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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001047469-03-017739.txt : 20030509
<SEC-HEADER>0001047469-03-017739.hdr.sgml : 20030509
<ACCEPTANCE-DATETIME>20030509153600
ACCESSION NUMBER:		0001047469-03-017739
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030508
FILED AS OF DATE:		20030509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MAGNA INTERNATIONAL INC
		CENTRAL INDEX KEY:			0000749098
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11444
		FILM NUMBER:		03690382

	BUSINESS ADDRESS:	
		STREET 1:		337 MAGNA DRIVE
		STREET 2:		N/A
		CITY:			AURORA, ONTARIO, CAN
		STATE:			A6
		ZIP:			L4G 7K1
		BUSINESS PHONE:		9057262462

	MAIL ADDRESS:	
		STREET 1:		337 MAGNA DRIVE
		STREET 2:		N/A
		CITY:			AURORA, ONTARIO, CAN
		STATE:			A6
		ZIP:			L4G 7K1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a2110632z6-k.txt
<DESCRIPTION>FORM 6-K
<TEXT>

<PAGE>


                                    FORM 6-K
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                        REPORT OF FOREIGN PRIVATE ISSUER
                        PURSUANT TO RULE 13a-16 OR 15d-16
                     OF THE SECURITIES EXCHANGE ACT OF 1934


FOR THE MONTH OF    MAY 8, 2003

COMMISSION FILE NUMBER    0-13942

                            MAGNA INTERNATIONAL INC.
- --------------------------------------------------------------------------------
             (Exact Name of Registrant as specified in its Charter)

                337 MAGNA DRIVE, AURORA, ONTARIO, CANADA L4G 7K1
- --------------------------------------------------------------------------------
                    (Address of principal executive offices)

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.

Indicate by check mark whether by furnishing the information contained in
this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934. Yes |_| No |X|

If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-_______

<PAGE>


                                   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.

                                     MAGNA INTERNATIONAL INC.
                                     (Registrant)



    Date: May 8, 2003               By:         /s/J. Brian Colburn
          -----------               -----------------------------------------
                                    J. Brian Colburn, Executive Vice-President,
                                    Special Projects and Secretary

<PAGE>
                                    EXHIBITS

EXHIBIT 99        Press release issued May 8, 2003 in which the Registrant
                  announced its interim unaudited financial results for the
                  first quarter and three month period ended March 31, 2003 and
                  declared its quarterly dividend in the amount of U.S.$0.34 per
                  Class A Subordinate Voting Share and Class B Share.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>a2110632zex-99.txt
<DESCRIPTION>EXHIBIT 99
<TEXT>
<PAGE>

[LOGO]                                          MAGNA INTERNATIONAL INC.

                                                337 Magna Drive
                                                Aurora, Ontario L4G 7K1
                                                Tel   (905) 726-2462
                                                Fax   (905) 726-7164



                                  PRESS RELEASE

                      MAGNA ANNOUNCES FIRST QUARTER RESULTS
                      -------------------------------------

MAY 8, 2003, AURORA, ONTARIO, CANADA......MAGNA INTERNATIONAL INC. (TSX: MG.A,
MG.B; NYSE: MGA) today reported sales, profits and earnings per share for the
first quarter ended March 31, 2003.

<TABLE>
<CAPTION>
- ------------------------------------------------------------------ --------------------------------------------------------------
                                                                                        THREE MONTHS ENDED
                                                                   --------------------------------------------------------------
                                                                         MARCH 31, 2003                   MARCH 31, 2002
                                                                   ---------------------------     ------------------------------
<S>                                                                <C>                             <C>
Sales                                                                       $    3,766                      $    3,121

Net income                                                                  $      162                      $      153

Diluted earnings per share                                                  $     1.65                      $     1.65

Average number of diluted shares outstanding (millions)                           95.8                            90.6

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

                        ALL RESULTS ARE REPORTED IN MILLIONS OF U.S. DOLLARS, EXCEPT PER SHARE FIGURES.

- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

The Company posted record sales of $3.8 billion for the first quarter ended
March 31, 2003, an increase of 21% over the first quarter of 2002. Automotive
sales for the first quarter of 2003 increased 22% from the first quarter of
2002. The higher sales reflect a 33% increase in European content per vehicle, a
13% increase in North American content per vehicle, a 16% increase in tooling
and other sales, and increased vehicle production in North America and Europe of
2% and 1%, respectively.

Net income for the first quarter of 2003 was $162 million, representing a 6%
increase over net income of $153 million for the first quarter of 2002.

Diluted earnings per share of $1.65 for the first quarter of 2003 was unchanged
from the first quarter of 2002. Diluted earnings per share for the first quarter
of 2003 reflects an increase in net income and a higher average number of
diluted shares outstanding due to the Donnelly acquisition in the fourth quarter
of 2002.

During the first quarter of 2003 cash generated from operations before changes
in non-cash working capital was $330 million. Total investment activities during
the quarter were $162 million, including $115 million in automotive fixed assets
additions, $13 million in MEC fixed asset additions, and $34 million in other
assets.

Belinda Stronach, Magna's President and Chief Executive Officer stated: "We
delivered another strong quarter, including record sales, increased net income,
and diluted earnings per share that matched last year's first quarter record. We
were able to achieve these operating results in a quarter in which we incurred
costs for an unprecedented amount of business to be launched in 2003."

OTHER MATTERS
- -------------

The Company also announced that its Board of Directors today declared its
regular quarterly dividend with respect to its outstanding Class A Subordinate
Voting Shares and Class B Shares for the first quarter ended March 31, 2003. The
dividend of U.S. $0.34 per share is payable on June 16, 2003 to shareholders of
record on May 30, 2003.


<PAGE>

                                      - 2 -

2003 OUTLOOK
- ------------

The Company remains cautious about North American and European vehicle
production volumes for the remainder of 2003 due to uncertainty about general
economic conditions.

For the second quarter of 2003, the Company expects average dollar content per
vehicle in North America to range between $495 and $510 and in Europe between
$265 and $280. In addition, the Company has assumed that second quarter 2003
vehicle volumes will be approximately 4.1 million units in North America and 4.2
million units in Europe. Based on expected average dollar content per vehicle in
North America and Europe, the vehicle volume assumptions and anticipated tooling
and other automotive sales, the Company expects its automotive sales for the
second quarter of 2003 to be between $3.4 billion and $3.6 billion and diluted
earnings per share from operations(1) to be in the range of $1.50 to $1.70.

The Company expects full year 2003 average dollar content per vehicle in North
America to range between $490 and $510 and in Europe between $280 and $300.
Further, the Company is assuming full year 2003 vehicle production volumes of
approximately 15.8 million units in North America and approximately 16.1 million
units in Europe. Based on expected average dollar content per vehicle in North
America and Europe, the vehicle volume assumptions and anticipated tooling and
other automotive sales, the Company expects its automotive sales for the full
year 2003 to range from $13.4 billion to $14.3 billion, compared to 2002
automotive sales of $12.4 billion. In addition, diluted earnings per share from
operations(1) for 2003 are expected to be in the range of $6.00 to $6.40.

In addition, the Company expects that full year 2003 spending for fixed assets
for its automotive business will be in the range of $750 million to $800
million, compared to $791 million in 2002.

Magna, the most diversified automotive supplier in the world, designs, develops
and manufactures automotive systems, assemblies, modules and components, and
engineers and assembles complete vehicles, primarily for sale to original
equipment manufacturers of cars and light trucks in North America, Europe,
Mexico, South America and Asia. Magna's products include: automotive interior
and closure components, systems and modules through Intier Automotive Inc.;
metal body systems, components, assemblies and modules through Cosma
International; exterior and interior mirror and engineered glass systems through
Magna Donnelly; fascias, front and rear end modules, plastic body panels,
exterior trim components and systems, greenhouse and sealing systems, roof
modules and lighting components through Decoma International Inc.; various
engine, transmission and fueling systems and components through Tesma
International Inc.; and a variety of drivetrain components and complete vehicle
engineering and assembly through Magna Steyr. Magna's non-automotive activities
are conducted through Magna Entertainment Corp.

Magna has approximately 72,000 employees in 202 manufacturing operations and 45
product development and engineering centres in 22 countries.

         (1) The Company measures and presents net income from operations and
         diluted earnings per share from operations because they are measures
         that are widely used by analysts and investors in evaluating the
         operating performance of the Company. However, net income from
         operations and diluted earnings per share from operations do not have
         any standardized meaning under Canadian generally accepted accounting
         principles and are therefore unlikely to be comparable to similar
         measures presented by other companies.

         Net income from operations and diluted earnings per share from
         operations are based on net income and diluted earnings per share as
         prepared in accordance with Canadian generally accepted accounting
         principles but exclude Other income (net of related taxes), and in the
         case of diluted earnings per share, the dilutive impacts of foreign
         exchange losses on redemption of Convertible Subordinated Debentures.



<PAGE>


                                      - 3 -


- --------------------------------------------------------------------------------
MAGNA WILL HOLD A CONFERENCE CALL FOR INTERESTED ANALYSTS AND SHAREHOLDERS TO
DISCUSS THE FIRST QUARTER RESULTS AND OTHER DEVELOPMENTS ON FRIDAY, MAY 9, 2003
AT 10:30 A.M. EST. THE NUMBER TO USE FOR THIS CALL IS 1-800-470-5906. PLEASE
CALL IN 10 MINUTES PRIOR TO THE CONFERENCE CALL. THE NUMBER FOR OVERSEAS CALLERS
IS 1-416-641-6704. MAGNA WILL ALSO WEBCAST THE CONFERENCE CALL AND WILL INCLUDE
PRESENTATION SLIDES AT www.magna.com. THE CONFERENCE CALL WILL BE CHAIRED BY
BELINDA STRONACH, PRESIDENT AND CHIEF EXECUTIVE OFFICER.

FOR FURTHER INFORMATION: PLEASE CONTACT VINCENT GALIFI OR LOUIS TONELLI AT (905)
726-7100. FOR TELECONFERENCING QUESTIONS, PLEASE CALL (905) 726-7103.
- --------------------------------------------------------------------------------

This press release may contain "forward-looking statements" within the meaning
of applicable securities legislation. Such statements involve certain risks,
assumptions and uncertainties which may cause the Company's actual future
results and performance to be materially different from those expressed or
implied in these statements. These risks, assumptions and uncertainties include,
but are not limited to: global economic conditions causing decreases in
production volumes; price reduction pressures; pressure to absorb certain fixed
costs; increased warranty, recall and product liability risk; the impact of
financially distressed sub-suppliers; dependence on outsourcing by automobile
manufacturers; rapid technological and regulatory change; increased crude oil
and energy prices; dependence on certain vehicle programs; fluctuations in
relative currency values; unionization activity; threat of work stoppages; the
competitive nature of the auto parts supply market; program cancellations,
delays in launching new programs and delays in constructing new facilities; the
impact of environmental regulations; and other factors as set out in the
Company's Annual Information Form and annual report on Form 40-F for its
financial year ended December 31, 2001 filed with the Canadian securities
commissions and the SEC respectively and subsequent public filings. The Company
disclaims any intention and undertakes no obligation to update or revise any
forward-looking statements to reflect subsequent information, events or
circumstances or otherwise.


<PAGE>


                                      - 4 -

MAGNA INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
[UNAUDITED]
[UNITED STATES DOLLARS IN MILLIONS, EXCEPT PER SHARE FIGURES]
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    THREE MONTHS ENDED
                                                                                      MARCH 31,                   March 31,
                                                                       NOTE                2003                        2002
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                    <C>            <C>                         <C>
Sales:
   Automotive                                                                         $   3,496                    $  2,872
   Magna Entertainment Corp.                                                                270                         249
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                          3,766                       3,121
- ------------------------------------------------------------------------------------------------------------------------------------

Automotive costs and expenses:
   Cost of goods sold                                                                     2,887                       2,362
   Depreciation and amortization                                                            118                          99
   Selling, general and administrative                                                      235                         180
   Interest expense, net                                                                     (3)                          1
   Equity income                                                                             (4)                         (4)
Magna Entertainment Corp. costs and expenses                                                248                         217
- ------------------------------------------------------------------------------------------------------------------------------------
Operating income - automotive                                                               263                         234
Operating income - Magna Entertainment Corp.                                                 22                          32
- ------------------------------------------------------------------------------------------------------------------------------------
Income before income taxes and minority interest                                            285                         266
Income taxes                                                                                 99                          92
Minority interest                                                                            24                          21
- ------------------------------------------------------------------------------------------------------------------------------------
NET INCOME                                                                            $     162                    $    153
====================================================================================================================================

Financing charges on Preferred Securities and other paid-in capital                          (4)                         (9)
- ------------------------------------------------------------------------------------------------------------------------------------
Net income available to Class A Subordinate Voting and
   Class B Shareholders                                                               $     158                    $    144
Retained earnings, beginning of period                                                    2,570                       2,217
Adjustment for change in accounting policy relating to goodwill        2                     --                         (42)
Dividends on Class A Subordinate Voting and Class B Shares                                  (32)                        (29)
- ------------------------------------------------------------------------------------------------------------------------------------
RETAINED EARNINGS, END OF PERIOD                                                      $   2,696                    $  2,290
====================================================================================================================================

Earnings per Class A Subordinate Voting or Class B Share:
     Basic                                                                            $    1.65                    $   1.73
     Diluted                                                                          $    1.65                    $   1.65
====================================================================================================================================

Cash dividends paid per Class A Subordinate Voting or Class B Share                   $    0.34                    $   0.34
====================================================================================================================================

Average number of Class A Subordinate Voting and Class B Shares outstanding
   during the period [in millions]:
     Basic                                                                                 95.6                        83.4
     Diluted                                                                               95.8                        90.6
====================================================================================================================================
</TABLE>
                             SEE ACCOMPANYING NOTES


<PAGE>


                                      - 5 -

MAGNA INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
[UNAUDITED]
[UNITED STATES DOLLARS IN MILLIONS]
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                    THREE MONTHS ENDED
                                                                                      MARCH 31,                   March 31,
                                                                       NOTE                2003                        2002
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                    <C>            <C>                         <C>
CASH PROVIDED FROM (USED FOR):

OPERATING ACTIVITIES
Net income                                                                            $     162                    $    153
Items not involving current cash flows                                                      168                         137
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                            330                         290
Changes in non-cash working capital                                                          55                          80
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                            385                         370
- ------------------------------------------------------------------------------------------------------------------------------------

INVESTMENT ACTIVITIES
Automotive fixed asset additions                                                           (115)                       (109)
Magna Entertainment Corp. fixed asset additions                                             (13)                        (14)
Purchase of subsidiaries                                                                     --                          (1)
Increase in other assets                                                                    (34)                        (13)
Proceeds from disposition of investments and other                                            6                          10
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                           (156)                       (127)
- ------------------------------------------------------------------------------------------------------------------------------------

FINANCING ACTIVITIES
Net repayments of debt                                                                       (7)                        (53)
Issues of subordinated debentures by subsidiary                                              66                          --
Repayments of debentures' interest obligations                                               (1)                        (10)
Preferred Securities distributions                                                           (6)                         (7)
Issues of Class A Subordinate Voting Shares                                                   2                          16
Issues of shares by subsidiaries                                                             --                           1
Dividends paid to minority interests                                                         (3)                         (3)
Dividends                                                                                   (32)                        (29)
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                             19                         (85)
- ------------------------------------------------------------------------------------------------------------------------------------

Effect of exchange rate changes on cash and cash equivalents                                 33                          (1)
- ------------------------------------------------------------------------------------------------------------------------------------

Net increase in cash and cash equivalents during the period                                 281                         157
Cash and cash equivalents, beginning of period                                            1,227                         890
- ------------------------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of period                                              $   1,508                    $  1,047
====================================================================================================================================
</TABLE>

                             SEE ACCOMPANYING NOTES


<PAGE>


                                      - 6 -

MAGNA INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEETS
[UNAUDITED]
[UNITED STATES DOLLARS IN MILLIONS]
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                      MARCH 31,                December 31,
                                                                       NOTE                2003                        2002
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                    <C>            <C>                      <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents                                                             $   1,508                    $  1,227
Accounts receivable                                                                       2,275                       2,140
Inventories                                                                               1,001                         918
Prepaid expenses and other                                                                   93                          84
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                          4,887                       4,369
- ------------------------------------------------------------------------------------------------------------------------------------
Investments                                                                                 121                         114
Fixed assets, net                                                                         4,530                       4,415
Goodwill, net                                                             2                 476                         467
Future tax assets                                                                           180                         176
Other assets                                                                                622                         601
====================================================================================================================================
                                                                                      $  10,806                    $ 10,142
====================================================================================================================================

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Bank indebtedness                                                                     $     274                    $    272
Accounts payable                                                                          2,243                       2,040
Accrued salaries and wages                                                                  356                         312
Other accrued liabilities                                                                   221                         199
Income taxes payable                                                                         42                          62
Long-term debt due within one year                                                           51                          51
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                          3,187                       2,936
- ------------------------------------------------------------------------------------------------------------------------------------
Deferred revenue                                                                             95                          92
Long-term debt                                                                              380                         366
Debentures' interest obligation                                                             108                         106
Other long-term liabilities                                                                 190                         186
Future tax liabilities                                                                      336                         325
Minority interest                                                         3                 817                         710
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                          5,113                       4,721
- ------------------------------------------------------------------------------------------------------------------------------------

SHAREHOLDERS' EQUITY
Capital stock                                                             4
   Class A Subordinate Voting Shares
     [issued: 94,520,386; December 31, 2002 - 94,477,224]                                 2,489                       2,487
   Class B Shares
     [convertible into Class A Subordinate Voting Shares]
     [issued: 1,096,509]                                                                      1                           1
Preferred Securities                                                                        277                         277
Other paid-in capital                                                                        65                          64
Retained earnings                                                                         2,696                       2,570
Currency translation adjustment                                                             165                          22
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                          5,693                       5,421
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                      $  10,806                    $ 10,142
====================================================================================================================================
</TABLE>

                             SEE ACCOMPANYING NOTES


<PAGE>



                                      - 7 -

MAGNA INTERNATIONAL INC.
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
[UNAUDITED]
[ALL AMOUNTS IN U.S. DOLLARS AND ALL TABULAR AMOUNTS IN MILLIONS
UNLESS OTHERWISE NOTED]
- --------------------------------------------------------------------------------

1.   BASIS OF PRESENTATION

     The unaudited interim consolidated financial statements have been prepared
     in U.S. dollars following the accounting policies as set out in the 2002
     annual consolidated financial statements.

     The unaudited interim consolidated financial statements do not conform in
     all respects to the requirements of generally accepted accounting
     principles for annual financial statements. Accordingly, these unaudited
     interim consolidated financial statements should be read in conjunction
     with the 2002 annual consolidated financial statements.

     In the opinion of management, the unaudited interim consolidated financial
     statements reflect all adjustments, which consist only of normal and
     recurring adjustments, necessary to present fairly the financial position
     at March 31, 2003 and the results of operations and cash flows for the
     three-month periods ended March 31, 2003 and 2002.

2.   GOODWILL AND OTHER INTANGIBLE ASSETS

     In 2002, the Company adopted the new accounting recommendations of The
     Canadian Institute of Chartered Accountants for goodwill and other
     intangible assets. Upon initial adoption of these recommendations, the
     Company recorded a goodwill writedown of $51 million, of which $15 million
     related to Decoma International Inc.'s ["Decoma"] U.K. reporting unit and
     $36 million related to Intier Automotive Inc.'s ["Intier"] Interiors
     Europe, Closures Europe and Interiors North America reporting segments. Of
     the total goodwill writedown of $51 million, $42 million was charged
     against January 1, 2002 opening retained earnings, representing Magna's
     ownership interest in the writedowns of Decoma and Intier. The balance of
     the goodwill writedown of $9 million was reflected as a reduction in
     January 1, 2002 opening minority interest.

3.   DEBENTURES ISSUED BY SUBSIDIARY

     On March 27, 2003, Decoma issued Cdn.$100 million of 6.55% convertible
     unsecured subordinated debentures maturing March 31, 2010. The subordinated
     debentures are convertible at any time into Decoma Class A Subordinate
     Voting Shares at a fixed conversion price of Cdn$13.25 per share. All or
     part of the subordinated debentures are redeemable at Decoma's option
     between March 31, 2007 and March 31, 2008 if the weighted average trading
     price of the Decoma's Class A Subordinate Voting Shares is not less than
     Cdn.$16.5625 for the 20 consecutive trading days ending five trading days
     preceding the date on which notice of redemption is given. Subsequent to
     March 31, 2008, all or part of the subordinated debentures are redeemable
     at Decoma's option at any time. On redemption or maturity, Decoma will have
     the option of retiring the Debentures with Decoma Class A Subordinate
     Voting Shares and in addition, Decoma may elect from time to time to issue
     and deliver freely tradable Class A Subordinate Voting Shares to a trustee
     in order to raise funds to satisfy the obligation to pay interest on the
     Debentures.

     The present value of the principal and interest of the subordinated
     debentures and the value ascribed to the holders conversion option are
     included in Decoma's equity. Accordingly, such amount is classified in
     minority interest in the Company's consolidated balance sheet.



<PAGE>


                                      - 8 -

4.   CAPITAL STOCK

     The following table presents the maximum number of Class A Subordinate
     Voting and Class B Shares that would be outstanding if all dilutive
     instruments outstanding at March 31, 2003 were exercised:

<TABLE>
- --------------------------------------------------------------------------------
<S>                                                                         <C>
     Class A Subordinate Voting and Class B Shares outstanding at
     March 31, 2003                                                         95.6
     Stock options [NOTE 5]                                                  3.7
- --------------------------------------------------------------------------------
                                                                            99.3
================================================================================
</TABLE>

     The above amounts exclude Class A Subordinate Voting Shares issuable, at
     the Company's option, to settle the 7.08% subordinated debentures and
     Preferred Securities on redemption or maturity.

5.   STOCK BASED COMPENSATION

     [a] The following is a continuity schedule of options outstanding [number
         of options in the table below are expressed in whole numbers and have
         not been rounded to the nearest million]:

<TABLE>
<CAPTION>
                                                                                OPTIONS OUTSTANDING
                                                                            ----------------------------
                                                                                               WEIGHTED
                                                                                                AVERAGE               NUMBER
                                                                                NUMBER         EXERCISE             OF OPTIONS
                                                                            OF OPTIONS           PRICE              EXERCISABLE
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                         <C>                <C>                <C>
         Outstanding at December 31, 2002                                    3,377,875         Cdn$89.19          1,958,375
         Granted                                                               320,000         Cdn$93.19             64,000
         Exercised                                                             (33,350)        Cdn$66.53            (33,350)
- ------------------------------------------------------------------------------------------------------------------------------------
         Outstanding at March 31, 2003                                       3,664,525         Cdn$88.03          1,989,025
====================================================================================================================================
</TABLE>

     [b] The Company does not recognize compensation expense for its outstanding
         fixed price stock options. Under CICA 3870, the Company is required to
         disclose compensation expense for fixed price stock options issued
         subsequent to January 1, 2002, assuming compensation expense for the
         stock option plan had been determined based upon the fair value at the
         grant date.

         The fair value of stock options is estimated at the date of grant using
         the Black-Scholes option pricing model with the following weighted
         average assumptions:

<TABLE>
- --------------------------------------------------------------------------------
<S>                                                                      <C>
         Risk free interest rate                                         5%
         Expected dividend yield                                         1.45%
         Expected volatility                                             24%
         Expected time until exercise                                    4 years
================================================================================
</TABLE>

         The Black-Scholes option valuation model used by the Company to
         determine fair values was developed for use in estimating the fair
         value of freely traded options which are fully transferable and have no
         vesting restrictions. In addition, this model requires the input of
         highly subjective assumptions, including future stock price volatility
         and expected time until exercise. Because the Company's outstanding
         stock options have characteristics which are significantly different
         from those of traded options, and because changes in any of the
         assumptions can materially affect the fair value estimate, in
         management's opinion, the existing models do not necessarily provide a
         reliable single measure of the fair value of its stock options.



<PAGE>


                                      - 9 -

         For purposes of proforma disclosures, the Company's net income and
         basic and diluted earnings per Class A Subordinate Voting or Class B
         Share for the three months ended March 31, 2003 and 2002 would have
         been as follows:

<TABLE>
<CAPTION>
                                                                                                    THREE MONTHS ENDED
                                                                                      MARCH 31,                   March 31,
                                                                                           2003                        2002
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                   <C>                         <C>
         Proforma net income                                                          $    160                    $   146
====================================================================================================================================

         Proforma earnings per Class A Subordinate Voting or Class B Share
              Basic                                                                   $   1.62                    $  1.65
              Diluted                                                                 $   1.62                    $  1.57
====================================================================================================================================
</TABLE>

         The weighted average fair value of options granted during the three
         months ended March 31, 2003 was Cdn$21.78 [2002 - Cdn$25.08].

6.   SEGMENTED INFORMATION

<TABLE>
<CAPTION>
                                                                  THREE MONTHS ENDED                     THREE MONTHS ENDED
                                                                      MARCH 31, 2003                         MARCH 31, 2002
- ------------------------------------------------------------------------------------      ---------------------------------

                                                                              Fixed                                   Fixed
                                                       Total   Operating     assets,         Total    Operating     assets,
                                                       sales      income         net         sales       income         net
- ------------------------------------------------------------------------------------      ---------------------------------
<S>                                                 <C>         <C>         <C>           <C>           <C>         <C>
     PUBLIC AUTOMOTIVE OPERATIONS
       Decoma International Inc.                    $    577    $     45    $    551      $    515      $    40     $   480
       Intier Automotive Inc.                          1,032          29         470           879           26         406
       Tesma International Inc.                          269          25         268           211           21         257

     WHOLLY OWNED AUTOMOTIVE OPERATIONS
       Magna Steyr                                       527           4         455           479           10         326
       Other Automotive Operations                     1,126         109         981           816           96         828

     CORPORATE AND OTHER                                 (35)         51       1,039           (28)          41         730
     -------------------------------------------------------------------------------      ---------------------------------
     Total Automotive Operations                       3,496         263       3,764         2,872          234       3,027
     MEC                                                 270          22         766           249           32         581
     -------------------------------------------------------------------------------      ---------------------------------
     Total reportable segments                      $  3,766    $    285       4,530      $  3,121      $   266       3,608
     Current assets                                                            4,887                                  3,869
     Investments, goodwill and other assets                                    1,389                                    754
     -------------------------------------------------------------------------------      ---------------------------------
     CONSOLIDATED TOTAL ASSETS                                              $ 10,806                                $ 8,231
     ===============================================================================      =================================
</TABLE>

7. SUBSEQUENT EVENTS

     [A] On April 16, 2003, having received all necessary regulatory approvals,
         MEC completed the acquisition of Flamboro Downs Holdings Limited, the
         owner and operator of Flamboro Downs. The shares of Ontario Racing
         Inc., the owner of Flamboro Downs Holdings Limited, were transferred
         back to the Company.

     [B] Subsequent to March 31, 2003, Decoma completed its agreement to acquire
         Federal Mogul's original equipment automotive lighting operations in
         Mexico, a distribution center in Texas, an assembly operation in Ohio
         and certain of the contracts and equipment at Federal Mogul's original
         equipment automotive lighting operations in Virginia. The total
         purchase price is $2 million plus an amount for inventory based on the
         final determination of the value of inventory on hand. The transaction
         closed on April 14, 2003 with a transition of the Virginia contracts
         and assets subsequent to April 14, 2003.








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