Good morning, afternoon, everybody. I am Loic Jenouvrier, the CFO for Global Blue, and I will take you through the group's financial performance for the third quarter and nine-month period ended December 31st, 2021. I will then hand over to Jacques Stern, our CEO, who will present the latest tax-free shopping trends and the recovery scenario. As a reminder, our financial year runs from April to March, hence, this is our Q3 and nine months full year 2021, 2022 results announcement. Let's move to slide four for the main takeaways for the reported period. First, although COVID continues to have an impact on the travel industry, we have seen notable signs of recovery with a significant increase in revenue of 174% in Q3 this year versus Q3 2021, and an increase of 154% in nine months. Second, if we look specifically at revenue improvement within TFS and AVPS, it is very pleasing to see the strong quarterly improvement with revenue recovery versus pre-COVID, increasing from 14% in Q1, to 22% in Q2, and to 32% in Q3. This dynamic reflects the ongoing recovery of the tourism industry as a result of the vaccination rollout, countries relaxing travel restrictions, and an increase in pent-up demand, with which Jacques will cover later in the presentation. Third, the savings program we implemented in the early stages of the pandemic in March 2020 continues to deliver, and our fixed adjusted operating expenses, excluding the scope effect of CRTS, have reduced by 42% in nine months versus the pre-COVID period. Finally, thanks to the revenue recovery dynamic and strict management of the cost base, we have seen a significant improvement in adjusted EBITDA and are very pleased to report a positive adjusted EBITDA of EUR 3.3 million in this financial year versus a loss of EUR 8.9 million in Q3 2021. Moving now to slide six. Here we present our adjusted P&L for the third quarter. W e adjust our P&L to exclude all exceptional items which are non-recurring in nature, as well as the amortization of acquired intangible asset, mostly related to the purchase price allocation made in 2012 when Silver Lake and Partners Group acquired Global Blue. You will see in appendix all reconciliations to the nearest IFRS metrics. As mentioned earlier, our revenue increased by 174% or EUR 24.6 million to EUR 38.9 million in Q3 versus EUR 14.2 million in Q3 full year 2021. TFS and AVPS revenue in Q3 is at 32% of pre-COVID levels, and I will talk you through the details of all of this on the next slide. Turning now to adjusted operating expenses. They have been reduced by EUR 30.7 million compared to pre-COVID levels, and this is a result of all actions taken in early spring 2020 when travel restrictions began. At the early stages of the pandemic, we adopted a wide range of short-term measures which focused on personal and non-personal costs. Turning to adjusted EBITDA. We have also seen a significant improvement in our adjusted EBITDA and are pleased to report a positive adjusted EBITDA for the first time since the beginning of the COVID-19 crisis. You can see adjusted EBITDA was positive EUR 3.3 million in Q3 versus a EUR 8.9 million loss in Q3 2021. The improvement is due to the significant increase in the top line and the continued strong focus on the cost base. After G&A, finance cost, income tax and non-controlling interest, we recorded a loss in adjusted net income for the group of EUR 14 million in Q3 2022 versus a loss of EUR 20.9 million in Q3 2021. Now let's turn to slide seven for an overview of the segmental revenue. As already mentioned, TFS and AVPS revenue in Q3 is at 32% pre-COVID levels. When comparing revenue recovery between AVPS and TFS, AVPS is recovering quicker as it is less exposed to international travel. If we turn to TFS, we can see a strong quarterly improvement with revenue increasing from 11% in Q1, to 21% in Q2, and to 31% in Q3 versus pre-COVID levels. If you look at the regional breakdown, we have seen a significant improvement in Europe as countries have eased COVID restrictions and most corridors were open with limited or no restrictions. Jacques will go through this in more details, but typically in Europe we are seeing a strong increase in nationalities like Gulf countries and the U.S., and also seeing an increase in the pent-up demand. There has been a slower uptick in APAC, as border control remains strict across destinations. Turning now to AVPS. We also see a quarterly improvement with revenue increasing from 30% in Q1 to 31% in Q2, and to 37% in Q3 versus pre-COVID levels. Similar to TFS, a significant recovery in Europe was offset by a slowing one in APAC as borders in many regions remain closed. We also have EUR 3.6 million of revenue from CRTS, reflecting the acquisition of ZigZag in March 2021 and with the consolidation of Yocuda from September 2021. Turning now to slide eight for a quick review of our Q3 adjusted operating expenses. As you will have seen in our adjusted P&L, our adjusted operating expenses reduced by EUR 30.7 million from the pre-COVID level of EUR 66.3 million to EUR 35.6 million in Q3 2021-2022. Variable costs reduced by 80% versus a decrease in revenue of 68% in AVPS and TFS. Along with the volume-driven cost reduction, there has been a reduction of 36% in the adjusted fixed operating expenses. Those savings of EUR 14.6 million were a result of the ongoing savings program, which was implemented in March 2020. The short-term measures took advantage of various government support schemes, which in most cases have expired, although some countries, such as Germany, still maintain them. A portion of the cost saving achieved by the short-term measures were limited in time, and you can see adjusted operating expenses increased in Q3 2021-2022 versus Q3 2021. As government grants are no longer available, fixed cost increased as business resumes, and we rehire certain position in line with the recovery. Jacques will talk you through the long-term savings in the context of the recovery later in the presentation. Finally, we show the scope effect of CRTS for a total of EUR 4.4 million operating expenses. Now, let's turn to nine-month full year 2021-2022 adjusted P&L on slide 10. You can see the significant increase in revenue of 154% or EUR 52.6 million to EUR 86.8 million in nine months, versus EUR 34.2 million in nine months, full year 2021. Adjusted operating expenses have been reduced by EUR 98.1 million to EUR 94.6 million in nine months 2021-2022, versus the pre-COVID level of EUR 192.8 million, and as previously mentioned, it is a result of management action taken in early spring 2020. On adjusted EBITDA, again, we are showing a significant improvement of EUR 20.5 million to a loss of EUR 7.8 million in nine months this fiscal year versus EUR 28.3 million loss last fiscal year. I remind you that adjusted EBITDA this year was flat in the Q2 and positive by EUR 3.3 million in Q3. After D&A, finance cost, income tax, and non-controlling interest, adjusted net income for the group was a loss of EUR 53.7 million in nine months FY 2021-2022 versus a loss of EUR 64 million in nine months 2021. Let's turn now to slide 11 for a review of our nine-month adjusted operating expenses. Adjusted operating expenses. Here we are showing the deviation versus pre-COVID levels. You will have seen in our adjusted P&L our adjusted operating expenses reduced by EUR 98.1 million from EUR 192.8 million two years ago to EUR 94.6 million this year. Variable costs reduced by 83% versus a revenue decrease of 77% in AVPS and TFS. Beside the volume-driven cost reduction, there has been a reduction of 42% or EUR 50.2 million of adjusted fixed operating expenses. As outlined earlier, these savings are a result of the cost-saving program implemented in 2020. Finally, we show the scope effect of CRTS for a total of EUR 11.9 million operating expenses. Turning now to slide 12 for a summary of other cost. Here you can see the detail on adjusted D&A as well as net finance cost. D&A slightly decreased by 3%, versus last year to EUR 30.3 million, and reflects the reduced level of CapEx in COVID environment. This level of D&A reflects the expected P&L impact going forward. To net finance cost. Cost increased by 9% to EUR 18.7 million versus nine months 2021, and was mainly due to less favorable foreign exchange results and higher interest cost on senior debt due to a higher leverage ratio. Now, let's move to slide 13 for an analysis of our 9-month net debt variance. After an adjusted EBITDA loss of EUR 7.8 million, the level of CapEx was EUR 15.7 million and is essentially related to technology development. We have reduced the level of CapEx versus pre-COVID, but however, continued to invest in strategic project for the company's future. Turning now to working capital. As we see the travel industry start to recover, we see volume growth, which leads to an increase in our working capital need. For nine months 2021-2022, we had a working capital outflow of EUR 42.2 million, which was largely driven by increasing volumes. Those increasing volumes drive an increase in working capital as tourists get refunded upfront and about a month later, we collect the VAT from tax authorities. Our working cap increases as business volume increase, and is highest during the summer season since passenger volume tend to increase during the summer holidays. A reminder, our net working capital outflow was EUR 55 million in H1 2021-2022. Similarly, our working capital decreased rapidly after the summer holidays and as we release working caps that has built during summer. Finally, interest paid in the period was EUR 10.9 million, and lease payment were EUR 9.4 million. In summary, our net financial debt increased by EUR 93.7 million. Turning now to slide 14 for an overview of our net debt. As of December 2021, our net financial debt amounted to EUR 639.9 million, consisting of EUR 630 million of senior debt, EUR 99 million of revolving credit facility, and EUR 89.1 million of cash and cash equivalents. Both our senior debt and revolving credit facility have a maturity date of August 2025. A reminder on the covenant conditions relating to the facility. On October 4th, 2021, we received an extension to the covenant waiver previously obtained on February 2021. With this extension, the first testing date will be March 31st, 2023. It will then be a semi-annual test and will start with a leverage ratio not exceeding 4.75, stepping down progressively to 3.5 by maturity. We have agreed to a liquidity floor of EUR 35 million, but this condition will cease to apply if the revenue of the group for any calendar month returns to 40% of pre-COVID levels. In addition to the waiver agreement, an extension of the availability period for our loan agreement with Silver Lake was extended to 8th of April 2022. This $75 million was undrawn as of December 2021 and is still undrawn as we speak. Finally, let's move to slide 15 for an overview of our liquidity. Our liquidity stands at EUR 174 million, consisting of EUR 89 million of cash and EUR 85 million of additional liquidity. The EUR 85 million of additional liquidity includes $75 million of Supplemental Liquidity Facility provided by Silver Lake. On the left of the slide, you can see our average monthly cash outflow, excluding working capital dynamic, which amounted to EUR 3.7 million in Q3 2022. This comprised thirteen million revenue and adjusted EBITDA of plus EUR 1.1 million, EUR 1.9 million of CapEx, EUR 1.1 million of lease payment, and EUR 1.8 million of normalized interest paid. Interest are normalized because they are paid twice a year in Q2 and Q4. In summary, with EUR 174 million of liquidity, our expenditures are well covered going forward. This concludes the financial section, and I will now hand over to Jacques Stern to present the latest tax-free shopping trends and recovery scenario. Thank you, Loic. I will start by the recent trend. So as mentioned by Loic, the Q3 of our financial year was showing a recovery in terms of revenue in Europe. You can see the figure in terms of tax-free spend issued. So 48%, of which 51% in November and December. Equally important, you can see that January and February have shown also more or less the same type of trend in terms of recovery. Slightly lower, probably because a little bit of O micron psychological effect, but also because the basis of comparison include the Chinese New Year in 2019 and therefore more Chinese. We know that the recovery is not driven by Chinese, so a base effect from that point of view. Overall, until the end of February, I would say a recovery with a shape which was positive week after week. You see on the right side of the chart that this recovery was mainly seen in France among the large countries, and in a lesser extent in Italy. If we look now to the learnings of this past six months since summer of recovery, I think we can really call the recovery strong and immediate for the corridors which are open. In this slide, you see that we have split the countries of origin by easiness of capacity to come in Europe. In particular, you see in the green box the corridors which were considered as open, countries like the U.S. or the Gulf countries or Middle East, were coming to Europe in a smooth way. Some tests from time to time, some forms to fill in, but no quarantine either, when coming to the countries in Europe or going back home. You see that this category has accelerated in terms of recovery in the last three quarters, reaching a level above 2019's figures in the last quarter. Compared to corridors which are closed, namely because of quarantine. If we think about China, for example, when you go back to China, you have to do three weeks of quarantine, which two in a special facility from the government, where this category have shown no recovery since then. How to illustrate that this recovery is strong and immediate? I will show you a couple of slides to understand why it's strong and immediate. Strong first, because what we have seen in the last months, and in particular in our Q3, is a pent-up demand which translate for us as more transaction per consumer and more average spend per transaction. You can see in this slide, if I take the Gulf country in yellow, that in the Q3 of our fiscal year, the number of globe shoppers were 84% recovered compared to 2019, the amount of spend was 153%. Pent-up demand of 82%. You can see that this has been seen across the board for American, for Middle Eastern, for Swiss people, which are more cross-border. First message, strong recovery when corridors are open based on pent-up demand. Second message is, when we have corridors which are open, we see an immediate recovery. I've taken here the example of Singapore, which reopened their borders to outbound travel mid-November. You can see in this chart that immediately we have seen an acceleration of Singaporean coming to Europe to a point that we were almost at 100% of recovery after two weeks of reopening. In summary, strong and immediate. Another way to see it also is a deep dive on two nationalities, the U.S. and later I will do the Gulf country. You see the acceleration of the recovery here quarter by quarter from U.S. traveler coming into Europe. You can see that clearly we have seen a very strong correlation between the air traffic recovery during this Q3, it has been 56%, and the number of international shoppers that we have seen shopping in Europe, 50%. The difference between the airlines and our figures is what I was calling the pent-up demand. More spending by the consumer, which had enabled us to have a recovery for the U.S. in terms of spend of 91%. Exactly the same thing if you think about the Gulf country, where you see that they have reached 150% of 2019. 50% more than in 2019, and there also an effect which is coming from the number of travelers, but also coming more importantly through the pent-up demand. In summary, in Europe, it's really around pent-up demand and reopening of the corridor where we can see the recovery. Compared to APAC where, as you, I'm sure are aware, the border remained mostly closed. Singapore in January have reopened also their inbound travel. Very, I would say, with precaution, I would say. i.e., with travel corridors in Europe, but not so much with the traditional corridor which are important for Singapore, i.e., China, which is still closed because of the quarantine, but also Japan or Korea, which are important. Nevertheless, a small increase, as you can see in this slide, in January and in February. Besides those recent trends and the learnings that we can take away from that, let's think about what could be the next step of the recovery, having in mind that in the past five or six days, the world has changed following the intervention of the Russian troops in Ukraine. In order to assess this recovery profile, three drivers that are needed to be understood to project ourselves. First, the willingness of the travelers to travel. Secondly, the reopening of the corridors. You have seen that it's very important when corridors are reopened, we see strong and immediate recovery. This is probably one of the main items to consider in order to evaluate the profile of the recovery. Obviously, the third one, which is the air traffic supply and demand, i.e., are the planes there in order to, when corridors are open, the international traveler to travel to Europe or APAC, i.e., their destination. Obviously the element that I will show you in the next few slides were done in January or February. I'm not taking into account the recent development in Ukraine. But I will have a slide which give you the best of our thought at this stage, after 6 days of conflict. The first message that I can relay to you is that based on survey that we do every month, around 15,000 shoppers are surveyed. We can see that there's a strong intention to travel from our customer base in particular, and we have seen it in reality from U.S. and GCC, but also Southeast Asian, for which you will see the border will soon be reopened. The second is the corridors. Are they open or not? We have seen that U.S. and GCC, which account respectively for 7% and 8% of our business in 2019, are already reopened. We were foreseeing that Russia in the summer 2022 should be reopened with the vaccination approval from E.U. Clearly, the situation has changed. Russia today should be considered as closed, at least for the foreseeable future. You will see that Russian before COVID were r epresenting 6% of our business worldwide in terms of volume. In terms of reopening in Asia, which is, as you know, a very important origin market for us, we consider that China, which represent pre-COVID 36% of our volume, will not reopen in 2022, and we are expecting a reopening in 2023. There may be two or three element to comment on that. First is that you may have seen in the recent press that the Chinese government is thinking about changing of policy. It's very new. They will probably a bit like Singapore trying to have travel corridors very limited at the beginning. It's already a good sign that I would say 12 months or 10 months before our thinking of reopening of international business, China is starting to think about living with COVID. It's very early days, but it's a good sign. The second information also is what was issued by an aviation government body in China, which basically was stating that international flight will resume early 2023. Based on that, we assume no Chinese business in 2022, but a reopening in 2023. On the opposite, Southeast Asian, which account for 15%, so it's a combination between Singapore, which is already reopened in terms of outbound market, but also Indonesia, Thailand, Malaysia, are progressively reopening. Thailand has reopened their borders, and in the next coming months, we foresee that Indonesia and Malaysia will reopen, and in particular, this is our expectation for the summer, which is, as you know, a very important season in Europe for our business. Third element to have in mind, air traffic demand. You can see in this chart, which has been done with our partner ForwardKeys, that the demand for the next few months is increasing steadily, which I think is a very good sign of all the recovery. Obviously, as I was mentioning, those three driver which were adding positively in Europe at least in the short term and in APAC for the midterm, obviously should be monitored based on what happened in Ukraine after the intervention of the Russian army there. Few elements to give you there. First of all, as I was mentioning, Russian travelers in Europe were in 2019 representing 6% of our sales in store worldwide, whereas in the last three months they were accounting for 4%. Reason why it was lower for now was the fact that the Sputnik V vaccine were not recognized by most of the European countries and therefore mostly the borders were closed to Russian tourists. What is sure is following the air traffic restriction, the ruble devaluation, and the sanction, this business in Europe will be affected for a while, to say the least. This is why before the slide that I was showing, we were thinking now that the corridor will be closed for the foreseeable future. Obviously the question again then arises, which is, we understand that Russians represent, you know, 4% of the last three months, but will Europe be less attractive for the Americans, the Middle Eastern, the Gulf countries than it has been in the recent months? There, to be honest, I have no crystal ball. I cannot tell you. The only thing that I can say based on our experience of more than 10 years of track record of those kind of event, even though a war is by definition not comparable to terrorist attack or things like this. The most likely scenario, or at least the one that we have in mind today, is that in the next couple of weeks long-haul travel can be disrupted. Therefore, we can see a recovery level which is at least not increasing like we have seen in the last months, if not going back. In the midterm we have seen that in most of the case it's recovering quickly, and therefore, the duration of the conflict will be a key element to assess the midterm effect on the long haul travel in Europe. Last but not least, our business in Russia, you know that we are in Russia since 2018. This represent around 1% of our tax-free sales in 2019-2020. Most of this business is not coming from European, it's coming from country which have not at least now imposed sanctions, so China, Gulf country or former CIS, so Russian or USSR countries. Obviously, the devaluation of the ruble can be good. To be very direct there, the question will be if we can operate there, as you have heard, I'm sure, no transfer of funds is possible, and therefore, we are challenging ourself to understand how we can operate in that. Big picture, it represent 1%. With that in mind, what are we planning for our last quarter of fiscal year 2021-2022? We are planning a 40%-50% recovery compared to 2019, which compared to 49% in Q3, directly an impact of the Russian intervention in Ukraine and a slight improvement in CIS between 10%-15%. If I move from the very short term and I take a little bit of a, you know, step back, couple of information that I want to share or re-share with you. The first is to remind you that we have an EBITDA breakeven of around 25% of our revenue, and you have seen it during the Q3 where with a 30% type of revenue we have been able to post an EBITDA positive of EUR 3.3 million. Obviously another mark also important to have in mind is the 40% revenue which would enable us to have a cash breakeven, so after CapEx, after tax and after interest. Obviously if we project ourself even a little bit more, obviously, one of the question, and Loic was talking about that several minutes ago, is what are the long-term effects of the short-term setting that you have made? Couple of figures there. You have those figures I'm sure in mind, but during the heat of the COVID crisis, so in 2021, for us in our fiscal year 2021, we have made a EUR 84 million saving on our fixed cost and we have also seen the variable cost going down at the level of our revenue. This 84% represents slightly above 50% of our pre-COVID fixed cost of EUR 159 million. From this amount of EUR 84 million, we have seen already the first effect in Q3. We will not have any more government support, which has accounted for EUR 18 million. We also will have to take on board new fixed cost when the business is resuming. We evaluate that to around EUR 10 million. Also we will have no more airport minimum annual guarantee holiday, which accounted for EUR 6 million. The long-term saving that we have in mind is EUR 50 million, which represent around 30% of the fixed cost pre-COVID. Important to mention that, based on the level of recovery, we'll have also to rehire some, what we call semi-fixed position. Typically, our operation center which process transaction, which is totally volume driven, or the people who are in the refund point, which are also volume driven. Therefore, as a proxy, we have mentioned that, at 70% recovery in terms of revenue, we would have a EUR 42 million saving. I think this chart that we have already exchanged with you or shown to you, I think it is important because it show that the what could be the long term effect of the saving on our margin at each level of the recovery step. Obviously, the one which is probably the most interesting to see is that at 100% of recovery of revenue, we're expecting a EUR 35 million long term saving. I must mention that this exclude inflation impact. Obviously, when two years ago we have done, inflation was not on the table. Today, it's on the table. Clearly this is to be taken into account. For me, importantly, we have, thanks to the situation that we have, taken long-term measure which will have positive impact on the operating gearing. Namely, everything being equal, you would have the 800 basis point increase of EBITDA margin going from 42% pre-COVID to 50% if we were returning to 100% of revenue. Time for me now to conclude. I will confirm what I've said already for a few quarters. I really believe that we have strong fundamentals. They are still there. The dynamic of the emerging countries, i.e., more wealth in emerging countries, leading to more travel outbound, leading to more shopping in country where we have the VAT refund. Also the VAT dynamics, which is more countries going to the system of tax-free shopping, but also the increase of VAT. Clearly, the budgets of states after COVID are more and more stretched, and there will probably be VAT increases in a lot of countries. We have seen, for example, recently Singapore saying that they will increase VAT to 8% and 9% in the next two years. Just an example, but it's something which will benefit to us. Digitalization. We have made a lot of progress during the COVID period, moving from 57% to 85% plus the transaction which are end-to-end digital. This will have a positive impact on our success ratio, and this dynamic will continue. Obviously, the last one, thanks to our RetailTech acquisition, where we are now exposed to e-commerce, which is also an element which is a fundamental growth driver for Global Blue. All in all, despite everything, including the most devastating recent event in Ukraine, we believe in the future of this company. Therefore, I will be happy to comment to you in the same way at the annual report later this year of the full year. Thank you very much and happy to connect with you through our investor relations in the coming weeks.
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