Onex Reports First-Quarter 2015 Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/15/15 -- All amounts in U.S. dollars unless otherwise stated.
Onex Corporation ("Onex") (TSX: OCX) today announced its consolidated financial results for the first quarter ended March 31, 2015 and an update on matters following quarter-end.
Highlights
Recent Performance
"We've had a great start to 2015 with two acquisitions closed and a new CLO offering at Onex Credit," said Gerry Schwartz, Chairman and Chief Executive Officer of Onex. "Nonetheless, finding larger private equity investments remains challenging as corporate disposition activity continues to be slow."
Onex remains in an excellent position to capitalize on investment opportunities. In addition to our substantial cash balance, we have approximately $3.6 billion of uncalled committed 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 March 31, 2015, the team had an investment of $2.2 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 March 31, 2015, Onex' capital per share grew by 4% to $52.82 (C$66.91). While the value of Onex Partners' and ONCAP's operating businesses, including realizations and distributions, increased by 13% in the last twelve months, our significant cash balance muted the overall growth in Onex' capital. Over the last five years, Onex' capital per share has grown at a 12% compounded annual growth rate.
The second goal is to grow our fee-generating assets by 10% per year. For the twelve months ended March 31, 2015, Onex' fee-generating assets decreased by 1% to $13.6 billion due to significant realizations in the second half of 2014, which were substantially offset by the Onex Partners IV fundraise and the completion of two CLOs by Onex Credit. Over the last five years, Onex' fee-generating assets have grown at a compounded annual growth rate of 12%.
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 March 31, 2015, Onex' SVS closed at C$73.55, which represents a 9% quarterly increase and a 20% increase over the last twelve months. This compares to the S&P/TSX Composite, which increased 2% and 4%, respectively, over the same periods.
As a substantial portion of Onex' investments are in U.S. dollars, Onex' Canadian dollar share price will also be impacted by the change in the exchange rate between these two currencies. The U.S. dollar strengthened by 9% and 15% versus the Canadian dollar during the three and twelve months ended March 31, 2015, respectively. During the first quarter of 2015, Onex' SVS were largely unchanged in U.S. dollars and increased 4% over the last twelve months. This compares to the S&P 500, which was essentially flat in the quarter and up 10% over the last twelve months.
Onex paid a first-quarter dividend of C$0.05 per SVS on April 30, 2015 to shareholders of record on April 10, 2015.
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 first quarter, revenues increased 5% to $4.8 billion as compared to the same period of the prior year. The increase in revenues was largely due to the inclusion of revenues from York Risk Services Group, SIG Combibloc Group and Survitec Group. In the first quarter of 2015, Onex reported a consolidated net loss of $84 million compared to net earnings of $99 million in the same quarter of 2014. This decrease in net earnings was primarily due to a lower increase in the fair value of investments recorded at fair value and a decrease in earnings from discontinued operations.
Attached are the Unaudited Interim Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for quarters ended March 31, 2015 and 2014 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 is the "How We Are Invested" schedule, which details Onex' $5.9 billion of proprietary capital and provides private company performance information. The Schedule of Fees and Expenses is available on Onex' website, .
Webcast
Onex management will host a conference call to review Onex' first-quarter 2015 results on Friday, May 15 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 $5.9 billion of Onex capital, in private equity and credit securities. 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 $34 billion, generate annual revenues of $24 billion and employ approximately 196,000 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.
HOW WE ARE INVESTED
Public and Private Company Information
Contacts:
Onex Corporation
Emma Thompson
Managing Director - Investor Relations
416.362.7711
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Datum: 15.05.2015 - 11:00 Uhr
Sprache: Deutsch
News-ID 393584
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TORONTO, ONTARIO
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