The enormous Franco-Dutch airline AirFrance-KLM posted its 2011 financial results this morning in Europe and the news is bleak, a loss of about $1 billion (or 809 million euros as they put it) driven by a staggering increase in fuel costs. The combination of a 2 percent increase in volumes, a 4 percent negative impact from currency dynamics, and a 13 percent net increase in the price of jet fuel after hedging left them with a 20.1 percent increase in the total fuel bill which wiped out any hope of profits. Shares have been sliding for a while now on speculation that the company may need to issue new shares (thus diluting the value of what existing shareholders already own) in order to raise money.
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