Name of entity
BILLABONG INTERNATIONAL LIMITED
ABN Financial year ended
17 084 923 946 30 JUNE 2016
Comparative Financial year ended 30 JUNE 2015
Results for announcement to the marketResults Revenues from continuing operations | Up | 4.5% | to | $A'000 1,103,535 |
Profit from ordinary activities after tax attributable to members | Down | n/a | to | (23,739) |
Net profit for the period attributable to members | Down | n/a | to | (23,739) |
Dividends | Amount per security | Franked amount per security | Tax rate for franking |
Current period - 2016 | |||
Final dividend | --- | --- | n/a |
Interim dividend | --- | --- | n/a |
Previous corresponding period - 2015 | |||
Final dividend | --- | --- | n/a |
Interim dividend | --- | --- | n/a |
The Board has not declared a final ordinary dividend for the year ended 30 June 2016. The Dividend Reinvestment Plan (DRP) remains suspended. |
NTA backing | 2016 | 2015 |
Net tangible asset backing per ordinary security | $0.48 | $0.61 |
This report is based on the consolidated financial report which has been audited.
Refer to the attached full financial report for all other disclosures in respect of the Appendix 4E.
Signed: ............................................................ Date: 25 August 2016
Neil Fiske
Chief Executive Officer
Billabong International
LimitedABN 17 084 923 946
Page
Directors' report 2
Corporate governance statement 33
Auditor's independence declaration 34
Financial report 35
Directors' declaration 87
Independent auditor's report to the members 88
Shareholder information 90
FINANCIAL REPORT
30 JUNE 2016 Directors' reportFor the year ended 30 June 2016
Your Directors present their report on the consolidated entity (referred to hereafter as the Group) consisting of Billabong International Limited (the Company) and the entities it controlled at the end of, or during, the year ended 30 June 2016.
DirectorsThe following persons were Directors of the Company during the whole of the financial year and up to the date of this report: Ian Pollard
Neil Fiske Gordon Merchant Howard Mowlem Jason Mozingo
Sally Pitkin was a Director from the beginning of the financial period until her resignation on 15 August 2016.
Amar Doshi was an Alternate to Jason Mozingo from the beginning of the financial period until his resignation on 4 August 2016. Matthew Wilson was a Director from the beginning of the financial period until his resignation on 7 September 2015.
Thomas Casarella was an Alternate Director to Matthew Wilson from the beginning of the financial period until his resignation on 7 September 2015.
Principal activitiesDuring the year the principal continuing activities of the Group consisted of the wholesaling and retailing of surf, skate, snow and sports apparel, accessories and hardware, and the licensing of the Group trademarks to specified regions of the world.
Dividends - Billabong International LimitedNo dividends were paid to members during the financial year. The Board has not declared a final ordinary dividend for the year ended 30 June 2016. The Dividend Reinvestment Plan (DRP) remains suspended.
Operating and Financial Review
Group overviewThe Group's business is the wholesaling and retailing of surf, skate, snow and sports apparel, accessories and hardware currently comprising multiple brands and retail banners over three key reporting segments being Asia Pacific, Americas and Europe.
The Group's brands at year end included Billabong, Element, RVCA, Kustom, Palmers, Honolua, Xcel, Tigerlily and Von Zipper.
The Group operates 407 retail stores as at 30 June 2016 in regions/countries around the world including but not limited to: North America (55 stores), Europe (104 stores), Australia (127 stores), New Zealand (29 stores), Japan (47 stores) and South Africa (28 stores). Stores trade under a variety of banners including but not limited to: Billabong, Element, Surf Dive 'n' Ski (SDS), Rush, Amazon, Honolua, Two Seasons and Quiet Flight. The Group also operates online retail ecommerce for each of its key brands.
Significant changes in the state of affairs
The statement below should be read in conjunction with note 39 (events occurring after the balance sheet date) of the annual report for the year ended 30 June 2015 and any public announcements made by the Company during the financial year.
On 7 December 2015 the consolidation of all of the Company's shares and options on a 5:1 basis as approved by shareholders on 24 November 2015 was completed.
On 14 January 2016 the Group completed the sale of 225 Reedy Creek Road, Burleigh Heads, a property located next to the Group's head office and occupied presently by SurfStitch, for a purchase price of $6.2 million with total costs of the sale being $0.2 million.
On 29 June 2016, the Group announced the sale of Sector 9 for approximately USD$12 million ($16.1 million) to an affiliate of Bravo Sports, a portfolio company of Transom Capital Group which resulted in a $4.9 million loss including divestment costs. The results of Sector 9 did not meet the conditions under AASB 5 to be disclosed as a discontinued operation during the year ended 30 June 2016.
Other than matters dealt with in this report there were no significant changes in the state of affairs of the Group during the financial year.
Group financial performance
The Group results for the period and the prior corresponding period (pcp) include certain significant items. Refer to note 5 of the financial statements for detailed disclosure in relation to these items.
In order to provide users with additional information regarding the continuing operations excluding the aforementioned significant items and to help understand the impact of these events on the results of the Group, the segment results are presented in two separate tables.
Table A presents the segment results on a basis including all significant items and including the operations of SurfStitch and Swell in the pcp for the relevant period of ownership. See Table A Segment Results As Reported - Including significant items and discontinued operations.
FINANCIAL REPORT 30 JUNE 2016 Billabong International Limited Page 2
Billabong International Ltd. published this content on 25 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 24 August 2016 23:14:04 UTC.
Original documenthttp://phx.corporate-ir.net/external.file?t=2&item=o8hHt16027g9XhJTr8+weNRYaV9bFc2rMd0Q/AXw4zu+7fWq7tXCzbW4F8r660bVjv4qaKBxXgBv1UlxyLHzKNEWlDd9+DtI0tNVcrsEPR1uz6OCGIBnWDX0SHAiZz8M/OqQtsMVWS3Fou87+LHckg==&cb=636076766641674225
Public permalinkhttp://www.publicnow.com/view/CF89C26483F2E2B64116AB1B51EF04F4A1055454