All amounts in U.S. dollars unless otherwise stated
Onex Corporation ("Onex") (TSX:OCX) today announced its consolidated financial
results for the fourth quarter and full year ended December 31, 2013 and an
update on matters following year-end.
Highlights
-- In June, Onex Partners III acquired the largest operator of tradeshows
in the United States, Emerald Expositions ("Emerald"), in a transaction
valued at $950 million. In January 2014, Emerald acquired George Little
Management, LLC, adding more than 20 leading tradeshows, including the
largest show in the New York metropolitan area. The total equity
investment for both transactions was $490 million, of which Onex' share
was $119 million.
-- Distributions during 2013 from our private equity funds, Onex Partners
and ONCAP, totalled $2.9 billion - the second highest year in Onex'
history. Onex' share of distributions was $1.1 billion, including $75
million of carried interest. Realizations included the recapitalization
of Carestream Health, the sale of shares of Allison Transmission in
secondary offerings, and the sales of RSI Home Products, TMS
International, BSN SPORTS and Caliber Collision Centers ("Caliber"). The
sale of Caliber is particularly noteworthy as ONCAP II generated returns
of 7.5 times the capital invested.
-- Onex Partners and ONCAP operating companies collectively raised or
refinanced a total of $8.9 billion of debt, and paid down debt totalling
approximately $1.1 billion in 2013.
-- Including realizations and distributions, Onex Partners' and ONCAP's
private companies generated returns for Onex of 34% during 2013.
Including our public companies, the value of all operating businesses in
the Onex Partners and ONCAP Funds, including realizations and
distributions, increased by 35% during 2013.
-- Including its year-end cash and near-cash equivalents balance of $1.7
billion, Onex' proprietary capital grew last year to $5.8 billion,
representing a 23% increase on a per-share basis to $50.93 (C$54.16).
-- Onex Credit Partners completed two collateralized loan obligation
("CLO") offerings, raising more than $1.0 billion, including $64 million
from Onex, and has established a warehouse facility for a fifth CLO.
-- In 2013, Onex launched the fundraising for Onex Partners IV, and to date
has raised a total of $3.7 billion in aggregate commitments towards its
$4.5 billion target, including Onex' $1.2 billion commitment.
Building our Businesses
"We had some very gratifying realizations in 2013," said Gerald W. Schwartz,
Chairman and Chief Executive Officer of Onex. "In particular, investors
recognized the great job done at Carestream Health in growing its digital
imaging business and maintaining tight control throughout. As well, Caliber's
aggressive acquisition and integration strategy really paid off for investors.
Looking forward, with $1.7 billion in cash and near-cash equivalents and $3.4
billion in committed, undrawn capital, we will be aggressively looking for more
businesses to buy and build in 2014."
By transforming good businesses into industry leaders, Onex has generated a
29-year gross IRR of 28% and a multiple of 3.0 times invested capital from
realized, substantially realized and publicly traded investments.
In addition to the firm's commitment to every business, the Onex management team
continues to be heavily invested in everything Onex owns. At December 31, 2013,
the value of the team's investment in our businesses and Onex shares was
approximately $1.7 billion.
Managing and Growing Other Investors' Capital
Onex earns recurring management fees and/or carried interest on $12.0 billion of
capital managed for limited partners and other investors. In 2013, combined
management fees and carried interest received offset ongoing operating expenses.
Onex officially launched fundraising of Onex Partners IV in 2013, targeting a
fund size of $4.5 billion in total capital commitments. To date, Onex has raised
$3.7 billion in aggregate commitments, including Onex' $1.2 billion commitment,
and expects to complete fundraising in 2014. This new fund will 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 decreased to
1% of invested capital effective December 2013, the end of its original
five-year commitment period, we expect to start drawing management fees for Onex
Partners IV sometime in 2014.
At December 31, 2013, the value of Onex' unrealized carried interest was
approximately $54 million based on the traded market values of Onex Partners'
public companies and a further $148 million based on the year-end valuations of
the private businesses. These year-end values reflect a $137 million increase in
the value of Onex' carried interest including the impact of $75 million of
realized carried interest received during the year. The amount of carried
interest ultimately realized by Onex depends on the overall performance of each
Fund.
We continue to see growth in Onex Credit Partners. During 2013, two CLO
offerings totalling more than $1.0 billion closed, bringing Onex Credit
Partners' year-end assets under management to $3.3 billion - a 44% increase over
the prior year. 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 per share on average by at least 15%
per annum. For the twelve months ended December 31, 2013, Onex' proprietary
capital per share grew by 23% to $50.93 (C$54.16).
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 December 31, 2013, Onex' Subordinate Voting Shares ("SVS")
closed at C$57.35, a 37% increase from December 31, 2012. This compares to a 30%
increase in the S&P 500 and a 10% increase in the S&P/TSX Composite Index.
The Company paid a fourth-quarter dividend of C$0.0375 per SVS on January 31,
2014 to shareholders of record on January 10, 2014.
In 2013, Onex repurchased 3,060,400 SVS for a total cost of $153 million or an
average cost per share of C$51.81. In January 2014, Onex repurchased 397,200 SVS
for a total cost of $21 million or an average cost per share of C$57.01. Over
the last 17 years, Onex has repurchased more than 80 million SVS for a total
cost of approximately C$1.4 billion.
Consolidated Results
Onex' quarterly and full-year consolidated financial results do not follow any
specific trends due to acquisitions and dispositions of businesses, changes in
the value of its publicly traded and privately held operating companies and
varying business cycles at its operating companies.
On a consolidated basis for the fourth quarter, revenues increased 10% to $7.0
billion compared to the same period of the prior year. Onex reported a
consolidated net loss of $223 million compared to a loss of $83 million in the
fourth quarter of 2012.
On a consolidated basis for the full year ended December 31, 2013, revenues
increased 12% to $27.8 billion consistent with the change in the quarter. The
net loss for the year was $813 million compared to net earnings of $16 million
for the year prior. This change was primarily driven by a greater increase in
the fair value of the limited partners' interest in our operating businesses
that is recorded as a liability, which resulted in approximately $750 million in
increased charges to Onex' consolidated net earnings. In addition, the
aerostructures segment reported a loss primarily as a result of forward-loss
charges on long-term contracts.
Attached are the Consolidated Balance Sheets, Statements of Earnings, Statements
of Cash Flows and information by industry segment for the full year ended
December 31, 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 are the "How We Are
Invested" schedule, which details Onex' $5.8 billion of proprietary capital and
provides public and private company performance information, and the Schedule of
Fees and Expenses.
Webcast
Onex management will host a conference call to review Onex' fiscal 2013 results
on Friday, February 21 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 $19 billion of assets under management, including $6 billion of
Onex capital, in private equity, credit securities and real estate. Onex invests
its capital directly and as the largest limited partner in each of its Funds.
Onex' businesses have assets of $44 billion, generate annual revenues of $33
billion and employ approximately 232,000 people worldwide. Onex shares trade on
the Toronto Stock Exchange under the stock symbol OCX. For more information on
Onex, visit its website at www.onex.com. The Company's security filings can also
be accessed at www.sedar.com.
This news release may contain forward-looking statements that are based on
management's current expectations and are subject to known and unknown
uncertainties and risks, which could cause actual results to differ materially
from those contemplated or implied by such forward-looking statements. Onex is
under no obligation to update any forward-looking statements contained herein
should material facts change due to new information, future events or otherwise.
HOW WE ARE INVESTED
All dollar amounts, unless otherwise noted, are in millions of U.S. dollars.
Onex Capital
As at December 31 2013 2012
----------------------------------------------------------------------------
Private Equity
Onex Partners
Private Companies(1) $ 2,026 $ 1,862
Public Companies(2) 627 704
Unrealized Carried Interest on Onex Partners
Investments(3) 202 140
ONCAP(4) 337 409
Direct Investments
Private Companies(5) 153 148
Public Companies(2) 186 145
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3,531 3,408
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Onex Real Estate Partners(6) 144 192
Onex Credit Partners(7) 260 171
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404 363
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Other Investments 103 97
Cash and Near-Cash(8) 1,741 1,141
Onex Corporation Debt - -
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$ 5,779 $ 5,009
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Onex Capital per Share (December 31, 2013 - C$54.16;
December 31, 2012 - C$41.21)(9) (10) $ 50.93 $ 41.42
----------------------------------------------------------------------------
(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 $64 million (2012 - $39
million). RSI, which was sold in February 2013, was included in private
companies of Onex Partners at December 31, 2012.
(2) Based on the closing market values and net of the estimated MIP
liability on these investments. TMS International, which was sold in
October 2013, was included in public companies of Onex Partners at
December 31, 2012.
(3) Represents Onex' share of the unrealized carried interest on public and
private companies in the Onex Partners Funds.
(4) Based on the C$ fair value of the investments in ONCAP's financial
statements net of management incentive programs on these investments of
$17 million (2012 - $25 million) and a US$/C$ exchange rate of 1.0636
(2012 - 0.9949). BSN SPORTS, which was sold in June 2013, and Caliber
Collision, which was sold in November 2013, were 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,
including the warehouse facility for OCP CLO-5. Excludes $343 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 $343 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 115.9 million at December 31, 2013 (December 31, 2012 -
126.1 million). Fully diluted shares include (i) all outstanding
Subordinate Voting Shares; and (ii) outstanding Stock Options that have
met the minimum 25% price appreciation threshold.
(10) The change in Onex Capital per Share during the year is driven
primarily by fair value changes of Onex' investments. Share repurchases
and options exercised during the year will have an impact on the
calculation of Onex Capital per Share. The impact on Onex Capital per
Share will be to the extent that the price for share repurchases and
option exercises is above or below the Onex Capital per Share.
HOW WE ARE INVESTED
Public and Private Company Information
Public Companies
Shares
Subject to Shares
Carried Held Market Value
As at December 31, Interest by Onex Closing Price of Onex'
2013 (millions) (millions) per Share(1) Investment
----------------------------------------------------------------------------
Onex Partners
Skilled Healthcare
Group(2) 10.7 3.5 $ 4.81 $ 17
Spirit
AeroSystems(2) 11.9 6.5 $ 34.08 220
Allison
Transmission(2) 22.1 15.5 $ 27.61 427
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664
Estimated
Management
Investment Plan
Liability (37)
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627
----------------------------------------------------------------------------
Direct Investments -
Celestica - 17.8(3) $ 10.40 186
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$ 813
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Significant Private
Companies
Onex' and
its Limited LTM
As at December 31, Partners' EBITDA Net
2013 Ownership (4) Debt
----------------------------------------------------------------------------
Onex Partners
The Warranty Group 91% $ 114(5) $ 246(5)
Carestream Health 92% 436 2,150
Tropicana Las Vegas 82% (4) 51
Tomkins 56% 559(6) 1,428
ResCare 98% 141 350
JELD-WEN 72%(8) 154(9) 654(9)
SGS International 93% 111(11) 579
USI 92% 267(11) 1,596
BBAM(13) 50% 86 (33)(14)
KraussMaffei 96% EUR 103 EUR 226
Emerald Expositions 99% 93 605
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----------------------------------------------------------------------------
Direct Investments -
Sitel Worldwide 70% $ 130 $ 743
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Significant Private
Companies
Original
Onex' Cost of
As at December 31, Cumulative Economic Onex'
2013 Distributions Ownership Investment
----------------------------------------------------------------------------
Onex Partners
The Warranty Group $ 403 29% $ 154
Carestream Health 1,311 33%(3) 186
Tropicana Las Vegas - 18% 70
Tomkins 1,180(7) 14% 315
ResCare - 20% 41
JELD-WEN - 18%(8) 200(10)
SGS International - 23% 66
USI - 26% 170(12)
BBAM(13) 49(15) 13% 61
KraussMaffei - 24% 92(16)
Emerald Expositions - 24% 85
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1,440
----------------------------------------------------------------------------
Direct Investments -
Sitel Worldwide $ - 70% 251
----------------------------------------------------------------------------
$ 1,691
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(1) Closing prices on December 31, 2013.
(2) Excludes Onex' potential participation in the carried interest and
includes shares related to the MIP.
(3) Excludes shares held in connection with the MIP.
(4) EBITDA is a non-GAAP measure and is based on the local GAAP of the
individual operating companies. These adjustments may include non-cash
costs of stock-based compensation and retention plans, transition and
restructuring expenses including severance payments, the impact of
derivative instruments that no longer qualify for hedge accounting, the
impacts of purchase accounting and other similar amounts.
(5) Amount presented for The Warranty Group is net earnings rather than
EBITDA and total debt rather than net debt.
(6) LTM EBITDA excludes EBITDA from businesses divested as of December 31,
2013.
(7) Onex, Onex Partners III, Onex management, certain limited partners and
others received distributions of $663 million from Tomkins.
(8) Onex' and its limited partners' investment is in convertible preferred
shares. The ownership percentage is presented on an as-converted basis.
(9) LTM EBITDA and net debt are presented for JELD-WEN Holding, inc.
(10) Net of $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.
(11) LTM EBITDA for SGS International and USI is presented on a pro-forma
basis to reflect the impact of acquired businesses.
(12) Net of $84 million of the amount originally invested in USI sold by
Onex to certain limited partners and others as a co-investment in March
2013.
(13) Ownership percentages, LTM EBITDA, net debt and cumulative
distributions are presented for BBAM Limited Partnership and do not
reflect information for Onex' investments in FLY Leasing Limited (NYSE:
FLY) or Meridian Aviation Partners Limited that were made in
conjunction with the investment in BBAM. The Original Cost of Onex'
Investment includes $5 million invested in FLY Leasing Limited and $14
million invested in Meridian Aviation Partners Limited.
(14) Net debt for BBAM represents unrestricted cash, reduced for accrued
compensation liabilities.
(15) Onex, Onex Partners III and Onex management received distributions of
$24 million from BBAM.
(16) 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.
Schedule of Fees and Expenses
Year ended December 31,
(USD Millions) 2013 2012 2011
----------------------------------------------------------------------------
Revenue Items
Management and Advisory Fees(1)
Base Management Fees $ 111 $ 108 $ 110
Transaction Fees, Net 1 5 -
----------------------------------------------------------------------------
Total Management and Advisory Fees 112 113 110
Carried Interest and Performance Fees
Received(2) 81 6 72
Interest and Other Treasury Income
Cash and Near-Cash 18 20 7
Onex Credit Partners(3) 31 19 1
----------------------------------------------------------------------------
Total Interest and Other Treasury Income 49 39 8
----------------------------------------------------------------------------
Total 242 158 190
----------------------------------------------------------------------------
Expense Items(4)
Compensation
Base Compensation (incl. benefits) 33 29 29
Variable Compensation 103 67 88
----------------------------------------------------------------------------
136 96 117
Other Expense Items, Net 30 21 33
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Total 166 117 150
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net Amount $ 76 $ 41 $ 40
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1 The management fees include those earned in the Onex Partners and ONCAP
private equity funds, those earned by Onex Credit Partners manager and
Onex' retained portion of the management fees from operating companies.
2 Carried interest and performance fees received are on a cash received
basis.
3 Onex Credit Partners includes the returns on Onex' investment as a limited
partner in Onex Credit Partners funds and, beginning in 2012, the returns
on Onex' investments in Onex Credit Partners' collateralized loan
obligations. The returns on Onex' investment as a limited partner in a
segregated Onex Credit Partners' unleveraged senior secured loan strategy
fund are included with cash and near-cash.
4 Expenses include those of the Onex corporate office, ONCAP, Onex Credit
Partners and Onex Real Estate Partners. There is no allocation of the
expenses to the management of Onex' $5.8 billion of capital. The expenses
exclude stock-based compensation.
Onex Corporation
CONSOLIDATED BALANCE SHEETS
As at As at As at
(in millions of U.S. dollars) December 31, December 31, January 1,
2013 2012 2012
----------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 3,191 $ 2,656 $ 2,448
Short-term investments 754 730 749
Accounts receivable 3,639 3,858 3,272
Inventories 3,872 4,519 4,428
Other current assets 1,478 1,443 1,154
----------------------------------------------------------------------------
12,934 13,206 12,051
Property, plant and equipment 5,105 5,495 5,102
Long-term investments 7,564 6,424 5,415
Other non-current assets 2,100 1,986 1,776
Intangible assets 4,695 4,833 2,599
Goodwill 4,469 4,358 2,434
----------------------------------------------------------------------------
$ 36,867 $ 36,302 $ 29,377
----------------------------------------------------------------------------
Liabilities and Equity
Current liabilities
Accounts payable and accrued
liabilities $ 4,342 $ 4,549 $ 3,893
Current portion of provisions 331 347 263
Other current liabilities 1,621 1,340 909
Current portion of long-term debt
of operating companies, without
recourse to Onex Corporation 651 286 482
Current portion of warranty
reserves and unearned premiums 1,350 1,366 1,400
----------------------------------------------------------------------------
8,295 7,888 6,947
Non-current portion of provisions 419 264 180
Long-term debt of operating
companies, without recourse to
Onex Corporation 11,319 10,184 6,479
Non-current portion of warranty
reserves and unearned premiums 1,779 1,774 1,727
Other non-current liabilities 2,526 2,852 2,368
Deferred income taxes 1,225 1,683 1,059
Limited Partners' Interests 6,959 6,208 4,980
----------------------------------------------------------------------------
32,522 30,853 23,740
----------------------------------------------------------------------------
Equity
Share capital 346 358 360
Non-controlling interests 3,191 3,822 3,863
Retained earnings and accumulated
other comprehensive earnings 808 1,269 1,414
----------------------------------------------------------------------------
4,345 5,449 5,637
----------------------------------------------------------------------------
$ 36,867 $ 36,302 $ 29,377
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Onex Corporation
CONSOLIDATED STATEMENTS OF EARNINGS
Year ended December 31
(in millions of U.S. dollars except per share data) 2013 2012
----------------------------------------------------------------------------
Revenues $ 27,809 $ 24,917
Cost of sales (excluding amortization of property,
plant and equipment, intangible assets and
deferred charges) (21,843) (19,908)
Operating expenses (4,197) (3,276)
Interest income 106 60
Amortization of property, plant and equipment (619) (538)
Amortization of intangible assets and deferred
charges (537) (318)
Interest expense of operating companies (813) (514)
Increase in value of investments in joint ventures
and associates at fair value, net 1,098 863
Stock-based compensation expense (349) (239)
Other gains 561 59
Other items (449) (46)
Impairment of goodwill, intangible assets and long-
lived assets, net (319) (65)
Limited Partners' Interests charge (1,855) (929)
----------------------------------------------------------------------------
Earnings (loss) before income taxes and
discontinued operations (1,407) 66
Recovery of (provision for) income taxes 333 (76)
----------------------------------------------------------------------------
Loss from continuing operations (1,074) (10)
Earnings from discontinued operations 261 26
----------------------------------------------------------------------------
Net Earnings (Loss) for the Year $ (813) $ 16
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings (Loss) from Continuing Operations
attributable to:
Equity holders of Onex Corporation $ (605) $ (143)
Non-controlling Interests (469) 133
----------------------------------------------------------------------------
Loss from Continuing Operations for the Year $ (1,074) $ (10)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net Earnings (Loss) attributable to:
Equity holders of Onex Corporation $ (354) $ (128)
Non-controlling Interests (459) 144
----------------------------------------------------------------------------
Net Earnings (Loss) for the Year $ (813) $ 16
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net Earnings (Loss) per Subordinate Voting Share of
Onex Corporation
Basic and Diluted:
Continuing operations $ (5.34) $ (1.25)
Discontinued operations 2.22 0.13
----------------------------------------------------------------------------
Net Loss for the Year $ (3.12) $ (1.12)
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----------------------------------------------------------------------------
Onex Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended December 31
(in millions of U.S. dollars) 2013 2012
----------------------------------------------------------------------------
Operating Activities
Loss for the year from continuing operations $ (1,074) $ (10)
Adjustments to loss from continuing operations:
Provision for (recovery of) income taxes (333) 76
Interest income (106) (60)
Interest expense of operating companies 813 514
----------------------------------------------------------------------------
Net earnings (loss) before interest and
provision for income taxes (700) 520
Cash taxes paid (234) (294)
Items not affecting cash and cash equivalents:
Amortization of property, plant and equipment 619 538
Amortization of intangible assets and deferred
charges 537 318
Amortization of deferred warranty costs, net (25) 32
Increase in value of investments in joint
ventures and associates at fair value, net (1,098) (863)
Stock-based compensation expense 13 211
Other gains (561) (59)
Impairment of goodwill, intangible assets and
long-lived assets, net 319 65
Limited Partners' Interests charge 1,855 929
Change in provisions 95 91
Others 114 96
----------------------------------------------------------------------------
934 1,584
Changes in non-cash working capital items:
Accounts receivable (123) (39)
Inventories 650 371
Other current assets 19 18
Accounts payable, accrued liabilities and
other current liabilities 31 33
----------------------------------------------------------------------------
Increase in cash and cash equivalents due to
changes in working capital items 577 383
Decrease in other operating activities (115) (96)
Increase in warranty reserves and premiums 73 22
Cash flows from operating activities of
discontinued operations 117 150
----------------------------------------------------------------------------
1,586 2,043
----------------------------------------------------------------------------
Financing Activities
Issuance of long-term debt 4,106 2,320
Repayment of long-term debt (2,834) (1,495)
Cash interest paid (697) (445)
Cash dividends paid (14) (12)
Repurchase of share capital of Onex Corporation (153) (24)
Repurchase of share capital of operating
companies (109) (315)
Financing provided by Limited Partners 401 1,311
Issuance of share capital by operating companies 47 34
Distributions paid to non-controlling interests
and Limited Partners (1,542) (982)
Change in restricted cash for distribution to
Limited Partners 35 (35)
Decrease due to other financing activities (70) (65)
Cash flows used for financing activities of
discontinued operations (28) (117)
----------------------------------------------------------------------------
(858) 175
----------------------------------------------------------------------------
Investing Activities
Acquisition of operating companies, net of cash
and cash equivalents in acquired companies of
$14 (2012 - $275) (513) (1,393)
Purchase of property, plant and equipment (835) (607)
Proceeds from sale of property, plant and
equipment 290 31
Proceeds from sale of investment in joint
ventures and associates at fair value 908 326
Proceeds from sale of operating investment no
longer controlled 1,060 71
Distributions received from investments in joint
ventures and associates of Onex Partners 52 676
Purchase of investments in joint venture of Onex
Partners - (165)
Cash interest and dividends received 72 19
Net purchases of investments and securities (1,062) (785)
Decrease due to other investing activities (49) (73)
Cash flows used for investing activities of
discontinued operations (115) (115)
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(192) (2,015)
----------------------------------------------------------------------------
Increase in Cash and Cash Equivalents for the
Year 536 203
Increase (decrease) in cash due to changes in
foreign exchange rates (1) 5
Cash and cash equivalents, beginning of the year
- continuing operations 2,629 2,339
Cash and cash equivalents, beginning of the year
- discontinued operations 27 109
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Cash and Cash Equivalents 3,191 2,656
Cash and cash equivalents held by discontinued
operations - 27
----------------------------------------------------------------------------
Cash and Cash Equivalents Held by Continuing
Operations $ 3,191 $ 2,629
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Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE YEAR ENDED DECEMBER 31, 2013
Electronics
Manufacturing Insurance
Services Aerostructures Healthcare Provider
----------------------------------------------------------------------------
Revenues $ 5,796 $ 5,961 $ 4,902 $ 1,168
Cost of sales (excluding
amortization of
property, plant and
equipment, intangible
assets and deferred
charges) (5,337) (5,848) (3,406) (600)
Operating expenses (221) (243) (836) (380)
Interest income 1 - 2 -
Amortization of
property, plant and
equipment (60) (162) (119) (3)
Amortization of
intangible assets and
deferred charges (12) (28) (148) (12)
Interest expense of
operating companies (3) (70) (222) (6)
Increase in value of
investments in joint
ventures and associates
at fair value, net - - - -
Stock-based compensation
(expense) recovery (29) (22) (8) (4)
Other gains - - - -
Other items (4) (27) (143) 9
Impairment of goodwill,
intangible assets and
long-lived assets, net - - (95) (1)
Limited Partners'
Interests charge - - - -
----------------------------------------------------------------------------
Earnings (loss) before
income taxes and
discontinued operations 131 (439) (73) 171
Recovery of (provision
for) income taxes (13) (101) (44) (59)
----------------------------------------------------------------------------
Earnings (loss) from
continuing operations 118 (540) (117) 112
Earnings from
discontinued
operations(b) - - - -
----------------------------------------------------------------------------
Net earnings (loss) for
the year $ 118 $ (540) $ (117) $ 112
----------------------------------------------------------------------------
Total assets $ 2,639 $ 5,155 $ 3,707 $ 4,898
----------------------------------------------------------------------------
Long-term debt(c) $ - $ 1,128 $ 3,009 $ 255
----------------------------------------------------------------------------
Property, plant and
equipment additions $ 45 $ 269 $ 102 $ 2
----------------------------------------------------------------------------
Intangible assets with
indefinite life $ - $ - $ 253 $ 16
----------------------------------------------------------------------------
Goodwill additions from
acquisitions $ - $ - $ 20 $ 3
----------------------------------------------------------------------------
Goodwill $ 60 $ 3 $ 784 $ 306
----------------------------------------------------------------------------
Net earnings (loss)
attributable to:
Equity holders of Onex
Corporation $ 12 $ (84) $ (69) $ 101
Non-controlling
interests 106 (456) (48) 11
----------------------------------------------------------------------------
Net earnings (loss) for
the year $ 118 $ (540) $ (117) $ 112
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Customer
Care Building Other Consolidated
Services Products (a) Total
----------------------------------------------------------------------------
Revenues $ 1,438 $ 3,457 $ 5,087 $ 27,809
Cost of sales (excluding
amortization of
property, plant and
equipment, intangible
assets and deferred
charges) (936) (2,855) (2,861) (21,843)
Operating expenses (372) (449) (1,696) (4,197)
Interest income 1 2 100 106
Amortization of
property, plant and
equipment (28) (112) (135) (619)
Amortization of
intangible assets and
deferred charges (23) (18) (296) (537)
Interest expense of
operating companies (97) (79) (336) (813)
Increase in value of
investments in joint
ventures and associates
at fair value, net - - 1,098 1,098
Stock-based compensation
(expense) recovery - 7 (293) (349)
Other gains - - 561 561
Other items (17) (9) (258) (449)
Impairment of goodwill,
intangible assets and
long-lived assets, net (1) (13) (209) (319)
Limited Partners'
Interests charge - - (1,855) (1,855)
----------------------------------------------------------------------------
Earnings (loss) before
income taxes and
discontinued operations (35) (69) (1,093) (1,407)
Recovery of (provision
for) income taxes 14 (16) 552 333
----------------------------------------------------------------------------
Earnings (loss) from
continuing operations (21) (85) (541) (1,074)
Earnings from
discontinued
operations(b) - - 261 261
----------------------------------------------------------------------------
Net earnings (loss) for
the year $ (21) $ (85) $ (280) $ (813)
----------------------------------------------------------------------------
Total assets $ 613 $ 2,483 $ 17,372 $ 36,867
----------------------------------------------------------------------------
Long-term debt(c) $ 740 $ 661 $ 6,177 $ 11,970
----------------------------------------------------------------------------
Property, plant and
equipment additions $ 33 $ 89 $ 326 $ 866
----------------------------------------------------------------------------
Intangible assets with
indefinite life $ 36 $ 259 $ 777 $ 1,341
----------------------------------------------------------------------------
Goodwill additions from
acquisitions $ - $ - $ 727 $ 750
----------------------------------------------------------------------------
Goodwill $ 118 $ 109 $ 3,089 $ 4,469
----------------------------------------------------------------------------
Net earnings (loss)
attributable to:
Equity holders of Onex
Corporation $ (15) $ (66) $ (233) $ (354)
Non-controlling
interests (6) (19) (47) (459)
----------------------------------------------------------------------------
Net earnings (loss) for
the year $ (21) $ (85) $ (280) $ (813)
----------------------------------------------------------------------------
(a) Includes Tropicana Las Vegas, SGS International, USI, KraussMaffei,
Emerald Expositions (acquired in June 2013), ONCAP II (BSN SPORTS up to
June 2013 and Caliber Collision up to November 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) Long-term debt includes current portion, excludes finance leases and is
net of financing charges.
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT
FOR THE YEAR ENDED DECEMBER 31, 2012
Electronics
Manufacturing Insurance
Services Aerostructures Healthcare Provider
----------------------------------------------------------------------------
Revenues $ 6,507 $ 5,404 $ 4,947 $ 1,205
Cost of sales (excluding
amortization of
property, plant and
equipment, intangible
assets and deferred
charges) (5,988) (5,038) (3,402) (621)
Operating expenses (226) (228) (885) (402)
Interest income 1 - 3 -
Amortization of
property, plant and
equipment (70) (130) (128) (4)
Amortization of
intangible assets and
deferred charges (11) (29) (160) (15)
Interest expense of
operating companies (5) (83) (191) (5)
Increase in value of
investments in joint
ventures and associates
at fair value, net - - - -
Stock-based compensation
expense (36) (16) (11) (2)
Other gains - - - -
Other items (42) 150 (42) 11
Impairment of goodwill,
intangible assets and
long-lived assets (18) (2) (17) (4)
Limited Partners'
Interests charge - - - -
----------------------------------------------------------------------------
Earnings (loss) before
income taxes and
discontinued operations 112 28 114 163
Recovery of (provision
for) income taxes 6 17 (44) (54)
----------------------------------------------------------------------------
Earnings (loss) from
continuing operations 118 45 70 109
Earnings from
discontinued
operations(b) - - - -
----------------------------------------------------------------------------
Net earnings (loss) for
the year $ 118 $ 45 $ 70 $ 109
----------------------------------------------------------------------------
Total assets(c) $ 2,659 $ 5,371 $ 3,971 $ 4,903
----------------------------------------------------------------------------
Long-term debt(c)(d) $ 55 $ 1,133 $ 2,540 $ 258
----------------------------------------------------------------------------
Property, plant and
equipment additions(c) $ 98 $ 225 $ 120 $ 4
----------------------------------------------------------------------------
Intangible assets with
indefinite life $ - $ - $ 256 $ 16
----------------------------------------------------------------------------
Goodwill additions from
acquisitions $ 26 $ - $ 23 $ -
----------------------------------------------------------------------------
Goodwill(c) $ 60 $ 3 $ 852 $ 304
----------------------------------------------------------------------------
Net earnings (loss)
attributable to:
Equity holders of Onex
Corporation $ 13 $ 7 $ 18 $ 62
Non-controlling
interests 105 38 52 47
----------------------------------------------------------------------------
Net earnings (loss) for
the year $ 118 $ 45 $ 70 $ 109
----------------------------------------------------------------------------
Customer
Care Building Other Consolidated
Services Products (a) Total
----------------------------------------------------------------------------
Revenues $ 1,429 $ 3,168 $ 2,257 $ 24,917
Cost of sales (excluding
amortization of
property, plant and
equipment, intangible
assets and deferred
charges) (920) (2,561) (1,378) (19,908)
Operating expenses (368) (449) (718) (3,276)
Interest income 1 3 52 60
Amortization of
property, plant and
equipment (29) (101) (76) (538)
Amortization of
intangible assets and
deferred charges (25) (19) (59) (318)
Interest expense of
operating companies (100) (63) (67) (514)
Increase in value of
investments in joint
ventures and associates
at fair value, net - - 863 863
Stock-based compensation
expense (1) (17) (156) (239)
Other gains - - 59 59
Other items (4) (33) (86) (46)
Impairment of goodwill,
intangible assets and
long-lived assets - (7) (17) (65)
Limited Partners'
Interests charge - - (929) (929)
----------------------------------------------------------------------------
Earnings (loss) before
income taxes and
discontinued operations (17) (79) (255) 66
Recovery of (provision
for) income taxes (3) 12 (10) (76)
----------------------------------------------------------------------------
Earnings (loss) from
continuing operations (20) (67) (265) (10)
Earnings from
discontinued
operations(b) - - 26 26
----------------------------------------------------------------------------
Net earnings (loss) for
the year $ (20) $ (67) $ (239) $ 16
----------------------------------------------------------------------------
Total assets(c) $ 632 $ 2,626 $ 16,140 $ 36,302
----------------------------------------------------------------------------
Long-term debt(c)(d) $ 725 $ 547 $ 5,212 $ 10,470
----------------------------------------------------------------------------
Property, plant and
equipment additions(c) $ 23 $ 91 $ 196 $ 757
----------------------------------------------------------------------------
Intangible assets with
indefinite life $ 36 $ 259 $ 548 $ 1,115
----------------------------------------------------------------------------
Goodwill additions from
acquisitions $ - $ - $ 1,983 $ 2,032
----------------------------------------------------------------------------
Goodwill(c) $ 118 $ 113 $ 2,908 $ 4,358
----------------------------------------------------------------------------
Net earnings (loss)
attributable to:
Equity holders of Onex
Corporation $ (14) $ (47) $ (167) $ (128)
Non-controlling
interests (6) (20) (72) 144
----------------------------------------------------------------------------
Net earnings (loss) for
the year $ (20) $ (67) $ (239) $ 16
----------------------------------------------------------------------------
(a) Includes Tropicana Las Vegas, SGS International (acquired in October
2012), USI (acquired in December 2012), KraussMaffei (acquired in
December 2012), 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, BBAM,
Hawker Beechcraft, RSI, 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, long-term debt, property, plant and equipment additions
and goodwill 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:
Onex Corporation
Emma Thompson
Vice President, Investor Relations
416.362.7711
www.onex.com
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