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Financial instruments - Fair values and risk management (Tables) | 12 Months Ended
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Mar. 31, 2022
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, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents |  | 2,669.0 |  | — | ​ | — |  | 2,669.0 |  | —
Financial asset: cash > 3 months |  | 934.1 |  | — | ​ | — |  | 934.1 |  | —
Restricted cash |  | 22.7 |  | — | ​ | — |  | 22.7 |  | —
Derivative financial instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
- U.S. dollar currency forward contracts |  | — |  | 474.1 | ​ | — |  | 474.1 |  | 474.1
- Jet fuel & carbon derivative contracts |  | — |  | 956.3 | ​ | — |  | 956.3 |  | 956.3
- Jet fuel options |  | — |  | — | ​ | 150.5 |  | 150.5 |  | 150.5
- Cross-currency swaps |  | — |  | 4.6 | ​ | — |  | 4.6 |  | 4.6
- GBP currency swaps | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Trade receivables |  | 43.5 |  | — | ​ | — |  | 43.5 |  | —
Other assets |  | — |  | — | ​ | — |  | — |  | —
Total financial assets at March 31, 2022 |  | 3,669.3 |  | 1,435.0 | ​ | 150.5 |  | 5,254.8 |  | 1,585.5
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 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
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, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current maturities of debt |  | 1,224.5 | ​ | — | ​ | — | ​ | 1,224.5 | ​ | 1,224.5
Non-current maturities of debt | ​ | 3,714.6 | ​ | — | ​ | — | ​ | 3,714.6 | ​ | 3,727.7
Derivative financial instruments: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
-U.S. dollar currency forward contracts |  | — | ​ | — | ​ | 31.0 | ​ | 31.0 | ​ | 31.0
-Jet fuel & carbon derivative contracts |  | — | ​ | 7.6 | ​ | — | ​ | 7.6 | ​ | 7.6
Trade payables (Current) |  | 1,029.0 | ​ | — | ​ | — | ​ | 1,029.0 | ​ | —
Trade payables (Non-current) | ​ | 49.2 | ​ | — | ​ | — | ​ | 49.2 | ​ | 49.2
Accrued expenses |  | 953.0 | ​ | — | ​ | — | ​ | 953.0 | ​ | —
Total financial liabilities at March 31, 2022 |  | 6,970.3 |  | 7.6 | ​ | 31.0 |  | 7,008.9 |  | 5,040.0
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 maturities of debt |  | 1,725.9 |  | — | ​ | — |  | 1,725.9 |  | 1,725.9
Non-current maturities of debt | ​ | 3,517.8 | ​ | — | ​ | — |  | 3,517.8 |  | 3,630.5
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
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 maturities of debt |  | 382.3 |  | — | ​ | — |  | 382.3 |  | 382.3
Non-current maturities of debt | ​ | 3,583.0 | ​ | — | ​ | — |  | 3,583.0 |  | 3,113.5
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
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
Schedule of estimated fair values | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
​ |  | €M |  | €M |  | €M |  | €M
At March 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative assets measured at fair value for risk management purposes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. dollar currency forward contracts |  | — |  | 474.1 |  | — |  | 474.1
Cross-currency swaps |  | — |  | 4.6 |  | — |  | 4.6
Jet fuel and carbon |  | — |  | 1,106.8 |  | — |  | 1,106.8
​ |  | — |  | 1,585.5 |  | — |  | 1,585.5
Derivative liabilities measured at fair value for risk management purposes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. currency forward contracts |  | — |  | 31.0 |  | — |  | 31.0
Jet fuel and carbon |  | — |  | 7.6 |  | — |  | 7.6
​ |  | — |  | 38.6 |  | — |  | 38.6
Financial liabilities not measured at fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt |  | — |  | 4,952.2 |  | — |  | 4,952.2
Non-current trade payables | ​ | — | ​ | 49.2 |  | — |  | 49.2
​ | ​ | ​ | ​ | 5,001.4 | ​ | ​ | ​ | 5,001.4
Total |  | — |  | 6,625.5 |  | — |  | 6,625.5
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
Jet fuel & carbon derivative contracts |  | — |  | 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 & carbon derivative contracts |  | — |  | 19.8 |  | — |  | 19.8
​ |  | — |  | 85.6 |  | — |  | 85.6
Financial liabilities not measured at fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term debt |  | — |  | 5,356.4 |  | — |  | 5,356.4
Non-current trade payables | ​ | — |  | 179.9 |  | — |  | 179.9
​ | ​ | — | ​ | 5,536.3 | ​ | — | ​ | 5,536.3
Total |  | — |  | 5,839.2 |  | — |  | 5,839.2
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 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 derivative contracts |  | — |  | 1,228.3 |  | — |  | 1,228.3
​ |  | — |  | 1,230.5 |  | — |  | 1,230.5
Financial liabilities not measured at fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term debt |  | — |  | 3,495.8 |  | — |  | 3,495.8
Total |  | — |  | 5,398.0 |  | — | ​ | 5,398.0
Schedule of monetary assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | GBP | ​ | U.S.$ | ​ | Euro € | ​ | GBP | ​ | U.S.$ | ​ | Euro € | ​ | GBP | ​ | U.S.$ | ​ | Euro €
​ |  | £M |  | $M |  | €M |  | £M |  | $M |  | €M |  | £M |  | $M |  | €M
Monetary assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.K. pounds sterling cash and liquid resources |  | 28.3 | ​ | — |  | 33.6 |  | 8.1 | ​ | — |  | 9.5 |  | 22.5 | ​ | — |  | 25.3
U.S. Dollar cash and liquid resources |  | — | ​ | 386.8 |  | 349.6 |  | — | ​ | 506.7 |  | 432.0 |  | — | ​ | 2,150.1 |  | 1,949.5
​ |  | 28.3 | ​ | 386.8 |  | 383.2 |  | 8.1 | ​ | 506.7 |  | 441.5 |  | 22.5 | ​ | 2,150.1 |  | 1,974.8
Schedule of monetary liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | GBP | ​ | U.S.$ | ​ | 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 | ​ | — | ​ | 311.3 | * | 281.3 | ​ | — | ​ | 95.7 | ​ | 81.6 | ​ | — | ​ | 129.2 | ​ | 117.1
U.K. GBP debt | ​ | — | ​ | — | ​ | — | ​ | 597.3 | ​ | — | ​ | 701.8 | ​ | — | ​ | — | ​ | —
Pre-delivery payments due to Boeing | ​ | — | ​ | 296.2 | ​ | 267.7 | ​ | — | ​ | 517.3 | ​ | 441.1 | ​ | — | ​ | 1,051.8 | ​ | 957.6
​ | ​ | — | ​ | 607.5 |  | 549.0 | ​ | 597.3 | ​ | 613.0 |  | 1,224.5 | ​ | — | ​ | 1,181.0 |  | 1,074.7
Schedule of exchange rates | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | € | ​ | € | ​ | €
USD 1.0000 | ​ | 1.1065 | ​ | 1.1728 | ​ | 1.1029
GBP 1.0000 | ​ | 0.8422 | ​ | 0.8510 | ​ | 0.8883
Schedule of notional amounts of currency forward contract | ​ The notional principal amounts of forward foreign exchange contracts are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | €M | ​ | €M | ​ | €M
Within Year 1 | ​ | 4,607.7 | ​ | 1,506.9 | ​ | 3,670.9
Greater than 1 Year | ​ | 2,097.8 | ​ | 1,562.4 | ​ | 4,075.7
Total | ​ | 6,705.5 | ​ | 3,069.3 | ​ | 7,746.6
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 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2027 - | ​ | ​
​ | ​ | rate | ​ | 2023 | ​ | 2024 | ​ | 2025 | ​ | 2026 | ​ | 2028 | ​ | Total
At March 31, 2022 |  | (%) |  | €M |  | €M |  | €M |  | €M |  | €M |  | €M
Fixed rate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured debt |  | 2.43% | ​ | 62.9 |  | 52.2 | ​ | 12.0 |  | — |  | — |  | 127.1
Unsecured debt |  | 1.31% | ​ | 1,140.9 | * | 807.7 |  | 47.8 |  | 847.0 |  | 1,197.9 |  | 4,041.3
Debt |  | 1.35% | ​ | 1,203.8 |  | 859.9 |  | 59.8 |  | 847.0 |  | 1,197.9 |  | 4,168.4
Lease liabilities - right of use | ​ | 2.33% | ​ | 56.9 | ​ | 51.0 | ​ | 26.2 | ​ | 3.1 | ​ | 1.1 | ​ | 138.3
Total fixed rate debt |  |  |  | 1,260.7 |  | 910.9 |  | 86.0 |  | 850.1 |  | 1,199.0 |  | 4,306.7
Floating rate |  | ​ | ​ |  |  |  |  |  |  |  |  |  |  |
Secured debt |  | 0.14% | ​ | 20.7 |  | — |  | — |  | — |  | — |  | 20.7
Unsecured long term debt | ​ | 0.75% | ​ | — | ​ | — | ​ | 750.0 | ​ | — | ​ | — | ​ | 750.0
Total floating rate debt |  | 0.73% | ​ | 20.7 |  | — |  | 750.0 |  | — |  | — |  | 770.7
Total financial liabilities |  |  |  | 1,281.4 |  | 910.9 |  | 836.0 |  | 850.1 |  | 1,199.0 |  | 5,077.4
* Includes promissory notes amounting to €226 m | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
Schedule of significant cash balances invested on short term basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | Within | ​ | Within | ​ | Within
​ | ​ | 1 year | ​ | 1 year | ​ | 1 year
Financial assets |  | €M |  | €M |  | €M
Cash and cash equivalents |  | 2,669.0 |  | 2,650.7 |  | 2,566.4
Cash > 3 months |  | 934.1 |  | 465.5 |  | 1,207.2
Restricted cash |  | 22.7 |  | 34.1 |  | 34.4
Total financial assets |  | 3,625.8 |  | 3,150.3 |  | 3,808.0
Schedule of maturities of contractual cash flows of financial liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Total | ​ | Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | Contractual | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Value | ​ | Cash Flows | ​ | 2023 | ​ | 2024 | ​ | 2025 | ​ | 2026 | ​ | Thereafter
At March 31, 2022 |  | €M |  | €M |  | €M |  | €M |  | €M |  | €M |  | €M
Long and short term debt and leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Fixed rate debt: 1.35% |  | 4,168.4 | ​ | 4,341.5 | ​ | 1,260.1 | ​ | 904.8 | ​ | 95.1 | ​ | 872.2 | ​ | 1,209.3
- Floating rate debt: 0.73% |  | 770.7 | ​ | 783.5 | ​ | 26.4 | ​ | 5.7 | ​ | 751.4 | ​ | — | ​ | —
- Lease liabilities |  | 138.3 | ​ | 142.0 | ​ | 59.2 | ​ | 52.2 | ​ | 26.6 | ​ | 3.0 | ​ | 1.0
​ |  | 5,077.4 |  | 5,267.0 |  | 1,345.7 |  | 962.7 |  | 873.1 |  | 875.2 |  | 1,210.3
Derivative financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Currency forward contracts – outflows |  | 31.0 | ​ | 496.8 | ​ | 496.8 | ​ | — | ​ | — | ​ | — | ​ | —
- Currency forward contracts – inflows | ​ | — | ​ | 463.7 | ​ | 463.7 | ​ | — | ​ | — | ​ | — | ​ | —
- Commodity forward contracts |  | 7.6 | ​ | 7.6 | ​ | 7.6 | ​ | — | ​ | — | ​ | — | ​ | —
Trade payables |  | 1,078.2 | ​ | 1,078.2 | ​ | 1,029.0 | ​ | 49.2 | ​ | — | ​ | — | ​ | —
Accrued expenses |  | 953.0 | ​ | 953.0 | ​ | 953.0 | ​ | — | ​ | — | ​ | — | ​ | —
Total at March 31, 2022 |  | 7,147.2 |  | 8,266.3 |  | 4,295.8 |  | 1,011.9 |  | 873.1 |  | 875.2 |  | 1,210.3
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 |  | 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 | ​ | 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
Schedule of derivative financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​
Derivative financial instruments: | ​ | ​ | ​ | ​ | ​
​ | At March 31,
​ | 2022 | ​ | 2021 | ​ | 2020
​ | €M | ​ | €M | ​ | €M
Foreign currency risk | ​ | ​ | ​ | ​ | ​
Property, plant and equipment - aircraft additions | 337.5 | ​ | 170.1 | ​ | 495.3
Fuel and oil operating expenses | 105.6 | ​ | (27.0) | ​ | 166.2
GBP currency swaps | — | ​ | 5.4 | ​ | —
Interest rate risk | ​ | ​ | ​ | ​ | ​
Variable-rate instruments | 4.5 | ​ | 3.0 | ​ | 8.0
Commodity price risk | ​ | ​ | ​ | ​ | ​
Fuel and carbon operating expenses | 948.7 | ​ | (19.8) | ​ | (1,228.3)
Net derivative position at year end | 1,396.3 | ​ | 131.7 | ​ | (558.8)
Schedule of change in gross value used for calculating hedge ineffectiveness | ​
​ | ​ | ​ | ​ | ​ | ​
Change in gross value used for calculating hedge ineffectiveness: | ​ | ​ | ​ | ​ | ​
​ | At March 31,
​ | 2022 | ​ | 2021 | ​ | 2020
​ | €M | ​ | €M | ​ | €M
Foreign currency risk | ​ | ​ | ​ | ​ | ​
Property, plant and equipment - aircraft additions | (129.8) | ​ | 356.7 | ​ | (170.8)
Fuel and oil operating expenses | (110.5) | ​ | 210.6 | ​ | 131.0
GBP currency swap | 9.6 | ​ | (5.4) | ​ | —
Interest rate risk | ​ | ​ | ​ | ​ | ​
Variable-rate instruments | (1.4) | ​ | 5.1 | ​ | (3.8)
Commodity price risk | ​ | ​ | ​ | ​ | ​
Fuel and carbon operating expenses | (788.8) | ​ | (1,108.5) | ​ | 271.9
Total | (1,020.9) | ​ | (541.5) | ​ | 228.3
Schedule of hedged items | ​
​ | ​ | ​ | ​ | ​ | ​
​ | At March 31, 2022
​ | Continuing | ​ | Balance | ​ | ​
​ | hedges | ​ | remaining ** | ​ | Total
​ | €M | ​ | €M | ​ | €M
Foreign currency risk | ​ | ​ | ​ | ​ | ​
Property, plant and equipment - aircraft additions | 322.5 | ​ | 72.6 | ​ | 395.1
Fuel and oil operating expenses | 105.6 | ​ | — | ​ | 105.6
GBP currency swaps | — | ​ | — | ​ | —
Interest rate risk | ​ | ​ | ​ | ​ | ​
Variable-rate instruments | (4.3) | ​ | — | ​ | (4.3)
Commodity price risk | ​ | ​ | ​ | ​ | ​
Fuel and carbon operating expenses | 948.7 | ​ | — | ​ | 948.7
Gross cashflow hedge reserve | 1,372.5 | ​ | 72.6 | ​ | 1,445.1
​ | ​ | ​ | ​ | ​ | ​
*Deferred taxes included in Hedge reserve were €150 m
** Balance remaining in the cashflow hedge reserve for which hedge accounting is no longer applied
​ | 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 €5 m
** 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
Schedule of movement in derivative financial instruments designated as hedging instruments | ​
​ | ​ | ​ | ​ | ​ | ​
​ | At March 31, 2022
​ | 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 | 129.8 | ​ | — | ​ | —
Fuel and oil operating expenses | 110.5 | ​ | — | ​ | 3.2
GBP currency swaps | (9.6) | ​ | — | ​ | 4.2
Interest rate risk | ​ | ​ | ​ | ​ | ​
Variable-rate instruments | 1.4 | ​ | — | ​ | 0.1
Commodity price risk | ​ | ​ | ​ | ​ | ​
Fuel and carbon operating expenses | 788.8 | ​ | — | ​ | 176.5
Total movement in derivative instruments | 1,020.9 | ​ | — | ​ | 184.0
​ | ​ | ​ | ​ | ​ | ​
​ | 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)
​ | ​ | ​ | ​ | ​ | ​
* Hedge ineffectiveness is classified within “Finance Expense” on the Consolidated Income Statement
** Reclassified from hedging reserve to income statement – 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,
​ | ​ | ​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | ​ |  | €M |  | €M |  | €M
Commodity forward contracts | ​ | ​ |  |  |  |  |  |
Reclassification adjustments for (gains)/losses recognized in fuel and oil operating expenses | ​ | ​ |  | 176.5 |  | (263.5) |  | (254.8)
Interest rate swaps | ​ | ​ |  |  |  |  |  |
Reclassification adjustments for losses recognized in finance expense | ​ | ​ |  | 0.1 |  | 0.1 |  | 0.2
Foreign currency forward contracts | ​ | ​ |  |  |  |  |  |
Reclassification adjustments for losses/(gains) recognized in fuel and oil operating expenses | ​ | ​ |  | 7.4 |  | 5.2 |  | (7.0)
​ | ​ | ​ |  | 184.0 |  | (258.2) |  | (261.6)
Schedule of reclassified from other comprehensive income into the capitalized cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ |  | 2022 |  | 2021 |  | 2020
​ |  | €M |  | €M |  | €M
Foreign currency forward contracts |  |  |  |  |  |
Recognized in property plant and equipment – aircraft additions |  | 78.1 |  | 5.0 |  | —
​ |  | 78.1 |  | 5.0 |  | —
Schedule of fair values and notional amounts derivative financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2022 | ​ | ​ | 2021 | ​ | ​ | 2020
​ | ​ | 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 |  | 2,082.4 |  | 2,097.9 |  | 4,180.3 |  |  | 1,632.7 |  | 1,935.7 |  | 3,568.4 |  |  | 1,519.8 |  | 2,763.7 |  | 4,283.5
Fuel and oil operating expenses |  | 2,151.8 |  | — |  | 2,151.8 |  |  | 1,202.2 |  | — |  | 1,202.2 |  |  | — |  | 1,312.0 |  | 1,312.0
GBP currency swaps |  | — |  | — |  | — |  |  | 695.3 |  | — |  | 695.3 |  |  | — |  | — |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
— Within derivative financial assets |  | 313.7 |  | 160.4 |  | 474.1 |  |  | 104.9 |  | 109.4 |  | 214.3 |  |  | 291.2 |  | 372.5 |  | 663.7
— Within derivative financial liabilities |  | (31.0) |  | — |  | (31.0) |  |  | (59.4) |  | (6.4) |  | (65.8) |  |  | (2.2) |  | — |  | (2.2)
​ |  | 282.7 |  | 160.4 |  | 443.1 |  |  | 45.5 |  | 103.0 |  | 148.5 |  |  | 289.0 |  | 372.5 |  | 661.5
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate risk notional amounts for effective hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable—rate instruments |  | 12.1 |  | 31.4 |  | 43.5 |  |  | 13.4 |  | 38.2 |  | 51.6 |  |  | 64.8 |  | — |  | 64.8
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total fair value for all interest rate risk related derivative instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
— Within derivative financial assets |  | 1.9 |  | 2.5 |  | 4.4 |  |  | 1.0 |  | 2.0 |  | 3.0 |  |  | 2.0 |  | 6.0 |  | 8.0
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity price risk notional amounts for effective hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel and carbon operating expenses |  | 1,901.0 |  | 154.6 |  | 2,055.6 |  |  | 577.6 |  | — |  | 577.6 |  |  | — |  | 672.7 |  | 672.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total fair value for all commodity fuel & carbon related derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
— Within derivative financial assets |  | 934.1 |  | 22.2 |  | 956.3 |  |  | — |  | — |  | — |  |  | — |  | — |  | —
— Within derivative financial liabilities |  | (7.5) |  | — |  | (7.5) |  |  | (19.8) |  | — |  | (19.8) |  |  | (1,047.8) |  | (180.5) |  | (1,230.5)
​ |  | 926.6 |  | 22.2 |  | 948.8 |  |  | (19.8) |  | — |  | (19.8) |  |  | (1,047.8) |  | (180.5) |  | (1,230.5)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair values as reported in the consolidated balance sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial assets |  | 1,400.4 |  | 185.1 |  | 1,585.5 |  |  | 106.0 |  | 111.3 |  | 217.3 |  |  | 293.2 |  | 378.5 |  | 671.7
Derivative financial liabilities |  | (38.6) |  | — |  | (38.6) |  |  | (79.2) |  | (6.4) |  | (85.6) |  |  | (1,050.0) |  | (180.5) |  | (1,230.5)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative financial assets analyzed between those: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
— Designated as continuing cash flow hedges |  | 1,208.6 |  | 185.1 |  | 1,393.7 |  |  | 72.3 |  | 98.1 |  | 170.4 |  |  | 184.0 |  | 378.5 |  | 562.5
— Where hedge accounting is no longer applied |  | 41.2 |  | — |  | 41.2 |  |  | 33.7 |  | 13 |  | 46.9 |  |  | 109.2 |  | — |  | 109.2
— Designated as fair value financial instruments | ​ | 150.6 | ​ | — | ​ | 150.6 | ​ | ​ | — | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | —
​ |  | 1,400.4 |  | 185.1 |  | 1,585.5 |  |  | 106.0 |  | 111.3 |  | 217.3 |  |  | 293.2 |  | 378.5 |  | 671.7
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative financial liabilities analyzed between those: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
— Designated as continuing cash flow hedges |  | (7.5) |  | — |  | (7.5) |  |  | (36.9) |  | (0.6) |  | (37.5) |  |  | (533.5) |  | (180.5) |  | (714.0)
— Where hedge accounting is no longer applied |  | — |  | — |  | — |  |  | (22.4) |  | — |  | (22.4) |  |  | (516.5) |  | — |  | (516.5)
— Designated as fair value financial instruments |  | (31.1) |  | — |  | (31.1) |  |  | (19.9) |  | (5.8) |  | (25.7) |  |  | — |  | — |  | —
​ |  | (38.6) |  | — |  | (38.6) |  |  | (79.2) |  | (6.4) |  | (85.6) |  |  | (1,050.0) |  | (180.5) |  | (1,230.5)

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