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v3.21.2

Deferred and current taxation (Tables) | 12 Months Ended
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Mar. 31, 2021
Deferred and current taxation |
Summary of components of the deferred and current taxation |
|  | At March 31,
|  | 2021 |  | 2020 |  | 2019
|  | €M |  | €M |  | €M
Current tax assets |  |  |  |  |  |
Current tax assets |  | — |  | (44.5) |  | —
Total current tax assets |  | — |  | (44.5) |  | —
Current tax liabilities |  |  |  |  |  |
Corporation tax provision |  | 48.1 |  | — |  | 31.6
Total current tax liabilities |  | 48.1 |  | — |  | 31.6
Deferred tax assets |  |  |  |  |  |
Recognition of tax losses |  | (14.0) |  | (53.6) |  | (43.2)
Total deferred tax assets |  | (14.0) |  | (53.6) |  | (43.2)
Deferred tax liabilities |  |  |  |  |  |
Origination and reversal of temporary differences on property, plant and equipment, derivatives and pensions |  | 272.4 |  | 353.5 |  | 460.6
Total deferred tax liabilities |  | 272.4 |  | 353.5 |  | 460.6
Total deferred tax liabilities (net) |  | 258.4 |  | 299.9 |  | 417.4
Total tax liabilities (net) |  | 306.5 |  | 255.4 |  | 449.0
Schedule of reconciliation of deferred tax assets and liabilities |
|  | At March 31,
|  | 2021 |  | 2020 |  | 2019
|  | €M |  | €M |  | €M
Reconciliation of current tax |  |  |  |  |  |
Liability/(asset) at beginning of year |  | (44.5) |  | 31.6 |  | 36.0
Corporation tax charge in year |  | 5.5 |  | 44.4 |  | 96.5
Tax received/(paid) |  | 87.1 |  | (120.5) |  | (100.9)
Liability/(asset) at end of year |  | 48.1 |  | (44.5) |  | 31.6
|  | At March 31,
|  | 2021 |  | 2020 |  | 2019
|  | €M |  | €M |  | €M
Reconciliation of deferred tax |  |  |  |  |  |
Net liability at beginning of year |  | 299.9 |  | 417.4 |  | 395.2
New temporary differences on property, plant and equipment, net operating losses, derivatives, pensions and other items |  | (41.5) |  | (117.5) |  | 22.2
Net liability at end of year |  | 258.4 |  | 299.9 |  | 417.4
Summary of components of the tax expense |
|  | Year ended
|  | March 31,
|  | 2021 |  | 2020 |  | 2019
|  | €M |  | €M |  | €M
Corporation tax charge in year |  | 5.5 |  | 44.4 |  | 96.5
Deferred tax credit relating to origination and reversal of temporary differences |  | (99.1) |  | (22.8) |  | (33.4)
|  | (93.6) |  | 21.6 |  | 63.1
Summary of reconciliation of the statutory rate of Irish corporation tax |
|  | Year ended |
|  | March 31, |
|  | 2021 |  | 2020 |  | 2019 |
|  | % |  | % |  | % |
Statutory rate of Irish corporation tax on (loss)/profits |  | (12.5) |  | 12.5 |  | 12.5 |
Non-Irish profits and losses taxed at other rates |  | (0.7) |  | (9.3) | * | (5.8) | *
Other movements |  | 4.8 | ** | — |  | — |
Total effective rate of taxation on (loss)/profits |  | (8.4) |  | 3.2 |  | 6.7 |
* Primarily relates to the impact of net operating losses incurred in LaudaMotion (taxable at 25%). ** Primarily relates to the derecognition of deferred tax asset in respect of net operating losses incurred in LaudaMotion (taxable at 25%).
Summary of deferred tax movement per each type of temporary difference |
|  | Year ended March 31,
|  | 2021 |  | 2020 |  | 2019
|  | €M |  | €M |  | €M
Property, plant and equipment |  | (21.9) |  | (14.4) |  | 2.7
IFRS 15 transition adjustment |  | 7.1 |  | 7.1 |  | 7.1
Right of use assets & lease liabilities |  | 0.6 |  | (1.1) |  | —
Deferred tax asset on net operating losses |  | (138.7) |  | (10.4) |  | (43.2)
Derecognition of deferred tax asset |  | 53.7* |  | — |  | —
Pension payments |  | — |  | — |  | —
Share based payments |  | 0.1 |  | (4.0) |  | —
Deferred tax credit |  | (99.1) |  | (22.8) |  | (33.4)
* Relates to the derecognition by Group of a deferred tax asset in respect of losses of LaudaMotion operations in Austria, as part of an internal group restructure.
Summary of deferred tax applicable to items charged or credited to other comprehensive income |
|  | At March 31,
|  | 2021 |  | 2020 |  | 2019
|  | €M |  | €M |  | €M
Effective portion of changes in fair value of cash-flow hedges |  | 124.5 |  | (9.4) |  | 55.6
Net change in fair value of cash-flow hedges transferred to property, plant and equipment |  | 0.2 |  | — |  | —
Net hedge ineffectiveness and discontinuation transferred to profit or loss |  | (24.4) |  | (53.5) |  | —
Net other changes in fair value of cash-flow hedges transferred to profit or loss |  | (42.7) |  | (31.8) |  | 35.6
Total tax charge in other comprehensive income |  | 57.6 |  | (94.7) |  | 91.2
Summary of principal components of net deferred tax |
|  | At March 31,
|  | 2021 |  | 2020 |  | 2019
|  | €M |  | €M |  | €M
Arising on capital allowances and other temporary differences |  | 392.9 |  | 299.3 |  | 343.3
Arising on losses |  | (138.7) |  | 53.6 |  | 32.4
Arising on derivatives |  | 4.8 |  | (52.4) |  | 42.3
Arising on pension |  | (0.6) |  | (0.6) |  | (0.6)
Total |  | 258.4 |  | 299.9 |  | 417.4

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