aya-ex992_140.htm

		Three Months Ended March 31,
U.S. dollars	Note	2017 $000’s (except per share amounts)		2016 $000’s (except per share amounts) (As reclassified – note 4)
Revenues	5		317,320		288,518
Expenses	5, 6
Selling			43,051		43,446
General and administrative			131,141		142,792
Financial			40,589		24,913
Gaming duty			34,533		29,355
Acquisition-related costs			—		184
Total expenses			249,314		240,690
Income from investments			435		9,665
Loss from associates			—		(40	)
Net earnings before income taxes			68,441		57,453
Income taxes			2,688		1,962
Net earnings			65,753		55,491
Net earnings (loss) attributable to
Shareholders of Amaya Inc.			65,411		55,639
Non-controlling interest			342		(148	)
Net earnings			65,753		55,491
Basic earnings per Common Share	7	$	0.45	$	0.42
Diluted earnings per Common Share	7	$	0.33	$	0.28

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

	Three Months Ended March 31,
	2017			2016
U.S. dollars	$000’s			$000’s (As reclassified - note 4)
Net earnings		65,753			55,491
Items that are or may be reclassified to net earnings
Available-for-sale investments – gain in fair value (net of income tax expense of $181,000) (2016 - net of income tax expense of $nil)		3,958			4,760
Available-for-sale investments – reclassified to net earnings		(1,607	)		—
Foreign continuing operations – unrealized foreign currency translation differences		(12,418	)		(134,631	)
Cash flow hedges – effective portion of changes in fair value (net of income tax of nil (2016 - $nil))		(8,728	)		(97,670	)
Cash flow hedges – reclassified to net earnings (net of income tax of nil (2016 - $nil))		7,851			93,643
Other comprehensive loss		(10,944	)		(133,898	)
Total comprehensive income (loss)		54,809			(78,407	)
Total comprehensive income (loss) attributable to:
Shareholders of Amaya Inc.		54,467			(78,259	)
Non-controlling interest		342			(148	)
Total comprehensive income (loss)		54,809			(78,407	)

		As at March 31,		As at December 31,
		2017		2016
U.S. dollars	Note	$000’s		$000’s
ASSETS
Current assets
Cash and cash equivalents - operational			123,961		129,459
Cash and cash equivalents - customer deposits			123,448		138,225
Total cash and cash equivalents			247,409		267,684
Restricted cash advances and collateral			6,056		5,767
Current investments			58,442		59,977
Current investments - customer deposits			227,481		228,510
Total current investments			285,923		288,487
Accounts receivable			65,518		81,557
Inventories			397		515
Prepaid expenses and deposits			27,960		22,567
Assets held for sale			13,694		6,972
Income tax receivable			5,918		16,838
Derivatives	9		1,122		—
Total current assets			653,997		690,387
Non-current assets
Restricted cash advances and collateral			46,071		45,728
Prepaid expenses and deposits			20,576		20,798
Long-term accounts receivable			10,324		9,458
Long-term investments			6,927		6,921
Promissory note			5,349		4,827
Property and equipment			39,926		40,800
Investment tax credits receivable			1,917		1,892
Income tax receivable			17,503		—
Deferred income taxes			1,950		1,054
Derivatives	9		24,255		52,038
Goodwill and intangible assets			4,560,187		4,588,572
Total non-current assets			4,734,985		4,772,088
Total assets			5,388,982		5,462,475
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities			104,765		135,777
Other payables			48,035		56,588
Provisions	10		140,663		212,780
Customer deposits			350,929		366,735
Income tax payable			10,812		23,616
Current maturity of long-term debt	8		4,962		47,750
Derivatives	9		—		4,922
Total current liabilities			660,166		848,168
Non-current liabilities
Long-term debt	8		2,422,053		2,380,829
Provisions	10		6,714		8,942
Derivatives	9		—		5,594
Income taxes payable			21,433		—
Deferred income taxes			17,287		17,214
Total non-current liabilities			2,467,487		2,412,579
Total liabilities			3,127,653		3,260,747
EQUITY
Share capital	11		1,866,123		1,862,789
Reserves	12		27,186		35,847
Retained earnings			367,699		302,288
Equity attributable to the owners of Amaya Inc.			2,261,008		2,200,924
Non-controlling interest			321		804
Total equity			2,261,329		2,201,728
Total liabilities and equity			5,388,982		5,462,475

	Share Capital
U.S. dollars	Common Shares number			Convertible Preferred Shares number		Common Shares amount $000’s			Convertible Preferred Shares amount $000’s		Reserves (note 12) $000’s			Retained Earnings $000’s		Equity attributable to the owners of Amaya Inc. $000's			Non-controlling interest $000’s			Total equity $000’s
Balance – January 1, 2016		133,426,193			1,139,249		887,014			684,385		280,964			166,144		2,018,508			1,398			2,019,906
Net earnings (loss)		—			—		—			—		—			55,639		55,639			(148	)		55,491
Other comprehensive loss		—			—		—			—		(133,898	)		—		(133,898	)		—			(133,898	)
Total comprehensive income (loss)		—			—		—			—		(133,898	)		55,639		(78,259	)		(148	)		(78,407	)
Issue of Common Shares in relation to exercised warrants		273,366			—		1,771			—		(564	)		—		1,207			—			1,207
Issue of Common Shares in relation to exercised employee stock options		104,384			—		469			—		(116	)		—		353			—			353
Stock-based compensation		—			—		—			—		3,066			—		3,066			—			3,066
Balance – March 31, 2016		133,803,943			1,139,249		889,254			684,385		149,452			221,783		1,944,875			1,250			1,946,125

Balance – January 1, 2017		145,101,127			1,139,249		1,178,404			684,385		35,847			302,288		2,200,924			804			2,201,728
Net earnings		—			—		—			—		—			65,411		65,411			342			65,753
Other comprehensive loss		—			—		—			—		(10,944	)		—		(10,944	)		—			(10,944	)
Total comprehensive income (loss)		—			—		—			—		(10,944	)		65,411		54,467			342			54,809
Issue of Common Shares in relation to exercised employee stock options		1,327,690			—		3,826			—		(841	)		—		2,985			—			2,985
Share cancellation		(76,437	)		—		(492	)		—		492			—		—			—			—
Stock-based compensation		—			—		—			—		2,164			—		2,164			—			2,164
Acquisition of non-controlling interest (Note 9)		—			—		—			—		468			—		468			(825	)		(357	)
Balance – March 31, 2017		146,352,380			1,139,249		1,181,738			684,385		27,186			367,699		2,261,008			321			2,261,329

	Three Months Ended March 31,
	2017			2016
U.S. dollars	$000’s			$000’s (As reclassified – note 4)
Operating activities
Net earnings		65,753			55,491
Interest accretion		8,978			9,803
Unrealized gain on foreign exchange		(2,099	)		(16,051	)
Depreciation of property and equipment		2,161			1,957
Amortization of intangible assets		31,697			30,233
Amortization of deferred development costs		1,877			1,093
Stock-based compensation		2,164			3,066
(Reversal of) Impairment of investment in associates		(6,684	)		—
Realized gain on investments		(2,122	)		(805	)
Unrealized gain on investments		(226	)		(7,271	)
Loss from associates		—			40
Income tax expense recognized in net earnings		2,688			1,962
Income taxes received (paid)		(1,128	)		841
Interest expense		33,683			32,418
Dormant accounts recognized as revenue		(886	)		(1,050	)
Changes in non-cash operating elements of working capital		(24,139	)		(26,175	)
Customer deposit liability movement		(16,229	)		(40,553	)
Other		59			221
Net cash inflows from operating activities		95,547			45,220
Financing activities
Issuance of capital stock in relation with exercised warrants		—			1,207
Issuance of capital stock in relation with exercised employee stock options		1,710			353
Interest paid		(34,047	)		(33,244	)
Settlement of margin		(7,602	)		—
Gain on settlement of derivative		13,904			—
Transaction costs on repricing of long-term debt		(4,719	)		—
Payment of deferred consideration		(75,000	)		—
Repayment of long-term debt		(6,888	)		(27,777	)
Net cash outflows from financing activities		(112,642	)		(59,461	)
Investing activities
Additions in deferred development costs		(4,413	)		(4,409	)
Purchase of property and equipment		(856	)		(1,207	)
Acquired intangible assets		(707	)		(3,272	)
Net sale of investments		149			—
Cash movement into restricted cash advances and collateral		(546	)		(44,798	)
Settlement of minimum revenue guarantee		(1,707	)		(4,769	)
Net sale (purchase) of investments utilizing customer deposits		5,169			(18	)
Other		(4	)		(29	)
Net cash outflows from investing activities		(2,915	)		(58,502	)
Decrease in cash and cash equivalents		(20,010	)		(72,743	)
Cash and cash equivalents – beginning of period		267,684			274,359
Unrealized foreign exchange difference on cash and cash equivalents		(265	)		5,479
Cash and cash equivalents - end of period		247,409			207,095

Amaya Inc. (“Amaya” or the “Corporation”) is a leading provider of technology-based products and services in the global gaming and interactive entertainment industries. As at March 31, 2017, Amaya had two major lines of operations within its Business‑to‑Consumer (“B2C”) business, real-money online poker (“Poker”) and real-money online casino and sportsbook (“Casino & Sportsbook”). As it relates to these two business lines, online revenues include revenues generated through the Corporation’s online, mobile and desktop client platforms.

Amaya’s B2C operations operate globally and conduct its principal activities from its headquarters in the Isle of Man. The Corporation owns and operates gaming and related interactive entertainment businesses, which it offers under several owned brands including, among others, PokerStars, PokerStars Casino, BetStars, Full Tilt, StarsDraft, and the PokerStars Championship and PokerStars Festival live poker tour brands (incorporating aspects of the European Poker Tour, PokerStars Caribbean Adventure, Latin American Poker Tour and Asia Pacific Poker Tour).

Amaya’s registered head office is located at 7600 Trans-Canada Highway, Pointe-Claire, Québec, Canada, H9R 1C8 and its common shares (“Common Shares”) are listed on the Toronto Stock Exchange (the “TSX”) and the Nasdaq Global Select Market, each under the symbol “AYA”.

These unaudited interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34—Interim Financial Reporting, and do not include all of the information required for full annual consolidated financial statements. The accounting policies and methods of computation applied in these unaudited interim condensed consolidated financial statements are consistent with those applied by the Corporation in its audited consolidated financial statements as at and for the year ended December 31, 2016 and related notes contained therein (the “2016 Financial Statements”). These unaudited interim condensed consolidated financial statements should be read in conjunction with the 2016 Financial Statements.

For reporting purposes, the Corporation prepares its financial statements in U.S. dollars. Unless otherwise indicated, all dollar (“$”) amounts and references to “USD” or “USD $” in these unaudited interim condensed consolidated financial statements are expressed in U.S. dollars. References to ‘‘EUR’’ or “€” are to European Euros, references to ‘‘CDN’’ or “CDN $” are to Canadian dollars and references to “GBP” are to Great Britain Pound Sterling. Unless otherwise indicated, all references to a specific “note” refers to these notes to the unaudited interim condensed consolidated financial statements of the Corporation for the three months ended March 31, 2017. References to “IFRS” and “IASB” are to International Financial Reporting Standards and the International Accounting Standards Board, respectively.

From time to time, the Corporation pursues amendments to its credit agreements based on prevailing market conditions. Such amendments, when completed, are considered by the Corporation to be debt modifications. The accounting treatment of a debt modification depends on whether the modified terms are substantially different than the previous terms. Terms of an amended debt agreement are considered to be substantially different when the discounted present value of the cash flows under the new terms discounted using the original effective interest rate, is at least ten percent different from the discounted present value of the remaining cash flows of the original debt. If the modification is not substantially different, it will be considered as a modification with any costs or fees incurred adjusting the carrying amount of the liability and amortized over the remaining term of the liability. If the modification is substantially different then the transaction is accounted for as an extinguishment of the old debt instrument with an adjustment to the carrying amount of the liability being recorded in the unaudited interim condensed statement of earnings immediately.

Hedge accounting is discontinued on a prospective basis when the hedge no longer meets the hedge accounting criteria (including when it becomes ineffective), when the hedge instrument is sold, terminated or exercised and when, for cash flow hedges, the designation is revoked and the forecast transaction is no longer expected to occur. The cumulative gain or loss deferred in the

unaudited interim condensed statement of other comprehensive income should be classified to the unaudited interim condensed statement of earnings in the same period during which the hedged forecast cash flows affect net earnings. Where the forecast transaction is no longer expected to occur, the cumulative gain or loss deferred in other comprehensive income is transferred immediately to net earnings.

The IASB issued IFRS 9 relating to the classification and measurement of financial assets. IFRS 9 uses a single approach to determine whether a financial asset is measured at amortized cost or fair value, replacing the many different rules in IAS 39. The approach in IFRS 9 is based on how an entity manages its financial instruments (i.e., its business model) and the contractual cash flow characteristics of such financial assets. IFRS 9 also amends the impairment model by introducing a new expected credit losses model for calculating impairment on its financial assets and commitments to extend credit. The standard also introduces additional changes relating to financial liabilities. IFRS 9 also includes a new hedge accounting standard which aligns hedge accounting more closely with risk management. This new standard does not fundamentally change the types of hedging relationships or the requirement to measure and recognize ineffectiveness, however it will provide more hedging strategies that are used for risk management to qualify for hedge accounting and introduce more judgment to assess the effectiveness of a hedging relationship. Extended disclosures about risk management activity for those applying hedge accounting will also be required under the new standard.

An entity shall apply IFRS 9 retrospectively, with some exemptions, for annual periods beginning on or after January 1, 2018, with early adoption permitted. The Corporation is currently evaluating the impact of this standard, and does not anticipate applying it prior to its effective date.

The Financial Accounting Standards Board and IASB have issued converged standards on revenue recognition. This new IFRS 15 affects any entity using IFRS that either enters into contracts with customers, unless those contracts are within the scope of other standards such as insurance contracts, financial instruments or lease contracts. This IFRS will supersede the revenue recognition requirements in IAS 18 and most industry-specific guidance.

The standard contains a single model that applies to contracts with customers and two approaches to recognizing revenue: at a point in time or over time. The model features a contract-based five-step analysis of transactions to determine whether, how much and when revenue is recognized. New estimates and judgmental thresholds have been introduced, which may affect the amount and/or timing of revenue recognized.

The new standard is effective for annual periods beginning on or after January 1, 2018 with early adoption permitted. The Corporation intends to adopt IFRS 15 and the associated clarifications in its financial statements for the annual fiscal period beginning on January 1, 2018. However, the Corporation does not expect its adoption of IFRS 15 to have a material impact on the financial statements and does not anticipate applying it prior to its effective date.

The IASB recently issued IFRS 16 to replace IAS 17 “Leases”. This standard introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee is required to recognize a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments.

This standard substantially carries forward the lessor accounting requirements of IAS 17, while requiring enhanced disclosures to be provided by lessors.

The Corporation intends to adopt IFRS 16 in its financial statements for the annual period beginning on January 1, 2019. The Corporation is currently evaluating the impact of this standard, and does not anticipate applying it prior to its effective date.

The following table illustrates the reclassification of certain items in the unaudited interim condensed consolidated statement of cash flows for customer deposits:

The Corporation separated “Cash and cash equivalents” into two line items, “Cash and cash equivalents – operational” and “Cash and cash equivalents – customer deposits”, in the unaudited interim condensed consolidated statement of financial position. Cash and cash equivalents – operational presents cash and cash equivalents that is available for use by the Corporation for operations whereas Cash and cash equivalents – customer deposits presents cash and cash equivalents that is only available to the Corporation to cover its customer deposit liability.

The Corporation also separated “Current investments” into two line items, “Current investments” and “Current investments – customer deposits”, in the unaudited interim condensed consolidated statement of financial position. Current investments presents current investments (i.e., short term, highly liquid investments) held by the Corporation and that the Corporation may liquidate to use for operations whereas Current investments – customer deposits presents current investments held by the Corporation and that the Corporation may only liquidate to cover its customer deposit liability (whether directly or by adding the proceeds to Cash and cash equivalents – customer deposits).

As a result of these reclassifications, the Corporation also reclassified the customer deposit liability movements from “Changes in non-cash operating elements of working capital” to its own line item titled “Customer deposit liability movement”. This reclassification had no impact on the total cash flow change.

For the three months ended March 31, 2017 and 2016, the Corporation had one reportable segment, B2C, which for the purposes of the financial statements is further divided into the Poker and Casino & Sportsbook business lines. The Chief Operating Decision Makers (“CODM”) receive business line revenue information throughout the year for the purposes of assessing their respective performance. Other B2C sources of revenue are aggregated into “Other”, while certain other nominal sources of revenue and corporate costs are included in “Corporate”.

	Three Months Ended March 31, 2017
	Poker		Casino & Sportsbook		Other B2C		Total B2C			Corporate			Total
	$000’s		$000’s		$000’s		$000’s			$000’s			$000’s
Revenue		218,664		86,780		11,854		317,298			22			317,320
Selling								(43,037	)		(14	)		(43,051	)
General and administrative								(118,554	)		(12,587	)		(131,141	)
Financial								(40,450	)		(139	)		(40,589	)
Gaming duty								(34,533	)		—			(34,533	)
Income (loss) from investments								(878	)		1,313			435
Net earnings (loss) before income taxes								79,846			(11,405	)		68,441
Income taxes								2,397			291			2,688
Net earnings (loss)								77,449			(11,696	)		65,753

Other segmented information
Depreciation & amortization								35,658			77			35,735
Bad debt								1,776			—			1,776
Total Assets								5,355,981			33,001			5,388,982
Total Liabilities								3,106,503			21,150			3,127,653

	Three Months Ended March 31, 2016 (As adjusted - note 4)
	Poker		Casino & Sportsbook		Other B2C		Total B2C			Corporate			Total
	$000’s		$000’s		$000’s		$000’s			$000’s			$000’s
Revenue		216,374		60,114		11,971		288,459			59			288,518
Selling								(43,410	)		(36	)		(43,446	)
General and administrative								(125,850	)		(16,942	)		(142,792	)
Financial								(28,912	)		3,999			(24,913	)
Gaming duty								(29,355	)		—			(29,355	)
Acquisition-related costs								—			(184	)		(184	)
Income from investments								897			8,768			9,665
Loss from associates								—			(40	)		(40	)
Net earnings (loss) before income taxes								61,829			(4,376	)		57,453
Income taxes (recovery)								1,978			(16	)		1,962
Net earnings (loss)								59,851			(4,360	)		55,491

Other segmented information
Depreciation & amortization								33,137			146			33,283
Bad debt								971			—			971
Total Assets								5,526,041			86,680			5,612,721
Total Liabilities								3,630,761			35,835			3,666,596

The Corporation also evaluates revenue performance by geographic region based on the primary jurisdiction where the Corporation is licensed or approved to offer, or offers through third party licenses or approvals, its products and services. The following tables set out the proportion of revenue attributable to each license or approval (as opposed to the jurisdiction where gameplay actually occurred) generating a minimum of 5% of total consolidated revenue for the three months ended March 31, 2017 or 2016:

	Three months ended March 31, 2017
	Poker		Casino & Sportsbook		Other B2C		Total B2C		Corporate		Total
	$000’s		$000’s		$000’s		$000’s		$000’s		$000’s
Geographic Area
Isle of Man		87,645		10,258		—		97,903		—		97,903
Malta		52,171		49,241		—		101,412		—		101,412
Italy		21,735		10,882		157		32,774		—		32,774
United Kingdom		12,974		2,698		70		15,742		—		15,742
Spain		11,269		7,468		177		18,914		—		18,914
France		12,400		1,611		136		14,147		—		14,147
Other licensed or approved jurisdictions		20,470		4,622		11,314		36,406		22		36,428
		218,664		86,780		11,854		317,298		22		317,320

	Three months ended March 31, 2016
	Poker		Casino & Sportsbook		Other B2C		Total B2C		Corporate		Total
	$000’s		$000’s		$000’s		$000’s		$000’s		$000’s
Geographic Area
Isle of Man		84,086		3,264		—		87,350		—		87,350
Malta		60,359		41,300		—		101,659		—		101,659
Italy		21,395		6,452		158		28,005		—		28,005
United Kingdom		15,022		3,288		107		18,417		—		18,417
Spain		9,488		5,482		165		15,135		—		15,135
France		15,556		—		148		15,704		—		15,704
Other licensed or approved jurisdictions		10,468		328		11,393		22,189		59		22,248
		216,374		60,114		11,971		288,459		59		288,518

The Corporation reclassified interest revenue previously included within Revenue, to Income from investments. The Corporation has determined that impact of these corrections are immaterial.

The distribution of some of the Corporation’s non-current assets (goodwill, intangible assets and property and equipment) by geographic region is as follows:

	Three Months Ended March 31,
	2017 $000’s			2016 $000’s
				(As adjusted – note 4)
Financial
Interest and bank charges		43,002			42,514
Foreign exchange gain		(2,413	)		(17,601	)
		40,589			24,913
General and administrative
Processor costs		16,774			13,784
Office		18,476			18,696
Salaries and fringe benefits		37,928			42,981
Research and development salaries		7,100			8,871
Stock-based compensation		2,164			3,066
Depreciation of property and equipment		2,161			1,957
Amortization of deferred development costs		1,877			1,093
Amortization of intangible assets		31,697			30,233
Professional fees		17,813			20,918
Reversal of impairment on investment in associates		(6,684	)		—
Bad debt		1,776			971
Loss on disposal of assets		59			222
		131,141			142,792

Selling
Marketing		36,096			38,435
Royalties		6,955			5,011
		43,051			43,446

Gaming duty		34,533			29,355

Acquisition-related costs
Professional fees		—			184
		—			184

The Corporation changed the presentation of certain items within its unaudited interim condensed consolidated statement of earnings for the comparative period to conform to the current year’s presentation. The Corporation reclassified travel and entertainment costs previously included within “Selling” expenses to “Office” expenses. The Corporation has determined that impact of this correction is immaterial. The Corporation also segregated Selling expenses into “Marketing” and “Royalties” in order to provide a better understanding to the readers of the distribution of expenses within Selling expenses. None of these reclassifications had a net earnings impact on the unaudited interim condensed consolidated statement of earnings.

The following table sets forth the computation of basic and diluted earnings per Common Share for the following periods:

The Corporation changed the presentation of the numerator of the calculation of basic and diluted earnings per share for the comparative period to conform to the current year’s presentation, to present net earnings from continuing operations after the effects of non-controlling interest. The Corporation has determined that the impact of this correction is immaterial and did not have an impact on basic or diluted earnings per share.

The following is a summary of long-term debt outstanding at March 31, 2017 and December 31, 2016 (all capitalized terms used in the table below relating to such long-term debt are defined below in this note):

	Interest rate		March 31, 2017, Principal outstanding balance in local denominated currency		March 31, 2017 Carrying amount		December 31, 2016, Principal outstanding balance in local denominated currency		December 31, 2016 Carrying amount
			000’s		$000’s		000’s		$000’s
USD First Lien Term Loan		4.50%		1,910,236		1,854,046		2,021,097		1,965,929
EUR First Lien Term Loan		3.75%		385,162		405,182		286,143		296,197
USD Second Lien Term Loan		8.00%		210,000		167,787		210,000		166,453
Total long-term debt						2,427,015				2,428,579
Current portion						4,962				47,750
Non-current portion						2,422,053				2,380,829

During the three months ended March 31, 2017, the Corporation incurred the following interest on its then-outstanding long-term debt:

During the three months ended March 31, 2016, the Corporation incurred the following interest on its then-outstanding long-term debt:

			Cash						Non-cash
	Opening Balance $000's		Principal Movements $000's			Transaction costs $000's			Accretion $000's		Translation $000's		Total $000's		Current $000's			Long-term $000's
USD First Lien Term Loan		1,965,928		(110,861	)		(3,905	)		2,884		—		1,854,046		7,478			1,846,568
EUR First Lien Term Loan		296,198		103,973			(829	)		271		5,569		405,182		2,972			402,210
USD Second Lien Term Loan		166,453		—			—			1,334		—		167,787		(5,488	)		173,275
Total		2,428,579		(6,888	)		(4,734	)		4,489		5,569		2,427,015		4,962			2,422,053

The Corporation’s debt balance for the year ended December 31, 2016 was as follows:

			Cash					Non-cash
	Opening Balance $000's		Principal Movements $000's			Transaction costs $000's		Accretion $000's		Translation $000's			Total $000's		Current $000's			Long-term $000's
USD First Lien Term Loan		1,978,763		(20,587	)		—		7,752		—			1,965,928		45,848			1,920,080
EUR First Lien Term Loan		307,584		(3,204	)		—		1,241		(9,423	)		296,198		7,512			288,686
USD Second Lien Term Loan		161,524		—			—		4,929		—			166,453		(5,610	)		172,063
CDN 2013 Debentures		21,556		(22,561	)		—		—		1,005			—		—			—
Total		2,469,427		(46,352	)		—		13,922		(8,418	)		2,428,579		47,750			2,380,829

The principal repayments of the Corporation’s currently outstanding long-term debt over the next five years, as adjusted for revised estimates of excess cash flow allocations to the principal repayment of the First Lien Term Loans, amount to the following:

On August 1, 2014, Amaya completed the acquisition of Amaya Group Holdings (IOM) Limited (formerly known as Oldford Group Limited) and its subsidiaries and affiliates (the “Rational Group Acquisition”), which was partly financed through the issuance of long-term debt, allocated into first and second lien term loans. Without giving effect to the Refinancing and Repricing (as defined below), the first lien term loans consisted of a $1.75 billion seven-year first lien term loan priced at LIBOR plus 4.00% (the “USD First Lien Term Loan”) and a €200 million seven-year first lien term loan priced at Euribor plus 4.25% (the “EUR First Lien Term Loan” and, together with the USD First Lien Term Loan, the “First Lien Term Loans”), in each case with a 1.00% LIBOR and Euribor floor and repayable on August 22, 2021. Also without giving effect to the Refinancing and Repricing, the second lien term loan consisted of an $800 million eight-year loan priced at LIBOR plus 7.00%, with a 1.00% LIBOR floor and repayable on August 1, 2022 (the “USD Second Lien Term Loan”).

On August 12, 2015, the Corporation completed the previously announced refinancing of certain of its outstanding long-term indebtedness (the “Refinancing). The Refinancing included the repayment of approximately $590 million of the USD Second Lien Term Loan. The Corporation funded this repayment, as well as fees and related costs, through a combination of an approximately $315 million increase of the existing USD First Lien Term Loan, approximately €92 million increase of the existing EUR First Lien Term Loan and approximately $195 million in cash. The credit agreement related to the First Lien Term Loans was amended to, among other things, provide for these increased term loan facilities. In addition, on March 3, 2017, the Corporation completed the repricing and retranching of the First Lien Term Loans and amended the applicable credit agreement (collectively, the “Repricing”). The Repricing included reducing the applicable interest rate margin on the First Lien Term Loans by 50 basis points to LIBOR plus 350 basis points with a LIBOR floor of 100 basis points and Euribor plus 375 basis points with no Euribor floor, respectively, and retranching such loans by raising €100 million of incremental debt on the EUR First Lien Term Loan and using the proceeds to reduce the USD First Lien Term Loan by $106 million.

Amaya and the lenders also amended the credit agreement for the First Lien Term Loans to, among other things, reflect the Repricing and waive the required 2016 and 2017 excess cash flow repayments (as defined and described in the credit agreement) previously due on March 31, 2017 and March 31, 2018, respectively.

The Repricing has been accounted for as a debt modification as the terms of the amended credit agreement were not considered to be substantially different than the previous terms and as a result there was no significant impact on the carrying amount.

The Corporation is required to allocate up to 50% of the excess cash flow of the Corporation to the principal repayment of the First Lien Term Loans. Excess cash flow is referred to as EBITDA of Amaya Holdings B.V. on a consolidated basis for such excess cash flow period (i.e., each fiscal year commencing with the fiscal year ending on December 31, 2015), minus, without duplication, debt service, capital expenditures, permitted business acquisitions and investments, taxes paid in cash, increases in working capital, cash expenditures in respect of swap agreements, any extraordinary, unusual or nonrecurring loss, income or gain on asset dispositions, and plus, without any duplication, decreases in working capital, capital expenditures funded with the proceeds of the issuance of debt or the issuance of equity, cash payments received in respect of swap agreements, any extraordinary, unusual or nonrecurring gain realized in cash and cash interest income to the extent deducted in the computation of EBITDA.

The percentage allocated to the principal repayment can fluctuate based on the following:

Notwithstanding, the excess cash flow waivers noted above, during the three months ended March 31, 2017, the Corporation revised its estimates of excess cash flow allocations to the principal repayment of the First Lien Term Loans over the next five years.

The agreement for the First Lien Term Loans restricts Amaya Holdings B.V. and its subsidiaries from, among other things, incurring additional debt or granting additional liens on its assets and equity, distributing equity interests and distributing any assets to third parties.

Giving effect to the Refinancing, the Second Lien Term Loan decreased to $210 million. The applicable interest rate remained the same.

On February 7, 2013, the Corporation closed a private placement of units, issuing and selling 30,000 units at a price of CDN $1,000 per unit for aggregate gross proceeds of CDN $30 million. Each unit consisted of certain non-convertible subordinated debentures (the “CDN 2013 Debentures”) and non-transferable Common Share purchase warrants. The CDN 2013 Debentures matured on January 31, 2016 and CDN $30 million was repaid on February 1, 2016 and the then-remaining outstanding warrants expired on January 31, 2016. As of such date, the Corporation had no further obligations under or with respect to the same.

The Corporation is exposed to interest rate and currency risk. The Corporation uses derivative financial instruments for risk management purposes and anticipates that such instruments will mitigate interest rate and currency risk, as applicable. As such, any change in cash flows associated with derivative instruments is expected to be offset by changes in cash flows related to the hedged position.

On March 2, 2015, a subsidiary of the Corporation entered into cross-currency interest rate swap agreements (the “March 2015 Swap Agreements”). A USD notional amount of $1.74 billion was designated in cash flow hedge relationships to hedge the interest rate and foreign exchange of the USD First Lien Term Loan bearing a minimum floating interest rate of 4.5% (USD three-month LIBOR plus a 3.5% margin, with a LIBOR floor of 1.0%). The March 2015 Swap Agreements, which mature in five years, fixes the Euro to USD exchange rate at 1.1102 and fixes the Euro interest payments at an average rate of 4.6016%.

In connection with the Refinancing, a subsidiary of the Corporation entered into two additional cross-currency interest rate swap agreements to hedge the interest rate and foreign exchange, effective August 12, 2015, for a USD notional amount of $325 million (the “August 2015 Swap Agreements” and together with the March 2015 Swap Agreements, the “Swap Agreements”). A portion of the August 2015 Swap Agreements (USD notional amount of $302 million) was designated in cash flow hedge relationships to hedge the interest rate and foreign exchange of the USD First Lien Term Loan bearing a minimum floating interest rate of 4.5% (USD three-month LIBOR plus a 3.5% margin, with a LIBOR floor of 1.0%). The August 2015 Swap Agreements, which mature in five years, fix the Euro to USD exchange rate of 1.094 and fix the Euro interest payments at an average rate of 4.657%. During the three months ended March 31, 2017, the Corporation unwound and settled a notional principal amount of $616.54 million of the Swap Agreements for a gain of $13.9 million.

As part of the Repricing, the Corporation reduced the applicable interest rate margin on the First Lien Term Loans by 50 basis points to LIBOR plus 350 basis points with a LIBOR floor of 100 basis points. As a result, the Corporation de-designated and re-designated the applicable hedging instruments in new hedge accounting relationships. An amount of $2.45 million was recognized in interest expense in the current period relating to the amortization of the other comprehensive income balance brought forward from the previous hedge accounting relationship.

During the three months ended March 31, 2017 and 2016, there was no ineffectiveness with respect to the cash flow hedge.

During the three months ended March 31, 2017, $3.0 million (March 31, 2016 - $1.32 million) was reclassified from “Reserves” to the unaudited interim condensed consolidated statement of earnings as Financial expenses.

The fair value of the Swap Agreements in hedging relationships included in the derivative assets of the Corporation as at March 31, 2017 was $24.26 million (December 31, 2016 – $52.04 million).

As at March 31, 2017, the Corporation had entered into a series of foreign exchange option contracts to purchase GBP for USD. These cash flow hedges are intended to mitigate the impact of the GBP strengthening against the USD on GBP salary costs. The contracts mature between April 2017 and December 2017 and allow the Corporation to purchase approximately £4.65 million each month at a strike price of 1.25 USD to GBP. For the period ended March 31, 2017, the Corporation recorded unrealized gains of $306,000. The fair value of the foreign exchange option contracts as at March 31, 2017 was $1.12 million.

During the period ended March 31, 2017 and during a portion of the year ended December 31, 2016, the Corporation designated a portion of the USD First Lien Term Loan, its entire principal amount of the USD Second Lien Term Loan and its deferred consideration (i.e., the deferred purchase price for the Rational Group Acquisition) as a foreign exchange hedge of its net investment in its foreign operations. Accordingly, the portion of the gains arising from the translation of the USD-denominated liabilities that was determined to be an effective hedge during the period was recognized in the unaudited interim condensed consolidated statements of comprehensive income (loss), counterbalancing a portion of the losses arising from translation of the Corporation’s net investment in its foreign operations. During the three months ended March 31, 2017, there was no ineffectiveness with respect to the net investment hedge.

For the three months ended March 31, 2017, the Corporation recorded an unrealized exchange loss on translation of $25.02 million (March 31, 2016 - $nil) in the cumulative translation adjustment in reserves related to the translation of a portion of the USD First Lien Term Loan, USD Second Lien Term Loan and the deferred consideration.

In connection with the July 31, 2015 acquisition of Stars Fantasy Sports Subco, LLC (“Stars Fantasy”), the operator of, among other things, the Corporation’s StarsDraft brand, the Corporation granted a put option to the sellers whereby such sellers have the right, but not the obligation, to sell to the Corporation all the equity interests then held by such sellers. During the three months ended March 31, 2017, the Corporation acquired the remaining equity interests from the sellers. The derivative as at March 31, 2017 is $nil (December 31, 2016 - $5.59 million) and an amount of $5.95 million is now included in “Other payables” related to the remaining equity interest purchase price.

The following table summarizes the fair value of derivatives as at March 31, 2017 and December 31, 2016 and the change in fair value for the three months ended March 31, 2017 and year ended December 31, 2016:

	Forward Contracts $000's			Cross-currency interest rate swap contracts $000's			Currency options $000's			Total $000's
Opening balance, as at January 1, 2016		4,012			9,473			—			13,485
Unrealized gain (loss) in fair value		(4,012	)		42,565			—			38,553
Total derivative asset as at December 31, 2016		—			52,038			—			52,038
Acquisition		—			—			906			906
Realized gain		—			(13,904	)		—			(13,904	)
Unrealized gain (loss) in fair value		—			(14,313	)		306			(14,007	)
Translation		—			434			(90	)		344
Total derivative asset as at March 31, 2017		—			24,255			1,122			25,377
Current portion		—			—			1,122			1,122
Non-current portion		—			24,255			—			24,255

	Forward Contracts $000's			Cross-currency interest rate swap contracts $000's			Put Liability $000's			Total $000's
Opening balance, as at January 1, 2016		2,184			16,538			6,102			24,824
Unrealized gain (loss) in fair value		3,106			(16,538	)		(815	)		(14,247	)
Accretion		—			—			307			307
Translation		(368	)		—			—			(368	)
Total derivative liability as at December 31, 2016		4,922			—			5,594			10,516
Unrealized gain in fair value		(1,736	)		—			—			(1,736	)
Realized loss on settlement		(2,919	)		—			—			(2,919	)
Settlement		(177	)		—			(5,594	)		(5,771	)
Translation		(90	)		—			—			(90	)
Total derivative liability as at March 31, 2017		—			—			—			—
Current portion		—			—			—			—
Non-current portion		—			—			—			—

The provisions in the unaudited interim condensed consolidated statements of financial position include, among other items, the provision for jackpots, the provision for deferred consideration primarily relating to the deferred payment for the Rational Group Acquisition and the minimum revenue guarantees or EBITDA support agreement, as applicable, in connection with the sale of WagerLogic Malta Holdings Ltd., the sale of Amaya (Alberta) Inc. (formerly Chartwell Technology Inc.) (“Chartwell”) and CryptoLogic Ltd., to NYX Gaming Group Limited (TSXV: NYX) (“NYX Gaming Group”) and NYX Digital Gaming (Canada) ULC, a subsidiary of NYX Gaming Group (the “NYX Sub”) (the “Chartwell/Cryptologic Sale”), and the initial public offering (the “Innova Offering”) of Innova Gaming Group Inc. (TSX: IGG) (“Innova”).

The purchase price for the Rational Group Acquisition included a deferred payment of $400 million payable on February 1, 2017. The Corporation will pay the remaining balance over the course of 2017 from unrestricted cash on its balance sheet and cash flow from operations and entered into an agreement with the former owners of the Rational Group whereby the former owners have agreed not to enforce during 2017 their right under the original merger agreement to cause the Corporation to use commercially reasonable efforts to issue equity to finance any outstanding balance of the deferred purchase price. The fair value of the deferred payment as at March 31, 2017 of $122.55 million (December 31, 2016 - $195.51 million) is recorded in Provisions. The fair value measurement was calculated utilizing a discounted cash flow approach using a 6.0% discount rate (December 31, 2016 – 6.0%) and categorized as a Level 3 within the fair value hierarchy. A 1% change in the discount rate would impact the value by $9.79 million.

The carrying amounts and the movements in the provisions during the period ended March 31, 2017 and December 31, 2016 are as follows:

	Player bonuses and jackpots $000’s			Deferred consideration $000’s			Minimum revenue guarantee $000’s			Other $000’s			Total $000’s
Balance at January 1, 2016		2,688			382,728			19,395			1,087			405,898
Additional provision recognized (non-cash)		13,885			—			5,762			4,613			24,260
Payments (cash)		(15,013	)		(200,000	)		(8,998	)		(5,700	)		(229,711	)
Accretion of discount (non-cash)		—			22,277			1,095			—			23,372
Gain on settlement of deferred consideration (non-cash)		—			(2,466	)		—			—			(2,466	)
Foreign exchange translation losses (non-cash)		11			(24	)		382			—			369
Balance at December 31, 2016		1,571			202,515			17,636			—			221,722
Adjustment to provision recognized (non-cash)		11,652			—			(475	)		—			11,177
Payments (cash)		(11,300	)		(75,000	)		(1,707	)		—			(88,007	)
Accretion of discount (non-cash)		—			2,048			257			—			2,305
Foreign exchange translation losses (non-cash)		—			9			171			—			180
Balance at March 31, 2017		1,923			129,572			15,882			—			147,377

Current portion at December 31, 2016		1,571			202,515			8,694			—			212,780
Non-current portion at December 31, 2016		—			—			8,942			—			8,942
Current portion at March 31, 2017		1,923			129,572			9,168			—			140,663
Non-current portion at March 31, 2017		—			—			6,714			—			6,714

The authorized share capital of the Corporation consists of an unlimited number of Common Shares, with no par value, and an unlimited number of convertible preferred shares (“Preferred Shares”), with no par value, issuable in series.

As at March 31, 2017, the Preferred Shares are convertible into 55,558,253 Common Shares (December 31, 2016 –54,750,496).

The following table highlights the classes of reserves included in the Corporation’s equity:

	Warrants $000’s			Equity awards $000’s			Treasury shares $000’s			Cumulative translation adjustments $000’s			Available for sale investments $000’s			Derivatives $000’s			Other $000’s			Total $000’s
Balance – January 1, 2016		303,620			21,147			(30,035	)		54,202			(12,282	)		(56,937	)		1,249			280,964
Cumulative translation adjustments		—			—			—			22,969			—			—			—			22,969
Stock-based compensation		—			10,289			—			—			—			—			—			10,289
Exercise of warrants		(288,982	)		—			—			—			—			—			—			(288,982	)
Exercise of stock options		—			(294	)		—			—			—			—			—			(294	)
Realized losses (gains)		—			—			—			—			4,394			(42,263	)		—			(37,869	)
Unrealized (losses) gains		—			—			—			—			(2,095	)		50,865			—			48,770
Balance – December 31, 2016		14,638			31,142			(30,035	)		77,171			(9,983	)		(48,335	)		1,249			35,847
Cumulative translation adjustments		—			—			—			(12,418	)		—			—			—			(12,418	)
Stock-based compensation		—			2,164			—			—			—			—			—			2,164
Exercise of stock options		—			(841	)		—			—			—			—			—			(841	)
Realized losses (gains)		—			—			—			—			(1,607	)		7,851			—			6,244
Unrealized (losses) gains		—			—			—			—			3,958			(8,728	)		—			(4,770	)
Other		—			—			492			—			—			5,594			(5,126	)		960
Balance – March 31, 2017		14,638			32,465			(29,543	)		64,753			(7,632	)		(43,618	)		(3,877	)		27,186

The Corporation determined that the carrying values of its short-term financial assets and liabilities approximate their fair value because of the relatively short periods to maturity of these instruments and low risk of credit.

Certain of the Corporation’s financial assets and liabilities are measured at fair value at the end of each reporting period. The following table provides information about how the fair values of these financial assets and liabilities are determined as at each of March 31, 2017 and December 31, 2016:

	As at March 31, 2017
	Fair value & carrying value		Level 1		Level 2		Level 3
	$000’s		$000’s		$000’s		$000’s
Funds - Available for sale		30,644		30,644		—		—
Bonds - Available for sale		122,754		122,754		—		—
Debentures - Fair value through profit/loss		7,736		—		7,736		—
Equity in quoted companies - Available for sale, fair value through profit/loss		124,789		117,238		—		7,551
Equity in private companies - Available for sale		6,927		—		—		6,927
Derivatives		25,377		—		25,377		—
Total financial assets		318,227		270,636		33,113		14,478

Provisions		138,435		—		—		138,435
Total financial liabilities		138,435		—		—		138,435

	As at December 31, 2016
	Fair value & carrying value		Level 1		Level 2		Level 3
	$000’s		$000’s		$000’s		$000’s
Funds - Available for sale		58,518		58,518		—		—
Bonds - Available for sale		98,605		98,605		—		—
Debentures- Fair value through profit/loss		7,556		—		7,556		—
Equity in quoted companies - Available for sale		123,808		115,480		—		8,328
Equity in private companies - Available for sale		6,921		—		—		6,921
Derivatives		52,038		—		52,038		—
Total financial assets		347,446		272,603		59,594		15,249

Derivatives		10,516		—		4,922		5,594
Provisions		213,141		—		—		213,141
Total financial liabilities		223,657		—		4,922		218,735

The fair values of other financial assets and liabilities measured at amortized cost on the statements of financial position as at each of March 31, 2017, and December 31, 2016 are as follows:

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring the fair value of an asset or a liability, the Corporation uses market observable data to the extent possible. If the fair value of an asset or a liability is not directly observable, it is estimated by the Corporation using valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs (e.g., by the use of the market comparable approach that reflects recent transaction prices for similar items, discounted cash flow analysis, or option pricing models refined to reflect the Corporation’s specific circumstances). Inputs used are consistent with the characteristics of the asset or liability that market participants would take into account.

For the Corporation’s financial instruments which are recognized in the unaudited interim condensed consolidated statements of financial position at fair value, the fair value measurements are categorized based on the lowest level input that is significant to the fair value measurement in its entirety and the degree to which the inputs are observable. The significance levels are classified as follows in the fair value hierarchy:

Transfers between levels of the fair value hierarchy are recognized by the Corporation at the end of the reporting period during which the transfer occurred. There were no transfers in or out of Level 1, 2 or 3 during the three months ended March 31, 2017.

Currently, the Corporation uses cross currency swap and interest rate swap agreements to manage its interest rate and foreign currency risk and foreign currency forward contracts to manage foreign currency risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, spot and forward rates, as well as option volatility.

To comply with the provisions of IFRS 13, Fair value measurement, the Corporation incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Corporation has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Al though the Corporation has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2017 and December 31, 2016, the Corporation assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Corporation determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Some of the Corporation’s financial assets and liabilities are classified as Level 3 of the fair value hierarchy because the respective fair value determinations use inputs that are not based on observable market data. As at March 31, 2017, and December 31, 2016 for each Level 3 asset or liability the valuation techniques and key inputs used by the Corporation were as follows:

NYX Sub Preferred Shares (Level 3 Asset): As previously disclosed, the proceeds from the Chartwell/Cryptologic Sale included CDN$40 million paid by the NYX Sub through the issuance of exchangeable preferred shares (the “NYX Sub Preferred Shares”). The Corporation uses a binomial valuation approach for the NYX Sub Preferred Shares using NYX Gaming Group common share price and volatility.

The following table shows a reconciliation from opening balances to the closing balances for Level 3 fair values:

	Level 3 Asset			Level 3 Promissory note
	$000’s			$000’s
Balance – January 1, 2016		27,679			7,700
Loss included in income from investments		(14,124	)		—
Interest and accretion included in income from investments and financial expenses		—			888
Purchases		11,754			—
Sales		(2,566	)		—
Reclassification		501			—
Conversion of Level 3 instruments		(8,377	)		—
Loss on settlement		—			(3,761	)
Unrealized gain included in other comprehensive income		382			—
Balance – December 31, 2016		15,249			4,827
Loss included in income from investments		(849	)		—
Interest accretion included in financial expenses		—			142
Gain on settlement		—			380
Unrealized gain included in other comprehensive income		78			—
Balance – March 31, 2017		14,478			5,349

On April 27, 2017, the Corporation paid an additional $75 million on its outstanding deferred consideration. As a result and as of the date hereof, the Corporation’s remaining deferred consideration obligation is approximately $47.5 million. The Corporation will pay fees on the unpaid balance of the deferred consideration at the rates outlined in the merger agreement (monthly rate equal to 30 day LIBOR plus 85 basis points until August 1, 2017 and then 30 day LIBOR plus 135 basis points thereafter).

CONSOLIDATED FINANCIAL STATEMENTS	2
Unaudited Interim Condensed Consolidated Statements of Earnings	2
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income	3
Unaudited Interim Condensed Consolidated Statements of Financial Position	4
Unaudited Interim Condensed Consolidated Statements of Changes in Equity	5
Unaudited Interim Condensed Consolidated Statements of Cash Flows	6
NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	7
1. Nature of business	7
2. Summary of significant accounting policies	7
3. Recent accounting pronouncements	8
4. Prior period adjustment	9
5. Segmented information	10
6. Expenses classified by nature	12
7. Earnings per share	13
8. Long-term debt	13
9. Derivatives	16
10. Provisions	18
11. Share capital	18
12. Reserves	19
13. Fair value	19
14. Subsequent events	22

	Three Months Ended March 31,
	2017		2016
Numerator
Numerator for basic and diluted earnings per Common Share – net earnings	$	65,411,000	$	55,639,000
Denominator
Denominator for basic earnings per Common Share – weighted average number of Common Shares		145,561,694		133,674,184
Effect of dilutive securities
Stock options		587,100		960,260
Restricted shares		—		—
Restricted share units		—		—
Warrants		48,393		11,068,304
Convertible Preferred Shares		54,459,362		51,339,074
Effect of dilutive securities		55,094,855		63,367,638
Dilutive potential for diluted earnings per Common Share		200,656,549		197,041,822
Basic earnings per Common Share	$	0.45	$	0.42
Diluted earnings per Common Share	$	0.33	$	0.28

	Effective interest rate			Interest $000's		Interest Accretion $000's		Total Interest $000's
USD First Lien Term Loan		5.42	%		21,124		2,884		24,008
EUR First Lien Term Loan		4.09	%		3,932		271		4,203
USD Second Lien Term Loan		13.28	%		4,199		1,334		5,533
Total					29,255		4,489		33,744

	Effective interest rate			Interest $000's		Interest Accretion $000's		Total Interest $000's
USD First Lien Term Loan		5.71	%		23,689		2,777		26,466
EUR First Lien Term Loan		5.68	%		4,230		252		4,482
USD Second Lien Term Loan		13.26	%		4,247		1,169		5,416
CDN 2013 Debentures		14.10	%		—		121		121
Total					32,166		4,319		36,485

	1 Year $000's		2 Years $000's		3 Years $000's		4 Years $000's		5 Years and Greater $000's
USD First Lien Term Loan		19,443		19,443		19,443		19,443		1,832,466
EUR First Lien Term Loan		4,181		4,181		4,181		4,181		394,013
USD Second Lien Term Loan		—		—		—		—		210,000
Total		23,624		23,624		23,624		23,624		2,436,479

	Three Months Ended March 31,
	2016 $000’s (As filed)			2016 $000’s (reclassification)			2016 $000’s (As reclassified)
Adjustment to operating activities
Changes in non-cash operating elements of working capital		(66,728	)		40,553			(26,175	)
Customer deposit liability movement		—			(40,553	)		(40,553	)
		(66,728	)		—			(66,728	)

	As at March 31, 2017
	Fair value		Level 1		Level 2		Level 3
	$000’s		$000’s		$000’s		$000’s
Promissory note		5,349		—		—		5,349
Total financial assets		5,349		—		—		5,349

First Lien Term Loans		2,333,014		2,333,014		—		—
USD Second Lien Term Loan		210,525		210,525		—		—
Total financial liabilities		2,543,539		2,543,539		—		—

	As at December 31, 2016
	Fair value $000’s		Level 1 $000’s		Level 2 $000’s		Level 3 $000’s
Promissory note		4,827		—		—		4,827
Total financial assets		4,827		—		—		4,827

First Lien Term Loans		2,336,792		2,336,792		—		—
USD Second Lien Term Loan		209,870		209,870		—		—
Total financial liabilities		2,546,662		2,546,662		—		—

	Level 3 Liability
	$000’s
Balance – January 1, 2016		399,202
Accretion		23,167
Repayment of deferred consideration		(200,000	)
Gain on settlement of deferred consideration		(2,466	)
Acquisition through business acquisitions		5,299
Payments		(7,309	)
Additional provision		465
Translation		377
Balance – December 31, 2016		218,735
Accretion		2,305
Repayment of deferred consideration		(75,000	)
Settlement of put liability		(5,594	)
Payments		(1,707	)
Adjustment to provision		(475	)
Translation		171
Balance – March 31, 2017		138,435