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| Dunnedin Ventures, Inc. | TSXV:OCP | TSX Venture | Common Stock |
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All amounts in Canadian dollars unless otherwise stated
Onex Corporation ("Onex") (TSX:OCX) today announced its consolidated financial
results for the fourth quarter and full year ended December 31, 2010 and an
update on matters following year end.
Highlights
-- Onex and Canada Pension Plan Investment Board acquired Tomkins in a
transaction valued at approximately US$5 billion; Onex Partners III and
certain limited partners invested US$1.2 billion in the equity of the
business, of which Onex' share was US$315 million.
-- Onex Partners III acquired the remaining interest in ResCare not owned
by Onex Partners; Onex Partners III invested US$120 million, of which
Onex' share was US$22 million.
-- ONCAP II sold CSI Global Education, receiving net proceeds of $126
million, of which $50 million was Onex' share. Including prior amounts
received, total proceeds were $146 million, generating a multiple of
invested capital of 5.8 times and a gross IRR of 57%.
-- ONCAP II acquired Sport Supply Group in a transaction valued at
approximately US$200 million; ONCAP II invested US$56 million of equity
in the business, of which Onex' portion was US$29 million.
-- Onex Credit Partners, Onex' credit investing platform, raised over $340
million through the initial public offering of OCP Senior Credit Fund
(TSX: OSL.UN).
-- In 2010, our businesses paid US$505 million in distributions, of which
Onex received US$140 million, and retired US$775 million of debt.
-- The value of our interest in Onex Partners' private investments
increased 37% to US$2.1 billion in 2010, which includes distributions
received by Onex from these companies during the year. Overall, the
value of Onex' proprietary capital grew by 19% in 2010.
-- At December 31, the unrealized carried interest was approximately US$133
million based on the public companies held at market value and on the
year-end fair values of the private companies in the Onex Partners
Funds.
-- During the year, Onex repurchased over 2 million shares for $52 million.
-- At December 31, Onex had no debt at the parent company and approximately
$690 million of cash and near-cash investments, which excludes expected
net proceeds from the announced EMSC sale.
Onex is an investor and asset manager generating value from (i) growth in the
Company's $4.4 billion of proprietary capital; (ii) management fees based on the
US$8.7 billion of third-party capital committed to its Funds, and (iii) a
carried interest based on the performance of those Funds.
Investing
"As we look back on 2010, we're pleased with what we've accomplished. We
acquired three great businesses and grew the value of our existing portfolio,"
said Gerald W. Schwartz, Chairman and Chief Executive Officer of Onex. "In the
face of ongoing macroeconomic challenges, our operating companies not only
persevered but in almost all cases strengthened their competitive positions.
This was in large part due to the tremendous efforts to manage costs while still
investing in new technologies. The results are tangible - our companies grew
their earnings, reduced debt and in some cases paid meaningful distributions."
During the fourth quarter, a number of our operating companies paid
distributions totaling US$322 million, of which Onex' share was US$73 million.
Combined with earlier distributions from Husky International, Carestream Health
and TMS International, the total paid in 2010 was US$505 million, of which Onex
received US$140 million.
Based on the valuations reported to our limited partners, the value of our
private investments in the Onex Partners Funds grew 37% to US$2.1 billion, which
includes distributions received during the year. The value of Onex' investment
in ONCAP II increased 22% to $184 million. The performance of our Funds
contributed to an overall increase in the value of Onex' proprietary capital of
19% to US$4.4 billion.
In February, it was announced that a definitive agreement had been reached to
sell Emergency Medical Services Corporation to Clayton, Dubilier & Rice LLC for
a purchase price of $64 per share. Under the proposed transaction, Onex, Onex
Partners I and certain co-investors (the "Onex group") will sell their remaining
13.7 million EMSC shares, or 31% equity interest, for net proceeds of US$878
million. Based on the per-share cash cost of US$6.67 to acquire the business in
2005, this sale would result in a multiple of invested capital of approximately
10 times. Onex' portion of these net proceeds would be US$339 million including
carried interest. The Onex group invested US$214 million in the company and will
receive total net proceeds of US$1.65 billion, including the secondary offerings
completed in 2009. This would result in a multiple of invested capital of
approximately 8 times. The transaction is subject to certain customary closing
conditions and is expected to close in the second quarter.
"While our investment pipeline activity has not yet returned to pre-recession
levels, the acquisition market continues to improve and we are much busier than
we have been in the last few years," said Mr. Schwartz. "We are hopeful that
improving macroeconomic conditions and operating performance as well as stable
debt markets will persuade business owners that this is an opportune time to
sell subsidiaries or mission-critical supply divisions. This segment of the
market has represented some of our best investments."
Although it is difficult to predict investment pace, Onex is well-positioned to
respond to the right opportunities. The Company continues to be in excellent
financial condition, with approximately $690 million in cash and near-cash
investments, no debt at the parent company and approximately US$3.1 billion of
uncalled committed capital for acquisitions through the Onex Partners and ONCAP
Funds.
Over 26 years, Onex has established a strong culture that is based on long-held
investing principles. The Company believes that long-term value is best created
by focusing on enhancing the productivity and profitability of its businesses.
By transforming undervalued businesses into industry leaders, Onex has produced
impressive returns over its 26-year history. As of December 31, 2010, Onex has
generated a 26-year gross IRR of 29% and an average multiple of 3.6 times
invested capital from its private equity investing.
Onex continues to believe that its success is a result of the strong alignment
of interests between Onex shareholders, our limited partners and the management
team. At December 31, 2010, Onex' management team had almost $1.3 billion
invested in Onex shares and in its operating companies.
Asset Management
Onex' earns recurring asset management fees and carried interest on US$8.7
billion of third-party capital. The current annualized rate of total management
fees received is approximately US$97 million, which offsets Onex' operating
costs.
At December 31, 2010, there was approximately US$49 million of unrealized
carried interest allocable to Onex based on the public companies held at market
value in Onex Partners I. In addition, Onex has the potential to earn a further
US$84 million of carried interest on its private businesses in the Onex Partners
Funds based on the fair values determined at year-end. Ultimately, the carried
interest received will be determined upon the final returns of each Fund.
During the fourth quarter, Onex Credit Partners ("OCP") raised over $340 million
for the new OCP Senior Credit Fund (TSX:OSL.UN), a publicly-traded Canadian
retail fund. This contributed to a 50% increase of OCP's assets under management
during the year, which is a testament to Onex' credit team, their track record
and the strength of the Onex brand.
In February, ONCAP, Onex' mid-market private equity platform, began fundraising
for ONCAP III, with a target fund size of $700 million. As with each of its
Funds, Onex will be the largest limited partner in ONCAP III.
Consolidated Fourth-Quarter and Full-Year Results
Onex' quarterly and full-year consolidated financial results do not follow any
specific trends due to acquisitions and dispositions of businesses, the impact
of foreign currency translation and varying business cycles at its operating
companies.
On a consolidated basis for the fourth quarter, revenues increased 6% to $6.5
billion and operating earnings were up 14% to $584 million compared to the same
period of the prior year. Onex reported a net loss of $3 million compared to net
earnings of $40 million in the fourth quarter of 2009. Cash flow from operations
decreased 17% to $465 million as companies invested in inventory and receivables
due to growing business activity.
On a consolidated basis for the full year ended December 31, 2010, revenues were
down 2% to $24.4 billion and operating earnings increased 3% to $2.0 billion
compared to the same period of the prior year. Net loss was $51 million compared
to net earnings of $112 million for the year ended December 31, 2009. There were
$69 million of gains recorded in 2010, the majority of which was associated with
the sale of CSI Global Education. The 2009 net earnings included $349 million of
gains primarily from the sale of EMSC shares and Onex' remaining ownership in
Cineplex Entertainment, and a non-cash $100 million income tax recovery. Onex
reported cash generated from operations for the full year of $917 million
compared to $1.3 billion in 2009.
The Company paid a fourth-quarter dividend of $0.0275 per Subordinate Voting
Share on January 31, 2011 to shareholders of record on January 10, 2011.
Operating earnings as referred to in this press release are a non-GAAP measure.
See Management's Discussion and Analysis for the definition and reconciliation
to the consolidated statements of earnings.
Attached are the Consolidated Balance Sheets, Statements of Earnings, Statements
of Cash Flows and information by industry segment for the full year ended
December 31, 2010 and 2009. The complete financial statements, including
Management's Discussion and Analysis of the results, are posted on Onex'
website, www.onex.com, and are also available on SEDAR at www.sedar.com. Also
attached is the "How We Are Invested" schedule, which details Onex' $4.4 billion
of proprietary capital and provides private company performance information.
Webcast
Onex management will host a conference call to review the Company's fiscal 2010
results at 4:30 p.m. ET today. 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 North America's oldest and most successful investment firms
committed to acquiring and building high-quality businesses in partnership with
talented management teams. Onex manages investment platforms focused on private
equity, real estate and credit securities. In total, the company manages
approximately US$14 billion, of which US$10 billion is third-party capital. As
well, Onex invests its own capital directly and as a substantial limited partner
in its Funds.
Onex' businesses generate annual revenues of $36 billion, have assets of $42
billion and employ more than 238,000 people worldwide. Onex shares trade on the
Toronto Stock Exchange under the stock symbol OCX. For more information on Onex,
visit its website at www.onex.com. The Company's security filings can also be
accessed at www.sedar.com.
This news release may contain forward-looking statements that are based on
management's current expectations and are subject to known and unknown
uncertainties and risks, which could cause actual results to differ materially
from those contemplated or implied by such forward-looking statements. Onex is
under no obligation to update any forward-looking statements contained herein
should material facts change due to new information, future events or otherwise.
How We Are Invested
As at December 31, 2010
Proprietary Capital
(US$ millions) (CDN$ millions)
----------------------------------------------------------------------------
Private Equity
----------------------------------------------------------------------------
Onex Partners
Private Companies $ 2,098(1) $ 2,086(1)
Public Companies 521(2) 518(2)
Unrealized Carried Interest on Onex
Partners Investments 133(3) 132(3)
----------------------------------------------------------------------------
ONCAP 184(4) 183(4)
----------------------------------------------------------------------------
Direct Investments
Private Companies 251(5) 340(5)
Public Companies 172(2) 171(2)
----------------------------------------------------------------------------
3,359 3,430
----------------------------------------------------------------------------
Alternative Assets
Onex Real Estate Partners 141(6) 140(6)
Onex Credit Partners 99(7) 98(7)
----------------------------------------------------------------------------
240 238
----------------------------------------------------------------------------
Other Investments 75 75
Cash and Near-Cash 690(8) 686(8)
Onex Corporation Debt Nil Nil
----------------------------------------------------------------------------
$ 4,364 $ 4,429
----------------------------------------------------------------------------
1. Based on the US$ fair value of the investments in Onex Partners'
financial statements and US$/CDN$ exchange rate of 0.9946.
2. Based on the December 31, 2010 market values and US$/CDN$ exchange rate
of 0.9946.
3. Represents unrealized carried interest on public and private companies
in the Onex Partners Funds.
4. Based on the CDN$ fair value of the investments in ONCAP's financial
statements and US$/CDN$ exchange rate of 0.9946.
5. Historical US$ and historical CDN$ cost amounts.
6. Based on carrying value of Onex Real Estate Partners' investments at
December 31, 2010.
7. Based on the December 31, 2010 market values and US$/CDN$ exchange rate
of 0.9946. Excludes CDN$156 (US$157) million investment in Onex Credit
Partners' unleveraged senior secured loan strategy fund, which is
included with cash and near-cash items.
8. Includes approximately CDN$156 (US$157) million invested in Onex Credit
Partners' unleveraged senior secured loan strategy fund.
Significant Public Companies
Shares/
Units Market
Subject Shares/ Value of
to Units Closing Onex'
Carried Held by Price Investment(2)
Interest Onex per (US$ (CDN$
(millions) (millions) Share(1) millions) millions)
----------------------------------------------------------------------------
Onex Partners
Emergency Medical
Services 7.0 4.8 US$ 64.61 $ 310(3) $ 308(3)
Skilled Healthcare 10.7 3.5 US$ 8.98 31(3) 31(3)
Spirit AeroSystems 17.2 8.6 US$ 20.81 180(3) 179(3)
----------------------------------------------------------------------------
521 518
----------------------------------------------------------------------------
Direct Investments
Celestica - 17.8 US$ 9.70 172 171
----------------------------------------------------------------------------
$ 693 $ 690
----------------------------------------------------------------------------
1. Closing price on December 31, 2010.
2. Based on closing price on December 31, 2010 and US$/CDN$ exchange rate
of 0.9946.
3. Excludes Onex' potential participation in the carried interest.
Significant Private Companies
LTM Net Cumulative
EBITDA(2) Debt Distributions
Onex (US$ (US$ (US$
Ownership(1) millions) millions) millions)
----------------------------------------------------------------------------
Onex Partners
Center for
Diagnostic Imaging 81% $ 39 $ 39 $ -
The Warranty Group 92% 112(3) n/a 161
TMS International 91% 120 335 23
Hawker Beechcraft 49% 72(4) 1,716 -
Carestream Health 97% 447 1,531 234
Allison Transmission 49% n/a(5) n/a(5) -
Husky International 98% 224 173 100
RSI Home Products 50% n/a n/a n/a
Tropicana Las Vegas 74% n/a(6) 19 -
Tomkins 56% n/a(5) n/a(5) -
ResCare 98% 115 381 -
----------------------------------------------------------------------------
Direct Investments
Sitel Worldwide - $ 117 $ 628 $ -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Significant Private Companies
Cost of Onex'
Investment
(Net of
Onex Returns of
Economic Capital)
Ownership (US$ millions) (CDN$ millions)
------------------------------------------------------------------------
Onex Partners
Center for
Diagnostic Imaging 19% $ 17 $ 21
The Warranty Group 29% 154 175
TMS International 36% 93 109
Hawker Beechcraft 19% 212 244
Carestream Health 38% 165 183
Allison Transmission 15% 237 250
Husky International 36% 189 191
RSI Home Products 20% 78 82
Tropicana Las Vegas 16% 54 59
Tomkins 14% 315 323
ResCare 20% 41 49
------------------------------------------------------------------------
1,555 1,686
Direct Investments
Sitel Worldwide 68% 251 340
------------------------------------------------------------------------
$ 1,806 $ 2,026
------------------------------------------------------------------------
1. Includes the interest of Onex Partners' third-party limited partners and
Onex management's interest via Onex Partners.
2. Includes adjustments that are consistent with private equity industry
practice. 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. LTM EBITDA is presented for
investments which have been held by the Company for at least one year.
3. Amount presented for The Warranty Group is adjusted net earnings rather
than EBITDA. Net earnings on GAAP basis, including the impacts of
purchase accounting, were US$106 million.
4. EBITDA excludes gains on debt repurchases, loss recognized on derivative
instruments no longer expected to be effective hedges, severance costs,
non-cash stock-based compensation and retention expense, non-cash asset
impairment charges, and consulting services and internal costs related
to cost-reduction initiatives.
5. This information will be provided once the company reports to its debt
holders in March.
6. A comprehensive redevelopment underway at the Tropicana Las Vegas is
causing considerable disruption to its operations, resulting in negative
EBITDA that is not reflective of a fully operational hotel and casino.
Onex Corporation
CONSOLIDATED BALANCE SHEETS
As at December 31 (in millions of dollars) 2010 2009
----------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 2,518 $ 3,206
Marketable securities 711 636
Accounts receivable 3,397 3,062
Inventories 3,614 3,085
Other current assets 1,695 1,384
----------------------------------------------------------------------------
11,935 11,373
Property, plant and equipment 4,101 3,623
Investments 3,754 3,255
Other long-term assets 2,436 2,696
Intangible assets 2,233 2,086
Goodwill 2,619 2,312
----------------------------------------------------------------------------
$ 27,078 $ 25,345
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 4,307 $ 3,819
Other current liabilities 1,165 992
Current portion of long-term debt, without recourse to
Onex 242 425
Current portion of obligations under capital leases,
without recourse to Onex 13 21
Current portion of warranty reserves and unearned
premiums 1,306 1,410
----------------------------------------------------------------------------
7,033 6,667
Long-term debt of operating companies, without
recourse to Onex 6,309 5,505
Long-term portion of obligations under capital leases
of operating companies, without recourse to Onex 42 41
Long-term portion of warranty reserves and unearned
premiums 1,770 2,034
Other liabilities 1,871 1,832
Future income taxes 1,089 1,237
----------------------------------------------------------------------------
18,114 17,316
Non-controlling interests 7,483 6,370
Shareholders' equity 1,481 1,659
----------------------------------------------------------------------------
$ 27,078 $ 25,345
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Onex Corporation
CONSOLIDATED STATEMENTS OF EARNINGS
Year ended December 31 (in millions of dollars except
per share data) 2010 2009
----------------------------------------------------------------------------
Revenues $ 24,366 $ 24,831
Cost of sales (19,258) (19,468)
Selling, general and administrative expenses (2,599) (2,819)
----------------------------------------------------------------------------
Earnings Before the Undernoted Items 2,509 2,544
Amortization of property, plant and equipment (524) (636)
Amortization of intangible assets and deferred charges (332) (364)
Interest expense of operating companies (420) (495)
Interest income 38 53
Loss from equity-accounted investments (250) (497)
Foreign exchange loss (69) (90)
Stock-based compensation expense (176) (161)
Other income 35 97
Gains on dispositions of operating investments 122 783
Acquisition, restructuring and other expenses (233) (219)
Writedown of goodwill, intangible assets and long-
lived assets (15) (370)
----------------------------------------------------------------------------
Earnings before income taxes and non-controlling
interests 685 645
Provision for income taxes (362) (172)
Non-controlling interests (374) (361)
----------------------------------------------------------------------------
Net Earnings (Loss) for the Year $ (51) $ 112
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net Earnings (Loss) per Subordinate Voting Share
Basic and Diluted:
Net earnings (loss) $ (0.43) $ 0.92
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Onex Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended December 31 (in millions of dollars) 2010 2009
----------------------------------------------------------------------------
Operating Activities
Net earnings (loss) for the year $ (51) $ 112
Items not affecting cash:
Amortization of property, plant and equipment 524 636
Amortization of intangible assets and deferred
charges 332 364
Amortization of deferred warranty costs 67 86
Loss from equity-accounted investments 250 497
Foreign exchange loss 43 76
Stock-based compensation expense 163 161
Gains on dispositions of operating investments, net (122) (783)
Non-cash component of restructuring 1 5
Writedown of goodwill, intangible assets and long-
lived assets 15 370
Non-controlling interests 374 361
Future income taxes 86 (104)
Other (90) (66)
----------------------------------------------------------------------------
1,592 1,715
Changes in non-cash working capital items:
Accounts receivable (175) 381
Inventories (604) (166)
Other current assets (360) 58
Accounts payable, accrued liabilities and other
current liabilities 652 (225)
----------------------------------------------------------------------------
Increase (decrease) in cash due to changes in working
capital items (487) 48
Decrease in warranty reserves and unearned premiums
and other liabilities (188) (423)
----------------------------------------------------------------------------
917 1,340
----------------------------------------------------------------------------
Financing Activities
Issuance of long-term debt 2,805 1,390
Repayment of long-term debt (2,625) (1,962)
Cash dividends paid (13) (13)
Repurchase of share capital (52) (41)
Issuance of share capital provided by L.P. investors
and operating companies 1,412 368
Distributions by operating companies and to L.P.
investors (236) (576)
Decrease due to other financing activities (185) (23)
----------------------------------------------------------------------------
1,106 (857)
----------------------------------------------------------------------------
Investing Activities
Acquisition of operating companies, net of cash in
acquired companies of $58 (2009 - $108) (605) (90)
Purchase of property, plant and equipment (870) (613)
Proceeds from sales of operating investments 127 1,110
Investment in Tomkins Limited (1,208) -
Decrease due to other investing activities (9) (184)
----------------------------------------------------------------------------
(2,565) 223
----------------------------------------------------------------------------
Increase (Decrease) in Cash for the Year (542) 706
Decrease in cash due to changes in foreign exchange
rates (146) (421)
Cash and cash equilavents, beginning of the year 3,206 2,921
----------------------------------------------------------------------------
Cash and Cash Equivalents $ 2,518 $ 3,206
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
DECEMBER 31, 2010
Electronics
Manufacturing Financial
Services Aerostructures Healthcare Services
----------------------------------------------------------------------------
Revenues $ 6,717 $ 4,293 $ 6,548 $ 1,199
Cost of sales (6,173) (3,578) (4,866) (563)
Selling, general and
administrative expenses (224) (178) (716) (450)
----------------------------------------------------------------------------
Earnings before the
undernoted items 320 537 966 186
Amortization of property,
plant and equipment (73) (117) (159) (12)
Amortization of
intangible assets and
deferred charges (16) (4) (213) (18)
Interest expense of
operating companies (15) (61) (167) (3)
Interest income - - 4 -
Loss from equity-
accounted investments - (1) (7) -
Foreign exchange gains
(loss) (2) (5) (5) (1)
Stock-based compensation
expense (43) (30) (12) -
Other income (expense) - 5 11 22
Gains on dispositions of
operating investments - - - -
Acquisition,
restructuring and other
expenses (57) (2) (91) (1)
Writedown of goodwill,
intangible assets and
long-lived assets (8) - - (2)
----------------------------------------------------------------------------
Earnings (loss) before
income taxes and non-
controlling interests $ 106 $ 322 $ 327 $ 171
Recovery of (provision
for) income taxes (23) (103) (122) (61)
Non-controlling interests (76) (204) (166) (78)
----------------------------------------------------------------------------
Net earnings (loss) 7 15 39 32
----------------------------------------------------------------------------
Total assets $ 3,087 $ 5,055$ 6,146$ 4,900
----------------------------------------------------------------------------
Long-term debt(a) $ - $ 1,138$ 2,972$ 190
----------------------------------------------------------------------------
Property, plant and
equipment additions $ 64 $ 308$ 167$ 10
----------------------------------------------------------------------------
Goodwill additions $ 11 $ -$ 440$ -
----------------------------------------------------------------------------
Goodwill $ 11 $ 3$ 1,396$ 342
----------------------------------------------------------------------------
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
DECEMBER 31, 2010
Customer
Support Metal Consolidated
Services Services Other Total
-----------------------------------------------------------------------
Revenues $ 1,381 $ 2,091 $ 2,137 $ 24,366
Cost of sales (882) (1,914) (1,282) (19,258)
Selling, general and
administrative expenses (376) (55) (600) (2,599)
-----------------------------------------------------------------------
Earnings before the
undernoted items 123 122 255 2,509
Amortization of property,
plant and equipment (35) (51) (77) (524)
Amortization of
intangible assets and
deferred charges (19) (13) (49) (332)
Interest expense of
operating companies (81) (42) (51) (420)
Interest income 1 - 33 38
Loss from equity-
accounted investments - - (242) (250)
Foreign exchange gains
(loss) (5) 1 (52) (69)
Stock-based compensation
expense - - (91) (176)
Other income (expense) (3) - - 35
Gains on dispositions of
operating investments - - 122 122
Acquisition,
restructuring and other
expenses (39) - (43) (233)
Writedown of goodwill,
intangible assets and
long-lived assets - - (5) (15)
-----------------------------------------------------------------------
Earnings (loss) before
income taxes and non-
controlling interests $ (58) $ 17 $ (200) $ 685
Recovery of (provision
for) income taxes 6 (11) (48) (362)
Non-controlling interests - (4) 154 (374)
-----------------------------------------------------------------------
Net earnings (loss) (52) 2 (94) (51)
-----------------------------------------------------------------------
Total assets $ 669$ 836$ 6,385 $ 27,078
-----------------------------------------------------------------------
Long-term debt(a) $ 660$ 375$ 1,216 $ 6,551
-----------------------------------------------------------------------
Property, plant and
equipment additions $ 30$ 42$ 249 $ 870
-----------------------------------------------------------------------
Goodwill additions $ -$ -$ 91 $ 542
-----------------------------------------------------------------------
Goodwill $ 117$ 238$ 512 $ 2,619
-----------------------------------------------------------------------
(a) Long-term debt includes current portion, excludes capital leases and is
net of deferred charges.
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
DECEMBER 31, 2009
Electronics
Manufacturing Financial
Services Aerostructures Healthcare Services
----------------------------------------------------------------------------
Revenues $ 6,909 $ 4,641 $ 6,590 $ 1,359
Cost of sales (6,319) (3,946) (4,766) (656)
Selling, general and
administrative
expenses (224) (199) (771) (509)
----------------------------------------------------------------------------
Earnings before the
undernoted items 366 496 1,053 194
Amortization of
property, plant and
equipment (86) (130) (200) (13)
Amortization of
intangible assets and
deferred charges (25) (5) (224) (22)
Interest expense of
operating companies (39) (50) (226) (3)
Interest income - 8 7 -
Earnings (loss) from
equity-accounted
investments - - 7 -
Foreign exchange gains
(loss) (2) 3 (6) 1
Stock-based
compensation expense (43) (12) (7) (1)
Other income (expense) - 4 (11) -
Gains on dispositions
of operating
investments - - - -
Acquisition,
restructuring and
other expenses (92) (1) (44) (2)
Writedown of goodwill,
intangible assets and
long-lived assets (14) - (180) -
Earnings (loss) before
income taxes and non-
controlling interests $ 65 $ 313 $ 169 $ 154
Recovery of (provision
for) income taxes (5) (107) (130) (46)
Non-controlling
interests (54) (192) (3) (76)
----------------------------------------------------------------------------
Net earnings (loss) 6 14 36 32
----------------------------------------------------------------------------
Total assets $ 3,265 $ 4,685 $ 5,616 $ 5,206
----------------------------------------------------------------------------
Long-term debt(a) $ 234 $ 902 $ 2,792 $ 203
----------------------------------------------------------------------------
Property, plant and
equipment additions $ 69 $ 235 $ 163 $ 12
----------------------------------------------------------------------------
Goodwill additions $ - $ - $ 46 $ -
----------------------------------------------------------------------------
Goodwill $ - $ 3 $ 1,065 $ 361
----------------------------------------------------------------------------
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
DECEMBER 31, 2009
Customer
Support Metal Consolidated
Services Services Other Total
----------------------------------------------------------------------
Revenues $ 1,780 $ 1,472 $ 2,080 $ 24,831
Cost of sales (1,140) (1,329) (1,312) (19,468)
Selling, general and
administrative
expenses (487) (48) (581) (2,819)
----------------------------------------------------------------------
Earnings before the
undernoted items 153 95 187 2,544
Amortization of
property, plant and
equipment (57) (66) (84) (636)
Amortization of
intangible assets and
deferred charges (24) (14) (50) (364)
Interest expense of
operating companies (82) (49) (46) (495)
Interest income 1 - 37 53
Earnings (loss) from
equity-accounted
investments - - (504) (497)
Foreign exchange gains
(loss) (10) (1) (75) (90)
Stock-based
compensation expense - - (98) (161)
Other income (expense) - - 104 97
Gains on dispositions
of operating
investments - - 783 783
Acquisition,
restructuring and
other expenses (25) - (55) (219)
Writedown of goodwill,
intangible assets and
long-lived assets (64) (62) (50) (370)
Earnings (loss) before
income taxes and non-
controlling interests $ (108) $ (97) $ 149 $ 645
Recovery of (provision
for) income taxes (17) 7 126 (172)
Non-controlling
interests (1) 59 (94) (361)
----------------------------------------------------------------------
Net earnings (loss) (126) (31) 181 112
----------------------------------------------------------------------
Total assets $ 745 $ 891 $ 4,937 $ 25,345
----------------------------------------------------------------------
Long-term debt(a) $ 660 $ 401 $ 738 $ 5,930
----------------------------------------------------------------------
Property, plant and
equipment additions $ 25 $ 43 $ 66 $ 613
----------------------------------------------------------------------
Goodwill additions $ - $ - $ 7 $ 53
----------------------------------------------------------------------
Goodwill $ 124 $ 252 $ 507 $ 2,312
----------------------------------------------------------------------
(a) Long-term debt includes current portion, excludes capital leases and is
net of deferred charges.
1 Year Dunnedin Ventures, Inc. Chart |
1 Month Dunnedin Ventures, Inc. Chart |
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