XML 48 R35.htm IDEA: XBRL DOCUMENT v3.21.2
Deferred income tax assets and liabilities
 12 Months Ended
Mar. 31, 2021
Deferred tax assets and liabilities [abstract]  
Deferred income tax assets and liabilities Deferred income tax assets and liabilities
(EUR thousand)As of March 31
Net movement on the deferred tax account202120202019
Opening balance as of April 1(22,215)(38,512)(54,442)
Acquisition of subsidiary(1,305)— — 
Income statement credit34,167 16,198 15,997 
Tax (charge) / credit relating to components of other comprehensive income 108 307 (74)
Exchange differences255 (208)7 
Closing balance as of March 3111,010 (22,215)(38,512)
(EUR thousand)As of March 31
202120202019
Deferred tax
Deferred tax relates to the following:AssetsLiabilitiesAssetsLiabilitiesAssetsLiabilities
Tax charged to income statement
Trade Receivables212 — 489 (2)843 (23)
Property, plant and equipment619 (2,274)507 (834)578 (1,018)
Intangible assets584 (3,163)333 (1,516)344 (1,085)
Current liabilities3,419 (366)3,798 (107)2,825 (88)
Loans and borrowings2,848 — 2,681 — 901 — 
Other items1,107 (230)2,189 (2,752)2,303 (2,010)
Deferred tax on tax credits1,643 — 1,028 — — — 
Tax value of loss carry-forwards recognized23,405 — 3,939 — 4,645 — 
Tax recognized in other comprehensive income
Retirement benefit obligations148 — 40 — 347 — 
Reclassifications(3,393)3,393 (2,655)2,655 (1,922)1,922 
Deferred tax related to acquired intangibles in business combination (2012 LBO)
Intangible assets TFS— (8,944)— (15,652)— (22,360)
Intangible assets TFS KA's and NA's— (2,305)— (9,219)— (16,133)
Intangible assets DCC Acquirers— (319)— (1,290)— (2,261)
Intangible assets Global Blue Trademark— (5,374)— (5,847)— (6,320)
Total30,592 (19,582)12,349 (34,564)10,864 (49,376)
(EUR thousand)As of March 31
Deferred tax recoverability202120202019
Deferred tax assets to be recovered after more than 12 months29,203 7,690 8,423 
Deferred tax assets to be recovered within 12 months1,389 4,659 2,441 
Deferred tax assets30,592 12,349 10,864 
Deferred tax liabilities to be recovered after more than 12 months16,646 33,672 48,317 
Deferred tax liabilities to be recovered within 12 months2,936 892 1,059 
Deferred tax liabilities19,582 34,564 49,376 
The deferred tax assets include an amount of EUR19.1 million which relates to carried-forward tax losses of our Australian, German, Spanish, Swiss, French and Italian subsidiaries, all of which are operating in the Group’s key markets from revenue and profit-generating perspective. These losses were incurred over the last financial year due to the coronavirus pandemic and the resulting travel restrictions which caused a significant reduction in revenues. Based on the latest 5-year forecast, these entities are expected to generate sufficient taxable profit against which the incurred losses can be offset. Therefore, the Group has concluded that the deferred tax assets will be recoverable. The losses can be carried forward indefinitely with the exception of Switzerland, where the expiry of the losses is 7 years.
(EUR thousand)As of March 31
Expiry of total tax loss carried forward202120202019
Expiry within 1 year— 1,072 1,286 
Expiry 1-2 years19,705 2,320 2,365 
Expiry 2-5 years3,707 105,598 72,129 
Expiry after 5 years113,671 55,197 88,818 
No expiration245,643 56,707 50,439 
Total382,726 220,894 215,037 
Out of the EUR382.7 million (EUR220.9 million as of March 31, 2020, EUR215.0 million as of March 31, 2019) total tax loss carried forward, EUR128.6 million (EUR14.5 million as of March 31, 2020, EUR21.6 million as of March 31, 2019) has been recognized as a deferred tax asset, while EUR254.1 million (EUR206.4 million as of March 31, 2020, EUR193.5 million as of March 31, 2019) has not been recognized as it is not probable that future taxable profits, which the Group can utilize the benefits from, will be available. The unused tax losses were mainly incurred in holding entities which are not likely to generate taxable income in the foreseeable future. A large part of the tax losses carried forward, for which no deferred tax has been recognized, either expires after 5 years or has no expiration date. An expiry date schedule is provided below:
(EUR thousand)As of March 31
Deferred tax assets have not been recognized for the following unused tax losses:202120202019
Expiry within 1 year— 94 195 
Expiry 1-2 years19,668 274 97 
Expiry 2-5 years678 102,271 68,737 
Expiry after 5 years44,337 54,242 82,615 
No expiration189,404 49,496 41,840 
Total254,087 206,377 193,484 

The total tax loss carried forward of EUR128.6 million (EUR14.5 million as of March 31, 2020, EUR21.6 million as of March 31, 2019) for which a deferred tax asset has been recognized at March 31, 2021, has resulted in deferred
tax assets of EUR23.4 million (EUR3.9 million as of March 31, 2020, EUR4.6 million as of March 31, 2019). The legal entities are allowed to carry these losses forward and deduct them against future taxable profits.