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v3.22.2

Deferred and current taxation | 12 Months Ended
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Mar. 31, 2022
Deferred and current taxation |
Deferred and current taxation | 13. Deferred and current taxation ​ The components of the deferred and current taxation in the balance sheet are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ |  | €M |  | €M |  | €M
Current tax assets | ​ | ​ | ​ | ​ | ​ | ​
Corporation tax assets | ​ | — | ​ | — | ​ | 44.5
Total current tax assets | ​ | — | ​ | — | ​ | 44.5
​ | ​ | ​ | ​ | ​ | ​ | ​
Current tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
Corporation tax liabilities | ​ | 47.7 | ​ | 48.1 | ​ | —
Total current tax liabilities | ​ | 47.7 | ​ | 48.1 | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax assets | ​ | ​ | ​ | ​ | ​ | ​
Tax losses and temporary differences on property, plant and equipment | ​ | (42.3) | ​ | (14.0) | ​ | (53.6)
Total deferred tax assets | ​ | (42.3) | ​ | (14.0) | ​ | (53.6)
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
Temporary differences on property, plant and equipment, derivatives and pensions | ​ | 266.5 | ​ | 272.4 | ​ | 353.5
Total deferred tax liabilities | ​ | 266.5 | ​ | 272.4 | ​ | 353.5
​ | ​ | ​ | ​ | ​ | ​ | ​
Total tax liabilities (net) | ​ | 271.9 | ​ | 306.5 | ​ | 255.4
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ |  | €M |  | €M |  | €M
Reconciliation of current tax | ​ | ​ | ​ | ​ | ​ | ​
Liability/(asset) at beginning of year |  | 48.1 |  | (44.5) |  | 31.6
Corporation tax (credit)/charge in year |  | (9.9) |  | 5.5 |  | 44.4
Tax received/(paid) |  | 9.5 |  | 87.1 |  | (120.5)
Liability/(asset) at end of year |  | 47.7 |  | 48.1 |  | (44.5)
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ |  | €M |  | €M |  | €M
Reconciliation of deferred tax | ​ | ​ | ​ | ​ | ​ | ​
Net liability at beginning of year |  | 258.4 |  | 299.9 |  | 417.4
Temporary differences on derivatives hedging instruments | ​ | 145.0 | ​ | 57.6 | ​ | (94.7)
Temporary differences on property, plant and equipment, net operating losses and other non-derivative items | ​ | (179.2) | ​ | (99.1) | ​ | (22.8)
Net liability at end of year |  | 224.2 |  | 258.4 |  | 299.9
​ The components of the tax expense in the income statement were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended
​ | ​ | March 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ |  | €M |  | €M |  | €M
Corporation tax (credit)/charge |  | (9.8) |  | 5.5 |  | 44.4
Deferred tax credit relating temporary differences on property, plant and equipment, net operating losses and other non-derivative items |  | (179.2) |  | (99.1) |  | (22.8)
​ | ​ | (189.0) |  | (93.6) |  | 21.6
​ The following table reconciles the statutory rate of Irish corporation tax to the Company’s effective corporation tax rate: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended |
​ | ​ | March 31, |
​ | ​ | 2022 | ​ | 2021 | ​ | 2020 |
​ |  | % |  | % |  | % | ​
Statutory rate of Irish corporation tax on (loss)/profits |  | (12.5) |  | (12.5) |  | 12.5 |
Non-Irish profits and losses subject to other tax rates |  | (21.3) | ​ | (0.7) | ​ | (9.3) | ​
Valuation adjustments on deferred tax assets |  | (11.1) | * | 4.8 | ** | — |
Other movements | ​ | 1.0 | ​ | — | ​ | — | ​
Total effective rate of taxation on (loss)/profits |  | (43.9) |  | (8.4) |  | 3.2 | ​
​ * In the wake of the Covid-19 pandemic and in light of improved trading conditions, the Company determined that it is probable that sufficient near-term taxable profits will be available against which deductible temporary differences related to property, plant and equipment held by subsidiary companies can be utilized. On foot of this determination, the Group has recognized a deferred tax asset in respect of these deductible temporary differences. ** The Company has not recognized a deferred tax asset in respect of historic losses in LaudaMotion. The deferred tax movement per each type of temporary difference is detailed below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended March 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ |  | €M |  | €M |  | €M
​ | ​ | ​ | ​ | ​ | ​ | ​
Property, plant and equipment |  | (149.7) |  | (21.9) |  | (14.4)
IFRS 15 transition adjustment |  | 7.1 |  | 7.1 |  | 7.1
Right of use assets & lease liabilities |  | — |  | 0.6 |  | (1.1)
Net operating losses |  | (40.5) |  | (85.0) |  | (10.4)
Other |  | 3.9 |  | 0.1 |  | (4.0)
Deferred tax credit |  | (179.2) |  | (99.1) |  | (22.8)
​ Deferred tax applicable to items charged or credited to other comprehensive income were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ |  | €M |  | €M |  | €M
Effective portion of changes in fair value of cash-flow hedges |  | 117.7 | ​ | 124.5 | ​ | (9.4)
Net change in fair value of cash-flow hedges transferred to property, plant and equipment | ​ | 2.7 | ​ | 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 | ​ | 24.1 | ​ | (42.7) | ​ | (31.8)
Total tax charge in other comprehensive income |  | 144.5 | ​ | 57.6 | ​ | (94.7)
​ The principal components of net deferred tax at each year-end were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
​ |  | €M |  | €M |  | €M
Arising on designated hedging instruments | ​ | 149.8 | ​ | 4.8 | ​ | (52.8)
Property, plant and equipment | ​ | 261.7 | ​ | 411.3 | ​ | 433.2
Net operating losses | ​ | (180.2) | ​ | (139.6) | ​ | (54.6)
IFRS 15 transition adjustment | ​ | (7.1) | ​ | (14.2) | ​ | (21.3)
Right of use assets and lease liabilities | ​ | — | ​ | — | ​ | (0.6)
Other | ​ | — | ​ | (3.9) | ​ | (4.0)
Total |  | 224.2 |  | 258.4 |  | 299.9
​ Deferred tax assets are recognized on the basis that it is probable that sufficient future near-term profits will be available against which deductible temporary differences and losses carried forward may be utilized. At March 31, 2022 and in the wake of the Covid-19 pandemic, the Group carried out a review of the recoverability of its deductible temporary differences and determined that deferred tax assets should be recognized for all such differences. This included the recognition of a net deferred tax asset of approximately €50m in respect of deductible temporary differences on property, plant and equipment in subsidiary companies, for which a deferred tax asset had not previously been recognized. The Group has not recognized a deferred tax asset of €54m in respect of historic trading losses of LaudaMotion. ​ No deferred tax has been provided for unremitted earnings of overseas subsidiaries. No temporary differences arise on the carrying value of the tax base of subsidiary companies as the Group’s trading subsidiaries are resident in countries with which Ireland has concluded double taxation agreements.

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