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v3.25.1

Deferred and current taxation (Tables) | 12 Months Ended
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Mar. 31, 2025
Deferred and current taxation |
Summary of components of the deferred and current taxation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ |  | €M |  | €M |  | €M
Current tax assets | ​ | ​ | ​ | ​ | ​ | ​
Corporation tax assets | ​ | — | ​ | — | ​ | —
Total current tax assets | ​ | — | ​ | — | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Current tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
Corporation tax liabilities | ​ | 107.1 | ​ | 66.6 | ​ | 66.3
Total current tax liabilities | ​ | 107.1 | ​ | 66.6 | ​ | 66.3
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax assets | ​ | ​ | ​ | ​ | ​ | ​
Tax losses and temporary differences on plant, equipment and derivatives | ​ | (1.6) | ​ | (2.1) | ​ | (6.6)
Total deferred tax assets | ​ | (1.6) | ​ | (2.1) | ​ | (6.6)
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
Temporary differences on property, plant and equipment and derivatives | ​ | 377.1 | ​ | 362.0 | ​ | 159.3
Total deferred tax liabilities | ​ | 377.1 | ​ | 362.0 | ​ | 159.3
Schedule of reconciliation of current and deferred tax liabilities (assets) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ |  | €M |  | €M |  | €M
Reconciliation of current tax | ​ | ​ | ​ | ​ | ​ | ​
Liability at beginning of year |  | 66.6 | ​ | 66.3 | ​ | 47.7
Corporation tax charge in year |  | 125.4 | ​ | 49.4 | ​ | 22.7
Tax (paid) |  | (84.9) | ​ | (49.1) | ​ | (4.1)
Liability at end of year |  | 107.1 |  | 66.6 |  | 66.3
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ |  | €M |  | €M |  | €M
Reconciliation of deferred tax | ​ | ​ | ​ | ​ | ​ | ​
Net liability at beginning of year |  | 359.9 |  | 152.7 |  | 224.2
Temporary differences on derivatives hedging instruments | ​ | (31.8) | ​ | 45.7 | ​ | (177.5)
Tax losses and temporary differences on property, plant and equipment and other non-derivative items | ​ | 47.4 | ​ | 161.5 | ​ | 106.0
Net liability at end of year |  | 375.5 |  | 359.9 |  | 152.7
Summary of components of income tax expense | The components of the tax expense in the income statement were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended
​ | ​ | March 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ |  | €M |  | €M |  | €M
Corporation tax charge |  | 125.4 |  | 49.4 |  | 22.7
Deferred tax charge relating to temporary differences on property, plant and equipment, net operating losses and other non-derivative items |  | 47.4 |  | 161.5 |  | 106.0
​ | ​ | 172.8 |  | 210.9 |  | 128.7
​
Summary of reconciliation of statutory tax rate to effective corporation tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended |
​ | ​ | March 31, |
​ | ​ | 2025 | ​ | 2024 | ​ | 2023 |
​ |  | % |  | % |  | % | ​
Statutory rate of Irish corporation tax on profit |  | 12.5 |  | 12.5 |  | 12.5 |
Non-Irish profits and losses subject to other tax rates |  | (3.8) | ​ | (2.4) | ​ | (4.3) | ​
Valuation adjustments on deferred tax assets |  | — | ​ | — | ​ | 0.3 |
Other movements | ​ | 1.0 | ​ | (0.2) | ​ | 0.4 | ​
Total effective rate of taxation on profit |  | 9.7 |  | 9.9 |  | 8.9 | ​
Schedule of deferred taxes | The deferred tax movement per each type of temporary difference is detailed below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended
​ | ​ | March 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ | ​ | €M | ​ | €M | ​ | €M
Property, plant and equipment | ​ | 23.6 | ​ | 53.4 | ​ | 52.2
IFRS 15 transition adjustment | ​ | — | ​ | — | ​ | 7.1
Net operating losses | ​ | 23.8 | ​ | 108.0 | ​ | 46.7
Other | ​ | — | ​ | 0.1 | ​ | —
Deferred tax charge | ​ | 47.4 | ​ | 161.5 | ​ | 106.0
​ Deferred tax applicable to items charged or credited to other comprehensive income were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ |  | €M |  | €M |  | €M
Effective portion of changes in fair value of cash-flow hedges |  | (22.3) | ​ | 48.7 | ​ | 66.6
Net change in fair value of cash-flow hedges transferred to property, plant and equipment | ​ | (3.4) | ​ | (11.8) | ​ | (16.4)
Net other changes in fair value of cash-flow hedges transferred to profit or loss | ​ | (6.1) | ​ | 8.8 | ​ | (227.7)
Total tax (credit)/charge in other comprehensive income |  | (31.8) | ​ | 45.7 | ​ | (177.5)
​ The principal components of net deferred tax at each year-end were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At March 31,
​ | ​ | 2025 | ​ | 2024 | ​ | 2023
​ |  | €M |  | €M |  | €M
Arising on designated hedging instruments | ​ | (11.8) | ​ | 18.2 | ​ | (27.6)
Property, plant and equipment | ​ | 388.9 | ​ | 367.1 | ​ | 313.8
Net operating losses | ​ | (1.6) | ​ | (25.4) | ​ | (133.5)
Total |  | 375.5 |  | 359.9 |  | 152.7
​

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