Air France-KLM recovery from GFC "remarkable" but challenges remain

Air France-KLM Board of Directors Chairman Jean-Cyril Spinetta, in the carrier's 2010/2011 Annual Report, described the carrier's recovery from the global financial crisis as "remarkable". "After a challenging time in 2009-10, our Group has succeeded in stemming the haemorrhage and returning to profit while also reducing debt," he said.

Air France-KLM: "To confirm this recovery, the Air France-KLM group was able to implement the strategy required to win back market share lost during the crisis in both the passenger and cargo businesses. But make no mistake: we are still in an uncertain air transport environment. There remain numerous obstacles to overcome to ensure that our Group remains in a leading position. I am thinking, in particular, of the oil price, and competition from low cost carriers and the Gulf State airlines. We are, however, on the right track. The Air France-KLM group has established an effective business model that its main European competitors have been swift to replicate," Jean-Cyril Spinetta, Board of Directors Chairman. Source: 2010/2011 Annual Report.