Embattled surfwear brand Billabong has posted a net loss of $860 million for the financial year.
This follows a $276 million loss in 2011/12 and a tumultuous year of takeover bids.
The 2012/13 result was savaged by $867 million in significant items, including over $604 million in writedowns in the value of goodwill, brands and other intangibles.
This also included a $129 million writedown of transactions involving US brand Nixon.
Revenue also fell 12.6 per cent in constant currency terms to $1.35 billion.
Last month, Billabong reached a $US294 million ($A325 million) deal with US-based Altamont Capital Partners to repay its existing debts.
However, two US hedge funds, Centerbridge and Oaktree, have since approached Billabong’s board with their own recapitalisation plan.
Billabong has confirmed it is considering the new offer.
Billabong chairman Dr Ian Pollard said despite these challenges, the company achieved key outcomes throughout the year.
This included progress on efforts to sell Canadian retail chain West 49, cost savings and simplification of its businesses.
“We are nearing the end of a long process that has caused distraction, impacted on staff morale and has been very costly,” he said.
“The company looks forward to refocusing, reinvigorating its brands and rebuilding the business on a solid, long-term financial footing.”