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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Billabong International Limited    BBG   AU000000BBG6

End-of-day quote. End-of-day quote  - 05/26
0.9 AUD   -3.74%
03/31 BILLABONG INTER : Sale of Tigerlily
02/23 BILLABONG INTER : Half Year Results Media Release
02/23 BILLABONG INTER : Half Year Results CEO and CFO Presentation
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Billabong Shocks With A$537 Million Loss, Testing Bidders' Resolve

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02/22/2013 | 12:22am CEST
   By Gavin Lower 
 

MELBOURNE--Takeover target Billabong International Ltd. (>> Billabong International Limited) Friday shocked the market with a gaping net loss and a fresh warning on future earnings that will test the appetite of two U.S. consortia to firm up bids for the Australian surfwear maker.

Billabong booked a net loss for the six months to Dec. 31 of 536.6 million (US$553.0 million) after it took a A$567 million impairment charge relating to the value of its brands and investments. The writedowns are so large that they exceed the company's market capitalization of A$435.8 million ahead of the announcement.

Billabong is battling to reverse an earnings decline triggered by the global slowdown, a strong Australian dollar that has diluted overseas income, and the dwindling appeal of its core brands among younger people. Sales in the Americas and Europe have fallen sharply as cautious consumers rein in spending or switch to other brands, leading to a build up of surplus clothing stock.

The former head of its Americas division, Paul Naude, teamed up with private equity firm Sycamore Partners Management in December to make a A$526.8 million offer for the company. A month later VF Corp. (>> V.F. Corporation), the owner of Timberland and The North Face brands, joined up with Altamont Capital Partners to match the A$1.10-a-share offer from Mr. Naude's group.

Management presentations and site visits continue with both consortia as part of a due diligence process that's expected to end next month, Billabong said Friday.

The company downgraded its guidance for earnings before interest, tax, depreciation and amortization in the fiscal year through June to between A$74 million and A$85 million, from previous guidance of A$85 million-A$92 million.

"The Group has continued to face difficult trading conditions in Europe and the performance of Nixon has not met expectations. Performance of the rest of the group remains broadly in line with expectations," Billabong said in a statement.

At the half-year stage in 2012, Billabong reported a net profit of A$16.1 million.

Write to Gavin Lower at [email protected]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article : Billabong International Limited, V.F. Corporation
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Latest news on BILLABONG INTERNATIONAL LI
03/31 BILLABONG INTERNATIONAL : Sale of Tigerlily
02/23 BILLABONG INTERNATIONAL : Half Year Results CEO and CFO Presentation
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02/23 BILLABONG INTERNATIONAL : Half Year Accounts to 31 December 2016 / Appendix 4D
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2016 BILLABONG INTERNATIONAL : Grant of Unquoted Options / Appendix 3B
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Financials ( AUD)
Sales 2017 1 032 M
EBIT 2017 20,1 M
Net income 2017 -11,0 M
Debt 2017 119 M
Yield 2017 -
P/E ratio 2017 -
P/E ratio 2018 22,50
EV / Sales 2017 0,29x
EV / Sales 2018 0,27x
Capitalization 178 M
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Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 5
Average target price 1,39  AUD
Spread / Average Target 55%
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Managers
NameTitle
McNeil Seymour Fiske Chief Executive Officer, Executive Director & MD
Ian Alfred Pollard Non-Executive Chairman
Peter A. Myers Group Chief Financial Officer
Gordon Stanley Merchant Independent Non-Executive Director
Howard Mowlem Independent Non-Executive Director
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