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'We are ready to participate in any recovery' - Billabong Chief
21 Aug '09
4 min read
On a regional basis, reported sales in the Americas lifted 34.9% (up 12.1% in constant currency terms) to $836.8 million, primarily reflecting a nine-month contribution from the acquisition of DaKine. Europe remained a standout performer, with reported sales lifting 23.4% to $388.0 million (up 9.3% in constant currency terms).
Reported sales in Australasia were also higher, lifting 7.6% (or 3.9% in constant currency terms) to $444.3 million, principally driven by strong growth in Asia and Japan. Mr O'Neill said the Group was approaching the 2009-10 financial year with conservative expectations as it is difficult to build a potential recovery in retailer demand and consumer spending into the Group's forecasts.
In the absence of any further unforeseen, exceptional circumstances impacting the global boardsports market, the Group is forecasting reported NPAT to be flat for the 2009-10 financial year compared to the prior year. This is based on actual monthly average exchange rates for the month of July 2009 and an assumption of August exchange rates as the monthly average exchange rate for the remainder of the 2009-10 financial year, in particular a AUD/USD rate of 83 cents and a AUD/Euro rate of 58 cents. The forecast represents constant currency NPAT growth of approximately 5% when excluding the impairment charge from the prior year, or NPAT growth of approximately 10% when including the impairment charge from the prior year.
Directors declared a final ordinary dividend of 18 cents per share, franked to 50%. This takes the full year dividend to 45 cents per share, representing a full year payout ratio of 63.7% of NPAT, excluding the impairment charge.
Reported sales in Australasia were also higher, lifting 7.6% (or 3.9% in constant currency terms) to $444.3 million, principally driven by strong growth in Asia and Japan. Mr O'Neill said the Group was approaching the 2009-10 financial year with conservative expectations as it is difficult to build a potential recovery in retailer demand and consumer spending into the Group's forecasts.
In the absence of any further unforeseen, exceptional circumstances impacting the global boardsports market, the Group is forecasting reported NPAT to be flat for the 2009-10 financial year compared to the prior year. This is based on actual monthly average exchange rates for the month of July 2009 and an assumption of August exchange rates as the monthly average exchange rate for the remainder of the 2009-10 financial year, in particular a AUD/USD rate of 83 cents and a AUD/Euro rate of 58 cents. The forecast represents constant currency NPAT growth of approximately 5% when excluding the impairment charge from the prior year, or NPAT growth of approximately 10% when including the impairment charge from the prior year.
Directors declared a final ordinary dividend of 18 cents per share, franked to 50%. This takes the full year dividend to 45 cents per share, representing a full year payout ratio of 63.7% of NPAT, excluding the impairment charge.
Billabong International Limited
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