v3.26.1
Deferred and current taxation (Tables)
12 Months Ended
Mar. 31, 2026
Deferred and current taxation  
Summary of components of the deferred and current taxation

At March 31, 

2026

2025

2024

  ​ ​ ​

€M

  ​ ​ ​

€M

  ​ ​ ​

€M

Current tax assets

Corporation tax assets

Total current tax assets

Current tax liabilities

Corporation tax liabilities

79.8

107.1

66.6

Total current tax liabilities

79.8

107.1

66.6

Deferred tax assets

Tax losses and temporary differences on plant, equipment and derivatives

(2.3)

(1.6)

(2.1)

Total deferred tax assets

(2.3)

(1.6)

(2.1)

Deferred tax liabilities

Temporary differences on property, plant and equipment and derivatives

671.5

377.1

362.0

Total deferred tax liabilities

671.5

377.1

362.0

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

At March 31, 

2026

2025

2024

  ​ ​ ​

€M

  ​ ​ ​

€M

  ​ ​ ​

€M

Reconciliation of current tax

Liability at beginning of year

 

107.1

66.6

66.3

Corporation tax charge in year

 

224.2

125.4

49.4

Tax (paid)

 

(251.5)

(84.9)

(49.1)

Liability at end of year

 

79.8

 

107.1

 

66.6

At March 31, 

2026

2025

2024

  ​ ​ ​

€M

  ​ ​ ​

€M

  ​ ​ ​

€M

Reconciliation of deferred tax

Net liability at beginning of year

 

375.5

 

359.9

 

152.7

Temporary differences on derivatives hedging instruments

268.3

(31.8)

45.7

Tax losses and temporary differences on property, plant & equipment & non-derivative items

25.4

47.4

161.5

Net liability at end of year

 

669.2

 

375.5

 

359.9

Summary of components of income tax expense

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

Year ended

March 31, 

2026

2025

2024

  ​ ​ ​

€M

  ​ ​ ​

€M

  ​ ​ ​

€M

Corporation tax charge

 

224.2

 

125.4

 

49.4

Deferred tax charge relating to temporary differences on property, plant and equipment, net operating losses and other non-derivative items

 

25.4

 

47.4

 

161.5

249.6

 

172.8

 

210.9

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

Year ended

 

March 31, 

 

2026

2025

2024

 

  ​ ​ ​

%

  ​ ​ ​

%

  ​ ​ ​

%

Statutory rate of Irish corporation tax on profit

 

12.5

 

12.5

 

12.5

 

Non-Irish profits and losses subject to other tax rates

 

(2.9)

(3.8)

(2.4)

Other movements

0.7

1.0

(0.2)

Total effective rate of taxation on profit

 

10.3

 

9.7

 

9.9

Schedule of deferred taxes

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

Year ended

March 31, 

2026

2025

2024

€M

€M

€M

Property, plant and equipment

25.2

23.6

53.4

Net operating losses

0.2

23.8

108.0

Other

0.1

Deferred tax charge

25.4

47.4

161.5

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

At March 31, 

2026

2025

2024

  ​ ​ ​

€M

  ​ ​ ​

€M

  ​ ​ ​

€M

Effective portion of changes in fair value of cash-flow hedges

 

229.2

(22.3)

48.7

Net change in fair value of cash-flow hedges transferred to property, plant and equipment

1.6

(3.4)

(11.8)

Net other changes in fair value of cash-flow hedges transferred to profit or loss

37.5

(6.1)

8.8

Total tax charge/(credit) in other comprehensive income

 

268.3

(31.8)

45.7

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

At March 31, 

2026

2025

2024

  ​ ​ ​

€M

  ​ ​ ​

€M

  ​ ​ ​

€M

Arising on designated hedging instruments

254.6

(11.8)

18.2

Property, plant and equipment

416.0

388.9

367.1

Net operating losses

(1.4)

(1.6)

(25.4)

Total

 

669.2

 

375.5

 

359.9