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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Solarvest BioEnergy Inc | TSXV:SVS | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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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 three and nine months ended September 30, 2013 and an update on
matters following quarter-end.
Highlights
-- Onex Partners II sold its remaining stake in TMS International in
October, resulting in proceeds of $410 million, of which Onex' share was
$172 million, including carried interest. Combined with prior
realizations, the Fund achieved a gross multiple of capital invested of
just over 2 times.
-- In August, Allison Transmission completed a secondary offering of 19.1
million shares and repurchased 4.7 million shares directly from Onex and
its partner, The Carlyle Group, resulting in a total sale of 23.8
million shares; proceeds to Onex Partners II were $252 million, of which
Onex' share was $84 million, including carried interest. Earlier this
week, Onex and The Carlyle Group announced the sale of an additional 15
million shares, resulting in proceeds to Onex Partners II of $173
million, of which Onex' share will be $58 million, including carried
interest. Closing of the offering is expected to occur on or about
November 15, 2013, subject to customary closing conditions.
-- In November, ONCAP II agreed to sell Caliber Collision. The ONCAP II
Group expects to receive net cash proceeds of approximately $425 million
on the sale, of which Onex' share is expected to be approximately $170
million. This represents a multiple of capital invested of about 7.4
times.
-- Including realizations and distributions, Onex Partners' and ONCAP's
private companies generated returns for Onex of 24% during the first
nine months of 2013. Including our public companies, the value of all
operating businesses in the Onex Partners and ONCAP Funds, including
realizations and distributions, increased by 25%.
-- Onex' proprietary capital per share grew by 14% and 20% in the nine and
twelve months ended September 30, 2013, respectively, to $47.19.
-- Onex Credit Partners completed its fourth collateralized loan obligation
("CLO"), raising $514 million, including $40 million from Onex.
-- Year-to-date through October 31, 2013, Onex repurchased 1,610,400 shares
for approximately $76 million at an average cost per share of C$47.33.
-- Onex launched the fundraising for Onex Partners IV, targeting a fund
size of $4.5 billion, of which Onex will be the largest limited partner
with a commitment of $1.2 billion.
Building our Businesses
"Over our 29-year history, we have developed a successful approach to private
equity investing," said Gerry Schwartz, Chairman and Chief Executive Officer of
Onex. "We pursue global businesses with world-class core capabilities and strong
free cash flow characteristics where, in partnership with company management, we
can build value regardless of the macro-economic environment."
By helping transform good businesses into industry leaders, Onex has generated a
29-year gross IRR of 28% and an average multiple of 2.9 times capital invested
from realized, substantially realized and publicly traded investments.
As we build value at our existing businesses and pursue realizations as
appropriate, we continue to look for new acquisition opportunities. Today, Onex
remains in a very strong financial position with $1.5 billion of cash and
near-cash equivalents, and approximately $1.0 billion of undrawn committed
capital from our Limited Partners in Onex Partners III and ONCAP III. In
addition to Onex' commitment to every investment, the Onex management team is
heavily invested in everything we own. At September 30, 2013, the value of the
team's investment in Onex' businesses and its shares was approximately $1.7
billion.
Managing and Growing Other Investors' Capital
Onex earns recurring management fees and/or carried interest on $9.6 billion of
capital managed for limited partners and other investors. In 2012, combined
management fees and carried interest received offset ongoing operating expenses.
With Onex Partners III almost 90% invested, Onex officially launched fundraising
for Onex Partners IV during the third quarter, targeting $4.5 billion of total
capital commitments, of which Onex will commit $1.2 billion. A new fund would
contribute to Onex' stream of annual management fees and the potential to earn
carried interest on invested limited partner capital. Onex' limited partnership
agreements typically have a 10-year term and provide predictable management fees
from assets under management. Although fees for Onex Partners III are stepping
down to 1% of invested capital in December, which marks the end of the original
five-year commitment period for the Fund, we expect to start drawing management
fees for Onex Partners IV sometime in 2014.
At September 30, 2013, the value of Onex' unrealized carried interest was
approximately $61 million based on the traded market values of Onex Partners'
public companies and a further $83 million based on the quarter-end valuations
of the private businesses. The amount of carried interest ultimately realized by
Onex depends on the overall performance of each Fund.
We continue to grow our credit investing platform. Onex Credit Partners closed
its fourth CLO offering in October, raising $514 million, including $40 million
from Onex. This increased Onex Credit Partners' capital under management to
approximately $3.3 billion. As this investing platform continues to grow, so too
will the recurring management fees, creating additional value for Onex
shareholders.
Creating Value for Shareholders
Onex' long-term goal is to grow its capital by at least 15% per annum. For the
nine and twelve months ended September 30, 2013, Onex' proprietary capital per
share grew by 14% and 20%, respectively, to $47.19 or C$48.62.
Our goal is to have the value of Onex' shares reflect both the growth in the
value of our assets and the intrinsic value of our asset management
capabilities. At September 30, 2013, Onex' Subordinate Voting Shares ("SVS")
closed at C$54.10, a 29% increase from December 31, 2012. This compares to an
18% increase in the S&P 500 and a 3% increase in the S&P/TSX Composite Index.
In the first ten months of 2013, Onex repurchased 1,610,400 SVS under its Normal
Course Issuer Bids for a total cost of approximately $76 million or an average
cost per share of C$47.33. Over the last 17 years, Onex has repurchased over 78
million SVS for a total cost of approximately C$1.3 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 third quarter, revenues increased 16% to $7.1
billion compared to the same period of the prior year. The acquisitions
completed in the last three months of 2012 contributed much of this
year-over-year revenue increase. Onex reported consolidated net earnings of $399
million compared to net earnings of $98 million in the third quarter of 2012.
On a consolidated basis for the nine months ended September 30, 2013, revenues
increased 12% to $20.8 billion consistent with the change in the quarter. The
net loss for the period was $590 million compared to net earnings of $99 million
for the nine months ended September 30, 2012. The primary driver of this change
is an increase in the Limited Partners' Interest charge of approximately $630
million due to an overall increase in value of our operating companies.
Attached are the Unaudited Interim Consolidated Balance Sheets, Statements of
Earnings, Statements of Cash Flows and information by industry segment for the
three and nine months ended September 30, 2013 and 2012 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' $5.4
billion of proprietary capital and provides private company performance
information.
Webcast
Onex management will host a conference call to review Onex' third-quarter 2013
results on Friday, November 15 at 11:00 a.m. ET. A live webcast of this
conference call will be available in listen-only mode on its website,
www.onex.com.
About Onex
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 $16 billion of assets under management, including $5 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 $44 billion, generate annual revenues of $34
billion and employ approximately 229,000 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.
The securities sold in the fourth CLO offering have not been registered under
the U.S. Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or an exemption from registration under
that Act. Any future CLO offerings will be made in similar private placement
transactions subject to the same restrictions.
ONEX
How We Are Invested
Unless otherwise noted, all amounts are in millions of U.S. dollars except
per share data.
Onex Capital
--------------------------------------------
As at September 30, 2013 December 31, 2012
----------------------------------------------------------------------------
Private Equity
Onex Partners
Private Companies(1) $ 1,870 $ 1,862
Public Companies(2) 800 704
Unrealized Carried Interest on
Onex Partners Investments(3) 144 140
ONCAP(4) 407 409
Direct Investments
Private Companies(5) 154 148
Public Companies(2) 197 145
----------------------------------------------------------------------------
3,572 3,408
----------------------------------------------------------------------------
Onex Real Estate Partners(6) 140 192
Onex Credit Partners(7) 241 171
----------------------------------------------------------------------------
381 363
----------------------------------------------------------------------------
Other Investments 110 108
Cash and Near-Cash(8) 1,384 1,141
Onex Corporation Debt - -
----------------------------------------------------------------------------
$ 5,447 $ 5,020
----------------------------------------------------------------------------
Onex Capital per Share
(September 30, 2013 - C$48.62;
December 31, 2012 - C$41.21)(9) $ 47.19 $ 41.42
----------------------------------------------------------------------------
Public Companies
----------------------------------------------------------------------------
Shares
Subject Shares Market
to Carried Held Closing Value of
Interest by Onex Price per Onex'
As at September 30, 2013 (millions) (millions) Share(10) Investment
----------------------------------------------------------------------------
Onex Partners
Skilled Healthcare
Group(11) 10.7 3.5 $ 4.36 $ 15
Spirit AeroSystems(11) 11.9 6.5 $ 24.24 157
TMS
International(11)(12) 13.2 9.3 $ 17.50 162
Allison
Transmission(11) 28.2 19.7 $ 25.05 495
----------------------------------------------------------------------------
829
Estimated Management
Investment Plan
Liability (29)
----------------------------------------------------------------------------
800
Direct Investments -
Celestica - 17.8(13) $ 11.03 197
----------------------------------------------------------------------------
$ 997
----------------------------------------------------------------------------
Significant Private Companies
Onex'
and its
Limited
As at September 30, Partners' LTM Net
2013 Ownership EBITDA(14) Debt
------------------------------------------------------------------
Onex Partners
The Warranty Group 91% $ 112(15) $ 247(15)
Carestream Health 92% 433 2,249
Tropicana Las
Vegas 82% (7) 50
Tomkins 56% 536(16) 1,461
ResCare 98% 144 332
JELD-WEN 71%(18) 164(19) 688(19)
SGS International 94% 106(21) 583
USI 92% 262(21) 1,601
BBAM(23) 50% 83 (29)(24)
KraussMaffei 96% EUR 103 EUR 223
Emerald
Expositions 99% 94 612
------------------------------------------------------------------
------------------------------------------------------------------
Direct Investments -
Sitel Worldwide 70% $ 129 $ 718
------------------------------------------------------------------
------------------------------------------------------------------
Significant Private Companies
Original
Onex' Cost of
As at September 30, Cumulative Economic Onex'
2013 Distributions Ownership Investment
------------------------------------------------------------
Onex Partners
The Warranty Group $ 338 29% $ 154
Carestream Health 1,311 33%(13) 186
Tropicana Las
Vegas - 18% 70
Tomkins 1,180(17) 14% 315
ResCare - 20% 41
JELD-WEN - 18%(18) 200(20)
SGS International - 24% 66
USI - 26% 170(22)
BBAM(23) 26(25) 13% 61(26)
KraussMaffei - 24% 92(27)
Emerald
Expositions - 24% 85
------------------------------------------------------------
1,440
------------------------------------------------------------
Direct Investments -
Sitel Worldwide $ - 70% 251
------------------------------------------------------------
$ 1,691
------------------------------------------------------------
Notes to Tables
(1) Based on the US$ 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 (2012 - $39
million). RSI, which was sold in February 2013, was included in
private companies of Onex Partners at December 31, 2012.
(2) Based on the closing market values and net of the estimated MIP
liability on these investments.
(3) Represents Onex' share of the unrealized carried interest on public
and private companies in the Onex Partners Funds.
(4) Based on the C$ fair value of the investments in ONCAP's financial
statements net of management incentive programs on these investments
of $26 million (2012 - $25 million) and a US$/C$ exchange rate of
1.0303 (2012 - 0.9949). BSN SPORTS, which was sold in June 2013, was
included in ONCAP at December 31, 2012.
(5) Based on the fair value.
(6) Based on the fair value of Onex Real Estate Partners' investments.
(7) Based on the market values of investments in Onex Credit Partners'
Funds and Onex Credit Partners Collateralized Loan Obligations.
Excludes $338 million (2012 - $328 million) invested in a segregated
Onex Credit Partners' unleveraged senior secured loan strategy fund,
which is included with cash and near-cash items.
(8) Includes $338 million (2012 - $328 million) invested in a segregated
Onex Credit Partners' unleveraged senior secured loan strategy fund.
(9) Calculated on a fully diluted basis. Fully diluted shares were
approximately 118.3 million at September 30, 2013 (2012 - 128.0
million).
(10) Closing prices on September 30, 2013 except TMS International, which
reflects the cash proceeds per share received from the sale of TMS
International completed in October 2013.
(11) Excludes Onex' potential participation in the carried interest and
includes shares related to the MIP.
(12) In October 2013, Onex, Onex Partners II and Onex management sold their
remaining shares of TMS International, of which Onex' portion was
approximately 9.3 million shares. The sale was part of an offer made
for all the outstanding shares of TMS International. The sale was
completed at a price of $17.50 in cash per share.
(13) Excludes shares held in connection with the MIP.
(14) 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.
(15) Amount presented for The Warranty Group is net earnings rather than
EBITDA and total debt rather than net debt.
(16) LTM EBITDA excludes EBITDA from businesses divested as of September
30, 2013.
(17) Onex, Onex Partners III, Onex management, certain limited partners and
others received distributions of $663 million from Tomkins.
(18) Onex' and its limited partners' investment is in convertible preferred
shares. The ownership percentage is presented on an as-converted
basis. In April 2013, JELD-WEN's remaining convertible promissory
notes and accrued interest, all of which was held by Onex, Onex
Partners III, Onex management, certain limited partners and others,
was converted into additional Series A Convertible Preferred Stock of
JELD-WEN.
(19) LTM EBITDA and net debt are presented for JELD-WEN Holding, inc.
(20) Net of $83 million of the amount originally invested in JELD-WEN that
was sold by Onex to certain limited partners and others as a co-
investment in February 2012 and $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.
(21) LTM EBITDA for SGS International and USI are presented on a pro-forma
basis to reflect the impact of acquired businesses.
(22) Net of $84 million of the amount originally invested in USI that was
sold by Onex to certain limited partners and others as a co-investment
in March 2013.
(23) Information is presented for BBAM Limited Partnership and does 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.
(24) Net debt for BBAM represents unrestricted cash, reduced for accrued
compensation liabilities.
(25) Onex, Onex Partners III and Onex management received distributions of
$12 million from BBAM.
(26) Included in Onex' cost is $5 million that was invested in FLY Leasing
Limited and $14 million that was invested in Meridian Aviation
Partners Limited. These investments were made in conjunction with the
investment in BBAM.
(27) 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 As at
(in millions of U.S. September December January
dollars) 30, 2013 31, 2012 1, 2012
----------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 2,724 $ 2,656 $ 2,448
Short-term investments 796 730 749
Accounts receivable 3,795 3,858 3,272
Inventories 4,253 4,519 4,428
Other current assets 1,385 1,443 1,154
Assets held by
discontinued operations 1,001 - -
----------------------------------------------------------------------------
13,954 13,206 12,051
Property, plant and
equipment 5,239 5,495 5,102
Long-term investments 7,173 6,424 5,415
Other non-current assets 2,151 1,986 1,776
Intangible assets 4,865 4,833 2,599
Goodwill 4,592 4,358 2,434
----------------------------------------------------------------------------
$ 37,974 $ 36,302 $ 29,377
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities and Equity
Current liabilities
Accounts payable and
accrued liabilities $ 4,439 $ 4,514 $ 3,893
Current portion of
provisions 346 347 263
Other current liabilities 1,449 1,340 909
Current portion of long-
term debt of operating
companies, without
recourse to Onex
Corporation 898 286 482
Current portion of
warranty reserves and
unearned premiums 1,366 1,366 1,400
Current portion of
Limited Partners'
Interests 232 35 -
Liabilities held by
discontinued operations 684 - -
----------------------------------------------------------------------------
9,414 7,888 6,947
Non-current portion of
provisions 269 264 180
Long-term debt of
operating companies,
without recourse to Onex
Corporation 11,071 10,184 6,479
Non-current portion of
warranty reserves and
unearned premiums 1,770 1,774 1,727
Other non-current
liabilities 2,780 2,852 2,368
Deferred income taxes 1,225 1,683 1,059
Limited Partners'
Interests 6,767 6,208 4,980
----------------------------------------------------------------------------
33,296 30,853 23,740
----------------------------------------------------------------------------
Equity
Share capital 352 358 360
Non-controlling interests 3,706 3,822 3,863
Retained earnings and
accumulated other
comprehensive earnings 620 1,269 1,414
----------------------------------------------------------------------------
4,678 5,449 5,637
----------------------------------------------------------------------------
$ 37,974 $ 36,302 $ 29,377
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Onex Corporation
CONSOLIDATED STATEMENTS OF EARNINGS
Three months ended September Nine months ended September
(Unaudited) 30 30
(in millions of
U.S. dollars
except per
share data) 2013 2012 2013 2012
----------------------------------------------------------------------------
Revenues $ 7,133 $ 6,139 $ 20,823 $ 18,542
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible
assets and
deferred
charges) (5,448) (5,387) (16,178) (15,032)
Operating
expenses (1,064) (760) (3,105) (2,400)
Interest income 26 19 74 39
Amortization of
property, plant
and equipment (164) (134) (482) (401)
Amortization of
intangible
assets and
deferred
charges (128) (75) (399) (231)
Interest expense
of operating
companies (222) (111) (592) (380)
Increase in
value of
investments in
joint ventures
and associates
at fair value,
net 274 365 564 615
Stock-based
compensation
expense (103) (30) (258) (163)
Other gains - 59 170 59
Other items (7) 184 (290) 62
Impairment of
intangible
assets and
long-lived
assets (105) (11) (228) (27)
Limited
Partners'
Interests
charge (352) (259) (1,198) (565)
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations (160) (1) (1,099) 118
Recovery of
(provision for)
income taxes 551 89 485 (39)
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations 391 88 (614) 79
Earnings from
discontinued
operations 8 10 24 20
----------------------------------------------------------------------------
Net Earnings
(Loss) for the
Period $ 399 $ 98 $ (590) $ 99
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings (Loss)
from Continuing
Operations
attributable
to:
Equity holders
of Onex
Corporation $ 360 $ 167 $ (568) $ 18
Non-controlling
Interests 31 (79) (46) 61
----------------------------------------------------------------------------
Earnings (Loss)
from Continuing
Operations for
the Period $ 391 $ 88 $ (614) $ 79
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net Earnings
(Loss)
attributable
to:
Equity holders
of Onex
Corporation $ 366 $ 173 $ (554) $ 30
Non-controlling
Interests 33 (75) (36) 69
----------------------------------------------------------------------------
Net Earnings
(Loss) for the
Period $ 399 $ 98 $ (590) $ 99
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net Earnings
(Loss) per
Subordinate
Voting Share of
Onex
Corporation
Basic and
Diluted:
Continuing
operations $ 3.18 $ 1.45 $ (5.00) $ 0.15
Discontinued
operations 0.04 0.05 0.12 0.10
----------------------------------------------------------------------------
Net Earnings
(Loss) for the
Period $ 3.22 $ 1.50 $ (4.88) $ 0.25
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Onex Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) Nine months ended September 30
(in millions of U.S. dollars) 2013 2012
----------------------------------------------------------------------------
Operating Activities
Earnings (loss) for the period from
continuing operations $ (614) $ 79
Adjustments to earnings (loss) from
continuing operations:
Provision for (recovery of) income
taxes (485) 39
Interest income (74) (39)
Interest expense of operating
companies 592 380
----------------------------------------------------------------------------
Net earnings (loss) before interest and
provision for income taxes (581) 459
Cash taxes paid (178) (247)
Items not affecting cash and cash
equivalents:
Amortization of property, plant and
equipment 482 401
Amortization of intangible assets and
deferred charges 399 231
Amortization of deferred warranty
costs, net (8) 28
Increase in value of investments in
joint ventures and associates at fair
value, net (564) (615)
Stock-based compensation expense (44) 142
Other gains (170) (59)
Impairment of intangible assets and
long-lived assets 228 27
Limited Partners' Interests charge 1,198 565
Change in provisions 110 96
Other 87 34
----------------------------------------------------------------------------
959 1,062
Changes in non-cash working capital
items:
Accounts receivable (227) (344)
Inventories 222 363
Other current assets 36 31
Accounts payable, accrued liabilities
and other current liabilities (4) 70
----------------------------------------------------------------------------
Increase in cash and cash equivalents
due to changes in working capital items 27 120
Decrease in other operating activities (95) (64)
Change in warranty reserves and premiums 67 16
Cash flows from operating activities of
discontinued operations 117 125
----------------------------------------------------------------------------
1,075 1,259
----------------------------------------------------------------------------
Financing Activities
Issuance of long-term debt 3,463 1,736
Repayment of long-term debt (2,294) (1,409)
Cash interest paid (477) (299)
Cash dividends paid (10) (9)
Repurchase of share capital of Onex
Corporation (64) (11)
Repurchase of share capital of operating
companies (81) (145)
Financing provided by Limited Partners 392 133
Issuance of share capital by operating
companies 44 19
Distributions paid to non-controlling
interests and Limited Partners (835) (420)
Change in restricted cash for
distribution to Limited Partners 27 -
Decrease due to other financing
activities (60) (27)
Cash flows used for financing activities
of discontinued operations (28) (120)
----------------------------------------------------------------------------
77 (552)
----------------------------------------------------------------------------
Investing Activities
Acquisitions, net of cash and cash
equivalents in acquired companies of
$13 (2012 - $6) (446) (143)
Purchase of property, plant and
equipment (575) (438)
Proceeds from sale of investments in
joint ventures and associates at fair
value 575 326
Proceeds from sale of operating
investment no longer controlled 217 71
Cash interest and dividends received 49 11
Net purchases of investments and
securities (864) (488)
Increase due to other investing
activities 76 17
Cash flows used for investing activities
of discontinued operations (52) (88)
----------------------------------------------------------------------------
(1,020) (732)
----------------------------------------------------------------------------
Increase (decrease) in Cash and Cash
Equivalents for the Period 132 (25)
Increase (decrease) in cash due to
changes in foreign exchange rates (1) 13
Cash and cash equivalents, beginning of
the period - continuing operations 2,629 2,339
Cash and cash equivalents, beginning of
the period - discontinued operations 27 109
----------------------------------------------------------------------------
Cash and cash equivalents 2,787 2,436
Cash and cash equivalents held by
discontinued operations 63 26
----------------------------------------------------------------------------
Cash and Cash Equivalents Held by
Continuing Operations, End of the
Period $ 2,724 $ 2,410
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013
(Unaudited)
(in millions of
U.S. dollars) Electronics
Three months ended Manufacturing Insurance
September 30, 2013 Services Aerostructures Healthcare Provider
----------------------------------------------------------------------------
Revenues $ 1,491 $ 1,504 $ 1,213 $ 288
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (1,371) (1,364) (849) (151)
Operating expenses (55) (73) (204) (92)
Interest income 1 - 1 -
Amortization of
property, plant
and equipment (14) (44) (28) (1)
Amortization of
intangible assets
and deferred
charges (3) (3) (36) (3)
Interest expense of
operating
companies (1) (17) (59) (2)
Increase in value
of investments in
joint ventures and
associates at fair
value, net - - - -
Stock-based
compensation
expense (7) (2) (2) -
Other items 22 3 2 2
Impairment of
intangible assets
and long-lived
assets - - (95) -
Limited Partners'
Interests charge - - - -
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations $ 63 $ 4 $ (57) $ 41
Recovery of
(provision for)
income taxes (6) 36 (5) (15)
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations $ 57 $ 40 $ (62) $ 26
Earnings from
discontinued
operations(b) - - - -
----------------------------------------------------------------------------
Net earnings (loss)
for the period $ 57 $ 40 $ (62) $ 26
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings (loss)
attributable to:
Equity holders of
Onex Corporation $ 6 $ 7 $ (11) $ 23
Non-controlling
interests 51 33 (51) 3
----------------------------------------------------------------------------
Net earnings (loss)
for the period $ 57 $ 40 $ (62) $ 26
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(Unaudited)
(in millions of
U.S. dollars) Customer
Three months ended Care Building Consolidated
September 30, 2013 Services Products Other(a) Total
---------------------------------------------------------------------------
Revenues $ 353 $ 891 $ 1,393 $ 7,133
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (228) (731) (754) (5,448)
Operating expenses (92) (108) (440) (1,064)
Interest income 1 1 22 26
Amortization of
property, plant
and equipment (7) (30) (40) (164)
Amortization of
intangible assets
and deferred
charges (7) (5) (71) (128)
Interest expense of
operating
companies (26) (19) (98) (222)
Increase in value
of investments in
joint ventures and
associates at fair
value, net - - 274 274
Stock-based
compensation
expense - (1) (91) (103)
Other items 1 (6) (31) (7)
Impairment of
intangible assets
and long-lived
assets - (10) - (105)
Limited Partners'
Interests charge - - (352) (352)
---------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations $ (5) $ (18) $ (188) $ (160)
Recovery of
(provision for)
income taxes 11 (2) 532 551
---------------------------------------------------------------------------
Earnings (loss)
from continuing
operations $ 6 $ (20) $ 344 $ 391
Earnings from
discontinued
operations(b) - - 8 8
---------------------------------------------------------------------------
Net earnings (loss)
for the period $ 6 $ (20) $ 352 $ 399
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Net earnings (loss)
attributable to:
Equity holders of
Onex Corporation $ 4 $ (15) $ 352 $ 366
Non-controlling
interests 2 (5) - 33
---------------------------------------------------------------------------
Net earnings (loss)
for the period $ 6 $ (20) $ 352 $ 399
---------------------------------------------------------------------------
---------------------------------------------------------------------------
(a) Includes Tropicana Las Vegas, SGS International, USI, KraussMaffei,
Emerald Expositions (acquired in June 2013), ONCAP II, ONCAP III,
Flushing Town Center, Meridian Aviation, OCP CLO-1, OCP CLO-2, OCP
CLO-3, OCP CLO-4 and the parent company. Investments in joint ventures
and associates recorded at fair value include Allison Transmission,
BBAM, Tomkins, Cypress and certain Onex Real Estate investments.
Earnings from discontinued operations represent the after-tax results
of TMS International.
(b) Represents the after-tax results of TMS International.
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012
(Unaudited)
(in millions of
U.S. dollars)
Three months ended Electronics
September 30, Manufacturing Insurance
2012 Services Aerostructures Healthcare Provider
----------------------------------------------------------------------------
Revenues $ 1,575 $ 1,368 $ 1,190 $ 295
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (1,444) (1,742) (829) (153)
Operating expenses (56) (55) (200) (94)
Interest income - - - -
Amortization of
property, plant
and equipment (18) (31) (28) (1)
Amortization of
intangible assets
and deferred
charges (3) (7) (39) (3)
Interest expense
of operating
companies (1) (17) (42) (2)
Increase in value
of investments in
joint ventures
and associates at
fair value, net - - - -
Stock-based
compensation
expense (11) (4) (4) (1)
Other gains - - - -
Other items (11) 228 (5) 1
Impairment of
intangible assets
and long-lived
assets - - (5) -
Limited Partners'
Interests charge - - - -
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations $ 31 $ (260) $ 38 $ 42
Recovery of
(provision for)
income taxes 13 100 (14) (14)
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations $ 44 $ (160) $ 24 $ 28
Earnings from
discontinued
operations(b) - - - -
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 44 $ (160) $ 24 $ 28
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings
(loss)
attributable to:
Equity holders of
Onex Corporation $ 5 $ (26) $ 20 $ 25
Non-controlling
interests 39 (134) 4 3
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 44 $ (160) $ 24 $ 28
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(Unaudited)
(in millions of
U.S. dollars)
Three months ended Customer
September 30, Care Building Consolidated
2012 Services Products Other(a) Total
--------------------------------------------------------------------------
Revenues $ 348 $ 813 $ 550 $ 6,139
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (221) (647) (351) (5,387)
Operating expenses (89) (104) (162) (760)
Interest income 1 1 17 19
Amortization of
property, plant
and equipment (7) (28) (21) (134)
Amortization of
intangible assets
and deferred
charges (5) (6) (12) (75)
Interest expense
of operating
companies (20) (14) (15) (111)
Increase in value
of investments in
joint ventures
and associates at
fair value, net - - 365 365
Stock-based
compensation
expense - - (10) (30)
Other gains - - 59 59
Other items (3) (5) (21) 184
Impairment of
intangible assets
and long-lived
assets (1) (5) - (11)
Limited Partners'
Interests charge - - (259) (259)
--------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations $ 3 $ 5 $ 140 $ (1)
Recovery of
(provision for)
income taxes 2 14 (12) 89
--------------------------------------------------------------------------
Earnings (loss)
from continuing
operations $ 5 $ 19 $ 128 $ 88
Earnings from
discontinued
operations(b) - - 10 10
--------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 5 $ 19 $ 138 $ 98
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Net earnings
(loss)
attributable to:
Equity holders of
Onex Corporation $ - $ 13 $ 136 $ 173
Non-controlling
interests 5 6 2 (75)
--------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 5 $ 19 $ 138 $ 98
--------------------------------------------------------------------------
--------------------------------------------------------------------------
(a) Includes Tropicana Las Vegas, ONCAP II, ONCAP III, Flushing Town
Center, OCP CLO-1, OCP CLO-2 and the parent company. Investments in
joint ventures and associates recorded at fair value include Allison
Transmission, Hawker Beechcraft, RSI (sold in February 2013), Tomkins,
Cypress and certain Onex Real Estate investments. Earnings from
discontinued operations represent the after-tax results of TMS
International.
(b) Represents the after-tax results of TMS International.
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013
(Unaudited)
(in millions of
U.S. dollars)
Nine months ended Electronics
September 30, Manufacturing Insurance
2013 Services Aerostructures Healthcare Provider
----------------------------------------------------------------------------
Revenues $ 4,359 $ 4,467 $ 3,590 $ 883
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (4,020) (4,160) (2,521) (455)
Operating expenses (164) (183) (624) (281)
Interest income 1 - 2 -
Amortization of
property, plant
and equipment (45) (132) (90) (3)
Amortization of
intangible assets
and deferred
charges (9) (18) (111) (9)
Interest expense
of operating
companies (3) (52) (162) (5)
Increase in value
of investments in
joint ventures
and associates at
fair value, net - - - -
Stock-based
compensation
expense (23) (15) (6) (3)
Other gains - - - -
Other items 15 (21) (128) 9
Impairment of
intangible assets
and long-lived
assets (1) - (95) (1)
Limited Partners'
Interests charge - - - -
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations $ 110 $ (114) $ (145) $ 135
Recovery of
(provision for)
income taxes (14) 71 (19) (49)
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations $ 96 $ (43) $ (164) $ 86
Earnings from
discontinued
operations(b) - - - -
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 96 $ (43) $ (164) $ 86
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings
(loss)
attributable to:
Equity holders of
Onex Corporation $ 10 $ (6) $ (112) $ 77
Non-controlling
interests 86 (37) (52) 9
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 96 $ (43) $ (164) $ 86
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets(c) $ 2,714 $ 5,497 $ 3,687 $ 4,947
----------------------------------------------------------------------------
Long-term
debt(c)(d) $ - $ 1,128 $ 3,073 $ 257
----------------------------------------------------------------------------
(Unaudited)
(in millions of
U.S. dollars)
Nine months ended Customer
September 30, Care Building Consolidated
2013 Services Products Other(a) Total
--------------------------------------------------------------------------
Revenues $ 1,067 $ 2,568 $ 3,889 $ 20,823
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (695) (2,125) (2,202) (16,178)
Operating expenses (279) (342) (1,232) (3,105)
Interest income 1 2 68 74
Amortization of
property, plant
and equipment (22) (84) (106) (482)
Amortization of
intangible assets
and deferred
charges (17) (14) (221) (399)
Interest expense
of operating
companies (73) (56) (241) (592)
Increase in value
of investments in
joint ventures
and associates at
fair value, net - - 564 564
Stock-based
compensation
expense - (7) (204) (258)
Other gains - - 170 170
Other items (10) 4 (159) (290)
Impairment of
intangible assets
and long-lived
assets - (12) (119) (228)
Limited Partners'
Interests charge - - (1,198) (1,198)
--------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations $ (28) $ (66) $ (991) $ (1,099)
Recovery of
(provision for)
income taxes 6 (4) 494 485
--------------------------------------------------------------------------
Earnings (loss)
from continuing
operations $ (22) $ (70) $ (497) $ (614)
Earnings from
discontinued
operations(b) - - 24 24
--------------------------------------------------------------------------
Net earnings
(loss) for the
period $ (22) $ (70) $ (473) $ (590)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Net earnings
(loss)
attributable to:
Equity holders of
Onex Corporation $ (16) $ (54) $ (453) $ (554)
Non-controlling
interests (6) (16) (20) (36)
--------------------------------------------------------------------------
Net earnings
(loss) for the
period $ (22) $ (70) $ (473) $ (590)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Total assets(c) $ 594 $ 2,619 $ 17,916 $ 37,974
--------------------------------------------------------------------------
Long-term
debt(c)(d) $ 715 $ 685 $ 6,111 $ 11,969
--------------------------------------------------------------------------
(a) Includes Tropicana Las Vegas, SGS International, USI, KraussMaffei,
Emerald Expositions (acquired in June 2013), ONCAP II (BSN SPORTS up
to June 2013), ONCAP III, Flushing Town Center, Meridian Aviation, OCP
CLO-1, OCP CLO-2, OCP CLO-3, OCP CLO-4 and the parent company.
Investments in joint ventures and associates recorded at fair value
include Allison Transmission, BBAM, RSI (sold in February 2013),
Tomkins, Cypress and certain Onex Real Estate investments. Earnings
from discontinued operations represent the after-tax results of TMS
International.
(b) Represents the after-tax results of 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.
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012
(Unaudited)
(in millions of
U.S. dollars)
Nine months
ended Electronics
September 30, Manufacturing Insurance
2012 Services Aerostructures Healthcare Provider
----------------------------------------------------------------------------
Revenues $ 5,011 $ 3,972 $ 3,648 $ 899
Cost of sales
(excluding
amortization
of property,
plant and
equipment,
intangible
assets and
deferred
charges) (4,611) (3,857) (2,529) (461)
Operating
expenses (171) (161) (671) (296)
Interest income 1 - 2 -
Amortization of
property,
plant and
equipment (53) (98) (93) (3)
Amortization of
intangible
assets and
deferred
charges (8) (21) (121) (11)
Interest
expense of
operating
companies (4) (63) (147) (4)
Increase in
value of
investments in
joint ventures
and associates
at fair value - - - -
Stock-based
compensation
expense (28) (11) (9) (1)
Other gains,
net - - - -
Other items (27) 168 (14) 9
Impairment of
intangible
assets and
long-lived
assets - - (19) -
Limited
Partners'
Interests
charge - - - -
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations $ 110 $ (71) $ 47 $ 132
Recovery of
(provision
for) income
taxes 1 41 (14) (48)
----------------------------------------------------------------------------
Earnings (loss)
from
continuing
operations $ 111 $ (30) $ 33 $ 84
Earnings from
discontinued
operations(b) - - - -
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 111 $ (30) $ 33 $ 84
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings
(loss)
attributable
to:
Equity holders
of Onex
Corporation $ 11 $ (5) $ 27 $ 76
Non-controlling
interests 100 (25) 6 8
----------------------------------------------------------------------------
Net earnings
(loss) for the
period $ 111 $ (30) $ 33 $ 84
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(Unaudited)(in
millions of
U.S. dollars) Electronics
As at December Manufacturing Insurance
31, 2012 Services Aerostructures Healthcare Provider
----------------------------------------------------------------------------
Total assets(c) $ 2,659 $ 5,371 $ 3,971 $ 4,903
----------------------------------------------------------------------------
Long-term
debt(c)(d) $ 55 $ 1,133 $ 2,540 $ 258
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(Unaudited)
(in millions of
U.S. dollars)
Nine months
ended Customer
September 30, Care Building Consolidated
2012 Services Products Other(a) Total
------------------------------------------------------------------------
Revenues $ 1,059 $ 2,351 $ 1,602 $ 18,542
Cost of sales
(excluding
amortization
of property,
plant and
equipment,
intangible
assets and
deferred
charges) (679) (1,905) (990) (15,032)
Operating
expenses (273) (331) (497) (2,400)
Interest income 1 2 33 39
Amortization of
property,
plant and
equipment (20) (79) (55) (401)
Amortization of
intangible
assets and
deferred
charges (18) (14) (38) (231)
Interest
expense of
operating
companies (76) (44) (42) (380)
Increase in
value of
investments in
joint ventures
and associates
at fair value - - 615 615
Stock-based
compensation
expense - (14) (100) (163)
Other gains,
net - - 59 59
Other items (12) (33) (29) 62
Impairment of
intangible
assets and
long-lived
assets (2) (6) - (27)
Limited
Partners'
Interests
charge - - (565) (565)
------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations $ (20) $ (73) $ (7) $ 118
Recovery of
(provision
for) income
taxes (5) 12 (26) (39)
------------------------------------------------------------------------
Earnings (loss)
from
continuing
operations $ (25) $ (61) $ (33) $ 79
Earnings from
discontinued
operations(b) - - 20 20
------------------------------------------------------------------------
Net earnings
(loss) for the
period $ (25) $ (61) $ (13) $ 99
------------------------------------------------------------------------
------------------------------------------------------------------------
Net earnings
(loss)
attributable
to:
Equity holders
of Onex
Corporation $ (16) $ (42) $ (21) $ 30
Non-controlling
interests (9) (19) 8 69
------------------------------------------------------------------------
Net earnings
(loss) for the
period $ (25) $ (61) $ (13) $ 99
------------------------------------------------------------------------
------------------------------------------------------------------------
(Unaudited)(in
millions of
U.S. dollars) Customer
As at December Care Building Consolidated
31, 2012 Services Products Other(a) Total
------------------------------------------------------------------------
Total assets(c) $ 632 $ 2,626 $ 16,140 $ 36,302
------------------------------------------------------------------------
Long-term
debt(c)(d) $ 725 $ 547 $ 5,212 $ 10,470
------------------------------------------------------------------------
------------------------------------------------------------------------
(a) Includes Tropicana Las Vegas, ONCAP II, ONCAP III, Flushing Town
Center, OCP CLO-1, OCP CLO-2 and the parent company. Investments in
joint ventures and associates recorded at fair value include Allison
Transmission, Hawker Beechcraft, RSI (sold in February 2013), Tomkins,
Cypress and certain Onex Real Estate investments. Earnings from
discontinued operations represent the after-tax results of TMS
International.
(b) Represents the after-tax results of 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
Vice President, Investor Relations
Tel: 416.362.7711
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