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Onex Reports Third-Quarter 2012 Results

Date : 11/08/2012 @ 2:30AM
Source : Marketwired
Stock : Onex Corporation, Sv (OCX)
Quote : 60.88  -1.48 (-2.37%) @ 2:00AM
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Onex Reports Third-Quarter 2012 Results

Onex Corporation, Sv (TSX:OCX)
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All amounts in U.S. dollars unless otherwise stated

Onex Corporation ("Onex") (TSX:OCX) today announced its consolidated financial results for the third quarter and nine months ended September 30, 2012 and an update on matters following quarter-end.

Highlights


--  Onex completed the $813 million acquisition of SGS International, a
    global leader in design-to-print graphic services to the consumer
    products packaging industry.  
    
--  Onex agreed to acquire KraussMaffei, a leading manufacturer of plastic
    and rubber processing equipment, in a transaction valued at EUR568
    million.  
    
--  Onex opened an office in London, England to support continued growth of
    its investing activities. 
    
--  Onex established a strategic partnership with Neil Fiske, an experienced
    executive in the retail industry. 
    
--  Onex completed the sale of Center for Diagnostic Imaging, resulting in a
    multiple of invested capital of 2.0 times.  
    
--  Onex Credit Partners priced its second collateralized loan obligation
    ("CLO") offering in a private placement transaction that will raise $521
    million including $26 million from Onex.  
    
--  Including realizations and distributions, the value of Onex' interest in
    Onex Partners' and ONCAP's private investments grew by 10% and 11%,
    respectively, in the first nine months of 2012. Overall, Onex'
    proprietary capital, including $1.5 billion of cash and near-cash items,
    grew by 7% on a per share basis during the first nine months of the year
    to $39.38. 

Acquiring and Building Businesses

"The past several months have been busy for us. We announced two acquisitions and continue to broaden our sourcing capabilities," said Gerald W. Schwartz, Chairman and Chief Executive Officer of Onex. "The SGS International investment resulted from several years of work in the consumer and packaging industries and KraussMaffei was a joint effort between our Toronto and London teams."

Based in Louisville, Kentucky, SGS International provides design-to-print graphic services for multiple packaging variations for food, beverage, personal care and other brands. The company has long-standing relationships with many of the world's leading consumer packaged goods companies and the printers that service them. SGS International has significant growth potential and under Onex' ownership, has already completed one add-on acquisition to extend its service offering to retail point-of-purchase displays and in-store banners. The acquisition of SGS International was completed in mid-October and the equity investment by Onex Partners III was $260 million, of which Onex' share was $66 million as a limited partner in the Fund. Onex Partners III and management of SGS International own 100% of the company.

Based in Munich, Germany, KraussMaffei makes machines and systems for forming plastic products used in automotive, consumer packaging and construction applications. The company holds a leading position in many of the segments it serves. Prior to agreeing to acquire KraussMaffei, we worked with the management team to identify meaningful opportunities for improving the operations and free cash flow profile. Onex Partners III is expected to make an equity investment of approximately $340 million, of which Onex' share is $86 million as a limited partner in the Fund. Upon closing, expected by March 31, 2013 and subject to customary conditions and regulatory approvals, Onex Partners III and management of KraussMaffei will own approximately 97% of the company. Including this acquisition, Onex Partners III will be approximately 60% invested.

While the private equity origination market has improved this year, it is still very competitive. Although it is difficult to predict investment pace, Onex is well-positioned to respond to opportunities. The parent company continues to be in excellent financial condition with no debt and approximately $1.5 billion of cash and near-cash items at September 30, 2012. Onex now has $2.2 billion of uncalled committed third-party capital for future acquisitions by Onex Partners III and ONCAP III.

The outlook for the global economy is still uncertain. Despite the challenging operating environment, Onex' interest in Onex Partners' and ONCAP's private companies grew by 10% and 11%, respectively, during the first nine months of 2012. These increases were achieved by executing our investment theses and creating equity value through cash flow improvements and debt reduction. Overall, Onex' proprietary capital, including $1.5 billion of cash and near-cash items, grew by 7% on a per share basis during the first nine months of the year.

By transforming under-valued businesses into industry leaders, Onex has generated a 28-year gross IRR of 28% and an average multiple of 2.9 times invested capital from realized, substantially realized and publicly traded investments. Success is strengthened through a meaningful alignment of interests. At September 30, 2012, the value of the team's investment in Onex' shares and its businesses was approximately $1.5 billion.

Managing and Growing Third-Party Capital

Onex earns recurring management fees and/or carried interest on $8.3 billion of third-party assets under management. At September 30, 2012, the value of Onex' unrealized carried interest was approximately $49 million based on the traded market values of Onex Partners' public companies and a further $77 million based on the quarter-end valuations of the private businesses. The actual amount of carried interest realized by Onex depends on the ultimate performance of each Fund.

In October, Onex Credit Partners priced its second CLO offering, which is expected to close in the fourth quarter of 2012. This private placement will raise $521 million including $26 million from Onex, and will increase Onex Credit Partners' third-party capital under management to $1.8 billion. In the last few years, the market for CLOs has significantly consolidated and favours well-capitalized, diversified sponsors like Onex. We're committed to growing this platform and, as market conditions permit, we expect Onex Credit Partners to launch additional CLOs, which will include investments from Onex. This would represent an additional source of recurring management fee income for Onex.

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 third quarter, revenues increased 12% to $6.7 billion compared to the same period of the prior year. The acquisitions completed in 2011, including JELD-WEN, contributed to this year-over-year revenue increase. Onex reported net earnings of $104 million compared to $184 million in the third quarter of 2011. The decrease in net earnings for the quarter was primarily due to forward-loss charges recorded by Spirit AeroSystems on certain new programs, partially offset by a net gain recorded by Spirit AeroSystems related to an insurance settlement.

On a consolidated basis for the nine months ended September 30, 2012, revenues increased 15% to $20.5 billion. Net earnings for the period were $116 million compared to $1.7 billion for the nine months ended September 30, 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 $1.3 billion for the first nine months of 2012 compared to $481 million for the same period last year.

The Company paid a third-quarter dividend of C$0.0275 per Subordinate Voting Share on October 31, 2012 to shareholders of record on October 10, 2012.

For the 10-month period ended October 31, 2012, Onex repurchased 438,657 Subordinate Voting Shares under its Normal Course Issuer Bids for a total cost of C$17 million or an average cost per share of C$37.88.

Attached are the Unaudited Interim Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for the quarter and nine months ended September 30, 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 is the "How We Are Invested" schedule, which details Onex' $4.8 billion of proprietary capital and provides private company performance information.

Webcast

Onex management will host a conference call to review the Company's results for the third quarter and nine months ended September 30, 2012 at 4:30 p.m. ET today. A live webcast of this conference call will be available in listen-only mode on its website, www.onex.com.

About Onex

Onex is one of North America's oldest and most successful private equity firms committed to acquiring and building high-quality businesses in partnership with talented management teams. Onex manages investment platforms focused on private equity, real estate and credit securities. In total, the Company manages approximately $14 billion, of which $9.6 billion is third-party capital. Onex invests its $4.8 billion of proprietary capital directly and as a substantial limited partner in its Funds.

Onex' businesses have assets of $39 billion, generate annual revenues of $34 billion and employ approximately 235,000 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

How We Are Invested


Unless otherwise noted, all amounts are in millions of U.S. dollars except  
 per share data.                                                            
                                                       Proprietary Capital  
                                                       September    December
                                                             30,         31,
As at                                                       2012        2011
----------------------------------------------------------------------------
Private Equity                                                              
Onex Partners                                                               
  Private Companies(1, 2)                            $     1,409 $     1,847
  Public Companies(2, 3)                                     705         235
  Unrealized Carried Interest on Onex Partners                              
   Investments(4)                                            126          96
ONCAP(5)                                                     343         319
Direct Investments                                                          
  Private Companies(6)                                       162         204
  Public Companies(3)                                        127         130
----------------------------------------------------------------------------
                                                           2,872       2,831
----------------------------------------------------------------------------
Alternative Assets                                                          
Onex Real Estate Partners(7)                                 187         180
Onex Credit Partners(8)                                      172         100
----------------------------------------------------------------------------
                                                             359         280
----------------------------------------------------------------------------
Other Investments                                             88          81
Cash and Near-Cash(9)                                      1,455       1,302
Onex Corporation Debt                                          -           -
----------------------------------------------------------------------------
                                                     $     4,774 $     4,494
----------------------------------------------------------------------------
Proprietary Capital per Share (September 30, 2012 -                         
 C$38.72; December 31, 2011 - C$37.47 (10 ))         $     39.38 $     36.85
----------------------------------------------------------------------------
                                                                            


                                                                            
                                                                            
Public Companies                                                            
                                                                            
                                 Shares                                     
                                Subject      Shares                         
                                     to        Held     Closing      Market 
                                Carried          by       Price    Value of 
                               Interest        Onex         per       Onex' 
As at September 30, 2012     (millions)  (millions)   Share(11)  Investment 
----------------------------------------------------------------------------
Onex Partners                                                               
  Skilled Healthcare                                                        
   Group(12)                       10.7         3.5 $      6.43 $        22 
  Spirit AeroSystems(12)           11.9         6.5 $     22.21         143 
  TMS International(12)            13.2         9.3 $      9.90          92 
  Allison Transmission(2,                                                   
   12)                             33.5        23.4 $     20.12         472 
----------------------------------------------------------------------------
                                                                        729 
  Estimated Management                                                      
   Investment Plan                                                          
   Liability                                                            (24)
----------------------------------------------------------------------------
                                                                        705 
Direct Investments -                                                        
 Celestica                            -    17.8(13) $      7.14         127 
----------------------------------------------------------------------------
                                                                $       832 
                                                                            
                                                                            
Significant Private Companies                                               
                                                                            
                           Onex' and its                                    
                                 Limited                                    
                               Partners'                                    
As at September 30, 2012       Ownership    LTM EBITDA(14)          Net Debt
----------------------------------------------------------------------------
Onex Partners                                                               
 The Warranty Group                   92% $        108(15)  $        250(15)
 Carestream Health                    94%              414             1,577
 RSI Home Products                    50%              n/a               n/a
 Tropicana Las Vegas                  76%               (9)               58
 Tomkins                              56%          681(16)             1,810
 ResCare                              98%              132               346
 JELD-WEN                        62%(17)           169(18)           529(18)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Direct Investments -                                                        
 Sitel Worldwide                      68% $            125  $            698
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------

                                                                            
                                                                            
Significant Private Companies                                               
                                                                            
                                                    Onex'           Original
                                Cumulative       Economic      Cost of Onex'
As at September 30, 2012     Distributions      Ownership         Investment
----------------------------------------------------------------------------
Onex Partners                                                               
 The Warranty Group       $            288             29% $             154
 Carestream Health                     509             37%               186
 RSI Home Products                     n/a             20%               126
 Tropicana Las Vegas                     -             17%                60
 Tomkins                                 -             14%               315
 ResCare                                 -             20%                41
 JELD-WEN                                -        15%(17)            203(19)
----------------------------------------------------------------------------
                                                                       1,085
----------------------------------------------------------------------------
Direct Investments -                                                        
 Sitel Worldwide          $              -             68%               251
----------------------------------------------------------------------------
                                                           $           1,336
----------------------------------------------------------------------------

Notes to Tables


1.  Based on the US$ fair value of the investments in Onex Partners'
    financial statements net of the estimated Management Investment Plan
    ("MIP") liability on these investments of $31 million (2011 - $33
    million).  CDI, which was sold in July 2012, was included in private
    companies of Onex Partners at December 31, 2011. 
    
2.  In March 2012, Allison Transmission completed an initial public offering
    of approximately 30.0 million shares of common stock (NYSE:ALSN),
    including the over-allotment option, priced at $23.00 per share.  At
    December 31, 2011, Allison Transmission was included in private
    companies of Onex Partners. 
    
3.  Based on the closing market values and net of the estimated MIP
    liability on these investments.   
    
4.  Represents Onex' share of the unrealized carried interest on public and
    private companies in the Onex Partners Funds. 
    
5.  Based on the C$ fair value of the investments in ONCAP's financial
    statements net of the estimated MIP liability on these investments of
    $18 million (2011 - $13 million) and a US$/C$ exchange rate of 0.9832
    (2011 - 1.0170). 
    
6.  Based on the estimated value. 
    
7.  Based on the carrying value of Onex Real Estate Partners' investments. 
    
8.  Based on the market values of investments in Onex Credit Partners' funds
    and Onex Credit Partners' Collateralized Loan Obligations.  Onex Credit
    Partners' Collateralized Loan Obligations were established in 2012. 
    Excludes $324 million (2011 - $312 million) invested in a segregated
    Onex Credit Partners unleveraged senior secured loan strategy fund,
    which is included with cash and near-cash items. 
    
9.  Includes $324 million (2011 - $312 million) invested in a segregated
    Onex Credit Partners unleveraged senior secured loan strategy fund.  
    
10. Calculated on a diluted basis.  
    
11. Closing prices on September 30, 2012. 
    
12. Excludes Onex' potential participation in the carried interest and
    includes shares related to the MIP. 
    
13. Excludes shares held in connection with the MIP. 
    
14. EBITDA is a non-GAAP measure and is based on the local GAAP of the
    individual operating companies.  These adjustments may include non-cash
    costs of stock-based compensation and retention plans, transition and
    restructuring expenses including severance payments, the impact of
    derivative instruments that no longer qualify for hedge accounting, the
    impacts of purchase accounting and other similar amounts. 
    
15. Amount presented for The Warranty Group is net earnings rather than
    EBITDA and total debt rather than net debt. 
    
16. LTM EBITDA excludes EBITDA from businesses divested as of September 30,
    2012. 
    
17. Onex' and its limited partners' investment is in convertible preferred
    shares.  The ownership percentage is presented on an as-converted basis.
    
18. LTM EBITDA and net debt are presented for JELD-WEN Holding, inc.  Net
    debt excludes $119 million of convertible notes held by Onex, Onex
    Partners III, Onex management, certain limited partners and others. 
    
19. Net of $83 million of the amount originally invested in JELD-WEN that
    was sold by Onex to certain limited partners and others as a co-
    investment in February 2012 and $12 million return of capital on the
    convertible promissory notes to date.  Excludes $12 million invested in
    October 2012 as an add-on acquisition. 


                                                                            
                                                                            
                              Onex Corporation                              
                                                                            
                         CONSOLIDATED BALANCE SHEETS                        
                                                                            
                                                                            
                                       As at           As at           As at
(in millions of U.S.           September 30,    December 31,      January 1,
 dollars)                               2012            2011            2011
----------------------------------------------------------------------------
Assets                                                                      
Current assets                                                              
Cash and cash equivalents    $         2,436 $         2,448 $         2,532
Short-term investments                   779             749             715
Accounts receivable                    3,630           3,272           3,430
Inventories                            4,156           4,428           4,004
Other current assets                   1,227           1,154           1,463
----------------------------------------------------------------------------
                                      12,228          12,051          12,144
Property, plant and                                                         
 equipment                             5,122           5,102           4,056
Long-term investments                  6,275           5,415           4,864
Other non-current assets               1,851           1,776           1,850
Intangible assets                      2,425           2,599           2,505
Goodwill                               2,424           2,434           2,634
----------------------------------------------------------------------------
                             $        30,325 $        29,377 $        28,053
----------------------------------------------------------------------------
Liabilities and Equity                                                      
Current liabilities                                                         
Accounts payable and accrued                                                
 liabilities                 $         3,844 $         3,893 $         3,964
Current portion of                                                          
 provisions                              271             263             257
Other current liabilities              1,009             909           1,225
Current portion of long-term                                                
 debt of operating                                                          
 companies, without recourse                                                
 to Onex Corporation                   1,361             482             243
Current portion of warranty                                                 
 reserves and unearned                                                      
 premiums                              1,433           1,400           1,314
----------------------------------------------------------------------------
                                       7,918           6,947           7,003
Non-current portion of                                                      
 provisions                              199             180             284
Long-term debt of operating                                                 
 companies, without recourse                                                
 to Onex Corporation                   5,885           6,479           6,346
Non-current portion of                                                      
 warranty reserves and                                                      
 unearned premiums                     1,726           1,727           1,780
Other non-current                                                           
 liabilities                           2,538           2,376           1,964
Deferred income taxes                  1,054           1,059             936
Limited Partners' Interests            5,263           4,980           5,650
----------------------------------------------------------------------------
                                      24,583          23,748          23,963
----------------------------------------------------------------------------
Equity                                                                      
Share capital                            359             360             373
Non-controlling interests              3,923           3,857           3,633
Retained earnings and                                                       
 accumulated other                                                          
 comprehensive earnings                1,460           1,412              84
----------------------------------------------------------------------------
                                       5,742           5,629           4,090
----------------------------------------------------------------------------
                             $        30,325 $        29,377 $        28,053
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
                              Onex Corporation                              
                                                                            
                    CONSOLIDATED STATEMENTS OF EARNINGS                     
                                                                            
                                                                            
                              Three months ended       Nine months ended    
(Unaudited)                       September 30            September 30      
(in millions of U.S. dollars                                                
 except per share data)            2012        2011        2012        2011 
----------------------------------------------------------------------------
Revenues                     $    6,712  $    6,008  $   20,531  $   17,884 
Cost of sales (excluding                                                    
 amortization of property,                                                  
 plant and equipment,                                                       
 intangible assets and                                                      
 deferred charges)               (5,907)     (4,766)    (16,858)    (14,348)
Operating expenses                 (768)       (711)     (2,427)     (2,082)
Interest income                      19           1          39          18 
Amortization of property,                                                   
 plant and equipment               (148)       (108)       (442)       (320)
Amortization of intangible                                                  
 assets and deferred charges        (78)        (77)       (240)       (222)
Interest expense of                                                         
 operating companies               (117)       (112)       (412)       (351)
Increase (decrease) in value                                                
 of investments in                                                          
 associates at fair value,                                                  
 net                                365         (26)        615         374 
Stock-based compensation                                                    
 recovery (expense)                 (30)         66        (164)        (90)
Other gains                          59           -          59           - 
Other items                         183         (60)         62        (125)
Impairment of intangible                                                    
 assets and long-lived                                                      
 assets                             (11)       (126)        (27)       (126)
Limited Partners' Interests                                                 
 recovery (charge)                 (259)        184        (565)       (431)
----------------------------------------------------------------------------
Earnings before income taxes                                                
 and discontinued operations         20         273         171         181 
Recovery of (provision for)                                                 
 income taxes                        84         (83)        (55)       (156)
----------------------------------------------------------------------------
Earnings from continuing                                                    
 operations                         104         190         116          25 
Earnings (loss) from                                                        
 discontinued operations              -          (6)          -       1,715 
----------------------------------------------------------------------------
Net Earnings for the Period  $      104  $      184  $      116  $    1,740 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Earnings (Loss) from                                                        
 Continuing Operations                                                      
 attributable to:                                                           
Equity holders of Onex                                                      
 Corporation                 $      175  $      152  $       35  $     (170)
Non-controlling Interests           (71)         38          81         195 
----------------------------------------------------------------------------
Earnings from Continuing                                                    
 Operations for the Period   $      104  $      190  $      116  $       25 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
Net Earnings (Loss)                                                         
 attributable to:                                                           
Equity holders of Onex                                                      
 Corporation                 $      175  $      146  $       35  $    1,512 
Non-controlling Interests           (71)         38          81         228 
----------------------------------------------------------------------------
Net Earnings for the Period  $      104  $      184  $      116  $    1,740 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Net Earnings (Loss) per                                                     
 Subordinate Voting Share of                                                
 Onex Corporation                                                           
Basic and Diluted:                                                          
  Continuing operations      $     1.52  $     1.29  $     0.30  $    (1.44)
  Discontinued operations             -       (0.04)          -       14.25 
----------------------------------------------------------------------------
Net Earnings for the Period  $     1.52  $     1.25  $     0.30  $    12.81 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
                              Onex Corporation                              
                                                                            
                   CONSOLIDATED STATEMENTS OF CASH FLOWS                    
                                                                            
(Unaudited)                                  Nine months ended September 30 
(in millions of U.S. dollars)                          2012            2011 
----------------------------------------------------------------------------
Operating Activities                                                        
Earnings for the period from continuing                                     
 operations                                  $          116  $           25 
Adjustments to earnings from continuing                                     
 operations:                                                                
  Provision for income taxes                             55             156 
  Interest income                                       (39)            (18)
  Interest expense of operating companies               412             351 
----------------------------------------------------------------------------
Net earnings before interest and provision                                  
 for income taxes                                       544             514 
Cash taxes paid                                        (251)           (116)
Items not affecting cash and cash                                           
 equivalents:                                                               
    Amortization of property, plant and                                     
     equipment                                          442             320 
    Amortization of intangible assets and                                   
     deferred charges                                   240             222 
    Amortization of deferred warranty costs              28              41 
    Increase in value of investments in                                     
     associates at fair value, net                     (615)           (374)
    Stock-based compensation expense                    143              22 
    Other gains                                         (59)              - 
    Impairment of intangible assets and                                     
     long-lived assets                                   27             126 
    Limited Partners' Interests charge                  565             431 
    Change in provisions                                 97              67 
    Other                                                14             (14)
----------------------------------------------------------------------------
                                                      1,175           1,239 
Changes in non-cash working capital items:                                  
    Accounts receivable                                (344)           (129)
    Inventories                                         365            (243)
    Other current assets                                 37               7 
    Accounts payable, accrued liabilities                                   
     and other current liabilities                       78            (501)
----------------------------------------------------------------------------
Increase (decrease) in cash and cash                                        
 equivalents due to changes in working                                      
 capital items                                          136            (866)
Decrease in other operating activities                  (68)            (14)
Increase in warranty reserves and premiums               16              22 
Cash flows from operating activities of                                     
 discontinued operations                                  -             100 
----------------------------------------------------------------------------
                                                      1,259             481 
----------------------------------------------------------------------------
Financing Activities                                                        
Issuance of long-term debt                            2,039             471 
Repayment of long-term debt                          (1,792)           (242)
Cash interest paid                                     (325)           (295)
Cash dividends paid                                      (9)            (10)
Repurchase of share capital of Onex                                         
 Corporation                                            (11)            (57)
Repurchase of share capital of operating                                    
 companies                                             (145)            (52)
Financing provided by Limited Partners                  133             788 
Issuance of share capital by operating                                      
 companies                                               19             148 
Proceeds from sales of operating investments                                
 under continuing control                                 -             268 
Distributions paid to non-controlling                                       
 interests and Limited Partners                        (420)         (2,155)
Change in restricted cash for distribution                                  
 to Limited Partners                                      -             272 
Decrease due to other financing activities              (41)            (51)
Cash flows used for financing activities of                                 
 discontinued operations                                  -             (42)
----------------------------------------------------------------------------
                                                       (552)           (957)
----------------------------------------------------------------------------
Investing Activities                                                        
Acquisition of operating companies, net of                                  
 cash and cash equivalents in acquired                                      
 companies of $6 (2011 - 44)                           (143)           (298)
Purchase of property, plant and equipment              (523)           (439)
Change in restricted cash for acquisition of                                
 an operating company                                     -            (860)
Proceeds from sale of investments in                                        
 associates at fair value                               326               - 
Proceeds from sale of operating investment                                  
 no longer controlled                                    71               - 
Cash interest received                                   11              11 
Net purchases of investments and securities            (489)           (112)
Increase (decrease) due to other investing                                  
 activities                                              15            (204)
Cash flows from investing activities of                                     
 discontinued operations                                  -           2,030 
----------------------------------------------------------------------------
                                                       (732)            128 
----------------------------------------------------------------------------
Decrease in Cash and Cash Equivalents for                                   
 the Period                                             (25)           (348)
Increase (decrease) in cash due to changes                                  
 in foreign exchange rates                               13              (5)
Cash and cash equivalents, beginning of the                                 
 period - continuing operations                       2,448           2,053 
Cash and cash equivalents, beginning of the                                 
 period - discontinued operations                         -             479 
----------------------------------------------------------------------------
Cash and Cash Equivalents Held by Continuing                                
 Operations                                  $        2,436  $        2,179 
----------------------------------------------------------------------------


                              Onex Corporation                              
                                                                            
                       INFORMATION BY INDUSTRY SEGMENT                      
                FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012               
                                                                            
                                                                            
                                                                            
----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions of                                                             
 U.S. dollars)         Electronics                                          
Three months ended   Manufacturing                                Financial 
 September 30, 2012       Services   Aerostructures  Healthcare    Services 
----------------------------------------------------------------------------
Revenues             $       1,575   $        1,368 $     1,190  $      295 
Cost of sales                                                               
 (excluding                                                                 
 amortization of                                                            
 property, plant                                                            
 and equipment,                                                             
 intangible assets                                                          
 and deferred                                                               
 charges)                   (1,444)          (1,742)       (829)       (153)
Operating expenses             (56)             (48)       (200)        (94)
Interest income                  -                -           -           - 
Amortization of                                                             
 property, plant                                                            
 and equipment                 (18)             (31)        (28)         (1)
Amortization of                                                             
 intangible assets                                                          
 and deferred                                                               
 charges                        (3)              (7)        (39)         (3)
Interest expense of                                                         
 operating                                                                  
 companies                      (1)             (17)        (42)         (2)
Increase in value                                                           
 of investments in                                                          
 associates at fair                                                         
 value, net                      -                -           -           - 
Stock-based                                                                 
 compensation                                                               
 expense                       (11)              (4)         (4)         (1)
Other gains                      -                -           -           - 
Other items                    (11)             228          (5)          1 
Impairment of                                                               
 intangible assets                                                          
 and long-lived                                                             
 assets                          -                -          (5)          - 
Limited Partners'                                                           
 Interests charge                -                -           -           - 
----------------------------------------------------------------------------
Earnings (loss)                                                             
 before income                                                              
 taxes                          31             (253)         38          42 
Recovery of                                                                 
 (provision for)                                                            
 income taxes                   13               98         (14)        (14)
----------------------------------------------------------------------------
Net earnings (loss)                                                         
 for the period      $          44   $         (155)$        24  $       28 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
----------------------------------------------------------------------------
Net earnings (loss)                                                         
 attributable to:                                                           
Equity holders of                                                           
 Onex Corporation    $           5   $          (24)$        20  $       25 
Non-controlling                                                             
 interests                      39             (131)          4           3 
----------------------------------------------------------------------------
Net earnings (loss)                                                         
 for the period      $          44   $         (155)$        24  $       28 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                                            
----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions of                                                             
 U.S. dollars)       Customer                                               
Three months ended       Care      Metal   Building            Consolidated 
 September 30, 2012  Services   Services   Products   Other(a)        Total 
----------------------------------------------------------------------------
Revenues            $     348  $     573  $     813  $     550  $     6,712 
Cost of sales                                                               
 (excluding                                                                 
 amortization of                                                            
 property, plant                                                            
 and equipment,                                                             
 intangible assets                                                          
 and deferred                                                               
 charges)                (221)      (521)      (646)      (351)      (5,907)
Operating expenses        (89)       (16)      (103)      (162)        (768)
Interest income             1          -          1         17           19 
Amortization of                                                             
 property, plant                                                            
 and equipment             (7)       (14)       (28)       (21)        (148)
Amortization of                                                             
 intangible assets                                                          
 and deferred                                                               
 charges                   (5)        (3)        (6)       (12)         (78)
Interest expense of                                                         
 operating                                                                  
 companies                (20)        (6)       (14)       (15)        (117)
Increase in value                                                           
 of investments in                                                          
 associates at fair                                                         
 value, net                 -          -          -        365          365 
Stock-based                                                                 
 compensation                                                               
 expense                    -          -          -        (10)         (30)
Other gains                 -          -          -         59           59 
Other items                (3)        (1)        (5)       (21)         183 
Impairment of                                                               
 intangible assets                                                          
 and long-lived                                                             
 assets                    (1)         -         (5)         -          (11)
Limited Partners'                                                           
 Interests charge           -          -          -       (259)        (259)
----------------------------------------------------------------------------
Earnings (loss)                                                             
 before income                                                              
 taxes                      3         12          7        140           20 
Recovery of                                                                 
 (provision for)                                                            
 income taxes               2         (2)        13        (12)          84 
----------------------------------------------------------------------------
Net earnings (loss)                                                         
 for the period     $       5  $      10  $      20  $     128  $       104 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                    `                                                       
----------------------------------------------------------------------------
Net earnings (loss)                                                         
 attributable to:                                                           
Equity holders of                                                           
 Onex Corporation   $       -  $       6  $      13  $     130  $       175 
Non-controlling                                                             
 interests                  5          4          7         (2)         (71)
----------------------------------------------------------------------------
Net earnings (loss)                                                         
 for the period     $       5  $      10  $      20  $     128  $       104 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
(a) Includes Tropicana Las Vegas, ONCAP II, ONCAP III, Flushing Town Center,
OCP CLO-1, OCP CLO-2 and the parent company. Investments in associates      
recorded at fair value include Allison Transmission, Hawker Beechcraft, RSI,
Tomkins, Cypress and certain Onex Real Estate investments.                  
                                                                            
                              Onex Corporation                              
                                                                            
                      INFORMATION BY INDUSTRY SEGMENT                       
               FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2011                
                                                                            
----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions of                                                             
 U.S. dollars)                                                              
Three months ended    Electronics                                           
 September 30,      Manufacturing                                 Financial 
 2011                    Services   Aerostructures   Healthcare    Services 
----------------------------------------------------------------------------
Revenues           $        1,830  $         1,130  $     1,242  $      303 
Cost of sales                                                               
 (excluding                                                                 
 amortization of                                                            
 property, plant                                                            
 and equipment,                                                             
 intangible assets                                                          
 and deferred                                                               
 charges)                  (1,684)            (920)        (857)       (152)
Operating expenses            (61)             (42)        (221)       (108)
Interest income                 -                -            1           - 
Amortization of                                                             
 property, plant                                                            
 and Equipment                (16)             (26)         (29)         (1)
Amortization of                                                             
 intangible assets                                                          
 and deferred                                                               
 charges                       (4)              (9)         (42)         (5)
Interest expense                                                            
 of operating                                                               
 companies                     (2)             (19)         (50)         (1)
Decrease in value                                                           
 of investment in                                                           
 associates at                                                              
 fair value, net                -                -            -           - 
Stock-based                                                                 
 compensation                                                               
 recovery                                                                   
 (expense)                     (8)              (4)           -           - 
Other items                     2               (2)         (24)          2 
Impairment of                                                               
 goodwill,                                                                  
 intangible assets                                                          
 and long-lived                                                             
 assets, net                    2                -         (120)          - 
Limited Partners'                                                           
 Interests charge               -                -            -           - 
----------------------------------------------------------------------------
Earnings (loss)                                                             
 before income                                                              
 taxes and                                                                  
 discontinued                                                               
 operations                    59              108         (100)         38 
Provision for                                                               
 income taxes                  (8)             (32)         (19)        (14)
----------------------------------------------------------------------------
Earnings (loss)                                                             
 from continuing                                                            
 operations                    51               76         (119)         24 
Loss from                                                                   
 discontinued                                                               
 operations(b)                  -                -            -           - 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss) for the                                                             
 period            $           51  $            76  $      (119) $       24 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)                                                                     
 attributable to:                                                           
Equity holders of                                                           
 Onex Corporation  $            5  $            12  $       (52) $       22 
Non-controlling                                                             
 interests                     46               64          (67)          2 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss) for the                                                             
 period            $           51  $            76  $      (119) $       24 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                                            
----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions of                                                             
 U.S. dollars)                                                              
Three months ended     Customer                                             
 September 30,             Care         Metal                  Consolidated 
 2011                  Services      Services       Other(a)          Total 
----------------------------------------------------------------------------
Revenues           $        359  $        707  $         437  $       6,008 
Cost of sales                                                               
 (excluding                                                                 
 amortization of                                                            
 property, plant                                                            
 and equipment,                                                             
 intangible assets                                                          
 and deferred                                                               
 charges)                  (231)         (658)          (264)        (4,766)
Operating expenses          (97)          (16)          (166)          (711)
Interest income               -             -              -              1 
Amortization of                                                             
 property, plant                                                            
 and Equipment               (8)          (12)           (16)          (108)
Amortization of                                                             
 intangible assets                                                          
 and deferred                                                               
 charges                     (8)           (3)            (6)           (77)
Interest expense                                                            
 of operating                                                               
 companies                  (20)           (8)           (12)          (112)
Decrease in value                                                           
 of investment in                                                           
 associates at                                                              
 fair value, net              -             -            (26)           (26)
Stock-based                                                                 
 compensation                                                               
 recovery                                                                   
 (expense)                    -             -             78             66 
Other items                  (6)            1            (33)           (60)
Impairment of                                                               
 goodwill,                                                                  
 intangible assets                                                          
 and long-lived                                                             
 assets, net                  -             -             (8)          (126)
Limited Partners'                                                           
 Interests charge             -             -            184            184 
----------------------------------------------------------------------------
Earnings (loss)                                                             
 before income                                                              
 taxes and                                                                  
 discontinued                                                               
 operations                 (11)           11            168            273 
Provision for                                                               
 income taxes                (9)           (1)             -            (83)
----------------------------------------------------------------------------
Earnings (loss)                                                             
 from continuing                                                            
 operations                 (20)           10            168            190 
Loss from                                                                   
 discontinued                                                               
 operations(b)                -             -             (6)            (6)
----------------------------------------------------------------------------
Net earnings                                                                
 (loss) for the                                                             
 period            $        (20) $         10  $         162  $         184 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                   `                                                        
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)                                                                     
 attributable to:                                                           
Equity holders of                                                           
 Onex Corporation  $        (13) $          6  $         166  $         146 
Non-controlling                                                             
 interests                   (7)            4             (4)            38 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss) for the                                                             
 period            $        (20) $         10  $         162  $         184 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
(a) Includes Tropicana Las Vegas, ONCAP II, ONCAP III, Flushing Town Center 
and the parent company. Investments in associates recorded at fair value    
include Allison Transmission, Hawker Beechcraft, RSI, Tomkins, Cypress and  
certain Onex Real Estate investments.                                       
(b) Discontinued operations includes EMSC in the Healthcare segment (sold in
May 2011) and Husky in the Other segment (sold in June 2011).               
                                                                            
                                                                            
                                                                            
                              Onex Corporation                              
                                                                            
                       INFORMATION BY INDUSTRY SEGMENT                      
                FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012                
                                                                            
                                                                            
----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions of                                                             
 U.S. dollars)                                                              
Nine months                                                                 
 ended             Electronics                                              
 September 30,   Manufacturing                                    Financial 
 2012                 Services Aerostructures     Healthcare       Services 
----------------------------------------------------------------------------
Revenues        $        5,011  $       3,972  $       3,648  $         899 
Cost of sales                                                               
 (excluding                                                                 
 amortization                                                               
 of property,                                                               
 plant and                                                                  
 equipment,                                                                 
 intangible                                                                 
 assets and                                                                 
 deferred                                                                   
 charges)               (4,611)        (3,857)        (2,529)          (461)
Operating                                                                   
 expenses                 (171)          (141)          (671)          (296)
Interest income              1              -              2              - 
Amortization of                                                             
 property,                                                                  
 plant and                                                                  
 equipment                 (53)           (98)           (93)            (3)
Amortization of                                                             
 intangible                                                                 
 assets and                                                                 
 deferred                                                                   
 charges                    (8)           (21)          (121)           (11)
Interest                                                                    
 expense of                                                                 
 operating                                                                  
 companies                  (4)           (63)          (147)            (4)
Increase in                                                                 
 value of                                                                   
 investments in                                                             
 associates at                                                              
 fair value                  -              -              -              - 
Stock-based                                                                 
 compensation                                                               
 expense                   (28)           (11)            (9)            (1)
Other gains,                                                                
 net                         -              -              -              - 
Other items                (27)           168            (14)             9 
Impairment of                                                               
 intangible                                                                 
 assets and                                                                 
 long-lived                                                                 
 assets                      -              -            (19)             - 
Limited                                                                     
 Partners'                                                                  
 Interests                                                                  
 charge                      -              -              -              - 
----------------------------------------------------------------------------
Earnings (loss)                                                             
 before income                                                              
 taxes                     110            (51)            47            132 
Recovery of                                                                 
 (provision                                                                 
 for) income                                                                
 taxes                       1             34            (14)           (48)
----------------------------------------------------------------------------
Net earnings                                                                
 (loss) for the                                                             
 period         $          111  $         (17) $          33  $          84 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)                                                                     
 attributable                                                               
 to:                                                                        
Equity holders                                                              
 of Onex                                                                    
 Corporation    $           11  $          (2) $          27  $          76 
Non-controlling                                                             
 interests                 100            (15)             6              8 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss) for the                                                             
 period         $          111  $         (17) $          33  $          84 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
----------------------------------------------------------------------------
Total assets    $        2,886  $       5,339  $       3,902  $       4,926 
----------------------------------------------------------------------------
Long-term                                                                   
 debt(b)        $            -  $       1,135  $       2,551  $         259 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                                            
----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions of                                                             
 U.S. dollars)                                                              
Nine months                                                                 
 ended           Customer                                                   
 September 30,       Care       Metal    Building              Consolidated 
 2012            Services    Services    Products   Other(a)          Total 
----------------------------------------------------------------------------
Revenues        $   1,059  $    1,989  $    2,351  $   1,602  $      20,531 
Cost of sales                                                               
 (excluding                                                                 
 amortization                                                               
 of property,                                                               
 plant and                                                                  
 equipment,                                                                 
 intangible                                                                 
 assets and                                                                 
 deferred                                                                   
 charges)            (679)     (1,830)     (1,901)      (990)       (16,858)
Operating                                                                   
 expenses            (273)        (48)       (330)      (497)        (2,427)
Interest income         1           -           2         33             39 
Amortization of                                                             
 property,                                                                  
 plant and                                                                  
 equipment            (20)        (41)        (79)       (55)          (442)
Amortization of                                                             
 intangible                                                                 
 assets and                                                                 
 deferred                                                                   
 charges              (18)         (9)        (14)       (38)          (240)
Interest                                                                    
 expense of                                                                 
 operating                                                                  
 companies            (76)        (32)        (44)       (42)          (412)
Increase in                                                                 
 value of                                                                   
 investments in                                                             
 associates at                                                              
 fair value             -           -           -        615            615 
Stock-based                                                                 
 compensation                                                               
 expense                -          (1)        (14)      (100)          (164)
Other gains,                                                                
 net                    -           -           -         59             59 
Other items           (12)          -         (33)       (29)            62 
Impairment of                                                               
 intangible                                                                 
 assets and                                                                 
 long-lived                                                                 
 assets                (2)          -          (6)         -            (27)
Limited                                                                     
 Partners'                                                                  
 Interests                                                                  
 charge                 -           -           -       (565)          (565)
----------------------------------------------------------------------------
Earnings (loss)                                                             
 before income                                                              
 taxes                (20)         28         (68)        (7)           171 
Recovery of                                                                 
 (provision                                                                 
 for) income                                                                
 taxes                 (5)         (8)         11        (26)           (55)
----------------------------------------------------------------------------
Net earnings                                                                
 (loss) for the                                                             
 period         $     (25) $       20  $      (57) $     (33) $         116 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)                                                                     
 attributable                                                               
 to:                                                                        
Equity holders                                                              
 of Onex                                                                    
 Corporation    $     (16) $       12  $      (40) $     (33) $          35 
Non-controlling                                                             
 interests             (9)          8         (17)         -             81 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss) for the                                                             
 period         $     (25) $       20  $      (57) $     (33) $         116 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
----------------------------------------------------------------------------
Total assets    $     634  $      993  $    2,600  $   9,045  $      30,325 
----------------------------------------------------------------------------
Long-term                                                                   
 debt(b)        $     721  $      297  $      544  $   1,739  $       7,246 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
(a) Includes Tropicana Las Vegas, ONCAP II, ONCAP III, Flushing Town Center,
OCP CLO-1, OCP CLO-2 and the parent company. Investments in associates      
recorded at fair value include Allison Transmission, Hawker Beechcraft, RSI,
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 NINE MONTHS ENDED SEPTEMBER 30, 2011                
                                                                            
                                                                            
----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions of                                                             
 U.S. dollars)                                                              
Nine months ended     Electronics                                           
 September 30,      Manufacturing                                 Financial 
 2011                    Services   Aerostructures   Healthcare    Services 
----------------------------------------------------------------------------
Revenues           $        5,460  $         3,645  $     3,696  $      900 
Cost of sales                                                               
 (excluding                                                                 
 amortization of                                                            
 property, plant                                                            
 and equipment,                                                             
 intangible assets                                                          
 and deferred                                                               
 charges)                  (5,033)          (3,110)      (2,553)       (438)
Operating expenses           (179)            (127)        (683)       (329)
Interest income                 -                1            3           - 
Amortization of                                                             
 property, plant                                                            
 and Equipment                (47)             (79)         (92)         (3)
Amortization of                                                             
 intangible assets                                                          
 and deferred                                                               
 charges                      (11)             (24)        (127)        (14)
Interest expense                                                            
 of operating                                                               
 companies                     (5)             (62)        (171)         (3)
Increase in value                                                           
 of investments in                                                          
 associates at                                                              
 fair value, net                -                -            -           - 
Stock-based                                                                 
 compensation                                                               
 expense                      (35)             (10)          (3)          - 
Other items                    (7)              (1)         (33)          7 
Impairment of                                                               
 goodwill,                                                                  
 intangible assets                                                          
 and long-lived                                                             
 assets, net                    2                -         (120)          - 
Limited Partners'                                                           
 Interests charge               -                -            -           - 
----------------------------------------------------------------------------
Earnings (loss)                                                             
 before income                                                              
 taxes and                                                                  
 discontinued                                                               
 operations                   145              233          (83)        120 
Recovery of                                                                 
 (provision for)                                                            
 income taxes                 (19)             (68)         (45)        (41)
----------------------------------------------------------------------------
Earnings (loss)                                                             
 from continuing                                                            
 operations                   126              165         (128)         79 
Earnings from                                                               
 discontinued                                                               
 operations(b)                  -                -          606           - 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss) for the                                                             
 period            $          126  $           165  $       478  $       79 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)                                                                     
 attributable to:                                                           
Equity holders of                                                           
 Onex Corporation  $           11  $            26  $       500  $       72 
Non-controlling                                                             
 interests                    115              139          (22)          7 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss) for the                                                             
 period            $          126  $           165  $       478  $       79 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                                            
                                                                            
----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions of                                                             
 U.S. dollars)                                                              
Nine months ended      Customer                                             
 September 30,             Care         Metal                  Consolidated 
 2011                  Services      Services       Other(a)          Total 
----------------------------------------------------------------------------
Revenues           $      1,052  $      2,042  $       1,089  $      17,884 
Cost of sales                                                               
 (excluding                                                                 
 amortization of                                                            
 property, plant                                                            
 and equipment,                                                             
 intangible assets                                                          
 and deferred                                                               
 charges)                  (684)       (1,894)          (636)       (14,348)
Operating expenses         (280)          (45)          (439)        (2,082)
Interest income               -             -             14             18 
Amortization of                                                             
 property, plant                                                            
 and Equipment              (23)          (36)           (40)          (320)
Amortization of                                                             
 intangible assets                                                          
 and deferred                                                               
 charges                    (20)           (9)           (17)          (222)
Interest expense                                                            
 of operating                                                               
 companies                  (60)          (25)           (25)          (351)
Increase in value                                                           
 of investments in                                                          
 associates at                                                              
 fair value, net              -             -            374            374 
Stock-based                                                                 
 compensation                                                               
 expense                      -            (2)           (40)           (90)
Other items                 (13)            1            (79)          (125)
Impairment of                                                               
 goodwill,                                                                  
 intangible assets                                                          
 and long-lived                                                             
 assets, net                  -             -             (8)          (126)
Limited Partners'                                                           
 Interests charge             -             -           (431)          (431)
----------------------------------------------------------------------------
Earnings (loss)                                                             
 before income                                                              
 taxes and                                                                  
 discontinued                                                               
 operations                 (28)           32           (238)           181 
Recovery of                                                                 
 (provision for)                                                            
 income taxes                (9)          (11)            37           (156)
----------------------------------------------------------------------------
Earnings (loss)                                                             
 from continuing                                                            
 operations                 (37)           21           (201)            25 
Earnings from                                                               
 discontinued                                                               
 operations(b)                -             -          1,109          1,715 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss) for the                                                             
 period            $        (37) $         21  $         908  $       1,740 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                   `                                                        
----------------------------------------------------------------------------
Net earnings                                                                
 (loss)                                                                     
 attributable to:                                                           
Equity holders of                                                           
 Onex Corporation  $        (25) $         15  $         913  $       1,512 
Non-controlling                                                             
 interests                  (12)            6             (5)           228 
----------------------------------------------------------------------------
Net earnings                                                                
 (loss) for the                                                             
 period            $        (37) $         21  $         908  $       1,740 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions of                                                             
 U.S. dollars)       Electronics                                            
As at December     Manufacturing                                   Financial
 31, 2011               Services Aerostructures    Healthcare       Services
----------------------------------------------------------------------------
Total assets      $        2,970  $       4,978  $      4,194  $       4,808
----------------------------------------------------------------------------
Long-term debt(c) $            -  $       1,157  $      2,670  $         203
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                                            
----------------------------------------------------------------------------
(Unaudited)                                                                 
(in millions of                                                             
 U.S. dollars)     Customer                                                 
As at December         Care       Metal   Building              Consolidated
 31, 2011          Services    Services   Products   Other(a)          Total
----------------------------------------------------------------------------
Total assets      $     631  $    1,045  $   2,581  $   8,170  $      29,377
----------------------------------------------------------------------------
Long-term debt(c) $     652  $      377  $     481  $   1,421  $       6,961
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
(a) Includes Tropicana Las Vegas, ONCAP II, ONCAP III, Flushing Town Center 
and the parent company. Investments in associates recorded at fair value    
include Allison Transmission, Hawker Beechcraft, RSI, Tomkins, Cypress and  
certain Onex Real Estate investments.                                       
(b) Discontinued operations includes EMSC in the Healthcare segment (sold in
May 2011) and Husky in the Other segment (sold in June 2011).               
(c) Long-term debt includes current portion, excludes finance leases and is 
net of financing charges.                                                   

Contacts: Onex Corporation Emma Thompson Vice President, Investor Relations 416.362.7711 www.onex.com



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