*AerCap. 

A SHANNON based unit and its subsidiaries of aircraft leasing giant, AerCap has this year received $501.5m (€476.9m) in a cash insurance settlement concerning 14 aircraft that were leased to a Russian airline at the time of Russia’s invasion of Ukraine.

New accounts for AerCap subsidiary, Celestial Aviation Services Ltd disclose the $501.5m insurance payout in a post balance sheet event.

The note states that the $501.5m insurance pay-out was in full settlement of Celestial Aviation Services and its subsidiaries’ insurance claims under a Russian airline’s insurance policies in respect of 14 aircraft it leased to that Russian airline at the time of Russia’s invasion of Ukraine in February 2022.

Celestial Aviation Services – formerly GE Capital Aviation Services Ltd – recorded pre-tax profits of $7.2m in 2022 as revenues decreased by 13pc from $275.7m to $239.7m.

During the year, the firm received capital contributions of $471.7m from connected company, Celestial Aviation Funding Unlimited Company.

The directors state that arising from sanctions on Russia concerning its invasion of Ukraine, AerCap Holdings N.V. and its subsidiary undertakings terminated the leasing of all aircraft and engines with Russian airlines.

The directors state “these terminations have resulted in reduced revenues and operating cash flows in the Group. At March 2022, the Company had no leases with Russian airlines”.

The firm recorded operating profits of $23.47m last year. Profits were reduced by a $15.59m loss on the disposal of investments and net interest payments of $1.44m.

The firm makes the bulk of its revenues from Europe accounting for 94pc or $224.18m of revenues.

The principal activities of the company are the provision of flight equipment leasing services to group companies in the aviation industry; the provision of asset management services to third parties within the aviation industry and the procurement, sale and leasing of aircraft together with associated services.

Numbers employed by the firm last year reduced from 206 to 144 and staff costs reduced from $76.6m to $33.69m.

The company’s staff costs last year totalled $33.69m include termination payments of $3.8m and this followed $7.1m paid out in 2021 under that heading.

Directors’ pay last year reduced from $7.6m to $1.43m.

At the end of December last, the firm had shareholder funds of $2.43bn.

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