In the full-year 2019, the Air France-KLM Group has posted an operating result of €1,141 million, down by 18.8% compared to last year, impacted by a challenging trading environment and a higher fuel bill. Net income amounted to €290 million in 2019, a decrease of €130 million compared to last year. The fuel bill, including hedging, stood at €5,511 million in 2019, up €550 million. This increase is mainly explained by a hedging gain of €50 million this year, compared to a hedging gain of €650 million last year. Currencies had a positive €367 million impact on revenues and a negative €122 million effect on costs (ex-fuel) including currency hedging in 2019.
The 2019 fourth-quarter unit cost declined by -1.5%, delivering a -0.9% improvement for full-year 2019, consistent with guidance. On a constant currency and fuel price basis, unit costs were down -1.5% in the fourth quarter 2019, with the first realizations of cost-efficiency measures at Air France. (€1.00 = 1.08 at time of publication.)
