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Financial instruments - Fair values and risk management (Tables) | 12 Months Ended
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Mar. 31, 2023
Financial instruments - Fair values and risk management |
Schedule of carrying value of financial assets by class and measurement category | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Assets at | ​ | Cash- | ​ | Fair value | ​ | Total | ​ | ​
​ | ​ | Amortized | ​ | Flow | ​ | through | ​ | Carrying | ​ | Total Fair
​ | ​ | Cost | ​ | Hedges | ​ | Profit & Loss | ​ | Value | ​ | Value
​ |  | €M |  | €M | ​ | €M |  | €M |  | €M
At March 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents |  | 3,599.3 |  | — | ​ | — |  | 3,599.3 |  | —
Financial asset: cash > 3 months |  | 1,056.2 |  | — | ​ | — |  | 1,056.2 |  | —
Restricted cash |  | 19.5 |  | — | ​ | — |  | 19.5 |  | —
Derivative financial instruments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
- U.S. dollar currency forward contracts |  | — |  | 279.4 | ​ | — |  | 279.4 |  | 279.4
- Jet fuel & carbon derivative contracts |  | — |  | 49.6 | ​ | — |  | 49.6 |  | 49.6
- Jet fuel options |  | — |  | 14.1 | ​ | — |  | 14.1 |  | 14.1
- Cross-currency swaps |  | — |  | 3.6 | ​ | — |  | 3.6 |  | 3.6
- GBP currency swaps | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Trade receivables |  | 59.7 |  | — | ​ | — |  | 59.7 |  | —
Total financial assets at March 31, 2023 |  | 4,734.7 |  | 346.7 | ​ | — |  | 5,081.4 |  | 346.7
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Assets at | ​ | 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 |  | —
Total financial assets at March 31, 2022 |  | 3,669.3 |  | 1,435.0 | ​ | 150.5 |  | 5,254.8 |  | 1,585.5
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Assets at | ​ | 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 |  | —
Total financial assets at March 31, 2021 |  | 3,168.9 |  | 217.3 | ​ | — |  | 3,386.2 |  | 217.3
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, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current maturities of debt |  | 1,056.7 | ​ | — | ​ | — | ​ | 1,056.7 | ​ | 1,051.7
Non-current maturities of debt | ​ | 2,853.2 | ​ | — | ​ | — | ​ | 2,853.2 | ​ | 2,740.7
Derivative financial instruments: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
-U.S. dollar currency forward contracts |  | — | ​ | 48.0 | ​ | — | ​ | 48.0 | ​ | 48.0
-Jet fuel & carbon derivative contracts |  | — | ​ | 349.8 | ​ | — | ​ | 349.8 | ​ | 349.8
Trade payables (Current) |  | 1,065.5 | ​ | — | ​ | — | ​ | 1,065.5 | ​ | —
Trade payables (Non-current) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Accrued expenses |  | 1,276.6 | ​ | — | ​ | — | ​ | 1,276.6 | ​ | —
Total financial liabilities at March 31, 2023 |  | 6,252.0 |  | 397.8 | ​ | — |  | 6,649.8 |  | 4,190.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 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
Schedule of estimated fair values | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
​ |  | €M |  | €M |  | €M |  | €M
At March 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative assets measured at fair value for risk management purposes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. dollar currency forward contracts |  | — |  | 279.4 |  | — |  | 279.4
Cross-currency swaps |  | — |  | 3.6 |  | — |  | 3.6
Jet fuel & carbon derivative contracts |  | — |  | 63.7 |  | — |  | 63.7
​ |  | — |  | 346.7 |  | — |  | 346.7
Derivative liabilities measured at fair value for risk management purposes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. currency forward contracts |  | — |  | 48.0 |  | — |  | 48.0
Jet fuel & carbon derivative contracts |  | — |  | 349.8 |  | — |  | 349.8
​ |  | — |  | 397.8 |  | — |  | 397.8
Financial liabilities not measured at fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt |  | — |  | 3,792.4 |  | — |  | 3,792.4
Non-current trade payables | ​ | — | ​ | — |  | — |  | —
​ | ​ | — | ​ | 3,792.4 | ​ | — | ​ | 3,792.4
Total |  | — |  | 4,536.9 |  | — |  | 4,536.9
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
Jet fuel & carbon derivative contracts |  | — |  | 1,106.8 |  | — |  | 1,106.8
Cross-currency swaps |  | — |  | 4.6 |  | — |  | 4.6
​ |  | — |  | 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 & carbon derivative contracts |  | — |  | 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
​ |  | — |  | 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 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 derivative contracts |  | — |  | 19.8 |  | — |  | 19.8
​ |  | — |  | 85.6 |  | — |  | 85.6
Financial liabilities not measured at fair value | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt | ​ | — |  | 5,356.4 |  | — |  | 5356.4
Non-current trade payables |  | — |  | 179.9 |  | — |  | 179.9
​ | ​ | — | ​ | 5,536.3 | ​ | — | ​ | 5,536.3
Total |  | — |  | 5,839.2 |  | — |  | 5,839.2
Schedule of monetary assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ | ​ | GBP | ​ | U.S.$ | ​ | Euro € | ​ | GBP | ​ | U.S.$ | ​ | Euro € | ​ | GBP | ​ | U.S.$ | ​ | Euro €
​ |  | £M |  | $M |  | €M |  | £M |  | $M |  | €M |  | £M |  | $M |  | €M
Monetary assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.K. pounds sterling cash and liquid resources |  | 78.1 | ​ | — |  | 88.8 |  | 28.3 | ​ | — |  | 33.6 |  | 8.1 | ​ | — |  | 9.5
U.S. Dollar cash and liquid resources |  | — | ​ | 671.3 |  | 619.3 |  | — | ​ | 386.8 |  | 349.6 |  | — | ​ | 506.7 |  | 432.0
​ |  | 78.1 | ​ | 671.3 |  | 708.1 |  | 28.3 | ​ | 386.8 |  | 383.2 |  | 8.1 | ​ | 506.7 |  | 441.5
Schedule of monetary liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ | ​ | GBP | ​ | U.S.$ | ​ | 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 | ​ | — | ​ | 280.8 | * | 259.1 | ​ | — | ​ | 311.3 | * | 281.3 | ​ | — | ​ | 95.7 | ​ | 81.6
U.K. GBP debt | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 597.3 | ​ | — | ​ | 701.8
Pre-delivery payments due to Boeing | ​ | — | ​ | 669.2 | ​ | 617.4 | ​ | — | ​ | 296.2 | ​ | 267.7 | ​ | — | ​ | 517.3 | ​ | 441.1
​ | ​ | — | ​ | 950.0 |  | 876.5 | ​ | — | ​ | 607.5 |  | 549.0 | ​ | 597.3 | ​ | 613.0 |  | 1,224.5
Schedule of exchange rates | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ | ​ | € | ​ | € | ​ | €
USD 1.0000 | ​ | 1.0839 | ​ | 1.1065 | ​ | 1.1728
GBP 1.0000 | ​ | 0.8791 | ​ | 0.8422 | ​ | 0.8510
Schedule of notional amounts of currency forward contracts | The notional principal amounts of forward foreign exchange contracts are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ | ​ | €M | ​ | €M | ​ | €M
Within Year 1 | ​ | 5,873.1 | ​ | 4,607.7 | ​ | 1,506.9
Greater than 1 Year | ​ | 1,203.5 | ​ | 2,097.8 | ​ | 1,562.4
Total | ​ | 7,076.6 | ​ | 6,705.5 | ​ | 3,069.3
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 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 2028 - | ​ | ​
​ | ​ | rate | ​ | 2024 | ​ | 2025 | ​ | 2026 | ​ | 2027 | ​ | 2031 | ​ | Total
At March 31, 2023 |  | (%) |  | €M |  | €M |  | €M |  | €M |  | €M |  | €M
Fixed rate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured debt |  | 2.43% | ​ | 16.2 |  | 12.3 | ​ | — |  | — |  | — |  | 28.5
Unsecured debt |  | 1.39% | ​ | 1,040.5 | * | 46.0 |  | 846.1 |  | 1,198.8 |  | — |  | 3,131.4
Debt |  | 1.39% | ​ | 1,056.7 |  | 58.3 |  | 846.1 |  | 1,198.8 |  | — |  | 3,159.9
Lease liabilities - right of use | ​ | 4.37% | ​ | 43.2 | ​ | 38.4 | ​ | 31.8 | ​ | 32.2 | ​ | 60.7 | ​ | 206.3
Total fixed rate debt |  |  |  | 1,099.9 |  | 96.7 |  | 877.9 |  | 1,231.0 |  | 60.7 |  | 3,366.2
Floating rate |  | ​ | ​ |  |  |  |  |  |  |  |  |  |  |
Unsecured long term debt | ​ | 3.45% | ​ | — | ​ | 750.0 | ** | — | ​ | — | ​ | — | ​ | 750.0
Total floating rate debt |  | 3.45% | ​ | — |  | 750.0 |  | — |  | — |  | — |  | 750.0
Total financial liabilities |  |  |  | 1,099.9 |  | 846.7 |  | 877.9 |  | 1,231.0 |  | 60.7 |  | 4,116.2
* Includes promissory notes amounting to approx. €230 m | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
** Refinanced post year end (May 2023) with unsecured RCF at lower margin maturing May 2028 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 long term 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 approx. €226 m | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
Schedule of significant cash balances invested on short term basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ | ​ | Within | ​ | Within | ​ | Within
​ | ​ | 1 year | ​ | 1 year | ​ | 1 year
Financial assets |  | €M |  | €M |  | €M
Cash and cash equivalents |  | 3,599.3 |  | 2,669.0 |  | 2,650.7
Cash > 3 months |  | 1,056.2 |  | 934.1 |  | 465.5
Restricted cash |  | 19.5 |  | 22.7 |  | 34.1
Total financial assets |  | 4,675.0 |  | 3,625.8 |  | 3,150.3
Schedule of maturities of contractual cash flows of financial liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Total | ​ | Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | Contractual | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Value | ​ | Cash Flows | ​ | 2024 | ​ | 2025 | ​ | 2026 | ​ | 2027 | ​ | Thereafter
At March 31, 2023 |  | €M |  | €M |  | €M |  | €M |  | €M |  | €M |  | €M
Long and short term debt and leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Fixed rate debt: 1.39% |  | 3,159.9 | ​ | 3,284.4 | ​ | 1,100.6 | ​ | 93.5 | ​ | 881.0 | ​ | 1,209.3 | ​ | —
- Floating rate debt: 3.45% |  | 750.0 | ​ | 782.3 | ​ | 25.9 | ​ | 756.4 | ​ | — | ​ | — | ​ | —
- Lease liabilities |  | 206.3 | ​ | 233.4 | ​ | 51.1 | ​ | 45.0 | ​ | 37.0 | ​ | 35.9 | ​ | 64.4
​ |  | 4,116.2 |  | 4,300.1 |  | 1,177.6 |  | 894.9 |  | 918.0 |  | 1,245.2 |  | 64.4
Derivative financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Currency forward contracts – outflows |  | 48.0 | ​ | 3,658.2 | ​ | 3,281.4 | ​ | 245.1 | ​ | 10.6 | ​ | 10.0 | ​ | 111.1
- Currency forward contracts – inflows | ​ | — | ​ | (3,645.4) | ​ | (3,263.2) | ​ | (246.9) | ​ | (10.7) | ​ | (10.2) | ​ | (114.4)
- Commodity forward contracts |  | 349.8 | ​ | 349.8 | ​ | 341.8 | ​ | 8.0 | ​ | — | ​ | — | ​ | —
Trade payables |  | 1,065.5 | ​ | 1,065.5 | ​ | 1,065.5 | ​ | — | ​ | — | ​ | — | ​ | —
Accrued expenses |  | 1,276.6 | ​ | 1,276.6 | ​ | 1,276.6 | ​ | — | ​ | — | ​ | — | ​ | —
Total at March 31, 2023 |  | 6,856.1 |  | 7,004.8 |  | 3,879.7 |  | 901.1 |  | 917.9 |  | 1,245.0 |  | 61.1
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 |  | 7,338.9 |  | 3,368.4 |  | 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
Schedule of derivative financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​
Derivative financial instruments: | ​ | ​ | ​ | ​ | ​
​ | At March 31,
​ | 2023 | ​ | 2022 | ​ | 2021
​ | €M | ​ | €M | ​ | €M
Foreign currency risk | ​ | ​ | ​ | ​ | ​
Property, plant and equipment - aircraft additions | 269.6 | ​ | 337.5 | ​ | 170.1
Fuel and oil operating expenses | (38.2) | ​ | 105.6 | ​ | (27.0)
GBP currency swaps | — | ​ | — | ​ | 5.4
Interest rate risk | ​ | ​ | ​ | ​ | ​
Variable-rate instruments | 3.6 | ​ | 4.5 | ​ | 3.0
Commodity price risk | ​ | ​ | ​ | ​ | ​
Fuel and carbon operating expenses | (286.1) | ​ | 948.7 | ​ | (19.8)
Net derivative position at year end | (51.1) | ​ | 1,396.3 | ​ | 131.7
Schedule of change in gross value used for calculating hedge ineffectiveness | ​
​ | ​ | ​ | ​ | ​ | ​
Change in gross value used for calculating hedge ineffectiveness: | ​ | ​ | ​ | ​ | ​
​ | At March 31,
​ | 2023 | ​ | 2022 | ​ | 2021
​ | €M | ​ | €M | ​ | €M
Foreign currency risk | ​ | ​ | ​ | ​ | ​
Property, plant and equipment - aircraft additions | 407.0 | ​ | (129.8) | ​ | 356.7
Fuel and oil operating expenses | 405.1 | ​ | (110.5) | ​ | 210.6
GBP currency swap | — | ​ | 9.6 | ​ | (5.4)
Interest rate risk | ​ | ​ | ​ | ​ | ​
Variable-rate instruments | 3.8 | ​ | (1.4) | ​ | 5.1
Commodity price risk | ​ | ​ | ​ | ​ | ​
Fuel and carbon operating expenses | 2,806.5 | ​ | (788.8) | ​ | (1,108.5)
Total | 3,622.4 | ​ | (1,020.9) | ​ | (541.5)
Schedule of hedged items | ​
​ | ​ | ​ | ​ | ​ | ​
​ | At March 31, 2023
​ | Continuing | ​ | Balance | ​ | ​
​ | hedges | ​ | remaining ** | ​ | Total
​ | €M | ​ | €M | ​ | €M
Foreign currency risk | ​ | ​ | ​ | ​ | ​
Property, plant and equipment - aircraft additions | 265.6 | ​ | 83.1 | ​ | 348.7
Fuel and oil operating expenses | (38.2) | ​ | — | ​ | (38.2)
GBP currency swaps | — | ​ | — | ​ | —
Interest rate risk | ​ | ​ | ​ | ​ | ​
Variable-rate instruments | (6.6) | ​ | — | ​ | (6.6)
Commodity price risk | ​ | ​ | ​ | ​ | ​
Fuel and carbon operating expenses | (300.1) | ​ | — | ​ | (300.1)
Gross cashflow hedge reserve | (79.3) | ​ | 83.1 | ​ | 3.8
​ | ​ | ​ | ​ | ​ | ​
*Deferred taxes included in Hedge reserve were €28 m
** Balance remaining in the cashflow hedge reserve for which hedge accounting is no longer applied
​ | 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 €150 m
** 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 €5 m
** 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, 2023
​ | 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 | (407.0) | ​ | — | ​ | —
Fuel and oil operating expenses | (405.1) | ​ | — | ​ | 261.2
GBP currency swaps | — | ​ | — | ​ | —
Interest rate risk | ​ | ​ | ​ | ​ | ​
Variable-rate instruments | (3.8) | ​ | — | ​ | 2.9
Commodity price risk | ​ | ​ | ​ | ​ | ​
Fuel and carbon operating expenses | (2,806.5) | ​ | — | ​ | 1,557.5
Total movement in derivative instruments | (3,622.4) | ​ | — | ​ | 1,821.6
​ | ​ | ​ | ​ | ​ | ​
​ | 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)
​ | ​ | ​ | ​ | ​ | ​
* 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,
​ | ​ | ​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | ​ |  | €M |  | €M |  | €M
Commodity forward contracts | ​ | ​ |  |  |  |  |  |
Reclassification adjustments for losses/(gains) recognized in fuel and oil operating expenses | ​ | ​ |  | 1,557.5 |  | 176.5 |  | (263.5)
Interest rate swaps | ​ | ​ |  | ​ |  |  |  |
Reclassification adjustments for losses recognized in finance expense | ​ | ​ |  | 2.9 |  | 0.1 |  | 0.1
Foreign currency forward contracts | ​ | ​ |  | ​ |  |  |  |
Reclassification adjustments for losses/(gains) recognized in fuel and oil operating expenses | ​ | ​ |  | 261.2 |  | 7.4 |  | 5.2
​ | ​ | ​ |  | 1,821.6 |  | 184.0 |  | (258.2)
Schedule of reclassified from other comprehensive income into the capitalized cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | At March 31,
​ | ​ | ​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | ​ |  | €M |  | €M |  | €M
Foreign currency forward contracts | ​ | ​ |  |  |  |  |  |
Recognized in property plant and equipment – aircraft additions | ​ | ​ |  | (308.1) |  | 78.1 |  | 5.0
​ | ​ | ​ |  | (308.1) |  | 78.1 |  | 5.0
Schedule of fair values and notional amounts derivative financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2023 | ​ | ​ | 2022 | ​ | ​ | 2021
​ | ​ | 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 |  | 1,893.6 | ​ | 411.9 |  | 2,305.5 |  |  | 2,082.4 |  | 2,097.9 |  | 4,180.3 |  |  | 1,632.7 |  | 1,935.7 |  | 3,568.4
Fuel and oil operating expenses |  | 3,979.4 | ​ | 791.6 |  | 4,771.0 |  |  | 2,151.8 |  | — |  | 2,151.8 |  |  | 1,202.2 |  | — |  | 1,202.2
GBP currency swaps |  | — | ​ | — |  | — |  |  | — |  | — |  | — |  |  | 695.3 |  | — |  | 695.3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
— Within derivative financial assets |  | 226.2 | ​ | 53.2 |  | 279.4 |  |  | 313.7 |  | 160.4 |  | 474.1 |  |  | 104.9 |  | 109.4 |  | 214.3
— Within derivative financial liabilities |  | (44.9) | ​ | (3.1) |  | (48.0) |  |  | (31.0) |  | — |  | (31.0) |  |  | (59.4) |  | (6.4) |  | (65.8)
​ |  | 181.3 |  | 50.1 |  | 231.4 |  |  | 282.7 |  | 160.4 |  | 443.1 |  |  | 45.5 |  | 103.0 |  | 148.5
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate risk notional amounts for effective hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable—rate instruments |  | 16.4 | ​ | 15.6 |  | 32.0 |  |  | 12.1 |  | 31.4 |  | 43.5 |  |  | 13.4 |  | 38.2 |  | 51.6
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total fair value for all interest rate risk related derivative instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
— Within derivative financial assets |  | 2.2 | ​ | 1.4 |  | 3.6 |  |  | 1.9 |  | 2.5 |  | 4.4 |  |  | 1.0 |  | 2.0 |  | 3.0
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commodity price risk notional amounts for effective hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel and carbon operating expenses |  | 3,504.5 | ​ | 310.5 |  | 3,815.0 |  |  | 1,901.0 |  | 154.6 |  | 2,055.6 |  |  | 577.6 |  | — |  | 577.6
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total fair value for all commodity fuel & carbon related derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
— Within derivative financial assets |  | 63.7 | ​ | — |  | 63.7 |  |  | 934.1 |  | 22.2 |  | 956.3 |  |  | — |  | — |  | —
— Within derivative financial liabilities |  | (341.7) | ​ | (8.1) |  | (349.8) |  |  | (7.5) |  | — |  | (7.5) |  |  | (19.8) |  | — |  | (19.8)
​ |  | (278.0) |  | (8.1) |  | (286.1) |  |  | 926.6 |  | 22.2 |  | 948.8 |  |  | (19.8) |  | — |  | (19.8)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair values as reported in the consolidated balance sheet |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial assets |  | 292.1 | ​ | 54.6 |  | 346.7 |  |  | 1,400.4 |  | 185.1 |  | 1,585.5 |  |  | 106.0 |  | 111.3 |  | 217.3
Derivative financial liabilities |  | (386.6) | ​ | (11.2) |  | (397.8) |  |  | (38.6) |  | — |  | (38.6) |  |  | (79.2) |  | (6.4) |  | (85.6)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative financial assets analyzed between those: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
— Designated as continuing cash flow hedges |  | 292.1 | ​ | 54.6 |  | 346.7 |  |  | 1,208.6 |  | 185.1 |  | 1,393.7 |  |  | 72.3 |  | 98.1 |  | 170.4
— Where hedge accounting is no longer applied |  | — | ​ | — |  | — |  |  | 41.2 |  | — |  | 41.2 |  |  | 33.7 |  | 13 |  | 46.9
— Designated as fair value financial instruments | ​ | — | ​ | — | ​ | — | ​ | ​ | 150.6 | ​ | — | ​ | 150.6 | ​ | ​ | — | ​ | — | ​ | —
​ |  | 292.1 |  | 54.6 |  | 346.7 |  |  | 1,400.4 |  | 185.1 |  | 1,585.5 |  |  | 106.0 |  | 111.3 |  | 217.3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative financial liabilities analyzed between those: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
— Designated as continuing cash flow hedges |  | (386.6) | ​ | (11.2) |  | (397.8) |  |  | (7.5) |  | — |  | (7.5) |  |  | (36.9) |  | (0.6) |  | (37.5)
— Where hedge accounting is no longer applied |  | — | ​ | — |  | — |  |  | — |  | — |  | — |  |  | (22.4) |  | — |  | (22.4)
— Designated as fair value financial instruments |  | — | ​ | — |  | — |  |  | (31.1) |  | — |  | (31.1) |  |  | (19.9) |  | (5.8) |  | (25.7)
​ |  | (386.6) |  | (11.2) |  | (397.8) |  |  | (38.6) |  | — |  | (38.6) |  |  | (79.2) |  | (6.4) |  | (85.6)

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- Definition The disclosure of detailed information about hedging instruments. [Refer: Hedging instruments [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2022-03-24 -Paragraph 24A -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2022-en-r&anchor=para_24A&doctype=Standard -URIDate 2022-03-24 + Details
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- Definition The entire disclosure for fair value measurement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 13 -IssueDate 2022-03-24 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2022-en-r&doctype=Standard&dita_xref=IFRS13_g91-99__IFRS13_g91-99_TI -URIDate 2022-03-24 + Details
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- Definition The disclosure of financial assets. [Refer: Financial assets] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2022-03-24 -Paragraph 7 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2022-en-r&anchor=para_7&doctype=Standard -URIDate 2022-03-24 + Details
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- Definition 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 2022-03-24 -Paragraph 39 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2022-en-r&anchor=para_39&doctype=Standard -URIDate 2022-03-24 + Details
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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 2022-03-24 -Paragraph 7 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2022-en-r&anchor=para_7&doctype=Standard -URIDate 2022-03-24 + Details
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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. + Details
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