Sunday 26 March 2017

Thirteen high-fliers at aircraft lessor share €10.9m paypot

The drop in pre-tax profits came in spite of revenues increasing by 2pc from $260.1m to $265m in the 12 months to the end of December last.
The drop in pre-tax profits came in spite of revenues increasing by 2pc from $260.1m to $265m in the 12 months to the end of December last.

Gordon Deegan

The 13 directors of the Irish arm of the world's largest aircraft leasing firm shared a pay pot of $12.22m (€10.9m) last year.

GE Capital Aviation Services Ltd (GECAS) is based at Shannon and new figures lodged show that pre-tax profits at the fell by 42pc from $84.9m to $48.7m.

The drop in pre-tax profits came in spite of revenues increasing by 2pc from $260.1m to $265m in the 12 months to the end of December last.

The accounts show that seven of the high-flying directors are Irish with an average pay of $938,461 each.

The $12.2m payout includes $6.3m in bonuses; $3.74m in salaries; $1m in pension payments, $910,000 in share-based payments; and $183,000 in benefits in kind.

The drop in pay to the directors came as the firm increased its operating profits by 47pc to $46.89m.

The sharp drop in pre-tax profit arose from much lower dividend income from subsidiaries - last year, the firm received $2.6m in dividends compared to $48m in 2013.

Last month, GECAS placed an order for 60 Airbus A320neo aircraft with a list price of nearly $6.4bn.

Numbers employed by the firm - including executive directors - increased from 247 to 252 with employment costs increasing marginally from $51.58m to $52.64m.

GECAS has a fleet of over 2,200 owned and managed aircraft with approximately 270 customers in 75 countries.

At year end, the firm had accumulated profits of $35.3m with shareholder funds totalling $2.769bn.

This arises mainly from a capital contribution of $2.85bn.

Irish Independent

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