Onex Reports Second-Quarter 2016 Results
/EINPresswire.com/ -- TORONTO, ONTARIO -- (Marketwired) -- 08/11/16 -- All amounts in U.S. dollars unless otherwise stated
Onex Corporation ("Onex") (TSX: OCX) today announced its consolidated financial results for the second quarter and six months ended June 30, 2016 and an update on matters following quarter-end.
Highlights
-- Since June, we committed to invest approximately $1.6 billion in three
businesses:
-- Thomson Reuters' Intellectual Property & Science business, which
owns a collection of leading subscription-based businesses that
provide a diverse customer base with access to scientific
literature, patent, trademark, pharmaceutical and other curated
content;
-- WireCo WorldGroup, one of the largest global manufacturers of
mission-critical steel-wire rope, synthetic rope, specialty wire and
engineered products; and
-- Tecta America Corporation, the largest provider of commercial
roofing services in the U.S. offering installation, replacement and
repair services.
-- In April, we sold KraussMaffei Group, resulting in a gross multiple of
capital invested of 2.1 times and a gross IRR of 24%.
-- We announced plans to launch a direct lending platform and closed our
eleventh collateralized loan obligation ("CLO"). Onex Credit now manages
approximately $7.0 billion.
-- In the first seven months of 2016, approximately 2.8 million of
Subordinate Voting Shares ("SVS") were repurchased for a total cost of
$163 million (C$223 million), or an average cost per share of C$80.24.
Recent Performance
"Despite a quiet start to the year, we're delighted to have found three great new businesses and continue to grow our credit platform," said Gerry Schwartz, Chairman and Chief Executive Officer of Onex. "We've had to be very selective in these markets, but our patience has paid off."
In addition to approximately $2.2 billion of cash and near-cash, Onex has approximately $3.0 billion of uncalled committed capital available from limited partners. This capital base provides Onex with the strength and flexibility to invest in opportunities that lie ahead.
Onex management continues to share in the risks and rewards of our businesses through the team's significant investment in everything Onex owns. At June 30, 2016, the team had an investment of approximately $1.7 billion in underlying private equity operating businesses, credit funds and Onex shares.
Creating Value for Shareholders
Onex has two long-term goals. The first is to grow our capital per share by 15% per year. For the twelve months ended June 30, 2016, Onex' capital per share increased by 2% to $55.76. While the value of Onex' private equity investments, including realizations and distributions, increased by 6% during the period, our significant cash balance and other investments muted the overall growth from our investing activity. Over the past five years, Onex' capital per share increased by 9% per year.
Our second goal is to grow our fee-generating assets by 10% per year. For the twelve months ended June 30, 2016, Onex' fee-generating assets increased by 4% to $14.9 billion, primarily due to the completion of three CLOs. Over the past five years, our fee-generating assets increased by 13% per year. As we reach our goals over the long term, we believe Onex' shares will reflect both the growth in the value of our investments and the growing contribution from managing investments for fund investors.
Onex paid a second-quarter dividend of C$0.06875 per SVS on July 29, 2016 to shareholders of record on July 8, 2016.
Consolidated Results
Onex' quarterly and full-year consolidated financial results do not follow any specific trends due to acquisitions and dispositions of businesses, changes in the value of its publicly traded and privately held operating companies and varying business cycles at its operating companies.
On a consolidated basis for the second quarter ended June 30, 2016, revenues increased 10% to $5.4 billion compared to the same period of the prior year. This increase was largely due to the inclusion of revenues from the acquisitions of Jack's and Schumacher which were completed during the second half of 2015. Onex reported consolidated net earnings of $367 million during the second quarter of 2016 compared to a net loss of $289 million. The increase in net earnings was primarily driven by earnings from discontinued operations of $476 million compared to a loss of $18 million during the same period in 2015. The gain recognized on the sale of KraussMaffei Group was the primary contributor to discontinued operations in the second quarter of 2016.
On a consolidated basis for the six months ended June 30, 2016, revenues increased 15% to $10.4 billion as compared to the same period of the prior year. This increase was largely due to the inclusion of revenues from the acquisitions of Survitec, SIG, Jack's and Schumacher which were completed during 2015. Onex reported consolidated net earnings of $192 million during the first half of 2016 compared to a net loss of $373 million. The same factors that contributed to the increase in earnings for the second quarter of 2016 drove the increase in earnings for the first half of 2016.
Attached are the Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for the three and six months ended June 30, 2016 and 2015 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. A supplemental information package, which includes the How We Are Invested schedule, Schedules of Fees and Expenses and additional information, is available on Onex' website, www.onex.com.
Webcast
Onex management will host a conference call to review Onex' second-quarter 2016 results on Thursday, August 11 at 11:00 a.m. ET. A live webcast of this conference call will be available in listen-only mode on its website, www.onex.com.
About Onex
Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. The Company has approximately $23 billion of assets under management, including $6 billion of Onex proprietary capital, in private equity and credit securities. With offices in Toronto, New York, New Jersey and London, Onex invests its capital through its two investing platforms and is the largest limited partner in each of its private equity funds.
Onex' businesses have assets of $36 billion, generate annual revenues of $23 billion and employ approximately 145,000 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 Corporation
CONSOLIDATED BALANCE SHEETS
As at As at
(Unaudited) June 30, December 31,
(in millions of U.S. dollars) 2016 2015
----------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 2,021 $ 2,313
Short-term investments 316 206
Accounts receivable 3,150 2,933
Inventories 2,273 1,982
Other current assets 922 920
Assets held by discontinued operations - 1,328
----------------------------------------------------------------------------
8,682 9,682
Property, plant and equipment 3,322 3,265
Long-term investments 8,624 7,863
Other non-current assets 851 795
Intangible assets 6,327 6,528
Goodwill 7,530 7,677
----------------------------------------------------------------------------
$ 35,336 $ 35,810
----------------------------------------------------------------------------
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities $ 3,542 $ 3,404
Current portion of provisions 360 334
Other current liabilities 1,031 976
Current portion of long-term debt of operating
companies, without recourse to Onex Corporation 418 411
Current portion of Limited Partners' Interests 16 598
Liabilities held by discontinued operations - 1,011
----------------------------------------------------------------------------
5,367 6,734
Non-current portion of provisions 378 368
Long-term debt of operating companies, without
recourse to Onex Corporation 18,227 17,643
Other non-current liabilities 1,797 1,704
Deferred income taxes 1,371 1,451
Limited Partners' Interests 6,888 6,720
----------------------------------------------------------------------------
34,028 34,620
----------------------------------------------------------------------------
Equity
Share capital 326 333
Non-controlling interests 1,376 1,353
Retained earnings and accumulated other
comprehensive loss (394) (496)
----------------------------------------------------------------------------
1,308 1,190
----------------------------------------------------------------------------
$ 35,336 $ 35,810
----------------------------------------------------------------------------
Onex Corporation
CONSOLIDATED STATEMENTS OF EARNINGS
Three months ended Six months ended
(Unaudited) June 30 June 30
(in millions of U.S. dollars except
per share data) 2016 2015 2016 2015
----------------------------------------------------------------------------
Revenues $ 5,425 $ 4,926 $ 10,423 $ 9,055
Cost of sales (excluding
amortization of property, plant and
equipment, intangible assets and
deferred charges) (3,783) (3,369) (7,227) (6,208)
Operating expenses (1,026) (1,003) (2,032) (1,900)
Interest income 81 60 158 116
Amortization of property, plant and
equipment (133) (128) (267) (224)
Amortization of intangible assets
and deferred charges (152) (153) (309) (271)
Interest expense of operating
companies (256) (215) (502) (393)
Increase in value of investments in
joint ventures and associates at
fair value, net 17 42 37 61
Stock-based compensation expense (24) (27) (75) (85)
Other gains 50 - 53 74
Other income (expense) (7) 3 (42) (42)
Impairment of goodwill, intangible
assets and long-lived assets, net (226) - (235) (9)
Limited Partners' Interests charge (44) (361) (203) (539)
----------------------------------------------------------------------------
Loss before income taxes and
discontinued operations (78) (225) (221) (365)
Provision for income taxes (31) (46) (59) (58)
----------------------------------------------------------------------------
Loss from continuing operations (109) (271) (280) (423)
Earnings (loss) from discontinued
operations 476 (18) 472 50
----------------------------------------------------------------------------
Net Earnings (Loss) for the Period $ 367 $ (289) $ 192 $ (373)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Loss from Continuing Operations
attributable to:
Equity holders of Onex Corporation $ (122) $ (293) $ (305) $ (470)
Non-controlling Interests 13 22 25 47
----------------------------------------------------------------------------
Loss from Continuing Operations for
the Period $ (109) $ (271) $ (280) $ (423)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net Earnings (Loss) attributable to:
Equity holders of Onex Corporation $ 322 $ (306) $ 135 $ (413)
Non-controlling Interests 45 17 57 40
----------------------------------------------------------------------------
Net Earnings (Loss) for the Period $ 367 $ (289) $ 192 $ (373)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net Earnings (Loss) per Subordinate
Voting Share of Onex Corporation
Basic and Diluted:
Continuing operations $ (1.16) $ (2.74) $ (2.92) $ (4.36)
Discontinued operations 4.28 (0.12) 4.22 0.53
----------------------------------------------------------------------------
Net Earnings (Loss) per Subordinate
Voting Share for the Period $ 3.12 $ (2.86) $ 1.30 $ (3.83)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Onex Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended
(Unaudited) June 30
(in millions of U.S. dollars) 2016 2015
----------------------------------------------------------------------------
Operating Activities
Loss for the period from continuing operations $ (280) $ (423)
Adjustments to loss from continuing operations:
Provision for income taxes 59 58
Interest income (158) (116)
Interest expense of operating companies 502 393
----------------------------------------------------------------------------
Earnings (loss) before interest and provision for income
taxes 123 (88)
Cash taxes paid (170) (120)
Items not affecting cash and cash equivalents:
Amortization of property, plant and equipment 267 224
Amortization of intangible assets and deferred charges 309 271
Increase in value of investments in joint ventures and
associates at fair value, net (37) (61)
Stock-based compensation expense 65 84
Other gains (53) (74)
Foreign exchange gain (21) (89)
Impairment of goodwill, intangibles assets and long-
lived assets, net 235 9
Limited Partners' Interests charge 203 539
Change in provisions 35 (1)
Other (42) 23
----------------------------------------------------------------------------
914 717
Changes in non-cash working capital items:
Accounts receivable (121) 31
Inventories (261) (105)
Other current assets (4) 14
Accounts payable, accrued liabilities and other
current liabilities 20 (47)
----------------------------------------------------------------------------
Decrease in cash and cash equivalents due to changes in
non-cash working capital items (366) (107)
Decrease in other operating activities (17) (38)
Cash flows from operating activities of discontinued
operations 38 122
----------------------------------------------------------------------------
569 694
----------------------------------------------------------------------------
Financing Activities
Issuance of long-term debt 951 1,767
Repayment of long-term debt (424) (1,191)
Cash interest paid (428) (334)
Cash dividends paid (10) (9)
Repurchase of share capital of Onex Corporation (149) (145)
Repurchase of share capital of operating companies (43) (404)
Contributions by Limited Partners 24 1,441
Issuance of share capital by operating companies 6 30
Distributions paid to non-controlling interests and
Limited Partners (693) (140)
Decrease due to other financing activities (16) (47)
Cash flows from (used in) financing activities of
discontinued operations 2 (62)
----------------------------------------------------------------------------
(780) 906
----------------------------------------------------------------------------
Investing Activities
Acquisitions, net of cash and cash equivalents in
acquired companies of $4 (2015 - $344) (229) (1,328)
Purchase of property, plant and equipment (255) (218)
Proceeds from sale of property, plant and equipment 46 56
Proceeds from sale of investments in joint ventures and
associates at fair value - 10
Proceeds from sales of operating companies and
businesses no longer controlled 981 -
Distributions received from investments in joint
ventures and associates 39 31
Purchase of investment in joint venture (35) (70)
Change in restricted cash for acquisition of an
operating company - (295)
Cash interest received 154 113
Net purchases of investments and securities for CLOs and
Onex Credit Funds (624) (279)
Net purchases of investments and securities at parent
company and operating companies (105) (791)
Increase (decrease) due to other investing activities (19) 24
Cash flows used in investing activities of discontinued
operations (155) (45)
----------------------------------------------------------------------------
(202) (2,792)
----------------------------------------------------------------------------
Decrease in Cash and Cash Equivalents for the Period (413) (1,192)
Increase (decrease) in cash due to changes in foreign
exchange rates 8 (22)
Cash and cash equivalents, beginning of the period -
continuing operations 2,313 3,662
Cash and cash equivalents, beginning of the period -
discontinued operations 113 106
----------------------------------------------------------------------------
Cash and Cash Equivalents 2,021 2,554
Cash and cash equivalents held by discontinued
operations and disposal group - 123
----------------------------------------------------------------------------
Cash and Cash Equivalents Held by Continuing Operations $ 2,021 $ 2,431
----------------------------------------------------------------------------
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE THREE MONTHS ENDED JUNE 30, 2016
(Unaudited) Electronics Health
(in millions of Manufacturing Healthcare and Human Building Insurance
U.S. dollars) Services Imaging Services Products Services
----------------------------------------------------------------------------
Revenues $ 1,486 $ 503 $ 448 $ 964 $ 460
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (1,355) (287) (342) (732) -
Operating expenses (54) (134) (80) (130) (345)
Interest income - - - 1 -
Amortization of
property, plant
and equipment (17) (16) (8) (23) (4)
Amortization of
intangible assets
and deferred
charges (3) (18) (4) (3) (51)
Interest expense of
operating
companies (3) (37) (6) (19) (47)
Increase in value
of investments in
joint ventures and
associates at fair
value, net - - - - -
Stock-based
compensation
expense (7) (1) (1) (3) (5)
Other gains - - 5 - 45
Other income
(expense) 1 (17) 3 (8) (20)
Impairment of
goodwill,
intangible assets
and long-lived
assets, net - - - - (226)
Limited Partners'
Interests charge - - - - -
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations 48 (7) 15 47 (193)
Recovery of
(provision for)
income taxes (12) (8) (6) 22 (22)
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations 36 (15) 9 69 (215)
Earnings from
discontinued
operations(b) - - - - -
----------------------------------------------------------------------------
Net earnings (loss)
for the period $ 36 $ (15) $ 9 $ 69 $ (215)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings (loss)
attributable to:
Equity holders of
Onex Corporation $ 4 $ (13) $ 9 $ 60 $ (189)
Non-controlling
interests 32 (2) - 9 (26)
----------------------------------------------------------------------------
Net earnings (loss)
for the period $ 36 $ (15) $ 9 $ 69 $ (215)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Packaging
(Unaudited) Products
(in millions of and Credit Consolidated
U.S. dollars) Services Strategies Other(a) Total
--------------------------------------------------------------------
Revenues $ 598 $ 1 $ 965 $ 5,425
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (391) - (676) (3,783)
Operating expenses (72) (11) (200) (1,026)
Interest income - 75 5 81
Amortization of
property, plant
and equipment (47) - (18) (133)
Amortization of
intangible assets
and deferred
charges (37) (2) (34) (152)
Interest expense of
operating
companies (55) (38) (51) (256)
Increase in value
of investments in
joint ventures and
associates at fair
value, net - - 17 17
Stock-based
compensation
expense - - (7) (24)
Other gains - - - 50
Other income
(expense) (11) 54 (9) (7)
Impairment of
goodwill,
intangible assets
and long-lived
assets, net - - - (226)
Limited Partners'
Interests charge - (15) (29) (44)
--------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations (15) 64 (37) (78)
Recovery of
(provision for)
income taxes (7) - 2 (31)
--------------------------------------------------------------------
Earnings (loss)
from continuing
operations (22) 64 (35) (109)
Earnings from
discontinued
operations(b) - - 476 476
--------------------------------------------------------------------
Net earnings (loss)
for the period $ (22) $ 64 $ 441 $ 367
--------------------------------------------------------------------
--------------------------------------------------------------------
Net earnings (loss)
attributable to:
Equity holders of
Onex Corporation $ (22) $ 64 $ 409 $ 322
Non-controlling
interests - - 32 45
--------------------------------------------------------------------
Net earnings (loss)
for the period $ (22) $ 64 $ 441 $ 367
--------------------------------------------------------------------
--------------------------------------------------------------------
(a) Includes Emerald Expositions, Survitec, Jack's, Schumacher, ONCAP II,
ONCAP III, Flushing Town Center, Meridian Aviation and the parent
company. Investments in joint ventures and associates recorded at fair
value include AIT, BBAM, Incline Aviation Fund, ITG and Mavis Discount
Tire.
(b) Represents the after-tax results of KraussMaffei and Sitel Worldwide.
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE THREE MONTHS ENDED JUNE 30, 2015
(Unaudited) Electronics Health
(in millions of Manufacturing Healthcare and Human Building Insurance
U.S. dollars) Services Imaging Services Products Services
----------------------------------------------------------------------------
Revenues $ 1,418 $ 545 $ 453 $ 879 $ 455
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (1,303) (310) (347) (677) -
Operating expenses (50) (141) (80) (115) (350)
Interest income - - - 1 -
Amortization of
property, plant
and equipment (15) (13) (7) (27) (4)
Amortization of
intangible assets
and deferred
charges (3) (26) (3) (2) (48)
Interest expense of
operating
companies (1) (35) (6) (13) (45)
Increase in value
of investments in
joint ventures and
associates at fair
value, net - - - - -
Stock-based
compensation
expense (8) (1) - (12) (5)
Other income
(expense) (9) (1) - (7) (21)
Limited Partners'
Interests charge - - - - -
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations 29 18 10 27 (18)
Recovery of
(provision for)
income taxes (5) (2) (4) (15) 6
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations 24 16 6 12 (12)
Loss from
discontinued
operations(b) - - - - -
----------------------------------------------------------------------------
Net earnings (loss)
for the period $ 24 $ 16 $ 6 $ 12 $ (12)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings (loss)
attributable to:
Equity holders of
Onex Corporation $ 4 $ 15 $ 6 $ 11 $ (11)
Non-controlling
interests 20 1 - 1 (1)
----------------------------------------------------------------------------
Net earnings (loss)
for the period $ 24 $ 16 $ 6 $ 12 $ (12)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Packaging
(Unaudited) Products
(in millions of and Credit Consolidated
U.S. dollars) Services Strategies Other(a) Total
--------------------------------------------------------------------
Revenues $ 606 $ 2 $ 568 $ 4,926
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (404) - (328) (3,369)
Operating expenses (67) (16) (184) (1,003)
Interest income 1 57 1 60
Amortization of
property, plant
and equipment (44) - (18) (128)
Amortization of
intangible assets
and deferred
charges (39) (1) (31) (153)
Interest expense of
operating
companies (58) (30) (27) (215)
Increase in value
of investments in
joint ventures and
associates at fair
value, net - - 42 42
Stock-based
compensation
expense (1) - - (27)
Other income
(expense) 100 (9) (50) 3
Limited Partners'
Interests charge - (2) (359) (361)
--------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations 94 1 (386) (225)
Recovery of
(provision for)
income taxes (23) - (3) (46)
--------------------------------------------------------------------
Earnings (loss)
from continuing
operations 71 1 (389) (271)
Loss from
discontinued
operations(b) - - (18) (18)
--------------------------------------------------------------------
Net earnings (loss)
for the period $ 71 $ 1 $ (407) $ (289)
--------------------------------------------------------------------
--------------------------------------------------------------------
Net earnings (loss)
attributable to:
Equity holders of
Onex Corporation $ 71 $ 1 $ (403) $ (306)
Non-controlling
interests - - (4) 17
--------------------------------------------------------------------
Net earnings (loss)
for the period $ 71 $ 1 $ (407) $ (289)
--------------------------------------------------------------------
--------------------------------------------------------------------
(a) Includes Tropicana Las Vegas (up to August 2015), Emerald Expositions,
Survitec (since March 2015), ONCAP II, ONCAP III, Flushing Town Center,
Meridian Aviation and the parent company. Investments in joint ventures
and associates recorded at fair value include AIT, BBAM, ITG (since
June 2015) and Mavis Discount Tire.
(b) Represents the after-tax results of KraussMaffei and Sitel Worldwide.
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE SIX MONTHS ENDED JUNE 30, 2016
(Unaudited) Electronics Health
(in millions of Manufacturing Healthcare and Human Building Insurance
U.S. dollars) Services Imaging Services Products Services
----------------------------------------------------------------------------
Revenues $ 2,839 $ 940 $ 901 $ 1,764 $ 910
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (2,596) (539) (688) (1,355) -
Operating expenses (105) (274) (169) (248) (686)
Interest income - 1 - 1 -
Amortization of
property, plant
and equipment (32) (32) (15) (53) (9)
Amortization of
intangible assets
and deferred
charges (5) (42) (8) (7) (102)
Interest expense of
operating
companies (5) (73) (12) (37) (95)
Increase in value
of investments in
joint ventures and
associates at fair
value, net - - - - -
Stock-based
compensation
expense (16) (2) (1) (34) (9)
Other gains - - 8 - 45
Other income
(expense) (2) (23) 2 (19) (33)
Impairment of
goodwill,
intangible assets
and long-lived
assets, net - (8) - (1) (226)
Limited Partners'
Interests charge - - - - -
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations 78 (52) 18 11 (205)
Recovery of
(provision for)
income taxes (16) (6) (7) 20 (21)
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations 62 (58) 11 31 (226)
Earnings from
discontinued
operations(b) - - - - -
----------------------------------------------------------------------------
Net earnings (loss)
for the period $ 62 $ (58) $ 11 $ 31 $ (226)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings (loss)
attributable to:
Equity holders of
Onex Corporation $ 8 $ (52) $ 11 $ 27 $ (199)
Non-controlling
interests 54 (6) - 4 (27)
----------------------------------------------------------------------------
Net earnings (loss)
for the period $ 62 $ (58) $ 11 $ 31 $ (226)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets $ 2,720 $ 1,451 $ 1,021 $ 2,516 $ 4,746
----------------------------------------------------------------------------
Long-term debt(c) $ 279 $ 1,959 $ 482 $ 1,256 $ 2,873
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Packaging
(Unaudited) Products
(in millions of and Credit Consolidated
U.S. dollars) Services Strategies Other(a) Total
--------------------------------------------------------------------
Revenues $ 1,120 $ 2 $ 1,947 $ 10,423
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (737) - (1,312) (7,227)
Operating expenses (141) (18) (391) (2,032)
Interest income 1 146 9 158
Amortization of
property, plant
and equipment (92) - (34) (267)
Amortization of
intangible assets
and deferred
charges (74) (3) (68) (309)
Interest expense of
operating
companies (109) (75) (96) (502)
Increase in value
of investments in
joint ventures and
associates at fair
value, net - - 37 37
Stock-based
compensation
expense (1) - (12) (75)
Other gains - - - 53
Other income
(expense) (20) 138 (85) (42)
Impairment of
goodwill,
intangible assets
and long-lived
assets, net - - - (235)
Limited Partners'
Interests charge - (21) (182) (203)
--------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations (53) 169 (187) (221)
Recovery of
(provision for)
income taxes 2 - (31) (59)
--------------------------------------------------------------------
Earnings (loss)
from continuing
operations (51) 169 (218) (280)
Earnings from
discontinued
operations(b) - - 472 472
--------------------------------------------------------------------
Net earnings (loss)
for the period $ (51) $ 169 $ 254 $ 192
--------------------------------------------------------------------
--------------------------------------------------------------------
Net earnings (loss)
attributable to:
Equity holders of
Onex Corporation $ (51) $ 169 $ 222 $ 135
Non-controlling
interests - - 32 57
--------------------------------------------------------------------
Net earnings (loss)
for the period $ (51) $ 169 $ 254 $ 192
--------------------------------------------------------------------
--------------------------------------------------------------------
Total assets $ 6,457 $ 6,915 $ 9,510 $ 35,336
--------------------------------------------------------------------
Long-term debt(c) $ 3,530 $ 5,307 $ 2,959 $ 18,645
--------------------------------------------------------------------
--------------------------------------------------------------------
(a) Includes Emerald Expositions, Survitec, Jack's, Schumacher, ONCAP II,
ONCAP III, Flushing Town Center, Meridian Aviation and the parent
company. Investments in joint ventures and associates recorded at fair
value include AIT, BBAM, Incline Aviation Fund (since March 2016), ITG
and Mavis Discount Tire.
(b) Represents the after-tax results of KraussMaffei and Sitel Worldwide.
(c) Long-term debt includes current portion, excludes finance leases and is
net of financing charges.
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE SIX MONTHS ENDED JUNE 30, 2015
(Unaudited) Electronics Health
(in millions of Manufacturing Healthcare and Human Building Insurance
U.S. dollars) Services Imaging Services Products Services
----------------------------------------------------------------------------
Revenues $ 2,716 $ 1,015 $ 895 $ 1,616 $ 886
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (2,492) (600) (683) (1,268) -
Operating expenses (104) (283) (156) (225) (684)
Interest income - 1 - 1 -
Amortization of
property, plant
and equipment (29) (30) (14) (53) (8)
Amortization of
intangible assets
and deferred
charges (5) (52) (7) (5) (95)
Interest expense of
operating
companies (2) (71) (10) (25) (91)
Increase in value
of investments in
joint ventures and
associates at fair
value, net - - - - -
Stock-based
compensation
expense (19) (2) - (21) (10)
Other gains - - - - -
Other income
(expense) (9) (1) (4) (19) (43)
Impairment of
goodwill,
intangible assets
and long-lived
assets, net - - - (7) -
Limited Partners'
Interests recovery
(charge) - - - - -
----------------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations 56 (23) 21 (6) (45)
Recovery of
(provision for)
income taxes (12) (1) (9) (7) 18
----------------------------------------------------------------------------
Earnings (loss)
from continuing
operations 44 (24) 12 (13) (27)
Earnings from
discontinued
operations(b) - - - - -
----------------------------------------------------------------------------
Net earnings (loss)
for the period $ 44 $ (24) $ 12 $ (13) $ (27)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings (loss)
attributable to:
Equity holders of
Onex Corporation $ 6 $ (21) $ 12 $ (12) $ (24)
Non-controlling
interests 38 (3) - (1) (3)
----------------------------------------------------------------------------
Net earnings (loss)
for the period $ 44 $ (24) $ 12 $ (13) $ (27)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Packaging
(Unaudited) Products
(in millions of and Credit Consolidated
U.S. dollars) Services Strategies Other(a) Total
--------------------------------------------------------------------
Revenues $ 826 $ 3 $ 1,098 $ 9,055
Cost of sales
(excluding
amortization of
property, plant
and equipment,
intangible assets
and deferred
charges) (555) - (610) (6,208)
Operating expenses (91) (23) (334) (1,900)
Interest income 1 111 2 116
Amortization of
property, plant
and equipment (56) - (34) (224)
Amortization of
intangible assets
and deferred
charges (53) (2) (52) (271)
Interest expense of
operating
companies (84) (54) (56) (393)
Increase in value
of investments in
joint ventures and
associates at fair
value, net - - 61 61
Stock-based
compensation
expense (1) - (32) (85)
Other gains - 38 36 74
Other income
(expense) 140 (5) (101) (42)
Impairment of
goodwill,
intangible assets
and long-lived
assets, net (2) - - (9)
Limited Partners'
Interests recovery
(charge) - 1 (540) (539)
--------------------------------------------------------------------
Earnings (loss)
before income
taxes and
discontinued
operations 125 69 (562) (365)
Recovery of
(provision for)
income taxes (26) - (21) (58)
--------------------------------------------------------------------
Earnings (loss)
from continuing
operations 99 69 (583) (423)
Earnings from
discontinued
operations(b) - - 50 50
--------------------------------------------------------------------
Net earnings (loss)
for the period $ 99 $ 69 $ (533) $ (373)
--------------------------------------------------------------------
--------------------------------------------------------------------
Net earnings (loss)
attributable to:
Equity holders of
Onex Corporation $ 99 $ 69 $ (542) $ (413)
Non-controlling
interests - - 9 40
--------------------------------------------------------------------
Net earnings (loss)
for the period $ 99 $ 69 $ (533) $ (373)
--------------------------------------------------------------------
--------------------------------------------------------------------
(Unaudited)
(in millions of
U.S. dollars) Electronics Health
As at December 31, Manufacturing Healthcare and Human Building Insurance
2015 Services Imaging Services Products Services
----------------------------------------------------------------------------
Total assets(c) $ 2,612 $ 1,609 $ 1,034 $ 2,374 $ 5,034
----------------------------------------------------------------------------
Long-term
debt(c)(d) $ 261 $ 1,999 $ 525 $ 1,257 $ 2,866
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(Unaudited)
(in millions of Packaging
U.S. dollars) Products
As at December 31, and Credit Consolidated
2015 Services Strategies Other(a) Total
-------------------------------------------------------------------
Total assets(c) $ 6,366 $ 6,284 $ 10,497 $ 35,810
-------------------------------------------------------------------
Long-term
debt(c)(d) $ 3,487 $ 4,899 $ 2,760 $ 18,054
-------------------------------------------------------------------
-------------------------------------------------------------------
(a) Includes Tropicana Las Vegas (up to August 2015), Emerald Expositions,
Survitec (since March 2015), ONCAP II, ONCAP III, Flushing Town Center,
Meridian Aviation and the parent company. Investments in joint ventures
and associates recorded at fair value include AIT, BBAM, ITG (since
June 2015) and Mavis Discount Tire.
(b) Represents the after-tax results of KraussMaffei, Sitel Worldwide and
Skilled Healthcare Group.
(c) The other segment includes KraussMaffei, which is a discontinued
operation.
(d) Long-term debt includes current portion, excludes finance leases and is
net of financing charges.
Contacts:
Onex Corporation
Emilie Blouin
Director, Investor Relations
416.362.7711
www.onex.com
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
