Onex Reports Second-Quarter 2015 Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/13/15 -- 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, 2015 and an update on matters following quarter-end.
Highlights
Recent Performance
"We've been busy over the last several months," said Gerry Schwartz, Chairman and Chief Executive Officer of Onex. "Despite a challenging acquisition environment, we're delighted to have undertaken six new investments. Onex remains in an excellent position to capitalize on investment opportunities. In addition to our substantial cash and near cash balance, we have approximately $3 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 June 30, 2015, the team had an investment of $1.9 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, 2015, Onex' capital per share grew by 4% to $54.72 (C$68.35). 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 13% compounded annual growth rate.
The second goal is to grow our fee-generating assets by 10% per year. For the twelve months ended June 30, 2015, Onex' fee-generating assets decreased by 4% to $14.3 billion due to significant realizations in the second half of 2014, which were partially offset by two new CLO issuances. Over the last five years, Onex' fee-generating assets have grown at a compounded annual growth rate of 13%. 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.
Onex paid a second-quarter dividend of C$0.0625 per SVS on July 31, 2015 to shareholders of record on July 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 second quarter ended June 30, 2015, revenues increased 13% to $5.2 billion as compared to the same period of the prior year. This increase was largely due to the inclusion of revenues from York Risk Services Group acquired in late 2014, and from the acquisitions of SIG Combibloc Group and Survitec Group in March 2015. Onex reported a consolidated net loss for the period of $289 million compared to net earnings of $39 million in the same quarter of 2014. This decrease was primarily a result of earnings from discontinued operations in 2014 of $419 million, which included the results of Spirit AeroSystems that was sold during 2014.
On a consolidated basis for the six months ended June 30, 2015, revenues increased 9% to $9.7 billion. Onex reported a consolidated net loss for the period of $373 million compared to net earnings of $138 million in the same period of 2014. The same factors that contributed to the decrease in earnings for the second quarter of 2015 drove the decrease in earnings for the first half of 2015.
Attached are the Unaudited Interim Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for three and six months ended June 30, 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 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' second-quarter 2015 results on Thursday, August 13 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 $22 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 $37 billion, generate annual revenues of $25 billion and employ approximately 207,000 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
All dollar amounts, unless otherwise noted, are in millions of U.S. dollars.
Onex' Capital
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: 13.08.2015 - 11:00 Uhr
Sprache: Deutsch
News-ID 413432
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TORONTO, ONTARIO
Kategorie:
Commercial & Investment Banking
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