Dorel Files 2017 Audited Consolidated Financial Statements and Management’s Discussion and Analysis

Filing reflects updated Toys“R”Us impact

MONTREAL, March 22, 2018 (GLOBE NEWSWIRE) -- Dorel Industries Inc. (TSX:DII.B) (TSX:DII.A) today announced that it has filed its audited consolidated financial statements and management’s discussion and analysis (MD&A) for the year ended December 30, 2017 with the applicable Canadian securities regulatory authorities. These consolidated financial statements differ from the year-end financial results issued on March 8, 2018, as outlined below, due to the evolving situation with Toys“R”Us.

On March 15, 2018, Toys“R”Us, one of Dorel’s customers, announced that it had filed a motion seeking Bankruptcy Court approval to begin the process of conducting an orderly wind-down of its U.S. business and liquidation of inventory in all of its U.S. stores. Dorel assessed whether an additional impairment loss on the trade accounts receivable from this customer should be recorded in its consolidated financial statements for the year ended December 30, 2017. Dorel has determined that an amount of US$7.6 million of trade accounts receivable from this customer as at December 30, 2017 is at risk of collection. Accordingly, Dorel has recorded a bad debt expense of US$3.8 million within general and administrative expenses in its consolidated financial statements for the year ended December 30, 2017 with respect to these trade accounts receivable from Toys“R”Us U.S., of which US$0.7 million is within Dorel Juvenile and US$3.1 million is within Dorel Sports. This amount represents Management’s current best estimate of potential losses arising from non-payment based on limited information available to date; the actual loss incurred may differ from this amount. The maximum credit risk to which Dorel is exposed as at December 30, 2017 represents the total value of the trade accounts receivable.

Revenue recorded from sales to Toys“R”Us U.S. business in Dorel’s 2018 first quarter, up to March 21, 2018, amounts to US$13.4 million. As at March 21, 2018, in total, Dorel has trade accounts receivable from Toys“R”Us U.S. amounting to US$17.2 million (net of allowance for anticipated credits and allowance for doubtful accounts including the bad debt expense referred to above but excluding any bad debt allowance on 2018 sales). This represents US$2.8 million within Dorel Home, US$5.2 million within Dorel Juvenile and US$9.2 million within Dorel Sports.

Dorel will continue to carefully monitor the Toys“R”Us situation as it unfolds, and will revise its estimated bad debt allowance for the 2017 sales and record any required allowance for the 2018 sales accordingly in Dorel’s 2018 first quarter consolidated financial statements, which Dorel expects to issue on May 4, 2018.

As a result of this adjusting event, Dorel is issuing revised financial results for the fourth quarter and year ended December 30, 2017 revised from those included in its press release issued on March 8, 2018. This represents a reduction of US$3.1 million in net income for both the fourth quarter and year ended December 30, 2017. Accordingly, adjusted net income for the fourth quarter of 2017 was US$17.3 million or US$0.53 per diluted share compared to US$7.7 million or US$0.24 per diluted share for the fourth quarter of 2016. Reported net loss for the quarter was US$6.1 million or US$0.19 per diluted share compared to US$5.6 million or US$0.17 per diluted share a year ago.

Adjusted net income for the year rose 14.9% to US$67.0 million or US$2.05 per diluted share, compared to US$58.3 million or US$1.79 per diluted share in 2016. Reported net income for the year was US$27.4 million or US$0.84 per diluted share, compared to a reported net loss of US$11.6 million or US$0.36 per diluted share the previous year.

In 2017, Toys“R”Us U.S. business accounted for approximately 3% of Dorel’s total revenue.

The consolidated financial statements and MD&A for the year ended December 30, 2017 are available on the Company’s website, www.dorel.com, and under Dorel’s profile on the SEDAR website, www.sedar.com. In addition, this press release contains the updated tables to indicate changes in certain Company metrics.

Non-GAAP financial measures
As a result of impairment losses, restructuring and other costs, remeasurement of forward purchase agreement liabilities and loss on early extinguishment of long-term debt incurred in 2017 and 2016, the Company is including in this press release the following non-GAAP financial measures: “adjusted net income” and “adjusted earnings per diluted share”. The Company believes that this results in a more meaningful comparison of its core business performance between the periods presented. These non-GAAP financial measures do not have a standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other issuers. Please refer to the Company’s MD&A for reconciliations of non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

Profile
Dorel Industries Inc. (TSX:DII.B) (TSX:DII.A) is a global organization, operating three distinct businesses in juvenile products, bicycles and home products. Dorel's strength lies in the diversity, innovation and quality of its products as well as the superiority of its brands. Dorel Juvenile’s powerfully branded products include global brands Safety 1^st, Quinny, Maxi-Cosi and Tiny Love, complemented by regional brands such as Cosco, Bébé Confort and Infanti. Dorel Sports brands include Cannondale, Schwinn, GT, Mongoose, Caloi, IronHorse and SUGOI. Dorel Home, with its comprehensive e-commerce platform, markets a wide assortment of domestically produced and imported furniture. Dorel has annual sales of US$2.6 billion and employs approximately 10,000 people in facilities located in twenty-five countries worldwide.

Caution Regarding Forward-Looking Statements
Certain statements included in this press release may constitute “forward-looking statements” within the meaning of applicable Canadian securities legislation. Except as may be required by Canadian securities laws, Dorel does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements, by their very nature, are subject to numerous risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results could differ materially from Dorel’s expectations expressed in or implied by such forward-looking statements and that the objectives, plans, strategic priorities and business outlook may not be achieved. As a result, Dorel cannot guarantee that any forward-looking statement will materialize, or if any of them do, what benefits Dorel will derive from them. Forward-looking statements are provided in this press release for the purpose of giving information about Management’s current expectations and plans and allowing investors and others to get a better understanding of Dorel’s operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any other purpose.

Forward-looking statements made in this press release are based on a number of assumptions that Dorel believed were reasonable on the day it made the forward-looking statements. Factors that could cause actual results to differ materially from Dorel’s expectations expressed in or implied by the forward-looking statements include: general economic conditions; changes in product costs and supply channels; foreign currency fluctuations; customer and credit risk, including the risk resulting from the liquidation and reorganization of Toys“R”Us referred to in this press release and the concentration of revenues with small number of customers; costs associated with product liability; changes in income tax legislation or the interpretation or application of those rules; the continued ability to develop products and support brand names; changes in the regulatory environment; continued access to capital resources and the related costs of borrowing; changes in assumptions in the valuation of goodwill and other intangible assets; and there being no certainty that Dorel’s current dividend policy will be maintained. These and other risk factors that could cause actual results to differ materially from expectations expressed in or implied by the forward-looking statements are discussed in Dorel’s annual Management Discussion and Analysis and Annual Information Form filed with the applicable Canadian securities regulatory authorities. The risk factors outlined in the previously-mentioned documents are specifically incorporated herein by reference.

Dorel cautions readers that the risks described above are not the only ones that could impact it. Additional risks and uncertainties not currently known to Dorel or that Dorel currently deems to be immaterial may also have a material adverse effect on Dorel’s business, financial condition or results of operations. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.


DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
ALL FIGURES IN THOUSANDS OF US $
(unaudited)
	As at			As at
	December 30,			December 30,
	2017			2016
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	36,841		$	31,883
Trade and other receivables	425,736			422,118
Inventories	592,136			549,688
Other financial assets	553			4,333
Income taxes receivable	12,035			14,466
Prepaid expenses	26,593			21,040
Other assets	13,747			8,944
	1,107,641			1,052,472
Assets held for sale	8,481			20,017
	1,116,122			1,072,489
NON-CURRENT ASSETS
Property, plant and equipment	199,026			191,294
Intangible assets	442,626			427,587
Goodwill	438,072			435,790
Deferred tax assets	26,159			39,324
Other financial assets	550			-
Other assets	7,152			6,148
	1,113,585			1,100,143
	$	2,229,707		$	2,172,632
LIABILITIES
CURRENT LIABILITIES
Bank indebtedness	$	58,229		$	49,490
Trade and other payables	440,410			428,881
Forward purchase agreement liabilities	-			7,500
Other financial liabilities	4,546			569
Income taxes payable	14,338			15,143
Long-term debt	13,667			51,138
Provisions	43,475			63,169
Other liabilities	11,150			14,603
	585,815			630,493
NON-CURRENT LIABILITIES
Long-term debt	433,760			355,118
Net pension and post-retirement defined benefit liabilities	35,237			35,206
Deferred tax liabilities	43,832			53,293
Provisions	2,953			1,681
Written put option liabilities	23,464			26,325
Other financial liabilities	1,338			1,115
Other liabilities	11,157			13,302
	551,741			486,040
EQUITY
Share capital	203,300			202,400
Contributed surplus	27,557			27,139
Accumulated other comprehensive loss	(70,205		)	(113,840		)
Other equity	5,888			3,027
Retained earnings	925,611			937,373
	1,092,151			1,056,099
	$	2,229,707		$	2,172,632


DOREL INDUSTRIES INC.
CONSOLIDATED INCOME STATEMENTS
ALL FIGURES IN THOUSANDS OF US $, EXCEPT PER SHARE AMOUNTS
(unaudited)
	Fourth Quarters Ended						Years Ended
	December 30,			December 30,			December 30,		December 30,
	2017			2016			2017		2016
Sales	$	676,481		$	647,559		$	2,576,004	$	2,596,062
Licensing and commission income	571			1,190			1,664		7,123
TOTAL REVENUE	677,052			648,749			2,577,668		2,603,185
Cost of sales ⁽¹⁾	515,604			499,808			1,965,917		1,992,624
GROSS PROFIT	161,448			148,941			611,751		610,561
Selling expenses	58,929			57,730			233,106		230,623
General and administrative expenses	64,350			69,219			228,395		244,631
Research and development expenses	8,039			14,463			31,065		39,092
Restructuring and other costs⁽¹⁾	4,138			12,887			11,814		19,560
Impairment losses on goodwill and intangible assets	19,929			-			19,929		55,341
OPERATING PROFIT (LOSS)	6,063			(5,358		)	87,442		21,314
Finance expenses	8,222			11,766			43,248		42,899
INCOME (LOSS) BEFORE INCOME TAXES	(2,159		)	(17,124		)	44,194		(21,585		)
Income taxes expense (recovery)	3,975			(11,557		)	16,753		(9,974		)
NET INCOME (LOSS)	$	(6,134	)	$	(5,567	)	$	27,441	$	(11,611	)
EARNINGS (LOSS) PER SHARE
Basic	($0.19		)	($0.17		)	$0.85		($0.36		)
Diluted	($0.19		)	($0.17		)	$0.84		($0.36		)
SHARES OUTSTANDING
Basic - weighted average	32,426,326			32,373,809			32,409,551		32,352,953
Diluted - weighted average	32,426,326			32,373,809			32,665,713		32,352,953
⁽¹⁾ Restructuring and other costs charged to:
Cost of sales	$	(438	)	$	2,419		$	260	$	5,121
Expenses	4,138			12,887			11,814		19,560
	$	3,700		$	15,306		$	12,074	$	24,681


DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
ALL FIGURES IN THOUSANDS OF US $
(unaudited)
	Fourth Quarters Ended						Years Ended
	December 30, 2017			December 30, 2016			December 30, 2017			December 30, 2016
NET INCOME (LOSS)	$	(6,134	)	$	(5,567	)	$	27,441		$	(11,611	)
OTHER COMPREHENSIVE INCOME (LOSS):
Items that are or may be reclassified subsequently to net income:
Cumulative translation account:
Net change in unrealized foreign currency gains (losses) on translation of net investments in foreign operations, net of tax of nil	1,920			(16,237		)	40,342			3,856
Net gains (losses) on hedge of net investments in foreign operations, net of tax of nil	1,643			(6,816		)	12,809			(1,964		)
	3,563			(23,053		)	53,151			1,892
Net changes in cash flow hedges:
Net change in unrealized gains (losses) on derivatives designated as cash flow hedges	(706		)	5,418			(9,363		)	4,395
Reclassification to net income	62			156			267			608
Reclassification to the related non-financial asset	1,681			(2,768		)	1,053			(4,477		)
Deferred income taxes	(346		)	(1,138		)	1,949			(354		)
	691			1,668			(6,094		)	172
Items that will not be reclassified to net income:
Defined benefit plans:
Remeasurements of the net pension and post-retirement defined benefit liabilities	108			779			(43		)	(2,913		)
Deferred income taxes	(3,426		)	(465		)	(3,379		)	965
	(3,318		)	314			(3,422		)	(1,948		)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	936			(21,071		)	43,635			116
TOTAL COMPREHENSIVE INCOME (LOSS)	$	(5,198	)	$	(26,638	)	$	71,076		$	(11,495	)


DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
ALL FIGURES IN THOUSANDS OF US $
(unaudited)
	Attributable to equity holders of the Company
							Accumulated other comprehensive income (loss)
		Share Capital			Contributed Surplus				Cumulative Translation Account				Cash Flow Hedges				Defined Benefit Plans				Other Equity			Retained Earnings				Total Equity
Balance as at December 30, 2015	$	200,277		$	26,480			$	(104,521	)		$	2,680			$	(12,115	)		$	1,527		$	988,069			$	1,102,397
Total comprehensive loss:
Net loss	-		-				-				-				-				-			(11,611			)	(11,611			)
Other comprehensive income (loss)	-		-				1,892				172				(1,948			)	-			-				116
	-		-				1,892				172				(1,948			)	-			(11,611			)	(11,495			)
Issued under stock option plan	1,534		-				-				-				-				-			-				1,534
Reclassification from contributed surplus due to exercise of stock options	385		(385			)	-				-				-				-			-				-
Reclassification from contributed surplus due to settlement of deferred share units	204		(420			)	-				-				-				-			-				(216			)
Share-based payments	-		1,197				-				-				-				-			-				1,197
Remeasurement of written put option liabilities	-		-				-				-				-				1,500			-				1,500
Dividends on common shares	-		-				-				-				-				-			(38,818			)	(38,818			)
Dividends on deferred share units	-		267				-				-				-				-			(267			)	-
Balance as at December 30, 2016	$	202,400		$	27,139			$	(102,629	)		$	2,852			$	(14,063	)		$	3,027		$	937,373			$	1,056,099
Total comprehensive income:
Net income	-		-				-				-				-				-			27,441				27,441
Other comprehensive income (loss)	-		-				53,151				(6,094			)	(3,422			)	-			-				43,635
	-		-				53,151				(6,094			)	(3,422			)	-			27,441				71,076
Reclassification from contributed surplus due to settlement of deferred share units	900		(1,074			)	-				-				-				-			-				(174			)
Share-based payments	-		1,184				-				-				-				-			-				1,184
Remeasurement of written put option liabilities	-		-				-				-				-				2,861			-				2,861
Dividends on common shares	-		-				-				-				-				-			(38,895			)	(38,895			)
Dividends on deferred share units	-		308				-				-				-				-			(308			)	-
Balance as at December 30, 2017	$	203,300		$	27,557			$	(49,478	)		$	(3,242	)		$	(17,485	)		$	5,888		$	925,611			$	1,092,151


DOREL INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
ALL FIGURES IN THOUSANDS OF US $
(unaudited)
	Fourth Quarters Ended						Years Ended
	December 30, 2017			December 30, 2016			December 30, 2017			December 30, 2016
CASH PROVIDED BY (USED IN):
OPERATING ACTIVITIES
Net income (loss)	$	(6,134	)	$	(5,567	)	$	27,441		$	(11,611	)
Items not involving cash:
Depreciation and amortization	13,129			13,275			50,145			53,186
Impairment losses on goodwill and intangible assets	19,929			-			19,929			55,341
Unrealized losses (gains) arising on financial assets and financial liabilities classified as held for trading	(492		)	(215		)	(394		)	197
Share-based payments	154			114			348			484
Defined benefit pension and post-retirement costs	1,399			(74		)	4,354			(5,711		)
Loss (gain) on disposal of property, plant and equipment	447			67			628			(1,286		)
Write-down of deferred development costs	-			5,590			-			5,590
Restructuring and other costs	(222		)	9,670			1,249			13,593
Finance expenses	8,222			11,766			43,248			42,899
Income taxes expense (recovery)	3,975			(11,557		)	16,753			(9,974		)
Net changes in balances related to operations⁽¹⁾	(15,987		)	62,833			(65,085		)	75,254
Income taxes paid	(3,233		)	(3,830		)	(19,594		)	(20,257		)
Income taxes received	4,327			1,301			9,238			9,913
Interest paid	(9,875		)	(12,927		)	(31,327		)	(36,200		)
Interest received	52			62			461			447
CASH PROVIDED BY OPERATING ACTIVITIES	15,691			70,508			57,394			171,865
FINANCING ACTIVITIES
Bank indebtedness	(275		)	(6,296		)	6,927			(8,249		)
Increase of long-term debt	15,140			-			217,360			-
Repayments of long-term debt	-			(53,109		)	(187,189		)	(98,749		)
Repayments of forward purchase agreement liabilities	-			-			(7,857		)	(4,414		)
Increase of written put option liabilities	-			-			-			673
Financing costs	(13		)	(91		)	(2,773		)	(2,173		)
Issuance of share capital	-			869			-			1,479
Dividends on common shares	(9,730		)	(9,796		)	(38,895		)	(38,818		)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	5,122			(68,423		)	(12,427		)	(150,251		)
INVESTING ACTIVITIES
Acquisition of businesses	-			-			-			5,475
Additions to property, plant and equipment	(11,941		)	(6,001		)	(36,464		)	(20,014		)
Disposals of property, plant and equipment	142			12			390			1,564
Net proceeds from disposals of assets held for sale	-			1,347			15,027			5,883
Additions to intangible assets	(6,951		)	(4,061		)	(21,054		)	(16,165		)
CASH USED IN INVESTING ACTIVITIES	(18,750		)	(8,703		)	(42,101		)	(23,257		)
Effect of foreign currency exchange rate changes on cash and cash equivalents	454			(1,398		)	2,092			344
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	2,517			(8,016		)	4,958			(1,299		)
Cash and cash equivalents, beginning of period	34,324			39,899			31,883			33,182
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	36,841		$	31,883		$	36,841		$	31,883
⁽¹⁾Supplemental information on net changes in balances related to operations:
Trade and other receivables	$	(26,371	)	$	13,508		$	8,754		$	7,922
Inventories	55,062			28,421			(23,730		)	31,823
Other financial assets	(5		)	(568		)	(629		)	693
Prepaid expenses	4,726			1,080			(3,851		)	(1,064		)
Other assets	1,385			(2,336		)	(4,571		)	(734		)
Trade and other payables	(48,670		)	(570		)	(13,757		)	(695		)
Net pension and post-retirement defined benefit liabilities	(687		)	(42		)	(3,833		)	(3,896		)
Provisions, other financial liabilities and other liabilities	(1,427		)	23,340			(23,468		)	41,205
	$	(15,987	)	$	62,833		$	(65,085	)	$	75,254


DOREL INDUSTRIES INC.
SEGMENTED INFORMATION
FOURTH QUARTERS ENDED DECEMBER 30,
ALL FIGURES IN THOUSANDS OF US $, EXCEPT PER SHARE AMOUNTS
(unaudited)
	Total							Dorel Juvenile								Dorel Sports							Dorel Home
	2017			2016				2017				2016				2017				2016			2017			2016
Total revenue	$	677,052			$	648,749			$	239,306			$	236,447			$	236,771			$	235,253		$	200,975		$	177,049
Cost of sales⁽¹⁾	515,604			499,808				168,661				165,207				184,666				187,255			162,277			147,346
Gross profit	161,448			148,941				70,645				71,240				52,105				47,998			38,698			29,703
Selling expenses	58,496			57,477				29,532				31,146				22,150				20,258			6,814			6,073
General and administrative expenses	57,542			62,639				26,075				35,437				21,679				18,270			9,788			8,932
Research and development expenses	8,039			14,463				5,634				11,798				1,373				1,736			1,032			929
Restructuring and other costs⁽¹⁾	4,138			12,887				3,780				10,118				358				2,769			-			-
Impairment loss on goodwill	19,929			-				19,929				-				-				-			-			-
Operating profit (loss)	13,304			1,475					$	(14,305	)		$	(17,259	)		$	6,545			$	4,965		$	21,064		$	13,769
Finance expenses	8,222			11,766
Corporate expenses	7,241			6,833
Income taxes expense (recovery)	3,975			(11,557			)
Net loss	$	(6,134	)		$	(5,567	)
Loss per share
Basic	($0.19)			($0.17)
Diluted	($0.19)			($0.17)
Depreciation and amortization included in operating profit (loss)	$	12,926			$	13,057			$	9,302			$	9,857			$	2,855			$	2,592		$	769		$	608
Write-down of long-lived assets included in operating profit (loss)	$	1,854			$	13,943			$	1,854			$	13,943			$	-			$			$	-		$	-
⁽¹⁾ Restructuring and other costs charged to:
Cost of sales	$	(438	)		$	2,419			$	281			$	-			$	(719	)		$	2,419		$	-		$	-
Expenses	4,138			12,887				3,780				10,118				358				2,769			-			-
	$	3,700			$	15,306			$	4,061			$	10,118			$	(361	)		$	5,188		$	-		$	-


DOREL INDUSTRIES INC.
SEGMENTED INFORMATION
YEARS ENDED DECEMBER 30,
ALL FIGURES IN THOUSANDS OF US $, EXCEPT PER SHARE AMOUNTS
(unaudited)
	Total						Dorel Juvenile						Dorel Sports								Dorel Home
	2017		2016				2017			2016			2017				2016				2017			2016
Total revenue	$	2,577,668		$	2,603,185			$	921,669		$	928,963		$	865,380			$	938,975			$	790,619		$	735,247
Cost of sales⁽¹⁾	1,965,917		1,992,624				646,408			638,345			670,440				742,774				649,069			611,505
Gross profit	611,751		610,561				275,261			290,618			194,940				196,201				141,550			123,742
Selling expenses	231,417		229,196				116,275			115,132			89,197				91,247				25,945			22,817
General and administrative expenses	205,076		220,362				94,200			115,447			77,211				71,961				33,665			32,954
Research and development expenses	31,065		39,092				21,893			28,725			5,313				6,576				3,859			3,791
Restructuring and other costs⁽¹⁾	11,814		19,560				10,358			14,554			1,456				5,006				-			-
Impairment losses on goodwill and intangible assets	19,929		55,341				19,929			-			-				55,341				-			-
Operating profit (loss)	112,450		47,010					$	12,606		$	16,760		$	21,763			$	(33,930	)		$	78,081		$	64,180
Finance expenses	43,248		42,899
Corporate expenses	25,008		25,696
Income taxes expense (recovery)	16,753		(9,974			)
Net income (loss)	$	27,441		$	(11,611	)
Earnings (loss) per share
Basic		$0.85	($0.36)
Diluted		$0.84	($0.36)
Depreciation and amortization included in operating profit (loss)	$	49,338		$	52,365			$	35,744		$	37,404		$	9,748			$	11,015			$	3,846		$	3,946
Write-down of long-lived assets included in operating profit (loss)	$	2,222		$	14,367			$	2,222		$	14,367		$	-			$	-			$	-		$	-
⁽¹⁾ Restructuring and other costs charged to:
Cost of sales	$	260		$	5,121			$	1,575		$	-		$	(1,315	)		$	5,121			$	-		$	-
Expenses	11,814		19,560				10,358			14,554			1,456				5,006				-			-
	$	12,074		$	24,681			$	11,933		$	14,554		$	141			$	10,127			$	-		$	-

CONTACTS:
MaisonBrison Communications
Rick Leckner
(514) 731-0000

Dorel Industries Inc.
Jeffrey Schwartz
(514) 934-3034

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Dorel Files 2017 Audited Consolidated Financial Statements and Management’s Discussion and Analysis

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