Deferred and current taxation (Tables)

12 Months Ended

Mar. 31, 2024

Deferred and current taxation

Summary of components of the deferred and current taxation

	At March 31,
	2024	2023	2022
	€M	€M	€M
Current tax assets
Corporation tax assets	—	—	—
Total current tax assets	—	—	—
Current tax liabilities
Corporation tax liabilities	66.6	66.3	47.7
Total current tax liabilities	66.6	66.3	47.7
Deferred tax assets
Tax losses and temporary differences on plant, equipment and derivatives	(2.1)	(6.6)	(42.3)
Total deferred tax assets	(2.1)	(6.6)	(42.3)
Deferred tax liabilities
Temporary differences on property, plant and equipment and derivatives	362.0	159.3	266.5
Total deferred tax liabilities	362.0	159.3	266.5

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

	At March 31,
	2024	2023	2022
	€M	€M	€M
Reconciliation of current tax
Liability at beginning of year	66.3	47.7	48.1
Corporation tax charge/(credit) in year	49.4	22.7	(9.9)
Tax (paid)/received	(49.1)	(4.1)	9.5
Liability at end of year	66.6	66.3	47.7

	At March 31,
	2024	2023	2022
	€M	€M	€M
Reconciliation of deferred tax
Net liability at beginning of year	152.7	224.2	258.4
Temporary differences on derivatives hedging instruments	45.7	(177.5)	145.0
Tax losses and temporary differences on property, plant and equipment and other non-derivative items	161.5	106.0	(179.2)
Net liability at end of year	359.9	152.7	224.2

Summary of components of income tax expense

The components of the tax expense in the income statement were as follows:

	Year ended
	March 31,
	2024	2023	2022
	€M	€M	€M
Corporation tax charge/(credit)	49.4	22.7	(9.8)
Deferred tax charge/(credit) relating to temporary differences on property, plant and equipment, net operating losses and other non-derivative items	161.5	106.0	(179.2)
	210.9	128.7	(189.0)

Summary of reconciliation of statutory tax rate to effective corporation tax rate

The following table reconciles the statutory rate of Irish corporation tax to the Company’s effective corporation tax rate:

	Year ended
	March 31,
	2024	2023	2022
	%	%	%
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	(2.4)	(4.3)	(21.3)
Valuation adjustments on deferred tax assets	—	0.3	(11.1)
Other movements	(0.2)	0.4	1.0
Total effective rate of taxation on profit/(loss)	9.9	8.9	(43.9)

Schedule of deferred taxes

The deferred tax movement per each type of temporary difference is detailed below:

	Year ended
	March 31,
	2024	2023	2022
	€M	€M	€M
Property, plant and equipment	53.4	52.2	(149.7)
IFRS 15 transition adjustment	—	7.1	7.1
Net operating losses	108.0	46.7	(40.5)
Other	0.1	—	3.9
Deferred tax charge/(credit)	161.5	106.0	(179.2)

Deferred tax applicable to items charged or credited to other comprehensive income were as follows:

	At March 31,
	2024	2023	2022
	€M	€M	€M
Effective portion of changes in fair value of cash-flow hedges	48.7	66.6	117.7
Net change in fair value of cash-flow hedges transferred to property, plant and equipment	(11.8)	(16.4)	2.7
Net other changes in fair value of cash-flow hedges transferred to profit or loss	8.8	(227.7)	24.1
Total tax charge/(credit) in other comprehensive income	45.7	(177.5)	144.5

The principal components of net deferred tax at each year-end were:

	At March 31,
	2024	2023	2022
	€M	€M	€M
Arising on designated hedging instruments	18.2	(27.6)	149.8
Property, plant and equipment	367.1	313.8	261.7
Net operating losses	(25.4)	(133.5)	(180.2)
IFRS 15 transition adjustment	—	—	(7.1)
Total	359.9	152.7	224.2