Payments to Ryanair chief executive Mr Michael O'Leary rose to €575,000 (£452,849) in the year to the end of last March from €464,000 in the previous period.

But the budget airline's latest annual report valued Mr O'Leary's stake in the company at €273 million on March 31st last, when he held 30 million shares valued at €9.10 each. This stake was valued at €249 million on yesterday's closing price of €8.30.

The report said Mr O'Leary earned a basic salary of €378,000 last year and a performance-related bonus of €170,000. Pension contributions were worth €27,000.

Among Ryanair's directors, Eircom chairman Mr Ray MacSharry received fees worth €95,000 the same as in the previous year. Mr MacSharry's 3,640 Ryanair shares were worth €33,124 on that date.

The airline's founder, Dr Tony Ryan, held 8.44 million shares worth €76.8 million on March 31st. The report revealed that his sons, Mr Cathal Ryan and Mr Declan Ryan each held 13.93 million shares on March 31st. These stakes were each worth €126.73 million.

No Ryanair directors held any share options in the company on March 31st or on any earlier date, the report said.