Billabong as a company was going through an extensive period of change and reconsideration. This 2012 Annual Report came at a time when the company was downsizing, restructuring and trying to change to keep their image and their company strong. The main themes I pulled from the letters wrote by their new CEO were change and looking forward into a brighter future, which goes hand in hand with the beach lifestyle their company promotes and lives by. This annual report is meant to inspire and reassure investors that, with a lot of hard work and dedication, a bright future lies ahead.

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