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Financial instruments - Fair values and risk management (Tables)

12 Months Ended

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. €230m

​

​

​

​

​

​

​

​

​

​

​

​

​

​

** 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. €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

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 €28m
** 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 €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

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)

X

- Definition

The disclosure of derivative financial instruments. [Refer: Derivatives [member]]

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 10
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_10_e&doctype=Standard
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X

- Definition

The disclosure of detailed information about hedged items. [Refer: Hedged items [member]]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2022-03-24
-Paragraph 24B
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2022-en-r&anchor=para_24B&doctype=Standard
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X

- Definition

The disclosure of detailed information about hedging instruments. [Refer: Hedging instruments [member]]

+ References

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