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News of  February 28, 2000
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Magna Announces Record 1999 Fourth Quarter and Fiscal Year Results
.
AURORA, ON - Magna International Inc. reported record sales, profits and earnings per share for the fourth quarter and fiscal year ended December 31, 1999.

 

YEARS ENDED

THREE MONTHS ENDED

December 31, 1999 January 31, 1999 December 31, 1999 January 31, 1999
Sales

$9,359

$7,419

$2,563

$2,210

Net Income

$ 430

$ 352(1)

$ 125

$ 77

Excl. Other Income

$ 430

$ 342

$ 125

$ 77

Fully diluted earnings

$ 4.75

$ 4.06

$ 1.34

$ 0.88

per share
Excl. Other Income

$ 4.75

$ 3.95

$ 1.34

$ 0.88

(1) Includes a $10 million gain on the issue of shares by Decoma.
All results are reported in millions of U.S. dollars, except per share figures.

As previously announced, in order to more fully reflect the global nature of its automotive business, the Company changed its fiscal year end from July 31 to December 31, effective December 31, 1998 and changed its reporting currency to United States dollars. Consistent with Canadian securities legislation, comparative data for the three months and year ended January 31, 1999 has been presented. Commencing with the first quarter ending March 31, 2000, calendar quarter comparative data will be presented.

Sales for the fourth quarter and fiscal year ended December 31, 1999 were $2.6 billion, and $9.4 billion respectively, an increase of approximately 16% and 26% over the comparable fiscal periods ended January 31, 1999. The higher sales level in fiscal 1999 reflects a 14% and 23% increase in North American and European content per vehicle, respectively, over the comparable fiscal year, a period in which North American and European vehicle production increased approximately 6.5% and 5.7% respectively. Tooling and other sales increased by 30% to $1.0 billion in fiscal 1999.

Net income for the fourth quarter and fiscal 1999 were $125 million and $430 million respectively, compared to $77 million and $352 million respectively in the comparable fiscal periods.

Fully diluted earnings per share set records for the Company at $1.34 and $4.75 for the fourth quarter and fiscal 1999 respectively, representing increases of 52% and 17% respectively over the comparable fiscal periods.

During fiscal 1999, cash generated from operations was $829 million. Total investment activities during the year were $1.1 billion, including $873 million in fixed assets and $260 million in investments and other assets, principally for the acquisition of the 40% minority interest in Magna Automobiltechnik AG (``MATAG'') which enhances Magna's position as the premier metal forming company in both Europe and globally, and the acquisitions of Gulfstream Park and Golden Gate Fields by Magna Entertainment Corp. (``MEC''), formerly called MI Entertainment Corp., Magna's non-automotive group.

(Feb. 21, 2000)

 

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