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v3.20.2

Deferred and current taxation (Tables) | 12 Months Ended
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Mar. 31, 2020
Deferred and current taxation |
Summary of components of the deferred and current taxation |
|  | At March 31,
|  | 2020 |  | 2019 |  | 2018
|  | €M |  | €M |  | €M
Current tax assets |  |  |  |  |  |
Current tax assets |  | (44.5) |  | — |  | —
Total current tax assets |  | (44.5) |  | — |  | —
Current tax liabilities |  |  |  |  |  |
Corporation tax provision |  | — |  | 31.6 |  | 36.0
Total current tax liabilities |  | — |  | 31.6 |  | 36.0
Deferred tax assets |  |  |  |  |  |
Recognition of tax losses |  | (53.6) |  | (43.2) |  | —
Total deferred tax assets |  | (53.6) |  | (43.2) |  | —
Deferred tax liabilities |  |  |  |  |  |
Origination and reversal of temporary differences on property, plant and equipment, derivatives and pensions |  | 353.5 |  | 460.6 |  | 395.2
Total deferred tax liabilities |  | 353.5 |  | 460.6 |  | 395.2
Total deferred tax liabilities (net) |  | 299.9 |  | 417.4 |  | 395.2
Total tax liabilities (net) |  | 255.4 |  | 449.0 |  | 431.2
Schedule of reconciliation of deferred tax assets and liabilities |
|  | At March 31,
|  | 2020 |  | 2019 |  | 2018
|  | €M |  | €M |  | €M
Reconciliation of current tax |  |  |  |  |  |
At beginning of year |  | 31.6 |  | 36.0 |  | 2.9
Corporation tax charge in year |  | 44.4 |  | 96.5 |  | 152.0
Tax paid |  | (120.5) |  | (100.9) |  | (118.9)
At end of year |  | (44.5) |  | 31.6 |  | 36.0
|  | At March 31,
|  | 2020 |  | 2019 |  | 2018
|  | €M |  | €M |  | €M
Reconciliation of deferred tax |  |  |  |  |  |
Balance at beginning of year |  | 417.4 |  | 395.2 |  | 473.1
New temporary differences on property, plant and equipment, net operating losses, derivatives, pensions and other items |  | (117.5) |  | 22.2 |  | (77.9)
Liability at end of year |  | 299.9 |  | 417.4 |  | 395.2
Summary of components of the tax expense |
|  | Year ended |  | Year ended |  | Year ended
|  | March 31, |  | March 31, |  | March 31,
|  | 2020 |  | 2019 |  | 2018
|  | €M |  | €M |  | €M
Corporation tax charge in year |  | 44.4 |  | 96.5 |  | 152.0
Deferred tax credit relating to origination and reversal of temporary differences |  | (22.8) |  | (33.4) |  | 9.1
|  | 21.6 |  | 63.1 |  | 161.1
Summary of reconciliation of the statutory rate of Irish corporation tax |
|  | Year ended |  | Year ended |  | Year ended
|  | March 31, |  | March 31, |  | March 31,
|  | 2020 |  | 2019 |  | 2018
|  | % |  | % |  | %
Statutory rate of Irish corporation tax |  | 12.5 |  | 12.5 |  | 12.5
Adjustments for earnings and losses taxed at other rates |  | (9.3) | * | (5.8) | * | (2.9)
Other differences |  | — |  | — |  | 0.4
Total effective rate of taxation |  | 3.2 |  | 6.7 |  | 10.0
* Includes the recognition of deferred tax assets in respect of property, plant & equipment and net operating losses incurred in other jurisdictions.
Summary of deferred tax applicable to items charged or credited to other comprehensive income |
|  | At March 31,
|  | 2020 |  | 2019 |  | 2018
|  | €M |  | €M |  | €M
Derivative financial instruments |  | (94.7) |  | 91.2 |  | (87.0)
Total tax charge in other comprehensive income |  | (94.7) |  | 91.2 |  | (87.0)
Summary of principal components of deferred tax |
|  | At March 31,
|  | 2020 |  | 2019 |  | 2018
|  | €M |  | €M |  | €M
Arising on capital allowances and other temporary differences |  | 352.9 |  | 375.7 |  | 444.7
Arising on derivatives |  | (52.4) |  | 42.3 |  | (48.9)
Arising on pension |  | (0.6) |  | (0.6) |  | (0.6)
Total |  | 299.9 |  | 417.4 |  | 395.2

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