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Deferred and current taxation (Tables)

12 Months Ended

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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The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets]

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