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Basis of preparation and significant accounting policies (Tables)

12 Months Ended

Mar. 31, 2020

Basis of preparation and significant accounting policies

Schedule of operating lease commitments discounted

Operating lease commitments discounted		€M
Minimum operating lease commitment at March 31, 2019		290.1
Effect of discounting using the incremental borrowing rate at April 1, 2020 (2.74%)		(112.5)
Operating leases discounted at April 1, 2019		177.6
Recognition exemption for:
Expenses relating to short-term leases		(37.2)
Leases of low value assets		—
Lease liability recognized at April 1, 2019		140.4

Summary of annual depreciation rates

		Rate of
		Depreciation
Hangar and buildings		5	%
Plant and equipment (excluding aircraft)		20-33.3	%
Fixtures and fittings		20	%
Motor vehicles		33.3	%

Schedule of estimates of useful lives and residual values

		Number of Owned Aircraft
Aircraft Type		at March 31, 2020		Useful Life		Residual Value
Boeing 737s		426 (a)		23 years from date of manufacture		15% of current market value of new aircraft, determined periodically

The Group operated 466 aircraft as of March 31, 2020, of which 14 were leased Boeing 737 aircraft and 26 were leased Airbus A320 aircraft.

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- Definition

The explanation of the difference between: (a) operating lease commitments disclosed applying IAS 17 at the end of the annual reporting period immediately preceding the date of initial application of IFRS 16, discounted using the incremental borrowing rate at the date of initial application; and (b) lease liabilities recognised in the statement of financial position at the date of initial application of IFRS 16. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 16
-IssueDate 2019-01-01
-Paragraph C12
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2019-en-r&anchor=para_C12_b&doctype=Appendix&subtype=C
-URIDate 2019-03-27

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