Cover page
Cover page | 6 Months Ended |
Sep. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | GLOBAL BLUE GROUP HOLDING AG |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --03-31 |
Document Period End Date | Sep. 30, 2023 |
Entity File Number | 001-39477 |
Entity Address, Address Line One | Zürichstrasse 38 |
Entity Address, Postal Zip Code | 8306 |
Entity Address, City or Town | Brüttisellen |
Entity Address, Country | CH |
Entity Central Index Key | 0001799983 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - EUR (€) € in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Non-current assets | ||
Property, plant and equipment | € 27,468 | € 24,839 |
Intangible assets | 609,128 | 605,508 |
Deferred tax assets | 30,904 | 34,810 |
Investments in joint ventures and associates | 221 | 230 |
Other investments | 7,541 | 7,051 |
Other non-current financial assets | 15,323 | 14,207 |
Non-current assets | 690,585 | 686,645 |
Current assets | ||
Trade receivables | 289,979 | 191,469 |
Other current receivables | 43,504 | 31,369 |
Income tax receivables | 2,181 | 1,681 |
Prepaid expenses | 8,550 | 5,586 |
Cash and cash equivalents | 221,613 | 240,546 |
Current assets | 565,827 | 470,651 |
Total assets | 1,256,412 | 1,157,296 |
Equity attributable to owners of the parent | ||
Share capital | 2,202 | 2,194 |
Share premium | 1,856,085 | 1,852,339 |
Other equity | (111) | (117) |
Other reserves | (971,198) | (970,623) |
Accumulated losses | (875,726) | (883,420) |
Equity attributable to owners of the parent | 11,252 | 373 |
Non-controlling interests | 6,346 | 5,970 |
Total equity | 17,598 | 6,343 |
Non-current liabilities | ||
Loans and borrowings | 727,580 | 726,891 |
Other non-current financial liabilities | 20,149 | 18,811 |
Deferred tax liabilities | 5,657 | 7,663 |
Post-employment benefits | 3,988 | 3,795 |
Provisions for other liabilities and charges | 1,101 | 1,230 |
Non-current liabilities | 758,475 | 758,390 |
Current liabilities | ||
Trade payables | 283,376 | 209,106 |
Other current liabilities | 42,241 | 34,851 |
Accrued liabilities | 51,807 | 54,639 |
Income tax liabilities | 16,311 | 11,351 |
Provisions for other liabilities and charges | 1,866 | 1,444 |
Loans and borrowings | 64,064 | 61,945 |
Other current financial liabilities | 20,674 | 19,227 |
Current liabilities | 480,339 | 392,563 |
Total liabilities | 1,238,814 | 1,150,953 |
Total equity and liabilities | € 1,256,412 | € 1,157,296 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Profit or loss [abstract] | ||||
Total revenue | € 113,175 | € 81,910 | € 207,659 | € 138,029 |
Operating expenses | (88,680) | (79,857) | (158,797) | (142,906) |
Operating Profit | 24,495 | 2,053 | 48,862 | (4,877) |
Finance income | 1,955 | 382 | 3,107 | 573 |
Finance costs | (15,862) | (14,183) | (27,683) | (24,403) |
Net finance costs | (13,907) | (13,801) | (24,576) | (23,830) |
Profit / (Loss) before tax | 10,588 | (11,748) | 24,286 | (28,707) |
Income tax benefit / (expense) | (8,798) | 579 | (12,841) | 2,639 |
Profit / (Loss) for the period | 1,790 | (11,169) | 11,445 | (26,068) |
Profit / (Loss) attributable to: | ||||
Owners of the parent | (511) | (11,729) | 7,721 | (26,927) |
Non-controlling interests | 2,301 | 560 | 3,724 | 859 |
Profit / (Loss) for the period | € 1,790 | € (11,169) | € 11,445 | € (26,068) |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME / (LOSS) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Profit or loss [abstract] | ||||
Profit / (Loss) for the period | € 1,790 | € (11,169) | € 11,445 | € (26,068) |
Other comprehensive income that will not be reclassified to profit or loss in subsequent years: | ||||
Remeasurements on post-employment benefit obligations | 239 | 152 | 12 | 2,288 |
Income tax effect | (49) | (36) | 1 | (549) |
Other comprehensive income that will not be reclassified to profit or loss in subsequent years: | 190 | 116 | 13 | 1,739 |
Other comprehensive income / (loss) that may be reclassified to profit or loss in subsequent years: | ||||
Currency translation differences | 1,008 | (1,180) | 1,415 | (1,145) |
Hyperinflation adjustment | (338) | 346 | (27) | 346 |
Other comprehensive income / (loss) that may be reclassified to profit or loss in subsequent years: | 670 | (834) | 1,388 | (799) |
Other comprehensive income / (loss) for the period, net of tax | 860 | (718) | 1,401 | 940 |
Total comprehensive income / (loss) for the period | 2,650 | (11,887) | 12,846 | (25,128) |
Attributable to: | ||||
Owners of the parent | 308 | (12,005) | 9,812 | (26,019) |
Non-controlling interest | 2,342 | 118 | 3,034 | 891 |
Total comprehensive income / (loss) for the period | € 2,650 | € (11,887) | € 12,846 | € (25,128) |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS € in Thousands, $ in Millions | 6 Months Ended | |
Sep. 30, 2023 EUR (€) | Sep. 30, 2022 EUR (€) | |
Cash flows from (used in) operating activities [abstract] | ||
Profit / (Loss) before tax | € 24,286 | € (28,707) |
Depreciation and amortization | 20,135 | 30,217 |
Net finance costs | 25,321 | 20,003 |
Other non-cash items | 3,306 | 3,594 |
Income tax paid | (6,784) | (5,808) |
Interest paid | (17,305) | (10,374) |
Changes in working capital | (39,219) | (87,077) |
9,740 | (78,152) | |
Cash flows from (used in) investing activities [abstract] | ||
Purchase of property, plant and equipment | (1,732) | (2,575) |
Purchase of intangible assets | (264) | (1,070) |
Payments for capitalized intangible assets | (15,910) | (10,435) |
Net cash outflow on disposal of subsidiary | 0 | (1,684) |
Acquisitions of non-current financial assets | (1,900) | (3,448) |
Receipts from sale of non-current financial assets | 197 | 373 |
(19,609) | (18,839) | |
Cash flows from (used in) financing activities [abstract] | ||
Proceeds from issuance of share capital | 0 | 215,208 |
Transaction costs of issuance of share capital | 0 | (4,512) |
Principal elements of lease payments | (6,171) | (5,482) |
Proceeds from loans and borrowings due to shareholders | 0 | 59,384 |
Dividends paid to non-controlling interests | 2,658 | 0 |
(8,829) | 264,598 | |
Net foreign exchange difference (D) | 395 | 1,707 |
(18,304) | 169,314 | |
Cash and cash equivalents at beginning of the period | 240,546 | 51,083 |
Cash and cash equivalents at end of the period | 221,613 | 220,611 |
Net (increase) / decrease in bank overdraft facilities | € (629) | € (214) |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - EUR (€) € in Thousands | Total | Equity attributable to owners of parent [member] | Share capital Ordinary shares | Share capital Preference shares | Share premium Ordinary shares | Share premium Preference shares | Other equity Ordinary shares | Other equity Preference shares | Equity settled share based payment | Other reserve | Foreign currency translation reserve | Remeasurements of post employment benefit obligations | Accumulated losses | Non-controlling interests |
Equity balance as of beginning of the year at Mar. 31, 2022 | € (185,793) | € (191,525) | € 1,844 | € 63 | € 1,538,105 | € 96,364 | € (9,297) | € (882) | € 50,699 | € (1,006,210) | € (11,330) | € 1,086 | € (851,967) | € 5,732 |
Profit for the period | (26,068) | (26,927) | (26,927) | 859 | ||||||||||
Other comprehensive income / (loss) | 940 | 908 | (1,177) | 1,739 | 346 | 32 | ||||||||
Total comprehensive income / (loss) for the period | (25,128) | (26,019) | (1,177) | 1,739 | (26,581) | 891 | ||||||||
Issuance of share capital Global Blue Group Holding A.G. | 210,521 | 210,522 | 83 | 203 | 42,959 | 171,963 | (4,686) | (1) | ||||||
Issuance of treasury shares by Global Blue Group Holding A.G. | 1 | (1) | ||||||||||||
Employee share schemes | 4,692 | 4,692 | 4,692 | |||||||||||
Vested RSA shares | 2,333 | 4 | (2,337) | |||||||||||
Allocation of treasury shares to shareholders | 9,178 | (9,178) | ||||||||||||
Total contributions and distributions | 215,209 | 215,210 | 84 | 203 | 45,292 | 171,963 | 9,181 | 2,355 | (13,864) | (4) | (1) | |||
Change in non-controlling interests | 1,068 | 1,068 | (1,068) | |||||||||||
Total changes in ownership interests | 0 | 1,068 | 1,068 | (1,068) | ||||||||||
Equity balance as of end of the year at Sep. 30, 2022 | 4,288 | (1,266) | 1,928 | 266 | 1,583,397 | 268,327 | (116) | (882) | 53,054 | (1,020,074) | (12,507) | 2,825 | (877,484) | 5,554 |
Profit for the period | (11,169) | |||||||||||||
Other comprehensive income / (loss) | (718) | |||||||||||||
Total comprehensive income / (loss) for the period | (11,887) | |||||||||||||
Equity balance as of end of the year at Sep. 30, 2022 | 4,288 | (1,266) | 1,928 | 266 | 1,583,397 | 268,327 | (116) | (882) | 53,054 | (1,020,074) | (12,507) | 2,825 | (877,484) | 5,554 |
Equity balance as of beginning of the year at Mar. 31, 2023 | 6,343 | 373 | 1,928 | 266 | 1,584,012 | 268,327 | (114) | (3) | 55,362 | (1,013,666) | (14,981) | 2,664 | (883,420) | 5,970 |
Profit for the period | 11,445 | 7,721 | 7,721 | 3,724 | ||||||||||
Other comprehensive income / (loss) | 1,401 | 2,091 | 2,091 | 27 | (27) | (690) | ||||||||
Total comprehensive income / (loss) for the period | 12,846 | 9,812 | 2,091 | 27 | 7,694 | 3,034 | ||||||||
Employee share schemes | 2,818 | 2,818 | 2,818 | |||||||||||
Vested RSA shares | (1,751) | (1,751) | 3,754 | 6 | (5,513) | |||||||||
Dividends | 8 | (8) | ||||||||||||
Dividends | (2,658) | (2,658) | ||||||||||||
Total contributions and distributions | (1,591) | 1,067 | 8 | 3,754 | (8) | 6 | (2,695) | (2,658) | ||||||
Equity balance as of end of the year at Sep. 30, 2023 | 17,598 | 11,252 | 1,928 | 274 | 1,587,766 | 268,319 | (108) | (3) | 52,667 | (1,013,666) | (12,890) | 2,691 | (875,726) | 6,346 |
Profit for the period | 1,790 | |||||||||||||
Other comprehensive income / (loss) | 860 | |||||||||||||
Total comprehensive income / (loss) for the period | 2,650 | |||||||||||||
Equity balance as of end of the year at Sep. 30, 2023 | € 17,598 | € 11,252 | € 1,928 | € 274 | € 1,587,766 | € 268,319 | € (108) | € (3) | € 52,667 | € (1,013,666) | € (12,890) | € 2,691 | € (875,726) | € 6,346 |
Corporate information
Corporate information | 6 Months Ended |
Sep. 30, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Basis of preparation | The unaudited condensed consolidated interim financial statements of Global Blue have been prepared in accordance with International Accounting Standard IAS 34 ‘Interim financial reporting’ as issued by the International Accounting Standards Board (IASB) and are presented in thousands of Euros (EURk). |
Corporate information [Text Block] | 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. More specifically, 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. 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 unaudited condensed consolidated interim financial statements were authorized for issue by the Directors of the Company on November 28, 2023. The unaudited condensed consolidated interim financial statements of Global Blue have been prepared in accordance with International Accounting Standard IAS 34 ‘Interim financial reporting’ as issued by the International Accounting Standards Board (IASB) and are presented in thousands of Euros (EURk). |
Basis of preparation and signif
Basis of preparation and significant accounting policies | 6 Months Ended |
Sep. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
Basis of preparation and significant accounting policies | Basis of preparation and significant accounting policies Basis of preparation The Group’s unaudited condensed consolidated interim financial statements for the three and six month periods ended September 30, 2023 have been prepared in accordance with IAS 34 ‘Interim financial reporting’. These financial statements have been prepared on a historical cost basis, except for warrants, derivative financial instruments, other investments and put options that have been measured at fair value (Note 9). The primary financial statements are presented in a format consistent with the consolidated financial statements presented in the March 2023 Annual Financial Report for Global Blue Group Holding AG under IAS 1 Presentation of Financial Statements, but this interim financial report contains condensed financial statements prepared in accordance with IAS 34, in that it does not include all of the notes that would be required in a complete set of financial statements. This interim financial report should be read in conjunction with the consolidated financial statements for Global Blue Group Holding AG for the year ended March 31, 2023. Significant accounting policies The estimation process and significant accounting policies are consistent with those applied in the annual financial statements. A new standard (IFRS17 - Insurance Contracts ) and certain amended standards became applicable for the current reporting period; the group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards. |
Significant changes in current
Significant changes in current reporting period | 6 Months Ended |
Sep. 30, 2023 | |
Significant Changes In Current Reporting Period [Abstract] | |
Significant changes in current reporting period | Significant changes in current reporting period Information about the business During the three and six months ended September 30, 2023, the Company has maintained a similar level of material merchants and acquirers when compared to March 31, 2023. Seasonality The typical TFSS business is subject to predictable seasonality because a significant part of the business serves the leisure segment of the travel industry, which is particularly active during the northern hemisphere’s summer holiday season. The second half of Global Blue’s financial year typically sees upticks in travel and shopping due to specific events that are more dispersed, such as the Chinese National Day (“Golden Week”) in October, Christmas / New Year in December, Chinese New Year in January / February, and Ramadan in March / April. All in all, this drives a degree of seasonality in the net working capital needs, with working capital needs increasing gradually during the first half of the financial year, which then unwinds in the second half of the financial year. The AVPS business, which serves both seasonal shoppers and regular travelers, is more protected from the seasonal variations driven by traditional holiday periods and as a result does not have a distinct seasonality profile. The RTS segment is currently composed of ZigZag Global, Yocuda and ShipUp. ZigZag Global and ShipUp have a soft seasonal curve skewed towards November and December, underpinned by Black Friday, Cyber Monday, and Christmas shopping peaks. Yocuda is not exposed to any material seasonal cycles given its core revenue is less exposed to the number of eReceipts it issues and more to the number of shops it serves. COVID-19 Considerations 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 three and six month periods ended September 30, 2023 the transaction volumes for the TFSS and AVPS businesses have significantly recovered when compared to the same period last year, but remain impacted by the airline capacity for China. That reduced airline capacity is impacting particularly the recovery in Europe, whereas in APAC Sales in Store (“SiS”) from Chinese travelers is in line with the second quarter of the financial year ended March 31, 2020. |
Segment information
Segment information | 6 Months Ended |
Sep. 30, 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 chief executive officer (the “CEO”), chief financial officer, senior vice president marketing, communications & customer value creation, senior vice president new markets, public affairs & chief operating officer Americas, senior vice president added-value payment solutions, chief operating officer south Europe, chief operating officer Asia Pacific & Central Europe, chief technology officer, general counsel & company secretary, senior vice president strategy & chief product officer, chief operating officer north & central Europe & global accounts, senior vice president operations and senior vice president & global human resources director. Management considers the business from a product perspective; the performance of the Tax Free Shopping Services (TFSS), Added-Value Payment Solutions (AVPS) and 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: Six months ended September 30, 2023 (EUR thousand) Note TFSS AVPS RTS Central Costs Total Revenue 154,831 39,026 13,802 — 207,659 Operating expenses (1) (55,883) (18,944) (17,157) (40,716) (132,700) Adjusted EBITDA 98,948 20,082 (3,355) (40,716) 74,959 Depreciation and amortization 5 (20,135) Exceptional items (2) (5,962) Operating Profit 48,862 Three months ended September 30, 2023 (EUR thousand) Note TFSS AVPS RTS Central Costs Total Revenue 86,208 20,243 6,724 — 113,175 Operating expenses (1) (28,444) (9,934) (8,076) (19,554) (66,008) Adjusted EBITDA 57,764 10,309 (1,352) (19,554) 47,167 Depreciation and amortization 5 (9,998) Exceptional items (2) (12,674) Operating Profit 24,495 Six months ended September 30, 2022 (EUR thousand) Note TFSS AVPS RTS Central Costs Total Revenue 102,062 27,915 8,051 — 138,029 Operating expenses (1) (43,048) (14,607) (9,742) (37,992) (105,388) Adjusted EBITDA 59,015 13,308 (1,691) (37,992) 32,641 Depreciation and amortization 5 (30,217) Exceptional items (2) (7,301) Operating Loss (4,877) Three months ended September 30, 2022 (EUR thousand) Note TFSS AVPS RTS Central Costs Total Revenue 62,505 15,331 4,075 — 81,910 Operating expenses (1) (23,976) (7,847) (5,029) (19,261) (56,114) Adjusted EBITDA 38,529 7,483 (955) (19,261) 25,796 Depreciation and amortization 5 (12,658) Exceptional items (2) (11,085) Operating Profit 2,053 (1) Operating expenses excluding Depreciation and Amortization and Exceptional items. For the six months ended September 30, 2023 fixed and variable costs amounted to EUR84.5 million and EUR48.1 million respectively (EUR70.7 million and EUR34.7 million for the six months ended September 30, 2022). Fixed personnel and fixed non-personnel costs amounted to EUR56.2 million and EUR28.3 respectively (EUR47.5 million and EUR23.2 million for the six months ended September 30, 2022). For the three months ended September 30, 2023 fixed and variable costs amounted to EUR41.0 million and EUR25.0 million respectively (EUR36.3 million and EUR19.7 million for the three months ended September 30, 2022). Fixed personnel and fixed non-personnel costs amounted to EUR26.5 million and EUR14.6 million respectively (EUR23.4 million and EUR12.9 million for the three months ended September 30, 2022). (2) Exceptional items consist of items such as share-based payment transactions and related other expenses, the change in fair value of warrants and put options, business and corporate restructuring expenses, impairment, net loss on sale of assets, and other exceptional items, which the Board of Directors considers as not directly related to ordinary business operations and which are not included in the assessment of management performance. |
Profit and loss information
Profit and loss information | 6 Months Ended |
Sep. 30, 2023 | |
Analysis of income and expense [abstract] | |
Profit and loss information | Profit and loss information (EUR thousand) Three months ended September 30 Six months ended September 30 Expenses by nature Note 2023 2022 2023 2022 Employee benefit expenses (27,995) (25,391) (58,927) (50,440) Depreciation and amortization (9,998) (12,658) (20,135) (30,217) Agent costs (21,474) (16,467) (39,978) (28,248) IT costs (3,909) (3,694) (7,408) (6,980) Auditors, lawyers and consultants (2,711) (2,597) (5,305) (4,776) Advertising and promotion (3,323) (3,449) (8,168) (6,480) Travel, entertainment, office and rental cost (3,139) (2,459) (6,163) (4,849) Share based payment transactions expenses (2,366) (3,126) (2,966) (4,692) External and other personnel cost (2,466) (1,644) (4,437) (3,128) Business restructuring expenses (43) (3,614) (126) (3,934) Corporate restructuring expenses (249) (402) (317) (523) Impairments (25) — (48) (567) Change in fair value of warrants and put options 9 (8,839) (1,927) (750) 5,013 Other operating expenses (2,143) (2,429) (4,069) (3,085) Total operating expenses (88,680) (79,857) (158,797) (142,906) Employee benefit expenses For the three and six months ended September 30, 2023 the main driver of the total increase in employee benefit expenses is the average number of employees that increased from 1,580 (in the three months ended September 30, 2022) to 1,907 and from 1,528 (in the six months ended September 30, 2022) to 1,871. Depreciation & amortization The depreciation of property, plant and equipment amounted to EUR2.9 million and EUR6.3 million for the three and six months ended September 30, 2023 respectively (EUR3.6 million and EUR7.5 million for the three and six months ended September 30, 2022, respectively) comprising mostly of depreciation related to the right of use assets. For the same period the amortization of intangible assets predominantly sources from capitalized intangible assets amounting to EUR5.9 million and EUR11.4 million for the three and six months ended September 30, 2023. For the three and six months ended September 30, 2022 the expense mainly comprised of the amortization of capitalized intangible assets amounting to EUR5.2 million and EUR9.8 million and secondarily it includes the amortization of customer relationships recognized in the process of the purchase price allocation during the 2012 acquisition of Global Blue by Silver Lake and Partners Group for which the amortization period ended on July 31, 2022, and amounted to EUR3.1 million and EUR11.5 million. Agent costs For the three and six months ended September 30, 2023 agent costs, referring to merchant acquiring fees, have increased as a consequence of the overall business recovery. Share-based payment transactions For t he three months ended September 30, 2023 share-based payments expenses primarily comprise of EUR1.4 million (EUR3.1 million for the three months ended September 30, 2022) for restricted share grants and share options issued within the framework of the MIP adopted in November 2020, and the share options issued as part of the 2019 Employee Share Option Plan, and of EUR1.0 million (nil for the three months ended September 30, 2022) corresponding to the expenses for stock-option plans approved and issued by RTS entities. For t he six months ended September 30, 2023 share-based payments expenses primarily comprise of EUR2.8 million (EUR4.7 million for the six months ended September 30, 2022) for restricted share grants and share options issued within the framework of the MIP adopted in November 2020, and the share options issued as part of the 2019 Employee Share Option Plan, and of EUR0.1 million (nil for the six months ended September 30, 2022) for stock-option plans approved and issued by RTS entities. Business restructuring expenses For the three and six months ended September 30, 2022 business restructuring expenses correspond primarily to the loss arising from the sale of our TFSS business in Russia, and related deconsolidation. Change in fair value of warrants and put options For the three months ended September 30, 2023, the majority of EUR8.8 million loss corresponds to the loss associated with the change in fair value of the warrant liabilities of EUR8.6 million (EUR1.5 million loss for the three months ended September 30, 2022), and was increased by EUR0.1 million loss associated with the change in the fair value of the put options of ZigZag (EUR0.1 million loss for the three months ended September 30, 2022), and EUR0.1 million loss associated with the put options of Yocuda (EUR0.3 million loss for the three months ended September 30, 2022). For the six months ended September 30, 2023, the majority of EUR0.8 million loss corresponds to the loss associated with the change in fair value of the warrant liabilities of EUR0.4 million (EUR2.1 million gain for the six months ended September 30, 2022), and was increased by EUR0.2 million loss associated with the change in the fair value of the put options of ZigZag (EUR2.1 million gain for the six months ended September 30, 2022), and EUR0.2 loss associated with the put options of Yocuda (EUR0.8 million gain for the six months ended September 30, 2022). As of September 30, 2023 the impairment assessment as of March 31, 2023 is still considered valid and no further impairment indicators were identified in the Company’s assets or CGUs. Net finance costs For the three months ended September 30, 2023 the net finance cost amounted to EUR13.9 million (EUR13.8 million for the three months ended September 30, 2022) out of which the finance costs amounted to EUR15.9 million (EUR14.2 million for the three months ended September 30, 2022). The latter predominantly comprise of EUR13.0 million linked to bank borrowings and amortization of related capitalized borrowing fees and EUR2.5 million of net foreign exchange losses (for the three months ended September 30, 2022 it predominantly comprised of EUR6.5 million linked to bank borrowings and amortization of related capitalized borrowing fees, EUR3.7 million of net foreign exchange losses and EUR3.9 million of other financial expenses being mainly forward trading exchange losses), partially offset by EUR1.3 million of interest income on bank deposits (EUR0.1 million for the three months ended September 30, 2022) and by EUR0.7 million of other finance income (EUR0.3 million for the three months ended September 30, 2022). For the six months ended September 30, 2023 the net finance cost amounted to EUR24.6 million (EUR23.8 million for the six months ended September 30, 2022) out of which the finance costs amounted to EUR27.7 million (EUR24.4 million for the six months ended September 30, 2022). The latter predominantly comprise of EUR24.3 million of interest linked to bank borrowings and amortization of related capitalized borrowing fees and EUR2.4 million of net foreign exchange losses (for the six months ended September 30, 2022 it predominantly comprises of EUR12.4 million of interest linked to bank borrowings and amortization of related capitalized borrowing fees, EUR8.4 million of net foreign exchange losses and EUR3.6 million of other financial expenses being mainly forward trading exchange losses) partially offset by EUR2.3 million of interest income on bank deposits (EUR0.2 million for the six months ended September 30, 2022) and by EUR0.8 million of other finance income (EUR0.4 million for the six months ended September 30, 2022). Income tax (EUR thousand) Three months ended September 30 Six months ended September 30 Income tax 2023 2022 2023 2022 Current income tax expense (6,195) (2,662) (11,421) (3,744) Adjustment in respect of current income tax of previous years 73 3,162 117 3,587 Adjustment in respect of deferred income tax of previous years (1,279) (220) 320 (239) Deferred tax benefit / (expense) (1,397) 299 (1,857) 3,035 Income tax benefit / (expense) reported in the income statement (8,798) 579 (12,841) 2,639 The adjustment in respect of current income tax of previous years for the three and six months ended September 30, 2022 contains a benefit of EUR3.2 million resulting from the reversal of a previously recorded uncertain tax position based on the final tax assessment received from the German authorities. For the six months ended September 30, 2023 the deferred income tax of previous years consist of a benefit of EUR1.6 million arising from the updated estimate of deferred tax on amortization of intangible assets from past business combinations which is partially offset by deferred tax expenses of EUR1.3 million resulting from adjustments to tax loss carried forward in the three months ended September 30, 2023. |
Earnings per share
Earnings per share | 6 Months Ended |
Sep. 30, 2023 | |
Earnings per share [abstract] | |
Earnings per share | Earnings per share (EUR thousand) Three months ended September 30 Six months ended September 30 Earnings per share 2023 2022 2023 2022 Profit / (Loss) attributable to the owners of the parent (511) (11,729) 7,721 (26,927) Profit / (Loss) attributable to the owners of the parent attributable to ordinary shares (424) (9,725) 6,408 (23,147) Profit / (Loss) attributable to the owners of the parent attributable to preference shares (87) (2,004) 1,313 (3,780) Weighted average number of basic ordinary shares outstanding (thousand) 190,131 188,546 189,994 184,818 Weighted average number of basic preference shares outstanding (thousand) 39,008 38,861 38,935 30,182 Basic earnings / (loss) per ordinary share (0.00) (0.05) 0.03 (0.13) Profit / (Loss) attributable to the owners of the parent (511) (11,729) 7,721 (26,927) Profit / (Loss) attributable to the owners of the parent attributable to ordinary shares (425) (9,725) 6,419 (23,147) Profit / (Loss) attributable to the owners of the parent attributable to preference shares (86) (2,004) 1,302 (3,780) Weighted average number of diluted ordinary shares outstanding (thousand) 192,078 188,546 191,941 184,818 Weighted average number of diluted preference shares outstanding (thousand) 39,008 38,861 38,935 30,182 Diluted earnings / (loss) per ordinary share (0.00) (0.05) 0.03 (0.13) Basic Basic earnings per share are calculated by dividing the profit or loss attributable to owners of the parent (i.e. equity shareholders of the Company) by the weighted average number of basic ordinary shares outstanding at the end of the period. Diluted Diluted earnings per share are calculated by dividing the profit or loss attributable to owners of the parent (i.e. equity shareholders of the Company) by the weighted average number of diluted ordinary shares outstanding at the end of the period. For the three and six months ended September 30, 2023, the Company has excluded 8.0 million ordinary shares relating to the Management Incentive Plan from the diluted earnings per ordinary shares calculation, as the impact of those shares is not-dilutive. For the three and six months ended September 30, 2022 , t he Company has excluded 10.1 million ordinary shares from the diluted earnings per ordinary share calculation, as the impact of the shares are considered not-dilutive. The ordinary shares relate to the Management Incentive Plan and are potentially dilutive instruments. The 30,735,950 outstanding warrants as of September 30, 2023 and September 30, 2022 are considered as not-dilutive. |
Issued capital and reserves & S
Issued capital and reserves & Shareholders of Global Blue | 6 Months Ended |
Sep. 30, 2023 | |
Disclosure of Issued Capital And Reserves [Abstract] | |
Issued capital and reserves & Shareholders of Global Blue | Issued capital and reserves & Shareholders of Global Blue Group Holding AG Number of shares authorized and issued Six months ended September 30 Number of shares authorized and issued 2023 2022 Ordinary shares Preference shares A Preference shares B Total Ordinary shares Preference shares A Preference shares B Total Opening balance as of April 1 201,226,883 17,684,377 21,176,470 240,087,730 192,534,962 17,788,512 — 210,323,474 Issuance of preference shares B to CK Opportunities Wolverine Sarl (Dividend) — — 847,059 847,059 — — — — Issuance of share capital Global Blue Group Holding A.G. — — — — 8,587,786 — 21,176,470 29,764,256 Issuance of treasury shares by Global Blue Group Holding A.G. — — — — 104,135 — — 104,135 Closing balance as of September 30 201,226,883 17,684,377 22,023,529 240,934,789 201,226,883 17,788,512 21,176,470 240,191,865 Three months ended September 30 Number of shares authorized and issued 2023 2022 Ordinary shares Preference shares A Preference shares B Total Ordinary shares Preference shares A Preference shares B Total Opening balance as of July 1 201,226,883 17,684,377 21,176,470 240,087,730 201,226,883 17,788,512 21,176,470 240,191,865 Issuance of preference shares B to CK Opportunities Wolverine Sarl (Dividend) — — 847,059 847,059 — — — — Closing balance as of September 30 201,226,883 17,684,377 22,023,529 240,934,789 201,226,883 17,788,512 21,176,470 240,191,865 During the three and six months ended September 30, 2023 847,059 series B preference shares, convertible into common shares, were issued in the Company and transferred to CK Opportunities Wolverine Sarl, in relation to the dividend in kind approved by the Company’s shareholders meeting on September 14, 2023. During the six months ended September 30, 2022, 8,587,786 ordinary shares and 21,176,470 series B preference shares, convertible into common shares, were issued in the Company based on the investment agreement with Certares. Certares subscribed for and purchased the aforementioned shares for the amount of EUR215.2 million (USD225.0 million). The transaction costs and stamp duties amounting to EUR4.7 million were deducted from other reserves in equity. During the six months ended September 30, 2022, 104,135 ordinary shares were issued in the Company and held in the custody of Global Blue Group II GmbH. There were no changes in the number of the shares authorized and issued during three months ended September 30, 2022. Treasury shares Six months ended September 30, 2023 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Total Ordinary Preference shares A Total Opening balance as of April 1, 2023 11,371,136 236 11,371,372 (115) (2) (117) Vested RSA shares (628,045) — (628,045) 6 — 6 Closing balance as of September 30, 2023 10,743,091 236 10,743,327 (109) (2) (111) Three months ended September 30, 2023 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Total Ordinary Preference shares A Total Opening balance as of July 1, 2023 11,371,136 236 11,371,372 (115) (2) (117) Vested RSA shares (628,045) — (628,045) 6 — 6 Closing balance as of September 30, 2023 10,743,091 236 10,743,327 (109) (2) (111) During the three and six months ended September 30, 2023, within the framework of the Company’s Management Incentive Plan, and more specifically under the Restricted Share Award program, 628,045 ordinary shares vested and transferred to the corresponding employees ( 413,806 d uring the three and six months ended September 30, 2022) out of the treasury shares held in the custody of Global Blue Group II GmbH. Six months ended September 30, 2022 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Total Ordinary Preference shares A Total Opening balance as of April 1, 2022 12,995,018 104,371 13,099,389 (9,297) (882) (10,179) Issuance of treasury shares by Global Blue Group Holding A.G. 104,135 — 104,135 (1) — (1) Vested RSA shares (413,806) — (413,806) 4 — 4 Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (1,189,977) — (1,189,977) 9,178 — 9,178 Closing balance as of September 30, 2022 11,495,370 104,371 11,599,741 (116) (882) (998) Three months ended September 30, 2022 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Total Ordinary Preference shares A Total Opening balance as of July 1, 2022 13,099,153 104,371 13,203,524 (9,298) (882) (10,180) Vested RSA shares (413,806) — (413,806) 4 — 4 Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (1,189,977) — (1,189,977) 9,178 — 9,178 Closing balance as of September 30, 2022 11,495,370 104,371 11,599,741 (116) (882) (998) During the six months ended September 30, 2022, 104,135 ordinary shares were issued in the Company and held in the custody of Global Blue Group II GmbH. During the three and six months ended September 30, 2022 1,189,977 ordinary shares were allocated by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) to employees, ex-employees and members of management. During the same periods, within the framework of the Company’s Management Incentive Plan, and more specifically under the Restricted Share Award program, 413,806 ordinary shares vested and transferred to the corresponding employees out of the treasury shares held in the custody of Global Blue Group II GmbH. Shareholders of Global Blue Group Holding AG Shareholders of Global Blue Group Holding AG as of September 30, 2023 Ordinary shares Preference shares Total Ownership (3) Warrants Silver Lake and Affiliate s (1) 97,258,598 11,970,487 109,229,085 47.5 % 6,548,415 Partners Group and Affiliates (2) 40,129,828 4,939,137 45,068,965 19.6 % 2,701,935 CK Opportunities Wolverine Sarl 9,286,969 22,023,529 31,310,498 13.6 % — Ant Group 12,500,000 — 12,500,000 5.4 % — GB Directors, Executive Management & Other Employees 9,365,228 774,517 10,139,745 4.4 % 516,317 Other Shareholders 21,943,169 — 21,943,169 9.5 % 20,969,283 Total excl. instruments held by the Group 190,483,792 39,707,670 230,191,462 100.0 % 30,735,950 Treasury shares 10,743,091 236 10,743,327 — Total incl. instruments held by the Group 201,226,883 39,707,906 240,934,789 30,735,950 Shareholders of Global Blue Group Holding AG as of March 31, 2023 Ordinary shares Preference shares Total Ownership (3) 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 Wolverine Sarl 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. instruments held by the Group 189,855,747 38,860,611 228,716,358 100.0 % 30,735,950 Treasury shares 11,371,136 236 11,371,372 — Total incl. instruments held by the Group 201,226,883 38,860,847 240,087,730 30,735,950 (1) - Corresponds to SL Globetrotter L.P. (2) - Corresponds to Global Blue Holding LP (which is controlled by Silver Lake) and shares directly held by Partners Group (3) - Excludes treasury shares |
Share-based Payments
Share-based Payments | 6 Months Ended |
Sep. 30, 2023 | |
Disclosure Of Share-based Payments [Abstract] | |
Share-based Payments | Share-based Payments 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 employee receiving the grant. RSA 2023 On August 25, 2023, under the MIP, the Board approved the grant of 258,570 RSAs to the CEO and 774,250 RSAs to other employees. Under this grant, 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: • 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 All Country 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. As for the vesting period, 50% RSAs granted to the CEO vest on August 29, 2024 and 50% on August 29, 2025, while 25% of the RSAs granted to other employees vest on August 29, 2024, 25% on August 29, 2025, 25% on August 29, 2026 and 25% on August 29, 2027. The plan is equity-settled in accordance with IFRS 2. 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 2023 RSA 2023 CEO Grant date 1/9/2023 1/9/2023 1/9/2023 1/9/2023 25/8/2023 25/8/2023 Vesting date 29/8/2024 29/8/2025 29/8/2026 29/8/2027 29/8/2024 29/8/2025 Share price at grant date (USD) 5.63 5.63 5.63 5.63 5.76 5.76 Expected volatility 27.0% 44.0% 55.0% 72.0% 27.0% 44.0% Risk free interest rate 5.6% 5.1% 4.8% 4.6% 5.6% 5.1% Fair value per share (USD) 4.21 4.08 3.95 3.82 4.30 4.18 In addition of the above plan, on September 5, 2023, 29,820 RSAs were granted to the Company’s non-executive directors; according to this plan, award holders are granted the Company’s ordinary shares if they remain in the employment of the Company and, as of the vesting period, 33.3% RSAs vest on August 29, 2024, 33.3% on August 29, 2025 and 33.4% on August 29, 2026. The Group assessed the plan to be equity-settled in accordance with IFRS 2. 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) Six months ended September 30 2023 2022 As of April 1 2,006 1,674 Granted during the period 1,063 962 Vested during the period (961) (414) Forfeited during the period (143) (72) As of September 30 1,966 2,150 Weighted average fair value (USD) 4.40 5.37 Number of shares (thousands) Three months ended September 30 2023 2022 As of July 1 1,999 1,672 Granted during the period 1,063 962 Vested during the period (961) (414) Forfeited during the period (134) (70) As of September 30 1,966 2,150 Weighted average fair value (USD) 4.40 5.37 |
Fair value measurement of finan
Fair value measurement of financial instruments | 6 Months Ended |
Sep. 30, 2023 | |
Disclosure Of Fair Value Measurement [Abstract] | |
Fair value measurement of financial instruments | Fair value measurement of financial instruments The table below sets out the Group’s financial assets and financial liabilities measured and recognized at fair value as of September 30, 2023 and March 31, 2023 on a recurring basis, including their levels in the fair value hierarchy. As of September 30, 2023 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through OCI - Other investments — — 7,541 7,541 Total assets — — 7,541 7,541 Liabilities Financial liabilities at fair value through profit or loss - Put options liabilities — — 4,766 4,766 - Warrant liabilities - Public warrants 7,561 — — 7,561 - Warrant liabilities - Private warrants — 4,266 — 4,266 - Other current financial liabilities - Derivative financial instruments — 162 — 162 Total liabilities 7,561 4,428 4,766 16,755 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 The fair values of financial instruments which are not measured at fair value in the statement of financial position are not materially different to their carrying amounts. The Group classifies the fair value of its financial instruments in the following hierarchy: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; • Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. There were no transfers between fair value hierarchy levels, nor any changes to the valuation techniques applied during the six months ended September 30, 2023. 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. When the fair value of an unquoted instrument cannot be measured with sufficient reliability, the Group carries such instruments at cost less impairment, if applicable. Warrants The fair value of the private and public warrants is categorized as Level 2 and Level 1, respectively, in the fair value hierarchy. The Group has employed a Black-Scholes pricing model to estimate the fair value of the Private Warrants issued on August 28, 2020, notably the fair value of the call option inherent in the Private Warrants, using as key inputs the Group’s share price, risk-free rate, implied Public Warrant volatility, the warrants’ maturity, and the Public Warrants’ market price. For the six months ended September 30, 2023, the Group recognized EUR0.4 million fair value loss associated with the warrant liabilities under operating expenses in the income statement. Put options As of September 30, 2023 the put options comprise of EUR1.9 million and EUR2.8 million related to the acquisitions of ZigZag and Yocuda, respectively. The fair value of the put options were derived using an option pricing methodology (Monte Carlo simulations) based on projected revenue or gross profit distribution or EBITDA margin (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 all cases is the underlying business plan. In the case of ZigZag and Yocuda, the top and bottom 5% of extreme values have been excluded from the calculations. For the six months ended September 30, 2023, the Group recognized EUR0.4 million fair value loss associated with put options under operating expenses in the income statement. The following table presents the changes in level 3 instruments for the six months ended September 30, 2023: (EUR thousand) Other investments Put option liabilities Opening balance as of April 1, 2023 7,051 4,390 Additions 490 — Loss recognized in income statement — 287 Exchange differences — 89 Closing balance as of September 30, 2023 7,541 4,766 During the six months ended September 30, 2023 Global Blue participated to the fundraising round of an existing investment and increased its investment by EUR0.5 million. During the six months ended September 30, 2023, there were no other changes in the business or economic circumstances that affect the fair value of the financial assets. |
Events after the reporting peri
Events after the reporting period | 6 Months Ended |
Sep. 30, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events after the reporting period | Events after the reporting period Private Placement & Capital Increase On November 16, 2023, the Company entered into a share purchase and investment agreement, by and among the Company, Tencent Mobility Limited (“Tencent”), SL Globetrotter L.P. (“Globetrotter”), Global Blue Holding L.P. (“Holdco”) and the other parties from time to time party thereto (together with Globetrotter and Holdco, the “Sellers”), whereby Tencent agreed to (i) purchase from the Sellers an aggregate 9,090,909 registered common shares of the Company with a nominal value of CHF 0.01 for consideration in an aggregate amount of $50,000,000.50 (the “Share Sale”), and (ii) subscribe for and purchase from the Company 9,090,909 newly issued registered common shares of the Company with a nominal value of CHF 0.01 for consideration in an aggregate amount of $49,999,999.50 (the “Investment”), in each case, subject to specific terms and conditions (the “Transaction”). On November 28, 2023 the Sellers completed the aforementioned Share Sale to Tencent, from which the Company did not receive any proceeds, and on November 28, 2023, the Board authorized the issuance, out of the authorized share capital of the Company (the “Capital Increase”), of 9,090,909 common shares to the Purchaser, as reflected in the articles of association of the Company dated November 28, 2023. On November 29, 2023, the Company effected the Capital Increase, thus closing the above Investment, with Tencent now owning 18.18 million common shares, representing approximately 8% of the total fully-diluted share capital. New Credit Agreement On November 24, 2023, the Group entered into a credit agreement consisting of a term loan of EUR 610 million (the “Senior Secured Term Loan” or “SSTL”) and a senior secured revolving credit facility of EUR 97.5 million (the “Senior Secured Revolver Facility” or “SSRF”) (and, together with the SSTL, the “Credit Facilities”). The SSTL will mature seven years after its first utilization date, and the SSRF will mature six years, six months after the first utilization date. Borrowings under the SSTL bear interest at a rate of EURIBOR and an applicable margin of up to 5.00%, which may be reduced in the future based on the Senior Secured Net Leverage Ratio (or “SSNLR” as defined in the credit agreement). Borrowings under the SSRF bear interest at a rate of EURIBOR and an applicable margin of up to 4.50%, which may be reduced in the future based on the SSNLR. EUR 20 million of the SSRF can be utilized as a swingline facility. The EURIBOR rate is subject to a “floor” of 0.0%, and the Group may select interest periods of one, two, three or six months and interest is paid on the last business day of each interest period. Furthermore, the Group is required to pay a commitment fee at a rate per annum equal to 30% of the applicable margin on the SSRF in respect of unused amounts. |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Disclosure of operating segments [abstract] | |
Disclosure of reportable segments | The segment information provided to the ExCom for the reportable segments is as follows: Six months ended September 30, 2023 (EUR thousand) Note TFSS AVPS RTS Central Costs Total Revenue 154,831 39,026 13,802 — 207,659 Operating expenses (1) (55,883) (18,944) (17,157) (40,716) (132,700) Adjusted EBITDA 98,948 20,082 (3,355) (40,716) 74,959 Depreciation and amortization 5 (20,135) Exceptional items (2) (5,962) Operating Profit 48,862 Three months ended September 30, 2023 (EUR thousand) Note TFSS AVPS RTS Central Costs Total Revenue 86,208 20,243 6,724 — 113,175 Operating expenses (1) (28,444) (9,934) (8,076) (19,554) (66,008) Adjusted EBITDA 57,764 10,309 (1,352) (19,554) 47,167 Depreciation and amortization 5 (9,998) Exceptional items (2) (12,674) Operating Profit 24,495 Six months ended September 30, 2022 (EUR thousand) Note TFSS AVPS RTS Central Costs Total Revenue 102,062 27,915 8,051 — 138,029 Operating expenses (1) (43,048) (14,607) (9,742) (37,992) (105,388) Adjusted EBITDA 59,015 13,308 (1,691) (37,992) 32,641 Depreciation and amortization 5 (30,217) Exceptional items (2) (7,301) Operating Loss (4,877) Three months ended September 30, 2022 (EUR thousand) Note TFSS AVPS RTS Central Costs Total Revenue 62,505 15,331 4,075 — 81,910 Operating expenses (1) (23,976) (7,847) (5,029) (19,261) (56,114) Adjusted EBITDA 38,529 7,483 (955) (19,261) 25,796 Depreciation and amortization 5 (12,658) Exceptional items (2) (11,085) Operating Profit 2,053 (1) Operating expenses excluding Depreciation and Amortization and Exceptional items. For the six months ended September 30, 2023 fixed and variable costs amounted to EUR84.5 million and EUR48.1 million respectively (EUR70.7 million and EUR34.7 million for the six months ended September 30, 2022). Fixed personnel and fixed non-personnel costs amounted to EUR56.2 million and EUR28.3 respectively (EUR47.5 million and EUR23.2 million for the six months ended September 30, 2022). For the three months ended September 30, 2023 fixed and variable costs amounted to EUR41.0 million and EUR25.0 million respectively (EUR36.3 million and EUR19.7 million for the three months ended September 30, 2022). Fixed personnel and fixed non-personnel costs amounted to EUR26.5 million and EUR14.6 million respectively (EUR23.4 million and EUR12.9 million for the three months ended September 30, 2022). (2) Exceptional items consist of items such as share-based payment transactions and related other expenses, the change in fair value of warrants and put options, business and corporate restructuring expenses, impairment, net loss on sale of assets, and other exceptional items, which the Board of Directors considers as not directly related to ordinary business operations and which are not included in the assessment of management performance. |
Profit and loss information (Ta
Profit and loss information (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure of expenses by nature | (EUR thousand) Three months ended September 30 Six months ended September 30 Expenses by nature Note 2023 2022 2023 2022 Employee benefit expenses (27,995) (25,391) (58,927) (50,440) Depreciation and amortization (9,998) (12,658) (20,135) (30,217) Agent costs (21,474) (16,467) (39,978) (28,248) IT costs (3,909) (3,694) (7,408) (6,980) Auditors, lawyers and consultants (2,711) (2,597) (5,305) (4,776) Advertising and promotion (3,323) (3,449) (8,168) (6,480) Travel, entertainment, office and rental cost (3,139) (2,459) (6,163) (4,849) Share based payment transactions expenses (2,366) (3,126) (2,966) (4,692) External and other personnel cost (2,466) (1,644) (4,437) (3,128) Business restructuring expenses (43) (3,614) (126) (3,934) Corporate restructuring expenses (249) (402) (317) (523) Impairments (25) — (48) (567) Change in fair value of warrants and put options 9 (8,839) (1,927) (750) 5,013 Other operating expenses (2,143) (2,429) (4,069) (3,085) Total operating expenses (88,680) (79,857) (158,797) (142,906) |
Disclosure of income tax benefit (expense) | (EUR thousand) Three months ended September 30 Six months ended September 30 Income tax 2023 2022 2023 2022 Current income tax expense (6,195) (2,662) (11,421) (3,744) Adjustment in respect of current income tax of previous years 73 3,162 117 3,587 Adjustment in respect of deferred income tax of previous years (1,279) (220) 320 (239) Deferred tax benefit / (expense) (1,397) 299 (1,857) 3,035 Income tax benefit / (expense) reported in the income statement (8,798) 579 (12,841) 2,639 |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Earnings per share [abstract] | |
Summary of earnings per share | (EUR thousand) Three months ended September 30 Six months ended September 30 Earnings per share 2023 2022 2023 2022 Profit / (Loss) attributable to the owners of the parent (511) (11,729) 7,721 (26,927) Profit / (Loss) attributable to the owners of the parent attributable to ordinary shares (424) (9,725) 6,408 (23,147) Profit / (Loss) attributable to the owners of the parent attributable to preference shares (87) (2,004) 1,313 (3,780) Weighted average number of basic ordinary shares outstanding (thousand) 190,131 188,546 189,994 184,818 Weighted average number of basic preference shares outstanding (thousand) 39,008 38,861 38,935 30,182 Basic earnings / (loss) per ordinary share (0.00) (0.05) 0.03 (0.13) Profit / (Loss) attributable to the owners of the parent (511) (11,729) 7,721 (26,927) Profit / (Loss) attributable to the owners of the parent attributable to ordinary shares (425) (9,725) 6,419 (23,147) Profit / (Loss) attributable to the owners of the parent attributable to preference shares (86) (2,004) 1,302 (3,780) Weighted average number of diluted ordinary shares outstanding (thousand) 192,078 188,546 191,941 184,818 Weighted average number of diluted preference shares outstanding (thousand) 39,008 38,861 38,935 30,182 Diluted earnings / (loss) per ordinary share (0.00) (0.05) 0.03 (0.13) |
Issued capital and reserves &_2
Issued capital and reserves & Shareholders of Global Blue (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Disclosure of Issued Capital And Reserves [Abstract] | |
Disclosure of share capital | Number of shares authorized and issued Six months ended September 30 Number of shares authorized and issued 2023 2022 Ordinary shares Preference shares A Preference shares B Total Ordinary shares Preference shares A Preference shares B Total Opening balance as of April 1 201,226,883 17,684,377 21,176,470 240,087,730 192,534,962 17,788,512 — 210,323,474 Issuance of preference shares B to CK Opportunities Wolverine Sarl (Dividend) — — 847,059 847,059 — — — — Issuance of share capital Global Blue Group Holding A.G. — — — — 8,587,786 — 21,176,470 29,764,256 Issuance of treasury shares by Global Blue Group Holding A.G. — — — — 104,135 — — 104,135 Closing balance as of September 30 201,226,883 17,684,377 22,023,529 240,934,789 201,226,883 17,788,512 21,176,470 240,191,865 Three months ended September 30 Number of shares authorized and issued 2023 2022 Ordinary shares Preference shares A Preference shares B Total Ordinary shares Preference shares A Preference shares B Total Opening balance as of July 1 201,226,883 17,684,377 21,176,470 240,087,730 201,226,883 17,788,512 21,176,470 240,191,865 Issuance of preference shares B to CK Opportunities Wolverine Sarl (Dividend) — — 847,059 847,059 — — — — Closing balance as of September 30 201,226,883 17,684,377 22,023,529 240,934,789 201,226,883 17,788,512 21,176,470 240,191,865 Shareholders of Global Blue Group Holding AG Shareholders of Global Blue Group Holding AG as of September 30, 2023 Ordinary shares Preference shares Total Ownership (3) Warrants Silver Lake and Affiliate s (1) 97,258,598 11,970,487 109,229,085 47.5 % 6,548,415 Partners Group and Affiliates (2) 40,129,828 4,939,137 45,068,965 19.6 % 2,701,935 CK Opportunities Wolverine Sarl 9,286,969 22,023,529 31,310,498 13.6 % — Ant Group 12,500,000 — 12,500,000 5.4 % — GB Directors, Executive Management & Other Employees 9,365,228 774,517 10,139,745 4.4 % 516,317 Other Shareholders 21,943,169 — 21,943,169 9.5 % 20,969,283 Total excl. instruments held by the Group 190,483,792 39,707,670 230,191,462 100.0 % 30,735,950 Treasury shares 10,743,091 236 10,743,327 — Total incl. instruments held by the Group 201,226,883 39,707,906 240,934,789 30,735,950 Shareholders of Global Blue Group Holding AG as of March 31, 2023 Ordinary shares Preference shares Total Ownership (3) 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 Wolverine Sarl 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. instruments held by the Group 189,855,747 38,860,611 228,716,358 100.0 % 30,735,950 Treasury shares 11,371,136 236 11,371,372 — Total incl. instruments held by the Group 201,226,883 38,860,847 240,087,730 30,735,950 (1) - Corresponds to SL Globetrotter L.P. (2) - Corresponds to Global Blue Holding LP (which is controlled by Silver Lake) and shares directly held by Partners Group (3) - Excludes treasury shares |
Disclosure of treasury shares | Treasury shares Six months ended September 30, 2023 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Total Ordinary Preference shares A Total Opening balance as of April 1, 2023 11,371,136 236 11,371,372 (115) (2) (117) Vested RSA shares (628,045) — (628,045) 6 — 6 Closing balance as of September 30, 2023 10,743,091 236 10,743,327 (109) (2) (111) Three months ended September 30, 2023 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Total Ordinary Preference shares A Total Opening balance as of July 1, 2023 11,371,136 236 11,371,372 (115) (2) (117) Vested RSA shares (628,045) — (628,045) 6 — 6 Closing balance as of September 30, 2023 10,743,091 236 10,743,327 (109) (2) (111) Six months ended September 30, 2022 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Total Ordinary Preference shares A Total Opening balance as of April 1, 2022 12,995,018 104,371 13,099,389 (9,297) (882) (10,179) Issuance of treasury shares by Global Blue Group Holding A.G. 104,135 — 104,135 (1) — (1) Vested RSA shares (413,806) — (413,806) 4 — 4 Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (1,189,977) — (1,189,977) 9,178 — 9,178 Closing balance as of September 30, 2022 11,495,370 104,371 11,599,741 (116) (882) (998) Three months ended September 30, 2022 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares A Total Ordinary Preference shares A Total Opening balance as of July 1, 2022 13,099,153 104,371 13,203,524 (9,298) (882) (10,180) Vested RSA shares (413,806) — (413,806) 4 — 4 Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (1,189,977) — (1,189,977) 9,178 — 9,178 Closing balance as of September 30, 2022 11,495,370 104,371 11,599,741 (116) (882) (998) |
Share-based Payments (Tables)
Share-based Payments (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Disclosure Of Share-based Payments [Abstract] | |
Disclosure of indirect measurement of fair value of restricted shares granted during period | 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 2023 RSA 2023 CEO Grant date 1/9/2023 1/9/2023 1/9/2023 1/9/2023 25/8/2023 25/8/2023 Vesting date 29/8/2024 29/8/2025 29/8/2026 29/8/2027 29/8/2024 29/8/2025 Share price at grant date (USD) 5.63 5.63 5.63 5.63 5.76 5.76 Expected volatility 27.0% 44.0% 55.0% 72.0% 27.0% 44.0% Risk free interest rate 5.6% 5.1% 4.8% 4.6% 5.6% 5.1% Fair value per share (USD) 4.21 4.08 3.95 3.82 4.30 4.18 |
Disclosure of Number and Reconciliation of Outstanding Restricted Shares | The following table shows the RSAs granted and outstanding at the beginning and end of the reporting period: Number of shares (thousands) Six months ended September 30 2023 2022 As of April 1 2,006 1,674 Granted during the period 1,063 962 Vested during the period (961) (414) Forfeited during the period (143) (72) As of September 30 1,966 2,150 Weighted average fair value (USD) 4.40 5.37 Number of shares (thousands) Three months ended September 30 2023 2022 As of July 1 1,999 1,672 Granted during the period 1,063 962 Vested during the period (961) (414) Forfeited during the period (134) (70) As of September 30 1,966 2,150 Weighted average fair value (USD) 4.40 5.37 |
Fair value measurement of fin_2
Fair value measurement of financial instruments (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Disclosure Of Fair Value Measurement [Abstract] | |
Disclosure of fair value measurement of assets | The table below sets out the Group’s financial assets and financial liabilities measured and recognized at fair value as of September 30, 2023 and March 31, 2023 on a recurring basis, including their levels in the fair value hierarchy. As of September 30, 2023 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through OCI - Other investments — — 7,541 7,541 Total assets — — 7,541 7,541 Liabilities Financial liabilities at fair value through profit or loss - Put options liabilities — — 4,766 4,766 - Warrant liabilities - Public warrants 7,561 — — 7,561 - Warrant liabilities - Private warrants — 4,266 — 4,266 - Other current financial liabilities - Derivative financial instruments — 162 — 162 Total liabilities 7,561 4,428 4,766 16,755 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 The following table presents the changes in level 3 instruments for the six months ended September 30, 2023: (EUR thousand) Other investments Put option liabilities Opening balance as of April 1, 2023 7,051 4,390 Additions 490 — Loss recognized in income statement — 287 Exchange differences — 89 Closing balance as of September 30, 2023 7,541 4,766 |
Disclosure of fair value measurement of liabilities | The table below sets out the Group’s financial assets and financial liabilities measured and recognized at fair value as of September 30, 2023 and March 31, 2023 on a recurring basis, including their levels in the fair value hierarchy. As of September 30, 2023 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through OCI - Other investments — — 7,541 7,541 Total assets — — 7,541 7,541 Liabilities Financial liabilities at fair value through profit or loss - Put options liabilities — — 4,766 4,766 - Warrant liabilities - Public warrants 7,561 — — 7,561 - Warrant liabilities - Private warrants — 4,266 — 4,266 - Other current financial liabilities - Derivative financial instruments — 162 — 162 Total liabilities 7,561 4,428 4,766 16,755 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 The following table presents the changes in level 3 instruments for the six months ended September 30, 2023: (EUR thousand) Other investments Put option liabilities Opening balance as of April 1, 2023 7,051 4,390 Additions 490 — Loss recognized in income statement — 287 Exchange differences — 89 Closing balance as of September 30, 2023 7,541 4,766 |
Segment information (Details)
Segment information (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disclosure of operating segments [line items] | ||||
Revenue | € 113,175 | € 81,910 | € 207,659 | € 138,029 |
Operating expenses (1) | 66,008 | 56,114 | 132,700 | 105,388 |
Adjusted EBITDA | 47,167 | 25,796 | 74,959 | 32,641 |
Depreciation and amortization | (9,998) | (12,658) | (20,135) | (30,217) |
Exceptional items (2) | (12,674) | (11,085) | (5,962) | (7,301) |
Operating Profit | 24,495 | 2,053 | 48,862 | (4,877) |
Fixed cost | ||||
Disclosure of operating segments [line items] | ||||
Operating expenses (1) | 41,000 | 36,300 | 84,500 | 70,700 |
Variable cost | ||||
Disclosure of operating segments [line items] | ||||
Operating expenses (1) | 25,000 | 19,700 | 48,100 | 34,700 |
Fixed personnel cost | ||||
Disclosure of operating segments [line items] | ||||
Operating expenses (1) | 26,500 | 23,400 | 56,200 | 47,500 |
Fixed non personnel cost | ||||
Disclosure of operating segments [line items] | ||||
Operating expenses (1) | 14,600 | 12,900 | 28,300 | 23,200 |
Central Costs | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating expenses (1) | 19,554 | 19,261 | 40,716 | 37,992 |
Adjusted EBITDA | (19,554) | (19,261) | (40,716) | (37,992) |
TFSS | Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 86,208 | 62,505 | 154,831 | 102,062 |
Operating expenses (1) | 28,444 | 23,976 | 55,883 | 43,048 |
Adjusted EBITDA | 57,764 | 38,529 | 98,948 | 59,015 |
AVPS | Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 20,243 | 15,331 | 39,026 | 27,915 |
Operating expenses (1) | 9,934 | 7,847 | 18,944 | 14,607 |
Adjusted EBITDA | 10,309 | 7,483 | 20,082 | 13,308 |
RTS | Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 6,724 | 4,075 | 13,802 | 8,051 |
Operating expenses (1) | 8,076 | 5,029 | 17,157 | 9,742 |
Adjusted EBITDA | € (1,352) | € (955) | € (3,355) | € (1,691) |
Profit and loss information - D
Profit and loss information - Disclosure of expenses by nature (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Analysis of income and expense [abstract] | ||||
Employee benefit expenses | € (27,995) | € (25,391) | € (58,927) | € (50,440) |
Depreciation and amortization | (9,998) | (12,658) | (20,135) | (30,217) |
Agent costs | (21,474) | (16,467) | (39,978) | (28,248) |
IT costs | (3,909) | (3,694) | (7,408) | (6,980) |
Auditors, lawyers and consultants | (2,711) | (2,597) | (5,305) | (4,776) |
Advertising and promotion | (3,323) | (3,449) | (8,168) | (6,480) |
Travel, entertainment, office and rental cost | (3,139) | (2,459) | (6,163) | (4,849) |
Share based payment transactions expenses | (2,366) | (3,126) | (2,966) | (4,692) |
External and other personnel cost | (2,466) | (1,644) | (4,437) | (3,128) |
Business restructuring expenses | (43) | (3,614) | (126) | (3,934) |
Corporate restructuring expenses | (249) | (402) | (317) | (523) |
Impairments | (25) | 0 | (48) | (567) |
Change in fair value of warrants and put options | (8,839) | (1,927) | (750) | 5,013 |
Other operating expenses | (2,143) | (2,429) | (4,069) | (3,085) |
Total operating expenses | € (88,680) | € (79,857) | € (158,797) | € (142,906) |
Profit and loss information - N
Profit and loss information - Narrative (Details) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 EUR (€) employee | Sep. 30, 2022 EUR (€) employee | Sep. 30, 2023 EUR (€) employee | Sep. 30, 2022 EUR (€) employee | |
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Average number of employees | employee | 1,907 | 1,580 | 1,871 | 1,528 |
Depreciation, property, plant and equipment | € 2,900 | € 3,600 | € 6,300 | € 7,500 |
Losses on change in fair value of derivatives | 8,800 | 800 | ||
Net finance costs | 13,907 | 13,801 | 24,576 | 23,830 |
Finance costs | 15,862 | 14,183 | 27,683 | 24,403 |
Bank borrowings (including amortization of capitalized financing fees) | 13,000 | 6,500 | 24,300 | 12,400 |
Foreign exchange loss | 2,500 | 3,700 | 2,400 | 8,400 |
Other finance cost | 3,900 | 3,600 | ||
Interest income on deposits | 1,300 | 100 | 2,300 | 200 |
Other finance income | 700 | 300 | 800 | 400 |
Adjustments For Revised Estimate Of Deferred Tax On Amortization Of Intangible Assets From Past Business Combination | 1,600 | |||
Adjustments To Tax Loss Carried Forward | (1,300) | |||
Capitalised intangible assets | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Amortisation, intangible assets other than goodwill | 5,900 | 5,200 | 11,400 | 9,800 |
Customer relationships | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Amortisation, intangible assets other than goodwill | 3,100 | 11,500 | ||
Stock Options 2020 | Global Blue Management Incentive Plan | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Expense from share-based payment transactions | 1,400 | 3,100 | 2,800 | 4,700 |
Stock Options 2019 | Global Blue Management Incentive Plan | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Expense from share-based payment transactions | 1,000 | 100 | ||
Warrants | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Losses on change in fair value of derivatives | 8,600 | 1,500 | 400 | |
Gain on change in fair value of derivatives | 2,100 | |||
Put options | ZigZag | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Losses on change in fair value of derivatives | 100 | 100 | 200 | |
Gain on change in fair value of derivatives | 2,100 | |||
Put Option | Yocuda | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Losses on change in fair value of derivatives | € 100 | 300 | € 200 | |
Gain on change in fair value of derivatives | 800 | |||
German Tax Authority | ||||
Disclosure of attribution of expenses by nature to their function [line items] | ||||
Adjustments For Reversal Of Previously-Recorded Uncertain Tax Position | € 3,200 | € 3,200 |
Profit and loss information -_2
Profit and loss information - Disclosure of income tax benefit (expense) (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Analysis of income and expense [abstract] | ||||
Current income tax expense | € (6,195) | € (2,662) | € (11,421) | € (3,744) |
Adjustment in respect of current income tax of previous years | 73 | 3,162 | 117 | 3,587 |
Adjustment in respect of deferred income tax of previous years | (1,279) | (220) | 320 | (239) |
Deferred tax benefit / (expense) | (1,397) | 299 | (1,857) | 3,035 |
Income tax benefit / (expense) reported in the income statement | € (8,798) | € 579 | € (12,841) | € 2,639 |
Profit and loss information - I
Profit and loss information - Income tax Narrative (Details) € in Millions | 6 Months Ended |
Sep. 30, 2023 EUR (€) | |
Analysis of income and expense [abstract] | |
Adjustments For Revised Estimate Of Deferred Tax On Amortization Of Intangible Assets From Past Business Combination | € 1.6 |
Adjustments To Tax Loss Carried Forward | € (1.3) |
Earnings per share - Summary of
Earnings per share - Summary of earnings per share (Details) - EUR (€) € / shares in Units, € in Thousands, shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic earnings per share [abstract] | ||||
Profit (loss), attributable to ordinary equity holders of parent entity, used in calculating diluted earnings per share | € (511) | € (11,729) | € 7,721 | € (26,927) |
Diluted earnings per share [abstract] | ||||
Profit / (Loss) attributable to the owners of the parent | € (511) | € (11,729) | € 7,721 | € (26,927) |
Ordinary shares | ||||
Basic earnings per share [abstract] | ||||
Weighted average number of basic ordinary shares outstanding (in shares) | 190,131 | 188,546 | 189,994 | 184,818 |
Basic earnings / (loss) per share (in euro per share) | € 0 | € (0.05) | € 0.03 | € (0.13) |
Profit (loss), attributable to ordinary equity holders of parent entity, used in calculating diluted earnings per share | € (425) | € (9,725) | € 6,419 | € (23,147) |
Diluted earnings per share [abstract] | ||||
Weighted average number of diluted ordinary shares outstanding (in shares) | 192,078 | 188,546 | 191,941 | 184,818 |
Diluted earnings / (loss) per share (in euro per share) | € 0 | € (0.05) | € 0.03 | € (0.13) |
Profit / (Loss) attributable to the owners of the parent | € (424) | € (9,725) | € 6,408 | € (23,147) |
Preference shares | ||||
Basic earnings per share [abstract] | ||||
Weighted average number of basic ordinary shares outstanding (in shares) | 39,008 | 38,861 | 38,935 | 30,182 |
Profit (loss), attributable to ordinary equity holders of parent entity, used in calculating diluted earnings per share | € (86) | € (2,004) | € 1,302 | € (3,780) |
Diluted earnings per share [abstract] | ||||
Weighted average number of diluted ordinary shares outstanding (in shares) | 39,008 | 38,861 | 38,935 | 30,182 |
Profit / (Loss) attributable to the owners of the parent | € (87) | € (2,004) | € 1,313 | € (3,780) |
Earnings per share - Narrative
Earnings per share - Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
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 | 10,100,000 | 8,000,000 | 10,100,000 |
Warrants | ||||
Earnings per share [line items] | ||||
Potentially dilutive instruments not included in diluted earnings per share (in shares) | 30,735,950 | 30,735,950 |
Issued capital and reserves &_3
Issued capital and reserves & Shareholders of Global Blue - Disclosure of share capital authorized and issued (Details) - shares | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disclosure of classes of share capital [line items] | |||||
Number of shares authorised and issued, beginning of period (in shares) | 240,087,730 | 240,191,865 | 240,087,730 | 210,323,474 | |
Issuance of preference shares B, number of shares (in shares) | 847,059 | 0 | 847,059 | 0 | |
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 29,764,256 | ||||
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | ||||
Number of shares authorised and issued, end of period (in shares) | 240,934,789 | 240,191,865 | 240,934,789 | 240,191,865 | |
Ordinary shares | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares authorised and issued, beginning of period (in shares) | 201,226,883 | 201,226,883 | 201,226,883 | 192,534,962 | |
Issuance of preference shares B, number of shares (in shares) | 0 | ||||
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 8,587,786 | ||||
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | ||||
Number of shares authorised and issued, end of period (in shares) | 201,226,883 | 201,226,883 | 201,226,883 | 201,226,883 | |
Preference shares A | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares authorised and issued, beginning of period (in shares) | 17,684,377 | 17,788,512 | 17,684,377 | 17,788,512 | |
Issuance of preference shares B, number of shares (in shares) | 0 | ||||
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 0 | ||||
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 0 | ||||
Number of shares authorised and issued, end of period (in shares) | 17,684,377 | 17,788,512 | 17,684,377 | 17,788,512 | |
Preference shares B | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares authorised and issued, beginning of period (in shares) | 21,176,470 | 21,176,470 | 21,176,470 | ||
Issuance of preference shares B, number of shares (in shares) | 847,059 | 0 | 847,059 | 0 | |
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 21,176,470 | ||||
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 0 | ||||
Number of shares authorised and issued, end of period (in shares) | 22,023,529 | 21,176,470 | 22,023,529 | 21,176,470 |
Issued capital and reserves &_4
Issued capital and reserves & Shareholders of Global Blue - Narrative (Details) € in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2023 shares | Sep. 30, 2022 shares | Sep. 30, 2023 EUR (€) shares | Sep. 30, 2022 EUR (€) shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 shares | |
Disclosure of classes of share capital [line items] | ||||||
Issuance of preference shares B, number of shares (in shares) | 847,059 | 0 | 847,059 | 0 | ||
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 29,764,256 | 29,764,256 | ||||
Proceeds from issuance of share capital | € 0 | € 215,208 | $ 225 | |||
Issue of equity | € | € 210,521 | |||||
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | 104,135 | ||||
Other reserve | ||||||
Disclosure of classes of share capital [line items] | ||||||
Issue of equity | € | € (4,686) | |||||
Treasury shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Vested RSA shares (in shares) | (628,045) | (413,806) | (628,045) | (413,806) | (413,806) | |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | 104,135 | ||||
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | (1,189,977) | (1,189,977) | (1,189,977) | |||
Preference shares B | ||||||
Disclosure of classes of share capital [line items] | ||||||
Issuance of preference shares B, number of shares (in shares) | 847,059 | 0 | 847,059 | 0 | 0 | |
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 | ||||
Ordinary shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Issuance of preference shares B, number of shares (in shares) | 0 | |||||
Issuance of share capital Global Blue Group Holding A.G. (in shares) | 8,587,786 | 8,587,786 | ||||
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | 104,135 | ||||
Ordinary shares | Treasury shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Vested RSA shares (in shares) | (628,045) | (413,806) | (628,045) | (413,806) | (413,806) | |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | 104,135 | ||||
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | (1,189,977) | (1,189,977) | (1,189,977) |
Issued capital and reserves &_5
Issued capital and reserves & Shareholders of Global Blue - Disclosure of treasury shares (Details) - EUR (€) € in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disclosure Of Treasury Shares [Line Items] | ||||
Equity balance as of beginning of the year | € 6,343 | € (185,793) | ||
Vested RSA shares | (1,751) | |||
Equity balance as of end of the year | € 17,598 | € 4,288 | 17,598 | 4,288 |
Equity attributable to owners of parent [member] | ||||
Disclosure Of Treasury Shares [Line Items] | ||||
Equity balance as of beginning of the year | 373 | (191,525) | ||
Vested RSA shares | (1,751) | |||
Equity balance as of end of the year | € 11,252 | € (1,266) | € 11,252 | € (1,266) |
Treasury shares | ||||
Disclosure Of Treasury Shares [Line Items] | ||||
Number of shares outstanding at beginning of period (in shares) | 11,371,372 | 13,203,524 | 11,371,372 | 13,099,389 |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | |||
Vested RSA shares (in shares) | (628,045) | (413,806) | (628,045) | (413,806) |
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | (1,189,977) | (1,189,977) | ||
Number of shares outstanding at end of period | 10,743,327 | 11,599,741 | 10,743,327 | 11,599,741 |
Equity balance as of beginning of the year | € (117) | € (10,180) | € (117) | € (10,179) |
Issuance of treasury shares by Global Blue Group Holding A.G. | (1) | |||
Vested RSA shares | 6 | 4 | 6 | 4 |
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) | 9,178 | 9,178 | ||
Equity balance as of end of the year | € (111) | € (998) | € (111) | € (998) |
Ordinary shares | Treasury shares | ||||
Disclosure Of Treasury Shares [Line Items] | ||||
Number of shares outstanding at beginning of period (in shares) | 11,371,136 | 13,099,153 | 11,371,136 | 12,995,018 |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | |||
Vested RSA shares (in shares) | (628,045) | (413,806) | (628,045) | (413,806) |
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | (1,189,977) | (1,189,977) | ||
Number of shares outstanding at end of period | 10,743,091 | 11,495,370 | 10,743,091 | 11,495,370 |
Equity balance as of beginning of the year | € (115) | € (9,298) | € (115) | € (9,297) |
Issuance of treasury shares by Global Blue Group Holding A.G. | (1) | |||
Vested RSA shares | 6 | 4 | 6 | 4 |
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) | 9,178 | 9,178 | ||
Equity balance as of end of the year | € (109) | € (116) | € (109) | € (116) |
Preference shares A | Treasury shares | ||||
Disclosure Of Treasury Shares [Line Items] | ||||
Number of shares outstanding at beginning of period (in shares) | 236 | 104,371 | 236 | 104,371 |
Number of shares outstanding at end of period | 236 | 104,371 | 236 | 104,371 |
Equity balance as of beginning of the year | € (2) | € (882) | € (2) | € (882) |
Equity balance as of end of the year | € (2) | € (882) | € (2) | € (882) |
Issued capital and reserves &_6
Issued capital and reserves & Shareholders of Global Blue - Disclosure of share capital of Global Blue Group Holding A.G. (Details) - shares | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 |
Disclosure of classes of share capital [line items] | ||||||
Number of shares issued (in shares) | 240,934,789 | 240,087,730 | 240,087,730 | 240,191,865 | 240,191,865 | 210,323,474 |
Warrants | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 30,735,950 | 30,735,950 | ||||
Treasury shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 10,743,327 | 11,371,372 | 11,371,372 | 11,599,741 | 13,203,524 | 13,099,389 |
Ordinary shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares issued (in shares) | 201,226,883 | 201,226,883 | 201,226,883 | 201,226,883 | 201,226,883 | 192,534,962 |
Ordinary shares | Treasury shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 10,743,091 | 11,371,136 | 11,371,136 | 11,495,370 | 13,099,153 | 12,995,018 |
Preference shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares issued (in shares) | 39,707,906 | 38,860,847 | ||||
Global Blue Group Holding AG | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 230,191,462 | 228,716,358 | ||||
Ownership percentage | 100% | 100% | ||||
Global Blue Group Holding AG | GB Directors, Executive Management & Other Employees | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 10,139,745 | 9,658,467 | ||||
Ownership percentage | 4.40% | 4.20% | ||||
Global Blue Group Holding AG | Other Shareholders | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 21,943,169 | 21,796,402 | ||||
Ownership percentage | 9.50% | 9.50% | ||||
Global Blue Group Holding AG | Warrants | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 30,735,950 | 30,735,950 | ||||
Global Blue Group Holding AG | Warrants | GB Directors, Executive Management & Other Employees | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 516,317 | 516,317 | ||||
Global Blue Group Holding AG | Warrants | Other Shareholders | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 20,969,283 | 20,969,283 | ||||
Global Blue Group Holding AG | Treasury shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 10,743,327 | 11,371,372 | ||||
Global Blue Group Holding AG | Ordinary shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 190,483,792 | 189,855,747 | ||||
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) | 9,365,228 | 8,883,950 | ||||
Global Blue Group Holding AG | Ordinary shares | Other Shareholders | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 21,943,169 | 21,796,402 | ||||
Global Blue Group Holding AG | Ordinary shares | Treasury shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 10,743,091 | 11,371,136 | ||||
Global Blue Group Holding AG | Preference shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 39,707,670 | 38,860,611 | ||||
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 | 774,517 | ||||
Global Blue Group Holding AG | Preference shares | Treasury shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 236 | 236 | ||||
Global Blue Group Holding AG | Silver Lake and Affiliates (1) | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 109,229,085 | 109,229,085 | ||||
Ownership percentage | 47.50% | 47.80% | ||||
Global Blue Group Holding AG | Silver Lake and Affiliates (1) | Warrants | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 6,548,415 | 6,548,415 | ||||
Global Blue Group Holding AG | Silver Lake and Affiliates (1) | Ordinary shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 97,258,598 | 97,258,598 | ||||
Global Blue Group Holding AG | Silver Lake and Affiliates (1) | Preference shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 11,970,487 | 11,970,487 | ||||
Global Blue Group Holding AG | Partners Group and Affiliates (2) | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 45,068,965 | 45,068,965 | ||||
Ownership percentage | 19.60% | 19.70% | ||||
Global Blue Group Holding AG | Partners Group and Affiliates (2) | Warrants | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | 2,701,935 | 2,701,935 | ||||
Global Blue Group Holding AG | Partners Group and Affiliates (2) | Ordinary shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 40,129,828 | 40,129,828 | ||||
Global Blue Group Holding AG | Partners Group and Affiliates (2) | Preference shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 4,939,137 | 4,939,137 | ||||
Global Blue Group Holding AG | CK Opportunities Wolverine Sarl | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 31,310,498 | 30,463,439 | ||||
Ownership percentage | 13.60% | 13.30% | ||||
Global Blue Group Holding AG | CK Opportunities Wolverine Sarl | Ordinary shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 9,286,969 | 9,286,969 | ||||
Global Blue Group Holding AG | CK Opportunities Wolverine Sarl | Preference shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 22,023,529 | 21,176,470 | ||||
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 | ||||
Ownership percentage | 5.40% | 5.50% | ||||
Global Blue Group Holding AG | Ant Group | Ordinary shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding (in shares) | 12,500,000 | 12,500,000 |
Share-based Payments - Narrativ
Share-based Payments - Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | ||||||||
Aug. 29, 2027 | Aug. 29, 2026 | Aug. 29, 2025 | Aug. 29, 2024 | Sep. 05, 2023 | Aug. 25, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Global Blue Management Incentive Plan, CEO | Restricted Shares Award 2023,CEO [Member] | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Number of restricted shares granted (in shares) | 258,570 | |||||||||
Global Blue Management Incentive Plan, CEO | Restricted Shares Award 2023 | Vesting tranche one | Chief Executive Officer | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Vesting requirements, percentage | 50% | 50% | ||||||||
Global Blue Management Incentive Plan | Restricted Shares Award 2023 | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Number of restricted shares granted (in shares) | 774,250 | 1,063 | 962 | 1,063 | 962 | |||||
Global Blue Management Incentive Plan | Restricted Shares Award 2023 | Vesting tranche one | Other Employees | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Vesting requirements, percentage | 25% | |||||||||
Global Blue Management Incentive Plan | Restricted Shares Award 2023 | Vesting tranche one | Non Executive Directors | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Vesting requirements, percentage | 33.30% | |||||||||
Global Blue Management Incentive Plan | Restricted Shares Award 2023 | Vesting tranche two | Other Employees | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Vesting requirements, percentage | 25% | |||||||||
Global Blue Management Incentive Plan | Restricted Shares Award 2023 | Vesting tranche two | Non Executive Directors | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Vesting requirements, percentage | 33.30% | |||||||||
Global Blue Management Incentive Plan | Restricted Shares Award 2023 | Vesting tranche three | Other Employees | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Vesting requirements, percentage | 25% | |||||||||
Global Blue Management Incentive Plan | Restricted Shares Award 2023 | Vesting tranche three | Non Executive Directors | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Vesting requirements, percentage | 33.40% | |||||||||
Global Blue Management Incentive Plan | Restricted Shares Award 2023 | Vesting tranche four | Other Employees | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Vesting requirements, percentage | 25% | |||||||||
Global Blue Management Incentive Plan | Restricted Shares Award | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Number of restricted shares granted (in shares) | 29,820 |
Share-based Payments - Disclosu
Share-based Payments - Disclosure of indirect measurement of fair value of restricted shares granted during period (Details) | 12 Months Ended | 24 Months Ended | 36 Months Ended | 48 Months Ended | ||
Aug. 29, 2024 $ / shares | Aug. 29, 2024 $ / shares | Aug. 29, 2025 $ / shares | Aug. 29, 2025 $ / shares | Aug. 29, 2026 $ / shares | Aug. 29, 2027 $ / shares | |
Vesting tranche one | Global Blue Management Incentive Plan | Restricted Shares Award 2023 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (USD) | $ 5.63 | |||||
Expected volatility | 0.270 | |||||
Risk free interest rate | 5.60% | |||||
Fair value per share (USD) | $ 4.21 | |||||
Vesting tranche one | Global Blue Management Incentive Plan, CEO | Restricted Shares Award 2023 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Fair value per share (USD) | $ 4.30 | |||||
Vesting tranche one | Global Blue Management Incentive Plan, CEO | Restricted Shares Award 2023,CEO [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (USD) | $ 5.76 | |||||
Expected volatility | 0.270 | |||||
Risk free interest rate | 5.60% | |||||
Vesting tranche two | Global Blue Management Incentive Plan | Restricted Shares Award 2023 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (USD) | $ 5.63 | |||||
Expected volatility | 0.440 | |||||
Risk free interest rate | 5.10% | |||||
Fair value per share (USD) | $ 4.08 | |||||
Vesting tranche two | Global Blue Management Incentive Plan, CEO | Restricted Shares Award 2023 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Fair value per share (USD) | $ 4.18 | |||||
Vesting tranche two | Global Blue Management Incentive Plan, CEO | Restricted Shares Award 2023,CEO [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (USD) | $ 5.76 | |||||
Expected volatility | 0.440 | |||||
Risk free interest rate | 5.10% | |||||
Vesting tranche three | Global Blue Management Incentive Plan | Restricted Shares Award 2023 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (USD) | $ 5.63 | |||||
Expected volatility | 0.550 | |||||
Risk free interest rate | 4.80% | |||||
Fair value per share (USD) | $ 3.95 | |||||
Vesting tranche four | Global Blue Management Incentive Plan | Restricted Shares Award 2023 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price at grant date (USD) | $ 5.63 | |||||
Expected volatility | 0.720 | |||||
Risk free interest rate | 4.60% | |||||
Fair value per share (USD) | $ 3.82 |
Share-based Payments - Disclo_2
Share-based Payments - Disclosure of reconciliation of restricted shares (Details) - Global Blue Management Incentive Plan | 3 Months Ended | 6 Months Ended | |||
Aug. 25, 2023 shares | Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) shares | |
Restricted Shares Award 2023 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Granted during the period | 774,250 | 1,063 | 962 | 1,063 | 962 |
Restricted Shares Award | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of restricted shares outstanding at beginning of period (in shares) | 1,999 | 1,672 | 2,006 | 1,674 | |
Vested during the period | (961) | (414) | (961) | (414) | |
Forfeited during the period | (134) | (70) | (143) | (72) | |
Number of restricted shares outstanding at end of period (in shares) | 1,966 | 2,150 | 1,966 | 2,150 | |
Weighted average fair value (USD) | $ | $ 4.40 | $ 5.37 | $ 4.40 | $ 5.37 |
Fair value measurement of fin_3
Fair value measurement of financial instruments - Disclosure of fair value measurement of assets and liabilities (Details) - Recurring fair value measurement - EUR (€) € in Thousands | Sep. 30, 2023 | Mar. 31, 2023 |
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | € 7,541 | € 7,158 |
Total liabilities | 16,755 | 15,839 |
Financial liabilities at fair value through profit or loss | Put option liabilities | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 4,766 | 4,390 |
Financial liabilities at fair value through profit or loss | - Warrant liabilities - Public warrants | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 7,561 | 7,320 |
Financial liabilities at fair value through profit or loss | - Warrant liabilities - Private warrants | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 4,266 | 4,129 |
Financial liabilities at fair value through profit or loss | Derivatives | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 162 | |
Financial assets at fair value through OCI | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 7,541 | 7,051 |
Financial assets at fair value through profit or loss | Derivatives | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 107 | |
Level 1 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 0 | |
Total liabilities | 7,561 | 7,320 |
Level 1 | Financial liabilities at fair value through profit or loss | Put option liabilities | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 0 | |
Level 1 | Financial liabilities at fair value through profit or loss | - Warrant liabilities - Public warrants | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 7,561 | 7,320 |
Level 1 | Financial liabilities at fair value through profit or loss | - Warrant liabilities - Private warrants | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 0 | |
Level 1 | Financial assets at fair value through OCI | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 0 | |
Level 1 | Financial assets at fair value through profit or loss | Derivatives | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 0 | |
Level 2 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 0 | 107 |
Total liabilities | 4,428 | 4,129 |
Level 2 | Financial liabilities at fair value through profit or loss | Put option liabilities | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 0 | |
Level 2 | Financial liabilities at fair value through profit or loss | - Warrant liabilities - Public warrants | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 0 | |
Level 2 | Financial liabilities at fair value through profit or loss | - Warrant liabilities - Private warrants | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 4,266 | 4,129 |
Level 2 | Financial liabilities at fair value through profit or loss | Derivatives | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 162 | |
Level 2 | Financial assets at fair value through OCI | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 0 | |
Level 2 | Financial assets at fair value through profit or loss | Derivatives | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 107 | |
Level 3 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | 7,541 | 7,051 |
Total liabilities | 4,766 | 4,390 |
Level 3 | Put option liabilities | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 4,766 | 4,390 |
Level 3 | Financial liabilities at fair value through profit or loss | Put option liabilities | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 4,766 | 4,390 |
Level 3 | Financial liabilities at fair value through profit or loss | - Warrant liabilities - Public warrants | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 0 | |
Level 3 | Financial liabilities at fair value through profit or loss | - Warrant liabilities - Private warrants | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total liabilities | 0 | |
Level 3 | Financial assets at fair value through OCI | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | € 7,541 | 7,051 |
Level 3 | Financial assets at fair value through profit or loss | Derivatives | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Total assets | € 0 |
Fair value measurement of fin_4
Fair value measurement of financial instruments - Narrative (Details) - EUR (€) € in Thousands | 6 Months Ended | |
Sep. 30, 2023 | Mar. 31, 2023 | |
Disclosure of fair value measurement of liabilities [line items] | ||
Acquisition of minority interest | € 500 | |
Recurring fair value measurement | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 16,755 | € 15,839 |
Level 2 | Recurring fair value measurement | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 4,428 | 4,129 |
Level 2 | Recurring fair value measurement | Warrants | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Loss recognized in income statement | 400 | |
Level 3 | Recurring fair value measurement | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 4,766 | 4,390 |
Level 3 | Recurring fair value measurement | Put option liabilities | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Loss recognized in income statement | 287 | |
Financial liabilities | 4,766 | € 4,390 |
ZigZag | Level 3 | Recurring fair value measurement | Put option liabilities | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 1,900 | |
Yocuda | Level 3 | Recurring fair value measurement | Put option liabilities | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities | 2,800 | |
Put option liabilities | Level 3 | Recurring fair value measurement | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Loss recognized in income statement | € 400 |
Fair value measurement of fin_5
Fair value measurement of financial instruments - Disclosure of reconciliation of changes in Level 3 hierarchy (Details) - Recurring fair value measurement € in Thousands | 6 Months Ended |
Sep. 30, 2023 EUR (€) | |
Changes in fair value measurement, assets [abstract] | |
Financial assets at beginning of period | € 7,158 |
Financial assets at end of period | 7,541 |
Changes in fair value measurement, liabilities [abstract] | |
Financial liabilities at beginning of period | 15,839 |
Financial liabilities at end of period | 16,755 |
Level 3 | |
Changes in fair value measurement, assets [abstract] | |
Financial assets at beginning of period | 7,051 |
Additions | 490 |
Loss recognized in income statement | 0 |
Exchange differences | 0 |
Financial assets at end of period | 7,541 |
Changes in fair value measurement, liabilities [abstract] | |
Financial liabilities at beginning of period | 4,390 |
Additions | 490 |
Financial liabilities at end of period | 4,766 |
Level 3 | Put option liabilities | |
Changes in fair value measurement, assets [abstract] | |
Additions | 0 |
Changes in fair value measurement, liabilities [abstract] | |
Financial liabilities at beginning of period | 4,390 |
Additions | 0 |
Loss recognized in income statement | 287 |
Exchange differences | 89 |
Financial liabilities at end of period | € 4,766 |
Events after the reporting pe_2
Events after the reporting period (Details) € in Millions | Nov. 24, 2023 EUR (€) | Nov. 29, 2023 shares | Nov. 28, 2023 shares | Nov. 16, 2023 USD ($) shares | Nov. 16, 2023 SFr / shares |
Major share purchase and investment agreement | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Par value per share (in CHF per share) | SFr / shares | SFr 0.01 | ||||
Major share purchase and investment agreement | Tencent Mobility Limited | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Number of shares outstanding (in shares) | shares | 18,180,000 | ||||
Fully-diluted share capital | 8% | ||||
Major share purchase and investment agreement | Tencent Mobility Limited | Globetrotter and Holdco | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Purchase of registered common shares (in shares) | shares | 9,090,909 | ||||
Consideration for purchase from Buyer of registered common shares (in shares) | $ | $ 50,000,000.5 | ||||
Major share purchase and investment agreement | Tencent Mobility Limited | Global Blue Group Holding AG | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Purchase of registered common shares (in shares) | shares | 9,090,909 | 9,090,909 | |||
Consideration for purchase from Buyer of registered common shares (in shares) | $ | $ 49,999,999.5 | ||||
Major credit agreement | Senior Security Term Loan | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Notional amount | € | € 610 | ||||
Borrowings, maturity period | 7 years | ||||
Major credit agreement | Senior Security Term Loan | Euribor | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Borrowings, adjustment to interest rate basis | 5% | ||||
Major credit agreement | Senior Secured Revolver Facility | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Notional amount | € | € 97.5 | ||||
Borrowings, maturity period | 6 years 6 months | ||||
Swingline Facility | € | € 20 | ||||
Commitment fee | 30% | ||||
Major credit agreement | Senior Secured Revolver Facility | Euribor | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Borrowings, adjustment to interest rate basis | 4.50% | ||||
Major credit agreement | Senior Secured Revolver Facility | Euribor | Minimum | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Effective interest | 0% |