Magna International Inc 6-K, filed Sep 7, 2023
Magna International Inc (MGA)
About this 6-K
Magna International Inc filed this 6-K on September 7, 2023.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934
For the month of September 2023
Commission File Number: 001-11444
MAGNA INTERNATIONAL INC.
(Exact Name of Registrant as specified in its Charter)
337 Magna Drive, Aurora, Ontario, CANADA L4G 7K1
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ ] Form 40-F [ X ]
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: September 7, 2023 | By: | /s/ "Bassem Shakeel" |
| Bassem A. Shakeel, | ||
| Vice-President, Associate General Counsel and Corporate Secretary | ||
EXHIBITS
| Exhibit 99 | Press Release issued September 7, 2023 in which the Registrant announced its virtual investor event and updated its 2025 outlook. |
EXHIBIT 99
 | PRESS RELEASE |
Magna to Hold Virtual Investor Event, Updates 2025 Outlook
- Company to present its unique market position and progress on its Go-Forward Strategy
- Well positioned for transforming industry and growth in addressable markets
- Updated 2025 outlook reflects active safety acquisition
AURORA, Ontario, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG, NYSE: MGA), a mobility technology company and global leader in the automotive industry, will hold a virtual investor event today. Magna’s Chief Executive Officer, Swamy Kotagiri and Chief Financial Officer, Pat McCann will present on the company’s unique position in the market, systems-level capabilities and Go-Forward Strategy to power profitable growth.
“We are excited to update investors on our strategic progress and the tremendous opportunities we see in the transforming industry where our addressable markets continue to grow,” said Swamy Kotagiri, Magna CEO.
The presentation and question and answer session will run from 9:00 a.m. to 10:30 a.m. ET. To view the webcast, participants can register by clicking here. The live stream will begin at 9:00 a.m. ET.
To ask a question during the question & answer session, please dial:
| RESERVATION # 22027877 | |
| Toll-Free France: 0-800-913-554 | Toll-Free Germany: 0-800-180-0036 |
| Toll Switzerland: 0-800-836-320 | Toll-Free United Kingdom: 0-800-528-2796 |
| Toll-Free North America: 1-800-768-8804 | Toll International: 1-303-223-0118 |
| REBROADCAST INFORMATION Replay available 2 hours after event until September 21, 2023 | |
| North America: 1-800-558-5253 | International: 1-416-626-4100 |
2025 OUTLOOK
Our 2025 Outlook below has been updated solely to reflect the acquisition of Veoneer Active Safety. All other 2025 assumptions and financial information are unchanged from our 2025 Outlook previously provided in our press release dated February 10, 2023.
2025 Outlook Assumptions
| Current | Previous | ||||
| Light Vehicle Production (millions of units) | |||||
| North America | 16.5 | 16.5 | |||
| Europe | 17.5 | 17.5 | |||
| China | 29.0 | 29.0 | |||
| Average Foreign exchange rates: | |||||
| 1 Canadian dollar equals | US$0.750 | US$0.750 | |||
| 1 euro equals | US$1.070 | US$1.070 | |||
2025 Updated Outlook
| Current | Previous | ||||
| Segment Sales | |||||
| Body Exteriors & Structures | $20.0 - $21.0 billion | $20.0 - $21.0 billion | |||
| Power & Vision | $16.8 - $17.4 billion | $14.8 - $15.4 billion | |||
| Seating Systems | $6.2 - $6.6 billion | $6.2 - $6.6 billion | |||
| Complete Vehicles | $4.0 - $4.5 billion | $4.0 - $4.5 billion | |||
| Total Sales | $46.7 - $49.2 billion | $44.7 - $47.2 billion | |||
| Adjusted EBIT Margin(1) | 6.7% - 7.8% | 6.7% - 7.8% | |||
| Notes: (1) Adjusted EBIT Margin is the ratio of Adjusted EBIT to Total Sales | |||||
Our Outlook is intended to provide information about management's current expectations and plans and may not be appropriate for other purposes. Although considered reasonable by Magna as of the date of this document, the 2025 Outlook above and the underlying assumptions may prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations as set forth herein. The risks identified in the “Forward-Looking Statements” section below represent the primary factors which we believe could cause actual results to differ materially from our expectations.
Certain of the forward-looking financial measures above are provided on a Non-GAAP basis. We do not provide a reconciliation of such forward-looking measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. To do so would be potentially misleading and not practical given the difficulty of projecting items that are not reflective of on-going operations in any future period. The magnitude of these items, however, may be significant.
This press release together with our Management’s Discussion and Analysis of Results of Operations and Financial Position and our Interim Financial Statements are available in the Investor Relations section of our website at www.magna.com/company/investors and filed electronically through the System for Electronic Document Analysis and Retrieval (SEDAR) which can be accessed at www.sedar.com as well as on the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), which can be accessed at www.sec.gov.
INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
louis.tonelli@magna.com, 905-726-7035
MEDIA CONTACT
Tracy Fuerst, Vice-President, Corporate Communications & PR
tracy.fuerst@magna.com, 248-761-7004
WEBCAST CONTACT
Nancy Hansford, Executive Assistant, Investor Relations
nancy.hansford@magna.com, 905-726-7108
OUR BUSINESS (2)
Magna is more than one of the world’s largest suppliers in the automotive space. We are a mobility technology company built to innovate, with a global, entrepreneurial-minded team of over 174,000(3) employees across 351 manufacturing operations and 103 product development, engineering and sales centres spanning 30 countries. With 65+ years of expertise, our ecosystem of interconnected products combined with our complete vehicle expertise uniquely positions us to advance mobility in an expanded transportation landscape.
For further information about Magna (NYSE:MGA; TSX:MG), please visit www.magna.com or follow us on social.
(2) Manufacturing operations, product development, engineering and sales centres include certain operations accounted for under the equity method.
(3) Number of employees includes approximately 162,000 employees at our wholly owned or controlled entities and over 12,000 employees at certain operations accounted for under the equity method.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements"). Any such forward-looking statements are intended to provide information about management's current expectations and plans and may not be appropriate for other purposes. Forward-looking statements may include financial and other projections, as well as statements regarding our future plans, strategic objectives or economic performance, or the assumptions underlying any of the foregoing, and other statements that are not recitations of historical fact. We use words such as "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "aim", "forecast", "outlook", "project", "estimate", "target" and similar expressions suggesting future outcomes or events to identify forward-looking statements. The following table identifies the material forward-looking statements contained in this document, together with the material potential risks that we currently believe could cause actual results to differ materially from such forward-looking statements. Readers should also consider all of the risk factors which follow below the table:
| Material Forward-Looking Statement | Material Potential Risks Related to Applicable Forward-Looking Statement |
| Light Vehicle Production |
|
| Total Sales Segment Sales |
|
| Adjusted EBIT Margin |
|
Forward-looking statements are based on information currently available to us and are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. While we believe we have a reasonable basis for making any such forward-looking statements, they are not a guarantee of future performance or outcomes. In addition to the factors in the table above, whether actual results and developments conform to our expectations and predictions is subject to a number of risks, assumptions and uncertainties, many of which are beyond our control, and the effects of which can be difficult to predict, including, without limitation:
Risks Related to the Automotive Industry
| Pricing Risks
|
In evaluating forward-looking statements or forward-looking information, we caution readers not to place undue reliance on any forward-looking statement. Additionally, readers should specifically consider the various factors which could cause actual events or results to differ materially from those indicated by such forward-looking statements, including the risks, assumptions and uncertainties above which are:
- discussed under the “Industry Trends and Risks” heading of our Management’s Discussion and Analysis; and
- set out in our Annual Information Form filed with securities commissions in Canada, our annual report on Form 40-F filed with the United States Securities and Exchange Commission, and subsequent filings.
Readers should also consider discussion of our risk mitigation activities with respect to certain risk factors, which can be also found in our Annual Information Form.