In 2012, Onex repurchased 627,061 Subordinate Voting Shares under its Normal Course Issuer Bids for a total cost of C$24 million or an average cost per share of C$38.59. In January 2013, Onex repurchased 545,400 shares for a total cost of C$23 million or an average cost per share of C$42.51.
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 2% to $6.9 billion compared to the same period of the prior year. Onex reported a consolidated net loss of $77 million compared to a loss of $113 million in the fourth quarter of 2011. Cash from operations was $784 million in the fourth quarter of 2012 compared to $707 million in 2011.
On a consolidated basis for the full year ended December 31, 2012, revenues increased 11% to $27.4 billion. The acquisitions completed in 2011, including JELD-WEN, contributed to this year-over-year revenue increase. Net earnings for the year were $39 million compared to $1.6 billion for 2011, which included $1.7 billion of earnings relating to the sales of Husky International and Emergency Medical Services Corporation. Cash flow from operations was $2.0 billion in 2012 compared to $1.2 billion in the prior year.
Attached are the Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for the full year ended December 31, 2012 and 2011 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. Also attached are the "How We Are Invested" schedule, which details Onex' $5.0 billion of proprietary capital and provides private company performance information, and the Schedule of Fees and Expenses.
Webcast
Onex management will host a conference call to review Onex' fiscal 2012 results on Friday, February 22 at 11:00 a.m. ET. A live webcast of this conference call will be available in listen-only mode on its website, www.onex.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 $15 billion of assets under management, including $5 billion of proprietary capital, in private equity, credit securities and real estate. Onex invests its proprietary capital directly and as a substantial limited partner in its Funds.
Onex' businesses have assets of $43 billion, generate annual revenues of $37 billion and employ approximately 250,000 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.
How We Are InvestedUnless otherwise noted, all amounts are in millions of U.S. dollars except per share data. Proprietary CapitalAs at December 31 2012 2011----------------------------------------------------------------------------Private EquityOnex Partners Private Companies(1),(2) $ 1,862 $ 1,847 Public Companies(2),(3) 704 235 Unrealized Carried Interest on Onex Partners Investments(4) 140 96ONCAP(5) 409 319Direct Investments Private Companies(6) 148 204 Public Companies(3) 145 130---------------------------------------------------------------------------- 3,408 2,831----------------------------------------------------------------------------Onex Real Estate Partners(7) 192 180Onex Credit Partners(8) 171 100---------------------------------------------------------------------------- 363 280----------------------------------------------------------------------------Other Investments 108 81Cash and Near-Cash(9) 1,141 1,302Onex Corporation Debt - ----------------------------------------------------------------------------- $ 5,020 $ 4,494----------------------------------------------------------------------------Proprietary Capital per Share (December 31, 2012 - C$41.21; December 31, 2011 - C$37.47)(10) $ 41.42 $ 36.85----------------------------------------------------------------------------
