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MarketScreener Homepage  >  Equities  >  Nyse  >  Global Blue Group Holding AG    GB   CH0562152865

GLOBAL BLUE GROUP HOLDING AG

(GB)
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Global Blue : Investor Presentation Post F1Undefined

11/04/2020 | 04:46am EST

TECHNOLOGY AND PAYMENTS

PROVIDER EMPOWERING

GLOBAL MERCHANTS

October 2020

Disclaimer

Forward Looking Statements. This presentation (this "Presentation") may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding Global Blue Group Holding AG's ("Globla Blue", "we" or "us") or its management's expectations, hopes, beliefs, intentions or strategies regarding the future. The words "anticipate", "believe", "continue", "could", "estimate", "expect", "intends", "may", "might", "plan", "possible", "potential", "predict", "project", "should", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward looking statements are based Global Blue's current expectations and beliefs concerning future developments and their potential effects on Global Blue. There can be no assurance that the future developments affecting Global Blue will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Global Blue's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These include commercial expectations and other external factors, including political, legal, fiscal, market and economic conditions and factors affecting travel and traveller shopping, including pandemics and applicable legislation, regulations and rules (including, but not limited to, accounting policies and accounting treatments) and movements in foreign exchange rates, all of which are difficult to predict and are beyond Global Blue's control. Except as required by law, Global Blue is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Intellectual Property. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and Global Blue's use thereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property. Solely for convenience, trademarks and trade names referred to in this presentation may appear with the ® or ™ symbols, but such references are not intended to indicate, in any way, that such names and logos are trademarks or registered trademarks of Global Blue.

Industry and Market Data. This Presentation contains statistical data, estimates and forecasts that have been provided by Global Blue and/or are based on independent industry publications or other publicly available information, as well as other information based on Global Blue's internal sources. This information involves many assumptions and limitations and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of such data, including those contained in these industry publications and other publicly available information. Accordingly, none of Global Blue nor its affiliates and advisors makes any representations as to the accuracy or completeness of these data. Certain amounts described herein have been expressed in U.S. dollars for convenience and, when expressed in U.S. dollars in the future, such amounts may be different from those set forth herein.

Financial Information. The historic financial information respecting Global Blue contained in this Presentation has been taken from or prepared based on the historical audited financial statements of Global Blue, which have been prepared in accordance with the International Financial Reporting Standards ("IFRS") as adopted by the International Accounting Standards Board ("IASB"), which are not materially different from IFRS as issued by the EU.

Non-IFRSFinancial Measures. This presentation includes certain financial measures not prepared in accordance with IFRS, which constitute "non-IFRS financial measures" as defined by the rules of the U.S. Securities and Exchange Commission. These non-IFRS financial measures include: Adjusted EBITDA, Adjusted EBITDA Margin, Cash Flow Conversion, FCFE, Adjusted EBIT, Unlevered Net Income, Adjusted Net Income, Adjusted Net Income (Group Share), Adjusted Profit Before Tax, Adjusted Income Tax Expense, Leverage Ratio and Adjusted Operating Expenses.

Global Blue has included these non-IFRS financial measures because it believes they provide an additional tool for investors to use in evaluating the financial performance and prospects of Global Blue. These non-IFRS financial measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with IFRS. In addition, these non-IFRS financial measures may differ from non-IFRS financial measures with comparable names used by other companies. Note however, that to the extent forward-lookingnon-IFRS financial measures are provided herein, they are not reconciled to comparable historic IFRS measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation.

2

  1. BUSINESS OVERVIEW
  2. TRANSACTION UPDATE
  3. INVESTMENT HIGHLIGHTS
  4. APPENDIX

3

A strategic technology and payments partner empowering merchants to capture the growth of international shoppers

TAX FREE SHOPPING

TECHNOLOGY SOLUTIONS

SMART DATA & BUSINESS INTELLIGENCE

TARGETED MARKETING SOLUTIONS & INTELLIGENT SALES TECHNOLOGY

ADDED-VALUE

PAYMENT SOLUTIONS

MERCHANTS

INTERNATIONAL

SHOPPERS

Tax Free Shopping

(1)

Worldwide

+300K Merchant Stores

20-30%

Luxury Revenue

Note: (1) When limiting luxury revenue to that in Tax Free Shopping countries (instead of worldwide), international shoppers represent 40-50% of luxury revenue (company estimate based on a sample of merchants in Tax Free Shopping countries).

4

Source: Company Information.

Global Blue at a glance

Tax Free Shopping Technology Solutions (TFS)

Added-Value Payment Solutions (AVPS)

~85% of revenue

~15% of revenue

13M

35M

€18.5B

16M

31M

€4.4B

GB international

GB transactions

GB sales in store

GB international

GB transactions

GB sales in store

shoppers

x

(SiS)

shoppers(1)

(SiS)

€70B

€26B

~70%

€455B

€28B

~20%

addressable

addressed

GB market

addressable

addressed

GB market

market(2)

market(2)

share(3)

market(4)

market(4)

share(5)

REVENUE

ADJUSTED EBITDA

ADJUSTED EBITDA MARGIN

CASH FLOW CONVERSION(6)

€420M

€171M

41%

78%

(2019/20A)

(2019/20A)

(2019/20A)

(2019/20A)

Note: Figures refer to the fiscal year ending 31 March 2020 (2019/20A), except where noted. See "Non-IFRS Financial Measures" above in the Disclaimer and Appendix for further information and a reconciliation of all historic non-IFRS financial measures included in this presentation. (1) Company estimate, extrapolated from GB sample set; (2) Addressable market estimate refers to total eligible SiS (excluding cross-border Tax Free Shopping, government-run Tax Free Shopping schemes, ineligible transactions, and countries without VAT) as at 2018/19A; addressed market as at 2018/19A refers to the sub-segment addressed by VAT refund operators, excluding SiS not issued and refunded and SiS related to in-house VAT refund merchants; neither gives effect to the impact of COVID-19 on such market; (3) Estimated third-party serviced market share based on Tax Free Shopping SiS as at 2018/19A;

(4) Addressable market estimate refers to addressable cross-border card spend on POS and ATM (excluding multi-currency processing market) as at 2018/19; addressed market as at 2018/19A reflects market-wide DCC penetration and acceptance rates; neither gives effect to the impact of COVID-19 on5 such market (5) Estimated market share based on DCC revenue as at 2018/19A; Global Blue AVPS SiS as percentage of the addressed market equals 16% as at 2018/19A. (6) Adjusted EBITDA less Capital Expenditures divided by Adjusted EBITDA. Source: Company Information.

Tax Free Shopping Technology Solutions

A win-win value proposition for merchants, international shoppers, customs & authorities, and Global Blue

INTERNATIONAL SHOPPER

PURCHASE

(including VAT)

€1,200

Purchase:

€1,000

VAT: €200

GLOBAL BLUE

SOLUTIONS

MERCHANT

CUSTOMS &

AUTHORITIES

Issuing

Export Validation

(Tax free form)

(Goods)

SoftwareSoftware

REFUND AGENT

VAT: €200

Refunding

(VAT)

Payments Processing,

Software

€140

INTERNATIONAL

SHOPPER

VAT REFUND

€30

MERCHANT

REVENUE

€30

REVENUE

Note: This overview is presented for illustrative purposes only and not as a representation of actual amounts involved in the Tax Free Shopping process. Actual amounts may vary depending on a number of factors, including the revenue share split set out in

6

agreements with merchants and market trends. Source: Company Information.

Global Blue is the most comprehensive

INTEGRATED NETWORK in its category

KEY NETWORK FUNCTIONS

FRONT END

BACK END

INTEGRATION

INTEGRATION

DATA

AFFILIATION OF

CONSUMER

TECH-ENABLED

WITH PAYMENT

WITH POS & PSP

AGGREGATION

PROVIDERS

NETWORK

BRANDING

PROCESSING

& ANALYTICS

v

CLIENTSREVENUE GROWTHNETWORKDRIVERSEXAMPLES (2)

CONSTITUENCIES

INTERNATIONAL SHOPPERS

Retailers

Refund Agents / Payment Providers

EMPLOYEE BENEFIT

Employers

Restaurants

TRANSPORTATION

Fleet Operators

Petrol Stations

7

Source: Company Information.

  1. BUSINESS OVERVIEW
  2. TRANSACTION UPDATE
  3. INVESTMENT HIGHLIGHTS
  4. APPENDIX

8

Business combination update

The transaction with Far Point Acquisition Corporation closed on August 28, 2020

The post-closing public company is incorporated in Switzerland and listed on the NYSE (GB and GB.WS), and maintains the Global Blue name Prior to the closing of the transaction, the selling shareholders took a number of unilateral actions to enhance public shareholder value:

  • Waived €154M dividend entitlement and the right to a post-closemake-whole
  • Committed to $75M Supplemental Liquidity Facility funded through the holdback of sponsors' proceeds
  • The selling shareholders committed to convert €50M of convertible preferred shares into common stock

Debt refinanced with a new €630M 5-year term loan (starting margin of 2%) and RCF of €100M (drawn as a precautionary measure) At closing, Global Blue had a cash position of €265M and could access an additional ~€80M of liquidity, if needed

Selling parties received ~$200M of capital from PIPE investors, primarily from Ant Group, Third Point, and one smaller investor

  • Additional PIPE investors who had committed to subscribe for in aggregate $110M did not consummate their subscriptions
  • Global Blue and SL Globetrotter LP (an affiliate of Silver Lake) have commenced litigation with such investors for breach of contract

Global Blue board consists of the Chairman, the Global Blue CEO, two Silver Lake representatives, one Partners Group representative, one Ant Group representative, and two independent board members

9

Source: Company Information.

Detailed business combination overview

CAPITALISATION OVERVIEW (August 2020)

€M

xAdjusted

EBITDA(1)

Revolver Credit Facility

99

0.6x

Term Loan (Principal Value)

630

3.7x

Gross Financial Debt

729

4.3x

Cash

(265)

(1.6x)

Net Financial Debt

464

2.7x

Lease liability (current and non-current)

37

0.2x

NET FINANCIAL DEBT & LEASES

501

2.9x

POST-TRANSACTION ECONOMIC OWNERSHIP (%)

% Ownership

Silver Lake and Affiliates(2)

57.4%

Partners Group and Affiliates(3)

23.7%

Ant Group

6.5%

Third Point

5.4%

GB Directors, Executive Management & Other Employees

5.2%

Other Shareholders

1.7%

TOTAL

100.0%

See "Non-IFRS Financial Measures" above in the Disclaimer and Appendix for further information and a reconciliation of all historic non-IFRS financial measures included in this presentation. Capitalisation presented as at closing (28-Aug-2020), (1) 2019/20 EBITDA of €170.7M, (2) Corresponds to SL

10

Globetrotter L.P., (3) Corresponds to Global Blue Holding LP (which is controlled by Silver Lake) of 22.2% and shares directly held by Partners Group 1.4%. Source: Company Information.

  1. BUSINESS OVERVIEW
  2. TRANSACTION UPDATE
  3. INVESTMENT HIGHLIGHTS
  4. APPENDIX

11

Investment highlights

1

2

3

4

5

POWERFUL MACRO

CLEAR

BUSINESS

ATTRACTIVE

SHORT-TERM

DRIVERS OF GROWTH

MARKET &

STRATEGY

TRANSACTION-BASED

ACTIONS PAVING

TECHNOLOGY

CREATING VALUE

BUSINESS MODEL

WAY FOR THE

LEADERSHIP

FUTURE

12

1 2 3 4 5

Strong macro driven historical growth expected to continue

in the long term

PROOF POINTS

A

EMERGING MARKETS

97%

EM middle class vs. Tax

Free Shopping transactions

correlation(1)

B

DIGITALIZATION

2.0x

Success ratio increase in

digital vs. non-digital

higher(2)

countries

VAT DYNAMICS

1.4x

refund vs. non-VAT refund

C

Luxury sales growth in VAT

faster(3)

countries

GROWTH DRIVER

Next ~5 years expectation

post COVID normalisation(7)

Arrivals of EM

+9%

shoppers into Global

Blue's markets

CAGR(4)

% of transactions

(5)

54% to 89%

digitally validated

Countries adopting a

>10

VAT refund scheme

additional

countries(6)

Note: This is forward-looking information - see Disclaimer "Forward Looking Statements". (1) R-squared of the regression between arrivals into Global Blue markets (implied by emerging markets middle class growth, based on a regression calculated between 2000/01 to 2018/19) and Global Blue

Tax Free Shopping transactions, calculated between 2009/10 and 2018/19; (2) Calculated from 2009/10 to 2018/19, based on a consistent set of Global Blue countries with digital validation and non-digital validation at the start and end date of the calculation; (3) Extra-regional personal luxury

13

market growth in countries with VAT refund schemes and countries without, calculated from 2009/10 to 2018/19; (4) Forecast period is based on 5 years post COVID normalization (5) Forecast period is based on 3 years post COVID normalization; (6) Subject to decisions of the respective

governments and as such may or may not eventually occur; (7) Normalization refers to travel demand returning to pre-COVID levels. Source: Company Information.

1 2 3 4 5

Global Blue's clear competitive differentiation

GLOBAL LEADERSHIP

>3x market share vs. next Tax Free Shopping competitor

70%

market share in

Tax Free Shopping(1)

PORTFOLIO OF ICONIC

LUXURY BRANDS

Longstanding relationships with iconic luxury brands

Low gross churn(2): -3%

Positive net churn(2):

+0.4%

Avg. tenure (years)(4): >20

FULLY INTEGRATED

IN-HOUSE TECHNOLOGY

PLATFORM

40+ PSP integrations

200+ POS integrations

18 customs integrations

13 payment partners

DEEP DOMAIN EXPERTISE

IN COMPLIANCE

>40

Tax free shopping countries(3)

where GB has deep regulatory know-how

Note: Figures refer to 2019 / 20A. Fiscal year ending 31 March. (1) Estimated third-party serviced market share, based on Tax Free Shopping SiS; (2) Last 6 years average % SiS. (3) Tax Free Shopping countries where Global Blue currently operates. (4) Average tenure based on the top 20 merchants

14

Source: Company Information.

1 2 3 4 5

Business strategy creating value

VOLUME GROWTH DRIVERS

LONG TERM VOLUME GROWTH

MANAGEMENT INITIATIVES

MACRO DRIVERS

TO BOOST VOLUME GROWTH

TAX FREE SHOPPING

ADDED-VALUE

TECHNOLOGY

PAYMENT

EMERGING

SOLUTIONS

VAT DYNAMICS

DIGITALIZATION

SOLUTIONS

MARKETS

Increase penetration

Increase DCC penetration

Increase market share

Cross-sell payment solutions

Expand market

REVENUE

INTELLIGENCE

MARKETING

SALES

EXPERIENCE

GROWTH

Eye-Opening advisory

Data-driven solutions

Techniques and technology

Personalized customer

to identify opportunities

to increase footfall

to convert footfall

journey to enhance

DRIVERS

for growth

to revenue

performance

STRATEGIC PARTNERSHIPS TO ENHANCE VALUE CREATION

15

Source: Company Information.

1 2 3 4 5

Ant Group partnership

PARTNERSHIP OVERVIEW

EASY REFUND PRODUCT (EARLY 2021 LAUNCH)

Technology: Jointly develop digital TFS solutions and products to reduce friction, achieve paperless TFS and enhance the user experience for Alipay users

Marketing: Jointly develop a comprehensive marketing solution leveraging on Alipay's Marketing platform

Commercial: Promote acceptance of Alipay and its

Ecosystem Companies in Global Blue's network of MerchantsBRAND MINI-PROGRAMWITH CASH BACK OR EXTRA

REFUND COUPON (EARLY 2021 LAUNCH)

16

Source: Company Information.

1 2 3 4 5

Powerful financial model delivering earnings growth

and cash flow generation (2009/10 and 2019/20 - Fiscal years ended in March. The year 2019/20 refers

to 1 April 2019 to 31 March 2020)

GROWTH

PROFITABILITY

CASH FLOW CONVERSION

EARNINGS POWER

Revenue, €M

Adjusted EBITDA, €M

Last 3 Years Average (2017/18 - 2019/20)

€M, 2019/20

Adjusted

100%

132

420

EBITDA

23%

41%

margin %

[(7%)]

171

(19%)

81%

(30)

+17% CAGR

102

160

36

Adjusted

effective

tax rate:

22-23%

2009/10

2019/20

2009/10

2019/20

Adjusted

Capex

Adjusted

Adjusted EBIT(1)

Tax

Unlevered

EBITDA

EBITDA -

Adjusted Net

Capex

Income

TRACK RECORD OF GROWTH

OPERATING LEVERAGE

HIGH CASH FLOW

EXCEPTIONAL TOTAL

CONVERSION

SHAREHOLDER RETURNS

Note: Fiscal year ending 31 March. Adjusted EBITDA defined as earnings before interest, taxes, depreciation and amortization, excluding other income and expense items that the Company considers as not related to ordinary business operations. Unlevered adjusted net income defined as

17

earnings before interest and taxes less unlevered tax expense, before deducting non-controlling interest. See "Non-IFRS Financial Measures" above in the Disclaimer and Appendix for further information and a reconciliation of all historic non-IFRS financial measures included in this

presentation. (1) Adjusted EBIT defined as earnings before interest and taxes, excluding amortisation from purchase price allocation related to acquired assets, predominantly related to the 2012 LBO. Source: Company Information.

1 2 3 4 5

LTM performance prior to COVID in line with long-term trends

Fiscal years ended in March

LAST 10 YEARS

LAST 5 YEARS

LTM-JAN 20

14%

(PRE-COVID)

SALES IN

7%

9%

STORE

11%

COMMENTARY

Structural long-term growth underpinned by macro drivers

Last 3-5 years impacted by FX and geopolitical volatility

REVENUE

9%

4%

LTM-Jan 20 (pre-COVID) growth reverting to the long- term growth trajectory

ADJUSTED

17%

18%

EBITDA

8%

See "Non-IFRS Financial Measures" above in the Disclaimer and Appendix for further information and a reconciliation of all historic non-IFRS financial measures included in this presentation. "Last 10 Years" refers to 2009/10 to 2019/20 and "Last 5 Years" refers to "2014/15 to 2019/20"

18

Source: Company Information.

1 2 3 4 5

Diversified business

INTERNATIONAL

INTERNATIONAL

MERCHANT

SHOPPER'S ORIGIN

SHOPPER'S

BASE(2)

DIVERSIFIED BUSINESS MODEL

DESTINATION

across destination markets,

Tax Free Shopping SiS, % total

Tax Free Shopping SiS, % total

Tax Free Shopping Revenue, % total

origin of international shoppers and merchants

Other DM

17%

GCC

8%

USA

7%

Other EM

12%

SEA &

15%

India

Russia

6%

China

36%

Other APAC

3%

Singapore

9%

markets

Japan

16%

Other EMEA

17%

& Americas

Spain

8%

Emerging

Germany

7%

markets

~70%

Italy

14%

UK

14%

France

13%

Merchant 1

Merchant 2

Merchant 3

APAC Merchant 4

Merchant 5

Merchants 6-20

Europe

~70% Other

6%

2%

2%

Top 20

2%

2%

~30%

16%

69%

STRATEGIC POSITION IN APAC

enabling company to capture the growth in the region

EXPOSED TO EMERGING MARKETS

~70% of Tax Free Shopping SiS generated by international

shoppers from emerging markets

Note: Figures refer to the financial year ending 31 March 2020 (2019/20) (1) Includes EMEA and Latin America (2) Refers to Tax Free Shopping revenue split by individual merchants

19

Source: Company Information.

1 2 3 4 5

Tax Free Shopping recovery expected in 5 phases

Regional borders

International

End of the pandemic

reopening

borders reopening

(treatment, vaccine

or WHO declaration)

STRICT SANITARY CONTROLS

PHASE 1

PHASE 2

PHASE 3

PHASE 4

PHASE 5

BORDERS CLOSED

INTRA-REGIONAL

LONG-HAUL

GRADUAL RETURN

NORMAL

STORES OPEN

TRAVELS RE-START

FLIGHTS RE-START

TO NORMAL

WHERE

WE STAND

TODAY

ESTIMATED % TAX FREE SPEND VS 2019

< 5%

10 - 20%

20 - 40%

60 - 80%

95 - 105%

Europe

< 5%

10 - 20%

60 - 80%

90 - 100%

100 - 110%

Asia

The figures above represent assumptions used in management's long-termtargets and do not constitute guidance. Recovery may not occur linearly. Borders and stores may close, and travel may be curtailed again depending on how the pandemic continues to develop. This is forward-looking information -

20

see Disclaimer. Source: Company Information.

1 2 3 4 5

Group TFS financial performance

18%

16%

14%

12%

10%

8%

6%

4%

2%

0%

% ISSUED TAX FREE SPEND vs. Last Year April - Sept 2020

16% EUROPE

14% GRAND TOTAL

8% APAC

Week 15

Week 17

Week 19

Week 21

Week 23

Week 25

Week 27

Week 29

Week 31

Week 33

Week 35

APRIL

MAY

JUNE

JULY

AUGUST

SEPTEMBER

21

Source: Company Information.

1 2 3 4 5

Management's strategy during COVID

PERSONNEL & NON-PERSONNEL SAVING PLAN

As COVID-19 spread and led to travel bans and lock-down, management undertook several cost initiatives, with a particular focus on the core business and adopting the best alternative to scale back operations as activity resumes

Management adopted two cost savings plans:

  • Short Term Action Plan
    1. Usage of government support (furlough or partial employment schemes) in countries where such schemes exist
  • Long Term Action Plan
    1. Evaluated and sized long-term headcount reduction, while preserving core knowledge and assessed business resumption scenarios
  1. These long term plans were launched for all countries without government support and implemented at the end of support schemes in other countries (replacing the short term plans)

1

PRODUCT INITIATIVES

Despite budget decrease, several new products are ready for pilot or roll-out

MOBILE FIST

MARKETING & INTELLIGENCE

Mobile Self-Issuing

Drive to Store

Alipay Easy Refund

Campaign Manager

Mobile Self-Refunding

Alipay Mini-program

Enhancements

with Cash Back

Coupon

Data warehouse

2

B2B MARKETING INITIATIVES

B2B marketing activities remained relevant to client during COVID

Global Blue Observatory

Coronavirus Weekly Update

Webinar for merchants

Newsletter

3COMMERCIAL INITIATIVES

Service valuable clients and win new business

Tender won (Aug-2020)

22

Source: Company Information.

1 2 3 4 5

EBITDA expenditures cost actions

(€M)

A

250

SHORT-TERM COST REDUCTION

€80M Savings

B

leveraging available government

VARIABLE

programs & limited volume

LONG

-TERM COST REDUCTION

€50M Savings

redundancies

160

& resumed volume

€50M of Long-term

FIXED

actions (12 months

run-rate)

non personnel

110

FIXED personnel

EBITDA

Volumes driven

Total fixed

Short term actions

Cost base

Reduced cost saves

Cost base post

Expenditures

cost reduction

costs

(12 months run-rate)

post short term

(12 months run-rate)

long term

actions

actions

FIXED OPEX

Note: Figures refer to the financial year ending 31 March 2020 (2019/20). EBITDA Expenditures relate to Operating expenses (excluding exceptional items and depreciation and amortization), as defined and reconciled in the Appendix. Short and long-term cost actions are estimated, thus should not be

23

relied upon as being indicative of future results. This is not a forecast. This is forward-looking information - see Disclaimer. See "Non-IFRS Financial Measures" above in the Disclaimer and Appendix for further information and a reconciliation of all historic non-IFRS financial measures included in this

presentation. As we continue to refine the cost take-out assessment and as various governments modify their programs, the numbers herein are subject to change. Source: Company Information.

1 2 3 4 5

Illustrative EBITDA at various potential recovery levels

COST TAKE-OUT

ADJUSTED EBITDA

42.3%

52.3% % Adjusted

EBITDA Margin

Future re-hires for positions deemed semi-fixed, which are made redundant today

(1)

ILLUSTRATIVE TOP-LINE RECOVERY RANGE (% OF PRE-COVID REVENUE)

Note: Simulation based on illustrative assumptions and should not be relied upon as being indicative of future results. This is not a forecast. This is forward-looking information - see Disclaimer. See "Non-IFRS Financial Measures" above in the Disclaimer and Appendix for further information and

24

a reconciliation of all historic non-IFRS financial measures included in this presentation. (1) Jan-2020 LTM EBITDA presented assuming bonus normalization. Source: Company Information.

1 2 3 4 5

Short-term fixed cash expenditures and liquidity

Current liquidity implies fixed cash expenditures to be covered well into calendar year 2022

POST-ACTIONS FIXED MONTHLY EXPENDITURES(4) (before taxes)

LIQUIDITY BUILD (August 2020)

€347M

Additional liquidity (3)

€82M

€2.5M

€13.5M

€1.2M

€11.0M

Incremental (1)

€1.0M

Long-term

Interest(2)

Expenditure

€2.1M

Payments

Cash

Lease

€6.7M

Capex

€265M

Average Mar-Aug monthly

cash savings ~€11M

EBITDA (1)

Short-term(4)

Long-term(1)

Expenditure

Fixed Monthly Total

Fixed Monthly Total

Source: Company Information. These amounts are estimates and are forward-looking information - see Disclaimer. As we continue to refine the cost take-out assessment and as various governments modify their programs, the numbers herein are subject to change

25

(1) Monthly expense implied from 12 month run-rate based on the Short-term Actions (€80M annual cost take-out). As Global Blue transitions to the Long-term Actions the monthly expenses would increase to €9.2M; (2) Reflects impact of refinancing based on margin at closing; (3) Committed

Supplemental Liquidity Facility (funded by certain selling shareholders) of €63M, uncommitted local credit lines of €18M, and RCF availability of €1M; (4) Expenditures presented herein exclude monthly change in net working capital and monthly variable expenditure.

Conclusion

1

2

3

4

5

Long-term drivers

Competitive

Clear strategy to

Transaction-based

Short-term measures

remain intact,

differentiation

create value

model delivering

supporting recovery

despite COVID-19

represents a strong

earnings growth

and enhancing

impact

asset

and cash flow

margin when

generation

volumes return

26

  1. BUSINESS OVERVIEW
  2. TRANSACTION UPDATE
  3. INVESTMENT HIGHLIGHTS
  4. APPENDIX
    • Additional company materials

27

International management team with relevant expertise

Average 10+ years at Global Blue(1)

Jacques Stern

Loïc Jenouvrier

Chief Executive Officer

Chief Financial Officer

5

4

Pier F. Nervini

Laurent Delmas

Greg Gelhaus

Tomas Mostany

Damian Cecci

MARKETS

Europe North,

Europe South

APAC

PRODUCTS

Tax Free Shopping

Added-value

Central and Global

Technology

Payment Solutions

Accounts

Solutions

16

4

5

17

16

SUPPORT

J. Henderson-Ross

Jorge Casal

Legal

New Markets, Public

Affairs & Americas

5

21

  1. Years at Global Blue

OPERATIONS&IT

Fabio Ferreira

Jeremy Taylor

Technology

Operations

5

21

28

Note: (1) Based on the average tenure of the executive committee (defined as the management team presented herein), including experience of acquired companies. Source: Company Information.

VAT refund regulatory framework

WHAT IS VAT & VAT REFUND SCHEME?

VAT: Value-added Tax is an indirect tax on the domestic consumption of goods and services, except those that are zero-rated (such as food and essential drugs) or are otherwise exempt (such as exports).

VAT refund scheme: International shoppers can claim a refund on the VAT they have paid in destination countries on eligible goods while exiting the country/region of purchase(1)

PARAMETERS OF THE VAT REFUND SCHEME

Eligible goods

VAT

Specific list for each country

Example of countries where alcohol or tobacco are not eligible

for Tax Free Shopping: Czech Republic, Greece, Lithuania,

Belgium, France, Morocco, Russia, Slovenia and South Korea

Eligible beneficiary

  • Usually: All non-residents of the country/region
  • Example of countries where domestic purchaser exporting goods are eligible to Tax Free Shopping: Japan/Australia

VAT rate

% Ranges between 15-25% in European countries(2) and 5-10% in Asian countries

Minimum purchase amount

Specific to each country

France: €175.01, Italy: €154.95, Spain: €0, UK: £0, Japan: JPY 5,000

Note: (1) The EU VAT Directive also requires all EU member states to operate a VAT refund scheme for non-EU residents; A unanimous decision from all EU member states for any change to the EU VAT Directive; (2) The EU VAT Directive provides that each EU member state must

29

apply a standard VAT rate of at least 15% and there is no maximum rate that can be set. Source: Company information.

Positive VAT dynamics are a strong driver

of luxury sales growth

INCREASING NUMBER OF COUNTRIES ARE ADOPTING VAT

Number of countries and territories with VAT

180(1)

+160

20

1979/80

2018/19

INCREASING NUMBER OF COUNTRIES ARE ADOPTING VAT REFUND

SCHEMES

Number of countries operating a VAT refund scheme

73

+72

1

1979/80

2018/19

VAT REFUND COUNTRIES EXHIBIT HIGHER LUXURY SALES GROWTH

Luxury market growth (CAGR 2009/10 - 2018/19)

~10%

+3ppts

~7%

~5%

DomesticNon-TFS countriesTFS countries

Personal

Extra-regional luxury

luxury

Note: (1) Includes territories with different VAT rules than sovereign countries, that are counted as separate countries.

30

Source: Company information, OECD.

Increasing VAT rates drive growth of Tax Free Shopping

environment

LONG-TERM(1) VAT EVOLUTION ACROSS MAJOR DESTINATION MARKETS

30%

25%

DEVELOPMENTS

Finland

Italy

EUROPE

20%

France

77% of European OECD members

Netherlands

increased their VAT rate since 2006

Germany: 16%-19%(2007-2008)

15%

Spain: 16%-21%(2010-2013)

Germany

Spain

UK

Italy: 20%-22%(2011-2015)

10%

5%

Singapore

ASIA

Japan

0%

1992/93

1993/94

1994/95

1995/96

1996/97

1997/98

1998/99

1999/00

2000/01

2001/02

2002/03

2003/04

2004/05

2005/06

2006/07

2007/08

2008/09

2009/10

2010/11

2011/12

2012/13

2013/14

2014/15

2015/16

2016/17

2017/18

2018/19

2019/20

31

Source: Company information. (1) Chart excludes temporary VAT movement implemented by governments during COVID

UK Tax Free Shopping scheme - situation overview

On Sept. 11th, the UK Government announced its decision to abolish, from Dec.31st, 2020, the VAT Retail Export Scheme (VAT RES) which allowed international visitors to the UK to reclaim the VAT paid on goods purchased, but not consumed in the UK

POLITICAL

FINANCIAL

OPERATIONAL

  • Not extend Tax Free Shopping benefit to EU Shoppers (in the context of Brexit)
  • Remove an implicit subsidy to London (government considered Tax Free Shopping to favour London over the rest of the UK)
  • Save £500M per annum in refunded VAT to non-EU shoppers
  • Avoid offering refunds to EU citizens (in the context of Brexit)

Customs unable to manage additional volume from Tax Free Shopping to EU shoppers

(as, unlike other countries, the UK has not digitalized its paper-based customs system)

Note: Information presented herein portrays the UK government's published rationale and not Global Blue's view.

32

Source: Company information.

UK Tax Free Shopping scheme - impact and action plan

Retailers, airports, and tax-free shopping ecosystem all believe that the decision to eliminate the scheme is

misguided and are working together to convince the government to reverse the decision

Tax Free Shopping ecosystem executing on strategy

to convince the UK government to reverse their decision

POLITICAL

  • Tax Free Shopping benefits extend beyond London
  • Merchants / Other UK cities engaging with their elected officials regarding negative impact of decision

FINANCIAL

  • Demonstrate financial arguments are incorrect
  • Evidenced by economic study and survey

OPERATIONAL

  • GB proposed a transition period
  • After the transition period, the UK would digitize its customs systems (companies within the Tax Free Shopping ecosystem have offered to finance the cost)

Economic study highlights the negative impact

on the UK from the government's decision

Abolishing Tax Free Shopping

Extending Tax Free Shopping

Scheme

Scheme to EU residents

Variation in number of tourists

(5.0)M

+1.0M

Variation in tourist spendings (in £)

(6,000)M

+740M

Impact on GVA(1) (in £)

(9,300)M

+1,100M

Impact on tax revenues (in £)

(3,500)M

+180M

Impact on number of jobs

(140)K

+20K

Survey indicates shoppers less likely to shop

and spend in UK following the government decision

62%

95%

93%

of respondents

would spend less

would consider

will be less likely

on shopping

changing where

to visit the UK

in the UK

they shop overseas

Respondents indicated that they

would shop in other EU countries

(where GB is present)

33

Source: Company information. Survey run to 40K+ Tax Free Shoppers around the world (between Sept. 14th and 16th). (1) GVA: Gross Value Added measures the total direct & indirect revenue generated from tourists' spending

Additional countries may implement VAT refund schemes

COUNTRIES LIKELY TO ADOPT VAT REFUND SCHEMES IN THE NEXT 5 YEARS(1)

P Countries recently

approved

HIGH TO MEDIUM PROBABILITY

MEDIUM TO LOW PROBABILITY

Countries currently with no VAT or GST and no VAT refund scheme

Countries currently with VAT or GST and no VAT refund scheme

Countries currently with VAT or GST and with VAT refund scheme managed by the government

Kuwait

Brazil

USA

Iran

P

Peru

Kazakhstan

Chile

Saudi Arabia Costa Rica

India

Canada

Philippines Venezuela New Zealand

P

Colombia

Serbia

Sri Lanka

Indonesia

Australia(2)

Azerbaijan

Thailand

Note: (1) Subject to decisions of the respective governments, as such may or may not eventually occur; (2) Global Blue supports Australia government scheme through back-office Tax Free Shopping processing. As such, Australia is included in both Global Blue countries and

34

government-run schemes. Source: Company information.

Eye-Opening advisory to identify opportunities for growth

We use data to help merchants understand the international shopper opportunity

BENCHMARK TAX FREE

IDENTIFY INTERNATIONAL

ADAPT PRODUCT

ADAPT TACTICAL DECISIONS

SHOPPING SOLUTIONS

SHOPPER TRAFFIC OR

ASSORTMENT TO LATEST

BASED ON SHORT-TERM

PERFORMANCE

SPEND OPPORTUNITIES

INTERNATIONAL TREND

FUTURE OUTLOOK

35

Source: Company information.

Macro drivers directly tied to Global Blue's growth equation

A EMERGING MARKETS

70% international shoppers from emerging markets

TAX FREE SHOPPING ADDRESSABLE MARKET: €70B SALES IN STORE

B VAT DYNAMICS

Increasing number of VAT refund schemes and increasing rates

C DIGITALIZATION

54% of Global Blue

export validations are digital(2)

A

Number of

B

Average spend

per trip

traveller trips

& per shopper

Emerging market (EM):

Purchasing power

Middle class wealth growth

in local currency

Developed countries:

Extra-regional

GDP growth

price differential(4)

C

Success Ratio

39%(1) currently

  • Awareness
  • Ease of issuing, export validation and refunding

D DIGITALIZATION OF PAYMENTS

69% of transactions are digital(3)

DYNAMIC CURRENCY CONVERSION ADDRESSABLE MARKET: €455B SALES IN STORE

D

Addressable

D

% of merchants

Acceptance Rate

digital payments

offering DCC

28% currently(5)

Note: Figures refer to 2018/19. (1) Presented on a transaction basis, which translates to 49% on a SiS basis; (2) SiS in countries with digital export validation as % of total Global Blue SiS; (3) Refers to percentage of payments that are card / electronic (non-cash). Card transactions

include consumer payments from charge cards, credit cards, debit cards, and pre-paid cards and excludes electronic direct and automated clearing house transactions. Based on Consumer Payment Transaction Volume in select markets; based on China, Japan, Australia, Canada,

USA, France, Germany, Greece, Italy, Netherlands, Portugal, Spain, and the UK; (4) Defined as the difference in retail price, of the same product, between the origin and destination country, before having the VAT, that is included in the destination country retail price, refunded;

36

(5) Global Blue SiS acceptance rate calculated on SiS basis.

Source: Company Information, Euromonitor International (Consumer Finance Edition 2020, based on September 2019 estimates).

Group cost structure drives operating leverage

COST BREAKDOWN(1) (AS OF 2019/20A)

Adjusted operating costs indexed to 100

Issuing & Validation

DEFINITIONS

VARIABLE

Issuing & Validation: Costs related to tax free form

issuance and validation

Total

Costs

59%(2)

Adjusted

EBITDA

41%

G&A

19%

Fixed Costs

64%

Technology

Operating

Costs

11%

Sales &

Marketing

21%

(Transactions)

7%

Refunding

Processing 9%

3%

Acquiring (Processing volumes) 9%

Variable

Costs

36%

Refunding (VAT refund) 19%

Processing (Transactions) 2%

Acquiring: Costs related to financial processing business

Refunding: Fee paid to agents and airports

Processing: Transaction processing costs

Variable costs benefit from operating leverage

FIXED

  • Refunding / Processing: personnel costs
  • Sales & Marketing: Cost of sales force
  • Technology Operating Costs: Costs related to IT
  • G&A: Includes management, product, finance, office costs, etc.
  • Fixed costs generally evolve in line with or slightly above inflation

KEY TAKEAWAYS

Strong operating leverage as a result

of the cost base being ~60% fixed

Variable costs tied to specific financial KPIs,

() = Driver

not simply Group revenue

Source: Company Information. See "Non-IFRS Financial Measures" above in the Disclaimer and Appendix for further information and a reconciliation of all historic non-IFRS financial measures included in this presentation.

37

Note: (1) Calculated on the basis of adjusted operating expenses, i.e. operating expenses excluding depreciation and amortization, and other operating income and expenses (2) Adjusted operating expenses as a percentage of revenue.

Well-invested business to support future growth

Fiscal years ended in March

2014/15

2015/16

2016/17

2017/18

2018/192019/20

CAPEX

27.8

26.6

€M

7.36.7

€15-16M depreciation

D&A

related to the right of use

asset, as a result of the

33.4

30.5

37.7

39.1

16.3

€M(1)

adoption of IFRS 16

5.2

6.6

8.5

11.9

15.2

22.8

15.3

Note: (1) Excludes the amortization of intangible assets acquired through business combinations

38

Source: Company Information.

Adjusted EBIT to Adjusted net income (group share) bridge

ADJUSTED EBIT TO ADJUSTED NET INCOME (GROUP SHARE) BRIDGECOMMENTARY

2019/20, €M

170.7

I

I

Other depreciation and amortization exclude

amortization of intangible assets acquired through

(39.1)

business combinations

131.6

II

II

Net finance costs include interest expenses related to

interest bearing debt, lease liabilities interest, net FX

(31.8)

99.8

gain/loss, finance income and other finance expenses

III

III

Adjusted tax rate of ~23%

(22.6)

77.2

71.9

IV

Mainly attributable to JV in Japan, a country that has the

IV

potential to grow faster than the Group

(5.2)

KEY TAKEAWAYS

Adjusted

Other D&A Adjusted

Net finance

Adjusted

Adjusted

Adjusted

Minority

Adjusted

EBITDA

EBIT

costs

PBT

Income

Net Income

Interest

Net Income

Tax

(Group

Share)

As % of

40.6%

31.3%

23.7%

18.4%

17.1%

revenue

High Adjusted EBIT to Adjusted Net Income conversion driven by efficient organizational & capital structure

Note: See "Non-IFRS Financial Measures" above in the Disclaimer and Appendix for further information and a reconciliation of all historic non-IFRS financial measures included in this presentation.

39

Source: Company Information.

Resilient business performance during global financial crisis

TRAVEL INDUSTRY

LUXURY INDUSTRY

GLOBAL BLUE

Passenger revenue, rebased to 100(1)

Personal luxury goods market, rebased to 100

Tax Free Shopping sales in store, rebased to 100(2)

CAGR:

CAGR:

CAGR:

0%

2%

17%

Global financial crisis

Global financial crisis

Global financial crisis

Resilient during

105

downturns, with flat

YoY performance

100

100

100

during financial crisis

(16%)

(8%)

100

100

92

(0%)

84

Reversion to the mean

with SiS growth

"catching up" when the concerns diminish

136

2008A

2009A

2010A

2008A

2009A

2010A

2008A

2009A

2010A

Resilient performance during economic downturn with less compression vs. the travel & luxury markets, as well as

a stronger reversion / "catch-up" growth thereafter

Note: (1) Estimated revenue of the global passenger airline industry (2) Refers to calendar year (December year end)

40

Source: IATA, Altagamma, Company Information.

FX impact felt instantly

TOTAL UK TAX FREE SHOPPING SIS DEVELOPMENT POST BREXIT

REFERENDUM

YoY growth

Brexit Referendum

~18%(1)

USD/GBP depreciation

44%

post Brexit

43%

referendum

36%

28%

6%

Jun 2016

Jul 2016

Aug 2016

Sep 2016

Oct 2016

KEY TAKEAWAYS

Relative FX rates (origin vs. destination) impact

international shoppers' Tax Free Shopping

demand,

particularly for EM shoppers

Tax Free Shopping demand adjusts instantly to FX

Brexit-drivenGBP-depreciation

impacted demand on the same day

Note: (1) Refers to USD/GBP change between 23 June 2016 and 23 October 2016

41

Source: Company Information.

Strong correlation between FX movements

and SiS with high elasticity for Chinese Shoppers

CHINESE DEMAND IS HIGHLY ELASTIC VIS-À-VIS FX MOVEMENTS

THOUGH STABLE AND GROWING AT ~10%(1) OVER THE LONGER-TERM

Relationship between Chinese SiS in Eurozone and FX CNY/EUR

Chinese Tax Free Shopping SiS in Eurozone, YoY growth

FX CNY/EUR, YoY growth

100%

30%

Correlation = 0.92(2)

+3.0

Elasticity

50%

15%

0%

0%

(50%)

(15%)

Apr 2014

Feb 2015

Dec 2015

Oct 2016

Aug 2017

Jun 2018

Apr 2019

Chinese SiS

(YoY growth)

FX CNY/EUR

(YoY change)

RUSSIAN MACRO VOLATILITY RESULTING

IN LIMITED IMPACT DUE TO LOWER ELASTICITY

Relationship between Russian SiS in Eurozone and FX RUB/EUR

Russian Tax Free Shopping SiS in Eurozone, YoY growth

FX RUB/EUR, YoY growth

60%

40%

Correlation = 0.94(3)

+1.3

Elasticity

30%

20%

0%

0%

(30%)

(20%)

(60%)

(40%)

Apr 2014

Feb 2015

Dec 2015

Oct 2016

Aug 2017

Jun 2018

Apr 2019

Russian SiS (YoY growth)

FX RUB/EUR (YoY change)

Note:

(1) 5 year SiS 2013/14 - 2018/19 CAGR (2) Methodology: regression analysis using the least squares method between YoY change of FX and YoY change of SiS (CNY versus EUR, and Chinese SiS in the Eurozone)42

(3) Methodology: regression analysis using the least squares method between YoY change of FX and YoY change of SiS (RUB versus EUR, and Russian SiS in the Eurozone); Source: Company Information.

Dynamic Currency Conversion Solution

A win-win value proposition for acquirers, merchants, international shoppers, and Global Blue

INTERNATIONAL SHOPPER

€10

ACQUIRER

FEE

PURCHASE

International shopper

International

Issuing bank

AMOUNT:

prompted in local or

shopper selects

debits shopper

£900

home currency

home currency

in home currency

Currency decision:

€1,000 + €30 Fees

FEES: €30

€10

£900(1) / €1,000

MERCHANT

REVENUE

GLOBAL BLUE

SOLUTION

Software

Software

Software

€10

REVENUE

Note: This overview is presented for illustrative purposes only and not as a representation of actual amounts involved in the DCC process. Actual amounts may vary depending on a number of factors, including the revenue share split set out in agreements with acquirer and merchants,

43

expected DCC acceptance rates and market trends. (1) FX fees charged by the issuing bank for the conversion of the £900 purchase amount is equal to or greater than the Global Blue dynamic currency conversion fees. Source: Company Information.

Terms of Global Blue's new credit facilities

Term Loan

Revolving Credit Facility

Borrower

Global Blue Acquisition B.V.

Global Blue Acquisition B.V.

Issue

Term Loan

Revolving Credit Facility

Use of Proceeds

Refinancing of existing debt in connection with the

Financing or refinancing of working capital and/or general

transaction

corporate purposes

Amount

€630M

€100M

Currency

EUR(1)

Security / Ranking

Senior Secured

Senior Secured

Maturity

5.0-yr (bullet repayment)

5.0-yr (revolving facility)

Total Net Leverage

> 4.00x

2.75%

2.50%

Margin

≤ 4.00x > 3.50x

2.25%

2.00%

Ratchet

≤ 3.50x > 3.00x

2.00%

1.75%

≤ 3.00x > 2.50x

1.75%

1.50%

≤ 2.50x > 2.00x

1.50%

1.25%

≤ 2.00x > 1.50x

1.25%

1.00%

≤ 1.50x

1.00%

0.75%

Floor

0.00%

Commitment Fee

N.A.

30% of relevant Margin

Covenant will be tested semi-annually. Total Net Leverage to not exceed 5.00x in the 1st test, 5.00x in the 2nd test,

Financial Covenants

4.75x in the 3rd test, 4.75x in the 4th test, 4.50x in the 5th test, 4.50x in the 6th test, 4.25x in the 7th test, 4.25x in

the 8th test, 3.50x in the 9th test and test thereafter

TLB maturity extended from

2022 to 2025

Starting margin reduced from

~350bps in prior facility

First covenant test in Sep 2021

44

Note: (1) In the case of the Revolving Facility, optional currencies include GBP, USD, SEK, CHF, NOK or DKK and in the case of a Letter of Credit, GBP, USD, SEK, CHF, NOK, DKK, SGD, LBP, AUD or PLN. Source: Company Information.

  1. BUSINESS OVERVIEW
  2. TRANSACTION UPDATE
  3. INVESTMENT HIGHLIGHTS
  4. APPENDIX
    • Financials and reconciliations

45

Simplified capital structure

(31/08/2020)

Total Securities

(M)(1)

Price ($)

Value ($M)

Value (€)

Ordinary Shares

173.8

9.77

(2)

1,698

1,432

Series A Preferred Shares

17.8

10.00

(3)

178

150

Total Equity Value

1,876

1,582

Term Loan

747

630

Drawn RCF

118

99

Capitalized Leases

44

37

Cash

(314)

(265)

Total Adjusted Net Debt

595

501

TEV

2,471

2,083

Source: Company Information, Bloomberg. EUR/USD Exchange Rate 1.186. (1) Table presented on an as converted-basis, assuming €50M of Series A Preferred Shares converted as per initiative announced by the selling shareholders in July 2020. Excluding the impact of this conversion (currently ongoing),

46

Global Blue has 167.8M total Ordinary Shares and 23.7M total Series A Preferred Shares. (2) Share price as at closing on August 31, 2020; (3) Series A Preferred Shares presented at par value.

Non-IFRS adjusted income statement

FY ended in March, €M

FY 2017/18A

FY 2018/19A

FY 2019/20A

Total Revenue

421.4

413.0

420.4

Adjusted operating expenses

(250.4)

(239.4)

(249.7)

Adjusted EBITDA

171.0

173.5

170.7

Other depreciation and amortization

(11.9)

(30.5)

(39.1)

Adjusted EBIT

159.1

143.0

131.6

Net finance cost

(32.1)

(28.7)

(31.8)

Adjusted profit before tax

127.0

114.3

99.8

Adjusted tax expenses

(28.9)

(26.3)

(22.6)

Adjusted net income for the period

98.1

88.0

77.2

Adjusted net income attributable to:

Owners of the parent

94.3

83.5

71.9

Non-controlling interests

3.8

4.5

5.2

47

Source: Company Information.

Reported IFRS income statement

CONSOLIDATED INCOME STATEMENT

FY ended in March, €M

FY 2017/18A

FY 2018/19A

FY 2018/19A

Total revenue

421.4

413.0

420.4

Operating expenses

(361.6)

(354.4)

(379.2)

Operating profit

59.9

58.5

41.2

Finance income

2.4

2.8

5.3

Finance costs

(34.5)

(31.5)

(37.2)

Net finance costs

(32.1)

(28.7)

(31.8)

Profit before tax

27.7

29.8

9.4

Income tax expense

(8.3)

(23.0)

(7.7)

Profit for the period

19.5

6.9

1.7

Profit attributable to:

Owners of the parent

15.7

2.4

(3.5)

Non-controlling interests

3.8

4.5

5.2

48

Source: Company Information.

Balance sheet

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

€M

3/31/2019

3/31/2020

Property, plant and equipment

56.2

51.4

Intangible assets

695.6

631.0

Deferred income tax assets

10.9

12.3

Investments in associates and joint ventures

2.4

2.9

Other non-current receivables

12.7

15.2

Non-current assets

777.8

712.8

Trade receivables

249.3

141.3

Other current receivables

49.2

33.8

Derivative financial instruments

-

0.7

Income tax receivables

3.6

1.6

Prepaid expenses

15.0

7.9

Cash and cash equivalents

104.1

226.1

Current assets

421.3

411.4

Assets

1,199.2

1,124.2

€M

3/31/2019

3/31/2020

Equity attributable to owners of the parent

78.5

63.1

Non-controlling interests

8.4

8.4

Total equity

87.0

71.5

Loans and borrowings

622.4

624.6

Other long-term liabilities

39.2

34.6

Deferred income tax liabilities

49.4

34.6

Post-employment benefits

5.1

8.0

Provisions for other liabilities and charges

1.7

2.2

Non-current liabilities

717.8

704.0

Trade payables

263.7

237.3

Other current liabilities

61.0

46.3

Accrued liabilities

40.0

41.8

Current income tax liabilities

29.8

23.2

Current liabilities

394.4

348.7

Total equity and liabilities

1,199.2

1,124.2

49

Source: Company Information.

Reconciliations (1/4)

ADJUSTED EBITDA RECONCILIATION

FY ended in March, €M

FY 2017/18A

FY 2018/19A

FY 2019/20A

Profit for the period

19.5

6.9

1.7

Net finance cost

32.1

28.7

31.8

Income tax expense

8.3

23.0

7.7

Depreciation and amortization(1)

86.7

105.1

113.6

Exceptional items(2)

24.4

9.9

16.0

Adjusted EBITDA

171.0

173.5

170.7

Other depreciation and amortization

(11.9)

(30.5)

(39.1)

Adjusted EBIT

159.1

143.0

131.6

ADJUSTED OPERATING EXPENSES

FY ended in March, €M

FY 2017/18A

FY 2018/19A

FY 2019/20A

Operating expenses

(361.6)

(354.4)

(379.2)

Exceptional items(2)

24.4

9.9

16.0

Amortization of intangible assets acquired through business combinations

74.8

74.6

74.5

Other depreciation and amortization

11.9

30.5

39.1

Adjusted operating expenses

(250.4)

(239.4)

(249.7)

Source: Company Information.

50

Note: (1) Depreciation and amortization consist of (i) amortization of intangible assets acquired through business combinations and (ii) other depreciation and amortization. (2) Exceptional items consist of items which Global Blue does not consider indicative of its ongoing

operating performance, not directly related to ordinary business operations and which are not included in the assessment of management performance.

Reconciliations (2/4)

ADJUSTED PROFIT BEFORE TAX and ADJUSTED NET INCOME

FY ended in March, €M

FY 2017/18A

FY 2018/19A

FY 2019/20A

Profit before tax

27.7

29.8

9.4

Exceptional Items(1)

24.4

9.9

16.0

Amortization of intangible assets acquired through business combinations

74.8

74.6

74.5

Adjusted profit before tax

127.0

114.3

99.8

FY ended in March, €M

FY 2017/18A

FY 2018/19A

FY 2019/20A

Profit attributable to owners of the parent

15.7

2.4

(3.5)

Exceptional items(1)

24.4

9.9

16.0

Amortization of intangible assets acquired through business combinations

74.8

74.6

74.5

Tax effect of adjustments(2)

(20.6)

(3.4)

(14.9)

Adjusted net income (Group Share)

94.3

83.5

71.9

UNLEVERED NET INCOME

FY ended in March, €M

FY 2017/18A

FY 2018/19A

FY 2019/20A

Operating profit

59.9

58.5

41.2

Exceptional Items(1)

24.4

9.9

16.0

Amortization of intangible assets acquired through business combinations

74.8

74.6

74.5

Adjusted EBIT

159.1

143.0

131.6

Unlevered tax(3)

(36.1)

(32.9)

(29.9)

Unlevered adjusted net income

122.9

110.2

101.7

Source: Company Information.

Note: (1) Exceptional items consist of items which Global Blue does not consider indicative of its ongoing operating performance, not directly related to ordinary business operations and which are not included in the assessment of management performance. (2) The exclusion

of exceptional items and amortization of intangible assets acquired through business combinations mechanically implies an increased tax payment. There are certain exceptional income tax expenses, which are not related to the financial year and, as such are excluded.51

(3) Based on Effective Tax Rate calculated as Adjusted Income Tax divided Adjusted PBT.

Reconciliations (3/4)

ADJUSTED INCOME TAX EXPENSE

FY ended in March, €M

FY 2017/18A

FY 2018/19A

FY 2019/20A

Income tax expense

(8.3)

(23.0)

(7.7)

Income tax expenses related to amortization of intangible assets acquired through

(15.1)

(15.1)

(15.1)

business combinations

Tax impact of exceptional items

(8.3)

(2.8)

(1.2)

Exceptional income tax expenses(1)

2.7

14.5

1.3

Tax effect of adjustments

(20.6)

(3.4)

(14.9)

Adjusted tax expenses

(28.9)

(26.3)

(22.6)

CASH FLOW SUMMARY

FY ended in March, €M

FY 2017/18A

FY 2018/19A

FY 2019/20A

Adjusted EBITDA

171.0

173.5

170.7

Capital expenditure(2)

(26.6)

(33.4)

(37.7)

Adjusted EBITDA - capital expenditure

144.4

140.1

133.0

Cash Flow Conversion Rate (%)

84.5%

80.8%

77.9%

Interest paid

(26.8)

(24.5)

(24.6)

Income taxes paid

(24.7)

(28.3)

(28.1)

Principal elements of lease payments

-

(14.2)

(15.3)

Dividends paid to non-controlling interests

(3.5)

(3.9)

(4.8)

Free Cash Flow to Equity (Group Share)

89.4

69.2

60.3

Source: Company Information.

52

Note: (1) Exceptional income tax expenses relate mainly to the tax audit of Global Blue's Italian Subsidiary. (2) Capital expenditure is defined as purchase of tangible and intangible assets.

Reconciliations (4/4)

LEVERAGE RATIO

FY ended in March, €M

FY 2017/18A

FY 2018/19A

FY 2019/20A

Principal value of non-current loans and borrowings

630.0

630.0

630.0

Current lease liabilities

-

13.7

14.0

Non-current lease liabilities

-

32.4

27.8

Cash and cash equivalents

(50.7)

(104.1)

(226.1)

Adjusted net debt

579.3

572.0

445.6

Adjusted EBITDA (on a rolling 12-month basis)

171.0

173.5

170.7

Leverage ratio

3.4x

3.3x

2.6x

NET DEBT

FY ended in March, €M

FY 2017/18A

FY 2018/19A

FY 2019/20A

Adjusted net debt

579.3

572.0

445.6

Capitalized financing costs

(17.2)

(13.4)

(9.7)

IFRS 9 loan modification impact

-

5.8

4.3

Other bank overdraft(1)

3.0

2.1

1.1

Net debt

565.1

566.6

441.3

Source: Company Information.

53

Note: (1) Local credit facilities are available in certain jurisdictions. None of these local overdraft facilities were committed in nature.

Disclaimer

Global Blue Group Holding Ltd. published this content on 26 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 November 2020 09:44:45 UTC


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Jacques Stern Chief Executive Officer & Director
Thomas W. Farley Chairman
Christian Y. Lucas Director
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