Exhibit 99.1
April 2, 2003
Ontario Securities Commission
20 Queen Street West
Suite 800
Toronto, ON
M5H 3S8
Dear Sirs:
Re: NP 51 - Notice of Change in the Ending Date of a Financial Year for Tesma International Inc.
This notice is made in order to advise you of the application of National Policy Statement No. 51 to the circumstances of Tesma International Inc. ("Tesma" or the "Company"), as a result of the change in Tesma's financial year end from July 31 to December 31 which was effective December 31, 2002. In addition, commencing in the Company's new financial year ending December 31, 2003, Tesma will change its financial reporting currency to United States dollars.
These changes place the Company on a basis consistent with its parent company and controlling shareholder, Magna International Inc. These changes also will enable the Company's financial performance to be compared more readily with that of its peer group within the automotive parts supply industry.
The last day of the Company's old financial year was July 31, 2002. The last day of Tesma's transition year was December 31, 2002.
In its financial statements for the transition year ended December 31, 2002, Tesma will include its audited results for the five months ended on that date. Comparative annual financial statements for the financial years ended July 31, 2002, July 31, 2001 and July 31, 2000 will also be included in these financial statements.
The attached schedules set out the financial reporting for Tesma for the transition year ended December 31, 2002 and also for the new financial year ending December 31, 2003 as follows:
1. annual financial statements for the transition year ended December 31, 2002 together with comparatives; and2. interim and annual financial statements for the new financial year ending December 31, 2003 together with comparatives.
If you have any questions regarding the enclosed information, please do not hesitate to call.
Yours truly,
Tesma International Inc.
Stefan T. Proniuk /signed/
Stefan T. Proniuk
Vice President, Secretary
and General Counsel
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Schedule 1
Reporting Period - Transition Year
Income and Cash Flow Statements
| Transition Year Ended December 31, 2002 | Periods to be Presented | |
| - 5 months ended December 31, 2002 | |
- 12 months ended July 31, 2002, 2001 and 2000 |
Schedule 2
Reporting Period - New Financial Year
Income and Cash Flow Statements
| New Financial Year Ending December 31, 2003 | Periods to be Presented |
March 31, 2003
Quarterly Report
- 3 months ended March 31, 2003
- 3 months ended March 31, 2002
June 30, 2003
Quarterly Report
- 3 months ended June 30, 2003
- 3 months ended June 30, 2002
September 30, 2003
Quarterly Report
- - 3 months ended September 30, 2003
- - 3 months ended September 30, 2002
December 31, 2003
Quarterly Report
- 3 months ended December 31, 2003
- - 3 months ended December 31, 2002
Annual Report
- 12 months ended December 31, 2003
- - 5 months ended December 31, 2002
- - 12 months ended July 31, 2002 and 2001