Overview - Net Loss after Tax for half-year to 31 December 2012 of $536.6 million - $567.0 million of significant items ($534.4 million is non-cash) - Excluding significant items, Group EBITDA up 12.9% (in constant currency terms on the prior corresponding period (pcp)) to $57.2 million (45% up in the Americas, 29% up in Australasia and 78% down in Europe) - Transformation Strategy significantly reducing costs across the business - Previously announced due diligence by bidding consortia expected to conclude next month
Billabong incurred a Net Loss after Tax for the half-year of $536.6 million. The result was impacted by $567.0 million of significant items, including $427.8 million non-cash impairment for goodwill and brands, and $106.6 million relating to a non-cash write down of its investment in Nixon.
Billabong announced a four year Transformation Strategy in August 2012 with the key developments for the first six months being,
- Store closure programme on track with 119 retail outlets closed to date, targeting a total of approximately 160 stores to be closed by June 2013
- Apparel supplier numbers to be reduced from over 275 to 50 commencing March 2013 as part of a major restructure of the global supply chain
- Management restructure and a staged move from regional to global reporting lines
- Global IT head appointed and strategy in place with new reporting and operational systems rolling out from mid-2013
- Billabong girls and women’s wear global strategy advanced
“Our management team, including those who have taken on new responsibilities in recent months, are having a positive impact in addressing the well-publicised challenges faced by the Group”, said Ms Inman. “However, given the lead times, the benefits from reduction in supplier numbers and brand improvement strategies will not be seen in this financial year.”
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