Aimia reports fourth quarter and full year 2014 results

Posted on by Aimia in News

2014 A YEAR OF EXCEPTIONAL PROGRESS FOR AIMIA

MONTREAL, Feb. 27, 2015 /CNW Telbec/ – Data-driven marketing and loyalty
analytics company Aimia Inc. (TSX: AIM) today reported its financial
results for the quarter and year ended December 31, 2014. All financial
information is in Canadian dollars unless otherwise noted.

2014 Highlights: Aimia met or exceeded its guidance on all key financial metrics. Solid
fourth quarter performance enabled Aimia to deliver Gross Billings
growth of 9.3% on a constant currency basis, Adjusted EBITDA margin of
11.8% and Free Cash Flow of $287 million.

  • The transition of Aeroplan with its new card partnership agreements and
    launch of Distinction exceeded all expectations and drove strong member
    engagement.
  • Aimia expanded its coalition business into Spain through Travel Club and
    in Asia Pacific with an investment in Air Asia’s Think Big.
  • Aimia’s Intelligent Shopper Solutions business doubled its client base
    in 2014, with five new retailers, including Sonae in Portugal.

     
 HIGHLIGHTS(1) Three Months Ended
December 31, 		Years Ended
December 31,
 (in millions of Canadian dollars,
 except per share amounts) 		 2014 2013  YoY %
Change 		YoY %
Constant
Currency 		2014  2013  YoY %
Change 		YoY %
Constant
Currency
 Gross Billings (5) 688.1 658.0 4.6 2.1 2,686.6 2,366.4 13.5 9.3
 Total Revenue (2) 761.1 687.6 10.7 8.0 2,468.8 1,673.5 47.5 42.2
 Net Earnings (Loss) (2)(3)(6)(7) 21.5 (125.7)  **   **  (37.7) (492.7) 92.3  ** 
 Earnings (Loss) per Common Share (2)(3)(6)(7) 0.09 (0.74)  **   **  (0.35) (2.95) 88.1  ** 
 Adjusted EBITDA (3)(5)(6) 60.0 (111.1)  **   **  316.4 150.5  **   ** 
 Adjusted Net Earnings per Common Share (3)(5)(6) 0.20 (0.50)  **   **  1.05 0.53 98.1  ** 
 Free Cash Flow before Dividends Paid (4)(5)(6)(8) 17.1 (52.1)  **   **  287.0 95.6  **   ** 
 ** Information not meaningful
Please refer to “Notes” below for details on notations that appear on
tables in this Press Release. 

“In 2014, Aimia delivered against our strategy of strengthening our
position in priority markets, replicating and evolving our successful
coalition loyalty model with programs in markets such as Mexico and
Spain, and building our distinctive data analytics capabilities and
client base globally,” said Rupert Duchesne, Group Chief Executive. “At
the same time, we delivered strong financial results, exceeding our
guidance. With the momentum we see in recent sales, notwithstanding the
fragility of the global economy, we are confident that 2015 will be
another good year.”

Consolidated Financial Highlights

Twelve Months Ended December 31, 2014 compared to twelve months ended
December 31, 2013:

  • Gross Billings increased 13.5% to $2,686.6 million, reflecting strong
    growth in Canada, including a $100.0 million contribution from TD to
    support Aeroplan program enhancements in the first quarter of 2014 and
    a favourable currency impact, partially offset by lower Gross Billings
    in the EMEA region.
  • Adjusted EBITDA was $316.4 million compared to $150.5 million last year
    and included the $100.0 million contribution from TD and a $37.4
    million     unfavourable impact from the change in Future Redemption Costs
    as a result of increased promotional miles on new financial cards
    acquired in the Aeroplan program. The prior year included a $150.0
    million     payment to CIBC related to the conveyance of a half of the
    Aeroplan credit card base, a $50.0 million Card Migration Provision,
    and a $24.0 million favourable impact related to the final judgment of
    the VAT litigation in the U.K. Excluding these items, Adjusted EBITDA
    decreased $72.7 million which primarily reflected the new margin
    profile of the transformed Aeroplan program, which is designed to
    deliver growth over the long term with an increase in the redemption
    cost per Aeroplan mile, offset in part by an increase in the Gross
    Billings.
  • Free Cash Flow before Dividends Paid was $287.0 million in 2014, which
    included the $100.0 million contribution by TD and $113.4 million in
    tax recoveries, offset in part by a $20.7 million deposit made to
    Revenue Quebec. This compares to Free Cash Flow before Dividends Paid
    of $95.6 million in 2013, which included a $150.0 million payment to
    CIBC and $22.5 million for the associated HST.

Three Months Ended December 31, 2014 compared to three months ended
December 31, 2013:

  • Gross Billings increased 4.6% to $688.1 million in the fourth quarter as
    a result of strong growth in Canada and a favourable currency impact,
    which was offset in part by lower Gross Billings in the Europe, Middle
    East     and Africa (EMEA) and US & Asia Pacific (APAC) regions, on a
    constant currency basis.
  • Adjusted EBITDA was $60.0 million compared to $(111.1) million last
    year, which included the unfavourable $200.0 million payment to CIBC
    and the Card Migration Provision. The remaining variance mostly
    reflects the higher redemption cost per Aeroplan mile, partially offset
    by an increase in Gross Billings in the Aeroplan program.
  • Free Cash Flow before Dividends Paid was $17.1 million compared with a
    cash outflow of $52.1 million last year with increased cash flow from
    operations (primarily due to the CIBC Payment and related HST last
    year), increased Gross Billings and the receipt of a $7.5 million
    income tax refund from Revenue Quebec in Q4 2014 which were partly
    offset by a lower gross margin, higher operating expenses and higher
    capital expenditures.

2015 Guidance

For the year ending December 31, 2015, Aimia expects to report the
following:

   
(in millions of Canadian dollars)  2014 Reported 2014 Normalized(9) 2015 Guidance
Gross Billings $2,686.6 $2,586.6 Between
$2,560 and $2,610 
Adjusted EBITDA
and margin 		$316.4
11.8% 		$216.4
8.4% 		Adjusted EBITDA margin of
approximately 9%
Free Cash Flow before Dividends Paid $287.0 $94.3 Between
$220 and $240 
Capital Expenditures $81.5 $81.5 Between
$70 to $80 
See “Forward-Looking Statements” below regarding assumptions underlying
the above guidance and risks relating thereto, including currency
fluctuations and currency risk.
Please refer to “Notes” below for details on notations that appear in
this table.

Segment Highlights

Canada – New Aeroplan financial partnership arrangements and the launch of
Distinction drove an 18.5% increase in Gross Billings.

  • Miles issued, including promotional miles, climbed 14.6% year over year
  • The total number of rewards issued increased 13.8% year over year and
    air rewards were up 19.8%

Full Year and Fourth Quarter 2014

  • Gross Billings increased 18.5% to $1.5 billion for the year ended December 31, 2014,
    and 7.7% to $373.8 million in the fourth quarter, due to strong growth
    in Gross Billings from Loyalty Units at Aeroplan. Other Gross Billings
    decreased 7.6% for the year and 14.7% in the fourth quarter due to
    lower Proprietary Loyalty client activity and lower Gross Billings for
    ancillary services related to the Aeroplan program.
  • Aeroplan miles issued increased 14.6% for the year and 10.5% in the
    quarter driven by higher purchase volumes, promotional miles, new card
    acquisitions and partner program conversions.
  • Aeroplan miles redeemed increased 7.0% for the year and 15.7% in the
    fourth quarter primarily due to an increase in air redemptions as a
    result of the enhanced travel reward offerings under the Distinction
    program launched in January 2014.
  • Adjusted EBITDA was $49.9 million in the fourth quarter and $323.5 million for the full
    year 2014. The full year included the $100.0 million contribution by TD
    and the unfavourable impact of $37.4 million from the change in Future
    Redemption costs due to increased promotional miles on new financial
    cards acquired, while the  fourth quarter included the similar
    unfavourable impact of $4.1 million.  The prior year Adjusted EBITDA in
    the fourth quarter was $(114.9) million and for the full year was
    $137.7 million.  Both the quarter and the year included a $200.0
    million     unfavourable impact related to the CIBC Payment and Card
    Migration Provision in the Aeroplan program.

EMEA – UK results affected by price deflation in the grocery market, while
Italy results dampened by continued recession

Full Year and Fourth Quarter 2014

  • Gross Billings increased 9.7% to $772.2 million for the year and 2.2% to $204.3
    million     in the fourth quarter. The change for the full year reflected a
    decrease in Gross Billings from the sale of Loyalty Units at Air Miles
    Middle East due to additional funding by the main accumulation partner
    in the prior year, as well as reductions at Nectar Italia and Nectar,
    which was more than offset by a favourable currency impact and growth
    in Gross Billings from analytics and insights services. The increased
    Gross Billings in the fourth quarter reflected a decrease in Gross
    Billings from the sale of Loyalty Units primarily at Nectar and Nectar
    Italia which was more than offset by a favourable currency impact and
    growth in Gross Billings from analytics and insights services. On a
    constant currency basis, Gross Billings fell 1.7% for the year and 3.1%
    in the fourth quarter.
  • Nectar UK points issued decreased by 1.0% for the year mostly due to
    lower activity in the energy sector and were down 6.7% in the quarter
    due to lower activity by the grocery and the energy sectors. Nectar UK
    points redeemed increased 3.9% for the year and 1.1% in the quarter
    primarily due to the increased number of points in circulation at the
    beginning of the period.
  • Air Miles Middle East points issued decreased 4.9% for the year as a
    result of a reduction in member offering by the main accumulation
    partner and higher levels of activity in the prior year in anticipation
    of the first expiry anniversary. Points issued increased 2.5% in the
    fourth quarter as a result of increased bonusing activity. Air Miles
    Middle East     redemption activity decreased 31.4% for the year due to the
    impact of the first year expiry in 2013 and a reduced member offering
    by the main accumulation partner. Redemption activity increased 9.2% in
    the fourth quarter primarily due to the increased number of points in
    circulation.
  • Nectar Italia points issued decreased 10.6% for the year and were down
    8.4% in the fourth quarter due to difficult economic conditions and its
    impact on grocery and fuel sectors. Nectar Italia redemption activity
    decreased 4.1% for the year as a result of fewer points in circulation
    and reduced promotional activity, partially offset by increased
    redemption activity in the fourth quarter of 2014 of 21.0% in
    anticipation of the expiry of points in the first quarter of 2015.
  • Adjusted EBITDA was $76.1 million for the year compared to $94.0 million in 2013, which
    included a $24.0 million favourable impact from the final judgment of
    the VAT litigation. Excluding the VAT impact, and on a constant
    currency basis, Adjusted EBITDA was down $8.6 million with lower Gross
    Billings in Air Miles Middle East including additional funding provided
    by the main accumulation partner in the prior period, increased
    operating expenses related to global product development and a one-time
    adjustment to pension expense, which was partially offset by 
    operational efficiencies, improved contribution from analytics and
    insights, and a favourable impact from a change in the Breakage
    estimate at Nectar Italia. Adjusted EBITDA increased 42.1% to $28.7
    million     or 31.2% on a constant currency basis in the fourth quarter.
    The increase on a constant currency basis was primarily due to the
    growth in analytics and insights, favourable impact of the change in
    Breakage estimate in the Nectar Italia program and operational
    efficiencies, partially offset by higher global product development
    expenses.

US & APAC New customer wins and expansions drive momentum for 2015 and beyond

  • Gross Billings increased 3.4% to $375.1 million for the year 2014, but were down 1.8%
    on a constant currency basis, primarily as a result of lower reward
    fulfillment volume in the US region which was partly offset by a net
    increase in business in the region. Gross Billings in the fourth
    quarter decreased 0.7% to $110.2 million or 5.8% on a constant currency
    basis.
  • Adjusted EBITDA improved $2.3 million for the year 2014 to $(1.5) million, and on a
    constant currency basis improved $2.5 million. Adjusted EBITDA in the
    fourth quarter of 2014 increased 2.4% to $8.7 million, but declined
    $(0.2) million on a constant currency basis.

Corporate

  • Adjusted EBITDA was $(81.7) million in 2014 compared to $(77.4) million
    in 2013. In the fourth quarter of 2014 Adjusted EBITDA was $(27.3)
    million     compared to $(24.9) million in the same period last year.

Capital Spending

  • Capital spending of $81.5 million for the year and $30.0 million in the
    fourth quarter of 2014 was mainly related to information technology
    investments and real estate expenditures, including the relocation of
    our headquarters to the new Tour Aimia in Montreal at the end of April
    2014    .

Dividends

Dividends paid in the fourth quarter were $36.2 million ($143.3 million
for the full year 2014), of which $31.0 million for the full year was
related to quarterly dividends paid to common shareholders ($123.1
million in 2014) and the remainder to preferred shareholders.

On February 26, 2015, the Board of Directors of Aimia declared quarterly
dividends of $0.18 per common share, $0.40625 per Series 1 Preferred
Share and $0.390625 per Series 3 Preferred Share, in each case payable
on March 31, 2015.

Share Repurchase

Operating under its Normal Course Issuer Bid in effect for the period
from May 16, 2014 to May 15, 2015, Aimia repurchased 2,069,790 common
shares for a total consideration of $29.8 million through December 31,
2014.  Subsequent to December 31, 2014 Aimia repurchased 1,365,000
common shares for a total consideration of $18.9 million.

Quarterly Conference Call and Audio Webcast Information

Aimia will host a conference call to discuss its fourth quarter and full
year 2014 financial results at 9:00 a.m. ET on Friday, February 27,
2015. The call can be accessed by dialing 1-888-231-8191 or
647-427-7450 for the Toronto area. The call will be simultaneously
audio webcast at: http://www.newswire.ca/en/webcast/detail/1470299/1636629

A slide presentation intended for simultaneous viewing with the
conference call will be available the morning of February 27, 2015 at: https://aimia.com/en/investors/presentations.html and an archived audio webcast will be available at:

https://aimia.com/content/aimiawebsite/global/en/investors/events.html for ninety days following the original broadcast.

The audited consolidated financial statements and the MD&A will be
accessible on the investor relations website at: https://aimia.com/en/investors/quarterly-reports.html

Notes

  1. Non-GAAP financial measures (Adjusted EBITDA, Adjusted Net Earnings per
    common share and Free Cash Flow before Dividends Paid) and constant
    currency are explained in the section entitled “Non-GAAP Financial
    Measures”.  Discrepancies in variances may arise due to rounding.
  2. Total Revenue for the year ended December 31, 2013 includes the
    non-comparable impact of the change in Breakage estimate in the
    Aeroplan program which resulted in a reduction to revenue from Loyalty
    Units of $617.0 million. Net Earnings (Loss) and Earnings (Loss) per
    Common Share for the year ended December 31, 2013 also include the
    non-comparable impact of the change in Breakage estimate of $449.5
    million    , net of income tax recovery of $167.5 million.
  3. Adjusted EBITDA, Net Earnings (Loss) and Adjusted Net Earnings (and as a
    result Adjusted Net Earnings per Common Share) for the year ended
    December 31, 2013 includes the favourable impact resulting from the
    final judgment of the VAT litigation of $24.0 million, $40.2 million
    and $40.2 million, respectively. Refer to the Management Discussion and
    Analysis for the year ended December 31, 2014 for additional
    information.
  4. Free Cash Flow before dividends paid includes an amount of $83.4 million
    received during the year ended December 31, 2014 from the Canadian
    Revenue Agency related to the income tax refund of loss carry back
    applied in Canada.
  5. Gross Billings and Adjusted EBITDA for the twelve months ended December
    31, 2014     include the $100.0 million contribution received from TD.
    Adjusted Net Earnings per Common Share for the twelve months ended
    December 31, 2014 includes the contribution received from TD of $73.4
    million    , net of an income tax expense of $26.6 million.
  6. Net Earnings (Loss), Earnings (Loss) per Common Share and Adjusted Net
    Earnings per Common Share for the three and twelve months ended
    December 31, 2013 includes the unfavourable impact of the CIBC payment
    and the Card Migration Provision totaling $146.9 million, net of an
    income tax recovery of $53.1 million. Adjusted EBITDA for the three and
    twelve months ended December 31, 2013 includes the unfavourable impact
    of the CIBC Payment of $150.0 million and the Card Migration Provision
    of $50.0 million. Free cash flow before dividends paid for the three
    and twelve months ended December 31, 2013 include for the CIBC Payment
    of $150.0 million and the related harmonized sales tax of $22.5
    million    . Free Cash Flow before dividends paid for three and twelve
    months ended December 31, 2014 include an amount of $7.5 million
    received from Revenue Quebec related to the income tax refund of loss
    carry back applied in Canada. Free cash flow before dividends paid for
    the year ended December 31, 2014 also includes the receipt of $22.5
    million     in harmonized sales tax.
  7. Net Earnings (Loss) and Earnings (Loss) per Common share for the three
    and twelve months ended December 31, 2013 include a goodwill impairment
    charge of $19.1 million related to the US Proprietary Loyalty CGU.
  8. Free Cash Flow before dividends paid for three and twelve months ended
    December 31, 2014 include an amount of $7.5 million received from
    Revenue Quebec related to the income tax refund of loss carry back
    applied in Canada.
  9. Gross Billings and Adjusted EBITDA exclude the upfront $100.0 million TD
    contribution. Free Cash Flow before Dividends paid excludes the $100.0
    million     contribution from TD, tax proceeds of $90.9 million related to
    loss carry back and $22.5 million related to HST, offset by a $20.7
    million     deposit made to Revenue Quebec. 

About Aimia

Aimia Inc. (TSX:AIM) is a data-driven marketing and loyalty analytics
company. We provide our clients with the customer insights they need to
make smarter business decisions and build relevant, rewarding and
long-term one-to-one relationships, evolving the value exchange to the
mutual benefit of both our clients and consumers.

With close to 4,000 employees in 20 countries, Aimia partners with
groups of companies (coalitions) and individual companies to help
generate, collect and analyze customer data and build actionable
insights.

We do this through our own coalition loyalty programs such as Aeroplan
in Canada and Nectar in the UK, and through provision of loyalty
strategy, program development, implementation and management services
underpinned by leading products and technology platforms such as the
Aimia Loyalty Platform and SmartButton, and through our analytics and
insights business, including Intelligent Shopper Solutions. In other
markets, we own stakes in loyalty programs, such as Club Premier in
Mexico, Air Miles Middle East and Think Big, a partnership with Air
Asia and Tune Group. Our clients are diverse, and we have
industry-leading expertise in the fast-moving consumer goods, retail,
financial services, and travel and airline industries globally to
deliver against their unique needs.

For a full list of our partnerships and investments, and more
information about Aimia, visit www.aimia.com.

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 principles in Canada and represent International
Financial Reporting Standards (“IFRS”).

Adjusted EBITDA

Earnings before Interest, Taxes, Depreciation and Amortization
(“EBITDA”) adjusted for certain factors particular to the business,
such as changes in deferred revenue and Future Redemption Costs
(“Adjusted EBITDA”), is used by management to evaluate performance, and
to measure compliance with debt covenants. Management believes Adjusted
EBITDA assists investors in comparing the Corporation’s performance on
a consistent basis without regard to depreciation and amortization and
goodwill impairment, which are non-cash in nature and can vary
significantly depending on accounting methods and non-operating factors
such as historical cost. Adjusted EBITDA also includes distributions
and dividends received or receivable from equity-accounted investments.
Adjusted EBITDA is not a measurement based on GAAP), is not considered
an alternative to operating income or net income in measuring
performance, and is not comparable to similar measures used by other
issuers. Adjusted EBITDA should not be used as an exclusive measure of
cash flow because it does not account for the impact of working capital
growth, capital expenditures, debt repayments and other sources and
uses of cash, which are disclosed in the statements of cash flows.

Adjusted Net Earnings

Adjusted Net Earnings provides a measurement of profitability calculated
on a basis consistent with Adjusted EBITDA. Net earnings attributable
to equity holders of the Corporation are adjusted to exclude
Amortization of Accumulation Partners’ contracts, customer
relationships and technology, share of net earnings (loss) of equity
accounted investments and impairment charges. Adjusted Net Earnings
includes the Change in deferred revenue and Change in Future Redemption
Costs, net of the income tax effect and non-controlling interest effect
(where applicable) on these items at an entity level basis. Adjusted
Net Earnings also includes distributions and dividends received or
receivable from equity-accounted investments. Adjusted Net Earnings is
not a measurement based on GAAP, is not considered an alternative to
net earnings in measuring profitability, and is not comparable to
similar measures used by other issuers.

Adjusted Net Earnings per Common Share

Adjusted Net Earnings per Common Share provides a measurement of
profitability per Common Share on a basis consistent with Adjusted Net
Earnings.  Calculated as Adjusted Net Earnings less dividends declared
on preferred shares divided by the number of weighted average number of
basic and diluted common shares. Adjusted Net Earnings per Common Share
is not a measurement based on GAAP, is not considered an alternative to
Net Earnings per Common Share in measuring profitability per Common
Share and is not comparable to similar measures used by other issuers. 

Free Cash Flow

Standardized free cash flow (“Free Cash Flow”) is a non-GAAP measure
which management believes provides a consistent and comparable
measurement of free cash flow across entities of cash generated from
operations and is used as an indicator of financial strength and
performance. Free Cash Flow is defined as cash flows from operating
activities, as reported in accordance with GAAP, less adjustments for:
(a) total capital expenditures as reported in accordance with GAAP; and
(b) dividends, when stipulated, unless deducted in arriving at cash
flows from operating activities.

Free Cash Flow before Dividends paid per Common Share

Free Cash Flow before Dividends Paid per Common Share is a measurement
of cash flow generated from operations on a per share basis.  It is
calculated as follows, Free Cash Flow before dividends paid less
preferred dividends paid over the weighted average number of common
shares outstanding.

Reconciliation to GAAP

For a reconciliation to GAAP or to cash flows from operations, as
applicable, please refer to the Management Discussion & Analysis for
the year ended December 31, 2014.

Constant Currency

Because exchange rates are an important factor in understanding period
to period comparisons, management believes that the presentation of
various financial metrics on a constant currency basis or after giving
effect to foreign exchange translation, in addition to the reported
metrics, helps improve the ability to understand operating results and
evaluate performance in comparison to prior periods. Constant currency
information compares results between periods as if exchange rates had
remained constant over the periods. Constant currency is derived
by calculating current-year results using prior-year foreign currency
exchange rates. Results calculated on a constant currency basis should
be considered in addition to, not as a substitute for, results reported
in accordance with GAAP and may not be comparable to similarly titled
measures used by other companies

Forward-Looking Statements

Forward-looking statements are included in this news release. 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 conditional terms such as
“anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”,
“may”, “plan”, “predict”, “project”, “will”, “would”, and “should”.
Such statements may involve but are not limited to comments with
respect to strategies, expectations, planned operations or future
actions.

The above guidance (including Gross Billings, Adjusted EBITDA and
margin, Free Cash Flow before dividends paid and capital expenditures)
constitutes forward-looking statements. Aimia made a number of economic
and market assumptions in preparing its above guidance as well as
assumptions regarding currencies and the performance of the economies
in which the Corporation operates and market competition and tax laws
applicable to the Corporation’s operations. The Corporation also made
certain assumptions with respect to the financial impact of the outcome
of its on-going negotiations with each of TD and CIBC in relation to
the Aeroplan financial card agreements as a result of changes to credit
card interchange rates to be implemented as of April 30, 2015.The
Corporation cautions that the assumptions used to prepare the above
guidance, although reasonable at the time they were made, may prove to
be incorrect or inaccurate. In addition, the above guidance does not
reflect the potential impact of any non-recurring or other special
items or of any new material commercial agreements, dispositions,
mergers, acquisitions, other business combinations or other
transactions that may be announced or that may occur after February 27,
2015. The financial impact of these transactions and non-recurring and
other special items can be complex and depends on the facts particular
to each of them. We therefore cannot describe the expected impact in a
meaningful way or in the same way we presently know about the risks
affecting our business.  Accordingly, our actual results could differ
materially from our expectations as set forth in this news release.

Forward-looking statements, by their nature, are based on assumptions
and are subject to important risks and uncertainties. Any forecasts,
predictions or forward-looking statements cannot be relied upon due to,
among other things, changing external events and general uncertainties
of the business and its corporate structure. Results indicated in
forward-looking statements may differ materially from actual results
for a number of reasons, including without limitation, dependency on
Significant Accumulation Partners and clients, failure to safeguard
databases, cyber security and consumer privacy, changes to the Aeroplan
program, reliance on Redemption Partners, conflicts of interest,
greater than expected redemptions for rewards, regulatory matters,
retail market/economic conditions, industry competition, Air Canada
liquidity issues or air travel industry disruptions, airline industry
changes and increased airline costs, supply and capacity costs,
unfunded future redemption costs, changes to coalition loyalty
programs, seasonal nature of the business, other factors and prior
performance, foreign operations, legal proceedings, reliance on key
personnel, labour relations, pension liability, technological
disruptions and inability to use third-party software, failure to
protect intellectual property rights, interest rate and currency
fluctuations (including currency risk on our foreign operations which
are denominated in a currency other than the Canadian dollar, mainly
the pound sterling, and subject to fluctuations as a result of foreign
exchange rate variations), leverage and restrictive covenants in
current and future indebtedness, uncertainty of dividend payments,
managing growth, credit ratings, audit by tax authorities, as well as
the other factors identified throughout Aimia’s public disclosure
records on file with the Canadian securities regulatory authorities.

The forward-looking statements contained herein represent Aimia’s
expectations as of February 27, 2015 and are subject to change after
such date. However, Aimia disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result of
new information, future events or otherwise, except as required under
applicable securities regulations. 

SOURCE AIMIA

 

Contact:

Analysts and Investors
Angela McMonagle
647-428-5280
angela.mcmonagle@aimia.com

Media
Krista Pawley
416-352-3794
krista.pawley@aimia.com

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