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v3.23.2

Deferred and current taxation | 12 Months Ended
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Mar. 31, 2023
Deferred and current taxation |
Deferred and current taxation | 12. Deferred and current taxation ​ The components of the deferred and current taxation in the balance sheet are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ |  | €M |  | €M |  | €M
Current tax assets | ​ | ​ | ​ | ​ | ​ | ​
Corporation tax assets | ​ | — | ​ | — | ​ | —
Total current tax assets | ​ | — | ​ | — | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Current tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
Corporation tax liabilities | ​ | 66.3 | ​ | 47.7 | ​ | 48.1
Total current tax liabilities | ​ | 66.3 | ​ | 47.7 | ​ | 48.1
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax assets | ​ | ​ | ​ | ​ | ​ | ​
Tax losses and temporary differences on plant, equipment and derivatives | ​ | (6.6) | ​ | (42.3) | ​ | (14.0)
Total deferred tax assets | ​ | (6.6) | ​ | (42.3) | ​ | (14.0)
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
Temporary differences on property, plant and equipment and derivatives | ​ | 159.3 | ​ | 266.5 | ​ | 272.4
Total deferred tax liabilities | ​ | 159.3 | ​ | 266.5 | ​ | 272.4
​ | ​ | ​ | ​ | ​ | ​ | ​
Total tax liabilities (net) | ​ | 219.0 | ​ | 271.9 | ​ | 306.5
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ |  | €M |  | €M |  | €M
Reconciliation of current tax | ​ | ​ | ​ | ​ | ​ | ​
Liability/(asset) at beginning of year |  | 47.7 | ​ | 48.1 |  | (44.5)
Corporation tax charge/(credit) in year |  | 22.7 | ​ | (9.9) |  | 5.5
Tax (paid)/received |  | (4.1) | ​ | 9.5 |  | 87.1
Liability at end of year |  | 66.3 |  | 47.7 |  | 48.1
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ |  | €M |  | €M |  | €M
Reconciliation of deferred tax | ​ | ​ | ​ | ​ | ​ | ​
Net liability at beginning of year |  | 224.2 |  | 258.4 |  | 299.9
Temporary differences on derivatives hedging instruments | ​ | (177.5) | ​ | 145.0 | ​ | 57.6
Tax losses and temporary differences on property, plant and equipment and other non-derivative items | ​ | 106.0 | ​ | (179.2) | ​ | (99.1)
Net liability at end of year |  | 152.7 |  | 224.2 |  | 258.4
​ The components of the tax expense in the income statement were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended
​ | ​ | March 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ |  | €M |  | €M |  | €M
Corporation tax charge/(credit) |  | 22.7 |  | (9.8) |  | 5.5
Deferred tax charge/(credit) relating to temporary differences on property, plant and equipment, net operating losses and other non-derivative items |  | 106.0 |  | (179.2) |  | (99.1)
​ | ​ | 128.7 |  | (189.0) |  | (93.6)
​ The following table reconciles the statutory rate of Irish corporation tax to the Company’s effective corporation tax rate: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended |
​ | ​ | March 31, |
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 |
​ |  | % |  | % |  | % | ​
Statutory rate of Irish corporation tax on profit/(loss) |  | 12.5 |  | (12.5) |  | (12.5) |
Non-Irish profits and losses subject to other tax rates |  | (4.3) | ​ | (21.3) | ​ | (0.7) | ​
Valuation adjustments on deferred tax assets |  | 0.3 | ​ | (11.1) | * | 4.8 |
Other movements | ​ | 0.4 | ​ | 1.0 | ​ | — | ​
Total effective rate of taxation on profit/(loss) |  | 8.9 |  | (43.9) |  | (8.4) | ​
​ * 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. ​ From April 1, 2024, the overall effective tax rate of the Company is expected to increase on the enactment of the EU Commission’s directive relating to the OECD’s proposals for a global minimum tax rate of 15%. Any increase in corporation tax rates or changes in the basis of calculation resulting from Pillar Two would result in the Company paying higher corporation taxes in the future. From April 2024, the corporation tax rate in the U.K. will increase from 19% to 25%. The deferred tax movement per each type of temporary difference is detailed below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended
​ | ​ | March 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ | ​ | €M | ​ | €M | ​ | €M
Property, plant and equipment | ​ | 52.2 | ​ | (149.7) | ​ | (21.9)
IFRS 15 transition adjustment | ​ | 7.1 | ​ | 7.1 | ​ | 7.1
Right of use assets & lease liabilities | ​ | — | ​ | — | ​ | 0.6
Net operating losses | ​ | 46.7 | ​ | (40.5) | ​ | (85.0)
Other | ​ | — | ​ | 3.9 | ​ | 0.1
Deferred tax credit/(charge) | ​ | 106.0 | ​ | (179.2) | ​ | (99.1)
​ Deferred tax applicable to items charged or credited to other comprehensive income were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ |  | €M |  | €M |  | €M
Effective portion of changes in fair value of cash-flow hedges |  | 66.6 | ​ | 117.7 | ​ | 124.5
Net change in fair value of cash-flow hedges transferred to property, plant and equipment | ​ | (16.4) | ​ | 2.7 | ​ | 0.2
Net hedge ineffectiveness and discontinuation transferred to profit or loss | ​ | — | ​ | — | ​ | (24.4)
Net other changes in fair value of cash-flow hedges transferred to profit or loss | ​ | (227.7) | ​ | 24.1 | ​ | (42.7)
Total tax (credit)/charge in other comprehensive income |  | (177.5) | ​ | 144.5 | ​ | 57.6
​ The principal components of net deferred tax at each year-end were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ |  | €M |  | €M |  | €M
Arising on designated hedging instruments | ​ | (27.6) | ​ | 149.8 | ​ | 4.8
Property, plant and equipment | ​ | 313.8 | ​ | 261.7 | ​ | 411.3
Net operating losses | ​ | (133.5) | ​ | (180.2) | ​ | (139.6)
IFRS 15 transition adjustment | ​ | — | ​ | (7.1) | ​ | (14.2)
Other | ​ | — | ​ | — | ​ | (3.9)
Total |  | 152.7 |  | 224.2 |  | 258.4
​ Deferred tax assets are recognised 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 utilised. ​ The Group continues not to recognise a deferred tax asset in respect of €249m of historic trading losses accrued in LaudaMotion GmBH. ​ 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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