Results Analysis

	Column 1	Column 2	Column 3	Column 4	Column 5
0	EBIT by segment - excluding significant items and discontinued operations
1	Year to 30 June 2015
2		1st Half	2nd Half	Full Year
3	Asia Pacific	31,489	- 2,043	29,446
4	Amercias	5,051	22,129	27,180
5	Europe	4,586	1,006	5,592
6	3rd Party Royalties	1,683	1,778	3,461
7		42,809	22,870	65,679
8	Depn / Amort	-   16,690	-   16,141	-   32,831
9	Interest	-   13,383	-   14,957	-   28,340
10	Net Profit	12,736	- 8,228	4,508

Interesting looking at last years result to 30 June 2015, this table is from the half year and full year reports for 2014/15 with the 2nd half year results derived from the difference between the Half Year and the Full Year reports.

Asia Pacific (incl Australia) after a strong performance in the first half, lost money in the second - which is kinda interesting, Christmas trading will be strong here, but I would have thought Jan/Feb/March may have also been good still being summer. But it's not good actually losing money in the second half!

Whereas the Americas had a stellar second half performance.

I guess this highlights seasonal impacts, but that Asia Pacific performance doesn't look good (I checked against the constant currency results too and it was still a loss).

It also highlights that depreciation and interest payments in the second half cost us more than earnings and we made an overall loss in the second half.

Neil in his AGM address said for the first four months trading for the current year (impacting 1st half year result to 31 Dec 2015) EBIT was down $2.5m, although this was before Christmas trading, but also before the recent Stock Mkt and FX meltdowns.
So the Half year result provided next month (February) may not be overly encouraging. And it may be more the Full year result in August and particularly those 2nd half year numbers that will give a better indication of where Billabong is going.
Neil has said that they are trying to reduce seasonal impacts, so if Asia Pacific can deliver decent earnings and we get some impact from Global cost savings then we may see a kick then in the share price then.
So if 1st half Dec15 earnings are similar to last year (ok but not great), but if second half earnings to Jun16 are similar to the first half year earnings to Dec15 then we are moving in the right direction and Net profit could be up from last years $4m to potentially $10-15-20 million.
Of course we also need to watch those interest payments on the Gross Debt which will also be increasing as the debt is in USD.