Good morning. Good afternoon. My name is Jacques Stern. I'm the CEO of Global Blue, and I'm joined today by Roxane Dufour, CFO of the group to comment on the Q1 financial results for 2022-2023. Without further ado, let me very quickly give you an overview of the key message to have in mind. First of all, Roxane will come back to that in a few minutes. We have a strong ongoing sign of a recovery with an improvement of the quarterly EBITDA during Q1. We have reached EUR 6.8 million versus EUR -10.7 million last year. It is an improvement of EUR 17.5 million. Following the transaction with Certares and Knighthead, that you may remember occurred in June 2022, we have now a strong cash position of EUR 270 million in the balance sheet. Third element to have in mind is that in July and in August, the tax-free shopping business have continued to further improve, 13 points. I will come back to that in a few minutes, going from 58% in Q1 of recovery versus 2019 to 71% today. Besides this current recovery, obviously, I will also talk about the potential impact of Chinese traveler when borders are reopened in terms of benefit for Global Blue with their strong pent-up demand, which will occur. Fifth element is that following our long-term plan implementation in 2021, which is, I would say, well implemented now, we will reach a higher EBITDA margin versus pre-COVID. We confirm that. Finally, in an environment where we talk a lot about inflation and about a potential recession in Europe, I will showcase why Global Blue is well hedged against those risk. With that in mind, I now give the floor to Roxane to comment the Q1 figures of 2022-2023. Yes. Thank you, Jacques. I'm Roxane Dufour, the CFO of Global Blue, and I will take you through the group financial performance for the first quarter, ending on June 30th 2022. On this slide eight, here we present our adjusted P&L, and you will see in the appendix all the reconciliation to the nearest IFRS metrics. We are pleased to report a significant improvement across all the key metrics. Completed SIS TFS AVPS reported increase by 2.4 billion and is now at 58% of pre-COVID level. Group revenue is at 56% of pre-COVID level. Turning to the adjusted EBITDA, as said by Jacques in the intro, we have delivered a significant improvement to EUR 6.8 million this quarter. Finally, we recorded a negative adjusted net income for the group of EUR 11.8 million, but again, a significant improvement versus negative EUR 24 million last year. Let's turn to slide nine. Here, we are looking at the issued sales in-store like-for-like recovery over the last five quarters, where you can see a strong improvement in both TFS and AVPS. First, TFS, a strong quarter-on-quarter improvement in Continental Europe from 14% last year to 75% this quarter. APAC is also showing significant improvement from 9% last year to 39% this quarter. So at the end, it translates to 65% overall strong recovery in TFS this quarter. Turning to AVPS, again, a significant improvement, both in Continental Europe and in APAC, turning to 90% recovery this quarter. In summary, an overall group issued sales in-store recovery of 70% this quarter. Now let's turn to slide 10 to introduce the bridge detailing a number of items to consider between the issued SIS like-for-like to the reported revenue. As said previously, we are at 70% recovery for issued sales in-store in TFS and AVPS, and the issued sales in store is presented here like-for-like, meaning at constant perimeter. We take into account the scope effect, mainly explained by the U.K. abolishing the Tax Free Shopping scheme in January 2021. As a reminder, prior to abolition of the scheme, the U.K. accounted for about 14% of group TFS reported SIS, which is no longer the case here. This scope effects give us 64% recovery in issued SIS reported, with TFS 58% and AVPS at 90%. From issued to completed, we have to consider the refund ratio. Once the transaction is issued, the traveler has to validate the tax refund and get the refund. This is at this point in time, the transaction is part of the completed SIS, which triggers the revenue. Today, the actual refund ratio is lower than pre-COVID level, mainly due to nationality mix effect and the ongoing disruption we have seen across many airports in Europe. There are transactions completed off period. This is where transactions are issued in the quarter, but validated and refunded in the following quarter. This gets us to a 58% recovery for completed SIS in TFS and AVPS, which corresponds to the reported number in the 6-K. We have some leakage from completed SIS to reported revenue. First for TFS, we have a regional mix effects related to the business recovering faster in Europe than in APAC, and we have also a merchant mix effect where there has been an increased level of business with larger merchants who get a higher rate of commission. Then we have an increase in average spend, which means higher VAT refunded and therefore lower take-up rate for Global Blue. Second, we have the AVPS mix effect, where the AVPS business, which is lower margin, is growing faster than TFS. This gives us 52% reported revenue recovery for TFS and AVPS. Finally, we have the contribution from CRTS, the complementary retail tech solution, which give us a 56% revenue recovery for the group. As a reminder, CRTS is the acquisition of ZigZag in March 2021, and the consolidation of Yocuda from September 2021. Turning now to slide 11 for more details on the revenue improvement. Like the issued SIS, we can see a strong improvement with revenue increased quarter-on-quarter over the last five quarters. If you look at the regional breakdown, we have seen a significant improvement in Europe as countries have eased COVID restrictions and most corridors are open with limited or no restriction. Jacques will go into more details in this presentation. Turning to AVPS, we can also see a strong improvement with revenue increasing over the last five quarters. AVPS is recovering quicker than TFS, as it is a bit less exposed to international travelers. Turning now to slide 12 for an overview of the adjusted operating expenses. The variable costs first. They have reduced by 32% versus a revenue decrease of 48% in AVPS and TFS. Those variable costs have decreased at a slower rate to revenue, as there are more variable costs attached to the AVPS acquiring business, which is growing at a faster rate than the rest of the business. Besides the volume-driven cost reduction, there has been a reduction of 29% of adjusted fixed operating expenses versus 2019-2020. As a reminder, these savings are the result of the cost-saving program implemented in 2020 at the outset of the pandemic. Jacques will go through the long-term savings in the context of the recovery later in the presentation. Finally, we show the listing cost, the inflation impact, and the scope effect of CRTS for a total of EUR 6.7 million. We have considered inflation negatively impacted the fixed costs by EUR 1.4 million, considering 6% in personnel and 3% in non-personnel costs. Now, I propose to turn to slide 13 and to focus on the D&A and then the finance cost. D&A decreased to EUR 8.7 million as a result of the reduced level of CapEx in a COVID environment during the last two years. Related to the net finance cost, we can notice an increase to EUR 10 million as a consequence of less favorable foreign exchange rate, mainly associated with two transactions. The Certares Knighthead transaction and the supplemental shareholder facility are USD denominated, while the currency of Global Blue is the euro. Those transactions have generated one-off losses of EUR 1.2 million and EUR 2.3 million negative respectively. Let's turn to slide 14. This is here an analysis of our net debt variance. After an adjusted EBITDA of EUR 6.8 million, the level of CapEx was EUR 5.4 million in this quarter, and this is essentially related to technology development. It's very pleasing to report a positive adjusted EBITDA less CapEx for the first time since the last quarter in 2019-2020, while we continue, of course, to invest in strategic projects for the company future. Turning now to the working capital. As we see the travel industry start to recover, we see volume growth, which leads to an increase in our working capital needs. For Q1 this year, we had a working capital outflow of almost EUR 52 million, which was largely driven by increasing volume. Those increasing volume drive an increase in working capital as the travelers get refunded up front, and about a month later, we collect the VAT from merchants or authorities. Finally, with the proceeds from the issue of share capital from Certares, Knighthead Equity Investment, our net financial debt decreased by EUR 156.2 million, which I will cover on the next slide. As a reminder, we looked to reinforce the balance sheet and firm and fund our working capital needs following COVID-19, and we entered into an investment agreement with Certares and Knighthead, which was completed in June. Under the terms of the agreement, Certares and 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, they were issued at a price of $5.24 per share, and the Series B Preferred Shares were issued at a price of $8.50 per share, a premium of approximately 70% to recent trading levels, and will carry a 5% annual paid-in-kind dividend rate. In effect, Certares and Knighthead have 13% as converted ownership of total share capital in Global Blue. As part of the agreement, Tom Klein joined the board of Global Blue. Tom Klein is Senior Managing Director of Certares and brings deep industry knowledge and expertise, having three decades of experience in the travel and tourism tech ecosystem industry. Now turning to slide 16 for the net debt position. As of June 30, 2022, our net financial debt amounted to EUR 521.2 million. Both our senior debt of EUR 630 million and revolving credit facility of EUR 99 million have a maturity date of August 28th, 2025. Regarding the covenant condition, the first testing date of the total net leverage, net financial condition will be March 31st, 2023, and the financial covenant is based on the level of total net leverage, which is the ratio between debt, net indebtedness and consolidated pro forma EBITDA lower than 4.75 times. Also, the Certares and Knighthead equity investments will increase the amount of consolidated pro forma EBITDA, what we call an EBITDA cure, for the purpose of calculating the leverage financial covenant for the next testing period. Let's turn now to the key takeaways for this presentation and for our Q1 results. First, we are very pleased to report strong ongoing recovery, with a significant increase in revenue of 273%, in Q1 this year versus Q1 last year, with TFS and AVPS revenue at 52% of pre-COVID levels. Second, 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 scope effect, have reduced by 29% in Q1 this year. Third, thanks to the strong revenue growth and strict management of the cost base, we are very pleased to report a strong improvement in adjusted EBITDA to EUR 6.8 million this quarter. Finally, we have a strong cash position with about EUR 270 million end of June, and as a result of the $225 million investment from Certares and Knighthead. This concludes the financial sections, and I will now hand over to Jacques to present the latest Tax Free Shopping trends and the long-term growth drivers for Global Blue. Thank you, Roxane. Let's continue with the latest trade trend, and in particular July and August. We are September 2nd, and we will report already the figures at the end of August. What are those figures? As I was mentioning in my intro, we have seen during the summer a continuous improvement compared to the trend of Q1, which basically translate in a few figures that you have in this slide. First of all, when we are looking to the issued sales in-store for tax-free in continental Europe and on the same parameter basis, i.e., excluding U.K. and excluding gains from merchants, we have seen that the increase of the recovery has been from 75% level versus 2019 to July and August on average 96%, so a 21-point increase during the summer. The impact on the same basis, like-for-like, we have seen also an increase with the business reaching 51% of the 2019 versus in Q1 39%. I would say in aggregate for the group, we have seen an increase from 65% to 85%, so 21-point. If we look at the same ratio or the same level issues as in store, but at this level reported, i.e., if we include the U.K., which as mentioned by Roxane was tax-free shopping in U.K. has been abolished in early 2021. Including all the merchants, including the gain, we see that the increase is also there from 58% to 71% in July and August. Let me walk you through a little bit more detail about this performance in July and August. As mentioned, you see here the improvements quarter after quarter. You know, July and August, the level of the recovery reached 96% with some weeks at above 100% in Europe. In the detail, it has not been true for every country, and we have seen that countries like France have really benefited the most from the recovery, where you see in July and August they have reached 118% of recovery without Chinese and without Russian. We will see that in a minute. Where Italy, Spain are on the average around 96% and 92% respectively, and lagging Germany with 56%. When we look at this recovery in Europe, per nationality, what we can say that all nationality have contribute to this level of recovery in July and in August. In particular American, which has been stronger and stronger since the spring, but also the Gulf country citizen, but also most of the nationality. I will show you the detail in a second. I was mentioning that the Americans were really stronger and stronger. You see that in July and August, they have reached now 231% of 2019 level compared to 179% in Q1. You can see on the right that in terms of destination, where in Europe those Americans are traveling, all countries are benefiting from that, in particular France, which is with Italy, the two countries which are the most attractive, as we know, Americans, and you see the performance well above 200% for those two countries. For the Gulf country, there also we have seen that the very strong momentum in terms of recovery has been noticeable across the board, in particular in France, in Italy, but also in Turkey, which is one of the place where we have seen the most important numbers of people coming from the Gulf going for traveling and shopping in Turkey. When we look to the regional travelers, they are all the shoppers which are not resident in the EU 27. It's Switzerland, Morocco, Ukraine. We are seeing that there the recovery is very solid and the July and August have confirmed that with a level of around 160%. When we look to the Asians, which is a nationality or the group of nationalities which is lagging the most, by no surprise, we see that the Chinese from Greater China remains at a very low level, below 10%. You may recall that this is the most important contribution in terms of nationality back to 2019. They used to represent around 35% of the total of Europe. Besides that, what is interesting to see is that the Southeast Asia citizen have recovered well above 100%, but also Hong Kong and Taiwan that we have trips from China, where we have seen that the quarantine have been reduced. Still, you have between seven and three days when you are coming back from your trip in Europe. You have seen a sizable recovery during the summer, which I think is a very good sign to what we can expect when, if and when China will reopen. Because we still have in those two countries some restrictions, but travel is possible. When we see to the rest of the long-haul shoppers, they also, we have seen a stronger July and August compared to Q1. Most of the nationalities of origin have contributed to that, including South American, Central Asian and Middle Eastern and Israel. Important point, Russia. You may recall that E.U. have sanctioned Russia on a lot of fronts, including the fact that Russians cannot come in Europe today and shop luxury goods if they are above EUR 300. By no surprise, it's why we see that the level of recovery in Italy and France are very small, 3%-4%, and from that point of view, no different between Q1 and July and August. We see that country like Turkey, for example, who have not implemented any sanction, benefit hugely from the inflow of Russians. We are present and we are leader in Turkey, and you see the level of recovery, which is really strong, more than 2,600% compared to 2019. Having said that, overall, we see that the recovery, for reason that we know, is only limited to around 20% for Russia. Last but not least, if we go now in APAC, we have seen that July and August have seen also an increase of the performance, moving from 39% to 51% of level of recovery on the back of somewhat opening of Japan and South Korea. I say somewhat because you still, as a traveler, have restriction to go in those two country. For example, in Japan, they limit the number of tourists capable to come per day to 10,000, which is less than 10% of what it used to be in 2019, and you still have couple of days of quarantine. Even with that, you see that the willingness to travel and to shop is so strong that we are capable to post 40% growth or level of recovery compared to 2019 in Japan and South Korea. Which means that we can foresee when, in those countries, and this should happen, in the next months, further removal of restrictions will happen, that they will continue to benefit from a higher level of recovery. August and July, we can, I would say, have three takeaways on this trend. First of all, that we have seen, as I've mentioned, an acceleration of the recovery, 13-point. Secondly, that now in continental Europe, we have almost reached 100% of recovery, and I was mentioning that, in some weeks in August, we have even reached above 100%. Somewhat in APAC, it's more limited at 51% in July and August. Everywhere, but in particular in Europe, the recovery has been fueled by U.S. shopper and GCC shopper, which has been very, very strong. With that in mind, we wanted, with Roxane, to give you a little bit more of a long-term view on our business, both in terms of revenue and in terms of cost. First of all, if I step back a little bit, I wanted to share this slide with you, which is to understand, in Europe and in APAC, when the corridors are open. Corridors are open means that when you can freely leave your country of origin, and you can freely, without restriction, fly and shop in your country of destination, what is the level of recovery? If I take the example of Europe, you see that we are at a recovery of 144% during July and August. That mean that for the people who have no restriction, we are well above 2019, which I think is a very good sign, as I was mentioning, for the future growth of the company. On the other hand, obviously to recognize that when there's some restriction, like the one I was mentioning, in terms of Japanese or South Korean or Hongkongese coming to Europe, the level of recovery is more moderate, 49%. Everyone can understand why. If you go two weeks on holiday in Europe, and you have to quarantine one week in a hotel when you are coming back, not everyone is willing to do that. Obviously, when corridors are closed, and this mainly concerns two nationalities today, Mainland China and Russia, we have a very small level of recovery, which is not surprising. It's exactly the same in APAC, where when corridors are open, you see that we reach 99%. Compared to Europe, and this is the reason why we are seeing a lesser level of recovery in APAC than in Europe, the amount or the level or the percentage of corridors which are reopen are slightly less important, 25% compared to 61% in Europe, and you have more corridors closed. In all cases, we are seeing the same dynamic. First element is when corridors are open, we see a very strong recovery, in particular thanks to the pent-up demand, which is good news, for the new nationality or new corridor which will be reopened in the coming months. Talking about that, obviously there's an obvious one, which is the one which is missing the most today in Global Blue, which are the Chinese. I was mentioning that they used to represent 35% of our business. And obviously, even I have no crystal ball in terms of when this corridor to Europe and APAC will be reopen, I think there's couple of insight there which makes me think that when it's the case, it will be a further boost to the business of Global Blue. First of all, intention to travel. We have asked, through an international consulting firm, to more than 10,000 Chinese to tell us, if the borders are reopened, what is the length before they have the intention to travel and to shop in Europe. You see that 83% of them have said, "When borders will be open in the next 1 year, we will be back in Europe and shopping in Europe." Second things which is important is that we have all seen, in the release of luxury companies that they, the year 2020 and 2021 have been boosted by a very strong demand in China. When we look to the figures more carefully, the reality is that, like in other countries, like, or continent like U.S. or Europe, a lot of spend has not been occurring during the COVID period. When you look to this graph, it's almost 17 billion of luxury good compared to 2019 which had not been spent of COVID. It's where, like the other nationality, our best guess today is really that when a border will reopen, we will see exactly the same phenomenon, which is a pent-up demand driven by the saving during the part of the COVID. With that in mind, obviously, it mean that we believe that with China, if and when, it's a question mark, but it will come, will further boost our growth, our current recovery level. Besides that, I think it's very important to have in mind that, besides the recovery, Global Blue will benefit from still from a lot of strong long-term driver. I've mentioned here four of them which are the key of the future business of Global Blue. First, we benefit from the dynamic of emerging country. We have seen in the past that 97% correlation between the growth of middle class in emerging country and TFS. From that point of view, we will continue to benefit from that on top of the recovery when the recovery is fully met. The second element is what we have called the VAT dynamic. What is it? It's the fact that in every country where the Tax Free Shopping scheme has been implemented, we have seen that the growth of international shopping have been 1.54 times faster compared to country which has not the Tax Free Shopping. It's a great tool in order to expand the number of country which are using this tool to attract tourism. The third one is around the digitalization. You may remember that many years ago, Tax Free Shopping was a paper business. Now, in almost 90% of the case, it's a full digital business at the issuing, at the validation at the customs, and in terms of refunding. The good news about that is, we have made a lot of progress, I would say, during the last three years, during the COVID, where we went from 54% to almost 90% in terms of full digital transaction. The good news is we have seen in the past, before 2019, that when we have a digital country, we are capable to improve the success ratio. How many forms are potentially issued and how many are refunded, so the penetration, if you want, of our solution is two times higher when we, in terms of progression, when we are in a digital country. Last but not least, thanks to our diversification in retail tech, in the last two years, we will benefit from the e-commerce dynamic, and we all understand that this is a very strong dynamic. 10% increase is projected between 2019 and 2025 in e-commerce every year, and thanks to ZigZag and to a lesser extent to Yocuda, we will benefit from those trends. Obviously, Roxane was talking about that a few minutes ago around the savings plans. Great potential in terms of top line, but also really important improvement in terms of profitability. We have implemented in 2020 and 2021 a very strong long-term saving plan, which basically end up to if we go back or even when we come back to the 100% revenue compared to 2019, then like-for-like, we project to have a 800 basis points improvement of the EBITDA margin. I say like-for-like because this does not include the potential increase or the real increase linked to inflation that Roxane was talking before, but also the CRTS cost, variable and fixed, which are linked to a new business. There we are really talking about tax-free and AVPS on the like-for-like basis in terms of scope, if you want, of business. Message is great potential in terms of top line, but also a better transformation than before 2019 in terms of EBITDA. Last but not least, we are talking a lot, or the market talks a lot about inflation and recession, and I wanted to give you a little bit of my perspective on that. First, in terms of inflation, I would say that it's a quite neutral factor to us. Why? Because what we have seen, at least in the last several years, is that all the luxury brands have been able to pass the level of inflation in terms of increase of price. As our commission has our price based on the price of the good, de facto, I would say our revenue is increasing by the level of inflation, which is passed through the price of the good. From that point of view, it's not a good element for us, but it's not a bad element for us because we are somewhat, I would say hedged against this inflation. In terms of recession, we are talking a lot because of external event, the war in Ukraine, the electricity and gas challenge for all European country about a recession in Europe. I wanted there to highlight the fact that the last recession that we had in Europe in 1929, Global Blue has much better performed than the luxury business, which at the time were decreasing by 8% and much better than the travel industry, which at the time, had a decrease of business of 16%. We are, in a certain way, a resilient element, in this potential landscape of a recession in Europe. In summary, five item that I would like to re-share with you. First of all, that we are seeing a strong recovery, which has even accelerated in July and August, and where we have reached in the corridors which are open, 144% in Europe and 99% of recovery in, APAC. That further to those corridors which are reopened, we believe that others will reopen, Japan, Korea, and obviously the main one for us being, China. And we there believe that the pent-up demand will even accelerate the recovery that we could have when if and when the borders are reopened. Besides the recovery, I hope I've convinced you that Global Blue has very strong long-term growth driver, which will be enhanced in terms of profitability thanks to our long-term savings plan. As mentioned a few seconds ago, we are well hedged against the risk of inflation and of recession in Europe. With that in mind, I thank you a lot, and I give you a rendezvous for H1 figures in three months. In the meantime, Roxane and myself at your disposal for any question through one-on-one calls that you want to organize. Thank you very much for your listening. Thanks a lot.
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