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Income and Expenditure

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Total IncomeTotal ExpensesProfit
2007600043011699
2008529342771016
2009535841761182
2010629950941205
2011605845301528
2012772662151511
2013850368741629
2014959572002395
201513022103602662
201614346113123034

Over the period 2007 to 2016 income has risen by almost 140%, while expenses rose more sharply by more than 160%. Annualised increases for each of income, expenditure and profit have been approximately 10%, 11% and 7% per annum respectively. The sharpest change in profits came between 2013 and 2014, with a rise of 47%, having fallen 40% between 2007 and 2008. In absolute terms, the largest increase in income occurred in 2015, when it increased by €3.4bn to €13bn.

Table 2.1 Income, Expenditure and Profit €million
 2007200820092010201120122013201420152016
Total Income6,0005,2935,3586,2996,0587,7268,5039,59513,02214,346
Total Expenses4,3014,2774,1765,0944,5306,2156,8747,20010,36011,312
Profit1,6991,0161,1821,2051,5281,5111,6292,3952,6623,034
Operating lease IncomeTotal Income
200744246000
200840425293
200941755358
201046926299
201148896058
201257957726
201365508503
201481069595
20151114513022
20161272214346

Aircraft Leasing Companies have earned the majority of their income in their primary activity of the operational leasing of aircraft. This activity has generated over €66bn for the industry for the total period, rising 188% from €4.4bn in 2007 to €12.7bn in 2016.

However, other sources of income have raised almost €2bn in a single year (2012). These sources include Fees & Commissions and Interest & Dividends.

In 2016, 11.3% of all income came from sources other than aircraft leasing, its lowest over the 10 year period. Over €15bn (19%) of income came from sources other than the primary activity between 2007 and 2016.

Table 2.2 Income Source€million
 2007200820092010201120122013201420152016
Operating lease Income4,4244,0424,1754,6924,8895,7956,5508,10611,14512,722
Interest received*****1,035*608794237
Other Income*****896*8811,0831,387
Total Income6,0005,2935,3586,2996,0587,7268,5039,59513,02214,346
*Denotes confidential data

Since 2007, the most important origins of Operational Leasing Income have been Asia and Europe. Each continent’s share of this income has been roughly 40% over the period. By country, China has been the most significant source, providing 13.7% of all Operational Leasing Income in 10 years. The next largest country was the Russian Federation, at 6.3%.

10-yr Proportion of Operational Leasing Income by Region
Africa3
Americas18
Asia38
Australia
and Oceania
1
Europe40
10-yr Proportion by Country
Italy4.4
United Arab
Emirates
4.4
Brazil3.9
India3.7
Korea, Rep.
of (S. Korea)
3.4
Rest of
the World
44
China13.7
Russian
Federation
6.3
United
Kingdom
5.8
United States5.4
Ireland5
Depreciation Other operating costs Interest paid groupingTaxWages and Salaries
20071689.29102711941196.52025218041.122939
20081408.07400614981161.16448914861.575806
20091760.1379411306845.92340318281.505466
20102154.0954781715999.405187120105.722922
20112001.2848131461755.747292202110.189468
20122272.62616324791240.070075100123.018454
20132583.40222122631819.58600276132.348404
20143232.16385513422229.090507232164.448747
20154495.00652725652878.834964214207.363937
20165070.76647825303278.862346187245

At more than €5bn in 2016, the highest cost to the industry has been depreciation, an accounting cost which reflects the reduction in value of the aircraft leased by the company, over its useful life. This is followed by interest, which in 2016 was €3.3bn.

Table 2.3 Expenditure€million
 2007200820092010201120122013201420152016
Depreciation1,6891,4081,7602,1542,0012,2732,5833,2324,4955,071
Other operating costs1,1941,4981,3061,7151,4612,4792,2631,3422,5652,530
Interest paid1,1971,1618469997561,2401,8202,2292,8793,279
Tax18014818212020210076232214187
Wages and salaries416282106110123132164207245
Total expenditure4,3014,2774,1765,0944,5306,2156,8747,20010,36011,312
Tax (millions)Tax as a % of Profits
200718011
200814815
200918215
201012010
201120213
20121007
2013765
201423210
20152148
20161876

Tax paid by Aircraft Leasing firms has been somewhat volatile over the decade.  Tax as a % of profits has followed a downward trend since 2007. More than €1.6 billion has been paid during the period, with over 98% of this paid in Ireland. An average of €164 million per year was paid, with €232 million the most paid in a single year (2014).

Table 2.4 Tax€million
 2007200820092010201120122013201420152016
Tax18014818212020210076232214187
Profits1,6991,0161,1821,2051,5281,5111,6292,3952,6623,034
Tax as a % of Profits11%15%15%10%13%7%5%10%8%6%

 

 

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