The Financial Post reports in its Wednesday edition that Air Canada is pushing ahead with its own loyalty rewards program after announcing in May that it would not be renewing its agreement with Aimia, operator of Aeroplan. The Post's Alicja Siekierska writes that the new loyalty program will allow customers to earn and redeem miles with greater flexibility, while allowing the airline to "own the entire customer experience instead of relying on a third party to do so," according to Air Canada's Ben Smith. The net present value of the program repatriation over a 15-year period is expected to be between $2-billion and $2.5-billion. Aeroplan's contract with Air Canada expires in June, 2020. Air Canada also released new financial targets Tuesday. The airline is eyeing an annual earnings before interest, taxes, depreciation, amortization, impairment and aircraft rent (EBITDAR) margin ranging from 17 and 20 per cent between 2018 and 2020 and an annual return on invested capital ranging from 13 to 16 per cent. The airline's free cash flow targets from 2018 and 2020 have been set at between $2-billion and $3-billion. Air Canada shares closed Tuesday at $23.33, down 32 cents on the Toronto Stock Exchange.