Slide 1: Aimia: Inspiring Loyalty
/\IMI/A INSPIRING LOYALTY
Slide 2: Q3 2016 Highlights
Q3 2016 HIGHLIGHTS November 8, 2016
Slide 3: Forward-Looking and Cautionary Statements
FORWARD-LOOKING AND CAUTIONARY STATEMENTS Forward-looking statements are included in this presentation. These forward-looking statements are typically identified by the use of terms such as “outlook”, “guidance”, “target”, “forecast”, “assumption” and other similar expressions or future or condition
Slide 4: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Aimia uses the following non-GAAP financial measures which it believes provides investors and analysts with additional information to better understand results as well as assess its potential. GAAP means generally accepted accounting principles in Canada and represents In
Slide 5: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION* Three months ended Nine months ended Sept 30, Sept 30, (in millions of Canadian dollars, except per share information) 2016 2015 2016 2015 Operating income (loss) -13.9 -32.5 -39.9 17 Depreciation and amortization 14.1 15.4 42.2 40.8 Amortization of Accumulation Part
Slide 6: Q3 2016 Overview and Highlights
Q3 2016 OVERVIEW AND HIGHLIGHTS
Slide 7: Q3 2016 Income Statement
Q3 2016 INCOME STATEMENT Three Months Ended Variance September 30, (in millions of Canadian dollars, except per share 2016 2015 $ % amounts) Revenue 503.6 529.3 (25.7) (4.9) Cost of sales Cost of rewards and direct costs 311.9 341.4 (29.5) (8.6) Depreciation and amortization 14.1 15.4 (1.3) (8.4) Am
Slide 8: Q3 2016 Financial Highlights
Q3 2016 FINANCIAL HIGHLIGHTS* (in millions of Canadian dollars and YoY (%) variance) Q3 2016 Q3 2015 Gross Coalition Gross $558.5 $580.3 Billings(2) grew Billings (3.8%) (1) 3% on a constant (0.4%) in c.c. currency basis Adjusted EBITDA margin increase Operating $159.6 $171.5 driven by expenses Amer
Slide 9: Q3 2016 Returns to Shareholders
Q3 2016 RETURNS TO SHAREHOLDERS* TTM Normalized FCF per Common Share(1) Quarterly Dividend per Common Share before Dividends Paid and FCF Yield(2) 6% increase in and TTM Normalized FCF Payout Ratio(3) TTM FCF and 8% $1.20 10.0% reduction in $0.22 138% 160% share count 119% 140% $1.00 $0.20 8.0% drov
Slide 10: Q3 2016 Gross Billings and Operational Highlights
Q3 2016 GROSS BILLINGS AND OPERATIONAL HIGHLIGHTS* (in millions of Canadian dollars and Q3 operational highlights YoY variance (%) ) Americas Coalitions Air Canada Gross Billings growth added $372.0 to continued financial card growth 67% of total +0.6% driving quarterly Gross Billings and Gross Bill
Slide 11: Delivering Q4 in Line with Full Year 2016 Guidance
DELIVERING Q4 IN LINE WITH FULL YEAR 2016 † GUIDANCE* (in millions of Canadian dollars) Gross Billings Full year Q4 FY 2016 to be between accumulation 2016 $2,300 and $2,350 expected to be Q4 $688.2 fourth quarter 2015 weighted, with historical patterns at Adjusted EBITDA margin Aeroplan and FY 2016
Slide 12: Divisional Performance
o 4 ce >a o 4 > 2 o 4 INSPIRING LOYALTY
Slide 13: Aeroplan Gross Billings
AEROPLAN GROSS BILLINGS* (in millions of Canadian dollars) +4.1% 350.0 35.0 $319.6 $307.0 300.0 30.0 Aeroplan Gross Billings Aeroplan Gross (billion miles) Miles Issued Billings up 4% (million CAD) 250.0 +4.8% 25.0 YoY YoY driven by Air Growth Canada growth 200.0 20.0 and increase in +4.7% YoY finan
Slide 14: Aeroplan Financial Card Trends
AEROPLAN FINANCIAL CARD TRENDS One month average actives (Aeroplan TD + CIBC credit cardholders) 2013-2016 CAGR = 5%(2) Strong card 2010 to 2013 CAGR = 1% acquisitions and lower attrition continue to drive growth in the active card base (1) 2010 2011 2012 2013 2014 2015 2016 (1) For the nine months
Slide 15: A Mutually Beneficial Relationship
A MUTUALLY BENEFICIAL RELATIONSHIP Payments from Aeroplan to Air Gross Billings from Canada Air Canada*† > 2x Air Canada Gross Billings Q3 +8% >$180 million YTD Incremental c.$135 million YTD (relative to FY 2013) *THIS SLIDE CONTAINS NON-GAAP FINANCIAL MEASURES. PLEASE REFER TO SLIDE 4 FOR A DETAIL
Slide 16: Aeroplan Redemption and Unit Cost Trends
AEROPLAN REDEMPTION AND UNIT COST TRENDS Favourable cost per mile trend Redemption YoY% and Direct Cost Per Mile 1.06 Total rewards 1.05 1.05 1.04 5.0% 1.02 1.01 issued up 5% 0.98 YoY but 3.0% Aeroplan cost 4.9% 3.6% 4.2% of rewards 1.0% 2.1% down 3% -1.3% -0.7% -1.0% -3.6% -3.0% Lower direct cost p
Slide 17: Building Aeroplan Growth Around Long Term Contracts
BUILDING AEROPLAN GROWTH AROUND LONG TERM CONTRACTS* % of Consolidated Gross Billings FY 2015 15% TD (10 year) 11% CIBC (10 year) CIBC (10 year) 10% Air Canada (15 year) 8% AMEX (>5 year) AMEX (4 year + 1) 6% Other Aeroplan Contracts Total % of Gross Billings FY 2015 50% 2003 2014 2020 Contracts AME
Slide 18: International Coalitions Gross Billings
INTERNATIONAL COALITIONS GROSS BILLINGS* (in millions of Canadian dollars) Nectar (12.3)% issuance up 2% 250.0 30.0 driving constant currency 200.0 25.0 growth of 1% at the divisional $148.8 20.0 level 150.0 $130.5 15.0 100.0 GBP/CAD$ exchange rates 1.7% 10.0 YoY 50.0 2.02 2.02 5.0 1.97 1.88 1.88 1.
Slide 19: Phasing of Sainsbury's Campaigns
PHASING OF SAINSBURY’S CAMPAIGNS Sainsbury’s points issuance Sainsbury's focus on end of year issuance to drive Christmas trade Q3 Q4 expected to offset Nectar points issuance British Gas impact at Nectar Actual points issuance 2015 Actual and forecast points issuance 2016 Q3 Q4 19
Slide 20: Global Loyalty Solutions Gross Billings
GLOBAL LOYALTY SOLUTIONS GROSS BILLINGS* (in millions of Canadian dollars) (9.7)% $80 Expanding footprint with $70 existing clients $62.1 and winning new $60 $56.1 business on Gross Billings $50 global platforms $40 $30 $20 Negative impact from transition out $10 of U.K. reward $0 business with Q1 Q
Slide 21: Consolidated Financials
— o 4 asa oe o 4 o ¢ 04 INSPIRING LOYALTY
Slide 22: Q3 2016 Consolidated Adjusted EBITDA
Q3 2016 CONSOLIDATED ADJUSTED EBITDA* (in millions of Canadian dollars) $15.2 $0.2 ($2.3) $1.3 $60.5(2) International Corporate Global Coalitions $46.1 Loyalty Solutions Americas Coalitions Consolidated: 31.2% growth; 35.8% in c.c.(1) Americas Coalitions: 26.9% in c.c.(1); International Coalitions:
Slide 23: Progress on Operating Expenses
PROGRESS ON OPERATING EXPENSES (in millions of Canadian dollars) $171.5 ($4.7) ($6.0) $0.1 ($1.4) $159.6(1) Americas International Global Corporate Coalitions Coalitions Loyalty Solutions • Operational • Nectar Italia • Cost savings efficiencies closure and and decreased and lower divestiture of pro
Slide 24: Q3 2016 Free Cash Flow Bridge
Q3 2016 FREE CASH FLOW BRIDGE* (in millions of Canadian dollars) ($0.5) $3.9 ($54.3) $1.3 $4.6 $14.7 Net cash Capital Distribution Income $29.5 interest expenditures from equity taxes $50.3 ($21.8) investments (1) Operating received expenses excluding $86.7 share based Gross Cost of compensation Cha
Slide 25: Capital Expenditures
CAPITAL EXPENDITURES Capex (in millions of Canadian dollars) reflecting currency, timing of projects, and FY 2015: $93.6 normally FY 2014: $81.5 higher Q4 FY 2013: $54.4 YTD 2016: $50.0 $30.0 $29.4 $23.7 $21.9 $21.6 $20.5 $20.0 $19.5 $20.0 $18.1 $16.1 $14.4 $11.2 $12.2 $11.8 $9.1 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 26: Working Capital Quarterly Trends
WORKING CAPITAL QUARTERLY TRENDS* (in millions of Canadian dollars) (1) $76.4 Reversal of working capital $35.6 and normal GB $22.9 $7.4 seasonality will contribute to -$19.7 -$15.6 stronger Q4 -$40.2 -$33.0 -$31.4 FCF -$46.1 -$63.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2014 2014 2014 2014 2015 2015 2
Slide 27: Club Premier Overview
CLUB PREMIER OVERVIEW • Through its joint venture with Aeromexico, Mexico's flagship airline, Aimia owns 48.9% of PLM Premier, S.A.P.I. de C.V (PLM), which operates Club Premier. • Club Premier is the leading coalition program in Mexico with a growing member base and over 100 partners, and the opera
Slide 28: Financing Structure
o 4 ¢ ¢ FINANCING STRUCTURE @ . o ¢ 04 INSPIRING LOYALTY
Slide 29: Financial Position at Sept 30, 2016
FINANCIAL POSITION AT SEPT 30, 2016* (in millions of Canadian dollars) As of Sept 30, 2016 Cash + Restricted Cash + Investments c. $740 Reserves + Restricted Cash + Working Capital c. ($560) to ($590) Available Cash c. $150 to $180 Available cash on hand for repayment of 2017 debt Revolving Credit F
Slide 30: A Cash Generative Business
A CASH GENERATIVE BUSINESS Free Cash Flow before Dividends Paid* (in millions of Canadian dollars) At steady state, the $350 business $299.4 $300 $287.0(2) generates sufficient $250 $190-$210(4) operating cash to $197.6 $202.3(3) $200 reinvest, minimizing need $150 for debt $95.6(1) $100 $50 $0 FY 2
Slide 31: Current and Longer Term Financing Structure
CURRENT AND LONGER TERM FINANCING STRUCTURE (in millions of Canadian dollars, unless otherwise noted) $2,500 $300 (available) $300 (available) $2,000 $650 $400-$500 (future) We have access to - and will want to use - debt to $1,500 $323 $323 optimize the capital structure $1,000 $1,349 $1,349 $500 C
Slide 32: Maintaining a Solid Financial Risk Profile
MAINTAINING A SOLID FINANCIAL RISK PROFILE Debt capacity is Repayment of between c. $350 to 2017 secured Ideal level of $700m within notes with leverage based existing rating available cash on AEBITDA is category and would leave around $400- covenants debt/AE** between 500m 4.00 2.0x and 2.5x S&P Ad
Slide 33: Track Record on Capital Return
TRACK RECORD ON CAPITAL RETURN Share buybacks (in millions of Canadian dollars) Total dividends (in millions of Canadian dollars) >$600 million >$750 million(1) $333 million $275 million(1) $250.00 $0.90 $0.80 $200.00 $0.70 $0.60 $150.00 $0.50 $0.40 $100.00 $0.30 $0.20 $50.00 $0.10 $142.5 $166.2 $24
Slide 34: Conclusion
CONCLUSION
Slide 35: 2016 Guidance
2016 GUIDANCE* (in millions of Canadian dollars) Gross Billings Adjusted EBITDA Free Cash Flow before Capital Expenditures Dividends Paid $2,300 - Stable $2,350 Around $190-$210 Above 9.5% $190 - $220 9% $70-$80 $75 - $85 165. 2016 2016 2016 (1) 2016 2016 (1) 2016 2016 2016 (1)(2) (1) (1)(2) 7(5) (1
Slide 36: 2017 Outlook
2017 OUTLOOK* We expect the following in 2017: • Modest growth across our main coalitions, Our plan for 2017 will with currency impact on our reported follow the same numbers principles that we have implemented in 2016: a • Continued economic and geopolitical simpler, more focused volatility busines
Slide 37: Aimia
AIMIA INSPIRING LOYALTY
Slide 38: Why Invest in Aimia?
WHY INVEST IN AIMIA?* Aeroplan • 90% of Gross Billings from • 5 million active members North America and • Partners include: TD bank, CIBC, Europe(1) Air Canada, AMEX, and Esso Pure play marketing Strong retail, • c.75% of Gross Billings and loyalty financial and Nectar from coalitions and • 19 mill
Slide 39: Progress on Strategy
PROGRESS ON STRATEGY SIMPLIFY AND FOCUS Q1 2016 Q2 2016 Q3 2016 • Exited Nectar • Exited the • Completed the sale Italia and Cardlytics UK of Enhancement LATAM card-linked Services to Sigma presence marketing Group with cash business for a proceeds of $10 Expect evaluation non-cash million(1) receiv
Slide 40: Current Financing Structure
CURRENT FINANCING STRUCTURE $ millions, unless otherwise noted 2016 coupon 2016 interest and dividend expense $2,500 $300 Aimia is using (available) leverage primarily to optimize the $2,000 $650 capital structure 5.63% $37 $1,500 $323 5.25% $17 $120 $1,000 $1,349 Preferred shares an attractive $500
Slide 41: P/FCF Multiples and Implied Cost of Capital
P/FCF MULTIPLES AND IMPLIED COST OF CAPITAL Cost of capital implied by P/FCF multiples (%) Cost of equity typically in a 9- 13% range and spiking higher argues for debt in capital structure 41
Slide 42: Average Cost of Debt Continues to Be Attractive
AVERAGE COST OF DEBT CONTINUES TO BE ATTRACTIVE Assumed level of debt and average cost of debt $1,200 9% (in millions Canadian dollars) 7.95% 8% $1,000 7% Weighted average interest rate (%) 6.06% 6.06% 5.63% 5.63% 5.63% $800 6% Average cost of 5% debt has been $600 4% around 5-6% $400 $800 $800 3% s
Slide 43: Capital Structure Summary
CAPITAL STRUCTURE SUMMARY • With the repayment of the 2017 debt maturity with available cash, we expect to be aligned with our targeted medium term leverage level of $400 to $500 million • We will continue to look at capitalization and return of capital to optimize capital structure as the profitabi
Slide 44: Q3 2016 Consolidated Gross Billings
Q3 2016 CONSOLIDATED GROSS BILLINGS* (in millions of Canadian dollars) $580.3 $2.2 ($18.3) (2) ($6.0) $558.5 Americas International Global Coalitions Coalitions Loyalty Solutions • Aeroplan Loyalty • Benefit of • Cycling 2015 Units growth of Sainsbury’s Q3 client wind- around 4% "Collect for down •
Slide 45: YTD 2016 Consolidated Gross Billings
YTD 2016 CONSOLIDATED GROSS BILLINGS* (in millions of Canadian dollars) $1,780.8 ($6.1) ($75.3) ($8.3) $1,692.2(2) Americas Coalitions International Global Coalitions Loyalty Solutions Consolidated: (5.0)% growth; (4.8)% in c.c.(1) Americas Coalitions: (1.0)% in c.c.(1); International Coalitions: (1
Slide 46: Quarterly Consolidated Cost of Rewards Trend
QUARTERLY CONSOLIDATED COST OF REWARDS TREND $200 $301 $287 $182 $152 $174 $145 $129 $164 $144 $120 $223 $231 $218 $181 $201 $202 $189 $197 $192 $193 $196 Q1 Q1 Q1 Q2 Q2 Q2 Q3 Q3 Q3 Q4 Q4 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 Aeroplan Cost of Rewards Other Cost of Rewards and Direct
Slide 47: YTD 2016 Consolidated Adjusted EBITDA
YTD 2016 CONSOLIDATED ADJUSTED EBITDA* (in millions of Canadian dollars) $17.3(1) ($9.8) $159.2(1) ($7.6) $3.7 $162.8 Americas Coalitions International Global Corporate Coalitions Loyalty Solutions Consolidated: 2.3% growth; 3.8% in c.c.(1)(2) Americas Coalitions: 10.6% in c.c.(1)(2); International
Slide 48: Increasing Adjusted EBITDA Margin
INCREASING ADJUSTED EBITDA MARGIN* EXCLUDING SEVERANCE COSTS YTD 2016: 10.0%(4) FY 2015: 9.5%(2)(3) FY 2014: 8.1%(1) 12% 11.0%(3) 11.2%(4) $80 10.1% 10.2%(2) 10.0%(4) $70 (in millions of Canadian dollars) 10% 9.1% $60 8% 8.7% 8.8% 8.8%(4) Adjusted EBITDA Adjusted EBITDA 8.5%(3) $50 Margin % 6% $40 5
Slide 49: Q3 2016 Adjusted EBITDA to Free Cash Flow Bridge
Q3 2016 ADJUSTED EBITDA TO FREE CASH FLOW BRIDGE* (in millions of Canadian dollars) $46.5 ($9.2) ($16.1) ($31.4) $32.4 $4.0 $86.7 $60.5 Non-cash items 143% Free cash flow conversion(1) Adjusted Change in Stock-based Cash Net cash Capex Working capital Free Cash EBITDA FRC compensation taxes interest
Slide 50: YTD 2016 Adjusted EBITDA to Free Cash Flow Bridge
YTD 2016 ADJUSTED EBITDA TO FREE CASH FLOW BRIDGE* (in millions of Canadian dollars) $43.8 ($21.9) ($50.0) $48.7 $8.6 ($80.0) $162.8 $112.0 Non-cash items 69% Free cash flow conversion(2) Adjusted Change in Stock-based Cash Net cash Capex Working Free Cash EBITDA FRC compensation taxes interest paid
Slide 51: YTD 2016 Gross Billings to Free Cash Flow Walk
YTD 2016 GROSS BILLINGS TO FREE CASH FLOW WALK* (in millions of Canadian dollars) 9M 2016 9M 2015 Gross Billings 1,692.2 1,780.8 Less: Cost of rewards and direct costs (1,012.7) (1,118.5) Less: Operating expenses (excluding share-based (478.3) (442.0)(1) compensation and impairment charges) Add: Dis
Slide 52: Free Cash Flow in Line with Seasonal Patterns
FREE CASH FLOW IN LINE WITH SEASONAL PATTERNS* Normalized Free Cash Flow before Dividends Paid (in millions of Canadian dollars) (1) (3) (4) (7) (10) (9) $38.9 (5) (6) (8) FCF higher than expected (2) with benefit of tax refund and Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 lower capex and opex 20
Slide 53: Q3 2016 Capital Expenditures: Areas of Focus
Q3 2016 CAPITAL EXPENDITURES: AREAS OF FOCUS (in millions of Canadian dollars) Global product development and Investments for future enterprise-related growth at Aeroplan shared services Corporate including 34.8% 1:1 marketing capabilities >10% decrease vs. 2015 Ongoing investment GLS Q3 2016 Americ
Slide 54: Drivers Impacting Gross Billings
DRIVERS IMPACTING GROSS BILLINGS* Canadian Household Consumption Expenditure Final (HCE)* Consumer debt 3.0% continues to 2.5% 2.3% 2.3% 2.3% grow, coupled 2.1% 2.2% with lower 2.0% consumer 1.8% 1.8% 1.5% spending 1.0% Q2 15A Q3 15A Q4 15A Q1 16A Q2 16A Q3 16F Q4 16F *Source: Household consumption
Slide 55: Americas Coalitions Gross Billings
AMERICAS COALITIONS GROSS BILLINGS* (in millions of Canadian dollars) +0.6% 450 30.0 400 $369.8 $372.0 25.0 350 4.8% Americas 300 YoY 20.0 Coalitions Gross 250 4.7% 15.0 Billings up on the 200 YoY back of Aeroplan 150 10.0 growth 100 5.0 50 0 0.0 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 20
Slide 56: Aeroplan Burn/Earn Ratio
AEROPLAN BURN/EARN RATIO Seasonally normal burn earn Burn/Earn trends towards Improving accumulation trend 110% inverse of 105% 102% breakage over 100% time 98% 95% 93% 90% 83% 84% 84% 84% 85% 80% 80% 77% 74% 75% 72% 70% 65% 60% Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Slide 57: Q3 2016 Financial Highlights – Americas Coalitions
Q3 2016 FINANCIAL HIGHLIGHTS – AMERICAS COALITIONS* Three Months Ended Sept 30, (in millions of Canadian dollars) 2016 2015 Reported Reported % Gross Billings Aeroplan 319.6 307.0 4.1% Loyalty Services & Other 69.9 82.3 -15.1% Intercompany eliminations -17.5 -19.5 Total revenue Aeroplan 290.5 275.7
Slide 58: YTD 2016 Financial Highlights – Americas Coalitions
YTD 2016 FINANCIAL HIGHLIGHTS – AMERICAS COALITIONS* Nine Months Ended Sept 30, (in millions of Canadian dollars) 2016 2015 Reported Reported % Gross Billings Aeroplan 934.7 918.9 1.7% Loyalty Services & Other 226.1 250.5 -9.7% Intercompany eliminations -59.2 -61.7 Total revenue Aeroplan 895.6 870.4
Slide 59: Aeroplan Revenue
AEROPLAN REVENUE (in millions of Canadian dollars) Q3 2016 Q3 2015 Miles Revenue $250.3 $236.9 Breakage Revenue $31.0 $29.2 Other Revenue $9.2 $9.6 Total Revenue $290.5 $275.7 59
Slide 60: How Aeroplan Has Evolved
HOW AEROPLAN HAS EVOLVED 4x 5x $180M • Since 2009, • Gross Billings • About 30% of Gross Billings from financial flights are Market from our financial cards not Fare Flight card partnerships associated with Reward tickets, have grown four frequent flyers translating into times faster than are five t
Slide 61: Sainsbury's Campaigns
SAINSBURY’S CAMPAIGNS Q2 Campaigns Q3 Campaigns Q4 Campaigns 61
Slide 62: Balance Sheet
BALANCE SHEET DEBT Interest Sept CASH & INVESTMENTS Sept (in millions of Canadian Rate Maturing 30, 2016 (in millions of Canadian dollars) 30, 2016 dollars) Revolving Facility(1) Apr. 23, 2020 - Cash and cash equivalents 410 Senior Secured Notes 3 6.95% Jan. 26, 2017 200.0 Restricted cash 21 Senior
Slide 63: Gross Billings from Sale of Loyalty Units by Major Partner
GROSS BILLINGS FROM SALE OF LOYALTY UNITS BY MAJOR PARTNER* Other CIBC Other CIBC 17.2% 15.9% 20.9% 16.2% Sainsbury’s Air Sainsbury’s Canada 15.5% Q3 2015 Q3 2016 15.5% Air Canada 14.7% 13.4% $422.5 $418.5 AMEX AMEX TD 12.4% TD 12.6% 21.4% 24.3% *THIS SLIDE CONTAINS NON-GAAP FINANCIAL MEASURES. PLEA
Slide 64: Gross Billings from Sale of Loyalty Units by Major Partner
GROSS BILLINGS FROM SALE OF LOYALTY UNITS BY MAJOR PARTNER* Other CIBC Other CIBC 17.8% 15.5% 20.2% 15.3% Sainsbury’s Air Sainsbury’s Canada 9M 2015 19.1% 9M 2016 17.3% Air Canada 14.5% 13.8% $1,326.0M $1,262.8 AMEX AMEX TD 11.8% 12.2% TD 19.8% 22.7% *THIS SLIDE CONTAINS NON-GAAP FINANCIAL MEASURES.
Slide 65: Foreign Exchange Rates
FOREIGN EXCHANGE RATES Q3 2016 Q3 2015 % Change Average Average Period end Average Average Period end Average Average Period end quarter YTD rate quarter YTD rate quarter YTD rate £ to $ 1.7118 1.8432 1.7027 2.0248 1.9284 2.0334 -15.5% -4.4% -16.3% AED to $ 0.3548 0.3599 0.3563 0.3557 0.3425 0.3650
Slide 66: New Divisional Disclosure Comparable
NEW DIVISIONAL DISCLOSURE COMPARABLE* Year ended December 31, 2015 (in millions of Canadian dollars) Global Americas International Operating Segments Loyalty Corporate Eliminations Consolidated Coalitions Coalitions Solutions Gross Billings from the sale of Loyalty Units 1,201.3 631.4 - - - 1,832.7
Slide 67: Accounting: Key Things to Remember
ACCOUNTING: KEY THINGS TO REMEMBER* Gross Billings from the sale of Loyalty Units: Revenue Recognition: Recognize upon redemption of Loyalty Units Recognize upon issuance of Loyalty Units Key indicator of top line growth Breakage Recognition: Recognize upon redemption of Loyalty Units Liabil