Slide 1: Aimia
/\IMIA AIMIA
Slide 2: Q4 2017 Highlights
Q4 2017 HIGHLIGHTS February 14, 2018
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 Years ended December 31, December 31, (in millions of Canadian dollars, except per share information) 2017 2016 (in millions of Canadian dollars , except per share information) 2017 2016 Operating loss (4.7) (89.8) Operating loss (59.1) (142.2) Dep
Slide 6: Q4 and FY 2017 Income Statement
Q4 AND FY 2017 INCOME STATEMENT Three Months Ended Years Ended December 31, December 31, (in millions of Canadian dollars, except per share 2017 2016 2017 2016 amounts) Revenue 398.6 440.1 $ 1,624.4 $ 1,759.3 Cost of sales Cost of rewards and direct costs 249.3 266.6 1,004.3 1,073.3 Depreciation and
Slide 7: ROIC Reconciliation
ROIC RECONCILIATION* *THIS SLIDE CONTAINS NON-GAAP FINANCIAL MEASURES. PLEASE REFER TO SLIDE 4 FOR A DETAILED DESCRIPTION OF SUCH NON-GAAP FINANCIAL MEASURES. 7
Slide 8: FY 2017 Financial Highlights – Guidance Basis
FY 2017 FINANCIAL HIGHLIGHTS – GUIDANCE BASIS* (in millions of Canadian dollars) 2017 core Add back Subtract other 2017 Guidance (1) Add back Add back business Consolidated Discontinued exited (as updated in Nov (2) (3) Severance(4) Other(4) (guidance operations businesses 2017) basis)(5) Core busin
Slide 9: Q4 2017 Financial Highlights – Guidance Basis
Q4 2017 FINANCIAL HIGHLIGHTS – GUIDANCE BASIS* (in millions of Canadian dollars) Add back Add back Q4 2017 Consolidated(1) Discontinued Severance(3) Core business(4) operations(2) Gross Billings 418.6 147.1 - 565.7 Adjusted EBITDA 66.1 20.9 6.4 93.4 Adjusted EBITDA margin 15.8% 14.2% - 16.5% FCF bef
Slide 10: New FY 2017 Base: Coalitions + Insights and Loyalty Solutions
NEW FY 2017 BASE: COALITIONS + INSIGHTS AND LOYALTY SOLUTIONS* (in millions of Canadian dollars) FY 2017 Coalitions + Coalitions + Subtract Insights and Add back Insights and Consolidated Other Loyalty Solutions Severance Loyalty Solutions Businesses (post-severance) (pre-severance) Gross Billings 1
Slide 11: Today's Speakers
TODAY’S SPEAKERS • David Johnston, Group Chief Executive • Mark Grafton, Chief Financial Officer 11
Slide 12: Agenda
AGENDA • Introductions • Strategic update & quarterly highlights • Operational and financial highlights • 2018 guidance 12
Slide 13: Strategic Update & Quarterly Highlights
STRATEGIC UPDATE & QUARTERLY HIGHLIGHTS DAVID JOHNSTON
Slide 14: Q4 Delivered in Line with Full Year 2017 Guidance
Q4 DELIVERED IN LINE WITH FULL YEAR 2017 GUIDANCE* (in millions of Canadian dollars) Fourth Quarter Full Year 2017 2017 2017 Guidance(2) Core business(1) Gross between $565.7(3) $2,064(4) Billings $2.0 to $2.1B Q4 results in line with 2017 Adjusted EBITDA 16.5%(3) 14.1%(4) Core business(1) around
Slide 15: 2017 Progress Against Key Areas of Focus
2017 PROGRESS AGAINST KEY AREAS OF FOCUS • Sharper focus on progressing key strategic and commercial partnerships for Aeroplan, our largest and most profitable business which delivered $1.3 billion of Gross Billings in 2017 Ending 2017 with a simplified, • Ongoing business simplification and higher
Slide 16: Business Simplification Driving Higher Adjusted EBITDA Margin
BUSINESS SIMPLIFICATION DRIVING HIGHER ADJUSTED EBITDA MARGIN* Adjusted EBITDA margin Total FTEs U.S. 3250 CEL NZ 16.0% 13.9%(2) 14.0% 12.5%(1) 2750 (2) 12.0% 9.5%(1) 10.4% Nectar 10.0% 8.0% 2250 6.0% 4.0% 2.0% 0.0% 1750 FY 2016 FY 2017 1250 Consolidated (including Other Businesses) Coalitions + Ins
Slide 17: Key Nectar Transaction Considerations
KEY NECTAR TRANSACTION CONSIDERATIONS 1 Sharper focus on Aeroplan Allowing a sharper focus on Aeroplan, 2 Valuation the Nectar transaction was the optimal risk- adjusted outcome 3 Cash coverage requirement ahead of the contract expiry in 2019 4 Redemption liability Decision to sell the Nectar progra
Slide 18: Travel-Based vs Retail Coalitions: Understanding Redemption Dynamics
TRAVEL-BASED VS RETAIL COALITIONS: UNDERSTANDING REDEMPTION DYNAMICS Aeroplan Nectar Coalition type Travel-based Retail-based Redemption cycle Average 30 months Average 12 months Natural barriers to redemptions including limited vacation time, Redemption dynamics Ease of redemption seat availability
Slide 19: Aeroplan Redemption
AEROPLAN REDEMPTION Mileage burn (in billions of miles) Average cost per MFFR by class (Index; Q1 2016 = 1.00) 1.10 7.3% YoY 1.05 1.00 0.95 0.90 0.85 0.80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2016 2016 2016 2016 2017 2017 2017 2017 2015 2016 2017 Non-premium Class Premium Class Q3 Q4 Declining cost of Market Far
Slide 20: Aeroplan Redemption Liability
AEROPLAN REDEMPTION LIABILITY No significant 2016 change in outstanding redemption liability 2017 88% Burn/Earn Increased mileage Members using balances at Natural with balance from healthy similar rates to last year barriers to accumulation activity redemptions redemption expense up 4% YoY Represen
Slide 21: Operating and Financial Highlights
OPERATING AND FINANCIAL HIGHLIGHTS MARK GRAFTON
Slide 22: Operational and Financial Highlights
OPERATIONAL AND FINANCIAL HIGHLIGHTS • Generating 14%(1) Adjusted EBITDA margins on $1.6 billion of Gross Billings from two main divisions • Solid Coalitions and Insights and Loyalty Focused on Solutions performance in Q4 2017, with stable execution topline and lower operating expense • Robust balan
Slide 23: Shape of Business Going Forward
SHAPE OF BUSINESS GOING FORWARD: COALITIONS AND INSIGHTS AND LOYALTY SOLUTIONS BASE* FY 2017 Gross Billings FY 2017 AE margin normalized(1) 17.9% Insights & Loyalty Solutions 14.0% 13.9% 10.4% 17% $1.6B -6.4% -6.4% Coalitions Insights & Loyalty Coalitions + Insights 83% Solutions and Loyalty Solutio
Slide 24: Q4 2017 Consolidated Gross Billings
Q4 2017 CONSOLIDATED GROSS BILLINGS* (in millions of Canadian dollars) Stable YoY ($3.6) $2.3 Coalitions Insights & Loyalty Solutions $419.8(2)(3) $418.8(2)(3) Coalitions: (1.0)%; Insights & Loyalty Solutions: 6.1% in c.c.(1); Q4 2016 Q4 2017 Coalitions Coalitions + Insights and Loyalty + Insights a
Slide 25: Aeroplan Gross Billings
AEROPLAN GROSS BILLINGS* Gross Billings (millions of Canadian dollars) +2% Aeroplan GBs 340.0 $334.7 35.0 up 2% YoY 330.0 $328.0 driven by strong 30.0 performance in 320.0 the financial, Aeroplan Gross Billings 310.0 25.0 airline, and retail -0.9% (million CAD) YoY sectors (billion miles) Miles Issu
Slide 26: Aeroplan Financial Card Trends
AEROPLAN FINANCIAL CARD TRENDS One month average actives (1) (Aeroplan TD + CIBC credit cardholders) 2013-2017 CAGR = 4%(2) Active base up 4% YoY(3) as a result of lower attrition Our focus in the first half of 2018 will be spend and card retention in our tenured credit card 2013 2014 2015 2016 2017
Slide 27: Aeroplan Redemption and Unit Cost Trends
AEROPLAN REDEMPTION AND UNIT COST TRENDS Favourable cost per mile trend Mileage burn and unit cost Increased take- 1.06 1.05 1.05 1.04 up of air and 1.02 1.03 1.03 15.0% 1.01 1.02 1.00 non-air rewards 0.98 0.98 13.0% driving mileage 11.0% burn higher YoY 9.0% against lower 7.0% volumes in 2016 5.0%
Slide 28: FY & Q4 2017 Consolidated Operating Expenses
FY & Q4 2017 CONSOLIDATED OPERATING EXPENSES* Operating expenses(1) 28.5% Overachieved 600.0 27.5% 26.4% 30.0% cost savings 25.0% target of $9 23.9% 500.0 million in Q4 400.0 443.0(1) 425.2(1) 20.0% 2017 300.0 15.0% 200.0 10.0% Q4 2017 cost savings 100.0 119.8(2) 5.0% included 100.1(2) around $8 0.0
Slide 29: FY 2017 Coalitions + ILS Adjusted EBITDA
FY 2017 COALITIONS + INSIGHTS AND LOYALTY SOLUTIONS ADJUSTED EBITDA* (in millions of Canadian dollars) Adjusted EBITDA up 34% YoY ($20.2) $55.4 $0.9 ($13.3) Insights and Loyalty Severance Solutions Other Businesses Adjusted Coalitions Adjusted EBITDA EBITDA growth driven by improved $167.1(1) $223.4
Slide 30: Health of Longer Term Investments: Club Premier
HEALTH OF LONGER TERM INVESTMENTS: CLUB PREMIER • Aimia owns 48.9% of PLM Premier, S.A.P.I. de C.V (PLM), which operates Club Premier, the leading coalition program in Mexico with a growing member base and over 100 partners, and the operator of Aeromexico's frequent flyer program • 12 years remainin
Slide 31: FY 2017 Adjusted EBITDA to Free Cash Flow Bridge
FY 2017 ADJUSTED EBITDA TO FREE CASH FLOW BRIDGE* (in millions of Canadian dollars) $1.6 $49.9 ($2.7) ($6.8) ($26.0) ($37.9) $28.0 Non-cash items $189.9 $146.1 $196.0 Adjusted Change in Share Cash Net cash Capex Working Free Cash Discontinued Free Cash EBITDA (1) FRC based taxes interest capital Flo
Slide 32: Preserving a Robust Cash Position
PRESERVING A ROBUST CASH POSITION (in millions of Canadian dollars) $105 ($183) $114(1) ($2) ($96) ($100) $669 $780 Net cash impact ($174) million $506 Q3 2017 Q4 2017 Other Q4 2017 Nectar Nectar cash Net working Debt Proforma Cash Cash and Free Cash Cash and transaction coverage capital repayment a
Slide 33: Building Financial Flexibility
BUILDING FINANCIAL FLEXIBILITY (in millions of Canadian dollars) Total cash and investments in bonds at Q4 2017 Debt reduction $780M $800 takes leverage to less than 2x Total Cash and investments in bonds $700 with total debt $600 down by $500 around $300m $400 since Q3 2016 Total cash and $300 inve
Slide 34: 2018 Expectations
2018 EXPECTATIONS DAVID JOHNSTON
Slide 35: Insights and Loyalty Solutions Commercial Priorities
INSIGHTS AND LOYALTY SOLUTIONS COMMERCIAL PRIORITIES • Providing customer insights and loyalty solutions to CMOs of global brands as their strategic partner by leveraging our geographic scale, IP and expertise • Managing programs that handle 500 million transactions and interactions per month, for 1
Slide 36: Aeroplan: Addressing the Market Challenges
AEROPLAN: ADDRESSING THE MARKET CHALLENGES • Growing relevance of smartphones puts spotlight on mobile experience • Consumers want rewards that feel Broader choice distinctive and localized; plus a pivot around how to earn from points to tailored experiences that and redeem and an evolve over time e
Slide 37: Aeroplan Evolving to Be More Flexible, Convenient, and Personalized
AEROPLAN EVOLVING TO BE MORE FLEXIBLE, CONVENIENT, AND PERSONALIZED FROM TO Move from Exclusive agreement with Air 1 exclusive to a Multi-airline offering expands Canada and Star with limited multi-airline inventory by flight and cabin fixed inventory model Expand value Limited non-air travel option
Slide 38: Aeroplan Strategy and Context for 2018
AEROPLAN STRATEGY AND CONTEXT FOR 2018 • In 2017, we issued 2.7 million rewards to our members, including 2.0 million flight rewards on Air Canada, representing a 4% increase in redemption expense Accumulation • Members continue to accumulate and re-engage at and redemption trends will be similar ra
Slide 39: 2018 Guidance
2018 GUIDANCE* (in millions of Canadian 2017(1) 2018 guidance dollars) Coalitions Gross Billings $1,341 Around $1.3 billion Coalitions Adjusted EBITDA $241 Around 18% and margin(1) 17.9% Coalitions Free Cash Flow $214 Between $155 and $175 (pre-tax basis)(1)(2) Consolidated Free Cash Flow $169 Betwe
Slide 40: Understanding 2018 Coalitions FCF Guidance
UNDERSTANDING 2018 COALITIONS FCF GUIDANCE* Expected to be between $155 and $175 Gross OPEX Expected Guidance Billings and resumption incremental savings of tax includes Aeroplan payments expected redemption of $35 to $40 cost increase in redemption expense 2017 Coalitions 2018 Coalitions 2018 Coali
Slide 41: Conclusion
CONCLUSION • Delivered to 2017 guidance, with solid performance at Aeroplan • Plans to enable far more choices for Aeroplan members beyond 2020 to follow in 2018 2018 will be about continued execution against • Savings of $70 million to be delivered by 2019 key priorities • Ongoing strengthening of
Slide 42: Aimia – Inspiring Loyalty
AIMIA INSPIRING LOYALTY
Slide 43: Operating Expenses
OPERATING EXPENSES FY 2017 FY 2016 Q4 2017 Q4 2016 Total consolidated operating expenses excluding discontinued operations 499.9 656.4 104.4 222.2 adjust: share-based compensation 2.7 -9.6 -0.2 -1.0 adjust: impairments - -66.0 - -66.0 adjust: Other Businesses and eliminations -57.2 -130.9 0.5 -34.0
Slide 44: Aeroplan Accumulation Pattern
AEROPLAN ACCUMULATION PATTERN Miles accumulated y/y% FY 2016 2.4% FY 2017 1.8% Accumulation down 4.8% 5.4% 4.1% 1% YoY in Q4 2017 1.2% 2.0% 0.8% due to lapping of higher financial -0.1% -0.9% sector promotional -5.6% activity sector and -10.0% -10.5% -9.7% new retail sector partner in the prior year
Slide 45: Aeroplan Redemption Trends
AEROPLAN REDEMPTION TRENDS (in millions of Canadian dollars) Cumulative cash impact of $34 million* Weekly redemptions cash impact vs. prior year above prior year represents 4% of total annual redemption expense in 2016 *An incremental $2 million redemption expense was incurred due to an extra day i
Slide 46: Aeroplan Cost of Rewards Trends
AEROPLAN COST OF REWARDS TRENDS (in millions of Canadian dollars) FY 2016: $807 million FY 2017: $840 million Incremental redemption expense up $34 million* (or 4% YoY) in 2017 $218 $225 $207 $208 Air Canada $202 $192 $195 $200 capacity growth a key driver of increased redemption Q1 2016 Q2 2016 Q3
Slide 47: Aeroplan Burn/Earn Ratio
AEROPLAN BURN/EARN RATIO Burn/earn ratio* Improving accumulation trend Seasonally normal burn earn FY 2015: B/E 87% FY 2016: B/E 86% FY 2017: B/E 88% 105% 102% 100% 98% 97% 95% 90% 87% 84% 86% 84% 84% 84% 85% 83% 80% 80% 79% 75% 70% 65% 60% Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4
Slide 48: Free Cash Flow in Line with Seasonal Patterns
FREE CASH FLOW IN LINE WITH SEASONAL PATTERNS* (in millions of Canadian dollars) Normalized FCF before Dividends Paid(1) 130.1 (6) 118.8 (10) 62.7 (2) 59.2 49.1 (4) 58.4 (8) 59.0 59.5 (9) Lower Gross 38.9 (5) Billings offset by reduced OPEX, cost of rewards and direct costs, (15.2)(1) (12.0) (3) (20
Slide 49: Cash Position Prior to Sale of Nectar and Q4 2017 FCF Generation
CASH POSITION PRIOR TO SALE OF NECTAR AND Q4 2017 FCF GENERATION DEBT Interest Dec 31, (in millions of Canadian Rate Maturing 2017 dollars) Revolving Facility(1) 3.58%(5) Apr. 23, 2020 200.0 Senior Secured Notes 4 6.85%(6) May 17, 2019 250.0 CASH & INVESTMENTS Dec Total Long-Term Debt 450.0 (in mill
Slide 50: FY 2017 Consolidated Gross Billings
FY 2017 CONSOLIDATED GROSS BILLINGS* (in millions of Canadian dollars) Gross Billings stable YoY $13.9 ($15.4) Coalitions Insights & Loyalty Services $1,609.5(2)(3) $1,608.3(2)(3) Coalitions: 1.0%; Insights & Loyalty Services: (3.4)% in c.c.(1); FY 2016 FY 2017 (Coalitions + ILS) (Coalitions + ILS)
Slide 51: Quarterly Consolidated Cost of Rewards Trend
QUARTERLY CONSOLIDATED COST OF REWARDS TREND (in millions of Canadian dollars) $70 $50 $64 $39 $62 $72 $41 $33 $218 $225 $202 $207 $200 $195 $208 $192 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 2016 2017 2016 2017 2016 2017 2016 2017 Aeroplan Cost of Rewards Other Cost of Rewards and Direct Costs 51
Slide 52: Coalitions + ILS Adjusted EBITDA Margin
COALITIONS + ILS ADJUSTED EBITDA MARGIN* EXCLUDING SEVERANCE COSTS AND OTHER BUSINESSES (in millions of Canadian dollars, except percentages) FY 2017: 13.9%(1)(2) FY 2016: 10.4%(1)(2) 120.0 16.8%(1)(2) 18.0% 15.0%(1)(2) 16.0% 100.0 13.2%(1)(2) 12.9%(1)(2) 14.0% 80.0 12.0% 10.0%(1)(2) 10.6%(1)(2) 9.6
Slide 53: Q4 2017 Adjusted EBITDA to Free Cash Flow Bridge
Q4 2017 ADJUSTED EBITDA TO FREE CASH FLOW** BRIDGE* (in millions of Canadian dollars) $0.2 $65.4 $4.1 ($0.5) ($9.8) ($6.6) ($5.1) $113.8 $66.1 Non-cash items $48.4 Adjusted Change in Stock Cash Net cash Capex Working Free Cash Flow Discontinued Free Cash EBITDA FRC based taxes interest (continuing c
Slide 54: Capital Expenditures
CAPITAL EXPENDITURES (in millions of Canadian dollars) FY 2015: $93.6 Capex down FY 2016: $68.2 56% YoY in the FY 2017: $43.4(1) quarter $29.4 $23.7 $20.5 $20.0 $19.5 $18.2 $16.1 Aeroplan capex $14.4 focused on $12.1 $12.8 $11.2 new travel $7.3 platforms and 1:1 marketing Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 55: Working Capital Quarterly Trends
WORKING CAPITAL QUARTERLY TRENDS (in millions of Canadian dollars) Change in operating assets and liabilities and other $122.7 $106.2(1) $76.4 Unfavourable $22.9 $20.4 working capital $7.4 due to timing ($15.6) ($22.0) ($33.0) ($31.4) ($63.0) ($58.8) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2015 2015 201
Slide 56: Q4 and FY 2017 Financial Highlights: Coalitions
Q4 AND FY 2017 FINANCIAL HIGHLIGHTS: COALITIONS* Periods Ended December 31, Three Months Ended Years Ended (in millions of Canadian dollars) 2017 2016 2017 2016 Reported Reported Reported Reported Gross Billings Aeroplan 334.7 328.0 1,304.2 1,262.7 Loyalty Services & Other 17.1 43.2 67.0 146.8 Inter
Slide 57: Aeroplan Revenue
AEROPLAN REVENUE (in millions of Canadian dollars) Q4 2017 Q4 2016 Miles Revenue $270.0 $242.6 Breakage Revenue $33.5 $30.0 Other Revenue $9.4 $8.4 Total Revenue $312.8 $281.0 57
Slide 58: Gross Billings from Sale of Loyalty Units by Major Partner
GROSS BILLINGS FROM SALE OF LOYALTY UNITS BY MAJOR PARTNER Other Other CIBC Other CIBC 12.6% 13.4% CIBC 19.6% 19.8% Air Sainsbury’s Canada Air Canada 20.1% Air Canada Q4 2016 Q4 2017 19.9% $331.2M $336.9M TD TD AMEX 31.6% 31.8% AMEX TD AMEX 15.1% 16.1% 58
Slide 59: Gross Billings from Sale of Loyalty Units by Major Partner
GROSS BILLINGS FROM SALE OF LOYALTY UNITS BY MAJOR PARTNER Other Other CIBC Other 13.9% CIBC CIBC 13.2% 19.7% 20.5% Air Air Sainsbury’s Canada Canada 19.4% FY 2016 20.0% FY 2017 Air Canada $1,277.1M $1,314.2M TD TD 31.8% AMEX 30.7% AMEX AMEX TD 15.4% 15.5% 59
Slide 60: 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
Slide 61: Foreign Exchange Rates
FOREIGN EXCHANGE RATES Q4 2017 Q4 2016 % Change Average Average Period end Average Average Period end Average Average Period end quarter YTD rate quarter YTD rate quarter YTD rate £ to $ 1.6855 1.6711 1.6932 1.6595 1.7970 1.6567 1.6% -7.0% 2.2% AED to $ 0.3457 0.3534 0.3416 0.3632 0.3607 0.3666 -4.8
Slide 62: Quarterly Comparatives – Gross Billings & Adjusted EBITDA
QUARTERLY COMPARATIVES – GROSS BILLINGS & ADJUSTED EBITDA* (in millions of Canadian dollars) Discontinued Gross Billings Coalitions ILS Other Eliminations Reported Total Business Operations Q1 2016 309.4 74.1 55.2 -0.5 438.2 134.8 573.0 Q2 2016 334.6 66.4 58.8 -0.6 459.2 101.5 560.7 Q3 2016 335.1 71
Slide 63: Quarterly Comparatives – Adjusted EBITDA Margin
QUARTERLY COMPARATIVES – ADJUSTED EBITDA MARGIN* (in millions of Canadian dollars) AE margin normalized Coalitions Discontinued Coalitions ILS Other Eliminations Total Business (pre-severance) + ILS Operations Q1 2016 13.2% -5.5% - - 9.6% 10.4% 8.8% Q2 2016 13.0% -5.1% - - 10.0% 14.8% 10.0% Q3 2016
Slide 64: Nectar and Related Assets Sold to J Sainsbury plc
NECTAR AND RELATED ASSETS SOLD TO J SAINSBURY PLC Americas Coalitions Sold to J Sainsbury plc: • Coalitions (Aeroplan) • Canada Rewards Nectar business including employees, assets and liabilities, systems, licences and trademarks International Coalitions • Coalitions Shopper Insights & Communication