Aer Lingus chief's pay package for 2012 soars to almost €1.3m
THE pay of Aer Lingus boss Christoph Mueller was increased to almost €1.3m last year.
The figure is up from the €1.24m he made in 2011, according to the carrier's annual report published yesterday
The generous pay packet is made up of a salary of €475,000, a pension contribution of €119,000, a performance related bonus of €647,000 and other benefits of €52,000.
Aer Lingus chairman Colm Barrington earned €126,000 – the same amount that he was paid in 2011.
Andrew Macfarlane, the airline's chief financial officer, saw his pay packet fall to €876,000 from €1.06m the previous year.
The report noted that Mr Macfarlane voluntarily agreed to reduce his basic salary by about 23pc. Mr Mueller voluntarily froze his basic salary at €475,000, the initial figure that was agreed on his appointment in 2009.
Net profit before tax of €40.6m for 2012 was 51.9pc below the figure recorded for 2011. However, the annual report pointed out that the decrease is attributed to exceptional items – including costs associated with the restructuring of its Shannon aircraft maintenance operations and fees linked with Ryanair's takeover bid.
The airline said the decrease is not reflective of the underlying profitability of the business.
The carrier had an operat ing profit, before exceptional items, of €69.1m last year, up from a profit of €49.1m the previous year.
Mr Mueller said 2012 had been an excellent year for the airline.
"I firmly believe that this result, representing our third consecutive year of profitability, validates our value carrier business model and shows that our strategy is delivering a leaner, more efficient and profitable airline, to the benefit of customers, shareholders and staff," Mr Mueller wrote in the annual report.