Onex Corporation
TSX : ONEX

Onex Corporation

November 11, 2016 07:00 ET

Onex Reports Third-Quarter 2016 Results

TORONTO, ONTARIO--(Marketwired - Nov. 11, 2016) -

All amounts in U.S. dollars unless otherwise stated

Onex Corporation ("Onex") (TSX:ONEX) today announced its consolidated financial results for the third quarter and nine months ended September 30, 2016 and an update on matters following quarter-end.

Highlights

  • Since August, we invested or committed to invest approximately $2.2 billion in four businesses, of which Onex' investment is approximately $735 million:

    • Save-A-Lot, one of the largest hard-discount grocery retailers for value-seeking shoppers in the United States;

    • Clarivate Analytics, the 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, one of the largest providers of commercial roofing services in the U.S. offering installation, replacement and repair services.

  • Year to date, we returned approximately $1.4 billion to Onex and its limited partners, mainly through realizations and distributions, of which Onex' portion is approximately $390 million.

  • In November, Onex completed the fundraising for ONCAP IV, raising a total of $1.1 billion in aggregate commitments, including Onex' commitment of $480 million.

  • Year to date, our credit platform closed two collateralized loan obligations ("CLO"), totaling $1.1 billion and now manages approximately $7.5 billion.

  • We repurchased approximately 3.1 million of Subordinate Voting Shares ("SVS") in the first ten months of 2016 for a total cost of $184 million (C$249 million), or an average cost per share of C$80.14.

Recent Performance

"We're pleased with the pace of our investment activity over the past few months. We now have an additional $2.2 billion of newly invested or committed capital at work to create value for Onex, our shareholders and fund investors," said Gerry Schwartz, Chairman and Chief Executive Officer of Onex. "We've also been successful raising capital for both our private equity and credit platforms, adding $1.1 billion of fee-generating assets."

After giving effect to the October investment in Clarivate Analytics and the JELD-WEN distribution in November, Onex has approximately $1.7 billion of cash and near-cash and approximately $2.2 billion of uncalled committed capital available from its 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 September 30, 2016, the team had an investment of approximately $1.8 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 September 30, 2016, Onex' capital per share increased by 6% to $57.37. While the value of Onex' private equity investments, including realizations and distributions, increased by 8% during the period, the impact of cash and near-cash items slightly reduced the overall growth from our investing activity. Over the past five years, Onex' capital per share increased by 10% per year.

Our second goal is to grow our fee-generating assets by 10% per year. For the twelve months ended September 30, 2016, Onex' fee-generating assets increased by 2% to $14.9 billion primarily due to the completion of two CLOs, partially offset by the sales of KraussMaffei and Cicis. Over the past five years, our fee-generating assets increased by 14% per year. Since quarter-end, Onex raised an additional $1.1 million of fee-generating assets for ONCAP IV and Onex Credit.

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 third-quarter dividend of C$0.06875 per SVS on October 31, 2016 to shareholders of record on October 7, 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, changes in the value of credit securities and varying business cycles at its operating companies.

On a consolidated basis for the third quarter ended September 30, 2016, revenues increased 7% to $5.5 billion compared to the same period of the prior year. This increase was largely due to the inclusion of revenues from the acquisition of Schumacher which was completed in late July 2015 and increases in revenues from Celestica and JELD-WEN. Onex reported a consolidated net loss of $76 million during the third quarter of 2016 compared to net earnings of $204 million. The decrease in net earnings was primarily driven by earnings from discontinued operations of $6 million compared to $348 million during the same period in 2015.

On a consolidated basis for the nine months ended September 30, 2016, revenues increased 12% to $16.0 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 $116 million during the first nine months of 2016 compared to a net loss of $169 million. The increase in net earnings during the first nine months of 2016 was primarily driven by a decrease of $211 million in the limited partners' interests charge and an increase in earnings from discontinued operations of $80 million compared to the same period in 2015. Partially offsetting these increases in net earnings was a decrease of $158 million from other gains primarily from the sale of certain investments in 2015.

Attached are the Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for the three and nine months ended September 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' third-quarter 2016 results on Friday, November 11 at 11:30 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 alongside its fund investors and is the largest limited partner in each of its private equity funds.

Onex' businesses have assets of $42 billion, generate annual revenues of $25 billion and employ approximately 152,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. 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
(Unaudited) As at As at
(in millions of U.S. dollars) September 30, 2016 December 31, 2015
Assets
Current assets
Cash and cash equivalents $ 2,045 $ 2,313
Short-term investments 260 206
Accounts receivable 3,403 2,933
Inventories 2,580 1,982
Other current assets 2,596 920
Assets held by discontinued operations 1,328
10,884 9,682
Property, plant and equipment 3,735 3,265
Long-term investments 8,702 7,863
Other non-current assets 866 795
Intangible assets 6,454 6,528
Goodwill 7,791 7,677
$ 38,432 $ 35,810
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities $ 3,916 $ 3,404
Current portion of provisions 250 334
Other current liabilities 1,187 976
Current portion of long-term debt of operating companies, without recourse to Onex Corporation
654

411
Current portion of Limited Partners' Interests 33 598
Liabilities held by discontinued operations 1,011
6,040 6,734
Non-current portion of provisions 357 368
Long-term debt of operating companies, without recourse to Onex Corporation
19,016

17,643
Other non-current liabilities 2,001 1,704
Deferred income taxes 1,342 1,451
Limited Partners' Interests 8,015 6,720
36,771 34,620
Equity
Share capital 324 333
Non-controlling interests 1,931 1,353
Retained earnings (deficit) and accumulated other comprehensive loss (594) (496)
1,661 1,190
$ 38,432 $ 35,810
Onex Corporation
CONSOLIDATED STATEMENTS OF EARNINGS
Three months ended Nine months ended
(Unaudited) September 30 September 30
(in millions of U.S. dollars except per share data) 2016 2015 2016 2015
Revenues $ 5,528 $ 5,184 $ 15,951 $ 14,239
Cost of sales (excluding amortization of property, plant and equipment, intangible assets and deferred charges)
(3,840
)
(3,554
)
(11,067
)
(9,762
)
Operating expenses (992 ) (1,017 ) (3,024 ) (2,917 )
Interest income 93 73 251 189
Amortization of property, plant and equipment (137 ) (133 ) (404 ) (357 )
Amortization of intangible assets and deferred charges (150 ) (153 ) (459 ) (424 )
Interest expense of operating companies (254 ) (244 ) (756 ) (637 )
Increase in value of investments in joint ventures and associatesat fair value, net
99

73

136

134
Stock-based compensation expense (122 ) (87 ) (197 ) (172 )
Other gains 27 164 80 238
Other expense (38 ) (288 ) (80 ) (330 )
Impairment of goodwill, intangible assets and long-lived assets, net
(1
)
(2
)
(236
)
(11
)
Limited Partners' Interests charge (251 ) (126 ) (454 ) (665 )
Loss before income taxes and discontinued operations (38 ) (110 ) (259 ) (475 )
Provision for income taxes (44 ) (34 ) (103 ) (92 )
Loss from continuing operations (82 ) (144 ) (362 ) (567 )
Earnings from discontinued operations 6 348 478 398
Net Earnings (Loss) for the Period $ (76 ) $ 204 $ 116 $ (169 )
Earnings (Loss) from Continuing Operations attributable to:
Equity holders of Onex Corporation $ (136 ) $ (148 ) $ (441 ) $ (618 )
Non-controlling Interests 54 4 79 51
Loss from Continuing Operations for the Period $ (82 ) $ (144 ) $ (362 ) $ (567 )
Net Earnings (Loss) attributable to:
Equity holders of Onex Corporation $ (130 ) $ 186 $ 5 $ (227 )
Non-controlling Interests 54 18 111 58
Net Earnings (Loss) for the Period $ (76 ) $ 204 $ 116 $ (169 )
Net Earnings (Loss) per Subordinate Voting Share of Onex Corporation
Basic and Diluted:
Continuing operations $ (1.33 ) $ (1.39 ) $ (4.25 ) $ (5.76 )
Discontinued operations 0.06 3.15 4.30 3.65
Net Earnings (Loss) per Subordinate Voting Share for the Period $ (1.27 ) $ 1.76 $ 0.05 $ (2.11 )
Onex Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) Nine months ended September 30
(in millions of U.S. dollars) 2016 2015
Operating Activities
Loss for the period from continuing operations $ (362 ) $ (567 )
Adjustments to loss from continuing operations:
Provision for income taxes 103 92
Interest income (251 ) (189 )
Interest expense of operating companies 756 637
Earnings (loss) before interest and provision for income taxes 246 (27 )
Cash taxes paid (245 ) (171 )
Items not affecting cash and cash equivalents:
Amortization of property, plant and equipment 404 357
Amortization of intangible assets and deferred charges 459 424
Increase in value of investments in joint ventures and associates at fair value, net (136 ) (134 )
Stock-based compensation expense 185 168
Other gains (80 ) (238 )
Foreign exchange loss (gain) (22 ) 13
Impairment of goodwill, intangibles assets and long-lived assets, net 236 11
Limited Partners' Interests charge 454 665
Change in provisions 92 (18 )
Other (126 ) 147
1,467 1,197
Changes in non-cash working capital items:
Accounts receivable (117 ) 47
Inventories (369 ) 33
Other current assets 28 44
Accounts payable, accrued liabilities and other current liabilities 44 (211 )
Decrease in cash and cash equivalents due to changes in non-cash working capital items (414 ) (87 )
Increase (decrease) in other operating activities 12 (69 )
Cash flows from operating activities of discontinued operations 38 169
1,103 1,210
Financing Activities
Issuance of long-term debt 1,263 3,712
Repayment of long-term debt (589 ) (1,429 )
Cash interest paid (666 ) (545 )
Cash dividends paid (15 ) (14 )
Repurchase of share capital of Onex Corporation (184 ) (162 )
Repurchase of share capital of operating companies (50 ) (413 )
Contributions by Limited Partners 1,052 1,788
Contribution from investor for pending acquisition 458
Issuance of share capital by operating companies 8 35
Distributions paid to non-controlling interests and Limited Partners (829 ) (831 )
Decrease due to other financing activities (27 ) (87 )
Cash flows from (used in) financing activities of discontinued operations 2 (112 )
423 1,942
Investing Activities
Acquisitions, net of cash and cash equivalents in acquired companies of $63 (2015 - $437) (646 ) (2,290 )
Purchase of property, plant and equipment (394 ) (523 )
Proceeds from sale of property, plant and equipment 51 361
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 1,024 264
Distributions received from investments in joint ventures and associates 190 56
Purchase of investment in joint venture (44 ) (120 )
Change in restricted cash for acquisition of an operating company (1,635 )
Cash interest received 241 181
Net purchases of investments and securities for CLOs and Onex Credit Funds (907 ) (1,448 )
Net sales (purchases) of investments and securities at parent company and operating companies 379 (1,036 )
Increase (decrease) due to other investing activities (18 ) 37
Cash flows used in investing activities of discontinued operations (155 ) (61 )
(1,914 ) (4,569 )
Decrease in Cash and Cash Equivalents for the Period (388 ) (1,417 )
Increase (decrease) in cash due to changes in foreign exchange rates 7 (37 )
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 2,045 2,314
Cash and cash equivalents held by discontinued operations 96
Cash and Cash Equivalents Held by Continuing Operations $ 2,045 $ 2,218
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2016

(Unaudited)
(in millions of U.S. dollars)
Electronics
Manufacturing
Services

Healthcare
Imaging
Health
and Human
Services

Building
Products

Insurance
Services
Packaging
Products
and Services

Credit
Strategies


Other(a)

Consolidated
Total
Revenues $ 1,554 $ 472 $ 446 $ 933 $ 443 $ 621 $ 1 $ 1,058 $ 5,528
Cost of sales (excluding amortization of property, plant and equipment, intangible assets and deferred charges)

(1,425
)

(268
)

(338
)

(692
)



(388
)

-


(729
)

(3,840
)
Operating expenses (53 ) (122 ) (74 ) (132 ) (331 ) (71 ) (7 ) (202 ) (992 )
Interest income 7 1 - 1 81 3 93
Amortization of property, plant and equipment (16 ) (17 ) (8 ) (27 ) (5 ) (49 ) - (15 ) (137 )
Amortization of intangible assets and deferred charges
(2
)
(16
)
(4
)
(3
)
(50
)
(38
)
(1
)
(36
)
(150
)
Interest expense of operating companies (3 ) (37 ) (6 ) (19 ) (48 ) (55 ) (42 ) (44 ) (254 )
Increase in value of investments in joint ventures and associates at fair value, net





-

-

99

99
Stock-based compensation expense (7 ) (2 ) (16 ) (51 ) - (46 ) (122 )
Other gains (loss) (1 ) 28 27
Other income (expense) (2 ) 12 (7 ) (4 ) (15 ) (21 ) 26 (27 ) (38 )
Impairment of goodwill, intangible assets and long-lived assets, net

(1
)






(1
)
Limited Partners' Interests charge (20 ) (231 ) (251 )
Earnings (loss) before income taxes and discontinued operations
53

22

9

40

(57
)
(1
)
38

(142
)
(38
)
Recovery of (provision for) income taxes (7 ) (3 ) (8 ) 5 (16 ) - (15 ) (44 )
Earnings (loss) from continuing operations 53 15 6 32 (52 ) (17 ) 38 (157 ) (82 )
Earnings from discontinued operations (b) - - 6 6
Net earnings (loss) for the period $ 53 $ 15 $ 6 $ 32 $ (52 ) $ (17 ) $ 38 $ (151 ) $ (76 )
Net earnings (loss) attributable to:
Equity holders of Onex Corporation $ 7 $ 15 $ 6 $ 29 $ (52 ) $ (17 ) $ 38 $ (156 ) $ (130 )
Non-controlling interests 46 - 3 - - 5 54
Net earnings (loss) for the period $ 53 $ 15 $ 6 $ 32 $ (52 ) $ (17 ) $ 38 $ (151 ) $ (76 )
(a) Includes Emerald Expositions, Survitec, Jack's, Schumacher, WireCo (since September 2016), ONCAP II and 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.
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015

(Unaudited)
(in millions of U.S. dollars)
Electronics
Manufacturing
Services

Healthcare
Imaging
Health
and Human
Services

Building
Products

Insurance
Services
Packaging
Products
and Services

Credit
Strategies


Other(a)

Consolidated
Total
Revenues $ 1,408 $ 524 $ 463 $ 874 $ 435 $ 602 $ 1 $ 877 $ 5,184
Cost of sales (excluding amortization of property, plant and equipment, intangible assets and deferred charges)

(1,289
)

(300
)

(350
)

(671
)

-


(384
)



(560
)

(3,554
)
Operating expenses (52 ) (146 ) (78 ) (122 ) (351 ) (71 ) (14 ) (183 ) (1,017 )
Interest income 1 1 68 3 73
Amortization of property, plant and equipment (15 ) (17 ) (8 ) (27 ) (5 ) (44 ) (17 ) (133 )
Amortization of intangible assets and deferred charges
(2
)
(23
)
(4
)
(3
)
(49
)
(38
)
(2
)
(32
)
(153
)
Interest expense of operating companies (2 ) (35 ) (6 ) (19 ) (46 ) (55 ) (31 ) (50 ) (244 )
Increase in value of investments in joint ventures and associates at fair value, net







73

73
Stock-based compensation expense (8 ) (1 ) (24 ) (3 ) (51 ) (87 )
Other gains 164 164
Other expense (12 ) (14 ) (1 ) (24 ) (119 ) (65 ) (53 ) (288 )
Impairment of intangible assets and
long-lived assets, net (2 ) (2 )
Limited Partners' Interests recovery (charge) 12 (138 ) (126 )
Earnings (loss) before income taxes and discontinued operations
29

(11
)
16

6

(43
)
(109
)
(31
)
33

(110
)
Recovery of (provision for) income taxes (19 ) 1 (6 ) (5 ) 11 (16 ) (34 )
Earnings (loss) from continuing operations 10 (10 ) 10 1 (32 ) (109 ) (31 ) 17 (144 )
Earnings from discontinued operations (b) 348 348
Net earnings (loss) for the period $ 10 $ (10 ) $ 10 $ 1 $ (32 ) $ (109 ) $ (31 ) $ 365 $ 204
Net earnings (loss) attributable to:
Equity holders of Onex Corporation $ 1 $ (9 ) $ 10 $ 1 $ (28 ) $ (109 ) $ (31 ) $ 351 $ 186
Non-controlling interests 9 (1 ) (4 ) 14 18
Net earnings (loss) for the period $ 10 $ (10 ) $ 10 $ 1 $ (32 ) $ (109 ) $ (31 ) $ 365 $ 204
(a) Includes Tropicana Las Vegas (up to August 2015), Emerald Expositions, Survitec, Jack's (since July 2015), Schumacher (since late July 2015), ONCAP II and III, Flushing Town Center, Meridian Aviation and the parent company. Investments in joint ventures and associates recorded at fair value include AIT, BBAM, ITG and Mavis Discount Tire.
(b) Represents the after-tax results of KraussMaffei and Sitel Worldwide.
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016

(Unaudited)
(in millions of U.S. dollars)
Electronics
Manufacturing
Services

Healthcare
Imaging
Health
and Human
Services

Building
Products

Insurance
Services
Packaging
Products
and Services

Credit
Strategies


Other(a)

Consolidated
Total
Revenues $ 4,393 $ 1,412 $ 1,347 $ 2,697 $ 1,353 $ 1,741 $ 3 $ 3,005 $ 15,951
Cost of sales (excluding amortization of property,plant and equipment, intangible assets and deferred charges)

(4,021
)

(807
)

(1,026
)

(2,047
)



(1,125
)

-


(2,041
)

(11,067
)
Operating expenses (158 ) (396 ) (243 ) (380 ) (1,017 ) (212 ) (25 ) (593 ) (3,024 )
Interest income 7 2 - 1 1 1 227 12 251
Amortization of property, plant and equipment (48 ) (49 ) (23 ) (80 ) (14 ) (141 ) - (49 ) (404 )
Amortization of intangible assets and deferred charges
(7
)
(58
)
(12
)
(10
)
(152
)
(112
)
(4
)
(104
)
(459
)
Interest expense of operating companies (8 ) (110 ) (18 ) (56 ) (143 ) (164 ) (117 ) (140 ) (756 )
Increase in value of investments in joint venturesand associates at fair value, net





-

-

136

136
Stock-based compensation expense (23 ) (4 ) (1 ) (50 ) (60 ) (1 ) - (58 ) (197 )
Other gains 8 44 28 80
Other income (expense) (4 ) (11 ) (5 ) (23 ) (48 ) (41 ) 164 (112 ) (80 )
Impairment of goodwill, intangible assets and long-lived assets, net

(9
)

(1
)
(226
)



(236
)
Limited Partners' Interests charge (41 ) (413 ) (454 )
Earnings (loss) before income taxes and discontinued operations
131

(30
)
27

51

(262
)
(54
)
207

(329
)
(259
)
Recovery of (provision for) income taxes (16 ) (13 ) (10 ) 12 (16 ) (14 ) - (46 ) (103 )
Earnings (loss) from continuing operations 115 (43 ) 17 63 (278 ) (68 ) 207 (375 ) (362 )
Earnings from discontinued operations (b) - - 478 478
Net earnings (loss) for the period $ 115 $ (43 ) $ 17 $ 63 $ (278 ) $ (68 ) $ 207 $ 103 $ 116
Net earnings (loss) attributable to:
Equity holders of Onex Corporation $ 15 $ (37 ) $ 17 $ 56 $ (251 ) $ (68 ) $ 207 $ 66 $ 5
Non-controlling interests 100 (6 ) - 7 (27 ) - - 37 111
Net earnings (loss) for the period $ 115 $ (43 ) $ 17 $ 63 $ (278 ) $ (68 ) $ 207 $ 103 $ 116
Total assets $ 2,814 $ 1,463 $ 999 $ 2,570 $ 4,673 $ 6,520 $ 7,450 $ 11,943 $ 38,432
Long-term debt(c) $ 257 $ 1,971 $ 443 $ 1,268 $ 2,871 $ 3,606 $ 5,578 $ 3,676 $ 19,670
(a) Includes Emerald Expositions, Survitec, Jack's, Schumacher, WireCo (since September 2016), ONCAP II and 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 NINE MONTHS ENDED SEPTEMBER 30, 2015

(Unaudited)
(in millions of U.S. dollars)
Electronics
Manufacturing
Services
Healthcare
Imaging
Health
and Human
Services
Building
Products
Insurance
Services
Packaging
Products
and Services
Credit
Strategies
Other(a)
Consolidated
Total
Revenues $ 4,124 $ 1,539 $ 1,358 $ 2,490 $ 1,321 $ 1,428 $ 4 $ 1,975 $ 14,239
Cost of sales (excluding amortization of property, plant and equipment, intangible assets and deferred charges)

(3,781
)

(900
)

(1,033
)

(1,939
)

-


(939
)



(1,170
)

(9,762
)
Operating expenses (156 ) (429 ) (234 ) (347 ) (1,035 ) (162 ) (37 ) (517 ) (2,917 )
Interest income 1 2 1 1 179 5 189
Amortization of property, plant and equipment (44 ) (47 ) (22 ) (80 ) (13 ) (100 ) (51 ) (357 )
Amortization of intangible assets and deferred charges
(7
)
(75
)
(11
)
(8
)
(144
)
(91
)
(4
)
(84
)
(424
)
Interest expense of operating companies (4 ) (106 ) (16 ) (44 ) (137 ) (139 ) (85 ) (106 ) (637 )
Increase in value of investments in joint ventures and associates at fair value, net







134

134
Stock-based compensation expense (27 ) (3 ) (45 ) (13 ) (1 ) (83 ) (172 )
Other gains 38 200 238
Other income (expense) (21 ) (15 ) (5 ) (19 ) (67 ) 21 (70 ) (154 ) (330 )
Impairment of intangible assets and long-lived assets, net



(9
)

(2
)


(11
)
Limited Partners' Interests recovery (charge) 13 (678 ) (665 )
Earnings (loss) before income taxes and discontinued operations
85

(34
)
37


(88
)
16

38

(529
)
(475
)
Recovery of (provision for) income taxes (31 ) (15 ) (12 ) 29 (26 ) (37 ) (92 )
Earnings (loss) from continuing operations 54 (34 ) 22 (12 ) (59 ) (10 ) 38 (566 ) (567 )
Earnings from discontinued operations(b) 398 398
Net earnings (loss) for the period $ 54 $ (34 ) $ 22 $ (12 ) $ (59 ) $ (10 ) $ 38 $ (168 ) $ (169 )
Net earnings (loss) attributable to:
Equity holders of Onex Corporation $ 7 $ (30 ) $ 22 $ (11 ) $ (52 ) $ (10 ) $ 38 $ (191 ) $ (227 )
Non-controlling interests 47 (4 ) (1 ) (7 ) 23 58
Net earnings (loss) for the period $ 54 $ (34 ) $ 22 $ (12 ) $ (59 ) $ (10 ) $ 38 $ (168 ) $ (169 )
(Unaudited)
(in millions of U.S. dollars)
As at December 31, 2015
Electronics
Manufacturing
Services

Healthcare
Imaging
Health
and Human
Services
Building
Products
Insurance
Services
Packaging
Products
and Services
Credit
Strategies
Other(a)
Consolidated
Total
Total assets(c) $ 2,612 $ 1,609 $ 1,034 $ 2,374 $ 5,034 $ 6,366 $ 6,284 $ 10,497 $ 35,810
Long-term debt(c)(d) $ 261 $ 1,999 $ 525 $ 1,257 $ 2,866 $ 3,487 $ 4,899 $ 2,760 $ 18,054
(a) Includes Tropicana Las Vegas (up to August 2015), Emerald Expositions, Survitec (since March 2015), Jack's (since July 2015), Schumacher (since late July 2015), ONCAP II and 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.

Contact Information

  • Onex Corporation
    Emilie Blouin
    Director, Investor Relations
    416.362.7711
    www.onex.com