Magna has posted sales down 7% to US$32.1bn for the year ended 31 December, with the weakening of certain currencies against the US dollar reporting currency, in particular the euro and Canadian dollar, having a significant negative impact.
Foreign currency translation reduced sales by around US$3.35bn compared to 2014, but excluding the impact of foreign currency translation, sales rose 3% in 2015, compared to 2014.
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Excluding the impact of foreign currency translation, Magna’s complete vehicle assembly sales decreased 10% in 2015, compared to 2014. Complete vehicle assembly volumes dropped 23% to around 104,000 units.
Magna also unveiled sales of US$8.6bn for the fourth quarter, a fall of 3%.
“Overall, we are satisfied with the progress we made during 2015,” said Magna CEO, Don Walker.
“We took important steps to reposition our product portfolio for the future, in particular entering into a transaction to acquire Getrag and disposing of substantially all of our interiors business.
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By GlobalData“On the operations front, excluding the negative translation impact from the strengthening of the US dollar, we reported strong results.
“We have experienced some challenges in certain facilities which we are working to overcome.”
