It produces leaves, but there have been no other developments. A little patience is probably all that is required. Magnolias generally take 5-6 years to establish before they will start to produce flowers. In fact some, such as M. kobus may take up to 15 years before they provide a full display. Make sure that you are giving your plant the correct growing conditions.
Most species prefer a deep, fertile soil that is moist but free-draining.
A position in full sun is most suitable but these plants will tolerate partial shade. Magnolias provide a fantastic display of exotic-looking flowers in early to late spring, so it is also worthwhile positioning your shrub in a sheltered position to reduce the risk of the early buds being damaged by frost or cold winds. Keep an eye on the weather reports, and if necessary protect the plant with horticultural fleece if frosts are forecast. Ours has taken over one section of our garden completely. Lavatera, Mallow is fantastic for providing a great show of large saucer-shaped, usually pink or white flowers throughout summer and make great border specimens.