Payout for 13 directors as Awas leasing firm in red

Thirteen directors at a Dublin-based aircraft leasing firm, Awas Aviation Capital shared a paypot of $10.7m (€9.1m) last year. However, the new accounts show the firm plunged to a net loss of $112m, as revenues fell 21% to €946m.

Impairment costs of $177m, combined non-cash depreciation and amortisation costs of $362m, and net finance expenses of $417m, contributed to the loss.

Earlier this year, Dubai Aerospace purchased Awas Aviation from Terra Firma Capital and Canada’s state pension reserve.

It had posted a net profit of $4.3m posted in 2015. The company recorded an operating profit of $294.9m but had net finance expenses of $417m.

The pay of $10.7m to directors was down sharply from the $27.34m paid out in 2015.

The pay includes $2.6m in share-based incentives, as well as $509,000 in fees for “loss of office”. Six directors resigned from the board last year.

The directors’ report states that in 2016, the company completed 52 new leasing transactions with 33 customers.

At the end of November, it had 214 planes, including six which were deemed as being held for sale.

Some 23 aircraft were due to be delivered to 2019. The directors state that the group closed $1.33bn worth of financing for aircraft during the year.

The company’s shareholder funds at the end of last year totalled $1.89bn.

The company’s cashpile fell from $464m to $189m. Staff numbers fell from 120 to 103.

Staff costs last year declined from $66m to $48m. The company’s legal and professional fees fell from $29.9m to $26.59m, while travel costs fell from $3.4m to $2.5m