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Telefónica to sell its executive aircraft for €20m
20 February 2019 @ 13:26

TELECOMMUNICATIONS giant Telefónica has just put its luxury airline up for sale for between US$21.9 million and US$22.9m (€19.3m to €20.2m).

Once the largest aircraft owner in the IBEX 35 – Spain’s list of the 35 biggest companies by share capital – with a total of four, it now only has two left, putting it behind clothing empire Inditex and supermarket chain Mercadona.

But once it has shifted its Gulfstream G550, bought in 2010, Telefónica will only have one aircraft left in its fleet.

The firm, based in Spain but operating globally – it owns the operator O2 in the UK – has always managed its fleet of executive aircraft via its subsidiary company Lotca Servicios Integrales, S.L.

Seven years ago, Telefónica launched a plan to cut its fleet by half in order to slash annual maintenance costs, which were payable to Gestair, and to reduce its balance-sheet losses by eliminating the yearly depreciation shown on paper as the planes aged.

Telefónica only plans to keep its Gulfstream G650, the newest of its models.

As the photographs – from the website Global Jet, which advertises Telefónica’s aircraft – show, the luxury plane has spacious seating for 18 passengers with sumptuous leather seats and cushions plus chaises longues, polished-wood bar units and plush carpets

Read more at thinkSPAIN.com

 



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