Deutsche Lufthansa AG achieved its operating-result objective for 2014. The €954m operating profit reported for the year was a €255m or 37% improvement on the prior-year result. Following a revision of its original projections owing to negative yield trends and the extraordinary impact of strike action, the company had projected an operating profit for the year of €1bn in June 2014, provided no additional costs were incurred through further industrial action. Total Lufthansa Group revenue for the year remained broadly unchanged at around €30bn, despite the substantial yield declines in the passenger transport segment. Results were boosted by a €364m decline in fuel costs (deriving largely from fuel price reductions) and a €351m benefit from the changes that were made to the Lufthansa Group’s aircraft and spare powerplant depreciation policy in 2014. Strike actions by pilots and security personnel reduced the 2014 operating result by a total of €232m (€62m thereof in December alone). The adjusted operating result, which excludes the non-recurring effects of SCORE-related restructuring costs and project costs, amounted to €1.2bn (compared to €1.0bn for 2013). The high investments of €2.8bn were largely concerned with fleet renewals and cabin interior enhancements. Net profit for the year under IFRS amounted to €55m, substantially below the €313m of 2013. The decline is attributable to a number of factors, particularly a reduction in the market value of the exchangeable notes for JetBlue shares and the adverse impact of the changes in the value of fuel price hedging options. The net result under IFRS was further burdened by the contractually-agreed sale of the infrastructure division of Lufthansa Systems AG.