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Derivative financial instruments (Tables) | 12 Months Ended
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Mar. 31, 2020
Derivative financial instruments |
Schedule of derivative financial instruments |
Derivative financial instruments: |  |  |  |  |
| At March 31,
| 2020 |  | 2019 |  | 2018
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | 495.3 |  | 284.7 |  | (413.0)
Fuel and oil operating expenses | 166.2 |  | 235.0 |  | (181.4)
Interest rate risk |  |  |  |  |
Variable-rate instruments | 8.0 |  | 4.0 |  | (6.7)
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | (1,228.3) |  | (185.3) |  | 209.8
Net derivative position at year end | (558.8) |  | 338.4 |  | (391.3)
Schedule of change in gross value used for calculating hedge ineffectiveness |
Change in gross value used for calculating hedge ineffectiveness: |  |  |  |  |
| At March 31,
| 2020 |  | 2019 |  | 2018
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | (170.8) |  | 697.7 |  | (563.7)
Fuel and oil operating expenses | 131.0 |  | 425.2 |  | (269.0)
Interest rate risk |  |  |  |  |
Variable-rate instruments | (3.8) |  | (10.1) |  | (17.2)
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | 271.9 |  | (688.0) |  | 17.0
Schedule of hedged items |
| At March 31, 2020
| Continuing |  | Balance |  |
| hedges |  | remaining ** |  | Total
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | 406.3 |  | 47.8 |  | 454.1
Fuel and oil operating expenses | 97.0 |  | — |  | 97.0
Interest rate risk |  |  |  |  |
Variable-rate instruments | (2.8) |  | — |  | (2.8)
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | (711.8) |  | — |  | (711.8)
Gross cashflow hedge reserve | (211.3) |  | 47.8 |  | (163.5)*
*Deferred taxes included in Hedge reserve were €52m
| At March 31, 2019
| Continuing |  | Balance |  |
| hedges |  | remaining ** |  | Total
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | 284.6 |  | — |  | 284.6
Fuel and oil operating expenses | 235.0 |  | — |  | 235.0
Interest rate risk |  |  |  |  |
Variable-rate instruments | (17.4) |  | — |  | (17.4)
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | (185.3) |  | — |  | (185.3)*
Gross cashflow hedge reserve | 316.9 |  | — |  | 316.9*
*Deferred taxes included in Hedge reserve were €42m
| At March 31, 2018
| Continuing |  | Balance |  |
| hedges |  | remaining ** |  | Total
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | (413.0) |  | — |  | (413.0)
Fuel and oil operating expenses | (181.4) |  | — |  | (181.4)
Interest rate risk |  |  |  |  |
Variable-rate instruments | (23.9) |  | — |  | (23.9)
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | 209.8 |  | — |  | 209.8
Gross cashflow hedge reserve | (408.6) |  | — |  | (408.6)*
*Deferred taxes included in Hedge reserve were €49m
** Balance remaining in the cashflow hedge reserve for which hedge accounting is no longer applied
Schedule of movement in derivative financial instruments designated as hedging instruments |
| At March 31, 2020
| Change in |  | Hedge ineffectiveness |  | Reclassified from
| fair value |  | recognized in |  | hedging reserve
| recognised in OCI |  | profit or loss* |  | to profit or loss**
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | 170.8 |  | 40.0 |  | —
Fuel and oil operating expenses | (131.0) |  | 69.2 |  | (7.0)
Interest rate risk |  |  |  |  |
Variable-rate instruments | 3.8 |  | — |  | 0.2
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | (271.9) |  | (516.4) |  | (254.8)
Total movement in derivative instruments | (228.3) |  | (407.2) |  | (261.6)
| At March 31, 2019
| Change in |  | Hedge ineffectiveness |  | Reclassified from
| fair value |  | recognized in |  | hedging reserve
| recognised in OCI |  | profit or loss* |  | to profit or loss***
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | (697.7) |  | — |  | —
Fuel and oil operating expenses | (425.2) |  | — |  | 8.8
Interest rate risk |  |  |  |  |
Variable-rate instruments | (10.1) |  | — |  | (0.6)
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | 688.0 |  | — |  | (293.0)
Total movement in derivative instruments | (445.0) |  | — |  | (284.8)
| At March 31, 2018
| Change in |  | Hedge ineffectiveness |  | Reclassified from
| fair value |  | recognized in |  | hedging reserve
| recognised in OCI |  | profit or loss* |  | to profit or loss***
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | 563.7 |  | — |  | —
Fuel and oil operating expenses | 269.0 |  | — |  | 0.6
Interest rate risk |  |  |  |  |
Variable-rate instruments | 17.2 |  | — |  | (2.6)
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | (17.0) |  | — |  | (134.6)
Total movement in derivative instruments | 832.9 |  | — |  | (136.6)
*Hedge ineffectiveness is classified within "Finance expense" on the Consolidated Income Statement
** Reclassified from hedging reserve to profit or loss - Fuel & Oil Foreign currency & Commodity are reclassified in Fuel and Oil, Variable rate instruments are reclassified to Finance expense
Schedule of Nominal amounts of derivative financial instruments |
| At March 31, 2020
| Within 1 year |  | > 1 year |  | Total
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | 1,519.8 |  | 2,763.7 |  | 4,283.5
Fuel and oil operating expenses | — |  | 1,312.0 |  | 1,312.0
Interest rate risk |  |  |  |  |
Variable-rate instruments | 64.8 |  | — |  | 64.8
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | — |  | 672.7 |  | 672.7
| At March 31, 2019
| Within 1 year |  | > 1 year |  | Total
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | 1,455.8 |  | 3,982.0 |  | 5,437.8
Fuel and oil operating expenses | 2,515.9 |  | 718.9 |  | 3,234.8
Interest rate risk |  |  |  |  |
Variable-rate instruments | 77.8 |  | — |  | 77.8
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | 2,482.1 |  | — |  | 2,482.1
| At March 31, 2018
| Within 1 year |  | > 1 year |  | Total
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | 1,117.7 |  | 5,192.2 |  | 6,309.9
Fuel and oil operating expenses | 2,046.0 |  | 1,146.7 |  | 3,192.7
Interest rate risk |  |  |  |  |
Variable-rate instruments | 90.6 |  | — |  | 90.6
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | 1,272.4 |  | — |  | 1,272.4
Schedule of derivative financial instruments recognized at fair value in the Company's balance sheet |
|  | At March 31,
|  | 2020 |  | 2019 |  | 2018
|  | €M |  | €M |  | €M
Non-current assets |  |  |  |  |  |
Gains on cash-flow hedging instruments – effective hedge |  | 378.5 |  | 227.5 |  | 2.6
Gains on cash-flow hedging instruments – no longer effective |  | — |  | — |  | —
|  | 378.5 |  | 227.5 |  | 2.6
Current assets |  |  |  |  |  |
Gains on cash flow hedging instruments – effective hedge |  | 184.0 |  | 308.7 |  | 212.1
Gains on cash flow hedging instruments - no longer effective |  | 109.2 |  | — |  | —
|  | 293.2 |  | 308.7 |  | 212.1
Total derivative assets |  | 671.7 |  | 536.2 |  | 214.7
Current liabilities |  |  |  |  |  |
Losses on cash flow hedging instruments – effective hedge |  | (533.5) |  | (189.7) |  | (190.5)
Losses on cash flow hedging instruments – no longer effective |  | (516.5) |  | — |  | —
|  | (1,050.0) |  | (189.7) |  | (190.5)
Non-current liabilities |  |  |  |  |  |
Losses on cash flow hedging instruments – effective hedge |  | (180.5) |  | (8.0) |  | (415.5)
Losses on cash flow hedging instruments – no longer effective |  | — |  | — |  | —
|  | (180.5) |  | (8.0) |  | (415.5)
Total derivative liabilities |  | (1,230.5) |  | (197.7) |  | (606.0)
Net derivative financial instrument position at year-end |  | (558.8) |  | 338.5 |  | (391.3)
Schedule of derivative arrangements |
|  | At March 31,
|  | Fair value |  | Fair value |  | Fair value
|  | 2020 (a) |  | 2019 (a) |  | 2018 (a)
|  | €M |  | €M |  | €M
Cross currency swaps (b) |  |  |  |  |  |
Less than one year |  | 2.0 |  | 1.7 |  | (0.7)
Between one and five years |  | 6.0 |  | 2.3 |  | (6.0)
|  | 8.0 |  | 4.0 |  | (6.7)
Foreign currency forward contracts (c) |  |  |  |  |  |
Less than one year |  | 289.0 |  | 307.0 |  | (187.4)
Between one and five years |  | 372.5 |  | 212.7 |  | (407.0)
After five years |  | — |  | — |  | —
|  | 661.5 |  | 519.7 |  | (594.4)
Commodity forward contracts (d) |  |  |  |  |  |
Less than one year |  | (1,047.8) |  | (189.7) |  | 209.8
Between one and five years |  | (180.5) |  | 4.5 |  | —
|  | (1,228.3) |  | (185.2) |  | 209.8
Net derivative position at year end |  | (558.8) |  | 338.5 |  | (391.3)
| (a) |  | The derivative arrangements in the above table have been netted for disclosure purposes only. The amounts included on the Balance Sheet are gross amounts.
| (b) |  | Cross currency swap financial assets all relate to cross currency interest rate swaps at March 31, 2020 (see Note 14 to the consolidated financial statements).
| (c) |  | Additional information in relation to the above cross currency swaps and forward currency contracts (i.e. notional value and weighted average interest rates) can be found in Note 14 to the consolidated financial statements.
| (d) |  | €1,228m commodity forward contracts relate to derivative financial liabilities of €1,228m and financial assets of €nil (see Note 14 of the consolidated financial statements).
Schedule of reclassified from other comprehensive income into the income statement |
|  | Year ended March 31,
|  | 2020 |  | 2019 |  | 2018
|  | €M |  | €M |  | €M
Commodity forward contracts |  |  |  |  |  |
Reclassification adjustments for (gains)/losses recognized in fuel and oil operating expenses |  | (254.8) |  | 293.0 |  | 134.6
Interest rate swaps |  |  |  |  |  |
Reclassification adjustments for (gains)/losses recognized in finance expense |  | 0.2 |  | 0.6 |  | 2.6
Foreign currency forward contracts |  |  |  |  |  |
Reclassification adjustments for (gains) recognized in fuel and oil operating expenses |  | (7.0) |  | (8.8) |  | (0.6)
|  | (261.6) |  | 284.8 |  | 136.6
Schedule of reclassified from other comprehensive income into the capitalized cost |
|  | Year ended March 31,
|  | 2020 |  | 2019 |  | 2018
|  | €M |  | €M |  | €M
Foreign currency forward contracts |  |  |  |  |  |
Recognized in property plant and equipment – aircraft additions |  | — |  | 59.6 |  | 108.4
|  | — |  | 59.6 |  | 108.4
Schedule of derivatives that are designated as cash flow hedges were expect to occur and to impact on profit or loss |
|  | Net |  | Expected |  |  |  |  |  |  |  |  |  |
|  | Carrying |  | Cash |  |  |  |  |  |  |  |  |  |
|  | Amount |  | Flows |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter
|  | €M |  | €M |  | €M |  | €M |  | €M |  | €M |  | €M
At March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps |  | 8.0 |  | 8.0 |  | 2.0 |  | 1.8 |  | 1.7 |  | 1.5 |  | 1.0
U.S. dollar currency forward contracts |  | 97.0 |  | 97.0 |  | 53.6 |  | 41.4 |  | 2.0 |  | — |  | —
U.S. dollar currency forward contracts to be capitalized in property, plant and equipment - aircraft additions |  | 455.3 |  | 455.3 |  | 126.2 |  | 155.5 |  | 123.6 |  | 50.0 |  | —
Commodity forward contracts |  | (711.8) |  | (711.8) |  | (531.3) |  | (180.5) |  | — |  | — |  | —
|  | (151.5) |  | (151.5) |  | (349.5) |  | 18.2 |  | 127.3 |  | 51.5 |  | 1.0
|  | Net |  | Expected |  |  |  |  |  |  |  |  |  |
|  | Carrying |  | Cash |  |  |  |  |  |  |  |  |  |
|  | Amount |  | Flows |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter
|  | €M |  | €M |  | €M |  | €M |  | €M |  | €M |  | €M
At March 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 4.0 |  | 4.0 |  | 1.7 |  | 1.2 |  | 0.8 |  | 0.4 |  | (0.1)
U.S. dollar currency forward contracts |  | 235.0 |  | 235.0 |  | 208.8 |  | 26.2 |  | — |  | — |  | —
U.S. dollar currency forward contracts to be capitalized in property, plant and equipment - aircraft additions |  | 284.7 |  | 284.7 |  | 98.2 |  | 79.6 |  | 59.3 |  | 36.2 |  | 11.4
Commodity forward contracts |  | (185.2) |  | (185.2) |  | (189.7) |  | 4.5 |  | — |  | — |  | —
|  | 338.5 |  | 338.5 |  | 119.0 |  | 111.5 |  | 60.1 |  | 36.6 |  | 11.3
|  | Net |  | Expected |  |  |  |  |  |  |  |  |  |
|  | Carrying |  | Cash |  |  |  |  |  |  |  |  |  |
|  | Amount |  | Flows |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | Thereafter
|  | €M |  | €M |  | €M |  | €M |  | €M |  | €M |  | €M
At March 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | (6.7) |  | (6.7) |  | (0.7) |  | (0.2) |  | (0.6) |  | (1.0) |  | (4.2)
U.S. dollar currency forward contracts |  | (181.4) |  | (181.4) |  | (153.4) |  | (28.4) |  | 0.4 |  | — |  | —
U.S. dollar currency forward contracts to be capitalized in property, plant and equipment - aircraft additions |  | (413.0) |  | (413.0) |  | (34.0) |  | (75.5) |  | (82.9) |  | (99.7) |  | (120.9)
Commodity forward contracts |  | 209.8 |  | 209.8 |  | 209.8 |  | — |  | — |  | — |  | —
|  | (391.3) |  | (391.3) |  | 21.7 |  | (104.1) |  | (83.1) |  | (100.7) |  | (125.1)

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