| Note to cash flow statement |
23. Note to cash flow statement The following table outlines the changes in the carrying value of net cash: | | | | | | | | | At March 31, | | | 2026 | | 2025 | | 2024 | | | €M | | €M | | €M | Net cash at beginning of year | | 1,303.8 | | 1,372.8 | | 558.8 | Changes from financing cashflows | | | | | | | (Decrease)/increase in cash and cash equivalents in year, including net foreign exchange differences | | (1,129.9) | | (12.1) | | 276.1 | Increase/(decrease) in financial assets: cash > 3 months | | 712.3 | | (137.7) | | (818.4) | Increase/(decrease) in restricted cash | | 8.1 | | 16.7 | | (13.1) | Net cash flow from decrease in debt | | 1,224.1 | | 86.4 | | 1,143.2 | Movement in net funds resulting from cash flows | | 814.6 | | (46.7) | | 587.8 | | | | | | | | Other changes | | | | | | | Translation on U.S. dollar denominated debt | | 9.0 | | 3.3 | | 16.2 | Promissory notes | | — | | — | | 213.5 | Lease additions | | (39.3) | | (22.8) | | — | Interest expense | | (2.6) | | (2.8) | | (3.5) | Movement from other changes | | (32.9) | | (22.3) | | 226.2 | | | | | | | | Net cash at end of year | | 2,085.5 | | 1,303.8 | | 1,372.8 | Analyzed as: | | | | | | | Cash and cash equivalents, cash > 3 months and restricted cash | | 3,577.0 | | 3,986.5 | | 4,119.6 | Total borrowings* | | (1,491.5) | | (2,682.7) | | (2,746.8) | Net cash | | 2,085.5 | | 1,303.8 | | 1,372.8 |
*Total borrowings include current and non-current maturities of debt and current and non-current lease liabilities. The following table outlines the changes in the carrying value of share premium: | | | | | | | | | | | | | At March 31, | | | | | 2026 | | 2025 | | 2024 | | | | | €M | | €M | | €M | Balance at beginning of year | | | | 1,421.6 | | 1,404.3 | | 1,379.9 | Changes from financing cashflows | | | | | | | | | Net proceeds from shares issued | | | | 3.2 | | 4.9 | | 16.4 | Share premium receivable on shares issued | | | | 10.0 | | 12.4 | | 8.0 | Movement in net funds resulting from cash flows | | | | 13.2 | | 17.3 | | 24.4 | Balance at end of year | | | | 1,434.8 | | 1,421.6 | | 1,404.3 |
The following table outlines the changes in liabilities arising from financing activities: | | | | | | | | | | | | | At March 31, | | | | | 2026 | | 2025 | | 2024 | | | | | €M | | €M | | €M | Balance at beginning of year | | | | (2,682.7) | | (2,746.8) | | (4,116.2) | Repayments of borrowings | | | | 1,190.0 | | 50.0 | | 1,100.5 | Lease liabilities paid | | | | 34.1 | | 36.4 | | 42.7 | Lease modifications/additions | | | | (39.3) | | (22.8) | | — | Interest expense | | | | (2.6) | | (2.8) | | (3.5) | Foreign exchange | | | | 9.0 | | 3.3 | | 16.2 | Promissory notes | | | | — | | — | | 213.5 | Balance at end of year | | | | (1,491.5) | | (2,682.7) | | (2,746.8) | Less than one year | | | | (1,238.6) | | (886.1) | | (89.4) | More than one year | | | | (252.9) | | (1,796.6) | | (2,657.4) | Balance at end of year | | | | (1,491.5) | | (2,682.7) | | (2,746.8) |
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