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Consolidated Statement of Cash Flows - EUR (€)
€ in Millions
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Operating activities      
Profit after tax € 1,611.6 € 1,917.1 € 1,313.8
Adjustments to reconcile profit after tax to net cash from operating activities      
Depreciation 1,214.4 1,059.5 923.2
Decrease/(increase) in inventories 1.6 (0.2) (1.7)
Tax expense 172.8 210.9 128.7
Share based payments 12.8 (3.9) 16.2
Decrease/(increase) in trade receivables 2.9 (16.7) (16.2)
(Increase) in other assets (585.6) (359.0) (482.0)
Increase/(decrease) in trade payables 124.8 (46.4) 31.2
Increase in accrued expenses and other liabilities 948.8 449.6 1,788.9
(Decrease)/increase in provisions (12.2) (8.3) 33.7
(Increase)/decrease in finance expense (0.4) 7.9 4.2
Increase in finance income 1.9 3.6 10.4
Foreign exchange and fair value 7.2 (7.1) 144.7 [1]
Income tax (paid) (84.9) (49.1) (4.1)
Net cash from operating activities 3,415.7 3,157.9 3,891.0
Investing activities      
Capital expenditure - purchase of property, plant and equipment (1,552.5) (2,391.9) (1,914.7)
Supplier reimbursements for property, plant and equipment     127.5
Proceeds from sale of property, plant and equipment     4.9
(Increase)/decrease in restricted cash (16.7) 13.1 3.2
Decrease/(increase) in financial assets: cash > 3 months 137.7 818.4 (122.1)
Net cash (used in) investing activities (1,431.5) (1,560.4) (1,901.2)
Financing activities      
Proceeds from shares issued 4.9 16.4 31.7
Share buyback (1,477.8)    
Dividends paid (437.7) (199.5)  
Repayments of borrowings (50.0) (1,100.5) (1,039.4)
Lease liabilities paid (36.4) (42.7) (46.3)
Net cash (used in) financing activities (1,997.0) (1,326.3) (1,054.0)
(Decrease)/increase in cash and cash equivalents (12.8) 271.2 935.8
Net foreign exchange differences 0.7 4.9 (5.5)
Cash and cash equivalents at beginning of year 3,875.4 3,599.3 2,669.0
Cash and cash equivalents at end of year 3,863.3 3,875.4 3,599.3
Included in the cash flows from operating activities for the year are the following amounts:      
Interest income received 135.9 148.4 52.7
Interest expense paid € (69.7) € (88.7) € (75.0)
[1] Includes an exceptional loss of €131m in FY23 attributable to the fair value measurement of jet fuel call options.