Business Irish

Sunday 22 September 2019

Execs at Avolon share €22.46m as profits soar

Pay boost: Avolon boss Dómhnal Slattery’s take-home took off last year
Pay boost: Avolon boss Dómhnal Slattery’s take-home took off last year

Gordon Deegan

Aviation tycoon Dómhnal Slattery and his high-flying managerial colleagues at Avolon Aerospace Leasing shared a pay bonanza of $25.64m (€22.46m) last year.

According to new accounts filed by Avolon Aerospace Leasing Ltd, Co Clare native Mr Slattery and other key management personnel last year shared the $25.64m in pay or 'short term benefits'.

The executives enjoyed the bumper pay awards as pre-tax profits at Avolon last year soared by 23pc to $121m.

This followed revenues at the aircraft leasing firm increasing by 20pc from $728.35m to $876.93m.

The company is currently the world's third-largest aircraft leasing business and boasts the youngest fleet.

In September of this year, An Taoiseach Leo Varadkar opened Avolon's global HQ at One Ballsbridge, Dublin.

The profits last year take hefty non-cash depreciation into account as well as amortisation costs of $265m and net finance payments of $422.16m.

The firm last year recorded lease revenues of $791.36m and 'other revenues' of $85.57m. As a result, Avolon's operating profits took off last year, increasing by 16pc from $461m to $536m.

The profit last year includes a $50.7m gain on the sale of aircraft.

Numbers employed by the firm increased from 119 to 183 with staff costs last year increasing from $61.6m to $78.54m.

The accounts show that the company's legal and professional fees totalled $13.7m, office expenses totalling $11.34m, another $11.34m in travel expenses and $6.5m in 'other expenses.

At the end of last year, the firm's aircraft had a book value of $7bn.

According to the directors' report, the company intends to maintain the success and the growth of the group going forward and continues to evaluate new investment and trading opportunities.

The directors state that the highlights of last year include the sale of 12 aircraft and the purchase of 26 aircraft.

The directors state that the firm ended the year with $1.157bn of unrestricted cash on hand and restricted cash of $347m.

Last year, Asia Pacific was the company's biggest market accounting for 42pc or $329m in revenues with Europe Middle East and Africa accounting for 35pc or $329m while revenues in the Americas totalled $182m or 23pc of revenues.

Irish Independent

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