TORONTO, ONTARIO--(Marketwired - Aug. 12, 2013) -
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, 2013.
Onex' quarterly and full-year consolidated financial results do not follow any specific trends due to acquisitions and dispositions of businesses, changes in the values 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, revenues increased 10% to $7.7 billion compared to the same period of the prior year. The acquisitions completed in the last six months of 2012 contributed to this year-over-year revenue increase. Onex reported a consolidated net loss of $718 million compared to a net loss of $172 million in the second quarter of 2012. The primary driver of this change is an increase in the Limited Partners' Interest charge of approximately $650 million due to an overall increase in value of our operating companies.
On a consolidated basis for the six months ended June 30, 2013, revenues increased 8% to $14.9 billion consistent with the change in the quarter. The net loss for the period was $989 million compared to a net gain of $1 million for the six months ended June 30, 2012, which was impacted by the increase in the Limited Partners' Interest charge mentioned above.
Attached are the Unaudited Interim Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for the quarter and six months ended June 30, 2013 and 2012 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, www.onex.com, and are also available on SEDAR at www.sedar.com.
About Onex
With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. Onex acquires and builds high-quality businesses in partnership with talented management teams. The Company has approximately $16 billion of assets under management, including $5 billion of Onex capital, in private equity, credit securities and real estate. Onex invests its capital directly and as a substantial limited partner in its Funds.
Onex' businesses have assets of $45 billion, generate annual revenues of $36 billion and employ approximately 236,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The Company's security filings can also be accessed at www.sedar.com.
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 | |||||||||
(Unaudited) | As at | As at | As at | ||||||
(in millions of U.S. dollars) | June 30, 2013 | December 31, 2012 | January 1, 2012 | ||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 2,707 | $ | 2,656 | $ | 2,448 | |||
Short-term investments | 761 | 730 | 749 | ||||||
Accounts receivable | 4,022 | 3,858 | 3,272 | ||||||
Inventories | 4,393 | 4,519 | 4,428 | ||||||
Other current assets | 1,349 | 1,443 | 1,154 | ||||||
13,232 | 13,206 | 12,051 | |||||||
Property, plant and equipment | 5,423 | 5,495 | 5,102 | ||||||
Long-term investments | 7,046 | 6,424 | 5,415 | ||||||
Other non-current assets | 2,052 | 1,986 | 1,776 | ||||||
Intangible assets | 5,071 | 4,833 | 2,599 | ||||||
Goodwill | 4,900 | 4,358 | 2,434 | ||||||
$ | 37,724 | $ | 36,302 | $ | 29,377 | ||||
Liabilities and Equity | |||||||||
Current liabilities | |||||||||
Accounts payable and accrued liabilities | $ | 4,539 | $ | 4,549 | $ | 3,893 | |||
Current portion of provisions | 315 | 347 | 263 | ||||||
Other current liabilities | 1,441 | 1,340 | 909 | ||||||
Current portion of long-term debt of operating companies, without recourse to Onex Corporation |
2,015 |
286 |
482 |
||||||
Current portion of warranty reserves and unearned premiums | 1,333 | 1,366 | 1,400 | ||||||
9,643 | 7,888 | 6,947 | |||||||
Non-current portion of provisions | 266 | 264 | 180 | ||||||
Long-term debt of operating companies, without recourse to Onex Corporation | 10,234 | 10,184 | 6,479 | ||||||
Non-current portion of warranty reserves and unearned premiums | 1,741 | 1,774 | 1,727 | ||||||
Other non-current liabilities | 2,938 | 2,852 | 2,368 | ||||||
Deferred income taxes | 1,863 | 1,683 | 1,059 | ||||||
Limited Partners' Interests | 6,826 | 6,208 | 4,980 | ||||||
33,511 | 30,853 | 23,740 | |||||||
Equity | |||||||||
Share capital | 353 | 358 | 360 | ||||||
Non-controlling interests | 3,648 | 3,822 | 3,863 | ||||||
Retained earnings and accumulated other comprehensive earnings | 212 | 1,269 | 1,414 | ||||||
4,213 | 5,449 | 5,637 | |||||||
$ | 37,724 | $ | 36,302 | $ | 29,377 | ||||
Onex Corporation | ||||||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||||||
(Unaudited) | Three months ended June 30 | Six months ended June 30 | ||||||||||||||
(in millions of U.S. dollars except per share data) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenues | $ | 7,699 | $ | 7,002 | $ | 14,911 | $ | 13,819 | ||||||||
Cost of sales (excluding amortization of property, plant and equipment, intangible assets and deferred charges) | (6,233 |
) | (5,546 |
) | (11,844 |
) | (10,954 |
) | ||||||||
Operating expenses | (1,024 | ) | (843 | ) | (2,071 | ) | (1,672 | ) | ||||||||
Interest income | 23 | 10 | 48 | 20 | ||||||||||||
Amortization of property, plant and equipment | (186 | ) | (154 | ) | (350 | ) | (294 | ) | ||||||||
Amortization of intangible assets and deferred charges | (136 | ) | (79 | ) | (277 | ) | (162 | ) | ||||||||
Interest expense of operating companies | (200 | ) | (158 | ) | (383 | ) | (295 | ) | ||||||||
Increase (decrease) in value of investments in joint ventures and associates at fair value, net | 14 |
(358 |
) | 290 |
250 |
|||||||||||
Stock-based compensation expense | (34 | ) | (46 | ) | (156 | ) | (134 | ) | ||||||||
Other gains | 170 | - | 170 | - | ||||||||||||
Other items | (184 | ) | (76 | ) | (283 | ) | (121 | ) | ||||||||
Impairment of intangible assets and long-lived assets | (114 | ) | (14 | ) | (123 | ) | (16 | ) | ||||||||
Limited Partners' Interests recovery (charge) | (472 | ) | 180 | (846 | ) | (306 | ) | |||||||||
Earnings (loss) before income taxes | (677 | ) | (82 | ) | (914 | ) | 135 | |||||||||
Provision for income taxes | (41 | ) | (90 | ) | (75 | ) | (134 | ) | ||||||||
Net Earnings (Loss) for the Period | $ | (718 | ) | $ | (172 | ) | $ | (989 | ) | $ | 1 | |||||
Net Earnings (Loss) attributable to: | ||||||||||||||||
Equity holders of Onex Corporation | $ | (612 | ) | $ | (201 | ) | $ | (920 | ) | $ | (143 | ) | ||||
Non-controlling Interests | (106 | ) | 29 | (69 | ) | 144 | ||||||||||
Net Earnings (Loss) for the Period | $ | (718 | ) | $ | (172 | ) | $ | (989 | ) | $ | 1 | |||||
Net Loss per Subordinate Voting Share of Onex Corporation | ||||||||||||||||
Basic and Diluted: | ||||||||||||||||
Net Loss for the Period | $ | (5.38 | ) | $ | (1.75 | ) | $ | (8.08 | ) | $ | (1.25 | ) | ||||
Onex Corporation | |||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
Six months ended June 30 | |||||||||
(Unaudited) | 2013 | 2012 | |||||||
(in millions of U.S. dollars) | |||||||||
Operating Activities | |||||||||
Earnings (loss) for the period | $ | (989 | ) | $ | 1 | ||||
Adjustments to earnings (loss): | |||||||||
Provision for income taxes | 75 | 134 | |||||||
Interest income | (48 | ) | (20 | ) | |||||
Interest expense of operating companies | 383 | 295 | |||||||
Net earnings (loss) before interest and provision for income taxes | (579 | ) | 410 | ||||||
Cash taxes paid | (183 | ) | (197 | ) | |||||
Items not affecting cash and cash equivalents: | |||||||||
Amortization of property, plant and equipment | 350 | 294 | |||||||
Amortization of intangible assets and deferred charges | 277 | 162 | |||||||
Amortization of deferred warranty costs | 7 | 20 | |||||||
Increase in value of investments in joint ventures and associates at fair value, net | (290 | ) | (250 | ) | |||||
Stock-based compensation expense | 89 | 113 | |||||||
Other gains | (170 | ) | - | ||||||
Impairment of intangible assets and long-lived assets | 123 | 16 | |||||||
Limited Partners' Interests charge | 846 | 306 | |||||||
Change in provisions | 66 | 99 | |||||||
Other | 102 | 27 | |||||||
638 | 1,000 | ||||||||
Changes in non-cash working capital items: | |||||||||
Accounts receivable | (245 | ) | (177 | ) | |||||
Inventories | 97 | (254 | ) | ||||||
Other current assets | 74 | 35 | |||||||
Accounts payable, accrued liabilities and other current liabilities | (61 | ) | 173 | ||||||
Decrease in cash and cash equivalents due to changes in working capital items | (135 | ) | (223 | ) | |||||
Decrease in other operating activities | (40 | ) | (60 | ) | |||||
Change in warranty reserves and premiums | 26 | 30 | |||||||
489 | 747 | ||||||||
Financing Activities | |||||||||
Issuance of long-term debt | 3,292 | 2,009 | |||||||
Repayment of long-term debt | (2,075 | ) | (1,726 | ) | |||||
Cash interest paid | (319 | ) | (240 | ) | |||||
Cash dividends paid | (6 | ) | (6 | ) | |||||
Repurchase of share capital of Onex Corporation | (50 | ) | (5 | ) | |||||
Repurchase of share capital of operating companies | (66 | ) | (123 | ) | |||||
Financing provided by Limited Partners | 341 | 125 | |||||||
Issuance of share capital by operating companies | 35 | 18 | |||||||
Distributions paid to non-controlling interests and Limited Partners | (591 | ) | (330 | ) | |||||
Change in restricted cash for distribution to Limited Partners | 28 | (32 | ) | ||||||
Decrease due to other financing activities | (42 | ) | (33 | ) | |||||
547 | (343 | ) | |||||||
Investing Activities | |||||||||
Acquisitions, net of cash and cash equivalents in acquired companies of $12 (2012 - nil) | (382 | ) | (49 | ) | |||||
Purchase of property, plant and equipment | (456 | ) | (326 | ) | |||||
Proceeds from sale of investments in associates at fair value | 323 | 326 | |||||||
Proceeds from sale of operating investment no longer controlled | 217 | - | |||||||
Cash interest and dividends received | 29 | 6 | |||||||
Net purchases of investments and securities | (756 | ) | (412 | ) | |||||
Increase due to other investing activities | 64 | 19 | |||||||
(961 | ) | (436 | ) | ||||||
Increase (Decrease) in Cash and Cash Equivalents for the Period | 75 | (32 | ) | ||||||
Decrease in cash due to changes in foreign exchange rates | (24 | ) | (2 | ) | |||||
Cash and cash equivalents, beginning of the period | 2,656 | 2,448 | |||||||
Cash and Cash Equivalents, End of the Period | $ | 2,707 | $ | 2,414 |
Onex Corporation |
INFORMATION BY INDUSTRY SEGMENT |
FOR THE THREE MONTHS ENDED JUNE 30, 2013 |
(Unaudited) (in millions of U.S. dollars) Three months ended June 30, 2013 |
Electronics Manufacturing Services |
Aerostructures |
Healthcare |
Insurance Provider |
Customer Care Services |
Metal Services |
Building Products |
Other(a) |
Consolidated Total |
||||||||||||||||||
Revenues | $1,496 | $1,521 | $1,222 | $298 | $349 | $631 | $907 | $1,275 | $7,699 | ||||||||||||||||||
Cost of sales (excluding amortization of property, plant and equipment, intangible assets and deferred charges) | (1,381 |
) | (1,557 |
) | (855 |
) | (152 |
) | (231 |
) | (579 |
) | (745 |
) | (733 |
) | (6,233 |
) | |||||||||
Operating expenses | (57 | ) | (54 | ) | (207 | ) | (93 | ) | (95 | ) | (16 | ) | (114 | ) | (388 | ) | (1,024 | ) | |||||||||
Interest income | - | - | - | - | - | - | - | 23 | 23 | ||||||||||||||||||
Amortization of property, plant and equipment | (16 |
) | (54 |
) | (31 |
) | (1 |
) | (8 |
) | (16 |
) | (28 |
) | (32 |
) | (186 |
) | |||||||||
Amortization of intangible assets and deferred charges | (3 |
) | (7 |
) | (36 |
) | (3 |
) | (5 |
) | (3 |
) | (5 |
) | (74 |
) | (136 |
) | |||||||||
Interest expense of operating companies | (1 | ) | (18 | ) | (60 | ) | (2 | ) | (22 | ) | (6 | ) | (18 | ) | (73 | ) | (200 | ) | |||||||||
Increase in value of investments in joint ventures and associates at fair value, net | - |
- |
- |
- |
- |
- |
- |
14 |
14 |
||||||||||||||||||
Stock-based compensation recovery (expense) | (6 |
) | (9 |
) | (2 |
) | (2 |
) | - |
- |
1 |
(16 |
) | (34 |
) | ||||||||||||
Other gains | - | - | - | - | - | - | - | 170 | 170 | ||||||||||||||||||
Other items | 1 | (5 | ) | (97 | ) | 3 | (1 | ) | - | (9 | ) | (76 | ) | (184 | ) | ||||||||||||
Impairment of intangible assets and long-lived assets | (1 |
) | - |
- |
- |
- |
- |
(2 |
) | (111 |
) | (114 |
) | ||||||||||||||
Limited Partners' Interests charge | - | - | - | - | - | - | - | (472 | ) | (472 | ) | ||||||||||||||||
Earnings (loss) before income taxes | 32 | (183 | ) | (66 | ) | 48 | (13 | ) | 11 | (13 | ) | (493 | ) | (677 | ) | ||||||||||||
Recovery of (provision for) income taxes | (3 | ) | 52 | (12 | ) | (17 | ) | (3 | ) | (4 | ) | (4 | ) | (50 | ) | (41 | ) | ||||||||||
Net earnings (loss) for the period | $29 | $(131 | ) | $(78 | ) | $31 | $(16 | ) | $7 | $(17 | ) | $(543 | ) | $(718 | ) | ||||||||||||
Net earnings (loss) attributable to: | |||||||||||||||||||||||||||
Equity holders of Onex Corporation | $3 | $(19 | ) | $(77 | ) | $28 | $(11 | ) | $3 | $(15 | ) | $(524 | ) | $(612 | ) | ||||||||||||
Non-controlling interests | 26 | (112 | ) | (1 | ) | 3 | (5 | ) | 4 | (2 | ) | (19 | ) | (106 | ) | ||||||||||||
Net earnings (loss) for the period | $29 | $(131 | ) | $(78 | ) | $31 | $(16 | ) | $7 | $(17 | ) | $(543 | ) | $(718 | ) | ||||||||||||
(a) | Includes Tropicana Las Vegas, SGS International, USI, KraussMaffei, Emerald Expositions (acquired in June 2013), ONCAP II (BSN SPORTS up to June 2013), ONCAP III, Flushing Town Center, Meridian Aviation, OCP CLO-1, OCP CLO-2, OCP CLO-3, OCP CLO-4 and the parent company. Investments in joint ventures and associates recorded at fair value include Allison Transmission, BBAM, Tomkins, Cypress and certain Onex Real Estate investments. | |
Onex Corporation |
INFORMATION BY INDUSTRY SEGMENT |
FOR THE THREE MONTHS ENDED JUNE 30, 2012 |
(Unaudited) (in millions of U.S. dollars) Three months ended June 30, 2012 |
|
Electronics Manufacturing Services |
|
|
Aerostructures |
|
|
Healthcare |
|
|
Insurance Provider |
|
|
Customer Care Services |
|
|
Metal Services |
|
|
Building Products |
|
|
Other(a) |
|
|
Consolidated Total |
|
Revenues | $1,745 | $1,338 | $1,249 | $311 | $347 | $669 | $807 | $536 | $7,002 | ||||||||||||||||||
Cost of sales (excluding amortization of property, plant and equipment, intangible assets and deferred charges) | (1,608 | ) | (1,104 | ) | (859 | ) | (160 | ) | (225 | ) | (616 | ) | (649 | ) | (325 | ) | (5,546 | ) | |||||||||
Operating expenses | (60 | ) | (52 | ) | (236 | ) | (99 | ) | (91 | ) | (15 | ) | (113 | ) | (177 | ) | (843 | ) | |||||||||
Interest income | 1 | - | 1 | - | - | - | - | 8 | 10 | ||||||||||||||||||
Amortization of property, plant and equipment | (18 | ) | (39 | ) | (33 | ) | (1 | ) | (7 | ) | (14 | ) | (25 | ) | (17 | ) | (154 | ) | |||||||||
Amortization of intangible assets and deferred charges | (2 | ) | (7 | ) | (40 | ) | (4 | ) | (6 | ) | (3 | ) | (4 | ) | (13 | ) | (79 | ) | |||||||||
Interest expense of operating companies | (2 | ) | (28 | ) | (57 | ) | (1 | ) | (34 | ) | (5 | ) | (15 | ) | (16 | ) | (158 | ) | |||||||||
Decrease in value of investments in joint ventures and associates at fair value, net | - | - | - | - | - | - | - | (358 | ) | (358 | ) | ||||||||||||||||
Stock-based compensation expense | (7 | ) | (2 | ) | (2 | ) | - | - | (1 | ) | (14 | ) | (20 | ) | (46 | ) | |||||||||||
Other items | (17 | ) | (63 | ) | (6 | ) | 2 | (8 | ) | 1 | (4 | ) | 19 | (76 | ) | ||||||||||||
Impairment of intangible assets and long-lived assets | - | - | (14 | ) | - | - | - | - | - | (14 | ) | ||||||||||||||||
Limited Partners' Interests recovery | - | - | - | - | - | - | - | 180 | 180 | ||||||||||||||||||
Earnings (loss) before income taxes | $32 | $43 | $3 | $48 | $(24 | ) | $16 | $(17 | ) | $(183 | ) | $(82 | ) | ||||||||||||||
Provision for income taxes | (8 | ) | (13 | ) | (9 | ) | (18 | ) | (4 | ) | (6 | ) | (4 | ) | (28 | ) | (90 | ) | |||||||||
Net earnings (loss) for the period | $24 | $30 | $(6 | ) | $30 | $(28 | ) | $10 | $(21 | ) | $(211 | ) | $(172 | ) | |||||||||||||
Net earnings (loss) attributable to: | |||||||||||||||||||||||||||
Equity holders of Onex Corporation | $2 | $5 | $(2 | ) | $27 | $(15 | ) | $6 | $(14 | ) | $(210 | ) | $(201 | ) | |||||||||||||
Non-controlling interests | 22 | 25 | (4 | ) | 3 | (13 | ) | 4 | (7 | ) | (1 | ) | 29 | ||||||||||||||
Net earnings (loss) for the period | $24 | $30 | $(6 | ) | $30 | $(28 | ) | $10 | $(21 | ) | $(211 | ) | $(172 | ) |
(a) | Includes Tropicana Las Vegas, ONCAP II, ONCAP III, Flushing Town Center, OCP CLO-1 and the parent company. Investments in joint ventures and associates recorded at fair value include Allison Transmission, Hawker Beechcraft, RSI (sold in February 2013), Tomkins, Cypress and certain Onex Real Estate investments. | |
Onex Corporation |
INFORMATION BY INDUSTRY SEGMENT |
FOR THE SIX MONTHS ENDED JUNE 30, 2013 |
(Unaudited) (in millions of U.S. dollars) Six months ended June 30, 2013 |
Electronics Manufacturing Services |
Aerostructures |
Healthcare |
Insurance Provider |
Customer Care Services |
Metal Services |
Building Products |
Other(a) |
Consolidated Total |
||||||||||||||||||
Revenues | $2,868 | $2,963 | $2,377 | $595 | $714 | $1,221 | $1,677 | $2,496 | $14,911 | ||||||||||||||||||
Cost of sales (excluding amortization of property, plant and equipment, intangible assets and deferred charges) | (2,649 | ) | (2,796 | ) | (1,672 | ) | (304 | ) | (467 | ) | (1,114 | ) | (1,394 | ) | (1,448 | ) | (11,844 | ) | |||||||||
Operating expenses | (109 | ) | (110 | ) | (420 | ) | (189 | ) | (187 | ) | (30 | ) | (234 | ) | (792 | ) | (2,071 | ) | |||||||||
Interest income | - | - | 1 | - | - | - | 1 | 46 | 48 | ||||||||||||||||||
Amortization of property, plant and equipment | (31 | ) | (88 | ) | (62 | ) | (2 | ) | (15 | ) | (32 | ) | (54 | ) | (66 | ) | (350 | ) | |||||||||
Amortization of intangible assets and deferred charges | (6 | ) | (15 | ) | (75 | ) | (6 | ) | (10 | ) | (6 | ) | (9 | ) | (150 | ) | (277 | ) | |||||||||
Interest expense of operating companies | (2 | ) | (35 | ) | (103 | ) | (3 | ) | (47 | ) | (13 | ) | (37 | ) | (143 | ) | (383 | ) | |||||||||
Increase in value of investments in joint ventures and associates at fair value, net | - | - | - | - | - | - | - | 290 | 290 | ||||||||||||||||||
Stock-based compensation expense | (16 | ) | (13 | ) | (4 | ) | (3 | ) | - | (1 | ) | (6 | ) | (113 | ) | (156 | ) | ||||||||||
Other gains | - | - | - | - | - | - | - | 170 | 170 | ||||||||||||||||||
Other items | (7 | ) | (24 | ) | (130 | ) | 7 | (11 | ) | - | 10 | (128 | ) | (283 | ) | ||||||||||||
Impairment of intangible assets and long-lived assets | (1 | ) | - | - | (1 | ) | - | - | (2 | ) | (119 | ) | (123 | ) | |||||||||||||
Limited Partners' Interests charge | - | - | - | - | - | - | - | (846 | ) | (846 | ) | ||||||||||||||||
Earnings (loss) before income taxes | $47 | $(118 | ) | $(88 | ) | $94 | $(23 | ) | $25 | $(48 | ) | $(803 | ) | $(914 | ) | ||||||||||||
Recovery of (provision for) income taxes | (8 | ) | 35 | (14 | ) | (34 | ) | (5 | ) | (9 | ) | (2 | ) | (38 | ) | (75 | ) | ||||||||||
Net earnings (loss) for the period | $39 | $(83 | ) | $(102 | ) | $60 | $(28 | ) | $16 | $(50 | ) | $(841 | ) | $(989 | ) | ||||||||||||
Net earnings (loss) attributable to: | |||||||||||||||||||||||||||
Equity holders of Onex Corporation | $4 | $(13 | ) | $(101 | ) | $54 | $(20 | ) | $8 | $(39 | ) | $(813 | ) | $(920 | ) | ||||||||||||
Non-controlling interests | 35 | (70 | ) | (1 | ) | 6 | (8 | ) | 8 | (11 | ) | (28 | ) | (69 | ) | ||||||||||||
Net earnings (loss) for the period | $39 | $(83 | ) | $(102 | ) | $60 | $(28 | ) | $16 | $(50 | ) | $(841 | ) | $(989 | ) | ||||||||||||
Total assets | $2,706 | $5,385 | $3,888 | $4,806 | $588 | $994 | $2,617 | $16,740 | $37,724 | ||||||||||||||||||
Long-term debt(b) | $- | $1,134 | $3,083 | $257 | $716 | $302 | $729 | $6,028 | $12,249 |
(a) | Includes Tropicana Las Vegas, SGS International, USI, KraussMaffei, Emerald Expositions (acquired in June 2013), ONCAP II (BSN SPORTS up to June 2013), ONCAP III, Flushing Town Center, Meridian Aviation, OCP CLO-1, OCP CLO-2, OCP CLO-3, OCP CLO-4 and the parent company. Investments in joint ventures and associates recorded at fair value include Allison Transmission, BBAM, RSI (sold in February 2013), Tomkins, Cypress and certain Onex Real Estate investments. | |
(b) | Long-term debt includes current portion, excludes finance leases and is net of financing charges. | |
Onex Corporation |
INFORMATION BY INDUSTRY SEGMENT |
FOR THE SIX MONTHS ENDED JUNE 30, 2012 |
(Unaudited) (in millions of U.S. dollars) Six months ended June 30, 2012 |
Electronics Manufacturing Services |
Aerostructures |
Healthcare |
Insurance Provider |
Customer Care Services |
Metal Services |
Building Products |
Other(a) |
Consolidated Total |
||||||||||||||||||
Revenues | $3,436 | $2,604 | $2,458 | $604 | $711 | $1,416 | $1,538 | $1,052 | $13,819 | ||||||||||||||||||
Cost of sales excluding amortization of property, plant and equipment, intangible assets and deferred charges) | (3,167 | ) | (2,115 | ) | (1,700 | ) | (308 | ) | (458 | ) | (1,309 | ) | (1,258 | ) | (639 | ) | (10,954 | ) | |||||||||
Operating expenses | (115 | ) | (106 | ) | (471 | ) | (202 | ) | (184 | ) | (32 | ) | (227 | ) | (335 | ) | (1,672 | ) | |||||||||
Interest income | 1 | - | 2 | - | - | - | 1 | 16 | 20 | ||||||||||||||||||
Amortization of property, plant and equipment | (35 | ) | (67 | ) | (65 | ) | (2 | ) | (13 | ) | (27 | ) | (51 | ) | (34 | ) | (294 | ) | |||||||||
Amortization of intangible assets and deferred charges | (5 | ) | (14 | ) | (82 | ) | (8 | ) | (13 | ) | (6 | ) | (8 | ) | (26 | ) | (162 | ) | |||||||||
Interest expense of operating companies | (3 | ) | (46 | ) | (105 | ) | (2 | ) | (56 | ) | (26 | ) | (30 | ) | (27 | ) | (295 | ) | |||||||||
Increase in value of investments in joint ventures and associates at fair value, net | - | - | - | - | - | - | - | 250 | 250 | ||||||||||||||||||
Stock-based compensation expense | (17 | ) | (7 | ) | (5 | ) | - | - | (1 | ) | (14 | ) | (90 | ) | (134 | ) | |||||||||||
Other items | (16 | ) | (60 | ) | (9 | ) | 8 | (9 | ) | 1 | (28 | ) | (8 | ) | (121 | ) | |||||||||||
Impairment of intangible assets and long-lived assets | - | - | (14 | ) | - | (1 | ) | - | (1 | ) | - | (16 | ) | ||||||||||||||
Limited Partners' Interests charge | - | - | - | - | - | - | - | (306 | ) | (306 | ) | ||||||||||||||||
Earnings (loss) before income taxes | $79 | $189 | $9 | $90 | $(23 | ) | $16 | $(78 | ) | $(147 | ) | $135 | |||||||||||||||
Provision for income taxes | (12 | ) | (59 | ) | - | (34 | ) | (7 | ) | (6 | ) | (2 | ) | (14 | ) | (134 | ) | ||||||||||
Net earnings (loss) for the period | $67 | $130 | $9 | $56 | $(30 | ) | $10 | $(80 | ) | $(161 | ) | $1 | |||||||||||||||
Net earnings (loss) attributable to: | |||||||||||||||||||||||||||
Equity holders of Onex Corporation | $6 | $21 | $7 | $51 | $(16 | ) | $6 | $(55 | ) | $(163 | ) | $(143 | ) | ||||||||||||||
Non-controlling interests | 61 | 109 | 2 | 5 | (14 | ) | 4 | (25 | ) | 2 | 144 | ||||||||||||||||
Net earnings (loss) for the period | $67 | $130 | $9 | $56 | $(30 | ) | $10 | $(80 | ) | $(161 | ) | $1 | |||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||||
As at December 31, 2012 | |||||||||||||||||||||||||||
Total assets | $2,659 | $5,371 | $3,971 | $4,903 | $632 | $989 | $2,626 | $15,151 | $36,302 | ||||||||||||||||||
Long-term debt(b) | $55 | $1,133 | $2,540 | $258 | $725 | $306 | $547 | $4,906 | $10,470 |
(a) | Includes Tropicana Las Vegas, ONCAP II, ONCAP III, Flushing Town Center, OCP CLO-1 and the parent company. Investments in joint ventures and associates recorded at fair value include Allison Transmission, Hawker Beechcraft, RSI (sold in February 2013), Tomkins, Cypress and certain Onex Real Estate investments. | |
(b) | Long-term debt includes current portion, excludes finance leases and is net of financing charges. | |
Contact Information:
Emma Thompson
Vice President, Investor Relations
416.362.7711
www.onex.com