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Financial instruments - Fair values and risk management (Tables) | 12 Months Ended
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Mar. 31, 2021
Financial instruments - Fair values and risk management |
Schedule of carrying value of financial assets by class and measurement category |
|  |  |  | Cash- |  | Fair value |  | Total |  |
|  | Amortized |  | Flow |  | through |  | Carrying |  | Total Fair
|  | Cost |  | Hedges |  | Profit & Loss |  | Value |  | Value
|  | €M |  | €M |  | €M |  | €M |  | €M
At March 31, 2021 |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 2,650.7 |  | — |  | — |  | 2,650.7 |  | —
Financial asset: cash > 3 months |  | 465.5 |  | — |  | — |  | 465.5 |  | —
Restricted cash |  | 34.1 |  | — |  | — |  | 34.1 |  | —
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |
- U.S. dollar currency forward contracts |  | — |  | 208.9 |  | — |  | 208.9 |  | 208.9
- Cross-currency swaps |  | — |  | 3.0 |  | — |  | 3.0 |  | 3.0
- GBP currency swaps |  | — |  | 5.4 |  | — |  | 5.4 |  | 5.4
Trade receivables |  | 18.6 |  | — |  | — |  | 18.6 |  | —
Other assets |  | — |  | — |  | — |  | — |  | —
Total financial assets at March 31, 2021 |  | 3,168.9 |  | 217.3 |  | — |  | 3,386.2 |  | 217.3
|  |  |  | Cash- |  | Fair value |  | Total |  |
|  | Amortized |  | Flow |  | through |  | Carrying |  | Total Fair
|  | Cost |  | Hedges |  | Profit & Loss |  | Value |  | Value
|  | €M |  | €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
- Interest rate swaps |  | — |  | 8.0 |  | — |  | 8.0 |  | 8.0
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
|  |  |  | Cash- |  | Fair value |  | Total |  |
|  | Amortized |  | Flow |  | through |  | Carrying |  | Total Fair
|  | Cost |  | Hedges |  | Profit & Loss |  | Value |  | Value
|  | €M |  | €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
Schedule of carrying value of financial liabilities by class and measurement category |
|  | Liabilities at |  |  |  | Fair value |  | Total |  |
|  | Amortized |  | Cash-Flow |  | through |  | Carrying |  | Total Fair
|  | Cost |  | Hedges |  | Profit & Loss |  | Value |  | Value
|  | €M |  | €M |  | €M |  | €M |  | €M
At March 31, 2021 |  |  |  |  |  |  |  |  |  |
Current and non-current maturities of debt |  | 5,243.7 |  | — |  | — |  | 5,243.7 |  | 5,356.4
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |
-U.S. dollar currency forward contracts |  | — |  | 40.0 |  | 25.8 |  | 65.8 |  | 65.8
-Jet fuel & carbon derivative contracts |  | — |  | 19.8 |  | — |  | 19.8 |  | 19.8
-Interest rate swaps |  | — |  | — |  | — |  | — |  | —
Trade payables (Current) |  | 336.0 |  | — |  | — |  | 336.0 |  | —
Trade payables (Non-current) |  | 179.9 |  | — |  | — |  | 179.9 |  | 179.9
Accrued expenses |  | 887.3 |  | — |  | — |  | 887.3 |  | —
Total financial liabilities at March 31, 2021 |  | 6,646.9 |  | 59.8 |  | 25.8 |  | 6,732.5 |  | 5,621.9
|  | Liabilities at |  |  |  | Fair value |  | Total |  |
|  | Amortized |  | Cash-Flow |  | through |  | Carrying |  | Total Fair
|  | Cost |  | Hedges |  | Profit & Loss |  | Value |  | Value
|  | €M |  | €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 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
|  | Liabilities at |  |  |  | Fair value |  | Total |  |
|  | Amortized |  | Cash-Flow |  | through |  | Carrying |  | Total Fair
|  | Cost |  | Hedges |  | Profit & Loss |  | Value |  | Value
|  | €M |  | €M |  | €M |  | €M |  | €M
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
Schedule of estimated fair values |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  | €M |  | €M |  | €M |  | €M
At March 31, 2021 |  |  |  |  |  |  |  |
Derivative assets measured at fair value for risk management purposes |  |  |  |  |  |  |  |
U.S. dollar currency forward contracts |  | — |  | 208.9 |  | — |  | 208.9
GBP currency swap |  | — |  | 5.4 |  | — |  | 5.4
Cross-currency swaps |  | — |  | 3.0 |  | — |  | 3.0
|  | — |  | 217.3 |  | — |  | 217.3
Derivative liabilities measured at fair value for risk management purposes |  |  |  |  |  |  |  |
U.S. currency forward contracts |  | — |  | 65.8 |  | — |  | 65.8
Jet fuel |  | — |  | 19.8 |  | — |  | 19.8
|  | — |  | 85.6 |  | — |  | 85.6
Liabilities not measured at fair value |  |  |  |  |  |  |  |
Debt |  | — |  | 5,356.4 |  | — |  | 5,356.4
Non-current trade payables |  | — |  | 179.9 |  | — |  | 179.9
|  |  |  | 5,536.3 |  |  |  | 5,536.3
|  | 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
|  | — |  | 1,230.5 |  | — |  | 1,230.5
Liabilities not measured at fair value |  |  |  |  |  |  |  |
Long-term debt |  | — |  | 3,495.8 |  | — |  | 3,495.8
|  | 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
|  | — |  | 197.7 |  | — |  | 197.7
Liabilities not measured at fair value |  |  |  |  |  |  |  |
Long-term debt |  | — |  | 3,725.3 |  | — |  | 3,725.3
Schedule of monetary assets |
|  | At March 31,
|  | 2021 |  | 2020 |  | 2019
|  | GBP |  | U.S.$ |  | Euro € |  | GBP |  | U.S.$ |  | Euro € |  | GBP |  | U.S.$ |  | Euro €
|  | £M |  | $M |  | €M |  | £M |  | $M |  | €M |  | £M |  | $M |  | €M
Monetary assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.K. pounds sterling cash and liquid resources |  | 8.1 |  | — |  | 9.5 |  | 22.5 |  | — |  | 25.3 |  | 17.0 |  | — |  | 19.6
U.S. Dollar cash and liquid resources |  | — |  | 506.7 |  | 432.0 |  | — |  | 2,150.1 |  | 1,949.5 |  | — |  | 485.2 |  | 432.5
|  | 8.1 |  | 506.7 |  | 441.5 |  | 22.5 |  | 2,150.1 |  | 1,974.8 |  | 17.0 |  | 485.2 |  | 452.1
Schedule of monetary liabilities |
|  | At March 31,
|  | 2021 |  | 2020 |  | 2019
|  | GBP |  | U.S.$ |  | Euro € |  | GBP |  | U.S.$ |  | Euro € |  | GBP |  | U.S.$ |  | Euro €
|  | £M |  | $M |  | €M |  | £M |  | $M |  | €M |  | £M |  | $M |  | €M
Monetary liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar long term debt |  | — |  | 95.7 |  | 81.6 |  | — |  | 129.2 |  | 117.1 |  | — |  | 202.4 |  | 180.5
U.K. GBP debt |  | 597.3 |  | — |  | 701.8 |  | — |  | — |  | — |  |  |  | — |  | —
Pre-delivery payments due to Boeing |  | — |  | 517.3 |  | 441.1 |  | — |  | 1,051.8 |  | 957.6 |  | — |  | — |  | —
|  | 597.3 |  | 613.0 |  | 1,224.5 |  | — |  | 1,181.0 |  | 1,074.7 |  | — |  | 202.4 |  | 180.5
Schedule of exchange rates |
|  | At March 31,
|  | 2021 |  | 2020 |  | 2019
|  | € |  | € |  | €
USD 1.0000 |  | 1.1728 |  | 1.1029 |  | 1.1217
GBP 1.0000 |  | 0.8510 |  | 0.8883 |  | 0.8606
Schedule of notional amounts of currency forward contract | The notional principal amounts of forward foreign exchange contracts are as follows:
|  | At March 31,
|  | 2021 |  | 2020 |  | 2019
|  | €M |  | €M |  | €M
Within Year 1 |  | 1,506.9 |  | 3,670.9 |  | 4,007.0
Greater than 1 Year |  | 1,562.4 |  | 4,075.7 |  | 4,665.0
Total |  | 3,069.3 |  | 7,746.6 |  | 8,672.0
Schedule of maturity profile of financial liabilities | The following was the maturity profile of the Group’s financial liabilities (excluding aircraft provisions, trade payables and accrued expenses).
|  | Weighted |  |  |  |  |  |  |  |  |  |  |  |
|  | average |  |  |  |  |  |  |  |  |  | 2026 - |  |
|  | rate |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2027 |  | Total
At March 31, 2021 |  | (%) |  | €M |  | €M |  | €M |  | €M |  | €M |  | €M
Fixed rate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured debt |  | 2.47% |  | 63.5 |  | 61.4 |  | 51.3 |  | 11.3 |  | — |  | 187.5
Unsecured debt |  | 1.46% |  | 1,617.4 |  | 916.2 |  | 808.9 |  | 49.0 |  | 849.0 |  | 4,240.5
Debt |  | 1.50% |  | 1,680.9 |  | 977.6 |  | 860.2 |  | 60.3 |  | 849.0 |  | 4,428.0
Lease liabilities - right of use |  | 2.39% |  | 52.5 |  | 53.8 |  | 48.1 |  | 24.8 |  | 3.9 |  | 183.1
Total fixed rate debt |  |  |  | 1,733.4 |  | 1,031.4 |  | 908.3 |  | 85.1 |  | 852.9 |  | 4,611.1
Floating rate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured long term debt |  | 0.70% |  | 45.0 |  | 20.7 |  | — |  | — |  | — |  | 65.7
Unsecured long term debt |  |  |  | — |  | — |  | — |  | 750.0 |  | — |  | 750.0
Total floating rate debt |  | 0.70% |  | 45.0 |  | 20.7 |  | — |  | 750.0 |  | — |  | 815.7
Total financial liabilities |  |  |  | 1,778.4 |  | 1,052.1 |  | 908.3 |  | 835.1 |  | 852.9 |  | 5,426.8
|  | Weighted |  |  |  |  |  |  |  |  |  |  |  |
|  | average |  |  |  |  |  |  |  |  |  | 2025 - |  |
|  | rate |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2026 |  | Total
At March 31, 2020 |  | (%) |  | €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 |  | — |  | — |  | 171.6
Unsecured long term debt |  |  |  | — |  | — |  | — |  | — |  | 750.0 |  | 750.0
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
|  | Weighted |  |  |  |  |  |  |  |  |  |  |  |
|  | average |  |  |  |  |  |  |  |  |  | 2024 - |  |
|  | rate |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2025 |  | Total
At March 31, 2019 |  | (%) |  | €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
Schedule of significant cash balances invested on short term basis |
|  | At March 31,
|  | 2021 |  | 2020 |  | 2019
|  | Within |  | Within |  | Within
|  | 1 year |  | 1 year |  | 1 year
Financial assets |  | €M |  | €M |  | €M
Cash and cash equivalents |  | 2,650.7 |  | 2,566.4 |  | 1,675.6
Cash > 3 months |  | 465.5 |  | 1,207.2 |  | 1,484.4
Restricted cash |  | 34.1 |  | 34.4 |  | 34.9
Total financial assets |  | 3,150.3 |  | 3,808.0 |  | 3,194.9
Schedule of maturities of contractual cash flows of financial liabilities |
|  | Total |  | Total |  |  |  |  |  |  |  |  |  |
|  | Carrying |  | Contractual |  |  |  |  |  |  |  |  |  |
|  | Value |  | Cash Flows |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | Thereafter
At March 31, 2021 |  | €M |  | €M |  | €M |  | €M |  | €M |  | €M |  | €M
Long and short term debt and leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Fixed rate debt: 1.40% |  | 4,428.0 |  | 4,646.7 |  | 1,746.7 |  | 1,022.8 |  | 894.2 |  | 85.1 |  | 897.9
- Floating rate debt: 0.70% |  | 815.7 |  | 834.4 |  | 50.8 |  | 26.5 |  | 5.7 |  | 751.4 |  | —
- Lease liabilities – Right of use |  | 183.1 |  | 189.0 |  | 56.3 |  | 54.6 |  | 49.7 |  | 24.5 |  | 3.9
|  | 5,426.8 |  | 5,670.1 |  | 1,853.8 |  | 1,103.9 |  | 949.6 |  | 861.0 |  | 901.8
Derivative financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Currency forward contracts – outflows |  | 65.8 |  | 3,181.9 |  | 2,718.7 |  | 428.7 |  | 8.9 |  | 22.9 |  | 2.7
- Currency forward contracts – inflows |  |  |  | (3,117.2) |  | (2,662.8) |  | (418.7) |  | (9.1) |  | (23.8) |  | (2.8)
- Commodity forward contracts |  | 19.8 |  | 19.8 |  | 19.8 |  | — |  | — |  | — |  | —
Trade payables |  | 515.9 |  | 515.9 |  | 336.0 |  | 130.0 |  | 26.8 |  | 23.1 |  | —
Accrued expenses |  | 887.3 |  | 887.3 |  | 887.3 |  | — |  | — |  | — |  | —
Total at March 31, 2021 |  | 6,915.6 |  | 7,157.8 |  | 3,152.8 |  | 1,243.9 |  | 976.2 |  | 883.2 |  | 901.7
|  | 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 – Right of use |  | 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
Schedule of derivative financial instruments |
Derivative financial instruments: |  |  |  |  |
| At March 31,
| 2021 |  | 2020 |  | 2019
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | 170.1 |  | 495.3 |  | 284.7
Fuel and oil operating expenses | (27.0) |  | 166.2 |  | 235.0
GBP currency swaps | 5.4 |  | — |  | —
Interest rate risk |  |  |  |  |
Variable-rate instruments | 3.0 |  | 8.0 |  | 4.0
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | (19.8) |  | (1,228.3) |  | (185.3)
Net derivative position at year end | 131.7 |  | (558.8) |  | 338.4
Schedule of change in gross value used for calculating hedge ineffectiveness |
Change in gross value used for calculating hedge ineffectiveness: |  |  |  |  |
| At March 31,
| 2021 |  | 2020 |  | 2019
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | 356.7 |  | (170.8) |  | 697.7
Fuel and oil operating expenses | 210.6 |  | 131.0 |  | 425.2
GBP currency swap | (5.4) |  | — |  | —
Interest rate risk |  |  |  |  |
Variable-rate instruments | 5.1 |  | (3.8) |  | (10.1)
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | (1,108.5) |  | 271.9 |  | (688.0)
Total | (541.5) |  | 228.3 |  | 424.8
Schedule of hedged items |
| At March 31, 2021
| Continuing |  | Balance |  |
| hedges |  | remaining ** |  | Total
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | 139.7 |  | 102.3 |  | 242.0
Fuel and oil operating expenses | (10.6) |  | — |  | (10.6)
GBP currency swaps | 5.4 |  | — |  | 5.4
Interest rate risk |  |  |  |  |
Variable-rate instruments | (6.1) |  | — |  | (6.1)
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | (14.0) |  | — |  | (14.0)
Gross cashflow hedge reserve | 114.4 |  | 102.3 |  | 216.7
*Deferred taxes included in Hedge reserve were €5m
** Balance remaining in the cashflow hedge reserve for which hedge accounting is no longer applied
| At March 31, 2020
| Continuing |  | Balance |  |
| hedges |  | remaining ** |  | Total
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | 406.3 |  | 47.8 |  | 454.1
Fuel and oil operating expenses | 97.0 |  | — |  | 97.0
Interest rate risk |  |  |  |  |
Variable-rate instruments | (2.8) |  | — |  | (2.8)
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | (711.8) |  | — |  | (711.8)
Gross cashflow hedge reserve | (211.3) |  | 47.8 |  | (163.5)
* Deferred taxes included in Hedge reserve were €52m
** Balance remaining in the cashflow hedge reserve for which hedge accounting is no longer applied
| At March 31, 2019
| Continuing |  | Balance |  |
| hedges |  | remaining ** |  | Total
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | 284.6 |  | — |  | 284.6
Fuel and oil operating expenses | 235.0 |  | — |  | 235.0
Interest rate risk |  |  |  |  |
Variable-rate instruments | (17.4) |  | — |  | (17.4)
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | (185.3) |  | — |  | (185.3)
Gross cashflow hedge reserve | 316.9 |  | — |  | 316.9
* Deferred taxes included in Hedge reserve were €42m
** Balance remaining in the cashflow hedge reserve for which hedge accounting is no longer applied
Schedule of movement in derivative financial instruments designated as hedging instruments |
| At March 31, 2021
| Change in |  | Hedge ineffectiveness |  | Reclassified from
| fair value |  | recognized in |  | hedging reserve
| recognized in OCI |  | profit or loss* |  | to profit or loss**
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | (356.7) |  | 38.4 |  | —
Fuel and oil operating expenses | (210.6) |  | (57.1) |  | 5.2
GBP currency swaps | 5.4 |  | — |  | —
Interest rate risk |  |  |  |  |
Variable-rate instruments | (5.1) |  | — |  | 0.1
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | 1,108.5 |  | (153.1) |  | (263.5)
Total movement in derivative instruments | 541.5 |  | (171.8) |  | (258.2)
| At March 31, 2020
| Change in |  | Hedge ineffectiveness |  | Reclassified from
| fair value |  | recognized in |  | hedging reserve
| recognized in OCI |  | profit or loss* |  | to profit or loss**
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | 170.8 |  | 40.0 |  | —
Fuel and oil operating expenses | (131.0) |  | 69.2 |  | (7.0)
Interest rate risk |  |  |  |  |
Variable-rate instruments | 3.8 |  | — |  | 0.2
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | (271.9) |  | (516.4) |  | (254.8)
Total movement in derivative instruments | (228.3) |  | (407.2) |  | (261.6)
| At March 31, 2019
| Change in |  | Hedge ineffectiveness |  | Reclassified from
| fair value |  | recognized in |  | hedging reserve
| recognized in OCI |  | profit or loss* |  | to profit or loss**
| €M |  | €M |  | €M
Foreign currency risk |  |  |  |  |
Property, plant and equipment - aircraft additions | (697.7) |  | — |  | —
Fuel and oil operating expenses | (425.2) |  | — |  | 8.8
Interest rate risk |  |  |  |  |
Variable-rate instruments | (10.1) |  | — |  | (0.6)
Commodity price risk |  |  |  |  |
Fuel and carbon operating expenses | 688.0 |  | — |  | (293.0)
Total movement in derivative instruments | (445.0) |  | — |  | (284.8)
* Hedge ineffectiveness is classified within “Finance Expense” on the Consolidated Income Statement
** Reclassified from hedging reserve to profit or loss – Fuel & Oil Foreign Currency & Commodity are reclassified in Fuel and Oil; Variable rate instruments are reclassified to Finance expense
Schedule of reclassified from other comprehensive income into the income statement |
|  | At March 31,
|  | 2021 |  | 2020 |  | 2019
|  | €M |  | €M |  | €M
Commodity forward contracts |  |  |  |  |  |
Reclassification adjustments for (gains)/losses recognized in fuel and oil operating expenses |  | (263.5) |  | (254.8) |  | 293.0
Interest rate swaps |  |  |  |  |  |
Reclassification adjustments for (gains)/losses recognized in finance expense |  | 0.1 |  | 0.2 |  | 0.6
Foreign currency forward contracts |  |  |  |  |  |
Reclassification adjustments for (gains) recognized in fuel and oil operating expenses |  | (5.2) |  | (7.0) |  | (8.8)
|  | (268.6) |  | (261.6) |  | 284.8
Schedule of reclassified from other comprehensive income into the capitalized cost |
|  | At March 31,
|  | 2021 |  | 2020 |  | 2019
|  | €M |  | €M |  | €M
Foreign currency forward contracts |  |  |  |  |  |
Recognized in property plant and equipment – aircraft additions |  | 5.0 |  | — |  | 59.6
|  | 5.0 |  | — |  | 59.6
Schedule of derivatives that are designated as cash flow hedges were expect to occur and to impact on profit or loss |
|  | At March 31,
|  | 2021 |  |  | 2020 |  |  | 2019
|  | Within |  | > 1 Year |  |  |  |  | Within |  | > 1 Year |  |  |  |  | Within |  | > 1 Year |  |
|  | 1 Year |  | (non— |  |  |  |  | 1 Year |  | (non— |  |  |  |  | 1 Year |  | (non— |  |
|  | (current) |  | current) |  | Total |  |  | (current) |  | current) |  | Total |  |  | (current) |  | current) |  | Total
|  | €M |  | €M |  | €M |  |  | €M |  | €M |  | €M |  |  | €M |  | €M |  | €M
Foreign currency risk notional amounts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
for effective hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PP&E — aircraft additions |  | 1,632.7 |  | 1,935.7 |  | 3,568.4 |  |  | 1,519.8 |  | 2,763.7 |  | 4,283.5 |  |  | 1,455.8 |  | 3,982.0 |  | 5,437.8
Fuel and oil operating expenses |  | 1,202.2 |  | — |  | 1,202.2 |  |  | — |  | 1,312.0 |  | 1,312.0 |  |  | 2,515.9 |  | 718.9 |  | 3,234.8
GBP currency swaps |  | 695.3 |  | — |  | 695.3 |  |  | — |  | — |  | — |  |  | — |  | — |  | —
— Within derivative financial assets |  | 104.9 |  | 109.4 |  | 214.3 |  |  | 291.2 |  | 372.5 |  | 663.7 |  |  | 307.0 |  | 220.7 |  | 527.7
— Within derivative financial liabilities |  | (59.4) |  | (6.4) |  | (65.8) |  |  | (2.2) |  | — |  | (2.2) |  |  | — |  | (8.0) |  | (8.0)
|  | 45.5 |  | 103.0 |  | 148.5 |  |  | 289.0 |  | 372.5 |  | 661.5 |  |  | 307.0 |  | 212.7 |  | 519.7
Interest rate risk notional amounts for effective hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable—rate instruments |  | 13.4 |  | 38.2 |  | 51.6 |  |  | 64.8 |  | — |  | 64.8 |  |  | (77.8) |  | — |  | (77.8)
Total fair value for all interest rate risk related derivative instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
— Within derivative financial assets |  | 1.0 |  | 2.0 |  | 3.0 |  |  | 2.0 |  | 6.0 |  | 8.0 |  |  | 1.7 |  | 2.3 |  | 4.0
|  | 1.0 |  | 2.0 |  | 3.0 |  |  | 2.0 |  | 6.0 |  | 8.0 |  |  | 1.7 |  | 2.3 |  | 4.0
Commodity price risk notional amounts for effective hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel and carbon operating expenses |  | 577.6 |  | — |  | 577.6 |  |  | — |  | 672.7 |  | 672.7 |  |  | (2,482.1) |  | — |  | (2,482.1)
Total fair value for all interest rate risk related derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
— Within derivative financial assets |  | — |  | — |  | — |  |  | — |  | — |  | — |  |  | — |  | 4.5 |  | 4.5
— Within derivative financial liabilities |  | (19.8) |  | — |  | (19.8) |  |  | (1,047.8) |  | (180.5) |  | (1,228.3) |  |  | (189.7) |  | — |  | (189.7)
|  | (19.8) |  | — |  | (19.8) |  |  | (1,047.8) |  | (180.5) |  | (1,228.3) |  |  | (189.7) |  | 4.5 |  | (185.2)
Fair values as reported in the consolidated balance sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial assets |  | 106.0 |  | 111.3 |  | 217.3 |  |  | 293.2 |  | 378.5 |  | 671.7 |  |  | 308.7 |  | 227.5 |  | 536.2
Derivative financial liabilities |  | (79.2) |  | (6.4) |  | (85.6) |  |  | (1,050.0) |  | (180.5) |  | (1,230.5) |  |  | (189.7) |  | (8.0) |  | (197.7)
Derivative financial assets analyzed between those: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
— Designated as continuing cash flow hedges |  | 72.3 |  | 98.1 |  | 170.4 |  |  | 184.0 |  | 378.5 |  | 562.5 |  |  | 308.7 |  | 227.5 |  | 536.2
— Where hedge accounting is no longer applied |  | 33.7 |  | 13.2 |  | 46.9 |  |  | 109.2 |  | — |  | 109.2 |  |  | — |  | — |  | —
|  | 106.0 |  | 111.3 |  | 217.3 |  |  | 293.2 |  | 378.5 |  | 671.7 |  |  | 308.7 |  | 227.5 |  | 536.2
Derivative financial liabilities analyzed between those: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
— Designated as continuing cash flow hedges |  | (36.9) |  | (0.6) |  | (37.5) |  |  | (533.5) |  | (180.5) |  | (714.0) |  |  | (189.7) |  | (8.0) |  | (197.7)
— Where hedge accounting is no longer applied |  | (22.4) |  | — |  | (22.4) |  |  | (516.5) |  | — |  | (516.5) |  |  | — |  | — |  | —
— Designated as fair value financial instruments |  | (19.9) |  | (5.8) |  | (25.7) |  |  | — |  | — |  | — |  |  | — |  | — |  | —
|  | (79.2) |  | (6.4) |  | (85.6) |  |  | (1,050.0) |  | (180.5) |  | (1,230.5) |  |  | (189.7) |  | (8.0) |  | (197.7)

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