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News

Magna Announces Outlook

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  • Sales growth and increased EBIT Margin1 anticipated over outlook period
  • Forecast free cash flow2 of approximately $5.5 billion in 2020-2022 period
  • Higher EBIT Margin expected in 2020

AURORA, Ontario, Jan. 16, 2020 — Magna International Inc. (TSX: MG; NYSE: MGA) today announced its financial outlook for 2020 and 2022. 

Our outlook to 2022 anticipates continued growth in total sales and improvement in our EBIT Margin, both as compared to 2019 despite our expectation of relatively stable light vehicle production levels in North America and Europe during this same time period.  Improvement in EBIT Margin is expected across each of our operating segments.  We anticipate cumulative free cash flow of approximately $5.5 billion over the 2020-2022 period, reflecting continued strong earnings and disciplined capital spending.

For 2020, as compared to 2019, our sales are expected to be negatively impacted by foreign currency translation, reflecting the stronger U.S. dollar, the disposition of our Fluid Pressure & Controls business in 2019, net of acquisitions, and lower expected light vehicle production in Europe.  Our outlook anticipates a higher EBIT Margin in 2020 reflecting, among other factors, lower spending on ADAS and autonomy, and continued operational improvements at a number of facilities.   

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/08f0f417-2529-4bb4-96af-468bdb8d5559

1 Earnings Before Interest and Taxes (“EBIT”) is defined as Net Income attributable to Magna before income attributable to non-controlling interests, income taxes, and interest expense, net.  EBIT Margin is the ratio of EBIT to Total Sales. 2 Free cash flow represents Cash from Operating Activities plus proceeds from normal course dispositions of fixed and other assets minus capital spending and investments in other assets.

OUTLOOK

    2020   2022
Light Vehicle Production (Units)   North America   Europe   16.3 million 20.8 million     16.3 million 21.6 million
       
Segment Sales   Body Exteriors & Structures   Power & Vision   Seating Systems   Complete Vehicles   $16.0 – $16.8 billion $10.7 – $11.3 billion $5.7 – $6.1 billion $6.0 – $6.4 billion             $17.5 – $18.5 billion $11.5 – $12.3 billion $6.3 – $6.8 billion $5.7 – $6.4 billion
       
Total Sales $38.0 – $40.0 billion   $40.5 – $43.5 billion
       
EBIT Margin3 6.7% – 7.0%   7.6% – 8.0%
       
Equity Income (included in EBIT) $130 – $175 million   $175 – $230 million
       
Interest Expense Approximately $85 million     
       
Tax Rate Approximately 24.5%    
       
Net Income Attributable to Magna $1.8 – $2.0 billion    
       
Capital Spending Approximately $1.7 billion    
       

3 Earnings Before Interest and Taxes (“EBIT”) is defined as Net Income attributable to Magna before income attributable to non-controlling interests, income taxes, and interest expense, net.  EBIT Margin is the ratio of EBIT to Total Sales.

In this outlook we have assumed no material acquisitions or divestitures.  In addition, we have assumed that foreign exchange rates for the most common currencies in which we conduct business relative to our U.S. dollar reporting currency will approximate year end 2019 rates.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1a9de362-9ba4-4895-a70c-22bdc0330d20

OUR LEADERSHIP

Our Board of Directors is pleased to appoint Swamy Kotagiri as President of Magna, reporting to Don Walker, Chief Executive Officer.  In his new role, Mr. Kotagiri will work with Mr. Walker on driving Magna’s overall strategy including strengthening the alignment between our customer strategy, R&D initiatives and new mobility activities.

Mr. Kotagiri will continue to oversee our Power & Vision segment as well as our corporate research and development programs and related investments.

The Board is also pleased to announce that The Honourable V. Peter Harder, P.C., has rejoined the Board, following the end of his service as the Government Representative in the Senate of Canada.  Mr. Harder previously served on the Board between 2012 and 2016 and brings a wealth of experience in public policy and international trade, as well as a deep understanding of Chinese political and economic matters.

OTHER MATTERS After almost two years of collaboration, Magna and Lyft have decided to evolve how we work together.  Moving forward, we are concluding our partnership to co-develop self-driving technology.  We expect to continue to collaborate in several areas related to autonomous developments, including aspects of hardware development and potential joint opportunities in software and hardware manufacturing.    

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.

We will hold a conference call for interested analysts and shareholders to review the details of our outlook on Thursday, January 16, 2020 at 8:00 a.m. ET. The conference call will be chaired by Don Walker, Chief Executive Officer. The number to use for this call from North America is 1-800-920-3395.  International callers should use 1-416-981-9005. Please call in at least 10 minutes prior to the call start time. We will also webcast the conference call at www.magna.com. The slide presentation accompanying the conference call will be available on our website Thursday morning prior to the call.

TAGS 2020 outlook, sales growth, free cash flow

INVESTOR CONTACT Louis Tonelli, Vice-President, Investor Relations [email protected], 905.726.7035

MEDIA CONTACT Tracy Fuerst, Vice-President, Corporate Communications & PR [email protected], 248.631.5396

WEBCAST CONTACT Nancy Hansford, Executive Assistant, Investor Relations nancy.h[email protected], 905.726.7108

OUR BUSINESS4  We are a mobility technology company.  We have over 166,000 entrepreneurial-minded employees 346 manufacturing operations and 92 product development, engineering and sales centres in 28 countries. We have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, electronics, mechatronics, mirrors, lighting and roof systems. Magna also has electronic and software capabilities across many of these areas.  Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit www.magna.com.

4 Manufacturing operations, product development, engineering and sales centres and employee figures include certain equity-accounted operations.

FORWARD-LOOKING STATEMENTS   We disclose “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) to provide information about management’s current expectations and plans. Such forward-looking statements may not be appropriate for other purposes. Forward-looking statements may include financial and other projections, as well as statements regarding our future plans, 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.

Forward-looking statements in this press release include, but are not limited to, 2020-2022 outlook period statements related to:

  • Expected sales growth, EBIT margin growth and forecast EBIT margin improvement
  • Cumulative free cash flow expectations
  • Underlying assumptions regarding relative foreign currency rate

 

  • Forecasts of light vehicle production in North America and Europe
  • Expected Total sales, based on such light vehicle production, including expected split by segment
  • Anticipated growth drivers of our business
  • EBIT margin
  • Equity income
  • Net interest expense
  • Tax rate
  • Net income
  • Capital spending; and
  • Future returns of capital to our shareholders, including through dividends or share repurchases

Our 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 such forward-looking statements, they are not a guarantee of future performance or outcomes. 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

  • economic cyclicality
  • regional production volume declines
  • intense competition
  • trade disputes / tariffs

Customer and Supplier Related Risks

  • concentration of sales with six customers
  • shifts in market shares among vehicles or vehicle segments
  • shifts in “take rates” for products we sell
  • quarterly sales fluctuations
  • potential loss of any material purchase orders
  • a deterioration in the financial condition of our supply base
  • OEM consolidation

Manufacturing Operational Risks

  • product and new facility launch risks
  • operational underperformance
  • restructuring costs
  • impairment charges
  • labour disruptions
  • supply disruptions
  • climate change risks
  • attraction / retention of skilled labour
  IT Security Risk

  • IT/Cybersecurity breach

Pricing Risks

  • pricing risks between time of quote and start of production
  • price concessions
  • commodity costs
  • declines in scrap steel prices

 Warranty / Recall Risks

  • costs to repair or replacement of defective products, including due to a recall
  • warranty or recall costs that exceed warranty provisions or insurance coverage limits

 Acquisition Risks

  • inherent merger and acquisition risks
  • acquisition integration risks
  Other Business Risks

  • risks related to conducting business through joint ventures
  • our ability to consistently develop and commercialize innovative products or processes
  • our changing business risk profile as a result of increased investment in electrification and autonomous driving, including:  higher R&D and engineering costs, and challenges in quoting for profitable returns on products for which we may not have significant quoting experience
  • risks of conducting business in foreign markets
  • fluctuations in relative currency values
  • tax risks
  • reduced financial flexibility as a result of economic shock
  • changes in credit ratings assigned to us

 Legal, Regulatory and Other Risks

  • antitrust risk
  • legal claims and/or regulatory actions against us
  • changes in laws and regulations, including those related to vehicle emissions

In evaluating forward-looking statements or forward-looking information, we caution readers not to place undue reliance on any forward-looking statement, and 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 in greater detail in this document under the section titled “Industry Trends and Risks” and set out in our Annual Information Form filed with securities commissions in Canada and our annual report on Form 40-F filed with the United States Securities and Exchange Commission, and subsequent filings.

Primary Logo

Don Walker, Magna’s Chief Executive Officer

“We expect our organic consolidated and unconsolidated sales to continue to grow through our outlook period. Our growth includes a number of products tied to reduced emissions such as hybrid dual-clutch transmissions, e-drives, battery frames, and our portfolio of lightweighting solutions. Also contributing to this growth are seating systems, electronic systems including ADAS, and the expansion of our vehicle assembly business into China. Size, scale and our unique entrepreneurial culture are what differentiate Magna and allow us to invest in new technologies to support our customers through the auto cycle.”
Vince Galifi, Magna’s Chief Financial Officer

“Compared to 2019, we expect our margins to improve throughout our outlook period even as we continue to invest for our future. In the 2020-2022 timeframe, we expect to generate free cash flow of approximately $5.5 billion, which is more than 30% of our current market capitalization. Our capital allocation priorities remain focused on maintaining a strong balance sheet, investing to grow our businesses, and returning capital to shareholders.”

News

CNOOC Limited Announces Commencement of Production at Liuhua 16-2 Oilfield / 20-2 Oilfield Joint Development Project

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HONG KONG, Sept. 20, 2020 /PRNewswire/ — CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Liuhua 16-2 oilfield/ 20-2 oilfield joint development project has commenced production.

Liuhua 16-2 oilfield / 20-2 oilfield joint development project is located in Eastern South China Sea. The average water depth of the joint development project is approximately 410 meters.  One 150,000 DWT FPSO and three underwater production systems are newly built. A total of 26 development wells are planned to be put into production and development. The project is expected to reach its peak production of approximately 72,800 barrels of crude oil per day in 2022.

CNOOC Limited holds 100% interest of Liuhua 16-2 oilfield/ 20-2 oilfield joint development project.

– End –

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

*** *** *** ***

This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company’s expectations, including but not limited to those associated with fluctuations in crude oil and natural gas prices, macro-political and economic factors, changes in the tax and fiscal regimes of the host countries in which we operate, the highly competitive nature of the oil and natural gas industry, the exploration and development activities, mergers, acquisitions and divestments activities, environmental responsibility and compliance requirements, foreign operations and cyber system attacks.  For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

*** *** *** ***

For further enquiries, please contact:

Ms. Jing Liu
Manager, Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-3404
Fax: +86-10-8452-1441
E-mail: [email protected]

Ms. Ada Leung 
Hill+Knowlton Strategies Asia
Tel: +852-2894-6225
Fax: +852-2576-1990
E-mail: [email protected]

Photo – https://photos.prnasia.com/prnh/20200911/2914374-1LOGO?lang=0

 

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Odonate Therapeutics, Inc. of Class Action Lawsuit and Upcoming Deadline – ODT

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NEW YORK, Sept. 19, 2020 — Pomerantz LLP announces that a class action lawsuit has been filed against Odonate Therapeutics, Inc.  (“Odonate” or the “Company”) (NASDAQ: ODT) and certain of its officers.   The class action, filed in United States District Court for the Southern District of California, and docketed under 20-cv-01828, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Odonate securities between December 7, 2017, and August 21, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Odonate securities during the class period, you have until November 16, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Odonate was founded in 2013 and is based in San Diego, California.  Odonate is a pharmaceutical company that develops therapeutics for the treatment of cancer.  The Company is focused on developing tesetaxel, an orally administered chemotherapy agent. 

Tesetaxel is in Phase 3 clinical study for patients with locally advanced or metastatic breast cancer (“MBC”), called the CONTESSA trial, which is evaluating tesetaxel in combination with capecitabine in patients with MBC.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational, and compliance policies.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) tesetaxel was not as safe or well-tolerated as the Company had led investors to believe; (ii) consequently, tesetaxel’s commercial viability as a cancer treatment was overstated; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On August 24, 2020, during pre-market hours, Odonate issued a press release announcing top-line results from the CONTESSA trial.  Although the study met its primary endpoint, tesetaxel plus capecitabine was associated with Grade 3 or higher neutropenia (low levels of white blood cells), which occurred in 71.2% of patients with the combination treatment versus 8.3% for capecitabine alone.  Various other Grade 3 or higher treatment-emergent adverse events (“AEs”) were also associated with tesetaxel plus capecitabine versus capecitabine alone.  Further, discontinuation rates were 4.2% from neutropenia and 3.6% from neuropathy, and the overall discontinuation rate was 23.1% in the treatment group compared to 11.9% in the capecitabine alone group.

On this news, Odonate’s stock price fell $15.21 per share, or 45.35%, to close at $18.33 per share on August 24, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT: Robert S. Willoughby Pomerantz LLP [email protected]

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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Fastly, Inc. of Class Action Lawsuit and Upcoming Deadline – FSLY

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NEW YORK, Sept. 19, 2020 — Pomerantz LLP announces that a class action lawsuit has been filed against Fastly, Inc.  (“Fastly” or the “Company”) (NYSE: FSLY) and certain of its officers.   The class action, filed in United States District Court for the Northern District of California, and docketed under 20-cv-06454, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Fastly securities between May 6, 2020, and August 5, 2020, inclusive (the “Class Period”) and were damaged thereby, seeking to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and SEC Rule 10b-5 promulgated thereunder (the “Class”).

If you are a shareholder who purchased Fastly securities during the class period, you have until October 26, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Fastly is the provider of an edge cloud platform. Fastly’s edge cloud platform purportedly enables “customers to create great digital experiences quickly, securely, and reliably by processing, serving, and securing [its] customers’ applications as close to their end-users as possible.”

The complaint alleges that during the Class Period, Defendants knowingly and/or recklessly made false and/or misleading statements about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (i) that Fastly’s largest customer was ByteDance, operator of TikTok, which was known to have serious security risks and was under intense scrutiny by U.S. officials; (ii) that there was a material risk that Fastly’s business would be adversely impacted should any adverse actions be taken against ByteDance or TikTok by the U.S. government; and (iii) that, as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On August 5, 2020, after market close, Fastly held its second quarter (“Q2”) 2020 earnings conference call. During the call, Defendants disclosed that ByteDance, the Chinese company that operates the wildly popular mobile app TikTok, was Fastly’s largest customer in Q2 2020 and that TikTok represented about 12% of Fastly’s revenue for the six months ended June 30, 2020.

This news shocked the market, as TikTok had been under heavy scrutiny by U.S. officials and others since at least late 2019 due to fears that the data it collects from its users could be accessed by the Chinese government. Indeed, on July 31, 2020, President Trump announced a plan to ban TikTok in the U.S. over national security concerns. As Fastly’s Chief Executive Officer (“CEO”) admitted on the Q2 2020 earnings call, “any ban of the TikTok app by the US would create uncertainty around our ability to support this customer[,]” and “the loss of this customer’s traffic would have an impact on our business.”

On this news, Fastly’s share price fell $19.28 per share, or approximately 17.7% from the previous trading day’s closing price of $108.92 per share, to close at $89.64 per share on August 6, 2020. Fastly’s shares continued to decline on August 6, 2020, when President Trump issued an executive order effectively banning TikTok, declining another $10.31 per share from the closing price on August 6, 2020, or approximately 11.5%, to close at $79.33 per share on August 7, 2020.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT: Robert S. Willoughby Pomerantz LLP [email protected] 888-476-6529 ext. 7980

 

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