Billabong International’s full year result was always going to be bad; the company had flagged as much when it raised $225m in June. So it was no great surprise that adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) collapsed a massive 44% to $84m (excluding Nixon) as management wrote down inventory, receivables and brands. No dividend was declared.
^Underlying EBITDA excludes Nixon which, if included for the full year, would have contributed ~$40m EBITDA. The estimated 2013 net profit contribution from Nixon (post sale) is ~$8-$10m.