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 payout 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. The directors state that arising from sanctions on Russia concerning its invasion of Ukraine, AerCap Holdings NV and its subsidiary undertakings terminated the leasing of all aircraft and engines with Russian airlines. Numbers employed by the firm last year reduced from 206 to 144 and staff costs reduced from $76.6m to $33.69m.

Source: Irish Independent October 21, 2023 13:25 UTC