Form 6-K MAGNA INTERNATIONAL INC For: May 06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or
15d-16 under the Securities Exchange Act of 1934

For the month of May 2021

Commission File Number    001-11444

MAGNA INTERNATIONAL INC.

(Exact Name of Registrant as specified in its Charter)

337 Magna Drive, Aurora, Ontario, Canada L4G 7K1

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F [ ]         Form 40-F [X]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _______

Note:  Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _______

Note:  Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date:   May 6, 2021	MAGNA INTERNATIONAL INC. (Registrant)
	By:	/s/ “Bassem Shakeel”
		Bassem A. Shakeel,
		Vice-President and Corporate Secretary

EXHIBITS

Exhibit 99

Q1 2021 Financial Review

 

 

Exhibit 99

 

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.
(United States dollars in millions, except per share figures) (Unaudited)
Prepared in accordance with U.S. GAAP
							2019						2020						2021
					Note		1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q
VEHICLE VOLUME STATISTICS (in millions)
North American vehicle volumes (including Mexico)							4.227	4.249	3.909	3.912	16.297		3.777	1.240	3.946	4.040	13.003		3.773
European vehicle volumes:
	Western Europe						3.720	3.614	2.999	3.285	13.618		2.893	1.166	2.599	3.390	10.048		3.082
	Eastern Europe						2.013	2.063	1.672	1.987	7.735		1.795	0.913	1.663	1.990	6.361		1.841
		Total Europe					5.733	5.677	4.671	5.272	21.353		4.688	2.079	4.262	5.380	16.409		4.923
Asia volumes							11.875	11.151	10.950	13.066	47.042		8.146	8.489	10.913	13.750	41.298		11.082
China volumes							6.024	5.484	5.632	7.420	24.560		3.227	5.828	6.266	8.158	23.479		6.027
Magna Steyr vehicle assembly volumes							0.046	0.043	0.035	0.034	0.158		0.031	0.017	0.027	0.035	0.110		0.040
AVERAGE FOREIGN EXCHANGE RATES
1 Canadian dollar equals U.S. dollars							0.752	0.748	0.757	0.758	0.754		0.745	0.722	0.751	0.767	0.746		0.790
1 Euro equals U.S. dollars							1.135	1.124	1.112	1.107	1.119		1.102	1.101	1.170	1.192	1.141		1.205
1 Chinese renminbi equals U.S. dollars							0.148	0.147	0.142	0.142	0.145		0.143	0.141	0.145	0.151	0.145		0.154
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Sales							10,591	10,126	9,319	9,395	39,431		8,657	4,293	9,129	10,568	32,647		10,179
Costs and expenses:
	Cost of goods sold						9,164	8,710	8,063	8,085	34,022		7,567	4,206	7,681	8,753	28,207		8,662
	Selling, general and administrative						421	453	400	423	1,697		381	378	380	448	1,587		430
	Equity income						(35)	(48)	(37)	(58)	(178)		(30)	(25)	(44)	(90)	(189)		(47)
	EBITDA				2		1,041	1,011	893	945	3,890		739	(266)	1,112	1,457	3,042		1,134
	Depreciation and amortization						321	334	335	355	1,345		336	334	334	362	1,366		364
	EBIT				3		720	677	558	590	2,545		403	(600)	778	1,095	1,676		770
	Interest expense, net						31	14	18	19	82		17	21	26	22	86		23
Operating income (loss)					2		689	663	540	571	2,463		386	(621)	752	1,073	1,590		747
Other expense (income), net					2		(679)	68	859	(8)	240		-	168	316	100	584		(58)
Income (loss) from operations before income taxes							1,368	595	(319)	579	2,223		386	(789)	436	973	1,006		805
Income tax expense (benefit)							267	145	45	134	591		134	(137)	109	223	329		183
Net income (loss)							1,101	450	(364)	445	1,632		252	(652)	327	750	677		622
(Income) loss attributable to non-controlling interests					2		5	2	131	(5)	133		9	5	78	(12)	80		(7)
Net income (loss) attributable to Magna International Inc.							1,106	452	(233)	440	1,765		261	(647)	405	738	757		615
Adjusted net income (loss) attributable to Magna International Inc.					2		531	509	438	433	1,911		261	(511)	585	851	1,186		566
Diluted earnings (loss) per share:
	Diluted						$      3.39	$      1.42	$     (0.75)	$      1.43	$      5.59		$      0.86	$     (2.17)	$      1.35	$      2.45	$      2.52		$      2.03
	Adjusted Diluted						$      1.63	$      1.59	$      1.41	$      1.41	$      6.05		$      0.86	$     (1.71)	$      1.95	$      2.83	$      3.95		$      1.86
Weighted average number of Common Shares outstanding
	during the year (in millions):						326.3	319.5	310.7	306.3	315.8		302.7	298.4	299.4	300.9	300.4		303.6
PROFITABILITY RATIOS
	Selling, general and administrative /Sales						4.0%	4.5%	4.3%	4.5%	4.3%		4.4%	8.8%	4.2%	4.2%	4.9%		4.2%
	EBITDA /Sales						9.8%	10.0%	9.6%	10.1%	9.9%		8.5%	-6.2%	12.2%	13.8%	9.3%		11.1%
	EBIT /Sales						6.8%	6.7%	6.0%	6.3%	6.5%		4.7%	-14.0%	8.5%	10.4%	5.1%		7.6%
	Operating income(loss) /Sales						6.5%	6.5%	5.8%	6.1%	6.2%		4.5%	-14.5%	8.2%	10.2%	4.9%		7.3%
	Effective tax rate
		Reported					19.5%	24.4%	-14.1%	23.1%	26.6%		34.7%	17.4%	25.0%	22.9%	32.7%		22.7%
		Excluding Other expense (income), net of taxes					23.7%	23.5%	19.6%	23.3%	22.7%		34.7%	16.9%	22.6%	19.6%	25.7%		23.3%

 

 

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEETS
(United States dollars in millions) (Unaudited)
							2019						2020						2021
					Note		1st Q	2nd Q	3rd Q	4th Q			1st Q	2nd Q	3rd Q	4th Q			1st Q
ASSETS							[Note 1]
Current assets:
	Accounts receivable						7,446	7,204	7,068	5,927			5,684	5,253	6,618	6,394			7,176
	Inventories						3,501	3,521	3,457	3,304			3,531	3,503	3,509	3,444			3,645
	Prepaid expenses and other						275	278	211	238			234	303	265	260			290
							11,222	11,003	10,736	9,469			9,449	9,059	10,392	10,098			11,111
Current liabilities:
	Accounts payable and other accruals						9,347	9,048	8,757	8,198			8,381	6,992	8,905	9,373			10,091
Working capital							1,875	1,955	1,979	1,271			1,068	2,067	1,487	725			1,020
Investments							2,408	2,334	1,430	1,210			1,336	1,336	1,143	947			960
Fixed assets, net							7,958	8,109	7,943	8,260			7,948	7,860	7,898	8,475			8,305
Goodwill, other assets and intangible assets							3,487	3,593	3,461	3,456			3,340	3,362	3,423	3,539			3,614
Operating lease right-of-use assets							1,716	1,744	1,702	1,811			1,788	1,777	1,787	1,906			1,869
Funds employed							17,444	17,735	16,515	16,008			15,480	16,402	15,738	15,592			15,768
FINANCING
Straight debt:
	Cash and cash equivalents						(925)	(563)	(769)	(1,276)			(1,146)	(533)	(1,498)	(3,268)			(3,464)
	Short-term borrowings						335	199	436	-			-	188	-	-			-
	Long-term debt due within one year						122	112	104	106			93	150	98	129			137
	Long-term debt						3,062	3,071	3,021	3,062			3,021	3,771	3,832	3,973			3,935
	Current portion of operating lease liabilities						176	214	218	225			218	221	226	241			244
	Operating lease liabilities						1,566	1,544	1,527	1,601			1,586	1,577	1,582	1,656			1,613
							4,336	4,577	4,537	3,718			3,772	5,374	4,240	2,731			2,465
Long-term employee benefit liabilities							598	606	584	677			659	675	696	729			733
Other long-term liabilities							396	404	388	371			420	390	305	332			414
Deferred tax liabilities, net							167	196	133	111			87	10	87	80			104
							1,161	1,206	1,105	1,159			1,166	1,075	1,088	1,141			1,251
Shareholders' equity							11,947	11,952	10,873	11,131			10,542	9,953	10,410	11,720			12,052
							17,444	17,735	16,515	16,008			15,480	16,402	15,738	15,592			15,768
ASSET UTILIZATION RATIOS
	Days in accounts receivable						63.3	64.0	68.3	56.8			59.1	110.1	65.2	54.5			63.4
	Days in accounts payable						91.8	93.5	97.7	91.3			99.7	149.6	104.3	96.4			104.8
	Inventory turnover - cost of sales						10.5	9.9	9.3	9.8			8.6	4.8	8.8	10.2			9.5
	Working capital turnover						22.6	20.7	18.8	29.6			32.4	8.3	24.6	58.3			39.9
	Total asset turnover						2.4	2.3	2.3	2.3			2.2	1.0	2.3	2.7			2.6
CAPITAL STRUCTURE
	Straight debt						24.9%	25.8%	27.5%	23.2%			24.4%	32.8%	26.9%	17.5%			15.6%
	Long-term employee benefit liabilities, other long-term
		liabilities & deferred tax liabilities, net					6.6%	6.8%	6.7%	7.2%			7.5%	6.6%	6.9%	7.3%			7.9%
	Shareholders' equity						68.5%	67.4%	65.8%	69.5%			68.1%	60.7%	66.1%	75.2%			76.4%
							100.0%	100.0%	100.0%	100.0%			100.1%	100.0%	100.0%	100.0%			100.0%
	Debt to total capitalization						30.6%	30.1%	32.8%	31.0%			31.8%	37.2%	35.5%	33.9%			33.0%
	Adjusted Debt to Adjusted EBITDA				2		1.18x	1.18x	1.26x	1.23x			1.30x	2.30x	2.07x	1.84x			1.63x
ANNUALIZED RETURNS
	Return on assets (EBIT/assets employed)						16.5%	15.3%	13.5%	14.7%			10.4%	-14.6%	19.8%	28.1%			19.5%
	Return on equity (Net income attributable to Magna
		International Inc. / Average shareholders' equity)					38.3%	15.1%	-8.2%	16.0%			9.6%	-25.3%	15.9%	26.7%			20.7%
	Adjusted Return on equity (Adjusted Net income attributable
		to Magna International Inc. / Average shareholders' equity)					18.4%	17.0%	15.4%	15.7%			9.6%	-19.9%	23.0%	30.8%			19.0%

 

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(United States dollars in millions) (Unaudited)
							2019						2020						2021
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
Operating activities
	Net income (loss)						1,101	450	(364)	445	1,632		252	(652)	327	750	677		622
	Items not involving current cash flows						(213)	470	1,210	509	1,976		363	354	767	581	2,065		411
							888	920	846	954	3,608		615	(298)	1,094	1,331	2,742		1,033
	Changes in operating assets and liabilities						(294)	-	(96)	742	352		24	(934)	518	928	536		(372)
Cash provided from (used for) operating activities							594	920	750	1,696	3,960		639	(1,232)	1,612	2,259	3,278		661
Investment activities
	Fixed asset additions						(251)	(328)	(349)	(513)	(1,441)		(203)	(169)	(213)	(560)	(1,145)		(212)
	Increase in investments, other assets and intangible assets						(77)	(102)	(83)	(122)	(384)		(93)	(72)	(68)	(98)	(331)		(104)
	Increase in private equity investments						(5)	(5)	-	-	(10)		(100)	(2)	(12)	(18)	(132)		(3)
	Proceeds from disposition						86	26	57	16	185		23	11	14	69	117		19
	Settlement of long-term receivable from non-consolidated joint venture						-	-	-	-	-		-	-	-	-	-		50
	Proceeds from sale of (Investment in) Lyft, Inc.						-	-	10	221	231		-	-	-	-	-		-
	Business combinations						-	(152)	-	5	(147)		(7)	-	-	98	91		39
	Sale of Fluid Pressure & Controls Business ["FP&C"]						1,129	-	3	-	1,132		-	-	-	-	-		-
Cash (used for) provided from investment activities							882	(561)	(362)	(393)	(434)		(380)	(232)	(279)	(509)	(1,400)		(211)
Financing activities
	Net issues (repayments) of debt						(855)	(187)	251	(435)	(1,226)		(6)	962	(246)	(27)	683		(126)
	Common Shares issued on exercise of stock options						8	6	19	11	44		1	1	15	64	81		83
	Repurchase of Common Shares						(284)	(409)	(342)	(254)	(1,289)		(201)	-	(2)	-	(203)		(162)
	Tax withholdings on vesting of equity awards						(3)	(2)	-	(4)	(9)		(10)	-	-	(3)	(13)		(12)
	Contributions to subsidiaries by non-controlling interests						2	-	2	-	4		-	-	-	18	18		-
	Dividends paid to non-controlling interests						-	(13)	-	(9)	(22)		(3)	(3)	-	(12)	(18)		-
	Dividends paid						(119)	(110)	(109)	(111)	(449)		(121)	(116)	(115)	(115)	(467)		(130)
Cash provided from (used for) financing activities							(1,251)	(715)	(179)	(802)	(2,947)		(340)	844	(348)	(75)	81		(347)
Effect of exchange rate changes on cash, cash equivalents
	and restricted cash equivalents						14	(4)	(9)	10	11		(52)	9	(15)	81	23		(13)
Net increase (decrease) in cash, cash equivalents
	and restricted cash equivalents during the period						239	(360)	200	511	590		(133)	(611)	970	1,756	1,982		90
Cash, cash equivalents and restricted cash equivalents,
	beginning of period				4		802	1,041	681	881	802		1,392	1,259	648	1,618	1,392		3,374
Cash, cash equivalents and restricted cash equivalents,
	end of period						1,041	681	881	1,392	1,392		1,259	648	1,618	3,374	3,374		3,464

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, 2020.
Note 1:		LEASES ADOPTION
		On January 1, 2019, the Company adopted ASC 842, Leases using the modified retrospective transition approach, without restatement of comparative periods' financial information. The adoption requires the Company to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets.
Note 2:		NON-GAAP MEASURES
		The Company presents Operating income, EBIT (Earnings before interest and taxes) and EBITDA (Earnings before interest, taxes and depreciation and amortization) before Other expense (income),net.  The Company also presents Adjusted Net Income (Net Income before Other expense (income),net , net of tax and excluding significant income tax valuation allowance adjustments), Adjusted Diluted Earnings per Share, Adjusted EBIT and Adjusted EBIT as a percentage of sales, Return on Invested Capital and Return on Equity. The Company calculates Adjusted Debt as total debt adjusted to include pension and lease liabilities and Adjusted EBITDA as earnings before, interest, net, taxes, depreciation and amortization adjusted to add back interest income, certain pension costs and operating lease expense. 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. Other expense (income), net consists of:
							2019						2020						2021
							1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q
		Impairments and loss on sale of equity-accounted investments			[a]		-	-	700	-	700		-	-	337	10	347		-
		Restructuring and impairments			[b]		14	7	34	3	58		-	168	-	101	269		15
		Net (gains) losses on investments			[c]		(177)	67	127	(11)	6		-	-	(21)	(11)	(32)		(33)
		Gain on business combinations			[d]		-	-	-	-	-		-	-	-	-	-		(40)
		Gain on the sale of business			[e]		(516)	(6)	(2)	-	(524)		-	-	-	-	-		-
							(679)	68	859	(8)	240		-	168	316	100	584		(58)
	[a]	Impairments and loss on sale of equity-accounted investments
		In the fourth quarter of 2020, the Company recorded a $ 10 million loss in Power & Vision on the sale of its 50% interest in Dongfeng Getrag Transmission Co. Ltd. In Power & Vision, during the third quarter of 2020, the Company recorded impairment charge of $337 million on investment. In Power & Vision, during the third quarter of 2019, the Company recorded $700 million impairment on its equity accounted investment.
	[b]	Restructuring and impairments
		COVID-19 Restructuring and Impairments: [i]					2019						2020						2021
							1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q
		Power & Vision					-	-	-	-	-		-	115	-	-	115		-
		Body Exteriors & Structures					-	-	-	-	-		-	37	-	-	37		-
		Seating Systems					-	-	-	-	-		-	16	-	-	16		-
							-	-	-	-	-		-	168	-	-	168		-
		Restructuring:					2019						2020						2021
							1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q
		Power & Vision					-	-	-	-	-		-	-	-	-	-		15
		Body Exteriors & Structures					14	7	7	3	31		-	-	-	21	21		-
							14	7	7	3	31		-	-	-	21	21		15
		Impairments:					2019						2020						2021
							1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q
		Power & Vision					-	-	27	-	27		-	-	-	-	-		-
		Body Exteriors & Structures					-	-	-	-	-		-	-	-	57	57		-
							-	-	27	-	27		-	-	-	57	57		-
		Brazil Closures: [ii]					2019						2020						2021
							1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q
		Body Exteriors & Structures					-	-	-	-	-		-	-	-	8	8		-
		Seating Systems					-	-	-	-	-		-	-	-	15	15		-
							-	-	-	-	-		-	-	-	23	23		-
			[i]	In response to the impact that COVID-19 was expected to have on vehicle production volumes over the short to medium term, the Company initiated and/or accelerated the timing of restructuring plans to right-size its business.  These restructuring actions include plant closures and workforce reductions.
			[ii]	In connection with the recently announced plant closures by Ford Motor Co. in Brazil, the Company made the decision to accelerate the [closure/restructuring] of two facilities in Brazil that supply these plants.

 

	[c]	Net (gains) losses on investments
		In Corporate, during the first quarter of 2021, the Company recorded a $33 million gain, related to the revaluation of its private equity investments and certain public company warrants. In Corporate, during the third and fourth quarter of 2020, the Company remeasured its private equity investments at fair value resulting in a $21 million and $13 million gain, respectively. In additions, the Company recorded a non-cash impairment charge of $2 million on its private equity investment in Corporate. In Corporate, during the first, second, third and fourth quarters of 2019, the Company recorded gains of $177 million, net losses of $67 million, net losses of $127 million, and net gains of $11 million respectively, substantially related to the revaluation of its investment in Lyft, Inc.
	[d]	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. 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.
	[e]	Gain on the sale of business
		In Power & Vision, during the first quarter of 2019, the Company recorded a gain on the sale of its Fluid Pressure & Controls ["FP&C"] business of $516 million. In the second and third quarters of 2019, the Company recorded an increase in the gain on sale of $6 million and $2 million, respectively, as a result of finalizing the proceeds relating to working capital.
		The following table reconciles Net (loss) income attributable to Magna International Inc. to Adjusted net income attributable to Magna International Inc.:
							2019						2020						2021
							1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q
		Net income (loss) attributable to Magna International Inc.					1,106	452	(233)	440	1,765		261	(647)	405	738	757		615
			Exclude:
				Impairments and loss on sale of equity-accounted investments [f]			-	-	537	-	537		-	-	200	19	219		-
				Restructuring and impairments			14	7	27	3	51		-	136	-	101	237		15
				Net (gains) losses on investments			(151)	57	109	(10)	5		-	-	(20)	(7)	(27)		(24)
				Gain on business combinations			-	-	-	-	-		-	-	-	-	-		(40)
				Gain on the sale of business			(438)	(7)	(2)	-	(447)		-	-	-	-	-		-
																			-
		Adjusted net income (loss) attributable to Magna International Inc.					531	509	438	433	1,911		261	(511)	585	851	1,186		566
		Diluted earnings (loss) per share					$      3.39	$      1.42	$     (0.75)	$      1.43	$      5.59		$      0.86	$     (2.17)	$      1.35	$      2.45	$      2.52		$      2.03
			Exclude:
				Impairments and loss on sale of equity-accounted investments [f]			-	-	1.74	-	1.70		-	-	0.67	0.06	0.73		-
				Restructuring and impairments			0.04	0.02	0.08	0.01	0.16		-	0.46	-	0.34	0.79		0.05
				Net (gains) losses on investments			(0.46)	0.17	0.35	(0.03)	0.02		-	-	(0.07)	(0.02)	(0.09)		(0.08)
				Gain on business combinations			-	-	-	-	-		-	-	-	-	-		(0.14)
				Gain on the sale of business			(1.34)	(0.02)	(0.01)	-	(1.42)		-	-	-	-	-		-
		Adjusted diluted earnings (loss) per share					$      1.63	$      1.59	$      1.41	$      1.41	$      6.05		$      0.86	$     (1.71)	$      1.95	$      2.83	$      3.95		$      1.86
	[f]	Impairment charges
		Impairment charges relating to the Company's equity accounted investment for 2019 and 2020, include $127 million and $ 75 million, respectively, attributable to non-controlling interest.

 

 

Note 3:		SEGMENTED INFORMATION
							2019						2020						2021
							1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q
		Body Exteriors & Structures
			Sales				4,308	4,243	3,984	3,923	16,458		3,676	1,623	3,858	4,393	13,550		4,025
			Adjusted EBIT				363	341	306	289	1,299		199	(315)	390	543	817		327
			Adjusted EBIT as a percentage of sales				8.4%	8.0%	7.7%	7.4%	7.9%		5.4%	-19.4%	10.1%	12.4%	6.0%		8.1%
		Power & Vision
			Sales				3,083	2,808	2,696	2,725	11,312		2,523	1,298	2,722	3,179	9,722		3,156
			Adjusted EBIT				216	201	167	163	747		135	(226)	227	359	495		297
			Adjusted EBIT as a percentage of sales				7.0%	7.2%	6.2%	6.0%	6.6%		5.4%	-17.4%	8.3%	11.3%	5.1%		9.4%
		Seating Systems
			Sales				1,433	1,452	1,266	1,426	5,577		1,261	524	1,280	1,390	4,455		1,303
			Adjusted EBIT				94	83	56	79	312		40	(84)	66	85	107		55
			Adjusted EBIT as a percentage of sales				6.6%	5.7%	4.4%	5.5%	5.6%		3.2%	-16.0%	5.2%	6.1%	2.4%		4.2%
		Complete Vehicles
			Sales				1,928	1,802	1,516	1,461	6,707		1,321	933	1,402	1,759	5,415		1,850
			Adjusted EBIT				28	43	29	44	144		50	44	70	110	274		80
			Adjusted EBIT as a percentage of sales				1.5%	2.4%	1.9%	3.0%	2.1%		3.8%	4.7%	5.0%	6.3%	5.1%		4.3%
		Corporate and other
			Intercompany fees				(161)	(179)	(143)	(140)	(623)		(124)	(85)	(133)	(153)	(495)		(155)
			Adjusted EBIT				19	9	0	15	43		(21)	(19)	25	(2)	(17)		11
		Total
			Sales				10,591	10,126	9,319	9,395	39,431		8,657	4,293	9,129	10,568	32,647		10,179
			Adjusted EBIT				720	677	558	590	2,545		403	(600)	778	1,095	1,676		770
			Adjusted EBIT as a percentage of sales				6.8%	6.7%	6.0%	6.3%	6.5%		4.7%	-14.0%	8.5%	10.4%	5.1%		7.6%
Note 4:		CASH, CASH EQUIVALENTS AND RESTRICTED CASH EQUIVALENTS
		A reconciliation of Cash and cash equivalents and Restricted cash equivalents (included in prepaid expenses) to Total cash, cash equivalents and restricted cash equivalents is as follows:
							2019						2020						2021
							1st Q	2nd Q	3rd Q	4th Q			1st Q	2nd Q	3rd Q	4th Q			1st Q
		Cash and cash equivalents					(925)	(563)	(769)	(1,276)			(1,146)	(533)	(1,498)	(3,268)			(3,464)
		Restricted cash equivalents included in prepaid expenses					(116)	(118)	(112)	(116)			(113)	(115)	(120)	(106)			-
		Total cash, cash equivalents and restricted cash equivalents					(1,041)	(681)	(881)	(1,392)			(1,259)	(648)	(1,618)	(3,374)			(3,464)

 

 

 

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