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Deferred and current taxation (Tables)

12 Months Ended

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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The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets]

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year.

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