Onex Reports First-Quarter 2016 Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/13/16 -- 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, 2016 and an update on matters following quarter-end.
Highlights
Recent Performance
"With credit markets only recently recovering, the first quarter was quiet," said Gerry Schwartz, Chairman and Chief Executive Officer of Onex. "We''ve seen slow markets before. They never last forever. As always, we''re well positioned with plenty of dry powder and a great team of professionals to benefit from the current investment climate when we find the right opportunities."
In addition to nearly $2 billion of cash and near-cash, Onex has approximately $3 billion of uncalled committed capital available from limited partners. This robust capital base provides Onex with the strength and flexibility to invest in 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 March 31, 2016, the team had an investment of approximately $1.7 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, 2016, Onex'' capital per share increased by 5% to $55.46. While the value of Onex'' private equity investments, including realizations and distributions, increased by 12% during the period, our significant cash balance and a mark-to-market decrease in the value of our CLO investments muted the overall growth from our investing activity. Over the last five years, Onex'' capital per share has increased by 9% per year.
Our second goal is to grow our fee-generating assets by 10% per year. For the twelve months ended March 31, 2016, Onex'' fee-generating assets increased by 10% to $15.0 billion, primarily due to the completion of three CLOs. Over the last five years, our fee-generating assets increased by 11% per year. 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 fund investors.
Onex paid a first-quarter dividend of C$0.0625 per SVS on April 29, 2016 to shareholders of record on April 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 first quarter, revenues increased by 21% to nearly $5 billion as compared to the same period of the prior year. The increase was largely due to the inclusion of revenues from the acquisitions of Survitec, SIG, Jack''s and Schumacher, which were completed during 2015. In the first quarter of 2016, Onex reported a consolidated net loss of $175 million compared to $84 million in the same quarter of 2015. This increase in net loss was driven by a loss of $4 million from discontinued operations compared to earnings of $68 million during the same period in 2015.
Attached are the Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for the quarters ended March 31, 2016 and 2015 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, which provides the revenue and expenses in our asset management platforms and the parent company, are available on Onex'' website, .
Webcast
Onex management will host a conference call to review Onex'' first-quarter 2016 results on Friday, May 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 $22.7 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, New Jersey 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 $23 billion and employ approximately 145,000 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:
Onex Corporation
Emilie Blouin
Director, Investor Relations
416.362.7711
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Datum: 13.05.2016 - 05:04 Uhr
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