Ryanair paid its chief executive, Michael O'Leary, €992,000 in the 12 months to the end of March, a 22.7 per cent increase on the previous year.

Mr O'Leary's basic salary rose by 2.7 per cent to €565,000. His bonus payment, however, increased to €365,000 from €200,000, an increase of 82.5 per cent.

His pension payment rose to €62,000 from €58,000. Details of Mr O'Leary's remuneration were published by the airline yesterday in its annual report.

Senior management, defined as the executive team reporting to the baord were paid €3.4 million, according to the report. The individual members were not diclosed.

The company's eight non-executive directors earned €291,000 between them, compared with €305,000 a year earlier.

This reduction was the result of Ray MacSharry's retirement from the board in September 2006. Mr MacSharry, a former European commissioner, earned€23,000 last year compared with €47,000 in the 2006 fiscal year.

Fellow non-executive director James Osborne saw his fees increase by €10,000 to €38,000 in the year to the end of March.

The annual report states Mr O'Leary owned 60 million Ryanair shares at the end of March, valuing his stake at €323 million based on yesterday's closing price of €5.38.

In addition, he has options over 81,240 shares, exercisable in two blocks at €2.86 and €2.21 in 2009 and 2011 respectively.

In relation to its stake in Aer Lingus, Ryanair said it has spent €392 million to acquire its 29.44 per cent holding, paying an average of €2.52 for each share.

Ryanair said it was preparing an appeal of the European Commission's decision to reject its proposed takeover of Aer Lingus.

Ryanair said it has agreed to sell 20 Boeing 737-800 aircraft up to 2010. In April, the company exercised 27 options under a 2005 contract with Boeing to increase its "firm" aircraft deliveries in 2010.

Ryanair also said it has spent €187 million buying back 37.6 million of its own shares.