Ryanair 2016 Annual Report Download - page 27

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Going Concern
After making enquiries, the directors have formed a judgement, at the time of approving the financial statements, that
there is a reasonable expectation that the Company and the Group as a whole have adequate resources to continue in
operational existence for a period of twelve months from the date of approval of the financial statements. For this reason,
they continue to adopt the going concern basis in preparing the financial statements. The directors’ responsibility for
preparing the financial statements is explained on page 37 and the reporting responsibilities of the auditors are set out in
their report on page 39.
Viability Statement
The Company’s internal strategic planning processes currently extend to March 2024 which covers the delivery
timeframe for the Company’s existing aircraft orders and its long-term passenger growth target to 180m customers. Future
assessments of the Company’s prospects are subject to uncertainty that increases with time and cannot be guaranteed or
predicted with certainty.
The directors have taken account of the Company’s strong financial and operating condition, its BBB+ stable credit
rating, the principal risks and uncertainties facing the Company, as outlined in the Principal Risks and Uncertainties section
starting on page 54 of the annual report, and the Company’s ability to mitigate and manage those risks. Appropriate stress-
testing of the Company’s internal budgets are undertaken by management on an ongoing basis to consider the potential
impact of severe but plausible scenarios in which combinations of principal risks materialise together.
Based on this assessment, the directors have a reasonable expectation that the Company will be able to continue in
operation and meet its liabilities as they fall due over the course of the existing Boeing aircraft orders.
Compliance Statement
Ryanair has complied, throughout the year ended March 31, 2016, with the provisions set out in the U.K. Corporate
Governance Code and the requirements set out in the Irish Corporate Governance Annex, except as outlined below. The
Group has not complied with the following provisions of the 2014 Code, but continues to review these situations on an
ongoing basis:
 A number of non-executive directors participate in the Company’s share option plans. The 2014 Code requires that,
if exceptionally, share options are granted to non-executive directors that shareholder approval should be sought in
advance and any shares acquired by exercise of the options should be held until at least one year after the non-
executive director leaves the board. In accordance with the 2014 Code, the Company sought and received
shareholder approval to make certain stock option grants to its non-executive directors and as described above, the
Board believes the quantum of options granted to non-executive directors is not so significant to impair their
independence.
 Certain non-executive directors, namely Messrs. David Bonderman, James Osborne and Kyran McLaughlin, having
been offered for annual re-election for the duration of their tenure, have each served more than nine years on the
Board. As described further above, given the other significant commercial and professional commitments of these
non-executive directors, and taking into account that their independence is considered annually by the Board, the
Board does not consider their independence to be impaired in this regard.
On behalf of the Board
David Bonderman
Michael O’Leary
Chairman
Chief Executive
July 22, 2016