Positive swing of $70m for Shannon aircraft leasing firm
Accounts lodged with the Companies Office show AerCap Ireland Ltd recorded the $40m profit before tax in the 12 months to the end of December last after sustaining a pre-tax loss of $30m in 2010 — a positive swing of $70m.
The accounts disclose that the firm paid a dividend of $290m to its Dutch-based parent last year. AerCap’s revenues increased by 20%, from $34m to $41m. Operating expenses last year totalling $93m resulted in an operating loss of $52m.
AerCap recorded the pre-tax profit after receiving $409m in income from investments; dividends of $198m; interest receivable of $8m; and $19m through the transfer of aircraft.
In relation to costs, the company did provide for $443m in investments and receivables and $99m in interest payable.
The figures show that a tax credit of $13m resulted in the firm recording post-tax profits of $53m.
At the end of December last, AerCap Ireland owned 70 aircraft and three engines directly or through single aircraft owning special purpose entities.
The directors’ report confirms that AerCap holds the economic interests in connected firms that own a further 137 aircraft.
The profits contributed to the firm having $400m in accumulated profits at the end of the year.
AerCap’s shareholder funds totalled $917m, revenues last year came to $33m in fees and commissions with $8m received for aircraft and engine leasing.
The figures show that $32m of the firm’s revenues were recorded in Europe with $6m in North America, and $3m in Asia/Africa/rest of world.
The accounts disclose that last year a High Court ruling granted the company permission to reduce its $792m share premium account to nil and to convert the funds for distributable reserves.
The figures show that last year, the firm’s employee costs rose from $9m to $9.15m. Remuneration to directors declined from $1.58m to $1.37m.
