Aergo pays $34m dividend to O'Brien

LATEST ACCOUNTS for Dublin-based aircraft leasing company Aergo Capital Ltd indicate it paid a dividend of $34 million (€25.4 million) this year to majority shareholder Denis O’Brien following a highly profitable 2010.

The accounts also indicate Mr O’Brien’s fellow shareholder Fred Browne, who runs the business, was paid a dividend of €6 million this year by the company.

The payment of an interim dividend to Mr O’Brien was authorised on January 21st, 2011, according to Aergo’s accounts.

Mr Browne’s payout was given the green light on March 9th.

No comment was available from Aergo yesterday in relation to the payments.

Aergo made an after-tax profit of $26.1 million in 2010, up from $1.5 million in the previous year.

The difference was largely due to the sale of its subsidiary Safair for a gross consideration of $91.7 million in November 2010.

Aergo netted a $25.8 million profit on the sale of Safair. The sale also reduced Aergo’s exposure to foreign currency risk. Its currency losses amounted to $3.4 million last year, from $25.7 million in 2009.

While profits soared, Aergo’s revenues fell to $114.7 million last year from $150.6 million in 2009.

The directors stated they were “satisfied” with the company’s performance last year.

Aergo is involved in the leasing, management and operation of commercial aircraft.

The company generated $113 million of its revenues last year from operating lease rentals and $1 million from the sale of inventory. It also earned $493,000 from finance lease rentals.

Eighty-six per cent of these revenues were related to entities sold during the year.

The average number of staff during the year was 15, and the cost of their employment was $13.9 million. The staff figure excluded Safair.

Aergo employed an average of 166 workers in 2009. Employment costs that year amounted to $14.5 million.

Directors’ emoluments amounted to $923,000 last year compared to $1.6 million in 2009.

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