Wednesday 13 December 2017

High-fliers at Avolon share €62m pay bonanza

Domhnal Slattery, Chief Executive of Avolon,
Domhnal Slattery, Chief Executive of Avolon,

Gordon Deegan

Aviation tycoon Domhnal Slattery and his managerial colleagues at Avolon Aerospace Leasing enjoyed a pay bonanza of $68.47m (€62.38m) last year.

New accounts filed by Avolon show that Co Clare native Mr Slattery, pictured, and other key personnel shared $58m in pay or 'short-term benefits'.

The executives also shared $10.16m in share-based payments. The $58.1m in pay includes a once-off bonus payment of $17.5m.

The $68.47m in pay for management at the Dublin-headquartered firm is more than seven times the $9m the executives received in pay and share-based payments in 2015.

The bonus payment to certain members of the managerial team relates to the acquisition of the company by Chinese firm Bohai General in January 2016 that resulted in the firm being de-listed from the New York Stock Exchange.

Mr Slattery and his colleagues oversaw the firm recording pre-tax profits of $98m last year - down 12pc on the pre-tax profits of $111.6m recorded in 2015.

The firm recorded the drop in profits in spite of revenues increasing from $677m to $695m in the 12 months to the end of December last.

Growth at the firm has continued this year and last month it completed the $10.38bn acquisition of the CIT Group aircraft leasing business, which effectively doubled the size of Avolon.

The combined businesses have an owned, managed and committed fleet of 850 aircraft valued at around $43bn.

The profit at Avolon takes account of non-cash depreciation costs of £233m.

The value of the company's assets last year increased by $1.6bn to $8.58bn.

Numbers employed increased from 74 to 119 with pay totalling $61m.

Irish Independent

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