Billabong financials

Billabong International Limited Financial report ended 30 June 2015

Appendix 4E

Preliminary final report Name of entity BILLABONG INTERNATIONAL LIMITED

ABN Financial year ended 17 084 923 946 30 JUNE 2015 Comparative Financial year ended 30 JUNE 2014 Results for announcement to the market

Results $A'000

Revenues from continuing operations Up 2.8% to 1,056,130

Profit from ordinary activities after tax attributable to members Up

n/a to 4,150

Net profit for the period attributable to members Up n/a to 4,150

Dividends Amount per security

Franked amount per security

Tax rate for franking

Current period – 2015

Final dividend --- --- n/a

Interim dividend --- --- n/a

Previous corresponding period – 2014

Final dividend --- --- n/a

Interim dividend --- --- n/a The Board has not declared a final ordinary dividend for the year ended 30 June 2015. The Dividend Reinvestment Plan (DRP) remains suspended.

NTA backing 2015 2014 Net tangible asset backing per ordinary security $0.12 $0.14

Billabong International Limited Financial report ended 30 June 2015

Compliance statement This report is based on the consolidated financial report which has been audited. Refer to the attached full financial report for all other disclosures in respect of the Appendix 4E.

Signed: ............................................................ Date: 27 August 2015 Neil Fiske Chief Executive Officer

Billabong International

Limited ABN 17 084 923 946

Contents Page Directors’ report 2

Auditor’s independence declaration 46

Corporate governance statement 47

Financial report 48

Directors’ declaration 139

Independent auditor’s report to the members 140

Shareholder information 142

: : FULL FINANCIAL REPORT 2014 - 15

Directors’ report : :

Billabong International Limited 2014-15 Full Financial Report Page 2

Your Directors present their report on the consolidated entity (referred to hereafter as the Group) consisting of Billabong International Limited (the Company) and the entities it controlled at the end of, or during, the year ended 30 June 2015. Directors The following persons were Directors of the Company during the whole of the financial year and up to the date of this report: I. Pollard N. Fiske G.S. Merchant H. Mowlem J. Mozingo S.A.M Pitkin M. Wilson A. Doshi (Alternate to J. Mozingo) T. Casarella (Alternate to M. Wilson) Principal activities During the year the principal continuing activities of the Group consisted of the wholesaling and retailing of surf, skate, snow and sports apparel, accessories and hardware, and the licensing of the Group trademarks to specified regions of the world. Dividends – Billabong International Limited No dividends were paid to members during the financial year. The Board has not declared a final ordinary dividend for the year ended 30 June 2015. The Dividend Reinvestment Plan (DRP) remains suspended.

Directors’ report : :

Billabong International Limited 2014-15 Full Financial Report Page 3

Operating and Financial Review Group overview The Group’s business is the wholesaling and retailing of surf, skate, snow and sports apparel, accessories and hardware currently comprising multiple brands and retail banners over three key reporting segments being Asia Pacific, Americas and Europe. The Group’s brands at year-end included Billabong, Element, RVCA, Kustom, Palmers, Honolua, Xcel, Tigerlily, Sector 9 and Von Zipper. The Group operates 404 retail stores as at 30 June 2015 in regions/countries around the world including but not limited to: North America (60 stores), Europe (102 stores), Australia (123 stores), New Zealand (30 stores), Japan (46 stores) and South Africa (27 stores). Stores trade under a variety of banners including but not limited to: Billabong, Element, Surf Dive ‘n’ Ski (SDS), Jetty Surf, Rush, Amazon, Honolua, Two Seasons and Quiet Flight. The Group also operates online retail ecommerce for each of its key brands. Significant changes in the state of affairs The statement below should be read in conjunction with note 41 (events occurring after the balance sheet date) of the annual report for the year ended 30 June 2014 and any public announcements made by the Company during the financial year. On 5 September 2014 the Group sold its 51% stake in the multi-brand ecommerce business SurfStitch.com in Australia and Europe (“SurfStitch”) and its 100% ownership of Swell.com in North America (“Swell”). Refer to note 10 of the financial statements for detailed disclosure in relation to these divestments. Other than matters dealt with in this report there were no significant changes in the state of affairs of the Group during the financial year. Group financial performance The Group results for the period and the prior corresponding period (“pcp”) include certain significant items including but not limited to contingent consideration and fair value adjustment charges and costs associated with the various control/refinancing proposals and strategic reform programs announced during the years ended 30 June 2013 and 30 June 2014. Refer to note 8 of the financial statements for detailed disclosure in relation to these items. During the period the Group sold its 51% stake in the multi-brand ecommerce business SurfStitch and its 100% ownership of Swell. During the year ended 30 June 2014, the Company made the decision to write off the majority of its deferred tax assets (net of deferred tax liabilities) as it was estimated that it was not probable for taxable profits to be generated in a period where the conditions for utilisation of the assets would be met including continuity of ownership tests. During the year ended 30 June 2015, the Company maintains this same position in most tax jurisdictions with the exception of Australia and Japan where it has been estimated that previously unrecognised temporary differences will now meet the conditions for utilisation of these assets. The reinstatement of these deferred tax assets resulted in a tax benefit of $16.8 million. In order to provide users with additional information regarding the continuing operations excluding the aforementioned significant items and to help understand the impact of these events on the results of the Group (and the impact of currency movements on the translation of the Group’s international operations into AUD), the segment results are presented in three separate tables. Table A presents the segment results on a basis including all significant items and including the operations of SurfStitch and Swell (and in the pcp DaKine and West 49) for the relevant period of ownership. See Table A “Segment Results As Reported – Including significant items and discontinued operations”. Table B presents the results excluding significant items and discontinued operations (SurfStitch and Swell are excluded from both the current year and pcp and previously divested businesses DaKine and West 49 are removed from the pcp). See Table B “Adjusted Segment Results – Continuing Operations As Reported – Excluding significant items and discontinued operations”. Table C presents the results on the same basis as in Table B but on a constant currency basis (i.e. using the current period monthly average exchange rates to convert the prior period foreign earnings) to remove the impact of foreign exchange movements from the Group’s performance against the pcp. The constant currency comparatives are not compliant with Australian Accounting Standards. See Table C “Adjusted Segment Results – Continuing Operations (Constant Currency) – Excluding significant items and discontinued operations”.

Directors’ report : :

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Operating and Financial Review (continued) Table A: Segment Results As Reported – Including significant items and discontinued operations

Segment revenues Segment EBITDAI* 2015 2014 2015 2014 $’000 $’000 $’000 $’000

Asia Pacific 428,476 480,500 10,461 14,593 Americas 455,565 537,969 15,345 (48,988) Europe 179,699 199,041 25,937 (20,754) Third party royalties 3,461 2,842 3,461 2,842 Segment revenues / EBITDAI* 1,067,201 1,220,352 55,204 (52,307) Less: Net interest expense (28,354) (34,205) Depreciation and amortisation (33,489) (39,654) Fair value adjustment on reclassification of West 49

as held for sale during the prior year

--- (17,718) Impairment charge (3,040) (29,255)

Profit/(loss) before income tax expense (9,679) (173,139) Income tax benefit/(expense) 12,231 (66,794) Profit/(loss) after income tax expense 2,552 (239,933) Loss attributable to non-controlling interests 1,598 6,221 Profit/(loss) attributable to members of Billabong International Limited 4,150 (233,712)

* Segment Earnings Before Interest, Taxes, Depreciation, Amortisation and Impairment (EBITDAI) excludes inter-company royalties and sourcing fees and includes an allocation of global overhead costs (which include corporate overhead, international advertising and promotion costs, central sourcing costs and foreign exchange movements). Table B: Adjusted Segment Results – Continuing Operations As Reported – Excluding significant items and discontinued operations

Adjusted EBITDAI by Segment:

2015 Excluding

significant items and discontinued

operations* $’000

2014 Excluding

significant items and discontinued

operations* $’000

Asia Pacific 29,446 33,391 Americas 27,180 25,192 Europe 5,592 (1,080) Third party royalties 3,461 2,842 Adjusted EBITDAI 65,679 60,345 Less: Depreciation and amortisation (32,831) (34,458) Net interest expense (28,340) Adjusted net profit/(loss) before income tax benefit 4,508 Adjusted income tax benefit/(expense) (1,497) Adjusted net profit/(loss) after income tax benefit 3,011 Loss attributable to non-controlling interest --- Adjusted net profit/(loss) attributable to members of Billabong International Limited 3,011

* Excludes SurfStitch, Swell, DaKine and West 49. The Group results for the period and the pcp include certain significant items including but not limited to contingent consideration and fair value adjustment charges, costs associated with the various control/refinancing proposals and strategic reform programs announced during the years ended 30 June 2013 and 30 June 2014 (collectively significant items). Refer to note 8 of the financial statements for detailed disclosure in relation to these items.

Directors’ report : :

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Operating and Financial Review (continued) Table C: Adjusted Segment Results – Continuing Operations (Constant Currency)** – Excluding significant items and discontinued operations

Adjusted EBITDAI by Segment:

2015 Excluding

significant items and discontinued

operations* $’000

2014 Excluding

significant items and discontinued

operations* $’000

Asia Pacific 29,446 33,557 Americas 27,180 30,079 Europe 5,592 (1,447) Third party royalties 3,461 2,842 Adjusted EBITDAI 65,679 65,031 Less: Depreciation and amortisation (32,831) (34,521) Net interest expense (28,340) Adjusted net profit/(loss) before income tax benefit 4,508 Adjusted income tax benefit/(expense) (1,497) Adjusted net profit/(loss) after income tax benefit 3,011 Loss attributable to non-controlling interest --- Adjusted net profit/(loss) attributable to members of Billabong International Limited 3,011

* Excludes SurfStitch, Swell, DaKine and West 49. ** Due to a significant portion of the Group’s operations being outside Australia, the Group is exposed to currency exchange rate translation risk i.e. the risk that the Group’s offshore earnings and assets fluctuate when reported in Australian Dollars. The Group’s segment information for the prior period has therefore also been presented on a constant currency basis (i.e. using the current period monthly average exchange rates to convert the prior period foreign earnings) to remove the impact of foreign exchange movements from the Group’s performance against the pcp. The constant currency comparatives are not compliant with Australian Accounting Standards. Adjusted EBITDAI excludes pre-tax significant items of income and expense. Refer to note 8 of the financial statements for detailed disclosure in relation to these items. Comments on the operations and the results of those operations are set out below: Consolidated result including significant items Net Profit After Tax for the year ended 30 June 2015 was $4.2 million compared to a Net Loss After Tax of $233.7 million in the prior corresponding period (pcp). The results were impacted by the abovementioned significant items in both years (including impairment (2015: $3.0 million; 2014: $29.3 million) and tax (2015: benefit $13.7 million; 2014: expense $73.2 million) and in 2014 the fair value adjustment ($17.7 million), refinancing ($43.7 million)) and the sale of SurfStitch and Swell in the current year and DaKine and West 49 in the pcp. Group performance excluding significant items and excluding discontinued operations Group sales to external customers of $1,048.4 million, excluding third party royalties, represents an as reported 2.6% increase on the pcp. In constant currency terms Group revenues decreased 0.6% on the pcp. In constant currency terms, sales revenue in Asia Pacific decreased 0.4%, the Americas decreased 0.4% and Europe decreased 1.7% compared with the pcp. Consolidated gross margins were 53.0% (53.2% in the pcp). Adjusting for the impact of divestments consolidated gross margins were 52.7% (51.6% in the pcp). Adjusted EBITDAI excluding discontinued operations of $65.7 million for the period compares to $60.3 million for the pcp. This is an increase of 8.8% (an increase of 1.0% in constant currency terms).

Directors’ report : :

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Operating and Financial Review (continued) The Adjusted EBITDAI excluding discontinued operations was impacted by:

 In Asia Pacific Adjusted EBITDAI was down $3.9 million (11.8%) compared to the pcp with revenues being 0.3% lower than the pcp in as reported terms (0.4% in constant currency terms), with the effect of the lower AUD impacting gross margins in the wholesale business, while a weaker retail performance saw comparable store sales trading lower in Australia by 4.7% compared to the pcp.

 In Americas Adjusted EBITDAI was up $2.0 million (7.9%) compared to the pcp (down $2.9 million or 9.6% in constant currency terms). Revenue was up 8.1% compared to the pcp in as reported terms (down 0.4% in constant currency terms). This result reflects improvement in the US market with brands Billabong and RVCA showing sales growth on the pcp on a like for like basis however Element has remained weak during the year. In particular the second half performance in the Americas showed improvement compared to the first half. In constant currency terms sales in the second half were up 0.4% and Adjusted EBITDAI grew from $18.7 million to $22.0 million. This improvement reflected better performance on the pcp from each of Billabong and RVCA with wholesale external USA sales growing 13.7% and 15.3% respectively in the second half. Whilst Element sales in the Americas were below the prior year some positive signs are seen in the forward orders. As well the negative effects from the Canadian market (including the impact of the sale of West 49 retail operations) abated in the second half relative to the first half. Gross margins in the second half were ahead of the prior year and overhead costs down compared to the pcp.

 In Europe Adjusted EBITDAI was up $6.7 million compared to the pcp which is the result of a significant improvement in gross margins (from 48.4% to 55.2%) on the pcp due to focus on key accounts and territories and contracting the customer set to reduce low margin customers/unprofitable business.

Group performance including significant items and including discontinued operations Group sales to external customers of $1,063.7 million, excluding third party royalties, represents a 12.6% decrease on the pcp in as reported terms or a decrease of 14.9% in constant currency terms. At a segment level, in as reported terms, sales revenue in the Americas decreased 15.3%, Europe decreased 9.7% and Asia Pacific decreased 10.8% compared with the pcp reflecting the SurfStitch and Swell revenues included for the whole of the pcp however only for the period 1 July 2014 to 5 September 2014 in the current year and the West 49 revenues included for the period 1 July 2013 to 6 February 2014 however not in the current year. The prior year also has DaKine revenues included for the period 1 July 2013 to 23 July 2013. EBITDAI of $55.2 million for the period compares to a $52.3 million loss for the pcp. The current year includes significant items expense of $8.0 million compared to an expense of $99.2 million for the pcp. In addition to the significant items and divestment differences the comparison is impacted by the trading matters noted above. Significant items Pre-tax significant items for the year ended 30 June 2015 of $11.0 million includes $3.0 million of impairment charge and $8.0 million of items decreasing EBITDAI. Pre-tax significant items for the year ended 30 June 2014 of $146.2 million includes $17.7 million of fair value adjustment to assets held for sale, impairment charge of $29.3 million and $99.2 million of items decreasing EBITDAI (which included costs of $43.7 million associated with the various control/refinancing proposals announced during the years ended 30 June 2013 and 30 June 2014). Refer to note 8 of the financial statements for detailed disclosure in relation to these items. Depreciation and amortisation expense Depreciation and amortisation expense of $32.8 million (excluding significant items and excluding divestments) decreased 4.7% in reported terms compared to the pcp ($34.5 million). Fair value adjustment on reclassification of West 49 as held for sale during the year – relates to the year ended 30 June 2014 On 4 November 2013 the Group announced that it had entered into an agreement to sell its Canadian retail chain, West 49, to YM Inc. As at 31 December 2013 West 49 was reported as an asset held for sale and a discontinued operation. The assets were adjusted to their fair value with a $17.7 million expense recognised based on information available at 31 December 2013 balance sheet date using the terms of the sales agreement. In addition to the fair value adjustment of $17.7 million, a loss on sale of $10.1 million was recognised in relation to the sale of West 49. This loss included the reclassification of the foreign currency translation reserve to the income statement ($4.0 million) and the recognition of a provision for onerous contracts ($2.2 million).

Directors’ report : :

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Operating and Financial Review (continued) Net interest expense The decrease in net interest expense from $34.2 million to $28.4 million was driven by the Term Loan Facility which was reduced from US$360 million to US$203.8 million following the completion of the C/O Placement and the Rights issue in February and March 2014 respectively. Income tax expense The statutory loss before tax for the year ended 30 June 2015 was $9.7 million with an income tax benefit of $12.2 million (2014 income tax expense of $66.8 million). During the year ended 30 June 2014 the Company made the decision to write off the majority of its deferred tax assets (net of deferred tax liabilities) as it was estimated that it was not probable for taxable profits to be generated in a period where the conditions for utilisation of the assets would be met including continuity of ownership tests. During the year ended 30 June 2015, the Company maintains this same position in most tax jurisdictions with the exception of Australia and Japan where it has been estimated that previously unrecognised temporary differences will now meet the conditions for utilisation of these assets. The reinstatement of deferred tax assets resulted in a tax benefit of $16.8 million. Consolidated balance sheet, cash flow items and capital expenditure Working capital at $164.5 million represents 15.2% of the prior twelve months’ sales (excluding SurfStitch and Swell external sales) stated at year end exchange rates, being 1.6% higher compared to the pcp of 13.6% (excluding West 49 and DaKine’s North America and Europe wholesale external sales). Working capital as a percentage of sales at June 2015 is higher than June 2014 in part due to the divestments being retail businesses with inherently lower working capital balances (SurfStitch and Swell working capital was still part of the Group’s balance sheet as at 30 June 2014). Cash outflow from operating activities was $14.6 million, compared to an outflow of $76.6 million in the pcp, principally because the prior year included the impact of the costs of the refinancing. Receipts from customers net of payments to suppliers and employees of $14.0 million were lower compared to $22.5 million in the pcp which is primarily due to the divestments having cash inflows in the pcp. Cash inflow from investing activities of $11.1 million includes the proceeds from the sale of SurfStitch and Swell. Net debt increased from $74.3 million in the pcp to $113.5 million, principally reflecting foreign exchange differences, significant item payments, financing charge and capital expenditure offset by proceeds from sale of SurfStitch and Swell.

Directors’ report : :

Billabong International Limited 2014-15 Full Financial Report Page 8

Operating and Financial Review (continued) Strategy and future performance The strategies and prospects for the Group’s existing business operations are outlined below. On 21 September 2013 Neil Fiske was appointed as Chief Executive Officer and Managing Director. Since his appointment he has put in place a new executive leadership team and on 10 December 2013 announced a Turnaround Strategy to improve the financial performance of the Group specifically highlighting a focus on the following key strategic priorities:

Turnaround Strategy Part

Description

Brand  Re-orient the Company to building strong global brands, with particular focus on the biggest three (Billabong, Element, RVCA)

 Focus on the authentic core youth consumer  Implement brand management processes and disciplines  Tailor specific strategies based on the unique position of each brand, its geographic strengths,

growth potential and portfolio fit  Leverage the creativity and uniqueness of the brand founders

Product  Build a strong merchant focus for the business. Develop clear assortment strategies - category plans, key item distortion, co-ordinated product launches and optimised balance of global vs regional mix

 Fewer, bigger, better styles leading to significant reduction in product lines  Implement design to adopt ratios by category; design and assort to fixture  Elevate design and innovation

Marketing  Develop 12 month integrated marketing calendar for each region  Build customer database and establish an advanced CRM programme  Re-mix spend toward digital, CRM and demand generation  Invest ahead of biggest growth opportunities (examples: RVCA and Billabong women’s)

Omni-Channel  Prioritise “brand” before “multi-brand”  Build the mono-brand direct to consumer platform (retail + digital + CRM)  Evaluate strategic options for multi-brand ecommerce  Develop wholesale channel win-back strategy  Drive retail profitability closures, productivity, rent, specialty retail disciplines, inventory

management  Unify platforms for scale benefits – cost and capability

Supply Chain  Configure supply chain for speed to improve inventory turns  Consolidate suppliers  Diversify out of China for cost and capability  Drive down distribution/logistics costs

Organisation  Develop global brand structure for the big three; foster brand specific cultures  Strengthen merchandising, design and marketing (“high leverage talent”)  Build global scale in Finance, Supply Chain, IT and Direct to Consumer platform  Rationalise general administration structure based on organisational design and spans/layers  Re-energise the organisation with focus on “offense” and “defence” agenda

Financial Discipline

 Strategy determines resource allocation and management Key Performance Indicators  Drive inventory and other working capital improvement; focus on cash flow conversion  Prioritise capital expenditure towards customer facing and enabling projects

Within the framework of the above Turnaround Strategy, the Group’s more immediate priorities included:

 Addressing the negative sales trend of the Billabong brand in the key US wholesale market;  Addressing the negative sales trend of the Element brand in the key US wholesale market, whilst continuing to

grow sales and earnings in Europe;  Re-establishing the strong sales growth for RVCA, which had slowed in 2014;  Stabilising the deteriorating financial performance of the Group’s European operations;  Regaining total control over the Group’s branded ecommerce activities; and  Reduce the Group’s exposure to multi-brand retailing where it lacked scale.

Directors’ report : :

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Operating and Financial Review (continued) In the year ended 30 June 2015 the Group has made satisfactory progress towards the immediate priorities outlined above and execution of the strategy more generally. Billabong and RVCA are growing again in the USA, Element is yet to return to growth in the USA but the forward sales outlook is more encouraging, Europe’s financial performance has improved markedly, the Group now has 100% control of all of its branded ecommerce businesses following the sale of SurfStitch and the sale of West 49 was completed more than twelve months ago. In the year ended 30 June 2015 the Group consolidated its reform initiatives into four major cross regional/cross brand projects that are expected to underpin the success of the Group’s turnaround over the next few years. A description and summary of these projects together with a status update is set out below:

Project/Initiative Description Status Omni-Channel  To develop true best in class Omni-

Channel retailer capability  Single view of the customer  Single view of inventory  Single back end bricks and

mortar merchandising planning systems

 World class ecommerce and Application experiences

 Effective CRM program

 Project team in place  Software supplier contracted April 2015  Planning supplier contracted June 2015  Detailed project plan in place  First launch planned for first half calendar 2016

Sourcing  To develop a global approach to product sourcing to reduce cost and improve speed to market and efficiency

 Organisational changes made  Consolidation of preferred vendors largely

complete  Global standard operating procedures adopted,

including capacity planning, to enable volume aggregation and decrease order to delivery cycles

 Vendor adoption of pre-production, production, and post-production quality assurance processes underway

 Assortment design successful in enabling cost effectiveness

Logistics  To develop a global approach to product logistics to reduce cost and improve speed to market and efficiency

 Contracts signed with third party provider to establish consolidation centres in Asia

 Distribution centre networks reformulated  Rationalisation of existing distribution centres

announced  Demand planning programs in testing to

streamline product flow Concept to Customer

 To complete a holistic process redesign of our entire design to delivery process to improve speed to market, assist more informed buying decisions, and reduce inventory markdowns

 Consistent, repeatable merchandise planning, design and development processes and calendars rolled out in North American markets, and under development globally

 Sourcing support steps incorporated into early design and development calendars to quicken order to delivery times

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Billabong International Limited 2014-15 Full Financial Report Page 10

Operating and Financial Review (continued) Material risks The material risks that have the potential to affect the financial prospects of the Group, and the manner in which the Group manages these risks, include:

Risk Summary of risk Brand Possible damage or loss of market appeal to the brands or the image of the Group’s brands.

The Group addresses this risk through keeping abreast of economic and consumer data/research, innovative product development and brand management. Also refer to the aforementioned Turnaround Strategy which details the prominence of brand positioning as a key component of the strategy.

Fashion Failure to design and deliver products that appeal to customers. The Group addresses this risk through customer feedback, innovative product development and brand building. Also refer to the aforementioned Turnaround Strategy which details the prominence of product design and innovation as a key component of the strategy.

Macro-economic environment

The financial performance of the Group will fluctuate due to various factors including movements in the Australian and international capital markets, interest rates, foreign currency exchange rates, inflation, consumer sentiment, macro-economic conditions in the markets in which Group operates (including any significant and extended economic downturn in Australia, Asia, North America, Europe, South America and Africa), change in government, fiscal, monetary and regulatory policies, prices of commodities, investor perceptions and other factors that may affect the Group's financial position and earnings.

Currency fluctuations The Group receives revenue in more than ten currencies and movements in these currencies could have an impact on the Group's profitability and net asset position. This risk arises when assets and liabilities, and forecasted purchases and sales are denominated in a currency other than the functional currency of the respective entities. As sales are mainly denominated in the respective local currency, whereas the major inventory purchases are typically negotiated and denominated in United States Dollars (USD). This creates input pricing risk for all markets other than the United States. This risk is mitigated to an extent by hedging, but significant movements in the USD, like have occurred during 2015, still can impact the comparability of profitability of seasons between financial years.

Competition The Group competes for discretionary income spend. The Group's performance may be adversely affected by competitors' actions, for example, by lowering their sale prices or creating new product lines that are more attractive in the marketplace or by agreeing to pay more for production, other services or talent and employment costs or alternate channels to market. The Group addresses this risk by focusing on innovative product development and brand building to promote customer loyalty and remunerating employees fairly.

Seasonal factors Part of the Group's business is seasonal in nature and prolonged unseasonal weather conditions in a particular region may adversely affect sales in that region.

Product sourcing and delivery

A material disruption in the capabilities and availability of the Group’s product sourcing and/or delivery arrangements could have an adverse impact on the Group, given the importance of the quality, performance and timely delivery of our products. The Group addresses this risk by planning the capacity utilization of its preferred mills and factories well below their full capacity, securing space on their production lines that is most advantageous to the Group’s calendar and supply chain needs, and maintaining secondary production alternatives among the Group’s preferred vendors.

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Billabong International Limited 2014-15 Full Financial Report Page 11

Operating and Financial Review (continued) Risk Summary of risk Online retailing Continued migration of consumers to online retail purchases may adversely impact the

performance of the Group's bricks and mortar retail outlets and wholesale customers and the historically higher margin regions. The Group addresses this risk by focusing on the omni-channel as part of the aforementioned Turnaround Strategy to ensure the Group has a best in class mono-brand direct to consumer platform which uses the Group’s stores and websites to lead the brands.

Debt covenants Failure to comply with its financial covenants caused by a significant decline in revenue or earnings or a further material change in the AUD:USD exchange rate may require the Group to seek amendments, waivers of covenant compliance or alternative borrowing arrangements. The Group is focussed on delivering the Turnaround Strategy to mitigate this risk.

Centerbridge / Oaktree Consortium’s (“C/O Consortium”) involvement in the Group

While the C/O Consortium has a substantial equity ownership in the Company and is therefore likely to be focused on maximising value (and therefore its incentives should be broadly aligned to those of other Shareholders), there is a risk that as a debt holder the C/O Consortium's interests may not always align with those of other Shareholders. If so, the C/O Consortium's significant holding of Shares and entitlement to nominate two Directors to the Board mean it would be in a position to influence decisions of the Company. The Group mitigates this risk by ensuring that the Board and all Board committees are chaired by an Independent Director, there is a majority of Independent Directors on all committees and that the C/O Consortium’s nominated directors (Mr. Mozingo and Mr. Wilson) do not have any business interest or other relationships that could materially interfere with the exercise of their independent judgement and their ability to act in the best interest of the Company.

Social risk Given that the Group sources goods manufactured in countries such as China, where there have been risks surrounding the workplace health and safety standards of factories, the Group is utilising an external auditing body to audit social compliance of the Company's factories against an approved Code Of Conduct, which contains standards equivalent to SA8000 and Worldwide Responsible Accredited Production (WRAP).

Asset impairment The Group's assets may be required to be written down or become impaired (in accordance with relevant accounting standards), which may negatively impact the Group's financial performance and position. The Group is focussed on delivering the Turnaround Strategy to mitigate this risk.

Proceeds from the refinancing may not provide sufficient funding to execute the Company's Turnaround Strategy

Should the Group experience a protracted decline in earnings, there is a possibility that the quantum of debt funding available to the Company would not be sufficient to execute its Turnaround Strategy, which could have a negative impact on its future financial performance or position. The Group is focussed on delivering the Turnaround Strategy to mitigate this risk.

Strategy implementation risk

The Group’s Turnaround Strategy includes significant process and system reform. Effective change management is a key mitigant in respect of the disruption and project risk inherent in such an agenda. The Group has a dedicated Chief Turnaround Officer to co-ordinate and facilitate the successful reform program and appropriate change management program, testing and redundancy plans are key elements of the project plans.

The Group does not have any dependencies on key customers given its diverse customer base. The Group maintains relationships with a number of suppliers for its products to help mitigate supply and supplier dependency risks. As the Group operates in countries across the world, the Group is impacted by macroeconomic trading conditions across all of these countries.

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Matters subsequent to the end of the financial year There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature that would be likely, in the opinion of the Directors, to significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group, in future financial years. Likely developments and expected results of operations Since the end of the financial year in the wholesale channel, the Group continues to see growth in forward order books around the globe consistent with the view that the Group’s big three brands are making progress. In retail, trading has been more mixed. In North America, the early part of back to school saw a slow start, not just for the Group, but for the sector as a whole. Europe, on the other hand, has been above expectations. The trend in Asia Pacific has been improving since year end with trading broadly in line with the prior year. The Group results note a number of risk factors including the impact of currency on input prices and debt, and further disruption from the operational issues with the Paris distribution centre. However, we do expect the benefits of supply chain and other initiatives to begin in the second half of the year ending 30 June 2016. Environmental regulation The Group is not subject to any significant environmental regulation or mandatory emissions reporting.

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Information on Directors IAN POLLARD (Non-Executive Chair) Experience and expertise Dr Ian Pollard is an actuary, Rhodes Scholar and a Fellow of the Australian Institute of Company Directors. He has held a wide range of senior business roles including as Chair of Just Group Limited and as a Director of OPSM Group Limited and DCA Group Limited, which he founded. He is currently Chair of RGA Reinsurance Company of Australia Limited and an executive coach with Foresight’s Global Coaching. With an extensive background in corporate finance, strategic investment and retail, Dr Pollard has chaired several public company audit committees and was a member of the ASX Corporate Governance Implementation Review Group from 2003 to 2007. Mr Pollard was appointed as Non-Executive Director and Chair of the Company on 24 October 2012. Other current directorships Milton Corporation Limited, director since 6 August 1998. Shopping Centres Australasia Property Group, stapled securities of Shopping Centres Australasia Property Management Trust and Shopping Centres Australasia Property Retail Trust (director of responsible entity, Shopping Centres Australasia Property Group RE Limited (SCPRE), director since 26 September 2012. Former directorships in last 3 years No former directorships of Australian listed entities. Special responsibilities Chair of the Board and Nominations Committee and member of Human Resource and Remuneration, Class Action and Audit and Risk Committees. Interests in shares and options 152,979 ordinary shares in Billabong International Limited. MCNEIL SEYMOUR FISKE JR (Executive Director) Experience and expertise Neil Fiske was appointed as Chief Executive Officer and Managing Director of the Company on 21 September 2013. He has 25 years of experience in the consumer and retail industry as an operator, consultant and investor. Prior to joining the Company he was an Industry Partner to Canadian private equity firm Onex, where he acted as a senior advisor focused on retail. From 2007 to 2012 Mr Fiske was CEO of Eddie Bauer an outdoor lifestyle store chain based in the USA. From 2003 to 2007 Mr Fiske was the CEO of Bath and Body Works, a division of NYSE listed Limited Brands. From 1989 to 2003 he was in the Consumer and Retail Practice of the Boston Consulting Group. Mr Fiske received an M.B.A. from Harvard Business School and a B.A. in Political Economy from Williams College. Other current directorships No other directorships of Australian listed entities. Former directorships in last 3 years No former directorships of Australian listed entities. Special responsibilities Chief Executive Officer and Managing Director. Interests in shares and options 669,643 ordinary shares in Billabong International Limited. 1,785,714 ordinary shares in Billabong International Limited to be held in voluntary escrow until commencement of trade on 10 January 2016.

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Information on Directors (continued) GORDON MERCHANT AM (Non-Executive Director) Experience and expertise Gordon Merchant founded Billabong’s business in 1973 and has been a major stakeholder in the business since its inception. Mr Merchant has extensive experience in promotion, advertising, sponsorship and design within the surfwear apparel industry. Mr Merchant was awarded a Member of the Order of Australia in the 2010 Australia Day Honours List for service to business, particularly the manufacturing sector, as a supporter of medical, youth and marine conservation organisations, and to surf lifesaving. Mr Merchant was appointed as director of Plantic Technologies Limited on 31 March 2005 and resigned on 2 April 2015. Mr Merchant was appointed as Non-Executive Director of the Company on 4 July 2000. Other current directorships No other directorships of Australian listed entities. Former directorships in last 3 years No former directorships of Australian listed entities. Special responsibilities None. Interests in shares and options 100,575,183 ordinary shares in Billabong International Limited. HOWARD MOWLEM (Non-Executive Director) Experience and expertise Howard Mowlem is experienced in many segments of the international retail industry and specifically in Asia. From 2001 to 2010 he was Chief Financial Officer of Dairy Farm International Holdings Limited, a Hong Kong based retail company operating over 5,000 stores across Asia with turnover in excess of US$10 billion. Prior to this Mr Mowlem held various senior financial positions over a 12 year period with the Coles Myer Group. He brings extensive experience in corporate finance, mergers and acquisitions, financial reporting, treasury, tax, investor relations, audit and governance. Mr Mowlem was appointed as Non-Executive Director of the Company on 24 October 2012. Mr Mowlem holds a Bachelor of Economics (Hons), M.B.A., and Securities Industry Diploma. He is a Fellow of CPA Australia. Other current directorships No other directorships of Australian listed entities. Former directorships in last 3 years No former directorships of Australian listed entities. Special responsibilities Chair of Audit and Risk Committee and member of Nominations and Human Resource and Remuneration Committees. Interests in shares and options 137,500 ordinary shares in Billabong International Limited.

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Information on Directors (continued) JASON MOZINGO (Non-Executive Director) Experience and expertise Jason Mozingo is a Senior Managing Director at Centerbridge Partners, L.P. Mr Mozingo leads the firm’s retail and consumer investment efforts. Prior to joining Centerbridge, he was a Principal with Avista Capital Partners (spun-out of DLJ Merchant Banking in 2005) and DLJ Merchant Banking Partners, a leverage buyout group managing in excess of $9 billion. He joined DLJ in 1998. Mr Mozingo graduated from UCLA Phi Beta Kappa, summa cum laude with a degree in economics and received an M.B.A. with high distinction from Harvard Business School in 1998, where he was a Baker Scholar. He is a CFA charter holder and a member of the CFA Institute and currently serves as a Director of P.F. Chang’s, CraftWorks Restaurants & Breweries and GT Holdings, LLC. Mr Mozingo was appointed as Non-Executive Director of the Company on 4 November 2013. Other current directorships No other directorships of Australian listed entities. Former directorships in last 3 years No former directorships of Australian listed entities. Special responsibilities Member of Nominations, Human Resource and Remuneration, and Audit and Risk Committees. Interests in shares and options None. SALLY PITKIN (Non-Executive Director) Experience and expertise Dr Sally Pitkin has nineteen years' experience as a non-executive director in the listed, private, public and non-profit sectors. She has eleven years' experience as a non-executive director of ASX200 companies, including experience in international markets. Industry sectors in which she has experience as a non-executive director include retail, finance and insurance, technology commercialisation, gaming, energy and transport. She is a lawyer and former partner of Clayton Utz with banking law, corporate law and corporate governance expertise. Dr Pitkin is a non-executive director and Fellow of the Australian Institute of Company Directors and is President of the Queensland Division. She holds a Doctor of Philosophy (Governance), awarded in 2012, a Master of Laws and Bachelor of Laws. Dr Pitkin was appointed as Non-Executive Director of the Company on 28 February 2012. Other current directorships Super Retail Group Limited, director since 1 July 2010. IPH Limited, director since 23 September 2014. Echo Entertainment Group Limited, director since 19 December 2014. Former directorships in last 3 years No former directorships of Australian listed entities. Special responsibilities Chair of Human Resource and Remuneration and Class Action Committees and member of Audit and Risk and Nominations Committees. Interests in shares and options 96,250 ordinary shares in Billabong International Limited.

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Information on Directors (continued) MATTHEW WILSON (Non-Executive Director) Experience and expertise Matthew Wilson is a Managing Director at Oaktree Capital Management, L.P. and is based in Los Angeles. He leads Oaktree’s retail and consumer investing efforts, including investments in the apparel, retail, consumer products, food, beverage, and restaurants sectors. Prior to Oaktree, Mr Wilson was with H.I.G. Capital, LLC, a leading middle market private equity firm managing over $13 billion of capital. Prior thereto, he worked in the middle market buyout group at J.H. Whitney & Co. and the investment banking division at Merrill Lynch & Co. in New York. Mr Wilson graduated with a B.A. degree with Distinction in Economics and History from the University of Virginia and an M.B.A. from the Harvard Business School. He currently serves on the Boards of Directors of AdvancePierre Foods, AgroMerchants Group, Diamond Foods (Nasdaq: DMND), and The Bridge Direct HK and is Chair of the Board of Trustees of the Children’s Bureau of Los Angeles. Mr Wilson was appointed as Non-Executive Director of the Company on 4 November 2013. Other current directorships No other directorships of Australian listed entities. Former directorships in last 3 years No former directorships of Australian listed entities. Special responsibilities Member of the Nominations, Human Resource and Remuneration and Audit and Risk Committees. Interests in shares and options None. AMAR DOSHI (Alternate Director for Jason Mozingo) Experience and expertise Amar Doshi is a Principal at Centerbridge Partners, L.P and focuses on the firm’s investments in the retail and consumer sectors. Prior to joining Centerbridge, Mr Doshi was a Vice President at Bain Capital and previously was an Associate Consultant at Bain & Company. Mr Doshi graduated class valedictorian with a B.S. in electrical engineering from Columbia University and received an M.B.A. with honors from The Wharton School of the University of Pennsylvania. He currently serves as a Director of P.F. Chang’s and CraftWorks Restaurants & Breweries. Mr Doshi was appointed as Alternate Director of the Company on 10 December 2013. Other current directorships No other directorships of Australian listed entities. Former directorships in last 3 years No former directorships of Australian listed entities. Special responsibilities None. Interests in shares and options None.

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Information on Directors (continued) THOMAS CASARELLA (Alternate Director for Matthew Wilson) Experience and expertise Thomas Casarella is a Senior Vice President at Oaktree Capital Management, L.P. and is based in Los Angeles. Mr Casarella helps lead Oaktree’s retail and consumer investing efforts, including investments in the apparel, retail, consumer products, food, beverage, and restaurants sectors. Prior to Oaktree, Mr Casarella was the Deputy Chief Restructuring Officer at the United States Department of the Treasury, where he helped lead the Troubled Asset Relief Program (TARP). Prior thereto, he worked in the private equity group at Brookfield Asset Management and the investment banking division of Lazard and Goldman Sachs. Mr Casarella graduated with an A.B. degree summa cum laude from Bowdoin College, an M.A. in Economics from Oxford University, and an M.B.A. from the Harvard Business School. He is a member of the Board of Trustees of the Children’s Bureau of Los Angeles. Mr Casarella was appointed as Alternate Director of the Company on 10 December 2013. Other current directorships No other directorships of Australian listed entities. Former directorships in last 3 years No former directorships of Australian listed entities. Special responsibilities None. Interests in shares and options None. COMPANY SECRETARY The Company Secretary is Ms Tracey Wood, BA (Psych), LLB, LLM. Ms Wood was appointed to the position of Company Secretary on 18 July 2014 and continues as Company Secretary at the date of this report. She joined the Company on 1 July 2008 and is the International General Counsel for the Group. Ms Joanna Brand, BA, JD, M.B.A. (Executive), GAICD, was appointed as an additional Company Secretary on 12 September 2014 until her resignation on 27 August 2015 to cover Ms Wood whilst on maternity leave. She also served as International General Counsel for the Group during that time. Ms Maria Manning was appointed as Company Secretary on 27 April 2006 until her resignation on 18 July 2014.

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Information on Directors (continued) Meetings of Directors The numbers of meetings of the Company’s Board of Directors and of each Board Committee held during the year ended 30 June 2015, and the numbers of meetings attended by each Director, were:

Billabong International Limited Board

Audit Committee

Nominations Committee

Human Resource and Remuneration

Committee

Class Action Committee

Scheduled Meetings

Unscheduled Meetings

Held Attended Held Attended Held Attended Held Attended Held Attended Held Attended I. Pollard 13 13 - - 4 4 1 1 6 6 9 9 M.S Fiske Jr 13 13 - - A A A A A A A A G.S. Merchant 13 13 - - A A A A A A A A H. Mowlem 13 13 - - 4 4 1 1 6 6 A A J. Mozingo 13 12 - - 4 4 1 1 6 5 A A S.A.M. Pitkin 13 12 - - 4 4 1 1 6 5 9 5 M. Wilson 13 10 - - 4 2 1 0 6 3 A A A. Doshi - 1B - - - - - - - 1B - - T. Casarella - 3C - - - 2C - 1C - 3C - -

A Not a member of the relevant Committee. B Alternate Director for Jason Mozingo. C Alternate Director for Matthew Wilson.

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Remuneration Report MESSAGE FROM THE BOARD The Board of Billabong International Limited presents the 2014-15 Remuneration Report. The Board remains committed to delivering remuneration strategy outcomes that support our strategic imperatives, reflect our company performance, and appropriately reward high quality executives and other team members. This report sets out the remuneration outcomes for 2014-15. During 2014-15, the Board approved the long range plan established by Billabong in support of the Turnaround Strategy. Reward programs and processes throughout the Company were refined to support the strategic objectives and long range plan. Some of these refinements included:

 the introduction of a company-wide financial performance gateway that must be achieved before any Short- Term Incentive (STI) rewards can be earned, in addition to the previously used regional/brand gateways,

 the development of a company-wide framework to ensure all STI participants were focused on Key Performance Indicators that support the Turnaround Strategy and appropriately reward for financial success,

 the refinement of the Long-Term Incentive (LTI) program to include the key executive leadership across all of our brands/regions, and

 the linkage of the LTI Earnings Per Share metric with the long range plan. Executive Director The Board reviewed the remuneration arrangements of the CEO and determined it was appropriate to transfer his employment agreement from a contract based in Australia to one based in the United States. The success of the Turnaround Strategy required the CEO to rebuild the North American leadership and operations, and as a result, the change in his contract reflects the significantly greater amount of time that the CEO has spent and continues to spend in the USA compared with what was anticipated at the start of his employment with Billabong. As a global business, the expectation of the Board has been and remains that the CEO will travel widely and regularly across its operations to meet with staff, stakeholders and shareholders. Non-Executive Directors For the 2014-15 financial year, the Non-Executive Director fees were increased by 2.5% in line with the Company’s average remuneration increase, plus $5,000 per Director to recognise the additional travel demands being placed on the directors following the recapitalisation of the Company. For the 2015-16 financial year, the Non-Executive Director fees will not be increased.

Sally Pitkin Human Resources and Remuneration Committee Chair

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Remuneration Report (continued) CONTENTS The information provided in this report has been prepared based on the requirements of the Corporations Act 2001 and the applicable accounting standards. The report has been audited and is set out under the following headings. 1. INTRODUCTION 21 2. REMUNERATION GOVERNANCE 21 3. BILLABONG KEY MANAGEMENT PERSONNEL DISCLOSED IN THIS REPORT 22 4. REMUNERATION PRINCIPLES, STRATEGY AND OUTCOMES 24

Remuneration principles 24 Guiding Principles for Total Rewards 24 Remuneration strategy 24 Statutory remuneration outcomes 27 Executive remuneration structure 31 Fixed annual remuneration 31 Short-Term Incentive structure 32 Short-Term Incentive (STI) outcomes 33 Mid Term Incentive (MTI) Structure 34 Long-Term Incentive structure 34 Long-Term Incentive (LTI) outcomes 37 Summary of executive contracts 38

5. NON-EXECUTIVE DIRECTOR REMUNERATION 39 Approved fee pool 39 Approach to setting Non-Executive Director remuneration 39 Non-Executive Director remuneration 40

6. OTHER STATUTORY DISCLOSURES 41

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Remuneration Report (continued) 1. INTRODUCTION

This Billabong Group Remuneration Report forms part of the Billabong Group Directors’ Report and has been audited in accordance with the Corporations Act 2001. The Remuneration Report details remuneration information for the Key Management Personnel (KMP) of the Group, comprising the Non-Executive Directors, the Managing Director and Chief Executive Officer (CEO) and Group Executives who led significant parts of the business. 2. REMUNERATION GOVERNANCE The Group’s remuneration strategy, policies, and practices are designed to support the strategy and operational demands of the business, and to fairly reward employees having regard to sustainable performance, shareholder returns and good governance. The Board provides guidance on the remuneration strategy, and oversight of the remuneration policies and practices. To assist with this responsibility, the Board has a Human Resource and Remuneration Committee made up of Non-Executive Directors only. The primary objective of the Committee is to assist the Board in establishing remuneration policies and practices which:  enable the Group to attract and retain executives and Directors (Executive and Non-Executive) who will create

sustainable value for shareholders;  fairly and responsibly reward executives and Directors having regard to the Group’s overall strategy and objectives, the

performance of the Group, the performance of the executive and the general market environment within the geographic locations where the Group has operations;

 link reward to the creation of sustainable value for shareholders; and  comply with the law and high standards of governance. The Group’s Human Resource and Remuneration Committee Charter and Group Remuneration Policy, which documents the Group’s overall approach to remuneration, are available on the corporate website at www.billabongbiz.com. The Board approves, based on recommendations from the Human Resources and Remuneration Committee, all remuneration decisions and outcomes for the CEO, and all executives who report directly to the CEO. The CEO approves short-term incentives and merit increase payment pools for the Group as well as material changes to remuneration for executives who report to his direct reports. The Committee draws on the services of independent remuneration advisors from time to time. Independent remuneration advisors are engaged by, and report directly to, the Committee and provide advice and assistance on a range of matters, including:  updates on remuneration trends, regulatory developments and shareholder views;  review, design or implementation of the executive remuneration strategy and its underlying components (such as

incentive plans); and  market remuneration analysis.

The Group’s Remuneration Policy is reviewed annually by the Committee.

Recommendation provided

No remuneration recommendations from independent remuneration advisors were received during the 2014-15 financial year.

Securities Trading Policy Executives are prohibited under Billabong’s Securities Trading Policy from hedging or otherwise reducing or eliminating the risk associated with equity-based incentives. If the executive hedges in breach of this policy, the incentives will be forfeited or lapsed as the case may be.

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Remuneration Report (continued) 3. BILLABONG KEY MANAGEMENT PERSONNEL DISCLOSED IN THIS REPORT The key management personnel (KMP) for the Group in 2014-15 comprised the Non-Executive Directors, the Managing Director and Chief Executive Officer, and Group Executives who led significant parts of the business. Executive Directors

Neil Fiske Managing Director and Chief Executive Officer (CEO).

Group Executives classified as KMP

Paul Burdekin General Manager, Billabong Group, Asia Pacific (GM Asia Pacific) from 17 July 2014. Prior to this was Acting GM Asia Pacific.

Ed Leasure President Americas (President Americas).

Peter Myers Chief Financial Officer (CFO).

Shannan North Global President, Brand Billabong.

Jean-Louis Rodrigues General Manager, Billabong Group Europe (GM Europe).

Former Key Management Personnel (KMP)

Jeffery Streader Global Chief Operating Officer (COO) until 24 April 2015.

Non-Executive Directors

Ian Pollard Chair

Gordon Merchant AM Director

Howard Mowlem Director

Jason Mozingo Director

Sally Pitkin Director

Matt Wilson Director

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Remuneration Report (continued) A short profile of the Executive KMP follows:

2014-15 Executive Key Management Personnel profiles

Neil Fiske, Executive Director, Chief Executive Officer and Managing Director

Neil Fiske joined Billabong on 21 September 2013 as CEO and Managing Director. He has 25 years of experience in the consumer and retail industry as an operator, consultant and investor. Prior to joining Billabong, Neil was an Industry Partner to Canadian private equity firm Onex, where he acted as a senior advisor focused on retail; CEO of Eddie Bauer; CEO of Bath and Body Works, a division of NYSE listed Limited Brands; and a Partner in the Consumer and Retail Practice at the Boston Consulting Group. Neil received an M.B.A from Harvard Business School and a B.A. in Political Economy from Williams College.

Paul Burdekin, General Manager Asia Pacific

Paul Burdekin joined Billabong Australia on 21 January 2008 as General Manager for Tigerlily, and his brand portfolio quickly grew to include VZ, RVCA and Nixon. Prior to joining Billabong, Paul held international and domestic senior management roles within the retail and wholesale industry. In March 2014, Paul was promoted to KMP role, Acting General Manager Asia Pacific. This role was confirmed on 17 July 2014. Paul holds a M.B.A. and Bachelor of Industrial Design.

Ed Leasure, President Americas

Ed Leasure joined Billabong USA on 10 August 2008 when Billabong acquired Quiet Flight, a successful surf retail chain which Ed opened and owned and operated for many years. Ed initially joined the Company to serve as President of Quiet Flight but was later appointed to lead the entire US retail division. In October 2013 Ed was appointed to KMP role, Acting President Americas. This role was confirmed in December 2013. Ed holds a Bachelor of Business Administration.

Peter Myers, Global Chief Financial Officer

Peter Myers joined Billabong on 14 January 2013 as Global Chief Financial Officer. He has over 30 years of experience in his field, primarily in the diversified media industry. Prior to joining Billabong, Peter held CFO roles at Northern Star Holding LTD, Century Yuasa Batteries, Network Ten Limited and APN News & Media Limited. In 2013, he also held the position of acting CEO for Billabong from 5 August to 19 September. Peter is a CPA and holds a Bachelor of Business.

Shannan North, Global President, Brand Billabong

Shannan North joined Billabong Australia on 9 August 1993, working in various retail, marketing, sales and merchandising roles. Shannan was appointed General Manager Asia Pacific in 2004. On 3 March 2014 Shannan was promoted to Global President, Brand Billabong.