Onex Reports Full-Year 2015 Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 02/26/16 -- 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, 2015 and an update on matters following year-end.
Highlights
Recent Performance
"We had another busy year in 2015 investing and raising capital in our private equity and credit platforms," said Gerry Schwartz, Chairman and Chief Executive Officer of Onex. "While the financial markets are off to a poor start this year, we are quite well positioned with plenty of dry powder and the same stable team that's prospered through similar times."
In addition to our $2.1 billion cash and near-cash balance, Onex has approximately $3.3 billion of uncalled committed capital available from our limited partners. This robust capital base provides Onex with the strength and flexibility to invest in the opportunities that lie ahead.
Onex management continues to share in the risks and rewards of our businesses through the team's significant investment in everything Onex owns. At December 31, 2015, 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, 2015, Onex' capital per share increased by 1% to $54.39. While the value of Onex' private equity investments, including realizations and distributions, increased by 12% during 2015, our significant cash balance and a mark-to-market decrease in our CLOs' value muted the overall growth from our investing activity. Over the last five years, Onex' capital per share has grown at a 10% compounded annual growth rate.
Our second goal is to grow our fee-generating assets by 10% per year. For the full year ended December 31, 2015, Onex' fee-generating assets increased by 10% to $14.8 billion, primarily due to the completion of three CLOs. Over the last five years, our fee-generating assets have grown at a compounded annual growth rate of 11%. 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 fourth-quarter dividend of C$0.0625 per SVS on January 29, 2016 to shareholders of record on January 8, 2016.
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 ended December 31, 2015, revenues increased by 22% to $5.4 billion as compared to the same period of the prior year. The increase in revenues was primarily due to acquisitions completed during 2015. Onex reported a consolidated net loss of $336 million compared to $367 million in the fourth quarter of 2014.
On a consolidated basis for the full year 2015, revenues increased by 17% to $19.7 billion from the prior year. The increase in revenues was primarily driven by the acquisitions completed in 2015. Net loss for the year was $505 million compared to net earnings of $159 million in 2014. Onex' net loss for 2015 includes earnings from discontinued operations of $379 million compared to $951 million of earnings from discontinued operations included in net earnings for 2014.
Attached are the Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for the full years ended December 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 . The "How We Are Invested" schedule, which details Onex' $6.0 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' fourth-quarter and full-year 2015 results on Friday, February 26 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 $22.5 billion of assets under management, including $6.0 billion of Onex' proprietary 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 $22 billion and employ approximately 144,000 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
CONSOLIDATED BALANCE SHEETS
Onex Corporation
CONSOLIDATED STATEMENTS OF EARNINGS
Onex Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT FOR THE YEAR ENDED DECEMBER 31, 2015
Onex Corporation
INFORMATION BY INDUSTRY SEGMENT FOR THE YEAR ENDED DECEMBER 31, 2014
Contacts:
Onex Corporation
Emma Thompson
Managing Director - Investor Relations
416.362.7711
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Datum: 26.02.2016 - 12:02 Uhr
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News-ID 453568
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