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Note to cash flow statement

12 Months Ended

Mar. 31, 2022

Note to cash flow statement

Note to cash flow statement

24.         Note to cash flow statement

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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)

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*Total borrowings include current and non-current maturities of debt and current and non-current lease liabilities.

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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

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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: €581m), 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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- Definition

The entire disclosure for a statement of cash flows.

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-URIDate 2021-03-24

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