Onex Reports Third-Quarter 2015 Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/12/15 -- All amounts in U.S. dollars unless otherwise stated
Onex Corporation ("Onex") (TSX: OCX) today announced its consolidated financial results for the third quarter and nine months ended September 30, 2015 and an update on matters following quarter-end.
Highlights
Recent Performance
"This has been an active year at Onex for investing," said Gerry Schwartz, Chairman and Chief Executive Officer of Onex. "We've also grown our Credit platform, closing three CLOs with offerings totaling $2 billion."
Onex remains in an excellent position to capitalize on investment opportunities. In addition to our substantial cash balance, we have approximately $2.9 billion of uncalled committed capital available from 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 September 30, 2015, the team had an investment of $2.3 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, 2015, Onex' capital per share increased by 3% to $54.52 (C$72.75). While the value of Onex Partners' and ONCAP's operating businesses, including realizations and distributions, increased by 16% 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.
Our second goal is to grow our fee-generating assets by 10% per year. For the twelve months ended September 30, 2015, Onex' fee-generating assets increased by 12% to $14.6 billion, primarily due to the completion of three CLO issuances. Over the last five years, our 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 limited partners and other investors.
Onex paid a third-quarter dividend of C$0.0625 per SVS on October 30, 2015 to shareholders of record on October 9, 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 third quarter ended September 30, 2015, revenues increased 19% to $5.5 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, the acquisitions of SIG Combibloc Group and Survitec Group in March 2015 and from the acquisitions of Jack's Family Restaurants and Schumacher Group in July 2015. Onex reported consolidated net earnings for the period of $204 million compared to $388 million in the same quarter of 2014. This decrease was primarily a result of a reduction in gains recognized on the sale of businesses and an increase in stock-based compensation charges in 2015 compared to the same quarter in 2014.
On a consolidated basis for the nine months ended September 30, 2015, revenues increased 13% to $15.2 billion. The increase was driven by the same factors that contributed to the increase in revenues for the third quarter of 2015. Onex reported a consolidated net loss for the period of $169 million compared to net earnings of $526 million in the same period of 2014. The decrease was driven by a reduction in earnings from discontinued operations and a smaller increase in the fair value of investments in joint venture and associates for the first nine months of 2015 compared to the same period in 2014.
Attached are the Unaudited Interim Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for three and nine months ended September 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 . The "How We Are Invested" schedule, which details Onex' $6 billion of capital and provides private company performance information, and the Pro Forma Schedule of Fees and Expenses are available on Onex' website, .
Webcast
Onex management will host a conference call to review Onex' third-quarter 2015 results on Friday, November 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. 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 $6 billion of Onex capital, in private equity and credit securities. With offices in Toronto, New York and London, 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 $36 billion, generate annual revenues of $24 billion and employ approximately 146,000 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.
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014
Contacts:
Onex Corporation
Emma Thompson
Managing Director - Investor Relations
416.362.7711
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Datum: 13.11.2015 - 00:53 Uhr
Sprache: Deutsch
News-ID 434340
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