Le Lézard
Classified in: Business
Subjects: EARNINGS, MISCELLANEOUS

Onex Reports Full Year 2017 Results


All amounts in U.S. dollars unless otherwise stated

TORONTO, Feb. 23, 2018 (GLOBE NEWSWIRE) -- Onex Corporation (TSX:ONEX) today announced its consolidated financial results for the fourth quarter and full year ended December 31, 2017 and an update on matters following quarter-end.

Highlights

Recent Performance

"2017 was a good year for Onex.  We capitalized on market conditions, returning $3.5 billion to investors through several realizations," said Gerry Schwartz, Chairman and Chief Executive Officer of Onex.  "We also raised a record amount of capital.  We now have more than $9.6 billion, including $2.8 billion from Onex, available for new private equity investments."

Onex management continues to share in the risks and rewards of our businesses through the team's significant investment in everything Onex owns. At January 31, 2018, the team has approximately $2.1 billion invested in the underlying private equity operating businesses, credit funds and Onex shares.

Creating Value for Shareholders

We create value for shareholders by growing both our capital per share and our fee-generating assets.  For the full year ended December 31, 2017 the Company's capital per share increased by 11% to $64.79 and our fee-generating assets increased by 36% to $21.7 billion.  The growth in our fee-generating assets was largely driven by our success in raising Onex Partners V.  Over the last five years, Onex' capital per share grew 10% per year and our fee-generating assets grew by 20% per year.  With larger private equity funds and a growing credit platform, we are well positioned to grow the profitability of our asset management business in the years to come.

Onex paid a fourth-quarter dividend of C$0.075 per SVS on January 31, 2018 to shareholders of record on January 10, 2018.

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, revenues increased by 17% to $6.3 billion compared to the same period of the prior year.  The increase was largely due to the inclusion of revenues from the acquisitions of Parkdean Resorts and Save-A-Lot.  Net earnings for the fourth quarter of 2017 were $300 million compared to a loss of $152 million in the same quarter of 2016.  This increase in net earnings was primarily attributable to a net deferred tax recovery associated with income tax assets and liabilities as a result of the tax reform in the United States, as well as an increase in the fair value of joint ventures and associates.

On a consolidated basis for the full year, revenues increased by 38% to $24.5 billion from the prior year.  The increase in revenues was primarily due to the inclusion of revenues from the acquisition of Parkdean Resorts and the inclusion of full year revenues from acquisitions completed in 2016.  Net earnings for the year were $2.4 billion compared to a loss of $36 million in 2016.  This increase in net earnings was primarily driven by $3.3 billion of gains recorded from the loss of control over JELD-WEN and the sale of USI, a gain recorded by Carestream Health on the sale of its Dental Digital business and an increase in the fair value of joint ventures and associates; these increases were partially offset by an increase in the limited partners' interests charge.

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, 2017 and 2016, 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. 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, www.onex.com.

Webcast

Onex management will host a conference call to review Onex' fourth-quarter and full-year 2017 results on Friday, February 23 at 11:00 a.m. ET.  A live webcast of this conference call will be available in listen-only mode on the Presentations and Events section of Onex' shareholder website, https://ir.onex.com/investor-relations.

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.  Onex has more than $32 billion of assets under management, including $6.8 billion of Onex proprietary capital, in private equity and credit securities.  With offices in Toronto, New York, New Jersey and London, Onex and the team are collectively the largest investors across Onex' platforms.

Onex' businesses have assets of $47 billion, generate annual revenues of $30 billion and employ approximately 162,000 people worldwide.  Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX.  For more information on Onex, visit its website at www.onex.com.  Onex' 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.

Please click here to view the Onex Full Year 2017 Financial Statements.

For further information:
Emilie Blouin
Director, Investor Relations
Tel: 416.362.7711


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