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Deferred and current taxation (Tables)

12 Months Ended

Mar. 31, 2023

Deferred and current taxation

Summary of components of the deferred and current taxation


		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

Schedule of reconciliation of current and deferred tax liabilities (assets)


		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

Summary of components of income tax expense

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)

Summary of reconciliation of the statutory rate of Irish corporation tax

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.

Schedule of deferred taxes

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