Aeroplan 2Q2009 revenue down 1.0%

Aeroplan revenue down 1.0% - financial highlights:

• Three months ended 30-Jun-2009:
  • Revenue: USD303.2 million, -1.0% year-on-year;
    • Aeroplan Miles: USD284 million, -1.6%;
  • Operating profit: USD52.8 million, -16.5%;
  • EBITDA: USD55.6 million, -15.2%;
• Six months ended 30-Jun-2009:
  • Revenue: USD626.7 million, -0.5%;
    • Aeroplan Miles: USD589.2 million, -1.0%;
  • Operating profit: USD105.8 million, -12.7%;
  • EBITDA: USD115.0 million, -11.5%.
• *Based on the conversion rate at USD1 = CAD1.1

Aeroplan: "Current market conditions, with reduced consumer expenditures and business travel, make it difficult to predict 2009 performance. Assuming current economic conditions prevail and absent out of the ordinary events, affecting the travel industry in particular, Groupe Aeroplan would expect to see a decline of 2 - 4% in consolidated gross billings, for the full year 2009, as compared to 2008. In addition, for 2009, the Corporation expects the Average Cost of Rewards per Mile Redeemed, under the Aeroplan Program, to remain in the low nineties for the remainder of the year and not to exceed 0.95 cents on an annual basis throughout 2010, with gross margin in the Canadian segment remaining relatively stable," Company statement. Source: Aeroplan, 14-Aug-2009.