Magna International (MGA) 6-K Current report (foreign)

Exhibit 99.1

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.
(United States dollars in millions, except per share figures) (Unaudited)
Prepared in accordance with U.S. GAAP
				2021					2022					2023
			Note	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	TOTAL
VEHICLE VOLUME STATISTICS (in millions)
North America				3.752	3.213	2.921	3.219	13.105	3.621	3.551	3.607	3.524	14.303	3.883	4.085	3.874	11.842
	Western Europe			3.045	2.443	1.783	2.392	9.663	2.491	2.596	2.292	2.704	10.083	3.021	2.972	2.521	8.514
	Eastern Europe			1.870	1.671	1.212	1.650	6.403	1.509	1.404	1.301	1.485	5.699	1.551	1.631	1.567	4.749
Total Europe				4.915	4.114	2.995	4.042	16.066	4.000	4.000	3.593	4.189	15.782	4.572	4.603	4.088	13.263
China				6.032	5.699	5.437	7.366	24.534	6.365	5.487	7.230	7.260	26.342	5.942	6.815	7.108	19.865
Other				6.955	5.819	5.291	6.087	24.152	6.331	6.127	6.710	6.866	26.034	7.040	6.781	6.867	20.688
Global				21.654	18.845	16.644	20.714	77.857	20.317	19.165	21.140	21.839	82.461	21.437	22.284	21.937	65.658
Magna Steyr vehicle assembly volumes				0.041	0.030	0.025	0.034	0.130	0.026	0.032	0.026	0.028	0.112	0.034	0.027	0.023	0.084
AVERAGE FOREIGN EXCHANGE RATES
1 Canadian dollar equals U.S. dollars				0.790	0.814	0.794	0.794	0.798	0.790	0.783	0.765	0.737	0.769	0.740	0.745	0.746	0.744
1 Euro equals U.S. dollars				1.205	1.206	1.178	1.144	1.183	1.123	1.064	1.006	1.019	1.053	1.073	1.089	1.088	1.083
1 Chinese renminbi equals U.S. dollars				0.154	0.155	0.155	0.156	0.155	0.158	0.151	0.146	0.140	0.149	0.146	0.143	0.138	0.142
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Sales:
		Body Exteriors & Structures		4,025	3,647	3,185	3,620	14,477	4,077	3,947	3,976	4,004	16,004	4,439	4,540	4,354	13,333
		Power & Vision		3,156	2,881	2,501	2,804	11,342	3,046	2,888	2,911	3,016	11,861	3,323	3,462	3,745	10,530
		Seating Systems		1,303	1,166	1,123	1,299	4,891	1,376	1,253	1,295	1,345	5,269	1,486	1,603	1,529	4,618
		Complete Vehicles		1,850	1,490	1,255	1,511	6,106	1,275	1,403	1,213	1,330	5,221	1,626	1,526	1,185	4,337
		Corporate & Other		(155)	(150)	(145)	(124)	(574)	(132)	(129)	(127)	(127)	(515)	(201)	(149)	(125)	(475)
Sales				10,179	9,034	7,919	9,110	36,242	9,642	9,362	9,268	9,568	37,840	10,673	10,982	10,688	32,343
Costs and expenses:
	Cost of goods sold			8,662	7,728	6,885	7,822	31,097	8,400	8,259	8,126	8,403	33,188	9,416	9,544	9,264	28,224
	Selling, general and administrative			430	419	454	414	1,717	386	410	387	477	1,660	488	505	491	1,484
	Equity income			(47)	(44)	(34)	(23)	(148)	(20)	(25)	(27)	(17)	(89)	(33)	(36)	(40)	(109)
Adjusted EBITDA				1,134	931	614	897	3,576	876	718	782	705	3,081	802	969	973	2,744
	Depreciation			352	362	373	377	1,464	357	348	330	338	1,373	353	353	358	1,064
Adjusted EBIT				782	569	241	520	2,112	519	370	452	367	1,708	449	616	615	1,680
	Amortization of acquired intangible assets			12	12	12	12	48	12	12	11	11	46	12	13	32	57
	Other expense (income), net		1	(58)	6	180	(90)	38	61	426	23	193	703	142	86	(4)	224
	Interest expense, net			23	11	22	22	78	26	20	18	17	81	20	34	49	103
Income (loss) from operations before income taxes				805	540	27	576	1,948	420	(88)	400	146	878	275	483	538	1,296
Income tax expense				183	104	10	98	395	41	57	104	35	237	58	129	121	308
Net income (loss)				622	436	17	478	1,553	379	(145)	296	111	641	217	354	417	988
(Income) loss attributable to non-controlling interests				(7)	(12)	(6)	(14)	(39)	(15)	(11)	(7)	(16)	(49)	(8)	(15)	(23)	(46)
Net income (loss) attributable to Magna International Inc.				615	424	11	464	1,514	364	(156)	289	95	592	209	339	394	942
Diluted earnings (loss) per common share:				$    2.03	$    1.40	$    0.04	$    1.54	$    5.00	$   1.22	$  (0.54)	$   1.00	$   0.33	$   2.03	$   0.73	$   1.18	$    1.37	$   3.29
Weighted average number of Common Shares outstanding
	during the period (in millions):			303.6	303.6	302.6	301.5	302.8	298.1	291.1	288.5	286.3	291.2	286.6	286.3	286.8	286.6
NON-GAAP MEASURES
	Adjusted EBITDA			1,134	931	614	897	3,576	876	718	782	705	3,081	802	969	973	2,744
	Adjusted EBIT		2	782	569	241	520	2,112	519	370	452	367	1,708	449	616	615	1,680
	Adjusted net income attributable to Magna International Inc.			575	434	179	399	1,587	393	253	317	270	1,233	329	441	419	1,189
	Adjusted Diluted earnings (loss) per common share			$    1.89	$    1.43	$    0.59	$    1.32	$    5.24	$   1.32	$   0.87	$   1.10	$   0.94	$   4.24	$   1.15	$   1.54	$    1.46	$   4.15
PROFITABILITY RATIOS
	Selling, general and administrative /Sales			4.2%	4.6%	5.7%	4.5%	4.7%	4.0%	4.4%	4.2%	5.0%	4.4%	4.6%	4.6%	4.6%	4.6%
	Adjusted EBIT /Sales			7.7%	6.3%	3.0%	5.7%	5.8%	5.4%	4.0%	4.9%	3.8%	4.5%	4.2%	5.6%	5.8%	5.2%
	Operating income /Sales			7.9%	6.0%	0.3%	6.3%	5.4%	4.4%	-0.9%	4.3%	1.5%	2.3%	2.6%	4.4%	5.0%	4.0%
	Effective tax rate
		Reported		22.7%	19.3%	37.0%	17.0%	20.3%	9.8%	-64.8%	26.0%	24.0%	27.0%	21.1%	26.7%	22.5%	23.8%
		Excluding Other expense (income) and amortization, net of taxes		23.3%	20.1%	15.5%	17.1%	20.1%	17.2%	24.6%	25.3%	18.3%	21.2%	21.4%	21.6%	21.9%	21.7%

Page 1 of 6

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEETS
(United States dollars in millions) (Unaudited)
			2021				2022				2023
			1st Q	2nd Q	3rd Q	4th Q	1st Q	2nd Q	3rd Q	4th Q	1st Q	2nd Q	3rd Q
FUNDS EMPLOYED
Current assets:
	Accounts receivable		7,176	6,531	6,082	6,307	7,006	6,764	7,082	6,791	7,959	8,556	8,477
	Inventories		3,645	3,999	4,150	3,969	4,258	4,064	4,108	4,180	4,421	4,664	4,751
	Prepaid expenses and other		290	294	247	278	310	262	269	320	367	455	387
			11,111	10,824	10,479	10,554	11,574	11,090	11,459	11,291	12,747	13,675	13,615
Current liabilities:
	Accounts payable		6,787	6,248	5,914	6,465	6,845	6,443	6,624	6,999	7,731	7,984	7,911
	Accrued salaries and wages		897	912	893	851	879	766	810	850	822	858	900
	Other accrued liabilities		2,298	2,186	2,070	2,156	2,123	2,096	1,986	2,118	2,526	2,637	2,537
	Income taxes payable (receivable)		109	123	125	200	190	136	97	93	9	(14)	33
			10,091	9,469	9,002	9,672	10,037	9,441	9,517	10,060	11,088	11,465	11,381
Working capital			1,020	1,355	1,477	882	1,537	1,649	1,942	1,231	1,659	2,210	2,234
Investments			960	1,124	1,455	1,593	1,487	1,375	1,323	1,429	1,390	1,287	1,311
Fixed assets, net			8,305	8,297	8,166	8,293	8,090	7,723	7,470	8,173	8,304	8,646	8,778
Goodwill, other assets and intangible assets			3,614	3,632	3,530	3,577	3,544	3,353	3,280	3,576	3,640	4,733	4,726
Operating lease right-of-use assets			1,869	1,854	1,731	1,700	1,667	1,587	1,545	1,595	1,638	1,667	1,696
Funds employed			15,768	16,262	16,359	16,045	16,325	15,687	15,560	16,004	16,631	18,543	18,745
FINANCING
Straight debt:
	Cash and cash equivalents		(3,464)	(3,426)	(2,748)	(2,948)	(1,996)	(1,664)	(1,102)	(1,234)	(2,429)	(1,281)	(1,022)
	Short-term borrowings		-	-	-	-	-	-	-	8	4	150	2
	Long-term debt due within one year		137	117	101	455	127	105	95	654	668	1,426	1,398
	Long-term debt		3,935	3,941	3,908	3,538	3,501	3,408	3,325	2,847	4,500	4,159	4,135
	Current portion of operating lease liabilities		244	278	269	274	276	270	266	276	285	303	384
	Operating lease liabilities		1,613	1,563	1,438	1,406	1,369	1,294	1,254	1,288	1,318	1,345	1,289
			2,465	2,473	2,968	2,725	3,277	3,413	3,838	3,839	4,346	6,102	6,186
Long-term employee benefit liabilities			733	743	716	700	686	651	617	548	563	579	564
Other long-term liabilities			414	482	466	376	374	390	397	461	451	448	453
Deferred tax liabilities, net			104	124	40	19	(51)	(111)	(138)	(179)	(218)	(242)	(210)
			1,251	1,349	1,222	1,095	1,009	930	876	830	796	785	807
Shareholders' equity			12,052	12,440	12,169	12,225	12,039	11,344	10,846	11,335	11,489	11,656	11,752
			15,768	16,262	16,359	16,045	16,325	15,687	15,560	16,004	16,631	18,543	18,745
ASSET UTILIZATION RATIOS
	Days in accounts receivable		63.4	65.1	69.1	62.3	65.4	65.0	68.8	63.9	67.1	70.1	71.4
	Days in accounts payable		70.5	72.8	77.3	74.4	73.3	70.2	73.4	75.0	73.9	75.3	76.9
	Inventory turnover - cost of sales		9.5	7.7	6.6	7.9	7.9	8.1	7.9	8.0	8.5	8.2	7.8
	Working capital turnover		39.9	26.7	21.4	41.3	25.1	22.7	19.1	31.1	25.7	19.9	19.1
	Total asset turnover		2.6	2.2	1.9	2.3	2.4	2.4	2.4	2.4	2.6	2.4	2.3
CAPITAL STRUCTURE
	Straight debt		15.6%	15.2%	18.1%	17.0%	20.1%	21.8%	24.7%	24.0%	26.1%	32.9%	33.0%
	Long-term employee benefit liabilities, other long-term
		liabilities & deferred tax liabilities, net	7.9%	8.3%	7.5%	6.8%	6.2%	5.9%	5.6%	5.2%	4.8%	4.2%	4.3%
	Shareholders' equity		76.4%	76.5%	74.4%	76.2%	73.7%	72.3%	69.7%	70.8%	69.1%	62.9%	62.7%
			100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
	Debt to total capitalization		33.0%	32.2%	32.0%	31.7%	30.5%	30.9%	31.3%	30.9%	37.1%	38.8%	38.0%
ANNUALIZED RETURNS
	Return on equity (Net income attributable to Magna
		International Inc. / Average shareholders' equity)	20.7%	13.8%	0.4%	15.2%	12.0%	-5.3%	10.4%	3.4%	7.3%	11.7%	13.5%
	Adjusted Return on equity (Adjusted Net income attributable
		to Magna International Inc. / Average shareholders' equity)	19.4%	14.2%	5.8%	13.1%	13.0%	8.7%	11.4%	9.7%	11.5%	15.2%	14.3%
	Return on Invested Capital (Annualized after-tax operating
		profits / invested capital)	16.3%	11.1%	0.9%	12.2%	9.9%	-3.2%	7.9%	3.2%	5.7%	8.7%	9.8%
	Adjusted Return on Invested Capital (Adjusted Annualized after-tax
		operating profits / invested capital)	15.3%	11.4%	5.0%	10.6%	10.6%	7.0%	8.6%	7.6%	8.7%	11.0%	10.3%

Page 2 of 6

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(United States dollars in millions) (Unaudited)
				2021					2022					2023
Cash provided from (used for):			Note	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	TOTAL
Operating activities
	Net income (loss)			622	436	17	478	1,553	379	(145)	296	127	657	217	354	417	988
	Items not involving current cash flows		(i)	349	341	515	371	1,576	370	705	295	406	1,776	351	525	404	1,280
			(i)	971	777	532	849	3,129	749	560	591	533	2,433	568	879	821	2,268
	Changes in operating assets and liabilities		(i)	(310)	(249)	(132)	502	(189)	(569)	(139)	(353)	723	(338)	(341)	(332)	(24)	(697)
Cash provided from operating activities				661	528	400	1,351	2,940	180	421	238	1,256	2,095	227	547	797	1,571
Investment activities
	Fixed asset additions			(212)	(277)	(334)	(549)	(1,372)	(238)	(329)	(364)	(750)	(1,681)	(424)	(502)	(630)	(1,556)
	Increase in equity method investment			-	-	(454)	(63)	(517)	-	-	-	-	-	-	-	-	-
	Increase in investments, other assets and intangible assets			(104)	(93)	(101)	(105)	(403)	(64)	(80)	(125)	(186)	(455)	(101)	(96)	(176)	(373)
	Net cash (outflow) inflow from disposal of facilities		1(c), 1(f)	-	-	(41)	-	(41)	6	-	-	-	6	(25)	-	(23)	(48)
	Increase in public and private equity investments			(3)	(17)	(3)	(45)	(68)	(2)	(2)	(25)	-	(29)	-	(3)	(7)	(10)
	Settlement of long-term receivable from non-consolidated joint venture			50	-	-	-	50	-	-	-	-	-	-	-	-	-
	Proceeds from disposition			19	20	10	32	81	23	40	41	20	124	19	44	32	95
	Business combinations			39	(21)	-	(31)	(13)	-	-	-	(3)	(3)	-	(1,475)	-	(1,475)
Cash used for investment activities				(211)	(388)	(923)	(761)	(2,283)	(275)	(371)	(473)	(919)	(2,038)	(531)	��(2,032)	(804)	(3,367)
Financing activities
	Net issues (repayments) of debt			(126)	(33)	(13)	5	(167)	(328)	(31)	(10)	(22)	(391)	1,636	544	(135)	2,045
	Common Shares issued on exercise of stock options			83	50	3	10	146	4	-	1	3	8	6	-	8	14
	Repurchase of Common Shares			(162)	(99)	(5)	(251)	(517)	(383)	(212)	(180)	(5)	(780)	(9)	(2)	-	(11)
	Tax withholdings on vesting of equity awards			(12)	-	-	(1)	(13)	(14)	(1)	-	-	(15)	(9)	(1)	-	(10)
	Contributions to subsidiaries by non-controlling interests			-	-	-	8	8	-	5	-	-	5	-	-	-	-
	Dividends paid to non-controlling interests			-	(8)	(2)	(39)	(49)	-	(12)	(10)	(24)	(46)	(7)	(24)	(18)	(49)
	Dividends paid			(130)	(127)	(130)	(127)	(514)	(133)	(130)	(125)	(126)	(514)	(132)	(129)	(128)	(389)
Cash provided from (used for) financing activities				(347)	(217)	(147)	(395)	(1,106)	(854)	(381)	(324)	(174)	(1,733)	1,485	388	(273)	1,600
Effect of exchange rate changes on cash, cash equivalents
	and restricted cash equivalents			(13)	39	(8)	5	23	(3)	(1)	(3)	(31)	(38)	14	(51)	21	(16)
Net increase (decrease) in cash, cash equivalents
	and restricted cash equivalents during the period			90	(38)	(678)	200	(426)	(952)	(332)	(562)	132	(1,714)	1,195	(1,148)	(259)	(212)
Cash, cash equivalents and restricted cash equivalents,
	beginning of period			3,374	3,464	3,426	2,748	3,374	2,948	1,996	1,664	1,102	2,948	1,234	2,429	1,281	1,234
Cash, cash equivalents and restricted cash equivalents,
	end of period			3,464	3,426	2,748	2,948	2,948	1,996	1,664	1,102	1,234	1,234	2,429	1,281	1,022	1,022
		(i) Certain amounts in prior periods have been reclassified to conform with current period presentation.

Page 3 of 6

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.
(United States dollars in millions, except per share figures) (Unaudited)
		This Analyst should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022.
Note 1:		OTHER EXPENSE (INCOME), NET
		Other expense (income), net consists of:
				2021					2022					2023
				1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	TOTAL
		Investment revaluations, (gains) losses on sales, and impairments	[a]	(33)	(38)	81	(8)	2	61	50	9	101	221	24	98	(19)	103
		Restructuring	[b]	15	44	12	18	89	-	-	-	22	22	118	(35)	(1)	82
		Operations in Russia	[c]	-	-	-	-	-	-	376	-	-	376	-	-	16	16
		Veoneer related termination fees and transaction costs	[d]	-	-	-	(100)	(100)	-	-	-	-	-	-	23	-	23
		Impairments	[e]	-	-	12	-	12	-	-	14	12	26	-	-	-	-
		Loss on sale of business	[f]	-	-	75	-	75	-	-	-	58	58	-	-	-	-
		Gain on business combinations	[g]	(40)	-	-	-	(40)	-	-	-	-	-	-	-	-	-
															-
				(58)	6	180	(90)	38	61	426	23	193	703	142	86	(4)	224
	[a]	Investment revaluations, (gains) losses on sales, and impairments
		The Company revalues its public and private equity investments and certain public company warrants every quarter. The gains and losses related to this revaluation, as well as gain and losses on disposition, are recorded in Corporate. In the second quarter of 2023, the Company recorded a non-cash impairment charge of $85 million on a private equity investment and related long-term receivables within Other assets in its Corporate segment.
	[b]	Restructuring
		Reversal of restructuring charges:
		During the second quarter of 2023, the Company’s Power & Vision segment reversed $39 million of charges due to a change in the restructuring plans related to a plant closure.
		Sale of buildings as a result of restructuring activities:
		During the second and third quarter of 2023, the Company’s Power & Vision segment recorded a $10 million and $8 million gain on the sale of a building as a result of restructuring activities, respectively.
		Other Restructuring:		2021					2022					2023
				1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	TOTAL
		Power & Vision		15	44	4	4	67	-	-	-	22	22	105	5	7	117
		Body Exteriors & Structures		-	-	8	-	8	-	-	-	-	-	13	9	-	22
		Seating Systems		-	-	-	14	14	-	-	-	-	-	-	-	-	-
				15	44	12	18	89	-	-	-	22	22	118	14	7	139
	[c]	Operations in Russia
		As a result of the expected lack of future cashflows and the continuing uncertainties connected with the Russian economy, during the second quarter of 2022, the Company recorded a $376 million impairment charge related to its investment in Russia. This included net asset impairments of $173 million and a $203 million reserve against the related foreign currency translation losses that were included in accumulated other comprehensive loss. The net asset impairments consisted of $163 million and $10 million in our Body Exteriors & Structures and our Seating Systems segments, respectively. During the third quarter of 2023, the Company completed the sale of all of its investments in Russia resulting in a loss of $16 million including a net cash outflow of $23 million.
	[d]	Veoneer related termination fees and transaction costs
		During 2023, the Company incurred $23 million of transaction costs related to the acquisition of the Veoneer Active Safety Business. In the fourth quarter of 2021, Veoneer, Inc. (“Veoneer”) terminated its merger agreement with Magna.  In connection with the termination of the merger agreement, Veoneer paid the Company a termination fee which, net of the Company’s associated transaction costs, amounted to $100 million.
	[e]	Impairments		2021					2022					2023
				1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	TOTAL
		Body Exteriors & Structures		-	-	8	-	8	-	-	10	12	22	-	-	-	-
		Power & Vision		-	-	-	-	-	-	-	4	-	4	-	-	-	-
		Seating Systems		-	-	4	-	4	-	-	-	-	-	-	-	-	-
				-	-	12	-	12	-	-	14	12	26	-	-	-	-
	[f]	Loss on sale of business
		During the fourth quarter of 2022, the Company entered into an agreement to sell a European Power & Vision operation. Under the terms of the arrangement, the Company is contractually obligated to provide the buyer with up to $42 million of funding, resulting in a loss of $58 million. During the first quarter of 2023, the Company completed the sale of this operation which resulted in a net cash outflow of $25 million. During the third quarter of 2021, the Company sold three Body Exteriors & Structures operations in Germany. Under the terms of the arrangement, the Company provided the buyer with $41 million of funding, resulting in a loss on disposal of $75 million.
	[g]	Gain on business combinations
		In Seating Systems, during the first quarter of 2021, the Company recognized a $22 million gain on the on the change in basis of accounting for its previously held equity method investments. Also during the first quarter of 2021, in Power & Vision, substantially all of the assets of the Company's European joint venture with Ford Motor Company, Getrag Ford Transmission GmbH, were distributed to either Ford or the Company, which resulted in the Company recording a gain of $18 million.

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Note 2:	NON-GAAP MEASURES
	The Company presents Adjusted EBIT (Earnings before interest, taxes, Other expense (income),net, and amortization of acquired intangible assets), Adjusted Net Income (Net Income before Other expense (income),net, net of tax excluding significant income tax valuation allowance adjustments, and amortization of acquired intangible assets), Adjusted Diluted Earnings per Share and Adjusted EBIT as a percentage of sales, Adjusted Return on Invested Capital and Adjusted Return on Equity. Effective July 1, 2023, the Company revised its calculation of Adjusted EBIT, Adjusted diluted earnings per share and Adjusted Return on Invested Capital to exclude the amortization of acquired intangibles assets. The Company presents these financial figures because such measures are widely used by analysts and investors in evaluating the operating performance of the Company.  However, such measures do not have any standardized meaning under U.S. generally accepted accounting principles and may not be comparable to the calculation of similar measures by other companies. Adjusted EBIT, Adjusted Net Income and Adjusted diluted earnings per share presented in the tables below, including for the prior period, have been updated to reflect the revised calculation.
	The following table reconciles Income (loss) from operations before income taxes to Adjusted EBIT:
					2021					2022					2023
					1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	TOTAL
	Income (loss) from operations before income taxes				805	540	27	576	1,948	420	(88)	400	146	878	275	483	538	1,296
		Exclude:
			Amortization of acquired intangible assets		12	12	12	12	48	12	12	11	11	46	12	13	32	57
			Other expense (income), net		(58)	6	180	(90)	38	61	426	23	193	703	142	86	(4)	224
			Interest expense		23	11	22	22	78	26	20	18	17	81	20	34	49	103
	Adjusted EBIT				782	569	241	520	2,112	519	370	452	367	1,708	449	616	615	1,680
	The following table reconciles Net income (loss) attributable to Magna International Inc. to Adjusted net income attributable to Magna International Inc.:
					2021					2022					2023
					1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	TOTAL
	Net income (loss) attributable to Magna International Inc.				615	424	11	464	1,514	364	(156)	289	95	592	209	339	394	942
		Exclude:
			Investment revaluations, (gains) losses on sales, and impairments		(24)	(29)	64	(2)	9	48	38	7	75	168	18	95	(14)	99
			Impairments		-	-	9	-	9	-	361	12	12	385	-	-	-	-
			Operations in Russia		-	-	-	-	-	-	-	-	-	-	-	-	16	16
			Amortization of acquired intangible assets		9	8	9	8	34	10	10	9	9	38	10	11	25	46
			Restructuring		15	31	11	17	74	-	-	-	22	22	92	(26)	(2)	64
			Veoneer related termination fees and transaction costs		-	-	-	(75)	(75)	-	-	-	-	-	-	22	-	22
			Net losses on the sale of business		-	-	75	-	75	-	-	-	57	57	-	-	-	-
			Adjustments to Deferred Tax Valuation Allowance	[i]	-	-	-	(13)	(13)	(29)	-	-	-	(29)	-	-	-	-
			Gain on business combinations		(40)	-	-	-	(40)	-	-	-	-	-	-	-	-	-
	Adjusted net income attributable to Magna International Inc.				575	434	179	399	1,587	393	253	317	270	1,233	329	441	419	1,189
	The following table reconciles diluted earnings (loss) per common share to Adjusted diluted earnings (loss) per common share:
					2021					2022					2023
					1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	TOTAL
	Diluted earnings (loss) per common share				$    2.03	$    1.40	$    0.04	$    1.54	$    5.00	$   1.22	$  (0.54)	$   1.00	$   0.33	$   2.03	$   0.73	1.18	1.37	$   3.29
		Exclude:
			Investment revaluations, (gains) losses on sales, and impairments		(0.08)	(0.10)	0.21	(0.01)	0.03	0.16	0.13	0.03	0.26	0.58	0.07	0.33	(0.06)	0.35
			Impairments		-	-	0.03	-	0.03	-	1.24	0.04	0.04	1.32	-	-	-	-
			Operations in Russia		-	-	-	-	-	-	-	-	-	-	-	-	0.06	0.06
			Amortization of acquired intangible assets		0.03	0.04	0.03	0.02	0.11	0.04	0.03	0.03	0.03	0.13	0.04	0.04	0.09	0.15
			Restructuring		0.05	0.10	0.03	0.06	0.24	-	-	-	0.08	0.08	0.31	(0.09)	-	0.22
			Veoneer related termination fees and transaction costs		-	-	-	(0.25)	(0.25)	-	-	-	-	-	-	0.08	-	0.08
			Net losses on the sale of business		-	-	0.25	-	0.25	-	-	-	0.20	0.20	-	-	-	-
			Adjustments to Deferred Tax Valuation Allowance	[i]	-	-	-	(0.04)	(0.04)	(0.10)	-	-	-	(0.10)	-	-	-	-
			Gain on business combinations		(0.14)	-	-	-	(0.13)	-	-	-	-	-	-	-	-	-
	Adjusted diluted earnings per common share				$    1.89	$    1.43	$    0.59	$    1.32	$    5.24	$   1.32	$   0.87	$   1.10	$   0.94	$   4.24	$   1.15	$   1.54	$    1.46	$   4.15
	[i] Adjustments to Deferred Tax Valuation Allowance
	In the fourth quarter of 2021, and first quarter of 2022, the Company recorded adjustments to the valuation allowance against its deferred tax assets in certain European countries and North America. The net effect of these adjustments was a reduction in income tax expense of $13 million and $29 million, respectively.

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Note 3:	SEGMENTED INFORMATION
			2021					2022					2023
			1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	4th Q	TOTAL	1st Q	2nd Q	3rd Q	TOTAL
	Body Exteriors & Structures
		Sales	4,025	3,647	3,185	3,620	14,477	4,077	3,947	3,976	4,004	16,004	4,439	4,540	4,354	13,333
		Adjusted EBIT	329	230	100	171	830	231	194	227	200	852	272	394	358	1,024
		Adjusted EBIT as a percentage of sales	8.2%	6.3%	3.1%	4.7%	5.7%	5.7%	4.9%	5.7%	5.0%	5.3%	6.1%	8.7%	8.2%	7.7%
	Power & Vision
		Sales	3,156	2,881	2,501	2,804	11,342	3,046	2,888	2,911	3,016	11,861	3,323	3,462	3,745	10,530
		Adjusted EBIT	306	210	77	178	771	163	99	124	116	502	92	124	221	437
		Adjusted EBIT as a percentage of sales	9.7%	7.3%	3.1%	6.3%	6.8%	5.4%	3.4%	4.3%	3.8%	4.2%	2.8%	3.6%	5.9%	4.2%
	Seating Systems
		Sales	1,303	1,166	1,123	1,299	4,891	1,376	1,253	1,295	1,345	5,269	1,486	1,603	1,529	4,618
		Adjusted EBIT	56	28	22	51	157	50	3	37	14	104	37	67	70	174
		Adjusted EBIT as a percentage of sales	4.3%	2.4%	2.0%	3.9%	3.2%	3.6%	0.2%	2.9%	1.0%	2.0%	2.5%	4.2%	4.6%	3.8%
	Complete Vehicles
		Sales	1,850	1,490	1,255	1,511	6,106	1,275	1,403	1,213	1,330	5,221	1,626	1,526	1,185	4,337
		Adjusted EBIT	80	79	30	98	287	50	63	65	57	235	52	34	(5)	81
		Adjusted EBIT as a percentage of sales	4.3%	5.3%	2.4%	6.5%	4.7%	3.9%	4.5%	5.4%	4.3%	4.5%	3.2%	2.2%	-0.4%	1.9%
	Corporate and other
		Intercompany eliminations	(155)	(150)	(145)	(124)	(574)	(132)	(129)	(127)	(127)	(515)	(201)	(149)	(125)	(475)
		Adjusted EBIT	11	22	12	22	67	25	11	(1)	(20)	15	(4)	(3)	(29)	(36)
	Total
		Sales	10,179	9,034	7,919	9,110	36,242	9,642	9,362	9,268	9,568	37,840	10,673	10,982	10,688	32,343
		Adjusted EBIT	782	569	241	520	2,112	519	370	452	367	1,708	449	616	615	1,680
		Adjusted EBIT as a percentage of sales	7.7%	6.3%	3.0%	5.7%	5.8%	5.4%	4.0%	4.9%	3.8%	4.5%	4.2%	5.6%	5.8%	5.2%

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