Garanair: El Corte Inglés earned 30,798 euros in 2020 through the firm that has most of Iberia’s political rights | Economy

El Corte Inglés building in Madrid.
El Corte Inglés building in Madrid.Paul Monge

The company Garanair, owned by El Corte Inglés and which has 50.1% of the political rights of IB Opco (Iberia), recorded a net profit of 30,798 euros last year, 63% more than the previous year (18,860 euros ), according to the accounts deposited in the commercial register. The net amount of the turnover amounted to 83,000 euros (the same as the previous year), an amount that corresponds to the expenses invoiced to the IAG group.

Garanair was created in 2011, just before the operation that sealed the marriage between the airlines Iberia and British Airways and gave rise to IAG. Within Garanair, only one asset was placed: 51% of the political rights of IB Opco, a parent company of Iberia. The objective was that, regardless of who owned the IAG shares (and therefore the economic rights), there would always be a safeguard so that the airline Iberia could not be considered to remain in foreign hands. Garanair was divided among several Spanish shareholders. But in April 2018, El Corte Inglés came to control 100%, when Bankia sold its 87% to it.

That El Corte Inglés owned most of the political rights was the argument put forward by Iberia in its day to defend that it is a Spanish airline. IAG’s objective was to shield itself from problems in the event of an abrupt departure of the United Kingdom from the EU, which could mean that airlines with a British majority lose flight rights in the Union. However, the distribution company stated, in Garanair’s 2018 accounts, that it “considers that it does not hold control over IB Opco Holding.”

In the report for this year, the company insists on this idea: “The corporate purpose of Garanair, SLU is the holding of company shares, that is, political rights with restrictions, but not economic rights, of the company IB Opco Holding, SLU , a company owned 100% financially by International Consolidated Airlines Group, SA The Company belongs to the El Corte Inglés Group since February 2020, with the company El Corte Inglés as its partner”.

Iberia’s Board of Directors is made up of nine members plus a secretary. Of these, three directors are representing Garanair.

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