconsolidated) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Swiss Statutory Statements of Income (unconsolidated) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notes to Swiss Statutory Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proposal of the Board of Directors for Appropriation of Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . .

Report of the Statutory Auditor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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LOGITECH INTERNATIONAL S.A., APPLES

SWISS STATUTORY BALANCE SHEETS (unconsolidated) 
(In thousands of Swiss francs)

March 31,

2011

2010

Current assets:

ASSETS

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Short-term bank deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued interest and other receivables. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Advances to and amounts receivable from group companies  . . . . . . . . . .
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

CHF

89,936
39,272
280
32,901
162,389

CHF 32,548
56,109
15
81,353
170,025

Long-term assets:

Other long-term assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investments in subsidiaries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loans to subsidiaries  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provisions on investments in and loans to subsidiaries . . . . . . . . . . . . . . .
Treasury shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision on treasury shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total long-term assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,552
513,720
268,578
(2,507)
281,565
(87,743)
975,165
CHF1,137,554

1,054
513,702
324,474
(2,507)
419,770
(178,766)
1,077,727
CHF1,247,752

Current liabilities:

LIABILITIES AND SHAREHOLDERS’ EQUITY

Payables to group companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accruals and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred unrealized exchange gains  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

CHF

Long-term liabilities:

Other long-term liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payables to group companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Shareholders’ equity:

12,524
1,198
—
13,722

38
277,017
290,777

CHF

33,249
2,490
2,829
38,568

103
382,517
421,188

Share capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Legal reserves:

General reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reserve for treasury shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unappropriated retained earnings  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total shareholders’ equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total liabilities and shareholders’ equity . . . . . . . . . . . . . . . . .

47,902

47,902

9,580
281,565
507,730
846,777
CHF1,137,554

9,580
419,770
349,312
826,564
CHF1,247,752

The accompanying notes are an integral part of these financial statements.

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SWISS STATUTORY STATEMENTS OF INCOME (unconsolidated) 
(In thousands of Swiss francs)

Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Royalty fees  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest income from third parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest income from subsidiaries  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Administrative expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Brand development expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest paid to subsidiaries  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income, capital and non-recoverable withholding taxes . . . . . . . . . . . . . . . . . . . . . .
Loss on disposal of treasury shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Gain) loss on long-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Realized exchange losses, net of exchange gains . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Year ended March 31,

2011
CHF 35,332
25,562
614
12,598
74,106

4,390
12,754
—
20,513
438
5,334
(1,026)
11,461
29
53,893
CHF 20,213

2010
CHF 11,500
42,914
920
3,915
59,249

4,267
12,713
39
8,933
2,045
5,983
686
56
17
34,739
CHF 24,510

The accompanying notes are an integral part of these financial statements.

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NOTES TO SWISS STATUTORY FINANCIAL STATEMENTS

Note 1 — Basis of Presentation:

The Swiss statutory financial statements of Logitech International S.A. (“the Holding Company”) are prepared 
in accordance with Swiss Law. The financial statements present the financial position and results of operations of 
the Holding Company on a standalone basis and do not represent the consolidated financial position of the Holding 
Company and its subsidiaries.

Note 2 — Contingent Liabilities:

The  Holding  Company  issued  guarantees  to  various  banks  for  CHF  91,205,000  and  CHF  101,690,000  at 
March 31, 2011 and March 31, 2010 for lines of credit available to its subsidiaries. At March 31, 2011 the credit line 
facilities were not drawn down.

The Holding Company has guaranteed certain contingent liabilities of various subsidiaries related to specific 
transactions  occurring  in  the  normal  course  of  business.  The  maximum  amount  of  the  guarantees  was  CHF 
50,075,000 as of March 31, 2011. As of March 31, 2011, CHF 9,419,000 was outstanding under these guarantees. The 
Holding Company has also guaranteed the purchases of one of its subsidiaries under three guarantee agreements. 
Two of these guarantees do not specify a maximum amount. The third guarantee is limited to CHF 6,407,800. As 
of March 31, 2011, CHF 4,471,000 was outstanding under these guarantees.

Note 3 — Investments:

Principal operating subsidiaries include the following:

Company
Logitech Europe S.A. . . . .

Country
Switzerland

% of 
possession
100

Currency
CHF

Logitech Inc  . . . . . . . . . . .

U.S.A.

100

USD

Share capital

Purpose

100,000 Administration, research, 

development, sales and 
distribution
11,522,396 Administration, research, 

development, sales and 
distribution

Logitech (Intrigue) Inc.  . .
Logitech Technology 

(Suzhou) Co., Ltd  . . . .

Canada
People’s Republic 
of China

100
100

CAD
USD

1,661,340 Research and development

22,000,000 Manufacturing

All subsidiaries are directly or indirectly 100% owned by the Holding Company.

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LOGITECH INTERNATIONAL S.A., APPLES

NOTES TO SWISS STATUTORY FINANCIAL STATEMENTS (continued)

Note 4 — Treasury Shares:

During fiscal years 2010 and 2011, repurchases of and issuances from the Holding Company’s treasury shares 

were as follows (total cost in thousands):

Held by the Holding Company at March 31, 2009  . . . . . . . . . . . . . . . . . . . . . . . . .
Additions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Disposals  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Held by the Holding Company at March 31, 2010. . . . . . . . . . . . . . . . . . . . . . . . . .
Additions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Disposals  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Held by the Holding Company at March 31, 2011. . . . . . . . . . . . . . . . . . . . . . . . . .

Number of 
shares
12,124,078
7,425,125
(3,113,675)
16,435,528
—
(4,001,914)
12,433,614

Total cost 
(in thousands) 
CHF 389,648
134,771
(104,649)
419,770
—
(138,205)
CHF 281,565

In June 2007, the Board of Directors authorized the repurchase of up to USD 250,000,000 of the Holding 
Company’s registered shares. The Holding Company completed the program in March 2010. Under this program, 
the Holding Company repurchased 11,978,125 registered shares for approximately USD 250,000,000.

In September 2008, the Board of Directors approved a share buyback program which authorizes the Holding 
Company to invest up to USD 250,000,000 to purchase its own shares. As of March 31, 2011, the Company has not 
started repurchases under the September 2008 program.

Treasury shares are recorded as a long-term asset at the lower of cost or market value, however in accordance 
with article 669 of the Swiss Code of Obligations, management has opted to record the treasury shares at a value 
below  the  lower  of  cost  or  market  value.  The  disposal  of  treasury  shares  during  the  period  was  to  the  Holding 
Company’s directors and employees under the Holding Company’s share option and share purchase plans. The gain 
or loss on the disposal of repurchased treasury shares is recorded in the statement of income.

As of March 31, 2010 the net value of treasury shares contained a reserve of CHF 44,152,294. As of March 31, 

2011 CHF 31,700,188.48 of this reserve has been released.

Note 5 — Authorized and Conditional Share Capital Increases:

Conditional capital

In  September  2008,  the  Company’s  shareholders  approved  an  amendment  to  the  Company’s  Articles  of 
Incorporation  which  decreased  the  conditional  capital  reserved  for  potential  issuance  on  the  exercise  of  rights 
granted  under  the  Company’s  employee  equity  incentive  plans  from  60,661,860  shares  approved  previously  to 
25,000,000 shares. The Board of Directors determined that the reduced amount of conditional capital, together with 
a portion of its shares held in treasury, was adequate to cover employee equity incentives without impacting the 
ability of the Company to maintain employee equity incentive plans.

In September 2008, the shareholders also approved the creation of conditional capital representing the issuance 
of up to 25,000,000 shares to cover any conversion rights under a future convertible bond issuance. This conditional 
capital was created in order to provide financing flexibility for future expansion, investments or acquisitions.

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LOGITECH INTERNATIONAL S.A., APPLES

NOTES TO SWISS STATUTORY FINANCIAL STATEMENTS (continued)

As of March 31, 2011, none of the aforementioned conditional registered shares had been issued. During fiscal 
years 2011 and 2010, all employee equity incentive commitments were satisfied from treasury shares held by the 
Holding Company. A description of the employee equity incentive commitments still outstanding is presented in 
the consolidated financial statements of Logitech International S.A.

Note 6 — Significant Shareholders:

The  Holding  Company’s  share  capital  consists  of  registered  shares.  To  the  knowledge  of  the  Company, 
the beneficial owners holding more than 3% of the voting rights of the Company as of March 31, 2011 were as 
follows:

Name
Daniel Borel(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
FMR LLC(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thornburg Investment Management(5) . . . . . . . . . . . . . . . . . . .
The Bank of New York Mellon Corporation(6) . . . . . . . . . . . . .
AXA Group(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Number of 
Shares(1)
11,356,636
9,272,440
17,686,835
6,467,865
9,944,400

% of Voting 
Rights(2)
5.9%
4.8%
9.2%
3.4%
5.2%

Relevant Date
March 31, 2011
December 31, 2010
July 30, 2010
February 7, 2011
November 23, 2010

(1)   Financial instruments other than shares are not taken into consideration for the calculation of the relevant 

shareholdings.

(2)   Shareholdings are calculated based on the aggregate number of voting rights entered into the Swiss commercial 

register. This aggregate number was 191,606,620 voting rights as of March 31, 2011.

(3)  The number of shares held includes (a) 53,000 shares held by a charitable foundation, of which Mr. Borel 
and other members of his family are board members, (b) 26,500 shares held by one of Mr. Borel’s children, 
and (c) 6,500 shares held by Mr. Borel’s spouse. Mr. Borel has not entered into any written shareholders’ 
agreements.

(4)   Number of shares held by FMR LLC is based on a notification filed by FMR LLC with the U.S. Securities 
and Exchange Commission on February 14, 2011 indicating the ownership of FMR LLC, on behalf of funds 
managed by and clients of FMR LLC and its direct and indirect subsidiaries as of December 31, 2010.
(5)   On August 2, 2010, Thornburg Investment Management notified us that as of July 30, 2010 they held 17,686,835 

shares as an investment manager on behalf of their investment clients.

(6)  On February 14, 2011, The Bank of New York Mellon Corporation notified us that as of February 7, 2011 The 
Bank of New York Mellon Corporation and certain direct and indirect subsidiaries held 6,467,865 shares.
(7)  On November 26, 2010, AXA Group notified us that as of November 23, 2010 AXA Group and its subsidiaries 

held 9,944,400 shares.

The Swiss Federal Act on Stock Exchanges and Securities Trading of March 24, 1995 (“SESTA”) requires 
shareholders  who  own  voting  rights  exceeding  certain  percentage  thresholds  of  a  company  incorporated  in 
Switzerland whose shares are listed on a stock exchange in Switzerland to notify the company and the relevant 
Swiss  exchange  of  such  holdings.  Following  receipt  of  this  notification,  the  company  is  required  to  inform  the 
public in Switzerland.

Logitech has not been notified of any ownership of options or other derivative securities of the Company, 
whether privately or publicly traded, by any significant shareholder of the Company that is not a member of the 
Board of Directors or an executive officer.

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LOGITECH INTERNATIONAL S.A., APPLES

NOTES TO SWISS STATUTORY FINANCIAL STATEMENTS (continued)

Note 7 — Movements on Retained Earnings:

During fiscal years 2011 and 2010, movements on retained earnings were as follows (in thousands):

Retained earnings at the beginning of the year . . . . . . . . . . . . . . . . . . . . . . . . . . .
Release from (attribution to) reserve for treasury shares . . . . . . . . . . . . . . . . . . . .
Net income for the year  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retained earnings at the disposal of the Annual General Assembly . . . . . . . . . . .

Year ended March 31,

2011
CHF 349,312
138,205
20,213
CHF 507,730

2010
CHF354,924
(30,122)
24,510
CHF 349,312

Note 8 — Compensation and Security Ownership of Board Members and Executive Officers:

In accordance with the Swiss Code of Obligations, the compensation and security ownership of members 
of  the  Board  of  Directors  of  Logitech  International  S.A.  and  of  Logitech  executive  officers  is  presented  in  the 
consolidated financial statements of Logitech International S.A.

Note 9 — Risk Assessment:

A discussion of the Holding Company’s risk assessment is included in Note 18-Other Disclosures Required 

by Swiss Law in the consolidated financial statements of Logitech International S.A.

******************************** 

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PROPOSAL OF THE BOARD OF DIRECTORS FOR APPROPRIATION OF RETAINED EARNINGS

Proposal of the Board of Directors for appropriation of retained earnings was as follows during fiscal years 

2011 and 2010 (in thousands):

To be carried forward . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Year ended March 31,

2011
Proposal of the 
Board of Directors
CHF 507,730 

2010
Resolution of the 
General Assembly
CHF 349,312 

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PricewaterhouseCoopers SA 
avenue C.-F.-Ramuz 45 
Case postale 
1001 Lausanne 
Switzerland 
Phone +41 58 792 81 00 
Fax +41 58 792 81 10 
www.pwc.ch

Report of the Statutory Auditor 
to the General Meeting of Logitech International S.A., Apples

Report of the statutory auditor on the financial statements

As statutory auditor, we have audited the financial statements of Logitech International S.A., which comprise 

the balance sheet, statement of income and notes, for the year ended March 31, 2011.

Board of Directors’ Responsibility

The Board of Directors is responsible for the preparation of the financial statements in accordance with the 
requirements  of  Swiss  law  and  the  company’s  articles  of  incorporation.  This  responsibility  includes  designing, 
implementing and maintaining an internal control system relevant to the preparation of financial statements that 
are free from material misstatement, whether due to fraud or error. The Board of Directors is further responsible 
for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in 
the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our 
audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform 
the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the 
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the 
risks  of  material  misstatement  of  the  financial  statements,  whether  due  to  fraud  or  error.  In  making  those  risk 
assessments, the auditor considers the internal control system relevant to the entity’s preparation of the financial 
statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of 
expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating 
the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as 
evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained 
is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements for the year ended March 31, 2011 comply with Swiss law and the 

Company’s articles of incorporation.

238

239

Report on other legal requirements

We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) 
and independence (article 728 CO and article 11 AOA) and that there are no circumstances incompatible with our 
independence.

In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an 
internal control system exists which has been designed for the preparation of financial statements according to the 
instructions of the Board of Directors.

We further confirm that the proposed appropriation of available earnings complies with Swiss law and the 

Company’s articles of incorporation. We recommend that the financial statements submitted to you be approved.

PricewaterhouseCoopers SA

Michael Foley 
Audit expert 
Auditor in charge

Lausanne, Switzerland
May 31, 2011

Enclosures:

Aurélien Capt
Audit expert

Financial statements (balance sheet, statement of income and notes) for the year ended March 31, 2011 and the 
proposed appropriation of the available earnings, listed in the index appearing on page 230.

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Durant les 30 années qui ont suivi la 

In den 30 Jahren, die seit der Gründung 

In the 30 years since our company’s 

création de la société à Apples en Suisse, 

unseres Unternehmens in Apples, 

founding in Apples, Switzerland,  

Logitech n’a cessé de se transformer pour 

Schweiz, vergangen sind, hat sich 

Logitech has continually transformed 

s’adapter aux évolutions technologiques 

Logitech kontinuierlich gewandelt, um 

itself to adapt to changes in technology 

et aux nouvelles habitudes des 

neue Technologien und die Art, wie 

and how people use technology.  

utilisateurs. Nous ouvrons désormais un 

Menschen damit umgehen, aufzugreifen. 

We embark upon new chapters in this 

nouveau chapitre, dans cette époque où 

Und auch in diesen Zeiten schneller und 

time of faster, more disruptive change 

tout va plus vite et chaque nouveauté est 

bahnbrechender Veränderungen 

focused on delivering innovative, 

une révolution, en nous concentrant sur 

schlagen wir ein neues Kapitel auf: Wir 

easy-to-use products and solutions  

le développement de produits et de 

fokussieren uns auf innovative und 

that allow people to get the most  

solutions innovants, simples d’utilisation 

einfach anzuwendende Produkte sowie 

out of their digital pursuits.

et qui permettent aux utilisateurs de tirer 

Lösungen, mit denen Menschen ihre 

le meilleur parti de leurs activités 

Wünsche in einer digitalen Welt optimal 

numériques.

verwirklichen können. 

ans | Jahre | years

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 2008 through 2011 and the section titled “Operating and Financial Review and Prospects,” in our annual reports for Fiscal Year 2007.

Fiscal Year 

2007 

2008 

2009 

2010 

2011

(in U.S. dollars; in thousands, except per share amounts)

Net sales 

Gross margin  

Operating income  

Operating margin  

Net income  

Earnings per diluted share  

Diluted number of shares  

Cash flow from operations 

Capital expenditures 

 $ 2,066,569  

 $ 2,370,496  

 $  2,208,832  

 $  1,966,748  

 $ 2,362,886 

34.3% 

35.8% 

31.3% 

31.9% 

35.4%

 $  230,862  

 $  286,680  

 $  109,654  

 $ 

78,364  

 $  142,656 

11.2% 

12.1% 

5.0% 

4.0% 

6.0%

 $  229,848  

 $  231,026  

107,032  

64,957  

 $  128,460 

 $ 

1.20  

 $ 

1.23  

0.59  

0.36  

 $ 

0.72 

 $ 

 $ 

 $ 

 $ 

190,991  

187,942 

182,911 

179,340 

  178,790

 $  303,825  

 $  393,079  

 $  200,587  

 $  365,259  

 $  156,551 

 $ 

47,246  

 $ 

57,900  

 $ 

48,263  

 $ 

39,834  

 $ 

43,039

Cash and cash equivalents and short-term  

 investments, net of short-term debt 

 $  398,966  

 $  486,292  

 $  494,396  

 $ 

319,944  

 $  477,931 

Shareholders’ equity 

 $  844,524  

 $  960,044  

 $  997,708  

 $  999,715  

 $ 1,205,001

this document contains forward-looking statements, including the statements regarding growth opportunities, strategies and planned product 

introductions in peripherals for tablets, china and other emerging markets, video communications, unified communications and the digital home; 

and priorities for FY 2012. these forward-looking statements involve risks and uncertainties that could cause Logitech’s actual results to differ 

materially from those anticipated in these forward-looking statements. Factors that could cause actual results to differ materially include: the 

demand of our customers and our consumers for our products and our ability to accurately forecast it; if our decisions to prioritize investments in 

our LifeSize division, in growing our sales and marketing in china and other high potential emerging markets, in peripherals for tablets, and in our 

other investment priorities, do not result in the sales or profitability growth we expect, or when we expect it; competition in the video conferencing 

and communications industry, including from companies with significantly greater resources, sales and marketing organizations, installed base and 

name recognition, and the rate of adoption of video communications in enterprises; if significant demand for peripherals to use with tablets and other 

mobile devices with touch interfaces does not develop, or if market reaction to our peripherals for tablets is less positive than we expect; if the decline 

in expected sales for our Pc peripherals in mature markets is greater than we expect, or if the sales growth in emerging markets for our Pc peripherals 

and other products does not increase as much as we expect; if we fail to successfully innovate in our current and emerging product categories and 

identify new feature or product opportunities; if there is a deterioration of business and economic conditions or significant fluctuations in currency 

exchange rates; as well as those additional factors set forth in Logitech’s periodic filings with the Securities and Exchange commission, including our 

Annual Report on Form 10-K for the fiscal year ended March 31, 2011 and our subsequent Quarterly Reports on Form 10-Q available at www.sec.gov. 

Logitech does not undertake to update any forward-looking statements, which speak as of their respective dates.

Executive team

Board of Directors

Guerrino De Luca
chairman of the Board 
Acting President and chief Executive officer

Erik K. Bardman
chief Financial officer and 
Senior Vice President, Finance

Junien Labrousse
Executive Vice President, Products and  
President, Logitech Europe

Werner Heid
Senior Vice President, 
Worldwide Sales and Marketing

M. Ehtisham Rabbani
Senior Vice President and chief Marketing officer 

Craig Malloy
chief Executive officer, LifeSize communications,  
Senior Vice President, Logitech

L. Joseph Sullivan
Senior Vice President, 
Worldwide operations

Martha Tuma
Vice President, 
human Resources

Catherine Valentine
Vice President, Legal, 
General counsel and Secretary of the Board

Guerrino De Luca
chairman of the Board 
Acting President and chief Executive officer
Logitech

Daniel Borel
co-Founder and Former chairman of the Board
Logitech

Matthew Bousquette
chairman
EGI holdings LLc

Erh-Hsun Chang
Former Senior Vice President, Worldwide operations  
and General Manager, Far East
Logitech

Kee-Lock Chua
President and chief Executive officer
Vertex Group 

Sally Davis
chief Executive officer
Bt Wholesale

Neil Hunt
chief Product officer 
Netflix, Inc.

Richard Laube
chief Executive officer
Nobel Biocare holding A.G.

Monika Ribar
President and chief Executive officer
Panalpina Group

Investor Relations
Investor inquiries may be directed to:  
LogitechIR@logitech.com

© 2011 Logitech. All rights reserved. Logitech, the 
Logitech logo, and other Logitech marks are registered 
in the United States and other countries. All other 
trademarks are the property of their respective owners.

Annual Meeting
Logitech’s annual meeting of shareholders will be held at 
14:30 central European Summer time, September 7, 2011,  
at the Palais de Beaulieu in Lausanne, Switzerland.

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Rapport Annuel 2011, Invitation et Document d’Information

Geschäftsbericht 2011, Einladung und Informationsmaterial

2011 Annual Report, Invitation and Proxy Statement

Des produits conçus pour les activités numériques qui vous intéressent

Produkte für die digitalen Erfahrungen, die Ihnen wichtig sind

Products for the digital experiences you care about

SIX: LoGN-VX
NASDAQ: LoGI 

For more information 
about Logitech and 
its products, please 
visit our web site: 
www.logitech.com. 

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