World Financial Symposium

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1 World Financial Symposium Innovate. Accelerate. Deliver September 2017 Convention Centre Dublin, Ireland Principal Sponsor

2 World Financial Symposium Program at a glance Tuesday 26 September (18:30 20:30) Welcome Reception Wednesday 27 September Thursday 28 September 9:00 09:00 Opening Plenary: Welcome Address Payment Risk Management Streamlining Operations 10:30 10:30 Networking Coffee Break Networking Coffee Break 11:15 11:15 Opening Plenary Fintech Unlocking the Cash Blocked Funds EFueling 12:30 12:45 Networking Lunch Networking Lunch 14:00 14:00 Strategy Total Summit Financial Risk Distribution IFRS (by invitation Management Cost only) 15:30 15:00 Innovation Jam Networking Coffee Break 16:15 Strategy 15:00 Summit Complex Aircraft Digital Finance (by invitation Taxes Financing 17:45 only) 16:00 Closing Plenary 19:30 Networking Dinner 16:00 Closing Networking Coffee Break 22:30

3 Wednesday, 27 September :00 12:30 Opening Plenary 09:00 09:30 Opening Remarks Key Highlights on Opportunities and Challenges to Innovate, Accelerate and Deliver Aleks Popovich, SVP, Financial and Distribution Services, IATA 09:30 09:45 Welcome to Dublin Patrick O Donovan TD, Minister of State at the Departments of Finance, and Public Expenditure and Reform 09:45 10:20 How Financially Healthy is the Airline Industry Today, and can High Levels of Profitability be Sustained? Brian Pearce, Chief Economist, IATA 10:20 10:30 Antitrust briefing Daniel Kanter, Assistant General Counsel, IATA 10:30 11:15 Networking Coffee Break 11:15 11:35 Innovate Accelerate Deliver Innovating With Speed is Key to Sustain the Aviation Industry s Financial Health: Where do we stand? IATA s Financial Committee Chairman will update us on the progress made in delivering the industry five pillars (Smarter Regulations, Value Chain Optimization, Innovation, Efficient Processes and High Performing Finance Organization) driving sustained airline financial health. The 2017 scorecard to be presented during the session will highlight achievements and progress but will also identify areas for acceleration and strengthening. The Chairman will present how we should reengineer our program delivery, governance, standard settings and adoption, and innovation processes to accelerate the delivery of our industry financial initiatives. Michael Doersam, SVP Group Finance, Emirates & Chairman of IATA Financial Committee 11:35 12:30 Airline Leaders on the Grill!! Three components are critical to achieve sustained financial health: innovation with speed, high performing finance and efficient industry wide initiatives. Three recognized experts will interview and challenge airline CFOs on their strategies related to these three key components and their vision to foster innovation, speed and efficiency at industry level. The Airline Leaders: Stephen Barnes, CFO, Singapore Airlines Steve Priest, EVP & CFO, JetBlue Pekka Vähähyyppä, CFO, Finnair The Interviewers: Alex Dichter, Senior Partner, McKinsey & Company John E. Luth, Chairman, Seabury Consulting & Corporate Advisors, now owned by Accenture Scott Robinson, Founder & VP, Plug & Play FinTech 12:30 14:00 Networking Lunch

4 Wednesday, 27 September :00 15:30 Specialized Tracks Total Cost of Distribution IFRS Financial Risk Management Delivering the Edge Many airlines have struggled to quantify the potential cost efficiencies of transformational change in distribution and payment, such as NDC and ONE Order. This session takes a deep dive into the total cost of distribution and analyzes where industry transformation programs can shift the value chain and increase efficiency. 14:00 14:15 What Does the Future Look Like? This introduction session will take a step by step look at a distribution landscape with NDC offers and ONE Order fulfilment and delivery. * Henry Coles, Head Airline Distribution Standards, IATA 14:15 14:45 Shop This stream looks at the total costs involved in today s fare distribution model from fare filing, inventory and availability messaging through to sales audit, and ADM processing. Possible efficiencies from moving straight from revenue management to offer will be discussed. Stephen Luurtsema, Travel Industry Consultant, Travel in Motion Gianni Pisanello, Head of Airline Channel Management, Global Airline Distribution, Amadeus 14:45 15:15 Order We will look at costs associated with today s model of neutral ticketing in the indirect channel and multiple passenger records. This stream also analyzes costs associated with core Passenger Service System (PSS) functions, and how ONE Order may open the door for more competition amongst PSS vendors. Sezer Tug Ozmutlu, CFO, Hitit Computer Systems 15:15 15:30 Pay Finally, we ll look at the cost of financial processing from under today s model, including fare proration and coupon based interline billing. Terry Palmer, Manager Corporate Development, Revenue Accounting, Accelya Gunther Meyer, Head of Interline, Lufthansa Global Business Services Mladenka Vukmirovic, Chief Innovation Officer, Maureva IFRS 16, Leases will have a major impact on almost all airlines from 2019 or earlier. In the session, participants will learn more on: What to do about the foreign currency mismatches? How contracts at airport hubs are treated under IFRS 16? How to account for restoration and maintenance costs on aircraft? What are the transition options? 14:00 14:25 Addressing the FX Mismatch Issue Methods to address FX mismatch on right of use asset and financial liability. Niall Naughton, Partner, KPMG 14:25 14:45 Accounting for Contracts at Airport Hubs Challenges in applying IFRS 16 for contracts at airports. Severine Guffroy, Director of Accounting, Air France KLM 14:45 15:05 Accounting for Restoration and Maintenance Costs under IFRS Requirements and potential approaches to comply with IFRS. Thomas Egan, IAWG Accounting Technical Expert, IATA 15:05 15:30 Transition Options Options and implications. Severine Guffroy, Director of Accounting, Air France KLM The biggest challenge for airline treasury and finance teams is predicting, assessing, and mitigating risk. With a well thought framework, treasury gains from better decisionmaking, and rapid action in situation of changes. Financial risk management is a key dimension in all operations and the edge needed to move from an operations/back office function to a strategic partner in the organization. Airlines are facing increasing financial risk considering their global operations and persistent volatility across all markets. For the treasurers maintaining a strong grip on their operations while have the ability to be a reliable internal advice provider and active participant in strategic planning is the ultimate target. This right balance in activities is the key to excel and be a high performing treasury team Agenda 14:00 14:05 Financial Risks Essentials CFO briefing on what are the essentials when it comes to financial risk management and protecting financial interests of the airline. 14:05 14:25 efx Solutions : Paving the Future of Corporate FX Risk Management Defining a strong framework can be challenging. Risks can change and even shift the focus from one area to another. How can you leverage technology to link you FX risk management objectives to execution? * Paul O Reilly, Director, efx Solutions, Citi 14:25 14:45 Have a grip on your financial risks It is important to have a framework that makes it practical to capture different angles to support decision making. This panel will address the different risks to take into account from FX, Interest Rate to Commodities. * Liam O Caoimh, Treasury & Finance Solutions, Zanders * Teresa Lopes, VicePresident Finance, TAP Portugal * Oksana Pidkuyko, Regional Head, Commodities Structuring, West, Standard Chartered Bank * Paul O Reilly, Director, efx Solutions, Citi 14:45 15:05 Fuel Hedging, What s Today s Reality Description: One thing is for sure volatility is across the board and oil prices are no exception. How can airlines find their way in today s conditions and protect their financial health for the future? How to weight this dimension within the risk management policy? * Romain Pasquet, Price Risk Management, WFS (World Fuel Services) 15:05 15:30 Treasury: Mitigating future financial risk From strategic outcomes to operational needs what are the drivers to futureproofing treasury process and systems to mitigate tomorrow s financial risk? Improve efficiency and add value to the business with advice on how a change tomorrow s financial risk? Improve efficiency and add value to the business with advice on how a change agenda can turn your treasury function into a highperformance, businesscritical partner. FIRE SIDE CHAT Michelle Price, Associate Policy & Technical Director, ACT Jeremy Tumber, Head Dealing, Etihad Airways 15:30 16:15 Networking Coffee Break

5 Wednesday, 27 September :15 17:45 Specialized Tracks Digital Finance Complex Taxes Aircraft Financing The Future Looks Bright, or Does it? Digital Finance is a potential industry transformation that IATA is exploring with the industry. Currently the financial processes within airlines involve significant inefficiencies. Digital Finance seeks to investigate opportunities to expand the automation across the complete P2P process. 16:15 16:30 What is the Opportunity? How Big is the Prize? Automation of current process is good, but how can we transform the process? A 45 years old service like ICH has been tested with Block chain and IATAcoin. If we can do instantaneous payments then we ought to look at the rest of the value chain. What are the inefficiencies behind manual processes? Can we avoid errors rather than spend time correcting them? How big is the opportunity? Michael Uebber, Director Global Financial Clearing, Closing & Group Functions, Lufthansa AG 16:30 16:45 The Finance Process Starts on the Tarmac How can we leverage the existing data in the supplier operational systems? Real time data management on the tarmac can lead to event based trigger to financial transactions. Sanjyot Tawde, Senior Vice President, Airline Services Accelya 16:45 17:00 Opportunities From FinTech What opportunities does block chain technology brings with smart contract, shared ledgers. Can these crunch the processing time in the back office? What about the data privacy and security of sensible data. Juan Ivan Martin, Head Innovation FDS Transformation, IATA 17:00 17:45 Panel Discussion: How Can We Explore the Digital Finance Opportunity Together? What would be the challenges across the value chain? Bernard Paul, Head of Projects FDS, IATA Michael Uebber, Director Global Financial Clearing, Closing & Group Functions, Lufthansa AG Sanjyot Tawde, Senior Vice President, Airline Services, Accelya Juan Ivan Martin, Head Innovation FDS Transformation, IATA This session will address the continued proliferation of Complex Taxes and IATA s advocacy initiatives against such taxes. It will focus on recent global developments on the taxation front, as well as understanding the punitive financial and compliance burden that new and existing ticket taxes have on the industry. 16:15 16:45 IATA Taxation Advocacy An Interactive Workshop Ever wonder how IATA challenges the imposition of new taxes or increases to existing taxes? In this interactive workshop, members of IATA s Industry Taxation and Economics teams will highlight the policy and economic analysis tools used in the fight against unjust tax measures. Charlotte Fantoli, Assistant Director, Industry Taxation, IATA Gregory Leshchuk, Manager, Industry Taxation, IATA James Wiltshire, Head of Policy Analysis, IATA 16:45 17:15 Recent Global Tax Developments This session will provide an overview of new taxation measures and changes to existing taxes that (adversely) impact the aviation sector, from Value Added Tax regimes in the Middle East and Goods & Services Tax in India, to changes to ticket taxes in Europe and Latin America and direct corporate tax in Africa. It s not all bad news! Mark Bradford, Head of Taxation, Qantas Muharrem Unsal, VP Taxation, Singapore Airlines Charlotte Fantoli, Assistant Director, Industry Taxation, IATA 17:15 17:45 Ticket Taxes A Continuing Source of Discomfort This session will look at airline ticket taxes and their proliferation in recent years, challenges with respect to accurately accounting for such taxes in airline pricing and revenue accounting systems, and IATA s Ticket Tax Box Service (TTBS), the industry standard tool to assist in dealing with these taxes.. Moderators: Jeffrey Mullins, Director, Ryan LLC Damon Chronis, President US Operations, Ryan LLC Henry Coles, Head Airline Distribution Standards, IATA Severine Guffroy, SVP Accounting, Air France KLM Pablo LondonoBetancur, Manager Ticket & Ancillary Tax Services, ATPCO Nathalie Rodier, Managing Director Taxes, Air Canada This session will debate and determine key trends in aircraft financing. It will give an insight into what is on airline financial executives minds looking to the future of securing affordable financing for aircraft purchasing. 16:15 16:30 The Continued Evolution of Commercial Operating Leasing Operating leases were forecasted to reach 50% of the fleet by What is the current trend and can lessors still reach 50%? This session will outline key players and evolving competitive dynamics. How are airlines fleet strategies and industry growth impacting the evolution of operating leases? Edward (Ted) O Byrne, CIO, Aercap 16:30 16:50 The Impact of Today s Multifaceted Financing and Uncertainties Affordable financing has been the recent reality, bringing into the mix commercial banks, capital markets, debt financing and private equity. What will be the impact of recent events such as ECAs and ExIm unavailability, Basel III, Brexit, rise in interest rates, oil prices, on airlines fleet and financing strategies? What are the newest trends in financing? Munawar Noorani, Head of Aviation EMEA & APAC, Citi 16:50 17:20 Airlines and Lessors M&A, Transformative? Airlines and lessors are making their marks with strong mergers and IPOS. What will this mean for air financing 2017 outlook and the future? Will it bring new force in the leasing sector? Dómhnal Slattery, Chief Executive Officer, Avolon 17:20 17:50 Looking into the Future, What Dynamic Between Airlines, Lessors, Banks, Regulators and Credit Rating Agencies This panel will bring together decision makers and influencers in the aviation financing sector. Key executives will discuss the evolution of operating leases, access to financing and sustaining industry growth in the long term. Joseph Shanahan, Managing Director, Citi Munawar Noorani, Head of Aviation EMEA & APAC, Citi Edward (Ted) O'Byrne, CIO, Aercap John McMahon, NonExecutive Director, Wizz Air and Chair, BNP Paribas Ireland 19:30 22:30 Gala Dinner

6 Thursday, 28 September :00 10:30 Specialized Tracks Payment The airline industry is paying more than 7 Billion US$ a year in payment acceptance fees simply to collect the revenue of its passenger ticket sales. This represents now the biggest distribution cost for airlines, while not always being understood and scrutinized closely due to the fragmented way most airlines approach the issue. Direct sales, Agency sales, fraud, chargeback management, new forms of payment over Internet, Frequent Flier program: responsibility for such issues are often split across the organization, which makes it hard to embrace at a single glance how critical payment is to a well conceived and all encompassing Distribution strategy. This session will enhance awareness in the industry of the importance of payment issues, how they impact the operating result and how to address the many challenges they present. 09:00 09:15 The Latest Payment Evolutions: How Do They Impact Airlines? A highly focused introduction setting the payment landscape, for our two ensuing panels to expose how and where airlines can find resources to assist them in navigating the complexity of payment. Lance Blockley, Managing Director, the Initiatives Group 09:15 09:45 Driving Innovation to Address Current Issues An introduction by Chris Fendley, Senior Vice President, Merchant Development, MasterCard Worldwide. Panel Description: The rapid growth of mobile payments combined with electronic wallets and tokenization: what impact on airline card acceptance practices? Fraud is a theme which unfortunately never grows old as it remains a major costdriver for the industry. What are the tools deployed by card schemes to help merchants, and specifically airlines? The IATA EasyPay closed loop wallet: a novel way for Travel Agents to remit to airlines. The Transparency In Payment project: framing how Agents use their own cards to settle with airlines. Lance Blockley, Managing Director, the Initiatives Group Anneli Kruger Hilm, Director, Customer Fraud Management Europe, MasterCard Worldwide Angelo Impoco, Vice President, Global Merchant Services & Loyalty Risk Management, American Express Thierry Stucker, Director, Industry Financial Programs, IATA 09:45 10:30 Payment Collection and Optimization An introduction by William Pershke, VP Airline Consulting at Elavon. Panel Description: A famed airline global acquirer, a specialist airline processor and the IATA Financial Getaway (IFG), a new and audacious venture in the field of payment processing. We will debate how top of the line providers deliver concrete solutions to optimize airline payment collection. Lance Blockley, Managing Director, the Initiatives Group Brett Turner, Head of Airline Acquiring & SVP, Elavon Ray Chesworth, Payment Solutions Business Development Manager, Accelya Amine Boulaghmen, Head of IATA Settlement Services Product Portfolio, IATA This session will cover the best practices in management with a special focus on security and potential for critical business and significant financial and reputational consequences. Learn how to combat the cyber threat through information sharing and how to create a cyber fund to protect against the impact of a cyberattack. 09:00 09:05 The Cyber Plague Introduction from an IATA FinCom Member 09:05 09:20 The Cyber Plague Is Contagion Inevitable? A briefing on the latest developments in the Cyber threat as seen by Tarquin Follis of the Assured Digital Group, a leading U.K. consultancy. Tarquin Follis O.B.E, Chief Assurance Officer, Assured Digital Group 09:20 09:50 The Cyber Plague Prevention and Containment A panel discussion on measures the aviation industry could adopt to combat the cyber threat. Stephen Darnley, Corporate Treasurer, IATA Tarquin Follis, Chief Assurance Officer, Assured Digital Group Pascal Buchner, Director ITS, IATA Holly Medforth, Insurance Broker, JLT Group 09:50 10:15 The Cyber Plague Protection and Cure An analysis of the current insurance related solutions for managing cyber risk and the ways these can be used to protect the enterprise and assist in the speedy recovery from an attack. Holly Medforth, Insurance Broker, JLT Group 10:15 10:30 The Cyber Plague IATA Round Up A reflection on the preceding discussions summary of actions taken and future initiatives planned by IATA to address the cyber threat to the industry. Risk Management Stephen Darnley, Corporate Treasurer, IATA Streamlining Operations in Support of Financial Sustainability The airline industry continuously strives to achieve back office efficiencies in its continuous search for profitability and long term financial sustainability. Among the many industry efforts in this category, are the recent efficiency enhancements in the areas of realtime risk management monitoring, ADM industry streamlining, and New Gen ISS enhancements. Reducing industry cost at a holistic level, to both airlines and agency communities, is the cornerstone to our longterm sustainability. 09:00 09:20 Realtime Risk Management it is Not a Dream Anymore Historically, risk management tools leveraged themselves on the previous day s agency sales information. Current technology permits for realtime sales monitoring to take place, allowing for risk management decision making to occur at the ticket sale level. Martina King, CEO, Featurespace 09:20 09:40 The Road to Diagnosing Revenue Leakage Causes Starts From the Back Office Reducing the amount of system inefficiencies that trigger the need for costly and labor intensive ADM processes is and must continue to be an industry objective. Come see how the ADM Industry Working Group constituted by Airlines, Agencies, GDS and ATPCO plans to reduce millions of dollars wasted to manage inefficiencies resulting in ADMs. Amber Wan, Manager ADM Management & Reduction Project, IATA 09:40 10:00 New Gen ISS Brings More Choice and Cost Efficiency to the Distribution and Payment Channels The many improvements anticipated from New Gen ISS, the payasyougo model are expected to be of tremendous value to both airlines and agents that choose to take advantage of this opportunity. Acceleration of cash flow to airlines and reduction of financial security requirements at the agent level will be some of the key advantages of the program. For those requiring financial securities under the new program, the traditional guarantee process will no longer be the only option, as an insurance program with global reach will be at your fingertips. Mike Reynolds, Regional Director Northern Europe World Agency, Euler Hermes 10:00 10:30 Interactive Panel Discussion and Q&A Session Juan Antonio Rodriguez, Director, Financial Distribution Services Operations, IATA 10:30 11:15 Networking Coffee Break

7 Thursday, 28 September :15 12:45 Specialized Tracks FinTech The FinTech session will address the fundamental question of what impacts and opportunities offer Fintech to different industries. Learn about the current state of Fintech, the trends and the vision for the future. 11:15 11:30 Current State of FinTech What is the current state of the FinTech phenomenon? Identified use case, key players, investments evolution, etc. Dominique Perron, Assurance Partner, PwC 11:30 11:45 Five Things an Airline CFO Needs to Know About Payments Payment leader will share most important drivers around payments that airlines need to master to be in control. Thomas Helldorff, VP Vertical Growth Airlines & Travel, Worldpay 11:45 12:00 Blockchain Trading and ICOs Our speaker will talk about multiassets trading platform and share his recent experience raising capital through an ICO (Initial Coin Offering). Richard Olsen, Founder & CEO, Lykke 12:00 12:15 Creating New Payment Protocols Our speaker will present how the usage of smart tokens can accelerate open banking around the world. Huw Davies, VP Payments, Token Inc. 12:15 12:45 Panel: How to Catch the Fintech Wave? Does your company need to be a first mover or just get ready to be a fast follower? Our experts will discuss how companies can approach the Fintech wave to maximize opportunities and reduce threats. Dominique Perron, Assurance Partner, PwC Thomas Helldorff, VP Vertical Growth Airlines & Travel, Worldpay Richard Olsen, Founder & CEO, Lykke Huw Davies, VP Payments, Token Inc. Carlos Sanchez, Founder & CEO, Ipagoo Brendan McKittrick, Chief Technology Officer, Accelya Unlocking the Cash aka Blocked Funds Unlocking the Cash is a major issue for the industry and the direct cost is over 200 million per annum. This session will communicate, share and discuss options of currency repatriation, establishment of new routes, implementation of Bilateral Air Agreement, GSA and Procurement to limit currency exposure and unconventional FX partner. 11:15 11:40 How to Provide Liquidity in Difficult Markets? Business risk FX and regulation Understand your counterparty Strengths & weaknesses of financial service provision in regulated markets David Cowan, Citibank Africa Economist 11:40 12:00 Fintech to the Rescue From Lykke to Ethereum, can technology address the FX issues? From Nigeria to Kenya, a bitcoinbased live service David Yen, Head of Global Strategic Partnerships, BitPesa 12:00 12:15 One Year of Lobbying Effort Progress from Egypt to Bangladesh and Challenges from Venezuela to Angola Arnaud Francq, Director FSS, IATA 12:15 12:45 Panel of Experts From Theory to Practice Currency Repatriation, a multifaceted issue, from network development, corporate affairs to FX dealing. Arnaud Francq, Director FSS, IATA Vijay S.G. Panday, Director Group Treasury & Risk Management, KLM Royal Dutch Airlines Andrew Matters, Head of Industry Analysis, IATA IATA together with the airlines and industry partners have developed the required standards that cover the entire fueling process from tender to invoicing. Adoption of these industry data standards will deliver substantial benefits to both suppliers and customers of aviation fuel. 11:15 12:45 EFueling Making the Industry Even More Competitive Digitalization and automation of the fueling process data will improve accuracy, eliminate duplication and improve efficiency of aircraft turnaround and data handling with potential significant benefits to the airlines and stakeholders. IATA together with the airlines and industry partners have developed the required standards that cover the entire fueling process from tender to invoicing. Adoption of these industry data standards will deliver substantial benefits to both suppliers and customers of aviation fuel. EFueling, Making the Industry Even More Competitive Hemant Mistry, Director Global Airport Infrastructure & Fuel, IATA Shakti Chopra, Sr. Director Procurement & Fuel Management, Atlas Air Thorsten Lange, Director Fuel Purchasing, Lufthansa AG Mark Johnson, Company Partner, Ebits 12:45 14:00 Networking Lunch

8 Thursday, 28 September :00 16:00 Innovation Jam Session 14:00 14:20 Innovation: How is IATA and the aviation industry approaching innovation? Discover some key technological trends and latest industry proj ects. We will interview Russian airline S7 that recently launched a project to sell tickets using blockchain technology. Juan Ivan Martin, Head of Innovation FDS, IATA Pavel Voronin, CIO, S7 14:20 14:40 The Fintech Revolution How new tech is impacting our financial world. What are the trends and what will the near future look like? Plug and Play will explain how airlines can innovate in this area through partnership with startups. Scott Robinson, Founder & VP, Plug & Play 14:40 15:00 Becoming a Future Compatible Competitor Learn how Citigroup is transforming its mindset, model and culture to ignite sustainable clientled growth. Stephen Bird, CEO Global Consumer Banking, Citigroup 15:00 15:30 Panel: Too Big to Change? Our experts will discuss how large institutions such as airlines can accelerate innovation to stay relevant. Juan Ivan Martin, Head of Innovation FDS, IATA Stephen Bird, CEO Global Consumer Banking, Citigroup Osama Hirzalla, Vice President Sales & Distribution Europe, Marriott Hotels International Limited Vanessa Manning, Managing Director, Head, Cash Product Management Europe & Americas Transaction Banking, Standard Chartered Bank Scott Robinson, Founder & VP, Plug & Play Pavel Voronin, CIO, S7 Industry Priorities for 2018 and Onwards 15:30 15:45 What Should the Industry Priorities be for 2018 and Onward? Michael Doersam, SVP Group Finance, Emirates & Chairman of IATA Financial Committee 15:45 16:00 Closing Remarks and WFS 2018 Announcement Aleks Popovich, SVP, Financial and Distribution Services, IATA 16:00 Networking Coffee Break

9 4th World Financial Symposium September 2017 I Dublin, Ireland A Special Thank You to our Sponsors! Platinum Sponsor WFS Principal Sponsor Supporting Airlines Gold Sponsors Silver Sponsors Bronze Sponsors Official Media Partner Supporting Organizations Media Partners