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Financial instruments - Fair values and risk management (Tables)

12 Months Ended

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 €226m

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	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 €150m
** 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 €5m
** 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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The disclosure of financial instruments by type of interest rate. [Refer: Financial instruments, class [member]]

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IFRS
-Number 7
-IssueDate 2021-01-01
-Paragraph 39
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_39&doctype=Standard
-URIDate 2021-03-24

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- Definition

The disclosure of financial liabilities. [Refer: Financial liabilities]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2021-01-01
-Paragraph 7
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&anchor=para_7&doctype=Standard
-URIDate 2021-03-24

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The schedule of the movement of derivative financial instruments designated as hedging instruments.

+ References

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- Definition

Tabular disclosure of exchange rates applied.

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- Definition

The schedule of detailed information regarding the change in gross value of hedge instruments used for calculating hedge ineffectiveness.

+ References

No definition available.

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- Definition

The tabular disclosure of information about amounts that affected the statement of comprehensive income as a result of hedge accounting due to reclassified in to capitalized cost.

+ References

No definition available.

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- Definition

The tabular disclosure of information about amounts that affected the statement of comprehensive income as a result of hedge accounting due to reclassified to income statement.

+ References

No definition available.

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- Definition

Tabular disclosure of maturities of contractual cash flows of financial liabilities.

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Tabular disclosure of monetary assets.

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Tabular disclosure of monetary liabilities.

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- Definition

Tabular disclosure of notional amounts of currency forward contract.

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- Definition

Tabular disclosure of significant cash balances invested on short term basis.

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