EX-99 2 exh_99.htm EXHIBIT 99

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                                    
                                             
              2017   2018   2019
          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 American vehicle volumes (including Mexico)     4.534 4.456 3.979 4.146 17.115   4.414 4.369 4.049 4.211 17.043   4.250 4.267 3.934 12.451
                                             
European vehicle volumes:                                    
  Western Europe       4.012 3.830 3.337 3.762 14.941   3.939 4.005 2.998 3.393 14.335   3.728 3.632 3.065 10.425
  Eastern Europe       1.880 1.962 1.634 1.956 7.432   1.974 2.071 1.696 2.065 7.806   2.018 2.074 1.688 5.780
    Total Europe     5.892 5.792 4.971 5.718 22.373   5.913 6.076 4.694 5.458 22.141   5.746 5.706 4.753 16.205
                                             
Asia volumes         12.666 11.534 12.139 14.050 50.389   12.574 12.339 11.750 13.008 49.671   12.042 11.409 11.218 34.669
                                             
China volumes         6.79 6.022 6.499 8.414 27.725   6.669 6.618 6.150 7.103 26.540   6.123 5.613 5.455 17.191
                                             
Magna Steyr vehicle assembly volumes     0.008 0.021 0.022 0.027 0.078   0.041 0.033 0.034 0.037 0.145   0.046 0.043 0.036 0.125
                                             
AVERAGE FOREIGN EXCHANGE RATES                                    
1 Canadian dollar equals U.S. dollars     0.756 0.744 0.798 0.787 0.771   0.790 0.775 0.765 0.756 0.772   0.752 0.748 0.757 0.752
1 Euro equals U.S. dollars     1.066 1.101 1.175 1.178 1.130   1.229 1.193 1.163 1.141 1.182   1.135 1.124 1.112 1.124
1 Chinese renminbi equals U.S. dollars     0.145 0.146 0.150 0.151 0.148   0.157 0.157 0.147 0.145 0.152   0.148 0.147 0.142 0.146
                                             
CONSOLIDATED STATEMENTS OF (LOSS) INCOME                                    
Sales           8,900        9,140        8,864        9,684 36,588   10,792      10,280        9,618      10,137 40,827   10,591      10,126        9,319 30,036
                                             
Costs and expenses:                                      
  Cost of goods sold     7,457        7,745        7,488        8,205 30,895   9,293        8,795        8,253        8,714 35,055   9,164        8,710        8,063 25,937
  Selling, general and administrative      416           409           406           437 1,668   396           434           403           431 1,664   421           453           400 1,274
  Equity income       (67)            (54)            (45)            (87) (253)   (87)            (72)            (62)            (56) (277)   (35)            (48)            (37) (120)
                                             
  EBITDA     2   1,094        1,040        1,015        1,129 4,278   1,190        1,123        1,024        1,048 4,385   1,041        1,011           893 2,945
  Depreciation and amortization     276           282           310           316 1,184   315           320           325           318 1,278   321           334           335 990
  EBIT     3   818           758           705           813 3,094   875           803           699           730 3,107   720           677           558 1,955
  Interest expense, net     19             11             20             20 70   21             23             23             26 93   31             14             18 63
                                             
Operating income    2   799 747 685 793 3,024   854 780 676 704 3,014   689 663 540 1,892
Other expense (income), net 2   6 3 2 28 39   3 (39) 2 97 63   (679) 68 859 248
(Loss) income from operations before income taxes               793           744           683           765        2,985             851           819           674           607        2,951          1,368           595          (319)        1,644
Income taxes         206           183           162           190 741   182           183           114           140 619   267           145             45 457
                                             
Net (loss) income       587           561           521           575 2,244   669           636           560           467 2,332   1,101           450          (364) 1,187
Loss (income) attributable to non-controlling interests 2   (10)            (13)              (9)            (16) (48)   (9)            (10)              (6)            (11) (36)   5               2           131 138
Net (loss) income attributable to Magna International Inc.     577 548 512 559 2,196   660 626 554 456 2,296   1,106 452 (233) 1,325
                                             
                                             
Adjusted net income attributable to Magna International Inc. 2   583 551 514 571 2,219   663 590 535 542 2,330   531 509 438 1,478
                                             
Diluted (loss) earnings per share:                                    
  Diluted          $      1.51  $      1.44  $      1.38  $      1.54  $      5.87    $      1.83  $      1.77  $      1.62  $      1.37  $      6.61    $      3.39  $      1.42  $     (0.75)  $      4.15
  Adjusted Diluted        $      1.53  $      1.45  $      1.39  $      1.58  $      5.93    $      1.84  $      1.67  $      1.56  $      1.63  $      6.71    $      1.63  $      1.59  $      1.41  $      4.63
                                             
Weighted average number of Common Shares outstanding                                     
  during the year (in millions):     383.4 379.5 370.4 362.3 373.9   359.9 354.1 343.0 333.2 347.5   326.3 319.5 310.7 319.1
                                             
PROFITABILITY RATIOS                                    
  Selling, general and administrative /Sales     4.7% 4.5% 4.6% 4.5% 4.6%   3.7% 4.2% 4.2% 4.3% 4.1%   4.0% 4.5% 4.3% 4.2%
  EBITDA /Sales       12.3% 11.4% 11.5% 11.7% 11.7%   11.0% 10.9% 10.6% 10.3% 10.7%   9.8% 10.0% 9.6% 9.8%
  EBIT /Sales         9.2% 8.3% 8.0% 8.4% 8.5%   8.1% 7.8% 7.3% 7.2% 7.6%   6.8% 6.7% 6.0% 6.5%
  Operating income /Sales     9.0% 8.2% 7.7% 8.2% 8.3%   7.9% 7.6% 7.0% 6.9% 7.4%   6.5% 6.5% 5.8% 6.3%
  Effective tax rate                                    
    Reported       26.0% 24.6% 23.7% 24.8% 24.8%   21.4% 22.3% 16.9% 23.1% 21.0%   19.5% 24.4% -14.1% 27.8%
    Excluding Other expense (income), net of taxes     25.8% 24.5% 23.6% 26.0% 25.0%   21.3% 23.1% 20.0% 21.4% 21.5%   23.7% 23.5% 19.6% 22.5%

 

Page 1 of 6

 

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.                                  
CONSOLIDATED BALANCE SHEETS                                  
(United States dollars in millions) (Unaudited)                                  
                                           
              2017     2018     2019
              1st Q 2nd Q 3rd Q 4th Q     1st Q 2nd Q 3rd Q 4th Q     1st Q 2nd Q 3rd Q
ASSETS                       [Note 1]    
Current assets:                                      
  Accounts receivable     6,776        6,852        6,940        6,695     8,073        7,656        7,160        6,548     7,446        7,204        7,068
  Inventories         3,242        3,472        3,609        3,542     3,564        3,600        3,580        3,403     3,501        3,521        3,457
  Prepaid expenses and other     205           230           225           237     250           201           237           250     275           278           211
                   10,223      10,554      10,774      10,474          11,887      11,457      10,977      10,201          11,222      11,003      10,736
Current liabilities:                                    
  Accounts payable and other accruals     8,603        8,440        8,698        8,876     9,855        9,048        8,847        8,597     9,347        9,048        8,757
                                           
Working capital          1,620        2,114        2,076        1,598     2,032        2,409        2,130        1,604     1,875        1,955        1,979
Investments                1,844        1,828        1,934        2,079            2,132        2,320        2,337        2,189            2,408        2,334        1,430
Fixed assets, net              7,130        7,462        7,741        8,176            8,204        8,026        7,743        8,095            7,958        8,109        7,943
Goodwill, other assets and intangible assets     3,390        3,589        3,693        3,775     3,837        3,684        3,467        3,527     3,487        3,593        3,461
Operating lease right-of-use assets                   -                 -                 -                 -                     -                 -                 -                 -              1,716        1,744        1,702
                   13,984      14,993      15,444      15,628          16,205      16,439      15,677      15,415          17,444      17,735      16,515
Net assets held for sale                                -                 -             568           541                   -                 -                 -  
Funds employed              13,984      14,993      15,444      15,628          16,205      16,439      16,245      15,956          17,444      17,735      16,515
FINANCING                                      
Straight debt:                                      
  Short-term borrowings     488           868           457           259     262        1,123        1,291        1,098     335           199           436
  Cash and cash equivalents     (831)          (666)          (783)          (726)     (769)          (626)          (884)          (684)     (925)          (563)          (769)
  Long-term debt due within one year     152           138           102           108     114           120           231           201     122           112           104
  Current portion of operating lease liabilities     -                -                -                -     -                -                -                -     176           214           218
  Long-term debt       2,394        2,427        3,175        3,195     3,220        3,115        3,112        3,084     3,062        3,071        3,021
  Operating lease liabilities                  -                 -                 -                 -                     -                 -                 -                 -               1,566        1,544        1,527
                     2,203        2,767        2,951        2,836            2,827        3,732        3,750        3,699            4,336        4,577        4,537
Long-term employee benefit liabilities     679           719           739           670     691           659           592           597     598           606           584
Other long-term liabilities     291           290           248           326     340           314           291           400     396           404           388
Deferred tax liabilities, net     16             16             46             84     54             86           107           101     167           196           133
                        986        1,025        1,033        1,080            1,085        1,059           990        1,098            1,161        1,206        1,105
Shareholders' equity       10,795      11,201      11,460      11,712     12,293      11,648      11,505      11,159     11,947      11,952      10,873
                   13,984      14,993      15,444      15,628          16,205      16,439      16,245      15,956          17,444      17,735      16,515
                                                      
ASSET UTILIZATION RATIOS                                  
  Days in accounts receivable     68.5 67.5 70.5 62.2     67.3 67.0 67.0 58.1     63.3 64.0 68.3
  Days in accounts payable     103.8 98.1 104.5 97.4     95.4 92.6 96.5 88.8     91.8 93.5 97.7
  Inventory turnover - cost of sales     9.2 8.9 8.3 9.3     10.4 9.8 9.2 10.2     10.5 9.9 9.3
  Working capital turnover      22.0 17.3 17.1 24.2     21.2 17.1 18.1 25.3     22.6 20.7 18.8
  Total asset turnover      2.5 2.4 2.3 2.5     2.7 2.5 2.5 2.6     2.4 2.3 2.3
                                           
CAPITAL STRUCTURE                                  
  Straight debt       15.8% 18.5% 19.1% 18.1%     17.4% 22.7% 23.1% 23.2%     24.9% 25.8% 9.2%
  Long-term employee benefit liabilities, other long-term                                  
    liabilities & deferred tax liabilities, net     7.0% 6.8% 6.7% 6.9%     6.6% 6.4% 6.1% 6.9%     6.7% 6.8% 6.7%
  Shareholders' equity      77.2% 74.7% 74.2% 74.9%     75.9% 70.9% 70.8% 69.9%     68.5% 67.4% 65.8%
              100.0% 100.0% 100.0% 100.0%     100.0% 100.0% 100.0% 100.0%     100.0% 100.0% 81.8%
                                           
  Debt to total capitalization      21.9% 23.5% 24.6% 23.3%     22.6% 27.2% 28.7% 28.2%     30.6% 30.1% 6.5%
ANNUALIZED RETURNS                                  
  Return on assets (EBIT/assets employed)     23.4% 20.2% 18.3% 20.8%     21.6% 19.5% 17.8% 18.9%     16.5% 15.3% 13.5%
  Return on equity (Net income attributable to Magna                                  
    International Inc. / Average shareholders' equity)     22.0% 19.9% 18.1% 19.3%     22.0% 20.9% 19.1% 16.1%     38.3% 15.1% -8.2%
  Adjusted Return on equity (Adjusted Net income attributable                                  
     to Magna International Inc. / Average shareholders' equity)   22.2% 20.0% 18.2% 19.7%     22.1% 19.7% 18.5% 19.1%     18.4% 17.0% 15.4%

 

Page 2 of 6

 

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.                                    
CONSOLIDATED STATEMENTS OF CASH FLOWS                                    
(United States dollars in millions) (Unaudited)                                    
                                             
              2017   2018   2019
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 (loss) income               587           561           521           575        2,244             669           636           560           467        2,332          1,101           450          (364)        1,187
  Items not involving current cash flows               274           373           352           316        1,315             363           303           339           534        1,539            (213)           470        1,210        1,467
                        861           934           873           891        3,559          1,032           939           899        1,001        3,871             888           920           846        2,654
  Changes in operating assets and liabilities              (404)          (376)               9           558          (213)            (455)          (472)           177           597          (153)            (294)               -              (96)          (390)
                                             
Cash provided from operating activities               457           558           882        1,449        3,346             577           467        1,076        1,598        3,718             594           920           750        2,264
                                                   
Investment activities                                            
  Fixed asset additions               (323)          (421)          (380)          (751)       (1,875)            (243)          (379)          (381)          (647)       (1,650)            (251)          (328)          (349)          (928)
  Investment in Lyft, Inc.                   -                 -                 -                 -                 -                   -            (200)            (20)               -            (220)                 -                 -                 -                 -  
  Increase in investments, other assets and intangible assets              (83)          (143)          (158)          (267)          (651)            (114)          (103)          (114)          (150)          (481)              (82)          (107)            (83)          (272)
  Proceeds from disposition               142             14             71           105           332               29             48             76             70           223               86             26             67           179
  Acquisitions                       -                 -                 -                 -                 -                   -                 4               -            (152)          (148)                 -            (152)               -            (152)
  Proceeds on disposal of facilities                   -                 -                 -               49             49                 -                 -                 -                 -                 -                   -                 -                 -                 -  
  Sale of Fluid Pressure & Controls Business ["FP&C"]                   -                 -                 -                 -                 -                   -                 -                 -                 -                 -            1,129               -                 3        1,132
                                                   
Cash provided from (used for) investment activities              (264)          (550)          (467)          (864)       (2,145)            (328)          (630)          (439)          (879)       (2,276)             882          (561)          (362)            (41)
                                                   
Financing activities                                            
  Net issues (repayments) of debt              (145)           313           141          (197)           112                 3           886           262          (284)           867            (855)          (187)           251          (791)
  Common Shares issued on exercise of stock options                   6               5               9             24             44                 5             41               1               3             50                 8               6             19             33
  Repurchase of Common Shares              (100)          (383)          (422)          (366)       (1,271)            (103)          (729)          (520)          (479)       (1,831)            (284)          (409)          (342)       (1,035)
  Shares repurchased for tax withholdings on vesting of equity awards               -                 -                 -              (11)            (11)                 -                (2)              (4)            (10)            (16)                (3)              (2)               -                (5)
  Contributions to subsidiaries by non-controlling interests                   -               10               -                 -               10                 -                 4               -                 -                 4                 2               -                 2               4
  Dividends paid to non-controlling interests                   -                (7)            (26)              (5)            (38)                 -              (30)               -              (39)            (69)                 -              (13)               -              (13)
  Dividends paid                (105)          (101)            (99)            (95)          (400)            (118)          (115)          (109)          (106)          (448)            (119)          (110)          (109)          (338)
                                                   
Cash (used for) provided from financing activities              (344)          (163)          (397)          (650)       (1,554)            (213)             55          (370)          (915)       (1,443)         (1,251)          (715)          (179)       (2,145)
Effect of exchange rate changes on cash, cash equivalents                                          
  and restricted cash equivalents                 11               3               1               9             24               10            (31)            (10)              (5)            (36)               14              (4)              (9)               1
Net increase (decrease) in cash, cash equivalents                                    
  and restricted cash equivalents during the period              (140)          (152)             19            (56)          (329)               46          (139)           257          (201)            (37)             239          (360)           200             79
Cash, cash equivalents and restricted cash equivalents,                                    
  beginning of period 4          1,168        1,028           876           895        1,168             839           885           746        1,003           839             802        1,041           681           802
Cash, cash equivalents and restricted cash equivalents,                                          
  end of period              1,028           876           895           839           839             885           746        1,003           802           802          1,041           681           881           881

 

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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, 2018.                    
                                         
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, Gross margin as a percentage of sales, Adjusted EBIT and Adjusted EBIT as a percentage of sales, Return on Invested Capital and Return on Equity.  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:		  
                                               
              2017   2018   2019  
              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  
                                               
                                               
    Impairment charges [a]   - - - 81 81   - - - 74 74   - - 727 727  
    Restructuring charges [b]   6 3 2 18 29   3 17 2 23 45   14 7 7 28  
    Net (gains) losses on investments [c]   - - - (26) (26)   - (56) - - (56)   (177) 67 127 17  
    Gain on the sale of FP&C [d]   - - - - -   - - - - -   (516) (6) (2) (524)  
    Gain on formation of a new venture [e]   - - - (45) (45)   - - - - -   - - - -  
                                               
              6               3               2             28             39   3            (39)               2             97             63   (679)             68           859           248  
                                               
  [a] Impairment charges                                      
    In Power & Vision, during the third quarter of 2019, the Company concluded that indicators of potential impairment were present and recorded $700 million impairment on its investment in Getrag (Jiangxi) Transmission Co., Ltd., Getrag Ford Transmission GmbH, and Dongfeng Getrag Transmission Co. Ltd.  Additionally, the Company recorded asset impairment charges of $27 million in the Company's Power & Vision segment.

In Body Exteriors & Structures, during the fourth quarter of 2018, the Company recorded $14 million of impairment charges for fixed assets. In Power & Vision, during the fourth quarter of 2018, the Company recorded a $60 million impairment charge on investment.

In Body Exteriors & Structures, during the fourth quarter of 2017, the Company recorded $64 million of impairment charges for fixed assets. In Power & Vision, during the fourth quarter of 2017, the Company recorded a $17 million impairment charge on investment.
                                           
  [b] Restructuring charges                                      
              2017   2018   2019  
              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     6 3 2 3 14   3 12 2 3 20   - - - -  
    Body Exteriors & Structures     - - - 15 15   - 5 - 20 25   14 7 7 28  
              6               3               2             18             29   3             17               2             23 45   14               7               7             28  
                                           
  [c] Net (gains) losses on investments                                      
    In Corporate, during the first, second and third quarters of 2019, the Company recorded gains of $177 million, net losses of $67 million, and net losses of $127 million, respectively, substantially related to the revaluation of its investment in Lyft, Inc.

In Corporate, during the second quarter of 2018, the Company remeasured its private equity investments at fair value, resulting in a $56 million gain, substantially related to the revaluation of its investment in Lyft, Inc.

In Corporate, during the fourth quarter of 2017, the Company recorded a gain of $26 million on the sale of a cost-based investment.
                                           
  [d] Gain on the sale of FP&C                                      
    In Power & Vision, during the first quarter of 2019, the Company recorded a gain on the sale of the FP&C business of $516 million. In the second and third quarter 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.   
                                           
  [e] Gain on formation of a new venture                                      
    In Seating Systems, the Company recorded a gain of $45 million related to the formation of a new venture.  

  

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    The following table reconciles Net (loss) income attributable to Magna International Inc. to Adjusted net income attributable to Magna International Inc.:                
                                             
              2017   2018   2019
              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 (loss) income attributable to Magna International Inc.   577           548           512           559        2,196   660           626           554           456        2,296   1,106           452          (233)        1,325
      Exclude:                                     
        Impairment charges [f]     -                -                - 81             81   -                -                - 71             71   -                -           557           557
        Restructuring charges     6 3 2 14             25   3 17 2 21             43   14 7 7             28
        Net (gains) losses on investments     - - - (26)            (26)   - (53) - -            (53)   (151) 57 109             15
        Gain on the sale of FP&C     - - - -                -   - - - -                -   (438) (7) (2)          (447)
        Gain on formation of a new venture     - - - (34)            (34)   - - - -                -   - - -                -
        US tax reform     - - - (23)            (23)   - - - 11             11   - - -                -
        Reassessment of deferred tax balances - FP&C [g] - - - -                -   - - (21) -            (21)   - - -                -
        Adjustment to tax valuation allowance [h]     - - - -                -   -   - (17)            (17)   - - -                -
                                      -                    -
    Adjusted net income attributable to Magna International Inc. 583           551           514           571        2,219   663           590           535           542        2,330   531           509           438        1,478
                                             
                                             
    Diluted (loss) earnings per share      $      1.51  $      1.44  $      1.38  $      1.54  $      5.87    $      1.83  $      1.77  $      1.62  $      1.37  $      6.61    $      3.39 1.42         (0.75)  $      4.15
      Exclude:                                    
        Impairment charges [f]     -               -                 -            0.22 0.22   -               -                 -            0.22 0.21   -               -            1.80 1.75
        Restructuring charges     0.02          0.01          0.01          0.04 0.06   0.01          0.05               -            0.06 0.12   0.04          0.02          0.02 0.09
        Net (gains) losses on investments     -               -                 -           (0.07) (0.07)   -         (0.15)               -                 -   (0.15)   (0.46)          0.17          0.35 0.04
        Gain on the sale of FP&C     -               -                 -                 -   -   -               -                 -                 -   -   (1.34)         (0.02)         (0.01) (1.40)
        Gain on formation of a new venture     -               -                 -           (0.09) (0.09)   -               -                 -                 -   -   -               -                 -   -
        US tax reform     -               -                 -           (0.06) (0.06)   -               -                 -            0.03 0.03   -               -                 -   -
        Reassessment of deferred tax balances - FP&C [g] -               -                 -                 -   -   -               -           (0.06)               -   (0.06)   -               -                 -   -
        Adjustment to tax valuation allowance [h]     -               -                 -                 -   -   -               -                 -           (0.05) (0.05)   -               -                 -   -
                                             
    Adjusted diluted earnings per share       $      1.53  $      1.45  $      1.39  $      1.58  $      5.93    $      1.84  $      1.67  $      1.56  $      1.63  $      6.71    $      1.63  $      1.59  $      1.41  $      4.63
                                         
  [f] Impairment charges                                    
    Impairment charges relating to its investment in Getrag (Jiangxi) Transmission Co., Ltd., include $127 million attributable to non-controlling interest.
     
  [g] Reassessment of deferred tax balances - FP&C                                    
    Reassessment of deferred tax balances relating to timing differences that reversed on closing of the sale of the global Fluid Pressure & Controls ["FP&C"] business.
     
  [h] Adjustment to tax valuation allowance
    During the fourth quarter of 2018, the Company released $17 million of the tax valuation allowance in India.

 

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Note 3: SEGMENTED INFORMATION                                      
     
              2017   2018   2019  
              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 Group                      
      Total sales     4,167 4,109 4,004 4,333 16,613   4,619 4,551 4,180 4,177 17,527   4,308 4,243 3,984 12,535  
      Adjusted EBIT     349 337 306 354 1,346   343 388 326 356 1,413   363 341 306 1,010  
      Adjusted EBIT as a percentage of total sales     8.4% 8.2% 7.6% 8.2% 8.1%   7.4% 8.5% 7.8% 8.5% 8.1%   8.4% 8.0% 7.7% 8.1%  
                                               
    Power & Vision                                      
      Total sales     2,963 2,892 2,830 2,944 11,629   3,190 3,197 2,947 2,987 12,321   3,083 2,808 2,696 8,587  
      Adjusted EBIT     328 266 267 322 1,183   359 299 259 254 1,171   216 201 167 584  
      Adjusted EBIT as a percentage of total sales     11.1% 9.2% 9.4% 10.9% 10.2%   11.3% 9.4% 8.8% 8.5% 9.5%   7.0% 7.2% 6.2% 6.8%  
                                               
    Seating Systems                                      
      Total sales     1,335 1,367 1,217 1,305 5,224   1,470 1,424 1,219 1,435 5,548   1,433 1,452 1,266 4,151  
      Adjusted EBIT     116 117 95 106 434   130 117 69 110 426   94 83 56 233  
      Adjusted EBIT as a percentage of total sales     8.7% 8.6% 7.8% 8.1% 8.3%   8.8% 8.2% 5.7% 7.7% 7.7%   6.6% 5.7% 4.4% 5.6%  
                                               
    Complete Vehicles                                      
      Total sales     527 869 938 1,213 3,547   1,660 1,280 1,391 1,687 6,018   1,928 1,802 1,516 5,246  
      Adjusted EBIT     6 15 17 28 66   19 1 24 24 68   28 43 29 100  
      Adjusted EBIT as a percentage of total sales     1.1% 1.7% 1.8% 2.3% 1.9%   1.1% 0.1% 1.7% 1.4% 1.1%   1.5% 2.4% 1.9% 1.9%  
                                               
    Corporate and other                                      
      Intercompany fees     (92) (97) (125) (111) (425)   (147) (172) (119) (149) (587)   (161) (179) (143) (483)  
      Adjusted EBIT     19 23 20 3 65   24 (2) 21 (14) 29   19 9 0 28  
                                               
    Total                                          
      Total sales     8,900 9,140 8,864 9,684 36,588   10,792 10,280 9,618 10,137 40,827   10,591 10,126 9,319 30,036  
      Adjusted EBIT     818 758 705 813 3,094   875 803 699 730 3,107   720 677 558 1,955  
      Adjusted EBIT as a percentage of total sales     9.2% 8.3% 8.0% 8.4% 8.5%   8.1% 7.8% 7.3% 7.2% 7.6%   6.8% 6.7% 6.0% 6.5%  
                                               
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:
                                               
              2017     2018     2019    
              1st Q 2nd Q 3rd Q 4th Q     1st Q 2nd Q 3rd Q 4th Q     1st Q 2nd Q 3rd Q    
                                               
    Cash and cash equivalents     (831) (666) (783) (726)     (769) (626) (884) (684)     (925) (563) (769)    
    Restricted cash equivalents included in prepaid expenses            (197)          (210)          (112)          (113)     (116) (120) (119) (118)     (116) (118) (112)    
    Total cash, cash equivalents and restricted cash equivalents   (1,028) (876) (895) (839)     (885) (746) (1,003) (802)     (1,041) (681) (881)    

 

 

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