RYANAIR CHIEF executive Michael O'Leary has expressed regret to the airline's shareholders for the steep decline in the company's share price over the past year.
The expression of regret is included in Ryanair's 2008 annual report, issued yesterday.
"I sincerely regret that our share price over the last 12 months has fallen significantly from its previous high but, as one of Ryanair's largest shareholders, I am determined to grow your company and remain confident that our earnings and share price will rebound strongly when the irrational exuberance which currently affects the oil market settles down, as it inevitably will," Mr O'Leary stated in his chief executive's report.
Ryanair shares traded as high as €6.33 in the year to the end of March 2008 but fell as low as €2.55 during the 12-month period, as the industry came to terms with rising oil prices and the economic downturn.
Ryanair's share price fell by 4 per cent in Dublin yesterday to €2.34, as the market reacted to poor first-quarter results from British Airways.
Mr O'Leary owns 65 million shares in Ryanair, giving him a stake of about 4.4 per cent.
He also has options over 81,240 shares.
The Ryanair boss took home €1.2 million in total pay for the 12 months to the end of March 2008.
This represented an increase of just under 23 per cent on the previous year.
As part of a company-wide pay freeze introduced for the current financial year, Mr O'Leary will not receive any salary increase.
In addition, his bonus will be "reduced", the report added.
Mr O'Leary's basic salary last year rose by €30,000 to €595,000.
He also received a bonus payment of €560,000, up from €365,000 in the 12 months to the end of March 2007.
His pension contribution rose by just €1,000 to €63,000 during the year.
Mr O'Leary was the only executive director employed by Ryanair during the period.
Ryanair paid €5.2 million to its eight directors and nine executive managers last year.
The airline's non-executive directors earned combined fees of €237,000 last year, down from €251,000 in the fiscal year 2007.
As in the previous year, chairman David Bonderman waived his right to a fee.
The reduction in fees paid to non-executives was largely down to the retirement of Ray MacSharry, who stepped down in September 2006. Mr MacSharry earned €23,000 in fiscal 2007.
Non-executive director Michael Horgan was also paid €40,000 last year for work in relation to Ryanair's air safety committee.
He received the same payment in the previous 12-month period.
The report states that Ryanair spent €4.2 million in July 2008 buying more shares in rival Aer Lingus and bringing its holding to 29.8 per cent.
These were acquired from property developer Liam Carroll.
Ryanair has spent almost €411 million building its stake in Aer Lingus, and has taken impairment charges of €185 million on the value of this investment.
Ryanair places a value of €46.8 million on Ryanair's landing rights at Stansted airport in London, according to the report.
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