Good afternoon. I am Jacques Stern, the CEO of Global Blue, and I will be joined today by Roxane Dufour, CFO of Global Blue, and we will share the presentation of this H1 financial statement. Before I give the floor to Roxane, let me first introduce this H1 figures and mention 6 point which are important. First, we have seen in H1, and in particular in Q2, a strong improvement of our results on the back of a strong recovery, in particular in continental Europe, where, for the first time we have reached 2019 figures, with 101%, which had led the capability to improve the EBITDA by EUR 26.2 million, at a level of EUR 25.8 million for the Q2, i.e., from July to September. Second point to have in mind is that we have a strong cash position of EUR 221 million. Roxane will come back on that at the end of September, on the back of the equity raise that we have done with Certares and Knighthead in June 2022. Third point to have in mind is that in October, the tax-free shopping figures have shown an acceleration in terms of recovery in APAC with an increase of 17 point to reach for the first time the level of 68% versus 51% in Q2. Fourth element to have in mind is that besides this recovery, which is, as you have seen, stronger in Q2 versus Q1, Global Blue will further benefit from the reopening of China when it will be the case, with in particular, an expected strong pent-up demand from mainland Chinese traveler. Fifth element to have in mind, I will come back to that at the end, given the long-term setting that we have implemented in 2020 and 2021, Global Blue will have a higher EBITDA margin than pre-COVID. Last but not least, in a situation worldwide where we have strong inflation and potential risk of recession, I will come back on the fact that why Global Blue is well hedged against those two risk. With that in mind, I now let the floor to Roxane, who will present you Q2 and H1. Roxane. Okay. Thank you, Jacques. Yeah, I'm Roxane Dufour, the CFO of Global Blue, and I will take you through the group's financial performance for the second quarter and the first half of the year ended September 30, 2022. As a reminder, our financial year runs from April to March. Here, this is our Q2 H1 result announcement. Let's start with slide 7 for the adjusted P&L. You will see in appendix all the reconciliation to the nearest IFRS metrics. Here, we are pleased to report a significant improvement across all the key metrics. TFS and AVPS reported sales in-store increased by EUR 3.3 billion and is now at 72% of pre-COVID levels. Group revenue is now at 64% of pre-COVID level. Turning to adjusted EBITDA, we have delivered a significant improvement to EUR 26.2 million, which is at now 42% of pre-COVID levels versus 17% in Q1 2022-2023. Finally, we recorded a negative adjusted net income for the group of EUR 2.1 million, again, a significant improvement versus negative EUR 15.6 million last year. Now let's turn to slide 8. Here, we are showing the revenue profile over the last 6 quarters. We can see a strong improvement quarter-on-quarter. 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 restrictions. Jacques Stern will go through this in more detail. Typically in Europe, recovery is led by U.S. shopper fueled by a strong dollar and pent-up demand, followed by GCC and regional shoppers. There has been a slower uptick in APAC, as border control remains strict. We are seeing the pace increase here as a result of the softening in sanitary measures across some destinations. Turning now to AVPS, we can also see a strong improvement with revenue increase over the last 6 quarters. AVPS is recovering quicker than TFS as this is less exposed to international travel. Turning now to slide 9. This is the bridge detailing a number of items to consider between the issued SIS to the reported revenue. We are at 92% recovery for the issued Sales in Store in AVPS and TFS. The issued sales in-store is presented like-for-like, meaning at constant perimeter. We consider the scope effect of the UK abolishing the tax-free shopping scheme in January 2021, and the impact from the UK abolishment is 14 point, and there is a further 1 point impact due to the FX translations, which give us 77% recovery in issued SIS in TFS and AVPS reported with TFS at 70% and AVPS at 112%. We have the refund ratio. Once the transaction is issued, the traveler has to validate the Tax Free form and get the refund. This is at this point in time, the transaction is part of the reported SIS, which triggers the revenue. Today, the actual refund ratio is slightly lower than pre-COVID levels, mainly due to nationality mix effect and the ongoing disruption we have seen across many airport 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 72% recovery for completed SIS in TFS and AVPS, which corresponds to the reporting number in our Form 6-K. We have some leakage from completed SIS to reported revenue. First, TFS. Three main elements here. We have a regional mix effect related to business recovering faster in Europe versus APAC, but we have also other elements. We have a merchant mix effect where there has been an increased level of business with larger merchants who get a higher rate of commission. We have an increase in average spend, which means higher VAT refunded and therefore lower take-up rate for Global Blue. We have the AVPS mix effect where the AVPS business, notably the acquiring business in Australia, has a lower margin but is growing faster than TFS. This give us 61% rate of reported revenue recovery for AVPS and TFS. We have the contribution from complementary Retail Tech Solutions, which gives us a 64% revenue recovery for the group. A reminder, CRTS is the acquisition of ZigZag in March 2021 and consolidation of Yocuda from September 2021. Turning now to slide 11 for detail of the H1 financial performance. Here, this is our adjusted P&L. As with Q2, we have seen a significant improvement across all the key metrics in the first half. Group revenue is now at 61% of pre-COVID level. Turning to adjusted EBITDA, again, a significant improvement of EUR 43.7 million to EUR 32.6 million, which is 32% of pre-COVID level. Finally, we recorded a negative adjusted net income for the group of EUR 13.7 million, again, a significant improvement versus negative EUR 39.4 million last year. Turning now to slide 12 for an overview of the operating expenses. Here we are showing our adjusted operating expenses in H1 versus pre-COVID level. Variable costs reduced by 36% versus a revenue decrease of 43% in AVPS and TFS. Variable costs have decreased at a slower rate compared 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 25% to EUR 20.2 million of adjusted fixed operating expenses. As a reminder, those savings are the result of the cost-saving program implemented in 2020 at the outset of the pandemic. Finally, we show the listing cost, inflation impact, and the scope effect of the Retail Tech Solution for a total of EUR 15.8 million. As you can see here, inflation has negatively impacted the fees cost by EUR 44.6 million, an average of 7%. Turning now to slide 13 for reconciliation of adjusted EBITDA. Here we are demonstrating how our long-term saving plan is delivering in line with guidance. Based on an actual 57% revenue recovery, our theoretical adjusted EBITDA was at EUR 45 million based on the long-term savings plans implemented in 2021. This is to be compared to our current adjusted EBITDA of EUR 32.6 million. Let me draw your attention of the following elements. In AVPS segment, the acquiring business developed in Australia is growing faster and has a lower margin, as explained before, and you can see here the impact of EUR 4.5 million. The previous guidance that we gave excluded the impact of inflation, listing cost, and the CRTS acquisition, which amounts to EUR 7.9 million. Those elements have negatively impacted the profitability. However, our permanent savings plan is delivering as per what we previously communicated, i.e., EUR 20 million. Turning now to slide 14 for a summary of other cost. Here you can see the detail on adjusted D&A and as well as the net finance cost. D&A decreased to EUR 17.8 million as a result of the reduced level of CapEx in the COVID environment. To finance cost. Cost increased to EUR 23.8 million as a consequence of less favorable foreign exchange rate, mainly associated with two transactions. The Certares / Knighthead transaction and supplemental shareholder facility are USD-denominated, whilst the currency of Global Blue is the euro. Those transactions have generated losses of EUR 1.2 million and EUR 7.5 million respectively. Let's move to slide 15 for an analysis of our net debt finance. After an adjusted EBITDA of EUR 32.6 million, the level of CapEx was EUR 14.2 million in H1 this year, and is essentially related to technology development. It's very pleasing to report a positive adjusted EBITDA less CapEx of EUR 18.4 million whilst we continue to invest in strategic projects. Turning now to working capital. As we see the travel industries recovering, we see volume growth, which leads to an increase in our working capital needs. For H1 2022/2023, we had a working capital outflow of EUR 87.7 million, which was largely driven by increasing volumes during the peak season in summer. Those increasing volume drive an increase in working capital as travelers get refunded upfront, and about a month later, we collect the VAT from merchant authorities. Finally, with the proceeds from the issue of share capital from the Certares, Knighthead equity investment, our net financial debt decreased by EUR 102.6 million, which I will cover on the next slide. Slide 16. As of September 2022, our financial debt amounted to EUR 574.4 million. Both our senior debt and revolving credit facility have a maturity date in August 28, 2025. Regarding the covenant condition, the first testing date of the total net leverage financial covenant will be on March 31st, 2023. You can see we have significantly strengthened our balance sheet and now have EUR 221 million of cash and cash equivalents and reduced the debt by EUR 102.6 million as a result of the Certares, Knighthead equity investments, but also our continued strong focus on the working capital. Turning now to slide 17 for the key takeaways. To conclude here, this is the main takeaways for the reporting period. First, we are pleased to report the strong ongoing signs of recovery with a significant increase in revenue of 208% in H1 this year versus last year, with TFS and AVPS revenue at 57% of pre-COVID level. Second, thanks to the strong revenue growth and strict management of the cost base, we are pleased to report a strong improvement in adjusted EBITDA to EUR 32.6 million in H1 this year from negative EUR 11.1 million last year, and it is now at 32% of pre-COVID levels. 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 25% in H1 this year versus 2019/2020. Finally, we have a strong cash position of EUR 221 million of cash, and as a result of the investments from Certares and Knighthead and our continued focus on working capital. This concludes the financial sections, and I will now hand over to Jacques Stern to present the latest tax-free shopping trends and the long-term growth drivers for Global Blue. Thanks, Roxane. As you can see in this slide, the recovery has been stronger and stronger over the months. In particular, if you look to the column October 2022, you can see that overall it's 7 point on group-reported SIS, issued SIS with a momentum which continued to be strong in Europe, with 102% versus 2019, compared to Q2, which was at 101%. More importantly, I would say an increase of the recovery now in APAC, where the recovery level reached 68%, which is an increase of 17 point compared to Q2. Let me drive you through the detail of those elements. If I start first by the continental Europe, so without the U.K., you see that the performance as mentioned in October has reached 102% compared to 101%. If we focus on Q2 figures, I think it's interesting to see that the level of recovery in terms of globe shoppers has been only brackets of 59%. Thanks to an increase in transaction and an increase of value per transaction, which we call pent-up demand or effect, you can see that the total increase of the spent have been of 73%, which allow to reach this 101% like for like in continental Europe versus 2019. If we look to this more detail, this recovery in Europe per country of destination, we can see that this big difference between countries of destination. Obviously, France, with Greece and Portugal have led this recovery where I would say Italy, Spain and Switzerland are in the back and Germany and Austria are at the queue of this recovery. If we look to the same statistic but without Chinese and Russian, and we know for obvious reason, why Chinese and Russian are not traveling. You see that the recovery level is not this 102%, but 151%. You see that there, the difference between the country remained the same, with France being particularly in the large country, the main benefiting country of the recovery. All the country are almost back to 2019 if we exclude Chinese, who cannot travel, and Russian, for obvious reason, which are not allowed to come in Continental Europe. If we look now the same statistic of Q2 and October, by origin market, and as mentioned by Roxane before, we see that a strong momentum from the U.S. October, from that point of view, has been even stronger than the Q2, with 262% versus 241%. Also similar, I would say, improvement for the GCC. I remind you that GCC are all the countries from the Gulf: UAE, Qatar, but also Saudi. We are seeing also a very strong momentum in regional traveler in Europe. All the country which are in Europe and not part of the EU 27, including the UK. There also October has shown a stronger performance than the Q2. Same for the mid- and long-haul origin market. Mostly the world, if you exclude US and Asia, where there also we have seen a strong momentum. Asian country have also shown in October a very strong momentum compared to Q2, reaching for the first time the level of 2019. Obviously the two, without surprise, where we have not seen a recovery in mainland China, which is still at only 11% of 2019. Russian, I have a slide for that, which basically is a surprising 27%, but because we include in Continental Europe, Turkey, which is a main benefiting destination of the Russian tourism. If I go with a couple of snapshot, talking first about the US as origin market. You can see that the momentum in October, as mentioned before, has been strong, 262%. When you look on the right where in Europe, American are going, you can see that it's quite well-distributed. France and Spain being the main beneficiary of the US travelers. On average, I would say that most of the country have benefited from the US travelers. If we look to the GCC, there also we see that the distribution is quite homogeneous in Continental Europe with Turkey, which is there also benefiting a lot from the inflow of GCC. You see that October compared to Q2 and Q1 has been strong at 256%. When we look to the Asian, I thought it was an interesting slide also to show you. We are seeing that the momentum in October is quite strong, 47%. Interestingly enough, we are seeing Hong Kong and Taiwan, for which the sanitary conditions have been relaxed, which now are reaching almost 70%. While at the same time, the Southeast Asian, thanks to the pent-up demands, are reaching more than 160%. As mentioned before, we are seeing mainland China, which remain around 10% in October versus Q2. When we look to Russia, there also I was mentioning that the performance of 27%, which can be a bit surprising, reflect the fact that basically there's no tourism in Continental Europe, in particular Italy or France, which were historically the two main destination for Russian during the summer. In contrast, I would say, you can see that the performance of Turkey is impressive. 2,600% in October, in line with Q2, which translates the fact that the little Russian tourism that we are noticing is going only in Turkey, where we record this incredible performance. If we now turn to the APAC recovery, as I was mentioning in my introduction, October has seen a sizable increase thanks to the relaxation of sanitary condition, reaching 68% versus Q2 at 51%. On the right of the chart, you can also see that, like in Europe, we have an increase or recovery of APAC, which is stronger in terms of spend at 51% compared to a recovery in Q2 in transaction at 20% and in terms of international shoppers at 15%. When we look to the destination where the tourists are going in APAC, you can see that basically we have, and this is the figures on the left, a situation which is more or less the same in every country now in October, which is around 68% with almost no difference between Japan as a destination, Korea or Singapore. If we exclude the Chinese from this level of recovery, we see that now for the first time, APAC is reaching 107%, so above 2019. There we see that the difference are very important with, in particular, Japan, which is reaching more or less the same figures than in Europe with 161%, in particular, thanks to an FX which is favorable. You of course know that the yen is very weak against major currency and dollar in particular. When we look to origin country, we are seeing that basically apart Mainland China, all the origin country are now almost at 100%, in particular Hong Kong and Taiwan, which are interesting two country because they may give us an indication of what could be the level of recovery of Mainland China when, if and when, the borders are reopening. Key takeaway on this, I would say October figures, first of all, we have seen a very strong improvement in APAC. I was mentioning the 17-point increase. Europe, we are now above 100, and we have seen October, which is stable versus 2019. In Europe, as I was mentioning, the recovery is really led by the U.S. and the GCC, which are at a level of recovery which is above 250% compared to 2019. In APAC, we have seen, thanks to the relaxation of sanitary condition, in Japan and Korea, a strong uplift of the recovery, +27 points in Japan and 25 point in Korea, reaching a total for APAC as a destination of 68% in October, in terms of recovery. Let me now walk you through the long-term growth driver from Global Blue. First slide, which is basically the current recovery, just to show you that, it's a bit mentioned in my previous slide, that when corridors are open, and here we are talking about Europe, you see that we have a very strong recovery, which is in particular visible thanks to the pent-up demand. In Europe, today almost all corridors are reopened, excluding Mainland China and Russia. You see that the recovery is now reaching 151% for the corridors which are reopened, which represents 68% of the total. While the one which are closed, which represent 32%, we only noticed a recovery of 15%. It is the same in APAC. In APAC, for the corridor which are reopened, and the percentage of those are smaller, 44% today, we reach a recovery of 117%. While when corridors are closed or almost closed, Mainland China, for APAC, mainly, we see that we have currently a recovery of 32%. The message there is very clear. When borders are reopened and sanitary restriction are dropped, we see a very quick and very strong recovery. Which leads to me to the real, I would say, upside to our figures today, which is the reopening or the potential reopening of China. There I would like to draw your attention on 2 point. First, like we have seen for American, for GCC, at the time of the COVID restriction, we are seeing that Chinese shoppers are willing to travel again and to shop again if and when the borders are reopened. You can see on this left side of the chart that 83% would like to travel and shop again in Europe. It's even stronger in APAC when the border will reopen. Second element that I would like to mention is the potential pent-up demand which will occur for mainland China like it occurs for the rest of the nationality. You can see on the slide, on the right side of the slide, that during COVID, the level of spend of Chinese consumer in terms of personal luxury good have been only brackets of EUR 60 billion for 2020 and 2021, and probably 2022 will be the same, compared to almost EUR 100 billion before the pandemic. Obviously, during the pandemic, most of those luxury good have been bought in China, while, and we have seen that in our figures, almost nothing has been bought abroad. When border will be reopened, and as suggested on the left, we can expect, I would say, that this lack of spending, which we can basically on three years evaluate to EUR 100 billion, will then obviously be a factor, a booster for the pent-up demand, while Chinese traveler will travel again abroad and shop again abroad. It's why I'm saying that the real opportunity for the next stage of the recovery for Global Blue is the China reopening, based on, one, willingness to travel and secondly, the kind of mass of spend which has not been seen for the last three years by Chinese shoppers. From that point of view, I think if we go back to the lab of China, which is Hong Kong, we see that we should expect at each state of the recovery, at the relaxation of the sanitary restriction, a level of recovery which is increasing. You can see on this chart, which is showing Hong Kong, that at every stage of the relaxation, less and less days of guaranteed, less and less test, we have seen the Hong Kong traffic to Europe in terms of tax-free, which has been increasing. Probably this is what we can expect from China. You can see that this reopening has taken a kind of a six months with several step of relaxation. When we think about the recovery in Mainland China, probably Hong Kong, and this slide 36 gives you a good indication for the next six months of what can happen, if Mainland China follow the relaxation which we have seen in Hong Kong. Beside, I would say the Chinese opportunity for Global Blue, I want also to emphasize the fact that Global Blue remain with very strong long-term drivers, which are basically four. First, emerging market dynamic. We have seen in the last 20 years that the very strong correlation between the middle class formation in emerging countries and the willingness to travel, the willingness to shop tax-free abroad, 97% correlation. In a world where emerging country middle class are growing, this is probably one of the main driver for the long-term growth of Global Blue. Second driver, what we call the VAT dynamic. Basically, in simple word, when a country adopt tax-free shopping scheme, the growth of its luxury sales is 1.4 times faster than country who have not the scheme. This is why we have seen in the last 40 years that we had every year couple of country which are joining the TFS scheme, to an amount of around 70 country today. This is why we believe that for the future there will be more country joining the tax-free shopping scheme. Third driver, the digitalization. In simple word, every time that a country decide to digitalize its export validation, we are seeing that the penetration of our solution is higher in the shoppers. What does that mean? It means that more shopper are using our solution because it's more easy to do. Because it's more easy to do, we have a better, what we call success ratio, i.e. the potential of a traveler which are using the solution. Why it's important? Because Global Blue only record a revenue when a transaction is issued and refunded. Therefore, digitalization is a key element for Global Blue in terms of long-term growth. Fourth element, which is e-commerce dynamic. You have seen in the last 2 years that we have made acquisition in the post-purchase experience field. Clearly, we are exposed now to this e-commerce dynamic. From that point of view, the long-term dynamic of 10%, which is expected by the market, will translate into favorable trend for this part of the business of Global Blue. In summary, beside the current recovery, beside the Chinese opportunity, when borders are reopening, Global Blue after that will have strong long-term driver to continue the growth of the business. This growth of the business will be translated compared to before COVID by a higher, I would say, profitability, thanks to the long-term saving plan, which has been implemented in 2020 and in 2021. From that point of view, I, you can go back to the slide which has been presented by Roxane. In short, if we scrap the impact of the inflation, the listing cost, basically we can expect an increase of 800 basis point of adjusted EBITDA when we recover the same level of revenue than before COVID. Last but not least, in an very, you know, unpredictable environment where inflation is strong and where recession is possible, we believe that Global Blue is well hedged against those two risk. Why? In terms of inflation, because today, our underlying, I would say, SIS, which is the base of our revenue, is directly linked to the luxury price, and we have seen that luxury brands are increasing their price in line, if not above, the inflation in the destination country. From that point of view, if luxury company pass inflation to the price of the good, which we have seen, Global Blue will benefit from that directly with a level of SIS, which is more important. On the recession front, just one element to have in mind, which is, given our exposure to, I would say, wealthy consumer traveling abroad to shop, Global Blue is more protected, I would say, than other businesses, including luxury industry, where if we look back to 2008, 2009 crisis, Global Blue have posted a flat SIS where the level of volume of business for luxury has decreased by 8%. It's better place than the travel industry, which at the time were decreasing by 16%. In summary, in this unpredictable, I would say, environment, Global Blue is well hedged against inflation and potential recession. Time for me now to conclude. Five points that I would like to recap for you. First, that the recovery now is well on its way. We have reached now, for the corridors which are reopened in October, 151% of recovery versus 2019 in Europe, and 107% in Asia. Second, obviously, China is a real, I would say, potential opportunity for Global Blue in terms of further increasing the level of recovery if and when the borders are reopened. Third, beside the current recovery and China opportunity, Global Blue have very strong long-term growth driver, which will help to further grow the business in the future with a level of profitability which is higher than pre-COVID, thanks to the long-term saving plan that we have implemented in 2021. Last but not least, we believe that Global Blue is well hedged against the risk of inflation and a European recession. Thank you very much for your listening, and with Roxane, we give you rendezvous for our third quarter. Thank you very much.
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