Good morning, good afternoon, everybody. I'm Roxane Dufour, the CFO of Global Blue, and I will take you through the group's financial performance for the fourth quarter and 12 months period ended March 31st, 2022. I will then hand over to Jacques Stern, our CEO, who will take you through the 2021/2022 key achievements and give an update on the recovery. I will start with the key message for the fourth quarter and 12 months financial performance, and I will take you through the Q4 income statement, followed by an overview of the segmental revenue. Finally, I will present the full year detail and conclude with a summary of the recent strategic investment from Certares and Knighthead. Again, a reminder that our financial year runs from April to March, hence this is our Q4 and financial year 2021- 2022 results announcement. Let's move to slide seven for the financial performance. To begin with, here are the main takeaways for the reporting period. First, we are pleased to report ongoing signs of recovery with a significant increase in revenue of 182% in financial year 2021/2022 versus financial year 2021. Second, looking specifically at revenue improvements within TFS and AVPS, it is very pleasing to see the strong quarterly improvement with revenue increasing from 14% in Q1, to 22% in Q2, to 32% in Q3, and 43% in Q4 versus financial year 2019/2020. This increase is reflective of 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, which Jacques will cover later in the presentation. Third, the savings program implemented by management at the early stage of the pandemic in March 2020 continues to deliver, and our fixed adjusted operating expenses, excluding the scope effect of CRTS listing costs and inflation, have reduced by 39% in financial year 2021/22 versus financial year 2019/2020. Finally, thanks to the strong revenue growth and strict management of the cost base, we have a significant improvement in Adjusted EBITDA and are very pleased to report a strong improvement in Adjusted EBITDA of EUR 30 million to - EUR 9.9 million in financial year 2021/22 from - EUR 39.9 million in financial year 2021. Moving now to slide 9. Here we present our adjusted P&L for the fourth quarter. We adjust our P&L to exclude all exceptional items which are non-recurring in nature, as well as the D&A, the amortization of acquired intangible assets, mostly related to the purchase price allocation made in 2012 when Silver Lake and Partners Group acquired Global Blue. You will see in the appendix all reconciliation to the nearest IFRS metrics. Our revenue increased by 274%, or EUR 28.7 million to EUR 39.2 million in Q4 financial year 2021/2022 versus EUR 10.5 million in Q4 2021. TFS and AVPS revenue in Q4 is at 43% of pre-COVID level, and I will talk you through the details of this on the next slide. Looking at the adjusted operating expenses, these have been reduced by EUR 15.7 million compared to pre-COVID levels, and this is as a result of management action taken in early spring 2020. At the early stage of the pandemic, we adopted a wide range of short-term measures which focused on personnel and non-personnel costs. These short-term measures took advantage of various government support schemes, which in most cases have expired or are due to expire soon. A portion of the cost savings achieved by those short-term measures were limited in time, and you can see adjusted operating expenses increased in Q4 2021/2022 versus 2021. As government grants are no longer available, fixed costs increase as business resumes, and we rehire certain positions to support the recovery. Jacques will talk you through the long-term savings in the context of the recovery later in the presentation. Turning to Adjusted EBITDA, we have seen a significant improvement in our Adjusted EBITDA. You can see Adjusted EBITDA was - EUR 2.1 million in Q4 2021/2022 versus - EUR 11.6 million in Q4 2021. The improvement is due to significant increase in the top line and the continued strong focus on the cost base. After D&A finance costs and income tax and non-controlling interest, we recorded a negative adjusted net income for the group of - EUR 16.7 million in Q4 2021/2022 versus - EUR 25.7 million in Q4 2021. Now, let's turn to slide 10 for an overview of the segmental revenue. Starting with TFS and AVPS, revenue in Q4 2021/2022 is at 43% of pre-COVID level, which is 39% recovery for TFS and 62% for AVPS. If we turn to TFS, we can see a strong quarterly improvement with revenue increasing from 11% in Q1, 21% in Q2, 31% in Q3, and 39% in Q1 2021/2022 versus pre-COVID level. Turning now to AVPS, we also see a quarterly improvement with revenue increasing from 30% in Q1, 31% in Q2, 37% in Q3, and to 62% in Q4 versus pre-COVID level. AVPS is recovering a bit quicker than TFS as it's less exposed to international travel. We also have EUR 3.8 million revenue from CRTS, reflecting the acquisition of ZigZag in March 2021 and consolidation of Yocuda from September 2021. I will now walk you through our financial year 2021-2022 performance, turning to slide 12 for our review of our adjusted P&L. Turning to the full-year performance, here we are showing the adjusted P&L for the full year. You can see the significant increase in revenue of 182%. Adjusted operating expenses have reduced by EUR 113.8 million to EUR 135.8 million in financial year 2021-2022 versus pre-COVID level of almost EUR 250 million. On Adjusted EBITDA, again, we are showing a significant improvement of EUR 30 million to -EUR 9.9 million in financial year 2021-2022 versus -EUR 39.9 million in financial year 2021. After D&A, finance cost, income tax, and non-controlling interest, adjusted net income for the group was -EUR 70.4 million in financial year 2021-2022. Let's turn to slide 13 for a review of our adjusted operating expenses. You will have seen in our adjusted P&L our adjusted operating expenses reduced by EUR 113.8 million from the pre-COVID level of EUR 249.7 million to EUR 135.8 million for financial year 2021-22. Variable costs reduced by 80% versus a revenue decrease of 73% in AVPS and TFS. Besides the volume-driven cost reductions, there has been a reduction of EUR 61.4 million of adjusted fixed operating expenses, equating to a 39% average annual reduction. As outlined earlier, these savings as a result of the cost-saving program implemented in 2020 at the outset of the pandemic. Finally, we show the listing inflation impact and the scope effect of CRTS for a total of EUR 16.8 million. Turning now to slide 14 for a summary of D&A and finance cost. Here you can see the detail of adjusted D&A, as well as net finance cost in slide 14. D&A, they decreased by 4% versus financial year 2021 to EUR 40.2 million and reflects the reduced level of CapEx in a COVID environment. The level of D&A for financial year 2021-2022 reflects the expected P&L impact going forward. To net finance costs. The cost increased by 3% to EUR 24.6 million and was mainly due to higher interest costs on senior debt due to higher leverage ratio. Now let's move to slide 15 for an analysis on our debt finance. After an Adjusted EBITDA loss of EUR 9.9 million, the level of CapEx was EUR 21.1 million in financial year 2021-22, and is essentially related to technology development. We have significantly reduced the level of CapEx from EUR 37.7 million in financial year 2019-2020, and we do, however, continue to invest in strategic projects for the company future. Turning now to the working capital. As we see the travel industry start to recover and we see volume growth, which leads to an increase in our working capital needs. For financial year 2021-2022, we had a working capital outflow of EUR 47.1 million, which was largely driven by increasing volume. Finally, interest paid in the period was EUR 21.1 million, and lease payments were EUR 13.4 million. In summary, our net debt, our financial net debt increased by EUR 131.1 million. Turning now, slide 16 for an overview of our net debt. As of March 2022, our net debt, financial net debt amounted to EUR 677.3 million, consisting of EUR 630 million of senior debt and EUR 99 million of revolving credit facility and EUR 51.7 million of cash and cash equivalents. Both our senior debt and revolving credit facility have a maturity date of 28th August 2025. You have a reminder of the covenant conditions relating to the facility. On 4rth October 2021, we received an extension to the covenant waiver previously obtained on 3rd February 2021. With this extension, the first testing date of the total net leverage financial covenant will be 31 March 2023. It will be a semi-annual test and will start with a leverage ratio not exceeding 4.75x, stepping down progressively to 3.5x by maturity. Now, let's move to slide 17 for an overview of our recent investment agreement with Certares and Knighthead. As a reminder, on 6th May 2022, we entered into an investment agreement with Certares and Knighthead, which completed earlier this month. Under the terms of the agreement, Certares, Knighthead have invested $225 million of which $180 million is for Series B preferred shares and $45 million is for common shares. The common shares were issued at a price of $5.24 per share, translating to approximately 9 million shares. The Series B preferred shares were issued at a price of $8.50 per share, a premium of approximately 70% to recent trading level, and will carry a 5% annual pay-in-kind dividend rate and are convertible into approximately 21 million registered common shares on a one-for-one basis. In effect, Certares and Knighthead have 13% as converted ownership of total share capital in Global Blue. As part of the agreement, Tom Klein will join the board of Global Blue. Tom is Senior Manager of Certares and brings deep industry knowledge and expertise, having three decades of experience in the travel and tourism technology ecosystem. Turning now to slide 18 for an overview of the pro forma net debt. Here we are showing the pro forma net debt, including the $65 million supplemental shareholder facility and the $225 million strategic investment from Certares and Knighthead, which will be accounted for in equity in financial year 2022-2023. The supplemental shareholder facility was drawn in April 2022 to finance the working capital needs associated with the significant recovery underway in our tax-free shopping business. The existing Senior Facility Agreement allows the supplemental shareholder facility and the new equity investments to be added back to EBITDA in the financial covenant testing for the relevant period ending 31st March 2023. This concludes the financial sections, and I will now hand over to Jacques Stern to present the latest Tax Free Shopping trends and recovery scenario. Thank you, Roxane. Let's now see the achievement for the year 2021-2022. A few comments that I would like to do, and I will start first by Tax Free Shopping and the commercial aspect. It has been a quite good year in terms of signing new clients. You can see that the total net sales in-store gain for the year has been EUR 800 million. And you can see logos, Global or international account or local account, on the slide. Two or three comments. You can see that we have been in particular successful in Japan and in Poland, signing up new client on the back of digitalization of those two country. I will come back to that in a second. Also very pleased to announce that Balenciaga and L'Occitane have joined the Global Blue network. If I move to the slide 21 about digitalization, you can see that if you add up the digital validation mandatory and optional, we are almost at 90%, which is a very good figures with in particular during the year two countries which have moved to mandatory digital validation, which are Japan and Poland. You remember that this is important because this drive more penetration of our product and more what we call success ratio. Digitalization from that point of view is a positive element. Today again 90% of our transaction are digitally validated. If I move now in terms of added value payment services, the year has been very strong in terms of commercial activity, both in terms of FX solution, so our product name, Dynamic Currency Conversion and Multi-Currency Pricing, which are both FX solution. You see that we have been able to sign and implement five new acquirer, among which Nexi, Cybersource, Yapı Kredi, and Australia Post. We have also started six implementation which are not fully roll out with Scotiabank, Worldpay, ICREA, JCC, BNP Paribas and Seven Bank in Japan. Equally importantly, a lot of acquirers in the pipeline. For our second line of business in terms of payment, the hotel payment gateway solution, they are also very active here. More than 130 hotels implemented with this new hotel payment gateway. Almost 200 in the pipeline, and they also on top of what we do in Australia, which was the first two figures, we are now starting to roll out our solution outside of Australia, and we have 12 acquirers in 10 countries, which we are negotiating the implementation of this new product. Finally, in terms of news of our CRTS business, so what we call Retail Tech, happy to report that we have made three investments during the year. One which is ZigZag at the beginning of the year, which is a specialist of e-commerce returns. The growth of the company has been over 100% during the year, with a lot of new clients, more than 80 new clients during the year, and you see the rest of the figures. In September 2021, we also bought the majority stake of Yocuda, a specialist of digital receipt. They're also a smaller company compared to ZigZag. We're expecting a very strong growth in terms of figures. Lastly, we have invested a minority stake below 20% in a company named Toshi, which is specialist of the last mile for e-commerce in cities like London or New York. Recently this company have win the LVMH Retail Tech Award, so a very nice recognition for this company. Moving on the update on the recovery, which is obviously the most important for Global Blue. Roxane just have shown to you the increased quarterly performance. Let's talk about the recent months, and for that, let's start by Europe. In line with this quarterly improvement that Roxane was showing a few minutes ago, you see that the latest months after the publication of the 2021- 2022 financial year, which end at the end of March, you can see that April have been strong at 57% recovery, and May even more important at 81% compared to 2019 figures. When we go into the details of the countries in Europe, if the average is around 81%, obviously you have countries like France, Spain, Switzerland and Portugal, which are leading with France and Portugal in May being above the figures of 2019, where some countries are more lagging like Germany with only 47% recovery compared to 2019. When we look across the categories of the recovery, we are seeing that basically high value items are performing the best. This is a chart on the right. You see that transactions above 3,000 EUR are growing in May 91% compared to 64% in the first four months. When we look to the category which are performing the most, it's basically fashion and bags, which are with watch and jewelry performing the best. This slide, page 29, shows the recovery week by week of the different nationalities. You see that, apart from the impact of Ramadan, I will come back on that in a few minutes, for the GCC, so the citizens from Saudi Arabia, Qatar and UAE, you see that we had around from last year a quite steady increase for all nationalities. Let's go now a little bit more in the detail of that. I will start by the GCC. You see that the performance has been very strong in the Q4, so January to March 2022, with 175%, which has been boosted partially by the Ramadan effect. i.e., as you know, the Ramadan is moving every year and by a week and after three years, because we compare the figures of 2019, it's why it's basically have an impact on three months, so the months of March, April and May. You have in light yellow the deseasonal performance, which I think is the most important to look. You see that it has been quite consistent around 150%-175%. Basically, GCC are performing better than 2019 in Europe, which is also the case of the Americas. Very strong momentum, so no effect as expected on Ramadan for the Americas. You can see that the first quarter of the calendar year has been around 120. You can see that April has shown an improvement at 155, and very strong also in May at 174. On the right you have where this recovery has been shown. You see that it is across the board, obviously more in France than in the rest of Europe, but quite consistently in most of the European countries. If we move now on the regional shoppers, it's all the shoppers which are around Europe but which are not part of the EU- 27, because if not, they would not be allowed to shop tax-free. You can see that this group of clients. They're also seeing their growth quite strong over the last months, reaching in May 180%. They're also, when you look to the detail of those nationality, you see that most of the nationality are above 100%, Moroccan, Turkish, but also Swiss shopping in Europe. Which is quite different from the Asian. Asian are not recovered fully in Europe, to say the least. Obviously we know that the corridors there are not at all open with China. China with their lockdown, but also their quarantine when you return, prevent any Chinese tourists to come in Europe. You see that the level of recovery is around 7%-10%, so quite small, if not very anemic. Whereas when we're in Asia, the borders have been relaxed, and where there's no more quarantine, like in Southeast Asia, we see that, like the other nationality, they are back to their pre-COVID figures. In May, we registered for this Southeast Asia, which means Singapore, Thailand, Indonesia, Philippines, 115%. Northeast Asia, so Japan and Korea, are in between, around 36%, basically there are still a lot of restriction to travel or quarantine measure or limitation of number of people being capable to fly from those country to the rest of the world. Last but not least, all the other nationality, you see there also on the right, that most of them are above 2019 figures. The only country which is expected, which is not, is Russia, which today accounts for recovery of only 13%. Obviously this is linked to the Ukrainian war and the ban of Russian to be able to buy luxury good above EUR 300 in EU- 27 space. This is for Europe. What do we see in terms of latest trend in terms of recovery in APAC? There also we have seen an acceleration in April and May to a level of 40% of recovery compared to 2019. Without surprise, Singapore is the destination country which is recovering the fastest. They have removed restriction, they have removed quarantine and even testing recently. Where on the opposite, the two other country of destination where we are present, Japan and South Korea, because they have restriction to travel, both incoming or going obviously are around 20% level of recovery. In substance, we see a very strong trend in Europe and where, when the corridors are reopened, we see almost in every origin country figures of recovery above 100%, but still lagging total in Europe because of the lack of Chinese and the lack of Russian. Whereas in Asia the situation is a bit less good in terms of level of recovery because Chinese are more important in this region in terms of percentage of total customer. Based on this latest trends, what can we expect for the next months in terms of recovery, and what would be this the impact of the recovery on our Global Blue profitability? Four driver to really consider when you think about the next coming month. First, desire of international shoppers to travel. Second, the level of the air traffic demand. Third, the news in terms of reopening of new corridor on top of the one which are already open. Obviously, an element which is important, which has led the recovery for the last few quarters, which is the pent-up demand. If I look in detail at each of those, the first driver is willingness of consumers to travel, and you can see that month after month we have seen an acceleration. Today among Southeast Asia, the GCC, and the Americas, we are almost at 100%, i.e., we see a very strong willingness to travel and to shop. We see more and more airports which are full, thanks to this willingness to travel. Coming to the airport, obviously what is very important for us is the air demand because we have a strong correlation in terms of number of passenger and the number of shoppers. We see there also for this quarter, so the first quarter of our fiscal year, but also for the one which is next, so the summer, which is very important for us because this is a peak season, so July to September. We see across nationality a momentum compared to the last quarter of a fiscal year, so January to March, in terms of more air traffic and more demand, which is, as I said, good for business. In summary, people are willing to travel. They are willing to travel by plane and the capacities are somewhat back. It means that we have this positive momentum. On the other side, the third element to consider is really around the corridors because we have seen and this is in this chart in green, when the corridors are open, basically the recovery is there, very quick and strong. If I take Europe, which is in this slide, the corridors which are open represent 58% of the total of 2019 spend. The recovery level coming from Americans, Southeast Asians, GCC, but also cross-European traveling within Europe, you see that the recovery is 111%. When there's some restriction, like in Japan and South Korea, you see that the recovery for those countries in terms of going back to Europe is leading to a lower recovery, 30%. Where, when you look to the ones, obviously, of countries like China and Russia, where the corridors are closed, there we see that the recovery is minimum. The good news is we're expecting for the summer that Korea and Japan will smooth their restrictions, and therefore, those two countries will join the open corridor, which will sustain an increased level of recovery in Europe. In APAC, more or less the same panorama with a different mix. Obviously, the corridors being open are only 23% of the 2019 spend. You see that they also, the recovery is almost 100%, precisely 88%. It's basically, nationality from the world coming into Singapore. I've told you that Singapore is open, so it's what create this level of recovery. On the other side, the two country I was just mentioning for Europe will also lift their restriction, Korea and Japan, during the summer, both in terms of inbound tourist and outbound tourist. There, obviously, we are talking about both for those country. We expect that this two country, which represent 15% of the total, will join the green part of this chart, so the open corridors. Whereas for the summer we don't expect that China will reopen their borders, so still a large part of the origin country for Asia as a destination country will remain closed, at least for the foreseeable future, i.e., during the summer. Last element to consider in terms of recovery is the pent-up demand. What is the pent-up demand? The pent-up demand is basically the increase in spend that consumers are doing compared to 2019. Let me explain this chart. If you see that there's a very strong correlation between the airline passengers, and here we are talking about GCC in Europe, but it's an example. It's true almost in every nationality. I will come back to that. You see that this level of air passenger recovery is almost equal to the number of globe shoppers that we have seen during the Q1 shopping in Europe. What is impressive is that those consumers have spent 137% more compared to 2019. They have done that in two ways. More items bought, it's the dark blue column, where you can see that the number of transactions per globe shopper have increased by 61%, but also the value per transaction, and you can see that the value per transaction have increased by 47%. This pent-up demand, which I've shown here for the example of Europe, of GCC coming into Europe. What is interesting to see is that we see this phenomenon of the pent-up demand, across the board, so across nationality, from a regional shopper in Europe to American to GCC, with some different flavor, but globally, you know, something like 100%. Also what is interesting is that we are seeing that across a segment of consumer from the most elite, so the people spending 47 EUR per year with Global Blue in luxury, to the most infrequent, that we see only one time per year to shop within Global Blue network. We see that the pent-up demand is more or less the same, at least in my example here for the GCC, but again, it's across the board. This is a strong element obviously for the recovery during the next few quarter and in particular the summer, which is important for us. Basically, those four elements are to be, you know, seen as a key element for projecting the summer. You have to understand that obviously all those four elements are going in the right direction, so we are foreseeing a summer which should be strong in terms of level of recovery compared to 2019. Obviously the question is how this, you know, top-line recovery translate into EBITDA recovery. There, obviously, as mentioned by Roxane before, very important to understand what is a long-term saving plan that we have implemented. The first thing to have in mind is, compared to what we have said last quarter, nothing have changed. It mean that if we have done in 2021 a total saving of EUR 84 million, which at that time we were presenting something like more than 50% of our fixed cost pre-COVID. The long-term goal before re-increase of the business is to basically have a EUR 50 million long-term saving, which basically is explained by the fact that we have or we will not have in the next weeks no more grants. That basically it's the same with the airport. We will not have the rent holiday that you used to have during COVID time. Also that we are rehiring in order to restart the business. You have seen that it has been done already in the last few months, given the level of recovery, which is strong. Obviously, as you may remember, those long-term savings will also be partly reinvested in rehiring positions, which are directly linked to the volume. People in operations or in refund points. Here we were given the view that at 70%, the total savings would be EUR 42 million. The last slide on the recovery to assess what kind of level of EBITDA and margin we can get when we return to a level of recovery is presented there. You see that depending on the level of recovery of revenue, 60%, 70%, 80% and blah, blah, you can see the level of EBITDA that we would reach. Obviously, this takes into account in the blue box the long-term savings, which as I was just mentioning, are variable. To conclude, I would say that the thing which is very important to have in mind is that when the corridors between an origin country and the destination countries reopen, i.e., lifting of restrictions to travel, no more quarantine, no more tests, we have seen a very strong and immediate recovery to the point that in Europe, the level of recovery in terms of spend is now 81% in May in Europe and 40% in APAC. Second element to have in mind is that we foresee that the recovery during the summer will be strong, thanks to the airlines' capacity and demand, the willingness to travel, but also the pent-up demand, which is a key element and that we see across all nationalities. Last but not least, obviously, this recovery will be translated even more favorably in the EBITDA profitability thanks to the long-term savings that we have done. Thank you very much for listening, and as always, we will be with the finance team, Roxane and Frances, at your disposal for any questions through a dedicated call. Thank you very much. Bye-bye.
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