Onex Reports Third-Quarter 2016 Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/11/16 -- All amounts in U.S. dollars unless otherwise stated
Onex Corporation ("Onex") (TSX: ONEX) today announced its consolidated financial results for the third quarter and nine months ended September 30, 2016 and an update on matters following quarter-end.
Highlights
Recent Performance
"We''re pleased with the pace of our investment activity over the past few months. We now have an additional $2.2 billion of newly invested or committed capital at work to create value for Onex, our shareholders and fund investors," said Gerry Schwartz, Chairman and Chief Executive Officer of Onex. "We''ve also been successful raising capital for both our private equity and credit platforms, adding $1.1 billion of fee-generating assets."
After giving effect to the October investment in Clarivate Analytics and the JELD-WEN distribution in November, Onex has approximately $1.7 billion of cash and near-cash and approximately $2.2 billion of uncalled committed capital available from its limited partners. This 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 September 30, 2016, the team had an investment of approximately $1.8 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, 2016, Onex'' capital per share increased by 6% to $57.37. While the value of Onex'' private equity investments, including realizations and distributions, increased by 8% during the period, the impact of cash and near-cash items slightly reduced the overall growth from our investing activity. Over the past five years, Onex'' capital per share increased by 10% per year.
Our second goal is to grow our fee-generating assets by 10% per year. For the twelve months ended September 30, 2016, Onex'' fee-generating assets increased by 2% to $14.9 billion primarily due to the completion of two CLOs, partially offset by the sales of KraussMaffei and Cicis. Over the past five years, our fee-generating assets increased by 14% per year. Since quarter-end, Onex raised an additional $1.1 million of fee-generating assets for ONCAP IV and Onex Credit.
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 third-quarter dividend of C$0.06875 per SVS on October 31, 2016 to shareholders of record on October 7, 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, changes in the value of credit securities and varying business cycles at its operating companies.
On a consolidated basis for the third quarter ended September 30, 2016, revenues increased 7% to $5.5 billion compared to the same period of the prior year. This increase was largely due to the inclusion of revenues from the acquisition of Schumacher which was completed in late July 2015 and increases in revenues from Celestica and JELD-WEN. Onex reported a consolidated net loss of $76 million during the third quarter of 2016 compared to net earnings of $204 million. The decrease in net earnings was primarily driven by earnings from discontinued operations of $6 million compared to $348 million during the same period in 2015.
On a consolidated basis for the nine months ended September 30, 2016, revenues increased 12% to $16.0 billion as compared to the same period of the prior year. This increase was largely due to the inclusion of revenues from the acquisitions of Survitec, SIG, Jack''s and Schumacher which were completed during 2015. Onex reported consolidated net earnings of $116 million during the first nine months of 2016 compared to a net loss of $169 million. The increase in net earnings during the first nine months of 2016 was primarily driven by a decrease of $211 million in the limited partners'' interests charge and an increase in earnings from discontinued operations of $80 million compared to the same period in 2015. Partially offsetting these increases in net earnings was a decrease of $158 million from other gains primarily from the sale of certain investments in 2015.
Attached are the Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for the three and nine months ended September 30, 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 . A supplemental information package, which includes the How We Are Invested schedule, Schedules of Fees and Expenses and additional information, is available on Onex'' website, .
Webcast
Onex management will host a conference call to review Onex'' third-quarter 2016 results on Friday, November 11 at 11:30 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 $23 billion of assets under management, including $6 billion of Onex proprietary capital, in private equity and credit securities. With offices in Toronto, New York, New Jersey and London, Onex invests alongside its fund investors and is the largest limited partner in each of its private equity funds.
Onex'' businesses have assets of $42 billion, generate annual revenues of $25 billion and employ approximately 152,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. 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: 11.11.2016 - 06:00 Uhr
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