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Note to cash flow statement | 12 Months Ended
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Mar. 31, 2022
Note to cash flow statement |
Note to cash flow statement | 24. Note to cash flow statement ​ The following table outlines the changes in the carrying value of net debt: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ |  | €M |  | €M |  | €M
Net debt at beginning of year |  | (2,276.5) |  | (403.2) |  | (449.5)
Changes from financing cashflows | ​ | ​ | ​ | ​ | ​ | ​
Increase in cash and cash equivalents in year, including net foreign exchange differences |  | 18.3 |  | 84.3 |  | 890.8
Increase/(decrease) in financial assets: cash > 3 months |  | 468.6 |  | (741.7) |  | (277.2)
(Decrease) in restricted cash |  | (11.4) |  | (0.3) |  | (0.5)
Net cash flow from decrease/(increase) in debt |  | 583.3 |  | (1,201.5) |  | (274.4)
Movement in net funds resulting from cash flows |  | 1,058.8 |  | (1,859.2) |  | 338.7
​ | ​ | ​ | ​ | ​ | ​ | ​
Other changes | ​ | ​ | ​ | ​ | ​ | ​
Translation on U.S. dollar denominated debt | ​ | (4.2) | ​ | 15.7 | ​ | 19.7
Adjustment on initial application of IFRS 16 (net of tax) | ​ | — | ​ | — | ​ | (140.4)
Promissory notes | ​ | (225.9) | ​ | — | ​ | —
Lease additions | ​ | — | ​ | (25.2) | ​ | (166.1)
Interest expense | ​ | (3.8) | ​ | (4.6) | ​ | (5.6)
Movement from other changes | ​ | (233.9) | ​ | (14.1) | ​ | (292.4)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net debt at end of year |  | (1,451.6) |  | (2,276.5) |  | (403.2)
Analyzed as: |  |  |  |  |  |
Cash and cash equivalents, cash > 3 months and restricted cash |  | 3,625.8 |  | 3,150.3 |  | 3,808.0
Total borrowings* |  | (5,077.4) |  | (5,426.8) |  | (4,211.2)
Net debt |  | (1,451.6) |  | (2,276.5) |  | (403.2)
​ *Total borrowings include current and non-current maturities of debt and current and non-current lease liabilities. ​ The following table outlines the changes in the carrying value of share premium: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | At March 31,
​ | ​ | ​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ | ​ | ​ |  | €M |  | €M |  | €M
Balance at beginning of year | ​ | ​ |  | 1,161.6 |  | 738.5 |  | 719.4
Changes from financing cashflows | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net proceeds from shares issued | ​ | ​ |  | 46.8 |  | 423.1 |  | 19.1
Non-cash movement in share premium | ​ | ​ | ​ | 119.8 | ​ | — | ​ | —
Movement in net funds resulting from cash flows | ​ | ​ |  | 166.6 |  | 423.1 |  | 19.1
Balance at end of year | ​ | ​ |  | 1,328.2 |  | 1,161.6 |  | 738.5
​ During fiscal year 2022 the Group had cash outflows of €nil relating to the repurchase of ordinary shares (net of stamp duty) (2021: €nil, 2020: €581 m), which affected the retained earnings account. Please refer to the Consolidated Statement of Changes in Equity for further detail. ​ The following table outlines the changes in liabilities arising from financing activities: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | At March 31,
​ | ​ | ​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | ​ |  | €M |  | €M |  | €M
Balance at beginning of year | ​ | ​ | ​ | (5,426.8) | ​ | (4,211.2) | ​ | (3,644.4)
Proceeds from borrowings | ​ | ​ | ​ | (1,192.0) | ​ | (2,228.6) | ​ | (750.0)
Repayments of borrowings | ​ | ​ | ​ | 1,722.3 | ​ | 950.3 | ​ | 408.1
Lease liabilities paid | ​ | ​ | ​ | 53.0 | ​ | 76.8 | ​ | 67.5
Adjustment on initial application of IFRS 16 (net of tax) | ​ | ​ | ​ | — | ​ | — | ​ | (140.4)
Lease additions | ​ | ​ | ​ | — | ​ | (25.2) | ​ | (166.1)
Interest expense | ​ | ​ | ​ | (3.8) | ​ | (4.6) | ​ | (5.6)
Foreign exchange | ​ | ​ | ​ | (4.2) | ​ | 15.7 | ​ | 19.7
Promissory notes | ​ | ​ | ​ | (225.9) | ​ | — | ​ | —
Balance at end of year | ​ | ​ | ​ | (5,077.4) | ​ | (5,426.8) | ​ | (4,211.2)
Less than one year | ​ | ​ | ​ | (1,281.4) | ​ | (1,778.4) | ​ | (457.3)
More than one year | ​ | ​ | ​ | (3,796.0) | ​ | (3,648.4) | ​ | (3,753.9)
​ | ​ | ​ | ​ | (5,077.4) | ​ | (5,426.8) | ​ | (4,211.2)
​

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