Right of use assets & lease liabilities

12 Months Ended

Mar. 31, 2020

Right of use assets & lease liabilities

3.Right of use assets & lease liabilities

The Group has adopted IFRS 16 with effect from April 1, 2019. IFRS 16 introduces a single, on-balance sheet, lease accounting model for lessees. A lessee recognizes a right of use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. The amounts recognized in profit or loss for which the Group is lessees for the year ended March 31, 2020 were as follows:


Leases under IFRS 16		€M
Interest on lease liabilities		5.6
Depreciation charge		59.4
Expenses relating to short-term leases		38.2
Lease charge for year end March 31, 2020		103.2

Leases under IAS 17		€M
Lease expense for the year end March 31, 2019		83.9
Lease expense for the year end March 31, 2018		82.3

Supplemental balance sheet movement information is outlined below:

Right of use-assets		€M
Balance at April 1, 2019		130.7
Depreciation charge for the year		(59.5)
Additions		166.1
Modification of leases		(0.5)
Balance at March 31, 2020		236.8
Net book value of leased assets classified as property, plant and equipment (note 2)		132.0
Total right of use assets at March 31, 2020		368.8

Lease Liabilities		€M
Balance at April 1, 2019		140.4
Additions		166.1
Financing cash outflows from lease liabilities		(67.5)
Interest expense		5.6
Exchange movements		1.3
Balance at March 31, 2020		245.9
Present value of future minimum lease payments classified as debt (note 14)		172.0
Total lease liabilities at March 31, 2020		417.9

A maturity analysis of our lease liabilities as at March 31, 2020 has been disclosed within Note 14