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Consolidated Statement of Cash Flows - EUR (€)
€ in Millions
 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Operating activities      
Profit/(loss) after tax € 1,313.8 € (240.8) € (1,015.1)
Adjustments to reconcile profit/(loss) after tax to net cash from/(used in) operating activities      
Depreciation 923.2 719.4 571.0
(Increase) in inventories (1.7) (0.7) (0.3)
Tax expense/(credit) on profit/(loss) 128.7 (189.0) (93.6)
Share-based payments 16.2 8.6 3.6
(Increase)/decrease in trade receivables (16.2) (24.9) 48.9
(Increase) in other assets (482.0) (241.4) (3.5)
Increase/(decrease) in trade payables 31.2 284.6 (407.6)
Increase/(decrease) in accrued expenses & other liabilities 1,788.9 1,722.8 (1,318.8)
Increase/(decrease) in provisions 33.7 45.5 (21.9)
Decrease/(increase) in finance expense 4.2 (6.6) (3.7)
Increase in finance income 10.4    
Foreign exchange, fair value and hedge ineffectiveness 144.7 [1] (146.5) [1] (294.1)
Income tax (paid)/refunded (4.1) 9.5 87.1
Net cash from/(used in) operating activities 3,891.0 1,940.5 (2,448.0)
Investing activities      
Capital expenditure - purchase of property, plant and equipment (1,914.7) (1,181.6) (294.7)
Supplier reimbursements for property, plant and equipment 127.5 113.9 377.6
Proceeds from sale of property, plant and equipment 4.9 110.5 112.1
Decrease in restricted cash 3.2 11.4 0.3
(Increase)/decrease in financial assets: cash > 3 months (122.1) (468.6) 741.7
Net cash (used in)/from investing activities (1,901.2) (1,414.4) 937.0
Financing activities      
Net proceeds from shares issued 31.7 46.8 421.0
Proceeds from borrowings   1,192.0 [2] 2,228.6
Repayments of borrowings (1,039.4) (1,722.3) (950.3)
Lease liabilities paid (46.3) (53.0) (76.8)
Net cash (used in)/from financing activities (1,054.0) (536.5) 1,622.5
Increase/(decrease) in cash and cash equivalents 935.8 (10.4) 111.5
Net foreign exchange differences (5.5) 28.7 (27.2)
Cash and cash equivalents at beginning of year 2,669.0 2,650.7 2,566.4
Cash and cash equivalents at end of year 3,599.3 2,669.0 2,650.7
Interest income received 52.7   0.2
Interest expense paid € (75.0) € (86.6) € (59.2)
[1] Includes an exceptional loss of €131m (2022: exceptional gain of €131m), attributable to the fair value measurement of jet fuel call options.
[2] €1.2bn bond net of transaction costs.