Cover page
Cover page | 12 Months Ended |
Mar. 31, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Mar. 31, 2023 |
Current Fiscal Year End Date | --03-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-39477 |
Entity Registrant Name | GLOBAL BLUE GROUP HOLDING AG |
Entity Incorporation, State or Country Code | V8 |
Entity Address, Address Line One | Zürichstrasse 38 |
Entity Address, Postal Zip Code | 8306 |
Entity Address, City or Town | Brüttisellen |
Entity Address, Country | CH |
Entity Common Stock, Shares Outstanding | 189,855,747 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001799983 |
Ordinary shares | |
Entity Information [Line Items] | |
Title of 12(b) Security | Ordinary Shares, nominal value CHF 0.01 per share |
Trading Symbol | GB |
Security Exchange Name | NYSE |
Warrants | |
Entity Information [Line Items] | |
Title of 12(b) Security | Warrants to purchase ordinary shares |
Trading Symbol | GB.WT |
Security Exchange Name | NYSE |
Business Contact | |
Entity Information [Line Items] | |
Entity Address, Address Line One | Route des Fléchères 7A |
Entity Address, Postal Zip Code | 1274 |
Entity Address, City or Town | Signy |
Entity Address, Country | CH |
City Area Code | +41 |
Local Phone Number | 22 363 77 40 |
Contact Personnel Name | Jeremy Henderson-Ross |
Audit Information
Audit Information | 12 Months Ended |
Mar. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 1358 |
Auditor Name | PricewaterhouseCoopers SA |
Auditor Location | Geneva, Switzerland |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Non-current assets | ||
Property, plant and equipment | € 24,839 | € 27,758 |
Intangible assets | 605,508 | 584,026 |
Deferred tax assets | 34,810 | 36,040 |
Investments in joint ventures and associates | 230 | 2,650 |
Other investments | 7,051 | 3,881 |
Other non-current financial assets | 14,207 | 13,313 |
Non-current assets | 686,645 | 667,668 |
Current assets | ||
Trade receivables | 191,469 | 100,062 |
Other current receivables | 31,369 | 25,834 |
Income tax receivables | 1,681 | 2,277 |
Prepaid expenses | 5,586 | 5,636 |
Cash and cash equivalents | 240,546 | 51,083 |
Current assets | 470,651 | 184,892 |
Total assets | 1,157,296 | 852,560 |
Equity attributable to owners of the parent | ||
Share capital | 2,194 | 1,907 |
Share premium | 1,852,339 | 1,634,469 |
Other equity | (117) | (10,179) |
Other reserves | (970,623) | (965,755) |
Accumulated losses | (883,420) | (851,967) |
Equity attributable to owners of the parent | 373 | (191,525) |
Non-controlling interests | 5,970 | 5,732 |
Total equity | 6,343 | (185,793) |
Non-current liabilities | ||
Loans and borrowings | 726,891 | 722,554 |
Other non-current financial liabilities | 18,811 | 29,705 |
Deferred tax liabilities | 7,663 | 9,642 |
Post-employment benefits | 3,795 | 4,677 |
Provisions for other liabilities and charges | 1,230 | 2,313 |
Non-current liabilities | 758,390 | 768,891 |
Current liabilities | ||
Loans and borrowings | 61,945 | 676 |
Other current financial liabilities | 19,227 | 22,589 |
Trade payables | 209,106 | 166,103 |
Other current liabilities | 34,851 | 27,913 |
Accrued liabilities | 54,639 | 33,078 |
Income tax liabilities | 11,351 | 19,103 |
Provisions for other liabilities and charges | 1,444 | 0 |
Current liabilities | 392,563 | 269,462 |
Total liabilities | 1,150,953 | 1,038,353 |
Total equity and liabilities | € 1,157,296 | € 852,560 |
CONSOLIDATED INCOME STATEMENTS
CONSOLIDATED INCOME STATEMENTS - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Profit or loss [abstract] | |||
Total revenue | € 311,490 | € 125,948 | € 44,696 |
Operating expenses | (297,350) | (212,577) | (488,085) |
Operating Profit / (Loss) | 14,140 | (86,629) | (443,389) |
Finance income | 2,060 | 1,176 | 2,466 |
Finance costs | (38,649) | (25,794) | (26,430) |
Net finance costs | (36,589) | (24,618) | (23,964) |
Loss before tax | (22,449) | (111,247) | (467,353) |
Income tax benefit / (expense) | (1,050) | 14,612 | 31,871 |
Loss for the year | (23,499) | (96,635) | (435,482) |
(Loss) / Profit attributable to: | |||
Owners of the parent | (25,621) | (97,177) | (434,069) |
Non-controlling interests | 2,122 | 542 | (1,413) |
Loss for the year | € (23,499) | € (96,635) | € (435,482) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of comprehensive income [abstract] | |||
Loss for the year | € (23,499) | € (96,635) | € (435,482) |
Other comprehensive income that will not be reclassified to profit or loss in subsequent years: | |||
Remeasurements on post-employment benefit obligations | 1,435 | 3,826 | 52 |
Changes in the fair value of equity investments at fair value through other comprehensive income | 1,344 | 0 | 0 |
Aggregate income tax effect | (95) | (570) | 108 |
Other comprehensive income that will not be reclassified to profit or loss in subsequent years: | 2,684 | 3,256 | 160 |
Other comprehensive income / (loss) that may be reclassified to profit or loss in subsequent years: | |||
Currency translation differences | (4,169) | 2,535 | 4,120 |
Hyperinflation adjustment | 411 | 0 | 0 |
Other comprehensive income / (loss) that may be reclassified to profit or loss in subsequent years: | (3,758) | 2,535 | 4,120 |
Other comprehensive income / (loss) for the year, net of tax | (1,074) | 5,791 | 4,280 |
Total comprehensive income / (loss) | (24,573) | (90,844) | (431,202) |
Attributable to: | |||
Owners of the parent | (26,118) | (90,554) | (429,141) |
Non-controlling interest | € 1,545 | € (290) | € (2,061) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS € in Thousands, $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 EUR (€) | Mar. 31, 2022 EUR (€) | Mar. 31, 2021 EUR (€) | |
Cash flows from (used in) operating activities [abstract] | |||
Loss before tax | € (22,449) | € (111,247) | € (467,353) |
Depreciation and amortization | 51,028 | 87,900 | 116,318 |
Net finance costs | 32,372 | 23,494 | 23,204 |
Other non-cash items | 2,473 | (16,949) | 18,032 |
Capital reorganization non-cash items | 0 | 0 | 199,502 |
Income tax paid | (10,378) | (3,495) | (5,482) |
Interest paid | (16,038) | (20,444) | (18,552) |
Changes in working capital | (38,090) | (46,257) | 20,737 |
Capital reorganization cash items | 0 | 0 | 10,448 |
Net cash from / (used) in operating activities | (1,082) | (86,998) | (103,146) |
Cash flows from (used in) investing activities [abstract] | |||
Proceeds from sale of property, plant and equipment | 0 | 5 | 0 |
Purchase of tangible assets | (4,776) | (2,259) | (1,487) |
Purchase of intangible assets | (3,418) | (1,748) | (3,069) |
Payments for capitalized intangible assets | (25,688) | (17,094) | (16,670) |
Acquisition of subsidiaries net of cash acquired | (32,046) | (2,992) | (52,526) |
Net cash outflow on disposal of subsidiary | (1,686) | 0 | 0 |
Acquisitions of non-current financial assets | (6,149) | (7,637) | (1,248) |
Receipts from sale of non-current financial assets | 3,115 | 688 | 2,169 |
Net cash used in investing activities | (70,648) | (31,037) | (72,831) |
Cash flows from (used in) financing activities [abstract] | |||
Proceeds from issuance of share capital | 215,209 | 0 | 58,721 |
Transaction costs of issuance of share capital | (4,867) | 0 | 0 |
Acquisition of treasury shares | 0 | (10) | 0 |
Payment for exercise of GB's leaver call option | 0 | (359) | 0 |
Proceeds from loans and borrowings | 0 | 0 | 630,000 |
Repayment of loans and borrowings | 0 | 0 | (630,000) |
Financing fee | 0 | 0 | (8,417) |
Principal elements of lease payments | (11,157) | (13,375) | (15,031) |
Proceeds from loans and borrowings due to shareholders | 59,384 | 0 | 0 |
Proceeds from revolving credit facilities | 0 | 0 | 177,991 |
Repayment of revolving credit facilities | 0 | 0 | (78,996) |
Dividends paid to non-controlling interests | (378) | (623) | (155) |
Net cash from / (used in) financing activities | 258,191 | (14,367) | 134,113 |
Net foreign exchange difference | 2,360 | 578 | (840) |
Net increase / (decrease) in cash and cash equivalents | 188,821 | (131,824) | (42,704) |
Cash and cash equivalents at beginning of year | 51,083 | 182,176 | 225,764 |
Cash and cash equivalents at end of year | 240,546 | 51,083 | 182,176 |
Supplemental Cash Flow Information [Abstract] | |||
Net change in bank overdraft facilities | € 642 | € 731 | € (884) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - EUR (€) € in Thousands | Total | Effects of capital reorganization | Equity | Equity Effects of capital reorganization | Share capital Ordinary shares | Share capital Ordinary shares Effects of capital reorganization | Share capital Preference shares | Share capital Preference shares Effects of capital reorganization | Share premium Ordinary shares | Share premium Ordinary shares Effects of capital reorganization | Share premium Preference shares | Share premium Preference shares Effects of capital reorganization | Other equity | Other equity Ordinary shares | Other equity Ordinary shares Effects of capital reorganization | Other equity Preference shares | Other equity Preference shares Effects of capital reorganization | Equity settled share based payment | Other reserve | Other reserve Effects of capital reorganization | Foreign currency translation reserve | Remeasurements of post employment benefit obligations | Accumulated losses | Non-controlling interests |
Equity balance as of beginning of the year at Mar. 31, 2020 | € 71,497 | € 63,121 | € 341 | € 0 | € 391,856 | € 0 | € 0 | € 0 | € 0 | € 0 | € 9,915 | € (19,470) | € (2,326) | € (317,195) | € 8,376 | |||||||||
Loss for the year | (435,482) | (434,069) | (434,069) | (1,413) | ||||||||||||||||||||
Other comprehensive income / (loss) | 4,280 | 4,928 | 4,763 | 165 | (648) | |||||||||||||||||||
Total comprehensive income / (loss) | (431,202) | (429,141) | 4,763 | 165 | (434,069) | (2,061) | ||||||||||||||||||
Issuance of share capital Global Blue Group Holding A.G. | 57,787 | € (145,621) | 57,787 | € (145,621) | 181 | € 1,302 | € 184 | 58,800 | € 1,181,450 | € 166,969 | € (1,495,526) | (1,194) | ||||||||||||
Acquisition of treasury shares | (65) | 0 | (65) | 0 | (65) | € (8,812) | € (1,246) | 10,058 | ||||||||||||||||
Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. | 0 | 0 | (41) | (6) | (37,508) | (5,301) | 42,856 | |||||||||||||||||
Conversion of shares | 0 | 71,965 | 0 | 71,965 | 55 | (299) | (55) | (42) | 50,045 | (343,335) | (50,045) | (48,521) | 464,162 | |||||||||||
Effects of the capital reorganization | € (73,656) | € (73,656) | € 962 | € 136 | € 800,607 | € 113,147 | € (8,812) | € (1,246) | € (978,450) | |||||||||||||||
Exercises of warrants | 1,140 | 1,140 | 1 | 1,139 | ||||||||||||||||||||
Issuance of share capital as consideration for the merger with FPAC | 268,481 | 268,481 | 258 | 37 | 234,978 | 33,208 | ||||||||||||||||||
Employee share schemes | 2,336 | 2,336 | 2,336 | |||||||||||||||||||||
Conversion of shares into equity settled plan | 42,632 | 42,632 | 42,632 | |||||||||||||||||||||
Equity award issuance costs | 115,113 | 115,113 | 115,113 | |||||||||||||||||||||
Shares bought back by Global Blue Group A.G. | (152,787) | (152,787) | (152,787) | |||||||||||||||||||||
Dividends | (155) | (155) | ||||||||||||||||||||||
Total contribution and distribution | 334,482 | 334,637 | 495 | (18) | 344,962 | (16,837) | (65) | 44,968 | (37,674) | (1,194) | (155) | |||||||||||||
Change in non-controlling interests | 12 | (607) | (607) | 619 | ||||||||||||||||||||
Other transactions | (1,723) | (1,723) | 1 | (1,724) | ||||||||||||||||||||
Total change in ownership interest | (1,711) | (2,330) | 1 | (2,331) | 619 | |||||||||||||||||||
Equity balance as of end 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 for the year | (96,635) | (97,177) | (97,177) | 542 | ||||||||||||||||||||
Other comprehensive income / (loss) | 5,791 | 6,623 | 3,377 | 3,246 | (832) | |||||||||||||||||||
Total comprehensive income / (loss) | (90,844) | (90,554) | 3,377 | 3,246 | (97,177) | (290) | ||||||||||||||||||
Issuance of share capital Global Blue Group Holding A.G. | 46 | 46 | 46 | |||||||||||||||||||||
Acquisition of treasury shares | (57) | (57) | (55) | (2) | ||||||||||||||||||||
Conversion of shares | 0 | 0 | 0 | (366) | 366 | |||||||||||||||||||
Employee share schemes | 6,414 | 6,414 | 6,414 | |||||||||||||||||||||
Cancellation of shares | 0 | 0 | (54) | 54 | ||||||||||||||||||||
Vested RSA shares | 0 | 0 | 680 | 1 | 1 | 0 | (681) | |||||||||||||||||
Dividends | (623) | (623) | ||||||||||||||||||||||
Total contribution and distribution | 5,780 | 6,403 | 46 | (54) | 680 | 54 | (420) | 364 | 5,733 | (623) | ||||||||||||||
Change in non-controlling interests | (134) | (134) | ||||||||||||||||||||||
Other transactions | (3) | (3) | (1) | (1) | (1) | |||||||||||||||||||
Total change in ownership interest | (137) | (3) | (1) | (1) | (1) | (134) | ||||||||||||||||||
Equity balance as of end of the year at Mar. 31, 2022 | (185,793) | (191,523) | 1,844 | 63 | 1,538,105 | 96,364 | (10,179) | (9,297) | (882) | 50,700 | (1,006,208) | (11,330) | 1,085 | (851,967) | 5,732 | |||||||||
Loss for the year | (23,499) | (25,621) | (25,621) | 2,122 | ||||||||||||||||||||
Other comprehensive income / (loss) | (1,074) | (497) | 1,163 | (3,651) | 1,579 | 411 | (577) | |||||||||||||||||
Total comprehensive income / (loss) | (24,573) | (26,118) | 1,163 | (3,651) | 1,579 | (25,210) | 1,545 | |||||||||||||||||
Issuance of share capital Global Blue Group Holding A.G. | 210,342 | 210,342 | 83 | 204 | 42,960 | 171,962 | (4,867) | |||||||||||||||||
Acquisition of treasury shares | 0 | 0 | ||||||||||||||||||||||
Employee share schemes | 7,615 | 7,615 | 7,615 | |||||||||||||||||||||
Issuance of treasury shares by Global Blue Group Holding A.G. | 0 | 0 | 1 | (1) | (1) | |||||||||||||||||||
Allocation of treasury shares to shareholders | (882) | (882) | 9,179 | 9,179 | (2,877) | (7,181) | ||||||||||||||||||
Cancellation of shares | 0 | 0 | (1) | 1 | 879 | 0 | 879 | (879) | ||||||||||||||||
Vested RSA shares | 0 | 0 | 2,947 | 5 | 5 | (2,952) | ||||||||||||||||||
Dividends | (378) | (378) | ||||||||||||||||||||||
Total contribution and distribution | 216,697 | 217,075 | 84 | 203 | 45,907 | 171,963 | 9,183 | 879 | 4,663 | (8,623) | (7,181) | (378) | ||||||||||||
Change in non-controlling interests | 10 | 939 | 939 | (929) | ||||||||||||||||||||
Equity balance as of end of the year at Mar. 31, 2023 | € 6,343 | € 373 | € 1,928 | € 266 | € 1,584,012 | € 268,327 | € (117) | € (114) | € (3) | € 55,362 | € (1,013,668) | € (14,981) | € 2,664 | € (883,420) | € 5,970 |
Corporate information
Corporate information | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of General Information About The Financial Statements [Abstract] | |
Corporate information | Corporate 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 was 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 annual consolidated financial statements for the year ended March 31, 2023 were authorized for issue by the Directors of the Company on June 27, 2023. The consolidated financial statements of Global Blue Group Holding AG have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and are presented in thousands of Euros (EURk). The principal activities of the Group are described in Note 2. |
General information about the b
General information about the business | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of General Information About The Financial Statements [Abstract] | |
General information about the business | General information about the business Product offering 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 Group offers third-party serviced tax free shopping solutions ( “TFSS” ), added-value payment solutions (“ AVPS”) including dynamic currency conversion and retail tech solutions ( “RTS” ). At its core, the Group 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. As of December 31, 2022 Management renamed the Company’s Complementary Retail Tech Solutions (CRTS) segment to Retail Tech Solutions (RTS). The change has no impact on the financial information presented in this report. Tax Free Shopping Solutions Tax Free Shopping Solutions (TFSS) is the Group´s principal service. TFSS is value added tax (VAT) refund service, allowing eligible shoppers to reclaim VAT on goods purchased outside of their home country. Merchants benefit from TFSS through increased sales and greater customer satisfaction from their foreign customers. Global Blue actively seeks to educate merchants and travelers in VAT refund opportunities to increase the proportion of VAT refunds that are issued and successfully refunded. In addition, Global Blue has also simplified the end-to-end refund process for its customers through the development of specific technology, processes and digitalization. Intelligence and Marketing services, which are also included in the TFSS product offering, provide merchants multiple channels and services to better target travelers. Added-Value Payment Solutions The Group offers AVPS through two brands: Dynamic Currency Choice (DCC) and Currency Select (CS). The AVPS services enable customers to pay in their choice of preferred currency, home or destination, at the point of sale when shopping outside of their home country. Global Blue’s AVPS value proposition to travelers is to provide clarity around the final amount that they will be charged as they are given the option to pay the purchase price in their preferred currency, fixed at the time of purchase. For businesses (e.g., merchants and hotels), AVPS generate incremental revenues. AVPS are designed to integrate with merchants’ point-of-sale hardware and Global Blue has designed the systems workflow to allow the merchants’ business processes to remain largely unchanged. Global Blue provides the currency conversion service for POS (Point Of Sale device that is used to process transactions by retail customers), eCommerce Return Solutions, DCC at Automated Teller Machines (ATMs), as well as Multi-Currency Processing (MCP) for online retailers. Retail Tech Solutions Retail Tech Solutions (RTS) comprises of ZigZag, Yocuda and the newly-acquired ShipUp. With ZigZag, the Group offers a leading technology platform that fully digitalizes the eCommerce returns experience, and enhances the process for retailers by reducing the logistical costs, and consumer queries, and by allowing the exchange instead of return of goods, while offering an online and more extensive range of return or exchange options for consumers. With Yocuda, Global Blue offers retailers the opportunity to send digital receipts to their customers; while retailers can capture customer data and increase consumer opt-in to grow CRM database, drive sales and post purchase engagement, and reduce operational costs and support environmental transformation. With ShipUp, Global Blue offers to retailers a post-purchase engagement solution for online purchases enabling brands to deliver seamless, proactive, and branded post-purchase communication, which turns the shipping experience into a new growth lever . ShipUp also gathers and provides data on carriers’ performance and customer feedback to understand the impact delivery has on the customer and brand's relationship. For more details, please refer to Note 35. Significant changes in current reporting period Information about business combinations 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 total consideration of EUR34.9 million. The transaction accelerates Global Blue’s ambition to provide retailers with a leading ecosystem of post-purchase technologies. Please refer to Note 35 for details. Information about the business During the financial year, there has been a change in the list of countries in which the Group operates; more specifically, the Group expanded its presence to Colombia, withdrew from Russia, and increased the number of legal entities in existing countries as a direct consequence of its new acquisition. COVID-19 The Company’s results of operations continue to reflect the impact of the COVID-19 outbreak which started to affect the business since February 2020; nevertheless, during the financial year ended March 31, 2023 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 as China, a principal origin country, has only lifted its Zero-COVID-19 restrictions in December 2022. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Mar. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies Basis of preparation The consolidated financial statements have been prepared on a historical cost basis, except for warrants, derivative financial instruments, put options and other investments that have been measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 5. Certain prior year amounts have been reclassified for consistency with the current year presentation, including the reclassification of the current lease liabilities from “Other current liabilities” to “Other current financial liabilities” (refer to Note 13) as those liabilities are financial liabilities by nature. These reclassifications are not material and had no effect on the reported results of operations. Revision of prior period financial statements In connection with the second amendment of the CEO’s employment agreement (refer to Note 24), resulting in the modification of certain terms within its share option plan (SOP) and restricted share awards (RSA), the Group identified, during the second quarter of the financial year ended March 31, 2023, an error in the valuation at grant date of its 2019 and 2020 SOP & RSA grants 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 and the comparative period has been revised in the consolidated financial statements and related notes. 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 year ended March 31, 2023. As such, the revision for the correction is reflected in the financial information of the financial years ended March 31, 2022 and 2021, and disclosure of the revised amounts on other prior periods will be reflected in future filings containing the applicable period. The following tables present the effect of the aforementioned revision on the Group’s consolidated statements of financial position, consolidated income statements, consolidated statements of comprehensive loss, consolidated statements of cash flows and consolidated statements of changes in equity. Revision to Consolidated Income Statements For the financial year ended March 31 2022 2021 (EUR thousand) As previously reported Adjustments Revised As previously reported Adjustments Revised Operating expenses (209,825) (2,752) (212,577) (486,094) (1,991) (488,085) Operating Loss (83,877) (2,752) (86,629) (441,398) (1,991) (443,389) Loss before tax (108,495) (2,752) (111,247) (465,362) (1,991) (467,353) Income tax benefit 13,802 810 14,612 30,977 894 31,871 Loss for the year (94,693) (1,942) (96,635) (434,385) (1,097) (435,482) Loss attributable to: Owners of the parent (95,235) (1,942) (97,177) (432,972) (1,097) (434,069) Non-controlling interests 542 — 542 (1,413) — (1,413) Loss for the year (94,693) (1,942) (96,635) (434,385) (1,097) (435,482) Basic and diluted loss per ordinary share (0.48) (0.01) (0.49) (2.28) — (2.28) Revision to Consolidated Statements of Comprehensive Loss For the financial year ended March 31 2022 2021 (EUR thousand) As previously reported Adjustments Revised As previously reported Adjustments Revised Loss for the year (94,693) (1,942) (96,635) (434,385) (1,097) (435,482) Total comprehensive loss for the year (88,902) (1,942) (90,844) (430,105) (1,097) (431,202) Attributable to: Owners of the parent (88,611) (1,942) (90,554) (428,044) (1,097) (429,141) Non-controlling interest (290) — (290) (2,061) — (2,061) Total comprehensive loss for the year (88,902) (1,942) (90,844) (430,105) (1,097) (431,202) Revision to Consolidated Statements of Financial Position As of March 31, 2022 (EUR thousand) 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 Statements of Cash Flows For the financial year ended March 31 (EUR thousand) 2022 2021 As previously reported Adjustments Revised As previously reported Adjustments Revised Loss before tax (108,495) (2,752) (111,247) (465,362) (1,991) (467,353) Other non-cash items (18,891) 1,942 (16,949) 16,935 1,097 18,032 Changes in working capital (47,067) 810 (46,257) 19,843 894 20,737 = Net cash used in operating activities (A) (86,998) — (86,998) (103,146) — (103,146) Revision to Consolidated Statements of Changes in Equity For the financial year ended March 31, 2022 As previously reported Adjustments Revised (EUR thousand) Equity settled share based payments Accumulated Equity Non-controlling interests Total equity Equity settled share based payments Accumulated Equity Non-controlling interests Total equity Equity settled share based payments Accumulated Equity Non-controlling interests Total equity March 31, 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) Profit / (Loss) for the period — (95,235) (95,235) 542 (94,693) — (1,942) (1,942) — (1,942) — (97,177) (97,177) 542 (96,635) Total comprehensive loss — (95,235) (88,612) (290) (88,902) — (1,942) (1,942) — (1,942) — (97,177) (90,554) (290) (90,844) Employee share schemes 4,471 — 4,471 — 4,471 1,942 — 1,942 — 1,942 6,414 — 6,414 — 6,414 Total contribution and distribution 3,791 — 4,460 (623) 3,837 1,942 — 1,942 — 1,942 5,733 — 6,403 (623) 5,780 Change in non-controlling interests — — — (134) (134) — — — — — — — — (134) (134) March 31, 2022 47,661 (848,928) (191,523) 5,732 (185,793) 3,039 (3,039) — — — 50,700 (851,967) (191,523) 5,732 (185,793) Going concern The Group believes that it will be able to meet all of its obligations as they fall due for at least 12 months after the date of issuance of these financial statements, hence, these consolidated financial statements have been prepared on a going-concern basis. In the financial year ended March 31, 2023 the Group has completed its refinancing with the Supplemental Liquidity Facility, which, together with the Senior Debt Facility, substantially increased the Group liquidity. In addition, based on the Group’s current assessment, and in line with the Group’s continued recovery from the COVID-19 virus impact, the Group does not expect any material adverse impact on its long-term development timeline or its liquidity and its ability to comply with the covenant discussed in Note 25 that could have an impact on its ability to remain a going concern. Basis of consolidation The consolidated financial statements comprise the financial statements of Global Blue Group Holding AG and its subsidiaries as of March 31, 2023, 2022 and 2021. Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when it has power over that entity, when it is exposed or has rights to variable returns from its involvement with that entity and when it has the ability to use its power over that entity to affect the amount of the returns. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are de-consolidated from the date that control ceases. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized gains/losses are also eliminated. Accounting policies of subsidiaries are consistent with the policies adopted and selected by the Group. Transactions with non-controlling interests Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions that is, as transactions with the owners in their capacity as owners. For purchases from non-controlling interests, the difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gain or losses on disposals to non-controlling interests are also recorded in equity. When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognized in the income statement. This fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to the income statement. Investment in joint ventures and associates The Group applies IFRS 11 to all joint arrangements, under which investments are classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor; a joint venture is a type of joint arrangement whereby the parties, with joint control of the arrangement, have the rights to the net assets of the joint venture. The Group exercises joint control over a joint arrangement when decisions relating to the relevant activities of the arrangement require the unanimous consent of the Group and the other parties with whom control is shared. Joint ventures are accounted for using the equity method. Under IAS 28, an associate is an entity over which the Group has significant influence, which is the power to participate in the financial and operating policy decisions of the investee, without though having control or joint control over those policies. Associates are accounted for using the equity method of accounting from the date significant influence is obtained. Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize the Group’s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Group’s share of the investee’s profit/(loss) is recognized in the consolidated income statement. Distributions received from an investee reduce the carrying amount of the investment. Post-acquisition movements in other comprehensive income/(loss) are recognized in other comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment. Changes in accounting policies Changes in accounting policies in the financial year ended March 31, 2023 The following amendments to existing standards became effective in the current period, with either no or no material impact on the Group and are not expected to significantly affect future periods: • Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 • Onerous Contracts – Cost of Fulfilling a Contract – Amendments to IAS 37 • Annual Improvements to IFRS Standards 2018-2020, and • Reference to the Conceptual Framework – Amendments to IFRS 3. Standards and amended standards issued but not yet effective up to the date of issuance of the Group’s financial statements are listed below: • Amendment to IAS 1, Presentation of Financial Statements - Disclosure of Accounting Policies • Amendments to IAS 1, Presentation of Financial Statements - Classification of Liabilities as Current or Non-current • Amendments to IAS 8, Accounting policies, Changes in Accounting Estimates and Errors - Definition of Accounting Estimates • Amendments to IAS 12 Income Taxes: Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction • IFRS 17: Insurance Contracts • Amendment to IFRS 16 Leases: Changes in the illustrative example related to Lease Liability in a Sale and Leaseback • Amendments to IAS 12: International Tax Reform — Pillar Two Model Rules • Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements The Group has not adopted any of the above standards, interpretations or amendments that have been issued, but are not yet effective; such standards are not currently expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. Revenue recognition Revenue is recognized when a customer obtains control of goods or services and thus has the ability to direct the use and obtain the benefits from the goods or services. Revenue represents the fair value of consideration received or receivable from clients for services provided by the Group, net of discounts, VAT and other sales-related taxes, after eliminating sales within the Group. Revenue from external customers derives from the following services: VAT refund services Global Blue provides a solution that facilitates the VAT refund process for both merchants and travelers. Specifically, the traveler receives a refund from Global Blue of the total VAT paid, less a commission, which varies based on a number of factors such as the merchant, country and amount of purchase. After processing the refund, Global Blue invoices either the relevant merchant or the government, for the full VAT amount, which is paid to the Group in full. The merchant then reclaims the VAT from the government and invoices Global Blue in turn for their portion of the commission, the rate of which varies according to the contractual agreements with each customer. Whilst the transaction flow involves various parties, Global Blue’s involvement in respect of the tax authorities is considered to be of a pass-through nature, and it is therefore considered to be an agent for this part. The commission received by Global Blue, net of the share paid to the merchant, is recognized as revenue. Such service is contracted with merchants, who are provided with a license to a specifically designed IT system, related forms to collect the relevant information about the traveler to allow a tax refund and any related training and support required to allow the merchant to make use of Global Blue’s service. These elements are all essential to the provision of VAT refund services and, as a result of their interdependency, and the fact the customer (i.e. merchant) would not be able to make use of such elements on their own, they are considered part of a single performance obligation. Commission revenue is recognized at a point in time, upon receipt of a validated tax refund transaction from the traveler, which establishes the right to a VAT refund. In certain instances, the payment to the traveler cannot be completed successfully and the amount due remains unclaimed. These unsuccessful payments represent a very small percentage of the large number of refunds processed. The revenue related to such amounts is recognized when the residual risk of a cash outflow is extinguished. Service revenues from other related solutions, such as intelligence and marketing, are recognized at the point in time the services are performed and delivered. Timing of recognition is made by reference to when there is a right to consideration to the extent of the performance of contractual obligations and the agreed level of fees for the services. Timing of recognition of revenue is made by reference to the time the advertisements are published on the appropriate medium and based on the agreed level of fees. Payment and AVPS services In a Dynamic Currency Choice transaction, a traveler pays for goods or services in the merchant’s currency, which is fixed at the time of the transaction and at which point the Group earns a commission for the foreign exchange spread for the service, from which fees are paid to both the participating merchant and the acquiring bank. As the Group is acting only as an agent, revenue is recorded net in the consolidated income statement at the time of the transaction (i.e. at a point in time). The revenue recognized, consists of the total AVPS commission earned from the traveler (i.e. gross commission) less the amount of commissions paid to participating merchants and acquiring banks. Global Blue provides other services to merchants (provision of electronic payment switching services and provision of multi-currency conversion services), for which revenue is recognized from the transfer of such services over time, as the nature of these activities means that the Group’s customers simultaneously receive and consume the benefits provided by the Group as the Group performs its obligation. RTS services Global Blue offers the retailers Retail Tech Solutions that can be easily integrated with their core systems, allowing them to optimize and digitalize their processes throughout the omni-channel customer journey i.e. in-store and online. In order to address the e-commerce orders returns, Global Blue’s technology platform provides a profitability solution to retailers by reducing logistical costs via consolidation, local market resale, and inbound consumer queries, as well as by allowing exchanges versus simply return of goods. The revenue is recognized when the service is rendered (point in time), and consists of fees earned per return and on carrier costs. With some countries introducing mandatory e-invoicing and following the latest paperless sustainable practices, Global Blue’s innovative digital solution allows retailers to send content-rich, personalized digital receipts to consumers, whilst capturing data that allows for customer insight, management, and engagement. Its technology can also be linked to brand-loyalty programs. The revenue is recognized when the service is rendered (point in time), and consists of a service fee charged to merchants. Moreover, the Group offers SaaS solutions for online purchases operating as an e-commerce platform, enabling content-rich and delivery notifications as well as a customized tracking webpage on the retailer’s website. The Group recognizes revenue when the service is rendered (at point in time), and consists of a service fee charged to merchants. Sales tax Revenues, expenses and assets are recognized net of the amount of sales taxes / value added taxes except: • where the sales tax incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the sales tax is recognized as part of the cost of acquisition of an asset or as part of the expense item as applicable; and • receivables and payables are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Committee (ExCom); for details on the Group’s segments refer to Note 6. Operating expenses Amortization of intangible assets acquired through business combinations Represents the amortization of the assets recognized in the process of the purchase price allocation during an acquisition. The majority of this amortization relates to the 2012 acquisition of Global Blue by Silver Lake and Partners Group (see below Intangible assets ). Exceptional items Exceptional items consist of items which the Board of Directors (“Board”) considers as not directly related to ordinary business operations and which are not included in the assessment of management performance. These are detailed in Note 9 and include, among others, business restructuring expenses, corporate restructuring expenses, directors’ fees, impairment expense (if any), gains and losses on disposals of fixed assets, share-based payments, changes in fair value of warrants and put options, and other exceptional items. Finance Income / Costs Finance income comprises of interest received on funds invested, foreign exchange gains and losses, and gains and losses on hedging instruments that are recognized in the income statement. Interest income is recognized in the income statement by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that subsequently become credit‐impaired; for credit‐impaired financial assets, the effective interest rate is applied to the net carrying amount of the financial asset. Finance costs consist of interest payable on borrowings, calculated using the effective interest rate method and interest payable on lease liabilities using the incremental borrowing rates. Grants A government grant is recognized in the income statement when there is reasonable assurance that both: (a) the Group will comply with any conditions attached to the grant, and (b) the grant will be received in accordance with IAS 20. Government grants relating to costs are recognized in the income statement over the period necessary to match them with the costs that they are intended to compensate. Grants received are recognized within Operating Expenses as an offset to the associated costs. Government grants relating to assets are deducted from the carrying amount of the assets and recognized in the income statement over the life of the asset as reduced depreciation or amortization expense. Leases The lease liability is initially measured at the present value of the lease payments payable over the lease term discounted at the incremental borrowing rate. The lease liability is subsequently remeasured to reflect changes in: • the lease term (using a revised discount rate); • the assessment of a purchase option (using a revised discount rate); • the amounts expected to be payable under residual value guarantees (using the original discount rate); or • future lease payments resulting from a change in an index or a rate used to determine those payments (using the original discount rate). The lease contracts that do not meet the recognition criteria of IFRS 16 or qualify as exceptions, such as low value assets contracts or short-term lease contracts, are expensed through the income statement directly. The interest expense on the lease liability is presented as a component of finance costs. Foreign currencies Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the ‘functional currency’). The consolidated financial statements are presented in thousands of Euros, which is the Group’s presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Group companies The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the statement of financial position; • Income and expenses for each income statement are translated at average exchange rates or at rates prevailing on the transaction dates (a reasonable approximation of the actual rate being available); and • All resulting exchange differences are recognized as a separate component of other comprehensive income called “currency translation adjustments”. On consolidation, exchange differences arising from the translation of the net investment in foreign operations and of borrowings, are taken to other comprehensive income. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale. Goodwill arising on acquisition of a foreign operation and any fair value adjustment arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. Property, plant and equipment Property, plant and equipment, are stated at cost less accumulated depreciation and any accumulated impairment losses. The cost of an item of property, plant and equipment consists of the purchase price and any costs directly attributable to bringing the asset into use. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial year in which they are incurred. Depreciation is calculated on a straight-line basis, writing down the assets, excluding any estimated residual value, in equal installments over their estimated useful economic lives as follows: • Machinery, equipment and computers: 3-5 years • Leasehold improvements: over the contract period. The residual values and useful economic lives of all Machinery, equipment and computers are reviewed on an annual basis and adjusted, if appropriate, at the end of each financial year. Leasehold improvements are depreciated over the remaining useful life of the related asset or to the date of the next leasehold renewal, whichever is sooner. Gains and losses on disposals are calculated by comparing proceeds with carrying amount and are included as appropriate as "Exceptional items" in the Operating expenses. The Right of use asset is recognized according to IFRS 16 as follows: • At the initial recognition of the lease, the Right of use asset is measured at the amount of lease liability plus any initial direct costs incurred by Global Blue and adjustments such as: lease incentives and payments at or prior to commencement; • The asset is measured at cost less the accumulated depreciation and accumulated impairment. Depreciation is calculated on a straight-line basis over the lease term. Intangible assets Goodwill The excess of the fair value of consideration transferred and the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired are recorded as goodwill. Goodwill is included in “intangible assets” and carried at cost less accumulated impairment losses. Goodwill is tested annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. For the purposes of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (CGU) that are expected to benefit from the synergies of the combination. For the impairment tes ting the carrying value of the CGU is compared to the recoverable amount, which is the higher of value-in-use and the fair value less costs of disposal. Any impairment is recognized immediately in the income statement; impairment losses on goodwill are not reversed, while any gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Customer relationships Acquired customer relationships are recognized at the acquisition date at fair value and amortized over a 9 to 20.5 year period, reflecting the estimated useful life of these assets. In addition, long-term customer contracts include the incremental costs of obtaining a contract with a customer and are recognized as assets, as long as a service is being rendered over the contract period. Trademarks Trademarks are acquired in a business combination and are recognized at fair value, either with a definite or indefinite useful life. Trademarks with a definite useful life are carried at cost less accumulated amortization; amortization is calculated using the straight-line method to allocate the cost over 20 years, reflecting the estimated useful life of these assets. Software and other intangible assets Computer software licenses that do not form an integral part of related hardware are capitalized at cost and amortized over their useful life. Costs associated with maintaining computer software programs are recognized as an expense as incurred. Costs that are directly associated with the production of identifiable and unique software products controlled by the Group that will generate probable economic benefits beyond one year, are recognized as intangible assets. Costs include the software development employee costs, costs of material and services used, legal fees and directly attributable overheads. Computer software development costs recognized as an intangible asset are amortized over their useful economic life of 3-5 years. Impairment of non-financial assets Assets that have an indefinite useful life, such as goodwill, are not subject to amortization but are tested at least annually for impairment or more frequent if events or changes in circumstances indicate a potential impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value-in-use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill subject to an impairment in prior fiscal periods are reviewed for possible reversal of the impairment at each reporting date. Financial assets Classification The Group classifies its financial assets in the two following categories: “at fair value through profit or loss” and “at amortized cost”; the classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition as follows: (a) Financial assets at fair value through profit or loss Financial assets shall be measured at fair value through profit or loss unless they are measured at amortized cost or at fair value through other comprehensive income. Assets in this category are classified as current assets if expected to be settled within 12 months; otherwise, they are classified as non-current. (b) Financial assets at fair value through other comprehensive income For other investments not classified as held for trading, the Group can make an irrevocable election to present subsequent changes in the fair value in other comprehensive income. (c) Financial assets at amortized cost Financial assets at amortized cost are held in order to collect contractual cash flows paid on specified dates, which solely consist of payment of principal and interest on the principal amount outstanding. These assets are included in current assets, except for maturities greater than 12 months after the end of the reporting period, which are classified as non-current assets. The Group’s Financial assets at amortized cost consist of trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position. Other investments Other investments are equity investments that are not classified as investments in joint ventures nor as investments in subsidiaries. Other investments are recognized at fair value on the date of the tran |
Financial risk management
Financial risk management | 12 Months Ended |
Mar. 31, 2023 | |
Financial Risk Management [Abstract] | |
Financial risk management | Financial risk management The Group's activities are exposed to a variety of financial risks such as market risk (including foreign exchange risk and interest rate risk), credit risk and liquidity risk. To minimize the impact of potential adverse effects of market volatility on financial performance, the Group hedges certain market risks via derivative contracts with banks. The Group manages financial risks through its central treasury department in compliance with policies approved by the board of directors. (a) Market risk i) Foreign exchange risk The Euro is the presentation currency of the Group and functional currency of the Company, and due to the international footprint of its TFSS, AVPS, and RTS businesses, the Group is exposed to foreign exchange risks. Foreign exchange risks are mainly due to the funding of entities with non-Euro functional currencies in the form of intra-group loans and cash pools. The largest exposures are GBP, AUD, JPY and SEK and volatility in these currencies may therefore impact the Group’s results. Trade payables and receivables exposed to foreign exchange risks are mainly intra-group and denominated in the respective entity’s functional currency. A foreign exchange rate sensitivity analysis has been performed on the monetary items exposed to foreign exchange risks in the statement of financial position. At March 31, 2023, if currency rates on the major currencies had been 2% higher/lower and with all other variables held constant, profit before tax for the year would have been lower/higher by EUR0.6 million (EUR0.7 million for the financial year ended March 31, 2022, EUR0.1 million for the financial year ended March 31, 2021). ii) Interest rate risk The Group's interest rate risk arises from the external senior debt, including the Senior Facilities Agreement and the Revolving Credit Facility, structured at floating rates, accompanied by an interest rate floor. A significant increase in interest rates may affect the funding cost of the Group (see Note 25 for details). If the market interest rate would have been 1% higher and, with all other variables held constant, profit before tax for the year would have been EUR7.3 million lower (EUR3.1 million for the financial year ended March 31, 2022, EUR2.8 million for the financial year ended March 31, 2021) as a result of an increase in the borrowing cost of the external senior debt. (b) Credit risk Counterparty credit risk is managed at Group level, except for credit risk relating to accounts receivable balances. Each operating entity is responsible for managing and analyzing the credit risk for new clients before standard payment terms and conditions are offered. Credit risk towards banks arises from cash and cash equivalents, derivative financial instruments and deposits held with these business partners. The credit risk towards banks is managed by Group treasury in compliance with the Group's policies that define the corporate instructions in relation to managing counterparty limits. As such, investments of surplus funds can only be done with approved counterparties and any new counterparties are to be confirmed by the CFO of the Group before any cash deposits or financial transactions can be executed with them. The Group’s approval policy over banks and financial institutions ensures that consistent and efficient cash management structures are implemented to enable a sound level of cash concentration in the Group. Local Management is required to request written approval to the Group treasury department prior to initiating new bank relationships or financial services or before amending existing relationships or banking setups. In compliance with the Senior Facilities Agreement (SFA), a number of obligors’ bank accounts are pledged and subject to close monitoring by the Group’s treasury department (Note 25). According to the Group’s current policy over cash deposits and financial instruments, the counterparty credit quality is measured by the long-term issue credit ratings of S&P and Moody’s and should be minimum BBB-. Counterparty credit limits are set to control the concentration of risks and therefore mitigate financial loss through a counterparty’s potential failure to make payments. Any deviation from the Group’s policy is subject to the approval of the Group’s CFO. Credit risk from trade receivables and contract assets is managed according to the Group’s policies. Operating entities apply credit risk management procedures in line with these policies. Credit risk is monitored on a country by country basis, considering the aging profile of the customers and historical and forward-looking default indicators. Additionally, the type of counterparty, be it an individual customer or a state authority, is used as a potential class of different risk profiles. Management of operational entities monitors exposure to credit risk on an ongoing basis. The creditworthiness of new customers is assessed before signing trade contracts. Any change request of the already agreed credit conditions is reviewed from a creditworthiness standpoint and approved by the operational entities. The assessment of creditworthiness takes into consideration external ratings and information from relevant institutions. As disclosed in Note 18, as of March 31, 2023, 81.1% (as of March 31, 2022 88.0%) of total trade receivables are not yet due. An impairment analysis is performed at each reporting date on an individual customer basis. There are no significant concentrations of credit risk arising from trade receivables and contract assets. (c) Liquidity risk Liquidity describes the ability of a company to generate sufficient cash flows to meet cash requirements of its business operations, including working capital needs, capital expenditure, debt interest and service, acquisitions and other contractual obligations. The objective of our capital management is to have sufficient liquidity, also ensuring that the Group respects any financial and maintenance covenants linked to obligations towards our creditors. For the purpose of assessing liquidity risk, all operational entities of the Group forecast their cash on a weekly rolling basis. These are monitored by Group treasury ensuring that the Group's liquidity position at all times meets operational cash needs. In addition to the centralization of cash available in the local operations as a primary source of liquidity, Group treasury has access to uncommitted facilities of up to EUR11.6 million (EUR8.4 million as of March 31, 2022). As of March 31, 2023, EUR0.9 million remains undrawn under the revolving credit facility and USD10.0 million (EUR9.4 million) under the Supplemental Liquidity Facility, whereas the uncommitted facilities are fully available (Note 25). At the reporting date, the Group held total liquid assets of EUR240.5 million (EUR51.1 million as of March 31, 2022). The table below analyzes the Group's non-derivative financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the notional, undiscounted cash flows. As of March 31, 2023 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 565 81,321 20,761 740,837 — Other non-current financial liabilities (1) — — 10,293 10,646 88 Trade payables 110,215 98,891 — — — Other current liabilities (2) 20,678 1,279 — — — Accrued liabilities (3) 33,581 14,820 — — — Other current financial liabilities (4) — 7,776 — — — Total 165,039 204,087 31,054 751,483 88 As of March 31, 2022 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) — 20,075 40,205 738,955 — Other non-current financial liabilities (1) — — 7,583 26,601 394 Trade payables 103,457 62,646 — — — Other current liabilities (2) 14,987 440 — — — Accrued liabilities (3) 19,954 8,516 — — — Other current financial liabilities (4) — 10,538 — — — Total 138,398 102,215 47,788 765,556 394 (1) The line items “Loans and borrowings” and “Other non-current financial liabilities”, as presented in the table above, include future interest payments (capitalized interest in the case of Other non-current financial liabilities). (2) For the purposes of this table, items where the counterparty is the tax authority such as “Personnel taxes” and “Input VAT” and “Withholding tax” have been excluded from the line “Other current liabilities”. For further details on these excluded items see Note 31. (3) For the purpose of this table, items where the counterparty is the tax authority such as “accrued social charges” have been excluded from the line “Accrued liabilities”. For further details on the excluded items see Note 32. (4) The line item “Other current financial liabilities”, as presented in the table above, exclude EUR11.4 million of warrant liabilities outstanding (EUR12.1 million as of March 31, 2022) and as a consequence of their USD11.50 exercise price, there is a low probability of an exercise of these derivative instruments, and a subsequent cash outflow with a material liquidity impact in the foreseeable future. For further details see Note 40. Net debt reconciliation This section presents a breakdown of net debt and details the movements in net debt for each of the periods presented: Assets Liabilities from financing activities (EUR thousand) Cash and cash equivalents Borrowings due within 1 year Borrowings due after 1 year Lease liabilities due within 1 year Lease liabilities due after 1 year Total Net debt as of April 1, 2022 (51,083) 676 722,554 10,538 11,319 694,004 Cash flows (191,181) 59,384 — (11,746) — (143,543) Borrowings from business acquisition — 642 2,594 — — 3,236 New leases — — — 403 6,322 6,725 Foreign exchange adjustments 2,360 (453) — (115) (82) 1,710 Reclassification — — — 7,904 (7,904) — Other changes (642) 1,696 1,743 — 588 3,385 Net debt as of March 31, 2023 (240,546) 61,945 726,891 6,984 10,243 565,517 Assets Liabilities from financing activities (EUR thousand) Cash and cash equivalents Borrowings due within 1 year Borrowings due after 1 year Lease liabilities due within 1 year Lease liabilities due after 1 year Total Net debt as of April 1, 2021 (182,176) 111 720,745 12,578 19,122 570,380 Cash flows 129,126 731 — (13,374) — 116,483 New leases — — — — 3,602 3,602 Foreign exchange adjustments 578 (166) — (31) (20) 361 Reclassification — — — 11,247 (11,247) — Other changes 1,389 — 1,809 118 (138) 3,178 Net debt as of March 31, 2022 (51,083) 676 722,554 10,538 11,319 694,004 (d) Capital risk management The capital structure of the Group as of March 31, 2023 is composed of a consolidated equity of EUR6.3 million (negative consolidated equity of EUR185.8 million as of March 31, 2022), and senior debt with a carrying value of EUR788.8 million (EUR722.6 million as of March 31, 2022). This represents an Equity/Capital ratio 1 of 0.8% (-25.7% as of March 31, 2022). The group at its consolidated level is not subjected to any externally-imposed capital requirements. Certain jurisdictions may require Global Blue subsidiaries to maintain certain local capital levels, which is monitored locally. The group currently does not have any non-compliance with local capital requirements that may lead to material risks. (e) Fair value estimation The table below discloses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: • Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); • Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). As of March 31, 2023 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through OCI - Other investments — — 7,051 7,051 Financial assets at fair value through profit or loss -Other current receivables - Derivative financial instruments — 107 — 107 Total assets — 107 7,051 7,158 Liabilities Financial liabilities at fair value through profit or loss - Put options liability — — 4,390 4,390 - Warrant liabilities - Public warrants 7,320 — — 7,320 - Warrant liabilities - Private warrants — 4,129 — 4,129 Total liabilities 7,320 4,129 4,390 15,839 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 fair value of financial instruments that are not traded in an active market (over-the-counter derivatives, put options, private warrants, and other investments) 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. For further details please refer to Note 26, Note 40 and Note 38. |
Critical accounting estimates a
Critical accounting estimates and judgements | 12 Months Ended |
Mar. 31, 2023 | |
Critical Accounting Estimates And Judgements [Abstract] | |
Critical accounting estimates and judgements | Critical accounting estimates and judgements Critical accounting estimates and judgments The Group makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Management believes that the following are the key judgments, assumptions and other estimation uncertainties used in the preparation of the financial statements, where a different opinion or estimate could lead to significant changes to the reported results. Business combinations Assets and liabilities of subsidiaries acquired are included at their fair value at the time of acquisition. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Management’s estimates of fair value are based on reasonable assumptions, but those are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates. In a business combination, it is necessary to recognize contingent future payments to previous owners, representing contractually defined potential amounts as a liability. Usually for the Group these are linked to a formula depending on a certain gross profit of the acquired business for the financial year. For the determination of the fair value of contingent consideration various unobservable inputs are used. A change in these inputs might result in a significantly higher or lower fair value measurement. The inputs used are, among others, future revenue growth and gross profit and assumptions regarding the discount rate; for further details see Note 35. Warrants The Public Warrants and Private Warrants give the holder the right, but not the obligation, to subscribe to Global Blue’s shares at a fixed or determinable price for a specified period of time subject to the provisions of the Public Warrant and Private Warrant agreements. Until warrant-holders acquire the Company’s ordinary shares upon exercise of such warrants, they will have no rights with respect to the Company’s ordinary shares. The Global Blue Warrants will expire on August 31, 2025, or upon an earlier redemption. These instruments, principally due to an option to replace them upon specific events such as reorganizations, which results in the Company delivering a variable number of shares, are accounted for as a current financial liability through profit and loss in accordance with the provisions of IAS 32. The Company measured the public warrants at fair value by using the Euro equivalent of the closing price of warrants at NASDAQ. The Company 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 Company’s share price, risk-free rate, implied Public Warrant volatility, the warrants’ maturity, and the Public Warrants’ market price; for further details see Note 40. Put options As part of ZigZag and Yocuda acquisitions, Global Blue and the minority shareholders have entered into a symmetrical put and call agreement which gives each minority shareholder the right to sell and Global Blue the right to acquire all the shares currently controlled by the minority shareholders. The fair value of the put options was derived using an option pricing methodology (Monte Carlo simulations) based on revenue and gross profit distribution. Various unobservable inputs are used in the valuation of the put options and any changes in these might result in a significantly higher or lower fair value; for further details see Note 26. As part of the ShipUp acquisition, Global Blue and the minority shareholders have entered into a symmetrical put and call agreement which gives each minority shareholder the right to sell and Global Blue the right to acquire all the shares currently controlled by the minority shareholders. The amounts payable for the put options in case they are exercised, were considered 100% as payables for post-combination employee services. As a result, at acquisition date, the Group measured the fair value of the put option liability at zero; for further details see Note 24. Taxes The Group is subject to income taxes in numerous jurisdictions and uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Given the wide range of international business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the timing and the level of future taxable profits together with future tax planning strategies. For further details see Note 11 and 27. Pension benefits The Group makes estimates about the range of long-term trends and market conditions to determine the value of the deficit and surplus on its retirement benefit schemes, based on the Group’s expectation of the future and advice from qualified actuaries. Long term forecasts and estimates are necessarily highly judgmental and subject to risk that actual events may be significantly different to those forecasted. If actual events deviate from the assumptions made by the Group, the reported surplus or deficit in respect to retirement benefits may be materially different; for further details see Note 28. Impairment of goodwill and other intangible assets Management performs an impairment test annually or more frequently if events or changes in circumstances indicate potential impairment. An impairment loss is recognized for the amount by which the carrying amount of the cash generating unit (CGU) exceeds its recoverable amount. Management's value-in-use and fair value less cost of disposal calculations include significant judgments and assumptions. The significant judgments and assumptions associated with the value-in-use calculation were revenue growth, discount rate and long-term growth rate while for the fair value less cost of disposal calculation it was projected revenue and median peer group revenue multiple. The estimation of these assumptions requires significant judgment by management, as these variables feature measurement uncertainty; however, the assumptions used are consistent with the Company’s forecasts presented to the board. Therefore, management evaluates and updates the estimates as necessary, in light of conditions that affect these variables; for further details see Note 15. Development costs Development costs are capitalized. Initial capitalization of costs is based on management's judgment that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. Assumptions are made regarding the expected future cash generation or future savings of the project, discount rates and expected periods of benefits. Lease term of lease contracts The Group has made the following estimates and judgements related to the lease term of lease contracts: a) Renewal of lease contracts with extension option Global Blue classifies the lease contracts into the following asset classes: offices, refund points, cars, IT contracts and others. For the lease contracts that contain an option to extend or terminate early, Global Blue is making an assessment regarding the likelihood of exercising such an option on a lease by lease basis. b) Lease term of indefinite period contracts Certain contracts entered into by Global Blue are for indefinite periods. Global Blue has the right to exit these contracts on a recurring basis, whereas the counterparties have no substantial termination rights. Global Blue assessed each contract for how long the underlying asset is expected to be used. Considering the underlying business needs, it has been assessed as being reasonably certain that Global Blue will not exercise its termination rights for the following years (average): • Offices: 5 years • Refund points: 5 years • Cars: 3 years • IT contracts: 5 years • Others: 3 years For further details see Note 13. |
Segment information
Segment information | 12 Months Ended |
Mar. 31, 2023 | |
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 Senior Vice President & Global Human Resources Director; Senior Vice President of Added Value Payment Solutions; Chief Technology Officer; Chief Operating Officer - APAC and Central Europe; Chief Executive Officer (the “CEO”); General Counsel and Company Secretary; Senior Vice President Operations; Senior Vice President New Markets, Americas and Public Affairs; Chief Operating Officer - Europe South; Chief Operating Officer - Europe North, Central and Global Accounts; Chief Financial Officer; Senior Vice President Strategy and Chief Product Officer; and Senior Vice President Marketing, Communications & Customer Value Creation. Management considers the business from a product perspective; the performance of the Tax Free Shopping Services (TFSS), Added-Value Payment Solutions (AVPS) and Retail Tech Solutions (RTS), 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: For the financial year ended March 31, 2023 (EUR thousand) Notes TFSS AVPS RTS Central Total Revenue 228,818 61,805 20,867 — 311,490 Operating expenses (1) (91,902) (34,267) (26,962) (80,377) (233,508) Adjusted EBITDA 136,916 27,538 (6,095) (80,377) 77,982 Depreciation and amortization (2) 8 (51,028) Exceptional items 9 (12,814) Operating Profit 14,140 For the financial year ended March 31, 2022 (EUR thousand) Notes TFSS AVPS RTS Central Total Revenue 89,559 23,325 13,064 — 125,948 Operating expenses (1) (44,610) (12,538) (16,755) (61,947) (135,850) Adjusted EBITDA 44,949 10,787 (3,691) (61,947) (9,902) Depreciation and amortization (2) 8 (87,900) Exceptional items 9 11,173 Operating Loss (86,629) For the financial year ended March 31, 2021 (EUR thousand) Notes TFSS AVPS Central Total Revenue 30,826 13,870 — 44,696 Operating expenses (1) (29,034) (9,010) (47,481) (85,525) Adjusted EBITDA 1,792 4,860 (47,481) (40,829) Depreciation and amortization (2) 8 (116,318) Exceptional items 9 (286,242) Operating Loss (443,389) (1) Operating expenses excluding Depreciation and Amortization and Exceptional items. For the financial year ended March 31, 2023 the fixed costs amounted to EUR154.6 million (EUR109.2 million for the financial year ended March 31, 2022 and EUR74.7 million for the financial year ended March 31, 2021), comprising of personnel costs of EUR99.8 million (EUR74.6 million for the financial year ended March 31, 2022, and EUR50.8 million for the financial year ended March 31, 2021) and non-personnel costs of EUR54.8 million (EUR34.6 million for the financial year ended March 31, 2022 and EUR23.9 million for the financial year ended March 31, 2021), whereas variable costs amounted to EUR78.9 million (EUR26.7 million for the financial year ended March 31, 2022 and EUR10.3 million for the financial year ended March 31, 2021). (2) Depreciation and amortization include amortization of intangible assets acquired through business combinations. Revenue by geography and by segment Revenue is generated by TFSS, AVPS and RTS processed transactions. A geographical breakdown of revenue by key market / region is provided below: For the financial year ended March 31, 2023 (EUR thousand) TFSS AVPS RTS Total Europe 202,263 12,276 20,867 235,406 Asia Pacific 23,495 49,528 — 73,023 Rest of the world 3,060 1 — 3,061 Total 228,818 61,805 20,867 311,490 For the financial year ended March 31, 2022 (EUR thousand) TFSS AVPS RTS Total Europe 82,599 6,631 13,064 102,294 Asia Pacific 5,398 16,694 — 22,092 Rest of the world 1,562 — — 1,562 Total 89,559 23,325 13,064 125,948 For the financial year ended March 31, 2021 (EUR thousand) TFSS AVPS Total Europe 25,609 3,330 28,939 Asia Pacific 4,975 10,540 15,515 Rest of the world 242 — 242 Total 30,826 13,870 44,696 Revenue by top Country A breakdown of revenue by key market / top country is provided below: For the financial year ended March 31, 2023 (EUR thousand) TFSS AVPS RTS Total % of Total Revenue Italy 43,280 3,739 — 47,019 15 % France 39,996 1,791 — 41,787 14 % Australia 303 40,671 — 40,974 13 % United Kingdom 2,917 1,056 20,867 24,840 8 % Switzerland 4,005 32 — 4,037 1 % Total 90,501 47,289 20,867 158,657 51 % For the financial year ended March 31, 2022 (EUR thousand) TFSS AVPS RTS Total % of Total Revenue France 20,118 919 — 21,037 17 % Italy 12,912 2,421 — 15,333 12 % United Kingdom 1,838 568 13,064 15,470 12 % Australia 49 13,997 — 14,046 11 % Switzerland 2,358 85 — 2,443 2 % Total 37,275 17,990 13,064 68,329 54 % For the financial year ended March 31, 2021 (EUR thousand) TFSS AVPS Total % of Total Revenue Australia 302 9,206 9,508 21 % France 6,128 367 6,495 15 % Italy 3,906 1,662 5,568 12 % United Kingdom 3,784 332 4,116 9 % Switzerland 594 59 653 1 % Total 14,714 11,626 26,340 58 % There is no single external customer which accounts for more than 10% of Global Blue's revenue, for any of the years presented. Non-current assets by Country Even though no measure of assets by segment is reported to the ExCom, in accordance with IFRS 8, the non-current assets, excluding deferred income tax assets, by country are disclosed as follows: As of March 31, 2023 (EUR thousand) Intangible assets Property, plant and equipment Investments in joint ventures and associates and Other investments Other non-current financial assets Total Switzerland 575,145 782 7,244 698 583,869 Australia 11,465 2,451 — 215 14,131 France 7,104 2,555 — 437 10,096 United Kingdom 5,765 305 — 144 6,214 Italy 476 3,160 — 258 3,894 Rest of the world 5,553 15,586 37 12,455 33,631 Total 605,508 24,839 7,281 14,207 651,835 As of March 31, 2022 (EUR thousand) Intangible assets Property, plant and equipment Investments in joint ventures and associates and Other investments Other non-current financial assets Total Switzerland 559,998 1,051 4,739 519 566,307 Australia 11,252 2,608 — 236 14,096 France 331 2,403 — 2,874 5,608 United Kingdom 5,515 914 — 225 6,654 Italy 796 5,443 — 283 6,522 Rest of the world 6,134 15,339 1,792 9,176 32,441 Total 584,026 27,758 6,531 13,313 631,628 |
Operating expenses
Operating expenses | 12 Months Ended |
Mar. 31, 2023 | |
Analysis of income and expense [abstract] | |
Operating expenses | Operating expenses (EUR thousand) For the financial year ended March 31 Expenses by nature Notes 2023 2022 2021 Employee benefit expenses (118,658) (86,623) (62,896) Contributions to defined contribution plans (7,619) (4,022) (2,797) Depreciation and amortization 8 (51,028) (87,900) (116,318) Agent costs (75,950) (23,914) (5,321) IT costs (16,499) (12,013) (9,294) Auditors, lawyers and consultants (12,113) (12,223) (7,989) Advertising and promotion (3,827) (1,729) (1,299) Travel, entertainment, office and rental cost (11,456) (7,253) (4,957) Contributions to defined benefit plans 28 (1,607) (1,560) (744) Share based payment transactions expenses 24 (9,988) (6,414) (2,336) Change in fair value of warrants and put options 9, 26, 40 11,070 15,583 (13,692) Capitalized software development expenditure 15 25,688 17,163 16,669 External and other personnel cost (7,544) (4,343) (2,869) Business restructuring expenses 9 (4,446) (1,980) (10,340) Corporate restructuring expenses 9 (2,764) (475) (253,430) Impairment 9 (3,355) (2,846) (3,866) Other operating income / (expenses) (7,254) 7,971 (6,606) Total (297,350) (212,577) (488,085) For the financial year ended March 31, 2023 the main driver of the total increase in employee benefit expenses is the average number of employees that increased from 1,338 (in the financial year ended March 31, 2022) to 1,617, while the average number of employees in 2021 was 1,426; additionally, salaries and bonus expenses increased as grants offsetting the salaries expenses in various jurisdictions ceased to be applicable. For further details regarding key management personnel remuneration, including pension obligations and other remuneration, please refer to Note 39. For the financial year ended March 31, 2023 agent costs referring to merchant acquiring fees have increased as a consequence of the overall business recovery in line with revenues. In addition, they include all costs paid to carriers, representing the main operation cost of the RTS business segment. Auditors, lawyers and consultants include all external advisor fees, primarily related to the compliance requirements linked to the Company’s listed status. IT costs contain hardware and software maintenance and IT consulting expenses. For the financial year ended March 31, 2023 the Group has benefited from grants in relation to COVID-19 offered by various countries’ governments amounting to EUR2.0 million (EUR9.0 million for the financial year ended March 31, 2022 and EUR18.3 million for the financial year ended March 31, 2021); this decrease in the grants is one of the change driver of other operating income/(expense). The grants are presented within operating expenses in the income statement as a reduction of the employee benefit expenses and other operating income/(expenses). There are no unfulfilled conditions or other contingencies related to these grants. Other operating income/(expenses) also comprises of utility costs, bank fees and various other costs, and other exceptional items, which, for the financial year ended March 31, 2022, EUR9.6 million include the one-off release of an earn-out provision linked to the business combination with ZigZag Global. |
Depreciation and amortization
Depreciation and amortization | 12 Months Ended |
Mar. 31, 2023 | |
Depreciation and amortisation expense [abstract] | |
Depreciation and amortization | Depreciation and amortization (EUR thousand) For the financial year ended March 31 Depreciation and amortization Notes 2023 2022 2021 Depreciation of property, plant and equipment 14 (14,033) (16,737) (19,425) Amortization of customer relationships (12,459) (47,222) (72,752) Amortization of trademarks (2,237) (2,237) (2,237) Amortization of other intangible assets (22,299) (21,704) (21,904) Amortization of intangible assets 15 (36,995) (71,163) (96,893) Total (51,028) (87,900) (116,318) The depreciation of property, plant and equipment predominantly comprise of depreciation related to the Right of use assets. For further details please refer to Note 13. For the financial year ended March 31, 2023, 2022 and 2021 the amortization of intangible assets predominantly relates to.the assets recognized in the process of purchase price allocation during the acquisition of Global Blue by Silver Lake and Partners Group in 2012; to other intangible assets such as internally-developed IT software for TFSS and AVPS businesses, and to software purchased from external parties; for further details please refer to Note 15. The amortization period for customer relationships related to key accounts and national accounts acquired in 2012 ended as of July 31, 2022, while the initial acquisition value of these assets was EUR335.2 million. |
Exceptional items
Exceptional items | 12 Months Ended |
Mar. 31, 2023 | |
Analysis of income and expense [abstract] | |
Exceptional items | Exceptional items Exceptional items consist of items which the board considers as not directly related to ordinary business operations and which are not included in the assessment of management performance and can be analyzed as follows: (EUR thousand) For the financial year ended March 31 Exceptional items Notes 2023 2022 2021 Business restructuring expenses (4,446) (1,980) (10,340) Corporate restructuring expenses (2,764) (475) (253,430) Directors' fee (141) (160) (218) Impairment (3,355) (2,846) (3,866) Net sales of assets (loss) (365) (23) (294) Share-based payment transactions and related other expenses 24 (10,419) (7,050) (2,336) Change in fair value of warrants and put options 26, 40 11,070 15,583 (13,692) Other exceptional items (2,394) 8,124 (2,066) Total (12,814) 11,173 (286,242) Business restructuring expenses In the current financial year business restructuring expenses correspond primarily to the loss arising from the sale of our TFSS business in Russia, and the related deconsolidation. For the financial year ended March 31, 2022 business restructuring expenses correspond to expenses related to workforce reduction in several jurisdictions as a result of COVID-19, whereas for the financial year ended March 31, 2021 they correspond to expenses related to replacement of management positions, changing of facilities and discontinued operations. Corporate restructuring expenses For the financial year ended March 31, 2023 corporate restructuring expense predominantly comprise of consulting fees and lawyer expenses for the projects Global Blue pursued during the year. For the financial year ended March 31, 2022 the amount of corporate restructuring expense disclosed corresponds mainly to charges incurred associated with the acquisition of Yocuda and ZigZag, while for the financial year ended March 31, 2021 these expenses mainly correspond to charges incurred associated with the capital reorganization and subsequent merger with FPAC. Impairment Impairment expenses for the financial year ended March 31, 2023 relate primarily to the impairment of the investment in Europass, as described in Note 38, and secondarily of a short-term receivable from an equity investment; additionally, for the financial year ended March 31, 2022 the expense predominantly comprises of the impairment of long-term receivables from an equity investment, while for the financial year ended March 31, 2021 part of the impairment was a consequence of the abolition of the tax-free scheme in UK. Management tracks the tax effects of these exceptional items, alongside exceptional tax items that are further disclosed in Note 11. Share-based payment transactions and related other expenses For the financial year ended March 31, 2023, 2022 and 2021 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. For the financial year ended March 31, 2023 it also includes the impact of the second amendment to the employment agreement of the Company’s CEO. From the total EUR10.4 million for the financial year ended March 31, 2023, EUR2.1 million corresponds to the expenses associated with the ShipUp management incentive plan detailed in Note 24. Change in fair value of warrants and put options For the financial year ended March 31, 2023, the change in fair value of warrants and put options comprises of EUR5.7 million gain associated with the change in the fair value of the put options of ZigZag (EUR0.6 million loss for the financial year ended March 31, 2022 and EUR2.8 million loss for the financial year ended March 31, 2021); EUR4.8 million associated with the put options of Yocuda (EUR2.8 million loss for the financial year ended March 31, 2022), and EUR0.6 million gain associated with the warrant liabilities (EUR18.9 million gain for the financial year ended March 31, 2022 and EUR13.7 million loss for the financial year ended March 31, 2021). Other Exceptional items Other exceptional items include an one-off item of EUR9.6 million for the financial year ended March 31, 2022, representing the release of an earn-out provision linked to the business combination with ZigZag Global. |
Net finance costs
Net finance costs | 12 Months Ended |
Mar. 31, 2023 | |
Analysis of income and expense [abstract] | |
Net finance costs | Net finance costs (EUR thousand) For the financial year ended March 31 2023 2022 2021 Finance income Interest income on current bank deposits 1,605 247 345 Net foreign exchange gain on financing activities — 293 — Other finance income 455 636 2,121 Total finance income 2,060 1,176 2,466 Finance costs Interest expense: - Bank borrowings (including amortization of capitalized financing fees) (30,894) (22,184) (21,463) - Lease liabilities interest (588) (626) (1,030) -Interest expenses on Non-Convertible Preferred Equity Certificates issued to 3rd Parties — — (76) Net foreign exchange loss on financing activities (2,537) — (280) Net foreign exchange loss on operating activities (1) (3,501) (405) (1,378) Other finance costs (1,129) (2,579) (2,203) Total finance costs (38,649) (25,794) (26,430) Net finance costs (36,589) (24,618) (23,964) (1) Net foreign exchange gain and loss arising during the period is the difference between the value originally recorded and the amount actually paid or received, as well as unrealized gain and loss due to the difference between the original value recorded and the value at the balance sheet date. For details regarding underlying loans and borrowings, refer to Note 25. |
Income tax benefit _ (expense)
Income tax benefit / (expense) | 12 Months Ended |
Mar. 31, 2023 | |
Income taxes paid (refund) [abstract] | |
Income tax benefit / (expense) | Income tax benefit / (expense) (EUR thousand) For the financial year ended March 31 Income tax Notes 2023 2022 2021 Current income tax expense (9,947) (5,787) (2,147) Adjustments in respect of current income tax of prior years (1) 5,051 4,225 (149) Adjustments in respect of deferred income tax of prior years 27 1,144 — — Deferred tax benefit 27 2,702 16,174 34,167 Income tax benefit / (expense) reported in the income statement (1,050) 14,612 31,871 (1) The adjustment in respect of current income tax of prior years for the financial year ended March 31, 2023 mainly comprises of a benefit of EUR4.2 million resulting from the reversal of a previously-recorded uncertain tax position as a consequence of the final tax assessment received from the relevant authorities; and a EUR0.6 million penalty reduction for the withholding tax on interests and license fees in Italy. For the financial year ended March 31, 2022 the current income tax adjustments of prior years mainly comprises of EUR3.9 million sourcing from the usage of tax losses to offset prior years’ taxable profits. The below table reconciles the income tax calculated by applying the Swiss statutory tax rate applicable to the Company, to the effective taxes reported in the income statement: (EUR thousand) For the financial year ended March 31 2023 2022 2021 Loss before tax (22,449) (111,247) (467,353) Effective tax Tax benefit / (expense) calculated at the Swiss statutory tax rate of 18.8% (18.8% in both FY2021/22 and 2020/21) applicable to the Company 4,221 20,919 88,096 Adjustments in respect of prior years 5,051 141 (149) Recognition of previously unrecognized (derecognition of previously recognized) deductible temporary differences 2,428 (124) (590) Expenses not deductible for tax purposes (7,349) (5,648) (33,589) Current year losses not generating deferred tax assets (5,039) (2,583) (11,639) Effect of capital reorganization — — (11,958) Effect of income taxed at different tax rates (4,667) (1,400) 275 Deferred tax assets recognized for future tax credits — — 440 Non-taxable income / gains 1,885 2,027 — Other tax items 2,420 1,280 985 Total reported effective tax benefit / (expense) (1,050) 14,612 31,871 (EUR thousand) For the financial year ended March 31 Tax items recognized directly in other comprehensive income: Note 2023 2022 2021 Tax effect on remeasurement of post-employment benefit obligations 27 86 (570) 108 Tax effect on other investments at FVOCI 27 (181) — — Total tax effect (95) (570) 108 To be noted that the historical weighted average tax rate, based on pre-COVID-19 profits, was 24%. Exceptional Income Tax Expenses Italy In February 2016 the Italian tax authorities opened a tax audit on Global Blue Italia S.r.l. (“Global Blue Italy”). A formal settlement for a total amount of EUR3.6 million was reached in April 2019 covering, among others, a dispute on withholding tax on license fee for the calendar years 2013 and 2014. Subsequently, Global Blue signed another final settlement with the same authorities, for an amount of EUR10.9 million, payable in sixteen quarterly installments, which became legally binding on August 3, 2020, covering the findings on withholding tax on interests for the calendar years 2013 to 2017 and license fees and intercompany interest rate for the financial years ended March 31, 2016, 2017 and 2018, as well as withholding tax on license fees for calendar years 2015 to 2017. As regards to the withholding tax on interests and license fees for the 2018 calendar year, Global Blue applied for a self-repentance procedure, and benefited from a penalty reduction, resulting in a reduction of the withholding tax due (including the reduced penalties) of EUR1.8 million (from EUR2.5 million as of March 31, 2022, and EUR2.5 million as of March 31, 2021), payable in eight quarterly installments, and recorded as an income tax benefit. During the financial year ended March 31, 2023, Global Blue Italy paid four installments related to the 2020 settlement, and the first installment related to the aforementioned self-repentance, for a total of EUR3.0 million. Following the developments described in the preceding two paragraphs, the income tax payable relating to Global Blue Italy amounts to EUR6.7 million as of March 31, 2023 (EUR9.8 million as of March 31, 2022, and EUR12.4 million as of March 31, 2021). Germany Global Blue New Holdings Germany GmbH (“GBNHG”), as controlling entity, and Global Blue Deutschland GmbH (“GBD”), as controlled entity, entered into a profit and loss pooling agreement (hereinafter the “PLPA”) dated October 5, 2000, allowing the pooling of income and losses of both entities for corporate income and trade tax purposes. While the provisions of the PLPA allow the utilization of capital reserves built up at the level of GBD during the term of the PLPA for loss compensation (or for the profit transfer to GBNHG), such provisions, in light of a court ruling issued in April 2018, may not be permissible under German law. Even though GBD has not utilized any capital reserves as permitted by the PLPA, there is a risk that the tax authorities might challenge the effectiveness of the PLPA and, as a consequence, deny the profit and loss pooling within the German Global Blue group relating to the financial year 2019 and previous tax periods, and therefore recognized an uncertain position. An amended PLPA, from which the disputed provisions were removed, was registered in December 2019; therefore, the risk described above is only related to historical financial years. During the financial year ended March 31, 2023, the German tax authorities issued final tax assessment notices for the financial years ended March 31, 2017, 2018 and 2019, without challenging the PLPA; consequently, the Company fully derecognized the uncertain tax position as of March 31, 2023 (EUR1.5 million as of March 31, 2022, and EUR4.1 million as of March 31, 2021). In January 2022, the German tax authorities issued new circulars commenting on the German royalty barrier rule, which limits the deduction of royalties paid by a German taxpayer to a recipient who benefits from a preferential tax regime on intellectual property-related income. The new circulars are explicitly referring to the Swiss “mixed company” regime, applicable to Global Blue in Switzerland, until and including the financial year ending March 31, 2019 as being within the scope of the limitation. Even if in case of a tax audit Global Blue believes there are arguments to challenge the limitation, the Company recognized an uncertain tax position. Although the new transitional tax regime applicable to Global Blue from April 1, 2019 is not among the tax regimes referred to in the circulars, the uncertain tax position also covers the period up to and including the financial year ended March 31, 2022 due to some similarities with the previous tax regime. As a result of: (i) the issuance by the German tax authorities of the final tax assessment notices for the financial years ended March 31, 2018 and 2019 without challenging the deduction of the royalties, and (ii) the exclusion of the German-source royalties from the transitional tax regime applicable from April 1, 2019, the Company derecognized the uncertain tax position in full (EUR2.7 million as of March 31, 2022, and zero as of March 31, 2021). |
Earnings per share
Earnings per share | 12 Months Ended |
Mar. 31, 2023 | |
Earnings per share [abstract] | |
Earnings per share | Earnings per share (EUR thousand) For the financial year ended March 31 Earnings per share 2023 2022 2021 Loss attributable to the owners of the parent (25,621) (97,177) (434,069) Loss attributable to the owners of the parent attributable to ordinary shares (21,635) (88,460) (386,890) Loss attributable to the owners of the parent attributable to preference shares (3,986) (8,717) (47,178) Weighted average number of basic and diluted ordinary shares outstanding (thousand) 187,326 179,455 169,391 Weighted average number of basic and diluted preference shares outstanding (thousand) 34,509 17,684 20,656 Basic and diluted loss per ordinary share (0.12) (0.49) (2.28) Basic Basic earnings per ordinary 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 shares outstanding at the end of the period. Diluted Diluted earnings per ordinary 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 shares outstanding at the end of the period. For the financial year ended March 31, 2023 the Company has excluded 8.0 million (8.0 million for the financial year ended March 31, 2022, 8.9 million for the financial year ended March 31, 2021) ordinary shares from the diluted earnings per ordinary shares calculation, as the impact of those shares is not-dilutive. Those shares relate to the Management Incentive Plan. The Company has excluded 2.0 million (1.7 million for the financial year ended March 31, 2022, zero for the financial year ended March 31, 2021) ordinary shares from the diluted earnings per ordinary share calculation, as the impact of the shares are considered anti-dilutive for the financial year ended March 31, 2023. The ordinary shares relate to share-based payments plans and are potentially dilutive instruments; at each of the three reporting periods they had an anti-dilutive effect due to the reported loss. The 30,735,950 outstanding Warrants as of March 31, 2023, 2022 and 2021 are considered as not-dilutive. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2023 | |
Presentation of leases for lessee [abstract] | |
Leases | Leases Right of use assets recognized within Property, plant and equipment are comprised of the following: (EUR thousand) As of March 31 Right of use assets 2023 2022 Offices 8,064 9,923 Refund points 4,793 6,308 IT contracts 915 3,027 Others 3,084 1,680 Total Right of use assets 16,856 20,938 Movements during the period of Right of use assets are the following: (EUR thousand) For the financial year ended March 31 Movement of Right of use assets 2023 2022 Opening balance as of April 1 20,938 30,530 New contracts 5,855 2,523 Modifications 969 1,017 Depreciation (10,832) (12,975) Exchange differences (74) (157) Closing balance as of March 31 16,856 20,938 Lease liabilities recognized within Other non-current financial liabilities and Other current financial liabilities are the following: (EUR thousand) As of March 31 Lease liabilities Notes 2023 2022 Current 40 6,984 10,538 Non-current 26 10,243 11,319 Total Lease liabilities 17,227 21,857 Movements during the period of Lease liabilities are the following: (EUR thousand) For the financial year ended March 31 Movement of Lease liabilities 2023 2022 Opening balance as of April 1 21,857 31,700 New contracts 5,855 2,525 Modifications 870 1,058 Cash outflow (11,746) (14,001) Interest expense (included in finance costs) 588 626 Exchange differences (197) (51) Closing balance as of March 31 17,227 21,857 The contractual duration of the lease liabilities is the following: (EUR thousand) As of March 31 Contractual maturities of lease liabilities 2023 2022 Less than 2 years 11,782 16,345 Between 2 and 5 years 5,368 5,370 More than 5 years 77 142 Total 17,227 21,857 Amounts recognized in the income statement related to leases are the following: (EUR thousand) For the financial year ended March 31 Depreciation charge of right of use assets 2023 2022 2021 Offices 3,891 4,534 4,424 Refund points 3,762 5,046 6,511 IT contracts 2,019 2,147 2,253 Others 1,160 1,248 1,461 Total Depreciation charge of right of use assets 10,832 12,975 14,649 (EUR thousand) For the financial year ended March 31 Other lease-related expenses 2023 2022 2021 Expense relating to short-term leases (included in Operating expenses) 718 943 646 Expense relating to leases of low-value assets that are not short-term leases (included in Operating expenses) 63 88 98 Expense relating to variable lease payments not included in lease liabilities (included in Other expenses) 3,235 2,421 3,478 Total Other lease-related expenses 4,016 3,452 4,222 The total cash outflow for leases for the financial year ended March 31, 2023 was EUR15.8 million (EUR17.5 million for the financial year ended March 31, 2022 and EUR20.3 million for the financial year ended March 31, 2021). For the financial year ended March 31, 2023 the Group has received EUR0.4 million of office rental concessions in various countries as a direct consequence of the COVID-19 pandemic amounting (EUR3.4 million for the financial year ended March 31, 2022, and EUR5.1 million for the financial year ended March 31, 2021). The concessions are presented within Operating expenses in the income statement as a reduction of the related expense that they are intended to compensate. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Mar. 31, 2023 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | Property, plant and equipment The below schedules represent the movements in property, plant and equipment for each respective year presented. (EUR thousand) As of March 31 Cost 2023 2022 Machinery, equipment and computers 30,301 28,494 Leasehold improvements 4,535 4,846 Right of use assets 50,508 66,174 Total Cost 85,344 99,514 Accumulated depreciation and impairment Machinery, equipment and computers (23,797) (22,972) Leasehold improvements (3,056) (3,548) Right of use assets (33,652) (45,236) Total Accumulated depreciation and impairment (60,505) (71,756) Total Property, plant and equipment 24,839 27,758 The movement tables exclude the movements of right of use assets, which are presented and detailed in Note 13. (EUR thousand) Machinery, Equipment and Computers Leasehold Improvements Total Cost Opening balance as of April 1, 2022 28,494 4,846 33,340 Acquisition of subsidiaries 103 1 104 Disposal of subsidiary (158) (14) (172) Additions 4,087 689 4,776 Disposals (1,507) (1,147) (2,654) Reclassifications (194) 190 (4) Exchange differences (524) (30) (554) Closing balance as of March 31, 2023 30,301 4,535 34,836 Accumulated depreciation and impairment Opening balance as of April 1, 2022 (22,972) (3,548) (26,520) Depreciation charge for the year (2,672) (529) (3,201) Disposal of subsidiary 123 4 127 Impairment charge for the year (2) — (2) Disposals 1,380 989 2,369 Reclassifications 4 — 4 Exchange differences 342 28 370 Closing balance as of March 31, 2023 (23,797) (3,056) (26,853) Net book value as of March 31, 2023 6,504 1,479 7,983 (EUR thousand) Machinery, Equipment and Computers Leasehold Improvements Total Cost Opening balance as of April 1, 2021 27,602 5,590 33,192 Additions 3,234 58 3,292 Disposals (2,540) (696) (3,236) Reclassifications 128 (96) 32 Exchange differences 70 (10) 60 Closing balance as of March 31, 2022 28,494 4,846 33,340 Accumulated depreciation and impairment Opening balance as of April 1, 2021 (21,990) (3,828) (25,818) Depreciation charge for the year (3,246) (516) (3,762) Impairment charge for the year (15) — (15) Disposals 2,497 686 3,183 Reclassifications (128) 96 (32) Exchange differences (90) 14 (76) Closing balance as of March 31, 2022 (22,972) (3,548) (26,520) Net book value as of March 31, 2022 5,522 1,298 6,820 |
Intangible assets
Intangible assets | 12 Months Ended |
Mar. 31, 2023 | |
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 Acquisition of subsidiaries 29,239 — 4,466 — 2,738 36,443 Purchases — — 2,577 869 25,688 29,134 Disposals — — — (557) (1,420) (1,977) Disposal of subsidiary — — — — (687) (687) Exchange differences (4,651) (116) (285) (301) (3,088) (8,441) Accumulated acquisition values 512,273 45,909 675,903 10,258 167,455 1,411,798 Opening balance as of April 1, 2022 — (21,624) (653,403) (8,347) (83,916) (767,290) Amortization — (2,237) (12,459) (909) (21,390) (36,995) Disposals — — — 157 1,086 1,243 Disposal of subsidiary — — — — 416 416 Exchange differences — — 99 234 2,163 2,496 Accumulated amortization — (23,861) (665,763) (8,865) (101,641) (800,130) Opening balance as of April 1, 2022 (2,063) — — (498) (3,449) (6,010) Impairment — — — — (247) (247) Reversal of impairment — — — — — — Disposals — — — — 37 37 Exchange differences 48 — — — 12 60 Accumulated impairment (2,015) — — (498) (3,647) (6,160) Net book value as of March 31, 2023 510,258 22,048 10,140 895 62,167 605,508 (EUR thousand) Goodwill Trademarks Customer relationships Other int. 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 Purchases — — 1,331 418 17,093 18,842 Disposals — — — (7) (926) (933) Reclassifications — — — 95 (95) — Exchange differences 1,991 51 117 17 1,106 3,282 Accumulated acquisition values 487,685 46,025 669,145 10,247 144,224 1,357,326 Opening balance as of April 1, 2021 — (19,387) (606,140) (7,338) (62,891) (695,756) Amortization — (2,237) (47,222) (1,024) (20,680) (71,163) Disposals — — — 7 468 475 Exchange differences — — (41) 8 (813) (846) Accumulated amortization — (21,624) (653,403) (8,347) (83,916) (767,290) Opening balance as of April 1, 2021 (1,975) — — (498) (3,462) (5,935) Impairment — — — — (543) (543) Reversal of impairment — — — — 95 95 Disposals — — — — 458 458 Exchange differences (88) — — — 3 (85) Accumulated impairment (2,063) — — (498) (3,449) (6,010) Net book value as of March 31, 2022 485,622 24,401 15,742 1,402 56,859 584,026 Goodwill Management reviews the business performance from a product perspective. TFSS, AVPS and RTS have been identified as the main product groups and the Group's operating segments. Goodwill is monitored by management at the operating segment level for TFSS and AVPS, and at the ZigZag, Yocuda, and ShipUp businesses level for RTS. The following is a summary of goodwill allocation for each operating segment / business: (EUR thousand) As of March 31 Goodwill 2023 2022 TFSS 362,069 361,879 AVPS 50,076 51,271 ZigZag 61,045 64,540 Yocuda 7,829 7,932 ShipUp 29,239 — Total 510,258 485,622 TFSS and AVPS The recoverable amount of the Cash Generating Units (CGU) has been determined based on value-in-use calculations. These calculations use post-tax cash flow projections based on management’s current view at the time of the analysis. Cash flows beyond the 5-years period are extrapolated using an estimated growth rate stated below. In determining the forecasts for TFSS and AVPS CGUs over the 5-years period within the value-in-use calculation, we applied estimated recovery percentages against actual revenues achieved during the pre-COVID-19 period (January to December 2019), as opposed to utilizing the growth rates of the past two fiscal years. Though the TFSS and AVPS segments offer different solutions, the underlying driver of both is international travel and extra-regional transactions; the key assumptions used for the value-in-use calculations are as follows: • Post-tax discount rate of 10.61% (8.66% as of March 31, 2022) for the TFSS CGU. • Post-tax discount rate of 9.06% (8.66% as of March 31, 2022) for the AVPS CGU. • A COVID-19 impact on near-term industry volumes, followed by a full recovery; in particular, based on a combination of internal and external data such as airline industry reports, a total recovery to pre-COVID-19 revenue levels was assumed for the third quarter of the financial year ending March 31, 2024, with an assumed compound average growth rate of 11.5% in the subsequent four financial years. • After the business plan period, assumed terminal growth rates of 1.7% and 2.3% have been applied for TFSS and AVPS CGUs, respectively (2.0% for both as of March 31, 2022). As of March 31, 2023, and with respect to the TFSS segment, the headroom was EUR1,486 million, with the percentage by which the TFSS recoverable amount exceeded the carrying value being 357%. With respect to the AVPS segment, the headroom was EUR248 million, with the percentage by which the AVPS recoverable amount exceeded the carrying value being 290%. The directors and management have considered and assessed reasonably possible changes for key assumptions and have not identified any instances that could cause the carrying amount of either the TFSS or the AVPS CGUs to exceed their recoverable amounts. RTS Goodwill allocated in total to RTS amounts to EUR98.1 million. Management has identified three CGUs, namely ZigZag, Yocuda, and ShipUp with corresponding goodwill of EUR61.0 million, EUR7.8 million, and EUR29.2 million, respectively. As the goodwill attributed to Yocuda represents less than 2% of the total Group goodwill, only information relating to ZigZag and ShipUp is presented below. Nevertheless, similar to the TFSS and AVPS cases, the directors and management have considered and assessed reasonably possible changes for key assumptions and have not identified any instances that could cause the carrying amount of the Yocuda CGU to exceed its recoverable amount. ZigZag In the case of ZigZag, the recoverable amount of the CGU has been assessed based on the fair value less cost of disposal of the underlying assets. This has been determined based on a market approach utilizing 2023 and 2022 trading multiples of comparable companies, calculated as enterprise value divided by 2022 or projected 2023 revenue based on recent private transactions; given the business profile of ZigZag, management considered comparable companies to be those with exposure to eCommerce, with a high growth profile and of a similar size. Taking into consideration that ZigZag is a start-up operating at a loss until March 31, 2023, management deemed the revenue multiple as the key valuation metric; adjusted EBITDA and net income multiples were not considered, given several of the peers are expected to be similarly operating at a loss. The implied median revenue multiple for the peer group of ZigZag is approximately 4.3x, when the values for the peer group ranged from 2.8x to 6.1x, resulting in a derived fair value less cost of disposal that exceeded the carrying amount by EUR14.8 million, with the percentage by which the ZigZag recoverable amount exceeded the carrying value being 23%. The sensitivity analysis for ZigZag showed that the recoverable amount would equate to the carrying amount of ZigZag if the 2023 revenue projections or comparable peer revenue multiple would be decreased by approximately 30% or became 3.5x, respectively, which the directors and management have assessed as the sole reasonably possible changes that could cause the carrying amount of the ZigZag CGU to exceed its recoverable amount. ShipUp Similar to the TFSS and AVPS cases, the recoverable amount of the ShipUp CGU has been determined based on a value-in-use calculation; this calculation uses post-tax cash flow projections based on management’s current view at the time of the analysis. Taking into consideration that ShipUp is a fast growing start-up, in determining the forecast over the period within the value-in-use calculation, the Group applied revenue annual growth rates up to 70% in the 5 years of forecasts as per the business plan. The other key assumptions used for the value-in-use calculation are as follows: • Post-tax discount rate of 12.8%. • An expansion of its geographical footprint, with a focus on medium and large accounts, and cross-selling opportunities with other Group entities. • An assumed terminal growth rate of 1.9% has been applied, based on published industry research. As of March 31, 2023, the headroom was EUR25.3 million, with the percentage by which ShipUp’s recoverable amount exceeded the carrying value being 71%. The calculation and the cash flow projections are stress-tested using a sensitivity analysis; such analysis is a key element when there are changes to the circumstances. Changes of the key parameters, including a reduction in the annual revenue growth rates of more than 27%, or a reduction in the cash flows over the forecasted period of more than 42%, would result in an impairment. The directors and management have considered and assessed reasonably possible changes for other key assumptions and have not identified any instances that could cause the carrying amount of the ShipUp CGU to exceed its recoverable amount. Trademarks 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. No impairment tests have been performed for trademarks with definite useful life as there were no impairment indicators identified. Customer Relationships As part of business combinations in the financial years ended March 31, 2012, 2016, and 2023 new intangibles were identified and collectively defined as customer relationship contracts. The customer relationships have been split across the operating segments as follows: (EUR thousand) As of March 31 Customer relationships 2023 2022 PPA initial valuation TFSS — 10,562 610,789 AVPS — 2,112 44,256 RTS 4,373 — 4,466 Total 4,373 12,674 659,511 No impairment tests have been performed for customer relationships as there were no impairment indicators identified. TFSS and AVPS Customer relationships contain different types of customers, categorized based on revenue and footprint or services offered. The expected economic life for the customer relationship contracts is between 9 and 20.5 years, driven by these varying types of customer relationships within the TFSS and AVPS operating segments. These will be fully amortized by September 2036. ShipUp 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 20 years, and these will be fully amortized by October 2042. Other intangible assets Other intangibles include licenses acquired and software purchased from external parties. Software Software consists of IT software internally developed for TFSS and AVPS businesses, the platform software that has been acquired in respect of the Currency Select acquisition in the financial year ended March 31, 2016 with an initial fair value of EUR17.9 million and RTS software, that has been acquired in respect of the ZigZag, Yocuda, and ShipUp acquisitions, with an initial fair value of EUR5.2 million, EUR1.2 million, and EUR2.7 million respectively. All three platforms are being amortized over a 5-year period. For the financial year ended March 31, 2023 total software development expenditure capitalized amounted to EUR25.7 million (EUR17.1 million for the financial year ended March 31, 2022 ) out of the total development costs incurred o f EUR51.2 million (EUR43.7 million for the financial year ended March 31, 2022 ). |
Other non-current financial ass
Other non-current financial assets | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other non-current financial assets | Other non-current financial assets (EUR thousand) For the financial year ended March 31 Other non-current financial assets 2023 2022 Opening balance as of April 1 13,313 13,123 Additions 4,149 3,759 Reclassifications (3,305) (688) Share of joint venture losses on loan receivable — (562) Impairment charge/reversal 130 (2,390) Exchange differences (80) 71 Closing balance as of March 31 14,207 13,313 As of March 31, 2023, EUR2.4 million (EUR2.6 million as of March 31, 2022 ) of the other non-current assets is related to a receivable from an insurance company related to a pension plan in Sweden. This receivable is remeasured at fair value, and does not meet the definition of a pension plan asset . The EUR2.4 million impairment charge within operating expenses in the income statement for the financial year ended March 31, 2022 was with respect to long-term receivables from Cash Paris Tax Refund. |
Financial instruments by catego
Financial instruments by category | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments by category | Financial instruments by category The table below details the financial instruments as of March 31, 2023: As of March 31, 2023 (EUR thousand) Assets as per statement of financial position At amortized cost At FVPL At FVOCI Total Other investments — — 7,051 7,051 Other non-current financial assets 11,807 2,400 — 14,207 Trade receivables 191,469 — — 191,469 Other current receivables (1) 16,256 107 — 16,363 Cash and cash equivalents 240,546 — — 240,546 Balance as of March 31, 2023 460,078 2,507 7,051 469,636 (1) excluding other non-financial receivables As of March 31, 2023 (EUR thousand) Liabilities as per statement of financial position At amortized cost At FVPL At FVOCI Total Loans and borrowings 788,836 — — 788,836 Other non-current financial liabilities 15,215 3,596 — 18,811 Other current financial liabilities 6,984 12,243 19,227 Trade payables 209,106 — — 209,106 Other current liabilities (1) 19,985 — — 19,985 Accrued liabilities (1) 48,444 — — 48,444 Balance as of March 31, 2023 1,088,570 15,839 — 1,104,409 (1) excluding other non-financial liabilities The table below details the financial instruments as of March 31, 2022: As of March 31, 2022 (EUR thousand) Assets as per statement of financial position At amortized cost At FVPL At FVOCI Total Other investments — — 3,881 3,881 Other non-current financial assets 13,313 — — 13,313 Trade receivables 100,469 — — 100,469 Other current receivables (1) 14,050 — — 14,050 Cash and cash equivalents 51,083 — — 51,083 Balance as of March 31, 2022 178,915 — 3,881 182,796 (1) excluding other non-financial receivables As of March 31, 2022 (EUR thousand) Liabilities as per statement of financial position At amortized cost At FVPL At FVOCI Total Loans and borrowings 723,230 — — 723,230 Other non-current financial liabilities 14,286 15,419 — 29,705 Trade payables 166,103 — — 166,103 Other current financial liabilities 10,538 12,051 — 22,589 Other current liabilities (1) 15,428 356 — 15,784 Accrued liabilities (1) 28,497 — — 28,497 Balance as at March 31, 2022 958,082 27,826 — 985,908 (1) excluding other non-financial liabilities |
Trade receivables
Trade receivables | 12 Months Ended |
Mar. 31, 2023 | |
Trade and other receivables [abstract] | |
Trade receivables | Trade receivables The tables below detail the trade receivables balances as of March 31, 2023 and March 31, 2022: As of March 31, 2023 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 151,790 38,065 3,676 193,531 Less: Loss allowance (1,889) — (173) (2,062) Total 149,901 38,065 3,503 191,469 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 122,895 30,949 1,434 155,278 Trade receivables overdue: Up to 3 months 23,379 7,113 1,086 31,578 3 months - 6 months 958 — 537 1,495 More than 6 months 2,669 3 446 3,118 Total 149,901 38,065 3,503 191,469 As of March 31, 2022 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 73,969 24,815 3,406 102,190 Less: Loss allowance (1,864) — (264) (2,128) Total 72,105 24,815 3,142 100,062 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 61,878 24,532 1,559 87,969 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 3,142 100,062 Trade receivables overdue relate to a number of independent customers for whom there is no recent history of defaults. The fair value of trade receivables approximates the carrying amount, net of the expected credit losses. The table below details the movements of the expected credit losses of trade receivables: (EUR thousand) For the financial year ended March 31 Movements of the expected credit losses of trade receivables 2023 2022 Opening balance at April 1 (2,128) (4,117) Income statement charge for the year (614) (515) Write-offs 142 860 Reversal of unused amounts 510 1,563 Exchange differences 28 81 Closing balance at March 31 (2,062) (2,128) The recognition and release of expected credit losses for impaired trade receivables have been included in operating expenses in the income statement. Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash. The maximum exposure to credit risk at the reporting date is the carrying value of trade receivables and it is managed by each business unit based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. (EUR thousand) As of March 31 Other current receivables 2023 2022 Input VAT 11,434 9,541 DCC receivables 10,327 7,763 Advances and deposits 3,903 3,482 Withholding taxes 3,064 2,247 Government grants 1,260 1,726 Derivative financial instruments 107 — Others 1,274 1,075 Total 31,369 25,834 DCC receivables include acquirer settlements (financial institutions that process credit or debit card payments on behalf of a merchant) for which cash was not yet received at year end. Government grants both as of March 31, 2023, and March 31, 2022 mostly comprise of COVID-19 relief measures. |
Other current receivables
Other current receivables | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current receivables | Trade receivables The tables below detail the trade receivables balances as of March 31, 2023 and March 31, 2022: As of March 31, 2023 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 151,790 38,065 3,676 193,531 Less: Loss allowance (1,889) — (173) (2,062) Total 149,901 38,065 3,503 191,469 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 122,895 30,949 1,434 155,278 Trade receivables overdue: Up to 3 months 23,379 7,113 1,086 31,578 3 months - 6 months 958 — 537 1,495 More than 6 months 2,669 3 446 3,118 Total 149,901 38,065 3,503 191,469 As of March 31, 2022 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 73,969 24,815 3,406 102,190 Less: Loss allowance (1,864) — (264) (2,128) Total 72,105 24,815 3,142 100,062 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 61,878 24,532 1,559 87,969 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 3,142 100,062 Trade receivables overdue relate to a number of independent customers for whom there is no recent history of defaults. The fair value of trade receivables approximates the carrying amount, net of the expected credit losses. The table below details the movements of the expected credit losses of trade receivables: (EUR thousand) For the financial year ended March 31 Movements of the expected credit losses of trade receivables 2023 2022 Opening balance at April 1 (2,128) (4,117) Income statement charge for the year (614) (515) Write-offs 142 860 Reversal of unused amounts 510 1,563 Exchange differences 28 81 Closing balance at March 31 (2,062) (2,128) The recognition and release of expected credit losses for impaired trade receivables have been included in operating expenses in the income statement. Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash. The maximum exposure to credit risk at the reporting date is the carrying value of trade receivables and it is managed by each business unit based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. (EUR thousand) As of March 31 Other current receivables 2023 2022 Input VAT 11,434 9,541 DCC receivables 10,327 7,763 Advances and deposits 3,903 3,482 Withholding taxes 3,064 2,247 Government grants 1,260 1,726 Derivative financial instruments 107 — Others 1,274 1,075 Total 31,369 25,834 DCC receivables include acquirer settlements (financial institutions that process credit or debit card payments on behalf of a merchant) for which cash was not yet received at year end. Government grants both as of March 31, 2023, and March 31, 2022 mostly comprise of COVID-19 relief measures. |
Prepaid expenses
Prepaid expenses | 12 Months Ended |
Mar. 31, 2023 | |
Analysis of income and expense [abstract] | |
Prepaid expenses | Prepaid expenses (EUR thousand) As of March 31 Prepaid expenses 2023 2022 Insurance costs 894 422 Office and IT-related expenses 2,691 3,803 Contracts with customers 949 733 Other prepaid expenses 1,052 678 Total 5,586 5,636 |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Mar. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash and bank accounts and are payable on demand. The bank accounts earn interest at various rates which differ by account. The deposits consist of highly liquid money market instruments, with withdrawal periods of no more than 3 months. (EUR thousand) As of March 31 Cash and cash equivalents 2023 2022 Deposits 112,015 2,831 Cash and bank balances 128,531 48,252 Total 240,546 51,083 The fair value of cash and cash equivalents approximates its carrying value due to its short term nature. Please refer to Note 25 related to the pledge of cash on hand. |
Issued capital and reserves
Issued capital and reserves | 12 Months Ended |
Mar. 31, 2023 | |
Issued capital [abstract] | |
Issued capital and reserves | Issued capital and reserves Number of shares authorized and issued For the financial year ended March 31 2023 2022 2021 Ordinary shares Preference shares A Preference shares B Total Ordinary Preference shares A Total Ordinary Preference shares Total Opening balance at April 1 192,534,962 17,788,512 — 210,323,474 187,534,962 23,717,989 211,252,951 40,000,000 — 40,000,000 Effects of the capital reorganization on Aug 28, 2020 — — — — — — — 127,824,796 23,717,989 151,542,785 Issuance of share capital Global Blue Group Holding A.G. 8,587,786 — 21,176,470 29,764,256 — — — 19,596,142 — 19,596,142 Conversion of preference shares into ordinary shares — — — — — — — — (5,929,477) (5,929,477) Assign the preference shares to ListCo. — — — — — — — — 5,929,477 5,929,477 Exercises of warrants — — — — — — — 114,024 — 114,024 Issuance of treasury shares by Global Blue Group Holding A.G. 104,135 — — 104,135 5,000,000 — 5,000,000 — — — Cancellation of preference shares by Global Blue Group Holding A.G. — (104,135) — (104,135) — (5,929,477) (5,929,477) — — — Closing balance at March 31 201,226,883 17,684,377 21,176,470 240,087,730 192,534,962 17,788,512 210,323,474 187,534,962 23,717,989 211,252,951 During the financial year ended March 31, 2023, 8,587,786 ordinary shares and 21,176,470 series B preference shares, convertible into ordinary shares, were issued in the parent company based on the investment agreement with CK Opportunities Fund I, LP, (“Certares”). Certares subscribed for and received the aforementioned issued shares for the amount of EUR215.2 million (USD225.0 million). The transaction costs and stamp duties amounting to EUR4.9 million were deducted from other reserves in equity. During the financial year ended March 31, 2023, 104,135 ordinary shares were issued in the parent company and held in the custody of Global Blue Group II GmbH; and 104,135 series A preference shares were cancelled in the parent company and the reduction amount was allocated to the share premium. During the financial year ended March 31, 2022, 5,000,000 ordinary shares were issued in the parent company and held as treasury shares by Global Blue Group II GmbH solely to be issued to management in connection with the approved Management Incentive Plans; and 5,929,477 series A preference shares were cancelled in the parent company and the reduction amount was allocated to the share premium. During the financial year ended March 31, 2021, 127,824,796 ordinary, and 23,717,989 series A preference shares were issued in connection with the capital reorganization that took place on August 28, 2020, and the Company issued 5,929,477 ordinary shares to existing investors in exchange for held preference shares; these shares were held by the Company with the intention to cancel at the next General Meeting. During the financial year ended March 31, 2021, 7,000,000 ordinary shares were issued in the parent company, while 6,666,665 ordinary shares were issued to buy ZigZag Global. During the financial year ended March 31, 2021, 114,024 public warrants were exercised at a 1:1 equivalent to ordinary shares. Treasury shares For the financial year ended March 31, 2023 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Preference shares B Total Ordinary Preference shares A Preference shares B 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 (538,044) — — (538,044) 5 — — 5 Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (1,189,977) — — (1,189,977) 9,179 — — 9,179 Cancellation of preference shares A by Global Blue Group Holding A.G. — (104,135) — (104,135) — 879 — 879 Acquisition of treasury shares 4 — — 4 — — — — Closing balance as of March 31, 2023 11,371,136 236 — 11,371,372 (114) (3) — (117) During the financial year ended March 31, 2023, 104,135 ordinary shares were issued in the parent company and held initially in the custody of Global Blue Group II GmbH; and 538,044 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 financial year ended March 31, 2023 1,189,977 ordinary shares were allocated by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) to other employees, ex-employees and members of management; and 104,135 preference A shares were cancelled in the parent company and the reduction amount was allocated to the general reserve. For the financial year ended March 31, 2022 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares Total Ordinary Preference shares Total Opening balance as of April 1, 2021 8,051,569 138,846 8,190,415 (8,877) (1,246) (10,123) Acquisition of treasury shares as at Conversion of shares 34,711 (34,711) — (366) 366 — Acquisition of treasury shares (September 2021) 5,000,000 — 5,000,000 (46) — (46) Acquisition of treasury shares (January 2022) 1,217 236 1,453 (9) (2) (11) Vested RSA shares March 2022 (92,479) — (92,479) 1 — 1 Closing balance as of March 31, 2022 12,995,018 104,371 13,099,389 (9,297) (882) (10,179) During the financial year ended March 31, 2022, 1,453 ordinary and preference shares were acquired from a former board member and held as treasury shares by Global Blue Group II GmbH, while 92,479 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. For the financial year ended March 31, 2021 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares Total Ordinary Preference shares Total Opening balance as of April 1, 2020 — — — — — — Acquisition of treasury shares 1,051,569 138,846 1,190,415 (8,812) (1,246) (10,058) Acquisition of treasury shares post-merger with FPAC 7,000,000 — 7,000,000 (65) — (65) Closing balance as of March 31, 2021 8,051,569 138,846 8,190,415 (8,877) (1,246) (10,123) During the financial year ended March 31, 2021, 1,190,415 ordinary and preference treasury shares were acquired in connection with the capital reorganization that took place on August 28, 2020. During the financial year ended March 31, 2021, 7,000,000 ordinary shares were held as treasury shares by Global Blue Group II GmbH solely to be issued to management in connection with the approved Management Incentive Plans. Shareholders of Global Blue Group Holding AG as of March 31, 2023 Ordinary shares Preference shares Total Ownership (4) Warrants Silver Lake and Affiliates (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 (3) 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 8,883,950 774,517 9,658,467 4.2 % 516,317 Other Shareholders 21,796,402 — 21,796,402 9.5 % 20,969,283 Total excl. GB Group 189,855,747 38,860,611 228,716,358 100.0 % 30,735,950 GB Group 11,371,136 236 11,371,372 — Total incl. GB Group 201,226,883 38,860,847 240,087,730 30,735,950 Shareholders of Global Blue Group Holding AG as of March 31, 2022 Ordinary shares Preference shares Total Ownership (4) 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 10.9 % 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 Shareholders of Global Blue Group Holding AG as of 31 March 2021 Ordinary shares Preference shares Total Ownership (4) Warrants Silver Lake and Affiliates (1) 98,017,072 11,970,487 109,987,559 55.5% 6,548,415 Partners Group and Affiliates (2) 40,442,783 4,939,137 45,381,920 22.9 % 2,701,935 Ant Group 12,500,000 — 12,500,000 6.3 % — GB Directors, Executive Management & Other Employees 9,106,902 878,888 9,985,790 5.0 % 516,317 Other Shareholders 20,468,205 — 20,468,205 10.3 % 20,969,283 Total excl. GB Group 180,534,962 17,788,512 198,323,474 100.0 % 30,735,950 GB Group 7,000,000 5,929,477 12,929,477 — Total incl. GB Group 187,534,962 23,717,989 211,252,951 30,735,950 (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) - Corresponds to Certares Opportunities LLC and Knighthead Opportunities Capital Management, LLC (4) - Excludes GB Group As of August 28, 2020 a capital reorganization took place within the Group, whereby a new holding company, Global Blue Group Holding AG, was incorporated in December 2019 and became the ultimate parent of the Group; during the reorganization additional shares were issued with the increase of the share premium. Ordinary shares Holders of ordinary shares are entitled to dividends and are entitled to one vote per share at general meetings of the Company. From the financial year ended March 31, 2026 the preferential dividend will have to be first approved before approval of a dividend for ordinary shares to be granted. For the financial year ended March 31, 2023, there was no change in the conditions for the ordinary shares; please refer to Note 22 for details. Preference shares Preference shares Series A Holders of these shares are entitled to dividends and are entitled to one vote per share at general meetings of the Company. In addition, the holders are entitled to preferential dividends beginning in the financial year ending March 31, 2026 at a rate of 8% with an increase by 1% each year thereafter. Given that no preference dividend is owed to Series A holders and no preference dividend has currently been approved by shareholders, no adjustment has been made to basic earnings per share related to the Series A preferred shares. Based on the terms of the Series A preference shares, management has determined that they should be classified as equity. Put Option Preference shares can be exchanged 1:1 for ordinary shares at any time at the shareholder´s election. The exchange will take place no earlier than 25 days, no later than 65 days after exercise of the put option. Call Option The Company can exercise a call option with 20 days’ notice to exchange the Series A preference shares 1.1 for ordinary shares. The call option can only be exercised if (i) the 30 day Volume-Weighted Average Price (“VWAP”) of the ordinary shares is at least USD18.00 per share and (ii) no blackout or lockup is in effect. Redemption The Company may redeem the Series A preference shares for cash or ordinary shares at the shareholder’s election following the fifth anniversary of closing or on a change of control (if earlier). The redemption right can only be exercised if the 30 day VWAP of the ordinary shares is at least USD10.00 or the value attributable on such change of control is USD10.00. Liquidation Each holder of preference shares is entitled to a priority share of the liquidation proceeds up to USD10.00. The remainder is distributed to the holders of the ordinary shares. For the financial year ended March 31, 2023, there was no change in the conditions for the Put/Call Options, redemption or liquidation of the Series A preference shares. Preference shares Series B During the financial year ended March 31, 2023, 21,176,470 preference shares Series B (“Series B shares”) were issued based on the investment agreement with CK Opportunities Fund I, LP (“Certares”), and these shares have the same voting and other rights as the ordinary 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 “Board”) and shareholders’ approval. In addition, the holders of these shares are entitled to the same dividend or distributions as on the ordinary shares, if approved by the general meeting, calculated as if the preferred shares had been converted into ordinary shares. Based on the terms of the Series B preference 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 ordinary shares on a 1:1 ratio. Put Option Upon a change of control, Certares has the right to: • convert the Series B preference shares into ordinary 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 Series B preference shares may be converted into ordinary 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 Series B preference shares in exchange for ordinary 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 Series B preference shares are only redeemable at the Company’s option. Liquidation Each holder of Series B preference shares 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 an ordinary share immediately prior to the liquidation. Warrants As part of the reorganization and listing, 21,083,307 public warrants and 9,766,667 private warrants were issued for a total number of warrants (“Warrants”) of 30,849,974 at a fair value of EUR20.2 million. The Warrants were issued in exchange for services provided by FPAC at the date of the merger. The Warrants were accounted for in accordance with IAS 32 as liability and were measured at the fair value of the equity instrument granted. As of March 31, 2023, 30,735,950 warrants are outstanding; please refer to Note 40 for details of the movement in the number of warrants during the period. For the financial year ended March 31, 2023, there was no change in the conditions for the Warrants. Please refer to Note 5 and Note 40 for details. The conditions for the Warrants are as listed below: Public Warrants Exercisability of Public Warrants The public warrants became exercisable on September 30, 2020 (30 days after the closing), and expire on August 31, 2025 (the fifth anniversary of the closing). Exercise Price The public warrants represent the right to purchase one of the Company shares at a price of USD11.50 per share. Adjustment The exercise price and the number of the Company shares issuable on exercise of the public warrants will be adjusted in certain circumstances, including in the event of a share dividend, extraordinary dividend or the Company’s recapitalization, reorganization, merger or consolidation. Fractional Shares No fractional shares will be issued upon exercise of the public warrants (rounding shall be down to the nearest whole number of the Company Shares). Redemption By contrast, the Company may call the public warrants for redemption in certain circumstances where the closing price of the shares equals or exceeds USD18.00. The Company may only call public warrants for redemption: • in whole and not in part; • at a price of USD0.01 per warrant; • upon not less than 30 days’ prior written notice of redemption to each warrant holder. If the Company calls the public warrants for redemption as described above, it will have the option to require any holder that wishes to exercise its public warrant prior to such redemption to do so on a “cashless basis.” Other The public warrants may be amended with the approval of at least 50% of the then outstanding public warrants to make any other change that adversely affects the interests of the Warrant holders. The Warrant holders do not have the rights or privileges of holders of the Company´s shares or any voting rights until they exercise their public warrants and receive the Company´s shares. Private Warrants Private placement warrants have terms and provisions that are identical to those of the public warrants that become the Company Warrants described above, including as to exercise price, exercisability and exercise period, and adjustment. However, the private warrants will not be redeemable and may be exercised on a cashless basis. The private warrants are transferable (and have been transferable since they became exercisable on September 30, 2020). Open Market Trades, Block Trades or Public Offerings of private warrants shall be carried out pursuant to the registration statement that has been declared effective by the SEC, together with any required supplementary disclosure or prospectus at the time. |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Mar. 31, 2023 | |
Non-Controlling Interests [Abstract] | |
Non-controlling interests | Non-controlling interests Non-controlling interests represent the participating interests of third parties in the Group's equity and are comprised of the following Group entities: (EUR thousand) As of March 31 Non-controlling interests 2023 2022 2021 Global Blue TFS Japan Co Ltd 4,555 3,180 3,969 Global Blue Lebanon SAL 107 299 472 Global Blue Touristik Hizmetler A.Ş. 1,302 713 1,234 Global Blue Russia AO — 1,153 581 Global Blue Russia Holdings B.V. — 349 320 Global Blue Cross Border SA — — 203 Global Blue Pazarlama Destek ve Teknoloji Hizmetleri A.S 6 38 — Total Non-controlling interests 5,970 5,732 6,779 Summarized financial information on subsidiaries with material non-controlling interest Set out below is the summarized financial information for each subsidiary that has a non-controlling interest that is deemed material for the Group. (EUR thousand) Global Blue Global Blue Turistik Hizmetler A.Ş. As of March 31 2023 2022 2023 2022 Current Assets 16,327 4,102 5,493 4,724 Liabilities 17,976 10,331 4,221 4,174 Total current net assets / (liabilities) (1,649) (6,229) 1,272 550 Non- current Assets 10,951 12,712 1,329 1,150 Liabilities 13 — 600 592 Total non-current net assets / (liabilities) 10,938 12,712 729 558 Net assets 9,289 6,483 2,001 1,108 (EUR thousand) Global Blue Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2023 2022 2021 2023 2022 2021 Revenue 10,076 3,384 3,084 5,351 3,452 1,326 Profit / (loss) for the year from continuing operations 3,249 (1,320) (1,140) 3,093 2,067 267 (EUR thousand) Global Blue TFS Japan Co. Ltd. Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2023 2022 2021 2023 2022 2021 Net increase / (decrease) in cash and cash equivalents 7,954 (23) (7,851) 420 721 (1,034) Joint ventures and associates The Group holds interests in joint ventures and associates that are individually not material. (EUR thousand) As of March 31 2023 2022 2021 Aggregate carrying amount of individually immaterial joint ventures and associates 230 2,650 2,744 Aggregate amount of the Group's share of: Loss from continuing operations (111) (720) (1,056) Other comprehensive income — — — Total comprehensive loss (111) (720) (1,056) As of March 31, 2023 and as of March 31, 2022 the book value of loans granted by the Group to joint ventures and associates is zero. As of March 31, 2023 the Group has assessed that the recoverable amount of the investment in Europass S.A.S is zero and therefore an impairment loss of EUR2.5 million was recognized in the income statement. Other investments Other investments represent equity securities not held for trading. On February 1 and February 14, 2022, Global Blue acquired minority shares of 1% and 17.45% in technology companies Twig and Toshi for a consideration of GBP1.0 million (EUR1.2 million) and GBP2.1 million (EUR2.5 million), respectively. 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). During the financial year ended March 31, 2023, the Group recorded a fair value gain of EUR1.3 million on its investment in Twig as a result of a new valuation carried out based on gross profit multiples for a new financing round. The gain was credited to other comprehensive income. (EUR thousand) For the financial year ended March 31 2023 2022 2021 Opening balance as of April 1 3,881 753 3 Additions 2,000 3,878 750 Fair value adjustment 1,343 150 — Derecognition due to step acquisition — (900) — Reclassification to joint ventures and associates (173) — — Closing balance as of March 31 7,051 3,881 753 |
Share-based payments transactio
Share-based payments transactions | 12 Months Ended |
Mar. 31, 2023 | |
Share-Based Payments Transactions [Abstract] | |
Share-based payments transactions | Share-based payment transactions Share Based payments and Non-convertible Equity Certificates settled with IPO Management Equity Plan March 31, 2021 As of August 28, 2020, as part of the Group capital reorganization and merger with FPAC, the Management Equity Plan (MEP) ceased to exist. The movement in the share-based payment liability during the period is reflected below: (EUR thousand) For the financial year ended March 31, 2021 Opening balance 7,396 Valuation up to August 27 974 SBP value as of August 27 8,370 Expense recognized in the profit and loss upon capital reorganization 58,744 SBP value as of August 28 67,114 Cash settlements upon reorganization (29,333) Conversion upon reorganization of remaining SBP liability to equity at FV (37,781) Closing balance — NC-PECs The NC-PECs were part of the management investment and incentive plan put in place during the 2012 Leveraged Buy-Out (“LBO”). As of August 28, 2020, as part of the Group capital reorganization and merger with FPAC, the NC-PECs ceased to exist. The NC-PECs were liability classified as they were cash-settled. Prior to conversion into shares of the Company during the IPO, the NC-PEC’s were revalued according to IFRS 2 as at the conversion date and reclassified in equity upon conversion from a cash-settled plan to an equity-settled plan. The movement in the NC-PECs liability is reflected below: (EUR thousand) For the financial year ended March 31, 2021 Nominal value including accrued interest on NC-PECs issued at the beginning of the year 1,920 Mark-to-market fair value charge (138) Accrued interests on NC-PECs 79 Transfer to equity (1,861) Reclassifications — Total value of NC-PECs direct investment — Value at the beginning of the year 2,971 Accrued interest 120 Derecognition of residual amount to profit and loss (101) Transfer to equity (2,990) Reclassifications — Interest bearing obligations towards senior management of Global Blue Group — Total value of NC-PECs including accrued interest — (Thousand of units) For the financial year ended March 31, 2021 NC-PECs issued at the beginning of the year 927 Issuance of NC-PECs — Transfer of NC-PECs to equity (927) Number of NC-PECs issued — Share-based payment plans in place As part of Global Blue’s Management Incentive Plan (“MIP”) the board issued a series of equity grants in the form of Global Blue share options (SOP) and Global Blue restricted shares (RSA). Participation in these plans is at the board’s discretion and subject to the consent of the individual receiving the grant. Equity settled share options - SOP Holders of share options once vested are granted the right to purchase the Company’s shares at the exercise price. On June 25, 2019, 0.5 million share options with an exercise price of USD10.59, were granted to employees of the Group, 50 percent with the vesting date June 24, 2022 and 50 percent with the vesting date June 24, 2024 (“SOP 2019”). On October 23, 2020, a total of 8 million share options were granted to employees of the Group with four tranches of options vesting on four respective vesting dates (“SOP 2020”), whereas within each of the four tranches, there are further four tranches of options with four different exercise prices, as below: Vesting date Total Share options granted (thousands) 05/03/2022 05/09/2022 05/09/2023 05/09/2024 US$8.50 971 324 647 647 2,589 US$10.50 822 274 548 548 2,192 US$12.50 673 224 448 448 1,793 US$14.50 523 175 349 349 1,396 Total 2,989 997 1,992 1,992 7,970 On September 14, 2022, the Nomination and Compensation Committee of the Board of Directors (the “NCC”) approved the second amendment of the CEO’s employment agreement dated August 31, 2020, as amended on February 24, 2022, making certain amendments to the CEO’s share-based compensation (“SOP 2020 MOD”). The strike price of the existing SOP grants has been adjusted as set forth below, while all the other terms of the SOP 2020 and SOP 2019 remained unaffected. SOP 2020 MOD - Number of shares (thousand) Original Option Strike Price New Option Strike Price Vesting date Total 15/02/2022 15/08/2022 15/08/2023 15/08/2024 US$ 8.50 US$ 6.42 335 112 223 223 893 US$ 10.50 US$ 8.42 284 95 189 189 757 US$ 12.50 US$ 10.42 232 77 155 155 619 US$ 14.50 US$ 12.42 180 60 120 120 480 Total 1,031 344 687 687 2,749 The above amendment of the terms of SOP plans have been considered as replacing the previous ones and therefore the modification accounting under IFRS 2 has been applied. The incremental fair value of the 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 amounts to EUR0.9 million, out of which EUR0.7 million has been recognized as expense in the financial year ended March 31, 2023 and EUR0.2 million will be recognized as expense in future periods. The fair value of the SOP, and modified SOP plans was calculated using a binomial option pricing model. As mentioned in Note 3, in the financial year ended March 31, 2023, the Group identified an error with respect to the valuation at grant date of its SOP plans related to the underlying mechanics of the model as well as the calculation of the expected volatility assumption. The revised model inputs and fair values at grant date are: SOP 2019 Vesting date 24/6/2022 23/6/2024 Share price at grant date (USD) 10.59 10.59 Exercise price (USD) 10.59 10.59 Expected volatility 25.00% 25.00% Risk free interest rate 1.91% 1.91% Fair value at grant date (USD) 1.59 1.59 SOP 2020 Vesting date 5/3/2022 5/9/2022 5/9/2023 5/9/2024 Share price at grant date (USD) 8.64 8.64 8.64 8.64 Expected volatility 21.50% 21.50% 21.50% 21.50% Risk free interest rate 0.50% 0.50% 0.50% 0.50% Exercise price (USD) 8.50 8.50 8.50 8.50 Fair value at grant date (USD) 1.54 1.54 1.52 1.49 Exercise price (USD) 10.50 10.50 10.50 10.50 Fair value at grant date (USD) 0.96 0.96 0.96 0.95 Exercise price (USD) 12.50 12.50 12.50 12.50 Fair value at grant date (USD) 0.61 0.61 0.61 0.61 Exercise price (USD) 14.50 14.50 14.50 14.50 Fair value at grant date (USD) 0.39 0.39 0.39 0.39 SOP 2020 MOD Vesting date 5/3/2022 5/9/2022 5/9/2023 5/9/2024 Share price at grant date (USD) 8.64 8.64 8.64 8.64 Expected volatility 21.50% 21.50% 21.50% 21.50% Risk free interest rate 0.50% 0.50% 0.50% 0.50% Exercise price (USD) 6.42 6.42 6.42 6.42 Fair value at grant date (USD) 2.52 2.50 2.45 2.37 Exercise price (USD) 8.42 8.42 8.42 8.42 Fair value at grant date (USD) 1.57 1.57 1.55 1.52 Exercise price (USD) 10.42 10.42 10.42 10.42 Fair value at grant date (USD) 0.98 0.98 0.97 0.96 Exercise price (USD) 12.42 12.42 12.42 12.42 Fair value at grant date (USD) 0.62 0.62 0.62 0.62 Due to the limited history of the company’s publicly traded shares, the volatility for all plans was calculated based on the historical share price volatility of a peer group which consists of similar publicly traded companies. This list of peers was selected from the peer group which was jointly defined by FPAC management and Global Blue management for the purpose of business valuation prior to the business reorganization. Reconciliation of the outstanding SOPs The following table shows the SOPs granted and outstanding at the beginning and end of the reporting periods: For the financial year ended March 31 2023 2022 2021 Average exercise price per share option (USD) Number of options (thousands) 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 11.42 7,980 11.40 8,457 — — Granted during the year — — — — 11.40 8,457 Forfeited during the year 11.50 (28) 10.98 (477) — — As of March 31 11.42 7,952 11.42 7,980 11.40 8,457 Vested and exercisable of March 31 11.42 4,072 11.01 2,925 — — No options expired during the periods presented above. Share options outstanding at the end of the year have the following expiry dates and exercise prices: Share options outstanding (thousands) For the financial year ended March 31 Grant date Expiry date Exercise price (USD) 2023 2022 2021 June 25, 2019 June 23, 2027 10.59 461 461 487 October 23, 2020 August 15, 2026 8.50 1,540 2,443 2,589 October 23, 2020 August 15, 2026 10.50 1,304 2,068 2,192 October 23, 2020 August 15, 2026 12.50 1,067 1,692 1,793 October 23, 2020 August 15, 2026 14.50 830 1,316 1,396 October 23, 2020 August 15, 2026 6.42 894 — — October 23, 2020 August 15, 2026 8.42 756 — — October 23, 2020 August 15, 2026 10.42 619 — — October 23, 2020 August 15, 2026 12.42 481 — — Total 7,952 7,980 8,457 Weighted average remaining contractual life of options outstanding at the end of the period 3.4 years 4.4 years 5.4 years Equity settled restricted share grants - RSA Under these plans, participants are granted Company’s ordinary shares if they remain in the employment of the Group, and certain market and non-market conditions are met: • service condition: the employee remain in the employment of the Group • market performance conditions: increase of the absolute total shareholder return and benchmarking the total shareholder return to the MSCI ASWI index • non-market performance condition: measured by adjusted net income compound annual growth rate (CAGR) . The shares are issued at the grant date and held as treasury shares until the vesting. RSA 2022 On September 14, 2022, under the MIP, Global Blue granted 250,000 RSAs to the CEO and 514,000 RSAs to other 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, 50% RSAs granted to the CEO vest on August 28, 2023 and 50% on August 28, 2024, while 25% of the RSAs granted to other employees vest on August 28, 2023, 25% on August 28, 2024, 25% on August 28, 2025 and 25% on August 28, 2026. RSA Modification As mentioned above, on September 14, 2022, the NCC approved the 2 nd amendment of the CEO’s employment agreement, making certain amendments to the CEO’s RSA share-based compensation, as follows. Additional 198,219 RSA shares were granted to the CEO, 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. RSA MOD - Number of shares RSA plan Vested at grant date To vest in the future Total Unconditional Conditional Total Unconditional Conditional Total RSA 2020 MOD 13,379 — 13,379 13,380 13,378 26,758 40,137 RSA 2021 MOD 7,132 3,566 10,698 21,396 21,393 42,789 53,487 RSAe 2021 MOD 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 incremental fair value of the modified RSA amounts to EUR0.7 million, out of which EUR0.5 million has been recognized as expense in the financial year ended March 31, 2023 and EUR0.2 million will be recognized as expense in future periods. Reconciliation of the outstanding RSA shares The following table shows the RSAs granted and outstanding at the beginning and end of the reporting period: Number of shares (thousands) For the financial year ended March 31 2023 2022 2021 As of April 1 1,675 475 — Granted during the year 962 1,426 475 Vested during the year (539) (92) — Forfeited during the year (92) (134) — As of March 31 2,006 1,675 475 Weighted average fair value (USD) 5.18 6.62 8.65 The estimated fair value is calculated based on the share price as at grant date, adjusted using the probability of achievement of the market-based performance conditions. The estimated fair value is based on the assumption that the service condition and non-market performance condition will be fully met. The model inputs were the share price at grant date 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 RSA 2020 MOD Grant date 23/10/2020 23/10/2020 23/10/2020 23/10/2020 23/10/2020 23/10/2020 23/10/2020 14/9/2022 14/9/2022 Vesting date 5/3/2022 5/9/2022 5/9/2023 5/3/2022 5/9/2022 5/9/2023 5/9/2024 5/9/2023 5/9/2024 Share price at grant date (USD) 8.64 8.64 8.64 8.64 8.64 8.64 8.64 4.83 4.83 Risk free interest rate 0.14 % 0.17 % 0.22 % 0.14 % 0.17 % 0.23 % 0.31 % 4.21 % 4.22 % Fair value per share (USD) 8.62 8.61 8.58 6.91 6.90 6.88 6.84 3.64 3.49 RSA 2021 RSA 2021 MOD RSA 2021e 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 12/10/2021 12/10/2021 Vesting date 5/9/2022 5/9/2023 5/9/2024 5/9/2025 14/9/2022 5/9/2023 5/9/2024 5/9/2025 5/9/2022 5/9/2023 Share price at grant date (USD) 6.60 6.60 6.60 6.60 4.83 4.83 4.83 4.83 6.60 6.60 Risk free interest rate 0.10% 0.21% 0.40% 0.62% 0.10% 0.21% 0.40% 0.62% 0.10% 0.21% Fair value per share (USD) 5.41 5.39 5.35 5.28 4.95 3.98 3.83 3.73 6.59 6.57 RSA 2021e MOD RSA 2022 Grant date 14/9/2022 14/9/2022 14/9/2022 14/9/2022 14/9/2022 14/9/2022 Vesting date 14/9/2022 5/9/2023 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 4.83 4.83 Risk free interest rate 4.24% 4.24% 4.23% 4.21% 4.03% 3.90% Fair value per share (USD) 6.59 4.63 3.70 3.55 3.42 3.30 Expenses amounting to EUR7.6 million (EUR6.4 million for the financial year ended March 31, 2022, EUR2.3 million for the financial year ended March 31, 2021) related to the above-mentioned SOP and RSA plans, were recorded during the period with a corresponding increase in equity; all of these plans are equity-settled in accordance with IFRS 2. ShipUp - Cash-settled Shared-Based payment transactions As part of the ShipUp acquisition, detailed in Note 35, Global Blue and the minority shareholders entered into a put and call agreement which gives each minority shareholder the right to sell and Global Blue the right to acquire all the 452 million shares currently held by the minority shareholders. For the portion of the repurchase obligation that is not contingent on future employee services, the Group measured the related put option liability, on acquisition, at the present value of the redemption amount, at zero. For the portion of the repurchase obligation that is contingent on future employee services, the Group assessed the transaction to be a cash-settled share-based payment arrangement in accordance with IFRS 2, as the put option value is discounted by a percentage that, in case the minority shareholders continue to provide service as employees, decreases at each vesting date up to zero on December 31, 2026. The award entitlement is earned by the minority shareholders through their remaining involvement in ShipUp as managers until April 2027. Under this plan, participants are entitled to exercise the put option up to 50% of their current shares after December 31, 2024, up to 75% after December 31, 2025 and up to 100% after December 31, 2026 and therefore such dates were considered vesting dates. Number of shares (million) For the financial year ended March 31, 2023 As of April 1 — Granted during the year 452 Vested during the year — Forfeited during the year — As of March 31 452 Weighted average fair value (EUR) 0.13 Weighted average remaining contractual life of options outstanding at the end of the period (years) 2.5 The fair value is calculated based on the estimated share price as at each vesting date, which is based on the estimated equity value of ShipUp calculated as a multiple of forecasted revenue minus net debt, in accordance with the model included in the agreement between minority shareholders and Global Blue. The model inputs were the business plan for ShipUp, and the discount rate as stipulated in the table below. No dividend payments were considered in the fair value. Grant date 31/10/2022 31/10/2022 31/10/2022 Vesting date 31/12/2024 31/12/2025 31/12/2026 Number of shares (million) 226.0 113.0 113.0 Expected volatility 9.7 % 9.7 % 9.7 % Discount rate 14.3 % 14.3 % 14.3 % Fair value per option as of March 31, 2023 (EUR) 0.03 0.12 0.33 Expenses amounting to EUR2.1 million related to the above-mentioned plan, were recorded during the financial year ended March 31, 2023 with a corresponding recognition of the long term liability. In addition of the above plan, on October 31, 2022, 58 million share options were granted to minority shareholders of the ShipUp Holding Sas; the Group assessed the transaction to be a cash-settled share-based payment arrangement in accordance with IFRS 2, and expenses amounting to EUR0.3 million related to the above-mentioned plan, were recorded during the financial year ended March 31, 2023. |
Loans and borrowings
Loans and borrowings | 12 Months Ended |
Mar. 31, 2023 | |
Borrowings [abstract] | |
Loans and borrowings | 4.00x 2.75% 2.50% ≤ 4.00x > 3.50x 2.25% 2.00% ≤ 3.50x > 3.00x 2.00% 1.75% ≤ 3.00x > 2.50x 1.75% 1.50% ≤ 2.50x > 2.00x 1.50% 1.25% ≤ 2.00x > 1.50x 1.25% 1.00% ≤ 1.50x 1.00% 0.75% On December 16, 2020, based on the Total Net Leverage on September 30, 2020, the applicable interest conditions (margin included) on the term loan and the RCF moved to 2.75% and 2.50% (2.00% and 1.75% as of August 28, 2020) respectively reflecting the change in credit risk. No change in these interest conditions has occurred since that date and as of March 31, 2023. The financial covenant associated with the SFA is based on a predetermined Total Net Leverage level and is being tested semi-annually; under the SFA, o n March 31, 2023 ( the “Fourth Test Date”), the leverage ratio (being the ratio of total net debt to consolidated pro forma EBITDA 1 of the Group) is required to be equal to or less than 4.75:1 (the “March 2023 Test”). No event of default will occur under the SFA if the Group has received sufficient proceeds from any equity contributions or subordinated debt which can be deemed to be applied to increasing the amount of consolidated pro forma EBITDA of the Group (an “EBITDA Cure”) or decreasing total net debt of the Group for the purposes of calculating the leverage ratio for the relevant test period. On February 3, 2021, Global Blue obtained a covenant waiver from its lenders under the SFA. The waiver provides that the semi-annual total net leverage financial covenant under the Facilities Agreement shall not be tested on the first two test dates, which would have been September 30, 2021 and March 31, 2022 as originally envisaged by the Facilities Agreement. On October 4, 2021, the waiver period was extended; consequently, the first testing date of the total net leverage financial covenant was as of March 31, 2023, the aforementioned Fourth Test Date. Based on the financial projections and forecasted liquidity of the Group, together with receipt of proceeds of the equity and debt transactions, which have been applied as an EBITDA Cure, Global Blue confirms that it was in compliance with the March 2023 Test. For the senior debt facility, EUR9.3 million debt costs were recognized related to the new SFA. Out of this amount, EUR1.7 million were amortized for the financial year ended March 31, 2023 (EUR1.8 million for the financial year ended March 31, 2022). Security First-ranking security has been provided in favor of the lenders under the new SFA; this security includes pledges on the assets of material subsidiaries of the Company at the time of the conclusion of the transaction to the extent legally permitted and operationally practical, and all debt being issued under the SFA ranks pari-passu. (EUR thousand) As of March 31 Security Note 2023 2022 Pledge of shares of consolidated companies (net equity in subsidiaries) 148,137 163,029 Pledge of trade receivables, other current receivables, prepaid expenses and income tax receivable 18, 19, 20 46,321 48,617 Pledge of cash in hand 21 11,470 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 (EUR70.1 million) SLF with a 2.75% fixed interest rate repayable in full the latest as of February 28, 2024. On April 1, 2022 the Company withdrew USD20.0 million (EUR18.0 million), 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 March 31, 2023, USD10.0 million (EUR9.4 million) remains undrawn. Other bank loans With the acquisition that took place during the financial year ended March 31, 2023 the group acquired a number of bank loans whose total outstanding balance was EUR3.2 million as of March 31, 2023, of which EUR0.6 million of a short-term nature. Bank overdrafts Local credit facilities are available in certain jurisdictions and the facilities as per the end of the financial year are limited to EUR11.6 million (EUR8.4 million as of March 31, 2022). None of these local overdraft facilities were drawn as of March 31, 2023. Revolving Credit Facility (“RCF”) The total drawings under the RCF as of March 31, 2023 were EUR99.1 million (EUR99.1 million as of March 31, 2022), consisting of EUR99.0 million of cash drawings, and EUR0.1 million (EUR0.1 million March 31, 2022) of non-cash guarantees issued for commercial and financial reasons. This leaves the Group with EUR0.9 million " id="sjs-B4" xml:space="preserve">Loans and borrowings (EUR thousand) As of March 31 Interest-bearing loans and borrowings from credit institutions Note 2023 2022 Non-current financing - Senior debt facility 630,000 630,000 Capitalized financing fees (4,704) (6,446) Revolving Credit Facility (RCF) 99,000 99,000 Supplemental Liquidity Facility (SLF) 61,324 — Other bank loans 3,216 — Bank overdraft — 676 Total 17 788,836 723,230 Current portion 61,945 676 Non-current portion 726,891 722,554 Total 17 788,836 723,230 The fair values are not materially different to their principal amounts, since the interest payable of the Senior debt facility, the RCF and the other bank loans approximates the current market rates, while the SLF and bank overdraft are of a short-term nature. On August 28, 2020, the group entered into a new Senior Facilities Agreement ("SFA") with a maturity date of August 28, 2025. The SFA comprises of a term loan of EUR630.0 million, fully drawn since inception and a Revolving Credit Facility (“RCF”) of EUR100.0 million which was drawn in cash for EUR99.0 millions. The interest conditions of the term loan and RCF are set as the Euribor of the period with a floor of 0.00% plus a margin. The respective margins are dependent on the Total Net Leverage, which is calculated based on the Annual financial statements as per the below table. Total Net Leverage Term Loan Revolving Credit Facility > 4.00x 2.75% 2.50% ≤ 4.00x > 3.50x 2.25% 2.00% ≤ 3.50x > 3.00x 2.00% 1.75% ≤ 3.00x > 2.50x 1.75% 1.50% ≤ 2.50x > 2.00x 1.50% 1.25% ≤ 2.00x > 1.50x 1.25% 1.00% ≤ 1.50x 1.00% 0.75% On December 16, 2020, based on the Total Net Leverage on September 30, 2020, the applicable interest conditions (margin included) on the term loan and the RCF moved to 2.75% and 2.50% (2.00% and 1.75% as of August 28, 2020) respectively reflecting the change in credit risk. No change in these interest conditions has occurred since that date and as of March 31, 2023. The financial covenant associated with the SFA is based on a predetermined Total Net Leverage level and is being tested semi-annually; under the SFA, o n March 31, 2023 ( the “Fourth Test Date”), the leverage ratio (being the ratio of total net debt to consolidated pro forma EBITDA 1 of the Group) is required to be equal to or less than 4.75:1 (the “March 2023 Test”). No event of default will occur under the SFA if the Group has received sufficient proceeds from any equity contributions or subordinated debt which can be deemed to be applied to increasing the amount of consolidated pro forma EBITDA of the Group (an “EBITDA Cure”) or decreasing total net debt of the Group for the purposes of calculating the leverage ratio for the relevant test period. On February 3, 2021, Global Blue obtained a covenant waiver from its lenders under the SFA. The waiver provides that the semi-annual total net leverage financial covenant under the Facilities Agreement shall not be tested on the first two test dates, which would have been September 30, 2021 and March 31, 2022 as originally envisaged by the Facilities Agreement. On October 4, 2021, the waiver period was extended; consequently, the first testing date of the total net leverage financial covenant was as of March 31, 2023, the aforementioned Fourth Test Date. Based on the financial projections and forecasted liquidity of the Group, together with receipt of proceeds of the equity and debt transactions, which have been applied as an EBITDA Cure, Global Blue confirms that it was in compliance with the March 2023 Test. For the senior debt facility, EUR9.3 million debt costs were recognized related to the new SFA. Out of this amount, EUR1.7 million were amortized for the financial year ended March 31, 2023 (EUR1.8 million for the financial year ended March 31, 2022). Security First-ranking security has been provided in favor of the lenders under the new SFA; this security includes pledges on the assets of material subsidiaries of the Company at the time of the conclusion of the transaction to the extent legally permitted and operationally practical, and all debt being issued under the SFA ranks pari-passu. (EUR thousand) As of March 31 Security Note 2023 2022 Pledge of shares of consolidated companies (net equity in subsidiaries) 148,137 163,029 Pledge of trade receivables, other current receivables, prepaid expenses and income tax receivable 18, 19, 20 46,321 48,617 Pledge of cash in hand 21 11,470 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 (EUR70.1 million) SLF with a 2.75% fixed interest rate repayable in full the latest as of February 28, 2024. On April 1, 2022 the Company withdrew USD20.0 million (EUR18.0 million), 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 March 31, 2023, USD10.0 million (EUR9.4 million) remains undrawn. Other bank loans With the acquisition that took place during the financial year ended March 31, 2023 the group acquired a number of bank loans whose total outstanding balance was EUR3.2 million as of March 31, 2023, of which EUR0.6 million of a short-term nature. Bank overdrafts Local credit facilities are available in certain jurisdictions and the facilities as per the end of the financial year are limited to EUR11.6 million (EUR8.4 million as of March 31, 2022). None of these local overdraft facilities were drawn as of March 31, 2023. Revolving Credit Facility (“RCF”) The total drawings under the RCF as of March 31, 2023 were EUR99.1 million (EUR99.1 million as of March 31, 2022), consisting of EUR99.0 million of cash drawings, and EUR0.1 million (EUR0.1 million March 31, 2022) of non-cash guarantees issued for commercial and financial reasons. This leaves the Group with EUR0.9 million |
Other non-current financial lia
Other non-current financial liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other non-current financial liabilities | Other non-current financial liabilities (EUR thousand) As of March 31 Other non-current financial liabilities Note 2023 2022 Put options related to acquisitions 3,596 15,419 Liabilities related to share-based payment transactions 24 2,373 — Lease liabilities non-current 13 10,243 11,319 Other non-current liabilities 16 2,599 2,967 Total 18,811 29,705 The other non-current liabilities relate to a pension liability plan in Sweden and the corresponding revaluation. For further details please refer to Note 16. Put options related to acquisitions (EUR thousand) For the financial year ended March 31 Put options related to acquisitions Note 2023 2022 Opening balance as of April 1 15,419 7,423 Acquisition of subsidiaries — 6,792 Changes in fair value recognized in income statement (10,472) 1,925 Derecognition of options — (895) Exchange differences (557) 174 Closing balance as of March 31 4,390 15,419 Non-current portion 3,596 15,419 Current portion 40 794 — As of March 31, 2023 the put options comprise of EUR1.8 million and EUR2.6 million related to the acquisitions of ZigZag and Yocuda respectively. The fair value of the put options was 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 in both cases is the underlying business plan. The top and bottom 5% of extreme values have been excluded from the calculations. |
Deferred income tax assets and
Deferred income tax assets and liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Deferred tax assets and liabilities [abstract] | |
Deferred income tax assets and liabilities | Deferred income tax assets and liabilities (EUR thousand) For the financial year ended March 31 Net movement of deferred tax assets/(liabilities) 2023 2022 Opening balance as of April 1 26,398 11,010 Acquisition of subsidiaries (1,834) (309) Disposal of subsidiaries (128) — Recognized in income statement 3,846 16,174 Recognized in other comprehensive income (95) (570) Exchange differences (1,040) 93 Closing balance as of March 31 27,147 26,398 The amounts of deferred tax recognized in the consolidated statement of financial position comprise the following deferred tax assets / (liabilities): (EUR thousand) As of March 31 2023 2022 Deferred tax balances Assets Liabilities Assets Liabilities Balances with movements recognized in income statement Trade receivables 72 (18) 118 (57) Property, plant and equipment 317 (819) 357 (1,843) Intangible assets 272 (8,377) 414 (10,149) Current liabilities 4,747 (14) 4,219 (217) Loans and borrowings 911 — 1,667 — Other items 786 (31) 956 (26) Deferred tax on tax credits 1,569 — 1,711 — Tax value of loss carry-forwards recognized 28,249 — 29,670 — Balances with movements recognized in other comprehensive income Retirement benefit obligations — (336) — (422) Other investments at FVOCI — (181) — — Offsetting (2,113) 2,113 (3,072) 3,072 Total 34,810 (7,663) 36,040 (9,642) (EUR thousand) As of March 31 Deferred tax recoverability 2023 2022 Deferred tax assets to be recovered within 12 months 1,697 2,000 Deferred tax assets to be recovered after more than 12 months 33,113 34,040 Deferred tax assets 34,810 36,040 Deferred tax liabilities to be recovered within 12 months (760) (3,444) Deferred tax liabilities to be recovered after more than 12 months (6,903) (6,198) Deferred tax liabilities (7,663) (9,642) Deferred tax assets include an amount of EUR25.8 million which relates to carried-forward tax losses of the Australian, German, Spanish, Swiss, Japanese and Italian subsidiaries, all of which, from a revenue and profit-generating perspective, are operating in key markets of the Group. These losses were incurred over the last three financial years due to the COVID-19 pandemic and the resulting travel restrictions, which caused a significant reduction in revenues. Based on the latest 5-year forecast, these entities are expected to generate sufficient taxable profits against which the incurred losses can be offset; therefore, the Group has concluded that the deferred tax assets will be recoverable. The losses can be carried forward indefinitely with the exception of Switzerland and Japan, where the losses are expected to expire after 7 years and 10 years respectively. Out of the EUR458.2 million (EUR450.7 million as of March 31, 2022) total tax losses carried forward, for a portion of EUR164.0 million (EUR173.7 million as of March 31, 2022) a deferred tax asset has been recognized, while for a portion of EUR294.2 million (EUR277.0 million as of March 31, 2022) no deferred tax asset has been recognized as it is not probable that future taxable profits, which the Group can utilize the benefits from, will be available. The unused tax losses were mainly incurred in holding entities which are not likely to generate taxable income in the foreseeable future. A large part of the tax losses carried forward, for which no deferred tax has been recognized, either expires after 5 years or has no expiration date. An expiry date schedule is provided below: (EUR thousand) As of March 31 Deferred tax assets have not been recognized in respect of the following tax losses: 2023 2022 Expiry within 1 year 394 454 Expiry 1-2 years 292 715 Expiry 2-5 years 36 6,457 Expiry after 5 years 71,432 51,525 No expiration 222,056 217,799 Total 294,210 276,950 |
Post-employment benefits
Post-employment benefits | 12 Months Ended |
Mar. 31, 2023 | |
Employee Benefits [Abstract] | |
Post-employment benefits | Post-employment benefits The Group offers its employees’ pension plans and other post-employment benefit plans. The specific features of these plans (benefit formulas, fund investment policy and fund assets held) vary depending on the applicable laws and regulations in each country where the employees work. The employee benefits are accounted for in accordance with the IAS 19. Commitments regarding retirement pension and family pension for employees in Switzerland are secured externally through a defined benefit plan and accounted for accordingly. For employees in Austria, Korea, Italy, Turkey, Spain, Japan, Slovakia and France, the commitment relates to a severance benefit paid at retirement as governed by local law. For employees in Australia, the commitment relates to a long service leave plan, as governed by local law. (EUR thousand) As of March 31 2023 2022 Balance sheet obligations for: Pension benefits liability 3,327 4,190 Long service leave 468 487 Total Balance sheet obligations 3,795 4,677 (EUR thousand) For the financial year ended March 31 2023 2022 2021 Income statement (credit) / charge for: Pension benefits 1,588 1,398 1,106 Long service leave 21 (46) 199 Total Income statement charge 1,609 1,352 1,305 Other comprehensive income: Remeasurements of post employment benefit obligations (1,435) (3,826) (52) The table below reconciles the net obligation in respect of the Group’s pension plans and other post-employment benefit plans with the amounts recognized in the consolidated financial statements. (EUR thousand) For the financial year ended March 31 Changes in the present value of defined benefit obligation 2023 2022 Defined benefit obligation as of April 1 13,363 17,149 Current service cost 1,088 2,152 Interest expense 182 73 Contributions by employees 492 1,807 Gain from change in demographic assumptions — (350) Gain from change in financial assumptions (1,593) (2,342) Experience (gain)/loss 131 (1,102) Past service cost and gain and loss on settlements 519 (373) Benefits paid (1,002) (4,377) Settlements — (219) Exchange differences 225 945 Defined benefit obligation as of March 31 13,405 13,363 (EUR thousand) For the financial year ended March 31 Changes in the fair value of plan assets 2023 2022 Opening balance fair value of plan assets 9,173 10,130 Interest income 108 24 Return/(loss) on plan assets (excluding amounts included in net interest costs) (27) 32 Contributions by employer 687 620 Contributions by employees 492 1,807 Benefits paid (673) (4,174) Exchange differences 318 734 Closing balance fair value of plan assets 10,078 9,173 (EUR thousand) For the financial year ended March 31 Amounts recognized in the income statement 2023 2022 2021 Current service cost 1,088 2,152 721 Interest cost 74 49 71 Past service cost 519 (373) — Effect of any curtailments/settlements (+/-) — (219) 23 Unrealized FX impact (93) (211) 291 Total net periodic cost 1,588 1,398 1,106 The expected charge to the income statement relating to post-employment plans for the financial year ending March 31, 2024 amounts to EUR1.2 (EUR1.0 for the financial year ended March 31, 2023). Actuarial valuations of the Group’s benefit obligations were computed by the Group with assistance from external actuaries as of March 31, 2023 and as of March 31, 2022. These calculations were based on the following financial and demographic assumptions: (%) As of March 31, 2023 Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Discount rate 3.50 % 1.90 % 3.50 % 3.50 % 4.70 % 9.50 % 0.80 % 3.50 % 3.50 % Inflation rate — 1.25 % — 2.50 % — — — — — Future salary increases 4.00 % 1.50 % 3.00 % — 3.00 % 10.00 % 3.50 % 9.50 % 2.50 % Future pension increases — — — — — — — — — (%) As of March 31, 2022 Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Discount rate 1.10 % 1.10 % 1.20 % 1.00 % 2.80 % 22.50 % 0.30 % 1.40 % 1.10 % Inflation rate — 1.00 % — 1.50 % — — — — — Future salary increases 3.00 % 1.50 % 2.00 % — 2.00 % 19.00 % 3.00 % 8.40 % — Future pension increases — — — — — — — — — Assumptions regarding future mortality experience are set based on actuarial advice in accordance with published statistics and experience in each territory. Mortality assumptions for the Group´s most significant country, Switzerland, are based on the mortality table BVG 2020 GT as of financial years ended March 31, 2023 and 2022 for future and current retirees. (Retirement age) As of March 31, 2023 Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Retirement age: - Male 62 65 Individual 67 60 Individual 65 Individual 67 - Female 62 64 Individual 67 60 Individual 65 Individual 67 (Retirement age) As of March 31, 2022 Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Retirement age: - Male 62 65 Individual 67 60 Individual 65 Individual 67 - Female 62 64 Individual 67 60 Individual 65 Individual 67 Maturity profile of the post-employment benefit plan Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Duration in years 10.52 15.94 14.19 8.86 11.16 13.94 7.72 22.66 10.83 Expected contributions as of March 31, 2023 in EUR thousands — 682 — — — — — — — Maturity profile of the post-employment benefit plan Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Duration in years 11.49 17.02 15.78 9.64 11.87 8.96 8.67 23.28 11.67 Expected contributions as of March 31, 2022 in EUR thousands — 629 — — — — — — — The table below shows the fair value of plan assets relating to the Group’s pension and other post-employment plans, split by asset category: (EUR thousands) As of March 31 2023 2022 Plan assets are comprised as follows: Value % Value % Equity instruments 3,578 35.5 % — 0.0 % Euroland bonds 3,182 31.6 % — 0.0 % Hold to maturity bonds 341 3.4 % — 0.0 % Property 2,290 22.7 % — 0.0 % Other assets 396 3.9 % — 0.0 % Alternative investments 291 2.9 % — 0.0 % Insurance contracts — 0.0 % 9,173 100 % Total 10,078 100 % 9,173 100 % The pension plans in Switzerland are the only funded plans in the Group. (EUR thousand) As of March 31 Position of the post-employment benefit plan 2023 2022 Present value of defined benefit obligation 13,405 13,362 Fair value of plan assets (10,078) (9,172) Deficit in the plan 3,327 4,190 Experience adjustments on defined benefit obligation (131) 1,102 For the financial year ended March 31, 2023 the employer contributions to post-employment benefit plans amounted to EUR0.7 million (EUR0.6 million for the financial year ended March 31, 2022). The tables below summarize the percentage change in the Net defined benefit obligation as of March 31, as a result of sensitizing each of the metrics (discount rate, salary growth rate, and actuarial basis (mortality)) on a country-level: (%) As of March 31, 2023 Sensitivity analysis Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Discount rate - decrease by 0.5% +5.2% +8.3% +7.2% +4.4% +5.6% +6.7% +3.9% +11.6% +5.4% Discount rate - increase by 0.5% -4.9 % -7.3 % -6.6 % -4.1 % -5.1 % -6.1 % -3.7 % -10.3 % -5.1 % Salary growth rate - decrease by 0.5% -4.9 % -0.4 % -6.6 % -4.0 % -5.1 % -6.0 % -3.6 % -9.8 % -5.1 % Salary growth rate - increase by 0.5% +5.2% +0.5% +7.2% +4.2% +5.5% +6.5% +3.8% +10.9% +5.4% Actuarial basis (mortality) (10.0)% — +0.9% — — — — — — — Actuarial basis (mortality) 10.0% — -1.0 % — — — — — — — (%) As of March 31, 2022 Sensitivity analysis Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Discount rate - decrease by 0.5% +5.9 % +8.9 % +8.2 % +5.0 % +6.0 % +3.8 % +4.40 +12.20 +6.00 Discount rate - increase by 0.5% -5.5 % -7.8 % -7.4 % -4.6 % -5.5 % -3.5 % -4.20 -10.80 -5.60 Salary growth rate - decrease by 0.5% -5.4 % -0.9 % -7.4 % -4.4 % -5.5 % -3.6 % -4.10 -10.20 -5.60 Salary growth rate - increase by 0.5% +5.7 % +0.9 % +8.1 % +4.7 % +5.9 % +3.8 % +4.30 +11.40 +6.00 Actuarial basis (mortality) (10.0)% — +1.1 % — — — — — — — Actuarial basis (mortality) 10.0% — -1.1 % — — — — — — — Risk exposure Through its defined benefit pension plans and severance benefit plans, the group is exposed to a number of risks, the most significant of which are detailed below: • Asset volatility: The plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if plan assets underperform this yield, this will create a deficit. • Changes in bond yields: A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans’ bond holdings. • Inflation risks: Some of the group’s obligations are linked to salary inflation, and higher inflation will lead to higher liabilities. The majority of the plans’ assets are either unaffected by or loosely correlated with (equities) inflation, meaning that an increase in inflation will also increase the deficit. |
Provisions for other liabilitie
Provisions for other liabilities and charges, and contingent liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of contingent liabilities [abstract] | |
Provisions for other liabilities and charges, and contingent liabilities | Provisions for other liabilities and charges, and contingent liabilities (EUR thousand) For the financial year ended March 31 Provisions 2023 2022 Opening balance at April 1 2,313 2,202 Acquisition of subsidiaries — 9 Additional provisions 367 86 Utilizations (27) — Unwinding of discount 33 33 Reversals (6) (9) Exchange differences (6) (8) Closing balance at March 31 2,674 2,313 Current 1,444 — Non-current 1,230 2,313 Total Provisions 2,674 2,313 Provisions primarily relate to a legal claim in Portugal and to non-income tax risks in respect of social contributions in France; the latter is expected to be settled in the next 12 months . Provision charges are recognized within operating expenses and the unwinding of discount within finance costs in the income statement. Litigation The Group has not been involved in any legal or arbitration proceedings which may have or have had a significant effect on the Group's financial position during the last 12 months preceding the date of this document. No contingent liabilities were identified by the Group. |
Trade payables
Trade payables | 12 Months Ended |
Mar. 31, 2023 | |
Trade and other payables [abstract] | |
Trade payables | Trade payables (EUR thousand) As of March 31 Trade payables 2023 2022 Merchants 102,315 62,825 Tourists 84,942 86,660 Agents 6,751 3,370 Other trade payables 15,098 13,248 Total 209,106 166,103 Trade payables include merchant commissions, refunds to tourists, and acquiring fees to agents; other trade payables mainly comprise of the TFSS-related VAT refunds pending to be settled in France. Due to the current nature of the payables, the carrying amount is a reasonable approximation of the fair value of the trade payables. |
Other current liabilities
Other current liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current liabilities | Other current liabilities (EUR thousand) As of March 31 Other current liabilities 2023 2022 Accounts payable - Non trade 8,030 6,344 Input VAT, withholding tax and capital tax 8,013 4,238 Personnel taxes 6,853 8,299 AVPS liabilities 8,990 7,210 Other current liabilities 2,965 1,822 Total 34,851 27,913 |
Accrued liabilities
Accrued liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accrued liabilities | Accrued liabilities (EUR thousand) As of March 31 Accrued liabilities 2023 2022 Salaries and related items 28,248 20,166 Interest on external loans 12,674 1,750 Auditors, lawyers and consultants 4,379 5,482 Advertising and promotion 242 218 Rent 1,747 1,291 IT 3,082 1,405 Other accrued liabilities 4,267 2,766 Total 54,639 33,078 As of March 31, 2023 the main driver of the increase in the accrued salaries and related items balance is the increase of the number of employees to 1,783 from 1,412 as of March 31, 2022. As of March 31, 2023 the accrued interest on external loans increased by EUR10.9 million due to the evolution of the EURIBOR and the increase in loans and borrowings balance; for further details please refer to Note 25. As of March 31, 2023 and as of March 31, 2022 other accrued liabilities primarily include accruals for courier costs, customer contracts and various accounts payable invoices not yet received. |
Adjustments to cash from operat
Adjustments to cash from operating activities | 12 Months Ended |
Mar. 31, 2023 | |
Statement of cash flows [abstract] | |
Adjustments to cash from operating activities | Adjustments to cash from operating activities (EUR thousand) For the financial year ended March 31 Elimination of non-cash items 2023 2022 2021 Change in provisions 394 109 (22) Change in the value of retirement benefit obligation 57 371 (976) Changes in share-based payment transactions 9,671 6,413 2,336 Call option — 359 — Put options from business combinations (11,030) 2,835 2,817 Impairment financial assets 2,469 2,390 — Impairment tangible and intangible assets 247 444 1,676 Capital loss tangible and intangible assets 925 261 696 Change in fair value of warrant liability (602) (18,928) 10,856 ZigZag earn-out reversal — (9,500) — Acquisition of PPE under construction 212 (1,034) — Other 130 (669) 649 Total 2,473 (16,949) 18,032 (EUR thousand) For the financial year ended March 31 2023 2022 2021 Trade receivables (92,896) (70,374) 111,033 Other current receivables (5,841) 4,350 3,450 Prepaid expenses 185 (225) 3,023 Increase / (Decrease) in operating receivables (98,552) (66,249) 117,506 Trade payables 44,883 19,950 (89,462) Other current liabilities 5,277 4,088 (728) Accrued liabilities 10,302 (4,046) (6,579) Increase / (Decrease) in operating payables 60,462 19,992 (96,769) Cash flows from / (used in) working capital (38,090) (46,257) 20,737 |
Cash flows from changes in work
Cash flows from changes in working capital | 12 Months Ended |
Mar. 31, 2023 | |
Statement of cash flows [abstract] | |
Cash flows from changes in working capital | Adjustments to cash from operating activities (EUR thousand) For the financial year ended March 31 Elimination of non-cash items 2023 2022 2021 Change in provisions 394 109 (22) Change in the value of retirement benefit obligation 57 371 (976) Changes in share-based payment transactions 9,671 6,413 2,336 Call option — 359 — Put options from business combinations (11,030) 2,835 2,817 Impairment financial assets 2,469 2,390 — Impairment tangible and intangible assets 247 444 1,676 Capital loss tangible and intangible assets 925 261 696 Change in fair value of warrant liability (602) (18,928) 10,856 ZigZag earn-out reversal — (9,500) — Acquisition of PPE under construction 212 (1,034) — Other 130 (669) 649 Total 2,473 (16,949) 18,032 (EUR thousand) For the financial year ended March 31 2023 2022 2021 Trade receivables (92,896) (70,374) 111,033 Other current receivables (5,841) 4,350 3,450 Prepaid expenses 185 (225) 3,023 Increase / (Decrease) in operating receivables (98,552) (66,249) 117,506 Trade payables 44,883 19,950 (89,462) Other current liabilities 5,277 4,088 (728) Accrued liabilities 10,302 (4,046) (6,579) Increase / (Decrease) in operating payables 60,462 19,992 (96,769) Cash flows from / (used in) working capital (38,090) (46,257) 20,737 |
Business combinations
Business combinations | 12 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Business combinations | Business combinations Acquisition during the year 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 total consideration of EUR34.9 million. The transaction accelerates Global Blue’s ambition to provide retailers with a leading ecosystem of post-purchase technologies. As part of the consideration, shares in ShipUp Holding SAS representing 25% of the latter’s share capital were issued to ShipUp’s former shareholders. The consideration also contains contingent consideration with an estimated fair value of zero at the date of acquisition and as of March 31, 2023. As part of the acquisition, Global Blue and the minority shareholders entered into a put and call agreement which gives each minority shareholder the right to sell and Global Blue the right to acquire all the shares currently held by the minority shareholders. Given that the pricing formula of the options makes it virtually certain that the options will be exercised in the future, the Group has derecognized the non-controlling interest. For the portion of the repurchase obligation that is not contingent on future employee services, the Group measured the related put option liability, on acquisition, at the present value of the redemption amount, at zero. As of March 31, 2023, the value of that option is estimated to be unchanged. For the portion of the repurchase obligation that is contingent on future employee services, the Group assessed the transaction to be a cash-settled share-based payment arrangement and recognized EUR2.1 million as remuneration expense in the financial year ended March 31, 2023. As of the acquisition date, the total fair value of the future service cost is estimated to be EUR15.4 million (EUR16.3 million as of March 31, 2023). The award entitlement is earned by the minority shareholders through their remaining involvement in ShipUp as managers until April 2027; for further details on the share-based payment arrangement see Note 24. ShipUp has been fully consolidated for the period from November 1, 2022 to March 31, 2023 and has, in this period, contributed revenues of EUR2.0 million and a net loss of EUR2.0 million. Had the business been acquired on April 1, 2022, consolidated revenue and consolidated loss for the financial year ended March 31, 2023 would have been EUR2.6 million and EUR1.9 million higher, respectively. The goodwill acquired represents synergies arising from ShipUp’s inherent value of its workforce and its capacity to develop future customer relationships especially in the large accounts segment and the better absorption of fixed costs. The goodwill is not expected to be deductible for tax purposes. The key intangible assets identifiable separately from goodwill as at the acquisition date are ShipUp’s technology and customer relationships with fair values of EUR2.7 million and EUR4.5 million respectively. The fair value of the technology has been calculated using the Relief-from-Royalty approach, whereby a royalty rate of 5%, a perpetual growth rate of 1.9% and a discount rate of 12.7% have been used. For the valuation of the customer relationships the excess earnings method was applied, whereby a discount rate of 12.7%, a CAC (contributory asset charges) of 3.5% and a royalty rate of 5% were used. Acquisition-related direct costs of EUR1.2 million have been included in operating expenses. On March 23, 2023, a true-up calculation for the consideration transferred was performed. Initially, the transaction had been recorded at a purchase price based on estimated working capital figures which was subsequently adjusted to reflect the final balances as at October 31, 2022; as a result of this true-up calculation, the consideration transferred decreased by EUR0.1 million. Prior years’ acquisitions On September 6, 2021, the Group purchased, through numerous steps, an additional 45.9% stake in Yocuda, a leading digital receipt provider based in the United Kingdom, for GBP3.0 million (EUR3.5 million). This resulted in an increase in its existing shareholding from 10.4% to 56.3% and obtaining control. Yocuda has been fully consolidated since September 6, 2021. On March 19, 2021, the Group acquired 100% of the share capital of ZigZag Global Ltd. (“ZigZag”), a UK-based company operating in the e-commerce sector for a total consideration of EUR66.4 million. The performance targets set out in the purchase agreement, were not met as of December 31, 2021 due to a delay in the implementation plan which has led to a shift of timing of cash flows outside the related earn-out period. As such, the contingent consideration liability with a fair value of EUR9.6 million as of March 31, 2021 was not paid out, and the gain resulting from the derecognition was recorded in operating expenses in the income statement. The fair value of net assets acquired and consideration paid in respect of the acquisition of businesses in the three years ended March 31, 2023, March 31, 2022, and March 31, 2021 are presented in the table below. (EUR thousand) 2023 2022 2021 Net assets acquired and consideration paid ShipUp Yocuda ZigZag Software 2,738 1,236 5,223 Customer relationships 4,466 — — Property, plant and equipment 82 — 23 Other non-current financial assets 154 — — Trade and other receivables 2,166 323 1,886 Cash 2,839 510 1,680 Loans and borrowings (3,284) — (2,327) Trade and other payables (1,681) (235) (2,575) Income tax payable — (29) — Provisions — (9) — Borrowings — — — Deferred tax liabilities (1,834) (309) (1,305) Deferred income — (11) — Fair value of assets and liabilities 5,646 1,476 2,605 Goodwill arising on acquisition 29,239 7,829 63,776 Fair value of previously held equity interest — (968) — Consideration payable 34,885 8,337 66,381 Satisfied by: Cash consideration paid (34,885) (3,502) (51,879) Cash consideration payable — — (349) Put option — (4,835) (4,557) Contingent consideration payable — — (9,596) Total consideration (34,885) (8,337) (66,381) Cash consideration paid (34,885) (3,502) (51,879) Cash acquired 2,839 510 1,680 Repayment of borrowings acquired — — (2,327) Total net cash outflow (32,046) (2,992) (52,526) The fair value of trade and other receivables is not materially different to their carrying amounts. |
List of Global Blue entities
List of Global Blue entities | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
List of Global Blue entities | List of Global Blue entities The consolidated financial statements represent the financial statements of Global Blue Group Holding AG based in Brüttisellen, Switzerland, and its subsidiaries as of March 31, 2023. Name Country of incorporation and place of business address Nature of business Ownership interest March 31, 2023 Ownership interest March 31, 2022 Global Blue Argentina S.A. Buenos Aires Argentina Tax free Shopping 99.99% 99.99% Global Blue Austria GmbH Vienna Austria Tax free Shopping 100.00% 100.00% Global Blue Service Company Austria GmbH Vienna Austria Service Provider 100.00% 100.00% Digital Export Validation GmbH Vienna Austria Tax free Shopping 100.00% 100.00% Global Blue Australia Pty Ltd Sydney Australia Tax free Shopping 100.00% 100.00% Global Blue Currency Choice Australia Pty Ltd Sydney Australia Currency Choice 100.00% 100.00% Currency Select Pty Limited Sydney Australia Currency Choice 100.00% 100.00% Global Blue Belgium NV Brussels Belgium Tax free Shopping 100.00% 100.00% ZigZag Global EOOD Varna Bulgaria Retail Technology Solutions 100.00% 100.00% Global Blue Bahamas Ltd Nassau Bahamas Tax free Shopping 100.00% 100.00% Bahama’s VAT Refund Ltd Nassau Bahamas Tax free Shopping 80.00% — Global Blue Schweiz AG Brüttisellen Switzerland Tax free Shopping 100.00% 100.00% Global Blue SA Signy Switzerland Head office company 100.00% 100.00% Global Blue Group AG Brüttisellen Switzerland Holding Unit 100.00% 100.00% Refund Suisse AG Bottighofen Switzerland Tax free Shopping 100.00% 100.00% Global Blue Group II GmbH Brüttisellen Switzerland Holding Unit 100.00% 100.00% Global Blue Currency Choice Schweiz AG Brüttisellen Switzerland Currency Choice 100.00% 100.00% Global Blue Commercial Consulting (Shanghai) Co Ltd Shanghai China Tax free Shopping 100.00% 100.00% Global Blue Commercial Consulting (Beijing) Co Ltd Beijing China Tax free Shopping 100.00% 100.00% Global Blue Cyprus Ltd Larnaca Cyprus Tax free Shopping 100.00% 100.00% Global Blue Czech Republic, s.r.o. Prague Czech Republic Tax free Shopping 100.00% 100.00% Global Blue Deutschland GmbH Düsseldorf Germany Tax free Shopping 100.00% 100.00% Global Blue New Holdings Germany GmbH Düsseldorf Germany Holding Unit 100.00% 100.00% RFND Digital GmbH Konstanz Germany Tax free Shopping 100.00% 100.00% ZigZag Global GmbH Hamburg Germany Retail Technology Solutions 100.00% 100.00% Global Blue Danmark A/S Copenhagen Denmark Tax free Shopping 100.00% 100.00% Global Blue Eesti OÜ Tallinn Estonia Tax free Shopping 100.00% 100.00% G. Blue España SA Madrid Spain Holding Unit 100.00% 100.00% Global Blue España SA Madrid Spain Tax free Shopping 100.00% 100.00% Global Blue Acquisition España S.A.U Madrid Spain Holding Unit 100.00% 100.00% Global Blue Finland Oy Helsinki Finland Tax free Shopping 100.00% 100.00% Global Blue Administration Center North Oy Helsinki Finland Service Provider 100.00% 100.00% Global Blue France Paris France Tax free Shopping 100.00% 100.00% Global Blue Holding Paris France Tax free Shopping 100.00% 100.00% ShipUp Holding SAS Paris France Holding Unit 100.00% — ShipUp SAS Nanterre France Retail Technology Solutions 100.00% — ZigZag Global SAS Levallois France Retail Technology Solutions 100.00% — Global Blue (UK) Ltd London United Kingdom Tax free Shopping 100.00% 100.00% Global Blue Service Company UK Limited London United Kingdom Service provider 100.00% 100.00% Global Blue New Holdings UK Ltd London United Kingdom Holding Unit 100.00% 100.00% ZZ Global Blue Holding Limited London United Kingdom Holding Unit 100.00% 100.00% ZigZag Global Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% Kinphire Ltd London United Kingdom Holding Unit 100.00% 100.00% Yocuda UK Holdings Ltd London United Kingdom Holding Unit 100.00% 100.00% Yocuda UK Services Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% Yocuda Network UK Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% Yocuda Europe Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% Yocuda Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% eReceipts Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% Global Blue Marketing Services Limited London United Kingdom Marketing Business 100.00% 100.00% Estera Trust Limited St. Helier Jersey, Channel Islands Management Trust — 100.00% Global Blue Hellas SA Athens Greece Tax free Shopping 100.00% 100.00% First Currency Choice Hong Kong Limited Hong Kong Hong Kong Currency Choice — 100.00% Global Blue Croatia, trgovina i turizam d.o.o. Zagreb Croatia Tax free Shopping 100.00% 100.00% Global Blue Tax Free Ireland Limited Dublin Ireland Tax free Shopping 100.00% 100.00% Global Blue Private Limited New Delhi India Holding Unit 51.00% 51.00% Global Blue á Íslandi hf Kópavogi Iceland Tax free Shopping 100.00% 100.00% Global Blue Italia S.r.l. Milan Italy Tax free Shopping 100.00% 100.00% Global Blue Service Company Italia SRL Milan Italy Service Provider 100.00% 100.00% Global Blue Currency Choice Italia S.r.l Milan Italy Currency Choice 100.00% 100.00% Global Blue Japan Co., Ltd. Tokyo Japan Currency Choice 100.00% 100.00% Global Blue TFS Japan Co., Ltd. Tokyo Japan Tax free Shopping 51.00% 51.00% Global Blue Korea Co Ltd Seoul Korea Tax free Shopping 100.00% 100.00% Global Blue Currency Choice Korea Co Ltd Seoul Korea Currency Choice 100.00% 100.00% Global Blue Holding Limited Grand Cayman Cayman Islands Holding Unit 100.00% 100.00% Global Blue Kazakhstan LLP Astana Kazakhstan Tax free Shopping 100.00% 100.00% Global Blue Lebanon SAL Metn Lebanon Tax free Shopping 61.00% 61.00% UAB Global Blue Lietuva Vilnius Lithuania Tax free Shopping 100.00% 100.00% Global Blue Luxembourg S.A. Luxembourg Luxembourg Tax free Shopping 100.00% 100.00% Global Blue Latvija SIA Riga Latvia Tax free Shopping 100.00% 100.00% Global Blue Maroc SA Casablanca Morocco Tax free Shopping 100.00% 100.00% IRIS Global Blue TRS Malaysia Sdn. Bhd. Kuala Lumpur Malaysia Tax free Shopping 100.00% 100.00% Global Blue Holland BV Amsterdam Netherlands Tax free Shopping 100.00% 100.00% Global Blue Holding B.V. Amsterdam Netherlands Holding Unit 100.00% 100.00% Global Blue Acquisition B.V. Amsterdam Netherlands Finance company 100.00% 100.00% Global Blue Russia Holdings B.V. in liquidation Amsterdam Netherlands Holding Unit 100.00% 51.00% Global Blue Norge AS Lysaker Norway Tax free Shopping 100.00% 100.00% Currency Select New Zealand Pty Ltd Auckland New Zealand Currency Choice 100.00% 100.00% Global Blue Peru S.A.C. Lima Peru Tax free Shopping 100.00% 100.00% Global Blue Polska Sp. Zo.o. Warsaw Poland Tax free Shopping 100.00% 100.00% Global Refund Portugal Lda. Lisbon Portugal Tax free Shopping 100.00% 100.00% GBFTSP - Finance And Technology Services Portugal, Unipessoal LDA Porto Portugal Service provider 100.00% 100.00% Global Blue d.o.o. Beograd - Novi Beograd Belgrad Serbia Tax free Shopping 100.00% 100.00% Global Blue Russia AO Moscow Russia Tax free Shopping — 51.00% Global Blue Sverige AB Stockholm Sweden Tax free Shopping 100.00% 100.00% Global Blue Sweden Holdings AB Stockholm Sweden Holding Unit 100.00% 100.00% Global Blue Service AB Stockholm Sweden Service provider 100.00% 100.00% Global Blue Holdings AB Stockholm Sweden Holding Unit 100.00% 100.00% Global Blue Currency Choice Service Europe AB Stockholm Sweden Currency Choice 100.00% 100.00% Global Blue Singapore Pte Ltd Singapore Singapore Tax free Shopping 100.00% 100.00% Global Blue Service Company Singapore Pte Ltd Singapore Singapore Service provider 100.00% 100.00% Global Blue India Holding Company Pte Ltd Singapore Singapore Holding Unit 51.00% 51.00% Global Blue Currency Choice Singapore Pte Ltd Singapore Singapore Currency Choice 100.00% 100.00% Global Blue d.o.o. Ljubljana Slovenia Tax free Shopping 100.00% 100.00% Global Blue Slovakia s.r.o. Bratislava Slovakia Service provider 100.00% 100.00% Global Blue (Thailand) Co. Limited Bangkok Thailand Currency Choice — 100.00% Global Blue Turistik Hizmetler AS Istanbul Turkey Tax free Shopping 60.00% 60.00% Global Blue Pazarlama Destek ve Teknoloji Hizmetleri A.S Istanbul Turkey Currency Choice 60.00% 60.00% Far Point Acquisition Corporation Wilmington USA Holding Unit 100.00% 100.00% Shipup Inc Delaware USA Retail Technology Solutions 100.00% — ZigZag Global LLC Dover USA Retail Technology Solutions 100.00% 100.00% Global Blue South Africa Pty Ltd Johannesburg South Africa Tax free Shopping 51.00% 51.00% |
Additional information - Financ
Additional information - Financial Statement Schedule I | 12 Months Ended |
Mar. 31, 2023 | |
Additional information [abstract] | |
Additional information - Financial Statement Schedule I | Additional information—Financial Statement Schedule I Schedule I has been provided pursuant to the requirements of Securities and Exchange Commission (“SEC”) Regulation S-X Rule 12-04(a), which require condensed financial information as to financial position, cash flows and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented, as the restricted net assets of Global Blue Group Holding AG’s (“the Parent Company”) consolidated subsidiaries as of March 31, 2023 exceeded the 25% threshold. Certain jurisdictions in which group entities are located apply regulations which restrict the ability of subsidiaries to transfer funds to the Parent Company through intercompany loans, advances or cash dividends. SFA covenants and security (see Note 25) do not restrict subsidiaries from transferring funds to the Parent Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with International Financial Reporting Standards have been condensed or omitted. The footnote disclosures contain supplemental information only and, as such, these statements should be read in conjunction with the notes to the accompanying consolidated financial statements. The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements, except that investments in subsidiaries are included at cost less any provision for impairment in value. As of March 31, 2023 there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any. During the year ended March 31, 2023, 2022 and 2021 no cash dividends were either declared nor paid by the Company. Condensed income statements of the Parent Company (EUR thousand) For the financial year ended March 31 2023 2022 2021 Operating income / (expenses) (14,081) 10,111 (155,501) Dividend income — — 68,431 Net finance income 11,952 517 50 Profit / (Loss) before tax (2,129) 10,628 (87,020) Income tax benefit / (expense) 968 (667) (446) Profit / (Loss) for the year (1,161) 9,961 (87,466) There were no items of other comprehensive loss or income in the financial years ended March 31, 2023, 2022 and 2021, therefore no statement of comprehensive income has been presented . Condensed statements of financial position of the Parent Company (EUR thousand) As of March 31 2023 2022 ASSETS Investments in subsidiaries 1,418,280 1,418,280 Loans to group companies 318,335 50,083 Non-current assets 1,736,615 1,468,363 Current assets 305 313 Total assets 1,736,920 1,468,676 EQUITY AND LIABILITIES Share capital 1,897,388 1,679,232 Other reserves (146,396) (148,338) Accumulated losses (90,619) (78,819) Total equity 1,660,373 1,452,075 Liabilities Non-current liabilities — — Current liabilities 76,547 16,601 Total liabilities 76,547 16,601 Total equity and liabilities 1,736,920 1,468,676 Condensed statements of cash flows of the Parent Company (EUR thousand) For the financial year ended March 31 2023 2022 2021 (Loss) / Profit before tax (2,129) 10,628 (87,020) Capital reorganization non-cash items — — 125,620 Income tax paid (948) — — Other non-cash items (3,443) (14,400) 12,096 Changes in working capital 158 (5,588) 8,833 Net cash from / (used) in operating activities (6,362) (9,360) 59,529 Movement in loans with group companies (268,252) 9,205 (59,529) Proceeds from issuance of share capital 215,208 — 222 Proceeds from loans and borrowings due to shareholders 59,384 — — Acquisition of treasury shares — (10) 65 Net cash from / (used in) financing activities 6,340 9,195 (59,242) Net increase / (decrease) in cash and cash equivalents (22) (165) 287 Cash and cash equivalents at beginning of year 122 287 — Cash and cash equivalents at end of year 100 122 287 The following reconciliations are provided as additional information to satisfy the Schedule I SEC requirements for parent-only financial information. (EUR thousand) For the financial year ended March 31 2023 2022 2021 IFRS profit / (loss) reconciliation: Parent only – IFRS profit / (loss) for the year (1,161) 9,961 (87,466) Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost (24,460) (107,138) (346,603) Consolidated IFRS (loss) for the year (25,621) (97,177) (434,069) IFRS equity reconciliation: Parent only – IFRS equity 1,660,373 1,452,075 1,437,598 Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost (1,660,000) (1,643,600) (1,544,967) Consolidated – IFRS equity 373 (191,525) (107,369) |
Interests in other entities
Interests in other entities | 12 Months Ended |
Mar. 31, 2023 | |
Interests In Other Entities [Abstract] | |
Interests in other entities | Non-controlling interests Non-controlling interests represent the participating interests of third parties in the Group's equity and are comprised of the following Group entities: (EUR thousand) As of March 31 Non-controlling interests 2023 2022 2021 Global Blue TFS Japan Co Ltd 4,555 3,180 3,969 Global Blue Lebanon SAL 107 299 472 Global Blue Touristik Hizmetler A.Ş. 1,302 713 1,234 Global Blue Russia AO — 1,153 581 Global Blue Russia Holdings B.V. — 349 320 Global Blue Cross Border SA — — 203 Global Blue Pazarlama Destek ve Teknoloji Hizmetleri A.S 6 38 — Total Non-controlling interests 5,970 5,732 6,779 Summarized financial information on subsidiaries with material non-controlling interest Set out below is the summarized financial information for each subsidiary that has a non-controlling interest that is deemed material for the Group. (EUR thousand) Global Blue Global Blue Turistik Hizmetler A.Ş. As of March 31 2023 2022 2023 2022 Current Assets 16,327 4,102 5,493 4,724 Liabilities 17,976 10,331 4,221 4,174 Total current net assets / (liabilities) (1,649) (6,229) 1,272 550 Non- current Assets 10,951 12,712 1,329 1,150 Liabilities 13 — 600 592 Total non-current net assets / (liabilities) 10,938 12,712 729 558 Net assets 9,289 6,483 2,001 1,108 (EUR thousand) Global Blue Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2023 2022 2021 2023 2022 2021 Revenue 10,076 3,384 3,084 5,351 3,452 1,326 Profit / (loss) for the year from continuing operations 3,249 (1,320) (1,140) 3,093 2,067 267 (EUR thousand) Global Blue TFS Japan Co. Ltd. Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2023 2022 2021 2023 2022 2021 Net increase / (decrease) in cash and cash equivalents 7,954 (23) (7,851) 420 721 (1,034) Joint ventures and associates The Group holds interests in joint ventures and associates that are individually not material. (EUR thousand) As of March 31 2023 2022 2021 Aggregate carrying amount of individually immaterial joint ventures and associates 230 2,650 2,744 Aggregate amount of the Group's share of: Loss from continuing operations (111) (720) (1,056) Other comprehensive income — — — Total comprehensive loss (111) (720) (1,056) As of March 31, 2023 and as of March 31, 2022 the book value of loans granted by the Group to joint ventures and associates is zero. As of March 31, 2023 the Group has assessed that the recoverable amount of the investment in Europass S.A.S is zero and therefore an impairment loss of EUR2.5 million was recognized in the income statement. Other investments Other investments represent equity securities not held for trading. On February 1 and February 14, 2022, Global Blue acquired minority shares of 1% and 17.45% in technology companies Twig and Toshi for a consideration of GBP1.0 million (EUR1.2 million) and GBP2.1 million (EUR2.5 million), respectively. 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). During the financial year ended March 31, 2023, the Group recorded a fair value gain of EUR1.3 million on its investment in Twig as a result of a new valuation carried out based on gross profit multiples for a new financing round. The gain was credited to other comprehensive income. (EUR thousand) For the financial year ended March 31 2023 2022 2021 Opening balance as of April 1 3,881 753 3 Additions 2,000 3,878 750 Fair value adjustment 1,343 150 — Derecognition due to step acquisition — (900) — Reclassification to joint ventures and associates (173) — — Closing balance as of March 31 7,051 3,881 753 |
Related party transactions
Related party transactions | 12 Months Ended |
Mar. 31, 2023 | |
Related party transactions [abstract] | |
Related party transactions | Related party transactions Global Blue Group Holding AG is a publicly listed company, where the largest shareholders are funds managed by Silver Lake Partners and Partners Group. During the financial year, there were no transactions with related parties other than disclosed below. Remuneration to key management personnel The remuneration to the board of directors and the Executive Committee members, who are the key management personnel of the Group, is set out below in aggregate for each of the categories prescribed by IAS 24 Related Party Disclosures. (EUR thousand) For the financial year ended March 31 Remuneration to key management personnel 2023 2022 2021 Short-term employee benefits 5,592 4,748 5,162 Post-employment benefits 608 519 474 Share based payment transactions 4,380 4,712 1,351 Total 10,580 9,979 6,987 Purchase of services from related parties The directors fee relates to remuneration of the Non-Executive Directors for Global Blue Group Holding AG. (EUR thousand) For the financial year ended March 31 Purchases of services from related parties 2023 2022 2021 Monitoring fee — — (95) Directors fee 245 255 278 Reimbursements — — 16 Total 245 255 199 (EUR thousand) As of March 31 Liabilities to related parties Note 2023 2022 Liabilities to key management personnel: Post employment benefit liability 196 638 Liabilities to shareholders: Loans and borrowings 25 61,324 — Warrant liability 4,129 4,512 Closing balance for the year 65,649 5,150 Warrants As of March 31, 2023, Silver Lake and Affiliates, Partners Group and Affiliates, and GB Directors, Executive Management & Other Employees held 9,766,667 warrants for a total value of EUR4.1 million (EUR4.5 million as of March 31, 2022). |
Other current financial liabili
Other current financial liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current financial liabilities | Other current financial liabilities (EUR thousand) As of March 31 Other current financial liabilities Note 2023 2022 Put options related to acquisitions 26 794 — Warrants 11,449 12,051 Lease liabilities - current 13 6,984 10,538 Total 19,227 22,589 Warrants The outstanding public and private warrants as of March 31, 2023 amount to 30,735,950 (30,735,950 as of March 31, 2022) with a fair value of EUR11.4 million (EUR12.1 million as of March 31, 2022). There were no warrants exercised during the financial years ended March 31, 2023 and March 31, 2022. 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 financial year ended March 31 Number of warrants 2023 2022 Opening balance as of April 1 30,735,950 30,735,950 Issuance of warrants — — Exercises of warrants — — Closing balance as of March 31 30,735,950 30,735,950 (EUR thousand) For the financial year ended March 31 Warrant liabilities 2023 2022 Opening balance as of April 1 12,051 30,979 Issuance of warrants — — Exercises of warrants — — Change in fair value of warrants (602) (18,928) Closing balance as of March 31 11,449 12,051 |
Shareholders of Global Blue Gro
Shareholders of Global Blue Group Holding AG | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Shareholders Of Global Blue Group AG [Abstract] | |
Shareholders of Global Blue Group Holding AG | Issued capital and reserves Number of shares authorized and issued For the financial year ended March 31 2023 2022 2021 Ordinary shares Preference shares A Preference shares B Total Ordinary Preference shares A Total Ordinary Preference shares Total Opening balance at April 1 192,534,962 17,788,512 — 210,323,474 187,534,962 23,717,989 211,252,951 40,000,000 — 40,000,000 Effects of the capital reorganization on Aug 28, 2020 — — — — — — — 127,824,796 23,717,989 151,542,785 Issuance of share capital Global Blue Group Holding A.G. 8,587,786 — 21,176,470 29,764,256 — — — 19,596,142 — 19,596,142 Conversion of preference shares into ordinary shares — — — — — — — — (5,929,477) (5,929,477) Assign the preference shares to ListCo. — — — — — — — — 5,929,477 5,929,477 Exercises of warrants — — — — — — — 114,024 — 114,024 Issuance of treasury shares by Global Blue Group Holding A.G. 104,135 — — 104,135 5,000,000 — 5,000,000 — — — Cancellation of preference shares by Global Blue Group Holding A.G. — (104,135) — (104,135) — (5,929,477) (5,929,477) — — — Closing balance at March 31 201,226,883 17,684,377 21,176,470 240,087,730 192,534,962 17,788,512 210,323,474 187,534,962 23,717,989 211,252,951 During the financial year ended March 31, 2023, 8,587,786 ordinary shares and 21,176,470 series B preference shares, convertible into ordinary shares, were issued in the parent company based on the investment agreement with CK Opportunities Fund I, LP, (“Certares”). Certares subscribed for and received the aforementioned issued shares for the amount of EUR215.2 million (USD225.0 million). The transaction costs and stamp duties amounting to EUR4.9 million were deducted from other reserves in equity. During the financial year ended March 31, 2023, 104,135 ordinary shares were issued in the parent company and held in the custody of Global Blue Group II GmbH; and 104,135 series A preference shares were cancelled in the parent company and the reduction amount was allocated to the share premium. During the financial year ended March 31, 2022, 5,000,000 ordinary shares were issued in the parent company and held as treasury shares by Global Blue Group II GmbH solely to be issued to management in connection with the approved Management Incentive Plans; and 5,929,477 series A preference shares were cancelled in the parent company and the reduction amount was allocated to the share premium. During the financial year ended March 31, 2021, 127,824,796 ordinary, and 23,717,989 series A preference shares were issued in connection with the capital reorganization that took place on August 28, 2020, and the Company issued 5,929,477 ordinary shares to existing investors in exchange for held preference shares; these shares were held by the Company with the intention to cancel at the next General Meeting. During the financial year ended March 31, 2021, 7,000,000 ordinary shares were issued in the parent company, while 6,666,665 ordinary shares were issued to buy ZigZag Global. During the financial year ended March 31, 2021, 114,024 public warrants were exercised at a 1:1 equivalent to ordinary shares. Treasury shares For the financial year ended March 31, 2023 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Preference shares B Total Ordinary Preference shares A Preference shares B 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 (538,044) — — (538,044) 5 — — 5 Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (1,189,977) — — (1,189,977) 9,179 — — 9,179 Cancellation of preference shares A by Global Blue Group Holding A.G. — (104,135) — (104,135) — 879 — 879 Acquisition of treasury shares 4 — — 4 — — — — Closing balance as of March 31, 2023 11,371,136 236 — 11,371,372 (114) (3) — (117) During the financial year ended March 31, 2023, 104,135 ordinary shares were issued in the parent company and held initially in the custody of Global Blue Group II GmbH; and 538,044 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 financial year ended March 31, 2023 1,189,977 ordinary shares were allocated by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) to other employees, ex-employees and members of management; and 104,135 preference A shares were cancelled in the parent company and the reduction amount was allocated to the general reserve. For the financial year ended March 31, 2022 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares Total Ordinary Preference shares Total Opening balance as of April 1, 2021 8,051,569 138,846 8,190,415 (8,877) (1,246) (10,123) Acquisition of treasury shares as at Conversion of shares 34,711 (34,711) — (366) 366 — Acquisition of treasury shares (September 2021) 5,000,000 — 5,000,000 (46) — (46) Acquisition of treasury shares (January 2022) 1,217 236 1,453 (9) (2) (11) Vested RSA shares March 2022 (92,479) — (92,479) 1 — 1 Closing balance as of March 31, 2022 12,995,018 104,371 13,099,389 (9,297) (882) (10,179) During the financial year ended March 31, 2022, 1,453 ordinary and preference shares were acquired from a former board member and held as treasury shares by Global Blue Group II GmbH, while 92,479 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. For the financial year ended March 31, 2021 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares Total Ordinary Preference shares Total Opening balance as of April 1, 2020 — — — — — — Acquisition of treasury shares 1,051,569 138,846 1,190,415 (8,812) (1,246) (10,058) Acquisition of treasury shares post-merger with FPAC 7,000,000 — 7,000,000 (65) — (65) Closing balance as of March 31, 2021 8,051,569 138,846 8,190,415 (8,877) (1,246) (10,123) During the financial year ended March 31, 2021, 1,190,415 ordinary and preference treasury shares were acquired in connection with the capital reorganization that took place on August 28, 2020. During the financial year ended March 31, 2021, 7,000,000 ordinary shares were held as treasury shares by Global Blue Group II GmbH solely to be issued to management in connection with the approved Management Incentive Plans. Shareholders of Global Blue Group Holding AG as of March 31, 2023 Ordinary shares Preference shares Total Ownership (4) Warrants Silver Lake and Affiliates (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 (3) 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 8,883,950 774,517 9,658,467 4.2 % 516,317 Other Shareholders 21,796,402 — 21,796,402 9.5 % 20,969,283 Total excl. GB Group 189,855,747 38,860,611 228,716,358 100.0 % 30,735,950 GB Group 11,371,136 236 11,371,372 — Total incl. GB Group 201,226,883 38,860,847 240,087,730 30,735,950 Shareholders of Global Blue Group Holding AG as of March 31, 2022 Ordinary shares Preference shares Total Ownership (4) 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 10.9 % 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 Shareholders of Global Blue Group Holding AG as of 31 March 2021 Ordinary shares Preference shares Total Ownership (4) Warrants Silver Lake and Affiliates (1) 98,017,072 11,970,487 109,987,559 55.5% 6,548,415 Partners Group and Affiliates (2) 40,442,783 4,939,137 45,381,920 22.9 % 2,701,935 Ant Group 12,500,000 — 12,500,000 6.3 % — GB Directors, Executive Management & Other Employees 9,106,902 878,888 9,985,790 5.0 % 516,317 Other Shareholders 20,468,205 — 20,468,205 10.3 % 20,969,283 Total excl. GB Group 180,534,962 17,788,512 198,323,474 100.0 % 30,735,950 GB Group 7,000,000 5,929,477 12,929,477 — Total incl. GB Group 187,534,962 23,717,989 211,252,951 30,735,950 (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) - Corresponds to Certares Opportunities LLC and Knighthead Opportunities Capital Management, LLC (4) - Excludes GB Group As of August 28, 2020 a capital reorganization took place within the Group, whereby a new holding company, Global Blue Group Holding AG, was incorporated in December 2019 and became the ultimate parent of the Group; during the reorganization additional shares were issued with the increase of the share premium. Ordinary shares Holders of ordinary shares are entitled to dividends and are entitled to one vote per share at general meetings of the Company. From the financial year ended March 31, 2026 the preferential dividend will have to be first approved before approval of a dividend for ordinary shares to be granted. For the financial year ended March 31, 2023, there was no change in the conditions for the ordinary shares; please refer to Note 22 for details. Preference shares Preference shares Series A Holders of these shares are entitled to dividends and are entitled to one vote per share at general meetings of the Company. In addition, the holders are entitled to preferential dividends beginning in the financial year ending March 31, 2026 at a rate of 8% with an increase by 1% each year thereafter. Given that no preference dividend is owed to Series A holders and no preference dividend has currently been approved by shareholders, no adjustment has been made to basic earnings per share related to the Series A preferred shares. Based on the terms of the Series A preference shares, management has determined that they should be classified as equity. Put Option Preference shares can be exchanged 1:1 for ordinary shares at any time at the shareholder´s election. The exchange will take place no earlier than 25 days, no later than 65 days after exercise of the put option. Call Option The Company can exercise a call option with 20 days’ notice to exchange the Series A preference shares 1.1 for ordinary shares. The call option can only be exercised if (i) the 30 day Volume-Weighted Average Price (“VWAP”) of the ordinary shares is at least USD18.00 per share and (ii) no blackout or lockup is in effect. Redemption The Company may redeem the Series A preference shares for cash or ordinary shares at the shareholder’s election following the fifth anniversary of closing or on a change of control (if earlier). The redemption right can only be exercised if the 30 day VWAP of the ordinary shares is at least USD10.00 or the value attributable on such change of control is USD10.00. Liquidation Each holder of preference shares is entitled to a priority share of the liquidation proceeds up to USD10.00. The remainder is distributed to the holders of the ordinary shares. For the financial year ended March 31, 2023, there was no change in the conditions for the Put/Call Options, redemption or liquidation of the Series A preference shares. Preference shares Series B During the financial year ended March 31, 2023, 21,176,470 preference shares Series B (“Series B shares”) were issued based on the investment agreement with CK Opportunities Fund I, LP (“Certares”), and these shares have the same voting and other rights as the ordinary 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 “Board”) and shareholders’ approval. In addition, the holders of these shares are entitled to the same dividend or distributions as on the ordinary shares, if approved by the general meeting, calculated as if the preferred shares had been converted into ordinary shares. Based on the terms of the Series B preference 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 ordinary shares on a 1:1 ratio. Put Option Upon a change of control, Certares has the right to: • convert the Series B preference shares into ordinary 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 Series B preference shares may be converted into ordinary 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 Series B preference shares in exchange for ordinary 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 Series B preference shares are only redeemable at the Company’s option. Liquidation Each holder of Series B preference shares 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 an ordinary share immediately prior to the liquidation. Warrants As part of the reorganization and listing, 21,083,307 public warrants and 9,766,667 private warrants were issued for a total number of warrants (“Warrants”) of 30,849,974 at a fair value of EUR20.2 million. The Warrants were issued in exchange for services provided by FPAC at the date of the merger. The Warrants were accounted for in accordance with IAS 32 as liability and were measured at the fair value of the equity instrument granted. As of March 31, 2023, 30,735,950 warrants are outstanding; please refer to Note 40 for details of the movement in the number of warrants during the period. For the financial year ended March 31, 2023, there was no change in the conditions for the Warrants. Please refer to Note 5 and Note 40 for details. The conditions for the Warrants are as listed below: Public Warrants Exercisability of Public Warrants The public warrants became exercisable on September 30, 2020 (30 days after the closing), and expire on August 31, 2025 (the fifth anniversary of the closing). Exercise Price The public warrants represent the right to purchase one of the Company shares at a price of USD11.50 per share. Adjustment The exercise price and the number of the Company shares issuable on exercise of the public warrants will be adjusted in certain circumstances, including in the event of a share dividend, extraordinary dividend or the Company’s recapitalization, reorganization, merger or consolidation. Fractional Shares No fractional shares will be issued upon exercise of the public warrants (rounding shall be down to the nearest whole number of the Company Shares). Redemption By contrast, the Company may call the public warrants for redemption in certain circumstances where the closing price of the shares equals or exceeds USD18.00. The Company may only call public warrants for redemption: • in whole and not in part; • at a price of USD0.01 per warrant; • upon not less than 30 days’ prior written notice of redemption to each warrant holder. If the Company calls the public warrants for redemption as described above, it will have the option to require any holder that wishes to exercise its public warrant prior to such redemption to do so on a “cashless basis.” Other The public warrants may be amended with the approval of at least 50% of the then outstanding public warrants to make any other change that adversely affects the interests of the Warrant holders. The Warrant holders do not have the rights or privileges of holders of the Company´s shares or any voting rights until they exercise their public warrants and receive the Company´s shares. Private Warrants Private placement warrants have terms and provisions that are identical to those of the public warrants that become the Company Warrants described above, including as to exercise price, exercisability and exercise period, and adjustment. However, the private warrants will not be redeemable and may be exercised on a cashless basis. The private warrants are transferable (and have been transferable since they became exercisable on September 30, 2020). Open Market Trades, Block Trades or Public Offerings of private warrants shall be carried out pursuant to the registration statement that has been declared effective by the SEC, together with any required supplementary disclosure or prospectus at the time. |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events after the reporting period | Events after the reporting periodThere were no significant events after the reporting period. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Corporate information | The consolidated financial statements of Global Blue Group Holding AG have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and are presented in thousands of Euros (EURk). |
Basis of preparation and revision of prior period financial statements | Basis of preparation The consolidated financial statements have been prepared on a historical cost basis, except for warrants, derivative financial instruments, put options and other investments that have been measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 5. Certain prior year amounts have been reclassified for consistency with the current year presentation, including the reclassification of the current lease liabilities from “Other current liabilities” to “Other current financial liabilities” (refer to Note 13) as those liabilities are financial liabilities by nature. These reclassifications are not material and had no effect on the reported results of operations. Revision of prior period financial statements In connection with the second amendment of the CEO’s employment agreement (refer to Note 24), resulting in the modification of certain terms within its share option plan (SOP) and restricted share awards (RSA), the Group identified, during the second quarter of the financial year ended March 31, 2023, an error in the valuation at grant date of its 2019 and 2020 SOP & RSA grants 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 and the comparative period has been revised in the consolidated financial statements and related notes. 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 year ended March 31, 2023. As such, the revision for the correction is reflected in the financial information of the financial years ended March 31, 2022 and 2021, and disclosure of the revised amounts on other prior periods will be reflected in future filings containing the applicable period. The following tables present the effect of the aforementioned revision on the Group’s consolidated statements of financial position, consolidated income statements, consolidated statements of comprehensive loss, consolidated statements of cash flows and consolidated statements of changes in equity. Revision to Consolidated Income Statements For the financial year ended March 31 2022 2021 (EUR thousand) As previously reported Adjustments Revised As previously reported Adjustments Revised Operating expenses (209,825) (2,752) (212,577) (486,094) (1,991) (488,085) Operating Loss (83,877) (2,752) (86,629) (441,398) (1,991) (443,389) Loss before tax (108,495) (2,752) (111,247) (465,362) (1,991) (467,353) Income tax benefit 13,802 810 14,612 30,977 894 31,871 Loss for the year (94,693) (1,942) (96,635) (434,385) (1,097) (435,482) Loss attributable to: Owners of the parent (95,235) (1,942) (97,177) (432,972) (1,097) (434,069) Non-controlling interests 542 — 542 (1,413) — (1,413) Loss for the year (94,693) (1,942) (96,635) (434,385) (1,097) (435,482) Basic and diluted loss per ordinary share (0.48) (0.01) (0.49) (2.28) — (2.28) Revision to Consolidated Statements of Comprehensive Loss For the financial year ended March 31 2022 2021 (EUR thousand) As previously reported Adjustments Revised As previously reported Adjustments Revised Loss for the year (94,693) (1,942) (96,635) (434,385) (1,097) (435,482) Total comprehensive loss for the year (88,902) (1,942) (90,844) (430,105) (1,097) (431,202) Attributable to: Owners of the parent (88,611) (1,942) (90,554) (428,044) (1,097) (429,141) Non-controlling interest (290) — (290) (2,061) — (2,061) Total comprehensive loss for the year (88,902) (1,942) (90,844) (430,105) (1,097) (431,202) Revision to Consolidated Statements of Financial Position As of March 31, 2022 (EUR thousand) 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 Statements of Cash Flows For the financial year ended March 31 (EUR thousand) 2022 2021 As previously reported Adjustments Revised As previously reported Adjustments Revised Loss before tax (108,495) (2,752) (111,247) (465,362) (1,991) (467,353) Other non-cash items (18,891) 1,942 (16,949) 16,935 1,097 18,032 Changes in working capital (47,067) 810 (46,257) 19,843 894 20,737 = Net cash used in operating activities (A) (86,998) — (86,998) (103,146) — (103,146) Revision to Consolidated Statements of Changes in Equity For the financial year ended March 31, 2022 As previously reported Adjustments Revised (EUR thousand) Equity settled share based payments Accumulated Equity Non-controlling interests Total equity Equity settled share based payments Accumulated Equity Non-controlling interests Total equity Equity settled share based payments Accumulated Equity Non-controlling interests Total equity March 31, 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) Profit / (Loss) for the period — (95,235) (95,235) 542 (94,693) — (1,942) (1,942) — (1,942) — (97,177) (97,177) 542 (96,635) Total comprehensive loss — (95,235) (88,612) (290) (88,902) — (1,942) (1,942) — (1,942) — (97,177) (90,554) (290) (90,844) Employee share schemes 4,471 — 4,471 — 4,471 1,942 — 1,942 — 1,942 6,414 — 6,414 — 6,414 Total contribution and distribution 3,791 — 4,460 (623) 3,837 1,942 — 1,942 — 1,942 5,733 — 6,403 (623) 5,780 Change in non-controlling interests — — — (134) (134) — — — — — — — — (134) (134) March 31, 2022 47,661 (848,928) (191,523) 5,732 (185,793) 3,039 (3,039) — — — 50,700 (851,967) (191,523) 5,732 (185,793) |
Going concern | Going concern The Group believes that it will be able to meet all of its obligations as they fall due for at least 12 months after the date of issuance of these financial statements, hence, these consolidated financial statements have been prepared on a going-concern basis. In the financial year ended March 31, 2023 the Group has completed its refinancing with the Supplemental Liquidity Facility, which, together with the Senior Debt Facility, substantially increased the Group liquidity. In addition, based on the Group’s current assessment, and in line with the Group’s continued recovery from the COVID-19 virus impact, the Group does not expect any material adverse impact on its long-term development timeline or its liquidity and its ability to comply with the covenant discussed in Note 25 that could have an impact on its ability to remain a going concern. |
Basis of consolidation | Basis of consolidation The consolidated financial statements comprise the financial statements of Global Blue Group Holding AG and its subsidiaries as of March 31, 2023, 2022 and 2021. |
Subsidiaries | Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when it has power over that entity, when it is exposed or has rights to variable returns from its involvement with that entity and when it has the ability to use its power over that entity to affect the amount of the returns. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are de-consolidated from the date that control ceases. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized gains/losses are also eliminated. Accounting policies of subsidiaries are consistent with the policies adopted and selected by the Group. |
Transactions with non-controlling interests | Transactions with non-controlling interests Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions that is, as transactions with the owners in their capacity as owners. For purchases from non-controlling interests, the difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gain or losses on disposals to non-controlling interests are also recorded in equity. When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognized in the income statement. This fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to the income statement. |
Investment in joint ventures and associates | Investment in joint ventures and associates The Group applies IFRS 11 to all joint arrangements, under which investments are classified as either joint operations or joint ventures, depending on the contractual rights and obligations of each investor; a joint venture is a type of joint arrangement whereby the parties, with joint control of the arrangement, have the rights to the net assets of the joint venture. The Group exercises joint control over a joint arrangement when decisions relating to the relevant activities of the arrangement require the unanimous consent of the Group and the other parties with whom control is shared. Joint ventures are accounted for using the equity method. Under IAS 28, an associate is an entity over which the Group has significant influence, which is the power to participate in the financial and operating policy decisions of the investee, without though having control or joint control over those policies. Associates are accounted for using the equity method of accounting from the date significant influence is obtained. Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize the Group’s share of the profit/(loss) and other comprehensive income/(loss) of the investee. The Group’s share of the investee’s profit/(loss) is recognized in the consolidated income statement. Distributions received from an investee reduce the carrying amount of the investment. Post-acquisition movements in other comprehensive income/(loss) are recognized in other comprehensive income/(loss) with a corresponding adjustment to the carrying amount of the investment. |
Changes in accounting policies | Changes in accounting policies Changes in accounting policies in the financial year ended March 31, 2023 The following amendments to existing standards became effective in the current period, with either no or no material impact on the Group and are not expected to significantly affect future periods: • Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 • Onerous Contracts – Cost of Fulfilling a Contract – Amendments to IAS 37 • Annual Improvements to IFRS Standards 2018-2020, and • Reference to the Conceptual Framework – Amendments to IFRS 3. Standards and amended standards issued but not yet effective up to the date of issuance of the Group’s financial statements are listed below: • Amendment to IAS 1, Presentation of Financial Statements - Disclosure of Accounting Policies • Amendments to IAS 1, Presentation of Financial Statements - Classification of Liabilities as Current or Non-current • Amendments to IAS 8, Accounting policies, Changes in Accounting Estimates and Errors - Definition of Accounting Estimates • Amendments to IAS 12 Income Taxes: Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction • IFRS 17: Insurance Contracts • Amendment to IFRS 16 Leases: Changes in the illustrative example related to Lease Liability in a Sale and Leaseback • Amendments to IAS 12: International Tax Reform — Pillar Two Model Rules • Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements The Group has not adopted any of the above standards, interpretations or amendments that have been issued, but are not yet effective; such standards are not currently expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. |
Revenue recognition | Revenue recognition Revenue is recognized when a customer obtains control of goods or services and thus has the ability to direct the use and obtain the benefits from the goods or services. Revenue represents the fair value of consideration received or receivable from clients for services provided by the Group, net of discounts, VAT and other sales-related taxes, after eliminating sales within the Group. Revenue from external customers derives from the following services: VAT refund services Global Blue provides a solution that facilitates the VAT refund process for both merchants and travelers. Specifically, the traveler receives a refund from Global Blue of the total VAT paid, less a commission, which varies based on a number of factors such as the merchant, country and amount of purchase. After processing the refund, Global Blue invoices either the relevant merchant or the government, for the full VAT amount, which is paid to the Group in full. The merchant then reclaims the VAT from the government and invoices Global Blue in turn for their portion of the commission, the rate of which varies according to the contractual agreements with each customer. Whilst the transaction flow involves various parties, Global Blue’s involvement in respect of the tax authorities is considered to be of a pass-through nature, and it is therefore considered to be an agent for this part. The commission received by Global Blue, net of the share paid to the merchant, is recognized as revenue. Such service is contracted with merchants, who are provided with a license to a specifically designed IT system, related forms to collect the relevant information about the traveler to allow a tax refund and any related training and support required to allow the merchant to make use of Global Blue’s service. These elements are all essential to the provision of VAT refund services and, as a result of their interdependency, and the fact the customer (i.e. merchant) would not be able to make use of such elements on their own, they are considered part of a single performance obligation. Commission revenue is recognized at a point in time, upon receipt of a validated tax refund transaction from the traveler, which establishes the right to a VAT refund. In certain instances, the payment to the traveler cannot be completed successfully and the amount due remains unclaimed. These unsuccessful payments represent a very small percentage of the large number of refunds processed. The revenue related to such amounts is recognized when the residual risk of a cash outflow is extinguished. Service revenues from other related solutions, such as intelligence and marketing, are recognized at the point in time the services are performed and delivered. Timing of recognition is made by reference to when there is a right to consideration to the extent of the performance of contractual obligations and the agreed level of fees for the services. Timing of recognition of revenue is made by reference to the time the advertisements are published on the appropriate medium and based on the agreed level of fees. Payment and AVPS services In a Dynamic Currency Choice transaction, a traveler pays for goods or services in the merchant’s currency, which is fixed at the time of the transaction and at which point the Group earns a commission for the foreign exchange spread for the service, from which fees are paid to both the participating merchant and the acquiring bank. As the Group is acting only as an agent, revenue is recorded net in the consolidated income statement at the time of the transaction (i.e. at a point in time). The revenue recognized, consists of the total AVPS commission earned from the traveler (i.e. gross commission) less the amount of commissions paid to participating merchants and acquiring banks. Global Blue provides other services to merchants (provision of electronic payment switching services and provision of multi-currency conversion services), for which revenue is recognized from the transfer of such services over time, as the nature of these activities means that the Group’s customers simultaneously receive and consume the benefits provided by the Group as the Group performs its obligation. RTS services Global Blue offers the retailers Retail Tech Solutions that can be easily integrated with their core systems, allowing them to optimize and digitalize their processes throughout the omni-channel customer journey i.e. in-store and online. In order to address the e-commerce orders returns, Global Blue’s technology platform provides a profitability solution to retailers by reducing logistical costs via consolidation, local market resale, and inbound consumer queries, as well as by allowing exchanges versus simply return of goods. The revenue is recognized when the service is rendered (point in time), and consists of fees earned per return and on carrier costs. With some countries introducing mandatory e-invoicing and following the latest paperless sustainable practices, Global Blue’s innovative digital solution allows retailers to send content-rich, personalized digital receipts to consumers, whilst capturing data that allows for customer insight, management, and engagement. Its technology can also be linked to brand-loyalty programs. The revenue is recognized when the service is rendered (point in time), and consists of a service fee charged to merchants. Moreover, the Group offers SaaS solutions for online purchases operating as an e-commerce platform, enabling content-rich and delivery notifications as well as a customized tracking webpage on the retailer’s website. The Group recognizes revenue when the service is rendered (at point in time), and consists of a service fee charged to merchants. |
Sales tax | Sales tax Revenues, expenses and assets are recognized net of the amount of sales taxes / value added taxes except: • where the sales tax incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the sales tax is recognized as part of the cost of acquisition of an asset or as part of the expense item as applicable; and • receivables and payables are stated with the amount of sales tax included. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. |
Segment reporting | Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Committee (ExCom); for details on the Group’s segments refer to Note 6. |
Amortization of intangible assets acquired through business combinations | Amortization of intangible assets acquired through business combinations Represents the amortization of the assets recognized in the process of the purchase price allocation during an acquisition. The majority of this amortization relates to the 2012 acquisition of Global Blue by Silver Lake and Partners Group (see below Intangible assets ). Business combinations A business combination is a transaction or event in which an acquirer obtains control of one or more businesses. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. The excess of the fair value of consideration transferred and the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. |
Exceptional items | Exceptional items Exceptional items consist of items which the Board of Directors (“Board”) considers as not directly related to ordinary business operations and which are not included in the assessment of management performance. These are detailed in Note 9 and include, among others, business restructuring expenses, corporate restructuring expenses, directors’ fees, impairment expense (if any), gains and losses on disposals of fixed assets, share-based payments, changes in fair value of warrants and put options, and other exceptional items. |
Finance Income / Costs | Finance Income / Costs Finance income comprises of interest received on funds invested, foreign exchange gains and losses, and gains and losses on hedging instruments that are recognized in the income statement. Interest income is recognized in the income statement by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that subsequently become credit‐impaired; for credit‐impaired financial assets, the effective interest rate is applied to the net carrying amount of the financial asset. |
Grants | Grants A government grant is recognized in the income statement when there is reasonable assurance that both: (a) the Group will comply with any conditions attached to the grant, and (b) the grant will be received in accordance with IAS 20. Government grants relating to costs are recognized in the income statement over the period necessary to match them with the costs that they are intended to compensate. Grants received are recognized within Operating Expenses as an offset to the associated costs. Government grants relating to assets are deducted from the carrying amount of the assets and recognized in the income statement over the life of the asset as reduced depreciation or amortization expense. |
Leases | Leases The lease liability is initially measured at the present value of the lease payments payable over the lease term discounted at the incremental borrowing rate. The lease liability is subsequently remeasured to reflect changes in: • the lease term (using a revised discount rate); • the assessment of a purchase option (using a revised discount rate); • the amounts expected to be payable under residual value guarantees (using the original discount rate); or • future lease payments resulting from a change in an index or a rate used to determine those payments (using the original discount rate). The lease contracts that do not meet the recognition criteria of IFRS 16 or qualify as exceptions, such as low value assets contracts or short-term lease contracts, are expensed through the income statement directly. The interest expense on the lease liability is presented as a component of finance costs. |
Foreign currencies | Foreign currencies Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the ‘functional currency’). The consolidated financial statements are presented in thousands of Euros, which is the Group’s presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Group companies The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the statement of financial position; • Income and expenses for each income statement are translated at average exchange rates or at rates prevailing on the transaction dates (a reasonable approximation of the actual rate being available); and • All resulting exchange differences are recognized as a separate component of other comprehensive income called “currency translation adjustments”. On consolidation, exchange differences arising from the translation of the net investment in foreign operations and of borrowings, are taken to other comprehensive income. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale. Goodwill arising on acquisition of a foreign operation and any fair value adjustment arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. |
Functional and presentation currency | Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the ‘functional currency’). The consolidated financial statements are presented in thousands of Euros, which is the Group’s presentation currency. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment, are stated at cost less accumulated depreciation and any accumulated impairment losses. The cost of an item of property, plant and equipment consists of the purchase price and any costs directly attributable to bringing the asset into use. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial year in which they are incurred. Depreciation is calculated on a straight-line basis, writing down the assets, excluding any estimated residual value, in equal installments over their estimated useful economic lives as follows: • Machinery, equipment and computers: 3-5 years • Leasehold improvements: over the contract period. The residual values and useful economic lives of all Machinery, equipment and computers are reviewed on an annual basis and adjusted, if appropriate, at the end of each financial year. Leasehold improvements are depreciated over the remaining useful life of the related asset or to the date of the next leasehold renewal, whichever is sooner. Gains and losses on disposals are calculated by comparing proceeds with carrying amount and are included as appropriate as "Exceptional items" in the Operating expenses. The Right of use asset is recognized according to IFRS 16 as follows: • At the initial recognition of the lease, the Right of use asset is measured at the amount of lease liability plus any initial direct costs incurred by Global Blue and adjustments such as: lease incentives and payments at or prior to commencement; • The asset is measured at cost less the accumulated depreciation and accumulated impairment. Depreciation is calculated on a straight-line basis over the lease term. |
Intangible assets | Intangible assets Goodwill The excess of the fair value of consideration transferred and the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired are recorded as goodwill. Goodwill is included in “intangible assets” and carried at cost less accumulated impairment losses. Goodwill is tested annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. For the purposes of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (CGU) that are expected to benefit from the synergies of the combination. For the impairment tes ting the carrying value of the CGU is compared to the recoverable amount, which is the higher of value-in-use and the fair value less costs of disposal. Any impairment is recognized immediately in the income statement; impairment losses on goodwill are not reversed, while any gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Customer relationships Acquired customer relationships are recognized at the acquisition date at fair value and amortized over a 9 to 20.5 year period, reflecting the estimated useful life of these assets. In addition, long-term customer contracts include the incremental costs of obtaining a contract with a customer and are recognized as assets, as long as a service is being rendered over the contract period. Trademarks Trademarks are acquired in a business combination and are recognized at fair value, either with a definite or indefinite useful life. Trademarks with a definite useful life are carried at cost less accumulated amortization; amortization is calculated using the straight-line method to allocate the cost over 20 years, reflecting the estimated useful life of these assets. Software and other intangible assets Computer software licenses that do not form an integral part of related hardware are capitalized at cost and amortized over their useful life. Costs associated with maintaining computer software programs are recognized as an expense as incurred. Costs that are directly associated with the production of identifiable and unique software products controlled by the Group that will generate probable economic benefits beyond one year, are recognized as intangible assets. Costs include the software development employee costs, costs of material and services used, legal fees and directly attributable overheads. Computer software development costs recognized as an intangible asset are amortized over their useful economic life of 3-5 years. |
Impairment of non-financial assets | Impairment of non-financial assets Assets that have an indefinite useful life, such as goodwill, are not subject to amortization but are tested at least annually for impairment or more frequent if events or changes in circumstances indicate a potential impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value-in-use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill subject to an impairment in prior fiscal periods are reviewed for possible reversal of the impairment at each reporting date. |
Financial assets | Financial assets Classification The Group classifies its financial assets in the two following categories: “at fair value through profit or loss” and “at amortized cost”; the classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition as follows: (a) Financial assets at fair value through profit or loss Financial assets shall be measured at fair value through profit or loss unless they are measured at amortized cost or at fair value through other comprehensive income. Assets in this category are classified as current assets if expected to be settled within 12 months; otherwise, they are classified as non-current. (b) Financial assets at fair value through other comprehensive income For other investments not classified as held for trading, the Group can make an irrevocable election to present subsequent changes in the fair value in other comprehensive income. (c) Financial assets at amortized cost Financial assets at amortized cost are held in order to collect contractual cash flows paid on specified dates, which solely consist of payment of principal and interest on the principal amount outstanding. These assets are included in current assets, except for maturities greater than 12 months after the end of the reporting period, which are classified as non-current assets. The Group’s Financial assets at amortized cost consist of trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position. |
Other investments | Other investments Other investments are equity investments that are not classified as investments in joint ventures nor as investments in subsidiaries. Other investments are recognized at fair value on the date of the transaction and are subsequently remeasured at fair value. The Group has classified and measures the other investments at fair value through other comprehensive income and recognizes gains and losses arising from the changes in fair value in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to the income statement following the derecognition of the investment. Dividends from other investments are recognized in the income statement. |
Trade and other current receivables | Trade receivables Trade receivables are amounts mainly due from merchants and tax authorities for merchandise sold or services performed in the ordinary course of the TFSS and Intelligence and Marketing services. The majority of amounts accounted as trade receivables are related to invoices and accruals for processed TFSS transactions as well as early refunds to tourists and refund agents. A lesser part of trade receivables relates to RTS; the nature of those receivables are invoices issued for services to retailers with payment terms less than 30 days. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provisions for impairments. A provision for impairment of a trade receivable is established based on the expected credit loss model. The Group applies the IFRS 9 simplified approach to measuring the expected credit loss, which uses a lifetime expected loss allowance. To measure the expected credit loss, trade receivables have been grouped by months past due. The expected credit loss rates are based on the payment profiles of customers over a 12 month period before March 31, 2023 and March 31, 2022 respectively and the corresponding historical credit losses over the analyzed period. The historical credit losses are adjusted in order to reflect the current and forward-looking information on macroeconomic factors affecting the ability of customers to settle the receivables. Even though one of the potential consequences of COVID-19 pandemic could have been that merchants or customs and tax authorities could potentially fail or refuse to pay Global Blue, thus potentially negatively impacting Global Blue’s business and results of operations, resulting in an increase in Trade receivables past due for more than 3 months, there has not been any material increase in trade receivables past due for more than 3 months since April 1, 2020. In addition, Global Blue only pays the revenue share or commission to merchants after having collected the receivables, thereby reducing the net exposure. Thus, the Group concluded that there is no significant difference between the historical loss rates and the expected credit loss rates. The Group applies the following expected loss rates for the financial year ended March 31: Days past due 2023 2022 0 – 3 months 0% 0% 3 – 6 months 25% 25% 6 – 9 months 50% 50% 9 – 12 months 75% 75% >12 months 100% 100% The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss is recognized in the income statement. When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited in the income statement. Other current receivables Other current receivables are recognized at fair value; due to the short-term nature of the other current receivables, their carrying amount is considered to be the same as their fair value. |
Prepaid expenses | Prepaid expensesPrepaid expenses are expenses that have been paid in advance but have not yet been incurred or consumed. Prepaid expenses are initially recorded as current assets, because they have future economic benefits, and are expensed at the time when the benefits are realized. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks and other short term highly liquid investments with original maturities of three months or less. Drawn bank overdrafts are shown within borrowings in current liabilities on the statement of financial position. |
Share capital | Share capitalShare capital consists of ordinary shares, preference shares, warrants and treasury shares. |
Preference shares | Preference shares The Group accounts for preference shares under IAS 32. To determine the appropriate accounting treatment under IAS 32, the Group reviews the term and conditions of the preference shares to conclude whether the preference shares have the characteristics of: • a financial liability – when the preference shares pay a fixed rate or dividend and / or have a mandatory redemption feature at a future date, then the substance is that they are contractual obligation to deliver cash, and they are recognized as a liability; • an equity instrument – when the preference shares do not have a fixed maturity and the issuer does not have a contractual obligation to make any payment. |
Treasury shares | Treasury shares The Group accounts for treasury shares under IAS 32. Consideration paid by Global Blue to acquire its own shares are debited directly to equity. Consideration received from the sale of treasury shares are credited directly to equity. No gain or loss is recognized on the purchase, sale, issue, or cancellation of treasury shares. Treasury shares may be acquired and held by the entity or by other members of the consolidated group (i.e. an entity and its subsidiaries). The incremental costs that are directly attributable to the issuing or buying back treasury shares are recognized as a deduction from equity. The remaining costs (e.g. general administrative costs) are expensed as incurred. |
Financial liabilities | Financial liabilities The Group classifies its financial liabilities in the following categories: “at fair value through profit and loss” or “at amortized cost”, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, less directly attributable transaction costs. The Group's financial liabilities include trade payables, other current liabilities, accrued liabilities, bank overdrafts, interests bearing loans and borrowings, other non-current liabilities and derivative financial instruments. (a) Financial instruments at fair value through profit and loss Financial liabilities at fair value through profit and loss comprise of financial instruments held for trading, put options from acquisitions and warrants. Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments obtained by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Gains and losses on liabilities held-for-trading are recognized in the income statement within “net finance costs”. Warrants are accounted for as derivative financial instruments and therefore as financial liabilities through profit and loss as they give the holder the right to obtain a variable number of ordinary shares. Such derivative financial instruments were initially recognized at fair value on the date on which the merger was consummated and are subsequently remeasured at fair value through profit or loss. The warrants expire on August 31, 2025 (the fifth anniversary of the closing) or earlier upon redemption or liquidation in accordance with their terms. Other derivative instruments (such as the put options from the acquisitions) are recognized at fair value on the date of the transaction and are subsequently remeasured at fair value through profit and loss. (b) Interest-bearing loans and borrowings Interest-bearing loans and borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates. |
Derecognition of financial assets and liabilities | Derecognition of financial assets and liabilities Financial assets are derecognized when the contractual rights to the cash flow have expired or been transferred together with substantially all risks and rewards. Financial liabilities are derecognized when they are extinguished. |
Share-based payments transactions | Share-based payment transactions Cash-settled share-based payment transactions A cash-settled share-based compensation plan was adopted within the framework of the 2022 acquisition of ShipUp. The fair value of the employee’s services received in exchange of the grant of the shares is recognized as an expense. The total amount is determined by reference to the fair value of the shares granted and is recognized over the vesting period. At the end of each reporting period, the Group revised its estimates of the fair value of the liability for the share-based payment and the difference is recognized under expenses. As soon as the Group has no unconditional right to defer payment beyond 12 month from financial year end, the liability is reclassified to the other current financial liabilities; for more information, please refer to Note 24. Equity-settled share-based payment transactions As mentioned in Note 24 as part of Global Blue´s Management Incentive Plan some employees were granted restricted stock awards (“RSAs”) and/or share options plans (“SOP”). Such incentive plans qualify as equity settled share based payment transactions in accordance with IFRS 2, as the Group receives services from the employee as consideration for its own equity instruments (shares in RSAs and share options in SOP). The fair value of the employee SOPs and RSAs is recognized as an operating expense with a corresponding increase in equity. The fair value is determined at the grant date and the total expense is recognized over the vesting period. At the end of each reporting period, the Group revises its estimates of the number of options/shares which are expected to vest based on the non-market vesting and service conditions. The impact is recognized in the income statement with the corresponding adjustment in equity. At vesting, the difference between the fair value of the shares recognized in the share-based payment reserve and the nominal value of the shares, is transferred from the equity-settled shared based payment other reserve to the share premium of ordinary shares. When the amendment of the terms of any MIP is considered as replacing pre-existing ones, modification accounting under IFRS 2 is applied, and the fair value of the granted instruments re-measured. If the modification occurs during the vesting period, the incremental fair value granted is included in the measurement of the amount recognized for services received over the period from the modification date until the date when the modified equity instruments vest, in addition to the amount based on the grant date fair value of the original equity instruments. If the modification occurs after vesting date, the incremental fair value granted is recognized immediately. |
Current income tax | Current and deferred income tax The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate based on the amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable income. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences, and the carry-forward of unused tax losses, can be utilized. |
Deferred income tax | Current and deferred income tax The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate based on the amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable income. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences, and the carry-forward of unused tax losses, can be utilized. |
Employee benefits | Employee benefits Defined contribution plans The Group has insured contributory plans covering substantially all employees. The costs for these plans are accounted for in the income statement within “employee benefit expenses”. Payments to defined contribution plans are charged as an expense as they fall due. Payments made to state plans are dealt with as payments to defined contribution plans where the Group’s obligations under the plans are equivalent to those arising in a defined contribution plan. Defined benefit plans The Group’s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets is deducted. The discount rate is the yield at the balance sheet date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have maturity dates approximating to the terms of the Group’s obligations. The calculation is performed by a qualified actuary using the projected unit credit method. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. All past-service costs are recognized immediately in the income statement. Other long-term benefits plans Other long-term benefits are plans, other than defined contribution plans, defined benefit plans or termination benefits, which do not fall due wholly within 12 months after the end of the period in which the employees render the related service (e.g. long service leave plans). These obligations are measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the expected reporting period, using the projected unit credit method. The calculation takes into account the expected future salary levels, experience of employee departures and periods of service. Remeasurement gains and losses arising from experience adjustments, changes in actuarial assumptions and the costs for these plans are accounted for in the income statement. |
Termination benefits | Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when it is demonstrably committed to a termination when the entity has a detailed formal plan to terminate the employment of current employees without possibility of withdrawal. In the case of a voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. |
Provisions | Provisions Provisions for legal and non-income tax claims are recognized when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of economic benefits will be required to settle the obligation and the amount has been reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. |
Trade payables | Trade payables Trade payables are obligations to pay for services that have been acquired in the ordinary course of business from merchants and in-transit payment to tourists. Trade creditors are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. In-transit payments to tourists In-transit payments to tourists contain liabilities to tourists in connection with non-cash refunds and unsuccessful payments. The policy for non-cash refunds is that payments will be made within three weeks from the day Global Blue receives the refund request. In certain cases, non-cash refunds do not successfully go through, potentially due to incorrect card or bank details being provided by the traveler. These are then recognized as unsuccessful payments and accounted for as trade payables. When the legal expiration period has passed, which varies from 3 to 30 years from country to country, the unclaimed amount is treated as an extinguishment and the financial liability is released. Trade creditors and other payables are stated at amortized cost. Other current liabilities The expected duration of other liabilities is short, and the values are therefore recognized at nominal value without discounting. Other liabilities primarily consist of current lease liabilities, accounts payables which are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers, VAT not related to the TFSS refunding activities and personnel-related taxes. |
Business combinations | Amortization of intangible assets acquired through business combinations Represents the amortization of the assets recognized in the process of the purchase price allocation during an acquisition. The majority of this amortization relates to the 2012 acquisition of Global Blue by Silver Lake and Partners Group (see below Intangible assets ). Business combinations A business combination is a transaction or event in which an acquirer obtains control of one or more businesses. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. The excess of the fair value of consideration transferred and the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Significant Accounting Policies [Abstract] | |
Disclosure of Adjustments on Group's Consolidated Statements | The following tables present the effect of the aforementioned revision on the Group’s consolidated statements of financial position, consolidated income statements, consolidated statements of comprehensive loss, consolidated statements of cash flows and consolidated statements of changes in equity. Revision to Consolidated Income Statements For the financial year ended March 31 2022 2021 (EUR thousand) As previously reported Adjustments Revised As previously reported Adjustments Revised Operating expenses (209,825) (2,752) (212,577) (486,094) (1,991) (488,085) Operating Loss (83,877) (2,752) (86,629) (441,398) (1,991) (443,389) Loss before tax (108,495) (2,752) (111,247) (465,362) (1,991) (467,353) Income tax benefit 13,802 810 14,612 30,977 894 31,871 Loss for the year (94,693) (1,942) (96,635) (434,385) (1,097) (435,482) Loss attributable to: Owners of the parent (95,235) (1,942) (97,177) (432,972) (1,097) (434,069) Non-controlling interests 542 — 542 (1,413) — (1,413) Loss for the year (94,693) (1,942) (96,635) (434,385) (1,097) (435,482) Basic and diluted loss per ordinary share (0.48) (0.01) (0.49) (2.28) — (2.28) Revision to Consolidated Statements of Comprehensive Loss For the financial year ended March 31 2022 2021 (EUR thousand) As previously reported Adjustments Revised As previously reported Adjustments Revised Loss for the year (94,693) (1,942) (96,635) (434,385) (1,097) (435,482) Total comprehensive loss for the year (88,902) (1,942) (90,844) (430,105) (1,097) (431,202) Attributable to: Owners of the parent (88,611) (1,942) (90,554) (428,044) (1,097) (429,141) Non-controlling interest (290) — (290) (2,061) — (2,061) Total comprehensive loss for the year (88,902) (1,942) (90,844) (430,105) (1,097) (431,202) Revision to Consolidated Statements of Financial Position As of March 31, 2022 (EUR thousand) 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 Statements of Cash Flows For the financial year ended March 31 (EUR thousand) 2022 2021 As previously reported Adjustments Revised As previously reported Adjustments Revised Loss before tax (108,495) (2,752) (111,247) (465,362) (1,991) (467,353) Other non-cash items (18,891) 1,942 (16,949) 16,935 1,097 18,032 Changes in working capital (47,067) 810 (46,257) 19,843 894 20,737 = Net cash used in operating activities (A) (86,998) — (86,998) (103,146) — (103,146) Revision to Consolidated Statements of Changes in Equity For the financial year ended March 31, 2022 As previously reported Adjustments Revised (EUR thousand) Equity settled share based payments Accumulated Equity Non-controlling interests Total equity Equity settled share based payments Accumulated Equity Non-controlling interests Total equity Equity settled share based payments Accumulated Equity Non-controlling interests Total equity March 31, 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) Profit / (Loss) for the period — (95,235) (95,235) 542 (94,693) — (1,942) (1,942) — (1,942) — (97,177) (97,177) 542 (96,635) Total comprehensive loss — (95,235) (88,612) (290) (88,902) — (1,942) (1,942) — (1,942) — (97,177) (90,554) (290) (90,844) Employee share schemes 4,471 — 4,471 — 4,471 1,942 — 1,942 — 1,942 6,414 — 6,414 — 6,414 Total contribution and distribution 3,791 — 4,460 (623) 3,837 1,942 — 1,942 — 1,942 5,733 — 6,403 (623) 5,780 Change in non-controlling interests — — — (134) (134) — — — — — — — — (134) (134) March 31, 2022 47,661 (848,928) (191,523) 5,732 (185,793) 3,039 (3,039) — — — 50,700 (851,967) (191,523) 5,732 (185,793) |
Disclosure of Expected Loss Rates | The Group applies the following expected loss rates for the financial year ended March 31: Days past due 2023 2022 0 – 3 months 0% 0% 3 – 6 months 25% 25% 6 – 9 months 50% 50% 9 – 12 months 75% 75% >12 months 100% 100% |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Financial Risk Management [Abstract] | |
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities | The table below analyzes the Group's non-derivative financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the notional, undiscounted cash flows. As of March 31, 2023 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 565 81,321 20,761 740,837 — Other non-current financial liabilities (1) — — 10,293 10,646 88 Trade payables 110,215 98,891 — — — Other current liabilities (2) 20,678 1,279 — — — Accrued liabilities (3) 33,581 14,820 — — — Other current financial liabilities (4) — 7,776 — — — Total 165,039 204,087 31,054 751,483 88 As of March 31, 2022 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) — 20,075 40,205 738,955 — Other non-current financial liabilities (1) — — 7,583 26,601 394 Trade payables 103,457 62,646 — — — Other current liabilities (2) 14,987 440 — — — Accrued liabilities (3) 19,954 8,516 — — — Other current financial liabilities (4) — 10,538 — — — Total 138,398 102,215 47,788 765,556 394 (1) The line items “Loans and borrowings” and “Other non-current financial liabilities”, as presented in the table above, include future interest payments (capitalized interest in the case of Other non-current financial liabilities). (2) For the purposes of this table, items where the counterparty is the tax authority such as “Personnel taxes” and “Input VAT” and “Withholding tax” have been excluded from the line “Other current liabilities”. For further details on these excluded items see Note 31. (3) For the purpose of this table, items where the counterparty is the tax authority such as “accrued social charges” have been excluded from the line “Accrued liabilities”. For further details on the excluded items see Note 32. (4) The line item “Other current financial liabilities”, as presented in the table above, exclude EUR11.4 million of warrant liabilities outstanding (EUR12.1 million as of March 31, 2022) and as a consequence of their USD11.50 exercise price, there is a low probability of an exercise of these derivative instruments, and a subsequent cash outflow with a material liquidity impact in the foreseeable future. For further details see Note 40. |
Disclosure of Maturity Analysis for Derivative Financial Liabilities | The table below analyzes the Group's non-derivative financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the notional, undiscounted cash flows. As of March 31, 2023 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 565 81,321 20,761 740,837 — Other non-current financial liabilities (1) — — 10,293 10,646 88 Trade payables 110,215 98,891 — — — Other current liabilities (2) 20,678 1,279 — — — Accrued liabilities (3) 33,581 14,820 — — — Other current financial liabilities (4) — 7,776 — — — Total 165,039 204,087 31,054 751,483 88 As of March 31, 2022 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) — 20,075 40,205 738,955 — Other non-current financial liabilities (1) — — 7,583 26,601 394 Trade payables 103,457 62,646 — — — Other current liabilities (2) 14,987 440 — — — Accrued liabilities (3) 19,954 8,516 — — — Other current financial liabilities (4) — 10,538 — — — Total 138,398 102,215 47,788 765,556 394 (1) The line items “Loans and borrowings” and “Other non-current financial liabilities”, as presented in the table above, include future interest payments (capitalized interest in the case of Other non-current financial liabilities). (2) For the purposes of this table, items where the counterparty is the tax authority such as “Personnel taxes” and “Input VAT” and “Withholding tax” have been excluded from the line “Other current liabilities”. For further details on these excluded items see Note 31. (3) For the purpose of this table, items where the counterparty is the tax authority such as “accrued social charges” have been excluded from the line “Accrued liabilities”. For further details on the excluded items see Note 32. (4) The line item “Other current financial liabilities”, as presented in the table above, exclude EUR11.4 million of warrant liabilities outstanding (EUR12.1 million as of March 31, 2022) and as a consequence of their USD11.50 exercise price, there is a low probability of an exercise of these derivative instruments, and a subsequent cash outflow with a material liquidity impact in the foreseeable future. For further details see Note 40. |
Disclosure of Reconciliation of Liabilities Arising from Financing Activities | This section presents a breakdown of net debt and details the movements in net debt for each of the periods presented: Assets Liabilities from financing activities (EUR thousand) Cash and cash equivalents Borrowings due within 1 year Borrowings due after 1 year Lease liabilities due within 1 year Lease liabilities due after 1 year Total Net debt as of April 1, 2022 (51,083) 676 722,554 10,538 11,319 694,004 Cash flows (191,181) 59,384 — (11,746) — (143,543) Borrowings from business acquisition — 642 2,594 — — 3,236 New leases — — — 403 6,322 6,725 Foreign exchange adjustments 2,360 (453) — (115) (82) 1,710 Reclassification — — — 7,904 (7,904) — Other changes (642) 1,696 1,743 — 588 3,385 Net debt as of March 31, 2023 (240,546) 61,945 726,891 6,984 10,243 565,517 Assets Liabilities from financing activities (EUR thousand) Cash and cash equivalents Borrowings due within 1 year Borrowings due after 1 year Lease liabilities due within 1 year Lease liabilities due after 1 year Total Net debt as of April 1, 2021 (182,176) 111 720,745 12,578 19,122 570,380 Cash flows 129,126 731 — (13,374) — 116,483 New leases — — — — 3,602 3,602 Foreign exchange adjustments 578 (166) — (31) (20) 361 Reclassification — — — 11,247 (11,247) — Other changes 1,389 — 1,809 118 (138) 3,178 Net debt as of March 31, 2022 (51,083) 676 722,554 10,538 11,319 694,004 |
Disclosure of Fair Value Measurement of Assets | The table below discloses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: • Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); • Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). As of March 31, 2023 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through OCI - Other investments — — 7,051 7,051 Financial assets at fair value through profit or loss -Other current receivables - Derivative financial instruments — 107 — 107 Total assets — 107 7,051 7,158 Liabilities Financial liabilities at fair value through profit or loss - Put options liability — — 4,390 4,390 - Warrant liabilities - Public warrants 7,320 — — 7,320 - Warrant liabilities - Private warrants — 4,129 — 4,129 Total liabilities 7,320 4,129 4,390 15,839 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 |
Disclosure of Fair Value Measurement of Liabilities | The table below discloses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: • Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); • Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). As of March 31, 2023 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through OCI - Other investments — — 7,051 7,051 Financial assets at fair value through profit or loss -Other current receivables - Derivative financial instruments — 107 — 107 Total assets — 107 7,051 7,158 Liabilities Financial liabilities at fair value through profit or loss - Put options liability — — 4,390 4,390 - Warrant liabilities - Public warrants 7,320 — — 7,320 - Warrant liabilities - Private warrants — 4,129 — 4,129 Total liabilities 7,320 4,129 4,390 15,839 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 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Schedule of Reportable Segments | For the financial year ended March 31, 2023 (EUR thousand) Notes TFSS AVPS RTS Central Total Revenue 228,818 61,805 20,867 — 311,490 Operating expenses (1) (91,902) (34,267) (26,962) (80,377) (233,508) Adjusted EBITDA 136,916 27,538 (6,095) (80,377) 77,982 Depreciation and amortization (2) 8 (51,028) Exceptional items 9 (12,814) Operating Profit 14,140 For the financial year ended March 31, 2022 (EUR thousand) Notes TFSS AVPS RTS Central Total Revenue 89,559 23,325 13,064 — 125,948 Operating expenses (1) (44,610) (12,538) (16,755) (61,947) (135,850) Adjusted EBITDA 44,949 10,787 (3,691) (61,947) (9,902) Depreciation and amortization (2) 8 (87,900) Exceptional items 9 11,173 Operating Loss (86,629) For the financial year ended March 31, 2021 (EUR thousand) Notes TFSS AVPS Central Total Revenue 30,826 13,870 — 44,696 Operating expenses (1) (29,034) (9,010) (47,481) (85,525) Adjusted EBITDA 1,792 4,860 (47,481) (40,829) Depreciation and amortization (2) 8 (116,318) Exceptional items 9 (286,242) Operating Loss (443,389) (1) Operating expenses excluding Depreciation and Amortization and Exceptional items. For the financial year ended March 31, 2023 the fixed costs amounted to EUR154.6 million (EUR109.2 million for the financial year ended March 31, 2022 and EUR74.7 million for the financial year ended March 31, 2021), comprising of personnel costs of EUR99.8 million (EUR74.6 million for the financial year ended March 31, 2022, and EUR50.8 million for the financial year ended March 31, 2021) and non-personnel costs of EUR54.8 million (EUR34.6 million for the financial year ended March 31, 2022 and EUR23.9 million for the financial year ended March 31, 2021), whereas variable costs amounted to EUR78.9 million (EUR26.7 million for the financial year ended March 31, 2022 and EUR10.3 million for the financial year ended March 31, 2021). (2) Depreciation and amortization include amortization of intangible assets acquired through business combinations. |
Schedule of Revenue by Geography and by Segment, by Top Country and Non-Current Assets by Country | Revenue is generated by TFSS, AVPS and RTS processed transactions. A geographical breakdown of revenue by key market / region is provided below: For the financial year ended March 31, 2023 (EUR thousand) TFSS AVPS RTS Total Europe 202,263 12,276 20,867 235,406 Asia Pacific 23,495 49,528 — 73,023 Rest of the world 3,060 1 — 3,061 Total 228,818 61,805 20,867 311,490 For the financial year ended March 31, 2022 (EUR thousand) TFSS AVPS RTS Total Europe 82,599 6,631 13,064 102,294 Asia Pacific 5,398 16,694 — 22,092 Rest of the world 1,562 — — 1,562 Total 89,559 23,325 13,064 125,948 For the financial year ended March 31, 2021 (EUR thousand) TFSS AVPS Total Europe 25,609 3,330 28,939 Asia Pacific 4,975 10,540 15,515 Rest of the world 242 — 242 Total 30,826 13,870 44,696 Revenue by top Country A breakdown of revenue by key market / top country is provided below: For the financial year ended March 31, 2023 (EUR thousand) TFSS AVPS RTS Total % of Total Revenue Italy 43,280 3,739 — 47,019 15 % France 39,996 1,791 — 41,787 14 % Australia 303 40,671 — 40,974 13 % United Kingdom 2,917 1,056 20,867 24,840 8 % Switzerland 4,005 32 — 4,037 1 % Total 90,501 47,289 20,867 158,657 51 % For the financial year ended March 31, 2022 (EUR thousand) TFSS AVPS RTS Total % of Total Revenue France 20,118 919 — 21,037 17 % Italy 12,912 2,421 — 15,333 12 % United Kingdom 1,838 568 13,064 15,470 12 % Australia 49 13,997 — 14,046 11 % Switzerland 2,358 85 — 2,443 2 % Total 37,275 17,990 13,064 68,329 54 % For the financial year ended March 31, 2021 (EUR thousand) TFSS AVPS Total % of Total Revenue Australia 302 9,206 9,508 21 % France 6,128 367 6,495 15 % Italy 3,906 1,662 5,568 12 % United Kingdom 3,784 332 4,116 9 % Switzerland 594 59 653 1 % Total 14,714 11,626 26,340 58 % As of March 31, 2023 (EUR thousand) Intangible assets Property, plant and equipment Investments in joint ventures and associates and Other investments Other non-current financial assets Total Switzerland 575,145 782 7,244 698 583,869 Australia 11,465 2,451 — 215 14,131 France 7,104 2,555 — 437 10,096 United Kingdom 5,765 305 — 144 6,214 Italy 476 3,160 — 258 3,894 Rest of the world 5,553 15,586 37 12,455 33,631 Total 605,508 24,839 7,281 14,207 651,835 As of March 31, 2022 (EUR thousand) Intangible assets Property, plant and equipment Investments in joint ventures and associates and Other investments Other non-current financial assets Total Switzerland 559,998 1,051 4,739 519 566,307 Australia 11,252 2,608 — 236 14,096 France 331 2,403 — 2,874 5,608 United Kingdom 5,515 914 — 225 6,654 Italy 796 5,443 — 283 6,522 Rest of the world 6,134 15,339 1,792 9,176 32,441 Total 584,026 27,758 6,531 13,313 631,628 |
Operating expenses (Tables)
Operating expenses (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure of Expenses by Nature | (EUR thousand) For the financial year ended March 31 Expenses by nature Notes 2023 2022 2021 Employee benefit expenses (118,658) (86,623) (62,896) Contributions to defined contribution plans (7,619) (4,022) (2,797) Depreciation and amortization 8 (51,028) (87,900) (116,318) Agent costs (75,950) (23,914) (5,321) IT costs (16,499) (12,013) (9,294) Auditors, lawyers and consultants (12,113) (12,223) (7,989) Advertising and promotion (3,827) (1,729) (1,299) Travel, entertainment, office and rental cost (11,456) (7,253) (4,957) Contributions to defined benefit plans 28 (1,607) (1,560) (744) Share based payment transactions expenses 24 (9,988) (6,414) (2,336) Change in fair value of warrants and put options 9, 26, 40 11,070 15,583 (13,692) Capitalized software development expenditure 15 25,688 17,163 16,669 External and other personnel cost (7,544) (4,343) (2,869) Business restructuring expenses 9 (4,446) (1,980) (10,340) Corporate restructuring expenses 9 (2,764) (475) (253,430) Impairment 9 (3,355) (2,846) (3,866) Other operating income / (expenses) (7,254) 7,971 (6,606) Total (297,350) (212,577) (488,085) |
Depreciation and amortization (
Depreciation and amortization (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Depreciation and amortisation expense [abstract] | |
Disclosure of Detailed Information about Depreciation and Amortization Expense | (EUR thousand) For the financial year ended March 31 Depreciation and amortization Notes 2023 2022 2021 Depreciation of property, plant and equipment 14 (14,033) (16,737) (19,425) Amortization of customer relationships (12,459) (47,222) (72,752) Amortization of trademarks (2,237) (2,237) (2,237) Amortization of other intangible assets (22,299) (21,704) (21,904) Amortization of intangible assets 15 (36,995) (71,163) (96,893) Total (51,028) (87,900) (116,318) |
Exceptional items (Tables)
Exceptional items (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Analysis of income and expense [abstract] | |
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) For the financial year ended March 31 Exceptional items Notes 2023 2022 2021 Business restructuring expenses (4,446) (1,980) (10,340) Corporate restructuring expenses (2,764) (475) (253,430) Directors' fee (141) (160) (218) Impairment (3,355) (2,846) (3,866) Net sales of assets (loss) (365) (23) (294) Share-based payment transactions and related other expenses 24 (10,419) (7,050) (2,336) Change in fair value of warrants and put options 26, 40 11,070 15,583 (13,692) Other exceptional items (2,394) 8,124 (2,066) Total (12,814) 11,173 (286,242) |
Net finance costs (Tables)
Net finance costs (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure of Finance Income | (EUR thousand) For the financial year ended March 31 2023 2022 2021 Finance income Interest income on current bank deposits 1,605 247 345 Net foreign exchange gain on financing activities — 293 — Other finance income 455 636 2,121 Total finance income 2,060 1,176 2,466 Finance costs Interest expense: - Bank borrowings (including amortization of capitalized financing fees) (30,894) (22,184) (21,463) - Lease liabilities interest (588) (626) (1,030) -Interest expenses on Non-Convertible Preferred Equity Certificates issued to 3rd Parties — — (76) Net foreign exchange loss on financing activities (2,537) — (280) Net foreign exchange loss on operating activities (1) (3,501) (405) (1,378) Other finance costs (1,129) (2,579) (2,203) Total finance costs (38,649) (25,794) (26,430) Net finance costs (36,589) (24,618) (23,964) (1) Net foreign exchange gain and loss arising during the period is the difference between the value originally recorded and the amount actually paid or received, as well as unrealized gain and loss due to the difference between the original value recorded and the value at the balance sheet date. |
Disclosure of Finance Cost | (EUR thousand) For the financial year ended March 31 2023 2022 2021 Finance income Interest income on current bank deposits 1,605 247 345 Net foreign exchange gain on financing activities — 293 — Other finance income 455 636 2,121 Total finance income 2,060 1,176 2,466 Finance costs Interest expense: - Bank borrowings (including amortization of capitalized financing fees) (30,894) (22,184) (21,463) - Lease liabilities interest (588) (626) (1,030) -Interest expenses on Non-Convertible Preferred Equity Certificates issued to 3rd Parties — — (76) Net foreign exchange loss on financing activities (2,537) — (280) Net foreign exchange loss on operating activities (1) (3,501) (405) (1,378) Other finance costs (1,129) (2,579) (2,203) Total finance costs (38,649) (25,794) (26,430) Net finance costs (36,589) (24,618) (23,964) (1) Net foreign exchange gain and loss arising during the period is the difference between the value originally recorded and the amount actually paid or received, as well as unrealized gain and loss due to the difference between the original value recorded and the value at the balance sheet date. |
Income tax benefit _ (expense)
Income tax benefit / (expense) (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income taxes paid (refund) [abstract] | |
Disclosure of Income Tax Expense and Reconciliation of Accounting Profit Multiplied by Applicable Tax Rates | (EUR thousand) For the financial year ended March 31 Income tax Notes 2023 2022 2021 Current income tax expense (9,947) (5,787) (2,147) Adjustments in respect of current income tax of prior years (1) 5,051 4,225 (149) Adjustments in respect of deferred income tax of prior years 27 1,144 — — Deferred tax benefit 27 2,702 16,174 34,167 Income tax benefit / (expense) reported in the income statement (1,050) 14,612 31,871 (1) The adjustment in respect of current income tax of prior years for the financial year ended March 31, 2023 mainly comprises of a benefit of EUR4.2 million resulting from the reversal of a previously-recorded uncertain tax position as a consequence of the final tax assessment received from the relevant authorities; and a EUR0.6 million penalty reduction for the withholding tax on interests and license fees in Italy. For the financial year ended March 31, 2022 the current income tax adjustments of prior years mainly comprises of EUR3.9 million sourcing from the usage of tax losses to offset prior years’ taxable profits. The below table reconciles the income tax calculated by applying the Swiss statutory tax rate applicable to the Company, to the effective taxes reported in the income statement: (EUR thousand) For the financial year ended March 31 2023 2022 2021 Loss before tax (22,449) (111,247) (467,353) Effective tax Tax benefit / (expense) calculated at the Swiss statutory tax rate of 18.8% (18.8% in both FY2021/22 and 2020/21) applicable to the Company 4,221 20,919 88,096 Adjustments in respect of prior years 5,051 141 (149) Recognition of previously unrecognized (derecognition of previously recognized) deductible temporary differences 2,428 (124) (590) Expenses not deductible for tax purposes (7,349) (5,648) (33,589) Current year losses not generating deferred tax assets (5,039) (2,583) (11,639) Effect of capital reorganization — — (11,958) Effect of income taxed at different tax rates (4,667) (1,400) 275 Deferred tax assets recognized for future tax credits — — 440 Non-taxable income / gains 1,885 2,027 — Other tax items 2,420 1,280 985 Total reported effective tax benefit / (expense) (1,050) 14,612 31,871 (EUR thousand) For the financial year ended March 31 Tax items recognized directly in other comprehensive income: Note 2023 2022 2021 Tax effect on remeasurement of post-employment benefit obligations 27 86 (570) 108 Tax effect on other investments at FVOCI 27 (181) — — Total tax effect (95) (570) 108 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Earnings per share [abstract] | |
Summary of Earnings per Share | (EUR thousand) For the financial year ended March 31 Earnings per share 2023 2022 2021 Loss attributable to the owners of the parent (25,621) (97,177) (434,069) Loss attributable to the owners of the parent attributable to ordinary shares (21,635) (88,460) (386,890) Loss attributable to the owners of the parent attributable to preference shares (3,986) (8,717) (47,178) Weighted average number of basic and diluted ordinary shares outstanding (thousand) 187,326 179,455 169,391 Weighted average number of basic and diluted preference shares outstanding (thousand) 34,509 17,684 20,656 Basic and diluted loss per ordinary share (0.12) (0.49) (2.28) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Presentation of leases for lessee [abstract] | |
Disclosure of Composition and Reconciliation of Right-of-Use Assets | Right of use assets recognized within Property, plant and equipment are comprised of the following: (EUR thousand) As of March 31 Right of use assets 2023 2022 Offices 8,064 9,923 Refund points 4,793 6,308 IT contracts 915 3,027 Others 3,084 1,680 Total Right of use assets 16,856 20,938 Movements during the period of Right of use assets are the following: (EUR thousand) For the financial year ended March 31 Movement of Right of use assets 2023 2022 Opening balance as of April 1 20,938 30,530 New contracts 5,855 2,523 Modifications 969 1,017 Depreciation (10,832) (12,975) Exchange differences (74) (157) Closing balance as of March 31 16,856 20,938 |
Disclosure of Composition and Reconciliation of Lease Liabilities | Lease liabilities recognized within Other non-current financial liabilities and Other current financial liabilities are the following: (EUR thousand) As of March 31 Lease liabilities Notes 2023 2022 Current 40 6,984 10,538 Non-current 26 10,243 11,319 Total Lease liabilities 17,227 21,857 Movements during the period of Lease liabilities are the following: (EUR thousand) For the financial year ended March 31 Movement of Lease liabilities 2023 2022 Opening balance as of April 1 21,857 31,700 New contracts 5,855 2,525 Modifications 870 1,058 Cash outflow (11,746) (14,001) Interest expense (included in finance costs) 588 626 Exchange differences (197) (51) Closing balance as of March 31 17,227 21,857 |
Disclosure of Maturity Analysis of Operating Lease Payments | The contractual duration of the lease liabilities is the following: (EUR thousand) As of March 31 Contractual maturities of lease liabilities 2023 2022 Less than 2 years 11,782 16,345 Between 2 and 5 years 5,368 5,370 More than 5 years 77 142 Total 17,227 21,857 |
Disclosure of Amounts Recognized in the Income Statement Related to Leases | Amounts recognized in the income statement related to leases are the following: (EUR thousand) For the financial year ended March 31 Depreciation charge of right of use assets 2023 2022 2021 Offices 3,891 4,534 4,424 Refund points 3,762 5,046 6,511 IT contracts 2,019 2,147 2,253 Others 1,160 1,248 1,461 Total Depreciation charge of right of use assets 10,832 12,975 14,649 (EUR thousand) For the financial year ended March 31 Other lease-related expenses 2023 2022 2021 Expense relating to short-term leases (included in Operating expenses) 718 943 646 Expense relating to leases of low-value assets that are not short-term leases (included in Operating expenses) 63 88 98 Expense relating to variable lease payments not included in lease liabilities (included in Other expenses) 3,235 2,421 3,478 Total Other lease-related expenses 4,016 3,452 4,222 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Property, plant and equipment [abstract] | |
Disclosure of Reconciliation of Property, Plant and Equipment | The below schedules represent the movements in property, plant and equipment for each respective year presented. (EUR thousand) As of March 31 Cost 2023 2022 Machinery, equipment and computers 30,301 28,494 Leasehold improvements 4,535 4,846 Right of use assets 50,508 66,174 Total Cost 85,344 99,514 Accumulated depreciation and impairment Machinery, equipment and computers (23,797) (22,972) Leasehold improvements (3,056) (3,548) Right of use assets (33,652) (45,236) Total Accumulated depreciation and impairment (60,505) (71,756) Total Property, plant and equipment 24,839 27,758 The movement tables exclude the movements of right of use assets, which are presented and detailed in Note 13. (EUR thousand) Machinery, Equipment and Computers Leasehold Improvements Total Cost Opening balance as of April 1, 2022 28,494 4,846 33,340 Acquisition of subsidiaries 103 1 104 Disposal of subsidiary (158) (14) (172) Additions 4,087 689 4,776 Disposals (1,507) (1,147) (2,654) Reclassifications (194) 190 (4) Exchange differences (524) (30) (554) Closing balance as of March 31, 2023 30,301 4,535 34,836 Accumulated depreciation and impairment Opening balance as of April 1, 2022 (22,972) (3,548) (26,520) Depreciation charge for the year (2,672) (529) (3,201) Disposal of subsidiary 123 4 127 Impairment charge for the year (2) — (2) Disposals 1,380 989 2,369 Reclassifications 4 — 4 Exchange differences 342 28 370 Closing balance as of March 31, 2023 (23,797) (3,056) (26,853) Net book value as of March 31, 2023 6,504 1,479 7,983 (EUR thousand) Machinery, Equipment and Computers Leasehold Improvements Total Cost Opening balance as of April 1, 2021 27,602 5,590 33,192 Additions 3,234 58 3,292 Disposals (2,540) (696) (3,236) Reclassifications 128 (96) 32 Exchange differences 70 (10) 60 Closing balance as of March 31, 2022 28,494 4,846 33,340 Accumulated depreciation and impairment Opening balance as of April 1, 2021 (21,990) (3,828) (25,818) Depreciation charge for the year (3,246) (516) (3,762) Impairment charge for the year (15) — (15) Disposals 2,497 686 3,183 Reclassifications (128) 96 (32) Exchange differences (90) 14 (76) Closing balance as of March 31, 2022 (22,972) (3,548) (26,520) Net book value as of March 31, 2022 5,522 1,298 6,820 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Intangible assets and goodwill [abstract] | |
Disclosure of Reconciliation of Changes in Intangible Assets and Goodwill | (EUR thousand) Goodwill Trademarks Customer relationships Other intangible assets Software Total Opening balance as of April 1, 2022 487,685 46,025 669,145 10,247 144,224 1,357,326 Acquisition of subsidiaries 29,239 — 4,466 — 2,738 36,443 Purchases — — 2,577 869 25,688 29,134 Disposals — — — (557) (1,420) (1,977) Disposal of subsidiary — — — — (687) (687) Exchange differences (4,651) (116) (285) (301) (3,088) (8,441) Accumulated acquisition values 512,273 45,909 675,903 10,258 167,455 1,411,798 Opening balance as of April 1, 2022 — (21,624) (653,403) (8,347) (83,916) (767,290) Amortization — (2,237) (12,459) (909) (21,390) (36,995) Disposals — — — 157 1,086 1,243 Disposal of subsidiary — — — — 416 416 Exchange differences — — 99 234 2,163 2,496 Accumulated amortization — (23,861) (665,763) (8,865) (101,641) (800,130) Opening balance as of April 1, 2022 (2,063) — — (498) (3,449) (6,010) Impairment — — — — (247) (247) Reversal of impairment — — — — — — Disposals — — — — 37 37 Exchange differences 48 — — — 12 60 Accumulated impairment (2,015) — — (498) (3,647) (6,160) Net book value as of March 31, 2023 510,258 22,048 10,140 895 62,167 605,508 (EUR thousand) Goodwill Trademarks Customer relationships Other int. 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 Purchases — — 1,331 418 17,093 18,842 Disposals — — — (7) (926) (933) Reclassifications — — — 95 (95) — Exchange differences 1,991 51 117 17 1,106 3,282 Accumulated acquisition values 487,685 46,025 669,145 10,247 144,224 1,357,326 Opening balance as of April 1, 2021 — (19,387) (606,140) (7,338) (62,891) (695,756) Amortization — (2,237) (47,222) (1,024) (20,680) (71,163) Disposals — — — 7 468 475 Exchange differences — — (41) 8 (813) (846) Accumulated amortization — (21,624) (653,403) (8,347) (83,916) (767,290) Opening balance as of April 1, 2021 (1,975) — — (498) (3,462) (5,935) Impairment — — — — (543) (543) Reversal of impairment — — — — 95 95 Disposals — — — — 458 458 Exchange differences (88) — — — 3 (85) Accumulated impairment (2,063) — — (498) (3,449) (6,010) Net book value as of March 31, 2022 485,622 24,401 15,742 1,402 56,859 584,026 |
Disclosure of Goodwill and Customer Relationships by Operating Segment | The following is a summary of goodwill allocation for each operating segment / business: (EUR thousand) As of March 31 Goodwill 2023 2022 TFSS 362,069 361,879 AVPS 50,076 51,271 ZigZag 61,045 64,540 Yocuda 7,829 7,932 ShipUp 29,239 — Total 510,258 485,622 (EUR thousand) As of March 31 Customer relationships 2023 2022 PPA initial valuation TFSS — 10,562 610,789 AVPS — 2,112 44,256 RTS 4,373 — 4,466 Total 4,373 12,674 659,511 |
Other non-current financial a_2
Other non-current financial assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Reconciliation of Other Non-Current Financial Assets | (EUR thousand) For the financial year ended March 31 Other non-current financial assets 2023 2022 Opening balance as of April 1 13,313 13,123 Additions 4,149 3,759 Reclassifications (3,305) (688) Share of joint venture losses on loan receivable — (562) Impairment charge/reversal 130 (2,390) Exchange differences (80) 71 Closing balance as of March 31 14,207 13,313 |
Financial instruments by cate_2
Financial instruments by category (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of Financial Assets | The table below details the financial instruments as of March 31, 2023: As of March 31, 2023 (EUR thousand) Assets as per statement of financial position At amortized cost At FVPL At FVOCI Total Other investments — — 7,051 7,051 Other non-current financial assets 11,807 2,400 — 14,207 Trade receivables 191,469 — — 191,469 Other current receivables (1) 16,256 107 — 16,363 Cash and cash equivalents 240,546 — — 240,546 Balance as of March 31, 2023 460,078 2,507 7,051 469,636 (1) excluding other non-financial receivables The table below details the financial instruments as of March 31, 2022: As of March 31, 2022 (EUR thousand) Assets as per statement of financial position At amortized cost At FVPL At FVOCI Total Other investments — — 3,881 3,881 Other non-current financial assets 13,313 — — 13,313 Trade receivables 100,469 — — 100,469 Other current receivables (1) 14,050 — — 14,050 Cash and cash equivalents 51,083 — — 51,083 Balance as of March 31, 2022 178,915 — 3,881 182,796 (1) excluding other non-financial receivables |
Disclosure of Financial Liabilities | As of March 31, 2023 (EUR thousand) Liabilities as per statement of financial position At amortized cost At FVPL At FVOCI Total Loans and borrowings 788,836 — — 788,836 Other non-current financial liabilities 15,215 3,596 — 18,811 Other current financial liabilities 6,984 12,243 19,227 Trade payables 209,106 — — 209,106 Other current liabilities (1) 19,985 — — 19,985 Accrued liabilities (1) 48,444 — — 48,444 Balance as of March 31, 2023 1,088,570 15,839 — 1,104,409 (1) excluding other non-financial liabilities As of March 31, 2022 (EUR thousand) Liabilities as per statement of financial position At amortized cost At FVPL At FVOCI Total Loans and borrowings 723,230 — — 723,230 Other non-current financial liabilities 14,286 15,419 — 29,705 Trade payables 166,103 — — 166,103 Other current financial liabilities 10,538 12,051 — 22,589 Other current liabilities (1) 15,428 356 — 15,784 Accrued liabilities (1) 28,497 — — 28,497 Balance as at March 31, 2022 958,082 27,826 — 985,908 (1) excluding other non-financial liabilities |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Trade and other receivables [abstract] | |
Disclosure of Trade Receivables Balance | The tables below detail the trade receivables balances as of March 31, 2023 and March 31, 2022: As of March 31, 2023 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 151,790 38,065 3,676 193,531 Less: Loss allowance (1,889) — (173) (2,062) Total 149,901 38,065 3,503 191,469 As of March 31, 2022 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 73,969 24,815 3,406 102,190 Less: Loss allowance (1,864) — (264) (2,128) Total 72,105 24,815 3,142 100,062 |
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 122,895 30,949 1,434 155,278 Trade receivables overdue: Up to 3 months 23,379 7,113 1,086 31,578 3 months - 6 months 958 — 537 1,495 More than 6 months 2,669 3 446 3,118 Total 149,901 38,065 3,503 191,469 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 61,878 24,532 1,559 87,969 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 3,142 100,062 |
Disclosure of Movements of the Provision for the Impairment of Trade Receivables | The table below details the movements of the expected credit losses of trade receivables: (EUR thousand) For the financial year ended March 31 Movements of the expected credit losses of trade receivables 2023 2022 Opening balance at April 1 (2,128) (4,117) Income statement charge for the year (614) (515) Write-offs 142 860 Reversal of unused amounts 510 1,563 Exchange differences 28 81 Closing balance at March 31 (2,062) (2,128) |
Other current receivables (Tabl
Other current receivables (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Other Current Receivables | (EUR thousand) As of March 31 Other current receivables 2023 2022 Input VAT 11,434 9,541 DCC receivables 10,327 7,763 Advances and deposits 3,903 3,482 Withholding taxes 3,064 2,247 Government grants 1,260 1,726 Derivative financial instruments 107 — Others 1,274 1,075 Total 31,369 25,834 |
Prepaid expenses (Tables)
Prepaid expenses (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure of Prepaid Expenses | (EUR thousand) As of March 31 Prepaid expenses 2023 2022 Insurance costs 894 422 Office and IT-related expenses 2,691 3,803 Contracts with customers 949 733 Other prepaid expenses 1,052 678 Total 5,586 5,636 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Disclosure of Cash and Cash Equivalents | (EUR thousand) As of March 31 Cash and cash equivalents 2023 2022 Deposits 112,015 2,831 Cash and bank balances 128,531 48,252 Total 240,546 51,083 |
Issued capital and reserves (Ta
Issued capital and reserves (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Issued capital [abstract] | |
Disclosure of Reconciliation of Share Capital | For the financial year ended March 31 2023 2022 2021 Ordinary shares Preference shares A Preference shares B Total Ordinary Preference shares A Total Ordinary Preference shares Total Opening balance at April 1 192,534,962 17,788,512 — 210,323,474 187,534,962 23,717,989 211,252,951 40,000,000 — 40,000,000 Effects of the capital reorganization on Aug 28, 2020 — — — — — — — 127,824,796 23,717,989 151,542,785 Issuance of share capital Global Blue Group Holding A.G. 8,587,786 — 21,176,470 29,764,256 — — — 19,596,142 — 19,596,142 Conversion of preference shares into ordinary shares — — — — — — — — (5,929,477) (5,929,477) Assign the preference shares to ListCo. — — — — — — — — 5,929,477 5,929,477 Exercises of warrants — — — — — — — 114,024 — 114,024 Issuance of treasury shares by Global Blue Group Holding A.G. 104,135 — — 104,135 5,000,000 — 5,000,000 — — — Cancellation of preference shares by Global Blue Group Holding A.G. — (104,135) — (104,135) — (5,929,477) (5,929,477) — — — Closing balance at March 31 201,226,883 17,684,377 21,176,470 240,087,730 192,534,962 17,788,512 210,323,474 187,534,962 23,717,989 211,252,951 Shareholders of Global Blue Group Holding AG as of March 31, 2023 Ordinary shares Preference shares Total Ownership (4) Warrants Silver Lake and Affiliates (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 (3) 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 8,883,950 774,517 9,658,467 4.2 % 516,317 Other Shareholders 21,796,402 — 21,796,402 9.5 % 20,969,283 Total excl. GB Group 189,855,747 38,860,611 228,716,358 100.0 % 30,735,950 GB Group 11,371,136 236 11,371,372 — Total incl. GB Group 201,226,883 38,860,847 240,087,730 30,735,950 Shareholders of Global Blue Group Holding AG as of March 31, 2022 Ordinary shares Preference shares Total Ownership (4) 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 10.9 % 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 Shareholders of Global Blue Group Holding AG as of 31 March 2021 Ordinary shares Preference shares Total Ownership (4) Warrants Silver Lake and Affiliates (1) 98,017,072 11,970,487 109,987,559 55.5% 6,548,415 Partners Group and Affiliates (2) 40,442,783 4,939,137 45,381,920 22.9 % 2,701,935 Ant Group 12,500,000 — 12,500,000 6.3 % — GB Directors, Executive Management & Other Employees 9,106,902 878,888 9,985,790 5.0 % 516,317 Other Shareholders 20,468,205 — 20,468,205 10.3 % 20,969,283 Total excl. GB Group 180,534,962 17,788,512 198,323,474 100.0 % 30,735,950 GB Group 7,000,000 5,929,477 12,929,477 — Total incl. GB Group 187,534,962 23,717,989 211,252,951 30,735,950 (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) - Corresponds to Certares Opportunities LLC and Knighthead Opportunities Capital Management, LLC (4) - Excludes GB Group |
Disclosure of Reconciliation of Treasury Shares | For the financial year ended March 31, 2023 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Preference shares B Total Ordinary Preference shares A Preference shares B 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 (538,044) — — (538,044) 5 — — 5 Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (1,189,977) — — (1,189,977) 9,179 — — 9,179 Cancellation of preference shares A by Global Blue Group Holding A.G. — (104,135) — (104,135) — 879 — 879 Acquisition of treasury shares 4 — — 4 — — — — Closing balance as of March 31, 2023 11,371,136 236 — 11,371,372 (114) (3) — (117) For the financial year ended March 31, 2022 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares Total Ordinary Preference shares Total Opening balance as of April 1, 2021 8,051,569 138,846 8,190,415 (8,877) (1,246) (10,123) Acquisition of treasury shares as at Conversion of shares 34,711 (34,711) — (366) 366 — Acquisition of treasury shares (September 2021) 5,000,000 — 5,000,000 (46) — (46) Acquisition of treasury shares (January 2022) 1,217 236 1,453 (9) (2) (11) Vested RSA shares March 2022 (92,479) — (92,479) 1 — 1 Closing balance as of March 31, 2022 12,995,018 104,371 13,099,389 (9,297) (882) (10,179) For the financial year ended March 31, 2021 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares Total Ordinary Preference shares Total Opening balance as of April 1, 2020 — — — — — — Acquisition of treasury shares 1,051,569 138,846 1,190,415 (8,812) (1,246) (10,058) Acquisition of treasury shares post-merger with FPAC 7,000,000 — 7,000,000 (65) — (65) Closing balance as of March 31, 2021 8,051,569 138,846 8,190,415 (8,877) (1,246) (10,123) |
Non-controlling interests (Tabl
Non-controlling interests (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Non-Controlling Interests [Abstract] | |
Disclosure of Detailed Information about Non-Controlling Interests | Non-controlling interests represent the participating interests of third parties in the Group's equity and are comprised of the following Group entities: (EUR thousand) As of March 31 Non-controlling interests 2023 2022 2021 Global Blue TFS Japan Co Ltd 4,555 3,180 3,969 Global Blue Lebanon SAL 107 299 472 Global Blue Touristik Hizmetler A.Ş. 1,302 713 1,234 Global Blue Russia AO — 1,153 581 Global Blue Russia Holdings B.V. — 349 320 Global Blue Cross Border SA — — 203 Global Blue Pazarlama Destek ve Teknoloji Hizmetleri A.S 6 38 — Total Non-controlling interests 5,970 5,732 6,779 (EUR thousand) Global Blue Global Blue Turistik Hizmetler A.Ş. As of March 31 2023 2022 2023 2022 Current Assets 16,327 4,102 5,493 4,724 Liabilities 17,976 10,331 4,221 4,174 Total current net assets / (liabilities) (1,649) (6,229) 1,272 550 Non- current Assets 10,951 12,712 1,329 1,150 Liabilities 13 — 600 592 Total non-current net assets / (liabilities) 10,938 12,712 729 558 Net assets 9,289 6,483 2,001 1,108 (EUR thousand) Global Blue Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2023 2022 2021 2023 2022 2021 Revenue 10,076 3,384 3,084 5,351 3,452 1,326 Profit / (loss) for the year from continuing operations 3,249 (1,320) (1,140) 3,093 2,067 267 (EUR thousand) Global Blue TFS Japan Co. Ltd. Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2023 2022 2021 2023 2022 2021 Net increase / (decrease) in cash and cash equivalents 7,954 (23) (7,851) 420 721 (1,034) Name Country of incorporation and place of business address Nature of business Ownership interest March 31, 2023 Ownership interest March 31, 2022 Global Blue Argentina S.A. Buenos Aires Argentina Tax free Shopping 99.99% 99.99% Global Blue Austria GmbH Vienna Austria Tax free Shopping 100.00% 100.00% Global Blue Service Company Austria GmbH Vienna Austria Service Provider 100.00% 100.00% Digital Export Validation GmbH Vienna Austria Tax free Shopping 100.00% 100.00% Global Blue Australia Pty Ltd Sydney Australia Tax free Shopping 100.00% 100.00% Global Blue Currency Choice Australia Pty Ltd Sydney Australia Currency Choice 100.00% 100.00% Currency Select Pty Limited Sydney Australia Currency Choice 100.00% 100.00% Global Blue Belgium NV Brussels Belgium Tax free Shopping 100.00% 100.00% ZigZag Global EOOD Varna Bulgaria Retail Technology Solutions 100.00% 100.00% Global Blue Bahamas Ltd Nassau Bahamas Tax free Shopping 100.00% 100.00% Bahama’s VAT Refund Ltd Nassau Bahamas Tax free Shopping 80.00% — Global Blue Schweiz AG Brüttisellen Switzerland Tax free Shopping 100.00% 100.00% Global Blue SA Signy Switzerland Head office company 100.00% 100.00% Global Blue Group AG Brüttisellen Switzerland Holding Unit 100.00% 100.00% Refund Suisse AG Bottighofen Switzerland Tax free Shopping 100.00% 100.00% Global Blue Group II GmbH Brüttisellen Switzerland Holding Unit 100.00% 100.00% Global Blue Currency Choice Schweiz AG Brüttisellen Switzerland Currency Choice 100.00% 100.00% Global Blue Commercial Consulting (Shanghai) Co Ltd Shanghai China Tax free Shopping 100.00% 100.00% Global Blue Commercial Consulting (Beijing) Co Ltd Beijing China Tax free Shopping 100.00% 100.00% Global Blue Cyprus Ltd Larnaca Cyprus Tax free Shopping 100.00% 100.00% Global Blue Czech Republic, s.r.o. Prague Czech Republic Tax free Shopping 100.00% 100.00% Global Blue Deutschland GmbH Düsseldorf Germany Tax free Shopping 100.00% 100.00% Global Blue New Holdings Germany GmbH Düsseldorf Germany Holding Unit 100.00% 100.00% RFND Digital GmbH Konstanz Germany Tax free Shopping 100.00% 100.00% ZigZag Global GmbH Hamburg Germany Retail Technology Solutions 100.00% 100.00% Global Blue Danmark A/S Copenhagen Denmark Tax free Shopping 100.00% 100.00% Global Blue Eesti OÜ Tallinn Estonia Tax free Shopping 100.00% 100.00% G. Blue España SA Madrid Spain Holding Unit 100.00% 100.00% Global Blue España SA Madrid Spain Tax free Shopping 100.00% 100.00% Global Blue Acquisition España S.A.U Madrid Spain Holding Unit 100.00% 100.00% Global Blue Finland Oy Helsinki Finland Tax free Shopping 100.00% 100.00% Global Blue Administration Center North Oy Helsinki Finland Service Provider 100.00% 100.00% Global Blue France Paris France Tax free Shopping 100.00% 100.00% Global Blue Holding Paris France Tax free Shopping 100.00% 100.00% ShipUp Holding SAS Paris France Holding Unit 100.00% — ShipUp SAS Nanterre France Retail Technology Solutions 100.00% — ZigZag Global SAS Levallois France Retail Technology Solutions 100.00% — Global Blue (UK) Ltd London United Kingdom Tax free Shopping 100.00% 100.00% Global Blue Service Company UK Limited London United Kingdom Service provider 100.00% 100.00% Global Blue New Holdings UK Ltd London United Kingdom Holding Unit 100.00% 100.00% ZZ Global Blue Holding Limited London United Kingdom Holding Unit 100.00% 100.00% ZigZag Global Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% Kinphire Ltd London United Kingdom Holding Unit 100.00% 100.00% Yocuda UK Holdings Ltd London United Kingdom Holding Unit 100.00% 100.00% Yocuda UK Services Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% Yocuda Network UK Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% Yocuda Europe Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% Yocuda Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% eReceipts Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% Global Blue Marketing Services Limited London United Kingdom Marketing Business 100.00% 100.00% Estera Trust Limited St. Helier Jersey, Channel Islands Management Trust — 100.00% Global Blue Hellas SA Athens Greece Tax free Shopping 100.00% 100.00% First Currency Choice Hong Kong Limited Hong Kong Hong Kong Currency Choice — 100.00% Global Blue Croatia, trgovina i turizam d.o.o. Zagreb Croatia Tax free Shopping 100.00% 100.00% Global Blue Tax Free Ireland Limited Dublin Ireland Tax free Shopping 100.00% 100.00% Global Blue Private Limited New Delhi India Holding Unit 51.00% 51.00% Global Blue á Íslandi hf Kópavogi Iceland Tax free Shopping 100.00% 100.00% Global Blue Italia S.r.l. Milan Italy Tax free Shopping 100.00% 100.00% Global Blue Service Company Italia SRL Milan Italy Service Provider 100.00% 100.00% Global Blue Currency Choice Italia S.r.l Milan Italy Currency Choice 100.00% 100.00% Global Blue Japan Co., Ltd. Tokyo Japan Currency Choice 100.00% 100.00% Global Blue TFS Japan Co., Ltd. Tokyo Japan Tax free Shopping 51.00% 51.00% Global Blue Korea Co Ltd Seoul Korea Tax free Shopping 100.00% 100.00% Global Blue Currency Choice Korea Co Ltd Seoul Korea Currency Choice 100.00% 100.00% Global Blue Holding Limited Grand Cayman Cayman Islands Holding Unit 100.00% 100.00% Global Blue Kazakhstan LLP Astana Kazakhstan Tax free Shopping 100.00% 100.00% Global Blue Lebanon SAL Metn Lebanon Tax free Shopping 61.00% 61.00% UAB Global Blue Lietuva Vilnius Lithuania Tax free Shopping 100.00% 100.00% Global Blue Luxembourg S.A. Luxembourg Luxembourg Tax free Shopping 100.00% 100.00% Global Blue Latvija SIA Riga Latvia Tax free Shopping 100.00% 100.00% Global Blue Maroc SA Casablanca Morocco Tax free Shopping 100.00% 100.00% IRIS Global Blue TRS Malaysia Sdn. Bhd. Kuala Lumpur Malaysia Tax free Shopping 100.00% 100.00% Global Blue Holland BV Amsterdam Netherlands Tax free Shopping 100.00% 100.00% Global Blue Holding B.V. Amsterdam Netherlands Holding Unit 100.00% 100.00% Global Blue Acquisition B.V. Amsterdam Netherlands Finance company 100.00% 100.00% Global Blue Russia Holdings B.V. in liquidation Amsterdam Netherlands Holding Unit 100.00% 51.00% Global Blue Norge AS Lysaker Norway Tax free Shopping 100.00% 100.00% Currency Select New Zealand Pty Ltd Auckland New Zealand Currency Choice 100.00% 100.00% Global Blue Peru S.A.C. Lima Peru Tax free Shopping 100.00% 100.00% Global Blue Polska Sp. Zo.o. Warsaw Poland Tax free Shopping 100.00% 100.00% Global Refund Portugal Lda. Lisbon Portugal Tax free Shopping 100.00% 100.00% GBFTSP - Finance And Technology Services Portugal, Unipessoal LDA Porto Portugal Service provider 100.00% 100.00% Global Blue d.o.o. Beograd - Novi Beograd Belgrad Serbia Tax free Shopping 100.00% 100.00% Global Blue Russia AO Moscow Russia Tax free Shopping — 51.00% Global Blue Sverige AB Stockholm Sweden Tax free Shopping 100.00% 100.00% Global Blue Sweden Holdings AB Stockholm Sweden Holding Unit 100.00% 100.00% Global Blue Service AB Stockholm Sweden Service provider 100.00% 100.00% Global Blue Holdings AB Stockholm Sweden Holding Unit 100.00% 100.00% Global Blue Currency Choice Service Europe AB Stockholm Sweden Currency Choice 100.00% 100.00% Global Blue Singapore Pte Ltd Singapore Singapore Tax free Shopping 100.00% 100.00% Global Blue Service Company Singapore Pte Ltd Singapore Singapore Service provider 100.00% 100.00% Global Blue India Holding Company Pte Ltd Singapore Singapore Holding Unit 51.00% 51.00% Global Blue Currency Choice Singapore Pte Ltd Singapore Singapore Currency Choice 100.00% 100.00% Global Blue d.o.o. Ljubljana Slovenia Tax free Shopping 100.00% 100.00% Global Blue Slovakia s.r.o. Bratislava Slovakia Service provider 100.00% 100.00% Global Blue (Thailand) Co. Limited Bangkok Thailand Currency Choice — 100.00% Global Blue Turistik Hizmetler AS Istanbul Turkey Tax free Shopping 60.00% 60.00% Global Blue Pazarlama Destek ve Teknoloji Hizmetleri A.S Istanbul Turkey Currency Choice 60.00% 60.00% Far Point Acquisition Corporation Wilmington USA Holding Unit 100.00% 100.00% Shipup Inc Delaware USA Retail Technology Solutions 100.00% — ZigZag Global LLC Dover USA Retail Technology Solutions 100.00% 100.00% Global Blue South Africa Pty Ltd Johannesburg South Africa Tax free Shopping 51.00% 51.00% |
Share-based payments transact_2
Share-based payments transactions (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Share-Based Payments Transactions [Abstract] | |
Disclosure of Movement in the Share-Based Payment Liability | The movement in the share-based payment liability during the period is reflected below: (EUR thousand) For the financial year ended March 31, 2021 Opening balance 7,396 Valuation up to August 27 974 SBP value as of August 27 8,370 Expense recognized in the profit and loss upon capital reorganization 58,744 SBP value as of August 28 67,114 Cash settlements upon reorganization (29,333) Conversion upon reorganization of remaining SBP liability to equity at FV (37,781) Closing balance — |
Disclosure of Movement in the NC-PECs Liability | The movement in the NC-PECs liability is reflected below: (EUR thousand) For the financial year ended March 31, 2021 Nominal value including accrued interest on NC-PECs issued at the beginning of the year 1,920 Mark-to-market fair value charge (138) Accrued interests on NC-PECs 79 Transfer to equity (1,861) Reclassifications — Total value of NC-PECs direct investment — Value at the beginning of the year 2,971 Accrued interest 120 Derecognition of residual amount to profit and loss (101) Transfer to equity (2,990) Reclassifications — Interest bearing obligations towards senior management of Global Blue Group — Total value of NC-PECs including accrued interest — (Thousand of units) For the financial year ended March 31, 2021 NC-PECs issued at the beginning of the year 927 Issuance of NC-PECs — Transfer of NC-PECs to equity (927) Number of NC-PECs issued — |
Disclosure of Number and Reconciliation of Outstanding Share Options | On October 23, 2020, a total of 8 million share options were granted to employees of the Group with four tranches of options vesting on four respective vesting dates (“SOP 2020”), whereas within each of the four tranches, there are further four tranches of options with four different exercise prices, as below: Vesting date Total Share options granted (thousands) 05/03/2022 05/09/2022 05/09/2023 05/09/2024 US$8.50 971 324 647 647 2,589 US$10.50 822 274 548 548 2,192 US$12.50 673 224 448 448 1,793 US$14.50 523 175 349 349 1,396 Total 2,989 997 1,992 1,992 7,970 The strike price of the existing SOP grants has been adjusted as set forth below, while all the other terms of the SOP 2020 and SOP 2019 remained unaffected. SOP 2020 MOD - Number of shares (thousand) Original Option Strike Price New Option Strike Price Vesting date Total 15/02/2022 15/08/2022 15/08/2023 15/08/2024 US$ 8.50 US$ 6.42 335 112 223 223 893 US$ 10.50 US$ 8.42 284 95 189 189 757 US$ 12.50 US$ 10.42 232 77 155 155 619 US$ 14.50 US$ 12.42 180 60 120 120 480 Total 1,031 344 687 687 2,749 The following table shows the SOPs granted and outstanding at the beginning and end of the reporting periods: For the financial year ended March 31 2023 2022 2021 Average exercise price per share option (USD) Number of options (thousands) 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 11.42 7,980 11.40 8,457 — — Granted during the year — — — — 11.40 8,457 Forfeited during the year 11.50 (28) 10.98 (477) — — As of March 31 11.42 7,952 11.42 7,980 11.40 8,457 Vested and exercisable of March 31 11.42 4,072 11.01 2,925 — — Number of shares (million) For the financial year ended March 31, 2023 As of April 1 — Granted during the year 452 Vested during the year — Forfeited during the year — As of March 31 452 Weighted average fair value (EUR) 0.13 Weighted average remaining contractual life of options outstanding at the end of the period (years) 2.5 |
Disclosure of Indirect Measurement of Fair Value of Share Options Granted | The revised model inputs and fair values at grant date are: SOP 2019 Vesting date 24/6/2022 23/6/2024 Share price at grant date (USD) 10.59 10.59 Exercise price (USD) 10.59 10.59 Expected volatility 25.00% 25.00% Risk free interest rate 1.91% 1.91% Fair value at grant date (USD) 1.59 1.59 SOP 2020 Vesting date 5/3/2022 5/9/2022 5/9/2023 5/9/2024 Share price at grant date (USD) 8.64 8.64 8.64 8.64 Expected volatility 21.50% 21.50% 21.50% 21.50% Risk free interest rate 0.50% 0.50% 0.50% 0.50% Exercise price (USD) 8.50 8.50 8.50 8.50 Fair value at grant date (USD) 1.54 1.54 1.52 1.49 Exercise price (USD) 10.50 10.50 10.50 10.50 Fair value at grant date (USD) 0.96 0.96 0.96 0.95 Exercise price (USD) 12.50 12.50 12.50 12.50 Fair value at grant date (USD) 0.61 0.61 0.61 0.61 Exercise price (USD) 14.50 14.50 14.50 14.50 Fair value at grant date (USD) 0.39 0.39 0.39 0.39 SOP 2020 MOD Vesting date 5/3/2022 5/9/2022 5/9/2023 5/9/2024 Share price at grant date (USD) 8.64 8.64 8.64 8.64 Expected volatility 21.50% 21.50% 21.50% 21.50% Risk free interest rate 0.50% 0.50% 0.50% 0.50% Exercise price (USD) 6.42 6.42 6.42 6.42 Fair value at grant date (USD) 2.52 2.50 2.45 2.37 Exercise price (USD) 8.42 8.42 8.42 8.42 Fair value at grant date (USD) 1.57 1.57 1.55 1.52 Exercise price (USD) 10.42 10.42 10.42 10.42 Fair value at grant date (USD) 0.98 0.98 0.97 0.96 Exercise price (USD) 12.42 12.42 12.42 12.42 Fair value at grant date (USD) 0.62 0.62 0.62 0.62 Grant date 31/10/2022 31/10/2022 31/10/2022 Vesting date 31/12/2024 31/12/2025 31/12/2026 Number of shares (million) 226.0 113.0 113.0 Expected volatility 9.7 % 9.7 % 9.7 % Discount rate 14.3 % 14.3 % 14.3 % Fair value per option as of March 31, 2023 (EUR) 0.03 0.12 0.33 |
Disclosure of Range of Exercise Prices of Outstanding Share Options | Share options outstanding at the end of the year have the following expiry dates and exercise prices: Share options outstanding (thousands) For the financial year ended March 31 Grant date Expiry date Exercise price (USD) 2023 2022 2021 June 25, 2019 June 23, 2027 10.59 461 461 487 October 23, 2020 August 15, 2026 8.50 1,540 2,443 2,589 October 23, 2020 August 15, 2026 10.50 1,304 2,068 2,192 October 23, 2020 August 15, 2026 12.50 1,067 1,692 1,793 October 23, 2020 August 15, 2026 14.50 830 1,316 1,396 October 23, 2020 August 15, 2026 6.42 894 — — October 23, 2020 August 15, 2026 8.42 756 — — October 23, 2020 August 15, 2026 10.42 619 — — October 23, 2020 August 15, 2026 12.42 481 — — Total 7,952 7,980 8,457 Weighted average remaining contractual life of options outstanding at the end of the period 3.4 years 4.4 years 5.4 years |
Disclosure of Number and Reconciliation of Outstanding Restricted Shares | RSA MOD - Number of shares RSA plan Vested at grant date To vest in the future Total Unconditional Conditional Total Unconditional Conditional Total RSA 2020 MOD 13,379 — 13,379 13,380 13,378 26,758 40,137 RSA 2021 MOD 7,132 3,566 10,698 21,396 21,393 42,789 53,487 RSAe 2021 MOD 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 table shows the RSAs granted and outstanding at the beginning and end of the reporting period: Number of shares (thousands) For the financial year ended March 31 2023 2022 2021 As of April 1 1,675 475 — Granted during the year 962 1,426 475 Vested during the year (539) (92) — Forfeited during the year (92) (134) — As of March 31 2,006 1,675 475 Weighted average fair value (USD) 5.18 6.62 8.65 |
Disclosure of Indirect Measurement of Fair Value of Restricted Shares Granted | 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 RSA 2020 MOD Grant date 23/10/2020 23/10/2020 23/10/2020 23/10/2020 23/10/2020 23/10/2020 23/10/2020 14/9/2022 14/9/2022 Vesting date 5/3/2022 5/9/2022 5/9/2023 5/3/2022 5/9/2022 5/9/2023 5/9/2024 5/9/2023 5/9/2024 Share price at grant date (USD) 8.64 8.64 8.64 8.64 8.64 8.64 8.64 4.83 4.83 Risk free interest rate 0.14 % 0.17 % 0.22 % 0.14 % 0.17 % 0.23 % 0.31 % 4.21 % 4.22 % Fair value per share (USD) 8.62 8.61 8.58 6.91 6.90 6.88 6.84 3.64 3.49 RSA 2021 RSA 2021 MOD RSA 2021e 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 12/10/2021 12/10/2021 Vesting date 5/9/2022 5/9/2023 5/9/2024 5/9/2025 14/9/2022 5/9/2023 5/9/2024 5/9/2025 5/9/2022 5/9/2023 Share price at grant date (USD) 6.60 6.60 6.60 6.60 4.83 4.83 4.83 4.83 6.60 6.60 Risk free interest rate 0.10% 0.21% 0.40% 0.62% 0.10% 0.21% 0.40% 0.62% 0.10% 0.21% Fair value per share (USD) 5.41 5.39 5.35 5.28 4.95 3.98 3.83 3.73 6.59 6.57 RSA 2021e MOD RSA 2022 Grant date 14/9/2022 14/9/2022 14/9/2022 14/9/2022 14/9/2022 14/9/2022 Vesting date 14/9/2022 5/9/2023 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 4.83 4.83 Risk free interest rate 4.24% 4.24% 4.23% 4.21% 4.03% 3.90% Fair value per share (USD) 6.59 4.63 3.70 3.55 3.42 3.30 |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Borrowings [abstract] | |
Disclosure of Interest-Bearing Loans and Borrowings from Credit Institutions | (EUR thousand) As of March 31 Interest-bearing loans and borrowings from credit institutions Note 2023 2022 Non-current financing - Senior debt facility 630,000 630,000 Capitalized financing fees (4,704) (6,446) Revolving Credit Facility (RCF) 99,000 99,000 Supplemental Liquidity Facility (SLF) 61,324 — Other bank loans 3,216 — Bank overdraft — 676 Total 17 788,836 723,230 Current portion 61,945 676 Non-current portion 726,891 722,554 Total 17 788,836 723,230 |
Schedule of Borrowings' Interest Conditions | The respective margins are dependent on the Total Net Leverage, which is calculated based on the Annual financial statements as per the below table. Total Net Leverage Term Loan Revolving Credit Facility > 4.00x 2.75% 2.50% ≤ 4.00x > 3.50x 2.25% 2.00% ≤ 3.50x > 3.00x 2.00% 1.75% ≤ 3.00x > 2.50x 1.75% 1.50% ≤ 2.50x > 2.00x 1.50% 1.25% ≤ 2.00x > 1.50x 1.25% 1.00% ≤ 1.50x 1.00% 0.75% |
Schedule of Security Pledges | (EUR thousand) As of March 31 Security Note 2023 2022 Pledge of shares of consolidated companies (net equity in subsidiaries) 148,137 163,029 Pledge of trade receivables, other current receivables, prepaid expenses and income tax receivable 18, 19, 20 46,321 48,617 Pledge of cash in hand 21 11,470 6,913 |
Other non-current financial l_2
Other non-current financial liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Non-Current Financial Liabilities | (EUR thousand) As of March 31 Other non-current financial liabilities Note 2023 2022 Put options related to acquisitions 3,596 15,419 Liabilities related to share-based payment transactions 24 2,373 — Lease liabilities non-current 13 10,243 11,319 Other non-current liabilities 16 2,599 2,967 Total 18,811 29,705 |
Disclosure of Reconciliation of Put Options Liabilities | (EUR thousand) For the financial year ended March 31 Put options related to acquisitions Note 2023 2022 Opening balance as of April 1 15,419 7,423 Acquisition of subsidiaries — 6,792 Changes in fair value recognized in income statement (10,472) 1,925 Derecognition of options — (895) Exchange differences (557) 174 Closing balance as of March 31 4,390 15,419 Non-current portion 3,596 15,419 Current portion 40 794 — |
Deferred income tax assets an_2
Deferred income tax assets and liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Deferred tax assets and liabilities [abstract] | |
Disclosure of Temporary Difference, Unused Tax Losses and Unused Tax Credits | (EUR thousand) For the financial year ended March 31 Net movement of deferred tax assets/(liabilities) 2023 2022 Opening balance as of April 1 26,398 11,010 Acquisition of subsidiaries (1,834) (309) Disposal of subsidiaries (128) — Recognized in income statement 3,846 16,174 Recognized in other comprehensive income (95) (570) Exchange differences (1,040) 93 Closing balance as of March 31 27,147 26,398 The amounts of deferred tax recognized in the consolidated statement of financial position comprise the following deferred tax assets / (liabilities): (EUR thousand) As of March 31 2023 2022 Deferred tax balances Assets Liabilities Assets Liabilities Balances with movements recognized in income statement Trade receivables 72 (18) 118 (57) Property, plant and equipment 317 (819) 357 (1,843) Intangible assets 272 (8,377) 414 (10,149) Current liabilities 4,747 (14) 4,219 (217) Loans and borrowings 911 — 1,667 — Other items 786 (31) 956 (26) Deferred tax on tax credits 1,569 — 1,711 — Tax value of loss carry-forwards recognized 28,249 — 29,670 — Balances with movements recognized in other comprehensive income Retirement benefit obligations — (336) — (422) Other investments at FVOCI — (181) — — Offsetting (2,113) 2,113 (3,072) 3,072 Total 34,810 (7,663) 36,040 (9,642) (EUR thousand) As of March 31 Deferred tax recoverability 2023 2022 Deferred tax assets to be recovered within 12 months 1,697 2,000 Deferred tax assets to be recovered after more than 12 months 33,113 34,040 Deferred tax assets 34,810 36,040 Deferred tax liabilities to be recovered within 12 months (760) (3,444) Deferred tax liabilities to be recovered after more than 12 months (6,903) (6,198) Deferred tax liabilities (7,663) (9,642) (EUR thousand) As of March 31 Deferred tax assets have not been recognized in respect of the following tax losses: 2023 2022 Expiry within 1 year 394 454 Expiry 1-2 years 292 715 Expiry 2-5 years 36 6,457 Expiry after 5 years 71,432 51,525 No expiration 222,056 217,799 Total 294,210 276,950 |
Post-employment benefits (Table
Post-employment benefits (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Employee Benefits [Abstract] | |
Disclosure and Reconciliation of Net Defined Benefit Liability (Asset) and Income Statement Impact | (EUR thousand) As of March 31 2023 2022 Balance sheet obligations for: Pension benefits liability 3,327 4,190 Long service leave 468 487 Total Balance sheet obligations 3,795 4,677 (EUR thousand) For the financial year ended March 31 2023 2022 2021 Income statement (credit) / charge for: Pension benefits 1,588 1,398 1,106 Long service leave 21 (46) 199 Total Income statement charge 1,609 1,352 1,305 Other comprehensive income: Remeasurements of post employment benefit obligations (1,435) (3,826) (52) The table below reconciles the net obligation in respect of the Group’s pension plans and other post-employment benefit plans with the amounts recognized in the consolidated financial statements. (EUR thousand) For the financial year ended March 31 Changes in the present value of defined benefit obligation 2023 2022 Defined benefit obligation as of April 1 13,363 17,149 Current service cost 1,088 2,152 Interest expense 182 73 Contributions by employees 492 1,807 Gain from change in demographic assumptions — (350) Gain from change in financial assumptions (1,593) (2,342) Experience (gain)/loss 131 (1,102) Past service cost and gain and loss on settlements 519 (373) Benefits paid (1,002) (4,377) Settlements — (219) Exchange differences 225 945 Defined benefit obligation as of March 31 13,405 13,363 (EUR thousand) For the financial year ended March 31 Changes in the fair value of plan assets 2023 2022 Opening balance fair value of plan assets 9,173 10,130 Interest income 108 24 Return/(loss) on plan assets (excluding amounts included in net interest costs) (27) 32 Contributions by employer 687 620 Contributions by employees 492 1,807 Benefits paid (673) (4,174) Exchange differences 318 734 Closing balance fair value of plan assets 10,078 9,173 (EUR thousand) For the financial year ended March 31 Amounts recognized in the income statement 2023 2022 2021 Current service cost 1,088 2,152 721 Interest cost 74 49 71 Past service cost 519 (373) — Effect of any curtailments/settlements (+/-) — (219) 23 Unrealized FX impact (93) (211) 291 Total net periodic cost 1,588 1,398 1,106 |
Disclosure of Financial and Demographic Assumptions | These calculations were based on the following financial and demographic assumptions: (%) As of March 31, 2023 Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Discount rate 3.50 % 1.90 % 3.50 % 3.50 % 4.70 % 9.50 % 0.80 % 3.50 % 3.50 % Inflation rate — 1.25 % — 2.50 % — — — — — Future salary increases 4.00 % 1.50 % 3.00 % — 3.00 % 10.00 % 3.50 % 9.50 % 2.50 % Future pension increases — — — — — — — — — (%) As of March 31, 2022 Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Discount rate 1.10 % 1.10 % 1.20 % 1.00 % 2.80 % 22.50 % 0.30 % 1.40 % 1.10 % Inflation rate — 1.00 % — 1.50 % — — — — — Future salary increases 3.00 % 1.50 % 2.00 % — 2.00 % 19.00 % 3.00 % 8.40 % — Future pension increases — — — — — — — — — (Retirement age) As of March 31, 2023 Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Retirement age: - Male 62 65 Individual 67 60 Individual 65 Individual 67 - Female 62 64 Individual 67 60 Individual 65 Individual 67 (Retirement age) As of March 31, 2022 Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Retirement age: - Male 62 65 Individual 67 60 Individual 65 Individual 67 - Female 62 64 Individual 67 60 Individual 65 Individual 67 Maturity profile of the post-employment benefit plan Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Duration in years 10.52 15.94 14.19 8.86 11.16 13.94 7.72 22.66 10.83 Expected contributions as of March 31, 2023 in EUR thousands — 682 — — — — — — — Maturity profile of the post-employment benefit plan Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Duration in years 11.49 17.02 15.78 9.64 11.87 8.96 8.67 23.28 11.67 Expected contributions as of March 31, 2022 in EUR thousands — 629 — — — — — — — |
Disclosure of Fair Value of Plan Assets and Position of Post-Employment Benefit Plan | The table below shows the fair value of plan assets relating to the Group’s pension and other post-employment plans, split by asset category: (EUR thousands) As of March 31 2023 2022 Plan assets are comprised as follows: Value % Value % Equity instruments 3,578 35.5 % — 0.0 % Euroland bonds 3,182 31.6 % — 0.0 % Hold to maturity bonds 341 3.4 % — 0.0 % Property 2,290 22.7 % — 0.0 % Other assets 396 3.9 % — 0.0 % Alternative investments 291 2.9 % — 0.0 % Insurance contracts — 0.0 % 9,173 100 % Total 10,078 100 % 9,173 100 % The pension plans in Switzerland are the only funded plans in the Group. (EUR thousand) As of March 31 Position of the post-employment benefit plan 2023 2022 Present value of defined benefit obligation 13,405 13,362 Fair value of plan assets (10,078) (9,172) Deficit in the plan 3,327 4,190 Experience adjustments on defined benefit obligation (131) 1,102 |
Disclosure of Sensitivity Analysis for Actuarial Assumptions | The tables below summarize the percentage change in the Net defined benefit obligation as of March 31, as a result of sensitizing each of the metrics (discount rate, salary growth rate, and actuarial basis (mortality)) on a country-level: (%) As of March 31, 2023 Sensitivity analysis Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Discount rate - decrease by 0.5% +5.2% +8.3% +7.2% +4.4% +5.6% +6.7% +3.9% +11.6% +5.4% Discount rate - increase by 0.5% -4.9 % -7.3 % -6.6 % -4.1 % -5.1 % -6.1 % -3.7 % -10.3 % -5.1 % Salary growth rate - decrease by 0.5% -4.9 % -0.4 % -6.6 % -4.0 % -5.1 % -6.0 % -3.6 % -9.8 % -5.1 % Salary growth rate - increase by 0.5% +5.2% +0.5% +7.2% +4.2% +5.5% +6.5% +3.8% +10.9% +5.4% Actuarial basis (mortality) (10.0)% — +0.9% — — — — — — — Actuarial basis (mortality) 10.0% — -1.0 % — — — — — — — (%) As of March 31, 2022 Sensitivity analysis Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Discount rate - decrease by 0.5% +5.9 % +8.9 % +8.2 % +5.0 % +6.0 % +3.8 % +4.40 +12.20 +6.00 Discount rate - increase by 0.5% -5.5 % -7.8 % -7.4 % -4.6 % -5.5 % -3.5 % -4.20 -10.80 -5.60 Salary growth rate - decrease by 0.5% -5.4 % -0.9 % -7.4 % -4.4 % -5.5 % -3.6 % -4.10 -10.20 -5.60 Salary growth rate - increase by 0.5% +5.7 % +0.9 % +8.1 % +4.7 % +5.9 % +3.8 % +4.30 +11.40 +6.00 Actuarial basis (mortality) (10.0)% — +1.1 % — — — — — — — Actuarial basis (mortality) 10.0% — -1.1 % — — — — — — — |
Provisions for other liabilit_2
Provisions for other liabilities and charges, and contingent liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of contingent liabilities [abstract] | |
Disclosure of Legal Claims Provisions | (EUR thousand) For the financial year ended March 31 Provisions 2023 2022 Opening balance at April 1 2,313 2,202 Acquisition of subsidiaries — 9 Additional provisions 367 86 Utilizations (27) — Unwinding of discount 33 33 Reversals (6) (9) Exchange differences (6) (8) Closing balance at March 31 2,674 2,313 Current 1,444 — Non-current 1,230 2,313 Total Provisions 2,674 2,313 |
Trade payables (Tables)
Trade payables (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Trade and other payables [abstract] | |
Disclosure of Trade Payables | (EUR thousand) As of March 31 Trade payables 2023 2022 Merchants 102,315 62,825 Tourists 84,942 86,660 Agents 6,751 3,370 Other trade payables 15,098 13,248 Total 209,106 166,103 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Other Current Liabilities | (EUR thousand) As of March 31 Other current liabilities 2023 2022 Accounts payable - Non trade 8,030 6,344 Input VAT, withholding tax and capital tax 8,013 4,238 Personnel taxes 6,853 8,299 AVPS liabilities 8,990 7,210 Other current liabilities 2,965 1,822 Total 34,851 27,913 |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Accrued Liabilities | (EUR thousand) As of March 31 Accrued liabilities 2023 2022 Salaries and related items 28,248 20,166 Interest on external loans 12,674 1,750 Auditors, lawyers and consultants 4,379 5,482 Advertising and promotion 242 218 Rent 1,747 1,291 IT 3,082 1,405 Other accrued liabilities 4,267 2,766 Total 54,639 33,078 |
Adjustments to cash from oper_2
Adjustments to cash from operating activities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Statement of cash flows [abstract] | |
Disclosure of Adjustments to Cash from Operating Activities | (EUR thousand) For the financial year ended March 31 Elimination of non-cash items 2023 2022 2021 Change in provisions 394 109 (22) Change in the value of retirement benefit obligation 57 371 (976) Changes in share-based payment transactions 9,671 6,413 2,336 Call option — 359 — Put options from business combinations (11,030) 2,835 2,817 Impairment financial assets 2,469 2,390 — Impairment tangible and intangible assets 247 444 1,676 Capital loss tangible and intangible assets 925 261 696 Change in fair value of warrant liability (602) (18,928) 10,856 ZigZag earn-out reversal — (9,500) — Acquisition of PPE under construction 212 (1,034) — Other 130 (669) 649 Total 2,473 (16,949) 18,032 |
Cash flows from changes in wo_2
Cash flows from changes in working capital (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Statement of cash flows [abstract] | |
Disclosure of Cash Flows from Changes in Working Capital | (EUR thousand) For the financial year ended March 31 2023 2022 2021 Trade receivables (92,896) (70,374) 111,033 Other current receivables (5,841) 4,350 3,450 Prepaid expenses 185 (225) 3,023 Increase / (Decrease) in operating receivables (98,552) (66,249) 117,506 Trade payables 44,883 19,950 (89,462) Other current liabilities 5,277 4,088 (728) Accrued liabilities 10,302 (4,046) (6,579) Increase / (Decrease) in operating payables 60,462 19,992 (96,769) Cash flows from / (used in) working capital (38,090) (46,257) 20,737 |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Disclosure of Business Combination | The fair value of net assets acquired and consideration paid in respect of the acquisition of businesses in the three years ended March 31, 2023, March 31, 2022, and March 31, 2021 are presented in the table below. (EUR thousand) 2023 2022 2021 Net assets acquired and consideration paid ShipUp Yocuda ZigZag Software 2,738 1,236 5,223 Customer relationships 4,466 — — Property, plant and equipment 82 — 23 Other non-current financial assets 154 — — Trade and other receivables 2,166 323 1,886 Cash 2,839 510 1,680 Loans and borrowings (3,284) — (2,327) Trade and other payables (1,681) (235) (2,575) Income tax payable — (29) — Provisions — (9) — Borrowings — — — Deferred tax liabilities (1,834) (309) (1,305) Deferred income — (11) — Fair value of assets and liabilities 5,646 1,476 2,605 Goodwill arising on acquisition 29,239 7,829 63,776 Fair value of previously held equity interest — (968) — Consideration payable 34,885 8,337 66,381 Satisfied by: Cash consideration paid (34,885) (3,502) (51,879) Cash consideration payable — — (349) Put option — (4,835) (4,557) Contingent consideration payable — — (9,596) Total consideration (34,885) (8,337) (66,381) Cash consideration paid (34,885) (3,502) (51,879) Cash acquired 2,839 510 1,680 Repayment of borrowings acquired — — (2,327) Total net cash outflow (32,046) (2,992) (52,526) |
List of Global Blue entities (T
List of Global Blue entities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
Disclosure of Interests in Subsidiaries | Non-controlling interests represent the participating interests of third parties in the Group's equity and are comprised of the following Group entities: (EUR thousand) As of March 31 Non-controlling interests 2023 2022 2021 Global Blue TFS Japan Co Ltd 4,555 3,180 3,969 Global Blue Lebanon SAL 107 299 472 Global Blue Touristik Hizmetler A.Ş. 1,302 713 1,234 Global Blue Russia AO — 1,153 581 Global Blue Russia Holdings B.V. — 349 320 Global Blue Cross Border SA — — 203 Global Blue Pazarlama Destek ve Teknoloji Hizmetleri A.S 6 38 — Total Non-controlling interests 5,970 5,732 6,779 (EUR thousand) Global Blue Global Blue Turistik Hizmetler A.Ş. As of March 31 2023 2022 2023 2022 Current Assets 16,327 4,102 5,493 4,724 Liabilities 17,976 10,331 4,221 4,174 Total current net assets / (liabilities) (1,649) (6,229) 1,272 550 Non- current Assets 10,951 12,712 1,329 1,150 Liabilities 13 — 600 592 Total non-current net assets / (liabilities) 10,938 12,712 729 558 Net assets 9,289 6,483 2,001 1,108 (EUR thousand) Global Blue Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2023 2022 2021 2023 2022 2021 Revenue 10,076 3,384 3,084 5,351 3,452 1,326 Profit / (loss) for the year from continuing operations 3,249 (1,320) (1,140) 3,093 2,067 267 (EUR thousand) Global Blue TFS Japan Co. Ltd. Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2023 2022 2021 2023 2022 2021 Net increase / (decrease) in cash and cash equivalents 7,954 (23) (7,851) 420 721 (1,034) Name Country of incorporation and place of business address Nature of business Ownership interest March 31, 2023 Ownership interest March 31, 2022 Global Blue Argentina S.A. Buenos Aires Argentina Tax free Shopping 99.99% 99.99% Global Blue Austria GmbH Vienna Austria Tax free Shopping 100.00% 100.00% Global Blue Service Company Austria GmbH Vienna Austria Service Provider 100.00% 100.00% Digital Export Validation GmbH Vienna Austria Tax free Shopping 100.00% 100.00% Global Blue Australia Pty Ltd Sydney Australia Tax free Shopping 100.00% 100.00% Global Blue Currency Choice Australia Pty Ltd Sydney Australia Currency Choice 100.00% 100.00% Currency Select Pty Limited Sydney Australia Currency Choice 100.00% 100.00% Global Blue Belgium NV Brussels Belgium Tax free Shopping 100.00% 100.00% ZigZag Global EOOD Varna Bulgaria Retail Technology Solutions 100.00% 100.00% Global Blue Bahamas Ltd Nassau Bahamas Tax free Shopping 100.00% 100.00% Bahama’s VAT Refund Ltd Nassau Bahamas Tax free Shopping 80.00% — Global Blue Schweiz AG Brüttisellen Switzerland Tax free Shopping 100.00% 100.00% Global Blue SA Signy Switzerland Head office company 100.00% 100.00% Global Blue Group AG Brüttisellen Switzerland Holding Unit 100.00% 100.00% Refund Suisse AG Bottighofen Switzerland Tax free Shopping 100.00% 100.00% Global Blue Group II GmbH Brüttisellen Switzerland Holding Unit 100.00% 100.00% Global Blue Currency Choice Schweiz AG Brüttisellen Switzerland Currency Choice 100.00% 100.00% Global Blue Commercial Consulting (Shanghai) Co Ltd Shanghai China Tax free Shopping 100.00% 100.00% Global Blue Commercial Consulting (Beijing) Co Ltd Beijing China Tax free Shopping 100.00% 100.00% Global Blue Cyprus Ltd Larnaca Cyprus Tax free Shopping 100.00% 100.00% Global Blue Czech Republic, s.r.o. Prague Czech Republic Tax free Shopping 100.00% 100.00% Global Blue Deutschland GmbH Düsseldorf Germany Tax free Shopping 100.00% 100.00% Global Blue New Holdings Germany GmbH Düsseldorf Germany Holding Unit 100.00% 100.00% RFND Digital GmbH Konstanz Germany Tax free Shopping 100.00% 100.00% ZigZag Global GmbH Hamburg Germany Retail Technology Solutions 100.00% 100.00% Global Blue Danmark A/S Copenhagen Denmark Tax free Shopping 100.00% 100.00% Global Blue Eesti OÜ Tallinn Estonia Tax free Shopping 100.00% 100.00% G. Blue España SA Madrid Spain Holding Unit 100.00% 100.00% Global Blue España SA Madrid Spain Tax free Shopping 100.00% 100.00% Global Blue Acquisition España S.A.U Madrid Spain Holding Unit 100.00% 100.00% Global Blue Finland Oy Helsinki Finland Tax free Shopping 100.00% 100.00% Global Blue Administration Center North Oy Helsinki Finland Service Provider 100.00% 100.00% Global Blue France Paris France Tax free Shopping 100.00% 100.00% Global Blue Holding Paris France Tax free Shopping 100.00% 100.00% ShipUp Holding SAS Paris France Holding Unit 100.00% — ShipUp SAS Nanterre France Retail Technology Solutions 100.00% — ZigZag Global SAS Levallois France Retail Technology Solutions 100.00% — Global Blue (UK) Ltd London United Kingdom Tax free Shopping 100.00% 100.00% Global Blue Service Company UK Limited London United Kingdom Service provider 100.00% 100.00% Global Blue New Holdings UK Ltd London United Kingdom Holding Unit 100.00% 100.00% ZZ Global Blue Holding Limited London United Kingdom Holding Unit 100.00% 100.00% ZigZag Global Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% Kinphire Ltd London United Kingdom Holding Unit 100.00% 100.00% Yocuda UK Holdings Ltd London United Kingdom Holding Unit 100.00% 100.00% Yocuda UK Services Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% Yocuda Network UK Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% Yocuda Europe Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% Yocuda Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% eReceipts Ltd London United Kingdom Retail Technology Solutions 100.00% 100.00% Global Blue Marketing Services Limited London United Kingdom Marketing Business 100.00% 100.00% Estera Trust Limited St. Helier Jersey, Channel Islands Management Trust — 100.00% Global Blue Hellas SA Athens Greece Tax free Shopping 100.00% 100.00% First Currency Choice Hong Kong Limited Hong Kong Hong Kong Currency Choice — 100.00% Global Blue Croatia, trgovina i turizam d.o.o. Zagreb Croatia Tax free Shopping 100.00% 100.00% Global Blue Tax Free Ireland Limited Dublin Ireland Tax free Shopping 100.00% 100.00% Global Blue Private Limited New Delhi India Holding Unit 51.00% 51.00% Global Blue á Íslandi hf Kópavogi Iceland Tax free Shopping 100.00% 100.00% Global Blue Italia S.r.l. Milan Italy Tax free Shopping 100.00% 100.00% Global Blue Service Company Italia SRL Milan Italy Service Provider 100.00% 100.00% Global Blue Currency Choice Italia S.r.l Milan Italy Currency Choice 100.00% 100.00% Global Blue Japan Co., Ltd. Tokyo Japan Currency Choice 100.00% 100.00% Global Blue TFS Japan Co., Ltd. Tokyo Japan Tax free Shopping 51.00% 51.00% Global Blue Korea Co Ltd Seoul Korea Tax free Shopping 100.00% 100.00% Global Blue Currency Choice Korea Co Ltd Seoul Korea Currency Choice 100.00% 100.00% Global Blue Holding Limited Grand Cayman Cayman Islands Holding Unit 100.00% 100.00% Global Blue Kazakhstan LLP Astana Kazakhstan Tax free Shopping 100.00% 100.00% Global Blue Lebanon SAL Metn Lebanon Tax free Shopping 61.00% 61.00% UAB Global Blue Lietuva Vilnius Lithuania Tax free Shopping 100.00% 100.00% Global Blue Luxembourg S.A. Luxembourg Luxembourg Tax free Shopping 100.00% 100.00% Global Blue Latvija SIA Riga Latvia Tax free Shopping 100.00% 100.00% Global Blue Maroc SA Casablanca Morocco Tax free Shopping 100.00% 100.00% IRIS Global Blue TRS Malaysia Sdn. Bhd. Kuala Lumpur Malaysia Tax free Shopping 100.00% 100.00% Global Blue Holland BV Amsterdam Netherlands Tax free Shopping 100.00% 100.00% Global Blue Holding B.V. Amsterdam Netherlands Holding Unit 100.00% 100.00% Global Blue Acquisition B.V. Amsterdam Netherlands Finance company 100.00% 100.00% Global Blue Russia Holdings B.V. in liquidation Amsterdam Netherlands Holding Unit 100.00% 51.00% Global Blue Norge AS Lysaker Norway Tax free Shopping 100.00% 100.00% Currency Select New Zealand Pty Ltd Auckland New Zealand Currency Choice 100.00% 100.00% Global Blue Peru S.A.C. Lima Peru Tax free Shopping 100.00% 100.00% Global Blue Polska Sp. Zo.o. Warsaw Poland Tax free Shopping 100.00% 100.00% Global Refund Portugal Lda. Lisbon Portugal Tax free Shopping 100.00% 100.00% GBFTSP - Finance And Technology Services Portugal, Unipessoal LDA Porto Portugal Service provider 100.00% 100.00% Global Blue d.o.o. Beograd - Novi Beograd Belgrad Serbia Tax free Shopping 100.00% 100.00% Global Blue Russia AO Moscow Russia Tax free Shopping — 51.00% Global Blue Sverige AB Stockholm Sweden Tax free Shopping 100.00% 100.00% Global Blue Sweden Holdings AB Stockholm Sweden Holding Unit 100.00% 100.00% Global Blue Service AB Stockholm Sweden Service provider 100.00% 100.00% Global Blue Holdings AB Stockholm Sweden Holding Unit 100.00% 100.00% Global Blue Currency Choice Service Europe AB Stockholm Sweden Currency Choice 100.00% 100.00% Global Blue Singapore Pte Ltd Singapore Singapore Tax free Shopping 100.00% 100.00% Global Blue Service Company Singapore Pte Ltd Singapore Singapore Service provider 100.00% 100.00% Global Blue India Holding Company Pte Ltd Singapore Singapore Holding Unit 51.00% 51.00% Global Blue Currency Choice Singapore Pte Ltd Singapore Singapore Currency Choice 100.00% 100.00% Global Blue d.o.o. Ljubljana Slovenia Tax free Shopping 100.00% 100.00% Global Blue Slovakia s.r.o. Bratislava Slovakia Service provider 100.00% 100.00% Global Blue (Thailand) Co. Limited Bangkok Thailand Currency Choice — 100.00% Global Blue Turistik Hizmetler AS Istanbul Turkey Tax free Shopping 60.00% 60.00% Global Blue Pazarlama Destek ve Teknoloji Hizmetleri A.S Istanbul Turkey Currency Choice 60.00% 60.00% Far Point Acquisition Corporation Wilmington USA Holding Unit 100.00% 100.00% Shipup Inc Delaware USA Retail Technology Solutions 100.00% — ZigZag Global LLC Dover USA Retail Technology Solutions 100.00% 100.00% Global Blue South Africa Pty Ltd Johannesburg South Africa Tax free Shopping 51.00% 51.00% |
Additional information - Fina_2
Additional information - Financial Statement Schedule I (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Additional information [abstract] | |
Condensed Income Statement of the Parent Business Activity | Condensed income statements of the Parent Company (EUR thousand) For the financial year ended March 31 2023 2022 2021 Operating income / (expenses) (14,081) 10,111 (155,501) Dividend income — — 68,431 Net finance income 11,952 517 50 Profit / (Loss) before tax (2,129) 10,628 (87,020) Income tax benefit / (expense) 968 (667) (446) Profit / (Loss) for the year (1,161) 9,961 (87,466) |
Condensed Statement of Financial Position of the Parent Company | Condensed statements of financial position of the Parent Company (EUR thousand) As of March 31 2023 2022 ASSETS Investments in subsidiaries 1,418,280 1,418,280 Loans to group companies 318,335 50,083 Non-current assets 1,736,615 1,468,363 Current assets 305 313 Total assets 1,736,920 1,468,676 EQUITY AND LIABILITIES Share capital 1,897,388 1,679,232 Other reserves (146,396) (148,338) Accumulated losses (90,619) (78,819) Total equity 1,660,373 1,452,075 Liabilities Non-current liabilities — — Current liabilities 76,547 16,601 Total liabilities 76,547 16,601 Total equity and liabilities 1,736,920 1,468,676 |
Condensed Statement of Cash Flows of the Parent Company | Condensed statements of cash flows of the Parent Company (EUR thousand) For the financial year ended March 31 2023 2022 2021 (Loss) / Profit before tax (2,129) 10,628 (87,020) Capital reorganization non-cash items — — 125,620 Income tax paid (948) — — Other non-cash items (3,443) (14,400) 12,096 Changes in working capital 158 (5,588) 8,833 Net cash from / (used) in operating activities (6,362) (9,360) 59,529 Movement in loans with group companies (268,252) 9,205 (59,529) Proceeds from issuance of share capital 215,208 — 222 Proceeds from loans and borrowings due to shareholders 59,384 — — Acquisition of treasury shares — (10) 65 Net cash from / (used in) financing activities 6,340 9,195 (59,242) Net increase / (decrease) in cash and cash equivalents (22) (165) 287 Cash and cash equivalents at beginning of year 122 287 — Cash and cash equivalents at end of year 100 122 287 |
Schedule of IFRS Loss Reconciliation for Parent Company | The following reconciliations are provided as additional information to satisfy the Schedule I SEC requirements for parent-only financial information. (EUR thousand) For the financial year ended March 31 2023 2022 2021 IFRS profit / (loss) reconciliation: Parent only – IFRS profit / (loss) for the year (1,161) 9,961 (87,466) Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost (24,460) (107,138) (346,603) Consolidated IFRS (loss) for the year (25,621) (97,177) (434,069) IFRS equity reconciliation: Parent only – IFRS equity 1,660,373 1,452,075 1,437,598 Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost (1,660,000) (1,643,600) (1,544,967) Consolidated – IFRS equity 373 (191,525) (107,369) |
Interests in other entities (Ta
Interests in other entities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Interests In Other Entities [Abstract] | |
Disclosure of Interests in Joint Ventures | (EUR thousand) As of March 31 2023 2022 2021 Aggregate carrying amount of individually immaterial joint ventures and associates 230 2,650 2,744 Aggregate amount of the Group's share of: Loss from continuing operations (111) (720) (1,056) Other comprehensive income — — — Total comprehensive loss (111) (720) (1,056) |
Disclosure of Interests in Associates | (EUR thousand) As of March 31 2023 2022 2021 Aggregate carrying amount of individually immaterial joint ventures and associates 230 2,650 2,744 Aggregate amount of the Group's share of: Loss from continuing operations (111) (720) (1,056) Other comprehensive income — — — Total comprehensive loss (111) (720) (1,056) |
Disclosure of Other Investments | (EUR thousand) For the financial year ended March 31 2023 2022 2021 Opening balance as of April 1 3,881 753 3 Additions 2,000 3,878 750 Fair value adjustment 1,343 150 — Derecognition due to step acquisition — (900) — Reclassification to joint ventures and associates (173) — — Closing balance as of March 31 7,051 3,881 753 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Related party transactions [abstract] | |
Disclosure of Transactions between Related Parties | The remuneration to the board of directors and the Executive Committee members, who are the key management personnel of the Group, is set out below in aggregate for each of the categories prescribed by IAS 24 Related Party Disclosures. (EUR thousand) For the financial year ended March 31 Remuneration to key management personnel 2023 2022 2021 Short-term employee benefits 5,592 4,748 5,162 Post-employment benefits 608 519 474 Share based payment transactions 4,380 4,712 1,351 Total 10,580 9,979 6,987 (EUR thousand) For the financial year ended March 31 Purchases of services from related parties 2023 2022 2021 Monitoring fee — — (95) Directors fee 245 255 278 Reimbursements — — 16 Total 245 255 199 (EUR thousand) As of March 31 Liabilities to related parties Note 2023 2022 Liabilities to key management personnel: Post employment benefit liability 196 638 Liabilities to shareholders: Loans and borrowings 25 61,324 — Warrant liability 4,129 4,512 Closing balance for the year 65,649 5,150 |
Other current financial liabi_2
Other current financial liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Movement in Number of Warrants | For the financial year ended March 31 Number of warrants 2023 2022 Opening balance as of April 1 30,735,950 30,735,950 Issuance of warrants — — Exercises of warrants — — Closing balance as of March 31 30,735,950 30,735,950 |
Disclosure of Movement in Warrant Liabilities | (EUR thousand) For the financial year ended March 31 Warrant liabilities 2023 2022 Opening balance as of April 1 12,051 30,979 Issuance of warrants — — Exercises of warrants — — Change in fair value of warrants (602) (18,928) Closing balance as of March 31 11,449 12,051 |
Shareholders of Global Blue G_2
Shareholders of Global Blue Group Holding AG (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Shareholders Of Global Blue Group AG [Abstract] | |
Disclosure of Composition of Shareholding | For the financial year ended March 31 2023 2022 2021 Ordinary shares Preference shares A Preference shares B Total Ordinary Preference shares A Total Ordinary Preference shares Total Opening balance at April 1 192,534,962 17,788,512 — 210,323,474 187,534,962 23,717,989 211,252,951 40,000,000 — 40,000,000 Effects of the capital reorganization on Aug 28, 2020 — — — — — — — 127,824,796 23,717,989 151,542,785 Issuance of share capital Global Blue Group Holding A.G. 8,587,786 — 21,176,470 29,764,256 — — — 19,596,142 — 19,596,142 Conversion of preference shares into ordinary shares — — — — — — — — (5,929,477) (5,929,477) Assign the preference shares to ListCo. — — — — — — — — 5,929,477 5,929,477 Exercises of warrants — — — — — — — 114,024 — 114,024 Issuance of treasury shares by Global Blue Group Holding A.G. 104,135 — — 104,135 5,000,000 — 5,000,000 — — — Cancellation of preference shares by Global Blue Group Holding A.G. — (104,135) — (104,135) — (5,929,477) (5,929,477) — — — Closing balance at March 31 201,226,883 17,684,377 21,176,470 240,087,730 192,534,962 17,788,512 210,323,474 187,534,962 23,717,989 211,252,951 Shareholders of Global Blue Group Holding AG as of March 31, 2023 Ordinary shares Preference shares Total Ownership (4) Warrants Silver Lake and Affiliates (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 (3) 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 8,883,950 774,517 9,658,467 4.2 % 516,317 Other Shareholders 21,796,402 — 21,796,402 9.5 % 20,969,283 Total excl. GB Group 189,855,747 38,860,611 228,716,358 100.0 % 30,735,950 GB Group 11,371,136 236 11,371,372 — Total incl. GB Group 201,226,883 38,860,847 240,087,730 30,735,950 Shareholders of Global Blue Group Holding AG as of March 31, 2022 Ordinary shares Preference shares Total Ownership (4) 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 10.9 % 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 Shareholders of Global Blue Group Holding AG as of 31 March 2021 Ordinary shares Preference shares Total Ownership (4) Warrants Silver Lake and Affiliates (1) 98,017,072 11,970,487 109,987,559 55.5% 6,548,415 Partners Group and Affiliates (2) 40,442,783 4,939,137 45,381,920 22.9 % 2,701,935 Ant Group 12,500,000 — 12,500,000 6.3 % — GB Directors, Executive Management & Other Employees 9,106,902 878,888 9,985,790 5.0 % 516,317 Other Shareholders 20,468,205 — 20,468,205 10.3 % 20,969,283 Total excl. GB Group 180,534,962 17,788,512 198,323,474 100.0 % 30,735,950 GB Group 7,000,000 5,929,477 12,929,477 — Total incl. GB Group 187,534,962 23,717,989 211,252,951 30,735,950 (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) - Corresponds to Certares Opportunities LLC and Knighthead Opportunities Capital Management, LLC (4) - Excludes GB Group |
General information about the_2
General information about the business (Details) € in Thousands | 12 Months Ended | |
Mar. 31, 2023 brand | Oct. 31, 2022 EUR (€) | |
Disclosure of classes of share capital [line items] | ||
Number of brands | brand | 2 | |
ShipUp | ||
Disclosure of classes of share capital [line items] | ||
Percentage of voting equity interests acquired | 100% | |
Cash consideration paid | € | € 34,885 |
Significant accounting polici_4
Significant accounting policies - Disclosure of Adjustments on Group's Consolidated Income Statements (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of reclassifications or changes in presentation [line items] | |||
Operating expenses | € (297,350) | € (212,577) | € (488,085) |
Operating Loss | 14,140 | (86,629) | (443,389) |
Loss before tax | (22,449) | (111,247) | (467,353) |
Income tax benefit | (1,050) | 14,612 | 31,871 |
Loss for the year | (23,499) | (96,635) | (435,482) |
Loss attributable to: | |||
Owners of the parent | (25,621) | (97,177) | (434,069) |
Non-controlling interests | 2,122 | 542 | (1,413) |
Loss for the year | € (23,499) | € (96,635) | € (435,482) |
Ordinary shares | |||
Loss attributable to: | |||
Basic loss per ordinary share (in euro per share) | € (0.12) | € (0.49) | € (2.28) |
Diluted loss per ordinary share (in euro per share) | € (0.12) | € (0.49) | € (2.28) |
As previously reported | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Operating expenses | € (209,825) | € (486,094) | |
Operating Loss | (83,877) | (441,398) | |
Loss before tax | (108,495) | (465,362) | |
Income tax benefit | 13,802 | 30,977 | |
Loss for the year | (94,693) | (434,385) | |
Loss attributable to: | |||
Owners of the parent | (95,235) | (432,972) | |
Non-controlling interests | 542 | (1,413) | |
Loss for the year | € (94,693) | € (434,385) | |
As previously reported | Ordinary shares | |||
Loss attributable to: | |||
Basic loss per ordinary share (in euro per share) | € (0.48) | € (2.28) | |
Diluted loss per ordinary share (in euro per share) | € (0.48) | € (2.28) | |
Adjustments | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Operating expenses | € (2,752) | € (1,991) | |
Operating Loss | (2,752) | (1,991) | |
Loss before tax | (2,752) | (1,991) | |
Income tax benefit | 810 | 894 | |
Loss for the year | (1,942) | (1,097) | |
Loss attributable to: | |||
Owners of the parent | (1,942) | (1,097) | |
Non-controlling interests | 0 | 0 | |
Loss for the year | € (1,942) | € (1,097) | |
Adjustments | Ordinary shares | |||
Loss attributable to: | |||
Basic loss per ordinary share (in euro per share) | € (0.01) | € 0 | |
Diluted loss per ordinary share (in euro per share) | € (0.01) | € 0 |
Significant accounting polici_5
Significant accounting policies - Disclosure of Adjustments on Group's Consolidated Statements of Comprehensive Loss (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of reclassifications or changes in presentation [line items] | |||
Loss for the year | € (23,499) | € (96,635) | € (435,482) |
Total comprehensive loss for the year | (24,573) | (90,844) | (431,202) |
Attributable to: | |||
Owners of the parent | (26,118) | (90,554) | (429,141) |
Non-controlling interest | 1,545 | (290) | (2,061) |
Total comprehensive income / (loss) | € (24,573) | (90,844) | (431,202) |
As previously reported | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Loss for the year | (94,693) | (434,385) | |
Total comprehensive loss for the year | (88,902) | (430,105) | |
Attributable to: | |||
Owners of the parent | (88,611) | (428,044) | |
Non-controlling interest | (290) | (2,061) | |
Total comprehensive income / (loss) | (88,902) | (430,105) | |
Adjustments | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Loss for the year | (1,942) | (1,097) | |
Total comprehensive loss for the year | (1,942) | (1,097) | |
Attributable to: | |||
Owners of the parent | (1,942) | (1,097) | |
Non-controlling interest | 0 | 0 | |
Total comprehensive income / (loss) | € (1,942) | € (1,097) |
Significant accounting polici_6
Significant accounting policies - Disclosure of Adjustments on Group's Consolidated Statements of Financial Position (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Equity attributable to owners of the parent | ||||
Share capital | € 2,194 | € 1,907 | ||
Share premium | 1,852,339 | 1,634,469 | ||
Other equity | (117) | (10,179) | ||
Other reserves | (970,623) | (965,755) | ||
Accumulated losses | (883,420) | (851,967) | ||
Equity attributable to owners of the parent | 373 | (191,525) | € (107,369) | |
Non-controlling interests | 5,970 | 5,732 | 6,779 | |
Total equity | € 6,343 | (185,793) | (100,590) | € 71,497 |
As previously reported | ||||
Equity attributable to owners of the parent | ||||
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) | € (100,590) | € 71,497 | |
Adjustments | ||||
Equity attributable to owners of the parent | ||||
Share capital | 0 | |||
Share premium | 0 | |||
Other equity | 0 | |||
Other reserves | 3,038 | |||
Accumulated losses | (3,038) | |||
Equity attributable to owners of the parent | 0 | |||
Non-controlling interests | 0 | |||
Total equity | € 0 |
Significant accounting polici_7
Significant accounting policies - Disclosure of Adjustments on Group's Consolidated Statements of Cash Flows (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of reclassifications or changes in presentation [line items] | |||
Loss before tax | € (22,449) | € (111,247) | € (467,353) |
Other non-cash items | 2,473 | (16,949) | 18,032 |
Changes in working capital | (38,090) | (46,257) | 20,737 |
Net cash from / (used) in operating activities | € (1,082) | (86,998) | (103,146) |
As previously reported | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Loss before tax | (108,495) | (465,362) | |
Other non-cash items | (18,891) | 16,935 | |
Changes in working capital | (47,067) | 19,843 | |
Net cash from / (used) in operating activities | (86,998) | (103,146) | |
Adjustments | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Loss before tax | (2,752) | (1,991) | |
Other non-cash items | 1,942 | 1,097 | |
Changes in working capital | 810 | 894 | |
Net cash from / (used) in operating activities | € 0 | € 0 |
Significant accounting polici_8
Significant accounting policies - Disclosure of Adjustments on Group's Consolidated Statements of Changes in Equity (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of reclassifications or changes in presentation [line items] | |||
Equity balance as of beginning of the year | € (185,793) | € (100,590) | € 71,497 |
Loss for the year | (23,499) | (96,635) | (435,482) |
Total comprehensive loss for the year | (24,573) | (90,844) | (431,202) |
Employee share schemes | 7,615 | 6,414 | 2,336 |
Total contribution and distribution | 216,697 | 5,780 | 334,482 |
Change in non-controlling interests | 10 | (134) | 12 |
Total transactions with owners of the parent, recognized directly in Equity | (137) | (1,711) | |
Equity balance as of end of the year | 6,343 | (185,793) | (100,590) |
Equity | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Equity balance as of beginning of the year | (191,523) | (107,369) | 63,121 |
Loss for the year | (25,621) | (97,177) | (434,069) |
Total comprehensive loss for the year | (26,118) | (90,554) | (429,141) |
Employee share schemes | 7,615 | 6,414 | 2,336 |
Total contribution and distribution | 217,075 | 6,403 | 334,637 |
Change in non-controlling interests | 939 | (607) | |
Total transactions with owners of the parent, recognized directly in Equity | (3) | (2,330) | |
Equity balance as of end of the year | 373 | (191,523) | (107,369) |
Equity settled share based payment | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Equity balance as of beginning of the year | 50,700 | 44,968 | 0 |
Employee share schemes | 7,615 | 6,414 | 2,336 |
Total contribution and distribution | 4,663 | 5,733 | 44,968 |
Total transactions with owners of the parent, recognized directly in Equity | (1) | ||
Equity balance as of end of the year | 55,362 | 50,700 | 44,968 |
Accumulated losses | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Equity balance as of beginning of the year | (851,967) | (754,789) | (317,195) |
Loss for the year | (25,621) | (97,177) | (434,069) |
Total comprehensive loss for the year | (25,210) | (97,177) | (434,069) |
Total contribution and distribution | (7,181) | (1,194) | |
Change in non-controlling interests | 939 | (607) | |
Total transactions with owners of the parent, recognized directly in Equity | (1) | (2,331) | |
Equity balance as of end of the year | (883,420) | (851,967) | (754,789) |
Non-controlling interests | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Equity balance as of beginning of the year | 5,732 | 6,779 | 8,376 |
Loss for the year | 2,122 | 542 | (1,413) |
Total comprehensive loss for the year | 1,545 | (290) | (2,061) |
Total contribution and distribution | (378) | (623) | (155) |
Change in non-controlling interests | (929) | (134) | 619 |
Total transactions with owners of the parent, recognized directly in Equity | (134) | 619 | |
Equity balance as of end of the year | 5,970 | 5,732 | 6,779 |
As previously reported | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Equity balance as of beginning of the year | (185,793) | (100,590) | 71,497 |
Loss for the year | (94,693) | (434,385) | |
Total comprehensive loss for the year | (88,902) | (430,105) | |
Employee share schemes | 4,471 | 1,239 | |
Total contribution and distribution | 3,837 | 333,385 | |
Change in non-controlling interests | (134) | ||
Total transactions with owners of the parent, recognized directly in Equity | (1,711) | ||
Equity balance as of end of the year | (185,793) | (100,590) | |
As previously reported | Equity | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Equity balance as of beginning of the year | (191,523) | (107,369) | 63,121 |
Loss for the year | (95,235) | (432,972) | |
Total comprehensive loss for the year | (88,612) | (428,044) | |
Employee share schemes | 4,471 | 1,239 | |
Total contribution and distribution | 4,460 | 333,540 | |
Total transactions with owners of the parent, recognized directly in Equity | (2,330) | ||
Equity balance as of end of the year | (191,523) | (107,369) | |
As previously reported | Equity settled share based payment | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Equity balance as of beginning of the year | 47,661 | 43,871 | |
Employee share schemes | 4,471 | 1,239 | |
Total contribution and distribution | 3,791 | 43,871 | |
Equity balance as of end of the year | 47,661 | 43,871 | |
As previously reported | Accumulated losses | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Equity balance as of beginning of the year | (848,928) | (753,692) | (317,195) |
Loss for the year | (95,235) | (432,972) | |
Total comprehensive loss for the year | (95,235) | (432,972) | |
Total contribution and distribution | (1,194) | ||
Total transactions with owners of the parent, recognized directly in Equity | (2,331) | ||
Equity balance as of end of the year | (848,928) | (753,692) | |
As previously reported | Non-controlling interests | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Equity balance as of beginning of the year | 5,732 | 6,779 | 8,376 |
Loss for the year | 542 | (1,413) | |
Total comprehensive loss for the year | (290) | (2,061) | |
Total contribution and distribution | (623) | (155) | |
Change in non-controlling interests | (134) | ||
Total transactions with owners of the parent, recognized directly in Equity | 619 | ||
Equity balance as of end of the year | 5,732 | 6,779 | |
Adjustments | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Equity balance as of beginning of the year | 0 | ||
Loss for the year | (1,942) | (1,097) | |
Total comprehensive loss for the year | (1,942) | (1,097) | |
Employee share schemes | 1,942 | 1,097 | |
Total contribution and distribution | 1,942 | 1,097 | |
Equity balance as of end of the year | 0 | ||
Adjustments | Equity | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Loss for the year | (1,942) | (1,097) | |
Total comprehensive loss for the year | (1,942) | (1,097) | |
Employee share schemes | 1,942 | 1,097 | |
Total contribution and distribution | 1,942 | 1,097 | |
Adjustments | Equity settled share based payment | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Equity balance as of beginning of the year | 3,039 | 1,097 | |
Employee share schemes | 1,942 | 1,097 | |
Total contribution and distribution | 1,942 | 1,097 | |
Equity balance as of end of the year | 3,039 | 1,097 | |
Adjustments | Accumulated losses | |||
Disclosure of reclassifications or changes in presentation [line items] | |||
Equity balance as of beginning of the year | € (3,039) | (1,097) | |
Loss for the year | (1,942) | (1,097) | |
Total comprehensive loss for the year | (1,942) | (1,097) | |
Equity balance as of end of the year | € (3,039) | € (1,097) |
Significant accounting polici_9
Significant accounting policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Minimum | Machinery | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Minimum | Office equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Minimum | Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Maximum | Machinery | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Maximum | Office equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Maximum | Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Significant accounting polic_10
Significant accounting policies - Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Trademarks | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 20 years |
Minimum | Customer relationships | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 9 years |
Minimum | Software | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 3 years |
Maximum | Customer relationships | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 20 years 6 months |
Maximum | Software | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 5 years |
Significant accounting polic_11
Significant accounting policies - Disclosure of Expected Loss Rates (Details) | Mar. 31, 2023 | Mar. 31, 2022 |
0 – 3 months | ||
Expected Loss Rates [Line Items] | ||
Expected loss rates, trade receivables (in percentage) | 0% | 0% |
3 – 6 months | ||
Expected Loss Rates [Line Items] | ||
Expected loss rates, trade receivables (in percentage) | 25% | 25% |
6 – 9 months | ||
Expected Loss Rates [Line Items] | ||
Expected loss rates, trade receivables (in percentage) | 50% | 50% |
9 – 12 months | ||
Expected Loss Rates [Line Items] | ||
Expected loss rates, trade receivables (in percentage) | 75% | 75% |
>12 months | ||
Expected Loss Rates [Line Items] | ||
Expected loss rates, trade receivables (in percentage) | 100% | 100% |
Significant accounting polic_12
Significant accounting policies - Trade Payables (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Detailed Information About Trade Payable [Line Items] | |
Non-cash refunds, maximum period | 21 days |
Minimum | |
Disclosure Of Detailed Information About Trade Payable [Line Items] | |
Legal expiration period | 3 years |
Maximum | |
Disclosure Of Detailed Information About Trade Payable [Line Items] | |
Legal expiration period | 30 years |
Financial risk management - Nar
Financial risk management - Narrative (Details) € in Thousands, $ in Millions | 12 Months Ended | |||||
Mar. 31, 2023 EUR (€) | Mar. 31, 2022 EUR (€) | Mar. 31, 2021 EUR (€) | Mar. 31, 2023 USD ($) | Aug. 28, 2020 EUR (€) | Mar. 31, 2020 EUR (€) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Financial assets held for managing liquidity risk | € 240,500 | € 51,100 | ||||
Equity | 6,343 | (185,793) | € (100,590) | € 71,497 | ||
Borrowings | € 788,836 | € 723,230 | ||||
Equity to capital ratio | 0.008 | (0.257) | 0.008 | |||
Bank overdraft | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Undrawn borrowing facilities | € 11,600 | € 8,400 | ||||
Revolving Credit Facility (RCF) | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Undrawn borrowing facilities | 900 | 900 | ||||
Borrowings | 99,100 | 99,100 | € 99,000 | |||
Supplemental Liquidity Facility (SLF) | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Undrawn borrowing facilities | 9,400 | $ 10 | ||||
Senior debt | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Borrowings | € 788,800 | 722,600 | ||||
Currency risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Reasonably possible change in risk variable, percent | 2% | |||||
Impact of two percent weakening (strengthening) of major foreign currencies against the euro on pre-tax profit | € 600 | 700 | 100 | |||
Interest rate risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Reasonably possible change in risk variable, percent | 1% | |||||
Impact of lower (higher) one percent interest rate on pre-tax profit | € 7,300 | € 3,100 | € 2,800 | |||
Credit risk | Trade receivables not yet due | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Trade receivables not yet due, percent | 81.10% | 88% | 81.10% |
Financial risk management - Dis
Financial risk management - Disclosure of Maturity Analysis for Derivative and Non-Derivative Financial Liabilities (Details) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 EUR (€) $ / shares | Mar. 31, 2022 EUR (€) | Mar. 31, 2021 EUR (€) | |
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Other current liabilities | € 34,851 | € 27,913 | |
Other current financial liabilities | 19,227 | 22,589 | |
Warrants | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Other current financial liabilities | € 11,449 | 12,051 | € 30,979 |
Public warrants | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Weighted average exercise price of other equity instruments exercised (usd per share) | $ / shares | € 11.50 | ||
Less than 3 months | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Loans and borrowings | € 565 | 0 | |
Other non-current financial liabilities | 0 | 0 | |
Trade payables | 110,215 | 103,457 | |
Other current liabilities | 20,678 | 14,987 | |
Accrued liabilities | 33,581 | 19,954 | |
Other current financial liabilities | 0 | 0 | |
Total | 165,039 | 138,398 | |
Between 3 months and 1 year | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Loans and borrowings | 81,321 | 20,075 | |
Other non-current financial liabilities | 0 | 0 | |
Trade payables | 98,891 | 62,646 | |
Other current liabilities | 1,279 | 440 | |
Accrued liabilities | 14,820 | 8,516 | |
Other current financial liabilities | 7,776 | 10,538 | |
Total | 204,087 | 102,215 | |
Between 1 and 2 years | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Loans and borrowings | 20,761 | 40,205 | |
Other non-current financial liabilities | 10,293 | 7,583 | |
Trade payables | 0 | 0 | |
Other current liabilities | 0 | 0 | |
Accrued liabilities | 0 | 0 | |
Other current financial liabilities | 0 | 0 | |
Total | 31,054 | 47,788 | |
Between 2 and 5 years | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Loans and borrowings | 740,837 | 738,955 | |
Other non-current financial liabilities | 10,646 | 26,601 | |
Trade payables | 0 | 0 | |
Other current liabilities | 0 | 0 | |
Accrued liabilities | 0 | 0 | |
Other current financial liabilities | 0 | 0 | |
Total | 751,483 | 765,556 | |
Over 5 years | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Loans and borrowings | 0 | 0 | |
Other non-current financial liabilities | 88 | 394 | |
Trade payables | 0 | 0 | |
Other current liabilities | 0 | 0 | |
Accrued liabilities | 0 | 0 | |
Other current financial liabilities | 0 | 0 | |
Total | € 88 | € 394 |
Financial risk management - D_2
Financial risk management - Disclosure of Reconciliation of Liabilities Arising from Financing Activities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of financial liabilities [line items] | ||
Cash and cash equivalents at beginning of year | € 51,083 | € 182,176 |
Net debt at beginning of period | 694,004 | 570,380 |
Cash flows | (143,543) | 116,483 |
Borrowings from business acquisition | 3,236 | |
New leases | 6,725 | 3,602 |
Foreign exchange adjustments | 1,710 | 361 |
Reclassification | 0 | 0 |
Other changes | 3,385 | 3,178 |
Cash and cash equivalents at end of year | 240,546 | 51,083 |
Net debt at end of period | 565,517 | 694,004 |
Cash and cash equivalents | ||
Disclosure of financial liabilities [line items] | ||
Cash flows | (191,181) | 129,126 |
Borrowings from business acquisition | 0 | |
New leases | 0 | 0 |
Foreign exchange adjustments | 2,360 | 578 |
Reclassification | 0 | 0 |
Other changes | (642) | 1,389 |
Borrowings due within 1 year | ||
Disclosure of financial liabilities [line items] | ||
Liabilities arising from financing activities at beginning of period | (676) | (111) |
Cash flows | 59,384 | 731 |
Borrowings from business acquisition | 642 | |
New leases | 0 | 0 |
Foreign exchange adjustments | (453) | (166) |
Reclassification | 0 | 0 |
Other changes | 1,696 | 0 |
Liabilities arising from financing activities at end of period | (61,945) | (676) |
Borrowings due after 1 year | ||
Disclosure of financial liabilities [line items] | ||
Liabilities arising from financing activities at beginning of period | (722,554) | (720,745) |
Cash flows | 0 | 0 |
Borrowings from business acquisition | 2,594 | |
New leases | 0 | 0 |
Foreign exchange adjustments | 0 | 0 |
Reclassification | 0 | 0 |
Other changes | 1,743 | 1,809 |
Liabilities arising from financing activities at end of period | (726,891) | (722,554) |
Lease liabilities due within 1 year | ||
Disclosure of financial liabilities [line items] | ||
Liabilities arising from financing activities at beginning of period | (10,538) | (12,578) |
Cash flows | (11,746) | (13,374) |
Borrowings from business acquisition | 0 | |
New leases | 403 | 0 |
Foreign exchange adjustments | (115) | (31) |
Reclassification | 7,904 | 11,247 |
Other changes | 0 | 118 |
Liabilities arising from financing activities at end of period | (6,984) | (10,538) |
Lease liabilities due after 1 year | Deferred tax assets to be recovered after more than 12 months | ||
Disclosure of financial liabilities [line items] | ||
Liabilities arising from financing activities at beginning of period | (11,319) | (19,122) |
Cash flows | 0 | 0 |
Borrowings from business acquisition | 0 | |
New leases | 6,322 | 3,602 |
Foreign exchange adjustments | (82) | (20) |
Reclassification | (7,904) | (11,247) |
Other changes | 588 | (138) |
Liabilities arising from financing activities at end of period | € (10,243) | € (11,319) |
Financial risk management - D_3
Financial risk management - Disclosure of Fair Value Measurement of Assets and Liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of financial liabilities [line items] | ||
Total assets | € 1,157,296 | € 852,560 |
Total liabilities | 1,150,953 | 1,038,353 |
Recurring fair value measurement | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 7,158 | 3,881 |
Total liabilities | 15,839 | 27,826 |
Recurring fair value measurement | Financial assets at fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 7,051 | 3,881 |
Recurring fair value measurement | Put options | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 4,390 | 15,419 |
Recurring fair value measurement | Public warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 7,320 | 7,539 |
Recurring fair value measurement | Private warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 4,129 | 4,512 |
Recurring fair value measurement | Derivatives | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 356 | |
Recurring fair value measurement | Derivatives | Financial assets at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 107 | |
Level 1 | Recurring fair value measurement | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 0 | 0 |
Total liabilities | 7,320 | 7,539 |
Level 1 | Recurring fair value measurement | Financial assets at fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 0 | 0 |
Level 1 | Recurring fair value measurement | Put options | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 1 | Recurring fair value measurement | Public warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 7,320 | 7,539 |
Level 1 | Recurring fair value measurement | Private warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 1 | Recurring fair value measurement | Derivatives | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 0 | |
Level 1 | Recurring fair value measurement | Derivatives | Financial assets at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 0 | |
Level 2 | Recurring fair value measurement | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 107 | 0 |
Total liabilities | 4,129 | 4,868 |
Level 2 | Recurring fair value measurement | Financial assets at fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 0 | 0 |
Level 2 | Recurring fair value measurement | Put options | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 2 | Recurring fair value measurement | Public warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 2 | Recurring fair value measurement | Private warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 4,129 | 4,512 |
Level 2 | Recurring fair value measurement | Derivatives | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 356 | |
Level 2 | Recurring fair value measurement | Derivatives | Financial assets at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 107 | |
Level 3 | Recurring fair value measurement | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 7,051 | 3,881 |
Total liabilities | 4,390 | 15,419 |
Level 3 | Recurring fair value measurement | Financial assets at fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 7,051 | 3,881 |
Level 3 | Recurring fair value measurement | Put options | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 4,390 | 15,419 |
Level 3 | Recurring fair value measurement | Public warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 3 | Recurring fair value measurement | Private warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 3 | Recurring fair value measurement | Derivatives | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | € 0 | |
Level 3 | Recurring fair value measurement | Derivatives | Financial assets at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total assets | € 0 |
Critical accounting estimates_2
Critical accounting estimates and judgements (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2023 | Oct. 31, 2022 | |
Put options | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Derivative financial liabilities | € 0 | |
ShipUp | Put options | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Derivative, percentage considered payables | 100% | |
Derivative financial liabilities | € 0 | |
Offices | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Operating lease with indefinite contracts, average remaining lease term | 5 years | |
Refund points | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Operating lease with indefinite contracts, average remaining lease term | 5 years | |
Cars | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Operating lease with indefinite contracts, average remaining lease term | 3 years | |
IT contracts | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Operating lease with indefinite contracts, average remaining lease term | 5 years | |
Others | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Operating lease with indefinite contracts, average remaining lease term | 3 years |
Segment information - Schedule
Segment information - Schedule of Reportable Segments (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Revenue | € 311,490 | € 125,948 | € 44,696 |
Operating expenses | (233,508) | (135,850) | (85,525) |
Adjusted EBITDA | 77,982 | (9,902) | (40,829) |
Depreciation and amortization | (51,028) | (87,900) | (116,318) |
Exceptional items | (12,814) | 11,173 | (286,242) |
Operating Profit / (Loss) | 14,140 | (86,629) | (443,389) |
Central costs | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 0 | 0 |
Operating expenses | (80,377) | (61,947) | (47,481) |
Adjusted EBITDA | (80,377) | (61,947) | (47,481) |
TFSS | |||
Disclosure of operating segments [line items] | |||
Revenue | 228,818 | 89,559 | 30,826 |
TFSS | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 228,818 | 89,559 | 30,826 |
Operating expenses | (91,902) | (44,610) | (29,034) |
Adjusted EBITDA | 136,916 | 44,949 | 1,792 |
AVPS | |||
Disclosure of operating segments [line items] | |||
Revenue | 61,805 | 23,325 | 13,870 |
AVPS | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 61,805 | 23,325 | 13,870 |
Operating expenses | (34,267) | (12,538) | (9,010) |
Adjusted EBITDA | 27,538 | 10,787 | 4,860 |
RTS | |||
Disclosure of operating segments [line items] | |||
Revenue | 20,867 | 13,064 | |
Operating expenses | (16,755) | ||
Adjusted EBITDA | (3,691) | ||
RTS | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 20,867 | ||
Operating expenses | (26,962) | ||
Adjusted EBITDA | (6,095) | ||
Fixed cost | |||
Disclosure of operating segments [line items] | |||
Operating expenses | (154,600) | (109,200) | (74,700) |
Fixed personnel cost | |||
Disclosure of operating segments [line items] | |||
Operating expenses | (99,800) | (74,600) | (50,800) |
Fixed non personnel cost | |||
Disclosure of operating segments [line items] | |||
Operating expenses | (54,800) | (34,600) | (23,900) |
Variable cost | |||
Disclosure of operating segments [line items] | |||
Operating expenses | € (78,900) | € (26,700) | € (10,300) |
Segment information - Schedul_2
Segment information - Schedule of Revenue by Geography and by Segment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Total revenue | € 311,490 | € 125,948 | € 44,696 |
Europe | |||
Disclosure of operating segments [line items] | |||
Total revenue | 235,406 | 102,294 | 28,939 |
Asia Pacific | |||
Disclosure of operating segments [line items] | |||
Total revenue | 73,023 | 22,092 | 15,515 |
Rest of the world | |||
Disclosure of operating segments [line items] | |||
Total revenue | 3,061 | 1,562 | 242 |
TFSS | |||
Disclosure of operating segments [line items] | |||
Total revenue | 228,818 | 89,559 | 30,826 |
TFSS | Europe | |||
Disclosure of operating segments [line items] | |||
Total revenue | 202,263 | 82,599 | 25,609 |
TFSS | Asia Pacific | |||
Disclosure of operating segments [line items] | |||
Total revenue | 23,495 | 5,398 | 4,975 |
TFSS | Rest of the world | |||
Disclosure of operating segments [line items] | |||
Total revenue | 3,060 | 1,562 | 242 |
AVPS | |||
Disclosure of operating segments [line items] | |||
Total revenue | 61,805 | 23,325 | 13,870 |
AVPS | Europe | |||
Disclosure of operating segments [line items] | |||
Total revenue | 12,276 | 6,631 | 3,330 |
AVPS | Asia Pacific | |||
Disclosure of operating segments [line items] | |||
Total revenue | 49,528 | 16,694 | 10,540 |
AVPS | Rest of the world | |||
Disclosure of operating segments [line items] | |||
Total revenue | 1 | 0 | € 0 |
RTS | |||
Disclosure of operating segments [line items] | |||
Total revenue | 20,867 | 13,064 | |
RTS | Europe | |||
Disclosure of operating segments [line items] | |||
Total revenue | 20,867 | 13,064 | |
RTS | Asia Pacific | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
RTS | Rest of the world | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 0 | € 0 |
Segment information - Schedul_3
Segment information - Schedule of Revenue by Top Country (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Total revenue | € 311,490 | € 125,948 | € 44,696 |
Significant countries | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 158,657 | € 68,329 | € 26,340 |
% of Total Revenue | 51% | 54% | 58% |
Italy | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 47,019 | € 15,333 | € 5,568 |
% of Total Revenue | 15% | 12% | 12% |
France | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 41,787 | € 21,037 | € 6,495 |
% of Total Revenue | 14% | 17% | 15% |
Australia | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 40,974 | € 14,046 | € 9,508 |
% of Total Revenue | 13% | 11% | 21% |
United Kingdom | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 24,840 | € 15,470 | € 4,116 |
% of Total Revenue | 8% | 12% | 9% |
Switzerland | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 4,037 | € 2,443 | € 653 |
% of Total Revenue | 1% | 2% | 1% |
TFSS | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 228,818 | € 89,559 | € 30,826 |
TFSS | Significant countries | |||
Disclosure of operating segments [line items] | |||
Total revenue | 90,501 | 37,275 | 14,714 |
TFSS | Italy | |||
Disclosure of operating segments [line items] | |||
Total revenue | 43,280 | 12,912 | 3,906 |
TFSS | France | |||
Disclosure of operating segments [line items] | |||
Total revenue | 39,996 | 20,118 | 6,128 |
TFSS | Australia | |||
Disclosure of operating segments [line items] | |||
Total revenue | 303 | 49 | 302 |
TFSS | United Kingdom | |||
Disclosure of operating segments [line items] | |||
Total revenue | 2,917 | 1,838 | 3,784 |
TFSS | Switzerland | |||
Disclosure of operating segments [line items] | |||
Total revenue | 4,005 | 2,358 | 594 |
AVPS | |||
Disclosure of operating segments [line items] | |||
Total revenue | 61,805 | 23,325 | 13,870 |
AVPS | Significant countries | |||
Disclosure of operating segments [line items] | |||
Total revenue | 47,289 | 17,990 | 11,626 |
AVPS | Italy | |||
Disclosure of operating segments [line items] | |||
Total revenue | 3,739 | 2,421 | 1,662 |
AVPS | France | |||
Disclosure of operating segments [line items] | |||
Total revenue | 1,791 | 919 | 367 |
AVPS | Australia | |||
Disclosure of operating segments [line items] | |||
Total revenue | 40,671 | 13,997 | 9,206 |
AVPS | United Kingdom | |||
Disclosure of operating segments [line items] | |||
Total revenue | 1,056 | 568 | 332 |
AVPS | Switzerland | |||
Disclosure of operating segments [line items] | |||
Total revenue | 32 | 85 | € 59 |
RTS | |||
Disclosure of operating segments [line items] | |||
Total revenue | 20,867 | 13,064 | |
RTS | Significant countries | |||
Disclosure of operating segments [line items] | |||
Total revenue | 20,867 | 13,064 | |
RTS | Italy | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
RTS | France | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
RTS | Australia | |||
Disclosure of operating segments [line items] | |||
Total revenue | 0 | 0 | |
RTS | United Kingdom | |||
Disclosure of operating segments [line items] | |||
Total revenue | 20,867 | 13,064 | |
RTS | Switzerland | |||
Disclosure of operating segments [line items] | |||
Total revenue | € 0 | € 0 |
Segment information - Schedul_4
Segment information - Schedule of Non-Current Assets by Country (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of geographical areas [line items] | |||
Intangible assets | € 605,508 | € 584,026 | |
Property, plant and equipment | 24,839 | 27,758 | |
Other non-current financial assets | 14,207 | 13,313 | € 13,123 |
Non-current assets | 686,645 | 667,668 | |
Significant countries | |||
Disclosure of geographical areas [line items] | |||
Intangible assets | 605,508 | 584,026 | |
Property, plant and equipment | 24,839 | 27,758 | |
Investments in joint ventures and associates and Other investments | 7,281 | 6,531 | |
Other non-current financial assets | 14,207 | 13,313 | |
Non-current assets | 651,835 | 631,628 | |
Switzerland | |||
Disclosure of geographical areas [line items] | |||
Intangible assets | 575,145 | 559,998 | |
Property, plant and equipment | 782 | 1,051 | |
Investments in joint ventures and associates and Other investments | 7,244 | 4,739 | |
Other non-current financial assets | 698 | 519 | |
Non-current assets | 583,869 | 566,307 | |
Australia | |||
Disclosure of geographical areas [line items] | |||
Intangible assets | 11,465 | 11,252 | |
Property, plant and equipment | 2,451 | 2,608 | |
Investments in joint ventures and associates and Other investments | 0 | 0 | |
Other non-current financial assets | 215 | 236 | |
Non-current assets | 14,131 | 14,096 | |
France | |||
Disclosure of geographical areas [line items] | |||
Intangible assets | 7,104 | 331 | |
Property, plant and equipment | 2,555 | 2,403 | |
Investments in joint ventures and associates and Other investments | 0 | 0 | |
Other non-current financial assets | 437 | 2,874 | |
Non-current assets | 10,096 | 5,608 | |
United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Intangible assets | 5,765 | 5,515 | |
Property, plant and equipment | 305 | 914 | |
Investments in joint ventures and associates and Other investments | 0 | 0 | |
Other non-current financial assets | 144 | 225 | |
Non-current assets | 6,214 | 6,654 | |
Italy | |||
Disclosure of geographical areas [line items] | |||
Intangible assets | 476 | 796 | |
Property, plant and equipment | 3,160 | 5,443 | |
Investments in joint ventures and associates and Other investments | 0 | 0 | |
Other non-current financial assets | 258 | 283 | |
Non-current assets | 3,894 | 6,522 | |
Rest of the world | |||
Disclosure of geographical areas [line items] | |||
Intangible assets | 5,553 | 6,134 | |
Property, plant and equipment | 15,586 | 15,339 | |
Investments in joint ventures and associates and Other investments | 37 | 1,792 | |
Other non-current financial assets | 12,455 | 9,176 | |
Non-current assets | € 33,631 | € 32,441 |
Operating expenses - Schedule o
Operating expenses - Schedule of Expenses by Nature (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Analysis of income and expense [abstract] | |||
Employee benefit expenses | € (118,658) | € (86,623) | € (62,896) |
Contributions to defined contribution plans | (7,619) | (4,022) | (2,797) |
Depreciation and amortization | (51,028) | (87,900) | (116,318) |
Agent costs | (75,950) | (23,914) | (5,321) |
IT costs | (16,499) | (12,013) | (9,294) |
Auditors, lawyers and consultants | (12,113) | (12,223) | (7,989) |
Advertising and promotion | (3,827) | (1,729) | (1,299) |
Travel, entertainment, office and rental cost | (11,456) | (7,253) | (4,957) |
Contributions to defined benefit plans | (1,607) | (1,560) | (744) |
Share based payment transactions expenses | (9,988) | (6,414) | (2,336) |
Change in fair value of warrants and put options | 11,070 | 15,583 | (13,692) |
Capitalized software development expenditure | 25,688 | 17,163 | 16,669 |
External and other personnel cost | (7,544) | (4,343) | (2,869) |
Business restructuring expenses | (4,446) | (1,980) | (10,340) |
Corporate restructuring expenses | (2,764) | (475) | (253,430) |
Impairment | (3,355) | (2,846) | (3,866) |
Other operating income / (expenses) | (7,254) | 7,971 | (6,606) |
Operating expenses | € (297,350) | € (212,577) | € (488,085) |
Operating expenses - Narrative
Operating expenses - Narrative (Details) € in Millions | 12 Months Ended | ||
Mar. 31, 2023 EUR (€) employee | Mar. 31, 2022 EUR (€) employee | Mar. 31, 2021 EUR (€) employee | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Average number of employees | employee | 1,617 | 1,338 | 1,426 |
Income from government grants | € 2 | € 9 | € 18.3 |
ZigZag | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Earn-out provision released | € 9.6 |
Depreciation and amortization -
Depreciation and amortization - Disclosure of Detailed Information about Depreciation and Amortization Expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | |||
Depreciation of property, plant and equipment | € (14,033) | € (16,737) | € (19,425) |
Amortization | (36,995) | (71,163) | (96,893) |
Depreciation and amortization | (51,028) | (87,900) | (116,318) |
Customer relationships | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization | (12,459) | (47,222) | (72,752) |
Trademarks | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization | (2,237) | (2,237) | (2,237) |
Other intangible assets | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization | € (22,299) | € (21,704) | € (21,904) |
Depreciation and amortization_2
Depreciation and amortization - Narrative (Details) € in Millions | 12 Months Ended |
Mar. 31, 2013 EUR (€) | |
Customer relationships | |
Disclosure of detailed information about intangible assets [line items] | |
Acquisitions through business combinations, intangible assets other than goodwill | € 335.2 |
Exceptional items - Disclosure
Exceptional items - Disclosure of Exception Items (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Analysis of income and expense [abstract] | |||
Business restructuring expenses | € (4,446) | € (1,980) | € (10,340) |
Corporate restructuring expenses | (2,764) | (475) | (253,430) |
Directors' fee | (141) | (160) | (218) |
Impairment | (3,355) | (2,846) | (3,866) |
Net sales of assets (loss) | (365) | (23) | (294) |
Share-based payment transactions and related other expenses | (10,419) | (7,050) | (2,336) |
Change in fair value of warrants and put options | 11,070 | 15,583 | (13,692) |
Other exceptional items | (2,394) | 8,124 | (2,066) |
Total | € (12,814) | € 11,173 | € (286,242) |
Exceptional items - Narrative (
Exceptional items - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of financial liabilities [line items] | |||
Share based payment transactions expenses | € 10,419 | € 7,050 | € 2,336 |
Expense from equity-settled share-based payment transactions | 7,600 | 6,400 | 2,300 |
Warrants | |||
Disclosure of financial liabilities [line items] | |||
Gains on change in fair value of derivatives | 600 | 18,900 | |
Losses on change in fair value of derivatives | 13,700 | ||
ShipUp | |||
Disclosure of financial liabilities [line items] | |||
Expense from equity-settled share-based payment transactions | 2,100 | ||
ZigZag | |||
Disclosure of financial liabilities [line items] | |||
Earn-out provision released | 9,600 | ||
ZigZag | Put options | |||
Disclosure of financial liabilities [line items] | |||
Gains on change in fair value of derivatives | 5,700 | ||
Losses on change in fair value of derivatives | 600 | € 2,800 | |
Yocuda | Put options | |||
Disclosure of financial liabilities [line items] | |||
Gains on change in fair value of derivatives | € 4,800 | ||
Losses on change in fair value of derivatives | € 2,800 |
Net finance costs (Details)
Net finance costs (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Finance income | |||
Interest income on current bank deposits | € 1,605 | € 247 | € 345 |
Net foreign exchange gain on financing activities | 0 | 293 | 0 |
Other finance income | 455 | 636 | 2,121 |
Finance income | 2,060 | 1,176 | 2,466 |
Interest expense: | |||
- Bank borrowings (including amortization of capitalized financing fees) | (30,894) | (22,184) | (21,463) |
- Lease liabilities interest | (588) | (626) | (1,030) |
-Interest expenses on Non-Convertible Preferred Equity Certificates issued to 3rd Parties | 0 | 0 | (76) |
Net foreign exchange loss on financing activities | (2,537) | 0 | (280) |
Net foreign exchange losses on operating activities | (3,501) | (405) | (1,378) |
Other finance costs | (1,129) | (2,579) | (2,203) |
Finance costs | (38,649) | (25,794) | (26,430) |
Net finance costs | € (36,589) | € (24,618) | € (23,964) |
Income tax benefit _ (expense_2
Income tax benefit / (expense) - Disclosure of Income Tax Expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income taxes paid (refund) [abstract] | |||
Current income tax expense | € (9,947) | € (5,787) | € (2,147) |
Adjustments in respect of current income tax of prior years | 5,051 | 4,225 | (149) |
Adjustments in respect of deferred income tax of prior years | 1,144 | 0 | 0 |
Deferred tax benefit | 2,702 | 16,174 | 34,167 |
Total reported effective tax benefit / (expense) | (1,050) | 14,612 | € 31,871 |
Adjustments for reversal of previously-recorded uncertain tax position | 4,200 | ||
Adjustments for penalty reduction for withholding tax | € 600 | ||
Adjustments for tax losses used to offset prior years profits | € 3,900 |
Income tax benefit _ (expense_3
Income tax benefit / (expense) - Disclosure of Reconciliation of Accounting Profit Multiplied by Applicable Tax Rates (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Loss before tax | € (22,449) | € (111,247) | € (467,353) |
Tax benefit / (expense) calculated at the Swiss statutory tax rate of 18.8% (18.8% in both FY2021/22 and 2020/21) applicable to the Company | 4,221 | 20,919 | 88,096 |
Adjustments in respect of prior years | 5,051 | 141 | (149) |
Recognition of previously unrecognized (derecognition of previously recognized) deductible temporary differences | 2,428 | (124) | (590) |
Expenses not deductible for tax purposes | (7,349) | (5,648) | (33,589) |
Current year losses not generating deferred tax assets | (5,039) | (2,583) | (11,639) |
Effect of capital reorganization | 0 | 0 | (11,958) |
Effect of income taxed at different tax rates | (4,667) | (1,400) | 275 |
Deferred tax assets recognized for future tax credits | 0 | 0 | 440 |
Non-taxable income / gains | 1,885 | 2,027 | 0 |
Other tax items | 2,420 | 1,280 | 985 |
Total reported effective tax benefit / (expense) | (1,050) | 14,612 | 31,871 |
Tax effect on remeasurement of post-employment benefit obligations | 86 | (570) | 108 |
Tax effect on other investments at FVOCI | (181) | 0 | 0 |
Total tax effect | € (95) | € (570) | € 108 |
Income tax benefit _ (expense_4
Income tax benefit / (expense) - Narrative (Details) € in Millions | 1 Months Ended | 12 Months Ended | |||
Aug. 03, 2020 EUR (€) installment | Apr. 30, 2019 EUR (€) | Mar. 31, 2023 EUR (€) installment | Mar. 31, 2022 EUR (€) | Mar. 31, 2021 EUR (€) | |
Disclosure of contingent liabilities [line items] | |||||
Historical weighted average tax rate | 24% | ||||
Italy | Withholding taxes | |||||
Disclosure of contingent liabilities [line items] | |||||
Litigation settlement, amount | € 10.9 | € 3.6 | |||
Number of quarterly installments | installment | 16 | ||||
Current tax liabilities, non-current | € 6.7 | € 9.8 | € 12.4 | ||
Number of quarterly installments paid | installment | 4 | ||||
Losses on litigation settlements | € 3 | ||||
Italy | Withholding taxes, 2018 | |||||
Disclosure of contingent liabilities [line items] | |||||
Number of quarterly installments | installment | 8 | ||||
Current tax liabilities, non-current | € 1.8 | 2.5 | 2.5 | ||
Germany | Tax contingent liability | |||||
Disclosure of contingent liabilities [line items] | |||||
Estimated financial effect of contingent liabilities | 1.5 | 4.1 | |||
Germany | Royalty taxation | |||||
Disclosure of contingent liabilities [line items] | |||||
Estimated financial effect of contingent liabilities | € 2.7 | € 0 |
Earnings per share - Summary of
Earnings per share - Summary of Earnings per Share (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Basic earnings per share [abstract] | |||
Loss attributable to the owners of the parent | € (25,621) | € (97,177) | € (434,069) |
Diluted earnings per share [abstract] | |||
Loss attributable to the owners of the parent | (25,621) | (97,177) | (434,069) |
Ordinary shares | |||
Basic earnings per share [abstract] | |||
Loss attributable to the owners of the parent | € (21,635) | € (88,460) | € (386,890) |
Weighted average number of basic ordinary shares outstanding (in thousand of shares) | 187,326,000 | 179,455,000 | 169,391,000 |
Basic loss per ordinary share (in euro per share) | € (0.12) | € (0.49) | € (2.28) |
Diluted earnings per share [abstract] | |||
Loss attributable to the owners of the parent | € (21,635) | € (88,460) | € (386,890) |
Weighted average number of diluted ordinary shares outstanding (in thousand of shares) | 187,326,000 | 179,455,000 | 169,391,000 |
Diluted loss per ordinary share (in euro per share) | € (0.12) | € (0.49) | € (2.28) |
Preference shares | |||
Basic earnings per share [abstract] | |||
Loss attributable to the owners of the parent | € (3,986) | € (8,717) | € (47,178) |
Weighted average number of basic preference shares outstanding (in thousand of shares) | 34,509,000 | 17,684,000 | 20,656,000 |
Diluted earnings per share [abstract] | |||
Loss attributable to the owners of the parent | € (3,986) | € (8,717) | € (47,178) |
Weighted average number of diluted number of preference shares outstanding (in thousand of shares) | 34,509,000 | 17,684,000 | 20,656,000 |
Earnings per share - Narrative
Earnings per share - Narrative (Details) - shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Ordinary shares | |||
Earnings per share [line items] | |||
Potentially dilutive instruments not included in diluted earnings per share (in shares) | 2,000,000 | 1,700,000 | 0 |
Ordinary shares | Global Blue Management Incentive Plan | |||
Earnings per share [line items] | |||
Potentially dilutive instruments not included in diluted earnings per share (in shares) | 8,000,000 | 8,000,000 | 8,900,000 |
Warrants | |||
Earnings per share [line items] | |||
Potentially dilutive instruments not included in diluted earnings per share (in shares) | 30,735,950 | 30,735,950 | 30,735,950 |
Leases - Disclosure of Composit
Leases - Disclosure of Composition of Right-of-Use Assets (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | € 16,856 | € 20,938 | € 30,530 |
Offices | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | 8,064 | 9,923 | |
Refund points | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | 4,793 | 6,308 | |
IT contracts | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | 915 | 3,027 | |
Others | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets | € 3,084 | € 1,680 |
Leases - Disclosure of Reconcil
Leases - Disclosure of Reconciliation of Right-of-Use Assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets, beginning of period | € 20,938 | € 30,530 | |
Depreciation | (14,033) | (16,737) | € (19,425) |
Right-of-use assets, end of period | 16,856 | 20,938 | € 30,530 |
Right-of-use assets | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
New contracts | 5,855 | 2,523 | |
Modifications | 969 | 1,017 | |
Depreciation | (10,832) | (12,975) | |
Exchange differences | € (74) | € (157) |
Leases - Disclosure of Compos_2
Leases - Disclosure of Composition of Lease Liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Presentation of leases for lessee [abstract] | ||
Current | € 6,984 | € 10,538 |
Non-current | 10,243 | 11,319 |
Total Lease liabilities | € 17,227 | € 21,857 |
Leases - Disclosure of Reconc_2
Leases - Disclosure of Reconciliation of Lease Liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
New contracts | € 6,725 | € 3,602 | |
Cash outflow | (15,800) | (17,500) | € (20,300) |
Interest expense (included in finance costs) | 588 | 626 | 1,030 |
Exchange differences | 1,710 | 361 | |
Lease liabilities - current | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Liabilities arising from financing activities at beginning of period | 21,857 | 31,700 | |
New contracts | 5,855 | 2,525 | |
Modifications | 870 | 1,058 | |
Cash outflow | (11,746) | (14,001) | |
Interest expense (included in finance costs) | 588 | 626 | |
Exchange differences | (197) | (51) | |
Liabilities arising from financing activities at end of period | € 17,227 | € 21,857 | € 31,700 |
Leases - Disclosure of Maturity
Leases - Disclosure of Maturity Analysis of Operating Lease Payments (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total Lease liabilities | € 17,227 | € 21,857 |
Less than 2 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total Lease liabilities | 11,782 | 16,345 |
Between 2 and 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total Lease liabilities | 5,368 | 5,370 |
More than 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total Lease liabilities | € 77 | € 142 |
Leases - Disclosure of Amounts
Leases - Disclosure of Amounts Recognized in the Income Statement Related to Leases (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Total Depreciation charge of right of use assets | € 10,832 | € 12,975 | € 14,649 |
Expense relating to short-term leases (included in Operating expenses) | 718 | 943 | 646 |
Expense relating to leases of low-value assets that are not short-term leases (included in Operating expenses) | 63 | 88 | 98 |
Expense relating to variable lease payments not included in lease liabilities (included in Other expenses) | 3,235 | 2,421 | 3,478 |
Total Other lease-related expenses | 4,016 | 3,452 | 4,222 |
Offices | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Total Depreciation charge of right of use assets | 3,891 | 4,534 | 4,424 |
Refund points | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Total Depreciation charge of right of use assets | 3,762 | 5,046 | 6,511 |
IT contracts | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Total Depreciation charge of right of use assets | 2,019 | 2,147 | 2,253 |
Others | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Total Depreciation charge of right of use assets | € 1,160 | € 1,248 | € 1,461 |
Leases - Narrative (Details)
Leases - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Presentation of leases for lessee [abstract] | |||
Cash outflow | € 15.8 | € 17.5 | € 20.3 |
Rental expense, concessions | € 0.4 | € 3.4 | € 5.1 |
Property, plant and equipment_2
Property, plant and equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | € 27,758 | ||
Depreciation charge for the year | (14,033) | € (16,737) | € (19,425) |
Property, plant and equipment at end of period | 24,839 | 27,758 | |
Right of use assets | 16,856 | 20,938 | 30,530 |
Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 6,820 | ||
Property, plant and equipment at end of period | 7,983 | 6,820 | |
Machinery, equipment and computers | Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 5,522 | ||
Property, plant and equipment at end of period | 6,504 | 5,522 | |
Leasehold improvements | Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 1,298 | ||
Property, plant and equipment at end of period | 1,479 | 1,298 | |
Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 99,514 | ||
Acquisition of subsidiaries | 104 | ||
Disposal of subsidiary | (172) | ||
Additions | 4,776 | 3,292 | |
Disposals | (2,654) | (3,236) | |
Reclassifications | (4) | 32 | |
Exchange differences | (554) | 60 | |
Property, plant and equipment at end of period | 85,344 | 99,514 | |
Cost | Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 33,340 | 33,192 | |
Property, plant and equipment at end of period | 34,836 | 33,340 | 33,192 |
Cost | Right of use assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right of use assets | 50,508 | 66,174 | |
Cost | Machinery, equipment and computers | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiaries | 103 | ||
Disposal of subsidiary | (158) | ||
Additions | 4,087 | 3,234 | |
Disposals | (1,507) | (2,540) | |
Reclassifications | (194) | 128 | |
Exchange differences | (524) | 70 | |
Cost | Machinery, equipment and computers | Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 28,494 | 27,602 | |
Property, plant and equipment at end of period | 30,301 | 28,494 | 27,602 |
Cost | Leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiaries | 1 | ||
Disposal of subsidiary | (14) | ||
Additions | 689 | 58 | |
Disposals | (1,147) | (696) | |
Reclassifications | 190 | (96) | |
Exchange differences | (30) | (10) | |
Cost | Leasehold improvements | Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 4,846 | 5,590 | |
Property, plant and equipment at end of period | 4,535 | 4,846 | 5,590 |
Accumulated depreciation and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (71,756) | ||
Depreciation charge for the year | (3,201) | (3,762) | |
Disposal of subsidiary | 127 | ||
Impairment charge for the year | (2) | (15) | |
Disposals | 2,369 | 3,183 | |
Reclassifications | 4 | (32) | |
Exchange differences | 370 | (76) | |
Property, plant and equipment at end of period | (60,505) | (71,756) | |
Accumulated depreciation and impairment | Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (26,520) | (25,818) | |
Property, plant and equipment at end of period | (26,853) | (26,520) | (25,818) |
Accumulated depreciation and impairment | Right of use assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Right of use assets | (33,652) | (45,236) | |
Accumulated depreciation and impairment | Machinery, equipment and computers | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation charge for the year | (2,672) | (3,246) | |
Disposal of subsidiary | 123 | ||
Impairment charge for the year | (2) | (15) | |
Disposals | 1,380 | 2,497 | |
Reclassifications | 4 | (128) | |
Exchange differences | 342 | (90) | |
Accumulated depreciation and impairment | Machinery, equipment and computers | Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (22,972) | (21,990) | |
Property, plant and equipment at end of period | (23,797) | (22,972) | (21,990) |
Accumulated depreciation and impairment | Leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation charge for the year | (529) | (516) | |
Disposal of subsidiary | 4 | ||
Impairment charge for the year | 0 | 0 | |
Disposals | 989 | 686 | |
Reclassifications | 0 | 96 | |
Exchange differences | 28 | 14 | |
Accumulated depreciation and impairment | Leasehold improvements | Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (3,548) | (3,828) | |
Property, plant and equipment at end of period | € (3,056) | € (3,548) | € (3,828) |
Intangible assets - Disclosure
Intangible assets - Disclosure of Reconciliation of Changes in Intangible Assets and Goodwill (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | € 584,026 | ||
Amortization | (36,995) | € (71,163) | € (96,893) |
Intangible assets and goodwill at end of period | 605,508 | 584,026 | |
Goodwill | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 485,622 | ||
Intangible assets and goodwill at end of period | 510,258 | 485,622 | |
Trademarks | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 24,401 | ||
Intangible assets and goodwill at end of period | 22,048 | 24,401 | |
Customer relationships | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 15,742 | ||
Intangible assets and goodwill at end of period | 10,140 | 15,742 | |
Other intangible assets | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 1,402 | ||
Intangible assets and goodwill at end of period | 895 | 1,402 | |
Software | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 56,859 | ||
Intangible assets and goodwill at end of period | 62,167 | 56,859 | |
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 | 36,443 | 9,065 | |
Purchases | 29,134 | 18,842 | |
Disposals | (1,977) | (933) | |
Disposal of subsidiary | (687) | ||
Reclassifications | 0 | ||
Exchange differences | (8,441) | 3,282 | |
Intangible assets and goodwill at end of period | 1,411,798 | 1,357,326 | 1,327,070 |
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 | 29,239 | 7,829 | |
Purchases | 0 | 0 | |
Disposals | 0 | 0 | |
Disposal of subsidiary | 0 | ||
Reclassifications | 0 | ||
Exchange differences | (4,651) | 1,991 | |
Intangible assets and goodwill at end of period | 512,273 | 487,685 | 477,865 |
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 | 0 | |
Purchases | 0 | 0 | |
Disposals | 0 | 0 | |
Disposal of subsidiary | 0 | ||
Reclassifications | 0 | ||
Exchange differences | (116) | 51 | |
Intangible assets and goodwill at end of period | 45,909 | 46,025 | 45,974 |
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 | 4,466 | 0 | |
Purchases | 2,577 | 1,331 | |
Disposals | 0 | 0 | |
Disposal of subsidiary | 0 | ||
Reclassifications | 0 | ||
Exchange differences | (285) | 117 | |
Intangible assets and goodwill at end of period | 675,903 | 669,145 | 667,697 |
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 | 0 | |
Purchases | 869 | 418 | |
Disposals | (557) | (7) | |
Disposal of subsidiary | 0 | ||
Reclassifications | 95 | ||
Exchange differences | (301) | 17 | |
Intangible assets and goodwill at end of period | 10,258 | 10,247 | 9,724 |
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 | 2,738 | 1,236 | |
Purchases | 25,688 | 17,093 | |
Disposals | (1,420) | (926) | |
Disposal of subsidiary | (687) | ||
Reclassifications | (95) | ||
Exchange differences | (3,088) | 1,106 | |
Intangible assets and goodwill at end of period | 167,455 | 144,224 | 125,810 |
Accumulated amortization | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | (767,290) | (695,756) | |
Amortization | (36,995) | (71,163) | |
Disposals | 1,243 | 475 | |
Disposal of subsidiary | 416 | ||
Exchange differences | 2,496 | (846) | |
Intangible assets and goodwill at end of period | (800,130) | (767,290) | (695,756) |
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 | |
Disposal of subsidiary | 0 | ||
Exchange differences | 0 | 0 | |
Intangible assets and goodwill at end of period | 0 | 0 | 0 |
Accumulated amortization | Trademarks | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | (21,624) | (19,387) | |
Amortization | (2,237) | (2,237) | |
Disposals | 0 | 0 | |
Disposal of subsidiary | 0 | ||
Exchange differences | 0 | 0 | |
Intangible assets and goodwill at end of period | (23,861) | (21,624) | (19,387) |
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 | (12,459) | (47,222) | |
Disposals | 0 | 0 | |
Disposal of subsidiary | 0 | ||
Exchange differences | 99 | (41) | |
Intangible assets and goodwill at end of period | (665,763) | (653,403) | (606,140) |
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 | (909) | (1,024) | |
Disposals | 157 | 7 | |
Disposal of subsidiary | 0 | ||
Exchange differences | 234 | 8 | |
Intangible assets and goodwill at end of period | (8,865) | (8,347) | (7,338) |
Accumulated amortization | Software | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | (83,916) | (62,891) | |
Amortization | (21,390) | (20,680) | |
Disposals | 1,086 | 468 | |
Disposal of subsidiary | 416 | ||
Exchange differences | 2,163 | (813) | |
Intangible assets and goodwill at end of period | (101,641) | (83,916) | (62,891) |
Accumulated impairment | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | (6,010) | (5,935) | |
Impairment | (247) | (543) | |
Reversal of impairment | 0 | 95 | |
Disposals | 37 | 458 | |
Exchange differences | 60 | (85) | |
Intangible assets and goodwill at end of period | (6,160) | (6,010) | (5,935) |
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 | 0 | |
Disposals | 0 | 0 | |
Exchange differences | 48 | (88) | |
Intangible assets and goodwill at end of period | (2,015) | (2,063) | (1,975) |
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 | 0 | |
Disposals | 0 | 0 | |
Exchange differences | 0 | 0 | |
Intangible assets and goodwill at end of period | 0 | 0 | 0 |
Accumulated impairment | Customer relationships | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | 0 | 0 | |
Impairment | 0 | 0 | |
Reversal of impairment | 0 | 0 | |
Disposals | 0 | 0 | |
Exchange differences | 0 | 0 | |
Intangible assets and goodwill at end of period | 0 | 0 | 0 |
Accumulated impairment | Other intangible assets | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | (498) | (498) | |
Impairment | 0 | 0 | |
Reversal of impairment | 0 | 0 | |
Disposals | 0 | 0 | |
Exchange differences | 0 | 0 | |
Intangible assets and goodwill at end of period | (498) | (498) | (498) |
Accumulated impairment | Software | |||
Changes in intangible assets other than goodwill [abstract] | |||
Intangible assets and goodwill at beginning of period | (3,449) | (3,462) | |
Impairment | (247) | (543) | |
Reversal of impairment | 0 | 95 | |
Disposals | 37 | 458 | |
Exchange differences | 12 | 3 | |
Intangible assets and goodwill at end of period | € (3,647) | € (3,449) | € (3,462) |
Intangible assets - Disclosur_2
Intangible assets - Disclosure of Goodwill by Operating Segment (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | € 510,258 | € 485,622 |
TFSS | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 362,069 | 361,879 |
AVPS | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 50,076 | 51,271 |
ZigZag | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 61,045 | 64,540 |
Yocuda | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 7,829 | 7,932 |
ShipUp | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | € 29,239 | € 0 |
Intangible assets - Narrative (
Intangible assets - Narrative (Details) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 EUR (€) cash-generatingUnit | Mar. 31, 2022 EUR (€) | Mar. 31, 2016 EUR (€) | |
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | € 510,258 | € 485,622 | |
Intangible assets | 605,508 | 584,026 | |
Development costs | 51,200 | 43,700 | |
Capitalised development expenditure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Software development expenditures | 25,700 | € 17,100 | |
ZigZag | |||
Disclosure of detailed information about intangible assets [line items] | |||
Headroom | € 14,800 | ||
Recoverable amount over carrying value (in percentage) | 23% | ||
Goodwill | € 61,000 | ||
Expected revenue lower than projected, maximum percentage | 30% | ||
Expected revenue lower than expected, multiple | 3.5 | ||
Yocuda | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | € 7,800 | ||
ShipUp | |||
Disclosure of detailed information about intangible assets [line items] | |||
Discount rate used in current estimate of value in use | 12.80% | ||
Growth rate used to extrapolate cash flow projections | 1.90% | ||
Headroom | € 25,300 | ||
Recoverable amount over carrying value (in percentage) | 71% | ||
Goodwill | € 29,200 | ||
Cash flows forecast period | 5 years | ||
TFSS and AVPS | |||
Disclosure of detailed information about intangible assets [line items] | |||
Cash flows period | 5 years | ||
Revenue growth rate | 11.50% | ||
TFSS | |||
Disclosure of detailed information about intangible assets [line items] | |||
Discount rate used in current estimate of value in use | 10.61% | 8.66% | |
Growth rate used to extrapolate cash flow projections | 1.70% | 2% | |
Headroom | € 1,486,000 | ||
Recoverable amount over carrying value (in percentage) | 357% | ||
Goodwill | € 362,069 | € 361,879 | |
AVPS | |||
Disclosure of detailed information about intangible assets [line items] | |||
Discount rate used in current estimate of value in use | 9.06% | 8.66% | |
Growth rate used to extrapolate cash flow projections | 2.30% | 2% | |
Headroom | € 248,000 | ||
Recoverable amount over carrying value (in percentage) | 290% | ||
Goodwill | € 50,076 | € 51,271 | |
RTS | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | € 98,100 | ||
Number of cah-generating unit | cash-generatingUnit | 3 | ||
Customer relationships | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 10,140 | 15,742 | |
Customer relationships | RTS | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 20 years | ||
Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 62,167 | € 56,859 | |
Not internally generated | Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 5 years | ||
Not internally generated | Software | Currency Select | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 17,900 | ||
Not internally generated | Software | ZigZag | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 5,200 | ||
Not internally generated | Software | Yocuda | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 1,200 | ||
Maximum | ZigZag | |||
Disclosure of detailed information about intangible assets [line items] | |||
Expected revenue multiple used in current measurement, peer | 6.1 | ||
Maximum | Yocuda | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill, percentage of total amount | 2% | ||
Maximum | ShipUp | |||
Disclosure of detailed information about intangible assets [line items] | |||
Revenue growth rate | 70% | ||
Median | ZigZag | |||
Disclosure of detailed information about intangible assets [line items] | |||
Expected revenue multiple used in current measurement, peer | 4.3 | ||
Minimum | ZigZag | |||
Disclosure of detailed information about intangible assets [line items] | |||
Expected revenue multiple used in current measurement, peer | 2.8 | ||
Minimum | ShipUp | Annual growth rate | |||
Disclosure of detailed information about intangible assets [line items] | |||
Percentage of reasonably possible decrease in unobservable input, assets | 27% | ||
Minimum | ShipUp | Debt-Free Cash Flow | |||
Disclosure of detailed information about intangible assets [line items] | |||
Percentage of reasonably possible decrease in unobservable input, assets | 42% | ||
Bottom of range | Customer relationships | TFSS | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 9 years | ||
Bottom of range | Customer relationships | AVPS | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 9 years | ||
Top of range | Customer relationships | TFSS | |||
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 | ||
Top of range | Customer relationships | AVPS | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 20 years 6 months |
Intangible assets - Disclosur_3
Intangible assets - Disclosure of Customer Relationships by Operating Segment (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | € 605,508 | € 584,026 |
Business combinations | ||
Disclosure of detailed information about intangible assets [line items] | ||
PPA initial valuation | 659,511 | |
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 | |
RTS | Business combinations | ||
Disclosure of detailed information about intangible assets [line items] | ||
PPA initial valuation | 4,466 | |
Customer relationships | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 10,140 | 15,742 |
Customer relationships | Business combinations | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | 4,373 | 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 | 0 | 2,112 |
Customer relationships | RTS | Business combinations | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | € 4,373 | € 0 |
Other non-current financial a_3
Other non-current financial assets - Disclosure of Reconciliation of Other Non-Current Financial Assets (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Other non-current assets, beginning balance | € 13,313 | € 13,123 |
Additions | 4,149 | 3,759 |
Reclassifications | (3,305) | (688) |
Share of joint venture losses on loan receivable | 0 | (562) |
Impairment charge/reversal | 130 | (2,390) |
Exchange differences | (80) | 71 |
Other non-current assets, ending balance | € 14,207 | € 13,313 |
Other non-current financial a_4
Other non-current financial assets - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Non-current insurance company receivable | € 2,400 | € 2,600 |
Impairment charge of the year | € (130) | € 2,390 |
Financial instruments by cate_3
Financial instruments by category - Disclosure of Financial Assets (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of financial assets [line items] | ||
Financial assets | € 469,636 | € 182,796 |
Other investments | ||
Disclosure of financial assets [line items] | ||
Financial assets | 7,051 | 3,881 |
Other non-current financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 14,207 | 13,313 |
Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 191,469 | 100,469 |
Other current receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 16,363 | 14,050 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets | 240,546 | 51,083 |
At amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 460,078 | 178,915 |
At amortized cost | Other non-current financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 11,807 | 13,313 |
At amortized cost | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 191,469 | 100,469 |
At amortized cost | Other current receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 16,256 | 14,050 |
At amortized cost | Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets | 240,546 | 51,083 |
At FVPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,507 | 0 |
At FVPL | Other non-current financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,400 | |
At FVPL | Other current receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 107 | |
At FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 7,051 | 3,881 |
At FVOCI | Other investments | ||
Disclosure of financial assets [line items] | ||
Financial assets | € 7,051 | € 3,881 |
Financial instruments by cate_4
Financial instruments by category - Disclosure of Financial Liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | € 1,104,409 | € 985,908 |
Loans and borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 788,836 | 723,230 |
Other non-current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 18,811 | 29,705 |
Other current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 19,227 | 22,589 |
Trade payables | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 209,106 | 166,103 |
Other current liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 19,985 | 15,784 |
Accrued liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 48,444 | 28,497 |
At amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,088,570 | 958,082 |
At amortized cost | Loans and borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 788,836 | 723,230 |
At amortized cost | Other non-current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 15,215 | 14,286 |
At amortized cost | Other current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 6,984 | 10,538 |
At amortized cost | Trade payables | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 209,106 | 166,103 |
At amortized cost | Other current liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 19,985 | 15,428 |
At amortized cost | Accrued liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 48,444 | 28,497 |
At FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 15,839 | 27,826 |
At FVPL | Other non-current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 3,596 | 15,419 |
At FVPL | Other current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 12,243 | 12,051 |
At FVPL | Other current liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 356 | |
At FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | € 0 | € 0 |
Trade receivables - Disclosure
Trade receivables - Disclosure of Trade Receivables Balance (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of financial assets [line items] | ||
Financial assets | € 469,636 | € 182,796 |
Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 191,469 | 100,062 |
Retailers | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 149,901 | 72,105 |
Authorities | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 38,065 | 24,815 |
Other | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 3,503 | 3,142 |
Nominal value of outstanding trade receivables | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 193,531 | 102,190 |
Nominal value of outstanding trade receivables | Retailers | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 151,790 | 73,969 |
Nominal value of outstanding trade receivables | Authorities | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 38,065 | 24,815 |
Nominal value of outstanding trade receivables | Other | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 3,676 | 3,406 |
Less: Loss allowance | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | (2,062) | (2,128) |
Less: Loss allowance | Retailers | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | (1,889) | (1,864) |
Less: Loss allowance | Authorities | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Less: Loss allowance | Other | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | € (173) | € (264) |
Trade receivables - Disclosur_2
Trade receivables - Disclosure of Age Analysis of Net Trade Receivables (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Expected Loss Rates [Line Items] | ||
Financial assets | € 469,636 | € 182,796 |
Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 191,469 | 100,062 |
Retailers | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 149,901 | 72,105 |
Authorities | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 38,065 | 24,815 |
Other | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 3,503 | 3,142 |
Trade receivables not yet due | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 155,278 | 87,969 |
Trade receivables not yet due | Retailers | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 122,895 | 61,878 |
Trade receivables not yet due | Authorities | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 30,949 | 24,532 |
Trade receivables not yet due | Other | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 1,434 | 1,559 |
Up to 3 months | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 31,578 | 10,666 |
Up to 3 months | Retailers | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 23,379 | 8,889 |
Up to 3 months | Authorities | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 7,113 | 274 |
Up to 3 months | Other | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 1,086 | 1,503 |
3 months - 6 months | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 1,495 | 783 |
3 months - 6 months | Retailers | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 958 | 744 |
3 months - 6 months | Authorities | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 0 | 0 |
3 months - 6 months | Other | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 537 | 39 |
More than 6 months | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 3,118 | 644 |
More than 6 months | Retailers | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 2,669 | 594 |
More than 6 months | Authorities | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | 3 | 9 |
More than 6 months | Other | Trade receivables | ||
Expected Loss Rates [Line Items] | ||
Financial assets | € 446 | € 41 |
Trade receivables - Disclosur_3
Trade receivables - Disclosure of Movements of the Provision for the Impairment of Trade Receivables (Details) - Trade receivables - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Expected credit losses, beginning balance | € (2,128) | € (4,117) |
Income statement charge for the year | (614) | (515) |
Write-offs | 142 | 860 |
Reversal of unused amounts | 510 | 1,563 |
Exchange differences | 28 | 81 |
Expected credit losses, ending balance | € (2,062) | € (2,128) |
Other current receivables (Deta
Other current receivables (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Input VAT | € 11,434 | € 9,541 |
DCC receivables | 10,327 | 7,763 |
Advances and deposits | 3,903 | 3,482 |
Withholding taxes | 3,064 | 2,247 |
Government grants | 1,260 | 1,726 |
Derivative financial instruments | 107 | 0 |
Others | 1,274 | 1,075 |
Other current receivables | € 31,369 | € 25,834 |
Prepaid expenses (Details)
Prepaid expenses (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Analysis of income and expense [abstract] | ||
Insurance costs | € 894 | € 422 |
Office and IT-related expenses | 2,691 | 3,803 |
Contracts with customers | 949 | 733 |
Other prepaid expenses | 1,052 | 678 |
Total | € 5,586 | € 5,636 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Cash and cash equivalents [abstract] | ||||
Deposits | € 112,015 | € 2,831 | ||
Cash and bank balances | 128,531 | 48,252 | ||
Total | € 240,546 | € 51,083 | € 182,176 | € 225,764 |
Issued capital and reserves - D
Issued capital and reserves - Disclosure of Reconciliation of Share Capital (Details) - Other equity - shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of classes of share capital [line items] | |||
Number of shares issued, beginning of period | 210,323,474 | 211,252,951 | 40,000,000 |
Effects of the capital reorganisation on 28 Aug 2020 (in shares) | 0 | 0 | 151,542,785 |
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 29,764,256 | 0 | 19,596,142 |
Conversion of preference shares into ordinary shares (in shares) | 0 | 0 | (5,929,477) |
Assign the preference shares to ListCo. (in shares) | 0 | 0 | 5,929,477 |
Exercise of warrants (in shares) | 0 | 0 | 114,024 |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | 5,000,000 | 0 |
Cancellation of preference shares by Global Blue Group Holding A.G. (in shares) | (104,135) | (5,929,477) | 0 |
Number of shares issued, end of period | 240,087,730 | 210,323,474 | 211,252,951 |
Ordinary shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued, beginning of period | 192,534,962 | 187,534,962 | 40,000,000 |
Effects of the capital reorganisation on 28 Aug 2020 (in shares) | 0 | 0 | 127,824,796 |
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 8,587,786 | 0 | 19,596,142 |
Conversion of preference shares into ordinary shares (in shares) | 0 | 0 | 0 |
Assign the preference shares to ListCo. (in shares) | 0 | 0 | 0 |
Exercise of warrants (in shares) | 0 | 0 | 114,024 |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | 5,000,000 | 0 |
Cancellation of preference shares by Global Blue Group Holding A.G. (in shares) | 0 | 0 | 0 |
Number of shares issued, end of period | 201,226,883 | 192,534,962 | 187,534,962 |
Preference shares A | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued, beginning of period | 17,788,512 | 23,717,989 | 0 |
Effects of the capital reorganisation on 28 Aug 2020 (in shares) | 0 | 0 | 23,717,989 |
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 0 | 0 | 0 |
Conversion of preference shares into ordinary shares (in shares) | 0 | 0 | (5,929,477) |
Assign the preference shares to ListCo. (in shares) | 0 | 0 | 5,929,477 |
Exercise of warrants (in shares) | 0 | 0 | 0 |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 0 | 0 | 0 |
Cancellation of preference shares by Global Blue Group Holding A.G. (in shares) | (104,135) | (5,929,477) | 0 |
Number of shares issued, end of period | 17,684,377 | 17,788,512 | 23,717,989 |
Preference shares B | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued, beginning of period | 0 | ||
Effects of the capital reorganisation on 28 Aug 2020 (in shares) | 0 | ||
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 21,176,470 | ||
Conversion of preference shares into ordinary shares (in shares) | 0 | ||
Assign the preference shares to ListCo. (in shares) | 0 | ||
Exercise of warrants (in shares) | 0 | ||
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 0 | ||
Cancellation of preference shares by Global Blue Group Holding A.G. (in shares) | 0 | ||
Number of shares issued, end of period | 21,176,470 | 0 |
Issued capital and reserves - N
Issued capital and reserves - Narrative (Details) € in Thousands, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 EUR (€) shares | Mar. 31, 2023 USD ($) shares | Mar. 31, 2022 EUR (€) shares | Mar. 31, 2021 EUR (€) shares | |
Disclosure of classes of share capital [line items] | ||||
Proceeds from issuance of share capital | € 215,209 | $ 225 | € 0 | € 58,721 |
Issue of equity | € | (210,342) | € (46) | € (57,787) | |
Public warrants to shares purchase ratio (in shares per warrant) | 1 | |||
Other reserve | ||||
Disclosure of classes of share capital [line items] | ||||
Issue of equity | € | € 4,867 | |||
Other equity | ||||
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 | 19,596,142 |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | 104,135 | 5,000,000 | 0 |
Cancellation of preference shares A by Global Blue Group Holding A.G. (in shares) | 104,135 | 104,135 | 5,929,477 | 0 |
Effects of the capital reorganisation on 28 Aug 2020 (in shares) | 0 | 0 | 0 | 151,542,785 |
Assign the preference shares to ListCo. (in shares) | 0 | 0 | 0 | 5,929,477 |
Exercise of warrants (in shares) | 0 | 0 | 0 | 114,024 |
Vested RSA shares (in shares) | (538,044) | (538,044) | (92,479) | |
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | (1,189,977) | (1,189,977) | ||
Acquisition of treasury shares (in shares) | 4 | 4 | ||
Other equity | January 2022 | ||||
Disclosure of classes of share capital [line items] | ||||
Acquisition of treasury shares (in shares) | 1,453 | |||
Other equity | 28 August 2020 | ||||
Disclosure of classes of share capital [line items] | ||||
Acquisition of treasury shares (in shares) | 1,190,415 | |||
Other equity | After 28 August 2020 | ||||
Disclosure of classes of share capital [line items] | ||||
Acquisition of treasury shares (in shares) | 7,000,000 | |||
Ordinary shares | Other equity | ||||
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 | 19,596,142 |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | 104,135 | 5,000,000 | 0 |
Cancellation of preference shares A by Global Blue Group Holding A.G. (in shares) | 0 | 0 | 0 | 0 |
Effects of the capital reorganisation on 28 Aug 2020 (in shares) | 0 | 0 | 0 | 127,824,796 |
Assign the preference shares to ListCo. (in shares) | 0 | 0 | 0 | 0 |
Exercise of warrants (in shares) | 0 | 0 | 0 | 114,024 |
Vested RSA shares (in shares) | (538,044) | (538,044) | (92,479) | |
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | (1,189,977) | (1,189,977) | ||
Acquisition of treasury shares (in shares) | 4 | 4 | ||
Ordinary shares | Other equity | ZigZag | ||||
Disclosure of classes of share capital [line items] | ||||
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 6,666,665 | |||
Ordinary shares | Other equity | 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) | 7,000,000 | |||
Ordinary shares | Other equity | January 2022 | ||||
Disclosure of classes of share capital [line items] | ||||
Acquisition of treasury shares (in shares) | 1,217 | |||
Ordinary shares | Other equity | 28 August 2020 | ||||
Disclosure of classes of share capital [line items] | ||||
Acquisition of treasury shares (in shares) | 1,051,569 | |||
Ordinary shares | Other equity | After 28 August 2020 | ||||
Disclosure of classes of share capital [line items] | ||||
Acquisition of treasury shares (in shares) | 7,000,000 | |||
Preference shares B | Other equity | ||||
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 | ||
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 0 | 0 | ||
Cancellation of preference shares A by Global Blue Group Holding A.G. (in shares) | 0 | 0 | ||
Effects of the capital reorganisation on 28 Aug 2020 (in shares) | 0 | 0 | ||
Assign the preference shares to ListCo. (in shares) | 0 | 0 | ||
Exercise of warrants (in shares) | 0 | 0 | ||
Vested RSA shares (in shares) | 0 | 0 | ||
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | 0 | 0 | ||
Acquisition of treasury shares (in shares) | 0 | 0 | ||
Preference shares A | Other equity | ||||
Disclosure of classes of share capital [line items] | ||||
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 0 | 0 | 0 | 0 |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 0 | 0 | 0 | 0 |
Cancellation of preference shares A by Global Blue Group Holding A.G. (in shares) | 104,135 | 104,135 | 5,929,477 | 0 |
Effects of the capital reorganisation on 28 Aug 2020 (in shares) | 0 | 0 | 0 | 23,717,989 |
Assign the preference shares to ListCo. (in shares) | 0 | 0 | 0 | 5,929,477 |
Exercise of warrants (in shares) | 0 | 0 | 0 | 0 |
Vested RSA shares (in shares) | 0 | 0 | ||
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | 0 | 0 | ||
Acquisition of treasury shares (in shares) | 0 | 0 |
Issued capital and reserves -_2
Issued capital and reserves - Disclosure of Reconciliation of Treasury Shares (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Treasury Shares [Line Items] | |||
Equity balance as of beginning of the year | € (185,793) | € (100,590) | € 71,497 |
Issuance of treasury shares by Global Blue Group Holding A.G. | 0 | ||
Conversion of shares | 0 | 0 | |
Vested RSA shares | 0 | 0 | |
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) | (882) | ||
Cancellation of preference shares A by Global Blue Group Holding A.G. | 0 | 0 | |
Acquisition of treasury shares | (57) | (65) | |
Equity balance as of end of the year | € 6,343 | € (185,793) | € (100,590) |
Other equity | |||
Disclosure Of Treasury Shares [Line Items] | |||
Number of shares outstanding at beginning of period (in shares) | 13,099,389 | 8,190,415 | 0 |
Equity balance as of beginning of the year | € (10,179) | € (10,123) | € 0 |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | 5,000,000 | 0 |
Issuance of treasury shares by Global Blue Group Holding A.G. | € (1) | ||
Conversion of shares (in shares) | 0 | ||
Conversion of shares | € 0 | ||
Vested RSA shares (in shares) | (538,044) | (92,479) | |
Vested RSA shares | € 5 | € 1 | |
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | (1,189,977) | ||
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) | € 9,179 | ||
Cancellation of preference shares by Global Blue Group Holding A.G. (in shares) | (104,135) | (5,929,477) | 0 |
Cancellation of preference shares A by Global Blue Group Holding A.G. | € 879 | ||
Acquisition of treasury shares (in shares) | 4 | ||
Acquisition of treasury shares | € 0 | ||
Number of shares outstanding at end of period (in shares) | 11,371,372 | 13,099,389 | 8,190,415 |
Equity balance as of end of the year | € (117) | € (10,179) | € (10,123) |
Other equity | September 2021 | |||
Disclosure Of Treasury Shares [Line Items] | |||
Acquisition of treasury shares (in shares) | 5,000,000 | ||
Acquisition of treasury shares | € (46) | ||
Other equity | January 2022 | |||
Disclosure Of Treasury Shares [Line Items] | |||
Acquisition of treasury shares (in shares) | 1,453 | ||
Acquisition of treasury shares | € (11) | ||
Other equity | 28 August 2020 | |||
Disclosure Of Treasury Shares [Line Items] | |||
Acquisition of treasury shares (in shares) | 1,190,415 | ||
Acquisition of treasury shares | € (10,058) | ||
Other equity | After 28 August 2020 | |||
Disclosure Of Treasury Shares [Line Items] | |||
Acquisition of treasury shares (in shares) | 7,000,000 | ||
Acquisition of treasury shares | € (65) | ||
Other equity | Ordinary shares | |||
Disclosure Of Treasury Shares [Line Items] | |||
Number of shares outstanding at beginning of period (in shares) | 12,995,018 | 8,051,569 | 0 |
Equity balance as of beginning of the year | € (9,297) | € (8,877) | € 0 |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | 5,000,000 | 0 |
Issuance of treasury shares by Global Blue Group Holding A.G. | € (1) | ||
Conversion of shares (in shares) | 34,711 | ||
Conversion of shares | € (366) | ||
Vested RSA shares (in shares) | (538,044) | (92,479) | |
Vested RSA shares | € 5 | € 1 | |
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | (1,189,977) | ||
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) | € 9,179 | ||
Cancellation of preference shares by Global Blue Group Holding A.G. (in shares) | 0 | 0 | 0 |
Cancellation of preference shares A by Global Blue Group Holding A.G. | € 0 | ||
Acquisition of treasury shares (in shares) | 4 | ||
Acquisition of treasury shares | € 0 | € (55) | € (65) |
Number of shares outstanding at end of period (in shares) | 11,371,136 | 12,995,018 | 8,051,569 |
Equity balance as of end of the year | € (114) | € (9,297) | € (8,877) |
Other equity | Ordinary shares | September 2021 | |||
Disclosure Of Treasury Shares [Line Items] | |||
Acquisition of treasury shares (in shares) | 5,000,000 | ||
Acquisition of treasury shares | € (46) | ||
Other equity | Ordinary shares | January 2022 | |||
Disclosure Of Treasury Shares [Line Items] | |||
Acquisition of treasury shares (in shares) | 1,217 | ||
Acquisition of treasury shares | € (9) | ||
Other equity | Ordinary shares | 28 August 2020 | |||
Disclosure Of Treasury Shares [Line Items] | |||
Acquisition of treasury shares (in shares) | 1,051,569 | ||
Acquisition of treasury shares | € (8,812) | ||
Other equity | Ordinary shares | After 28 August 2020 | |||
Disclosure Of Treasury Shares [Line Items] | |||
Acquisition of treasury shares (in shares) | 7,000,000 | ||
Acquisition of treasury shares | € (65) | ||
Other equity | Preference shares | |||
Disclosure Of Treasury Shares [Line Items] | |||
Number of shares outstanding at beginning of period (in shares) | 104,371 | 138,846 | 0 |
Equity balance as of beginning of the year | € (882) | € (1,246) | € 0 |
Conversion of shares (in shares) | (34,711) | ||
Conversion of shares | € 366 | ||
Vested RSA shares (in shares) | 0 | ||
Vested RSA shares | € 0 | ||
Cancellation of preference shares A by Global Blue Group Holding A.G. | 879 | ||
Acquisition of treasury shares | € (2) | ||
Number of shares outstanding at end of period (in shares) | 104,371 | 138,846 | |
Equity balance as of end of the year | € (3) | € (882) | € (1,246) |
Other equity | Preference shares | September 2021 | |||
Disclosure Of Treasury Shares [Line Items] | |||
Acquisition of treasury shares (in shares) | 0 | ||
Acquisition of treasury shares | € 0 | ||
Other equity | Preference shares | January 2022 | |||
Disclosure Of Treasury Shares [Line Items] | |||
Acquisition of treasury shares (in shares) | 236 | ||
Acquisition of treasury shares | € (2) | ||
Other equity | Preference shares | 28 August 2020 | |||
Disclosure Of Treasury Shares [Line Items] | |||
Acquisition of treasury shares (in shares) | 138,846 | ||
Acquisition of treasury shares | € (1,246) | ||
Other equity | Preference shares | After 28 August 2020 | |||
Disclosure Of Treasury Shares [Line Items] | |||
Acquisition of treasury shares (in shares) | 0 | ||
Acquisition of treasury shares | € 0 | ||
Other equity | Preference shares A | |||
Disclosure Of Treasury Shares [Line Items] | |||
Number of shares outstanding at beginning of period (in shares) | 104,371 | ||
Equity balance as of beginning of the year | € (882) | ||
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 0 | 0 | 0 |
Issuance of treasury shares by Global Blue Group Holding A.G. | € 0 | ||
Vested RSA shares (in shares) | 0 | ||
Vested RSA shares | € 0 | ||
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | 0 | ||
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) | € 0 | ||
Cancellation of preference shares by Global Blue Group Holding A.G. (in shares) | (104,135) | (5,929,477) | 0 |
Cancellation of preference shares A by Global Blue Group Holding A.G. | € 879 | ||
Acquisition of treasury shares (in shares) | 0 | ||
Acquisition of treasury shares | € 0 | ||
Number of shares outstanding at end of period (in shares) | 236 | 104,371 | |
Equity balance as of end of the year | € (3) | € (882) | |
Other equity | Preference shares B | |||
Disclosure Of Treasury Shares [Line Items] | |||
Number of shares outstanding at beginning of period (in shares) | 0 | ||
Equity balance as of beginning of the year | € 0 | ||
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 0 | ||
Issuance of treasury shares by Global Blue Group Holding A.G. | € 0 | ||
Vested RSA shares (in shares) | 0 | ||
Vested RSA shares | € 0 | ||
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | 0 | ||
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) | € 0 | ||
Cancellation of preference shares by Global Blue Group Holding A.G. (in shares) | 0 | ||
Cancellation of preference shares A by Global Blue Group Holding A.G. | € 0 | ||
Acquisition of treasury shares (in shares) | 0 | ||
Acquisition of treasury shares | € 0 | ||
Number of shares outstanding at end of period (in shares) | 0 | 0 | |
Equity balance as of end of the year | € 0 | € 0 |
Non-controlling interests - Dis
Non-controlling interests - Disclosure of Non-Controlling Interests (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of subsidiaries [line items] | |||
Non-controlling interests | € 5,970 | € 5,732 | € 6,779 |
Global Blue TFS Japan Co Ltd | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interests | 4,555 | 3,180 | 3,969 |
Global Blue Lebanon SAL | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interests | 107 | 299 | 472 |
Global Blue Touristik Hizmetler A.Ş. | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interests | 1,302 | 713 | 1,234 |
Global Blue Russia AO | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interests | 0 | 1,153 | 581 |
Global Blue Russia Holdings B.V. | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interests | 0 | 349 | 320 |
Global Blue Cross Border SA | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interests | 0 | 0 | 203 |
Global Blue Pazarlama Destek ve Teknoloji Hizmetleri A.S | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interests | € 6 | € 38 | € 0 |
Non-controlling interests - D_2
Non-controlling interests - Disclosure of Financial Information of Subsidiaries with Non-Controlling Interests (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Current | ||
Assets | € 470,651 | € 184,892 |
Liabilities | 392,563 | 269,462 |
Non- current | ||
Assets | 686,645 | 667,668 |
Liabilities | 758,390 | 768,891 |
Global Blue TFS Japan Co Ltd | ||
Current | ||
Assets | 16,327 | 4,102 |
Liabilities | 17,976 | 10,331 |
Total current net assets / (liabilities) | (1,649) | (6,229) |
Non- current | ||
Assets | 10,951 | 12,712 |
Liabilities | 13 | 0 |
Total non-current net assets / (liabilities) | 10,938 | 12,712 |
Net assets | 9,289 | 6,483 |
Global Blue Touristik Hizmetler A.Ş. | ||
Current | ||
Assets | 5,493 | 4,724 |
Liabilities | 4,221 | 4,174 |
Total current net assets / (liabilities) | 1,272 | 550 |
Non- current | ||
Assets | 1,329 | 1,150 |
Liabilities | 600 | 592 |
Total non-current net assets / (liabilities) | 729 | 558 |
Net assets | € 2,001 | € 1,108 |
Non-controlling interests - D_3
Non-controlling interests - Disclosure of Profit for the Year of Subsidiaries with Non-Controlling Interests (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of subsidiaries [line items] | |||
Revenue | € 311,490 | € 125,948 | € 44,696 |
Global Blue TFS Japan Co Ltd | |||
Disclosure of subsidiaries [line items] | |||
Revenue | 10,076 | 3,384 | 3,084 |
Profit / (loss) for the year from continuing operations | 3,249 | (1,320) | (1,140) |
Global Blue Touristik Hizmetler A.Ş. | |||
Disclosure of subsidiaries [line items] | |||
Revenue | 5,351 | 3,452 | 1,326 |
Profit / (loss) for the year from continuing operations | € 3,093 | € 2,067 | € 267 |
Non-controlling interests - D_4
Non-controlling interests - Disclosure of Net Increase (Decrease) In Cash and Cash Equivalents of Subsidiaries with Non-Controlling Interests (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of subsidiaries [line items] | |||
Net increase / (decrease) in cash and cash equivalents | € 188,821 | € (131,824) | € (42,704) |
Global Blue TFS Japan Co Ltd | |||
Disclosure of subsidiaries [line items] | |||
Net increase / (decrease) in cash and cash equivalents | 7,954 | (23) | (7,851) |
Global Blue Touristik Hizmetler A.Ş. | |||
Disclosure of subsidiaries [line items] | |||
Net increase / (decrease) in cash and cash equivalents | € 420 | € 721 | € (1,034) |
Share-based payments transact_3
Share-based payments transactions - Disclosure of Movement in the Share-Based Payment Liability (Details) - EUR (€) € in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | |||
Aug. 28, 2020 | Aug. 27, 2020 | Mar. 31, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Valuation up to August 27 | € 9,988 | € 6,414 | € 2,336 | |||
Management Equity Plan (MEP) | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Liabilities from share-based payment transactions, beginning balance | € 8,370 | € 7,396 | € 67,114 | € 0 | 7,396 | |
Valuation up to August 27 | 974 | |||||
Expense recognized in the profit and loss upon capital reorganization | 58,744 | |||||
Cash settlements upon reorganization | (29,333) | |||||
Conversion upon reorganization of remaining SBP liability to equity at FV | (37,781) | |||||
Liabilities from share-based payment transactions, ending balance | € 67,114 | € 8,370 | € 0 | € 0 |
Share-based payments transact_4
Share-based payments transactions - Disclosure of Movement in the NC-PECs Liability (Details) - Global Blue Management & Co S.C.A NC-PECs - NC-PECs € in Thousands | 12 Months Ended |
Mar. 31, 2021 EUR (€) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Nominal value of NC-PECs, including accrued interest, at beginning of period | € 1,920 |
Mark-to-market fair value charge | (138) |
Accrued interests on NC-PECs | 79 |
Transfer to equity | (1,861) |
Reclassifications | 0 |
Nominal value of NC-PECs, including accrued interest, at end of period | 0 |
Interest bearing obligations, at beginning of period | 2,971 |
Accrued interest | 120 |
Derecognition of residual amount to profit and loss | (101) |
Transfer to equity | (2,990) |
Reclassifications | 0 |
Interest bearing obligations, at end of period | 0 |
Total value of NC-PECs including accrued interest | € 0 |
Share-based payments transact_5
Share-based payments transactions - Disclosure of Movement in the NC-PECs Issued (Details) - Global Blue Management & Co S.C.A NC-PECs - NC-PECs shares in Thousands | 12 Months Ended |
Mar. 31, 2021 shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of other equity instruments outstanding in share-based payment arrangement, beginning balance (in shares) | 927 |
Issuance of NC-PECs | 0 |
Transfer of NC-PECs to equity | (927) |
Number of other equity instruments outstanding in share-based payment arrangement, ending balance (in shares) | 0 |
Share-based payments transact_6
Share-based payments transactions - Share Options (Details) - Global Blue Management Incentive Plan shares in Thousands, share in Thousands, € in Millions | 12 Months Ended | ||||||
Jun. 25, 2019 share $ / shares | Mar. 31, 2023 $ / shares | Mar. 31, 2023 EUR (€) share | Mar. 31, 2022 share $ / shares | Mar. 31, 2021 share $ / shares | Sep. 14, 2022 shares | Oct. 23, 2020 shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of share options granted in share-based payment arrangement (in shares) | share | 0 | 0 | 8,457 | ||||
Weighted average exercise price of share options granted in share-based payment arrangement (in USD per share) | $ / shares | $ 0 | $ 0 | $ 11.40 | ||||
Incremental fair value granted, modified share-based payment arrangements | € | € 0.7 | ||||||
Incremental fair value granted modified share based payment arrangements recognized as expense | € | 0.5 | ||||||
Incremental fair value granted modified share based payment arrangements expected to be recognized as expense | € | 0.2 | ||||||
SOP 2019 | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of share options granted in share-based payment arrangement (in shares) | share | 500 | ||||||
Weighted average exercise price of share options granted in share-based payment arrangement (in USD per share) | $ / shares | $ 10.59 | ||||||
SOP 2019 | Vesting tranche one | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share-based payment arrangement, vesting percentage | 50% | ||||||
SOP 2019 | Vesting tranche two | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Share-based payment arrangement, vesting percentage | 50% | ||||||
SOP 2020 | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of share options granted in share-based payment arrangement (in shares) | 7,970 | ||||||
SOP 2020 | Vesting tranche one | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of share options granted in share-based payment arrangement (in shares) | 2,989 | ||||||
SOP 2020 | Vesting tranche two | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of share options granted in share-based payment arrangement (in shares) | 997 | ||||||
SOP 2020 | Vesting tranche three | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of share options granted in share-based payment arrangement (in shares) | 1,992 | ||||||
SOP 2020 | Vesting tranche four | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of share options granted in share-based payment arrangement (in shares) | 1,992 | ||||||
SOP 2020 MOD | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of share options granted in share-based payment arrangement (in shares) | 2,749 | ||||||
Incremental fair value granted, modified share-based payment arrangements | € | 0.9 | ||||||
Incremental fair value granted modified share based payment arrangements recognized as expense | € | 0.7 | ||||||
Incremental fair value granted modified share based payment arrangements expected to be recognized as expense | € | € 0.2 | ||||||
SOP 2020 MOD | Vesting tranche one | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of share options granted in share-based payment arrangement (in shares) | 1,031 | ||||||
SOP 2020 MOD | Vesting tranche two | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of share options granted in share-based payment arrangement (in shares) | 344 | ||||||
SOP 2020 MOD | Vesting tranche three | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of share options granted in share-based payment arrangement (in shares) | 687 | ||||||
SOP 2020 MOD | Vesting tranche four | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of share options granted in share-based payment arrangement (in shares) | 687 |
Share-based payments transact_7
Share-based payments transactions - Disclosure of Number and Weighted Average Exercise Prices of Outstanding Share Options (Details) - Global Blue Management Incentive Plan shares in Thousands | Oct. 23, 2020 tranche exercise_price tranche_option vesting_period $ / shares shares | Sep. 14, 2022 $ / shares shares |
SOP 2020 | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of tranches of options | tranche | 4 | |
Number of vesting period | vesting_period | 4 | |
Number of options per tranche | tranche_option | 4 | |
Number of exercice price per tranche of options | exercise_price | 4 | |
Number of share options granted in share-based payment arrangement (in shares) | 7,970 | |
SOP 2020 | Vesting tranche one | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 2,989 | |
SOP 2020 | Vesting tranche two | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 997 | |
SOP 2020 | Vesting tranche three | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 1,992 | |
SOP 2020 | Vesting tranche four | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 1,992 | |
SOP 2020 MOD | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 2,749 | |
SOP 2020 MOD | Vesting tranche one | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 1,031 | |
SOP 2020 MOD | Vesting tranche two | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 344 | |
SOP 2020 MOD | Vesting tranche three | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 687 | |
SOP 2020 MOD | Vesting tranche four | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 687 | |
Exercise price range one | SOP 2020 | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 8.50 | |
Number of share options granted in share-based payment arrangement (in shares) | 2,589 | |
Exercise price range one | SOP 2020 | Vesting tranche one | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 971 | |
Exercise price range one | SOP 2020 | Vesting tranche two | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 324 | |
Exercise price range one | SOP 2020 | Vesting tranche three | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 647 | |
Exercise price range one | SOP 2020 | Vesting tranche four | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 647 | |
Exercise price range one | SOP 2020 MOD | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 8.50 | $ 6.42 |
Number of share options granted in share-based payment arrangement (in shares) | 893 | |
Exercise price range one | SOP 2020 MOD | Vesting tranche one | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 335 | |
Exercise price range one | SOP 2020 MOD | Vesting tranche two | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 112 | |
Exercise price range one | SOP 2020 MOD | Vesting tranche three | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 223 | |
Exercise price range one | SOP 2020 MOD | Vesting tranche four | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 223 | |
Exercise price range two | SOP 2020 | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 10.50 | |
Number of share options granted in share-based payment arrangement (in shares) | 2,192 | |
Exercise price range two | SOP 2020 | Vesting tranche one | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 822 | |
Exercise price range two | SOP 2020 | Vesting tranche two | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 274 | |
Exercise price range two | SOP 2020 | Vesting tranche three | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 548 | |
Exercise price range two | SOP 2020 | Vesting tranche four | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 548 | |
Exercise price range two | SOP 2020 MOD | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 10.50 | $ 8.42 |
Number of share options granted in share-based payment arrangement (in shares) | 757 | |
Exercise price range two | SOP 2020 MOD | Vesting tranche one | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 284 | |
Exercise price range two | SOP 2020 MOD | Vesting tranche two | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 95 | |
Exercise price range two | SOP 2020 MOD | Vesting tranche three | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 189 | |
Exercise price range two | SOP 2020 MOD | Vesting tranche four | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 189 | |
Exercise price range three | SOP 2020 | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 12.50 | |
Number of share options granted in share-based payment arrangement (in shares) | 1,793 | |
Exercise price range three | SOP 2020 | Vesting tranche one | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 673 | |
Exercise price range three | SOP 2020 | Vesting tranche two | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 224 | |
Exercise price range three | SOP 2020 | Vesting tranche three | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 448 | |
Exercise price range three | SOP 2020 | Vesting tranche four | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 448 | |
Exercise price range three | SOP 2020 MOD | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 12.50 | $ 10.42 |
Number of share options granted in share-based payment arrangement (in shares) | 619 | |
Exercise price range three | SOP 2020 MOD | Vesting tranche one | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 232 | |
Exercise price range three | SOP 2020 MOD | Vesting tranche two | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 77 | |
Exercise price range three | SOP 2020 MOD | Vesting tranche three | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 155 | |
Exercise price range three | SOP 2020 MOD | Vesting tranche four | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 155 | |
Exercise price range four | SOP 2020 | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 14.50 | |
Number of share options granted in share-based payment arrangement (in shares) | 1,396 | |
Exercise price range four | SOP 2020 | Vesting tranche one | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 523 | |
Exercise price range four | SOP 2020 | Vesting tranche two | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 175 | |
Exercise price range four | SOP 2020 | Vesting tranche three | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 349 | |
Exercise price range four | SOP 2020 | Vesting tranche four | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 349 | |
Exercise price range four | SOP 2020 MOD | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 14.50 | $ 12.42 |
Number of share options granted in share-based payment arrangement (in shares) | 480 | |
Exercise price range four | SOP 2020 MOD | Vesting tranche one | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 180 | |
Exercise price range four | SOP 2020 MOD | Vesting tranche two | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 60 | |
Exercise price range four | SOP 2020 MOD | Vesting tranche three | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 120 | |
Exercise price range four | SOP 2020 MOD | Vesting tranche four | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of share options granted in share-based payment arrangement (in shares) | 120 |
Share-based payments transact_8
Share-based payments transactions - Disclosure of Indirect Measurement of Fair Value of Share Options Granted (Details) - Global Blue Management Incentive Plan - $ / shares | Sep. 14, 2022 | Oct. 23, 2020 | Jun. 25, 2019 |
SOP 2019 | Vesting tranche one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
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% | ||
Fair value at grant date (in USD per share) | $ 1.59 | ||
SOP 2019 | Vesting tranche two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
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% | ||
Fair value at grant date (in USD per share) | $ 1.59 | ||
SOP 2020 | Vesting tranche one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 8.64 | ||
Expected volatility | 21.50% | ||
Risk free interest rate | 0.50% | ||
SOP 2020 | Vesting tranche one | Exercise price range one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | $ 8.50 | ||
Fair value at grant date (in USD per share) | 1.54 | ||
SOP 2020 | Vesting tranche one | Exercise price range two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 10.50 | ||
Fair value at grant date (in USD per share) | 0.96 | ||
SOP 2020 | Vesting tranche one | Exercise price range three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 12.50 | ||
Fair value at grant date (in USD per share) | 0.61 | ||
SOP 2020 | Vesting tranche one | Exercise price range four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 14.50 | ||
Fair value at grant date (in USD per share) | 0.39 | ||
SOP 2020 | Vesting tranche two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 8.64 | ||
Expected volatility | 21.50% | ||
Risk free interest rate | 0.50% | ||
SOP 2020 | Vesting tranche two | Exercise price range one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | $ 8.50 | ||
Fair value at grant date (in USD per share) | 1.54 | ||
SOP 2020 | Vesting tranche two | Exercise price range two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 10.50 | ||
Fair value at grant date (in USD per share) | 0.96 | ||
SOP 2020 | Vesting tranche two | Exercise price range three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 12.50 | ||
Fair value at grant date (in USD per share) | 0.61 | ||
SOP 2020 | Vesting tranche two | Exercise price range four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 14.50 | ||
Fair value at grant date (in USD per share) | 0.39 | ||
SOP 2020 | Vesting tranche three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 8.64 | ||
Expected volatility | 21.50% | ||
Risk free interest rate | 0.50% | ||
SOP 2020 | Vesting tranche three | Exercise price range one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | $ 8.50 | ||
Fair value at grant date (in USD per share) | 1.52 | ||
SOP 2020 | Vesting tranche three | Exercise price range two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 10.50 | ||
Fair value at grant date (in USD per share) | 0.96 | ||
SOP 2020 | Vesting tranche three | Exercise price range three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 12.50 | ||
Fair value at grant date (in USD per share) | 0.61 | ||
SOP 2020 | Vesting tranche three | Exercise price range four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 14.50 | ||
Fair value at grant date (in USD per share) | 0.39 | ||
SOP 2020 | Vesting tranche four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 8.64 | ||
Expected volatility | 21.50% | ||
Risk free interest rate | 0.50% | ||
SOP 2020 | Vesting tranche four | Exercise price range one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | $ 8.50 | ||
Fair value at grant date (in USD per share) | 1.49 | ||
SOP 2020 | Vesting tranche four | Exercise price range two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 10.50 | ||
Fair value at grant date (in USD per share) | 0.95 | ||
SOP 2020 | Vesting tranche four | Exercise price range three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 12.50 | ||
Fair value at grant date (in USD per share) | 0.61 | ||
SOP 2020 | Vesting tranche four | Exercise price range four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 14.50 | ||
Fair value at grant date (in USD per share) | $ 0.39 | ||
SOP 2020 MOD | Vesting tranche one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 8.64 | ||
Expected volatility | 21.50% | ||
Risk free interest rate | 0.50% | ||
SOP 2020 MOD | Vesting tranche one | Exercise price range one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | $ 6.42 | ||
Fair value at grant date (in USD per share) | 2.52 | ||
SOP 2020 MOD | Vesting tranche one | Exercise price range two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 8.42 | ||
Fair value at grant date (in USD per share) | 1.57 | ||
SOP 2020 MOD | Vesting tranche one | Exercise price range three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 10.42 | ||
Fair value at grant date (in USD per share) | 0.98 | ||
SOP 2020 MOD | Vesting tranche one | Exercise price range four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 12.42 | ||
Fair value at grant date (in USD per share) | 0.62 | ||
SOP 2020 MOD | Vesting tranche two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 8.64 | ||
Expected volatility | 21.50% | ||
Risk free interest rate | 0.50% | ||
SOP 2020 MOD | Vesting tranche two | Exercise price range one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | $ 6.42 | ||
Fair value at grant date (in USD per share) | 2.50 | ||
SOP 2020 MOD | Vesting tranche two | Exercise price range two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 8.42 | ||
Fair value at grant date (in USD per share) | 1.57 | ||
SOP 2020 MOD | Vesting tranche two | Exercise price range three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 10.42 | ||
Fair value at grant date (in USD per share) | 0.98 | ||
SOP 2020 MOD | Vesting tranche two | Exercise price range four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 12.42 | ||
Fair value at grant date (in USD per share) | 0.62 | ||
SOP 2020 MOD | Vesting tranche three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 8.64 | ||
Expected volatility | 21.50% | ||
Risk free interest rate | 0.50% | ||
SOP 2020 MOD | Vesting tranche three | Exercise price range one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | $ 6.42 | ||
Fair value at grant date (in USD per share) | 2.45 | ||
SOP 2020 MOD | Vesting tranche three | Exercise price range two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 8.42 | ||
Fair value at grant date (in USD per share) | 1.55 | ||
SOP 2020 MOD | Vesting tranche three | Exercise price range three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 10.42 | ||
Fair value at grant date (in USD per share) | 0.97 | ||
SOP 2020 MOD | Vesting tranche three | Exercise price range four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 12.42 | ||
Fair value at grant date (in USD per share) | 0.62 | ||
SOP 2020 MOD | Vesting tranche four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share price at grant date (in USD per share) | $ 8.64 | ||
Expected volatility | 21.50% | ||
Risk free interest rate | 0.50% | ||
SOP 2020 MOD | Vesting tranche four | Exercise price range one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | $ 6.42 | ||
Fair value at grant date (in USD per share) | 2.37 | ||
SOP 2020 MOD | Vesting tranche four | Exercise price range two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 8.42 | ||
Fair value at grant date (in USD per share) | 1.52 | ||
SOP 2020 MOD | Vesting tranche four | Exercise price range three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 10.42 | ||
Fair value at grant date (in USD per share) | 0.96 | ||
SOP 2020 MOD | Vesting tranche four | Exercise price range four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price (in USD per share) | 12.42 | ||
Fair value at grant date (in USD per share) | $ 0.62 |
Share-based payments transact_9
Share-based payments transactions - Disclosure of Reconciliation of Outstanding Share Options (Details) - Global Blue Management Incentive Plan share in Thousands | 12 Months Ended | ||
Mar. 31, 2023 share $ / shares | Mar. 31, 2022 share $ / shares | Mar. 31, 2021 share $ / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Weighted average exercise price of share options outstanding, beginning balance (in USD per share) | $ / shares | $ 11.42 | $ 11.40 | $ 0 |
Granted during the year (in USD per share) | $ / shares | 0 | 0 | 11.40 |
Forfeited during the year (in USD per share) | $ / shares | 11.50 | 10.98 | 0 |
Weighted average exercise price of share options outstanding, ending balance (in USD per share) | $ / shares | 11.42 | 11.42 | 11.40 |
Weighted average exercise price of share options vested and exercisable (in USD per share) | $ / shares | $ 11.42 | $ 11.01 | $ 0 |
Number of options outstanding, beginning balance (in shares) | share | 7,980 | 8,457 | 0 |
Granted during the year (in shares) | share | 0 | 0 | 8,457 |
Forfeited during the year (in shares) | share | (28) | (477) | 0 |
Number of options outstanding, ending balance (in shares) | share | 7,952 | 7,980 | 8,457 |
Number of options vested and exercisable (in shares) | share | 4,072 | 2,925 | 0 |
Weighted average remaining contractual life of outstanding share options | 3 years 4 months 24 days | 4 years 4 months 24 days | 5 years 4 months 24 days |
Share-based payments transac_10
Share-based payments transactions - Disclosure of Range of Exercise Prices of Outstanding Share Options (Details) - Global Blue Management Incentive Plan share in Thousands | 12 Months Ended | ||||||
Mar. 31, 2023 share | Mar. 31, 2022 share | Mar. 31, 2021 share | Sep. 14, 2022 $ / shares | Oct. 23, 2020 $ / shares | Mar. 31, 2020 share | Jun. 25, 2019 $ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Number of options outstanding (in shares) | 7,952 | 7,980 | 8,457 | 0 | |||
Weighted average remaining contractual life of outstanding share options | 3 years 4 months 24 days | 4 years 4 months 24 days | 5 years 4 months 24 days | ||||
SOP 2019 | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 10.59 | ||||||
Number of options outstanding (in shares) | 461 | 461 | 487 | ||||
SOP 2020 | Exercise price range one | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 8.50 | ||||||
Number of options outstanding (in shares) | 1,540 | 2,443 | 2,589 | ||||
SOP 2020 | Exercise price range two | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | 10.50 | ||||||
Number of options outstanding (in shares) | 1,304 | 2,068 | 2,192 | ||||
SOP 2020 | Exercise price range three | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | 12.50 | ||||||
Number of options outstanding (in shares) | 1,067 | 1,692 | 1,793 | ||||
SOP 2020 | Exercise price range four | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | 14.50 | ||||||
Number of options outstanding (in shares) | 830 | 1,316 | 1,396 | ||||
SOP 2020 MOD | Exercise price range one | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 6.42 | 8.50 | |||||
Number of options outstanding (in shares) | 894 | 0 | 0 | ||||
SOP 2020 MOD | Exercise price range two | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | 8.42 | 10.50 | |||||
Number of options outstanding (in shares) | 756 | 0 | 0 | ||||
SOP 2020 MOD | Exercise price range three | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | 10.42 | 12.50 | |||||
Number of options outstanding (in shares) | 619 | 0 | 0 | ||||
SOP 2020 MOD | Exercise price range four | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 12.42 | $ 14.50 | |||||
Number of options outstanding (in shares) | 481 | 0 | 0 |
Share-based payments transac_11
Share-based payments transactions - Restricted Shares (Details) share in Thousands, € in Millions | 12 Months Ended | |||||
Aug. 28, 2023 | Sep. 14, 2022 shares $ / shares | Mar. 31, 2023 EUR (€) share | Mar. 31, 2022 EUR (€) share | Mar. 31, 2021 EUR (€) share | Mar. 31, 2020 share | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Par value per share (in USD per share) | $ / shares | $ 4.83 | |||||
Expense from equity-settled share-based payment transactions | € | € 7.6 | € 6.4 | € 2.3 | |||
Global Blue Management Incentive Plan | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Incremental fair value granted, modified share-based payment arrangements | € | 0.7 | |||||
Incremental fair value granted modified share based payment arrangements recognized as expense | € | 0.5 | |||||
Incremental fair value granted modified share based payment arrangements expected to be recognized as expense | € | € 0.2 | |||||
Global Blue Management Incentive Plan | Restricted Share Award (RSA) | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Restricted shares granted (in shares) | share | 962 | 1,426 | 475 | |||
Restricted shares vested (in shares) | share | 539 | 92 | 0 | |||
Restricted shares outstanding (in shares) | share | 2,006 | 1,675 | 475 | 0 | ||
Global Blue Management Incentive Plan | CEO | RSA 2022 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Restricted shares granted (in shares) | 250,000 | |||||
Global Blue Management Incentive Plan | CEO | RSA 2022 | Vesting tranche one | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share-based payment arrangement, vesting percentage | 50% | |||||
Global Blue Management Incentive Plan | CEO | RSA 2022 | Vesting tranche two | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share-based payment arrangement, vesting percentage | 50% | |||||
Global Blue Management Incentive Plan | CEO | Restricted Share Award (RSA) | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Restricted shares granted (in shares) | 198,219 | |||||
Restricted shares vested (in shares) | 65,915 | |||||
Restricted shares outstanding (in shares) | 132,304 | |||||
Global Blue Management Incentive Plan | Other employees | RSA 2022 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Restricted shares granted (in shares) | 514,000 | |||||
Global Blue Management Incentive Plan | Other employees | RSA 2022 | Vesting tranche one | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share-based payment arrangement, vesting percentage | 25% | |||||
Global Blue Management Incentive Plan | Other employees | RSA 2022 | Vesting tranche two | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share-based payment arrangement, vesting percentage | 25% | |||||
Global Blue Management Incentive Plan | Other employees | RSA 2022 | Vesting tranche three | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share-based payment arrangement, vesting percentage | 25% | |||||
Global Blue Management Incentive Plan | Other employees | RSA 2022 | Vesting tranche four | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share-based payment arrangement, vesting percentage | 25% |
Share-based payments transac_12
Share-based payments transactions - Disclosure of Number of Restricted Shares Granted (Details) - Global Blue Management Incentive Plan share in Thousands | 12 Months Ended | ||||
Sep. 14, 2022 shares | Mar. 31, 2023 share | Mar. 31, 2022 share | Mar. 31, 2021 share | Mar. 31, 2020 share | |
RSA 2020 MOD | CEO | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vested at grant date (in shares) | 13,379 | ||||
To vest in the future (in shares) | 26,758 | ||||
Restricted shares granted (in shares) | 40,137 | ||||
RSA 2020 MOD | CEO | Unconditional | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vested at grant date (in shares) | 13,379 | ||||
To vest in the future (in shares) | 13,380 | ||||
RSA 2020 MOD | CEO | Conditional | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vested at grant date (in shares) | 0 | ||||
To vest in the future (in shares) | 13,378 | ||||
RSA 2021 MOD | CEO | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vested at grant date (in shares) | 10,698 | ||||
To vest in the future (in shares) | 42,789 | ||||
Restricted shares granted (in shares) | 53,487 | ||||
RSA 2021 MOD | CEO | Unconditional | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vested at grant date (in shares) | 7,132 | ||||
To vest in the future (in shares) | 21,396 | ||||
RSA 2021 MOD | CEO | Conditional | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vested at grant date (in shares) | 3,566 | ||||
To vest in the future (in shares) | 21,393 | ||||
RSA 2021e MOD | CEO | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vested at grant date (in shares) | 41,838 | ||||
To vest in the future (in shares) | 62,757 | ||||
Restricted shares granted (in shares) | 104,595 | ||||
RSA 2021e MOD | CEO | Unconditional | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vested at grant date (in shares) | 41,838 | ||||
To vest in the future (in shares) | 62,757 | ||||
RSA 2021e MOD | CEO | Conditional | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vested at grant date (in shares) | 0 | ||||
To vest in the future (in shares) | 0 | ||||
Restricted Share Award (RSA) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vested at grant date (in shares) | share | 539 | 92 | 0 | ||
To vest in the future (in shares) | share | 2,006 | 1,675 | 475 | 0 | |
Restricted shares granted (in shares) | share | 962 | 1,426 | 475 | ||
Restricted Share Award (RSA) | CEO | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vested at grant date (in shares) | 65,915 | ||||
To vest in the future (in shares) | 132,304 | ||||
Restricted shares granted (in shares) | 198,219 | ||||
Restricted Share Award (RSA) | CEO | Unconditional | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vested at grant date (in shares) | 62,349 | ||||
To vest in the future (in shares) | 97,533 | ||||
Restricted Share Award (RSA) | CEO | Conditional | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vested at grant date (in shares) | 3,566 | ||||
To vest in the future (in shares) | 34,771 |
Share-based payments transac_13
Share-based payments transactions - Disclosure of Reconciliation of Outstanding Restricted Shares (Details) - Restricted Share Award (RSA) - Global Blue Management Incentive Plan share in Thousands | 12 Months Ended | ||
Mar. 31, 2023 USD ($) share | Mar. 31, 2022 USD ($) share | Mar. 31, 2021 USD ($) share | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of other equity instruments outstanding in share-based payment arrangement, beginning balance (in shares) | 1,675 | 475 | 0 |
Granted during the year (in shares) | 962 | 1,426 | 475 |
Vested during the year (in shares) | (539) | (92) | 0 |
Forfeited during the year (in shares) | (92) | (134) | 0 |
Number of other equity instruments outstanding in share-based payment arrangement, ending balance (in shares) | 2,006 | 1,675 | 475 |
Weighted average fair value (in USD per share) | $ | $ 5.18 | $ 6.62 | $ 8.65 |
Share-based payments transac_14
Share-based payments transactions - Disclosure of Indirect Measurement of Fair Value of Restricted Shares Granted During Period (Details) - Global Blue Management Incentive Plan share in Thousands | 12 Months Ended | |||||
Sep. 14, 2022 $ / shares | Oct. 12, 2021 $ / shares | Oct. 23, 2020 $ / shares | Mar. 31, 2023 share | Mar. 31, 2022 share | Mar. 31, 2021 share | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of share options granted in share-based payment arrangement (in shares) | share | 0 | 0 | 8,457 | |||
RSA 2020 NED | Vesting tranche one | ||||||
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 | |||||
RSA 2020 NED | Vesting tranche two | ||||||
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 | |||||
RSA 2020 NED | Vesting tranche three | ||||||
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 | |||||
RSA 2020 | Vesting tranche one | ||||||
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) | $ 6.91 | |||||
RSA 2020 | Vesting tranche two | ||||||
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) | $ 6.90 | |||||
RSA 2020 | Vesting tranche three | ||||||
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) | $ 6.88 | |||||
RSA 2020 | Vesting tranche four | ||||||
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) | $ 6.84 | |||||
RSA 2020 MOD | Vesting tranche one | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (in USD per share) | $ 4.83 | |||||
Risk free interest rate | 4.21% | |||||
Fair value per share (in USD per share) | $ 3.64 | |||||
RSA 2020 MOD | Vesting tranche two | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (in USD per share) | $ 4.83 | |||||
Risk free interest rate | 4.22% | |||||
Fair value per share (in USD per share) | $ 3.49 | |||||
RSA 2021 | Vesting tranche one | ||||||
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) | $ 5.41 | |||||
RSA 2021 | Vesting tranche two | ||||||
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) | $ 5.39 | |||||
RSA 2021 | Vesting tranche three | ||||||
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) | $ 5.35 | |||||
RSA 2021 | Vesting tranche four | ||||||
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) | $ 5.28 | |||||
RSA 2021 MOD | Vesting tranche one | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (in USD per share) | $ 4.83 | |||||
Risk free interest rate | 0.10% | |||||
Fair value per share (in USD per share) | $ 4.95 | |||||
RSA 2021 MOD | Vesting tranche two | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (in USD per share) | $ 4.83 | |||||
Risk free interest rate | 0.21% | |||||
Fair value per share (in USD per share) | $ 3.98 | |||||
RSA 2021 MOD | Vesting tranche three | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (in USD per share) | $ 4.83 | |||||
Risk free interest rate | 0.40% | |||||
Fair value per share (in USD per share) | $ 3.83 | |||||
RSA 2021 MOD | Vesting tranche four | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (in USD per share) | $ 4.83 | |||||
Risk free interest rate | 0.62% | |||||
Fair value per share (in USD per share) | $ 3.73 | |||||
RSA 2021e | Vesting tranche one | ||||||
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 | |||||
RSA 2021e | Vesting tranche two | ||||||
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 | |||||
RSA 2021e MOD | Vesting tranche one | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (in USD per share) | $ 4.83 | |||||
Risk free interest rate | 4.24% | |||||
Fair value per share (in USD per share) | $ 6.59 | |||||
RSA 2021e MOD | Vesting tranche two | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (in USD per share) | $ 4.83 | |||||
Risk free interest rate | 4.24% | |||||
Fair value per share (in USD per share) | $ 4.63 | |||||
RSA 2022 | Vesting tranche one | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (in USD per share) | $ 4.83 | |||||
Risk free interest rate | 4.23% | |||||
Fair value per share (in USD per share) | $ 3.70 | |||||
RSA 2022 | Vesting tranche two | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (in USD per share) | $ 4.83 | |||||
Risk free interest rate | 4.21% | |||||
Fair value per share (in USD per share) | $ 3.55 | |||||
RSA 2022 | Vesting tranche three | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (in USD per share) | $ 4.83 | |||||
Risk free interest rate | 4.03% | |||||
Fair value per share (in USD per share) | $ 3.42 | |||||
RSA 2022 | Vesting tranche four | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (in USD per share) | $ 4.83 | |||||
Risk free interest rate | 3.90% | |||||
Fair value per share (in USD per share) | $ 3.30 |
Share-based payments transac_15
Share-based payments transactions - Cash-settled Shared-Based payment transactions (Details) € in Millions, share in Millions | 12 Months Ended | |||
Oct. 31, 2022 EUR (€) share shares | Mar. 31, 2023 EUR (€) share shares | Mar. 31, 2022 EUR (€) shares | Mar. 31, 2021 EUR (€) shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of shares outstanding (in shares) | 240,087,730 | 210,323,474 | 211,252,951 | |
Expense from equity-settled share-based payment transactions | € | € 7.6 | € 6.4 | € 2.3 | |
ShipUp incentive plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Expense from equity-settled share-based payment transactions | € | € 2.1 | |||
Number of share options granted in share-based payment arrangement (in shares) | share | 452 | |||
ShipUp incentive plan | Vesting period, December 2024 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of share options granted in share-based payment arrangement (in shares) | 226,000,000 | |||
ShipUp incentive plan | Vesting period, December 2024 | Maximum | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based payment arrangement, vesting percentage | 50% | |||
ShipUp incentive plan | Vesting period, December 2025 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of share options granted in share-based payment arrangement (in shares) | 113,000,000 | |||
ShipUp incentive plan | Vesting period, December 2025 | Maximum | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based payment arrangement, vesting percentage | 75% | |||
ShipUp incentive plan | Vesting period, December 2026 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of share options granted in share-based payment arrangement (in shares) | 113,000,000 | |||
ShipUp incentive plan | Vesting period, December 2026 | Maximum | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based payment arrangement, vesting percentage | 100% | |||
ShipUp incentive plan, additional shares | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Expense from equity-settled share-based payment transactions | € | € 0.3 | |||
Number of share options granted in share-based payment arrangement (in shares) | share | 58 | |||
Put options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Derivative financial liabilities | € | € 0 | |||
Minority shareholders | ShipUp | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of shares outstanding (in shares) | 452,000,000 |
Share-based payments transac_16
Share-based payments transactions - Disclosure of Reconciliation of Outstanding Share Options, ShipUp (Details) - ShipUp incentive plan share in Millions | 12 Months Ended |
Mar. 31, 2023 share € / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Number of options outstanding, beginning balance (in shares) | 0 |
Granted during the year (in shares) | 452 |
Vested during the year (in shares) | 0 |
Forfeited during the year (in shares) | 0 |
Number of options outstanding, ending balance (in shares) | 452 |
Weighted average fair value (in EUR per share) | € / shares | € 0.13 |
Weighted average remaining contractual life of outstanding share options | 2 years 6 months |
Share-based payments transac_17
Share-based payments transactions - Disclosure of Indirect Measurement of Fair Value of Share Options Granted, ShipUp (Details) - 12 months ended Mar. 31, 2023 - ShipUp incentive plan shares in Millions, share in Millions | share shares $ / shares | share shares € / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares (million of shares) | share | 452 | 452 |
Fair value per option (in EUR per share) | € / shares | € 0.13 | |
Vesting period, December 2024 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares (million of shares) | shares | 226 | 226 |
Expected volatility | 9.70% | 9.70% |
Discount rate | 14.30% | 14.30% |
Fair value per option (in EUR per share) | $ / shares | $ 0.03 | |
Vesting period, December 2025 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares (million of shares) | shares | 113 | 113 |
Expected volatility | 9.70% | 9.70% |
Discount rate | 14.30% | 14.30% |
Fair value per option (in EUR per share) | $ / shares | $ 0.12 | |
Vesting period, December 2026 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares (million of shares) | shares | 113 | 113 |
Expected volatility | 9.70% | 9.70% |
Discount rate | 14.30% | 14.30% |
Fair value per option (in EUR per share) | $ / shares | $ 0.33 |
Loans and borrowings - Disclosu
Loans and borrowings - Disclosure of Interest-Bearing Loans and Borrowings from Credit Institutions (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Aug. 28, 2020 |
Disclosure of financial liabilities [line items] | |||
Borrowings | € 788,836 | € 723,230 | |
Current portion | 61,945 | 676 | |
Non-current portion | 726,891 | 722,554 | |
Non-current financing - Senior debt facility | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 788,800 | 722,600 | |
Non-current financing - Senior debt facility | Cost | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 630,000 | 630,000 | |
Capitalized financing fees | Capitalized financing fees | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 4,704 | 6,446 | |
Revolving Credit Facility (RCF) | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 99,100 | 99,100 | € 99,000 |
Revolving Credit Facility (RCF) | Cost | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 99,000 | 99,000 | |
Supplemental Liquidity Facility (SLF) | Cost | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 61,324 | 0 | |
Other bank loans | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 3,200 | ||
Current portion | 600 | ||
Other bank loans | Cost | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 3,216 | 0 | |
Bank overdraft | Cost | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | € 0 | € 676 |
Loans and borrowings - Narrativ
Loans and borrowings - Narrative (Details) € in Thousands, $ in Millions | 12 Months Ended | |||||||||||
Apr. 19, 2022 EUR (€) | Apr. 19, 2022 USD ($) | Apr. 01, 2022 EUR (€) | Apr. 01, 2022 USD ($) | Mar. 31, 2023 EUR (€) | Mar. 31, 2022 EUR (€) | Mar. 31, 2021 EUR (€) | Mar. 31, 2023 USD ($) | Dec. 16, 2020 | Sep. 30, 2020 EUR (€) | Sep. 30, 2020 USD ($) | Aug. 28, 2020 EUR (€) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | € 788,836 | € 723,230 | ||||||||||
Proceeds from loans and borrowings | 0 | 0 | € 630,000 | |||||||||
Current portion | 61,945 | 676 | ||||||||||
Term Loan | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | € 630,000 | |||||||||||
Revolving Credit Facility (RCF) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | 100,000 | |||||||||||
Borrowings | 99,100 | 99,100 | € 99,000 | |||||||||
Undrawn borrowing facilities | 900 | 900 | ||||||||||
Proceeds from non-current borrowings | 99,000 | |||||||||||
Non-cash guarantees | 100 | 100 | ||||||||||
New Senior Facilities Agreement (SFA) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowing costs incurred | 9,300 | |||||||||||
Borrowing costs incurred, amortized | 1,700 | 1,800 | ||||||||||
Supplemental Liquidity Facility (SLF) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | € 70,100 | $ 75 | ||||||||||
Borrowings, interest rate | 2.75% | 2.75% | ||||||||||
Proceeds from loans and borrowings | € 41,400 | $ 45 | € 18,000 | $ 20 | ||||||||
Undrawn borrowing facilities | 9,400 | $ 10 | ||||||||||
Other bank loans | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 3,200 | |||||||||||
Current portion | 600 | |||||||||||
Bank overdraft | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Undrawn borrowing facilities | € 11,600 | € 8,400 | ||||||||||
> 4.00x | Term Loan | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate | 2.75% | 2.75% | ||||||||||
> 4.00x | Revolving Credit Facility (RCF) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate | 2.50% | 2.50% | ||||||||||
≤ 3.50x > 3.00x | Term Loan | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate | 2% | |||||||||||
≤ 3.50x > 3.00x | Revolving Credit Facility (RCF) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate | 1.75% | |||||||||||
Maximum | Term Loan | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total Net Leverage ratio, maximum | 4.75 | 4.75 | ||||||||||
Bottom of range | Euribor | Term Loan | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, adjustment to interest rate basis | 0% | |||||||||||
Bottom of range | Euribor | Revolving Credit Facility (RCF) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, adjustment to interest rate basis | 0% |
Loans and borrowings - Schedule
Loans and borrowings - Schedule of Borrowings' Interest Conditions (Details) | Dec. 16, 2020 | Aug. 28, 2020 |
Term Loan | > 4.00x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2.75% | 2.75% |
Term Loan | ≤ 4.00x > 3.50x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2.25% | |
Term Loan | ≤ 3.50x > 3.00x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2% | |
Term Loan | ≤ 3.00x > 2.50x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 1.75% | |
Term Loan | ≤ 2.50x > 2.00x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 1.50% | |
Term Loan | ≤ 2.00x > 1.50x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 1.25% | |
Term Loan | ≤ 1.50x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 1% | |
Revolving Credit Facility | > 4.00x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2.50% | 2.50% |
Revolving Credit Facility | ≤ 4.00x > 3.50x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2% | |
Revolving Credit Facility | ≤ 3.50x > 3.00x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 1.75% | |
Revolving Credit Facility | ≤ 3.00x > 2.50x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 1.50% | |
Revolving Credit Facility | ≤ 2.50x > 2.00x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 1.25% | |
Revolving Credit Facility | ≤ 2.00x > 1.50x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 1% | |
Revolving Credit Facility | ≤ 1.50x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 0.75% |
Loans and borrowings - Schedu_2
Loans and borrowings - Schedule of Security Pledges (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | 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 | € 148,137 | € 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 | 46,321 | 48,617 |
Pledge of cash in hand | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets pledged as collateral for liabilities | € 11,470 | € 6,913 |
Other non-current financial l_3
Other non-current financial liabilities - Schedule of Other Non-Current Financial Liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Put options related to acquisitions | € 3,596 | € 15,419 |
Liabilities related to share-based payment transactions | 2,373 | 0 |
Lease liabilities non-current | 10,243 | 11,319 |
Other non-current liabilities | 2,599 | 2,967 |
Other non-current financial liabilities | € 18,811 | € 29,705 |
Other non-current financial l_4
Other non-current financial liabilities - Disclosure of Reconciliation of Put Options Liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of financial liabilities [line items] | ||
Non-current portion | € 3,596 | € 15,419 |
Current portion | 19,227 | 22,589 |
Put options | Financial liabilities at fair value through profit or loss | Recurring fair value measurement | ||
Disclosure of financial liabilities [line items] | ||
Put options, beginning balance | 15,419 | 7,423 |
Acquisition of subsidiaries | 0 | 6,792 |
Changes in fair value recognized in income statement | (10,472) | 1,925 |
Derecognition of options | 0 | (895) |
Exchange differences | (557) | 174 |
Put options, ending balance | 4,390 | 15,419 |
Non-current portion | 3,596 | 15,419 |
Current portion | € 794 | € 0 |
Other non-current financial l_5
Other non-current financial liabilities - Narrative (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of financial liabilities [line items] | ||
Put options related to acquisitions | € 3,596 | € 15,419 |
Put options | ||
Disclosure of financial liabilities [line items] | ||
Fair value, extreme values excluded | 5% | |
ZigZag | Put options | ||
Disclosure of financial liabilities [line items] | ||
Put options related to acquisitions | € 1,800 | |
Yocuda | Put options | ||
Disclosure of financial liabilities [line items] | ||
Put options related to acquisitions | € 2,600 |
Deferred income tax assets an_3
Deferred income tax assets and liabilities - Schedule of Net Movement on the Deferred Tax Account (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Deferred tax assets and liabilities [abstract] | |||
Opening balance as of April 1 | € 26,398 | € 11,010 | |
Acquisition of subsidiaries | (1,834) | (309) | |
Disposal of subsidiaries | (128) | 0 | |
Recognized in income statement | 3,846 | 16,174 | |
Recognized in other comprehensive income | (95) | (570) | € 108 |
Exchange differences | (1,040) | 93 | |
Closing balance as of March 31 | € 27,147 | € 26,398 | € 11,010 |
Deferred income tax assets an_4
Deferred income tax assets and liabilities - Summary of Deferred Tax Balances (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | € 34,810 | € 36,040 |
Deferred tax liabilities | (7,663) | (9,642) |
Trade receivables | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 72 | 118 |
Deferred tax liabilities | (18) | (57) |
Property, plant and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 317 | 357 |
Deferred tax liabilities | (819) | (1,843) |
Intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 272 | 414 |
Deferred tax liabilities | (8,377) | (10,149) |
Current liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 4,747 | 4,219 |
Deferred tax liabilities | (14) | (217) |
Loans and borrowings | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 911 | 1,667 |
Deferred tax liabilities | 0 | 0 |
Other items | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 786 | 956 |
Deferred tax liabilities | (31) | (26) |
Deferred tax on tax credits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 1,569 | 1,711 |
Deferred tax liabilities | 0 | 0 |
Tax value of loss carry-forwards recognized | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 28,249 | 29,670 |
Deferred tax liabilities | 0 | 0 |
Retirement benefit obligations | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 0 | 0 |
Deferred tax liabilities | (336) | (422) |
Other investments at FVOCI | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 0 | 0 |
Deferred tax liabilities | (181) | 0 |
Offsetting | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 2,113 | 3,072 |
Deferred tax liabilities | € (2,113) | € (3,072) |
Deferred income tax assets an_5
Deferred income tax assets and liabilities - Summary of Deferred Tax Recoverability (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | € 34,810 | € 36,040 |
Deferred tax liabilities | (7,663) | (9,642) |
Deferred tax assets to be recovered within 12 months | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 1,697 | 2,000 |
Deferred tax liabilities | (760) | (3,444) |
Deferred tax assets to be recovered after more than 12 months | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 33,113 | 34,040 |
Deferred tax liabilities | € (6,903) | € (6,198) |
Deferred income tax assets an_6
Deferred income tax assets and liabilities - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax asset carried forward, deferred tax asset | € 25.8 | |
Unused tax losses carried forward | € 458.2 | € 450.7 |
Switzerland | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax loss carryforward, expiration period | 7 years | |
Japan | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax loss carryforward, expiration period | 10 years | |
Tax value of loss carry-forwards recognized | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross tax loss carryforward | € 164 | 173.7 |
Unused tax losses for which no deferred tax asset recognised | € 294.2 | € 277 |
Deferred income tax assets an_7
Deferred income tax assets and liabilities - Schedule of Tax Loss Carried Forward for Unrecognized Deferred Tax Asset Expiring (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | € 294,210 | € 276,950 |
Expiry within 1 year | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 394 | 454 |
Expiry 1-2 years | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 292 | 715 |
Expiry 2-5 years | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 36 | 6,457 |
Expiry after 5 years | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 71,432 | 51,525 |
No expiration | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | € 222,056 | € 217,799 |
Post-employment benefits - Disc
Post-employment benefits - Disclosure of Defined Benefit Liability (Asset) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Total Balance sheet obligations | € 3,795 | € 4,677 | |
Pension benefits | 1,607 | 1,560 | € 744 |
Pension defined benefit plan | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Pension benefits liability | 3,327 | 4,190 | |
Long service leave | 468 | 487 | |
Total Balance sheet obligations | 3,795 | 4,677 | |
Pension benefits | 1,588 | 1,398 | 1,106 |
Long service leave | 21 | (46) | 199 |
Total Income statement charge | 1,609 | 1,352 | 1,305 |
Remeasurements of post employment benefit obligations | € (1,435) | € (3,826) | € (52) |
Post-employment benefits - Di_2
Post-employment benefits - Disclosure of Reconciliation of Defined Benefit Liability (Asset) (Details) - Pension defined benefit plan - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of defined benefit plans [line items] | ||
Beginning balance | € 4,190 | |
Changes in net defined benefit liability (asset) [abstract] | ||
Ending balance | 3,327 | € 4,190 |
Present value of defined benefit obligation | ||
Disclosure of defined benefit plans [line items] | ||
Beginning balance | 13,363 | 17,149 |
Changes in net defined benefit liability (asset) [abstract] | ||
Current service cost | 1,088 | 2,152 |
Interest expense | 182 | 73 |
Contributions by employees | 492 | 1,807 |
Gain from change in demographic assumptions | 0 | (350) |
Gain from change in financial assumptions | (1,593) | (2,342) |
Experience (gain)/loss | 131 | (1,102) |
Past service cost and gain and loss on settlements | 519 | (373) |
Benefits paid | (1,002) | (4,377) |
Settlements | 0 | (219) |
Exchange differences | 225 | 945 |
Ending balance | 13,405 | 13,363 |
Plan assets | ||
Disclosure of defined benefit plans [line items] | ||
Beginning balance | (9,173) | (10,130) |
Changes in net defined benefit liability (asset) [abstract] | ||
Interest expense | (108) | (24) |
Return/(loss) on plan assets (excluding amounts included in net interest costs) | (27) | 32 |
Contributions by employer | 687 | 620 |
Contributions by employees | (492) | (1,807) |
Benefits paid | 673 | 4,174 |
Exchange differences | (318) | (734) |
Ending balance | € (10,078) | € (9,173) |
Post-employment benefits - Di_3
Post-employment benefits - Disclosure of Income Statement Impact (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Total net periodic cost | € 1,607 | € 1,560 | € 744 |
Pension defined benefit plan | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 1,088 | 2,152 | 721 |
Interest cost | 74 | 49 | 71 |
Past service cost | 519 | (373) | 0 |
Effect of any curtailments/settlements (+/-) | 0 | (219) | 23 |
Unrealized FX impact | (93) | (211) | 291 |
Total net periodic cost | € 1,588 | € 1,398 | € 1,106 |
Post-employment benefits - Narr
Post-employment benefits - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of defined benefit plans [line items] | ||
Expected post-employment benefit expense (credit) | € 1.2 | € 1 |
Post-employment defined benefit plan | ||
Disclosure of defined benefit plans [line items] | ||
Contributions by employer | 0.7 | 0.6 |
Sweden | Multi-employer defined benefit plans | ||
Disclosure of defined benefit plans [line items] | ||
Other non-current liabilities | € 2.4 | € 2.6 |
Post-employment benefits - Di_4
Post-employment benefits - Disclosure of Financial and Demographic Assumptions (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Austria | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 3.50% | 1.10% |
Future salary increases | 4% | 3% |
Duration in years | 10 years 6 months 7 days | 11 years 5 months 26 days |
Austria | Male | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 62 years | 62 years |
Austria | Female | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 62 years | 62 years |
Switzerland | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 1.90% | 1.10% |
Inflation rate | 1.25% | 1% |
Future salary increases | 1.50% | 1.50% |
Duration in years | 15 years 11 months 8 days | 17 years 7 days |
Expected contributions to be paid to plan for next annual reporting period | € 682 | € 629 |
Switzerland | Male | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 65 years | 65 years |
Switzerland | Female | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 64 years | 64 years |
France | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 3.50% | 1.20% |
Future salary increases | 3% | 2% |
Duration in years | 14 years 2 months 8 days | 15 years 9 months 10 days |
Italy | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 3.50% | 1% |
Inflation rate | 2.50% | 1.50% |
Duration in years | 8 years 10 months 9 days | 9 years 7 months 20 days |
Italy | Male | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 67 years | 67 years |
Italy | Female | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 67 years | 67 years |
Korea | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 4.70% | 2.80% |
Future salary increases | 3% | 2% |
Duration in years | 11 years 1 month 28 days | 11 years 10 months 13 days |
Korea | Male | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 60 years | 60 years |
Korea | Female | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 60 years | 60 years |
Turkey | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 9.50% | 22.50% |
Future salary increases | 10% | 19% |
Duration in years | 13 years 11 months 8 days | 8 years 11 months 15 days |
Japan | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 0.80% | 0.30% |
Future salary increases | 3.50% | 3% |
Duration in years | 7 years 8 months 19 days | 8 years 8 months 1 day |
Japan | Male | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 65 years | 65 years |
Japan | Female | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 65 years | 65 years |
Slovakia | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 3.50% | 1.40% |
Future salary increases | 9.50% | 8.40% |
Duration in years | 22 years 7 months 28 days | 23 years 3 months 10 days |
Spain | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 3.50% | 1.10% |
Future salary increases | 2.50% | |
Duration in years | 10 years 9 months 29 days | 11 years 8 months 1 day |
Spain | Male | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 67 years | 67 years |
Spain | Female | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 67 years | 67 years |
Post-employment benefits - Di_5
Post-employment benefits - Disclosure of Fair Value of Plan Assets (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Employee Benefits [Abstract] | ||
Equity instruments | € 3,578 | € 0 |
Euroland bonds | 3,182 | 0 |
Hold to maturity bonds | 341 | 0 |
Property | 2,290 | 0 |
Other assets | 396 | 0 |
Alternative investments | 291 | 0 |
Insurance contracts | 0 | 9,173 |
Total | € 10,078 | € 9,173 |
Equity instruments, allocation percentage | 35.50% | 0% |
Euroland bonds, allocation percentage | 31.60% | 0% |
Hold to maturity bonds, allocation percentage | 3.40% | 0% |
Property, allocation percentage | 22.70% | 0% |
Other assets, allocation percentage | 3.90% | 0% |
Alternative investments, allocation percentage | 2.90% | 0% |
Insurance contracts, allocation percentage | 0% | 100% |
Total, allocation percentage | 100% | 100% |
Post-employment benefits - Di_6
Post-employment benefits - Disclosure of Position of Post-Employment Benefit Plan (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of defined benefit plans [line items] | ||
Fair value of plan assets | € (10,078) | € (9,173) |
Post-employment defined benefit plan | ||
Disclosure of defined benefit plans [line items] | ||
Present value of defined benefit obligation | 13,405 | 13,362 |
Fair value of plan assets | (10,078) | (9,172) |
Deficit in the plan | 3,327 | 4,190 |
Experience adjustments on defined benefit obligation | € (131) | € 1,102 |
Post-employment benefits - Di_7
Post-employment benefits - Disclosure of Sensitivity Analysis for Actuarial Assumptions (Details) | Mar. 31, 2023 | Mar. 31, 2022 |
Actuarial assumption of discount rates | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 0.50% | 0.50% |
Percentage of reasonably possible increase in actuarial assumption | 0.50% | 0.50% |
Actuarial assumption of discount rates | Austria | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 5.20% | 5.90% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (4.90%) | (5.50%) |
Actuarial assumption of discount rates | Switzerland | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 8.30% | 8.90% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (7.30%) | (7.80%) |
Actuarial assumption of discount rates | France | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 7.20% | 8.20% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (6.60%) | (7.40%) |
Actuarial assumption of discount rates | Italy | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 4.40% | 5% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (4.10%) | (4.60%) |
Actuarial assumption of discount rates | Korea | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 5.60% | 6% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (5.10%) | (5.50%) |
Actuarial assumption of discount rates | Turkey | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 6.70% | 3.80% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (6.10%) | (3.50%) |
Actuarial assumption of discount rates | Japan | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 3.90% | 4.40% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (3.70%) | (4.20%) |
Actuarial assumption of discount rates | Slovakia | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 11.60% | 12.20% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (10.30%) | (10.80%) |
Actuarial assumption of discount rates | Spain | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 5.40% | 6% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (5.10%) | (5.60%) |
Actuarial assumption of expected rates of salary increases | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 0.50% | 0.50% |
Percentage of reasonably possible increase in actuarial assumption | 0.50% | 0.50% |
Actuarial assumption of expected rates of salary increases | Austria | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (4.90%) | (5.40%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 5.20% | 5.70% |
Actuarial assumption of expected rates of salary increases | Switzerland | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (0.40%) | (0.90%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 0.50% | 0.90% |
Actuarial assumption of expected rates of salary increases | France | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (6.60%) | (7.40%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 7.20% | 8.10% |
Actuarial assumption of expected rates of salary increases | Italy | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (4.00%) | (4.40%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 4.20% | 4.70% |
Actuarial assumption of expected rates of salary increases | Korea | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (5.10%) | (5.50%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 5.50% | 5.90% |
Actuarial assumption of expected rates of salary increases | Turkey | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (6.00%) | (3.60%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 6.50% | 3.80% |
Actuarial assumption of expected rates of salary increases | Japan | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (3.60%) | (4.10%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 3.80% | 4.30% |
Actuarial assumption of expected rates of salary increases | Slovakia | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (9.80%) | (10.20%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 10.90% | 11.40% |
Actuarial assumption of expected rates of salary increases | Spain | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (5.10%) | (5.60%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 5.40% | 6% |
Actuarial assumption of mortality rates | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 10% | 10% |
Percentage of reasonably possible increase in actuarial assumption | 10% | 10% |
Actuarial assumption of mortality rates | Switzerland | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 0.90% | 1.10% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (1.00%) | (1.10%) |
Provisions for other liabilit_3
Provisions for other liabilities and charges, and contingent liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reconciliation of changes in other provisions [abstract] | ||
Provisions at beginning of period | € 2,313 | € 2,202 |
Acquisition of subsidiaries | 0 | 9 |
Additional provisions | 367 | 86 |
Utilizations | (27) | 0 |
Unwinding of discount | 33 | 33 |
Reversals | (6) | (9) |
Exchange differences | (6) | (8) |
Provisions at end of period | 2,674 | 2,313 |
Current | 1,444 | 0 |
Non-current | 1,230 | 2,313 |
Total Provisions | € 2,674 | € 2,313 |
Trade payables (Details)
Trade payables (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Trade and other payables [abstract] | ||
Merchants | € 102,315 | € 62,825 |
Tourists | 84,942 | 86,660 |
Agents | 6,751 | 3,370 |
Other trade payables | 15,098 | 13,248 |
Trade payables | € 209,106 | € 166,103 |
Other current liabilities (Deta
Other current liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accounts payable - Non trade | € 8,030 | € 6,344 |
Input VAT, withholding tax and capital tax | 8,013 | 4,238 |
Personnel taxes | 6,853 | 8,299 |
AVPS liabilities | 8,990 | 7,210 |
Other current liabilities | 2,965 | 1,822 |
Total | € 34,851 | € 27,913 |
Accrued liabilities - Disclosur
Accrued liabilities - Disclosure of Accrued Liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Salaries and related items | € 28,248 | € 20,166 |
Interest on external loans | 12,674 | 1,750 |
Auditors, lawyers and consultants | 4,379 | 5,482 |
Advertising and promotion | 242 | 218 |
Rent | 1,747 | 1,291 |
IT | 3,082 | 1,405 |
Other accrued liabilities | 4,267 | 2,766 |
Total | € 54,639 | € 33,078 |
Accrued liabilities - Narrative
Accrued liabilities - Narrative (Details) € in Millions | 12 Months Ended | |
Mar. 31, 2023 EUR (€) employee | Mar. 31, 2022 employee | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Number of employees | employee | 1,783 | 1,412 |
Increase in accrued interest on external loans | € | € 10.9 |
Adjustments to cash from oper_3
Adjustments to cash from operating activities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of cash flows [abstract] | |||
Change in provisions | € 394 | € 109 | € (22) |
Change in the value of retirement benefit obligation | 57 | 371 | (976) |
Changes in share-based payment transactions | 9,671 | 6,413 | 2,336 |
Call option | 0 | 359 | 0 |
Put options from business combinations | (11,030) | 2,835 | 2,817 |
Impairment financial assets | 2,469 | 2,390 | 0 |
Impairment tangible and intangible assets | 247 | 444 | 1,676 |
Capital loss tangible and intangible assets | 925 | 261 | 696 |
Change in fair value of warrant liability | (602) | (18,928) | 10,856 |
ZigZag earn-out reversal | 0 | (9,500) | 0 |
Acquisition of PPE under construction | 212 | (1,034) | 0 |
Other | 130 | (669) | 649 |
Other adjustments for non-cash items | € (2,473) | € 16,949 | € (18,032) |
Cash flows from changes in wo_3
Cash flows from changes in working capital (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of cash flows [abstract] | |||
Trade receivables | € (92,896) | € (70,374) | € 111,033 |
Other current receivables | (5,841) | 4,350 | 3,450 |
Prepaid expenses | 185 | (225) | 3,023 |
Increase / (Decrease) in operating receivables | (98,552) | (66,249) | 117,506 |
Trade payables | 44,883 | 19,950 | (89,462) |
Other current liabilities | 5,277 | 4,088 | (728) |
Accrued liabilities | 10,302 | (4,046) | (6,579) |
Increase / (Decrease) in operating payables | 60,462 | 19,992 | (96,769) |
Cash flows from / (used in) working capital | € (38,090) | € (46,257) | € 20,737 |
Business combinations - Acquisi
Business combinations - Acquisitions During the Year (Details) - EUR (€) € in Thousands | 5 Months Ended | 12 Months Ended | |||||
Mar. 31, 2023 | Oct. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 23, 2023 | |
Disclosure of detailed information about business combination [line items] | |||||||
Expense from equity-settled share-based payment transactions | € 7,600 | € 6,400 | € 2,300 | ||||
Revenue of combined entity as if combination occurred at beginning of period | 2,600 | ||||||
Losof combined entity as if combination occurred at beginning of period | 1,900 | ||||||
Put options | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Derivative financial liabilities | € 0 | ||||||
ShipUp | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Percentage of voting equity interests acquired | 100% | ||||||
Cash consideration paid | € 34,885 | ||||||
Issue of equity in percentage of total equity | 25% | ||||||
Contingent consideration payable | € 0 | € 0 | € 0 | 0 | |||
Expense from equity-settled share-based payment transactions | 2,100 | ||||||
Estimate of future service cost | € 16,300 | 15,400 | |||||
Revenue of acquiree since acquisition date | 2,000 | ||||||
Loss of acquiree since acquisition date | € 2,000 | ||||||
Software | 2,738 | ||||||
Customer relationships | € 4,466 | ||||||
Technology, valuation, royalty rate | 5% | ||||||
Technology, valuation, perpetual growth rate | 1.90% | ||||||
Technology, valuation, discount rate | 12.70% | ||||||
Customer relationship, valuation, discount rate | 12.70% | ||||||
Customer relationship, valuation, contributory asset charges | 3.50% | ||||||
Customer relationship, valuation, royalty rate | 5% | ||||||
Acquisition-related costs | € 1,200 | ||||||
Decrease in consideration transferred | € (100) | ||||||
ShipUp | Put options | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Derivative financial liabilities | € 0 |
Business combinations - Prior Y
Business combinations - Prior Year Acquisitions (Details) € in Thousands, £ in Millions | 5 Months Ended | |||
Sep. 06, 2021 EUR (€) | Sep. 05, 2021 | Sep. 06, 2021 GBP (£) | Mar. 19, 2021 EUR (€) | |
Yocuda | ||||
Disclosure of detailed information about business combination [line items] | ||||
Percentage of voting equity interests acquired | 45.90% | 45.90% | ||
Cash consideration paid | € 3,502 | £ 3 | ||
Proportion of ownership interest in subsidiary | 56.30% | 10.40% | ||
Consideration payable | € 8,337 | |||
Contingent consideration payable | € 0 | |||
ZigZag | ||||
Disclosure of detailed information about business combination [line items] | ||||
Percentage of voting equity interests acquired | 100% | |||
Cash consideration paid | € 51,879 | |||
Consideration payable | 66,381 | |||
Contingent consideration payable | € 9,596 |
Business combinations - Disclos
Business combinations - Disclosure of Business Combination (Details) € in Thousands, £ in Millions | 12 Months Ended | ||||||
Oct. 31, 2022 EUR (€) | Sep. 06, 2021 EUR (€) | Mar. 19, 2021 EUR (€) | Mar. 31, 2023 EUR (€) | Mar. 31, 2022 EUR (€) | Mar. 31, 2021 EUR (€) | Sep. 06, 2021 GBP (£) | |
Satisfied by [Abstract] | |||||||
Total net cash outflow | € (32,046) | € (2,992) | € (52,526) | ||||
ShipUp | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Software | € 2,738 | ||||||
Customer relationships | 4,466 | ||||||
Property, plant and equipment | 82 | ||||||
Other non-current financial assets | 154 | ||||||
Trade and other receivables | 2,166 | ||||||
Cash | 2,839 | ||||||
Loans and borrowings | (3,284) | ||||||
Trade and other payables | (1,681) | ||||||
Income tax payable | 0 | ||||||
Provisions | 0 | ||||||
Borrowings | 0 | ||||||
Deferred tax liabilities | (1,834) | ||||||
Deferred income | 0 | ||||||
Fair value of assets and liabilities | 5,646 | ||||||
Goodwill arising on acquisition | 29,239 | ||||||
Fair value of previously held equity interest | 0 | ||||||
Consideration payable | 34,885 | ||||||
Satisfied by [Abstract] | |||||||
Cash consideration paid | (34,885) | ||||||
Cash consideration payable | 0 | ||||||
Put option | 0 | ||||||
Contingent consideration payable | 0 | € 0 | |||||
Repayment of borrowings acquired | 0 | ||||||
Total net cash outflow | € (32,046) | ||||||
Yocuda | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Software | € 1,236 | ||||||
Customer relationships | 0 | ||||||
Property, plant and equipment | 0 | ||||||
Other non-current financial assets | 0 | ||||||
Trade and other receivables | 323 | ||||||
Cash | 510 | ||||||
Loans and borrowings | 0 | ||||||
Trade and other payables | (235) | ||||||
Income tax payable | (29) | ||||||
Provisions | (9) | ||||||
Borrowings | 0 | ||||||
Deferred tax liabilities | (309) | ||||||
Deferred income | (11) | ||||||
Fair value of assets and liabilities | 1,476 | ||||||
Goodwill arising on acquisition | 7,829 | ||||||
Fair value of previously held equity interest | (968) | ||||||
Consideration payable | 8,337 | ||||||
Satisfied by [Abstract] | |||||||
Cash consideration paid | (3,502) | £ (3) | |||||
Cash consideration payable | 0 | ||||||
Put option | (4,835) | ||||||
Contingent consideration payable | 0 | ||||||
Repayment of borrowings acquired | 0 | ||||||
Total net cash outflow | € (2,992) | ||||||
ZigZag | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Software | € 5,223 | ||||||
Customer relationships | 0 | ||||||
Property, plant and equipment | 23 | ||||||
Other non-current financial assets | 0 | ||||||
Trade and other receivables | 1,886 | ||||||
Cash | 1,680 | ||||||
Loans and borrowings | (2,327) | ||||||
Trade and other payables | (2,575) | ||||||
Income tax payable | 0 | ||||||
Provisions | 0 | ||||||
Borrowings | 0 | ||||||
Deferred tax liabilities | (1,305) | ||||||
Deferred income | 0 | ||||||
Fair value of assets and liabilities | 2,605 | ||||||
Goodwill arising on acquisition | 63,776 | ||||||
Fair value of previously held equity interest | 0 | ||||||
Consideration payable | 66,381 | ||||||
Satisfied by [Abstract] | |||||||
Cash consideration paid | (51,879) | ||||||
Cash consideration payable | (349) | ||||||
Put option | (4,557) | ||||||
Contingent consideration payable | (9,596) | ||||||
Repayment of borrowings acquired | (2,327) | ||||||
Total net cash outflow | € (52,526) |
List of Global Blue entities (D
List of Global Blue entities (Details) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Global Blue Argentina S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 99.99% | 99.99% |
Global Blue Austria GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Service Company Austria GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Digital Export Validation GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Australia Pty Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Currency Choice Australia Pty Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Currency Select Pty Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Belgium NV | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
ZigZag Global EOOD | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Bahamas Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Bahama’s VAT Refund Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 80% | 0% |
Global Blue Schweiz AG | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue SA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Group AG | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Refund Suisse AG | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Group II GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Currency Choice Schweiz AG | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Commercial Consulting (Shanghai) Co Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Commercial Consulting (Beijing) Co Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Cyprus Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Czech Republic, s.r.o. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Deutschland GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue New Holdings Germany GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
RFND Digital GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
ZigZag Global GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Danmark A/S | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Eesti OÜ | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
G. Blue España SA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue España SA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Acquisition España S.A.U | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Finland Oy | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Administration Center North Oy | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue France | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Holding | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
ShipUp Holding SAS | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 0% |
ShipUp SAS | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 0% |
ZigZag Global SAS | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 0% |
Global Blue (UK) Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Service Company UK Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue New Holdings UK Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
ZZ Global Blue Holding Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
ZigZag Global Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Kinphire Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Yocuda UK Holdings Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Yocuda UK Services Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Yocuda Network UK Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Yocuda Europe Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Yocuda Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
eReceipts Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Marketing Services Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Estera Trust Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 0% | 100% |
Global Blue Hellas SA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
First Currency Choice Hong Kong Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 0% | 100% |
Global Blue Croatia, trgovina i turizam d.o.o. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Tax Free Ireland Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Private Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 51% | 51% |
Global Blue á Íslandi hf | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Italia S.r.l. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Service Company Italia SRL | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Currency Choice Italia S.r.l | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Japan Co., Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue TFS Japan Co., Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 51% | 51% |
Global Blue Korea Co Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Currency Choice Korea Co Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Holding Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Kazakhstan LLP | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Lebanon SAL | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 61% | 61% |
UAB Global Blue Lietuva | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Luxembourg S.A. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Latvija SIA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Maroc SA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
IRIS Global Blue TRS Malaysia Sdn. Bhd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Holland BV | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Holding B.V. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Acquisition B.V. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Russia Holdings B.V. in liquidation | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 51% |
Global Blue Norge AS | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Currency Select New Zealand Pty Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Peru S.A.C. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Polska Sp. Zo.o. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Refund Portugal Lda. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
GBFTSP - Finance And Technology Services Portugal, Unipessoal LDA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue d.o.o. Beograd - Novi Beograd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Russia AO | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 0% | 51% |
Global Blue Sverige AB | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Sweden Holdings AB | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Service AB | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Holdings AB | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Currency Choice Service Europe AB | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Singapore Pte Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Service Company Singapore Pte Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue India Holding Company Pte Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 51% | 51% |
Global Blue Currency Choice Singapore Pte Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue d.o.o. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Slovakia s.r.o. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue (Thailand) Co. Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 0% | 100% |
Global Blue Turistik Hizmetler AS | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 60% | 60% |
Global Blue Pazarlama Destek ve Teknoloji Hizmetleri A.S | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 60% | 60% |
Far Point Acquisition Corporation | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Shipup Inc | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 0% |
ZigZag Global LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue South Africa Pty Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 51% | 51% |
Additional information - Fina_3
Additional information - Financial Statement Schedule I - Condensed Income Statement of the Parent Business Activity (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Condensed Income Statements, Captions [Line Items] | |||
Net finance income | € (36,589) | € (24,618) | € (23,964) |
Loss before tax | (22,449) | (111,247) | (467,353) |
Income tax benefit / (expense) | (1,050) | 14,612 | 31,871 |
Loss for the year | (23,499) | (96,635) | (435,482) |
Parent Company | |||
Condensed Income Statements, Captions [Line Items] | |||
Operating income / (expenses) | (14,081) | 10,111 | (155,501) |
Dividend income | 0 | 0 | 68,431 |
Net finance income | 11,952 | 517 | 50 |
Loss before tax | (2,129) | 10,628 | (87,020) |
Income tax benefit / (expense) | 968 | (667) | (446) |
Loss for the year | € (1,161) | € 9,961 | € (87,466) |
Additional information - Fina_4
Additional information - Financial Statement Schedule I - Condensed Statement of Financial Position of the Parent Company (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
ASSETS | ||||
Non-current assets | € 686,645 | € 667,668 | ||
Current assets | 470,651 | 184,892 | ||
Total assets | 1,157,296 | 852,560 | ||
EQUITY AND LIABILITIES | ||||
Share capital | 2,194 | 1,907 | ||
Other reserves | (970,623) | (965,755) | ||
Accumulated losses | (883,420) | (851,967) | ||
Total equity | 6,343 | (185,793) | € (100,590) | € 71,497 |
Liabilities | ||||
Non-current liabilities | 758,390 | 768,891 | ||
Current liabilities | 392,563 | 269,462 | ||
Total liabilities | 1,150,953 | 1,038,353 | ||
Total equity and liabilities | 1,157,296 | 852,560 | ||
Parent Company | ||||
ASSETS | ||||
Investments in subsidiaries | 1,418,280 | 1,418,280 | ||
Loans to group companies | 318,335 | 50,083 | ||
Non-current assets | 1,736,615 | 1,468,363 | ||
Current assets | 305 | 313 | ||
Total assets | 1,736,920 | 1,468,676 | ||
EQUITY AND LIABILITIES | ||||
Share capital | 1,897,388 | 1,679,232 | ||
Other reserves | (146,396) | (148,338) | ||
Accumulated losses | (90,619) | (78,819) | ||
Total equity | 1,660,373 | 1,452,075 | € 1,437,598 | |
Liabilities | ||||
Non-current liabilities | 0 | 0 | ||
Current liabilities | 76,547 | 16,601 | ||
Total liabilities | 76,547 | 16,601 | ||
Total equity and liabilities | € 1,736,920 | € 1,468,676 |
Additional information - Fina_5
Additional information - Financial Statement Schedule I - Condensed Statement of Cash Flows of the Parent Company (Details) € in Thousands, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 EUR (€) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 EUR (€) | Mar. 31, 2021 EUR (€) | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Loss before tax | € (22,449) | € (111,247) | € (467,353) | |
Capital reorganization non-cash items | 0 | 0 | 199,502 | |
Income tax paid | (10,378) | (3,495) | (5,482) | |
Other non-cash items | 2,473 | (16,949) | 18,032 | |
Changes in working capital | (38,090) | (46,257) | 20,737 | |
Net cash from / (used) in operating activities | (1,082) | (86,998) | (103,146) | |
Proceeds from issuance of share capital | 215,209 | $ 225 | 0 | 58,721 |
Proceeds from loans and borrowings | 0 | 0 | 630,000 | |
Net cash from / (used in) financing activities | 258,191 | (14,367) | 134,113 | |
Net increase / (decrease) in cash and cash equivalents | 188,821 | (131,824) | (42,704) | |
Cash and cash equivalents at beginning of year | 51,083 | 182,176 | 225,764 | |
Cash and cash equivalents at end of year | 240,546 | 51,083 | 182,176 | |
Parent Company | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Loss before tax | (2,129) | 10,628 | (87,020) | |
Capital reorganization non-cash items | 0 | 0 | 125,620 | |
Income tax paid | (948) | 0 | 0 | |
Other non-cash items | (3,443) | (14,400) | 12,096 | |
Changes in working capital | 158 | (5,588) | 8,833 | |
Net cash from / (used) in operating activities | (6,362) | (9,360) | 59,529 | |
Movement in loans with group companies | (268,252) | 9,205 | (59,529) | |
Proceeds from issuance of share capital | 215,208 | 0 | 222 | |
Proceeds from loans and borrowings | 59,384 | 0 | 0 | |
Acquisition of treasury shares | 0 | (10) | 65 | |
Net cash from / (used in) financing activities | 6,340 | 9,195 | (59,242) | |
Net increase / (decrease) in cash and cash equivalents | (22) | (165) | 287 | |
Cash and cash equivalents at beginning of year | 122 | 287 | 0 | |
Cash and cash equivalents at end of year | € 100 | € 122 | € 287 |
Additional information - Fina_6
Additional information - Financial Statement Schedule I - Schedule of IFRS Loss Reconciliation for Parent Company (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
IFRS profit / (loss) reconciliation: | ||||
Parent only – IFRS profit / (loss) for the year | € (23,499) | € (96,635) | € (435,482) | |
Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost | (24,460) | (107,138) | (346,603) | |
Owners of the parent | (25,621) | (97,177) | (434,069) | |
IFRS equity reconciliation: | ||||
Parent only – IFRS equity | 6,343 | (185,793) | (100,590) | € 71,497 |
Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost | (1,660,000) | (1,643,600) | (1,544,967) | |
Consolidated – IFRS equity | 373 | (191,525) | (107,369) | |
Parent Company | ||||
IFRS profit / (loss) reconciliation: | ||||
Parent only – IFRS profit / (loss) for the year | (1,161) | 9,961 | (87,466) | |
IFRS equity reconciliation: | ||||
Parent only – IFRS equity | € 1,660,373 | € 1,452,075 | € 1,437,598 |
Interests in other entities - D
Interests in other entities - Disclosure of Interests in Joint Ventures and Associates (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Interests In Other Entities [Abstract] | |||
Aggregate carrying amount of individually immaterial joint ventures and associates | € 230 | € 2,650 | € 2,744 |
Loss from continuing operations | (111) | (720) | (1,056) |
Other comprehensive income | 0 | 0 | 0 |
Total comprehensive loss | € (111) | € (720) | € (1,056) |
Interests in other entities - N
Interests in other entities - Narrative (Details) € in Thousands, £ in Millions, $ in Millions | 12 Months Ended | ||||||||
Aug. 23, 2022 EUR (€) | Aug. 23, 2022 USD ($) | Feb. 14, 2022 EUR (€) | Feb. 14, 2022 GBP (£) | Feb. 01, 2022 EUR (€) | Feb. 01, 2022 GBP (£) | Mar. 31, 2023 EUR (€) | Mar. 31, 2022 EUR (€) | Mar. 31, 2021 EUR (€) | |
Disclosure of transactions between related parties [line items] | |||||||||
Acquisitions of non-current financial assets | € 6,149 | € 7,637 | € 1,248 | ||||||
Gain on fair value remeasurement | 1,344 | 0 | € 0 | ||||||
Europass SAS | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Recoverable amount of investment | 0 | ||||||||
Impairment loss | 2,500 | ||||||||
Twig | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Percentage of voting equity interests acquired | 1% | 1% | |||||||
Acquisitions of non-current financial assets | € 1,200 | £ 1 | |||||||
Gain on fair value remeasurement | 1,300 | ||||||||
Toshi | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Percentage of voting equity interests acquired | 17.45% | 17.45% | |||||||
Acquisitions of non-current financial assets | € 2,500 | £ 2.1 | |||||||
Reflaunt | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Percentage of voting equity interests acquired | 4.29% | 4.29% | |||||||
Acquisitions of non-current financial assets | € 2,000 | $ 2 | |||||||
Joint Ventures and Associates | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Amounts receivable, related party transactions | € 0 | € 0 |
Interests in other entities -_2
Interests in other entities - Disclosure of Other Investments (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of financial assets [line items] | |||
Other investments, beginning balance | € 3,881 | ||
Other investments, ending balance | 7,051 | € 3,881 | |
Financial assets at fair value through OCI | |||
Disclosure of financial assets [line items] | |||
Other investments, beginning balance | 3,881 | 753 | € 3 |
Additions | 2,000 | 3,878 | 750 |
Fair value adjustment | 1,343 | 150 | 0 |
Derecognition due to step acquisition | 0 | (900) | 0 |
Reclassification to joint ventures and associates | (173) | 0 | 0 |
Other investments, ending balance | € 7,051 | € 3,881 | € 753 |
Related party transactions - Di
Related party transactions - Disclosure of Remuneration to Key Management Personnel (Details) - Key management personnel - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of transactions between related parties [line items] | |||
Short-term employee benefits | € 5,592 | € 4,748 | € 5,162 |
Post-employment benefits | 608 | 519 | 474 |
Share based payment transactions | 4,380 | 4,712 | 1,351 |
Total | € 10,580 | € 9,979 | € 6,987 |
Related party transactions - _2
Related party transactions - Disclosure of Purchases of Services from Related Parties (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of transactions between related parties [line items] | |||
Monitoring fee | € 141 | € 160 | € 218 |
Entities with significant influence over entity | |||
Disclosure of transactions between related parties [line items] | |||
Monitoring fee | 0 | 0 | (95) |
Directors fee | 245 | 255 | 278 |
Reimbursements | 0 | 0 | 16 |
Total | € 245 | € 255 | € 199 |
Related party transactions - _3
Related party transactions - Disclosure of Liabilities to Related Parties (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Liabilities to shareholders: | ||
Loans and borrowings | € 788,836 | € 723,230 |
Warrant liability | 19,227 | 22,589 |
Closing balance for the year | 65,649 | 5,150 |
Key management personnel | ||
Liabilities to key management personnel: | ||
Post employment benefit liability | 196 | 638 |
Shareholders | ||
Liabilities to shareholders: | ||
Loans and borrowings | 61,324 | 0 |
Warrant liability | € 4,129 | € 4,512 |
Related party transactions - Na
Related party transactions - Narrative (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of transactions between related parties [line items] | ||
Other current financial liabilities | € 19,227 | € 22,589 |
Shareholders | ||
Disclosure of transactions between related parties [line items] | ||
Warrants held by related parties (in shares) | 9,766,667 | |
Other current financial liabilities | € 4,129 | € 4,512 |
Other current financial liabi_3
Other current financial liabilities - Disclosure of Other Current Financial Liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of financial liabilities [line items] | |||
Other current financial liabilities | € 19,227 | € 22,589 | |
Put options related to acquisitions | |||
Disclosure of financial liabilities [line items] | |||
Other current financial liabilities | 794 | 0 | |
Warrants | |||
Disclosure of financial liabilities [line items] | |||
Other current financial liabilities | 11,449 | 12,051 | € 30,979 |
Lease liabilities - current | |||
Disclosure of financial liabilities [line items] | |||
Other current financial liabilities | € 6,984 | € 10,538 |
Other current financial liabi_4
Other current financial liabilities - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of financial liabilities [line items] | |||
Warrant liability | € 19,227 | € 22,589 | |
Warrants | |||
Disclosure of financial liabilities [line items] | |||
Number of warrants outstanding (in shares) | 30,735,950 | 30,735,950 | 30,735,950 |
Warrant liability | € 11,449 | € 12,051 | € 30,979 |
Exercises of warrants (in shares) | 0 | 0 | |
Put options | |||
Disclosure of financial liabilities [line items] | |||
Warrant liability | € 794 | € 0 |
Other current financial liabi_5
Other current financial liabilities - Disclosure of Movement in Number of Warrants (Details) - Warrants - shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of financial liabilities [line items] | ||
Number of shares outstanding at beginning of period (in shares) | 30,735,950 | 30,735,950 |
Issuance of warrants (in shares) | 0 | 0 |
Exercise of warrants (in shares) | 0 | 0 |
Number of shares outstanding at end of period (in shares) | 30,735,950 | 30,735,950 |
Other current financial liabi_6
Other current financial liabilities - Disclosure of Movement in Warrant Liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of fair value measurement of liabilities [line items] | ||
Current derivative financial liabilities at beginning of period | € 22,589 | |
Current derivative financial liabilities at end of period | 19,227 | € 22,589 |
Warrants | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Current derivative financial liabilities at beginning of period | 12,051 | 30,979 |
Issuance of warrants | 0 | 0 |
Exercises of warrants | 0 | 0 |
Change in fair value of warrants | (602) | (18,928) |
Current derivative financial liabilities at end of period | € 11,449 | € 12,051 |
Shareholders of Global Blue G_3
Shareholders of Global Blue Group Holding AG - Disclosure of Composition of Shareholding (Details) - shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 240,087,730 | 210,323,474 | 211,252,951 |
Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 30,735,950 | 30,735,950 | 30,735,950 |
Ordinary shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 201,226,883 | 192,534,962 | 187,534,962 |
Preference shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 38,860,847 | 17,788,512 | 23,717,989 |
Global Blue Group Holding AG | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 228,716,358 | 198,414,500 | 198,323,474 |
Ownership (in percentage) | 100% | 100% | 100% |
Global Blue Group Holding AG | GB Directors, Executive Management & Other Employees | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 9,658,467 | 10,076,816 | 9,985,790 |
Ownership (in percentage) | 4.20% | 5.10% | 5% |
Global Blue Group Holding AG | Other Shareholders | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 21,796,402 | 21,539,634 | 20,468,205 |
Ownership (in percentage) | 9.50% | 10.90% | 10.30% |
Global Blue Group Holding AG | Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 30,735,950 | 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 outstanding (in shares) | 516,317 | 516,317 | 516,317 |
Global Blue Group Holding AG | Warrants | Other Shareholders | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 20,969,283 | 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 outstanding (in shares) | 109,229,085 | 109,229,085 | 109,987,559 |
Ownership (in percentage) | 47.80% | 55.10% | 55.50% |
Global Blue Group Holding AG | Silver Lake And Affiliates | Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 6,548,415 | 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 outstanding (in shares) | 45,068,965 | 45,068,965 | 45,381,920 |
Ownership (in percentage) | 19.70% | 22.70% | 22.90% |
Global Blue Group Holding AG | Partners Group and Affiliates | Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 2,701,935 | 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 outstanding (in shares) | 30,463,439 | ||
Ownership (in 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 outstanding (in shares) | 0 | ||
Global Blue Group Holding AG | Ant Group | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 12,500,000 | 12,500,000 | 12,500,000 |
Ownership (in percentage) | 5.50% | 6.30% | 6.30% |
Global Blue Group Holding AG | Ant Group | Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 0 | 0 | 0 |
Global Blue Group Holding AG | GB Group | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 11,371,372 | 11,908,974 | 12,929,477 |
Global Blue Group Holding AG | GB Group | Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 0 | 0 | 0 |
Global Blue Group Holding AG | Ordinary shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 189,855,747 | 180,626,224 | 180,534,962 |
Global Blue Group Holding AG | Ordinary shares | GB Directors, Executive Management & Other Employees | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 8,883,950 | 9,198,164 | 9,106,902 |
Global Blue Group Holding AG | Ordinary shares | Other Shareholders | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 21,796,402 | 21,539,634 | 20,468,205 |
Global Blue Group Holding AG | Ordinary shares | Silver Lake And Affiliates | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 97,258,598 | 97,258,598 | 98,017,072 |
Global Blue Group Holding AG | Ordinary shares | Partners Group and Affiliates | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 40,129,828 | 40,129,828 | 40,442,783 |
Global Blue Group Holding AG | Ordinary shares | CK Opportunities Fund I, LP | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (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 outstanding (in shares) | 12,500,000 | 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 outstanding (in shares) | 11,371,136 | 11,908,738 | 7,000,000 |
Global Blue Group Holding AG | Preference shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 38,860,611 | 17,788,276 | 17,788,512 |
Global Blue Group Holding AG | Preference shares | GB Directors, Executive Management & Other Employees | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 774,517 | 878,652 | 878,888 |
Global Blue Group Holding AG | Preference shares | Other Shareholders | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 0 | 0 | 0 |
Global Blue Group Holding AG | Preference shares | Silver Lake And Affiliates | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 11,970,487 | 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 outstanding (in shares) | 4,939,137 | 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 outstanding (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 outstanding (in shares) | 0 | 0 | 0 |
Global Blue Group Holding AG | Preference shares | GB Group | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 236 | 236 | 5,929,477 |
Shareholders of Global Blue G_4
Shareholders of Global Blue Group Holding AG - Narrative (Details) € in Millions | 12 Months Ended | ||
Mar. 31, 2026 | Mar. 31, 2023 $ / shares shares | Mar. 31, 2023 EUR (€) vote Rate shares | |
Disclosure of classes of share capital [line items] | |||
Public warrants, exercisable period after closing | 30 days | ||
Public warrants, expiration period | 5 years | ||
Private warrants to shares purchase ratio (in shares per warrant) | 1 | ||
Price per share, private warrants purchase price (in USD per share) | $ 11.50 | ||
Price per warrant, public warrant redemption call (in USD per share) | $ 0.01 | ||
Amendment approval required, public warrants (in percentage) | 50% | ||
Warrants | |||
Disclosure of classes of share capital [line items] | |||
Public warrants issued (in shares) | shares | 21,083,307 | ||
Private warrants issued (in shares) | shares | 9,766,667 | ||
Issuance of warrants (in shares) | shares | 30,849,974 | ||
Share issue related cost | € | € 20.2 | ||
Number of warrants outstanding (in shares) | shares | 30,735,950 | 30,735,950 | |
Ordinary shares | |||
Disclosure of classes of share capital [line items] | |||
Number of votes, preference shares | vote | 1 | ||
Preference Shares Series A | |||
Disclosure of classes of share capital [line items] | |||
Number of votes, preference shares | vote | 1 | ||
Dividend rate (in percentage) | 8% | ||
Increase in dividend rate per year (in percentage) | 1% | ||
Shares exchange ratio, preference shares to ordinary shares, put option (in ordinary shares for preference shares) | Rate | 100% | ||
Call option, duration | 20 days | ||
Call option, duration of volume weighted average price calculation | 30 days | ||
Redemption period | 5 years | ||
Preference share redemption, duration of volume weighted average price calculation | 30 days | ||
Preference share, value attributable on change of control (in USD per share) | $ 10 | ||
Preference shares, liquidation proceeds (in USD per share) | 10 | ||
Preference Shares Series B | |||
Disclosure of classes of share capital [line items] | |||
Shares exchange ratio, preference shares to ordinary shares, put option (in ordinary shares for preference shares) | 1 | ||
Issuance of share capital Global Blue Group Holding A.G. (in shares) | shares | 21,176,470 | ||
Dividend paid in kind, percentage of preference shares | 5% | ||
Exercise of call option, period | 5 years | ||
Shares exchange ratio, preference shares to ordinary shares, call option (in ordinary shares per preference share) | 1 | ||
Preferred shares, conversion into common shares, period | 6 months | ||
Preferred shares, forced conversion, period | 1 year | ||
Minimum | |||
Disclosure of classes of share capital [line items] | |||
Closing price per share (in USD per share) | 18 | ||
Redemption period, public warrants call | 30 days | ||
Minimum | Preference Shares Series A | |||
Disclosure of classes of share capital [line items] | |||
Exercise of put option, period | 25 days | ||
Volume weighted average price, ordinary shares (in USD per share) | 18 | ||
Volume weighted average price ordinary shares, preference shares (in USD per share) | 10 | ||
Maximum | Preference Shares Series A | |||
Disclosure of classes of share capital [line items] | |||
Exercise of put option, period | 65 days | ||
Maximum | Preference Shares Series B | |||
Disclosure of classes of share capital [line items] | |||
Preference shares, liquidation proceeds (in USD per share) | $ 8.50 |