Obligation Air France-KLM 6.75% ( FR0010814459 ) en EUR

Air France-KLM

100 % ▼

France

FR0010814459 ( en EUR )

6.75% par an ( paiement annuel )

27/10/2016 - Obligation échue

Prospectus brochure de l'obligation Air France-KLM FR0010814459 en EUR 6.75%, échue

50 000 EUR

700 000 000 EUR

Air France-KLM est une compagnie aérienne multinationale née de la fusion d'Air France et KLM Royal Dutch Airlines, opérant un vaste réseau de vols passagers et cargo à travers le monde.

L'Obligation émise par Air France-KLM ( France ) , en EUR, avec le code ISIN FR0010814459, paye un coupon de 6.75% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 27/10/2016

Prospectus dated 23 October 2009
Air France-KLM
700,000,000 6.750 per cent. Notes due October 2016
unconditionally and irrevocably guaranteed by Société Air France and KLM
(ISIN: FR0010814459)
Issue Price: 99.323 per cent. of the aggregate principal amount of the Notes
The 700,000,000 6.750 per cent. notes due October 2016 (the "Notes") of Air France-KLM (the "Issuer") will be issued outside the Republic
of France on 27 October 2009 (the "Issue Date") with the benefit of an irrevocable and unconditional guarantee (the "Guarantee", as
described in the section "Description of the Guarantee" below) of Société Air France and Koninklijke Luchtvaart Maatschappij N.V. ("KLM")
(the "Guarantors", as described in the section "Description of the Guarantors" below) acting as several but not joint guarantors (cautions
conjointes), each to the extent of 50% of any amounts due by the Issuer under the Notes.
Each Note will bear interest on its principal amount from (and including) the Issue Date to (but excluding) 27 October 2016 at a fixed rate of
6.750 per cent. per annum payable annually in arrear on 27 October in each year and commencing on 27 October 2010, as further described in
the section "Terms and Conditions of the Notes Interest" of this prospectus (the "Prospectus"). Payments in respect of the Notes will be
made without deduction for or on account of taxes imposed or levied by the Republic of France to the extent described under "Terms and
Conditions of the Notes Taxation".
Unless previously redeemed or purchased and cancelled, the Notes will be redeemed in full at their principal amount on 27 October 2016. The
Notes may, and in certain circumstances shall, be redeemed, in whole but not in part, at their principal amount together with accrued interest in
the event that certain French taxes are imposed (See "Terms and Conditions of the Notes - Redemption and Purchase").
Noteholders (as defined in "Terms and Conditions of the Notes") will be entitled, in the event of a change of control of the Issuer or in the
event that a third party comes to hold (i) more than 50% of the share capital of Société Air France and/or the economic rights relating to shares
in the capital of KLM or (ii) more than 50% of the voting rights relating to shares in the capital of Société Air France and/or KLM (subject to
certain exemptions), to request the Issuer to redeem their Notes at their principal amount together with any accrued interest as more fully
described in "Terms and Conditions of the Notes Change of Control".
Application has been made to the Commission de Surveillance du Secteur Financier (the "CSSF") in its capacity as competent authority under
the Luxembourg Act dated 10 July 2005 relating to prospectuses for securities, for the approval of this Prospectus for the purposes of Directive
2003/71/EC (the "Prospectus Directive"). This Prospectus constitutes a prospectus for the purposes of Article 5.3 of the Prospectus Directive.
Application has also been made to the Luxembourg Stock Exchange for the Notes to be listed on the official list of the Luxembourg Stock
Exchange (the "Official List") and to be admitted to trading on the Luxembourg Stock Exchange's regulated market. References in this
Prospectus to the Notes being "listed" (and all related references) shall mean that the Notes have been admitted to the Official List and
admitted to trading on the Luxembourg Stock Exchange's regulated market. The Luxembourg Stock Exchange's regulated market is a
regulated market for the purposes of Directive 2004/39/EC.
The Notes will be issued in dematerialised bearer form (au porteur) in the denomination of 50,000 each. Title to the Notes will be evidenced
in accordance with Articles L. 211-3 and R. 211-1 of the French Code monétaire et financier by book-entries (inscription en compte) in the
books of account holders. No physical document of title (including certificats représentatifs pursuant to Article R. 211-7 of the French Code
monétaire et financier) will be issued in respect of the Notes. The Notes will, upon issue, be inscribed in the books of Euroclear France, which
shall credit the accounts of the Account Holders (as defined in "Terms and Conditions of the Notes - Form, Denomination and Title"),
including Euroclear Bank SA/N.V. ("Euroclear") and the depositary bank for Clearstream Banking, société anonyme ("Clearstream,
Luxembourg"). The Notes have been accepted for clearance through Euroclear France, Euroclear and Clearstream, Luxembourg.
The Notes and the Guarantee have not been and will not be registered under the United States Securities Act of 1933, as amended (the
"Securities Act") and are not being offered or sold in the United States or to, or for the account or benefit of, U.S. persons except in accordance
with Regulation S under the Securities Act ("Regulation S") or pursuant to an exemption from the registration requirements of the Securities
Act..
The Notes are not expected to be assigned a rating.
An investment in the Notes involves certain risks. Potential investors should review all the information contained or incorporated by reference
in this document and, in particular, the information set out in the section entitled "Risk Factors" before making a decision to invest in the
Notes.
Joint Lead Managers
CALYON
BNP Paribas
Corporate & Investment Bank
HSBC
NATIXIS
Société Générale
Corporate & Investment Banking
Co-Lead Managers
Deutsche Bank
Mitsubishi UFJ Securities International plc
Rabobank International
The Royal Bank of Scotland

The Issuer, having made all reasonable enquiries, confirms that this Prospectus contains or otherwise
incorporates by reference all information with respect to (i) the Issuer, (ii) the Issuer and its subsidiaries and
affiliates taken as a whole (the "Group") and (iii) the Notes which is material in the context of the issue and
offering of the Notes; such information is true and accurate in all material respects and is not misleading in any
material respect; any opinions or intentions expressed in this Prospectus with regard to the Issuer and the Group
are honestly held or made, have been reached after considering all relevant circumstances and are based on
reasonable assumptions; there are no other facts in relation to the Issuer, the Group or the Notes the omission of
which would, in the context of the issue and the offering of the Notes, make any statement in this Prospectus
misleading in any material respect; and all reasonable enquiries have been made to ascertain and verify the
foregoing; each of the Guarantors, in relation to itself only, having made all reasonable enquiries, confirms that
this Prospectus contains or otherwise incorporates by reference all information with respect to itself and its
Guarantee, which is material in the context of the issue and offering of the Notes. The Issuer and, in relation to
itself and its Guarantee only, each of the Guarantors, accepts responsibility accordingly.
This Prospectus does not constitute an offer of, or an invitation or solicitation by or on behalf of the Issuer, the
Guarantors or the Managers (as defined in "Subscription and Sale" below) to subscribe or purchase, any of the
Notes in any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such
jurisdiction. The distribution of this Prospectus and the offering of the Notes in certain jurisdictions, including,
without limitation, the United States, the United Kingdom and the Republic of France, may be restricted by law.
Persons into whose possession this Prospectus comes are required by the Issuer, the Guarantors and the
Managers to inform themselves about and to observe any such restrictions. For a description of certain
restrictions on offers and sales of Notes and distribution of this Prospectus, see "Subscription and Sale" below.
No person is authorised to give any information or to make any representation not contained in this Prospectus
and any information or representation not so contained must not be relied upon as having been authorised by or
on behalf of the Issuer, the Guarantors or the Managers. The delivery of this Prospectus at any time does not
imply that the information contained in it is correct as at any time subsequent to its date.
In making an investment decision regarding the Notes, prospective investors should rely on their own
independent investigation and appraisal of the Issuer, its business and the terms of the offering, including the
merits and risks involved. The contents of this Prospectus are not to be construed as legal, business or tax
advice. Each prospective investor should consult its own advisers as to legal, tax, financial, credit and related
aspects of an investment in the Notes. The Managers have not separately verified the information contained
herein. Accordingly, no representation, warranty or undertaking, express or implied, is made and no
responsibility or liability is accepted by the Managers or any of them as to the accuracy or completeness of the
information contained or incorporated by reference in this Prospectus or any other information provided by the
Issuer in connection with the Notes or their distribution.
See "Risk factors" below for certain information relevant to an investment in the Notes.
In this Prospectus, unless otherwise specified or the context requires, references to "euro", "EUR" and "" are to
the single currency of the participating member states of the European Economic and Monetary Union and
references to "dollars", "USD" or "$" are to the single currency of the United States of America. References to
"Air France" and "KLM" are respectively to Air France and KLM and their respective subsidiaries, unless the
context otherwise requires.
In connection with the issue of the Notes, CALYON (the "Stabilising Manager") (or any person acting on
behalf of any Stabilising Manager) may over-allot Notes or effect transactions with a view to supporting the
market price of the Notes at a level higher than that which might otherwise prevail. However, there is no
assurance that the Stabilising Manager (or any persons acting on behalf of any Stabilising Manager) will
undertake stabilisation action. Any stabilisation action may begin on or after the date on which adequate
public disclosure of the terms of the offer of the Notes is made and, if begun, may be ended at any time, but it
must end no later than the earlier of 30 days after the issue date of the Notes and 60 days after the date of the
allotment of the Notes. Any stabilisation action or over-allotment must be conducted by the relevant
Stabilising Manager (or any person acting on behalf of any Stabilising Manager) in accordance with all
applicable laws and rules.
2

TABLE OF CONTENTS
RESPONSIBILITY STATEMENT
4
INCORPORATION BY REFERENCE
5
RISK FACTORS
9
TERMS AND CONDITIONS OF THE NOTES
23
USE OF PROCEEDS
34
DESCRIPTION OF THE ISSUER
35
DESCRIPTION OF THE GUARANTEE
36
DESCRIPTION OF THE GUARANTORS
39
RECENT DEVELOPMENTS
67
SUBSCRIPTION AND SALE
86
GENERAL INFORMATION
89
3

RESPONSIBILITY STATEMENT
As of the date of this Prospectus, to the best of the knowledge of the Issuer, having taken all reasonable care
to ensure that such is the case, the information contained or incorporated by reference in this Prospectus is
in accordance with the facts and makes no omission likely to affect the import of such information. The
Issuer accepts responsibility for the information contained in this Prospectus accordingly.
Air France KLM
2, rue Robert Esnault-Pelterie
75007 Paris
France
As of the date of this Prospectus, to the best of the knowledge of each of the Guarantors, having taken all
reasonable care to ensure that such is the case, the information contained or incorporated by reference in
this Prospectus in relation to itself and its Guarantee is in accordance with the facts and makes no omission
likely to affect the import of such information. Each of the Guarantors accepts responsibility for the
information contained in this Prospectus accordingly.
Société Air France
KLM
45, rue de Paris
Amsterdamseweg 55
95747 Roissy CDG Cedex
1182 GP Amstelveen
France
The Netherlands
4

INCORPORATION BY REFERENCE
This Prospectus should be read and construed in conjunction with the following documents which
have been filed with the CSSF and are incorporated in, and shall form part of, this Prospectus:
(a) the English translation of the Issuer's 2008-2009 Document de Référence (the "DR 2008-
2009") which was filed with the French Autorité des marchés financiers (the "AMF") on
9 June 2009 under the reference D.09-0494 and which includes the audited consolidated
financial statements of the Issuer as at 31 March 2009 prepared in accordance with IFRS and
the auditors' reports on such audited financial statements; except for the third paragraph of the
section "Declaration by the persons responsible for the reference document" on page 248 of
the DR 2008-2009;
(b) the English translation of the Issuer's update to the DR 2008-2009 (the "DR 2008-2009
Update") filed with the AMF on 17 June 2009 under the reference D.09-0494-A01, except for
the second paragraph of the section "Declaration of the person responsible for the update" on
page 7 of the DR 2008-2009 Update;
(c) the English translation of the Issuer's audited consolidated financial statements as at 31
March 2008 prepared in accordance with IFRS and the English translation of the auditors'
reports on such audited financial statements contained in the English translation of the Issuer's
2007-2008 Document de Référence (the "DR 2007-2008") which was filed with the AMF on
13 June 2008 under the reference D.08-0489;
(d) the English translation of Société Air France's audited consolidated financial statements as at
31 March 2009 prepared in accordance with IFRS (the "AF 2008-2009 FS") and the English
translation of the auditors' reports on such audited financial statements (the "AF 2008-2009
AR");
(e) the English translation of Société Air France's audited consolidated financial statements as at
31 March 2008 prepared in accordance with IFRS (the "AF 2007-2008 FS") and the English
translation of the auditors' reports on such audited financial statements (the "AF 2007-2008
AR");
(f) KLM's annual report which includes KLM's audited consolidated financial statements as at
31 March 2009 prepared in accordance with IFRS and the English translation of the auditors'
reports on such audited financial statements (the "KLM 2008-2009 AR"); and
(g) KLM's annual report which includes KLM's audited consolidated financial statements as at
31 March 2008 prepared in accordance with IFRS and the English translation of the auditors'
reports on such audited financial statements (the "KLM 2007-2008 AR");
save that any statement contained in a document which is incorporated by reference herein shall be
deemed to be modified or superseded for the purpose of this Prospectus to the extent that a statement
contained herein modifies or supersedes such earlier statement (whether expressly, by implication or
otherwise).
Copies of the documents incorporated by reference are available free of charge (i) on the website of
the Luxembourg Stock Exchange (www.bourse.lu) and (ii) on request at the principal office of the
Issuer or of the Paying Agents (2, rue Robert Esnault-Pelterie, 75007 Paris, France and 14, rue Rouget de
Lisle, 92130 Issy les Moulineaux, France) during normal business hours so long as any of the Notes is
outstanding, as described in "General Information" below.
For the purposes of the Prospectus Directive, information can be found in such documents
incorporated by reference or in this Prospectus in accordance with the following cross-reference table.
5

Any information not listed in the cross-reference list but included in the documents incorporated by
reference is given for information purposes only.
CROSS-REFERENCE LIST
Document incorporated
Rule
Prospectus Regulation Annex IX
Page(s)
by reference
4.
INFORMATION ABOUT THE ISSUER
4.1.
History and development of the Issuer
DR 2008-2009
224-226
4.1.1.
the legal and commercial name of the issuer
the place of registration of the issuer and its registration
4.1.2.
number
the date of incorporation and the length of life of the
4.1.3.
issuer, except where indefinite
DR 2008-2009
226
4.1.4.
the domicile and legal form of the issuer, the legislation
under which the issuer operates, its country of
incorporation, and the address and telephone number of
its registered office (or principal place of business if
different from its registered office
5.
BUSINESS OVERVIEW
5.1.
Principal activities
5.1.1.
A brief description of the issuer's principal activities
DR 2008-2009
27-59, 241,
stating the main categories of products sold and/or
61-88
services performed
DR 2008-2009 Update
4
The basis for any statements in the registration
DR 2008-2009
29-31
5.1.2.
document made by the issuer regarding its competitive
position
6.
ORGANISATIONAL STRUCTURE
If the issuer is part of a group, a brief description of the
DR 2008-2009
234
6.1.
group and of the issuer's position within it
9.
ADMINISTRATIVE, MANAGEMENT, AND
SUPERVISORY BODIES
9.1.
Names, business addresses and functions in the issuer
of the following persons, and an indication of the
principal activities performed by them outside the
issuer where these are significant with respect to that
issuer:
(a) members of the administrative, management or
supervisory bodies;
DR 2008-2009
6-11
(b) partners with unlimited liability, in the case of a
Not Applicable
Not
limited partnership with a share capital.
Applicable
9.2.
Administrative, Management, and Supervisory bodies
DR 2008-2009
13
conflicts of interests
Potential conflicts of interests between any duties to the
issuing entity of the persons referred to in item 9.1 and
their private interests and or other duties must be
clearly stated
In the event that there are no such conflicts, a statement
to that effect
10.
MAJOR SHAREHOLDERS
10.1.
To the extent known to the issuer, state whether the
DR 2008-2009
227-231,
issuer is directly or indirectly owned or controlled and
234-235
by whom, and describe the nature of such control, and
describe the measures in place to ensure that such
6

control is not abused
10.2.
A description of any arrangements, known to the issuer,
DR 2008-2009
230
the operation of which may at a subsequent date result
in a change in control of the issuer
11.
FINANCIAL INFORMATION CONCERNING THE
ISSUER'S ASSETS AND LIABILITIES,
FINANCIAL POSITION AND PROFITS AND
LOSSES
11.1.
Historical Financial Information
Audited historical financial information covering the
latest 2 financial years (or such shorter period that the
issuer has been in operation), and the audit report in
respect of each year
If the audited financial information is prepared
according to national accounting standards, the
financial information required under this heading must
include at least the following:
(a) the balance sheet
DR 2008-2009
122-123
DR 2007-2008
101-102
AF 2008-2009 FS
3-4
AF 2007-2008 FS
3-4
KLM 2008-2009 AR
56
KLM 2007-2008 AR
54
(b) the income statement
DR 2008-2009
121
DR 2007-2008
100
AF 2008-2009 FS
2
AF 2007-2008 FS
2
KLM 2008-2009 AR
57
KLM 2007-2008 AR
55
(c) the accounting policies and explanatory notes
DR 2008-2009
128-205
DR 2007-2008
108-191
AF 2008-2009 FS
8-67
AF 2007-2008 FS
8-74
KLM 2008-2009 AR
61-151
KLM 2007-2008 AR
59-144
11.2
Financial statements
If the issuer prepares both own and consolidated
financial statements, include at least the consolidated
DR 2008-2009
208-218
financial statements in the registration document.
DR 2007-2008
193-203
KLM 2008-2009 AR
153-165
KLM 2007-2008 AR
146-159
11.3.
Auditing of historical annual financial information
11.3.1.
A statement that the historical financial information has
DR 2008-2009
206-207; 220
been audited. If audit reports on the historical financial
DR 2007-2008
192; 205
information have been refused by the statutory auditors
AF 2008-2009 AR
1-4
or if they contain qualifications or disclaimers, such
AF 2007-2008 AR
1-4
refusal or such qualifications or disclaimers, must be
KLM 2008-2009 AR
166-167
reproduced in full and the reasons given
KLM 2007-2008 AR
160-161
11.5.
Legal and arbitration proceedings
DR 2008-2009
174-176
Information on any governmental, legal or arbitration
proceedings (including any such proceedings which are
pending or threatened of which the issuer is aware),
during a period covering at least the previous 12
months which may have, or have had in the recent past,
significant effects on the issuer and/or group's financial
position or profitability, or provide an appropriate
negative statement
7

14.
DOCUMENTS ON DISPLAY
A statement that for the life of the registration
DR 2008-2009
25 and 249
document the following documents (or copies thereof),
where applicable, may be inspected:
(a) the memorandum and articles of association of the
issuer;
(b) all reports, letters, and other documents, historical
financial information, valuations and statements
prepared by any expert at the issuer's request any part
of which is included or referred to in the registration
document;
(c) the historical financial information of the issuer or,
in the case of a group, the historical financial
information of the issuer and its subsidiary
undertakings for each of the two financial years
preceding the publication of the registration document.
An indication of where the documents on display may
be inspected, by physical or electronic means.
8

RISK FACTORS
Prior to making an investment decision, prospective investors should consider carefully all of the information set
out and incorporated by reference in this Prospectus, including in particular the following risk factors.
Prospective investors should be aware that this section is not intended to be exhaustive and that the risks
described herein may combine and thus modify one another. They should make their own independent
evaluations of all risk factors and should also read the detailed information set out elsewhere in this Prospectus.
Terms defined in "Terms and Conditions of the Notes" below shall have the same meaning in the following
section.
RISK FACTORS RELATING TO THE ISSUER AND THE GUARANTORS
Risks linked to the air transport industry
Risks linked to the cyclical and seasonal nature of the air transport industry
The air transport industry is seasonal, with demand weakest during the winter months. Consequently,
the operating results for the first (April to September) and second halves (October to March) of the
financial year are not comparable. Local, regional and international economic conditions can also have
an impact on the Group's activities and, thus, its financial results. Periods of sluggish economic
activity such as being experienced currently and crises are likely to affect demand for transportation,
both for tourism and for business travel. Furthermore, during such periods, the Group may have to
accept delivery of new aircraft or may be unable to sell unused aircraft under acceptable financial
conditions.
Risks linked to changes in international, national or regional regulations and legislation
Air transport activities are subject to a high degree of regulation, notably with regard to traffic rights
and operating standards (the most important of which relate to security, aircraft noise, airport access
and the allocation of time slots). Additional laws and regulations and tax increases (aeronautical and
airport) could lead to an increase in operating expenses or reduce the Group's revenues. The ability of
carriers to operate international routes is liable to be affected by amendments to bi-lateral agreements
between governments. As such, future laws or regulations could have a negative impact on the
Group's activity.
Risks linked to terrorist attacks, threats of attacks, geopolitical instability, epidemics or threats of
epidemics
The attacks of 11 September 2001 in the United States have had a major impact on the air transport
sector. Airlines have seen falling revenues and rising costs linked notably to the fall in demand and to
higher insurance and security costs. Certain aircraft have also seen their value drop. The SARS
epidemic resulted in a sharp fall in air traffic and revenues in Asia. Any attack, military action, threat
of an attack, epidemic or perception that an epidemic could occur (e.g. swine flu), could have a
negative impact on the Group's passenger traffic.
Risk of loss of flight slots
Due to the saturation at major European airports, all air carriers must obtain flight slots, which are
allocated in accordance with the terms and conditions defined in Regulation 95/93 issued by the EC
Council of Ministers on 18 January 1993. Under this regulation, at least 80% of the flight slots held by
air carriers must be used during the period for which they have been allocated. Unused slots will be
lost by this carrier and transferred into a pool. The regulation does not provide for any exemptions for
situations in which, due to a dramatic drop in traffic caused by exceptional events, air transport
companies are required to reduce activity levels substantially and no longer use their flight slots at the
required 80% level during the period in question. The European Commission did, however, decide to
9

temporarily suspend Regulation 95/93 governing the loss of unused flight slots following September
11, the war in Iraq and the SARS epidemic. Lastly, on May 5, 2009, given the economic crisis, the
European Parliament and the European Council of Ministers of Transport agreed to suspend the
application of the airport slot utilisation provisions for the Summer 2009 season (with a possible
extension to the Winter 2009-10 season), enabling the European airlines to retain their grandfather
rights to such slots.
Environmental risks
The air transport industry is governed by numerous environmental regulations and laws, focusing
notably on issues such as noise exposure, gas emissions, the use of dangerous substances and the
handling of waste products and contaminated sites. Over the last few years, the French, Dutch,
European and US authorities have adopted various regulations, especially regarding noise pollution
and the age of aircraft, introducing taxes on air transport companies and obligations for them to ensure
the compliance of their operations.
In December 2006, the European Commission proposed to include air transportation in the Emissions
Trading Scheme (EU ETS). The draft directive was adopted by the European Parliament in July 2008
and its application is planned as of January 2012. However, all the rules have yet to be defined for
2013 (2013-20 period known as post-Kyoto).
The principle of the European Emissions Trading Scheme is that each Member State is allocated an
annual quota or allotment of CO2 emission allowances. Each Member State then, in turn, allocates a
specific quantity of emission allowances to each relevant company. At the end of each year, companies
must return an amount of emission allowances that is equivalent to the tons of CO2 they have emitted
in that year. Depending on their emissions, they can also purchase or sell allowances (exchangeable
quotas). Furthermore, they can earn credits for their greenhouse gas reduction efforts in developing
countries through Clean Development Mechanisms (CDMs). For the aviation sector, the reference in
terms of CO2 emissions will be the average emissions produced by the industry as a whole between
2004 and 2006. The breakdown between operators will be based, pro-rata, on revenue-ton kilometers
(RTK) produced in 2010.
The European directive applies to all European and non-European airlines flying into and out of
Europe, which has raised numerous objections from non-European countries. The United Nations
Climate Change Conference in Copenhagen at the end of 2009 could lead to a new approach for
international aviation.
Compliance with the various environmental regulations could lead to additional costs for the Group
and impose new restrictions on its subsidiaries with regard to their equipment and facilities, which
could have a negative effect on the Group's activity, financial position or results.
Risks linked to the oil price
The fuel bill is the second largest cost item for airlines. The volatility in the oil price thus represents a
risk for the air transport industry. In effect, a sharp increase in the oil price, such as seen until the
summer of 2008 when the oil price reached a record high, can have a negative impact on the
profitability of airlines, particularly if the economic environment does not enable them to adjust their
pricing strategies by introducing new fuel surcharges or if they are unable to implement effective
hedging strategies. A rapid fall in the oil price such as witnessed in the autumn of 2008 can also have a
negative impact on the profitability of airlines with a significant level of hedging, both in terms of
volume and duration, in not enabling them to benefit from the fall in the oil price. Lastly, for the
European airlines, any appreciation in the dollar relative to the euro results in an increased fuel bill.
10