Cover page
Cover page | 12 Months Ended |
Mar. 31, 2021 | |
Entity Information [Line Items] | |
Document Type | POS AM |
Entity Registrant Name | GLOBAL BLUE GROUP HOLDING AG |
Entity Incorporation, State or Country Code | V8 |
Entity Address, Address Line One | Zürichstrasse 38 |
Entity Address, Postal Zip Code | 8306 |
Entity Address, City or Town | Brüttisellen |
Entity Address, Country | CH |
City Area Code | +41 |
Local Phone Number | 22 363 77 40 |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Amendment Description | Post-Effective Amendment No. 1 |
Amendment Flag | true |
Entity Central Index Key | 0001799983 |
Country of incorporation | Switzerland |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - EUR (€) € in Thousands | Total | Previously Reported | Changes in accounting policies (IFRS 9) | Global Blue Investment & Co S.C.A. | IRIS Global Blue TRS Malaysia Sdn. Bhd. | Effects Of Capital Reorganization | Equity | EquityPreviously Reported | EquityChanges in accounting policies (IFRS 9) | EquityGlobal Blue Investment & Co S.C.A. | EquityIRIS Global Blue TRS Malaysia Sdn. Bhd. | EquityEffects Of Capital Reorganization | Issued capitalOrdinary shares | Issued capitalOrdinary sharesPreviously Reported | Issued capitalOrdinary sharesEffects Of Capital Reorganization | Issued capitalPreference shares | Issued capitalPreference sharesEffects Of Capital Reorganization | Share premiumOrdinary shares | Share premiumOrdinary sharesPreviously Reported | Share premiumOrdinary sharesEffects Of Capital Reorganization | Share premiumPreference shares | Share premiumPreference sharesEffects Of Capital Reorganization | Other equity | Other equityOrdinary shares | Other equityOrdinary sharesEffects Of Capital Reorganization | Other equityPreference shares | Other equityPreference sharesEffects Of Capital Reorganization | Equity settled shared based payment | Warrants | Put Options | Other reserve | Other reservePreviously Reported | Other reserveEffects Of Capital Reorganization | Other reserveOrdinary shares | Other reservePreference shares | Foreign currency translation reserve | Foreign currency translation reservePreviously Reported | Remeasurements of post employment benefit obligations | Remeasurements of post employment benefit obligationsPreviously Reported | Accumulated losses | Accumulated lossesPreviously Reported | Accumulated lossesChanges in accounting policies (IFRS 9) | Accumulated lossesGlobal Blue Investment & Co S.C.A. | Accumulated lossesIRIS Global Blue TRS Malaysia Sdn. Bhd. | Non-controlling interests | Non-controlling interestsPreviously Reported | Non-controlling interestsGlobal Blue Investment & Co S.C.A. | Non-controlling interestsIRIS Global Blue TRS Malaysia Sdn. Bhd. | |
Equity balance as of beginning of the year at Mar. 31, 2018 | € 82,205 | € 89,611 | € (7,406) | € 73,300 | € 80,706 | € (7,406) | € 341 | € 341 | € 391,856 | € 391,856 | € 0 | € 0 | € 7,607 | € 7,607 | € (12,339) | € (12,339) | € (903) | € (903) | € (313,262) | € (305,856) | € (7,406) | € 8,905 | € 8,905 | ||||||||||||||||||||||||||
(Loss) / Profit for the year | 6,887 | 2,350 | 2,350 | 4,537 | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income / (loss) for the year, net of tax | 2,208 | 2,151 | 1,767 | 384 | 57 | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive (loss) / income for the year | 9,095 | 4,501 | 1,767 | 384 | 2,350 | 4,594 | |||||||||||||||||||||||||||||||||||||||||||
Reclassification of Global Blue Group A.G. as a subsidiary | [1] | € (1,354) | € 456 | € 456 | € (1,810) | ||||||||||||||||||||||||||||||||||||||||||||
Dividends | (3,886) | (5) | (5) | (3,881) | |||||||||||||||||||||||||||||||||||||||||||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | (3,886) | (5) | (5) | (3,881) | |||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) through change in equity of subsidiaries, equity | [1] | € (1,354) | € 456 | € 456 | € (1,810) | ||||||||||||||||||||||||||||||||||||||||||||
Decrease in scope of consolidation | 633 | 633 | |||||||||||||||||||||||||||||||||||||||||||||||
FX effect of the acquisition to be cancelled | 5 | 20 | 20 | (15) | |||||||||||||||||||||||||||||||||||||||||||||
Restatement to hyperinflation | [2] | (147) | (147) | 2,283 | (2,430) | ||||||||||||||||||||||||||||||||||||||||||||
Other transactions | 416 | 416 | 416 | ||||||||||||||||||||||||||||||||||||||||||||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | (447) | 745 | 2,283 | (1,538) | (1,192) | ||||||||||||||||||||||||||||||||||||||||||||
Equity balance as of end of the year at Mar. 31, 2019 | 86,967 | 78,541 | 341 | 391,856 | 0 | 0 | 9,890 | (10,572) | (519) | (312,455) | 8,426 | ||||||||||||||||||||||||||||||||||||||
(Loss) / Profit for the year | 1,669 | (3,532) | (3,532) | 5,201 | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income / (loss) for the year, net of tax | (11,023) | (10,705) | (8,898) | (1,807) | (318) | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive (loss) / income for the year | (9,354) | (14,237) | (8,898) | (1,807) | (3,532) | 4,883 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of share capital Global Blue Group Holding A.G. | (2) | (2) | (2) | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends | (4,910) | (64) | (64) | (4,846) | |||||||||||||||||||||||||||||||||||||||||||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | (4,910) | (64) | (64) | (4,846) | |||||||||||||||||||||||||||||||||||||||||||||
Decrease in scope of consolidation | 16 | 16 | 16 | ||||||||||||||||||||||||||||||||||||||||||||||
FX effect of the acquisition to be cancelled | (16) | (16) | |||||||||||||||||||||||||||||||||||||||||||||||
Restatement to hyperinflation | [3] | (959) | (959) | (959) | |||||||||||||||||||||||||||||||||||||||||||||
Other transactions | (245) | (174) | 25 | (199) | (71) | ||||||||||||||||||||||||||||||||||||||||||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | (1,206) | (1,119) | 25 | (1,144) | (87) | ||||||||||||||||||||||||||||||||||||||||||||
Equity balance as of end of the year at Mar. 31, 2020 | 71,497 | 63,121 | 341 | € 0 | 391,856 | € 0 | € 0 | € 0 | € 0 | 0 | 0 | 9,915 | (19,470) | (2,326) | (317,195) | 8,376 | |||||||||||||||||||||||||||||||||
Equity balance as of beginning of the year at Mar. 31, 2020 | 71,497 | 63,121 | 341 | 0 | 391,856 | 0 | 0 | 0 | 0 | 0 | 0 | 9,915 | (19,470) | (2,326) | (317,195) | 8,376 | |||||||||||||||||||||||||||||||||
(Loss) / Profit for the year | (423,529) | (422,116) | (422,116) | (1,413) | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income / (loss) for the year, net of tax | 4,280 | 4,928 | 4,763 | 165 | (648) | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive (loss) / income for the year | (419,249) | (417,188) | 4,763 | 165 | (422,116) | (2,061) | |||||||||||||||||||||||||||||||||||||||||||
Issuance of share capital Global Blue Group Holding A.G. | 57,787 | € (145,621) | 57,787 | € (145,621) | 181 | € 1,302 | € 184 | 58,800 | € 1,181,450 | € 166,969 | (1,495,526) | € (1,495,526) | € (1,209) | € (184) | (1,194) | ||||||||||||||||||||||||||||||||||
Acquisition of treasury shares | (65) | 0 | (65) | 0 | (65) | € (8,812) | € (1,246) | 10,058 | 10,058 | ||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. | 0 | 0 | (41) | (6) | (37,508) | (5,301) | 42,856 | 42,856 | |||||||||||||||||||||||||||||||||||||||||
Conversion of preference shares into ordinary shares | 0 | € 71,965 | 0 | € 71,965 | 55 | € (299) | (55) | (42) | 50,045 | (343,335) | (50,045) | (48,521) | 464,162 | € 464,162 | |||||||||||||||||||||||||||||||||||
Effects of the capital reorganization | (73,656) | (73,656) | 962 | 136 | 800,607 | 113,147 | (8,812) | (1,246) | (978,450) | ||||||||||||||||||||||||||||||||||||||||
Issuance of share capital as consideration for the merger with FPAC | 268,481 | 268,481 | 258 | 37 | 234,978 | 33,208 | |||||||||||||||||||||||||||||||||||||||||||
Employee share schemes | 1,239 | 1,239 | 1,239 | ||||||||||||||||||||||||||||||||||||||||||||||
Conversion of shares into equity settled plan | 42,632 | 42,632 | 42,632 | (42,632) | |||||||||||||||||||||||||||||||||||||||||||||
Share issue related cost | 135,309 | 135,309 | 20,196 | 115,113 | |||||||||||||||||||||||||||||||||||||||||||||
Reclassification of Global Blue Group A.G. as a subsidiary | € 12 | € (607) | € (607) | € 619 | |||||||||||||||||||||||||||||||||||||||||||||
Exercises of warrants | 1,068 | 1,068 | 1 | 1,139 | (72) | ||||||||||||||||||||||||||||||||||||||||||||
Shares bought back by Global Blue Group A.G. | (152,787) | (152,787) | (152,787) | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends | (155) | (155) | |||||||||||||||||||||||||||||||||||||||||||||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | 353,509 | 353,664 | 495 | € (18) | € 344,962 | € (16,837) | (65) | 43,871 | 20,124 | 0 | (37,674) | (1,194) | (155) | ||||||||||||||||||||||||||||||||||||
Increase (decrease) through change in equity of subsidiaries, equity | € 12 | € (607) | € (607) | € 619 | |||||||||||||||||||||||||||||||||||||||||||||
Other transactions | (1,724) | (1,724) | (1,724) | 0 | |||||||||||||||||||||||||||||||||||||||||||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | (1,712) | (2,331) | (2,331) | 619 | |||||||||||||||||||||||||||||||||||||||||||||
Equity balance as of end of the year at Mar. 31, 2021 | € (69,611) | € (76,390) | € 1,798 | € 118 | € 1,537,425 | € 96,310 | € (10,123) | € (8,877) | € (1,246) | € 43,871 | € 20,124 | € 0 | € (1,006,209) | € (14,707) | € (2,161) | € (742,836) | € 6,779 | ||||||||||||||||||||||||||||||||
[1] | The effect for the financial year 2018/19 of EUR(1.8)m and at in the line “Impact from the changes in % of ownership held” is a result of the capital decrease and ownership change in IRIS Global Blue Malaysia (Note 38). | ||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The effect of EUR2.3m in the line “Restatement to hyperinflation” is a result of the hyperinflation in Argentina (Note 24). | ||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The effect of EUR(1.0) million in the line “Restatement to hyperinflation” is a result of the hyperinflation in Argentina. |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - EUR (€) € in Thousands | 12 Months Ended | ||||
Mar. 31, 2020 | [1] | Mar. 31, 2019 | |||
Restatement to hyperinflation | € (959) | € (147) | [2] | ||
IRIS Global Blue TRS Malaysia Sdn. Bhd. | |||||
Reclassification of Global Blue Group A.G. as a subsidiary | [3] | (1,354) | |||
Non-controlling interests | IRIS Global Blue TRS Malaysia Sdn. Bhd. | |||||
Reclassification of Global Blue Group A.G. as a subsidiary | [3] | (1,810) | |||
Other reserve | |||||
Restatement to hyperinflation | [2] | € 2,283 | |||
[1] | The effect of EUR(1.0) million in the line “Restatement to hyperinflation” is a result of the hyperinflation in Argentina. | ||||
[2] | The effect of EUR2.3m in the line “Restatement to hyperinflation” is a result of the hyperinflation in Argentina (Note 24). | ||||
[3] | The effect for the financial year 2018/19 of EUR(1.8)m and at in the line “Impact from the changes in % of ownership held” is a result of the capital decrease and ownership change in IRIS Global Blue Malaysia (Note 38). |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Non-current assets | |||
Property, plant and equipment | € 37,904 | € 51,355 | € 56,213 |
Intangible assets | 625,379 | 631,002 | 695,622 |
Deferred income tax asset | 30,592 | 12,349 | 10,864 |
Investments in joint ventures and other investments | 3,497 | 2,895 | 2,444 |
Other non-current receivables | 12,516 | 15,170 | 12,703 |
Non-current assets | 709,888 | 712,771 | 777,846 |
Current assets | |||
Trade receivables | 31,324 | 141,306 | 249,331 |
Other current receivables | 31,237 | 33,760 | 49,247 |
Derivative financial instruments | 231 | 742 | 0 |
Income tax receivables | 318 | 1,573 | 3,612 |
Prepaid expenses | 5,371 | 7,919 | 15,045 |
Cash and cash equivalents | 182,783 | 226,139 | 104,072 |
Current assets | 251,264 | 411,439 | 421,307 |
Total assets | 961,152 | 1,124,210 | 1,199,153 |
Equity attributable to owners of the parent | |||
Share capital | 1,916 | 341 | 341 |
Share premium | 1,633,735 | 391,856 | 391,856 |
Other equity | (10,123) | 0 | 0 |
Other reserves | (959,082) | (11,881) | (1,201) |
Accumulated losses | (742,836) | (317,195) | (312,455) |
Equity attributable to owners of the parent | (76,390) | 63,121 | 78,541 |
Non-controlling interests | 6,779 | 8,376 | 8,426 |
Total equity | (69,611) | 71,497 | 86,967 |
Non-current liabilities | |||
Non-convertible equity certificates | 0 | 4,891 | 4,494 |
Loans and borrowings | 720,745 | 624,595 | 622,398 |
Derivative financial instruments | 0 | 0 | 176 |
Other long term liabilities | 29,471 | 29,753 | 34,498 |
Deferred income tax liabilities | 19,582 | 34,564 | 49,376 |
Post-employment benefits | 7,556 | 7,962 | 5,062 |
Provisions for other liabilities and charges | 2,202 | 2,235 | 1,746 |
Non-current liabilities | 779,556 | 704,000 | 717,750 |
Current liabilities | |||
Trade payables | 147,477 | 237,319 | 263,720 |
Other current liabilities | 44,193 | 45,236 | 58,888 |
Accrued liabilities | 37,066 | 41,833 | 39,970 |
Current income tax liabilities | 22,360 | 23,244 | 29,756 |
Loans and borrowings | 111 | 1,081 | 2,102 |
Current liabilities | 251,207 | 348,713 | 394,436 |
Total liabilities | 1,030,763 | 1,052,713 | 1,112,186 |
Total equity and liabilities | € 961,152 | € 1,124,210 | € 1,199,153 |
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Profit or loss [abstract] | |||
Total revenue | € 44,696 | € 420,400 | € 412,956 |
Operating expenses | (475,238) | (379,201) | (354,433) |
Operating (Loss) / Profit | (430,542) | 41,199 | 58,523 |
Finance income | 2,466 | 5,309 | 2,825 |
Finance costs | (26,430) | (37,158) | (31,505) |
Net finance costs | (23,964) | (31,849) | (28,680) |
(Loss) / Profit before tax | (454,506) | 9,350 | 29,843 |
Income tax benefit / (expense) | 30,977 | (7,681) | (22,956) |
(Loss) / Profit for the year | (423,529) | 1,669 | 6,887 |
(Loss) / Profit attributable to: | |||
Owners of the parent | (422,116) | (3,532) | 2,350 |
Non-controlling interests | (1,413) | 5,201 | 4,537 |
(Loss) / Profit for the year | € (423,529) | € 1,669 | € 6,887 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME / (LOSS) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Profit or loss [abstract] | |||
(Loss) / Profit for the year | € (423,529) | € 1,669 | € 6,887 |
Other comprehensive income / (loss) that will not be reclassified to profit or loss in subsequent years: | |||
Remeasurements on post-employment benefit obligations | 52 | (2,162) | 428 |
Income tax effect | 108 | 307 | (74) |
Other comprehensive income / (loss) that will not be reclassified to profit or loss in subsequent years: | 160 | (1,855) | 354 |
Other comprehensive income / (loss) that may be reclassified to profit or loss in subsequent years: | |||
Currency translation differences | 4,120 | (9,168) | 1,854 |
Other comprehensive income / (loss) that may be reclassified to profit or loss in subsequent years: | 4,120 | (9,168) | 1,854 |
Other comprehensive income / (loss) for the year, net of tax | 4,280 | (11,023) | 2,208 |
Total comprehensive (loss) / income for the year | (419,249) | (9,354) | 9,095 |
Attributable to: | |||
Owners of the parent | (417,188) | (14,237) | 4,502 |
Non-controlling interest | € (2,061) | € 4,883 | € 4,593 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from (used in) operating activities [abstract] | |||
(Loss) / Profit before tax | € (454,506) | € 9,350 | € 29,843 |
Depreciation and amortisation | 116,318 | 113,581 | 105,133 |
Net financial costs | 23,964 | 31,849 | 28,680 |
Other non-cash items | 7,624 | 2,939 | 1,205 |
Capital reorganization non-cash items | 199,502 | 0 | 0 |
Net deductible financial income/(costs) | 2,305 | 4,772 | 1,071 |
Income tax received / (paid) | (5,482) | (28,100) | (28,292) |
Interest paid | (18,552) | (24,567) | (24,479) |
Changes in working capital | 19,843 | 88,980 | 3,321 |
Capital reorganization cash items | 10,448 | 0 | 0 |
Net cash from / (used in) operating activities | (103,146) | 189,260 | 114,340 |
Cash flows from (used in) investing activities [abstract] | |||
Purchase of tangible assets | (1,487) | (5,550) | (6,800) |
Purchase of intangible assets | (19,739) | (32,181) | (26,615) |
Total net cash outflow | (52,526) | 0 | (5,467) |
Acquisition of non-current financial assets | (1,016) | (7,856) | (1,541) |
Divestiture of non-current financial assets | 2,169 | 2,867 | 147 |
Net cash from / (used in) investing activities | (72,599) | (42,720) | (40,276) |
Cash flows from (used in) financing activities [abstract] | |||
Proceeds from issuance of share capital | 58,721 | 0 | 0 |
Acquisition of shares and NC-PECs issued by subsidiaries | 0 | (2,096) | (1,029) |
Financing fee | (8,417) | 0 | 0 |
Principal elements of lease payments | (15,031) | (15,266) | (14,154) |
Dividends paid to non-controlling interests | (155) | (4,846) | (3,881) |
Net cash from / (used in) in financing activities | 134,113 | (22,208) | (19,064) |
Net foreign exchange difference | (840) | (1,198) | (556) |
Net increase (decrease) in cash and cash equivalents | (42,472) | 123,134 | 54,444 |
Cash and cash equivalents at beginning of year | 226,139 | 104,072 | 50,674 |
Cash and cash equivalents at end of year | 182,783 | 226,139 | 104,072 |
Supplemental Cash Flow Information [Abstract] | |||
Net change in bank overdraft facilities | (884) | (1,066) | (1,046) |
Long-term financing - Senior debt facility | |||
Cash flows from (used in) financing activities [abstract] | |||
Proceeds from loans and borrowings | 630,000 | 0 | 0 |
Repayment of loans and borrowings | (630,000) | 0 | 0 |
Revolving Credit Facility (RCF) | |||
Cash flows from (used in) financing activities [abstract] | |||
Proceeds from revolving credit facilities | 177,991 | 0 | 0 |
Repayment of revolving credit facilities | € (78,996) | € 0 | € 0 |
Corporate Information
Corporate Information | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Notes And Other Explanatory Information [Abstract] | |
Corporate Information | Corporate information Global Blue Group Holding AG (‘the Company’ or ‘Global Blue’) and its subsidiaries (together ‘the Group’) provide technology-enabled transaction processing services for merchants, banks, acquirers, governments and travelers. The Group has operating subsidiaries around the world. On August 28, 2020 Global Blue became a publicly traded company on the New York Stock Exchange through a merger with Far Point Acquisition Corporation (NYSE: FPAC), a special purpose acquisition company co-sponsored by the institutional asset manager Third Point LLC and former NYSE President Thomas W. Farley. The new public company trades as Global Blue under ticker symbol “NYSE: GB”. The Company is a partnership limited by shares incorporated on December 10, 2019. The registered office is established in 38, Zürichstrasse, CH-8306 Brüttisellen, Switzerland under the number CHE-442.546.212. Global Blue Group Holding AG is the ultimate parent of the Group. These consolidated financial statements were authorized for issue by the Directors of the Company on June 28, 2021. The consolidated financial statements of Global Blue Group Holding AG have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and are presented in thousands of Euros (EURk). The principal activities of the Group are described in Note 2. |
General information about busin
General information about business | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure of General Information About The Financial Statements [Abstract] | |
General information about business | General information about the business Product offering The Company serves as a strategic technology and payments partner to merchants, empowering them to capture the structural growth of international travelers shopping abroad, driven by multiple macroeconomic tailwinds. The Company offers third-party serviced tax free shopping solutions ( “TFSS” ), AVPS including dynamic currency conversion and e-commerce solutions ( “eCommerce Return Solutions” ). At the core, the Company is a technology platform that serves a network of merchant stores globally through both TFSS and AVPS, delivering economic benefits to a complex ecosystem of merchants, international shoppers and customs and authorities. Tax Free Shopping Technology Solutions Tax Free Shopping Technology Solutions (TFSS) is the Group´s principal service. TFSS is value added tax (VAT) refund service, allowing eligible shoppers to reclaim VAT on goods purchased outside of their home country. Merchants benefit from TFSS through increased sales and greater customer satisfaction from their foreign customers. Global Blue actively seeks to educate merchants and travelers in VAT refund opportunities to increase the proportion of VAT refunds that are issued and successfully refunded. In addition, Global Blue has also simplified the end-to-end refund process for its customers through the development of specific technology, processes and digitalization. Intelligence and Marketing services, which are also included in the TFSS product offering, provide merchants multiple channels and services to better target travelers. Added-Value Payment Solutions The Group offers Added-Value Payment Solutions (AVPS) through two brands: Dynamic Currency Choice and Currency Select. The AVPS services enable customers to pay in their choice of preferred currency, home or destination, at the point of sale when shopping outside of their home country. Global Blue’s AVPS value proposition to travelers is to provide clarity around the final amount that they will be charged as they are given the option to pay the purchase price in their preferred currency, fixed at the time of purchase. For travelers, it is a convenient and transparent service with competitive FX pricing. For businesses (e.g., merchants and hotels), AVPS generate incremental revenues. AVPS are designed to integrate with merchants’ point-of-sale hardware and Global Blue has designed the systems workflow to allow the merchants’ business processes to remain largely unchanged. Global Blue provides the currency conversion service for POS, eCommerce Return Solutions, DCC and DCC at ATMs, as well as MCP for online retailers. eCommerce Return Solutions The Group offers a leading technology platform that fully digitalizes the eCommerce returns experience, and enhancing the process for both retailers and consumers: • Retailers can manage their worldwide returns and exchanges in a more profitable way, with reduced logistical costs, minimal consumer queries and by allowing the exchange instead of return of goods. • Consumers can enjoy an improved experience as the paper-based "label in a box" process is replaced with an online portal that offers a more extensive range of return or exchange options. The product eCommerce Return Solutions is related to the newly acquired ZigZag Global Ltd. Please refer to Note 37. Significant changes in current reporting period Information about capital reorganization As at August 28, 2020, a capital reorganization took place within the Group. A new holding company - Global Blue Group Holding AG - was incorporated on December 10, 2019 with a share capital of EUR0.093m divided into 10,000,000 shares. This Company became the ultimate parent of the Group. During the reorganization, an additional 181,542,785 shares were issued with the increase of the share premium. Please refer to Note 23 for details. Information about business combinations On March 19, 2021, Global Blue acquired 100% of the share capital of ZigZag Global Ltd., a UK-based company operating in the e-commerce space with a focus on returns. Please refer to Note 37 for details. Information about the business During the financial year, the Company has been able to maintain the same level of material merchants or acquirers. Similarly, during the same period, there have been no changes in the list of countries in which the company operates but the company has increased the number of legal units as a direct consequence of the capital reorganization and new acquisitions. Seasonality The TFSS business is subject to predictable seasonality because a significant part of the business serves the leisure segment of the travel industry, which is particularly active during the summer holiday season for Chinese, Russian and US tourists. In addition, during recent years, this has also coincided with post-Ramadan travel by Gulf Cooperation Council shoppers. The second half of Global Blue’s financial year sees upticks in travel and shopping due to specific events that are more dispersed, such as the Chinese National Day (“Golden Week”) in October, Christmas / New Year in December, and Chinese New Year in February. All in all, this drives a degree of seasonality in the net working capital need, with a greater outflow during the first half of the financial year, which typically is recovered in the second half. The AVPS business, which serves both seasonal shoppers and regular travelers, is more protected from the seasonal variations driven by traditional holiday periods and as a result does not have a distinct seasonality profile. Financing In conjunction with the capital reorganization and merger with FPAC, the Company repaid its historic long-term financing senior debt and Revolving Credit Facility and entered into a new Senior debt and Revolving Credit Facility with maturity date of August 28, 2025. The conditions of the credit facilities are set as Euribor of the period with a floor of 0.00% plus a margin. The starting conditions were 2.00% for the long-term loan and 1.75% to the revolving credit facility and the margins are dependent on Total Net Leverage. Please refer to Note 26 for details. COVID-19 The transaction volumes during the financial year for the TFSS and AVPS business have been heavily impacted by COVID-19. Please refer to Note 44 for details. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Significant accounting policies | 12 months 100% 100% 100% The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognized in the income statement within "Other operating expenses". When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against "Other operating expenses" in the income statement. Other current receivables Other current receivables primarily consist of amounts due from customers performed in the ordinary course of the Payments & AVPS business, from input VAT unrelated to the TFSS refunding activities, advances and deposits and tax receivable. Prepaid expenses As a result of IFRS 15, a limited set of payments and contracts with customers are being treated as a discount, for the portion related to the current financial year, and a prepaid expense for the remaining amount. The prepaid expense is recorded under the name “Merchants” in the financial statement (refer to Note 21). The Group applies the IFRS 9 simplified approach to measuring the expected credit losses from contract assets, which uses the lifetime expected loss allowance model. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less. Drawn bank overdrafts are shown within borrowings in current liabilities on the statement of financial position. Share capital Share capital consist of ordinary shares, preference shares, warrants and treasury shares. Preference shares The Company accounts for preference shares under IAS32. To determine the appropriate accounting treatment under IAS32, Global Blues reviews the term and conditions of the preference shares to conclude whether the preference shares have the characteristics of: • a financial liability – when the preference shares pay a fixed rate or dividend and / or have a mandatory redemption feature at a future date, than the substance is that they are contractual obligation to deliver cash, and they are recognized as a liability; • an equity instrument – when the preference shares do not have a fixed maturity and the issuer does not have a contractual obligation to make any payment. Treasury shares The Company accounts for treasury shares under IAS32. Consideration paid by Global Blue to acquire its own shares are debited directly to equity. Consideration received from the sale of treasury shares are credited directly to equity. No gain or loss is recognized on the purchase, sale, issue, or cancellation of treasury shares. Treasury shares may be acquired and held by the entity or by other members of the consolidated group (i.e. an entity and its subsidiaries). The incremental costs that directly attributable to the issuing or buying back treasury shares are recognized as a deduction from equity. The remaining transaction costs (e.g. general administrative costs) should be expensed as incurred. Financial liabilities The Group classifies its financial liabilities in the following categories: “at fair value through profit and loss” or “other financial liabilities at amortized cost”, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, less directly attributable transaction costs. The Group's financial liabilities include trade creditors, bank overdrafts, interests bearing loans and borrowings, and derivative financial instruments. (a) Financial instruments at fair value through profit and loss Financial liabilities at fair value through profit and loss include financial instruments held for trading. Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments obtained by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Gains and losses on liabilities held for trading are recognized in the income statement within “net finance costs”. (b) Non-Convertible Preferred Equity Certificates (“NC-PECs”) issued by Global Blue Management & Co S.C.A. The NC-PECs which were issued by an indirect subsidiary of the Company to senior management of the Group were considered as debt. They were recognized initially at fair value net of transaction costs incurred and were subsequently carried at amortized cost. Interest on these NC-PECs was calculated using the effective interest method and was recorded in the consolidated income statement within “finance costs”. All of the NC-PECs were settled as part of the capital reorganization. For more information please refer to Note 25. (c) Interest-bearing loans and borrowings Interest-bearing loans and borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates. Derivative financial instruments Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates certain derivatives as either: a) hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedge); b) hedges of a net investment in a foreign operation (net investment hedge); The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months, and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Trading derivatives are classified as a current asset or liability. Derecognition of financial assets and liabilities Financial assets are derecognized when the contractual rights to the cash flow have expired or been transferred together with substantially all risks and rewards. Financial liabilities are derecognized when they are extinguished. Share-based payments Cash settled share based payments The cash settled share based compensation plan was implemented as part of the 2012 acquisition of the Group by funds advised by Silver Lake and Partners Group. The fair value of the employee’s services received in exchange of the grant of the shares was recognized as an expense. The total amount is determined by reference to the fair value of the shares granted and was recognized over the vesting period. At the end of each reporting period, the Group revised its estimates of the fair value of the liability for the share-based payment and the difference was recognized under expenses. As soon as the Group estimated that the payment will happen within the next financial year, the liability was reclassified to the other short-term liabilities. This compensation plan was comple" id="sjs-B4">Significant accounting policies Basis of preparation The comparative balances presented in these financial statements are those of Global Blue Group AG, the previous parent of the group, prior to the reorganization conducted as part of the merger and subsequent listing. The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments that have been measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 5. Basis of consolidation The consolidated financial statements comprise the financial statements of Global Blue Group Holding AG and its subsidiaries as of March 31, 2021, 2020 and 2019 . Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when it has power over that entity, when it is exposed or has rights to variable returns from its involvement with that entity and when it has the ability to use its power over that entity to affect the amount of the returns. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are de-consolidated from the date that control ceases. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated unless the transaction provides evidence of an impairment of the transferred asset. Unrealized gains/losses are also eliminated. Accounting policies of subsidiaries are consistent with the policies adopted and selected by the Group. Transactions and Non-controlling interest Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions that is, as transactions with the owners in their capacity as owners. For purchases from non-controlling interests, the difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gain or losses on disposals to non-controlling interests are also recorded in equity. When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognized in profit or loss. This fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. Investment in joint ventures The Group applies IFRS 11 to all joint arrangements. Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangement and determined it to be a joint venture. A joint venture is a type of joint arrangement whereby the parties, with joint control of the arrangement, have the rights to the net assets of the joint venture. The Group exercises joint control over a joint arrangement when decisions relating to the relevant activities of the arrangement require the unanimous consent of the Group and the other parties with whom control is shared. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interest in a joint venture is initially recognized at cost and adjusted thereafter to recognize the Group’s share of the post-acquisition profits or losses and movements in other comprehensive income. When the Group’s share of losses in a joint venture equals or exceeds its interests in the joint venture, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint venture. Changes in accounting policy Changes in accounting policy in the financial year ended March 31, 2021 Amended standards became applicable for the current reporting period. The Company did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. Upcoming changes in accounting policy New and revised standards will be applied in the financial years ended March 31, 2022 and beyond. Global Blue’s current assessment is that the standards, amendments and interpretation issued and not yet effective for the financial year ended March 31, 2022 will not have a significant impact on the consolidated financial statements. Revenue recognition Revenue is recognized when a customer obtains control of goods or services and thus has the ability to direct the use and obtain the benefits from the goods or services. Revenue represents the fair value of consideration received or receivable from clients for services provided by the Group, net of discounts, VAT and other sales-related taxes, after eliminating sales within the Group. Revenue from external customers derives from the following services: VAT refund services Global Blue provides a solution that facilitates the VAT refund process for both merchants and travelers. Specifically, the traveler receives a refund from Global Blue of the total VAT paid, less a commission, which varies based on a number of factors such as the merchant, country and amount of purchase. After processing the refund, Global Blue invoices either the relevant merchant or the government, for the full VAT amount, which is paid to the Group in full. The merchant then reclaims the VAT from the government and invoices Global Blue in turn for their portion of the commission, the rate of which varies according to the contractual agreements with each customer. Whilst the transaction flow involves various parties, Global Blue’s involvement in respect of the tax authorities is considered to be of a pass-through nature, and it is therefore considered to be an agent for this part. The commission received by Global Blue, net of the share paid to the merchant, is recognized as revenue. Such service is contracted with merchants, who are provided with a license to a specifically designed IT system, related forms to collect the relevant information about the traveler to allow a tax refund and any related training and support required to allow the merchant to make use of Global Blue’s service. These elements are all essential to the provision of VAT refund services and, as a result of their interdependency, and the fact the customer (i.e. merchant) would not be able to make use of such elements on their own, they are considered part of a single performance obligation. Commission revenue is recognized at a point in time, upon receipt of a validated tax refund transaction from the traveler, which establishes the right to a VAT refund. In certain instances, the payment to the traveler cannot be completed successfully and the amount due remains unclaimed. These unsuccessful payments represent a very small percentage of the large number of refunds processed. The revenue related to such amounts is recognized when the residual risk of a cash outflow is extinguished. Service revenues from other related solutions, such as intelligence and marketing, are recognized at the point in time the services are performed and delivered. Timing of recognition is made by reference to when there is a right to consideration to the extent of the performance of contractual obligations and the agreed level of fees for the services. Timing of recognition of revenue is made by reference to the time the advertisements are published on the appropriate medium and based on the agreed level of fees. Payment and AVPS services In a Dynamic Currency Choice transaction, a traveler pays for goods or services in their preferred currency, which is fixed at the time of the transaction and at which point the Group earns a commission for the foreign exchange spread for our service, from which fees are paid to both the participating merchant and the acquiring bank. As the Company is acting only as an agent, revenue is recorded net in the consolidated income statement at the time of the transaction (i.e. at a point in time). The revenue recognized, consists of the total AVPS commission earned from the traveler (i.e. gross commission) less the amount of commissions paid to participating merchants and acquiring banks. Global Blue provides other minor services to merchants (e.g., tax audit support to the merchant customers), which represent an insignificant part of the Company’s activities and have therefore not been separately considered for IFRS 15 purposes. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Committee (ExCom). Other operating expenses Amortization of intangible acquired through business combinations Represents the amortization of the assets recognized in the process of the purchase price allocation during an acquisition. The majority of this amortization relates to the 2012 acquisition of Global Blue by Silver Lake and Partners Group (see below). Exceptional items Exceptional items consist of items which the board considers as not directly related to ordinary business operations and which are not included in the assessment of management performance. These are detailed in Note 10 and include; business restructuring expenses, corporate restructuring expenses, monitoring and directors fee, impairment of intangible assets, gains and losses on disposals of fixed assets, share-based payments and other exceptional items Finance Income / Expense Interest income is recognized in the income statement as it accrues, using the effective interest method. Finance income comprises of interest receivable on funds invested, foreign exchange gains and losses, and gains and losses on hedging instruments that are recognized in the income statement. Finance expense consists of interest payable on borrowings calculated using the effective interest rate method and interest payable on lease liabilities using the incremental borrowing rates. Sales tax Revenues, expenses and assets are recognized net of the amount of sales taxes / value added taxes except: • where the sales tax incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the sales tax is recognized as part of the cost of acquisition of an asset or as part of the expense item as applicable; and • receivables and payables are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. Grants A government grant is recognized in the income statement when there is reasonable assurance that both: (a) the Group will comply with any conditions attached to the grant, and (b) the grant will be received in accordance with IAS 20. Government grants relating to costs are recognized in profit or loss over the period necessary to match them with the costs that they are intended to compensate. Grants received are recognized within Operating Expenses as an offset to the associated costs. Leases The lease liability is initially measured at the present value of the lease payments payable over the lease term discounted at the incremental borrowing rate. The lease liability is subsequently remeasured to reflect changes in: • the lease term (using a revised discount rate); • the assessment of a purchase option (using a revised discount rate); • the amounts expected to be payable under residual value guarantees (using the original discount rate); or • future lease payments resulting from a change in an index or a rate used to determine those payments (using the original discount rate). The lease contracts that do not meet the recognition criteria of IFRS 16 or qualify as exceptions, such as low value assets contracts or short-term lease contracts, are expensed through the income statement directly. The interest expense on the lease liability is presented as a component of finance costs. Foreign currencies Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the ‘functional currency’). The consolidated financial statements are presented in thousands of Euros, which is the Group’s presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Group companies The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the statement of financial position; • Income and expenses for each income statement are translated at average exchange rates or at rates prevailing on the transaction dates (a reasonable approximation of the actual rate being available); and • All resulting exchange differences are recognized as a separate component of other comprehensive income called “currency translation adjustments”. On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive income. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale. Goodwill arising on acquisition of a foreign operation and any fair value adjustment arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. Property, plant and equipment Property, plant and equipment, are stated at cost less accumulated depreciation and any accumulated impairment losses. The cost of an item of property, plant and equipment consists of the purchase price and any costs directly attributable to bringing the asset into use. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Depreciation is calculated on a straight-line basis, writing down the assets, excluding any estimated residual value, in equal installments over their estimated useful economic lives as follows: • Machinery, equipment and computers: 3-5 years • Leasehold improvements: over the contract period The residual values and useful economic lives of all Machinery, equipment and computers are reviewed on an annual basis and adjusted, if appropriate, at the end of each financial year. Leasehold improvements are depreciated over the remaining useful life of the related asset or to the date of the next leasehold renewal, whichever is sooner. Gains and losses on disposals are calculated by comparing proceeds with carrying amount and are included as appropriate in "Exceptional items" in the income statement. The Right of use asset is recognized according to IFRS 16 as follows: • At the initial recognition of the lease, the Right of use asset is measured at the amount of lease liability plus any initial direct costs incurred by Global Blue and adjustments such as: lease incentives and payments at or prior to commencement; • The asset is measured at cost less the accumulated depreciation and accumulated impairment. Depreciation is calculated on a straight-line basis over the lease term. Intangible assets Goodwill The excess of the fair value of consideration transferred and the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired are recorded as goodwill. Goodwill is included in “intangible assets” and carried at cost less accumulated impairment losses. Goodwill is tested annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. For the purposes of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (CGU) that are expected to benefit from the synergies of the combination. For the impairment tes ting the carrying value of the CGU is compared to the recoverable amount, which is the higher of value-in-use and the fair value less costs of disposal. Any impairment is recognized immediately in the income statement. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Customer relationships Acquired customer relationships are recognized at the acquisition date at fair value and amortized over a 9 to 20.5 year period, reflecting the estimated useful life of these assets. Customer contracts Long-term customer contracts include the incremental costs of obtaining a contract with a customer and are recognized as assets, as long as a service is being rendered over the contract period. Trademarks Trademarks acquired in a business combination are recognized at fair value. Trademarks have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost over 20 years, reflecting the estimated useful life of these assets. Software and other intangible assets Computer software licenses that do not form an integral part of related hardware are capitalized at cost and amortized over their useful life. Costs associated with maintaining computer software programs are recognized as an expense as incurred. Costs that are directly associated with the production of identifiable and unique software products controlled by the Group that will generate probable economic benefits beyond one year, are recognized as intangible assets. Costs include the software development employee costs and an appropriate portion of relevant overheads. Computer software development costs recognized as an intangible asset amortized over their useful economic life of 3-5 years. Impairment of non-financial assets Assets that have an indefinite useful life, for example goodwill, are not subject to amortization but are tested at least annually for impairment or more frequent if events or changes in circumstances indicate a potential impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value-in-use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill subject to impairments in previous years are reviewed for possible reversal of the impairment at each reporting date. Financial assets Classification The Group classifies its financial assets in the two following categories: “at fair value through profit or loss” and “at amortized cost”. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition as follows: (a) Financial assets at fair value through profit or loss Financial assets shall be measured at fair value through profit or loss unless they are measured at amortized cost or at fair value through other comprehensive income. Assets in this category are classified as current assets if expected to be settled within 12 months; otherwise, they are classified as non-current. (b) Financial assets at amortized cost Financial assets at amortized cost are held in order to collect contractual cash flows paid on specified dates, which solely consist of payment of principal and interest on the principal amount outstanding. These assets are included in current assets, except for maturities greater than 12 months after the end of the reporting period, which are classified as non-current assets. The Group’s Financial assets at amortized cost consist of trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position. The Group does not have financial assets measured at fair value through OCI. Trade receivables Trade receivables are amounts due from merchants and tax authorities for merchandise sold or services performed in the ordinary course of the TFSS and Intelligence and Marketing businesses. The majority of amounts accounted as trade receivables are related to invoices and accruals for processed TFSS transactions as well as early refunds to tourists and refund agents. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provisions for impairments. A provision for impairment of a trade receivable is established based on the expected credit loss model. The Group applies the IFRS 9 simplified approach to measuring the expected credit loss, which uses a lifetime expected loss allowance. To measure the expected credit loss, trade receivables have been grouped by countries, days past due and also by retailers, authorities and others. The expected credit loss rates are based on the payment profiles of customers over a 12 months period before March 31, 2021, April 1, 2020 and April 1, 2019 respectively and the corresponding historical credit losses over the analyzed period. The historical credit losses are adjusted in order to reflect the current and forward-looking information on macroeconomic factors affecting the ability of customers to settle the receivables. One of the potential consequences of COVID-19 pandemic is that merchants or customs and tax authorities could potentially fail or refuse to pay Global Blue, which could negatively impact Global Blue’s business and results of operations, resulting in an increase in Trade receivables past due for more than 3 months. That said, there has not been a material increase in trade receivables past due for more than 3 months since March 2020. In addition, Global Blue only pays the revenue share or commission to merchants after having collected the receivables, thereby reducing the net exposure. Thus, the Group concluded that there is no significant difference between the historical loss rates and the expected credit loss rates. Further details in relation to the COVID-19 pandemic are included in Note 44. The Group applies the following expected loss rates for the financial year ended March 31: Days past due 2021 2020 2019 0 – 3 months 0% 0% 0% 3 – 6 months 25% 25% 25% 6 – 9 months 50% 50% 50% 9 – 12 months 75% 75% 75% >12 months 100% 100% 100% The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognized in the income statement within "Other operating expenses". When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against "Other operating expenses" in the income statement. Other current receivables Other current receivables primarily consist of amounts due from customers performed in the ordinary course of the Payments & AVPS business, from input VAT unrelated to the TFSS refunding activities, advances and deposits and tax receivable. Prepaid expenses As a result of IFRS 15, a limited set of payments and contracts with customers are being treated as a discount, for the portion related to the current financial year, and a prepaid expense for the remaining amount. The prepaid expense is recorded under the name “Merchants” in the financial statement (refer to Note 21). The Group applies the IFRS 9 simplified approach to measuring the expected credit losses from contract assets, which uses the lifetime expected loss allowance model. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less. Drawn bank overdrafts are shown within borrowings in current liabilities on the statement of financial position. Share capital Share capital consist of ordinary shares, preference shares, warrants and treasury shares. Preference shares The Company accounts for preference shares under IAS32. To determine the appropriate accounting treatment under IAS32, Global Blues reviews the term and conditions of the preference shares to conclude whether the preference shares have the characteristics of: • a financial liability – when the preference shares pay a fixed rate or dividend and / or have a mandatory redemption feature at a future date, than the substance is that they are contractual obligation to deliver cash, and they are recognized as a liability; • an equity instrument – when the preference shares do not have a fixed maturity and the issuer does not have a contractual obligation to make any payment. Treasury shares The Company accounts for treasury shares under IAS32. Consideration paid by Global Blue to acquire its own shares are debited directly to equity. Consideration received from the sale of treasury shares are credited directly to equity. No gain or loss is recognized on the purchase, sale, issue, or cancellation of treasury shares. Treasury shares may be acquired and held by the entity or by other members of the consolidated group (i.e. an entity and its subsidiaries). The incremental costs that directly attributable to the issuing or buying back treasury shares are recognized as a deduction from equity. The remaining transaction costs (e.g. general administrative costs) should be expensed as incurred. Financial liabilities The Group classifies its financial liabilities in the following categories: “at fair value through profit and loss” or “other financial liabilities at amortized cost”, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, less directly attributable transaction costs. The Group's financial liabilities include trade creditors, bank overdrafts, interests bearing loans and borrowings, and derivative financial instruments. (a) Financial instruments at fair value through profit and loss Financial liabilities at fair value through profit and loss include financial instruments held for trading. Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments obtained by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Gains and losses on liabilities held for trading are recognized in the income statement within “net finance costs”. (b) Non-Convertible Preferred Equity Certificates (“NC-PECs”) issued by Global Blue Management & Co S.C.A. The NC-PECs which were issued by an indirect subsidiary of the Company to senior management of the Group were considered as debt. They were recognized initially at fair value net of transaction costs incurred and were subsequently carried at amortized cost. Interest on these NC-PECs was calculated using the effective interest method and was recorded in the consolidated income statement within “finance costs”. All of the NC-PECs were settled as part of the capital reorganization. For more information please refer to Note 25. (c) Interest-bearing loans and borrowings Interest-bearing loans and borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates. Derivative financial instruments Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates certain derivatives as either: a) hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedge); b) hedges of a net investment in a foreign operation (net investment hedge); The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months, and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Trading derivatives are classified as a current asset or liability. Derecognition of financial assets and liabilities Financial assets are derecognized when the contractual rights to the cash flow have expired or been transferred together with substantially all risks and rewards. Financial liabilities are derecognized when they are extinguished. Share-based payments Cash settled share based payments The cash settled share based compensation plan was implemented as part of the 2012 acquisition of the Group by funds advised by Silver Lake and Partners Group. The fair value of the employee’s services received in exchange of the grant of the shares was recognized as an expense. The total amount is determined by reference to the fair value of the shares granted and was recognized over the vesting period. At the end of each reporting period, the Group revised its estimates of the fair value of the liability for the share-based payment and the difference was recognized under expenses. As soon as the Group estimated that the payment will happen within the next financial year, the liability was reclassified to the other short-term liabilities. This compensation plan was comple |
Financial risk management
Financial risk management | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Detailed Information About Financial Instruments [Abstract] | |
Financial risk management | Financial risk management The Group's activities are exposed to a variety of financial risks such as market risk (including currency risk and interest rate risk), credit risk and liquidity risk. To minimize the impact of potential adverse effects of market volatility on financial performance, the Company hedges certain market risks via derivative contracts with banks. The Company manages financial risks through its central treasury department in compliance with policies approved by the board of directors. (a) Market risk i) Foreign exchange risk Because of the Euro being the presentation currency of the Group and functional currency of the Company, as well as the international coverage of its TFSS and Payments & AVPS business, the Group is exposed to foreign exchange risks. Foreign exchange risks are mainly due to the funding of entities with non-Euro functional currencies in the form of intra-group loans and cash pools. The largest exposures are GBP, AUD, JPY and SEK and volatility in these currencies may therefore impact the Group’s results. Trade payables and receivables exposed to foreign exchange risks are mainly intra-group and denominated in the respective entity’s functional currency. A foreign exchange rate sensitivity analysis has been performed on the monetary items exposed to foreign exchange risks in the statement of financial position. At March 31, 2021, if currency rates on the major currencies had been 2% higher/lower and with all other variables held constant, profit before tax for the year would have been EUR0.1 million (EUR0.1 million for the financial year ended March 31, 2020, EUR0.1 million for the financial year ended March 31, 2019) lower/higher. ii) Interest rate risk The Group's interest rate risk arises from the external senior debt structured at floating rates, accompanied by an interest rate floor. A significant increase in interest rates may affect the funding cost of the Company. If the market interest rate would have been 1% higher/lower on March 31, 2021 and, with all other variables held constant, profit before tax for the year would have been EUR2.8 million (EUR3.6 million for the financial year ended March 31, 2020, EUR4.0 million for the financial year ended March 31, 2019) lower/higher as a result of an increase in the borrowing cost of the external senior debt. (b) Credit risk Counterparty credit risk is managed at Group level, except for credit risk relating to accounts receivable balances. Each operating entity is responsible for managing and analyzing the credit risk for new clients before standard payment terms and conditions are offered. Credit risk towards banks arises from cash and cash equivalents, derivative financial instruments and deposits held with these business partners. The credit risk towards banks is managed by Group treasury in compliance with the Group's policies that define the corporate instructions in relation to managing counterparty limits. As such, investments of surplus funds can only be done with approved counterparties and any new counterparties are to be confirmed by the CFO of the Group before any cash deposits or financial transactions can be executed with them The Group’s approval policy over banks and financial institutions ensures that consistent and efficient cash management structures are implemented to enable a sound level of cash concentration in the Group. Local Management is required to request written approval to the Group treasury department prior to initiating new bank relationships or financial services or before amending existing relationships or banking setups. In compliance with the Senior Facilities Agreement (SFA), a number of obligors’ bank accounts are pledged and subject to close monitoring by the Group’s treasury department (Note 26). According to the Group’s current policy over cash deposits and financial instruments, the counterparty credit quality is measured by the long-term issue credit ratings of S&P and Moody’s and should be minimum BBB-. Counterparty credit limits are set to control the concentration of risks and therefore mitigate financial loss through a counterparty’s potential failure to make payments. Any deviation from the Group’s policy is subject to the approval of the Group’s CFO. Credit risk from trade receivables and contract assets is managed according to the Group’s policies. Operating entities apply credit risk management procedures in line with these policies. Credit risk is monitored on a country by country basis, considering the aging profile of the customers and historical and forward-looking default indicators. Additionally, the type of counterparty, be it an individual customer or a state authority, is used as a potential class of different risk profiles. Management of operational entities monitors exposure to credit risk on an ongoing basis. The creditworthiness of new customers is assessed before signing trade contracts. Any change request of the already agreed credit conditions is reviewed from a creditworthiness standpoint and approved by the operational entities. The assessment of creditworthiness takes into consideration external ratings and information from relevant institutions. As disclosed in Note 19, as of March 31, 2021, 79.1% (as of March 31, 2020 62.7%, as of March 31, 2019 83.6% ) of total trade receivables are not yet due. An impairment analysis is performed at each reporting date on an individual customer basis. There are no significant concentrations of credit risk arising from trade receivables and contract assets. (c) Liquidity risk All operational entities of the Group forecast the cash developments weekly on a rolling basis. These are monitored by Group treasury ensuring that the Group's liquidity position at all times meets operational cash needs. In general, surplus cash held by the operating entities over and above amounts required for working capital management are centralized and managed by Group treasury. Where applicable, surplus cash is invested in instruments with appropriate maturities to ensure sufficient liquidity headroom. At the reporting date, the Group held total liquid assets of EUR182.8 million (EUR226.1 million as of March 31, 2020, EUR104.1 million as of March 31, 2019). In addition to the centralization of excess cash available in the local operations as a primary source of liquidity, Group treasury has access to a revolving credit facility of up to EUR100.0 million (EUR80.0 million as of March 31, 2020, EUR80.0 million as of March 31, 2019), a Supplemental Liquidity Facility of USD75.0 million and cash pool facilities of up to EUR18.2 million (EUR15.0 million as of March 31, 2020, EUR5.0 million as of March 31, 2019). As of March 31, 2021, only EUR0.8 million remains undrawn under the revolving credit facility and the Supplemental Liquidity Facility and cash pool facilities are fully available. (Note 26) The table below analyses the Group's non-derivative financial liabilities and net-settled derivative financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the notional, undiscounted cash flows. As of March 31, 2021 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 110 20,302 119,074 678,269 — Other long term liabilities (1) — — 9,396 18,903 1,175 Trade payables 99,067 48,410 — — — Other current liabilities (2) 19,798 14,196 — — — Accrued liabilities (3) 22,464 10,057 — — — Total 141,439 92,965 128,470 697,172 1,175 As of March 31, 2020 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 5,176 15,584 20,759 645,015 — Other long term liabilities (1) — — 11,298 15,913 2,540 Trade payables 137,005 82,838 4,362 6,873 6,241 Other current liabilities (2) 21,956 14,753 272 (55) 1,197 Accrued liabilities (3) 25,501 10,251 83 103 1,339 Total 189,638 123,426 36,774 667,849 11,317 As of March 31, 2019 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 5,497 16,613 22,050 667,998 — Other long term liabilities (1) — — 11,434 17,964 7,844 Derivative financial instruments 176 — — — — Trade payables 168,020 93,199 534 1,966 — Other current liabilities (2) 36,591 13,974 (557) 1,293 56 Accrued liabilities (3) 26,412 8,880 264 326 129 Total 236,696 132,666 33,725 689,547 8,029 (1) The line items “Loans and borrowings” and “Other long-term liabilities”, as presented in the table above, include future interest payments (capitalized interest in the case of Other long-term liabilities). The Group does not have any significant outstanding foreign exchange forward contracts. (2) For the purposes of this table, items where the counterparty is the tax authority such as “Personnel taxes” and “VAT”, “withholding tax” have been excluded from the line “Other current liabilities”. For further details on these excluded items see Note 32. (3) For the purpose of this table, items where the counterparty is the tax authority such as “accrued social charges” have been excluded from the line “Accrued liabilities”. For further details on the excluded items see Note 33. Net debt reconciliation This section presents a breakdown of net debt and details the movements in net debt for each of the periods presented: (EUR thousand) As of March, 31 Net debt Notes 2021 2020 2019 Cash and cash equivalents 22 (182,783) (226,139) (104,072) Borrowings - repayable after one year 26 729,000 630,000 630,000 Net Debt 546,217 403,861 525,928 Lease liabilities - repayable within one year 13 12,578 14,001 13,713 Capitalized financing fees 26 (8,255) (9,672) (13,441) IFRS 9 effect Senior Debt 26 — 4,267 5,839 Bank overdraft 111 1,081 2,102 Lease liabilities - repayable after one year 13 19,122 27,750 32,420 IFRS Net Debt 569,773 441,288 566,561 (EUR thousand) Assets Liabilities from financing activities Cash and cash equivalents Bank overdraft Borrowings due within 1 year Borrowings due after 1 year Lease liabilities due within 1 year Lease liabilities due after 1 year Total Net debt as of March 31, 2020 (226,139) 1,081 — 624,595 14,001 27,750 441,288 Cash flows 39,122 (884) — 90,578 (15,031) — 113,785 Foreign exchange adjustments 1,155 (86) — — 39 48 1,156 Other changes 3,079 — — 5,572 13,569 (8,676) 13,544 Net debt as of March 31, 2021 (182,783) 111 — 720,745 12,578 19,122 569,773 (EUR thousand) Assets Liabilities from financing activities Cash and cash equivalents Bank overdraft Borrowings due within 1 year Borrowings due after 1 year Lease liabilities due within 1 year Lease liabilities due after 1 year Total Net debt as of March 31, 2019 (104,072) 2,102 — 622,398 13,713 32,420 566,561 Cash flows (122,996) (1,066) — — (15,402) — (139,464) Foreign exchange adjustments 929 45 — — (157) (352) 465 Other changes — — — 2,197 15,847 (4,318) 13,726 Net debt as of March 31, 2020 (226,139) 1,081 — 624,595 14,001 27,750 441,288 (EUR thousand) Assets Liabilities from financing activities Cash and cash equivalents Bank overdraft Borrowings due within 1 year Borrowings due after 1 year Lease liabilities due within 1 year Lease liabilities due after 1 year Total Net debt as of March 31, 2018 (50,674) 2,972 — 612,792 — — 565,090 Changes in accounting policies IFRS9 — — — 7,406 — — 7,406 Changes in accounting policies IFRS16 — — — — 14,087 40,239 54,326 Net debt as of April 1, 2018 (50,674) 2,972 — 620,198 14,087 40,239 626,822 Cash flows (52,341) (1,046) — — (14,154) — (67,541) Foreign exchange adjustments (1,057) 176 — — 5 26 (850) Other changes — — — 2,200 13,775 (7,845) 8,130 Net debt as of March 31, 2019 (104,072) 2,102 — 622,398 13,713 32,420 566,561 COVID-19 Update Please refer to Note 44 for details on the impact of COVID-19. (d) Capital risk management The capital structure of the Group as of March 31, 2021 is composed of consolidated equity of EUR(69.6) million (EUR71.5 million as of March 31, 2020, EUR87.0 million as of March 31, 2019) and senior debt with a carrying value of EUR720.7 million (EUR624.6 million as of March 31, 2020, EUR622.4 million as of March 31, 2019). This represents an Equity/Capital ratio 1 of (9.7)% (10.3% as of March 31, 2020, 12.3% as of March 31, 2019). The group at its consolidated level is not subjected to any externally imposed capital requirements. Certain jurisdictions may require Global Blue subsidiaries to maintain certain local capital requirements which is monitored locally. The group currently does not have any non-compliance to local capital requirements that may lead to material risks. (e) Fair value estimation The table below discloses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: • Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); • Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). As of March 31, 2021 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through profit or loss - Derivative financial instruments — 231 — 231 Total assets — 231 — 231 Liabilities Financial liabilities at fair value through profit or loss - Derivative financial instruments — — — — Total liabilities — — — — As of March 31, 2020 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through profit or loss - Derivative financial instruments — 742 — 742 Total assets — 742 — 742 Liabilities Financial liabilities at fair value through profit or loss - Derivative financial instruments — — — — Total liabilities — — — — As of March 31, 2019 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through profit or loss - Derivative financial instruments — — — — Total assets — — — — Liabilities Financial liabilities at fair value through profit or loss - Derivative financial instruments — 176 — 176 - Interest rate swaps — — — — Total liabilities — 176 — 176 The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. |
Critical accounting estimates a
Critical accounting estimates and judgements | 12 Months Ended |
Mar. 31, 2021 | |
Critical Accounting Estimates And Judgements [Abstract] | |
Critical accounting estimates and judgements | Critical accounting estimates and judgements Critical accounting estimates and judgments The Group makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Management believes that the following are the key judgments, assumptions and other estimation uncertainties used in the preparation of the financial statements, where a different opinion or estimate could lead to significant changes to the reported results. Business combinations Assets and liabilities of subsidiaries acquired are included at their fair value at the time of acquisition. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Management’s estimates of fair value are based on reasonable assumptions, but those are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates. In a business combination, it is necessary to recognize contingent future payments to previous owners, representing contractually defined potential amounts as a liability. Usually for the Company these are linked to a formula depending on a certain gross profit of the acquired business for the financial year. For the determination of the fair value of contingent consideration various unobservable inputs are used. A change in these inputs might result in a significantly higher or lower fair value measurement. The inputs used are, among others, future revenue growth and gross profit and assumptions regarding the discount rate. For further details see Note 37. Classification of Warrants As described in Note 23, the Public Warrants and Private Warrants give the holder the right, but not the obligation, to subscribe to Global Blue’s shares at a fixed or determinable price for a specified period of time subject to the provisions of the Public Warrant and Private Warrant agreements. Those instruments were considered equity instruments according to IFRS 2 when they vested immediately on August 28, 2020. Management accounted for those instruments as equity instruments under IFRS 2 after the vesting date and has not applied the provisions of debt and equity classification under IAS 32. Share based payments As described in Note 25, as of August 28, 2020, as part of the Group capital reorganization and merger with FPAC Management Equity Plan (MEP) and the NC-PECS ceased to exist, with the previously held shares and NC-PEC’s being exchanged for shares in the Company. These shares were revalued according to IFRS 2 and were reclassified into equity upon conversion from a cash-settled plan to an equity-settled plan. Taxes The Group is subject to income taxes in numerous jurisdictions and uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Given the wide range of international business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the timing and the level of future taxable profits together with future tax planning strategies. For further details see Note 12 and 28. Pension benefits The Group makes estimates about the range of long-term trends and market conditions to determine the value of the deficit and surplus on its retirement benefit schemes, based on the Group’s expectation of the future and advice from qualified actuaries. Long term forecasts and estimates are necessarily highly judgmental and subject to risk that actual events may be significantly different to those forecasted. If actual events deviate from the assumptions made by the Group, the reported surplus or deficit in respect to retirement benefits may be materially different. For further details see Note 29. Impairment of goodwill and other intangible assets Management performs an impairment test annually or more frequently if events or changes in circumstances indicate potential impairment. An impairment loss is recognized for the amount by which the carrying amount of the cash generating unit (CGU) exceeds its recoverable amount. Management's value-in-use and fair value less cost of disposal calculations included significant judgments and assumptions. The significant judgments and assumptions associated with the value-in-use calculation were revenue growth, discount rate and long-term growth rate while for the fair value less cost of disposal calculation it was projected revenue and average peer group revenue multiple. The estimation of these assumptions requires significant judgment by management, as these variables feature measurement uncertainty; however, the assumptions used are consistent with the Company’s forecasts presented to the board. Therefore, management evaluates and updates the estimates as necessary, in light of conditions that affect these variables. For further details see Note 16. Development costs Development costs are capitalized. Initial capitalization of costs is based on management's judgment that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. Assumptions are made regarding the expected future cash generation or future savings of the project, discount rates and expected periods of benefits. Total software development expenditure capitalized for the financial year amounted to EUR16.7 million (EUR24.7 million for the financial year ended March 31, 2020, EUR23.7 million for the financial year ended March 31, 2019) out of the total development costs incurred of EUR33.3 million (EUR53.1 million for the financial year ended March 31, 2020 , EUR51.4 million for the financial year ended March 31, 2019). Lease term of lease contracts The Group has made the following estimates and judgements related to the lease term of lease contracts: a) Renewal of lease contracts with extension option All lease contracts with an option to extend or terminate early have been reviewed on an individual basis by Global Blue. Global Blue classifies the lease contracts into the following asset classes: offices, refund points, cars, IT contracts and others. Upon initial application of IFRS 16, the leases for offices, refund points and IT contracts had an average remaining lease term of 3 years as of April 1, 2018. For these contracts, where there was an option to extend, Global Blue has considered that for a number of contracts it was reasonably certain that they will be extended. On average, these judgements have increased the overall lease duration by a period of 3 years from the upcoming expiration date. Consequently, the lease term of the renewable contracts in the aforementioned asset classes has been set at minimum 3 years as of April 1, 2018. Considering the underlying business needs, at the end of the aforementioned contracts, it has been assessed as being reasonably certain that Global Blue will renew these contracts for a similar period of time. Subsequent to the initial application, the lease contracts that contains an option to extend, Global Blue is making an assessment regarding the likelihood of exercising such an option on a lease by lease basis. b) Lease term of indefinite period contracts As at the date of transition to IFRS 16, certain contracts entered by Global Blue are for indefinite periods. Global Blue has the right to exit these contracts on a recurring basis, whereas the counterparties have no substantial termination rights. Global Blue assessed each contract for how long the underlying asset is expected to be used. Considering the underlying business needs, it has been assessed as being reasonably certain that Global Blue will not exercise its termination rights for the following years (average): • Offices: 5 years • Refund points: 5 years • Cars: 3 years • IT contracts: 5 years • Others: 3 years For further details see Note 13. COVID-19 Pandemic Please refer to Note 44 for details on the impact of COVID-19. |
Segment information
Segment information | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Entity's Operating Segments [Abstract] | |
Segment information | Segment information The Company has determined the operating segments based on the reports reviewed by the Executive Committee (ExCom) for the purposes of allocating resources and assessing performance of the Group. ExCom consists of the chief executive officer, chief financial officer, senior vice president product TFSS, senior vice president product AVPS, chief technology officer, general counsel, chief operating officer global accounts, chief operating officer north & central Europe, chief operating officer south Europe, senior vice president operations and the senior vice president new market & public affairs. Management considers the business from a product perspective; the performance of the Tax Free Shopping Technology Solutions (TFSS), and Added-Value Payment Solutions (AVPS) product groups are separately considered. A third business segment, eCommerce Return Solutions, has been established in conjunction with the acquisition of the ZigZag business in March 2021 (see Note 37). As the segment results to date are not material, they have not been presented separately. The ExCom assesses the performance of the operating segments based on the measures of Revenue and Adjusted EBITDA at the segment level with the adjusted EBITDA assessed after non-allocated central costs. The measures used by the ExCom to monitor the performance of the Group's operating segments do not include all costs in the IFRS consolidated income statement. Costs for central functions such as marketing, sales, technology, finance and HR, depreciation, amortization, impairment income / expense, and net finance costs are not allocated to segments. As a result, the ExCom monitors the development of EBITDA presented in the consolidated management accounts. The segment information provided to the ExCom for the reportable segments is as follows: For the financial year ended March 31, 2021 (EUR thousand) Notes TFSS AVPS Central Total Revenue 30,826 13,870 — 44,696 Operating expenses (1) (29,034) (9,010) (46,587) (84,631) Adjusted EBITDA 1,792 4,860 (46,587) (39,935) Depreciation and amortization (2) 9 (116,318) Exceptional items 10 (274,289) Operating Profit (430,542) For the financial year ended March 31, 2020 (EUR thousand) Notes TFSS AVPS Central Total Revenue 359,557 60,843 — 420,400 Operating expenses (1) (144,124) (29,003) (76,535) (249,662) Adjusted EBITDA 215,433 31,840 (76,535) 170,738 Depreciation and amortization (2) 9 (113,581) Exceptional items 10 (15,958) Operating Profit 41,199 For the financial year ended March 31, 2019 (EUR thousand) Notes TFSS AVPS Central Total Revenue 349,251 63,705 — 412,956 Operating expenses (1) (136,187) (28,329) (74,931) (239,447) Adjusted EBITDA 213,064 35,376 (74,931) 173,509 Depreciation and amortization (2) 9 (105,133) Exceptional items 10 (9,853) Operating Profit 58,523 (1) Operating expenses excluding Depreciation and Amortization and Exceptional items. For the financial year ended March 31, 2021 the fixed cost amounted to EUR74.7 million (EUR158.5 million for the financial year ended March 31, 2020 and EUR156.7 million for the financial year ended March 31, 2019) and variable cost amounted to EUR10.3 million (EUR91.1 million for the financial year ended March 31, 2020 and EUR82.6 million for the financial year ended March 31, 2019). Fixed personnel cost amounted to EUR50.8 million (EUR102.4 million for the financial year ended March 31, 2020 and EUR96.1 million for the financial year ended March 31, 2019) and fixed non personnel cost amounted to EUR23.9 million (EUR56.1 million for the financial year ended March 31, 2020 and EUR60.6 million for the financial year ended March 31, 2019). (2) Depreciation and amortization include amortization of intangible assets acquired through business combinations. Revenue by geography and by segment Revenue is mainly derived from commissions generated from TFSS and AVPS. A geographical breakdown of revenue by point of sale is provided below: For the financial year ended March 31, 2021 (EUR thousand) TFSS AVPS Total Europe 25,609 3,330 28,939 Asia Pacific 4,975 10,540 15,515 Rest of the world 242 — 242 Total 30,826 13,870 44,696 For the financial year ended March 31, 2020 (EUR thousand) TFSS AVPS Total Europe 317,130 14,837 331,967 Asia Pacific 39,378 45,998 85,376 Rest of the world 3,049 8 3,057 Total 359,557 60,843 420,400 For the financial year ended March 31, 2019 (EUR thousand) TFSS AVPS Total Europe 304,156 16,658 320,814 Asia Pacific 41,796 47,042 88,838 Rest of the world 3,299 5 3,304 Total 349,251 63,705 412,956 Revenue by top Country A breakdown of revenue by point of sale per top country is provided below: For the financial year ended March 31, 2021 (EUR thousand) TFSS AVPS Total % of Total Revenue Australia 302 9,206 9,508 21 % France 6,128 367 6,495 15 % Italy 3,906 1,662 5,568 12 % Total 10,336 11,235 21,571 48 % For the financial year ended March 31, 2020 (EUR thousand) TFSS AVPS Total % of Total Revenue Italy 54,693 6,505 61,198 15 % United Kingdom 51,618 1,916 53,534 13 % Germany 39,661 622 40,283 10 % Total 145,972 9,043 155,015 38 % For the financial year ended March 31, 2019 (EUR thousand) TFSS AVPS Total % of Total Revenue Italy 53,244 5,212 58,456 14 % United Kingdom 46,720 2,507 49,227 12 % Germany 44,604 832 45,436 11 % Total 144,568 8,551 153,119 37 % There is no single external customer which accounts for more than 10% of Global Blue's revenue, for any of the years presented except for the financial year ended March 31, 2021 where Cuscal POS eCommerce Return Solutions accounts for 14% of Global Blue’s revenue. The contribution of revenue for Cuscal for the financial year ended March 31, 2021 compared to other external customers is unusually high due to business impact caused by COVID-19. Non Current assets by Country Although no measure of assets or liabilities by segment is reported to the ExCom; according to IFRS 8, the non-current assets by country are disclosed as follows: As of March 31, 2021 (EUR thousand) Intangible Assets Tangible Assets Investments in associates and joint ventures Other Long-Term Receivables Total Switzerland 600,719 1,792 3,915 1,964 608,390 Australia 11,087 2,082 — 227 13,396 Italy 1,094 8,859 — 288 10,241 Singapore 664 3,381 — 1,003 5,048 Rest of the world 11,815 21,790 (418) 9,034 42,221 Total 625,379 37,904 3,497 12,516 679,296 As of March 31, 2020 (EUR thousand) Intangible Assets Tangible Assets Investments in associates and joint ventures Other Long-Term Receivables Total Switzerland 607,589 3,351 2,791 100 613,831 Australia 11,927 2,453 — 194 14,574 Japan 2,640 1,177 — 135 3,952 Italy 1,379 10,484 — 358 12,221 Rest of the world 7,467 33,890 104 14,383 55,844 Total 631,002 51,355 2,895 15,170 700,422 As of March 31, 2019 (EUR thousand) Intangible Assets Tangible Assets Investments in associates and joint ventures Other Long-Term Receivables Total Switzerland 671,066 2,569 1,499 1 675,135 Australia 15,691 3,052 — 221 18,964 Japan 1,720 1,127 — 130 2,977 Italy 1,540 12,838 — 217 14,595 Rest of the world 5,605 36,627 945 12,134 55,311 Total 695,622 56,213 2,444 12,703 766,982 |
Operating expenses
Operating expenses | 12 Months Ended |
Mar. 31, 2021 | |
Analysis of income and expense [abstract] | |
Operating expenses | Operating expenses (EUR thousand) For the financial year ended March 31 Expenses by nature Note 2021 2020 2019 Employee benefit expenses 8 (66,437) (131,886) (122,088) Depreciation and amortization 9 (116,318) (113,581) (105,133) Agent costs (5,275) (83,003) (78,329) IT costs (9,294) (14,279) (15,431) Auditors, lawyers and consultants (7,989) (21,885) (12,798) Advertising and promotion (1,225) (9,018) (8,861) Travel, entertainment, office and rental cost (1,511) (8,272) (8,518) Other operating expenses (267,189) 2,723 (3,275) Total (475,238) (379,201) (354,433) Of which exceptional items 10 (274,289) (15,958) (9,853) Of which capitalized expenditure 16,670 24,716 23,722 Total software development expenditure capitalized for the financial year ended March 31, 2021 amounted to EUR16.7 million (EUR24.7 million for the financial year ended March 31, 2020, EUR23.7 million for the financial year ended March 31, 2019). These expenditures are included in various of the line items above, such as Employee benefit expenses, IT costs, and Auditors, lawyers, and consultants while the amount capitalized has been reflected in the Other operating expenses line. For the financial year ended March 31, 2021 the Group has benefited from grants in relation to COVID-19 offered by various countries governments amounting to EUR18.3 million (EUR0.0 million for the financial year ended March 31, 2020, EUR0.0 million for the financial year ended March 31, 2019). The grants are presented within Operating Expenses in the Income Statement as a reduction of the related expense that they are intended to compensate. There are no unfulfilled conditions or other contingencies related to these grants. |
Employee benefits expenses
Employee benefits expenses | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Employee Benefit Expense [Abstract] | |
Employee benefits expenses | Employee benefits expenses (EUR thousand) For the financial year ended March 31 Employee benefits expenses Note 2021 2020 2019 Salaries and bonuses (52,413) (105,436) (95,118) Social security charges (11,502) (21,012) (20,398) Social costs (1,003) (2,588) (2,448) Defined benefit plans 29 (1,169) (1,199) (652) Other personnel expenses (350) (1,651) (3,472) Total (66,437) (131,886) (122,088) For further detail regarding key management personnel remuneration, including pension obligations and other remuneration, please refer to Note 42. Commitments regarding retirement pension and family pension for employees in Switzerland and Norway are secured externally through a defined benefit plan and accounted for accordingly. For employees in Austria, Korea, Italy, Turkey and France the commitment relates a severance benefit paid at retirement, as governed by local law. For employees in Australia the commitment regards long service leave plans, as governed by local law. (EUR thousand) As of March 31 2021 2020 2019 Balance sheet obligations for: Pension benefits liability 7,020 7,619 5,062 Long service leave 536 343 — Income statement (credit) charge for: Pension benefits 1,106 1,155 (341) Long service leave 199 76 — Other comprehensive income: Remeasurements of post employment benefit obligations (52) 2,162 (428) The table below reconciles the net obligation in respect of the Group’s pension plans and other post-employment benefit plans with the amounts recognized in the consolidated financial statements. (EUR thousand) For the financial year ended March 31 Changes in the present value of defined benefit obligation 2021 2020 2019 Defined benefit obligation as of April 1 16,939 12,822 12,620 Current service cost 721 1,202 1,224 Interest expense 99 166 128 Contributions by employees 1,473 838 1,101 (Gain)/loss from change in demographic assumptions — — 43 (Gain)/loss from change in financial assumptions (130) 1,915 (439) Experience (gains)/loss 94 211 (44) Benefits paid (1,369) (884) (1,036) Settlements 23 (3) (1,206) Exchange differences (701) 671 431 Defined benefit obligation as of March 31 17,149 16,939 12,822 (EUR thousand) For the financial year ended March 31 Changes in the fair value of plan assets 2021 2020 2019 Opening balance fair value of plan assets 9,320 7,760 7,213 Acquisition of subsidiary Interest income 28 79 53 Return on plan assets (excluding amounts included in net interest expense) 16 (36) (12) Contributions by employer 684 714 717 Contributions by employees 1,473 838 1,101 Benefits paid (981) (575) (919) Settlements — — (668) Exchange differences (410) 540 275 Closing balance fair value of plan assets as of March 31 10,130 9,320 7,760 (EUR thousand) For the financial year ended March 31 Amounts recognized in the income statement 2021 2020 2019 Current service cost 721 1,202 1,224 Interest cost 71 87 75 Administrative cost — — (667) Effect of any curtailments/settlements (+/-) 23 (3) (1,206) Unrealized FX impact 291 (131) 233 Total net periodic cost (income) 1,106 1,155 (341) The expected charge to the income statement relating to post-employment plans for the financial year ending March 31, 2022 amounts to EUR1.3 million (EUR1.5 million for the financial year ended March 31, 2021, EUR1.2 million for the financial year ended March 31, 2020). Actuarial valuations of the Group’s benefit obligations were computed by the Group with assistance from external actuaries as of March 31, 2021, 2020 and 2019. These calculations were based on the following financial and demographic assumptions: (%) As of March 31, 2021 Austria Switzerland France Italy Korea Turkey Discount rate 0.40 % 0.20 % 0.40 % 0.30 % 2.00 % 12.50 % Inflation rate — 1.00 % — 1.50 % — — Future salary increases 3.00 % 1.50 % 2.00 % — 2.00 % 15.00 % Future pension increases — — — — — — (%) As of March 31, 2020 Austria Switzerland France Italy Korea Turkey Discount rate 0.90 % 0.30 % 0.90 % 0.80 % 2.00 % 12.00 % Inflation rate — 1.00 % — 1.50 % — — Future salary increases 3.00 % 1.50 % 2.00 % — 2.00 % 15.00 % Future pension increases — — — — — — (%) As of March 31, 2019 Austria Switzerland France Italy Korea Turkey Discount rate 1.75 % 0.90 % 1.75 % 1.60 % 2.30 % 16.00 % Inflation rate — 1.00 % 0.00% 1.50 % 0.00% 0.00% Future salary increases 3.00 % 1.50 % 2.00% 0.00 % 2.00 % 15.00 % Future pension increases — — — — — — Assumptions regarding future mortality experience are set based on actuarial advice in accordance with published statistics and experience in each territory. Mortality assumptions for the Group´s most significant country, Switzerland, are based on the mortality table BVG 2020 as of financial years ended March 31, 2021, and BVG 2015 as of financial years ended March 31, 2020 and 2019 for future and current retirees. (Retirement age) As of March 31, 2021 Austria Switzerland France Italy Korea Turkey Retirement age: - Male 62 65 64 67 60 Individual - Female 62 64 62 67 60 Individual (Retirement age) As of March 31, 2020 Austria Switzerland France Italy Korea Turkey Retirement age: - Male 62 65 64 67 60 Individual - Female 62 64 62 67 60 Individual (Retirement age) As of March 31, 2019 Austria Switzerland France Italy Korea Turkey Retirement age: - Male 62 65 64 67 60 Individual - Female 62 64 62 67 60 Individual Maturity profile of the post-employment benefit plan Austria Switzerland France Italy Korea Turkey Duration in years 12.10 20.50 16.40 9.80 12.10 13.30 Expected contributions as of March 31, 2021 in EUR thousands — 694 — — — — Maturity profile of the post-employment benefit plan Austria Switzerland France Italy Korea Turkey Duration in years 13.50 20.90 16.40 10.20 12.90 13.20 Expected contributions as of March 31, 2020 in EUR thousands — 725 — — — — Maturity profile of the post-employment benefit plan Austria Switzerland France Italy Korea Turkey Duration in years 13.80 19.90 16.40 9.50 13.20 10.50 Expected contributions as of March 31, 2019 in EUR thousands — 699 — — — — The table below shows the fair value of plan assets relating to the Group’s pension and other post-employment plans, split by asset category: (EUR thousands) As of March 31 2021 2020 2019 Plan assets are comprised as follows: Value % Value % Value % Equity instruments — 0.0 % — 0.0 % 62 0.7 % Debt instruments — 0.0 % — 0.0 % 116 1.4 % Euroland bonds — 0.0 % — 0.0 % 61 0.7 % Hold to maturity bonds — 0.0 % — 0.0 % 149 1.8 % Property — 0.0 % — 0.0 % 44 0.5 % Other assets — 0.0 % — 0.0 % 54 0.6 % Alternative investments — 0.0 % — 0.0 % — 0.0 % Insurance contracts 10,130 100.0 % 9,320 100.0 % 7,843 94.3 % Total 10,130 100 % 9,320 100 % 8,329 100 % The pension plans in Switzerland are the only funded plans in the Group. The tables below summarizes the percentage change in the Net defined benefit obligation as of March 31, as a result of sensitizing each of the metrics (discount rate, salary growth rate, and actuarial basis (mortality)) on a country-level: (%) As of March 31, 2021 Sensitivity analysis Austria Switzerland France Italy Korea Turkey Discount rate - decrease by 0.5% +6.2 % +11.0 % +8.6 % +5.1 % +6.2 % +6.2 % Discount rate - increase by 0.5% (5.8 %) (9.4 %) (7.8 %) (4.7 %) (5.7 %) (5.7 %) Salary growth rate - decrease by 0.5% (5.7 %) (1.1 %) (7.7 %) (4.4 %) (5.6 %) (5.5 %) Salary growth rate - increase by 0.5% +6.0 % +1.2 % +8.4 % +4.7 % +6.0 % +6.0 % Actuarial basis (mortality) (10.0)% — +1.7 % — — — — Actuarial basis (mortality) 10.0% — (1.6 %) — — — — (%) As of March 31, 2020 Sensitivity analysis Austria Switzerland France Italy Korea Turkey Discount rate - decrease by 0.5% +6.9 % +11.2 % +8.6 % +5.3 % +6.6 % +6.1 % Discount rate - increase by 0.5% -6.4 % -9.6 % -7.7 % -4.8 % -6.1 % -5.6 % Salary growth rate - decrease by 0.5% -6.3 % -1.4 % -7.7 % -4.6 % -6.0 % -5.5 % Salary growth rate - increase by 0.5% +6.7 % +1.4 % +8.4 % +5.0 % +6.5 % +5.9 % Actuarial basis (mortality) (10.0)% — +1.6 % — — — — Actuarial basis (mortality) 10.0% — -1.5 % — — — — (%) As of March 31, 2019 Sensitivity analysis Austria Switzerland France Italy Korea Turkey Discount rate - decrease by 0.5% +7.2 % +10.6 % +8.5 % +4.9 % +6.8 % +4.7 % Discount rate - increase by 0.5% -6.7 % -9.1 % -7.7 % -4.5 % -6.2 % -4.4 % Salary growth rate - decrease by 0.5% -6.6 % -1.4 % -7.7 % -4.3 % -6.1 % -4.4 % Salary growth rate - increase by 0.5% +7.1 % +1.5 % +8.4 % +4.6 % +6.6 % +4.7 % Actuarial basis (mortality) (10.0)% — +1.4 % — — — — Actuarial basis (mortality) 10.0% — -1.2 % — — — — The employer contributions to post-employment benefit plans are as of March 31, 2021 EUR0.7 million (EUR0.7 million as of March 31, 2020, EUR0.7 million as of March 31, 2019). (EUR thousand) As of March 31 Position of the post-employment benefit plan 2021 2020 2019 Present value of defined benefit obligation 17,149 16,939 12,822 Fair value of plan assets (10,130) (9,320) (7,760) Deficit in the plan 7,019 7,619 5,062 Experience adjustments on defined benefit obligation (94) (211) 44 Commitments regarding retirement pension and family pension for employees in Sweden are secured through an insurance policy with Alecta. This is a defined benefit plan that includes several employers. The pension plan according to the supplementary pensions for salaried employees, ITP (industrins tilläggspension) which is secured by insurance policies with Alecta, is reported as a defined contribution plan. Please note that the related liabilities and assets amounting to EUR2.5 million as of March 31, 2021 (EUR2.0 million as of March 31, 2020, EUR2.1 million as of March 31, 2019) are presented under “Other long-term liabilities” (Note 27) and “Other non-current receivables” (Note 17), respectively. Other pension provisions are related to pension plans for senior management. The plans have been treated as defined contribution plans. Commitments regarding endowment insurances were secured through three insurance policies with Danica, Skandia and SEB. Please note that the receivables related to these insurance policies are presented under “Other non-current receivables” (Note 17). As of March 31, 2019, the DBN defined benefit pension plan in Norway was terminated, meaning the Group bears no further risk associated to the plan. |
Depreciation and amortization
Depreciation and amortization | 12 Months Ended |
Mar. 31, 2021 | |
Depreciation and amortisation expense [abstract] | |
Depreciation and amortization | Depreciation and amortization (EUR thousand) For the financial year ended March 31 Depreciation and amortization Notes 2021 2020 2019 Depreciation of property, plant and equipment 15 (19,425) (21,651) (19,975) Amortization of customer relationships (72,752) (71,325) (70,332) Amortization of trademarks (2,237) (2,237) (2,237) Amortization of other intangible assets (21,904) (18,368) (12,589) Amortization of intangible assets 16 (96,893) (91,930) (85,158) Total (116,318) (113,581) (105,133) Of which amortization of intangible assets acquired through business combinations (74,560) (74,456) (74,642) The depreciation of property, plant and equipment of EUR19.4 million (EUR21.7 million for the financial year ended March 31, 2020 and EUR20.0 million for the financial year ended March 31, 2019) includes depreciation related to the Right of use asset. For further details refer to Note 13. The amortization of intangible assets acquired through business combinations predominantly relates to the acquisition of Global Blue by Silver Lake and Partners Group in 2012. |
Exceptional items
Exceptional items | 12 Months Ended |
Mar. 31, 2021 | |
Analysis of income and expense [abstract] | |
Exceptional items | Exceptional items Exceptional items consist of items which the board considers as not directly related to ordinary business operations and which are not included in the assessment of management performance and can be analyzed as follows: (EUR thousand) For the financial year ended March 31 Exceptional items 2021 2020 2019 Business restructuring expenses (10,340) (2,180) (4,361) Corporate restructuring expenses (256,266) (10,303) (1,273) Monitoring fee (including Directors fee) (218) (709) (776) Impairment (3,866) (1,023) — Net sales of assets (loss) (294) (91) (1,716) Share based payments (1,239) (3,288) (722) Other exceptional items (2,066) 1,636 (1,005) Total (274,289) (15,958) (9,853) Business restructuring expenses In the current financial year business restructuring expenses correspond to expenses related to workforce reduction in several jurisdictions as a result of COVID -19 and the abolishment of the Tax Free Shopping scheme in the United Kingdom (UK). For the financial year ended March 31, 2020 and 2019 business, restructuring expenses correspond to expenses related to replacement of management positions and costs associated with replacing roles, changing of facilities or discontinued operations. Corporate restructuring expenses In the current financial year, corporate restructuring expenses correspond to charges incurred associated with the capital reorganization and subsequent merger with FPAC. This included a non-cash issuance charge of EUR135.3 million which represents the difference in the fair value of equity instruments held by FPAC stockholders over the fair value of identifiable net assets of FPAC, a non-cash share-based revaluation charge of EUR59.7 million upon conversion of previously cash-settled plans to equity-settled plans, the write-off of historical unamortized debt costs of EUR8.1 million partially offset by EUR3.6 million of IFRS 9 conversion unwinding amounts, a transaction bonus of EUR6.0 million, and advisory expenses associated with the transaction of EUR45.2 million. Additionally, there are included EUR5.5 million expenses regarding the acquisition of ZigZag Global Ltd. For further details refer to Note 37. In the comparative periods corporate restructuring expenses correspond to legal, consultancy and advisory expenses associated with preparing the Group for an exit by the shareholders of the Group which was underway then. Impairment Impairment expenses relate primarily to impairment of capitalized software. For the financial year ended March 31, 2021 part of the impairment is a result of the abolition of the tax free scheme in UK. Share based payments For the financial year ended March 31, 2021 share based payments represent the fair value of the Management Incentive Plan for share options and restricted share grants issued in November 2020. Refer to Note 25 for further information. For the financial year ended March 31, 2020 and 2019 share based payments represents c hange in fair value of the liability for share-based payments is recognized according to IFRS 2. The share-based compensation plan was implemented as part of the 2012 acquisition of the Group by funds advised by Silver Lake and Partners Group. Tax effect Management tracks the tax effects of these exceptional items, alongside exceptional tax items that are further disclosed in Note 12. |
Net finance cost
Net finance cost | 12 Months Ended |
Mar. 31, 2021 | |
Analysis of income and expense [abstract] | |
Net finance cost | Net finance cost (EUR thousand) For the financial year ended March 31 Note 2021 2020 2019 Finance income Interest income on short-term bank deposits 345 552 562 Net foreign exchange gains on financing activities — 3,105 861 Net foreign exchange gains (1) — 1 — Other finance income 2,121 1,651 1,402 Total finance income 2,466 5,309 2,825 Finance costs Interest expense: - Bank borrowings (including amortization of capitalized financing fees) (21,463) (25,554) (26,021) - Lease liabilities interest (1,030) (1,308) (1,424) - Interest income/(expenses) on Non-Convertible Preferred Equity Certificates issued to 3rd Parties 25 (76) (170) (155) Net foreign exchange losses (1) (1,658) (4,178) (398) Other finance expenses (2,203) (5,948) (3,507) Total finance costs (26,430) (37,158) (31,505) Net finance costs (23,964) (31,849) (28,680) (1) Net foreign exchange gains and losses arising during the period result from the difference between the value originally recorded and the amount actually paid or received, as well as unrealized gains and losses due to the difference between the original value recorded and the value at the balance sheet date. |
Income tax expense
Income tax expense | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Income Tax Expense [Abstract] | |
Income tax expense | Income tax expense The below table reconciles the income tax charge at the statutory tax rate to the effective taxes reported in the income statement: (EUR thousand) For the financial year ended March 31 Income tax Note 2021 2020 2019 Current income tax expense (3,041) (24,389) (28,772) Adjustment in respect of current income tax of previous years (149) 510 (10,181) Deferred tax benefit 28 34,167 16,198 15,997 Income tax benefit / (expense) reported in the income statement 30,977 (7,681) (22,956) Of which income tax benefit related to amortization of acquisition related items 15,066 15,066 15,066 Of which tax impact on exceptional items 3,726 1,210 2,822 Of which exceptional income tax expense (2,303) (1,341) (14,526) (EUR thousand) For the financial year ended March 31 2021 2020 2019 (Loss) / Profit before tax (454,506) 9,350 29,843 Effective tax Tax benefit / (expense) calculated at the weighted average expected tax rate of 24.00% (24.00% in FY2019/20, 21.40% in FY2018/19) 109,081 (2,244) (6,387) Adjustment in respect of current income tax of previous years (149) 550 (10,181) Recognition of previously unrecognized (derecognition of previously recognized) deductible temporary differences (600) 502 501 Expenses not deductible for tax purposes (32,138) (15,882) (18,577) Tax losses not generating deferred tax assets (9,822) — (1,017) Effect of capital reorganization (15,225) — — Effect of income taxed at different tax rates (21,878) 6,250 9,970 Deferred tax asset recognized for previously unrecognized tax loss carry forward 10 1,028 4,479 Deferred tax asset recognized for future tax credit 440 1,045 — Other tax items 1,258 1,071 (1,744) Total reported effective tax benefit / (expense) 30,977 (7,681) (22,956) (EUR thousand) For the financial year ended March 31 Tax items recognized directly in other comprehensive income: Note 2021 2020 2019 Tax effect on remeasurements of post-employment benefit obligations 28 108 307 (74) Total tax effect 108 307 (74) Exceptional Income Tax Expenses Italy The Italian tax authorities opened a tax audit in February 2016 on Global Blue Italia S.r.l. (“Global Blue Italy”). As a result of settlement procedures initiated in 2018, a formal settlement was reached with the Italian tax authorities in relation to certain matters in April 2019. The settlement covers the findings on license fees and intercompany interest rate for the financial years ended March 31, 2014 and 2015 as well as the finding on withholding tax on license fee for the calendar years 2013 and 2014 for a total amount of EUR3.6 million which was paid in April 2019. Subsequently, Global Blue signed another final settlement with the Italian tax authorities for an amount of EUR10.9 million which became legally binding on August 3, 2020. This settlement covers the findings on withholding tax on interests for the calendar years 2013 to 2017 and license fees and intercompany interest rate for the financial years ended March 31, 2016, 2017 and 2018, as well as withholding tax on license fees for calendar years 2015 to 2017. The amount of EUR10.9 million is payable in 16 quarterly installments with three payments made on August 3, 2020, November 30, 2020 and February 26, 2021. Discussions with the Italian tax authorities are ongoing with respect to their finding on withholding tax on interests and license fees for the calendar year 2018. During the financial year ended March 31, 2021, the Company booked an additional income tax payable of EUR0.9 million related to the settlement above. As a result of the payment of the three first installments and the additional accrual, the income tax payable relating to Italy is EUR12.4 million as of March 31, 2021 (EUR13.6 million as of March 31, 2020 and EUR16.6 million as of March 31, 2019). Separately, Global Blue Italy received notices of assessment from the tax authorities of the city of Milan with respect to Global Blue Italy’s treatment of certain merchant invoices issued in 2013, 2014 and 2015. Global Blue and the tax authorities have initiated discussions in view of a potential settlement of this matter. An accrual of EUR0.3 million was booked as of March 31, 2021 (nil as of March 31, 2020 and nil as at March 31, as of March 31, 2019). Germany Global Blue New Holdings Germany GmbH (“GBNHG”), as controlling entity, and Global Blue Deutschland GmbH (“GBD”), as controlled entity, entered into a profit and loss pooling agreement (hereinafter the “PLPA”) dated October 5, 2000, allowing the pooling of income and losses of both entities for corporate income and trade tax purposes. While the provisions of the PLPA allow the utilization of capital reserves built up at the level of GBD during the term of the PLPA for loss compensation (or for the profit transfer to GBNHG), such provisions, in light of a recent court ruling issued in April 2018, may not be permissible under German law. Even though GBD has not utilized any capital reserves as permitted by the PLPA, there is a risk that the tax authorities might challenge the effectiveness of the PLPA and, as a consequence, deny the profit and loss pooling within the German Global Blue group relating to the financial year 2019 and previous tax periods. Based on the opinion of Global Blue´s advisers, the Company recognized an uncertain tax position of EUR4.1 million as of March 31, 2021, including an additional EUR0.3 million related to the late interests until March 31, 2021 (EUR3.8 million as of March 31, 2020 and EUR3.7 million as of March 31, 2019). An amended PLPA, from which the provisions in focus were removed, was registered in December 2019; therefore, the risk described above is only related to historical financial years. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2021 | |
Presentation of leases for lessee [abstract] | |
Leases | Leases Right of use assets recognized within Property, plant and equipment are the following: (EUR thousand) As of March 31 Right of use asset 2021 2020 2019 Offices 13,469 16,252 15,454 Refund points 10,509 14,889 19,578 IT contracts 4,487 6,416 7,329 Others 2,065 2,852 2,717 Right of use asset 30,530 40,409 45,078 Movements during the period of Right of use assets are the following: (EUR thousand) As of March 31 Movement of Right of use asset 2021 2020 2019 Opening balance as of April 1 40,409 45,078 — Adoption of new accounting policy — — 54,325 New contracts 2,192 12,111 5,804 Modifications 2,350 73 13 Depreciation (14,649) (16,349) (15,159) FX effect 228 (504) 95 Closing balance as of March 31 30,530 40,409 45,078 Lease liabilities recognized within Other long-term liabilities and Other current liabilities are the following: (EUR thousand) As of March 31 Lease liability Note 2021 2020 2019 Short-term 32 12,578 14,001 13,713 Long-term 27 19,122 27,750 32,420 Total Lease liability 31,700 41,751 46,133 Movements during the period of Lease liabilities are the following: (EUR thousand) As of March 31 Movement of Lease liability 2021 2020 2019 Opening balance as of April 1 41,751 46,133 — Adoption of new accounting policy — — 54,325 New contracts 2,176 11,400 5,800 Modifications 2,325 55 13 Cash outflow (16,061) (16,573) (15,508) Other non-cash outflows — (137) — Interest expense (included in finance cost) 1,030 1,308 1,424 FX effect 479 (435) 79 Closing balance as of March 31 31,700 41,751 46,133 The contractual duration of the lease liabilities is the following: (EUR thousand) Contractual maturities of financial liability as of March 31, 2021 Less than 2 years Between 2 years and 5 years More than 5 years Lease liability 21,358 9,661 681 (EUR thousand) Contractual maturities of financial liability as of March 31, 2020 Less than 2 years Between 2 years and 5 years More than 5 years Lease liability 25,315 14,672 1,764 (EUR thousand) Contractual maturities of financial liability as of March 31, 2019 Less than 2 years Between 2 years and 5 years More than 5 years Lease liability 25,148 17,964 3,021 Amounts recognized in the income statement are the following: (EUR thousand) For the financial year ended March 31 Depreciation charge of the right of use asset 2021 2020 2019 Offices 4,424 4,523 3,973 Refund points 6,511 8,139 7,976 IT contracts 2,253 2,071 1,893 Others 1,461 1,616 1,317 Total Depreciation charge of right of use asset 14,649 16,349 15,159 (EUR thousand) For the financial year ended March 31 Other lease related expenses 2021 2020 2019 Expense relating to short-term leases (included in Operating expenses) 646 2,650 4,497 Expense relating to leases of low-value assets that are not short-term leases (included in Operating expenses) 98 106 14 Expense relating to variable lease payments not included in lease liabilities (included in Other expenses) 3,478 6,997 5,929 Total Other lease related expenses 4,222 9,753 10,440 The table "Other lease-related expenses" includes expenses from the lease contracts that are not qualified as Right of Use assets according to IFRS 16. |
Earnings per share
Earnings per share | 12 Months Ended |
Mar. 31, 2021 | |
Earnings per share [abstract] | |
Earnings per share | Earnings per share (EUR thousand) For the financial year ended March 31 Earnings per share Note 2021 2020 2019 (Loss) / Profit from continuing operations attributable to the owners of the parent (422,116) (3,532) 2,350 (Loss) / Profit from continuing operations attributable to the owners of the parent attributable to ordinary shares (388,885) (3,532) 2,350 (Loss) / Profit from continuing operations attributable to the owners of the parent attributable to preference shares (33,231) — — Weighted average number of basic ordinary shares outstanding (thousand) 169,391 168,480 168,480 Weighted average number of basic preference shares outstanding (thousand) 12,167 — — Basic earnings per ordinary share (2.30) (0.02) 0.01 Basic earnings per preference share (2.73) — — (Loss) / Profit from continuing operations attributable to the owners of the parent (422,116) (3,532) 2,350 (Loss) / Profit from continuing operations attributable to the owners of the parent attributable to ordinary shares (388,885) (3,532) 2,350 (Loss) / Profit from continuing operations attributable to the owners of the parent attributable to preference shares (33,231) — — Weighted average number of diluted ordinary shares outstanding (thousand) 169,391 168,480 168,480 Weighted average number of diluted number of preference shares outstanding (thousand) 12,167 — — Diluted earnings per ordinary share (2.30) (0.02) 0.01 Diluted earnings per preference share (2.73) — — Comparative earnings per share (basic and diluted) were restated for the effect of the capital reorganization for comparability purposes. The average number of shares outstanding prior to the reorganization was adjusted by reflecting the exchange ratio of number of shares in the former parent entity Global Blue Group AG compared to the number of shares in Global Blue Group Holding AG. For the calculation of the weighted average number of basic/diluted preference shares outstanding for the financial year ended March 31, 2021, preference shares are only considered after August 28, 2020. Basic Basic earnings per share are calculated by dividing the profit or loss attributable to owners of the parent (i.e. equity shareholders of the Company) by the weighted average number of basic ordinary/preference shares outstanding at the end of the period. Diluted Diluted earnings per share are calculated by dividing the profit or loss attributable to owners of the parent (i.e. equity shareholders of the Company) by the weighted average number of diluted ordinary/preference shares outstanding at the end of the period. The Company has excluded 8.9 million preference shares from the diluted earnings per preference share calculation, as the impact of the shares are considered anti-dilutive for the period ending March 31, 2021. There were no preference shares for the financial year ended March 31, 2020 and 2019. The 30,735,950 outstanding Warrants as of March 31, 2021 are considered as anti-dilutive. The Company had no dilutive potential ordinary shares during the year ended March 31, 2021, 2020 and 2019 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Mar. 31, 2021 | |
Property, plant and equipment [abstract] | |
Property plant and equipment | Property, plant and equipment The below table is a reconciliation table for Property, plant and equipment. This note excludes the balance sheet impact of the IFRS 16 Right of use asset, which has been presented and detailed in Note 13. (EUR thousand) Machinery, Equipment and computers Leasehold Improvements Total Opening balance as of April 1, 2020 29,850 5,511 35,361 Acquisition of subsidiary 23 — 23 Purchases 1,086 401 1,487 Disposals (3,582) (288) (3,870) Reclassification (48) 1 (47) Exchange differences 273 (35) 238 Accumulated acquisition values as of March 31, 2021 27,602 5,590 33,192 Opening balance as of April 1, 2020 (20,966) (3,449) (24,415) Depreciation charge for the year (4,235) (541) (4,776) Impairment charge for the year (116) (63) (179) Disposals 3,447 195 3,642 Reclassification 48 (1) 47 Exchange differences (168) 31 (137) Accumulated depreciation and impairment as of March 31, 2021 (21,990) (3,828) (25,818) Net book amount as of March 31, 2021 5,612 1,762 7,374 (EUR thousand) Machinery, Equipment and computers Leasehold Improvements Total Opening balance as of April 1, 2019 25,772 4,309 30,081 Purchases 4,828 722 5,550 Disposals (791) (48) (839) Reclassification 657 549 1,206 Exchange differences (616) (21) (637) Accumulated acquisition values as of March 31, 2020 29,850 5,511 35,361 Opening balance as of April 1, 2019 (16,598) (2,348) (18,946) Depreciation charge for the year (4,720) (581) (5,301) Disposals 650 31 681 Reclassification (668) (552) (1,220) Exchange differences 370 1 371 Accumulated depreciation and impairment as of March 31, 2020 (20,966) (3,449) (24,415) Net book amount as of March 31, 2020 8,884 2,062 10,946 (EUR thousand) Machinery, Equipment and computers Leasehold Improvements Total Opening balance as of April 1, 2018 23,493 5,030 28,523 Acquisition of subsidiary 15 — 15 Disposal of subsidiary (7) — (7) Purchases 5,934 866 6,800 Disposals (4,620) (1,852) (6,472) Reclassification 891 202 1,093 Exchange differences 66 63 129 Accumulated acquisition values as of March 31, 2019 25,772 4,309 30,081 Opening balance as of April 1, 2018 (15,443) (3,226) (18,669) Disposal of subsidiary 7 — 7 Depreciation charge for the year (4,124) (691) (4,815) Disposals 3,913 1,769 5,682 Reclassification (910) (143) (1,053) Exchange differences (41) (57) (98) Accumulated depreciation and impairment as of March 31, 2019 (16,598) (2,348) (18,946) Net book amount as of March 31, 2019 9,174 1,961 11,135 (EUR thousand) As of March 31 Accumulated acquisition values 2021 2020 2019 Machinery, Equipment and computers 27,602 29,850 25,772 Leasehold Improvements 5,590 5,511 4,309 Right of use asset 66,383 56,758 60,236 Total Accumulated acquisition values 99,575 92,119 90,317 Accumulated depreciation and impairment 2020/21 2019/20 2018/19 Machinery, Equipment and computers (21,990) (20,966) (16,598) Leasehold Improvements (3,828) (3,449) (2,348) Right of use asset (35,853) (16,349) (15,159) Total Accumulated depreciation and impairment (61,671) (40,764) (34,105) Total Property, plant and equipment 37,904 51,355 56,213 |
Intangible assets
Intangible assets | 12 Months Ended |
Mar. 31, 2021 | |
Intangible assets and goodwill [abstract] | |
Intangible assets | Intangible assets (EUR thousand) Goodwill Trademarks Customer relationships Other intangible assets Software Total Opening balance as of April 1, 2020 411,538 45,795 666,021 9,240 101,908 1,234,502 Acquisition of subsidiaries 63,776 — — 1 5,223 69,000 Purchases — — 1,892 1,177 16,670 19,739 Disposals — — (634) (895) (1,430) (2,959) Exchange differences 2,551 179 418 201 3,439 6,788 Accumulated acquisition values 477,865 45,974 667,697 9,724 125,810 1,327,070 Opening balance as of April 1, 2020 — (17,150) (533,549) (7,277) (40,425) (598,401) Amortization — (2,237) (72,752) (855) (21,049) (96,893) Disposals — — 256 864 947 2,067 Exchange differences — — (95) (70) (2,364) (2,529) Accumulated amortization — (19,387) (606,140) (7,338) (62,891) (695,756) Opening balance as of April 1, 2020 (2,027) — — (498) (2,574) (5,099) Impairment — — (356) — (874) (1,230) Disposal — — 356 — — 356 Exchange differences 52 — — — (14) 38 Accumulated impairment (1,975) — — (498) (3,462) (5,935) Net book value as of March 31, 2021 475,890 26,587 61,557 1,888 59,457 625,379 (EUR thousand) Goodwill Trademarks Customer relationships Other int. assets Software Total Opening balance as of April 1, 2019 413,499 45,941 660,325 7,999 81,024 1,208,788 Purchases — — 6,059 1,406 24,716 32,181 Disposals — — — (11) (762) (773) Reclassifications — — — 17 (3) 14 Exchange differences (1,961) (146) (363) (171) (3,067) (5,708) Accumulated acquisition values 411,538 45,795 666,021 9,240 101,908 1,234,502 Opening balance as of April 1, 2019 — (14,913) (462,288) (6,166) (25,641) (509,008) Amortization — (2,237) (71,325) (1,203) (17,165) (91,930) Disposals — — — 10 586 596 Adjustments due to changes in accounting policies — — (2) — — (2) Exchange differences — — 66 82 1,795 1,943 Accumulated amortization — (17,150) (533,549) (7,277) (40,425) (598,401) Opening balance as of April 1, 2019 (2,109) — — (498) (1,551) (4,158) Impairment — — — — (1,023) (1,023) Exchange differences 82 — — — — 82 Accumulated impairment (2,027) — — (498) (2,574) (5,099) Net book value as of March 31, 2020 409,511 28,645 132,472 1,465 58,909 631,002 (EUR thousand) Goodwill Trademarks Customer relationships Other int. assets Software Total Opening balance as of April 1, 2018 405,937 45,926 664,849 7,117 57,432 1,181,261 Acquisition of subsidiaries 7,038 — — 13 52 7,103 Purchases 169 — 1,862 862 23,722 26,615 Disposals — — — (569) (434) (1,003) Reclassifications — — — 458 9 467 Adjustments due to changes in accounting policies — 1 (6,604) — — (6,603) Exchange differences 355 14 218 118 243 948 Accumulated acquisition values 413,499 45,941 660,325 7,999 81,024 1,208,788 Opening balance as of April 1, 2018 — (12,676) (395,073) (4,912) (14,308) (426,969) Amortization — (2,237) (70,332) (1,246) (11,343) (85,158) Disposals — — — 564 73 637 Reclassifications — — — (507) — (507) Adjustments due to changes in accounting policies — — 3,155 — — 3,155 Exchange differences — — (38) (65) (63) (166) Accumulated amortization — (14,913) (462,288) (6,166) (25,641) (509,008) Opening balance as of April 1, 2018 (2,040) — — (498) (1,255) (3,793) Impairment — — — — (296) (296) Exchange differences (69) — — — — (69) Accumulated impairment (2,109) — — (498) (1,551) (4,158) Net book value as of March 31, 2019 411,390 31,028 198,037 1,335 53,832 695,622 Goodwill Management reviews the business performance based on a product perspective. TFSS, AVPS and eCommerce Return Solutions have been identified as the main product groups and the Group's operating segments. Goodwill is monitored by management at the operating segment level. The following is a summary of goodwill allocation for each operating segment: (EUR thousand) As of March 31 Goodwill 2021 2020 2019 TFSS 361,470 360,311 360,721 AVPS 50,497 49,200 50,669 eCommerce Return Solutions 63,923 — — Total 475,890 409,511 411,390 TFSS and AVPS The recoverable amount of the Cash Generating Units (CGU) has been determined based on value-in-use calculations. These calculations use pre-tax cash flow projections based on management’s current view at the time of the analysis. Cash flows beyond the 5-years period are extrapolated using an estimated growth rate stated below. In determining the forecasts for TFSS and AVPS CGUs over the 5-years period within the value-in-use calculation, we applied estimated recovery percentages against actual revenues achieved during the pre-COVID-19 period (January 2019 to December 2019). The growth rate for FY21/22 versus FY20/21 is not relevant as a consequence of the significant impact COVID-19 has had on Global Blue's business in the current year, and therefore the rate was not considered in our forecasting . The key assumptions used for the value-in-use calculations are as follows: • Pre-tax discount rate of 7.79% (9.91% as of March 31, 2020, 8.78% as of March 31, 2019), for both CGU´s. • For the purpose of the goodwill impairment test, the Company assumed a COVID-19 impact on near-term industry volumes, followed by a recovery. In particular, it was assumed that depressed volumes experienced in April 2020 through to June 2021 would progressively subside on the back of the vaccination roll out across the world. A near total recovery to pre-COVID-19 revenue levels was assumed for last quarter of the financial year ending March 31, 2023, with an assumed average growth rate of 4.5% in the subsequent three financial years. When considering the severity and duration of the assumptions for the first two In all historical disruptions, growth resumed and revenues recovered to pre-disruption levels, as a result of a normalization of travel demand and longer-term structural growth drivers. In these prior travel disruptions, the recovery usually occurred within months or quarters. In recognition that the COVID-19 pandemic is more severe than these precedents, management assumed both a longer recovery period (i.e., more than one year) and a larger impact to near-term cash flows as compared with these precedents. • After the business plan period, an assumed long-term growth rate of 2% (2% as of March 31, 2020, 2% as of March 31, 2019). Though the TFSS and AVPS segments offer different solutions, the underlying driver of both is international travel and extra-regional transactions. As such, the same key assumptions have been applied to both CGUs. The calculations and the cash flow projections are stress-tested using a sensitivity analysis; such analysis is a key element when there are changes to the circumstances, such as the ongoing impact of COVID-19. Changes of the parameters, including, a 30% increase in the discount rate, or a 30% reduction in the revenue over the five-year period or a delay of the recovery of TFS by 12 months, would not result in an impairment given the headroom. There are no reasonably possible changes in key assumptions that might neutralize the headroom. eCommerce Return Solutions Goodwill allocated to the eCommerce Return Solutions CGU amounts to EUR63.9 million. The recoverable amount of the CGU has been assessed based on the fair value less cost of disposal of the underlying assets. This has been determined based on a market approach utilizing 2021 trading multiples of comparable companies, calculated as trading enterprise value divided by projected 2021 metrics based on publicly available information derived from S&P Capital IQ. Given the business profile of eCommerce Return Solutions, Management looked for comparable companies with exposure to eCommerce and logistics, with a high growth profile. Numerous peer groups and companies were considered, but the main two considered were: leading horizontal eCommerce companies and vertical fashion eCommerce marketplaces. Taking into consideration that the eCommerce Return Solutions is a start-up operating at a loss until March 31, 2021, management deemed the revenue multiple as the primary valuation metric, with gross profit and growth-adjusted revenue multiples serving as cross-checks. EBITDA and net income multiples were not considered, given (i) the eCommerce Return Solutions is a start-up operating at a loss as at March 31, 2021 and (ii) several of the larger peers are similarly operating at a loss. The agreed valuation for the eCommerce Return Solutions, including the earn-out, implies, when divided by its projected 2021 revenue, a revenue multiple of approximately 4x. In parallel, the average 2021 revenue multiple for the primary peer group, the leading horizontal eCommerce companies, is approximately 6x and slightly above 4x for the vertical fashion eCommerce marketplaces. The derived fair value less cost of disposal exceeded the carrying amount. Given the lower multiple for the eCommerce Return Solutions relative to peers, there was not a need to impair the goodwill as this implied headroom of approximately 50% when compared against the primary peer group. Should the actual 2021 revenue projections for eCommerce Return Solutions be approximately 30% lower than projected or should the comparable peer groups valuation de-rate, there is a risk that the goodwill associated with the eCommerce Return Solutions would be impaired. Trademarks were classified as intangible assets with a definite useful life. As part of business combinations in 2013, when Silver Lake and Partners Group acquired Global Blue Group and 2016 , when Global Blue acquired Currency Select, new intangibles were identified and defined as trademarks. The fair value of trademarks was determined by calculating its value-in-use, being "Relief from Royalty" method for the asset. The net book value as of March 31, 2021 was EUR26.6 million (EUR28.6 million as of March 31, 2020 , EUR31.0 million as of March 31, 2019 ). No impairment tests have been performed for Trademarks as there were no indications of impairment. The assets will be fully amortized by July 2032. Customer Relationships As part of business combinations in 2013 and 2016 new intangibles were identified and are collectively defined as customer relationship contracts with a net book value as of March 31, 2021 of EUR54.7 million (EUR123.6 million as of March 31, 2020 , EUR194.9 million as of March 31, 2019 ). The customer relationships have been split across the operating segments: (EUR thousand) As of March 31 Customer relationships 2021 2020 2019 PPA initial valuation TFSS 53,135 117,479 181,824 610,789 AVPS 1,528 6,113 13,083 44,256 Total 54,663 123,592 194,907 655,045 An impairment assessment has been performed over the Customer Relationship assets which resulted in an impairment charge EUR0.4 million for the fiscal years ended March 31, as a result of the abolition of the tax free scheme in the UK. TFSS and AVPS Customer relationships contain different types of customers, categorized based on revenue and footprint or services offered. The expected economic life for the customer relationship contracts is between 9 and 20.5 years, driven by these varying types of customer relationships within the TFSS and AVPS operating segments. These will be fully amortized by September 2036. The Customer relationships table includes the effects of the implementation of IFRS 15, which resulted in a decrease in the gross amount of the Customer relationships of EUR6.6 million and the associated accumulated amortization of EUR3.2 million upon implementation. These changes are due to the change in revenue recognition approach regarding certain limited payments for contracts with customers detailed in Note 3 and Note 21. As of April 1, 2018, the application of IFRS 15 did not have any material impact on the opening balance of the retained earnings as the advance payments to customers have been recognized as contract assets. Other intangible assets Other intangibles include licenses acquired and software purchased from external parties. Software Software consists of IT software internally developed for TFSS and AVPS businesses and is amortized over a 3-year period. It also includes the platform software, that has been acquired as part of the Currency Select acquisition in the financial year ended March 31, 2016 with a fair value of EUR17.9 million and the e-commerce technology software, that has been acquired as part of the ZigZag acquisition in the financial year ended March 31, 2021, with a fair value of EUR5.2 million. Both platforms are being amortized over a 5-year period. |
Other non-current receivables
Other non-current receivables | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other non-current receivables | Other non-current receivables (EUR thousand) As of March 31 Other non-current receivables 2021 2020 2019 Opening balance as of April 1 15,170 12,703 13,360 Additions of non-current assets 265 4,106 1,541 Divestiture of non-current assets (2,169) (2,867) (147) Market value valuation — — 66 Share of joint venture losses on loan receivable (907) (1,390) — Increase in loan to joint venture — 2,850 — Reclassification to/from Investments in associates and joint ventures — — (2,444) Other (121) 121 — Foreign exchange effects 278 (353) 327 Closing balance as of March 31 12,516 15,170 12,703 EUR2.5 million (EUR2.0 million as of March 31, 2020 , EUR2.1 million as of March 31, 2019 ) of the other non-current receivables is related to a receivable from an insurance company related to a pension plan in Sweden. This receivable does not meet the definition of a pension plan asset. The pension plan is denominated in SEK. Payments commenced in 2018 with a second payment stream starting in 2023 and lasting for 10 years. This receivable is revalued at market value. |
Financial instruments by catego
Financial instruments by category | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Detailed Information About Financial Instruments [Abstract] | |
Financial instruments by category | Financial instruments by category The table below details the financial instruments as of March 31, 2021: As of March 31, 2021 (EUR thousand) Assets as per balance sheet Loans and receivables at amortized cost Derivatives valued at FVTPL Total Derivative financial instruments — 231 231 Other non-current financial receivables 12,516 — 12,516 Trade receivables 31,324 — 31,324 Other receivables excluding other non-financial receivables 12,044 — 12,044 Cash and cash equivalents 182,783 — 182,783 Balance as of March 31, 2021 238,667 231 238,898 As of March 31, 2021 (EUR thousand) Liabilities as per balance sheet Other financial liabilities at amortized cost Derivatives valued at FVTPL Total Loans and borrowings 720,745 — 720,745 Other long term liabilities 29,471 — 29,471 Trade payables 147,477 — 147,477 Other current liabilities excluding non-financial liabilities 33,994 — 33,994 Accrued liabilities excluding non-financial liabilities 32,589 — 32,589 Balance as of March 31, 2021 964,276 — 964,276 The table below details the financial instruments as of March 31, 2020: As of March 31, 2020 (EUR thousand) Assets as per balance sheet Loans and receivables at amortized cost Derivatives valued at FVTPL Total Derivative financial instruments — 765 765 Other non-current financial receivables 15,170 — 15,170 Trade receivables 141,306 — 141,306 Other receivables excluding other non-financial receivables 8,100 — 8,100 Cash and cash equivalents 226,139 — 226,139 Balance as of March 31, 2020 390,715 765 391,480 As of March 31, 2020 (EUR thousand) Liabilities as per balance sheet Other financial liabilities at amortized cost Derivatives valued at FVTPL Total Loans and borrowings 625,677 — 625,677 Derivative financial instruments — — — Other long term liabilities 29,753 — 29,753 Trade payables 237,319 — 237,319 Other current liabilities excluding non-financial liabilities 37,821 — 37,821 Accrued liabilities excluding non-financial liabilities 37,277 — 37,277 Balance as of March 31, 2020 967,847 — 967,847 The table below details the financial instruments as of March 31, 2019: As of March 31, 2019 (EUR thousand) Assets as per balance sheet Loans and receivables at amortized cost Derivatives valued at FVTPL Total Other non-current financial receivables 12,703 — 12,703 Trade receivables 249,331 — 249,331 Other receivables excluding other non-financial receivables 23,869 — 23,869 Cash and cash equivalents 104,072 — 104,072 Balance as of March 31, 2019 389,975 — 389,975 As of March 31, 2019 (EUR thousand) Liabilities as per balance sheet Other financial liabilities at amortized cost Derivatives valued at FVTPL Total Loans and borrowings 624,500 — 624,500 Derivative financial instruments — 176 176 Other long term liabilities 37,241 — 37,241 Trade payables 263,720 — 263,720 Other current liabilities excluding non-financial liabilities 51,337 — 51,337 Accrued liabilities excluding non-financial liabilities 36,011 — 36,011 Balance as of March 31, 2019 1,012,809 176 1,012,985 |
Trade receivables
Trade receivables | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade receivables | Trade receivables The fair value of trade receivables does not differ from the carrying amount. Trade receivables past due relate to a number of independent customers for whom there is no recent history of or forward-looking information on defaults. Trade receivables are measured at amortized cost. The tables below details the trade receivables balance as of March 31, 2021: As of March 31, 2021 (EUR thousand) Trade receivables, net Retailers Authorities Other Total Nominal value of outstanding trade receivables 26,938 3,115 5,388 35,441 Less: Loss allowance (3,454) (258) (405) (4,117) Total 23,484 2,857 4,983 31,324 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 20,329 898 3,550 24,777 Trade receivables past due: Up to 3 months 2,264 1,184 996 4,444 3 months - 6 months 451 775 16 1,242 More than 6 months 440 — 421 861 Total 23,484 2,857 4,983 31,324 (EUR thousand) Currency analysis of net trade receivables per class Retailers Authorities Other Total EUR 18,561 549 1,547 20,657 TRY 1,552 — — 1,552 GBP 649 85 1,019 1,753 MAD 410 1,070 — 1,480 RUB 266 — 1,153 1,419 Other 2,046 1,153 1,264 4,463 Total 23,484 2,857 4,983 31,324 The tables below details the trade receivables balance as of March 31, 2020: As of March 31, 2020 (EUR thousand) Trade receivables, net Retailers Authorities Other Total Nominal value of outstanding trade receivables 103,930 22,864 19,213 146,007 Less: Loss allowance (3,013) (141) (1,547) (4,701) Total 100,917 22,723 17,666 141,306 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 67,275 14,644 7,300 89,219 Trade receivables past due: Up to 3 months 28,947 7,662 6,800 43,409 3 months - 6 months 3,335 269 944 4,548 More than 6 months 1,360 148 2,622 4,130 Total 100,917 22,723 17,666 141,306 (EUR thousand) Currency analysis of net trade receivables per class Retailers Authorities Other Total EUR 75,520 5,647 1,250 82,417 GBP 15,198 4,136 1,352 20,686 SGD 6 9,818 544 10,368 Other 10,193 3,122 14,520 27,835 Total 100,917 22,723 17,666 141,306 The tables below details the trade receivables balance as of March 31, 2019: As of March 31, 2019 (EUR thousand) Trade receivables, net Retailers Authorities Other Total Nominal value of outstanding trade receivables 186,083 42,745 24,078 252,906 Less: Loss allowance (2,874) — (701) (3,575) Total 183,209 42,745 23,377 249,331 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 156,481 40,773 11,140 208,394 Trade receivables past due: Up to 3 months 23,033 1,933 8,422 33,388 3 months - 6 months 3,419 39 2,323 5,781 More than 6 months 276 — 1,492 1,768 Total 183,209 42,745 23,377 249,331 (EUR thousand) Currency analysis of net trade receivables per class Retailers Authorities Other Total EUR 134,117 12,132 5,508 151,757 GBP 25,356 5,417 962 31,735 SGD 19 19,513 877 20,409 Other 23,717 5,683 16,030 45,430 Total 183,209 42,745 23,377 249,331 The table below details the movements of the provision for the impairment of trade receivables: (EUR thousand) As of March 31 Movements of the provision for the impairment of trade receivables 2021 2020 2019 Opening balance as of April 1 (4,701) (3,575) (3,354) Charged for the year (1,447) (2,306) (1,970) Utilized 1,040 184 390 Unused amounts reversed 869 913 1,309 Effect of movements in foreign exchange 122 83 50 Closing balance as of March 31 (4,117) (4,701) (3,575) The creation and release of provision for impaired trade receivables have been included in "operating expenses". Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash. The maximum exposure to credit risk at the reporting date is the carrying value of trade receivables. (EUR thousand) As of March 31 Other current receivables 2021 2020 2019 Input VAT 16,375 23,395 22,961 Payments & DCC receivables 3,873 4,340 20,312 Advances and deposits 2,286 2,591 2,877 Withholding taxes 2,818 2,265 2,415 Others 2,276 1,169 682 Government grants 3,609 — — Total 31,237 33,760 49,247 |
Other current receivables
Other current receivables | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current receivables | Trade receivables The fair value of trade receivables does not differ from the carrying amount. Trade receivables past due relate to a number of independent customers for whom there is no recent history of or forward-looking information on defaults. Trade receivables are measured at amortized cost. The tables below details the trade receivables balance as of March 31, 2021: As of March 31, 2021 (EUR thousand) Trade receivables, net Retailers Authorities Other Total Nominal value of outstanding trade receivables 26,938 3,115 5,388 35,441 Less: Loss allowance (3,454) (258) (405) (4,117) Total 23,484 2,857 4,983 31,324 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 20,329 898 3,550 24,777 Trade receivables past due: Up to 3 months 2,264 1,184 996 4,444 3 months - 6 months 451 775 16 1,242 More than 6 months 440 — 421 861 Total 23,484 2,857 4,983 31,324 (EUR thousand) Currency analysis of net trade receivables per class Retailers Authorities Other Total EUR 18,561 549 1,547 20,657 TRY 1,552 — — 1,552 GBP 649 85 1,019 1,753 MAD 410 1,070 — 1,480 RUB 266 — 1,153 1,419 Other 2,046 1,153 1,264 4,463 Total 23,484 2,857 4,983 31,324 The tables below details the trade receivables balance as of March 31, 2020: As of March 31, 2020 (EUR thousand) Trade receivables, net Retailers Authorities Other Total Nominal value of outstanding trade receivables 103,930 22,864 19,213 146,007 Less: Loss allowance (3,013) (141) (1,547) (4,701) Total 100,917 22,723 17,666 141,306 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 67,275 14,644 7,300 89,219 Trade receivables past due: Up to 3 months 28,947 7,662 6,800 43,409 3 months - 6 months 3,335 269 944 4,548 More than 6 months 1,360 148 2,622 4,130 Total 100,917 22,723 17,666 141,306 (EUR thousand) Currency analysis of net trade receivables per class Retailers Authorities Other Total EUR 75,520 5,647 1,250 82,417 GBP 15,198 4,136 1,352 20,686 SGD 6 9,818 544 10,368 Other 10,193 3,122 14,520 27,835 Total 100,917 22,723 17,666 141,306 The tables below details the trade receivables balance as of March 31, 2019: As of March 31, 2019 (EUR thousand) Trade receivables, net Retailers Authorities Other Total Nominal value of outstanding trade receivables 186,083 42,745 24,078 252,906 Less: Loss allowance (2,874) — (701) (3,575) Total 183,209 42,745 23,377 249,331 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 156,481 40,773 11,140 208,394 Trade receivables past due: Up to 3 months 23,033 1,933 8,422 33,388 3 months - 6 months 3,419 39 2,323 5,781 More than 6 months 276 — 1,492 1,768 Total 183,209 42,745 23,377 249,331 (EUR thousand) Currency analysis of net trade receivables per class Retailers Authorities Other Total EUR 134,117 12,132 5,508 151,757 GBP 25,356 5,417 962 31,735 SGD 19 19,513 877 20,409 Other 23,717 5,683 16,030 45,430 Total 183,209 42,745 23,377 249,331 The table below details the movements of the provision for the impairment of trade receivables: (EUR thousand) As of March 31 Movements of the provision for the impairment of trade receivables 2021 2020 2019 Opening balance as of April 1 (4,701) (3,575) (3,354) Charged for the year (1,447) (2,306) (1,970) Utilized 1,040 184 390 Unused amounts reversed 869 913 1,309 Effect of movements in foreign exchange 122 83 50 Closing balance as of March 31 (4,117) (4,701) (3,575) The creation and release of provision for impaired trade receivables have been included in "operating expenses". Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash. The maximum exposure to credit risk at the reporting date is the carrying value of trade receivables. (EUR thousand) As of March 31 Other current receivables 2021 2020 2019 Input VAT 16,375 23,395 22,961 Payments & DCC receivables 3,873 4,340 20,312 Advances and deposits 2,286 2,591 2,877 Withholding taxes 2,818 2,265 2,415 Others 2,276 1,169 682 Government grants 3,609 — — Total 31,237 33,760 49,247 |
Prepaid expenses
Prepaid expenses | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Prepaid expenses | Prepaid expenses (EUR thousand) As of March 31 Prepaid expenses 2021 2020 2019 Insurance 1,428 2,052 1,978 Office and IT-related expenses 3,032 3,013 4,904 Accrued income 186 739 2,037 Merchants 132 1,586 5,219 Other prepaid expenses 593 529 907 Total 5,371 7,919 15,045 A limited set of advance payments for contracts with customers is being recorded as a prepaid expense under the name “Merchants” in the financial statement, as presented in the table above and is predominantly expected to be settled within the next 12 months as a reduction in revenue. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash and bank accounts and are payable on demand. The bank accounts earn interest at various rates which differ by account. The deposits consist of highly liquid money market instruments, with withdrawals periods of up to 3 months. (EUR thousand) As of March 31 Cash and cash equivalents 2021 2020 2019 Deposits 63,036 84,884 3,476 Cash and bank balances 119,747 141,255 100,596 Total 182,783 226,139 104,072 The fair value of cash and cash equivalents approximates its carrying value due to its short term nature. Please refer to Note 26 related to the pledge of cash in hand. |
Issued capital and reserves
Issued capital and reserves | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure of Issued Capital And Reserves [Abstract] | |
Issued capital and reserves | Issued capital and reserves As of August 28, 2020 a capital reorganization took place within the Group. A new holding company - Global Blue Group Holding AG - was incorporated on December 10, 2019 with a share capital of EUR0.093m divided into 10,000,000 shares. This Company became the ultimate parent of the Group. During the reorganization, an additional 181,542,785 shares were issued with the increase of the share premium. From the listing date in August until March 31, 2021, 19,710,166 additional ordinary shares were issued in the holding company. Global Blue signed an SPA on March 6, 2021 to buy ZigZag Global, a leading e-commerce return SaaS platform. Global Blue has raised USD70.0 million via a private placement of common stock issued to new institutional investors to fully fund the ZigZag Global’s acquisition. Number of shares authorized and issued As of March 31 2021 2020 2019 Ordinary shares Preference shares Total Ordinary Ordinary Number of shares (authorized and issued) 187,534,962 23,717,989 211,252,951 40,000,000 40,000,000 Total number of shares 187,534,962 23,717,989 211,252,951 40,000,000 40,000,000 As of March 31 2021 2020 2019 Ordinary shares Preference shares Total Ordinary Ordinary Opening balance as of April 1 40,000,000 — 40,000,000 40,000,000 40,000,000 Effects of the capital reorganization on Aug 28, 2020 127,824,796 23,717,989 151,542,785 — — Issuance of share capital Global Blue Group Holding A.G. November 2020 5,929,477 — 5,929,477 — — Conversion of preference shares into ordinary shares — (5,929,477) (5,929,477) — — Assign the preference shares to ListCo. — 5,929,477 5,929,477 — — Issuance of share capital Global Blue Group Holding A.G. February 2021 7,000,000 — 7,000,000 — — Issuance of share capital Global Blue Group Holding A.G. March 2021 6,666,665 — 6,666,665 — — Exercises of warrants 114,024 — 114,024 — — Closing balance as of March 31 187,534,962 23,717,989 211,252,951 40,000,000 40,000,000 Issued share capital and share premium (EUR thousand) As of March 31 Issued share capital and share premium 2021 2020 2019 Ordinary shares Preference shares Total Ordinary Ordinary Opening balance as of April 1 392,197 — 392,197 392,197 392,197 Effects of the capital reorganization 801,569 113,283 914,852 — — Issue of share capital 439 37 476 — — Share premium contribution 293,778 33,208 326,986 — — Conversion of preference shares into ordinary shares 50,100 (50,100) — — — Acquisition of treasury shares (8,877) (1,246) (10,123) — — Exercises of warrants 1,140 — 1,140 — — Closing balance as of March 31 1,530,346 95,182 1,625,528 392,197 392,197 The Other reserves within Equity attributable to owners of the parent consist of the following positions: As of March 31, 2021 (EUR thousand) Other reserves Foot note Notes Equity settled shared based payment Warrants Other reserve Foreign currency translation reserve Remeasurements of post employment benefit obligations Net other reserves Opening balance as of April 1, 2020 — — 9,915 (19,470) (2,326) (11,881) Currency translation difference — — — 4,763 — 4,763 Actuarial gain on post-employment benefit obligations 29 — — — — 59 59 Tax effect 12 — — — — 106 106 Issuance of share capital Global Blue Group Holding A.G. — — (1,495,526) — — (1,495,526) Acquisition of treasury shares — — 10,058 — — 10,058 Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. — — 42,856 — — 42,856 Exchange of Global Blue management loan notes into shares (4) — — 464,162 — — 464,162 Effects of capital reorganization (1) — — (978,450) — — (978,450) Employee share schemes 1,239 — — — — 1,239 Conversion of shares into equity settled plan 42,632 — — — — 42,632 Equity award issuance costs — 20,196 115,113 — — 135,309 Exercises of warrants (2) — (72) — — — (72) Shares bought back by Global Blue Group A.G. (6) — — (152,787) — — (152,787) Total contribution by and distribution to owners of the parent, recognized directly in Equity 43,871 20,124 (37,674) — — 26,321 Closing balance as of March 31, 2021 43,871 20,124 (1,006,209) (14,707) (2,161) (959,082) As of March 31, 2020 (EUR thousand) Other reserves Notes Equity settled shared based payment Warrants Other reserve (2) Foreign currency translation reserve Remeasurements of post employment benefit obligations Net other reserves Opening balance as of April 1, 2019 — — 9,890 (10,572) (519) (1,201) Tax effect 12 — — — — 293 293 Currency translation difference — — — (8,898) — (8,898) Actuarial gain on post-employment benefit obligations 29 — — — — (2,100) (2,100) Restatement of hyperinflation (1) — — 25 — — 25 Closing balance as of March 31, 2020 — — 9,915 (19,470) (2,326) (11,881) As of March 31, 2019 (EUR thousand) Other reserves Notes Equity settled shared based payment Warrants Other reserve (2) Foreign currency translation reserve Remeasurements of post employment benefit obligations Net other reserves Opening balance as of April 1, 2018 — — 7,607 (12,339) (903) (5,635) Tax effect 12 — — — — (83) (83) Currency translation difference — — — 1,767 — 1,767 Actuarial gain on post-employment benefit obligations 29 — — — — 467 467 Restatement of hyperinflation (1) — — 2,283 — — 2,283 Closing balance as of March 31, 2019 — — 9,890 (10,572) (519) (1,201) (1) Restatement due to hyperinflation represents the revaluation reserve as result of applying IAS29 in Argentina, which is considered to be a hyperinflationary economy starting July 1, 2018. The revaluation reserve covers full year transactions since April 1, 2018. (2) These amounts represent the reorganization reserve as a result of the capital reorganization that took place in March 2018 and is computed as the difference between the cost of the transaction and the carrying value of the net assets at the moment of reorganization. Movements after the capital reorganization Any differences related to the capital reorganization between the cost of the transaction and the carrying value of the net assets is recorded in other reserves. The effects of the capital reorganization are the following: As of August 28, 2020 (EUR thousand) Effects of capital reorganization Foot note Issued capital ordinary shares Issued capital preference shares Share premium ordinary shares Share premium preference shares Other equity ordinary shares Other equity preference shares Warrants Other reserve Total Issuance of share capital Global Blue Group Holding A.G. (1) 1,302 184 1,181,450 166,969 — — — (1,495,526) (145,621) Acquisition of treasury shares (5) — — — (8,812) (1,246) — 10,058 — Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. (3) (41) (6) (37,508) (5,301) — — — 42,856 — Exchange of Global Blue management loan notes into shares (4) (299) (42) (343,335) (48,521) — — — 464,162 71,965 Effects of capital reorganization 962 136 800,607 113,147 (8,812) (1,246) 0 (978,450) (73,656) (1) SL Globetrotter and Global Blue Holding LP established a new company (“Global Blue Group Holding A.G.”). The Global Blue Holding Group A.G. established a Swiss subsidiary, Global Blue Group II GmbH, and a United States based subsidiary, US Holdco LLC, which in turn created another United States based subsidiary, US Sub. SL Globetrotter LP contributed the shares of Global Blue Management GP Sarl to Global Blue Holding LP. The shares of Global Blue Management GP were then further contributed to Global Blue Investment & Co S.C.A. through a series of capital contributions. (3) As a result of the reorganization, on August 28, 2020, the MEP ceased to exist. Instead, management received loan notes in Global Blue Investment and Co S.C.A. in exchange for all of their shares and NC-PECs. These loan notes were contributed through the chain of holding companies, until management ultimately received shares in Global Blue Group A.G. At which point, a portion was sold for cash and the rest remained, reflecting management’s direct ownership in Global Blue Group Holding A.G. The new shares owned by Management and the Estera Trust Limited are accounted for as equity-settled instruments under IFRS 2. (1) (3) SL Globetrotter LP and Global Blue Holding LP and Management contributed part of their shares in Global Blue Group A.G. to Global Blue Group Holding A.G. in exchange for new shares in Global Blue Group Holding A.G. Ant Group and Estera Trust Limited contributed all of their shares in Global Blue Group A.G. to Global Blue Group Holding A.G. in exchange for new shares in Global Blue Group Holding A.G. (1) Other Cornerstone investors subscribed in cash for new shares in Global Blue Group Holding A.G. (1) Global Blue Group Holding A.G. acquired some of the shares in Global Blue Group A.G. from the SL Globetrotter LP, Global Blue Holding LP and Management. (6) Global Blue Group II GmbH and Global Blue Group Holding A.G. acquired the remaining shares in Global Blue Group A.G. from the SL Globetrotter LP and Global Blue Holding LP and Management. (4) Global Blue Group Holding A.G. contributed its shares in Global Blue Group A.G. to Global Blue Group II GmbH, such that Global Blue Group A.G. became a wholly owned subsidiary of Global Blue Group II GmbH. (2) The United States company held by the SPAC investors, Far Point Acquisition Corporation, merged with the United States subsidiary held by Global Blue Group Holding A.G., US Sub, with Far Point Acquisition Corporation being the surviving entity. (2) In consideration for the merger, Global Blue Group Holding A.G. issued shares to the SPAC investors. The SPAC founders received ordinary shares. In addition, the warrant holders in the United States company held by the SPAC investors were exchanged for new warrants in Global Blue Group Holding A.G. (2) The issuance costs of EUR135.3 million represents the difference between the fair value of the shares issued by Global Blue Group Holding A.G. and the fair value of the identifiable net assets of the United States company held by the SPAC investors. The difference was considered to be a non-cash payment for the service of a stock exchange listing according to IFRS 2. (1) The issue of share capital Global Blue Group Holding A.G. reflected in Other reserve as at March 31, 2021 is composed of the following: As of March 31, 2021 (EUR thousand) Issue of share capital Global Blue Group Holding A.G. Foot note Other reserve Issue of share capital ordinary shares Global Blue Group Holding A.G. (1) (1,209) Issue of share capital preference shares Global Blue Group Holding A.G. (1) (184) Issue of share premium ordinary shares Global Blue Group Holding A.G. (1) (1,181,450) Issue of share premium preference shares Global Blue Group Holding A.G. (1) (166,969) Conversion of shares into equity settled plan (1) (2) (42,632) Equity award issuance costs (2) (115,113) Effect of the merge (2) 12,031 Issue of share capital Global Blue Group Holding A.G. (1,495,526) (5) Treasury shares As of March 31, 2021 (EUR thousand) Acquisition of treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares Total Ordinary Preference shares Total Opening balance as of April 1, 2020 — — — — — — Acquisition of treasury shares as at 28 August 2020 1,051,569 138,846 1,190,415 (8,812) (1,246) (10,058) Acquisition of treasury shares post-merger with FPAC 7,000,000 — 7,000,000 (65) — (65) Closing balance as of March 31, 2021 8,051,569 138,846 8,190,415 (8,877) (1,246) (10,123) There were no treasury shares acquired in the comparative periods presented March 2020 and 2019. Under the 2012 Investment Agreement any unallocated securities would be distributed to all shareholders (Silver Lake, Partners Group and Management Equity Plan participants), proportional to shareholding, on an exit event. Pursuant to an arrangement and agreement signed in August 2020 and as part of the capital reorganization, it was agreed that whilst these unallocated securities would be distributed to Silver Lake and Partners Group on the listing, the shares that should have been distributed to the MEP would instead be held by the Trust. The Trust is consolidated in the financial statements of the Company and the amount of treasury shares are held at the fair value of EUR10.1 million and reflected within Other Equity. The distribution of shares to management is conditional upon and at the discretion of the Global Blue Nomination and Remuneration Committee. Warrants Since the listing in August until March 31, 2021, 114,024 warrants were exercised at price of 11.50USD. The warrants were exercised at a 1:1 equivalent to ordinary shares. The outstanding warrants as of March 31, 2021 amount to 30,735,950 with a fair value of EUR20.1 million. (EUR thousand) As of March 31, 2021 Warrants Number of warrants Value (EUR thousand) — — Issuance of warrants 30,849,974 20,196 Exercises of warrants (114,024) (72) Closing balance as of March 31, 2021 30,735,950 20,124 There were no outstanding warrants in the comparative periods presented March 2020 and 2019. As of August 28, 2020 a capital reorganization took place within the Group. A new holding company - Global Blue Group Holding AG - was incorporated in December 2019 and became the ultimate parent of the Group. During the reorganization additional shares were issued with the increase of the share premium. Please refer to Note 23 for details. Shareholders of Global Blue Group Holding AG Shareholders of Global Blue Group Holding AG Shareholders of Global Blue Group Holding AG as of March 31, 2021 as of March 31, 2020 as of March 31, 2019 Ordinary shares Preference shares Total Ownership (3) Warrants Ordinary Ordinary Global Blue Holding LP — — — — 40,000,000 40,000,000 Silver Lake and Affiliates (1) 98,017,072 11,970,487 109,987,559 55.5 % 6,548,415 — — Partners Group and Affiliates (2) 40,442,783 4,939,137 45,381,920 22.9 % 2,701,935 — — Ant Group 12,500,000 — 12,500,000 6.3 % — — — Tom Farley 3,723,363 — 3,723,363 1.9 % — — — Management 4,297,259 774,753 5,072,012 2.6 % — — — EBT 1,086,280 104,135 1,190,415 0.6 % 516,317 — — GB Directors, Executive Management & Other Employees 9,106,902 878,888 9,985,790 5.0 % 516,317 — — Other Shareholders 20,468,205 — 20,468,205 10.3 % 20,969,283 — — Total excl. GB Group 180,534,962 17,788,512 198,323,474 100.0 % 30,735,950 40,000,000 40,000,000 GB Group 7,000,000 5,929,477 12,929,477 — — — Total incl. GB Group 187,534,962 23,717,989 211,252,951 30,735,950 40,000,000 40,000,000 (1) - Corresponds to SL Globetrotter L.P. (2) - Corresponds to Global Blue Holding LP (which is controlled by Silver Lake) and shares directly held by Partners Group (3) - Excludes GB Group Ordinary shares Holders of these shares are entitled to dividends and are entitled to one vote per share at general meetings of the Company. From the financial year ended March 31, 2026 the preferential dividend will have to be first approved before approval of a dividend for ordinary shares to be granted. Preference shares Holders of these shares are entitled to dividends and are entitled to one vote per share at general meetings of the Company. In addition, the holders are entitled to preferential dividends beginning in the financial year ending March 31, 2026 at a rate of 8% with an increase by 1% each year thereafter. Given that no Preference Dividend is owed to Series A holders and no Preference Dividend has currently been approved by shareholders, no adjustment has been made to basic earnings per share related to the Series A Preferred Shares. Put Option Preference shares can be exchanged 1:1 for Ordinary shares at any time at the Shareholder´s election. The exchange will take place no earlier than 25 days, no later than 65 days after exercise of the put option. Call Option The Company can exercise a call option with 20 days’ notice to exchange the Preference shares 1:1 for Ordinary shares. The call option can only be exercised if (i) the 30 day VWAP of the ordinary shares is at least USD18.00 per share and (ii) no blackout or lockup is in effect. Redemption The Company may redeem the Preference shares for cash or Ordinary shares at the Shareholder’s election following the fifth anniversary of closing or on a change of control (if earlier). The redemption right can only be exercised if the 30 day VWAP of the Common Shares is at least USD10.00 or the value attributable on such change of control is USD10.00. Liquidation Each holder of Preference shares is entitled to a priority share of the liquidation proceeds up to USD10. The remainder is distributed to the holders of the Ordinary shares. Warrants As part of the reorganization and listing, 21,083,307 Public Warrants and 9,766,667 Private Warrants were issued for a total number of warrants (“Warrants”) of 30,849,974 at a fair value of EUR20.2 million. The Warrants were issued in exchange for goods or services provided by FPAC at the date of the merger. The Warrants were accounted for in accordance with IFRS2 as equity settled and were measured at the fair value of the equity instrument granted. 30,735,950 warrants are outstanding as of March 31, 2021. Please refer to Note 23 for details of the movement in the number of warrants during the period. The conditions for the Warrants are as listed below: Public Warrants Exercisability of Public Warrants The Public Warrants became exercisable on September 30, 2020 (30 days after the closing). The Public Warrants expire on August 31, 2025 (the fifth anniversary of the closing). Exercise Price The Private Warrants represent the right to purchase one of the Company shares at a price of USD11.50 per share. Adjustment The exercise price and the number of the Company shares issuable on exercise of the Public Warrants will be adjusted in certain circumstances, including in the event of a share dividend, extraordinary dividend or the Company’s recapitalization, reorganization, merger or consolidation. Fractional Shares No fractional shares will be issued upon exercise of the Public Warrants (rounding shall be down to the nearest whole number of the Company Shares). Redemption By contrast, the Company may call the Public Warrants for redemption in certain circumstances where the closing price of the shares equals or exceeds USD18.00. The Company may only call Public warrants for redemption: • in whole and not in part; • at a price of $0.01 per warrant; • upon not less than 30 days’ prior written notice of redemption to each warrant holder. If the Company calls the Public Warrants for redemption as described above, it will have the option to require any holder that wishes to exercise its Public Warrant prior to such redemption to do so on a “cashless basis.” Other The Public Warrants may be amended with the approval of at least 50% of the then outstanding Public Warrants to make any other change that adversely affects the interests of the Warrant holders. The Warrant holders do not have the rights or privileges of holders of the Company´s shares or any voting rights until they exercise their Public Warrants and receive the Company´s shares. Private Warrants Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants that become the Company Warrants described above, including as to exercise price, exercisability and exercise period, and adjustment. However, the Private Warrants will not be redeemable and may be exercised on a cashless basis. The Private Warrants are transferable (and have been transferable since they became exercisable on September 30, 2020). Open Market Trades, Block Trades or Public Offerings of Private Warrants shall be carried out pursuant to the registration statement that has been declared effective by the SEC, together with any required supplementary disclosure or prospectus at the time. |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Mar. 31, 2021 | |
Interests In Other Entities [Abstract] | |
Non-controlling interests | Non-controlling interests Non-controlling interests represent the participating interests of third parties in the Group's equity and are comprised of the following Group entities: (EUR thousand) As of March 31 Non-controlling interests 2021 2020 2019 Global Blue TFS Japan Co Ltd 3,969 4,873 4,524 Global Blue Lebanon SAL 472 714 944 Global Blue Touristik Hizmetler A.Ş. 1,234 1,917 2,573 Global Blue Management & Co S.C.A. — (508) (433) Global Blue Russia AO 581 833 218 Global Blue Russia Holdings B.V. 320 325 326 Global Blue Cross Border SA 203 222 274 Total Non-controlling interests 6,779 8,376 8,426 Dividends paid to non-controlling interests amounted to EUR0.2 million (EUR4.8 million for the financial year ended March 31, 2020, EUR3.9 million for the financial year ended March 31, 2019). For the financial year ended March 31, 2021 the dividend is related to Global Blue Touristik Hizmetler A.Ş. For the financial years ended March 31, 2020 and 2019 the dividends are related to Global Blue Touristik Hizmetler A.Ş., Global Blue TFS Japan Co Ltd and Global Blue Lebanon SAL. Summarized financial information on Subsidiaries with material non-controlling interest Set out below is the summarized financial information for each subsidiary that has a non-controlling interest that is material for the Group. (EUR thousand) Global Blue Global Blue Lebanon SAL Global Blue Turistik Hizmetler A.Ş. As of March 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Current Assets 4,308 13,513 11,984 395 3,453 5,241 2,821 6,386 6,173 Liabilities 10,841 19,978 17,536 549 2,098 3,981 2,134 5,498 4,535 Total current net assets (liabilities) (6,533) (6,465) (5,552) (154) 1,355 1,260 687 888 1,638 Non- current Assets 14,630 16,404 14,786 134 169 202 1,118 1,239 1,165 Liabilities 4 0 3 84 371 248 630 512 501 Total non-current net assets (liabilities) 14,626 16,404 14,783 50 (202) (46) 488 727 664 Net assets 8,093 9,939 9,231 (104) 1,153 1,214 1,175 1,615 2,302 (EUR thousand) Global Blue Global Blue Lebanon SAL Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Revenue 3,084 20,375 18,773 71 2,310 2,729 1,326 5,525 5,808 Profit for the year from continuing operations (1,140) 8,120 7,352 (43) 188 545 267 2,371 2,658 (EUR thousand) Global Blue TFS Japan Co. Ltd. Global Blue Lebanon SAL Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Net increase (decrease) in cash and cash equivalents (7,851) 8,709 (386) (622) 228 293 (1,034) 1,248 1,275 (EUR thousand) Global Blue Russia AO Global Blue Management & Co S.C.A. As of March 31 2021 2020 2019 2021 2020 2019 Current Assets 5,120 8,693 5,524 12 10 29 Liabilities 3,560 6,736 4,684 81 259,888 215,623 Total current net assets (liabilities) 1,560 1,957 840 (69) (259,878) (215,594) Non- current Assets 381 496 446 460,978 478,219 437,657 Liabilities — 3 49 — 248,146 246,571 Total non-current net assets (liabilities) 381 493 397 460,978 230,073 191,086 Net assets 1,941 2,450 1,237 460,909 (29,805) (24,508) (EUR thousand) Global Blue Russia AO Global Blue Management & Co S.C.A. For the financial year ended March 31 2021 2020 2019 2021 2020 2019 Revenue 756 3,581 1,803 — — — Profit (Loss) for the year from continuing operations (488) 1,857 652 (2,398) (5,297) (5,270) (EUR thousand) Global Blue Russia AO Global Blue Management & Co S.C.A. For the financial year ended March 31 2021 2020 2019 2021 2020 2019 Net increase (decrease) in cash and cash equivalents 1,999 693 657 (1) (19) (43) The Group holds interests in joint ventures that are individually not material, the main ones being Europass S.A.S and Cash Paris Tax Refund, both French-based companies involved in the TFSS business. Both entities are accounted for using the equity method in the consolidated financial statements. As part of the investments, loans granted by the Group to joint ventures amount to EUR0.6 million as of March 31, 2021 (EUR1.5 million as of March 31, 2020, EUR0 million as of March 31, 2019). The Group has the following investments in joint ventures and other investments: (EUR thousand) As of March 31 2021 2020 2019 Joint ventures 2,744 2,892 840 Other investments 753 3 1,604 Carrying amount of the Company’s interests: 3,497 2,895 2,444 The Group has the following income from joint ventures: (EUR thousand) For the financial year ended March 31 Income from joint ventures 2021 2020 2019 Share of profit or loss (1,056) (1,598) 1,603 Share of other comprehensive income — — — Share of total comprehensive income (1,054) (1,596) 1,605 |
Share-based Payment and Non-Con
Share-based Payment and Non-Convertible Equity Certificates | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Share-based Payments [Abstract] | |
Share-based Payments and Non-Convertible Equity Certificates | Share-based Payments and Non-Convertible Equity Certificates Share Based payments and Non-convertible Equity Certificates settled with IPO Management Equity Plan March 31, 2021 As of August 28, 2020, as part of the Group capital reorganization and merger with FPAC, the Management Equity Plan (MEP) ceased to exist. Instead, management received loan notes in Global Blue Investment and Co S.C.A. in exchange for all of their previously held shares. These loan notes were contributed through the chain of holding companies, until management ultimately received shares in Global Blue Group A.G, the previous parent of the Group. The shares were fully vested and were revalued according to IFRS 2 upon the capital reorganization, resulting in a non-cash revaluation charge of EUR58.7 million. At which point, a portion of the shares were sold for cash and the rest remained, reflecting management’s direct ownership in Global Blue Group Holding AG, and were reclassified into equity upon conversion from a cash-settled plan to an equity-settled plan. The movement in the share-based payment liability during the period is reflected below: (EUR thousand) SBP As of March 31, 2021 Opening balance as of April 1 7,396 Valuation up to August 27 974 SBP value as of August 27 8,370 Expense recognized in the profit and loss upon capital reorganization 58,744 SBP value as of August 28 67,114 Cash settlements upon reorganization (29,333) Conversion upon reorganization of remaining SBP liability to equity at FV (37,781) Closing balance as of March 31, 2021 — March 31, 2020 The first level management ("Executive Committee") and selected first and second level management ("Senior Management") of the Group were offered to participate in management share plans, allowing the members of these plans to invest in the equity of the Group. The Executive Committee were offered to invest into Global Blue Management and Co S.C.A. The senior managers were offered to invest through the Global Blue Equity Plan Employee Trust (‘the Trust’). Under both plans, the price paid for the shares equaled the grant date fair value of the share. The managers’ share plans were fully vested and were cash-settled share-based payment arrangements in the scope of IFRS 2 "Share-based payment" due to the terms and conditions of the plan. NC-PECs March 31, 2021 As of August 28, 2020, as part of the Group capital reorganization and merger with FPAC, the NC-PECs ceased to exist. Instead, management received loan notes in Global Blue Investment and Co S.C.A. in exchange for all of their NC-PECs. These loan notes were contributed through the chain of holding companies, until management ultimately received shares in Global Blue Group A.G, the previous parent of the Group. The NC-PECs were liability classified as they were cash-settled. Immediately prior to conversion into shares of the Company, the NC-PEC’s were revalued according to IFRS 2 as at the conversion date and reclassified in equity upon conversion from a cash-settled plan to an equity-settled plan. Refer to Note 23 for further details. March 31, 2020 The NC-PECs were part of the management investment and incentive plan put in place during the 2012 LBO. The Company’s indirect subsidiary Global Blue Management & Co S.C.A. issued on August 1, 2012 NC-PECs with a par value of EUR1.00 and a maximum amount of EUR500 million. As of March 31, 2020, the nominal value of NC-PECS, including accrued interest, was EUR1.9 million The NC-PECs bear interest with a rate of 10% per annum calculated on the par value of the NC-PECs outstanding and the accrued and unpaid yield of prior periods. The mandatory redemption date of the NC-PECs is July 26, 2061. At any time, Global Blue Management & Co S.C.A. may repurchase any or all of the NC-PECs at a repurchase price, which is equal to the par value of each NC-PEC plus accrued but unpaid yield on such NC-PEC for the NC-PECs repurchased. The NC-PECs rank prior to all subordinated securities (current and future), but the NC-PECs shall be subordinated to all other creditors of the previous ultimate parent of the Group (current and future). The movement in the NC-PECs liability is reflected below: (EUR thousand) For the financial year ended March 31 NC-PECs 2021 2020 2019 Nominal value including accrued interest on NC-PECs issued at the beginning of the year 1,920 1,750 1,591 Mark-to-market fair value charge (138) — — Accrued interests on NC-PECs 79 (5) 159 Transfer to equity (1,861) — — Reclassifications — 175 — Total value of NC-PECs direct investment — 1,920 1,750 Value at the beginning of the year 2,971 2,744 0 Accrued interest 120 227 — Derecognition of residual amount to profit and loss (101) — — Transfer to equity (2,990) — — Reclassifications — — 2,744 Interest bearing obligations towards senior management of Global Blue Group — 2,971 2,744 Total value of NC-PECs including accrued interest — 4,891 4,494 (Thousand of units) For the financial year ended March 31 NC-PECs 2021 2020 2019 NC-PECs issued at the beginning of the year 927 927 927 Issuance of NC-PECs — — — Transfer of NC-PECs to equity (927) — — Number of NC-PECs issued — 927 927 The liability towards senior management of the Group of EUR3.0 million as of March 31, 2020 relates to obligation of the Global Blue Management Equity Plan (MEP related to the 2012 LBO). The fair value of the interest-bearing liability towards senior management of Global Blue Group is assessed to be equal to the carrying value. The applicable interest rate of the instrument equals 10% per annum and computed on a 365-/366-day year basis and the actual number of days elapsed. Share-based payment plans in place As part of Global Blue’s Management Incentive Plan (“MIP”) the board has decided to issue a series of equity grants in the form of Global Blue share options and Global Blue restricted shares. On June 25, 2019, under the MIP, Global Blue granted 486,527 share options (“SOP”), and on November 12, 2020 granted 7,970,000 SOP and 475,491 restricted shares (“RSA”) to its employees. Participation in these plans is at the board’s discretion and subject to the consent of the individual receiving the grant. Equity settled share options - SOP On June 25, 2019, 486,527 share options were granted to employees of the Company, 50 percent with the vesting date June 24, 2022 and 50 percent with the vesting date June 24, 2024. Holders of share options once vested will be granted the right to purchase the Company’s shares at the exercise price of USD10.59. Expiry date for the granted share options is June 23, 2027. The fair value was calculated using a binomial option pricing model. Beside the exercise price mentioned above, the model inputs were the share price at grant date of USD10.59, expected volatility of 25 percent and a risk-free interest rate of 1.91 percent. The calculated value of the option was USD1.03 per share. On November 12, 2020, a total of 7.97 million share options were granted to employees of the Company. Holders of share options once vested will be granted the right to purchase the Company’s shares at the exercise price. Four tranches of options vesting on four respective vesting dates have been granted. Within each respective tranche, there are a further four tranches of options with four different exercise prices. Share options granted (thousands) 02/15/2022 08/15/2022 08/15/2023 08/15/2024 Total US$8.50 971 324 647 647 2,589 US$10.50 822 274 548 548 2,192 US$12.50 673 224 448 448 1,793 US$14.50 523 175 349 349 1,396 Total 2,989 997 1,992 1,992 7,970 Grant date 11/12/2020 11/12/2020 11/12/2020 11/12/2020 Share price at grant date (USD) 10.34 10.34 10.34 10.34 Expiry date 08/15/2026 08/15/2026 08/15/2026 08/15/2026 Exercise price (USD) 8.5 10.5 12.5 14.5 Fair value per share option (USD) 0.58 0.20 0.05 0.01 The fair value was calculated using a binomial option pricing model. The model inputs were the share price at grant date of USD10.34, exercise prices as mentioned above, expected volatility of 50 percent and a risk-free interest rate of 0.50 percent. Equity settled restricted share grants - RSA Under this plan, participants are granted Company’s ordinary share in line with the following vesting conditions: • 50% vesting based on the service condition: the employee remain in the employment of Global Blue • 25% vesting based on market performance conditions: increase of the absolute total shareholder return and benchmarking the total shareholder return to the MSCI ASWI index • 25% vesting based on non-market performance condition: measured by adjusted net income compound annual growth rate (CAGR) with a weight of 50%. As for the vesting period, 37.5% of RSAs vest on February 15, 2022, 12.5% on August 15, 2022, 25% on August 15, 2023, and 25% on August 15, 2024. On November 12, 2020, four tranches, a total of 475,491 restricted shares were granted to employees of the company. Grant date 11/12/2020 11/12/2020 11/12/2020 11/12/2020 Vesting date 02/15/2022 08/15/2022 08/15/2023 08/15/2024 Share price at grant date (USD) 10.34 10.34 10.34 10.34 Number of shares 178,309 59,436 118,873 118,873 Expiry date 08/15/2026 08/15/2026 08/15/2026 08/15/2026 Risk free interest rate 0.14 % 0.16 % 0.22 % 0.30 % Fair value per share (USD) 8.65 8.65 8.65 8.65 The estimated fair value is calculated based on the share price as at grant date, adjusted using the probability of achievement of the market-based performance conditions. The estimated fair value is based on the assumption that the service condition and non-market performance condition will be fully met. The model inputs were the share price at grant date of USD10.34, expected volatility of 50 percent, and the risk free interest rate as stipulated in the table above. No dividend payments were considered in the fair value. Due to the limited history of the company’s publicly traded shares, the volatility for all plans was calculated based on the historical share price volatility of a peer group which consists of similar publicly traded companies. This list of peers was selected from the peer group which was jointly defined by FPAC management and Global Blue management for the purpose of business valuation prior to the business reorganization. |
Loans and borrowings
Loans and borrowings | 12 Months Ended |
Mar. 31, 2021 | |
Borrowings [abstract] | |
Loans and borrowings | 4.00x 2.75% 2.50% ≤ 4.00x > 3.50x 2.25% 2.00% ≤ 3.50x > 3.00x 2.00% 1.75% ≤ 3.00x > 2.50x 1.75% 1.50% ≤ 2.50x > 2.00x 1.50% 1.25% ≤ 2.00x > 1.50x 1.25% 1.00% ≤ 1.50x 1.00% 0.75% On December 16, 2020, based on the Total Net Leverage on September 30, 2020, the applicable interest conditions (margin included) on the term loan and the RCF moved to 2.75% and 2.50% (2.00% and 1.75% as of August 28, 2020) respectively reflecting the change in credit risk. The financial covenant associated with the SFA is based on a level of Total Net Leverage and will be tested semi-annually, with the first test date being September 20, 2021. For purposes of the September 30, 2021 test, the Company will be required to have a Total Net Leverage Ratio lower than 5.0x. On February 3, 2021, Global Blue obtained a covenant waiver from its lenders under the SFA. The waiver provides that the semi-annual total net leverage financial covenant under the Facilities Agreement shall not be tested on the first two test dates, which would have been September 30, 2021 and March 31, 2022 as originally envisaged by the Facilities Agreement. Consequently, the first testing date of the total net leverage financial covenant will be September 30, 2022. In connection to the terms of the waiver, Global Blue agreed that for the period from (and including) September 30, 2021 to (and excluding) September 30, 2022 (the “Waiver Period”), Global Blue shall ensure that the liquidity (being the aggregate amount of cash and cash equivalents of the Group and the aggregate amount available to the Company and its subsidiaries (the “Group”) on a committed or uncommitted basis for utilization under any facilities or other debt or equity financing) on the last day of each calendar month (or, if such day is not a business day, then on the next succeeding business day) shall not be less than EUR35.0 million (the “Liquidity Condition”). The Liquidity Condition shall cease to apply if the revenues of the Group for any calendar month first being equal to or more than an amount equal to 40% of the revenues of the Group for the pre-COVID-19 period, namely the corresponding calendar month during the period from (and including) February 1, 2019 to (and including) January 31, 2020. If the Liquidity Condition is not met, the Company can cure a breach of the Liquidity Condition with the proceeds of equity or subordinated debt contributions or any other source available to the Group. The debt costs related to the old “SFA” were fully expensed in the amount of EUR9.7 million. As of March 31, 2021 EUR9.3 million debt costs were recognized related to the new SFA. Out of this amount, EUR1.1 million were amortized during the year, EUR8.2 million are unamortized. Security First-ranking security has been provided in favor of the lenders under the new SFA. This security includes pledges on the assets of material subsidiaries of the Company at the time of the implementation of the transaction security, to the extent legally permitted and operationally practical. All debt being issued under the SFA ranks pari-passu. (EUR thousand) As of March 31 Security Notes 2021 2020 2019 Pledge of shares of consolidated companies (net equity in subsidiaries) 236,808 93,743 118,262 Pledge of trade receivables, other current receivables, prepaid expenses and income tax receivable 19, 20, 21 17,609 94,286 162,110 Pledge of cash in hand 22 4,918 169,952 73,493 Interest Rate Swaps As of March 31, 2021 (and as of March 31, 2020 and as of March 31, 2019), there were no interest rate swaps outstanding. Bank overdrafts Local credit facilities are available in certain jurisdictions and the facilities as per the end of the financial year are limited to EUR18.2 million (EUR21.4 million as of March 31, 2020, EUR12.6 million as of March 31, 2019). None of these local overdraft facilities were committed in nature. Revolving Credit Facilities The total drawings under the RCF as of March 31, 2021 were EUR99.0 million ( EUR0.9 under the old RCF as of March 31, 2020). This consists of EUR99.0 million of cash drawings, which was drawn as a precautionary measure and EUR0.2 million of non-cash guarantees issued for commercial and financial reasons. This leaves the Group with EUR0.8 million (as of March 31, 2021) undrawn capacity. The RCF capacity does not qualify as cash and cash equivalents. Under the SFA, Global Blue is permitted to maintain the current level of cash drawings from the RCF until the maturity date of the facility, being August 28, 2025. At this moment, Global Blue does not intend to repay the cash drawings under the RCF within the next 12 months. Supplemental Liquidity Facility In connection with the closing of the merger and listing, certain pre-transaction shareholders put in place a USD75 million Supplemental Liquidity Facility. The shareholders who are lenders under the Supplemental Liquidity Facility have retained, and not distributed to their investors, transaction proceeds to provide funding for loans they may be required to make to the Group under this commitment. This Facility would be available for 18-months, starting from August 31, 2020, and have a two-year maturity once drawn with a 2.75% interest expense. The Company, subject to the approval of the Group’s Board of Directors, will have the ability to draw upon the facility to (i) use as an EBITDA cure should there be a covenant breach or (ii) fund liquidity needs. As of March 31, 2021, no amount from the above-mentioned facility has been drawn." id="sjs-B4">Loans and borrowings (EUR thousand) As of March 31 Interest-bearing loans and borrowings from credit institutions Note 2021 2020 2019 Long-term financing - Term senior debt — 634,267 635,839 Long-term financing - Senior debt facility 630,000 — — Capitalized financing fees (8,255) (9,672) (13,441) Revolving Credit Facility (RCF) 99,000 — — Other bank overdraft 111 1,081 2,102 Total 18 720,856 625,676 624,500 Short-term portion 111 1,081 2,102 Long-term portion 720,745 624,595 622,398 Total 18 720,856 625,676 624,500 (EUR thousand) As of March 31 2021 2020 2019 Carrying value Fair value Effective interest Carrying value Fair value Effective interest Carrying value Fair value Effective interest Term senior debt — — n.a. 625,507 613,220 3.61 % 623,831 593,452 3.84 % Senior debt facility 621,745 640,836 3.18 % — — n.a. — — n.a. Capitalized financing fees - RCF — — n.a. (912) (912) n.a. (1,433) (1,433) n.a. Revolving Credit Facility (RCF) 99,000 99,000 n.a. — — n.a. — — n.a. Total non-current 720,745 739,836 624,595 612,308 622,398 592,019 Other bank overdraft 111 111 n.a. 1,081 1,081 n.a. 2,102 2,102 n.a. Total current 111 111 1,081 1,081 2,102 2,102 Total 720,856 739,947 625,676 613,389 624,500 594,121 The fair value of Senior debt facility loan has been estimated by discounting future cash flows using the effective interest rate of the Term senior debt loan as at inception, on August 28, 2020. The fair value has been measured using observable inputs (level 2) in line with the fair value hierarchy. The effective interest rate of the Term senior debt comprises of the amortization of debt costs, effects of IFRS 9 and the nominal interest rate of the debt. On August 28, 2020, the group entered into a new Senior Facilities Agreement ("SFA"). The SFA comprises of a term loan of EUR630.0 million, fully drawn since inception and a Revolving Credit Facility (“RCF”) of EUR100.0 million which was drawn in cash for EUR99.0 million as a precautionary measure. The proceeds from the term loan under the SFA were used to fully repay the term loan of EUR630.0 million and amounts outstanding under the RCF of EUR79.0 million under the previous Term senior debt.. The SFA has a maturity date of August 28, 2025. The interest conditions of the term loan and RCF are set as the Euribor of the period with a floor of 0.00% plus a margin. The respective margins are dependent on the Total Net Leverage, which is calculated based on the Annual financial statements as per the below table. Total Net Leverage Term Loan Revolving Credit Facility > 4.00x 2.75% 2.50% ≤ 4.00x > 3.50x 2.25% 2.00% ≤ 3.50x > 3.00x 2.00% 1.75% ≤ 3.00x > 2.50x 1.75% 1.50% ≤ 2.50x > 2.00x 1.50% 1.25% ≤ 2.00x > 1.50x 1.25% 1.00% ≤ 1.50x 1.00% 0.75% On December 16, 2020, based on the Total Net Leverage on September 30, 2020, the applicable interest conditions (margin included) on the term loan and the RCF moved to 2.75% and 2.50% (2.00% and 1.75% as of August 28, 2020) respectively reflecting the change in credit risk. The financial covenant associated with the SFA is based on a level of Total Net Leverage and will be tested semi-annually, with the first test date being September 20, 2021. For purposes of the September 30, 2021 test, the Company will be required to have a Total Net Leverage Ratio lower than 5.0x. On February 3, 2021, Global Blue obtained a covenant waiver from its lenders under the SFA. The waiver provides that the semi-annual total net leverage financial covenant under the Facilities Agreement shall not be tested on the first two test dates, which would have been September 30, 2021 and March 31, 2022 as originally envisaged by the Facilities Agreement. Consequently, the first testing date of the total net leverage financial covenant will be September 30, 2022. In connection to the terms of the waiver, Global Blue agreed that for the period from (and including) September 30, 2021 to (and excluding) September 30, 2022 (the “Waiver Period”), Global Blue shall ensure that the liquidity (being the aggregate amount of cash and cash equivalents of the Group and the aggregate amount available to the Company and its subsidiaries (the “Group”) on a committed or uncommitted basis for utilization under any facilities or other debt or equity financing) on the last day of each calendar month (or, if such day is not a business day, then on the next succeeding business day) shall not be less than EUR35.0 million (the “Liquidity Condition”). The Liquidity Condition shall cease to apply if the revenues of the Group for any calendar month first being equal to or more than an amount equal to 40% of the revenues of the Group for the pre-COVID-19 period, namely the corresponding calendar month during the period from (and including) February 1, 2019 to (and including) January 31, 2020. If the Liquidity Condition is not met, the Company can cure a breach of the Liquidity Condition with the proceeds of equity or subordinated debt contributions or any other source available to the Group. The debt costs related to the old “SFA” were fully expensed in the amount of EUR9.7 million. As of March 31, 2021 EUR9.3 million debt costs were recognized related to the new SFA. Out of this amount, EUR1.1 million were amortized during the year, EUR8.2 million are unamortized. Security First-ranking security has been provided in favor of the lenders under the new SFA. This security includes pledges on the assets of material subsidiaries of the Company at the time of the implementation of the transaction security, to the extent legally permitted and operationally practical. All debt being issued under the SFA ranks pari-passu. (EUR thousand) As of March 31 Security Notes 2021 2020 2019 Pledge of shares of consolidated companies (net equity in subsidiaries) 236,808 93,743 118,262 Pledge of trade receivables, other current receivables, prepaid expenses and income tax receivable 19, 20, 21 17,609 94,286 162,110 Pledge of cash in hand 22 4,918 169,952 73,493 Interest Rate Swaps As of March 31, 2021 (and as of March 31, 2020 and as of March 31, 2019), there were no interest rate swaps outstanding. Bank overdrafts Local credit facilities are available in certain jurisdictions and the facilities as per the end of the financial year are limited to EUR18.2 million (EUR21.4 million as of March 31, 2020, EUR12.6 million as of March 31, 2019). None of these local overdraft facilities were committed in nature. Revolving Credit Facilities The total drawings under the RCF as of March 31, 2021 were EUR99.0 million ( EUR0.9 under the old RCF as of March 31, 2020). This consists of EUR99.0 million of cash drawings, which was drawn as a precautionary measure and EUR0.2 million of non-cash guarantees issued for commercial and financial reasons. This leaves the Group with EUR0.8 million (as of March 31, 2021) undrawn capacity. The RCF capacity does not qualify as cash and cash equivalents. Under the SFA, Global Blue is permitted to maintain the current level of cash drawings from the RCF until the maturity date of the facility, being August 28, 2025. At this moment, Global Blue does not intend to repay the cash drawings under the RCF within the next 12 months. Supplemental Liquidity Facility In connection with the closing of the merger and listing, certain pre-transaction shareholders put in place a USD75 million Supplemental Liquidity Facility. The shareholders who are lenders under the Supplemental Liquidity Facility have retained, and not distributed to their investors, transaction proceeds to provide funding for loans they may be required to make to the Group under this commitment. This Facility would be available for 18-months, starting from August 31, 2020, and have a two-year maturity once drawn with a 2.75% interest expense. The Company, subject to the approval of the Group’s Board of Directors, will have the ability to draw upon the facility to (i) use as an EBITDA cure should there be a covenant breach or (ii) fund liquidity needs. As of March 31, 2021, no amount from the above-mentioned facility has been drawn. |
Other long-term liabilities
Other long-term liabilities | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other long-term liabilities | Other long-term liabilities Other long-term liabilities can be summarized as follows: (EUR thousand) As of March 31 Other long term liabilities Notes 2021 2020 2019 Other long-term liabilities 10,349 2,003 2,078 Lease liabilities long-term 13 19,122 27,750 32,420 Closing balance as of March 31 29,471 29,753 34,498 Other long-term liabilities as of March 31, 2021 includes EUR7.4 million representing the Put Options liability related to ZigZag Global Acquisition. For further information refer to Note 37 |
Deferred income tax assets and
Deferred income tax assets and liabilities | 12 Months Ended |
Mar. 31, 2021 | |
Deferred tax assets and liabilities [abstract] | |
Deferred income tax assets and liabilities | Deferred income tax assets and liabilities (EUR thousand) As of March 31 Net movement on the deferred tax account 2021 2020 2019 Opening balance as of April 1 (22,215) (38,512) (54,442) Acquisition of subsidiary (1,305) — — Income statement credit 34,167 16,198 15,997 Tax (charge) / credit relating to components of other comprehensive income 108 307 (74) Exchange differences 255 (208) 7 Closing balance as of March 31 11,010 (22,215) (38,512) (EUR thousand) As of March 31 2021 2020 2019 Deferred tax Deferred tax relates to the following: Assets Liabilities Assets Liabilities Assets Liabilities Tax charged to income statement Trade Receivables 212 — 489 (2) 843 (23) Property, plant and equipment 619 (2,274) 507 (834) 578 (1,018) Intangible assets 584 (3,163) 333 (1,516) 344 (1,085) Current liabilities 3,419 (366) 3,798 (107) 2,825 (88) Loans and borrowings 2,848 — 2,681 — 901 — Other items 1,107 (230) 2,189 (2,752) 2,303 (2,010) Deferred tax on tax credits 1,643 — 1,028 — — — Tax value of loss carry-forwards recognized 23,405 — 3,939 — 4,645 — Tax recognized in other comprehensive income Retirement benefit obligations 148 — 40 — 347 — Reclassifications (3,393) 3,393 (2,655) 2,655 (1,922) 1,922 Deferred tax related to acquired intangibles in business combination (2012 LBO) Intangible assets TFS — (8,944) — (15,652) — (22,360) Intangible assets TFS KA's and NA's — (2,305) — (9,219) — (16,133) Intangible assets DCC Acquirers — (319) — (1,290) — (2,261) Intangible assets Global Blue Trademark — (5,374) — (5,847) — (6,320) Total 30,592 (19,582) 12,349 (34,564) 10,864 (49,376) (EUR thousand) As of March 31 Deferred tax recoverability 2021 2020 2019 Deferred tax assets to be recovered after more than 12 months 29,203 7,690 8,423 Deferred tax assets to be recovered within 12 months 1,389 4,659 2,441 Deferred tax assets 30,592 12,349 10,864 Deferred tax liabilities to be recovered after more than 12 months 16,646 33,672 48,317 Deferred tax liabilities to be recovered within 12 months 2,936 892 1,059 Deferred tax liabilities 19,582 34,564 49,376 The deferred tax assets include an amount of EUR19.1 million which relates to carried-forward tax losses of our Australian, German, Spanish, Swiss, French and Italian subsidiaries, all of which are operating in the Group’s key markets from revenue and profit-generating perspective. These losses were incurred over the last financial year due to the coronavirus pandemic and the resulting travel restrictions which caused a significant reduction in revenues. Based on the latest 5-year forecast, these entities are expected to generate sufficient taxable profit against which the incurred losses can be offset. Therefore, the Group has concluded that the deferred tax assets will be recoverable. The losses can be carried forward indefinitely with the exception of Switzerland, where the expiry of the losses is 7 years. (EUR thousand) As of March 31 Expiry of total tax loss carried forward 2021 2020 2019 Expiry within 1 year — 1,072 1,286 Expiry 1-2 years 19,705 2,320 2,365 Expiry 2-5 years 3,707 105,598 72,129 Expiry after 5 years 113,671 55,197 88,818 No expiration 245,643 56,707 50,439 Total 382,726 220,894 215,037 Out of the EUR382.7 million (EUR220.9 million as of March 31, 2020, EUR215.0 million as of March 31, 2019) total tax loss carried forward, EUR128.6 million (EUR14.5 million as of March 31, 2020, EUR21.6 million as of March 31, 2019) has been recognized as a deferred tax asset, while EUR254.1 million (EUR206.4 million as of March 31, 2020, EUR193.5 million as of March 31, 2019) has not been recognized as it is not probable that future taxable profits, which the Group can utilize the benefits from, will be available. The unused tax losses were mainly incurred in holding entities which are not likely to generate taxable income in the foreseeable future. A large part of the tax losses carried forward, for which no deferred tax has been recognized, either expires after 5 years or has no expiration date. An expiry date schedule is provided below: (EUR thousand) As of March 31 Deferred tax assets have not been recognized for the following unused tax losses: 2021 2020 2019 Expiry within 1 year — 94 195 Expiry 1-2 years 19,668 274 97 Expiry 2-5 years 678 102,271 68,737 Expiry after 5 years 44,337 54,242 82,615 No expiration 189,404 49,496 41,840 Total 254,087 206,377 193,484 The total tax loss carried forward of EUR128.6 million (EUR14.5 million as of March 31, 2020, EUR21.6 million as of March 31, 2019) for which a deferred tax asset has been recognized at March 31, 2021, has resulted in deferred tax assets of EUR23.4 million (EUR3.9 million as of March 31, 2020, EUR4.6 million as of March 31, 2019). The legal entities are allowed to carry these losses forward and deduct them against future taxable profits. |
Post-employment benefits
Post-employment benefits | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Employee Benefits [Abstract] | |
Post-employment benefits | Employee benefits expenses (EUR thousand) For the financial year ended March 31 Employee benefits expenses Note 2021 2020 2019 Salaries and bonuses (52,413) (105,436) (95,118) Social security charges (11,502) (21,012) (20,398) Social costs (1,003) (2,588) (2,448) Defined benefit plans 29 (1,169) (1,199) (652) Other personnel expenses (350) (1,651) (3,472) Total (66,437) (131,886) (122,088) For further detail regarding key management personnel remuneration, including pension obligations and other remuneration, please refer to Note 42. Commitments regarding retirement pension and family pension for employees in Switzerland and Norway are secured externally through a defined benefit plan and accounted for accordingly. For employees in Austria, Korea, Italy, Turkey and France the commitment relates a severance benefit paid at retirement, as governed by local law. For employees in Australia the commitment regards long service leave plans, as governed by local law. (EUR thousand) As of March 31 2021 2020 2019 Balance sheet obligations for: Pension benefits liability 7,020 7,619 5,062 Long service leave 536 343 — Income statement (credit) charge for: Pension benefits 1,106 1,155 (341) Long service leave 199 76 — Other comprehensive income: Remeasurements of post employment benefit obligations (52) 2,162 (428) The table below reconciles the net obligation in respect of the Group’s pension plans and other post-employment benefit plans with the amounts recognized in the consolidated financial statements. (EUR thousand) For the financial year ended March 31 Changes in the present value of defined benefit obligation 2021 2020 2019 Defined benefit obligation as of April 1 16,939 12,822 12,620 Current service cost 721 1,202 1,224 Interest expense 99 166 128 Contributions by employees 1,473 838 1,101 (Gain)/loss from change in demographic assumptions — — 43 (Gain)/loss from change in financial assumptions (130) 1,915 (439) Experience (gains)/loss 94 211 (44) Benefits paid (1,369) (884) (1,036) Settlements 23 (3) (1,206) Exchange differences (701) 671 431 Defined benefit obligation as of March 31 17,149 16,939 12,822 (EUR thousand) For the financial year ended March 31 Changes in the fair value of plan assets 2021 2020 2019 Opening balance fair value of plan assets 9,320 7,760 7,213 Acquisition of subsidiary Interest income 28 79 53 Return on plan assets (excluding amounts included in net interest expense) 16 (36) (12) Contributions by employer 684 714 717 Contributions by employees 1,473 838 1,101 Benefits paid (981) (575) (919) Settlements — — (668) Exchange differences (410) 540 275 Closing balance fair value of plan assets as of March 31 10,130 9,320 7,760 (EUR thousand) For the financial year ended March 31 Amounts recognized in the income statement 2021 2020 2019 Current service cost 721 1,202 1,224 Interest cost 71 87 75 Administrative cost — — (667) Effect of any curtailments/settlements (+/-) 23 (3) (1,206) Unrealized FX impact 291 (131) 233 Total net periodic cost (income) 1,106 1,155 (341) The expected charge to the income statement relating to post-employment plans for the financial year ending March 31, 2022 amounts to EUR1.3 million (EUR1.5 million for the financial year ended March 31, 2021, EUR1.2 million for the financial year ended March 31, 2020). Actuarial valuations of the Group’s benefit obligations were computed by the Group with assistance from external actuaries as of March 31, 2021, 2020 and 2019. These calculations were based on the following financial and demographic assumptions: (%) As of March 31, 2021 Austria Switzerland France Italy Korea Turkey Discount rate 0.40 % 0.20 % 0.40 % 0.30 % 2.00 % 12.50 % Inflation rate — 1.00 % — 1.50 % — — Future salary increases 3.00 % 1.50 % 2.00 % — 2.00 % 15.00 % Future pension increases — — — — — — (%) As of March 31, 2020 Austria Switzerland France Italy Korea Turkey Discount rate 0.90 % 0.30 % 0.90 % 0.80 % 2.00 % 12.00 % Inflation rate — 1.00 % — 1.50 % — — Future salary increases 3.00 % 1.50 % 2.00 % — 2.00 % 15.00 % Future pension increases — — — — — — (%) As of March 31, 2019 Austria Switzerland France Italy Korea Turkey Discount rate 1.75 % 0.90 % 1.75 % 1.60 % 2.30 % 16.00 % Inflation rate — 1.00 % 0.00% 1.50 % 0.00% 0.00% Future salary increases 3.00 % 1.50 % 2.00% 0.00 % 2.00 % 15.00 % Future pension increases — — — — — — Assumptions regarding future mortality experience are set based on actuarial advice in accordance with published statistics and experience in each territory. Mortality assumptions for the Group´s most significant country, Switzerland, are based on the mortality table BVG 2020 as of financial years ended March 31, 2021, and BVG 2015 as of financial years ended March 31, 2020 and 2019 for future and current retirees. (Retirement age) As of March 31, 2021 Austria Switzerland France Italy Korea Turkey Retirement age: - Male 62 65 64 67 60 Individual - Female 62 64 62 67 60 Individual (Retirement age) As of March 31, 2020 Austria Switzerland France Italy Korea Turkey Retirement age: - Male 62 65 64 67 60 Individual - Female 62 64 62 67 60 Individual (Retirement age) As of March 31, 2019 Austria Switzerland France Italy Korea Turkey Retirement age: - Male 62 65 64 67 60 Individual - Female 62 64 62 67 60 Individual Maturity profile of the post-employment benefit plan Austria Switzerland France Italy Korea Turkey Duration in years 12.10 20.50 16.40 9.80 12.10 13.30 Expected contributions as of March 31, 2021 in EUR thousands — 694 — — — — Maturity profile of the post-employment benefit plan Austria Switzerland France Italy Korea Turkey Duration in years 13.50 20.90 16.40 10.20 12.90 13.20 Expected contributions as of March 31, 2020 in EUR thousands — 725 — — — — Maturity profile of the post-employment benefit plan Austria Switzerland France Italy Korea Turkey Duration in years 13.80 19.90 16.40 9.50 13.20 10.50 Expected contributions as of March 31, 2019 in EUR thousands — 699 — — — — The table below shows the fair value of plan assets relating to the Group’s pension and other post-employment plans, split by asset category: (EUR thousands) As of March 31 2021 2020 2019 Plan assets are comprised as follows: Value % Value % Value % Equity instruments — 0.0 % — 0.0 % 62 0.7 % Debt instruments — 0.0 % — 0.0 % 116 1.4 % Euroland bonds — 0.0 % — 0.0 % 61 0.7 % Hold to maturity bonds — 0.0 % — 0.0 % 149 1.8 % Property — 0.0 % — 0.0 % 44 0.5 % Other assets — 0.0 % — 0.0 % 54 0.6 % Alternative investments — 0.0 % — 0.0 % — 0.0 % Insurance contracts 10,130 100.0 % 9,320 100.0 % 7,843 94.3 % Total 10,130 100 % 9,320 100 % 8,329 100 % The pension plans in Switzerland are the only funded plans in the Group. The tables below summarizes the percentage change in the Net defined benefit obligation as of March 31, as a result of sensitizing each of the metrics (discount rate, salary growth rate, and actuarial basis (mortality)) on a country-level: (%) As of March 31, 2021 Sensitivity analysis Austria Switzerland France Italy Korea Turkey Discount rate - decrease by 0.5% +6.2 % +11.0 % +8.6 % +5.1 % +6.2 % +6.2 % Discount rate - increase by 0.5% (5.8 %) (9.4 %) (7.8 %) (4.7 %) (5.7 %) (5.7 %) Salary growth rate - decrease by 0.5% (5.7 %) (1.1 %) (7.7 %) (4.4 %) (5.6 %) (5.5 %) Salary growth rate - increase by 0.5% +6.0 % +1.2 % +8.4 % +4.7 % +6.0 % +6.0 % Actuarial basis (mortality) (10.0)% — +1.7 % — — — — Actuarial basis (mortality) 10.0% — (1.6 %) — — — — (%) As of March 31, 2020 Sensitivity analysis Austria Switzerland France Italy Korea Turkey Discount rate - decrease by 0.5% +6.9 % +11.2 % +8.6 % +5.3 % +6.6 % +6.1 % Discount rate - increase by 0.5% -6.4 % -9.6 % -7.7 % -4.8 % -6.1 % -5.6 % Salary growth rate - decrease by 0.5% -6.3 % -1.4 % -7.7 % -4.6 % -6.0 % -5.5 % Salary growth rate - increase by 0.5% +6.7 % +1.4 % +8.4 % +5.0 % +6.5 % +5.9 % Actuarial basis (mortality) (10.0)% — +1.6 % — — — — Actuarial basis (mortality) 10.0% — -1.5 % — — — — (%) As of March 31, 2019 Sensitivity analysis Austria Switzerland France Italy Korea Turkey Discount rate - decrease by 0.5% +7.2 % +10.6 % +8.5 % +4.9 % +6.8 % +4.7 % Discount rate - increase by 0.5% -6.7 % -9.1 % -7.7 % -4.5 % -6.2 % -4.4 % Salary growth rate - decrease by 0.5% -6.6 % -1.4 % -7.7 % -4.3 % -6.1 % -4.4 % Salary growth rate - increase by 0.5% +7.1 % +1.5 % +8.4 % +4.6 % +6.6 % +4.7 % Actuarial basis (mortality) (10.0)% — +1.4 % — — — — Actuarial basis (mortality) 10.0% — -1.2 % — — — — The employer contributions to post-employment benefit plans are as of March 31, 2021 EUR0.7 million (EUR0.7 million as of March 31, 2020, EUR0.7 million as of March 31, 2019). (EUR thousand) As of March 31 Position of the post-employment benefit plan 2021 2020 2019 Present value of defined benefit obligation 17,149 16,939 12,822 Fair value of plan assets (10,130) (9,320) (7,760) Deficit in the plan 7,019 7,619 5,062 Experience adjustments on defined benefit obligation (94) (211) 44 Commitments regarding retirement pension and family pension for employees in Sweden are secured through an insurance policy with Alecta. This is a defined benefit plan that includes several employers. The pension plan according to the supplementary pensions for salaried employees, ITP (industrins tilläggspension) which is secured by insurance policies with Alecta, is reported as a defined contribution plan. Please note that the related liabilities and assets amounting to EUR2.5 million as of March 31, 2021 (EUR2.0 million as of March 31, 2020, EUR2.1 million as of March 31, 2019) are presented under “Other long-term liabilities” (Note 27) and “Other non-current receivables” (Note 17), respectively. Other pension provisions are related to pension plans for senior management. The plans have been treated as defined contribution plans. Commitments regarding endowment insurances were secured through three insurance policies with Danica, Skandia and SEB. Please note that the receivables related to these insurance policies are presented under “Other non-current receivables” (Note 17). As of March 31, 2019, the DBN defined benefit pension plan in Norway was terminated, meaning the Group bears no further risk associated to the plan. |
Provision for other liabilities
Provision for other liabilities and charges | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Provision of other liabilities and charges | Provision for other liabilities and charges (EUR thousand) As of March 31 Legal claims 2021 2020 2019 Opening balance as of April 1 2,235 1,746 1,485 Additional provisions 1,337 537 278 Amounts utilized during the year — — (17) Not utilized amounts which have been reversed during the year (1,360) (50) — Translation differences for the financial year (10) 2 — Closing balance as of March 31 2,202 2,235 1,746 Non-current 2,202 2,235 1,746 Current — — — Total Provisions 2,202 2,235 1,746 Litigations The Group has not been involved in any legal or arbitration proceedings which may have, or have had, a significant effect on the Group's financial position during the last 12 months preceding the date of this document. For more information see Note 30. No contingent liabilities were identified by the Group. |
Trade payables
Trade payables | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade payables | Trade payables (EUR thousand) As of March 31 Trade payables 2021 2020 2019 Merchants 48,190 113,128 124,008 Tourists 80,473 92,394 91,735 Agents 3,956 3,744 19,566 Other trade payables 14,858 28,053 28,411 Total 147,477 237,319 263,720 Other trade payables mainly consist of accrued immediate refunds. The carrying amount is a reasonable approximation of the fair value of the trade payables due to the short-term nature of the payables. |
Other current liabilities
Other current liabilities | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current liabilities | Other current liabilities (EUR thousand) As of March 31 Other current liabilities Notes 2021 2020 2019 Account payables - Non trade 5,833 12,284 10,690 Input VAT, withholding tax 1,370 3,208 4,238 Personnel taxes 8,829 4,185 3,313 Share-based payment obligation — 7,396 6,161 Lease liability short-term 13 12,578 14,001 13,713 AVPS liabilities 3,983 3,584 19,820 Other current liabilities 11,600 578 953 Total 44,193 45,236 58,888 Other current liabilities of EUR11.6 million (EUR0.6 million as of March 31, 2020, EUR1.0 million as of March 31, 2019) mainly consist of contingent consideration payables (earn out) as part of the acquisition of ZigZag Global. The earn out is measured at the fair value as at the acquisition date. For more information, refer to Note 37. Share-based payment obligation |
Accrued liabilities
Accrued liabilities | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accrued liabilities | Accrued liabilities (EUR thousand) As of March 31 Accrued liabilities 2021 2020 2019 Salaries and related items 17,853 22,582 19,341 Interest on external loans 1,815 — 124 Auditors, lawyers and consultants 7,287 5,508 3,702 Advertising and promotion 229 656 864 Rent 1,011 596 1,377 IT 514 1,113 1,465 Other accrued liabilities 8,357 11,245 13,069 Restructuring costs related to employees — 133 28 Total 37,066 41,833 39,970 Other accrued liabilities include primarily an accrual for the tax matter in France for EUR 6.5 million. On April 13, 2021 Global Blue received the corresponding collection notice from the French tax authorities for this matter and has paid the amount on April 15, 2021. |
Adjustments to cash from operat
Adjustments to cash from operating activities | 12 Months Ended |
Mar. 31, 2021 | |
Statement of cash flows [abstract] | |
Adjustments to cash from operating activities | Adjustments to cash from operating activities (EUR thousand) For the financial year ended March 31 Net deductible financial income (cost) 2021 2020 2019 Net change in capitalized financing costs (excl. yearly amortization) (937) (9) — Net change in interests payable 28 55 3 Net foreign exchange gains/(losses) on financing activities (280) 3,105 861 Net foreign exchange gains/(losses) (1,379) (4,178) (399) Other finance income 2,121 1,650 1,403 Interest received 345 552 562 Other finance expenses (2,203) (5,947) (3,501) Total (2,305) (4,772) (1,071) (EUR thousand) For the financial year ended March 31 Elimination of non-cash revenue and expenses included in Profit before tax 2021 2020 2019 Change in provisions (22) 486 277 Change in the value of retirement benefit obligation (976) 59 (712) Changes in share-based payments 1,239 — — Put options 2,817 — — Impairment financial assets — 0 101 Impairment tangible and intangible assets 1,676 — — Fair value (gain)/loss on derivative financial instruments 489 (894) 1 Profit/(loss) from participations in associated companies 1,056 1,839 — Gain/(loss) on Share base payments and NC-PECS — 1,771 1,053 Capital gain/loss tangible and intangible assets 696 — — Other 649 (322) 485 Total 7,624 2,939 1,205 (EUR thousand) For the financial year ended March 31 2021 2020 2019 Trade receivables 111,033 105,169 20,792 Other current receivables 3,450 14,690 (15,579) Prepaid expenses 3,023 6,890 (540) (Increase) / Decrease in operating receivables 117,506 126,749 4,673 Trade payables (89,462) (25,432) (7,040) Other current liabilities (1,622) (14,795) 10,888 Accrued liabilities (6,579) 2,458 (5,200) Increase / (decrease) in operating payables (97,663) (37,769) (1,352) Cash flows from changes in working capital 19,843 88,980 3,321 |
Cash flows from changes in work
Cash flows from changes in working capital | 12 Months Ended |
Mar. 31, 2021 | |
Statement of cash flows [abstract] | |
Cash flows from changes in working capital | Adjustments to cash from operating activities (EUR thousand) For the financial year ended March 31 Net deductible financial income (cost) 2021 2020 2019 Net change in capitalized financing costs (excl. yearly amortization) (937) (9) — Net change in interests payable 28 55 3 Net foreign exchange gains/(losses) on financing activities (280) 3,105 861 Net foreign exchange gains/(losses) (1,379) (4,178) (399) Other finance income 2,121 1,650 1,403 Interest received 345 552 562 Other finance expenses (2,203) (5,947) (3,501) Total (2,305) (4,772) (1,071) (EUR thousand) For the financial year ended March 31 Elimination of non-cash revenue and expenses included in Profit before tax 2021 2020 2019 Change in provisions (22) 486 277 Change in the value of retirement benefit obligation (976) 59 (712) Changes in share-based payments 1,239 — — Put options 2,817 — — Impairment financial assets — 0 101 Impairment tangible and intangible assets 1,676 — — Fair value (gain)/loss on derivative financial instruments 489 (894) 1 Profit/(loss) from participations in associated companies 1,056 1,839 — Gain/(loss) on Share base payments and NC-PECS — 1,771 1,053 Capital gain/loss tangible and intangible assets 696 — — Other 649 (322) 485 Total 7,624 2,939 1,205 (EUR thousand) For the financial year ended March 31 2021 2020 2019 Trade receivables 111,033 105,169 20,792 Other current receivables 3,450 14,690 (15,579) Prepaid expenses 3,023 6,890 (540) (Increase) / Decrease in operating receivables 117,506 126,749 4,673 Trade payables (89,462) (25,432) (7,040) Other current liabilities (1,622) (14,795) 10,888 Accrued liabilities (6,579) 2,458 (5,200) Increase / (decrease) in operating payables (97,663) (37,769) (1,352) Cash flows from changes in working capital 19,843 88,980 3,321 |
Contingent liabilities and liti
Contingent liabilities and litigations | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Contingent Liabilities And Litigations [Abstract] | |
Contingent liabilities and litigations | Provision for other liabilities and charges (EUR thousand) As of March 31 Legal claims 2021 2020 2019 Opening balance as of April 1 2,235 1,746 1,485 Additional provisions 1,337 537 278 Amounts utilized during the year — — (17) Not utilized amounts which have been reversed during the year (1,360) (50) — Translation differences for the financial year (10) 2 — Closing balance as of March 31 2,202 2,235 1,746 Non-current 2,202 2,235 1,746 Current — — — Total Provisions 2,202 2,235 1,746 Litigations The Group has not been involved in any legal or arbitration proceedings which may have, or have had, a significant effect on the Group's financial position during the last 12 months preceding the date of this document. For more information see Note 30. No contingent liabilities were identified by the Group. |
Business combinations
Business combinations | 12 Months Ended |
Mar. 31, 2021 | |
Business combinations [Abstract] | |
Business combinations | Business combinations Transactions for the financial year ended March 31, 2021 ZigZag On March 19, 2021, through its newly established subsidiary ZZ Global Blue Holding, the Group acquired 100% of the share capital of ZigZag Global Ltd., a UK-based company operating in the e-commerce sector for total consideration of EUR66.4 million. As part of the consideration, shares in ZZ Global Blue Holding amounting to EUR4.6 million were issued to ZigZag’s founders. The shares represent 8.2% of the share capital of ZZ Global Blue Holding. As the external shareholders received a consideration in exchange for the services they rendered to the Group and as there is no presence condition after the transaction date, the external shareholders were not considered as non-controlling interests and therefore, the Group consolidates 100% of the net assets and results of ZigZag. The consideration also contains contingent consideration with an estimated fair value of EUR9.6 million at the date of acquisition. The contingent consideration is in the form of an earn-out based on the achievement of a target level of ZigZag´s gross profit in 2021 and will be settled in cash. The maximum undiscounted consideration is EUR11.7 million. The contingent consideration is measured at fair value at the acquisition date, with gains and losses incurred after the acquisition date recognized in the profit or loss in accordance with IFRS 9 Financial instruments. There was no material gain or loss to be reported for the period between the acquisition and balance sheet date. Associated with the issuance of shares to ZigZag’s founders, Global Blue granted each external shareholder the right to sell and each external shareholder granted Global Blue the right to acquire all of their shares in ZZ Global Blue Holding upon certain circumstances. These put options have been valued at fair value which was derived using an option pricing methodology (Monte Carlo simulations) based on projected gross profit distribution and is categorized as Level 3 within the fair value hierarchy due to the unobservable inputs utilized in the valuation. The Group has recognized EUR 2.8 million of remuneration expense associated with these put options. The goodwill acquired represents synergies arising from ZigZag’s ability to develop future customer relationships and new technology and the inherent value of its workforce. The goodwill is not expected to be deductible for tax purposes. The key and sole intangible asset identifiable separately from goodwill is ZigZag’s technology with a fair value of EUR5.2 million. The fair value have been calculated using an average of the Multi-Period Excess Earning Method, Relief-from-Royalty and technology replacement cost. The key assumptions used for the fair value calculations are as follows: • Excess earnings are discounted at a 12.0% discount rate, computed as the WACC 14.5% reduced by 250bps, considering the short life duration of the valued asset. • Relief-from-royalty method of 5.0%. • Increase of net sales between 2021 and 2025, driven by the transaction revenues, with a revenue growth stabilization around 22.0% per year. The fair value of the net assets acquired and consideration paid were as follows: (EUR thousand) Net assets acquired and consideration paid ZigZag Global Software 5,223 Property, plant and equipment 23 Trade and other receivables 1,886 Cash 1,680 Trade and other payables (2,575) Borrowings (2,327) Deferred tax liabilities (1,305) Fair value of assets and liabilities 2,605 Goodwill arising on acquisition 63,776 Consideration payable 66,381 Satisfied by: Cash consideration paid (51,879) Cash consideration payable (349) Ordinary shares issued (4,557) Contingent consideration payable (9,596) Total consideration (66,381) Cash consideration paid (51,879) Cash acquired 1,680 Repayment of borrowings acquired (2,327) Total net cash outflow (52,526) Transactions for the financial year ended March 31, 2020 There were no acquisitions for the financial year ended March 31, 2020. Transactions for the financial year ended March 31, 2019 Refund Suisse On September 28, 2018 Global Blue SA acquired Refund Suisse (Refund Suisse AG and RFND Digital GmbH) for EUR5.5 million and a contingent consideration with a fair value of EUR1.6 million. Global Blue has full ownership of these entities and, as such, they have been fully consolidated as of March 31, 2019. The fair value of net assets acquired in respect of the acquisition of Refund Suisse were as follows: (EUR thousands) Net assets acquired and consideration paid Refund Suisse AG Software 53 Property, plant and equipment 13 Long-term receivables 19 Trade and other receivables 237 Current tax assets 7 Trade and other payables (291) Long-term payables (58) Fair value of assets and liabilities (20) Goodwill arising on acquisition 7,038 Non-controlling interests — Consideration payable 7,018 Satisfied by: Cash consideration paid 5,467 FV of the contingent consideration 1,551 Total consideration 7,018 Iris Global Blue TRS Malaysia Sdn. Bhd. On March 29, 2019, there was a EUR7.8 million capital decrease in IRIS Global Blue TRS Malaysia Sdn. Bhd. EUR5.7 million of share value was returned to the owners and EUR2.1 million of share value was cancelled. As a result of this transaction Global Blue SA became the full owner of the entity (before the capital decrease the non-controlling interest was 23.9%.) After the capital decrease, the remaining non-controlling interest of EUR0.3 million was moved from the non-controlling interest to the Retained earnings due to the ownership change. |
Transactions with non-controlli
Transactions with non-controlling interests | 12 Months Ended |
Mar. 31, 2021 | |
Transactions with non-controlling interests [Abstract] | |
Transactions with non-controlling interests | Transactions with non-controlling interests Transactions for the financial year ended March 31, 2021 For the financial year ended March 31, 2021, there were no significant transactions with non-controlling interests. Transactions for the financial year ended March 31, 2020 a) Acquisition and sale of shares and Non-Convertible Equity Certificates The indirect subsidiary Global Blue Management & Co S.C.A. has issued shares and NC-PECs to first level management of the Group. During the financial year Global Blue Employee Trust acquired or sold shares and MI NC-PECs from or to first level management for the total net amount of EUR0.5 million (EUR0.0 million for the financial year ended March 31, 2019) (reference is made to Note 25). Transactions for the financial year ended March 31, 2019 a) Establishment of Global Blue Russia Holding B.V On April 12, 2018, Global Blue Holland B.V established Global Blue Russia Holding B.V of which it owned 51% with the remaining 49% recognized as Non-controlling interest. On June 30, 2018 the newly established Global Blue Russia Holding B.V purchased the shares of Global Blue Russia AO from Global Blue SA and Global Blue Holland B.V. After the transaction, Global Blue Russia Holding B.V became the 100% owner of Global Blue Russia AO. As a result of the transaction the Group owns 51% in Global Blue Russia Holding B.V and there is an indirect Non-controlling interest in Global Blue Russia AO of 49%. b) Acquisition of Global Blue Cross Border SA On September 28, 2018 Global Blue SA established Global Blue Cross Border SA. The ownership of the Group in Global Blue Cross Border SA is 70% with 30% recognized as Non-controlling interest. The share capital of the entity is EUR1.0 million with EUR0.7 million contribution from Global Blue. Global Blue Cross Border SA has been consolidated fully as of March 31, 2019. c) IRIS Global Blue TRS Malaysia Sdn. Bhd capital reorganization On March 29, 2019, there was a capital decrease in IRIS Global Blue TRS Malaysia Sdn. Bhd. As a result of this transaction the ownership structure of the entity also changed. Global Blue SA became the full owner of the entity, whereas before the capital decrease, there was a non-controlling interest of 23.9%. Please find more details in Note 37. |
List of Global Blue entities
List of Global Blue entities | 12 Months Ended |
Mar. 31, 2021 | |
List of Global Blue entities [Abstract] | |
List of Global Blue entities | List of Global Blue entities The consolidated financial statements include the financial statements of Global Blue Group Holding AG based in Brüttisellen, Switzerland, and its subsidiaries as of March 31, 2021. Global Blue Acquisition B.V. acts as a holding company for Global Blue Holland B.V. and as the finance center for the Group. Name Country of incorporation and place of business address Nature of business Ownership interest March 31, 2021 Ownership interest March 31, 2020 Global Blue Argentina S.A. Buenos Aires Argentina Tax free Shopping 99.99% 99.85% Global Blue Austria GmbH Vienna Austria Tax free Shopping 100.00% 99.86% Global Blue Service Company Austria GmbH Vienna Austria Service Provider 100.00% 99.86% DEV Digital Export Validation GmbH Vienna Austria Tax free Shopping 100.00% — Global Blue Australia Pty Ltd Sydney Australia Tax free Shopping 100.00% 99.86% Global Blue Currency Choice Australia Pty Ltd Sydney Australia Currency Choice 100.00% 99.86% Currency Select Pty Ltd Sydney Australia Currency Choice 100.00% 99.86% Global Blue Belgium Brussels Belgium Tax free Shopping 100.00% 99.86% ZigZag Global EOOD Varna Bulgaria E-Commerce 100.00% — Global Blue Bahamas Ltd Nassau Bahamas Tax free Shopping 100.00% 99.86% Global Blue Schweiz AG Brüttisellen Switzerland Tax free Shopping 100.00% 99.86% Global Blue SA Eysins Switzerland Head office company 100.00% 99.86% Global Blue Group AG Brüttisellen Switzerland Holding Unit 100.00% — Refund Suisse AG Bottighofen Switzerland Tax free Shopping 100.00% 99.86% Global Blue Cross Border SA en liquidation Eysins Switzerland Tax free Shopping 70.00% 69.90% Global Blue Group II GmbH Brüttisellen Switzerland Holding Unit 100.00% — Global Blue Currency Choice Schweiz AG Brüttisellen Switzerland Currency Choice 100.00% 99.86% Global Blue Commercial Consulting (Shanghai) Co. Ltd. Shanghai China Tax free Shopping 100.00% 99.86% Global Blue Commercial Consulting (Beijing) Co Ltd Beijing China Tax free Shopping 100.00% 99.86% Global Blue Cyprus Ltd Larnaca Cyprus Tax free Shopping 100.00% 99.86% Global Blue Czech Republic, s.r.o. Prague Czech Republic Tax free Shopping 100.00% 99.86% Global Blue Deutschland GmbH Düsseldorf Germany Tax free Shopping 100.00% 99.86% Global Blue New Holdings Germany GmbH Düsseldorf Germany Holding Unit 100.00% 99.86% RFND Digital GmbH Konstanz Germany Tax free Shopping 100.00% 99.86% Global Blue Danmark A/S Copenhagen Denmark Tax free Shopping 100.00% 99.86% Global Blue Eesti OÜ Tallinn Estonia Tax free Shopping 100.00% 99.86% G. Blue España SA Madrid Spain Holding Unit 100.00% 99.86% Global Blue España SA Madrid Spain Tax free Shopping 100.00% 99.86% Global Blue Acquisition España S.A.U Madrid Spain Holding Unit 100.00% 99.86% Global Blue Finland Oy Helsinki Finland Tax free Shopping 100.00% 99.86% Global Blue Administration Center North Oy Helsinki Finland Service Provider 100.00% 99.86% Global Blue France Paris France Tax free Shopping 100.00% 99.86% Global Blue Holding Paris France Tax free Shopping 100.00% 99.86% Global Blue (UK) Ltd London United Kingdom Tax free Shopping 100.00% 99.86% Global Blue Service Company UK Limited London United Kingdom Service provider 100.00% 99.86% Global Blue New Holdings UK Ltd London United Kingdom Holding Unit 100.00% 99.86% ZZ Global Blue Holding Limited London United Kingdom Holding Unit 100.00% — ZigZag Global Limited London United Kingdom E-Commerce 100.00% — Global Blue Marketing Services Limited London United Kingdom Marketing Business 100.00% 99.86% Estera Trust Limited St. Helier Jersey, Channel Islands Management Trust 100.00% 100.00% Global Blue Hellas SA Athens Greece Tax free Shopping 100.00% 99.86% First Currency Choice Hong Kong Limited Hong Kong Hong Kong Currency Choice 100.00% 99.86% Global Blue Croatia, trgovina i turizam d.o.o. Zagreb Croatia Tax free Shopping 100.00% 99.86% Global Blue Tax Free Ireland Limited Dublin Ireland Tax free Shopping 100.00% 99.86% Global Blue á Íslandi hf Kópavogi Iceland Tax free Shopping 100.00% 99.86% Global Blue Italia S.r.l. Milan Italy Tax free Shopping 100.00% 99.86% Global Blue Service Company Italia SRL Milan Italy Service Provider 100.00% 99.86% Global Blue Currency Choice Italia S.r.l Milan Italy Currency Choice 100.00% 99.86% Global Blue Japan Co., Ltd. Tokyo Japan Currency Choice 100.00% 99.86% Global Blue TFS Japan Co., Ltd. Tokyo Japan Tax free Shopping 51.00% 50.93% Global Blue Korea Co Ltd Seoul Korea Tax free Shopping 100.00% 99.86% Global Blue Currency Choice Korea Co Ltd Seoul Korea Currency Choice 100.00% 99.86% Global Blue Holding Limited Grand Cayman Cayman Islands Holding Unit 100.00% 100.00% Global Blue Kazakhstan LLP Astana Kazakhstan Tax free Shopping 100.00% 99.86% Global Blue Lebanon SAL Metn Lebanon Tax free Shopping 61.00% 60.91% UAB Global Blue Lietuva Vilnius Lithuania Tax free Shopping 100.00% 99.86% Global Blue Luxembourg S.A. Luxembourg Luxembourg Tax free Shopping 100.00% 99.86% Global Blue Finance S.à r.l. Luxembourg Luxembourg Holding Unit 100.00% 99.86% Global Blue Midco S.à r.l. Luxembourg Luxembourg Holding Unit 100.00% 99.86% Global Blue Management & Co S.C.A. Luxembourg Luxembourg Holding Unit 100.00% 99.86% Global Blue Investment & Co S.C.A. Luxembourg Luxembourg Holding Unit 100.00% 100.00% Global Blue Investment GP Luxembourg Luxembourg Holding Unit 100.00% 100.00% Global Blue Latvija SIA Riga Latvia Tax free Shopping 100.00% 99.86% Global Blue Maroc SA Casablanca Morocco Tax free Shopping 100.00% 99.86% Global Blue Malaysia Sdn. Bhd. Kuala Lumpur Malaysia Tax free Shopping 100.00% 99.86% Global Blue Holland BV Amsterdam Netherlands Tax free Shopping 100.00% 99.86% Global Blue Holding B.V. Amsterdam Netherlands Holding Unit 100.00% 99.86% Global Blue Acquisition B.V. Amsterdam Netherlands Finance company 100.00% 99.86% Global Blue Russia Holdings B.V. Amsterdam Netherlands Holding Unit 51.00% 50.93% Global Blue Norge AS Lysaker Norway Tax free Shopping 100.00% 99.86% Currency Select New Zealand Limited Auckland New Zealand Currency Choice 100.00% 99.86% Global Blue Polska Sp. Zo.o. Warsaw Poland Tax free Shopping 100.00% 99.86% Global Refund Portugal Lda. Lisbon Portugal Tax free Shopping 100.00% 99.86% Global Blue d.o.o. Beograd - Novi Beograd Belgrad Serbia Tax free Shopping 100.00% 99.86% Global Blue Russia AO Moscow Russia Tax free Shopping 51.00% 50.93% Global Blue Sverige AB Stockholm Sweden Tax free Shopping 100.00% 99.86% Global Blue Sweden Holdings AB Stockholm Sweden Holding Unit 100.00% 99.86% Global Blue Service AB Stockholm Sweden Service provider 100.00% 99.86% Global Blue Holdings AB Stockholm Sweden Holding Unit 100.00% 99.86% Global Blue Currency Choice Service Europe AB Stockholm Sweden Currency Choice 100.00% 99.86% Global Blue Singapore Pte Ltd Singapore Singapore Tax free Shopping 100.00% 99.86% Global Blue Service Company Singapore Pte Ltd Singapore Singapore Service provider 100.00% 99.86% Global Blue Currency Choice Singapore Pte Ltd Singapore Singapore Currency Choice 100.00% 99.86% Global Blue trgovina in turizem d.o.o. Ljubljana Slovenia Tax free Shopping 100.00% 99.86% Global Blue Slovakia s.r.o. Bratislava Slovakia Service provider 100.00% 99.86% Global Blue (Thailand) Co. Limited Bangkok Thailand Currency Choice 100.00% 99.86% Global Blue Turistik Hizmetler AŞ Istanbul Turkey Tax free Shopping 60.00% 59.92% Far Point Acquisition Corporation Wilmington USA Holding Unit 100.00% — ZigZag Global LLC Dover USA E-Commerce 100.00% — Global Blue Argentina S.A. Sucursal Uruguay Montevideo Uruguay Tax free Shopping 99.99% 99.86% |
Additional information - Financ
Additional information - Financial Statement Schedule I | 12 Months Ended |
Mar. 31, 2021 | |
Additional information [abstract] | |
Additional information - Financial Statement Schedule I | Additional information—Financial Statement Schedule I Schedule I has been provided pursuant to the requirements of Securities and Exchange Commission (“SEC”) Regulation S-X Rule 12-04(a), which require condensed financial information as to financial position, cash flows and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented, as the restricted net assets of Global Blue Group Holding AG’s (“the Parent Company”) consolidated subsidiaries as of March 31, 2021 exceeded the 25% threshold. Certain jurisdictions in which group entities are located apply regulations which restrict the ability of subsidiaries to transfer funds to the Parent Company through intercompany loans, advances or cash dividends. SFA covenants and security (see Note 26 ) do not restrict subsidiaries from transferring funds to the Parent Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with International Financial Reporting Standards have been condensed or omitted. The footnote disclosures contain supplemental information only and, as such, these statements should be read in conjunction with the notes to the accompanying consolidated financial statements. The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements, except that investments in subsidiaries are included at cost less any provision for impairment in value. As of March 31, 2021 there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any. During the year ended March 31, 2021, no cash dividends were either declared nor p aid by the Company. The Parent Company was established on December 10, 2019. From this incorporation date through to August 28, 2020, the date of the capital reorganization, the Company had no material assets and did not operate any businesses. Therefore, the current note has been prepared for the financial year ended March 31, 2021 only, and no comparative figures have been presented for the financial year ended March 31, 2020 and 2019. Condensed income statement of the Parent (EUR thousand) For the financial year ended March 31 2021 Operating expenses (144,644) Dividend income 68,431 Net finance costs 50 Loss before tax (76,163) Income tax expense (446) Loss for the year (76,609) There were no items of other comprehensive loss or income in the year ended March 31, 2021 and therefore no statement of comprehensive income has been presented . Condensed statement of financial position of the Parent Company (EUR thousand) As of March 31 2021 ASSETS Investments in subsidiaries 1,418,280 Loans to group companies 59,289 Non-current assets 1,477,569 Current assets 310 Total assets 1,477,879 EQUITY AND LIABILITIES Share capital 1,678,506 Other reserves (132,005) Accumulated losses (77,924) Total equity 1,468,577 Liabilities Non-current liabilities — Current liabilities 9,302 Total liabilities 9,302 Total equity and liabilities 1,477,879 Condensed statement of cash flows of the Parent Company (EUR thousand) For the financial year ended March 31 2021 Loss before income tax (76,163) Capital reorganization non-cash items 125,620 Movement in loans with group companies (59,529) Other non-cash items 1,239 Changes in working capital 8,833 Net cash from operating activities — Proceeds from issuance of share capital 222 Proceeds from treasury shares 65 Net cash from financing activities 287 Net increase in cash and cash equivalents 287 Cash and cash equivalents at beginning of year — Cash and cash equivalents at end of year 287 The following reconciliations are provided as additional information to satisfy the Schedule I SEC requirements for parent-only financial information. (EUR thousand) For the financial year ended March 31 2021 IFRS loss reconciliation: Parent only– IFRS loss for the year (76,609) Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost (345,507) Consolidated IFRS loss for the year (422,116) IFRS equity reconciliation: Parent only– IFRS equity 1,468,577 Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost (1,544,967) Consolidated– IFRS equity (76,390) |
Investments in associates and j
Investments in associates and joint ventures | 12 Months Ended |
Mar. 31, 2021 | |
Investments in subsidiaries, joint ventures and associates [abstract] | |
Interest in associates and joint ventures | Non-controlling interests Non-controlling interests represent the participating interests of third parties in the Group's equity and are comprised of the following Group entities: (EUR thousand) As of March 31 Non-controlling interests 2021 2020 2019 Global Blue TFS Japan Co Ltd 3,969 4,873 4,524 Global Blue Lebanon SAL 472 714 944 Global Blue Touristik Hizmetler A.Ş. 1,234 1,917 2,573 Global Blue Management & Co S.C.A. — (508) (433) Global Blue Russia AO 581 833 218 Global Blue Russia Holdings B.V. 320 325 326 Global Blue Cross Border SA 203 222 274 Total Non-controlling interests 6,779 8,376 8,426 Dividends paid to non-controlling interests amounted to EUR0.2 million (EUR4.8 million for the financial year ended March 31, 2020, EUR3.9 million for the financial year ended March 31, 2019). For the financial year ended March 31, 2021 the dividend is related to Global Blue Touristik Hizmetler A.Ş. For the financial years ended March 31, 2020 and 2019 the dividends are related to Global Blue Touristik Hizmetler A.Ş., Global Blue TFS Japan Co Ltd and Global Blue Lebanon SAL. Summarized financial information on Subsidiaries with material non-controlling interest Set out below is the summarized financial information for each subsidiary that has a non-controlling interest that is material for the Group. (EUR thousand) Global Blue Global Blue Lebanon SAL Global Blue Turistik Hizmetler A.Ş. As of March 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Current Assets 4,308 13,513 11,984 395 3,453 5,241 2,821 6,386 6,173 Liabilities 10,841 19,978 17,536 549 2,098 3,981 2,134 5,498 4,535 Total current net assets (liabilities) (6,533) (6,465) (5,552) (154) 1,355 1,260 687 888 1,638 Non- current Assets 14,630 16,404 14,786 134 169 202 1,118 1,239 1,165 Liabilities 4 0 3 84 371 248 630 512 501 Total non-current net assets (liabilities) 14,626 16,404 14,783 50 (202) (46) 488 727 664 Net assets 8,093 9,939 9,231 (104) 1,153 1,214 1,175 1,615 2,302 (EUR thousand) Global Blue Global Blue Lebanon SAL Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Revenue 3,084 20,375 18,773 71 2,310 2,729 1,326 5,525 5,808 Profit for the year from continuing operations (1,140) 8,120 7,352 (43) 188 545 267 2,371 2,658 (EUR thousand) Global Blue TFS Japan Co. Ltd. Global Blue Lebanon SAL Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Net increase (decrease) in cash and cash equivalents (7,851) 8,709 (386) (622) 228 293 (1,034) 1,248 1,275 (EUR thousand) Global Blue Russia AO Global Blue Management & Co S.C.A. As of March 31 2021 2020 2019 2021 2020 2019 Current Assets 5,120 8,693 5,524 12 10 29 Liabilities 3,560 6,736 4,684 81 259,888 215,623 Total current net assets (liabilities) 1,560 1,957 840 (69) (259,878) (215,594) Non- current Assets 381 496 446 460,978 478,219 437,657 Liabilities — 3 49 — 248,146 246,571 Total non-current net assets (liabilities) 381 493 397 460,978 230,073 191,086 Net assets 1,941 2,450 1,237 460,909 (29,805) (24,508) (EUR thousand) Global Blue Russia AO Global Blue Management & Co S.C.A. For the financial year ended March 31 2021 2020 2019 2021 2020 2019 Revenue 756 3,581 1,803 — — — Profit (Loss) for the year from continuing operations (488) 1,857 652 (2,398) (5,297) (5,270) (EUR thousand) Global Blue Russia AO Global Blue Management & Co S.C.A. For the financial year ended March 31 2021 2020 2019 2021 2020 2019 Net increase (decrease) in cash and cash equivalents 1,999 693 657 (1) (19) (43) The Group holds interests in joint ventures that are individually not material, the main ones being Europass S.A.S and Cash Paris Tax Refund, both French-based companies involved in the TFSS business. Both entities are accounted for using the equity method in the consolidated financial statements. As part of the investments, loans granted by the Group to joint ventures amount to EUR0.6 million as of March 31, 2021 (EUR1.5 million as of March 31, 2020, EUR0 million as of March 31, 2019). The Group has the following investments in joint ventures and other investments: (EUR thousand) As of March 31 2021 2020 2019 Joint ventures 2,744 2,892 840 Other investments 753 3 1,604 Carrying amount of the Company’s interests: 3,497 2,895 2,444 The Group has the following income from joint ventures: (EUR thousand) For the financial year ended March 31 Income from joint ventures 2021 2020 2019 Share of profit or loss (1,056) (1,598) 1,603 Share of other comprehensive income — — — Share of total comprehensive income (1,054) (1,596) 1,605 |
Related party transactions
Related party transactions | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Related party transactions | Related party transactions Global Blue Group Holding AG is a publicly listed company, where the largest shareholders are funds managed by Silver Lake Partners and Partners Group. During the financial year, there were no transactions with related parties other than disclosed below. Remuneration to key management personnel The remuneration to the board of directors and the Executive Committee members, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. (EUR thousand) For the financial year ended March 31 Remuneration to key management personnel 2021 2020 2019 Short-term employee benefits 5,162 4,408 5,073 Post-employment benefits 474 371 375 Share based payments 680 — — Total 6,316 4,779 5,448 Purchase of services from related parties Silver Lake Partners and Partners Group credited/charged a monitoring fee to the Group of EUR(1.0) million (EUR0.5 million for the financial year ended March 31, 2020, EUR0.7 million for the financial year ended March 31, 2019). The monitoring fees were waived from January 1, 2020, meaning that there shall be no further monitoring fee payments after the financial year ended March 31, 2020. The directors fee related to remuneration of the Non-Executive Directors for Global Blue Group Holding AG. The Group also reimburses Silver Lake Partners and Partners Group for out of pocket expenses, financial advisors, legal counsel, and other costs related to the Group. (EUR thousand) For the financial year ended March 31 Purchases of services from related parties 2021 2020 2019 Monitoring fee (950) 460 700 Directors fee 278 195 — Reimbursements 16 54 76 Total (656) 709 776 (EUR thousand) As of March 31 Liabilities to related parties 2021 2020 2019 Liabilities to key management personnel: Pension liability 1,387 868 407 Share-based payment liability — 7,396 6,161 Closing balance for the year 1,387 8,264 6,568 Executive Committee members of Global Blue Group have invested EUR1.9 million as of March 31, 2020 including accrued interest in NC-PECs (reference is made to Note 25). A further liability of EUR3.0 million as of March 31, 2020 relates to obligation of the Global Blue Equity Plan Employee Trust towards senior management of the Group (“Senior Management”) of the Group (reference is made to Note 25). As of August 28, 2020, as part of the Group capital reorganization and merger with FPAC, the Management Equity Plan (MEP) ceased to exist and no balances are left as of March 31, 2021. Equity plan after the capital reorganization |
Shareholders of Global Blue Gro
Shareholders of Global Blue Group Holding AG | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Shareholders of Global Blue Group AG [Abstract] | |
Shareholders of Global Blue Group Holding AG | Issued capital and reserves As of August 28, 2020 a capital reorganization took place within the Group. A new holding company - Global Blue Group Holding AG - was incorporated on December 10, 2019 with a share capital of EUR0.093m divided into 10,000,000 shares. This Company became the ultimate parent of the Group. During the reorganization, an additional 181,542,785 shares were issued with the increase of the share premium. From the listing date in August until March 31, 2021, 19,710,166 additional ordinary shares were issued in the holding company. Global Blue signed an SPA on March 6, 2021 to buy ZigZag Global, a leading e-commerce return SaaS platform. Global Blue has raised USD70.0 million via a private placement of common stock issued to new institutional investors to fully fund the ZigZag Global’s acquisition. Number of shares authorized and issued As of March 31 2021 2020 2019 Ordinary shares Preference shares Total Ordinary Ordinary Number of shares (authorized and issued) 187,534,962 23,717,989 211,252,951 40,000,000 40,000,000 Total number of shares 187,534,962 23,717,989 211,252,951 40,000,000 40,000,000 As of March 31 2021 2020 2019 Ordinary shares Preference shares Total Ordinary Ordinary Opening balance as of April 1 40,000,000 — 40,000,000 40,000,000 40,000,000 Effects of the capital reorganization on Aug 28, 2020 127,824,796 23,717,989 151,542,785 — — Issuance of share capital Global Blue Group Holding A.G. November 2020 5,929,477 — 5,929,477 — — Conversion of preference shares into ordinary shares — (5,929,477) (5,929,477) — — Assign the preference shares to ListCo. — 5,929,477 5,929,477 — — Issuance of share capital Global Blue Group Holding A.G. February 2021 7,000,000 — 7,000,000 — — Issuance of share capital Global Blue Group Holding A.G. March 2021 6,666,665 — 6,666,665 — — Exercises of warrants 114,024 — 114,024 — — Closing balance as of March 31 187,534,962 23,717,989 211,252,951 40,000,000 40,000,000 Issued share capital and share premium (EUR thousand) As of March 31 Issued share capital and share premium 2021 2020 2019 Ordinary shares Preference shares Total Ordinary Ordinary Opening balance as of April 1 392,197 — 392,197 392,197 392,197 Effects of the capital reorganization 801,569 113,283 914,852 — — Issue of share capital 439 37 476 — — Share premium contribution 293,778 33,208 326,986 — — Conversion of preference shares into ordinary shares 50,100 (50,100) — — — Acquisition of treasury shares (8,877) (1,246) (10,123) — — Exercises of warrants 1,140 — 1,140 — — Closing balance as of March 31 1,530,346 95,182 1,625,528 392,197 392,197 The Other reserves within Equity attributable to owners of the parent consist of the following positions: As of March 31, 2021 (EUR thousand) Other reserves Foot note Notes Equity settled shared based payment Warrants Other reserve Foreign currency translation reserve Remeasurements of post employment benefit obligations Net other reserves Opening balance as of April 1, 2020 — — 9,915 (19,470) (2,326) (11,881) Currency translation difference — — — 4,763 — 4,763 Actuarial gain on post-employment benefit obligations 29 — — — — 59 59 Tax effect 12 — — — — 106 106 Issuance of share capital Global Blue Group Holding A.G. — — (1,495,526) — — (1,495,526) Acquisition of treasury shares — — 10,058 — — 10,058 Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. — — 42,856 — — 42,856 Exchange of Global Blue management loan notes into shares (4) — — 464,162 — — 464,162 Effects of capital reorganization (1) — — (978,450) — — (978,450) Employee share schemes 1,239 — — — — 1,239 Conversion of shares into equity settled plan 42,632 — — — — 42,632 Equity award issuance costs — 20,196 115,113 — — 135,309 Exercises of warrants (2) — (72) — — — (72) Shares bought back by Global Blue Group A.G. (6) — — (152,787) — — (152,787) Total contribution by and distribution to owners of the parent, recognized directly in Equity 43,871 20,124 (37,674) — — 26,321 Closing balance as of March 31, 2021 43,871 20,124 (1,006,209) (14,707) (2,161) (959,082) As of March 31, 2020 (EUR thousand) Other reserves Notes Equity settled shared based payment Warrants Other reserve (2) Foreign currency translation reserve Remeasurements of post employment benefit obligations Net other reserves Opening balance as of April 1, 2019 — — 9,890 (10,572) (519) (1,201) Tax effect 12 — — — — 293 293 Currency translation difference — — — (8,898) — (8,898) Actuarial gain on post-employment benefit obligations 29 — — — — (2,100) (2,100) Restatement of hyperinflation (1) — — 25 — — 25 Closing balance as of March 31, 2020 — — 9,915 (19,470) (2,326) (11,881) As of March 31, 2019 (EUR thousand) Other reserves Notes Equity settled shared based payment Warrants Other reserve (2) Foreign currency translation reserve Remeasurements of post employment benefit obligations Net other reserves Opening balance as of April 1, 2018 — — 7,607 (12,339) (903) (5,635) Tax effect 12 — — — — (83) (83) Currency translation difference — — — 1,767 — 1,767 Actuarial gain on post-employment benefit obligations 29 — — — — 467 467 Restatement of hyperinflation (1) — — 2,283 — — 2,283 Closing balance as of March 31, 2019 — — 9,890 (10,572) (519) (1,201) (1) Restatement due to hyperinflation represents the revaluation reserve as result of applying IAS29 in Argentina, which is considered to be a hyperinflationary economy starting July 1, 2018. The revaluation reserve covers full year transactions since April 1, 2018. (2) These amounts represent the reorganization reserve as a result of the capital reorganization that took place in March 2018 and is computed as the difference between the cost of the transaction and the carrying value of the net assets at the moment of reorganization. Movements after the capital reorganization Any differences related to the capital reorganization between the cost of the transaction and the carrying value of the net assets is recorded in other reserves. The effects of the capital reorganization are the following: As of August 28, 2020 (EUR thousand) Effects of capital reorganization Foot note Issued capital ordinary shares Issued capital preference shares Share premium ordinary shares Share premium preference shares Other equity ordinary shares Other equity preference shares Warrants Other reserve Total Issuance of share capital Global Blue Group Holding A.G. (1) 1,302 184 1,181,450 166,969 — — — (1,495,526) (145,621) Acquisition of treasury shares (5) — — — (8,812) (1,246) — 10,058 — Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. (3) (41) (6) (37,508) (5,301) — — — 42,856 — Exchange of Global Blue management loan notes into shares (4) (299) (42) (343,335) (48,521) — — — 464,162 71,965 Effects of capital reorganization 962 136 800,607 113,147 (8,812) (1,246) 0 (978,450) (73,656) (1) SL Globetrotter and Global Blue Holding LP established a new company (“Global Blue Group Holding A.G.”). The Global Blue Holding Group A.G. established a Swiss subsidiary, Global Blue Group II GmbH, and a United States based subsidiary, US Holdco LLC, which in turn created another United States based subsidiary, US Sub. SL Globetrotter LP contributed the shares of Global Blue Management GP Sarl to Global Blue Holding LP. The shares of Global Blue Management GP were then further contributed to Global Blue Investment & Co S.C.A. through a series of capital contributions. (3) As a result of the reorganization, on August 28, 2020, the MEP ceased to exist. Instead, management received loan notes in Global Blue Investment and Co S.C.A. in exchange for all of their shares and NC-PECs. These loan notes were contributed through the chain of holding companies, until management ultimately received shares in Global Blue Group A.G. At which point, a portion was sold for cash and the rest remained, reflecting management’s direct ownership in Global Blue Group Holding A.G. The new shares owned by Management and the Estera Trust Limited are accounted for as equity-settled instruments under IFRS 2. (1) (3) SL Globetrotter LP and Global Blue Holding LP and Management contributed part of their shares in Global Blue Group A.G. to Global Blue Group Holding A.G. in exchange for new shares in Global Blue Group Holding A.G. Ant Group and Estera Trust Limited contributed all of their shares in Global Blue Group A.G. to Global Blue Group Holding A.G. in exchange for new shares in Global Blue Group Holding A.G. (1) Other Cornerstone investors subscribed in cash for new shares in Global Blue Group Holding A.G. (1) Global Blue Group Holding A.G. acquired some of the shares in Global Blue Group A.G. from the SL Globetrotter LP, Global Blue Holding LP and Management. (6) Global Blue Group II GmbH and Global Blue Group Holding A.G. acquired the remaining shares in Global Blue Group A.G. from the SL Globetrotter LP and Global Blue Holding LP and Management. (4) Global Blue Group Holding A.G. contributed its shares in Global Blue Group A.G. to Global Blue Group II GmbH, such that Global Blue Group A.G. became a wholly owned subsidiary of Global Blue Group II GmbH. (2) The United States company held by the SPAC investors, Far Point Acquisition Corporation, merged with the United States subsidiary held by Global Blue Group Holding A.G., US Sub, with Far Point Acquisition Corporation being the surviving entity. (2) In consideration for the merger, Global Blue Group Holding A.G. issued shares to the SPAC investors. The SPAC founders received ordinary shares. In addition, the warrant holders in the United States company held by the SPAC investors were exchanged for new warrants in Global Blue Group Holding A.G. (2) The issuance costs of EUR135.3 million represents the difference between the fair value of the shares issued by Global Blue Group Holding A.G. and the fair value of the identifiable net assets of the United States company held by the SPAC investors. The difference was considered to be a non-cash payment for the service of a stock exchange listing according to IFRS 2. (1) The issue of share capital Global Blue Group Holding A.G. reflected in Other reserve as at March 31, 2021 is composed of the following: As of March 31, 2021 (EUR thousand) Issue of share capital Global Blue Group Holding A.G. Foot note Other reserve Issue of share capital ordinary shares Global Blue Group Holding A.G. (1) (1,209) Issue of share capital preference shares Global Blue Group Holding A.G. (1) (184) Issue of share premium ordinary shares Global Blue Group Holding A.G. (1) (1,181,450) Issue of share premium preference shares Global Blue Group Holding A.G. (1) (166,969) Conversion of shares into equity settled plan (1) (2) (42,632) Equity award issuance costs (2) (115,113) Effect of the merge (2) 12,031 Issue of share capital Global Blue Group Holding A.G. (1,495,526) (5) Treasury shares As of March 31, 2021 (EUR thousand) Acquisition of treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares Total Ordinary Preference shares Total Opening balance as of April 1, 2020 — — — — — — Acquisition of treasury shares as at 28 August 2020 1,051,569 138,846 1,190,415 (8,812) (1,246) (10,058) Acquisition of treasury shares post-merger with FPAC 7,000,000 — 7,000,000 (65) — (65) Closing balance as of March 31, 2021 8,051,569 138,846 8,190,415 (8,877) (1,246) (10,123) There were no treasury shares acquired in the comparative periods presented March 2020 and 2019. Under the 2012 Investment Agreement any unallocated securities would be distributed to all shareholders (Silver Lake, Partners Group and Management Equity Plan participants), proportional to shareholding, on an exit event. Pursuant to an arrangement and agreement signed in August 2020 and as part of the capital reorganization, it was agreed that whilst these unallocated securities would be distributed to Silver Lake and Partners Group on the listing, the shares that should have been distributed to the MEP would instead be held by the Trust. The Trust is consolidated in the financial statements of the Company and the amount of treasury shares are held at the fair value of EUR10.1 million and reflected within Other Equity. The distribution of shares to management is conditional upon and at the discretion of the Global Blue Nomination and Remuneration Committee. Warrants Since the listing in August until March 31, 2021, 114,024 warrants were exercised at price of 11.50USD. The warrants were exercised at a 1:1 equivalent to ordinary shares. The outstanding warrants as of March 31, 2021 amount to 30,735,950 with a fair value of EUR20.1 million. (EUR thousand) As of March 31, 2021 Warrants Number of warrants Value (EUR thousand) — — Issuance of warrants 30,849,974 20,196 Exercises of warrants (114,024) (72) Closing balance as of March 31, 2021 30,735,950 20,124 There were no outstanding warrants in the comparative periods presented March 2020 and 2019. As of August 28, 2020 a capital reorganization took place within the Group. A new holding company - Global Blue Group Holding AG - was incorporated in December 2019 and became the ultimate parent of the Group. During the reorganization additional shares were issued with the increase of the share premium. Please refer to Note 23 for details. Shareholders of Global Blue Group Holding AG Shareholders of Global Blue Group Holding AG Shareholders of Global Blue Group Holding AG as of March 31, 2021 as of March 31, 2020 as of March 31, 2019 Ordinary shares Preference shares Total Ownership (3) Warrants Ordinary Ordinary Global Blue Holding LP — — — — 40,000,000 40,000,000 Silver Lake and Affiliates (1) 98,017,072 11,970,487 109,987,559 55.5 % 6,548,415 — — Partners Group and Affiliates (2) 40,442,783 4,939,137 45,381,920 22.9 % 2,701,935 — — Ant Group 12,500,000 — 12,500,000 6.3 % — — — Tom Farley 3,723,363 — 3,723,363 1.9 % — — — Management 4,297,259 774,753 5,072,012 2.6 % — — — EBT 1,086,280 104,135 1,190,415 0.6 % 516,317 — — GB Directors, Executive Management & Other Employees 9,106,902 878,888 9,985,790 5.0 % 516,317 — — Other Shareholders 20,468,205 — 20,468,205 10.3 % 20,969,283 — — Total excl. GB Group 180,534,962 17,788,512 198,323,474 100.0 % 30,735,950 40,000,000 40,000,000 GB Group 7,000,000 5,929,477 12,929,477 — — — Total incl. GB Group 187,534,962 23,717,989 211,252,951 30,735,950 40,000,000 40,000,000 (1) - Corresponds to SL Globetrotter L.P. (2) - Corresponds to Global Blue Holding LP (which is controlled by Silver Lake) and shares directly held by Partners Group (3) - Excludes GB Group Ordinary shares Holders of these shares are entitled to dividends and are entitled to one vote per share at general meetings of the Company. From the financial year ended March 31, 2026 the preferential dividend will have to be first approved before approval of a dividend for ordinary shares to be granted. Preference shares Holders of these shares are entitled to dividends and are entitled to one vote per share at general meetings of the Company. In addition, the holders are entitled to preferential dividends beginning in the financial year ending March 31, 2026 at a rate of 8% with an increase by 1% each year thereafter. Given that no Preference Dividend is owed to Series A holders and no Preference Dividend has currently been approved by shareholders, no adjustment has been made to basic earnings per share related to the Series A Preferred Shares. Put Option Preference shares can be exchanged 1:1 for Ordinary shares at any time at the Shareholder´s election. The exchange will take place no earlier than 25 days, no later than 65 days after exercise of the put option. Call Option The Company can exercise a call option with 20 days’ notice to exchange the Preference shares 1:1 for Ordinary shares. The call option can only be exercised if (i) the 30 day VWAP of the ordinary shares is at least USD18.00 per share and (ii) no blackout or lockup is in effect. Redemption The Company may redeem the Preference shares for cash or Ordinary shares at the Shareholder’s election following the fifth anniversary of closing or on a change of control (if earlier). The redemption right can only be exercised if the 30 day VWAP of the Common Shares is at least USD10.00 or the value attributable on such change of control is USD10.00. Liquidation Each holder of Preference shares is entitled to a priority share of the liquidation proceeds up to USD10. The remainder is distributed to the holders of the Ordinary shares. Warrants As part of the reorganization and listing, 21,083,307 Public Warrants and 9,766,667 Private Warrants were issued for a total number of warrants (“Warrants”) of 30,849,974 at a fair value of EUR20.2 million. The Warrants were issued in exchange for goods or services provided by FPAC at the date of the merger. The Warrants were accounted for in accordance with IFRS2 as equity settled and were measured at the fair value of the equity instrument granted. 30,735,950 warrants are outstanding as of March 31, 2021. Please refer to Note 23 for details of the movement in the number of warrants during the period. The conditions for the Warrants are as listed below: Public Warrants Exercisability of Public Warrants The Public Warrants became exercisable on September 30, 2020 (30 days after the closing). The Public Warrants expire on August 31, 2025 (the fifth anniversary of the closing). Exercise Price The Private Warrants represent the right to purchase one of the Company shares at a price of USD11.50 per share. Adjustment The exercise price and the number of the Company shares issuable on exercise of the Public Warrants will be adjusted in certain circumstances, including in the event of a share dividend, extraordinary dividend or the Company’s recapitalization, reorganization, merger or consolidation. Fractional Shares No fractional shares will be issued upon exercise of the Public Warrants (rounding shall be down to the nearest whole number of the Company Shares). Redemption By contrast, the Company may call the Public Warrants for redemption in certain circumstances where the closing price of the shares equals or exceeds USD18.00. The Company may only call Public warrants for redemption: • in whole and not in part; • at a price of $0.01 per warrant; • upon not less than 30 days’ prior written notice of redemption to each warrant holder. If the Company calls the Public Warrants for redemption as described above, it will have the option to require any holder that wishes to exercise its Public Warrant prior to such redemption to do so on a “cashless basis.” Other The Public Warrants may be amended with the approval of at least 50% of the then outstanding Public Warrants to make any other change that adversely affects the interests of the Warrant holders. The Warrant holders do not have the rights or privileges of holders of the Company´s shares or any voting rights until they exercise their Public Warrants and receive the Company´s shares. Private Warrants Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants that become the Company Warrants described above, including as to exercise price, exercisability and exercise period, and adjustment. However, the Private Warrants will not be redeemable and may be exercised on a cashless basis. The Private Warrants are transferable (and have been transferable since they became exercisable on September 30, 2020). Open Market Trades, Block Trades or Public Offerings of Private Warrants shall be carried out pursuant to the registration statement that has been declared effective by the SEC, together with any required supplementary disclosure or prospectus at the time. |
COVID-19 Considerations
COVID-19 Considerations | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of COVID-19 Considerations [Abstract] | |
COVID-19 Considerations | COVID-19 Considerations On March 11, 2020, the World Health Organization recognized a novel strain of coronavirus (with the resulting illness referred to as COVID-19) as a pandemic. Governments of many countries, regions, states and cities have taken preventative measures to try to contain the spread of the coronavirus. These measures have included imposing restrictions on international travel and closing borders to all non-essential travel, business closures and social distancing. Additionally, many businesses have voluntarily chosen or been mandated to temporarily close their operations and limit business-related travel, and individuals have decided to postpone or cancel leisure travel on an unprecedented scale. Collectively, these measures have severely curtailed international travel and diminished the level of economic activity around the world, including in the international travel and extra-regional shopping sectors. Impact on Global Blue The COVID-19 pandemic and the related preventative measures, as well as the associated curtailment of international travel and diminished economic activity, have negatively impacted Global Blue’s business and recent results of operations and financial condition. Since early March 2020, when government travel restrictions have been generally implemented, international travel and extra-regional shopping sectors have experienced a significant reduction in activity. Global Blue’s Sales-in-Stores (“SiS”) for the financial year ended March 31, 2021 decreased 89% relative to the prior year. Revenues for the same period and relative to the respective period in the prior year, were also down 89%. As a result of various waves of COVID-19 outbreak cases across Europe, governments didn’t fully reopen the economy for travel, especially into the EU. Following the approvals of various COVID-19 vaccines and progressive roll-out of vaccination, it is expected that shops will reopen and international travel will resume gradually over time; management therefore anticipates that Global Blue’s performance may improve accordingly. Global Blue has adopted a wide range of short-term measures to reduce its monthly cash expenditures while still maintaining core internal functions, serving clients who remain active and preserving the ability to ramp-up operations to capture volume rebound. These short-term measures included the following impacts to personnel and non-personnel costs: Personnel costs: Depending on the jurisdiction, Global Blue furloughed staff or has reduced working hours and, in parallel, has applied for employee salary support schemes introduced by certain governments. Such schemes allow companies to place employees on paid leave or on reduced working hours, with the difference to an employee’s ordinary salary being partially reimbursed by the respective government. In countries in which no such employee salary support schemes were available, Global Blue required personnel to take (partially paid or unpaid) leave or reduced its workforce. These personnel decisions varied based on function, country, and seniority. In addition, members of senior management agreed to temporary salary cuts. Non-personnel costs: Global Blue renegotiated contracts with business partners and reduced local-level third-party employment or advisory services. Global Blue also prohibited any but essential business-related travel, reduced promotional activities and postponed non-strategic new technology expenditures. In addition, where available, Global Blue adhered to any tax holidays provided by relevant governments, allowing Global Blue to postpone certain tax payments. For the financial year ended March 31, 2021 as a result of these short-term measures and gradually some longer-term measures, Global Blue’s average monthly Fixed Adjusted Operating expenses (Operating expenses excluding exceptional items and depreciation and amortization) of EUR13.2 million for the prior year ended March 31 were reduced by 52.9% to EUR6.2 million . Liquidity and Capital Resources Liquidity describes the ability of a company to generate sufficient cash flows to meet cash requirements of its business operations, including working capital needs, capital expenditure, debt interest and service, acquisitions, other commitments, and contractual obligations. Historically our principal sources of liquidity include cash flow from operating activities, cash and cash equivalents on our statement of financial position and amounts available under our revolving credit facilities, bank overdraft facilities and the Supplemental Liquidity Facility. We consider liquidity in terms of the sufficiency of these resources to fund our operating, investing, and financing activities for a period of 12 months. The objective of our capital management is to have sufficient liquidity and to stay within financial and maintenance covenants in order to fulfil our obligations to our creditors. Our cash flow from operating activities is generated primarily from revenue from VAT refunds. Revenue is generated when an international shopper is refunded, which at first triggers a cash outflow. The cash outflow mirrors a subsequent collection of VAT by Global Blue and payment of revenue share by Global Blue to merchants, which can take several weeks and months, respectively, until cash is received. As a result, we experience cash flow seasonality throughout the year, with a larger net working capital need (and corresponding cash outflow) during the summer months, when international shoppers travel more frequently. In periods of travel disruptions, such as the ongoing COVID-19 pandemic, Global Blue’s cash generation during the first few months increases as a result of (i) a reduction in cash outflow for VAT refunds to international shoppers and (ii) cash inflow from short-dated VAT receivables from merchants and tax authorities for the full VAT associated with earlier refunded TFS transactions. Assuming a longer travel disruption, the cash balance is expected to gradually decrease as a result of (i) the lack of cash inflow from TFS processing fees due to the lack of new TFS transactions, (ii) cash outflows for monthly expenditures and to settle longer-dated merchant payables and (iii) monthly cash expenditures. Once the COVID-19 pandemic subsides and international travel and global economic activity resumes, Global Blue might experience rapid volume growth (assuming a quick recovery to pre-pandemic levels), which would lead to a temporary surge of its net working capital and liquidity needs. We expect this would be funded through cash and cash equivalents on our statement of financial position and bank overdraft facilities. Historically, Global Blue has regularly drawn its revolving credit facilities, particularly over the summer (being the period with heightened leisure travel and its corresponding tax-free shopping demand) to finance net working capital needs. Such drawings have typically been repaid during the months following increased needs for working capital as Global Blue collects VAT receivables. Given the global and evolving nature of the pandemic and its impact on the international travel and extra-regional shopping sectors, and its impact on consumer spending through any economic recession, the level of our working capital needs for the financial year ending March 31, 2022 cannot be accurately quantified at this time. The Company requires and will need significant cash resources to, among others, fund its working capital requirements, make capital expenditures, meet debt service requirements and interest payments under its indebtedness, fund general corporate uses, and, in certain cases, expand its business through acquisitions. Future capital requirements will depend on many factors, such as the pace at which government policies change (i.e., new TFS countries, reduction in minimum purchase amounts), spending on product roll-out, and changes in consumer demand linked to relative foreign exchange movements. The Company has made no firm commitments with respect to future investments. The Company could be required or could elect to seek additional funding through public or private equity or debt financings, however additional funds may not be available on terms acceptable to the Company, or at all. As of March 31, 2021, the Company had cash and cash equivalents of EUR182.8 million, which were predominantly held in Euro, which includes a drawn EUR99.0 million revolving credit facility, which was drawn as a precautionary measure without specific use of the cash proceeds and which is held on the balance sheet. As of March 31, 2021, the Company had EUR720.9 million of interest-bearing loans and borrowings recorded on its statement of financial position, consisting of EUR621.7 million in long-term financing (borrowings of EUR630.0 million less EUR8.3 million of capitalized financing fees), EUR99.0 million drawn on the revolving credit facility and EUR0.1 million in other bank overdraft facilities. Global Blue has additional liquidity of EUR82.9 million comprising of EUR63.9 million equivalent of capacity on a committed Supplemental Liquidity Facility (USD75.0 million funded by certain selling shareholders), EUR18.2 million of uncommitted local credit lines and RCF availability of EUR0.8 million. Global Blue’s trade payables decreased from EUR237.3 million as of March 31, 2020 to EUR147.5 million as of March 31, 2021. Of the remaining March 31, 2021 balance, EUR48.2 million represents payables to merchants for revenue shares generally subject to those merchants having settled their respective outstanding VAT receivables or representing a credit for merchants to buy Global Blue’s marketing and BI services. In addition, EUR77.1 million represents a payable related to unsuccessful refunds (i.e., payments to international shoppers that have not been completed successfully and thus the amounts remain unclaimed). As a result of this payable having been accumulated over multiple years and based on past experience, Global Blue does not expect its unsuccessful refunds balance to fluctuate in the coming 12 months in a manner that would be material to its overall liquidity position. Global Blue’s trade receivables decreased from EUR141.3 million as of March 31, 2020 to EUR31.3 million as of March 31, 2021 , ma inly from collection of VAT receivables from merchants. In the initial months following travel disruptions such as the ongoing COVID-19 pandemic, Global Blue generates cash from collecting near-term VAT receivables from merchants and tax authorities for the full VAT associated with earlier refunded TFS transactions. The Company believes that its cash and cash equivalents, the Supplemental Liquidity Facility and our local credit lines will be sufficient to meet liquidity needs and fund necessary capital expenditure for at least the next 12 months from the date of these financial statements. Given the near-term impacts of the COVID-19 pandemic, and that the exact timing of the revenue recovery to pre-COVID-19 levels are based on the uncertainties of the pandemic and related macro effects as opposed to company-specific factors, Global Blue considered a range of potential recovery scenarios in formulating this view. In scenarios wherein the low volume environment persists, Global Blue took into account its current run-rate monthly cash expenditure of approximately EUR10.8 million (Fixed Adjusted Operating Expenses EUR6.2 million, Capital Expenditures EUR1.8 million, Lease payments EUR1.3 million and Interest EUR1.5 million) , as well as the fact that while certain short-term cost savings initiatives are associated with government schemes that have started to expire or will expire over the coming months (unless they are extended), management’s permanent cost-savings will partially offset the expiration of these schemes and therefore keep the monthly expenditures materially below the EUR19.7 million pre-COVID-19 level. |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Events After The Reporting Period [Abstract] | |
Events after the reporting period | Events after the reporting periodThere were no significant events after the reporting period. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Basis of preparation | The consolidated financial statements of Global Blue Group Holding AG have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and are presented in thousands of Euros (EURk). Basis of preparation The comparative balances presented in these financial statements are those of Global Blue Group AG, the previous parent of the group, prior to the reorganization conducted as part of the merger and subsequent listing. The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments that have been measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 5. |
Basis of consolidation | Basis of consolidation The consolidated financial statements comprise the financial statements of Global Blue Group Holding AG and its subsidiaries as of March 31, 2021, 2020 and 2019 . |
Subsidiaries | Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when it has power over that entity, when it is exposed or has rights to variable returns from its involvement with that entity and when it has the ability to use its power over that entity to affect the amount of the returns. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are de-consolidated from the date that control ceases. |
Transactions and Non-controlling interests | Transactions and Non-controlling interest Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions that is, as transactions with the owners in their capacity as owners. For purchases from non-controlling interests, the difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gain or losses on disposals to non-controlling interests are also recorded in equity. When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognized in profit or loss. This fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. |
Investments in joint ventures | Investment in joint ventures The Group applies IFRS 11 to all joint arrangements. Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor. The Group has assessed the nature of its joint arrangement and determined it to be a joint venture. A joint venture is a type of joint arrangement whereby the parties, with joint control of the arrangement, have the rights to the net assets of the joint venture. The Group exercises joint control over a joint arrangement when decisions relating to the relevant activities of the arrangement require the unanimous consent of the Group and the other parties with whom control is shared. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interest in a joint venture is initially recognized at cost and adjusted thereafter to recognize the Group’s share of the post-acquisition profits or losses and movements in other comprehensive income. When the Group’s share of losses in a joint venture equals or exceeds its interests in the joint venture, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint venture. |
Changes in accounting policy | Changes in accounting policy Changes in accounting policy in the financial year ended March 31, 2021 Amended standards became applicable for the current reporting period. The Company did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. Upcoming changes in accounting policy New and revised standards will be applied in the financial years ended March 31, 2022 and beyond. Global Blue’s current assessment is that the standards, amendments and interpretation issued and not yet effective for the financial year ended March 31, 2022 will not have a significant impact on the consolidated financial statements. |
IFRS 15 - Revenue from contracts with customers | Revenue recognition Revenue is recognized when a customer obtains control of goods or services and thus has the ability to direct the use and obtain the benefits from the goods or services. Revenue represents the fair value of consideration received or receivable from clients for services provided by the Group, net of discounts, VAT and other sales-related taxes, after eliminating sales within the Group. Revenue from external customers derives from the following services: VAT refund services Global Blue provides a solution that facilitates the VAT refund process for both merchants and travelers. Specifically, the traveler receives a refund from Global Blue of the total VAT paid, less a commission, which varies based on a number of factors such as the merchant, country and amount of purchase. After processing the refund, Global Blue invoices either the relevant merchant or the government, for the full VAT amount, which is paid to the Group in full. The merchant then reclaims the VAT from the government and invoices Global Blue in turn for their portion of the commission, the rate of which varies according to the contractual agreements with each customer. Whilst the transaction flow involves various parties, Global Blue’s involvement in respect of the tax authorities is considered to be of a pass-through nature, and it is therefore considered to be an agent for this part. The commission received by Global Blue, net of the share paid to the merchant, is recognized as revenue. Such service is contracted with merchants, who are provided with a license to a specifically designed IT system, related forms to collect the relevant information about the traveler to allow a tax refund and any related training and support required to allow the merchant to make use of Global Blue’s service. These elements are all essential to the provision of VAT refund services and, as a result of their interdependency, and the fact the customer (i.e. merchant) would not be able to make use of such elements on their own, they are considered part of a single performance obligation. Commission revenue is recognized at a point in time, upon receipt of a validated tax refund transaction from the traveler, which establishes the right to a VAT refund. In certain instances, the payment to the traveler cannot be completed successfully and the amount due remains unclaimed. These unsuccessful payments represent a very small percentage of the large number of refunds processed. The revenue related to such amounts is recognized when the residual risk of a cash outflow is extinguished. Service revenues from other related solutions, such as intelligence and marketing, are recognized at the point in time the services are performed and delivered. Timing of recognition is made by reference to when there is a right to consideration to the extent of the performance of contractual obligations and the agreed level of fees for the services. Timing of recognition of revenue is made by reference to the time the advertisements are published on the appropriate medium and based on the agreed level of fees. Payment and AVPS services In a Dynamic Currency Choice transaction, a traveler pays for goods or services in their preferred currency, which is fixed at the time of the transaction and at which point the Group earns a commission for the foreign exchange spread for our service, from which fees are paid to both the participating merchant and the acquiring bank. As the Company is acting only as an agent, revenue is recorded net in the consolidated income statement at the time of the transaction (i.e. at a point in time). The revenue recognized, consists of the total AVPS commission earned from the traveler (i.e. gross commission) less the amount of commissions paid to participating merchants and acquiring banks. Global Blue provides other minor services to merchants (e.g., tax audit support to the merchant customers), which represent an insignificant part of the Company’s activities and have therefore not been separately considered for IFRS 15 purposes. |
IFRS 16 - Leases | Leases The lease liability is initially measured at the present value of the lease payments payable over the lease term discounted at the incremental borrowing rate. The lease liability is subsequently remeasured to reflect changes in: • the lease term (using a revised discount rate); • the assessment of a purchase option (using a revised discount rate); • the amounts expected to be payable under residual value guarantees (using the original discount rate); or • future lease payments resulting from a change in an index or a rate used to determine those payments (using the original discount rate). The lease contracts that do not meet the recognition criteria of IFRS 16 or qualify as exceptions, such as low value assets contracts or short-term lease contracts, are expensed through the income statement directly. The interest expense on the lease liability is presented as a component of finance costs. |
Revenue recognition | Revenue recognition Revenue is recognized when a customer obtains control of goods or services and thus has the ability to direct the use and obtain the benefits from the goods or services. Revenue represents the fair value of consideration received or receivable from clients for services provided by the Group, net of discounts, VAT and other sales-related taxes, after eliminating sales within the Group. Revenue from external customers derives from the following services: VAT refund services Global Blue provides a solution that facilitates the VAT refund process for both merchants and travelers. Specifically, the traveler receives a refund from Global Blue of the total VAT paid, less a commission, which varies based on a number of factors such as the merchant, country and amount of purchase. After processing the refund, Global Blue invoices either the relevant merchant or the government, for the full VAT amount, which is paid to the Group in full. The merchant then reclaims the VAT from the government and invoices Global Blue in turn for their portion of the commission, the rate of which varies according to the contractual agreements with each customer. Whilst the transaction flow involves various parties, Global Blue’s involvement in respect of the tax authorities is considered to be of a pass-through nature, and it is therefore considered to be an agent for this part. The commission received by Global Blue, net of the share paid to the merchant, is recognized as revenue. Such service is contracted with merchants, who are provided with a license to a specifically designed IT system, related forms to collect the relevant information about the traveler to allow a tax refund and any related training and support required to allow the merchant to make use of Global Blue’s service. These elements are all essential to the provision of VAT refund services and, as a result of their interdependency, and the fact the customer (i.e. merchant) would not be able to make use of such elements on their own, they are considered part of a single performance obligation. Commission revenue is recognized at a point in time, upon receipt of a validated tax refund transaction from the traveler, which establishes the right to a VAT refund. In certain instances, the payment to the traveler cannot be completed successfully and the amount due remains unclaimed. These unsuccessful payments represent a very small percentage of the large number of refunds processed. The revenue related to such amounts is recognized when the residual risk of a cash outflow is extinguished. Service revenues from other related solutions, such as intelligence and marketing, are recognized at the point in time the services are performed and delivered. Timing of recognition is made by reference to when there is a right to consideration to the extent of the performance of contractual obligations and the agreed level of fees for the services. Timing of recognition of revenue is made by reference to the time the advertisements are published on the appropriate medium and based on the agreed level of fees. Payment and AVPS services In a Dynamic Currency Choice transaction, a traveler pays for goods or services in their preferred currency, which is fixed at the time of the transaction and at which point the Group earns a commission for the foreign exchange spread for our service, from which fees are paid to both the participating merchant and the acquiring bank. As the Company is acting only as an agent, revenue is recorded net in the consolidated income statement at the time of the transaction (i.e. at a point in time). The revenue recognized, consists of the total AVPS commission earned from the traveler (i.e. gross commission) less the amount of commissions paid to participating merchants and acquiring banks. Global Blue provides other minor services to merchants (e.g., tax audit support to the merchant customers), which represent an insignificant part of the Company’s activities and have therefore not been separately considered for IFRS 15 purposes. |
Segment reporting | Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Committee (ExCom). Other operating expenses Amortization of intangible acquired through business combinations Represents the amortization of the assets recognized in the process of the purchase price allocation during an acquisition. The majority of this amortization relates to the 2012 acquisition of Global Blue by Silver Lake and Partners Group (see below). Exceptional items Exceptional items consist of items which the board considers as not directly related to ordinary business operations and which are not included in the assessment of management performance. These are detailed in Note 10 and include; business restructuring expenses, corporate restructuring expenses, monitoring and directors fee, impairment of intangible assets, gains and losses on disposals of fixed assets, share-based payments and other exceptional items |
Amortization of intangible acquired through business combinations | Amortization of intangible acquired through business combinations Represents the amortization of the assets recognized in the process of the purchase price allocation during an acquisition. The majority of this amortization relates to the 2012 acquisition of Global Blue by Silver Lake and Partners Group (see below). Business combinations A business combination is a transaction or event in which an acquirer obtains control of one or more businesses. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. The excess of the fair value of consideration transferred and the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. |
Exceptional items | Exceptional items Exceptional items consist of items which the board considers as not directly related to ordinary business operations and which are not included in the assessment of management performance. These are detailed in Note 10 and include; business restructuring expenses, corporate restructuring expenses, monitoring and directors fee, impairment of intangible assets, gains and losses on disposals of fixed assets, share-based payments and other exceptional items |
Finance Income / Expense | Finance Income / Expense Interest income is recognized in the income statement as it accrues, using the effective interest method. Finance income comprises of interest receivable on funds invested, foreign exchange gains and losses, and gains and losses on hedging instruments that are recognized in the income statement. |
Sales tax | Sales tax Revenues, expenses and assets are recognized net of the amount of sales taxes / value added taxes except: • where the sales tax incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the sales tax is recognized as part of the cost of acquisition of an asset or as part of the expense item as applicable; and • receivables and payables are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. |
Grants | Grants A government grant is recognized in the income statement when there is reasonable assurance that both: (a) the Group will comply with any conditions attached to the grant, and (b) the grant will be received in accordance with IAS 20. Government grants relating to costs are recognized in profit or loss over the period necessary to match them with the costs that they are intended to compensate. Grants received are recognized within Operating Expenses as an offset to the associated costs. |
Leases | Leases The lease liability is initially measured at the present value of the lease payments payable over the lease term discounted at the incremental borrowing rate. The lease liability is subsequently remeasured to reflect changes in: • the lease term (using a revised discount rate); • the assessment of a purchase option (using a revised discount rate); • the amounts expected to be payable under residual value guarantees (using the original discount rate); or • future lease payments resulting from a change in an index or a rate used to determine those payments (using the original discount rate). The lease contracts that do not meet the recognition criteria of IFRS 16 or qualify as exceptions, such as low value assets contracts or short-term lease contracts, are expensed through the income statement directly. The interest expense on the lease liability is presented as a component of finance costs. |
Foreign currencies | Foreign currencies Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the ‘functional currency’). The consolidated financial statements are presented in thousands of Euros, which is the Group’s presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Group companies The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the statement of financial position; • Income and expenses for each income statement are translated at average exchange rates or at rates prevailing on the transaction dates (a reasonable approximation of the actual rate being available); and • All resulting exchange differences are recognized as a separate component of other comprehensive income called “currency translation adjustments”. On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive income. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale. Goodwill arising on acquisition of a foreign operation and any fair value adjustment arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. |
Functional and presentation currency | Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the ‘functional currency’). The consolidated financial statements are presented in thousands of Euros, which is the Group’s presentation currency. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment, are stated at cost less accumulated depreciation and any accumulated impairment losses. The cost of an item of property, plant and equipment consists of the purchase price and any costs directly attributable to bringing the asset into use. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Depreciation is calculated on a straight-line basis, writing down the assets, excluding any estimated residual value, in equal installments over their estimated useful economic lives as follows: • Machinery, equipment and computers: 3-5 years • Leasehold improvements: over the contract period The residual values and useful economic lives of all Machinery, equipment and computers are reviewed on an annual basis and adjusted, if appropriate, at the end of each financial year. Leasehold improvements are depreciated over the remaining useful life of the related asset or to the date of the next leasehold renewal, whichever is sooner. Gains and losses on disposals are calculated by comparing proceeds with carrying amount and are included as appropriate in "Exceptional items" in the income statement. The Right of use asset is recognized according to IFRS 16 as follows: • At the initial recognition of the lease, the Right of use asset is measured at the amount of lease liability plus any initial direct costs incurred by Global Blue and adjustments such as: lease incentives and payments at or prior to commencement; • The asset is measured at cost less the accumulated depreciation and accumulated impairment. Depreciation is calculated on a straight-line basis over the lease term. |
Intangible assets | Intangible assets Goodwill The excess of the fair value of consideration transferred and the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired are recorded as goodwill. Goodwill is included in “intangible assets” and carried at cost less accumulated impairment losses. Goodwill is tested annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. For the purposes of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (CGU) that are expected to benefit from the synergies of the combination. For the impairment tes ting the carrying value of the CGU is compared to the recoverable amount, which is the higher of value-in-use and the fair value less costs of disposal. Any impairment is recognized immediately in the income statement. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Customer relationships Acquired customer relationships are recognized at the acquisition date at fair value and amortized over a 9 to 20.5 year period, reflecting the estimated useful life of these assets. Customer contracts Long-term customer contracts include the incremental costs of obtaining a contract with a customer and are recognized as assets, as long as a service is being rendered over the contract period. Trademarks Trademarks acquired in a business combination are recognized at fair value. Trademarks have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost over 20 years, reflecting the estimated useful life of these assets. Software and other intangible assets Computer software licenses that do not form an integral part of related hardware are capitalized at cost and amortized over their useful life. Costs associated with maintaining computer software programs are recognized as an expense as incurred. Costs that are directly associated with the production of identifiable and unique software products controlled by the Group that will generate probable economic benefits beyond one year, are recognized as intangible assets. Costs include the software development employee costs and an appropriate portion of relevant overheads. Computer software development costs recognized as an intangible asset amortized over their useful economic life of 3-5 years. |
Impairment of non-financial assets | Impairment of non-financial assets Assets that have an indefinite useful life, for example goodwill, are not subject to amortization but are tested at least annually for impairment or more frequent if events or changes in circumstances indicate a potential impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value-in-use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill subject to impairments in previous years are reviewed for possible reversal of the impairment at each reporting date. |
Financial assets | Financial assets Classification The Group classifies its financial assets in the two following categories: “at fair value through profit or loss” and “at amortized cost”. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition as follows: (a) Financial assets at fair value through profit or loss Financial assets shall be measured at fair value through profit or loss unless they are measured at amortized cost or at fair value through other comprehensive income. Assets in this category are classified as current assets if expected to be settled within 12 months; otherwise, they are classified as non-current. (b) Financial assets at amortized cost Financial assets at amortized cost are held in order to collect contractual cash flows paid on specified dates, which solely consist of payment of principal and interest on the principal amount outstanding. These assets are included in current assets, except for maturities greater than 12 months after the end of the reporting period, which are classified as non-current assets. The Group’s Financial assets at amortized cost consist of trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position. |
Trade and other current receivables | Trade receivables Trade receivables are amounts due from merchants and tax authorities for merchandise sold or services performed in the ordinary course of the TFSS and Intelligence and Marketing businesses. The majority of amounts accounted as trade receivables are related to invoices and accruals for processed TFSS transactions as well as early refunds to tourists and refund agents. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provisions for impairments. A provision for impairment of a trade receivable is established based on the expected credit loss model. The Group applies the IFRS 9 simplified approach to measuring the expected credit loss, which uses a lifetime expected loss allowance. To measure the expected credit loss, trade receivables have been grouped by countries, days past due and also by retailers, authorities and others. The expected credit loss rates are based on the payment profiles of customers over a 12 months period before March 31, 2021, April 1, 2020 and April 1, 2019 respectively and the corresponding historical credit losses over the analyzed period. The historical credit losses are adjusted in order to reflect the current and forward-looking information on macroeconomic factors affecting the ability of customers to settle the receivables. One of the potential consequences of COVID-19 pandemic is that merchants or customs and tax authorities could potentially fail or refuse to pay Global Blue, which could negatively impact Global Blue’s business and results of operations, resulting in an increase in Trade receivables past due for more than 3 months. That said, there has not been a material increase in trade receivables past due for more than 3 months since March 2020. In addition, Global Blue only pays the revenue share or commission to merchants after having collected the receivables, thereby reducing the net exposure. Thus, the Group concluded that there is no significant difference between the historical loss rates and the expected credit loss rates. Further details in relation to the COVID-19 pandemic are included in Note 44. The Group applies the following expected loss rates for the financial year ended March 31: Days past due 2021 2020 2019 0 – 3 months 0% 0% 0% 3 – 6 months 25% 25% 25% 6 – 9 months 50% 50% 50% 9 – 12 months 75% 75% 75% >12 months 100% 100% 100% The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognized in the income statement within "Other operating expenses". When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against "Other operating expenses" in the income statement. Other current receivables Other current receivables primarily consist of amounts due from customers performed in the ordinary course of the Payments & AVPS business, from input VAT unrelated to the TFSS refunding activities, advances and deposits and tax receivable. |
Prepaid expenses | Prepaid expenses As a result of IFRS 15, a limited set of payments and contracts with customers are being treated as a discount, for the portion related to the current financial year, and a prepaid expense for the remaining amount. The prepaid |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less. Drawn bank overdrafts are shown within borrowings in current liabilities on the statement of financial position. |
Preference shares | Preference shares The Company accounts for preference shares under IAS32. To determine the appropriate accounting treatment under IAS32, Global Blues reviews the term and conditions of the preference shares to conclude whether the preference shares have the characteristics of: • a financial liability – when the preference shares pay a fixed rate or dividend and / or have a mandatory redemption feature at a future date, than the substance is that they are contractual obligation to deliver cash, and they are recognized as a liability; • an equity instrument – when the preference shares do not have a fixed maturity and the issuer does not have a contractual obligation to make any payment. |
Treasury shares | Treasury shares The Company accounts for treasury shares under IAS32. Consideration paid by Global Blue to acquire its own shares are debited directly to equity. Consideration received from the sale of treasury shares are credited directly to equity. No gain or loss is recognized on the purchase, sale, issue, or cancellation of treasury shares. Treasury shares may be acquired and held by the entity or by other members of the consolidated group (i.e. an entity and its subsidiaries). The incremental costs that directly attributable to the issuing or buying back treasury shares are recognized as a deduction from equity. The remaining transaction costs (e.g. general administrative costs) should be expensed as incurred. |
Financial liabilities | Financial liabilities The Group classifies its financial liabilities in the following categories: “at fair value through profit and loss” or “other financial liabilities at amortized cost”, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, less directly attributable transaction costs. The Group's financial liabilities include trade creditors, bank overdrafts, interests bearing loans and borrowings, and derivative financial instruments. (a) Financial instruments at fair value through profit and loss Financial liabilities at fair value through profit and loss include financial instruments held for trading. Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments obtained by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Gains and losses on liabilities held for trading are recognized in the income statement within “net finance costs”. (b) Non-Convertible Preferred Equity Certificates (“NC-PECs”) issued by Global Blue Management & Co S.C.A. The NC-PECs which were issued by an indirect subsidiary of the Company to senior management of the Group were considered as debt. They were recognized initially at fair value net of transaction costs incurred and were subsequently carried at amortized cost. Interest on these NC-PECs was calculated using the effective interest method and was recorded in the consolidated income statement within “finance costs”. All of the NC-PECs were settled as part of the capital reorganization. For more information please refer to Note 25. (c) Interest-bearing loans and borrowings Interest-bearing loans and borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates. |
Derivative financial instruments and hedging activities | Derivative financial instruments Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates certain derivatives as either: a) hedges of the fair value of recognized assets or liabilities or a firm commitment (fair value hedge); b) hedges of a net investment in a foreign operation (net investment hedge); The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months, and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Trading derivatives are classified as a current asset or liability. |
Derecognition of financial assets and liabilities | Derecognition of financial assets and liabilities Financial assets are derecognized when the contractual rights to the cash flow have expired or been transferred together with substantially all risks and rewards. Financial liabilities are derecognized when they are extinguished. |
Share-based payment | Share-based payments Cash settled share based payments The cash settled share based compensation plan was implemented as part of the 2012 acquisition of the Group by funds advised by Silver Lake and Partners Group. The fair value of the employee’s services received in exchange of the grant of the shares was recognized as an expense. The total amount is determined by reference to the fair value of the shares granted and was recognized over the vesting period. At the end of each reporting period, the Group revised its estimates of the fair value of the liability for the share-based payment and the difference was recognized under expenses. As soon as the Group estimated that the payment will happen within the next financial year, the liability was reclassified to the other short-term liabilities. This compensation plan was completely settled with the capital reorganization. For more information, please refer to Note 25. Equity settled share based payments All share based payments in place as of March 31, 2021 qualify as equity settled share based payments in accordance with IFRS 2. As mentioned in Note 25 as part of Global Blue´s Management Incentive Plan some employees were granted share options and/or restricted shares. |
Current income tax | Current and deferred income tax The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate based on the amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences, and the carry-forward of unused tax losses, can be utilized. |
Deferred income tax | Current and deferred income tax The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate based on the amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences, and the carry-forward of unused tax losses, can be utilized. |
Employee benefits | Employee benefits Defined contribution plans The Group has insured contributory plans covering substantially all employees. The costs for these plans are accounted for in the income statement within “employee benefit expenses”. Payments to defined contribution plans are charged as an expense as they fall due. Payments made to state plans are dealt with as payments to defined contribution plans where the Group’s obligations under the plans are equivalent to those arising in a defined contribution plan. Defined benefit plans The Group’s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets is deducted. The discount rate is the yield at the balance sheet date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have maturity dates approximating to the terms of the Group’s obligations. The calculation is performed by a qualified actuary using the projected unit credit method. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. All past-service costs are recognized immediately in the income statement. Other long-term benefits plans Other long-term benefits are plans, other than defined contribution plans, defined benefit plans or termination benefits, which do not fall due wholly within 12 months after the end of the period in which the employees render the related service (e.g. long service leave plans). These obligations are measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the expected reporting period, using the projected unit credit method. The calculation takes into account the expected future salary levels, experience of employee departures and periods of service. Remeasurement gains and losses arising from experience adjustments, changes in actuarial assumptions and the costs for these plans are accounted for in the income statement. |
Termination benefits | Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when it is demonstrably committed to a termination when the entity has a detailed formal plan to terminate the employment of current employees without possibility of withdrawal. In the case of a voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. |
Provisions | Provisions Provisions for legal claims are recognized when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of economic benefits will be required to settle the obligation and the amount has been reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. |
Trade payables and Other current liabilities | Trade payables Trade payables are obligations to pay for services that have been acquired in the ordinary course of business from merchants and in-transit payment to tourists. Trade creditors are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. In-transit payments to tourists In-transit payments to tourists contain liabilities to tourists in connection with non-cash refunds and unsuccessful payments. The policy for non-cash refunds is that payments will be made within three weeks from the day Global Blue receives the refund request. In certain cases, non-cash refunds do not successfully go through, potentially due to incorrect card or bank details being provided by the traveler. These are then recognized as unsuccessful payments and accounted for as trade payables. When the legal expiration period has passed, which varies from 3 to 30 years from country to country, the unclaimed amount is treated as an extinguishment and the financial liability is released. Trade creditors and other payables are stated at amortized cost. Other current liabilities The expected duration of other assets and liabilities is short, and the values are therefore recognized at nominal value without discounting. Other liabilities primarily consist of accounts payables which are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers, VAT not related to the TFSS refunding activities and personnel-related taxes. |
Business combinations | Amortization of intangible acquired through business combinations Represents the amortization of the assets recognized in the process of the purchase price allocation during an acquisition. The majority of this amortization relates to the 2012 acquisition of Global Blue by Silver Lake and Partners Group (see below). Business combinations A business combination is a transaction or event in which an acquirer obtains control of one or more businesses. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. The excess of the fair value of consideration transferred and the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Disclosure of expected loss rates | The Group applies the following expected loss rates for the financial year ended March 31: Days past due 2021 2020 2019 0 – 3 months 0% 0% 0% 3 – 6 months 25% 25% 25% 6 – 9 months 50% 50% 50% 9 – 12 months 75% 75% 75% >12 months 100% 100% 100% |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Detailed Information About Financial Instruments [Abstract] | |
Disclosure of maturity analysis for non-derivative financial liabilities | The table below analyses the Group's non-derivative financial liabilities and net-settled derivative financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the notional, undiscounted cash flows. As of March 31, 2021 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 110 20,302 119,074 678,269 — Other long term liabilities (1) — — 9,396 18,903 1,175 Trade payables 99,067 48,410 — — — Other current liabilities (2) 19,798 14,196 — — — Accrued liabilities (3) 22,464 10,057 — — — Total 141,439 92,965 128,470 697,172 1,175 As of March 31, 2020 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 5,176 15,584 20,759 645,015 — Other long term liabilities (1) — — 11,298 15,913 2,540 Trade payables 137,005 82,838 4,362 6,873 6,241 Other current liabilities (2) 21,956 14,753 272 (55) 1,197 Accrued liabilities (3) 25,501 10,251 83 103 1,339 Total 189,638 123,426 36,774 667,849 11,317 As of March 31, 2019 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 5,497 16,613 22,050 667,998 — Other long term liabilities (1) — — 11,434 17,964 7,844 Derivative financial instruments 176 — — — — Trade payables 168,020 93,199 534 1,966 — Other current liabilities (2) 36,591 13,974 (557) 1,293 56 Accrued liabilities (3) 26,412 8,880 264 326 129 Total 236,696 132,666 33,725 689,547 8,029 (1) The line items “Loans and borrowings” and “Other long-term liabilities”, as presented in the table above, include future interest payments (capitalized interest in the case of Other long-term liabilities). The Group does not have any significant outstanding foreign exchange forward contracts. (2) For the purposes of this table, items where the counterparty is the tax authority such as “Personnel taxes” and “VAT”, “withholding tax” have been excluded from the line “Other current liabilities”. For further details on these excluded items see Note 32. (3) For the purpose of this table, items where the counterparty is the tax authority such as “accrued social charges” have been excluded from the line “Accrued liabilities”. For further details on the excluded items see Note 33. |
Disclosure of maturity analysis for derivative financial liabilities | The table below analyses the Group's non-derivative financial liabilities and net-settled derivative financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the notional, undiscounted cash flows. As of March 31, 2021 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 110 20,302 119,074 678,269 — Other long term liabilities (1) — — 9,396 18,903 1,175 Trade payables 99,067 48,410 — — — Other current liabilities (2) 19,798 14,196 — — — Accrued liabilities (3) 22,464 10,057 — — — Total 141,439 92,965 128,470 697,172 1,175 As of March 31, 2020 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 5,176 15,584 20,759 645,015 — Other long term liabilities (1) — — 11,298 15,913 2,540 Trade payables 137,005 82,838 4,362 6,873 6,241 Other current liabilities (2) 21,956 14,753 272 (55) 1,197 Accrued liabilities (3) 25,501 10,251 83 103 1,339 Total 189,638 123,426 36,774 667,849 11,317 As of March 31, 2019 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 5,497 16,613 22,050 667,998 — Other long term liabilities (1) — — 11,434 17,964 7,844 Derivative financial instruments 176 — — — — Trade payables 168,020 93,199 534 1,966 — Other current liabilities (2) 36,591 13,974 (557) 1,293 56 Accrued liabilities (3) 26,412 8,880 264 326 129 Total 236,696 132,666 33,725 689,547 8,029 (1) The line items “Loans and borrowings” and “Other long-term liabilities”, as presented in the table above, include future interest payments (capitalized interest in the case of Other long-term liabilities). The Group does not have any significant outstanding foreign exchange forward contracts. (2) For the purposes of this table, items where the counterparty is the tax authority such as “Personnel taxes” and “VAT”, “withholding tax” have been excluded from the line “Other current liabilities”. For further details on these excluded items see Note 32. (3) For the purpose of this table, items where the counterparty is the tax authority such as “accrued social charges” have been excluded from the line “Accrued liabilities”. For further details on the excluded items see Note 33. |
Disclosure of detailed information about net debt and movements in net debt | This section presents a breakdown of net debt and details the movements in net debt for each of the periods presented: (EUR thousand) As of March, 31 Net debt Notes 2021 2020 2019 Cash and cash equivalents 22 (182,783) (226,139) (104,072) Borrowings - repayable after one year 26 729,000 630,000 630,000 Net Debt 546,217 403,861 525,928 Lease liabilities - repayable within one year 13 12,578 14,001 13,713 Capitalized financing fees 26 (8,255) (9,672) (13,441) IFRS 9 effect Senior Debt 26 — 4,267 5,839 Bank overdraft 111 1,081 2,102 Lease liabilities - repayable after one year 13 19,122 27,750 32,420 IFRS Net Debt 569,773 441,288 566,561 |
Disclosure of reconciliation of liabilities arising from financing activities | (EUR thousand) Assets Liabilities from financing activities Cash and cash equivalents Bank overdraft Borrowings due within 1 year Borrowings due after 1 year Lease liabilities due within 1 year Lease liabilities due after 1 year Total Net debt as of March 31, 2020 (226,139) 1,081 — 624,595 14,001 27,750 441,288 Cash flows 39,122 (884) — 90,578 (15,031) — 113,785 Foreign exchange adjustments 1,155 (86) — — 39 48 1,156 Other changes 3,079 — — 5,572 13,569 (8,676) 13,544 Net debt as of March 31, 2021 (182,783) 111 — 720,745 12,578 19,122 569,773 (EUR thousand) Assets Liabilities from financing activities Cash and cash equivalents Bank overdraft Borrowings due within 1 year Borrowings due after 1 year Lease liabilities due within 1 year Lease liabilities due after 1 year Total Net debt as of March 31, 2019 (104,072) 2,102 — 622,398 13,713 32,420 566,561 Cash flows (122,996) (1,066) — — (15,402) — (139,464) Foreign exchange adjustments 929 45 — — (157) (352) 465 Other changes — — — 2,197 15,847 (4,318) 13,726 Net debt as of March 31, 2020 (226,139) 1,081 — 624,595 14,001 27,750 441,288 (EUR thousand) Assets Liabilities from financing activities Cash and cash equivalents Bank overdraft Borrowings due within 1 year Borrowings due after 1 year Lease liabilities due within 1 year Lease liabilities due after 1 year Total Net debt as of March 31, 2018 (50,674) 2,972 — 612,792 — — 565,090 Changes in accounting policies IFRS9 — — — 7,406 — — 7,406 Changes in accounting policies IFRS16 — — — — 14,087 40,239 54,326 Net debt as of April 1, 2018 (50,674) 2,972 — 620,198 14,087 40,239 626,822 Cash flows (52,341) (1,046) — — (14,154) — (67,541) Foreign exchange adjustments (1,057) 176 — — 5 26 (850) Other changes — — — 2,200 13,775 (7,845) 8,130 Net debt as of March 31, 2019 (104,072) 2,102 — 622,398 13,713 32,420 566,561 |
Disclosure of fair value measurement of assets | The table below discloses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: • Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); • Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). As of March 31, 2021 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through profit or loss - Derivative financial instruments — 231 — 231 Total assets — 231 — 231 Liabilities Financial liabilities at fair value through profit or loss - Derivative financial instruments — — — — Total liabilities — — — — As of March 31, 2020 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through profit or loss - Derivative financial instruments — 742 — 742 Total assets — 742 — 742 Liabilities Financial liabilities at fair value through profit or loss - Derivative financial instruments — — — — Total liabilities — — — — As of March 31, 2019 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through profit or loss - Derivative financial instruments — — — — Total assets — — — — Liabilities Financial liabilities at fair value through profit or loss - Derivative financial instruments — 176 — 176 - Interest rate swaps — — — — Total liabilities — 176 — 176 |
Disclosure of fair value measurement of liabilities | The table below discloses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: • Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); • Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). As of March 31, 2021 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through profit or loss - Derivative financial instruments — 231 — 231 Total assets — 231 — 231 Liabilities Financial liabilities at fair value through profit or loss - Derivative financial instruments — — — — Total liabilities — — — — As of March 31, 2020 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through profit or loss - Derivative financial instruments — 742 — 742 Total assets — 742 — 742 Liabilities Financial liabilities at fair value through profit or loss - Derivative financial instruments — — — — Total liabilities — — — — As of March 31, 2019 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through profit or loss - Derivative financial instruments — — — — Total assets — — — — Liabilities Financial liabilities at fair value through profit or loss - Derivative financial instruments — 176 — 176 - Interest rate swaps — — — — Total liabilities — 176 — 176 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Entity's Operating Segments [Abstract] | |
Disclosure of reportable segments | The segment information provided to the ExCom for the reportable segments is as follows: For the financial year ended March 31, 2021 (EUR thousand) Notes TFSS AVPS Central Total Revenue 30,826 13,870 — 44,696 Operating expenses (1) (29,034) (9,010) (46,587) (84,631) Adjusted EBITDA 1,792 4,860 (46,587) (39,935) Depreciation and amortization (2) 9 (116,318) Exceptional items 10 (274,289) Operating Profit (430,542) For the financial year ended March 31, 2020 (EUR thousand) Notes TFSS AVPS Central Total Revenue 359,557 60,843 — 420,400 Operating expenses (1) (144,124) (29,003) (76,535) (249,662) Adjusted EBITDA 215,433 31,840 (76,535) 170,738 Depreciation and amortization (2) 9 (113,581) Exceptional items 10 (15,958) Operating Profit 41,199 For the financial year ended March 31, 2019 (EUR thousand) Notes TFSS AVPS Central Total Revenue 349,251 63,705 — 412,956 Operating expenses (1) (136,187) (28,329) (74,931) (239,447) Adjusted EBITDA 213,064 35,376 (74,931) 173,509 Depreciation and amortization (2) 9 (105,133) Exceptional items 10 (9,853) Operating Profit 58,523 (1) Operating expenses excluding Depreciation and Amortization and Exceptional items. For the financial year ended March 31, 2021 the fixed cost amounted to EUR74.7 million (EUR158.5 million for the financial year ended March 31, 2020 and EUR156.7 million for the financial year ended March 31, 2019) and variable cost amounted to EUR10.3 million (EUR91.1 million for the financial year ended March 31, 2020 and EUR82.6 million for the financial year ended March 31, 2019). Fixed personnel cost amounted to EUR50.8 million (EUR102.4 million for the financial year ended March 31, 2020 and EUR96.1 million for the financial year ended March 31, 2019) and fixed non personnel cost amounted to EUR23.9 million (EUR56.1 million for the financial year ended March 31, 2020 and EUR60.6 million for the financial year ended March 31, 2019). |
Disclosure of geographical breakdown of revenue | Revenue is mainly derived from commissions generated from TFSS and AVPS. A geographical breakdown of revenue by point of sale is provided below: For the financial year ended March 31, 2021 (EUR thousand) TFSS AVPS Total Europe 25,609 3,330 28,939 Asia Pacific 4,975 10,540 15,515 Rest of the world 242 — 242 Total 30,826 13,870 44,696 For the financial year ended March 31, 2020 (EUR thousand) TFSS AVPS Total Europe 317,130 14,837 331,967 Asia Pacific 39,378 45,998 85,376 Rest of the world 3,049 8 3,057 Total 359,557 60,843 420,400 For the financial year ended March 31, 2019 (EUR thousand) TFSS AVPS Total Europe 304,156 16,658 320,814 Asia Pacific 41,796 47,042 88,838 Rest of the world 3,299 5 3,304 Total 349,251 63,705 412,956 Revenue by top Country A breakdown of revenue by point of sale per top country is provided below: For the financial year ended March 31, 2021 (EUR thousand) TFSS AVPS Total % of Total Revenue Australia 302 9,206 9,508 21 % France 6,128 367 6,495 15 % Italy 3,906 1,662 5,568 12 % Total 10,336 11,235 21,571 48 % For the financial year ended March 31, 2020 (EUR thousand) TFSS AVPS Total % of Total Revenue Italy 54,693 6,505 61,198 15 % United Kingdom 51,618 1,916 53,534 13 % Germany 39,661 622 40,283 10 % Total 145,972 9,043 155,015 38 % For the financial year ended March 31, 2019 (EUR thousand) TFSS AVPS Total % of Total Revenue Italy 53,244 5,212 58,456 14 % United Kingdom 46,720 2,507 49,227 12 % Germany 44,604 832 45,436 11 % Total 144,568 8,551 153,119 37 % Although no measure of assets or liabilities by segment is reported to the ExCom; according to IFRS 8, the non-current assets by country are disclosed as follows: As of March 31, 2021 (EUR thousand) Intangible Assets Tangible Assets Investments in associates and joint ventures Other Long-Term Receivables Total Switzerland 600,719 1,792 3,915 1,964 608,390 Australia 11,087 2,082 — 227 13,396 Italy 1,094 8,859 — 288 10,241 Singapore 664 3,381 — 1,003 5,048 Rest of the world 11,815 21,790 (418) 9,034 42,221 Total 625,379 37,904 3,497 12,516 679,296 As of March 31, 2020 (EUR thousand) Intangible Assets Tangible Assets Investments in associates and joint ventures Other Long-Term Receivables Total Switzerland 607,589 3,351 2,791 100 613,831 Australia 11,927 2,453 — 194 14,574 Japan 2,640 1,177 — 135 3,952 Italy 1,379 10,484 — 358 12,221 Rest of the world 7,467 33,890 104 14,383 55,844 Total 631,002 51,355 2,895 15,170 700,422 As of March 31, 2019 (EUR thousand) Intangible Assets Tangible Assets Investments in associates and joint ventures Other Long-Term Receivables Total Switzerland 671,066 2,569 1,499 1 675,135 Australia 15,691 3,052 — 221 18,964 Japan 1,720 1,127 — 130 2,977 Italy 1,540 12,838 — 217 14,595 Rest of the world 5,605 36,627 945 12,134 55,311 Total 695,622 56,213 2,444 12,703 766,982 |
Disclosure of geographical breakdown of non current assets | Revenue is mainly derived from commissions generated from TFSS and AVPS. A geographical breakdown of revenue by point of sale is provided below: For the financial year ended March 31, 2021 (EUR thousand) TFSS AVPS Total Europe 25,609 3,330 28,939 Asia Pacific 4,975 10,540 15,515 Rest of the world 242 — 242 Total 30,826 13,870 44,696 For the financial year ended March 31, 2020 (EUR thousand) TFSS AVPS Total Europe 317,130 14,837 331,967 Asia Pacific 39,378 45,998 85,376 Rest of the world 3,049 8 3,057 Total 359,557 60,843 420,400 For the financial year ended March 31, 2019 (EUR thousand) TFSS AVPS Total Europe 304,156 16,658 320,814 Asia Pacific 41,796 47,042 88,838 Rest of the world 3,299 5 3,304 Total 349,251 63,705 412,956 Revenue by top Country A breakdown of revenue by point of sale per top country is provided below: For the financial year ended March 31, 2021 (EUR thousand) TFSS AVPS Total % of Total Revenue Australia 302 9,206 9,508 21 % France 6,128 367 6,495 15 % Italy 3,906 1,662 5,568 12 % Total 10,336 11,235 21,571 48 % For the financial year ended March 31, 2020 (EUR thousand) TFSS AVPS Total % of Total Revenue Italy 54,693 6,505 61,198 15 % United Kingdom 51,618 1,916 53,534 13 % Germany 39,661 622 40,283 10 % Total 145,972 9,043 155,015 38 % For the financial year ended March 31, 2019 (EUR thousand) TFSS AVPS Total % of Total Revenue Italy 53,244 5,212 58,456 14 % United Kingdom 46,720 2,507 49,227 12 % Germany 44,604 832 45,436 11 % Total 144,568 8,551 153,119 37 % Although no measure of assets or liabilities by segment is reported to the ExCom; according to IFRS 8, the non-current assets by country are disclosed as follows: As of March 31, 2021 (EUR thousand) Intangible Assets Tangible Assets Investments in associates and joint ventures Other Long-Term Receivables Total Switzerland 600,719 1,792 3,915 1,964 608,390 Australia 11,087 2,082 — 227 13,396 Italy 1,094 8,859 — 288 10,241 Singapore 664 3,381 — 1,003 5,048 Rest of the world 11,815 21,790 (418) 9,034 42,221 Total 625,379 37,904 3,497 12,516 679,296 As of March 31, 2020 (EUR thousand) Intangible Assets Tangible Assets Investments in associates and joint ventures Other Long-Term Receivables Total Switzerland 607,589 3,351 2,791 100 613,831 Australia 11,927 2,453 — 194 14,574 Japan 2,640 1,177 — 135 3,952 Italy 1,379 10,484 — 358 12,221 Rest of the world 7,467 33,890 104 14,383 55,844 Total 631,002 51,355 2,895 15,170 700,422 As of March 31, 2019 (EUR thousand) Intangible Assets Tangible Assets Investments in associates and joint ventures Other Long-Term Receivables Total Switzerland 671,066 2,569 1,499 1 675,135 Australia 15,691 3,052 — 221 18,964 Japan 1,720 1,127 — 130 2,977 Italy 1,540 12,838 — 217 14,595 Rest of the world 5,605 36,627 945 12,134 55,311 Total 695,622 56,213 2,444 12,703 766,982 |
Operating expenses (Tables)
Operating expenses (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Analysis of income and expense [abstract] | |
Disclosure of expenses by nature | (EUR thousand) For the financial year ended March 31 Expenses by nature Note 2021 2020 2019 Employee benefit expenses 8 (66,437) (131,886) (122,088) Depreciation and amortization 9 (116,318) (113,581) (105,133) Agent costs (5,275) (83,003) (78,329) IT costs (9,294) (14,279) (15,431) Auditors, lawyers and consultants (7,989) (21,885) (12,798) Advertising and promotion (1,225) (9,018) (8,861) Travel, entertainment, office and rental cost (1,511) (8,272) (8,518) Other operating expenses (267,189) 2,723 (3,275) Total (475,238) (379,201) (354,433) Of which exceptional items 10 (274,289) (15,958) (9,853) Of which capitalized expenditure 16,670 24,716 23,722 |
Employee benefits expenses (Tab
Employee benefits expenses (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Employee Benefit Expense [Abstract] | |
Disclosure of employee benefit expenses | (EUR thousand) For the financial year ended March 31 Employee benefits expenses Note 2021 2020 2019 Salaries and bonuses (52,413) (105,436) (95,118) Social security charges (11,502) (21,012) (20,398) Social costs (1,003) (2,588) (2,448) Defined benefit plans 29 (1,169) (1,199) (652) Other personnel expenses (350) (1,651) (3,472) Total (66,437) (131,886) (122,088) |
Depreciation and amortization (
Depreciation and amortization (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Depreciation and amortisation expense [abstract] | |
Detailed information about depreciation and amortization expense | (EUR thousand) For the financial year ended March 31 Depreciation and amortization Notes 2021 2020 2019 Depreciation of property, plant and equipment 15 (19,425) (21,651) (19,975) Amortization of customer relationships (72,752) (71,325) (70,332) Amortization of trademarks (2,237) (2,237) (2,237) Amortization of other intangible assets (21,904) (18,368) (12,589) Amortization of intangible assets 16 (96,893) (91,930) (85,158) Total (116,318) (113,581) (105,133) Of which amortization of intangible assets acquired through business combinations (74,560) (74,456) (74,642) |
Exceptional items (Tables)
Exceptional items (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Analysis of income and expense [abstract] | |
Detailed information about non operating expenses | Exceptional items consist of items which the board considers as not directly related to ordinary business operations and which are not included in the assessment of management performance and can be analyzed as follows: (EUR thousand) For the financial year ended March 31 Exceptional items 2021 2020 2019 Business restructuring expenses (10,340) (2,180) (4,361) Corporate restructuring expenses (256,266) (10,303) (1,273) Monitoring fee (including Directors fee) (218) (709) (776) Impairment (3,866) (1,023) — Net sales of assets (loss) (294) (91) (1,716) Share based payments (1,239) (3,288) (722) Other exceptional items (2,066) 1,636 (1,005) Total (274,289) (15,958) (9,853) |
Net finance cost (Tables)
Net finance cost (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Analysis of income and expense [abstract] | |
Disclosure of finance income | (EUR thousand) For the financial year ended March 31 Note 2021 2020 2019 Finance income Interest income on short-term bank deposits 345 552 562 Net foreign exchange gains on financing activities — 3,105 861 Net foreign exchange gains (1) — 1 — Other finance income 2,121 1,651 1,402 Total finance income 2,466 5,309 2,825 Finance costs Interest expense: - Bank borrowings (including amortization of capitalized financing fees) (21,463) (25,554) (26,021) - Lease liabilities interest (1,030) (1,308) (1,424) - Interest income/(expenses) on Non-Convertible Preferred Equity Certificates issued to 3rd Parties 25 (76) (170) (155) Net foreign exchange losses (1) (1,658) (4,178) (398) Other finance expenses (2,203) (5,948) (3,507) Total finance costs (26,430) (37,158) (31,505) Net finance costs (23,964) (31,849) (28,680) (1) Net foreign exchange gains and losses arising during the period result from the difference between the value originally recorded and the amount actually paid or received, as well as unrealized gains and losses due to the difference between the original value recorded and the value at the balance sheet date. |
Disclosure of finance cost | (EUR thousand) For the financial year ended March 31 Note 2021 2020 2019 Finance income Interest income on short-term bank deposits 345 552 562 Net foreign exchange gains on financing activities — 3,105 861 Net foreign exchange gains (1) — 1 — Other finance income 2,121 1,651 1,402 Total finance income 2,466 5,309 2,825 Finance costs Interest expense: - Bank borrowings (including amortization of capitalized financing fees) (21,463) (25,554) (26,021) - Lease liabilities interest (1,030) (1,308) (1,424) - Interest income/(expenses) on Non-Convertible Preferred Equity Certificates issued to 3rd Parties 25 (76) (170) (155) Net foreign exchange losses (1) (1,658) (4,178) (398) Other finance expenses (2,203) (5,948) (3,507) Total finance costs (26,430) (37,158) (31,505) Net finance costs (23,964) (31,849) (28,680) (1) Net foreign exchange gains and losses arising during the period result from the difference between the value originally recorded and the amount actually paid or received, as well as unrealized gains and losses due to the difference between the original value recorded and the value at the balance sheet date. |
Income tax expense (Tables)
Income tax expense (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Income Tax Expense [Abstract] | |
Disclosure of reconciliation of accounting profit multiplied by applicable tax rates | The below table reconciles the income tax charge at the statutory tax rate to the effective taxes reported in the income statement: (EUR thousand) For the financial year ended March 31 Income tax Note 2021 2020 2019 Current income tax expense (3,041) (24,389) (28,772) Adjustment in respect of current income tax of previous years (149) 510 (10,181) Deferred tax benefit 28 34,167 16,198 15,997 Income tax benefit / (expense) reported in the income statement 30,977 (7,681) (22,956) Of which income tax benefit related to amortization of acquisition related items 15,066 15,066 15,066 Of which tax impact on exceptional items 3,726 1,210 2,822 Of which exceptional income tax expense (2,303) (1,341) (14,526) (EUR thousand) For the financial year ended March 31 2021 2020 2019 (Loss) / Profit before tax (454,506) 9,350 29,843 Effective tax Tax benefit / (expense) calculated at the weighted average expected tax rate of 24.00% (24.00% in FY2019/20, 21.40% in FY2018/19) 109,081 (2,244) (6,387) Adjustment in respect of current income tax of previous years (149) 550 (10,181) Recognition of previously unrecognized (derecognition of previously recognized) deductible temporary differences (600) 502 501 Expenses not deductible for tax purposes (32,138) (15,882) (18,577) Tax losses not generating deferred tax assets (9,822) — (1,017) Effect of capital reorganization (15,225) — — Effect of income taxed at different tax rates (21,878) 6,250 9,970 Deferred tax asset recognized for previously unrecognized tax loss carry forward 10 1,028 4,479 Deferred tax asset recognized for future tax credit 440 1,045 — Other tax items 1,258 1,071 (1,744) Total reported effective tax benefit / (expense) 30,977 (7,681) (22,956) (EUR thousand) For the financial year ended March 31 Tax items recognized directly in other comprehensive income: Note 2021 2020 2019 Tax effect on remeasurements of post-employment benefit obligations 28 108 307 (74) Total tax effect 108 307 (74) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Presentation of leases for lessee [abstract] | |
Disclosure of quantitative information about right-of-use assets | Right of use assets recognized within Property, plant and equipment are the following: (EUR thousand) As of March 31 Right of use asset 2021 2020 2019 Offices 13,469 16,252 15,454 Refund points 10,509 14,889 19,578 IT contracts 4,487 6,416 7,329 Others 2,065 2,852 2,717 Right of use asset 30,530 40,409 45,078 Movements during the period of Right of use assets are the following: (EUR thousand) As of March 31 Movement of Right of use asset 2021 2020 2019 Opening balance as of April 1 40,409 45,078 — Adoption of new accounting policy — — 54,325 New contracts 2,192 12,111 5,804 Modifications 2,350 73 13 Depreciation (14,649) (16,349) (15,159) FX effect 228 (504) 95 Closing balance as of March 31 30,530 40,409 45,078 |
Disclosure of quantitative information about lease liabilities | Lease liabilities recognized within Other long-term liabilities and Other current liabilities are the following: (EUR thousand) As of March 31 Lease liability Note 2021 2020 2019 Short-term 32 12,578 14,001 13,713 Long-term 27 19,122 27,750 32,420 Total Lease liability 31,700 41,751 46,133 Movements during the period of Lease liabilities are the following: (EUR thousand) As of March 31 Movement of Lease liability 2021 2020 2019 Opening balance as of April 1 41,751 46,133 — Adoption of new accounting policy — — 54,325 New contracts 2,176 11,400 5,800 Modifications 2,325 55 13 Cash outflow (16,061) (16,573) (15,508) Other non-cash outflows — (137) — Interest expense (included in finance cost) 1,030 1,308 1,424 FX effect 479 (435) 79 Closing balance as of March 31 31,700 41,751 46,133 |
Disclosure of maturity analysis of operating lease payments | The contractual duration of the lease liabilities is the following: (EUR thousand) Contractual maturities of financial liability as of March 31, 2021 Less than 2 years Between 2 years and 5 years More than 5 years Lease liability 21,358 9,661 681 (EUR thousand) Contractual maturities of financial liability as of March 31, 2020 Less than 2 years Between 2 years and 5 years More than 5 years Lease liability 25,315 14,672 1,764 (EUR thousand) Contractual maturities of financial liability as of March 31, 2019 Less than 2 years Between 2 years and 5 years More than 5 years Lease liability 25,148 17,964 3,021 |
Disclosure of additional information about leasing activities for lessee | Amounts recognized in the income statement are the following: (EUR thousand) For the financial year ended March 31 Depreciation charge of the right of use asset 2021 2020 2019 Offices 4,424 4,523 3,973 Refund points 6,511 8,139 7,976 IT contracts 2,253 2,071 1,893 Others 1,461 1,616 1,317 Total Depreciation charge of right of use asset 14,649 16,349 15,159 (EUR thousand) For the financial year ended March 31 Other lease related expenses 2021 2020 2019 Expense relating to short-term leases (included in Operating expenses) 646 2,650 4,497 Expense relating to leases of low-value assets that are not short-term leases (included in Operating expenses) 98 106 14 Expense relating to variable lease payments not included in lease liabilities (included in Other expenses) 3,478 6,997 5,929 Total Other lease related expenses 4,222 9,753 10,440 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Earnings per share [abstract] | |
Summary of earnings per share | (EUR thousand) For the financial year ended March 31 Earnings per share Note 2021 2020 2019 (Loss) / Profit from continuing operations attributable to the owners of the parent (422,116) (3,532) 2,350 (Loss) / Profit from continuing operations attributable to the owners of the parent attributable to ordinary shares (388,885) (3,532) 2,350 (Loss) / Profit from continuing operations attributable to the owners of the parent attributable to preference shares (33,231) — — Weighted average number of basic ordinary shares outstanding (thousand) 169,391 168,480 168,480 Weighted average number of basic preference shares outstanding (thousand) 12,167 — — Basic earnings per ordinary share (2.30) (0.02) 0.01 Basic earnings per preference share (2.73) — — (Loss) / Profit from continuing operations attributable to the owners of the parent (422,116) (3,532) 2,350 (Loss) / Profit from continuing operations attributable to the owners of the parent attributable to ordinary shares (388,885) (3,532) 2,350 (Loss) / Profit from continuing operations attributable to the owners of the parent attributable to preference shares (33,231) — — Weighted average number of diluted ordinary shares outstanding (thousand) 169,391 168,480 168,480 Weighted average number of diluted number of preference shares outstanding (thousand) 12,167 — — Diluted earnings per ordinary share (2.30) (0.02) 0.01 Diluted earnings per preference share (2.73) — — |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | The below table is a reconciliation table for Property, plant and equipment. This note excludes the balance sheet impact of the IFRS 16 Right of use asset, which has been presented and detailed in Note 13. (EUR thousand) Machinery, Equipment and computers Leasehold Improvements Total Opening balance as of April 1, 2020 29,850 5,511 35,361 Acquisition of subsidiary 23 — 23 Purchases 1,086 401 1,487 Disposals (3,582) (288) (3,870) Reclassification (48) 1 (47) Exchange differences 273 (35) 238 Accumulated acquisition values as of March 31, 2021 27,602 5,590 33,192 Opening balance as of April 1, 2020 (20,966) (3,449) (24,415) Depreciation charge for the year (4,235) (541) (4,776) Impairment charge for the year (116) (63) (179) Disposals 3,447 195 3,642 Reclassification 48 (1) 47 Exchange differences (168) 31 (137) Accumulated depreciation and impairment as of March 31, 2021 (21,990) (3,828) (25,818) Net book amount as of March 31, 2021 5,612 1,762 7,374 (EUR thousand) Machinery, Equipment and computers Leasehold Improvements Total Opening balance as of April 1, 2019 25,772 4,309 30,081 Purchases 4,828 722 5,550 Disposals (791) (48) (839) Reclassification 657 549 1,206 Exchange differences (616) (21) (637) Accumulated acquisition values as of March 31, 2020 29,850 5,511 35,361 Opening balance as of April 1, 2019 (16,598) (2,348) (18,946) Depreciation charge for the year (4,720) (581) (5,301) Disposals 650 31 681 Reclassification (668) (552) (1,220) Exchange differences 370 1 371 Accumulated depreciation and impairment as of March 31, 2020 (20,966) (3,449) (24,415) Net book amount as of March 31, 2020 8,884 2,062 10,946 (EUR thousand) Machinery, Equipment and computers Leasehold Improvements Total Opening balance as of April 1, 2018 23,493 5,030 28,523 Acquisition of subsidiary 15 — 15 Disposal of subsidiary (7) — (7) Purchases 5,934 866 6,800 Disposals (4,620) (1,852) (6,472) Reclassification 891 202 1,093 Exchange differences 66 63 129 Accumulated acquisition values as of March 31, 2019 25,772 4,309 30,081 Opening balance as of April 1, 2018 (15,443) (3,226) (18,669) Disposal of subsidiary 7 — 7 Depreciation charge for the year (4,124) (691) (4,815) Disposals 3,913 1,769 5,682 Reclassification (910) (143) (1,053) Exchange differences (41) (57) (98) Accumulated depreciation and impairment as of March 31, 2019 (16,598) (2,348) (18,946) Net book amount as of March 31, 2019 9,174 1,961 11,135 (EUR thousand) As of March 31 Accumulated acquisition values 2021 2020 2019 Machinery, Equipment and computers 27,602 29,850 25,772 Leasehold Improvements 5,590 5,511 4,309 Right of use asset 66,383 56,758 60,236 Total Accumulated acquisition values 99,575 92,119 90,317 Accumulated depreciation and impairment 2020/21 2019/20 2018/19 Machinery, Equipment and computers (21,990) (20,966) (16,598) Leasehold Improvements (3,828) (3,449) (2,348) Right of use asset (35,853) (16,349) (15,159) Total Accumulated depreciation and impairment (61,671) (40,764) (34,105) Total Property, plant and equipment 37,904 51,355 56,213 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Intangible assets and goodwill [abstract] | |
Disclosure of reconciliation of changes in intangible assets and goodwill | (EUR thousand) Goodwill Trademarks Customer relationships Other intangible assets Software Total Opening balance as of April 1, 2020 411,538 45,795 666,021 9,240 101,908 1,234,502 Acquisition of subsidiaries 63,776 — — 1 5,223 69,000 Purchases — — 1,892 1,177 16,670 19,739 Disposals — — (634) (895) (1,430) (2,959) Exchange differences 2,551 179 418 201 3,439 6,788 Accumulated acquisition values 477,865 45,974 667,697 9,724 125,810 1,327,070 Opening balance as of April 1, 2020 — (17,150) (533,549) (7,277) (40,425) (598,401) Amortization — (2,237) (72,752) (855) (21,049) (96,893) Disposals — — 256 864 947 2,067 Exchange differences — — (95) (70) (2,364) (2,529) Accumulated amortization — (19,387) (606,140) (7,338) (62,891) (695,756) Opening balance as of April 1, 2020 (2,027) — — (498) (2,574) (5,099) Impairment — — (356) — (874) (1,230) Disposal — — 356 — — 356 Exchange differences 52 — — — (14) 38 Accumulated impairment (1,975) — — (498) (3,462) (5,935) Net book value as of March 31, 2021 475,890 26,587 61,557 1,888 59,457 625,379 (EUR thousand) Goodwill Trademarks Customer relationships Other int. assets Software Total Opening balance as of April 1, 2019 413,499 45,941 660,325 7,999 81,024 1,208,788 Purchases — — 6,059 1,406 24,716 32,181 Disposals — — — (11) (762) (773) Reclassifications — — — 17 (3) 14 Exchange differences (1,961) (146) (363) (171) (3,067) (5,708) Accumulated acquisition values 411,538 45,795 666,021 9,240 101,908 1,234,502 Opening balance as of April 1, 2019 — (14,913) (462,288) (6,166) (25,641) (509,008) Amortization — (2,237) (71,325) (1,203) (17,165) (91,930) Disposals — — — 10 586 596 Adjustments due to changes in accounting policies — — (2) — — (2) Exchange differences — — 66 82 1,795 1,943 Accumulated amortization — (17,150) (533,549) (7,277) (40,425) (598,401) Opening balance as of April 1, 2019 (2,109) — — (498) (1,551) (4,158) Impairment — — — — (1,023) (1,023) Exchange differences 82 — — — — 82 Accumulated impairment (2,027) — — (498) (2,574) (5,099) Net book value as of March 31, 2020 409,511 28,645 132,472 1,465 58,909 631,002 (EUR thousand) Goodwill Trademarks Customer relationships Other int. assets Software Total Opening balance as of April 1, 2018 405,937 45,926 664,849 7,117 57,432 1,181,261 Acquisition of subsidiaries 7,038 — — 13 52 7,103 Purchases 169 — 1,862 862 23,722 26,615 Disposals — — — (569) (434) (1,003) Reclassifications — — — 458 9 467 Adjustments due to changes in accounting policies — 1 (6,604) — — (6,603) Exchange differences 355 14 218 118 243 948 Accumulated acquisition values 413,499 45,941 660,325 7,999 81,024 1,208,788 Opening balance as of April 1, 2018 — (12,676) (395,073) (4,912) (14,308) (426,969) Amortization — (2,237) (70,332) (1,246) (11,343) (85,158) Disposals — — — 564 73 637 Reclassifications — — — (507) — (507) Adjustments due to changes in accounting policies — — 3,155 — — 3,155 Exchange differences — — (38) (65) (63) (166) Accumulated amortization — (14,913) (462,288) (6,166) (25,641) (509,008) Opening balance as of April 1, 2018 (2,040) — — (498) (1,255) (3,793) Impairment — — — — (296) (296) Exchange differences (69) — — — — (69) Accumulated impairment (2,109) — — (498) (1,551) (4,158) Net book value as of March 31, 2019 411,390 31,028 198,037 1,335 53,832 695,622 |
Summary of goodwill and customer relationships by operating segment | The following is a summary of goodwill allocation for each operating segment: (EUR thousand) As of March 31 Goodwill 2021 2020 2019 TFSS 361,470 360,311 360,721 AVPS 50,497 49,200 50,669 eCommerce Return Solutions 63,923 — — Total 475,890 409,511 411,390 (EUR thousand) As of March 31 Customer relationships 2021 2020 2019 PPA initial valuation TFSS 53,135 117,479 181,824 610,789 AVPS 1,528 6,113 13,083 44,256 Total 54,663 123,592 194,907 655,045 |
Other non-current receivables (
Other non-current receivables (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of other non-current receivables | (EUR thousand) As of March 31 Other non-current receivables 2021 2020 2019 Opening balance as of April 1 15,170 12,703 13,360 Additions of non-current assets 265 4,106 1,541 Divestiture of non-current assets (2,169) (2,867) (147) Market value valuation — — 66 Share of joint venture losses on loan receivable (907) (1,390) — Increase in loan to joint venture — 2,850 — Reclassification to/from Investments in associates and joint ventures — — (2,444) Other (121) 121 — Foreign exchange effects 278 (353) 327 Closing balance as of March 31 12,516 15,170 12,703 |
Financial instruments by cate_2
Financial instruments by category (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Detailed Information About Financial Instruments [Abstract] | |
Disclosure of financial assets | The table below details the financial instruments as of March 31, 2021: As of March 31, 2021 (EUR thousand) Assets as per balance sheet Loans and receivables at amortized cost Derivatives valued at FVTPL Total Derivative financial instruments — 231 231 Other non-current financial receivables 12,516 — 12,516 Trade receivables 31,324 — 31,324 Other receivables excluding other non-financial receivables 12,044 — 12,044 Cash and cash equivalents 182,783 — 182,783 Balance as of March 31, 2021 238,667 231 238,898 The table below details the financial instruments as of March 31, 2020: As of March 31, 2020 (EUR thousand) Assets as per balance sheet Loans and receivables at amortized cost Derivatives valued at FVTPL Total Derivative financial instruments — 765 765 Other non-current financial receivables 15,170 — 15,170 Trade receivables 141,306 — 141,306 Other receivables excluding other non-financial receivables 8,100 — 8,100 Cash and cash equivalents 226,139 — 226,139 Balance as of March 31, 2020 390,715 765 391,480 As of March 31, 2019 (EUR thousand) Assets as per balance sheet Loans and receivables at amortized cost Derivatives valued at FVTPL Total Other non-current financial receivables 12,703 — 12,703 Trade receivables 249,331 — 249,331 Other receivables excluding other non-financial receivables 23,869 — 23,869 Cash and cash equivalents 104,072 — 104,072 Balance as of March 31, 2019 389,975 — 389,975 |
Disclosure of financial liabilities | As of March 31, 2021 (EUR thousand) Liabilities as per balance sheet Other financial liabilities at amortized cost Derivatives valued at FVTPL Total Loans and borrowings 720,745 — 720,745 Other long term liabilities 29,471 — 29,471 Trade payables 147,477 — 147,477 Other current liabilities excluding non-financial liabilities 33,994 — 33,994 Accrued liabilities excluding non-financial liabilities 32,589 — 32,589 Balance as of March 31, 2021 964,276 — 964,276 As of March 31, 2020 (EUR thousand) Liabilities as per balance sheet Other financial liabilities at amortized cost Derivatives valued at FVTPL Total Loans and borrowings 625,677 — 625,677 Derivative financial instruments — — — Other long term liabilities 29,753 — 29,753 Trade payables 237,319 — 237,319 Other current liabilities excluding non-financial liabilities 37,821 — 37,821 Accrued liabilities excluding non-financial liabilities 37,277 — 37,277 Balance as of March 31, 2020 967,847 — 967,847 As of March 31, 2019 (EUR thousand) Liabilities as per balance sheet Other financial liabilities at amortized cost Derivatives valued at FVTPL Total Loans and borrowings 624,500 — 624,500 Derivative financial instruments — 176 176 Other long term liabilities 37,241 — 37,241 Trade payables 263,720 — 263,720 Other current liabilities excluding non-financial liabilities 51,337 — 51,337 Accrued liabilities excluding non-financial liabilities 36,011 — 36,011 Balance as of March 31, 2019 1,012,809 176 1,012,985 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of trade receivables balance | The tables below details the trade receivables balance as of March 31, 2021: As of March 31, 2021 (EUR thousand) Trade receivables, net Retailers Authorities Other Total Nominal value of outstanding trade receivables 26,938 3,115 5,388 35,441 Less: Loss allowance (3,454) (258) (405) (4,117) Total 23,484 2,857 4,983 31,324 The tables below details the trade receivables balance as of March 31, 2020: As of March 31, 2020 (EUR thousand) Trade receivables, net Retailers Authorities Other Total Nominal value of outstanding trade receivables 103,930 22,864 19,213 146,007 Less: Loss allowance (3,013) (141) (1,547) (4,701) Total 100,917 22,723 17,666 141,306 The tables below details the trade receivables balance as of March 31, 2019: As of March 31, 2019 (EUR thousand) Trade receivables, net Retailers Authorities Other Total Nominal value of outstanding trade receivables 186,083 42,745 24,078 252,906 Less: Loss allowance (2,874) — (701) (3,575) Total 183,209 42,745 23,377 249,331 |
Disclosure of age analysis of net trade receivables | (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 20,329 898 3,550 24,777 Trade receivables past due: Up to 3 months 2,264 1,184 996 4,444 3 months - 6 months 451 775 16 1,242 More than 6 months 440 — 421 861 Total 23,484 2,857 4,983 31,324 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 67,275 14,644 7,300 89,219 Trade receivables past due: Up to 3 months 28,947 7,662 6,800 43,409 3 months - 6 months 3,335 269 944 4,548 More than 6 months 1,360 148 2,622 4,130 Total 100,917 22,723 17,666 141,306 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 156,481 40,773 11,140 208,394 Trade receivables past due: Up to 3 months 23,033 1,933 8,422 33,388 3 months - 6 months 3,419 39 2,323 5,781 More than 6 months 276 — 1,492 1,768 Total 183,209 42,745 23,377 249,331 |
Disclosure of net trade receivables per class by currency | (EUR thousand) Currency analysis of net trade receivables per class Retailers Authorities Other Total EUR 18,561 549 1,547 20,657 TRY 1,552 — — 1,552 GBP 649 85 1,019 1,753 MAD 410 1,070 — 1,480 RUB 266 — 1,153 1,419 Other 2,046 1,153 1,264 4,463 Total 23,484 2,857 4,983 31,324 (EUR thousand) Currency analysis of net trade receivables per class Retailers Authorities Other Total EUR 75,520 5,647 1,250 82,417 GBP 15,198 4,136 1,352 20,686 SGD 6 9,818 544 10,368 Other 10,193 3,122 14,520 27,835 Total 100,917 22,723 17,666 141,306 (EUR thousand) Currency analysis of net trade receivables per class Retailers Authorities Other Total EUR 134,117 12,132 5,508 151,757 GBP 25,356 5,417 962 31,735 SGD 19 19,513 877 20,409 Other 23,717 5,683 16,030 45,430 Total 183,209 42,745 23,377 249,331 |
Disclosure of movements of the provision for the impairment of trade receivables | The table below details the movements of the provision for the impairment of trade receivables: (EUR thousand) As of March 31 Movements of the provision for the impairment of trade receivables 2021 2020 2019 Opening balance as of April 1 (4,701) (3,575) (3,354) Charged for the year (1,447) (2,306) (1,970) Utilized 1,040 184 390 Unused amounts reversed 869 913 1,309 Effect of movements in foreign exchange 122 83 50 Closing balance as of March 31 (4,117) (4,701) (3,575) |
Other current receivables (Tabl
Other current receivables (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of other current receivables | (EUR thousand) As of March 31 Other current receivables 2021 2020 2019 Input VAT 16,375 23,395 22,961 Payments & DCC receivables 3,873 4,340 20,312 Advances and deposits 2,286 2,591 2,877 Withholding taxes 2,818 2,265 2,415 Others 2,276 1,169 682 Government grants 3,609 — — Total 31,237 33,760 49,247 |
Prepaid expenses (Tables)
Prepaid expenses (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of prepaid expenses | (EUR thousand) As of March 31 Prepaid expenses 2021 2020 2019 Insurance 1,428 2,052 1,978 Office and IT-related expenses 3,032 3,013 4,904 Accrued income 186 739 2,037 Merchants 132 1,586 5,219 Other prepaid expenses 593 529 907 Total 5,371 7,919 15,045 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of cash and cash equivalents | (EUR thousand) As of March 31 Cash and cash equivalents 2021 2020 2019 Deposits 63,036 84,884 3,476 Cash and bank balances 119,747 141,255 100,596 Total 182,783 226,139 104,072 |
Issued capital and reserves (Ta
Issued capital and reserves (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure of Issued Capital And Reserves [Abstract] | |
Disclosure of classes of share capital | Number of shares authorized and issued As of March 31 2021 2020 2019 Ordinary shares Preference shares Total Ordinary Ordinary Number of shares (authorized and issued) 187,534,962 23,717,989 211,252,951 40,000,000 40,000,000 Total number of shares 187,534,962 23,717,989 211,252,951 40,000,000 40,000,000 As of March 31 2021 2020 2019 Ordinary shares Preference shares Total Ordinary Ordinary Opening balance as of April 1 40,000,000 — 40,000,000 40,000,000 40,000,000 Effects of the capital reorganization on Aug 28, 2020 127,824,796 23,717,989 151,542,785 — — Issuance of share capital Global Blue Group Holding A.G. November 2020 5,929,477 — 5,929,477 — — Conversion of preference shares into ordinary shares — (5,929,477) (5,929,477) — — Assign the preference shares to ListCo. — 5,929,477 5,929,477 — — Issuance of share capital Global Blue Group Holding A.G. February 2021 7,000,000 — 7,000,000 — — Issuance of share capital Global Blue Group Holding A.G. March 2021 6,666,665 — 6,666,665 — — Exercises of warrants 114,024 — 114,024 — — Closing balance as of March 31 187,534,962 23,717,989 211,252,951 40,000,000 40,000,000 Issued share capital and share premium (EUR thousand) As of March 31 Issued share capital and share premium 2021 2020 2019 Ordinary shares Preference shares Total Ordinary Ordinary Opening balance as of April 1 392,197 — 392,197 392,197 392,197 Effects of the capital reorganization 801,569 113,283 914,852 — — Issue of share capital 439 37 476 — — Share premium contribution 293,778 33,208 326,986 — — Conversion of preference shares into ordinary shares 50,100 (50,100) — — — Acquisition of treasury shares (8,877) (1,246) (10,123) — — Exercises of warrants 1,140 — 1,140 — — Closing balance as of March 31 1,530,346 95,182 1,625,528 392,197 392,197 Shareholders of Global Blue Group Holding AG Shareholders of Global Blue Group Holding AG Shareholders of Global Blue Group Holding AG as of March 31, 2021 as of March 31, 2020 as of March 31, 2019 Ordinary shares Preference shares Total Ownership (3) Warrants Ordinary Ordinary Global Blue Holding LP — — — — 40,000,000 40,000,000 Silver Lake and Affiliates (1) 98,017,072 11,970,487 109,987,559 55.5 % 6,548,415 — — Partners Group and Affiliates (2) 40,442,783 4,939,137 45,381,920 22.9 % 2,701,935 — — Ant Group 12,500,000 — 12,500,000 6.3 % — — — Tom Farley 3,723,363 — 3,723,363 1.9 % — — — Management 4,297,259 774,753 5,072,012 2.6 % — — — EBT 1,086,280 104,135 1,190,415 0.6 % 516,317 — — GB Directors, Executive Management & Other Employees 9,106,902 878,888 9,985,790 5.0 % 516,317 — — Other Shareholders 20,468,205 — 20,468,205 10.3 % 20,969,283 — — Total excl. GB Group 180,534,962 17,788,512 198,323,474 100.0 % 30,735,950 40,000,000 40,000,000 GB Group 7,000,000 5,929,477 12,929,477 — — — Total incl. GB Group 187,534,962 23,717,989 211,252,951 30,735,950 40,000,000 40,000,000 (1) - Corresponds to SL Globetrotter L.P. (2) - Corresponds to Global Blue Holding LP (which is controlled by Silver Lake) and shares directly held by Partners Group (3) - Excludes GB Group |
Disclosure of other reserves within Equity | Treasury shares As of March 31, 2021 (EUR thousand) Acquisition of treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares Total Ordinary Preference shares Total Opening balance as of April 1, 2020 — — — — — — Acquisition of treasury shares as at 28 August 2020 1,051,569 138,846 1,190,415 (8,812) (1,246) (10,058) Acquisition of treasury shares post-merger with FPAC 7,000,000 — 7,000,000 (65) — (65) Closing balance as of March 31, 2021 8,051,569 138,846 8,190,415 (8,877) (1,246) (10,123) There were no treasury shares acquired in the comparative periods presented March 2020 and 2019. |
Disclosure of reserves within equity | The Other reserves within Equity attributable to owners of the parent consist of the following positions: As of March 31, 2021 (EUR thousand) Other reserves Foot note Notes Equity settled shared based payment Warrants Other reserve Foreign currency translation reserve Remeasurements of post employment benefit obligations Net other reserves Opening balance as of April 1, 2020 — — 9,915 (19,470) (2,326) (11,881) Currency translation difference — — — 4,763 — 4,763 Actuarial gain on post-employment benefit obligations 29 — — — — 59 59 Tax effect 12 — — — — 106 106 Issuance of share capital Global Blue Group Holding A.G. — — (1,495,526) — — (1,495,526) Acquisition of treasury shares — — 10,058 — — 10,058 Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. — — 42,856 — — 42,856 Exchange of Global Blue management loan notes into shares (4) — — 464,162 — — 464,162 Effects of capital reorganization (1) — — (978,450) — — (978,450) Employee share schemes 1,239 — — — — 1,239 Conversion of shares into equity settled plan 42,632 — — — — 42,632 Equity award issuance costs — 20,196 115,113 — — 135,309 Exercises of warrants (2) — (72) — — — (72) Shares bought back by Global Blue Group A.G. (6) — — (152,787) — — (152,787) Total contribution by and distribution to owners of the parent, recognized directly in Equity 43,871 20,124 (37,674) — — 26,321 Closing balance as of March 31, 2021 43,871 20,124 (1,006,209) (14,707) (2,161) (959,082) As of March 31, 2020 (EUR thousand) Other reserves Notes Equity settled shared based payment Warrants Other reserve (2) Foreign currency translation reserve Remeasurements of post employment benefit obligations Net other reserves Opening balance as of April 1, 2019 — — 9,890 (10,572) (519) (1,201) Tax effect 12 — — — — 293 293 Currency translation difference — — — (8,898) — (8,898) Actuarial gain on post-employment benefit obligations 29 — — — — (2,100) (2,100) Restatement of hyperinflation (1) — — 25 — — 25 Closing balance as of March 31, 2020 — — 9,915 (19,470) (2,326) (11,881) As of March 31, 2019 (EUR thousand) Other reserves Notes Equity settled shared based payment Warrants Other reserve (2) Foreign currency translation reserve Remeasurements of post employment benefit obligations Net other reserves Opening balance as of April 1, 2018 — — 7,607 (12,339) (903) (5,635) Tax effect 12 — — — — (83) (83) Currency translation difference — — — 1,767 — 1,767 Actuarial gain on post-employment benefit obligations 29 — — — — 467 467 Restatement of hyperinflation (1) — — 2,283 — — 2,283 Closing balance as of March 31, 2019 — — 9,890 (10,572) (519) (1,201) (1) Restatement due to hyperinflation represents the revaluation reserve as result of applying IAS29 in Argentina, which is considered to be a hyperinflationary economy starting July 1, 2018. The revaluation reserve covers full year transactions since April 1, 2018. (2) These amounts represent the reorganization reserve as a result of the capital reorganization that took place in March 2018 and is computed as the difference between the cost of the transaction and the carrying value of the net assets at the moment of reorganization. As of March 31, 2021 (EUR thousand) Issue of share capital Global Blue Group Holding A.G. Foot note Other reserve Issue of share capital ordinary shares Global Blue Group Holding A.G. (1) (1,209) Issue of share capital preference shares Global Blue Group Holding A.G. (1) (184) Issue of share premium ordinary shares Global Blue Group Holding A.G. (1) (1,181,450) Issue of share premium preference shares Global Blue Group Holding A.G. (1) (166,969) Conversion of shares into equity settled plan (1) (2) (42,632) Equity award issuance costs (2) (115,113) Effect of the merge (2) 12,031 Issue of share capital Global Blue Group Holding A.G. (1,495,526) |
Disclosure of effects of the capital reorganisation | The effects of the capital reorganization are the following: As of August 28, 2020 (EUR thousand) Effects of capital reorganization Foot note Issued capital ordinary shares Issued capital preference shares Share premium ordinary shares Share premium preference shares Other equity ordinary shares Other equity preference shares Warrants Other reserve Total Issuance of share capital Global Blue Group Holding A.G. (1) 1,302 184 1,181,450 166,969 — — — (1,495,526) (145,621) Acquisition of treasury shares (5) — — — (8,812) (1,246) — 10,058 — Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. (3) (41) (6) (37,508) (5,301) — — — 42,856 — Exchange of Global Blue management loan notes into shares (4) (299) (42) (343,335) (48,521) — — — 464,162 71,965 Effects of capital reorganization 962 136 800,607 113,147 (8,812) (1,246) 0 (978,450) (73,656) (1) SL Globetrotter and Global Blue Holding LP established a new company (“Global Blue Group Holding A.G.”). The Global Blue Holding Group A.G. established a Swiss subsidiary, Global Blue Group II GmbH, and a United States based subsidiary, US Holdco LLC, which in turn created another United States based subsidiary, US Sub. SL Globetrotter LP contributed the shares of Global Blue Management GP Sarl to Global Blue Holding LP. The shares of Global Blue Management GP were then further contributed to Global Blue Investment & Co S.C.A. through a series of capital contributions. (3) As a result of the reorganization, on August 28, 2020, the MEP ceased to exist. Instead, management received loan notes in Global Blue Investment and Co S.C.A. in exchange for all of their shares and NC-PECs. These loan notes were contributed through the chain of holding companies, until management ultimately received shares in Global Blue Group A.G. At which point, a portion was sold for cash and the rest remained, reflecting management’s direct ownership in Global Blue Group Holding A.G. The new shares owned by Management and the Estera Trust Limited are accounted for as equity-settled instruments under IFRS 2. (1) (3) SL Globetrotter LP and Global Blue Holding LP and Management contributed part of their shares in Global Blue Group A.G. to Global Blue Group Holding A.G. in exchange for new shares in Global Blue Group Holding A.G. Ant Group and Estera Trust Limited contributed all of their shares in Global Blue Group A.G. to Global Blue Group Holding A.G. in exchange for new shares in Global Blue Group Holding A.G. (1) Other Cornerstone investors subscribed in cash for new shares in Global Blue Group Holding A.G. (1) Global Blue Group Holding A.G. acquired some of the shares in Global Blue Group A.G. from the SL Globetrotter LP, Global Blue Holding LP and Management. (6) Global Blue Group II GmbH and Global Blue Group Holding A.G. acquired the remaining shares in Global Blue Group A.G. from the SL Globetrotter LP and Global Blue Holding LP and Management. (4) Global Blue Group Holding A.G. contributed its shares in Global Blue Group A.G. to Global Blue Group II GmbH, such that Global Blue Group A.G. became a wholly owned subsidiary of Global Blue Group II GmbH. (2) The United States company held by the SPAC investors, Far Point Acquisition Corporation, merged with the United States subsidiary held by Global Blue Group Holding A.G., US Sub, with Far Point Acquisition Corporation being the surviving entity. (2) In consideration for the merger, Global Blue Group Holding A.G. issued shares to the SPAC investors. The SPAC founders received ordinary shares. In addition, the warrant holders in the United States company held by the SPAC investors were exchanged for new warrants in Global Blue Group Holding A.G. (2) The issuance costs of EUR135.3 million represents the difference between the fair value of the shares issued by Global Blue Group Holding A.G. and the fair value of the identifiable net assets of the United States company held by the SPAC investors. The difference was considered to be a non-cash payment for the service of a stock exchange listing according to IFRS 2. (1) The issue of share capital Global Blue Group Holding A.G. reflected in Other reserve as at March 31, 2021 is composed of the following: As of March 31, 2021 (EUR thousand) Issue of share capital Global Blue Group Holding A.G. Foot note Other reserve Issue of share capital ordinary shares Global Blue Group Holding A.G. (1) (1,209) Issue of share capital preference shares Global Blue Group Holding A.G. (1) (184) Issue of share premium ordinary shares Global Blue Group Holding A.G. (1) (1,181,450) Issue of share premium preference shares Global Blue Group Holding A.G. (1) (166,969) Conversion of shares into equity settled plan (1) (2) (42,632) Equity award issuance costs (2) (115,113) Effect of the merge (2) 12,031 Issue of share capital Global Blue Group Holding A.G. (1,495,526) (5) Treasury shares As of March 31, 2021 (EUR thousand) Acquisition of treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares Total Ordinary Preference shares Total Opening balance as of April 1, 2020 — — — — — — Acquisition of treasury shares as at 28 August 2020 1,051,569 138,846 1,190,415 (8,812) (1,246) (10,058) Acquisition of treasury shares post-merger with FPAC 7,000,000 — 7,000,000 (65) — (65) Closing balance as of March 31, 2021 8,051,569 138,846 8,190,415 (8,877) (1,246) (10,123) There were no treasury shares acquired in the comparative periods presented March 2020 and 2019. |
Disclosure of warrants | The outstanding warrants as of March 31, 2021 amount to 30,735,950 with a fair value of EUR20.1 million. (EUR thousand) As of March 31, 2021 Warrants Number of warrants Value (EUR thousand) — — Issuance of warrants 30,849,974 20,196 Exercises of warrants (114,024) (72) Closing balance as of March 31, 2021 30,735,950 20,124 There were no outstanding warrants in the comparative periods presented March 2020 and 2019. |
Non-controlling interests (Tabl
Non-controlling interests (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Interests In Other Entities [Abstract] | |
Disclosure of interests in subsidiaries | Non-controlling interests represent the participating interests of third parties in the Group's equity and are comprised of the following Group entities: (EUR thousand) As of March 31 Non-controlling interests 2021 2020 2019 Global Blue TFS Japan Co Ltd 3,969 4,873 4,524 Global Blue Lebanon SAL 472 714 944 Global Blue Touristik Hizmetler A.Ş. 1,234 1,917 2,573 Global Blue Management & Co S.C.A. — (508) (433) Global Blue Russia AO 581 833 218 Global Blue Russia Holdings B.V. 320 325 326 Global Blue Cross Border SA 203 222 274 Total Non-controlling interests 6,779 8,376 8,426 Set out below is the summarized financial information for each subsidiary that has a non-controlling interest that is material for the Group. (EUR thousand) Global Blue Global Blue Lebanon SAL Global Blue Turistik Hizmetler A.Ş. As of March 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Current Assets 4,308 13,513 11,984 395 3,453 5,241 2,821 6,386 6,173 Liabilities 10,841 19,978 17,536 549 2,098 3,981 2,134 5,498 4,535 Total current net assets (liabilities) (6,533) (6,465) (5,552) (154) 1,355 1,260 687 888 1,638 Non- current Assets 14,630 16,404 14,786 134 169 202 1,118 1,239 1,165 Liabilities 4 0 3 84 371 248 630 512 501 Total non-current net assets (liabilities) 14,626 16,404 14,783 50 (202) (46) 488 727 664 Net assets 8,093 9,939 9,231 (104) 1,153 1,214 1,175 1,615 2,302 (EUR thousand) Global Blue Global Blue Lebanon SAL Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Revenue 3,084 20,375 18,773 71 2,310 2,729 1,326 5,525 5,808 Profit for the year from continuing operations (1,140) 8,120 7,352 (43) 188 545 267 2,371 2,658 (EUR thousand) Global Blue TFS Japan Co. Ltd. Global Blue Lebanon SAL Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Net increase (decrease) in cash and cash equivalents (7,851) 8,709 (386) (622) 228 293 (1,034) 1,248 1,275 (EUR thousand) Global Blue Russia AO Global Blue Management & Co S.C.A. As of March 31 2021 2020 2019 2021 2020 2019 Current Assets 5,120 8,693 5,524 12 10 29 Liabilities 3,560 6,736 4,684 81 259,888 215,623 Total current net assets (liabilities) 1,560 1,957 840 (69) (259,878) (215,594) Non- current Assets 381 496 446 460,978 478,219 437,657 Liabilities — 3 49 — 248,146 246,571 Total non-current net assets (liabilities) 381 493 397 460,978 230,073 191,086 Net assets 1,941 2,450 1,237 460,909 (29,805) (24,508) (EUR thousand) Global Blue Russia AO Global Blue Management & Co S.C.A. For the financial year ended March 31 2021 2020 2019 2021 2020 2019 Revenue 756 3,581 1,803 — — — Profit (Loss) for the year from continuing operations (488) 1,857 652 (2,398) (5,297) (5,270) (EUR thousand) Global Blue Russia AO Global Blue Management & Co S.C.A. For the financial year ended March 31 2021 2020 2019 2021 2020 2019 Net increase (decrease) in cash and cash equivalents 1,999 693 657 (1) (19) (43) Name Country of incorporation and place of business address Nature of business Ownership interest March 31, 2021 Ownership interest March 31, 2020 Global Blue Argentina S.A. Buenos Aires Argentina Tax free Shopping 99.99% 99.85% Global Blue Austria GmbH Vienna Austria Tax free Shopping 100.00% 99.86% Global Blue Service Company Austria GmbH Vienna Austria Service Provider 100.00% 99.86% DEV Digital Export Validation GmbH Vienna Austria Tax free Shopping 100.00% — Global Blue Australia Pty Ltd Sydney Australia Tax free Shopping 100.00% 99.86% Global Blue Currency Choice Australia Pty Ltd Sydney Australia Currency Choice 100.00% 99.86% Currency Select Pty Ltd Sydney Australia Currency Choice 100.00% 99.86% Global Blue Belgium Brussels Belgium Tax free Shopping 100.00% 99.86% ZigZag Global EOOD Varna Bulgaria E-Commerce 100.00% — Global Blue Bahamas Ltd Nassau Bahamas Tax free Shopping 100.00% 99.86% Global Blue Schweiz AG Brüttisellen Switzerland Tax free Shopping 100.00% 99.86% Global Blue SA Eysins Switzerland Head office company 100.00% 99.86% Global Blue Group AG Brüttisellen Switzerland Holding Unit 100.00% — Refund Suisse AG Bottighofen Switzerland Tax free Shopping 100.00% 99.86% Global Blue Cross Border SA en liquidation Eysins Switzerland Tax free Shopping 70.00% 69.90% Global Blue Group II GmbH Brüttisellen Switzerland Holding Unit 100.00% — Global Blue Currency Choice Schweiz AG Brüttisellen Switzerland Currency Choice 100.00% 99.86% Global Blue Commercial Consulting (Shanghai) Co. Ltd. Shanghai China Tax free Shopping 100.00% 99.86% Global Blue Commercial Consulting (Beijing) Co Ltd Beijing China Tax free Shopping 100.00% 99.86% Global Blue Cyprus Ltd Larnaca Cyprus Tax free Shopping 100.00% 99.86% Global Blue Czech Republic, s.r.o. Prague Czech Republic Tax free Shopping 100.00% 99.86% Global Blue Deutschland GmbH Düsseldorf Germany Tax free Shopping 100.00% 99.86% Global Blue New Holdings Germany GmbH Düsseldorf Germany Holding Unit 100.00% 99.86% RFND Digital GmbH Konstanz Germany Tax free Shopping 100.00% 99.86% Global Blue Danmark A/S Copenhagen Denmark Tax free Shopping 100.00% 99.86% Global Blue Eesti OÜ Tallinn Estonia Tax free Shopping 100.00% 99.86% G. Blue España SA Madrid Spain Holding Unit 100.00% 99.86% Global Blue España SA Madrid Spain Tax free Shopping 100.00% 99.86% Global Blue Acquisition España S.A.U Madrid Spain Holding Unit 100.00% 99.86% Global Blue Finland Oy Helsinki Finland Tax free Shopping 100.00% 99.86% Global Blue Administration Center North Oy Helsinki Finland Service Provider 100.00% 99.86% Global Blue France Paris France Tax free Shopping 100.00% 99.86% Global Blue Holding Paris France Tax free Shopping 100.00% 99.86% Global Blue (UK) Ltd London United Kingdom Tax free Shopping 100.00% 99.86% Global Blue Service Company UK Limited London United Kingdom Service provider 100.00% 99.86% Global Blue New Holdings UK Ltd London United Kingdom Holding Unit 100.00% 99.86% ZZ Global Blue Holding Limited London United Kingdom Holding Unit 100.00% — ZigZag Global Limited London United Kingdom E-Commerce 100.00% — Global Blue Marketing Services Limited London United Kingdom Marketing Business 100.00% 99.86% Estera Trust Limited St. Helier Jersey, Channel Islands Management Trust 100.00% 100.00% Global Blue Hellas SA Athens Greece Tax free Shopping 100.00% 99.86% First Currency Choice Hong Kong Limited Hong Kong Hong Kong Currency Choice 100.00% 99.86% Global Blue Croatia, trgovina i turizam d.o.o. Zagreb Croatia Tax free Shopping 100.00% 99.86% Global Blue Tax Free Ireland Limited Dublin Ireland Tax free Shopping 100.00% 99.86% Global Blue á Íslandi hf Kópavogi Iceland Tax free Shopping 100.00% 99.86% Global Blue Italia S.r.l. Milan Italy Tax free Shopping 100.00% 99.86% Global Blue Service Company Italia SRL Milan Italy Service Provider 100.00% 99.86% Global Blue Currency Choice Italia S.r.l Milan Italy Currency Choice 100.00% 99.86% Global Blue Japan Co., Ltd. Tokyo Japan Currency Choice 100.00% 99.86% Global Blue TFS Japan Co., Ltd. Tokyo Japan Tax free Shopping 51.00% 50.93% Global Blue Korea Co Ltd Seoul Korea Tax free Shopping 100.00% 99.86% Global Blue Currency Choice Korea Co Ltd Seoul Korea Currency Choice 100.00% 99.86% Global Blue Holding Limited Grand Cayman Cayman Islands Holding Unit 100.00% 100.00% Global Blue Kazakhstan LLP Astana Kazakhstan Tax free Shopping 100.00% 99.86% Global Blue Lebanon SAL Metn Lebanon Tax free Shopping 61.00% 60.91% UAB Global Blue Lietuva Vilnius Lithuania Tax free Shopping 100.00% 99.86% Global Blue Luxembourg S.A. Luxembourg Luxembourg Tax free Shopping 100.00% 99.86% Global Blue Finance S.à r.l. Luxembourg Luxembourg Holding Unit 100.00% 99.86% Global Blue Midco S.à r.l. Luxembourg Luxembourg Holding Unit 100.00% 99.86% Global Blue Management & Co S.C.A. Luxembourg Luxembourg Holding Unit 100.00% 99.86% Global Blue Investment & Co S.C.A. Luxembourg Luxembourg Holding Unit 100.00% 100.00% Global Blue Investment GP Luxembourg Luxembourg Holding Unit 100.00% 100.00% Global Blue Latvija SIA Riga Latvia Tax free Shopping 100.00% 99.86% Global Blue Maroc SA Casablanca Morocco Tax free Shopping 100.00% 99.86% Global Blue Malaysia Sdn. Bhd. Kuala Lumpur Malaysia Tax free Shopping 100.00% 99.86% Global Blue Holland BV Amsterdam Netherlands Tax free Shopping 100.00% 99.86% Global Blue Holding B.V. Amsterdam Netherlands Holding Unit 100.00% 99.86% Global Blue Acquisition B.V. Amsterdam Netherlands Finance company 100.00% 99.86% Global Blue Russia Holdings B.V. Amsterdam Netherlands Holding Unit 51.00% 50.93% Global Blue Norge AS Lysaker Norway Tax free Shopping 100.00% 99.86% Currency Select New Zealand Limited Auckland New Zealand Currency Choice 100.00% 99.86% Global Blue Polska Sp. Zo.o. Warsaw Poland Tax free Shopping 100.00% 99.86% Global Refund Portugal Lda. Lisbon Portugal Tax free Shopping 100.00% 99.86% Global Blue d.o.o. Beograd - Novi Beograd Belgrad Serbia Tax free Shopping 100.00% 99.86% Global Blue Russia AO Moscow Russia Tax free Shopping 51.00% 50.93% Global Blue Sverige AB Stockholm Sweden Tax free Shopping 100.00% 99.86% Global Blue Sweden Holdings AB Stockholm Sweden Holding Unit 100.00% 99.86% Global Blue Service AB Stockholm Sweden Service provider 100.00% 99.86% Global Blue Holdings AB Stockholm Sweden Holding Unit 100.00% 99.86% Global Blue Currency Choice Service Europe AB Stockholm Sweden Currency Choice 100.00% 99.86% Global Blue Singapore Pte Ltd Singapore Singapore Tax free Shopping 100.00% 99.86% Global Blue Service Company Singapore Pte Ltd Singapore Singapore Service provider 100.00% 99.86% Global Blue Currency Choice Singapore Pte Ltd Singapore Singapore Currency Choice 100.00% 99.86% Global Blue trgovina in turizem d.o.o. Ljubljana Slovenia Tax free Shopping 100.00% 99.86% Global Blue Slovakia s.r.o. Bratislava Slovakia Service provider 100.00% 99.86% Global Blue (Thailand) Co. Limited Bangkok Thailand Currency Choice 100.00% 99.86% Global Blue Turistik Hizmetler AŞ Istanbul Turkey Tax free Shopping 60.00% 59.92% Far Point Acquisition Corporation Wilmington USA Holding Unit 100.00% — ZigZag Global LLC Dover USA E-Commerce 100.00% — Global Blue Argentina S.A. Sucursal Uruguay Montevideo Uruguay Tax free Shopping 99.99% 99.86% |
Share-based Payment and Non-C_2
Share-based Payment and Non-Convertible Equity Certificates (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Share-based Payments [Abstract] | |
Disclosure of movement in the share-based payment liability | The movement in the share-based payment liability during the period is reflected below: (EUR thousand) SBP As of March 31, 2021 Opening balance as of April 1 7,396 Valuation up to August 27 974 SBP value as of August 27 8,370 Expense recognized in the profit and loss upon capital reorganization 58,744 SBP value as of August 28 67,114 Cash settlements upon reorganization (29,333) Conversion upon reorganization of remaining SBP liability to equity at FV (37,781) Closing balance as of March 31, 2021 — |
Disclosure of movement in the NC-PECs liability | The movement in the NC-PECs liability is reflected below: (EUR thousand) For the financial year ended March 31 NC-PECs 2021 2020 2019 Nominal value including accrued interest on NC-PECs issued at the beginning of the year 1,920 1,750 1,591 Mark-to-market fair value charge (138) — — Accrued interests on NC-PECs 79 (5) 159 Transfer to equity (1,861) — — Reclassifications — 175 — Total value of NC-PECs direct investment — 1,920 1,750 Value at the beginning of the year 2,971 2,744 0 Accrued interest 120 227 — Derecognition of residual amount to profit and loss (101) — — Transfer to equity (2,990) — — Reclassifications — — 2,744 Interest bearing obligations towards senior management of Global Blue Group — 2,971 2,744 Total value of NC-PECs including accrued interest — 4,891 4,494 (Thousand of units) For the financial year ended March 31 NC-PECs 2021 2020 2019 NC-PECs issued at the beginning of the year 927 927 927 Issuance of NC-PECs — — — Transfer of NC-PECs to equity (927) — — Number of NC-PECs issued — 927 927 |
Disclosure of share options tranches | Four tranches of options vesting on four respective vesting dates have been granted. Within each respective tranche, there are a further four tranches of options with four different exercise prices. Share options granted (thousands) 02/15/2022 08/15/2022 08/15/2023 08/15/2024 Total US$8.50 971 324 647 647 2,589 US$10.50 822 274 548 548 2,192 US$12.50 673 224 448 448 1,793 US$14.50 523 175 349 349 1,396 Total 2,989 997 1,992 1,992 7,970 |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period | Grant date 11/12/2020 11/12/2020 11/12/2020 11/12/2020 Share price at grant date (USD) 10.34 10.34 10.34 10.34 Expiry date 08/15/2026 08/15/2026 08/15/2026 08/15/2026 Exercise price (USD) 8.5 10.5 12.5 14.5 Fair value per share option (USD) 0.58 0.20 0.05 0.01 |
Disclosure of restricted shares | On November 12, 2020, four tranches, a total of 475,491 restricted shares were granted to employees of the company. Grant date 11/12/2020 11/12/2020 11/12/2020 11/12/2020 Vesting date 02/15/2022 08/15/2022 08/15/2023 08/15/2024 Share price at grant date (USD) 10.34 10.34 10.34 10.34 Number of shares 178,309 59,436 118,873 118,873 Expiry date 08/15/2026 08/15/2026 08/15/2026 08/15/2026 Risk free interest rate 0.14 % 0.16 % 0.22 % 0.30 % Fair value per share (USD) 8.65 8.65 8.65 8.65 |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Borrowings [abstract] | |
Disclosure of detailed information about borrowings | (EUR thousand) As of March 31 Interest-bearing loans and borrowings from credit institutions Note 2021 2020 2019 Long-term financing - Term senior debt — 634,267 635,839 Long-term financing - Senior debt facility 630,000 — — Capitalized financing fees (8,255) (9,672) (13,441) Revolving Credit Facility (RCF) 99,000 — — Other bank overdraft 111 1,081 2,102 Total 18 720,856 625,676 624,500 Short-term portion 111 1,081 2,102 Long-term portion 720,745 624,595 622,398 Total 18 720,856 625,676 624,500 (EUR thousand) As of March 31 2021 2020 2019 Carrying value Fair value Effective interest Carrying value Fair value Effective interest Carrying value Fair value Effective interest Term senior debt — — n.a. 625,507 613,220 3.61 % 623,831 593,452 3.84 % Senior debt facility 621,745 640,836 3.18 % — — n.a. — — n.a. Capitalized financing fees - RCF — — n.a. (912) (912) n.a. (1,433) (1,433) n.a. Revolving Credit Facility (RCF) 99,000 99,000 n.a. — — n.a. — — n.a. Total non-current 720,745 739,836 624,595 612,308 622,398 592,019 Other bank overdraft 111 111 n.a. 1,081 1,081 n.a. 2,102 2,102 n.a. Total current 111 111 1,081 1,081 2,102 2,102 Total 720,856 739,947 625,676 613,389 624,500 594,121 |
Schedule of borrowings' interest conditions | The respective margins are dependent on the Total Net Leverage, which is calculated based on the Annual financial statements as per the below table. Total Net Leverage Term Loan Revolving Credit Facility > 4.00x 2.75% 2.50% ≤ 4.00x > 3.50x 2.25% 2.00% ≤ 3.50x > 3.00x 2.00% 1.75% ≤ 3.00x > 2.50x 1.75% 1.50% ≤ 2.50x > 2.00x 1.50% 1.25% ≤ 2.00x > 1.50x 1.25% 1.00% ≤ 1.50x 1.00% 0.75% |
Schedule of security pledges | All debt being issued under the SFA ranks pari-passu. (EUR thousand) As of March 31 Security Notes 2021 2020 2019 Pledge of shares of consolidated companies (net equity in subsidiaries) 236,808 93,743 118,262 Pledge of trade receivables, other current receivables, prepaid expenses and income tax receivable 19, 20, 21 17,609 94,286 162,110 Pledge of cash in hand 22 4,918 169,952 73,493 |
Other long-term liabilities (Ta
Other long-term liabilities (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of other long-term liabilities | Other long-term liabilities can be summarized as follows: (EUR thousand) As of March 31 Other long term liabilities Notes 2021 2020 2019 Other long-term liabilities 10,349 2,003 2,078 Lease liabilities long-term 13 19,122 27,750 32,420 Closing balance as of March 31 29,471 29,753 34,498 |
Deferred income tax assets an_2
Deferred income tax assets and liabilities (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Deferred tax assets and liabilities [abstract] | |
Disclosure of temporary difference, unused tax losses and unused tax credits | (EUR thousand) As of March 31 Net movement on the deferred tax account 2021 2020 2019 Opening balance as of April 1 (22,215) (38,512) (54,442) Acquisition of subsidiary (1,305) — — Income statement credit 34,167 16,198 15,997 Tax (charge) / credit relating to components of other comprehensive income 108 307 (74) Exchange differences 255 (208) 7 Closing balance as of March 31 11,010 (22,215) (38,512) (EUR thousand) As of March 31 2021 2020 2019 Deferred tax Deferred tax relates to the following: Assets Liabilities Assets Liabilities Assets Liabilities Tax charged to income statement Trade Receivables 212 — 489 (2) 843 (23) Property, plant and equipment 619 (2,274) 507 (834) 578 (1,018) Intangible assets 584 (3,163) 333 (1,516) 344 (1,085) Current liabilities 3,419 (366) 3,798 (107) 2,825 (88) Loans and borrowings 2,848 — 2,681 — 901 — Other items 1,107 (230) 2,189 (2,752) 2,303 (2,010) Deferred tax on tax credits 1,643 — 1,028 — — — Tax value of loss carry-forwards recognized 23,405 — 3,939 — 4,645 — Tax recognized in other comprehensive income Retirement benefit obligations 148 — 40 — 347 — Reclassifications (3,393) 3,393 (2,655) 2,655 (1,922) 1,922 Deferred tax related to acquired intangibles in business combination (2012 LBO) Intangible assets TFS — (8,944) — (15,652) — (22,360) Intangible assets TFS KA's and NA's — (2,305) — (9,219) — (16,133) Intangible assets DCC Acquirers — (319) — (1,290) — (2,261) Intangible assets Global Blue Trademark — (5,374) — (5,847) — (6,320) Total 30,592 (19,582) 12,349 (34,564) 10,864 (49,376) (EUR thousand) As of March 31 Deferred tax recoverability 2021 2020 2019 Deferred tax assets to be recovered after more than 12 months 29,203 7,690 8,423 Deferred tax assets to be recovered within 12 months 1,389 4,659 2,441 Deferred tax assets 30,592 12,349 10,864 Deferred tax liabilities to be recovered after more than 12 months 16,646 33,672 48,317 Deferred tax liabilities to be recovered within 12 months 2,936 892 1,059 Deferred tax liabilities 19,582 34,564 49,376 (EUR thousand) As of March 31 Expiry of total tax loss carried forward 2021 2020 2019 Expiry within 1 year — 1,072 1,286 Expiry 1-2 years 19,705 2,320 2,365 Expiry 2-5 years 3,707 105,598 72,129 Expiry after 5 years 113,671 55,197 88,818 No expiration 245,643 56,707 50,439 Total 382,726 220,894 215,037 (EUR thousand) As of March 31 Deferred tax assets have not been recognized for the following unused tax losses: 2021 2020 2019 Expiry within 1 year — 94 195 Expiry 1-2 years 19,668 274 97 Expiry 2-5 years 678 102,271 68,737 Expiry after 5 years 44,337 54,242 82,615 No expiration 189,404 49,496 41,840 Total 254,087 206,377 193,484 |
Post-employment benefits (Table
Post-employment benefits (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Employee Benefits [Abstract] | |
Disclosure of net defined benefit liability (asset) | (EUR thousand) As of March 31 2021 2020 2019 Balance sheet obligations for: Pension benefits liability 7,020 7,619 5,062 Long service leave 536 343 — Income statement (credit) charge for: Pension benefits 1,106 1,155 (341) Long service leave 199 76 — Other comprehensive income: Remeasurements of post employment benefit obligations (52) 2,162 (428) The table below reconciles the net obligation in respect of the Group’s pension plans and other post-employment benefit plans with the amounts recognized in the consolidated financial statements. (EUR thousand) For the financial year ended March 31 Changes in the present value of defined benefit obligation 2021 2020 2019 Defined benefit obligation as of April 1 16,939 12,822 12,620 Current service cost 721 1,202 1,224 Interest expense 99 166 128 Contributions by employees 1,473 838 1,101 (Gain)/loss from change in demographic assumptions — — 43 (Gain)/loss from change in financial assumptions (130) 1,915 (439) Experience (gains)/loss 94 211 (44) Benefits paid (1,369) (884) (1,036) Settlements 23 (3) (1,206) Exchange differences (701) 671 431 Defined benefit obligation as of March 31 17,149 16,939 12,822 (EUR thousand) For the financial year ended March 31 Changes in the fair value of plan assets 2021 2020 2019 Opening balance fair value of plan assets 9,320 7,760 7,213 Acquisition of subsidiary Interest income 28 79 53 Return on plan assets (excluding amounts included in net interest expense) 16 (36) (12) Contributions by employer 684 714 717 Contributions by employees 1,473 838 1,101 Benefits paid (981) (575) (919) Settlements — — (668) Exchange differences (410) 540 275 Closing balance fair value of plan assets as of March 31 10,130 9,320 7,760 (EUR thousand) For the financial year ended March 31 Amounts recognized in the income statement 2021 2020 2019 Current service cost 721 1,202 1,224 Interest cost 71 87 75 Administrative cost — — (667) Effect of any curtailments/settlements (+/-) 23 (3) (1,206) Unrealized FX impact 291 (131) 233 Total net periodic cost (income) 1,106 1,155 (341) (EUR thousand) As of March 31 Position of the post-employment benefit plan 2021 2020 2019 Present value of defined benefit obligation 17,149 16,939 12,822 Fair value of plan assets (10,130) (9,320) (7,760) Deficit in the plan 7,019 7,619 5,062 Experience adjustments on defined benefit obligation (94) (211) 44 |
Disclosure of financial and demographic assumptions | These calculations were based on the following financial and demographic assumptions: (%) As of March 31, 2021 Austria Switzerland France Italy Korea Turkey Discount rate 0.40 % 0.20 % 0.40 % 0.30 % 2.00 % 12.50 % Inflation rate — 1.00 % — 1.50 % — — Future salary increases 3.00 % 1.50 % 2.00 % — 2.00 % 15.00 % Future pension increases — — — — — — (%) As of March 31, 2020 Austria Switzerland France Italy Korea Turkey Discount rate 0.90 % 0.30 % 0.90 % 0.80 % 2.00 % 12.00 % Inflation rate — 1.00 % — 1.50 % — — Future salary increases 3.00 % 1.50 % 2.00 % — 2.00 % 15.00 % Future pension increases — — — — — — (%) As of March 31, 2019 Austria Switzerland France Italy Korea Turkey Discount rate 1.75 % 0.90 % 1.75 % 1.60 % 2.30 % 16.00 % Inflation rate — 1.00 % 0.00% 1.50 % 0.00% 0.00% Future salary increases 3.00 % 1.50 % 2.00% 0.00 % 2.00 % 15.00 % Future pension increases — — — — — — (Retirement age) As of March 31, 2021 Austria Switzerland France Italy Korea Turkey Retirement age: - Male 62 65 64 67 60 Individual - Female 62 64 62 67 60 Individual (Retirement age) As of March 31, 2020 Austria Switzerland France Italy Korea Turkey Retirement age: - Male 62 65 64 67 60 Individual - Female 62 64 62 67 60 Individual (Retirement age) As of March 31, 2019 Austria Switzerland France Italy Korea Turkey Retirement age: - Male 62 65 64 67 60 Individual - Female 62 64 62 67 60 Individual Maturity profile of the post-employment benefit plan Austria Switzerland France Italy Korea Turkey Duration in years 12.10 20.50 16.40 9.80 12.10 13.30 Expected contributions as of March 31, 2021 in EUR thousands — 694 — — — — Maturity profile of the post-employment benefit plan Austria Switzerland France Italy Korea Turkey Duration in years 13.50 20.90 16.40 10.20 12.90 13.20 Expected contributions as of March 31, 2020 in EUR thousands — 725 — — — — Maturity profile of the post-employment benefit plan Austria Switzerland France Italy Korea Turkey Duration in years 13.80 19.90 16.40 9.50 13.20 10.50 Expected contributions as of March 31, 2019 in EUR thousands — 699 — — — — |
Disclosure of fair value of plan assets | The table below shows the fair value of plan assets relating to the Group’s pension and other post-employment plans, split by asset category: (EUR thousands) As of March 31 2021 2020 2019 Plan assets are comprised as follows: Value % Value % Value % Equity instruments — 0.0 % — 0.0 % 62 0.7 % Debt instruments — 0.0 % — 0.0 % 116 1.4 % Euroland bonds — 0.0 % — 0.0 % 61 0.7 % Hold to maturity bonds — 0.0 % — 0.0 % 149 1.8 % Property — 0.0 % — 0.0 % 44 0.5 % Other assets — 0.0 % — 0.0 % 54 0.6 % Alternative investments — 0.0 % — 0.0 % — 0.0 % Insurance contracts 10,130 100.0 % 9,320 100.0 % 7,843 94.3 % Total 10,130 100 % 9,320 100 % 8,329 100 % The pension plans in Switzerland are the only funded plans in the Group. |
Disclosure of sensitivity analysis for actuarial assumptions | The tables below summarizes the percentage change in the Net defined benefit obligation as of March 31, as a result of sensitizing each of the metrics (discount rate, salary growth rate, and actuarial basis (mortality)) on a country-level: (%) As of March 31, 2021 Sensitivity analysis Austria Switzerland France Italy Korea Turkey Discount rate - decrease by 0.5% +6.2 % +11.0 % +8.6 % +5.1 % +6.2 % +6.2 % Discount rate - increase by 0.5% (5.8 %) (9.4 %) (7.8 %) (4.7 %) (5.7 %) (5.7 %) Salary growth rate - decrease by 0.5% (5.7 %) (1.1 %) (7.7 %) (4.4 %) (5.6 %) (5.5 %) Salary growth rate - increase by 0.5% +6.0 % +1.2 % +8.4 % +4.7 % +6.0 % +6.0 % Actuarial basis (mortality) (10.0)% — +1.7 % — — — — Actuarial basis (mortality) 10.0% — (1.6 %) — — — — (%) As of March 31, 2020 Sensitivity analysis Austria Switzerland France Italy Korea Turkey Discount rate - decrease by 0.5% +6.9 % +11.2 % +8.6 % +5.3 % +6.6 % +6.1 % Discount rate - increase by 0.5% -6.4 % -9.6 % -7.7 % -4.8 % -6.1 % -5.6 % Salary growth rate - decrease by 0.5% -6.3 % -1.4 % -7.7 % -4.6 % -6.0 % -5.5 % Salary growth rate - increase by 0.5% +6.7 % +1.4 % +8.4 % +5.0 % +6.5 % +5.9 % Actuarial basis (mortality) (10.0)% — +1.6 % — — — — Actuarial basis (mortality) 10.0% — -1.5 % — — — — (%) As of March 31, 2019 Sensitivity analysis Austria Switzerland France Italy Korea Turkey Discount rate - decrease by 0.5% +7.2 % +10.6 % +8.5 % +4.9 % +6.8 % +4.7 % Discount rate - increase by 0.5% -6.7 % -9.1 % -7.7 % -4.5 % -6.2 % -4.4 % Salary growth rate - decrease by 0.5% -6.6 % -1.4 % -7.7 % -4.3 % -6.1 % -4.4 % Salary growth rate - increase by 0.5% +7.1 % +1.5 % +8.4 % +4.6 % +6.6 % +4.7 % Actuarial basis (mortality) (10.0)% — +1.4 % — — — — Actuarial basis (mortality) 10.0% — -1.2 % — — — — |
Provision for other liabiliti_2
Provision for other liabilities and charges (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of legal claims provisions | (EUR thousand) As of March 31 Legal claims 2021 2020 2019 Opening balance as of April 1 2,235 1,746 1,485 Additional provisions 1,337 537 278 Amounts utilized during the year — — (17) Not utilized amounts which have been reversed during the year (1,360) (50) — Translation differences for the financial year (10) 2 — Closing balance as of March 31 2,202 2,235 1,746 Non-current 2,202 2,235 1,746 Current — — — Total Provisions 2,202 2,235 1,746 |
Trade payables (Tables)
Trade payables (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of trade payables | (EUR thousand) As of March 31 Trade payables 2021 2020 2019 Merchants 48,190 113,128 124,008 Tourists 80,473 92,394 91,735 Agents 3,956 3,744 19,566 Other trade payables 14,858 28,053 28,411 Total 147,477 237,319 263,720 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of other current liabilities | (EUR thousand) As of March 31 Other current liabilities Notes 2021 2020 2019 Account payables - Non trade 5,833 12,284 10,690 Input VAT, withholding tax 1,370 3,208 4,238 Personnel taxes 8,829 4,185 3,313 Share-based payment obligation — 7,396 6,161 Lease liability short-term 13 12,578 14,001 13,713 AVPS liabilities 3,983 3,584 19,820 Other current liabilities 11,600 578 953 Total 44,193 45,236 58,888 |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of accrued liabilities | (EUR thousand) As of March 31 Accrued liabilities 2021 2020 2019 Salaries and related items 17,853 22,582 19,341 Interest on external loans 1,815 — 124 Auditors, lawyers and consultants 7,287 5,508 3,702 Advertising and promotion 229 656 864 Rent 1,011 596 1,377 IT 514 1,113 1,465 Other accrued liabilities 8,357 11,245 13,069 Restructuring costs related to employees — 133 28 Total 37,066 41,833 39,970 |
Adjustments to cash from oper_2
Adjustments to cash from operating activities (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Statement of cash flows [abstract] | |
Disclosure of Detailed Information about Adjustments to Cash from Operating Activities | Adjustments to cash from operating activities (EUR thousand) For the financial year ended March 31 Net deductible financial income (cost) 2021 2020 2019 Net change in capitalized financing costs (excl. yearly amortization) (937) (9) — Net change in interests payable 28 55 3 Net foreign exchange gains/(losses) on financing activities (280) 3,105 861 Net foreign exchange gains/(losses) (1,379) (4,178) (399) Other finance income 2,121 1,650 1,403 Interest received 345 552 562 Other finance expenses (2,203) (5,947) (3,501) Total (2,305) (4,772) (1,071) (EUR thousand) For the financial year ended March 31 Elimination of non-cash revenue and expenses included in Profit before tax 2021 2020 2019 Change in provisions (22) 486 277 Change in the value of retirement benefit obligation (976) 59 (712) Changes in share-based payments 1,239 — — Put options 2,817 — — Impairment financial assets — 0 101 Impairment tangible and intangible assets 1,676 — — Fair value (gain)/loss on derivative financial instruments 489 (894) 1 Profit/(loss) from participations in associated companies 1,056 1,839 — Gain/(loss) on Share base payments and NC-PECS — 1,771 1,053 Capital gain/loss tangible and intangible assets 696 — — Other 649 (322) 485 Total 7,624 2,939 1,205 |
Cash flows from changes in wo_2
Cash flows from changes in working capital (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Statement of cash flows [abstract] | |
Disclosure of Detailed Information about Cash Flows from Changes in Working Capital | Cash flows from changes in working capital (EUR thousand) For the financial year ended March 31 2021 2020 2019 Trade receivables 111,033 105,169 20,792 Other current receivables 3,450 14,690 (15,579) Prepaid expenses 3,023 6,890 (540) (Increase) / Decrease in operating receivables 117,506 126,749 4,673 Trade payables (89,462) (25,432) (7,040) Other current liabilities (1,622) (14,795) 10,888 Accrued liabilities (6,579) 2,458 (5,200) Increase / (decrease) in operating payables (97,663) (37,769) (1,352) Cash flows from changes in working capital 19,843 88,980 3,321 |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Business combinations [Abstract] | |
Disclosure of detailed information about business combination | The fair value of the net assets acquired and consideration paid were as follows: (EUR thousand) Net assets acquired and consideration paid ZigZag Global Software 5,223 Property, plant and equipment 23 Trade and other receivables 1,886 Cash 1,680 Trade and other payables (2,575) Borrowings (2,327) Deferred tax liabilities (1,305) Fair value of assets and liabilities 2,605 Goodwill arising on acquisition 63,776 Consideration payable 66,381 Satisfied by: Cash consideration paid (51,879) Cash consideration payable (349) Ordinary shares issued (4,557) Contingent consideration payable (9,596) Total consideration (66,381) Cash consideration paid (51,879) Cash acquired 1,680 Repayment of borrowings acquired (2,327) Total net cash outflow (52,526) The fair value of net assets acquired in respect of the acquisition of Refund Suisse were as follows: (EUR thousands) Net assets acquired and consideration paid Refund Suisse AG Software 53 Property, plant and equipment 13 Long-term receivables 19 Trade and other receivables 237 Current tax assets 7 Trade and other payables (291) Long-term payables (58) Fair value of assets and liabilities (20) Goodwill arising on acquisition 7,038 Non-controlling interests — Consideration payable 7,018 Satisfied by: Cash consideration paid 5,467 FV of the contingent consideration 1,551 Total consideration 7,018 |
List of Global Blue entities (T
List of Global Blue entities (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
List of Global Blue entities [Abstract] | |
Disclosure of interests in subsidiaries | Non-controlling interests represent the participating interests of third parties in the Group's equity and are comprised of the following Group entities: (EUR thousand) As of March 31 Non-controlling interests 2021 2020 2019 Global Blue TFS Japan Co Ltd 3,969 4,873 4,524 Global Blue Lebanon SAL 472 714 944 Global Blue Touristik Hizmetler A.Ş. 1,234 1,917 2,573 Global Blue Management & Co S.C.A. — (508) (433) Global Blue Russia AO 581 833 218 Global Blue Russia Holdings B.V. 320 325 326 Global Blue Cross Border SA 203 222 274 Total Non-controlling interests 6,779 8,376 8,426 Set out below is the summarized financial information for each subsidiary that has a non-controlling interest that is material for the Group. (EUR thousand) Global Blue Global Blue Lebanon SAL Global Blue Turistik Hizmetler A.Ş. As of March 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Current Assets 4,308 13,513 11,984 395 3,453 5,241 2,821 6,386 6,173 Liabilities 10,841 19,978 17,536 549 2,098 3,981 2,134 5,498 4,535 Total current net assets (liabilities) (6,533) (6,465) (5,552) (154) 1,355 1,260 687 888 1,638 Non- current Assets 14,630 16,404 14,786 134 169 202 1,118 1,239 1,165 Liabilities 4 0 3 84 371 248 630 512 501 Total non-current net assets (liabilities) 14,626 16,404 14,783 50 (202) (46) 488 727 664 Net assets 8,093 9,939 9,231 (104) 1,153 1,214 1,175 1,615 2,302 (EUR thousand) Global Blue Global Blue Lebanon SAL Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Revenue 3,084 20,375 18,773 71 2,310 2,729 1,326 5,525 5,808 Profit for the year from continuing operations (1,140) 8,120 7,352 (43) 188 545 267 2,371 2,658 (EUR thousand) Global Blue TFS Japan Co. Ltd. Global Blue Lebanon SAL Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Net increase (decrease) in cash and cash equivalents (7,851) 8,709 (386) (622) 228 293 (1,034) 1,248 1,275 (EUR thousand) Global Blue Russia AO Global Blue Management & Co S.C.A. As of March 31 2021 2020 2019 2021 2020 2019 Current Assets 5,120 8,693 5,524 12 10 29 Liabilities 3,560 6,736 4,684 81 259,888 215,623 Total current net assets (liabilities) 1,560 1,957 840 (69) (259,878) (215,594) Non- current Assets 381 496 446 460,978 478,219 437,657 Liabilities — 3 49 — 248,146 246,571 Total non-current net assets (liabilities) 381 493 397 460,978 230,073 191,086 Net assets 1,941 2,450 1,237 460,909 (29,805) (24,508) (EUR thousand) Global Blue Russia AO Global Blue Management & Co S.C.A. For the financial year ended March 31 2021 2020 2019 2021 2020 2019 Revenue 756 3,581 1,803 — — — Profit (Loss) for the year from continuing operations (488) 1,857 652 (2,398) (5,297) (5,270) (EUR thousand) Global Blue Russia AO Global Blue Management & Co S.C.A. For the financial year ended March 31 2021 2020 2019 2021 2020 2019 Net increase (decrease) in cash and cash equivalents 1,999 693 657 (1) (19) (43) Name Country of incorporation and place of business address Nature of business Ownership interest March 31, 2021 Ownership interest March 31, 2020 Global Blue Argentina S.A. Buenos Aires Argentina Tax free Shopping 99.99% 99.85% Global Blue Austria GmbH Vienna Austria Tax free Shopping 100.00% 99.86% Global Blue Service Company Austria GmbH Vienna Austria Service Provider 100.00% 99.86% DEV Digital Export Validation GmbH Vienna Austria Tax free Shopping 100.00% — Global Blue Australia Pty Ltd Sydney Australia Tax free Shopping 100.00% 99.86% Global Blue Currency Choice Australia Pty Ltd Sydney Australia Currency Choice 100.00% 99.86% Currency Select Pty Ltd Sydney Australia Currency Choice 100.00% 99.86% Global Blue Belgium Brussels Belgium Tax free Shopping 100.00% 99.86% ZigZag Global EOOD Varna Bulgaria E-Commerce 100.00% — Global Blue Bahamas Ltd Nassau Bahamas Tax free Shopping 100.00% 99.86% Global Blue Schweiz AG Brüttisellen Switzerland Tax free Shopping 100.00% 99.86% Global Blue SA Eysins Switzerland Head office company 100.00% 99.86% Global Blue Group AG Brüttisellen Switzerland Holding Unit 100.00% — Refund Suisse AG Bottighofen Switzerland Tax free Shopping 100.00% 99.86% Global Blue Cross Border SA en liquidation Eysins Switzerland Tax free Shopping 70.00% 69.90% Global Blue Group II GmbH Brüttisellen Switzerland Holding Unit 100.00% — Global Blue Currency Choice Schweiz AG Brüttisellen Switzerland Currency Choice 100.00% 99.86% Global Blue Commercial Consulting (Shanghai) Co. Ltd. Shanghai China Tax free Shopping 100.00% 99.86% Global Blue Commercial Consulting (Beijing) Co Ltd Beijing China Tax free Shopping 100.00% 99.86% Global Blue Cyprus Ltd Larnaca Cyprus Tax free Shopping 100.00% 99.86% Global Blue Czech Republic, s.r.o. Prague Czech Republic Tax free Shopping 100.00% 99.86% Global Blue Deutschland GmbH Düsseldorf Germany Tax free Shopping 100.00% 99.86% Global Blue New Holdings Germany GmbH Düsseldorf Germany Holding Unit 100.00% 99.86% RFND Digital GmbH Konstanz Germany Tax free Shopping 100.00% 99.86% Global Blue Danmark A/S Copenhagen Denmark Tax free Shopping 100.00% 99.86% Global Blue Eesti OÜ Tallinn Estonia Tax free Shopping 100.00% 99.86% G. Blue España SA Madrid Spain Holding Unit 100.00% 99.86% Global Blue España SA Madrid Spain Tax free Shopping 100.00% 99.86% Global Blue Acquisition España S.A.U Madrid Spain Holding Unit 100.00% 99.86% Global Blue Finland Oy Helsinki Finland Tax free Shopping 100.00% 99.86% Global Blue Administration Center North Oy Helsinki Finland Service Provider 100.00% 99.86% Global Blue France Paris France Tax free Shopping 100.00% 99.86% Global Blue Holding Paris France Tax free Shopping 100.00% 99.86% Global Blue (UK) Ltd London United Kingdom Tax free Shopping 100.00% 99.86% Global Blue Service Company UK Limited London United Kingdom Service provider 100.00% 99.86% Global Blue New Holdings UK Ltd London United Kingdom Holding Unit 100.00% 99.86% ZZ Global Blue Holding Limited London United Kingdom Holding Unit 100.00% — ZigZag Global Limited London United Kingdom E-Commerce 100.00% — Global Blue Marketing Services Limited London United Kingdom Marketing Business 100.00% 99.86% Estera Trust Limited St. Helier Jersey, Channel Islands Management Trust 100.00% 100.00% Global Blue Hellas SA Athens Greece Tax free Shopping 100.00% 99.86% First Currency Choice Hong Kong Limited Hong Kong Hong Kong Currency Choice 100.00% 99.86% Global Blue Croatia, trgovina i turizam d.o.o. Zagreb Croatia Tax free Shopping 100.00% 99.86% Global Blue Tax Free Ireland Limited Dublin Ireland Tax free Shopping 100.00% 99.86% Global Blue á Íslandi hf Kópavogi Iceland Tax free Shopping 100.00% 99.86% Global Blue Italia S.r.l. Milan Italy Tax free Shopping 100.00% 99.86% Global Blue Service Company Italia SRL Milan Italy Service Provider 100.00% 99.86% Global Blue Currency Choice Italia S.r.l Milan Italy Currency Choice 100.00% 99.86% Global Blue Japan Co., Ltd. Tokyo Japan Currency Choice 100.00% 99.86% Global Blue TFS Japan Co., Ltd. Tokyo Japan Tax free Shopping 51.00% 50.93% Global Blue Korea Co Ltd Seoul Korea Tax free Shopping 100.00% 99.86% Global Blue Currency Choice Korea Co Ltd Seoul Korea Currency Choice 100.00% 99.86% Global Blue Holding Limited Grand Cayman Cayman Islands Holding Unit 100.00% 100.00% Global Blue Kazakhstan LLP Astana Kazakhstan Tax free Shopping 100.00% 99.86% Global Blue Lebanon SAL Metn Lebanon Tax free Shopping 61.00% 60.91% UAB Global Blue Lietuva Vilnius Lithuania Tax free Shopping 100.00% 99.86% Global Blue Luxembourg S.A. Luxembourg Luxembourg Tax free Shopping 100.00% 99.86% Global Blue Finance S.à r.l. Luxembourg Luxembourg Holding Unit 100.00% 99.86% Global Blue Midco S.à r.l. Luxembourg Luxembourg Holding Unit 100.00% 99.86% Global Blue Management & Co S.C.A. Luxembourg Luxembourg Holding Unit 100.00% 99.86% Global Blue Investment & Co S.C.A. Luxembourg Luxembourg Holding Unit 100.00% 100.00% Global Blue Investment GP Luxembourg Luxembourg Holding Unit 100.00% 100.00% Global Blue Latvija SIA Riga Latvia Tax free Shopping 100.00% 99.86% Global Blue Maroc SA Casablanca Morocco Tax free Shopping 100.00% 99.86% Global Blue Malaysia Sdn. Bhd. Kuala Lumpur Malaysia Tax free Shopping 100.00% 99.86% Global Blue Holland BV Amsterdam Netherlands Tax free Shopping 100.00% 99.86% Global Blue Holding B.V. Amsterdam Netherlands Holding Unit 100.00% 99.86% Global Blue Acquisition B.V. Amsterdam Netherlands Finance company 100.00% 99.86% Global Blue Russia Holdings B.V. Amsterdam Netherlands Holding Unit 51.00% 50.93% Global Blue Norge AS Lysaker Norway Tax free Shopping 100.00% 99.86% Currency Select New Zealand Limited Auckland New Zealand Currency Choice 100.00% 99.86% Global Blue Polska Sp. Zo.o. Warsaw Poland Tax free Shopping 100.00% 99.86% Global Refund Portugal Lda. Lisbon Portugal Tax free Shopping 100.00% 99.86% Global Blue d.o.o. Beograd - Novi Beograd Belgrad Serbia Tax free Shopping 100.00% 99.86% Global Blue Russia AO Moscow Russia Tax free Shopping 51.00% 50.93% Global Blue Sverige AB Stockholm Sweden Tax free Shopping 100.00% 99.86% Global Blue Sweden Holdings AB Stockholm Sweden Holding Unit 100.00% 99.86% Global Blue Service AB Stockholm Sweden Service provider 100.00% 99.86% Global Blue Holdings AB Stockholm Sweden Holding Unit 100.00% 99.86% Global Blue Currency Choice Service Europe AB Stockholm Sweden Currency Choice 100.00% 99.86% Global Blue Singapore Pte Ltd Singapore Singapore Tax free Shopping 100.00% 99.86% Global Blue Service Company Singapore Pte Ltd Singapore Singapore Service provider 100.00% 99.86% Global Blue Currency Choice Singapore Pte Ltd Singapore Singapore Currency Choice 100.00% 99.86% Global Blue trgovina in turizem d.o.o. Ljubljana Slovenia Tax free Shopping 100.00% 99.86% Global Blue Slovakia s.r.o. Bratislava Slovakia Service provider 100.00% 99.86% Global Blue (Thailand) Co. Limited Bangkok Thailand Currency Choice 100.00% 99.86% Global Blue Turistik Hizmetler AŞ Istanbul Turkey Tax free Shopping 60.00% 59.92% Far Point Acquisition Corporation Wilmington USA Holding Unit 100.00% — ZigZag Global LLC Dover USA E-Commerce 100.00% — Global Blue Argentina S.A. Sucursal Uruguay Montevideo Uruguay Tax free Shopping 99.99% 99.86% |
Additional information - Fina_2
Additional information - Financial Statement Schedule I (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Additional information [abstract] | |
Condensed income statement of the Parent business activity | Condensed income statement of the Parent (EUR thousand) For the financial year ended March 31 2021 Operating expenses (144,644) Dividend income 68,431 Net finance costs 50 Loss before tax (76,163) Income tax expense (446) Loss for the year (76,609) |
Condensed statement of financial position of the Parent Company | Condensed statement of financial position of the Parent Company (EUR thousand) As of March 31 2021 ASSETS Investments in subsidiaries 1,418,280 Loans to group companies 59,289 Non-current assets 1,477,569 Current assets 310 Total assets 1,477,879 EQUITY AND LIABILITIES Share capital 1,678,506 Other reserves (132,005) Accumulated losses (77,924) Total equity 1,468,577 Liabilities Non-current liabilities — Current liabilities 9,302 Total liabilities 9,302 Total equity and liabilities 1,477,879 |
Condensed statement of cash flows of the Parent Company | Condensed statement of cash flows of the Parent Company (EUR thousand) For the financial year ended March 31 2021 Loss before income tax (76,163) Capital reorganization non-cash items 125,620 Movement in loans with group companies (59,529) Other non-cash items 1,239 Changes in working capital 8,833 Net cash from operating activities — Proceeds from issuance of share capital 222 Proceeds from treasury shares 65 Net cash from financing activities 287 Net increase in cash and cash equivalents 287 Cash and cash equivalents at beginning of year — Cash and cash equivalents at end of year 287 |
Schedule of IFRS loss reconciliation for parent company | The following reconciliations are provided as additional information to satisfy the Schedule I SEC requirements for parent-only financial information. (EUR thousand) For the financial year ended March 31 2021 IFRS loss reconciliation: Parent only– IFRS loss for the year (76,609) Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost (345,507) Consolidated IFRS loss for the year (422,116) IFRS equity reconciliation: Parent only– IFRS equity 1,468,577 Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost (1,544,967) Consolidated– IFRS equity (76,390) |
Investments in associates and_2
Investments in associates and joint ventures (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Investments in subsidiaries, joint ventures and associates [abstract] | |
Summarized financial information of joint ventures | The Group has the following investments in joint ventures and other investments: (EUR thousand) As of March 31 2021 2020 2019 Joint ventures 2,744 2,892 840 Other investments 753 3 1,604 Carrying amount of the Company’s interests: 3,497 2,895 2,444 The Group has the following income from joint ventures: (EUR thousand) For the financial year ended March 31 Income from joint ventures 2021 2020 2019 Share of profit or loss (1,056) (1,598) 1,603 Share of other comprehensive income — — — Share of total comprehensive income (1,054) (1,596) 1,605 |
Disclosure of interest in associates | The Group has the following investments in joint ventures and other investments: (EUR thousand) As of March 31 2021 2020 2019 Joint ventures 2,744 2,892 840 Other investments 753 3 1,604 Carrying amount of the Company’s interests: 3,497 2,895 2,444 The Group has the following income from joint ventures: |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Disclosure of transactions between related parties | The remuneration to the board of directors and the Executive Committee members, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. (EUR thousand) For the financial year ended March 31 Remuneration to key management personnel 2021 2020 2019 Short-term employee benefits 5,162 4,408 5,073 Post-employment benefits 474 371 375 Share based payments 680 — — Total 6,316 4,779 5,448 (EUR thousand) For the financial year ended March 31 Purchases of services from related parties 2021 2020 2019 Monitoring fee (950) 460 700 Directors fee 278 195 — Reimbursements 16 54 76 Total (656) 709 776 (EUR thousand) As of March 31 Liabilities to related parties 2021 2020 2019 Liabilities to key management personnel: Pension liability 1,387 868 407 Share-based payment liability — 7,396 6,161 Closing balance for the year 1,387 8,264 6,568 |
Shareholders of Global Blue G_2
Shareholders of Global Blue Group Holding AG (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Shareholders of Global Blue Group AG [Abstract] | |
Disclosure of detailed information about shareholding composition | Number of shares authorized and issued As of March 31 2021 2020 2019 Ordinary shares Preference shares Total Ordinary Ordinary Number of shares (authorized and issued) 187,534,962 23,717,989 211,252,951 40,000,000 40,000,000 Total number of shares 187,534,962 23,717,989 211,252,951 40,000,000 40,000,000 As of March 31 2021 2020 2019 Ordinary shares Preference shares Total Ordinary Ordinary Opening balance as of April 1 40,000,000 — 40,000,000 40,000,000 40,000,000 Effects of the capital reorganization on Aug 28, 2020 127,824,796 23,717,989 151,542,785 — — Issuance of share capital Global Blue Group Holding A.G. November 2020 5,929,477 — 5,929,477 — — Conversion of preference shares into ordinary shares — (5,929,477) (5,929,477) — — Assign the preference shares to ListCo. — 5,929,477 5,929,477 — — Issuance of share capital Global Blue Group Holding A.G. February 2021 7,000,000 — 7,000,000 — — Issuance of share capital Global Blue Group Holding A.G. March 2021 6,666,665 — 6,666,665 — — Exercises of warrants 114,024 — 114,024 — — Closing balance as of March 31 187,534,962 23,717,989 211,252,951 40,000,000 40,000,000 Issued share capital and share premium (EUR thousand) As of March 31 Issued share capital and share premium 2021 2020 2019 Ordinary shares Preference shares Total Ordinary Ordinary Opening balance as of April 1 392,197 — 392,197 392,197 392,197 Effects of the capital reorganization 801,569 113,283 914,852 — — Issue of share capital 439 37 476 — — Share premium contribution 293,778 33,208 326,986 — — Conversion of preference shares into ordinary shares 50,100 (50,100) — — — Acquisition of treasury shares (8,877) (1,246) (10,123) — — Exercises of warrants 1,140 — 1,140 — — Closing balance as of March 31 1,530,346 95,182 1,625,528 392,197 392,197 Shareholders of Global Blue Group Holding AG Shareholders of Global Blue Group Holding AG Shareholders of Global Blue Group Holding AG as of March 31, 2021 as of March 31, 2020 as of March 31, 2019 Ordinary shares Preference shares Total Ownership (3) Warrants Ordinary Ordinary Global Blue Holding LP — — — — 40,000,000 40,000,000 Silver Lake and Affiliates (1) 98,017,072 11,970,487 109,987,559 55.5 % 6,548,415 — — Partners Group and Affiliates (2) 40,442,783 4,939,137 45,381,920 22.9 % 2,701,935 — — Ant Group 12,500,000 — 12,500,000 6.3 % — — — Tom Farley 3,723,363 — 3,723,363 1.9 % — — — Management 4,297,259 774,753 5,072,012 2.6 % — — — EBT 1,086,280 104,135 1,190,415 0.6 % 516,317 — — GB Directors, Executive Management & Other Employees 9,106,902 878,888 9,985,790 5.0 % 516,317 — — Other Shareholders 20,468,205 — 20,468,205 10.3 % 20,969,283 — — Total excl. GB Group 180,534,962 17,788,512 198,323,474 100.0 % 30,735,950 40,000,000 40,000,000 GB Group 7,000,000 5,929,477 12,929,477 — — — Total incl. GB Group 187,534,962 23,717,989 211,252,951 30,735,950 40,000,000 40,000,000 (1) - Corresponds to SL Globetrotter L.P. (2) - Corresponds to Global Blue Holding LP (which is controlled by Silver Lake) and shares directly held by Partners Group (3) - Excludes GB Group |
General information about bus_2
General information about business - Narrative (Details) € in Thousands | 9 Months Ended | 12 Months Ended | ||||
Aug. 28, 2020shares | Mar. 31, 2021EUR (€)brand | Mar. 31, 2020EUR (€) | Dec. 10, 2019EUR (€)shares | Mar. 31, 2019EUR (€) | Mar. 31, 2018EUR (€) | |
Disclosure of classes of share capital [line items] | ||||||
Number of brands | brand | 2 | |||||
Equity | € | € (69,611) | € 71,497 | € 86,967 | € 82,205 | ||
Revolving Credit Facility (RCF) | ≤ 3.50x > 3.00x | ||||||
Disclosure of classes of share capital [line items] | ||||||
Effective interest | 1.75% | |||||
Term Loan | ≤ 3.50x > 3.00x | ||||||
Disclosure of classes of share capital [line items] | ||||||
Effective interest | 2.00% | |||||
Ordinary shares | Issued capital | ||||||
Disclosure of classes of share capital [line items] | ||||||
Equity | € | € 1,798 | € 341 | € 93 | € 341 | € 341 | |
Number of shares outstanding (in shares) | shares | 10,000,000 | |||||
Stock Issued During Period, Shares, New Issues | shares | 181,542,785 |
Significant accounting polici_4
Significant accounting policies - Financial Instruments (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Disclosure of voluntary change in accounting policy [line items] | ||||
Equity | € 69,611 | € (71,497) | € (86,967) | € (82,205) |
Loans and borrowings | 720,745 | 624,595 | 622,398 | |
Accumulated losses | ||||
Disclosure of voluntary change in accounting policy [line items] | ||||
Equity | € 742,836 | € 317,195 | € 312,455 | € 313,262 |
Significant accounting polici_5
Significant accounting policies - Property, plant and equipment (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Minimum | Machinery | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Minimum | Office equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Minimum | Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Maximum | Machinery | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Maximum | Office equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Maximum | Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Significant accounting polici_6
Significant accounting policies - Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Trademarks | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 20 years |
Minimum | Customer relationships | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 9 years |
Minimum | Software | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 3 years |
Maximum | Customer relationships | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 20 years 6 months |
Maximum | Software | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 5 years |
Significant accounting polici_7
Significant accounting policies - Disclosure of expected loss rates (Details) | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
First range | |||
Expected Loss Rates [Line Items] | |||
Expected loss rates, trade receivables (in percentage) | 0.00% | 0.00% | 0.00% |
Second range | |||
Expected Loss Rates [Line Items] | |||
Expected loss rates, trade receivables (in percentage) | 25.00% | 25.00% | 25.00% |
Third range | |||
Expected Loss Rates [Line Items] | |||
Expected loss rates, trade receivables (in percentage) | 50.00% | 50.00% | 50.00% |
Fourth range | |||
Expected Loss Rates [Line Items] | |||
Expected loss rates, trade receivables (in percentage) | 75.00% | 75.00% | 75.00% |
Fifth range | |||
Expected Loss Rates [Line Items] | |||
Expected loss rates, trade receivables (in percentage) | 100.00% | 100.00% | 100.00% |
Significant accounting polici_8
Significant accounting policies - Trade Payables (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Trade Payable [Line Items] | |
Non-cash refunds, maximum period | 21 days |
Minimum | |
Trade Payable [Line Items] | |
Legal expiration period | 3 years |
Maximum | |
Trade Payable [Line Items] | |
Legal expiration period | 30 years |
Financial risk management - Nar
Financial risk management - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets held for managing liquidity risk | € 182,800 | € 226,100 | € 104,100 | |
Undrawn borrowing facilities | 82,900 | |||
Equity | (69,611) | 71,497 | 86,967 | € 82,205 |
Loans and borrowings | € 720,745 | € 624,595 | € 622,398 | |
Equity to capital ratio | (0.097) | 0.103 | 0.123 | |
Revolving Credit Facility (RCF) | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Undrawn borrowing facilities | € 800 | |||
Liquidity facility | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Undrawn borrowing facilities | € 63,900 | |||
Currency risk | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Reasonably possible change in risk variable, percent | 2.00% | |||
Impact of two percent weakening (strengthening) of major foreign currencies against the euro on pre-tax profit | € 100 | € 100 | € 100 | |
Interest rate risk | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Reasonably possible change in risk variable, percent | 1.00% | |||
Impact of lower (higher) one percent interest rate on pre-tax profit | € 2,800 | € 3,600 | € 4,000 | |
Credit risk | Trade receivables not yet due | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Trade receivables not yet due (in percentage) | 79.10% | 62.70% | 83.60% | |
Liquidity risk | Revolving Credit Facility (RCF) | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Undrawn borrowing facilities | € 100,000 | € 80,000 | € 80,000 | |
Liquidity risk | Cash Pool Facilities | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Undrawn borrowing facilities | 18,200 | € 15,000 | € 5,000 | |
Liquidity risk | Liquidity facility | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Undrawn borrowing facilities | € 75,000 |
Financial risk management - Dis
Financial risk management - Disclosure of maturity analysis for derivative and non-derivative financial liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Other long-term liabilities | € 10,349 | € 2,003 | € 2,078 |
Other current liabilities | 44,193 | 45,236 | 58,888 |
Less than 3 months | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Loans and borrowings | 110 | 5,176 | 5,497 |
Other long-term liabilities | 0 | 0 | 0 |
Derivative financial instruments | 176 | ||
Trade payables | 99,067 | 137,005 | 168,020 |
Other current liabilities | 19,798 | 21,956 | 36,591 |
Accrued liabilities | 22,464 | 25,501 | 26,412 |
Total | 141,439 | 189,638 | 236,696 |
Between 3 months and 1 year | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Loans and borrowings | 20,302 | 15,584 | 16,613 |
Other long-term liabilities | 0 | 0 | 0 |
Derivative financial instruments | 0 | ||
Trade payables | 48,410 | 82,838 | 93,199 |
Other current liabilities | 14,196 | 14,753 | 13,974 |
Accrued liabilities | 10,057 | 10,251 | 8,880 |
Total | 92,965 | 123,426 | 132,666 |
Between 1 and 2 years | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Loans and borrowings | 119,074 | 20,759 | 22,050 |
Other long-term liabilities | 9,396 | 11,298 | 11,434 |
Derivative financial instruments | 0 | ||
Trade payables | 0 | 4,362 | 534 |
Other current liabilities | 0 | 272 | (557) |
Accrued liabilities | 0 | 83 | 264 |
Total | 128,470 | 36,774 | 33,725 |
Between 2 years and 5 years | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Loans and borrowings | 678,269 | 645,015 | 667,998 |
Other long-term liabilities | 18,903 | 15,913 | 17,964 |
Derivative financial instruments | 0 | ||
Trade payables | 0 | 6,873 | 1,966 |
Other current liabilities | 0 | (55) | 1,293 |
Accrued liabilities | 0 | 103 | 326 |
Total | 697,172 | 667,849 | 689,547 |
More than 5 years | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Loans and borrowings | 0 | 0 | 0 |
Other long-term liabilities | 1,175 | 2,540 | 7,844 |
Derivative financial instruments | 0 | ||
Trade payables | 0 | 6,241 | 0 |
Other current liabilities | 0 | 1,197 | 56 |
Accrued liabilities | 0 | 1,339 | 129 |
Total | € 1,175 | € 11,317 | € 8,029 |
Financial risk management - D_2
Financial risk management - Disclosure of detailed information about net debt and movements in net debt (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Disclosure of financial liabilities [line items] | ||||
Cash and cash equivalents | € (182,783) | € (226,139) | € (104,072) | € (50,674) |
Loans and borrowings | 729,000 | 630,000 | 630,000 | |
Net Debt, Excluding Lease Liabilities | 546,217 | 403,861 | 525,928 | |
Short-term | 12,578 | 14,001 | 13,713 | |
Borrowings | (720,856) | (625,676) | (624,500) | |
Long-term | 19,122 | 27,750 | 32,420 | |
Net debt | (569,773) | (441,288) | (566,561) | € (626,822) |
Nominal value of outstanding trade receivables | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | (720,856) | (625,676) | (624,500) | |
Corporate Borrowings | Deferred Financing Costs | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | (8,255) | (9,672) | (13,441) | |
Senior Debt Facility IFRS 9 | Nominal value of outstanding trade receivables | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | 0 | (4,267) | (5,839) | |
Other bank overdraft | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | (100) | |||
Other bank overdraft | Nominal value of outstanding trade receivables | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | € (111) | € (1,081) | € (2,102) |
Financial risk management - D_3
Financial risk management - Disclosure of reconciliation of liabilities arising from financing activities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of financial liabilities [line items] | |||
Cash and cash equivalents at beginning of year | € 226,139 | € 104,072 | € 50,674 |
Net debt at beginning of period | (441,288) | (566,561) | (626,822) |
Cash flows | 113,785 | (139,464) | (67,541) |
Foreign exchange adjustments | 1,156 | 465 | (850) |
Other changes | 13,544 | 13,726 | 8,130 |
Cash and cash equivalents at end of year | 182,783 | 226,139 | 104,072 |
Net debt at end of period | (569,773) | (441,288) | (566,561) |
Previously stated [member] | |||
Disclosure of financial liabilities [line items] | |||
Cash and cash equivalents at beginning of year | 50,674 | ||
Net debt at beginning of period | (565,090) | ||
Adjustments due to changes in accounting policies | IFRS 9 | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 7,406 | ||
Adjustments due to changes in accounting policies | IFRS 16 | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 54,326 | ||
Cash and cash equivalents | |||
Disclosure of financial liabilities [line items] | |||
Cash flows | 39,122 | (122,996) | (52,341) |
Foreign exchange adjustments | 1,155 | 929 | (1,057) |
Other changes | 3,079 | 0 | 0 |
Cash and cash equivalents | Adjustments due to changes in accounting policies | IFRS 9 | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 0 | ||
Cash and cash equivalents | Adjustments due to changes in accounting policies | IFRS 16 | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 0 | ||
Bank Overdraft [Member] | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | (1,081) | (2,102) | (2,972) |
Cash flows | (884) | (1,066) | (1,046) |
Foreign exchange adjustments | (86) | 45 | 176 |
Other changes | 0 | 0 | 0 |
Liabilities arising from financing activities at end of period | (111) | (1,081) | (2,102) |
Bank Overdraft [Member] | Previously stated [member] | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | (2,972) | ||
Bank Overdraft [Member] | Adjustments due to changes in accounting policies | IFRS 9 | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 0 | ||
Bank Overdraft [Member] | Adjustments due to changes in accounting policies | IFRS 16 | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 0 | ||
Borrowings | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 0 | 0 | 0 |
Cash flows | 0 | 0 | 0 |
Foreign exchange adjustments | 0 | 0 | 0 |
Other changes | 0 | 0 | 0 |
Liabilities arising from financing activities at end of period | 0 | 0 | 0 |
Borrowings | Previously stated [member] | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 0 | ||
Borrowings | Adjustments due to changes in accounting policies | IFRS 9 | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 0 | ||
Borrowings | Adjustments due to changes in accounting policies | IFRS 16 | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 0 | ||
Long-term borrowings | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | (624,595) | (622,398) | (620,198) |
Cash flows | 90,578 | 0 | 0 |
Foreign exchange adjustments | 0 | 0 | 0 |
Other changes | 5,572 | 2,197 | 2,200 |
Liabilities arising from financing activities at end of period | (720,745) | (624,595) | (622,398) |
Long-term borrowings | Previously stated [member] | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | (612,792) | ||
Long-term borrowings | Adjustments due to changes in accounting policies | IFRS 9 | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 7,406 | ||
Long-term borrowings | Adjustments due to changes in accounting policies | IFRS 16 | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 0 | ||
Lease liability, current | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | (14,001) | (13,713) | (14,087) |
Cash flows | (15,031) | (15,402) | (14,154) |
Foreign exchange adjustments | 39 | (157) | 5 |
Other changes | 13,569 | 15,847 | 13,775 |
Liabilities arising from financing activities at end of period | (12,578) | (14,001) | (13,713) |
Lease liability, current | Previously stated [member] | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 0 | ||
Lease liability, current | Adjustments due to changes in accounting policies | IFRS 9 | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 0 | ||
Lease liability, current | Adjustments due to changes in accounting policies | IFRS 16 | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 14,087 | ||
Lease liabilities, non-current | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 41,751 | 46,133 | 0 |
Foreign exchange adjustments | 479 | (435) | 79 |
Liabilities arising from financing activities at end of period | 31,700 | 41,751 | 46,133 |
Lease liability, non-current | Deferred tax assets to be recovered after more than 12 months | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | (27,750) | (32,420) | (40,239) |
Cash flows | 0 | 0 | 0 |
Foreign exchange adjustments | 48 | (352) | 26 |
Other changes | (8,676) | (4,318) | (7,845) |
Liabilities arising from financing activities at end of period | € (19,122) | € (27,750) | (32,420) |
Lease liability, non-current | Deferred tax assets to be recovered after more than 12 months | Previously stated [member] | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 0 | ||
Lease liability, non-current | Deferred tax assets to be recovered after more than 12 months | Adjustments due to changes in accounting policies | IFRS 9 | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | 0 | ||
Lease liability, non-current | Deferred tax assets to be recovered after more than 12 months | Adjustments due to changes in accounting policies | IFRS 16 | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities at beginning of period | € 40,239 |
Financial risk management - D_4
Financial risk management - Disclosure of fair value measurement of assets and liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of financial liabilities [line items] | |||
Total assets | € 961,152 | € 1,124,210 | € 1,199,153 |
Total liabilities | 1,030,763 | 1,052,713 | 1,112,186 |
Recurring fair value measurement | |||
Disclosure of financial liabilities [line items] | |||
Total assets | 231 | 742 | 0 |
Total liabilities | 0 | 0 | 176 |
Recurring fair value measurement | Derivative financial instruments | |||
Disclosure of financial liabilities [line items] | |||
Total liabilities | 0 | 0 | 176 |
Recurring fair value measurement | Interest rate swap | |||
Disclosure of financial liabilities [line items] | |||
Total liabilities | 0 | ||
Derivative financial instruments | Recurring fair value measurement | |||
Disclosure of financial liabilities [line items] | |||
Total assets | 231 | 742 | 0 |
Level 1 | Recurring fair value measurement | |||
Disclosure of financial liabilities [line items] | |||
Total assets | 0 | 0 | 0 |
Total liabilities | 0 | 0 | 0 |
Level 1 | Recurring fair value measurement | Derivative financial instruments | |||
Disclosure of financial liabilities [line items] | |||
Total liabilities | 0 | 0 | 0 |
Level 1 | Recurring fair value measurement | Interest rate swap | |||
Disclosure of financial liabilities [line items] | |||
Total liabilities | 0 | ||
Level 1 | Derivative financial instruments | Recurring fair value measurement | |||
Disclosure of financial liabilities [line items] | |||
Total assets | 0 | 0 | 0 |
Level 2 | Recurring fair value measurement | |||
Disclosure of financial liabilities [line items] | |||
Total assets | 231 | 742 | 0 |
Total liabilities | 0 | 0 | 176 |
Level 2 | Recurring fair value measurement | Derivative financial instruments | |||
Disclosure of financial liabilities [line items] | |||
Total liabilities | 0 | 0 | 176 |
Level 2 | Recurring fair value measurement | Interest rate swap | |||
Disclosure of financial liabilities [line items] | |||
Total liabilities | 0 | ||
Level 2 | Derivative financial instruments | Recurring fair value measurement | |||
Disclosure of financial liabilities [line items] | |||
Total assets | 231 | 742 | 0 |
Level 3 | Recurring fair value measurement | |||
Disclosure of financial liabilities [line items] | |||
Total assets | 0 | 0 | 0 |
Total liabilities | 0 | 0 | 0 |
Level 3 | Recurring fair value measurement | Derivative financial instruments | |||
Disclosure of financial liabilities [line items] | |||
Total liabilities | 0 | 0 | 0 |
Level 3 | Recurring fair value measurement | Interest rate swap | |||
Disclosure of financial liabilities [line items] | |||
Total liabilities | 0 | ||
Level 3 | Derivative financial instruments | Recurring fair value measurement | |||
Disclosure of financial liabilities [line items] | |||
Total assets | € 0 | € 0 | € 0 |
Critical accounting estimates_2
Critical accounting estimates and judgements - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Development costs | € 33,300 | € 53,100 | € 51,400 | |
Capitalised development expenditure | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Additions other than through business combinations, intangible assets other than goodwill | € 16,670 | € 24,716 | € 23,722 | |
Offices | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Operating lease, average remaining lease term | 3 years | |||
Operating lease, increase in term | 3 years | |||
Operating lease, renewable contracts minimum duration | 3 years | |||
Operating lease with indefinite contracts, average remaining lease term | 5 years | |||
Refund points | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Operating lease, average remaining lease term | 3 years | |||
Operating lease, increase in term | 3 years | |||
Operating lease, renewable contracts minimum duration | 3 years | |||
Operating lease with indefinite contracts, average remaining lease term | 5 years | |||
Cars | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Operating lease with indefinite contracts, average remaining lease term | 3 years | |||
IT contracts | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Operating lease, average remaining lease term | 3 years | |||
Operating lease, increase in term | 3 years | |||
Operating lease, renewable contracts minimum duration | 3 years | |||
Operating lease with indefinite contracts, average remaining lease term | 5 years | |||
Others | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Operating lease with indefinite contracts, average remaining lease term | 3 years |
Segment information - Schedule
Segment information - Schedule of reportable segments (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Revenue | € 44,696 | € 420,400 | € 412,956 |
Operating expenses | (84,631) | (249,662) | (239,447) |
Adjusted EBITDA | (39,935) | 170,738 | 173,509 |
Depreciation and amortisation | (116,318) | (113,581) | (105,133) |
Of which exceptional items | (274,289) | (15,958) | (9,853) |
Operating (Loss) / Profit | (430,542) | 41,199 | 58,523 |
Central costs | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 0 | 0 |
Operating expenses | (46,587) | (76,535) | (74,931) |
Adjusted EBITDA | (46,587) | (76,535) | (74,931) |
TFSS | |||
Disclosure of operating segments [line items] | |||
Revenue | 30,826 | 359,557 | 349,251 |
TFSS | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 30,826 | 359,557 | 349,251 |
Operating expenses | (29,034) | (144,124) | (136,187) |
Adjusted EBITDA | 1,792 | 215,433 | 213,064 |
AVPS | |||
Disclosure of operating segments [line items] | |||
Revenue | 13,870 | 60,843 | 63,705 |
AVPS | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 13,870 | 60,843 | 63,705 |
Operating expenses | (9,010) | (29,003) | (28,329) |
Adjusted EBITDA | 4,860 | 31,840 | 35,376 |
Fixed cost | |||
Disclosure of operating segments [line items] | |||
Operating expenses | (74,700) | (158,500) | (156,700) |
Variable cost | |||
Disclosure of operating segments [line items] | |||
Operating expenses | (10,300) | (91,100) | (82,600) |
Fixed personnel cost | |||
Disclosure of operating segments [line items] | |||
Operating expenses | (50,800) | (102,400) | (96,100) |
Fixed non personnel cost | |||
Disclosure of operating segments [line items] | |||
Operating expenses | € (23,900) | € (56,100) | € (60,600) |
Segment information - Schedul_2
Segment information - Schedule of geographical breakdown of revenue (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Total revenue | € 44,696 | € 420,400 | € 412,956 |
% of Total Revenue | 37.00% | ||
Cuscal POS eCommerce Returns | |||
Disclosure of operating segments [line items] | |||
% of Total Revenue | 14.00% | ||
Europe | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 28,939 | 331,967 | € 320,814 |
Asia Pacific | |||
Disclosure of operating segments [line items] | |||
Total revenue | 15,515 | 85,376 | 88,838 |
Rest of the world | |||
Disclosure of operating segments [line items] | |||
Total revenue | 242 | 3,057 | 3,304 |
Australia | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 9,508 | ||
% of Total Revenue | 21.00% | ||
France | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 6,495 | ||
% of Total Revenue | 15.00% | ||
Italy | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 5,568 | € 61,198 | € 58,456 |
% of Total Revenue | 12.00% | 15.00% | 14.00% |
United Kingdom | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 53,534 | € 49,227 | |
% of Total Revenue | 13.00% | 12.00% | |
Germany | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 40,283 | € 45,436 | |
% of Total Revenue | 10.00% | 11.00% | |
Significant countries | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 21,571 | € 155,015 | € 153,119 |
% of Total Revenue | 48.00% | 38.00% | |
TFSS | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 30,826 | € 359,557 | 349,251 |
TFSS | Europe | |||
Disclosure of operating segments [line items] | |||
Total revenue | 25,609 | 317,130 | 304,156 |
TFSS | Asia Pacific | |||
Disclosure of operating segments [line items] | |||
Total revenue | 4,975 | 39,378 | 41,796 |
TFSS | Rest of the world | |||
Disclosure of operating segments [line items] | |||
Total revenue | 242 | 3,049 | 3,299 |
TFSS | Australia | |||
Disclosure of operating segments [line items] | |||
Total revenue | 302 | ||
TFSS | France | |||
Disclosure of operating segments [line items] | |||
Total revenue | 6,128 | ||
TFSS | Italy | |||
Disclosure of operating segments [line items] | |||
Total revenue | 3,906 | 54,693 | 53,244 |
TFSS | United Kingdom | |||
Disclosure of operating segments [line items] | |||
Total revenue | 51,618 | 46,720 | |
TFSS | Germany | |||
Disclosure of operating segments [line items] | |||
Total revenue | 39,661 | 44,604 | |
TFSS | Significant countries | |||
Disclosure of operating segments [line items] | |||
Total revenue | 10,336 | 145,972 | 144,568 |
AVPS | |||
Disclosure of operating segments [line items] | |||
Total revenue | 13,870 | 60,843 | 63,705 |
AVPS | Europe | |||
Disclosure of operating segments [line items] | |||
Total revenue | 3,330 | 14,837 | 16,658 |
AVPS | Asia Pacific | |||
Disclosure of operating segments [line items] | |||
Total revenue | 10,540 | 45,998 | 47,042 |
AVPS | Rest of the world | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 8 | 5 |
AVPS | Australia | |||
Disclosure of operating segments [line items] | |||
Total revenue | 9,206 | ||
AVPS | France | |||
Disclosure of operating segments [line items] | |||
Total revenue | 367 | ||
AVPS | Italy | |||
Disclosure of operating segments [line items] | |||
Total revenue | 1,662 | 6,505 | 5,212 |
AVPS | United Kingdom | |||
Disclosure of operating segments [line items] | |||
Total revenue | 1,916 | 2,507 | |
AVPS | Germany | |||
Disclosure of operating segments [line items] | |||
Total revenue | 622 | 832 | |
AVPS | Significant countries | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 11,235 | € 9,043 | € 8,551 |
Segment information - Narrative
Segment information - Narrative (Details) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2019 | |
Disclosure of operating segments [line items] | ||
% of Total Revenue | 37.00% | |
Cuscal POS eCommerce Returns | ||
Disclosure of operating segments [line items] | ||
% of Total Revenue | 14.00% |
Segment information - Schedul_3
Segment information - Schedule of geographical breakdown of non current assets (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Disclosure of geographical areas [line items] | ||||
Intangible assets | € 625,379 | € 631,002 | € 695,622 | |
Property, plant and equipment | 37,904 | 51,355 | 56,213 | |
Investments in joint ventures and other investments | 3,497 | 2,895 | 2,444 | |
Other non-current receivables | 12,516 | 15,170 | 12,703 | € 13,360 |
Non-current assets | 709,888 | 712,771 | 777,846 | |
Switzerland | ||||
Disclosure of geographical areas [line items] | ||||
Intangible assets | 600,719 | 607,589 | 671,066 | |
Property, plant and equipment | 1,792 | 3,351 | 2,569 | |
Investments in joint ventures and other investments | 3,915 | 2,791 | 1,499 | |
Other non-current receivables | 1,964 | 100 | 1 | |
Non-current assets | 608,390 | 613,831 | 675,135 | |
Australia | ||||
Disclosure of geographical areas [line items] | ||||
Intangible assets | 11,087 | 11,927 | 15,691 | |
Property, plant and equipment | 2,082 | 2,453 | 3,052 | |
Investments in joint ventures and other investments | 0 | 0 | 0 | |
Other non-current receivables | 227 | 194 | 221 | |
Non-current assets | 13,396 | 14,574 | 18,964 | |
Japan | ||||
Disclosure of geographical areas [line items] | ||||
Intangible assets | 2,640 | 1,720 | ||
Property, plant and equipment | 1,177 | 1,127 | ||
Investments in joint ventures and other investments | 0 | 0 | ||
Other non-current receivables | 135 | 130 | ||
Non-current assets | 3,952 | 2,977 | ||
Italy | ||||
Disclosure of geographical areas [line items] | ||||
Intangible assets | 1,094 | 1,379 | 1,540 | |
Property, plant and equipment | 8,859 | 10,484 | 12,838 | |
Investments in joint ventures and other investments | 0 | 0 | 0 | |
Other non-current receivables | 288 | 358 | 217 | |
Non-current assets | 10,241 | 12,221 | 14,595 | |
Singapore | ||||
Disclosure of geographical areas [line items] | ||||
Intangible assets | 664 | |||
Property, plant and equipment | 3,381 | |||
Investments in joint ventures and other investments | 0 | |||
Other non-current receivables | 1,003 | |||
Non-current assets | 5,048 | |||
Rest of the world | ||||
Disclosure of geographical areas [line items] | ||||
Intangible assets | 11,815 | 7,467 | 5,605 | |
Property, plant and equipment | 21,790 | 33,890 | 36,627 | |
Investments in joint ventures and other investments | (418) | 104 | 945 | |
Other non-current receivables | 9,034 | 14,383 | 12,134 | |
Non-current assets | 42,221 | 55,844 | 55,311 | |
Significant countries | ||||
Disclosure of geographical areas [line items] | ||||
Intangible assets | 625,379 | 631,002 | 695,622 | |
Property, plant and equipment | 37,904 | 51,355 | 56,213 | |
Investments in joint ventures and other investments | 3,497 | 2,895 | 2,444 | |
Other non-current receivables | 12,516 | 15,170 | 12,703 | |
Non-current assets | € 679,296 | € 700,422 | € 766,982 |
Operating expenses - Schedule o
Operating expenses - Schedule of expenses by nature (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Expense [Line Items] | |||
Employee benefit expenses | € (66,437) | € (131,886) | € (122,088) |
Depreciation and amortisation | (116,318) | (113,581) | (105,133) |
Agent costs | (5,275) | (83,003) | (78,329) |
IT costs | (9,294) | (14,279) | (15,431) |
Auditors, lawyers and consultants | (7,989) | (21,885) | (12,798) |
Advertising and promotion | (1,225) | (9,018) | (8,861) |
Travel, entertainment, office and rental cost | (1,511) | (8,272) | (8,518) |
Other operating expenses | (267,189) | 2,723 | (3,275) |
Operating expenses | (475,238) | (379,201) | (354,433) |
Of which exceptional items | (274,289) | (15,958) | (9,853) |
Capitalised development expenditure | |||
Operating Expense [Line Items] | |||
Additions other than through business combinations, intangible assets other than goodwill | € 16,670 | € 24,716 | € 23,722 |
Operating expenses - Narrative
Operating expenses - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Expense [Line Items] | |||
Income from government grants | € 18,300 | € 0 | € 0 |
Capitalised development expenditure | |||
Operating Expense [Line Items] | |||
Capitalised development expenditure | € 16,670 | € 24,716 | € 23,722 |
Employee benefits expenses - Sc
Employee benefits expenses - Schedule of employee benefit expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure Of Employee Benefit Expense [Abstract] | |||
Salaries and bonuses | € (52,413) | € (105,436) | € (95,118) |
Social security charges | (11,502) | (21,012) | (20,398) |
Social costs | (1,003) | (2,588) | (2,448) |
Defined benefit plans | (1,169) | (1,199) | (652) |
Other personnel expenses | (350) | (1,651) | (3,472) |
Total | € (66,437) | € (131,886) | € (122,088) |
Depreciation and amortization_2
Depreciation and amortization (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | |||
Depreciation of property, plant and equipment | € (19,425) | € (21,651) | € (19,975) |
Amortization of intangible assets | (96,893) | (91,930) | (85,158) |
Depreciation and amortization | (116,318) | (113,581) | (105,133) |
Of which amortization of intangible assets acquired through business combinations | (74,560) | (74,456) | (74,642) |
Customer relationships | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of intangible assets | (72,752) | (71,325) | (70,332) |
Trademarks | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of intangible assets | (2,237) | (2,237) | (2,237) |
Other intangible assets | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of intangible assets | € (21,904) | € (18,368) | € (12,589) |
Exceptional items (Details)
Exceptional items (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Analysis of income and expense [abstract] | |||
Business restructuring expenses | € (10,340) | € (2,180) | € (4,361) |
Corporate restructuring expenses | (256,266) | (10,303) | (1,273) |
Monitoring fee (including Directors fee) | (218) | (709) | (776) |
Impairment | (3,866) | (1,023) | 0 |
Net sales of assets (loss) | (294) | (91) | (1,716) |
Share based payments | (1,239) | (3,288) | (722) |
Other exceptional items | (2,066) | 1,636 | (1,005) |
Total | € (274,289) | € (15,958) | € (9,853) |
Exceptional items - Narrative (
Exceptional items - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of detailed information about business combination [line items] | |||
Share issue related cost | € (135,309) | ||
Amortization of IFRS 9 impact | (700) | € (1,600) | € (1,600) |
Capital reorganization / FPAC Merger | |||
Disclosure of detailed information about business combination [line items] | |||
Share issue related cost | 135,300 | ||
Incremental fair value granted, modified share-based payment arrangements | 59,700 | ||
Decrease through write-off, financial assets | 8,100 | ||
Amortization of IFRS 9 impact | 3,600 | ||
Transaction bonus | 6,000 | ||
Corporate restructuring advisory fee | 45,200 | ||
ZigZag | |||
Disclosure of detailed information about business combination [line items] | |||
Corporate restructuring advisory fee | € 5,500 |
Net finance cost - Summary (Det
Net finance cost - Summary (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Finance Income [Abstract] | |||
Interest income on short-term bank deposits | € 345 | € 552 | € 562 |
Net foreign exchange gains on financing activities | 0 | 3,105 | 861 |
Net foreign exchange gain | 0 | 1 | 0 |
Other finance income | 2,121 | 1,651 | 1,402 |
Finance income | 2,466 | 5,309 | 2,825 |
Interest expense: | |||
- Bank borrowings (including amortization of capitalized financing fees) | (21,463) | (25,554) | (26,021) |
- Lease liabilities interest | (1,030) | (1,308) | (1,424) |
- Interest income/(expenses) on Non-Convertible Preferred Equity Certificates issued to 3rd Parties | (76) | (170) | (155) |
Net foreign exchange loss | (1,658) | (4,178) | (398) |
Other finance expenses | (2,203) | (5,948) | (3,507) |
Finance costs | (26,430) | (37,158) | (31,505) |
Net finance costs | € (23,964) | € (31,849) | € (28,680) |
Net finance cost - Narrative (D
Net finance cost - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | |||
Bank borrowings (including amortization of capitalized financing fees) | € 21,463 | € 25,554 | € 26,021 |
Interest expense on borrowings | 19,400 | 23,300 | 23,800 |
Amortization of borrowing costs capitalized | 2,700 | 3,800 | 3,800 |
Amortization of IFRS 9 impact | € (700) | € (1,600) | € (1,600) |
Income tax expense - Summary (D
Income tax expense - Summary (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure Of Income Tax Expense [Abstract] | |||
Current income tax expense | € (3,041) | € (24,389) | € (28,772) |
Adjustment in respect of current income tax of previous years | (149) | 510 | (10,181) |
Deferred tax benefit | 34,167 | 16,198 | 15,997 |
Total reported effective tax benefit / (expense) | 30,977 | (7,681) | (22,956) |
Of which income tax benefit related to amortization of acquisition related items | 15,066 | 15,066 | 15,066 |
Of which tax impact on exceptional items | 3,726 | 1,210 | 2,822 |
Of which exceptional income tax expense | (2,303) | (1,341) | (14,526) |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
(Loss) / Profit before tax | (454,506) | 9,350 | 29,843 |
Tax benefit / (expense) calculated at the weighted average expected tax rate of 24.00% (24.00% in FY2019/20, 21.40% in FY2018/19) | 109,081 | (2,244) | (6,387) |
Adjustment in respect of current income tax of previous years | (149) | 550 | (10,181) |
Recognition of previously unrecognized (derecognition of previously recognized) deductible temporary differences | (600) | 502 | 501 |
Expenses not deductible for tax purposes | (32,138) | (15,882) | (18,577) |
Tax losses not generating deferred tax assets | (9,822) | 0 | (1,017) |
Tax Effect Of Capital Reorganization | (15,225) | 0 | 0 |
Effect of income taxed at different tax rates | (21,878) | 6,250 | 9,970 |
Deferred tax asset recognized for previously unrecognized tax loss carry forward | 10 | 1,028 | 4,479 |
Deferred tax asset recognized for future tax credit | 440 | 1,045 | 0 |
Other tax items | 1,258 | 1,071 | (1,744) |
Total reported effective tax benefit / (expense) | 30,977 | (7,681) | (22,956) |
Tax effect on remeasurements of post-employment benefit obligations | 108 | 307 | (74) |
Total tax effect | € 108 | € 307 | € (74) |
Income tax expense - Narrative
Income tax expense - Narrative (Details) € in Millions | Feb. 26, 2021installment | Nov. 30, 2020installment | Aug. 03, 2020EUR (€)installment | Apr. 30, 2019EUR (€) | Mar. 31, 2020EUR (€) | Mar. 31, 2021EUR (€)installment | Mar. 31, 2019EUR (€) |
Italy | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Taxation settlement payments | € 3.6 | ||||||
Current tax liabilities, non-current | € 10.9 | € 13.6 | € 12.4 | € 16.6 | |||
Number of quarterly installments | installment | 3 | 3 | 3 | 16 | |||
Losses on litigation settlements | 0.9 | ||||||
Tax provision regarding merchant invoices | 0 | € 0.3 | 0 | ||||
Germany | Tax contingent liability | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Estimated financial effect of contingent liabilities | 4.1 | ||||||
Germany | Taxation interest | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Estimated financial effect of contingent liabilities | € 3.8 | € 0.3 | € 3.7 |
Leases - Right-of-use Assets (D
Leases - Right-of-use Assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets, beginning of period | € 40,409 | € 45,078 | € 0 |
Impairment charge for the year | (19,425) | (21,651) | (19,975) |
Right-of-use assets, end of period | 30,530 | 40,409 | 45,078 |
Right-of-use assets | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Purchases | 2,192 | 12,111 | 5,804 |
Modifications | 2,350 | 73 | 13 |
Impairment charge for the year | (14,649) | (16,349) | (15,159) |
Exchange differences | 228 | (504) | 95 |
Adjustments due to changes in accounting policies | Right-of-use assets | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Adjustments due to changes in accounting policies | 0 | 0 | 54,325 |
Offices | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets, beginning of period | 16,252 | 15,454 | |
Right-of-use assets, end of period | 13,469 | 16,252 | 15,454 |
Refund points | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets, beginning of period | 14,889 | 19,578 | |
Right-of-use assets, end of period | 10,509 | 14,889 | 19,578 |
IT contracts | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets, beginning of period | 6,416 | 7,329 | |
Right-of-use assets, end of period | 4,487 | 6,416 | 7,329 |
Others | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets, beginning of period | 2,852 | 2,717 | |
Right-of-use assets, end of period | € 2,065 | € 2,852 | € 2,717 |
Leases - Lease liabilities (Det
Leases - Lease liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Short-term | € 12,578 | € 14,001 | € 13,713 |
Long-term | 19,122 | 27,750 | 32,420 |
Lease liability | 31,700 | 41,751 | 46,133 |
Interest expense (included in finance cost) | 1,030 | 1,308 | 1,424 |
Net foreign exchange gains on financing activities | 1,156 | 465 | (850) |
Lease liabilities | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Liabilities arising from financing activities at beginning of period | 41,751 | 46,133 | 0 |
Adoption of new accounting policy | 0 | 0 | 54,325 |
New contracts | 2,176 | 11,400 | 5,800 |
Modifications | 2,325 | 55 | 13 |
Cash outflow | (16,061) | (16,573) | (15,508) |
Other non-cash outflows | 0 | (137) | 0 |
Interest expense (included in finance cost) | 1,030 | 1,308 | 1,424 |
Net foreign exchange gains on financing activities | 479 | (435) | 79 |
Liabilities arising from financing activities at end of period | € 31,700 | € 41,751 | € 46,133 |
Leases - Maturities (Details)
Leases - Maturities (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Expiry 1-2 years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liability | € 21,358 | € 25,315 | € 25,148 |
Between 2 years and 5 years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liability | 9,661 | 14,672 | 17,964 |
More than 5 years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liability | € 681 | € 1,764 | € 3,021 |
Leases - Income statement (Deta
Leases - Income statement (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation | € 14,649 | € 16,349 | € 15,159 |
Interest expense (included in finance cost) | 1,030 | 1,308 | 1,424 |
Expense relating to short-term leases (included in Operating expenses) | 646 | 2,650 | 4,497 |
Expense relating to leases of low-value assets that are not short-term leases (included in Operating expenses) | 98 | 106 | 14 |
Expense relating to variable lease payments not included in lease liabilities (included in Other expenses) | 3,478 | 6,997 | 5,929 |
Total Other lease related expenses | 4,222 | 9,753 | 10,440 |
Offices | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation | 4,424 | 4,523 | 3,973 |
Refund points | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation | 6,511 | 8,139 | 7,976 |
IT contracts | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation | 2,253 | 2,071 | 1,893 |
Others | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation | € 1,461 | € 1,616 | € 1,317 |
Earnings per share (Details)
Earnings per share (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Basic earnings per share [abstract] | |||
(Loss) / Profit from continuing operations attributable to the owners of the parent | € (422,116) | € (3,532) | € 2,350 |
Diluted earnings per share [abstract] | |||
(Loss) / Profit from continuing operations attributable to the owners of the parent | € (422,116) | (3,532) | 2,350 |
Warrants | |||
Diluted earnings per share [abstract] | |||
Potentially dilutive instruments not included in diluted earnings per share | 30,735,950 | ||
Preference shares | |||
Diluted earnings per share [abstract] | |||
Potentially dilutive instruments not included in diluted earnings per share | 8,900,000 | ||
Ordinary shares | |||
Basic earnings per share [abstract] | |||
(Loss) / Profit from continuing operations attributable to the owners of the parent | € (388,885) | € (3,532) | € 2,350 |
Number of ordinary shares in issue (thousands) (in shares) | 169,391,000 | 168,480,000 | 168,480,000 |
Basic earnings per share (in euro per share) | € (2.30) | € (0.02) | € 0.01 |
Diluted earnings per share [abstract] | |||
(Loss) / Profit from continuing operations attributable to the owners of the parent | € (388,885) | € (3,532) | € 2,350 |
Diluted number of preference shares in issue (thousands) (in shares) | 169,391,000 | 168,480,000 | 168,480,000 |
Diluted earnings per share (in euro per share) | € (2.30) | € (0.02) | € 0.01 |
Preference shares | |||
Basic earnings per share [abstract] | |||
(Loss) / Profit from continuing operations attributable to the owners of the parent | € (33,231) | € 0 | € 0 |
Number of preference shares in issue (thousands) (in shares) | 12,167,000 | 0 | 0 |
Basic earnings per share (in euro per share) | € (2.73) | € 0 | € 0 |
Diluted earnings per share [abstract] | |||
(Loss) / Profit from continuing operations attributable to the owners of the parent | € (33,231) | € 0 | € 0 |
Diluted number of preference shares in issue (thousands) (in shares) | 12,167,000 | 0 | 0 |
Diluted earnings per share (in euro per share) | € (2.73) | € 0 | € 0 |
Property, plant and equipment_2
Property, plant and equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment at beginning of period | € 51,355 | € 56,213 | ||
Impairment charge for the year | (19,425) | (21,651) | € (19,975) | |
Property, plant and equipment at end of period | 37,904 | 51,355 | 56,213 | |
Right of use asset | 30,530 | 40,409 | 45,078 | € 0 |
Property, plant and equipment not subject to operating leases | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment at beginning of period | 10,946 | 11,135 | ||
Property, plant and equipment at end of period | 7,374 | 10,946 | 11,135 | |
Machinery, equipment and computers | Property, plant and equipment not subject to operating leases | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment at beginning of period | 8,884 | 9,174 | ||
Property, plant and equipment at end of period | 5,612 | 8,884 | 9,174 | |
Leasehold improvements | Property, plant and equipment not subject to operating leases | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment at beginning of period | 2,062 | 1,961 | ||
Property, plant and equipment at end of period | 1,762 | 2,062 | 1,961 | |
Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment at beginning of period | 92,119 | 90,317 | ||
Acquisition of subsidiary | 23 | 15 | ||
Disposal of subsidiary | 7 | |||
Purchases | 1,487 | 5,550 | 6,800 | |
Disposals | (3,870) | (839) | (6,472) | |
Reclassification | (47) | 1,206 | 1,093 | |
Exchange differences | 238 | (637) | 129 | |
Property, plant and equipment at end of period | 99,575 | 92,119 | 90,317 | |
Gross carrying amount | Property, plant and equipment not subject to operating leases | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment at beginning of period | 35,361 | 30,081 | 28,523 | |
Property, plant and equipment at end of period | 33,192 | 35,361 | 30,081 | |
Gross carrying amount | Property, plant and equipment subject to operating leases | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Right of use asset | 66,383 | 56,758 | 60,236 | |
Gross carrying amount | Machinery, equipment and computers | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Acquisition of subsidiary | 23 | 15 | ||
Disposal of subsidiary | 7 | |||
Purchases | 1,086 | 4,828 | 5,934 | |
Disposals | (3,582) | (791) | (4,620) | |
Reclassification | (48) | 657 | 891 | |
Exchange differences | 273 | (616) | 66 | |
Gross carrying amount | Machinery, equipment and computers | Property, plant and equipment not subject to operating leases | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment at beginning of period | 29,850 | 25,772 | 23,493 | |
Property, plant and equipment at end of period | 27,602 | 29,850 | 25,772 | |
Gross carrying amount | Leasehold improvements | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Acquisition of subsidiary | 0 | 0 | ||
Disposal of subsidiary | 0 | |||
Purchases | 401 | 722 | 866 | |
Disposals | (288) | (48) | (1,852) | |
Reclassification | 1 | 549 | 202 | |
Exchange differences | (35) | (21) | 63 | |
Gross carrying amount | Leasehold improvements | Property, plant and equipment not subject to operating leases | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment at beginning of period | 5,511 | 4,309 | 5,030 | |
Property, plant and equipment at end of period | 5,590 | 5,511 | 4,309 | |
Accumulated depreciation, amortisation and impairment | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment at beginning of period | (40,764) | (34,105) | ||
Disposal of subsidiary | (4,776) | (7) | ||
Impairment charge for the year | (179) | (5,301) | (4,815) | |
Disposals | 3,642 | 681 | 5,682 | |
Reclassification | 47 | (1,220) | (1,053) | |
Exchange differences | (137) | 371 | (98) | |
Property, plant and equipment at end of period | (61,671) | (40,764) | (34,105) | |
Accumulated depreciation, amortisation and impairment | Property, plant and equipment not subject to operating leases | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment at beginning of period | (24,415) | (18,946) | (18,669) | |
Property, plant and equipment at end of period | (25,818) | (24,415) | (18,946) | |
Accumulated depreciation, amortisation and impairment | Property, plant and equipment subject to operating leases | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Right of use asset | (35,853) | (16,349) | (15,159) | |
Accumulated depreciation, amortisation and impairment | Machinery, equipment and computers | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposal of subsidiary | (4,235) | (7) | ||
Impairment charge for the year | (116) | (4,720) | (4,124) | |
Disposals | 3,447 | 650 | 3,913 | |
Reclassification | 48 | (668) | (910) | |
Exchange differences | (168) | 370 | (41) | |
Accumulated depreciation, amortisation and impairment | Machinery, equipment and computers | Property, plant and equipment not subject to operating leases | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment at beginning of period | (20,966) | (16,598) | (15,443) | |
Property, plant and equipment at end of period | (21,990) | (20,966) | (16,598) | |
Accumulated depreciation, amortisation and impairment | Leasehold improvements | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Disposal of subsidiary | (541) | 0 | ||
Impairment charge for the year | (63) | (581) | (691) | |
Disposals | 195 | 31 | 1,769 | |
Reclassification | (1) | (552) | (143) | |
Exchange differences | 31 | 1 | (57) | |
Accumulated depreciation, amortisation and impairment | Leasehold improvements | Property, plant and equipment not subject to operating leases | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment at beginning of period | (3,449) | (2,348) | (3,226) | |
Property, plant and equipment at end of period | € (3,828) | € (3,449) | € (2,348) |
Intangible assets - Summary of
Intangible assets - Summary of changes in intangible assets and goodwill (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | € 631,002 | € 695,622 | |
Amortization | 96,893 | 91,930 | € 85,158 |
Intangible assets and goodwill at end of period | 625,379 | 631,002 | 695,622 |
Goodwill | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 409,511 | 411,390 | |
Intangible assets and goodwill at end of period | 475,890 | 409,511 | 411,390 |
Trademarks | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 28,645 | 31,028 | |
Intangible assets and goodwill at end of period | 26,587 | 28,645 | 31,028 |
Customer relationships | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 132,472 | 198,037 | |
Intangible assets and goodwill at end of period | 61,557 | 132,472 | 198,037 |
Other intangible assets | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 1,465 | 1,335 | |
Intangible assets and goodwill at end of period | 1,888 | 1,465 | 1,335 |
Software | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 58,909 | 53,832 | |
Intangible assets and goodwill at end of period | 59,457 | 58,909 | 53,832 |
Accumulated acquisition values | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 1,234,502 | 1,208,788 | 1,181,261 |
Acquisition of subsidiaries | 69,000 | 7,103 | |
Purchases | 19,739 | 32,181 | 26,615 |
Disposals | (2,959) | (773) | (1,003) |
Reclassifications | 14 | 467 | |
Exchange differences | 6,788 | (5,708) | 948 |
Intangible assets and goodwill at end of period | 1,327,070 | 1,234,502 | 1,208,788 |
Accumulated acquisition values | Goodwill | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 411,538 | 413,499 | 405,937 |
Acquisition of subsidiaries | 63,776 | 7,038 | |
Purchases | 0 | 0 | 169 |
Disposals | 0 | 0 | 0 |
Reclassifications | 0 | 0 | |
Exchange differences | 2,551 | (1,961) | 355 |
Intangible assets and goodwill at end of period | 477,865 | 411,538 | 413,499 |
Accumulated acquisition values | Trademarks | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 45,795 | 45,941 | 45,926 |
Acquisition of subsidiaries | 0 | 0 | |
Purchases | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Reclassifications | 0 | 0 | |
Exchange differences | 179 | (146) | 14 |
Intangible assets and goodwill at end of period | 45,974 | 45,795 | 45,941 |
Accumulated acquisition values | Customer relationships | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 666,021 | 660,325 | 664,849 |
Acquisition of subsidiaries | 0 | 0 | |
Purchases | 1,892 | 6,059 | 1,862 |
Disposals | (634) | 0 | 0 |
Reclassifications | 0 | 0 | |
Exchange differences | 418 | (363) | 218 |
Intangible assets and goodwill at end of period | 667,697 | 666,021 | 660,325 |
Accumulated acquisition values | Other intangible assets | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 9,240 | 7,999 | 7,117 |
Acquisition of subsidiaries | 1 | 13 | |
Purchases | 1,177 | 1,406 | 862 |
Disposals | (895) | (11) | (569) |
Reclassifications | 17 | 458 | |
Exchange differences | 201 | (171) | 118 |
Intangible assets and goodwill at end of period | 9,724 | 9,240 | 7,999 |
Accumulated acquisition values | Software | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 101,908 | 81,024 | 57,432 |
Acquisition of subsidiaries | 5,223 | 52 | |
Purchases | 16,670 | 24,716 | 23,722 |
Disposals | (1,430) | (762) | (434) |
Reclassifications | (3) | 9 | |
Exchange differences | 3,439 | (3,067) | 243 |
Intangible assets and goodwill at end of period | 125,810 | 101,908 | 81,024 |
Accumulated acquisition values | Adjustments due to changes in accounting policies | |||
Changes in intangible assets other than goodwill [abstract] | |||
Adjustments due to changes in accounting policies | (6,603) | ||
Accumulated acquisition values | Adjustments due to changes in accounting policies | Goodwill | |||
Changes in intangible assets other than goodwill [abstract] | |||
Adjustments due to changes in accounting policies | 0 | ||
Accumulated acquisition values | Adjustments due to changes in accounting policies | Trademarks | |||
Changes in intangible assets other than goodwill [abstract] | |||
Adjustments due to changes in accounting policies | 1 | ||
Accumulated acquisition values | Adjustments due to changes in accounting policies | Customer relationships | |||
Changes in intangible assets other than goodwill [abstract] | |||
Adjustments due to changes in accounting policies | (6,604) | ||
Accumulated acquisition values | Adjustments due to changes in accounting policies | Other intangible assets | |||
Changes in intangible assets other than goodwill [abstract] | |||
Adjustments due to changes in accounting policies | 0 | ||
Accumulated acquisition values | Adjustments due to changes in accounting policies | Software | |||
Changes in intangible assets other than goodwill [abstract] | |||
Adjustments due to changes in accounting policies | 0 | ||
Accumulated amortization | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | (598,401) | (509,008) | (426,969) |
Disposals | 2,067 | 596 | 637 |
Reclassifications | (507) | ||
Exchange differences | (2,529) | 1,943 | (166) |
Amortization | (96,893) | (91,930) | (85,158) |
Intangible assets and goodwill at end of period | (695,756) | (598,401) | (509,008) |
Accumulated amortization | Goodwill | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Reclassifications | 0 | ||
Exchange differences | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 |
Intangible assets and goodwill at end of period | 0 | 0 | 0 |
Accumulated amortization | Trademarks | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | (17,150) | (14,913) | (12,676) |
Disposals | 0 | 0 | 0 |
Reclassifications | 0 | ||
Exchange differences | 0 | 0 | 0 |
Amortization | (2,237) | (2,237) | (2,237) |
Intangible assets and goodwill at end of period | (19,387) | (17,150) | (14,913) |
Accumulated amortization | Customer relationships | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | (533,549) | (462,288) | (395,073) |
Disposals | 256 | 0 | 0 |
Reclassifications | 0 | ||
Exchange differences | (95) | 66 | (38) |
Amortization | (72,752) | (71,325) | (70,332) |
Intangible assets and goodwill at end of period | (606,140) | (533,549) | (462,288) |
Accumulated amortization | Other intangible assets | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | (7,277) | (6,166) | (4,912) |
Disposals | 864 | 10 | 564 |
Reclassifications | (507) | ||
Exchange differences | (70) | 82 | (65) |
Amortization | (855) | (1,203) | (1,246) |
Intangible assets and goodwill at end of period | (7,338) | (7,277) | (6,166) |
Accumulated amortization | Software | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | (40,425) | (25,641) | (14,308) |
Disposals | 947 | 586 | 73 |
Reclassifications | 0 | ||
Exchange differences | (2,364) | 1,795 | (63) |
Amortization | (21,049) | (17,165) | (11,343) |
Intangible assets and goodwill at end of period | (62,891) | (40,425) | (25,641) |
Accumulated amortization | Adjustments due to changes in accounting policies | |||
Changes in intangible assets other than goodwill [abstract] | |||
Adjustments due to changes in accounting policies | (2) | 3,155 | |
Accumulated amortization | Adjustments due to changes in accounting policies | Goodwill | |||
Changes in intangible assets other than goodwill [abstract] | |||
Adjustments due to changes in accounting policies | 0 | 0 | |
Accumulated amortization | Adjustments due to changes in accounting policies | Trademarks | |||
Changes in intangible assets other than goodwill [abstract] | |||
Adjustments due to changes in accounting policies | 0 | 0 | |
Accumulated amortization | Adjustments due to changes in accounting policies | Customer relationships | |||
Changes in intangible assets other than goodwill [abstract] | |||
Adjustments due to changes in accounting policies | (2) | 3,155 | |
Accumulated amortization | Adjustments due to changes in accounting policies | Other intangible assets | |||
Changes in intangible assets other than goodwill [abstract] | |||
Adjustments due to changes in accounting policies | 0 | 0 | |
Accumulated amortization | Adjustments due to changes in accounting policies | Software | |||
Changes in intangible assets other than goodwill [abstract] | |||
Adjustments due to changes in accounting policies | 0 | 0 | |
Accumulated impairment | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | (5,099) | (4,158) | (3,793) |
Exchange differences | 38 | 82 | (69) |
Impairment | (1,230) | (1,023) | (296) |
Disposal | 356 | ||
Intangible assets and goodwill at end of period | (5,935) | (5,099) | (4,158) |
Accumulated impairment | Goodwill | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | (2,027) | (2,109) | (2,040) |
Exchange differences | 52 | 82 | (69) |
Impairment | 0 | 0 | 0 |
Disposal | 0 | ||
Intangible assets and goodwill at end of period | (1,975) | (2,027) | (2,109) |
Accumulated impairment | Trademarks | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 0 | 0 | 0 |
Exchange differences | 0 | 0 | 0 |
Impairment | 0 | 0 | 0 |
Disposal | 0 | ||
Intangible assets and goodwill at end of period | 0 | 0 | 0 |
Accumulated impairment | Customer relationships | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 0 | 0 | 0 |
Exchange differences | 0 | 0 | 0 |
Impairment | (356) | 0 | 0 |
Disposal | 356 | ||
Intangible assets and goodwill at end of period | 0 | 0 | 0 |
Accumulated impairment | Other intangible assets | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | (498) | (498) | (498) |
Exchange differences | 0 | 0 | 0 |
Impairment | 0 | 0 | 0 |
Disposal | 0 | ||
Intangible assets and goodwill at end of period | (498) | (498) | (498) |
Accumulated impairment | Software | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | (2,574) | (1,551) | (1,255) |
Exchange differences | (14) | 0 | 0 |
Impairment | (874) | (1,023) | (296) |
Disposal | 0 | ||
Intangible assets and goodwill at end of period | € (3,462) | € (2,574) | € (1,551) |
Intangible assets - Goodwill al
Intangible assets - Goodwill allocation (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | € 475,890 | € 409,511 | € 411,390 |
TFSS | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | 361,470 | 360,311 | 360,721 |
AVPS | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | 50,497 | 49,200 | 50,669 |
eCommerce | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | € 63,923 | € 0 | € 0 |
Intangible assets - Narrative (
Intangible assets - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2018 | |
Disclosure of detailed information about intangible assets [line items] | ||||
Cash flow extrapolation period | 5 years | |||
Discount rate used in current estimate of value in use | 7.79% | 8.78% | 9.91% | |
Revenue growth rate | 4.50% | |||
Period of assumptions used | 2 years | |||
Growth rate used to extrapolate cash flow projections | 2.00% | 2.00% | ||
Percentage of reasonably possible increase in unobservable input, assets | 30.00% | |||
Reasonably possible unobservable input, revenue growth rate | 30.00% | |||
Projection period | 5 years | |||
Goodwill | € 475,890 | € 411,390 | € 409,511 | |
Intangible assets | € 625,379 | 695,622 | 631,002 | |
eCommerce | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Growth rate used to extrapolate cash flow projections | 2.00% | |||
Goodwill | € 63,923 | 0 | 0 | |
Revenue multiple | 4 | |||
Revenue multiple, average peers, eCommerce Return Solutions | 0.50 | |||
Revenue multiple, projected, eCommerce Return Solutions | 0.30 | |||
Trademarks | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | € 26,587 | 31,028 | 28,645 | |
Customer relationships | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | 61,557 | 198,037 | 132,472 | |
Customer relationships | Business combinations | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | 54,663 | 194,907 | 123,592 | |
Software | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | 59,457 | 53,832 | 58,909 | |
Accumulated acquisition values | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | 1,327,070 | 1,208,788 | 1,234,502 | € 1,181,261 |
Accumulated acquisition values | Trademarks | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | 45,974 | 45,941 | 45,795 | 45,926 |
Accumulated acquisition values | Customer relationships | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | 667,697 | 660,325 | 666,021 | 664,849 |
Accumulated acquisition values | Software | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | 125,810 | 81,024 | 101,908 | 57,432 |
Accumulated amortization | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | (695,756) | (509,008) | (598,401) | (426,969) |
Accumulated amortization | Trademarks | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | (19,387) | (14,913) | (17,150) | (12,676) |
Accumulated amortization | Customer relationships | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | (606,140) | (462,288) | (533,549) | (395,073) |
Accumulated amortization | Software | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | € (62,891) | (25,641) | € (40,425) | € (14,308) |
Decrease due to application of IFRS 15 | Accumulated acquisition values | Customer relationships | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Decrease through other changes, intangible assets and goodwill | 6,600 | |||
Decrease due to application of IFRS 15 | Accumulated amortization | Customer relationships | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Decrease through other changes, intangible assets and goodwill | € 3,200 | |||
Internally generated | Software | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Useful life measured as period of time, intangible assets other than goodwill | 3 years | |||
Not internally generated | Software | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Useful life measured as period of time, intangible assets other than goodwill | 5 years | |||
Not internally generated | Software | Currency Select | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | € 17,900 | |||
Not internally generated | Software | ZigZag | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | € 5,200 | |||
Bottom of range | Customer relationships | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Useful life measured as period of time, intangible assets other than goodwill | 9 years | |||
Top of range | Customer relationships | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Useful life measured as period of time, intangible assets other than goodwill | 20 years 6 months |
Intangible assets - Customer Re
Intangible assets - Customer Relationships (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 625,379 | € 631,002 | € 695,622 |
Business combinations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Customer-related intangible assets recognised as of acquisition date | 655,045 | ||
TFSS | Business combinations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Customer-related intangible assets recognised as of acquisition date | 610,789 | ||
AVPS | Business combinations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Customer-related intangible assets recognised as of acquisition date | 44,256 | ||
Customer relationships | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 61,557 | 132,472 | 198,037 |
Customer relationships | Business combinations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 54,663 | 123,592 | 194,907 |
Customer relationships | TFSS | Business combinations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 53,135 | 117,479 | 181,824 |
Customer relationships | AVPS | Business combinations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 1,528 | € 6,113 | € 13,083 |
Other non-current receivables -
Other non-current receivables - Disclosure of other non-current receivables (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Opening balance at 1 April | € 15,170 | € 12,703 | € 13,360 |
Additions of non-current assets | 265 | 4,106 | 1,541 |
Divestiture of non-current assets | (2,169) | (2,867) | (147) |
Market value valuation | 0 | 0 | 66 |
Share of joint venture losses on loan receivable | (907) | (1,390) | 0 |
Increase in loan to joint venture | 0 | 2,850 | 0 |
Reclassification to/from Investments in associates and joint ventures | 0 | 0 | (2,444) |
Other | (121) | 121 | 0 |
Foreign exchange effects | 278 | (353) | 327 |
Closing balance at 31 March | € 12,516 | € 15,170 | € 12,703 |
Other non-current receivables_2
Other non-current receivables - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Non-current insurance company receivable | € 2.5 | € 2 | € 2.1 |
Non-current insurance company receivable payment stream duration | 10 years |
Financial instruments - Disclos
Financial instruments - Disclosure of financial assets (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of financial assets [line items] | |||
Financial assets | € 238,898 | € 391,480 | € 389,975 |
Derivative financial instruments | |||
Disclosure of financial assets [line items] | |||
Financial assets | 231 | 765 | |
Other non-current financial receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 12,516 | 15,170 | 12,703 |
Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 31,324 | 141,306 | 249,331 |
Other receivables excluding other non-financial receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 12,044 | 8,100 | 23,869 |
Cash and cash equivalents | |||
Disclosure of financial assets [line items] | |||
Financial assets | 182,783 | 226,139 | 104,072 |
Loans and receivables at amortized cost | |||
Disclosure of financial assets [line items] | |||
Financial assets | 238,667 | 390,715 | 389,975 |
Loans and receivables at amortized cost | Other non-current financial receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 12,516 | 15,170 | 12,703 |
Loans and receivables at amortized cost | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 31,324 | 141,306 | 249,331 |
Loans and receivables at amortized cost | Other receivables excluding other non-financial receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 12,044 | 8,100 | 23,869 |
Loans and receivables at amortized cost | Cash and cash equivalents | |||
Disclosure of financial assets [line items] | |||
Financial assets | 182,783 | 226,139 | € 104,072 |
Derivatives valued at FVTPL | |||
Disclosure of financial assets [line items] | |||
Financial assets | 231 | 765 | |
Derivatives valued at FVTPL | Derivative financial instruments | |||
Disclosure of financial assets [line items] | |||
Financial assets | € 231 | € 765 |
Financial instruments - Discl_2
Financial instruments - Disclosure of financial liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of financial liabilities [line items] | |||
Financial liabilities | € 964,276 | € 967,847 | € 1,012,985 |
Loans and borrowings | |||
Disclosure of financial liabilities [line items] | |||
Financial liabilities | 720,745 | 625,677 | 624,500 |
Derivative financial instruments | |||
Disclosure of financial liabilities [line items] | |||
Financial liabilities | 0 | 176 | |
Other long term liabilities | |||
Disclosure of financial liabilities [line items] | |||
Financial liabilities | 29,471 | 29,753 | 37,241 |
Trade payables | |||
Disclosure of financial liabilities [line items] | |||
Financial liabilities | 147,477 | 237,319 | 263,720 |
Other current liabilities excluding non-financial liabilities | |||
Disclosure of financial liabilities [line items] | |||
Financial liabilities | 33,994 | 37,821 | 51,337 |
Accrued liabilities excluding non-financial liabilities | |||
Disclosure of financial liabilities [line items] | |||
Financial liabilities | 32,589 | 37,277 | 36,011 |
Other financial liabilities at amortized cost | |||
Disclosure of financial liabilities [line items] | |||
Financial liabilities | 964,276 | 967,847 | 1,012,809 |
Other financial liabilities at amortized cost | Loans and borrowings | |||
Disclosure of financial liabilities [line items] | |||
Financial liabilities | 720,745 | 625,677 | 624,500 |
Other financial liabilities at amortized cost | Other long term liabilities | |||
Disclosure of financial liabilities [line items] | |||
Financial liabilities | 29,471 | 29,753 | 37,241 |
Other financial liabilities at amortized cost | Trade payables | |||
Disclosure of financial liabilities [line items] | |||
Financial liabilities | 147,477 | 237,319 | 263,720 |
Other financial liabilities at amortized cost | Other current liabilities excluding non-financial liabilities | |||
Disclosure of financial liabilities [line items] | |||
Financial liabilities | 33,994 | 37,821 | 51,337 |
Other financial liabilities at amortized cost | Accrued liabilities excluding non-financial liabilities | |||
Disclosure of financial liabilities [line items] | |||
Financial liabilities | 32,589 | 37,277 | 36,011 |
Derivatives valued at FVTPL | |||
Disclosure of financial liabilities [line items] | |||
Financial liabilities | € 0 | 176 | |
Derivatives valued at FVTPL | Derivative financial instruments | |||
Disclosure of financial liabilities [line items] | |||
Financial liabilities | € 0 | € 176 |
Trade receivables - Disclosure
Trade receivables - Disclosure of trade receivables balance (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of financial assets [line items] | |||
Financial assets | € 238,898 | € 391,480 | € 389,975 |
Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 31,324 | 141,306 | 249,331 |
Retailers | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 23,484 | 100,917 | 183,209 |
Authorities | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 2,857 | 22,723 | 42,745 |
Other | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 4,983 | 17,666 | 23,377 |
Nominal value of outstanding trade receivables | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 35,441 | 146,007 | 252,906 |
Nominal value of outstanding trade receivables | Retailers | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 26,938 | 103,930 | 186,083 |
Nominal value of outstanding trade receivables | Authorities | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 3,115 | 22,864 | 42,745 |
Nominal value of outstanding trade receivables | Other | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 5,388 | 19,213 | 24,078 |
Less: Loss allowance | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | (4,117) | (4,701) | (3,575) |
Less: Loss allowance | Retailers | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | (3,454) | (3,013) | (2,874) |
Less: Loss allowance | Authorities | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | (258) | (141) | 0 |
Less: Loss allowance | Other | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | € (405) | € (1,547) | € (701) |
Trade receivables - Disclosur_2
Trade receivables - Disclosure of age analysis of net trade receivables (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Expected Loss Rates [Line Items] | |||
Financial assets | € 238,898 | € 391,480 | € 389,975 |
Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 31,324 | 141,306 | 249,331 |
Retailers | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 23,484 | 100,917 | 183,209 |
Authorities | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 2,857 | 22,723 | 42,745 |
Other | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 4,983 | 17,666 | 23,377 |
Trade receivables not yet due | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 24,777 | 89,219 | 208,394 |
Trade receivables not yet due | Retailers | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 20,329 | 67,275 | 156,481 |
Trade receivables not yet due | Authorities | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 898 | 14,644 | 40,773 |
Trade receivables not yet due | Other | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 3,550 | 7,300 | 11,140 |
Up to 3 months | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 4,444 | 43,409 | 33,388 |
Up to 3 months | Retailers | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 2,264 | 28,947 | 23,033 |
Up to 3 months | Authorities | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 1,184 | 7,662 | 1,933 |
Up to 3 months | Other | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 996 | 6,800 | 8,422 |
3 months - 6 months | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 1,242 | 4,548 | 5,781 |
3 months - 6 months | Retailers | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 451 | 3,335 | 3,419 |
3 months - 6 months | Authorities | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 775 | 269 | 39 |
3 months - 6 months | Other | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 16 | 944 | 2,323 |
More than 6 months | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 861 | 4,130 | 1,768 |
More than 6 months | Retailers | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 440 | 1,360 | 276 |
More than 6 months | Authorities | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 0 | 148 | 0 |
More than 6 months | Other | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | € 421 | € 2,622 | € 1,492 |
Trade receivables - Disclosur_3
Trade receivables - Disclosure of net trade receivables per class by currency (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of financial assets [line items] | |||
Financial assets | € 238,898 | € 391,480 | € 389,975 |
Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 31,324 | 141,306 | 249,331 |
Retailers | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 23,484 | 100,917 | 183,209 |
Authorities | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 2,857 | 22,723 | 42,745 |
Other | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 4,983 | 17,666 | 23,377 |
EUR | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 20,657 | 82,417 | 151,757 |
EUR | Retailers | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 18,561 | 75,520 | 134,117 |
EUR | Authorities | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 549 | 5,647 | 12,132 |
EUR | Other | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 1,547 | 1,250 | 5,508 |
TRY | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 1,552 | ||
TRY | Retailers | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 1,552 | ||
TRY | Authorities | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | ||
TRY | Other | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | ||
GBP | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 1,753 | 20,686 | 31,735 |
GBP | Retailers | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 649 | 15,198 | 25,356 |
GBP | Authorities | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 85 | 4,136 | 5,417 |
GBP | Other | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 1,019 | 1,352 | 962 |
MAD | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 1,480 | ||
MAD | Retailers | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 410 | ||
MAD | Authorities | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 1,070 | ||
MAD | Other | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | ||
RUB | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 1,419 | ||
RUB | Retailers | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 266 | ||
RUB | Authorities | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 0 | ||
RUB | Other | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 1,153 | ||
SGD | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 10,368 | 20,409 | |
SGD | Retailers | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 6 | 19 | |
SGD | Authorities | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 9,818 | 19,513 | |
SGD | Other | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 544 | 877 | |
Other | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 4,463 | 27,835 | 45,430 |
Other | Retailers | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 2,046 | 10,193 | 23,717 |
Other | Authorities | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | 1,153 | 3,122 | 5,683 |
Other | Other | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | € 1,264 | € 14,520 | € 16,030 |
Trade receivables - Disclosur_4
Trade receivables - Disclosure of movements of the provision for the impairment of trade receivables (Details) - Trade receivables - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |||
Opening balance at 1 April | € (4,701) | € (3,575) | € (3,354) |
Charged for the year | (1,447) | (2,306) | (1,970) |
Utilized | 1,040 | 184 | 390 |
Unused amounts reversed | 869 | 913 | 1,309 |
Effect of movements in foreign exchange | 122 | 83 | 50 |
Closing balance at 31 Marc | € (4,117) | € (4,701) | € (3,575) |
Other current receivables - Sch
Other current receivables - Schedule of other current receivables (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Input VAT | € 16,375 | € 23,395 | € 22,961 |
Payments & DCC receivables | 3,873 | 4,340 | 20,312 |
Advances and deposits | 2,286 | 2,591 | 2,877 |
Withholding taxes | 2,818 | 2,265 | 2,415 |
Current Receivables, Other Miscellaneous Receivables | 2,276 | 1,169 | 682 |
Other current receivables | 31,237 | 33,760 | 49,247 |
Government grants | € 3,609 | € 0 | € 0 |
Prepaid expenses - Schedule of
Prepaid expenses - Schedule of prepaid expenses (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Insurance | € 1,428 | € 2,052 | € 1,978 |
Office and IT-related expenses | 3,032 | 3,013 | 4,904 |
Accrued income | 186 | 739 | 2,037 |
Merchants | 132 | 1,586 | 5,219 |
Other prepaid expenses | 593 | 529 | 907 |
Total | € 5,371 | € 7,919 | € 15,045 |
Prepaid expenses - Narrative (D
Prepaid expenses - Narrative (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Merchants | € 132 | € 1,586 | € 5,219 |
Cash and cash equivalents - Dis
Cash and cash equivalents - Disclosure of cash and cash equivalents (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Deposits | € 63,036 | € 84,884 | € 3,476 | |
Cash and bank balances | 119,747 | 141,255 | 100,596 | |
Cash and cash equivalents | € 182,783 | € 226,139 | € 104,072 | € 50,674 |
Issued capital and reserves - N
Issued capital and reserves - Narrative (Details) $ / shares in Units, € in Thousands, $ in Millions | Mar. 06, 2021USD ($) | Dec. 31, 2020$ / shares | Mar. 31, 2021EUR (€)shares | Dec. 31, 2020shares | Aug. 28, 2020shares | Mar. 31, 2021EUR (€)installmentshares | Mar. 31, 2020EUR (€)shares | Mar. 31, 2019EUR (€)shares | Dec. 10, 2019EUR (€)shares | Mar. 31, 2018EUR (€) |
Disclosure of classes of share capital [line items] | ||||||||||
Equity | € (69,611) | € (69,611) | € 71,497 | € 86,967 | € 82,205 | |||||
Issue of share capital | 57,787 | (2) | ||||||||
Share issue related cost | € (135,309) | |||||||||
Exercise of warrants (in shares) | 114,024 | 114,024 | ||||||||
Warrants | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Weighted average exercise price of other equity instruments exercised (usd per share) | $ / shares | $ 11.50 | |||||||||
Number of shares issued per warrant exercised | 1 | |||||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | shares | 30,735,950 | 30,735,950 | ||||||||
Weighted average fair value at measurement date, other equity instruments granted | € 20,100 | € 20,100 | ||||||||
Capital reorganization / FPAC Merger | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Share issue related cost | 135,300 | |||||||||
Other equity | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Equity | € (10,123) | € (10,123) | € 0 | |||||||
Number of shares outstanding (in shares) | shares | 8,190,415 | 8,190,415 | 0 | |||||||
Treasury shares | € 10,100 | € 10,100 | ||||||||
Ordinary shares | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Exercise of warrants (in shares) | shares | 114,024 | 0 | 0 | |||||||
Ordinary shares | ZigZag | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Issue of share capital | $ | $ 70 | |||||||||
Ordinary shares | Issued capital | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Equity | 1,798 | 1,798 | € 341 | € 341 | € 93 | € 341 | ||||
Number of shares outstanding (in shares) | shares | 10,000,000 | |||||||||
Issue of share capital (in shares) | shares | 181,542,785 | |||||||||
Issue of share capital | 181 | |||||||||
Ordinary shares | Other equity | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Equity | € (8,877) | € (8,877) | € 0 | |||||||
Number of shares outstanding (in shares) | shares | 8,051,569 | 8,051,569 | 0 | |||||||
Ordinary shares | Global Blue Group Holding AG | Issued capital | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Issue of share capital (in shares) | shares | 19,710,166 |
Issued capital and reserves - S
Issued capital and reserves - Share capital authorized and issued (Details) - shares | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Disclosure of classes of share capital [line items] | ||||
Number of shares authorised (in shares) | 211,252,951 | |||
Number of shares issued (in shares) | 211,252,951 | 40,000,000 | ||
Ordinary shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares authorised (in shares) | 187,534,962 | 40,000,000 | 40,000,000 | |
Number of shares issued (in shares) | 187,534,962 | 40,000,000 | 40,000,000 | 40,000,000 |
Preference shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares authorised (in shares) | 23,717,989 | |||
Number of shares issued (in shares) | 23,717,989 | 0 |
Issued capital and reserves - M
Issued capital and reserves - Movement in shares issued (Details) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2020shares | Mar. 31, 2021installmentshares | Mar. 31, 2020shares | Mar. 31, 2019shares | |
Disclosure of classes of share capital [line items] | ||||
Number of shares issued, beginning of period | 40,000,000 | 40,000,000 | ||
Effects of the capital reorganisation on 28 Aug 2020 (in shares) | 151,542,785 | |||
Conversion Of Preference Shares Into Ordinary Shares (in shares) | (5,929,477) | |||
Preference Shares Assignation To ListCo (in shares) | (5,929,477) | |||
Exercise of warrants (in shares) | 114,024 | 114,024 | ||
Number of shares issued, end of period | 211,252,951 | 40,000,000 | ||
November 2020 | ||||
Disclosure of classes of share capital [line items] | ||||
Issuance of share capital (in shares) | 5,929,477 | |||
February 2021 | ||||
Disclosure of classes of share capital [line items] | ||||
Issuance of share capital (in shares) | 7,000,000 | |||
March 2021 | ||||
Disclosure of classes of share capital [line items] | ||||
Issuance of share capital (in shares) | 6,666,665 | |||
Ordinary shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued, beginning of period | 40,000,000 | 40,000,000 | 40,000,000 | 40,000,000 |
Effects of the capital reorganisation on 28 Aug 2020 (in shares) | 127,824,796 | |||
Conversion Of Preference Shares Into Ordinary Shares (in shares) | 0 | |||
Preference Shares Assignation To ListCo (in shares) | 0 | |||
Exercise of warrants (in shares) | 114,024 | 0 | 0 | |
Number of shares issued, end of period | 187,534,962 | 40,000,000 | 40,000,000 | |
Ordinary shares | November 2020 | ||||
Disclosure of classes of share capital [line items] | ||||
Issuance of share capital (in shares) | 5,929,477 | |||
Ordinary shares | February 2021 | ||||
Disclosure of classes of share capital [line items] | ||||
Issuance of share capital (in shares) | 7,000,000 | |||
Ordinary shares | March 2021 | ||||
Disclosure of classes of share capital [line items] | ||||
Issuance of share capital (in shares) | 6,666,665 | |||
Preference shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued, beginning of period | 0 | 0 | ||
Effects of the capital reorganisation on 28 Aug 2020 (in shares) | 23,717,989 | |||
Conversion Of Preference Shares Into Ordinary Shares (in shares) | (5,929,477) | |||
Preference Shares Assignation To ListCo (in shares) | 5,929,477 | |||
Exercise of warrants (in shares) | 0 | |||
Number of shares issued, end of period | 23,717,989 | 0 | ||
Preference shares | November 2020 | ||||
Disclosure of classes of share capital [line items] | ||||
Issuance of share capital (in shares) | 0 | |||
Preference shares | February 2021 | ||||
Disclosure of classes of share capital [line items] | ||||
Issuance of share capital (in shares) | 0 | |||
Preference shares | March 2021 | ||||
Disclosure of classes of share capital [line items] | ||||
Issuance of share capital (in shares) | 0 |
Issued capital and reserves - I
Issued capital and reserves - Issued share capital and share premium (Details) - EUR (€) € in Thousands | Aug. 28, 2020 | Dec. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of classes of share capital [line items] | |||||
Equity balance as of beginning of the year | € 71,497 | € 71,497 | € 86,967 | € 82,205 | |
Effects of the capital reorganization | € (73,656) | (73,656) | |||
Issue of share capital | 57,787 | (2) | |||
Conversion of preference shares into ordinary shares | 0 | ||||
Acquisition of treasury shares | (65) | ||||
Exercises of warrants | 1,068 | ||||
Equity balance as of end of the year | (69,611) | 71,497 | 86,967 | ||
Issued share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Equity balance as of beginning of the year | 392,197 | 392,197 | |||
Effects of the capital reorganization | 914,852 | ||||
Issue of share capital | 476 | ||||
Share premium contribution | 326,986 | ||||
Conversion of preference shares into ordinary shares | 0 | ||||
Exercises of warrants | 1,140 | ||||
Equity balance as of end of the year | 1,625,528 | 392,197 | |||
Issued share capital and share premium | 28 August 2020 | |||||
Disclosure of classes of share capital [line items] | |||||
Acquisition of treasury shares | (10,123) | ||||
Ordinary shares | Issued share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Equity balance as of beginning of the year | 392,197 | 392,197 | 392,197 | 392,197 | |
Effects of the capital reorganization | 801,569 | ||||
Issue of share capital | 439 | ||||
Share premium contribution | 293,778 | ||||
Conversion of preference shares into ordinary shares | 50,100 | ||||
Exercises of warrants | 1,140 | 0 | 0 | ||
Equity balance as of end of the year | 1,530,346 | 392,197 | € 392,197 | ||
Ordinary shares | Issued share capital and share premium | 28 August 2020 | |||||
Disclosure of classes of share capital [line items] | |||||
Acquisition of treasury shares | (8,877) | ||||
Preference shares | Issued share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Equity balance as of beginning of the year | 0 | € 0 | |||
Effects of the capital reorganization | 113,283 | ||||
Issue of share capital | 37 | ||||
Share premium contribution | 33,208 | ||||
Conversion of preference shares into ordinary shares | (50,100) | ||||
Exercises of warrants | 0 | ||||
Equity balance as of end of the year | 95,182 | € 0 | |||
Preference shares | Issued share capital and share premium | 28 August 2020 | |||||
Disclosure of classes of share capital [line items] | |||||
Acquisition of treasury shares | € (1,246) |
Issued capital and reserves -_2
Issued capital and reserves - Movement in other reserves within equity (Details) - EUR (€) € in Thousands | Aug. 28, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of reserves within equity [line items] | ||||
Equity balance as of beginning of the year | € 71,497 | € 86,967 | € 82,205 | |
Actuarial gain on post-employment benefit obligations | 52 | (2,162) | 428 | |
Tax effect | (108) | (307) | 74 | |
Issuance of share capital Global Blue Group Holding A.G. | 57,787 | (2) | ||
Acquisition of treasury shares | (65) | |||
Exchange of Global Blue management loan notes into shares | 0 | |||
Effects of the capital reorganization | € (73,656) | (73,656) | ||
Employee share schemes | 1,239 | |||
Employee share schemes, settled plan | 42,632 | |||
Equity award issuance costs | 135,309 | |||
Exercises of warrants | 1,068 | |||
Shares bought back by Global Blue Group A.G. | (152,787) | |||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | 353,509 | (4,910) | (3,886) | |
Equity balance as of end of the year | (69,611) | 71,497 | 86,967 | |
Net other reserves | ||||
Disclosure of reserves within equity [line items] | ||||
Equity balance as of beginning of the year | (11,881) | (1,201) | (5,635) | |
Currency translation differences | 4,763 | (8,898) | 1,767 | |
Actuarial gain on post-employment benefit obligations | 59 | (2,100) | 467 | |
Tax effect | 106 | 293 | (83) | |
Issuance of share capital Global Blue Group Holding A.G. | (1,495,526) | |||
Acquisition of treasury shares | 10,058 | |||
Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. | 42,856 | |||
Exchange of Global Blue management loan notes into shares | 464,162 | |||
Effects of the capital reorganization | (978,450) | |||
Employee share schemes | 1,239 | |||
Employee share schemes, settled plan | 42,632 | |||
Equity award issuance costs | 135,309 | |||
Exercises of warrants | (72) | |||
Shares bought back by Global Blue Group A.G. | (152,787) | |||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | 26,321 | |||
Equity balance as of end of the year | (959,082) | (11,881) | (1,201) | |
Net other reserves | Adjustments due to changes in accounting policies | ||||
Disclosure of reserves within equity [line items] | ||||
Equity balance as of beginning of the year | 25 | 2,283 | ||
Equity balance as of end of the year | 25 | |||
Equity settled shared based payment | ||||
Disclosure of reserves within equity [line items] | ||||
Equity balance as of beginning of the year | 0 | 0 | 0 | |
Employee share schemes | 1,239 | |||
Employee share schemes, settled plan | 42,632 | |||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | 43,871 | |||
Equity balance as of end of the year | 43,871 | 0 | 0 | |
Warrants | ||||
Disclosure of reserves within equity [line items] | ||||
Equity balance as of beginning of the year | 0 | 0 | 0 | |
Effects of the capital reorganization | 0 | |||
Equity award issuance costs | 20,196 | |||
Exercises of warrants | (72) | |||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | 20,124 | |||
Equity balance as of end of the year | 20,124 | 0 | 0 | |
Other reserve | ||||
Disclosure of reserves within equity [line items] | ||||
Equity balance as of beginning of the year | 9,915 | 9,890 | 7,607 | |
Issuance of share capital Global Blue Group Holding A.G. | (1,495,526) | |||
Acquisition of treasury shares | 10,058 | |||
Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. | 42,856 | |||
Exchange of Global Blue management loan notes into shares | 464,162 | |||
Effects of the capital reorganization | € (978,450) | (978,450) | ||
Employee share schemes, settled plan | (42,632) | |||
Equity award issuance costs | 115,113 | |||
Shares bought back by Global Blue Group A.G. | (152,787) | |||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | (37,674) | |||
Equity balance as of end of the year | (1,006,209) | 9,915 | 9,890 | |
Other reserve | Adjustments due to changes in accounting policies | ||||
Disclosure of reserves within equity [line items] | ||||
Equity balance as of beginning of the year | 25 | 2,283 | ||
Equity balance as of end of the year | 25 | |||
Foreign currency translation reserve | ||||
Disclosure of reserves within equity [line items] | ||||
Equity balance as of beginning of the year | (19,470) | (10,572) | (12,339) | |
Currency translation differences | 4,763 | (8,898) | 1,767 | |
Equity balance as of end of the year | (14,707) | (19,470) | (10,572) | |
Remeasurements of post employment benefit obligations | ||||
Disclosure of reserves within equity [line items] | ||||
Equity balance as of beginning of the year | (2,326) | (519) | (903) | |
Actuarial gain on post-employment benefit obligations | 59 | (2,100) | 467 | |
Tax effect | 106 | 293 | (83) | |
Equity balance as of end of the year | € (2,161) | € (2,326) | € (519) |
Issued capital and reserves - D
Issued capital and reserves - Disclosure of effects of the capital reorganisation (Details) - EUR (€) € in Thousands | Aug. 28, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of classes of share capital [line items] | |||
Issuance of share capital Global Blue Group Holding A.G. | € 57,787 | € (2) | |
Acquisition of treasury shares | (65) | ||
Exchange of Global Blue management shares in Global Blue Group Holding A.G. | 1,239 | ||
Exchange of Global Blue management loan notes into shares | 0 | ||
Effects of the capital reorganization | € (73,656) | (73,656) | |
Effects Of Capital Reorganization | |||
Disclosure of classes of share capital [line items] | |||
Issuance of share capital Global Blue Group Holding A.G. | (145,621) | (145,621) | |
Acquisition of treasury shares | 0 | 0 | |
Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. | 0 | 0 | |
Exchange of Global Blue management loan notes into shares | 71,965 | 71,965 | |
Warrants | |||
Disclosure of classes of share capital [line items] | |||
Effects of the capital reorganization | 0 | ||
Other reserve | |||
Disclosure of classes of share capital [line items] | |||
Issuance of share capital Global Blue Group Holding A.G. | (1,495,526) | ||
Acquisition of treasury shares | 10,058 | ||
Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. | 42,856 | ||
Exchange of Global Blue management loan notes into shares | 464,162 | ||
Effects of the capital reorganization | (978,450) | (978,450) | |
Other reserve | Effects Of Capital Reorganization | |||
Disclosure of classes of share capital [line items] | |||
Issuance of share capital Global Blue Group Holding A.G. | (1,495,526) | (1,495,526) | |
Acquisition of treasury shares | 10,058 | 10,058 | |
Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. | 42,856 | 42,856 | |
Exchange of Global Blue management loan notes into shares | 464,162 | 464,162 | |
Ordinary shares | Issued capital | |||
Disclosure of classes of share capital [line items] | |||
Issuance of share capital Global Blue Group Holding A.G. | 181 | ||
Exchange of Global Blue management loan notes into shares | 55 | ||
Effects of the capital reorganization | 962 | 962 | |
Ordinary shares | Issued capital | Effects Of Capital Reorganization | |||
Disclosure of classes of share capital [line items] | |||
Issuance of share capital Global Blue Group Holding A.G. | 1,302 | 1,302 | |
Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. | (41) | (41) | |
Exchange of Global Blue management loan notes into shares | (299) | (299) | |
Ordinary shares | Share premium | |||
Disclosure of classes of share capital [line items] | |||
Issuance of share capital Global Blue Group Holding A.G. | 58,800 | ||
Exchange of Global Blue management loan notes into shares | 50,045 | ||
Effects of the capital reorganization | 800,607 | 800,607 | |
Ordinary shares | Share premium | Effects Of Capital Reorganization | |||
Disclosure of classes of share capital [line items] | |||
Issuance of share capital Global Blue Group Holding A.G. | 1,181,450 | 1,181,450 | |
Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. | (37,508) | (37,508) | |
Exchange of Global Blue management loan notes into shares | (343,335) | (343,335) | |
Ordinary shares | Other equity | |||
Disclosure of classes of share capital [line items] | |||
Acquisition of treasury shares | (65) | ||
Effects of the capital reorganization | (8,812) | (8,812) | |
Ordinary shares | Other equity | Effects Of Capital Reorganization | |||
Disclosure of classes of share capital [line items] | |||
Acquisition of treasury shares | (8,812) | (8,812) | |
Ordinary shares | Other reserve | |||
Disclosure of classes of share capital [line items] | |||
Issuance of share capital Global Blue Group Holding A.G. | (1,209) | ||
Preference shares | Issued capital | |||
Disclosure of classes of share capital [line items] | |||
Exchange of Global Blue management loan notes into shares | (55) | ||
Effects of the capital reorganization | 136 | 136 | |
Preference shares | Issued capital | Effects Of Capital Reorganization | |||
Disclosure of classes of share capital [line items] | |||
Issuance of share capital Global Blue Group Holding A.G. | 184 | 184 | |
Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. | (6) | (6) | |
Exchange of Global Blue management loan notes into shares | (42) | (42) | |
Preference shares | Share premium | |||
Disclosure of classes of share capital [line items] | |||
Exchange of Global Blue management loan notes into shares | (50,045) | ||
Effects of the capital reorganization | 113,147 | 113,147 | |
Preference shares | Share premium | Effects Of Capital Reorganization | |||
Disclosure of classes of share capital [line items] | |||
Issuance of share capital Global Blue Group Holding A.G. | 166,969 | 166,969 | |
Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. | (5,301) | (5,301) | |
Exchange of Global Blue management loan notes into shares | (48,521) | (48,521) | |
Preference shares | Other equity | |||
Disclosure of classes of share capital [line items] | |||
Effects of the capital reorganization | (1,246) | (1,246) | |
Preference shares | Other equity | Effects Of Capital Reorganization | |||
Disclosure of classes of share capital [line items] | |||
Acquisition of treasury shares | € (1,246) | (1,246) | |
Preference shares | Other reserve | |||
Disclosure of classes of share capital [line items] | |||
Issuance of share capital Global Blue Group Holding A.G. | € (184) |
Issued capital and reserves -_3
Issued capital and reserves - Disclosure of share capital of Global Blue Group Holding A.G. (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||
Issue of share capital | € 57,787 | € (2) |
Conversion of shares into equity settled plan | 42,632 | |
Equity award issuance costs | (135,309) | |
Other reserve | ||
Disclosure of classes of share capital [line items] | ||
Issue of share capital | (1,495,526) | |
Conversion of shares into equity settled plan | (42,632) | |
Equity award issuance costs | (115,113) | |
Effect of the merge | 12,031 | |
Other reserve | Ordinary shares | ||
Disclosure of classes of share capital [line items] | ||
Issue of share capital | (1,209) | |
Issue of share premium | (1,181,450) | |
Other reserve | Preference shares | ||
Disclosure of classes of share capital [line items] | ||
Issue of share capital | (184) | |
Issue of share premium | € (166,969) |
Issued capital and reserves -_4
Issued capital and reserves - DIsclosure of treasury shares (Details) - EUR (€) € in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2021 | |
Treasury Shares [Line Items] | ||
Equity balance as of beginning of the year | € 71,497 | € 71,497 |
Acquisition of treasury shares | (65) | |
Equity balance as of end of the year | € (69,611) | |
Other equity | ||
Treasury Shares [Line Items] | ||
Number of shares outstanding at beginning of period | 0 | 0 |
Number of shares outstanding at end of period | 8,190,415 | |
Equity balance as of beginning of the year | € 0 | € 0 |
Equity balance as of end of the year | € (10,123) | |
Other equity | Ordinary shares | ||
Treasury Shares [Line Items] | ||
Number of shares outstanding at beginning of period | 0 | 0 |
Number of shares outstanding at end of period | 8,051,569 | |
Equity balance as of beginning of the year | € 0 | € 0 |
Acquisition of treasury shares | (65) | |
Equity balance as of end of the year | € (8,877) | |
Other equity | Preference shares | ||
Treasury Shares [Line Items] | ||
Number of shares outstanding at beginning of period | 0 | 0 |
Number of shares outstanding at end of period | 138,846 | |
Equity balance as of beginning of the year | € 0 | € 0 |
Equity balance as of end of the year | (1,246) | |
Issued share capital and share premium | ||
Treasury Shares [Line Items] | ||
Equity balance as of beginning of the year | 392,197 | 392,197 |
Equity balance as of end of the year | 1,625,528 | |
Issued share capital and share premium | Ordinary shares | ||
Treasury Shares [Line Items] | ||
Equity balance as of beginning of the year | 392,197 | 392,197 |
Equity balance as of end of the year | 1,530,346 | |
Issued share capital and share premium | Preference shares | ||
Treasury Shares [Line Items] | ||
Equity balance as of beginning of the year | 0 | € 0 |
Equity balance as of end of the year | 95,182 | |
28 August 2020 | Other equity | ||
Treasury Shares [Line Items] | ||
Number of shares acquired through treasury share transactions | 1,190,415 | |
Acquisition of treasury shares | € (10,058) | |
28 August 2020 | Other equity | Ordinary shares | ||
Treasury Shares [Line Items] | ||
Number of shares acquired through treasury share transactions | 1,051,569 | |
Acquisition of treasury shares | € (8,812) | |
28 August 2020 | Other equity | Preference shares | ||
Treasury Shares [Line Items] | ||
Number of shares acquired through treasury share transactions | 138,846 | |
Acquisition of treasury shares | € (1,246) | |
28 August 2020 | Issued share capital and share premium | ||
Treasury Shares [Line Items] | ||
Acquisition of treasury shares | (10,123) | |
28 August 2020 | Issued share capital and share premium | Ordinary shares | ||
Treasury Shares [Line Items] | ||
Acquisition of treasury shares | (8,877) | |
28 August 2020 | Issued share capital and share premium | Preference shares | ||
Treasury Shares [Line Items] | ||
Acquisition of treasury shares | € (1,246) | |
After 28 August 2020 | Other equity | ||
Treasury Shares [Line Items] | ||
Number of shares acquired through treasury share transactions | 7,000,000 | |
Acquisition of treasury shares | € (65) | |
After 28 August 2020 | Other equity | Ordinary shares | ||
Treasury Shares [Line Items] | ||
Number of shares acquired through treasury share transactions | 7,000,000 | |
Acquisition of treasury shares | € (65) | |
After 28 August 2020 | Other equity | Preference shares | ||
Treasury Shares [Line Items] | ||
Number of shares acquired through treasury share transactions | 0 | |
Acquisition of treasury shares | € 0 |
Issued capital and reserves -_5
Issued capital and reserves - Disclosure of warrants (Details) € in Thousands | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2020EUR (€)shares | Mar. 31, 2021EUR (€)sharesinstallment | Mar. 31, 2020EUR (€)shares | Mar. 31, 2019EUR (€) | |
Disclosure of reserves within equity [line items] | ||||
Exercise of warrants (in shares) | (114,024) | (114,024) | ||
Equity balance as of beginning of the year | € 71,497 | € 71,497 | € 86,967 | € 82,205 |
Share issue related cost | 135,309 | |||
Exercises of warrants | 1,068 | |||
Equity balance as of end of the year | € (69,611) | € 71,497 | 86,967 | |
Warrants | ||||
Disclosure of reserves within equity [line items] | ||||
Number of shares outstanding at beginning of period | shares | 0 | 0 | ||
Acquisition of warrants (in shares) | shares | 30,849,974 | |||
Exercise of warrants (in shares) | shares | (114,024) | |||
Number of shares outstanding at end of period | shares | 30,735,950 | 0 | ||
Equity balance as of beginning of the year | € 0 | € 0 | € 0 | 0 |
Share issue related cost | 20,196 | |||
Exercises of warrants | (72) | |||
Equity balance as of end of the year | € 20,124 | € 0 | € 0 |
Non-controlling interests - Dis
Non-controlling interests - Disclosure of interest in subsidiaries (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 29, 2019 |
Disclosure of subsidiaries [line items] | ||||
Non-controlling interests | € 6,779 | € 8,376 | € 8,426 | |
Global Blue TFS Japan Co Ltd | ||||
Disclosure of subsidiaries [line items] | ||||
Non-controlling interests | 3,969 | 4,873 | 4,524 | |
Global Blue Lebanon SAL | ||||
Disclosure of subsidiaries [line items] | ||||
Non-controlling interests | 472 | 714 | 944 | |
IRIS Global Blue TRS Malaysia Sdn. Bhd. | ||||
Disclosure of subsidiaries [line items] | ||||
Non-controlling interests | € 300 | |||
Global Blue Touristik Hizmetler A.Ş. | ||||
Disclosure of subsidiaries [line items] | ||||
Non-controlling interests | 1,234 | 1,917 | 2,573 | |
Global Blue Management & Co S.C.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Non-controlling interests | 0 | (508) | (433) | |
Global Blue Russia AO | ||||
Disclosure of subsidiaries [line items] | ||||
Non-controlling interests | 581 | 833 | 218 | |
Global Blue Russia Holdings B.V. | ||||
Disclosure of subsidiaries [line items] | ||||
Non-controlling interests | 320 | 325 | 326 | |
Global Blue Cross Border SA | ||||
Disclosure of subsidiaries [line items] | ||||
Non-controlling interests | € 203 | € 222 | € 274 |
Non-controlling interests - Nar
Non-controlling interests - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Interests In Other Entities [Abstract] | |||
Dividends paid to non-controlling interests | € 0.2 | € 4.8 | € 3.9 |
Non-controlling interests - D_2
Non-controlling interests - Disclosure of Balance sheet of subsidiaries (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Current | |||
Assets | € 251,264 | € 411,439 | € 421,307 |
Liabilities | 251,207 | 348,713 | 394,436 |
Non- current | |||
Assets | 709,888 | 712,771 | 777,846 |
Liabilities | 779,556 | 704,000 | 717,750 |
Global Blue TFS Japan Co Ltd | |||
Current | |||
Assets | 4,308 | 13,513 | 11,984 |
Liabilities | 10,841 | 19,978 | 17,536 |
Total current net assets (liabilities) | (6,533) | (6,465) | (5,552) |
Non- current | |||
Assets | 14,630 | 16,404 | 14,786 |
Liabilities | 4 | 0 | 3 |
Total non-current net assets (liabilities) | 14,626 | 16,404 | 14,783 |
Net assets | 8,093 | 9,939 | 9,231 |
Global Blue Lebanon SAL | |||
Current | |||
Assets | 395 | 3,453 | 5,241 |
Liabilities | 549 | 2,098 | 3,981 |
Total current net assets (liabilities) | (154) | 1,355 | 1,260 |
Non- current | |||
Assets | 134 | 169 | 202 |
Liabilities | 84 | 371 | 248 |
Total non-current net assets (liabilities) | 50 | (202) | (46) |
Net assets | (104) | 1,153 | 1,214 |
Global Blue Turistik Hizmetler A.Ş. | |||
Current | |||
Assets | 2,821 | 6,386 | 6,173 |
Liabilities | 2,134 | 5,498 | 4,535 |
Total current net assets (liabilities) | 687 | 888 | 1,638 |
Non- current | |||
Assets | 1,118 | 1,239 | 1,165 |
Liabilities | 630 | 512 | 501 |
Total non-current net assets (liabilities) | 488 | 727 | 664 |
Net assets | 1,175 | 1,615 | 2,302 |
Global Blue Management & Co S.C.A. | |||
Current | |||
Assets | 12 | 10 | 29 |
Liabilities | 81 | 259,888 | 215,623 |
Total current net assets (liabilities) | (69) | (259,878) | (215,594) |
Non- current | |||
Assets | 460,978 | 478,219 | 437,657 |
Liabilities | 0 | 248,146 | 246,571 |
Total non-current net assets (liabilities) | 460,978 | 230,073 | 191,086 |
Net assets | 460,909 | (29,805) | (24,508) |
Global Blue Russia AO | |||
Current | |||
Assets | 5,120 | 8,693 | 5,524 |
Liabilities | 3,560 | 6,736 | 4,684 |
Total current net assets (liabilities) | 1,560 | 1,957 | 840 |
Non- current | |||
Assets | 381 | 496 | 446 |
Liabilities | 0 | 3 | 49 |
Total non-current net assets (liabilities) | 381 | 493 | 397 |
Net assets | € 1,941 | € 2,450 | € 1,237 |
Non-controlling interests - D_3
Non-controlling interests - Disclosure of profit for the year of subsidiares (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of subsidiaries [line items] | |||
Revenue | € 44,696 | € 420,400 | € 412,956 |
Global Blue TFS Japan Co Ltd | |||
Disclosure of subsidiaries [line items] | |||
Revenue | 3,084 | 20,375 | 18,773 |
Profit for the year from continuing operations | (1,140) | 8,120 | 7,352 |
Global Blue Lebanon SAL | |||
Disclosure of subsidiaries [line items] | |||
Revenue | 71 | 2,310 | 2,729 |
Profit for the year from continuing operations | (43) | 188 | 545 |
Global Blue Turistik Hizmetler A.Ş. | |||
Disclosure of subsidiaries [line items] | |||
Revenue | 1,326 | 5,525 | 5,808 |
Profit for the year from continuing operations | 267 | 2,371 | 2,658 |
Global Blue Management & Co S.C.A. | |||
Disclosure of subsidiaries [line items] | |||
Revenue | 0 | 0 | 0 |
Profit for the year from continuing operations | (2,398) | (5,297) | (5,270) |
Global Blue Russia AO | |||
Disclosure of subsidiaries [line items] | |||
Revenue | 756 | 3,581 | 1,803 |
Profit for the year from continuing operations | € (488) | € 1,857 | € 652 |
Non-controlling interests - D_4
Non-controlling interests - Disclosure of movements in cash and cash equivalents of subsidiaries (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of subsidiaries [line items] | |||
Net increase (decrease) in cash and cash equivalents | € (42,472) | € 123,134 | € 54,444 |
Global Blue TFS Japan Co Ltd | |||
Disclosure of subsidiaries [line items] | |||
Net increase (decrease) in cash and cash equivalents | (7,851) | 8,709 | (386) |
Global Blue Lebanon SAL | |||
Disclosure of subsidiaries [line items] | |||
Net increase (decrease) in cash and cash equivalents | (622) | 228 | 293 |
Global Blue Turistik Hizmetler A.Ş. | |||
Disclosure of subsidiaries [line items] | |||
Net increase (decrease) in cash and cash equivalents | (1,034) | 1,248 | 1,275 |
Global Blue Russia AO | |||
Disclosure of subsidiaries [line items] | |||
Net increase (decrease) in cash and cash equivalents | 1,999 | 693 | 657 |
Global Blue Management & Co S.C.A. | |||
Disclosure of subsidiaries [line items] | |||
Net increase (decrease) in cash and cash equivalents | € (1) | € (19) | € (43) |
Share-based Payment and Non-C_3
Share-based Payment and Non-Convertible Equity Certificates - Narrative (Details) € / shares in Units, € in Thousands, shares in Thousands | Aug. 15, 2024 | Jun. 24, 2024 | Aug. 15, 2023 | Aug. 15, 2022 | Jun. 24, 2022 | Feb. 15, 2022 | Nov. 12, 2020sharenumberOfTranches$ / shares | Aug. 28, 2020EUR (€) | Jun. 25, 2019share$ / shares | Mar. 31, 2021EUR (€)shares | Mar. 31, 2020EUR (€)shares | Mar. 31, 2019EUR (€)shares | Mar. 31, 2018EUR (€) | Aug. 01, 2012EUR (€)€ / shares |
Disclosure of movement in the share-based payment liability [Line Items] | ||||||||||||||
Non-convertible equity certificates | € 0 | € 4,891 | € 4,494 | |||||||||||
Weighted average share price, share options granted (in USD per share) | $ / shares | $ 10.34 | |||||||||||||
Expected volatility, share options granted (in percentage) | 50.00% | |||||||||||||
Risk free interest rate, share options granted (in percentage) | 0.50% | |||||||||||||
Number of tranches of options | numberOfTranches | 4 | |||||||||||||
Expense from equity-settled share-based payment transactions | 1,200 | |||||||||||||
Management Equity Plan | ||||||||||||||
Disclosure of movement in the share-based payment liability [Line Items] | ||||||||||||||
Incremental fair value granted, modified share-based payment arrangements | € 58,744 | |||||||||||||
Global Blue Management Incentive Plan | ||||||||||||||
Disclosure of movement in the share-based payment liability [Line Items] | ||||||||||||||
Number of share options granted in share-based payment arrangement (in shares) | share | 7,970,000 | 486,527 | ||||||||||||
Weighted average exercise price of share options granted in share-based payment arrangement (in USD per share) | $ / shares | $ 10.59 | |||||||||||||
Weighted average share price, share options granted (in USD per share) | $ / shares | $ 10.59 | |||||||||||||
Expected volatility, share options granted (in percentage) | 25.00% | |||||||||||||
Risk free interest rate, share options granted (in percentage) | 1.91% | |||||||||||||
Option value (in USD per share) | $ / shares | $ 1.03 | |||||||||||||
Forecast | Global Blue Management Incentive Plan | ||||||||||||||
Disclosure of movement in the share-based payment liability [Line Items] | ||||||||||||||
Vesting percentage | 50.00% | 50.00% | ||||||||||||
Non-Convertible Preferred Equity Certificates | Global Blue Management & Co S.C.A NC-PECs | ||||||||||||||
Disclosure of movement in the share-based payment liability [Line Items] | ||||||||||||||
Par value of NC-PECs (in euro per share) | € / shares | € 1 | |||||||||||||
Fair value of NC-PECs at measurement date, maximum amount | € 500,000 | |||||||||||||
Nominal value of NC-PECs, including accrued interest | € 0 | 1,920 | € 1,750 | € 1,591 | ||||||||||
Interest rate of the NC-PECs (in percentage) | 10.00% | |||||||||||||
Non-convertible equity certificates | € 3,000 | |||||||||||||
Number of other equity instruments granted in share-based payment arrangement | shares | 0 | 0 | 0 | |||||||||||
Restricted Share Awards | Global Blue Management Incentive Plan | ||||||||||||||
Disclosure of movement in the share-based payment liability [Line Items] | ||||||||||||||
Restricted share grants, vesting based on service condition (percentage) | 50.00% | |||||||||||||
Restricted share grants, vesting based on market performance condition (percentage) | 25.00% | |||||||||||||
Restricted share grants, vesting based on non-market performance condition (percentage) | 25.00% | |||||||||||||
Weight of share grants (in percentage) | 50.00% | |||||||||||||
Number of other equity instruments granted in share-based payment arrangement | share | 475,491 | |||||||||||||
Share price at grant date, restricted shares (in USD per share) | $ / shares | $ 10,340,000 | |||||||||||||
Expected volatility, restricted shares granted (in percentage) | 50.00% | |||||||||||||
Restricted Share Awards | Forecast | Global Blue Management Incentive Plan | ||||||||||||||
Disclosure of movement in the share-based payment liability [Line Items] | ||||||||||||||
Vesting percentage | 25.00% | 25.00% | 12.50% | 37.50% |
Share-based Payment and Non-C_4
Share-based Payment and Non-Convertible Equity Certificates - Disclosure of movement in the share-based payment liability (Details) - EUR (€) € in Thousands | Aug. 28, 2020 | Mar. 31, 2021 | Aug. 27, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of movement in the share-based payment liability [Line Items] | |||||
Liabilities from share-based payment transactions | € 0 | € 7,396 | € 6,161 | ||
Management Equity Plan | |||||
Disclosure of movement in the share-based payment liability [Line Items] | |||||
Liabilities from share-based payment transactions | € 67,114 | 0 | € 8,370 | € 7,396 | |
Valuation | € 974 | ||||
Expense recognized in the profit and loss upon capital reorganization | € 58,744 | ||||
Cash settlements upon reorganization | (29,333) | ||||
Conversion upon reorganization of remaining SBP liability to equity at FV | € (37,781) |
Share-based Payment and Non-C_5
Share-based Payment and Non-Convertible Equity Certificates - Disclosure of movement in the NC-PECs liability (Details) - Non-Convertible Preferred Equity Certificates - Global Blue Management & Co S.C.A NC-PECs € in Thousands, shares in Thousands | 12 Months Ended | ||
Mar. 31, 2021EUR (€)shares | Mar. 31, 2020EUR (€)shares | Mar. 31, 2019EUR (€)shares | |
Disclosure of movement in the share-based payment liability [Line Items] | |||
Nominal value including accrued interest on NC-PECs issued at the beginning of the year | € 1,920 | € 1,750 | € 1,591 |
Mark-to-market fair value charge | (138) | 0 | 0 |
Accrued interests on NC-PECs | 79 | (5) | 159 |
Transfer to equity | (1,861) | 0 | 0 |
Reclassifications | 0 | 175 | 0 |
Total value of NC-PECs direct investment | 0 | 1,920 | 1,750 |
Value at the beginning of the year | 2,971 | 2,744 | 0 |
Accrued interest | 120 | 227 | 0 |
Derecognition of residual amount to profit and loss | (101) | 0 | 0 |
Transfer to equity | (2,990) | 0 | 0 |
Reclassifications | 0 | 0 | 2,744 |
Interest bearing obligations towards senior management of Global Blue Group | 0 | 2,971 | 2,744 |
Total value of NC-PECs including accrued interest | € 0 | € 4,891 | € 4,494 |
Number of other equity instruments outstanding in share-based payment arrangement | shares | 927 | 927 | 927 |
Number of other equity instruments granted in share-based payment arrangement | shares | 0 | 0 | 0 |
Transfer of NC-PECs to equity (in thousands of shares) | shares | (927) | 0 | 0 |
Number of other equity instruments outstanding in share-based payment arrangement (in shares) | shares | 0 | 927 | 927 |
Share-based Payment and Non-C_6
Share-based Payment and Non-Convertible Equity Certificates - Disclosure of share options tranches (Details) - Global Blue Management Incentive Plan - $ / shares shares in Thousands | Nov. 12, 2020 | Jun. 25, 2019 | Mar. 31, 2021 | Aug. 15, 2024 | Aug. 15, 2023 | Aug. 15, 2022 | Feb. 15, 2022 |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Weighted average exercise price of share options granted in share-based payment arrangement (in USD per share) | $ 10.59 | ||||||
Number Of Share Options Granted In Share-Based Payment Arrangement | 7,970 | ||||||
Forecast | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Number Of Share Options Granted In Share-Based Payment Arrangement | 1,992 | 1,992 | 997 | 2,989 | |||
Exercise price range one | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Weighted average exercise price of share options granted in share-based payment arrangement (in USD per share) | $ 8.5 | $ 8.50 | |||||
Number Of Share Options Granted In Share-Based Payment Arrangement | 2,589 | ||||||
Exercise price range one | Forecast | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Number Of Share Options Granted In Share-Based Payment Arrangement | 647 | 647 | 324 | 971 | |||
Exercise price range two | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Weighted average exercise price of share options granted in share-based payment arrangement (in USD per share) | 10.5 | $ 10.50 | |||||
Number Of Share Options Granted In Share-Based Payment Arrangement | 2,192 | ||||||
Exercise price range two | Forecast | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Number Of Share Options Granted In Share-Based Payment Arrangement | 548 | 548 | 274 | 822 | |||
Exercise price range three | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Weighted average exercise price of share options granted in share-based payment arrangement (in USD per share) | 12.5 | $ 12.50 | |||||
Number Of Share Options Granted In Share-Based Payment Arrangement | 1,793 | ||||||
Exercise price range three | Forecast | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Number Of Share Options Granted In Share-Based Payment Arrangement | 448 | 448 | 224 | 673 | |||
Exercise price range four | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Weighted average exercise price of share options granted in share-based payment arrangement (in USD per share) | $ 14.5 | $ 14.50 | |||||
Number Of Share Options Granted In Share-Based Payment Arrangement | 1,396 | ||||||
Exercise price range four | Forecast | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Number Of Share Options Granted In Share-Based Payment Arrangement | 349 | 349 | 175 | 523 |
Share-based Payment and Non-C_7
Share-based Payment and Non-Convertible Equity Certificates - Disclosure of share options (Details) - $ / shares | Nov. 12, 2020 | Jun. 25, 2019 | Mar. 31, 2021 |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Weighted average share price, share options granted (in USD per share) | $ 10.34 | ||
Global Blue Management Incentive Plan | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Weighted average share price, share options granted (in USD per share) | $ 10.59 | ||
Weighted average exercise price of share options granted in share-based payment arrangement (in USD per share) | 10.59 | ||
Option value (in USD per share) | $ 1.03 | ||
Exercise price range one | Global Blue Management Incentive Plan | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Weighted average share price, share options granted (in USD per share) | 10.34 | ||
Weighted average exercise price of share options granted in share-based payment arrangement (in USD per share) | 8.5 | $ 8.50 | |
Option value (in USD per share) | 0.58 | ||
Exercise price range two | Global Blue Management Incentive Plan | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Weighted average share price, share options granted (in USD per share) | 10.34 | ||
Weighted average exercise price of share options granted in share-based payment arrangement (in USD per share) | 10.5 | 10.50 | |
Option value (in USD per share) | 0.20 | ||
Exercise price range three | Global Blue Management Incentive Plan | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Weighted average share price, share options granted (in USD per share) | 10.34 | ||
Weighted average exercise price of share options granted in share-based payment arrangement (in USD per share) | 12.5 | 12.50 | |
Option value (in USD per share) | 0.05 | ||
Exercise price range four | Global Blue Management Incentive Plan | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Weighted average share price, share options granted (in USD per share) | 10.34 | ||
Weighted average exercise price of share options granted in share-based payment arrangement (in USD per share) | 14.5 | $ 14.50 | |
Option value (in USD per share) | $ 0.01 |
Share-based Payment and Non-C_8
Share-based Payment and Non-Convertible Equity Certificates - Disclosure of restricted shares (Details) | Nov. 12, 2020shareinstallment$ / shares |
Exercise price range one | Global Blue Management Incentive Plan | |
Disclosure of movement in the share-based payment liability [Line Items] | |
Number of other equity instruments granted in share-based payment arrangement | installment | 178,309 |
Risk free interest rate restricted shares granted (in percentage) | 0.14% |
Fair value, restricted shares granted (in USD per share) | $ 8.65 |
Exercise price range two | Global Blue Management Incentive Plan | |
Disclosure of movement in the share-based payment liability [Line Items] | |
Number of other equity instruments granted in share-based payment arrangement | installment | 59,436 |
Risk free interest rate restricted shares granted (in percentage) | 0.16% |
Fair value, restricted shares granted (in USD per share) | $ 8.65 |
Exercise price range three | Global Blue Management Incentive Plan | |
Disclosure of movement in the share-based payment liability [Line Items] | |
Number of other equity instruments granted in share-based payment arrangement | installment | 118,873 |
Risk free interest rate restricted shares granted (in percentage) | 0.22% |
Fair value, restricted shares granted (in USD per share) | $ 8.65 |
Exercise price range four | Global Blue Management Incentive Plan | |
Disclosure of movement in the share-based payment liability [Line Items] | |
Number of other equity instruments granted in share-based payment arrangement | installment | 118,873 |
Risk free interest rate restricted shares granted (in percentage) | 0.30% |
Fair value, restricted shares granted (in USD per share) | $ 8.65 |
Restricted Share Awards | Global Blue Management Incentive Plan | |
Disclosure of movement in the share-based payment liability [Line Items] | |
Share price at grant date, restricted shares (in USD per share) | $ 10,340,000 |
Number of other equity instruments granted in share-based payment arrangement | share | 475,491 |
Restricted Share Awards | Exercise price range one | |
Disclosure of movement in the share-based payment liability [Line Items] | |
Share price at grant date, restricted shares (in USD per share) | $ 10.34 |
Restricted Share Awards | Exercise price range two | |
Disclosure of movement in the share-based payment liability [Line Items] | |
Share price at grant date, restricted shares (in USD per share) | 10.34 |
Restricted Share Awards | Exercise price range three | |
Disclosure of movement in the share-based payment liability [Line Items] | |
Share price at grant date, restricted shares (in USD per share) | 10.34 |
Restricted Share Awards | Exercise price range four | |
Disclosure of movement in the share-based payment liability [Line Items] | |
Share price at grant date, restricted shares (in USD per share) | $ 10.34 |
Loans and borrowings - Summary
Loans and borrowings - Summary of carrying and fair value (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Aug. 28, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of financial liabilities [line items] | ||||
Borrowings | € (720,856) | € (625,676) | € (624,500) | |
Short-term portion | 111 | 1,081 | 2,102 | |
Long-term portion | 720,745 | 624,595 | 622,398 | |
Gross carrying amount | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | (720,856) | (625,676) | (624,500) | |
Short-term portion | 111 | 1,081 | 2,102 | |
Long-term portion | 720,745 | 624,595 | 622,398 | |
Level 2 | Financial liabilities at fair value, class | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | (739,947) | (613,389) | (594,121) | |
Short-term portion | 111 | 1,081 | 2,102 | |
Long-term portion | 739,836 | 612,308 | 592,019 | |
Term Loan | Gross carrying amount | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | 0 | (634,267) | (635,839) | |
Long-term financing - Senior debt facility | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | (621,700) | |||
Long-term financing - Senior debt facility | Gross carrying amount | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | (630,000) | 0 | 0 | |
Long-term financing - Senior debt facility | Deferred Financing Costs | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | (8,300) | |||
Corporate Borrowings | Deferred Financing Costs | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | (8,255) | (9,672) | (13,441) | |
Revolving Credit Facility (RCF) | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | (99,000) | € (99,000) | ||
Revolving Credit Facility (RCF) | Gross carrying amount | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | (99,000) | 0 | 0 | |
Revolving Credit Facility (RCF) | Capitalized financing fees - RCF | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | 0 | (912) | (1,433) | |
Revolving Credit Facility (RCF) | Level 2 | Financial liabilities at fair value, class | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | (99,000) | 0 | 0 | |
Other bank overdraft | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | (100) | |||
Other bank overdraft | Gross carrying amount | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | (111) | (1,081) | (2,102) | |
Other bank overdraft | Level 2 | Financial liabilities at fair value, class | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | € (111) | (1,081) | (2,102) | |
Senior debt facility | ||||
Disclosure of financial liabilities [line items] | ||||
Effective interest | 3.18% | |||
Senior debt facility | Gross carrying amount | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | € (621,745) | 0 | 0 | |
Senior debt facility | Level 2 | Financial liabilities at fair value, class | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | (640,836) | 0 | 0 | |
Capitalized financing fees - RCF | Level 2 | Financial liabilities at fair value, class | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | 0 | € (912) | € (1,433) | |
Term senior debt | ||||
Disclosure of financial liabilities [line items] | ||||
Effective interest | 3.61% | 3.84% | ||
Term senior debt | Gross carrying amount | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | 0 | € (625,507) | € (623,831) | |
Term senior debt | Level 2 | Financial liabilities at fair value, class | ||||
Disclosure of financial liabilities [line items] | ||||
Borrowings | € 0 | € (613,220) | € (593,452) |
Loans and borrowings - Narrativ
Loans and borrowings - Narrative (Details) € in Thousands, $ in Millions | 12 Months Ended | ||||||
Sep. 30, 2022EUR (€) | Mar. 31, 2021EUR (€) | Mar. 31, 2021USD ($) | Dec. 16, 2020 | Aug. 28, 2020EUR (€) | Mar. 31, 2020EUR (€) | Mar. 31, 2019EUR (€) | |
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | € 720,856 | € 625,676 | € 624,500 | ||||
Monthly percentage of entity's revenue, debt covenant | 40.00% | ||||||
Undrawn borrowing facilities | € 82,900 | ||||||
Forecast | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Minimum liquidity, debt covenant | € 35,000 | ||||||
Term Loan | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Notional amount | € 630,000 | ||||||
Term Loan | > 4.00x | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Effective interest | 2.75% | 2.75% | |||||
Term Loan | ≤ 3.50x > 3.00x | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Effective interest | 2.00% | ||||||
Term Loan | Bottom of range | Euribor | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings, adjustment to interest rate basis | 0.00% | ||||||
Revolving Credit Facility (RCF) | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Notional amount | € 100,000 | ||||||
Borrowings | 99,000 | € 99,000 | |||||
Proceeds from non-current borrowings | 99,000 | ||||||
Non-cash guarantees | 200 | ||||||
Undrawn borrowing facilities | 800 | ||||||
Revolving Credit Facility (RCF) | > 4.00x | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Effective interest | 2.50% | 2.50% | |||||
Revolving Credit Facility (RCF) | ≤ 3.50x > 3.00x | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Effective interest | 1.75% | ||||||
Revolving Credit Facility (RCF) | Bottom of range | Euribor | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings, adjustment to interest rate basis | 0.00% | ||||||
Local Credit Facilities | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Notional amount | 18,200 | 21,400 | € 12,600 | ||||
Undrawn borrowing facilities | 18,200 | ||||||
Liquidity facility | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Notional amount | € 75,000 | $ 75 | |||||
Effective interest | 2.75% | 2.75% | |||||
Undrawn borrowing facilities | € 63,900 | ||||||
Borrowings, availability term | 18 months | ||||||
Borrowings, maturity term | 2 years | ||||||
Old Senior Facilities Agreement | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowing costs incurred | € 9,700 | ||||||
New Senior Facilities Agreement | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowing costs incurred | 9,300 | ||||||
Borrowing costs incurred, amortized | 1,100 | ||||||
Borrowing costs incurred, unamortized | € 8,200 | ||||||
Previous Term Senior Debt | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Notional amount | € 79,000 | ||||||
Old Revolving Credit Facility | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Borrowings | € 900 |
Loans and borrowings - Financin
Loans and borrowings - Financing (Details) | Dec. 16, 2020 | Aug. 28, 2020 |
Term Loan | > 4.00x | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest | 2.75% | 2.75% |
Term Loan | ≤ 4.00x > 3.50x | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest | 2.25% | |
Term Loan | ≤ 3.50x > 3.00x | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest | 2.00% | |
Term Loan | ≤ 3.00x > 2.50x | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest | 1.75% | |
Term Loan | ≤ 2.50x > 2.00x | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest | 1.50% | |
Term Loan | ≤ 2.00x > 1.50x | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest | 1.25% | |
Term Loan | ≤ 1.50x | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest | 1.00% | |
Revolving Credit Facility (RCF) | > 4.00x | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest | 2.50% | 2.50% |
Revolving Credit Facility (RCF) | ≤ 4.00x > 3.50x | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest | 2.00% | |
Revolving Credit Facility (RCF) | ≤ 3.50x > 3.00x | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest | 1.75% | |
Revolving Credit Facility (RCF) | ≤ 3.00x > 2.50x | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest | 1.50% | |
Revolving Credit Facility (RCF) | ≤ 2.50x > 2.00x | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest | 1.25% | |
Revolving Credit Facility (RCF) | ≤ 2.00x > 1.50x | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest | 1.00% | |
Revolving Credit Facility (RCF) | ≤ 1.50x | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest | 0.75% |
Loans and borrowings - Security
Loans and borrowings - Security (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Pledge of shares of consolidated companies (net equity in subsidiaries) | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets pledged as collateral for liabilities | € 236,808 | € 93,743 | € 118,262 |
Pledge of trade receivables, other current receivables, prepaid expenses and income tax receivable | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets pledged as collateral for liabilities | 17,609 | 94,286 | 162,110 |
Pledge of cash in hand | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets pledged as collateral for liabilities | € 4,918 | € 169,952 | € 73,493 |
Other long-term liabilities - D
Other long-term liabilities - Disclosure of other long-term liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Other long-term liabilities | € 10,349 | € 2,003 | € 2,078 |
Lease liabilities long-term | 19,122 | 27,750 | 32,420 |
Closing balance at 31 March | € 29,471 | € 29,753 | € 34,498 |
Other long-term liabilities - N
Other long-term liabilities - Narrative (Details) € in Millions | Mar. 19, 2021EUR (€) |
ZigZag | |
Disclosure of financial liabilities [line items] | |
Put Options, Liabilities | € 7.4 |
Deferred income tax assets an_3
Deferred income tax assets and liabilities - Net movement on the deferred tax account (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Deferred tax assets and liabilities [abstract] | |||
Opening balance at 1 April | € (22,215) | € (38,512) | € (54,442) |
Acquisition of subsidiary | (1,305) | 0 | 0 |
Income statement credit | 34,167 | 16,198 | 15,997 |
Tax (charge) / credit relating to components of other comprehensive income | 108 | 307 | (74) |
Exchange differences | 255 | (208) | 7 |
Closing balance at 31 March | € 11,010 | € (22,215) | € (38,512) |
Deferred income tax assets an_4
Deferred income tax assets and liabilities - Summary by temporary difference (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Assets | € 30,592 | € 12,349 | € 10,864 | |
Deferred income tax liabilities | 19,582 | 34,564 | 49,376 | |
Net | 11,010 | (22,215) | (38,512) | € (54,442) |
Trade Receivables | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Assets | 212 | 489 | 843 | |
Deferred income tax liabilities | 0 | 2 | 23 | |
Property, plant and equipment | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Assets | 619 | 507 | 578 | |
Deferred income tax liabilities | 2,274 | 834 | 1,018 | |
Intangible assets | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Assets | 584 | 333 | 344 | |
Deferred income tax liabilities | 3,163 | 1,516 | 1,085 | |
Current liabilities | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Assets | 3,419 | 3,798 | 2,825 | |
Deferred income tax liabilities | 366 | 107 | 88 | |
Loans and borrowings | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Assets | 2,848 | 2,681 | 901 | |
Deferred income tax liabilities | 0 | 0 | 0 | |
Other items | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Assets | 1,107 | 2,189 | 2,303 | |
Deferred income tax liabilities | 230 | 2,752 | 2,010 | |
Deferred tax on tax credits | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Assets | 1,643 | 1,028 | 0 | |
Deferred income tax liabilities | 0 | 0 | 0 | |
Tax value of loss carry-forwards recognized | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Assets | 23,405 | 3,939 | 4,645 | |
Deferred income tax liabilities | 0 | 0 | 0 | |
Retirement benefit obligations | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Assets | 148 | 40 | 347 | |
Deferred income tax liabilities | 0 | 0 | 0 | |
Reclassifications | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Assets | 3,393 | 2,655 | 1,922 | |
Deferred income tax liabilities | 3,393 | 2,655 | 1,922 | |
Intangible assets TFS | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Assets | 0 | 0 | 0 | |
Deferred income tax liabilities | 8,944 | 15,652 | 22,360 | |
Intangible assets TFS KA's and NA's | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Assets | 0 | 0 | 0 | |
Deferred income tax liabilities | 2,305 | 9,219 | 16,133 | |
Intangible assets DCC Acquirers | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Assets | 0 | 0 | 0 | |
Deferred income tax liabilities | 319 | 1,290 | 2,261 | |
Intangible assets Global Blue Trademark | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Assets | 0 | 0 | 0 | |
Deferred income tax liabilities | € 5,374 | € 5,847 | € 6,320 |
Deferred income tax assets an_5
Deferred income tax assets and liabilities - Deferred tax recoverable (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax asset | € 30,592 | € 12,349 | € 10,864 |
Deferred tax liabilities | 19,582 | 34,564 | 49,376 |
Deferred tax assets to be recovered after more than 12 months | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax asset | 29,203 | 7,690 | 8,423 |
Deferred tax liabilities | 16,646 | 33,672 | 48,317 |
Expiry within 1 year | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax asset | 1,389 | 4,659 | 2,441 |
Deferred tax liabilities | € 2,936 | € 892 | € 1,059 |
Deferred income tax assets an_6
Deferred income tax assets and liabilities - Narrative (Details) - EUR (€) | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax liabilities | € 19,582,000 | € 34,564,000 | € 49,376,000 |
Unused tax asset carried forward, deferred tax asset | 19,100,000 | ||
Unused tax losses carried forward | 382,700,000 | 220,900,000 | 215,000,000 |
Deferred income tax asset | 30,592,000 | 12,349,000 | 10,864,000 |
Unused tax losses for which no deferred tax asset recognised | 382,726,000 | 220,894,000 | 215,037,000 |
Deductible temporary differences for which no deferred tax asset is recognised | 254,087,000 | 206,377,000 | 193,484,000 |
Tax value of loss carry-forwards recognized | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax liabilities | 0 | 0 | 0 |
Gross Tax Loss Carryforward | 128,600,000 | 14,500,000 | 21,600,000 |
Deferred income tax asset | 23,405,000 | 3,939,000 | 4,645,000 |
Unused tax losses for which no deferred tax asset recognised | € 254,100,000 | € 206,400,000 | € 193,500,000 |
Deferred income tax assets an_7
Deferred income tax assets and liabilities - Expiry of total tax loss carried forward and Tax loss carried forward for unrecognized deferred tax asset expiring (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | € 382,726 | € 220,894 | € 215,037 |
Deductible temporary differences for which no deferred tax asset is recognised | 254,087 | 206,377 | 193,484 |
Expiry within 1 year | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 0 | 1,072 | 1,286 |
Deductible temporary differences for which no deferred tax asset is recognised | 0 | 94 | 195 |
Expiry 1-2 years | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 19,705 | 2,320 | 2,365 |
Deductible temporary differences for which no deferred tax asset is recognised | 19,668 | 274 | 97 |
Expiry 2-5 years | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 3,707 | 105,598 | 72,129 |
Deductible temporary differences for which no deferred tax asset is recognised | 678 | 102,271 | 68,737 |
Expiry after 5 years | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 113,671 | 55,197 | 88,818 |
Deductible temporary differences for which no deferred tax asset is recognised | 44,337 | 54,242 | 82,615 |
No expiration | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 245,643 | 56,707 | 50,439 |
Deductible temporary differences for which no deferred tax asset is recognised | € 189,404 | € 49,496 | € 41,840 |
Post-employment benefits - Sche
Post-employment benefits - Schedule of defined benefit liability (asset) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Total net periodic cost (income) | € 1,169 | € 1,199 | € 652 |
Pension defined benefit plan | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Pension liability | 7,020 | 7,619 | 5,062 |
Long service leave | 536 | 343 | 0 |
Total net periodic cost (income) | 1,106 | 1,155 | 341 |
Long service leave | 199 | 76 | 0 |
Remeasurements of post employment benefit obligations | € (52) | € 2,162 | € (428) |
Post-employment benefits - Disc
Post-employment benefits - Disclosure of Reconciliation of Defined Benefit Liability (Asset) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Changes in net defined benefit liability (asset) [abstract] | |||
Contributions by employer | € 700 | € 700 | € 700 |
Pension defined benefit plan | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | 7,619 | 5,062 | |
Changes in net defined benefit liability (asset) [abstract] | |||
Current service cost | 721 | 1,202 | 1,224 |
Interest income | 71 | 87 | 75 |
Settlements | (23) | ||
Exchange differences | 291 | (131) | 233 |
Ending balance | 7,020 | 7,619 | 5,062 |
Present value of defined benefit obligation | Pension defined benefit plan | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | 16,939 | 12,822 | 12,620 |
Changes in net defined benefit liability (asset) [abstract] | |||
Current service cost | 721 | 1,202 | 1,224 |
Interest income | 99 | 166 | 128 |
Contributions by employees | 1,473 | 838 | 1,101 |
(Gain)/loss from change in demographic assumptions | 0 | 0 | 43 |
(Gain)/loss from change in financial assumptions | (130) | 1,915 | (439) |
Experience (gains)/loss | 94 | 211 | (44) |
Benefits paid | (1,369) | (884) | (1,036) |
Settlements | 23 | (3) | (1,206) |
Exchange differences | (701) | 671 | 431 |
Ending balance | 17,149 | 16,939 | 12,822 |
Plan assets | Pension defined benefit plan | |||
Disclosure of defined benefit plans [line items] | |||
Beginning balance | 9,320 | 7,760 | 7,213 |
Changes in net defined benefit liability (asset) [abstract] | |||
Interest income | (28) | (79) | (53) |
Return on plan assets (excluding amounts included in net interest expense) | 16 | (36) | (12) |
Contributions by employees | 1,473 | 838 | 1,101 |
Benefits paid | 981 | 575 | 919 |
Settlements | 0 | 0 | (668) |
Exchange differences | (410) | 540 | 275 |
Contributions by employer | 684 | 714 | 717 |
Ending balance | € 10,130 | € 9,320 | € 7,760 |
Post-employment benefits - Di_2
Post-employment benefits - Disclosure of income statement impact (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit plans | € (1,169) | € (1,199) | € (652) |
Pension defined benefit plan | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 721 | 1,202 | 1,224 |
Interest cost | 71 | 87 | 75 |
Administrative cost | 0 | 0 | (667) |
Settlements | (23) | ||
Effect of any curtailments/settlements (+/-) | (3) | (1,206) | |
Unrealized FX impact | 291 | (131) | 233 |
Defined benefit plans | € (1,106) | € (1,155) | € (341) |
Post-employment benefits - Narr
Post-employment benefits - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of defined benefit plans [line items] | |||
Expected post-employment benefit expense (credit) | € 1,300 | € 1,500 | € 1,200 |
Contributions by employer | 700 | 700 | 700 |
Other long term liabilities | 29,471 | 29,753 | 34,498 |
Sweden | Multi-employer defined benefit plans | |||
Disclosure of defined benefit plans [line items] | |||
Other long term liabilities | € 2,500 | € 2,000 | € 2,100 |
Post-employment benefits - Di_3
Post-employment benefits - Disclosure of Financial and Demographic Assumptions (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Austria | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 400.00% | 0.90% | 1.75% |
Future salary increases | 3.00% | 3.00% | 3.00% |
Duration in years | 12 years 1 month 6 days | 13 years 6 months | 13 years 9 months 18 days |
Austria | Male | |||
Disclosure of defined benefit plans [line items] | |||
Retirement age | 62 years | 62 years | 62 years |
Austria | Female | |||
Disclosure of defined benefit plans [line items] | |||
Retirement age | 62 years | 62 years | 62 years |
Switzerland | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 200.00% | 0.30% | 0.90% |
Inflation rate | 1000.00% | 1.00% | 1.00% |
Future salary increases | 1.50% | 1.50% | 1.50% |
Duration in years | 20 years 6 months | 20 years 10 months 24 days | 19 years 10 months 24 days |
Expected contributions to be paid to plan for next annual reporting period | € 694 | € 725 | € 699 |
Switzerland | Male | |||
Disclosure of defined benefit plans [line items] | |||
Retirement age | 65 years | 65 years | 65 years |
Switzerland | Female | |||
Disclosure of defined benefit plans [line items] | |||
Retirement age | 64 years | 64 years | 64 years |
France | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 400.00% | 0.90% | 1.75% |
Inflation rate | 0.00% | ||
Future salary increases | 2.00% | 2.00% | 2.00% |
Future pension increases | 0.00% | ||
Duration in years | 16 years 4 months 24 days | 16 years 4 months 24 days | 16 years 4 months 24 days |
France | Male | |||
Disclosure of defined benefit plans [line items] | |||
Retirement age | 64 years | 64 years | 64 years |
France | Female | |||
Disclosure of defined benefit plans [line items] | |||
Retirement age | 62 years | 62 years | 62 years |
Italy | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 300.00% | 0.80% | 1.60% |
Inflation rate | 1.50% | 1.50% | 1.50% |
Future salary increases | 0.00% | 0.00% | |
Duration in years | 9 years 9 months 18 days | 10 years 2 months 12 days | 9 years 6 months |
Italy | Male | |||
Disclosure of defined benefit plans [line items] | |||
Retirement age | 67 years | 67 years | 67 years |
Italy | Female | |||
Disclosure of defined benefit plans [line items] | |||
Retirement age | 67 years | 67 years | 67 years |
Korea | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 2.00% | 2.00% | 2.30% |
Inflation rate | 0.00% | ||
Future salary increases | 2.00% | 2.00% | 2.00% |
Duration in years | 12 years 1 month 6 days | 12 years 10 months 24 days | 13 years 2 months 12 days |
Korea | Male | |||
Disclosure of defined benefit plans [line items] | |||
Retirement age | 60 years | 60 years | 60 years |
Korea | Female | |||
Disclosure of defined benefit plans [line items] | |||
Retirement age | 60 years | 60 years | 60 years |
Turkey | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 12.50% | 12.00% | 16.00% |
Inflation rate | 0.00% | ||
Future salary increases | 15.00% | 15.00% | 15.00% |
Duration in years | 13 years 3 months 18 days | 13 years 2 months 12 days | 10 years 6 months |
Post-employment benefits - Di_4
Post-employment benefits - Disclosure of Fair Value of Plan Assets (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure Of Employee Benefits [Abstract] | |||
Equity instruments | € 0 | € 0 | € 62 |
Debt instruments | 0 | 0 | 116 |
Euroland bonds | 0 | 0 | 61 |
Hold to maturity bonds | 0 | 0 | 149 |
Property | 0 | 0 | 44 |
Other assets | 0 | 0 | 54 |
Alternative investments | 0 | 0 | 0 |
Insurance contracts | 10,130 | 9,320 | 7,843 |
Total | € 10,130 | € 9,320 | € 8,329 |
Equity instruments, allocation percentage | 0.00% | 0.00% | 0.70% |
Debt instruments, allocation percentage | 0.00% | 0.00% | 1.40% |
Euroland bonds, allocation percentage | 0.00% | 0.00% | 0.70% |
Hold to maturity bonds, allocation percentage | 0.00% | 0.00% | 1.80% |
Property, allocation percentage | 0.00% | 0.00% | 0.50% |
Other assets, allocation percentage | 0.00% | 0.00% | 0.60% |
Alternative investments, allocation percentage | 0.00% | 0.00% | 0.00% |
Insurance contracts, allocation percentage | 100.00% | 100.00% | 94.30% |
Total, allocation percentage | 100.00% | 100.00% | 100.00% |
Post-employment benefits - Di_5
Post-employment benefits - Disclosure of sensitivity analysis for actuarial assumptions (Details) | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Actuarial assumption of discount rates | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Percentage of reasonably possible decrease in actuarial assumption | (0.50%) | (0.50%) | (0.50%) |
Percentage of reasonably possible increase in actuarial assumption | 0.50% | 0.50% | 0.50% |
Actuarial assumption of discount rates | Austria | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 6.20% | 6.90% | 7.20% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (5.80%) | (6.40%) | (6.70%) |
Actuarial assumption of discount rates | Switzerland | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 11.00% | 11.20% | 10.60% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (9.40%) | (9.60%) | (9.10%) |
Actuarial assumption of discount rates | France | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 8.60% | 8.60% | 8.50% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (7.80%) | (7.70%) | (7.70%) |
Actuarial assumption of discount rates | Italy | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 5.10% | 5.30% | 4.90% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (4.70%) | (4.80%) | (4.50%) |
Actuarial assumption of discount rates | Korea | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 6.20% | 6.60% | 6.80% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (5.70%) | (6.10%) | (6.20%) |
Actuarial assumption of discount rates | Turkey | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 6.20% | 6.10% | 4.70% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (5.70%) | (5.60%) | (4.40%) |
Actuarial assumption of expected rates of salary increases | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Percentage of reasonably possible decrease in actuarial assumption | (0.50%) | (0.50%) | (0.50%) |
Percentage of reasonably possible increase in actuarial assumption | 0.50% | 0.50% | 0.50% |
Actuarial assumption of expected rates of salary increases | Austria | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (5.70%) | (6.30%) | (6.60%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 6.00% | 6.70% | 7.10% |
Actuarial assumption of expected rates of salary increases | Switzerland | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (1.10%) | (1.40%) | (1.40%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 1.20% | 1.40% | 1.50% |
Actuarial assumption of expected rates of salary increases | France | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (7.70%) | (7.70%) | (7.70%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 8.40% | 8.40% | 8.40% |
Actuarial assumption of expected rates of salary increases | Italy | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (4.40%) | (4.60%) | (4.30%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 4.70% | 5.00% | 4.60% |
Actuarial assumption of expected rates of salary increases | Korea | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (5.60%) | (6.00%) | (6.10%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 6.00% | 6.50% | 6.60% |
Actuarial assumption of expected rates of salary increases | Turkey | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (5.50%) | (5.50%) | (4.40%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 6.00% | 5.90% | 4.70% |
Actuarial assumption of mortality rates | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Percentage of reasonably possible decrease in actuarial assumption | (10.00%) | (10.00%) | (10.00%) |
Percentage of reasonably possible increase in actuarial assumption | 10.00% | 10.00% | 10.00% |
Actuarial assumption of mortality rates | Switzerland | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 1.70% | 1.60% | 1.40% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (1.60%) | (1.50%) | (1.20%) |
Post-employment benefits - Di_6
Post-employment benefits - Disclosure of Position of Post-employment Benefit Plan (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of defined benefit plans [line items] | |||
Fair value of plan assets | € (10,130) | € (9,320) | € (8,329) |
Post-employment defined benefit plan | |||
Disclosure of defined benefit plans [line items] | |||
Present value of defined benefit obligation | 17,149 | 16,939 | 12,822 |
Fair value of plan assets | (10,130) | (9,320) | (7,760) |
Deficit in the plan | 7,019 | 7,619 | 5,062 |
Experience adjustments on defined benefit obligation | € (94) | € (211) | € 44 |
Provision for other liabiliti_3
Provision for other liabilities and charges - Disclosure of provision for legal claims (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Reconciliation of changes in other provisions [abstract] | |||
Opening balance at 1 April | € 2,235 | € 1,746 | € 1,485 |
Additional provisions | 1,337 | 537 | 278 |
Amounts utilized during the year | 0 | 0 | (17) |
Not utilized amounts which have been reversed during the year | (1,360) | (50) | 0 |
Translation differences for the financial year | (10) | 2 | 0 |
Closing balance at 31 March | 2,202 | 2,235 | 1,746 |
Non-current | 2,202 | 2,235 | 1,746 |
Current | 0 | 0 | 0 |
Other provisions | € 2,202 | € 2,235 | € 1,746 |
Trade payables - Disclosure of
Trade payables - Disclosure of trade payables (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Merchants | € 48,190 | € 113,128 | € 124,008 |
Tourists | 80,473 | 92,394 | 91,735 |
Agents | 3,956 | 3,744 | 19,566 |
Other trade payables | 14,858 | 28,053 | 28,411 |
Trade payables | € 147,477 | € 237,319 | € 263,720 |
Other current liabilities - Dis
Other current liabilities - Disclosure of other current liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Account payables - Non trade | € 5,833 | € 12,284 | € 10,690 |
Input VAT, withholding tax | 1,370 | 3,208 | 4,238 |
Personnel taxes | 8,829 | 4,185 | 3,313 |
Share-based payment obligation | 0 | 7,396 | 6,161 |
Lease liability short-term | 12,578 | 14,001 | 13,713 |
AVPS liabilities | 3,983 | 3,584 | 19,820 |
Other current liabilities | 11,600 | 578 | 953 |
Total | € 44,193 | € 45,236 | € 58,888 |
Other current liabilities - Nar
Other current liabilities - Narrative (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Other current liabilities | € 11,600 | € 578 | € 953 |
Accrued liabilities - Disclosur
Accrued liabilities - Disclosure of accrued liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Salaries and related items | € 17,853 | € 22,582 | € 19,341 |
Interest on external loans | 1,815 | 0 | 124 |
Auditors, lawyers and consultants | 7,287 | 5,508 | 3,702 |
Advertising and promotion | 229 | 656 | 864 |
Rent | 1,011 | 596 | 1,377 |
IT | 514 | 1,113 | 1,465 |
Other accrued liabilities | 8,357 | 11,245 | 13,069 |
Restructuring costs related to employees | 0 | 133 | 28 |
Total | 37,066 | € 41,833 | € 39,970 |
Tax matter accrual in France | € 6,500 |
Adjustments to cash from oper_3
Adjustments to cash from operating activities - Disclosure of Detailed Information about Adjustments to Cash from Operating Activities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
ZigZag | |||
Cash Flow Adjustments [Line Items] | |||
Remuneration expense, put option | € 2,817 | € 0 | € 0 |
Net change in capitalized financing costs (excl. yearly amortization) | (937) | (9) | 0 |
Net change in interests payable | 28 | 55 | 3 |
Net foreign exchange gains/(losses) on financing activities | (280) | 3,105 | 861 |
Net foreign exchange gains/(losses) | (1,379) | (4,178) | (399) |
Other finance income | 2,121 | 1,650 | 1,403 |
Interest received | 345 | 552 | 562 |
Other finance expenses | (2,203) | (5,947) | (3,501) |
Total | (2,305) | (4,772) | (1,071) |
Change in provisions | (22) | 486 | 277 |
Change in the value of retirement benefit obligation | (976) | 59 | (712) |
Changes in share-based payments | 1,239 | 0 | 0 |
Impairment financial assets | 0 | 0 | 101 |
Impairment tangible and intangible assets | 1,676 | 0 | 0 |
Fair value (gain)/loss on derivative financial instruments | 489 | (894) | 1 |
Profit/(loss) from participations in associated companies | 1,056 | 1,839 | 0 |
Gain/(loss) on Share base payments and NC-PECS | 0 | 1,771 | 1,053 |
Capital gain/loss tangible and intangible assets | 696 | 0 | 0 |
Other | 649 | (322) | 485 |
Other adjustments for non-cash items | € (7,624) | € (2,939) | € (1,205) |
Cash flows from changes in wo_3
Cash flows from changes in working capital - Disclosure of Detailed Information about Cash Flows from Changes in Working Capital (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of cash flows [abstract] | |||
Trade receivables | € 111,033 | € 105,169 | € 20,792 |
Other current receivables | 3,450 | 14,690 | (15,579) |
Prepaid expenses | 3,023 | 6,890 | (540) |
(Increase) / Decrease in operating receivables | 117,506 | 126,749 | 4,673 |
Trade payables | (89,462) | (25,432) | (7,040) |
Other current liabilities | (1,622) | (14,795) | 10,888 |
Accrued liabilities | (6,579) | 2,458 | (5,200) |
Increase / (decrease) in operating payables | (97,663) | (37,769) | (1,352) |
Cash flows from changes in working capital | € 19,843 | € 88,980 | € 3,321 |
Business combinations - Narrati
Business combinations - Narrative (Details) € in Thousands, $ in Millions | Mar. 06, 2021USD ($) | Mar. 29, 2019EUR (€) | Sep. 28, 2018EUR (€) | Mar. 31, 2021EUR (€) | Mar. 31, 2020EUR (€) | Mar. 31, 2019EUR (€) | Mar. 19, 2021EUR (€) | Aug. 28, 2020 |
Disclosure of detailed information about business combination [line items] | ||||||||
Issue of share capital | € 57,787 | € (2) | ||||||
Contingent consideration payable | € 9,600 | |||||||
Maximum undiscounted consideration | € 11,700 | |||||||
Non-controlling interests | 6,779 | 8,376 | € 8,426 | |||||
Term Loan | Bottom of range | Euribor | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Borrowings, adjustment to interest rate basis | 0.00% | |||||||
IRIS Global Blue TRS Malaysia Sdn. Bhd. | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Reduction of issued capital | € 7,800 | |||||||
Share value returned to owners | 5,700 | |||||||
Cancellation of treasury shares | € 2,100 | |||||||
Proportion of ownership interests held by non-controlling interests | 23.90% | 23.90% | ||||||
Non-controlling interests | € 300 | |||||||
ZigZag | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||
Consideration transferred, acquisition-date fair value | € 66,381 | |||||||
Contingent consideration payable | 9,596 | |||||||
Remuneration expense, put option | € 2,817 | € 0 | € 0 | |||||
Put Options, Liabilities | 7,400 | |||||||
Software | € 5,223 | |||||||
Discount rate reduction | 2.50% | |||||||
Relief-from-royalty | 5.00% | |||||||
Cash consideration paid | € 51,879 | |||||||
ZigZag | Discount rate, measurement input [member] | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Significant unobservable input, assets | 0.120 | |||||||
ZigZag | Weighted average cost of capital, measurement input [member] | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Significant unobservable input, assets | 0.145 | |||||||
ZigZag | Revenue multiple, measurement input [member] | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Significant unobservable input, assets | 0.220 | |||||||
ZigZag | Ordinary shares | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Issue of share capital | $ | $ 70 | |||||||
ZigZag | ZZ Global Blue Holding Limited | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Percentage of share capital | 8.20% | |||||||
ZigZag | ZZ Global Blue Holding Limited | Ordinary shares | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Issue of share capital | € 4,557 | |||||||
Refund Suisse | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Consideration transferred, acquisition-date fair value | € 7,018 | |||||||
Contingent consideration payable | 1,551 | |||||||
Software | 53 | |||||||
Cash consideration paid | € 5,467 |
Business combinations - Disclos
Business combinations - Disclosure of detailed information about business combination (Details) € in Thousands, $ in Millions | Mar. 19, 2021EUR (€) | Mar. 06, 2021USD ($) | Mar. 31, 2021EUR (€) | Mar. 31, 2020EUR (€) | Mar. 31, 2019EUR (€) | Sep. 28, 2018EUR (€) |
Satisfied by [Abstract] | ||||||
Issue of share capital | € (57,787) | € 2 | ||||
Contingent consideration payable | € (9,600) | |||||
Total net cash outflow | (52,526) | € 0 | € (5,467) | |||
ZigZag | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Software | 5,223 | |||||
Property, plant and equipment | 23 | |||||
Trade and other receivables | 1,886 | |||||
Cash | 1,680 | |||||
Trade and other payables | (2,575) | |||||
Borrowings | (2,327) | |||||
Deferred tax liabilities | (1,305) | |||||
Fair value of assets and liabilities | 2,605 | |||||
Goodwill arising on acquisition | 63,776 | |||||
Consideration payable | (66,381) | |||||
Satisfied by [Abstract] | ||||||
Cash consideration paid | 51,879 | |||||
Consideration payable | 349 | |||||
Contingent consideration payable | (9,596) | |||||
Put Options, Liabilities | 7,400 | |||||
Total net cash outflow | € (52,526) | |||||
ZigZag | Ordinary shares | ||||||
Satisfied by [Abstract] | ||||||
Issue of share capital | $ | $ (70) | |||||
ZigZag | Ordinary shares | ZZ Global Blue Holding Limited | ||||||
Satisfied by [Abstract] | ||||||
Issue of share capital | € (4,557) | |||||
Refund Suisse | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Software | € 53 | |||||
Property, plant and equipment | 13 | |||||
Long-term receivables | 19 | |||||
Trade and other receivables | 237 | |||||
Current tax assets | 7 | |||||
Trade and other payables | (291) | |||||
Borrowings | (58) | |||||
Fair value of assets and liabilities | (20) | |||||
Goodwill arising on acquisition | 7,038 | |||||
Non-controlling interests | 0 | |||||
Consideration payable | (7,018) | |||||
Satisfied by [Abstract] | ||||||
Cash consideration paid | 5,467 | |||||
Contingent consideration payable | € (1,551) |
Transactions with non-control_2
Transactions with non-controlling interests - Narrative (Details) - EUR (€) € in Thousands | Mar. 29, 2019 | Sep. 28, 2018 | Jun. 30, 2018 | Apr. 12, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Non-controlling interests [Line Items] | |||||||
Share capital | € 1,916 | € 341 | € 341 | ||||
Non-convertible equity certificates | 0 | 4,891 | 4,494 | ||||
Non-Convertible Preferred Equity Certificates | |||||||
Non-controlling interests [Line Items] | |||||||
Net acquisition and sale of shares and NC-PECs | € 500 | € 0 | |||||
Global Blue Management Equity Plan | Senior Management | |||||||
Non-controlling interests [Line Items] | |||||||
Non-convertible equity certificates | € 3,000 | ||||||
Global Blue Russia Holding B.V. | |||||||
Non-controlling interests [Line Items] | |||||||
Proportion of ownership interest in subsidiary | 51.00% | ||||||
Proportion of ownership interests held by non-controlling interests | 49.00% | ||||||
Global Blue Russia AO | |||||||
Non-controlling interests [Line Items] | |||||||
Proportion of ownership interest in subsidiary | 51.00% | 50.93% | |||||
Proportion of ownership interests held by non-controlling interests | 49.00% | ||||||
Global Blue Cross Border SA | |||||||
Non-controlling interests [Line Items] | |||||||
Proportion of ownership interest in subsidiary | 70.00% | 70.00% | 69.90% | ||||
Proportion of ownership interests held by non-controlling interests | 30.00% | ||||||
Share capital | € 1,000 | ||||||
Share capital, contribution by Global Blue | € 700 | ||||||
IRIS Global Blue TRS Malaysia Sdn. Bhd. | |||||||
Non-controlling interests [Line Items] | |||||||
Proportion of ownership interests held by non-controlling interests | 23.90% | 23.90% | |||||
Global Blue Holland B.V. | Global Blue Russia Holding B.V. | |||||||
Non-controlling interests [Line Items] | |||||||
Proportion of ownership interest in subsidiary | 51.00% | ||||||
Global Blue Russia Holding B.V. | Global Blue Russia AO | |||||||
Non-controlling interests [Line Items] | |||||||
Proportion of ownership interest in subsidiary | 100.00% |
List of Global Blue entities -
List of Global Blue entities - Disclosure of interests in subsidiaries (Details) | Sep. 28, 2018 | Mar. 31, 2021 | Mar. 31, 2020 |
Global Blue Argentina S.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 99.99% | 99.85% | |
Global Blue Austria GmbH | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Service Company Austria GmbH | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
DEV Digital Export Validation GmbH | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% | |
Global Blue Australia Pty Ltd | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Currency Choice Australia Pty Ltd | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Currency Select Pty Limited | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Belgium | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
ZigZag Global EOOD | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% | |
Global Blue Bahamas Ltd | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Schweiz AG | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue SA | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Group AG | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% | |
Refund Suisse AG | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Cross Border SA | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 70.00% | 70.00% | 69.90% |
Global Blue Group II GmbH | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% | |
Global Blue Currency Choice Schweiz AG | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Commercial Consulting (Shanghai) Co. Ltd | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Commercial Consulting (Beijing) Co Ltd | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Cyprus Ltd | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Czech Republic, s.r.o. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Deutschland GmbH | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue New Holdings Germany GmbH | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
RFND Digital GmbH | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Danmark A/S | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Eesti OU | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
G. Blue España SA | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue España SA | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Acquisition España S.A.U. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Finland Oy | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Administration Center North Oy | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue France | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Holding | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue (UK) Ltd | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Service Company UK Limited | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue New Holdings UK Ltd | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
ZZ Global Blue Holding Limited | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% | |
ZigZag | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% | |
Global Blue Marketing Services Limited | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Estera Trust Limited | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | |
Global Blue Hellas SA | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
First Currency Choice Hong Kong Limited | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Croatia, trgovina i turizam d.o.o. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Tax Free Ireland Limited | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue a Islandi hf | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Italia S.r.l. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Service Company Italia SRL | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Currency Choice Italia S.r.l. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Japan Co., Ltd. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue TFS Japan Co Ltd | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 51.00% | 50.93% | |
Global Blue Korea Co Ltd | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Currency Choice Korea Co Ltd | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Holding Limited | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | |
Global Blue Kazakhstan LLP | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Lebanon SAL | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 61.00% | 60.91% | |
UAB Global Blue Lietuva | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Luxembourg S.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Finance S.a.r.l. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Midco S.a.r.l. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Management & Co S.C.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Investment & Co S.C.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | |
Global Blue Investment GP | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% | |
Global Blue Latvija SIA | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Maroc SA | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Malaysia Snd. Bhd. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Holland B.V. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Holding B.V. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Acquisition B.V. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Russia Holdings B.V. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 51.00% | 50.93% | |
Global Blue Norge AS | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Currency Select New Zealand Pty Ltd | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Polska Sp. Zo.o. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Refund Portugal - Prestacao de Sevicos Fiscais, Lda. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue d.o.o. Beograd - Novi Beograd | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Russia AO | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 51.00% | 50.93% | |
Global Blue Sverige AB | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Sweden Holdings AB | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Service AB | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Holdings AB | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Currency Choice Service Europe AB | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Singapore Pte Ltd | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Service Company Singapore Pte Ltd | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Currency Choice Singapore Pte Ltd | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue trgovina in turizem d.o.o. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Slovakia s.r.o. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue (Thailand) Co. Limited | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 99.86% | |
Global Blue Turistik Hizmetler A.Ş. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in associate | 60.00% | 59.92% | |
Far Point Acquisition Corporation | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% | |
ZigZag Global LLC | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% | |
Global Blue Argentina S.A. Sucursal Uruguay | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 99.99% | 99.86% |
Additional information - Fina_3
Additional information - Financial Statement Schedule I - Condensed income statement of the Parent business activity (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Condensed Income Statements, Captions [Line Items] | |||
Operating expenses | € (475,238) | € (379,201) | € (354,433) |
Net finance costs | (23,964) | (31,849) | (28,680) |
(Loss) / Profit before tax | (454,506) | 9,350 | 29,843 |
Income tax benefit / (expense) | 30,977 | (7,681) | (22,956) |
(Loss) / Profit for the year | (423,529) | € 1,669 | € 6,887 |
Parent Company | |||
Condensed Income Statements, Captions [Line Items] | |||
Operating expenses | (144,644) | ||
Dividend income | 68,431 | ||
Net finance costs | 50 | ||
(Loss) / Profit before tax | (76,163) | ||
Income tax benefit / (expense) | (446) | ||
(Loss) / Profit for the year | € (76,609) |
Additional information - Fina_4
Additional information - Financial Statement Schedule I - Condensed statement of financial position of the Parent Company (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
ASSETS | ||||
Non-current assets | € 709,888 | € 712,771 | € 777,846 | |
Current assets | 251,264 | 411,439 | 421,307 | |
Total assets | 961,152 | 1,124,210 | 1,199,153 | |
EQUITY AND LIABILITIES | ||||
Share capital | 1,916 | 341 | 341 | |
Other reserves | (959,082) | (11,881) | (1,201) | |
Accumulated losses | (742,836) | (317,195) | (312,455) | |
Total equity | (69,611) | 71,497 | 86,967 | € 82,205 |
Liabilities | ||||
Non-current liabilities | 779,556 | 704,000 | 717,750 | |
Current liabilities | 251,207 | 348,713 | 394,436 | |
Total liabilities | 1,030,763 | 1,052,713 | 1,112,186 | |
Total equity and liabilities | 961,152 | € 1,124,210 | € 1,199,153 | |
Parent Company | ||||
ASSETS | ||||
Investments in subsidiaries | 1,418,280 | |||
Loans to group companies | 59,289 | |||
Non-current assets | 1,477,569 | |||
Current assets | 310 | |||
Total assets | 1,477,879 | |||
EQUITY AND LIABILITIES | ||||
Share capital | 1,678,506 | |||
Other reserves | (132,005) | |||
Accumulated losses | (77,924) | |||
Total equity | 1,468,577 | |||
Liabilities | ||||
Non-current liabilities | 0 | |||
Current liabilities | 9,302 | |||
Total liabilities | 9,302 | |||
Total equity and liabilities | € 1,477,879 |
Additional information - Fina_5
Additional information - Financial Statement Schedule I - Condensed statement of cash flows of the Parent Company (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
(Loss) / Profit before tax | € (454,506) | € 9,350 | € 29,843 |
Capital reorganization non-cash items | 199,502 | 0 | 0 |
Other non-cash items | 7,624 | 2,939 | 1,205 |
Changes in working capital | 19,843 | 88,980 | 3,321 |
Net cash from / (used in) operating activities | (103,146) | 189,260 | 114,340 |
Proceeds from issuance of share capital | 58,721 | 0 | 0 |
Net cash from / (used in) in financing activities | 134,113 | (22,208) | (19,064) |
Net increase (decrease) in cash and cash equivalents | (42,472) | 123,134 | 54,444 |
Cash and cash equivalents at beginning of year | 226,139 | 104,072 | 50,674 |
Cash and cash equivalents at end of year | 182,783 | 226,139 | € 104,072 |
Parent Company | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
(Loss) / Profit before tax | (76,163) | ||
Capital reorganization non-cash items | 125,620 | ||
Movement in loans with group companies | (59,529) | ||
Other non-cash items | 1,239 | ||
Changes in working capital | 8,833 | ||
Net cash from / (used in) operating activities | 0 | ||
Proceeds from issuance of share capital | 222 | ||
Proceeds from treasury shares | 65 | ||
Net cash from / (used in) in financing activities | 287 | ||
Net increase (decrease) in cash and cash equivalents | 287 | ||
Cash and cash equivalents at beginning of year | 0 | ||
Cash and cash equivalents at end of year | € 287 | € 0 |
Additional information - Fina_6
Additional information - Financial Statement Schedule I - Schedule of IFRS loss reconciliation for parent company (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
IFRS Loss Reconciliation [Abstract] | ||||
(Loss) / Profit for the year | € (423,529) | € 1,669 | € 6,887 | |
Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost | (345,507) | |||
Owners of the parent | (422,116) | (3,532) | 2,350 | |
IFRS Equity Reconciliation [Abstract] | ||||
Total equity | (69,611) | 71,497 | 86,967 | € 82,205 |
Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost | (1,544,967) | |||
Equity attributable to owners of the parent | (76,390) | € 63,121 | € 78,541 | |
Parent Company | ||||
IFRS Loss Reconciliation [Abstract] | ||||
(Loss) / Profit for the year | (76,609) | |||
IFRS Equity Reconciliation [Abstract] | ||||
Total equity | € 1,468,577 |
Investments in associates and_3
Investments in associates and joint ventures - Narrative (Details) - EUR (€) | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Joint ventures where entity is venturer | |||
Disclosure of transactions between related parties [line items] | |||
Amounts receivable, related party transactions | € 600,000 | € 1,500,000 | € 0 |
Investments in associates and_4
Investments in associates and joint ventures - Investment in associates and joint ventures (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Investments in subsidiaries, joint ventures and associates [abstract] | |||
Investments in joint ventures accounted for using equity method | € 2,744 | € 2,892 | € 840 |
Investments in associates accounted for using equity method | 753 | 3 | 1,604 |
Investments In Associates And Joint Ventures | € 3,497 | € 2,895 | € 2,444 |
Investments in associates and_5
Investments in associates and joint ventures - Share of income from joint ventures (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Investments in subsidiaries, joint ventures and associates [abstract] | |||
Share of profit or loss | € (1,056) | € (1,598) | € 1,603 |
Share of other comprehensive income | 0 | 0 | 0 |
Share of total comprehensive income | € (1,054) | € (1,596) | € 1,605 |
Related party transactions - Re
Related party transactions - Remuneration to key management personnel (Details) - Key management personnel - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Short-term employee benefits | € 5,162 | € 4,408 | € 5,073 |
Post-employment benefits | 474 | 371 | 375 |
Share based payments | 680 | 0 | 0 |
Total | € 6,316 | € 4,779 | € 5,448 |
Related party transactions - Na
Related party transactions - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Monitoring fee | € 218 | € 709 | € 776 |
Non-convertible equity certificates | 0 | 4,891 | 4,494 |
Non-Convertible Preferred Equity Certificates | Executive Committee Members | |||
Disclosure of transactions between related parties [line items] | |||
Nominal value of NC-PECs, including accrued interest | 1,900 | ||
Global Blue Management Equity Plan | Senior Management | |||
Disclosure of transactions between related parties [line items] | |||
Non-convertible equity certificates | 3,000 | ||
Entities with significant influence over entity | |||
Disclosure of transactions between related parties [line items] | |||
Monitoring fee | € (950) | € 460 | € 700 |
Related party transactions - Pu
Related party transactions - Purchases of services from related parties (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Monitoring fee (including Directors fee) | € 218 | € 709 | € 776 |
Entities with significant influence over entity | |||
Disclosure of transactions between related parties [line items] | |||
Monitoring fee (including Directors fee) | (950) | 460 | 700 |
Directors fee | 278 | 195 | 0 |
Reimbursements | 16 | 54 | 76 |
Total | € (656) | € 709 | € 776 |
Related party transactions - Li
Related party transactions - Liabilities to related parties (Details) - EUR (€) € in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Disclosure of transactions between related parties [line items] | |||
Share-based payment liability | € 0 | € 4,891 | € 4,494 |
Key management personnel | |||
Disclosure of transactions between related parties [line items] | |||
Pension liability | 1,387 | 868 | 407 |
Share-based payment liability | 0 | 7,396 | 6,161 |
Closing balance for the year | € 1,387 | € 8,264 | € 6,568 |
Shareholders of Global Blue G_3
Shareholders of Global Blue Group Holding AG - Disclosure of detailed information about shareholding composition (Details) - shares | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 211,252,951 | |||
Global Blue Group Holding AG | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 198,323,474 | |||
Ownership (in percentage) | 100.00% | |||
Global Blue Group Holding AG | Ant Group, Tom Farley | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 3,723,363 | |||
Ownership (in percentage) | 1.90% | |||
Global Blue Group Holding AG | Ant Group, Management | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 5,072,012 | |||
Ownership (in percentage) | 2.60% | |||
Global Blue Group Holding AG | Ant Group, EBT | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 1,190,415 | |||
Ownership (in percentage) | 0.60% | |||
Global Blue Group Holding AG | GB Directors, Executive Management And Other Employees | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 9,985,790 | |||
Ownership (in percentage) | 5.00% | |||
Global Blue Group Holding AG | Other Shareholders | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 20,468,205 | |||
Ownership (in percentage) | 10.30% | |||
Global Blue Group Holding AG | Silver Lake And Affiliates | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 109,987,559 | |||
Ownership (in percentage) | 55.50% | |||
Global Blue Group Holding AG | Partners Group and Affiliates | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 45,381,920 | |||
Ownership (in percentage) | 22.90% | |||
Global Blue Group Holding AG | Ant Group | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 12,500,000 | |||
Ownership (in percentage) | 6.30% | |||
Global Blue Group Holding AG | GB Group | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 12,929,477 | |||
Warrants | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 30,735,950 | |||
Warrants | Global Blue Group Holding AG | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 30,735,950 | |||
Warrants | Global Blue Group Holding AG | Ant Group, Tom Farley | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 0 | |||
Warrants | Global Blue Group Holding AG | Ant Group, Management | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 0 | |||
Warrants | Global Blue Group Holding AG | Ant Group, EBT | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 516,317 | |||
Warrants | Global Blue Group Holding AG | GB Directors, Executive Management And Other Employees | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 516,317 | |||
Warrants | Global Blue Group Holding AG | Other Shareholders | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 20,969,283 | |||
Warrants | Global Blue Group Holding AG | Silver Lake And Affiliates | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 6,548,415 | |||
Warrants | Global Blue Group Holding AG | Partners Group and Affiliates | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 2,701,935 | |||
Warrants | Global Blue Group Holding AG | Ant Group | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 0 | |||
Warrants | Global Blue Group Holding AG | GB Group | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 0 | |||
Ordinary shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 187,534,962 | 40,000,000 | 40,000,000 | |
Ordinary shares | Global Blue Group Holding AG | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 180,534,962 | 40,000,000 | 40,000,000 | |
Ordinary shares | Global Blue Group Holding AG | Ant Group, Tom Farley | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 3,723,363 | |||
Ordinary shares | Global Blue Group Holding AG | Ant Group, Management | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 4,297,259 | |||
Ordinary shares | Global Blue Group Holding AG | Ant Group, EBT | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 1,086,280 | |||
Ordinary shares | Global Blue Group Holding AG | GB Directors, Executive Management And Other Employees | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 9,106,902 | |||
Ordinary shares | Global Blue Group Holding AG | Other Shareholders | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 20,468,205 | |||
Ordinary shares | Global Blue Group Holding AG | Global Blue Holding LP | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 40,000,000 | 40,000,000 | ||
Ordinary shares | Global Blue Group Holding AG | Silver Lake And Affiliates | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 98,017,072 | |||
Ordinary shares | Global Blue Group Holding AG | Partners Group and Affiliates | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 40,442,783 | |||
Ordinary shares | Global Blue Group Holding AG | Ant Group | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 12,500,000 | |||
Ordinary shares | Global Blue Group Holding AG | GB Group | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 7,000,000 | |||
Preference shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 23,717,989 | |||
Preference shares | Global Blue Group Holding AG | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 17,788,512 | |||
Preference shares | Global Blue Group Holding AG | Ant Group, Tom Farley | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 0 | |||
Preference shares | Global Blue Group Holding AG | Ant Group, Management | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 774,753 | |||
Preference shares | Global Blue Group Holding AG | Ant Group, EBT | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 104,135 | |||
Preference shares | Global Blue Group Holding AG | GB Directors, Executive Management And Other Employees | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 878,888 | |||
Preference shares | Global Blue Group Holding AG | Other Shareholders | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 0 | |||
Preference shares | Global Blue Group Holding AG | Silver Lake And Affiliates | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 11,970,487 | |||
Preference shares | Global Blue Group Holding AG | Partners Group and Affiliates | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 4,939,137 | |||
Preference shares | Global Blue Group Holding AG | Ant Group | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 0 | |||
Preference shares | Global Blue Group Holding AG | GB Group | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (in shares) | 5,929,477 |
Shareholders of Global Blue G_4
Shareholders of Global Blue Group Holding AG - Narrative (Details) € in Thousands | 12 Months Ended | |||
Mar. 31, 2026 | Mar. 31, 2021EUR (€)numberOfVotesRateshares | Mar. 31, 2021$ / sharesshares | Mar. 31, 2020shares | |
Disclosure of classes of share capital [line items] | ||||
Shares exchange ratio, preference shares to ordinary shares, put option (in ordinary shares for preference shares) | Rate | 100.00% | |||
Call option, duration | 20 days | |||
Call option, duration of volume weighted average price calculation | 30 days | |||
Preference share redemption, duration of volume weighted average price calculation | 30 days | |||
Preference share, value attributable on change of control (in USD per share) | $ 10 | |||
Preference shares, liquidation proceeds (in USD per share) | 10 | |||
Share issue related cost | € | € 135,309 | |||
Private warrants to shares purchase ratio (in shares per warrant) | 1 | |||
Price per share, private warrants purchase price (in USD per share) | 11.50 | |||
Price per warrant, public warrant redemption call (in USD per share) | $ 0.01 | |||
Amendment approval required, public warrants (in percentage) | 50.00% | |||
Preference shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of votes, preference shares | numberOfVotes | 1 | |||
Dividend rate (in percentage) | 8.00% | |||
Increase in dividend rate per year (in percentage) | 1.00% | |||
Warrants | ||||
Disclosure of classes of share capital [line items] | ||||
Public warrants issued | shares | 21,083,307 | |||
Private warrants issued | shares | 9,766,667 | |||
Acquisition of warrants (in shares) | shares | 30,849,974 | |||
Share issue related cost | € | € 20,196 | |||
Number of warrants outstanding (in shares) | shares | 30,735,950 | 30,735,950 | 0 | |
Minimum | ||||
Disclosure of classes of share capital [line items] | ||||
Exercise of put option, period | 25 days | |||
Volume weighted average price, ordinary shares (in USD per share) | $ 18 | |||
Volume weighted average price ordinary shares, preference shares (in USD per share) | 10 | |||
Closing price per share (in USD per share) | $ 18 | |||
Redemption period, public warrants call | 30 days | |||
Maximum | ||||
Disclosure of classes of share capital [line items] | ||||
Exercise of put option, period | 65 days |
COVID-19 Considerations - Narra
COVID-19 Considerations - Narrative (Details) $ in Millions | 12 Months Ended | ||||||
Mar. 31, 2022EUR (€) | Mar. 31, 2021EUR (€) | Mar. 31, 2020EUR (€) | Mar. 31, 2019EUR (€) | Mar. 31, 2021USD ($) | Aug. 28, 2020EUR (€) | Mar. 31, 2018EUR (€) | |
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Change in revenue from prior period (in percentage) | 89.00% | ||||||
Average monthly fixed adjusted operating expenses | € 6,200,000 | € 13,200,000 | |||||
Average monthly fixed adjusted operating expenses Decrease (in percentage) | 52.90% | ||||||
Cash and cash equivalents | € 182,783,000 | 226,139,000 | € 104,072,000 | € 50,674,000 | |||
Borrowings | 720,856,000 | 625,676,000 | 624,500,000 | ||||
Loans and borrowings | 720,745,000 | 624,595,000 | 622,398,000 | ||||
Undrawn borrowing facilities | 82,900,000 | ||||||
Trade payables | 147,477,000 | 237,319,000 | 263,720,000 | ||||
Payables to merchants | 48,190,000 | 113,128,000 | 124,008,000 | ||||
Payables to tourists, unclaimed | 77,100,000 | ||||||
Trade receivables | 31,324,000 | 141,306,000 | 249,331,000 | ||||
Monthly cash expenditure | € 10,800,000 | ||||||
Fixed adjusted operating expenses | 6,200,000 | ||||||
Capital expenditures | 1,800,000 | ||||||
Principal elements of lease payments | € 15,031,000 | 15,266,000 | 14,154,000 | ||||
Monthly Payments Of Lease Liabilities | 1,300,000 | ||||||
Monthly Interest Expense | € 1,500,000 | ||||||
Sales in stores | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Change in revenue from prior period (in percentage) | (89.00%) | ||||||
Gross carrying amount | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Borrowings | € 720,856,000 | 625,676,000 | 624,500,000 | ||||
Loans and borrowings | 720,745,000 | 624,595,000 | 622,398,000 | ||||
Revolving Credit Facility (RCF) | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Borrowings | 99,000,000 | € 99,000,000 | |||||
Notional amount | € 100,000,000 | ||||||
Undrawn borrowing facilities | 800,000 | ||||||
Revolving Credit Facility (RCF) | Gross carrying amount | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Borrowings | 99,000,000 | 0 | 0 | ||||
Long-term financing - Senior debt facility | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Borrowings | 621,700,000 | ||||||
Long-term financing - Senior debt facility | Gross carrying amount | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Borrowings | 630,000,000 | 0 | 0 | ||||
Long-term financing - Senior debt facility | Deferred Financing Costs | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Borrowings | 8,300,000 | ||||||
Liquidity facility | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Notional amount | 75,000,000 | $ 75 | |||||
Undrawn borrowing facilities | 63,900,000 | ||||||
Local Credit Facilities | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Notional amount | 18,200,000 | € 21,400,000 | € 12,600,000 | ||||
Undrawn borrowing facilities | € 18,200,000 |