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Annual Report MAGNA INTERNATIONAL INC

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Annual Report MAGNA INTERNATIONAL INC 2018 Annual Report MAGNA INTERNATIONAL INC. MAKING A DIFFERENCE In a time of transformation, Magna continues to be a signifi cant force in the global auto industry because of our agility, collective expertise and technologies that will pave the way for future mobility. Our strategic decisions today prepare us for future industry changes by leveraging partnerships and evolving the organization, all while continuing to grow the company and create shareholder value. KEY FIGURES AT-A-GLANCE SALES1 DILUTED EPS1 CASH FLOW FROM U.S. $ MILLIONS U.S. $ OPERATING ACTIVITIES1 U.S. $ MILLIONS 12% 13% 11% 40,827 6.61 36,588 3,718 5.87 3,346 2017 2018 2017 2018 2017 2018 COMPOUND AVERAGE RETURN ON RETURN ON DIVIDENDS PAID 15% 1,2 1,2 3 GROWTH RATE EQUITY INVESTED CAPITAL PER SHARE U.S. $ 1.32 19.8% 19.7% 1.10 1.00 15.6% 0.88 14.9% 0.76 2017 2018 2017 2018 2014 2015 2016 2017 2018 1 2017 fi gures adjusted for adoption of the new revenue standard (Accounting Standards Codifi cation 606). 2 Return on Equity and Return on Invested Capital are non-GAAP fi nancial measures. Defi nitions and reconciliations to the most directly comparable fi nancial measures calculated in accordance with U.S. GAAP, can be found in the Company’s Annual Report for the Year Ended December 31, 2018, in the Management’s Discussion and Analysis of Results of Operations and Financial Position section. The Magna International Inc. 2018 Annual Report has been posted on the Company’s website through the investors link at www.magna.com. 3 A two-for-one stock split was approved February 24, 2015. Dividends are shown on a post-stock split basis. “ Our company of entrepreneurial-minded employees continues to anticipate the changing needs of the $1-trillion global automotive supply business by developing Don Walker advanced technologies, creating partnerships Chief Executive Ofÿcer that leverage each other’s capabilities, and driving change in a disruptive era.” MESSAGE FROM THE CHIEF EXECUTIVE OFFICER Leading Change in an Evolving Industry In a time of transformation in the auto industry, Magna In the coming years, we will compete in a challenging is a mobility technology company with world-class environment, with significant technological and regulatory manufacturing operations, innovative products and the disruption and economic uncertainty. At the same time, best people in the business, all of which help pave we will continue to take full advantage of the huge the way for continued success. opportunities for growth in lightweighting, electrification, autonomy, and smart mobility. Magna has helped to In 2018, we delivered strong results while positioning transform how the world moves in the last 61 years. the company for growth in a rapidly changing market. We will continue on that path as we help define and In an industry that is one of the most complex and highly create the future of mobility. regulated, we are a valued partner to automakers and technology startup companies. Our company of entrepreneurial-minded employees continues to anticipate the changing needs of the $1-trillion global automotive supply business by developing advanced technologies, creating partnerships that leverage each other’s capabilities, and driving change in a disruptive era. 174,000+ 91 28 Employees Engineering/ Countries Product Development/ Sales Centres 348 $40.8 B Manufacturing/Assembly Facilities Sales Strategic Moves new composite liftgate with Jeep that reduces mass by and Milestones 28% and is the highest volume production program utilizing this technology. In total, we have now produced more than 3 million thermoplastic liftgate modules. World Class Manufacturing Our People and Culture We help launch new vehicles amounting to billions of dollars each year. Thirty-six Magna divisions in North America alone Our Fair Enterprise culture strikes a balance among the contributed parts to help successfully launch the redesigned needs of our key stakeholders including our employees, 2019 Chevrolet Silverado and GMC Sierra pickup trucks, one customers and shareholders. We operate in a decentralized, of the biggest product rollouts of the year. Additionally, we entrepreneurial, performance-based environment that continue to build our complete vehicle business with multiple empowers our people. We take pride in knowing that our car brands, including Mercedes-Benz, BMW, Jaguar and culture is a competitive advantage and we continue to be Toyota. To date, we have produced more than 3.5 million recognized as an employer of choice. Magna was named vehicles for various customers. by Fortune as one of the World’s Most Admired Companies and by Forbes on their Most Admired Companies and Canada’s Best Employers for Diversity lists. Process Innovation As we continue to deliver new advanced technologies, Global Footprint Expansion we innovate how we produce them. Magna manufacturing experts accelerate smart manufacturing through processes We continued to expand our geographic footprint in 2018. that are rolling out across a number of our global facilities Three new joint ventures in China will help increase our including new manufacturing cells with advanced artificial presence in the world’s largest new vehicle market. They intelligence robotic systems that use state-of-the-art vision include an engineering joint venture with BJEV, a subsidiary systems. We leverage new wearable technology to increase of the BAIC Group, to design a battery electric vehicle efficiency and help technicians troubleshoot faster. And we architecture for the Chinese market. continue to bring more virtual reality technologies to simulate Additionally, we expect to complete a second joint venture crash tests, maximize floor space and enhance ergonomics. with BJEV to assemble electric vehicles (EVs) in China, at our first vehicle production facility outside of Europe. Product Innovation We also expanded our complete vehicle engineering services We continue to win business in core product areas from for the European market with a new partnership body structures to latches and electronics to powertrain. with Altran in Morocco. We announced new seating business with Geely’s LYNK & Co in China and BMW in the Czech Republic. Daimler introduced an industry-first augmented reality navigation system on its new Mercedes-Benz A-Class that’s powered by Magna’s forward-facing camera. We also unveiled a “ We anticipate that 2019 will be another good year with strong sales, solid earnings and increased free cash fl ow5, all as we continue to invest for the future.” Vince Galiÿ Chief Financial Ofÿcer MESSAGE FROM THE CHIEF FINANCIAL OFFICER Bullish on the Future Magna has an unmatched breadth of vehicle product and assets. In addition, we recently raised our quarterly process technologies and we remain uniquely positioned cash dividend by 11%, the 10th consecutive annual to capitalize on industry trends. These include increasing dividend increase. emission requirements that are driving the need for more Going forward, we see continued growth in each of electrified powertrains and lightweight solutions as well as our reporting segments driven in particular by demand the demand for active safety systems and the evolution for our suite of lightweighting solutions, dual-clutch toward fully autonomous vehicles. transmissions, Advanced Driver Assistance Systems In 2018, we turned in another strong financial performance, (ADAS), electrified products, seats, mechatronic products posting records in sales, equity income, Adjusted EBIT4, and complete vehicle assembly. We anticipate that net income attributable to Magna, diluted earnings per share 2019 will be another good year with strong sales, solid and cash from operating activities, among other metrics. earnings and increased free cash flow 5, all as we We announced a number of strategic developments during continue to invest for the future. the year including the divestiture of our Fluid Pressure & Controls business for $1.23 billion. We also returned $2.28 billion to shareholders through $1.83 billion in share repurchases and $448 million in dividends, while also investing $1.65 billion in fixed 4 Adjusted EBIT is a non-GAAP financial measure. A definition and reconciliation of Adjusted EBIT to the most comparable financial measure calculated in accordance with U.S. GAAP, can be found in the Company’s Annual Report for the Year Ended December 31, 2018, in the Management’s Discussion and Analysis of Results of Operations and Financial Position section. The Magna International Inc, 2018 Annual Report has been posted on the company’s website through the investors link at www.magna.com. 5 Free cash flow is a non-GAAP financial measure. Free cash flow represents cash from operating activities plus proceeds from normal course dispositions of fixed and other assets minus capital spending minus investments in other assets. Positioning for the Future Innovative Features for Automated Driving Today, more than 100 vehicle models on the road have Magna ADAS features, including our award-winning Trailer Angle Detection, an option being ordered on 80% of Ford Invest for Growth F-150 trucks. We continue to deliver new autonomous We expect our free cash flow 5 to exceed $6.5 billion in the features including Valet Park driver monitoring systems and 2019-2021 time frame.This will allow us to continue to invest 3D Surround View, which meet the growing demand from in organic opportunities, increase innovation spending and automakers seeking to integrate advanced, innovative, and seek potential acquisitions that fit our product strategy. safer automated driving technologies into their vehicles. Strategic Startup Partnerships Supplying Power to the Wheels Because Magna has deep product expertise as well as Our knowledge of complex powertrains comes from our complete vehicle engineering and assembly operations, transmission and driveline leadership position. Combined startup companies are turning to us to help speed up the with our experience in full electric vehicles and plug-in hybrid commercialization of new mobility solutions including electric vehicle (PHEV) systems, we have the basis for key autonomous vehicles.
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