v3.25.1
Investment income and financing costs
12 Months Ended
Mar. 31, 2025
Investment income and financing costs  
Investment income and financing costs
 5. Investment income and financing costs 
 
Investment income comprises interest received from investments and other receivables. Financing costs mainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging transactions used to manage foreign exchange and interest rate movements.
 
     
2025 
€m 
 
2024 
m 
 
2023 
m 
Investment income
      
Financial assets measured at amortised cost
     355       327       196  
Financial assets measured at fair value through profit and loss
     509       254       36  
 
  
 
    864
 
 
 
    581
 
 
 
    232
 
Financing costs
      
Financial liabilities measured at amortised cost
      
Bonds
     1,301       1,596       1,711  
Lease liabilities
     488       440       355  
Bank loans and other liabilities
1
     499       712       392  
Interest on derivatives
     (356     (395     (561
Mark-to-market
on derivatives
     (2     100       (423
Foreign exchange
     1       173       135  
 
  
 
1,931
 
 
 
2,626
 
 
 
1,609
 
Net financing costs
  
 
1,067
 
 
 
2,045
 
 
 
1,377
 
Note:
 
1.
Interest capitalised for the year ended 31 March 2025 was
nil
(2024:
nil, 2023:
5 million).