Loading...
Loading...
TORONTO, ONTARIO--(Marketwired - Aug. 13, 2015) -
All amounts in U.S. dollars unless otherwise stated
Onex Corporation ("Onex") OCX today announced its consolidated financial results for the second quarter and six months ended June 30, 2015 and an update on matters following quarter-end.
Highlights
-- Since April, we invested or committed to invest more than $900 million
in six businesses, of which approximately $280 million is from Onex. The
aggregate purchase price for these businesses was approximately $2.3
billion.
-- Schumacher Group, the third largest U.S. provider of outsourced
emergency and hospital medicine clinical staffing, as well as
healthcare advisory services.
-- Jack's Family Restaurants, a leading regional quick-service
restaurant operator.
-- Hospital Physician Partners, the fourth largest U.S. provider of
emergency and hospital medicine clinical staffing services, which is
being purchased by Schumacher Group as an add-on, with a further
investment from Onex.
-- Ingersoll Tillage Group, a global leader in the manufacturing of
high-precision consumable wear components embedded into agricultural
soil preparation and seeding equipment implements.
-- Chatters Canada, the largest retailer of professional hair care
products in Canada and one of the largest hair salon operators in
the country.
-- Mavis Discount Tire's add-on acquisition of Somerset Tire Service,
one of the largest tire chains in the United States.
-- In June, we called CLO-1, which generated an 18% net IRR on Onex'
investment over our three-year holding period.
-- In July, we completed CLO-9 raising approximately $750 million, of which
$45 million of equity was from Onex.
-- In the first seven months of 2015, more than 2.8 million Subordinate
Voting Shares ("SVS") were repurchased under Onex' Normal Course Issuer
Bids for a total cost of $162 million (C$201 million), or an average
cost per share of C$70.40.
Recent Performance
"We've been busy over the last several months," said Gerry Schwartz, Chairman and Chief Executive Officer of Onex. "Despite a challenging acquisition environment, we're delighted to have undertaken six new investments. Onex remains in an excellent position to capitalize on investment opportunities. In addition to our substantial cash and near cash balance, we have approximately $3 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 June 30, 2015, the team had an investment of $1.9 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 June 30, 2015, Onex' capital per share grew by 4% to $54.72 (C$68.35). 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 13% compounded annual growth rate.
The second goal is to grow our fee-generating assets by 10% per year. For the twelve months ended June 30, 2015, Onex' fee-generating assets decreased by 4% to $14.3 billion due to significant realizations in the second half of 2014, which were partially offset by two new CLO issuances. Over the last five years, Onex' fee-generating assets have grown at a compounded annual growth rate of 13%. 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.
Onex paid a second-quarter dividend of C$0.0625 per SVS on July 31, 2015 to shareholders of record on July 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 second quarter ended June 30, 2015, revenues increased 13% to $5.2 billion as compared to the same period of the prior year. This increase was largely due to the inclusion of revenues from York Risk Services Group acquired in late 2014, and from the acquisitions of SIG Combibloc Group and Survitec Group in March 2015. Onex reported a consolidated net loss for the period of $289 million compared to net earnings of $39 million in the same quarter of 2014. This decrease was primarily a result of earnings from discontinued operations in 2014 of $419 million, which included the results of Spirit AeroSystems that was sold during 2014.
On a consolidated basis for the six months ended June 30, 2015, revenues increased 9% to $9.7 billion. Onex reported a consolidated net loss for the period of $373 million compared to net earnings of $138 million in the same period of 2014. The same factors that contributed to the decrease in earnings for the second quarter of 2015 drove the decrease in earnings for the first half of 2015.
Attached are the Unaudited Interim Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for three and six months ended June 30, 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 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' second-quarter 2015 results on Thursday, August 13 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 $22 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 $37 billion, generate annual revenues of $25 billion and employ approximately 207,000 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
June 30, December 31,
As at 2015 2014
----------------------------------------------------------------------------
Private Equity
Onex Partners
Private Companies(1) $ 2,421 $ 1,748
Public Companies(2) 23 30
Unrealized Carried Interest(3) 149 115
ONCAP(4) 330 292
Direct Investments
Private Companies(5) 55 100
Public Companies(2) 209 210
----------------------------------------------------------------------------
3,187 2,495
----------------------------------------------------------------------------
Credit(6) 459 366
Real Estate(7) 263 242
----------------------------------------------------------------------------
722 608
----------------------------------------------------------------------------
Other Investments 15 24
Cash and Near-Cash(8) 2,020 2,877
Debt(9) - -
----------------------------------------------------------------------------
$ 5,944 $ 6,004
----------------------------------------------------------------------------
Onex' Capital per Share (June 30, 2015 - C$68.35;
December 31, 2014 - C$62.77)(10)(11) $ 54.72 $ 54.11
----------------------------------------------------------------------------
(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 $51 million (December 31, 2014 - $40
million).
(2) Based on closing prices on June 30, 2015 and December 31, 2014.
(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 $13 million (December 31, 2014 - $9 million) and a
US$/C$exchange rate of 1.2490 (December 31, 2014 - 1.1601).
(5) Based on the expected proceeds, including an earn-out component at June
30, 2015. Based on the fair value at December 31, 2014.
(6) Based on the market values of investments in Onex Credit Funds of $131
million (December 31, 2014 - $129 million), Collateralized Loan
Obligations and the warehouse facilities for CLO-9 (closed early July
2015), CLO-10 and credit's anticipated first European CLO of $328
million (December 31, 2014 - $237 million). Excludes $356 million
(December 31, 2014 - $346 million) invested in a segregated unleveraged
senior secured loan strategy fund, which is included with cash and
near-cash items.
(7) Based on the fair values. During the first half of 2015, Onex invested
$41 million in Flushing Town Center and sold two investments.
(8) Includes $356 million (December 31, 2014 - $346 million) invested in a
segregated unleveraged senior secured loan strategy fund and $768
million of investments managed by third-party account managers.
(9) Represents debt at Onex Corporation, the parent company.
(10) Calculated on a fully diluted basis. Fully diluted shares were 110.4
million at June 30, 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
Shares
Subject to
Public Companies Carried Shares Held Market Value
Interest by Onex Closing Price of Onex'
As at June 30, 2015 (millions) (millions) per Share(1) Investment
----------------------------------------------------------------------------
Onex Partners -
Genesis
Healthcare(2) 10.7 3.5 $ 6.60 $ 23
Direct Investments
- Celestica(3) - 17.9 $ 11.64 209
----------------------------------------------------------------------------
$ 232
----------------------------------------------------------------------------
Significant
Private
Companies Onex' Onex' Original
and its Cumul- Econ- Cost of
Limited ative omic Onex'
As at June 30, Partners' LTM Distrib- Owner- Invest-
2015 Ownership EBITDA(4) Net Debt utions ship ment
----------------------------------------------------------------------------
Onex Partners
Carestream
Health 91% $ 383 $ 1,980 $ 1,311 33%(3) $ 186
ResCare 98% 132 564 235 20% 41
JELD-WEN 83%(5) 295(6) 817(6) - (7) 21%(5) 217(8)
SGS
International 93% 111(9) 547 - 23% 66
USI 88% 340(9) 1,681 - 25% 170
BBAM(10) 50% 92 (48)(11) 150 13% 66
KraussMaffei 96% EUR 127 EUR 204 - 24% 92(12)
Emerald
Expositions 99% 145(9) 738 - 24% 119
York 88% 111(9) 938 - 29% 173
AIT 40% n/a n/a n/a 9% 45
Survitec 99% GBP 45 GBP 233 - 22% 73(13)
SIG EUR
99% EUR 430 2,648 - 33% 405
----------------------------------------------------------------------------
$ 1,653
----------------------------------------------------------------------------
(1) Closing prices on June 30, 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) The table above excludes JELD-WEN's July 2015 distribution of $432
million to shareholders, of which Onex' share was $89 million.
(8) 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.
(9) LTM EBITDA for SGS International, USI, Emerald Expositions and York is
presented on a pro-forma basis to reflect the impact of acquired
businesses.
(10) 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.
(11) Net debt for BBAM represents unrestricted cash, reduced for accrued
compensation liabilities.
(12) 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.
(13) 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.
Onex Corporation
CONSOLIDATED BALANCE SHEETS
As at As at
(Unaudited) June 30, December 31,
(in millions of U.S. dollars) 2015 2014
----------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 2,538 $ 3,764
Short-term investments 243 -
Accounts receivable 2,931 3,085
Inventories 2,441 2,013
Other current assets 1,212 803
Assets held for sale 616 -
Assets held by discontinued operations 613 680
----------------------------------------------------------------------------
10,594 10,345
Property, plant and equipment 3,367 2,902
Long-term investments 6,562 5,026
Other non-current assets 908 666
Intangible assets 6,679 5,069
Goodwill 6,980 4,928
----------------------------------------------------------------------------
$ 35,090 $ 28,936
----------------------------------------------------------------------------
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities $ 3,890 $ 3,353
Current portion of provisions 464 273
Other current liabilities 1,041 965
Current portion of long-term debt of operating
companies, without recourse to Onex Corporation 508 408
Liabilities held for sale 82 -
Liabilities held by discontinued operations 992 545
----------------------------------------------------------------------------
6,977 5,544
Non-current portion of provisions 352 324
Long-term debt of operating companies, without
recourse to Onex Corporation 15,888 12,874
Other non-current liabilities 1,655 1,302
Deferred income taxes 1,634 1,241
Limited Partners' Interests 7,223 5,153
----------------------------------------------------------------------------
33,729 26,438
----------------------------------------------------------------------------
Equity
Share capital 334 336
Non-controlling interests 1,242 1,692
Retained earnings and accumulated other
comprehensive earnings (215) 470
----------------------------------------------------------------------------
1,361 2,498
----------------------------------------------------------------------------
$ 35,090 $ 28,936
----------------------------------------------------------------------------
Onex Corporation
CONSOLIDATED STATEMENTS OF EARNINGS
Three months ended Six months ended
(Unaudited) June 30 June 30
(in millions of U.S. dollars except
per share data) 2015 2014 2015 2014
----------------------------------------------------------------------------
Revenues $ 5,245 $ 4,640 $ 9,698 $ 8,878
Cost of sales (excluding
amortization of property, plant and
equipment, intangible assets and
deferred charges) (3,600) (3,389) (6,671) (6,497)
Operating expenses (1,056) (825) (2,009) (1,619)
Interest income 61 36 117 67
Amortization of property, plant and
equipment (134) (95) (235) (187)
Amortization of intangible assets
and deferred charges (162) (114) (290) (232)
Interest expense of operating
companies (225) (161) (412) (313)
Increase in value of investments in
joint ventures and associates at
fair value, net 42 33 61 388
Stock-based compensation expense (27) (65) (86) (148)
Other income (expense) (5) (119) 33 (188)
Recovery (impairment) of intangible
assets and long-lived assets, net - 37 (9) 37
Limited Partners' Interests charge (361) (326) (539) (576)
----------------------------------------------------------------------------
Loss before income taxes and
discontinued operations (222) (348) (342) (390)
Provision for income taxes (49) (32) (68) (42)
----------------------------------------------------------------------------
Loss from continuing operations (271) (380) (410) (432)
Earnings (Loss) from discontinued
operations (18) 419 37 570
----------------------------------------------------------------------------
Net Earnings (Loss) for the Period $ (289) $ 39 $ (373) $ 138
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings (Loss) from Continuing
Operations attributable to:
Equity holders of Onex Corporation $ (293) $ (419) $ (458) $ (491)
Non-controlling Interests 22 39 48 59
----------------------------------------------------------------------------
Loss from Continuing Operations for
the Period $ (271) $ (380) $ (410) $ (432)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net Earnings (Loss) attributable to:
Equity holders of Onex Corporation $ (306) $ (89) $ (413) $ (129)
Non-controlling Interests 17 128 40 267
----------------------------------------------------------------------------
Net Earnings (Loss) for the Period $ (289) $ 39 (373) $ 138
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net Earnings (Loss) per Subordinate
Voting Share of Onex Corporation
Basic and Diluted:
Continuing operations $ (2.74) $ (3.79) $ (4.24) $ (4.43)
Discontinued operations (0.12) 2.99 0.41 3.27
----------------------------------------------------------------------------
Net Loss per Subordinate Voting
Share for the Period $ (2.86) $ (0.80) $ (3.83) $ (1.16)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Onex Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended
(Unaudited) June 30
(in millions of U.S. dollars) 2015 2014
----------------------------------------------------------------------------
Operating Activities
Loss for the period from continuing operations $ (410) $ (432)
Adjustments to loss from continuing operations:
Provision for income taxes 68 42
Interest income (117) (67)
Interest expense of operating companies 412 313
----------------------------------------------------------------------------
Net loss before interest and provision for income
taxes (47) (144)
Cash taxes paid (125) (79)
Items not affecting cash and cash equivalents:
Amortization of property, plant and equipment 235 187
Amortization of intangible assets and deferred
charges 290 232
Increase in value of investments in joint ventures
and associates at fair value, net (61) (388)
Stock-based compensation 85 90
Gain on Onex Credit asset management platform (38) -
Gain on sale of B.C. Sugar residual property (36) -
Foreign exchange gain (98) (2)
Impairment (recovery) of intangibles and long-lived
assets, net 9 (37)
Limited Partners' Interests charge 539 576
Change in provisions (3) 48
Other 19 33
----------------------------------------------------------------------------
769 516
Changes in non-cash working capital items:
Accounts receivable 46 (193)
Inventories (117) (77)
Other current assets 12 (69)
Accounts payable, accrued liabilities and other
current liabilities (47) (2)
----------------------------------------------------------------------------
Decrease in cash and cash equivalents due to changes
in non-cash working capital items (106) (341)
Decrease in other operating activities (42) (30)
Cash flows from operating activities of discontinued
operations 73 326
----------------------------------------------------------------------------
694 471
----------------------------------------------------------------------------
Financing Activities
Issuance of long-term debt 1,767 2,750
Repayment of long-term debt (1,191) (1,011)
Cash interest paid (351) (320)
Cash dividends paid (9) (8)
Repurchase of share capital of Onex Corporation (145) (53)
Repurchase of share capital of operating companies (404) (59)
Financing provided by Limited Partners 1,440 184
Issuance of share capital by operating companies 30 15
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 (139) (1,278)
Decrease due to other financing activities (47) (17)
Cash flows used in financing activities of
discontinued operations (45) (190)
----------------------------------------------------------------------------
906 118
----------------------------------------------------------------------------
Investing Activities
Acquisitions, net of cash and cash equivalents in
acquired companies of $344 (2014 - $1) (1,328) (605)
Purchase of property, plant and equipment (230) (173)
Proceeds from sale of property, plant and equipment 58 18
Proceeds from sale of investments in joint ventures
and associates at fair value and other investments 10 1,418
Proceeds from sales of operating investments no longer
controlled - 258
Distributions received from investments in joint
ventures and associates 31 27
Purchase of investment in joint venture of ONCAP (70) -
Change in restricted cash for acquisition of an
operating company (295) -
Cash interest received 115 50
Net purchases of investments and securities for CLOs
and Onex Credit Funds (279) (765)
Net purchases of investments and securities at parent
company (747) -
Decrease due to other investing activities (24) (29)
Cash flows used in investing activities of
discontinued operations (33) (528)
----------------------------------------------------------------------------
(2,792) (329)
----------------------------------------------------------------------------
Increase (Decrease) in Cash and Cash Equivalents for
the Period (1,192) 260
Increase (decrease) in cash due to changes in foreign
exchange rates (22) 1
Cash and cash equivalents, beginning of the period -
continuing operations 3,755 2,611
Cash and cash equivalents, beginning of the period -
discontinued operations 13 580
----------------------------------------------------------------------------
Cash and Cash Equivalents 2,554 3,452
Cash and cash equivalents held by discontinued
operations and disposal group 16 186
----------------------------------------------------------------------------
Cash and Cash Equivalents Held by Continuing
Operations $ 2,538 $ 3,266
----------------------------------------------------------------------------
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE THREE MONTHS ENDED JUNE 30, 2015
Health
(Unaudited) Electronics and
(in millions of Manufacturing Healthcare Human Building Insurance
U.S. dollars) Services Imaging Services Products Services
----------------------------------------------------------------------------
Revenues $ 1,418 $ 545 $ 453 $ 879 $ 455
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (1,303) (310) (347) (677) -
Operating expenses (50) (141) (80) (115) (350)
Interest income - - - 1 -
Amortization of
property, plant
and equipment (15) (13) (7) (27) (4)
Amortization of
intangible assets
and deferred
charges (3) (26) (3) (2) (48)
Interest expense
of operating
companies (1) (35) (6) (13) (45)
Increase in value
of investments in
joint ventures
and associates at
fair value, net - - - - -
Stock-based
compensation
expense (8) (1) - (12) (5)
Other income
(expense) (9) (1) - (7) (21)
Limited Partners'
Interests charge - - - - -
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations 29 18 10 27 (18)
Recovery of
(provision for)
income taxes (5) (2) (4) (15) 6
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations 24 16 6 12 (12)
Loss from
discontinued
operations(b) - - - - -
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 24 $ 16 $ 6 $ 12 $ (12)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings
(loss)
attributable to:
Equity holders of
Onex Corporation $ 4 $ 15 $ 6 $ 11 $ (11)
Non-controlling
interests 20 1 - 1 (1)
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 24 $ 16 $ 6 $ 12 $ (12)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Packaging
(Unaudited) Products
(in millions of and Credit Consolidated
U.S. dollars) Services Strategies Other(a) Total
--------------------------------------------------------------------
Revenues $ 606 $ 2 $ 887 $ 5,245
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (404) - (559) (3,600)
Operating expenses (67) (16) (237) (1,056)
Interest income 1 57 2 61
Amortization of
property, plant
and equipment (44) - (24) (134)
Amortization of
intangible assets
and deferred
charges (39) (1) (40) (162)
Interest expense
of operating
companies (58) (30) (37) (225)
Increase in value
of investments in
joint ventures
and associates at
fair value, net - - 42 42
Stock-based
compensation
expense (1) - - (27)
Other income
(expense) 100 (9) (58) (5)
Limited Partners'
Interests charge - (3) (358) (361)
--------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations 94 - (382) (222)
Recovery of
(provision for)
income taxes (23) - (6) (49)
--------------------------------------------------------------------
Earnings (loss)
from continuing
operations 71 - (388) (271)
Loss from
discontinued
operations(b) - - (18) (18)
--------------------------------------------------------------------
Net earnings
(loss) for the
period $ 71 $ - $ (406) $ (289)
--------------------------------------------------------------------
--------------------------------------------------------------------
Net earnings
(loss)
attributable to:
Equity holders of
Onex Corporation $ 71 $ - $ (402) $ (306)
Non-controlling
interests - - (4) 17
--------------------------------------------------------------------
Net earnings
(loss) for the
period $ 71 $ - $ (406) $ (289)
--------------------------------------------------------------------
--------------------------------------------------------------------
(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, ITG (since
June 2015) and Mavis Discount Tire.
(b) Represents the after-tax results of Sitel Worldwide.
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE THREE MONTHS ENDED JUNE 30, 2014
Health
(Unaudited) Electronics and
(in millions of Manufacturing Healthcare Human Building Insurance
U.S. dollars) Services Imaging Services Products Services
----------------------------------------------------------------------------
Revenues $ 1,472 $ 601 $ 432 $ 912 $ 235
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (1,350) (350) (324) (738) -
Operating expenses (55) (146) (71) (119) (153)
Interest income - 1 - 1 -
Amortization of
property, plant
and equipment (14) (17) (6) (28) (2)
Amortization of
intangible assets
and deferred
charges (3) (31) (2) (5) (37)
Interest expense
of operating
companies (1) (38) (8) (20) (29)
Increase in value
of investments in
joint ventures
and associates at
fair value, net - - - - -
Stock-based
compensation
(expense)
recovery (6) (1) - 4 (4)
Other income
(expense) 4 (3) (6) (16) (26)
Recovery
(impairment) of
intangible assets
and long-lived
assets, net - - - (2) -
Limited Partners'
Interests charge - - - - -
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations 47 16 15 (11) (16)
Recovery of
(provision for)
income taxes (6) (4) (6) (9) 7
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations 41 12 9 (20) (9)
Earnings from
discontinued
operations(c) - - - - -
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 41 $ 12 $ 9 $ (20) $ (9)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings
(loss)
attributable to:
Equity holders of
Onex Corporation $ 4 $ 11 $ 9 $ (18) $ (9)
Non-controlling
interests 37 1 - (2) -
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 41 $ 12 $ 9 $ (20) $ (9)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Packaging
(Unaudited) Products
(in millions of and Credit Other Consolidated
U.S. dollars) Services(a) Strategies (a)(b) Total
------------------------------------------------------------------------
Revenues $ 124 $ - $ 864 $ 4,640
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (76) - (551) (3,389)
Operating expenses (18) (16) (247) (825)
Interest income - 34 - 36
Amortization of
property, plant
and equipment (4) - (24) (95)
Amortization of
intangible assets
and deferred
charges (8) - (28) (114)
Interest expense
of operating
companies (10) (15) (40) (161)
Increase in value
of investments in
joint ventures
and associates at
fair value, net - - 33 33
Stock-based
compensation
(expense)
recovery - - (58) (65)
Other income
(expense) 1 5 (78) (119)
Recovery
(impairment) of
intangible assets
and long-lived
assets, net - - 39 37
Limited Partners'
Interests charge - - (326) (326)
------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations 9 8 (416) (348)
Recovery of
(provision for)
income taxes (1) - (13) (32)
------------------------------------------------------------------------
Earnings (loss)
from continuing
operations 8 8 (429) (380)
Earnings from
discontinued
operations(c) - - 419 419
------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 8 $ 8 $ (10) $ 39
------------------------------------------------------------------------
------------------------------------------------------------------------
Net earnings
(loss)
attributable to:
Equity holders of
Onex Corporation $ 7 $ 8 $ (101) $ (89)
Non-controlling
interests 1 - 91 128
------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 8 $ 8 $ (10) $ 39
------------------------------------------------------------------------
------------------------------------------------------------------------
(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, Skilled Healthcare Group and Sitel Worldwide.
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE SIX MONTHS ENDED JUNE 30, 2015
Health
(Unaudited) Electronics and
(in millions of Manufacturing Healthcare Human Building Insurance
U.S. dollars) Services Imaging Services Products Services
----------------------------------------------------------------------------
Revenues $ 2,716 $ 1,015 $ 895 $ 1,616 $ 886
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (2,492) (600) (683) (1,268) -
Operating expenses (104) (283) (156) (225) (684)
Interest income - 1 - 1 -
Amortization of
property, plant
and equipment (29) (30) (14) (53) (8)
Amortization of
intangible assets
and deferred
charges (5) (52) (7) (5) (95)
Interest expense
of operating
companies (2) (71) (10) (25) (91)
Increase in value
of investments in
joint ventures
and associates at
fair value, net - - - - -
Stock-based
compensation
expense (19) (2) - (21) (10)
Other income
(expense) (9) (1) (4) (19) (43)
Impairment of
intangible assets
and long-lived
assets, net - - - (7) -
Limited Partners'
Interests charge - - - - -
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations 56 (23) 21 (6) (45)
Recovery of
(provision for)
income taxes (12) (1) (9) (7) 18
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations 44 (24) 12 (13) (27)
Earnings from
discontinued
operations(b) - - - - -
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 44 $ (24) $ 12 $ (13) $ (27)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings
(loss)
attributable to:
Equity holders of
Onex Corporation $ 6 $ (21) $ 12 $ (12) $ (24)
Non-controlling
interests 38 (3) - (1) (3)
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 44 $ (24) $ 12 $ (13) $ (27)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets(c) $ 2,625 $ 1,651 $ 1,111 $ 2,354 $ 5,056
----------------------------------------------------------------------------
Long-term
debt(c)(d) $ 273 $ 2,038 $ 536 $ 835 $ 2,634
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Packaging
(Unaudited) Products
(in millions of and Credit Consolidated
U.S. dollars) Services Strategies Other(a) Total
------------------------------------------------------------------------
Revenues $ 826 $ 3 $ 1,741 $ 9,698
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (555) - (1,073) (6,671)
Operating expenses (91) (23) (443) (2,009)
Interest income 1 111 3 117
Amortization of
property, plant
and equipment (56) - (45) (235)
Amortization of
intangible assets
and deferred
charges (53) (2) (71) (290)
Interest expense
of operating
companies (84) (54) (75) (412)
Increase in value
of investments in
joint ventures
and associates at
fair value, net - - 61 61
Stock-based
compensation
expense (1) - (33) (86)
Other income
(expense) 140 33 (64) 33
Impairment of
intangible assets
and long-lived
assets, net (2) - - (9)
Limited Partners'
Interests charge - - (539) (539)
------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations 125 68 (538) (342)
Recovery of
(provision for)
income taxes (26) - (31) (68)
------------------------------------------------------------------------
Earnings (loss)
from continuing
operations 99 68 (569) (410)
Earnings from
discontinued
operations(b) - - 37 37
------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 99 $ 68 $ (532) $ (373)
------------------------------------------------------------------------
------------------------------------------------------------------------
Net earnings
(loss)
attributable to:
Equity holders of
Onex Corporation $ 99 $ 68 $ (541) $ (413)
Non-controlling
interests - - 9 40
------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 99 $ 68 $ (532) $ (373)
------------------------------------------------------------------------
------------------------------------------------------------------------
Total assets(c) $ 6,569 $ 5,478 $ 10,246 $ 35,090
------------------------------------------------------------------------
Long-term
debt(c)(d) $ 3,517 $ 3,865 $ 2,698 $ 16,396
------------------------------------------------------------------------
------------------------------------------------------------------------
(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, ITG (since
June 2015) and Mavis Discount Tire.
(b) Represents the after-tax results of Skilled Healthcare Group and Sitel
Worldwide.
(c) The other segment includes Sitel Worldwide, which was a discontinued
operation at June 30, 2015.
(d) Long-term debt includes current portion, excludes finance leases and is
net of financing charges.
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE SIX MONTHS ENDED JUNE 30, 2014
Health
(Unaudited) Electronics and
(in millions of Manufacturing Healthcare Human Building Insurance
U.S. dollars) Services Imaging Services Products Services
----------------------------------------------------------------------------
Revenues $ 2,784 $ 1,120 $ 853 $ 1,677 $ 438
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (2,555) (656) (640) (1,384) -
Operating expenses (105) (289) (151) (235) (294)
Interest income - 2 - 1 -
Amortization of
property, plant
and equipment (28) (34) (12) (56) (3)
Amortization of
intangible assets
and deferred
charges (6) (65) (5) (9) (72)
Interest expense
of operating
companies (2) (77) (16) (39) (56)
Increase in value
of investments in
joint ventures
and associates at
fair value, net - - - - -
Stock-based
compensation
expense (17) (2) (1) (8) (7)
Other income
(expense) 6 (1) (6) (21) (37)
Recovery
(impairment) of
intangible assets
and long-lived
assets, net - - - (2) -
Limited Partners'
Interests charge - - - - -
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations 77 (2) 22 (76) (31)
Recovery of
(provision for)
income taxes 1 (9) (9) (8) 12
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations 78 (11) 13 (84) (19)
Earnings from
discontinued
operations(c) - - - - -
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 78 $ (11) $ 13 $ (84) $ (19)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings
(loss)
attributable to:
Equity holders of
Onex Corporation $ 8 $ (10) $ 13 $ (72) $ (18)
Non-controlling
interests 70 (1) - (12) (1)
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 78 $ (11) $ 13 $ (84) $ (19)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Packaging
(Unaudited) Products
(in millions of and Credit Consolidated
U.S. dollars) Services(a) Strategies Other(a)(b) Total
------------------------------------------------------------------------
Revenues $ 245 $ - $ 1,761 $ 8,878
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (154) - (1,108) (6,497)
Operating expenses (37) (23) (485) (1,619)
Interest income - 62 2 67
Amortization of
property, plant
and equipment (7) - (47) (187)
Amortization of
intangible assets
and deferred
charges (17) - (58) (232)
Interest expense
of operating
companies (20) (24) (79) (313)
Increase in value
of investments in
joint ventures
and associates at
fair value, net - - 388 388
Stock-based
compensation
expense - - (113) (148)
Other income
(expense) 5 (1) (133) (188)
Recovery
(impairment) of
intangible assets
and long-lived
assets, net - - 39 37
Limited Partners'
Interests charge - - (576) (576)
------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations 15 14 (409) (390)
Recovery of
(provision for)
income taxes (2) - (27) (42)
------------------------------------------------------------------------
Earnings (loss)
from continuing
operations 13 14 (436) (432)
Earnings from
discontinued
operations(c) - - 570 570
------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 13 $ 14 $ 134 $ 138
------------------------------------------------------------------------
------------------------------------------------------------------------
Net earnings
(loss)
attributable to:
Equity holders of
Onex Corporation $ 12 $ 14 $ (76) $ (129)
Non-controlling
interests 1 - 210 267
------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 13 $ 14 $ 134 $ 138
------------------------------------------------------------------------
------------------------------------------------------------------------
(Unaudited)
(in millions of Health
U.S. dollars) Electronics and
As at December 31, Manufacturing Healthcare Human Building Insurance
2014 Services Imaging Services Products Services
----------------------------------------------------------------------------
Total assets(d) $ 2,584 $ 1,803 $ 1,110 $ 2,351 $ 5,088
----------------------------------------------------------------------------
Long-term
debt(d)(e) $ - $ 2,115 $ 455 $ 804 $ 2,644
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(Unaudited)
(in millions of Packaging
U.S. dollars) Products
As at December 31, and Credit Consolidated
2014 Services(a) Strategies Other(a)(b) Total
------------------------------------------------------------------------
Total assets(d) $ 1,037 $ 4,373 $ 10,590 $ 28,936
------------------------------------------------------------------------
Long-term
debt(d)(e) $ 568 $ 3,431 $ 3,265 $ 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, Skilled Healthcare Group and Sitel Worldwide.
(d) The other segment includes Skilled Healthcare Group and Sitel
Worldwide, which were discontinued operations 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
Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted In: Press Releases
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
