EX-99.1 2 exh_991.htm EXHIBIT 99.1

Exhibit 99.1

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

(United States dollars in millions, except per share figures) (Unaudited)

Prepared in accordance with U.S. GAAP

							2020						2021						2022
					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)							3.777	1.241	3.945	4.040	13.003		3.751	3.213	2.921	3.247	13.132		3.592
European vehicle volumes:
	Western Europe						2.905	1.171	2.613	3.407	10.096		3.046	2.444	1.785	2.393	9.668		2.608
	Eastern Europe						1.794	0.912	1.663	1.989	6.358		1.843	1.642	1.187	1.619	6.291		1.508
		Total Europe					4.699	2.083	4.276	5.396	16.454		4.889	4.086	2.972	4.012	15.959		4.116
Asia volumes							8.239	8.387	10.823	13.723	41.172		11.549	10.394	9.688	12.283	43.914		11.149
China volumes							3.218	5.833	6.255	8.090	23.396		6.037	5.705	5.465	7.394	24.601		6.200
Magna Steyr vehicle assembly volumes							0.031	0.017	0.027	0.035	0.110		0.040	0.030	0.023	0.033	0.126		0.025
AVERAGE FOREIGN EXCHANGE RATES
1 Canadian dollar equals U.S. dollars							0.745	0.722	0.751	0.767	0.746		0.790	0.814	0.794	0.794	0.798		0.790
1 Euro equals U.S. dollars							1.102	1.101	1.170	1.192	1.141		1.205	1.206	1.178	1.144	1.183		1.123
1 Chinese renminbi equals U.S. dollars							0.143	0.141	0.145	0.151	0.145		0.154	0.155	0.155	0.156	0.155		0.158
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Sales:
		Body Exteriors & Structures					3,676	1,623	3,858	4,393	13,550		4,025	3,647	3,185	3,620	14,477		4,077
		Power & Vision					2,523	1,298	2,722	3,179	9,722		3,156	2,881	2,501	2,804	11,342		3,046
		Seating Systems					1,261	524	1,280	1,390	4,455		1,303	1,166	1,123	1,299	4,891		1,376
		Complete Vehicles					1,321	933	1,402	1,759	5,415		1,850	1,490	1,255	1,511	6,106		1,275
		Corporate & Other					(124)	(85)	(133)	(153)	(495)		(155)	(150)	(145)	(124)	(574)		(132)
Sales							8,657	4,293	9,129	10,568	32,647		10,179	9,034	7,919	9,110	36,242		9,642
Costs and expenses:
	Cost of goods sold						7,567	4,206	7,681	8,753	28,207		8,662	7,728	6,885	7,822	31,097		8,400
	Selling, general and administrative						381	378	380	448	1,587		430	419	454	414	1,717		386
	Equity income						(30)	(25)	(44)	(90)	(189)		(47)	(44)	(34)	(23)	(148)		(20)
	EBITDA				1		739	(266)	1,112	1,457	3,042		1,134	931	614	897	3,576		876
	Depreciation and amortization						336	334	334	362	1,366		364	374	385	389	1,512		369
	EBIT				2		403	(600)	778	1,095	1,676		770	557	229	508	2,064		507
	Interest expense, net						17	21	26	22	86		23	11	22	22	78		26
Operating income (loss)					1		386	(621)	752	1,073	1,590		747	546	207	486	1,986		481
	Impairment charges						-	-	337	-	337		-	-	-	-	-		-
	Other expense (income)						-	168	(21)	100	247		(58)	6	180	(90)	38		61
Other expense (income), net					1		-	168	316	100	584		(58)	6	180	(90)	38		61
Income (loss) from operations before income taxes							386	(789)	436	973	1,006		805	540	27	576	1,948		420
Income tax expense (benefit)							134	(137)	109	223	329		183	104	10	98	395		41
Net income (loss)							252	(652)	327	750	677		622	436	17	478	1,553		379
(Income) loss attributable to non-controlling interests					1		9	5	78	(12)	80		(7)	(12)	(6)	(14)	(39)		(15)
Net income (loss) attributable to Magna International Inc.							261	(647)	405	738	757		615	424	11	464	1,514		364
Adjusted net income (loss) attributable to Magna International Inc.					1		261	(511)	585	851	1,186		566	426	170	391	1,553		383
Diluted earnings (loss) per share:
	Diluted						$      0.86	$     (2.17)	$      1.35	$      2.45	$      2.52		$      2.03	$      1.40	$      0.04	$      1.54	$      5.00		$      1.22
	Adjusted Diluted						$      0.86	$     (1.71)	$      1.95	$      2.83	$      3.95		$      1.86	$      1.40	$      0.56	$      1.30	$      5.13		$      1.28
Weighted average number of Common Shares outstanding
	during the year (in millions):						302.7	298.4	299.4	300.9	300.4		303.6	303.6	302.6	301.5	302.8		298.1
PROFITABILITY RATIOS
	Selling, general and administrative /Sales						4.4%	8.8%	4.2%	4.2%	4.9%		4.2%	4.6%	5.7%	4.5%	4.7%		4.0%
	EBITDA /Sales						8.5%	-6.2%	12.2%	13.8%	9.3%		11.1%	10.3%	7.8%	9.8%	9.9%		9.1%
	EBIT /Sales						4.7%	-14.0%	8.5%	10.4%	5.1%		7.6%	6.2%	2.9%	5.6%	5.7%		5.3%
	Operating income(loss) /Sales						4.5%	-14.5%	8.2%	10.2%	4.9%		7.3%	6.0%	2.6%	5.3%	5.5%		5.0%
	Effective tax rate
		Reported					34.7%	17.4%	25.0%	22.9%	32.7%		22.7%	19.3%	37.0%	17.0%	20.3%		9.8%
		Excluding Other expense (income), net of taxes					34.7%	16.9%	22.6%	19.6%	25.7%		23.3%	19.8%	15.0%	16.7%	19.8%		17.3%

Q1 2022 Financial Review of Magna International Inc. Page 1 of 6  Prepared as at 4/28/2022

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

CONSOLIDATED BALANCE SHEETS

(United States dollars in millions) (Unaudited)

							2020						2021						2022
							1st Q	2nd Q	3rd Q	4th Q			1st Q	2nd Q	3rd Q	4th Q			1st Q
FUNDS EMPLOYED
Current assets:
	Accounts receivable						5,684	5,253	6,618	6,394			7,176	6,531	6,082	6,307			7,006
	Inventories						3,531	3,503	3,509	3,444			3,645	3,999	4,150	3,969			4,258
	Prepaid expenses and other						234	216	196	260			290	294	247	278			310
							9,449	8,972	10,323	10,098			11,111	10,824	10,479	10,554			11,574
Current liabilities:
	Accounts payable						5,635	4,243	5,808	6,266			6,787	6,248	5,914	6,465			6,845
	Accrued salaries and wages						807	691	851	815			897	912	893	851			879
	Other accrued liabilities						1,921	2,058	2,246	2,254			2,298	2,186	2,070	2,156			2,123
	Income taxes payable (receivable)						18	(87)	(69)	38			109	123	125	200			190
							8,381	6,905	8,836	9,373			10,091	9,469	9,002	9,672			10,037
Working capital							1,068	2,067	1,487	725			1,020	1,355	1,477	882			1,537
Investments							1,336	1,336	1,143	947			960	1,124	1,455	1,593			1,487
Fixed assets, net							7,948	7,860	7,898	8,475			8,305	8,297	8,166	8,293			8,090
Goodwill, other assets and intangible assets							3,340	3,362	3,423	3,539			3,614	3,632	3,530	3,577			3,544
Operating lease right-of-use assets							1,788	1,777	1,787	1,906			1,869	1,854	1,731	1,700			1,667
Funds employed							15,480	16,402	15,738	15,592			15,768	16,262	16,359	16,045			16,325
FINANCING
Straight debt:
	Cash and cash equivalents						(1,146)	(533)	(1,498)	(3,268)			(3,464)	(3,426)	(2,748)	(2,948)			(1,996)
	Short-term borrowings						-	188	-	-			-	-	-	-			-
	Long-term debt due within one year						93	150	98	129			137	117	101	455			127
	Long-term debt						3,021	3,771	3,832	3,973			3,935	3,941	3,908	3,538			3,501
	Current portion of operating lease liabilities						218	221	226	241			244	278	269	274			276
	Operating lease liabilities						1,586	1,577	1,582	1,656			1,613	1,563	1,438	1,406			1,369
							3,772	5,374	4,240	2,731			2,465	2,473	2,968	2,725			3,277
Long-term employee benefit liabilities							659	675	696	729			733	743	716	700			686
Other long-term liabilities							420	390	305	332			414	482	466	376			374
Deferred tax liabilities, net							87	10	87	80			104	124	40	19			(51)
							1,166	1,075	1,088	1,141			1,251	1,349	1,222	1,095			1,009
Shareholders' equity							10,542	9,953	10,410	11,720			12,052	12,440	12,169	12,225			12,039
							15,480	16,402	15,738	15,592			15,768	16,262	16,359	16,045			16,325
ASSET UTILIZATION RATIOS
	Days in accounts receivable						59.1	110.1	65.2	54.5			63.4	65.1	69.1	62.3			65.4
	Days in accounts payable						67.0	90.8	68.1	64.4			70.5	72.8	77.3	74.4			73.3
	Inventory turnover - cost of sales						8.6	4.8	8.8	10.2			9.5	7.7	6.6	7.9			7.9
	Working capital turnover						32.4	8.3	24.6	58.3			39.9	26.7	21.4	41.3			25.1
	Total asset turnover						2.2	1.0	2.3	2.7			2.6	2.2	1.9	2.3			2.4
CAPITAL STRUCTURE
	Straight debt						24.4%	32.8%	26.9%	17.5%			15.6%	15.2%	18.1%	17.0%			20.1%
	Long-term employee benefit liabilities, other long-term
		liabilities & deferred tax liabilities, net					7.5%	6.6%	6.9%	7.3%			7.9%	8.3%	7.5%	6.8%			6.2%
	Shareholders' equity						68.1%	60.7%	66.1%	75.2%			76.4%	76.5%	74.4%	76.2%			73.7%
							100.1%	100.0%	100.0%	100.0%			100.0%	100.0%	100.0%	100.0%			100.0%
	Debt to total capitalization						31.8%	37.2%	35.5%	33.9%			33.0%	32.2%	32.0%	31.7%			30.5%
ANNUALIZED RETURNS
	Return on assets (EBIT/assets employed)						10.4%	-14.6%	19.8%	28.1%			19.5%	13.7%	5.6%	12.7%			12.4%
	Return on equity (Net income attributable to Magna
		International Inc. / Average shareholders' equity)					9.6%	-25.3%	15.9%	26.7%			20.7%	13.8%	0.4%	15.2%			12.0%
	Adjusted Return on equity (Adjusted Net income attributable
		to Magna International Inc. / Average shareholders' equity)					9.6%	-19.9%	23.0%	30.8%			19.0%	13.9%	5.5%	12.8%			12.6%

Q1 2022 Financial Review of Magna International Inc. Page 2 of 6  Prepared as at 4/28/2022

FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(United States dollars in millions) (Unaudited)

							2020						2021						2022
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)						252	(652)	327	750	677		622	436	17	478	1,553		379
	Items not involving current cash flows				(i)		344	335	749	548	1,976		349	341	515	371	1,576		370
					(i)		596	(317)	1,076	1,298	2,653		971	777	532	849	3,129		749
	Changes in operating assets and liabilities				(i)		43	(915)	536	961	625		(310)	(249)	(132)	502	(189)		(569)
Cash provided from (used for) operating activities							639	(1,232)	1,612	2,259	3,278		661	528	400	1,351	2,940		180
Investment activities
	Fixed asset additions						(203)	(169)	(213)	(560)	(1,145)		(212)	(277)	(334)	(549)	(1,372)		(238)
	Increase in equity method investment						-	-	-	-	-		-	-	(454)	(63)	(517)		-
	Increase in investments, other assets and intangible assets						(93)	(72)	(68)	(98)	(331)		(104)	(93)	(101)	(105)	(403)		(64)
	Funding provided on sale of business				1 (e)		-	-	-	-	-		-	-	(41)	-	(41)		6
	Increase in public and private equity investments						(100)	(2)	(12)	(18)	(132)		(3)	(17)	(3)	(45)	(68)		(2)
	Settlement of long-term receivable from non-consolidated joint venture						-	-	-	-	-		50	-	-	-	50		-
	Proceeds from disposition						23	11	14	69	117		19	20	10	32	81		23
	Business combinations						(7)	-	-	98	91		39	(21)	-	(31)	(13)		-
Cash (used for) provided from investment activities							(380)	(232)	(279)	(509)	(1,400)		(211)	(388)	(923)	(761)	(2,283)		(275)
Financing activities
	Net issues (repayments) of debt						(6)	962	(246)	(27)	683		(126)	(33)	(13)	5	(167)		(328)
	Common Shares issued on exercise of stock options						1	1	15	64	81		83	50	3	10	146		4
	Repurchase of Common Shares						(201)	-	(2)	-	(203)		(162)	(99)	(5)	(251)	(517)		(383)
	Tax withholdings on vesting of equity awards						(10)	-	-	(3)	(13)		(12)	-	-	(1)	(13)		(14)
	Contributions to subsidiaries by non-controlling interests						-	-	-	18	18		-	-	-	8	8		-
	Dividends paid to non-controlling interests						(3)	(3)	-	(12)	(18)		-	(8)	(2)	(39)	(49)		-
	Dividends paid						(121)	(116)	(115)	(115)	(467)		(130)	(127)	(130)	(127)	(514)		(133)
Cash provided from (used for) financing activities							(340)	844	(348)	(75)	81		(347)	(217)	(147)	(395)	(1,106)		(854)
Effect of exchange rate changes on cash, cash equivalents
	and restricted cash equivalents						(52)	9	(15)	81	23		(13)	39	(8)	5	23		(3)
Net increase (decrease) in cash, cash equivalents
	and restricted cash equivalents during the period						(133)	(611)	970	1,756	1,982		90	(38)	(678)	200	(426)		(952)
Cash, cash equivalents and restricted cash equivalents,
	beginning of period				3		1,392	1,259	648	1,618	1,392		3,374	3,464	3,426	2,748	3,374		2,948
Cash, cash equivalents and restricted cash equivalents,
	end of period						1,259	648	1,618	3,374	3,374		3,464	3,426	2,748	2,948	2,948		1,996

(i) Certain amounts in prior periods have been reclassified to conform with current period presentation.

Q1 2022 Financial Review of Magna International Inc. Page 3 of 6  Prepared as at 4/28/2022

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, 2021.

Note 1: 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:

					2020						2021						2022
					1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q
Net (gains) losses on investments			[a]		-	-	(21)	(11)	(32)		(33)	(38)	81	(8)	2		61
Impairments and loss on sale of equity-accounted investments			[b]		-	-	337	10	347		-	-	-	-	-		-
Restructuring and impairments			[c]		-	168	-	101	269		15	44	24	18	101		-
Gain on business combinations			[d]		-	-	-	-	-		(40)	-	-	-	(40)		-
Net (gains) losses on the sale of business			[e]		-	-	-	-	-		-	-	75	-	75		-
Merger Agreement Termination Fee			[f]		-	-	-	-	-		-	-	-	(100)	(100)		-
					-	168	316	100	584		(58)	6	180	(90)	38		61

[a] Net (gains) losses on investments

During every quarter, in Corporate, the Company records gains and losses related to the revaluation of its public and private equity investments and certain public company warrants. In addition, in 2020, the Company recorded a non-cash impairment charge of $2 million on its private equity investment.

[b] 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 quarters of 2020, the Company recorded impairment charges of $337 million on equity accounted investments.

[c] Restructuring and impairments

COVID-19 Restructuring and Impairments:

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 included plant closures and workforce reductions. As a result, in the second quarter of 2020, the Company recorded COVID-19 related restructuring and impairment charges of $115 million in Power & Vision, $37 million in Body Exteriors & Structures, and $16 million in Seating, respectively.

Impairments:

The Company recorded impairments in the fourth quarter of 2020 in the amount of $57 million in Body Exteriors & Structures.

Brazil Closures:

In the fourth quarter of 2020, in connection with the announced plant closures by Ford Motor Co. in Brazil, the Company made the decision to accelerate the closure and/or restructuring of two facilities in Brazil that supply these plants by recording restructuring and impairments in the amount of $8 million in Body Exteriors & Structures, and $15 million in Seating, respectively.

India Closures:

In the third quarter of 2021,the Company recorded restructuring and impairment charges of $8 million in our Body Exteriors & Structures segment, and $4 million in our Seating Systems segment, primarily related to Ford Motor Company's recently announced plan to exit India.

Other Restructuring:

					2020						2021						2022
					1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q
Power & Vision					-	-	-	-	-		15	44	4	4	67		-
Body Exteriors & Structures					-	-	-	21	21		-	-	8	-	8		-
Seating Systems					-	-	-	-	-		-	-	-	14	14		-
					-	-	-	21	21		15	44	12	18	89		-

Q1 2022 Financial Review of Magna International Inc. Page 4 of 6  Prepared as at 4/28/2022

[a] 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.

[b] Net (gains) losses on the sale of business

During the third quarter of 2021, the Company sold three Body Exteriors & Structures operations in Germany. Under the terms of the arrangement, the Company provided the buyer with $41 million of funding, subject to working capital adjustments, resulting in a loss on disposal of $75 million [$75 million after tax].

[c] Merger Agreement Termination Fee

In the fourth quarter of 2021, Veoneer, Inc. (“Veoneer”) terminated its merger agreement with Magna. In connection with the termination of the merger agreement, Veoneer paid the Company a termination fee which, net of the Company’s associated transaction costs, amounted to $100 million.

The following table reconciles Net (loss) income attributable to Magna International Inc. to Adjusted net income attributable to Magna International Inc.:

					2020						2021						2022
					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.					261	(647)	405	738	757		615	424	11	464	1,514		364
	Exclude:
		Net (gains) losses on investments			-	-	(20)	(7)	(27)		(24)	(29)	64	(2)	9		48
		Impairments and loss on sale of equity-accounted investments	[i]		-	-	200	19	219		-	-	-	-	-		-
		Restructuring and impairments			-	136	-	101	237		15	31	20	17	83		-
		Gain on business combinations			-	-	-	-	-		(40)	-	-	-	(40)		-
		Net (gains) losses on the sale of business			-	-	-	-	-		-	-	75	-	75		-
		Merger Agreement Termination Fee			-	-	-	-	-		-	-	-	(75)	(75)		-
		Adjustments to Deferred Tax Valuation Allowance	[ii]		-	-	-	-	-		-	-	-	(13)	(13)		(29)
Adjusted net income (loss) attributable to Magna International Inc.					261	(511)	585	851	1,186		566	426	170	391	1,553		383
Diluted earnings (loss) per share					$      0.86	$     (2.17)	$      1.35	$      2.45	$      2.52		$      2.03	$      1.40	$      0.04	$      1.54	$      5.00		$      1.22
	Exclude:
		Net (gains) losses on investments			-	-	(0.07)	(0.02)	(0.09)		(0.08)	(0.10)	0.21	(0.01)	0.03		0.16
		Impairments and loss on sale of equity-accounted investments	[i]		-	-	0.67	0.06	0.73		-	-	-	-	-		-
		Restructuring and impairments			-	0.46	-	0.34	0.79		0.05	0.10	0.06	0.06	0.27		-
		Gain on business combinations			-	-	-	-	-		(0.14)	-	-	-	(0.13)		-
		Net (gains) losses on the sale of business			-	-	-	-	-		-	-	0.25	-	0.25		-
		Merger Agreement Termination Fee			-	-	-	-	-		-	-	-	(0.25)	(0.25)		-
		Adjustments to Deferred Tax Valuation Allowance	[ii]		-	-	-	-	-		-	-	-	(0.04)	(0.04)		(0.10)
Adjusted diluted earnings (loss) per share					$      0.86	$     (1.71)	$      1.95	$      2.84	$      3.95		$      1.86	$      1.40	$      0.56	$      1.30	$      5.13		$      1.28

	[i]	Impairment charges
		Impairment charges relating to the Company's equity accounted investment for 2020 include $75 million attributable to non-controlling interest.

	[ii]	Adjustments to Deferred Tax Valuation Allowance
		In the fourth quarter of 2021 and first quarter of 2022, the Company recorded adjustments to the valuation allowance against our deferred tax assets in certain European countries and North America. The net effect of these adjustments is a reduction in income tax expense of $13 million and $29 million, respectively.

Q1 2022 Financial Review of Magna International Inc. Page 5 of 6  Prepared as at 4/28/2022

Note 2: SEGMENTED INFORMATION

					2020						2021						2022
					1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q	2nd Q	3rd Q	4th Q	TOTAL		1st Q
Body Exteriors & Structures
	Sales				3,676	1,623	3,858	4,393	13,550		4,025	3,647	3,185	3,620	14,477		4,077
	Adjusted EBIT				199	(315)	390	543	817		327	227	98	168	820		229
	Adjusted EBIT as a percentage of sales				5.4%	-19.4%	10.1%	12.4%	6.0%		8.1%	6.2%	3.1%	4.6%	5.7%		5.6%
Power & Vision
	Sales				2,523	1,298	2,722	3,179	9,722		3,156	2,881	2,501	2,804	11,342		3,046
	Adjusted EBIT				135	(226)	227	359	495		297	203	67	171	738		154
	Adjusted EBIT as a percentage of sales				5.4%	-17.4%	8.3%	11.3%	5.1%		9.4%	7.0%	2.7%	6.1%	6.5%		5.1%
Seating Systems
	Sales				1,261	524	1,280	1,390	4,455		1,303	1,166	1,123	1,299	4,891		1,376
	Adjusted EBIT				40	(84)	66	85	107		55	26	22	49	152		49
	Adjusted EBIT as a percentage of sales				3.2%	-16.0%	5.2%	6.1%	2.4%		4.2%	2.2%	2.0%	3.8%	3.1%		3.6%
Complete Vehicles
	Sales				1,321	933	1,402	1,759	5,415		1,850	1,490	1,255	1,511	6,106		1,275
	Adjusted EBIT				50	44	70	110	274		80	79	30	98	287		50
	Adjusted EBIT as a percentage of sales				3.8%	4.7%	5.0%	6.3%	5.1%		4.3%	5.3%	2.4%	6.5%	4.7%		3.9%
Corporate and other
	Intercompany fees				(124)	(85)	(133)	(153)	(495)		(155)	(150)	(145)	(124)	(574)		(132)
	Adjusted EBIT				(21)	(19)	25	(2)	(17)		11	22	12	22	67		25
Total
	Sales				8,657	4,293	9,129	10,568	32,647		10,179	9,034	7,919	9,110	36,242		9,642
	Adjusted EBIT				403	(600)	778	1,095	1,676		770	557	229	508	2,064		507
	Adjusted EBIT as a percentage of sales				4.7%	-14.0%	8.5%	10.4%	5.1%		7.6%	6.2%	2.9%	5.6%	5.7%		5.3%

Note 3: 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:

					2020						2021						2022
					1st Q	2nd Q	3rd Q	4th Q			1st Q	2nd Q	3rd Q	4th Q			1st Q
Cash and cash equivalents					(1,146)	(533)	(1,498)	(3,268)			(3,464)	(3,426)	(2,748)	(2,948)			(1,996)
Restricted cash equivalents included in prepaid expenses					(113)	(115)	(120)	(106)			-	-	-	-			-
Total cash, cash equivalents and restricted cash equivalents					(1,259)	(648)	(1,618)	(3,374)			(3,464)	(3,426)	(2,748)	(2,948)			(1,996)

Q1 2022 Financial Review of Magna International Inc. Page 6 of 6  Prepared as at 4/28/2022