Financial instruments and financial risk management (Tables)

12 Months Ended

Mar. 31, 2020

Disclosure of detailed information about financial instruments [line items]

Schedule of carrying value of financial assets by class and measurement category


		Cash-	Total
	Amortized	Flow	Carrying	Total Fair
	Cost	Hedges	Value	Value
	€M	€M	€M	€M
At March 31, 2020
Cash and cash equivalents	2,566.4	—	2,566.4	—
Financial asset: cash > 3 months	1,207.2	—	1,207.2	—
Restricted cash	34.4	—	34.4	—
Derivative financial instruments:
- U.S. dollar currency forward contracts*	—	663.7	663.7	663.7
- Cross-currency swaps	—	8.0	8.0	8.0
- Jet fuel & carbon derivative contracts	—	—	—	—
Trade receivables	67.5	—	67.5	—
Other assets	2.3	—	2.3	—
Total financial assets at March 31, 2020	3,877.8	671.7	4,549.5	671.7
* Of the total carrying and fair value of U.S. dollar currency forward contracts, 17% (€109m) are ineffective as of March 31, 2020


		Cash-	Total
	Amortized	Flow	Carrying	Total Fair
	Cost	Hedges	Value	Value
	€M	€M	€M	€M
At March 31, 2019
Cash and cash equivalents	1,675.6	—	1,675.6	—
Financial asset: cash > 3 months	1,484.4	—	1,484.4	—
Restricted cash	34.9	—	34.9	—
Derivative financial instruments:
- U.S. dollar currency forward contracts	—	527.7	527.7	527.7
- Interest rate swaps	—	4.0	4.0	4.0
- Jet fuel derivative contracts	—	4.5	4.5	4.5
Trade receivables	59.5	—	59.5	—
Other assets	0.8	—	0.8	—
Total financial assets at March 31, 2019	3,255.2	536.2	3,791.4	536.2


		Cash-	Total
	Loans and	Flow	Carrying	Total Fair
	Receivables	Hedges	Value	Value
	€M	€M	€M	€M
At March 31, 2018
Cash and cash equivalents	1,515.0	—	1,515.0	—
Financial asset: cash > 3 months	2,130.5	—	2,130.5	—
Restricted cash	34.6	—	34.6	—
Derivative financial instruments:
- U.S. dollar currency forward contracts	—	4.6	4.6	4.6
- Interest rate swaps	—	0.3	0.3	0.3
- Jet fuel derivative contracts	—	209.8	209.8	209.8
Trade receivables	57.6	—	57.6	—
Other assets	0.3	—	0.3	—
Total financial assets at March 31, 2018	3,738.0	214.7	3,952.7	214.7

Schedule of carrying value of financial liabilities by class and measurement category


	Liabilities at		Total
	Amortized	Cash-Flow	Carrying	Total Fair
	Cost	Hedges	Value	Value
	€M	€M	€M	€M
At March 31, 2020
Current and non-current maturities of debt	3,965.3	—	3,965.3	3,495.8
Derivative financial instruments:
-U.S. dollar currency forward contracts	—	2.2	2.2	2.2
-Jet fuel & carbon derivative contracts*	—	1,228.3	1,228.3	1,228.3
-Interest rate swaps	—	—	—	—
Trade payables	1,368.2	—	1,368.2	—
Accrued expenses	1,553.1	—	1,553.1	—
Total financial liabilities at March 31, 2020	6,886.6	1,230.5	8,117.1	4,726.3

At March 31, 2019
Current and non-current maturities of debt	3,644.4	—	3,644.4	3,725.3
Derivative financial instruments:
-U.S. dollar currency forward contracts	—	8.0	8.0	8.0
-Jet fuel derivative contracts	—	189.7	189.7	189.7
-Interest rate swaps	—	—	—	—
Trade payables	573.8	—	573.8	—
Accrued expenses	320.8	—	320.8	—
Total financial liabilities at March 31, 2019	4,539.0	197.7	4,736.7	3,923.0

At March 31, 2018
Current and non-current maturities of debt	3,963.0	—	3,963.0	4,061.0
Derivative financial instruments:
-U.S. dollar currency forward contracts	—	599.0	599.0	599.0
-Jet fuel derivative contracts	—	—	—	—
-Interest rate swaps	—	7.0	7.0	7.0
Trade payables	249.6	—	249.6	—
Accrued expenses	445.5	—	445.5	—
Total financial liabilities at March 31, 2018	4,658.1	606.0	5,264.1	4,667.0

*Included in this amount is €516.5m no longer in hedge relationships.

Schedule of estimated fair values


	Level 1	Level 2	Level 3	Total
	€M	€M	€M	€M
At March 31, 2020
Derivative assets measured at fair value for risk management purposes
U.S. dollar currency forward contracts	—	663.7	—	663.7
Jet fuel & carbon derivative contracts	—	—	—	—
Cross-currency swaps	—	8.0	—	8.0
	—	671.7	—	671.7
Derivative liabilities measured at fair value for risk management purposes
U.S. currency forward contracts	—	2.2	—	2.2
Jet fuel & carbon derivative contracts	—	1,228.3	—	1,228.3
Interest rate swaps	—	—	—	—
	—	1,230.5	—	1,230.5
Liabilities not measured at fair value
Long-term debt	—	3,495.8	—	3,495.8
	—	5,398.0	—	5,398.0

During the year ended March 31, 2020, there were no transfers between Level 1 and Level 2 fair-value measurements, and no transfers into or out of Level 3 fair-value measurement.


	Level 1	Level 2	Level 3	Total
	€M	€M	€M	€M
At March 31, 2019
Derivative assets measured at fair value for risk management purposes
U.S. dollar currency forward contracts	—	527.7	—	527.7
Jet fuel derivative contracts	—	4.5	—	4.5
Cross-currency swaps	—	4.0	—	4.0
	—	536.2	—	536.2
Derivative liabilities measured at fair value for risk management purposes
U.S. currency forward contracts	—	8.0	—	8.0
Jet fuel derivative contracts	—	189.7	—	189.7
Interest rate swaps	—	—	—	—
	—	197.7	—	197.7
Liabilities not measured at fair value
Long-term debt	—	3,725.3	—	3,725.3
	—	4,459.2	—	4,459.2

During the year ended March 31, 2019, there were no transfers between Level 1 and Level 2 fair-value measurements, and no transfers into or out of Level 3 fair-value measurement.


	Level 1	Level 2	Level 3	Total
	€M	€M	€M	€M
At March 31, 2018
Derivative assets measured at fair value for risk management purposes
U.S. dollar currency forward contracts	—	4.6	—	4.6
Jet fuel derivative contracts	—	209.8	—	209.8
Interest rate swaps	—	0.3	—	0.3
	—	214.7	—	214.7
Liabilities measured at fair value
U.S. dollar currency forward contracts	—	599.0	—	599.0
Jet fuel derivative contracts	—	—	—	—
Interest rate swaps	—	7.0	—	7.0
	—	606.0	—	606.0
Liabilities not measured at fair value
Long-term debt	—	4,061.0	—	4,061.0
	—	4,881.7	—	4,881.7

During the year ended March 31, 2018, there were no transfers between Level 1 and Level 2 fair-value measurements, and no transfers into or out of Level 3 fair-value measurement.

Schedule of maturity profile of financial liabilities

The maturity profile of the Company’s financial liabilities (excluding aircraft provisions, trade payables and accrued expenses) at March 31, 2020 was as follows:


	Weighted
	average
	rate		2021	2022	2023	2024	Thereafter	Total
	(%)		€M	€M	€M	€M	€M	€M
Fixed rate
Secured long term debt	2.48	%	63.8	65.4	63.0	52.2	12.1	256.5
Unsecured long term debt	1.32	%	34.0	876.9	877.5	770.2	50.0	2,608.6
Long term debt	1.42	%	97.8	942.3	940.5	822.4	62.1	2,865.1
Finance leases	2.51	%	116.0	—	—	—	—	116.0
Lease liabilities - right of use	2.47	%	75.0	51.6	52.1	46.0	21.2	245.9
Total fixed rate debt			288.8	993.9	992.6	868.4	83.3	3,227.0
Floating rate
Secured long term debt	0.58	%	105.9	45.0	20.7	—	750.0	921.6
Finance leases	1.19	%	62.6	—	—	—	—	62.6
Total floating rate debt	0.62	%	168.5	45.0	20.7	—	750.0	984.2
Total financial liabilities			457.3	1,038.9	1,013.3	868.4	833.3	4,211.2

All of the above debt maturing after 2024 will mature in fiscal year 2025.

The maturity profile of the Company’s financial liabilities (excluding aircraft provisions, trade payables and accrued expenses) at March 31, 2019 was as follows:


	Weighted
	average
	rate		2020	2021	2022	2023	Thereafter	Total
	(%)		€M	€M	€M	€M	€M	€M
Fixed rate
Secured long term debt	2.52	%	75.8	63.3	64.9	62.5	63.8	330.3
Unsecured long term debt	1.30	%	34.0	34.0	876.9	877.5	819.7	2,642.1
Long term debt	1.44	%	109.8	97.3	941.8	940.0	883.5	2,972.4
Finance leases	2.54	%	(2.8)	116.0	—	—	—	113.2
Total fixed rate debt			107.0	213.3	941.8	940.0	883.5	3,085.6
Floating rate
Secured long term debt	0.75	%	181.1	161.9	105.8	26.0	—	474.8
Finance leases	1.27	%	21.4	62.6	—	—	—	84.0
Total floating rate debt	0.83	%	202.5	224.5	105.8	26.0	—	558.8
Total financial liabilities			309.5	437.8	1,047.6	966.0	883.5	3,644.4

All of the above debt maturing after 2023 will mature between fiscal year 2023 and fiscal year 2025.

The maturity profile of the Company’s financial liabilities (excluding aircraft provisions, trade payables and accrued expenses) at March 31, 2018 was as follows:


	Weighted
	average
	rate		2019	2020	2021	2022	Thereafter	Total
	(%)		€M	€M	€M	€M	€M	€M
Fixed rate
Secured long term debt	2.56	%	84.8	59.9	46.9	48.1	110.7	350.4
Unsecured long term debt	1.33	%	24.0	24.0	24.0	867.0	1,627.7	2,566.7
Debt swapped from floating to fixed	0.37	%	14.0	14.4	14.9	15.3	15.8	74.4
Long term debt after swaps	1.45	%	122.8	98.3	85.8	930.4	1,754.2	2,991.5
Finance leases	2.97	%	66.6	(2.8)	115.5	—	—	179.3
Total fixed rate debt			189.4	95.5	201.3	930.4	1,754.2	3,170.8
Floating rate
Secured long term debt			196.4	193.4	174.6	118.8	36.5	719.7
Debt swapped from floating to fixed			(14.0)	(14.4)	(14.9)	(15.3)	(15.8)	(74.4)
Secured long term debt after swaps	0.85	%	182.4	179.0	159.7	103.5	20.7	645.3
Finance leases	1.14	%	62.8	21.5	62.6	—	—	146.9
Total floating rate debt	0.90	%	245.2	200.5	222.3	103.5	20.7	792.2
Total financial liabilities			434.6	296.0	423.6	1,033.9	1,774.9	3,963.0

Schedule of analysis of changes in borrowings


	At March 31,
	2020	2019	2018
	€M	€M	€M
Balance at start of year	3,644.4	3,963.0	4,384.5
Cash items
Loans raised for general corporate purposes– euro	750.0	99.9	65.2
Repayments of amounts borrowed	(408.1)	(422.8)	(458.9)
Lease Liabilities	245.9	—	—
Non-cash items
Foreign exchange (gain)/loss on conversion of U.S. dollar loans	(21.0)	4.3	(27.8)
Balance at end of year	4,211.2	3,644.4	3,963.0
Less than one year	457.3	309.4	434.6
More than one year	3,753.9	3,335.0	3,528.4
	4,211.2	3,644.4	3,963.0

Schedule of maturities of contractual cash flows of financial liabilities


	Total	Total
	Carrying	Contractual
	Value	Cash flows	2021	2022	2023	2024	Thereafter
At March 31, 2020	€M	€M	€M	€M	€M	€M	€M
Long term debt and leases:
- Fixed rate debt 1.42%	2,981.1	3,089.8	253.8	980.6	961.1	832.0	62.3
- Floating rate debt 0.62%	984.2	1,006.5	174.6	50.1	25.7	4.9	751.2
- Lease liabilities - IFRS16	245.9	245.9	75.0	51.6	52.1	46.0	21.2
	4,211.2	4,342.2	503.4	1,082.3	1,038.9	882.9	834.7
Derivative financial instruments
- Currency forward contracts	2.2	2.2	2.2	—	—	—	—
- Commodity forward contracts	1,228.3	1,228.3	1,047.8	180.5	—	—	—
Trade payables	1,368.2	1,368.2	1,368.2	—	—	—	—
Accrued expenses	1,553.1	1,553.1	1,553.1	—	—	—	—
Total at March 31, 2020	8,363.0	8,494.0	4,474.7	1,262.8	1,038.9	882.9	834.7


	Total	Total
	Carrying	Contractual
	Value	Cash flows	2020	2021	2022	2023	Thereafter
At March 31, 2019	€M	€M	€M	€M	€M	€M	€M
Long term debt and finance leases:
-Fixed rate debt 1.48%	3,085.6	3,242.0	151.6	256.0	980.1	960.6	893.7
-Floating rate debt 0.83%	558.8	562.3	204.8	226.5	105.3	25.7	—
	3,644.4	3,804.3	356.4	482.5	1,085.4	986.3	893.7
Derivative financial instruments
- Currency forward contracts	8.0	8.0	—	—	0.6	4.6	2.8
- Commodity forward contracts	189.7	189.7	189.7	—	—	—	—
Trade payables	573.8	573.8	573.8	—	—	—	—
Accrued expenses	320.8	320.8	320.8	—	—	—	—
Total at March 31, 2019	4,736.7	4,896.6	1,440.7	482.5	1,086.0	990.9	896.5


	Total	Total
	Carrying	Contractual
	Value	Cash flows	2019	2020	2021	2022	Thereafter
At March 31, 2018	€M	€M	€M	€M	€M	€M	€M
Long term debt and finance leases:
-Fixed rate debt (excluding swapped debt)	3,096.4	3,144.9	178.2	82.3	189.3	929.4	1,765.7
-Swapped to fixed rate debt	74.4	74.7	14.1	14.5	15.0	15.4	15.7
- Fixed rate debt 1.54%	3,170.8	3,219.6	192.3	96.8	204.3	944.8	1,781.4
- Floating rate debt 0.90%	792.2	799.3	247.4	202.3	224.3	104.4	20.9
	3,963.0	4,018.9	439.7	299.1	428.6	1,049.2	1,802.3
Derivative financial instruments
- Interest rate swaps	7.0	6.5	2.3	1.3	1.0	0.8	1.1
- Currency forward contracts	599.0	599.0	189.5	105.6	83.1	99.7	121.1
- Commodity forward contracts	—	—	—	—	—	—	—
Trade payables	249.6	249.6	249.6	—	—	—	—
Accrued expenses	445.5	445.5	445.5	—	—	—	—
Total at March 31, 2018	5,264.1	5,319.5	1,326.6	406.0	512.7	1,149.7	1,924.5

Schedule of significant cash balances invested on short term basis


	March 31, 2020		March 31, 2019		March 31, 2018
	Within		Within		Within
	1 year	Total	1 year	Total	1 year	Total
Financial assets	€M	€M	€M	€M	€M	€M
Cash and cash equivalents	2,566.4	2,566.4	1,675.6	1,675.6	1,515.0	1,515.0
Cash > 3 months	1,207.2	1,207.2	1,484.4	1,484.4	2,130.5	2,130.5
Restricted cash	34.4	34.4	34.9	34.9	34.6	34.6
Total financial assets	3,808.0	3,808.0	3,194.9	3,194.9	3,680.1	3,680.1

Schedule of monetary assets


	March 31, 2020			March 31, 2019			March 31, 2018
			euro			euro			euro
	GBP	U.S.$	equiv.	GBP	U.S.$	equiv.	GBP	U.S.$	equiv.
	£M	$M	€M	£M	$M	€M	£M	$M	€M
Monetary assets
U.K. pounds sterling cash and liquid resources	22.5	—	25.3	17.0	—	19.6	12.2	—	13.9
U.S. Dollar cash and liquid resources	—	2,150.1	1,949.5	—	485.2	432.5	—	168.0	136.3
	22.5	2,150.1	1,974.8	17.0	485.2	452.1	12.2	168.0	150.2

Schedule of monetary liabilities


	March 31, 2020		March 31, 2019		March 31, 2018
		euro		euro		euro
	U.S.$	equiv.	U.S.$	equiv.	U.S.$	equiv.
	$M	€M	$M	€M	$M	€M
Monetary liabilities
U.S. dollar long term debt	129.2	117.1	202.4	180.5	246.1	199.8
Pre-delivery aircraft payables	1,051.8	957.6	—	—	—	—
	1,181.0	1,074.7	202.4	180.5	246.1	199.8

Schedule of notional amounts of currency forward contract


	Within 1 Year	Greater than 1 Year	Total
	€M	€M	€M
Notional amounts
Forward foreign exchange contracts	3,670.9	4,075.7	7,746.6

Commodity forward contracts

Disclosure of detailed information about financial instruments [line items]

Schedule of estimated fair values


	At March 31,
	2020	2019	2018
	€M	€M	€M
Jet fuel forward contracts – fair value	(1,228.3)	(185.2)	209.8