Good morning. Good afternoon. I am Jacques Stern, the CEO of Global Blue, and I will today present the Q3 financial statement and update with Roxane Dufour, the CFO of the company. To start, five takeaway on this Q3. First, we have reached, after nine months, an EBITDA of EUR 57 million, which is an increase compared to last year, of EUR 64 million. Improvement in top line and improvement in terms of bottom line. Second, at December 31st, we have a strong cash position, over EUR 230 million. Third, January have confirmed the trend, the positive trend, in Europe, with a level of recovery versus 2019 of 106% compared to 104% in Q3, and an acceleration of the recovery in APAC with a level of recovery of 96% in January compared to 80% in Q3. Fourth, this is probably the most important things to mention on these Q3 figures, is now we know that China will reopen. It has started in January. It will be progressive, but it will be an extremely important driver for the growth of Global Blue. One figures to translate that, if we reach 125% of Chinese recovery versus 2019 based on an extrapolation of Q3 figures, the group would reach over EUR 200 million EBITDA, i.e., a figures which is higher than 2019. Last but not least, if we talk about the current recovery, if we talk about the future recovery this year of Chinese, we should never forget that Global Blue have very strong long-term driver and is well-hedged against the current risk of inflation and also of potential European recession. With this takeaway in mind, I will now leave the floor to Roxane to present the Q3 figures. Thank you, Jacques. I'm Roxane Dufour, the CFO of Global Blue, I will take you through today the group's financial performance for the third quarter and nine months ended 31st of December 2022. Again, as a reminder, our financial year runs from April to March, hence this is our Q3 nine month results announcement, all the reconciliation to the nearest IFRS metrics are included into the appendix. Let's move now to Slide seven for the adjusted P&L related to our third quarter. We are pleased here to report a significant improvement across all the key metrics. TFS and AVPS reported sales in-store increased by EUR 3.2 billion and is now at 85% of pre-COVID level. Group revenue is now at 79% of pre-COVID levels. Turning to Adjusted EBITDA, we have delivered a significant improvement of EUR 20.8 million-EUR 24.1 million, which is at 56% of pre-COVID level versus 42% in Q2 and 17% in Q1 this year. Finally, we recorded an adjusted net income for the group of EUR 6.6 million positive. Again, a significant improvement versus negative EUR 13.8 million in Q3 last year. Let's turn now to Slide eight. Here, we are showing the revenue profile over the last seven quarters, and we can see a strong improvement quarter- on- quarter. If you look at the regional breakdown in TFS, we have seen a significant improvement in Europe as countries have eased COVID restrictions and corridors are now open without restrictions. Jacques will go through this in more detail, but typically in Europe, recovery is led by U.S. shopper, fueled by a strong dollar, pent-up demand, followed by GCC and regional shoppers. There's been a slower uptick in APAC, as border control remained strict. We are seeing the pace increase here as a result of the softening in sanitary measure across most of the destinations. Turning now to AVPS, we can also see a strong improvement with revenue increasing over the last seven quarters. AVPS is recovering quicker than TFS, as it is less exposed to international travel. Turning now to Slide nine, where we demonstrate how issued SIS recovery translate to revenue recovery. Here, this is the bridge detailing a number of items to consider between the issued SIS to reported revenue. We are at 101% like-for-like, SIS, issued SIS, meaning at constant perimeter. We take into account the scope effect of 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 14% of group TFS reported SIS, which is no longer the case now. The impact from the U.K. abolishment is 12 points, and there is a further three point impact due to FX translation and one point impact related to the discontinuation of our TFS business in Russia, which gives us 85% recovery in issued SIS for TFS and AVPS reported, with TFS at 78% and AVPS at 121%. We have the refund ratio. Once the transaction is issued, the traveler has to validate the tax reform and get the refund. At this point in time, the transaction is part of the reported SIS, which triggers revenue. Today, the actual refund ratio is slightly lower than pre-COVID level and is mainly due to nationality mix effect. There are transactions completed off period. This is where transactions are issued in a quarter but validated and refunded in the following quarter. You can see here this has resulted in a positive impact of four points this quarter, which reflects the usual high volume of issued transaction during the summer season, which have then completed in Q3. This gets us an 85% recovery for completed SIS in TFS and AVPS, which corresponds to the number reported in our financial accounts in our 6-K. We have some leakage from completed reported SIS to reported revenue. First, for TFS, we have a merchant mix where there has been an increased level of business with larger merchants who get higher rates 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, which is lower margin, is growing faster than TFS. This gives us 73% rate of reported revenue recovery for AVPS and TFS. We have the contribution of Retail Tech Solution, which give us 79% revenue recovery for the group. As a reminder, Retail Tech Solution includes the acquisition of ZigZag in March 2021, the consolidation of Yocuda from September 2021, and more recently, the acquisition of Shipup on 31st of October 2022 and the first consolidation into our accounts from 1st of November 2022. Turning now to slide 11 for detailing the nine months financial performance. As with Q3, we have seen a significant improvement across all the key metrics for the nine months period. Group revenue is now at 67% of pre-COVID level. Turning to Adjusted EBITDA, again, a significant improvement of EUR 64.5 million- EUR 56.7 million, which is 39% of pre-COVID level. We recorded a negative adjusted net income for the group of EUR 7.1 million, but a significant improvement versus -EUR 53.1 million last year. Turning now to slide 12 for an overview of the operating expenses. Here we are showing our adjusted operating expenses in nine months this financial year compared to the same period pre-COVID level. Variable cost reduced by 33% versus a revenue decrease of 27% in AVPS and TFS. Besides the volume-driven cost reduction, there has been a reduction of 21% to EUR 25.2 million of adjusted fixed operating expenses, including EUR 2.5 million of listing cost. As a reminder, those savings are the result of the cost-saving program implemented in 2020 at the outset of the pandemic. We have inflation, which has negatively impacted the fixed cost by EUR 6.5 million, around 7% of the cost. Finally, we show the scope effect of Retail Tech Solutions for a total of EUR 18 million. Turning now to slide 13 for a summary of other costs. Here you can see on the left side the detail on adjusted D&A and on the right side, the net finance cost. D&A decreased by EUR 3.3 million to EUR 27 million as a result of the reduced level of CapEx in the COVID environment. To net finance costs. Costs increased by EUR 8.8 million to EUR 27.6 million for a number of reasons. First, the increase of Euribor. Euribor rate related to the senior debt triggered the quarterly impact of - EUR 2.5 million. Second, a EUR 1.3 million interest cost in relation to the drawdown of the supplemental shareholder facility in April 2022. Third, a EUR 2.3 million cost related to the unhedged open position in the balance sheet. Finally, two transactions re-generating foreign exchange losses. The Certares and Knighthead equity transaction and the supplemental shareholder facility are denominated in USD, while Global Blue reports in euro. Those transactions have generated losses of EUR 1.2 million and EUR 1.5 million respectively. Let's move now to slide 14 for an analysis of our cash flow statement. After an Adjusted EBITDA of EUR 56.7 million, the level of CapEx was EUR 23.1 million over the nine months period and is essentially related to technology development. It's very pleasing to report a positive A djusted EBITDA less CapEx of EUR 33.6 million, while we continue to invest in strategic projects. Turning now to working capital. As we see the travel industry recovering, our volume have mechanically increased, which lead to an increase in our capital, working capital needs in TFS business. As a reminder, the travelers get refunded upfront, and we collect the VAT from merchant authorities about a month later. Our working capital increase as business volume increase, and the highest peak is during the summer season since passenger volume tend to increase during the summer holiday. As a reminder, our net working capital outflow was EUR 87.7 million at the end of September 2022. Similarly, our working capital decreased rapidly after the summer season as we release working capital that has been built up during the summer. You can see this here with a decrease of EUR 45 million compared to September, to a working capital outflow now of EUR 43 million at the end of December 2022. Finally, with the proceeds from the issue of share capital from Certares and Knighthead equity investments, our net financial debt decreased by EUR 119.8 million, which I will cover on the next slide. As of 31st December 2022, our net financial debt amounted to EUR 557.5 million. We have significantly strengthened our balance sheet and now have EUR 233.5 million of cash and cash equivalents, and have reduced debt by EUR 119.8 million as the result of the Certares and Knighthead equity investment and our continued strong focus on the working capital. Both our senior debt of EUR 630 million and revolving credit facility of EUR 99 million have a maturity date of 28 August 2025. Regarding the covenant conditions, the first testing date will be 31st of March 2023, and we anticipate that Global Blue will be in compliance with the financial covenant when it's first tested. Turning now to slide 16 for the key takeaways. To conclude here, main takeaways for the reporting period. First, we are pleased to report strong ongoing sign of recovery with a significant increase in revenue of 272% over the nine-month period versus nine months last year, with TFS and AVPS revenue at 62% of pre-COVID level. Second, 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 €56.7 million over the nine months period, from negative last year at €7.8 million. On a year-to-date basis, adjusted EBITDA is now at 39% of pre-COVID level versus 32% at the end of September. Third, the saving 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 Retail Tech Solutions and inflations, are reduced by 21% in nine months this year versus nine months pre-COVID level. Finally, we have a strong cash position with EUR 233 million cash and cash equivalents as the result of the investments from Certares and Knighthead and our continued focus on working capital. This concludes the financial section, and I will now hand over to Jacques Stern to present the latest tax-free shopping trends and the long-term growth driver of Global Blue. Thank you. Thank you, Roxane. I will start by the latest trend. So, as this slide show, you can see that January has been a strong month, which is showing an improved level of recovery in all markets versus Q3. If we go a little bit more in the detail, in Continental Europe, we have reached 106%, which is an increase of two point versus Q3. In APAC, we have seen a stronger recovery with 96%, compared to 80% in Q3, which mean that for the first month, January 2023 show a level of recovery which is above 2019 at 102% on the like-for-like basis. If we take into account the abolishment of the U.K. scheme in 2021, the reported issued SIS is reaching now 86%, which is three points more in January than in Q3. If we go a little bit more in the detail, starting by Continental Europe as a destination, you can see that the recovery has been very strong, all over the last seven quarter, and now is reaching a kind of plateau around 100%-106%. What is interesting, which is a chart on the right, is to see that the competition of this recovery is a lower increase in terms of international shoppers, 63% level of recovery, but which has been compensated by an increase of spend versus 2019, which enable to have an increase of 104% for the Q3 in terms of spend. We look now in terms of detail of origin country coming into Europe, we see that this recovery has been fueled by a very strong recovery from U.S. citizen, reaching in January 300% level of recovery compared to Q3 at 253%, but also Gulf country, which is holding very firm above 200%. Globally, I would say all the nationality have seen a strong uplift and are now above 2019. Apart two nationality, one Russia for obvious reason, and the second being mainland China, who used to represent 25% of European spend in 2019. Very important nationality for Global Blue, and where we are in January still at 22% level of recovery, even if we see already some improvement as in Q3, the percentage of recovery was only 15%. If we go on APAC as a destination, you see that January have seen an acceleration. We should remember that Q3 was the first real quarter where all country of destination were open, namely Japan, Korea, and Singapore. Here, a bit like in Europe, we see a lower level of recovery in terms of international local shoppers compared to the spend. 45% for the shoppers, 80% for the spend, which translate an increase of spend per shopper of 78%, quite comparable to the one that we have seen in Europe. There also, if we go in the detail of origin country coming to Asia, we are seeing that apart China, which is the bulk of the nationality in APAC, which we used to represent 56%, which are still at a low level of recovery, 38% in January versus 30% in Q3. We see that all the other nationality are now reaching a level which is above 2019. Special mention for Hong Kong and Taiwan, which are rocketing close to 400% level of recovery, despite the tight recovery in terms of air capacity. I will come back to that in a few moments. If we make a focus, and it's important to make this focus on China, you, I'm sure are all aware that the Chinese government has reopened the border early January. We are seeing already a first improvement, both in Europe and in APAC in January, with some improvement, in particular in country like Singapore or Switzerland, where you have no restriction in terms of arrival and in particular test which are required on arrival. Let's move now to the long-term growth driver of Global Blue. I will start obviously by this chart, which is a kind of a recap of the latest trend, but which is important to have in mind, which basically show that for the corridors which are reopen, namely in Europe 68% and 44%, which mean today it's all corridor, meaning all nationality apart in Europe, China, mainland China and Russia, and in APAC, China, or at least that was the case in Q3. We see that we have a very strong recovery, around 150, 140%, which translate that, all nationality now are well above 2019, with a pent-up demand which is accelerating the spend, as I've shown before. Obviously, now that China is reopened, the question is will China, I would say, join the reopen corridor with those type of level of recovery? Couple of insight that I want to share with you on that. First question, which is an obvious question, which is, will the Chinese return to travel and to shopping? Therefore, we have for a lot of months now, survey every month around 10,000 traveler in order to understand their willingness to travel. You see that this, for Chinese intention, have improved months after months. After a kind of glitch in December, which is obviously linked to the COVID peak at that time in China, is now reaching 78%, which is the highest level since basically 12 months. When we ask them when they want to travel, basically without too much surprise, most of them have declared that they will travel within the summer 2023 or during the Golden Week during the autumn. That mean one things. One, the desire to travel and to shop again is there, but it will be gradual as the intention to really go back to the travel is more expected for the summer than in the next few months. Second question about Chinese is, will they return with an average spend which is the same than 2019 or higher, like most of the other nationality, as you have seen before? The answer is still unknown, but the expectation is that it's probably like the other nationality will be with higher spending. Why that? Because first, during the three years of COVID, they have accumulated savings, generally speaking, which are above EUR 2 trillion. Secondly, because this is more focused to the luxury personal good, when you look the last three years, in average, the Chinese have underspent around EUR 30 billion-EUR 35 billion per year, which mean that there's a kind of mass of EUR 100 billion, which has been not spent during three years and which will be fuel the recovery. Last question about the China. If they desire to come, if they had the wealth to spend more than before, can they come either in APAC or in Europe, given the air capacity? The answer is it will be progressive because the air capacity will not go back to 100% of 2019 before couple of quarter. The latest information that we have on that regard show that for Q2 of the calendar year, 2023, April to June, the expectation will be more or less 25% both in Europe and in APAC, with a gradual increase in the next months in terms of air capacity. In summary, we are expecting the air capacity to continue to grow in the comings quarter. The Chinese are willing to re-travel, and they have more spent in terms of luxury or more saving to spend in terms of luxury. What could it be? Well, it's still unknown, even though I think we have a very good level of indication on the trend. I thought it could be useful to look to what has been the level of recovery for Hong Kong, which is a good proxy for what we could expect in terms of Chinese, mainland Chinese recovery. There are two angle. One angle which is what has been in Q3, our fiscal year. Again, October to December, the level of recovery of Hongkongers in Japan. On the right, the same, but Hongkongers coming to Europe. In both cases, we see that the level of air capacity for Hong Kong has been also quite restricted during this Q3. You see respectively the level of air capacity was a 29% to Japan and 27% recovery in Europe. What is interesting is that the level of recovery of shoppers has been much more important, and you know that we track that through the passport number when we do the process of the tax free in each of the country. In Japan, the recovery has been 101%, which mean that concretely in a plane we have seen much more people traveling for leisure and then shopping than people traveling for business compared to 2019. In a certain extent, same in Europe with a recovery of shoppers of 41%. In both cases, what is interesting is that when the shoppers from Hong Kong have been in Japan and in Europe, they have spent much more than before, between 70% and 80%, which is very aligned with what we have seen with other nationality. In summary, I think the example of Hong Kong can give us confident that despite the air capacity, which is still limited between mainland China and the rest of the world, we can see an improvement of the level of recovery for Chinese, which will be quicker and stronger than the air capacity. When we take all that into account, obviously the main question is what could be the impact for Global Blue EBITDA of this reopening of China? For that, we have this slide, which is a bit complex, so I will take 2 minutes in order to explain to you, which basically on the left restart by giving you what was the performance of Global Blue in dark blue in the last 12 months of 2019, which were not impacted by COVID-19. At that time, the EBITDA was reaching EUR 187 million. The pale blue is what was the performance at the end of March, which is so March 2020, which is our fiscal year. Without surprise, you see that we had already a month and a half of impact of COVID, which translated if you go on the top side of the chart by a level of revenue of only 96% compared to the last 12 months, and more impact on Chinese, which were only at 93% of the amount of the last 12 months and at the end of December 2019. In gray you have the extrapolation on 12 months of the latest quarter that we have published, and that Roxane just presented to you. If we take the performance of this quarter, which is 73% in terms of level of recovery for TFS and AVPS, it translate to an EBITDA performance of 105 for 12 months. With a little caveat, without the contribution of the acquisition of Certares, because we wanted to make it comparable. You have all the footnotes which will explain that to you. Obviously, we have tried to assess what could be based on different level of recovery of Chinese revenue, the level of EBITDA for the group. Let's state an example. If the level of recovery based on Q3 extrapolation of China reach 125%, then as a consequences, we would end up with a level of revenue recovery of 100%, and the EBITDA would then translate to a level of EUR 203 million. Two or three comments on that. First, obviously, if you look to this level of recovery, you see that the performance is higher than 2019 by over EUR 15 million. It's basically the fruit of the long-term saving that we have implemented when COVID has hit, despite a level of inflation that Roxane has presented to you, and despite listing cost which did not exist in 2019 as the company was not listed at that time. If you combine the two, it's around EUR 10 billion, which would ease your comparison for that. Second comment is obviously that you have on the right side or on the left side some other potential assumption. If you go to 150% of level of recovery, which would translate to a total group recovery of 106%, the profitability would be 225%, EUR 225 million. Very important slide, obviously you see how sensitive Global Blue is to the recovery of Chinese and therefore for us that was very glad we have seen the reopening of the border early January. This is for the impact of the Chinese, we should never forget that Global Blue after the, you know, recovery that we are enjoying now, after the recovery that we will enjoy in 2023, with the Chinese, also benefit from four long-term driver. I will in a short part explain to you what are those four long-term driver. The first one is around the fact that Global Blue in its TFS business and somewhat in its DCC business benefit from the emerging market dynamic. What does that mean concretely? In emerging market, middle-class wealth creation leads to more travel, which leads to more shopping. If you look pre-COVID, some data, we had a correlation of 97% between the emerging market middle-class growth and the tax-free shopping transaction growth. A very high correlation. In summary, if you believe that there will be more wealth in emerging countries in the future, you fully understand why Global Blue have a strong long-term driver there. The second one is the fact that more and more country in the world are adopting the tax-free shopping scheme as a way to attract consumer. For that, you have just three figures to look at, which are in this slide, which is when you look the growth before COVID for 10 years of the luxury business in country where you had the TFS scheme for international traveler, you had a growth of 10%. If you look country which did not had the tax-free scheme, the growth was only 7%. If you look to the growth of luxury spent on domestic, it was 5%. The message to the government there is very simple. If you want to attract consumer, tax-free is really the way forward, implement tax-free shopping. Third driver is around digitalization. In this business, even though we are doing this business for 40 years, we still have only 39% of the transaction, eligible transaction, which are refunded, which is around 50% of the value. Why that? Some people do not know the system. Some people think that the system is cumbersome. Therefore, digitalization is a way to change the perception and also change the reality and to make this process very simple. Very simple process would lead to more transaction which are refunded. Pre-COVID, we gave a guidance that we will continue to give, which is 2% of incremental revenue per year will come thanks to the digitalization of this process, therefore, it's a long-term driver for us. Last but not least, you Roxane have just reminded you that we had bought some company recently in the retail tech business which are in the field of the e-commerce mainly. Therefore, we will benefit from this long-term driver of the growth of the e-commerce, which is above 10% per year. In conclusion, five things to take away from this Q3 financial statement. First, a strong improvement of the performance in terms of top line and EBITDA. We are now reach a level of EBITDA of almost EUR 57 million after nine months, which is a strong improvement compared to last year. Second, we have a very strong cash position, more than EUR 230 million at the end of December. Third, the trend in January confirm the good momentum of recovery in continental Europe and also an acceleration in impact. Fourth, which is again probably the most important element of this Q3 presentation, China will be back, Chinese will be back in the world, thanks to the reopening of the border in January. What is the impact if Chinese revenue recovery reach 125%? It means mechanically an EBITDA for Global Blue which would reach over EUR 200 million, which would be the highest level of EBITDA from the history of Global Blue. Last but not least, after the Europe, the recovery that we are enjoying now and the future one in 2023 and 2024 coming from the Chinese, we have long-term driver, which will help to further grow the business and which is also good to have in mind, we are well hedged against the risk of inflation and also against the risk of a potential recession in Europe. Thank you very much for your listening. We give you a rendezvous with Roxane for a full year result in June. Thank you very much.
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