Horizon North Logistics Inc. (HNL) 2019年年度报告「TSX」.pdf

1、 Annual Report 2019 Table of Contents Page Managements Discussion and Analysis 3 Managements Report to Shareholders 29 Independent Auditors Report to Shareholders 30 Consolidated Financial Statements 34 Notes to the Consolidated Financial Statements 38 Corporate Information obc Managements Discussio

2、n and AnalysisThree months and years ended December 31,2019 and 2018Page|3This Managements Discussion and Analysis(“MD&A”),prepared as at March 11,2020,focuses on key statistics from the Consolidated Financial Statements and pertains to known risks and uncertainties relating to the business carried

3、on by Horizon North Logistics Inc.(“Horizon North”or the“Corporation”).This MD&A should be read in conjunction with the Corporations audited Consolidated Financial Statements for the years ended December 31,2019 and 2018 and the Annual Information Form for the year ended December 31,2019.This discus

4、sion should not be considered all-inclusive,as it does not attempt to include changes that may occur in general economic,political and environmental conditions.This MD&A contains non-GAAP financial measures,such as EBITDAS,which do not have a standardized meaning under GAAP and,therefore,may not be

5、comparable to similar measures presented by other issuers.For definitions,reconciliations and further information please see the Non-GAAP Financial Measures section of this MD&A.We encourage readers to read the“Caution Regarding Forward-Looking Statements and Information”section at the end of this d

6、ocument.About Horizon North Horizon North is a publicly listed corporation(TSX:HNL.TO)providing a full range of industrial,commercial,and residential products and services under its two operating divisions:Industrial Services and Modular Solutions.The Industrial Services business includes workforce