Advertisement
Onex Corporation CONSOLIDATED BALANCE SHEETS
(Unaudited) As at As at As at December 31, December 31, January 1,(in millions of U.S. dollars) 2012 2011 2011----------------------------------------------------------------------------AssetsCurrent assetsCash and cash equivalents $ 2,656 $ 2,448 $ 2,532Short-term investments 730 749 715Accounts receivable 3,858 3,272 3,430Inventories 4,519 4,428 4,004Other current assets 1,443 1,154 1,463---------------------------------------------------------------------------- 13,206 12,051 12,144Property, plant and equipment 5,495 5,102 4,056Long-term investments 6,424 5,415 4,864Other non-current assets 1,986 1,776 1,850Intangible assets 4,833 2,599 2,505Goodwill 4,358 2,434 2,634---------------------------------------------------------------------------- $ 36,302 $ 29,377 $ 28,053----------------------------------------------------------------------------Liabilities and EquityCurrent liabilitiesAccounts payable and accrued liabilities $ 4,549 $ 3,893 $ 3,964Current portion of provisions 347 263 257Other current liabilities 1,340 909 1,225Current portion of long-term debt of operating companies, without recourse to Onex Corporation 286 482 243Current portion of warranty reserves and unearned premiums 1,366 1,400 1,314---------------------------------------------------------------------------- 7,888 6,947 7,003Non-current portion of provisions 264 180 284Long-term debt of operating companies, without recourse to Onex Corporation 10,184 6,479 6,346Non-current portion of warranty reserves and unearned premiums 1,774 1,727 1,780Other non-current liabilities 2,860 2,376 1,964Deferred income taxes 1,683 1,059 936Limited Partners' Interests 6,208 4,980 5,650---------------------------------------------------------------------------- 30,861 23,748 23,963----------------------------------------------------------------------------EquityShare capital 358 360 373Non-controlling interests 3,816 3,857 3,633Retained earnings and accumulated other comprehensive earnings 1,267 1,412 84---------------------------------------------------------------------------- 5,441 5,629 4,090---------------------------------------------------------------------------- $ 36,302 $ 29,377 $ 28,053---------------------------------------------------------------------------- Onex Corporation CONSOLIDATED STATEMENTS OF EARNINGSYear ended December 31(in millions of U.S. dollars except per share data) 2012 2011----------------------------------------------------------------------------Revenues $ 27,443 $ 24,642Cost of sales (excluding amortization of property, plant and equipment, intangible assets and deferred charges) (22,218) (19,725)Operating expenses (3,313) (2,924)Interest income 60 32Amortization of property, plant and equipment (595) (462)Amortization of intangible assets and deferred charges (330) (311)Interest expense of operating companies (553) (488)Increase in value of investments in joint ventures and associates at fair value, net 863 501Stock-based compensation expense (241) (133)Other gains 59 -Other items (45) (160)Impairment of goodwill, intangible assets and long-lived assets, net (65) (197)Limited Partners' Interests charge (929) (627)----------------------------------------------------------------------------Earnings before income taxes and discontinued operations 136 148Provision for income taxes (97) (236)----------------------------------------------------------------------------Earnings (loss) from continuing operations 39 (88)Earnings from discontinued operations - 1,715----------------------------------------------------------------------------Net Earnings for the Year $ 39 $ 1,627--------------------------------------------------------------------------------------------------------------------------------------------------------Earnings (Loss) from Continuing Operations attributable to:Equity holders of Onex Corporation $ (121) $ (356)Non-controlling Interests 160 268----------------------------------------------------------------------------Earnings (Loss) from Continuing Operations for the Year $ 39 $ (88)----------------------------------------------------------------------------Net Earnings (Loss) attributable to:Equity holders of Onex Corporation $ (121) $ 1,326Non-controlling Interests 160 301----------------------------------------------------------------------------Net Earnings for the Year $ 39 $ 1,627----------------------------------------------------------------------------Net Earnings (Loss) per Subordinate Voting Share of Onex CorporationBasic and Diluted: Continuing operations $ (1.05) $ (3.03) Discontinued operations - 14.33----------------------------------------------------------------------------Net Earnings (Loss) for the Year $ (1.05) $ 11.30---------------------------------------------------------------------------- Onex Corporation CONSOLIDATED STATEMENTS OF CASH FLOWSYear ended December 31 (in millions of U.S. dollars) 2012 2011----------------------------------------------------------------------------Operating ActivitiesEarnings (loss) for the year from continuing operations $ 39 $ (88)Adjustments to earnings (loss) from continuing operations: Provision for income taxes 97 236 Interest income (60) (32) Interest expense of operating companies 553 488----------------------------------------------------------------------------Net earnings before interest and provision for income taxes 629 604Cash taxes paid (302) (161)Items not affecting cash and cash equivalents: Amortization of property, plant and equipment 595 462 Amortization of intangible assets and deferred charges 330 311 Amortization of deferred warranty costs 32 50 Increase in value of investments in joint ventures and associates at fair value, net (863) (501) Stock-based compensation expense 213 62 Other gains (59) - Impairment of goodwill, intangible assets and long- lived assets 65 197 Limited Partners' Interests charge 929 627 Change in provisions 93 89 Other 69 (6)---------------------------------------------------------------------------- 1,731 1,734Changes in non-cash working capital items: Accounts receivable (23) 1 Inventories 377 (162) Other current assets 22 3 Accounts payable, accrued liabilities and other current liabilities 15 (457)----------------------------------------------------------------------------Increase (decrease) in cash and cash equivalents due to changes in working capital items 391 (615)Decrease in other operating activities (101) (58)Increase in warranty reserves and premiums 22 27Cash flows from operating activities of discontinued operations - 100---------------------------------------------------------------------------- 2,043 1,188----------------------------------------------------------------------------Financing ActivitiesIssuance of long-term debt 2,632 594Repayment of long-term debt (1,882) (460)Cash interest paid (476) (411)Cash dividends paid (12) (13)Repurchase of share capital of Onex Corporation (24) (105)Repurchase of share capital of operating companies (340) (149)Financing provided by Limited Partners 1,311 932Issuance of share capital by operating companies 34 151Proceeds from sales of operating investments under continuing control - 268Distributions paid to non-controlling interests and Limited Partners (982) (2,248)Change in restricted cash for distribution to Limited Partners (35) 272Decrease due to other financing activities (51) (52)Cash flows used for financing activities of discontinued operations - (42)---------------------------------------------------------------------------- 175 (1,263)----------------------------------------------------------------------------Investing ActivitiesAcquisition of operating companies, net of cash and cash equivalents in acquired companies of $275 (2011 - $191) (1,393) (1,155)Purchase of property, plant and equipment (723) (646)Proceeds from sale of investment in associates at fair value 326 -Proceeds from sale of operating investment no longer controlled 71 -Distributions received from investments in associates of Onex Partners 676 38Purchase of investments in associates of Onex Partners (165) -Cash interest received 19 45Net purchases of investments and securities (787) (91)Decrease due to other investing activities (39) (233)Cash flows from investing activities of discontinued operations - 2,030---------------------------------------------------------------------------- (2,015) (12)----------------------------------------------------------------------------Increase (decrease) in Cash and Cash Equivalents for the Year 203 (87)Increase in cash due to changes in foreign exchange rates 5 3Cash and cash equivalents, beginning of the year - continuing operations 2,448 2,053Cash and cash equivalents, beginning of the year - discontinued operations - 479----------------------------------------------------------------------------Cash and Cash Equivalents Held by Continuing Operations $ 2,656 $ 2,448----------------------------------------------------------------------------
