Global Blue Group Holding AG (NYSE:GB) Q4 2023 Earnings Conference Call June 28, 2023 8:00 AM ET
Company Participants
Jacques Stern - President and CEO
Roxane Dufour - CFO
Conference Call Participants
Jacques Stern
Good morning. I am Jacques Stern, the CEO of Global Blue. And I will today present the Fiscal Year Results '22-'23 with Roxane Dufour, CFO of Global Blue.
Before I leave the floor to Roxane, let me first give you the key highlights of this results for '22-'23. First, happy to report significant improvement of the adjusted EBITDA at €78 million versus minus €10 billion last year, which represent 46% of 2019-2020 fiscal year. Second, we have a healthy balance sheet with a strong position of cash of €240 million at the end of March '22-'23.
Third, we have noticed an acceleration of the recovery in April and May '23. More in detail in my presentation, but two figures, which are important in Continental Europe, recovery has now reached 115% versus 109% in the last quarter of our fiscal year, so from January to March. And in APAC, the recovery has now reached 104% in April and May versus 87% in Q4, of our fiscal year '22-'23.
Beside the current level of recovery that I have just exposed Global Blue will further benefit from Mainland China reopening which is only started. And from that point of view, I will come back on the simulation that we have made, which if we basically take the extrapolation on 12 months over Q4, and we simulate 125% recovery of Chinese, then the Group will reach over €200 million. I will come back on that.
Last but not least, beside this current rate of recovery, and the expected one, thanks to the Chinese, Global Blue should benefit from strong long term driver. I will come back on that and is well hedged against the risk of inflation and Europe recession.
With that in mind, I now leave the floor to Roxanne.
Roxane Dufour
Thank you, Jacques. I am Roxane Dufour, the CFO of Global Blue and I will take you through the Group's financial performance for the quarter four and the full year ended on the 31st of March 2023. Again, a reminder that our financial year runs from April to March. And this is our Q4 full year result announcement. And all the reconciliation to the nearest IFRS metrics are included into the appendix.