-Net Loss after Tax of $859.5 million (after $867.2 million of predominately noncash significant items) for the year ended 30 June 2013
- Adjusted EBITDAI of $72.6 million - down $14.3 million in reported and in constant currency terms on the previous corresponding period (“pcp”).
- Adjusted EBITDAI is before significant items and after excluding Nixon from the prior year
- Australasia and Americas full year Adjusted EBITDA were both ahead of the pcp driven by restructuring initiatives
- European trading conditions remain weak and further impacted by $7.6 million of start-up losses for SurfStitch Europe
- Refinancing nearing final stages as key focus returns to rebuilding the business and reinvigorating a world class portfolio of brands
Global sales revenue of $1,340 million was down 13.5% in reported terms (down 12.6% in constant currency terms) on the pcp. Billabong incurred a Net Loss after Tax for the year ended 30 June 2013 of $859.5 million.
The result was impacted by $867.2 million of significant items, including $604.3 million non-cash impairment for goodwill, brands and other intangibles (of which $427.8 million was taken at 31 December 2012) and $129.6 million relating to a non-cash write down of its investment in Nixon (of which $106.6 million was taken at 31 December 2012).
Global sales revenue of $1,340 million was down 6.8% in reported terms (down 5.9% in constant currency terms) on the pcp and after excluding Nixon from the prior year. Adjusted Earnings Before Interest, Tax, Depreciation, Amortisation and Impairment (EBITDAI) was $72.6 million for the Group, a decrease of 16.4% compared to the pcp, after excluding significant items and Nixon from the prior year.
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