Project Report: Capital Market

This report analyzes the position of Billabong International Limited in the capital market through evaluating its profile, services, products, profitability, management, industry, market, financial statement, and stock price.

Running Head: Capital markets
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Project Report: Capital Market

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Executive summary:
In the report, billabong international limited has been taken into the concern and the
company analysis process has been done on the company to analyze the position of the
company. The analysis has been done on the company to identify the security position of the
company through collecting the information about the profile, services, products and the
profitability position of the company. The company’s locations, mission statement goals
product and service overview and other services of the company has been evaluated firstly to
know about the company. Further, the management, industry and market of the company
have been evaluated and lastly, the financial statement and stock price of the company has
been identified to analyze the performance of the company.

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Contents
Introduction.......................................................................................................................4
Company Summary..........................................................................................................4
Company overview.......................................................................................................4
Company services.........................................................................................................4
Services description......................................................................................................5
Production overview.....................................................................................................5
Company location and facilities...................................................................................5
Management summary......................................................................................................6
Organizational structure................................................................................................6
Management team.........................................................................................................6
Industry analysis...............................................................................................................7
Market sector................................................................................................................7
Competitors...................................................................................................................8
Strategic alliances.........................................................................................................8
Market analysis.................................................................................................................9
Market capitalization..................................................................................................10
Market segmentation..................................................................................................11
Share and dividend overview..........................................................................................13
Earnings per share.......................................................................................................13
Share price..................................................................................................................14
Share price history......................................................................................................14
Share outstanding........................................................................................................15
Debenture and other outstanding loan........................................................................15
Financial analysis............................................................................................................16

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Balance sheet..............................................................................................................16
Profit and loss statement.............................................................................................17
Business ratios............................................................................................................18
Conclusion and recommendation...................................................................................20
References.......................................................................................................................21
Appendix.........................................................................................................................24

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Introduction:
Evaluation and analysis of an organization is a procedure which is carried out by
the managers of the company or the investors to identify the security position of the company
through collecting the information about the profile, services, products and the profitability
position of the company. An analysis of the company incorporates the general information
about the organization like the goals, values and mission report of the company. At the time
of evaluating the business, various levels and factors of the company are required to be
analyzed.
Company Summary:
Billabong international limited is a multinational company which has diversified its
market into apparel as well as sporting goods. The company is offering the services into UK
market as well. The company is engaged in the activities of marketing, wholesale,
distribution apparel and retailing of apparel, accessories, wetsuit, eyewear and various other
products in the sector of board sports in America, Asia pacific, Europe and United Kingdom.
Company overview:
The company is a surf company which primarily a clothing retail store. The company
has been started in 1973 in Gold Coast, Australia. The current headquarter of the company is
in Queensland, Australia. Key people of the company are Neil Fiske, Chief Executive, and Dr
Ian Pollard, chairman of the company. The company has traded in Australian stock exchange;
the first trade was done on 11th august 2000 (Bloomberg, 2018).
Company services:
The Billabong international plc has been founded in 1973 to offer various apparel
products and the accessories to the customer. Mainly, the company is a product offering
company, though, it is offering online services and the other services such as customer
relationship etc are also provided by the company to its customers.
Services description:
The company is offering its services and the products into various countries. The main
focus of the company is on its products only. Though, the delivery of services of the company
is quite better. Annual report (2017) of the company express that the services of the company

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is competitive in the market. Best customer management services are provided by the
company.
Production overview:
Reuters (2018) described that the main products of the company are apparel,
accessories, wetsuit, eyewear and various other goods in the board sports sector in America,
Asia pacific, Europe and United Kingdom. The company has diverse its industry from
apparel to sports products. The product range of the company is quite higher and it helps the
company to manage the performance in the market. The current production of the company
has been lower due to less demand in the market which leads to the huge loss to the company.
Company location and facilities:
The company has been started in 1973 in Gold Coast, Australia. The current
headquarter of the company is in Queensland, Australia. Key people of the company are Neil
Fiske, Chief Executive, and Dr Ian Pollard, chairman of the company. The company is
engaged in activities of marketing, wholesale, apparel distribution and apparel retailing,
accessories, wetsuit, eyewear and various other goods in the board sports sector in America,
Asia pacific, Europe and United Kingdom.
The study on the history, mission, objectives, goals etc of the company explains that the
company is using better strategies to manage the performance and the position in the market.
The current position of the business has been analyzed and it has been identified that the
slight business and activities have diversified its market into new sector as well other
countries to manage the performance. The current position of the company expresses about
the better position of the market. It explains that the few more changes into the products and
the diversification strategy and plan of the company would positively effect on the
company’s performance and it would lead to the company to improved performance of the
company.
Management summary:
Billabong international limited has been analyzed and it has been identified that the
company’s management is high quality professionals. The management of the company has
helped the company to achieve the high growth in the market. The departmental strategy and
management of the company explains about the better position of the company.

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Organizational structure:
Billabong international limited was initially a private company which has been created
in 1973. However, company has been register into the Australian stock exchange due to its
popularity in the market in the year of 2000. Though, the recent events of the company and
the industry have extremely affected the position of the company. The drastic changes have
occurred into rhea stock price of the organization. However, the company’s annual report
explains that slowly they are recovering the growth and they would be back on the track soon
(Statista, 2018). However, these drastic changes have affected the popularity of the business
and the performance of the business.
The organizational structure of the organization briefs about few changes into the
management structure and the people to maintain the position of the company again.
Company have taken various decisions about the management structure and the process of
the company so that the position and the popularity of the company could be maintained
again (Brigham and Houston, 2012).
Management team:
Management team of the company consist directors of the company and the
chairperson. The management team of the company has been identified to evaluate the person
who are running the business and making the strategies of the business. Following is the list
of the management team of the company:
Neil Fiske Managing director (MD) and
CEO (chief executive officer)
Paul Burdekin General manger, Asia pacific
Jim Howell CFO
Kevin Meehan Global general manager
Peter Myers Chief financial officer
Shannan North Global president
Jean- Louis Rodrigues General manager, Europe

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(Annual report, 2018)
The above people are the executive directors of the company which has been hired by
the company to make internal decisions of the company and maintain the performance of the
company. The study has been performed on the company to evaluate the information related
to the company so that a better analysis report could be prepared.
The study over the management process and the management team explains that the
company has faced few issues in last few years and thus it has made the change in the
management process and the management people of the business. The current management
team of the company help enough experience and qualified person who would manage the
entire activities and the process of the company in a well manner ((Brigham and Ehrhardt,
2013). However, the management position of the business expresses about the current better
position of the business. It explains that these changes into the management process and
management team of the company would offer huge return to the company.
Industry analysis:
Billabong international limited is the part of Consumer Durables & Apparel industry in
Australia. The study explains that the company is retailing the apparel and sports product into
the market of Australia and other countries. Though, the home country of the company is
Australia (Lee and Yue, 2017). The industry of Australia explains that around 250 global
companies are operating in the Australian industry. The Consumer Durables & Apparel
industry share has been enhanced in 2018 and the prediction of the industry explains that the
performance of the industry would be much better in near future (Statista, 2018).
Market sector:
Bloomberg (2018) explained that market share of the business in the industry is very
lesser. The current scenario briefs that the industry’s position is not good and it impacts the
financial position of the company hugely. The economical and financial position of the
industry has also been analyzed and it has been identified that the industry’s position is quite
better and thus few positive changes have also occurred into the company’s performance but
the micro challenges of the business has made huge impact on the performance of the
company (Ownership structure, 2018).

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Competitors:
Next plc is the main competitor of the company. Next plc is a British company
which is offering its products and the services into international market, the company is
offering huge competition to the Billabong international limited. The company has been
founded in 1864 at London. And it is a public limited company which is registered at London
stock exchange (Brigham and Daves, 2012). The company has around 700 stores at the
worldwide.
The market capitalization of the company has been identified to identify the
presentation and the market share of the business and it has been analyzed that the company’s
financial performance has been enhanced in last few year. though the market share of the
company, it has been found that the market capitalization of the company was $ 2,86,300
thousand in the year of 2013, $ 3,22,000 thousand in 2014, 3,11,800 in 2016, $ 5,10,500 in
2016 and $ 4,82,600 in the year of 2017 of the business (Horngren, 2009).
It explains that the market capitalization of the business has been enhanced
continuously and it has impacted on the company’s performance positively. The financial
performance and the situation of the business have made it easier for the company to attract
more investors towards the company (Morningstar, 2018). The market capitalization of next
plc has been compared with the billabong plc and it has been found that the performance and
the position of Billabong are quite lower than the Net plc.
Strategic alliances:
For the purpose of company analysis and the position f the company in the industry,
strategic alliance of the company has been evaluated. Strategic alliance is an agreement
between 2 parties or more than to [arties to pursue a set of objectives and the gaols which are
required to complete to reach over a level. a strategies alliance is usually a corporate
relationship, partnership o entity. strategic alliance explains about the collaboration among
two or more companies to reach over a common goal.
In case of billabong international plc, it has been evaluated that and it has been
recognized that the Billabong international plc is a public limited company and the company
has not alliance with any other firm (Hillier, Grinblatt and Titman, 2011). The company has
entered into the new market without any tie up and currently, it is operating and performing
its operations and the services into various countries of Asia pacific, Europe etc.

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Though, it has been evaluated that currently the company is required to set a strategic
alliance with major actualized companies to manage the performance of the company and to
be more popular again. The performance of the company has been affected at a lot and thus it
became important for the company to manage the performance and profitability level again.
The study of market sector analysis explains that the company is using better strategies
to manage the performance and the position in the market. The product and the services of
the company have been evaluated and it has been identified that the slight alterations have
occurred into the total performance of the company (Gourevitch et al, 2016). Though, the
market position of the company expresses about the company’s enhanced performance. It
briefs that the few more changes into the marketing strategy and plan of the company would
positively effect on the performance of the company and it would lead to the company to
better performance of the company.
Market analysis:
Evaluation and analysis of marketing position of an organization is a procedure which
is carried out by the managers of the company or the investors to identify the marketing
position of the company through collecting the information about the services, products and
the market share of the company. An analysis of the market position incorporates the general
information about the organization like the product, services, promotion strategies, market
and industry share etc of the company (Gapenski, 2008). At the time of evaluating the
marketing position of the company, various levels and factors of the company are required to
be analyzed.
The main goal of the market analysis of an organization is to evaluate the performance
of the company in terms of producing and selling the product, offering the services of the
company, customer loyalty etc. the market analysis of the company is evaluated to analyze
the company’s attractiveness and dynamics. It is used for identify the planning and activities,
inventory, purchase, work force, facility expansion, promotional activities of the company
etc. market analysis evaluates the stock performance of the company as well.
Market capitalization:
Market capitalization stands for the total dollar value of an organization in the market.
The market capitalization is calculated through multiplying the total outstanding share of the
company with the market price per share f the company. Market capitalization brief that how

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the performance of the company as well as how well the company is performing in the
market (Davies and Crawford, 2011). In case of Billabong international limited, it has been
evaluated that the market capitalization of the company of last 3 years are as follows:
Year
Total
outstanding
shares
Market
value Book price Market price
Jun-
2013 119609000
$
1.682
$
27,18,38,000
$
20,11,82,338
Jun-
2014 163657000
$
2.675
$
27,00,24,000
$
43,77,82,475
Jun-
2015 197353000
$
3.000
$
28,15,84,000
$
59,20,59,000
(yahoo finance, 2018)
The book capitalization and the market capitalization of the company brief that the
performance of the company in terms of market performance and the total capitalization in
the market has been enhanced. The stock price of the company has been evaluated and it has
been found that the market performance of the company has been better in last few years.
The number of outstanding shares of the company has also been discussed and it has
been found that the numbers of outstanding shares are continuously enhancing. It is
explaining that the company has issued more shares in the market to raise the capital.
Though, the stock price of the company has also been enhanced (Damodaran, 2011).
On the basis of market capitalization, it has been found that the performance of the
company is far better. Though, the number of stock of the company has also been enhanced
and it has impacted on the total capitalization of the company. Though, XXX has argued that
high market capitalization is not an indication about the better performance of the company.
Market capitalization only expresses about the total capital of the company in the market. It is
a measurement to evaluate the total worth of an organization in the stock market. The market
capital is usually categorized into stock investments. Organizations that have more
capitalization in the market tend to have higher revenue, capital and more assets.
On the basis of the evaluation on Billabong international limited, it has been found that
the total assets and the total revenue of the company is quite higher and it has impacted on the
total market capital of the company.
Market segmentation:

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Market segmentation is a procedure to divide a wide range of consumers and the
business market of the company. Basically, market segmentation consists of potential and
existing customers into sub groups of customers of the company which is based on various
characteristics. At the time of segmenting the market, researchers and market analysts
basically look and evaluate the basic characteristics of the product and the services of the
company such as common interest, needs, lifestyle, demographic profiles etc. the main aim of
the segmentation is to evaluate the high yield segments which are likely to have great
potential and profitability position.
The segmentation approach of billabong international plc has been evaluated and it has
been recognized that the Billabong international limited has segmented the products on
various basis n each country (Bierman, 2010). Some of the evaluated segmentation of the
company is as follows:
Market segmentation:
Market segmentation of the company has been evaluated and it has been recognized
that the company has segmented the products and the service on the basis of pricing,
availability, distribution factors, customers factors, branding etc. the number of
characteristics on which the market is segmented by the company is as follows:
 High pricing product
 Lower pricing product
 Great availability of the product
 Reduced availability
 Convenience factors
 Distribution factors
 Psychographic factors
 Market stretching
 Branding factors
 Customer factors etc.
Product segmentation:

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Product segmentation of the company has been evaluated and it has been recognized
that the company has segmented the products and the service on the basis quality,
performance, warranty variance, product fragmentation etc. the number of characteristics on
which the product is segmented by the company is as follows:
 Lower quality product
 Higher quality product
 Service factor variances
 Warranty variances
 Product fragmentation
 Performance and technical factors etc (IBIS report, 2018)
On the basis of the evaluation on the Billabong international limited, it has been found
that the company has segmented the product through evaluating all the related factors so that
a better segment could be prepared and the next steps of market which is targeting and
positioning could also be done by the company in a better way.
The main products of the company are apparel, accessories, wetsuit, eyewear and
various other goods in the board sports sector in America, Asia pacific, Europe and United
Kingdom. The company has segmented the entire product in different countries on the basis
of various segmenting factors so that the better revenue could be generated by the company
in lower price.
The study of market analysis explains that the company is using better strategies to
administer the recital and the position in the market. The income of the business has been
evaluated and it has been identified that the slight alterations have occurred into the total
revenue of the company (Arnold, 2013). Though, the market position of the company
expresses about the better position of the company. It briefs that the few more alterations into
the marketing strategy and plan of the company would positively effect on the performance
of the company and it would lead to the company to better performance of the company.
Share and dividend overview:
Shares and dividends are the crucial part of an organization to evaluate and identify the
company’s performance. Shares are the total units of ownership interest in a company or the

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financial assets which is offered by an organization into market to enhance the funds of the
company. Shares are of two types: equity shares and preference shares. Both the share types
offer different characteristics and the offers to the dividend holders. Shares are traded in the
stock exchange (Besley and Brigham, 2008). The prices of shares are volatile in nature which
gets changes with the changes into the performance of the company or with any activity of
the company. On the other hand, dividends are the distribution of partial profit of an
organization which is set by the board of directors (BOD) of the business and paid to the
shareholders of the company. Dividends could be issued and paid by the company as shares
of stock, cash payments and the other property (ASx, 2018).
Dividends plays a crucial role for the company to attract the investors towards the
company to invest more amounts, the better the dividend would be paid by the company to its
shareholders, the more the shareholders would be attracted towards the company. Dividend
payout ratios are also calculated by the financial investors and the analyst to evaluate that
how many dividends are paid by the company from its profits.
Earnings per share:
Earnings per share (EPS) are the total part of a business’s net profit which is to be paid
by the company to its outstanding shareholders. Earnings per share explain about an indicator
which explains the productivity situation of the business. The earnings per share of the
company have been calculated and it has been recognized that the EPS of the business is as
follows:
Earnings per
share 2011 2012 2013 2014 2015
Basic 31.1 -158.7 -7.21 -1.43 0.02
(Bloomberg, 2018)
The earnings per share of the company explain that the company’s performance has
been inferior from last few years. The position of the business in terms of earnings is not at
all good and thus company is required to make various changes to manage the performance
of the company. From 2011 to 2015 the earnings per share of the company has been
fluctuated from 31.1 to 0.02. It explains that the net profit level of the company has been
affected.
Share price:

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Share price explains about the total price of the share in the market. The share prices are
fluctuating in nature which changes each moment according to the performance of the
business. The share price of the business evaluates that the current market price of the
company is $ 1.045. On the basis of the below graph, it has been evaluated that the stock
price of Billabong and Next plc was quite competitive in last 5 years (yahoo finance, 2018).
Though, the current performance of the company has been lowered in terms of stock price on
context with the competitor, next plc.
Figure 1: Share price
From 2013 to 2018, the stock price of the business has been altered a lot. The current
stock price of the business has been inferior. It explains the current presentation and the
situation of the business have been inferior and it has affected the financial position and non
financial position of the company has been lowered.
Share price history:
The share price of the company evaluates that the current market price of the
company is $ 1.045. On the basis of the below graph, it has been evaluated that the stock
price of Billabong has been changed a lot in last 5 years. Though, the current performance of
the company has been lowered in terms of stock price in current scenario.

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Figure 2: Share Price
From 2013 to 2018, the company’s stock price has been changed a lot. The current
stock price of the business has been lowered. It briefs that the current performance and the
position of the business have been lowered and it has affected the financial position and non
financial position of the company has been lowered.
Share outstanding:
The outstanding shares refers to the total stock of a company which is currently held by
the shareholders o the company which includes the shares that has been held by the investors
and the restructured share that is owned by the insiders and the managers of the company.
Outstanding share could be found in the company’s balance sheet by the name of ‘capital
stock. The stock performance of the company explains that the number of share issued has
been enhanced in the company in last 5 years. In 2011, the number of stocks was 101152
thousands which have been enhanced to 197535 shares.
Weighted
average shares
outstanding 2011 2012 2013 2014 2015
Basic 101152 110814 119609 163657 197535
Debenture and other outstanding loan:
The debentures and outstanding loan refer to the total loan of a company which is
currently held by the business to manage the presentation and the investment of the business.
Outstanding debentures and the outstanding loan could be found in the business’s balance
sheet by the name of ‘long term debt and borrowings”. The current debenture and outstanding
loan of the company explains the debt of the business has been varied in the business in last 5

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years. In 2011, the total debt of the company was $ 613165 thousands which have been
enhanced to $ 2623688 thousands.
Short-term
debt 15262 229088 312974 5187 5271
Long-term
debt 597903 249069 207576 257097
Total debt 613165 478157 312974 212763 262368
(Morningstar, 2018)
Financial analysis:
Financial analysis of the company has been evaluated further to recognize the changes
and the performance of the company in last 5 years. Balance sheet, income statement and
cash flow statement of the company has been evaluated and the analysis of the company is as
follows:
Balance sheet:
Balance sheet is a financial statement of the company which includes the total assets,
liabilities and stockholder’s equity of the company. On the basis of financial statement of the
company, it has been found that the financial position of the company has been changed a lot.
Following figures explains about the changes into the financial statement of the company:
2011 2012 2013 2014 2015
Total assets 2419965 2079769 1012742 751866 803980
Total liabilities 1196839 1027265 745671 492830 522396
Total stockholders'
equity 1196839 1027265 271838 270024 281584

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Figure 3: Balance sheet
The main component of the balance sheet explains that the level of liability has been
lower due to less borrowings and the equity capital has been raised due to high issues of
shares in the market.
Profit and loss statement:
Profit and loss account is a financial statement of the company which explains about
the total revenue, expenses and the net profit of the company. On the basis of financial
statement of the company, it has been found that the financial performance of the company
has been changed a lot. Following figures explains about the changes into the financial
statement of the company:
Revenue 1558459 1444079 1341451 1121195 1051818
Income before income
taxes 88684 -522665 -827802 -135236 -20195
Net income 119139 -275649 -859541 -233712 4150

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Figure 4: Profit and loss a/c
The revenue of the company has been lowered by -32.51%. It explains that the level of
the revenues of the company has been lowered due to lower market position of the company.
The changes into the products and the internal changes have affected the performance at a
huge level. The income before income taxes and net income of the company has been
analyzed further and it has been found that due t changes into the revenue the other factors of
the company has also been affected. Thus the performance of the company has been lower.
Business ratios:
The current table explains about the ratios of the company:
Ratio
Calculations 2011 2012 2013 2014 2015 Reasons
Return on
Equity
Net profit / 119139 -275649 -859541 -233712 4150 From
2011 to
2015, the
return on
equity of
the
company
has been
better
and it
explains
about the
better
Total equity 1196839 1027265 271838 270024 281584
Answer: % 9.95% -26.83% -316.20% -86.55% 1.47%

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Return on
assets
Net profit / 119139 -275649 -859541 -233712 4150 From
2011 to
2015, the
return on
assets of
the
company
has been
enhance
d and it
explains
about the
better
profitabili
ty
position.
Total assets 2419965 2079769 1012742 751866 803980
Answer: % 4.92% -13.25% -84.87% -31.08% 0.52%
Net profit
margin
Net profit / 119139 -275649 -859541 -233712 4150 From
2011 to
2015, the
net profit
margin of
the
company
has been
enhance
d and it
explains
about the
better
profitabili
ty
position.
Sales
15,5
8,459
14,44,
079
13,41,
451
11,21,
195
10,51,
818
Answer: % 7.64% -19.09% -64.08% -20.84% 0.39%
Current Ratio
Current Assets / 9,08,854.00
8,98,821.
00
6,22,368.
00
4,95,801.
00
5,23,753.
00
From
2011 to
2015, the
current
ratio of
the
company
has been
enhance
d and is
explains
about the
Current liabilities 3,89,208.00
6,11,443.
00
6,12,495.
00
2,25,671.
00
2,39,045.
00
Answer: 2.34 1.47 1.02 2.20 2.19

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Debt to equity
ratio
Total debt / 613165 478157 312974 212763 262368 From
2011 to
2015, the
debt to
equity
ratio of
the
company
has been
enhance
d and it
explains
about the
better
equity
position
of the
company
against
the debt
position.
total equity 1196839 1027265 271838 270024 281584
Answer 51.2% 46.5% 115.1% 78.8% 93.2%
Asset turnover
Sales / 15,58,459 14,44,079 13,41,451 11,21,195 10,51,818
From
2011 to
2015,
asset
turnover
of the
company
has been
enhance
d and it
explains
about the
better
manage
ment of
the
resource
s of the
company
.
Total assets 2419965 2079769 1012742 751866 803980
Answer 0.64 0.69 1.32 1.49 1.31
Conclusion and recommendation:
To conclude, the current performance of the company is not that much good. The
company has faced few issues in the market and due to which the performance of the

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company has been lowered. The financial performance of the company explains that the few
changes are required to be done by the company and it would help the company to manage
the performance. The management of the company us required to manage the financial and
market position in a better way so that the performance of the company could be maintained.

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References:
Annual report. 2018. Billabong International limited. (Online). available at:
http://www.billabongbiz.com/phoenix.zhtml?c=154279&p=irol-reportsannual (Accessed as
on 30th April 2018).
Arnold, G., 2013. Corporate financial management. Pearson Higher Ed.
ASX. 2018. Billabong International limited. (Online). available at:
https://www.asx.com.au/asxpdf/20130827/pdf/42hy258txwdl1l.pdf (Accessed as on 30th
April 2018).
Baker, H.K. and Nofsinger, J.R. 2010. Behavioral Finance: Investors, Corporations, and
Markets. John Wiley & Sons.
Besley, S. and Brigham, E.F., 2008. Essentials of managerial finance. Thomson South-
Western.
Bierman, H., 2010. An introduction to accounting and managerial finance: a merger of
equals. World Scientific.
Bloomberg. 2018. Billabong International limited. (Online). available at:
https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=1061739
(Accessed as on 30th April 2018).
Bloomberg. 2018. Billabong International limited. (Online). available at:
https://www.bloomberg.com/research/sectorandindustry/industries/industrydetail.asp?
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Capital markets
26
Appendix:
BILLABONG INTERNATIONAL LTD (BLLAF) CashFlowFlag INCOME
STATEMENT
Fiscal year ends in June. AUD in thousands
except per share data.
2012-
06
2013-
06
2013-
06
2014-
06
2015-
06
Revenue
15584
59
14440
79
13414
51
11211
95
10518
18
Cost of revenue
73340
3
76531
3
65133
0
55575
8
49530
8
Gross profit
82505
6
67876
6
69012
1
56543
7
55651
0
Operating expenses
Sales, General and administrative
56466
1
64499
6
59487
9
75610
4
70930
4
Other operating expenses
14477
0
54361
7 41903 35361 28189
Total operating expenses
70943
1
11886
13
63678
2
79146
5
73749
3
Operating income 27862 5105 53339
-
22602
8
-
18098
3
Interest Expense 37151 40973 26672 82366 34275
Other income (expense)
-
85446
9
17315
8
19506
3
Income before income taxes 88684
-
52266
5
-
82780
2
-
13523
6
-
20195
Provision for income taxes 25512
20600
3 32763 74576
-
12231
Minority interest 1094 1032 -3461 -6221 -1598
Other income -3461 -6221 -1598
Net income from continuing operations
11913
9
-
27564
9
-
86056
5
-
20981
2 -7964
Net income from discontinuing ops -2437
-
30121 10516
Other 3461 6221 1598
Net income
11913
9
-
27564
9
-
85954
1
-
23371
2 4150
Net income available to common shareholders
-
85954
1
-
23371
2 4150
Earnings per share
Basic 31.1 - -7.21 -1.43 0.02

Capital markets
27
158.7
Diluted 30.9
-
158.7 -7.22 -1.43 0.02
Weighted average shares outstanding
Basic
10115
2
11081
4
11960
9
16365
7
19753
5
Diluted
10115
2
11081
4
11960
9
16365
7
19753
5
EBITDA 20417
-
19758
-
75922
7
-
17509 43187
BILLABONG INTERNATIONAL LTD (BLLAF) CashFlowFlag BALANCE SHEET
Fiscal year ends in June. AUD in
thousands except per share data. 2012-06 2013-06 2013-06 2014-06 2015-06
Assets
Current assets
Cash
Cash and cash equivalents 144858 317263 113837 145070 153334
Total cash 113837 145070 153334
Receivables 374375 245035 204429 153850 164504
Inventories 348738 293201 266806 180222 187125
Deferred income taxes 15858 18622 12391 3202 1934
Prepaid expenses 19491 13366 12977
Other current assets 25025 24800 5414 91 3879
Total current assets 908854 898821 622368 495801 523753
Non-current assets
Property, plant and equipment
Land 52842 52816 53998
Fixtures and equipment 14106 11560 295460 258949 272245
Other properties 134579 18767 19280 15481
Property and equipment, at cost 367069 331045 341724
Accumulated Depreciation -248518 -236740 -252220
Property, plant and equipment, net 184852 160153 118551 94305 89504
Goodwill 95263 69832 84454
Intangible assets 1268461 795900 117423 73832 77080
Deferred income taxes 35963 71098 49747 840 15384
Other long-term assets 9390 17256 13805
Total non-current assets 1511111 1180948 390374 256065 280227
Total assets 2419965 2079769 1012742 751866 803980
Liabilities and stockholders' equity
Liabilities
Current liabilities

Capital markets
28
Short-term debt 15262 229088 312974 5187 5271
Capital leases 28073 59177 1582 2171 1634
Accounts payable 344034 320225 159067 129930 133735
Deferred income taxes 1839 29053 9548 4179 4115
Other current liabilities 129324 84204 94290
Total
current
liabilities 389208 611443 612495 225671 239045
Non-current liabilities
Long-term debt 597903 249069 207576 257097
Capital leases 5916 4457 2853
Deferred taxes liabilities 46909 44181 38446
Pensions and other benefits 25003 80346 5481 8230 10667
Minority interest 67565 164103 -4767 -10988
Other long-term liabilities 88100 57884 12734
Total non-current liabilities 1223126 1052604 133176 267159 283351
Total liabilities 1196839 1027265 745671 492830 522396
Stockholders' equity
Common stock 678949 843268 885975 1071766 1073315
Other Equity -18560 -21477 -4036 -1662 -94594
Retained earnings 663289 346970 -512571 -701287 -697137
Accumulated other comprehensive
income -30291 -27935 -97530 -98793
Total stockholders' equity 1196839 1027265 271838 270024 281584
Total liabilities and stockholders'
equity 2419965 2079769 1017509 762854 803980
BILLABONG INTERNATIONAL LTD (BLLAF) Statement of CASH FLOW
Fiscal year ends in June. AUD in
thousands except per share data.
2012-
06 2013-06
2013-
06
2014-
06
2015-
06
Cash Flows From Operating
Activities
Cash Flows From Investing
Activities
Investments in property, plant,
and equipment
-
215064 -84232 -23193 -15855 -20277
Property, plant, and equipment
reductions -43244 -40378 1145 168 283
Acquisitions, net -69704 42290 38439
Purchases of intangibles -9126 -15156 -16942 -9012 -7381
Other investing charges 499 711
Net cash used for investing
activities
-
266935 135081
-
108694 17591 11064

Capital markets
29
Cash Flows From Financing
Activities
Long-term debt issued - 157752 707795 873886 32
Long-term debt repayment -4446 -2655
-
884228
-
962012
Common stock issued 956023 987083 66811 182088
Other financing activities
-
671674
-
1143991 -2737
Net cash provided by (used for)
financing activities 200951 41092
-
112359 93962 32
Effect of exchange rate changes 6778 -3188 6778 -3188 11793
Net change in cash
-
214275 108365 22889
Cash at beginning of period -41648 172878 315664 113324 145070
Cash at end of period 208742 144425 101389 221689 167959
Free Cash Flow -22669 -1639
Capital expenditure -40135 -24867 -27658
Free cash flow 144425 315664 -28200
-
101486 -42283