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Downer EDI Ltd's (ASX:DOW) executives have taken a pay cut in the 2010 financial year, with executive bonuses falling at least 15 per cent.

Geoff Knox, who announced his resignation as chief executive at the end of July, had his salary sliced from $6.8 million in 2009 to $5 million in the last financial year.

The executive pay-drop comes following problems Downer experienced with the Waratah rail contract.

In June the company said it would incur a pre-tax impairment charge of $190 million in fiscal 2010 results.

Downer says it has record work in hand of more than $20 billion, gearing of 29.9 per cent and over $800 million in cash and undrawn facilities.

In fiscal 2011 the company expects earnings before interest and tax will increase by 5 per cent.

Downer EDI posted a profit of just over $3 million for the twelve months to 30 June 2010.