Key executives at Irish lessor share €25m in remuneration
Remuneration to key management personnel at Dublin aircraft leasing firm SMBC Aviation Capital Ltd has more than doubled to $28.8m (€25.5m).
New figures lodged by the IFSC-based firm show that directors, along with members of the executive committee and company secretary, received $28.77m - driven by $18.9m in "other long term benefits".
The breakdown shows that $9.58m was paid in salaries and other short term benefits to key management personnel, and $377,000 was paid in post- employment benefits.
The firm is the one of the largest aircraft lessors in the world - Ireland is the world capital for firms engaged in aircraft leasing.
The accounts for the Japanese-owned SMBC Aviation Capital Ltd and subsidiaries for the 12 months to the end of March 2016 show pre-tax profits increased from $194m to $203m.
The increased in profits came as revenues increased by 11pc.
Four of the firm's top executive directors are Irish and residents in Dublin. They are listed as chief executive Peter Barrett; chief legal officer Catherine Ennis; chief financial officer Barry Flannery; and chief operating officer David Swan. There are also six Japanese nationals and one US national on the board.
The directors' report said "this has been another strong performance for the group and company with increased revenues and profitability".
At the end of March last, the business had accumulated profits of $1.1bn. The directors said "the consistent profitability and growth confirm the group's position as a leading player in the global aircraft leasing industry".
At the end of March, the business had total assets valued at $9.92bn.
The firm is headquartered in Dublin and operating profits last year rose from $440.5m to $473.39m.
Its pre-tax profits follow the firm incurring non-cash depreciation costs of €320.97m and impairment costs of €61.27m. The company also paid net interest charges of €254.8m and break losses of €14.7m. The firm's corporate tax bill totalled €28.8m.
Numbers employed last year increased from 131 to 150. Staff at the firm shared remuneration of $74m last year that included $66.39m in staff costs; $4.9m in social security costs and $2.8m in "other pension costs".
The firm's largest market is Developed Europe where it recorded 27.7pc of revenues, followed by Emerging Asia, accounting for 21.8pc of revenues. Emerging Europe accounted for 12.4pc of income.