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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Logitech International SA | NASDAQ:LOGI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.73 | 0.82% | 89.96 | 89.51 | 90.44 | 91.73 | 89.83 | 91.73 | 605,140 | 01:00:00 |
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WE ARE PLEASED TO REPORT THAT FISCAL YEAR 2015 WAS A STRONG YEAR FOR LOGITECH, FURTHER ADVANCING THE COMPANY’S TRANSFORMATION THAT STARTED TWO YEARS AGO. This past year demonstrated the effectiveness of our strategy and its resilience even in the face of challenges. The PC market declined, the iPad market declined and we underwent a lengthy internal investigation. By November 2014 the internal investigation was behind us and our financial statements had been corrected. Against this backdrop, we delivered solid Fiscal Year 2015 results: | |||||
• Sales of $2.11 billion, down 1 percent compared to FY 2014, and up 2 percent in constant currency. • GAAP operating income was $15 million with earnings per share at $0.06. • Cash flow from operations was $179 million. We ended the year with more than $0.5 billion in cash, up $68 million over last year. That is after distributing $44 million in dividends to our shareholders. While these numbers are solid, once you analyze them in more detail they are even more impressive. EXCELLENT RESULTS Logitech’s primary focus is on our Retail Strategic business – the company’s Profit Maximization and Growth categories. It does not include OEM and Lifesize, which together broke even. Retail Strategic is nearly 90 percent of our business – the future of our company. If you look at our performance in this business – in constant currency to take out the unusually significant impact of exchange rates – you will see we grew FY 2015 sales by 6 percent compared to last year. In the last half of the year, they grew 7 percent. This means the business that represents the future of Logitech is already growing within our high-single-digit, long-term growth target. It also shows that we ended FY 2015 with momentum. In FY 2015, we took a non-cash, non-tax-deductible goodwill impairment charge related to the acquisition of Lifesize of $123 million. We began to reorganize this business and accelerate the transition to Lifesize’s new cloud-based offering, which is gaining significant market traction. If you put aside this one-time charge, Logitech delivered our best earnings in seven years in FY 2015 and we tripled profitability in just two years. It’s clear that those parts of Logitech’s business that we focus on most – the Company’s future – show great promise. Here’s more detail: | GROWTH CATEGORY Logitech’s Growth category comprised Tablet and Other Accessories, Gaming, and Mobile Speakers at the start of Fiscal Year 2015. By Q4 we added a fourth business: Video Collaboration. Our growth businesses are key engines of our growth transformation. And these engines showed horsepower: our Growth category contributed nearly $600 million in sales for FY 2015 and grew 25 percent year over year. Both our Mobile Speakers and Video Collaboration businesses more than doubled over the course of the fiscal year. In constant currency, the Growth category increased by 28 percent year over year in FY 2015, and by 45 percent in Q4, demonstrating the momentum we carried into the new fiscal year. PROFIT MAXIMIZATION In FY 2015, sales in our PC Peripherals business decreased by 5 percent year over year – 2 percent in constant currency. We achieved this in a PC market environment that’s declining between 5 and 7 percent. That means we grew share in most of our PC Peripheral categories. We have market leadership in all of them. We also delivered record gross margins and, through the strength of our product innovations, even drove 5 percent growth in constant currency in our Keyboards and Combos category. We expect the Profit Maximization category to continue to decline. We will manage that decline, maximizing profit as category leaders along the way. And we will continue |
to optimize our performance in this business over the coming years, regardless of declines in the PC market. OUR PRODUCTS ARE BIG EXPERIENCES We have also been working to reinvent Logitech as a Design-centric company – one in which Design is part of our culture and used as a strategic differentiator. To achieve this, we have changed our innovation machine. We have opened up our office spaces to make them more collaborative. We have encouraged a small company culture where hierarchy and bureaucracy are being replaced by team-work, hunger and speed. We are seeing the fruits of our Design-focused work. Thanks to our design and innovation teams, our products have evolved into big experiences. A few years ago, we promised to deliver fewer, bigger products. And we are delivering. Take the UE BOOM mobile speaker for example. Not only was it our biggest product in Fiscal Year 2015, it has become our best performing product in the 34-year history of the company. The UE MEGABOOM – UE BOOM’s big brother – immediately became a top five selling product in Q4. And we launched another family member, the wild child of UE BOOM, UE ROLL, just a few weeks ago. Another example can be found in our Video Collaboration business. The Logitech ConferenceCam CC3000e – a video camera, mic and speaker in a single unit – has seen a very positive reception. It’s another top-selling product, just like the G502 PROTEUS CORE Tunable Gaming Mouse that quickly became our biggest gaming mouse after launch last year. Five of our top 13 products in the company are now from our Growth category. And innovative products from our traditional businesses, like the Logitech Bluetooth Multi-Device Keyboard K480, are catching consumers’ attention too. Last quarter, six of our products were honored with Red Dot 2015 Product Design Awards. We were also multiple honorees at CES. Over the last eighteen months, we’ve received over 50 prestigious design awards – more product design awards than in any period in our history. This shows the power of the long-term strategies we have put in place to transform Logitech for the future. LOOKING AHEAD We closed a solid Fiscal Year 2015 with healthy momentum. Looking ahead, however, the strong U.S. dollar is presenting a challenge for Logitech. The dollar’s strength has negatively affected our margins over the last few months. We do not believe this is simply a short-term change and we went on the offensive. | We deployed price increases in impacted markets across most of our products and will continue to assess prices as products launch throughout Fiscal Year 2016. We developed new cost reduction initiatives targeting our products, overhead and infrastructure. These build on FY 2015’s disciplined spend management – our operating expenses were down for the second consecutive year and fell to their lowest level in five years. We are also undertaking a targeted realignment of resources, notably exiting our OEM business and reorganizing Lifesize as a cloud-based provider. Thanks to this price and cost management initiative, we expect to be able to invest more deeply into the many growth opportunities we see ahead of us. Over the last two years, we have already reduced our R&D spend in traditional PC Peripherals by over two thirds, reinvesting the savings into our Growth category and future projects. We will also invest in new capabilities, both in R&D and in our regional go-to-market organizations. Last, but not least, we are returning more value to you, our shareholders, through dividends and share buybacks. | ||||
WE THANK OUR COMMITTED AND HARD-WORKING EMPLOYEES. THEY HAVE HELPED TRANSFORM LOGITECH INTO A COMPANY THAT CAN GROW AGAIN. AND WE THANK YOU, OUR MOST COMMITTED SHAREHOLDERS, FOR YOUR LOYALTY OVER THIS LAST YEAR. WE LOOK FORWARD TO FISCAL YEAR 2016 AS WE ACCELERATE OUR TRANSFORMATION FOR GROWTH. | |||||
July 24, 2015 To our shareholders: You are cordially invited to attend Logitech’s 2015 Annual General Meeting. The meeting will be held on Wednesday, September 9, 2015 at 2:00 p.m. at the SwissTech Convention Center, EPFL, in Lausanne, Switzerland. Enclosed is an agenda for the meeting, information about the proposals being voted on, how you can exercise your voting rights and other relevant information. We encourage you to go online to the Investors section of the Logitech website to access more detailed information. Whether or not you plan to attend the Annual General Meeting, your vote is important. Thank you for your continued support of Logitech. | |||||
LOGITECH INTERNATIONAL S.A. |
Invitation to the Annual General Meeting |
Wednesday, September 9, 2015 – 2:00 p.m. (registration starts at 1:30 p.m.) |
SwissTech Convention Center, EPFL – Lausanne, Switzerland |
1. | Approval of the Annual Report, the consolidated financial statements and the statutory financial statements of Logitech International S.A. for fiscal year 2015 |
2. | Advisory vote to approve executive compensation |
3. | Appropriation of retained earnings and declaration of dividend |
Year ended March 31, 2015 | |||
Retained earnings available at the end of fiscal year 2015 | CHF | 449,500,812 | |
Proposed dividends | CHF | (82,661,493) | ) |
Balance of retained earnings to be carried forward1 | CHF | 366,839,319 |
4. | Release of the Board of Directors and Executive Officers from liability for activities during fiscal year 2015 |
5. | Elections to the Board of Directors |
6. | Election of the Chairman of the Board |
7. | Elections to the Compensation Committee |
8. | Approval of Compensation for the Board of Directors for the 2015 to 2016 Board Year |
9. | Approval of Compensation for the Group Management Team for Fiscal Year 2017 |
10. | Re-election of KPMG AG as Logitech’s auditors and ratification of the appointment of KPMG LLP as Logitech’s independent registered public accounting firm for fiscal year 2016 |
11. | Re-election of Ms. Béatrice Ehlers as Independent Representative |
1 | Calculated based on a gross aggregate dividend of USD 85,000,000 (approximately CHF 82,661,493 based on the exchange rate of CHF 1 = USD 1.0283 as of March 31, 2015), or approximately USD 0.5167 per share (approximately CHF 0.5025 per share based on the exchange rate as of March 31, 2015), subject to a maximum gross aggregate dividend equal to the retained earnings available at the end of fiscal year 2015. The per share approximations are based on 164,481,799 shares outstanding, net of treasury shares, as of March 31, 2015. Subject to the maximum gross aggregate dividend, the proposed dividend in Swiss Francs presented at Logitech’s 2015 Annual General Meeting will be based on USD 85,000,000 and the currency exchange rate effective on the date of Logitech’s 2015 Annual General Meeting. Distribution-bearing shares are all shares issued except for treasury shares held by Logitech International S.A. on the day preceding the payment of the distribution. | ||
2 | For each increase of 0.01 in the exchange rate of the Swiss Franc against the U.S. Dollar above the assumed level of USD 1.0784 to CHF 1.00, if any, the maximum aggregate amount of the compensation of the Board of Directors will increase by CHF 21,000 for the 2015 - 2016 Board Year. This adjustment reflects the fact that the compensation of our Chairman, which is included in the maximum aggregate amount of the compensation for the Board of Directors, is set in U.S. Dollars. | ||
3 | For each reduction of 0.01 in the exchange rate of the Swiss Franc against the U.S. Dollar below the assumed level of USD 1.0784 to CHF 1.00, if any, the maximum aggregate amount of the compensation of the Group Management Team will increase by USD 27,000 for fiscal year 2017. This adjustment reflects the fact that the compensation of one member of our Group Management Team is set in Swiss Francs. |
Swiss Share Register – Internet Voting | Swiss Share Register – Response Coupon |
Go to the Internet voting site gvmanager.ch/Logitech and log in with your one-time code on the enclosed Response Coupon. Please use the menu item “Grant Procuration” and submit your instructions by clicking on the “Send” button. Your code is only valid once; it expires once you have submitted your voting or any other instructions and signed off the portal. As long as you remain signed in to the portal, you may change your voting instructions at your discretion. | Mark the box under Option 3 on the enclosed Response Coupon. Please sign, date and promptly mail your completed Response Coupon to Ms. Béatrice Ehlers using the appropriate enclosed postage-paid envelope. |
U.S. Share Register – Internet Voting | U.S. Share Register – Proxy Card |
Go to the Internet voting site www.proxyvote.com and log in with your 16-digit voting control number printed in the box marked by the arrow on the Notice of Internet Availability of Proxy Materials that you received from us. Please follow the menus to select the Independent Representative, Ms. Béatrice Ehlers, to represent you at the meeting. | If you have requested a Proxy Card, mark the box “Yes” on the Proxy Card to select the Independent Representative, Ms. Béatrice Ehlers, to represent you at the meeting. Please sign, date and promptly mail your completed Proxy Card to Broadridge using the enclosed postage-paid envelope. |
Swiss Share Register – Internet Voting | Swiss Share Register – Response Coupon |
Go to the Internet voting site gvmanager.ch/Logitech and log in with your one-time code on the enclosed Response Coupon. Please use the menu item “Order Admission Card”. Your code is only valid once; it expires as soon as you have ordered an admission card by clicking on the “Send” button or submitted any other instructions and signed off the portal. | Mark the box under Option 1 on the enclosed Response Coupon. Please send the completed, signed and dated Response Coupon to Logitech using the enclosed postage-paid envelope by Thursday, September 3, 2015. |
U.S. Share Register – Internet Voting | U.S. Share Register – Proxy Card |
Go to the Internet voting site www.proxyvote.com and log in with your 16-digit voting control number printed in the box marked by the arrow on the Notice of Internet Availability of Proxy Materials that you received from us. Please follow the menus to indicate that you will personally attend the meeting. | If you have requested a Proxy Card, mark the box “Yes” on the Proxy Card to indicate that you will personally attend the meeting. Please sign, date and promptly mail your completed Proxy Card to Broadridge using the enclosed postage-paid envelope by Thursday, September 3, 2015. |
Swiss Share Register – Internet Voting | Swiss Share Register – Response Coupon |
After you receive the new one-time code, go to the Internet voting site gvmanager.ch/Logitech and log in. Please use the menu item “Grant Procuration”. Follow the directions on the site to complete and submit your new instructions until Thursday, September 3, 2015, 23:59 (Central European Time), or you may attend the meeting and vote in person. | If you request a new Response Coupon and wish to vote again, you may complete the new Response Coupon and return it to us by September 3, 2015, or you may attend the meeting and vote in person. |
U.S. Share Register – Internet Voting | U.S. Share Register – Proxy Card |
Go to the Internet voting site www.proxyvote.com and log in with your 16-digit voting control number printed in the box marked by the arrow on the Notice of Internet Availability of Proxy Materials that you received from us. Please follow the menus to submit your new instructions until Thursday, September 3, 2015, 11:59 p.m. (U.S. Eastern Daylight Time), or you may attend the meeting and vote in person. | If you request a new Proxy Card and wish to vote again, you may complete the new Proxy Card and return it to Broadridge by September 3, 2015, or you may attend the meeting and vote in person. |
Swiss Share Register – Internet Voting | Swiss Share Register – Response Coupon |
If you are a registered shareholder and vote using the Internet voting site, you have to give specific voting instructions to all agenda items before you can submit your 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, you thereby give instructions to the Independent Representative to vote your shares in accordance with the recommendations of the Board of Directors for such agenda items as well as for new and amended proposals that could be formulated during the course of the meeting. |
U.S. Share Register – Internet Voting | U.S. Share Register – Proxy Card |
If you are a registered shareholder and vote using the Internet voting site without giving specific voting instructions for some or all agenda items, you thereby give instructions to the Independent Representative to vote your shares in accordance with the recommendations of the Board of Directors for such agenda items as well as for new and amended proposals that could be formulated during the course of the meeting. | If you are a registered shareholder and sign and return a Proxy Card without giving specific voting instructions for some or all agenda items, you thereby give instructions to the Independent Representative to vote your shares in accordance with the recommendations of the Board of Directors for such agenda items as well as for new and amended proposals that could be formulated during the course of the meeting. |
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