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Onex Reports Full-Year 2013 Results

TORONTO, ONTARIO -- (Marketwired) -- 02/21/14 -- All amounts in U.S. dollars unless otherwise stated

Onex Corporation ("Onex") (TSX: OCX) today announced its consolidated financial results for the fourth quarter and full year ended December 31, 2013 and an update on matters following year-end.

Highlights


--  In June, Onex Partners III acquired the largest operator of tradeshows
    in the United States, Emerald Expositions ("Emerald"), in a transaction
    valued at $950 million. In January 2014, Emerald acquired George Little
    Management, LLC, adding more than 20 leading tradeshows, including the
    largest show in the New York metropolitan area. The total equity
    investment for both transactions was $490 million, of which Onex' share
    was $119 million.

--  Distributions during 2013 from our private equity funds, Onex Partners
    and ONCAP, totalled $2.9 billion - the second highest year in Onex'
    history. Onex' share of distributions was $1.1 billion, including $75
    million of carried interest. Realizations included the recapitalization
    of Carestream Health, the sale of shares of Allison Transmission in
    secondary offerings, and the sales of RSI Home Products, TMS
    International, BSN SPORTS and Caliber Collision Centers ("Caliber"). The
    sale of Caliber is particularly noteworthy as ONCAP II generated returns
    of 7.5 times the capital invested.

--  Onex Partners and ONCAP operating companies collectively raised or
    refinanced a total of $8.9 billion of debt, and paid down debt totalling
    approximately $1.1 billion in 2013.

--  Including realizations and distributions, Onex Partners' and ONCAP's
    private companies generated returns for Onex of 34% during 2013.
    Including our public companies, the value of all operating businesses in
    the Onex Partners and ONCAP Funds, including realizations and
    distributions, increased by 35% during 2013.

--  Including its year-end cash and near-cash equivalents balance of $1.7
    billion, Onex' proprietary capital grew last year to $5.8 billion,
    representing a 23% increase on a per-share basis to $50.93 (C$54.16).

--  Onex Credit Partners completed two collateralized loan obligation
    ("CLO") offerings, raising more than $1.0 billion, including $64 million
    from Onex, and has established a warehouse facility for a fifth CLO.

--  In 2013, Onex launched the fundraising for Onex Partners IV, and to date
    has raised a total of $3.7 billion in aggregate commitments towards its
    $4.5 billion target, including Onex' $1.2 billion commitment.

Building our Businesses

"We had some very gratifying realizations in 2013," said Gerald W. Schwartz, Chairman and Chief Executive Officer of Onex. "In particular, investors recognized the great job done at Carestream Health in growing its digital imaging business and maintaining tight control throughout. As well, Caliber's aggressive acquisition and integration strategy really paid off for investors. Looking forward, with $1.7 billion in cash and near-cash equivalents and $3.4 billion in committed, undrawn capital, we will be aggressively looking for more businesses to buy and build in 2014."

By transforming good businesses into industry leaders, Onex has generated a 29-year gross IRR of 28% and a multiple of 3.0 times invested capital from realized, substantially realized and publicly traded investments.

In addition to the firm's commitment to every business, the Onex management team continues to be heavily invested in everything Onex owns. At December 31, 2013, the value of the team's investment in our businesses and Onex shares was approximately $1.7 billion.

Managing and Growing Other Investors' Capital

Onex earns recurring management fees and/or carried interest on $12.0 billion of capital managed for limited partners and other investors. In 2013, combined management fees and carried interest received offset ongoing operating expenses.

Onex officially launched fundraising of Onex Partners IV in 2013, targeting a fund size of $4.5 billion in total capital commitments. To date, Onex has raised $3.7 billion in aggregate commitments, including Onex' $1.2 billion commitment, and expects to complete fundraising in 2014. This new fund will contribute to Onex' stream of annual management fees and the potential to earn carried interest on invested limited partner capital. Onex' limited partnership agreements typically have a 10-year term and provide predictable management fees from assets under management. Although fees for Onex Partners III decreased to 1% of invested capital effective December 2013, the end of its original five-year commitment period, we expect to start drawing management fees for Onex Partners IV sometime in 2014.

At December 31, 2013, the value of Onex' unrealized carried interest was approximately $54 million based on the traded market values of Onex Partners' public companies and a further $148 million based on the year-end valuations of the private businesses. These year-end values reflect a $137 million increase in the value of Onex' carried interest including the impact of $75 million of realized carried interest received during the year. The amount of carried interest ultimately realized by Onex depends on the overall performance of each Fund.

We continue to see growth in Onex Credit Partners. During 2013, two CLO offerings totalling more than $1.0 billion closed, bringing Onex Credit Partners' year-end assets under management to $3.3 billion - a 44% increase over the prior year. As this investing platform continues to grow, so too will the recurring management fees, creating additional value for Onex shareholders.

Creating Value for Shareholders

Onex' long-term goal is to grow its capital per share on average by at least 15% per annum. For the twelve months ended December 31, 2013, Onex' proprietary capital per share grew by 23% to $50.93 (C$54.16).

Our goal is to have the value of Onex' shares reflect both the growth in the value of our assets and the intrinsic value of our asset management capabilities. At December 31, 2013, Onex' Subordinate Voting Shares ("SVS") closed at C$57.35, a 37% increase from December 31, 2012. This compares to a 30% increase in the S&P 500 and a 10% increase in the S&P/TSX Composite Index.

The Company paid a fourth-quarter dividend of C$0.0375 per SVS on January 31, 2014 to shareholders of record on January 10, 2014.

In 2013, Onex repurchased 3,060,400 SVS for a total cost of $153 million or an average cost per share of C$51.81. In January 2014, Onex repurchased 397,200 SVS for a total cost of $21 million or an average cost per share of C$57.01. Over the last 17 years, Onex has repurchased more than 80 million SVS for a total cost of approximately C$1.4 billion.

Consolidated Results

Onex' quarterly and full-year consolidated financial results do not follow any specific trends due to acquisitions and dispositions of businesses, changes in the value of its publicly traded and privately held operating companies and varying business cycles at its operating companies.

On a consolidated basis for the fourth quarter, revenues increased 10% to $7.0 billion compared to the same period of the prior year. Onex reported a consolidated net loss of $223 million compared to a loss of $83 million in the fourth quarter of 2012.

On a consolidated basis for the full year ended December 31, 2013, revenues increased 12% to $27.8 billion consistent with the change in the quarter. The net loss for the year was $813 million compared to net earnings of $16 million for the year prior. This change was primarily driven by a greater increase in the fair value of the limited partners' interest in our operating businesses that is recorded as a liability, which resulted in approximately $750 million in increased charges to Onex' consolidated net earnings. In addition, the aerostructures segment reported a loss primarily as a result of forward-loss charges on long-term contracts.

Attached are the Consolidated Balance Sheets, Statements of Earnings, Statements of Cash Flows and information by industry segment for the full year ended December 31, 2013 and 2012 as prepared under International Financial Reporting Standards. The complete financial statements, including Management's Discussion and Analysis of the results, are posted on Onex' website, www.onex.com, and are also available on SEDAR at www.sedar.com. Also attached are the "How We Are Invested" schedule, which details Onex' $5.8 billion of proprietary capital and provides public and private company performance information, and the Schedule of Fees and Expenses.

Webcast

Onex management will host a conference call to review Onex' fiscal 2013 results on Friday, February 21 at 11:00 a.m. ET. A live webcast of this conference call will be available in listen-only mode on its website, www.onex.com.

About Onex

With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. Onex acquires and builds high-quality businesses in partnership with talented management teams. The Company has approximately $19 billion of assets under management, including $6 billion of Onex capital, in private equity, credit securities and real estate. Onex invests its capital directly and as the largest limited partner in each of its Funds.

Onex' businesses have assets of $44 billion, generate annual revenues of $33 billion and employ approximately 232,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The Company's security filings can also be accessed at www.sedar.com.

This news release may contain forward-looking statements that are based on management's current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.

HOW WE ARE INVESTED

All dollar amounts, unless otherwise noted, are in millions of U.S. dollars.


                                Onex Capital

As at December 31                                             2013      2012
----------------------------------------------------------------------------
Private Equity
Onex Partners
  Private Companies(1)                                     $ 2,026   $ 1,862
  Public Companies(2)                                          627       704
  Unrealized Carried Interest on Onex Partners
   Investments(3)                                              202       140
ONCAP(4)                                                       337       409
Direct Investments
  Private Companies(5)                                         153       148
  Public Companies(2)                                          186       145
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                                                             3,531     3,408
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Onex Real Estate Partners(6)                                   144       192
Onex Credit Partners(7)                                        260       171
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                                                               404       363
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Other Investments                                              103        97
Cash and Near-Cash(8)                                        1,741     1,141
Onex Corporation Debt                                            -         -
----------------------------------------------------------------------------
                                                           $ 5,779   $ 5,009
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Onex Capital per Share (December 31, 2013 - C$54.16;
 December 31, 2012 - C$41.21)(9) (10)                      $ 50.93   $ 41.42
----------------------------------------------------------------------------

(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 $64 million (2012 - $39
     million). RSI, which was sold in February 2013, was included in private
     companies of Onex Partners at December 31, 2012.
(2)  Based on the closing market values and net of the estimated MIP
     liability on these investments. TMS International, which was sold in
     October 2013, was included in public companies of Onex Partners at
     December 31, 2012.
(3)  Represents Onex' share of the unrealized carried interest on public and
     private companies in the Onex Partners Funds.
(4)  Based on the C$ fair value of the investments in ONCAP's financial
     statements net of management incentive programs on these investments of
     $17 million (2012 - $25 million) and a US$/C$ exchange rate of 1.0636
     (2012 - 0.9949). BSN SPORTS, which was sold in June 2013, and Caliber
     Collision, which was sold in November 2013, were included in ONCAP at
     December 31, 2012.
(5)  Based on the fair value.
(6)  Based on the fair value of Onex Real Estate Partners' investments.
(7)  Based on the market values of investments in Onex Credit Partners'
     Funds and Onex Credit Partners Collateralized Loan Obligations,
     including the warehouse facility for OCP CLO-5. Excludes $343 million
     (2012 - $328 million) invested in a segregated Onex Credit Partners'
     unleveraged senior secured loan strategy fund, which is included with
     cash and near-cash items.
(8)  Includes $343 million (2012 - $328 million) invested in a segregated
     Onex Credit Partners' unleveraged senior secured loan strategy fund.
(9)  Calculated on a fully diluted basis. Fully diluted shares were
     approximately 115.9 million at December 31, 2013 (December 31, 2012 -
     126.1 million). Fully diluted shares include (i) all outstanding
     Subordinate Voting Shares; and (ii) outstanding Stock Options that have
     met the minimum 25% price appreciation threshold.
(10) The change in Onex Capital per Share during the year is driven
     primarily by fair value changes of Onex' investments. Share repurchases
     and options exercised during the year will have an impact on the
     calculation of Onex Capital per Share. The impact on Onex Capital per
     Share will be to the extent that the price for share repurchases and
     option exercises is above or below the Onex Capital per Share.

HOW WE ARE INVESTED


                   Public and Private Company Information

Public Companies
                          Shares
                      Subject to      Shares
                         Carried       Held                    Market Value
As at December 31,      Interest    by Onex    Closing Price       of Onex'
 2013                 (millions)  (millions)    per Share(1)     Investment
----------------------------------------------------------------------------
Onex Partners
 Skilled Healthcare
  Group(2)                  10.7         3.5    $       4.81   $         17
 Spirit
  AeroSystems(2)            11.9         6.5    $      34.08            220
 Allison
  Transmission(2)           22.1        15.5    $      27.61            427
----------------------------------------------------------------------------
                                                                        664
 Estimated
  Management
  Investment Plan
  Liability                                                             (37)
----------------------------------------------------------------------------
                                                                        627
----------------------------------------------------------------------------
Direct Investments -
 Celestica                     -      17.8(3)   $      10.40            186
----------------------------------------------------------------------------
                                                               $        813
----------------------------------------------------------------------------

Significant Private
 Companies
                            Onex' and
                          its Limited                 LTM
As at December 31,          Partners'              EBITDA               Net
 2013                       Ownership                 (4)              Debt
----------------------------------------------------------------------------
Onex Partners
  The Warranty Group               91%   $          114(5)   $        246(5)
  Carestream Health                92%                436             2,150
  Tropicana Las Vegas              82%                 (4)               51
  Tomkins                          56%              559(6)            1,428
  ResCare                          98%                141               350
  JELD-WEN                      72%(8)              154(9)            654(9)
  SGS International                93%             111(11)              579
  USI                              92%             267(11)            1,596
  BBAM(13)                         50%                 86           (33)(14)
  KraussMaffei                     96%            EUR 103           EUR 226
  Emerald Expositions              99%                 93               605
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Direct Investments -
 Sitel Worldwide                   70%   $            130    $          743
----------------------------------------------------------------------------

----------------------------------------------------------------------------


Significant Private
 Companies
                                                                   Original
                                                   Onex'            Cost of
As at December 31,             Cumulative       Economic              Onex'
 2013                       Distributions      Ownership         Investment
----------------------------------------------------------------------------
Onex Partners
  The Warranty Group     $            403             29%   $           154
  Carestream Health                 1,311          33%(3)               186
  Tropicana Las Vegas                   -             18%                70
  Tomkins                         1,180(7)            14%               315
  ResCare                               -             20%                41
  JELD-WEN                              -          18%(8)            200(10)
  SGS International                     -             23%                66
  USI                                   -             26%            170(12)
  BBAM(13)                          49(15)            13%                61
  KraussMaffei                          -             24%             92(16)
  Emerald Expositions                   -             24%                85
----------------------------------------------------------------------------
                                                                      1,440
----------------------------------------------------------------------------
Direct Investments -
 Sitel Worldwide         $              -             70%               251
----------------------------------------------------------------------------
                                                            $         1,691
----------------------------------------------------------------------------

(1)  Closing prices on December 31, 2013.
(2)  Excludes Onex' potential participation in the carried interest and
     includes shares related to the MIP.
(3)  Excludes shares held in connection with the MIP.
(4)  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.
(5)  Amount presented for The Warranty Group is net earnings rather than
     EBITDA and total debt rather than net debt.
(6)  LTM EBITDA excludes EBITDA from businesses divested as of December 31,
     2013.
(7)  Onex, Onex Partners III, Onex management, certain limited partners and
     others received distributions of $663 million from Tomkins.
(8)  Onex' and its limited partners' investment is in convertible preferred
     shares. The ownership percentage is presented on an as-converted basis.
(9)  LTM EBITDA and net debt are presented for JELD-WEN Holding, inc.
(10) Net of $27 million return of capital on the convertible promissory
     notes prior to the conversion into additional Series A Convertible
     Preferred Stock of JELD-WEN in April 2013.
(11) LTM EBITDA for SGS International and USI is presented on a pro-forma
     basis to reflect the impact of acquired businesses.
(12) Net of $84 million of the amount originally invested in USI sold by
     Onex to certain limited partners and others as a co-investment in March
     2013.
(13) Ownership percentages, LTM EBITDA, net debt and cumulative
     distributions are presented for BBAM Limited Partnership and do not
     reflect information for Onex' investments in FLY Leasing Limited (NYSE: FLY) or Meridian Aviation Partners Limited that were made in
     conjunction with the investment in BBAM. The Original Cost of Onex'
     Investment includes $5 million invested in FLY Leasing Limited and $14
     million invested in Meridian Aviation Partners Limited.
(14) Net debt for BBAM represents unrestricted cash, reduced for accrued
     compensation liabilities.
(15) Onex, Onex Partners III and Onex management received distributions of
     $24 million from BBAM.
(16) The investments in KraussMaffei were made in euros and converted to
     U.S. dollars using the prevailing exchange rate on the date of the
     investments.

Schedule of Fees and Expenses
                                                  Year ended December 31,
(USD Millions)                                      2013      2012      2011
----------------------------------------------------------------------------

Revenue Items
  Management and Advisory Fees(1)
    Base Management Fees                        $    111  $    108  $    110
    Transaction Fees, Net                              1         5         -
----------------------------------------------------------------------------
  Total Management and Advisory Fees                 112       113       110
  Carried Interest and Performance Fees
   Received(2)                                        81         6        72
  Interest and Other Treasury Income
    Cash and Near-Cash                                18        20         7
    Onex Credit Partners(3)                           31        19         1
----------------------------------------------------------------------------
  Total Interest and Other Treasury Income            49        39         8
----------------------------------------------------------------------------
Total                                                242       158       190
----------------------------------------------------------------------------

Expense Items(4)
  Compensation
    Base Compensation (incl. benefits)                33        29        29
    Variable Compensation                            103        67        88
----------------------------------------------------------------------------
                                                     136        96       117
  Other Expense Items, Net                            30        21        33
----------------------------------------------------------------------------
Total                                                166       117       150
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Net Amount                                      $     76  $     41  $     40
----------------------------------------------------------------------------
----------------------------------------------------------------------------

1 The management fees include those earned in the Onex Partners and ONCAP
  private equity funds, those earned by Onex Credit Partners manager and
  Onex' retained portion of the management fees from operating companies.
2 Carried interest and performance fees received are on a cash received
  basis.
3 Onex Credit Partners includes the returns on Onex' investment as a limited
  partner in Onex Credit Partners funds and, beginning in 2012, the returns
  on Onex' investments in Onex Credit Partners' collateralized loan
  obligations. The returns on Onex' investment as a limited partner in a
  segregated Onex Credit Partners' unleveraged senior secured loan strategy
  fund are included with cash and near-cash.
4 Expenses include those of the Onex corporate office, ONCAP, Onex Credit
  Partners and Onex Real Estate Partners. There is no allocation of the
  expenses to the management of Onex' $5.8 billion of capital. The expenses
  exclude stock-based compensation.

                              Onex Corporation
                         CONSOLIDATED BALANCE SHEETS

                                           As at         As at         As at
(in millions of U.S. dollars)       December 31,  December 31,    January 1,
                                            2013          2012          2012
----------------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents             $    3,191    $    2,656    $    2,448
Short-term investments                       754           730           749
Accounts receivable                        3,639         3,858         3,272
Inventories                                3,872         4,519         4,428
Other current assets                       1,478         1,443         1,154
----------------------------------------------------------------------------
                                          12,934        13,206        12,051
Property, plant and equipment              5,105         5,495         5,102
Long-term investments                      7,564         6,424         5,415
Other non-current assets                   2,100         1,986         1,776
Intangible assets                          4,695         4,833         2,599
Goodwill                                   4,469         4,358         2,434
----------------------------------------------------------------------------
                                      $   36,867    $   36,302    $   29,377
----------------------------------------------------------------------------
Liabilities and Equity
Current liabilities
Accounts payable and accrued
 liabilities                          $    4,342    $    4,549    $    3,893
Current portion of provisions                331           347           263
Other current liabilities                  1,621         1,340           909
Current portion of long-term debt
 of operating companies, without
 recourse to Onex Corporation                651           286           482
Current portion of warranty
 reserves and unearned premiums            1,350         1,366         1,400
----------------------------------------------------------------------------
                                           8,295         7,888         6,947
Non-current portion of provisions            419           264           180
Long-term debt of operating
 companies, without recourse to
 Onex Corporation                         11,319        10,184         6,479
Non-current portion of warranty
 reserves and unearned premiums            1,779         1,774         1,727
Other non-current liabilities              2,526         2,852         2,368
Deferred income taxes                      1,225         1,683         1,059
Limited Partners' Interests                6,959         6,208         4,980
----------------------------------------------------------------------------
                                          32,522        30,853        23,740
----------------------------------------------------------------------------
Equity
Share capital                                346           358           360
Non-controlling interests                  3,191         3,822         3,863
Retained earnings and accumulated
 other comprehensive earnings                808         1,269         1,414
----------------------------------------------------------------------------
                                           4,345         5,449         5,637
----------------------------------------------------------------------------
                                      $   36,867    $   36,302    $   29,377
----------------------------------------------------------------------------


                              Onex Corporation
                    CONSOLIDATED STATEMENTS OF EARNINGS
Year ended December 31
(in millions of U.S. dollars except per share data)       2013         2012
----------------------------------------------------------------------------
Revenues                                              $ 27,809    $  24,917
Cost of sales (excluding amortization of property,
 plant and equipment, intangible assets and
 deferred charges)                                     (21,843)     (19,908)
Operating expenses                                      (4,197)      (3,276)
Interest income                                            106           60
Amortization of property, plant and equipment             (619)        (538)
Amortization of intangible assets and deferred
 charges                                                  (537)        (318)
Interest expense of operating companies                   (813)        (514)
Increase in value of investments in joint ventures
 and associates at fair value, net                       1,098          863
Stock-based compensation expense                          (349)        (239)
Other gains                                                561           59
Other items                                               (449)         (46)
Impairment of goodwill, intangible assets and long-
 lived assets, net                                        (319)         (65)
Limited Partners' Interests charge                      (1,855)        (929)
----------------------------------------------------------------------------
Earnings (loss) before income taxes and
 discontinued operations                                (1,407)          66
Recovery of (provision for) income taxes                   333          (76)
----------------------------------------------------------------------------
Loss from continuing operations                         (1,074)         (10)
Earnings from discontinued operations                      261           26
----------------------------------------------------------------------------
Net Earnings (Loss) for the Year                      $   (813)   $      16
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Earnings (Loss) from Continuing Operations
 attributable to:
Equity holders of Onex Corporation                    $   (605)   $    (143)
Non-controlling Interests                                 (469)         133
----------------------------------------------------------------------------
Loss from Continuing Operations for the Year          $ (1,074)   $     (10)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Net Earnings (Loss) attributable to:
Equity holders of Onex Corporation                    $   (354)   $    (128)
Non-controlling Interests                                 (459)         144
----------------------------------------------------------------------------
Net Earnings (Loss) for the Year                      $   (813)   $      16
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Net Earnings (Loss) per Subordinate Voting Share of
 Onex Corporation
Basic and Diluted:
  Continuing operations                               $  (5.34)   $   (1.25)
  Discontinued operations                                 2.22         0.13
----------------------------------------------------------------------------
Net Loss for the Year                                 $  (3.12)   $   (1.12)
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                              Onex Corporation
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended December 31
(in millions of U.S. dollars)                            2013          2012
----------------------------------------------------------------------------
Operating Activities
Loss for the year from continuing operations       $   (1,074)   $      (10)
Adjustments to loss from continuing operations:
  Provision for (recovery of) income taxes               (333)           76
  Interest income                                        (106)          (60)
  Interest expense of operating companies                 813           514
----------------------------------------------------------------------------
Net earnings (loss) before interest and
 provision for income taxes                              (700)          520
Cash taxes paid                                          (234)         (294)
Items not affecting cash and cash equivalents:
  Amortization of property, plant and equipment           619           538
  Amortization of intangible assets and deferred
   charges                                                537           318
  Amortization of deferred warranty costs, net            (25)           32
  Increase in value of investments in joint
   ventures and associates at fair value, net          (1,098)         (863)
  Stock-based compensation expense                         13           211
  Other gains                                            (561)          (59)
  Impairment of goodwill, intangible assets and
   long-lived assets, net                                 319            65
  Limited Partners' Interests charge                    1,855           929
  Change in provisions                                     95            91
  Others                                                  114            96
----------------------------------------------------------------------------
                                                          934         1,584
Changes in non-cash working capital items:
  Accounts receivable                                    (123)          (39)
  Inventories                                             650           371
  Other current assets                                     19            18
  Accounts payable, accrued liabilities and
   other current liabilities                               31            33
----------------------------------------------------------------------------
Increase in cash and cash equivalents due to
 changes in working capital items                         577           383
Decrease in other operating activities                   (115)          (96)
Increase in warranty reserves and premiums                 73            22
Cash flows from operating activities of
 discontinued operations                                  117           150
----------------------------------------------------------------------------
                                                        1,586         2,043
----------------------------------------------------------------------------
Financing Activities
Issuance of long-term debt                              4,106         2,320
Repayment of long-term debt                            (2,834)       (1,495)
Cash interest paid                                       (697)         (445)
Cash dividends paid                                       (14)          (12)
Repurchase of share capital of Onex Corporation          (153)          (24)
Repurchase of share capital of operating
 companies                                               (109)         (315)
Financing provided by Limited Partners                    401         1,311
Issuance of share capital by operating companies           47            34
Distributions paid to non-controlling interests
 and Limited Partners                                  (1,542)         (982)
Change in restricted cash for distribution to
 Limited Partners                                          35           (35)
Decrease due to other financing activities                (70)          (65)
Cash flows used for financing activities of
 discontinued operations                                  (28)         (117)
----------------------------------------------------------------------------
                                                         (858)          175
----------------------------------------------------------------------------
Investing Activities
Acquisition of operating companies, net of cash
 and cash equivalents in acquired companies of
 $14 (2012 - $275)                                       (513)       (1,393)
Purchase of property, plant and equipment                (835)         (607)
Proceeds from sale of property, plant and
 equipment                                                290            31
Proceeds from sale of investment in joint
 ventures and associates at fair value                    908           326
Proceeds from sale of operating investment no
 longer controlled                                      1,060            71
Distributions received from investments in joint
 ventures and associates of Onex Partners                  52           676
Purchase of investments in joint venture of Onex
 Partners                                                   -          (165)
Cash interest and dividends received                       72            19
Net purchases of investments and securities            (1,062)         (785)
Decrease due to other investing activities                (49)          (73)
Cash flows used for investing activities of
 discontinued operations                                 (115)         (115)
----------------------------------------------------------------------------
                                                         (192)       (2,015)
----------------------------------------------------------------------------
Increase in Cash and Cash Equivalents for the
 Year                                                     536           203
Increase (decrease) in cash due to changes in
 foreign exchange rates                                    (1)            5
Cash and cash equivalents, beginning of the year
 - continuing operations                                2,629         2,339
Cash and cash equivalents, beginning of the year
 - discontinued operations                                 27           109
----------------------------------------------------------------------------
Cash and Cash Equivalents                               3,191         2,656
Cash and cash equivalents held by discontinued
 operations                                                 -            27
----------------------------------------------------------------------------
Cash and Cash Equivalents Held by Continuing
 Operations                                        $    3,191    $    2,629
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                              Onex Corporation
                       INFORMATION BY INDUSTRY SEGMENT
                    FOR THE YEAR ENDED DECEMBER 31, 2013

                           Electronics
                         Manufacturing                             Insurance
                              Services Aerostructures  Healthcare   Provider
----------------------------------------------------------------------------
Revenues                 $      5,796  $       5,961  $    4,902  $   1,168
Cost of sales (excluding
 amortization of
 property, plant and
 equipment, intangible
 assets and deferred
 charges)                      (5,337)        (5,848)     (3,406)      (600)
Operating expenses               (221)          (243)       (836)      (380)
Interest income                     1              -           2          -
Amortization of
 property, plant and
 equipment                        (60)          (162)       (119)        (3)
Amortization of
 intangible assets and
 deferred charges                 (12)           (28)       (148)       (12)
Interest expense of
 operating companies               (3)           (70)       (222)        (6)
Increase in value of
 investments in joint
 ventures and associates
 at fair value, net                 -              -           -          -
Stock-based compensation
 (expense) recovery               (29)           (22)         (8)        (4)
Other gains                         -              -           -          -
Other items                        (4)           (27)       (143)         9
Impairment of goodwill,
 intangible assets and
 long-lived assets, net             -              -         (95)        (1)
Limited Partners'
 Interests charge                   -              -           -          -
----------------------------------------------------------------------------
Earnings (loss) before
 income taxes and
 discontinued operations          131           (439)        (73)       171
Recovery of (provision
 for) income taxes                (13)          (101)        (44)       (59)
----------------------------------------------------------------------------
Earnings (loss) from
 continuing operations            118           (540)       (117)       112
Earnings from
 discontinued
 operations(b)                      -              -           -          -
----------------------------------------------------------------------------
Net earnings (loss) for
 the year                $        118  $        (540) $     (117) $     112
----------------------------------------------------------------------------
Total assets             $      2,639  $       5,155  $    3,707  $   4,898
----------------------------------------------------------------------------
Long-term debt(c)        $          -  $       1,128  $    3,009  $     255
----------------------------------------------------------------------------
Property, plant and
 equipment additions     $         45  $         269  $      102  $       2
----------------------------------------------------------------------------
Intangible assets with
 indefinite life         $          -  $           -  $      253  $      16
----------------------------------------------------------------------------
Goodwill additions from
 acquisitions            $          -  $           -  $       20  $       3
----------------------------------------------------------------------------
Goodwill                 $         60  $           3  $      784  $     306
----------------------------------------------------------------------------

Net earnings (loss)
 attributable to:
Equity holders of Onex
 Corporation             $         12  $         (84) $      (69) $     101
Non-controlling
 interests                        106           (456)        (48)        11
----------------------------------------------------------------------------
Net earnings (loss) for
 the year                $        118  $        (540) $     (117) $     112
----------------------------------------------------------------------------


                            Customer
                                Care    Building       Other    Consolidated
                            Services    Products         (a)           Total
----------------------------------------------------------------------------
Revenues                 $    1,438  $    3,457  $    5,087  $       27,809
Cost of sales (excluding
 amortization of
 property, plant and
 equipment, intangible
 assets and deferred
 charges)                      (936)     (2,855)     (2,861)        (21,843)
Operating expenses             (372)       (449)     (1,696)         (4,197)
Interest income                   1           2         100             106
Amortization of
 property, plant and
 equipment                      (28)       (112)       (135)           (619)
Amortization of
 intangible assets and
 deferred charges               (23)        (18)       (296)           (537)
Interest expense of
 operating companies            (97)        (79)       (336)           (813)
Increase in value of
 investments in joint
 ventures and associates
 at fair value, net               -           -       1,098           1,098
Stock-based compensation
 (expense) recovery               -           7        (293)           (349)
Other gains                       -           -         561             561
Other items                     (17)         (9)       (258)           (449)
Impairment of goodwill,
 intangible assets and
 long-lived assets, net          (1)        (13)       (209)           (319)
Limited Partners'
 Interests charge                 -           -      (1,855)         (1,855)
----------------------------------------------------------------------------
Earnings (loss) before
 income taxes and
 discontinued operations        (35)        (69)     (1,093)         (1,407)
Recovery of (provision
 for) income taxes               14         (16)        552             333
----------------------------------------------------------------------------
Earnings (loss) from
 continuing operations          (21)        (85)       (541)         (1,074)
Earnings from
 discontinued
 operations(b)                    -           -         261             261
----------------------------------------------------------------------------
Net earnings (loss) for
 the year                $      (21) $      (85) $     (280) $         (813)
----------------------------------------------------------------------------
Total assets             $      613  $    2,483  $   17,372  $       36,867
----------------------------------------------------------------------------
Long-term debt(c)        $      740  $      661  $    6,177  $       11,970
----------------------------------------------------------------------------
Property, plant and
 equipment additions     $       33  $       89  $      326  $          866
----------------------------------------------------------------------------
Intangible assets with
 indefinite life         $       36  $      259  $      777  $        1,341
----------------------------------------------------------------------------
Goodwill additions from
 acquisitions            $        -  $        -  $      727  $          750
----------------------------------------------------------------------------
Goodwill                 $      118  $      109  $    3,089  $        4,469
----------------------------------------------------------------------------

Net earnings (loss)
 attributable to:
Equity holders of Onex
 Corporation             $      (15) $      (66) $     (233) $         (354)
Non-controlling
 interests                       (6)        (19)        (47)           (459)
----------------------------------------------------------------------------
Net earnings (loss) for
 the year                $      (21) $      (85) $     (280) $         (813)
----------------------------------------------------------------------------
(a) Includes Tropicana Las Vegas, SGS International, USI, KraussMaffei,
    Emerald Expositions (acquired in June 2013), ONCAP II (BSN SPORTS up to
    June 2013 and Caliber Collision up to November 2013), ONCAP III,
    Flushing Town Center, Meridian Aviation, OCP CLO-1, OCP CLO-2, OCP CLO-
    3, OCP CLO-4 and the parent company. Investments in joint ventures and
    associates recorded at fair value include Allison Transmission, BBAM,
    RSI (sold in February 2013), Tomkins, Cypress and certain Onex Real
    Estate investments. Earnings from discontinued operations represent the
    after-tax results of TMS International.
(b) Represents the after-tax results of TMS International.
(c) Long-term debt includes current portion, excludes finance leases and is
    net of financing charges.


                              Onex Corporation
                       INFORMATION BY INDUSTRY SEGMENT
                    FOR THE YEAR ENDED DECEMBER 31, 2012

                           Electronics
                         Manufacturing                             Insurance
                              Services Aerostructures  Healthcare   Provider
----------------------------------------------------------------------------
Revenues                 $      6,507  $       5,404  $    4,947  $   1,205
Cost of sales (excluding
 amortization of
 property, plant and
 equipment, intangible
 assets and deferred
 charges)                      (5,988)        (5,038)     (3,402)      (621)
Operating expenses               (226)          (228)       (885)      (402)
Interest income                     1              -           3          -
Amortization of
 property, plant and
 equipment                        (70)          (130)       (128)        (4)
Amortization of
 intangible assets and
 deferred charges                 (11)           (29)       (160)       (15)
Interest expense of
 operating companies               (5)           (83)       (191)        (5)
Increase in value of
 investments in joint
 ventures and associates
 at fair value, net                 -              -           -          -
Stock-based compensation
 expense                          (36)           (16)        (11)        (2)
Other gains                         -              -           -          -
Other items                       (42)           150         (42)        11
Impairment of goodwill,
 intangible assets and
 long-lived assets                (18)            (2)        (17)        (4)
Limited Partners'
 Interests charge                   -              -           -          -
----------------------------------------------------------------------------
Earnings (loss) before
 income taxes and
 discontinued operations          112             28         114        163
Recovery of (provision
 for) income taxes                  6             17         (44)       (54)
----------------------------------------------------------------------------
Earnings (loss) from
 continuing operations            118             45          70        109
Earnings from
 discontinued
 operations(b)                      -              -           -          -
----------------------------------------------------------------------------
Net earnings (loss) for
 the year                $        118  $          45  $       70  $     109
----------------------------------------------------------------------------
Total assets(c)          $      2,659  $       5,371  $    3,971  $   4,903
----------------------------------------------------------------------------
Long-term debt(c)(d)     $         55  $       1,133  $    2,540  $     258
----------------------------------------------------------------------------
Property, plant and
 equipment additions(c)  $         98  $         225  $      120  $       4
----------------------------------------------------------------------------
Intangible assets with
 indefinite life         $          -  $           -  $      256  $      16
----------------------------------------------------------------------------
Goodwill additions from
 acquisitions            $         26  $           -  $       23  $       -
----------------------------------------------------------------------------
Goodwill(c)              $         60  $           3  $      852  $     304
----------------------------------------------------------------------------

Net earnings (loss)
 attributable to:
Equity holders of Onex
 Corporation             $         13  $           7  $       18  $      62
Non-controlling
 interests                        105             38          52         47
----------------------------------------------------------------------------
Net earnings (loss) for
 the year                $        118  $          45  $       70  $     109
----------------------------------------------------------------------------


                            Customer
                                Care    Building       Other    Consolidated
                            Services    Products         (a)           Total
----------------------------------------------------------------------------
Revenues                 $    1,429  $    3,168  $    2,257  $       24,917
Cost of sales (excluding
 amortization of
 property, plant and
 equipment, intangible
 assets and deferred
 charges)                      (920)     (2,561)     (1,378)        (19,908)
Operating expenses             (368)       (449)       (718)         (3,276)
Interest income                   1           3          52              60
Amortization of
 property, plant and
 equipment                      (29)       (101)        (76)           (538)
Amortization of
 intangible assets and
 deferred charges               (25)        (19)        (59)           (318)
Interest expense of
 operating companies           (100)        (63)        (67)           (514)
Increase in value of
 investments in joint
 ventures and associates
 at fair value, net               -           -         863             863
Stock-based compensation
 expense                         (1)        (17)       (156)           (239)
Other gains                       -           -          59              59
Other items                      (4)        (33)        (86)            (46)
Impairment of goodwill,
 intangible assets and
 long-lived assets                -          (7)        (17)            (65)
Limited Partners'
 Interests charge                 -           -        (929)           (929)
----------------------------------------------------------------------------
Earnings (loss) before
 income taxes and
 discontinued operations        (17)        (79)       (255)             66
Recovery of (provision
 for) income taxes               (3)         12         (10)            (76)
----------------------------------------------------------------------------
Earnings (loss) from
 continuing operations          (20)        (67)       (265)            (10)
Earnings from
 discontinued
 operations(b)                    -           -          26              26
----------------------------------------------------------------------------
Net earnings (loss) for
 the year                $      (20) $      (67) $     (239) $           16
----------------------------------------------------------------------------
Total assets(c)          $      632  $    2,626  $   16,140  $       36,302
----------------------------------------------------------------------------
Long-term debt(c)(d)     $      725  $      547  $    5,212  $       10,470
----------------------------------------------------------------------------
Property, plant and
 equipment additions(c)  $       23  $       91  $      196  $          757
----------------------------------------------------------------------------
Intangible assets with
 indefinite life         $       36  $      259  $      548  $        1,115
----------------------------------------------------------------------------
Goodwill additions from
 acquisitions            $        -  $        -  $    1,983  $        2,032
----------------------------------------------------------------------------
Goodwill(c)              $      118  $      113  $    2,908  $        4,358
----------------------------------------------------------------------------

Net earnings (loss)
 attributable to:
Equity holders of Onex
 Corporation             $      (14) $      (47) $     (167) $         (128)
Non-controlling
 interests                       (6)        (20)        (72)            144
----------------------------------------------------------------------------
Net earnings (loss) for
 the year                $      (20) $      (67) $     (239) $           16
----------------------------------------------------------------------------
(a) Includes Tropicana Las Vegas, SGS International (acquired in October
    2012), USI (acquired in December 2012), KraussMaffei (acquired in
    December 2012), ONCAP II, ONCAP III, Flushing Town Center, OCP CLO-1,
    OCP CLO-2, and the parent company. Investments in joint ventures and
    associates recorded at fair value include Allison Transmission, BBAM,
    Hawker Beechcraft, RSI, Tomkins, Cypress and certain Onex Real Estate
    investments. Earnings from discontinued operations represent the after-
    tax results of TMS International.
(b) Represents the after-tax results of TMS International.
(c) Total assets, long-term debt, property, plant and equipment additions
    and goodwill in the other segment include discontinued operations.
(d) 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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