Good morning, good afternoon. I am Jacques Stern, CEO of Global Blue, and I'm with Roxane Dufour, the CFO of the group. And we will comment today the Q2 figures for the financial year 2023-2024. Before giving the floor to Roxane, let me give you an overview of this presentation. First of all, you will see that the Q2 and H1 financial results have shown a significant increase both in terms of growth and profitability. And this is driving a continuous improvement of the annual last quarterly adjustment, EBITDA, to EUR 142 million. Roxane will come back in detail on that. Second, in November, Global Blue have concluded two important capital structure transaction. The first one, whereby Tencent have agreed to invest $100 million in Global Blue, consisting in 50% primary and 50% secondary, for a total stake of 7.6%. This is significant because, one, it validate our leadership. Second, it reflect the confidence in the ongoing travel recovery, in particular, from Chinese. And finally, it support the delivery, the deleveraging of the company. Second transaction is the refinancing of all of our debt, which end up with a new facility of €610 million qualified Term Loan B and a new SCF of €97.5 million. And there also it's significant because it extend the maturity of our debt to 2030. Last but not least, following the reporting of Q2, we are pleased to reiterate our financial guidance of the Adjusted EBITDA for the fiscal year 2023/24, EUR 245-EUR 265. With this overview in mind, I now give the floor to Roxane for detailed presentation of the Q2 financial year. Thank you, Jacques. 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 half year period, ended on the 13th of September 2023. Again, as a reminder, our financial year runs from April to March, hence, this is our Q2 and H1 results announcement. Our reconciliation to the nearest IFRS metrics are included in the appendix. Let's move to slide eight for the adjusted P&L related to our second quarter. We are pleased here to report a solid start to the year with significant progress against all of our key metrics. TFS and AVPS reported sales increased by EUR 2 billion, an increase of 42% versus Q2 last year. Group revenue increased by 38% to EUR 113 million versus the same period last year. Turning to Adjusted EBITDA, we have delivered a significant improvement to EUR 47.2 million versus EUR 25.8 million in the same period last year. Finally, we recorded an adjusted net income for the group of EUR 14 million. Again, a significant improvement versus negative of EUR 2.1 million in Q2 last year. Let's turn now to slide nine, to go into the revenue performance. Here, you can see that we have a solid start to the year with strong growth across the business. We delivered a 38.2% increase in revenue versus last year. I will go into the detail per division on the following slides, but you can see here for TFS, AVPS, and RTS, that they have contributed to a further EUR 31 million in revenue in the period, with a further EUR 1.7 million scope effect from TFS new countries and Shipup acquisitions reported under RTS. We then have a EUR 1.7 million impact related to the FX, which gets us, at the end, to EUR 113.2 million of revenue in Q2, in Q2 this year, versus EUR 82 million in the same period last year. Turning now to the revenue performance per division. Starting with TFS, accounting for 76% of group revenue in Q2 this year. TFS delivered a strong performance, with an increase in revenue of 38% on a reported basis to EUR 86.2 million. On a like-for-like basis, revenue in Continental Europe increased by 28.5% to EUR 75 million, while revenue in Asia Pacific increased by 155% to EUR 11.2 million. This strong performance reflect the ongoing recovery across all origin nationalities, with the reopening of Chinese border in January 2023, being the key driver of the revenue improvement, especially in Asia, where influx of shoppers from mainland China has already recovered to 109% versus 2019. Jacques will cover this into more detail later. Turning now to AVPS. AVPS accounted for 18% of group revenue in Q2 this year. This division also delivered a strong performance, with an increase in revenue of 32% on a reported basis to EUR 20.2 million, reflecting a strong performance across both business segments. On a like-for-like basis, revenue in FX Solution increased by 39% to EUR 10.4 million, while revenue in the acquiring business increased by 42% to EUR 10 million. As with TFS, AVPS is also benefiting from the ongoing recovery in the travel industry. Turning now to RTS. RTS accounted for 6% of group revenue in Q2 this year. As a reminder, RTS reflects the acquisition of ZigZag in March 2021, consolidation of Yocuda in September 2021, and the acquisition of Shipup in November 2022. Here you can see RTS revenue increasing by 65% on a reported basis to EUR 6.7 million in Q2 this year. There was a strong organic growth of 39% from ZigZag and Yocuda, and an additional EUR 1.1 million from the acquisition of Shipup. Turning now to slide 13 for the bridge from issued SIS to revenue. This is here the bridge detailing a number of items to consider between the issued SIS to the reported revenue. Here we are showing the comparison versus calendar year 2019. We are at 124% recovery for issued sales in-store in TFS and AVPS. The issued SIS is presented on a like-for-like basis, meaning at constant parameters. Then we consider the scope effect, one for the U.K., related to the abolition of the tax-free shopping scheme in January 2021. As a reminder, prior to the abolition of the scheme, the U.K. accounted for 14% of group TFS reported SIS, which is no longer the case here. The impact from the U.K. abolition is 18 points. Then you have a further impact of five points due to the FX translation and one point related to the discontinuation of our TFS business in Russia, which give us, at the end, 100% recovery in issued SIS in TFS and AVPS, reported one, with TFS at 94% and AVPS at 130%. We then have the refund ratio. As a reminder, once the transaction is issued, the traveler has to validate the tax-free form and get the refund. 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 2019, but it's mainly due to the nationality mix effect. Then there are transactions completed of period. This is where transactions are issued in a quarter, but validated and refunded in the following quarter. This gets us to a 102% recovery for completed SIS in TFS and AVPS. Then we have some leakage from this completed SIS to the reported revenue. First, for TFS, 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 then have an increase in average spends, which means a higher rate of VAT that is refunded, and therefore a lower take-up rate for Global Blue. Second, we have the AVPS mix effect, where the AVPS business, which is a lower margin, is growing faster than TFS. This give us 87% reported revenue recovery for AVPS and TFS. Finally, we have 5% contribution for RTS, which give us 92% revenue recovery for the group. Turning now to slide 14 for detail on Adjusted EBITDA. The significant improvement in revenue, together with the ongoing focus on the cost base, led to an 83% increase in Adjusted EBITDA in Q2 this year. We have a drop-through, a revenue drop-through at 68%, and I will take you through the detail here. We begin with our Adjusted EBITDA, which was EUR 25.8 million last year in Q2 last year. And then, if you look at the additional contribution of each business, contribution being the marginal revenue minus the marginal direct variable cost, we have a further EUR 25 million in Q2 this year. Then, considering EUR 2.5 million of fixed costs, EUR 0.5 million of scope effect, and EUR 0.4 million of foreign exchange impact, the group delivered an Adjusted EBITDA of EUR 47.2 million, with an increase in Adjusted EBITDA margin of 10 points to 42%. Turning now to slide 15 for further detail on Adjusted EBITDA. Here, we are showing the annualized Adjusted EBITDA based on the quarterly recovery. Just to note, the yearly extrapolation includes TFS, AVPS, and RTS performance in the various quarter applied to the year. Previously, we had excluded RTS from this calculation. Now it's included. You can see here a steady and consistent improvement in the annualized quarterly Adjusted EBITDA. Now, based on the Q2 recovery, the annualized quarterly Adjusted EBITDA is at EUR 142 million. This has led to a significant improvement in margin from 27% in Q2 last year to 34.8% in Q2 this year. Now, I will take you through the financial detail for the first half of the year. Slide 17. We are showing the adjusted P&L for the first half of the year, and again, we see the same positive trends as with the second quarter. TFS and AVPS reported sales in-store increased by EUR 4.5 billion, an increase of 55% versus H1 last year. Group revenue increased by more than 50% to EUR 208 million, versus EUR 138 million last year. Turning now to Adjusted EBITDA. We have delivered a significant improvement to EUR 75 million, versus EUR 32.6 million in the same period last year. Finally, we recorded an adjusted net income for the group of EUR 16 million, a significant improvement versus -EUR 13.7 million in H1 last year. Turning now to slide 18. Here, similar to Q2, we are showing the detail for H1, where we achieved 130% increase in Adjusted EBITDA in H1 this year, with a 61% revenue drop through in Adjusted EBITDA versus the same period last year. Starting with our Adjusted EBITDA at EUR 32.6 million last year, if we look at the additional contribution of each business, we have a further EUR 54 million in H1 this year. Then, considering EUR 8.9 million of fixed costs, EUR 1.6 million of scope effect, and almost EUR 1 million of foreign exchange impact, the group delivered an Adjusted EBITDA of EUR 75 million, with an increase in Adjusted EBITDA margin of 12 points to 36%. Now, moving to slide 19 for the D&A net finance cost. There has been a slight increase in Adjusted EBITDA to EUR 17.9 million in the period. On an annual basis, this give us a D&A of EUR 36 million, which is in line with our current level of CapEx. To the net finance cost, cost increased by EUR 0.8 million to EUR 24.6 million, and this was mainly due to an increase in interest cost of EUR 12 million versus last year, due to an increase in interest rates from 2.81% to 6.05%, associated with the senior debt and revolving credit facility. This was largely offset by the other finance costs, decreasing by EUR 11 million. As a reminder, in H1 last year, we've been impacted by the foreign exchange losses related to certain unhedged equity transactions and the supplemental shareholder facility that were denominated in USD, while Global Blue report in euro. Now, let's move to slide 20 for an analysis of our cash flow statement. After an Adjusted EBITDA of EUR 75 million and a level of CapEx at about EUR 80 million in the period, this is the CapEx are essentially related to technology development. Turning now to working capital. Being in the peak period of TFS activity in the first half of the year, we usually see an increase in our working capital during this period. As a reminder, the travelers, they get refunds upfront, and about a month later, we collect the VAT from the merchant or the authorities. Here, you can see that we have an outflow of EUR 39.2 million for the period, but there will be a tailwind during the third quarter of our fiscal year. The interest related to our senior debt for the last six months, paid in May 2023, has also impacted the cash flow by EUR 19.6 million. Finally, our net financial debt increased by EUR 18.7 million versus March 2023. Turning now to slide 21 for the debt position. As of end of September 2023, our net financial debt amounted to EUR 568.5 million, including cash and cash equivalents of almost EUR 222 million. Nevertheless, knowing the recent events, I propose to jump directly on the next slide. As mentioned by Jack in the introduction, we recently completed a $100 million strategic investment from Tencent, a world-leading internet and technology company. Tencent agreed to invest $100 million in Global Blue common equity at a price of $5.5 per share, generally in line with the volume weighted average price over the previous three months. The common shares will consist of 50% primary common share to be issued by Global Blue, the proceeds of which will be used to deleverage the company, and 50% secondary common shares to be sold by affiliates of Silver Lake and Partners Group, and certain members of Global Blue Board and Management. This represents 18.2 million common shares, implying an ownership in Global Blue that will be approximately 7.6% of the total issued share capital on a fully diluted basis upon completion of the transaction. This agreement reflects confidence in the ongoing travel recovery and support the long-term leverage target of below 2.5 times net debt over Adjusted EBITDA. Turning now to slide 23 for detail on the refinancing. Our senior debt and revolving credit facility had a maturity date of August 2025. Earlier this month, we took the opportunity to renegotiate our senior debt to strengthen Global Blue balance sheet. The new agreement, which was signed on the 21st of November, is comprised of a term loan of EUR 610 million and a revolving credit facility of EUR 97.5 million, with maturity extended to 2030. The term loan has a variable rate equal to EURIBOR for the period.... plus a spread of 500 basis points per annum, while the revolving credit facility has a variable interest rate equal to EURIBOR, plus a spread of 450 basis points per annum. In that context, two public ratings have been issued to Global Blue, with Moody's and S&P attributing B1 and B+ respectively. Turning now to slide 24, which shows the pro forma net debt. So, this is here the net debt position for H1, as if the financing was in place. With the RCF undrawn and the supplemental shareholder facility fully repaid, that leaves us with a gross financial debt of EUR 610 million on a pro forma basis. Then we have EUR 48 million of cash and cash equivalent, which leave us at the end with a pro forma debt of EUR 562 million. Turning now to slide 25, for the key takeaways. First, we are pleased to report on a solid recovery with a significant increase in H1 revenue of more than 50% to EUR 208 million. Second, thanks to the strong revenue growth and ongoing management of the cost base, we are pleased to report a strong improvement in H1 Adjusted EBITDA to EUR 75 million, with an increase of 130% of that reported last year, and with a revenue Drop-through of 61% in Adjusted EBITDA. On that basis, if we annualized the Adjusted EBITDA based on the quarterly performance of our business, there is an acceleration in H1 at EUR 142 million. We then have the $100 million equity investment from Tencent, which validates confidence in the ongoing travel recovery and support our deleveraging target. Finally, to further strengthen the balance sheet, the Group has refinanced its total indebtedness with a senior debt of EUR 610 million and a revolving credit facility of EUR 97.5 million in place until 2030. So this concludes the financial section, and I will now hand over to Jacques to present the latest trends and the long-term growth driver for Global Blue. Thank you, Roxane. So let's start by the latest trends, and namely, October for the tax-free shopping business. So you see that, October 2023 is broadly in line with, Q2, with a like-for-like performance of, 123%, which reflect one side, a slight decrease of the recovery, in Europe at 115%, and on the other hand, a strong momentum in APAC at 147% versus 134% in Q2. If we go to the detailed analysis of Europe, continental Europe, you can see that the performance of October reflect a recovery of 91% of international shoppers, but an increase of the spend of 26%, which end up with this 115% recovery in terms of spend. If we go to the detail per nationality, coming as a destination in Continental Europe, you see that if we exclude mainland China, which is on the course of recovery in Russia, for the reason that we know, the subtotal of all the other nationality is broadly in line in October versus Q2 at 154%. And I will have a detailed slide on the U.S. in the coming second. But no, important to note that we have the bounce backs of the Gulf countries at 241%, and the rest of the nationality are broadly in line with Q2. If we look to China, and I will have there also a slide in the coming minutes, we see a slight acceleration at 52% in October versus 45% in Q2. Couple of slides in order to understand the U.S. shopper recovery and assess the status. You see that October shows basically a very stable situation at 260% recovery versus 258% recovery in Q2, which translates on one side an increase of 162% recovery for the number of travelers, but also an increase of the spend of 60%, which ends up to this 260% recovery in terms of spend. When we try to detail per consumer type performance of 260%, you can see in this slide where we have basically compare the consumer who are shopping in each of these periods, so H1 2022, H2 2022, H1 2023, and Q3 2023, with the amount that the same person with the same passport number was spending in 2019. You can see that basically the more affluent or wealthy you are, the more you tend to increase your spend. So I give you an example. If we take Q3 2023, you see that for consumer spending more than EUR 20,000 with Global Blue, the increase of the spend is a multiplier of 3 times versus 2019. Where if we look to the segment below, affluent, which are spending more than EUR 3,000 and less than EUR 20,000, you see that the multiplier is 1.9, and the rest, i.e., below EUR 3,000, the multiplier there is below 2019 0.6. So in average, 60% increase with a multiplier of 1.6. But I think what is important to see here is that the trend has been very, very consistent, including in the last quarter, as you see that the main figures are really stable. So in summary, the US, we are seeing no change, and in particular, for the more VIC or high-net-worth individual, where the spend is still very strong. If we turn now to the Chinese, as a nationality of origin, coming to Europe, continental Europe as a destination, we are seeing that in October, a slight increase, to 52% level of recovery versus 45% in Q2. You can see on the right that this is translated into a recovery of 39% in terms of shoppers, with an increased spend of 33%, ending up to 52% tax-free spend recovery. It's worth mentioning that, linked to the lead time required for visa issuance, but also the absence of group travel until now, we have seen that the international shopper recovery is below the air capacity, but those two roadblocks should unwind, I would say, in the coming months, in particular, the group travel, which are expecting to return by the end of this calendar year or the beginning of next year. When we look to the same chart that I've shown to the U.S. for Chinese coming in Europe, you see that we are seeing the same elements. So I remind you, same people with the same number of passport who have shopped during the period shown here versus 2019. And there also, we are seeing, like American, that the more wealthy, i.e., the ones spending more than 20,000, are have a multiplier of spend versus 2019, which is the highest, 2.5 time in Q3. And there also we see a very strong consistency in the data, in the last 18 months. Turning now to APAC as a destination, we see that October have shown a continuous increase of the recovery at 147% versus 2019, versus 134% in Q2. And there also, we are seeing a very strong increase of the spend, with 34%. But, we see there that the level of international shopper recovery have now reached the level of 2019, with even an increase of 110% versus 2019 in terms of number of shoppers. If we look to the detail per nationality, and there also, excluding China as an origin country, you see that we see an acceleration in October at 189%, driven by citizens from Hong Kong, Taiwan, but also followed by Japan and Korea, so Northeast Asia, with two very strong set of results well above 250% for those two nationality. And if we look to mainland China, who used to represent 56% of the sales in-store in 2019, we see a slight increase in October, at 109% recovery versus 105% in Q2. There also, if we go a little bit more in detail, we see that the level of recovery in terms of number of shoppers is 47%, whereby the increase in average spend is 132%, translated into this 109% in terms of tax-free spend recovery. So in summary, if we exclude mainland China and Russia, we can see that the recovery in Continental Europe is well above 150% and almost at 190% now in APAC. Obviously, we still have China, which needs to continue to recover, which has started in APAC, where we reached 109%, but still around 50% in October. Why this is important, this recovery of the Chinese? Obviously, because this drive a further improvement of profitability for Global Blue. You know this chart, just to remind you a few things. So, as mentioned by Roxane, our annualized EBITDA is now, after Q2, reaching 142%—EUR 42 million, which implied a recovery in terms of China revenue of 40%. And this is to be compared to our top profitability on the calendar year 2019, where we reached EUR 187 million of EBITDA. On the right, so on the green part of this chart, you can see the simulation of the Chinese recovery. If I take, for example, 125% recovery for the Chinese in the coming quarters, based on the more capacity of the airline, and also this fading of the roadblocks that I was mentioning in Europe with travel group and Visa, you can see that the group could reach more than EUR 200 million EBITDA. Which I remind you is our guidance for 2024-2025 fiscal year, so over EUR 200 million. So this would imply a 105% recovery of the Chinese revenue. So let's turn now for a few slides on the recent achievement. A few things there to mention. First, on the commercial front, for tax-free shopping, we are continuing to improve our market share. You see on the right, couple of very significant names which have gained in H1, 2023, 2024. Bottega Veneta, Audemars Piguet, Lacoste, but also, other brands. And worth to mention that, this strong gain, but also, a very strong gross retention rate of 99.4% and up to, a net retention, for the last four years, including, this H1, set of result of 103%. So, a gain versus loss, which is, positive by 3% per year. So reinforcement of market share in tax-free shopping, but also in tax-free shopping, the continuing level of increase of digitalization, which, you know, is very beneficial in terms of increased penetration, which increase at the end the volume, but also in terms of cost. As you know, more digitalization in terms of refund out of the airports means also reduction of the cost. You can see here that the progress is in all front. Issuing, we are almost now at 100% of digital issuing. Validation, H1 translate more or less the same level than last year. We have not shift any new country in terms of export digital validation, but few are on the pipeline. In terms of consumer engagement through our mobile customer care, you see that we continue to increase the coverage at 66% versus 62% last year. And digital refund out of the airport, you see also there an improvement in H1. So continuous improvement in terms of digitalization. I will come back talking about the long-term target in a couple of minutes, and this is one of the key elements of our volume growth. Turning now to AVPS, so Added Value Payment Solution. There are also some very nice gain in terms of FX solution during H1, Poste Italiane for the ATM DCC management, but also PPIH in Japan, Scotiabank in Canada, BCC Pay in Italy, and Worldpay in the U.K. They're also to mention a very strong growth retention rate for the last three years in line with H1 at 98.2%, which translate into a net retention rate, so net gain and loss of 104.7%. Last but not least to mention and to report the successful launch of the Global Blue Hospitality and Retail Gateway. In the last quarters, more than about 280 hotels, which has been rolled out with this new gateway. During the last quarter, we have been able to sign 7 new acquirer adopting our gateway solution in terms of technology, with names like Nexi, but also Mandiri Bank, but also ANZ and Nets, and for which in the coming months, we will roll out this technology with new hotel to be signed. It's already the case for Nexi and for GCC and Mandiri. It will be the case for Viseca, Maybank, Nets and ANZ in the coming months. On top of that, very pleased to report that we have on top of those 7 acquired sign, 16 acquire, which are in the pipeline. So a very strong and successful launch of our Global Blue's Hospitality and Retail Gateway, which are complementary to the DCC slash FX solution that we are selling to acquire. Let's turn now on the long-term guidance and target. So you know that we have released in September 2023 a set of guidance and long-term target. I give you the highlight of that first, and we reconfirm this guidance following Q2 reporting for the financial year 2023-2024, an EBITDA guidance between EUR 145 million and EUR 165 million. In terms of next fiscal year 2024-2025, a target of more than EUR 200 million EBITDA. For the period post full normalization, I would say, an objective long-term of revenue of 8%-12% for the group, with a revenue-to-EBITDA drop-through above 50%, and CapEx, which for all the period, are set to be between EUR 40 million and EUR 45 million, of which 80% of capitalized software. Besides those P&L long-term target, three other targets which has been revealed in September. First, that we confirmed that in terms of working capital, this should be neutral in the future, post 2025, 2026. In terms of effective tax rate, a rate of 24%-26%. As mentioned by Roxane in the Q2 presentation, an objective in terms of net debt to EBITDA below 2.5, i.e., a priority on debt paydown in terms of usage of cash flow. Few slides in order to give you a little bit more detail, especially on the long-term target, i.e. post-2024-2025, which will still be a year of recovery with Chinese coming back in Europe and in APAC. So post this period, so starting in 2025-2026, as mentioned, we have a target of growth of 10%-14% in terms of sales in store for tax-free shopping, broadly in line with the last 10 years figures just before Covid. In particular, with strong objective beside market growth, 6%-8% contribution of new country, between 1.5% and 2% contribution. Digitalization, so more penetration of our solution thanks to digitalization, 2%-2.5% growth. Finally, a net retention of between 0.5% and 1.5% contribution coming from net gain from our clients in TFS. And this should translate into revenue growth in terms of tax-free shopping between 7% and 11%, as shown on the right of the graph. Very consistent there also with the 10 years performance before COVID. If I turn now to FX solution, so there are also an expectation of growth in terms of volume between 9% and 13%. Very much in line there also with the long-term trend pre-Covid, which has reached around 10% and 13.5%, including the acquisition of Currencyselect, which would translate there also with a revenue growth between 9%-13%, very much in line there also with the performance pre-Covid of the FX solution division. Last but not least, just to remind you that Global Blue is well ahead once again the inflation. And you had in this chart a reminding that if the luxury brand had increased their price of 27% in average versus 2019, the inflation has been brackets only by only 20%, which mean that we had a positive impact in terms of PNL. Probably more importantly, today, to remind you that, given the positioning of Global Blue in luxury, but more importantly, in selling luxury goods to high-net-worth individual and more wealthy people, 10% of our consumer base represent almost 50% of our sales in store, so our volume. Given this particularity of positioning, Global Blue in the last recession have been able to push basically flat figures versus a luxury market down by 8% and travel down by 16%. So in summary, we are hedged against a recession, but also inflation, which is in this uncertain time, important to, to have in mind. So with that in mind, and for concluding this presentation, just to remention that Q2 have shown, I would say, strong year-over-year result, which are, basically following, also a very strong Q1. That, during the last, weeks, we have announced two important capital structure transaction. One, which is this investment of Tencent of $100 million. And secondly, the fact that we have fully refinanced our debt, with now a new package of debt with a maturity, extended to 2030. And last but not least, that, with the, Q2 reporting, we are pleased to, reiterate, our financial guidance for the year, and in particular, the, Adjusted EBITDA between EUR 145 million and EUR 165 million. Thank you very much, and with Roxane, we give you another rendezvous for our Q3. Thank you very much, and bye. Bye-bye.
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