Morneau Shepell Inc. (MSI) 2017年年度报告「TSX」.pdf

1、2017 Annual ReportTable of Contents2Chairs Message to Shareholders3President and CEOs Message5Managements Discussion and Analysis5Forward Looking Statements and Definitions6Outstanding Share Data6Business Overview72017 Summary and Outlook92017 Operating Results Summary10Analysis of Fourth Quarter 20

2、17 Operating Results11AnalysisofYearEndedDecember31,2017OperatingResults13Liquidity and Capital Resources16Selected Statement of Financial Position Data17Critical Accounting Policies and Estimates22Risks and Uncertainties27Selected Annual Information27Supplementary Summary of Quarterly Results28Disc

3、losure Controls and Procedures28Internal Control Over Financial Reporting30Consolidated FinancialStatements29Independent AuditorsReport30Consolidated Statements of Financial Position32Consolidated Statements of Income and Comprehensive Income33Consolidated Statements of Changes In Equity34Consolidat

4、ed Statements of Cash Flows35Notes to Consolidated FinancialStatementsAnnual Report|20171Chairs Message to ShareholdersOn behalf of the Board of Directors,I want to extend my appreciation to all our employees for delivering yet another goodyear for Morneau Shepell.The year 2017 involved a transition

5、 to our new CEO,Stephen Liptrap,under whose leadershipthe Company evolved its strategy for taking the business forward.The Board supports the Company s direction andespecially its renewed emphasis on continuing to deliver solid business results while pursuing growth entrepreneurially ina dynamic HR

6、sector.Entrepreneurial innovation has long been aCompany strength going back to its inceptionin 1966 and the visionary leadership of ourFounder,Frank Morneau.Frank retires thisyear from the Board at the Annual Meetingof Shareholders in May,most recentlyserving as its Honorary Chair since 2008.As a d