Partly thanks to profits on a convertible bond transaction, Air Berlin narrowed its net loss to EUR22 million in 2009, a considerable improvement from a EUR70 million net loss in 2008, as it reduced operating expenses by 5.0%, exceeding the 4.4% revenue reduction in the period (following growth of 33.6% in 2008 and 61.0% in 2007). The carrier stated 2009, which it had labelled “annus horribilis”, did not end as dramatically as many feared, turning out to be a “year of recovery”, enabling the carrier to maintain and achieve its forecast and report improving operating results in 2009.