Cover page
Cover page | 6 Months Ended |
Sep. 30, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | GLOBAL BLUE GROUP HOLDING AG |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --03-31 |
Document Period End Date | Sep. 30, 2022 |
Entity Central Index Key | 0001799983 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - EUR (€) € in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Non-current assets | ||
Property, plant and equipment | € 24,710 | € 27,758 |
Intangible assets | 568,265 | 584,026 |
Deferred tax asset | 35,389 | 36,040 |
Investments in joint ventures and associates | 2,738 | 2,650 |
Other investments | 5,707 | 3,881 |
Other non-current financial assets | 13,652 | 12,706 |
Non-current assets | 650,461 | 667,061 |
Current assets | ||
Trade receivables | 237,671 | 100,469 |
Other current receivables | 34,910 | 25,834 |
Income tax receivables | 1,119 | 2,277 |
Prepaid expenses | 5,969 | 5,636 |
Cash and cash equivalents | 221,218 | 51,690 |
Current assets | 500,887 | 185,906 |
Total assets | 1,151,348 | 852,967 |
Equity attributable to owners of the parent | ||
Share capital | 2,194 | 1,907 |
Share premium | 1,851,724 | 1,634,469 |
Other equity | (998) | (10,179) |
Other reserves | (976,702) | (965,755) |
Accumulated losses | (877,484) | (851,967) |
Equity attributable to owners of the parent | (1,266) | (191,525) |
Non-controlling interests | 5,554 | 5,732 |
Total equity | 4,288 | (185,793) |
Non-current liabilities | ||
Loans and borrowings | 790,428 | 722,554 |
Other non-current financial liabilities | 23,609 | 29,705 |
Deferred tax liabilities | 7,063 | 9,642 |
Post-employment benefits | 2,740 | 4,677 |
Provisions for other liabilities and charges | 2,298 | 2,313 |
Non-current liabilities | 826,138 | 768,891 |
Current liabilities | ||
Trade payables | 218,856 | 166,103 |
Other current liabilities | 42,239 | 38,048 |
Accrued liabilities | 35,344 | 33,078 |
Income tax liabilities | 13,604 | 19,913 |
Loans and borrowings | 915 | 676 |
Warrant liabilities | 9,964 | 12,051 |
Current liabilities | 320,922 | 269,869 |
Total liabilities | 1,147,060 | 1,038,760 |
Total equity and liabilities | € 1,151,348 | € 852,967 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Profit or loss [abstract] | ||||
Total revenue | € 81,910 | € 31,211 | € 138,029 | € 47,934 |
Operating expenses | (79,857) | (23,963) | (142,906) | (92,366) |
Operating gain / (loss) | 2,053 | 7,248 | (4,877) | (44,432) |
Finance income | 382 | 1,072 | 573 | 1,165 |
Finance costs | (14,183) | (7,153) | (24,403) | (13,709) |
Net finance costs | (13,801) | (6,081) | (23,830) | (12,544) |
Profit / (loss) before tax | (11,748) | 1,167 | (28,707) | (56,976) |
Income tax benefit | 579 | 4,496 | 2,639 | 10,678 |
Profit / (loss) for the period | (11,169) | 5,663 | (26,068) | (46,298) |
Profit / (loss) attributable to: | ||||
Owners of the parent | (11,729) | 5,230 | (26,927) | (46,692) |
Non-controlling interests | 560 | 433 | 859 | 394 |
Profit / (loss) for the period | € (11,169) | € 5,663 | € (26,068) | € (46,298) |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME / (LOSS) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Profit or loss [abstract] | ||||
Profit / (loss) for the period | € (11,169) | € 5,663 | € (26,068) | € (46,298) |
Other comprehensive income / (loss) that will not be reclassified to profit or loss in subsequent years: | ||||
Remeasurements on post-employment benefit obligations | 152 | 0 | 2,288 | 0 |
Income tax effect | (36) | 0 | (549) | 0 |
Other comprehensive income / (loss) that will not be reclassified to profit or loss in subsequent years: | 116 | 0 | 1,739 | 0 |
Other comprehensive income / (loss) that may be reclassified to profit or loss in subsequent years: | ||||
Currency translation differences | (1,180) | (163) | (1,145) | (1,578) |
Hyperinflation adjustment | 346 | 0 | 346 | 0 |
Other comprehensive income / (loss) that may be reclassified to profit or loss in subsequent years: | (834) | (163) | (799) | (1,578) |
Other comprehensive income / (loss) for the period, net of tax | (718) | (163) | 940 | (1,578) |
Total comprehensive income / (loss) for the period | (11,887) | 5,500 | (25,128) | (47,876) |
Attributable to: | ||||
Owners of the parent | (12,005) | 5,113 | (26,019) | (48,140) |
Non-controlling interest | 118 | 387 | 891 | 264 |
Total comprehensive income / (loss) for the period | € (11,887) | € 5,500 | € (25,128) | € (47,876) |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS € in Thousands, $ in Millions | 6 Months Ended | |
Sep. 30, 2022 EUR (€) | Sep. 30, 2021 EUR (€) | |
Cash flows from (used in) operating activities [abstract] | ||
Loss before tax | € (28,707) | € (56,976) |
Depreciation and amortization | 30,217 | 50,172 |
Net finance costs | 20,003 | 12,389 |
Other non-cash items | 3,594 | (18,522) |
Income tax (paid) / received | (5,808) | (3,079) |
Interest paid | (10,374) | (10,532) |
Changes in working capital | (87,077) | (54,959) |
Net cash used in operating activities | (78,152) | (81,507) |
Cash flows from (used in) investing activities [abstract] | ||
Purchase of tangible assets | (2,575) | (988) |
Purchase of intangible assets | (1,070) | (1,040) |
Payments for capitalized intangible assets | (10,435) | (8,138) |
Acquisition of subsidiaries net of cash acquired | 0 | (2,992) |
Net cash outflow on disposal of subsidiary | (1,684) | 0 |
Acquisitions of non-current financial assets | (3,448) | (952) |
Receipts from non-current financial assets | 373 | 127 |
Net cash used in investing activities | (18,839) | (13,983) |
Cash flows from (used in) financing activities [abstract] | ||
Net proceeds from issuance of share capital | 215,200 | 0 |
Transaction costs of issuance of share capital | (4,512) | 0 |
Principal elements of lease payments | (5,482) | (6,038) |
Proceeds from loans and borrowings due to shareholders | 59,384 | 0 |
Net cash from (used in) financing activities | 264,598 | (6,038) |
Net foreign exchange difference | 1,707 | 721 |
Net increase (decrease) in cash and cash equivalents | 169,314 | (100,807) |
Cash and cash equivalents at beginning of the period | 51,690 | 182,783 |
Cash and cash equivalents at end of the period | 221,218 | 82,680 |
Supplemental Cash Flow Information [Abstract] | ||
Net change in bank overdraft facilities | € 214 | € 704 |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - EUR (€) € in Thousands | Total | Equity | Share capital Ordinary shares | Share capital Preference shares | Share premium Ordinary shares | Share premium Preference shares | Other equity | Other equity Ordinary shares | Other equity Preference shares | Equity settled share based payment | Other reserve | Foreign currency translation reserve | Remeasurements of post employment benefit obligations | Accumulated losses | Non-controlling interests |
Equity balance as of beginning of the year (Balance as of March 31, 2021) at Mar. 31, 2021 | € (100,590) | € (107,369) | € 1,798 | € 118 | € 1,537,425 | € 96,310 | € (8,877) | € (1,246) | € 43,871 | € (1,006,208) | € (14,707) | € (2,161) | € (753,692) | € 6,779 | |
Equity balance as of beginning of the year (Impact of correction of error) at Mar. 31, 2021 | 0 | 0 | 1,097 | (1,097) | 0 | ||||||||||
Equity balance as of beginning of the year at Mar. 31, 2021 | (100,590) | (107,369) | 1,798 | 118 | 1,537,425 | 96,310 | € (10,123) | (8,877) | (1,246) | 44,968 | (1,006,208) | (14,707) | (2,161) | (754,789) | 6,779 |
(Loss) / Profit for the period | (46,298) | (46,692) | 0 | (46,692) | 394 | ||||||||||
Other comprehensive income / (loss) | (1,578) | (1,448) | (1,448) | (130) | |||||||||||
Total comprehensive income / (loss) for the period | (47,876) | (48,140) | 0 | (1,448) | (46,692) | 264 | |||||||||
Issuance of share capital Global Blue Group Holding A.G. | 46 | 46 | 46 | ||||||||||||
Employee share schemes | 2,231 | 2,231 | 2,231 | 0 | 0 | ||||||||||
Conversion of shares | 0 | 0 | 0 | (366) | 366 | ||||||||||
Acquisition of treasury shares | (46) | (46) | (46) | (46) | |||||||||||
Total contributions and distributions | 2,231 | 2,231 | 46 | (412) | 366 | 2,231 | 0 | 0 | |||||||
Other transactions | 0 | 0 | (1) | ||||||||||||
Total changes in ownership interests | 0 | 0 | (1) | ||||||||||||
Equity balance as of end of the year at Sep. 30, 2021 | (146,236) | (153,279) | 1,844 | 118 | 1,537,425 | 96,310 | (10,169) | (9,289) | (880) | 47,199 | (1,006,208) | (16,155) | (2,161) | (801,482) | 7,043 |
Equity balance as of beginning of the year at Jun. 30, 2021 | (10,123) | (9,243) | |||||||||||||
(Loss) / Profit for the period | 5,663 | ||||||||||||||
Other comprehensive income / (loss) | (163) | ||||||||||||||
Total comprehensive income / (loss) for the period | 5,500 | ||||||||||||||
Acquisition of treasury shares | (46) | (46) | |||||||||||||
Equity balance as of end of the year at Sep. 30, 2021 | (146,236) | (153,279) | 1,844 | 118 | 1,537,425 | 96,310 | (10,169) | (9,289) | (880) | 47,199 | (1,006,208) | (16,155) | (2,161) | (801,482) | 7,043 |
Equity balance as of beginning of the year at Mar. 31, 2022 | (185,793) | (191,525) | 1,844 | 63 | 1,538,105 | 96,364 | (10,179) | (9,297) | (882) | 50,699 | (1,006,210) | (11,330) | 1,086 | (851,967) | 5,732 |
(Loss) / Profit for the period | (26,068) | (26,927) | (26,927) | 859 | |||||||||||
Other comprehensive income / (loss) | 940 | 908 | (1,177) | 1,739 | 346 | 32 | |||||||||
Total comprehensive income / (loss) for the period | (25,128) | (26,019) | (1,177) | 1,739 | (26,581) | 891 | |||||||||
Issuance of share capital Global Blue Group Holding A.G. | 210,521 | 210,522 | 83 | 203 | 42,959 | 171,963 | (4,686) | (1) | |||||||
Issuance of treasury shares by Global Blue Group Holding A.G. | 0 | 0 | 1 | (1) | (1) | ||||||||||
Employee share schemes | 4,692 | 4,692 | 4,692 | ||||||||||||
Vested RSA shares | 0 | 0 | 2,333 | 4 | 4 | (2,337) | |||||||||
Allocation of treasury shares to shareholders | 0 | 0 | 9,178 | 9,178 | (9,178) | ||||||||||
Total contributions and distributions | 215,209 | 215,210 | 84 | 203 | 45,292 | 171,963 | 9,181 | 2,355 | (13,864) | (4) | (1) | ||||
Change in non-controlling interests | 0 | 1,068 | 1,068 | (1,068) | |||||||||||
Total changes in ownership interests | 0 | 1,068 | 1,068 | (1,068) | |||||||||||
Equity balance as of end of the year at Sep. 30, 2022 | 4,288 | (1,266) | 1,928 | 266 | 1,583,397 | 268,327 | (998) | (116) | (882) | 53,054 | (1,020,074) | (12,507) | 2,825 | (877,484) | 5,554 |
Equity balance as of beginning of the year at Jun. 30, 2022 | (10,180) | (9,298) | |||||||||||||
(Loss) / Profit for the period | (11,169) | ||||||||||||||
Other comprehensive income / (loss) | (718) | ||||||||||||||
Total comprehensive income / (loss) for the period | (11,887) | ||||||||||||||
Vested RSA shares | 4 | 4 | |||||||||||||
Allocation of treasury shares to shareholders | 9,178 | 9,178 | |||||||||||||
Equity balance as of end of the year at Sep. 30, 2022 | € 4,288 | € (1,266) | € 1,928 | € 266 | € 1,583,397 | € 268,327 | € (998) | € (116) | € (882) | € 53,054 | € (1,020,074) | € (12,507) | € 2,825 | € (877,484) | € 5,554 |
Corporate information
Corporate information | 6 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Notes And Other Explanatory Information [Abstract] | |
Corporate information | Corporate information General information Global Blue Group Holding AG (‘the Company’) and its subsidiaries (together ‘the Group’ or ‘Global Blue’) provide technology-enabled transaction processing services for merchants, banks, acquirers, governments and travelers. The Group has operating subsidiaries around the world. The 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. SL Globetrotter GP, LTD is the immediate parent, and Silver Lake Partners, L.P. (“Silver Lake”) is the ultimate parent and controlling party, of the Group. These unaudited condensed consolidated interim financial statements were authorized for issue by the Directors of the Compan y on November 30 , 2022. The unaudited condensed consolidated interim financial statements of Global Blue Group Holding AG have been prepared in accordance with International Accounting Standard IAS 34 ‘Interim financial reporting’ as issued by the International Accounting Standards Board (IASB) and are presented in thousands of Euros (EURk). Product offerings The Group 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” ), added-value payment solutions (“ AVPS”) including dynamic currency conversion and complementary retail tech solutions ( “CRTS” ). At its 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. |
Basis of preparation and signif
Basis of preparation and significant accounting policies | 6 Months Ended |
Sep. 30, 2022 | |
Significant Accounting Policies [Abstract] | |
Basis of preparation and significant accounting policies | Basis of preparation and significant accounting policies Basis of preparation The Group’s unaudited condensed consolidated interim financial statements for the three and six month reporting period ended September 30, 2022 have been prepared in accordance with IAS 34 ‘Interim financial reporting’. These financial statements have been prepared on a historical cost basis, except for warrants, derivative financial instruments, other investments and put options that have been measured at fair value (Note 14) The primary financial statements are presented in a format consistent with the consolidated financial statements presented in the March 2022 Annual Financial Report for Global Blue Group Holding AG under IAS 1 Presentation of Financial Statements, but this interim financial report contains condensed financial statements prepared in accordance with IAS 34, in that it does not include all of the notes that would be required in a complete set of financial statements. This interim financial report should be read in conjunction with the consolidated financial statements for Global Blue Group Holding AG for the year ended March 31, 2022. Significant accounting policies The estimation process and significant accounting policies are consistent with those applied in the annual financial statements. A number of amended standards became applicable for the current reporting period. The group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards. Revision of prior period financial statements In connection with the second amendment of the CEO’s employment agreement (refer to Note 11 ), resulting in the modification of certain terms within its share option plan (SOP) and restricted share awards (RSA), the Group identified an error in the valuation at grant date of its 2019 and 2020 SOP & RSA grants. As a result of this error the comparative period has been revised in the condensed consolidated financial statements and the related notes. The Group identified an error with respect to the valuation at grant date of its SOP and RSA plans related to the underlying mechanics of the model as well as the calculation of the expected volatility assumption and the grant date determination. As a result, the share-based compensation expense and equity were understated. Management evaluated the effect of the error to its previously issued consolidated financial statements in accordance with IAS 8 – Accounting Policies, Accounting Estimates and Errors (“IAS 8”). Based upon quantitative and qualitative factors, Management has determined that the error was not material to any of the prior annual and interim period consolidated financial statements, and therefore, amendments of previously filed reports were not required. However, Management determined that the impact of the correction would be material to record within the three and six-month periods ended September 30, 2022. As such, the revision for the correction is reflected in the financial information of the applicable prior periods in this Form 6-K and disclosure of the revised amounts on other prior periods will be reflected in future filings containing the applicable period. Correction of the error resulted in a cumulative correction to opening retained earnings as of April 1, 2021 of EUR1.1 million. The following tables present the effect of the aforementioned revision on the Group’s condensed consolidated statement of financial position, condensed consolidated income statement, condensed consolidated statement of comprehensive income, condensed consolidated statement of cash flows and condensed consolidated statement of changes in equity. Revision to Consolidated Income Statement Three months ended September 30 Six months ended September 30 (EUR thousand) 2021 2021 As previously reported Adjustments Revised As previously reported Adjustments Revised Operating expenses (23,328) (635) (23,963) (90,979) (1,387) (92,366) Operating (Loss) / Profit 7,883 (635) 7,248 (43,045) (1,387) (44,432) (Loss) / Profit before tax 1,802 (635) 1,167 (55,589) (1,387) (56,976) Income tax benefit / (expense) 4,384 112 4,496 10,322 356 10,678 (Loss) / Profit for the period 6,186 (523) 5,663 (45,267) (1,031) (46,298) (Loss) / Profit attributable to: Owners of the parent 5,753 (523) 5,230 (45,661) (1,031) (46,692) Non-controlling interests 433 — 433 394 — 394 (Loss) / Profit for the period 6,186 (523) 5,663 (45,267) (1,031) (46,298) — — Basic and diluted (loss) / profit per ordinary share 0.03 — 0.03 (0.23) (0.01) (0.24) Basic and diluted (loss) / profit per preference share 0.03 — 0.03 (0.23) (0.01) (0.24) Revision to Consolidated Statement of Comprehensive Loss Three months ended September 30 Six months ended September 30 (EUR thousand) 2021 2021 As previously reported Adjustments Revised As previously reported Adjustments Revised — — Profit / (Loss) for the period 6,186 (523) 5,663 (45,267) (1,031) (46,298) Total comprehensive income / (loss) for the period 6,023 (523) 5,500 (46,845) (1,031) (47,876) Attributable to: Owners of the parent 5,636 (523) 5,113 (47,109) (1,031) (48,140) Non-controlling interest 387 — 387 264 — 264 Total comprehensive income / (loss) for the period 6,023 (523) 5,500 (46,845) (1,031) (47,876) Revision to Consolidated Statement of Financial Position As of March 31 (EUR thousand) 2022 As previously reported Adjustments Revised EQUITY AND LIABILITIES Equity attributable to owners of the parent Share capital 1,907 1,907 Share premium 1,634,469 1,634,469 Other equity (10,179) (10,179) Other reserves (968,793) 3,038 (965,755) Accumulated losses (848,929) (3,038) (851,967) (191,525) — (191,525) Non-controlling interests 5,732 — 5,732 Total equity (185,793) — (185,793) Revision to Consolidated Statement of Cash Flows Six months ended September 30 (EUR thousand) 2021 As previously reported Adjustments Revised Loss before tax (55,589) (1,387) (56,976) Other non-cash items (19,553) 1,031 (18,522) Changes in working capital (55,315) 356 (54,959) Net cash from / (used in) operating activities (A) (81,507) — (81,507) Revision to Consolidated Statement of Changes in Equity Six months ended September 30, 2021 As previously reported Adjustments Revised (EUR thousand) Equity settled shared based payments Accumulated Equity Non-controlling interests Total equity Equity settled shared based payments Accumulated Equity Non-controlling interests Total equity Equity settled shared based payments Accumulated Equity Non-controlling interests Total equity Balance as of March 31, 2021 43,871 (753,692) (107,369) 6,779 (100,590) — — — — — 43,871 (753,692) (107,369) 6,779 (100,590) Adjustment — — — — — 1,097 (1,097) — — — 1,097 (1,097) — — — Balance as of April 1, 2021 43,871 (753,692) (107,369) 6,779 (100,590) 1,097 (1,097) — — — 44,968 (754,789) (107,369) 6,779 (100,590) Loss for the period — (45,661) (45,661) 394 (45,267) — (1,031) (1,031) — (1,031) — (46,692) (46,692) 394 (46,298) Total comprehensive income / (loss) — (45,661) (47,109) 264 (46,845) — (1,031) (1,031) — (1,031) — (46,692) (48,140) 264 (47,876) Employee share schemes 1,200 — 1,200 — 1,200 1,031 — 1,031 — 1,031 2,231 — 2,231 — 2,231 Total contribution by and distribution to owners of the parent, recognized directly in Equity 1,200 — 1,200 — 1,200 1,031 — 1,031 — 1,031 2,231 — 2,231 — 2,231 Balance as of September 30, 2021 45,071 (799,354) (153,279) 7,043 (146,236) 2,128 (2,128) — — — 47,199 (801,482) (153,279) 7,043 (146,236) |
Significant changes in current
Significant changes in current reporting period | 6 Months Ended |
Sep. 30, 2022 | |
Significant Changes In Current Reporting Period [Abstract] | |
Significant changes in current reporting period | Significant changes in current reporting period Information about the business During the three and six months ended September 30, 2022, the Company has been able to maintain the same level of material merchants and acquirers when compared to March 31, 2022. Similarly, during the same period, there have been no changes in the list of countries in which the company operates. Seasonality The typical 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 (during pre-Covid-19 periods), Russian (before the invasion in Ukraine) 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 typically 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 needs, with working capital needs increasing gradually during the first half of the financial year, which then unwinds in the second half of the financial year. 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. The CRTS segment is currently composed of ZigZag Global and Yocuda; ZigZag has a soft seasonal curve skewed towards November and December, underpinned by Black Friday and Christmas shopping peaks. Yocuda is not exposed to any material seasonal cycles given its core revenue is less exposed to the number of eReceipts it issues and more to the number of shops it serves. Hyperinflation in Turkey Turkey became a hyperinflationary economy during the six months ended September 30, 2022. Hyperinflationary accounting has been applied from April 1, 2022, with monetary gains and losses recognized in operating expenses. The impact of applying hyperinflationary accounting was not material to the Group’s accounts. COVID-19 Considerations Impact on Global Blue The Company’s results of operations for the three and six month periods ended September 30, 2022 continue to reflect the impact of the COVID-19 outbreak which started to affect the business since February 2020; nevertheless, during the three and six month periods ended September 30, 2022 the transaction volumes for the TFSS and AVPS businesses have significantly recovered when compared to the same periods last year, but remain impacted by COVID-19 travelling restrictions in principal origin countries such as China. More specifically, when looking at the revenue levels compared to the same periods during the financial year 2019-2020 (pre-COVID) and neutralizing the effect of acquisitions, the Group has observed a noticeable recovery, with the revenue (excluding CRTS) decline for the three and six month periods ended September 30, 2022 being 38.9% and 42.9% when compared to the respective periods in 2019. Liquidity and Capital Resources In terms of liquidity and capital resources, the Company requires and continues needing 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 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. During the six months ended September 30, 2022, the Company obtained EUR215.2 million (USD225.0 million) of additional funding (see Note 10 ), which is being used to serve the aforementioned purposes; in parallel, in April 2022 the Company withdrew USD20.0 million (EUR18.0 million) of the Supplemental Liquidity Facility (“SLF”), followed by a second withdrawal of USD45.0 million (EUR41.4 million), both to fund working capital needs. In addition, as of September 30, 2022, and as per Note 12 , USD10.0 million (EUR10.3 million) remains undrawn. Management believes that the combination of its cash and cash equivalents, the SLF, local credit lines and the aforementioned proceeds from the capital increase described in Note 10 , will be sufficient to meet liquidity needs and fund necessary capital expenditure for at least the next 12 months from the date these financial statements have been authorized for issuance. We and our affiliates may from time to time seek to repurchase or retire our outstanding equity and/or debt securities or our outstanding loans through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions, and tender offers or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity, contractual restrictions and other factors. The amounts involved may be material. |
Segment information
Segment information | 6 Months Ended |
Sep. 30, 2022 | |
Disclosure of 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 the performance of the Group. The ExCom consists of the chief executive officer (the “CEO”), chief financial officer, senior vice president marketing, communications & customer value creation, senior vice president new markets, public affairs & chief operating officer Americas, senior vice president added-value payment solutions, chief operating officer south Europe, chief operating officer Asia Pacific & Central Europe, chief technology officer, general counsel & company secretary, senior vice president strategy & chief product officer, chief operating officer north & central Europe & global accounts, senior vice president operations and senior vice president & global human resources director. Management considers the business from a product perspective; the performance of the Tax Free Shopping Services (TFSS), Added-Value Payment Solutions (AVPS) and Complementary Retail Tech Solutions (CRTS) product groups are separately considered. 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 adjusted EBITDA presented in the consolidated management accounts. The segment information provided to the ExCom for the reportable segments is as follows: Six months ended September 30, 2022 (EUR thousand) Note TFSS AVPS CRTS Central Total Revenue 102,062 27,915 8,051 — 138,029 Operating expenses (1) (43,048) (14,607) (9,742) (37,992) (105,388) Adjusted EBITDA 59,015 13,308 (1,691) (37,992) 32,641 Depreciation and amortization (2) 5 (30,217) Exceptional items 5 (7,301) Operating Loss (4,877) Three months ended September 30, 2022 (EUR thousand) Note TFSS AVPS CRTS Central Total Revenue 62,505 15,331 4,075 — 81,910 Operating expenses (1) (23,976) (7,847) (5,029) (19,261) (56,114) Adjusted EBITDA 38,529 7,483 (955) (19,261) 25,796 Depreciation and amortization (2) 5 (12,658) Exceptional items 5 (11,085) Operating Profit 2,053 Six months ended September 30, 2021 (EUR thousand) Note TFSS AVPS CRTS Central Total Revenue 32,131 10,145 5,658 — 47,934 Operating expenses (1) (19,575) (5,266) (7,453) (26,743) (59,037) Adjusted EBITDA 12,556 4,879 (1,795) (26,743) (11,103) Depreciation and amortization (2) 5 (50,172) Exceptional items 5 16,843 Operating Loss (44,432) Three months ended September 30, 2021 (EUR thousand) Note TFSS AVPS CRTS Central Total Revenue 23,016 5,295 2,900 — 31,211 Operating expenses (1) (11,301) (2,261) (4,025) (14,050) (31,637) Adjusted EBITDA 11,715 3,034 (1,125) (14,050) (426) Depreciation and amortization (2) 5 (22,090) Exceptional items 5 29,764 Operating Profit 7,248 (1) Operating expenses excluding Depreciation and Amortization and Exceptional items. For the six months ended September 30, 2022 fixed costs amounted to EUR70.7 million (EUR47.7 million for the six months ended September 30, 2021) and variable costs amounted to EUR34.7 million (EUR11.4 million for the six months ended September 30, 2021). Fixed personnel costs amounted to EUR47.5 million (EUR34.0 million for the six months ended September 30, 2021) and fixed non personnel costs amounted to EUR23.2 million (EUR13.7 million for the six months ended September 30, 2021). For the three months ended September 30, 2022 fixed costs amounted to €36.3 million (EUR24.9 million for the three months ended September 30, 2021) and variable costs amounted to €19.7 million (EUR6.7 million for the three months ended September 30, 2021). Fixed personnel costs amounted to €23.4 million (EUR16.5 million for the three months ended September 30, 2021) and fixed non personnel costs amounted to €12.9 million (EUR8.4 million for the three months ended September 30, 2021). |
Profit and loss information
Profit and loss information | 6 Months Ended |
Sep. 30, 2022 | |
Analysis of income and expense [abstract] | |
Profit and loss information | Profit and loss information (EUR thousand) Three months ended September 30 Six months ended September 30 Expenses by nature 2022 2021 2022 2021 Employee benefit expenses (30,219) (20,899) (58,834) (42,557) Depreciation and amortization (12,658) (22,090) (30,217) (50,172) Agent costs (16,467) (3,524) (28,248) (5,873) IT costs (3,694) (3,497) (6,980) (5,447) Auditors, lawyers and consultants (2,597) (2,452) (4,776) (5,183) Advertising and promotion (3,010) (2,420) (5,779) (4,495) Travel, entertainment, office and rental cost (1,215) (567) (2,290) (934) Change in fair value of warrants and put options (1,927) 24,484 5,013 13,735 Other operating income / (expense) (8,070) 7,002 (10,795) 8,560 Total operating expenses (79,857) (23,963) (142,906) (92,366) The depreciation of property, plant and equipment includes depreciation related to the right of use assets, while the amortization of intangible assets predominantly sources from assets recognized in the process of the purchase price allocation during the 2012 acquisition of Global Blue by Silver Lake and Partners Group. The amortization period for customer relationships related to key accounts and national accounts acquired in 2012 ended on July 31, 2021. For the three and six months ended September 30, 2022 agent costs referring to merchant acquiring fees have increased as a consequence of the overall business recovery. In addition, they include all costs paid to carriers, representing the main operational cost of the CRTS business segment. 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) Three months ended September 30 Six months ended September 30 Exceptional items Note 2022 2021 2022 2021 Business restructuring expenses (3,614) (880) (3,934) (897) Corporate restructuring expenses (402) (8) (523) (80) Monitoring fee (including Directors fee) (40) (40) (80) (80) Impairment 3 (60) (567) (159) Net sales of assets loss (178) (35) (168) (34) Share based payments (4,033) (945) (5,783) (2,232) Change in fair value of warrants and put options 14 (1,927) 21,972 5,013 11,223 Other exceptional items (895) 9,761 (1,260) 9,101 Total (11,085) 29,764 (7,301) 16,843 Business restructuring expenses For the three and six months ended September 30, 2022 business restructuring expenses correspond primarily to the loss arising from the sale of our TFSS business in Russia, and related deconsolidation. Share-based payments For th e three and six months ended September 30, 2022 share-based payments represent the expenses predominantly for share options and restricted share grants issued within the framework of the MIP adopted in November 2020, and the share options issued as part of the 2019 Employee Share Option Plan, and include the impact of the second amendment to the employment agreement of the Company’s CEO, as described in further detail in Note 11 . Change in fair value of warrants and put options For the three months ended September 30, 2022, EUR(1.5) million of change in the fair value corresponds to the loss associated with the warrant liabilities (EUR24.5 million for the three months ended September 30, 2021) and to the impact of the change in the fair value of the put options out of which EUR(0.1) million relates to ZigZag (EUR(0.6) million for the three months ended September 30, 2021) , and EUR(0.3) million to Yocuda (EUR(2.0) million for the three months ended September 30, 2021). For the six months ended September 30, 2022, EUR2.1 million of change in the fair value corresponds to the gain associated with the warrant liabilities (EUR13.7 million for the six months ended September 30, 2021 ) and to the impact of the change in the fair value of the put options out of which EUR2.1 million relates to ZigZag (EUR(0.6) million for the six months ended September 30, 2021 ) , and EUR0.8 million to Yocuda (EUR(2.0) million for the six months ended September 30, 2021 ); for further details please refer to Note 14. Net finance costs For the three months ended September 30, 2022 the EUR14.2 million (EUR7.2 million for the three months ended September 30, 2021 ) of finance costs predominantly comprise of EUR6.5 million of bank borrowings and amortization of related capitalized borrowing fees (EUR5.6 million for the three months ended September 30, 2021 ), EUR3.8 million of other financial expenses being mainly forward trading exchange losses (EUR0.7 million for the three months ended September 30, 2021), and EUR3.7 million of net foreign exchange losses (EUR0.8 million for the three months ended September 30, 2021 ). These are partially offset by EUR0.3 million of net foreign exchange gains (nil for the three months ended September 30, 2021 ) and EUR0.1 million of interest income on bank deposits (EUR0.1 million for the three months ended September 30, 2021 ). For the six months ended September 30, 2022 the EUR24.4 million (EUR13.7 million for the six months ended September 30, 2021) of finance costs predominantly comprise of EUR12.4 million of bank borrowings and amortization of related capitalized borrowing fees (EUR11.1 million for the six months ended September 30, 2021), EUR3.4 million of other financial expenses being mainly forward trading exchange losses (EUR1.3 million for the six months ended September 30, 2021 ), and EUR8.4 million of net foreign exchange losses (EUR1.0 million for the six months ended September 30, 2021); these are partially offset by EUR0.3 million of net foreign exchange gains (nil for the six months ended September 30, 2021) and EUR0.2 million of interest income on bank deposits (EUR0.1 million for the six months ended September 30, 2021). Income tax (EUR thousand) Three months ended September 30 Six months ended September 30 Income tax 2022 2021 2022 2021 Current income tax expense (2,662) (1,323) (3,744) (1,531) Adjustment in respect of current income tax of previous periods 3,162 1,177 3,587 975 Deferred tax benefit 78 4,642 2,795 11,234 Income tax benefit reported in the income statement 579 4,496 2,639 10,678 The adjustment in respect of current income tax of previous periods for the three and six months ended September 30, 2022 contains a benefit of EUR3.2 million resulting from the reversal of a previously recorded uncertain tax position based on the final tax assessment received from the German authorities. |
Earnings per share
Earnings per share | 6 Months Ended |
Sep. 30, 2022 | |
Earnings per share [abstract] | |
Earnings per share | Earnings per share (EUR thousand) Three months ended September 30 Six months ended September 30 Earnings per share 2022 2021 2022 2021 (Loss) / Profit from continuing operations attributable to the owners of the parent (11,729) 5,230 (26,927) (46,692) (Loss) / Profit from continuing operations attributable to the owners of the parent attributable to ordinary shares (9,725) 4,761 (23,147) (42,503) (Loss) / Profit from continuing operations attributable to the owners of the parent attributable to preference shares (2,004) 469 (3,780) (4,189) Weighted average number of basic and diluted ordinary shares outstanding (thousand) 188,546 179,449 184,818 179,449 Weighted average number of basic and diluted preference shares outstanding (thousand) 38,861 17,684 30,182 17,684 Basic earnings / (loss) per ordinary share (0.05) 0.03 (0.13) (0.24) Basic earnings / (loss) per preference share (0.05) 0.03 (0.13) (0.24) (Loss) / Profit from continuing operations attributable to the owners of the parent (11,729) 5,230 (26,927) (46,692) (Loss) / Profit from continuing operations attributable to the owners of the parent attributable to ordinary shares (9,725) 4,761 (23,147) (42,503) (Loss) / Profit from continuing operations attributable to the owners of the parent attributable to preference shares (2,004) 469 (3,780) (4,189) Weighted average number of diluted ordinary shares outstanding (thousand) 188,546 179,704 184,818 179,449 Weighted average number of diluted preference shares outstanding (thousand) 38,861 17,684 30,182 17,684 Diluted earnings / (loss) per ordinary share (0.05) 0.03 (0.13) (0.24) Diluted earnings / (loss) per preference share (0.05) 0.03 (0.13) (0.24) 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. For the six months ended September 30, 2021, 5.9 million preference shares were excluded from the basic earnings per preference share calculation, as these shares were held by the Company in order to be cancelled. The preference shares were approved for cancellation at the General Meeting held on September 15, 2021 and were cancelled in December 2021. 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 10.1 million (8.6 million for the six months ended September 30, 2021) ordinary shares from the diluted earnings per ordinary share calculation, as the impact of the shares are considered anti-dilutive for the six months ended September 30, 2022 and September 30, 2021 respectively. The ordinary shares relate to the Management Incentive Plan and are potentially dilutive instruments. The Company had no (0.3 million for the three months ended September 30, 2021) dilutive ordinary shares during the three months ended September 30, 2022. The 30,735,950 outstanding warrants as of September 30, 2022 and September 30, 2021 are considered as anti-dilutive. |
Intangible assets
Intangible assets | 6 Months Ended |
Sep. 30, 2022 | |
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, 2022 487,685 46,025 669,145 10,247 144,224 1,357,326 Additions — — 617 454 10,435 11,506 Disposals — — — — (971) (971) Exchange differences (3,642) (15) (37) (83) (638) (4,415) Accumulated acquisition values 484,043 46,010 669,725 10,618 153,050 1,363,446 Opening balance as of April 1, 2022 — (21,624) (653,403) (8,347) (83,916) (767,290) Amortization — (1,118) (11,495) (358) (9,761) (22,732) Disposals — — — — 598 598 Exchange differences — — 9 71 300 380 Accumulated amortization — (22,742) (664,889) (8,634) (92,779) (789,044) Opening balance as of April 1, 2022 (2,063) — — (498) (3,449) (6,010) Impairment — — — — (63) (63) Disposals — — — — 10 10 Exchange differences (82) — — — 8 (74) Accumulated impairment (2,145) — — (498) (3,494) (6,137) Net book value as of September 30, 2022 481,898 23,268 4,836 1,486 56,777 568,265 (EUR thousand) Goodwill Trademarks Customer relationships Other intangible assets Software Total Opening balance as of April 1, 2021 477,865 45,974 667,697 9,724 125,810 1,327,070 Acquisition of subsidiaries 7,829 — — — 1,236 9,065 Additions — — 673 367 8,138 9,178 Disposals — — — — (40) (40) Reclassifications — — — 94 (94) — Exchange differences (1,552) (54) (128) (93) (1,247) (3,074) Accumulated acquisition values 484,142 45,920 668,242 10,092 133,803 1,342,199 Opening balance as of April 1, 2021 — (19,387) (606,140) (7,338) (62,891) (695,756) Amortization — (1,118) (29,753) (646) (10,145) (41,662) Disposals — — — — 6 6 Exchange differences — — 33 39 895 967 Accumulated amortization — (20,505) (635,860) (7,945) (72,135) (736,445) Opening balance as of April 1, 2021 (1,975) — — (498) (3,462) (5,935) Impairment — — — — (262) (262) Reversal of impairment — — — — 95 95 Disposal — — — — 4 4 Exchange differences 5 — — — 3 8 Accumulated impairment (1,970) — — (498) (3,622) (6,090) Net book value as of September 30, 2021 482,172 25,415 32,382 1,649 58,046 599,664 Goodwill For the six months ended September 30, 2022, movements in goodwill allocated to the TFSS, and AVPS segments, and to the ZigZag and Yocuda businesses of the CRTS segment result solely from currency translation effects. The impairment assessments performed as of March 31, 2022 are still considered valid and management did not identify any further impairment indicators during the period which would trigger an updated impairment test to be performed as of September 30, 2022 . Customer Relationships As part of business combinations in 2012 and 2016, new intangibles were identified and collectively defined as customer relationship contracts. These customer relationships have been split across the operating segments as follows: (EUR thousand) As of September 30 As of March 31 Customer relationships 2022 2022 PPA initial valuation TFSS — 10,562 610,789 AVPS 2,016 2,112 44,256 Total 2,016 12,674 655,045 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 and have been fully amortized by July 2022 or are expected to be fully amortized by September 2036, respectively. Trademarks Trademarks are classified as intangible assets either with a definite or indefinite useful life. As part of business combinations in 2012, when Silver Lake and Partners Group acquired Global Blue Group and in 2016, when Global Blue acquired Currency Select, new intangibles were identified and defined as trademarks. The fair value of trademarks was determined by calculating their value-in-use with the "Relief from Royalty" method. The assets will be fully amortized by July 2032. Software Software consists of IT software internally developed for TFSS and AVPS businesses and CRTS software, that has been acquired as part of the ZigZag and Yocuda acquisitions in the financial years ended March 31, 2021 and 2022, with an initial fair value of EUR5.2 million and EUR1.2 million, respectively. Both platforms are being amortized over a 5-year period. Additions to software during the six months ended September 30, 2022 mainly result from internally capitalized expenses related to “Business & Better”, an initiative to upgrade and release new functionalities to existing applications in order to meet new customer requirements and user needs. |
Trade receivables
Trade receivables | 6 Months Ended |
Sep. 30, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade receivables | Trade receivables The tables below detail the trade receivables balances as of September 30, 2022 and as of March 31, 2022: As of September 30, 2022 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 193,356 43,770 2,774 239,900 Less: Loss allowance (2,014) — (215) (2,229) Total 191,342 43,770 2,559 237,671 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 159,681 43,332 1,787 204,800 Trade receivables overdue: Up to 3 months 30,507 428 595 31,530 3 months - 6 months 817 — 142 959 More than 6 months 337 10 35 382 Total 191,342 43,770 2,559 237,671 As of March 31, 2022 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 73,969 24,815 3,813 102,597 Less: Loss allowance (1,864) — (264) (2,128) Total 72,105 24,815 3,549 100,469 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 61,878 24,532 1,966 88,376 Trade receivables overdue: Up to 3 months 8,889 274 1,503 10,666 3 months - 6 months 744 — 39 783 More than 6 months 594 9 41 644 Total 72,105 24,815 3,549 100,469 The current trade receivables balances increased as of September 30, 2022, when compared to March 31, 2022, mostly driven by increased revenues between March, and September 2022, mainly in France, Italy, and Spain, and partially offset by shorter collection time in certain TFSS jurisdictions. (EUR thousand) As of September 30 As of March 31 Other current receivables 2022 2022 Input VAT 8,794 9,541 DCC receivables 17,829 7,763 Advances and deposits 3,993 3,482 Withholding taxes 2,455 2,247 Others 571 1,075 Government grants 1,268 1,726 Total 34,910 25,834 For both disclosed periods, DCC receivables include acquirer settlements (financial institutions that process credit or debit card payments on behalf of a merchant), with the increase being a combination of higher AVPS revenue between the two periods, and the effect of a new acquirer which has longer-than-standard settlement terms. |
Other current receivables
Other current receivables | 6 Months Ended |
Sep. 30, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current receivables | Trade receivables The tables below detail the trade receivables balances as of September 30, 2022 and as of March 31, 2022: As of September 30, 2022 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 193,356 43,770 2,774 239,900 Less: Loss allowance (2,014) — (215) (2,229) Total 191,342 43,770 2,559 237,671 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 159,681 43,332 1,787 204,800 Trade receivables overdue: Up to 3 months 30,507 428 595 31,530 3 months - 6 months 817 — 142 959 More than 6 months 337 10 35 382 Total 191,342 43,770 2,559 237,671 As of March 31, 2022 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 73,969 24,815 3,813 102,597 Less: Loss allowance (1,864) — (264) (2,128) Total 72,105 24,815 3,549 100,469 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 61,878 24,532 1,966 88,376 Trade receivables overdue: Up to 3 months 8,889 274 1,503 10,666 3 months - 6 months 744 — 39 783 More than 6 months 594 9 41 644 Total 72,105 24,815 3,549 100,469 The current trade receivables balances increased as of September 30, 2022, when compared to March 31, 2022, mostly driven by increased revenues between March, and September 2022, mainly in France, Italy, and Spain, and partially offset by shorter collection time in certain TFSS jurisdictions. (EUR thousand) As of September 30 As of March 31 Other current receivables 2022 2022 Input VAT 8,794 9,541 DCC receivables 17,829 7,763 Advances and deposits 3,993 3,482 Withholding taxes 2,455 2,247 Others 571 1,075 Government grants 1,268 1,726 Total 34,910 25,834 For both disclosed periods, DCC receivables include acquirer settlements (financial institutions that process credit or debit card payments on behalf of a merchant), with the increase being a combination of higher AVPS revenue between the two periods, and the effect of a new acquirer which has longer-than-standard settlement terms. |
Issued capital and reserves & S
Issued capital and reserves & Shareholders of Global Blue | 6 Months Ended |
Sep. 30, 2022 | |
Disclosure of Issued Capital And Reserves [Abstract] | |
Issued capital and reserves & Shareholders of Global Blue | Issued capital and reserves & Shareholders of Global Blue Number of shares authorized and issued Six months ended September 30 Number of shares authorized and issued 2022 2021 Ordinary shares Preference shares A Preference shares B Total Ordinary shares Preference shares A Total Opening balance at April 1 192,534,962 17,788,512 — 210,323,474 187,534,962 23,717,989 211,252,951 Issuance of share capital Global Blue Group Holding A.G. 8,587,786 — 21,176,470 29,764,256 — — — Issuance of treasury shares by Global Blue Group Holding A.G. 104,135 — — 104,135 5,000,000 — 5,000,000 Closing balance as of September 30 201,226,883 17,788,512 21,176,470 240,191,865 192,534,962 23,717,989 216,252,951 Three months ended September 30 Number of shares authorized and issued 2022 2021 Ordinary shares Preference shares A Preference shares B Total Ordinary shares Preference shares A Total Opening balance at July 1 201,226,883 17,788,512 21,176,470 240,191,865 187,534,962 23,717,989 211,252,951 Issuance of treasury shares by Global Blue Group Holding A.G. — — — — 5,000,000 — 5,000,000 Closing balance as of September 30 201,226,883 17,788,512 21,176,470 240,191,865 192,534,962 23,717,989 216,252,951 During the six months ended September 30, 2022, 8,587,786 ordinary shares and 21,176,470 preference shares series B, convertible into common shares, were issued in the parent company based on the investment agreement with CK Opportunities Fund I, LP, (“Certares”). Certares subscribed for and purchased the aforementioned shares for the amount of EUR215.2 million (USD225.0 million). The transaction costs and stamp duties amounting to EUR4.7 million have been deducted from other reserves in equity. There were no changes in the number of the shares authorized and issued during three months ended September 30, 2022. There were no other changes in the number of the shares authorized and issued during the six months ended September 30, 2021 and three months ended September 30, 2021, other than treasury shares. Treasury shares Six months ended September 30, 2022 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Total Ordinary Preference shares A Total Opening balance as of April 1, 2022 12,995,018 104,371 13,099,389 (9,297) (882) (10,179) Issuance of treasury shares by Global Blue Group Holding A.G. 104,135 — 104,135 (1) — (1) Vested RSA shares (413,806) — (413,806) 4 — 4 Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (1,189,977) — (1,189,977) 9,178 — 9,178 Closing balance as of September 30, 2022 11,495,370 104,371 11,599,741 (116) (882) (998) Three months ended September 30, 2022 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Total Ordinary Preference shares A Total Opening balance as of July 1, 2022 13,099,153 104,371 13,203,524 (9,298) (882) (10,180) Vested RSA shares (413,806) — (413,806) 4 — 4 Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (1,189,977) — (1,189,977) 9,178 — 9,178 Closing balance as of September 30, 2022 11,495,370 104,371 11,599,741 (116) (882) (998) During the six months ended September 30, 2022, 104,135 ordinary shares were issued in the parent company and held initially in the custody of Global Blue Group II GmbH. During the three months ended September 30, 2022 , 104,135 ordinary shares were transferred to the custody of Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) in exchange of 104,135 preference shares series A. During the three months ended September 30, 2022, 413,806 ordinary shares were vested and transferred to the employees under the Company’s Restricted Share Award program. The shares were transferred out of the treasury shares held in custody of Global Blue Group II GmbH. During the three months ended September 30, 2022 , 1,189,977 ordinary shares were allocated by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) to to other employees, ex-employees and members of management. During the three months ended September 30, 2022 , 438 ordinary shares were acquired from Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) and held as treasury shares by Global Blue Group II GmbH. Six months ended September 30, 2021 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Total Ordinary Preference shares A Total Opening balance as of April 1, 2021 8,051,569 138,846 8,190,415 (8,877) (1,246) (10,123) Conversion of shares 34,711 (34,711) — (366) 366 — Acquisition of treasury shares 5,000,000 — 5,000,000 (46) — (46) Closing balance as of September 30, 2021 13,086,280 104,135 13,190,415 (9,289) (880) (10,169) Three months ended September 30, 2021 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Total Ordinary Preference shares A Total Opening balance as of July 1, 2021 8,086,280 104,135 8,190,415 (9,243) (880) (10,123) Acquisition of treasury shares 5,000,000 — 5,000,000 (46) — (46) Closing balance as of September 30, 2021 13,086,280 104,135 13,190,415 (9,289) (880) (10,169) During the six months ended September 30, 2021 and three months ended September 30, 2021, 5,000,000 ordinary shares were issued in the parent company and held in trust of Global Blue Group II GmbH. Shareholders of Global Blue Group Holding AG Shareholders of Global Blue Group Holding AG September 30, 2022 Ordinary shares Preference shares Total Ownership (3) Warrants Silver Lake and Affiliate s (1) 97,258,598 11,970,487 109,229,085 47.8 % 6,548,415 Partners Group and Affiliates (2) 40,129,828 4,939,137 45,068,965 19.7 % 2,701,935 CK Opportunities Fund I, LP (4) 9,286,969 21,176,470 30,463,439 13.3 % — Ant Group 12,500,000 — 12,500,000 5.5 % — GB Directors, Executive Management & Other Employees 8,381,155 774,517 9,155,672 4.0 % 516,317 Other Shareholders 22,174,963 — 22,174,963 9.7 % 20,969,283 Total excl. GB Group 189,731,513 38,860,611 228,592,124 100.0 % 30,735,950 GB Group 11,495,370 104,371 11,599,741 — Total incl. GB Group 201,226,883 38,964,982 240,191,865 30,735,950 Shareholders of Global Blue Group Holding AG March 31, 2022 Ordinary shares Preference shares Total Ownership (3) Warrants Silver Lake and Affiliates (1) 97,258,598 11,970,487 109,229,085 55.1 % 6,548,415 Partners Group and Affiliates (2) 40,129,828 4,939,137 45,068,965 22.7 % 2,701,935 Ant Group 12,500,000 — 12,500,000 6.3 % — GB Directors, Executive Management & Other Employees 9,198,164 878,652 10,076,816 5.1 % 516,317 Other Shareholders 21,539,634 — 21,539,634 10.8 % 20,969,283 Total excl. GB Group 180,626,224 17,788,276 198,414,500 100.0 % 30,735,950 GB Group 11,908,738 236 11,908,974 — Total incl. GB Group 192,534,962 17,788,512 210,323,474 30,735,950 (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 (4) - Corresponds to Certares Opportunities LLC and Knighthead Opportunities Capital Management, LLC Ordinary shares During the six months ended September 30, 2022 there was no change in the conditions for the Ordinary shares. Preference shares Preference shares Series A During the six months ended September 30, 2022, there was no change in the conditions for the Put/Call Options, redemption or liquidation of the Preference shares Series A. Preference shares Series B During the six months ended September 30, 2022, 21,176,470 Preference shares Series B (“Series B shares”) have been issued based on the investment agreement with CK Opportunities Fund I, LP, and these shares have the same voting and other rights as the common shares. The holders of these shares are entitled to a non-cumulative dividend compounded annually and paid in kind, in the form of newly issued preference shares in an amount equal to 5% of the number of preference shares less any converted already and to be cancelled. This dividend is subject to the Board of Directors’ (the “BoD”) and shareholders’ approval. In addition, the holders of these shares are entitled to the same dividend or distributions as on the common shares, if approved by the general meeting, calculated as if the preferred shares had been converted into common shares. Based on the terms of the Series B shares, management has determined that they should be classified as equity. Call Option The Company has the right to exercise entirely at its discretion a call option following the 5 th anniversary after the closing date. The Company has the discretion to redeem the options in cash or to convert to common shares on a 1:1 ratio. Put Option Upon a change of control, Certares has the right to: • convert the preference shares into common shares on a cashless basis on a 1:1 ratio; or • in the event of a tender offer or other change of control transaction, Certares must receive the same offer as Silver Lake and the other holders unless the Company or another shareholder makes Certares an equivalent offer. The Company has the option and not an obligation to make an equivalent offer to Certares. Conversion right The preferred shares may be converted into common shares at any time at the election of Certares from six months after the closing date. Forced conversion The Company has the right to acquire all or any portion of the preferred shares in exchange for common shares. This can be exercised in certain circumstances on or after the first anniversary of the closing date entirely at the discretion of the Company. Redemption The preferred shares are only redeemable at the Company’s option. Liquidation Each holder of preferred share is entitled to receive a liquidation preference equal to the higher of US$8.50 and the amount that such preferred share would have received had it been converted into a Common Share immediately prior to the liquidation. During the three months ended September 30, 2022 , there was no change in the conditions for the Put/Call Options, redemption or liquidation of the Preference shares Series B. Warrants During the six months ended September 30, 2022 and three months ended September 30, 2022 , there was no change in the conditions for the Warrants. |
Share-based Payments
Share-based Payments | 6 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Share-based Payments [Abstract] | |
Share-based Payments | Share-based Payments During the three months ended September 30, 2022, as part of Global Blue’s Management Incentive Plan (“MIP”), the board decided to issue a series of equity grants in the form of Global Blue restricted shares (RSAs); p articipation in this plan is at the board’s discretion and subject to the consent of the individual receiving the grant. In the same time, on September 14, 2022, the Nomination and Compensation Committee of the BoD (the “NCC”) approved the second amendment of the CEO’s employment agreement dated August 31, 2020, as amended on February 24, 2022, making certain amendments to the CEO’s share-based compensation. Global Blue equity-settled restricted share grant - RSA 2022 On September 14, 2022, under the MIP, Global Blue granted 764,000 RSAs to its employees. Under this plan, participants are granted Company’s ordinary shares if they remain in the employment of the Company, and certain market and non-market conditions are met. As for the vesting period, 25% of the RSAs vest on August 28, 2023, 25% on August 28, 2024, 25% on August 28, 2025 and 25% on August 28, 2026. Grant date 14/9/2022 14/9/2022 14/9/2022 14/9/2022 Vesting date 28/8/2023 28/8/2024 28/8/2025 28/8/2026 Share price at grant date (USD) 4.83 4.83 4.83 4.83 Number of shares 191,000 191,000 191,000 191,000 Risk free interest rate 4.2 % 4.2 % 4.0 % 3.9 % Fair value per share (USD) 3.91 3.75 3.61 3.49 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 USD4.83, and the risk-free interest rate as stipulated in the table above. No dividend payments were considered in the fair value. At each reporting period during the vesting period, the Company reviews the non-market performance and service conditions and adjusts the number of shares expected to vest accordingly. This plan is equity settled in accordance to IFRS2. CEO MIP modification - SOP & RSA As mentioned above, during three months ended September 30, 2022 , the NCC approved the 2 nd amendment of the CEO’s employment agreement, making certain amendments to the CEO’s share-based compensation and its conditions as follows: RSA Grant of 198,219 additional RSA shares, out of which 65,915 were granted and vested at the same time, and 132,304 will vest in the future. All the other terms of the RSA remained unaffected. The share price at the date of the modification of USD4.83 has been considered in the valuation of the modified RSA plans, and the fair value has been calculated using the same models and principles as used in the original plans. Number of shares RSA plan Vested in September, 2022 To vest in the future Total Unconditional Conditional Total Unconditional Conditional Total RSA 2020 13,379 — 13,379 13,380 13,378 26,758 40,137 RSA 2021 7,132 3,566 10,698 21,396 21,393 42,789 53,487 RSAe 2021 41,838 — 41,838 62,757 — 62,757 104,595 Total 62,349 3,566 65,915 97,533 34,771 132,304 198,219 SOP The strike price of the existing SOP grants has been adjusted as set forth below, while all the other terms of the SOPs remained unaffected. The fair value of the modified SOP plans has been calculated using the same models and principles as used in the original plans. Number of shares Original Option Strike Price New Option Strike Price Vesting Period Total 2/15/2022 8/15/2022 8/15/2023 8/15/2024 US$ 8.50 US$ 6.42 335,155 111,718 223,437 223,437 893,747 US$ 10.50 US$ 8.42 283,594 94,531 189,063 189,063 756,251 US$ 12.50 US$ 10.42 232,031 77,344 154,688 154,688 618,751 US$ 14.50 US$ 12.42 180,469 60,156 120,313 120,313 481,251 Total 1,031,249 343,749 687,501 687,501 2,750,000 The above amendment of the terms of SOP and RSA plans have been considered as replacing the previous ones and therefore the modification accounting under IFRS2 has been applied. The incremental fair value of the additional RSAs and modified SOPs granted and vested concurrently has been recognized as an expense at the date of modification. The incremental fair value of the modified SOP and RSA plans related to the periods not yet vested at the date of modification will be recognized as an expense over the period from the date of modification to the vesting date. The incremental fair value of the modified SOP and RSA amounts to EUR2.1 million, out of which EUR1.4 million has been recognized as expense at the date of modification and EUR0.7 million will be recognized as expense in future periods. (EUR thousand) Vested in September, 2022 Future periods Total RSA 2020 56 88 144 RSA 2021 45 98 143 RSAe 2021 175 260 435 SOP 2020 1,075 279 1,354 Total 1,351 725 2,076 Reconciliation of the outstanding RSA shares The following tables shows the RSAs granted and outstanding at the beginning and end of each of the three and six months ended September 30, 2022: Number of shares (thousands) Six months ended September 30 2022 2021 As of April 1 1,674 475 Granted during the period 962 — Vested and released during the period (414) — Forfeited during the period (72) — Changes due to leavers and non-market conditions — (31) As of September 30 2,150 444 Weighted average fair value (USD) 5.37 7.36 Number of shares (thousands) Three months ended September 30 2022 2021 As of July 1 1,672 475 Granted during the period 962 — Vested and released during the period (414) — Forfeited during the period (70) — Changes due to leavers and non-market conditions — (31) As of September 30 2,150 444 Weighted average fair value (USD) 5.37 7.36 The estimated fair value of the RSA plans 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 and the risk free interest rate as stipulated in the table below. No dividend payments were considered in the fair value. RSA 2020 NED RSA 2020 RSAe 2021 Grant date 23/10/2020 23/10/2020 23/10/2020 23/10/2020 23/10/2020 23/10/2020 23/10/2020 12/10/2021 12/10/2021 Vesting date 5/3/2022 5/9/2022 5/9/2023 5/3/2022 5/9/2022 5/9/2023 5/9/2024 5/9/2022 5/9/2023 Share price at grant date (USD) 8.64 8.64 8.64 8.64 8.64 8.64 8.64 6.60 6.60 Risk free interest rate 0.14% 0.17% 0.22% 0.14% 0.17% 0.23% 0.31% 0.10% 0.21% Fair value per share (USD) 8.62 8.61 8.58 7.28 7.27 7.25 7.21 6.59 6.57 RSA 2021 RSA 2022 Grant date 12/10/2021 12/10/2021 12/10/2021 12/10/2021 14/9/2022 14/9/2022 14/9/2022 14/9/2022 Vesting date 5/9/2022 5/9/2023 5/9/2024 5/9/2025 28/8/2023 28/8/2024 28/8/2025 28/8/2026 Share price at grant date (USD) 6.60 6.60 6.60 6.60 4.83 4.83 4.83 4.83 Risk free interest rate 0.10% 0.21% 0.40% 0.62% 4.23% 4.21% 4.03% 3.90% Fair value per share (USD) 5.47 5.46 5.42 5.35 3.91 3.75 3.61 3.49 Reconciliation of the outstanding SOPs Six months ended September 30 2022 2021 Average exercise price per share option (USD) Number of options (thousands) Average exercise price per share option (USD) Number of options (thousands) As of April 1 10.98 7,980 10.98 8,457 Forfeited during the period 11.00 (18) — — Changes due to leavers and non-market conditions — — 10.98 (111) As of September 30 10.26 7,962 10.98 8,346 Vested and exercisable as of September 30 10.92 1,147 — — Three months ended September 30 2022 2021 Average exercise price per share option (USD) Number of options (thousands) Average exercise price per share option (USD) Number of options (thousands) As of July 1 10.26 7,980 10.98 8,457 Forfeited during the period 11.00 (18) — — Changes due to leavers and non-market conditions — — 10.98 (111) As of September 30 10.26 7,962 10.98 8,346 Vested and exercisable during the period 11.00 916 — — The fair value of the SOP plans is calculated using a binomial option pricing model. The model inputs were: 2019 SOP Fair value at grant date (USD) 1.59 1.59 Share price at grant date (USD) 10.59 10.59 Vesting date 24/6/2022 23/6/2024 Exercise price (USD) 10.59 10.59 Expected volatility 25% 25% Risk free interest rate 1.91% 1.91% 2020 SOP Fair value at grant date (USD) 1.54 1.54 1.52 1.49 0.96 0.96 0.96 0.95 Share price at grant date (USD) 8.64 8.64 8.64 8.64 8.64 8.64 8.64 8.64 Vesting date 5/3/2022 5/9/2022 5/9/2023 5/9/2024 5/3/2022 5/9/2022 5/9/2023 5/9/2024 Exercise price (USD) 8.50 8.50 8.50 8.50 10.50 10.50 10.50 10.50 Expected volatility 21.50% 21.50% 21.50% 21.50% 21.50% 21.50% 21.50% 21.50% Risk free interest rate 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 2020 SOP Fair value at grant date (USD) 0.61 0.61 0.61 0.61 0.39 0.39 0.39 0.39 Share price at grant date (USD) 8.64 8.64 8.64 8.64 8.64 8.64 8.64 8.64 Vesting date 5/3/2022 5/9/2022 5/9/2023 5/9/2024 5/3/2022 5/9/2022 5/9/2023 5/9/2024 Exercise price (USD) 12.50 12.50 12.50 12.50 14.50 14.50 14.50 14.50 Expected volatility 21.50% 21.50% 21.50% 21.50% 21.50% 21.50% 21.50% 21.50% Risk free interest rate 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Due to the limited history of the company’s publicly traded shares, the volatility for SOP 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 | 6 Months Ended |
Sep. 30, 2022 | |
Borrowings [abstract] | |
Loans and borrowings | Loans and borrowings (EUR thousand) As of September 30 As of March 31 Interest-bearing loans and borrowings from credit institutions Note 2022 2022 Long-term financing - Senior debt facility 630,000 630,000 Capitalized financing fees - Senior debt facility (5,541) (6,446) Revolving Credit Facility (RCF) 99,000 99,000 Supplemental Liquidity Facility (SLF) 66,969 — Bank and other overdraft 915 676 Total 791,343 723,230 Short-term portion 915 676 Long-term portion 790,428 722,554 Total 791,343 723,230 The fair values are not materially different to their principal amounts, since the interest payable of the Senior debt facility and the RCF is close to current market rates, and the bank overdraft is of a short-term nature. A significant difference between the carrying value and the fair value was identified for the following instrument as of September 30, 2022: (EUR thousand) As of September 30, 2022 Carrying value Fair value Effective interest Supplemental Liquidity Facility (SLF) 66,969 63,394 2.75 % The fair value of SLF has been estimated by discounting future cash flows using the current interest rate. The fair value has been measured using unobservable inputs (level 3) in line with the fair value hierarchy. Security First-ranking security has been provided in favor of the lenders under the new Senior Facilities Agreement (“SFA”). This security includes pledges on the assets of material subsidiaries of the Company at the time of the conclusion of the transaction to the extent legally permitted and operationally practical. All debt being issued under the SFA ranks pari-passu. (EUR thousand) As of September 30 As of March 31 Security 2022 2022 Pledge of shares of consolidated companies (net equity in subsidiaries) 146,383 163,029 Pledge of trade receivables, other current receivables, prepaid expenses and income tax receivable 35,727 48,617 Pledge of cash in hand 22,956 6,913 Supplemental Liquidity Facility (“SLF”) In connection with the closing of the merger and listing, certain pre-transaction shareholders put in place a USD75.0 million (EUR77.3 million) SLF. The SLF is repayable in full latest as of February 28, 2024, with a 2.75% fixed interest rate. On April 1, 2022 the Company withdrew USD20.0 million (EUR18.0 million) of the SLF which was soon followed by a second withdrawal of USD45.0 million (EUR41.4 million) on April 19, 2022, both to fund working capital needs. As of September 30, 2022, USD10.0 million (EUR10.3 million) remains undrawn. Bank and other overdrafts Local credit facilities are available in certain jurisdictions and are limited to EUR8.2 million (EUR8.4 million as of March 31, 2022) as of September 30, 2022, of which EUR0.1 million was drawn as of September 30, 2022 (nil as of March 31, 2022). The remaining outstanding balance of EUR0.8 million (EUR0.6 million as of March 31, 2022) relates to payables under a factoring agreement. The local credit facilities may be subjected to restrictions. Revolving Credit Facilities The total drawings under the RCF as of September 30, 2022 were EUR99.1 million (EUR99.1 million as of March 31, 2022). As of September 30, 2022, Global Blue does not intend to repay the cash drawings under the RCF within the next 12 months. |
Accrued liabilities
Accrued liabilities | 6 Months Ended |
Sep. 30, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accrued liabilities | Accrued liabilities As of September 30, 2022 accrued liabilities primarily comprise of EUR19.3 million of salaries and bonuses to be paid out subsequently (EUR20.2 million as of March 31, 2022) , auditors and lawyers fees EUR3.2 million (EUR5.5 million as of March 31, 2022), and interest on external loans EUR3.0 million (EUR1.8 million as of March 31, 2022) . |
Fair value measurement of finan
Fair value measurement of financial instruments | 6 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Fair Value Measurement [Abstract] | |
Fair value measurement of financial instruments | Fair value measurement of financial instruments The table below sets out the Group’s financial assets and financial liabilities measured and recognized at fair value as of September 30, 2022 and March 31, 2022 on a recurring basis, including their levels in the fair value hierarchy. As of September 30, 2022 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through OCI - Other investments — — 5,707 5,707 Financial assets at fair value through profit or loss - Other current receivables - Derivative financial instruments — 38 — 38 Total assets — 38 5,707 5,745 Liabilities Financial liabilities at fair value through profit or loss - Other non-current financial liabilities - Put options — — 11,775 11,775 - Warrant liabilities - Public warrants 6,265 — — 6,265 - Warrant liabilities - Private warrants — 3,699 — 3,699 - Other current liabilities - Derivative financial instruments — 228 — 228 Total liabilities 6,265 3,927 11,775 21,967 As of March 31, 2022 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through OCI - Other investments — — 3,881 3,881 Total assets — — 3,881 3,881 Liabilities Financial liabilities at fair value through profit or loss - Other non-current financial liabilities - Put options — — 15,419 15,419 - Warrant liabilities - Public warrants 7,539 — — 7,539 - Warrant liabilities - Private warrants — 4,512 — 4,512 - Other current liabilities - Derivative financial instruments — 356 — 356 Total liabilities 7,539 4,868 15,419 27,826 The Group classifies the fair value of its financial instruments in the following hierarchy: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; • Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. There were no transfers between fair value hierarchy levels, nor any changes to the valuation techniques applied during the six months ended September 30, 2022. The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives, put options and private warrants) 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. When the fair value of an unquoted instrument cannot be measured with sufficient reliability, the Group carries such instruments at cost less impairment, if applicable. Warrants The fair value of the private and public warrants is categorized as Level 2 and Level 1, respectively, in the fair value hierarchy. The Group has employed a Black-Scholes pricing model to estimate the fair value of the Private Warrants issued on August 28, 2020, notably the fair value of the call option inherent in the Private Warrants, using as key inputs the Group’s share price, risk-free rate, implied Public Warrant volatility, the warrants’ maturity, and the Public Warrants’ market price. For the six months ended September 30, 2022, the Group recognized EUR2.1 million fair value gain associated with the warrant liabilities under operating expenses in the income statement. Put options The fair value of the put options were derived using an option pricing methodology (Monte Carlo simulations) based on projected revenue or gross profit distribution (depending on the business acquired) and is categorized as Level 3 within the fair value hierarchy due to unobservable inputs utilized in the valuation. The main driver for the valuation of the put options is the underlying business plan whereby the top and bottom 5% of extreme values have been excluded from the calculations. For the six months ended September 30, 2022, the Group recognized EUR2.9 million fair value gain associated with put options under operating expenses in the income statement. The following table presents the changes in level 3 instruments for the six months ended September 30, 2022: (EUR thousand) Other investments Put option liabilities Opening balance as of April 1, 2022 3,881 15,419 Additions 2,000 Gain recognized in income statement — (2,928) Reclassifications (174) — Exchange differences — (716) Closing balance as of September 30, 2022 5,707 11,775 On August 23, 2022, Global Blue acquired a minority share of 4.29% in Reflaunt, a resale service provider, for a consideration of USD2.0 million (EUR2.0 million). As of September 30, 2022 the put options comprise of EUR5.3 million and EUR6.5 million related to the acquisitions of ZigZag and Yocuda, respectively. |
Events after the reporting peri
Events after the reporting period | 6 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Events After The Reporting Period [Abstract] | |
Events after the reporting period | Events after the reporting period ShipUp On October 31, 2022 through its newly established subsidiary ShipUp Holding SAS, the Group acquired 100% of the share capital of ShipUp, a French-based company providing post-purchase engagement solutions for online purchases, for a cash consideration of EUR35.4 million, and certain potential contingent consideration. As part of the consideration, shares in ShipUp Holding SAS amounting to EUR4.5 million were issued to ShipUp’s former shareholders. The shares represent 25% of the share capital of ShipUp Holding SAS. Global Blue is still performing the purchase price allocation, but as ShipUp does not have material net assets, it is expected that the majority of the consideration will be allocated to goodwill. ShipUp’s forecasted revenue and net result are not expected to be material to the Group for the fiscal year ending March 31, 2023. ShipUp will be consolidated as of the third quarter ending December 31, 2022. |
Basis of preparation and sign_2
Basis of preparation and significant accounting policies (Policies) | 6 Months Ended |
Sep. 30, 2022 | |
Significant Accounting Policies [Abstract] | |
Basis of preparation | The unaudited condensed consolidated interim financial statements of Global Blue Group Holding AG have been prepared in accordance with International Accounting Standard IAS 34 ‘Interim financial reporting’ as issued by the International Accounting Standards Board (IASB) and are presented in thousands of Euros (EURk). The Group’s unaudited condensed consolidated interim financial statements for the three and six month reporting period ended September 30, 2022 have been prepared in accordance with IAS 34 ‘Interim financial reporting’. These financial statements have been prepared on a historical cost basis, except for warrants, derivative financial instruments, other investments and put options that have been measured at fair value (Note 14) |
Basis of consolidation | The primary financial statements are presented in a format consistent with the consolidated financial statements presented in the March 2022 Annual Financial Report for Global Blue Group Holding AG under IAS 1 Presentation of Financial Statements, but this interim financial report contains condensed financial statements prepared in accordance with IAS 34, in that it does not include all of the notes that would be required in a complete set of financial statements. This interim financial report should be read in conjunction with the consolidated financial statements for Global Blue Group Holding AG for the year ended March 31, 2022. |
Basis of preparation and sign_3
Basis of preparation and significant accounting policies (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Significant Accounting Policies [Abstract] | |
Disclosure of revision to Consolidated Income Statement | Revision to Consolidated Income Statement Three months ended September 30 Six months ended September 30 (EUR thousand) 2021 2021 As previously reported Adjustments Revised As previously reported Adjustments Revised Operating expenses (23,328) (635) (23,963) (90,979) (1,387) (92,366) Operating (Loss) / Profit 7,883 (635) 7,248 (43,045) (1,387) (44,432) (Loss) / Profit before tax 1,802 (635) 1,167 (55,589) (1,387) (56,976) Income tax benefit / (expense) 4,384 112 4,496 10,322 356 10,678 (Loss) / Profit for the period 6,186 (523) 5,663 (45,267) (1,031) (46,298) (Loss) / Profit attributable to: Owners of the parent 5,753 (523) 5,230 (45,661) (1,031) (46,692) Non-controlling interests 433 — 433 394 — 394 (Loss) / Profit for the period 6,186 (523) 5,663 (45,267) (1,031) (46,298) — — Basic and diluted (loss) / profit per ordinary share 0.03 — 0.03 (0.23) (0.01) (0.24) Basic and diluted (loss) / profit per preference share 0.03 — 0.03 (0.23) (0.01) (0.24) |
Disclosure of revision to Consolidated Statement of Comprehensive Loss | Revision to Consolidated Statement of Comprehensive Loss Three months ended September 30 Six months ended September 30 (EUR thousand) 2021 2021 As previously reported Adjustments Revised As previously reported Adjustments Revised — — Profit / (Loss) for the period 6,186 (523) 5,663 (45,267) (1,031) (46,298) Total comprehensive income / (loss) for the period 6,023 (523) 5,500 (46,845) (1,031) (47,876) Attributable to: Owners of the parent 5,636 (523) 5,113 (47,109) (1,031) (48,140) Non-controlling interest 387 — 387 264 — 264 Total comprehensive income / (loss) for the period 6,023 (523) 5,500 (46,845) (1,031) (47,876) |
Disclosure of revision to Consolidated Statement of Financial Position | Revision to Consolidated Statement of Financial Position As of March 31 (EUR thousand) 2022 As previously reported Adjustments Revised EQUITY AND LIABILITIES Equity attributable to owners of the parent Share capital 1,907 1,907 Share premium 1,634,469 1,634,469 Other equity (10,179) (10,179) Other reserves (968,793) 3,038 (965,755) Accumulated losses (848,929) (3,038) (851,967) (191,525) — (191,525) Non-controlling interests 5,732 — 5,732 Total equity (185,793) — (185,793) |
Disclosure of revision to Consolidated Statement of Cash Flows | Revision to Consolidated Statement of Cash Flows Six months ended September 30 (EUR thousand) 2021 As previously reported Adjustments Revised Loss before tax (55,589) (1,387) (56,976) Other non-cash items (19,553) 1,031 (18,522) Changes in working capital (55,315) 356 (54,959) Net cash from / (used in) operating activities (A) (81,507) — (81,507) |
Disclosure of revision to Consolidated Statement of Changes in Equity | Revision to Consolidated Statement of Changes in Equity Six months ended September 30, 2021 As previously reported Adjustments Revised (EUR thousand) Equity settled shared based payments Accumulated Equity Non-controlling interests Total equity Equity settled shared based payments Accumulated Equity Non-controlling interests Total equity Equity settled shared based payments Accumulated Equity Non-controlling interests Total equity Balance as of March 31, 2021 43,871 (753,692) (107,369) 6,779 (100,590) — — — — — 43,871 (753,692) (107,369) 6,779 (100,590) Adjustment — — — — — 1,097 (1,097) — — — 1,097 (1,097) — — — Balance as of April 1, 2021 43,871 (753,692) (107,369) 6,779 (100,590) 1,097 (1,097) — — — 44,968 (754,789) (107,369) 6,779 (100,590) Loss for the period — (45,661) (45,661) 394 (45,267) — (1,031) (1,031) — (1,031) — (46,692) (46,692) 394 (46,298) Total comprehensive income / (loss) — (45,661) (47,109) 264 (46,845) — (1,031) (1,031) — (1,031) — (46,692) (48,140) 264 (47,876) Employee share schemes 1,200 — 1,200 — 1,200 1,031 — 1,031 — 1,031 2,231 — 2,231 — 2,231 Total contribution by and distribution to owners of the parent, recognized directly in Equity 1,200 — 1,200 — 1,200 1,031 — 1,031 — 1,031 2,231 — 2,231 — 2,231 Balance as of September 30, 2021 45,071 (799,354) (153,279) 7,043 (146,236) 2,128 (2,128) — — — 47,199 (801,482) (153,279) 7,043 (146,236) |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Disclosure of operating segments [abstract] | |
Disclosure of reportable segments | The segment information provided to the ExCom for the reportable segments is as follows: Six months ended September 30, 2022 (EUR thousand) Note TFSS AVPS CRTS Central Total Revenue 102,062 27,915 8,051 — 138,029 Operating expenses (1) (43,048) (14,607) (9,742) (37,992) (105,388) Adjusted EBITDA 59,015 13,308 (1,691) (37,992) 32,641 Depreciation and amortization (2) 5 (30,217) Exceptional items 5 (7,301) Operating Loss (4,877) Three months ended September 30, 2022 (EUR thousand) Note TFSS AVPS CRTS Central Total Revenue 62,505 15,331 4,075 — 81,910 Operating expenses (1) (23,976) (7,847) (5,029) (19,261) (56,114) Adjusted EBITDA 38,529 7,483 (955) (19,261) 25,796 Depreciation and amortization (2) 5 (12,658) Exceptional items 5 (11,085) Operating Profit 2,053 Six months ended September 30, 2021 (EUR thousand) Note TFSS AVPS CRTS Central Total Revenue 32,131 10,145 5,658 — 47,934 Operating expenses (1) (19,575) (5,266) (7,453) (26,743) (59,037) Adjusted EBITDA 12,556 4,879 (1,795) (26,743) (11,103) Depreciation and amortization (2) 5 (50,172) Exceptional items 5 16,843 Operating Loss (44,432) Three months ended September 30, 2021 (EUR thousand) Note TFSS AVPS CRTS Central Total Revenue 23,016 5,295 2,900 — 31,211 Operating expenses (1) (11,301) (2,261) (4,025) (14,050) (31,637) Adjusted EBITDA 11,715 3,034 (1,125) (14,050) (426) Depreciation and amortization (2) 5 (22,090) Exceptional items 5 29,764 Operating Profit 7,248 (1) Operating expenses excluding Depreciation and Amortization and Exceptional items. For the six months ended September 30, 2022 fixed costs amounted to EUR70.7 million (EUR47.7 million for the six months ended September 30, 2021) and variable costs amounted to EUR34.7 million (EUR11.4 million for the six months ended September 30, 2021). Fixed personnel costs amounted to EUR47.5 million (EUR34.0 million for the six months ended September 30, 2021) and fixed non personnel costs amounted to EUR23.2 million (EUR13.7 million for the six months ended September 30, 2021). For the three months ended September 30, 2022 fixed costs amounted to €36.3 million (EUR24.9 million for the three months ended September 30, 2021) and variable costs amounted to €19.7 million (EUR6.7 million for the three months ended September 30, 2021). Fixed personnel costs amounted to €23.4 million (EUR16.5 million for the three months ended September 30, 2021) and fixed non personnel costs amounted to €12.9 million (EUR8.4 million for the three months ended September 30, 2021). |
Profit and loss information (Ta
Profit and loss information (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Analysis of income and expense [abstract] | |
Disclosure of expenses by nature | (EUR thousand) Three months ended September 30 Six months ended September 30 Expenses by nature 2022 2021 2022 2021 Employee benefit expenses (30,219) (20,899) (58,834) (42,557) Depreciation and amortization (12,658) (22,090) (30,217) (50,172) Agent costs (16,467) (3,524) (28,248) (5,873) IT costs (3,694) (3,497) (6,980) (5,447) Auditors, lawyers and consultants (2,597) (2,452) (4,776) (5,183) Advertising and promotion (3,010) (2,420) (5,779) (4,495) Travel, entertainment, office and rental cost (1,215) (567) (2,290) (934) Change in fair value of warrants and put options (1,927) 24,484 5,013 13,735 Other operating income / (expense) (8,070) 7,002 (10,795) 8,560 Total operating expenses (79,857) (23,963) (142,906) (92,366) |
Disclosure of 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) Three months ended September 30 Six months ended September 30 Exceptional items Note 2022 2021 2022 2021 Business restructuring expenses (3,614) (880) (3,934) (897) Corporate restructuring expenses (402) (8) (523) (80) Monitoring fee (including Directors fee) (40) (40) (80) (80) Impairment 3 (60) (567) (159) Net sales of assets loss (178) (35) (168) (34) Share based payments (4,033) (945) (5,783) (2,232) Change in fair value of warrants and put options 14 (1,927) 21,972 5,013 11,223 Other exceptional items (895) 9,761 (1,260) 9,101 Total (11,085) 29,764 (7,301) 16,843 |
Disclosure of income tax benefit (expense) | (EUR thousand) Three months ended September 30 Six months ended September 30 Income tax 2022 2021 2022 2021 Current income tax expense (2,662) (1,323) (3,744) (1,531) Adjustment in respect of current income tax of previous periods 3,162 1,177 3,587 975 Deferred tax benefit 78 4,642 2,795 11,234 Income tax benefit reported in the income statement 579 4,496 2,639 10,678 |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Earnings per share [abstract] | |
Summary of earnings per share | (EUR thousand) Three months ended September 30 Six months ended September 30 Earnings per share 2022 2021 2022 2021 (Loss) / Profit from continuing operations attributable to the owners of the parent (11,729) 5,230 (26,927) (46,692) (Loss) / Profit from continuing operations attributable to the owners of the parent attributable to ordinary shares (9,725) 4,761 (23,147) (42,503) (Loss) / Profit from continuing operations attributable to the owners of the parent attributable to preference shares (2,004) 469 (3,780) (4,189) Weighted average number of basic and diluted ordinary shares outstanding (thousand) 188,546 179,449 184,818 179,449 Weighted average number of basic and diluted preference shares outstanding (thousand) 38,861 17,684 30,182 17,684 Basic earnings / (loss) per ordinary share (0.05) 0.03 (0.13) (0.24) Basic earnings / (loss) per preference share (0.05) 0.03 (0.13) (0.24) (Loss) / Profit from continuing operations attributable to the owners of the parent (11,729) 5,230 (26,927) (46,692) (Loss) / Profit from continuing operations attributable to the owners of the parent attributable to ordinary shares (9,725) 4,761 (23,147) (42,503) (Loss) / Profit from continuing operations attributable to the owners of the parent attributable to preference shares (2,004) 469 (3,780) (4,189) Weighted average number of diluted ordinary shares outstanding (thousand) 188,546 179,704 184,818 179,449 Weighted average number of diluted preference shares outstanding (thousand) 38,861 17,684 30,182 17,684 Diluted earnings / (loss) per ordinary share (0.05) 0.03 (0.13) (0.24) Diluted earnings / (loss) per preference share (0.05) 0.03 (0.13) (0.24) |
Intangible assets (Tables)
Intangible assets (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Intangible assets and goodwill [abstract] | |
Summary of changes in intangible assets and goodwill | (EUR thousand) Goodwill Trademarks Customer relationships Other intangible assets Software Total Opening balance as of April 1, 2022 487,685 46,025 669,145 10,247 144,224 1,357,326 Additions — — 617 454 10,435 11,506 Disposals — — — — (971) (971) Exchange differences (3,642) (15) (37) (83) (638) (4,415) Accumulated acquisition values 484,043 46,010 669,725 10,618 153,050 1,363,446 Opening balance as of April 1, 2022 — (21,624) (653,403) (8,347) (83,916) (767,290) Amortization — (1,118) (11,495) (358) (9,761) (22,732) Disposals — — — — 598 598 Exchange differences — — 9 71 300 380 Accumulated amortization — (22,742) (664,889) (8,634) (92,779) (789,044) Opening balance as of April 1, 2022 (2,063) — — (498) (3,449) (6,010) Impairment — — — — (63) (63) Disposals — — — — 10 10 Exchange differences (82) — — — 8 (74) Accumulated impairment (2,145) — — (498) (3,494) (6,137) Net book value as of September 30, 2022 481,898 23,268 4,836 1,486 56,777 568,265 (EUR thousand) Goodwill Trademarks Customer relationships Other intangible assets Software Total Opening balance as of April 1, 2021 477,865 45,974 667,697 9,724 125,810 1,327,070 Acquisition of subsidiaries 7,829 — — — 1,236 9,065 Additions — — 673 367 8,138 9,178 Disposals — — — — (40) (40) Reclassifications — — — 94 (94) — Exchange differences (1,552) (54) (128) (93) (1,247) (3,074) Accumulated acquisition values 484,142 45,920 668,242 10,092 133,803 1,342,199 Opening balance as of April 1, 2021 — (19,387) (606,140) (7,338) (62,891) (695,756) Amortization — (1,118) (29,753) (646) (10,145) (41,662) Disposals — — — — 6 6 Exchange differences — — 33 39 895 967 Accumulated amortization — (20,505) (635,860) (7,945) (72,135) (736,445) Opening balance as of April 1, 2021 (1,975) — — (498) (3,462) (5,935) Impairment — — — — (262) (262) Reversal of impairment — — — — 95 95 Disposal — — — — 4 4 Exchange differences 5 — — — 3 8 Accumulated impairment (1,970) — — (498) (3,622) (6,090) Net book value as of September 30, 2021 482,172 25,415 32,382 1,649 58,046 599,664 |
Summary of customer relationships by operating segment | These customer relationships have been split across the operating segments as follows: (EUR thousand) As of September 30 As of March 31 Customer relationships 2022 2022 PPA initial valuation TFSS — 10,562 610,789 AVPS 2,016 2,112 44,256 Total 2,016 12,674 655,045 |
Trade receivables (Tables)
Trade receivables (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of trade receivables | The tables below detail the trade receivables balances as of September 30, 2022 and as of March 31, 2022: As of September 30, 2022 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 193,356 43,770 2,774 239,900 Less: Loss allowance (2,014) — (215) (2,229) Total 191,342 43,770 2,559 237,671 As of March 31, 2022 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 73,969 24,815 3,813 102,597 Less: Loss allowance (1,864) — (264) (2,128) Total 72,105 24,815 3,549 100,469 |
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 159,681 43,332 1,787 204,800 Trade receivables overdue: Up to 3 months 30,507 428 595 31,530 3 months - 6 months 817 — 142 959 More than 6 months 337 10 35 382 Total 191,342 43,770 2,559 237,671 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 61,878 24,532 1,966 88,376 Trade receivables overdue: Up to 3 months 8,889 274 1,503 10,666 3 months - 6 months 744 — 39 783 More than 6 months 594 9 41 644 Total 72,105 24,815 3,549 100,469 |
Other current receivables (Tabl
Other current receivables (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of other current receivables | (EUR thousand) As of September 30 As of March 31 Other current receivables 2022 2022 Input VAT 8,794 9,541 DCC receivables 17,829 7,763 Advances and deposits 3,993 3,482 Withholding taxes 2,455 2,247 Others 571 1,075 Government grants 1,268 1,726 Total 34,910 25,834 |
Issued capital and reserves &_2
Issued capital and reserves & Shareholders of Global Blue (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Disclosure of Issued Capital And Reserves [Abstract] | |
Disclosure of share capital | Number of shares authorized and issued Six months ended September 30 Number of shares authorized and issued 2022 2021 Ordinary shares Preference shares A Preference shares B Total Ordinary shares Preference shares A Total Opening balance at April 1 192,534,962 17,788,512 — 210,323,474 187,534,962 23,717,989 211,252,951 Issuance of share capital Global Blue Group Holding A.G. 8,587,786 — 21,176,470 29,764,256 — — — Issuance of treasury shares by Global Blue Group Holding A.G. 104,135 — — 104,135 5,000,000 — 5,000,000 Closing balance as of September 30 201,226,883 17,788,512 21,176,470 240,191,865 192,534,962 23,717,989 216,252,951 Three months ended September 30 Number of shares authorized and issued 2022 2021 Ordinary shares Preference shares A Preference shares B Total Ordinary shares Preference shares A Total Opening balance at July 1 201,226,883 17,788,512 21,176,470 240,191,865 187,534,962 23,717,989 211,252,951 Issuance of treasury shares by Global Blue Group Holding A.G. — — — — 5,000,000 — 5,000,000 Closing balance as of September 30 201,226,883 17,788,512 21,176,470 240,191,865 192,534,962 23,717,989 216,252,951 Shareholders of Global Blue Group Holding AG Shareholders of Global Blue Group Holding AG September 30, 2022 Ordinary shares Preference shares Total Ownership (3) Warrants Silver Lake and Affiliate s (1) 97,258,598 11,970,487 109,229,085 47.8 % 6,548,415 Partners Group and Affiliates (2) 40,129,828 4,939,137 45,068,965 19.7 % 2,701,935 CK Opportunities Fund I, LP (4) 9,286,969 21,176,470 30,463,439 13.3 % — Ant Group 12,500,000 — 12,500,000 5.5 % — GB Directors, Executive Management & Other Employees 8,381,155 774,517 9,155,672 4.0 % 516,317 Other Shareholders 22,174,963 — 22,174,963 9.7 % 20,969,283 Total excl. GB Group 189,731,513 38,860,611 228,592,124 100.0 % 30,735,950 GB Group 11,495,370 104,371 11,599,741 — Total incl. GB Group 201,226,883 38,964,982 240,191,865 30,735,950 Shareholders of Global Blue Group Holding AG March 31, 2022 Ordinary shares Preference shares Total Ownership (3) Warrants Silver Lake and Affiliates (1) 97,258,598 11,970,487 109,229,085 55.1 % 6,548,415 Partners Group and Affiliates (2) 40,129,828 4,939,137 45,068,965 22.7 % 2,701,935 Ant Group 12,500,000 — 12,500,000 6.3 % — GB Directors, Executive Management & Other Employees 9,198,164 878,652 10,076,816 5.1 % 516,317 Other Shareholders 21,539,634 — 21,539,634 10.8 % 20,969,283 Total excl. GB Group 180,626,224 17,788,276 198,414,500 100.0 % 30,735,950 GB Group 11,908,738 236 11,908,974 — Total incl. GB Group 192,534,962 17,788,512 210,323,474 30,735,950 (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 (4) - Corresponds to Certares Opportunities LLC and Knighthead Opportunities Capital Management, LLC |
Disclosure of treasury shares | Six months ended September 30, 2022 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Total Ordinary Preference shares A Total Opening balance as of April 1, 2022 12,995,018 104,371 13,099,389 (9,297) (882) (10,179) Issuance of treasury shares by Global Blue Group Holding A.G. 104,135 — 104,135 (1) — (1) Vested RSA shares (413,806) — (413,806) 4 — 4 Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (1,189,977) — (1,189,977) 9,178 — 9,178 Closing balance as of September 30, 2022 11,495,370 104,371 11,599,741 (116) (882) (998) Three months ended September 30, 2022 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Total Ordinary Preference shares A Total Opening balance as of July 1, 2022 13,099,153 104,371 13,203,524 (9,298) (882) (10,180) Vested RSA shares (413,806) — (413,806) 4 — 4 Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (1,189,977) — (1,189,977) 9,178 — 9,178 Closing balance as of September 30, 2022 11,495,370 104,371 11,599,741 (116) (882) (998) Six months ended September 30, 2021 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Total Ordinary Preference shares A Total Opening balance as of April 1, 2021 8,051,569 138,846 8,190,415 (8,877) (1,246) (10,123) Conversion of shares 34,711 (34,711) — (366) 366 — Acquisition of treasury shares 5,000,000 — 5,000,000 (46) — (46) Closing balance as of September 30, 2021 13,086,280 104,135 13,190,415 (9,289) (880) (10,169) Three months ended September 30, 2021 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Total Ordinary Preference shares A Total Opening balance as of July 1, 2021 8,086,280 104,135 8,190,415 (9,243) (880) (10,123) Acquisition of treasury shares 5,000,000 — 5,000,000 (46) — (46) Closing balance as of September 30, 2021 13,086,280 104,135 13,190,415 (9,289) (880) (10,169) |
Share-based Payments (Tables)
Share-based Payments (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Share-based Payments [Abstract] | |
Disclosure of indirect measurement of fair value of restricted shares granted during period | Grant date 14/9/2022 14/9/2022 14/9/2022 14/9/2022 Vesting date 28/8/2023 28/8/2024 28/8/2025 28/8/2026 Share price at grant date (USD) 4.83 4.83 4.83 4.83 Number of shares 191,000 191,000 191,000 191,000 Risk free interest rate 4.2 % 4.2 % 4.0 % 3.9 % Fair value per share (USD) 3.91 3.75 3.61 3.49 were the share price at grant date and the risk free interest rate as stipulated in the table below. No dividend payments were considered in the fair value. RSA 2020 NED RSA 2020 RSAe 2021 Grant date 23/10/2020 23/10/2020 23/10/2020 23/10/2020 23/10/2020 23/10/2020 23/10/2020 12/10/2021 12/10/2021 Vesting date 5/3/2022 5/9/2022 5/9/2023 5/3/2022 5/9/2022 5/9/2023 5/9/2024 5/9/2022 5/9/2023 Share price at grant date (USD) 8.64 8.64 8.64 8.64 8.64 8.64 8.64 6.60 6.60 Risk free interest rate 0.14% 0.17% 0.22% 0.14% 0.17% 0.23% 0.31% 0.10% 0.21% Fair value per share (USD) 8.62 8.61 8.58 7.28 7.27 7.25 7.21 6.59 6.57 RSA 2021 RSA 2022 Grant date 12/10/2021 12/10/2021 12/10/2021 12/10/2021 14/9/2022 14/9/2022 14/9/2022 14/9/2022 Vesting date 5/9/2022 5/9/2023 5/9/2024 5/9/2025 28/8/2023 28/8/2024 28/8/2025 28/8/2026 Share price at grant date (USD) 6.60 6.60 6.60 6.60 4.83 4.83 4.83 4.83 Risk free interest rate 0.10% 0.21% 0.40% 0.62% 4.23% 4.21% 4.03% 3.90% Fair value per share (USD) 5.47 5.46 5.42 5.35 3.91 3.75 3.61 3.49 |
Disclosure of number and reconciliation of restricted shares | Number of shares RSA plan Vested in September, 2022 To vest in the future Total Unconditional Conditional Total Unconditional Conditional Total RSA 2020 13,379 — 13,379 13,380 13,378 26,758 40,137 RSA 2021 7,132 3,566 10,698 21,396 21,393 42,789 53,487 RSAe 2021 41,838 — 41,838 62,757 — 62,757 104,595 Total 62,349 3,566 65,915 97,533 34,771 132,304 198,219 The following tables shows the RSAs granted and outstanding at the beginning and end of each of the three and six months ended September 30, 2022: Number of shares (thousands) Six months ended September 30 2022 2021 As of April 1 1,674 475 Granted during the period 962 — Vested and released during the period (414) — Forfeited during the period (72) — Changes due to leavers and non-market conditions — (31) As of September 30 2,150 444 Weighted average fair value (USD) 5.37 7.36 Number of shares (thousands) Three months ended September 30 2022 2021 As of July 1 1,672 475 Granted during the period 962 — Vested and released during the period (414) — Forfeited during the period (70) — Changes due to leavers and non-market conditions — (31) As of September 30 2,150 444 Weighted average fair value (USD) 5.37 7.36 |
Disclosure of number and reconciliation of share options | Number of shares Original Option Strike Price New Option Strike Price Vesting Period Total 2/15/2022 8/15/2022 8/15/2023 8/15/2024 US$ 8.50 US$ 6.42 335,155 111,718 223,437 223,437 893,747 US$ 10.50 US$ 8.42 283,594 94,531 189,063 189,063 756,251 US$ 12.50 US$ 10.42 232,031 77,344 154,688 154,688 618,751 US$ 14.50 US$ 12.42 180,469 60,156 120,313 120,313 481,251 Total 1,031,249 343,749 687,501 687,501 2,750,000 Reconciliation of the outstanding SOPs Six months ended September 30 2022 2021 Average exercise price per share option (USD) Number of options (thousands) Average exercise price per share option (USD) Number of options (thousands) As of April 1 10.98 7,980 10.98 8,457 Forfeited during the period 11.00 (18) — — Changes due to leavers and non-market conditions — — 10.98 (111) As of September 30 10.26 7,962 10.98 8,346 Vested and exercisable as of September 30 10.92 1,147 — — Three months ended September 30 2022 2021 Average exercise price per share option (USD) Number of options (thousands) Average exercise price per share option (USD) Number of options (thousands) As of July 1 10.26 7,980 10.98 8,457 Forfeited during the period 11.00 (18) — — Changes due to leavers and non-market conditions — — 10.98 (111) As of September 30 10.26 7,962 10.98 8,346 Vested and exercisable during the period 11.00 916 — — The fair value of the SOP plans is calculated using a binomial option pricing model. The model inputs were: |
Disclosure of expenses from equity-settled share-based payment transactions | (EUR thousand) Vested in September, 2022 Future periods Total RSA 2020 56 88 144 RSA 2021 45 98 143 RSAe 2021 175 260 435 SOP 2020 1,075 279 1,354 Total 1,351 725 2,076 |
Disclosure of indirect measurement of fair value of share options granted during period | The fair value of the SOP plans is calculated using a binomial option pricing model. The model inputs were: 2019 SOP Fair value at grant date (USD) 1.59 1.59 Share price at grant date (USD) 10.59 10.59 Vesting date 24/6/2022 23/6/2024 Exercise price (USD) 10.59 10.59 Expected volatility 25% 25% Risk free interest rate 1.91% 1.91% 2020 SOP Fair value at grant date (USD) 1.54 1.54 1.52 1.49 0.96 0.96 0.96 0.95 Share price at grant date (USD) 8.64 8.64 8.64 8.64 8.64 8.64 8.64 8.64 Vesting date 5/3/2022 5/9/2022 5/9/2023 5/9/2024 5/3/2022 5/9/2022 5/9/2023 5/9/2024 Exercise price (USD) 8.50 8.50 8.50 8.50 10.50 10.50 10.50 10.50 Expected volatility 21.50% 21.50% 21.50% 21.50% 21.50% 21.50% 21.50% 21.50% Risk free interest rate 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 2020 SOP Fair value at grant date (USD) 0.61 0.61 0.61 0.61 0.39 0.39 0.39 0.39 Share price at grant date (USD) 8.64 8.64 8.64 8.64 8.64 8.64 8.64 8.64 Vesting date 5/3/2022 5/9/2022 5/9/2023 5/9/2024 5/3/2022 5/9/2022 5/9/2023 5/9/2024 Exercise price (USD) 12.50 12.50 12.50 12.50 14.50 14.50 14.50 14.50 Expected volatility 21.50% 21.50% 21.50% 21.50% 21.50% 21.50% 21.50% 21.50% Risk free interest rate 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Borrowings [abstract] | |
Disclosure of detailed information about borrowings | (EUR thousand) As of September 30 As of March 31 Interest-bearing loans and borrowings from credit institutions Note 2022 2022 Long-term financing - Senior debt facility 630,000 630,000 Capitalized financing fees - Senior debt facility (5,541) (6,446) Revolving Credit Facility (RCF) 99,000 99,000 Supplemental Liquidity Facility (SLF) 66,969 — Bank and other overdraft 915 676 Total 791,343 723,230 Short-term portion 915 676 Long-term portion 790,428 722,554 Total 791,343 723,230 A significant difference between the carrying value and the fair value was identified for the following instrument as of September 30, 2022: (EUR thousand) As of September 30, 2022 Carrying value Fair value Effective interest Supplemental Liquidity Facility (SLF) 66,969 63,394 2.75 % |
Disclosure of security pledges | All debt being issued under the SFA ranks pari-passu. (EUR thousand) As of September 30 As of March 31 Security 2022 2022 Pledge of shares of consolidated companies (net equity in subsidiaries) 146,383 163,029 Pledge of trade receivables, other current receivables, prepaid expenses and income tax receivable 35,727 48,617 Pledge of cash in hand 22,956 6,913 |
Fair value measurement of fin_2
Fair value measurement of financial instruments (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Disclosure Of Fair Value Measurement [Abstract] | |
Disclosure of fair value measurement of assets | The table below sets out the Group’s financial assets and financial liabilities measured and recognized at fair value as of September 30, 2022 and March 31, 2022 on a recurring basis, including their levels in the fair value hierarchy. As of September 30, 2022 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through OCI - Other investments — — 5,707 5,707 Financial assets at fair value through profit or loss - Other current receivables - Derivative financial instruments — 38 — 38 Total assets — 38 5,707 5,745 Liabilities Financial liabilities at fair value through profit or loss - Other non-current financial liabilities - Put options — — 11,775 11,775 - Warrant liabilities - Public warrants 6,265 — — 6,265 - Warrant liabilities - Private warrants — 3,699 — 3,699 - Other current liabilities - Derivative financial instruments — 228 — 228 Total liabilities 6,265 3,927 11,775 21,967 As of March 31, 2022 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through OCI - Other investments — — 3,881 3,881 Total assets — — 3,881 3,881 Liabilities Financial liabilities at fair value through profit or loss - Other non-current financial liabilities - Put options — — 15,419 15,419 - Warrant liabilities - Public warrants 7,539 — — 7,539 - Warrant liabilities - Private warrants — 4,512 — 4,512 - Other current liabilities - Derivative financial instruments — 356 — 356 Total liabilities 7,539 4,868 15,419 27,826 The following table presents the changes in level 3 instruments for the six months ended September 30, 2022: (EUR thousand) Other investments Put option liabilities Opening balance as of April 1, 2022 3,881 15,419 Additions 2,000 Gain recognized in income statement — (2,928) Reclassifications (174) — Exchange differences — (716) Closing balance as of September 30, 2022 5,707 11,775 |
Disclosure of fair value measurement of liabilities | The table below sets out the Group’s financial assets and financial liabilities measured and recognized at fair value as of September 30, 2022 and March 31, 2022 on a recurring basis, including their levels in the fair value hierarchy. As of September 30, 2022 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through OCI - Other investments — — 5,707 5,707 Financial assets at fair value through profit or loss - Other current receivables - Derivative financial instruments — 38 — 38 Total assets — 38 5,707 5,745 Liabilities Financial liabilities at fair value through profit or loss - Other non-current financial liabilities - Put options — — 11,775 11,775 - Warrant liabilities - Public warrants 6,265 — — 6,265 - Warrant liabilities - Private warrants — 3,699 — 3,699 - Other current liabilities - Derivative financial instruments — 228 — 228 Total liabilities 6,265 3,927 11,775 21,967 As of March 31, 2022 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through OCI - Other investments — — 3,881 3,881 Total assets — — 3,881 3,881 Liabilities Financial liabilities at fair value through profit or loss - Other non-current financial liabilities - Put options — — 15,419 15,419 - Warrant liabilities - Public warrants 7,539 — — 7,539 - Warrant liabilities - Private warrants — 4,512 — 4,512 - Other current liabilities - Derivative financial instruments — 356 — 356 Total liabilities 7,539 4,868 15,419 27,826 The following table presents the changes in level 3 instruments for the six months ended September 30, 2022: (EUR thousand) Other investments Put option liabilities Opening balance as of April 1, 2022 3,881 15,419 Additions 2,000 Gain recognized in income statement — (2,928) Reclassifications (174) — Exchange differences — (716) Closing balance as of September 30, 2022 5,707 11,775 |
Basis of preparation and sign_4
Basis of preparation and significant accounting policies - Narrative (Details) - EUR (€) € in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 |
Disclosure Of Revision [Line Items] | ||||
Equity | € (4,288) | € 185,793 | € 146,236 | € 100,590 |
Impact of correction of error | ||||
Disclosure Of Revision [Line Items] | ||||
Equity | 0 | |||
Accumulated losses | ||||
Disclosure Of Revision [Line Items] | ||||
Equity | € 877,484 | € 851,967 | € 801,482 | 754,789 |
Accumulated losses | Impact of correction of error | ||||
Disclosure Of Revision [Line Items] | ||||
Equity | € 1,097 |
Basis of preparation and sign_5
Basis of preparation and significant accounting policies - Disclosure of revision to Consolidated Income Statement (Details) - EUR (€) € / shares in Units, € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disclosure Of Revision [Line Items] | ||||
Operating expenses | € (79,857) | € (23,963) | € (142,906) | € (92,366) |
Operating (Loss) / Profit | 2,053 | 7,248 | (4,877) | (44,432) |
(Loss) / Profit before tax | (11,748) | 1,167 | (28,707) | (56,976) |
Income tax benefit / (expense) | 579 | 4,496 | 2,639 | 10,678 |
Profit / (loss) for the period | (11,169) | 5,663 | (26,068) | (46,298) |
Profit / (loss) attributable to: | ||||
Owners of the parent | (11,729) | 5,230 | (26,927) | (46,692) |
Non-controlling interests | 560 | 433 | 859 | 394 |
Profit / (loss) for the period | € (11,169) | € 5,663 | € (26,068) | € (46,298) |
Ordinary shares | ||||
Profit / (loss) attributable to: | ||||
Basic (loss) / profit per ordinary and preference share (in euro per share) | € (0.05) | € 0.03 | € (0.13) | € (0.24) |
Diluted earnings / (loss) per share (in euro per share) | (0.05) | 0.03 | (0.13) | (0.24) |
Preference shares | ||||
Profit / (loss) attributable to: | ||||
Basic (loss) / profit per ordinary and preference share (in euro per share) | (0.05) | 0.03 | (0.13) | (0.24) |
Diluted earnings / (loss) per share (in euro per share) | € (0.05) | € 0.03 | € (0.13) | € (0.24) |
As previously reported | ||||
Disclosure Of Revision [Line Items] | ||||
Operating expenses | € (23,328) | € (90,979) | ||
Operating (Loss) / Profit | 7,883 | (43,045) | ||
(Loss) / Profit before tax | 1,802 | (55,589) | ||
Income tax benefit / (expense) | 4,384 | 10,322 | ||
Profit / (loss) for the period | 6,186 | (45,267) | ||
Profit / (loss) attributable to: | ||||
Owners of the parent | 5,753 | (45,661) | ||
Non-controlling interests | 433 | 394 | ||
Profit / (loss) for the period | € 6,186 | € (45,267) | ||
As previously reported | Ordinary shares | ||||
Profit / (loss) attributable to: | ||||
Basic (loss) / profit per ordinary and preference share (in euro per share) | € 0.03 | € (0.23) | ||
Diluted earnings / (loss) per share (in euro per share) | 0.03 | (0.23) | ||
As previously reported | Preference shares | ||||
Profit / (loss) attributable to: | ||||
Basic (loss) / profit per ordinary and preference share (in euro per share) | 0.03 | (0.23) | ||
Diluted earnings / (loss) per share (in euro per share) | € 0.03 | € (0.23) | ||
Adjustments | ||||
Disclosure Of Revision [Line Items] | ||||
Operating expenses | € (635) | € (1,387) | ||
Operating (Loss) / Profit | (635) | (1,387) | ||
(Loss) / Profit before tax | (635) | (1,387) | ||
Income tax benefit / (expense) | 112 | 356 | ||
Profit / (loss) for the period | (523) | (1,031) | ||
Profit / (loss) attributable to: | ||||
Owners of the parent | (523) | (1,031) | ||
Non-controlling interests | 0 | 0 | ||
Profit / (loss) for the period | € (523) | € (1,031) | ||
Adjustments | Ordinary shares | ||||
Profit / (loss) attributable to: | ||||
Basic (loss) / profit per ordinary and preference share (in euro per share) | € 0 | € (0.01) | ||
Diluted earnings / (loss) per share (in euro per share) | 0 | (0.01) | ||
Adjustments | Preference shares | ||||
Profit / (loss) attributable to: | ||||
Basic (loss) / profit per ordinary and preference share (in euro per share) | 0 | (0.01) | ||
Diluted earnings / (loss) per share (in euro per share) | € 0 | € (0.01) |
Basis of preparation and sign_6
Basis of preparation and significant accounting policies - Disclosure of revision to Consolidated Statement of Comprehensive Loss (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disclosure Of Revision [Line Items] | ||||
Profit / (loss) for the period | € (11,169) | € 5,663 | € (26,068) | € (46,298) |
Total comprehensive income / (loss) for the period | (11,887) | 5,500 | (25,128) | (47,876) |
Attributable to: | ||||
Owners of the parent | (12,005) | 5,113 | (26,019) | (48,140) |
Non-controlling interest | 118 | 387 | 891 | 264 |
Total comprehensive income / (loss) for the period | € (11,887) | 5,500 | € (25,128) | (47,876) |
As previously reported | ||||
Disclosure Of Revision [Line Items] | ||||
Profit / (loss) for the period | 6,186 | (45,267) | ||
Total comprehensive income / (loss) for the period | 6,023 | (46,845) | ||
Attributable to: | ||||
Owners of the parent | 5,636 | (47,109) | ||
Non-controlling interest | 387 | 264 | ||
Total comprehensive income / (loss) for the period | 6,023 | (46,845) | ||
Adjustments | ||||
Disclosure Of Revision [Line Items] | ||||
Profit / (loss) for the period | (523) | (1,031) | ||
Total comprehensive income / (loss) for the period | (523) | (1,031) | ||
Attributable to: | ||||
Owners of the parent | (523) | (1,031) | ||
Non-controlling interest | 0 | 0 | ||
Total comprehensive income / (loss) for the period | € (523) | € (1,031) |
Basis of preparation and sign_7
Basis of preparation and significant accounting policies - Disclosure of revision to Consolidated Statement of Financial Position (Details) - EUR (€) € in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 |
Disclosure Of Revision [Line Items] | ||||
Share capital | € 2,194 | € 1,907 | ||
Share premium | 1,851,724 | 1,634,469 | ||
Other equity | (998) | (10,179) | ||
Other reserves | (976,702) | (965,755) | ||
Accumulated losses | (877,484) | (851,967) | ||
Equity attributable to owners of the parent | (1,266) | (191,525) | ||
Non-controlling interests | 5,554 | 5,732 | ||
Total equity | € 4,288 | (185,793) | € (146,236) | € (100,590) |
As previously reported | ||||
Disclosure Of Revision [Line Items] | ||||
Share capital | 1,907 | |||
Share premium | 1,634,469 | |||
Other equity | (10,179) | |||
Other reserves | (968,793) | |||
Accumulated losses | (848,929) | |||
Equity attributable to owners of the parent | (191,525) | |||
Non-controlling interests | 5,732 | |||
Total equity | (185,793) | (146,236) | (100,590) | |
Adjustments | ||||
Disclosure Of Revision [Line Items] | ||||
Share capital | ||||
Share premium | ||||
Other equity | ||||
Other reserves | 3,038 | |||
Accumulated losses | (3,038) | |||
Equity attributable to owners of the parent | 0 | |||
Non-controlling interests | 0 | |||
Total equity | € 0 | € 0 | € 0 |
Basis of preparation and sign_8
Basis of preparation and significant accounting policies - Disclosure of revision to Consolidated Statement of Cash Flows (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disclosure Of Revision [Line Items] | ||||
Loss before tax | € (11,748) | € 1,167 | € (28,707) | € (56,976) |
Other non-cash items | 3,594 | (18,522) | ||
Changes in working capital | (87,077) | (54,959) | ||
Net cash from / (used in) operating activities | € (78,152) | (81,507) | ||
As previously reported | ||||
Disclosure Of Revision [Line Items] | ||||
Loss before tax | 1,802 | (55,589) | ||
Other non-cash items | (19,553) | |||
Changes in working capital | (55,315) | |||
Net cash from / (used in) operating activities | (81,507) | |||
Adjustments | ||||
Disclosure Of Revision [Line Items] | ||||
Loss before tax | € (635) | (1,387) | ||
Other non-cash items | 1,031 | |||
Changes in working capital | 356 | |||
Net cash from / (used in) operating activities | € 0 |
Basis of preparation and sign_9
Basis of preparation and significant accounting policies - Disclosure of revision to Consolidated Statement of Changes in Equity (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Revision [Line Items] | ||||||
Equity | € 4,288 | € (146,236) | € 4,288 | € (146,236) | € (185,793) | € (100,590) |
Profit / (loss) for the period | (11,169) | 5,663 | (26,068) | (46,298) | ||
Total comprehensive income / (loss) for the period | (11,887) | 5,500 | (25,128) | (47,876) | ||
Employee share schemes | 4,692 | 2,231 | ||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | 215,209 | 2,231 | ||||
Balance as of March 31, 2021 | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | (100,590) | |||||
Impact of correction of error | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 0 | |||||
Equity settled share based payment | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 53,054 | 47,199 | 53,054 | 47,199 | 50,699 | 44,968 |
Profit / (loss) for the period | 0 | |||||
Total comprehensive income / (loss) for the period | 0 | |||||
Employee share schemes | 4,692 | 2,231 | ||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | 2,355 | 2,231 | ||||
Equity settled share based payment | Balance as of March 31, 2021 | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 43,871 | |||||
Equity settled share based payment | Impact of correction of error | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 1,097 | |||||
Accumulated losses | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | (877,484) | (801,482) | (877,484) | (801,482) | (851,967) | (754,789) |
Profit / (loss) for the period | (26,927) | (46,692) | ||||
Total comprehensive income / (loss) for the period | (26,581) | (46,692) | ||||
Employee share schemes | 0 | |||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | (4) | 0 | ||||
Accumulated losses | Balance as of March 31, 2021 | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | (753,692) | |||||
Accumulated losses | Impact of correction of error | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | (1,097) | |||||
Equity | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | (1,266) | (153,279) | (1,266) | (153,279) | (191,525) | (107,369) |
Profit / (loss) for the period | (26,927) | (46,692) | ||||
Total comprehensive income / (loss) for the period | (26,019) | (48,140) | ||||
Employee share schemes | 4,692 | 2,231 | ||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | 215,210 | 2,231 | ||||
Equity | Balance as of March 31, 2021 | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | (107,369) | |||||
Equity | Impact of correction of error | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 0 | |||||
Non-controlling interests | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | € 5,554 | 7,043 | 5,554 | 7,043 | 5,732 | 6,779 |
Profit / (loss) for the period | 859 | 394 | ||||
Total comprehensive income / (loss) for the period | 891 | 264 | ||||
Employee share schemes | 0 | |||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | € (1) | 0 | ||||
Non-controlling interests | Balance as of March 31, 2021 | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 6,779 | |||||
Non-controlling interests | Impact of correction of error | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 0 | |||||
Balance as of March 31, 2021 | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | (146,236) | (146,236) | (185,793) | (100,590) | ||
Profit / (loss) for the period | 6,186 | (45,267) | ||||
Total comprehensive income / (loss) for the period | 6,023 | (46,845) | ||||
Employee share schemes | 1,200 | |||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | 1,200 | |||||
Balance as of March 31, 2021 | Balance as of March 31, 2021 | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | (100,590) | |||||
Balance as of March 31, 2021 | Impact of correction of error | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 0 | |||||
Balance as of March 31, 2021 | Equity settled share based payment | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 45,071 | 45,071 | 43,871 | |||
Profit / (loss) for the period | 0 | |||||
Total comprehensive income / (loss) for the period | 0 | |||||
Employee share schemes | 1,200 | |||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | 1,200 | |||||
Balance as of March 31, 2021 | Equity settled share based payment | Balance as of March 31, 2021 | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 43,871 | |||||
Balance as of March 31, 2021 | Equity settled share based payment | Impact of correction of error | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 0 | |||||
Balance as of March 31, 2021 | Accumulated losses | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | (799,354) | (799,354) | (753,692) | |||
Profit / (loss) for the period | (45,661) | |||||
Total comprehensive income / (loss) for the period | (45,661) | |||||
Employee share schemes | 0 | |||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | 0 | |||||
Balance as of March 31, 2021 | Accumulated losses | Balance as of March 31, 2021 | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | (753,692) | |||||
Balance as of March 31, 2021 | Accumulated losses | Impact of correction of error | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 0 | |||||
Balance as of March 31, 2021 | Equity | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | (153,279) | (153,279) | (107,369) | |||
Profit / (loss) for the period | (45,661) | |||||
Total comprehensive income / (loss) for the period | (47,109) | |||||
Employee share schemes | 1,200 | |||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | 1,200 | |||||
Balance as of March 31, 2021 | Equity | Balance as of March 31, 2021 | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | (107,369) | |||||
Balance as of March 31, 2021 | Equity | Impact of correction of error | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 0 | |||||
Balance as of March 31, 2021 | Non-controlling interests | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 7,043 | 7,043 | 6,779 | |||
Profit / (loss) for the period | 394 | |||||
Total comprehensive income / (loss) for the period | 264 | |||||
Employee share schemes | 0 | |||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | 0 | |||||
Balance as of March 31, 2021 | Non-controlling interests | Balance as of March 31, 2021 | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 6,779 | |||||
Balance as of March 31, 2021 | Non-controlling interests | Impact of correction of error | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 0 | |||||
Impact of correction of error | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 0 | 0 | € 0 | 0 | ||
Profit / (loss) for the period | (523) | (1,031) | ||||
Total comprehensive income / (loss) for the period | (523) | (1,031) | ||||
Employee share schemes | 1,031 | |||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | 1,031 | |||||
Impact of correction of error | Balance as of March 31, 2021 | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 0 | |||||
Impact of correction of error | Impact of correction of error | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 0 | |||||
Impact of correction of error | Equity settled share based payment | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 2,128 | 2,128 | 1,097 | |||
Profit / (loss) for the period | 0 | |||||
Total comprehensive income / (loss) for the period | 0 | |||||
Employee share schemes | 1,031 | |||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | 1,031 | |||||
Impact of correction of error | Equity settled share based payment | Balance as of March 31, 2021 | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 0 | |||||
Impact of correction of error | Equity settled share based payment | Impact of correction of error | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 1,097 | |||||
Impact of correction of error | Accumulated losses | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | (2,128) | (2,128) | (1,097) | |||
Profit / (loss) for the period | (1,031) | |||||
Total comprehensive income / (loss) for the period | (1,031) | |||||
Employee share schemes | 0 | |||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | 0 | |||||
Impact of correction of error | Accumulated losses | Balance as of March 31, 2021 | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 0 | |||||
Impact of correction of error | Accumulated losses | Impact of correction of error | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | (1,097) | |||||
Impact of correction of error | Equity | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 0 | 0 | 0 | |||
Profit / (loss) for the period | (1,031) | |||||
Total comprehensive income / (loss) for the period | (1,031) | |||||
Employee share schemes | 1,031 | |||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | 1,031 | |||||
Impact of correction of error | Equity | Balance as of March 31, 2021 | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 0 | |||||
Impact of correction of error | Equity | Impact of correction of error | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 0 | |||||
Impact of correction of error | Non-controlling interests | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | € 0 | 0 | 0 | |||
Profit / (loss) for the period | 0 | |||||
Total comprehensive income / (loss) for the period | 0 | |||||
Employee share schemes | 0 | |||||
Total contribution by and distribution to owners of the parent, recognized directly in Equity | € 0 | |||||
Impact of correction of error | Non-controlling interests | Balance as of March 31, 2021 | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | 0 | |||||
Impact of correction of error | Non-controlling interests | Impact of correction of error | ||||||
Disclosure Of Revision [Line Items] | ||||||
Equity | € 0 |
Significant changes in curren_2
Significant changes in current reporting period (Details) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Significant Changes In Current Reporting Period [Abstract] | ||
Decrease in revenue for the period compared with pre-covid period (in percent) | 38.90% | 42.90% |
Segment information (Details)
Segment information (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disclosure of operating segments [line items] | ||||
Revenue | € 81,910 | € 31,211 | € 138,029 | € 47,934 |
Operating expenses | (56,114) | (31,637) | (105,388) | (59,037) |
Adjusted EBITDA | 25,796 | (426) | 32,641 | (11,103) |
Depreciation and amortization | (12,658) | (22,090) | (30,217) | (50,172) |
Exceptional items | (11,085) | 29,764 | (7,301) | 16,843 |
Operating gain / (loss) | 2,053 | 7,248 | (4,877) | (44,432) |
Fixed cost | ||||
Disclosure of operating segments [line items] | ||||
Operating expenses | (36,300) | (24,900) | (70,700) | (47,700) |
Variable cost | ||||
Disclosure of operating segments [line items] | ||||
Operating expenses | (19,700) | (6,700) | (34,700) | (11,400) |
Fixed personnel cost | ||||
Disclosure of operating segments [line items] | ||||
Operating expenses | (23,400) | (16,500) | (47,500) | (34,000) |
Fixed non personnel cost | ||||
Disclosure of operating segments [line items] | ||||
Operating expenses | (12,900) | (8,400) | (23,200) | (13,700) |
Central costs | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating expenses | (19,261) | (14,050) | (37,992) | (26,743) |
Adjusted EBITDA | (19,261) | (14,050) | (37,992) | (26,743) |
TFSS | Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 62,505 | 23,016 | 102,062 | 32,131 |
Operating expenses | (23,976) | (11,301) | (43,048) | (19,575) |
Adjusted EBITDA | 38,529 | 11,715 | 59,015 | 12,556 |
AVPS | Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 15,331 | 5,295 | 27,915 | 10,145 |
Operating expenses | (7,847) | (2,261) | (14,607) | (5,266) |
Adjusted EBITDA | 7,483 | 3,034 | 13,308 | 4,879 |
CRTS | Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 4,075 | 2,900 | 8,051 | 5,658 |
Operating expenses | (5,029) | (4,025) | (9,742) | (7,453) |
Adjusted EBITDA | € (955) | € (1,125) | € (1,691) | € (1,795) |
Profit and loss information - D
Profit and loss information - Disclosure of expenses by nature (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Analysis of income and expense [abstract] | ||||
Employee benefit expenses | € (30,219) | € (20,899) | € (58,834) | € (42,557) |
Depreciation and amortization | (12,658) | (22,090) | (30,217) | (50,172) |
Agent costs | (16,467) | (3,524) | (28,248) | (5,873) |
IT costs | (3,694) | (3,497) | (6,980) | (5,447) |
Auditors, lawyers and consultants | (2,597) | (2,452) | (4,776) | (5,183) |
Advertising and promotion | (3,010) | (2,420) | (5,779) | (4,495) |
Travel, entertainment, office and rental cost | (1,215) | (567) | (2,290) | (934) |
Change in fair value of warrants and put options | (1,927) | 24,484 | 5,013 | 13,735 |
Other operating expense | (8,070) | (10,795) | ||
Other operating income | 7,002 | 8,560 | ||
Operating expenses | € (79,857) | € (23,963) | € (142,906) | € (92,366) |
Profit and loss information -_2
Profit and loss information - Disclosure of exceptional items (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Analysis of income and expense [abstract] | ||||
Business restructuring expenses | € (3,614) | € (880) | € (3,934) | € (897) |
Corporate restructuring expenses | (402) | (8) | (523) | (80) |
Monitoring fee (including Directors fee) | (40) | (40) | (80) | (80) |
Impairment | 3 | (60) | (567) | (159) |
Net sales of assets loss | (178) | (35) | (168) | (34) |
Share based payments | (4,033) | (945) | (5,783) | (2,232) |
Change in fair value of warrants and put options | (1,927) | 21,972 | 5,013 | 11,223 |
Other exceptional items | (895) | 9,761 | (1,260) | 9,101 |
Total | € (11,085) | € 29,764 | € (7,301) | € 16,843 |
Profit and loss information - N
Profit and loss information - Narrative (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Finance costs | € 14,183 | € 7,153 | € 24,403 | € 13,709 |
Bank borrowings (including amortization of capitalized financing fees) | 6,500 | 5,600 | 12,400 | 11,100 |
Other finance cost | 3,800 | 700 | 3,400 | 1,300 |
Foreign exchange loss | 3,700 | 800 | 8,400 | 1,000 |
Foreign exchange gain | 300 | 0 | 300 | 0 |
Interest income on deposits | 100 | 100 | 200 | 100 |
Adjustment in respect of current income tax of previous periods | 3,162 | 1,177 | 3,587 | 975 |
German Tax Authority | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Adjustment in respect of current income tax of previous periods | 3,200 | 3,200 | ||
Warrants | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Loss on change in fair value of derivatives | (1,500) | |||
Gain on change in fair value of derivatives | 24,500 | 2,100 | 13,700 | |
Put options | ZigZag | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Loss on change in fair value of derivatives | (100) | (600) | (600) | |
Gain on change in fair value of derivatives | 2,100 | |||
Put options | Yocuda | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Loss on change in fair value of derivatives | € (300) | € (2,000) | € (2,000) | |
Gain on change in fair value of derivatives | € 800 |
Profit and loss information -_3
Profit and loss information - Disclosure of income tax benefit (expense) (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Analysis of income and expense [abstract] | ||||
Current income tax expense | € (2,662) | € (1,323) | € (3,744) | € (1,531) |
Adjustment in respect of current income tax of previous periods | 3,162 | 1,177 | 3,587 | 975 |
Deferred tax benefit | 78 | 4,642 | 2,795 | 11,234 |
Income tax benefit reported in the income statement | € 579 | € 4,496 | € 2,639 | € 10,678 |
Earnings per share - Summary of
Earnings per share - Summary of earnings per share (Details) - EUR (€) € / shares in Units, € in Thousands, shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Basic earnings per share [abstract] | ||||
(Loss) / Profit from continuing operations attributable to the owners of the parent | € (11,729) | € 5,230 | € (26,927) | € (46,692) |
Diluted earnings per share [abstract] | ||||
(Loss) / Profit from continuing operations attributable to the owners of the parent | (11,729) | 5,230 | (26,927) | (46,692) |
Ordinary shares | ||||
Basic earnings per share [abstract] | ||||
(Loss) / Profit from continuing operations attributable to the owners of the parent | € (9,725) | € 4,761 | € (23,147) | € (42,503) |
Weighted average number of basic ordinary shares outstanding (in shares) | 188,546 | 179,449 | 184,818 | 179,449 |
Basic earnings / (loss) per share (in euro per share) | € (0.05) | € 0.03 | € (0.13) | € (0.24) |
Diluted earnings per share [abstract] | ||||
(Loss) / Profit from continuing operations attributable to the owners of the parent | € (9,725) | € 4,761 | € (23,147) | € (42,503) |
Weighted average number of diluted ordinary shares outstanding (in shares) | 188,546 | 179,704 | 184,818 | 179,449 |
Diluted earnings / (loss) per share (in euro per share) | € (0.05) | € 0.03 | € (0.13) | € (0.24) |
Preference shares | ||||
Basic earnings per share [abstract] | ||||
(Loss) / Profit from continuing operations attributable to the owners of the parent | € (2,004) | € 469 | € (3,780) | € (4,189) |
Weighted average number of basic preference shares outstanding (in shares) | 38,861 | 17,684 | 30,182 | 17,684 |
Basic earnings / (loss) per share (in euro per share) | € (0.05) | € 0.03 | € (0.13) | € (0.24) |
Diluted earnings per share [abstract] | ||||
(Loss) / Profit from continuing operations attributable to the owners of the parent | € (2,004) | € 469 | € (3,780) | € (4,189) |
Weighted average number of diluted preference shares outstanding (in shares) | 38,861 | 17,684 | 30,182 | 17,684 |
Diluted earnings / (loss) per share (in euro per share) | € (0.05) | € 0.03 | € (0.13) | € (0.24) |
Earnings per share - Narrative
Earnings per share - Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings per share [line items] | ||||
Number of dilutive ordinary shares (in shares) | 0 | 300,000 | ||
Preference shares | ||||
Earnings per share [line items] | ||||
Potentially dilutive instruments not included in diluted earnings per share (in shares) | 5,900,000 | |||
Ordinary shares | ||||
Earnings per share [line items] | ||||
Potentially dilutive instruments not included in diluted earnings per share (in shares) | 10,100,000 | 8,600,000 | ||
Warrants | ||||
Earnings per share [line items] | ||||
Potentially dilutive instruments not included in diluted earnings per share (in shares) | 30,735,950 | 30,735,950 |
Intangible assets - Summary of
Intangible assets - Summary of changes in intangible assets and goodwill (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | € 584,026 | |
Intangible assets and goodwill at end of period | 568,265 | € 599,664 |
Goodwill | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at end of period | 481,898 | 482,172 |
Trademarks | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at end of period | 23,268 | 25,415 |
Customer relationships | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at end of period | 4,836 | 32,382 |
Other intangible assets | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at end of period | 1,486 | 1,649 |
Software | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at end of period | 56,777 | 58,046 |
Accumulated acquisition values | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 1,357,326 | 1,327,070 |
Acquisition of subsidiaries | 9,065 | |
Additions | 11,506 | 9,178 |
Disposals | (971) | (40) |
Reclassifications | 0 | |
Exchange differences | (4,415) | (3,074) |
Intangible assets and goodwill at end of period | 1,363,446 | 1,342,199 |
Accumulated acquisition values | Goodwill | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 487,685 | 477,865 |
Acquisition of subsidiaries | 7,829 | |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Reclassifications | 0 | |
Exchange differences | (3,642) | (1,552) |
Intangible assets and goodwill at end of period | 484,043 | 484,142 |
Accumulated acquisition values | Trademarks | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 46,025 | 45,974 |
Acquisition of subsidiaries | 0 | |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Reclassifications | 0 | |
Exchange differences | (15) | (54) |
Intangible assets and goodwill at end of period | 46,010 | 45,920 |
Accumulated acquisition values | Customer relationships | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 669,145 | 667,697 |
Acquisition of subsidiaries | 0 | |
Additions | 617 | 673 |
Disposals | 0 | 0 |
Reclassifications | 0 | |
Exchange differences | (37) | (128) |
Intangible assets and goodwill at end of period | 669,725 | 668,242 |
Accumulated acquisition values | Other intangible assets | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 10,247 | 9,724 |
Acquisition of subsidiaries | 0 | |
Additions | 454 | 367 |
Disposals | 0 | 0 |
Reclassifications | 94 | |
Exchange differences | (83) | (93) |
Intangible assets and goodwill at end of period | 10,618 | 10,092 |
Accumulated acquisition values | Software | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 144,224 | 125,810 |
Acquisition of subsidiaries | 1,236 | |
Additions | 10,435 | 8,138 |
Disposals | (971) | (40) |
Reclassifications | (94) | |
Exchange differences | (638) | (1,247) |
Intangible assets and goodwill at end of period | 153,050 | 133,803 |
Accumulated amortization | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (767,290) | (695,756) |
Amortization | (22,732) | (41,662) |
Disposals | 598 | 6 |
Exchange differences | 380 | 967 |
Intangible assets and goodwill at end of period | (789,044) | (736,445) |
Accumulated amortization | Goodwill | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 0 | 0 |
Amortization | 0 | 0 |
Disposals | 0 | 0 |
Exchange differences | 0 | 0 |
Intangible assets and goodwill at end of period | 0 | 0 |
Accumulated amortization | Trademarks | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (21,624) | (19,387) |
Amortization | (1,118) | (1,118) |
Disposals | 0 | 0 |
Exchange differences | 0 | 0 |
Intangible assets and goodwill at end of period | (22,742) | (20,505) |
Accumulated amortization | Customer relationships | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (653,403) | (606,140) |
Amortization | (11,495) | (29,753) |
Disposals | 0 | 0 |
Exchange differences | 9 | 33 |
Intangible assets and goodwill at end of period | (664,889) | (635,860) |
Accumulated amortization | Other intangible assets | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (8,347) | (7,338) |
Amortization | (358) | (646) |
Disposals | 0 | 0 |
Exchange differences | 71 | 39 |
Intangible assets and goodwill at end of period | (8,634) | (7,945) |
Accumulated amortization | Software | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (83,916) | (62,891) |
Amortization | (9,761) | (10,145) |
Disposals | 598 | 6 |
Exchange differences | 300 | 895 |
Intangible assets and goodwill at end of period | (92,779) | (72,135) |
Accumulated impairment | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (6,010) | (5,935) |
Impairment | (63) | (262) |
Reversal of impairment | 95 | |
Disposals | 10 | 4 |
Exchange differences | (74) | 8 |
Intangible assets and goodwill at end of period | (6,137) | (6,090) |
Accumulated impairment | Goodwill | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (2,063) | (1,975) |
Impairment | 0 | 0 |
Reversal of impairment | 0 | |
Disposals | 0 | 0 |
Exchange differences | (82) | 5 |
Intangible assets and goodwill at end of period | (2,145) | (1,970) |
Accumulated impairment | Trademarks | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 0 | 0 |
Impairment | 0 | 0 |
Reversal of impairment | 0 | |
Disposals | 0 | 0 |
Exchange differences | 0 | 0 |
Intangible assets and goodwill at end of period | 0 | 0 |
Accumulated impairment | Customer relationships | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 0 | 0 |
Impairment | 0 | 0 |
Reversal of impairment | 0 | |
Disposals | 0 | 0 |
Exchange differences | 0 | 0 |
Intangible assets and goodwill at end of period | 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) |
Impairment | 0 | 0 |
Reversal of impairment | 0 | |
Disposals | 0 | 0 |
Exchange differences | 0 | 0 |
Intangible assets and goodwill at end of period | (498) | (498) |
Accumulated impairment | Software | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (3,449) | (3,462) |
Impairment | (63) | (262) |
Reversal of impairment | 95 | |
Disposals | 10 | 4 |
Exchange differences | 8 | 3 |
Intangible assets and goodwill at end of period | € (3,494) | € (3,622) |
Intangible assets - Summary o_2
Intangible assets - Summary of customer relationships by operating segment (Details) - EUR (€) € in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 568,265 | € 584,026 | € 599,664 |
Business combinations | |||
Disclosure of detailed information about intangible assets [line items] | |||
PPA initial valuation | 655,045 | ||
TFSS | Business combinations | |||
Disclosure of detailed information about intangible assets [line items] | |||
PPA initial valuation | 610,789 | ||
AVPS | Business combinations | |||
Disclosure of detailed information about intangible assets [line items] | |||
PPA initial valuation | 44,256 | ||
Customer relationships | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 4,836 | € 32,382 | |
Customer relationships | Business combinations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 2,016 | 12,674 | |
Customer relationships | TFSS | Business combinations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 0 | 10,562 | |
Customer relationships | AVPS | Business combinations | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 2,016 | € 2,112 |
Intangible assets - Narrative (
Intangible assets - Narrative (Details) - EUR (€) € in Thousands | 6 Months Ended | |||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | € 568,265 | € 584,026 | € 599,664 | |
Customer relationships | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | € 4,836 | 32,382 | ||
Customer relationships | Bottom of range | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Useful life measured as period of time, intangible assets other than goodwill | 9 years | |||
Customer relationships | Top of range | ||||
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 | |||
Software | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | € 56,777 | € 58,046 | ||
Software | Not internally generated | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Useful life measured as period of time, intangible assets other than goodwill | 5 years | |||
Software | ZigZag Global Ltd. & Yocuda | Not internally generated | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | € 1,200 | € 5,200 |
Trade receivables - Disclosure
Trade receivables - Disclosure of trade receivables (Details) - Trade receivables - EUR (€) € in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Disclosure of financial assets [line items] | ||
Total assets | € 237,671 | € 100,469 |
Retailers | ||
Disclosure of financial assets [line items] | ||
Total assets | 191,342 | 72,105 |
Authorities | ||
Disclosure of financial assets [line items] | ||
Total assets | 43,770 | 24,815 |
Other | ||
Disclosure of financial assets [line items] | ||
Total assets | 2,559 | 3,549 |
Nominal value of outstanding trade receivables | ||
Disclosure of financial assets [line items] | ||
Total assets | 239,900 | 102,597 |
Nominal value of outstanding trade receivables | Retailers | ||
Disclosure of financial assets [line items] | ||
Total assets | 193,356 | 73,969 |
Nominal value of outstanding trade receivables | Authorities | ||
Disclosure of financial assets [line items] | ||
Total assets | 43,770 | 24,815 |
Nominal value of outstanding trade receivables | Other | ||
Disclosure of financial assets [line items] | ||
Total assets | 2,774 | 3,813 |
Less: Loss allowance | ||
Disclosure of financial assets [line items] | ||
Total assets | (2,229) | (2,128) |
Less: Loss allowance | Retailers | ||
Disclosure of financial assets [line items] | ||
Total assets | (2,014) | (1,864) |
Less: Loss allowance | Authorities | ||
Disclosure of financial assets [line items] | ||
Total assets | 0 | 0 |
Less: Loss allowance | Other | ||
Disclosure of financial assets [line items] | ||
Total assets | € (215) | € (264) |
Trade receivables - Disclosur_2
Trade receivables - Disclosure of age analysis of net trade receivables (Details) - Trade receivables - EUR (€) € in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Expected Loss Rates [Line Items] | ||
Total assets | € 237,671 | € 100,469 |
Retailers | ||
Expected Loss Rates [Line Items] | ||
Total assets | 191,342 | 72,105 |
Authorities | ||
Expected Loss Rates [Line Items] | ||
Total assets | 43,770 | 24,815 |
Other | ||
Expected Loss Rates [Line Items] | ||
Total assets | 2,559 | 3,549 |
Trade receivables not yet due | ||
Expected Loss Rates [Line Items] | ||
Total assets | 204,800 | 88,376 |
Trade receivables not yet due | Retailers | ||
Expected Loss Rates [Line Items] | ||
Total assets | 159,681 | 61,878 |
Trade receivables not yet due | Authorities | ||
Expected Loss Rates [Line Items] | ||
Total assets | 43,332 | 24,532 |
Trade receivables not yet due | Other | ||
Expected Loss Rates [Line Items] | ||
Total assets | 1,787 | 1,966 |
Up to 3 months | ||
Expected Loss Rates [Line Items] | ||
Total assets | 31,530 | 10,666 |
Up to 3 months | Retailers | ||
Expected Loss Rates [Line Items] | ||
Total assets | 30,507 | 8,889 |
Up to 3 months | Authorities | ||
Expected Loss Rates [Line Items] | ||
Total assets | 428 | 274 |
Up to 3 months | Other | ||
Expected Loss Rates [Line Items] | ||
Total assets | 595 | 1,503 |
3 months - 6 months | ||
Expected Loss Rates [Line Items] | ||
Total assets | 959 | 783 |
3 months - 6 months | Retailers | ||
Expected Loss Rates [Line Items] | ||
Total assets | 817 | 744 |
3 months - 6 months | Authorities | ||
Expected Loss Rates [Line Items] | ||
Total assets | 0 | 0 |
3 months - 6 months | Other | ||
Expected Loss Rates [Line Items] | ||
Total assets | 142 | 39 |
More than 6 months | ||
Expected Loss Rates [Line Items] | ||
Total assets | 382 | 644 |
More than 6 months | Retailers | ||
Expected Loss Rates [Line Items] | ||
Total assets | 337 | 594 |
More than 6 months | Authorities | ||
Expected Loss Rates [Line Items] | ||
Total assets | 10 | 9 |
More than 6 months | Other | ||
Expected Loss Rates [Line Items] | ||
Total assets | € 35 | € 41 |
Other current receivables (Deta
Other current receivables (Details) - EUR (€) € in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Input VAT | € 8,794 | € 9,541 |
DCC receivables | 17,829 | 7,763 |
Advances and deposits | 3,993 | 3,482 |
Withholding taxes | 2,455 | 2,247 |
Others | 571 | 1,075 |
Government grants | 1,268 | 1,726 |
Other current receivables | € 34,910 | € 25,834 |
Issued capital and reserves &_3
Issued capital and reserves & Shareholders of Global Blue - Disclosure of share capital authorized and issued (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disclosure of classes of share capital [line items] | ||||
Number of shares authorised and issued, beginning of period (in shares) | 240,191,865 | 211,252,951 | 210,323,474 | 211,252,951 |
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 29,764,256 | 0 | ||
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 0 | 5,000,000 | 104,135 | 5,000,000 |
Number of shares authorised and issued, end of period (in shares) | 240,191,865 | 216,252,951 | 240,191,865 | 216,252,951 |
Ordinary shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares authorised and issued, beginning of period (in shares) | 201,226,883 | 187,534,962 | 192,534,962 | 187,534,962 |
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 8,587,786 | 0 | ||
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 0 | 5,000,000 | 104,135 | 5,000,000 |
Number of shares authorised and issued, end of period (in shares) | 201,226,883 | 192,534,962 | 201,226,883 | 192,534,962 |
Preference shares A | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares authorised and issued, beginning of period (in shares) | 17,788,512 | 23,717,989 | 17,788,512 | 23,717,989 |
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 0 | 0 | ||
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 0 | 0 | 0 | 0 |
Number of shares authorised and issued, end of period (in shares) | 17,788,512 | 23,717,989 | 17,788,512 | 23,717,989 |
Preference shares B | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares authorised and issued, beginning of period (in shares) | 21,176,470 | 0 | ||
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 21,176,470 | |||
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 0 | 0 | ||
Number of shares authorised and issued, end of period (in shares) | 21,176,470 | 21,176,470 |
Issued capital and reserves &_4
Issued capital and reserves & Shareholders of Global Blue - Narrative (Details) $ / shares in Units, € in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2022 shares | Sep. 30, 2021 shares | Sep. 30, 2022 EUR (€) Rate shares | Sep. 30, 2022 USD ($) $ / shares Rate shares | Sep. 30, 2021 EUR (€) shares | |
Disclosure of classes of share capital [line items] | |||||
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 29,764,256 | 29,764,256 | 0 | ||
Net proceeds from issuance of share capital | € 215,200 | $ 225 | € 0 | ||
Transaction costs and stamp duties | € | € 4,700 | ||||
Other equity | |||||
Disclosure of classes of share capital [line items] | |||||
Number of vested RSA shares (in shares) | 413,806 | 413,806 | 413,806 | ||
Allocation of shares to shareholders (in shares) | 1,189,977 | 1,189,977 | 1,189,977 | ||
Acquisition of treasury shares (in shares) | 5,000,000 | 5,000,000 | |||
Ordinary shares | |||||
Disclosure of classes of share capital [line items] | |||||
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 8,587,786 | 8,587,786 | 0 | ||
Number of shares transferred (in shares) | 104,135 | ||||
Ordinary shares | Other equity | |||||
Disclosure of classes of share capital [line items] | |||||
Number of vested RSA shares (in shares) | 413,806 | 413,806 | 413,806 | ||
Allocation of shares to shareholders (in shares) | 1,189,977 | 1,189,977 | 1,189,977 | ||
Acquisition of treasury shares (in shares) | 438 | 5,000,000 | 5,000,000 | ||
Ordinary shares | Global Blue Group Holding AG | |||||
Disclosure of classes of share capital [line items] | |||||
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 5,000,000 | 8,587,786 | 8,587,786 | 5,000,000 | |
Ordinary shares | Global Blue Group Holding AG | Share capital | |||||
Disclosure of classes of share capital [line items] | |||||
Stock issued during period, new issues (in shares) | 104,135 | 104,135 | |||
Preference shares B | |||||
Disclosure of classes of share capital [line items] | |||||
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 21,176,470 | 21,176,470 | |||
Dividend paid in kind, percentage of preference shares | 5% | 5% | |||
Exercise of call option, period | 5 years | 5 years | |||
Shares exchange ratio, preference shares to ordinary shares, call option (in ordinary shares per preference share) | Rate | 100% | 100% | |||
Shares exchange ratio, preference shares to ordinary shares, put option (in ordinary shares for preference shares) | Rate | 100% | 100% | |||
Preferred shares, conversion into common shares, period | 6 months | 6 months | |||
Preferred shares, forced conversion, period | 1 year | 1 year | |||
Preference shares B | Maximum | |||||
Disclosure of classes of share capital [line items] | |||||
Preference shares, liquidation proceeds (in USD per share) | $ / shares | $ 8.50 | ||||
Preference shares B | Global Blue Group Holding AG | |||||
Disclosure of classes of share capital [line items] | |||||
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 21,176,470 | 21,176,470 |
Issued capital and reserves &_5
Issued capital and reserves & Shareholders of Global Blue - Disclosure of treasury shares (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disclosure Of Treasury Shares [Line Items] | ||||
Equity balance as of beginning of the year | € (185,793) | € (100,590) | ||
Issuance of treasury shares by Global Blue Group Holding A.G. | 0 | |||
Vested RSA shares | 0 | |||
Allocation of treasury shares to shareholders | 0 | |||
Conversion of shares | 0 | |||
Acquisition of treasury shares | (46) | |||
Equity balance as of end of the year | € 4,288 | € (146,236) | € 4,288 | € (146,236) |
Other equity | ||||
Disclosure Of Treasury Shares [Line Items] | ||||
Number of shares outstanding at beginning of period (in shares) | 13,203,524 | 8,190,415 | 13,099,389 | 8,190,415 |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | |||
Vested RSA shares (in shares) | 413,806 | 413,806 | ||
Allocation of treasury shares to shareholders (in shares) | 1,189,977 | 1,189,977 | ||
Conversion of shares (in shares) | 0 | |||
Acquisition of treasury shares (in shares) | 5,000,000 | 5,000,000 | ||
Number of shares outstanding at end of period (in shares) | 11,599,741 | 13,190,415 | 11,599,741 | 13,190,415 |
Equity balance as of beginning of the year | € (10,180) | € (10,123) | € (10,179) | € (10,123) |
Issuance of treasury shares by Global Blue Group Holding A.G. | (1) | |||
Vested RSA shares | 4 | 4 | ||
Allocation of treasury shares to shareholders | 9,178 | 9,178 | ||
Conversion of shares | 0 | |||
Acquisition of treasury shares | (46) | (46) | ||
Equity balance as of end of the year | € (998) | € (10,169) | € (998) | € (10,169) |
Ordinary shares | Other equity | ||||
Disclosure Of Treasury Shares [Line Items] | ||||
Number of shares outstanding at beginning of period (in shares) | 13,099,153 | 8,086,280 | 12,995,018 | 8,051,569 |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | |||
Vested RSA shares (in shares) | 413,806 | 413,806 | ||
Allocation of treasury shares to shareholders (in shares) | 1,189,977 | 1,189,977 | ||
Conversion of shares (in shares) | 34,711 | |||
Acquisition of treasury shares (in shares) | 438 | 5,000,000 | 5,000,000 | |
Number of shares outstanding at end of period (in shares) | 11,495,370 | 13,086,280 | 11,495,370 | 13,086,280 |
Equity balance as of beginning of the year | € (9,298) | € (9,243) | € (9,297) | € (8,877) |
Issuance of treasury shares by Global Blue Group Holding A.G. | (1) | |||
Vested RSA shares | 4 | 4 | ||
Allocation of treasury shares to shareholders | 9,178 | 9,178 | ||
Conversion of shares | (366) | |||
Acquisition of treasury shares | (46) | (46) | ||
Equity balance as of end of the year | € (116) | € (9,289) | € (116) | € (9,289) |
Preference shares A | Other equity | ||||
Disclosure Of Treasury Shares [Line Items] | ||||
Number of shares outstanding at beginning of period (in shares) | 104,371 | 104,135 | 104,371 | 138,846 |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 0 | |||
Vested RSA shares (in shares) | 0 | 0 | ||
Allocation of treasury shares to shareholders (in shares) | 0 | 0 | ||
Conversion of shares (in shares) | (34,711) | |||
Acquisition of treasury shares (in shares) | 0 | 0 | ||
Number of shares outstanding at end of period (in shares) | 104,371 | 104,135 | 104,371 | 104,135 |
Equity balance as of beginning of the year | € (882) | € (880) | € (882) | € (1,246) |
Issuance of treasury shares by Global Blue Group Holding A.G. | 0 | |||
Vested RSA shares | 0 | 0 | ||
Allocation of treasury shares to shareholders | 0 | 0 | ||
Conversion of shares | 366 | |||
Acquisition of treasury shares | 0 | 0 | ||
Equity balance as of end of the year | (882) | (880) | (882) | (880) |
Preference shares | Other equity | ||||
Disclosure Of Treasury Shares [Line Items] | ||||
Equity balance as of beginning of the year | (882) | (1,246) | ||
Conversion of shares | 366 | |||
Equity balance as of end of the year | € (882) | € (880) | € (882) | € (880) |
Issued capital and reserves &_6
Issued capital and reserves & Shareholders of Global Blue - Disclosure of share capital of Global Blue Group Holding A.G. (Details) - shares | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 240,191,865 | 210,323,474 |
Warrants | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 30,735,950 | 30,735,950 |
Ordinary shares | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 201,226,883 | 192,534,962 |
Preference shares | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 38,964,982 | 17,788,512 |
Global Blue Group Holding AG | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 228,592,124 | 198,414,500 |
Ownership percentage | 100% | 100% |
Global Blue Group Holding AG | GB Directors, Executive Management & Other Employees | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 9,155,672 | 10,076,816 |
Ownership percentage | 4% | 5.10% |
Global Blue Group Holding AG | Other Shareholders | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 22,174,963 | 21,539,634 |
Ownership percentage | 9.70% | 10.80% |
Global Blue Group Holding AG | Warrants | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 30,735,950 | 30,735,950 |
Global Blue Group Holding AG | Warrants | GB Directors, Executive Management & Other Employees | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 516,317 | 516,317 |
Global Blue Group Holding AG | Warrants | Other Shareholders | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 20,969,283 | 20,969,283 |
Global Blue Group Holding AG | Silver Lake and Affiliates | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 109,229,085 | 109,229,085 |
Ownership percentage | 47.80% | 55.10% |
Global Blue Group Holding AG | Silver Lake and Affiliates | Warrants | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 6,548,415 | 6,548,415 |
Global Blue Group Holding AG | Partners Group and Affiliates | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 45,068,965 | 45,068,965 |
Ownership percentage | 19.70% | 22.70% |
Global Blue Group Holding AG | Partners Group and Affiliates | Warrants | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 2,701,935 | 2,701,935 |
Global Blue Group Holding AG | CK Opportunities Fund I, LP | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 30,463,439 | |
Ownership percentage | 13.30% | |
Global Blue Group Holding AG | CK Opportunities Fund I, LP | Warrants | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 0 | |
Global Blue Group Holding AG | Ant Group | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 12,500,000 | 12,500,000 |
Ownership percentage | 5.50% | 6.30% |
Global Blue Group Holding AG | Ant Group | Warrants | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 0 | 0 |
Global Blue Group Holding AG | GB Group | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 11,599,741 | 11,908,974 |
Global Blue Group Holding AG | GB Group | Warrants | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 0 | 0 |
Global Blue Group Holding AG | Ordinary shares | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 189,731,513 | 180,626,224 |
Global Blue Group Holding AG | Ordinary shares | GB Directors, Executive Management & Other Employees | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 8,381,155 | 9,198,164 |
Global Blue Group Holding AG | Ordinary shares | Other Shareholders | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 22,174,963 | 21,539,634 |
Global Blue Group Holding AG | Ordinary shares | Silver Lake and Affiliates | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 97,258,598 | 97,258,598 |
Global Blue Group Holding AG | Ordinary shares | Partners Group and Affiliates | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 40,129,828 | 40,129,828 |
Global Blue Group Holding AG | Ordinary shares | CK Opportunities Fund I, LP | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 9,286,969 | |
Global Blue Group Holding AG | Ordinary shares | Ant Group | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 12,500,000 | 12,500,000 |
Global Blue Group Holding AG | Ordinary shares | GB Group | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 11,495,370 | 11,908,738 |
Global Blue Group Holding AG | Preference shares | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 38,860,611 | 17,788,276 |
Global Blue Group Holding AG | Preference shares | GB Directors, Executive Management & Other Employees | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 774,517 | 878,652 |
Global Blue Group Holding AG | Preference shares | Other Shareholders | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 0 | 0 |
Global Blue Group Holding AG | Preference shares | Silver Lake and Affiliates | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 11,970,487 | 11,970,487 |
Global Blue Group Holding AG | Preference shares | Partners Group and Affiliates | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 4,939,137 | 4,939,137 |
Global Blue Group Holding AG | Preference shares | CK Opportunities Fund I, LP | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 21,176,470 | |
Global Blue Group Holding AG | Preference shares | Ant Group | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 0 | 0 |
Global Blue Group Holding AG | Preference shares | GB Group | ||
Disclosure of classes of share capital [line items] | ||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 104,371 | 236 |
Share-based Payments - Narrativ
Share-based Payments - Narrative (Details) € in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Sep. 14, 2022 share $ / shares | Sep. 30, 2022 share | Sep. 30, 2021 share | Sep. 30, 2022 EUR (€) share | Sep. 30, 2021 share | Jun. 30, 2022 share | Mar. 31, 2022 share | Jun. 30, 2021 share | Mar. 31, 2021 share | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Par value per share (in USD per share) | $ / shares | $ 4.83 | ||||||||
Total expense from equity-settled share-based payment transactions | € | € 2,076 | ||||||||
Expense from equity-settled share-based payment transactions | € | 1,351 | ||||||||
Future expense from equity-settled share-based payment transactions | € | € 725 | ||||||||
Global Blue Management Incentive Plan | Restricted Shares Award 2022 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of restricted shares granted (in shares) | 764,000 | ||||||||
Share price at grant date (in USD per share) | $ / shares | $ 4.83 | ||||||||
Global Blue Management Incentive Plan | Restricted Shares Award 2022 | Vesting tranche one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of restricted shares granted (in shares) | 191,000 | ||||||||
Vesting requirements, percentage | 25% | ||||||||
Share price at grant date (in USD per share) | $ / shares | $ 4.83 | ||||||||
Global Blue Management Incentive Plan | Restricted Shares Award 2022 | Vesting tranche two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of restricted shares granted (in shares) | 191,000 | ||||||||
Vesting requirements, percentage | 25% | ||||||||
Share price at grant date (in USD per share) | $ / shares | $ 4.83 | ||||||||
Global Blue Management Incentive Plan | Restricted Shares Award 2022 | Vesting tranche three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of restricted shares granted (in shares) | 191,000 | ||||||||
Vesting requirements, percentage | 25% | ||||||||
Share price at grant date (in USD per share) | $ / shares | $ 4.83 | ||||||||
Global Blue Management Incentive Plan | Restricted Shares Award 2022 | Vesting tranche four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of restricted shares granted (in shares) | 191,000 | ||||||||
Vesting requirements, percentage | 25% | ||||||||
Share price at grant date (in USD per share) | $ / shares | $ 4.83 | ||||||||
Global Blue Management Incentive Plan | Restricted Shares Award | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of restricted shares granted (in shares) | 962,000 | 0 | 962,000 | 0 | |||||
Number of restricted shares vested (in shares) | 414,000 | 0 | 414,000 | 0 | |||||
Number of restricted shares unvested (in shares) | 2,150,000 | 444,000 | 2,150,000 | 444,000 | 1,672,000 | 1,674,000 | 475,000 | 475,000 | |
Global Blue Management Incentive Plan, CEO | Restricted Shares Award | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of restricted shares granted (in shares) | 198,219 | ||||||||
Number of restricted shares vested (in shares) | 65,915 | ||||||||
Number of restricted shares unvested (in shares) | 132,304 | 132,304 | |||||||
Global Blue Management Incentive Plan, CEO | Restricted Shares Award and Share Options | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Total expense from equity-settled share-based payment transactions | € | € 2,100 | ||||||||
Expense from equity-settled share-based payment transactions | € | 1,400 | ||||||||
Future expense from equity-settled share-based payment transactions | € | € 700 |
Share-based Payments - Disclosu
Share-based Payments - Disclosure of indirect measurement of fair value of restricted shares granted during period (Details) - Global Blue Management Incentive Plan | Sep. 14, 2022 share $ / shares | Oct. 12, 2021 $ / shares | Oct. 23, 2020 $ / shares |
RSA 2022 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 4.83 | ||
Number of restricted shares granted (in shares) | share | 764,000 | ||
Vesting tranche one | RSA 2020 NED | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 8.64 | ||
Risk free interest rate | 0.14% | ||
Fair value per share (in USD per share) | $ 8.62 | ||
Vesting tranche one | RSA 2020 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 8.64 | ||
Risk free interest rate | 0.14% | ||
Fair value per share (in USD per share) | $ 7.28 | ||
Vesting tranche one | RSAe 2021 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 6.60 | ||
Risk free interest rate | 0.10% | ||
Fair value per share (in USD per share) | $ 6.59 | ||
Vesting tranche one | RSA 2021 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 6.60 | ||
Risk free interest rate | 0.10% | ||
Fair value per share (in USD per share) | $ 5.47 | ||
Vesting tranche one | RSA 2022 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 4.83 | ||
Number of restricted shares granted (in shares) | share | 191,000 | ||
Risk free interest rate | 4.23% | ||
Fair value per share (in USD per share) | $ 3.91 | ||
Vesting tranche two | RSA 2020 NED | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 8.64 | ||
Risk free interest rate | 0.17% | ||
Fair value per share (in USD per share) | $ 8.61 | ||
Vesting tranche two | RSA 2020 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 8.64 | ||
Risk free interest rate | 0.17% | ||
Fair value per share (in USD per share) | $ 7.27 | ||
Vesting tranche two | RSAe 2021 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 6.60 | ||
Risk free interest rate | 0.21% | ||
Fair value per share (in USD per share) | $ 6.57 | ||
Vesting tranche two | RSA 2021 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 6.60 | ||
Risk free interest rate | 0.21% | ||
Fair value per share (in USD per share) | $ 5.46 | ||
Vesting tranche two | RSA 2022 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 4.83 | ||
Number of restricted shares granted (in shares) | share | 191,000 | ||
Risk free interest rate | 4.21% | ||
Fair value per share (in USD per share) | $ 3.75 | ||
Vesting tranche three | RSA 2020 NED | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 8.64 | ||
Risk free interest rate | 0.22% | ||
Fair value per share (in USD per share) | $ 8.58 | ||
Vesting tranche three | RSA 2020 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 8.64 | ||
Risk free interest rate | 0.23% | ||
Fair value per share (in USD per share) | $ 7.25 | ||
Vesting tranche three | RSA 2021 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 6.60 | ||
Risk free interest rate | 0.40% | ||
Fair value per share (in USD per share) | $ 5.42 | ||
Vesting tranche three | RSA 2022 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 4.83 | ||
Number of restricted shares granted (in shares) | share | 191,000 | ||
Risk free interest rate | 4.03% | ||
Fair value per share (in USD per share) | $ 3.61 | ||
Vesting tranche four | RSA 2020 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 8.64 | ||
Risk free interest rate | 0.31% | ||
Fair value per share (in USD per share) | $ 7.21 | ||
Vesting tranche four | RSA 2021 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 6.60 | ||
Risk free interest rate | 0.62% | ||
Fair value per share (in USD per share) | $ 5.35 | ||
Vesting tranche four | RSA 2022 | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 4.83 | ||
Number of restricted shares granted (in shares) | share | 191,000 | ||
Risk free interest rate | 3.90% | ||
Fair value per share (in USD per share) | $ 3.49 |
Share-based Payments - Disclo_2
Share-based Payments - Disclosure of number of restricted shares awarded (Details) - Global Blue Management Incentive Plan, CEO | 3 Months Ended |
Sep. 30, 2022 share | |
Restricted Shares Award | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of restricted shares vested (in shares) | 65,915 |
Number of restricted shares unvested (in shares) | 132,304 |
Number of restricted shares granted (in shares) | 198,219 |
RSA 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of restricted shares vested (in shares) | 13,379 |
Number of restricted shares unvested (in shares) | 26,758 |
Number of restricted shares granted (in shares) | 40,137 |
RSA 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of restricted shares vested (in shares) | 10,698 |
Number of restricted shares unvested (in shares) | 42,789 |
Number of restricted shares granted (in shares) | 53,487 |
RSAe 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of restricted shares vested (in shares) | 41,838 |
Number of restricted shares unvested (in shares) | 62,757 |
Number of restricted shares granted (in shares) | 104,595 |
Unconditional | Restricted Shares Award | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of restricted shares vested (in shares) | 62,349 |
Number of restricted shares unvested (in shares) | 97,533 |
Unconditional | RSA 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of restricted shares vested (in shares) | 13,379 |
Number of restricted shares unvested (in shares) | 13,380 |
Unconditional | RSA 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of restricted shares vested (in shares) | 7,132 |
Number of restricted shares unvested (in shares) | 21,396 |
Unconditional | RSAe 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of restricted shares vested (in shares) | 41,838 |
Number of restricted shares unvested (in shares) | 62,757 |
Conditional | Restricted Shares Award | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of restricted shares vested (in shares) | 3,566 |
Number of restricted shares unvested (in shares) | 34,771 |
Conditional | RSA 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of restricted shares vested (in shares) | 0 |
Number of restricted shares unvested (in shares) | 13,378 |
Conditional | RSA 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of restricted shares vested (in shares) | 3,566 |
Number of restricted shares unvested (in shares) | 21,393 |
Conditional | RSAe 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of restricted shares vested (in shares) | 0 |
Number of restricted shares unvested (in shares) | 0 |
Share-based Payments - Disclo_3
Share-based Payments - Disclosure of number of share options awarded (Details) - Global Blue Management Incentive Plan, CEO - SOP 2020 - $ / shares | Sep. 30, 2022 | Nov. 12, 2020 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 2,750,000 | |
Exercise price range one | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Exercise price of outstanding share options (in USD per share) | $ 6.42 | $ 8.50 |
Number of share options vested (in shares) | 893,747 | |
Exercise price range two | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Exercise price of outstanding share options (in USD per share) | $ 8.42 | 10.50 |
Number of share options vested (in shares) | 756,251 | |
Exercise price range three | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Exercise price of outstanding share options (in USD per share) | $ 10.42 | 12.50 |
Number of share options vested (in shares) | 618,751 | |
Exercise price range four | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Exercise price of outstanding share options (in USD per share) | $ 12.42 | $ 14.50 |
Number of share options vested (in shares) | 481,251 | |
Vesting tranche one | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 1,031,249 | |
Vesting tranche one | Exercise price range one | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 335,155 | |
Vesting tranche one | Exercise price range two | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 283,594 | |
Vesting tranche one | Exercise price range three | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 232,031 | |
Vesting tranche one | Exercise price range four | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 180,469 | |
Vesting tranche two | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 343,749 | |
Vesting tranche two | Exercise price range one | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 111,718 | |
Vesting tranche two | Exercise price range two | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 94,531 | |
Vesting tranche two | Exercise price range three | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 77,344 | |
Vesting tranche two | Exercise price range four | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 60,156 | |
Vesting tranche three | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 687,501 | |
Vesting tranche three | Exercise price range one | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 223,437 | |
Vesting tranche three | Exercise price range two | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 189,063 | |
Vesting tranche three | Exercise price range three | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 154,688 | |
Vesting tranche three | Exercise price range four | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 120,313 | |
Vesting tranche four | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 687,501 | |
Vesting tranche four | Exercise price range one | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 223,437 | |
Vesting tranche four | Exercise price range two | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 189,063 | |
Vesting tranche four | Exercise price range three | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 154,688 | |
Vesting tranche four | Exercise price range four | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options vested (in shares) | 120,313 |
Share-based Payments - Disclo_4
Share-based Payments - Disclosure of expenses from equity-settled share-based payment transactions (Details) € in Thousands | 6 Months Ended |
Sep. 30, 2022 EUR (€) | |
Disclosure of attribution of expenses by nature to their function [line items] | |
Expense from equity-settled share-based payment transactions | € 1,351 |
Future expense from equity-settled share-based payment transactions | 725 |
Total expense from equity-settled share-based payment transactions | 2,076 |
RSA 2020 | |
Disclosure of attribution of expenses by nature to their function [line items] | |
Expense from equity-settled share-based payment transactions | 56 |
Future expense from equity-settled share-based payment transactions | 88 |
Total expense from equity-settled share-based payment transactions | 144 |
RSA 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |
Expense from equity-settled share-based payment transactions | 45 |
Future expense from equity-settled share-based payment transactions | 98 |
Total expense from equity-settled share-based payment transactions | 143 |
RSAe 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |
Expense from equity-settled share-based payment transactions | 175 |
Future expense from equity-settled share-based payment transactions | 260 |
Total expense from equity-settled share-based payment transactions | 435 |
SOP 2020 | |
Disclosure of attribution of expenses by nature to their function [line items] | |
Expense from equity-settled share-based payment transactions | 1,075 |
Future expense from equity-settled share-based payment transactions | 279 |
Total expense from equity-settled share-based payment transactions | € 1,354 |
Share-based Payments - Disclo_5
Share-based Payments - Disclosure of reconciliation of restricted shares (Details) - Global Blue Management Incentive Plan - Restricted Shares Award share in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 USD ($) share | Sep. 30, 2021 USD ($) share | Sep. 30, 2022 USD ($) share | Sep. 30, 2021 USD ($) share | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of restricted shares outstanding at beginning of period (in shares) | 1,672 | 475 | 1,674 | 475 |
Granted during the period (in shares) | 962 | 0 | 962 | 0 |
Vested and released during the period (in shares) | (414) | 0 | (414) | 0 |
Forfeited during the period (in shares) | (70) | 0 | (72) | 0 |
Changes due to leavers and non-market conditions (in shares) | 0 | (31) | 0 | (31) |
Number of restricted shares outstanding at end of period (in shares) | 2,150 | 444 | 2,150 | 444 |
Weighted average fair value (in USD per share) | $ | $ 5.37 | $ 7.36 | $ 5.37 | $ 7.36 |
Share-based Payments - Disclo_6
Share-based Payments - Disclosure of reconciliation of share options (Details) - Global Blue Management Incentive Plan - Share options share in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 share $ / shares | Sep. 30, 2021 share $ / shares | Sep. 30, 2022 share $ / shares | Sep. 30, 2021 share $ / shares | |
Average exercise price per share option (USD) | ||||
Average exercise price per share option, outstanding at beginning of period (in USD per share) | $ / shares | $ 10.26 | $ 10,980 | $ 10.98 | $ 10.98 |
Average exercise price per share option, forfeited during the period (in USD per share) | $ / shares | 11 | 0 | 11 | 0 |
Average exercise price per share option, changes due to leavers and non-market conditions (in USD per share) | $ / shares | 0 | 10.98 | 0 | 10.98 |
Average exercise price per share option, outstanding at end of period (in USD per share) | $ / shares | 10.26 | 10.98 | 10.26 | 10.98 |
Average exercise price per share option, vested and exercisable (in USD per share) | $ / shares | 10.92 | 0 | $ 10.92 | $ 0 |
Average exercise price per share option, vested and exercisable (in USD per share) | $ / shares | $ 11 | $ 0 | ||
Number of options (thousands) | ||||
Number of share options outstanding at beginning of period (in shares) | share | 7,980 | 8,457 | 7,980 | 8,457 |
Number of share options forfeited during the period (in shares) | share | (18) | 0 | (18) | 0 |
Number of share options cancelled, changes due to leavers and non-market conditions (in shares) | share | 0 | (111) | 0 | (111) |
Number of share options outstanding at end of period (in shares) | share | 7,962 | 8,346 | 7,962 | 8,346 |
Number of share options vested and exercisable during the period (in shares) | share | 1,147 | 0 | 1,147 | 0 |
Number of share options vested and exercisable during the period (in shares) | share | 916 | 0 |
Share-based Payments - Disclo_7
Share-based Payments - Disclosure of indirect measurement of fair value of share options granted during period (Details) - Global Blue Management Incentive Plan | 6 Months Ended |
Sep. 30, 2022 USD ($) $ / shares | |
2019 SOP | Exercise price range one | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 1.59 |
Share price at grant date (in USD per share) | $ 10.59 |
Exercise price (in USD per share) | $ 10.59 |
Expected volatility | 25% |
Risk free interest rate | 1.91% |
2019 SOP | Exercise price range two | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 1.59 |
Share price at grant date (in USD per share) | $ 10.59 |
Exercise price (in USD per share) | $ 10.59 |
Expected volatility | 25% |
Risk free interest rate | 1.91% |
2020 SOP | Exercise price range one | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 1.54 |
Share price at grant date (in USD per share) | $ 8.64 |
Exercise price (in USD per share) | $ 8.50 |
Expected volatility | 21.50% |
Risk free interest rate | 0.50% |
2020 SOP | Exercise price range two | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 1.54 |
Share price at grant date (in USD per share) | $ 8.64 |
Exercise price (in USD per share) | $ 8.50 |
Expected volatility | 21.50% |
Risk free interest rate | 0.50% |
2020 SOP | Exercise price range three | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 1.52 |
Share price at grant date (in USD per share) | $ 8.64 |
Exercise price (in USD per share) | $ 8.50 |
Expected volatility | 21.50% |
Risk free interest rate | 0.50% |
2020 SOP | Exercise price range four | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 1.49 |
Share price at grant date (in USD per share) | $ 8.64 |
Exercise price (in USD per share) | $ 8.50 |
Expected volatility | 21.50% |
Risk free interest rate | 0.50% |
2020 SOP | Exercise price range five | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 0.96 |
Share price at grant date (in USD per share) | $ 8.64 |
Exercise price (in USD per share) | $ 10.50 |
Expected volatility | 21.50% |
Risk free interest rate | 0.50% |
2020 SOP | Exercise price range six | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 0.96 |
Share price at grant date (in USD per share) | $ 8.64 |
Exercise price (in USD per share) | $ 10.50 |
Expected volatility | 21.50% |
Risk free interest rate | 0.50% |
2020 SOP | Exercise price range seven | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 0.96 |
Share price at grant date (in USD per share) | $ 8.64 |
Exercise price (in USD per share) | $ 10.50 |
Expected volatility | 21.50% |
Risk free interest rate | 0.50% |
2020 SOP | Exercise price range eight | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 0.95 |
Share price at grant date (in USD per share) | $ 8.64 |
Exercise price (in USD per share) | $ 10.50 |
Expected volatility | 21.50% |
Risk free interest rate | 0.50% |
2020 SOP | Exercise price range nine | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 0.61 |
Share price at grant date (in USD per share) | $ 8.64 |
Exercise price (in USD per share) | $ 12.50 |
Expected volatility | 21.50% |
Risk free interest rate | 0.50% |
2020 SOP | Exercise price range ten | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 0.61 |
Share price at grant date (in USD per share) | $ 8.64 |
Exercise price (in USD per share) | $ 12.50 |
Expected volatility | 21.50% |
Risk free interest rate | 0.50% |
2020 SOP | Exercise price range eleven | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 0.61 |
Share price at grant date (in USD per share) | $ 8.64 |
Exercise price (in USD per share) | $ 12.50 |
Expected volatility | 21.50% |
Risk free interest rate | 0.50% |
2020 SOP | Exercise price range twelve | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 0.61 |
Share price at grant date (in USD per share) | $ 8.64 |
Exercise price (in USD per share) | $ 12.50 |
Expected volatility | 21.50% |
Risk free interest rate | 0.50% |
2020 SOP | Exercise price range thirteen | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 0.39 |
Share price at grant date (in USD per share) | $ 8.64 |
Exercise price (in USD per share) | $ 14.50 |
Expected volatility | 21.50% |
Risk free interest rate | 0.50% |
2020 SOP | Exercise price range fourteen | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 0.39 |
Share price at grant date (in USD per share) | $ 8.64 |
Exercise price (in USD per share) | $ 14.50 |
Expected volatility | 21.50% |
Risk free interest rate | 0.50% |
2020 SOP | Exercise price range fifteen | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 0.39 |
Share price at grant date (in USD per share) | $ 8.64 |
Exercise price (in USD per share) | $ 14.50 |
Expected volatility | 21.50% |
Risk free interest rate | 0.50% |
2020 SOP | Exercise price range sixteen | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Fair value at grant date (in USD per share) | $ | $ 0.39 |
Share price at grant date (in USD per share) | $ 8.64 |
Exercise price (in USD per share) | $ 14.50 |
Expected volatility | 21.50% |
Risk free interest rate | 0.50% |
Loans and borrowings - Disclosu
Loans and borrowings - Disclosure of detailed information about borrowings (Details) - EUR (€) € in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2020 |
Disclosure of financial liabilities [line items] | |||
Borrowings | € 791,343 | € 723,230 | |
Short-term portion | 915 | 676 | |
Long-term portion | 790,428 | 722,554 | |
Senior debt facility | Gross carrying amount | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 630,000 | 630,000 | |
Senior debt facility | Capitalized financing fees - Senior debt facility | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 5,541 | 6,446 | |
Revolving Credit Facility (RCF) | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 99,100 | 99,100 | |
Revolving Credit Facility (RCF) | Gross carrying amount | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | € 99,000 | 99,000 | |
Supplemental Liquidity Facility (SLF) | |||
Disclosure of financial liabilities [line items] | |||
Effective interest | 2.75% | 2.75% | |
Supplemental Liquidity Facility (SLF) | Fair value | Level 2 | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | € 63,394 | ||
Supplemental Liquidity Facility (SLF) | Gross carrying amount | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 66,969 | 0 | |
Bank and other overdraft | Gross carrying amount | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | € 915 | € 676 |
Loans and borrowings - Disclo_2
Loans and borrowings - Disclosure of security pledges (Details) - EUR (€) € in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
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 | € 146,383 | € 163,029 |
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 | 35,727 | 48,617 |
Pledge of cash in hand | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets pledged as collateral for liabilities | € 22,956 | € 6,913 |
Loans and borrowings - Narrativ
Loans and borrowings - Narrative (Details) € in Thousands, $ in Millions | Apr. 19, 2022 EUR (€) | Apr. 19, 2022 USD ($) | Apr. 01, 2022 EUR (€) | Apr. 01, 2022 USD ($) | Sep. 30, 2022 EUR (€) | Sep. 30, 2022 USD ($) | Mar. 31, 2022 EUR (€) | Sep. 30, 2020 EUR (€) | Sep. 30, 2020 USD ($) |
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | € 791,343 | € 723,230 | |||||||
Supplemental Liquidity Facility (SLF) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Notional amount | € 77,300 | $ 75 | |||||||
Effective interest | 2.75% | 2.75% | 2.75% | 2.75% | |||||
Proceeds from borrowings | € 41,400 | $ 45 | € 18,000 | $ 20 | |||||
Undrawn borrowing facilities | € 10,300 | $ 10 | |||||||
Local credit facilities | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Notional amount | 8,200 | 8,400 | |||||||
Borrowings | 100 | 0 | |||||||
Factoring agreement | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | 800 | 600 | |||||||
Revolving Credit Facility (RCF) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings | € 99,100 | € 99,100 |
Accrued liabilities (Details)
Accrued liabilities (Details) - EUR (€) € in Millions | Sep. 30, 2022 | Mar. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
salaries and bonuses to be paid out | € 19.3 | € 20.2 |
Auditors and lawyers fees | 3.2 | 5.5 |
Interest on external loans | € 3 | € 1.8 |
Fair value measurement of fin_3
Fair value measurement of financial instruments - Disclosure of fair value measurement of assets and liabilities (Details) - Recurring fair value measurement - EUR (€) € in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | € 5,745 | € 3,881 |
Total liabilities | 21,967 | 27,826 |
Put options | Financial liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 11,775 | 15,419 |
Public warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 6,265 | 7,539 |
Private warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 3,699 | 4,512 |
Derivatives | Financial liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 228 | 356 |
Financial assets at fair value through OCI | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 5,707 | 3,881 |
Financial assets at fair value through profit or loss | Derivatives | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 38 | |
Level 1 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 0 | 0 |
Total liabilities | 6,265 | 7,539 |
Level 1 | Put options | Financial liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 1 | Public warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 6,265 | 7,539 |
Level 1 | Private warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 1 | Derivatives | Financial liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 1 | Financial assets at fair value through OCI | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 0 | 0 |
Level 1 | Financial assets at fair value through profit or loss | Derivatives | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 0 | |
Level 2 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 38 | 0 |
Total liabilities | 3,927 | 4,868 |
Level 2 | Put options | Financial liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 2 | Public warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 2 | Private warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 3,699 | 4,512 |
Level 2 | Derivatives | Financial liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 228 | 356 |
Level 2 | Financial assets at fair value through OCI | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 0 | 0 |
Level 2 | Financial assets at fair value through profit or loss | Derivatives | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 38 | |
Level 3 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 5,707 | 3,881 |
Total liabilities | 11,775 | 15,419 |
Level 3 | ZigZag | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 5,300 | |
Level 3 | Yocuda | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 6,500 | |
Level 3 | Put options | Financial liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 11,775 | 15,419 |
Level 3 | Public warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 3 | Private warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 3 | Derivatives | Financial liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 3 | Financial assets at fair value through OCI | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 5,707 | € 3,881 |
Level 3 | Financial assets at fair value through profit or loss | Derivatives | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | € 0 |
Fair value measurement of fin_4
Fair value measurement of financial instruments - Narrative (Details) € in Thousands, $ in Millions | 6 Months Ended | |||
Aug. 23, 2022 EUR (€) | Aug. 23, 2022 USD ($) | Sep. 30, 2022 EUR (€) | Mar. 31, 2022 EUR (€) | |
Reflaunt | ||||
Disclosure of fair value measurement of liabilities [line items] | ||||
Voting equity interests acquired (in percentage) | 4.29% | 4.29% | ||
Acquisition of minority interest | € 2,000 | $ 2 | ||
Recurring fair value measurement | ||||
Disclosure of fair value measurement of liabilities [line items] | ||||
Financial liabilities | € 21,967 | € 27,826 | ||
Level 3 | Recurring fair value measurement | ||||
Disclosure of fair value measurement of liabilities [line items] | ||||
Gain recognized in income statement | (2,928) | |||
Financial liabilities | 11,775 | € 15,419 | ||
Level 3 | Recurring fair value measurement | ZigZag | ||||
Disclosure of fair value measurement of liabilities [line items] | ||||
Financial liabilities | 5,300 | |||
Level 3 | Recurring fair value measurement | Yocuda | ||||
Disclosure of fair value measurement of liabilities [line items] | ||||
Financial liabilities | 6,500 | |||
Warrants | Level 3 | Recurring fair value measurement | ||||
Disclosure of fair value measurement of liabilities [line items] | ||||
Gain recognized in income statement | 2,100 | |||
Put options | Level 3 | Recurring fair value measurement | ||||
Disclosure of fair value measurement of liabilities [line items] | ||||
Gain recognized in income statement | € 2,900 |
Fair value measurement of fin_5
Fair value measurement of financial instruments - Disclosure of reconciliation of changes in Level 3 hierarchy (Details) - Recurring fair value measurement € in Thousands | 6 Months Ended |
Sep. 30, 2022 EUR (€) | |
Changes in fair value measurement, assets [abstract] | |
Financial assets at beginning of period | € 3,881 |
Financial assets at end of period | 5,745 |
Changes in fair value measurement, liabilities [abstract] | |
Financial liabilities at beginning of period | 27,826 |
Financial liabilities at end of period | 21,967 |
Level 3 | |
Changes in fair value measurement, assets [abstract] | |
Financial assets at beginning of period | 3,881 |
Additions | 2,000 |
Gain recognized in income statement | 0 |
Reclassifications | (174) |
Exchange differences | 0 |
Financial assets at end of period | 5,707 |
Changes in fair value measurement, liabilities [abstract] | |
Financial liabilities at beginning of period | 15,419 |
Gain recognized in income statement | (2,928) |
Reclassifications | 0 |
Exchange differences | (716) |
Financial liabilities at end of period | € 11,775 |
Events after the reporting pe_2
Events after the reporting period (Details) - ShipUp - Major business combination - ShipUp Holding SAS € in Millions | Oct. 31, 2022 EUR (€) |
Disclosure of non-adjusting events after reporting period [line items] | |
Voting equity interests acquired (in percentage) | 100% |
Cash transferred | € 35.4 |
Equity interests of acquirer | € 4.5 |
Equity interest, percentage of total equity | 25% |