Cover page
Cover page | 12 Months Ended |
Mar. 31, 2024 shares | |
Entity Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Mar. 31, 2024 |
Current Fiscal Year End Date | --03-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-39477 |
Entity Registrant Name | GLOBAL BLUE GROUP HOLDING AG |
Entity Incorporation, State or Country Code | V8 |
Entity Address, Address Line One | Zürichstrasse 38 |
Entity Address, Postal Zip Code | 8306 |
Entity Address, City or Town | Brüttisellen |
Entity Address, Country | CH |
Entity Common Stock, Shares Outstanding | 199,574,701 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001799983 |
Ordinary shares | |
Entity Information [Line Items] | |
Title of 12(b) Security | Ordinary Shares, nominal value CHF 0.01 per share |
Trading Symbol | GB |
Security Exchange Name | NYSE |
Warrants | |
Entity Information [Line Items] | |
Title of 12(b) Security | Warrants to purchase ordinary shares |
Trading Symbol | GB.WT |
Security Exchange Name | NYSE |
Business Contact | |
Entity Information [Line Items] | |
Entity Address, Address Line One | Route des Fléchères 7A |
Entity Address, Postal Zip Code | 1274 |
Entity Address, City or Town | Signy |
Entity Address, Country | CH |
City Area Code | +41 |
Local Phone Number | 22 363 77 40 |
Contact Personnel Name | Jeremy Henderson-Ross |
Audit Information
Audit Information | 12 Months Ended |
Mar. 31, 2024 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 1358 |
Auditor Name | PricewaterhouseCoopers SA |
Auditor Location | Geneva, Switzerland |
CONSOLIDATED INCOME STATEMENTS
CONSOLIDATED INCOME STATEMENTS - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Profit or loss [abstract] | |||
Revenue | € 422,303 | € 311,490 | € 125,948 |
Operating expenses | (324,425) | (297,350) | (212,577) |
Operating Profit / (Loss) | 97,878 | 14,140 | (86,629) |
Finance income | 7,076 | 2,060 | 1,176 |
Finance costs | (57,421) | (38,649) | (25,794) |
Net finance costs | (50,345) | (36,589) | (24,618) |
Profit / (Loss) before tax | 47,533 | (22,449) | (111,247) |
Income tax benefit / (expense) | (26,607) | (1,050) | 14,612 |
Profit / (Loss) for the year | 20,926 | (23,499) | (96,635) |
Profit / (Loss) attributable to: | |||
Owners of the parent | 13,975 | (25,621) | (97,177) |
Non-controlling interests | 6,951 | 2,122 | 542 |
Profit / (Loss) for the year | € 20,926 | € (23,499) | € (96,635) |
Basic profit / (loss) per ordinary share (in euro per share) | € 0.06 | € (0.12) | € (0.49) |
Diluted profit / (loss) per ordinary share (in euro per share) | € 0.06 | € (0.12) | € (0.49) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of comprehensive income [abstract] | |||
Profit / (Loss) for the year | € 20,926 | € (23,499) | € (96,635) |
Other comprehensive income / (loss) that will not be reclassified to profit or loss in subsequent years: | |||
Remeasurements on post-employment benefit obligations | (993) | 1,435 | 3,826 |
Change in FV of Other investments | (2,563) | 1,344 | 0 |
Aggregate income tax effect | 350 | (95) | (570) |
Other comprehensive income / (loss) that will not be reclassified to profit or loss in subsequent years: | (3,206) | 2,684 | 3,256 |
Other comprehensive income / (loss) that may be reclassified to profit or loss in subsequent years: | |||
Currency translation differences | 1,271 | (4,169) | 2,535 |
Cash flow hedges | 1,640 | 0 | 0 |
Hyperinflation adjustment | 113 | 411 | 0 |
Other comprehensive income / (loss) that may be reclassified to profit or loss in subsequent years: | 3,024 | (3,758) | 2,535 |
Other comprehensive income / (loss) for the year, net of tax | (182) | (1,074) | 5,791 |
Total comprehensive income / (loss) | 20,744 | (24,573) | (90,844) |
Attributable to: | |||
Owners of the parent | 15,108 | (26,118) | (90,554) |
Non-controlling interest | € 5,636 | € 1,545 | € (290) |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Non-current assets | ||
Property, plant and equipment | € 32,034 | € 24,839 |
Intangible assets | 611,075 | 605,508 |
Deferred tax assets | 33,088 | 34,810 |
Investments in associates, joint ventures and other investments | 5,145 | 7,281 |
Other non-current financial assets | 15,900 | 14,207 |
Non-current assets | 697,242 | 686,645 |
Current assets | ||
Trade receivables | 248,227 | 191,469 |
Other current receivables | 48,914 | 31,369 |
Income tax receivables | 2,039 | 1,681 |
Prepaid expenses | 6,762 | 5,586 |
Cash and cash equivalents | 87,462 | 240,546 |
Current assets | 393,404 | 470,651 |
Total assets | 1,090,646 | 1,157,296 |
Equity attributable to owners of the parent | ||
Share capital | 2,296 | 2,194 |
Share premium | 1,901,648 | 1,852,339 |
Other equity | (111) | (117) |
Other reserves | (972,584) | (970,623) |
Accumulated losses | (869,332) | (883,420) |
Equity attributable to owners of the parent | 61,917 | 373 |
Non-controlling interests | 8,407 | 5,970 |
Total equity | 70,324 | 6,343 |
Non-current liabilities | ||
Loans and borrowings | 587,978 | 726,891 |
Other non-current financial liabilities | 19,304 | 18,811 |
Deferred tax liabilities | 5,243 | 7,663 |
Employee benefit obligations | 5,175 | 3,795 |
Provisions | 1,175 | 1,230 |
Non-current liabilities | 618,875 | 758,390 |
Current liabilities | ||
Loans and borrowings | 889 | 61,945 |
Other current financial liabilities | 13,689 | 19,227 |
Trade payables | 281,998 | 209,106 |
Other current liabilities | 33,733 | 34,851 |
Accrued liabilities | 48,714 | 54,639 |
Income tax liabilities | 19,884 | 11,351 |
Provisions | 2,540 | 1,444 |
Current liabilities | 401,447 | 392,563 |
Total liabilities | 1,020,322 | 1,150,953 |
Total equity and liabilities | € 1,090,646 | € 1,157,296 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS € in Thousands, $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 EUR (€) | Mar. 31, 2023 EUR (€) | Mar. 31, 2022 EUR (€) | |
Cash flows from (used in) operating activities [abstract] | |||
Profit / (loss) before tax | € 47,533 | € (22,449) | € (111,247) |
Depreciation and amortization | 43,782 | 51,028 | 87,900 |
Net finance costs | 51,192 | 32,372 | 23,874 |
Other non-cash items | (1,808) | 2,473 | (16,949) |
Income tax paid | (17,269) | (10,378) | (3,495) |
Changes in working capital | (3,357) | (38,090) | (46,257) |
Net cash used in operating activities | 120,073 | 14,956 | (66,174) |
Cash flows from (used in) investing activities [abstract] | |||
Interest received | 3,550 | 1,099 | 246 |
Proceeds from sale of property, plant and equipment | 0 | 0 | 5 |
Purchase of property, plant and equipment | (4,186) | (4,776) | (2,259) |
Purchase of intangible assets | (1,587) | (3,418) | (1,748) |
Payments for capitalized intangible assets | (33,665) | (25,688) | (17,094) |
Acquisition of subsidiaries net of cash acquired | 0 | (32,046) | (2,992) |
Net cash outflow on disposal of subsidiary | 0 | (1,686) | 0 |
Acquisitions of non-current financial assets | (3,982) | (6,149) | (7,637) |
Receipts from sale of non-current financial assets | 236 | 3,115 | 688 |
Net cash used in investing activities | (39,634) | (69,549) | (30,791) |
Cash flows from (used in) financing activities [abstract] | |||
Interest paid | (59,028) | (17,137) | (21,070) |
Proceeds from issuance of share capital | 45,700 | 215,209 | 0 |
Transaction costs from issuance of share capital | (1,699) | (4,867) | 0 |
Acquisition of treasury shares | 0 | 0 | (10) |
Payment for exercise of GB's leaver call option | 0 | 0 | (359) |
New borrowings | 610,000 | 0 | 0 |
Repayment of loans and borrowings | (630,000) | 0 | 0 |
Financing fee related to new loans and borrowings | (24,497) | 0 | 0 |
Principal elements of lease payments | (10,711) | (11,157) | (13,375) |
Proceeds from loans and borrowings due to shareholders | 0 | 59,384 | 0 |
Repayment of loans and borrowings due to shareholders | (61,324) | 0 | 0 |
Repayment of revolving credit facilities | (99,000) | 0 | 0 |
Dividends paid to non-controlling interests | (3,249) | (378) | (623) |
Net cash from financing activities | (233,801) | 241,054 | (35,437) |
Net foreign exchange difference | 286 | 2,360 | 578 |
Net increase / (decrease) in cash and cash equivalents | (153,076) | 188,821 | (131,824) |
Cash and cash equivalents | (240,546) | (51,083) | (182,176) |
Cash and cash equivalents | (87,462) | (240,546) | (51,083) |
Supplemental Cash Flow Information [Abstract] | |||
Net increase / (decrease) in bank overdraft facilities | € (8) | € 642 | € 731 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - EUR (€) € in Thousands | Total | Equity | Share capital Ordinary shares | Share capital Preference shares | Share premium Ordinary shares | Share premium Preference shares | Other equity | Other equity Ordinary shares | Other equity Preference shares | Equity settled share based payment | Cash flow hedge | 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, 2021 | € (100,590) | € (107,369) | € 1,798 | € 118 | € 1,537,425 | € 96,310 | € (10,123) | € (8,877) | € (1,246) | € 44,968 | € 0 | € (1,006,208) | € (14,707) | € (2,161) | € (754,789) | € 6,779 |
Statement of comprehensive income [abstract] | ||||||||||||||||
Profit / (Loss) for the year | (96,635) | (97,177) | (97,177) | 542 | ||||||||||||
Other comprehensive income / (loss) | 5,791 | 6,623 | 3,377 | 3,246 | (832) | |||||||||||
Total comprehensive income / (loss) | (90,844) | (90,554) | 3,377 | 3,246 | (97,177) | (290) | ||||||||||
Issuance of share capital | 46 | 46 | 46 | |||||||||||||
Employee share schemes | 6,414 | 6,414 | 6,414 | |||||||||||||
Conversion of shares | 0 | 0 | (366) | 366 | ||||||||||||
Acquisition of treasury shares | (57) | (57) | (57) | (55) | (2) | |||||||||||
Cancellation of shares | 0 | (54) | 54 | |||||||||||||
Vested RSA shares | 0 | 680 | 1 | 1 | 0 | (681) | ||||||||||
Dividends | (623) | (623) | ||||||||||||||
Total contribution and distribution | 5,780 | 6,403 | 46 | (54) | 680 | 54 | (420) | 364 | 5,733 | (623) | ||||||
Change in non-controlling interests | (134) | (134) | ||||||||||||||
Other transactions | (3) | (3) | (1) | (1) | (1) | |||||||||||
Total change in ownership interest | (137) | (3) | (1) | (1) | (1) | (134) | ||||||||||
Equity balance as of end of the year at Mar. 31, 2022 | (185,793) | (191,523) | 1,844 | 63 | 1,538,105 | 96,364 | (10,179) | (9,297) | (882) | 50,700 | 0 | (1,006,208) | (11,330) | 1,085 | (851,967) | 5,732 |
Statement of comprehensive income [abstract] | ||||||||||||||||
Profit / (Loss) for the year | (23,499) | (25,621) | (25,621) | 2,122 | ||||||||||||
Other comprehensive income / (loss) | (1,074) | (497) | 1,163 | (3,651) | 1,579 | 411 | (577) | |||||||||
Total comprehensive income / (loss) | (24,573) | (26,118) | 1,163 | (3,651) | 1,579 | (25,210) | 1,545 | |||||||||
Issuance of share capital | 210,342 | 210,342 | 83 | 204 | 42,960 | 171,962 | (4,867) | |||||||||
Employee share schemes | 7,615 | 7,615 | 7,615 | |||||||||||||
Issuance of treasury shares by Global Blue Group Holding A.G. | 0 | 1 | (1) | (1) | ||||||||||||
Allocation of treasury shares to shareholders | (882) | (882) | 9,179 | 9,179 | (2,877) | (7,181) | ||||||||||
Acquisition of treasury shares | 0 | 0 | ||||||||||||||
Cancellation of shares | 0 | (1) | 1 | 879 | 0 | 879 | (879) | |||||||||
Vested RSA shares | 0 | 2,947 | 5 | (2,952) | ||||||||||||
Dividends | (378) | (378) | ||||||||||||||
Total contribution and distribution | 216,697 | 217,075 | 84 | 203 | 45,907 | 171,963 | 9,183 | 879 | 4,663 | (8,623) | (7,181) | (378) | ||||
Change in non-controlling interests | 10 | 939 | 939 | (929) | ||||||||||||
Total change in ownership interest | 10 | 939 | 0 | 0 | 939 | (929) | ||||||||||
Equity balance as of end of the year at Mar. 31, 2023 | 6,343 | 373 | 1,928 | 266 | 1,584,012 | 268,327 | (117) | (114) | (3) | 55,362 | 0 | (1,013,668) | (14,981) | 2,664 | (883,420) | 5,970 |
Statement of comprehensive income [abstract] | ||||||||||||||||
Profit / (Loss) for the year | 20,926 | 13,975 | 13,975 | 6,951 | ||||||||||||
Other comprehensive income / (loss) | (182) | 1,133 | 1,640 | (2,381) | 2,535 | (775) | 114 | (1,315) | ||||||||
Total comprehensive income / (loss) | 20,744 | 15,108 | 1,640 | (2,381) | 2,535 | (775) | 14,089 | 5,636 | ||||||||
Issuance of share capital | 42,072 | 42,022 | 94 | 45,563 | (3,635) | 50 | ||||||||||
Employee share schemes | 6,169 | 6,169 | 6,169 | |||||||||||||
Vested RSA shares | (1,753) | (1,753) | 3,754 | 6 | 6 | (5,513) | ||||||||||
Dividends | (3,249) | 8 | (8) | (3,249) | ||||||||||||
Total contribution and distribution | 43,239 | 46,438 | 94 | 8 | 49,317 | (8) | 6 | 656 | (3,635) | (3,199) | ||||||
Equity balance as of end of the year at Mar. 31, 2024 | € 70,324 | € 61,917 | € 2,022 | € 274 | € 1,633,329 | € 268,319 | € (111) | € (108) | € (3) | € 56,017 | € 1,640 | € (1,019,684) | € (12,446) | € 1,889 | € (869,332) | € 8,407 |
Corporate information
Corporate information | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure Of General Information About The Financial Statements [Abstract] | |
Corporate information | Corporate information Global Blue Group Holding AG (‘the Company’), a stock corporation (Aktiengesellschaft), and its subsidiaries (together ‘the Group’ or ‘Global Blue’) provide technology and services for the shopping journey in three fields, Tax Free Shopping, Payments and Post-Purchase Solutions enhancing the experience for merchants, acquirers, customs & authorities, international travelers and shoppers & guests, and driving performance. 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 III Cayman (AIV III), L.P . (“Silver Lake”) is the ultimate parent and controlling party, of the Group. These annual consolidated financial statements for the year ended March 31, 2024 were authorized for issue by the Directors of the Company on June 4, 2024. The consolidated financial statements of Global Blue Group Holding AG have been prepared in accordance with IFRS Accounting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and are presented in thousands of Euros (EURk). The principal activities of the Group are described in Note 2. |
General information about the b
General information about the business | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure Of General Information About The Financial Statements [Abstract] | |
General information about the business | General information about the business Product offering The Group serves as a strategic technology and payments partner to merchants, empowering them to capture the structural growth of international travelers shopping abroad, driven by multiple macroeconomic tailwinds. The Group offers third-party serviced tax free shopping ( “TFS” ), Payments , which includes dynamic currency conversion (DCC), and Post-Purchase Solutions (“ PPS ”) . At its core, the Group is a technology platform that serves a network of merchant stores globally through both TFS and Payments, delivering economic benefits to a complex ecosystem of merchants, international shoppers and customs and authorities. In March 2024, the Company renamed the Company’s AVPS business segment to Payments and the Retail Tech Solutions segment to Post-Purchase Solutions. The change has no impact on the financial information presented in this report. Tax Free Shopping TFS is a value-added tax (VAT) refund service, allowing eligible shoppers to reclaim VAT on goods purchased outside of their home country, and is the Group´s principal service. Merchants benefit from TFS through increased sales and greater customer satisfaction from their foreign customers. Global Blue actively seeks to educate merchants and travelers in VAT refund opportunities to increase the proportion of VAT refunds that are issued and successfully refunded. In addition, Global Blue has also simplified the end-to-end refund process for its customers through the development of specific technology, processes and digitalization. Intelligence and Marketing services, which are also included in the TFS product offering, provide merchants multiple channels and services to better target travelers. Payments The Payments services enable customers to pay in their choice of preferred currency, home or destination, at the point of sale when shopping outside of their home country. Global Blue’s Payments value proposition to travelers is to provide clarity around the final amount that they will be charged as they are given the option to pay the purchase price in their preferred currency, fixed at the time of purchase. For businesses (e.g., merchants and hotels), Payments generate incremental revenues. Payments are designed to integrate with merchants’ point-of-sale hardware and Global Blue has designed the systems workflow to allow the merchants’ business processes to remain largely unchanged. Global Blue provides the currency conversion service for POS (Point Of Sale device that is used to process transactions by retail customers), eCommerce Return Solutions, DCC at Automated Teller Machines (ATMs), as well as Multi-Currency Processing (MCP) for online retailers. Post-Purchase Solutions Post-Purchase Solutions comprises of ZigZag, ShipUp and Yocuda. With ZigZag, the Group offers a leading technology platform that fully digitalizes the eCommerce returns experience, and enhances the process for retailers by reducing the logistical costs, and consumer queries, and by allowing the exchange instead of return of goods, while offering an online and more extensive range of return or exchange options for consumers. With ShipUp, Global Blue offers to e-retailers a post-purchase engagement solution for online purchases enabling brands to deliver seamless, proactive, and branded post-purchase communication, which turns the shipping experience into a new growth lever . ShipUp also gathers and provides data on carriers’ performance and customer feedback to understand the impact delivery has on the customer and brand's relationship. With Yocuda, Global Blue offers retailers the opportunity to send digital receipts to their customers; while retailers can capture customer data and increase consumer opt-in to grow CRM database, drive sales and post purchase engagement, and reduce operational costs and support environmental transformation. COVID-19 Considerations During the financial year ended March 31, 2024, the Company’s results of operations were only partially reflective of the impact of the COVID-19 outbreak which started to affect the business since February 2020, and that was because of Asia, particularly China, which fell behind Europe and the U.S. in reopening for international travel, but eventually reopened. During the financial year ended March 31, 2024 the transaction volumes’ recovery for the TFS and Payments businesses were due to a general increase of spend per shopper, accompanied by an increase of international travelers. Global Blue is now observing a gradual recovery of Chinese travelers across Asia as well as Europe which is expected to continue as it reaches and exceeds pre-COVID levels, in line with other nationalities. |
Material accounting policies
Material accounting policies | 12 Months Ended |
Mar. 31, 2024 | |
Material Accounting Policies [Abstract] | |
Material accounting policies | Material accounting policies Basis of preparation The consolidated financial statements have been prepared on a historical cost basis, except for warrants, derivative financial instruments, put options and other investments that have been measured at fair value. The preparation of financial statements in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 4. For the financial year ended March 31, 2024, the Group classified the cash flows related to interest paid and interest received, amounting to EUR59.0 million and EUR3.6 million respectively (EUR17.1 million and EUR1.1 million for the financial year ended March 31, 2023; EUR21.1 million and EUR0.2 million for the financial year ended March 31, 2022) in the cash flow from financing activities and investing activities respectively. Interest paid and interest received were previously presented within the cash flows from operating activities in the consolidated statements of cash flows. Amounts in comparative periods have been reclassified for consistency with current year presentation. Going concern The Group believes that it will be able to meet all of its obligations as they fall due for at least 12 months after the date of issuance of these financial statements, hence, these consolidated financial statements have been prepared on a going-concern basis. In the financial year ended March 31, 2024 the Group has completed its refinancing by repaying the existing loans and entering into a new Senior Facilities Agreement (SFA) with an extended maturity date when compared to the prior loans. In addition, based on the Group’s current assessment, the Group does not expect any material adverse impact on its long-term development timeline or its liquidity and its ability to comply with the covenant discussed in Note 26 that could have an impact on its ability to remain a going concern. Basis of consolidation The consolidated financial statements comprise the financial statements of Global Blue Group Holding AG and its subsidiaries as of March 31, 2024, 2023 and 2022. Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when it has power over that entity, when it is exposed or has rights to variable returns from its involvement with that entity and when it has the ability to use its power over that entity to affect the amount of the returns. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are de-consolidated from the date that control ceases. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized gains/losses are also eliminated. Accounting policies of subsidiaries are consistent with the policies adopted and selected by the Group. Transactions with non-controlling interests Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions that is, as transactions with the owners in their capacity as owners. For purchases from non-controlling interests, the difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gain or losses on disposals to non-controlling interests are also recorded in equity. Changes in accounting policies Changes in accounting policies in the financial year ended March 31, 2024 The following amendments to existing standards became effective in the current period, with either no or no material impact on the Group and are not expected to significantly affect future periods: • IFRS 17 Insurance Contracts • Amendments to IAS 8, Accounting policies, Changes in Accounting Estimates and Errors - Definition of Accounting Estimates • Amendments to IAS 12: International Tax Reform — Pillar Two Model Rules • Amendments to IAS 12 Income Taxes: Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction, and • Amendment to IAS 1, Presentation of Financial Statements - Disclosure of Accounting Policies and IFRS Practice Statement 2. Standards and amended standards issued but not yet effective up to the date of issuance of the Group’s financial statements are listed below: • Amendments to IAS 1, Presentation of Financial Statements - Classification of Liabilities as Current or Non-current • Amendment to IFRS 16 Leases: Changes in the illustrative example related to Lease Liability in a Sale and Leaseback • Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements • Amendments to IAS 21 – Lack of exchangeability, and • IFRS 18 Presentation and Disclosure in Financial Statements The Group has not adopted any of the above standards, interpretations or amendments that have been issued, but are not yet effective; such standards are not currently expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions, except for IFRS 18 for which the Group is currently assessing the impact in future reporting periods. Revenue recognition Revenue is recognized when a customer obtains control of goods or services and thus has the ability to direct the use and obtain the benefits from the goods or services. Revenue represents the fair value of consideration received or receivable from clients for services provided by the Group, net of discounts, VAT and other sales-related taxes, after eliminating sales within the Group. Material revenue from external customers derives from the following services: Tax Free Shopping services Global Blue provides a solution that facilitates the VAT refund process for both merchants and travelers. Specifically, the traveler receives a refund from Global Blue of the total VAT paid, less a commission, which varies based on a number of factors such as the merchant, country and amount of purchase. After processing the refund, Global Blue invoices either the relevant merchant or the government, for the full VAT amount, which is paid to the Group in full. The merchant then reclaims the VAT from the government and invoices Global Blue in turn for their portion of the commission, the rate of which varies according to the contractual agreements with each merchant. Whilst the transaction flow involves various parties, Global Blue’s involvement in respect of the tax authorities is considered to be of a pass-through nature, thus Global Blue is considered to be an agent for this part. The commission received by Global Blue, net of the share paid to the merchant, is recognized as revenue. Such service is contracted with merchants, who are provided with a license to a specifically designed IT system, related forms to collect the relevant traveler information to enable a tax refund and any related training and support required to allow the merchant to make use of Global Blue’s service. These elements are all essential to the provision of VAT refund services and, as a result of their interdependency, and the fact the customer (i.e. merchant) would not be able to make use of such elements on their own, they are considered part of a single performance obligation. Commission revenue is recognized at a point in time, upon receipt of a customs-validated tax refund transaction from the traveler or applicable local customs authority, which establishes the right to a VAT refund. In certain instances, for reasons outside the control of Global Blue, the refund to the traveler cannot be completed successfully and the amount due remains unclaimed. These unsuccessful refunds represent a very small percentage of the total number of processed refunds. The revenue related to such unclaimed amounts is recognized when the residual risk of a cash outflow is extinguished. Service revenues from VAT-refund other related solutions, such as intelligence and marketing, and from operational assistance and support are recognized at the point in time when the services are rendered and delivered. Payments services In a Payments transaction, a traveler pays for goods or services in the merchant’s currency, which is fixed at the time of the transaction and at which point the Group earns a commission for the foreign exchange spread for the service, from which fees are paid to both the participating merchant and the acquiring bank. As the Group is acting only as an agent, revenue is recorded net in the income statement at the time of the transaction (i.e. at a point in time). The revenue recognized, consists of the total Payments commission earned from the traveler (i.e. gross commission) less the amount of commissions paid to participating merchants and acquiring banks. Global Blue provides other services to merchants such as electronic payment switching and multi-currency conversion services, for which revenue is recognized from the rendering of such services over time, as the nature of these activities means that the Group’s customers simultaneously receive and consume the benefits provided by the Group as the Group performs its obligation. Post-Purchase Solutions Global Blue offers to its customers (i.e. retailers) Post-Purchase Solutions that can be easily integrated with their core systems, allowing them to optimize and digitalize their processes throughout the omni-channel customer journey i.e. in-store and online. In relation to e-commerce orders returns, Global Blue’s technology platform provides retailers with a solution that reduces logistical costs via consolidation, local market resale, and inbound consumer queries, as well as by allowing exchanges versus mere goods’ return. The revenue is recognized when the service is rendered (at a point in time), and consists of fees earned per return and on carrier costs. In addition, Global Blue’s offers to retailers digital solution services allowing retailers to send digital receipts to consumers, and Software as a Service (SaaS) solution in the form of a customized tracking webpage on the retailer’s website for online purchases. In relation to such services, the Group recognizes revenue when the service is rendered (at a point in time), and consists of a fee per transaction. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Committee (ExCom); for details on the Group’s segments refer to Note 7. Finance Income / Costs Finance income and costs comprise of interest received on funds invested, foreign exchange gains and losses, and gains and losses on hedging instruments. Interest income is recognized by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that subsequently become credit‐impaired; for credit‐impaired financial assets, the effective interest rate is applied to the net carrying amount of the financial asset. In addition, finance costs include interest payable on borrowings, calculated using the effective interest rate method and interest payable on lease liabilities using the incremental borrowing rates. Leases Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments, discounted at the incremental borrowing rate: • fixed payments (including in-substance fixed payments); • variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date; • the exercise price of a purchase option if the Group is reasonably certain to exercise that option, • payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. Lease payments are allocated between principal and finance cost. The finance cost is charged to the income statement as a component of finance costs over the lease period. The lease liability is subsequently remeasured to reflect changes in: • the lease term (using a revised discount rate); • the assessment of a purchase option (using a revised discount rate); • the amounts expected to be payable under residual value guarantees (using the original discount rate); or • future lease payments resulting from a change in an index or a rate used to determine those payments (using the original discount rate). The lease contracts that do not meet the recognition criteria of IFRS 16 or qualify as exceptions, such as low value assets contracts or short-term lease contracts, are expensed through the income statement directly. The right-of-use asset is recognized according to IFRS 16 as follows: • At the initial recognition of the lease, the right-of-use asset is measured at the amount of lease liability plus any initial direct costs incurred by Global Blue and adjustments such as: lease incentives and payments at or prior to commencement; • The asset is measured at cost less the accumulated depreciation and accumulated impairment. Depreciation is calculated on a straight-line basis over the lease term. Foreign currencies Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the ‘functional currency’). The consolidated financial statements are presented in thousands of Euros, which is the Group’s presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Group companies The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the statement of financial position; • Income and expenses for each income statement are translated at average exchange rates or at rates prevailing on the transaction dates (a reasonable approximation of the actual rate being available); and • All resulting exchange differences are recognized as a separate component of other comprehensive income called “currency translation adjustments”. On consolidation, exchange differences arising from the translation of the net investment in foreign operations and of borrowings, are taken to other comprehensive income. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in other comprehensive income are recognized in the income statement as part of the gain or loss on sale. Goodwill arising on acquisition of a foreign operation and any fair value adjustment arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. Property, plant and equipment Property, plant and equipment, are stated at cost less accumulated depreciation and any accumulated impairment losses. The cost of an item of property, plant and equipment consists of the purchase price and any costs directly attributable to bringing the asset into use. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial year in which they are incurred. Depreciation is calculated on a straight-line basis, writing down the assets, excluding any estimated residual value, in equal installments over their estimated useful economic lives as follows: • Machinery, equipment, computers, and IT equipment: 3-5 years • Leasehold improvements: over the contract period. The residual values and useful economic lives of all Machinery, equipment, computer and IT equipment are reviewed on an annual basis and adjusted, if appropriate, at the end of each financial year. Leasehold improvements are depreciated over the remaining useful life of the related asset or to the date of the next leasehold renewal, whichever is sooner. Gains and losses on disposals are calculated by comparing the proceeds with the carrying amount and are recognized in the income statement. Intangible assets Goodwill The excess of the fair value of consideration transferred and the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired are recorded as goodwill. Goodwill is included in “intangible assets” and carried at cost less accumulated impairment losses. Goodwill is tested annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. For the purposes of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (CGU) that are expected to benefit from the synergies of the combination. For the impairment tes ting the carrying value of the CGU is compared to the recoverable amount, which is the higher of value-in-use and the fair value less costs of disposal. Any impairment is recognized immediately in the income statement; impairment losses on goodwill are not reversed, while any gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Customer relationships Acquired customer relationships are recognized at the acquisition date at fair value and amortized over 20 years, reflecting the estimated useful life of these assets. Fulfillment costs The Group recognizes assets in relation to costs to fulfil contracts with customers, which are amortized as long as a service is being rendered over the contract period. Trademarks Trademarks are acquired in a business combination and are recognized at fair value, either with a definite or indefinite useful life. Trademarks with a definite useful life are carried at cost less accumulated amortization; amortization is calculated using the straight-line method to allocate the cost over 20 years, reflecting the estimated useful life of these assets. Software and other intangible assets Computer software licenses that do not form an integral part of related hardware are capitalized at cost and amortized over their useful life. Costs associated with maintaining computer software programs are recognized as an expense as incurred. Costs that are directly associated with the production of identifiable and unique software products controlled by the Group that will generate probable economic benefits beyond one year, are recognized as intangible assets. Costs include the software development employee costs, costs of materials and services used, legal fees and directly attributable overheads. Computer software development costs recognized as an intangible asset are amortized over their useful economic life of 3-5 years. Impairment of non-financial assets Assets that have an indefinite useful life, such as goodwill, are not subject to amortization but are tested at least annually for impairment or more frequent if events or changes in circumstances indicate a potential impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value-in-use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill subject to an impairment in prior fiscal periods are reviewed for possible reversal of the impairment at each reporting date. Financial assets Classification The Group classifies its financial assets in the three following categories: “at fair value through profit or loss”, “at fair value through other comprehensive income” and “at amortized cost”; the classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition as follows: (a) Financial assets at fair value through profit or loss Financial assets shall be measured at fair value through profit or loss unless they are measured at amortized cost or at fair value through other comprehensive income. Assets in this category are classified as current assets if expected to be settled within 12 months; otherwise, they are classified as non-current. (b) Financial assets at fair value through other comprehensive income For other investments not classified as held for trading, the Group can make an irrevocable election to present subsequent changes in the fair value in other comprehensive income. (c) Financial assets at amortized cost Financial assets at amortized cost are held in order to collect contractual cash flows paid on specified dates, which solely consist of payment of principal and interest on the principal amount outstanding. These assets are included in current assets, except for maturities greater than 12 months after the end of the reporting period, which are classified as non-current assets. The Group’s Financial assets at amortized cost consist of trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position. Other investments Other investments are equity investments that are neither classified as investments in subsidiaries nor as investments in joint ventures. Other investments are recognized at fair value on the date of the transaction and are subsequently remeasured at fair value. The Group has classified and measures the other investments at fair value through other comprehensive income and recognizes gains and losses arising from the changes in fair value in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to the income statement following the derecognition of the investment. Dividends from other investments are recognized in the income statement. Trade receivables Trade receivables are amounts mainly due from merchants and tax authorities for services rendered or merchandise sold in the ordinary course of the TFS, Intelligence and Marketing services and Post-Purchase Solutions. The majority of amounts accounted as trade receivables are related to invoices and accruals for processed TFS transactions as well as early refunds to tourists and refund agents. A lesser part of trade receivables relates to Post-Purchase Solutions; the nature of those receivables are invoices issued for services to retailers with payment terms less than 30 days. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less any impairment provisions established based on the expected credit loss model. The Group applies the IFRS 9 simplified approach to measuring the expected credit loss, which uses a lifetime expected loss allowance. To measure the expected credit loss, trade receivables have been grouped by months past due. The expected credit loss rates are based on the payment profiles of customers over a 3-year period before each balance sheet date and the corresponding historical credit losses over the related period. The historical credit losses are adjusted in order to reflect the current and forward-looking information on macroeconomic factors affecting the ability of customers to settle the receivables. Even though one of the potential consequences of the COVID-19 pandemic could have been that merchants or customs and tax authorities would fail or refuse to pay Global Blue, thus potentially resulting in an increase in Trade receivables past due for more than 3 months, there has not been any such COVID-19-related increase in trade receivables past due for more than 3 months since April 1, 2020. The Group concluded that there is no significant difference between the historical loss rates and the expected credit loss rates as of March 31, 2024. The Group applies the following expected loss rates for the financial year ended March 31: Days past due 2024 2023 0 – 3 months 1% 0% 3 – 6 months 5% 25% 6 – 9 months 20% 50% 9 – 12 months 35% 75% >12 months 50% 100% In applying the above rates, the asset’s carrying amount is reduced through the use of an allowance account, and the loss is recognized in the income statement. When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited in the income statement. Share capital Share capital consists of ordinary shares, preference shares, warrants and treasury shares. Preference shares The Group accounts for preference shares under IAS 32. To determine the appropriate accounting treatment under IAS 32, the Group reviews the term and conditions of the preference shares to conclude whether the preference shares have the characteristics of: • a financial liability – when the preference shares pay a fixed rate or dividend and / or have a mandatory redemption feature at a future date, then the substance is that they are contractual obligation to deliver cash, and they are recognized as a liability; • an equity instrument – when the preference shares do not have a fixed maturity and the issuer does not have a contractual obligation to make any payment. Financial liabilities The Group classifies its financial liabilities in the following categories: “at fair value through profit and loss” or “at amortized cost”, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, less directly attributable transaction costs. The Group's financial liabilities include trade payables, other current liabilities, accrued liabilities, bank overdrafts, interests bearing loans and borrowings, other non-current liabilities and derivative financial instruments. (a) Financial instruments at fair value through profit and loss Financial liabilities at fair value through profit and loss comprise of financial instruments held for trading, put options from acquisitions and warrants. Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments obtained by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Gains and losses on liabilities held-for-trading are recognized in the income statement within “net finance costs”. Warrants are accounted for as derivative financial instruments and therefore as financial liabilities through profit and loss as they give the holder the right to obtain a variable number of ordinary shares. Such derivative financial instruments were initially recognized at fair value on the date on which the merger was consummated and are subsequently remeasured at fair value through profit or loss. The warrants expire on August 31, 2025 (the fifth anniversary of the closing) or earlier upon redemption or liquidation in accordance with their terms. Other derivative instruments (such as the put options from the acquisitions) are recognized at fair value on the date of the transaction and are subsequently remeasured at fair value through profit and loss. (b) Interest-bearing loans and borrowings Interest-bearing loans and borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates. Share-based payment transactions Cash-settled share-based payment transactions Cash-settled share-based compensation plans were adopted by entities operating in the Post-Purchase Solutions segment. The fair value of the employee’s services received in exchange of the grant of the shares is recognized as an expense. The total amount is determined by reference to the fair value of the shares granted and is recognized over the vesting period. At the end of each reporting period, the Group revises its estimates of the fair value of the liability for the share-based payment and the difference is recognized under operating expenses in the income statement. As soon as the Group has no unconditional right to defer payment beyond 12 months from the balance sheet date, the liability is reclassified to other current financial liabilities. Equity-settled share-based payment transactions Within the framework of Global Blue´s Management Incentive Plan some employees were granted restricted stock awards (“RSAs”) and/or share options plans (“SOP”). Such incentive plans qualify as equity settled share based payment transactions in accordance with IFRS 2, as the Group receives services from the employee as consideration for its own equity instruments (shares in RSAs and share options in SOP). The fair value of the employee SOPs and RSAs is recognized as an operating expense with a corresponding increase in equity. The fair value is determined at the grant date and the total expense is recognized over the vesting period. At the end of each reporting period, the Group revises its estimates of the number of options/shares which are expected to vest based on the non-market vesting and service conditions. The impact is recognized in the income statement with the corresponding adjustment in equity. At vesting, the difference between the fair value of the shares recognized in the share-based payment reserve and the nominal value of the shares, is transferred from the equity-settled shared based payment other reserve to the share premium of ordinary shares. When the amendment of the terms of any MIP is considered as replacing pre-existing ones, modification accounting under IFRS 2 is applied, and the fair value of the granted instruments is remeasured. If the modification occurs during the vesting period, the incremental fair value granted is included in the measurement of the amount recognized for services received over the period from the modification date until the date when the modified equity instruments vest, in addition to the amount based on the grant date fair value of the original equity instruments. If the modification occurs after vesting date, the incremental fair value granted is recognized immediately. Current and deferred income tax The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisi |
Critical accounting estimates a
Critical accounting estimates and judgements | 12 Months Ended |
Mar. 31, 2024 | |
Critical Accounting Estimates And Judgements [Abstract] | |
Critical accounting estimates and judgements | Critical accounting estimates and judgements Critical accounting estimates and judgments The Group makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Management believes that the following are the key judgments, assumptions and other estimation uncertainties used in the preparation of the financial statements, where a different opinion or estimate could lead to significant changes to the reported results. Warrants The Public Warrants and Private Warrants give the holder the right, but not the obligation, to subscribe to Global Blue’s shares at a fixed or determinable price for a specified period of time subject to the provisions of the Public Warrant and Private Warrant agreements. Until warrant-holders acquire the Company’s ordinary shares upon exercise of such warrants, they will have no rights with respect to the Company’s ordinary shares. The Global Blue Warrants will expire on August 31, 2025, or upon an earlier redemption. These instruments, principally due to an option to replace them upon specific events such as reorganizations, which results in the Company delivering a variable number of shares, are accounted for as a current financial liability through profit and loss in accordance with the provisions of IAS 32. The Company measured the public warrants at fair value by using the Euro equivalent of the closing price of warrants at NASDAQ. The Company has employed a Black-Scholes pricing model to estimate the fair value of the Private Warrants issued on August 28, 2020, notably the fair value of the call option inherent in the Private Warrants, using as key inputs the Company’s share price, risk-free rate, implied Public Warrant volatility, the warrants’ maturity, and the Public Warrants’ market price; for further details see Note 31. Put options As part of ZigZag and Yocuda acquisitions, Global Blue and the minority shareholders have entered into a symmetrical put and call agreement which gives each minority shareholder the right to sell and Global Blue the right to acquire all the shares currently controlled by the minority shareholders. The fair value of the put options was derived using an option pricing methodology (Monte Carlo simulations) based on revenue and gross profit distribution. Various unobservable inputs are used in the valuation of the put options and any changes in these might result in a significantly higher or lower fair value; for further details see Note 27. Taxes The Group is subject to income taxes in numerous jurisdictions and uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Given the wide range of international business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the timing and the level of future taxable profits together with future tax planning strategies. For further details see Note 11 and 28. Post-employment benefits The Group makes estimates about the range of long-term trends and market conditions to determine the value of the deficit and surplus on its retirement benefit schemes, based on the Group’s expectation of the future and advice from qualified actuaries. Long-term forecasts and estimates are, by default, highly judgmental and subject to risk that actual events may be significantly different from those forecasted. If actual events deviate from the assumptions made by the Group, the reported surplus or deficit in respect to retirement benefits may be materially different; for further details see Note 29. Impairment of goodwill and other intangible assets Management performs an impairment test annually or more frequently if events or changes in circumstances indicate potential impairment. An impairment loss is recognized for the amount by which the carrying amount of the cash generating unit (CGU) exceeds its recoverable amount. Management's value-in-use and fair value less cost of disposal calculations include significant judgments and assumptions. The significant judgments and assumptions associated with the value-in-use calculation are revenue growth, discount rate and long-term growth rate, while for the fair value less cost of disposal calculations it is projected revenue and average peer group or comparable market transactions revenue multiple. The estimation of these assumptions requires significant judgment by management, as these variables feature measurement uncertainty; however, the assumptions used are consistent with the Group’s forecasts presented to the Board. Therefore, management evaluates and updates such estimates as necessary, in light of conditions that affect these variables; for further details see Note 15. Development costs Development costs are capitalized, and initial capitalization of costs is based on management's judgment that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. Assumptions are made regarding: a) the expected future cash generation or future savings from the project, b) discount rates and c) expected periods of benefits. Lease term of lease contracts For the lease contracts that contain an option to extend or terminate early, Global Blue is making an assessment regarding the likelihood of exercising such an option on a lease-by-lease basis. |
Financial risk management
Financial risk management | 12 Months Ended |
Mar. 31, 2024 | |
Financial Risk Management [Abstract] | |
Financial risk management | Financial risk management The Group's activities are exposed to a variety of financial risks such as market risk (including foreign exchange risk and interest rate risk), credit risk and liquidity risk. To minimize the impact of potential adverse effects of market volatility on financial performance, the Group hedges certain market risks via derivative contracts with banks. The Group manages financial risks through its central treasury department in compliance with policies approved by the board of directors. (a) Market risk i) Foreign exchange risk The Euro is the presentation currency of the Group and functional currency of the Company, and due to the international footprint of its TFS, Payments, and Post-Purchase Solutions businesses, the Group is exposed to foreign exchange risks. Foreign exchange risks are mainly due to the funding of entities with non-Euro functional currencies in the form of intra-group loans and cash pools. The largest exposures are GBP, AUD, JPY and SEK and volatility in these currencies may therefore impact the Group’s results. Trade payables and receivables exposed to foreign exchange risks are mainly intra-group and denominated in the respective entity’s functional currency. A foreign exchange rate sensitivity analysis has been performed on the monetary items exposed to foreign exchange risks in the statement of financial position. At March 31, 2024, if currency rates on the major currencies had been 2% higher/lower and with all other variables held constant, profit before tax for the year would have been lower/higher by EUR1.1 million (EUR0.6 million for the financial year ended March 31, 2023, EUR0.7 million for the financial year ended March 31, 2022). ii) Interest rate risk The Group's interest rate risk arises from the external senior debt structured at floating rates, accompanied by an interest rate floor. A significant increase in interest rates may affect the funding cost of the Group (see Note 26 for details). During the financial year ended March 31, 2024, Global Blue entered into a interest rate swap, expiring in January 2026, for 50% of the term loan (amounting to EUR305 million), aimed to reduce the Group’s exposure to the risks posed by interest rate volatility. If the market interest rate would have been 1% higher and, with all other variables held constant, profit before tax for the year would have been EUR3.1 million lower (EUR7.3 million for the financial year ended March 31, 2023, EUR3.1 million for the financial year ended March 31, 2022) as a result of an increase in the borrowing cost of the external senior debt. (b) Credit risk Counterparty credit risk is managed at Group level, except for credit risk relating to accounts receivable balances. Each operating entity is responsible for managing and analyzing the credit risk for new clients before standard payment terms and conditions are offered. Credit risk towards banks arises from cash and cash equivalents, derivative financial instruments and deposits held with these business partners. The credit risk towards banks is managed by Group treasury in compliance with the Group's policies that define the corporate instructions in relation to managing counterparty limits. As such, investments of surplus funds can only be done with approved counterparties and any new counterparties are to be confirmed by the CFO of the Group before any cash deposits or financial transactions can be executed with them. The Group’s approval policy over banks and financial institutions ensures that consistent and efficient cash management structures are implemented to enable a sound level of cash concentration in the Group. Local management is required to request written approval to the Group treasury department prior to initiating new bank relationships or financial services or before amending existing relationships or banking setups. In compliance with the Senior Facilities Agreement (SFA), a number of obligors’ bank accounts are pledged and subject to close monitoring by the Group’s treasury department (Note 26). According to the Group’s current policy over cash deposits and financial instruments, the counterparty credit quality is measured by the long-term issue credit ratings of S&P and Moody’s and should be minimum BBB-. Counterparty credit limits are set to control the concentration of risks and therefore mitigate financial loss through a counterparty’s potential failure to make payments. Any deviation from the Group’s policy is subject to the approval of the Group’s CFO. Credit risk from trade receivables and contract assets is managed according to the Group’s policies. Operating entities apply credit risk management procedures in line with these policies. Credit risk is monitored on a country by country basis, considering the aging profile of the customers and historical and forward-looking default indicators. Additionally, the type of counterparty, be it an individual customer or a state authority, is used as a potential class of different risk profiles. Management of operational entities monitors exposure to credit risk on an ongoing basis. The creditworthiness of new customers is assessed before signing trade contracts. Any change request of the already agreed credit conditions is reviewed from a creditworthiness standpoint and approved by the operational entities. The assessment of creditworthiness takes into consideration external ratings and information from relevant institutions. As disclosed in Note 18, as of March 31, 2024, 83.7% (as of March 31, 2023 81.1%) of total trade receivables are not yet due. A credit losses analysis is performed at each reporting date on an individual customer basis. There are no significant concentrations of credit risk arising from trade receivables and contract assets. (c) Liquidity risk Liquidity describes the ability of a company to generate sufficient cash flows to meet cash requirements of its business operations, including working capital needs, capital expenditure, debt interest and service, acquisitions and other contractual obligations. The objective of our capital management is to have sufficient liquidity, also ensuring that the Group respects any financial and maintenance covenants linked to obligations towards our creditors. For the purpose of assessing liquidity risk, all operational entities of the Group forecast their cash on a weekly rolling basis. These are monitored by Group treasury ensuring that the Group's liquidity position at all times meets operational cash needs. In addition to the centralization of cash available in the local operations as a primary source of liquidity, Group treasury has access to uncommitted facilities of up to EUR3.5 million (EUR11.6 million as of March 31, 2023). As of March 31, 2024, EUR97.5 million remains undrawn under the revolving credit facility (see Note 26), and the uncommitted facilities are fully available. At the reporting date, the Group held total liquid assets, as represented by its cash and cash equivalents, amounting to EUR87.5 million (EUR240.5 million as of March 31, 2023). The table below analyzes the Group's non-derivative financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the notional, undiscounted cash flows. As of March 31, 2024 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 13,920 41,313 55,233 164,568 705,615 Other non-current financial liabilities (1) — — 12,529 9,589 941 Trade payables 163,954 118,045 — — — Other current liabilities (2) 37,021 4,674 — — — Accrued liabilities 27,122 21,593 — — — Other current financial liabilities (4) — 12,825 — — — Total 242,017 198,450 67,762 174,157 706,556 As of March 31, 2023 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 565 81,321 20,761 740,837 — Other non-current financial liabilities (1) — — 10,293 10,646 88 Trade payables 110,215 98,891 — — — Other current liabilities (2) 20,678 1,279 — — — Accrued liabilities (3) 33,581 14,820 — — — Other current financial liabilities (4) — 7,776 — — — Total 165,039 204,087 31,054 751,483 88 (1) The line items “Loans and borrowings” and “Other non-current financial liabilities”, as presented in the table above, include future interest payments (capitalized interest in the case of Other non-current financial liabilities). (2) For the purposes of this table, items where the counterparty is the tax authority such as “Personnel taxes” and “Input VAT” and “Withholding tax” have been excluded from the line “Other current liabilities”; for further details on these excluded items see Note 33. (3) For the purpose of this table, items where the counterparty is the tax authority such as “accrued social charges” have been excluded from the line “Accrued liabilities”; for further details on the excluded items see Note 34. (4) The line item “Other current financial liabilities”, as presented in the table above, exclude EUR0.9 million of warrant liabilities outstanding (EUR11.4 million as of March 31, 2023) and as a consequence of their USD11.50 exercise price, there is a low probability of an exercise of these derivative instruments, and a subsequent cash outflow with a material liquidity impact in the foreseeable future; for further details see Note 31. Net debt reconciliation This section presents a breakdown of net debt and details the movements in net debt for each of the periods presented: Assets Liabilities from financing activities (EUR thousand) Cash and cash equivalents Borrowings due within 1 year Borrowings due after 1 year Lease liabilities due within 1 year Lease liabilities due after 1 year Total Net debt as of April 1, 2023 240,546 (61,945) (726,891) (6,984) (10,243) (565,517) Cash flows (152,790) 61,324 729,000 10,711 — 648,245 New borrowings — — (586,151) — — (586,151) New leases — — — (5,536) (11,760) (17,296) Foreign exchange adjustments (286) — — 122 114 (50) Reclassification — (889) 889 (7,115) 7,115 — Other changes (8) 621 (4,825) — — (4,212) Net debt as of March 31, 2024 87,462 (889) (587,978) (8,802) (14,774) (524,981) Assets Liabilities from financing activities (EUR thousand) Cash and cash equivalents Borrowings due within 1 year Borrowings due after 1 year Lease liabilities due within 1 year Lease liabilities due after 1 year Total Net debt as of April 1, 2022 51,083 (676) (722,554) (10,538) (11,319) (694,004) Cash flows 191,181 (59,384) — 11,746 — 143,543 Borrowings from business acquisition — (642) (2,594) — — (3,236) New leases — — — (403) (6,322) (6,725) Foreign exchange adjustments (2,360) 453 — 115 82 (1,710) Reclassification — — — (7,904) 7,904 — Other changes 642 (1,696) (1,743) — (588) (3,385) Net debt as of March 31, 2023 240,546 (61,945) (726,891) (6,984) (10,243) (565,517) (d) Capital risk management The capital structure of the Group as of March 31, 2024 is composed of a consolidated equity of EUR70.3 million (EUR6.3 million as of March 31, 2023), and senior debt with a carrying value of EUR588.0 million (EUR788.8 million as of March 31, 2023). This represents an Equity/Capital ratio, defined as Equity/(Equity + Carrying value senior debt), of 12.0% (0.8% as of March 31, 2023). The Group at its consolidated level is not subjected to any externally-imposed capital requirements. Certain jurisdictions may require Global Blue subsidiaries to maintain certain local capital levels, which is monitored locally. The Group currently does not have any non-compliance with local capital requirements that may lead to material risks. In addition, the Group is subject to the financial covenant included in the SFA, for further details see Note 26. (e) Fair value estimation The table below discloses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: • Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); • Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). As of March 31, 2024 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through OCI - Other investments — — 4,995 4,995 - Other current receivables - Derivative financial instruments — 1,684 — 1,684 Financial assets at fair value through profit or loss - Other non-current assets - pledged asset for endowment insurance 2,512 — — 2,512 - Other current receivables - Derivative financial instruments — — — — Total assets 2,512 1,684 4,995 9,191 Liabilities Financial liabilities at fair value through profit or loss - Put options liability — — 3,309 3,309 - Warrant liabilities - Public warrants 582 — — 582 - Warrant liabilities - Private warrants — 281 — 281 - Other current liabilities - Derivative financial instruments — 122 — 122 Total liabilities 582 403 3,309 4,294 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 non-current assets - pledged asset for endowment insurance 2,433 — — 2,433 - Other current receivables - Derivative financial instruments — 107 — 107 Total assets 2,433 107 7,051 9,591 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 value of financial instruments that are not traded in an active market (over-the-counter derivatives, put options, private warrants, and other investments) is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates; for further details please refer to Note 16, Note 27 and Note 31. |
Financial instruments by catego
Financial instruments by category | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments by category | Financial instruments by category The table below details the financial instruments as of March 31, 2024: As of March 31, 2024 (EUR thousand) Assets as per statement of financial position At amortized cost At FVPL At FVOCI Total Other investments — — 4,995 4,995 Other non-current financial assets 13,388 2,512 — 15,900 Trade receivables 248,227 — — 248,227 Other current receivables (1) 33,260 44 1,640 34,944 Cash and cash equivalents 87,462 — — 87,462 Balance as of March 31, 2024 382,337 2,556 6,635 391,528 (1) excluding other non-financial receivables As of March 31, 2024 (EUR thousand) Liabilities as per statement of financial position At amortized cost At FVPL At FVOCI Total Loans and borrowings 588,867 — — 588,867 Other non-current financial liabilities 17,474 1,830 — 19,304 Other current financial liabilities 11,225 2,464 — 13,689 Trade payables 281,998 — — 281,998 Other current liabilities (1) 22,659 — — 22,659 Accrued liabilities (1) 48,691 — — 48,691 Balance as of March 31, 2024 970,914 4,294 — 975,208 (1) excluding other non-financial liabilities The table below details the financial instruments as of March 31, 2023: As of March 31, 2023 (EUR thousand) Assets as per statement of financial position At amortized cost At FVPL At FVOCI Total Other investments — — 7,051 7,051 Other non-current financial assets 11,807 2,400 — 14,207 Trade receivables 191,469 — — 191,469 Other current receivables (1) 16,256 107 — 16,363 Cash and cash equivalents 240,546 — — 240,546 Balance as of March 31, 2023 460,078 2,507 7,051 469,636 (1) excluding other non-financial receivables As of March 31, 2023 (EUR thousand) Liabilities as per statement of financial position At amortized cost At FVPL At FVOCI Total Loans and borrowings 788,836 — — 788,836 Other non-current financial liabilities 15,215 3,596 — 18,811 Other current financial liabilities 6,984 12,243 19,227 Trade payables 209,106 — — 209,106 Other current liabilities (1) 19,985 — — 19,985 Accrued liabilities (1) 48,444 — — 48,444 Balance as at March 31, 2023 1,088,570 15,839 — 1,104,409 (1) excluding other non-financial liabilities |
Segment information
Segment information | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of operating segments [abstract] | |
Segment information | Segment information The Company has determined the operating segments based on the reports reviewed by the Executive Committee (ExCom) for the purposes of allocating resources and assessing the performance of the Group. The ExCom consists of the Senior Vice President & Global Human Resources Director; Senior Vice President of Payments; Chief Technology Officer; Chief Operating Officer - APAC and Central Europe; Chief Executive Officer (the “CEO”); General Counsel and Company Secretary; Senior Vice President Operations; Senior Vice President New Markets, Americas, Public Affairs and Chief Operating Officer Americas; Chief Operating Officer - South Europe; Chief Operating Officer - North and Central Europe and Global Accounts; Chief Financial Officer; Senior Vice President Strategy and Chief Product Officer; and Senior Vice President Marketing, Communications & Customer Value Creation. Management considers the business from a product group perspective, hence the performance of TFS, Payments and PPS are assessed separately. The ExCom assesses the performance of the operating segments based on the measures of Revenue and Adjusted EBITDA at the segment level with the adjusted EBITDA assessed after non-allocated central costs. The measures used by the ExCom to monitor the performance of the Group's operating segments do not include all costs in the IFRS consolidated income statement. Costs for central functions such as marketing, sales, technology, finance and HR, depreciation, amortization, impairment income / expense, and net finance costs are not allocated to segments. As a result, the ExCom monitors the development of adjusted EBITDA presented in the consolidated management accounts. The segment information provided to the ExCom for the reportable segments is as follows: For the financial year ended March 31, 2024 (EUR thousand) Notes TFS Payments Post-Purchase Solutions Central Total Revenue 311,740 83,023 27,540 — 422,303 Operating expenses (1) (114,930) (43,282) (32,317) (83,109) (273,638) Adjusted EBITDA 196,810 39,741 (4,777) (83,109) 148,665 Depreciation and amortization (2) 9 (43,782) Exceptional items (3) (7,005) Operating Profit 97,878 For the financial year ended March 31, 2023 (EUR thousand) Notes TFS Payments Post-Purchase Solutions Central Total Revenue 228,818 61,805 20,867 — 311,490 Operating expenses (1) (91,902) (34,267) (26,962) (80,377) (233,508) Adjusted EBITDA 136,916 27,538 (6,095) (80,377) 77,982 Depreciation and amortization (2) 9 (51,028) Exceptional items (3) (12,814) Operating Profit 14,140 For the financial year ended March 31, 2022 (EUR thousand) Notes TFS Payments Post-Purchase Solutions Central Total Revenue 89,559 23,325 13,064 — 125,948 Operating expenses (1) (44,610) (12,538) (16,755) (61,947) (135,850) Adjusted EBITDA 44,949 10,787 (3,691) (61,947) (9,902) Depreciation and amortization (2) 9 (87,900) Exceptional items (3) 11,173 Operating Loss (86,629) (1) Operating expenses excluding Depreciation and Amortization and Exceptional items. For the financial year ended March 31, 2024 the fixed costs amounted to EUR173.3 million (EUR154.6 million for the financial year ended March 31, 2023 and EUR109.2 million for the financial year ended March 31, 2022), comprising of personnel costs of EUR113.7 million (EUR99.8 million for the financial year ended March 31, 2023, and EUR74.6 million for the financial year ended March 31, 2022) and non-personnel costs of EUR59.6 million (EUR54.8 million for the financial year ended March 31, 2023 and EUR34.6 million for the financial year ended March 31, 2022), whereas variable costs amounted to EUR100.4 million (EUR78.9 million for the financial year ended March 31, 2023 and EUR26.7 million for the financial year ended March 31, 2022). (2) Depreciation and amortization include amortization of intangible assets acquired through business combinations. (3) 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. Revenue by geography and by segment Revenue is generated by TFS, Payments and Post-Purchase Solutions processed transactions; a geographical breakdown of revenue by key market / region is provided below: For the financial year ended March 31, 2024 (EUR thousand) TFS Payments Post-Purchase Solutions Total Europe 260,030 15,633 27,540 303,203 Asia Pacific 46,932 67,390 — 114,322 Rest of the world 4,778 — — 4,778 Total 311,740 83,023 27,540 422,303 For the financial year ended March 31, 2023 (EUR thousand) TFS Payments Post-Purchase Solutions Total Europe 202,263 12,276 20,867 235,406 Asia Pacific 23,495 49,528 — 73,023 Rest of the world 3,060 1 — 3,061 Total 228,818 61,805 20,867 311,490 For the financial year ended March 31, 2022 (EUR thousand) TFS Payments Post-Purchase Solutions Total Europe 82,599 6,631 13,064 102,294 Asia Pacific 5,398 16,694 — 22,092 Rest of the world 1,562 — — 1,562 Total 89,559 23,325 13,064 125,948 Revenue by top Country A breakdown of revenue by key market / top country is provided below: For the financial year ended March 31, 2024 (EUR thousand) TFS Payments Post-Purchase Solutions Total % of Total Revenue Italy 62,435 4,021 — 66,456 16 % France 43,845 1,907 — 45,752 11 % Australia 495 53,060 — 53,555 13 % United Kingdom 1,010 877 27,540 29,427 7 % Singapore 14,568 8,611 — 23,179 5 % Switzerland 5,247 4 — 5,252 1 % Total 127,600 68,480 27,540 223,621 53 % For the financial year ended March 31, 2023 (EUR thousand) TFS Payments Post-Purchase Solutions Total % of Total Revenue Italy 43,280 3,739 — 47,019 15 % France 39,996 1,791 — 41,787 14 % Australia 303 40,671 — 40,974 13 % United Kingdom 2,917 1,056 20,867 24,840 8 % Switzerland 4,005 32 — 4,037 1 % Total 90,501 47,289 20,867 158,657 51 % For the financial year ended March 31, 2022 (EUR thousand) TFS Payments Post-Purchase Solutions Total % of Total Revenue Italy 12,912 2,421 — 15,333 12 % France 20,118 919 — 21,037 17 % Australia 49 13,997 — 14,046 11 % United Kingdom 1,838 568 13,064 15,470 12 % Switzerland 2,358 85 — 2,443 2 % Total 37,275 17,990 13,064 68,329 54 % There is no single external customer which accounts for more than 10% of Global Blue's revenue, for any of the years presented. Non-current assets by Country Even though no measure of assets by segment is reported to the ExCom, in accordance with IFRS 8, the non-current assets, excluding deferred income tax assets, by country, are disclosed as follows: As of March 31, 2024 (EUR thousand) Intangible assets Property, plant and equipment Investments in associates, joint ventures and other investments Other non-current financial assets Total Switzerland 580,958 1,076 5,142 1,824 589,000 Rest of the world 30,117 30,958 3 14,076 75,154 Total 611,075 32,034 5,145 15,900 664,154 As of March 31, 2023 (EUR thousand) Intangible assets Property, plant and equipment Investments in joint ventures and associates and Other investments Other non-current financial assets Total Switzerland 575,145 782 7,244 698 583,869 Rest of the world 30,363 24,057 37 13,509 67,966 Total 605,508 24,839 7,281 14,207 651,835 |
Operating expenses
Operating expenses | 12 Months Ended |
Mar. 31, 2024 | |
Analysis of income and expense [abstract] | |
Operating expenses | Operating expenses (EUR thousand) For the financial year ended March 31 Expenses by nature Notes 2024 2023 2022 Employee benefit expenses (140,050) (118,658) (86,623) Contributions to defined contribution plans (8,055) (7,619) (4,022) Depreciation and amortization 9 (43,782) (51,028) (87,900) Agent costs (95,333) (75,950) (23,914) IT costs (16,464) (16,499) (12,013) Auditors, lawyers and consultants (10,713) (12,113) (12,223) Advertising and promotion (3,644) (3,827) (1,729) Travel, entertainment, office and rental cost (13,287) (11,456) (7,253) Contributions to defined benefit plans 29 (1,365) (1,607) (1,560) Share-based payment transactions expenses 25 (3,957) (9,988) (6,414) Change in fair value of warrants and put options 27, 31 9,287 11,070 15,583 Capitalized software development expenditure 15 33,667 25,688 17,163 External and other personnel cost (8,735) (7,544) (4,343) Business restructuring expenses (1,324) (4,446) (1,980) Corporate restructuring expenses (5,660) (2,764) (475) Impairment (1,371) (3,355) (2,846) Other operating income / (expenses) (13,639) (7,254) 7,971 Total (324,425) (297,350) (212,577) For the financial year ended March 31, 2024 the main driver of the total increase in employee benefit expenses is the average number of employees that increased from 1,617 (in the financial year ended March 31, 2023) to 1,897; additionally, salaries and bonus expenses increased as grants offsetting the salaries expenses in various jurisdictions ceased to be applicable. For further details regarding key management personnel remuneration, including pension obligations and other remuneration, please refer to Note 39. For the financial year ended March 31, 2024 agent costs referring to merchant acquiring fees have increased as a consequence of the overall business recovery in line with revenues. In addition, they include all costs paid to carriers, representing the main operation cost of the PPS segment. Auditors, lawyers and consultants include all external advisor fees, primarily related to the compliance requirements linked to the Company’s listed status. IT costs contain hardware and software maintenance and IT consulting expenses. For the financial year ended March 31, 2024 the Group has benefited from grants in relation to COVID-19 offered by various countries’ governments amounting to EUR0.4 million (EUR2.0 million for the financial year ended March 31, 2023 and EUR9.0 million for the financial year ended March 31, 2022). The grants are presented within operating expenses in the income statement as a reduction of the employee benefit expenses and other operating income/(expenses). There are no unfulfilled conditions or other contingencies related to these grants. Other operating income/(expenses) also comprises of bad debts, utility costs, bank fees, various other costs, and other exceptional items. The main drivers behind the increase of other operating income/ (expense) in financial year ended March 31, 2024 when compared to financial year ended March 31, 2023, were bad debts which increased by EUR2.3 million and issuing solution costs which increased by EUR1.8 million. For the financial year ended March 31, 2022, EUR9.6 million include the one-off release of an earn-out provision linked to the business combination with ZigZag Global. |
Depreciation and amortization
Depreciation and amortization | 12 Months Ended |
Mar. 31, 2024 | |
Depreciation and amortisation expense [abstract] | |
Depreciation and amortization | Depreciation and amortization (EUR thousand) For the financial year ended March 31 Depreciation and amortization Notes 2024 2023 2022 Depreciation of property, plant and equipment 13,14 (14,167) (14,033) (16,737) Amortization of cost to fulfill customer contracts (1,753) (1,897) (3,121) Amortization of customer relationships (223) (10,562) (44,101) Amortization of trademarks (2,237) (2,237) (2,237) Amortization of other intangible assets (25,401) (22,299) (21,704) Amortization of intangible assets 15 (29,614) (36,995) (71,163) Total (43,782) (51,028) (87,900) The depreciation of property, plant and equipment predominantly comprises of depreciation related to the right-of-use assets; for further details please refer to Note 14. For the financial year ended March 31, 2024, the amortization of intangible assets sources mainly from other intangible assets such as internally-developed IT software for TFS and Payments businesses, and to software purchased from external parties. For the financial years ended March 31, 2023, and 2022 the amortization of intangible assets predominantly sources from the assets recognized in the purchase price allocation process during the acquisition of Global Blue by Silver Lake and Partners Group in 2012, secondarily to other intangible assets such as internally-developed IT software for TFS and Payments businesses, and to software purchased from external parties; for further details please refer to Note 15. The amortization period for customer relationships related to key accounts and national accounts acquired in 2012 ended as of July 31, 2022, while the initial acquisition value of these assets was EUR335.2 million. |
Net finance costs
Net finance costs | 12 Months Ended |
Mar. 31, 2024 | |
Analysis of income and expense [abstract] | |
Net finance costs | Net finance costs (EUR thousand) For the financial year ended March 31 2024 2023 2022 Finance income Interest income on current bank deposits 4,027 1,605 247 Net foreign exchange gain on financing activities 1,595 — 293 Interest income on interest rate swap 887 — — Other finance income 567 455 636 Total finance income 7,076 2,060 1,176 Finance costs Interest expense: - Bank borrowings (including amortization of capitalized financing fees) (52,676) (30,894) (22,184) - Lease liabilities interest (1,167) (588) (626) Net foreign exchange loss on financing activities (6) (2,537) — Net foreign exchange loss on operating activities (1) (975) (3,501) (405) Other finance costs (2,597) (1,129) (2,579) Total finance costs (57,421) (38,649) (25,794) Net finance costs (50,345) (36,589) (24,618) (1) Net foreign exchange gain and loss arising during the period is the difference between the value originally recorded and the amount actually paid or received, as well as unrealized gain and loss due to the difference between the original value recorded and the value at the balance sheet date. For details regarding underlying loans and borrowings, refer to Note 26. |
Income tax benefit _ (expense)
Income tax benefit / (expense) | 12 Months Ended |
Mar. 31, 2024 | |
Income taxes paid (refund) [abstract] | |
Income tax benefit / (expense) | Income tax benefit / (expense) (EUR thousand) For the financial year ended March 31 Income tax Notes 2024 2023 2022 Current income tax expense (26,201) (9,947) (5,787) Adjustments in respect of current income tax of prior years (1) (119) 5,051 4,225 Adjustments in respect of deferred income tax of prior years (1) 28 (324) 1,144 — Deferred tax benefit (2) 28 37 2,702 16,174 Income tax benefit / (expense) reported in the income statement (26,607) (1,050) 14,612 (1) The adjustment in respect of current income tax of prior years for the financial year ended March 31, 2024 mainly relates to the tax treatment of warrants in Switzerland whereas the deferred tax for prior years mainly includes a decrease of deferred tax assets related to tax loss carry forwards incurred in Germany amounting to EUR1.2 million and Portugal amounting to EUR0.3 million. The prior year deferred tax expense is partially offset with a deferred tax income resulting from the updated estimate of deferred tax on amortization of intangible assets from past business combination amounting to EUR1.6 million. The adjustment in respect to current income taxes of prior years for the financial year ended March 31, 2023 mainly comprises of a benefit of EUR4.2 million resulting from the reversal of a previously-recorded uncertain tax position as a consequence of the final tax assessment received from the relevant authorities; and a EUR0.6 million penalty reduction for the withholding tax on interests and license fees in Italy. (2) Furthermore, the deferred tax benefit posted includes a deferred tax expense resulting from changes in tax rates amounting to EUR0.2 million The below table reconciles the income tax calculated by applying the Swiss statutory tax rate applicable to the Company, to the effective taxes reported in the income statement: (EUR thousand) For the financial year ended March 31 2024 2023 2022 Profit / (Loss) before tax 47,533 (22,449) (111,247) Effective tax Tax benefit/(expense) calculated at the Swiss statutory tax rate of 18.8% (18.8% in both FY2022/23 and FY 2021/22) applicable to the Company (8,941) 4,221 20,919 Adjustments in respect of prior years (443) 5,051 141 Recognition of previously unrecognized (derecognition of previously recognized) deductible temporary differences 188 2,428 (124) Expenses not deductible for tax purposes (9,805) (7,349) (5,648) Current year losses for which no deferred income tax asset is recognized (6,293) (5,039) (2,583) Effect of income taxed at different tax rates (1,580) (4,667) (1,400) Tax-exempt income 2,168 1,885 2,027 Other tax items (1,901) 2,420 1,280 Total reported effective tax benefit / (expense) (26,607) (1,050) 14,612 The reconciliation item Expenses not deductible for tax purposes mainly includes tax effects resulting from non deductible interest expenses amounting to EUR 7.7 million. Other tax items mainly compromise of non-creditable withholding taxes incurred in Switzerland amounting to EUR2.1 million. (EUR thousand) For the financial year ended March 31 Tax items recognized directly in other comprehensive income: Note 2024 2023 2022 Tax effect on actuarial gains / losses 28 182 86 (570) Tax effect on other investments at FVOCI 28 168 (181) — Total tax effect 350 (95) (570) |
Earnings per share
Earnings per share | 12 Months Ended |
Mar. 31, 2024 | |
Earnings per share [abstract] | |
Earnings per share | Earnings per share (EUR thousand) For the financial year ended March 31 Earnings per share 2024 2023 2022 Profit / (loss) attributable to the owners of the parent 13,975 (25,621) (97,177) Profit / (loss) attributable to the owners of the parent attributable to ordinary shares 11,613 (21,635) (88,460) Profit / (loss) attributable to the owners of the parent attributable to preference shares 2,362 (3,986) (8,717) Weighted average number of basic ordinary shares outstanding (thousand) 193,345 187,326 179,455 Weighted average number of basic preference shares outstanding (thousand) 39,323 34,509 17,684 Basic profit / (loss) per ordinary share 0.06 (0.12) (0.49) Profit / (loss) from continuing operations attributable to the owners of the parent 13,975 (25,621) (97,177) Profit / (loss) from continuing operations attributable to the owners of the parent attributable to ordinary shares 11,628 (21,635) (88,460) Profit / (loss) from continuing operations attributable to the owners of the parent attributable to preference shares 2,347 (3,986) (8,717) Weighted average number of diluted ordinary shares outstanding (thousand) 194,817 187,326 179,455 Weighted average number of diluted preference shares outstanding (thousand) 39,323 34,509 17,684 Diluted profit / (loss) per ordinary share 0.06 (0.12) (0.49) Basic Basic earnings per ordinary share are calculated by dividing the profit or loss attributable to owners of the parent (i.e. equity shareholders of the Company) by the weighted average number of basic ordinary shares outstanding at the end of the period. Diluted Diluted earnings per ordinary share are calculated by dividing the profit or loss attributable to owners of the parent (i.e. equity shareholders of the Company) by the weighted average number of diluted ordinary shares outstanding at the end of the period. For the financial year ended March 31, 2024 the Company has excluded 6.4 million (8.0 million for the financial year ended March 31, 2023, 8.0 million for the financial year ended March 31, 2022) ordinary shares from the diluted earnings per ordinary shares calculation, as the impact of those shares is not-dilutive. Those shares relate to the Management Incentive Plan. For the financial year ended March 31, 2023, the Company has excluded 2.0 million (1.7 million for the financial year ended March 31, 2022) ordinary shares from the diluted earnings per ordinary share calculation, as the impact of the shares are considered anti-dilutive. The ordinary shares relate to share-based payments plans and are potentially dilutive instruments; at each of the two reporting periods they had an anti-dilutive effect due to the reported loss. The 30,735,950 outstanding warrants as of March 31, 2024, 2023 and 2022 are considered as not-dilutive. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Mar. 31, 2024 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | Property, plant and equipment The below schedules represent the movements in property, plant and equipment (“PPE”) for each respective year presented. (EUR thousand) As of March 31 Cost 2024 2023 Machinery, equipment, computers and IT equipment 28,552 30,301 Leasehold improvements 4,340 4,535 Right-of-use assets 47,391 50,508 Total Cost 80,283 85,344 Accumulated depreciation and impairment Machinery, equipment, computers and IT equipment (22,131) (23,797) Leasehold improvements (2,716) (3,056) Right-of-use assets (23,402) (33,652) Total Accumulated depreciation and impairment (48,249) (60,505) Total Property, plant and equipment 32,034 24,839 The movement tables exclude the movements of right-of-use assets, which are presented and detailed in Note 14. (EUR thousand) Machinery, equipment, computers and IT equipment Leasehold Improvements Total Cost Opening balance as of April 1, 2023 30,301 4,535 34,836 Additions 3,779 407 4,186 Disposals (4,803) (1,016) (5,819) Reclassifications (458) 457 (1) Exchange differences (267) (43) (310) Closing balance as of March 31, 2024 28,552 4,340 32,892 Accumulated depreciation and impairment Opening balance as of April 1, 2023 (23,797) (3,056) (26,853) Depreciation charge for the year (3,153) (697) (3,850) Impairment charge for the year (1,233) — (1,233) Disposals 5,818 998 6,816 Exchange differences 234 39 273 Closing balance as of March 31, 2024 (22,131) (2,716) (24,847) Net book value as of March 31, 2024 6,421 1,624 8,045 (EUR thousand) Machinery, equipment, computers and IT equipment Leasehold Improvements Total Cost Opening balance as of April 1, 2022 28,494 4,846 33,340 Acquisition of subsidiaries 103 1 104 Disposal of subsidiary (158) (14) (172) Additions 4,087 689 4,776 Disposals (1,507) (1,147) (2,654) Reclassifications (194) 190 (4) Exchange differences (524) (30) (554) Closing balance as of March 31, 2023 30,301 4,535 34,836 Accumulated depreciation and impairment Opening balance as of April 1, 2022 (22,972) (3,548) (26,520) Disposal of subsidiary 123 4 127 Depreciation charge for the year (2,672) (529) (3,201) Impairment charge for the year (2) — (2) Disposals 1,380 989 2,369 Reclassifications 4 — 4 Exchange differences 342 28 370 Closing balance as of March 31, 2023 (23,797) (3,056) (26,853) Net book value as of March 31, 2023 6,504 1,479 7,983 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2024 | |
Presentation of leases for lessee [abstract] | |
Leases | Leases Right-of-use assets recognized within property, plant and equipment are comprised of the following: (EUR thousand) As of March 31 Right-of-use assets 2024 2023 Offices 11,397 8,064 Refund points 3,434 4,793 IT contracts 4,355 915 Others 4,802 3,084 Total right-of-use assets 23,988 16,856 Movements during the period of right-of-use assets are the following: (EUR thousand) For the financial year ended March 31 Movement of right-of-use assets 2024 2023 Opening balance as of April 1 16,856 20,938 New contracts 17,081 5,855 Modifications 194 969 Depreciation (10,317) (10,832) Exchange differences 174 (74) Closing balance as of March 31 23,988 16,856 Lease liabilities recognized within other non-current financial liabilities and other current financial liabilities are the following: (EUR thousand) As of March 31 Lease liabilities Notes 2024 2023 Current 31 8,802 6,984 Non-current 27 14,774 10,243 Total lease liabilities 23,576 17,227 Movements of lease liabilities during the period are as follows: (EUR thousand) For the financial year ended March 31 Movement of lease liabilities 2024 2023 Opening balance as of April 1 17,227 21,857 New contracts 17,081 5,855 Modifications 243 870 Interest expense 967 588 Cash outflow - principal elements (10,711) (11,157) Cash outflow - interest (967) (588) Exchange differences (264) (198) Closing balance as of March 31 23,576 17,227 The contractual duration of the lease liabilities is the following: (EUR thousand) As of March 31 Contractual maturities of lease liabilities 2024 2023 Less than 2 years 18,009 13,293 Between 2 and 5 years 8,345 6,044 More than 5 years 941 88 Total 27,295 19,425 Lease-related amounts recognized in the income statement are as follows: (EUR thousand) For the financial year ended March 31 Depreciation charge of right-of-use assets 2024 2023 2022 Offices 3,616 3,891 4,534 Refund points 2,988 3,762 5,046 IT contracts 2,110 2,019 2,147 Others 1,603 1,160 1,248 Total depreciation charge of right-of-use assets 10,317 10,832 12,975 (EUR thousand) For the financial year ended March 31 Other lease-related expenses 2024 2023 2022 Expense relating to short-term leases (included in Operating expenses) 100 718 943 Expense relating to leases of low-value assets that are not short-term leases (included in Operating expenses) 18 63 88 Expense relating to variable lease payments not included in lease liabilities (included in Other expenses) 1,107 3,235 2,421 Total other lease-related expenses 1,225 4,016 3,452 The total cash outflow for leases for the financial year ended March 31, 2024 was EUR11.9 million (EUR15.2 million for the financial year ended March 31, 2023 and EUR17.5 million for the financial year ended March 31, 2022). For the financial year ended March 31, 2024 the Group has not received any office rental concessions as a direct consequence of the COVID-19 pandemic (EUR0.4 million for the financial year ended March 31, 2023, and EUR3.4 million for the financial year ended March 31, 2022). The concessions for prior years are presented within operating expenses in the income statement as a reduction of the related expense that they are intended to compensate. |
Intangible assets
Intangible assets | 12 Months Ended |
Mar. 31, 2024 | |
Intangible assets and goodwill [abstract] | |
Intangible assets | Intangible assets (EUR thousand) Goodwill Trademarks Customer relationships Cost to fulfill customer contracts Other intangible assets Software Total Opening balance as of April 1, 2023 512,273 45,909 656,518 19,385 10,258 167,455 1,411,798 Additions — 2 — 1,226 363 33,665 35,256 Disposals — — — — (1,130) (4,159) (5,289) Exchange differences 1,800 (24) — (79) (228) (769) 700 Accumulated acquisition values 514,073 45,887 656,518 20,532 9,263 196,192 1,442,465 Opening balance as of April 1, 2023 — (23,861) (652,145) (13,618) (8,865) (101,641) (800,130) Amortization — (2,237) (223) (1,753) (529) (24,872) (29,614) Disposals — — — — 1,069 3,628 4,697 Exchange differences — — — 33 207 605 845 Accumulated amortization — (26,098) (652,368) (15,338) (8,118) (122,280) (824,202) Opening balance as of April 1, 2023 (2,015) — — — (498) (3,647) (6,160) Impairment — (1,156) — — — (32) (1,188) Disposals — — — — — 23 23 Exchange differences 125 1 — — — 11 137 Accumulated impairment (1,890) (1,155) — — (498) (3,645) (7,188) Net book value as of March 31, 2024 512,183 18,634 4,150 5,194 647 70,267 611,075 (EUR thousand) Goodwill Trademarks Customer relationships Cost to fulfill customer contracts Other intangible assets Software Total Opening balance as of April 1, 2022 487,685 46,025 652,052 17,093 10,247 144,224 1,357,326 Acquisition of subsidiaries 29,239 — 4,466 — — 2,738 36,443 Purchases — — — 2,577 869 25,688 29,134 Disposals — — — — (557) (1,420) (1,977) Disposal of subsidiary — — — — — (687) (687) Exchange differences (4,651) (116) — (285) (301) (3,088) (8,441) Accumulated acquisition values 512,273 45,909 656,518 19,385 10,258 167,455 1,411,798 Opening balance as of April 1, 2022 — (21,624) (641,489) (11,914) (8,347) (83,916) (767,290) Amortization — (2,237) (10,656) (1,803) (909) (21,390) (36,995) Disposals — — — — 157 1,086 1,243 Disposal of subsidiary — — — — — 416 416 Exchange differences — — — 99 234 2,163 2,496 Accumulated amortization — (23,861) (652,145) (13,618) (8,865) (101,641) (800,130) Opening balance as of April 1, 2022 (2,063) — — — (498) (3,449) (6,010) Impairment — — — — — (247) (247) Disposals — — — — — 37 37 Exchange differences 48 — — — — 12 60 Accumulated impairment (2,015) — — — (498) (3,647) (6,160) Net book value as of March 31, 2023 510,258 22,048 4,466 5,674 895 62,167 605,508 Goodwill Management reviews the business performance from a product perspective. TFS, Payments and PPS have been identified as the main product groups and the Group's operating segments. Goodwill is monitored by management at the operating segment level for TFS and Payments, and at the ZigZag, Yocuda, and ShipUp businesses level for PPS. The following is a summary of the goodwill allocated to each cash-generating unit: (EUR thousand) As of March 31 Goodwill 2024 2023 TFS 361,750 362,069 Payments 49,525 50,076 ZigZag 63,825 61,045 Yocuda 7,844 7,829 ShipUp 29,239 29,239 Total 512,183 510,258 TFS and Payments The recoverable amount of each Cash Generating Unit (CGU) has been determined based on value-in-use calculations; these calculations use post-tax cash flow projections based on management’s current view at the time of the analysis. Cash flows beyond the 4-year period are extrapolated using an estimated growth rate stated below. In determining the forecasts for the TFS and Payments CGUs over the 4-year period employed in the value-in-use calculation, the Group applied estimated recovery percentages against actual revenues achieved during the pre-COVID-19 period (January to December 2019). Though the TFS and Payments CGUs offer different solutions, the underlying driver of both is international travel and extra-regional transactions; the key assumptions used for the value-in-use calculations are as follows: • Post-tax discount rate of 9.00% (10.61% as of March 31, 2023) for the TFS CGU. • Post-tax discount rate of 8.52% (9.06% as of March 31, 2023) for the Payments CGU. • A COVID-19 impact on near-term industry volumes; in particular, following the full recovery observed in the third quarter of the financial year ending March 31, 2024 and based on a combination of internal and external data such as airline industry reports, revenue levels were assumed with an increase of 9.8% in the short-term period compared to pre-COVID-19 and with a compound average growth rate of 7.9% in the subsequent three financial years. • After the business plan period, assumed terminal growth rates of 1.6% and 2.3% have been applied for TFS and Payments CGUs, respectively (1.7% and 2.3% as of March 31, 2023). As of March 31, 2024, and with respect to the TFS CGU, the headroom was EUR1,715.7 million, with the percentage by which the TFS recoverable amount exceeded the carrying value being 419%. With respect to the Payments segment, the headroom was EUR230.0 million, with the percentage by which the Payments recoverable amount exceeded the carrying value being 241%. The directors and management have considered and assessed reasonably possible changes for key assumptions and have not identified any instances that could cause the carrying amount of either the TFS or the Payments CGUs to exceed their recoverable amounts. Post-Purchase Solutions Goodwill allocated in total to PPS amounts to EUR100.9 million. Management has identified three CGUs, namely ZigZag, Yocuda, and ShipUp with corresponding goodwill of EUR63.8 million, EUR7.8 million, and EUR29.2 million, respectively. As the goodwill attributed to Yocuda represents less than 2% of the total Group goodwill, only information relating to ZigZag and ShipUp CGUs is presented below, for which the recoverable amount is determined based on the fair value less cost of disposal categorized for ShipUp CGU as Level 2 within the fair value hierarchy, due to the other-than-quoted prices observable inputs utilized in the valuation, and as Level 3 for ZigZag CGU, due to the combination of other-than-quoted prices observable inputs and non-observable inputs utilized in the valuation. ZigZag In the case of ZigZag, the recoverable amount of the CGU has been assessed based on the fair value less cost of disposal of the underlying assets, which has been based on a market approach utilizing 2024 trading multiples of comparable listed companies operating in the eCommerce sector, calculated as enterprise value divided by 2024 projected revenue. Taking into consideration that ZigZag is a start-up operating at a loss until March 31, 2024, management deemed the revenue multiple as the key valuation metric; adjusted EBITDA and net income multiples were not considered, given several of the peers are expected to be similarly operating at a loss. The implied average revenue multiple for the peer group of ZigZag is approximately 4.3x, when the values for the peer group ranged from 1.6x to 12.3x, resulting in a derived recoverable amount that exceeded the carrying amount by EUR28.9 million, with the percentage by which the ZigZag recoverable amount exceeded the carrying value being 46%. The sensitivity analysis for ZigZag showed that the recoverable amount would equate the carrying amount if the 2024 revenue projections, or comparable peer revenue multiple, would be decreased by approximately 50% or became 3.0x, respectively, with the latter assessed by the directors and management as the sole reasonably possible change that could cause the carrying amount of the ZigZag CGU to exceed its recoverable amount. ShipUp The recoverable amount of the ShipUp CGU has been determined based on the fair value less cost of disposal of the underlying assets, which has been based on a market approach utilizing transaction multiples of companies operating in the same industry as ShipUp, calculated as enterprise value divided by actual revenue. Taking into consideration that ShipUp is a start-up, operating at a loss until March 31, 2024, management deemed the revenue multiple as the key valuation metric. The implied median revenue multiple for the comparable transactions is approximately 7.3x, when the values for the comparable transactions ranged from 4.0x to 12.7x resulting in a derived recoverable amount that exceeded the carrying amount by EUR1.0 million, with the percentage by which the ShipUp recoverable amount exceeded the carrying value being 3%. The sensitivity analysis for ShipUp showed that the recoverable amount would equate the carrying amount if the revenue multiple of comparable transactions of companies became 7.1x, which the directors and management have assessed as the sole reasonably possible change that could cause the carrying amount of the ShipUp CGU to exceed its recoverable amount. Trademarks As part of the business combinations in 2012, when Silver Lake and Partners Group acquired Global Blue Group, and in 2016, when Global Blue acquired Currency Select, new intangibles were identified and defined as trademarks. The fair value of trademarks was determined by calculating their value-in-use with the "Relief from Royalty" method; the assets will be fully amortized by July 2032. During the financial year ended March 31, 2024, the “Currency Select” trademark that was recognized in 2016 and historically used to conduct Payments operations mainly in Australia, was fully impaired following the decision of the Group to replace it with the main Global Blue brand; the corresponding EUR1.2 million impairment loss was recognized in the income statement. No impairment tests have been performed for trademarks with definite useful life as there were no impairment indicators identified. Customer Relationships As part of the ShipUp acquisition during the financial year ended March 31, 2023, the Group identified customer relationships as a separate intangible asset with a EUR4.5 million fair value. These comprise of different types of customers, categorized based on revenue and geographical footprint or services offered. The expected economic life for the customer relationships is 20 years, and these will be fully amortized by October 2042. No impairment tests have been performed for customer relationships as there were no impairment indicators identified. Cost to fulfill customer contracts The cost to fulfill customer contracts includes mainly IT-related costs incurred by the Group to fulfill its obligations under certain TFS contracts; fulfillment costs are amortized as long as a service is being rendered over the TFS contract period. Other intangible assets Other intangibles include licenses acquired and software purchased from external parties. Software Software consists of IT software internally developed for TFS and Payments businesses and the PPS software, that has been acquired within the framework of the ZigZag, Yocuda, and ShipUp acquisitions, with an initial fair value of EUR5.2 million, EUR1.2 million, and EUR2.7 million respectively. All three PPS platforms are being amortized over a 5-year period. For the financial year ended March 31, 2024 total capitalized software development expenditure amounted to EUR33.7 million ( EUR25.7 million for the financial year ended March 31, 2023 ) out of the total development costs incurred o f EUR60.1 million (EUR51.2 million for the financial year ended March 31, 2023 ). |
Interests in other entities
Interests in other entities | 12 Months Ended |
Mar. 31, 2024 | |
Interests In Other Entities [Abstract] | |
Interests in other entities | Interests in other entities Joint ventures and associates The Group holds interests in joint ventures and associates that are individually not material. (EUR thousand) As of March 31 2024 2023 2022 Aggregate carrying amount of individually immaterial joint ventures and associates 150 230 2,650 Aggregate amount of the Group's share of: Loss from continuing operations (63) (111) (720) Other comprehensive loss (17) — — Total comprehensive loss (80) (111) (720) As of March 31, 2024 the net book value of loans granted by the Group to joint ventures and associates is EUR0.8 million (EUR0.1 million as of March 31, 2023). Other investments Other investments represent equity securities not held for trading, are comprised of minority shares in technology companies active in the post-purchase solutions domain, with subsequent changes in fair value recognized through other comprehensive income. (EUR thousand) For the financial year ended March 31 2024 2023 2022 Opening balance as of April 1 7,051 3,881 753 Additions 490 2,000 3,878 Fair value adjustment (2,546) 1,343 150 Derecognition due to step acquisition — — (900) Reclassification to joint ventures and associates — (173) — Closing balance as of March 31 4,995 7,051 3,881 Non-controlling interests represent the participating interests of third parties in the Group's equity and are comprised of the following Group entities: (EUR thousand) As of March 31 Non-controlling interests 2024 2023 2022 Global Blue TFS Japan Co Ltd 7,397 4,555 3,180 Global Blue Lebanon SAL (14) 107 299 Global Blue Touristik Hizmetler A.Ş. 964 1,302 713 Bahama’s VAT Refund Ltd 76 — — Global Blue Russia AO — — 1,153 Global Blue Russia Holdings B.V. — — 349 Global Blue Pazarlama Destek ve Teknoloji Hizmetleri A.S (16) 6 38 Total Non-controlling interests 8,407 5,970 5,732 Summarized financial information on subsidiaries with material non-controlling interest Set out below is the summarized financial information for each subsidiary that has a non-controlling interest that is deemed material for the Group. (EUR thousand) Global Blue Global Blue Turistik Hizmetler A.Ş. As of March 31 2024 2023 2024 2023 Current Assets 52,936 16,327 4,718 5,493 Liabilities 40,863 17,976 4,135 4,221 Total current net assets / (liabilities) 12,073 (1,649) 583 1,272 Non- current Assets 3,196 10,951 1,089 1,329 Liabilities 11 13 521 600 Total non-current net assets 3,185 10,938 568 729 Net assets 15,258 9,289 1,151 2,001 (EUR thousand) Global Blue Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2024 2023 2022 2024 2023 2022 Revenue 25,665 10,076 3,384 4,972 5,351 3,452 Profit / (loss) for the year 12,410 3,249 (1,320) 2,463 3,093 2,067 (EUR thousand) Global Blue TFS Japan Co. Ltd. Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2024 2023 2022 2024 2023 2022 Net increase / (decrease) in cash and cash equivalents 4,580 7,954 (23) (700) 420 721 |
Other non-current financial ass
Other non-current financial assets | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other non-current financial assets | Other non-current financial assets (EUR thousand) For the financial year ended March 31 Other non-current financial assets 2024 2023 Collateral for lease and other agreements 11,828 11,774 Pledged asset for endowment insurance 2,512 2,433 Collateral for Bank Guarantees 1,560 — Total 15,900 14,207 The pledged asset for endowment insurance is related to agreements with two former employees in Sweden, within the framework of supplementary pensions for salaried employees secured by insurance policies with external providers and reported as defined contribution plan. The Group paid a lump sum to the insurance company and pledged it in its entirety for the benefit of the two employees; the asset is reported as a financial asset under other non-current financial assets, whereas the corresponding commitment is reported as other non-current financial liability (refer to Note 27). The asset is remeasured at fair value, and these agreements do not meet the definition of a pension plan. Global Blue made no payments during the fiscal year ended March 31, 2024 and does not have any further payment obligations as the beneficiaries are only due the value of the pledged asset, for example if the value goes up they will receive more, if it goes down they will receive less. |
Trade receivables
Trade receivables | 12 Months Ended |
Mar. 31, 2024 | |
Trade and other receivables [abstract] | |
Trade receivables | Trade receivables The tables below detail the trade receivables balances as of March 31, 2024 and March 31, 2023: As of March 31, 2024 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 182,567 65,239 4,548 252,354 Less: Loss allowance (3,957) — (170) (4,127) Total 178,610 65,239 4,378 248,227 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 143,706 61,126 2,957 207,789 Trade receivables overdue: Up to 3 months 32,289 4,110 1,070 37,469 3 months - 6 months 1,744 — 120 1,864 More than 6 months 871 3 231 1,105 Total 178,610 65,239 4,378 248,227 As of March 31, 2023 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 151,790 38,065 3,676 193,531 Less: Loss allowance (1,889) — (173) (2,062) Total 149,901 38,065 3,503 191,469 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 122,895 30,949 1,434 155,278 Trade receivables overdue: Up to 3 months 23,379 7,113 1,086 31,578 3 months - 6 months 958 — 537 1,495 More than 6 months 2,669 3 446 3,118 Total 149,901 38,065 3,503 191,469 Trade receivables overdue relate to a number of independent customers for whom there is no recent history of defaults. On January 26, 2024, KaDeWe (a departments-store chain based in Germany) filed a petition for the opening of insolvency proceedings over its assets with the Local Court of Berlin-Charlottenburg; by court order dated January 29, 2024, the Local Court of Berlin-Charlottenburg thereupon ordered the preliminary self-administration, and appointed a preliminary custodian. Global Blue has outstanding receivables of EUR3.3 million arising from refunds to foreign travelers, which Global Blue has made on behalf of KaDeWe prior to January 29, 2024. As of March 31, 2024 the Group recognized a corresponding expected credit loss amounting to EUR3.0 million. The fair value of trade receivables approximates the carrying amount, net of the expected credit losses. The table below details the movements of the expected credit losses of trade receivables: (EUR thousand) For the financial year ended March 31 Movements of the expected credit losses of trade receivables 2024 2023 Opening balance at April 1 (2,062) (2,128) Income statement charge for the year (3,763) (614) Write-offs 236 142 Reversal of unused amounts 1,424 510 Exchange differences 38 28 Closing balance at March 31 (4,127) (2,062) The recognition and release of expected credit losses for impaired trade receivables have been included in operating expenses in the income statement. Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash. The maximum exposure to credit risk at the reporting date is the carrying value of trade receivables and it is managed by each business unit based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. (EUR thousand) As of March 31 Other current receivables 2024 2023 Input VAT 11,017 11,434 Payment solutions receivables 20,760 10,327 Advances and deposits 7,861 3,903 Withholding taxes 1,980 3,064 Government grants 1,290 1,260 Derivative financial instruments 1,684 107 Other current receivables 4,322 1,274 Total 48,914 31,369 Payment solutions receivables include acquirer settlements (financial institutions that process credit or debit card payments on behalf of a merchant) for which cash was not yet received at year end; the balance increased mainly due to the fact that March 31, 2024 was a Sunday, whereas March 31, 2023 was a Friday. The derivative financial instruments represents the fair value as of March 31, 2024 of the Interest Rate Swap entered by the Group during the financial year ended March 31, 2024 and aimed to reduce the Group’s exposure to the risks posed by interest rate volatility. |
Other current receivables
Other current receivables | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current receivables | Trade receivables The tables below detail the trade receivables balances as of March 31, 2024 and March 31, 2023: As of March 31, 2024 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 182,567 65,239 4,548 252,354 Less: Loss allowance (3,957) — (170) (4,127) Total 178,610 65,239 4,378 248,227 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 143,706 61,126 2,957 207,789 Trade receivables overdue: Up to 3 months 32,289 4,110 1,070 37,469 3 months - 6 months 1,744 — 120 1,864 More than 6 months 871 3 231 1,105 Total 178,610 65,239 4,378 248,227 As of March 31, 2023 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 151,790 38,065 3,676 193,531 Less: Loss allowance (1,889) — (173) (2,062) Total 149,901 38,065 3,503 191,469 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 122,895 30,949 1,434 155,278 Trade receivables overdue: Up to 3 months 23,379 7,113 1,086 31,578 3 months - 6 months 958 — 537 1,495 More than 6 months 2,669 3 446 3,118 Total 149,901 38,065 3,503 191,469 Trade receivables overdue relate to a number of independent customers for whom there is no recent history of defaults. On January 26, 2024, KaDeWe (a departments-store chain based in Germany) filed a petition for the opening of insolvency proceedings over its assets with the Local Court of Berlin-Charlottenburg; by court order dated January 29, 2024, the Local Court of Berlin-Charlottenburg thereupon ordered the preliminary self-administration, and appointed a preliminary custodian. Global Blue has outstanding receivables of EUR3.3 million arising from refunds to foreign travelers, which Global Blue has made on behalf of KaDeWe prior to January 29, 2024. As of March 31, 2024 the Group recognized a corresponding expected credit loss amounting to EUR3.0 million. The fair value of trade receivables approximates the carrying amount, net of the expected credit losses. The table below details the movements of the expected credit losses of trade receivables: (EUR thousand) For the financial year ended March 31 Movements of the expected credit losses of trade receivables 2024 2023 Opening balance at April 1 (2,062) (2,128) Income statement charge for the year (3,763) (614) Write-offs 236 142 Reversal of unused amounts 1,424 510 Exchange differences 38 28 Closing balance at March 31 (4,127) (2,062) The recognition and release of expected credit losses for impaired trade receivables have been included in operating expenses in the income statement. Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash. The maximum exposure to credit risk at the reporting date is the carrying value of trade receivables and it is managed by each business unit based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. (EUR thousand) As of March 31 Other current receivables 2024 2023 Input VAT 11,017 11,434 Payment solutions receivables 20,760 10,327 Advances and deposits 7,861 3,903 Withholding taxes 1,980 3,064 Government grants 1,290 1,260 Derivative financial instruments 1,684 107 Other current receivables 4,322 1,274 Total 48,914 31,369 Payment solutions receivables include acquirer settlements (financial institutions that process credit or debit card payments on behalf of a merchant) for which cash was not yet received at year end; the balance increased mainly due to the fact that March 31, 2024 was a Sunday, whereas March 31, 2023 was a Friday. The derivative financial instruments represents the fair value as of March 31, 2024 of the Interest Rate Swap entered by the Group during the financial year ended March 31, 2024 and aimed to reduce the Group’s exposure to the risks posed by interest rate volatility. |
Prepaid expenses
Prepaid expenses | 12 Months Ended |
Mar. 31, 2024 | |
Analysis of income and expense [abstract] | |
Prepaid expenses | Prepaid expenses (EUR thousand) As of March 31 Prepaid expenses 2024 2023 Office and IT-related 4,434 3,217 Contracts with customers 339 949 Insurance 388 368 Other 1,601 1,052 Total 6,762 5,586 |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Mar. 31, 2024 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash and bank accounts and are payable on demand. The bank accounts earn interest at various rates which differ by account. (EUR thousand) As of March 31 Cash and cash equivalents 2024 2023 Cash and bank balances 87,341 128,531 Deposits 121 112,015 Total 87,462 240,546 The fair value of cash and cash equivalents approximates its carrying value due to its short term nature. In relation to pledges of cash-on-hand, as these are solely related to the SFA, please refer to Note 26. |
Issued capital and reserves
Issued capital and reserves | 12 Months Ended |
Mar. 31, 2024 | |
Issued capital [abstract] | |
Issued capital and reserves | Issued capital and reserves Number of shares authorized and issued For the financial year ended March 31, 2024 Number of shares Ordinary shares Preference shares A Preference shares B Total Opening balance as of April 1, 2023 201,226,883 17,684,377 21,176,470 240,087,730 Issuance of share capital Global Blue Group Holding A.G. 9,090,909 — — 9,090,909 Issuance of preference shares B to CK Opportunities Wolverine Sarl (Dividend) — — 847,059 847,059 Closing balance as of March 31, 2024 210,317,792 17,684,377 22,023,529 250,025,698 During the financial year ended March 31, 2024, 9,090,909 ordinary shares were issued in the Company based on the investment agreement with Tencent Mobility Limited (“Tencent”). Tencent subscribed for and purchased the aforementioned shares for EUR45.7 million (USD50.0 million). The transaction costs and stamp duties amounting to EUR3.6 million were deducted from other reserves in equity. During the financial year ended March 31, 2024, 847,059 series B preference shares, convertible into common shares, were issued by the Company and transferred to CK Opportunities Wolverine Sarl (“Certares”), in relation to the dividend-in-kind approved by the Company’s September 14, 2023 shareholders meeting. For the financial year ended March 31, 2023 Number of shares Ordinary shares Preference shares A Preference shares B Total Opening balance as of April 1, 2022 192,534,962 17,788,512 — 210,323,474 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 Cancellation of preference shares by Global Blue Group Holding A.G. — (104,135) — (104,135) Closing balance as of March 31, 2023 201,226,883 17,684,377 21,176,470 240,087,730 During the financial year ended March 31, 2023, 8,587,786 ordinary shares and 21,176,470 series B preference shares, convertible into ordinary shares, were issued in the parent company based on the investment agreement with Certares. Certares subscribed for and received the aforementioned issued shares for EUR215.2 million (USD225.0 million). The transaction costs and stamp duties amounting to EUR4.9 million were deducted from other reserves in equity. During the financial year ended March 31, 2023, 104,135 ordinary shares were issued in the parent company and held in the custody of Global Blue Group II GmbH; and 104,135 series A preference shares were cancelled in the parent company and the reduction amount was allocated to the share premium. For the financial year ended March 31, 2022 Number of shares Ordinary shares Preference shares A Total Opening balance as of April 1, 2021 187,534,962 23,717,989 211,252,951 Issuance of treasury shares by Global Blue Group Holding A.G. 5,000,000 — 5,000,000 Cancellation of preference shares by Global Blue Group Holding A.G. — (5,929,477) (5,929,477) Closing balance as of March 31, 2022 192,534,962 17,788,512 210,323,474 During the financial year ended March 31, 2022, 5,000,000 ordinary shares were issued in the parent company and held as treasury shares by Global Blue Group II GmbH solely to be issued to management in connection with the approved Management Incentive Plans; and 5,929,477 series A preference shares were cancelled in the parent company and the reduction amount was allocated to the share premium. Treasury shares For the financial year ended March 31, 2024 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 (114) (3) (117) Vested RSA shares (628,045) — (628,045) 6 — 6 Closing balance as of March 31, 2024 10,743,091 236 10,743,327 (108) (3) (111) During the financial year ended March 31, 2024, 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 were transferred to the corresponding employees. The shares were transferred out of the treasury shares held in custody of Global Blue Group II GmbH. For the financial year ended March 31, 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, 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) Acquisition of treasury shares as at Vested RSA shares (538,044) — (538,044) 5 — 5 Acquisition of treasury shares as at Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (1,189,977) — (1,189,977) 9,179 — 9,179 Cancellation of preference shares A by Global Blue Group Holding A.G. — (104,135) (104,135) — 879 879 Acquisition of treasury shares 4 — 4 — — — Closing balance as of March 31, 2023 11,371,136 236 11,371,372 (114) (3) (117) During the financial year ended March 31, 2023, 104,135 ordinary shares were issued in the parent company and held initially in the custody of Global Blue Group II GmbH; and 538,044 ordinary shares vested and were transferred to the employees under the Company’s Restricted Share Award program. The shares were transferred out of the treasury shares held in custody of Global Blue Group II GmbH. During the financial year ended March 31, 2023 1,189,977 ordinary shares were allocated by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) to other employees, ex-employees and members of management; and 104,135 preference A shares were cancelled in the Company and the reduction amount was allocated to the general reserve For the financial year ended March 31, 2022 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares Total Ordinary Preference shares Total Opening balance as of April 1, 2021 8,051,569 138,846 8,190,415 (8,877) (1,246) (10,123) Conversion of shares 34,711 (34,711) — (366) 366 — Acquisition of treasury shares 5,001,217 236 5,001,453 (55) (2) (57) Vested RSA shares March 2022 (92,479) — (92,479) 1 — 1 Closing balance as of March 31, 2022 12,995,018 104,371 13,099,389 (9,297) (882) (10,179) During the financial year ended March 31, 2022, 1,217 ordinary and 236 preference shares were acquired from a former board member and held as treasury shares by Global Blue Group II GmbH, while 92,479 ordinary shares vested and were transferred to the employees under the Company’s Restricted Share Award program. The shares were transferred out of the treasury shares held in custody of Global Blue Group II GmbH. Shareholders of Global Blue Group Holding AG as of March 31, 2024 Ordinary shares Preference shares Total Ownership (3) Warrants Silver Lake and Affiliates (1) 91,230,811 11,970,487 103,201,298 43.1 % 6,548,415 Partners Group and Affiliates (2) 37,642,705 4,939,137 42,581,842 17.8 % 2,701,935 CK Opportunities Wolverine Sarl 9,286,969 22,023,529 31,310,498 13.1 % — Tencent Mobility Limited 18,181,818 — 18,181,818 7.6 % — Ant Group 12,500,000 — 12,500,000 5.2 % — GB Directors, Executive Management & Other Employees 8,721,599 774,517 9,496,116 4.0 % 516,317 Other Shareholders 22,010,799 — 22,010,799 9.2 % 20,969,283 Total excl. instruments held by the Group 199,574,701 39,707,670 239,282,371 100.0 % 30,735,950 Treasury shares 10,743,091 236 10,743,327 — Total incl. instruments held by the Group 210,317,792 39,707,906 250,025,698 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 Shareholders of Global Blue Group Holding AG as of March 31, 2022 Ordinary shares Preference shares Total Ownership (3) Warrants Silver Lake and Affiliates (1) 97,258,598 11,970,487 109,229,085 55.1% 6,548,415 Partners Group and Affiliates (2) 40,129,828 4,939,137 45,068,965 22.7 % 2,701,935 Ant Group 12,500,000 — 12,500,000 6.3 % — GB Directors, Executive Management & Other Employees 9,198,164 878,652 10,076,816 5.1 % 516,317 Other Shareholders 21,539,634 — 21,539,634 10.9 % 20,969,283 Total excl. instruments held by the Group 180,626,224 17,788,276 198,414,500 100.0 % 30,735,950 Treasury shares 11,908,738 236 11,908,974 — Total incl. instruments held by the Group 192,534,962 17,788,512 210,323,474 30,735,950 (1) - Corresponds to SL Globetrotter L.P. (2) - Corresponds to Global Blue Holding LP (which is controlled by Silver Lake) and shares directly held by Partners Group (3) - Excludes Treasury Shares Global Blue Group Holding AG, an holding company incorporated in December 2019, became the ultimate parent of the Group as of August 28, 2020, as part of a capital reorganization; during the reorganization additional shares were issued with the increase of the share premium. Ordinary shares Holders of ordinary shares are entitled to dividends and are entitled to one vote per share at general meetings of the Company. From the financial year ended March 31, 2026 the preferential dividend will have to be first approved before approval of a dividend for ordinary shares to be granted. For the financial year ended March 31, 2024, there was no change in the conditions for the ordinary shares; please refer to Note 22 for details. Preference shares Preference shares Series A Holders of these shares are entitled to dividends and are entitled to one vote per share at general meetings of the Company. In addition, the holders are entitled to preferential dividends beginning in the financial year ending March 31, 2026, at a rate of 8% with an increase by 1% each year thereafter. Given that no preference dividend is owed to Series A holders and no preference dividend has currently been approved by shareholders, no adjustment has been made to basic earnings per share related to the Series A preferred shares. Based on the terms of the Series A preference shares, management has determined that they should be classified as equity. Put Option Preference shares can be exchanged 1:1 for ordinary shares at any time at the shareholder´s election. The exchange will take place no earlier than 25 days, and no later than 65 days after the exercise of the put option. Call Option The Company can exercise a call option with 20 days’ notice to exchange the Series A preference shares 1:1 for ordinary shares. The call option can only be exercised if (i) the 30-day Volume-Weighted Average Price (“VWAP”) of the ordinary shares is at least USD18.00 per share and (ii) no blackout or lockup is in effect. Redemption The Company may redeem the Series A preference shares for cash or ordinary shares at the shareholder’s election on or after August 28, 2025 or on a change of control (if earlier). The redemption right can only be exercised if the 30-day VWAP of the ordinary shares is at least USD10.00 or the value attributable on such change of control is USD10.00. Liquidation Each holder of preference shares is entitled to a priority share of the liquidation proceeds up to USD10.00. The remainder is distributed to the holders of the ordinary shares. For the financial year ended March 31, 2024, there was no change in the conditions for the Put/Call Options, redemption or liquidation of the Series A preference shares. Preference shares Series B During the financial year ended March 31, 2023, 21,176,470 preference shares Series B (“Series B shares”) were issued based on the investment agreement with CK Opportunities Wolverine Sarl (“Certares”), and these shares have the same voting and other rights as the ordinary shares. The holders of these shares are entitled to a non-cumulative dividend compounded annually and paid in kind, in the form of newly-issued preference shares in an amount equal to 5% of the number of preference shares, less any converted already and to be cancelled; this dividend is subject to the Board of Directors’ (the “Board”) and shareholders’ approval. During the financial year ended March 31, 2024, 847,059 Series B shares were issued by the Company and transferred to Certares, in relation to the dividend-in-kind approved by the Company’s September 14, 2023 shareholders meeting. In addition, the holders of these shares are entitled to the same dividend or distributions as on the ordinary shares, if approved by the general meeting, calculated as if the preferred shares had been converted into ordinary shares. Based on the terms of the Series B preference shares, management has determined that they should be classified as equity. Call Option The Company has the right to exercise entirely at its discretion a call option on or after June 13, 2027. The Company has the discretion to redeem the options in cash or to convert to ordinary shares on a 1:1 ratio. Put Option Upon a change of control, Certares has the right to: • convert the Series B preference shares into ordinary shares on a cashless basis on a 1:1 ratio; or • in the event of a tender offer or other change of control transaction, Certares must receive the same offer as Silver Lake and the other holders unless the Company or another shareholder makes Certares an equivalent offer. The Company has the option and not an obligation to make an equivalent offer to Certares. Conversion right The Series B preference shares may be converted into ordinary shares at any time at the election of Certares from six months after the closing date. Forced conversion The Company has the right to acquire all or any portion of the Series B preference shares in exchange for ordinary shares. This can be exercised entirely at the discretion of the Company on or after the June 13, 2023 if the 40 days VWAP of the ordinary shares is at least USD6.80 per share or on a change of control. Redemption The Series B preference shares are only redeemable at the Company’s option. Liquidation Each holder of Series B preference shares is entitled to receive a liquidation preference dividend equal to the higher of USD8.50 and the amount that such preferred share would have received had it been converted into an ordinary share immediately prior to the liquidation. Warrants As part of the reorganization and listing, 21,083,307 public warrants and 9,766,667 private warrants were issued for a total number of warrants (“Warrants”) of 30,849,974 at a fair value of EUR20.2 million. The Warrants were issued in exchange for services provided by FPAC at the date of the merger. The Warrants were accounted for in accordance with IAS 32 as liability and were measured at the fair value of the equity instrument granted. As of March 31, 2024, 30,735,950 warrants are outstanding; please refer to Note 31 for details of the movement in the number of warrants during the period. For the financial year ended March 31, 2024, there was no change in the conditions for the Warrants; please refer to Note 4 and Note 31 for details. The conditions for the Warrants are as listed below: Public Warrants Exercisability of Public Warrants The public warrants became exercisable on September 30, 2020 (30 days after the closing), and expire on August 31, 2025 (the fifth anniversary of the closing). Exercise Price The public warrants represent the right to purchase one of the Company’s shares at a price of USD11.50 per share. Adjustment The exercise price and the number of the Company’s shares issuable on exercise of the public warrants will be adjusted in certain circumstances, including in the event of a share dividend, extraordinary dividend or the Company’s recapitalization, reorganization, merger or consolidation. Fractional Shares No fractional shares will be issued upon exercise of the public warrants (rounding shall be down to the nearest whole number of the Company Shares). Redemption By contrast, the Company may call the public warrants for redemption in certain circumstances where the closing price of the shares equals or exceeds USD18.00. The Company may only call public warrants for redemption: • in whole and not in part; • at a price of USD0.01 per warrant; • upon not less than 30 days’ prior written notice of redemption to each warrant holder. If the Company calls the public warrants for redemption as described above, it will have the option to require any holder that wishes to exercise its public warrant prior to such redemption to do so on a “cashless basis.” Other The public warrants may be amended with the approval of at least 50% of the then outstanding public warrants to make any other change that adversely affects the interests of the Warrant holders. The Warrant holders do not have the rights or privileges of holders of the Company´s shares or any voting rights until they exercise their public warrants and receive the Company´s shares. Private Warrants Private-placement warrants have terms and provisions that are identical to those of the public warrants that become the Company Warrants described above, including as to exercise price, exercisability and exercise period, and adjustment. However, the private warrants will not be redeemable and may be exercised on a cashless basis. The private warrants are transferable (and have been transferable since they became exercisable on September 30, 2020). Open Market Trades, Block Trades or Public Offerings of private warrants shall be carried out pursuant to the registration statement that has been declared effective by the SEC, together with any required supplementary disclosure or prospectus at the time. |
Shareholders of Global Blue Gro
Shareholders of Global Blue Group Holding AG | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure Of Shareholders Of Global Blue Group AG [Abstract] | |
Shareholders of Global Blue Group Holding AG | Issued capital and reserves Number of shares authorized and issued For the financial year ended March 31, 2024 Number of shares Ordinary shares Preference shares A Preference shares B Total Opening balance as of April 1, 2023 201,226,883 17,684,377 21,176,470 240,087,730 Issuance of share capital Global Blue Group Holding A.G. 9,090,909 — — 9,090,909 Issuance of preference shares B to CK Opportunities Wolverine Sarl (Dividend) — — 847,059 847,059 Closing balance as of March 31, 2024 210,317,792 17,684,377 22,023,529 250,025,698 During the financial year ended March 31, 2024, 9,090,909 ordinary shares were issued in the Company based on the investment agreement with Tencent Mobility Limited (“Tencent”). Tencent subscribed for and purchased the aforementioned shares for EUR45.7 million (USD50.0 million). The transaction costs and stamp duties amounting to EUR3.6 million were deducted from other reserves in equity. During the financial year ended March 31, 2024, 847,059 series B preference shares, convertible into common shares, were issued by the Company and transferred to CK Opportunities Wolverine Sarl (“Certares”), in relation to the dividend-in-kind approved by the Company’s September 14, 2023 shareholders meeting. For the financial year ended March 31, 2023 Number of shares Ordinary shares Preference shares A Preference shares B Total Opening balance as of April 1, 2022 192,534,962 17,788,512 — 210,323,474 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 Cancellation of preference shares by Global Blue Group Holding A.G. — (104,135) — (104,135) Closing balance as of March 31, 2023 201,226,883 17,684,377 21,176,470 240,087,730 During the financial year ended March 31, 2023, 8,587,786 ordinary shares and 21,176,470 series B preference shares, convertible into ordinary shares, were issued in the parent company based on the investment agreement with Certares. Certares subscribed for and received the aforementioned issued shares for EUR215.2 million (USD225.0 million). The transaction costs and stamp duties amounting to EUR4.9 million were deducted from other reserves in equity. During the financial year ended March 31, 2023, 104,135 ordinary shares were issued in the parent company and held in the custody of Global Blue Group II GmbH; and 104,135 series A preference shares were cancelled in the parent company and the reduction amount was allocated to the share premium. For the financial year ended March 31, 2022 Number of shares Ordinary shares Preference shares A Total Opening balance as of April 1, 2021 187,534,962 23,717,989 211,252,951 Issuance of treasury shares by Global Blue Group Holding A.G. 5,000,000 — 5,000,000 Cancellation of preference shares by Global Blue Group Holding A.G. — (5,929,477) (5,929,477) Closing balance as of March 31, 2022 192,534,962 17,788,512 210,323,474 During the financial year ended March 31, 2022, 5,000,000 ordinary shares were issued in the parent company and held as treasury shares by Global Blue Group II GmbH solely to be issued to management in connection with the approved Management Incentive Plans; and 5,929,477 series A preference shares were cancelled in the parent company and the reduction amount was allocated to the share premium. Treasury shares For the financial year ended March 31, 2024 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 (114) (3) (117) Vested RSA shares (628,045) — (628,045) 6 — 6 Closing balance as of March 31, 2024 10,743,091 236 10,743,327 (108) (3) (111) During the financial year ended March 31, 2024, 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 were transferred to the corresponding employees. The shares were transferred out of the treasury shares held in custody of Global Blue Group II GmbH. For the financial year ended March 31, 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, 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) Acquisition of treasury shares as at Vested RSA shares (538,044) — (538,044) 5 — 5 Acquisition of treasury shares as at Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (1,189,977) — (1,189,977) 9,179 — 9,179 Cancellation of preference shares A by Global Blue Group Holding A.G. — (104,135) (104,135) — 879 879 Acquisition of treasury shares 4 — 4 — — — Closing balance as of March 31, 2023 11,371,136 236 11,371,372 (114) (3) (117) During the financial year ended March 31, 2023, 104,135 ordinary shares were issued in the parent company and held initially in the custody of Global Blue Group II GmbH; and 538,044 ordinary shares vested and were transferred to the employees under the Company’s Restricted Share Award program. The shares were transferred out of the treasury shares held in custody of Global Blue Group II GmbH. During the financial year ended March 31, 2023 1,189,977 ordinary shares were allocated by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) to other employees, ex-employees and members of management; and 104,135 preference A shares were cancelled in the Company and the reduction amount was allocated to the general reserve For the financial year ended March 31, 2022 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares Total Ordinary Preference shares Total Opening balance as of April 1, 2021 8,051,569 138,846 8,190,415 (8,877) (1,246) (10,123) Conversion of shares 34,711 (34,711) — (366) 366 — Acquisition of treasury shares 5,001,217 236 5,001,453 (55) (2) (57) Vested RSA shares March 2022 (92,479) — (92,479) 1 — 1 Closing balance as of March 31, 2022 12,995,018 104,371 13,099,389 (9,297) (882) (10,179) During the financial year ended March 31, 2022, 1,217 ordinary and 236 preference shares were acquired from a former board member and held as treasury shares by Global Blue Group II GmbH, while 92,479 ordinary shares vested and were transferred to the employees under the Company’s Restricted Share Award program. The shares were transferred out of the treasury shares held in custody of Global Blue Group II GmbH. Shareholders of Global Blue Group Holding AG as of March 31, 2024 Ordinary shares Preference shares Total Ownership (3) Warrants Silver Lake and Affiliates (1) 91,230,811 11,970,487 103,201,298 43.1 % 6,548,415 Partners Group and Affiliates (2) 37,642,705 4,939,137 42,581,842 17.8 % 2,701,935 CK Opportunities Wolverine Sarl 9,286,969 22,023,529 31,310,498 13.1 % — Tencent Mobility Limited 18,181,818 — 18,181,818 7.6 % — Ant Group 12,500,000 — 12,500,000 5.2 % — GB Directors, Executive Management & Other Employees 8,721,599 774,517 9,496,116 4.0 % 516,317 Other Shareholders 22,010,799 — 22,010,799 9.2 % 20,969,283 Total excl. instruments held by the Group 199,574,701 39,707,670 239,282,371 100.0 % 30,735,950 Treasury shares 10,743,091 236 10,743,327 — Total incl. instruments held by the Group 210,317,792 39,707,906 250,025,698 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 Shareholders of Global Blue Group Holding AG as of March 31, 2022 Ordinary shares Preference shares Total Ownership (3) Warrants Silver Lake and Affiliates (1) 97,258,598 11,970,487 109,229,085 55.1% 6,548,415 Partners Group and Affiliates (2) 40,129,828 4,939,137 45,068,965 22.7 % 2,701,935 Ant Group 12,500,000 — 12,500,000 6.3 % — GB Directors, Executive Management & Other Employees 9,198,164 878,652 10,076,816 5.1 % 516,317 Other Shareholders 21,539,634 — 21,539,634 10.9 % 20,969,283 Total excl. instruments held by the Group 180,626,224 17,788,276 198,414,500 100.0 % 30,735,950 Treasury shares 11,908,738 236 11,908,974 — Total incl. instruments held by the Group 192,534,962 17,788,512 210,323,474 30,735,950 (1) - Corresponds to SL Globetrotter L.P. (2) - Corresponds to Global Blue Holding LP (which is controlled by Silver Lake) and shares directly held by Partners Group (3) - Excludes Treasury Shares Global Blue Group Holding AG, an holding company incorporated in December 2019, became the ultimate parent of the Group as of August 28, 2020, as part of a capital reorganization; during the reorganization additional shares were issued with the increase of the share premium. Ordinary shares Holders of ordinary shares are entitled to dividends and are entitled to one vote per share at general meetings of the Company. From the financial year ended March 31, 2026 the preferential dividend will have to be first approved before approval of a dividend for ordinary shares to be granted. For the financial year ended March 31, 2024, there was no change in the conditions for the ordinary shares; please refer to Note 22 for details. Preference shares Preference shares Series A Holders of these shares are entitled to dividends and are entitled to one vote per share at general meetings of the Company. In addition, the holders are entitled to preferential dividends beginning in the financial year ending March 31, 2026, at a rate of 8% with an increase by 1% each year thereafter. Given that no preference dividend is owed to Series A holders and no preference dividend has currently been approved by shareholders, no adjustment has been made to basic earnings per share related to the Series A preferred shares. Based on the terms of the Series A preference shares, management has determined that they should be classified as equity. Put Option Preference shares can be exchanged 1:1 for ordinary shares at any time at the shareholder´s election. The exchange will take place no earlier than 25 days, and no later than 65 days after the exercise of the put option. Call Option The Company can exercise a call option with 20 days’ notice to exchange the Series A preference shares 1:1 for ordinary shares. The call option can only be exercised if (i) the 30-day Volume-Weighted Average Price (“VWAP”) of the ordinary shares is at least USD18.00 per share and (ii) no blackout or lockup is in effect. Redemption The Company may redeem the Series A preference shares for cash or ordinary shares at the shareholder’s election on or after August 28, 2025 or on a change of control (if earlier). The redemption right can only be exercised if the 30-day VWAP of the ordinary shares is at least USD10.00 or the value attributable on such change of control is USD10.00. Liquidation Each holder of preference shares is entitled to a priority share of the liquidation proceeds up to USD10.00. The remainder is distributed to the holders of the ordinary shares. For the financial year ended March 31, 2024, there was no change in the conditions for the Put/Call Options, redemption or liquidation of the Series A preference shares. Preference shares Series B During the financial year ended March 31, 2023, 21,176,470 preference shares Series B (“Series B shares”) were issued based on the investment agreement with CK Opportunities Wolverine Sarl (“Certares”), and these shares have the same voting and other rights as the ordinary shares. The holders of these shares are entitled to a non-cumulative dividend compounded annually and paid in kind, in the form of newly-issued preference shares in an amount equal to 5% of the number of preference shares, less any converted already and to be cancelled; this dividend is subject to the Board of Directors’ (the “Board”) and shareholders’ approval. During the financial year ended March 31, 2024, 847,059 Series B shares were issued by the Company and transferred to Certares, in relation to the dividend-in-kind approved by the Company’s September 14, 2023 shareholders meeting. In addition, the holders of these shares are entitled to the same dividend or distributions as on the ordinary shares, if approved by the general meeting, calculated as if the preferred shares had been converted into ordinary shares. Based on the terms of the Series B preference shares, management has determined that they should be classified as equity. Call Option The Company has the right to exercise entirely at its discretion a call option on or after June 13, 2027. The Company has the discretion to redeem the options in cash or to convert to ordinary shares on a 1:1 ratio. Put Option Upon a change of control, Certares has the right to: • convert the Series B preference shares into ordinary shares on a cashless basis on a 1:1 ratio; or • in the event of a tender offer or other change of control transaction, Certares must receive the same offer as Silver Lake and the other holders unless the Company or another shareholder makes Certares an equivalent offer. The Company has the option and not an obligation to make an equivalent offer to Certares. Conversion right The Series B preference shares may be converted into ordinary shares at any time at the election of Certares from six months after the closing date. Forced conversion The Company has the right to acquire all or any portion of the Series B preference shares in exchange for ordinary shares. This can be exercised entirely at the discretion of the Company on or after the June 13, 2023 if the 40 days VWAP of the ordinary shares is at least USD6.80 per share or on a change of control. Redemption The Series B preference shares are only redeemable at the Company’s option. Liquidation Each holder of Series B preference shares is entitled to receive a liquidation preference dividend equal to the higher of USD8.50 and the amount that such preferred share would have received had it been converted into an ordinary share immediately prior to the liquidation. Warrants As part of the reorganization and listing, 21,083,307 public warrants and 9,766,667 private warrants were issued for a total number of warrants (“Warrants”) of 30,849,974 at a fair value of EUR20.2 million. The Warrants were issued in exchange for services provided by FPAC at the date of the merger. The Warrants were accounted for in accordance with IAS 32 as liability and were measured at the fair value of the equity instrument granted. As of March 31, 2024, 30,735,950 warrants are outstanding; please refer to Note 31 for details of the movement in the number of warrants during the period. For the financial year ended March 31, 2024, there was no change in the conditions for the Warrants; please refer to Note 4 and Note 31 for details. The conditions for the Warrants are as listed below: Public Warrants Exercisability of Public Warrants The public warrants became exercisable on September 30, 2020 (30 days after the closing), and expire on August 31, 2025 (the fifth anniversary of the closing). Exercise Price The public warrants represent the right to purchase one of the Company’s shares at a price of USD11.50 per share. Adjustment The exercise price and the number of the Company’s shares issuable on exercise of the public warrants will be adjusted in certain circumstances, including in the event of a share dividend, extraordinary dividend or the Company’s recapitalization, reorganization, merger or consolidation. Fractional Shares No fractional shares will be issued upon exercise of the public warrants (rounding shall be down to the nearest whole number of the Company Shares). Redemption By contrast, the Company may call the public warrants for redemption in certain circumstances where the closing price of the shares equals or exceeds USD18.00. The Company may only call public warrants for redemption: • in whole and not in part; • at a price of USD0.01 per warrant; • upon not less than 30 days’ prior written notice of redemption to each warrant holder. If the Company calls the public warrants for redemption as described above, it will have the option to require any holder that wishes to exercise its public warrant prior to such redemption to do so on a “cashless basis.” Other The public warrants may be amended with the approval of at least 50% of the then outstanding public warrants to make any other change that adversely affects the interests of the Warrant holders. The Warrant holders do not have the rights or privileges of holders of the Company´s shares or any voting rights until they exercise their public warrants and receive the Company´s shares. Private Warrants Private-placement warrants have terms and provisions that are identical to those of the public warrants that become the Company Warrants described above, including as to exercise price, exercisability and exercise period, and adjustment. However, the private warrants will not be redeemable and may be exercised on a cashless basis. The private warrants are transferable (and have been transferable since they became exercisable on September 30, 2020). Open Market Trades, Block Trades or Public Offerings of private warrants shall be carried out pursuant to the registration statement that has been declared effective by the SEC, together with any required supplementary disclosure or prospectus at the time. |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Mar. 31, 2024 | |
Non-Controlling Interests [Abstract] | |
Non-controlling interests | Interests in other entities Joint ventures and associates The Group holds interests in joint ventures and associates that are individually not material. (EUR thousand) As of March 31 2024 2023 2022 Aggregate carrying amount of individually immaterial joint ventures and associates 150 230 2,650 Aggregate amount of the Group's share of: Loss from continuing operations (63) (111) (720) Other comprehensive loss (17) — — Total comprehensive loss (80) (111) (720) As of March 31, 2024 the net book value of loans granted by the Group to joint ventures and associates is EUR0.8 million (EUR0.1 million as of March 31, 2023). Other investments Other investments represent equity securities not held for trading, are comprised of minority shares in technology companies active in the post-purchase solutions domain, with subsequent changes in fair value recognized through other comprehensive income. (EUR thousand) For the financial year ended March 31 2024 2023 2022 Opening balance as of April 1 7,051 3,881 753 Additions 490 2,000 3,878 Fair value adjustment (2,546) 1,343 150 Derecognition due to step acquisition — — (900) Reclassification to joint ventures and associates — (173) — Closing balance as of March 31 4,995 7,051 3,881 Non-controlling interests represent the participating interests of third parties in the Group's equity and are comprised of the following Group entities: (EUR thousand) As of March 31 Non-controlling interests 2024 2023 2022 Global Blue TFS Japan Co Ltd 7,397 4,555 3,180 Global Blue Lebanon SAL (14) 107 299 Global Blue Touristik Hizmetler A.Ş. 964 1,302 713 Bahama’s VAT Refund Ltd 76 — — Global Blue Russia AO — — 1,153 Global Blue Russia Holdings B.V. — — 349 Global Blue Pazarlama Destek ve Teknoloji Hizmetleri A.S (16) 6 38 Total Non-controlling interests 8,407 5,970 5,732 Summarized financial information on subsidiaries with material non-controlling interest Set out below is the summarized financial information for each subsidiary that has a non-controlling interest that is deemed material for the Group. (EUR thousand) Global Blue Global Blue Turistik Hizmetler A.Ş. As of March 31 2024 2023 2024 2023 Current Assets 52,936 16,327 4,718 5,493 Liabilities 40,863 17,976 4,135 4,221 Total current net assets / (liabilities) 12,073 (1,649) 583 1,272 Non- current Assets 3,196 10,951 1,089 1,329 Liabilities 11 13 521 600 Total non-current net assets 3,185 10,938 568 729 Net assets 15,258 9,289 1,151 2,001 (EUR thousand) Global Blue Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2024 2023 2022 2024 2023 2022 Revenue 25,665 10,076 3,384 4,972 5,351 3,452 Profit / (loss) for the year 12,410 3,249 (1,320) 2,463 3,093 2,067 (EUR thousand) Global Blue TFS Japan Co. Ltd. Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2024 2023 2022 2024 2023 2022 Net increase / (decrease) in cash and cash equivalents 4,580 7,954 (23) (700) 420 721 |
Share-based payments transactio
Share-based payments transactions | 12 Months Ended |
Mar. 31, 2024 | |
Share-Based Payments Transactions [Abstract] | |
Share-based payments transactions | Share-based payment transactions As part of Global Blue’s Management Incentive Plan (“MIP”) the Board issued a series of equity grants in the form of Global Blue share options (SOP) and Global Blue restricted shares (RSA). Participation in these plans is at the Board’s discretion and subject to the consent of the individual receiving the grant. Equity settled share options - SOP Holders of share options once vested are granted the right to purchase the Company’s shares at the exercise price. On June 25, 2019, 0.5 million share options with an exercise price of USD10.59, were granted to employees of the Group, 50 percent with the vesting date being June 25, 2022 and 50 percent with the vesting date being June 25, 2024 (“SOP 2019”). On October 23, 2020, a total of 8 million share options were granted to employees of the Group with four tranches of options vesting on four respective vesting dates (“SOP 2020”), whereas within each of the four tranches, there are further four tranches of options with four different exercise prices, as below: Vesting date Total Share options granted (thousands) 05/03/2022 05/09/2022 05/09/2023 05/09/2024 US$8.50 971 324 647 647 2,589 US$10.50 822 274 548 548 2,192 US$12.50 673 224 448 448 1,793 US$14.50 523 175 349 349 1,396 Total 2,989 997 1,992 1,992 7,970 On September 14, 2022, the Nomination and Compensation Committee of the Board of Directors (the “NCC”) approved the second amendment of the CEO’s employment agreement dated August 31, 2020, as amended on February 24, 2022, making certain amendments to the CEO’s share-based compensation (“SOP 2020 CEO MOD”). The strike price of the existing SOP 2020 grant has been adjusted as set forth below, while all the other terms of the SOP 2020 remained unaffected. SOP 2020 CEO MOD - Number of shares (thousand) Original Option Strike Price New Option Strike Price Vesting date Total 15/02/2022 15/08/2022 15/08/2023 15/08/2024 US$ 8.50 US$ 6.42 335 112 223 223 893 US$ 10.50 US$ 8.42 284 95 189 189 757 US$ 12.50 US$ 10.42 232 77 155 155 619 US$ 14.50 US$ 12.42 180 60 120 120 480 Total 1,031 344 687 687 2,749 On February 22, 2024, the NCC approved to offer the opportunity to SOP holders to exchange and replace their awards granted under the SOP 2019, SOP 2020 and SOP 2020 CEO MOD with stock options having the main terms modified as follows, with all other terms remaining unaffected. SOP 2019 Replacement • the granted options vest over two tranches on June 25, 2022 and June 25, 2025; • the option strike price is USD7.50; • the granted options cannot be exercised after June 25, 2028; • the number of options granted is reduced by 29.2%. The number of SOPs with the modified terms accepted by award holders amounts to 0.3 million, 50 percent with the vesting date June 25, 2022 and 50 percent with the vesting date June 25, 2025 (“SOP 2019 MOD”). SOP 2020 & SOP 2020 CEO MOD Replacement • the granted options vest over four tranches on February 15, 2022, August 15, 2022, August 15, 2023 and August 15, 2025; • the option strike prices are USD6.00, USD7.50, USD9.00 and USD10.50; • the granted options cannot be exercised after November 12, 2028; • the number of options granted is reduced by a percentage ranging from 27.6% to 29.4%, according to the decrease of the exercise price of each vesting tranche. The number of SOPs with the modified terms accepted by award holders is as follows (“SOP 2020 MOD”). SOP 2020 MOD - Number of shares (thousand) Option Strike Price Vesting date Total 15/02/2022 15/08/2022 15/08/2023 15/08/2025 US$ 6.00 716 225 450 450 1,842 US$ 7.50 597 188 375 375 1,535 US$ 9.00 485 152 304 304 1,245 US$ 10.50 375 118 235 235 962 Total 2,173 683 1,365 1,363 5,584 The above amendment of the terms of SOP plans have been considered as replacing the previous ones and therefore the modification accounting under IFRS 2 has been applied. The incremental fair value of the modified SOPs granted and vested concurrently has been recognized as an expense at the date of modification. The incremental fair value of the modified SOP plans amounts to EUR1.7 million, out of which EUR1.3 million has been recognized as expense in the financial year ended March 31, 2024 and EUR0.4 million will be recognized as expense in future periods. The incremental fair value of the modified SOP plans was calculated using the Black-Scholes model, with the following inputs as of the modification date. SOP 2019 MOD Before modification After modification Vesting date 25/6/2022 25/6/2024 25/6/2022 25/6/2025 Share price at mod. date (USD) 4.64 4.64 4.64 4.64 Exercise price (USD) 10.59 10.59 7.50 7.50 Expected volatility 29.00% 30.00% 31.00% 31.00% Risk free interest rate 4.70% 4.70% 4.60% 4.40% Fair value at mod. date (USD) 0.02 0.03 0.29 0.42 SOP 2020 MOD Before modification Vesting date 15/2/2022 15/8/2022 15/8/2023 15/8/2024 Share price at mod. date (USD) 4.64 4.64 4.64 4.64 Expected volatility 28.00% 28.00% 28.00% 29.00% Risk free interest rate 4.90% 4.90% 4.90% 4.80% Exercise price (USD) 8.50 8.50 8.50 8.50 Fair value at mod. date (USD) 0.04 0.04 0.04 0.07 Exercise price (USD) 10.50 10.50 10.50 10.50 Fair value at mod. date (USD) 0.01 0.01 0.01 0.02 Exercise price (USD) 12.50 12.50 12.50 12.50 Fair value at mod. date (USD) 0.00 0.00 0.00 0.00 Exercise price (USD) 14.50 14.50 14.50 14.50 Fair value at mod. date (USD) 0.00 0.00 0.00 0.00 Exercise price (USD) 6.42 6.42 6.42 6.42 Fair value at mod. date (USD) 0.21 0.21 0.21 0.27 Exercise price (USD) 8.42 8.42 8.42 8.42 Fair value at mod. date (USD) 0.05 0.05 0.05 0.07 Exercise price (USD) 10.42 10.42 10.42 10.42 Fair value at mod. date (USD) 0.01 0.01 0.01 0.02 Exercise price (USD) 12.42 12.42 12.42 12.42 Fair value at mod. date (USD) 0.00 0.00 0.00 0.00 SOP 2020 MOD After modification Vesting date 15/2/2022 15/8/2022 15/8/2023 15/8/2025 Share price at mod. date (USD) 4.64 4.64 4.64 4.64 Expected volatility 32.00% 32.00% 32.00% 31.00% Risk free interest rate 4.50% 4.50% 4.50% 4.40% Exercise price (USD) 6.00 6.00 6.00 6.00 Fair value at mod. date (USD) 0.63 0.63 0.63 0.77 Exercise price (USD) 7.50 7.50 7.50 7.50 Fair value at mod. date (USD) 0.33 0.33 0.33 0.45 Exercise price (USD) 9.00 9.00 9.00 9.00 Fair value at mod. date (USD) 0.18 0.18 0.18 0.27 Exercise price (USD) 10.50 10.50 10.50 10.50 Fair value at mod. date (USD) 0.10 0.10 0.10 0.16 Due to the limited history of the company’s publicly traded shares, the volatility for all plans was calculated based on the historical share price volatility of a peer group which consists of similar publicly traded companies. This list of peers was selected from the peer group which was jointly defined by FPAC management and Global Blue management for the purpose of business valuation prior to the business reorganization. Reconciliation of the outstanding SOPs The following table shows the SOPs granted and outstanding at the beginning and end of the reporting periods: For the financial year ended March 31 2024 2023 2022 Average exercise price per share option (USD) Number of options (thousands) Average exercise price per share option (USD) Number of options (thousands) Average exercise price per share option (USD) Number of options (thousands) As of April 1 11.42 7,952 11.42 7,980 11.40 8,457 Granted during the period — — — — — — Replaced during the period 10.20 (1,680) — — — — Forfeited during the period 10.90 (28) 11.50 (28) 10.98 (477) As of March 31 8.00 6,244 11.42 7,952 11.42 7,980 Vested and exercisable of March 31 8.00 4,657 11.42 4,072 11.01 2,925 No options expired during the periods presented above. Share options outstanding at the end of the year have the following expiry dates and exercise prices: Share options outstanding (thousands) For the financial year ended March 31 Grant / modification date Expiry date Exercise price (USD) 2024 2023 2022 June 25, 2019 June 25, 2027 10.59 38 461 461 March 4, 2024 June 25, 2028 7.50 293 — — October 23, 2020 November 12, 2026 8.50 107 1,540 2,443 October 23, 2020 November 12, 2026 10.50 90 1,304 2,068 October 23, 2020 November 12, 2026 12.50 74 1,067 1,692 October 23, 2020 November 12, 2026 14.50 58 830 1,316 October 23, 2020 November 12, 2026 6.42 — 894 — October 23, 2020 November 12, 2026 8.42 — 756 — October 23, 2020 November 12, 2026 10.42 — 619 — October 23, 2020 November 12, 2026 12.42 — 481 — March 4, 2024 November 12, 2028 6.00 1,841 — — March 4, 2024 November 12, 2028 7.50 1,535 — — March 4, 2024 November 12, 2028 9.00 1,245 — — March 4, 2024 November 12, 2028 10.50 963 — — Total 6,244 7,952 7,980 Weighted average remaining contractual life of options outstanding at the end of the period 4.76 3.15 3.15 Share options outstanding (thousands) For the financial year ended March 31 Plan Expiry date Exercise price - range (USD) 2024 2023 2022 SOP 2019 June 25, 2027 10.59 38 461 461 SOP 2019 MOD June 25, 2028 7.50 293 — — SOP 2020 November 12, 2026 8.50 - 14.50 329 4,741 7,519 SOP 2020 MOD CEO November 12, 2026 6.42 - 12.42 — 2,750 — SOP 2020 MOD November 12, 2028 6.00 - 10.50 5,584 — — Total 6,244 7,952 7,980 Weighted average remaining contractual life of options outstanding at the end of the period 4.76 3.15 3.15 Equity settled restricted share grants - RSA Under these plans, participants are granted Company’s ordinary shares if they remain in the employment of the Group (the service condition), and certain market and non-market conditions are met: • 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. 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 Group, and the same market and non-market conditions as above, are met. 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 to 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 each reporting period: Number of shares (thousands) For the financial year ended March 31 2024 2023 2022 As of April 1 2,006 1,675 475 Granted during the year 1,064 962 1,426 Vested during the year (970) (539) (92) Forfeited during the year (149) (92) (134) As of March 31 1,951 2,006 1,675 Weighted average fair value (USD) 4.26 5.18 6.62 Expenses amounting to EUR6.2 million (EUR7.6 million for the financial year ended March 31, 2023, EUR6.4 million for the financial year ended March 31, 2022) related to the above-mentioned SOP and RSA plans, were recorded during the period with a corresponding increase in equity; all of these plans are equity-settled in accordance with IFRS 2. ShipUp - Cash-settled shared-based payment transactions As part of the ShipUp acquisition, during the financial year ended March 31, 2023 Global Blue and the minority shareholders entered into a put and call agreement which gives each minority shareholder the right to sell and Global Blue the right to acquire all the shares in ShipUp held at the time by the minority shareholders. For the portion of the repurchase obligation that is not contingent on future employee services, the Group measured the related put option liability, on acquisition, at the present value of the redemption amount, at zero. For the portion of the repurchase obligation that is contingent on future employee services, the Group assessed the transaction to be a cash-settled share-based payment arrangement in accordance with IFRS 2, as the put option value is discounted by a percentage that, in case the minority shareholders continue to provide service as employees, decreases at each vesting date up to zero on December 31, 2026. The award entitlement is earned by the minority shareholders through their remaining involvement in ShipUp as managers until April 2027. Under this plan, participants are entitled to exercise the put option up to 50% of their current shares after December 31, 2024, up to 75% after December 31, 2025 and up to 100% after December 31, 2026 and therefore such dates were considered as the vesting dates. During the financial year ended March 31, 2024, following the forfeitures of all minority shareholders, the liability of EUR2.1 million accrued as of March 31, 2023 was fully reversed in the income statement. Number of shares (million) For the financial year ended March 31 2024 2023 As of April 1 452 — Granted during the year — 452 Vested during the year — — Forfeited during the year (452) — As of March 31 — 452 Weighted average fair value (EUR) — 0.13 Weighted average remaining contractual life of options outstanding at the end of the period (years) 0 2.5 |
Loans and borrowings
Loans and borrowings | 12 Months Ended |
Mar. 31, 2024 | |
Borrowings [abstract] | |
Loans and borrowings | 3.30x 5.00% ≤ 3.30x > 2.80x 4.75% ≤ 2.80x 4.50% SSRF > 3.85x 4.50% ≤ 3.85x > 3.60x 4.25% ≤ 3.60x > 3.35x 4.00% ≤ 3.35x > 3.10x 3.75% ≤ 3.10x 3.50% ≤ 3.35x > 3.10x 3.75% ≤ 3.10x 3.50% On December 5, 2023, the applicable margin on the SSTL is 5.0%. The financial covenant associated with the SFA is based on a predetermined Net Leverage level and is being tested quarterly. The first test date will be as of December 31, 2024 (“December 2024 Test”), and the Group will be required to have a Net Leverage Ratio, defined as the ratio of the outstanding indebtedness to the Group consolidated EBITDA for the twelve months ending December 31, 2024 lower than 8x, provided that the outstanding revolving credit facility loan less the Group aggregate cash is greater than 40% of EUR97.5 million. Based on the financial projections and forecasted liquidity of the Group, Global Blue anticipates that it will be in compliance with the December 2024 Test. Security First-ranking security has been provided in favor of the lenders under the SFA. This security includes pledges on the assets of material subsidiaries of the Group at the time of the conclusion of the transaction to the extent legally permitted and operationally practical. All debt being issued under the SFA ranks pari-passu. Security in place as of March 31, 2023 and related to the extinguished loan agreements was fully released upon extinguishment in December 2023. (EUR thousand) As of March 31 Security 2024 2023 Pledge of shares of consolidated companies 29,243 148,137 Pledge of receivables 36,775 46,321 Pledge of cash and cash equivalents 2,471 11,470 Supplemental Liquidity Facility (“SLF”) In connection with the closing of the merger and listing, certain pre-transaction shareholders put in place a USD75.0 million (EUR70.1 million) SLF with a 2.75% fixed interest rate repayable in full the latest as of February 28, 2024. On April 1, 2022 the Company withdrew USD20.0 million (EUR18.0 million), which was soon followed by a second withdrawal of USD45.0 million (EUR41.4 million) on April 19, 2022, both to fund working capital needs. On December 15, 2023, the Company fully repaid the SLF. Other bank loans With the acquisition of ShipUp that took place during the financial year ended March 31, 2023 the Group acquired a number of bank loans whose total outstanding balance was EUR2.7 million as of March 31, 2024 (EUR3.2 million as of March 31, 2023), of which EUR0.9 million of a short-term nature (EUR0.6 million as of March 31, 2023). Bank overdrafts Local credit facilities are available in certain jurisdictions and the facilities as of March 31, 2024 are limited to EUR3.5 million (EUR11.6 million as of March 31, 2023). None of these local overdraft facilities were drawn as of March 31, 2024 and as of March 31, 2023." id="sjs-B4">Loans and borrowings (EUR thousand) As of March 31 Interest-bearing loans and borrowings from credit institutions 2024 2023 Long-term financing - Senior debt facility — 630,000 Capitalized financing fees - Senior debt facility — (4,704) Long-term financing - Term loan facility 610,000 — Capitalized financing fees - Term loan facility (23,849) — Revolving Credit Facility (RCF) — 99,000 Supplemental Liquidity Facility (SLF) — 61,324 Other bank loans 2,716 3,216 Total 588,867 788,836 Current portion 889 61,945 Non-current portion 587,978 726,891 Total 588,867 788,836 As of March 31, 2024 the fair value of the Term Loan facility amounts to EUR601.4 million, while the fair value of other bank loans is not materially different to their carrying amounts, since their interest payable approximates the current market rates. On November 24, 2023, the Group entered into a new Senior Facilities Agreement ("SFA"), with a maturity date of December 5, 2030, which comprises of a term loan of EUR610.0 million (the “Senior Secured Term Loan” or “SSTL”), fully drawn on December 5, 2023, and a revolving credit facility of EUR97.5 million (the “Senior Secured Revolver Facility” or “SSRF”), which remains undrawn as of March 31, 2024. The proceeds from the term loan under the SFA, along with existing cash reserves, were used to fully repay the term loan of EUR630.0 million and amounts outstanding under the RCF of EUR99.0 million. In addition, EUR24.9 million of debt costs, including the original issue discount, consultancy, agency and other financing-related fees, were recognized related to the SFA. The residual unamortized debt costs related to the old “SFA”, amounting to EUR3.4 million, were fully written off within the operating expenses in the income statement upon extinguishment on December 5, 2023. The interest conditions of the SSTL and SSRF are set as the Euribor of the period with a floor of 0.00% plus a margin. The respective margins are dependent on the Net Leverage Ratio, which is calculated based on the annual financial statements of Global Blue Acquisition BV, as per the below table: Net Leverage Ratio Margin SSTL > 3.30x 5.00% ≤ 3.30x > 2.80x 4.75% ≤ 2.80x 4.50% SSRF > 3.85x 4.50% ≤ 3.85x > 3.60x 4.25% ≤ 3.60x > 3.35x 4.00% ≤ 3.35x > 3.10x 3.75% ≤ 3.10x 3.50% ≤ 3.35x > 3.10x 3.75% ≤ 3.10x 3.50% On December 5, 2023, the applicable margin on the SSTL is 5.0%. The financial covenant associated with the SFA is based on a predetermined Net Leverage level and is being tested quarterly. The first test date will be as of December 31, 2024 (“December 2024 Test”), and the Group will be required to have a Net Leverage Ratio, defined as the ratio of the outstanding indebtedness to the Group consolidated EBITDA for the twelve months ending December 31, 2024 lower than 8x, provided that the outstanding revolving credit facility loan less the Group aggregate cash is greater than 40% of EUR97.5 million. Based on the financial projections and forecasted liquidity of the Group, Global Blue anticipates that it will be in compliance with the December 2024 Test. Security First-ranking security has been provided in favor of the lenders under the SFA. This security includes pledges on the assets of material subsidiaries of the Group at the time of the conclusion of the transaction to the extent legally permitted and operationally practical. All debt being issued under the SFA ranks pari-passu. Security in place as of March 31, 2023 and related to the extinguished loan agreements was fully released upon extinguishment in December 2023. (EUR thousand) As of March 31 Security 2024 2023 Pledge of shares of consolidated companies 29,243 148,137 Pledge of receivables 36,775 46,321 Pledge of cash and cash equivalents 2,471 11,470 Supplemental Liquidity Facility (“SLF”) In connection with the closing of the merger and listing, certain pre-transaction shareholders put in place a USD75.0 million (EUR70.1 million) SLF with a 2.75% fixed interest rate repayable in full the latest as of February 28, 2024. On April 1, 2022 the Company withdrew USD20.0 million (EUR18.0 million), which was soon followed by a second withdrawal of USD45.0 million (EUR41.4 million) on April 19, 2022, both to fund working capital needs. On December 15, 2023, the Company fully repaid the SLF. Other bank loans With the acquisition of ShipUp that took place during the financial year ended March 31, 2023 the Group acquired a number of bank loans whose total outstanding balance was EUR2.7 million as of March 31, 2024 (EUR3.2 million as of March 31, 2023), of which EUR0.9 million of a short-term nature (EUR0.6 million as of March 31, 2023). Bank overdrafts Local credit facilities are available in certain jurisdictions and the facilities as of March 31, 2024 are limited to EUR3.5 million (EUR11.6 million as of March 31, 2023). None of these local overdraft facilities were drawn as of March 31, 2024 and as of March 31, 2023. |
Other non-current financial lia
Other non-current financial liabilities | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other non-current financial liabilities | Other non-current financial liabilities (EUR thousand) As of March 31 Other non-current financial liabilities Note 2024 2023 Put options related to acquisitions 1,830 3,596 Liabilities related to share-based payment transactions 25 188 2,373 Lease liabilities non-current 13 14,774 10,243 Other non-current liabilities 17 2,512 2,599 Total 19,304 18,811 The other non-current liabilities relate to a pension liability plan in Sweden and the corresponding revaluation; for further details please refer to Note 17. Put options related to acquisitions (EUR thousand) For the financial year ended March 31 Put options related to acquisitions Note 2024 2023 Opening balance as of April 1 4,390 15,419 Changes in fair value recognized in income statement 1,210 (10,472) Exercise of options 31 (2,422) — Exchange differences 131 (557) Closing balance as of March 31 3,309 4,390 Non-current portion 1,830 3,596 Current portion 31 1,479 794 As of March 31, 2024 the put options comprise of EUR1.5 million and EUR1.8 million related to the acquisitions of ZigZag and Yocuda respectively. The fair value of the put options was derived using an option pricing methodology (Monte Carlo simulations) based on projected revenue or gross profit distribution (depending on the business acquired) and is categorized as Level 3 within the fair value hierarchy due to unobservable inputs utilized in the valuation. The main driver for the valuation of the put options in both cases is the underlying business plan. The top and bottom 5% of extreme values have been excluded from the calculations. |
Deferred income tax assets and
Deferred income tax assets and liabilities | 12 Months Ended |
Mar. 31, 2024 | |
Deferred tax assets and liabilities [abstract] | |
Deferred income tax assets and liabilities | Deferred income tax assets and liabilities (EUR thousand) For the financial year ended March 31 Net movement of deferred tax assets/(liabilities) 2024 2023 Opening balance as of April 1 27,147 26,398 Acquisition of subsidiaries — (1,834) Disposal of subsidiaries — (128) Recognized in income statement (287) 3,846 Recognized in other comprehensive income 350 (95) Other 2,454 — Exchange differences (1,819) (1,040) Closing balance as of March 31 27,845 27,147 The amounts of deferred tax recognized in the consolidated statement of financial position comprise the following deferred tax assets / (liabilities): (EUR thousand) As of March 31 2024 2023 Deferred tax balances Assets Liabilities Assets Liabilities Balances with movements recognized in income statement Trade receivables 15 (490) 72 (18) Property, plant and equipment 118 (723) 317 (819) Intangible assets 256 (4,002) 272 (8,377) Current liabilities 6,395 (295) 4,747 (14) Loans and borrowings 1,162 (337) 911 — Other items 1,124 (515) 786 (31) Deferred tax on tax credits 3,991 — 1,569 — Tax value of loss carry-forwards recognized 21,311 — 28,249 — Balances with movements recognized in other comprehensive income Retirement benefit obligations — (168) — (336) Other investments at FVOCI — 1 — (181) Offsetting (1,284) 1,286 (2,113) 2,113 Total 33,088 (5,243) 34,810 (7,663) (EUR thousand) As of March 31 Deferred tax recoverability 2024 2023 Deferred tax assets to be recovered within 12 months 3,640 1,697 Deferred tax assets to be recovered after more than 12 months 29,448 33,113 Deferred tax assets 33,088 34,810 Deferred tax liabilities to be recovered within 12 months (1,938) (760) Deferred tax liabilities to be recovered after more than 12 months (3,305) (6,903) Deferred tax liabilities (5,243) (7,663) As of March 31, 2024, deferred tax assets include EUR20.1 million (EUR25.8 million as of March 31, 2023) relating to tax losses carried-forward from the Australian, German, Spanish, Swiss and Japanese subsidiaries, all of which, from a revenue and profit-generating perspective, are operating in key markets of the Group. These losses were mainly incurred over the COVID-19 pandemic period, which caused a significant reduction in revenues. Based on the latest 4-year forecast, these entities are expected to generate sufficient taxable profits against which the incurred losses can be offset; therefore, the Group has concluded that the deferred tax assets will be recoverable. The losses can be carried forward indefinitely with the exception of Switzerland and Japan, where the losses are expected to expire after 7 years and 10 years respectively. Out of the EUR445.2 million total tax losses carried forward (EUR458.2 million as of March 31, 2023), for a portion of EUR129.0 million a deferred tax asset has been recognized (EUR164.0 million as of March 31, 2023), while for a portion of EUR316.2 million (EUR294.2 million as of March 31, 2023) no deferred tax asset has been recognized as it is not probable that future taxable profits, which the Group can utilize the benefits from, will be available. The unused tax losses were mainly incurred in holding entities which are not likely to generate taxable income in the foreseeable future. The vast majority of the tax losses carried forward, for which no deferred tax has been recognized, either expires after 5 years or has no expiration date, as illustrated in the below expiry date schedule: (EUR thousand) As of March 31 Deferred tax assets have not been recognized in respect of the following tax losses: 2024 2023 Expiry within 1 year — 394 Expiry 1-2 years 320 292 Expiry 2-5 years 3,218 36 Expiry after 5 years 84,443 71,432 No expiration 228,248 222,056 Total 316,229 294,210 |
Employee benefit obligations
Employee benefit obligations | 12 Months Ended |
Mar. 31, 2024 | |
Employee Benefits [Abstract] | |
Employee benefit obligations | Employee benefit obligations The Group provides its employees defined benefit pension plans (funded) and other post-employment benefits (unfunded). The employee benefits plans are accounted for in accordance with the IAS 19. Commitments regarding retirement pension and family pension for employees in Switzerland are secured externally through a defined benefit plan and accounted for accordingly. For employees in Austria, Korea, Italy, Turkey, Spain, Japan and Lebanon, the commitment relates to severance benefits, and in Slovakia, and France relates to indemnity benefits, as governed by local law. For employees in Australia, the commitment relates to a long-service leave plan, as governed by local law. (EUR thousand) As of March 31 2024 2023 Balance sheet obligations for: Defined benefit pension plan (Funded) 1,473 847 Post-employment benefit (Unfunded) 3,114 2,480 Leave Obligation 588 468 Total employee benefit obligations 5,175 3,795 (a) Defined benefit pension plan and post-employment benefits (EUR thousand) For the financial year ended March 31 2024 2023 Present value of funded obligations (13,471) (10,925) Fair value of plan assets 11,998 10,078 Deficit of funded plans (1,473) (847) Present value of unfunded obligations (3,114) (2,480) Net benefit liability (4,587) (3,327) The amounts recognized in the consolidated income statement, and statement of comprehensive income for service cost and interest cost are as follows: (EUR thousand) For the financial year ended March 31 2024 2023 2022 Income statement (credit) / charge for: Service cost 1,251 1,607 1,560 Interest cost 95 74 49 Total Income statement charge 1,346 1,681 1,609 Other comprehensive income / (loss): Remeasurement of post-employment benefit obligations 993 (1,435) (3,826) The tables below reconcile the net obligation in respect of the Group’s pension plans and other post-employment benefits with the amounts recognized in the consolidated financial statements. (EUR thousand) For the financial year ended March 31 Changes in the present value of defined benefit obligation 2024 2023 Defined benefit obligation as of April 1 13,405 13,363 Current service cost 1,169 1,088 Interest expense 296 182 Contributions by employees 449 492 (Gain)/loss from change in financial assumptions 898 (1,593) Experience loss 644 131 Past service cost 82 519 Benefits paid (404) (1,002) Exchange differences 46 225 Defined benefit obligation as of March 31 16,585 13,405 (EUR thousand) For the financial year ended March 31 Changes in the fair value of plan assets 2024 2023 Opening balance fair value of plan assets 10,078 9,173 Interest income 201 108 Return / (loss) on plan assets (excluding amounts included in net interest costs) 548 (27) Contributions by employer 723 687 Contributions by employees 449 492 Benefits paid (199) (673) Exchange differences 198 318 Closing balance fair value of plan assets 11,998 10,078 (EUR thousand) For the financial year ended March 31 Amounts recognized in the income statement 2024 2023 2022 Current service cost 1,169 1,088 2,152 Interest cost 95 74 49 Past service cost/(gain) 82 519 (373) Gain on curtailments and settlements — — (219) Unrealized FX impact 152 (93) (211) Total net periodic cost 1,498 1,588 1,398 The expected charge to the income statement relating to defined benefit pension plans and other post-employment benefits for the financial year ending March 31, 2025 amounts to EUR1.8 million (EUR1.2 million for the financial year ended March 31, 2024). Actuarial valuations of the Group’s benefit obligations were computed with assistance from external actuaries as of March 31, 2024 and as of March 31, 2023; these calculations were based on the following financial and demographic assumptions: (%) As of March 31, 2024 Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Lebanon Discount rate 3.25 % 1.50 % 3.50 % 3.25 % 4.25 % 25.00 % 0.75 % 3.50 % 3.25 % 25.00 % Inflation rate — 1.25 % — 2.50 % — — — — — — Future salary increases 4.00 % 1.50 % 3.00 % — 3.00 % 25.00 % 3.50 % 9.50 % 2.50 % 25.00 % (%) As of March 31, 2023 Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Discount rate 3.50 % 1.90 % 3.50 % 3.50 % 4.70 % 9.50 % 0.80 % 3.50 % 3.50 % Inflation rate — 1.25 % — 2.50 % — — — — — Future salary increases 4.00 % 1.50 % 3.00 % — 3.00 % 10.00 % 3.50 % 9.50 % 2.50% Assumptions regarding future mortality experience are set based on actuarial advice in accordance with published statistics and experience in each territory. Mortality assumptions for the Group´s most significant country, Switzerland, are based on the mortality table BVG 2020 GT as of financial years ended March 31, 2024 and 2023 for future and current retirees. (Retirement age) As of March 31, 2024 Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Lebanon Retirement age: - Male 62 65 Individual 67 60 Individual 65 Individual 67 64 - Female 62 64 Individual 67 60 Individual 65 Individual 67 64 (Retirement age) As of March 31, 2023 Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Retirement age: - Male 62 65 Individual 67 60 Individual 65 Individual 67 - Female 62 64 Individual 67 60 Individual 65 Individual 67 Maturity profile of the post-employment benefit plan Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Lebanon Duration in years 9.41 16.29 13.85 9.04 10.74 11.95 6.77 21.88 13.81 11.21 Expected contributions as of March 31, 2024 in EUR thousands — 802 — — — — — — — 15 Maturity profile of the post-employment benefit plan Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Duration in years 10.52 15.94 14.19 8.86 11.16 13.94 7.72 22.66 10.83 The table below shows the fair value of plan assets relating to the Group’s defined benefit pension plans, split by asset category: (EUR thousands) As of March 31 2024 2023 Plan assets are comprised as follows: Value % Value % Equity instruments 3,965 33.0 % 3,578 35.5 % Euroland bonds 3,478 29.0 % 3,182 31.6 % Hold to maturity bonds 374 3.1 % 341 3.4 % Property 3,270 27.3 % 2,290 22.7 % Other assets 473 3.9 % 396 3.9 % Alternative investments 438 3.7 % 291 2.9 % Insurance contracts — 0.0 % — 0 % Total 11,998 100 % 10,078 100 % The pension plans in Switzerland are the only funded plans in the Group. (EUR thousand) As of March 31 Position of the post-employment benefit plan 2024 2023 Present value of defined benefit obligation (16,585) (13,405) Fair value of plan assets 11,998 10,078 Deficit in the plan (4,587) (3,327) Experience adjustments on defined benefit obligation (644) (131) For the financial year ended March 31, 2024 the employer contributions to post-employment benefit plans amounted to EUR0.7 million (EUR0.7 million for the financial year ended March 31, 2023). The tables below summarize the percentage change in the net defined benefit obligation as of March 31, as a result of sensitizing each of the metrics (discount rate, salary growth rate, and actuarial basis (mortality)) on a country-level: (%) As of March 31, 2024 Sensitivity analysis Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Lebanon Discount rate - decrease by 0.5% +4.7% +8.6% +7.0% +4.5% +5.4% +5.6% +3.4% +11.3% +7.0% +9.5% Discount rate - increase by 0.5% -4.4 % -7.5 % -6.4 % -4.2 % -4.9 % -5.1 % -3.3 % -9.9 % -6.4 % -8.5 % Salary growth rate - decrease by 0.5% -4.4 % -0.5 % -6.5 % -4.0 % -4.9 % -5.1 % -3.2 % -9.5 % -6.4 % -4.4 % Salary growth rate - increase by 0.5% +4.6% +0.5% +7.0% +4.3% +5.3% +5.5% +3.3% +10.5% +7.0% +4.6% Actuarial basis (mortality) (10.0)% — +1.0% — — — — — — — — Actuarial basis (mortality) 10.0% — -1.1 % — — — — — — — — (%) As of March 31, 2023 Sensitivity analysis Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Discount rate - decrease by 0.5% +5.2% +8.3% +7.2% +4.4% +5.6% +6.7% +3.9% +11.6% +5.4% Discount rate - increase by 0.5% -4.9 % -7.3 % -6.6 % -4.1 % -5.1 % -6.1 % -3.70 -10.30 -5.10 Salary growth rate - decrease by 0.5% -4.9 % -0.4 % -6.6 % -4.0 % -5.1 % -6.0 % -3.60 -9.80 -5.10 Salary growth rate - increase by 0.5% +5.2% +0.5% +7.2% +4.2% +5.5% +6.5% +3.8% +10.9% +5.4% Actuarial basis (mortality) (10.0)% — +0.9% — — — — — — — Actuarial basis (mortality) 10.0% — -1.0 % — — — — — — — Risk exposure Through its defined benefit pension plans and severance benefit plans, the group is exposed to a number of risks, the most significant of which are detailed below: • Asset volatility: The plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if plan assets underperform this yield, this will create a deficit. • Changes in bond yields: A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans’ bond holdings. • Inflation risks: Some of the group’s obligations are linked to salary inflation, and higher inflation will lead to higher liabilities. The majority of the plans’ assets are either unaffected by or loosely correlated with (equities) inflation, meaning that an increase in inflation will also increase the deficit. (b) Leave Obligations The leave obligations cover the group’s liabilities for Australia-based employees’ long-service leaves, which are classified as other long-term benefits. The amounts recognized in the income statement and the statement of comprehensive income are as follows: (EUR thousand) For the financial year ended March 31 Amounts recognized in the income statement 2024 2023 2022 Current service cost 114 50 70 Interest cost on benefit obligation 22 14 11 Total net periodic cost 136 64 81 |
Provisions
Provisions | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of contingent liabilities [abstract] | |
Provisions | Provisions (EUR thousand) For the financial year ended March 31 2024 2023 Provisions Current Non-current Current Non-current Legal claims — 1,084 — 1,062 Social contributions 2,540 — 1,444 — Other — 91 — 168 Total 2,540 1,175 1,444 1,230 Provisions primarily relate to a legal claim in Portugal and to non-income tax risks in respect of social contributions in France; the latter is expected to be settled in the next 12 months . Provision charges are recognized within operating expenses and the unwinding of discount within finance costs in the income statement. (EUR thousand) Provisions Legal claims Social contributions Other Opening balance as of April 1, 2023 1,062 1,444 168 Additional provisions 22 1,096 33 Unwinding of discount — — 34 Reversals — — (145) Exchange differences — — 1 Closing balance as of March 31, 2024 1,084 2,540 91 |
Other current financial liabili
Other current financial liabilities | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current financial liabilities | Other current financial liabilities (EUR thousand) As of March 31 Other current financial liabilities Note 2024 2023 Lease liabilities - current 14 8,802 6,984 Put options related to acquisitions 27 1,479 794 Warrants 863 11,449 Other liabilities 27 2,544 — Total 13,689 19,227 As of March 31, 2024 o ther liabilities predominantly consist of EUR2.4 million related to the liabilities towards minority shareholders of Yocuda for the acquisition of 50% of their shares pursuant to the exercise of 50% of their put options in March 2024; please refer to Note 27 for further details. Warrants The outstanding public and private warrants as of March 31, 2024 amount to 30,735,950 (30,735,950 as of March 31, 2023) with a fair value of EUR0.9 million (EUR11.4 million as of March 31, 2023). There were no warrants exercised during the financial years ended March 31, 2024 and March 31, 2023. 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. (EUR thousand) For the financial year ended March 31 Warrant liabilities 2024 2023 Opening balance as of April 1 11,449 12,051 Issuance of warrants — — Exercises of warrants — — Change in fair value of warrants (10,586) (602) Closing balance as of March 31 863 11,449 |
Trade payables
Trade payables | 12 Months Ended |
Mar. 31, 2024 | |
Trade and other payables [abstract] | |
Trade payables | Trade payables (EUR thousand) As of March 31 Trade payables 2024 2023 Merchants 128,106 102,315 Tourists 121,124 84,942 Agents 5,336 6,751 Other TFS payables 16,836 15,098 Other trade payables 10,596 — Total 281,998 209,106 Trade payables include merchant commissions, refunds to tourists, and acquiring fees to agents; other TFS payables mainly comprise of EUR13.5 million VAT refunds pending to be settled in France, while other trade payables mainly comprise of items such as rent and maintenance. Due to the current nature of the payables, the carrying amount is a reasonable approximation of the fair value of the trade payables. |
Other current liabilities
Other current liabilities | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current liabilities | Other current liabilities (EUR thousand) As of March 31 Other current liabilities 2024 2023 Accounts payable - Non trade — 8,030 Input VAT, withholding tax and capital tax 11,065 8,013 Personnel related liabilities 5,220 6,853 Payment solutions payables 11,647 8,990 Other current liabilities 5,801 2,965 Total 33,733 34,851 |
Accrued liabilities
Accrued liabilities | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accrued liabilities | Accrued liabilities (EUR thousand) As of March 31 Accrued liabilities 2024 2023 Salaries and related items 29,579 28,248 Interest on external loans 3,477 12,674 Auditors, lawyers and consultants 4,238 4,379 Rent 1,924 1,747 IT Contracts 3,353 3,082 Other 6,040 4,267 Advertising and promotion 103 242 Total 48,714 54,639 As of March 31, 2024 the main driver of the increase in the accrued salaries and related items balance is the increase of the number of employees. As of March 31, 2024 the accrued interest on external loans decreased by EUR9.2 million due to the old term loan and old RCF, paid in 3 tranches (May, November and December), whereas the SFA-related interest is now payable on a monthly basis; for further details please refer to Note 26. As of March 31, 2024 other accrued liabilities, which primarily comprise of accruals for customer contracts and various accounts payable invoices not-yet-received, increased by EUR1.8 million primarily due to stamp duty and transaction costs related to the capital increase arising from the Tencent investment; for further details please refer to Note 22. |
Other non-cash items
Other non-cash items | 12 Months Ended |
Mar. 31, 2024 | |
Statement of cash flows [abstract] | |
Other non-cash items | Other non-cash items (EUR thousand) For the financial year ended March 31 Other non-cash items 2024 2023 2022 Change in provisions 1,040 394 109 Change in the fair value of retirement benefit obligation 738 57 371 Changes in share-based payment transactions 3,957 9,671 6,413 Call option — — 359 Put options from business combinations 1,342 (11,030) 2,835 Impairment of financial assets — 2,469 2,390 Impairment of tangible and intangible assets 1,265 247 444 Capital loss of tangible and intangible assets 645 925 261 Change in fair value of warrant liability (10,585) (602) (18,928) ZigZag earn-out reversal — — (9,500) Acquisition of PPE under construction — 212 (1,034) Other (210) 130 (669) Total (1,808) 2,473 (16,949) (EUR thousand) For the financial year ended March 31 2024 2023 2022 Trade receivables (62,704) (92,896) (70,374) Other current receivables (14,875) (5,841) 4,350 Prepaid expenses (2,220) 185 (225) Changes in operating receivables (79,799) (98,552) (66,249) Trade payables 65,577 44,883 19,950 Other current liabilities 9,516 5,277 4,088 Accrued liabilities 1,349 10,302 (4,046) Changes in operating payables 76,442 60,462 19,992 Cash flows used in working capital (3,357) (38,090) (46,257) |
Cash flows from changes in work
Cash flows from changes in working capital | 12 Months Ended |
Mar. 31, 2024 | |
Statement of cash flows [abstract] | |
Cash flows from changes in working capital | Other non-cash items (EUR thousand) For the financial year ended March 31 Other non-cash items 2024 2023 2022 Change in provisions 1,040 394 109 Change in the fair value of retirement benefit obligation 738 57 371 Changes in share-based payment transactions 3,957 9,671 6,413 Call option — — 359 Put options from business combinations 1,342 (11,030) 2,835 Impairment of financial assets — 2,469 2,390 Impairment of tangible and intangible assets 1,265 247 444 Capital loss of tangible and intangible assets 645 925 261 Change in fair value of warrant liability (10,585) (602) (18,928) ZigZag earn-out reversal — — (9,500) Acquisition of PPE under construction — 212 (1,034) Other (210) 130 (669) Total (1,808) 2,473 (16,949) (EUR thousand) For the financial year ended March 31 2024 2023 2022 Trade receivables (62,704) (92,896) (70,374) Other current receivables (14,875) (5,841) 4,350 Prepaid expenses (2,220) 185 (225) Changes in operating receivables (79,799) (98,552) (66,249) Trade payables 65,577 44,883 19,950 Other current liabilities 9,516 5,277 4,088 Accrued liabilities 1,349 10,302 (4,046) Changes in operating payables 76,442 60,462 19,992 Cash flows used in working capital (3,357) (38,090) (46,257) |
List of Global Blue entities
List of Global Blue entities | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of subsidiaries [abstract] | |
List of Global Blue entities | List of Global Blue entities The consolidated financial statements represent the financial statements of Global Blue Group Holding AG based in Brüttisellen, Switzerland, and its subsidiaries as of March 31, 2024. Name Country of incorporation Ownership interest March 31, 2024 Ownership interest March 31, 2023 Global Blue Argentina SA Argentina 99.99% 99.99% Global Blue Austria GmbH Austria 100% 100% Global Blue Service Company Austria GmbH Austria 100% 100% DEV Digital Export Validation GmbH Austria 100% 100% Global Blue Australia Pty Ltd Australia 100% 100% Global Blue Currency Choice Australia Pty Ltd Australia 100% 100% Global Blue Payments (Australia) Pty Limited Australia 100% 100% Global Blue Belgium NV Belgium 100% 100% ZigZag Global EOOD Bulgaria 100% 100% Global Blue Bahamas Ltd Bahamas 100% 100% Bahama’s VAT Refund Ltd Bahamas 80% 80% Global Blue Schweiz AG Switzerland 100% 100% Global Blue SA Switzerland 100% 100% Global Blue Group AG Switzerland 100% 100% Refund Suisse AG Switzerland 100% 100% Global Blue Group II GmbH Switzerland 100% 100% Global Blue Currency Choice Schweiz AG Switzerland 100% 100% Global Blue Commercial Consulting (Shanghai) China 100% 100% Global Blue Commercial Consulting (Beijing) China 100% 100% Global Blue Americas Sucursal Colombia Colombia 100% 100% Global Blue Cyprus Ltd Cyprus 100% 100% Global Blue Czech Republic s.r.o. Czech Republic 100% 100% Global Blue Deutschland GmbH Germany 100% 100% Global Blue New Holdings Germany GmbH Germany 100% 100% RFND Digital GmbH Germany 100% 100% ZigZag Global GmbH Germany 100% 100% Global Blue Danmark AS Denmark 100% 100% Global Blue Eesti OÜ Estonia 100% 100% G.Blue Espana SA Spain 100% 100% Global Blue Espana SA Spain 100% 100% Global Blue Acquisition Espana SA Spain 100% 100% Global Blue Finland OY Finland 100% 100% Global Blue Administration Center North OY Finland 100% 100% Global Blue France France 100% 100% Global Blue Holding France 100% 100% ShipUp Holding SAS France 100% 100% ShipUp SAS France 100% 100% ZigZag Global SAS France 100% 100% Global Blue (UK) Ltd United Kingdom 100% 100% Global Blue Service Company UK Ltd United Kingdom 100% 100% Global Blue New Holdings UK Ltd United Kingdom 100% 100% ZZ Global Blue Holding Limited United Kingdom 100% 100% ZigZag Global Limited United Kingdom 100% 100% Kinphire Ltd United Kingdom 100% 100% Yocuda UK Holdings Ltd United Kingdom 100% 100% Yocuda UK Services Ltd United Kingdom 100% 100% Yocuda Network UK Ltd United Kingdom 100% 100% Yocuda Europe Ltd United Kingdom 100% 100% Yocuda Ltd United Kingdom 100% 100% eReciepts Ltd United Kingdom 100% 100% Global Blue Marketing Services Ltd United Kingdom 100% 100% Global Blue Hellas SA Greece 100% 100% Global Blue Croatia d.o.o. Croatia 100% 100% Global Blue Tax Free Ireland Ltd Ireland 100% 100% Global Blue á Íslandi hf Iceland 100% 100% Global Blue Italia SrL Italy 100% 100% Global Blue Service Company Italia SrL Italy 100% 100% Global Blue Currency Choice Italia Srl Italy 100% 100% Global Blue Japan Co Ltd Japan 100% 100% Global Blue TFS Japan Co Ltd Japan 51% 51% Global Blue Korea Co., Ltd. Korea 100% 100% Global Blue Currency Choice Korea Co., Ltd Korea 100% 100% Global Blue Holding Limited Cayman 100% 100% Global Blue Kazakhstan LLP Kazakhstan 100% 100% Global Blue Lebanon SAL Lebanon 55% 61% UAB Global Blue Lietuva Lithuania 100% 100% Global Blue Luxembourg SA Luxembourg 100% 100% Global Blue Latvija SIA Latvia 100% 100% Global Blue Maroc SA Morocco 100% 100% Global Blue Malaysia Sdn. Bhd Malaysia 100% 100% Global Blue Holland BV Netherlands 100% 100% Global Blue Holding BV Netherlands 100% 100% Global Blue Acquisition BV Netherlands 100% 100% Global Blue Norge AS Norway 100% 100% Global Blue Payments (New Zealand) Limited New Zealand 100% 100% Global Blue Peru S.A.C Peru 100% 100% Global Blue Polska Sp Zoo Poland 100% 100% Global Refund Portugal Lda Portugal 100% 100% GBFTSP - Finance And Technology Services Portugal, Unipessoal LDA Portugal 100% 100% Global Blue d.o.o. Beograd Serbia 100% 100% Global Blue Sverige AB Sweden 100% 100% Global Blue Sweden Holdings AB Sweden 100% 100% Global Blue Service AB Sweden 100% 100% Global Blue Holdings AB Sweden 100% 100% Global Blue Currency Choice Service Europe AB Sweden 100% 100% Global Blue Singapore Pte. Ltd. Singapore 100% 100% Global Blue Service Company Singapore Pte. Ltd. Singapore 100% 100% Global Blue Currency Choice Singapore Pte. Ltd. Singapore 100% 100% Global Blue d.o.o. Slovenia 100% 100% Global Blue Slovakia sro Slovakia 100% 100% Global Blue Service Company Slovakia s.r.o Slovakia 100% —% Global Blue Turkey Turkey 60% 60% Global Blue Pazarlama Destek ve Teknoloji Hiz.A.s Turkey 60% 60% Far Point Acquisition Corporation USA 100% 100% Shipup Inc USA 100% 100% ZigZag Global LLC USA 100% 100% Global Blue Argentina SA (Sucursal Uruguay) Uruguay 100% 100% Global Blue (South Africa) South Africa 51% 51% |
Additional information - Financ
Additional information - Financial Statement Schedule I | 12 Months Ended |
Mar. 31, 2024 | |
Additional information [abstract] | |
Additional information - Financial Statement Schedule I | Additional information—Financial Statement Schedule I Schedule I has been provided pursuant to the requirements of Securities and Exchange Commission (“SEC”) Regulation S-X Rule 12-04(a), which require condensed financial information as to financial position, cash flows and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented, as the restricted net assets of Global Blue Group Holding AG’s (“the Parent Company”) consolidated subsidiaries as of March 31, 2024 exceeded the 25% threshold. Certain jurisdictions in which group entities are located apply regulations which restrict the ability of subsidiaries to transfer funds to the Company through intercompany loans, advances or cash dividends. SFA covenants and security (see Note 26) do not restrict subsidiaries from transferring funds to the Parent Company. Certain information and footnote disclosures normally included in financial statements prepared in accordance with International Financial Reporting Standards have been condensed or omitted. The footnote disclosures contain supplemental information only and, as such, these statements should be read in conjunction with the notes to the accompanying consolidated financial statements. The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements, except that investments in subsidiaries are included at cost less any provision for impairment in value. As of March 31, 2024 there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of the Parent Company, except for those which have been separately disclosed in the consolidated financial statements, if any. During the years ended March 31, 2024, 2023 and 2022 no cash dividends were declared or paid by the Company. Condensed income statements of the Parent Company (EUR thousand) For the financial year ended March 31 2024 2023 2022 Operating income / (expenses) (805) (14,081) 10,111 Net finance income / (expense) (9,017) 11,952 517 Profit / (Loss) before tax (9,822) (2,129) 10,628 Income tax benefit / (expense) 555 968 (667) Profit / (Loss) for the year (9,267) (1,161) 9,961 There were no items of other comprehensive loss or income in the financial years ended March 31, 2024, 2023 and 2022, therefore no statement of comprehensive income has been presented . Condensed statements of financial position of the Parent Company (EUR thousand) As of March 31 2024 2023 ASSETS Investments in subsidiaries 1,418,280 1,418,280 Loans to group companies 297,862 318,335 Non-current assets 1,716,142 1,736,615 Current assets 1,153 305 Total assets 1,717,295 1,736,920 EQUITY AND LIABILITIES Share capital 1,946,802 1,897,388 Other reserves (149,375) (146,396) Accumulated losses (86,371) (90,619) Total equity 1,711,056 1,660,373 Liabilities Non-current liabilities — — Current liabilities 6,239 76,547 Total liabilities 6,239 76,547 Total equity and liabilities 1,717,295 1,736,920 Condensed statements of cash flows of the Parent Company (EUR thousand) For the financial year ended March 31 2024 2023 2022 Profit / (loss) before tax (9,822) (2,129) 10,628 Income tax paid (212) (948) — Other non cash items 3,705 (3,443) (14,400) Changes in working capital 3,144 158 (5,588) Net cash used in operating activities (3,185) (6,362) (9,360) Movement in loans with group companies 20,473 (268,252) 9,205 Proceeds from issuance of share capital 43,958 215,208 — Proceeds from / (repayment of) loans and borrowings due to shareholders (61,324) 59,384 — Acquisition of treasury shares — — (10) Net cash from financing activities 3,107 6,340 9,195 Net foreign exchange difference 1 — — Net decrease in cash and cash equivalents (77) (22) (165) Cash and cash equivalents at beginning of year 100 122 287 Cash and cash equivalents at end of year 23 100 122 The following reconciliations are provided as additional information to satisfy the Schedule I SEC requirements for parent-only financial information. (EUR thousand) For the financial year ended March 31 2024 2023 2022 IFRS profit / (loss) reconciliation: Parent only – IFRS profit / (loss) for the year (9,267) (1,161) 9,961 Additional gain / (loss) if subsidiaries had been accounted for on the equity method of accounting as opposed to cost 23,242 (24,460) (107,138) Consolidated IFRS profit / (loss) for the year 13,975 (25,621) (97,177) IFRS equity reconciliation: Parent only – IFRS equity 1,711,056 1,660,373 1,452,075 Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost (1,649,139) (1,660,000) (1,643,600) Consolidated – IFRS equity 61,917 373 (191,525) |
Related party transactions
Related party transactions | 12 Months Ended |
Mar. 31, 2024 | |
Related party transactions [abstract] | |
Related party transactions | Related party transactions Global Blue Group Holding AG is a publicly listed company, where the largest shareholders are funds managed by Silver Lake Partners and Partners Group. During the financial year, there were no transactions with related parties other than disclosed below. Remuneration to key management personnel The remuneration to the board of directors and the Executive Committee members, who are the key management personnel of the Group, is set out below in aggregate for each of the required categories. (EUR thousand) For the financial year ended March 31 Remuneration to key management personnel 2024 2023 2022 Short-term employee benefits 8,884 5,592 4,748 Post-employment benefits 712 608 519 Share based payment transactions 4,105 4,380 4,712 Total 13,701 10,580 9,979 Purchase of services from related parties The directors fee relates to remuneration of the Non-Executive Directors for Global Blue Group Holding AG. (EUR thousand) For the financial year ended March 31 Purchases of services from related parties 2024 2023 2022 Directors fee 346 245 255 Total 346 245 255 (EUR thousand) As of March 31 Liabilities to related parties Note 2024 2023 Liabilities to key management personnel: Post employment benefit liability 390 196 Liabilities to shareholders: Loans and borrowings 26 — 61,324 Warrants liabilities 267 3,911 Closing balance for the year 657 65,431 Warrants As of March 31, 2024, Silver Lake and Affiliates, Partners Group and Affiliates, and GB key management personnel held 9,766,667 warrants for a total value of EUR0.3 million (EUR4.1 million as of March 31, 2023). |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events after the reporting period | Events after the reporting period In April 2024 the Group launched a repricing of its 7 years EUR610 million SSTL, and EUR97.5 million SSRF (for details see Note 26), and on May 4, 2024 its subsidiary, Global Blue Acquisition B.V., successfully allocated the repricing of both the SSTL and SSRF, with the repricing expected to close on or prior to June 30, 2024 and upon closing will reduce the interest rate margin applicable to the Group under both the SSTL and SSRF by 100 basis points (from 5.00% to 4.00%, and from 4.50% to 3.50% per annum respectively), in each case subject to further reduction pursuant to a margin ratchet based on leverage. The Group is currently assessing the impact this will have on its operations and financial results. |
Insider Trading Policies and Pr
Insider Trading Policies and Procedures | 12 Months Ended |
Mar. 31, 2024 | |
Insider Trading Policies and Procedures [Line Items] | |
Insider Trading Policies and Procedures Adopted | true |
Material accounting policies (P
Material accounting policies (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
Material Accounting Policies [Abstract] | |
Statement of IFRS compliance | The consolidated financial statements of Global Blue Group Holding AG have been prepared in accordance with IFRS Accounting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and are presented in thousands of Euros (EURk). |
Basis of preparation | Basis of preparation The consolidated financial statements have been prepared on a historical cost basis, except for warrants, derivative financial instruments, put options and other investments that have been measured at fair value. The preparation of financial statements in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 4. For the financial year ended March 31, 2024, the Group classified the cash flows related to interest paid and interest received, amounting to EUR59.0 million and EUR3.6 million respectively (EUR17.1 million and EUR1.1 million for the financial year ended March 31, 2023; EUR21.1 million and EUR0.2 million for the financial year ended March 31, 2022) in the cash flow from financing activities and investing activities respectively. Interest paid and interest received were previously presented within the cash flows from operating activities in the consolidated statements of cash flows. Amounts in comparative periods have been reclassified for consistency with current year presentation. |
Going concern | Going concern The Group believes that it will be able to meet all of its obligations as they fall due for at least 12 months after the date of issuance of these financial statements, hence, these consolidated financial statements have been prepared on a going-concern basis. In the financial year ended March 31, 2024 the Group has completed its refinancing by repaying the existing loans and entering into a new Senior Facilities Agreement (SFA) with an extended maturity date when compared to the prior loans. In addition, based on the Group’s current assessment, the Group does not expect any material adverse impact on its long-term development timeline or its liquidity and its ability to comply with the covenant discussed in Note 26 that could have an impact on its ability to remain a going concern. |
Basis of consolidation | Basis of consolidation The consolidated financial statements comprise the financial statements of Global Blue Group Holding AG and its subsidiaries as of March 31, 2024, 2023 and 2022. Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when it has power over that entity, when it is exposed or has rights to variable returns from its involvement with that entity and when it has the ability to use its power over that entity to affect the amount of the returns. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are de-consolidated from the date that control ceases. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized gains/losses are also eliminated. Accounting policies of subsidiaries are consistent with the policies adopted and selected by the Group. Transactions with non-controlling interests Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions that is, as transactions with the owners in their capacity as owners. For purchases from non-controlling interests, the difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gain or losses on disposals to non-controlling interests are also recorded in equity. |
Changes in accounting policies | Changes in accounting policies Changes in accounting policies in the financial year ended March 31, 2024 The following amendments to existing standards became effective in the current period, with either no or no material impact on the Group and are not expected to significantly affect future periods: • IFRS 17 Insurance Contracts • Amendments to IAS 8, Accounting policies, Changes in Accounting Estimates and Errors - Definition of Accounting Estimates • Amendments to IAS 12: International Tax Reform — Pillar Two Model Rules • Amendments to IAS 12 Income Taxes: Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction, and • Amendment to IAS 1, Presentation of Financial Statements - Disclosure of Accounting Policies and IFRS Practice Statement 2. Standards and amended standards issued but not yet effective up to the date of issuance of the Group’s financial statements are listed below: • Amendments to IAS 1, Presentation of Financial Statements - Classification of Liabilities as Current or Non-current • Amendment to IFRS 16 Leases: Changes in the illustrative example related to Lease Liability in a Sale and Leaseback • Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements • Amendments to IAS 21 – Lack of exchangeability, and • IFRS 18 Presentation and Disclosure in Financial Statements |
Revenue recognition | Revenue recognition Revenue is recognized when a customer obtains control of goods or services and thus has the ability to direct the use and obtain the benefits from the goods or services. Revenue represents the fair value of consideration received or receivable from clients for services provided by the Group, net of discounts, VAT and other sales-related taxes, after eliminating sales within the Group. Material revenue from external customers derives from the following services: Tax Free Shopping services Global Blue provides a solution that facilitates the VAT refund process for both merchants and travelers. Specifically, the traveler receives a refund from Global Blue of the total VAT paid, less a commission, which varies based on a number of factors such as the merchant, country and amount of purchase. After processing the refund, Global Blue invoices either the relevant merchant or the government, for the full VAT amount, which is paid to the Group in full. The merchant then reclaims the VAT from the government and invoices Global Blue in turn for their portion of the commission, the rate of which varies according to the contractual agreements with each merchant. Whilst the transaction flow involves various parties, Global Blue’s involvement in respect of the tax authorities is considered to be of a pass-through nature, thus Global Blue is considered to be an agent for this part. The commission received by Global Blue, net of the share paid to the merchant, is recognized as revenue. Such service is contracted with merchants, who are provided with a license to a specifically designed IT system, related forms to collect the relevant traveler information to enable a tax refund and any related training and support required to allow the merchant to make use of Global Blue’s service. These elements are all essential to the provision of VAT refund services and, as a result of their interdependency, and the fact the customer (i.e. merchant) would not be able to make use of such elements on their own, they are considered part of a single performance obligation. Commission revenue is recognized at a point in time, upon receipt of a customs-validated tax refund transaction from the traveler or applicable local customs authority, which establishes the right to a VAT refund. In certain instances, for reasons outside the control of Global Blue, the refund to the traveler cannot be completed successfully and the amount due remains unclaimed. These unsuccessful refunds represent a very small percentage of the total number of processed refunds. The revenue related to such unclaimed amounts is recognized when the residual risk of a cash outflow is extinguished. Service revenues from VAT-refund other related solutions, such as intelligence and marketing, and from operational assistance and support are recognized at the point in time when the services are rendered and delivered. Payments services In a Payments transaction, a traveler pays for goods or services in the merchant’s currency, which is fixed at the time of the transaction and at which point the Group earns a commission for the foreign exchange spread for the service, from which fees are paid to both the participating merchant and the acquiring bank. As the Group is acting only as an agent, revenue is recorded net in the income statement at the time of the transaction (i.e. at a point in time). The revenue recognized, consists of the total Payments commission earned from the traveler (i.e. gross commission) less the amount of commissions paid to participating merchants and acquiring banks. Global Blue provides other services to merchants such as electronic payment switching and multi-currency conversion services, for which revenue is recognized from the rendering of such services over time, as the nature of these activities means that the Group’s customers simultaneously receive and consume the benefits provided by the Group as the Group performs its obligation. Post-Purchase Solutions Global Blue offers to its customers (i.e. retailers) Post-Purchase Solutions that can be easily integrated with their core systems, allowing them to optimize and digitalize their processes throughout the omni-channel customer journey i.e. in-store and online. In relation to e-commerce orders returns, Global Blue’s technology platform provides retailers with a solution that reduces logistical costs via consolidation, local market resale, and inbound consumer queries, as well as by allowing exchanges versus mere goods’ return. The revenue is recognized when the service is rendered (at a point in time), and consists of fees earned per return and on carrier costs. In addition, Global Blue’s offers to retailers digital solution services allowing retailers to send digital receipts to consumers, and Software as a Service (SaaS) solution in the form of a customized tracking webpage on the retailer’s website for online purchases. In relation to such services, the Group recognizes revenue when the service is rendered (at a point in time), and consists of a fee per transaction. |
Segment reporting | Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Committee (ExCom); for details on the Group’s segments refer to Note 7. |
Finance Income / Costs | Finance Income / Costs Finance income and costs comprise of interest received on funds invested, foreign exchange gains and losses, and gains and losses on hedging instruments. Interest income is recognized by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that subsequently become credit‐impaired; for credit‐impaired financial assets, the effective interest rate is applied to the net carrying amount of the financial asset. |
Leases | Leases Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments, discounted at the incremental borrowing rate: • fixed payments (including in-substance fixed payments); • variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date; • the exercise price of a purchase option if the Group is reasonably certain to exercise that option, • payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. Lease payments are allocated between principal and finance cost. The finance cost is charged to the income statement as a component of finance costs over the lease period. The lease liability is subsequently remeasured to reflect changes in: • the lease term (using a revised discount rate); • the assessment of a purchase option (using a revised discount rate); • the amounts expected to be payable under residual value guarantees (using the original discount rate); or • future lease payments resulting from a change in an index or a rate used to determine those payments (using the original discount rate). The lease contracts that do not meet the recognition criteria of IFRS 16 or qualify as exceptions, such as low value assets contracts or short-term lease contracts, are expensed through the income statement directly. The right-of-use asset is recognized according to IFRS 16 as follows: • At the initial recognition of the lease, the right-of-use asset is measured at the amount of lease liability plus any initial direct costs incurred by Global Blue and adjustments such as: lease incentives and payments at or prior to commencement; • The asset is measured at cost less the accumulated depreciation and accumulated impairment. Depreciation is calculated on a straight-line basis over the lease term. |
Foreign currencies | Foreign currencies Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the ‘functional currency’). The consolidated financial statements are presented in thousands of Euros, which is the Group’s presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Group companies The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of the statement of financial position; • Income and expenses for each income statement are translated at average exchange rates or at rates prevailing on the transaction dates (a reasonable approximation of the actual rate being available); and • All resulting exchange differences are recognized as a separate component of other comprehensive income called “currency translation adjustments”. On consolidation, exchange differences arising from the translation of the net investment in foreign operations and of borrowings, are taken to other comprehensive income. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in other comprehensive income are recognized in the income statement as part of the gain or loss on sale. Goodwill arising on acquisition of a foreign operation and any fair value adjustment arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment, are stated at cost less accumulated depreciation and any accumulated impairment losses. The cost of an item of property, plant and equipment consists of the purchase price and any costs directly attributable to bringing the asset into use. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial year in which they are incurred. Depreciation is calculated on a straight-line basis, writing down the assets, excluding any estimated residual value, in equal installments over their estimated useful economic lives as follows: • Machinery, equipment, computers, and IT equipment: 3-5 years • Leasehold improvements: over the contract period. The residual values and useful economic lives of all Machinery, equipment, computer and IT equipment are reviewed on an annual basis and adjusted, if appropriate, at the end of each financial year. Leasehold improvements are depreciated over the remaining useful life of the related asset or to the date of the next leasehold renewal, whichever is sooner. Gains and losses on disposals are calculated by comparing the proceeds with the carrying amount and are recognized in the income statement. |
Intangible assets | Intangible assets Goodwill The excess of the fair value of consideration transferred and the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired are recorded as goodwill. Goodwill is included in “intangible assets” and carried at cost less accumulated impairment losses. Goodwill is tested annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. For the purposes of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (CGU) that are expected to benefit from the synergies of the combination. For the impairment tes ting the carrying value of the CGU is compared to the recoverable amount, which is the higher of value-in-use and the fair value less costs of disposal. Any impairment is recognized immediately in the income statement; impairment losses on goodwill are not reversed, while any gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Customer relationships Acquired customer relationships are recognized at the acquisition date at fair value and amortized over 20 years, reflecting the estimated useful life of these assets. Fulfillment costs The Group recognizes assets in relation to costs to fulfil contracts with customers, which are amortized as long as a service is being rendered over the contract period. Trademarks Trademarks are acquired in a business combination and are recognized at fair value, either with a definite or indefinite useful life. Trademarks with a definite useful life are carried at cost less accumulated amortization; amortization is calculated using the straight-line method to allocate the cost over 20 years, reflecting the estimated useful life of these assets. Software and other intangible assets Computer software licenses that do not form an integral part of related hardware are capitalized at cost and amortized over their useful life. Costs associated with maintaining computer software programs are recognized as an expense as incurred. Costs that are directly associated with the production of identifiable and unique software products controlled by the Group that will generate probable economic benefits beyond one year, are recognized as intangible assets. Costs include the software development employee costs, costs of materials and services used, legal fees and directly attributable overheads. Computer software development costs recognized as an intangible asset are amortized over their useful economic life of 3-5 years. |
Impairment of non-financial assets | Impairment of non-financial assets Assets that have an indefinite useful life, such as goodwill, are not subject to amortization but are tested at least annually for impairment or more frequent if events or changes in circumstances indicate a potential impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value-in-use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill subject to an impairment in prior fiscal periods are reviewed for possible reversal of the impairment at each reporting date. |
Financial assets | Financial assets Classification The Group classifies its financial assets in the three following categories: “at fair value through profit or loss”, “at fair value through other comprehensive income” and “at amortized cost”; the classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition as follows: (a) Financial assets at fair value through profit or loss Financial assets shall be measured at fair value through profit or loss unless they are measured at amortized cost or at fair value through other comprehensive income. Assets in this category are classified as current assets if expected to be settled within 12 months; otherwise, they are classified as non-current. (b) Financial assets at fair value through other comprehensive income For other investments not classified as held for trading, the Group can make an irrevocable election to present subsequent changes in the fair value in other comprehensive income. (c) Financial assets at amortized cost Financial assets at amortized cost are held in order to collect contractual cash flows paid on specified dates, which solely consist of payment of principal and interest on the principal amount outstanding. These assets are included in current assets, except for maturities greater than 12 months after the end of the reporting period, which are classified as non-current assets. The Group’s Financial assets at amortized cost consist of trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position. |
Other investments | Other investments Other investments are equity investments that are neither classified as investments in subsidiaries nor as investments in joint ventures. Other investments are recognized at fair value on the date of the transaction and are subsequently remeasured at fair value. The Group has classified and measures the other investments at fair value through other comprehensive income and recognizes gains and losses arising from the changes in fair value in other comprehensive income. There is no subsequent reclassification of fair value gains and losses to the income statement following the derecognition of the investment. Dividends from other investments are recognized in the income statement. |
Trade receivables | Trade receivables Trade receivables are amounts mainly due from merchants and tax authorities for services rendered or merchandise sold in the ordinary course of the TFS, Intelligence and Marketing services and Post-Purchase Solutions. The majority of amounts accounted as trade receivables are related to invoices and accruals for processed TFS transactions as well as early refunds to tourists and refund agents. A lesser part of trade receivables relates to Post-Purchase Solutions; the nature of those receivables are invoices issued for services to retailers with payment terms less than 30 days. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less any impairment provisions established based on the expected credit loss model. The Group applies the IFRS 9 simplified approach to measuring the expected credit loss, which uses a lifetime expected loss allowance. To measure the expected credit loss, trade receivables have been grouped by months past due. The expected credit loss rates are based on the payment profiles of customers over a 3-year period before each balance sheet date and the corresponding historical credit losses over the related period. The historical credit losses are adjusted in order to reflect the current and forward-looking information on macroeconomic factors affecting the ability of customers to settle the receivables. Even though one of the potential consequences of the COVID-19 pandemic could have been that merchants or customs and tax authorities would fail or refuse to pay Global Blue, thus potentially resulting in an increase in Trade receivables past due for more than 3 months, there has not been any such COVID-19-related increase in trade receivables past due for more than 3 months since April 1, 2020. The Group concluded that there is no significant difference between the historical loss rates and the expected credit loss rates as of March 31, 2024. The Group applies the following expected loss rates for the financial year ended March 31: Days past due 2024 2023 0 – 3 months 1% 0% 3 – 6 months 5% 25% 6 – 9 months 20% 50% 9 – 12 months 35% 75% >12 months 50% 100% In applying the above rates, the asset’s carrying amount is reduced through the use of an allowance account, and the loss is recognized in the income statement. When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited in the income statement. |
Share capital | Share capital Share capital consists of ordinary shares, preference shares, warrants and treasury shares. Preference shares The Group accounts for preference shares under IAS 32. To determine the appropriate accounting treatment under IAS 32, the Group reviews the term and conditions of the preference shares to conclude whether the preference shares have the characteristics of: • a financial liability – when the preference shares pay a fixed rate or dividend and / or have a mandatory redemption feature at a future date, then the substance is that they are contractual obligation to deliver cash, and they are recognized as a liability; • an equity instrument – when the preference shares do not have a fixed maturity and the issuer does not have a contractual obligation to make any payment. |
Preference shares | Preference shares The Group accounts for preference shares under IAS 32. To determine the appropriate accounting treatment under IAS 32, the Group reviews the term and conditions of the preference shares to conclude whether the preference shares have the characteristics of: • a financial liability – when the preference shares pay a fixed rate or dividend and / or have a mandatory redemption feature at a future date, then the substance is that they are contractual obligation to deliver cash, and they are recognized as a liability; • an equity instrument – when the preference shares do not have a fixed maturity and the issuer does not have a contractual obligation to make any payment. |
Financial liabilities | Financial liabilities The Group classifies its financial liabilities in the following categories: “at fair value through profit and loss” or “at amortized cost”, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, less directly attributable transaction costs. The Group's financial liabilities include trade payables, other current liabilities, accrued liabilities, bank overdrafts, interests bearing loans and borrowings, other non-current liabilities and derivative financial instruments. (a) Financial instruments at fair value through profit and loss Financial liabilities at fair value through profit and loss comprise of financial instruments held for trading, put options from acquisitions and warrants. Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments obtained by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Gains and losses on liabilities held-for-trading are recognized in the income statement within “net finance costs”. Warrants are accounted for as derivative financial instruments and therefore as financial liabilities through profit and loss as they give the holder the right to obtain a variable number of ordinary shares. Such derivative financial instruments were initially recognized at fair value on the date on which the merger was consummated and are subsequently remeasured at fair value through profit or loss. The warrants expire on August 31, 2025 (the fifth anniversary of the closing) or earlier upon redemption or liquidation in accordance with their terms. Other derivative instruments (such as the put options from the acquisitions) are recognized at fair value on the date of the transaction and are subsequently remeasured at fair value through profit and loss. (b) Interest-bearing loans and borrowings Interest-bearing loans and borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates. |
Share-based payments transactions | Share-based payment transactions Cash-settled share-based payment transactions Cash-settled share-based compensation plans were adopted by entities operating in the Post-Purchase Solutions segment. The fair value of the employee’s services received in exchange of the grant of the shares is recognized as an expense. The total amount is determined by reference to the fair value of the shares granted and is recognized over the vesting period. At the end of each reporting period, the Group revises its estimates of the fair value of the liability for the share-based payment and the difference is recognized under operating expenses in the income statement. As soon as the Group has no unconditional right to defer payment beyond 12 months from the balance sheet date, the liability is reclassified to other current financial liabilities. Equity-settled share-based payment transactions Within the framework of Global Blue´s Management Incentive Plan some employees were granted restricted stock awards (“RSAs”) and/or share options plans (“SOP”). Such incentive plans qualify as equity settled share based payment transactions in accordance with IFRS 2, as the Group receives services from the employee as consideration for its own equity instruments (shares in RSAs and share options in SOP). The fair value of the employee SOPs and RSAs is recognized as an operating expense with a corresponding increase in equity. The fair value is determined at the grant date and the total expense is recognized over the vesting period. At the end of each reporting period, the Group revises its estimates of the number of options/shares which are expected to vest based on the non-market vesting and service conditions. The impact is recognized in the income statement with the corresponding adjustment in equity. At vesting, the difference between the fair value of the shares recognized in the share-based payment reserve and the nominal value of the shares, is transferred from the equity-settled shared based payment other reserve to the share premium of ordinary shares. When the amendment of the terms of any MIP is considered as replacing pre-existing ones, modification accounting under IFRS 2 is applied, and the fair value of the granted instruments is remeasured. If the modification occurs during the vesting period, the incremental fair value granted is included in the measurement of the amount recognized for services received over the period from the modification date until the date when the modified equity instruments vest, in addition to the amount based on the grant date fair value of the original equity instruments. If the modification occurs after vesting date, the incremental fair value granted is recognized immediately. |
Current income tax | Current and deferred income tax The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate based on the amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable income. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences, and the carry-forward of unused tax losses, can be utilized. |
Deferred income tax | Current and deferred income tax The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate based on the amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable income. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences, and the carry-forward of unused tax losses, can be utilized. |
Employee benefits | Employee benefits Defined contribution plans The Group has insured contributory plans covering substantially all employees. The costs for these plans are accounted for in the income statement within “employee benefit expenses”. Payments to defined contribution plans are charged as an expense when incurred. Payments made to state plans are dealt with as payments to defined contribution plans where the Group’s obligations under the plans are equivalent to those arising in a defined contribution plan. Defined benefit plans The Group’s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets is deducted. The discount rate is the yield at the balance sheet date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have maturity dates approximating to the terms of the Group’s obligations. The calculation is performed by a qualified actuary using the projected unit credit method. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. All past-service costs are recognized immediately in the income statement. Other long-term benefits plans Other long-term benefits are plans, other than defined contribution plans, defined benefit plans or termination benefits, which do not fall due wholly within 12 months after the end of the period in which the employees render the related service (e.g. long service leave plans). These obligations are measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the expected reporting period, using the projected unit credit method. The calculation takes into account the expected future salary levels, experience of employee departures and periods of service. Remeasurement gains and losses arising from experience adjustments, changes in actuarial assumptions and the costs for these plans are accounted for in the income statement. Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when it is demonstrably committed to a termination when the entity has a detailed formal plan to terminate the employment of current employees without possibility of withdrawal. In the case of a voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. |
Termination benefits | Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when it is demonstrably committed to a termination when the entity has a detailed formal plan to terminate the employment of current employees without possibility of withdrawal. In the case of a voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. |
Provisions | Provisions Provisions for legal and non-income tax claims are recognized when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of economic benefits will be required to settle the obligation and the amount has been reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. |
Trade payables | Trade payables Trade payables are obligations to pay for services that have been acquired in the ordinary course of business from merchants and other suppliers, and in-transit payment to tourists. Trade creditors are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. In-transit payments to tourists In-transit payments to tourists contain liabilities to tourists in connection with non-cash refunds and unsuccessful payments. In certain cases, non-cash refunds do not successfully go through and are then recognized as unsuccessful payments and accounted for as trade payables. When the legal expiration period has passed, which varies from 3 to 30 years from country to country, the unclaimed amount is treated as an extinguishment and the financial liability is released. Trade creditors and other payables are stated at amortized cost. |
Business combinations | Business combinations A business combination is a transaction or event in which an acquirer obtains control of one or more businesses. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. The excess of the fair value of consideration transferred and the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. |
Material accounting policies (T
Material accounting policies (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Material Accounting Policies [Abstract] | |
Disclosure of Expected Loss Rates | The Group applies the following expected loss rates for the financial year ended March 31: Days past due 2024 2023 0 – 3 months 1% 0% 3 – 6 months 5% 25% 6 – 9 months 20% 50% 9 – 12 months 35% 75% >12 months 50% 100% |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Financial Risk Management [Abstract] | |
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities | The table below analyzes the Group's non-derivative financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the notional, undiscounted cash flows. As of March 31, 2024 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 13,920 41,313 55,233 164,568 705,615 Other non-current financial liabilities (1) — — 12,529 9,589 941 Trade payables 163,954 118,045 — — — Other current liabilities (2) 37,021 4,674 — — — Accrued liabilities 27,122 21,593 — — — Other current financial liabilities (4) — 12,825 — — — Total 242,017 198,450 67,762 174,157 706,556 As of March 31, 2023 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 565 81,321 20,761 740,837 — Other non-current financial liabilities (1) — — 10,293 10,646 88 Trade payables 110,215 98,891 — — — Other current liabilities (2) 20,678 1,279 — — — Accrued liabilities (3) 33,581 14,820 — — — Other current financial liabilities (4) — 7,776 — — — Total 165,039 204,087 31,054 751,483 88 (1) The line items “Loans and borrowings” and “Other non-current financial liabilities”, as presented in the table above, include future interest payments (capitalized interest in the case of Other non-current financial liabilities). (2) For the purposes of this table, items where the counterparty is the tax authority such as “Personnel taxes” and “Input VAT” and “Withholding tax” have been excluded from the line “Other current liabilities”; for further details on these excluded items see Note 33. (3) For the purpose of this table, items where the counterparty is the tax authority such as “accrued social charges” have been excluded from the line “Accrued liabilities”; for further details on the excluded items see Note 34. (4) The line item “Other current financial liabilities”, as presented in the table above, exclude EUR0.9 million of warrant liabilities outstanding (EUR11.4 million as of March 31, 2023) and as a consequence of their USD11.50 exercise price, there is a low probability of an exercise of these derivative instruments, and a subsequent cash outflow with a material liquidity impact in the foreseeable future; for further details see Note 31. |
Disclosure of Maturity Analysis for Derivative Financial Liabilities | The table below analyzes the Group's non-derivative financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the notional, undiscounted cash flows. As of March 31, 2024 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 13,920 41,313 55,233 164,568 705,615 Other non-current financial liabilities (1) — — 12,529 9,589 941 Trade payables 163,954 118,045 — — — Other current liabilities (2) 37,021 4,674 — — — Accrued liabilities 27,122 21,593 — — — Other current financial liabilities (4) — 12,825 — — — Total 242,017 198,450 67,762 174,157 706,556 As of March 31, 2023 (EUR thousand) Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Loans and borrowings (1) 565 81,321 20,761 740,837 — Other non-current financial liabilities (1) — — 10,293 10,646 88 Trade payables 110,215 98,891 — — — Other current liabilities (2) 20,678 1,279 — — — Accrued liabilities (3) 33,581 14,820 — — — Other current financial liabilities (4) — 7,776 — — — Total 165,039 204,087 31,054 751,483 88 (1) The line items “Loans and borrowings” and “Other non-current financial liabilities”, as presented in the table above, include future interest payments (capitalized interest in the case of Other non-current financial liabilities). (2) For the purposes of this table, items where the counterparty is the tax authority such as “Personnel taxes” and “Input VAT” and “Withholding tax” have been excluded from the line “Other current liabilities”; for further details on these excluded items see Note 33. (3) For the purpose of this table, items where the counterparty is the tax authority such as “accrued social charges” have been excluded from the line “Accrued liabilities”; for further details on the excluded items see Note 34. (4) The line item “Other current financial liabilities”, as presented in the table above, exclude EUR0.9 million of warrant liabilities outstanding (EUR11.4 million as of March 31, 2023) and as a consequence of their USD11.50 exercise price, there is a low probability of an exercise of these derivative instruments, and a subsequent cash outflow with a material liquidity impact in the foreseeable future; for further details see Note 31. |
Disclosure of Reconciliation of Liabilities Arising from Financing Activities | This section presents a breakdown of net debt and details the movements in net debt for each of the periods presented: Assets Liabilities from financing activities (EUR thousand) Cash and cash equivalents Borrowings due within 1 year Borrowings due after 1 year Lease liabilities due within 1 year Lease liabilities due after 1 year Total Net debt as of April 1, 2023 240,546 (61,945) (726,891) (6,984) (10,243) (565,517) Cash flows (152,790) 61,324 729,000 10,711 — 648,245 New borrowings — — (586,151) — — (586,151) New leases — — — (5,536) (11,760) (17,296) Foreign exchange adjustments (286) — — 122 114 (50) Reclassification — (889) 889 (7,115) 7,115 — Other changes (8) 621 (4,825) — — (4,212) Net debt as of March 31, 2024 87,462 (889) (587,978) (8,802) (14,774) (524,981) Assets Liabilities from financing activities (EUR thousand) Cash and cash equivalents Borrowings due within 1 year Borrowings due after 1 year Lease liabilities due within 1 year Lease liabilities due after 1 year Total Net debt as of April 1, 2022 51,083 (676) (722,554) (10,538) (11,319) (694,004) Cash flows 191,181 (59,384) — 11,746 — 143,543 Borrowings from business acquisition — (642) (2,594) — — (3,236) New leases — — — (403) (6,322) (6,725) Foreign exchange adjustments (2,360) 453 — 115 82 (1,710) Reclassification — — — (7,904) 7,904 — Other changes 642 (1,696) (1,743) — (588) (3,385) Net debt as of March 31, 2023 240,546 (61,945) (726,891) (6,984) (10,243) (565,517) |
Disclosure of Fair Value Measurement of Assets | The table below discloses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: • Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); • Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). As of March 31, 2024 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through OCI - Other investments — — 4,995 4,995 - Other current receivables - Derivative financial instruments — 1,684 — 1,684 Financial assets at fair value through profit or loss - Other non-current assets - pledged asset for endowment insurance 2,512 — — 2,512 - Other current receivables - Derivative financial instruments — — — — Total assets 2,512 1,684 4,995 9,191 Liabilities Financial liabilities at fair value through profit or loss - Put options liability — — 3,309 3,309 - Warrant liabilities - Public warrants 582 — — 582 - Warrant liabilities - Private warrants — 281 — 281 - Other current liabilities - Derivative financial instruments — 122 — 122 Total liabilities 582 403 3,309 4,294 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 non-current assets - pledged asset for endowment insurance 2,433 — — 2,433 - Other current receivables - Derivative financial instruments — 107 — 107 Total assets 2,433 107 7,051 9,591 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 |
Disclosure of Fair Value Measurement of Liabilities | The table below discloses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: • Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); • Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). As of March 31, 2024 (EUR thousand) Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through OCI - Other investments — — 4,995 4,995 - Other current receivables - Derivative financial instruments — 1,684 — 1,684 Financial assets at fair value through profit or loss - Other non-current assets - pledged asset for endowment insurance 2,512 — — 2,512 - Other current receivables - Derivative financial instruments — — — — Total assets 2,512 1,684 4,995 9,191 Liabilities Financial liabilities at fair value through profit or loss - Put options liability — — 3,309 3,309 - Warrant liabilities - Public warrants 582 — — 582 - Warrant liabilities - Private warrants — 281 — 281 - Other current liabilities - Derivative financial instruments — 122 — 122 Total liabilities 582 403 3,309 4,294 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 non-current assets - pledged asset for endowment insurance 2,433 — — 2,433 - Other current receivables - Derivative financial instruments — 107 — 107 Total assets 2,433 107 7,051 9,591 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 |
Financial instruments by cate_2
Financial instruments by category (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of Financial Assets | The table below details the financial instruments as of March 31, 2024: As of March 31, 2024 (EUR thousand) Assets as per statement of financial position At amortized cost At FVPL At FVOCI Total Other investments — — 4,995 4,995 Other non-current financial assets 13,388 2,512 — 15,900 Trade receivables 248,227 — — 248,227 Other current receivables (1) 33,260 44 1,640 34,944 Cash and cash equivalents 87,462 — — 87,462 Balance as of March 31, 2024 382,337 2,556 6,635 391,528 (1) excluding other non-financial receivables The table below details the financial instruments as of March 31, 2023: As of March 31, 2023 (EUR thousand) Assets as per statement of financial position At amortized cost At FVPL At FVOCI Total Other investments — — 7,051 7,051 Other non-current financial assets 11,807 2,400 — 14,207 Trade receivables 191,469 — — 191,469 Other current receivables (1) 16,256 107 — 16,363 Cash and cash equivalents 240,546 — — 240,546 Balance as of March 31, 2023 460,078 2,507 7,051 469,636 (1) excluding other non-financial receivables |
Disclosure of Financial Liabilities | As of March 31, 2024 (EUR thousand) Liabilities as per statement of financial position At amortized cost At FVPL At FVOCI Total Loans and borrowings 588,867 — — 588,867 Other non-current financial liabilities 17,474 1,830 — 19,304 Other current financial liabilities 11,225 2,464 — 13,689 Trade payables 281,998 — — 281,998 Other current liabilities (1) 22,659 — — 22,659 Accrued liabilities (1) 48,691 — — 48,691 Balance as of March 31, 2024 970,914 4,294 — 975,208 (1) excluding other non-financial liabilities As of March 31, 2023 (EUR thousand) Liabilities as per statement of financial position At amortized cost At FVPL At FVOCI Total Loans and borrowings 788,836 — — 788,836 Other non-current financial liabilities 15,215 3,596 — 18,811 Other current financial liabilities 6,984 12,243 19,227 Trade payables 209,106 — — 209,106 Other current liabilities (1) 19,985 — — 19,985 Accrued liabilities (1) 48,444 — — 48,444 Balance as at March 31, 2023 1,088,570 15,839 — 1,104,409 (1) excluding other non-financial liabilities |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of operating segments [abstract] | |
Schedule of Reportable Segments | For the financial year ended March 31, 2024 (EUR thousand) Notes TFS Payments Post-Purchase Solutions Central Total Revenue 311,740 83,023 27,540 — 422,303 Operating expenses (1) (114,930) (43,282) (32,317) (83,109) (273,638) Adjusted EBITDA 196,810 39,741 (4,777) (83,109) 148,665 Depreciation and amortization (2) 9 (43,782) Exceptional items (3) (7,005) Operating Profit 97,878 For the financial year ended March 31, 2023 (EUR thousand) Notes TFS Payments Post-Purchase Solutions Central Total Revenue 228,818 61,805 20,867 — 311,490 Operating expenses (1) (91,902) (34,267) (26,962) (80,377) (233,508) Adjusted EBITDA 136,916 27,538 (6,095) (80,377) 77,982 Depreciation and amortization (2) 9 (51,028) Exceptional items (3) (12,814) Operating Profit 14,140 For the financial year ended March 31, 2022 (EUR thousand) Notes TFS Payments Post-Purchase Solutions Central Total Revenue 89,559 23,325 13,064 — 125,948 Operating expenses (1) (44,610) (12,538) (16,755) (61,947) (135,850) Adjusted EBITDA 44,949 10,787 (3,691) (61,947) (9,902) Depreciation and amortization (2) 9 (87,900) Exceptional items (3) 11,173 Operating Loss (86,629) (1) Operating expenses excluding Depreciation and Amortization and Exceptional items. For the financial year ended March 31, 2024 the fixed costs amounted to EUR173.3 million (EUR154.6 million for the financial year ended March 31, 2023 and EUR109.2 million for the financial year ended March 31, 2022), comprising of personnel costs of EUR113.7 million (EUR99.8 million for the financial year ended March 31, 2023, and EUR74.6 million for the financial year ended March 31, 2022) and non-personnel costs of EUR59.6 million (EUR54.8 million for the financial year ended March 31, 2023 and EUR34.6 million for the financial year ended March 31, 2022), whereas variable costs amounted to EUR100.4 million (EUR78.9 million for the financial year ended March 31, 2023 and EUR26.7 million for the financial year ended March 31, 2022). (2) Depreciation and amortization include amortization of intangible assets acquired through business combinations. (3) 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. |
Schedule of Revenue by Geography and by Segment, by Top Country and Non-Current Assets by Country | Revenue is generated by TFS, Payments and Post-Purchase Solutions processed transactions; a geographical breakdown of revenue by key market / region is provided below: For the financial year ended March 31, 2024 (EUR thousand) TFS Payments Post-Purchase Solutions Total Europe 260,030 15,633 27,540 303,203 Asia Pacific 46,932 67,390 — 114,322 Rest of the world 4,778 — — 4,778 Total 311,740 83,023 27,540 422,303 For the financial year ended March 31, 2023 (EUR thousand) TFS Payments Post-Purchase Solutions Total Europe 202,263 12,276 20,867 235,406 Asia Pacific 23,495 49,528 — 73,023 Rest of the world 3,060 1 — 3,061 Total 228,818 61,805 20,867 311,490 For the financial year ended March 31, 2022 (EUR thousand) TFS Payments Post-Purchase Solutions Total Europe 82,599 6,631 13,064 102,294 Asia Pacific 5,398 16,694 — 22,092 Rest of the world 1,562 — — 1,562 Total 89,559 23,325 13,064 125,948 Revenue by top Country A breakdown of revenue by key market / top country is provided below: For the financial year ended March 31, 2024 (EUR thousand) TFS Payments Post-Purchase Solutions Total % of Total Revenue Italy 62,435 4,021 — 66,456 16 % France 43,845 1,907 — 45,752 11 % Australia 495 53,060 — 53,555 13 % United Kingdom 1,010 877 27,540 29,427 7 % Singapore 14,568 8,611 — 23,179 5 % Switzerland 5,247 4 — 5,252 1 % Total 127,600 68,480 27,540 223,621 53 % For the financial year ended March 31, 2023 (EUR thousand) TFS Payments Post-Purchase Solutions Total % of Total Revenue Italy 43,280 3,739 — 47,019 15 % France 39,996 1,791 — 41,787 14 % Australia 303 40,671 — 40,974 13 % United Kingdom 2,917 1,056 20,867 24,840 8 % Switzerland 4,005 32 — 4,037 1 % Total 90,501 47,289 20,867 158,657 51 % For the financial year ended March 31, 2022 (EUR thousand) TFS Payments Post-Purchase Solutions Total % of Total Revenue Italy 12,912 2,421 — 15,333 12 % France 20,118 919 — 21,037 17 % Australia 49 13,997 — 14,046 11 % United Kingdom 1,838 568 13,064 15,470 12 % Switzerland 2,358 85 — 2,443 2 % Total 37,275 17,990 13,064 68,329 54 % Even though no measure of assets by segment is reported to the ExCom, in accordance with IFRS 8, the non-current assets, excluding deferred income tax assets, by country, are disclosed as follows: As of March 31, 2024 (EUR thousand) Intangible assets Property, plant and equipment Investments in associates, joint ventures and other investments Other non-current financial assets Total Switzerland 580,958 1,076 5,142 1,824 589,000 Rest of the world 30,117 30,958 3 14,076 75,154 Total 611,075 32,034 5,145 15,900 664,154 As of March 31, 2023 (EUR thousand) Intangible assets Property, plant and equipment Investments in joint ventures and associates and Other investments Other non-current financial assets Total Switzerland 575,145 782 7,244 698 583,869 Rest of the world 30,363 24,057 37 13,509 67,966 Total 605,508 24,839 7,281 14,207 651,835 |
Operating expenses (Tables)
Operating expenses (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Analysis of income and expense [abstract] | |
Disclosure of Expenses by Nature | (EUR thousand) For the financial year ended March 31 Expenses by nature Notes 2024 2023 2022 Employee benefit expenses (140,050) (118,658) (86,623) Contributions to defined contribution plans (8,055) (7,619) (4,022) Depreciation and amortization 9 (43,782) (51,028) (87,900) Agent costs (95,333) (75,950) (23,914) IT costs (16,464) (16,499) (12,013) Auditors, lawyers and consultants (10,713) (12,113) (12,223) Advertising and promotion (3,644) (3,827) (1,729) Travel, entertainment, office and rental cost (13,287) (11,456) (7,253) Contributions to defined benefit plans 29 (1,365) (1,607) (1,560) Share-based payment transactions expenses 25 (3,957) (9,988) (6,414) Change in fair value of warrants and put options 27, 31 9,287 11,070 15,583 Capitalized software development expenditure 15 33,667 25,688 17,163 External and other personnel cost (8,735) (7,544) (4,343) Business restructuring expenses (1,324) (4,446) (1,980) Corporate restructuring expenses (5,660) (2,764) (475) Impairment (1,371) (3,355) (2,846) Other operating income / (expenses) (13,639) (7,254) 7,971 Total (324,425) (297,350) (212,577) |
Depreciation and amortization (
Depreciation and amortization (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Depreciation and amortisation expense [abstract] | |
Disclosure of Detailed Information about Depreciation and Amortization Expense | (EUR thousand) For the financial year ended March 31 Depreciation and amortization Notes 2024 2023 2022 Depreciation of property, plant and equipment 13,14 (14,167) (14,033) (16,737) Amortization of cost to fulfill customer contracts (1,753) (1,897) (3,121) Amortization of customer relationships (223) (10,562) (44,101) Amortization of trademarks (2,237) (2,237) (2,237) Amortization of other intangible assets (25,401) (22,299) (21,704) Amortization of intangible assets 15 (29,614) (36,995) (71,163) Total (43,782) (51,028) (87,900) |
Net finance costs (Tables)
Net finance costs (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Analysis of income and expense [abstract] | |
Disclosure of Finance Income | (EUR thousand) For the financial year ended March 31 2024 2023 2022 Finance income Interest income on current bank deposits 4,027 1,605 247 Net foreign exchange gain on financing activities 1,595 — 293 Interest income on interest rate swap 887 — — Other finance income 567 455 636 Total finance income 7,076 2,060 1,176 Finance costs Interest expense: - Bank borrowings (including amortization of capitalized financing fees) (52,676) (30,894) (22,184) - Lease liabilities interest (1,167) (588) (626) Net foreign exchange loss on financing activities (6) (2,537) — Net foreign exchange loss on operating activities (1) (975) (3,501) (405) Other finance costs (2,597) (1,129) (2,579) Total finance costs (57,421) (38,649) (25,794) Net finance costs (50,345) (36,589) (24,618) (1) Net foreign exchange gain and loss arising during the period is the difference between the value originally recorded and the amount actually paid or received, as well as unrealized gain and loss due to the difference between the original value recorded and the value at the balance sheet date. |
Disclosure of Finance Cost | (EUR thousand) For the financial year ended March 31 2024 2023 2022 Finance income Interest income on current bank deposits 4,027 1,605 247 Net foreign exchange gain on financing activities 1,595 — 293 Interest income on interest rate swap 887 — — Other finance income 567 455 636 Total finance income 7,076 2,060 1,176 Finance costs Interest expense: - Bank borrowings (including amortization of capitalized financing fees) (52,676) (30,894) (22,184) - Lease liabilities interest (1,167) (588) (626) Net foreign exchange loss on financing activities (6) (2,537) — Net foreign exchange loss on operating activities (1) (975) (3,501) (405) Other finance costs (2,597) (1,129) (2,579) Total finance costs (57,421) (38,649) (25,794) Net finance costs (50,345) (36,589) (24,618) (1) Net foreign exchange gain and loss arising during the period is the difference between the value originally recorded and the amount actually paid or received, as well as unrealized gain and loss due to the difference between the original value recorded and the value at the balance sheet date. |
Income tax benefit _ (expense)
Income tax benefit / (expense) (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Income taxes paid (refund) [abstract] | |
Disclosure of Income Tax Expense and Reconciliation of Accounting Profit Multiplied by Applicable Tax Rates | (EUR thousand) For the financial year ended March 31 Income tax Notes 2024 2023 2022 Current income tax expense (26,201) (9,947) (5,787) Adjustments in respect of current income tax of prior years (1) (119) 5,051 4,225 Adjustments in respect of deferred income tax of prior years (1) 28 (324) 1,144 — Deferred tax benefit (2) 28 37 2,702 16,174 Income tax benefit / (expense) reported in the income statement (26,607) (1,050) 14,612 (1) The adjustment in respect of current income tax of prior years for the financial year ended March 31, 2024 mainly relates to the tax treatment of warrants in Switzerland whereas the deferred tax for prior years mainly includes a decrease of deferred tax assets related to tax loss carry forwards incurred in Germany amounting to EUR1.2 million and Portugal amounting to EUR0.3 million. The prior year deferred tax expense is partially offset with a deferred tax income resulting from the updated estimate of deferred tax on amortization of intangible assets from past business combination amounting to EUR1.6 million. The adjustment in respect to current income taxes of prior years for the financial year ended March 31, 2023 mainly comprises of a benefit of EUR4.2 million resulting from the reversal of a previously-recorded uncertain tax position as a consequence of the final tax assessment received from the relevant authorities; and a EUR0.6 million penalty reduction for the withholding tax on interests and license fees in Italy. (2) Furthermore, the deferred tax benefit posted includes a deferred tax expense resulting from changes in tax rates amounting to EUR0.2 million The below table reconciles the income tax calculated by applying the Swiss statutory tax rate applicable to the Company, to the effective taxes reported in the income statement: (EUR thousand) For the financial year ended March 31 2024 2023 2022 Profit / (Loss) before tax 47,533 (22,449) (111,247) Effective tax Tax benefit/(expense) calculated at the Swiss statutory tax rate of 18.8% (18.8% in both FY2022/23 and FY 2021/22) applicable to the Company (8,941) 4,221 20,919 Adjustments in respect of prior years (443) 5,051 141 Recognition of previously unrecognized (derecognition of previously recognized) deductible temporary differences 188 2,428 (124) Expenses not deductible for tax purposes (9,805) (7,349) (5,648) Current year losses for which no deferred income tax asset is recognized (6,293) (5,039) (2,583) Effect of income taxed at different tax rates (1,580) (4,667) (1,400) Tax-exempt income 2,168 1,885 2,027 Other tax items (1,901) 2,420 1,280 Total reported effective tax benefit / (expense) (26,607) (1,050) 14,612 (EUR thousand) For the financial year ended March 31 Tax items recognized directly in other comprehensive income: Note 2024 2023 2022 Tax effect on actuarial gains / losses 28 182 86 (570) Tax effect on other investments at FVOCI 28 168 (181) — Total tax effect 350 (95) (570) |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Earnings per share [abstract] | |
Summary of Earnings per Share | (EUR thousand) For the financial year ended March 31 Earnings per share 2024 2023 2022 Profit / (loss) attributable to the owners of the parent 13,975 (25,621) (97,177) Profit / (loss) attributable to the owners of the parent attributable to ordinary shares 11,613 (21,635) (88,460) Profit / (loss) attributable to the owners of the parent attributable to preference shares 2,362 (3,986) (8,717) Weighted average number of basic ordinary shares outstanding (thousand) 193,345 187,326 179,455 Weighted average number of basic preference shares outstanding (thousand) 39,323 34,509 17,684 Basic profit / (loss) per ordinary share 0.06 (0.12) (0.49) Profit / (loss) from continuing operations attributable to the owners of the parent 13,975 (25,621) (97,177) Profit / (loss) from continuing operations attributable to the owners of the parent attributable to ordinary shares 11,628 (21,635) (88,460) Profit / (loss) from continuing operations attributable to the owners of the parent attributable to preference shares 2,347 (3,986) (8,717) Weighted average number of diluted ordinary shares outstanding (thousand) 194,817 187,326 179,455 Weighted average number of diluted preference shares outstanding (thousand) 39,323 34,509 17,684 Diluted profit / (loss) per ordinary share 0.06 (0.12) (0.49) |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Property, plant and equipment [abstract] | |
Disclosure of Reconciliation of Property, Plant and Equipment | The below schedules represent the movements in property, plant and equipment (“PPE”) for each respective year presented. (EUR thousand) As of March 31 Cost 2024 2023 Machinery, equipment, computers and IT equipment 28,552 30,301 Leasehold improvements 4,340 4,535 Right-of-use assets 47,391 50,508 Total Cost 80,283 85,344 Accumulated depreciation and impairment Machinery, equipment, computers and IT equipment (22,131) (23,797) Leasehold improvements (2,716) (3,056) Right-of-use assets (23,402) (33,652) Total Accumulated depreciation and impairment (48,249) (60,505) Total Property, plant and equipment 32,034 24,839 The movement tables exclude the movements of right-of-use assets, which are presented and detailed in Note 14. (EUR thousand) Machinery, equipment, computers and IT equipment Leasehold Improvements Total Cost Opening balance as of April 1, 2023 30,301 4,535 34,836 Additions 3,779 407 4,186 Disposals (4,803) (1,016) (5,819) Reclassifications (458) 457 (1) Exchange differences (267) (43) (310) Closing balance as of March 31, 2024 28,552 4,340 32,892 Accumulated depreciation and impairment Opening balance as of April 1, 2023 (23,797) (3,056) (26,853) Depreciation charge for the year (3,153) (697) (3,850) Impairment charge for the year (1,233) — (1,233) Disposals 5,818 998 6,816 Exchange differences 234 39 273 Closing balance as of March 31, 2024 (22,131) (2,716) (24,847) Net book value as of March 31, 2024 6,421 1,624 8,045 (EUR thousand) Machinery, equipment, computers and IT equipment Leasehold Improvements Total Cost Opening balance as of April 1, 2022 28,494 4,846 33,340 Acquisition of subsidiaries 103 1 104 Disposal of subsidiary (158) (14) (172) Additions 4,087 689 4,776 Disposals (1,507) (1,147) (2,654) Reclassifications (194) 190 (4) Exchange differences (524) (30) (554) Closing balance as of March 31, 2023 30,301 4,535 34,836 Accumulated depreciation and impairment Opening balance as of April 1, 2022 (22,972) (3,548) (26,520) Disposal of subsidiary 123 4 127 Depreciation charge for the year (2,672) (529) (3,201) Impairment charge for the year (2) — (2) Disposals 1,380 989 2,369 Reclassifications 4 — 4 Exchange differences 342 28 370 Closing balance as of March 31, 2023 (23,797) (3,056) (26,853) Net book value as of March 31, 2023 6,504 1,479 7,983 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Presentation of leases for lessee [abstract] | |
Disclosure of Composition and Reconciliation of Right-of-Use Assets | Right-of-use assets recognized within property, plant and equipment are comprised of the following: (EUR thousand) As of March 31 Right-of-use assets 2024 2023 Offices 11,397 8,064 Refund points 3,434 4,793 IT contracts 4,355 915 Others 4,802 3,084 Total right-of-use assets 23,988 16,856 Movements during the period of right-of-use assets are the following: (EUR thousand) For the financial year ended March 31 Movement of right-of-use assets 2024 2023 Opening balance as of April 1 16,856 20,938 New contracts 17,081 5,855 Modifications 194 969 Depreciation (10,317) (10,832) Exchange differences 174 (74) Closing balance as of March 31 23,988 16,856 |
Disclosure of Composition and Reconciliation of Lease Liabilities | Lease liabilities recognized within other non-current financial liabilities and other current financial liabilities are the following: (EUR thousand) As of March 31 Lease liabilities Notes 2024 2023 Current 31 8,802 6,984 Non-current 27 14,774 10,243 Total lease liabilities 23,576 17,227 Movements of lease liabilities during the period are as follows: (EUR thousand) For the financial year ended March 31 Movement of lease liabilities 2024 2023 Opening balance as of April 1 17,227 21,857 New contracts 17,081 5,855 Modifications 243 870 Interest expense 967 588 Cash outflow - principal elements (10,711) (11,157) Cash outflow - interest (967) (588) Exchange differences (264) (198) Closing balance as of March 31 23,576 17,227 |
Disclosure of Maturity Analysis of Operating Lease Payments | The contractual duration of the lease liabilities is the following: (EUR thousand) As of March 31 Contractual maturities of lease liabilities 2024 2023 Less than 2 years 18,009 13,293 Between 2 and 5 years 8,345 6,044 More than 5 years 941 88 Total 27,295 19,425 |
Disclosure of Amounts Recognized in the Income Statement Related to Leases | mounts recognized in the income statement are as follows: (EUR thousand) For the financial year ended March 31 Depreciation charge of right-of-use assets 2024 2023 2022 Offices 3,616 3,891 4,534 Refund points 2,988 3,762 5,046 IT contracts 2,110 2,019 2,147 Others 1,603 1,160 1,248 Total depreciation charge of right-of-use assets 10,317 10,832 12,975 (EUR thousand) For the financial year ended March 31 Other lease-related expenses 2024 2023 2022 Expense relating to short-term leases (included in Operating expenses) 100 718 943 Expense relating to leases of low-value assets that are not short-term leases (included in Operating expenses) 18 63 88 Expense relating to variable lease payments not included in lease liabilities (included in Other expenses) 1,107 3,235 2,421 Total other lease-related expenses 1,225 4,016 3,452 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Intangible assets and goodwill [abstract] | |
Disclosure of Reconciliation of Changes in Intangible Assets and Goodwill | (EUR thousand) Goodwill Trademarks Customer relationships Cost to fulfill customer contracts Other intangible assets Software Total Opening balance as of April 1, 2023 512,273 45,909 656,518 19,385 10,258 167,455 1,411,798 Additions — 2 — 1,226 363 33,665 35,256 Disposals — — — — (1,130) (4,159) (5,289) Exchange differences 1,800 (24) — (79) (228) (769) 700 Accumulated acquisition values 514,073 45,887 656,518 20,532 9,263 196,192 1,442,465 Opening balance as of April 1, 2023 — (23,861) (652,145) (13,618) (8,865) (101,641) (800,130) Amortization — (2,237) (223) (1,753) (529) (24,872) (29,614) Disposals — — — — 1,069 3,628 4,697 Exchange differences — — — 33 207 605 845 Accumulated amortization — (26,098) (652,368) (15,338) (8,118) (122,280) (824,202) Opening balance as of April 1, 2023 (2,015) — — — (498) (3,647) (6,160) Impairment — (1,156) — — — (32) (1,188) Disposals — — — — — 23 23 Exchange differences 125 1 — — — 11 137 Accumulated impairment (1,890) (1,155) — — (498) (3,645) (7,188) Net book value as of March 31, 2024 512,183 18,634 4,150 5,194 647 70,267 611,075 (EUR thousand) Goodwill Trademarks Customer relationships Cost to fulfill customer contracts Other intangible assets Software Total Opening balance as of April 1, 2022 487,685 46,025 652,052 17,093 10,247 144,224 1,357,326 Acquisition of subsidiaries 29,239 — 4,466 — — 2,738 36,443 Purchases — — — 2,577 869 25,688 29,134 Disposals — — — — (557) (1,420) (1,977) Disposal of subsidiary — — — — — (687) (687) Exchange differences (4,651) (116) — (285) (301) (3,088) (8,441) Accumulated acquisition values 512,273 45,909 656,518 19,385 10,258 167,455 1,411,798 Opening balance as of April 1, 2022 — (21,624) (641,489) (11,914) (8,347) (83,916) (767,290) Amortization — (2,237) (10,656) (1,803) (909) (21,390) (36,995) Disposals — — — — 157 1,086 1,243 Disposal of subsidiary — — — — — 416 416 Exchange differences — — — 99 234 2,163 2,496 Accumulated amortization — (23,861) (652,145) (13,618) (8,865) (101,641) (800,130) Opening balance as of April 1, 2022 (2,063) — — — (498) (3,449) (6,010) Impairment — — — — — (247) (247) Disposals — — — — — 37 37 Exchange differences 48 — — — — 12 60 Accumulated impairment (2,015) — — — (498) (3,647) (6,160) Net book value as of March 31, 2023 510,258 22,048 4,466 5,674 895 62,167 605,508 |
Disclosure of Goodwill and Customer Relationships by Operating Segment | The following is a summary of the goodwill allocated to each cash-generating unit: (EUR thousand) As of March 31 Goodwill 2024 2023 TFS 361,750 362,069 Payments 49,525 50,076 ZigZag 63,825 61,045 Yocuda 7,844 7,829 ShipUp 29,239 29,239 Total 512,183 510,258 |
Interests in other entities (Ta
Interests in other entities (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Interests In Other Entities [Abstract] | |
Disclosure of Interests in Joint Ventures | (EUR thousand) As of March 31 2024 2023 2022 Aggregate carrying amount of individually immaterial joint ventures and associates 150 230 2,650 Aggregate amount of the Group's share of: Loss from continuing operations (63) (111) (720) Other comprehensive loss (17) — — Total comprehensive loss (80) (111) (720) |
Disclosure of Interests in Associates | (EUR thousand) As of March 31 2024 2023 2022 Aggregate carrying amount of individually immaterial joint ventures and associates 150 230 2,650 Aggregate amount of the Group's share of: Loss from continuing operations (63) (111) (720) Other comprehensive loss (17) — — Total comprehensive loss (80) (111) (720) |
Disclosure of Other Investments | (EUR thousand) For the financial year ended March 31 2024 2023 2022 Opening balance as of April 1 7,051 3,881 753 Additions 490 2,000 3,878 Fair value adjustment (2,546) 1,343 150 Derecognition due to step acquisition — — (900) Reclassification to joint ventures and associates — (173) — Closing balance as of March 31 4,995 7,051 3,881 |
Other non-current financial a_2
Other non-current financial assets (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Reconciliation of Other Non-Current Financial Assets | (EUR thousand) For the financial year ended March 31 Other non-current financial assets 2024 2023 Collateral for lease and other agreements 11,828 11,774 Pledged asset for endowment insurance 2,512 2,433 Collateral for Bank Guarantees 1,560 — Total 15,900 14,207 |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Trade and other receivables [abstract] | |
Disclosure of Trade Receivables Balance | The tables below detail the trade receivables balances as of March 31, 2024 and March 31, 2023: As of March 31, 2024 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 182,567 65,239 4,548 252,354 Less: Loss allowance (3,957) — (170) (4,127) Total 178,610 65,239 4,378 248,227 As of March 31, 2023 (EUR thousand) Trade receivables Retailers Authorities Other Total Nominal value of outstanding trade receivables 151,790 38,065 3,676 193,531 Less: Loss allowance (1,889) — (173) (2,062) Total 149,901 38,065 3,503 191,469 |
Disclosure of Age Analysis of Net Trade Receivables | (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 143,706 61,126 2,957 207,789 Trade receivables overdue: Up to 3 months 32,289 4,110 1,070 37,469 3 months - 6 months 1,744 — 120 1,864 More than 6 months 871 3 231 1,105 Total 178,610 65,239 4,378 248,227 (EUR thousand) Age analysis of net trade receivables per class Retailers Authorities Other Total Trade receivables not yet due 122,895 30,949 1,434 155,278 Trade receivables overdue: Up to 3 months 23,379 7,113 1,086 31,578 3 months - 6 months 958 — 537 1,495 More than 6 months 2,669 3 446 3,118 Total 149,901 38,065 3,503 191,469 |
Disclosure of Movements of the Provision for the Impairment of Trade Receivables | The table below details the movements of the expected credit losses of trade receivables: (EUR thousand) For the financial year ended March 31 Movements of the expected credit losses of trade receivables 2024 2023 Opening balance at April 1 (2,062) (2,128) Income statement charge for the year (3,763) (614) Write-offs 236 142 Reversal of unused amounts 1,424 510 Exchange differences 38 28 Closing balance at March 31 (4,127) (2,062) |
Other current receivables (Tabl
Other current receivables (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Other Current Receivables | (EUR thousand) As of March 31 Other current receivables 2024 2023 Input VAT 11,017 11,434 Payment solutions receivables 20,760 10,327 Advances and deposits 7,861 3,903 Withholding taxes 1,980 3,064 Government grants 1,290 1,260 Derivative financial instruments 1,684 107 Other current receivables 4,322 1,274 Total 48,914 31,369 |
Prepaid expenses (Tables)
Prepaid expenses (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Analysis of income and expense [abstract] | |
Disclosure of Prepaid Expenses | (EUR thousand) As of March 31 Prepaid expenses 2024 2023 Office and IT-related 4,434 3,217 Contracts with customers 339 949 Insurance 388 368 Other 1,601 1,052 Total 6,762 5,586 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Cash and cash equivalents [abstract] | |
Disclosure of Cash and Cash Equivalents | (EUR thousand) As of March 31 Cash and cash equivalents 2024 2023 Cash and bank balances 87,341 128,531 Deposits 121 112,015 Total 87,462 240,546 |
Issued capital and reserves (Ta
Issued capital and reserves (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Issued capital [abstract] | |
Disclosure of Reconciliation of Share Capital | For the financial year ended March 31, 2024 Number of shares Ordinary shares Preference shares A Preference shares B Total Opening balance as of April 1, 2023 201,226,883 17,684,377 21,176,470 240,087,730 Issuance of share capital Global Blue Group Holding A.G. 9,090,909 — — 9,090,909 Issuance of preference shares B to CK Opportunities Wolverine Sarl (Dividend) — — 847,059 847,059 Closing balance as of March 31, 2024 210,317,792 17,684,377 22,023,529 250,025,698 For the financial year ended March 31, 2023 Number of shares Ordinary shares Preference shares A Preference shares B Total Opening balance as of April 1, 2022 192,534,962 17,788,512 — 210,323,474 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 Cancellation of preference shares by Global Blue Group Holding A.G. — (104,135) — (104,135) Closing balance as of March 31, 2023 201,226,883 17,684,377 21,176,470 240,087,730 For the financial year ended March 31, 2022 Number of shares Ordinary shares Preference shares A Total Opening balance as of April 1, 2021 187,534,962 23,717,989 211,252,951 Issuance of treasury shares by Global Blue Group Holding A.G. 5,000,000 — 5,000,000 Cancellation of preference shares by Global Blue Group Holding A.G. — (5,929,477) (5,929,477) Closing balance as of March 31, 2022 192,534,962 17,788,512 210,323,474 Shareholders of Global Blue Group Holding AG as of March 31, 2024 Ordinary shares Preference shares Total Ownership (3) Warrants Silver Lake and Affiliates (1) 91,230,811 11,970,487 103,201,298 43.1 % 6,548,415 Partners Group and Affiliates (2) 37,642,705 4,939,137 42,581,842 17.8 % 2,701,935 CK Opportunities Wolverine Sarl 9,286,969 22,023,529 31,310,498 13.1 % — Tencent Mobility Limited 18,181,818 — 18,181,818 7.6 % — Ant Group 12,500,000 — 12,500,000 5.2 % — GB Directors, Executive Management & Other Employees 8,721,599 774,517 9,496,116 4.0 % 516,317 Other Shareholders 22,010,799 — 22,010,799 9.2 % 20,969,283 Total excl. instruments held by the Group 199,574,701 39,707,670 239,282,371 100.0 % 30,735,950 Treasury shares 10,743,091 236 10,743,327 — Total incl. instruments held by the Group 210,317,792 39,707,906 250,025,698 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 Shareholders of Global Blue Group Holding AG as of March 31, 2022 Ordinary shares Preference shares Total Ownership (3) Warrants Silver Lake and Affiliates (1) 97,258,598 11,970,487 109,229,085 55.1% 6,548,415 Partners Group and Affiliates (2) 40,129,828 4,939,137 45,068,965 22.7 % 2,701,935 Ant Group 12,500,000 — 12,500,000 6.3 % — GB Directors, Executive Management & Other Employees 9,198,164 878,652 10,076,816 5.1 % 516,317 Other Shareholders 21,539,634 — 21,539,634 10.9 % 20,969,283 Total excl. instruments held by the Group 180,626,224 17,788,276 198,414,500 100.0 % 30,735,950 Treasury shares 11,908,738 236 11,908,974 — Total incl. instruments held by the Group 192,534,962 17,788,512 210,323,474 30,735,950 (1) - Corresponds to SL Globetrotter L.P. (2) - Corresponds to Global Blue Holding LP (which is controlled by Silver Lake) and shares directly held by Partners Group (3) - Excludes Treasury Shares |
Disclosure of Reconciliation of Treasury Shares | For the financial year ended March 31, 2024 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 (114) (3) (117) Vested RSA shares (628,045) — (628,045) 6 — 6 Closing balance as of March 31, 2024 10,743,091 236 10,743,327 (108) (3) (111) For the financial year ended March 31, 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, 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) Acquisition of treasury shares as at Vested RSA shares (538,044) — (538,044) 5 — 5 Acquisition of treasury shares as at Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (1,189,977) — (1,189,977) 9,179 — 9,179 Cancellation of preference shares A by Global Blue Group Holding A.G. — (104,135) (104,135) — 879 879 Acquisition of treasury shares 4 — 4 — — — Closing balance as of March 31, 2023 11,371,136 236 11,371,372 (114) (3) (117) For the financial year ended March 31, 2022 Treasury shares Number of shares Value (EUR thousand) Ordinary shares Preference shares Total Ordinary Preference shares Total Opening balance as of April 1, 2021 8,051,569 138,846 8,190,415 (8,877) (1,246) (10,123) Conversion of shares 34,711 (34,711) — (366) 366 — Acquisition of treasury shares 5,001,217 236 5,001,453 (55) (2) (57) Vested RSA shares March 2022 (92,479) — (92,479) 1 — 1 Closing balance as of March 31, 2022 12,995,018 104,371 13,099,389 (9,297) (882) (10,179) |
Shareholders of Global Blue G_2
Shareholders of Global Blue Group Holding AG (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure Of Shareholders Of Global Blue Group AG [Abstract] | |
Disclosure of Composition of Shareholding | For the financial year ended March 31, 2024 Number of shares Ordinary shares Preference shares A Preference shares B Total Opening balance as of April 1, 2023 201,226,883 17,684,377 21,176,470 240,087,730 Issuance of share capital Global Blue Group Holding A.G. 9,090,909 — — 9,090,909 Issuance of preference shares B to CK Opportunities Wolverine Sarl (Dividend) — — 847,059 847,059 Closing balance as of March 31, 2024 210,317,792 17,684,377 22,023,529 250,025,698 For the financial year ended March 31, 2023 Number of shares Ordinary shares Preference shares A Preference shares B Total Opening balance as of April 1, 2022 192,534,962 17,788,512 — 210,323,474 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 Cancellation of preference shares by Global Blue Group Holding A.G. — (104,135) — (104,135) Closing balance as of March 31, 2023 201,226,883 17,684,377 21,176,470 240,087,730 For the financial year ended March 31, 2022 Number of shares Ordinary shares Preference shares A Total Opening balance as of April 1, 2021 187,534,962 23,717,989 211,252,951 Issuance of treasury shares by Global Blue Group Holding A.G. 5,000,000 — 5,000,000 Cancellation of preference shares by Global Blue Group Holding A.G. — (5,929,477) (5,929,477) Closing balance as of March 31, 2022 192,534,962 17,788,512 210,323,474 Shareholders of Global Blue Group Holding AG as of March 31, 2024 Ordinary shares Preference shares Total Ownership (3) Warrants Silver Lake and Affiliates (1) 91,230,811 11,970,487 103,201,298 43.1 % 6,548,415 Partners Group and Affiliates (2) 37,642,705 4,939,137 42,581,842 17.8 % 2,701,935 CK Opportunities Wolverine Sarl 9,286,969 22,023,529 31,310,498 13.1 % — Tencent Mobility Limited 18,181,818 — 18,181,818 7.6 % — Ant Group 12,500,000 — 12,500,000 5.2 % — GB Directors, Executive Management & Other Employees 8,721,599 774,517 9,496,116 4.0 % 516,317 Other Shareholders 22,010,799 — 22,010,799 9.2 % 20,969,283 Total excl. instruments held by the Group 199,574,701 39,707,670 239,282,371 100.0 % 30,735,950 Treasury shares 10,743,091 236 10,743,327 — Total incl. instruments held by the Group 210,317,792 39,707,906 250,025,698 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 Shareholders of Global Blue Group Holding AG as of March 31, 2022 Ordinary shares Preference shares Total Ownership (3) Warrants Silver Lake and Affiliates (1) 97,258,598 11,970,487 109,229,085 55.1% 6,548,415 Partners Group and Affiliates (2) 40,129,828 4,939,137 45,068,965 22.7 % 2,701,935 Ant Group 12,500,000 — 12,500,000 6.3 % — GB Directors, Executive Management & Other Employees 9,198,164 878,652 10,076,816 5.1 % 516,317 Other Shareholders 21,539,634 — 21,539,634 10.9 % 20,969,283 Total excl. instruments held by the Group 180,626,224 17,788,276 198,414,500 100.0 % 30,735,950 Treasury shares 11,908,738 236 11,908,974 — Total incl. instruments held by the Group 192,534,962 17,788,512 210,323,474 30,735,950 (1) - Corresponds to SL Globetrotter L.P. (2) - Corresponds to Global Blue Holding LP (which is controlled by Silver Lake) and shares directly held by Partners Group (3) - Excludes Treasury Shares |
Non-controlling interests (Tabl
Non-controlling interests (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Non-Controlling Interests [Abstract] | |
Disclosure of Detailed Information about Non-Controlling Interests | Non-controlling interests represent the participating interests of third parties in the Group's equity and are comprised of the following Group entities: (EUR thousand) As of March 31 Non-controlling interests 2024 2023 2022 Global Blue TFS Japan Co Ltd 7,397 4,555 3,180 Global Blue Lebanon SAL (14) 107 299 Global Blue Touristik Hizmetler A.Ş. 964 1,302 713 Bahama’s VAT Refund Ltd 76 — — Global Blue Russia AO — — 1,153 Global Blue Russia Holdings B.V. — — 349 Global Blue Pazarlama Destek ve Teknoloji Hizmetleri A.S (16) 6 38 Total Non-controlling interests 8,407 5,970 5,732 Set out below is the summarized financial information for each subsidiary that has a non-controlling interest that is deemed material for the Group. (EUR thousand) Global Blue Global Blue Turistik Hizmetler A.Ş. As of March 31 2024 2023 2024 2023 Current Assets 52,936 16,327 4,718 5,493 Liabilities 40,863 17,976 4,135 4,221 Total current net assets / (liabilities) 12,073 (1,649) 583 1,272 Non- current Assets 3,196 10,951 1,089 1,329 Liabilities 11 13 521 600 Total non-current net assets 3,185 10,938 568 729 Net assets 15,258 9,289 1,151 2,001 (EUR thousand) Global Blue Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2024 2023 2022 2024 2023 2022 Revenue 25,665 10,076 3,384 4,972 5,351 3,452 Profit / (loss) for the year 12,410 3,249 (1,320) 2,463 3,093 2,067 (EUR thousand) Global Blue TFS Japan Co. Ltd. Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2024 2023 2022 2024 2023 2022 Net increase / (decrease) in cash and cash equivalents 4,580 7,954 (23) (700) 420 721 Name Country of incorporation Ownership interest March 31, 2024 Ownership interest March 31, 2023 Global Blue Argentina SA Argentina 99.99% 99.99% Global Blue Austria GmbH Austria 100% 100% Global Blue Service Company Austria GmbH Austria 100% 100% DEV Digital Export Validation GmbH Austria 100% 100% Global Blue Australia Pty Ltd Australia 100% 100% Global Blue Currency Choice Australia Pty Ltd Australia 100% 100% Global Blue Payments (Australia) Pty Limited Australia 100% 100% Global Blue Belgium NV Belgium 100% 100% ZigZag Global EOOD Bulgaria 100% 100% Global Blue Bahamas Ltd Bahamas 100% 100% Bahama’s VAT Refund Ltd Bahamas 80% 80% Global Blue Schweiz AG Switzerland 100% 100% Global Blue SA Switzerland 100% 100% Global Blue Group AG Switzerland 100% 100% Refund Suisse AG Switzerland 100% 100% Global Blue Group II GmbH Switzerland 100% 100% Global Blue Currency Choice Schweiz AG Switzerland 100% 100% Global Blue Commercial Consulting (Shanghai) China 100% 100% Global Blue Commercial Consulting (Beijing) China 100% 100% Global Blue Americas Sucursal Colombia Colombia 100% 100% Global Blue Cyprus Ltd Cyprus 100% 100% Global Blue Czech Republic s.r.o. Czech Republic 100% 100% Global Blue Deutschland GmbH Germany 100% 100% Global Blue New Holdings Germany GmbH Germany 100% 100% RFND Digital GmbH Germany 100% 100% ZigZag Global GmbH Germany 100% 100% Global Blue Danmark AS Denmark 100% 100% Global Blue Eesti OÜ Estonia 100% 100% G.Blue Espana SA Spain 100% 100% Global Blue Espana SA Spain 100% 100% Global Blue Acquisition Espana SA Spain 100% 100% Global Blue Finland OY Finland 100% 100% Global Blue Administration Center North OY Finland 100% 100% Global Blue France France 100% 100% Global Blue Holding France 100% 100% ShipUp Holding SAS France 100% 100% ShipUp SAS France 100% 100% ZigZag Global SAS France 100% 100% Global Blue (UK) Ltd United Kingdom 100% 100% Global Blue Service Company UK Ltd United Kingdom 100% 100% Global Blue New Holdings UK Ltd United Kingdom 100% 100% ZZ Global Blue Holding Limited United Kingdom 100% 100% ZigZag Global Limited United Kingdom 100% 100% Kinphire Ltd United Kingdom 100% 100% Yocuda UK Holdings Ltd United Kingdom 100% 100% Yocuda UK Services Ltd United Kingdom 100% 100% Yocuda Network UK Ltd United Kingdom 100% 100% Yocuda Europe Ltd United Kingdom 100% 100% Yocuda Ltd United Kingdom 100% 100% eReciepts Ltd United Kingdom 100% 100% Global Blue Marketing Services Ltd United Kingdom 100% 100% Global Blue Hellas SA Greece 100% 100% Global Blue Croatia d.o.o. Croatia 100% 100% Global Blue Tax Free Ireland Ltd Ireland 100% 100% Global Blue á Íslandi hf Iceland 100% 100% Global Blue Italia SrL Italy 100% 100% Global Blue Service Company Italia SrL Italy 100% 100% Global Blue Currency Choice Italia Srl Italy 100% 100% Global Blue Japan Co Ltd Japan 100% 100% Global Blue TFS Japan Co Ltd Japan 51% 51% Global Blue Korea Co., Ltd. Korea 100% 100% Global Blue Currency Choice Korea Co., Ltd Korea 100% 100% Global Blue Holding Limited Cayman 100% 100% Global Blue Kazakhstan LLP Kazakhstan 100% 100% Global Blue Lebanon SAL Lebanon 55% 61% UAB Global Blue Lietuva Lithuania 100% 100% Global Blue Luxembourg SA Luxembourg 100% 100% Global Blue Latvija SIA Latvia 100% 100% Global Blue Maroc SA Morocco 100% 100% Global Blue Malaysia Sdn. Bhd Malaysia 100% 100% Global Blue Holland BV Netherlands 100% 100% Global Blue Holding BV Netherlands 100% 100% Global Blue Acquisition BV Netherlands 100% 100% Global Blue Norge AS Norway 100% 100% Global Blue Payments (New Zealand) Limited New Zealand 100% 100% Global Blue Peru S.A.C Peru 100% 100% Global Blue Polska Sp Zoo Poland 100% 100% Global Refund Portugal Lda Portugal 100% 100% GBFTSP - Finance And Technology Services Portugal, Unipessoal LDA Portugal 100% 100% Global Blue d.o.o. Beograd Serbia 100% 100% Global Blue Sverige AB Sweden 100% 100% Global Blue Sweden Holdings AB Sweden 100% 100% Global Blue Service AB Sweden 100% 100% Global Blue Holdings AB Sweden 100% 100% Global Blue Currency Choice Service Europe AB Sweden 100% 100% Global Blue Singapore Pte. Ltd. Singapore 100% 100% Global Blue Service Company Singapore Pte. Ltd. Singapore 100% 100% Global Blue Currency Choice Singapore Pte. Ltd. Singapore 100% 100% Global Blue d.o.o. Slovenia 100% 100% Global Blue Slovakia sro Slovakia 100% 100% Global Blue Service Company Slovakia s.r.o Slovakia 100% —% Global Blue Turkey Turkey 60% 60% Global Blue Pazarlama Destek ve Teknoloji Hiz.A.s Turkey 60% 60% Far Point Acquisition Corporation USA 100% 100% Shipup Inc USA 100% 100% ZigZag Global LLC USA 100% 100% Global Blue Argentina SA (Sucursal Uruguay) Uruguay 100% 100% Global Blue (South Africa) South Africa 51% 51% |
Share-based payments transact_2
Share-based payments transactions (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Share-Based Payments Transactions [Abstract] | |
Disclosure of Number and Reconciliation of Outstanding Share Options | On October 23, 2020, a total of 8 million share options were granted to employees of the Group with four tranches of options vesting on four respective vesting dates (“SOP 2020”), whereas within each of the four tranches, there are further four tranches of options with four different exercise prices, as below: Vesting date Total Share options granted (thousands) 05/03/2022 05/09/2022 05/09/2023 05/09/2024 US$8.50 971 324 647 647 2,589 US$10.50 822 274 548 548 2,192 US$12.50 673 224 448 448 1,793 US$14.50 523 175 349 349 1,396 Total 2,989 997 1,992 1,992 7,970 The strike price of the existing SOP 2020 grant has been adjusted as set forth below, while all the other terms of the SOP 2020 remained unaffected. SOP 2020 CEO MOD - Number of shares (thousand) Original Option Strike Price New Option Strike Price Vesting date Total 15/02/2022 15/08/2022 15/08/2023 15/08/2024 US$ 8.50 US$ 6.42 335 112 223 223 893 US$ 10.50 US$ 8.42 284 95 189 189 757 US$ 12.50 US$ 10.42 232 77 155 155 619 US$ 14.50 US$ 12.42 180 60 120 120 480 Total 1,031 344 687 687 2,749 SOP 2020 MOD - Number of shares (thousand) Option Strike Price Vesting date Total 15/02/2022 15/08/2022 15/08/2023 15/08/2025 US$ 6.00 716 225 450 450 1,842 US$ 7.50 597 188 375 375 1,535 US$ 9.00 485 152 304 304 1,245 US$ 10.50 375 118 235 235 962 Total 2,173 683 1,365 1,363 5,584 The following table shows the SOPs granted and outstanding at the beginning and end of the reporting periods: For the financial year ended March 31 2024 2023 2022 Average exercise price per share option (USD) Number of options (thousands) Average exercise price per share option (USD) Number of options (thousands) Average exercise price per share option (USD) Number of options (thousands) As of April 1 11.42 7,952 11.42 7,980 11.40 8,457 Granted during the period — — — — — — Replaced during the period 10.20 (1,680) — — — — Forfeited during the period 10.90 (28) 11.50 (28) 10.98 (477) As of March 31 8.00 6,244 11.42 7,952 11.42 7,980 Vested and exercisable of March 31 8.00 4,657 11.42 4,072 11.01 2,925 Number of shares (million) For the financial year ended March 31 2024 2023 As of April 1 452 — Granted during the year — 452 Vested during the year — — Forfeited during the year (452) — As of March 31 — 452 Weighted average fair value (EUR) — 0.13 Weighted average remaining contractual life of options outstanding at the end of the period (years) 0 2.5 |
Disclosure of Indirect Measurement of Fair Value of Share Options Granted | SOP 2019 MOD Before modification After modification Vesting date 25/6/2022 25/6/2024 25/6/2022 25/6/2025 Share price at mod. date (USD) 4.64 4.64 4.64 4.64 Exercise price (USD) 10.59 10.59 7.50 7.50 Expected volatility 29.00% 30.00% 31.00% 31.00% Risk free interest rate 4.70% 4.70% 4.60% 4.40% Fair value at mod. date (USD) 0.02 0.03 0.29 0.42 SOP 2020 MOD Before modification Vesting date 15/2/2022 15/8/2022 15/8/2023 15/8/2024 Share price at mod. date (USD) 4.64 4.64 4.64 4.64 Expected volatility 28.00% 28.00% 28.00% 29.00% Risk free interest rate 4.90% 4.90% 4.90% 4.80% Exercise price (USD) 8.50 8.50 8.50 8.50 Fair value at mod. date (USD) 0.04 0.04 0.04 0.07 Exercise price (USD) 10.50 10.50 10.50 10.50 Fair value at mod. date (USD) 0.01 0.01 0.01 0.02 Exercise price (USD) 12.50 12.50 12.50 12.50 Fair value at mod. date (USD) 0.00 0.00 0.00 0.00 Exercise price (USD) 14.50 14.50 14.50 14.50 Fair value at mod. date (USD) 0.00 0.00 0.00 0.00 Exercise price (USD) 6.42 6.42 6.42 6.42 Fair value at mod. date (USD) 0.21 0.21 0.21 0.27 Exercise price (USD) 8.42 8.42 8.42 8.42 Fair value at mod. date (USD) 0.05 0.05 0.05 0.07 Exercise price (USD) 10.42 10.42 10.42 10.42 Fair value at mod. date (USD) 0.01 0.01 0.01 0.02 Exercise price (USD) 12.42 12.42 12.42 12.42 Fair value at mod. date (USD) 0.00 0.00 0.00 0.00 SOP 2020 MOD After modification Vesting date 15/2/2022 15/8/2022 15/8/2023 15/8/2025 Share price at mod. date (USD) 4.64 4.64 4.64 4.64 Expected volatility 32.00% 32.00% 32.00% 31.00% Risk free interest rate 4.50% 4.50% 4.50% 4.40% Exercise price (USD) 6.00 6.00 6.00 6.00 Fair value at mod. date (USD) 0.63 0.63 0.63 0.77 Exercise price (USD) 7.50 7.50 7.50 7.50 Fair value at mod. date (USD) 0.33 0.33 0.33 0.45 Exercise price (USD) 9.00 9.00 9.00 9.00 Fair value at mod. date (USD) 0.18 0.18 0.18 0.27 Exercise price (USD) 10.50 10.50 10.50 10.50 Fair value at mod. date (USD) 0.10 0.10 0.10 0.16 |
Disclosure of Range of Exercise Prices of Outstanding Share Options | Share options outstanding at the end of the year have the following expiry dates and exercise prices: Share options outstanding (thousands) For the financial year ended March 31 Grant / modification date Expiry date Exercise price (USD) 2024 2023 2022 June 25, 2019 June 25, 2027 10.59 38 461 461 March 4, 2024 June 25, 2028 7.50 293 — — October 23, 2020 November 12, 2026 8.50 107 1,540 2,443 October 23, 2020 November 12, 2026 10.50 90 1,304 2,068 October 23, 2020 November 12, 2026 12.50 74 1,067 1,692 October 23, 2020 November 12, 2026 14.50 58 830 1,316 October 23, 2020 November 12, 2026 6.42 — 894 — October 23, 2020 November 12, 2026 8.42 — 756 — October 23, 2020 November 12, 2026 10.42 — 619 — October 23, 2020 November 12, 2026 12.42 — 481 — March 4, 2024 November 12, 2028 6.00 1,841 — — March 4, 2024 November 12, 2028 7.50 1,535 — — March 4, 2024 November 12, 2028 9.00 1,245 — — March 4, 2024 November 12, 2028 10.50 963 — — Total 6,244 7,952 7,980 Weighted average remaining contractual life of options outstanding at the end of the period 4.76 3.15 3.15 |
Disclosure of Indirect Measurement of Fair Value of Restricted Shares Granted | The model inputs were the share price at grant date and the risk free interest rate as stipulated in the table below. No dividend payments were considered in the fair value. RSA 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 each reporting period: Number of shares (thousands) For the financial year ended March 31 2024 2023 2022 As of April 1 2,006 1,675 475 Granted during the year 1,064 962 1,426 Vested during the year (970) (539) (92) Forfeited during the year (149) (92) (134) As of March 31 1,951 2,006 1,675 Weighted average fair value (USD) 4.26 5.18 6.62 |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Borrowings [abstract] | |
Disclosure of Interest-Bearing Loans and Borrowings from Credit Institutions | (EUR thousand) As of March 31 Interest-bearing loans and borrowings from credit institutions 2024 2023 Long-term financing - Senior debt facility — 630,000 Capitalized financing fees - Senior debt facility — (4,704) Long-term financing - Term loan facility 610,000 — Capitalized financing fees - Term loan facility (23,849) — Revolving Credit Facility (RCF) — 99,000 Supplemental Liquidity Facility (SLF) — 61,324 Other bank loans 2,716 3,216 Total 588,867 788,836 Current portion 889 61,945 Non-current portion 587,978 726,891 Total 588,867 788,836 |
Schedule of Borrowings' Interest Conditions | The respective margins are dependent on the Net Leverage Ratio, which is calculated based on the annual financial statements of Global Blue Acquisition BV, as per the below table: Net Leverage Ratio Margin SSTL > 3.30x 5.00% ≤ 3.30x > 2.80x 4.75% ≤ 2.80x 4.50% SSRF > 3.85x 4.50% ≤ 3.85x > 3.60x 4.25% ≤ 3.60x > 3.35x 4.00% ≤ 3.35x > 3.10x 3.75% ≤ 3.10x 3.50% ≤ 3.35x > 3.10x 3.75% ≤ 3.10x 3.50% |
Schedule of Security Pledges | (EUR thousand) As of March 31 Security 2024 2023 Pledge of shares of consolidated companies 29,243 148,137 Pledge of receivables 36,775 46,321 Pledge of cash and cash equivalents 2,471 11,470 |
Other non-current financial l_2
Other non-current financial liabilities (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Non-Current Financial Liabilities | (EUR thousand) As of March 31 Other non-current financial liabilities Note 2024 2023 Put options related to acquisitions 1,830 3,596 Liabilities related to share-based payment transactions 25 188 2,373 Lease liabilities non-current 13 14,774 10,243 Other non-current liabilities 17 2,512 2,599 Total 19,304 18,811 |
Disclosure of Reconciliation of Put Options Liabilities | (EUR thousand) For the financial year ended March 31 Put options related to acquisitions Note 2024 2023 Opening balance as of April 1 4,390 15,419 Changes in fair value recognized in income statement 1,210 (10,472) Exercise of options 31 (2,422) — Exchange differences 131 (557) Closing balance as of March 31 3,309 4,390 Non-current portion 1,830 3,596 Current portion 31 1,479 794 |
Deferred income tax assets an_2
Deferred income tax assets and liabilities (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Deferred tax assets and liabilities [abstract] | |
Disclosure of Temporary Difference, Unused Tax Losses and Unused Tax Credits | (EUR thousand) For the financial year ended March 31 Net movement of deferred tax assets/(liabilities) 2024 2023 Opening balance as of April 1 27,147 26,398 Acquisition of subsidiaries — (1,834) Disposal of subsidiaries — (128) Recognized in income statement (287) 3,846 Recognized in other comprehensive income 350 (95) Other 2,454 — Exchange differences (1,819) (1,040) Closing balance as of March 31 27,845 27,147 The amounts of deferred tax recognized in the consolidated statement of financial position comprise the following deferred tax assets / (liabilities): (EUR thousand) As of March 31 2024 2023 Deferred tax balances Assets Liabilities Assets Liabilities Balances with movements recognized in income statement Trade receivables 15 (490) 72 (18) Property, plant and equipment 118 (723) 317 (819) Intangible assets 256 (4,002) 272 (8,377) Current liabilities 6,395 (295) 4,747 (14) Loans and borrowings 1,162 (337) 911 — Other items 1,124 (515) 786 (31) Deferred tax on tax credits 3,991 — 1,569 — Tax value of loss carry-forwards recognized 21,311 — 28,249 — Balances with movements recognized in other comprehensive income Retirement benefit obligations — (168) — (336) Other investments at FVOCI — 1 — (181) Offsetting (1,284) 1,286 (2,113) 2,113 Total 33,088 (5,243) 34,810 (7,663) (EUR thousand) As of March 31 Deferred tax recoverability 2024 2023 Deferred tax assets to be recovered within 12 months 3,640 1,697 Deferred tax assets to be recovered after more than 12 months 29,448 33,113 Deferred tax assets 33,088 34,810 Deferred tax liabilities to be recovered within 12 months (1,938) (760) Deferred tax liabilities to be recovered after more than 12 months (3,305) (6,903) Deferred tax liabilities (5,243) (7,663) (EUR thousand) As of March 31 Deferred tax assets have not been recognized in respect of the following tax losses: 2024 2023 Expiry within 1 year — 394 Expiry 1-2 years 320 292 Expiry 2-5 years 3,218 36 Expiry after 5 years 84,443 71,432 No expiration 228,248 222,056 Total 316,229 294,210 |
Employee benefit obligations (T
Employee benefit obligations (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Employee Benefits [Abstract] | |
Disclosure and Reconciliation of Net Defined Benefit Liability (Asset) and Income Statement Impact | (EUR thousand) As of March 31 2024 2023 Balance sheet obligations for: Defined benefit pension plan (Funded) 1,473 847 Post-employment benefit (Unfunded) 3,114 2,480 Leave Obligation 588 468 Total employee benefit obligations 5,175 3,795 (a) Defined benefit pension plan and post-employment benefits (EUR thousand) For the financial year ended March 31 2024 2023 Present value of funded obligations (13,471) (10,925) Fair value of plan assets 11,998 10,078 Deficit of funded plans (1,473) (847) Present value of unfunded obligations (3,114) (2,480) Net benefit liability (4,587) (3,327) The amounts recognized in the consolidated income statement, and statement of comprehensive income for service cost and interest cost are as follows: (EUR thousand) For the financial year ended March 31 2024 2023 2022 Income statement (credit) / charge for: Service cost 1,251 1,607 1,560 Interest cost 95 74 49 Total Income statement charge 1,346 1,681 1,609 Other comprehensive income / (loss): Remeasurement of post-employment benefit obligations 993 (1,435) (3,826) The tables below reconcile the net obligation in respect of the Group’s pension plans and other post-employment benefits with the amounts recognized in the consolidated financial statements. (EUR thousand) For the financial year ended March 31 Changes in the present value of defined benefit obligation 2024 2023 Defined benefit obligation as of April 1 13,405 13,363 Current service cost 1,169 1,088 Interest expense 296 182 Contributions by employees 449 492 (Gain)/loss from change in financial assumptions 898 (1,593) Experience loss 644 131 Past service cost 82 519 Benefits paid (404) (1,002) Exchange differences 46 225 Defined benefit obligation as of March 31 16,585 13,405 (EUR thousand) For the financial year ended March 31 Changes in the fair value of plan assets 2024 2023 Opening balance fair value of plan assets 10,078 9,173 Interest income 201 108 Return / (loss) on plan assets (excluding amounts included in net interest costs) 548 (27) Contributions by employer 723 687 Contributions by employees 449 492 Benefits paid (199) (673) Exchange differences 198 318 Closing balance fair value of plan assets 11,998 10,078 (EUR thousand) For the financial year ended March 31 Amounts recognized in the income statement 2024 2023 2022 Current service cost 1,169 1,088 2,152 Interest cost 95 74 49 Past service cost/(gain) 82 519 (373) Gain on curtailments and settlements — — (219) Unrealized FX impact 152 (93) (211) Total net periodic cost 1,498 1,588 1,398 |
Disclosure of Financial and Demographic Assumptions | hese calculations were based on the following financial and demographic assumptions: (%) As of March 31, 2024 Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Lebanon Discount rate 3.25 % 1.50 % 3.50 % 3.25 % 4.25 % 25.00 % 0.75 % 3.50 % 3.25 % 25.00 % Inflation rate — 1.25 % — 2.50 % — — — — — — Future salary increases 4.00 % 1.50 % 3.00 % — 3.00 % 25.00 % 3.50 % 9.50 % 2.50 % 25.00 % (%) As of March 31, 2023 Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Discount rate 3.50 % 1.90 % 3.50 % 3.50 % 4.70 % 9.50 % 0.80 % 3.50 % 3.50 % Inflation rate — 1.25 % — 2.50 % — — — — — Future salary increases 4.00 % 1.50 % 3.00 % — 3.00 % 10.00 % 3.50 % 9.50 % 2.50% (Retirement age) As of March 31, 2024 Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Lebanon Retirement age: - Male 62 65 Individual 67 60 Individual 65 Individual 67 64 - Female 62 64 Individual 67 60 Individual 65 Individual 67 64 (Retirement age) As of March 31, 2023 Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Retirement age: - Male 62 65 Individual 67 60 Individual 65 Individual 67 - Female 62 64 Individual 67 60 Individual 65 Individual 67 Maturity profile of the post-employment benefit plan Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Lebanon Duration in years 9.41 16.29 13.85 9.04 10.74 11.95 6.77 21.88 13.81 11.21 Expected contributions as of March 31, 2024 in EUR thousands — 802 — — — — — — — 15 Maturity profile of the post-employment benefit plan Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Duration in years 10.52 15.94 14.19 8.86 11.16 13.94 7.72 22.66 10.83 |
Disclosure of Fair Value of Plan Assets and Position of Post-Employment Benefit Plan | The table below shows the fair value of plan assets relating to the Group’s defined benefit pension plans, split by asset category: (EUR thousands) As of March 31 2024 2023 Plan assets are comprised as follows: Value % Value % Equity instruments 3,965 33.0 % 3,578 35.5 % Euroland bonds 3,478 29.0 % 3,182 31.6 % Hold to maturity bonds 374 3.1 % 341 3.4 % Property 3,270 27.3 % 2,290 22.7 % Other assets 473 3.9 % 396 3.9 % Alternative investments 438 3.7 % 291 2.9 % Insurance contracts — 0.0 % — 0 % Total 11,998 100 % 10,078 100 % The pension plans in Switzerland are the only funded plans in the Group. (EUR thousand) As of March 31 Position of the post-employment benefit plan 2024 2023 Present value of defined benefit obligation (16,585) (13,405) Fair value of plan assets 11,998 10,078 Deficit in the plan (4,587) (3,327) Experience adjustments on defined benefit obligation (644) (131) |
Disclosure of Sensitivity Analysis for Actuarial Assumptions | The tables below summarize the percentage change in the net defined benefit obligation as of March 31, as a result of sensitizing each of the metrics (discount rate, salary growth rate, and actuarial basis (mortality)) on a country-level: (%) As of March 31, 2024 Sensitivity analysis Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Lebanon Discount rate - decrease by 0.5% +4.7% +8.6% +7.0% +4.5% +5.4% +5.6% +3.4% +11.3% +7.0% +9.5% Discount rate - increase by 0.5% -4.4 % -7.5 % -6.4 % -4.2 % -4.9 % -5.1 % -3.3 % -9.9 % -6.4 % -8.5 % Salary growth rate - decrease by 0.5% -4.4 % -0.5 % -6.5 % -4.0 % -4.9 % -5.1 % -3.2 % -9.5 % -6.4 % -4.4 % Salary growth rate - increase by 0.5% +4.6% +0.5% +7.0% +4.3% +5.3% +5.5% +3.3% +10.5% +7.0% +4.6% Actuarial basis (mortality) (10.0)% — +1.0% — — — — — — — — Actuarial basis (mortality) 10.0% — -1.1 % — — — — — — — — (%) As of March 31, 2023 Sensitivity analysis Austria Switzerland France Italy Korea Turkey Japan Slovakia Spain Discount rate - decrease by 0.5% +5.2% +8.3% +7.2% +4.4% +5.6% +6.7% +3.9% +11.6% +5.4% Discount rate - increase by 0.5% -4.9 % -7.3 % -6.6 % -4.1 % -5.1 % -6.1 % -3.70 -10.30 -5.10 Salary growth rate - decrease by 0.5% -4.9 % -0.4 % -6.6 % -4.0 % -5.1 % -6.0 % -3.60 -9.80 -5.10 Salary growth rate - increase by 0.5% +5.2% +0.5% +7.2% +4.2% +5.5% +6.5% +3.8% +10.9% +5.4% Actuarial basis (mortality) (10.0)% — +0.9% — — — — — — — Actuarial basis (mortality) 10.0% — -1.0 % — — — — — — — |
Disclosure of defined benefit plan, expense recognized in profit or loss explanatory | The amounts recognized in the income statement and the statement of comprehensive income are as follows: (EUR thousand) For the financial year ended March 31 Amounts recognized in the income statement 2024 2023 2022 Current service cost 114 50 70 Interest cost on benefit obligation 22 14 11 Total net periodic cost 136 64 81 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of contingent liabilities [abstract] | |
Disclosure of Legal Claims Provisions | (EUR thousand) For the financial year ended March 31 2024 2023 Provisions Current Non-current Current Non-current Legal claims — 1,084 — 1,062 Social contributions 2,540 — 1,444 — Other — 91 — 168 Total 2,540 1,175 1,444 1,230 (EUR thousand) Provisions Legal claims Social contributions Other Opening balance as of April 1, 2023 1,062 1,444 168 Additional provisions 22 1,096 33 Unwinding of discount — — 34 Reversals — — (145) Exchange differences — — 1 Closing balance as of March 31, 2024 1,084 2,540 91 |
Other current financial liabi_2
Other current financial liabilities (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Movement in Warrant Liabilities | (EUR thousand) For the financial year ended March 31 Warrant liabilities 2024 2023 Opening balance as of April 1 11,449 12,051 Issuance of warrants — — Exercises of warrants — — Change in fair value of warrants (10,586) (602) Closing balance as of March 31 863 11,449 |
Trade payables (Tables)
Trade payables (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Trade and other payables [abstract] | |
Disclosure of Trade Payables | (EUR thousand) As of March 31 Trade payables 2024 2023 Merchants 128,106 102,315 Tourists 121,124 84,942 Agents 5,336 6,751 Other TFS payables 16,836 15,098 Other trade payables 10,596 — Total 281,998 209,106 |
Other current liabilities (Tabl
Other current liabilities (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of other current liabilities | (EUR thousand) As of March 31 Other current liabilities 2024 2023 Accounts payable - Non trade — 8,030 Input VAT, withholding tax and capital tax 11,065 8,013 Personnel related liabilities 5,220 6,853 Payment solutions payables 11,647 8,990 Other current liabilities 5,801 2,965 Total 33,733 34,851 |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Accrued Liabilities | (EUR thousand) As of March 31 Accrued liabilities 2024 2023 Salaries and related items 29,579 28,248 Interest on external loans 3,477 12,674 Auditors, lawyers and consultants 4,238 4,379 Rent 1,924 1,747 IT Contracts 3,353 3,082 Other 6,040 4,267 Advertising and promotion 103 242 Total 48,714 54,639 |
Other non-cash items (Tables)
Other non-cash items (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Statement of cash flows [abstract] | |
Disclosure of Other non-cash items | (EUR thousand) For the financial year ended March 31 Other non-cash items 2024 2023 2022 Change in provisions 1,040 394 109 Change in the fair value of retirement benefit obligation 738 57 371 Changes in share-based payment transactions 3,957 9,671 6,413 Call option — — 359 Put options from business combinations 1,342 (11,030) 2,835 Impairment of financial assets — 2,469 2,390 Impairment of tangible and intangible assets 1,265 247 444 Capital loss of tangible and intangible assets 645 925 261 Change in fair value of warrant liability (10,585) (602) (18,928) ZigZag earn-out reversal — — (9,500) Acquisition of PPE under construction — 212 (1,034) Other (210) 130 (669) Total (1,808) 2,473 (16,949) |
Cash flows from changes in wo_2
Cash flows from changes in working capital (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Statement of cash flows [abstract] | |
Disclosure of Cash Flows from Changes in Working Capital | (EUR thousand) For the financial year ended March 31 2024 2023 2022 Trade receivables (62,704) (92,896) (70,374) Other current receivables (14,875) (5,841) 4,350 Prepaid expenses (2,220) 185 (225) Changes in operating receivables (79,799) (98,552) (66,249) Trade payables 65,577 44,883 19,950 Other current liabilities 9,516 5,277 4,088 Accrued liabilities 1,349 10,302 (4,046) Changes in operating payables 76,442 60,462 19,992 Cash flows used in working capital (3,357) (38,090) (46,257) |
List of Global Blue entities (T
List of Global Blue entities (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of subsidiaries [abstract] | |
Disclosure of Interests in Subsidiaries | Non-controlling interests represent the participating interests of third parties in the Group's equity and are comprised of the following Group entities: (EUR thousand) As of March 31 Non-controlling interests 2024 2023 2022 Global Blue TFS Japan Co Ltd 7,397 4,555 3,180 Global Blue Lebanon SAL (14) 107 299 Global Blue Touristik Hizmetler A.Ş. 964 1,302 713 Bahama’s VAT Refund Ltd 76 — — Global Blue Russia AO — — 1,153 Global Blue Russia Holdings B.V. — — 349 Global Blue Pazarlama Destek ve Teknoloji Hizmetleri A.S (16) 6 38 Total Non-controlling interests 8,407 5,970 5,732 Set out below is the summarized financial information for each subsidiary that has a non-controlling interest that is deemed material for the Group. (EUR thousand) Global Blue Global Blue Turistik Hizmetler A.Ş. As of March 31 2024 2023 2024 2023 Current Assets 52,936 16,327 4,718 5,493 Liabilities 40,863 17,976 4,135 4,221 Total current net assets / (liabilities) 12,073 (1,649) 583 1,272 Non- current Assets 3,196 10,951 1,089 1,329 Liabilities 11 13 521 600 Total non-current net assets 3,185 10,938 568 729 Net assets 15,258 9,289 1,151 2,001 (EUR thousand) Global Blue Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2024 2023 2022 2024 2023 2022 Revenue 25,665 10,076 3,384 4,972 5,351 3,452 Profit / (loss) for the year 12,410 3,249 (1,320) 2,463 3,093 2,067 (EUR thousand) Global Blue TFS Japan Co. Ltd. Global Blue Turistik Hizmetler A.Ş. For the financial year ended March 31 2024 2023 2022 2024 2023 2022 Net increase / (decrease) in cash and cash equivalents 4,580 7,954 (23) (700) 420 721 Name Country of incorporation Ownership interest March 31, 2024 Ownership interest March 31, 2023 Global Blue Argentina SA Argentina 99.99% 99.99% Global Blue Austria GmbH Austria 100% 100% Global Blue Service Company Austria GmbH Austria 100% 100% DEV Digital Export Validation GmbH Austria 100% 100% Global Blue Australia Pty Ltd Australia 100% 100% Global Blue Currency Choice Australia Pty Ltd Australia 100% 100% Global Blue Payments (Australia) Pty Limited Australia 100% 100% Global Blue Belgium NV Belgium 100% 100% ZigZag Global EOOD Bulgaria 100% 100% Global Blue Bahamas Ltd Bahamas 100% 100% Bahama’s VAT Refund Ltd Bahamas 80% 80% Global Blue Schweiz AG Switzerland 100% 100% Global Blue SA Switzerland 100% 100% Global Blue Group AG Switzerland 100% 100% Refund Suisse AG Switzerland 100% 100% Global Blue Group II GmbH Switzerland 100% 100% Global Blue Currency Choice Schweiz AG Switzerland 100% 100% Global Blue Commercial Consulting (Shanghai) China 100% 100% Global Blue Commercial Consulting (Beijing) China 100% 100% Global Blue Americas Sucursal Colombia Colombia 100% 100% Global Blue Cyprus Ltd Cyprus 100% 100% Global Blue Czech Republic s.r.o. Czech Republic 100% 100% Global Blue Deutschland GmbH Germany 100% 100% Global Blue New Holdings Germany GmbH Germany 100% 100% RFND Digital GmbH Germany 100% 100% ZigZag Global GmbH Germany 100% 100% Global Blue Danmark AS Denmark 100% 100% Global Blue Eesti OÜ Estonia 100% 100% G.Blue Espana SA Spain 100% 100% Global Blue Espana SA Spain 100% 100% Global Blue Acquisition Espana SA Spain 100% 100% Global Blue Finland OY Finland 100% 100% Global Blue Administration Center North OY Finland 100% 100% Global Blue France France 100% 100% Global Blue Holding France 100% 100% ShipUp Holding SAS France 100% 100% ShipUp SAS France 100% 100% ZigZag Global SAS France 100% 100% Global Blue (UK) Ltd United Kingdom 100% 100% Global Blue Service Company UK Ltd United Kingdom 100% 100% Global Blue New Holdings UK Ltd United Kingdom 100% 100% ZZ Global Blue Holding Limited United Kingdom 100% 100% ZigZag Global Limited United Kingdom 100% 100% Kinphire Ltd United Kingdom 100% 100% Yocuda UK Holdings Ltd United Kingdom 100% 100% Yocuda UK Services Ltd United Kingdom 100% 100% Yocuda Network UK Ltd United Kingdom 100% 100% Yocuda Europe Ltd United Kingdom 100% 100% Yocuda Ltd United Kingdom 100% 100% eReciepts Ltd United Kingdom 100% 100% Global Blue Marketing Services Ltd United Kingdom 100% 100% Global Blue Hellas SA Greece 100% 100% Global Blue Croatia d.o.o. Croatia 100% 100% Global Blue Tax Free Ireland Ltd Ireland 100% 100% Global Blue á Íslandi hf Iceland 100% 100% Global Blue Italia SrL Italy 100% 100% Global Blue Service Company Italia SrL Italy 100% 100% Global Blue Currency Choice Italia Srl Italy 100% 100% Global Blue Japan Co Ltd Japan 100% 100% Global Blue TFS Japan Co Ltd Japan 51% 51% Global Blue Korea Co., Ltd. Korea 100% 100% Global Blue Currency Choice Korea Co., Ltd Korea 100% 100% Global Blue Holding Limited Cayman 100% 100% Global Blue Kazakhstan LLP Kazakhstan 100% 100% Global Blue Lebanon SAL Lebanon 55% 61% UAB Global Blue Lietuva Lithuania 100% 100% Global Blue Luxembourg SA Luxembourg 100% 100% Global Blue Latvija SIA Latvia 100% 100% Global Blue Maroc SA Morocco 100% 100% Global Blue Malaysia Sdn. Bhd Malaysia 100% 100% Global Blue Holland BV Netherlands 100% 100% Global Blue Holding BV Netherlands 100% 100% Global Blue Acquisition BV Netherlands 100% 100% Global Blue Norge AS Norway 100% 100% Global Blue Payments (New Zealand) Limited New Zealand 100% 100% Global Blue Peru S.A.C Peru 100% 100% Global Blue Polska Sp Zoo Poland 100% 100% Global Refund Portugal Lda Portugal 100% 100% GBFTSP - Finance And Technology Services Portugal, Unipessoal LDA Portugal 100% 100% Global Blue d.o.o. Beograd Serbia 100% 100% Global Blue Sverige AB Sweden 100% 100% Global Blue Sweden Holdings AB Sweden 100% 100% Global Blue Service AB Sweden 100% 100% Global Blue Holdings AB Sweden 100% 100% Global Blue Currency Choice Service Europe AB Sweden 100% 100% Global Blue Singapore Pte. Ltd. Singapore 100% 100% Global Blue Service Company Singapore Pte. Ltd. Singapore 100% 100% Global Blue Currency Choice Singapore Pte. Ltd. Singapore 100% 100% Global Blue d.o.o. Slovenia 100% 100% Global Blue Slovakia sro Slovakia 100% 100% Global Blue Service Company Slovakia s.r.o Slovakia 100% —% Global Blue Turkey Turkey 60% 60% Global Blue Pazarlama Destek ve Teknoloji Hiz.A.s Turkey 60% 60% Far Point Acquisition Corporation USA 100% 100% Shipup Inc USA 100% 100% ZigZag Global LLC USA 100% 100% Global Blue Argentina SA (Sucursal Uruguay) Uruguay 100% 100% Global Blue (South Africa) South Africa 51% 51% |
Additional information - Fina_2
Additional information - Financial Statement Schedule I (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Additional information [abstract] | |
Condensed Income Statement of the Parent Business Activity | Condensed income statements of the Parent Company (EUR thousand) For the financial year ended March 31 2024 2023 2022 Operating income / (expenses) (805) (14,081) 10,111 Net finance income / (expense) (9,017) 11,952 517 Profit / (Loss) before tax (9,822) (2,129) 10,628 Income tax benefit / (expense) 555 968 (667) Profit / (Loss) for the year (9,267) (1,161) 9,961 |
Condensed Statement of Financial Position of the Parent Company | Condensed statements of financial position of the Parent Company (EUR thousand) As of March 31 2024 2023 ASSETS Investments in subsidiaries 1,418,280 1,418,280 Loans to group companies 297,862 318,335 Non-current assets 1,716,142 1,736,615 Current assets 1,153 305 Total assets 1,717,295 1,736,920 EQUITY AND LIABILITIES Share capital 1,946,802 1,897,388 Other reserves (149,375) (146,396) Accumulated losses (86,371) (90,619) Total equity 1,711,056 1,660,373 Liabilities Non-current liabilities — — Current liabilities 6,239 76,547 Total liabilities 6,239 76,547 Total equity and liabilities 1,717,295 1,736,920 |
Condensed Statement of Cash Flows of the Parent Company | Condensed statements of cash flows of the Parent Company (EUR thousand) For the financial year ended March 31 2024 2023 2022 Profit / (loss) before tax (9,822) (2,129) 10,628 Income tax paid (212) (948) — Other non cash items 3,705 (3,443) (14,400) Changes in working capital 3,144 158 (5,588) Net cash used in operating activities (3,185) (6,362) (9,360) Movement in loans with group companies 20,473 (268,252) 9,205 Proceeds from issuance of share capital 43,958 215,208 — Proceeds from / (repayment of) loans and borrowings due to shareholders (61,324) 59,384 — Acquisition of treasury shares — — (10) Net cash from financing activities 3,107 6,340 9,195 Net foreign exchange difference 1 — — Net decrease in cash and cash equivalents (77) (22) (165) Cash and cash equivalents at beginning of year 100 122 287 Cash and cash equivalents at end of year 23 100 122 |
Schedule of IFRS Loss Reconciliation for Parent Company | The following reconciliations are provided as additional information to satisfy the Schedule I SEC requirements for parent-only financial information. (EUR thousand) For the financial year ended March 31 2024 2023 2022 IFRS profit / (loss) reconciliation: Parent only – IFRS profit / (loss) for the year (9,267) (1,161) 9,961 Additional gain / (loss) if subsidiaries had been accounted for on the equity method of accounting as opposed to cost 23,242 (24,460) (107,138) Consolidated IFRS profit / (loss) for the year 13,975 (25,621) (97,177) IFRS equity reconciliation: Parent only – IFRS equity 1,711,056 1,660,373 1,452,075 Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost (1,649,139) (1,660,000) (1,643,600) Consolidated – IFRS equity 61,917 373 (191,525) |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Related party transactions [abstract] | |
Disclosure of Transactions between Related Parties | The remuneration to the board of directors and the Executive Committee members, who are the key management personnel of the Group, is set out below in aggregate for each of the required categories. (EUR thousand) For the financial year ended March 31 Remuneration to key management personnel 2024 2023 2022 Short-term employee benefits 8,884 5,592 4,748 Post-employment benefits 712 608 519 Share based payment transactions 4,105 4,380 4,712 Total 13,701 10,580 9,979 (EUR thousand) For the financial year ended March 31 Purchases of services from related parties 2024 2023 2022 Directors fee 346 245 255 Total 346 245 255 (EUR thousand) As of March 31 Liabilities to related parties Note 2024 2023 Liabilities to key management personnel: Post employment benefit liability 390 196 Liabilities to shareholders: Loans and borrowings 26 — 61,324 Warrants liabilities 267 3,911 Closing balance for the year 657 65,431 |
Material accounting policies -
Material accounting policies - Basis of preparation (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Material Accounting Policies [Abstract] | |||
Interest paid | € 59,028 | € 17,137 | € 21,070 |
Interest received | € 3,550 | € 1,099 | € 246 |
Material accounting policies _2
Material accounting policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Minimum | Machinery | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Minimum | Office equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Minimum | Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Maximum | Machinery | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Maximum | Office equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Maximum | Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Material accounting policies _3
Material accounting policies - Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Customer relationships | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 20 years |
Trademarks | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 20 years |
Minimum | Software | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 3 years |
Maximum | Software | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life measured as period of time, intangible assets other than goodwill | 5 years |
Material accounting policies _4
Material accounting policies - Disclosure of Expected Loss Rates (Details) | Mar. 31, 2024 | Mar. 31, 2023 |
0 – 3 months | ||
Expected Loss Rates [Line Items] | ||
Expected loss rates, trade receivables (in percentage) | 1% | 0% |
3 – 6 months | ||
Expected Loss Rates [Line Items] | ||
Expected loss rates, trade receivables (in percentage) | 5% | 25% |
6 – 9 months | ||
Expected Loss Rates [Line Items] | ||
Expected loss rates, trade receivables (in percentage) | 20% | 50% |
9 – 12 months | ||
Expected Loss Rates [Line Items] | ||
Expected loss rates, trade receivables (in percentage) | 35% | 75% |
>12 months | ||
Expected Loss Rates [Line Items] | ||
Expected loss rates, trade receivables (in percentage) | 50% | 100% |
Material accounting policies _5
Material accounting policies - Trade Payables (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure Of Detailed Information About Trade Payable [Line Items] | |
Non-cash refunds, maximum period | 21 days |
Minimum | |
Disclosure Of Detailed Information About Trade Payable [Line Items] | |
Legal expiration period | 3 years |
Maximum | |
Disclosure Of Detailed Information About Trade Payable [Line Items] | |
Legal expiration period | 30 years |
Financial risk management - Nar
Financial risk management - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | |||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 05, 2023 | Nov. 24, 2023 | Mar. 31, 2021 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Financial assets held for managing liquidity risk | € 87,500 | € 240,500 | ||||
Equity | 70,324 | 6,343 | € (185,793) | € (100,590) | ||
Borrowings | € 588,867 | € 788,836 | ||||
Equity to capital ratio | 0.120 | 0.008 | ||||
Bank overdraft | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Undrawn borrowing facilities | € 3,500 | € 11,600 | ||||
Borrowings | 0 | 0 | ||||
Senior debt | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Borrowings | 588,000 | 788,800 | ||||
Notional amount | € 630,000 | |||||
Revolving Credit Facility (RCF) | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Undrawn borrowing facilities | € 97,500 | |||||
Borrowings | € 99,000 | |||||
Senior Security Term Loan | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Notional amount | € 610,000 | |||||
Currency risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Reasonably possible change in risk variable, percent | 2% | |||||
Impact of two percent weakening (strengthening) of major foreign currencies against the euro on pre-tax profit | € 1,100 | 600 | 700 | |||
Interest rate risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Reasonably possible change in risk variable, percent | 1% | |||||
Impact of lower (higher) one percent interest rate on pre-tax profit | € 3,100 | € 7,300 | € 3,100 | |||
Interest rate risk | Term Loan | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Notional amount as a percentage of hedged item, percent | 50% | |||||
Interest rate risk | Senior Security Term Loan | Interest rate swap | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Notional amount | € 305,000 | |||||
Credit risk | Trade receivables not yet due | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Trade receivables not yet due, percent | 83.70% | 81.10% |
Financial risk management - Dis
Financial risk management - Disclosure of Maturity Analysis for Derivative and Non-Derivative Financial Liabilities (Details) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 EUR (€) $ / shares | Mar. 31, 2023 EUR (€) | Mar. 31, 2022 EUR (€) | |
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Other current liabilities | € 33,733 | € 34,851 | |
Other current financial liabilities | 13,689 | 19,227 | |
Warrants | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Other current financial liabilities | € 863 | 11,449 | € 12,051 |
Public warrants | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Weighted average exercise price of other equity instruments exercised (usd per share) | $ / shares | € 11.50 | ||
Less than 3 months | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Loans and borrowings | € 13,920 | 565 | |
Other non-current financial liabilities | 0 | 0 | |
Trade payables | 163,954 | 110,215 | |
Other current liabilities | 37,021 | 20,678 | |
Accrued liabilities | 27,122 | 33,581 | |
Other current financial liabilities | 0 | 0 | |
Total | 242,017 | 165,039 | |
Between 3 months and 1 year | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Loans and borrowings | 41,313 | 81,321 | |
Other non-current financial liabilities | 0 | 0 | |
Trade payables | 118,045 | 98,891 | |
Other current liabilities | 4,674 | 1,279 | |
Accrued liabilities | 21,593 | 14,820 | |
Other current financial liabilities | 12,825 | 7,776 | |
Total | 198,450 | 204,087 | |
Between 1 and 2 years | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Loans and borrowings | 55,233 | 20,761 | |
Other non-current financial liabilities | 12,529 | 10,293 | |
Trade payables | 0 | 0 | |
Other current liabilities | 0 | 0 | |
Accrued liabilities | 0 | 0 | |
Other current financial liabilities | 0 | 0 | |
Total | 67,762 | 31,054 | |
Between 2 and 5 years | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Loans and borrowings | 164,568 | 740,837 | |
Other non-current financial liabilities | 9,589 | 10,646 | |
Trade payables | 0 | 0 | |
Other current liabilities | 0 | 0 | |
Accrued liabilities | 0 | 0 | |
Other current financial liabilities | 0 | 0 | |
Total | 174,157 | 751,483 | |
Over 5 years | |||
Disclosure of Maturity Analysis for Non-Derivative Financial Liabilities [Line Items] | |||
Loans and borrowings | 705,615 | 0 | |
Other non-current financial liabilities | 941 | 88 | |
Trade payables | 0 | 0 | |
Other current liabilities | 0 | 0 | |
Accrued liabilities | 0 | 0 | |
Other current financial liabilities | 0 | 0 | |
Total | € 706,556 | € 88 |
Financial risk management - D_2
Financial risk management - Disclosure of Reconciliation of Liabilities Arising from Financing Activities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of financial liabilities [line items] | ||
Cash and cash equivalents at beginning of year | € 240,546 | € 51,083 |
Net debt | (565,517) | (694,004) |
Cash flows | 648,245 | 143,543 |
New borrowings | (586,151) | |
Borrowings from business acquisition | (3,236) | |
New leases | (17,296) | (6,725) |
Foreign exchange adjustments | (50) | (1,710) |
Reclassification | 0 | 0 |
Other changes | (4,212) | (3,385) |
Cash and cash equivalents at end of year | 87,462 | 240,546 |
Net debt | (524,981) | (565,517) |
Cash and cash equivalents | ||
Disclosure of financial liabilities [line items] | ||
Cash flows | (152,790) | 191,181 |
New borrowings | 0 | |
Borrowings from business acquisition | 0 | |
New leases | 0 | 0 |
Foreign exchange adjustments | (286) | (2,360) |
Reclassification | 0 | 0 |
Other changes | (8) | 642 |
Borrowings due within 1 year | ||
Disclosure of financial liabilities [line items] | ||
Liabilities arising from financing activities | (61,945) | (676) |
Cash flows | 61,324 | (59,384) |
New borrowings | 0 | |
Borrowings from business acquisition | (642) | |
New leases | 0 | 0 |
Foreign exchange adjustments | 0 | 453 |
Reclassification | (889) | 0 |
Other changes | 621 | (1,696) |
Liabilities arising from financing activities | (889) | (61,945) |
Borrowings due after 1 year | ||
Disclosure of financial liabilities [line items] | ||
Liabilities arising from financing activities | (726,891) | (722,554) |
Cash flows | 729,000 | 0 |
New borrowings | (586,151) | |
Borrowings from business acquisition | (2,594) | |
New leases | 0 | 0 |
Foreign exchange adjustments | 0 | 0 |
Reclassification | 889 | 0 |
Other changes | (4,825) | (1,743) |
Liabilities arising from financing activities | (587,978) | (726,891) |
Lease liabilities due within 1 year | ||
Disclosure of financial liabilities [line items] | ||
Liabilities arising from financing activities | (6,984) | (10,538) |
Cash flows | 10,711 | 11,746 |
New borrowings | 0 | |
Borrowings from business acquisition | 0 | |
New leases | (5,536) | (403) |
Foreign exchange adjustments | 122 | 115 |
Reclassification | (7,115) | (7,904) |
Other changes | 0 | 0 |
Liabilities arising from financing activities | (8,802) | (6,984) |
Lease liabilities due after 1 year | Deferred tax assets to be recovered after more than 12 months | ||
Disclosure of financial liabilities [line items] | ||
Liabilities arising from financing activities | (10,243) | (11,319) |
Cash flows | 0 | 0 |
New borrowings | 0 | |
Borrowings from business acquisition | 0 | |
New leases | (11,760) | (6,322) |
Foreign exchange adjustments | 114 | 82 |
Reclassification | 7,115 | 7,904 |
Other changes | 0 | (588) |
Liabilities arising from financing activities | € (14,774) | € (10,243) |
Financial risk management - D_3
Financial risk management - Disclosure of Fair Value Measurement of Assets and Liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of financial liabilities [line items] | ||
Total assets | € 1,090,646 | € 1,157,296 |
Total liabilities | 1,020,322 | 1,150,953 |
Recurring fair value measurement | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 9,191 | 9,591 |
Total liabilities | 4,294 | 15,839 |
Recurring fair value measurement | Put options | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 3,309 | 4,390 |
Recurring fair value measurement | Public warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 582 | 7,320 |
Recurring fair value measurement | Private warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 281 | 4,129 |
Recurring fair value measurement | Derivatives | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 122 | |
Recurring fair value measurement | Other investments | Financial assets at fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 4,995 | 7,051 |
Recurring fair value measurement | Derivatives | Financial assets at fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 1,684 | |
Recurring fair value measurement | Derivatives | Financial assets at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 0 | 107 |
Recurring fair value measurement | Pledged assets for endowment | Financial assets at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 2,512 | 2,433 |
Level 1 | Recurring fair value measurement | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 2,512 | 2,433 |
Total liabilities | 582 | 7,320 |
Level 1 | Recurring fair value measurement | Put options | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 1 | Recurring fair value measurement | Public warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 582 | 7,320 |
Level 1 | Recurring fair value measurement | Private warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 1 | Recurring fair value measurement | Derivatives | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 0 | |
Level 1 | Recurring fair value measurement | Other investments | Financial assets at fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 0 | 0 |
Level 1 | Recurring fair value measurement | Derivatives | Financial assets at fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 0 | |
Level 1 | Recurring fair value measurement | Derivatives | Financial assets at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 0 | 0 |
Level 1 | Recurring fair value measurement | Pledged assets for endowment | Financial assets at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 2,512 | 2,433 |
Level 2 | Recurring fair value measurement | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 1,684 | 107 |
Total liabilities | 403 | 4,129 |
Level 2 | Recurring fair value measurement | Put options | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 2 | Recurring fair value measurement | Public warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 2 | Recurring fair value measurement | Private warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 281 | 4,129 |
Level 2 | Recurring fair value measurement | Derivatives | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 122 | |
Level 2 | Recurring fair value measurement | Other investments | Financial assets at fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 0 | 0 |
Level 2 | Recurring fair value measurement | Derivatives | Financial assets at fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 1,684 | |
Level 2 | Recurring fair value measurement | Derivatives | Financial assets at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 0 | 107 |
Level 2 | Recurring fair value measurement | Pledged assets for endowment | Financial assets at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 0 | 0 |
Level 3 | Recurring fair value measurement | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 4,995 | 7,051 |
Total liabilities | 3,309 | 4,390 |
Level 3 | Recurring fair value measurement | Put options | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 3,309 | 4,390 |
Level 3 | Recurring fair value measurement | Public warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 3 | Recurring fair value measurement | Private warrants | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 0 | 0 |
Level 3 | Recurring fair value measurement | Derivatives | Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total liabilities | 0 | |
Level 3 | Recurring fair value measurement | Other investments | Financial assets at fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 4,995 | 7,051 |
Level 3 | Recurring fair value measurement | Derivatives | Financial assets at fair value through OCI | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 0 | |
Level 3 | Recurring fair value measurement | Derivatives | Financial assets at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total assets | 0 | 0 |
Level 3 | Recurring fair value measurement | Pledged assets for endowment | Financial assets at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Total assets | € 0 | € 0 |
Financial instruments by cate_3
Financial instruments by category - Disclosure of Financial Assets (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of financial assets [line items] | ||
Financial assets | € 391,528 | € 469,636 |
Other investments | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,995 | 7,051 |
Other non-current financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 15,900 | 14,207 |
Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 248,227 | 191,469 |
Other current receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 34,944 | 16,363 |
Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets | 87,462 | 240,546 |
At amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | 382,337 | 460,078 |
At amortized cost | Other non-current financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 13,388 | 11,807 |
At amortized cost | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 248,227 | 191,469 |
At amortized cost | Other current receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 33,260 | 16,256 |
At amortized cost | Cash and cash equivalents | ||
Disclosure of financial assets [line items] | ||
Financial assets | 87,462 | 240,546 |
At FVPL | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,556 | 2,507 |
At FVPL | Other non-current financial assets | ||
Disclosure of financial assets [line items] | ||
Financial assets | 2,512 | 2,400 |
At FVPL | Other current receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 44 | 107 |
At FVOCI | ||
Disclosure of financial assets [line items] | ||
Financial assets | 6,635 | 7,051 |
At FVOCI | Other investments | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,995 | € 7,051 |
At FVOCI | Other current receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | € 1,640 |
Financial instruments by cate_4
Financial instruments by category - Disclosure of Financial Liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of financial liabilities [line items] | ||
Financial liabilities | € 975,208 | € 1,104,409 |
Loans and borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 588,867 | 788,836 |
Other non-current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 19,304 | 18,811 |
Other current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 13,689 | 19,227 |
Trade payables | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 281,998 | 209,106 |
Other current liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 22,659 | 19,985 |
Accrued liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 48,691 | 48,444 |
At amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 970,914 | 1,088,570 |
At amortized cost | Loans and borrowings | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 588,867 | 788,836 |
At amortized cost | Other non-current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 17,474 | 15,215 |
At amortized cost | Other current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 11,225 | 6,984 |
At amortized cost | Trade payables | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 281,998 | 209,106 |
At amortized cost | Other current liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 22,659 | 19,985 |
At amortized cost | Accrued liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 48,691 | 48,444 |
At FVPL | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 4,294 | 15,839 |
At FVPL | Other non-current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 1,830 | 3,596 |
At FVPL | Other current financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 2,464 | 12,243 |
At FVOCI | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | € 0 | € 0 |
Segment information - Schedule
Segment information - Schedule of Reportable Segments (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of operating segments [line items] | |||
Revenue | € 422,303 | € 311,490 | € 125,948 |
Operating expenses | (273,638) | (233,508) | (135,850) |
Adjusted EBITDA | 148,665 | 77,982 | (9,902) |
Depreciation and amortization | (43,782) | (51,028) | (87,900) |
Exceptional items | (7,005) | (12,814) | 11,173 |
Operating Profit / (Loss) | 97,878 | 14,140 | (86,629) |
Central costs | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 0 | 0 |
Operating expenses | (83,109) | (80,377) | (61,947) |
Adjusted EBITDA | (83,109) | (80,377) | (61,947) |
TFS | |||
Disclosure of operating segments [line items] | |||
Revenue | 311,740 | 228,818 | 89,559 |
TFS | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 311,740 | 228,818 | 89,559 |
Operating expenses | (114,930) | (91,902) | (44,610) |
Adjusted EBITDA | 196,810 | 136,916 | 44,949 |
Payments | |||
Disclosure of operating segments [line items] | |||
Revenue | 83,023 | 61,805 | 23,325 |
Payments | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 83,023 | 61,805 | 23,325 |
Operating expenses | (43,282) | (34,267) | (12,538) |
Adjusted EBITDA | 39,741 | 27,538 | 10,787 |
Post-Purchase Solutions | |||
Disclosure of operating segments [line items] | |||
Revenue | 27,540 | 20,867 | 13,064 |
Operating expenses | (26,962) | (16,755) | |
Adjusted EBITDA | (6,095) | (3,691) | |
Post-Purchase Solutions | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenue | 27,540 | ||
Operating expenses | (32,317) | ||
Adjusted EBITDA | (4,777) | ||
Fixed cost | |||
Disclosure of operating segments [line items] | |||
Operating expenses | (173,300) | (154,600) | (109,200) |
Fixed personnel cost | |||
Disclosure of operating segments [line items] | |||
Operating expenses | (113,700) | (99,800) | (74,600) |
Fixed non personnel cost | |||
Disclosure of operating segments [line items] | |||
Operating expenses | (59,600) | (54,800) | (34,600) |
Variable cost | |||
Disclosure of operating segments [line items] | |||
Operating expenses | € (100,400) | € (78,900) | € (26,700) |
Segment information - Schedul_2
Segment information - Schedule of Revenue by Geography and by Segment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of operating segments [line items] | |||
Revenue | € 422,303 | € 311,490 | € 125,948 |
Europe | |||
Disclosure of operating segments [line items] | |||
Revenue | 303,203 | 235,406 | 102,294 |
Asia Pacific | |||
Disclosure of operating segments [line items] | |||
Revenue | 114,322 | 73,023 | 22,092 |
Rest of the world | |||
Disclosure of operating segments [line items] | |||
Revenue | 4,778 | 3,061 | 1,562 |
TFS | |||
Disclosure of operating segments [line items] | |||
Revenue | 311,740 | 228,818 | 89,559 |
TFS | Europe | |||
Disclosure of operating segments [line items] | |||
Revenue | 260,030 | 202,263 | 82,599 |
TFS | Asia Pacific | |||
Disclosure of operating segments [line items] | |||
Revenue | 46,932 | 23,495 | 5,398 |
TFS | Rest of the world | |||
Disclosure of operating segments [line items] | |||
Revenue | 4,778 | 3,060 | 1,562 |
Payments | |||
Disclosure of operating segments [line items] | |||
Revenue | 83,023 | 61,805 | 23,325 |
Payments | Europe | |||
Disclosure of operating segments [line items] | |||
Revenue | 15,633 | 12,276 | 6,631 |
Payments | Asia Pacific | |||
Disclosure of operating segments [line items] | |||
Revenue | 67,390 | 49,528 | 16,694 |
Payments | Rest of the world | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 1 | 0 |
Post-Purchase Solutions | |||
Disclosure of operating segments [line items] | |||
Revenue | 27,540 | 20,867 | 13,064 |
Post-Purchase Solutions | Europe | |||
Disclosure of operating segments [line items] | |||
Revenue | 27,540 | 20,867 | 13,064 |
Post-Purchase Solutions | Asia Pacific | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 0 | 0 |
Post-Purchase Solutions | Rest of the world | |||
Disclosure of operating segments [line items] | |||
Revenue | € 0 | € 0 | € 0 |
Segment information - Schedul_3
Segment information - Schedule of Revenue by Top Country (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of operating segments [line items] | |||
Revenue | € 422,303 | € 311,490 | € 125,948 |
Significant countries | |||
Disclosure of operating segments [line items] | |||
Revenue | € 223,621 | € 158,657 | € 68,329 |
% of Total Revenue | 53% | 51% | 54% |
Italy | |||
Disclosure of operating segments [line items] | |||
Revenue | € 66,456 | € 47,019 | € 15,333 |
% of Total Revenue | 16% | 15% | 12% |
France | |||
Disclosure of operating segments [line items] | |||
Revenue | € 45,752 | € 41,787 | € 21,037 |
% of Total Revenue | 11% | 14% | 17% |
Australia | |||
Disclosure of operating segments [line items] | |||
Revenue | € 53,555 | € 40,974 | € 14,046 |
% of Total Revenue | 13% | 13% | 11% |
United Kingdom | |||
Disclosure of operating segments [line items] | |||
Revenue | € 29,427 | € 24,840 | € 15,470 |
% of Total Revenue | 7% | 8% | 12% |
Singapore | |||
Disclosure of operating segments [line items] | |||
Revenue | € 23,179 | ||
% of Total Revenue | 5% | ||
Switzerland | |||
Disclosure of operating segments [line items] | |||
Revenue | € 5,252 | € 4,037 | € 2,443 |
% of Total Revenue | 1% | 1% | 2% |
TFS | |||
Disclosure of operating segments [line items] | |||
Revenue | € 311,740 | € 228,818 | € 89,559 |
TFS | Significant countries | |||
Disclosure of operating segments [line items] | |||
Revenue | 127,600 | 90,501 | 37,275 |
TFS | Italy | |||
Disclosure of operating segments [line items] | |||
Revenue | 62,435 | 43,280 | 12,912 |
TFS | France | |||
Disclosure of operating segments [line items] | |||
Revenue | 43,845 | 39,996 | 20,118 |
TFS | Australia | |||
Disclosure of operating segments [line items] | |||
Revenue | 495 | 303 | 49 |
TFS | United Kingdom | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,010 | 2,917 | 1,838 |
TFS | Singapore | |||
Disclosure of operating segments [line items] | |||
Revenue | 14,568 | ||
TFS | Switzerland | |||
Disclosure of operating segments [line items] | |||
Revenue | 5,247 | 4,005 | 2,358 |
Payments | |||
Disclosure of operating segments [line items] | |||
Revenue | 83,023 | 61,805 | 23,325 |
Payments | Significant countries | |||
Disclosure of operating segments [line items] | |||
Revenue | 68,480 | 47,289 | 17,990 |
Payments | Italy | |||
Disclosure of operating segments [line items] | |||
Revenue | 4,021 | 3,739 | 2,421 |
Payments | France | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,907 | 1,791 | 919 |
Payments | Australia | |||
Disclosure of operating segments [line items] | |||
Revenue | 53,060 | 40,671 | 13,997 |
Payments | United Kingdom | |||
Disclosure of operating segments [line items] | |||
Revenue | 877 | 1,056 | 568 |
Payments | Singapore | |||
Disclosure of operating segments [line items] | |||
Revenue | 8,611 | ||
Payments | Switzerland | |||
Disclosure of operating segments [line items] | |||
Revenue | 4 | 32 | 85 |
Post-Purchase Solutions | |||
Disclosure of operating segments [line items] | |||
Revenue | 27,540 | 20,867 | 13,064 |
Post-Purchase Solutions | Significant countries | |||
Disclosure of operating segments [line items] | |||
Revenue | 27,540 | 20,867 | 13,064 |
Post-Purchase Solutions | Italy | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 0 | 0 |
Post-Purchase Solutions | France | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 0 | 0 |
Post-Purchase Solutions | Australia | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 0 | 0 |
Post-Purchase Solutions | United Kingdom | |||
Disclosure of operating segments [line items] | |||
Revenue | 27,540 | 20,867 | 13,064 |
Post-Purchase Solutions | Singapore | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | ||
Post-Purchase Solutions | Switzerland | |||
Disclosure of operating segments [line items] | |||
Revenue | € 0 | € 0 | € 0 |
Segment information - Schedul_4
Segment information - Schedule of Non-Current Assets by Country (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of geographical areas [line items] | ||
Intangible assets | € 611,075 | € 605,508 |
Other non-current financial assets | 15,900 | 14,207 |
Non-current assets | 697,242 | 686,645 |
Significant countries | ||
Disclosure of geographical areas [line items] | ||
Intangible assets | 611,075 | 605,508 |
Property, plant and equipment | 32,034 | 24,839 |
Investments in associates, joint ventures and other investments | 5,145 | 7,281 |
Other non-current financial assets | 15,900 | 14,207 |
Non-current assets | 664,154 | 651,835 |
Switzerland | ||
Disclosure of geographical areas [line items] | ||
Intangible assets | 580,958 | 575,145 |
Property, plant and equipment | 1,076 | 782 |
Investments in associates, joint ventures and other investments | 5,142 | 7,244 |
Other non-current financial assets | 1,824 | 698 |
Non-current assets | 589,000 | 583,869 |
Rest of the world | ||
Disclosure of geographical areas [line items] | ||
Intangible assets | 30,117 | 30,363 |
Property, plant and equipment | 30,958 | 24,057 |
Investments in associates, joint ventures and other investments | 3 | 37 |
Other non-current financial assets | 14,076 | 13,509 |
Non-current assets | € 75,154 | € 67,966 |
Operating expenses - Schedule o
Operating expenses - Schedule of Expenses by Nature (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Analysis of income and expense [abstract] | |||
Employee benefit expenses | € (140,050) | € (118,658) | € (86,623) |
Contributions to defined contribution plans | (8,055) | (7,619) | (4,022) |
Depreciation and amortization | (43,782) | (51,028) | (87,900) |
Agent costs | (95,333) | (75,950) | (23,914) |
IT costs | (16,464) | (16,499) | (12,013) |
Auditors, lawyers and consultants | (10,713) | (12,113) | (12,223) |
Advertising and promotion | (3,644) | (3,827) | (1,729) |
Travel, entertainment, office and rental cost | (13,287) | (11,456) | (7,253) |
Contributions to defined benefit plans | (1,365) | (1,607) | (1,560) |
Share-based payment transactions expenses | (3,957) | (9,988) | (6,414) |
Change in fair value of warrants and put options | 9,287 | 11,070 | 15,583 |
Capitalized software development expenditure | 33,667 | 25,688 | 17,163 |
External and other personnel cost | (8,735) | (7,544) | (4,343) |
Business restructuring expenses | (1,324) | (4,446) | (1,980) |
Corporate restructuring expenses | (5,660) | (2,764) | (475) |
Impairment | (1,371) | (3,355) | (2,846) |
Other operating income / (expenses) | (13,639) | (7,254) | 7,971 |
Total | € (324,425) | € (297,350) | € (212,577) |
Operating expenses - Narrative
Operating expenses - Narrative (Details) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 EUR (€) employee | Mar. 31, 2023 EUR (€) employee | Mar. 31, 2022 EUR (€) | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Average number of employees | employee | 1,897 | 1,617 | |
Income from government grants | € 400 | € 2,000 | € 9,000 |
Increase (decrease) of credit loss expense | 2,300 | ||
Increase (decrease) of solution costs | € 1,800 | ||
ZigZag | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Earn-out provision released | € 9,600 |
Depreciation and amortization -
Depreciation and amortization - Disclosure of Detailed Information about Depreciation and Amortization Expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of detailed information about intangible assets [line items] | |||
Depreciation of property, plant and equipment | € (14,167) | € (14,033) | € (16,737) |
Amortization of cost to fulfill customer contracts | (1,753) | (1,897) | (3,121) |
Amortization of intangible assets | (29,614) | (36,995) | (71,163) |
Depreciation and amortization | (43,782) | (51,028) | (87,900) |
Customer relationships | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization | (223) | (10,562) | (44,101) |
Trademarks | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization | (2,237) | (2,237) | (2,237) |
Other intangible assets | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization | € (25,401) | € (22,299) | € (21,704) |
Depreciation and amortization_2
Depreciation and amortization - Narrative (Details) € in Thousands | 12 Months Ended |
Mar. 31, 2013 EUR (€) | |
Customer relationships | |
Disclosure of detailed information about intangible assets [line items] | |
Acquisitions through business combinations, intangible assets other than goodwill | € 335,200 |
Net finance costs (Details)
Net finance costs (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Finance income | |||
Interest income on current bank deposits | € 4,027 | € 1,605 | € 247 |
Net foreign exchange gain on financing activities | 1,595 | 0 | 293 |
Interest income on interest rate swap | 887 | 0 | 0 |
Other finance income | 567 | 455 | 636 |
Finance income | 7,076 | 2,060 | 1,176 |
Interest expense: | |||
- Bank borrowings (including amortization of capitalized financing fees) | (52,676) | (30,894) | (22,184) |
Interest expense | (1,167) | (588) | (626) |
Net foreign exchange loss on financing activities | (6) | (2,537) | 0 |
Net foreign exchange losses on operating activities | (975) | (3,501) | (405) |
Other finance costs | (2,597) | (1,129) | (2,579) |
Finance costs | (57,421) | (38,649) | (25,794) |
Net finance costs | € (50,345) | € (36,589) | € (24,618) |
Income tax benefit _ (expense_2
Income tax benefit / (expense) - Disclosure of Income Tax Expense (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of contingent liabilities [line items] | |||
Current income tax expense | € (26,201) | € (9,947) | € (5,787) |
Adjustments in respect of current income tax of prior years | (119) | 5,051 | 4,225 |
Adjustments for deferred tax of prior periods | (324) | 1,144 | 0 |
Deferred tax benefit | 37 | 2,702 | 16,174 |
Total reported effective tax benefit / (expense) | (26,607) | (1,050) | € 14,612 |
Adjustment of deferred tax on amortization of intangible assets | 1,600 | ||
Adjustments for reversal of previously-recorded uncertain tax position | 4,200 | ||
Adjustments for penalty reduction for withholding tax | € 600 | ||
Tax effect from change in tax rate | 200 | ||
Germany | |||
Disclosure of contingent liabilities [line items] | |||
Adjustments for deferred tax of prior periods | (1,200) | ||
Portugal | |||
Disclosure of contingent liabilities [line items] | |||
Adjustments for deferred tax of prior periods | € (300) |
Income tax benefit _ (expense_3
Income tax benefit / (expense) - Disclosure of Reconciliation of Accounting Profit Multiplied by Applicable Tax Rates (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Profit / (Loss) before tax | € 47,533 | € (22,449) | € (111,247) |
Tax benefit/(expense) calculated at the Swiss statutory tax rate of 18.8% (18.8% in both FY2022/23 and FY 2021/22) applicable to the Company | (8,941) | 4,221 | 20,919 |
Adjustments in respect of prior years | (443) | 5,051 | 141 |
Recognition of previously unrecognized (derecognition of previously recognized) deductible temporary differences | 188 | 2,428 | (124) |
Expenses not deductible for tax purposes | (9,805) | (7,349) | (5,648) |
Current year losses for which no deferred income tax asset is recognized | (6,293) | (5,039) | (2,583) |
Effect of income taxed at different tax rates | (1,580) | (4,667) | (1,400) |
Tax-exempt income | 2,168 | 1,885 | 2,027 |
Other tax items | (1,901) | 2,420 | 1,280 |
Total reported effective tax benefit / (expense) | (26,607) | (1,050) | 14,612 |
Tax effect on actuarial gains / losses | 182 | 86 | (570) |
Tax effect on other investments at FVOCI | 168 | (181) | 0 |
Total tax effect | € 350 | € (95) | € (570) |
Income tax benefit _ (expense_4
Income tax benefit / (expense) - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of contingent liabilities [line items] | |||
Expenses not deductible for tax purposes | € 9,805 | € 7,349 | € 5,648 |
Other tax items | 1,901 | € (2,420) | € (1,280) |
Interest expense | |||
Disclosure of contingent liabilities [line items] | |||
Expenses not deductible for tax purposes | 7,700 | ||
Switzerland | Withholding taxes | |||
Disclosure of contingent liabilities [line items] | |||
Other tax items | € 2,100 |
Earnings per share - Summary of
Earnings per share - Summary of Earnings per Share (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Basic earnings per share [abstract] | |||
Profit / (loss) from continuing operations attributable to the owners of the parent | € 13,975 | € (25,621) | € (97,177) |
Basic loss per ordinary share (in euro per share) | € 0.06 | € (0.12) | € (0.49) |
Diluted earnings per share [abstract] | |||
Profit / (loss) from continuing operations attributable to the owners of the parent | € 13,975 | € (25,621) | € (97,177) |
Diluted loss per ordinary share (in euro per share) | € 0.06 | € (0.12) | € (0.49) |
Ordinary shares | |||
Basic earnings per share [abstract] | |||
Profit / (loss) from continuing operations attributable to the owners of the parent | € 11,613 | € (21,635) | € (88,460) |
Weighted average number of basic ordinary shares outstanding (in thousand of shares) | 193,345,000 | 187,326,000 | 179,455,000 |
Basic loss per ordinary share (in euro per share) | € 0.06 | € (0.12) | € (0.49) |
Diluted earnings per share [abstract] | |||
Profit / (loss) from continuing operations attributable to the owners of the parent | € 11,628 | € (21,635) | € (88,460) |
Weighted average number of diluted ordinary shares outstanding (in thousand of shares) | 194,817,000 | 187,326,000 | 179,455,000 |
Diluted loss per ordinary share (in euro per share) | € 0.06 | € (0.12) | € (0.49) |
Preference shares | |||
Basic earnings per share [abstract] | |||
Profit / (loss) from continuing operations attributable to the owners of the parent | € 2,362 | € (3,986) | € (8,717) |
Weighted average number of basic preference shares outstanding (in thousand of shares) | 39,323,000 | 34,509,000 | 17,684,000 |
Diluted earnings per share [abstract] | |||
Profit / (loss) from continuing operations attributable to the owners of the parent | € 2,347 | € (3,986) | € (8,717) |
Weighted average number of diluted number of preference shares outstanding (in thousand of shares) | 39,323,000 | 34,509,000 | 17,684,000 |
Earnings per share - Narrative
Earnings per share - Narrative (Details) - shares | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Ordinary shares | |||
Earnings per share [line items] | |||
Number of instruments that are antidilutive in period presented | 2,000,000 | 1,700,000 | |
Warrants | |||
Earnings per share [line items] | |||
Number of instruments that are antidilutive in period presented | 30,735,950 | 30,735,950 | 30,735,950 |
Global Blue Management Incentive Plan | Ordinary shares | |||
Earnings per share [line items] | |||
Number of instruments that are antidilutive in period presented | 6,400,000 | 8,000,000 | 8,000,000 |
Property, plant and equipment_2
Property, plant and equipment (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | € 32,034 | € 24,839 | |
Depreciation charge for the year | (14,167) | (14,033) | € (16,737) |
Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 7,983 | ||
Property, plant and equipment at end of period | 8,045 | 7,983 | |
Machinery, equipment, computers and IT equipment | Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 6,504 | ||
Property, plant and equipment at end of period | 6,421 | 6,504 | |
Leasehold improvements | Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 1,479 | ||
Property, plant and equipment at end of period | 1,624 | 1,479 | |
Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 80,283 | 85,344 | |
Acquisition of subsidiaries | 104 | ||
Additions | 4,186 | 4,776 | |
Disposal of subsidiary | (172) | ||
Disposals | (5,819) | (2,654) | |
Reclassifications | (1) | (4) | |
Exchange differences | (310) | (554) | |
Cost | Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | 34,836 | 33,340 | |
Property, plant and equipment at end of period | 32,892 | 34,836 | 33,340 |
Cost | Machinery, equipment, computers and IT equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiaries | 103 | ||
Additions | 3,779 | 4,087 | |
Disposal of subsidiary | (158) | ||
Disposals | (4,803) | (1,507) | |
Reclassifications | (458) | (194) | |
Exchange differences | (267) | (524) | |
Cost | Machinery, equipment, computers and IT equipment | Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 28,552 | 30,301 | |
Property, plant and equipment at beginning of period | 30,301 | 28,494 | |
Property, plant and equipment at end of period | 28,552 | 30,301 | 28,494 |
Cost | Leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition of subsidiaries | 1 | ||
Additions | 407 | 689 | |
Disposal of subsidiary | (14) | ||
Disposals | (1,016) | (1,147) | |
Reclassifications | 457 | 190 | |
Exchange differences | (43) | (30) | |
Cost | Leasehold improvements | Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 4,340 | 4,535 | |
Property, plant and equipment at beginning of period | 4,535 | 4,846 | |
Property, plant and equipment at end of period | 4,340 | 4,535 | 4,846 |
Cost | Right-of-use assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 47,391 | 50,508 | |
Accumulated depreciation and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (48,249) | (60,505) | |
Depreciation charge for the year | (3,850) | (3,201) | |
Disposal of subsidiary | 127 | ||
Impairment charge for the year | (1,233) | (2) | |
Disposals | 6,816 | 2,369 | |
Reclassifications | 4 | ||
Exchange differences | 273 | 370 | |
Accumulated depreciation and impairment | Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment at beginning of period | (26,853) | (26,520) | |
Property, plant and equipment at end of period | (24,847) | (26,853) | (26,520) |
Accumulated depreciation and impairment | Machinery, equipment, computers and IT equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation charge for the year | (3,153) | (2,672) | |
Disposal of subsidiary | 123 | ||
Impairment charge for the year | (1,233) | (2) | |
Disposals | 5,818 | 1,380 | |
Reclassifications | 4 | ||
Exchange differences | 234 | 342 | |
Accumulated depreciation and impairment | Machinery, equipment, computers and IT equipment | Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (22,131) | (23,797) | |
Property, plant and equipment at beginning of period | (23,797) | (22,972) | |
Property, plant and equipment at end of period | (22,131) | (23,797) | (22,972) |
Accumulated depreciation and impairment | Leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation charge for the year | (697) | (529) | |
Disposal of subsidiary | 4 | ||
Impairment charge for the year | 0 | 0 | |
Disposals | 998 | 989 | |
Reclassifications | 0 | ||
Exchange differences | 39 | 28 | |
Accumulated depreciation and impairment | Leasehold improvements | Property, plant and equipment not subject to operating leases | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (2,716) | (3,056) | |
Property, plant and equipment at beginning of period | (3,056) | (3,548) | |
Property, plant and equipment at end of period | (2,716) | (3,056) | € (3,548) |
Accumulated depreciation and impairment | Right-of-use assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | € (23,402) | € (33,652) |
Leases - Disclosure of Composit
Leases - Disclosure of Composition of Right-of-Use Assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | € 23,988 | € 16,856 | € 20,938 |
Modifications | 194 | 969 | |
Offices | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | 11,397 | 8,064 | |
Refund points | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | 3,434 | 4,793 | |
IT contracts | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | 4,355 | 915 | |
Others | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right-of-use assets | € 4,802 | € 3,084 |
Leases - Disclosure of Reconcil
Leases - Disclosure of Reconciliation of Right-of-Use Assets (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Presentation of leases for lessee [abstract] | |||
Right-of-use assets, beginning of period | € 16,856 | € 20,938 | |
New contracts | 17,081 | 5,855 | |
Modifications | 194 | 969 | |
Depreciation | (10,317) | (10,832) | € (12,975) |
Exchange differences | 174 | (74) | |
Right-of-use assets, end of period | € 23,988 | € 16,856 | € 20,938 |
Leases - Disclosure of Compos_2
Leases - Disclosure of Composition of Lease Liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Presentation of leases for lessee [abstract] | ||
Current | € 8,802 | € 6,984 |
Non-current | 14,774 | 10,243 |
Total lease liabilities | € 23,576 | € 17,227 |
Leases - Disclosure of Reconc_2
Leases - Disclosure of Reconciliation of Lease Liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
New contracts | € 17,296 | € 6,725 | |
Interest expense | 1,167 | 588 | € 626 |
Principal elements of lease payments | (10,711) | (11,157) | (13,375) |
Exchange differences | 50 | 1,710 | |
Lease liabilities | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Liabilities arising from financing activities at beginning of period | 17,227 | 21,857 | |
New contracts | 17,081 | 5,855 | |
Modifications | 243 | 870 | |
Interest expense | 967 | 588 | |
Principal elements of lease payments | (10,711) | (11,157) | |
Cash outflow - interest | (967) | (588) | |
Exchange differences | (264) | (198) | |
Liabilities arising from financing activities at end of period | € 23,576 | € 17,227 | € 21,857 |
Leases - Disclosure of Maturity
Leases - Disclosure of Maturity Analysis of Operating Lease Payments (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total lease liabilities | € 27,295 | € 19,425 |
Less than 2 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total lease liabilities | 18,009 | 13,293 |
Between 2 and 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total lease liabilities | 8,345 | 6,044 |
More than 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total lease liabilities | € 941 | € 88 |
Leases - Disclosure of Amounts
Leases - Disclosure of Amounts Recognized in the Income Statement Related to Leases (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Total depreciation charge of right-of-use assets | € 10,317 | € 10,832 | € 12,975 |
Expense relating to short-term leases (included in Operating expenses) | 100 | 718 | 943 |
Expense relating to leases of low-value assets that are not short-term leases (included in Operating expenses) | 18 | 63 | 88 |
Expense relating to variable lease payments not included in lease liabilities (included in Other expenses) | 1,107 | 3,235 | 2,421 |
Total other lease-related expenses | 1,225 | 4,016 | 3,452 |
Offices | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Total depreciation charge of right-of-use assets | 3,616 | 3,891 | 4,534 |
Refund points | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Total depreciation charge of right-of-use assets | 2,988 | 3,762 | 5,046 |
IT contracts | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Total depreciation charge of right-of-use assets | 2,110 | 2,019 | 2,147 |
Others | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Total depreciation charge of right-of-use assets | € 1,603 | € 1,160 | € 1,248 |
Leases - Narrative (Details)
Leases - Narrative (Details) - EUR (€) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Presentation of leases for lessee [abstract] | |||
Cash outflow - principal elements | € 11,900,000 | € 15,200,000 | € 17,500,000 |
Rental expense, concessions | € 0 | € 400,000 | € 3,400,000 |
Intangible assets - Disclosure
Intangible assets - Disclosure of Reconciliation of Changes in Intangible Assets and Goodwill (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | € 605,508 | |
Intangible assets and goodwill at end of period | 611,075 | € 605,508 |
Goodwill | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 510,258 | |
Intangible assets and goodwill at end of period | 512,183 | 510,258 |
Trademarks | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 22,048 | |
Impairment | (1,200) | |
Intangible assets and goodwill at end of period | 18,634 | 22,048 |
Customer relationships | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 4,466 | |
Intangible assets and goodwill at end of period | 4,150 | 4,466 |
Cost to fulfill customer contracts | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 5,674 | |
Intangible assets and goodwill at end of period | 5,194 | 5,674 |
Other intangible assets | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 895 | |
Intangible assets and goodwill at end of period | 647 | 895 |
Software | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 62,167 | |
Intangible assets and goodwill at end of period | 70,267 | 62,167 |
Accumulated acquisition values | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 1,411,798 | 1,357,326 |
Acquisition of subsidiaries | 36,443 | |
Additions | 35,256 | 29,134 |
Disposals | (5,289) | (1,977) |
Disposal of subsidiary | (687) | |
Exchange differences | 700 | (8,441) |
Intangible assets and goodwill at end of period | 1,442,465 | 1,411,798 |
Accumulated acquisition values | Goodwill | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 512,273 | 487,685 |
Acquisition of subsidiaries | 29,239 | |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Disposal of subsidiary | 0 | |
Exchange differences | 1,800 | (4,651) |
Intangible assets and goodwill at end of period | 514,073 | 512,273 |
Accumulated acquisition values | Trademarks | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 45,909 | 46,025 |
Acquisition of subsidiaries | 0 | |
Additions | 2 | 0 |
Disposals | 0 | 0 |
Disposal of subsidiary | 0 | |
Exchange differences | (24) | (116) |
Intangible assets and goodwill at end of period | 45,887 | 45,909 |
Accumulated acquisition values | Customer relationships | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 656,518 | 652,052 |
Acquisition of subsidiaries | 4,466 | |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Disposal of subsidiary | 0 | |
Exchange differences | 0 | 0 |
Intangible assets and goodwill at end of period | 656,518 | 656,518 |
Accumulated acquisition values | Cost to fulfill customer contracts | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 19,385 | 17,093 |
Acquisition of subsidiaries | 0 | |
Additions | 1,226 | 2,577 |
Disposals | 0 | 0 |
Disposal of subsidiary | 0 | |
Exchange differences | (79) | (285) |
Intangible assets and goodwill at end of period | 20,532 | 19,385 |
Accumulated acquisition values | Other intangible assets | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 10,258 | 10,247 |
Acquisition of subsidiaries | 0 | |
Additions | 363 | 869 |
Disposals | (1,130) | (557) |
Disposal of subsidiary | 0 | |
Exchange differences | (228) | (301) |
Intangible assets and goodwill at end of period | 9,263 | 10,258 |
Accumulated acquisition values | Software | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 167,455 | 144,224 |
Acquisition of subsidiaries | 2,738 | |
Additions | 33,665 | 25,688 |
Disposals | (4,159) | (1,420) |
Disposal of subsidiary | (687) | |
Exchange differences | (769) | (3,088) |
Intangible assets and goodwill at end of period | 196,192 | 167,455 |
Accumulated amortization | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (800,130) | (767,290) |
Amortization | (29,614) | (36,995) |
Disposals | 4,697 | 1,243 |
Disposal of subsidiary | 416 | |
Exchange differences | 845 | 2,496 |
Intangible assets and goodwill at end of period | (824,202) | (800,130) |
Accumulated amortization | Goodwill | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 0 | 0 |
Amortization | 0 | 0 |
Disposals | 0 | 0 |
Disposal of subsidiary | 0 | |
Exchange differences | 0 | 0 |
Intangible assets and goodwill at end of period | 0 | 0 |
Accumulated amortization | Trademarks | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (23,861) | (21,624) |
Amortization | (2,237) | (2,237) |
Disposals | 0 | 0 |
Disposal of subsidiary | 0 | |
Exchange differences | 0 | 0 |
Intangible assets and goodwill at end of period | (26,098) | (23,861) |
Accumulated amortization | Customer relationships | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (652,145) | (641,489) |
Amortization | (223) | (10,656) |
Disposals | 0 | 0 |
Disposal of subsidiary | 0 | |
Exchange differences | 0 | 0 |
Intangible assets and goodwill at end of period | (652,368) | (652,145) |
Accumulated amortization | Cost to fulfill customer contracts | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (13,618) | (11,914) |
Amortization | (1,753) | (1,803) |
Disposals | 0 | 0 |
Disposal of subsidiary | 0 | |
Exchange differences | 33 | 99 |
Intangible assets and goodwill at end of period | (15,338) | (13,618) |
Accumulated amortization | Other intangible assets | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (8,865) | (8,347) |
Amortization | (529) | (909) |
Disposals | 1,069 | 157 |
Disposal of subsidiary | 0 | |
Exchange differences | 207 | 234 |
Intangible assets and goodwill at end of period | (8,118) | (8,865) |
Accumulated amortization | Software | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (101,641) | (83,916) |
Amortization | (24,872) | (21,390) |
Disposals | 3,628 | 1,086 |
Disposal of subsidiary | 416 | |
Exchange differences | 605 | 2,163 |
Intangible assets and goodwill at end of period | (122,280) | (101,641) |
Accumulated impairment | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (6,160) | (6,010) |
Impairment | (1,188) | (247) |
Disposals | 23 | 37 |
Exchange differences | 137 | 60 |
Intangible assets and goodwill at end of period | (7,188) | (6,160) |
Accumulated impairment | Goodwill | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (2,015) | (2,063) |
Impairment | 0 | 0 |
Disposals | 0 | 0 |
Exchange differences | 125 | 48 |
Intangible assets and goodwill at end of period | (1,890) | (2,015) |
Accumulated impairment | Trademarks | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 0 | 0 |
Impairment | (1,156) | 0 |
Disposals | 0 | 0 |
Exchange differences | 1 | 0 |
Intangible assets and goodwill at end of period | (1,155) | 0 |
Accumulated impairment | Customer relationships | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 0 | 0 |
Impairment | 0 | 0 |
Disposals | 0 | 0 |
Exchange differences | 0 | 0 |
Intangible assets and goodwill at end of period | 0 | 0 |
Accumulated impairment | Cost to fulfill customer contracts | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | 0 | 0 |
Impairment | 0 | 0 |
Disposals | 0 | 0 |
Exchange differences | 0 | 0 |
Intangible assets and goodwill at end of period | 0 | 0 |
Accumulated impairment | Other intangible assets | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (498) | (498) |
Impairment | 0 | 0 |
Disposals | 0 | 0 |
Exchange differences | 0 | 0 |
Intangible assets and goodwill at end of period | (498) | (498) |
Accumulated impairment | Software | ||
Changes in intangible assets other than goodwill [abstract] | ||
Intangible assets and goodwill at beginning of period | (3,647) | (3,449) |
Impairment | (32) | (247) |
Disposals | 23 | 37 |
Exchange differences | 11 | 12 |
Intangible assets and goodwill at end of period | € (3,645) | € (3,647) |
Intangible assets - Disclosur_2
Intangible assets - Disclosure of Goodwill by Cash Generating Unit (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
TFS | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | € 361,750 | € 362,069 |
Payments | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 49,525 | 50,076 |
ZigZag | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 63,825 | 61,045 |
Yocuda | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 7,844 | 7,829 |
ShipUp | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | € 29,239 | € 29,239 |
Intangible assets - Narrative (
Intangible assets - Narrative (Details) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 EUR (€) cash-generatingUnit | Mar. 31, 2023 EUR (€) | Mar. 31, 2022 EUR (€) | |
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | € 512,183 | € 510,258 | |
Intangible assets | 611,075 | 605,508 | |
Development costs | 60,100 | 51,200 | |
Less: Loss allowance | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | (7,188) | (6,160) | € (6,010) |
Impairment | (1,188) | (247) | |
Capitalised development expenditure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Software development expenditures | € 33,700 | € 25,700 | |
TFS | |||
Disclosure of detailed information about intangible assets [line items] | |||
Cash flows period | 4 years | ||
Discount rate used in current estimate of value in use | 9% | 10.61% | |
Growth rate used to extrapolate cash flow projections | 1.60% | 1.70% | |
Headroom | € 1,715,700 | ||
Recoverable amount over carrying value (in percentage) | 419% | ||
Goodwill | € 361,750 | € 362,069 | |
Post-Purchase Solutions | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | € 100,900 | ||
Number of cah-generating unit | cash-generatingUnit | 3 | ||
Payments | |||
Disclosure of detailed information about intangible assets [line items] | |||
Cash flows period | 4 years | ||
Discount rate used in current estimate of value in use | 8.52% | 9.06% | |
Growth rate used to extrapolate cash flow projections | 2.30% | 2.30% | |
Headroom | € 230,000 | ||
Recoverable amount over carrying value (in percentage) | 241% | ||
Goodwill | € 49,525 | € 50,076 | |
ZigZag | |||
Disclosure of detailed information about intangible assets [line items] | |||
Headroom | € 28,900 | ||
Recoverable amount over carrying value (in percentage) | 46% | ||
Goodwill | € 63,825 | 61,045 | |
Expected revenue lower than projected, maximum percentage | 50% | ||
Expected revenue lower than expected, multiple | 3 | ||
Yocuda | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill | € 7,844 | 7,829 | |
ShipUp | |||
Disclosure of detailed information about intangible assets [line items] | |||
Headroom | € 1,000 | ||
Recoverable amount over carrying value (in percentage) | 3% | ||
Goodwill | € 29,239 | 29,239 | |
Expected revenue lower than expected, multiple | 7.1 | ||
Tax Free Shopping and Payments | |||
Disclosure of detailed information about intangible assets [line items] | |||
Increase (decrease) of revenue level | 9.80% | ||
Revenue growth rate | 7.90% | ||
Customer relationships | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 4,150 | 4,466 | |
Customer relationships | Less: Loss allowance | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 0 | 0 | 0 |
Impairment | € 0 | 0 | |
Customer relationships | Post-Purchase Solutions | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 20 years | ||
Customer relationships | ShipUp | |||
Disclosure of detailed information about intangible assets [line items] | |||
Acquisition of subsidiaries | 4,500 | ||
Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 70,267 | 62,167 | |
Software | Less: Loss allowance | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | (3,645) | (3,647) | (3,449) |
Impairment | (32) | (247) | |
Trademarks | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 18,634 | 22,048 | |
Impairment | (1,200) | ||
Trademarks | Less: Loss allowance | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | (1,155) | 0 | € 0 |
Impairment | € (1,156) | € 0 | |
Not internally generated | Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 5 years | ||
Not internally generated | Software | ZigZag | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 5,200 | ||
Not internally generated | Software | Yocuda | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 1,200 | ||
Maximum | ZigZag | |||
Disclosure of detailed information about intangible assets [line items] | |||
Expected revenue multiple used in current measurement, peer | 12.3 | ||
Maximum | Yocuda | |||
Disclosure of detailed information about intangible assets [line items] | |||
Goodwill, percentage of total amount | 2% | ||
Maximum | ShipUp | |||
Disclosure of detailed information about intangible assets [line items] | |||
Expected revenue multiple used in current measurement, peer | 12.7 | ||
Median | ZigZag | |||
Disclosure of detailed information about intangible assets [line items] | |||
Expected revenue multiple used in current measurement, peer | 4.3 | ||
Median | ShipUp | |||
Disclosure of detailed information about intangible assets [line items] | |||
Expected revenue multiple used in current measurement, peer | 7.3 | ||
Minimum | ZigZag | |||
Disclosure of detailed information about intangible assets [line items] | |||
Expected revenue multiple used in current measurement, peer | 1.6 | ||
Minimum | ShipUp | |||
Disclosure of detailed information about intangible assets [line items] | |||
Expected revenue multiple used in current measurement, peer | 4 |
Intangible assets - Disclosur_3
Intangible assets - Disclosure of Customer Relationships by Operating Segment (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Oct. 31, 2022 |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 611,075 | € 605,508 | |
ShipUp | |||
Disclosure of detailed information about intangible assets [line items] | |||
Software | € 2,700 | ||
Customer relationships | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 4,150 | € 4,466 |
Interests in other entities - D
Interests in other entities - Disclosure of Interests in Joint Ventures and Associates (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Interests In Other Entities [Abstract] | |||
Aggregate carrying amount of individually immaterial joint ventures and associates | € 150 | € 230 | € 2,650 |
Loss from continuing operations | (63) | (111) | (720) |
Other comprehensive loss | (17) | 0 | 0 |
Total comprehensive loss | € (80) | € (111) | € (720) |
Interests in other entities - N
Interests in other entities - Narrative (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Interests In Other Entities [Abstract] | ||
Recoverable amount of investment | € 800 | € 100 |
Interests in other entities -_2
Interests in other entities - Disclosure of Other Investments (Details) - Financial assets at fair value through OCI - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of financial assets [line items] | |||
Other investments, beginning balance | € 7,051 | € 3,881 | € 753 |
Additions | 490 | 2,000 | 3,878 |
Fair value adjustment | (2,546) | 1,343 | 150 |
Derecognition due to step acquisition | 0 | 0 | (900) |
Reclassification to joint ventures and associates | 0 | (173) | 0 |
Other investments, ending balance | € 4,995 | € 7,051 | € 3,881 |
Other non-current financial a_3
Other non-current financial assets - Disclosure of Reconciliation of Other Non-Current Financial Assets (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Collateral for lease and other agreements | € 11,828 | € 11,774 |
Pledged asset for endowment insurance | 2,512 | 2,433 |
Collateral for Bank Guarantees | 1,560 | 0 |
Other non-current receivables | € 15,900 | € 14,207 |
Other non-current financial a_4
Other non-current financial assets - Narrative (Details) | Mar. 31, 2024 employee |
Subclassifications of assets, liabilities and equities [abstract] | |
Number of former employees with insurance endowment | 2 |
Trade receivables - Disclosure
Trade receivables - Disclosure of Trade Receivables Balance (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of financial assets [line items] | ||
Financial assets | € 391,528 | € 469,636 |
Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 248,227 | 191,469 |
Retailers | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 178,610 | 149,901 |
Authorities | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 65,239 | 38,065 |
Other | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,378 | 3,503 |
Nominal value of outstanding trade receivables | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 252,354 | 193,531 |
Nominal value of outstanding trade receivables | Retailers | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 182,567 | 151,790 |
Nominal value of outstanding trade receivables | Authorities | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 65,239 | 38,065 |
Nominal value of outstanding trade receivables | Other | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 4,548 | 3,676 |
Less: Loss allowance | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | (4,127) | (2,062) |
Less: Loss allowance | Retailers | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | (3,957) | (1,889) |
Less: Loss allowance | Authorities | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | 0 | 0 |
Less: Loss allowance | Other | Trade receivables | ||
Disclosure of financial assets [line items] | ||
Financial assets | € (170) | € (173) |
Trade receivables - Disclosur_2
Trade receivables - Disclosure of Age Analysis of Net Trade Receivables (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Jan. 29, 2024 | Mar. 31, 2023 |
Expected Loss Rates [Line Items] | |||
Financial assets | € 391,528 | € 469,636 | |
Trade receivables | 248,227 | 191,469 | |
Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 248,227 | 191,469 | |
Trade receivables | Nominal value of outstanding trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 252,354 | 193,531 | |
Trade receivables | Less: Loss allowance | |||
Expected Loss Rates [Line Items] | |||
Financial assets | (4,127) | (2,062) | |
Retailers | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 178,610 | 149,901 | |
Retailers | Trade receivables | Nominal value of outstanding trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 182,567 | 151,790 | |
Retailers | Trade receivables | Less: Loss allowance | |||
Expected Loss Rates [Line Items] | |||
Financial assets | (3,957) | (1,889) | |
Authorities | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 65,239 | 38,065 | |
Authorities | Trade receivables | Nominal value of outstanding trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 65,239 | 38,065 | |
Authorities | Trade receivables | Less: Loss allowance | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 0 | 0 | |
Other | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 4,378 | 3,503 | |
Other | Trade receivables | Nominal value of outstanding trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 4,548 | 3,676 | |
Other | Trade receivables | Less: Loss allowance | |||
Expected Loss Rates [Line Items] | |||
Financial assets | (170) | (173) | |
KaDeWe | Nominal value of outstanding trade receivables | |||
Expected Loss Rates [Line Items] | |||
Trade receivables | € 3,300 | ||
KaDeWe | Less: Loss allowance | |||
Expected Loss Rates [Line Items] | |||
Trade receivables | (3,000) | ||
Trade receivables not yet due | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 207,789 | 155,278 | |
Trade receivables not yet due | Retailers | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 143,706 | 122,895 | |
Trade receivables not yet due | Authorities | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 61,126 | 30,949 | |
Trade receivables not yet due | Other | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 2,957 | 1,434 | |
Up to 3 months | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 37,469 | 31,578 | |
Up to 3 months | Retailers | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 32,289 | 23,379 | |
Up to 3 months | Authorities | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 4,110 | 7,113 | |
Up to 3 months | Other | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 1,070 | 1,086 | |
3 months - 6 months | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 1,864 | 1,495 | |
3 months - 6 months | Retailers | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 1,744 | 958 | |
3 months - 6 months | Authorities | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 0 | 0 | |
3 months - 6 months | Other | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 120 | 537 | |
More than 6 months | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 1,105 | 3,118 | |
More than 6 months | Retailers | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 871 | 2,669 | |
More than 6 months | Authorities | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | 3 | 3 | |
More than 6 months | Other | Trade receivables | |||
Expected Loss Rates [Line Items] | |||
Financial assets | € 231 | € 446 |
Trade receivables - Disclosur_3
Trade receivables - Disclosure of Movements of the Provision for the Impairment of Trade Receivables (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Financial assets at beginning of period | € 469,636 | |
Financial assets at end of period | 391,528 | € 469,636 |
Trade receivables | ||
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Financial assets at beginning of period | 191,469 | |
Financial assets at end of period | 248,227 | 191,469 |
Trade receivables | Less: Loss allowance | ||
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Financial assets at beginning of period | (2,062) | (2,128) |
Income statement charge for the year | (3,763) | (614) |
Write-offs | 236 | 142 |
Reversal of unused amounts | 1,424 | 510 |
Exchange differences | 38 | 28 |
Financial assets at end of period | € (4,127) | € (2,062) |
Other current receivables (Deta
Other current receivables (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Input VAT | € 11,017 | € 11,434 |
Payment solutions receivables | 20,760 | 10,327 |
Advances and deposits | 7,861 | 3,903 |
Withholding taxes | 1,980 | 3,064 |
Government grants | 1,290 | 1,260 |
Derivative financial instruments | 1,684 | 107 |
Other current receivables | 4,322 | 1,274 |
Other current receivables | € 48,914 | € 31,369 |
Prepaid expenses (Details)
Prepaid expenses (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Analysis of income and expense [abstract] | ||
Office and IT-related | € 4,434 | € 3,217 |
Contracts with customers | 339 | 949 |
Insurance | 388 | 368 |
Other | 1,601 | 1,052 |
Total | € 6,762 | € 5,586 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Cash and cash equivalents [abstract] | ||||
Cash and bank balances | € 87,341 | € 128,531 | ||
Deposits | 121 | 112,015 | ||
Total | € 87,462 | € 240,546 | € 51,083 | € 182,176 |
Issued capital and reserves - D
Issued capital and reserves - Disclosure of Reconciliation of Share Capital (Details) - shares | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of classes of share capital [line items] | |||
Number of shares issued, beginning of period | 240,087,730 | 210,323,474 | |
Number of shares issued, end of period | 250,025,698 | 240,087,730 | 210,323,474 |
Other equity | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued, beginning of period | 240,087,730 | 210,323,474 | 211,252,951 |
Issuance of share capital Global Blue Group Holding A.G. | 9,090,909 | 29,764,256 | |
Issuance of preference shares B to CK Opportunities Wolverine Sarl (Dividend) | 847,059 | ||
Issuance of treasury shares by Global Blue Group Holding A.G. | 104,135 | 5,000,000 | |
Cancellation of preference shares by Global Blue Group Holding A.G. | (104,135) | (5,929,477) | |
Number of shares issued, end of period | 250,025,698 | 240,087,730 | 210,323,474 |
Ordinary shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued, beginning of period | 201,226,883 | 192,534,962 | |
Number of shares issued, end of period | 210,317,792 | 201,226,883 | 192,534,962 |
Ordinary shares | Other equity | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued, beginning of period | 201,226,883 | 192,534,962 | 187,534,962 |
Issuance of share capital Global Blue Group Holding A.G. | 9,090,909 | 8,587,786 | |
Issuance of preference shares B to CK Opportunities Wolverine Sarl (Dividend) | 0 | ||
Issuance of treasury shares by Global Blue Group Holding A.G. | 104,135 | 5,000,000 | |
Cancellation of preference shares by Global Blue Group Holding A.G. | 0 | 0 | |
Number of shares issued, end of period | 210,317,792 | 201,226,883 | 192,534,962 |
Preference shares A | Other equity | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued, beginning of period | 17,684,377 | 17,788,512 | 23,717,989 |
Issuance of share capital Global Blue Group Holding A.G. | 0 | 0 | |
Issuance of preference shares B to CK Opportunities Wolverine Sarl (Dividend) | 0 | ||
Issuance of treasury shares by Global Blue Group Holding A.G. | 0 | 0 | |
Cancellation of preference shares by Global Blue Group Holding A.G. | (104,135) | (5,929,477) | |
Number of shares issued, end of period | 17,684,377 | 17,684,377 | 17,788,512 |
Preference shares B | Other equity | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued, beginning of period | 21,176,470 | 0 | |
Issuance of share capital Global Blue Group Holding A.G. | 0 | 21,176,470 | |
Issuance of preference shares B to CK Opportunities Wolverine Sarl (Dividend) | 847,059 | ||
Issuance of treasury shares by Global Blue Group Holding A.G. | 0 | ||
Cancellation of preference shares by Global Blue Group Holding A.G. | 0 | ||
Number of shares issued, end of period | 22,023,529 | 21,176,470 | 0 |
Issued capital and reserves - N
Issued capital and reserves - Narrative (Details) € in Thousands, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2024 EUR (€) shares | Mar. 31, 2024 USD ($) shares | Mar. 31, 2023 EUR (€) shares | Mar. 31, 2023 USD ($) shares | Mar. 31, 2022 EUR (€) shares | |
Disclosure of classes of share capital [line items] | |||||
Proceeds from issuance of share capital | € 45,700 | $ 50 | € 215,209 | $ 225 | € 0 |
Issue of equity | € | 42,072 | 210,342 | € 46 | ||
Other reserve | |||||
Disclosure of classes of share capital [line items] | |||||
Issue of equity | € | € (3,635) | € (4,867) | |||
Other equity | |||||
Disclosure of classes of share capital [line items] | |||||
Issuance of share capital Global Blue Group Holding A.G. | 9,090,909 | 9,090,909 | 29,764,256 | 29,764,256 | |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | (104,135) | (104,135) | (5,000,000) | ||
Cancellation of preference shares A by Global Blue Group Holding A.G. (in shares) | 104,135 | 104,135 | 5,929,477 | ||
Vested RSA shares (in shares) | (628,045) | (628,045) | (92,479) | ||
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | 1,189,977 | 1,189,977 | |||
Acquisition of treasury shares (in shares) | 4 | 4 | 5,001,453 | ||
Ordinary shares | Other equity | |||||
Disclosure of classes of share capital [line items] | |||||
Issuance of share capital Global Blue Group Holding A.G. | 9,090,909 | 9,090,909 | 8,587,786 | 8,587,786 | |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | (104,135) | (104,135) | (5,000,000) | ||
Cancellation of preference shares A by Global Blue Group Holding A.G. (in shares) | 0 | 0 | 0 | ||
Vested RSA shares (in shares) | (628,045) | (628,045) | (92,479) | ||
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | 1,189,977 | 1,189,977 | |||
Acquisition of treasury shares (in shares) | 4 | 4 | 5,001,217 | ||
Ordinary shares | Other equity | January 2022 | |||||
Disclosure of classes of share capital [line items] | |||||
Acquisition of treasury shares (in shares) | 1,217 | ||||
Preference shares A | Other equity | |||||
Disclosure of classes of share capital [line items] | |||||
Issuance of share capital Global Blue Group Holding A.G. | 0 | 0 | 0 | 0 | |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 0 | 0 | 0 | ||
Cancellation of preference shares A by Global Blue Group Holding A.G. (in shares) | 104,135 | 104,135 | 5,929,477 | ||
Vested RSA shares (in shares) | 0 | 0 | |||
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | 0 | 0 | |||
Acquisition of treasury shares (in shares) | 0 | 0 | |||
Preference shares B | Other equity | |||||
Disclosure of classes of share capital [line items] | |||||
Issuance of share capital Global Blue Group Holding A.G. | 0 | 0 | 21,176,470 | 21,176,470 | |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 0 | 0 | |||
Cancellation of preference shares A by Global Blue Group Holding A.G. (in shares) | 0 | 0 |
Issued capital and reserves -_2
Issued capital and reserves - Disclosure of Reconciliation of Treasury Shares (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure Of Treasury Shares [Line Items] | |||
Equity balance as of beginning of the year | € 6,343 | € (185,793) | € (100,590) |
Issuance of treasury shares by Global Blue Group Holding A.G. | 0 | ||
Acquisition of treasury shares at Allocation of treasury shares to shareholders by Ocorian Ltd. (formely Estera Trust (Jersey) Ltd) | (882) | ||
Cancellation of treasury shares | 0 | 0 | |
Conversion of shares | 0 | ||
Acquisition of treasury shares | (57) | ||
Vested RSA shares | (1,753) | 0 | 0 |
Equity balance as of end of the year | € 70,324 | € 6,343 | € (185,793) |
Other equity | |||
Disclosure Of Treasury Shares [Line Items] | |||
Number of shares outstanding at beginning of period (in shares) | 11,371,372 | 13,099,389 | 8,190,415 |
Equity balance as of beginning of the year | € (117) | € (10,179) | € (10,123) |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | 5,000,000 | |
Issuance of treasury shares by Global Blue Group Holding A.G. | € (1) | ||
Increase decrease through acquisition of treasury shares as at vested RSA shares (in shares) | (538,044) | ||
Acquisition of treasury shares as at Vested RSA shares | € 5 | ||
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | (1,189,977) | ||
Acquisition of treasury shares at Allocation of treasury shares to shareholders by Ocorian Ltd. (formely Estera Trust (Jersey) Ltd) | € 9,179 | ||
Cancellation of preference shares A by Global Blue Group Holding A.G. (in shares) | (104,135) | (5,929,477) | |
Cancellation of treasury shares | € 879 | ||
Conversion of shares (in shares) | 0 | ||
Conversion of shares | € 0 | ||
Acquisition of treasury shares (in shares) | 4 | 5,001,453 | |
Acquisition of treasury shares | € 0 | € (57) | |
Vested RSA shares (in shares) | (628,045) | (92,479) | |
Vested RSA shares | € 6 | € 1 | |
Number of shares outstanding at end of period (in shares) | 10,743,327 | 11,371,372 | 13,099,389 |
Equity balance as of end of the year | € (111) | € (117) | € (10,179) |
Other equity | Ordinary shares | |||
Disclosure Of Treasury Shares [Line Items] | |||
Number of shares outstanding at beginning of period (in shares) | 11,371,136 | 12,995,018 | 8,051,569 |
Equity balance as of beginning of the year | € (114) | € (9,297) | € (8,877) |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 104,135 | 5,000,000 | |
Issuance of treasury shares by Global Blue Group Holding A.G. | € (1) | ||
Increase decrease through acquisition of treasury shares as at vested RSA shares (in shares) | (538,044) | ||
Acquisition of treasury shares as at Vested RSA shares | € 5 | ||
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | (1,189,977) | ||
Acquisition of treasury shares at Allocation of treasury shares to shareholders by Ocorian Ltd. (formely Estera Trust (Jersey) Ltd) | € 9,179 | ||
Cancellation of preference shares A by Global Blue Group Holding A.G. (in shares) | 0 | 0 | |
Cancellation of treasury shares | € 0 | ||
Conversion of shares (in shares) | 34,711 | ||
Conversion of shares | € (366) | ||
Acquisition of treasury shares (in shares) | 4 | 5,001,217 | |
Acquisition of treasury shares | € 0 | € (55) | |
Vested RSA shares (in shares) | (628,045) | (92,479) | |
Vested RSA shares | € 6 | € 5 | € 1 |
Number of shares outstanding at end of period (in shares) | 10,743,091 | 11,371,136 | 12,995,018 |
Equity balance as of end of the year | € (108) | € (114) | € (9,297) |
Other equity | Ordinary shares | January 2022 | |||
Disclosure Of Treasury Shares [Line Items] | |||
Acquisition of treasury shares (in shares) | 1,217 | ||
Other equity | Preference shares | |||
Disclosure Of Treasury Shares [Line Items] | |||
Number of shares outstanding at beginning of period (in shares) | 104,371 | 138,846 | |
Equity balance as of beginning of the year | (3) | € (882) | € (1,246) |
Cancellation of treasury shares | 879 | ||
Conversion of shares (in shares) | (34,711) | ||
Conversion of shares | € 366 | ||
Acquisition of treasury shares (in shares) | 236 | ||
Acquisition of treasury shares | € (2) | ||
Vested RSA shares (in shares) | 0 | ||
Vested RSA shares | € 0 | ||
Number of shares outstanding at end of period (in shares) | 104,371 | ||
Equity balance as of end of the year | € (3) | € (3) | € (882) |
Other equity | Preference shares A | |||
Disclosure Of Treasury Shares [Line Items] | |||
Number of shares outstanding at beginning of period (in shares) | 236 | 104,371 | |
Equity balance as of beginning of the year | € (3) | € (882) | |
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 0 | 0 | |
Issuance of treasury shares by Global Blue Group Holding A.G. | € 0 | ||
Increase decrease through acquisition of treasury shares as at vested RSA shares (in shares) | 0 | ||
Acquisition of treasury shares as at Vested RSA shares | € 0 | ||
Allocation of treasury shares to shareholders by Ocorian Ltd. (formerly Estera Trust (Jersey) Ltd.) (in shares) | 0 | ||
Acquisition of treasury shares at Allocation of treasury shares to shareholders by Ocorian Ltd. (formely Estera Trust (Jersey) Ltd) | € 0 | ||
Cancellation of preference shares A by Global Blue Group Holding A.G. (in shares) | (104,135) | (5,929,477) | |
Cancellation of treasury shares | € 879 | ||
Acquisition of treasury shares (in shares) | 0 | ||
Acquisition of treasury shares | € 0 | ||
Vested RSA shares (in shares) | 0 | ||
Vested RSA shares | € 0 | ||
Number of shares outstanding at end of period (in shares) | 236 | 236 | 104,371 |
Equity balance as of end of the year | € (3) | € (3) | € (882) |
Other equity | Preference shares B | |||
Disclosure Of Treasury Shares [Line Items] | |||
Issuance of treasury shares by Global Blue Group Holding A.G. (in shares) | 0 | ||
Cancellation of preference shares A by Global Blue Group Holding A.G. (in shares) | 0 |
Shareholders of Global Blue G_3
Shareholders of Global Blue Group Holding AG - Disclosure of Composition of Shareholding (Details) - shares | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 239,282,371 | 228,716,358 | 198,414,500 |
Number of treasury shares (in shares) | 10,743,327 | 11,371,372 | 11,908,974 |
Number of shares issued (in shares) | 250,025,698 | 240,087,730 | 210,323,474 |
Ownership (in percentage) | 100% | 100% | 100% |
GB Directors, Executive Management & Other Employees | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 9,496,116 | 9,658,467 | 10,076,816 |
Ownership (in percentage) | 4% | 4.20% | 5.10% |
Other Shareholders | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 22,010,799 | 21,796,402 | 21,539,634 |
Ownership (in percentage) | 9.20% | 9.50% | 10.90% |
Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 30,735,950 | 30,735,950 | 30,735,950 |
Number of treasury shares (in shares) | 0 | 0 | 0 |
Number of shares issued (in shares) | 30,735,950 | 30,735,950 | 30,735,950 |
Warrants | GB Directors, Executive Management & Other Employees | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 516,317 | 516,317 | 516,317 |
Warrants | Other Shareholders | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 20,969,283 | 20,969,283 | 20,969,283 |
Silver Lake And Affiliates | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 103,201,298 | 109,229,085 | 109,229,085 |
Ownership (in percentage) | 43.10% | 47.80% | 55.10% |
Silver Lake And Affiliates | Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 6,548,415 | 6,548,415 | 6,548,415 |
Partners Group and Affiliates | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 42,581,842 | 45,068,965 | 45,068,965 |
Ownership (in percentage) | 17.80% | 19.70% | 22.70% |
Partners Group and Affiliates | Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 2,701,935 | 2,701,935 | 2,701,935 |
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 (in percentage) | 13.10% | 13.30% | |
CK Opportunities Wolverine Sarl | Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 0 | 0 | |
Tencent Mobility Limited | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 18,181,818 | ||
Ownership (in percentage) | 7.60% | ||
Tencent Mobility Limited | Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 0 | ||
Ant Group | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 12,500,000 | 12,500,000 | 12,500,000 |
Ownership (in percentage) | 5.20% | 5.50% | 6.30% |
Ant Group | Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 0 | 0 | 0 |
Ordinary shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 199,574,701 | 189,855,747 | 180,626,224 |
Number of treasury shares (in shares) | 10,743,091 | 11,371,136 | 11,908,738 |
Number of shares issued (in shares) | 210,317,792 | 201,226,883 | 192,534,962 |
Ordinary shares | GB Directors, Executive Management & Other Employees | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 8,721,599 | 8,883,950 | 9,198,164 |
Ordinary shares | Other Shareholders | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 22,010,799 | 21,796,402 | 21,539,634 |
Ordinary shares | Silver Lake And Affiliates | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 91,230,811 | 97,258,598 | 97,258,598 |
Ordinary shares | Partners Group and Affiliates | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 37,642,705 | 40,129,828 | 40,129,828 |
Ordinary shares | CK Opportunities Wolverine Sarl | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 9,286,969 | 9,286,969 | |
Ordinary shares | Tencent Mobility Limited | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 18,181,818 | ||
Ordinary shares | Ant Group | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 12,500,000 | 12,500,000 | 12,500,000 |
Preference shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 39,707,670 | 38,860,611 | 17,788,276 |
Number of treasury shares (in shares) | 236 | 236 | 236 |
Number of shares issued (in shares) | 39,707,906 | 38,860,847 | 17,788,512 |
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 | 878,652 |
Preference shares | Other Shareholders | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 0 | 0 | 0 |
Preference shares | Silver Lake And Affiliates | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 11,970,487 | 11,970,487 | 11,970,487 |
Preference shares | Partners Group and Affiliates | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 4,939,137 | 4,939,137 | 4,939,137 |
Preference shares | CK Opportunities Wolverine Sarl | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 22,023,529 | 21,176,470 | |
Preference shares | Tencent Mobility Limited | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 0 | ||
Preference shares | Ant Group | |||
Disclosure of classes of share capital [line items] | |||
Number of shares outstanding (in shares) | 0 | 0 | 0 |
Shareholders of Global Blue G_4
Shareholders of Global Blue Group Holding AG - Narrative (Details) € in Millions | 12 Months Ended | |||
Mar. 31, 2026 | Mar. 31, 2024 $ / shares shares | Mar. 31, 2024 EUR (€) vote Rate shares | Mar. 31, 2023 shares | |
Disclosure of classes of share capital [line items] | ||||
Preferred shares, forced conversion into common shares, period | 40 days | |||
Public warrants, exercisable period after closing | 30 days | |||
Private warrants to shares purchase ratio (in shares per warrant) | 1 | |||
Price per share, private warrants purchase price (in USD per share) | $ 11.50 | |||
Price per warrant, public warrant redemption call (in USD per share) | $ 0.01 | |||
Amendment approval required, public warrants (in percentage) | 50% | |||
Warrants | ||||
Disclosure of classes of share capital [line items] | ||||
Public warrants issued (in shares) | shares | 21,083,307 | |||
Private warrants issued (in shares) | shares | 9,766,667 | |||
Issuance of warrants (in shares) | shares | 30,849,974 | |||
Share issue related cost | € | € 20.2 | |||
Number of warrants outstanding (in shares) | shares | 30,735,950 | 30,735,950 | ||
Ordinary shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of votes, preference shares | vote | 1 | |||
Preference Shares Series A | ||||
Disclosure of classes of share capital [line items] | ||||
Number of votes, preference shares | vote | 1 | |||
Shares exchange ratio, preference shares to ordinary shares, put option (in ordinary shares for preference shares) | Rate | 100% | |||
Call option, duration | 20 days | |||
Call option, duration of volume weighted average price calculation | 30 days | |||
Preference share redemption, duration of volume weighted average price calculation | 30 days | |||
Preference share, value attributable on change of control (in USD per share) | $ 10 | |||
Preference shares, liquidation proceeds (in USD per share) | 10 | |||
Preference Shares Series A | Forecast | ||||
Disclosure of classes of share capital [line items] | ||||
Dividend rate (in percentage) | 8% | |||
Increase in dividend rate per year (in percentage) | 1% | |||
Preference Shares Series B | ||||
Disclosure of classes of share capital [line items] | ||||
Shares exchange ratio, preference shares to ordinary shares, put option (in ordinary shares for preference shares) | 1 | |||
Issuance of share capital Global Blue Group Holding A.G. | shares | 847,059 | 21,176,470 | ||
Dividend paid in kind, percentage of preference shares | 5% | |||
Shares exchange ratio, preference shares to ordinary shares, call option (in ordinary shares per preference share) | 1 | |||
Preferred shares, conversion into common shares, period | 6 months | |||
Forced conversion into shares (in USD per share) | 6.80 | |||
Minimum | ||||
Disclosure of classes of share capital [line items] | ||||
Closing price per share (in USD per share) | 18 | |||
Redemption period, public warrants call | 30 days | |||
Minimum | Preference Shares Series A | ||||
Disclosure of classes of share capital [line items] | ||||
Exercise of put option, period | 25 days | |||
Volume weighted average price, ordinary shares (in USD per share) | 18 | |||
Volume weighted average price ordinary shares, preference shares (in USD per share) | 10 | |||
Maximum | Preference Shares Series A | ||||
Disclosure of classes of share capital [line items] | ||||
Exercise of put option, period | 65 days | |||
Maximum | Preference Shares Series B | ||||
Disclosure of classes of share capital [line items] | ||||
Preference shares, liquidation proceeds (in USD per share) | $ 8.50 |
Non-controlling interests - Dis
Non-controlling interests - Disclosure of Non-Controlling Interests (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of subsidiaries [line items] | |||
Non-controlling interests | € 8,407 | € 5,970 | € 5,732 |
Global Blue TFS Japan Co Ltd | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interests | 7,397 | 4,555 | 3,180 |
Global Blue Lebanon SAL | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interests | (14) | 107 | 299 |
Global Blue Touristik Hizmetler A.Ş. | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interests | 964 | 1,302 | 713 |
Bahama’s VAT Refund Ltd | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interests | 76 | 0 | 0 |
Global Blue Russia AO | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interests | 0 | 0 | 1,153 |
Global Blue Russia Holdings B.V. | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interests | 0 | 0 | 349 |
Global Blue Pazarlama Destek ve Teknoloji Hiz.A.s | |||
Disclosure of subsidiaries [line items] | |||
Non-controlling interests | € (16) | € 6 | € 38 |
Non-controlling interests - D_2
Non-controlling interests - Disclosure of Financial Information of Subsidiaries with Non-Controlling Interests (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Current | ||
Assets | € 393,404 | € 470,651 |
Liabilities | 401,447 | 392,563 |
Non- current | ||
Assets | 697,242 | 686,645 |
Liabilities | 618,875 | 758,390 |
Global Blue TFS Japan Co Ltd | ||
Current | ||
Assets | 52,936 | 16,327 |
Liabilities | 40,863 | 17,976 |
Total current net assets / (liabilities) | 12,073 | (1,649) |
Non- current | ||
Assets | 3,196 | 10,951 |
Liabilities | 11 | 13 |
Total non-current net assets | 3,185 | 10,938 |
Net assets | 15,258 | 9,289 |
Global Blue Touristik Hizmetler A.Ş. | ||
Current | ||
Assets | 4,718 | 5,493 |
Liabilities | 4,135 | 4,221 |
Total current net assets / (liabilities) | 583 | 1,272 |
Non- current | ||
Assets | 1,089 | 1,329 |
Liabilities | 521 | 600 |
Total non-current net assets | 568 | 729 |
Net assets | € 1,151 | € 2,001 |
Non-controlling interests - D_3
Non-controlling interests - Disclosure of Profit for the Year of Subsidiaries with Non-Controlling Interests (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of subsidiaries [line items] | |||
Revenue | € 422,303 | € 311,490 | € 125,948 |
Global Blue TFS Japan Co Ltd | |||
Disclosure of subsidiaries [line items] | |||
Revenue | 25,665 | 10,076 | 3,384 |
Profit / (loss) for the year | 12,410 | 3,249 | (1,320) |
Global Blue Touristik Hizmetler A.Ş. | |||
Disclosure of subsidiaries [line items] | |||
Revenue | 4,972 | 5,351 | 3,452 |
Profit / (loss) for the year | € 2,463 | € 3,093 | € 2,067 |
Non-controlling interests - D_4
Non-controlling interests - Disclosure of Net Increase (Decrease) In Cash and Cash Equivalents of Subsidiaries with Non-Controlling Interests (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of subsidiaries [line items] | |||
Net increase / (decrease) in cash and cash equivalents | € (153,076) | € 188,821 | € (131,824) |
Global Blue TFS Japan Co Ltd | |||
Disclosure of subsidiaries [line items] | |||
Net increase / (decrease) in cash and cash equivalents | 4,580 | 7,954 | (23) |
Global Blue Touristik Hizmetler A.Ş. | |||
Disclosure of subsidiaries [line items] | |||
Net increase / (decrease) in cash and cash equivalents | € (700) | € 420 | € 721 |
Share-based payments transact_3
Share-based payments transactions - Share Options (Details) - Global Blue Management Incentive Plan € in Thousands, shares in Thousands, share in Thousands | 12 Months Ended | ||||||||
Feb. 22, 2024 EUR (€) brand $ / shares shares | Oct. 23, 2020 tranche_option vesting_period tranche exercise_price $ / shares shares | Jun. 25, 2019 share $ / shares | Mar. 31, 2024 $ / shares | Mar. 31, 2024 EUR (€) share | Mar. 31, 2023 share $ / shares | Mar. 31, 2022 share $ / shares | Mar. 04, 2024 $ / shares | Sep. 14, 2022 $ / shares shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | share | 0 | 0 | 0 | ||||||
Weighted average exercise price of share options granted in share-based payment arrangement (in USD per share) | $ 0 | $ 0 | $ 0 | ||||||
SOP 2019 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | share | 500 | ||||||||
Weighted average exercise price of share options granted in share-based payment arrangement (in USD per share) | $ 10.59 | ||||||||
Exercise price of outstanding share options (in USD per share) | 10.59 | ||||||||
SOP 2019 | Vesting tranche one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Weighted average share price, share options granted (in USD per share) | 4.64 | ||||||||
Share (in USD per share) | $ 10.59 | ||||||||
Expected volatility, share options granted (in percentage) | 29% | ||||||||
Risk free interest rate (in percentage) | 4.70% | ||||||||
Fair value at grant date (in USD per share) | $ 0.02 | ||||||||
SOP 2019 | Vesting tranche two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Weighted average share price, share options granted (in USD per share) | 4.64 | ||||||||
Share (in USD per share) | $ 10.59 | ||||||||
Expected volatility, share options granted (in percentage) | 30% | ||||||||
Risk free interest rate (in percentage) | 4.70% | ||||||||
Fair value at grant date (in USD per share) | $ 0.03 | ||||||||
SOP 2020 | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 7,970 | ||||||||
Number of vesting period | vesting_period | 4 | ||||||||
Percentage of reduction of share options | 27.60% | ||||||||
Number of tranches of options | tranche | 4 | ||||||||
Number of options per tranche | tranche_option | 4 | ||||||||
Number of exercice price per tranche of options | exercise_price | 4 | ||||||||
SOP 2020 | Exercise price range one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 2,589 | ||||||||
Exercise price of outstanding share options (in USD per share) | $ 8.50 | ||||||||
SOP 2020 | Exercise price range two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 2,192 | ||||||||
Exercise price of outstanding share options (in USD per share) | $ 10.50 | ||||||||
SOP 2020 | Exercise price range three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 1,793 | ||||||||
Exercise price of outstanding share options (in USD per share) | $ 12.50 | ||||||||
SOP 2020 | Exercise price range four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 1,396 | ||||||||
Exercise price of outstanding share options (in USD per share) | $ 14.50 | ||||||||
SOP 2020 | Vesting tranche one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 2,989 | ||||||||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||||||||
Expected volatility, share options granted (in percentage) | 28% | ||||||||
Risk free interest rate (in percentage) | 4.90% | ||||||||
SOP 2020 | Vesting tranche one | Exercise price range one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 971 | ||||||||
Share (in USD per share) | $ 8.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0.04 | ||||||||
SOP 2020 | Vesting tranche one | Exercise price range two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 822 | ||||||||
Share (in USD per share) | $ 10.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0.01 | ||||||||
SOP 2020 | Vesting tranche one | Exercise price range three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 673 | ||||||||
Share (in USD per share) | $ 12.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0 | ||||||||
SOP 2020 | Vesting tranche one | Exercise price range four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 523 | ||||||||
Share (in USD per share) | $ 14.50 | ||||||||
Fair value at grant date (in USD per share) | 0 | ||||||||
SOP 2020 | Vesting tranche one | Exercise price range five | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share (in USD per share) | 6.42 | ||||||||
Fair value at grant date (in USD per share) | 0.21 | ||||||||
SOP 2020 | Vesting tranche one | Exercise price range six | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share (in USD per share) | 8.42 | ||||||||
Fair value at grant date (in USD per share) | 0.05 | ||||||||
SOP 2020 | Vesting tranche one | Exercise price range seven | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share (in USD per share) | 10.42 | ||||||||
Fair value at grant date (in USD per share) | 0.01 | ||||||||
SOP 2020 | Vesting tranche one | Exercise price range eight | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share (in USD per share) | 12.42 | ||||||||
Fair value at grant date (in USD per share) | $ 0 | ||||||||
SOP 2020 | Vesting tranche two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 997 | ||||||||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||||||||
Expected volatility, share options granted (in percentage) | 28% | ||||||||
Risk free interest rate (in percentage) | 4.90% | ||||||||
SOP 2020 | Vesting tranche two | Exercise price range one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 324 | ||||||||
Share (in USD per share) | $ 8.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0.04 | ||||||||
SOP 2020 | Vesting tranche two | Exercise price range two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 274 | ||||||||
Share (in USD per share) | $ 10.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0.01 | ||||||||
SOP 2020 | Vesting tranche two | Exercise price range three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 224 | ||||||||
Share (in USD per share) | $ 12.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0 | ||||||||
SOP 2020 | Vesting tranche two | Exercise price range four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 175 | ||||||||
Share (in USD per share) | $ 14.50 | ||||||||
Fair value at grant date (in USD per share) | 0 | ||||||||
SOP 2020 | Vesting tranche two | Exercise price range five | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share (in USD per share) | 6.42 | ||||||||
Fair value at grant date (in USD per share) | 0.21 | ||||||||
SOP 2020 | Vesting tranche two | Exercise price range six | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share (in USD per share) | 8.42 | ||||||||
Fair value at grant date (in USD per share) | 0.05 | ||||||||
SOP 2020 | Vesting tranche two | Exercise price range seven | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share (in USD per share) | 10.42 | ||||||||
Fair value at grant date (in USD per share) | 0.01 | ||||||||
SOP 2020 | Vesting tranche two | Exercise price range eight | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share (in USD per share) | 12.42 | ||||||||
Fair value at grant date (in USD per share) | $ 0 | ||||||||
SOP 2020 | Vesting tranche three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 1,992 | ||||||||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||||||||
Expected volatility, share options granted (in percentage) | 28% | ||||||||
Risk free interest rate (in percentage) | 4.90% | ||||||||
SOP 2020 | Vesting tranche three | Exercise price range one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 647 | ||||||||
Share (in USD per share) | $ 8.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0.04 | ||||||||
SOP 2020 | Vesting tranche three | Exercise price range two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 548 | ||||||||
Share (in USD per share) | $ 10.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0.01 | ||||||||
SOP 2020 | Vesting tranche three | Exercise price range three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 448 | ||||||||
Share (in USD per share) | $ 12.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0 | ||||||||
SOP 2020 | Vesting tranche three | Exercise price range four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 349 | ||||||||
Share (in USD per share) | $ 14.50 | ||||||||
Fair value at grant date (in USD per share) | 0 | ||||||||
SOP 2020 | Vesting tranche three | Exercise price range five | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share (in USD per share) | 6.42 | ||||||||
Fair value at grant date (in USD per share) | 0.21 | ||||||||
SOP 2020 | Vesting tranche three | Exercise price range six | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share (in USD per share) | 8.42 | ||||||||
Fair value at grant date (in USD per share) | 0.05 | ||||||||
SOP 2020 | Vesting tranche three | Exercise price range seven | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share (in USD per share) | 10.42 | ||||||||
Fair value at grant date (in USD per share) | 0.01 | ||||||||
SOP 2020 | Vesting tranche three | Exercise price range eight | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share (in USD per share) | 12.42 | ||||||||
Fair value at grant date (in USD per share) | $ 0 | ||||||||
SOP 2020 | Vesting tranche four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 1,992 | ||||||||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||||||||
Expected volatility, share options granted (in percentage) | 29% | ||||||||
Risk free interest rate (in percentage) | 4.80% | ||||||||
SOP 2020 | Vesting tranche four | Exercise price range one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 647 | ||||||||
Share (in USD per share) | $ 8.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0.07 | ||||||||
SOP 2020 | Vesting tranche four | Exercise price range two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 548 | ||||||||
Share (in USD per share) | $ 10.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0.02 | ||||||||
SOP 2020 | Vesting tranche four | Exercise price range three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 448 | ||||||||
Share (in USD per share) | $ 12.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0 | ||||||||
SOP 2020 | Vesting tranche four | Exercise price range four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 349 | ||||||||
Share (in USD per share) | $ 14.50 | ||||||||
Fair value at grant date (in USD per share) | 0 | ||||||||
SOP 2020 | Vesting tranche four | Exercise price range five | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share (in USD per share) | 6.42 | ||||||||
Fair value at grant date (in USD per share) | 0.27 | ||||||||
SOP 2020 | Vesting tranche four | Exercise price range six | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share (in USD per share) | 8.42 | ||||||||
Fair value at grant date (in USD per share) | 0.07 | ||||||||
SOP 2020 | Vesting tranche four | Exercise price range seven | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share (in USD per share) | 10.42 | ||||||||
Fair value at grant date (in USD per share) | 0.02 | ||||||||
SOP 2020 | Vesting tranche four | Exercise price range eight | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share (in USD per share) | 12.42 | ||||||||
Fair value at grant date (in USD per share) | 0 | ||||||||
SOP 2020 MOD | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 5,584 | ||||||||
Incremental fair value granted, modified share-based payment arrangements | € | € 1,700 | ||||||||
Percentage of reduction of share options | 29.40% | ||||||||
Number of tranches of options | brand | 4 | ||||||||
Incremental fair value granted modified share based payment arrangements recognized as expense | € | 1,300 | ||||||||
Incremental fair value granted modified share based payment arrangements expected to be recognized as expense | € | € 400 | ||||||||
SOP 2020 MOD | Exercise price range one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 1,842 | ||||||||
Exercise price of outstanding share options (in USD per share) | $ 6 | $ 6 | |||||||
SOP 2020 MOD | Exercise price range two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 1,535 | ||||||||
Exercise price of outstanding share options (in USD per share) | $ 7.50 | 7.50 | |||||||
SOP 2020 MOD | Exercise price range three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 1,245 | ||||||||
Exercise price of outstanding share options (in USD per share) | $ 9 | 9 | |||||||
SOP 2020 MOD | Exercise price range four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 962 | ||||||||
Exercise price of outstanding share options (in USD per share) | $ 10.50 | $ 10.50 | |||||||
SOP 2020 MOD | Vesting tranche one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 2,173 | ||||||||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||||||||
Expected volatility, share options granted (in percentage) | 32% | ||||||||
Risk free interest rate (in percentage) | 4.50% | ||||||||
SOP 2020 MOD | Vesting tranche one | Exercise price range one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 716 | ||||||||
Share (in USD per share) | $ 6 | ||||||||
Fair value at grant date (in USD per share) | $ 0.63 | ||||||||
SOP 2020 MOD | Vesting tranche one | Exercise price range two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 597 | ||||||||
Share (in USD per share) | $ 7.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0.33 | ||||||||
SOP 2020 MOD | Vesting tranche one | Exercise price range three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 485 | ||||||||
Share (in USD per share) | $ 9 | ||||||||
Fair value at grant date (in USD per share) | $ 0.18 | ||||||||
SOP 2020 MOD | Vesting tranche one | Exercise price range four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 375 | ||||||||
Share (in USD per share) | $ 10.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0.10 | ||||||||
SOP 2020 MOD | Vesting tranche two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 683 | ||||||||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||||||||
Expected volatility, share options granted (in percentage) | 32% | ||||||||
Risk free interest rate (in percentage) | 4.50% | ||||||||
SOP 2020 MOD | Vesting tranche two | Exercise price range one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 225 | ||||||||
Share (in USD per share) | $ 6 | ||||||||
Fair value at grant date (in USD per share) | $ 0.63 | ||||||||
SOP 2020 MOD | Vesting tranche two | Exercise price range two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 188 | ||||||||
Share (in USD per share) | $ 7.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0.33 | ||||||||
SOP 2020 MOD | Vesting tranche two | Exercise price range three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 152 | ||||||||
Share (in USD per share) | $ 9 | ||||||||
Fair value at grant date (in USD per share) | $ 0.18 | ||||||||
SOP 2020 MOD | Vesting tranche two | Exercise price range four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 118 | ||||||||
Share (in USD per share) | $ 10.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0.10 | ||||||||
SOP 2020 MOD | Vesting tranche three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 1,365 | ||||||||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||||||||
Expected volatility, share options granted (in percentage) | 32% | ||||||||
Risk free interest rate (in percentage) | 4.50% | ||||||||
SOP 2020 MOD | Vesting tranche three | Exercise price range one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 450 | ||||||||
Share (in USD per share) | $ 6 | ||||||||
Fair value at grant date (in USD per share) | $ 0.63 | ||||||||
SOP 2020 MOD | Vesting tranche three | Exercise price range two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 375 | ||||||||
Share (in USD per share) | $ 7.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0.33 | ||||||||
SOP 2020 MOD | Vesting tranche three | Exercise price range three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 304 | ||||||||
Share (in USD per share) | $ 9 | ||||||||
Fair value at grant date (in USD per share) | $ 0.18 | ||||||||
SOP 2020 MOD | Vesting tranche three | Exercise price range four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 235 | ||||||||
Share (in USD per share) | $ 10.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0.10 | ||||||||
SOP 2020 MOD | Vesting tranche four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 1,363 | ||||||||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||||||||
Expected volatility, share options granted (in percentage) | 31% | ||||||||
Risk free interest rate (in percentage) | 4.40% | ||||||||
SOP 2020 MOD | Vesting tranche four | Exercise price range one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 450 | ||||||||
Share (in USD per share) | $ 6 | ||||||||
Fair value at grant date (in USD per share) | $ 0.77 | ||||||||
SOP 2020 MOD | Vesting tranche four | Exercise price range two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 375 | ||||||||
Share (in USD per share) | $ 7.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0.45 | ||||||||
SOP 2020 MOD | Vesting tranche four | Exercise price range three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 304 | ||||||||
Share (in USD per share) | $ 9 | ||||||||
Fair value at grant date (in USD per share) | $ 0.27 | ||||||||
SOP 2020 MOD | Vesting tranche four | Exercise price range four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 235 | ||||||||
Share (in USD per share) | $ 10.50 | ||||||||
Fair value at grant date (in USD per share) | $ 0.16 | ||||||||
Stock Options 2020 CEO MOD | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 2,749 | ||||||||
Stock Options 2020 CEO MOD | Exercise price range one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 893 | ||||||||
Exercise price of outstanding share options (in USD per share) | 8.50 | $ 6.42 | |||||||
Stock Options 2020 CEO MOD | Exercise price range two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 757 | ||||||||
Exercise price of outstanding share options (in USD per share) | 10.50 | $ 8.42 | |||||||
Stock Options 2020 CEO MOD | Exercise price range three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 619 | ||||||||
Exercise price of outstanding share options (in USD per share) | 12.50 | $ 10.42 | |||||||
Stock Options 2020 CEO MOD | Exercise price range four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 480 | ||||||||
Exercise price of outstanding share options (in USD per share) | $ 14.50 | $ 12.42 | |||||||
Stock Options 2020 CEO MOD | Vesting tranche one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 1,031 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche one | Exercise price range one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 335 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche one | Exercise price range two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 284 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche one | Exercise price range three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 232 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche one | Exercise price range four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 180 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 344 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche two | Exercise price range one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 112 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche two | Exercise price range two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 95 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche two | Exercise price range three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 77 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche two | Exercise price range four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 60 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 687 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche three | Exercise price range one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 223 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche three | Exercise price range two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 189 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche three | Exercise price range three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 155 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche three | Exercise price range four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 120 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 687 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche four | Exercise price range one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 223 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche four | Exercise price range two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 189 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche four | Exercise price range three | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 155 | ||||||||
Stock Options 2020 CEO MOD | Vesting tranche four | Exercise price range four | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 120 | ||||||||
SOP 2019 MOD | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | € | 300 | ||||||||
Percentage of reduction of share options | 29.20% | ||||||||
Number of tranches of options | brand | 2 | ||||||||
Share (in USD per share) | $ 7.50 | ||||||||
SOP 2019 MOD | Vesting tranche one | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share-based payment arrangement, vesting percentage | 50% | ||||||||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||||||||
Share (in USD per share) | $ 7.50 | ||||||||
Expected volatility, share options granted (in percentage) | 31% | ||||||||
Risk free interest rate (in percentage) | 4.60% | ||||||||
Fair value at grant date (in USD per share) | $ 0.29 | ||||||||
SOP 2019 MOD | Vesting tranche two | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Share-based payment arrangement, vesting percentage | 50% | ||||||||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||||||||
Share (in USD per share) | $ 7.50 | ||||||||
Expected volatility, share options granted (in percentage) | 31% | ||||||||
Risk free interest rate (in percentage) | 4.40% | ||||||||
Fair value at grant date (in USD per share) | $ 0.42 |
Share-based payments transact_4
Share-based payments transactions - Disclosure of Number and Weighted Average Exercise Prices of Outstanding Share Options (Details) - Global Blue Management Incentive Plan shares in Thousands | Feb. 22, 2024 brand $ / shares shares | Oct. 23, 2020 tranche_option vesting_period tranche exercise_price $ / shares shares | Mar. 04, 2024 $ / shares |
SOP 2020 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of tranches of options | tranche | 4 | ||
Number of vesting period | vesting_period | 4 | ||
Number of options per tranche | tranche_option | 4 | ||
Number of exercice price per tranche of options | exercise_price | 4 | ||
Number of share options granted in share-based payment arrangement (in shares) | 7,970 | ||
SOP 2020 | Vesting tranche one | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 2,989 | ||
SOP 2020 | Vesting tranche two | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 997 | ||
SOP 2020 | Vesting tranche three | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 1,992 | ||
SOP 2020 | Vesting tranche four | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 1,992 | ||
SOP 2020 MOD | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of tranches of options | brand | 4 | ||
Number of share options granted in share-based payment arrangement (in shares) | 5,584 | ||
SOP 2020 MOD | Vesting tranche one | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 2,173 | ||
SOP 2020 MOD | Vesting tranche two | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 683 | ||
SOP 2020 MOD | Vesting tranche three | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 1,365 | ||
SOP 2020 MOD | Vesting tranche four | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 1,363 | ||
Exercise price range one | SOP 2020 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 8.50 | ||
Number of share options granted in share-based payment arrangement (in shares) | 2,589 | ||
Exercise price range one | SOP 2020 | Vesting tranche one | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 971 | ||
Exercise price range one | SOP 2020 | Vesting tranche two | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 324 | ||
Exercise price range one | SOP 2020 | Vesting tranche three | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 647 | ||
Exercise price range one | SOP 2020 | Vesting tranche four | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 647 | ||
Exercise price range one | SOP 2020 MOD | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 6 | $ 6 | |
Number of share options granted in share-based payment arrangement (in shares) | 1,842 | ||
Exercise price range one | SOP 2020 MOD | Vesting tranche one | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 716 | ||
Exercise price range one | SOP 2020 MOD | Vesting tranche two | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 225 | ||
Exercise price range one | SOP 2020 MOD | Vesting tranche three | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 450 | ||
Exercise price range one | SOP 2020 MOD | Vesting tranche four | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 450 | ||
Exercise price range two | SOP 2020 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 10.50 | ||
Number of share options granted in share-based payment arrangement (in shares) | 2,192 | ||
Exercise price range two | SOP 2020 | Vesting tranche one | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 822 | ||
Exercise price range two | SOP 2020 | Vesting tranche two | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 274 | ||
Exercise price range two | SOP 2020 | Vesting tranche three | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 548 | ||
Exercise price range two | SOP 2020 | Vesting tranche four | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 548 | ||
Exercise price range two | SOP 2020 MOD | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 7.50 | 7.50 | |
Number of share options granted in share-based payment arrangement (in shares) | 1,535 | ||
Exercise price range two | SOP 2020 MOD | Vesting tranche one | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 597 | ||
Exercise price range two | SOP 2020 MOD | Vesting tranche two | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 188 | ||
Exercise price range two | SOP 2020 MOD | Vesting tranche three | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 375 | ||
Exercise price range two | SOP 2020 MOD | Vesting tranche four | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 375 | ||
Exercise price range three | SOP 2020 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 12.50 | ||
Number of share options granted in share-based payment arrangement (in shares) | 1,793 | ||
Exercise price range three | SOP 2020 | Vesting tranche one | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 673 | ||
Exercise price range three | SOP 2020 | Vesting tranche two | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 224 | ||
Exercise price range three | SOP 2020 | Vesting tranche three | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 448 | ||
Exercise price range three | SOP 2020 | Vesting tranche four | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 448 | ||
Exercise price range three | SOP 2020 MOD | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 9 | 9 | |
Number of share options granted in share-based payment arrangement (in shares) | 1,245 | ||
Exercise price range three | SOP 2020 MOD | Vesting tranche one | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 485 | ||
Exercise price range three | SOP 2020 MOD | Vesting tranche two | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 152 | ||
Exercise price range three | SOP 2020 MOD | Vesting tranche three | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 304 | ||
Exercise price range three | SOP 2020 MOD | Vesting tranche four | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 304 | ||
Exercise price range four | SOP 2020 | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 14.50 | ||
Number of share options granted in share-based payment arrangement (in shares) | 1,396 | ||
Exercise price range four | SOP 2020 | Vesting tranche one | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 523 | ||
Exercise price range four | SOP 2020 | Vesting tranche two | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 175 | ||
Exercise price range four | SOP 2020 | Vesting tranche three | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 349 | ||
Exercise price range four | SOP 2020 | Vesting tranche four | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 349 | ||
Exercise price range four | SOP 2020 MOD | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 10.50 | $ 10.50 | |
Number of share options granted in share-based payment arrangement (in shares) | 962 | ||
Exercise price range four | SOP 2020 MOD | Vesting tranche one | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 375 | ||
Exercise price range four | SOP 2020 MOD | Vesting tranche two | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 118 | ||
Exercise price range four | SOP 2020 MOD | Vesting tranche three | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 235 | ||
Exercise price range four | SOP 2020 MOD | Vesting tranche four | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options granted in share-based payment arrangement (in shares) | 235 |
Share-based payments transact_5
Share-based payments transactions - Disclosure of Indirect Measurement of Fair Value of Share Options Granted (Details) - Global Blue Management Incentive Plan - $ / shares | Feb. 22, 2024 | Oct. 23, 2020 | Jun. 25, 2019 |
SOP 2019 | Vesting tranche one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility (in percentage) | 29% | ||
Risk free interest rate (in percentage) | 4.70% | ||
Fair value at grant date (in USD per share) | $ 0.02 | ||
Weighted average share price, share options granted (in USD per share) | 4.64 | ||
Share (in USD per share) | $ 10.59 | ||
SOP 2019 | Vesting tranche two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility (in percentage) | 30% | ||
Risk free interest rate (in percentage) | 4.70% | ||
Fair value at grant date (in USD per share) | $ 0.03 | ||
Weighted average share price, share options granted (in USD per share) | 4.64 | ||
Share (in USD per share) | $ 10.59 | ||
SOP 2019 MOD | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share (in USD per share) | $ 7.50 | ||
SOP 2019 MOD | Vesting tranche one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility (in percentage) | 31% | ||
Risk free interest rate (in percentage) | 4.60% | ||
Fair value at grant date (in USD per share) | $ 0.29 | ||
Weighted average share price, share options granted (in USD per share) | 4.64 | ||
Share (in USD per share) | $ 7.50 | ||
SOP 2019 MOD | Vesting tranche two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility (in percentage) | 31% | ||
Risk free interest rate (in percentage) | 4.40% | ||
Fair value at grant date (in USD per share) | $ 0.42 | ||
Weighted average share price, share options granted (in USD per share) | 4.64 | ||
Share (in USD per share) | $ 7.50 | ||
SOP 2020 | Vesting tranche one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility (in percentage) | 28% | ||
Risk free interest rate (in percentage) | 4.90% | ||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||
SOP 2020 | Vesting tranche one | Exercise price range one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.04 | ||
Share (in USD per share) | 8.50 | ||
SOP 2020 | Vesting tranche one | Exercise price range two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.01 | ||
Share (in USD per share) | 10.50 | ||
SOP 2020 | Vesting tranche one | Exercise price range three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0 | ||
Share (in USD per share) | 12.50 | ||
SOP 2020 | Vesting tranche one | Exercise price range four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0 | ||
Share (in USD per share) | 14.50 | ||
SOP 2020 | Vesting tranche one | Exercise price range five | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.21 | ||
Share (in USD per share) | 6.42 | ||
SOP 2020 | Vesting tranche one | Exercise price range six | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.05 | ||
Share (in USD per share) | 8.42 | ||
SOP 2020 | Vesting tranche one | Exercise price range seven | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.01 | ||
Share (in USD per share) | 10.42 | ||
SOP 2020 | Vesting tranche one | Exercise price range eight | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0 | ||
Share (in USD per share) | $ 12.42 | ||
SOP 2020 | Vesting tranche two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility (in percentage) | 28% | ||
Risk free interest rate (in percentage) | 4.90% | ||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||
SOP 2020 | Vesting tranche two | Exercise price range one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.04 | ||
Share (in USD per share) | 8.50 | ||
SOP 2020 | Vesting tranche two | Exercise price range two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.01 | ||
Share (in USD per share) | 10.50 | ||
SOP 2020 | Vesting tranche two | Exercise price range three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0 | ||
Share (in USD per share) | 12.50 | ||
SOP 2020 | Vesting tranche two | Exercise price range four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0 | ||
Share (in USD per share) | 14.50 | ||
SOP 2020 | Vesting tranche two | Exercise price range five | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.21 | ||
Share (in USD per share) | 6.42 | ||
SOP 2020 | Vesting tranche two | Exercise price range six | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.05 | ||
Share (in USD per share) | 8.42 | ||
SOP 2020 | Vesting tranche two | Exercise price range seven | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.01 | ||
Share (in USD per share) | 10.42 | ||
SOP 2020 | Vesting tranche two | Exercise price range eight | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0 | ||
Share (in USD per share) | $ 12.42 | ||
SOP 2020 | Vesting tranche three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility (in percentage) | 28% | ||
Risk free interest rate (in percentage) | 4.90% | ||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||
SOP 2020 | Vesting tranche three | Exercise price range one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.04 | ||
Share (in USD per share) | 8.50 | ||
SOP 2020 | Vesting tranche three | Exercise price range two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.01 | ||
Share (in USD per share) | 10.50 | ||
SOP 2020 | Vesting tranche three | Exercise price range three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0 | ||
Share (in USD per share) | 12.50 | ||
SOP 2020 | Vesting tranche three | Exercise price range four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0 | ||
Share (in USD per share) | 14.50 | ||
SOP 2020 | Vesting tranche three | Exercise price range five | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.21 | ||
Share (in USD per share) | 6.42 | ||
SOP 2020 | Vesting tranche three | Exercise price range six | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.05 | ||
Share (in USD per share) | 8.42 | ||
SOP 2020 | Vesting tranche three | Exercise price range seven | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.01 | ||
Share (in USD per share) | 10.42 | ||
SOP 2020 | Vesting tranche three | Exercise price range eight | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0 | ||
Share (in USD per share) | $ 12.42 | ||
SOP 2020 | Vesting tranche four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility (in percentage) | 29% | ||
Risk free interest rate (in percentage) | 4.80% | ||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||
SOP 2020 | Vesting tranche four | Exercise price range one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.07 | ||
Share (in USD per share) | 8.50 | ||
SOP 2020 | Vesting tranche four | Exercise price range two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.02 | ||
Share (in USD per share) | 10.50 | ||
SOP 2020 | Vesting tranche four | Exercise price range three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0 | ||
Share (in USD per share) | 12.50 | ||
SOP 2020 | Vesting tranche four | Exercise price range four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0 | ||
Share (in USD per share) | 14.50 | ||
SOP 2020 | Vesting tranche four | Exercise price range five | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.27 | ||
Share (in USD per share) | 6.42 | ||
SOP 2020 | Vesting tranche four | Exercise price range six | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.07 | ||
Share (in USD per share) | 8.42 | ||
SOP 2020 | Vesting tranche four | Exercise price range seven | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.02 | ||
Share (in USD per share) | 10.42 | ||
SOP 2020 | Vesting tranche four | Exercise price range eight | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0 | ||
Share (in USD per share) | $ 12.42 | ||
SOP 2020 MOD | Vesting tranche one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility (in percentage) | 32% | ||
Risk free interest rate (in percentage) | 4.50% | ||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||
SOP 2020 MOD | Vesting tranche one | Exercise price range one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.63 | ||
Share (in USD per share) | 6 | ||
SOP 2020 MOD | Vesting tranche one | Exercise price range two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.33 | ||
Share (in USD per share) | 7.50 | ||
SOP 2020 MOD | Vesting tranche one | Exercise price range three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.18 | ||
Share (in USD per share) | 9 | ||
SOP 2020 MOD | Vesting tranche one | Exercise price range four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.10 | ||
Share (in USD per share) | $ 10.50 | ||
SOP 2020 MOD | Vesting tranche two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility (in percentage) | 32% | ||
Risk free interest rate (in percentage) | 4.50% | ||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||
SOP 2020 MOD | Vesting tranche two | Exercise price range one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.63 | ||
Share (in USD per share) | 6 | ||
SOP 2020 MOD | Vesting tranche two | Exercise price range two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.33 | ||
Share (in USD per share) | 7.50 | ||
SOP 2020 MOD | Vesting tranche two | Exercise price range three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.18 | ||
Share (in USD per share) | 9 | ||
SOP 2020 MOD | Vesting tranche two | Exercise price range four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.10 | ||
Share (in USD per share) | $ 10.50 | ||
SOP 2020 MOD | Vesting tranche three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility (in percentage) | 32% | ||
Risk free interest rate (in percentage) | 4.50% | ||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||
SOP 2020 MOD | Vesting tranche three | Exercise price range one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.63 | ||
Share (in USD per share) | 6 | ||
SOP 2020 MOD | Vesting tranche three | Exercise price range two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.33 | ||
Share (in USD per share) | 7.50 | ||
SOP 2020 MOD | Vesting tranche three | Exercise price range three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.18 | ||
Share (in USD per share) | 9 | ||
SOP 2020 MOD | Vesting tranche three | Exercise price range four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.10 | ||
Share (in USD per share) | $ 10.50 | ||
SOP 2020 MOD | Vesting tranche four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility (in percentage) | 31% | ||
Risk free interest rate (in percentage) | 4.40% | ||
Weighted average share price, share options granted (in USD per share) | $ 4.64 | ||
SOP 2020 MOD | Vesting tranche four | Exercise price range one | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.77 | ||
Share (in USD per share) | 6 | ||
SOP 2020 MOD | Vesting tranche four | Exercise price range two | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.45 | ||
Share (in USD per share) | 7.50 | ||
SOP 2020 MOD | Vesting tranche four | Exercise price range three | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.27 | ||
Share (in USD per share) | 9 | ||
SOP 2020 MOD | Vesting tranche four | Exercise price range four | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Fair value at grant date (in USD per share) | 0.16 | ||
Share (in USD per share) | $ 10.50 |
Share-based payments transact_6
Share-based payments transactions - Disclosure of Reconciliation of Outstanding Share Options (Details) - Global Blue Management Incentive Plan share in Thousands | 12 Months Ended | |||
Jun. 25, 2019 share $ / shares | Mar. 31, 2024 share $ / shares | Mar. 31, 2023 share $ / shares | Mar. 31, 2022 share $ / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Weighted average exercise price of share options outstanding, beginning balance (in USD per share) | $ / shares | $ 11.42 | $ 11.42 | $ 11.40 | |
Granted during the year (in USD per share) | $ / shares | 0 | 0 | 0 | |
Replaced during the year (in USD per share) | $ / shares | 10.20 | 0 | 0 | |
Forfeited during the year (in USD per share) | $ / shares | 10.90 | 11.50 | 10.98 | |
Weighted average exercise price of share options outstanding, ending balance (in USD per share) | $ / shares | 8 | 11.42 | 11.42 | |
Weighted average exercise price of share options vested and exercisable (in USD per share) | $ / shares | $ 8 | $ 11.42 | $ 11.01 | |
Number of options outstanding, beginning balance (in shares) | 7,952 | 7,980 | 8,457 | |
Granted during the year (in shares) | 0 | 0 | 0 | |
Replaced during the year (in shares) | (1,680) | 0 | 0 | |
Forfeited during the year (in shares) | (28) | (28) | (477) | |
Number of options outstanding, ending balance (in shares) | 6,244 | 7,952 | 7,980 | |
Number of options vested and exercisable (in shares) | 4,657 | 4,072 | 2,925 | |
Weighted average remaining contractual life of outstanding share options | 4 years 9 months 3 days | 3 years 1 month 24 days | 3 years 1 month 24 days | |
SOP 2019 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Granted during the year (in USD per share) | $ / shares | $ 10.59 | |||
Number of options outstanding, beginning balance (in shares) | 461 | 461 | ||
Granted during the year (in shares) | 500 | |||
Number of options outstanding, ending balance (in shares) | 38 | 461 | 461 |
Share-based payments transact_7
Share-based payments transactions - Disclosure of Range of Exercise Prices of Outstanding Share Options (Details) - Global Blue Management Incentive Plan | 12 Months Ended | ||||||||
Mar. 31, 2024 share | Mar. 31, 2023 share | Mar. 31, 2022 share | Mar. 04, 2024 $ / shares | Mar. 04, 2024 € / shares | Feb. 22, 2024 $ / shares | Mar. 31, 2021 share | Oct. 23, 2020 $ / shares | Jun. 25, 2019 $ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Number of options outstanding (in shares) | 6,244,000 | 7,952,000 | 7,980,000 | 8,457,000 | |||||
Weighted average remaining contractual life of outstanding share options | 4 years 9 months 3 days | 3 years 1 month 24 days | 3 years 1 month 24 days | ||||||
SOP 2019 | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 10.59 | ||||||||
Number of options outstanding (in shares) | 38,000 | 461,000 | 461,000 | ||||||
SOP 2019 MOD | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 7.50 | ||||||||
Number of options outstanding (in shares) | 293,000 | 0 | 0 | ||||||
SOP 2020 | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Number of options outstanding (in shares) | 329,000 | 4,741,000 | 7,519,000 | ||||||
SOP 2020 | Bottom of range | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | € / shares | € 8.50 | ||||||||
SOP 2020 | Top of range | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | € / shares | 14.50 | ||||||||
SOP 2020 MOD CEO | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Number of options outstanding (in shares) | 0 | 2,750,000 | 0 | ||||||
SOP 2020 MOD CEO | Bottom of range | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | € / shares | 6.42 | ||||||||
SOP 2020 MOD CEO | Top of range | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | € / shares | 12.42 | ||||||||
SOP 2020 MOD | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Number of options outstanding (in shares) | 5,584,000 | 0 | 0 | ||||||
SOP 2020 MOD | Bottom of range | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | € / shares | 6 | ||||||||
SOP 2020 MOD | Top of range | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | € / shares | € 10.50 | ||||||||
Exercise price range one | SOP 2020 | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 8.50 | ||||||||
Number of options outstanding (in shares) | 107,000 | 1,540,000 | 2,443,000 | ||||||
Exercise price range one | SOP 2020 MOD | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | 6 | $ 6 | |||||||
Number of options outstanding (in shares) | 1,841,000 | 0 | 0 | ||||||
Exercise price range two | SOP 2020 | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | 10.50 | ||||||||
Number of options outstanding (in shares) | 90,000 | 1,304,000 | 2,068,000 | ||||||
Exercise price range two | SOP 2020 MOD | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | 7.50 | 7.50 | |||||||
Number of options outstanding (in shares) | 1,535,000 | 0 | 0 | ||||||
Exercise price range three | SOP 2020 | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | 12.50 | ||||||||
Number of options outstanding (in shares) | 74,000 | 1,067,000 | 1,692,000 | ||||||
Exercise price range three | SOP 2020 MOD | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | 9 | 9 | |||||||
Number of options outstanding (in shares) | 1,245,000 | 0 | 0 | ||||||
Exercise price range four | SOP 2020 | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | 14.50 | ||||||||
Number of options outstanding (in shares) | 58,000 | 830,000 | 1,316,000 | ||||||
Exercise price range four | SOP 2020 MOD | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 10.50 | $ 10.50 | |||||||
Number of options outstanding (in shares) | 963,000 | 0 | 0 | ||||||
Exercise price range five | SOP 2020 MOD CEO | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | 6.42 | ||||||||
Number of options outstanding (in shares) | 0 | 894,000 | 0 | ||||||
Exercise price range six | SOP 2020 MOD CEO | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | 8.42 | ||||||||
Number of options outstanding (in shares) | 0 | 756,000 | 0 | ||||||
Exercise price range seven | SOP 2020 MOD CEO | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | 10.42 | ||||||||
Number of options outstanding (in shares) | 0 | 619,000 | 0 | ||||||
Exercise price range eight | SOP 2020 MOD CEO | |||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||
Exercise price of outstanding share options (in USD per share) | $ / shares | $ 12.42 | ||||||||
Number of options outstanding (in shares) | 0 | 481,000 | 0 |
Share-based payments transact_8
Share-based payments transactions - Restricted Shares Awards narrative (Details) € in Millions | 12 Months Ended | ||||
Aug. 25, 2023 share | Mar. 31, 2024 EUR (€) share | Mar. 31, 2023 EUR (€) share | Mar. 31, 2022 EUR (€) share | Mar. 31, 2021 share | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Expense from equity-settled share-based payment transactions | € | € 6.2 | € 7.6 | € 6.4 | ||
Global Blue Management Incentive Plan | Restricted Share Award (RSA) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Restricted shares granted (in shares) | 1,064,000 | 962,000 | 1,426,000 | ||
Restricted shares vested (in shares) | 970,000 | 539,000 | 92,000 | ||
Restricted shares outstanding (in shares) | 1,951,000 | 2,006,000 | 1,675,000 | 475,000 | |
Global Blue Management Incentive Plan | RSA 2023 | CEO | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Restricted shares granted (in shares) | 258,570 | ||||
Global Blue Management Incentive Plan | RSA 2023 | CEO | Vesting tranche one | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based payment arrangement, vesting percentage | 50% | ||||
Global Blue Management Incentive Plan | RSA 2023 | CEO | Vesting tranche two | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based payment arrangement, vesting percentage | 50% | ||||
Global Blue Management Incentive Plan | RSA 2023 | Other employees | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Restricted shares granted (in shares) | 774,250 | ||||
Global Blue Management Incentive Plan | RSA 2023 | Other employees | Vesting tranche one | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based payment arrangement, vesting percentage | 25% | ||||
Global Blue Management Incentive Plan | RSA 2023 | Other employees | Vesting tranche two | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based payment arrangement, vesting percentage | 25% | ||||
Global Blue Management Incentive Plan | RSA 2023 | Other employees | Vesting tranche three | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based payment arrangement, vesting percentage | 25% | ||||
Global Blue Management Incentive Plan | RSA 2023 | Other employees | Vesting tranche four | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Share-based payment arrangement, vesting percentage | 25% |
Share-based payments transact_9
Share-based payments transactions - Disclosure of Number of Restricted Shares Granted (Details) - Global Blue Management Incentive Plan - share | 12 Months Ended | |||||
Sep. 05, 2023 | Aug. 25, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
RSA 2023 | CEO | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Restricted shares granted (in shares) | 258,570 | |||||
RSA 2023 | CEO | Vesting tranche one | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share-based payment arrangement, vesting percentage | 50% | |||||
RSA 2023 | CEO | Vesting tranche two | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share-based payment arrangement, vesting percentage | 50% | |||||
RSA 2023 | Other employees | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Restricted shares granted (in shares) | 774,250 | |||||
RSA 2023 | Other employees | Vesting tranche one | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share-based payment arrangement, vesting percentage | 25% | |||||
RSA 2023 | Other employees | Vesting tranche two | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share-based payment arrangement, vesting percentage | 25% | |||||
RSA 2023 | Other employees | Vesting tranche three | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share-based payment arrangement, vesting percentage | 25% | |||||
Restricted Share Award (RSA) | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vested at grant date (in shares) | 970,000 | 539,000 | 92,000 | |||
To vest in the future (in shares) | 1,951,000 | 2,006,000 | 1,675,000 | 475,000 | ||
Restricted shares granted (in shares) | 1,064,000 | 962,000 | 1,426,000 | |||
Restricted Share Award (RSA) | Non Executive Directors [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Restricted shares granted (in shares) | 29,820 | |||||
Restricted Share Award (RSA) | Non Executive Directors [Member] | Vesting tranche one | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share-based payment arrangement, vesting percentage | 33.30% | |||||
Restricted Share Award (RSA) | Non Executive Directors [Member] | Vesting tranche two | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share-based payment arrangement, vesting percentage | 33.30% | |||||
Restricted Share Award (RSA) | Non Executive Directors [Member] | Vesting tranche three | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share-based payment arrangement, vesting percentage | 33.40% |
Share-based payments transac_10
Share-based payments transactions - Disclosure of Indirect Measurement of Fair Value of Restricted Shares Granted During Period (Details) - Global Blue Management Incentive Plan | Aug. 25, 2023 $ / shares |
RSA 2023 | Vesting tranche one | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Share price at grant date (in USD per share) | $ 5.63 |
Expected volatility, share options granted (in percentage) | 0.270 |
Risk free interest rate (in percentage) | 5.60% |
Fair value per share (in USD per share) | $ 4.21 |
RSA 2023 | Vesting tranche two | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Share price at grant date (in USD per share) | $ 5.63 |
Expected volatility, share options granted (in percentage) | 0.440 |
Risk free interest rate (in percentage) | 5.10% |
Fair value per share (in USD per share) | $ 4.08 |
RSA 2023 | Vesting tranche three | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Share price at grant date (in USD per share) | $ 5.63 |
Expected volatility, share options granted (in percentage) | 0.550 |
Risk free interest rate (in percentage) | 4.80% |
Fair value per share (in USD per share) | $ 3.95 |
RSA 2023 | Vesting tranche four | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Share price at grant date (in USD per share) | $ 5.63 |
Expected volatility, share options granted (in percentage) | 0.720 |
Risk free interest rate (in percentage) | 4.60% |
Fair value per share (in USD per share) | $ 3.82 |
RSA 2023 CEO | Vesting tranche one | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Share price at grant date (in USD per share) | $ 5.76 |
Expected volatility, share options granted (in percentage) | 0.270 |
Risk free interest rate (in percentage) | 5.60% |
Fair value per share (in USD per share) | $ 4.30 |
RSA 2023 CEO | Vesting tranche two | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Share price at grant date (in USD per share) | $ 5.76 |
Expected volatility, share options granted (in percentage) | 0.440 |
Risk free interest rate (in percentage) | 5.10% |
Fair value per share (in USD per share) | $ 4.18 |
Share-based payments transac_11
Share-based payments transactions - Disclosure of Reconciliation of Outstanding Restricted Shares (Details) - Restricted Share Award (RSA) - Global Blue Management Incentive Plan share in Thousands | 12 Months Ended | ||
Mar. 31, 2024 share $ / shares | Mar. 31, 2023 share $ / shares | Mar. 31, 2022 share $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of other equity instruments outstanding in share-based payment arrangement, beginning balance (in shares) | 2,006 | 1,675 | 475 |
Granted during the year (in shares) | 1,064 | 962 | 1,426 |
Vested during the year (in shares) | (970) | (539) | (92) |
Forfeited during the year (in shares) | (149) | (92) | (134) |
Number of other equity instruments outstanding in share-based payment arrangement, ending balance (in shares) | 1,951 | 2,006 | 1,675 |
Weighted average fair value (in USD per share) | $ / shares | $ 4.26 | $ 5.18 | $ 6.62 |
Share-based payments transac_12
Share-based payments transactions - Cash-settled Shared-Based payment transactions (Details) € in Thousands, share in Millions | 12 Months Ended | |||
Oct. 31, 2022 | Mar. 31, 2024 EUR (€) share shares | Mar. 31, 2023 EUR (€) share shares | Mar. 31, 2022 EUR (€) shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of shares outstanding (in shares) | shares | 239,282,371 | 228,716,358 | 198,414,500 | |
Expense from equity-settled share-based payment transactions | € 6,200 | € 7,600 | € 6,400 | |
ShipUp incentive plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Expense from equity-settled share-based payment transactions | € (2,100) | |||
Number of share options granted in share-based payment arrangement (in shares) | share | 0 | 452 | ||
ShipUp incentive plan | Vesting period, December 2024 | Maximum | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based payment arrangement, vesting percentage | 50% | |||
ShipUp incentive plan | Vesting period, December 2025 | Maximum | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based payment arrangement, vesting percentage | 75% | |||
ShipUp incentive plan | Vesting period, December 2026 | Maximum | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based payment arrangement, vesting percentage | 100% | |||
Put options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Derivative financial liabilities | € 0 |
Share-based payments transac_13
Share-based payments transactions - Disclosure of Reconciliation of Outstanding Share Options, ShipUp (Details) - ShipUp incentive plan share in Millions | 12 Months Ended | |
Mar. 31, 2024 share € / shares | Mar. 31, 2023 share € / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Number of options outstanding, beginning balance (in shares) | 452 | 0 |
Granted during the year (in shares) | 0 | 452 |
Vested during the year (in shares) | 0 | 0 |
Forfeited during the year (in shares) | (452) | 0 |
Number of options outstanding, ending balance (in shares) | 0 | 452 |
Weighted average fair value (in EUR per share) | € / shares | € 0 | € 0.13 |
Weighted average remaining contractual life of outstanding share options | 0 years | 2 years 6 months |
Loans and borrowings - Disclosu
Loans and borrowings - Disclosure of Interest-Bearing Loans and Borrowings from Credit Institutions (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Dec. 05, 2023 | Mar. 31, 2023 |
Disclosure of financial liabilities [line items] | |||
Borrowings | € 588,867 | € 788,836 | |
Current portion | 889 | 61,945 | |
Non-current portion | 587,978 | 726,891 | |
Senior Debt Facility | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 588,000 | 788,800 | |
Senior Debt Facility | Cost | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 0 | 630,000 | |
Senior Debt Facility | Capitalized financing fees | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 0 | (4,704) | |
Senior Security Term Loan | Cost | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 610,000 | 0 | |
Senior Security Term Loan | Capitalized financing fees | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | (23,849) | 0 | |
Revolving Credit Facility (RCF) | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | € 99,000 | ||
Revolving Credit Facility (RCF) | Cost | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 0 | 99,000 | |
Supplemental Liquidity Facility (SLF) | Cost | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 0 | 61,324 | |
Other bank loans | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | 2,716 | 3,200 | |
Current portion | € 900 | 600 | |
Other bank loans | Cost | |||
Disclosure of financial liabilities [line items] | |||
Borrowings | € 3,216 |
Loans and borrowings - Narrativ
Loans and borrowings - Narrative (Details) $ in Millions | 12 Months Ended | ||||||||||
Dec. 05, 2023 EUR (€) | Nov. 24, 2023 EUR (€) | Apr. 19, 2022 EUR (€) | Apr. 19, 2022 USD ($) | Apr. 01, 2022 EUR (€) | Apr. 01, 2022 USD ($) | Mar. 31, 2024 EUR (€) | Mar. 31, 2023 EUR (€) | Mar. 31, 2022 EUR (€) | Sep. 30, 2020 EUR (€) | Sep. 30, 2020 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | € 588,867,000 | € 788,836,000 | |||||||||
Current portion | 889,000 | 61,945,000 | |||||||||
New borrowings | 610,000,000 | 0 | € 0 | ||||||||
Revolving Credit Facility (RCF) | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | € 99,000,000 | ||||||||||
Undrawn borrowing facilities | 97,500,000 | ||||||||||
Revolving Credit Facility (RCF) | Nominal value of outstanding trade receivables | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | 0 | 99,000,000 | |||||||||
SSRF | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | € 97,500,000 | ||||||||||
New Senior Facilities Agreement (SFA) | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowing costs incurred | 24,900,000 | ||||||||||
Borrowings, covenant, maximum net leverage ratio | 8 | ||||||||||
Borrowings, covenant, outstanding facility minus cash balance, maximum percentage of threshold (in percentage) | 4,000% | ||||||||||
Borrowings, covenant, threshold amount | € 97,500,000 | ||||||||||
Supplemental Liquidity Facility (SLF) | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | € 70,100,000 | $ 75 | |||||||||
Borrowings, interest rate | 2.75% | 2.75% | |||||||||
New borrowings | € 41,400,000 | $ 45 | € 18,000,000 | $ 20 | |||||||
Supplemental Liquidity Facility (SLF) | Nominal value of outstanding trade receivables | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | 0 | 61,324,000 | |||||||||
Other bank loans | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | 2,716,000 | 3,200,000 | |||||||||
Current portion | 900,000 | 600,000 | |||||||||
Other bank loans | Nominal value of outstanding trade receivables | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | 3,216,000 | ||||||||||
Bank overdraft | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | 0 | 0 | |||||||||
Undrawn borrowing facilities | 3,500,000 | 11,600,000 | |||||||||
Senior Security Term Loan | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | € 610,000,000 | ||||||||||
Borrowings, interest rate | 5% | ||||||||||
Senior Security Term Loan | At fair value | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | 601,400,000 | ||||||||||
Senior Security Term Loan | Nominal value of outstanding trade receivables | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | 610,000,000 | 0 | |||||||||
Senior Debt Facility | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | € 630,000,000 | ||||||||||
Borrowings | 588,000,000 | 788,800,000 | |||||||||
Borrowing costs incurred, unamortized | € 3,400,000 | ||||||||||
Senior Debt Facility | Nominal value of outstanding trade receivables | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | € 0 | € 630,000,000 |
Loans and borrowings - Schedule
Loans and borrowings - Schedule of Borrowings' Interest Conditions (Details) | Dec. 05, 2023 | Nov. 24, 2023 |
SSRF | > 3.85x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 4.50% | |
SSRF | ≤ 3.85x > 3.60x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 4.25% | |
SSRF | ≤ 3.60x > 3.35x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 4% | |
SSRF | ≤ 3.35x > 3.10x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 3.75% | |
SSRF | ≤ 3.10x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 3.50% | |
Senior Security Term Loan | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 5% | |
Senior Security Term Loan | > 3.30x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 5% | |
Senior Security Term Loan | ≤ 3.30x > 2.80x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 4.75% | |
Senior Security Term Loan | ≤ 2.80x | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 4.50% |
Loans and borrowings - Schedu_2
Loans and borrowings - Schedule of Security Pledges (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Pledge of shares of consolidated companies | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets pledged as collateral for liabilities | € 29,243 | € 148,137 |
Pledge of receivables | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets pledged as collateral for liabilities | 36,775 | 46,321 |
Pledge of cash and cash equivalents | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets pledged as collateral for liabilities | € 2,471 | € 11,470 |
Other non-current financial l_3
Other non-current financial liabilities - Schedule of Other Non-Current Financial Liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Put options related to acquisitions | € 1,830 | € 3,596 |
Liabilities related to share-based payment transactions | 188 | 2,373 |
Lease liabilities non-current | 14,774 | 10,243 |
Other non-current liabilities | 2,512 | 2,599 |
Other non-current financial liabilities | € 19,304 | € 18,811 |
Other non-current financial l_4
Other non-current financial liabilities - Disclosure of Reconciliation of Put Options Liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of financial liabilities [line items] | ||
Non-current portion | € 1,830 | € 3,596 |
Current portion | 13,689 | 19,227 |
Put options | ||
Disclosure of financial liabilities [line items] | ||
Put options, beginning balance | 0 | |
Put options, ending balance | 0 | |
Put options | Financial liabilities at fair value through profit or loss | Recurring fair value measurement | ||
Disclosure of financial liabilities [line items] | ||
Put options, beginning balance | 4,390 | 15,419 |
Changes in fair value recognized in income statement | 1,210 | (10,472) |
Exercise of options | (2,422) | 0 |
Exchange differences | 131 | (557) |
Put options, ending balance | 3,309 | 4,390 |
Non-current portion | 1,830 | 3,596 |
Current portion | € 1,479 | € 794 |
Other non-current financial l_5
Other non-current financial liabilities - Narrative (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of financial liabilities [line items] | ||
Put options related to acquisitions | € 1,830 | € 3,596 |
Put options | ||
Disclosure of financial liabilities [line items] | ||
Fair value, extreme values excluded | 5% | |
ZigZag | Put options | ||
Disclosure of financial liabilities [line items] | ||
Put options related to acquisitions | € 1,500 | |
Yocuda | Put options | ||
Disclosure of financial liabilities [line items] | ||
Put options related to acquisitions | € 1,800 |
Deferred income tax assets an_3
Deferred income tax assets and liabilities - Schedule of Net Movement on the Deferred Tax Account (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Deferred tax assets and liabilities [abstract] | |||
Opening balance as of April 1 | € 27,147 | € 26,398 | |
Acquisition of subsidiaries | 0 | (1,834) | |
Disposal of subsidiaries | 0 | (128) | |
Recognized in income statement | (287) | 3,846 | |
Recognized in other comprehensive income | 350 | (95) | € (570) |
Other | 2,454 | 0 | |
Exchange differences | (1,819) | (1,040) | |
Closing balance as of March 31 | € 27,845 | € 27,147 | € 26,398 |
Deferred income tax assets an_4
Deferred income tax assets and liabilities - Summary of Deferred Tax Balances (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | € 33,088 | € 34,810 |
Deferred tax liabilities | (5,243) | (7,663) |
Trade receivables | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 15 | 72 |
Deferred tax liabilities | (490) | (18) |
Property, plant and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 118 | 317 |
Deferred tax liabilities | (723) | (819) |
Intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 256 | 272 |
Deferred tax liabilities | (4,002) | (8,377) |
Current liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 6,395 | 4,747 |
Deferred tax liabilities | (295) | (14) |
Loans and borrowings | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 1,162 | 911 |
Deferred tax liabilities | (337) | 0 |
Other items | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 1,124 | 786 |
Deferred tax liabilities | (515) | (31) |
Deferred tax on tax credits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 3,991 | 1,569 |
Deferred tax liabilities | 0 | 0 |
Tax value of loss carry-forwards recognized | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 21,311 | 28,249 |
Deferred tax liabilities | 0 | 0 |
Retirement benefit obligations | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 0 | 0 |
Deferred tax liabilities | (168) | (336) |
Other investments at FVOCI | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 0 | 0 |
Deferred tax liabilities | (181) | |
Liabilities | 1 | |
Offsetting | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 1,284 | 2,113 |
Deferred tax liabilities | € (1,286) | € (2,113) |
Deferred income tax assets an_5
Deferred income tax assets and liabilities - Summary of Deferred Tax Recoverability (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | € 33,088 | € 34,810 |
Deferred tax liabilities | (5,243) | (7,663) |
Deferred tax assets to be recovered within 12 months | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 3,640 | 1,697 |
Deferred tax liabilities | (1,938) | (760) |
Deferred tax assets to be recovered after more than 12 months | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 29,448 | 33,113 |
Deferred tax liabilities | € (3,305) | € (6,903) |
Deferred income tax assets an_6
Deferred income tax assets and liabilities - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax asset carried forward, deferred tax asset | € 20,100 | € 25,800 |
Unused tax losses carried forward | 445,200 | 458,200 |
Interest carry forward | 287,100 | 260,100 |
Deductible temporary differences for which no deferred tax asset is recognised | € 316,229 | 294,210 |
Switzerland | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax loss carryforward, expiration period | 7 years | |
Deductible temporary differences for which no deferred tax asset is recognised | € 302,700 | 302,700 |
Japan | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax loss carryforward, expiration period | 10 years | |
Tax value of loss carry-forwards recognized | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross tax loss carryforward | € 129,000 | 164,000 |
Unused tax losses for which no deferred tax asset recognised | € 316,200 | € 294,200 |
Deferred income tax assets an_7
Deferred income tax assets and liabilities - Schedule of Tax Loss Carried Forward for Unrecognized Deferred Tax Asset Expiring (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | € 316,229 | € 294,210 |
Expiry within 1 year | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 0 | 394 |
Expiry 1-2 years | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 320 | 292 |
Expiry 2-5 years | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 3,218 | 36 |
Expiry after 5 years | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | 84,443 | 71,432 |
No expiration | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | € 228,248 | € 222,056 |
Employee benefit obligations -
Employee benefit obligations - Disclosure of Defined Benefit Liability (Asset) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | € 4,587 | € 3,327 | |
Leave Obligation | 588 | 468 | |
Total employee benefit obligations | € 5,175 | € 3,795 | |
Number of shares outstanding (in shares) | 239,282,371 | 228,716,358 | 198,414,500 |
Wholly or partly funded defined benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | € 1,473 | € 847 | |
Present value of defined benefit obligation | Wholly or partly funded defined benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 13,471 | 10,925 | |
Present value of defined benefit obligation | Wholly unfunded defined benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 3,114 | 2,480 | |
Plan assets | Wholly or partly funded defined benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (11,998) | (10,078) | |
Pension defined benefit plan | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 1,473 | 847 | |
Current service cost, defined benefit plans | 1,251 | 1,607 | € 1,560 |
Interest cost on benefit obligation | 95 | 74 | 49 |
Total Income statement charge | 1,346 | 1,681 | 1,609 |
Remeasurement of post-employment benefit obligations | 993 | (1,435) | (3,826) |
Pension defined benefit plan | Present value of defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 16,585 | 13,405 | 13,363 |
Pension defined benefit plan | Plan assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | (11,998) | (10,078) | € (9,173) |
Post-employment benefit plan | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | € 3,114 | € 2,480 |
Employee benefit obligations _2
Employee benefit obligations - Disclosure of Reconciliation of Defined Benefit Liability (Asset) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of defined benefit plans [line items] | ||
Beginning balance | € 3,327 | |
Changes in net defined benefit liability (asset) [abstract] | ||
Ending balance | 4,587 | € 3,327 |
Pension defined benefit plan | ||
Disclosure of defined benefit plans [line items] | ||
Beginning balance | 847 | |
Changes in net defined benefit liability (asset) [abstract] | ||
Ending balance | 1,473 | 847 |
Present value of defined benefit obligation | Pension defined benefit plan | ||
Disclosure of defined benefit plans [line items] | ||
Beginning balance | 13,405 | 13,363 |
Changes in net defined benefit liability (asset) [abstract] | ||
Current service cost | 1,169 | 1,088 |
Interest expense | 296 | 182 |
Contributions by employees | 449 | 492 |
(Gain)/loss from change in financial assumptions | 898 | (1,593) |
Experience loss | 644 | 131 |
Past service cost/(gain) | 82 | 519 |
Benefits paid | (404) | (1,002) |
Exchange differences | 46 | 225 |
Ending balance | 16,585 | 13,405 |
Plan assets | Pension defined benefit plan | ||
Disclosure of defined benefit plans [line items] | ||
Beginning balance | (10,078) | (9,173) |
Changes in net defined benefit liability (asset) [abstract] | ||
Interest expense | (201) | (108) |
Return / (loss) on plan assets (excluding amounts included in net interest costs) | 548 | (27) |
Contributions by employer | 723 | 687 |
Contributions by employees | (449) | (492) |
Benefits paid | 199 | 673 |
Exchange differences | (198) | (318) |
Ending balance | € (11,998) | € (10,078) |
Employee benefit obligations _3
Employee benefit obligations - Disclosure of Income Statement Impact (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Total net periodic cost | € 1,365 | € 1,607 | € 1,560 |
Pension defined benefit plan | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost, defined benefit plans | 1,169 | 1,088 | 2,152 |
Interest cost | 95 | 74 | 49 |
Past service cost/(gain) | 82 | 519 | (373) |
Gain on curtailments and settlements | 0 | 0 | (219) |
Unrealized FX impact | 152 | (93) | (211) |
Total net periodic cost | € 1,498 | € 1,588 | € 1,398 |
Employee benefit obligations _4
Employee benefit obligations - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of defined benefit plans [line items] | ||
Expected post-employment benefit expense (credit) | € 1.8 | € 1.2 |
Post-employment defined benefit plan | ||
Disclosure of defined benefit plans [line items] | ||
Contributions by employer | € 0.7 | € 0.7 |
Employee benefit obligations _5
Employee benefit obligations - Disclosure of Financial and Demographic Assumptions (Details) - EUR (€) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Austria | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 3.25% | 3.50% |
Future salary increases | 4% | 4% |
Duration in years | 9 years 4 months 28 days | 10 years 6 months 7 days |
Austria | Male | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 62 years | 62 years |
Austria | Female | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 62 years | 62 years |
Switzerland | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 1.50% | 1.90% |
Inflation rate | 1.25% | 1.25% |
Future salary increases | 1.50% | 1.50% |
Duration in years | 16 years 3 months 14 days | 15 years 11 months 8 days |
Expected contributions to be paid to plan for next annual reporting period | € 802,000 | |
Switzerland | Male | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 65 years | 65 years |
Switzerland | Female | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 64 years | 64 years |
France | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 3.50% | 3.50% |
Future salary increases | 3% | 3% |
Duration in years | 13 years 10 months 6 days | 14 years 2 months 8 days |
Italy | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 3.25% | 3.50% |
Inflation rate | 2.50% | 2.50% |
Duration in years | 9 years 14 days | 8 years 10 months 9 days |
Italy | Male | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 67 years | 67 years |
Italy | Female | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 67 years | 67 years |
Korea | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 4.25% | 4.70% |
Future salary increases | 3% | 3% |
Duration in years | 10 years 8 months 26 days | 11 years 1 month 28 days |
Korea | Male | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 60 years | 60 years |
Korea | Female | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 60 years | 60 years |
Turkey | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 25% | 9.50% |
Future salary increases | 25% | 10% |
Duration in years | 11 years 11 months 12 days | 13 years 11 months 8 days |
Japan | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 0.75% | 0.80% |
Future salary increases | 3.50% | 3.50% |
Duration in years | 6 years 9 months 7 days | 7 years 8 months 19 days |
Japan | Male | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 65 years | 65 years |
Japan | Female | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 65 years | 65 years |
Slovakia | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 3.50% | 3.50% |
Future salary increases | 9.50% | 9.50% |
Duration in years | 21 years 10 months 17 days | 22 years 7 months 28 days |
Spain | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 3.25% | 3.50% |
Future salary increases | 2.50% | 2.50% |
Duration in years | 13 years 9 months 21 days | 10 years 9 months 29 days |
Spain | Male | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 67 years | 67 years |
Spain | Female | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 67 years | 67 years |
Lebanon | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 25% | |
Future salary increases | 25% | |
Duration in years | 11 years 2 months 15 days | |
Expected contributions to be paid to plan for next annual reporting period | € 15,000 | |
Lebanon | Male | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 64 years | |
Lebanon | Female | ||
Disclosure of defined benefit plans [line items] | ||
Retirement age | 64 years |
Employee benefit obligations _6
Employee benefit obligations - Disclosure of Fair Value of Plan Assets (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Employee Benefits [Abstract] | ||
Equity instruments | € 3,965 | € 3,578 |
Euroland bonds | 3,478 | 3,182 |
Hold to maturity bonds | 374 | 341 |
Property | 3,270 | 2,290 |
Other assets | 473 | 396 |
Alternative investments | 438 | 291 |
Insurance contracts | 0 | 0 |
Total | € 11,998 | € 10,078 |
Equity instruments, allocation percentage | 33% | 35.50% |
Euroland bonds, allocation percentage | 29% | 31.60% |
Hold to maturity bonds, allocation percentage | 3.10% | 3.40% |
Property, allocation percentage | 27.30% | 22.70% |
Other assets, allocation percentage | 3.90% | 3.90% |
Alternative investments, allocation percentage | 3.70% | 2.90% |
Insurance contracts, allocation percentage | 0% | 0% |
Total, allocation percentage | 100% | 100% |
Employee benefit obligations _7
Employee benefit obligations - Disclosure of Position of Post-Employment Benefit Plan (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of defined benefit plans [line items] | ||
Fair value of plan assets | € 11,998 | € 10,078 |
Post-employment defined benefit plan | ||
Disclosure of defined benefit plans [line items] | ||
Present value of defined benefit obligation | (16,585) | (13,405) |
Fair value of plan assets | 11,998 | 10,078 |
Deficit in the plan | (4,587) | (3,327) |
Experience adjustments on defined benefit obligation | € (644) | € (131) |
Employee benefit obligations _8
Employee benefit obligations - Disclosure of Sensitivity Analysis for Actuarial Assumptions (Details) | Mar. 31, 2024 | Mar. 31, 2023 |
Actuarial assumption of discount rates | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 0.50% | 0.50% |
Percentage of reasonably possible increase in actuarial assumption | 0.50% | 0.50% |
Actuarial assumption of discount rates | Austria | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 4.70% | 5.20% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (4.40%) | (4.90%) |
Actuarial assumption of discount rates | Switzerland | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 8.60% | 8.30% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (7.50%) | (7.30%) |
Actuarial assumption of discount rates | France | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 7% | 7.20% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (6.40%) | (6.60%) |
Actuarial assumption of discount rates | Italy | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 4.50% | 4.40% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (4.20%) | (4.10%) |
Actuarial assumption of discount rates | Korea | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 5.40% | 5.60% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (4.90%) | (5.10%) |
Actuarial assumption of discount rates | Turkey | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 5.60% | 6.70% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (5.10%) | (6.10%) |
Actuarial assumption of discount rates | Japan | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 3.40% | 3.90% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (3.30%) | (3.70%) |
Actuarial assumption of discount rates | Slovakia | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 11.30% | 11.60% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (9.90%) | (10.30%) |
Actuarial assumption of discount rates | Spain | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 7% | 5.40% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (6.40%) | (5.10%) |
Actuarial assumption of discount rates | Lebanon | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 9.50% | |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (8.50%) | |
Actuarial assumption of expected rates of salary increases | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 0.50% | 0.50% |
Percentage of reasonably possible increase in actuarial assumption | 0.50% | 0.50% |
Actuarial assumption of expected rates of salary increases | Austria | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (4.40%) | (4.90%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 4.60% | 5.20% |
Actuarial assumption of expected rates of salary increases | Switzerland | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (0.50%) | (0.40%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 0.50% | 0.50% |
Actuarial assumption of expected rates of salary increases | France | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (6.50%) | (6.60%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 7% | 7.20% |
Actuarial assumption of expected rates of salary increases | Italy | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (4.00%) | (4.00%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 4.30% | 4.20% |
Actuarial assumption of expected rates of salary increases | Korea | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (4.90%) | (5.10%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 5.30% | 5.50% |
Actuarial assumption of expected rates of salary increases | Turkey | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (5.10%) | (6.00%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 5.50% | 6.50% |
Actuarial assumption of expected rates of salary increases | Japan | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (3.20%) | (3.60%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 3.30% | 3.80% |
Actuarial assumption of expected rates of salary increases | Slovakia | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (9.50%) | (9.80%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 10.50% | 10.90% |
Actuarial assumption of expected rates of salary increases | Spain | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (6.40%) | (5.10%) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 7% | 5.40% |
Actuarial assumption of expected rates of salary increases | Lebanon | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | (4.40%) | |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | 4.60% | |
Actuarial assumption of mortality rates | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 10% | 10% |
Percentage of reasonably possible increase in actuarial assumption | 10% | 10% |
Actuarial assumption of mortality rates | Switzerland | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption, percentage | 1% | 0.90% |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption, percentage | (1.10%) | (1.00%) |
Employee benefit obligations _9
Employee benefit obligations - Disclosure of amount recognized in the income statement (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Total net periodic cost | € 1,365 | € 1,607 | € 1,560 |
Leave obligations | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Current service cost, defined benefit plans | 114 | 50 | 70 |
Interest cost on benefit obligation | 22 | 14 | 11 |
Total net periodic cost | € 136 | € 64 | € 81 |
Provisions - Schedule of curren
Provisions - Schedule of current, non-current provisions (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Provision for other liabilities [Line Items] | ||
Current | € 2,540 | € 1,444 |
Provisions | 1,175 | 1,230 |
Legal claims | ||
Provision for other liabilities [Line Items] | ||
Current | 0 | 0 |
Provisions | 1,084 | 1,062 |
Social contributions | ||
Provision for other liabilities [Line Items] | ||
Current | 2,540 | 1,444 |
Provisions | 0 | 0 |
Other | ||
Provision for other liabilities [Line Items] | ||
Current | 0 | 0 |
Provisions | € 91 | € 168 |
Provisions - Movement of provis
Provisions - Movement of provisions (Details) € in Thousands | 12 Months Ended |
Mar. 31, 2024 EUR (€) | |
Legal claims | |
Reconciliation of changes in other provisions [abstract] | |
Provisions at beginning of period | € 1,062 |
Additional provisions | 22 |
Unwinding of discount | 0 |
Reversals | 0 |
Exchange differences | 0 |
Provisions at end of period | 1,084 |
Social contributions | |
Reconciliation of changes in other provisions [abstract] | |
Provisions at beginning of period | 1,444 |
Additional provisions | 1,096 |
Unwinding of discount | 0 |
Reversals | 0 |
Exchange differences | 0 |
Provisions at end of period | 2,540 |
Other | |
Reconciliation of changes in other provisions [abstract] | |
Provisions at beginning of period | 168 |
Additional provisions | 33 |
Unwinding of discount | 34 |
Reversals | (145) |
Exchange differences | 1 |
Provisions at end of period | € 91 |
Other current financial liabi_3
Other current financial liabilities - Disclosure of Other Current Financial Liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of financial liabilities [line items] | |||
Other current financial liabilities | € 13,689 | € 19,227 | |
Lease liabilities | |||
Disclosure of financial liabilities [line items] | |||
Other current financial liabilities | 8,802 | 6,984 | |
Put options | |||
Disclosure of financial liabilities [line items] | |||
Other current financial liabilities | 1,479 | 794 | |
Warrants | |||
Disclosure of financial liabilities [line items] | |||
Other current financial liabilities | 863 | 11,449 | € 12,051 |
Other financial liabilities | |||
Disclosure of financial liabilities [line items] | |||
Other current financial liabilities | € 2,544 | € 0 |
Other current financial liabi_4
Other current financial liabilities - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of financial liabilities [line items] | |||
Other current liabilities | € 33,733 | € 34,851 | |
Warrants liabilities | 13,689 | 19,227 | |
Other financial liabilities | |||
Disclosure of financial liabilities [line items] | |||
Warrants liabilities | € 2,544 | € 0 | |
Warrants | |||
Disclosure of financial liabilities [line items] | |||
Number of warrants outstanding (in shares) | 30,735,950 | 30,735,950 | |
Warrants liabilities | € 863 | € 11,449 | € 12,051 |
Exercises of warrants (in shares) | 0 | 0 | |
Yocuda | Other financial liabilities | |||
Disclosure of financial liabilities [line items] | |||
Other current liabilities | € 2,400 | ||
Derivative, percentage of shares acquired (in percentage) | 50% | ||
Derivative, percentage of exercise option (in percentage) | 50% |
Other current financial liabi_5
Other current financial liabilities - Disclosure of Movement in Warrant Liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of fair value measurement of liabilities [line items] | ||
Current derivative financial liabilities at beginning of period | € 19,227 | |
Current derivative financial liabilities at end of period | 13,689 | € 19,227 |
Warrants | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Current derivative financial liabilities at beginning of period | 11,449 | 12,051 |
Issuance of warrants | 0 | 0 |
Exercises of warrants | 0 | 0 |
Change in fair value of warrants | (10,586) | (602) |
Current derivative financial liabilities at end of period | € 863 | € 11,449 |
Trade payables - Disclosure of
Trade payables - Disclosure of Trade Payables (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Trade and other payables [abstract] | ||
Merchants | € 128,106 | € 102,315 |
Tourists | 121,124 | 84,942 |
Agents | 5,336 | 6,751 |
Other TFS payables | 16,836 | 15,098 |
Other trade payables | 10,596 | 0 |
Trade payables | € 281,998 | € 209,106 |
Trade payables - Narrative (Det
Trade payables - Narrative (Details) € in Thousands | Mar. 31, 2024 EUR (€) |
Trade and other payables [abstract] | |
Trade payables mainly related to VAT refund | € 13,500 |
Other current liabilities (Deta
Other current liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accounts payable - Non trade | € 0 | € 8,030 |
Input VAT, withholding tax and capital tax | 11,065 | 8,013 |
Personnel related liabilities | 5,220 | 6,853 |
Payment solutions payables | 11,647 | 8,990 |
Other current liabilities | 5,801 | 2,965 |
Total | € 33,733 | € 34,851 |
Accrued liabilities - Disclosur
Accrued liabilities - Disclosure of Accrued Liabilities (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Salaries and related items | € 29,579 | € 28,248 |
Interest on external loans | 3,477 | 12,674 |
Auditors, lawyers and consultants | 4,238 | 4,379 |
Rent | 1,924 | 1,747 |
IT Contracts | 3,353 | 3,082 |
Other | 6,040 | 4,267 |
Advertising and promotion | 103 | 242 |
Total | € 48,714 | € 54,639 |
Accrued liabilities - Narrative
Accrued liabilities - Narrative (Details) € in Thousands | 12 Months Ended |
Mar. 31, 2024 EUR (€) | |
Subclassifications of assets, liabilities and equities [abstract] | |
Increase in accrued interest on external loans | € 9,200 |
Increase in other accrued liabilities | € 1,800 |
Other non-cash items (Details)
Other non-cash items (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of cash flows [abstract] | |||
Change in provisions | € 1,040 | € 394 | € 109 |
Change in the fair value of retirement benefit obligation | 738 | 57 | 371 |
Changes in share-based payment transactions | 3,957 | 9,671 | 6,413 |
Call option | 0 | 0 | 359 |
Put options from business combinations | 1,342 | (11,030) | 2,835 |
Impairment of financial assets | 0 | 2,469 | 2,390 |
Impairment of tangible and intangible assets | 1,265 | 247 | 444 |
Capital loss of tangible and intangible assets | 645 | 925 | 261 |
Change in fair value of warrant liability | (10,585) | (602) | (18,928) |
ZigZag earn-out reversal | 0 | 0 | (9,500) |
Acquisition of PPE under construction | 0 | 212 | (1,034) |
Other | (210) | 130 | (669) |
Total | € (1,808) | € 2,473 | € (16,949) |
Cash flows from changes in wo_3
Cash flows from changes in working capital (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of cash flows [abstract] | |||
Trade receivables | € (62,704) | € (92,896) | € (70,374) |
Other current receivables | (14,875) | (5,841) | 4,350 |
Prepaid expenses | (2,220) | 185 | (225) |
Changes in operating receivables | (79,799) | (98,552) | (66,249) |
Trade payables | 65,577 | 44,883 | 19,950 |
Other current liabilities | 9,516 | 5,277 | 4,088 |
Accrued liabilities | 1,349 | 10,302 | (4,046) |
Changes in operating payables | 76,442 | 60,462 | 19,992 |
Cash flows used in working capital | € (3,357) | € (38,090) | € (46,257) |
Business combinations - Acquisi
Business combinations - Acquisitions During the Year (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Oct. 31, 2022 | |
Disclosure of detailed information about business combination [line items] | ||||
Expense from equity-settled share-based payment transactions | € 6,200 | € 7,600 | € 6,400 | |
Put options | ||||
Disclosure of detailed information about business combination [line items] | ||||
Derivative financial liabilities | € 0 | |||
ShipUp | ||||
Disclosure of detailed information about business combination [line items] | ||||
Software | € 2,700 |
Business combinations - Disclos
Business combinations - Disclosure of Business Combination (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Oct. 31, 2022 | |
Satisfied by [Abstract] | ||||
Total net cash outflow | € 0 | € (32,046) | € (2,992) | |
ShipUp | ||||
Disclosure of detailed information about business combination [line items] | ||||
Software | € 2,700 |
List of Global Blue entities (D
List of Global Blue entities (Details) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Global Blue Argentina SA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 99.99% | 99.99% |
Global Blue Austria GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Service Company Austria GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
DEV Digital Export Validation GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Australia Pty Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Currency Choice Australia Pty Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Payments (Australia) Pty Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Belgium NV | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
ZigZag Global EOOD | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Bahamas Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Bahama’s VAT Refund Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 80% | 80% |
Global Blue Schweiz AG | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue SA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Group AG | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Refund Suisse AG | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Group II GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Currency Choice Schweiz AG | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Commercial Consulting (Shanghai) | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Commercial Consulting (Beijing) | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Americas Sucursal Colombia | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Cyprus Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Czech Republic s.r.o. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Deutschland GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue New Holdings Germany GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
RFND Digital GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
ZigZag Global GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Danmark AS | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Eesti OÜ | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
G.Blue Espana SA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Espana SA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Acquisition Espana SA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Finland OY | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Administration Center North OY | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue France | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Holding | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
ShipUp Holding SAS | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
ShipUp SAS | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
ZigZag Global SAS | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue (UK) Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Service Company UK Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue New Holdings UK Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
ZZ Global Blue Holding Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
ZigZag Global Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Kinphire Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Yocuda UK Holdings Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Yocuda UK Services Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Yocuda Network UK Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Yocuda Europe Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Yocuda Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
eReciepts Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Marketing Services Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Hellas SA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Croatia d.o.o. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Tax Free Ireland Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue á Íslandi hf | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Italia SrL | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Service Company Italia SrL | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Currency Choice Italia Srl | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Japan Co Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue TFS Japan Co Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 51% | 51% |
Global Blue Korea Co., Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Currency Choice Korea Co., Ltd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Holding Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Kazakhstan LLP | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Lebanon SAL | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 55% | 61% |
UAB Global Blue Lietuva | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Luxembourg SA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Latvija SIA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Maroc SA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Malaysia Sdn. Bhd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Holland BV | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Holding BV | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Acquisition BV | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Norge AS | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Payments (New Zealand) Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Peru S.A.C | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Polska Sp Zoo | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Refund Portugal Lda | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
GBFTSP - Finance And Technology Services Portugal, Unipessoal LDA | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue d.o.o. Beograd | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Sverige AB | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Sweden Holdings AB | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Service AB | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Holdings AB | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Currency Choice Service Europe AB | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Singapore Pte. Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Service Company Singapore Pte. Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Currency Choice Singapore Pte. Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue d.o.o. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Slovakia sro | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Service Company Slovakia s.r.o | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 0% |
Global Blue Turkey | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 60% | 60% |
Global Blue Pazarlama Destek ve Teknoloji Hiz.A.s | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 60% | 60% |
Far Point Acquisition Corporation | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Shipup Inc | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
ZigZag Global LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue Argentina SA (Sucursal Uruguay) | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Global Blue (South Africa) | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 51% | 51% |
Additional information - Fina_3
Additional information - Financial Statement Schedule I - Condensed Income Statement of the Parent Business Activity (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Condensed Income Statements, Captions [Line Items] | |||
Net finance income / (expense) | € (50,345) | € (36,589) | € (24,618) |
Profit / (Loss) before tax | 47,533 | (22,449) | (111,247) |
Income tax benefit / (expense) | (26,607) | (1,050) | 14,612 |
Profit / (Loss) for the year | 20,926 | (23,499) | (96,635) |
Parent Company | |||
Condensed Income Statements, Captions [Line Items] | |||
Operating income / (expenses) | (805) | (14,081) | 10,111 |
Net finance income / (expense) | (9,017) | 11,952 | 517 |
Profit / (Loss) before tax | (9,822) | (2,129) | 10,628 |
Income tax benefit / (expense) | 555 | 968 | (667) |
Profit / (Loss) for the year | € (9,267) | € (1,161) | € 9,961 |
Additional information - Fina_4
Additional information - Financial Statement Schedule I - Condensed Statement of Financial Position of the Parent Company (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
ASSETS | ||||
Non-current assets | € 697,242 | € 686,645 | ||
Current assets | 393,404 | 470,651 | ||
Total assets | 1,090,646 | 1,157,296 | ||
EQUITY AND LIABILITIES | ||||
Share capital | 2,296 | 2,194 | ||
Other reserves | (972,584) | (970,623) | ||
Accumulated losses | (869,332) | (883,420) | ||
Total equity | 70,324 | 6,343 | € (185,793) | € (100,590) |
Liabilities | ||||
Non-current liabilities | 618,875 | 758,390 | ||
Current liabilities | 401,447 | 392,563 | ||
Total liabilities | 1,020,322 | 1,150,953 | ||
Total equity and liabilities | 1,090,646 | 1,157,296 | ||
Parent Company | ||||
ASSETS | ||||
Investments in subsidiaries | 1,418,280 | 1,418,280 | ||
Loans to group companies | 297,862 | 318,335 | ||
Non-current assets | 1,716,142 | 1,736,615 | ||
Current assets | 1,153 | 305 | ||
Total assets | 1,717,295 | 1,736,920 | ||
EQUITY AND LIABILITIES | ||||
Share capital | 1,946,802 | 1,897,388 | ||
Other reserves | (149,375) | (146,396) | ||
Accumulated losses | (86,371) | (90,619) | ||
Total equity | 1,711,056 | 1,660,373 | € 1,452,075 | |
Liabilities | ||||
Non-current liabilities | 0 | 0 | ||
Current liabilities | 6,239 | 76,547 | ||
Total liabilities | 6,239 | 76,547 | ||
Total equity and liabilities | € 1,717,295 | € 1,736,920 |
Additional information - Fina_5
Additional information - Financial Statement Schedule I - Condensed Statement of Cash Flows of the Parent Company (Details) € in Thousands, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2024 EUR (€) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 EUR (€) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 EUR (€) | |
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Profit / (loss) before tax | € 47,533 | € (22,449) | € (111,247) | ||
Income tax paid | (17,269) | (10,378) | (3,495) | ||
Other non-cash items | (1,808) | 2,473 | (16,949) | ||
Changes in working capital | (3,357) | (38,090) | (46,257) | ||
Net cash used in operating activities | 120,073 | 14,956 | (66,174) | ||
Proceeds from issuance of share capital | 45,700 | $ 50 | 215,209 | $ 225 | 0 |
New borrowings | 610,000 | 0 | 0 | ||
Net cash from financing activities | (233,801) | 241,054 | (35,437) | ||
Net foreign exchange difference | 286 | 2,360 | 578 | ||
Net increase / (decrease) in cash and cash equivalents | (153,076) | 188,821 | (131,824) | ||
Cash and cash equivalents at beginning of year | 240,546 | 51,083 | 182,176 | ||
Cash and cash equivalents at end of year | 87,462 | 240,546 | 51,083 | ||
Parent Company | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Profit / (loss) before tax | (9,822) | (2,129) | 10,628 | ||
Income tax paid | (212) | (948) | 0 | ||
Other non-cash items | 3,705 | (3,443) | (14,400) | ||
Changes in working capital | 3,144 | 158 | (5,588) | ||
Net cash used in operating activities | (3,185) | (6,362) | (9,360) | ||
Movement in loans with group companies | 20,473 | (268,252) | 9,205 | ||
Proceeds from issuance of share capital | 43,958 | 215,208 | 0 | ||
New borrowings | (61,324) | 59,384 | 0 | ||
Acquisition of treasury shares | 0 | 0 | (10) | ||
Net cash from financing activities | 3,107 | 6,340 | 9,195 | ||
Net foreign exchange difference | 1 | 0 | 0 | ||
Net increase / (decrease) in cash and cash equivalents | (77) | (22) | (165) | ||
Cash and cash equivalents at beginning of year | 100 | 122 | 287 | ||
Cash and cash equivalents at end of year | € 23 | € 100 | € 122 |
Additional information - Fina_6
Additional information - Financial Statement Schedule I - Schedule of IFRS Loss Reconciliation for Parent Company (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
IFRS profit / (loss) reconciliation: | ||||
Parent only – IFRS profit / (loss) for the year | € 20,926 | € (23,499) | € (96,635) | |
Additional gain / (loss) if subsidiaries had been accounted for on the equity method of accounting as opposed to cost | 23,242 | (24,460) | (107,138) | |
Owners of the parent | 13,975 | (25,621) | (97,177) | |
IFRS equity reconciliation: | ||||
Parent only – IFRS equity | 70,324 | 6,343 | (185,793) | € (100,590) |
Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost | (1,649,139) | (1,660,000) | (1,643,600) | |
Consolidated – IFRS equity | 61,917 | 373 | (191,525) | |
Parent Company | ||||
IFRS profit / (loss) reconciliation: | ||||
Parent only – IFRS profit / (loss) for the year | (9,267) | (1,161) | 9,961 | |
IFRS equity reconciliation: | ||||
Parent only – IFRS equity | € 1,711,056 | € 1,660,373 | € 1,452,075 |
Related party transactions - Di
Related party transactions - Disclosure of Remuneration to Key Management Personnel (Details) - Key management personnel - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of transactions between related parties [line items] | |||
Short-term employee benefits | € 8,884 | € 5,592 | € 4,748 |
Post-employment benefits | 712 | 608 | 519 |
Share based payment transactions | 4,105 | 4,380 | 4,712 |
Total | € 13,701 | € 10,580 | € 9,979 |
Related party transactions - _2
Related party transactions - Disclosure of Purchases of Services from Related Parties (Details) - Entities with significant influence over entity - EUR (€) € in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of transactions between related parties [line items] | |||
Directors fee | € 346 | € 245 | € 255 |
Total | € 346 | € 245 | € 255 |
Related party transactions - _3
Related party transactions - Disclosure of Liabilities to Related Parties (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Liabilities to key management personnel: | ||
Net defined benefit liability (asset) | € 4,587 | € 3,327 |
Liabilities to shareholders: | ||
Loans and borrowings | 588,867 | 788,836 |
Warrants liabilities | 13,689 | 19,227 |
Closing balance for the year | 657 | 65,431 |
Key management personnel | ||
Liabilities to key management personnel: | ||
Net defined benefit liability (asset) | 390 | 196 |
Shareholders | ||
Liabilities to shareholders: | ||
Loans and borrowings | 0 | 61,324 |
Shareholders | Warrants liabilities | ||
Liabilities to shareholders: | ||
Warrants liabilities | € 267 | € 3,911 |
Related party transactions - Na
Related party transactions - Narrative (Details) - EUR (€) € in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of transactions between related parties [line items] | ||
Other current financial liabilities | € 13,689 | € 19,227 |
Related parties | ||
Disclosure of transactions between related parties [line items] | ||
Warrants held by related parties (in shares) | 9,766,667 | |
Other current financial liabilities | € 300 | € 4,100 |
Events after the reporting pe_2
Events after the reporting period (Details) - EUR (€) € in Thousands | Nov. 24, 2023 | May 04, 2024 |
Borrowing modification | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Borrowings modification, reduction in interest rate | 1% | |
Senior Security Term Loan | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Borrowings, maturity period | 7 years | |
Notional amount | € 610,000 | |
Senior Secured Revolving Facility | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Notional amount | € 97,500 | |
Euribor | Senior Security Term Loan | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Borrowings, adjustment to interest rate basis | 5% | |
Euribor | Senior Security Term Loan | Borrowing modification | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Borrowings, adjustment to interest rate basis | 4% | |
Euribor | Senior Secured Revolving Facility | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Borrowings, adjustment to interest rate basis | 4.50% | |
Euribor | Senior Secured Revolving Facility | Borrowing modification | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Borrowings, adjustment to interest rate basis | 3.50% |