Business Irish

Monday 20 November 2017

Staff at Irish lessor AerCap enjoy average pay of €225k

Aengus Kelly, chief executive officer of Dublin-based AerCap
Aengus Kelly, chief executive officer of Dublin-based AerCap

Gordon Deegan

Staff at Dublin-based aircraft leasing firm AerCap enjoyed average pay of $250,000 (€225,255) last year.

New figures show that firm expanded rapidly, increasing its workforce from 74 to 163 last year.

The accounts for AerCap Ireland Ltd show that the pay for the staff was made up of $20m in salary and $21m in other compensation.

The average pay doesn't take into account the $2m in pension payments for the employees last year.

The expanding AerCap - led by ceo Aengus Kelly - displayed its financial muscle and its commitment to its Dublin HQ last year.

It signed a then record deal to lease a landmark office development funded by billionaire businessman Denis O'Brien on St Stephen's Green.

This followed AerCap agreeing to is to pay €645 per sq m for its new six-storey block at the junction of the Green and Earlsfort Terrace.

The highest rent settlement before the AerCap deal was the €484 per sq m agreed by Facebook last year for Number 5 Grand Canal Square in the south docklands.

Ireland is home to nine of the top ten aircraft leasing firms in the world. Others include GECAS, Avolon and SMBC Aviation Capital.

All of them reward their top executives with large pay packets.

Revenues at Aercap last year increased from $80m to $222m.

However, the firm recorded an operating loss of $124m and this was largely attributable to operating expenses of $307m and non-cash depreciation and impairment costs of $64m.

The firm's operating expenses are made up of staff costs of $45m, operating lease-in costs of $108m and 'other operating expenses' of $154m.

The accounts show that the firm received $357m in income from investments and interest receivable of $275m.

However, these gains were offset by interest payable of $168m and provision for investments and receivables of $384m.

This resulted in the company recording pre-tax losses of $29m - a decrease of 68pc on the pre-tax losses of $90m in 2014.

The accounts show that the aircraft leasing company almost tripled the business it generated in Europe last year, increasing it from $59m to $147m.

Directors' emoluments stood at $1m while directors received shares under a long term incentive scheme totalling $4.8m.

Irish Independent

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