Friday 28 October 2016

Profits soar to €195m at Irish-based air leasing firm

Gordon Deegan

Published 10/10/2015 | 02:30

The company’s fleet stood at 314 in November 2014 – up from 266 aircraft the year before
The company’s fleet stood at 314 in November 2014 – up from 266 aircraft the year before

Pre-tax profits at Dublin-based aircraft leasing firm AWAS Aviation Capital increased by 158pc to $221.9m (€195.4m) last year.

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Revenues at the firm increased by 9.5pc or $102m to $1.17bn in the 12 months to the end of November last.

Accounts just filed with the CRO show that AWAS Aviation Capital's directors were richly rewarded last year for delivering the stellar performance in 2014.

Six of the firm's 10 directors are resident in Ireland and last year, the 10 shared a pay pot of $10.4m - or on average more than $1m each.

The pay to the directors last year was made up of share-based payments of $3.76m and other emoluments of $6.73m and represented a 6pc increase on the $.9.9m paid out in 2013.

Numbers employed by the firm fell from 135 to 130 and they are well remunerated for their work with staff costs last year totalling $56m with salaries, health benefits, share based payments and pension payments totalling €52.4m - or an average of over $400,000 each.

AWAS has its global headquarters in Dublin and is led by its president and chief executive, the US national Raymond Sisson.

The Irish residents - all non-Irish nationals - on the board are Mr Sisson, Angus Williamson, Werner Seifert, Simon Glass, Marlin Dailey and Daniel Bunyan.

In 2014, the firm purchased 61 aircraft and disposed of 12 while it completed 110 new leasing deals with 54 customers.

The directors state that the total number of AWAS aircraft at the end of November 2014 was 314 - a jump on the 266 aircraft a year before.

The group last year closed $2.69bn worth of financing for aircraft and forward orders.

The profit also takes account of non-cash depreciation and amortisation costs of €421m.

Irish Independent

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