The introduction of airport charges and air travel taxes may negatively impact the company's
operations. Currently, the UK government levies an air passenger duty (APD) of £13 ($19.4) per
passenger as compared to £10 ($14.9) per passenger in 2007.The Moroccan government has also
introduced a similar tax of E9 ($12) from April 2014. The German government introduced an air
passenger tax of E8 ($10.7) in 2011 which was subsequently reduced to E7.5 ($10) in 2012. In
Austria, the government introduced an ecological air travel levy of E8 ($10.7) in 2011. Other
governments also have introduced or may introduce similar taxes. The increase in this tax had a negative impact on the company’s operating performance, both in terms of average fares paid and
growth in passenger volumes.