Five staff at aircraft-leasing firm net over €1m each

The five staff at a Dublin-based aircraft-leasing firm have each received average salaries and bonuses totalling more than $1.5m (€1.1m) over the past two years.

Accounts filed by BOC Aviation (Ireland) Ltd with the Companies Office show that the firm’s pre-tax profits more than doubled to $37m last year.

This followed revenues increasing by 31%, going from $125.1m to $163.8m, in the 12 months to the end of December last.

The accounts show that the firm’s five employees last year shared $2.42m in salaries and bonuses — or an average $485,000 each.

However, the 2012 payout represents a sharp decrease on the 2011 staff payout when the five employees received over $1m each, on average.

That year, the five staff shared $5.64m, or $1.12m each.

Directors’ salaries last year totalled $2.2m with Robert Burke, Robert Martin, and Peter Goodman listed as directors. Jonathan Mahony is listed as an alternate to Mr Martin and Daniel Healy is listed as alternate to Mr Goodman.

The Dublin-based company is the Irish arm of BOC Aviation, which is headquartered in Singapore and wholly owned by the Bank of China.

The accounts show that the five staff at BOC Aviation (Ireland) clocked up countless air miles last year, with travel expenses increasing from $452,539 to $462,779.

The BOC Aviation portfolio is one of the youngest in the leasing business, with an average owned aircraft age of under four years.

Its fleet is primarily based on the Airbus A320 family and Boeing Next Generation 737 series as well as the Embraer 190/195 aircraft.

The profits last year include non-cash depreciation costs of €37.9m.

In their report, the directors’ say they consider “the state of the affairs of the company to be satisfactory”.

The firm’s accumulated profits totalled $57.8m at the end of December last.

The firm’s cash declined marginally, from $14.99m to $13.59m.

A breakdown of the firm’s revenues show that $99m was generated in Europe, with $33.3m generated in Asia-Pacific. Revenues of $12.9m were recorded in the Americas with $6.1m generated in China.

Pay for executives in aircraft-leasing firms tends to be extremely high and currently nine of the world’s top 10 aircraft-leasing firms are based in Ireland where they employ 1,000 people directly and 2,000 indirectly.

There are 3,000 aircraft, valued at €83bn, currently leased out of Ireland.

The total annual tax contribution to the exchequer from leasing is over €300m, with annual expenditure by lessors on Irish professional services and infrastructure coming in at around €135m.

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