Global Blue AG(GB)2025-02-26 11:11Financial Performance - Global Blue achieved a TFS Sales in Store (SiS) of EUR6.2 billion for the three months ended December 31, 2024, representing a 20.5% increase from EUR5.1 billion in the same period of 2023[29]. - Total revenue increased by EUR22.0 million or 20.1% to EUR131.4 million for the three months ended December 31, 2024, compared to EUR109.4 million for the same period in 2023[36]. - Payments SiS rose by EUR0.1 billion or 8.2% to EUR1.7 billion for the three months ended December 31, 2024, up from EUR1.6 billion in the same period of 2023[30]. - The revenue from the TFS segment increased by EUR17.4 million or 21.7% to EUR97.8 million for the three months ended December 31, 2024, compared to EUR80.3 million in the same period of 2023[37]. - The company reported a profit before tax of EUR46.1 million for the three months ended December 31, 2024, compared to EUR23.5 million in the same period of 2023[35]. - Profit for the period increased by EUR19.0 million, or 128.1%, to EUR33.9 million for the three months ended December 31, 2024, compared to EUR14.9 million for the same period in 2023[59]. - Adjusted EBITDA rose by EUR12.4 million, or 31.2%, to EUR52.2 million for the three months ended December 31, 2024, from EUR39.8 million in the prior year[62]. - Revenue for the three months ended December 31, 2024, increased to €131,387 thousand, up 20.1% from €109,406 thousand in 2023[135]. - Operating profit for the nine months ended December 31, 2024, rose to €101,623 thousand, a 20.5% increase compared to €84,362 thousand in 2023[135]. - Profit for the period for the three months ended December 31, 2024, was €33,883 thousand, compared to €14,854 thousand in 2023, representing a growth of 128.5%[138]. - Profit before tax for the nine months ended December 31, 2024, was €114,035 thousand, significantly higher than €47,788 thousand in 2023, indicating a growth of 138.5%[144]. - Total comprehensive income for the period was €73,743 thousand for the nine months ended December 31, 2024, compared to €23,838 thousand in 2023, reflecting a growth of 76.5%[138]. Operating Expenses - Operating expenses rose by EUR24.3 million, or 32.9%, to EUR98.2 million for the three months ended December 31, 2024, from EUR73.9 million in the prior year[42]. - Total operating expenses for the nine months ended December 31, 2024, were EUR 279.5 million, compared to EUR 232.7 million for the same period in 2023, reflecting a year-over-year increase of 20.0%[173]. - Fixed costs for the nine months ended December 31, 2024, amounted to EUR 144.0 million, up from EUR 128.9 million in the same period of 2023, representing a 11.8% increase[172]. - Personnel costs for the nine months ended December 31, 2024, were EUR 93.7 million, compared to EUR 84.8 million in the same period of 2023, reflecting a 10.5% increase[172]. Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2024, were EUR 121.8 million, an increase from EUR 101.4 million at the end of Q3 2023[81]. - Net cash from operating activities for the nine months ended December 31, 2024, was EUR 133.5 million, compared to EUR 101.1 million for the same period in 2023[83]. - Net cash used in investing activities for the nine months ended December 31, 2024, was EUR 32.1 million, primarily for intangible assets[86]. - Net cash used in financing activities for the nine months ended December 31, 2024, was EUR 68.2 million, mainly due to interest payments of EUR 41.1 million[88]. - Global Blue recorded a net working capital inflow of EUR15.7 million for the nine months ended December 31, 2024, compared to EUR6.1 million for the same period in 2023, reflecting a decrease in trade receivables and an increase in trade payables[95]. - The company had additional available liquidity of EUR 101.0 million as of December 31, 2024, consisting of a Revolving Credit Facility of EUR 97.5 million[78]. Debt and Financing - Adjusted Net Debt as of December 31, 2024, was EUR (489.6) million, an improvement from EUR (524.4) million as of March 31, 2024[71]. - As of December 31, 2024, total interest-bearing loans and borrowings amounted to EUR531.9 million, down from EUR588.9 million as of March 31, 2024[125]. - Global Blue entered into a new Senior Facilities Agreement on November 24, 2023, consisting of a EUR610.0 million term loan and a EUR97.5 million multicurrency revolving credit facility[100]. - The interest rate margin for the Facility B was reduced by 100 basis points in May 2024 and further reduced in November 2024, with the current margin at 3.25% for leverage above 2.00:1[109][111]. - The Group extinguished a Supplemental Liquidity Facility on December 15, 2023, by repaying the full amount of USD75.0 million (EUR70.1 million)[103]. - The Group successfully completed two repricings of its term loan facility, reducing the interest rate margin by a total of 100 basis points, resulting in a gain of EUR 55.9 million recognized in the income statements[211]. Taxation - Income tax expense increased by EUR3.6 million, or 41.7%, to EUR12.3 million for the three months ended December 31, 2024, compared to EUR8.6 million for the same period in 2023[58]. - Income tax expense for the nine months ended December 31, 2024, was EUR 35.2 million, compared to EUR 21.5 million in the same period of 2023, reflecting an increase of 63.8%[183]. - The adjusted effective tax rate decreased to 34.9% for Q3 2024 from 38.9% in Q3 2023, reflecting improved interest tax efficiency[67]. Shareholder Activities - The company issued 1,101,176 series B preference shares during the nine months ended December 31, 2024, compared to 847,059 in the same period of 2023[189]. - The treasury shares increased to 10,951.9 thousand shares as of December 31, 2024, from 10,446.7 thousand shares at the end of Q3 2023, reflecting ongoing buy-back activities[192]. - The company approved a share repurchase program of up to USD 15 million, with 505,155 ordinary shares acquired in Q3 2024[193]. Segment Performance - The TFS segment generated revenue of EUR 290.8 million for the nine months ended December 31, 2024, up from EUR 235.2 million in the prior year, marking a 23.6% growth[169][171]. - The Payments segment reported revenue of EUR 68.8 million for the nine months ended December 31, 2024, compared to EUR 61.3 million in the prior year, a growth of 12.2%[169][171]. - The PPS segment generated revenue of EUR 21.5 million for the nine months ended December 31, 2024, compared to EUR 20.6 million in the same period of 2023, showing a slight increase of 4.4%[169][171]. Other Financial Metrics - Depreciation and amortization increased by EUR3.2 million, or 30.3%, to EUR14.0 million for the three months ended December 31, 2024, from EUR10.8 million in the previous year[44]. - Net finance income increased by EUR24.9 million, or 207.9%, to an income of EUR12.9 million for the three months ended December 31, 2024, from an expense of EUR12.0 million in the previous year[56]. - Employee benefit expenses increased to EUR 41.5 million for Q3 2024, up from EUR 37.3 million in Q3 2023, driven by an increase in average employees from 1,914 to 2,119[174]. - The total fair value of financial liabilities measured at fair value as of December 31, 2024 was EUR 6.8 million, with EUR 3.2 million classified under Level 3 of the fair value hierarchy[214].