Global Blue : 03 March 2021 - Q3 & 9M 2020-2021_6k filingsUndefined

March 02, 2021

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GLOBAL BLUE GROUP HO	Donnelley Financial	VDI-W7-PF3-0661
14.4.13.0
FORM 6-K	None

898308 TX 1	2*
NYM	HTM ESS	0C
UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 or 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

March 3, 2021

Commission File Number: 001-39477

GLOBAL BLUE GROUP HOLDING AG

(Translation of Registrant's name into English)

Zürichstrasse 38

8306 Brüttisellen

Switzerland

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

☐

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GLOBAL BLUE GROUP HO	Donnelley Financial	VDI-W7-PF3-0661	01-Mar-2021 18:14 EST
14.4.13.0
FORM 6-K	None

898308 TX 2	2*
NYM	HTM ESS	0C
TABLE OF CONTENTS

1.	Unaudited Condensed Consolidated Interim Financial Statements - December 2020	3
2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	45
2

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GLOBAL BLUE GROUP HO FORM 6-K

Donnelley Financial None

VDI-W7-PF3-0661 ADG mandb0nd

14.4.13.0

898308 TX 3

HTM ESS

6* 0C

Global Blue Group Holding AGUnaudited Condensed Consolidated

Interim Financial Statements

December 2020

Zürichstrasse 38.

CH-8306 Brüttisellen, Switzerland CHE-442.546.212

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GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS35
14.4.10.0
FORM 6-K	None
GENERAL INFORMATION

898308 TX 4	6*
NYM	HTM ESS	0C
TABLE OF CONTENTS

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME / (LOSS) UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

N1.	Corporate information	12
N2.	General information about the business	12
N3.	Basis of preparation and significant accounting policies	13
N4.	Significant changes in current reporting period	14
N5.	Segment information	14
N6.	Profit and loss information	18
N7.	Earnings per share	21
N8.	Property, plant and equipment	22
N9.	Intangible assets	22
N10.	Loans and borrowings	24
N11.	Share-based Payments and Non-Convertible Equity Certificates	26
N12.	Deferred income tax asset and liability	29
N13.	Related party transactions	29
N14.	Shareholders of Global Blue Group Holding AG	30
N15.	Leases	33
N16.	Interest in associates and joint venture	34
N17.	Fair value of the Financial assets and liabilities not measured at fair value	35
N18.	Issued capital and reserves	35
N19.	COVID-19 Considerations	39
N20.	Events after the reporting period	42

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GLOBAL BLUE GROUP HO FORM 6-K

Donnelley Financial None

ADGP64RS35 14.4.10.0

898308 TX 5	4*
NYM	HTM ESS	0C
GENERAL INFORMATION

Board of Directors

Thomas Farley Christian Lucas Jacques Stern Marcel Erni Joseph Osnoss Eric Meurice Eric Strutz Angel Zhao

Registered office

Zürichstrasse 38, 8306 Brüttisellen, Switzerland

Auditors

PricewaterhouseCoopers SA (CHE-390.062.005), Geneva

Owners

The shareholders of Global Blue Group Holding AG - Group are outlined in Note 14

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GLOBAL BLUE GROUP HO
FORM 6-K
Page 1 of 1
Q3	Q3	YTD 9 months	YTD 9 months
(€ thousands)	Notes	Oct-Dec 2020	Oct-Dec 2019	Apr-Dec 2020	Apr-Dec 2019
Total revenue	5	14,205	109,767	34,231	337,467
Operating expenses	6	(60,632)	(98,767)	(414,610)	(289,316)
Operating (Loss) / Profit	(46,427)	11,000	(380,379)	48,152
Finance income	6	152	2,764	1,739	3,605
Finance costs	6	(5,588)	(11,199)	(18,948)	(28,228)
Net finance costs	6	(5,436)	(8,435)	(17,209)	(24,623)
(Loss) / Profit before tax	(51,863)	2,564	(397,588)	23,529
Income tax benefit / (expense)	6	8,005	4,353	24,497	(4,599)
(Loss) / Profit for the period	(43,858)	6,917	(373,091)	18,929
(Loss) / Profit attributable to:
Owners of the parent	(43,831)	5,450	(371,988)	13,693
Non-controlling interests	(27)	1,467	(1,103)	5,236
(Loss) / Profit for the period	(43,858)	6,917	(373,091)	18,929
Basic (loss) / profit per share	7	(0.23)	0.14	(1.94)	0.34
Diluted (loss) / profit per share	7	(0.23)	0.14	(1.94)	0.34

Donnelley Financial	ADGP64RS35	898308 TX 6	8*
14.4.10.0
None	HTM ESS	0C

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTSUNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT

The notes on pages 12 to 42 are an integral part of these consolidated financial statements.

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GLOBAL BLUE GROUP HO	Donnelley Financial	VDI-W7-PFL-2267	898308 TX 7	8*
14.4.13.0
FORM 6-K	None	HTM ESS	0C

Page 1 of 1
Q3	Q3	YTD 9 months	YTD 9 months
(€ thousands)	Oct-Dec 2020	Oct-Dec 2019	Apr-Dec 2020	Apr-Dec 2019
(Loss) / Profit for the period	(43,858)	6,917	(373,091)	18,929
Other comprehensive income / (loss) that may be reclassified to profit or loss in
subsequent periods:
Currency translation differences	536	2,223	1,042	369
536	2,223	1,042	369
Other comprehensive income / (loss) for the period, net of tax	536	2,223	1,042	369
Total comprehensive (loss) / income for the period	(43,322)	9,140	(372,049)	19,298
Attributable to:
Owners of the parent	(43,201)	7,920	(370,413)	13,997
Non-controlling interest	(121)	1,220	(1,635)	5,300
Total comprehensive (loss) / income for the period	(43,322)	9,140	(372,048)	19,298
The notes on pages 12 to 42 are an integral part of these consolidated financial statements.
7

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME / (LOSS)

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GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS35	898308 TX 8	7*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(€ thousands)	Notes	31 Dec 2020	31 Mar 2020
ASSETS
Non-current assets
Property, plant and equipment	8,15	39,595	51,355
Intangible assets	9	576,138	631,002
Deferred income tax asset	12	26,821	12,349
Investments in associates and joint ventures	16	3,472	2,895
Other non-current receivables	9,432	15,170
655,458	712,771
Current assets
Trade receivables	19	41,880	141,306
Other current receivables	31,929	33,760
Derivative financial instruments	98	742
Income tax receivables	1,183	1,573
Prepaid expenses	4,056	7,919
Cash and cash equivalents	209,179	226,139
288,325	411,439
Total assets	943,783	1,124,210
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Shares	15, 18	1,789	341
Share premium	18	1,574,804	391,856
Other equity	18	(10,058)	-
Other reserves	18	(963,150)	(11,881)
Accumulated losses	(690,284)	(317,195)
(86,899)	63,121
Non-controlling interests	6,129	8,376
Total equity	(80,770)	71,497
Liabilities
Non-current liabilities
Non convertible equity certificates	11	-	4,891
Loans and borrowings	10	721,198	624,595
Other long term liabilities	23,240	29,753
Deferred income tax liabilities	12	21,974	34,564
Post-employment benefits	8,251	7,962
Provisions for other liabilities and charges	2,240	2,235
776,903	704,000
Current liabilities
Trade payables	19	158,355	237,319
Other current liabilities	28,561	45,236
Accrued liabilities	35,505	41,833
Current income tax liabilities	24,193	23,244
Loans and borrowings	10	1,036	1,081
247,650	348,713
Total liabilities	1,024,553	1,052,713
Total equity and liabilities	943,783	1,124,210
The notes on pages 12 to 42 are an integral part of these consolidated financial statements.
8

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200GgzLD26#cg2xLw

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS35	898308 TX 9	7*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

YTD 9 monthsYTD 9 months

(€ thousands)	Notes	Apr-Dec 2020	Apr-Dec 2019
(Loss) / Profit before tax	(397,588)	23,529
Depreciation and amortisation	87,178	83,608
Net financial costs	6	17,209	24,623
Other non cash items	4,348	7,233
Capital reorganization non-cash items	6	199,508	-
Capital reorganisation cash items	10,448	-
Net deductible financial income/(costs)	(377)	(4,046)
Income tax received /(paid)	(3,129)	(23,475)
Interest paid	(9,887)	(18,719)
Changes in working capital	9,338	23,637
= Net cash from / (used in) operating activities (A)	(82,952)	116,390
Purchase of tangible assets	(1,157)	(3,647)
Purchase of intangible assets	9	(15,366)	(22,059)
Acquisition of non-current financial assets	(819)	(5,295)
Divestiture of non-current financial assets	5,112	3,238
= Net cash from / (used in) investing activities (B)	(12,230)	(27,763)
Proceeds from issued of share capital	947	-
Acquisition of shares and NC-PECs issued by subsidiaries	-	(2,097)
Proceeds from loans and borrowings	11	630,000	-
Repayment of loans and borrowings	11	(630,000)	-
Financing fee	(8,417)	-
Principal elements of lease payments	15	(10,932)	(12,076)
Proceeds from revolving credit facilities	177,991	-
Repayment of revolving credit facilities	(78,996)	-
Dividends paid to non-controlling interests	-	(4,798)
= Net cash from / (used in) in financing activities (C)	80,593	(18,971)
Net foreign exchange difference (D)	(2,431)	(633)
=Net increased / (decrease) in cash and cash equivalents (E) = (A) + (B) + (C) + (D)	(17,020)	69,023
Cash and cash equivalents at beginning of period	226,139	104,072
Cash and cash equivalents at end of period	209,179	172,457
Net change in bank overdraft facilities	60	(638)
= NET CHANGE IN CASH AND CASH EQUIVALENTS	(17,020)	69,023
The notes on pages 12 to 42 are an integral part of these consolidated financial statements.
9

GLOBAL BLUE GROUP HO	Donnelley Financial	VDI-W7-PFL-2045	898308 TX 10	13*
14.4.13.0
FORM 6-K	None	HTM ESS	0C

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITYAs at 31 December 2020

(€ thousands)

Issued capital ordinary sharesIssued capital preference sharesShare premium ordinary sharesShare premium preference sharesOther equity ordinary sharesOther equity preference sharesEquity settled share based payment

WarrantsOther reserve

Foreign currency translation reserveRemeasurements of post employment benefit obligations

Loss for the period Other comprehensive income / (loss)

Accumulated losses

Balance as at

1 April 2020

- 391,856

(19,469)

(2,326)

(317,195) 63,121
341 -
Equity
-
-
- -
- -
- -
- -
- -
9,914 -
-
-

(371,988) (371,988)

Non-controlling	Total
interests	equity
8,376	71,497

(1,103) (373,091)

- 1,574

1,574

(532)

1,042

Total comprehensive income / (loss)

1,574

(371,988)

(370,415)

(1,635) (372,050)

Issuance of share capital Global Blue Group Holding A.G.

1,302

1,181,450

166,969

- (1,495,526)

- (145,621)
- - (145,621)
- Acquisition of treasury shares Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G.
  Exchange of Global
  Blue management loan notes into shares
  -
  184 -
  -
  -
  (8,812)
  (1,246)
  - -
  -
  10,058
  - -
  - -
  -
  -
  -
  -
  (41)
  (6)
  (37,508)
  (5,301)
  -
  -
  -
  -
  42,856
  -
  -
  -
  -
  -
  -
  (299)
  (42)
  (343,335)
  (48,521)
  -
  -
  -
  -
  464,163
  -
  -

- 71,966

- 71,966

Effects of the capital reorganisation Issueance of share capital Global Blue Group Holding A.G. Conversion of preference shares into ordinary shares Exercises of warrants Issuance of share capital as consideration for the merger with FPAC Employee share schemes Conversion of shares into equity settled plan

962

136

800,607

113,147

(8,812)

(1,246)

(978,449)

(73,655)

Issuance costs Shares bought back by Global Blue

55 -
-
-
55 (55)
- 50,045 (50,045)
1 -

1,011 -
258
36
234,976 33,208

- -

(65)

- -

947

- -

- 947

- -

- 268,478
- - 268,478
  -
  -
  -
  -
  - - 517
    -
    517
    -
    517
    - -
    - -
    - -
    - -
    - -
  - - 42,632
  -
  - 115,113
  - -
  - -
- 42,632
- - 42,632
  -
  - - 20,196
- 135,309
- - 135,309
  Group A.G.
  -
  -
  -
  -
  -
  -
  -
  -
  (152,787)
  -
  -
- (152,787)
- - (152,787)

Total contribution by and distribution to owners of the parent, recognised directly in Equity Decrease of NCI in

GB Investment &

Co SCA Acquisition of NCI in GB Holding

368

(19)

286,032

(16,837)

43,149

20,131

(37,674)

295,151

621

(621) -
Limited
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- (1,722)
-
14
14
Other transactions
(1,722) (5) (1,727)

Total transactions with owners of the parent, recognised directly in equity Balance as at

(1,101)

(612) (1,713)

31 December 2020

1,672

117

1,478,494

96,310

(8,812)

(1,246) 43,149

20,131

(1,006,208)

(17,895)

(2,326)

(690,284)

(86,899)

6,129 (80,770)

GLOBAL BLUE GROUP HO FORM 6-K

Donnelley Financial None

VDI-W7-PFL-2045 ADG morrb0px

14.4.13.0

898308 TX 10 13*

HTM ESS

Q3 Oct-Dec 2020

(€ thousands)

Balance as at

1 October 2020

Loss for the period Other comprehensive income / (loss)

Total comprehensive income / (loss)

(1,246) 43,149

Foreign	of post
currency	employment
Other	translation	benefit	Accumulated	Non-controlling	Total
reserve	reserve	obligations	losses	Equity	interests	equity
(1,246) 42,632	(1,006,208)	(18,526)	(2,326)	(646,388)	(45,150)	6,251	(38,900)
-	-	-	(43,831)	(43,831)	(27)	(43,858)
-	630	-	-	630	(94)	536
-	630	-	(43,831)	(43,201)	(121)	(43,322)
-	-	-	-	-	-	-
-	-	-	-	-	-	-
-	-	-	-	-	-	-
-	-	-	-	-	-	-
-	-	-	-	-	-	-
-	-	-	-	55	-	55
-	-	-	-	-	-	-
-	-	-	-	947	-	947
-	-	-	-	-	-	-
-	-	-	-	517	-	517
-	-	-	-	-	-	-
-	-	-	-	-	-	-
-	-	-	-	-	-	-
-	-	-	-	1,518	-	1,518
-	-	-	-	-	-	-
-	-	-	-	-	-	-
-	-	-	(66)	(66)	-	(66)
-	-	-	(66)	(66)	-	(66)
(1,006,208)	(17,896)	(2,326)	6,130	(80,770)

Equity settled share base payment

RemeasurementsIssued capital ordinary sharesIssued capital preference sharesShare premium ordinary sharesShare premium preference sharesOther equity ordinary sharesOther equity preference shares

Warrants

1,562 - -

172 - -

1,427,439 - -

146,355 - -

(8,812)

- -

20,196 -

Issuance of share capital Global Blue

Group Holding A.G.

Acquisition of treasury shares Reclassification adjustment from Global Blue Group A.G. to Global Blue Group Holding A.G. Exchange of Global

Blue management loan notes into shares

Effects of the capital reorganisation Issueance of share capital Global Blue

Group Holding A.G. Conversion of preference shares into ordinary shares

Exercises of warrants Issuance of share capital as consideration for the merger with FPAC Employee share schemes Conversion of shares into equity settled plan

Issuance costs

Shares bought back by

Global Blue Group

A.G.

Total contribution by and distribution to owners of the parent, recognised directly in Equity Decrease of NCI in GB

Investment & Co

SCA

Acquisition of NCI in

GB Holding Limited Other transactions Total transactions with owners of the parent, recognised directly in equity Balance as at

- -

55 -
-
-
55 (55)

50,045 (50,045)

1,011

- -

- (65)

- -

- 517

- -

110

(55)

51,056

(50,045)

517

(65)

- - -

- -

- - -

31 December 2020

1,672

118

1,478,495

96,310

(8,812)

20,131

(690,285) (86,899)

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GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS35	898308 TX 11	8*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

As at 31 December 2020 the share capital comprises of 197,573,362 shares with a nominal value of EUR0.0093 each.

As at 31 December 2019

(€ thousands)

Issued capital ordinary shares 341 - - - -

Issued capital preference sharesShare premium ordinary sharesShare premium preference sharesOther equity ordinary sharesOther equity preference sharesEquity settled share based payment

Total contribution by and distribution to owners of the parent, recognised directly in Equity

Balance as at 1 April 2019

- 391,856

Profit for the period

Other comprehensive income Total comprehensive income Dividends

Effects of the capital reorganisation Capital increase Other transactions

Total transactions with owners of the parent, recognised directly in equity

Q3 Oct-Dec 2019

Balance as at 31 December 2019

(299,024) 92,300

(€ thousands)

Issued capital ordinary sharesIssued capital preference shares

- - - -

- 341

Share premium ordinary shares

- - - -

- -

- 391,856

Share premium preference shares

- - - -

Other equity ordinary shares

- - - - -

- - - -

- -

Other equity preference shares

- - - - -

- - - -

- -

Equity settled share base payment

- - - - -

- - - -

- -

Warrants

- - - - -

- - - -

- -

WarrantsOther reserve

- - - - -

- - - -

- -

Remeasurements
Foreign	of post
currency	employment
Other	translation	benefit	Accumulated	Non-controlling	Total
reserve	reserve	obligations	losses	Equity	interests	equity
9,890	(10,572)	(519)	(312,455)	78,541	8,426	86,967
-	-	-	13,693	13,693	5,236	18,929
-	304	-	-	304	65	369
-	304	-	13,693	13,997	5,300	19,298
-	-	-	(64)	(64)	(4,798)	(4,862)
-	-	-	(64)	(64)	(4,798)	(4,862)
-	-	-	-	-	-	-
-	-	-	(2)	(2)	-	(2)
24	-	-	(197)	(173)	(69)	(242)
24	-	-	(199)	(175)	(69)	(244)
9,914	(10,268)	(519)	8,859	101,159
Foreign

Remeasurements of post employment benefit obligations

currency translation reserveAccumulated losses

Equity

Non-controlling interests

Total equity

Balance as at

1 October 2019

- 391,856

- 9,914

(12,738)

(304,321)

7,653 92,187
Profit for the period Other comprehensive income
-
-
-
-
-
-
-
-
- - 2,470
-
(247) 2,223

Total comprehensive income

Dividends

Total contribution by and distribution to owners of the parent, recognised directly in Equity

Effects of the capital reorganisation Capital increase Other transactions

Total transactions with owners of the parent, recognised directly in equity Balance as at

341 -

- -

(519) - -

5,450

84,533 5,450 2,470

1,467 6,917
- -
- -
- -
- -
- -
- -
- -
- -
- -
2,470 -
- -
5,450 -
7,920 -
1,220 -
9,140 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
- - -
-
-
-
-
(2) (152)
(2) (152)
- (2)
(14) (165)
-
-
-
-
-
-
-
-
-
-
-
(154)
(154)
(14) (167)
31 December 2019
341
-
391,856
-
-
-
-
-
9,914
(10,268)
(519)
(299,024)
92,300
8,859
101,159
As at 31 December 2019 the share capital was comprised of 40,000,000 shares with a nominal value of EUR0.009 each.
The notes on pages 12 to 42 are an integral part of these consolidated financial statements.
11

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GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS35	898308 TX 12	7*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1

Corporate information

Global Blue Group Holding AG ('the Company' or 'Global Blue') and its subsidiaries (together 'the Group') provide technology-enabled transaction processing services for merchants, banks, governments and travellers. The Group has operating subsidiaries around the world.

On 28 August 2020 Global Blue became a publicly traded company on the New York Stock Exchange through a merger with Far Point Acquisition Corporation (NYSE: FPAC), a special purpose acquisition company co-sponsored by the institutional asset manager Third Point LLC and former NYSE President Thomas W. Farley. The new public company trades as Global Blue under ticker symbol "NYSE: GB".

The Company is a partnership limited by shares incorporated on 10 December 2019. The registered office is established in 38, Zürichstrasse, CH-8306 Brüttisellen, Switzerland under the number CHE-442.546.212. Global Blue Group Holding AG is the ultimate parent of the Group.

These unaudited condensed consolidated interim financial statements were authorized for issue by the Directors of the Company on 1st March 2021.

The unaudited condensed consolidated interim financial statements of Global Blue Group Holding AG have been prepared in accordance with International Accounting Standard IAS 34 'Interim financial reporting' as issued by the International Accounting Standards Board (IASB) and are presented in thousands of Euros (EURk).

The principal activities of the Group are described in Note 2.

Owners' structure

Global Blue Group Holding AG is the ultimate holding company for the Group.

NOTE 2 General information about the business

Product offering

The Company serves as a strategic technology and payments partner to merchants, empowering them to capture the structural growth of international travellers shopping abroad, driven by multiple macroeconomic tailwinds. The Company offers third-party serviced tax free shopping solutions ("TFSS") and offers added-value payment solutions ("AVPS"), including dynamic currency conversion. At its core, the Company is a technology platform that serves a network of merchant stores globally through both TFSS and AVPS, delivering economic benefits to a complex ecosystem of merchants, international shoppers and customs and authorities.

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GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS35	898308 TX 13	8*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

NOTE 3 Basis of preparation and significant accounting policies

Basis of preparation

The Group's unaudited condensed consolidated interim financial statements for the nine months reporting period ended 31 December 2020 have been prepared in accordance with IAS 34 'Interim financial reporting'.

The comparative balances presented in these financial statements are those of Global Blue Group AG, the previous parent of the group, prior to the reorganisation conducted as part of the merger and subsequent listing. The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments that have been measured at fair value.

The primary financial statements are presented in a format consistent with the consolidated financial statements presented in the 2020 Annual Financial Report for Global Blue Group AG under IAS 1 Presentation of Financial Statements, but this interim financial report contains condensed financial statements prepared in accordance with IAS 34, in that it does not include all of the notes that would be required in a complete set of financial statements. This interim financial report should be read in conjunction with the consolidated financial statements for Global Blue Group AG for the year ended 31 March 2020.

The accounting policies are those applied in the annual financial statements, except for income tax and grants.

Taxation

Income tax is recognised based on the best estimate of the weighted average effective annual income tax rate expected for the full financial year. The tax benefit for the period ended 31 December 2020 consisted of tax on losses carried forward, withholding taxes and deferred tax movements.

Grants

A government grant is recognised in the income statement when there is reasonable assurance that both:

(a) the Group will comply with any conditions attached to the grant, and
(b) the grant will be received in accordance with IAS 20.

Government grants relating to costs are recognised in profit or loss over the period necessary to match them with the costs that they are intended to compensate.

Grants received are recognised within Operating Expenses as an offset to the associated costs.

Share-based payments

The Group operates a share-based plan which qualifies as an equity-settled plan in accordance with IFRS 2.

The fair value of the employee's services received in exchange of the grant of the shares is recognised as an expense. The total amount to be expensed is determined by reference to the fair value of the shares granted and is recognised over the vesting period.

Changes in accounting policy

A number of new or amended standards became applicable for the current reporting period. The Company did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards.

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200GgzLD26#eQ$WL]

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS35	898308 TX 14	6*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

NOTE 4 Significant changes in current reporting period

Information about capital reorganization

As at 28 August 2020, a capital reorganisation took place within the Group. A new holding company - Global Blue Group Holding AG - was incorporated on 10 December 2019 with a share capital of EUR0.093m divided into 10,000,000 shares. This Company became the ultimate parent of the Group. During the reorganization, an additional 181,542,785 shares were issued with the increase of the share premium. Please refer to Note 18 for details.

Information about the business

During the nine months ended 31 December 2020, the Company has been able to maintain the same level of material merchants or acquirers. Similarly, during the same period, there have been no changes in the list of countries in which the company operates but the company has increased the number of legal units as a direct consequence of the capital reorganisation.

Seasonality

The TFSS business is subject to predictable seasonality because a significant part of the business serves the leisure segment of the travel industry, which is particularly active during the summer holiday season for Chinese, Russian and US tourists. In addition, during recent years, this has also coincided with post-Ramadan travel by Gulf Cooperation Council shoppers. The second half of Global Blue's financial year sees upticks in travel and shopping due to specific events that are more dispersed, such as the Chinese National Day ("Golden Week") in October, Christmas / New Year in December, and Chinese New Year in February.

All in all, this drives a degree of seasonality in the net working capital need, with a greater outflow during the first half of the financial year, which typically is recovered in the second half.

The AVPS business, which serves both seasonal shoppers and regular travellers, is more protected from the seasonal variations driven by traditional holiday periods and as a result does not have a distinct seasonality profile.

Financing

In conjunction with the capital reorganization and merger with FPAC, the Company repaid its historic long-term financing senior debt and Revolving Credit Facility and entered into a new Senior debt and Revolving Credit Facility with maturity date of 28 August 2025. The conditions of the credit facilities are set as Euribor of the period with a floor of 0.00% plus a margin. The starting conditions were 2.00% for the long-term loan and 1.75% to the revolving credit facility and the margins are dependent on Total Net Leverage.

COVID-19

The transaction volumes during the first nine months for the TFSS and AVPS business have been heavily impacted by COVID-19. Please refer to Note 19 for details.

NOTE 5

Segment information

The Company has determined the operating segments based on the reports reviewed by the Executive Committee (ExCom) for the purposes of allocating resources and assessing performance of the Group.

ˆ200GgzLD27GlgHhLSŠ

200GgzLD27GlgHhLS

GLOBAL BLUE GROUP HO	Donnelley Financial	VDI-W7-PFL-2267	898308 TX 15	8*
14.4.13.0
FORM 6-K	None	HTM ESS	0C

ExCom consists of the chief executive officer and president, chief financial officer, senior vice president product TFSS, chief technology officer, general counsel, chief operating officer global accounts, chief operating officer north, chief operating officer south, senior vice president operations, senior vice president new market & public affairs.

Management considers the business from a product perspective; the performance of the TFSS, and AVPS product groups are separately considered.

The ExCom assesses the performance of the operating segments based on the measures of Revenue and Adjusted EBITDA at both a segment level and a group level with the adjusted EBITDA assessed after non-allocated central costs.

The measures used by the ExCom to monitor the performance of the Group's operating segments do not include all costs in the IFRS consolidated income statement. Marketing, sales, customer service, certain administrative services, depreciation, amortization, impairment income / expense, and net finance costs are not allocated to segments. As a result, the ExCom monitors the development of EBITDA presented in the consolidated management accounts.

The segment information provided to the ExCom for the reportable segments is as follows:

YTD 9 months Apr-Dec 2020

(€ thousands)

Central

Note

TFSSAVPScosts

Total

Revenue

9,710

34,231

Operating expenses (1)

24,521 (22,495)

(5,945) (34,125) (62,565)
Adjusted EBITDA Depreciation and amortisation (2) Exceptional items
2,026
3,765 (34,125) (28,333)

6 (87,178) 6 (264,867)

Operating Loss (380,379)

Q3 Oct-Dec 2020

(€ thousands)

Central

Note

TFSSAVPScosts

Total

Revenue

3,765

14,205

Operating expenses (1)

Adjusted EBITDA Depreciation and amortisation (2) Exceptional items

1,094 (12,594) (8,856)

10,440 (7,796) 2,644

(2,671) (12,594) (23,028)
6 (28,760) 6 (8,811)
Operating Loss (46,427)
15

ˆ200GgzLD26#eiaZLDŠ

200GgzLD26#eiaZLD

GLOBAL BLUE GROUP HO FORM 6-K

Donnelley Financial None

ADGP64RS35 14.4.10.0

898308 TX 16

HTM ESS

7* 0C

YTD 9 months Apr-Dec 2019

(€ thousands)

Note

TFSSAVPSCentral costsTotal

Revenue

337,467

Operating expenses (1)

Adjusted EBITDA Depreciation and amortisation (2) Exceptional items

(58,331) 144,716

288,343 (112,235) 176,108

49,124 (22,185) 26,939

(58,331) (192,751)
6 (83,608)
6 (12,956)
Operating Profit
48,152
Q3 Oct-Dec 2019
(€ thousands)
Central
Note
TFSSAVPScosts
Total
Revenue
-
109,767
Operating expenses (1)
Adjusted EBITDA Depreciation and amortisation (2) Exceptional items
- (19,629) 43,444
93,632 (38,536) 55,096
16,135 (8,157) 7,978
- (19,629) (66,323)
  6 (28,687)
  6 (3,758)
  Operating Profit
  11,000
  (1) Operating expenses excluding Depreciation and Amortization and Exceptional items.
  For the period YTD Apr-Dec 2020 the fixed cost amounted to EUR56.0m (EUR120.4m for the period YTD Apr-Dec 2019) and variable cost amounted to EUR6.5m (EUR72.4m for the period YTD Apr-Dec 2019). Fixed personnel cost amounted to EUR36.9m (EUR77.7m for the period YTD Apr-Dec 2019) and fixed non personnel cost amounted to EUR19.1m (EUR42.7m for the period YTD Apr-Dec 2019).
  For the period Q3 Oct-Dec 2020 the fixed cost amounted to EUR19.8m (EUR40.7m for the period Q3 Oct-Dec 2019) and variable cost amounted to EUR3.3m (EUR25.6m for the period Q3 Oct-Dec 2019). Fixed personnel cost amounted to EUR13.8m (EUR26.2m for the period Q3 Oct-Dec 2019) and fixed non personnel cost amounted to EUR6.0m (EUR14.5m for the period Q3 Oct-Dec 2019).
  (2) Depreciation and amortisation include amortisation of intangible assets acquired through business combinations.
  No measure of assets or liabilities by segment is reported to the ExCom. There are no significant transactions between segments.
  16

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GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS35	898308 TX 17	7*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

Revenue is mainly derived from commissions generated from TFSS and AVPS. Geographical and by Country breakdowns of revenue by point of sale is provided below:

YTD 9 months Apr-Dec 2020

(€ thousands)

Revenue by geography and by segment

Europe

Asia Pacific Rest of the world Total

Q3 Oct-Dec 2020

(€ thousands)

Revenue by geography and by segment

Europe

Asia Pacific Rest of the world Total

YTD 9 months Apr-Dec 2019

(€ thousands)

Revenue by geography and by segment

Europe

Asia Pacific Rest of the world Total

Q3 Oct-Dec 2019

(€ thousands)

Revenue by geography and by segment

Europe

Asia Pacific Rest of the world Total

YTD 9 Months Apr-Dec 2020

(€ thousands)

Revenue by Country

TFSS

AVPS

TFSS	AVPS	Total
20,995	2,640	23,634
3,423	7,071	10,494
103	-	103
24,521	9,710	34,231
TFSS	AVPS	Total
9,107	786	9,893
1,274	2,979	4,253
59	-	59
10,440	3,765	14,205
TFSS	AVPS	Total
253,529	12,527	266,056
32,723	36,592	69,315
2,091	5	2,096
288,343	49,124	337,467
TFSS	AVPS	Total
80,848	3,260	84,108
12,046	12,873	24,919
738	2	740
93,632	16,135	109,767
% of
Total

Total Revenue

Australia

6,316 18%

Italy Total

9,643 28%

293 1,992 2,285

6,023 1,335 7,358

3,327 10%

ˆ200GgzLD26#f6jCsÇŠ

200GgzLD26#f6jCs˙

GLOBAL BLUE GROUP HO FORM 6-K

Donnelley Financial	ADGP64RS35	898308 TX 18	8*
14.4.10.0
None	HTM ESS	0C

YTD 9 Months Apr-Dec 2019

(€ thousands)

Revenue by Country

Italy

49,918 15%

United Kingdom Germany

32,594 10%

Total

TFSS 44,279 38,829 32,051 115,159

AVPS 5,639 1,614 543 7,796

Total

% of Total Revenue

40,443 12%

122,955 37%Q3 Oct-Dec 2020

(€ thousands)

% of

Revenue by Country

Australia

2,845 20%

Total

TFSS 279 279

AVPS 2,565 2,565

TotalTotal Revenue

2,845 20%Q3 Oct-Dec 2019

(€ thousands)

% ofRevenue by Country

Italy

15,441 14%

United Kingdom Germany

11,220 10%

Total

TFSS 14,133 12,606 11,061 37,800

AVPS 1,308 482 159 1,949

TotalTotal Revenue

13,088 12%

39,749 36%

There is no single external customer which accounts for more than 10% of Global Blue's revenue, for any of the reporting periods presented except Q3 Oct - Dec 2020 where Cuscal POS Ecommerce accounts for 14% of Global Blue's revenue.

NOTE 6

Profit and loss information

(€ thousands)
Q3	Q3	YTD 9 months	YTD 9 months
Expenses by nature	Oct-Dec 2020	Oct-Dec 2019	Apr-Dec 2020	Apr-Dec 2019
Employee benefit expense	(18,428)	(32,308)	(49,582)	(96,736)
Depreciation and amortisation	(28,760)	(28,687)	(87,178)	(83,608)
Agent costs	(1,739)	(23,283)	(4,220)	(66,988)
IT costs	(2,133)	(3,290)	(7,364)	(10,700)
Auditors, lawyers and consultants	(1,780)	(2,503)	(4,991)	(12,926)
Advertising and promotion	(199)	(2,886)	(827)	(7,648)
Travel, entertainment, office and rental cost	(420)	(2,392)	(1,142)	(5,956)
Other operating expenses	(7,173)	(3,418)	(259,306)	(4,754)
Total	(60,632)	(98,767)	(414,610)	(289,316)
Of which exceptional items	(8,811)	(3,758)	(264,867)	(12,956)

During the nine months ending 31 December 2020 the Group has benefited from grants in relation to COVID-19 offered by various countries governments amounting to EUR14.2m (EUR0.0m ending 31 December 2019). The grants are presented within Operating Expenses in the Income Statement as a reduction of the related expense that they are intended to compensate. There are no unfulfilled conditions or other contingencies related to these grants.

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GLOBAL BLUE GROUP HO FORM 6-K

01-Mar-2021 17:57 EST
Page 1 of 1
Q3	Q3	YTD 9 months	YTD 9 months
Oct-Dec 2020	Oct-Dec 2019	Apr-Dec 2020	Apr-Dec 2019
Business restructuring expenses	(3,531)	(1,007)	(9,784)	(1,920)
Corporate restructuring expenses	(1,503)	(419)	(250,053)	(6,737)
Monitoring fee (including Directors fee)	(80)	(100)	(178)	(519)
Impairment	(2,656)	-	(3,033)	(115)
Net sales of assets (loss)	(32)	(382)	(76)	(571)
Share based payments	(517)	(1,870)	(517)	(3,060)
Other exceptional items	(492)	20	(1,226)	(34)
Total	(8,811)	(3,758)	(264,867)	(12,956)
Business restructuring expenses
December 2020

ADGP64RS35 14.4.10.0

Donnelley Financial None

898308 TX 19

HTM ESS

6* 0C

Exceptional items

(€ thousands)

Exceptional items

Business restructuring expenses correspond to expenses related to workforce reduction in several jurisdictions as a result of COVID -19 and the abolishment of the Tax Free Shopping scheme in the United Kingdom (UK).

December 2019

Business restructuring expenses correspond to expenses related to replacement of management positions and costs associated with replacing roles, changing of facilities or discontinued operations.

Corporate restructuring expenses

December 2020

Corporate restructuring expenses correspond to charges incurred associated with the capital reorganization and subsequent merger with FPAC. This included a non-cash issuance charge of EUR135.3m which represents the difference in the fair value of equity instruments held by FPAC stockholders over the fair value of identifiable net assets of FPAC, a non-cash share-based revaluation charge of EUR59.7m upon conversion of previously cash-settled plans to equity-settled plans, the write-off of historical unamortized debt costs of EUR8.1m partially offset by EUR3.6m of IFRS 9 conversion unwinding amounts, a transaction bonus of EUR6.0m and advisory expenses associated with the transaction of EUR44.5m.

December 2019

Corporate restructuring expenses correspond to legal, consultancy and advisory expenses associated with preparing the Group for an exit by the shareholders of the Group which was underway then.

Impairment

December 2020

Impairment corresponds mainly to the write down of customer contracts in the UK, which were previously recognised as Other non-current receivables and Prepaid expenses.

ˆ200GgzLD26#fc=VL8Š

200GgzLD26#fc=VL8

GLOBAL BLUE GROUP HO FORM 6-K

Donnelley Financial None

ADGP64RS35 14.4.10.0

898308 TX 20

HTM ESS

6* 0C


Depreciation of property, plant and equipment
Amortisation of customer relationships
Amortisation of trademarks
Amortisation of other intangible assets
Amortisation of intangible assets
Total
Of which amortisation of intangible assets acquired through business combinations
Net finance costs
(€ thousands)
Q3
Finance income	Oct-Dec 2020
Interest income on short-term bank deposits	147
Foreign exchange gains on financing activities	-
Foreign exchange gains (1)	5
Other finance income	-
Total finance income	152
Finance costs
Interest expense:
- Bank borrowings (including amortization of capitalized financing fees)	(4,425)
- Lease liabilities interest	(208)
- Interest income/(expenses) on Non-Convertible Preferred Equity Certificates
issued to 3rd Parties	-
Foreign exchange losses (1)	(557)
Other finance expenses	(398)
Total finance costs	(5,588)
Net finance costs	(5,436)

Depreciation and amortisation

(€ thousands)

Depreciation and amortisation

Page 1 of 1
Q3	Q3	YTD 9 months	YTD 9 months
Oct-Dec 2020	Oct-Dec 2019	Apr-Dec 2020	Apr-Dec 2019
(4,634)	(5,260)	(14,977)	(15,961)
(18,144)	(17,955)	(54,345)	(53,130)
(559)	(559)	(1,677)	(1,677)
(5,424)	(4,913)	(16,179)	(12,841)
(24,127)	(23,427)	(72,201)	(67,647)
(28,760)	(28,687)	(87,178)	(83,608)
(18,638)	(18,627)	(55,886)	(55,845)
Q3	YTD 9 months	YTD 9 months
Oct-Dec 2019	Apr-Dec 2020	Apr-Dec 2019
134	263	367
-	562	1
-	6	1
2,630	908	3,237
2,764	1,739	3,605
(6,448)	(16,070)	(19,381)
(281)	(678)	(833)
(46)	(80)	(130)
(2,632)	(686)	(2,010)
(1,792)	(1,434)	(5,874)
(11,199)	(18,948)	(28,228)
(8,435)	(17,209)	(24,624)

(1) Foreign exchange gains and losses arising during the period result from the difference between the value originally recorded and the amount actually paid or received, as well as unrealized gains and losses due to the difference between the original value recorded and the value at the balance sheet date.

Income tax
(€ thousands)
Q3	Q3	YTD 9 months	YTD 9 months
Income tax	Oct-Dec 2020	Oct-Dec 2019	Apr-Dec 2020	Apr-Dec 2019
Income tax charge/(benefit)	(809)	1,487	(1,755)	(16,910)
Adjustment in respect of current income tax of previous years	(490)	(4)	(1,416)	(439)
Deferred tax	9,304	2,870	27,668	12,750
Income tax benefit/(expense) reported in the income statement	8,005	4,353	24,497	(4,599)
Of which income tax expense related to amortization of acquisition related
items	3,799	3,766	11,299	11,299
Of which tax impact on exceptional items	1,213	48	2,903	1,171
Of which exceptional income tax (income)/expense	(491)	5,210	(1,416)	4,152
Exceptional Income Tax Expenses
Italy

The Italian tax authorities opened a tax audit in February 2016 on Global Blue Italia S.r.l. ("Global Blue Italy"). As a result of settlement procedures initiated in 2018, a formal settlement was reached with the Italian tax authorities in relation to certain matters in April 2019. The settlement covers the findings on license fees and intercompany interest rate for the financial years ended 31 March 2014 and 2015 as well as the finding on withholding tax on license fee for the calendar years 2013 and 2014 for a total amount of EUR3.6m which was paid in April 2019.

ˆ200GgzLD26#fmsfs7Š

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GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS35	898308 TX 21	6*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

Subsequently, Global Blue signed another final settlement with the Italian tax authorities for an amount of EUR10.9m which became legally binding on 3 August 2020. This settlement covers the findings on withholding tax on interests for the calendar years 2013 to 2017 and license fees and intercompany interest rate for the financial years ended 31 March 2016, 2017 and 2018, as well as withholding tax on license fees for calendar years 2015 to 2017. The amount of EUR10.9m is payable in 16 quarterly instalments with a first and second payment made on 3 August 2020 and 30 November 2020 respectively. Discussions with the Italian tax authorities are ongoing with respect to their finding on withholding tax on interests and license fees for the calendar year 2018.

During the nine months ended 31 December 2020, the Company booked an additional income tax payable of EUR0.8m related to the settlement above. As a result of the payment of the two first instalments and the additional accrual, the income tax payable relating to Italy is EUR12.9m as at 31 December 2020 (EUR13.6m as at 31 March 2020).

Separately, Global Blue Italy received notice of assessment from the tax authorities of the city of Milan with respect to Global Blue Italy's treatment of certain merchant invoices issued in 2013, 2014 and 2015. At this stage the Company has not deemed it necessary to book a provision for this matter.

Germany

Global Blue New Holdings Germany GmbH ("GBNHG"), as controlling entity, and Global Blue Deutschland GmbH ("GBD"), as controlled entity, entered into a profit and loss pooling agreement (hereinafter the "PLPA") dated 5 October 2000, allowing the pooling of income and losses of both entities for corporate income and trade tax purposes. While the provisions of the PLPA allow the utilization of capital reserves built up at the level of GBD during the term of the PLPA for loss compensation (or for the profit transfer to GBNHG), such provisions, in light of a recent court ruling issued in April 2018, may not be permissible under German law. Even though GBD has not utilized any capital reserves as permitted by the PLPA, there is a risk that the tax authorities might challenge the effectiveness of the PLPA and, as a consequence, deny the profit and loss pooling within the German Global Blue group relating to the financial year 2019 and previous tax periods. Based on the opinion of Global Blue´s advisers, the Company recognised an uncertain tax position of EUR4.0m as at 31 December 2020, including an additional EUR0.2m related to the late interests until 31 December 2020 (EUR3.8m as at 31 March 2020). An amended PLPA, from which the provisions in focus were removed, was registered in December 2019; therefore, the risk described above is only related to historical financial years.

NOTE 7

Earnings per share

(€ thousands)

Q3	Q3	YTD 9 months	YTD 9 months
Earnings per share	Oct-Dec 2020	Oct-Dec 2019	Apr-Dec 2020	Apr-Dec 2019
(Loss) / Profit from continuing operations attributable to the owners of the
parent	(43,831)	5,450	(371,988)	13,693
(Loss) / Profit from continuing operations attributable to the owners of the
parent attributable to ordinary shares	(49,937)	5,450	(337,459)	13,693
(Loss) / Profit from continuing operations attributable to the owners of the
parent attributable to preference shares	6,106	-	(34,528)	-
Number of ordinary shares in issue (thousands)	173,855	40,000	173,855	40,000
Number of preference shares in issue (thousands)	17,789	-	17,789	-
Basic earnings per share	(0.23)	0.14	(1.94)	0.34
Basic earnings per ordinary share	(0.29)	0.14	(1.94)	0.34
Basic earnings per preference share	0.34	-	(1.94)	-
(Loss) / Profit from continuing operations attributable to the owners of the
parent	(43,831)	5,450	(371,988)	13,693
(Loss) / Profit from continuing operations attributable to the owners of the
parent attributable to ordinary shares	(49,937)	5,450	(337,459)	13,693
(Loss) / Profit from continuing operations attributable to the owners of the
parent attributable to preference shares	6,106	-	(34,528)	-
Diluted number of ordinary shares in issue (thousands)	173,855	40,000	173,855	40,000
Diluted number of preference shares in issue (thousands)	17,789	-	17,789	-
Diluted earnings per share	(0.23)	0.14	(1.94)	0.34
Diluted earnings per ordinary share	(0.29)	0.14	(1.94)	0.34
Diluted earnings per preference share	0.34	-	(1.94)	-
Basic

Basic earnings per share are calculated by dividing the profit or loss attributable to owners of parent (i.e. equity shareholders of the Company) by the number of ordinary/preference shares outstanding at the end of the period.

ˆ200GgzLD26#fwN#LbŠ

200GgzLD26#fwN#Lb

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS35	898308 TX 22	6*
14.4.10.0
FORM 6-K	None	HTM ESS	0C
Diluted

Diluted earnings per share are calculated by dividing the profit or loss attributable to owners of the parent by the number of ordinary/preference shares outstanding at the end of the period plus the number of ordinary/preference shares that would be issued on the conversion of all the dilutive potential ordinary/preference shares into ordinary/preference shares. The Company has excluded 23,718 thousand preference shares from the diluted earnings per ordinary share calculation, as the impact of the shares are considered anti-dilutive for the period ending 31 December 2020.

The 30,748,874 outstanding Warrants as at 31 December 2020 are considered as anti-dilutive.

NOTE 8

Property, plant and equipment

(€ thousands)

Accumulated acquisition values

31 Dec 2020

31 Mar 2020

Machinery, equipment and computers 30,631 29,850

Leasehold improvements

5,795 5,511

Right of use asset 58,796 56,758

Total accumulated acquisition values

95,222

92,119

Accumulated depreciation and impairment

31 Dec 2020

31 Mar 2020

Machinery, equipment and computers (24,169) (20,966)
Leasehold improvements (3,817) (3,449)
Right of use asset (27,641) (16,349)

Total accumulated depreciation and impairment Total Property, plant and equipment

(55,627) (40,764)

39,595

51,355

NOTE 9

Intangible assets

As at 31 December 2020 (€ thousands)

Customer relationshipsOther int.

GoodwillTrademarks

assetsSoftwareTotal

Opening balance at 1 April 2020

45,795

101,908 1,234,502
Purchases
411,538 - - 1,772 413,310 - - - - - (2,027)
-
666,021 1,050 - 278 667,349
9,240 1,154

13,162 15,366
Disposals
-
- (337) (337)
Exchange differences Accumulated acquisition values Opening balance at 1 April 2020
132 45,927 (17,150)
131 2,421 4,734

10,525

117,154

1,254,265

(533,549) (7,277)
- (40,425) (598,401)
  Amortisation
  (1,677)
(54,345) (640)
- (15,539) (72,201)
Disposals
Exchange differences Accumulated amortization Opening balance at 1 April 2020
-
- (2) -
  256
  254
- (55) (47)

(1,640) (1,742)

- (18,827)

(587,951)

(7,964)

(57,348) (672,090)

(2,574) (5,099)

Impairment

Exchange differences Accumulated impairment

Net book value at 31 December 2020

- 77 (1,950) 411,360

- 27,100

(357) 79,041

(356)

(1)

(498) - - (498) 2,063

(658) (1,014)

- (3,232) 56,574

(6,037) 576,138

ˆ200GgzLD26#blM6LKŠ

200GgzLD26#blM6LK

GLOBAL BLUE GROUP HO

FORM 6-K

As at 31 December 2019

(€ thousands)

Opening balance at 1 April 2019

Purchases

Disposals

Reclassifications

Exchange differences

Accumulated acquisition values

Opening balance at 1 April 2019

Amortisation

Disposals

ADGP64RS29 14.4.10.0

Donnelley Financial None

898308 TX 23

HTM ESS

5* 0C

Other int.
Goodwill	Trademarks	relationships	assets	Software
413,499	45,941	660,325	7,999	81,024
-	-	3,506	1,032	17,522
-	-	-	(3)	(756)	(874)
-	-	-	17	(3)	14
(11)	(12)	(22)	21	(164)	(188)
413,488	45,929	663,809	9,066	97,623	1,229,800
-	(14,913)	(462,288)	(6,166)	(25,641)	(509,008)
-	(1,677)	(53,130)	(797)	(12,044)	(67,648)
-	-	-	2	44	46
Adjustments due to changes in accounting policies	-	-	-	-	-	-
Exchange differences	-	-	1	(12)	72	61
Accumulated amortization	-	(16,590)	(515,417)	(6,973)	(37,569)	(576,549)
Opening balance at 1 April 2019	(2,109)	-	-	(498)	(1,551)	(4,158)
Impairment	-	-	-	-	(115)	-
Exchange differences	10	-	-	-	-	10
Accumulated impairment	(2,099)	-	-	(498)	(1,666)	(4,148)
Net book value at 31 December 2019	411,389	29,339	148,392	1,595	58,388	649,103

Customer

Total 1,208,788 22,060

Amortisation expense of intangible assets was EUR24m and EUR23m for the three months ended 31 December 2020 and 2019, respectively.

Goodwill

Management reviews the business performance based on a product perspective. TFSS and AVPS have been identified as the main product groups and the Group's operating segments. Goodwill is monitored by management at the operating segment level. The following is a summary of goodwill allocation for each operating segment:

(€ thousands)

Goodwill	31 Dec 2020	31 Mar 2020
TFSS	360,311	360,311
AVPS	51,049	49,200
Total	411,360	409,511

The recoverable amount of all Cash Generating Units (CGU) has been determined based on value-in-use calculations. These calculations utilized in the goodwill impairment analysis, as at 31 March 2020, use pre-tax cash flow projections based on management's current view, including an assessment of the impact of COVID-19 on the Company's industry. The ultimate impact of COVID-19 on the Company cannot be accurately and reasonably quantified at this time.

Management assessed whether there were any additional indicators for impairment of CGU's during the nine month period ended 31 December 2020. The Company notes that, while significant declines in revenue have occurred subsequent to 31 March 2020, the Company had already estimated, in its impairment testing, a decline for the financial year ending 31 March 2021 of 90% as compared to prior year. Additionally, actual cash outflows incurred by the Company have been meaningfully lower than what was estimated in the analysis performed as at 31 March 2020. The potential impact on the abolition of the Tax Free Shopping scheme in UK, effective from 1 January 2021, while decreasing the revenue the company is expected to generate, is not expected to have any impact on the result of the sensitivity analysis. The assessment performed at March 2020 is still considered valid and management did not consider there to be any further impairment indicators which would require an updated impairment test to be performed as at 31 December 2020.

ˆ200GgzLD27NnNLvsÇŠ

200GgzLD27NnNLvs˙

GLOBAL BLUE GROUP HO FORM 6-K

Donnelley Financial None

VDI-W7-PF3-0101 ADG bellt0ln

14.4.13.0

898308 TX 24

HTM ESS

9* 0C

NOTE 10

Loans and borrowings

(€ thousands)

Interest-bearing loans and borrowings from credit institutions

Long-term financing - Term senior debt Long-term financing - Senior debt facility Capitalized financing fees

31 Dec 2020 - 630,000

31 Mar 2020 634,267 -

(7,802) (9,672)

Revolving Credit Facility (RCF) Other bank overdraft

Total

99,000 1,036 722,234

- 1,081 625,676

Short-term portion

1,036 1,081

Long-term portion 721,198 624,595

Total

722,234

625,676

(€ thousands)

31 Dec 2020 31 Mar 2020

Term senior debt

Senior debt facility

Capitalized financing fees - RCF Revolving Credit Facility (RCF)

Total non-current

Other bank overdraft Total current Total

Carrying	Effective	Carrying	Effective
value	Fair value	interest	value	Fair value	interest
-	-	n.a.	625,507	613,220	n.a.
622,198	649,658	3.31%	-	-	3.61%
-	-	n.a.	(912)	(912)	n.a.
99,000	99,000	n.a.	-	-	n.a.
721,198	748,658	624,595	612,308
1,036	1,036	n.a.	1,081	1,081	n.a.
1,036	1,036	1,081	1,081
722,234	749,694	625,676	613,389

The fair value of Term senior debt loan has been estimated by discounting future cash flows using the effective interest rate of the Term senior debt loan as at inception, on 28 August 2020. The fair value has been measured using observable inputs (level 2) in line with the fair value hierarchy.

The effective interest rate of the Term senior debt loan comprises the amortisation of debt costs, and the nominal interest rate of the debt, being 2.75% (margin included) as at 31 December 2020.

Financing

On 28 August 2020, the group entered into a new Senior Facilities Agreement ("SFA").

The SFA comprises of a term loan of EUR630.0m, fully drawn since inception and a Revolving Credit Facility ("RCF") of EUR100.0m which was drawn in cash for EUR99.0m. The proceeds from the term loan under the SFA were used to fully repay the term loan and amounts outstanding under the RCF under the previous SFA. The SFA has a maturity date of 28 August 2025.

The interest conditions of the term loan and RCF are set as the Euribor of the period with a floor of 0.00% plus a margin. The respective margins are dependent on the Total Net Leverage, which is calculated based on the Annual financial statements or Half-year financial statements as per the below table.

Total Net Leverage	Term Loan	Revolving Credit Facility
> 4.00x	2.75%	2.50%
d 4.00x > 3.50x	2.25%	2.00%
d 3.50x > 3.00x	2.00%	1.75%
d 3.00x > 2.50x	1.75%	1.50%
d 2.50x > 2.00x	1.50%	1.25%
d 2.00x > 1.50x	1.25%	1.00%
d 1.50x	1.00%	0.75%
24

ˆ200GgzLD26#c460sVŠ

200GgzLD26#c460sV

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS29	898308 TX 25	5*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

On 16 December 2020, based on the Total Net Leverage on 30th September 2020, the applicable interest conditions (margin included) on the term loan and the RCF changed to 2.75% and 2.50% (2.00% and 1.75% as of 28th August 2020) respectively.

The financial covenant associated with the SFA is based on a level of Total Net Leverage and will be tested semi-annually, with the first test date being 30 September 2021. For purposes of the 30 September 2021 test, the Company will be required to have a Total Net Leverage Ratio lower than

5.0x. Please refer to Note 20 for further details.

Security

First-ranking security has been provided in favour of the lenders under the new SFA. This security includes pledges on the assets of material subsidiaries of the Company at the time of the implementation of the transaction security, to the extent legally permitted and operationally practical. All debt being issued under the SFA ranks pari-passu.

Bank overdrafts

Local credit facilities are available in certain jurisdictions and the facilities as per the end of the period ending 31 December 2020 are limited to EUR19.5m (EUR21.4m as of 31 March 2020). None of these local overdraft facilities were committed in nature.

Revolving Credit Facilities

The total drawings under the RCF as at the end of the period ending 31 December 2020 were EUR99.2m (EUR0.9m under the old RCF as of 31 March 2020). This consists of EUR99.0m of cash drawings, which was drawn as a precautionary measure and EUR0.2m of non-cash guarantees issued for commercial and financial reasons. This leaves the Group with EUR0.8m (EUR79.1m as of 31 March 2020) undrawn capacity. The RCF capacity does not qualify as cash and cash equivalents. Under the SFA, Global Blue is permitted to maintain the current level of cash drawings from the RCF until the maturity date of the facility, being 28 August 2025. At this moment, Global Blue does not intend to repay the cash drawings under the RCF within the next 12 months.

Supplemental Liquidity Facility

In connection with the closing of the merger and listing, certain pre-transaction shareholders put in place a USD75m Supplemental Liquidity Facility. The shareholders who are lenders under the Supplemental Liquidity Facility have retained, and not distributed to their investors, transaction proceeds to provide funding for loans they may be required to make to the Group under this commitment. This Facility would be available for 18-months, starting from 31 August 2020, and have a two-year maturity once drawn with a 2.75% interest expense. The Company, subject to the approval of the Group's Board of Directors, will have the ability to draw upon the facility to (i) use as an EBITDA cure should there be a covenant breach or (ii) fund liquidity needs.

As at 31 December 2020, no amount from the above-mentioned facility has been drawn.

ˆ200GgzLD26#cCPyLVŠ

200GgzLD26#cCPyLV

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS29	898308 TX 26	6*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

NOTE 11 Share-based Payments and Non-Convertible Equity Certificates

Share Based payments and Non-convertible Equity Certificates settled with IPO Management Equity Plan

31 December 2020

As at 28 August 2020, as part of the Group capital reorganization and merger with FPAC, the Management Equity Plan (MEP) ceased to exist. Instead, management received loan notes in Global Blue Investment and Co S.C.A. in exchange for all of their previously held shares. These loan notes were contributed through the chain of holding companies, until management ultimately received shares in Global Blue Group A.G, the previous parent of the Group. The shares were fully vested and were revalued according to IFRS 2 upon the capital reorganization, resulting in a non-cash revaluation charge of EUR 58.7M. At which point, a portion of the shares were sold for cash and the rest remained, reflecting management's direct ownership in Global Blue Group Holding AG, and were reclassified into equity upon conversion from a cash-settled plan to an equity-settled plan. The movement in the share-based payment liability during the period is reflected below:

(€ thousands)

SBP	31 Dec 2020
Opening balance as at 1 April	7,396
Valuation up to 27 August	974
SBP value as at 27 August	8,370
Expense recognized in the profit and loss upon capital reorganization	58,744
SBP value as at 28 August	67,114
Cash settlements upon reorganization	(29,333)
Conversion upon reorganization of remaining SBP liability to equity at FV	(37,781)
Closing balance as at 31 December 2020	-

31 December 2019

The first level management ("Executive Committee") and selected first and second level management ("Senior Management") of the Group were offered to participate in management share plans, allowing the members of these plans to invest in the equity of the Group. The Executive Committee were offered to invest into Global Blue Management and Co S.C.A. The senior managers were offered to invest through the Global Blue Equity Plan Employee Trust ('the Trust'). Under both plans, the price paid for the shares equaled the grant date fair value of the share. The managers' share plans were fully vested and were cash-settled share-based payment arrangements in the scope of IFRS 2 "Share-based payment" due to the terms and conditions of the plan.

NC-PECs

31 December 2020

As at 28 August 2020, as part of the Group capital reorganization and merger with FPAC, the NC-PECs ceased to exist. Instead, management received loan notes in Global Blue Investment and Co S.C.A. in exchange for all of their NC-PECs. These loan notes were contributed through the chain of holding companies, until management ultimately received shares in Global Blue Group A.G, the previous parent of the Group. The NC-PECs were liability classified as they were cash-settled. Immediately prior to conversion into shares of the Company, the NC-PEC's were revalued according to IFRS 2 as at the conversion date and reclassified in equity upon conversion from a cash-settled plan to an equity-settled plan.

Refer to Note 18 for further details.

31 December 2019

The Non-Convertible Equity Certificates ("NC-PECs") were part of the management investment and incentive plan put in place during the 2012 LBO.

The Company's indirect subsidiary Global Blue Management & Co S.C.A. issued on 1 August 2012 Non- Convertible Preferred Equity Certificates ("NC-PECs") with a par value of EUR1.00 and a maximum amount of EUR500m. As at 31 December 2019, the nominal value of NC-PECS, including accrued interest, was EUR1.9m.

ˆ200GgzLD26#cK45s{Š

200GgzLD26#cK45s{

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS29	898308 TX 27	5*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

The NC-PECs bear interest with a rate of 10% per annum calculated on the par value of the NC-PECs outstanding and the accrued and unpaid yield of prior periods. The mandatory redemption date of the NC-PECs is 26 July 2061. At any time, Global Blue Management & Co S.C.A. may repurchase any or all of the NC-PECs at a repurchase price, which is equal to the par value of each NC-PEC plus accrued but unpaid yield on such NC-PEC for the NC-PECs repurchased.

The NC-PECs rank prior to all subordinated securities (current and future), but the NC-PECs shall be subordinated to all other creditors of the previous ultimate parent of the Group (current and future).

The movement in the NC-PECs liability is reflected below:

(€ thousands)

NC-PECs	31 Dec 2020	31 Dec 2019
Nominal value including accrued interest on NC-PECs issued at the beginning
of the period	1,920	1,750
Mark-to-market fair value charge	(138)	-
Accrued interests on NC-PECs	78	132
Transfer to equity	(1,861)	-
Total value of NC-PECs direct investment	-	1,882
Value at the beginning of the year	2,971	2,744
Accrued interest	121	158
Derecognition of residual amout to profit and loss	(101)	-
Transfer to equity	(2,990)	-
Interest bearing obligations towards senior management of Global Blue
Group	-	2,902
Total value of NC-PECs including accrued interest	-	4,784
(Thousand of units)
NC-PECs	31 Dec 2020	31 Dec 2019
NC-PECs issued at the beginning of the year	927	927
Issuance of NC-PECs	-	-
Transfer of NC-PECs to equity	(927)	-
Number of NC-PECs issued	-	927
The fair value of the NC-PECs as of 31 December 2019 approximates its carrying value.

The liability towards senior management of the Group of EUR2.9m as of 31 December 2019 relates to obligation of the Global Blue Management Equity Plan (MEP related to the 2012 LBO). The fair value of the interest-bearing liability towards senior management of Global Blue Group is assessed to be equal to the carrying value. The applicable interest rate of the instrument equals 10% per annum and computed on a 365-/366-day year basis and the actual number of days elapsed.

Share based payment plans in place

As part of Global Blue's Management Incentive Plan ("MIP") the board has decided to issue a series of equity grants in the form of Global Blue share options and Global Blue restricted shares.

On 25 June 2019, under the MIP, Global Blue granted 486,527 share options ("SOP"), and on 12 November 2020 granted 7,970,000 share options ("SOP") and 475,491 restricted shares ("RSA") to its employees.

Participation in these plans is at the board's discretion and subject to the consent of the individual receiving the grant.

Equity settled share options - SOP

On 25 June 2019, 487k share options were granted to employees of the Company, 50 percent with the vesting date 24th June 2022 and 50 percent with the vesting date 24 June 2024. Holders of share options once vested will be granted the right to purchase the Company's shares at the exercise price of USD10.59. Expiry date for the granted share options is 23 June 2027.

ˆ200GgzLD26#cX86L0Š

200GgzLD26#cX86L0

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS29	898308 TX 28	6*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

The fair value was calculated using a binomial option pricing model. Beside the exercise price mentioned above, the model inputs were the share price at grant date of USD10.59, expected volatility of 25 percent and a risk-free interest rate of 1.906 percent. The calculated value of the option was USD1.03 per share.

On 12 November 2020, a total of 7.97m share options were granted to employees of the Company. Holders of share options once vested will be granted the right to purchase the Company's shares at the exercise price. Four tranches of options vesting on four respective vesting dates have been granted. Within each respective tranche, there are a further four tranches of options with four different exercise prices.

Share options granted (thousands)

2/15/2022

8/15/2022

8/15/2023

8/15/2024

Total

8.5 USD

647 2,589
10.5 USD 12.5 USD 14.5 USD Total
971 822 672 523 2,989
324 274 224 175 997
647 547 448 349 1,992

548 2,192
448 1,794
348 1,395
1,992 7,970

Grant date

Share price at grant date (USD) Expiry date

Exercise price (USD)

Fair value per share option (USD)

0.05 0.01

11/12/2020 10.34 8/15/2026 8.5 0.58

11/12/2020 10.34 8/15/2026 10.5 0.20

11/12/2020 10.34 8/15/2026

12.5 14.5

The fair value was calculated using a binomial option pricing model. The model inputs were the share price at grant date of USD10.34, exercise prices as mentioned above, expected volatility of 50 percent and a risk-free interest rate of 0.498 percent.

Equity settled restricted share grants - RSA

Under this plan, participants are granted Company's ordinary share in line with the following vesting conditions:

• 50% vesting based on the service condition: the employee remain in the employment of Global Blue
• 25% vesting based on market performance conditions: increase of the absolute total shareholder return and benchmarking the total shareholder return to the MSCI ASWI index
• 25% vesting based on non-market performance condition: measured by the CAGR (compounded annual growth rate)

On 12 November 2020, four tranches, a total of 475,491 restricted shares were granted to employees of the company.

Grant date	11/12/2020	11/12/2020	11/12/2020	11/12/2020
Vesting date	2/15/2022	8/15/2022	8/15/2023	8/15/2024
Share price at grant date (USD)	10.34	10.34	10.34	10.34
Number of shares	178,170	59,464	118,928	118,928
Expiry date	8/15/2026	8/15/2026	8/15/2026	8/15/2026
Risk free interest rate	0.14%	0.16%	0.22%	0.30%
Fair value per share (USD)	8.65	8.65	8.65	8.65

The estimated fair value is calculated based on the share price as at grant date, adjusted using the probability of achievement of the market-based performance conditions. The estimated fair value is based on the assumption that the service condition and non-market performance condition will be fully met. The model inputs were the share price at grant date of USD10.34, expected volatility of 50 percent, and the risk free interest rate as stipulated in the table above.

ˆ200GgzLD27NnSxts=Š

200GgzLD27NnSxts=

GLOBAL BLUE GROUP HO	Donnelley Financial	VDI-W7-PF3-0101	898308 TX 29	9*
14.4.13.0
FORM 6-K	None	HTM ESS	0C

ADG bellt0ln

Due to the limited history of the company's publicly traded shares, the volatility for all plans was calculated based on the historical share price volatility of a peer group which consists of similar publicly traded companies. This list of peers was selected from the peer group which was jointly defined by FPAC management and Global Blue management for the purpose of business valuation prior to the business reorganization.

Expenses amounting to EUR0.5m related to the above-mentioned plans were recorded during the period with a corresponding increase in equity. All these plans are equity settled in accordance with IFRS 2.

NOTE 12

Deferred income tax asset and liability

(€ thousands)

Deferred income tax asset	31 Dec 2020	31 Dec 2019
Opening balance at 1 April	12,349	10,864
Deferred tax additions	14,202	1,805
Exchange rate effect	270	(17)
Closing balance at 31 December	26,821	12,652
(€ thousands)
Deferred income tax liability	31 Dec 2020	31 Dec 2019
Opening balance at 1 April	34,564	49,376
Deferred tax utilisation	(12,776)	(11,304)
Exchange rate effect	185	(21)
Closing balance at 31 December	21,974	38,051

The deferred income tax asset as at 31 December 2020 of EUR26.8m (EUR12.7m as at 31 December 2019) consists in principal of deferred tax asset on losses carried forward.

The deferred income tax liability as at 31 December 2020 of EUR22.0m (EUR38.1m as at 31 December 2019) consists in principal of deferred tax liability on purchase price allocation.

Deferred income tax have been recognized on tax losses of the period incurred in operating entities due to the COVID-19 business downturn.

These entities which were profit-making on a regular basis prior to the pandemic are expected to recover gradually as international travel will resume and as further described in Note 19 (COVID-19 Considerations).

NOTE 13

Related party transactions

Global Blue Group Holding AG is a publicly listed company, where the largest shareholders are funds managed by Silver Lake Partners and Partners Group.

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

GLOBAL BLUE GROUP HO	Donnelley Financial	VDI-W7-PFL-2045	898308 TX 30	12*
14.4.13.0
FORM 6-K	None	HTM ESS	0C

The related party transactions as at 31 December 2020 are as follows:

Remuneration to key management personnel

The remuneration to the board of directors and the Executive Committee members, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

(€ thousands)

YTD 9 months	YTD 9 months
Remuneration to key management personnel	Apr-Dec 2020	Apr-Dec 2019
Short-term employee benefits	4,119	3,586
Post-employment benefits	296	278
Total	4,415	3,864
Purchase of services from related parties

Silver Lake Partners and Partners Group charged a monitoring fee to the Group (EUR0.2m for the YTD 9 months Apr-Dec 2020 and EUR0.1m for Q3 Oct-Dec 2020). The Group also reimburses Silver Lake Partners and Partners Group for out of pocket expenses, financial advisors, legal counsel, and other costs related to the Group.

(€ thousands)

YTD 9 months	YTD 9 months
Purchases of services from related parties	Apr-Dec 2020	Apr-Dec 2019
Monitoring fee	(20)	233
Directors fee	109	-
Reimbursements	89	186
Total	178	419

Executive Committee members of Global Blue Group have invested EUR1.9m at 31 March 2020 including accrued interest in NC-PECs (reference is made to Note 11). A further liability of EUR3.0m at 31 March 2020 relates to obligation of the Global Blue Equity Plan Employee Trust towards senior management of the Group (reference is made to Note 11).

(€ thousands)

Liabilities to related parties	31 Dec 2020	31 March 2020
Liabilities to key management personnel:
Pension liability	1,294	868
Share-based payment liability	-	7,396
Closing balance for the period	1,294	8,264
Equity plan after the capital reorganization

As a result of the capital reorganization, the management equity plan was restructured and, as a result, managers own shares directly in the Company. Please refer to Note 11 and Note 14 for further details.

NOTE 14

Shareholders of Global Blue Group Holding AG

Shareholders of Global
Blue Group AG
31 Mar 2020
Ordinary
shares	Ownership	Warrants	shares
Global Blue Holding LP	-	-	-	-	40,000,000
Silver Lake and Affiliates (1)	98,017,072	11,970,487	109,987,559	55.7%	6,548,415	-
Partners Group and Affiliates (2)	40,442,783	4,939,137	45,381,920	23.0%	2,701,935	-
Ant Group	12,500,000	-	12,500,000	6.3%	-	-
Third Point	9,129,625	-	9,129,625	4.6%	1,333,333	-
Tom Farley	3,723,363	-	3,723,363	1.9%	-	-
Management	4,297,259	774,753	5,072,012	2.6%	-	-
EBT	1,086,280	104,135	1,190,415	0.6%	516,317	-
GB Directors, Executive Management & Other
Employees	9,106,902	878,888	9,985,790	5.1%	516,317	-
Other Shareholders (3)	4,658,991	-	4,658,991	2.4%	19,648,874	-
Total excl. GB Group	173,855,373	17,788,512	191,643,885	97.0%	30,748,874	40,000,000
GB Group	-	5,929,477	5,929,477	3.0%	-	-
Total incl. GB Group	173,855,373	23,717,989	197,573,362	100.0%	30,748,874	40,000,000
30

31 Dec 2020

Shareholders of Global Blue Group Holding AGOrdinary shares

Preference

Total

ˆ200GgzLD26#cz=%siŠ

200GgzLD26#cz=%si

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS29	898308 TX 31	5*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

As at 28 August 2020 a capital reorganisation took place within the Group. A new holding company - Global Blue Group Holding AG - was incorporated in December 2019 and became the ultimate parent of the Group. During the reorganization additional shares were issued with the increase of the share premium. Please refer to Note 18 for details.

Ordinary shares

Holders of these shares are entitled to dividends and are entitled to one vote per share at general meetings of the Company. From FY2025/26 the preferential dividend will have to be first approved before approval of a dividend for ordinary shares to be granted.

Preference shares

Holders of these shares are entitled to dividends and are entitled to one vote per share at general meetings of the Company. In addition, the holders are entitled to preferential dividends beginning in FY2025/26 at a rate of 8% with an increase by 1% each year thereafter.

Given that no Preference Dividend is owed to Series A holders and no Preference Dividend has currently been approved by shareholders, no adjustment has been made to basic earnings per share related to the Series A Preferred Shares.

Put Option

Preference shares can be exchanged 1:1 for Ordinary shares at any time at the Shareholder´s election. The exchange will take place no earlier than 25 days, no later than 65 days after exercise of the put option.

Call Option

The Company can exercise a call option with 20 days' notice to exchange the Preference shares 1:1 for Ordinary shares.

The call option can only be exercised if (i) the 30 day VWAP of the ordinary shares is at least USD18.00 per share and (ii) no blackout or lockup is in effect.

Redemption

The Company may redeem the Preference shares for cash or Ordinary shares at the Shareholder election following the fifth anniversary of closing or on a change of control (if earlier).

The redemption right can only be exercised if the 30 day VWAP of the Common Shares is at least USD10.00 or the value attributable on such change of control is USD10.00.

Liquidation

Each holder of Preference shares is entitled to a priority share of the liquidation proceeds up to USD10. The remainder is distributed to the holders of the Ordinary shares.

Warrants

As part of the reorganisation and listing, 21,083,307 Public Warrants and 9,766,667 Private Warrants were issued for a total number of warrants ("Warrants") of 30,849,974 at a fair value of EUR20.2m.

ˆ200GgzLD26#c%vrsÅŠ

200GgzLD26#c%vrs¯

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS29	898308 TX 32	5*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

The Warrants were issued in exchange for goods or services provided by FPAC at the date of the merger. The Warrants were accounted for in accordance with IFRS2 as equity settled and were measured at the fair value of the equity instrument granted.

30,748,874 warrants are outstanding as of 31 December 2020. Please refer to Note 18 for details of the movement in the number of warrants during the period.

The conditions for the Warrants are as listed below:

Public Warrants

Exercisability of Public Warrants

The Public Warrants became exercisable on 30 September 2020 (30 days after the closing). The Public Warrants expire on 31 August 2025 (the fifth anniversary of the closing).

Exercise Price

The Private Warrants represent the right to purchase one of the Company shares at a price of USD11.50 per share.

Adjustment

The exercise price and the number of the Company shares issuable on exercise of the Public Warrants will be adjusted in certain circumstances, including in the event of a share dividend, extraordinary dividend or the Company's recapitalization, reorganization, merger or consolidation.

Fractional Shares

No fractional shares will be issued upon exercise of the Public Warrants (rounding shall be down to the nearest whole number of the Company Shares).

Redemption

By contrast, the Company may call the Public Warrants for redemption in certain circumstances where the closing price of the shares equals or exceeds USD18.00. The Company may only call Public warrants for redemption:

• in whole and not in part;
• at a price of $0.01 per warrant;
• upon not less than 30 days' prior written notice of redemption to each warrant holder.

If the Company calls the Public Warrants for redemption as described above, it will have the option to require any holder that wishes to exercise its Public Warrant prior to such redemption to do so on a "cashless basis."

Other

The Public Warrants may be amended with the approval of at least 50% of the then outstanding Public Warrants to make any other change that adversely affects the interests of the Warrant holders.

The Warrant holders do not have the rights or privileges of holders of the Company´s shares or any voting rights until they exercise their Public Warrants and receive the Company´s shares.

ˆ200GgzLD26#d6wZLqŠ

200GgzLD26#d6wZLq

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS29	898308 TX 33	7*
14.4.10.0
FORM 6-K	None	HTM ESS	0C
Private Warrants

Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants that become the Company Warrants described above, including as to exercise price, exercisability and exercise period, and adjustment. However, the Private warrants will not be redeemable and may be exercised on a cashless basis.

The Private Warrants are transferable (and have been transferable since they became exercisable on 30 September 2020). Open Market Trades, Block Trades or Public Offerings of Private Warrants shall be carried out pursuant to the registration statement that has been declared effective by the SEC, together with any required supplementary disclosure or prospectus at the time.

NOTE 15 Leases

Amounts recognised in the balance sheet are the following:

(€ thousands)

Right of use asset	31 Dec 2020	31 Mar 2020
Offices	13,666	16,252
Refund points	10,360	14,889
IT contracts	4,987	6,416
Others	2,142	2,852
Right of use asset	31,155	40,409
(€ thousands)
Movement of Right of use asset	31 Dec 2020	31 Dec 2019
Opening balance at 1 April	40,409	45,078
New contracts	1,136	10,464
Modifications	972	1,051
Depreciation	(11,292)	(11,957)
FX effect	(70)	86
Closing balance at 31 December	31,155	44,722
(€ thousands)
Lease liability	31 Dec 2020	31 Mar 2020
Short-term	12,622	14,001
Long-term	20,356	27,750
Total Lease liability	32,978	41,751
(€ thousands)
Movement of Lease liability	31 Dec 2020	31 Dec 2019
Opening balance at 1 April	41,751	46,133
New contracts and modifications	1,615	12,107
Cash outflow	(11,605)	(12,905)
Interest	673	829
FX effect	544	407
Closing balance at 30 September	32,978	46,571
(€ thousands)
Between 2
years and 5
Contractual maturities of financial liability at 31 December 2020	Less than 2 years	years	More than 5 years
Lease liability	22,012	10,129	837

ˆ200GgzLD26#dK!ZssŠ

200GgzLD26#dK!Zss

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS29	898308 TX 34	7*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

(€ thousands)

Between 2

years and 5

Contractual maturities of financial liability at 31 March 2020	Less than 2 years
Lease liability	25,315
Amounts recognised in the income statement are the following:

Depreciation charge of the right of use asset
Offices
Refund points
IT contracts
Others
Total Depreciation charge of right of use asset
(€ thousands)

Interest expense
Interest expense (included in finance cost)
(€ thousands)

Other lease related (gains) / expenses

years
14,672
YTD 9 months	YTD 9 months
Apr-Dec 2020	Apr-Dec 2019
3,361	2,860
5,101	5,919
1,706	564
1,124	2,614
11,292	11,957
YTD 9 months	YTD 9 months
Apr-Dec 2020	Apr-Dec 2019
678	833
YTD 9 months	YTD 9 months
Apr-Dec 2020	Apr-Dec 2019
Expense relating to short-term leases (included in Operating expenses)	328	1,765
Expense relating to leases of low-value assets that are not short-term
leases (included in Operating expenses)	26	33
(Gain) / Expense relating to variable lease payments not included in lease
liabilities (included in Other expenses)	(1,494)	97
Total Other lease related (gains) / expenses	(1,140)	1,895

More than 5 years 1,764

(€ thousands)

The table "Other lease-related (gains) / expenses" includes expenses from the lease contracts that are not qualified as Right of Use assets according to IFRS 16.

NOTE 16 Interest in associates and joint venture

The Group has the following investment in associates and joint ventures as at 31 December 2020:

(€ thousands)

Kinphire Ltd United Kingdom 10.40%

Cash Paris Tax Refund France 60.00%

Total

Visitoslo AS Norway 1.55%

Total

Nature of
relationship	Measurement method	Amount
Joint venture	Equity method	2,719
Associate	At cost	750
Associate	At cost	3
Joint venture	Equity method	-
3,472
The Group has the following investment in associates and joint ventures as at 31 March 2020:
(€ thousands)
Nature of
relationship	Measurement method	Amount
Joint venture	Equity method	2,892
Associate	At cost	3
Joint venture	Equity method	-
2,895

Name of the entity

Country of incorporation

% of ownership interest

Europass S.A.S.

France 27.24%

Visitoslo AS Norway 1.55%

Name of the entity

Country of incorporation

% of ownership interest

Europass S.A.S.

France 27.24%

Cash Paris Tax Refund France 60.00%

Europass S.A.S.

Europass S.A.S. is a French-based company involved in the TFSS business. From fiscal year 2019/20, the Group has a 27.24% interest in Europass S.A.S., which is accounted for using the equity method in the consolidated financial statements.

ˆ200GgzLD26#dVm0LDŠ

200GgzLD26#dVm0LD

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS29	898308 TX 35	7*
14.4.10.0
FORM 6-K	None	HTM ESS	0C
Cash Paris Tax Refund

Cash Paris Tax Refund is a joint venture involved in the TFSS business, specifically focused on the customer refund journey, in France. The Group's interest in Cash Paris Tax Refund is accounted for using the equity method in the consolidated financial statements given there is joint control requiring unanimous consent of both parties over the decisions about the relevant activities over the entity.

NOTE 17

Fair value of the Financial assets and liabilities not measured at fair value

In case of the following short-term financial instruments the carrying amount is a reasonable approximation of the fair value:

• Trade receivables
• Other current receivables
• Income tax receivables
• Prepaid expenses
• Trade payables
• Other current liabilities
• Accrued liabilities
• Current income tax liabilities
• Loans and borrowings.

The fair value of the non-current other receivables does not differ significantly from the book value. The major part of the non-current other receivables is related to deposits paid for rental of different facilities.

Non-current loans and borrowings include the Senior term debt of which the fair value is disclosed in Note 10.

NOTE 18

Issued capital and reserves

As at 28 August 2020 a capital reorganisation took place within the Group. A new holding company - Global Blue Group Holding AG - was incorporated on 10 December 2019 with a share capital of EUR0.093m divided into 10,000,000 shares. This Company became the ultimate parent of the Group. During the re-organization, an additional 181,542,785 shares were issued with the increase of the share premium.

During the 3 months to 31 December 2020, 5,929,477 ordinary shares were issued in the holding company.

Number of shares authorized and issued

31 Dec 2020	31 Dec 2019
Ordinary shares	Preference shares	Total	Ordinary shares
Number of shares (authorized and issued)	173,855,373	23,717,989	197,573,362	40,000,000
Total number of shares	173,855,373	23,717,989	197,573,362	40,000,000
31 Dec 2020	31 Dec 2019
Ordinary	Preference
shares	shares	Total	Ordinary shares
Opening balance at 1 April	40,000,000	-	40,000,000	40,000,000
Effects of the capital reorganisation on 28 Aug 2020	127,824,796	23,717,989	151,542,785	-
Issuance of share capital Global Blue Group Holding A.G. November
2020	5,929,477	-	5,929,477	-
Conversion of preference shares into ordinary shares	-	(5,929,477)	(5,929,477)	-
Assign the preference shares to ListCo.	-	5,929,477	5,929,477	-
Exercises of warrants	101,100	-	101,100	-
Closing balance at 31 December	173,855,373	23,717,989	197,573,362	40,000,000

GLOBAL BLUE GROUP HO FORM 6-K

Donnelley Financial None

ADGP64RS29 14.4.10.0

898308 TX 36

HTM ESS

5* 0C

Q3 Oct-Dec 2020

Q3 Oct-Dec 2019

Ordinary	Preference
shares	shares	Total	Ordinary shares
Opening balance at 1 October	167,824,796	23,717,989	191,542,785	40,000,000
Issuance of share capital Global Blue Group Holding A.G. November
2020	5,929,477	-	5,929,477	-
Conversion of preference shares into ordinary shares	-	(5,929,477)	(5,929,477)	-
Assign the preference shares to ListCo.	-	5,929,477	5,929,477	-
Exercises of warrants	101,100	-	101,100	-
Closing balance at 31 December	173,855,373	23,717,989	197,573,362	40,000,000
Issued share capital and share premium
(€ thousands)
Issued share capital and share premium	31 Dec 2020	31 Dec 2019
Ordinary	Preference
shares	shares	Total	Ordinary shares
Opening balance at 1 April	392,197	-	392,197	392,197
Issue of share capital	313	36	349	-
Share premium contribution	235,987	33,208	269,195	-
Acquisition of treasury shares	(8,812)	(1,246)	(10,058)	-
Effects of the capital reorganisation	801,569	113,283	914,851	-
Closing balance at 31 December	1,421,254	145,281	1,566,535	392,197
(€ thousands)
Issued share capital and share premium	Q3 Oct-Dec 2020	Q3 Oct-Dec 2019
Ordinary	Preference
shares	shares	Total	Ordinary shares
Opening balance at 1 October	1,420,189	145,282	1,565,471	392,197
Issue of share capital	55	-	55	-
Share premium contribution	1,011	-	1,011	-
Acquisition of treasury shares	-	-	-	-
Effects of the capital reorganisation	-	-	-	-
Closing balance at 31 December	1,421,255	95,183	1,566,537	392,197

The Other reserves within Equity attributable to owners of the parent consist of the following positions:

As at 31 December 2020

(€ thousands)

Foreign
Equity settled	currency	Remeasurements of
shared based	Other	translation	post employment	Net other
Other reserves	Foot note	payment	Warrants	reserve	reserve	benefit obligations	reserves
Opening balance at 1 April 2020	-	-	9,914	(19,469)	(2,326)	(11,881)
Currency translation difference	-	-	-	1,574	-	1,574
Issuance of share capital Global Blue Group
Holding A.G.	-	-	(1,495,526)	-	-	(1,495,526)
Acquisition of treasury shares	-	-	10,058	-	-	10,058
Reclassification adjustment from Global Blue
Group A.G. to Global Blue Group Holding
A.G.	-	-	42,856	-	-	42,856
Exchange of Global Blue management loan
notes into shares	(4)	-	-	464,163	-	-	464,163
Effects of capital reorganization (1)	-	-	(978,449)	-	-	(978,449)
Employee share schemes	517	-	-	-	-	517
Exercises of warrants	-	(65)	-	-	-	(65)
Conversion of shares into equity settled plan	42,632	-	-	-	-	42,632
Issuance costs	(2)	-	20,196	115,113	-	-	135,308
Shares bought back by Global Blue Group A.G.	(6)	-	-	(152,787)	-	-	(152,787)
Total contribution by and distribution to
owners of the parent, recognised directly in
Equity	43,149	20,131	(37,674)	-	-	25,605
Closing balance at 31 December 2020	43,149	20,131	(1,006,209)	(17,895)	(2,326)	(963,151)

GLOBAL BLUE GROUP HO FORM 6-K

Donnelley Financial None

ADGP64RS29 14.4.10.0

898308 TX 36

HTM ESS

5* 0C

Q3 Oct-Dec 2020

(€ thousands)

Other reserves

Foot note

Equity settled shared based payment

WarrantsOther reserve

Foreign currency translation reserveRemeasurements of post employment benefit obligations

Net other reserves

Opening balance at 1 October 2020 Currency translation difference

Issuance of share capital Global Blue Group

Holding A.G.

Acquisition of treasury shares Reclassification adjustment from Global Blue

Group A.G. to Global Blue Group Holding A.G. Exchange of Global Blue management loan notes into shares

Effects of capital reorganization (1)

42,632 -

20,196 -

(1,006,208)

(18,526)

(2,326)

(964,232)

- - - - - 517 - - - -

- - - - - - (65) - - -

630

- -

(4)

630 - - -

- -

Employee share schemes

517

Exercises of warrants

Conversion of shares into equity settled plan Issuance costs

Shares bought back by Global Blue Group A.G.

Total contribution by and distribution to owners of the parent, recognised directly in

Equity

(2) (6)

- - - - -

(65)

(1)

Closing balance at 31 December 2020

517 43,149

(65) 20,131

- (1,006,208)

- (17,896)

- (2,326)

452 (963,150)

GLOBAL BLUE GROUP HO FORM 6-K

Donnelley Financial None

ADGP64RS29 14.4.10.0

898308 TX 37

HTM ESS

8* 0C

As at 31 December 2019

(€ thousands)

Notes

Equity settled shared based payment

WarrantsOther reserve

Foreign currency translation reserveRemeasurements of post employment benefit obligationsNet other reserves

Opening balance at 1 April 2019

- 9,890

(10,572)

(519)

(1,201)

Currency translation difference Other transactions

- - 24

Closing balance at 31 December 2019

- - - -

- - -

- 24 9,914

304 - 304

(10,268)

(519)

(873)Q3 Oct-Dec 2019

(€ thousands)

Notes

Equity settled shared based payment

WarrantsOther reserve

Foreign currency translation reserveRemeasurements of post employment benefit obligationsNet other reserves

Opening balance at 1 October 2019

- 9,914

(12,738)

Currency translation difference Other transactions

Closing balance at 31 December 2019

- - - -

- - -

- - 9,914

2,470 - (10,268)

(519) - - (519)

(3,343) 2,470 - (873)

Movements after the capital reorganisation

Any differences related to the capital reorganisation between the cost of the transaction and the carrying value of the net assets is recorded in other reserves.

The effects of the capital reorganisation are the following:

As at 28 August 2020

(€ thousands)

Effects of capital reorganization

Foot note

Issued capital ordinary sharesIssued capital preferense sharesShare premium ordinary sharesShare premium preference sharesOther equity ordinary sharesOther equity preference shares

WarrantsOther reserveTotal

Issuance of share capital Global Blue

Group Holding A.G.

(1) 1,302
166,969
- - (1,495,526)
(145,621)
Acquisition of treasury shares Reclassification adjustment from

(5) -
184 -
1,181,450 -
- (8,812)
- (1,246)
-
10,058
-
Blue Group Holding A.G. Exchange of Global Blue management loan notes into shares
Global Blue Group A.G. to Global
(3) (41)
(6)
(37,508)
(5,301)
-
-
-
42,856
-

(4)

Effects of capital reorganization

(299) 962

(42) 136

(343,335) 800,607

(48,521) 113,148

- (8,812)

- (1,246)

- -

464,163 (978,448)

71,966 (73,654)

SL Globetrotter LP contributed the shares of Global Blue Management GP Sarl to Global Blue Holding LP. The shares of Global Blue Management GP were then further contributed to Global Blue Investment & Co S.C.A. through a series of capital contributions.

(3)As a result of the reorganisation, on 28 August 2020, the MEP ceased to exist. Instead, management received loan notes in Global Blue Investment and Co S.C.A. in exchange for all of their shares and NC-PECs. These loan notes were contributed through the chain of holding companies, until management ultimately received shares in Global Blue Group A.G. At which point, a portion was sold for cash and the rest remained, reflecting management's direct ownership in Global Blue Group Holding A.G. The new shares owned by Management and the Estera Trust Limited are accounted for as equity-settled instruments under IFRS 2.

(1) SL Globetrotter and Global Blue Holding LP established a new company ("Global Blue Group Holding A.G.").

The Global Blue Holding Group A.G. established a Swiss subsidiary, Global Blue Group II GmbH, and a United States based subsidiary, US Holdco LLC, which in turn created another United States based subsidiary, US Sub.

(1) (3)SL Globetrotter LP and Global Blue Holding LP and Management contributed part of their shares in Global Blue Group A.G. to Global Blue Group Holding A.G. in exchange for new shares in Global Blue Group Holding A.G. Ant Group and Estera Trust Limited contributed all of their shares in Global Blue Group A.G. to Global Blue Group Holding A.G. in exchange for new shares in Global Blue Group Holding A.G.

(1)Other Cornerstone investors subscribed in cash for new shares in Global Blue Group Holding A.G.

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS29	898308 TX 37	8*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

(1)Global Blue Group Holding A.G. acquired some of the shares in Global Blue Group A.G. from the SL Globetrotter LP, Global Blue Holding LP and Management.

(6)Global Blue Group II GmbH and Global Blue Group Holding A.G. acquired the remaining shares in Global Blue Group A.G. from the SL Globetrotter LP and Global Blue Holding LP and Management.

ˆ200GgzLD26#eYXYs"Š

200GgzLD26#eYXYs"

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS29	898308 TX 38	4*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

(4)Global Blue Group Holding A.G. contributed its shares in Global Blue Group A.G. to Global Blue Group II GmbH, such that Global Blue Group A.G. became a wholly owned subsidiary of Global Blue Group II GmbH.

(2)The United States company held by the SPAC investors, Far Point Acquisition Corporation, merged with the United States subsidiary held by Global Blue Group Holding A.G., US Sub, with Far Point Acquisition Corporation being the surviving entity.

(2)In consideration for the merger, Global Blue Group Holding A.G. issued shares to the SPAC investors. The SPAC founders received ordinary shares. In addition, the warrant holders in the United States company held by the SPAC investors were exchanged for new warrants in Global Blue Group Holding A.G.

(2)The issuance costs of EUR135.3m represents the difference between the fair value of the shares issued by Global Blue Group Holding A.G. and the fair value of the identifiable net assets of the United States company held by the SPAC investors. The difference was considered to be a non-cash payment for the service of a stock exchange listing according to IFRS 2.

(1)The issue of share capital Global Blue Group Holding A.G. Reflected in Other reserve as at 31 December 2020 is composed of the following:

Nine months ended December 31, 2020

(€ thousands)

Acquisition of treasury shares

Issue of share capital Global Blue Group Holding A.G.	Foot note	Other reserve
Issue of share capital ordinary shares Global Blue Group Holding
A.G.	(1)	(1,209)
Issue of share capital preference shares Global Blue Group
Holding A.G.	(1)	(184)
Issue of share premium ordinary shares Global Blue Group
Holding A.G.	(1)	(1,181,450)
Issue of share premium preference shares Global Blue Group
Holding A.G.	(1)	(166,969)
Conversion of shares into equity settled plan	(1) (2)	(42,632)
Issuance costs	(2)	(115,113)
Effect of the merge	(2)	12,031
Issue of share capital Global Blue Group Holding A.G.	(1,495,526)
Number of shares	Value (€ thousands)
Preference
shares
-

(5)Treasury shares

As at 31 December 2020 (€ thousands)

Ordinary shares

Opening balance at 1 April 2020

Acquisition of treasury shares

Closing balance at 31 December 2020

- 1,051,569 1,051,569

Ordinary	Preference
Total	shares	shares	Total
-	-	-	-
138,846	1,190,415	(8,812)	(1,246)	(10,058)
138,846	1,190,415	(8,812)	(1,246)	(10,058)

Three months ended December 31, 2020 (€ thousands)

Acquisition of treasury shares

Ordinary shares

Opening balance at 1 October 2020

Acquisition of treasury shares

Closing balance at 31 December 2020

1,051,569 - 1,051,569

Number of shares

Preference

Value (€ thousands)

Ordinary	Preference
Total	shares	shares	Total
138,846	1,190,415	(8,812)	(1,246)	(10,058)
-	-	-	-	-
138,846	1,190,415	(8,812)	(1,246)	(10,058)

Under the 2012 Investment Agreement any unallocated securities would be distributed to all shareholders (Silver Lake, Partners Group and Management Equity Plan participants), proportional to shareholding, on an exit event.

Pursuant to an arrangement and agreement signed in August 2020 and as part of the capital reorganisation, it was agreed that whilst these unallocated securities would be distributed to Silver Lake and Partners Group on the listing, the shares that should have been distributed to the MEP would instead be held by the Trust.

The Trust is consolidated in the financial statements of the Company and the amount of treasury shares are held at the fair value of EUR10.1m and reflected within Other Equity.

ˆ200GgzLD27NnayaLEŠ

200GgzLD27NnayaLE

GLOBAL BLUE GROUP HO	Donnelley Financial	VDI-W7-PF3-0101	898308 TX 39	8*
14.4.13.0
FORM 6-K	None	HTM ESS	0C

ADG bellt0ln

The distribution of shares to management is conditional upon and at the discretion of the Global Blue Nomination and Remuneration Committee.

Warrants

In December 2020, 101,100 warrants were exercised at price of 11.50USD. The warrants were exercised at a 1:1 equivalent to ordinary shares.

The outstanding warrants as at 31 December 2020 amount to 30,748,874 with a fair value of EUR20.1m.

As at 31 December 2020

(€ thousands)

Warrants	Number of warrants	Value (€ thousands)
Opening balance at 1 April 2020	-	-
Acquisition of warrants	30,849,974	20,196
Exercises of warrants	(101,100)	(65)
Closing balance at 31 December 2020	30,748,874	20,131
Q3 Oct-Dec 2020
(€ thousands)
Warrants	Number of warrants	Value (€ thousands)
Opening balance at 1 October 2020	30,849,974	20,196
Acquisition of treasury shares	-	-
Exercises of warrants	(101,100)	(65)
Closing balance at 31 December 2020	30,748,874	20,131
NOTE 19	COVID-19 Considerations

The COVID-19 pandemic and the related preventative measures, as well as the associated curtailment of international travel and diminished economic activity, have negatively impacted Global Blue's business and recent results of operations and financial condition. Since early March 2020, when government travel restrictions have been generally implemented, international travel and extra-regional shopping sectors have experienced a significant reduction in activity. Global Blue's Sales-in-Stores ("SiS") for the nine months ended 31 December 2020 were down 90% relative to the respective period in the prior year. Revenues for the same period and relative to the respective period in the prior year, were also down 90%. Beginning in July, European countries began to reopen borders to the majority of the Schengen area and select non-Schengen countries. However, and as a result of a second wave of COVID-19 outbreak and more recently the third wave of COVID-19 outbreak cases after the summer, governments gradually reinstated some of the preventive measures leading to a delay in the reopening of the economy. Following the recent approvals of various SARS-COV-2 vaccines and progressive roll-out of vaccination, it is expected that shops will re-open and international travel will resume gradually over time; management therefore anticipates that Global Blue's performance may improve accordingly.

Global Blue has adopted a wide range of short-term measures to reduce its monthly cash expenditures while still maintaining core internal functions, serving clients who remain active and preserving the ability to ramp-up operations to capture volume rebound. These short-term measures included the following impacts to personnel and non-personnel costs:

Personnel costs:

Depending on the jurisdiction, Global Blue furloughed staff or has reduced working hours and, in parallel, has applied for employee salary support schemes introduced by certain governments. Such schemes allow

ˆ200GgzLD26#ev68s:Š

200GgzLD26#ev68s:

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS29	898308 TX 40	4*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

companies to place employees on paid leave or on reduced working hours, with the difference to an employee's ordinary salary being partially reimbursed by the respective government. In countries in which no such employee salary support schemes were available, Global Blue required personnel to take (partially paid or unpaid) leave or reduced its workforce. These personnel decisions varied based on function, country, and seniority. In addition, members of senior management agreed to temporary salary cuts.

Non-personnel costs:

Global Blue renegotiated contracts with business partners and reduced local-level third-party employment or advisory services. Global Blue also prohibited any but essential business-related travel, reduced promotional activities and postponed non-strategic new technology expenditures. In addition, where available, Global Blue adhered to any tax holidays provided by relevant governments, allowing the Global Blue group to postpone certain tax payments.

As of 31 December 2020 as a result of these short-term measures and gradually some longer-term measures, Global Blue's average monthly Fixed Adjusted Operating expenses (Operating expenses excluding exceptional items and depreciation and amortization) of EUR13.4m for the nine months ended 31 December 2019 were reduced by 53.5% to EUR6.2m in the nine months ended 31 December 2020.

Liquidity and Capital Resources

Liquidity describes the ability of a company to generate sufficient cash flows to meet cash requirements of its business operations, including working capital needs, capital expenditure, debt interest and service, acquisitions, other commitments, and contractual obligations. Historically our principal sources of liquidity include cash flow from operating activities, cash and cash equivalents on our statement of financial position and amounts available under our revolving credit facilities, bank overdraft facilities and the Supplemental Liquidity Facility. We consider liquidity in terms of the sufficiency of these resources to fund our operating, investing, and financing activities for a period of 12 months. The objective of our capital management is to have sufficient liquidity and to stay within financial and maintenance covenants in order to fulfil our obligations to our creditors.

Our cash flow from operating activities is generated primarily from revenue from VAT refunds. Revenue is generated when an international shopper is refunded, which at first triggers a cash outflow. The cash outflow mirrors a subsequent collection of VAT by Global Blue and payment of revenue share by Global Blue to merchants, which can take several weeks and months, respectively, until cash is received. As a result, we experience cash flow seasonality throughout the year, with a larger net working capital need (and corresponding cash outflow) during the summer months, when international shoppers travel more frequently.

In periods of travel disruptions, such as the ongoing COVID-19 pandemic, Global Blue's cash generation during the first few months increases as a result of (i) a reduction in cash outflow for VAT refunds to international shoppers and (ii) cash inflow from short-dated VAT receivables from merchants and tax authorities for the full VAT associated with earlier refunded TFS transactions. Assuming a longer travel disruption, the cash balance is expected to gradually decrease as a result of (i) the lack of cash inflow from TFS processing fees due to the lack of new TFS transactions, (ii) cash outflows for monthly expenditures and to settle longer-dated merchant payables and (iii) monthly cash expenditures.

Once the COVID-19 pandemic subsides and international travel and global economic activity resumes, Global Blue might experience rapid volume growth (assuming a quick recovery to pre-pandemic levels), which would lead to a temporary surge of its net working capital and liquidity needs. We expect this would be funded through cash and cash equivalents on our statement of financial position and bank overdraft facilities. Historically, Global Blue has regularly drawn its revolving credit facilities, particularly over the summer (being the period with heightened leisure travel and its corresponding tax-free shopping demand) to finance net working capital needs. Such drawings have typically been repaid during the months following increased needs for working capital as Global Blue collects VAT receivables. Given the global and evolving nature of the pandemic and its impact on the international travel and extra-regional shopping sectors, and its impact on consumer spending through any economic recession, the level of our working capital needs for the financial year ending 31 March 2022 cannot be accurately quantified at this time.

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200GgzLD27NnemjLX

GLOBAL BLUE GROUP HO	Donnelley Financial	VDI-W7-PF3-0101	898308 TX 41	5*
14.4.13.0
FORM 6-K	None	HTM ESS	0C

ADG bellt0ln

The Company requires and will need significant cash resources to, among others, fund its working capital requirements, make capital expenditures, meet debt service requirements and interest payments under its indebtedness, fund general corporate uses, and, in certain cases, expand its business through acquisitions. Future capital requirements will depend on many factors, such as the pace at which government policies change (i.e., new TFS countries, reduction in minimum purchase amounts), spending on product roll-out, and changes in consumer demand linked to relative foreign exchange movements. The Company has made no firm commitments with respect to future investments. The Company could be required or could elect to seek additional funding through public or private equity or debt financings, however additional funds may not be available on terms acceptable to the Company, or at all.

As at 31 December 2020, the Company had cash and cash equivalents of EUR209.2m, which were predominantly held in Euro, which includes a drawn EUR99.0m revolving credit facility, which was drawn as a precautionary measure without specific use of the cash proceeds and which is held on the balance sheet. As at 31 December 2020, the Company had EUR722.2m of interest-bearing loans and borrowings recorded on its statement of financial position, consisting of EUR622.2m in long-term financing (borrowings of EUR630.0m less EUR7.8m of capitalized financing fees), EUR99.0m drawn on the revolving credit facility and EUR1.0m in other bank overdraft facilities. Global Blue has additional liquidity of EUR81.0m comprising of EUR62.0m equivalent of capacity on a committed Supplemental Liquidity Facility (USD75.0m funded by certain selling shareholders), EUR18.0m of uncommitted local credit lines and RCF availability of EUR1.0m.

Global Blue's trade payables decreased from EUR237.3m as of 31 March 2020 to EUR158.4m as of 31 December 2020. Of the remaining 31 December 2020 balance, EUR57.6m represents payables to merchants for revenue shares generally subject to those merchants having settled their respective outstanding VAT receivables or representing a credit for merchants to buy Global Blue's marketing and BI services. In addition, EUR77.0m represents a payable related to unsuccessful refunds (i.e., payments to international shoppers that have not been completed successfully and thus the amounts remain unclaimed). As a result of this payable having been accumulated over multiple years and based on past experience, Global Blue does not expect its unsuccessful refunds balance to fluctuate in the coming 12 months in a manner that would be material to its overall liquidity position.

Global Blue's trade receivables decreased from EUR141.3m of 31 March 2020 to EUR 41.9m as of 31 December 2020, mainly from collection of VAT receivables from merchants. In the initial months following travel disruptions such as the ongoing COVID-19 pandemic, Global Blue generates cash from collecting near-term VAT receivables from merchants and tax authorities for the full VAT associated with earlier refunded TFS transactions. The Company believes that its cash and cash equivalents, the Supplemental Liquidity Facility and our local credit lines will be sufficient to meet liquidity needs and fund necessary capital expenditure for at least the next 12 months. Given the near-term impacts of the COVID-19 pandemic, and that the exact timing of the revenue recovery to pre-COVID levels are based on the uncertainties of the pandemic and related macro effects as opposed to company-specific factors, Global Blue considered a range of potential recovery scenarios in formulating this view.

In scenarios wherein the low volume environment persists, Global Blue took into account its current run-rate monthly cash expenditure of approximately EUR10.4m (Fixed Adjusted Operating Expenses EUR6.2m, Capital Expenditures EUR1.8m, Lease payments EUR1.2m and Interest EUR1.1m), as well as the fact that while certain short-term cost savings initiatives are associated with government schemes that have started to expire or will expire over the coming months (unless they are extended), management's permanent cost-savings will partially offset the expiration of these schemes and therefore keep the monthly expenditures materially below the EUR19.7m pre-COVID-19 level.

In scenarios wherein the business rebounds within the next 12 months, Global Blue took into account operating income improving but working capital requirements increasing.

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200GgzLD26#f9N5LM

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS29	898308 TX 42	5*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

NOTE 20

Events after the reporting period

30 September 2021 and 31 March 2022 as originally required by the Facilities Agreement. Consequently, the first testing date of the total net leverage financial covenant will be 30 September 2022.

In connection to the terms of the waiver, Global Blue agreed that for the period from (and including) 30 September 2021 to (and excluding)

30 September 2022 (the "Waiver Period"), Global Blue shall ensure that the liquidity (being the aggregate amount of cash and cash equivalents of the Group and the aggregate amount available to the Company and its subsidiaries (the "Group") on a committed or uncommitted basis for utilisation under any facilities or other debt or equity financing) on the last day of each calendar month (or, if such day is not a business day, then on the next succeeding business day) shall not be less than EUR35.0m (the "Liquidity Condition").

The Liquidity Condition shall cease to apply if the revenues of the Group for any calendar month first being equal to or more than an amount equal to 40% of the revenues of the Group for the pre-COVID-19 period, namely the corresponding calendar month during the period from (and including)

1 February 2019 to (and including) 31 January 2020. If the Liquidity Condition is not met, the Company can cure a breach of the Liquidity Condition with the proceeds of equity or subordinated debt contributions or any other source available to the Group.

Zurich, 1st March 2021

Board of Directors:

Christian Lucas	Jacques Stern
Marcel Erni	Joseph Osnoss
Angel Zhao	Eric Meurice
Eric Strutz	Thomas Farley

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200GgzLD26#cSM$Ln

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS03	898308 TX 43	5*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Some of the statements in this Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") for Global Blue Group Holding AG (the "Company" or "Global Blue") constitute forward-looking statements that do not directly or exclusively relate to historical facts. You should not place undue reliance on such statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These statements are often, but not always, made through the use of words or phrases such as "believe," "anticipate," "could," "may," "would," "should," "intend," "plan," "potential," "predict," "will," "expect," "estimate," "project," "positioned," "strategy," "outlook" and similar expressions. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following:

• currency exchange rate risk, including commercial risk if certain currency zones become less attractive for inbound international shoppers;
• dependence on international travel;
• dependence on overall level of consumer spending;
• the impact of the COVID-19 pandemic on international travel and similar health-related travel disruptions;
• dependence on the skills, experience and efforts of senior management and key personnel, and negative impact of COVID-19 cost saving measures;
• sensitivity of net working capital to short-term, month-to-month volume growth, and short-term, temporary surge of net working capital;
• decrease in VAT rates or changes in VAT or VAT refund policies;
• changes to regulatory environment, licensing requirements and government agreements;
• adaptation and enhancement of our existing technology offerings and continued resilience and uptime of underlying technology platform;
• loss of merchant accounts to our competitors due to the competitive market;
• disintermediation of TFS processes;
• price harmonization or convergence between destination markets and home markets;
• taxation in multiple jurisdictions, which is complex and often requires making subjective determinations subject to scrutiny by, and disagreements with, tax regulators;
• adverse competition law rulings;
• integrity, reliability and efficiency of Global Blue's internal controls and procedures;
• dependence of TFS business on airport concessions and agreements with agents;
• risks associated with operating in emerging markets;
• risks associated with strategic arrangements or investments in joint ventures with third parties;
• loss through physical disaster, data security breach, computer malfunction or sabotage;
• reliance of AVPS business on relationships with Acquirers and involvement of card schemes;
• counterparty risk and credit risk;
• losses from fraud, theft and employee error;
• inability to attract, integrate, manage and retain qualified personnel or key employees;
• complex and stringent data protection and privacy laws and regulations;
• AML, sanctions and anti-bribery laws and regulation and related compliance costs and third-party risks;
• risks relating to intellectual property;
• litigation or investigations involving us, and resulting material settlements, fines or penalties;
• event of default resulting from failure to comply with covenants or other obligations contained in the Facilities Agreement, and failure to repay or refinance the outstanding debt under the Facilities Agreement when due;
• reliance on our operating subsidiaries to provide funds necessary to meet our financial obligations, and the constraint on our ability to pay dividends;

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200GgzLD26#can4LC

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS03	898308 TX 44	6*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

• restrictions imposed on our business by our indebtedness, and the risk that a significant increase in our indebtedness could result in changes to the terms on which credit is extended to us;
• inability to execute strategic plans due to inability to generate sufficient cash flow;
• interest rate risks;
• currency translation and transaction risk;
• impairment of intangible assets;
• significant drop in market price of our securities due to future sales of our securities, or the perception of future sales;
• increase in the number of securities eligible for future resale in the public market and dilution to our shareholders as a result of the Global Blue Warrants becoming exercisable for and Series A Preferred Shares being convertible into ordinary shares;
• junior ranking of the ordinary shares compared to the Series A Preferred Shares with respect to the payment of dividends and amounts payable in the event of our liquidation;
• volatility in the trading price of our securities;
• reports published by analysts, including projections in those reports that differ from our actual results;
• continued listing of our securities on the NYSE;
• information permitted to be filed and corporate governance practices permitted to be followed as a result of being a "foreign private issuer" under the rules and regulations of the SEC;
• limited availability of attractive takeover proposals due to provisions in the Company's articles of association and Swiss law;
• inability to remediate material weaknesses in internal control over financial reporting and failure to maintain an effective system of internal controls, and the inability to accurately or timely report our financial condition or results of operations;
• failure to maintain an effective system of internal control over financial reporting, and loss of securityholder confidence in our financial and other public reporting from inability to accurately report our financial results or prevent fraud;
• significant decreases or fluctuations in price of our securities from fluctuations in operating results, quarter-to-quarter earnings and other factors, including incidents involving our customers and negative media coverage;
• lack of development of a market for the Company's securities;
• issuance by the Company of additional shares or other securities without shareholder approval;
• the control by Silver Lake over us, and potential differences in the interests pursued by Silver Lake from the interests of our other securityholders;
• higher costs as a result of being a public company;
• requirement for prior consent of or post-closing notification to the Bank of Italy, as well as restrictions and other requirements, for acquiring a direct or indirect substantial stake in our share capital, for so long as Global Blue Currency Choice Italia S.r.l. ("GBCCI") holds a license from the Bank of Italy;
• limited ability of securityholders to bring an action against the Company or against its directors or officers or to enforce a judgment against the Company or them, due to the Company's incorporation in Switzerland, the Company conducting a majority of its operations outside of the United States and the majority of the Company's directors and officers residing outside the United States;
• lack of application to the Company of certain protections of Swiss law applicable to Swiss domestic listed companies;
• status as an "emerging growth company," and reduced disclosure and governance requirements applicable to emerging growth companies;
• applicability of Swiss withholding tax to dividend distributions or share repurchases;
• adverse U.S. federal income tax consequences to a U.S. person from owning at least 10% of the Global Blue Stock (as such term is defined under "Taxation-Material U.S. Federal Income Tax Considerations to U.S. Holders"); and
• U.S. federal income tax consequences to U.S. Holders (as such term is defined under "Taxation-Material U.S. Federal Income Tax Considerations to U.S. Holders") of the Global Blue Stock and Global Blue Warrants if the Company is a passive foreign investment company for U.S. federal income tax purposes for any taxable year.

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200GgzLD26$0QoKs#

GLOBAL BLUE GROUP HO	Donnelley Financial	VDI-W7-PF3-0661	898308 TX 45	8*
14.4.13.0
FORM 6-K	None	HTM ESS	0C

These and other factors are more fully discussed under "Risk Factors" and elsewhere in our Shell Company Report on Form 20-F ("20-F") filed with the Securities and Exchange Commission on 3 September 2020. These risks could cause actual results to differ materially from those implied by forward-looking statements in this MD&A.

You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect us. We do not undertake any obligation to update or revise any forward-looking statements after the date of this MD&A, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks and uncertainties, you should keep in mind that any event described in a forward-looking statement made in this this MD&A or elsewhere might not occur.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management's Discussion and Analysis of Financial Condition and Results of Operations for Global Blue Group Holding AG should be read in conjunction with our Unaudited Condensed Consolidated Financial Statements as of and for the three and nine months ended 31 December 2020 and 2019 ("Interim Financial Statements") and the audited annual consolidated financial statements ("Annual Financial Statements"), Item 5. Operating And Financial Review And Prospects ("Annual MD&A") and Item 3.A. Key Information - Selected Financial Data included in our Shell Company Report on Form 20-F ("20-F") filed with the Securities and Exchange Commission on 3 September 2020. Information contained within the Annual MD&A is not discussed in this MD&A if it remains substantially unchanged.

Global Blue's condensed consolidated financial statements have been prepared in accordance with IAS 34 and are presented in euro.

Overview

Global Blue serves as a strategic technology and payments partner to merchants, allowing Global Blue to benefit from the long term structural growth of the number of international shoppers, which has been driven by multiple long-term macroeconomic tailwinds. Global Blue established the concept of Tax Free Shopping (TFS) in Sweden in 1980 and has emerged as both a global leader (based on its share of the TFS segment) and a pioneer in technology for TFS. Global Blue also offers Added Value Payments Solutions (AVPS), including Dynamic Currency Conversion (DCC), for which Global Blue is a leading provider. As of 31 March 2020, Global Blue operated across more than 50 countries. For the financial year ended 31 March 2020, Global Blue enabled approximately 29 million international shoppers to claim VAT refunds on international shopping or complete international transactions in their home currency. At its core, Global Blue is a technology platform that serves a network of more than 400,000 merchant stores globally through both Trax Free Shopping Solutions (TFSS) and AVPS, facilitating 66 million transactions amounting to EUR 22.9 billion (for the financial year ended 31 March 2020) and delivering economic benefits to a complex ecosystem of merchants, international shoppers and customs and tax authorities.

COVID-19

A novel strain of coronavirus (with the resulting illness referred to as COVID-19), that was first identified in China in December 2019 and began to receive widespread international coverage in January 2020, has resulted in governments adopting preventative measures, businesses voluntarily choosing or being mandated to temporarily close their operations and limit business-related travel, and individuals deciding to postpone or cancel leisure travel on an unprecedented scale.

The COVID-19 pandemic and the related preventative measures, as well as the associated curtailment of international travel and diminished economic activity, have negatively impacted Global Blue's business and recent results of operations and financial condition. Since early March 2020, when government travel restrictions have been generally implemented, international travel and extra-regional shopping sectors have experienced a significant reduction in activity. Global Blue's SiS for the nine months ended 31 December 2020 decreased 90% relative to the respective period in the prior year. Revenues for the same period and relative to the respective period in the prior year, also decreased 90%. Beginning in July, European countries began to reopen borders to the majority of the Schengen area and select non-Schengen countries. However, and as a result of a second wave and more recently the third wave of COVID-19 outbreak cases after the summer, governments gradually reinstated some of the preventive measures leading to a delay in the reopening of the economy. Following the recent approvals of various SARS-COV-2 vaccines and progressive roll-out of vaccination, it is expected that shops will reopen and international travel will resume gradually over time; management therefore anticipates that Global Blue's performance may improve accordingly.

The discussion of historical performance is presented up to 31 December 2020 and, as a result, reflects the impact of the COVID-19 pandemic for the entire reporting period, as it started to affect our business from February 2020. However, given the global and evolving nature of the pandemic, its impact on the international travel and extra-regional shopping sectors, and its impact on consumer spending through any economic recession, the ultimate negative impact and the duration of such negative impact on Global Blue's results of operations cannot be accurately quantified at this time.

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200GgzLD26#cnLos!

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS03	898308 TX 46	5*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

Previous contagious disease outbreaks, such as the SARS outbreak in 2003 and MERS in 2015, have historically temporarily curtailed, to varying degrees, international travel, with growth recovering afterwards to pre-pandemic levels, as a result of a normalization of travel demand and longer-term structural macroeconomic growth tailwinds. Although the COVID-19 pandemic is more significant both in scale and the global preventative response thereto than previous contagious disease outbreaks and other previous travel disruptions, other travel disruptions (e.g., natural disasters, terrorist attacks and civil unrest) have negatively impacted Global Blue's results of operations during the affected period, with the effects subsiding and reversing after the disruptions and their related effects end. Notwithstanding the foregoing, given the global and evolving nature of the pandemic, Global Blue cannot predict when the impacts of the pandemic will subside or how quickly thereafter international travel, consumer spending, and demand for tax-free shopping and Global Blue services will return to pre-pandemic levels.

As a consequence, Global Blue has adopted a wide range of short-term measures to reduce its monthly cash expenditures while still maintaining core internal functions, serving clients who remain active and preserving the ability to ramp-up operations to capture volume rebound. These short-term measures included the following impacts to personnel and non-personnel costs which are continuing:

• Personnel costs: Depending on the jurisdiction, Global Blue furloughed staff or has reduced working hours and, in parallel, has applied for employee salary support schemes introduced by certain governments. Such schemes allow companies to place employees on paid leave or on reduced working hours, with the difference to an employee's ordinary salary being partially reimbursed by the respective government. In countries in which no such employee salary support schemes were available, Global Blue required personnel to take (partially paid or unpaid) leave or reduced its workforce. These personnel decisions varied based on function, country, and seniority. In addition, members of senior management agreed to temporary salary cuts.
• Non-personnel costs: Global Blue renegotiated contracts with business partners and reduced local-level third-party employment or advisory services. Global Blue also prohibited any but essential business-related travel, reduced promotional activities and postponed non-strategic new technology expenditures. In addition, where available, Global Blue adhered to any tax holidays provided by relevant governments, allowing the Company to postpone certain tax payments.

As of 31 December 2020 as a result of these short-term measures and gradually some longer-term measures, Global Blue's average monthly Fixed Adjusted Operating expenses (Operating expenses excluding exceptional items and depreciation and amortization) of EUR 13.4 million for the nine months ended 31 December 2019 were reduced by 53.5% to EUR 6.2 million in the nine months ended 31 December 2020.

These short-term measures constituted the first phase of Fixed Adjusted Operating Expenses (excluding exceptional items and depreciation and amortization) reductions. The measures take advantage of various government support schemes, which, in several cases, are expected to expire at a point in time. Accordingly, a portion of the cost savings achieved by these short-term measures will be limited in time, and consequently Global Blue is gradually implementing the next phase of reductions in Fixed Adjusted Operating Expenditures, which have started to partially supersede the short-term measures. Global Blue expects these long-term measures to enable the Company to operate longer-term with a materially lower cost structure at normalized volume levels. As short-term measures become superseded by Global Blue's long-term measures, Global Blue expects that the EUR 7.2 million average monthly savings in Fixed Adjusted Operating expenses (excluding exceptional items and depreciation and amortization) achieved predominantly in connection with the short-term measures (representing an annual run rate of approximately EUR 80 million) will gradually decline to an annual run rate of approximately EUR 50 million in Fixed Adjusted Operating Expenses (excluding exceptional items and depreciation and amortization).

Regulatory Update

Despite active lobbying from Global Blue and the industry, the UK abolished the Tax Free Shopping scheme on 01 January 2021 which allowed international visitors in the UK to reclaim the VAT paid on goods being exported.

Global Blue's Tax Free Shopping revenues generated in the UK in the financial year ending 31 March 2020 represented 12% of the Group's revenue.

In tandem, the UK has also left the European Custom Union on 01 January 2021 which is allowing for two upsides on the Tax Free business, with the potential to partially mitigate the UK Tax Free Shopping scheme abolition:

• Shift in shopping behavior destination: according to a Global Blue survey run on more than 40 thousand International Shoppers around the world between 14 September 2020 and 16 September 2020, a significant proportion of international visitors having shopped in the UK in the past, could decide to redirect their purchases in the European Union (EU) instead to keep benefiting from the EU Tax Free Shopping scheme. Tourists visit on average 2.6 countries per trip when coming to Europe and are highly price sensitive as they compare the price of the same goods between the visited country and their home country.

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GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS03	898308 TX 47	7*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

• UK residents became eligible for Tax Free Shopping in EU: Global Blue estimates that Tax Free Shopping made by British residents within the EU could represent a potential revenue of circa +4% of the FY2019/20 Group's Revenue.

Basis of Presentation

Segment Reporting

Global Blue separates its business into two segments: TFSS and AVPS. Accordingly, its financial statements and other reporting information presented in this MD&A show TFSS and AVPS as separate reporting segments, as well as describe the business as a whole.

Key Performance Indicators

Global Blue regularly monitors the following key performance indicators to evaluate its business and trends, measure its performance, prepare financial projections and make strategic decisions. None of these key performance indicators are measures of financial performance under IFRS. Nevertheless, Global Blue believes that these key performance indicators provide an important indication of trends in its financial performance. There are limitations inherent in key performance indicators. In analyzing Global Blue's future performance, investors should consider any key performance indicator together with the presentation of Global Blue's results of operations and financial condition under IFRS, rather than as an alternative to IFRS financial measures.

The key performance indicators presented below have not been audited or reviewed by any auditor or other expert. The information used to calculate these key performance indicators is partly derived from management information systems. As these key performance indicators are defined by Global Blue's management, they may not be comparable to similar terms used by other companies, which may limit their usefulness as comparative measures. Where possible, the measures are clearly defined and a reconciliation to IFRS measures is provided. Where adjustments or addbacks are included, it should not be construed as an inference that Global Blue's future results will be unaffected by any of the adjusted items, or that Global Blue's projections and estimates will be realized in their entirety or at all.

Sales in Store (SiS)

Total SiS represents the sum of TFSS SiS and AVPS SiS, which are:

• TFSS SiS represents the value (including VAT) of the goods purchased by the international shopper.
• AVPS SiS represents the value (including VAT) of the payments made by the international shopper.

The SiS performance has a direct link to the revenue performance, as detailed below in our results of operations. See "-Results of Operations" for further details. The following table presents TFSS SiS, AVPS SiS and total SiS for three and nine months ended 31 December 2020 and 2019:

For the Three Months Ended 31 DecemberFor the Nine Months Ended 31 December

2020

2019

2020

2019

(in EUR billions)
TFSS SiS	0.5	5.0	1.0	15.0
AVPS SiS	0.4	1.2	0.9	3.5
Total SiS	0.9	6.2	1.9	18.5
TFSS SiS

(in EUR billions)

TFSS SiS decreased by EUR 4.5 billion, or 90.4%, to EUR 0.5 billion for the three months ended 31 December 2020, from EUR 5.0 billion for the three months ended 31 December 2019. This decrease is attributed to the outbreak of the COVID-19 pandemic, which resulted in governments adopting preventative measures, businesses voluntarily choosing or being mandated to temporarily close their operations and limit business-related travel, and individuals deciding to postpone or cancel leisure travel on an unprecedented scale.

TFSS SiS decreased by EUR 14.0 billion, or 93.6%, to EUR 1.0 billion for the nine months ended 31 December 2020, from EUR 15.0 billion for the nine months ended 31 December 2019. As per the drivers of the last quarter, the performance for the last 9 months was equally impacted by the outbreak of the SARS-COV-2 and the spread of COVID-19 disease.

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GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS03	898308 TX 48	10*
14.4.10.0
FORM 6-K	None	HTM ESS	0C
AVPS SiS

AVPS SiS decreased by EUR 0.8 billion, or 68.1% to EUR 0.4 billion for the three months ended 31 December 2020, from EUR 1.2 billion for the three months ended 31 December 2019 and as noted above, performance significantly declined following the outbreak of the COVID-19 pandemic.

AVPS SiS decreased by EUR 2.6 billion, or 75.6% to EUR 0.9 billion for the nine months ended 31 December 2020, from to EUR 3.5 billion for the nine months ended 31 December 2019 also attributable to the outbreak of the COVID-19 pandemic.

Certain Non-IFRS Financial Measures

Other metrics that our management considers regarding our results of operations are Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Group Share), and Adjusted Effective Tax Rate.

These non-IFRS measures are presented because they are used by management to monitor the underlying performance of Global Blue's business and operations. In addition, these non-IFRS measures presented herein are measures commonly used in Global Blue's industry and by analysts and investors as supplemental measures of performance. Additionally, these measures, when used in conjunction with related IFRS financial measures, provide investors with an additional financial analytical framework which management uses, in addition to historical operating results, as a basis for financial, operational and planning decisions and present measurements that third parties have indicated are useful in assessing Global Blue and its results. These non-IFRS measures may not be indicative of Global Blue's historical operating results nor are such measures meant to be predictive of Global Blue's future results. These non-IFRS measures should be read in conjunction with the discussions under "Global Blue's Management's Discussion and Analysis of Financial Condition and Results of Operation." Not all companies calculate non-IFRS measures in the same manner or on a consistent basis. As a result, these measures and ratios may not be comparable to measures used by other companies under the same or similar names. Accordingly, undue reliance should not be placed on the non-IFRS measures presented below.

Results of Operations

Comparison of Results of Operations for the three and nine months ended 31 December 2020 and 2019

The following tables and subsequent discussion summarizes our financial performance and certain operating results for the three and nine months ended 31 December 2020 and 2019:

For the Three Months Ended 31 DecemberFor the Nine Months Ended 31 December

2020

2019

2020

2019

(in EUR millions) (in EUR millions)

Income Statement Data:
Total revenue	14.2	109.8	34.2	337.5
Of which: TFSS revenue	10.4	93.6	24.5	288.3
Of which: AVPS revenue	3.8	16.1	9.7	49.1
Operating expenses	(60.6)	(98.8)	(414.6)	(289.3)
Operating profit/(Loss)	(46.4)	11.0	(380.4)	48.2
Finance income	0.2	2.8	1.7	3.6
Finance costs	(5.6)	(11.2)	(18.9)	(28.2)
Net finance costs	(5.4)	(8.4)	(17.2)	(24.6)
Profit/(Loss) before tax	(51.9)	2.6	(397.6)	23.5
Income tax benefit/(expense)	8.0	4.4	24.5	(4.6)
Profit/(Loss) for the period	(43.9)	6.9	(373.1)	18.9
Total revenue

Our total revenue decreased by EUR 95.6 million, or 87.1%, to EUR 14.2 million for the three months ended 31 December 2020, from EUR 109.8 million for the three months ended 31 December 2019, as a result of the EUR 83.3 million decrease in TFSS revenue and a EUR 12.3 million decrease in AVPS revenue.

Our total revenue decreased by EUR 303.3 million, or 89.9%, to EUR 34.2 million for the nine months ended 31 December 2020, from EUR 337.5 million for the nine months ended 31 December 2019, as a result of the EUR 263.9 million decrease in TFSS revenue and EUR 39.4 million decrease in AVPS revenue.

ˆ200GgzLD26#dDelsqŠ

200GgzLD26#dDelsq

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS03	898308 TX 49	6*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

The revenue of our TFSS reporting segment decreased by EUR 83.3 million, or 88.8%, to EUR 10.4 million for the three months ended

31 December 2020, from EUR 93.6 million for the three months ended 31 December 2019. As noted above in the TFSS SiS section, this decline is due to the unprecedented disruption of the travel and tourism industry due to the current Coronavirus pandemic situation.

The revenue of our TFSS reporting segment decreased by EUR 263.9 million, or 91.5%, to EUR 24.5 million for the nine months ended

31 December 2020, from EUR 288.3 million for the nine months ended 31 December 2019. Since the pandemic started before the financial year of Global Blue, the reasons for such performance in the last 9 months is entirely attributable to the pandemic situation.

The revenue of our AVPS reporting segment decreased by EUR 12.3 million, or 76.7%, to EUR 3.8 million for the three months ended

31 December 2020, from EUR 16.1 million for the three months ended 31 December 2019. This decline is broadly in line with the decline of AVPS SIS and attributable to the disruption caused by COVID-19 pandemic.

The revenue of our AVPS reporting segment decreased by EUR 39.4 million, or 80.2%, to EUR 9.7 million for the nine months ended

31 December 2020, from EUR 49.1 million for the nine months ended 31 December 2019. As noted previously, COVID-19 is impacting significantly the performance of AVPS revenue.

Operating expenses

The table below provides the key breakdown of the operating expenses:

For the Three Months Ended 31 DecemberFor the Nine Months Ended 31 December

2020

2019

2020

2019

(in EUR millions) (in EUR millions)

Variable Adjusted Operating expenses	(3.3)	(25.6)	(6.5)	(72.4)
Fixed Adjusted Operating expenses	(19.8)	(40.7)	(56.0)	(120.4)
Adjusted Operating expenses (excluding exceptional items and depreciation and
amortization)	(23.1)	(66.3)	(62.6)	(192.8)
Exceptional items	(8.8)	(3.8)	(264.9)	(13.0)
Amortization of intangible assets acquired through business combinations	(18.6)	(18.6)	(55.9)	(55.8)
Other Depreciation and amortization	(10.1)	(10.1)	(31.3)	(27.8)
Depreciation and amortization	(28.8)	(28.7)	(87.2)	(83.6)
Total operating expenses	(60.6)	(98.8)	(414.6)	(289.3)
Adjusted Operating expenses (excluding exceptional items and depreciation and amortization)

Our Adjusted Operating Expenses (excluding exceptional items, amortization of intangible assets acquired through business combinations and other depreciation and amortization) decreased by EUR 43.2 million, or 65.2%, to EUR 23.1 million for the three months ended 31 December 2020, from EUR 66.3 million for the three months ended 31 December 2019. The decrease is attributable to EUR 22.3 million reduction of Variable Adjusted Operating expenses in line with revenues decline and EUR 20.9 million decline in Fixed Adjusted Operating expenses linked largely to the short term measures implemented by the management and gradually the long-term measures that are being rolled-out. See section COVID-19 for further details on the cost savings measures.

Our Adjusted Operating Expenses (excluding exceptional items, amortization of intangible assets acquired through business combinations and other depreciation and amortization) decreased by EUR 130.2 million, or 67.5%, to EUR 62.6 million for the nine months ended 31 December 2020, from EUR 192.8 million for the nine months ended 31 December 2019. The decrease is attributable to a EUR 65.9 million reduction of Variable Adjusted Operating expenses in line with the decline in total revenue and a EUR 64.4 million decline in Fixed Adjusted Operating expenses mainly driven from the short term measures implemented in March/April 2020 by management which start to gradually be replaced by longer-term measures as the governments start to cease their support. See section COVID-19 for further details on the cost savings measures.

Our Variable Adjusted Operating expenses (excluding exceptional items, amortization of intangible assets acquired through business combinations and other depreciation and amortization) decreased by EUR 22.3 million, or 87.1%, to EUR 3.3 million for the three months ended

31 December 2020, from EUR 25.6 million for the three months ended 31 December 2019. This decline is entirely correlated with the decline in total revenue as noted above.

Our Variable Adjusted Operating expenses (excluding exceptional items, amortization of intangible assets acquired through business combinations and other depreciation and amortization) decreased by EUR 65.9 million, or 91.0%, to EUR 6.5 million for the nine months ended

31 December 2020, from EUR 72.4 million for the nine months ended 31 December 2019. As noted above, the decline is driven by the decline in total revenue.

ˆ200GgzLD26#d=jSsÅŠ

200GgzLD26#d=jSs¯

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS03	898308 TX 50	6*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

Our Fixed Adjusted Operating expenses (excluding exceptional items, amortization of intangible assets acquired through business combinations and other depreciation and amortization) decreased by EUR 20.9 million, or 51.5%, to EUR 19.8 million for the three months ended 31 December 2020, from EUR 40.7 million for the three months ended 31 December 2019. As noted above, this decline is the result of the short term measures applied by management to reduce personnel and non-personnel Fixed Adjusted Operating Expenses earlier in the financial year (which depending upon the country, the staff furloughing initiatives are recorded in our financial statements as reducing personnel costs, or full personnel costs being partially offset by the receipt of the government grants) and more recently, the gradual replacement by longer-term measures.

Exceptional items

Our exceptional items were EUR 8.8 million for the three months ended 31 December 2020 (EUR 3.8 million for the three months ended

31 December 2019). These expenses correspond mainly to i) EUR 1.5 million of expenses associated with the transaction, mostly advisory expenses, ii) business restructuring expenses of EUR 2.8 million associated with severance and restructuring costs as the Company has begun implementing longer-term reductions of Fixed Adjusted Operating Expenditures as short-term measures (government support) started to cease and iii) EUR 2.7 million of impairment expenses mostly due to the UK TFS discontinuation.

Our exceptional items were EUR 264.9 million for the nine months ended 31 December 2020 (EUR 13.0 million for the nine months ended 31 December 2019). These expenses correspond mainly to i) charges incurred associated with the capital reorganization and subsequent merger with FPAC of EUR 250.1 million (included a non-cash issuance charge of EUR 135.3 million which represents the difference in the fair value of equity instruments held by FPAC stockholders over the fair value of identifiable net assets of FPAC, a non-cash share-based revaluation charge of EUR 59.7 million upon conversion of previously cash-settled plans to equity-settled plans, the write-off of historical capitalized debt refinancing costs EUR 8.1 million and IFRS 9 conversion unwinding credit amount of EUR 3.6 million), ii) a transaction bonus of EUR 6.0 million and advisory expenses associated with the transaction of EUR 44.5 million, iii) business restructuring expenses of EUR 9.8 million associated with severance and restructuring costs as the Company has begun implementing longer-term reductions of Fixed Adjusted Operating Expenditures as short-term measures (government support) started to cease iv) EUR 3.0 million of impairment expenses mostly linked with the UK TFS discontinuation and iv) expenses related to a Share Based Payment plan of EUR 0.5 million.

Depreciation and amortization

Our depreciation and amortization increased by EUR 0.1 million, or 0.3%, to EUR 28.8 million for the three months ended 31 December 2020, from EUR 28.7 million for the three months ended 31 December 2019.

Our depreciation and amortization increased by EUR 3.6 million, or 4.3%, to EUR 87.2 million for the nine months ended 31 December 2020, from EUR 83.6 million for the nine months ended 31 December 2019.

Our amortization of intangible assets acquired through business combinations remains flat at EUR 18.6 million for the three months ended 31 December 2020, same level as for the three months ended 31 December 2019.

Our amortization of intangible assets acquired through business combinations increased by EUR 0.1 million to EUR 55.9 million for the nine months ended 31 December 2019, from EUR 55.8 million for the nine months ended 31 December 2019.

Our other depreciation and amortization remains flat at EUR 10.1 million for the three months ended 31 December 2020, from EUR 10.1 million for the three months ended 31 December 2019. The ramp-up of investments in technology stabilized and is reflected in the current levels of depreciation and amortization.

Our other depreciation and amortization increased by EUR 3.5 million, or 12.6%, to EUR 31.3 million for the nine months ended 31 December 2020, from EUR 27.8 million for nine months ended 31 December 2019. This increase was primarily due to the increased investment in technology in the prior financial years, consistent with the management team's focus on digital innovation.

Net finance costs

Our net finance costs decreased by EUR 3.0 million, or 35.6%, to EUR 5.4 million for the three months ended 31 December 2020, from

EUR 8.4 million for the three months ended 31 December 2019, mainly due to the more favourable interest conditions under the new financing facility of senior debt.

Our net finance costs decreased by EUR 7.4 million, or 30.1%, to EUR 17.2 million for the nine months ended 31 December 2020, from

EUR 24.6 million for the nine months ended 31 December 2019, driven by lower interest costs due to the lower leverage leading to better margin, more favourable interest conditions under the new financing facility of the senior debt and better monitoring and management of FX risks compared to the same period last year.

ˆ200GgzLD26#ditNs-Š

200GgzLD26#ditNs-

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS03	898308 TX 51	5*
14.4.10.0
FORM 6-K	None	HTM ESS	0C
Income tax expense

Our income tax benefit increased by EUR 3.6 million to EUR 8.0 million for the three months ended 31 December 2020, from a benefit of EUR 4.4 million for the three months ended 31 December 2019. The benefit of EUR 8.0 million in the three months ended 31 December 2020 is attributable partly to i) the deferred tax income on amortization of intangible assets acquired through business combinations and on the losses of the period and ii) to deferred tax assets linked to losses in the period. The tax benefit of EUR 4.4 million in the three months ended 31 December 2019 is mainly attributable to a benefit of EUR 3.8 million related to deferred income on amortization of intangible assets acquired through business combinations.

Our income tax benefit was EUR 24.5 million for the nine months ended 31 December 2020, compared with an expense of EUR 4.6 million for the nine months ended 31 December 2019. The tax benefit of EUR 24.5 million in the nine months ended 31 December 2020 is mainly attributable to the deferred tax income on amortization of intangible assets acquired through business combinations and the negative results of the period. The expense of EUR 4.6 million in the nine months ended 31 December 2019 is attributable to EUR 21.2 million related to the taxable profits and partially offset by an income of EUR 16.6 million mainly related to deferred income on amortization of intangible assets acquired through business combinations.

Non-IFRS Measures

Adjusted EBITDA

Our Adjusted EBITDA decreased by EUR 52.3 million to a EUR 8.9 million loss for the three months ended 31 December 2020 from

EUR 43.4 million profit for the three months ended 31 December 2019. This was due to a EUR 95.6 million decrease in revenue, which was partially offset by a EUR 43.2 million decrease in operating expenses (excluding exceptional items, amortization of intangible assets acquired through business combinations and other depreciation and amortization).

Our Adjusted EBITDA decreased by EUR 173.0 million, to a EUR 28.3 million loss for the nine months ended 31 December 2020, from

EUR 144.7 million profit for the nine months ended 31 December 2019. This was due to a EUR 303.3 million decrease in revenue, which was partially offset by a EUR 130.2 million decrease in operating expenses (excluding exceptional items, amortization of intangible assets acquired through business combinations and other depreciation and amortization).

For the Three Months Ended 31 DecemberFor the Nine Months Ended 31 December

2020

2019

2020

2019

(in EUR millions) (in EUR millions)

Operating profit/(Loss)	(46.4)	11.0	(380.4)	48.2
Exceptional items	8.8	3.8	264.9	13.0
Depreciation and amortization	28.8	28.7	87.2	83.6
Adjusted EBITDA	(8.9)	43.4	(28.3)	144.7
Adjusted EBITDA Margin (%)	(N/A)	0.4	(N/A)	0.4

For the three months ended 31 December 2020, Adjusted EBITDA for our TFSS and AVPS reporting segments was EUR 2.6 million and EUR 1.1 million, respectively. Additionally, EUR (12.6) million of unallocated costs, which are kept at the group level are not allocated to our two reporting segments.

For the nine months ended 31 December 2020, Adjusted EBITDA for our TFSS and AVPS reporting segments was EUR 2.0 million and EUR 3.8 million, respectively. Additionally, EUR (34.1) million of unallocated costs, which are kept at the group level are not allocated to our two reporting segments.

Adjusted Net Income/(Loss) (Group Share)

Our Adjusted Net Income/(Loss) (Group Share) decreased by EUR 39.7 million to a EUR 20.9 million loss for the three months ended 31 December 2020, from EUR 18.8 million profit for the three months ended 31 December 2019.

Our Adjusted Net Income/(Loss) (Group Share) decreased by EUR 129.9 million to a EUR 64.0 million loss for the nine months ended 31 December 2020, from EUR 65.9 million profit for the nine months ended 31 December 2019, as a result of the preceding movements.

ˆ200GgzLD26#dt6aLrŠ

200GgzLD26#dt6aLr

GLOBAL BLUE GROUP HO FORM 6-K

Donnelley Financial None

ADGP64RS03 14.4.10.0

898308 TX 52

HTM ESS

8* 0C

For the Three Months Ended 31 DecemberFor the Nine Months Ended 31 December

2020

2019

2020

2019

(in EUR millions) (in EUR millions)

Profit/(loss) attributable to owners of the parent	(43.8)	5.5	(372.0)	13.7
Exceptional items	8.8	3.8	264.9	13.0
Amortization of intangible assets acquired through business combinations	18.6	18.6	55.9	55.8
Tax effect of above adjustments and exceptional tax items	(4.5)	(9.0)	(12.8)	(16.6)
Adjusted Net Income/(Loss) (Group Share)	(20.9)	18.8	(64.0)	65.9
Adjusted Effective Tax Rate

Our Adjusted Effective Tax Rate was 14.3% for the three months ended 31 December 2020, from 18.7% for the three months ended 31 December 2019. The lower adjusted effective tax rate for the three months ended 31 December 2020 compared to the three months ended 31 December 2019 is mainly driven by less deductible interests linked to thin cap rules in certain countries, as a consequence of the negative results.

Our Adjusted Effective Tax Rate was 15.2% for nine months ended 31 December 2020, from 23.0% for the nine months ended 31 December 2019. As noted above, thin cap rules reduced the deductible interests and therefore impacted the Adjusted Effective Tax Rate of the current period.

For the Three Months Ended 31 DecemberFor the Nine Months Ended 31 December

2020

2019

2020

2019

(i) Income tax expense	4.4
Tax effect of adjustments	(4.5)	(9.0)
(ii) Adjusted tax expenses	3.5	(4.7)
(iii) Profit/(Loss) before tax	(51.9)	2.6
Exceptional Items	8.8	3.8
Amortization of intangible assets acquired through business combinations	18.6	18.6
(iv) Adjusted Profit/(Loss) before tax	(24.4)	24.9
(i)/(iii) Effective Tax Rate (%)	15.4%	(169.7%)
(ii)/(iv) Adjusted Effective Tax Rate (%)	14.3%	18.7%
Liquidity and Capital Resources

(in EUR millions)
8.0	24.5	(4.6)
(12.8)	(16.6)
11.7	(21.2)
(397.6)	23.5
264.9	13.0
55.9	55.8
(76.8)	92.3
6.2%	19.5%
15.2%	23.0%

(in EUR millions)

Liquidity describes the ability of a company to generate sufficient cash flows to meet cash requirements of its business operations, including working capital needs, capital expenditure, debt interest and service, acquisitions, other commitments, and contractual obligations. Our principal sources of liquidity include cash flow from operating activities, cash and cash equivalents on our statement of financial position and amounts available under our revolving credit facilities, bank overdraft facilities and the Supplemental Liquidity Facility. We consider liquidity in terms of the sufficiency of these resources to fund our operating, investing, and financing activities for a period of 12 months. The current objective of our capital management is to have sufficient liquidity and to stay within financial and maintenance covenants in order to fulfil our obligations to our creditors.

Our cash inflow from operating activities is generated primarily from revenue from VAT refunds. Revenue is generated when an international shopper is refunded, which at first triggers a cash outflow. The cash outflow mirrors a subsequent collection of VAT by Global Blue and payment of revenue share by Global Blue to merchants, which can take several weeks and months, respectively, until cash is received. As a result, we experience cash flow seasonality throughout the year, with a larger net working capital need (and corresponding cash outflow) during the summer months, when international shoppers travel more frequently.

In periods of travel disruptions, such as the ongoing COVID-19 pandemic, Global Blue's cash generation during the first few months increases as a result of (i) a reduction in cash outflow for VAT refunds to international shoppers and (ii) cash inflow from short-dated VAT receivables from merchants and tax authorities for the full VAT associated with earlier refunded TFS transactions. Assuming a longer travel disruption, the cash balance is expected to gradually decrease as a result of (i) the lack of cash inflow from TFS processing fees due to the lack of new TFS transactions, (ii) cash outflows to settle longer-dated merchant payables and (iii) standard monthly cash expenditures.

ˆ200GgzLD26#dz$$L7Š

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GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS03	898308 TX 53	6*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

Once the COVID-19 pandemic subsides and international travel and global economic activity resumes, Global Blue might experience rapid volume growth (assuming a quick recovery to pre-pandemic levels), which would lead to a temporary surge of its net working capital and liquidity needs. We expect this would be funded through cash and cash equivalents on our statement of financial position, as well as drawings under the revolving credit facilities and bank overdraft facilities. Historically, Global Blue has regularly drawn its revolving credit facilities, particularly over the summer (being the period with heightened leisure travel and its corresponding tax-free shopping demand) to finance net working capital needs. Such drawings have typically been repaid during the months following increased needs for working capital as Global Blue collects VAT receivables. Given the global and evolving nature of the pandemic and its impact on the international travel and extra-regional shopping sectors, and its impact on consumer spending through any economic recession, the level of our working capital needs for at least the next 12 months from the date of this report cannot be accurately quantified at this time.

Upon the capital reorganization and merger with FPAC, Global Blue entered into a new debt agreement which pushed the maturity of its long-term loan and revolving credit facility to 28 August 2025. The financial covenant is based on a level of Total Net Leverage lower than 5.0x.

On 3 February 2021, Global Blue obtained a covenant waiver from its lenders under the Senior Facilities Agreement. The waiver provides that the semi-annual total net leverage financial covenant under the Facilities Agreement shall not be tested on the first two test dates, which would have been 30 September 2021 and 31 March 2022 as originally required by the Facilities Agreement. Consequently, the first testing date of the total net leverage financial covenant will be 30 September 2022.

As at 31 December 2020, the Company had cash and cash equivalents of EUR 209.2 million, which were predominantly held in Euro, which includes a drawn EUR 99.0 million revolving credit facility, which was drawn as a precautionary measure without specific use of the cash proceeds and which is held on the balance sheet. As at 31 December 2020, the Company had EUR 722.2 million of interest-bearing loans and borrowings recorded on its statement of financial position, consisting of EUR 622.2 million in long-term financing (borrowings of EUR 630.0 million less EUR 7.8 million of capitalized financing fees), EUR 99.0 million drawn on the revolving credit facility and EUR 1.0 million in other bank overdraft facilities. Global Blue has additional liquidity of EUR 80.8 million comprising of EUR 62.0 million equivalent of capacity on a committed Supplemental Liquidity Facility ($75.0 million funded by certain selling shareholders), EUR 18.0 million of uncommitted local credit lines and RCF availability of EUR 0.8 million.

Global Blue's trade payables decreased from EUR 237.3 million as of 31 March 2020 to EUR 158.4 million as of 31 December 2020. Of the remaining 31 December 2020 balance, EUR 57.6 million represents payables to merchants for revenue shares generally subject to those merchants having settled their respective outstanding VAT receivables or representing a credit for merchants to buy Global Blue's marketing and BI services. In addition, EUR 77.0 million represents a payable related to unsuccessful refunds (i.e., payments to international shoppers that have not been completed successfully and thus the amounts remain unclaimed). As a result of this payable having been accumulated over multiple years and based on past experience, Global Blue does not expect its unsuccessful refunds balance to fluctuate in the coming 12 months in a manner that would be material to its overall liquidity position.

Global Blue's trade receivables decreased from EUR 141.3 million as of 31 March 2020 to EUR 41.9 million as of 31 December 2020, mainly from collection of VAT receivables from merchants. In the initial months following travel disruptions such as the ongoing COVID-19 pandemic, Global Blue generated cash from collecting near-term VAT receivables from merchants and tax authorities for the full VAT associated with earlier refunded TFS transactions.

The Company believes that its cash and cash equivalents, revolving credit facilities, the Supplemental Liquidity Facility and other bank overdraft facilities and local credit lines will be sufficient to meet liquidity needs and fund necessary capital expenditure for at least the next 12 months. Given the near-term impacts of the COVID-19 pandemic, and that the exact timing of the revenue recovery to normalcy are based on the uncertainties of the pandemic and related macro effects as opposed to company-specific factors, Global Blue considered a range of potential recovery scenarios in formulating this view.

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200GgzLD26#e6CFLˆ

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS03	898308 TX 54	8*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

In scenarios wherein the low volume environment persists, Global Blue took into account its current run-rate monthly cash expenditure of approximately EUR 10.4 million (adjusted Fixed Operating Expenses EUR 6.2 million, Capital Expenditures EUR 1.8 million, Lease payments EUR 1.2 million and Interest EUR 1.1 million ), as well as the fact that while certain short-term cost savings initiatives are associated with government schemes that have started to expire or will expire over the coming months (unless they are extended), management's permanent cost-savings will partially offset the expiration of these schemes and therefore keep the monthly expenditures materially below the EUR 19.7 million pre-COVID-19 level.

In scenarios wherein the business rebounds within the next 12 months, Global Blue took into account operating income improving but working capital requirements increasing.

Cash Flow

The following table shows our consolidated cash flows from (used in) operating, investing and financing activities for the periods presented:

For the Nine Months

Ended 31 December 2020 2019

(in EUR millions)

Net cash from (used in) operating activities	(83.0)	116.4
Net cash used in investing activities	(12.2)	(27.8)
Net cash from (used in) financing activities	80.6	(19.0)
Net foreign exchange differences	(2.4)	(0.6)
Net (decrease)/increase in cash and cash equivalents	(17.0)	69.0
Cash and cash equivalents at the beginning of the period	226.1	104.1
Cash and cash equivalents at the end of the period	209.2	172.5
Net change in bank overdraft facilities	0.1	(0.6)
Net change in cash and cash equivalents at the end of the period	(17.0)	69.0
Cash flow from (used in) operating activities

Net cash from operating activities consists of profit before tax, as adjusted for depreciation and amortization, net financial costs, other non-cash items, net deductible financial income/(costs), income tax paid, interest paid, payment of provisions and changes in net working capital.

Net cash used in operating activities was EUR 83.0 million for the nine months ended 31 December 2020 compared to net cash from operating activities of EUR 116.4 million for the nine months ended 31 December 2019. The outflow in the nine months ended 31 December 2020 was primarily due to an significant decline in profit (see "- COVID-19" above) in the period partially offset by an inflow of net working capital of EUR 9.3 million (see "-Net Working Capital" below). The inflow in the nine months ended 31 December 2019 is attributable to the profit generated in the period as well as an inflow of working capital of EUR 23.6 million attributable to the pre-COVID post-high season where typically Global Blue unwinds working capital (see "-Net Working Capital" below).

Cash flow used in investing activities

Net cash flow used in investing activities consists of purchases of tangible and intangible assets, acquisitions of subsidiaries (net of cash acquired), as well as acquisitions and divestitures of non-current financial assets.

Net cash used in investing activities was EUR 12.2 million for the nine months ended 31 December 2020 compared to net cash used in investing activities of EUR 27.8 million for the nine months ended 31 December 2019. The decrease in net cash used in investing activities was mainly due to i) a EUR 9.2 million decrease in capital expenditure, from EUR 25.7 million for the nine months ended 31 December 2019 to EUR 16.5 million for the nine months ended 31 December 2020, consistent with the management's team focus on reducing the cash expenditures as a result of COVID-19 adverse conditions and ii) a EUR 4.5 million reduced spend on acquisitions of non-current financial assets, from EUR 5.3 million for the nine months ended 31 December 2019 to EUR 0.8 million for the nine months ended 31 December 2020.

Cash flow from (used in) financing activities

Net cash from financing activities was EUR 80.6 million for the nine months ended 31 December 2020 compared to cash flow used in financial activities of EUR 19.0 million for the nine months ended 31 December 2019. The inflow for the the period ended 31 December 2020 was mainly due to the drawing of the revolving credit facility of EUR 99.0 million partially offset by an

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200GgzLD26#eLSYLb

GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS03	898308 TX 55	7*
14.4.10.0
FORM 6-K	None	HTM ESS	0C

outflow of EUR 10.9 million of principal elements of lease payments and EUR 8.4 million of refinancing fees. The outflow for the period ended

31 December 2019 was attributable to EUR 12.1 million of principal elements of lease payments and EUR 4.8 million of dividends paid to non-controlling interests.

Net Working Capital

In Global Blue's TFS business, its net working capital is driven by the timing of the payments that Global Blue makes to merchants and international shoppers, and the timing of the payments that Global Blue receives from merchants and tax authorities, which makes Global Blue's net working capital sensitive to short-term, month-to-month volume growth. Unless international shoppers wish to be refunded through a credit card refund or another refund method (such as in-store or downtown refunds), Global Blue typically refunds international shoppers in cash after they have validated their tax-free transaction at customs, but before Global Blue receives the VAT back from the merchants, which typically happens approximately 30 days after the VAT refund is collected. Global Blue typically pays the merchant a percentage of the transaction fee only after having received 100% of the VAT back from the merchant, approximately 100 days afterwards.

When Global Blue experiences rapid month-on-month volume growth, for instance assuming a quick recovery in international travel after the COVID-19 pandemic, this could lead to a short-term, temporary surge of its net working capital to fund the rapid volume increase in VAT refunds. Very large movements in Global Blue's net working capital position could have a significant effect on its business and financial condition, if Global Blue is unable to finance, internally or externally, the net working capital needs due to the timing impact of when Global Blue refunds the VAT (net of transaction fees) to the international shopper versus when it collects the VAT from the merchants and tax authorities.

Where Global Blue invoices the tax authority directly for the VAT refund, it experiences no credit risk (as the counterparties are governments). Where Global Blue invoices the merchant, however, it is exposed to credit risk for a few days, since it refunds international shoppers first before invoicing the merchant. Nevertheless, given the high-quality credit profile of Global Blue's portfolio of merchants, the associated credit risk and potential losses have historically been minimal. In addition, due to Global Blue's simultaneous payables to merchants in relation to the transaction fees, its net exposure to credit risk is further limited.

While revenue does not significantly fluctuate throughout the year, Global Blue's net working capital follows seasonal trends, since a significant part of its business serves the leisure segment of the travel industry, which is seasonal in nature. Global Blue's net working capital increases as business volumes increase, and Global Blue's net working capital is the highest during the summer season, since passenger volumes tend to increase during the summer holidays in the Northern hemisphere. Conversely, Global Blue's net working capital decreases rapidly after the summer holidays, as Global Blue releases net working capital that has built up during the summer. However, as a result of the predictable seasonality of Global Blue's net working capital, it would expect the year-end position to be broadly neutral, absent any significant change in travel flows.

Global Blue's net working capital balance is composed of trade receivables, other current receivables and prepaid expenses, less trade payables, other current liabilities, accrued liabilities and current loans and borrowings. Outlined below is the change in net working capital, as recognized in the cash flow statement.

Global Blue recorded a net working capital inflow of EUR 9.3 million for the nine months ended 31 December 2020, compared to an inflow of EUR 23.6 million for the for the nine months ended 31 December 2019. October to December is typically the period where Global Blue would unwind its working capital and the inflow of working capital for the nine months ended 31 December 2019 observed the typical behaviour. The working capital inflow witnessed during the nine months ended 31 December 2020 is partially distorted since the COVID-19 pandemic crisis slowed down the business already in March 2020 lowering the level of working capital set as a comparison base. As mentioned above, when the business slows down, there is a cash inflow from short-dated VAT receivables from merchants and tax authorities for the full VAT associated with earlier refunded TFS transactions.

Capital Expenditure

Global Blue defines capital expenditure as purchases of property, plant and equipment (such as machinery, equipment and computers) and intangible assets (such as trademarks, customer relationships and software).

Global Blue's capital expenditure reduced by EUR 9.2 million, or 35.7%, to EUR 16.5 million for the nine months ended 31 December 2020 from EUR 25.7 million for the nine months ended 31 December 2019. Of the EUR 16.5 million for the nine months ended 31 December 2020, EUR 15.4 million (EUR 22.1 million for the nine months ended 31 December 2019) related to investments in intangible assets and EUR 1.2 million (EUR 3.6 million for the nine months ended 31 December 2019) related to property, plant and equipment.

We have made no firm commitments with respect to our principal future investments.

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GLOBAL BLUE GROUP HO	Donnelley Financial	ADGP64RS03	898308 TX 56	7*
14.4.10.0
FORM 6-K	None	HTM ESS	0C
Indebtedness

The following table provides an overview of Global Blue's interest-bearing loans and borrowings as of the dates indicated:

31 December 2020

31 March 2020

(in EUR millions)

Long-term financing-term senior debt	-	634.3
Long-term financing-senior debt facility	630.0	-
Capitalized financing fees	(7.8)	(9.7)
Revolving Credit Facility	99.0	-
Other bank overdraft	1.0	1.1
Total interest-bearing loans and borrowings	722.2	625.7

On 28 August 2020, the old Senior term debt and RCF were fully repaid, and the associated liabilities extinguished, consisting of EUR 8.1 million of unamortized debt cost partially offset by EUR 3.6 million of IFRS 9 conversion unwinding amounts.

The new Senior term debt is comprised of a term loan of EUR 630.0 million, fully drawn since inception and a RCF of EUR 100.0 million which was drawn for EUR 99.0 million. The proceeds from the term loan under the new Senior debt facility was used to fully repay the term loan and amounts outstanding under the RCF under the previous SFA.

The new Senior term debt has a maturity date of 28 August 2025. The conditions of the credit facilities are set as Euribor of the period with a floor of 0.00% plus a margin. The starting conditions were 2.00% for the long-term loan and 1.75% to the revolving credit facility and the margins are dependent on Total Net Leverage as per below table:

Total Net Leverage	Term Loan	Revolving Credit Facility
> 4.00x	2.75%	2.50%
d 4.00x > 3.50x	2.25%	2.00%
d 3.50x > 3.00x	2.00%	1.75%
d 3.00x > 2.50x	1.75%	1.50%
d 2.50x > 2.00x	1.50%	1.25%
d 2.00x > 1.50x	1.25%	1.00%
d 1.50x	1.00%	0.75%

The financial covenant associated with the new senior term debt is based on a level of Total Net Leverage lower than 5.0x.

30 September 2021 and 31 March 2022 as originally envisaged by the Facilities Agreement. Consequently, the first testing date of the total net leverage financial covenant will be 30 September 2022.

In connection to the terms of the waiver, Global Blue agreed that for the period from (and including) 30 September 2021 to (and excluding)

ˆ200GgzLD26#=PSRsVŠ

200GgzLD26#=PSRsV

GLOBAL BLUE GROUP HO	Donnelley Financial	VDI-W7-PFL-2446
14.4.13.0
FORM 6-K	None

898308 SIG 1	2*
NYM	HTM ESS	0C
SIGNATURE

ADG rosss0nm

Pursuant to the requirements of the Securities Exchange Act of 1934, Global Blue Group Holding AG has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Global Blue Group Holding AG

Date: March 3, 2021

By:

/s/ JACQUES STERN Name: Jacques Stern Title: CEO

(Registrant)

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Global Blue Group Holding Ltd. published this content on 03 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 March 2021 11:02:05 UTC.

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