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Europe's largest airline by revenue declined to comment on the newspaper report. Air France-KLM said in November it would make an operating loss for January-December 2011 and plans to unveil a new action plan to restore competitiveness in the first quarter of 2012 . Liberation, citing a report conducted by research firm Secafi for the central workers committee of Air France-KLM, said the operating loss could exceed 500 million euros in 2012 if economic parameters remained unchanged. Air France is in the midst of changing its financial timetable to the ordinary calendar year from April-March.