It’s been a big year for Billabong, and the company’s executive team sat down to discuss the details with analysts during its annual conference call on August 20. If you missed the call, don’t worry—you can listen to it below. (if you’re not going to listen to the entire thing, I recommend listening to 18:00–22:00, where CEO Derek O’Neill discusses the company’s retail strategy).

Also, if you’re interested in reading the company’s 126-page annual report, CLICK HERE to download it. If not, here’s the quick version.

Billabong’s Net Profit after tax (NPAT) for fiscal year ended June 30, 2010 was $148 million. When translated into Australian dollars, the reported NPAT was down 4.5% compared with the year prior when including the prior year’s $7.4 million impairment charge expense, or down 8.9% when excluding this cost.

Earnings per share (EPS) for the year of 58.3 cents was down 15.8% from the year prior, which Billabong says is due to the lower reported NPAT result and increase in the weighted average number of shares on issue following the capital raising conducted by the company in May 2009.

In constant currency, total group sales were flat and down 11.2% in reported terms with the year prior. Something the company says reflects the negative impact of foreign exchange when translating the results into ASD.

Gross margins, however, improved to 54.4% compared to 53.2% last year, which Billabong attributes to a decrease in promotional retail in the U.S.

EBITA for the year was down approximately 1% in constant currency terms, or 11.1% in reported terms to $253.3. According to the company there was a significant improvement across all regions for the second half of the year, and EBITA increased 9% in constant currency terms following a 9.5% drop in the first half. EBITA margins were steady at 17.1%.

By region, sales in the U.S. were down 1.2% in constant currency terms or 14.8% in reported terms to $712.6 million. In Europe, sales were $344 million, up 5.2% in constant currency terms, but down 11.3% in reported terms. In Australiasia, sales of $425.7 million reflect a decrease of 1.9% in constant currency terms compared to the year prior, or 4.2% in reported terms.

Billabong says it expects NPAT will grow in somewhere in the range of 2–8% in constant currency terms in fiscal year 2010-11 co,pared to the year prior. It believes the Americas market is improving and will continue to do so, Europe will see continued strength, but expects business in Australia to be challenging. Billabong also said it expects 2010-11 to be a transition year, which will lead the company towards EPS growth rates of 10% in constant currency terms over the years to come.