Onex Reports Full-Year 2014 Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 02/20/15 -- 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, 2014 and an update on matters following year-end.
Highlights
Recent Performance
"Having successfully built several of our businesses, we took advantage of ideal market conditions for realizing gains in 2014," said Gerry Schwartz, Chairman and Chief Executive Officer of Onex. "While difficult, we also managed to find some unique investing opportunities late in the year as markets cooled."
Onex remains in an excellent position to capitalize on investment opportunities. In addition to our substantial cash balance, we have approximately $5 billion of committed, uncalled capital available from our limited partners.
Onex management continues to share in the risks and rewards of our businesses through the team's significant investment in everything we buy. At December 31, 2014, the team had an investment of $2.1 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 full year ended December 31, 2014, Onex' capital per share grew by 6% to $54.11 (C$62.77). While the value of Onex Partners' and ONCAP's operating businesses, including realizations and distributions, increased by 14% during 2014, the low returns on our significant cash balance muted the overall growth in Onex' capital. The second goal is to grow our fee-generating assets by 10% per year. For the full year ended December 31, 2014, Onex' fee-generating assets grew by 13% to $13.5 billion. Growth in assets under management came primarily from the successful fund raising of Onex Partners IV, from which Onex started drawing management fees in August 2014, and Onex Credit's success with its CLO issuances, partially offset by $4.2 billion of distributions to limited partners.
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 our limited partners and other investors. At December 31, 2014, Onex' Subordinate Voting Shares ("SVS") closed at C$67.46, an 18% increase over the last twelve months. This compares to the S&P/TSX Composite which increased 7%.
As a substantial portion of Onex' investments are in U.S. dollars, Onex' Canadian dollar share price will also be affected by the change in the exchange rate between the U.S. dollar and Canadian dollar. In 2014, the U.S. dollar strengthened by 9% compared to the Canadian dollar. In U.S. dollars, Onex' SVS closed at $58.15, an 8% increase over the last twelve months. This compares to an increase in the S&P 500 of 11%.
Onex paid a fourth-quarter dividend of C$0.05 per SVS on January 30, 2015 to shareholders of record on January 9, 2015.
In 2014, Onex repurchased approximately 2.6 million SVS for a total cost of $150 million (C$163 million), or an average cost per share of C$62.98.
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 4% to $5.2 billion as compared to the same period of the prior year. Onex reported a consolidated net loss of $367 million during the quarter compared to a loss of $223 million in the fourth quarter of 2013.
On a consolidated basis for the full year ended December 31, 2014, revenues primarily related to our controlled operating companies of $19.8 billion were relatively unchanged from the prior year. Net earnings for the year were $159 million compared to a net loss of $813 million for 2013. Onex' net earnings for 2014 include earnings from discontinued operations of $982 million, driven by $678 million of gains on the sales of The Warranty Group and Spirit AeroSystems. This compares to a loss of $250 million from discontinued operations for 2013.
Attached are the Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for full year ended December 31, 2014 and 2013 as prepared under International Financial Reporting Standards. The complete financial statements, including Management's Discussion and Analysis of the results, are posted on Onex' website, , and are also available on SEDAR at . Also attached are the "How We Are Invested" schedule, which details Onex' $6.0 billion of proprietary capital and provides private company performance information, and the Schedule of Fees and Expenses.
Webcast
Onex management will host a conference call to review Onex' fourth-quarter and full-year 2014 results on Friday, February 20 at 11:00 a.m. ET. A live webcast of this conference call will be available in listen-only mode on its website, .
About Onex
Onex is one of the oldest and most successful private equity firms with offices in Toronto, New York and London. 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 $21 billion of assets under management, including $6.0 billion of Onex capital, in private equity and credit securities. Onex invests its capital directly and as the largest limited partner in each of its Funds.
Onex' businesses have assets of $29 billion, generate annual revenues of $21 billion and employ approximately 192,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at . The Company's security filings can also be accessed at .
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.
Contacts:
Emma Thompson
Head of the Funds Group
Tel: 416.362.7711
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Datum: 20.02.2015 - 12:00 Uhr
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