Quiksilver Boardshorts
    LATEST NEWS
 - New South Wales crowns longboard champions....
 - VIDEO: Europe's top crop of surfers land in...
 - VIDEO: Want more Fiji? Final filthy five-mi...
 - Young guns bring on A-Game to NSW Longboard...
 - Roxy picks winners with love for water, art...
 - Jordy Smith sights on repeat win at Mr Pric...
 - Artist Cher Pendarvis flares with original ...
 - Hello Sailor: Laird Hamilton enjoys some Or...
 - Int'l Surfing Day 2012 : l'initiative de l'...
 - Wouldn't be Summer in France without the La...
 - Website gathers latest industry products, i...
 - II Prueba Circuito Canario Surfing SHARK Su...
    WORLDVIEW
Mr Price Pro 2012
    CULTURE
    OUTPOSTS
Bear Surfboards
Quicksilver DC Shoes Eruopean Surf Team
    FEATURED VIDEO
    DIRECTORIES
 
Shapers Camps
Schools Jobs
 
    CALENDARS
 
 
 
 
 
Surf Expo Fall 2012
Poll
Where will the 2012 ASP World champion be from?
Africa ?
Australia ?
Brazil ?
Europe ?
Hawaii ?
USA?
    View Results
    SERVICES
    NEWS SERVICES
Pictures in the News
ASL Magazine Shred Surf Magazine
Surfos 3sesenta
   WIN STUFF CORNER
Surfersvillage TV all the latest videos
Mr Price Pro 2012
Videos       News-Alert        Newswire        Directories                  
Surfersvillage TV Channel
2005 North Shore Tow-in Contest
Linton Fathie
Mark Mathews
Cloubreak, Tavarua, 8 June 2012

                    Event Webcasts
 
   Over   : Maui & Sons 3* Arica
   Over   : The Volcom Fiji Pro 
   Over   : Swatch Girls Pro 

   SVTV: 
Videos 

   Video: Biggest Day Ever

   Joli's Fiji 2012 photo-report
 

  Africa     Australia     Brazil     Europe     Hawaii     USA     Industry     Int'l     Newswire  
Make a comment Print the news: Billabong trading halt. Hopes to raise $225mPrinter friendly Send to a friend
Billabong trading halt. Hopes to raise $225m
 




 

Industry Updates

Billabong moves to reduce debt

Surfersvillage Global Surf News, 20 June, 2012 : - - Billabong hopes to raise $225 million to strengthen the company as it embarks on a transformation strategy. The company will issue new shares to existing shareholders at a 44 per cent discount to current prices, and use the funds to reduce its debt from $325 million to about $100 million.

Billabong also warned that 2012 pre-tax profit for the 12 months to June was expected to be between $130 million and $135 million, below previous guidance of about $157 million. No dividends are expected to be paid for the second half of 2011/12 or the first half of 2012/13, the company said.

The capital raising plans come as chairman Ted Kunkel flags he will step down after the AGM in October. The chair of the board audit committee, Allan MacDonald, will also leave the company. Last month then chief executive Derek O’Neil exited the company. Billabong has or will be losing three of its most senior executives.

Overseas market conditions have been challenging in recent months. In Europe, sovereign debt issues are having a significant adverse impact on consumer confidence and demand. Sales in Canada were subdued and below expectations, and in the USA a poor winter impacted the DaKine snowboard, ski and surf accessory business, Billabong said.

In Australasia, consumers continue to be very cautious given the weak global macroeconomic climate, Billabong said. This has resulted in a significant reduction in summer product shipments in June. Heavy discounting has also impacted the performance of Billabong stores, but online sales continued to be strong, it said. Billabong is closing up to 150 under-performing stores and sold its Nixon watch brand to pay down debt.

Related articles
Heads roll at Billabong amid cash call  
Billabong in trading halt after shake-up 
Billabong seeks to raise 'vital' $225 million
Billabong to Raise Capital, Downgrades Earnings


Source: Financial Newsletter

Author: The Editors

Tags: Billabong

Industry: Surfersvillage

 




Mr Price Pro 2012


  VIEW-it: 2011 BEST surfing VIDEOS collection


Surfinn Summer Surf Camps


   What?   Tidal Fantasy  |  Stretch A Freak 
 


SV Surf Camps


Preview Surfing Yearbook | Surfers Survey


Surf Fanatics

Podcasts Newsfeeds Galleries
Email SV TV coming soon Mobile
@ CONTACT US   
LEGAL   |    ABOUT US   |    COPYRIGHT   |    DISCLAIMER   |    PRIVACY   |    LINKS   |    SITE MAP
Quiksilver Boardshorts