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TORONTO, ONTARIO--(Marketwired - May 15, 2015) -
All amounts in U.S. dollars unless otherwise stated.
Onex Corporation ("Onex") OCX today announced its consolidated financial results for the first quarter ended March 31, 2015 and an update on matters following quarter-end.
Highlights
-- During the first quarter of 2015, approximately $1.5 billion of combined
equity was invested in two acquisitions, of which $478 million was Onex'
share.
-- SIG Combibloc Group was acquired for a total equity investment of
$1.2 billion.
-- Survitec Group was acquired for a total equity investment of $322
million.
-- In the first four months of 2015, Onex Credit's AUM grew by 15% to $5.8
billion including the eighth collateralized loan obligation ("CLO") of
$764 million, of which $54 million of equity was from Onex.
-- In the first four months of 2015, more than 1.1 million of Subordinate
Voting Shares ("SVS") were repurchased under Onex' Normal Course Issuer
Bids for a total cost of $66 million (C$82 million), or an average cost
per share of C$71.82.
-- In May, the quarterly dividend was increased by 25% to C$0.0625 per
share. This follows previous increases in the dividend rate in 2013 and
2014.
Recent Performance
"We've had a great start to 2015 with two acquisitions closed and a new CLO offering at Onex Credit," said Gerry Schwartz, Chairman and Chief Executive Officer of Onex. "Nonetheless, finding larger private equity investments remains challenging as corporate disposition activity continues to be slow."
Onex remains in an excellent position to capitalize on investment opportunities. In addition to our substantial cash balance, we have approximately $3.6 billion of uncalled committed capital available from our limited partners.
Onex management continues to share in the risks and rewards of our businesses through the team's significant investment in everything we buy. At March 31, 2015, the team had an investment of $2.2 billion in underlying private equity operating businesses, credit funds and Onex shares.
Creating Value for Shareholders
Onex has two long-term goals. The first is to grow our capital per share by 15% per year. For the twelve months ended March 31, 2015, Onex' capital per share grew by 4% to $52.82 (C$66.91). While the value of Onex Partners' and ONCAP's operating businesses, including realizations and distributions, increased by 13% in the last twelve months, our significant cash balance muted the overall growth in Onex' capital. Over the last five years, Onex' capital per share has grown at a 12% compounded annual growth rate.
The second goal is to grow our fee-generating assets by 10% per year. For the twelve months ended March 31, 2015, Onex' fee-generating assets decreased by 1% to $13.6 billion due to significant realizations in the second half of 2014, which were substantially offset by the Onex Partners IV fundraise and the completion of two CLOs by Onex Credit. Over the last five years, Onex' fee-generating assets have grown at a compounded annual growth rate of 12%.
As we reach our goals over the long term, we believe Onex' shares will reflect both the growth in the value of our investments and the growing contribution from managing investments for our limited partners and other investors. At March 31, 2015, Onex' SVS closed at C$73.55, which represents a 9% quarterly increase and a 20% increase over the last twelve months. This compares to the S&P/TSX Composite, which increased 2% and 4%, respectively, over the same periods.
As a substantial portion of Onex' investments are in U.S. dollars, Onex' Canadian dollar share price will also be impacted by the change in the exchange rate between these two currencies. The U.S. dollar strengthened by 9% and 15% versus the Canadian dollar during the three and twelve months ended March 31, 2015, respectively. During the first quarter of 2015, Onex' SVS were largely unchanged in U.S. dollars and increased 4% over the last twelve months. This compares to the S&P 500, which was essentially flat in the quarter and up 10% over the last twelve months.
Onex paid a first-quarter dividend of C$0.05 per SVS on April 30, 2015 to shareholders of record on April 10, 2015.
Consolidated Results
Onex' quarterly and full-year consolidated financial results do not follow any specific trends due to acquisitions and dispositions of businesses, changes in the value of its publicly traded and privately held operating companies and varying business cycles at its operating companies.
On a consolidated basis for the first quarter, revenues increased 5% to $4.8 billion as compared to the same period of the prior year. The increase in revenues was largely due to the inclusion of revenues from York Risk Services Group, SIG Combibloc Group and Survitec Group. In the first quarter of 2015, Onex reported a consolidated net loss of $84 million compared to net earnings of $99 million in the same quarter of 2014. This decrease in net earnings was primarily due to a lower increase in the fair value of investments recorded at fair value and a decrease in earnings from discontinued operations.
Attached are the Unaudited Interim Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for quarters ended March 31, 2015 and 2014 as prepared under International Financial Reporting Standards. The complete financial statements, including Management's Discussion and Analysis of the results, are posted on Onex' website and are also available on SEDAR at www.sedar.com. Also attached is the "How We Are Invested" schedule, which details Onex' $5.9 billion of proprietary capital and provides private company performance information. The Schedule of Fees and Expenses is available on Onex' website, www.onex.com.
Webcast
Onex management will host a conference call to review Onex' first-quarter 2015 results on Friday, May 15 at 11:00 a.m. ET. A live webcast of this conference call will be available in listen-only mode on its website, www.onex.com.
About Onex
Onex is one of the oldest and most successful private equity firms with offices in Toronto, New York and London. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. The Company has approximately $21 billion of assets under management, including $5.9 billion of Onex capital, in private equity and credit securities. Onex invests its capital through its two investing platforms and is the largest limited partner in each of its private equity funds.
Onex' businesses have assets of $34 billion, generate annual revenues of $24 billion and employ approximately 196,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The Company's security filings can also be accessed at www.sedar.com.
This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
HOW WE ARE INVESTED
All dollar amounts, unless otherwise noted, are in millions of U.S. dollars.
Onex' Capital
March 31, December 31,
As at 2015 2014
----------------------------------------------------------------------------
Private Equity
Onex Partners
Private Companies(1) $ 2,289 $ 1,748
Public Companies(2) 25 30
Unrealized Carried Interest(3) 130 115
ONCAP(4) 291 292
Direct Investments
Private Companies(5) 100 100
Public Companies(2) 198 210
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3,033 2,495
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Onex Credit(6) 430 366
Onex Real Estate Partners(7) 255 242
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685 608
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Other Investments 23 24
Cash and Near-Cash(8) 2,160 2,877
Debt(9) - -
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$ 5,901 $ 6,004
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Onex' Capital per Share (March 31, 2015 - C$66.91;
December 31, 2014 - C$62.77)(10)(11) $ 52.82 $ 54.11
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(1) Based on the fair value of the investments in Onex Partners' financial
statements net of the estimated Management Investment Plan ("MIP")
liability on these investments of $44 million (December 31, 2014 - $40
million).
(2) Based on closing price on March 31, 2015.
(3) Represents Onex' share of the unrealized carried interest on public and
private companies in the Onex Partners Funds.
(4) Based on the fair value of the investments in ONCAP's financial
statements net of the estimated management incentive programs on these
investments of $12 million (December 31, 2014 - $9 million) and a
US$/C$ exchange rate of 1.2666 (December 31, 2014 - 1.1601).
(5) Based on the fair value.
(6) Based on the market values of investments in Onex Credit Funds of $129
million (December 31, 2014 - $129 million) and Onex Credit
Collateralized Loan Obligations and the warehouse facilities for Onex
Credit CLO-8 and Onex Credit's anticipated first European CLO of $301
million (December 31, 2014 - $237 million). Excludes $354 million
(December 31, 2014 - $346 million) invested in a segregated Onex Credit
unleveraged senior secured loan strategy fund, which is included with
cash and near-cash items.
(7) Based on the fair values. During the first three months of 2015, Onex
invested $29 million in Flushing Town Center and sold two Onex Real
Estate Partners investments.
(8) Includes $354 million (December 31, 2014 - $346 million) invested in a
segregated Onex Credit unleveraged senior secured loan strategy fund.
(9) Represents debt at Onex Corporation, the parent company.
(10) Calculated on a fully diluted basis. Fully diluted shares were 119.8
million at March 31, 2015 (December 31, 2014 - 112.9 million). Fully
diluted shares include all outstanding Subordinate Voting Shares and
outstanding Stock Options that have met the minimum 25% price
appreciation threshold.
(11) The change in Onex' Capital per Share is impacted by fair value changes
of Onex' investments. Share repurchases and options exercised during
the period will have an impact on the calculation of Onex' Capital per
Share to the extent that the price for share repurchases and option
exercises is above or below Onex' Capital per Share.
HOW WE ARE INVESTED
Public and Private Company Information
Public Companies Shares
Subject to Shares Market
Carried Held Closing Value
Interest by Onex Price per of Onex'
As at March 31, 2015 (millions) (millions) Share(1) Investment
----------------------------------------------------------------------------
Onex Partners - Genesis
Healthcare(2) 10.7 3.5 $ 7.12 $ 25
Direct Investments -
Celestica(3) - 17.9 $ 11.11 198
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$ 223
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Significant Private Companies
Onex'
and its Original
Limited LTM Cumulative Onex' Cost
As at March 31, Partners' EBITDA Net Distrib- Economic of Onex'
2015 Ownership (4) Debt utions Ownership Investment
----------------------------------------------------------------------------
Onex Partners
Carestream
Health 91% $ 398 $ 1,994 $ 1,311 33%(3) $ 186
Tropicana Las
Vegas 83% 3 56 - 18% 70
ResCare 98% 141 569 235 20% 41
JELD-WEN 83%(5) 266(6) 837(6) - 21%(5) 217(7)
SGS
International 93% 109(8) 555 - 23% 66
USI 88% 327(8) 1,728 - 25% 170
BBAM(9) 50% 82 (56)(10) 112 13% 66
KraussMaffei 96% EUR 119 EUR 215 - 24% 92(11)
Emerald
Expositions 99% 143(8) 759 - 24% 119
York 88% 109(8) 923 - 29% 173
AIT 40% n/a n/a n/a 9% 45
Survitec 99% GBP 46 GBP 232 - 22% 73(12)
SIG 100% EUR 423 EUR 2,673 - 33% 405
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1,723
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Direct
Investments -
Sitel Worldwide 86%(13) $ 129 $ 734 $ - 86%(13) 320
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$ 2,043
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(1) Closing prices on March 31, 2015.
(2) In February 2015, Skilled Healthcare Group, Inc. combined with Genesis
HealthCare, LLC. The combined company operates under the Genesis
Healthcare name and continues to be publicly traded GEN.
(3) Excludes shares held in connection with the MIP.
(4) EBITDA is a non-GAAP measure and is based on the local GAAP of the
individual operating companies. These adjustments may include non-cash
costs of stock-based compensation and retention plans, transition and
restructuring expenses including severance payments, the impact of
derivative instruments that no longer qualify for hedge accounting, the
impacts of purchase accounting and other similar amounts.
(5) Onex' and its limited partners' investment includes convertible
preferred shares. The ownership percentage is presented on an as-
converted basis.
(6) LTM EBITDA and net debt are presented for JELD-WEN Holding, inc.
(7) Net of a $27 million return of capital on the convertible promissory
notes prior to the conversion into additional Series A Convertible
Preferred Stock of JELD-WEN in April 2013.
(8) LTM EBITDA for SGS International, USI, Emerald Expositions and York is
presented on a pro-forma basis to reflect the impact of acquired
businesses.
(9) Ownership percentages, LTM EBITDA, net debt and cumulative
distributions are presented for BBAM and do not reflect information for
Onex' investments in Meridian Aviation Partners Limited or FLY Leasing
Limited FLY. The Original Cost of Onex' Investment includes $19
million invested in Meridian Aviation Partners Limited and $5 million
invested in FLY Leasing Limited.
(10) Net debt for BBAM represents unrestricted cash, reduced for accrued
compensation liabilities.
(11) The investments in KraussMaffei were made in euros and converted to
U.S. dollars using the prevailing exchange rate on the date of the
investments.
(12) The investment in Survitec was made in pounds sterling and converted to
U.S. dollars using the prevailing exchange rate on the date of the
investment.
(13) The economic ownership interests of Sitel Worldwide are presented based
on preferred shareholdings.
Onex Corporation
CONSOLIDATED BALANCE SHEETS
(Unaudited) As at As at
(in millions of U.S. dollars) March 31, December 31,
2015 2014
----------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 3,332 $ 3,764
Accounts receivable 3,068 3,085
Inventories 2,109 2,013
Other current assets 892 803
Assets held by discontinued operations - 680
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9,401 10,345
Property, plant and equipment 4,055 2,902
Long-term investments 5,785 5,026
Other non-current assets 925 666
Intangible assets 6,796 5,069
Goodwill 6,988 4,928
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$ 33,950 $ 28,936
----------------------------------------------------------------------------
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities $ 3,376 $ 3,353
Current portion of provisions 469 273
Other current liabilities 1,018 965
Current portion of long-term debt of operating
companies, without recourse to Onex Corporation 572 408
Liabilities held by discontinued operations - 545
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5,435 5,544
Non-current portion of provisions 355 324
Long-term debt of operating companies, without
recourse to Onex Corporation 16,073 12,874
Other non-current liabilities 1,679 1,302
Deferred income taxes 1,634 1,241
Limited Partners' Interests 6,709 5,153
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31,885 26,438
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Equity
Share capital 341 336
Non-controlling interests 1,523 1,692
Retained earnings and accumulated other
comprehensive earnings 201 470
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2,065 2,498
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$ 33,950 $ 28,936
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Onex Corporation
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(in millions of U.S. dollars except per share
data) Three months ended March 31
2015 2014
----------------------------------------------------------------------------
Revenues $ 4,808 $ 4,589
Cost of sales (excluding amortization of
property, plant and equipment, intangible
assets and deferred charges) (3,307) (3,342)
Operating expenses (1,036) (885)
Interest income 56 31
Amortization of property, plant and equipment (108) (99)
Amortization of intangible assets and deferred
charges (132) (123)
Interest expense of operating companies (217) (177)
Increase in value of investments in joint
ventures and associates at fair value, net 19 355
Stock-based compensation expense (59) (83)
Other income (expense) 22 (71)
Limited Partners' Interests charge (178) (250)
----------------------------------------------------------------------------
Loss before income taxes and discontinued
operations (132) (55)
Provision for income taxes (22) (14)
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Loss from continuing operations (154) (69)
Earnings from discontinued operations 70 168
----------------------------------------------------------------------------
Net Earnings (Loss) for the Period $ (84) $ 99
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings (Loss) from Continuing Operations
attributable to:
Equity holders of Onex Corporation $ (176) $ (84)
Non-controlling Interests 22 15
----------------------------------------------------------------------------
Loss from Continuing Operations for the Period $ (154) $ (69)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net Earnings (Loss) attributable to:
Equity holders of Onex Corporation $ (107) $ (40)
Non-controlling Interests 23 139
----------------------------------------------------------------------------
Net Earnings (Loss) for the Period $ (84) $ 99
----------------------------------------------------------------------------
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Net Earnings (Loss) per Subordinate Voting Share
of Onex Corporation
Basic and Diluted:
Continuing operations $ (1.61) $ (0.75)
Discontinued operations 0.63 0.39
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Net Loss per Subordinate Voting Share for the
Period $ (0.98) $ (0.36)
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Onex Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) Three months ended
(in millions of U.S. dollars) March 31
2015 2014
----------------------------------------------------------------------------
Operating Activities
Loss for the period from continuing operations $ (154) $ (69)
Adjustments to loss from continuing operations:
Provision for income taxes 22 14
Interest income (56) (31)
Interest expense of operating companies 217 177
----------------------------------------------------------------------------
Net earnings before interest and provision for income
taxes 29 91
Cash taxes paid (56) (35)
Items not affecting cash and cash equivalents:
Amortization of property, plant and equipment 108 99
Amortization of intangible assets and deferred charges 132 123
Increase in value of investments in joint ventures and
associates at fair value, net (19) (355)
Stock-based compensation 54 79
Gain on Onex Credit asset management platform (38) -
Gain on sale of B.C. Sugar residual property (36) -
Foreign exchange loss (gain) (40) 2
Limited Partners' Interests charge 178 250
Change in provisions 4 25
Other 9 13
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325 292
Changes in non-cash working capital items:
Accounts receivable 162 (21)
Inventories 150 (83)
Other current assets 80 2
Accounts payable, accrued liabilities and other
current liabilities (335) (217)
----------------------------------------------------------------------------
Increase (decrease) in cash and cash equivalents due
to changes in non-cash working capital items 57 (319)
Decrease in other operating activities (12) (37)
Cash flows from operating activities of discontinued
operations 5 92
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375 28
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Financing Activities
Issuance of long-term debt 565 787
Repayment of long-term debt (439) (135)
Cash interest paid (161) (131)
Cash dividends paid (4) (4)
Repurchase of share capital of Onex Corporation (33) (21)
Repurchase of share capital of operating companies (53) (39)
Financing provided by Limited Partners 1,076 170
Issuance of share capital by operating companies 21 3
Proceeds from sale of interests in operating company
under continuing control - 171
Purchase of shares of operating company under
continuing control - (66)
Distributions paid to non-controlling interests and
Limited Partners (107) (374)
Decrease due to other financing activities (15) (8)
Cash flows used in financing activities of
discontinued operations - (56)
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850 297
----------------------------------------------------------------------------
Investing Activities
Acquisitions, net of cash and cash equivalents in
acquired companies of $344 (2014 - nil) (1,275) (356)
Purchase of property, plant and equipment (186) (86)
Proceeds from sale of property, plant and equipment 55 4
Proceeds from sale of investments in joint ventures
and associates at fair value and other investments 10 432
Distributions received from investments in joint
ventures and associates - 13
Cash interest received 55 23
Net purchases of investments and securities for Onex
Credit CLOs and Funds (271) (278)
Decrease due to other investing activities (14) (26)
Cash flows used in investing activities of
discontinued operations (8) (71)
----------------------------------------------------------------------------
(1,634) (345)
----------------------------------------------------------------------------
Decrease in Cash and Cash Equivalents for the Period (409) (20)
Decrease in cash due to changes in foreign exchange
rates (27) (3)
Cash and cash equivalents, beginning of the period -
continuing operations 3,764 2,618
Cash and cash equivalents, beginning of the period -
discontinued operations 4 573
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Cash and Cash Equivalents 3,332 3,168
Cash and cash equivalents held by discontinued
operations - 535
----------------------------------------------------------------------------
Cash and Cash Equivalents Held by Continuing
Operations $ 3,332 $ 2,633
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Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE THREE MONTHS ENDED MARCH 31, 2015
Health
(Unaudited) Electronics and Customer
(in millions of Manufacturing Healthcare Human Care Building
U.S. dollars) Services Imaging Services Services Products
----------------------------------------------------------------------------
Revenues $ 1,298 $ 470 $ 442 $ 355 $ 737
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (1,189) (290) (336) (236) (591)
Operating expenses (54) (142) (76) (83) (110)
Interest income - 1 - - -
Amortization of
property, plant
and equipment (14) (17) (7) (7) (26)
Amortization of
intangible assets
and deferred
charges (2) (26) (4) (4) (3)
Interest expense
of operating
companies (1) (36) (4) (30) (12)
Increase in value
of investments in
joint ventures
and associates at
fair value, net - - - - -
Stock-based
compensation
expense (11) (1) - - (9)
Other income
(expense) - - (4) (7) (19)
Limited Partners'
Interests
(charge) recovery - - - - -
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations 27 (41) 11 (12) (33)
Recovery of
(provision for)
income taxes (7) 1 (5) (3) 8
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations 20 (40) 6 (15) (25)
Earnings from
discontinued
operations(b) - - - - -
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 20 $ (40) $ 6 $ (15) $ (25)
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----------------------------------------------------------------------------
Net earnings
(loss)
attributable to:
Equity holders of
Onex Corporation $ 2 $ (36) $ 6 $ (11) $ (23)
Non-controlling
interests 18 (4) - (4) (2)
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 20 $ (40) $ 6 $ (15) $ (25)
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Total assets $ 2,579 $ 1,627 $ 1,102 $ 611 $ 2,299
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Long-term debt(c) $ - $ 2,058 $ 546 $ 733 $ 846
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Packaging
(Unaudited) Products
(in millions of Insurance and Credit Consolidated
U.S. dollars) Services Services Strategies Other(a) Total
----------------------------------------------------------------------------
Revenues $ 431 $ 220 $ 1 $ 854 $ 4,808
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) - (151) - (514) (3,307)
Operating expenses (334) (24) (7) (206) (1,036)
Interest income - - 54 1 56
Amortization of
property, plant
and equipment (4) (12) - (21) (108)
Amortization of
intangible assets
and deferred
charges (47) (14) (1) (31) (132)
Interest expense
of operating
companies (46) (26) (24) (38) (217)
Increase in value
of investments in
joint ventures
and associates at
fair value, net - - - 19 19
Stock-based
compensation
expense (5) - - (33) (59)
Other income
(expense) (22) 38 42 (6) 22
Limited Partners'
Interests
(charge) recovery - - 3 (181) (178)
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Earnings (loss)
before income
taxes and
discontinued
operations (27) 31 68 (156) (132)
Recovery of
(provision for)
income taxes 12 (3) - (25) (22)
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations (15) 28 68 (181) (154)
Earnings from
discontinued
operations(b) - - - 70 70
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Net earnings
(loss) for the
period $ (15) $ 28 $ 68 $ (111) $ (84)
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----------------------------------------------------------------------------
Net earnings
(loss)
attributable to:
Equity holders of
Onex Corporation $ (13) $ 28 $ 68 $ (128) $ (107)
Non-controlling
interests (2) - - 17 23
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Net earnings
(loss) for the
period $ (15) $ 28 $ 68 $ (111) $ (84)
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Total assets $ 4,944 $ 6,454 $ 5,144 $ 9,190 $ 33,950
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Long-term debt(c) $ 2,640 $ 3,480 $ 3,708 $ 2,634 $ 16,645
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(a) Includes Tropicana Las Vegas, KraussMaffei, Emerald Expositions,
Survitec (since March 2015), ONCAP II, ONCAP III, Flushing Town Center,
Meridian Aviation and the parent company. Investments in joint ventures
and associates recorded at fair value include AIT, BBAM and Mavis
Discount Tire.
(b) Represents the after-tax results of Skilled Healthcare Group.
(c) Long-term debt includes current portion, excludes finance leases and is
net of financing charges.
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE THREE MONTHS ENDED MARCH 31, 2014
Health
(Unaudited) Electronics and Customer
(in millions of Manufacturing Healthcare Human Care Building
U.S. dollars) Services Imaging Services Services Products
----------------------------------------------------------------------------
Revenues $ 1,312 $ 519 $ 421 $ 351 $ 765
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (1,205) (306) (316) (234) (646)
Operating expenses (50) (143) (80) (91) (116)
Interest income - 1 - - -
Amortization of
property, plant
and equipment (14) (17) (6) (7) (28)
Amortization of
intangible assets
and deferred
charges (3) (34) (3) (5) (4)
Interest expense
of operating
companies (1) (39) (8) (25) (19)
Increase in value
of investments in
joint ventures
and associates at
fair value, net - - - - -
Stock-based
compensation
expense (11) (1) (1) - (12)
Other income
(expense) 2 2 - (2) (5)
Limited Partners'
Interests charge - - - - -
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Earnings (loss)
before income
taxes and
discontinued
operations 30 (18) 7 (13) (65)
Recovery of
(provision for)
income taxes 7 (5) (3) (4) 1
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations 37 (23) 4 (17) (64)
Earnings (loss)
from discontinued
operations(c) - - - - -
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 37 $ (23) $ 4 $ (17) $ (64)
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----------------------------------------------------------------------------
Net earnings
(loss)
attributable to:
Equity holders of
Onex Corporation $ 4 $ (21) $ 4 $ (12) $ (54)
Non-controlling
interests 33 (2) - (5) (10)
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Net earnings
(loss) for the
period $ 37 $ (23) $ 4 $ (17) $ (64)
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(Unaudited)(in
millions of U.S. Electronics Health Customer
dollars)As at Manufacturing Healthcare and Human Care Building
December 31, 2014 Services Imaging Services Services Products
----------------------------------------------------------------------------
Total assets(d) $ 2,584 $ 1,803 $ 1,110 $ 640 $ 2,351
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Long-term
debt(d)(e) $ - $ 2,115 $ 455 $ 750 $ 804
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Packaging
Products
and
(Unaudited) Services(a Other
(in millions of Insurance ) Credit (a) (b) Consolidated
U.S. dollars) Services Strategies Total
----------------------------------------------------------------------------
Revenues $ 203 $ 121 $ - $ 897 $ 4,589
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) - (78) - (557) (3,342)
Operating expenses (141) (19) (7) (238) (885)
Interest income - - 28 2 31
Amortization of
property, plant
and equipment (1) (3) - (23) (99)
Amortization of
intangible assets
and deferred
charges (35) (9) - (30) (123)
Interest expense
of operating
companies (27) (10) (9) (39) (177)
Increase in value
of investments in
joint ventures
and associates at
fair value, net - - - 355 355
Stock-based
compensation
expense (3) - - (55) (83)
Other income
(expense) (11) 4 (6) (55) (71)
Limited Partners'
Interests charge - - - (250) (250)
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations (15) 6 6 7 (55)
Recovery of
(provision for)
income taxes 5 (1) - (14) (14)
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations (10) 5 6 (7) (69)
Earnings (loss)
from discontinued
operations(c) - - - 168 168
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ (10) $ 5 $ 6 $ 161 $ 99
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings
(loss)
attributable to:
Equity holders of
Onex Corporation $ (9) $ 5 $ 6 $ 37 $ (40)
Non-controlling
interests (1) - - 124 139
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ (10) $ 5 $ 6 $ 161 $ 99
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Packaging
Products
(Unaudited)(in and
millions of U.S. Services(a Other
dollars)As at Insurance ) Credit (a) (b) Consolidated
December 31, 2014 Services Strategies Total
----------------------------------------------------------------------------
Total assets(d) $ 5,088 $ 1,037 $ 4,373 $ 9,950 $ 28,936
----------------------------------------------------------------------------
Long-term
debt(d)(e) $ 2,644 $ 568 $ 3,431 $ 2,515 $ 13,282
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(a) The other segment has been restated to show the results of SGS
International as a new reportable industry segment, packaging products
and services.
(b) Includes Tropicana Las Vegas, KraussMaffei, Emerald Expositions, ONCAP
II, ONCAP III, Flushing Town Center, Meridian Aviation and the parent
company. Investments in joint ventures and associates recorded at fair
value include Allison Transmission, BBAM, Tomkins and certain Onex Real
Estate investments.
(c) Represents the after-tax results of The Warranty Group, Spirit
AeroSystems and Skilled Healthcare Group.
(d) The other segment includes Skilled Healthcare Group, which was a
discontinued operation at December 31, 2014.
(e) Long-term debt includes current portion, excludes finance leases and is
net of financing charges.
FOR FURTHER INFORMATION PLEASE CONTACT:
Onex Corporation
Emma Thompson
Managing Director - Investor Relations
416.362.7711
www.onex.com
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