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All amounts in U.S. dollars unless otherwise stated
Onex Corporation ("Onex") (TSX:OCX) today announced its consolidated financial
results for the first quarter ended March 31, 2014 and an update on matters
following quarter-end.
Highlights
-- In May, Onex completed the fundraising for Onex Partners IV, surpassing
the original $4.5 billion target, and raising a total of $5.15 billion
in aggregate commitments, including Onex' $1.2 billion commitment.
-- Realizations and distributions from transactions announced to date will
be the highest in Onex' 30-year history totaling approximately $4.3
billion, of which Onex' share will be $1.3 billion, including $132
million of carried interest. Notable sales included:
-- In April, Onex and CPPIB agreed to sell Gates Corporation, the
principal remaining business of Tomkins, for $5.4 billion, bringing
the total proceeds of eight divested units of Tomkins to $7.9
billion. The transaction is expected to result in a gross multiple
of capital invested of approximately 2.2 times and a 26% gross rate
of return.
-- In March, Onex agreed to sell The Warranty Group for an enterprise
value of $1.5 billion, which is expected to result in a gross
multiple of capital invested of approximately 3.1 times and an 18%
gross rate of return.
-- During the quarter, Onex completed secondary share sales of Spirit
AeroSystems and Allison Transmission, resulting in aggregate
proceeds of $590 million. In April, Onex completed an additional
$372 million Allison Transmission secondary share sale.
-- Including realizations and distributions, Onex Partners' and ONCAP's
private companies generated returns for Onex of 4% during the first
three months of 2014. Including our public companies, the value of all
operating businesses in the Onex Partners and ONCAP Funds, including
realizations and distributions, increased by 3%.
-- Including cash and near-cash equivalents of $1.8 billion and other
investments, Onex' capital per share was largely unchanged in the three
months ended March 31, 2014. For the twelve months ended March 31, 2014,
Onex' capital per share grew by 18% to $50.64 (C$55.98).
-- Onex Credit Partners ("OCP") completed its fifth collateralized loan
obligation ("CLO"), offering approximately $420 million in securities,
including $43 million purchased by Onex.
Recent Performance
"We're off to a great start in 2014," said Gerry Schwartz, Chairman and Chief
Executive Officer of Onex. "In addition to completing a very successful
fundraise, we've been active sellers. This year, we will have returned a record
$4.3 billion to our investors from transactions we've closed and announced to
date."
Earlier this week, Onex held the final close for Onex Partners IV, closing
earlier than anticipated on aggregate commitments of $5.15 billion following 10
months of fundraising. Onex exceeded its initial target of $4.5 billion, raising
capital commitments from 40 limited partners, including public employee pension
plans, sovereign wealth funds, institutional wealth managers and family offices
from around the world. With the completion of its fifth CLO, OCP now has $3.7
billion of assets under management - a 32% increase over the prior year. OCP's
investors include some of the world's largest banks and fixed income investors.
Across all platforms, Onex now has more than $14 billion in fee-generating
capital under management. Each of Onex Partners, ONCAP and OCP maintain the same
standards of prudent investing, careful building, management alignment and, open
and honest communication with investors.
Onex continues to be an active seller of assets thus far in 2014. In each case,
consideration is given to whether or not the original investment thesis has been
realized and the receptivity of capital markets for large dispositions. In 2014,
credit and equity markets continued to be strong - providing a great environment
for asset sales. Over its thirty-year history, Onex has generated a gross IRR of
28% and a gross multiple of 3.0 times capital invested from realized,
substantially realized and publicly traded investments. This year will be a
record year as Onex' share of the previously mentioned realizations and
distributions will be approximately $1.3 billion, including $132 million of
carried interest.
Onex management continues to share in the success and failure of our operating
companies through the team's significant investment in everything we buy. At
March 31, 2014, the value of the team's investment in Onex' businesses and its
shares was approximately $1.8 billion.
At March 31, 2014, the value of Onex' unrealized carried interest was
approximately $40 million based on the traded market values of Onex Partners'
public companies, which includes $10 million of carried interest received
related to Allison Transmission's April secondary offering. In addition, Onex
has the potential to receive a further $167 million of carried interest on its
private businesses in the Onex Partners and ONCAP Funds based on their fair
values determined at March 31, 2014. This includes approximately $105 million of
carried interest related to the pending sales of The Warranty Group and Tomkins.
The amount of carried interest ultimately realized by Onex depends on the
overall performance of each Fund.
Creating Value for Shareholders
Onex' long-term goal is to grow its capital per share on average by at least 15%
per annum. For the twelve months ended March 31, 2014, Onex' capital per share
grew by 18% to $50.64 (C$55.98).
Our goal is also to have Onex' shares 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, 2014, Onex' Subordinate
Voting Shares ("SVS") closed at C$61.38, which represents a 7% quarterly
increase and a 27% increase over the last twelve months. This compares to
increases in the S&P 500 and S&P/TSX Composite Index of 1% and 5%, respectively,
for the quarter, and increases of 19% and 12%, respectively, over the last
twelve months.
Onex paid a first-quarter dividend of C$0.0375 per SVS on April 30, 2014 to
shareholders of record on April 10, 2014. Yesterday Onex' Board of Directors
approved a 33% increase in the quarterly dividend to C$0.05 per Subordinate
Voting Share, reflecting the Company's success and ongoing commitment to its
shareholders. This increase follows a 36% increase in the dividend rate in May
last year. The increased dividend is payable on July 31, 2014 to shareholders of
record on July 10, 2014.
In the first four months of 2014, Onex repurchased 633,988 SVS under its Normal
Course Issuer Bids for a total cost of C$37 million, or an average cost per
share of C$58.87. Since we began buying back shares in 1997, Onex has
repurchased approximately 81 million SVS for a total cost of approximately C$1.4
billion.
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 3% to $6.5
billion compared to the same period of the prior year. Onex reported
consolidated net earnings of $99 million compared to a net loss of $271 million
in the first quarter of 2013. Cash generated from operations was $28 million in
the first quarter of 2014 compared to cash used of $68 million in the same
period of 2013. The improved net earnings are a reflection of improved operating
results at a number of the businesses and a lower charge for the limited
partners value increase.
Attached are the Unaudited Interim Consolidated Balance Sheets, Statements of
Earnings, Statements of Cash Flows and information by industry segment for the
quarter ended March 31, 2014 and 2013 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,
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' $5.7 billion of
proprietary capital and provides private company performance information.
Webcast
Onex management will host a conference call to review Onex' first-quarter 2014
results on Friday, May 16 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
With offices in Toronto, New York and London, Onex is one of the oldest and most
successful private equity firms. Onex acquires and builds high-quality
businesses in partnership with talented management teams. The Company has
approximately $21 billion of assets under management, including approximately $6
billion of Onex capital, in private equity, credit securities and real estate.
Onex invests its capital directly and as the largest limited partner in each of
its Funds.
Onex' businesses have assets of $45 billion, generate annual revenues of $35
billion and employ approximately 231,000 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.
ONEX
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 2014 2013
----------------------------------------------------------------------------
Private Equity
Onex Partners
Private Companies(1) $ 2,142 $ 2,026
Public Companies(2) 437 627
Unrealized Carried Interest on Onex Partners
Investments(3) 207 202
ONCAP(4) 342 337
Direct Investments
Private Companies(5) 95 153
Public Companies(2) 195 186
----------------------------------------------------------------------------
3,418 3,531
----------------------------------------------------------------------------
Onex Real Estate Partners(5) 134 144
Onex Credit Partners(6) 288 260
----------------------------------------------------------------------------
422 404
----------------------------------------------------------------------------
Other Investments 109 103
Cash and Near-Cash(7) 1,781 1,741
Onex Corporation Debt - -
----------------------------------------------------------------------------
$ 5,730 $ 5,779
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Onex' Capital per Share (March 31, 2014 -
C$55.98; December 31, 2013 - C$54.16)(8) (9) $ 50.64 $ 50.93
----------------------------------------------------------------------------
(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 $82 million (2013 - $64 million).
(2) Based on the closing market values and net of the estimated MIP
liability on these investments of $43 million (2013 - $37 million).
(3) Represents Onex' share of the unrealized carried interest on public
and private companies in the Onex Partners Funds.
(4) Based on the C$fair value of the investments in ONCAP's financial
statements net of management incentive programs on these investments
of $19 million (2013 - $17 million) and a US$/C$exchange rate of
1.1055 (2013 - 1.0636).
(5) Based on the fair value.
(6) Based on the market values of investments in Onex Credit Partners'
Funds and Onex Credit Partners Collateralized Loan Obligations.
Excludes $345 million (2013 - $343 million) invested in a segregated
Onex Credit Partners' unleveraged senior secured loan strategy fund,
which is included with cash and near-cash items.
(7) Includes $345 million (2013 - $343 million) invested in a segregated
Onex Credit Partners' unleveraged senior secured loan strategy fund.
(8) Calculated on a fully diluted basis. Fully diluted shares were
approximately 115.5 million at March 31, 2014 (December 31, 2013 -
115.9 million). Fully diluted shares include all outstanding
Subordinate Voting Shares and outstanding Stock Options that have met
the minimum 25% price appreciation threshold.
(9) The change in Onex' Capital per Share during the three months ended
March 31, 2014 is driven primarily 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. The
impact on Onex' Capital per Share will be 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 Shares Market
to Carried Held Closing Value of
Public Companies Interest by Onex Price per Onex'
As at March 31, 2014 (millions) (millions) Share(1) Investment
----------------------------------------------------------------------------
Onex Partners
Skilled Healthcare
Group(2) 10.7 3.5 $ 5.27 $ 18
Spirit AeroSystems(2) 8.7 4.7 $ 28.19 133
Allison Transmission(2) 15.7 11.0 $ 29.94 329
----------------------------------------------------------------------------
480
Estimated Management
Investment Plan
Liability (43)
----------------------------------------------------------------------------
437
----------------------------------------------------------------------------
Direct Investments -
Celestica - 17.8(3) $ 10.95 195
----------------------------------------------------------------------------
$ 632
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Significant Onex' and
Private its Original
Companies Limited Cumulative Onex' Cost of
As at March 31, Partners' LTM Net Distri- Economic Onex'
2014 Ownership EBITDA(4) Debt butions Ownership Investment
----------------------------------------------------------------------------
Onex Partners
Carestream
Health 92% $ 428 $ 2,164 $ 1,311 33%(3) $ 186
Tropicana Las
Vegas 82% 2 51 - 18% 70
ResCare 98% 137 346 - 20% 41
JELD-WEN 79%(5) 157(6) 785(6) - 20%(5) 217(7)
SGS
International 93% 114(8) 582 - 23% 66
USI 92% 270(8) 1,615 - 26% 170
BBAM(9) 50% 82 (30)(10) 64(11) 13% 61
KraussMaffei 96% EUR 108 EUR 236 - 24% 92(12)
Emerald
Expositions 99% 130(8) 788 - 24% 119
----------------------------------------------------------------------------
1,022
----------------------------------------------------------------------------
Direct
Investments -
Sitel
Worldwide 70% $ 120 $ 764 $ - 70% 251
----------------------------------------------------------------------------
$ 1,273
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Closing prices on March 31, 2014.
(2) Excludes Onex' potential participation in the carried interest and
includes shares related to the MIP.
(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 and Emerald Expositions 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 Limited Partnership and do not
reflect information for Onex' investments in FLY Leasing Limited
(NYSE:FLY) or Meridian Aviation Partners Limited that were made in
conjunction with the investment in BBAM. The Original Cost of Onex'
Investment includes $5 million invested in FLY Leasing Limited and $14
million invested in Meridian Aviation Partners Limited.
(10) Net debt for BBAM represents unrestricted cash, reduced for accrued
compensation liabilities.
(11) Onex, Onex Partners III and Onex management received distributions of
$29 million from BBAM.
(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.
Onex Corporation
CONSOLIDATED BALANCE SHEETS
(Unaudited) As at As at
(in millions of U.S. dollars) March 31, 2014 December 31, 2013
----------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 3,019 $ 3,191
Short-term investments - 754
Accounts receivable 3,654 3,639
Inventories 3,951 3,872
Other current assets 758 1,478
Assets held by discontinued operations 4,942 -
----------------------------------------------------------------------------
16,324 12,934
Property, plant and equipment 5,040 5,105
Long-term investments 6,259 7,564
Other non-current assets 1,071 2,100
Intangible assets 4,710 4,695
Goodwill 4,363 4,469
----------------------------------------------------------------------------
$ 37,767 $ 36,867
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities $ 4,198 $ 4,342
Current portion of provisions 324 331
Other current liabilities 1,076 1,621
Current portion of long-term debt of
operating companies, without recourse
to Onex Corporation 787 651
Current portion of warranty reserves and
unearned premiums - 1,350
Liabilities held by discontinued
operations 4,150 -
----------------------------------------------------------------------------
10,535 8,295
Non-current portion of provisions 435 419
Long-term debt of operating companies,
without recourse to Onex Corporation 11,653 11,319
Non-current portion of warranty reserves
and unearned premiums - 1,779
Other non-current liabilities 2,368 2,526
Deferred income taxes 1,237 1,225
Limited Partners' Interests 7,005 6,959
----------------------------------------------------------------------------
33,233 32,522
----------------------------------------------------------------------------
Equity
Share capital 344 346
Non-controlling interests 3,322 3,191
Retained earnings and accumulated other
comprehensive earnings 868 808
----------------------------------------------------------------------------
4,534 4,345
----------------------------------------------------------------------------
$ 37,767 $ 36,867
----------------------------------------------------------------------------
----------------------------------------------------------------------------
These unaudited interim consolidated financial statements should be read in
conjunction with the 2013 audited annual consolidated financial statements.
Onex Corporation
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited) Three months ended March 31
(in millions of U.S. dollars except per
share data) 2014 2013
----------------------------------------------------------------------------
Revenues $ 6,525 $ 6,325
Cost of sales (excluding amortization of
property, plant and equipment,
intangible assets and deferred charges) (4,976) (4,924)
Operating expenses (951) (937)
Interest income 31 25
Amortization of property, plant and
equipment (143) (147)
Amortization of intangible assets and
deferred charges (129) (135)
Interest expense of operating companies (220) (175)
Increase in value of investments in joint
ventures and associates at fair value,
net 355 276
Stock-based compensation expense (85) (120)
Other items (72) (111)
Limited Partners' Interests charge (250) (374)
----------------------------------------------------------------------------
Earnings (loss) before income taxes and
discontinued operations 85 (297)
Provision for income taxes (16) (12)
----------------------------------------------------------------------------
Earnings (loss) from continuing
operations 69 (309)
Earnings from discontinued operations 30 38
----------------------------------------------------------------------------
Net Earnings (Loss) for the Period $ 99 $ (271)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings (Loss) from Continuing
Operations attributable to:
Equity holders of Onex Corporation $ (67) $ (339)
Non-controlling Interests 136 30
----------------------------------------------------------------------------
Net Earnings (Loss) from Continuing
Operations for the Period $ 69 $ (309)
----------------------------------------------------------------------------
Net Earnings (Loss) attributable to:
Equity holders of Onex Corporation $ (40) $ (308)
Non-controlling Interests 139 37
----------------------------------------------------------------------------
Net Earnings (Loss) for the Period $ 99 $ (271)
----------------------------------------------------------------------------
Net Earnings (Loss) per Subordinate
Voting Share of Onex Corporation
Basic and Diluted:
Continuing operations $ (0.60) $ (2.98)
Discontinued operations 0.24 0.27
----------------------------------------------------------------------------
Net Loss for the Period $ (0.36) $ (2.71)
----------------------------------------------------------------------------
These unaudited interim consolidated financial statements should be read in
conjunction with the 2013 audited annual consolidated financial statements.
Onex Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) Three months ended March 31
(in millions of U.S. dollars) 2014 2013
----------------------------------------------------------------------------
Operating Activities
Earnings (loss) for the period from
continuing operations $ 69 $ (309)
Adjustments to earnings (loss) from
continuing operations:
Provision for income taxes 16 12
Interest income (31) (25)
Interest expense of operating
companies 220 175
----------------------------------------------------------------------------
Net earnings (loss) before interest and
provision for income taxes 274 (147)
Cash taxes received (paid) 31 (46)
Items not affecting cash and cash
equivalents:
Amortization of property, plant and
equipment 143 147
Amortization of intangible assets and
deferred charges 129 135
Increase in value of investments in
joint ventures and associates at fair
value, net (355) (276)
Stock-based compensation expense 81 66
Limited Partners' Interests charge 250 374
Change in provisions 44 41
Other 8 63
----------------------------------------------------------------------------
605 357
Changes in non-cash working capital
items:
Accounts receivable (229) (159)
Inventories (103) (176)
Other current assets - 56
Accounts payable, accrued liabilities
and other current liabilities (227) (178)
----------------------------------------------------------------------------
Decrease in cash and cash equivalents
due to changes in working capital items (559) (457)
Decrease in other operating activities (37) (4)
Cash flows from operating activities of
discontinued operations 19 36
----------------------------------------------------------------------------
28 (68)
----------------------------------------------------------------------------
Financing Activities
Issuance of long-term debt 1,087 680
Repayment of long-term debt (374) (183)
Cash interest paid (154) (110)
Cash dividends paid (4) (3)
Repurchase of share capital of Onex
Corporation (21) (23)
Repurchase of share capital of operating
companies (39) -
Financing provided by Limited Partners 170 66
Issuance of share capital by operating
companies 3 34
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 Limited Partners (374) (215)
Change in restricted cash (72) 35
Decrease due to other financing
activities (28) (9)
Cash flows from (used in) financing
activities of discontinued operations (2) 5
----------------------------------------------------------------------------
297 277
----------------------------------------------------------------------------
Investing Activities
Acquisition of operating companies, net
of cash and cash equivalents in
acquired companies of nil
(2013 - nil) (356) (4)
Purchase of property, plant and
equipment (114) (173)
Proceeds from sale of investment in
joint ventures and associates at fair
value 432 323
Distributions received from investments
in joint ventures and associates 13 5
Cash interest received 23 11
Net purchases of investments and
securities (287) (230)
Increase (decrease) due to other
investing activities (40) 58
Cash flows used for investing activities
of discontinued operations (16) (22)
----------------------------------------------------------------------------
(345) (32)
----------------------------------------------------------------------------
Increase (Decrease) in Cash and Cash
Equivalents for the Period (20) 177
Decrease in cash due to changes in
foreign exchange rates (3) (11)
Cash and cash equivalents, beginning of
the period - continuing operations 3,043 2,499
Cash and cash equivalents, beginning of
the period - discontinued operations 148 157
----------------------------------------------------------------------------
Cash and Cash Equivalents 3,168 2,822
Cash and cash equivalents held by
discontinued operations 149 172
----------------------------------------------------------------------------
Cash and Cash Equivalents Held by
Continuing Operations $ 3,019 $ 2,650
----------------------------------------------------------------------------
----------------------------------------------------------------------------
These unaudited interim consolidated financial statements should be read in
conjunction with the 2013 audited annual consolidated financial statements.
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE THREE MONTHS ENDED MARCH 31, 2014
(Unaudited)
(in millions of
U.S. dollars)
Three months Electronics Customer
ended March 31, Manufacturing Care
2014 Services Aerostructures Healthcare Services
----------------------------------------------------------------------------
Revenues $ 1,312 $ 1,729 $ 1,147 $ 351
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible
assets and
deferred
charges) (1,205) (1,449) (807) (234)
Operating
expenses (50) (60) (229) (91)
Interest income - - 1 -
Amortization of
property, plant
and equipment (14) (38) (29) (7)
Amortization of
intangible
assets and
deferred
charges (3) (6) (37) (5)
Interest expense
of operating
companies (1) (35) (55) (25)
Increase in
value of
investments in
joint ventures
and associates
at fair value,
net - - - -
Stock-based
compensation
expense (11) (2) (2) -
Other items 2 (2) 3 (2)
Limited
Partners'
Interests
charge - - - -
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations 30 137 (8) (13)
Recovery of
(provision for)
income taxes 7 (1) (9) (4)
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations 37 136 (17) (17)
Earnings from
discontinued
operations(b) - - - -
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 37 $ 136 $ (17) $ (17)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings
(loss)
attributable
to:
Equity holders
of Onex
Corporation $ 4 $ 16 $ (16) $ (12)
Non-controlling
interests 33 120 (1) (5)
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 37 $ 136 $ (17) $ (17)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets(c) $ 2,591 $ 5,329 $ 3,592 $ 634
----------------------------------------------------------------------------
Long-term
debt(c)(d) $ - $ 1,192 $ 2,963 $ 761
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(Unaudited)
(in millions of
U.S. dollars)
Three months
ended March 31, Building Insurance Consolidated
2014 Products Brokerage Other(a) Total
----------------------------------------------------------------------------
Revenues $ 765 $ 203 $ 1,018 $ 6,525
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible
assets and
deferred
charges) (646) - (635) (4,976)
Operating
expenses (116) (141) (264) (951)
Interest income - - 30 31
Amortization of
property, plant
and equipment (28) (1) (26) (143)
Amortization of
intangible
assets and
deferred
charges (4) (35) (39) (129)
Interest expense
of operating
companies (19) (27) (58) (220)
Increase in
value of
investments in
joint ventures
and associates
at fair value,
net - - 355 355
Stock-based
compensation
expense (12) (3) (55) (85)
Other items (5) (11) (57) (72)
Limited
Partners'
Interests
charge - - (250) (250)
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations (65) (15) 19 85
Recovery of
(provision for)
income taxes 1 5 (15) (16)
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations (64) (10) 4 69
Earnings from
discontinued
operations(b) - - 30 30
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ (64) $ (10) $ 34 $ 99
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings
(loss)
attributable
to:
Equity holders
of Onex
Corporation $ (54) $ (9) $ 31 $ (40)
Non-controlling
interests (10) (1) 3 139
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ (64) $ (10) $ 34 $ 99
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets(c) $ 2,542 $ 2,996 $ 20,083 $ 37,767
----------------------------------------------------------------------------
Long-term
debt(c)(d) $ 777 $ 1,604 $ 5,143 $ 12,440
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(a) Includes Tropicana Las Vegas, SGS International, KraussMaffei, Emerald
Expositions, ONCAP II, ONCAP III, Flushing Town Center, Meridian
Aviation, OCP CLOs 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.
(b) Represents the after-tax results of The Warranty Group.
(c) Total assets and long-term debt in the other segment include
discontinued operations.
(d) 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, 2013
(Unaudited)
(in millions of
U.S. dollars)
Three months Electronics Customer
ended March 31, Manufacturing Care
2013 Services Aerostructures Healthcare Services
----------------------------------------------------------------------------
Revenues $ 1,372 $ 1,442 $ 1,155 $ 365
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible
assets and
deferred
charges) (1,268) (1,239) (817) (236)
Operating
expenses (52) (56) (213) (92)
Interest income - - 1 -
Amortization of
property, plant
and equipment (15) (34) (31) (7)
Amortization of
intangible
assets and
deferred
charges (3) (8) (39) (5)
Interest expense
of operating
companies (1) (17) (43) (25)
Increase in
value of
investments in
joint ventures
and associates
at fair value,
net - - - -
Stock-based
compensation
expense (10) (4) (2) -
Other items (8) (19) (33) (10)
Limited
Partners'
Interests
charge - - - -
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations 15 65 (22) (10)
Recovery of
(provision for)
income taxes (5) (17) (2) (2)
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations 10 48 (24) (12)
Earnings from
discontinued
operations(b) - - - -
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 10 $ 48 $ (24) $ (12)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings
(loss)
attributable
to:
Equity holders
of Onex
Corporation $ 1 $ 6 $ (24) $ (9)
Non-controlling
interests 9 42 - (3)
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 10 $ 48 $ (24) $ (12)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(Unaudited)
(in millions of
U.S. dollars) Electronics Customer
As at December Manufacturing Care
31, 2013 Services Aerostructures Healthcare Services
----------------------------------------------------------------------------
Total assets(c) $ 2,639 $ 5,155 $ 3,707 $ 613
----------------------------------------------------------------------------
Long-term
debt(c)(d) $ - $ 1,128 $ 3,009 $ 740
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(Unaudited)
(in millions of
U.S. dollars)
Three months
ended March 31, Building Insurance Consolidated
2013 Products Brokerage Other(a) Total
----------------------------------------------------------------------------
Revenues $ 770 $ 180 $ 1,041 $ 6,325
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible
assets and
deferred
charges) (649) - (715) (4,924)
Operating
expenses (120) (129) (275) (937)
Interest income 1 - 23 25
Amortization of
property, plant
and equipment (26) (2) (32) (147)
Amortization of
intangible
assets and
deferred
charges (4) (35) (41) (135)
Interest expense
of operating
companies (19) (31) (39) (175)
Increase in
value of
investments in
joint ventures
and associates
at fair value,
net - - 276 276
Stock-based
compensation
expense (7) (2) (95) (120)
Other items 19 (12) (48) (111)
Limited
Partners'
Interests
charge - - (374) (374)
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations (35) (31) (279) (297)
Recovery of
(provision for)
income taxes 2 11 1 (12)
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations (33) (20) (278) (309)
Earnings from
discontinued
operations(b) - - 38 38
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ (33) $ (20) $ (240) $ (271)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings
(loss)
attributable
to:
Equity holders
of Onex
Corporation $ (24) $ (18) $ (240) $ (308)
Non-controlling
interests (9) (2) - 37
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ (33) $ (20) $ (240) $ (271)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(Unaudited)
(in millions of
U.S. dollars)
As at December Building Insurance Consolidated
31, 2013 Products Brokerage Other(a) Total
----------------------------------------------------------------------------
Total assets(c) $ 2,483 $ 3,099 $ 19,171 $ 36,867
----------------------------------------------------------------------------
Long-term
debt(c)(d) $ 661 $ 1,605 $ 4,827 $ 11,970
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(a) Includes Tropicana Las Vegas, SGS International, KraussMaffei, ONCAP
II, ONCAP III, Flushing Town Center, Meridian Aviation, OCP CLOs and
the parent company. Investments in joint ventures and associates
recorded at fair value include Allison Transmission, BBAM, RSI (sold
in February 2013), Tomkins and certain Onex Real Estate investments.
(b) Represents the after-tax results of The Warranty Group and TMS
International.
(c) Total assets and long-term debt in the other segment include
discontinued operations.
(d) Long-term debt includes current portion, excludes finance leases and
is net of financing charges.
FOR FURTHER INFORMATION PLEASE CONTACT:
Emma Thompson
Investor Relations
Tel: 416.362.7711
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