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US Securities and Exchange Commission Washington, D.C.C.20549 FORM10-K x annual report for the fiscal year ended 1934 under the Securities Trading Act of December 31, 2016 or section 15 (d), or under 13 or 15 (d) interim report submitted by section No. 1 of the transitional Securities Trading Act of 1934-37548 Manitoba Walker food service(The exact name of the registrant specified in the articles of association) Delaware 47-4625716 (state or other jurisdiction)R.S.2227 Richey, new port, Welbilt Boulevard, FL 34655 (main executive office address) (zip code) (727) 375-7010 registered under section 12 (B) of the act (the telephone number of the registrant, including the area code) Securities: The title of each class name of each exchange of the registered common stock, $.01 face value New York stock exchange common stock right of purchase securities registered under section 12 (g) of the act: no one indicates by check mark whether the registrant is a well or notWell-known experienced issuers as defined in Rule 405 of the Securities Act.Yes o NO x indicates by check mark whether the registrant does not need to submit a report under section 13th or section 15 (d) of the act.Yes o NO x indicate the registrant by check mark: (1) whether Section 13 or section 15 (d) has been submitted) all reports required to be submitted the Securities Trading Act 1934 months ago (or for a shorter period of time, the registrant is required to submit such a report), (2) it has been subject to such filing requirements for the last 90 days.Yes x no o indicate by check mark whether the registrant is electronically submitted and posted on its company website (if any), according to rule 05 05 of the S-regulations, each interactive data file needs to be submitted and publishedT (§229.Section 405th of this chapter) within the last 12 months (or within a shorter period of time when the registrant is required to submit and publish such documents ).Yes x no o indicate by check mark whether default declarant is disclosed under S-regulation item 405thK is not included here and, to the knowledge of the registrant, will not be included in the final proxy or information statement referenced in Part 2 of this Form 10 --K or any amendments to this form 10K.O indicate by check mark whether the registrant is a large accelerated filer, non-accelerated filerOr a smaller reporting company.See the definition of "large accelerated file manager, accelerated file manager, and small Reporting Company" in Rule12b-2 of the Trading Act.Large acceleration filer x non-acceleration filer oAccelated filer o (do not check the smaller reporting company) the smaller reporting company o indicates whether the registrant is a shell company by checking the mark (as defined in Rule 12b)2 of the Act).Yes o NO x as of June 30, 2016, the last working day of the second quarter recently completed by the registrant, the total value of the common stock of the registrant held by the non-registrantThe subsidiary is about $2,417.2 million, based on the number of shares held by non-shareholdersClosing prices of related companies as of June 30, 2016 and ordinary shares of registrants on the New York Stock Exchange on June 30, 2016.As of the most recent viable date of February 17, 2017, the number of outstanding shares of the registrant's common stock was 138,661,654 shares.The documents incorporated in the reference part of the proxy statement of the registrant's 2017 annual shareholders meeting are included in the third part of this annual report Form 10 by reference --The place of representation.Such proxy statements will be submitted to the Securities and Exchange Commission within 120 days of the registrant's fiscal year as of December 31, 2016.Please see the index that appears immediately after the signature page of this report, which is incorporated into this report by reference.Food service Manitoba WalkerTable 10-Index of annual reportsPart I of item 1 for the year ended December 31, 2016.Business project 1A.Risk factors for project 1B.Unresolved staff review Item 2.Property item 3.The fourth legal action.The fifth coal mine safety disclosure.Market for registrant common stock, related shareholder matters and issuer to purchase equity securitiesSelected Financial Data Items 7.Management's Discussion and Analysis of the financial status and results of the operating project 7A.Quantitative and Qualitative Disclosure on market risk item 8.Financial statements and supplementary materials item 9.Changes in accounting and financial disclosure project 9A and differences with accountants.Control and procedures for Item 9B.Other information section of item 10.Project 11 of directors, executive officers and corporate governance.Item 12 of administrative compensation.Security title matters of certain beneficial owners and management and related shareholders 13.Certain relationships and related party transactions with director Independence Program 14.Main accounting fees and services for item 15.Annex and Schedule item 16 of the financial statements.Form 10-K Summary -3 -On January 29, 2015, Manitoba Walker introduced the information("MTW") announced plans to create two separate listed companies that operate two of their businesses: the crane business and the food service business.In order to achieve separation, the MTW was first restructured internally, followed by the MTW operating the crane business, Manitoba Walker food services("MFS") operates catering services.Then on March 4, 2016, MTW distributed all MFS common stock to shareholders of MTW proportionally, and MFS became an independent listed company ("distribution ").As used in this Annual Report on Form 10K, "Spin-"Off" refers to the general designation of the above-mentioned internal restructuring and distribution.Unless otherwise expressly stated or otherwise required by the context, the reference to "we", "Company" or "MFS" refers to Manitoba Walker food services, The Delaware company established in 2015 and its consolidated subsidiaries, or, if there is information on the date or period prior to our separation from MTW, the consolidated entity of the food services business, and certain other assets and liabilities held by MTW in its history, but specifically identifiable and attributable to the food service business.-4 -Warning statement on forwardingView the information report in this Annual Report on Form 10K and other non-historical Corporate Communications move forwardAccording to the company's current expectations, there are forward-looking statements in the sense of the Private Securities Litigation Reform Act of 1995.These statements relate to risks and uncertainties that may result in significant differences in actual results from the results in the table 10 annual reportK.Forward-Forward-looking statements include a description of future operating plans and objectives, as well as the assumptions behind these plans.Words such as "expectation", "belief", "intention", "estimate", "goal", "expectation", "may" and "will, "possible" or similar expression, usually identifying forward-Look at the report.Any and all forecasts for future performance are forward-looking --Look at the report.In addition to the assumptions, uncertainties and other information specifically mentioned in the previous text --From the report, some factors may cause actual results to be significantly different from the results in the annual report of table 10K.These factors include, but are not limited to, the following: unexpected problems that may arise under the general separation and distribution agreement, transitional services agreement, tax agreement, employee affairs agreement, intellectual property matters agreement and/or any other agreement relating to the rotation of MTWOff;Efficiency and capacity utilization of facilities;Issues related to the ability to implement manufacturing strategies in a timely and effective manner, including issues related to the start-up of new plantsUps, factory shutdown, staff reduction or ramp-Ups and/or consolidation of existing facilities and operations;The company's ability to retain the executive management team and attract qualified newcomers;Achieve expected revenue enhancements, cost savings, strategic choices and other synergies, as well as the expected time to achieve these enhancements, savings, synergies and choices;Supply of certain raw materials;Growth in Sales, general and administrative costs, including health care and retirement costs;Changes in raw material prices, commodity prices and hedging;The behavior of competitors, including competitive pricing;Successful development of innovative products and market acceptance of innovative products;Quality and reliability of manufactured products;Unexpected issues related to the quality of materials and components from third parties and the resolution of these issues;National Restaurant accounts and unexpected issues related to the update/renovation plan, new product launch and/or new equipment of global chain stores;Growing demand for food service equipment from emerging market customersGlobal expansion of customers;Changes in the company's service market;Unexpected changes in consumer spending, including consumer demand for restaurant products;Adverse results of product liability litigation, or an increase in the number of product liability litigation;Unexpected costs of protecting intellectual property;weather;Changes in economic and industrial conditions at home and abroad;Suspension of work, labor negotiations and labor rates;Availability of local suppliers and skilled and temporary labor force;Unexpected changes in capital and financial markets;Able to generate cash and manage working capital in accordance with our stated objectives;Changes in the interest rate environment;The pressure of financing leverage;Comply with the debt deed and maintain a credit rating, as well as the impact of debt interest and principal repayment;Foreign currency fluctuations and their impact on reporting results and hedging;Unexpected issues affecting their effective tax rates, including, but not limited to, tariffs, global tax policies, tax reform and tax legislation;Unexpected issues related to the resolution or settlement of uncertain tax positions or adverse resolution of tax audits;-5 -Tax treatment allocated and restrictions on post-distributionAccording to the tax matters agreement with MTW, the distribution activities carried out to the company to protect the taxFree treatment of rotationOff;Behavior of active shareholders;Expenses related to unanticipated environmental liabilities;Risks related to data security, technical systems and protection;world-High political risk;In one or more parts of the world, health outbreaks or natural disasters disrupt business;Acts of terrorism;Geographical factors and economic risksPotential global events leading to market instability, including financial aid and default by sovereign states;Changes in laws and regulations around the world and their implementation;Compliance with changes in the costs of trade, export controls and foreign corrupt practices laws;Food Service Equipment replacement cycle in USAS.Other mature markets;Ability to compete and properly integrate and/or transform, restructure and integrate acquisition, divestiture, strategic alliances, joint ventures and other strategic options, and take advantage of key strategic opportunities;Related to the finalisation of acquisitions, divestitures, strategic alliances and joint ventures, prices and other terms, the realization of unforeseen circumstances consistent with any established reserves, and unforeseen issues related to transitional services;Actions and integration of distributors and distributors;And other events beyond the Company's control.-6 -PART I ITEM 1.Business our company Manitoba Walker Food Service Co., Ltd.A company incorporated in Delaware in 2015 ("Company", "MFS", "us" or "us") is one of the world's leading commercial food service equipment companies.We design, manufacture and supply the best productsin-Providing first-class catering equipment to the global commercial catering service market, providing customers with unparalleled operator and customer insights, collaborative kitchen solutions, culinary expertise and the worldClass implementation support and services.We intend to achieve sustainable growth globally by leveraging our position as a leading provider of commercial food service equipment, and drive increased profitability while selectively conducting strategic acquisitions and partnerships, expand the field of food service innovation and continue to attract and develop industriesleading talent.Our headquarters is located in Newport, Florida, and operates 18 manufacturing plants in the Americas, Europe and Asia.Our former parent company, Manitowoc ("MTW"), was established in 1902 and started building commercial ice machines in 1966.Over time, we have become an industry.Leading manufacturer of food service equipment.On February 6, 2017, we announced that we will rename the company, our logo and our brand logo to Welbilt, Inc.Effective March 6, 2017.The new name and brand represents a long termInsist on putting the customer's needs first.This change is part of our strategic repositioning after the split from MTW in March 4, 2016.Today, we sell through a global network of more than 3,000 dealers and distributors in more than 100 countries.The company has about 5,500 employees with sales of $1.2016 46 billion.Our award portfolioBrands won include Cleveland.™, Convotherm®Delfield®Frymaster, kitchen®Garland®Cole Parker®Lincoln.™Manitoba Walker®Ice in Merco®, Merrychef®And multiple®.All of our products are supported by KitchenCare®Our after-sales parts and repair service business.Demand for affordable food in the global catering market and catering equipment industry is expected to continue to grow globally.Consumers in most markets are expected to tend to more informal options, which is a trend among high-income consumers who want to save in the slow economic recovery, low-income consumers are looking for access to food consumption "on the road.For catering equipment operators in emerging markets, this provides a huge opportunity for innovation, especially in terms of formats, as new restaurant consumers want to try a variety of brands and experiences.Quick-In particular, the service restaurant ("QSR") chain stores have proven successful in innovation in these markets.The global and regional food and food service market is growing.The global food service industry is estimated to be $2.According to Euromonitor, it was 6 trillion in 2016 and is expected to grow at a compound annual rate of 5 ("compound annual rate.9% to reach $3.As shown in the following figure, 2020 was 3 trillion.Global expansion and long termThe new device's focus on emerging markets will be driven by chain restaurants in countries such as India, China, the Middle East and Southeast Asia.The government's increased spending on infrastructure and tourism investment will support this change.-7 -The main drivers of stable global growth are: population and income growth, especially in emerging markets and less developed regions: the global population is expected to reach 9.2050 7 billion people more than 11 billion people by 2100, according to the United Nations Department of Economic and Social Affairs.Africa is expected to account for more than half of the world's population growth, followed by India, Pakistan, Indonesia and the United States.S.").In addition, with the change of food culture to "on the road", people are facing high-According to the increase in disposable income, high-quality food prepared from home in Leisure restaurants is expected to bring more new products.Similar to the last 50 years, real (inflation-Adjusted) growth rate in the USS.According to the National Restaurant Association's 2% restaurant industry forecast, the average is expected to stabilize at about 2016.New food and beverage concepts and new markets for chain restaurants are increasing: the demand of the catering sector, one of our largest end markets, is driven by consumer disposable income, employment, investment in new institutions, and potential trends and demands for increased convenience.Large emerging markets growing in the middle classClasses like China, Argentina, Brazil and Nigeria have great opportunities to expand the scope of new restaurant concepts and chain stores.Health and safety issues: food safety and hygiene are the top priority of the ultimate goalconsumers.Proper food handling, environmental sustainability and social responsibility, reducing energy use and reducing waste from unused food and premature food corruption are becoming increasingly important.These issues are key drivers for replacing and upgrading existing devices with our customers.We believe that the size of the global catering equipment market, including hot, cold, beverage and after-sales accessories and services, is equivalent to about 1% of the global revenue in the catering service market.The catering equipment market is worth $27.According to Future Market Insights, 7 billion in 2015.It is expected to expand at a compound growth rate of 5.1% from 2016-$2024 is expected to reach $42.9 billion to 2024.We believe that the main growth will be the hot product category for cooking, maintenance and service, with a compound growth rate of 2016-The 2019 period is 4% to 5%, while the compound growth rate in cold areas and after-sales markets is expected to be around 3% to 4%.The U.S.Catering market accounted for about 20.6%, or $543.According to Euromonitor, the global market share of food services was 1 billion in 2016.Market size is affected by potential trends in disposable income, increased employment, investment in new institutions, and increased facilitation.The catering service industry is based in the United States.S.It is expected to grow at a compound growth rate of about 2% during the 2017-year periodDuring the 2022 period, some food service industries, such as life in the elderly or Fast Casual Catering, have a compound annual growth rate of 4-6% in the same time period.Sales in the United StatesS.In 2015, the price of the Canadian food service equipment and supply market was $11.4 billion, an increase of 27.According to 3% studies conducted by the North American Association of Food Service Equipment Manufacturers ("NAFEM"), market sales were 2016 compared to 2011.Latin American food services are expected to grow by 6% year on year from 20162020.According to Euromonitor International, this is driven primarily by the growth of cafe/bar and door-to-door categories.Last year, Chile, Argentina, Uruguay and Mexico, based on gross domestic income per hour of work, showed the highest productivity in all Latin American economies, while other countries such as Brazil, colombia or Venezuela have great potential for development in the future.Industrialisation is a huge factor in the growth of the middle class in the Asia-Pacific region, resulting in an increase in disposable income for consumption.Food service sales are expected to grow at a compound rate of about 7.3% or $407.5 billion period 2016-According to European monitoring data, for the period from 2020.Higher demand for new hotels and resorts in India and other Asian markets and population growth are expected to contribute to the overall market demand for new catering products.In 2016, the market for food services in Europe, the Middle East and Africa was about $578.8 billion, the composite growth rate is expected to be 3.8% period 2016-According to Euromonitor, during the 2020 period.In the largest and mature EMEA countries such as the UK, Germany and France, the growth will focus mainly on replacing equipment and after-sales parts.Consumers are becoming more valuable in Western Europe.Conscious, more and more attention to modern chains and fine --The dining concept is the best way to eat with free time.On the other hand, emerging markets show a larger percentage of new equipment purchases in the Middle East (especially the UAE), Eastern Europe and some African countries.In these emerging markets, chain catering services and QSR sales rose 4% to 5% year-on-year, and are expected to grow 5% over the next few years.-8 -Our former parent company, MTW, was founded in 1902 and started building commercial ice machines in 1966.MTW was publicly listed on the Nasdaq stock exchange on 1971 and on the NYSE on 1993.Over time, MFS has become an industry by focusing on R & D, innovation and exceptional customer service, as well as strategic and transformation acquisitionsThe main source of catering equipment.MFS was listed on the New York Stock Exchange in March 2016.On February 6, 2017, we announced that we would rename the company, our logo and brand logo to Welbilt, Inc.The new name and brand represents a long termInsist on putting the customer's needs first.This change is part of our strategic repositioning after the split from MTW in March 2016.Our important milestones include: 1995: the acquisition of Shannon group has consolidated our dominant position in the food sectorAs a leading manufacturer of commercial ice, cooling products and positioning MFSCube machine and walkingIn the refrigerator;An ice machine manufacturing factory has been opened in China.1997. acquisition of SerVend International, manufacturer of ice/beverage dispenser;Gave us a leading position in convenience.Shops and drinks-Dispensing equipment.1999: Acquisition of Kyees aluminumManufacturer of cooling parts for suppliers of fountain soft drink dispenser;Enables us to establish and distribute a complete beverage system through bottled channels.2000: the acquisition of Multiplex Company has provided us with more beverage distribution equipment and services and accelerated our overall development.Service provider for ice and beverage equipment.2006: Acquisition of Macon Engineering Manufacturing Co., Ltd.A supplier of beverage distribution equipment mainly for QSR, stadium, cafeteria and convenience store.2008: Acquire Enodis for $2.7 billion, global leader in equipment manufacturing in the food service industry.Former Berisford changed its name to Enodis in 2000 and acquired Convotherm in 1998 and Welbilt in 1995.Welbilt famous brand Delfield®Frymaster's®, Merco®Cleveland.™Garland®And Lincoln.™Today remains the backbone of the microfinance business.Through this acquisition, we have expanded our capabilities to refrigeration, ice-Making, cooking, foodPreparation and drinks-Dispensing Technology.2009: Scottish for sale, Ice-O-Other ice-making machines and related businesses operated by Matic, Simag, Barline and Enodis subsidiaries;As a condition in the United States, MTW was required to peel off the Enodis Ice GroupS.The Ministry of Justice and the European Commission approved the acquisition of Enodis.2010: the acquisition of Appliance science provides us with innovative accelerated cooking technology and consolidates our products for QSRs and convenience stores.2011: peel off Kysor/Warren and Kysor/Warren de div from Mexico to Lennox International.2013: divesting the Jackson warehouse business to Hoshizaki USA Holdings, Inc.2013: the acquisition of industry CS provides us with a range of induction cooking products with advanced technology.2015: In October 21, 2015, the remaining 50% interest in Welbilt manufacturing (Thailand) Co., Ltd. was acquired., Manufacturer of cold food service equipment in Thailand, basically including all assets and operations of manufacturing plants operated by Somerville (Siam) Co., Ltd.2015: On December 17, 2015, the completion of the sale of Kysor Panel systems to D Cubed Group, LLC was announced.2016: Manitoba Walker food services was listed on the New York Stock Exchange on March 4, 2016.2017: on February 6, 2017, Manitoba Walker food service announced its name as Welbilt, Inc.-9 -Our global footprint enables us to leverage the growth of both developed and emerging markets.Our sales of about 1 out of 3 are generated outside the US.S.and our full-The range of hot and cold products and systems is sold in more than 100 countries around the world, spanning three regions of the Americas (including the United States)S.Canada and Latin America), EMEA (European market including Russia and the Commonwealth of Independent States, Middle East and Africa) and APAC (mainly by China, India, Singapore, Malaysia, Thailand, Philippines, Indonesia, Japan, South Korea, Australia and New Zealand ).We have five clear strategic goals: to achieve profitable growth.Scale and simplification are key foundations for starting to improve profitability.In the short term, we intend to expand sales organically. However, we will selectively conduct strategic acquisitions and cooperation in the medium term of the market.term.Our industry is fragmented, and we believe there are great opportunities for integration through acquisitions and collaboration to drive external growth.Selected current initiatives to support this strategic objective include: 80/20 rationalizing the portfolio: focus the most resources and investments on products with the highest development return ("80% of sales come from a 20% Portfolio ").Acquisition/partnership target prioritization process: a structured process developed to identify, analyze and evaluate potential goals for partnerships and acquisitions.-10 -We continue to create innovative products and solutions to maintain a leading position in the industry and to develop our reputation as an innovative companyReplace product and system solutions for the entire kitchen.We use our suppliers and customers to actively solve the problem of product competition and extended life cycle.We co-Create innovations and update existing products with new, local-related and foodTechnology while looking for new ways to integrate these products into a global platform at costEffective way to create cohesive kitchen system for our customers.Selected ongoing projects to support this strategic goal include: fitKitchen SM: "food-inspiring technology" as a brand new way of thinking in the kitchen ".The overall approach to the kitchen solutions designed and developed for the integrated kitchen meets the individual equipment requirements and size limits of each customer, covers our entire portfolio and uses our leadingDigital strategy: improve the connection between kitchen food, equipment and personnel.Prioritize and discover innovation processes for new product initiatives: work closely with customers and suppliers to identify innovations that can enhance their ability to compete in the market;Give priority to investment to provide innovative products that simplify restaurant operations, improve food quality, increase speed and flexibility, reduce overall energy use and lifecycle operating costs, so as to bring the maximum return on investment potential for customers.Driving operational excellence our goal is to bring assembly closer to the end market, localize products, and streamline our supplier base with strategic sourcing.We are committed to further improve our profit margins by driving lean manufacturing principles throughout the organization and by driving operational excellence in our manufacturing facilities.Selected ongoing projects that drive profit margins include: streamlining facilities: reducing excess capacity in our global manufacturing facilities network.Global purchasing plan: ensure that suppliers are able to provide parts not only at competitive cost and lead time, but also to help identify parts-Level innovation that creates differentiated advantages for MFS.Guarantee customer satisfaction we believe our extensive portfolio and leading brands enable us to further increase the number of customers we serve and improve overall customer satisfaction as a trusted supplier to the largest company in the food services industry.Selected ongoing projects to support this strategic objective are: KitchenCare®Parts and services: grow parts and services to a larger proportion of the business.Cultivating great people we strive to make MFS the preferred employer in our industry, and we believe that we demonstrate a strong commitment to our employees by providing an environment in which employees invest, efforts and achievements have been recognized and valued.Selected ongoing projects to support this strategic goal include: Leadership: driving the world forwardLeaders at all levels of our organization.Talent and succession plan: focus development through a plan tailored to our top talent, and identify key succession plans through a strong talent assessment process.Diversity and Inclusion: to develop diversity and inclusion strategies that recognize and raise awareness of diversity, thereby creating a working environment that is fair and respectful to all and equal access to opportunities and resources, and fully contribute to the success of our organization.Performance pay: a reward program that recognizes outstanding employee achievements and measurable results in leadership, individual and organizational performance, innovation and positive cultural change that supports corporate values and strategic goals.-11 -Our key success factors in designing, manufacturing and delivering parts and services for food service equipment, we have one of the industry's broadest and integrated product portfolios.We have a long history of innovation, and our products and after-sales parts and service support are recognized by customers and channel partners for their quality, reliability and durability.Our products achieve profitable growth for end customers by improving menus, strengthening operations and reducing costs.The high quality products of microfinance institutions stem from deep industry expertise and understanding of our market, our investment history in R & D, our successful product innovation and our long-standingCustomer relationship.Our success is driven by the breadth and complementary nature of the industry's leading brands: a complementary combination of hot and cold food service equipment products integrated by an operating company and driven by growing after-sales partsOur capabilities cover refrigeration, ice.Making, cooking, foodPreparation and drinks-Dispensing technology enables us to equip the entire commercial kitchen and meet the growing world demand for food prepared from home.Our after-sales service is available, KitchenCare®Support our entire product range.Support KitchenCare®Fusion of food, equipment, digital technology and people: with our R & D capabilities, we combine our expertise in industrial engineering and culinary science, continuously optimize the functionality and ease of operation of our food service equipment products.This led to the creation of innovative kitchens, optimized workflow, saved energy and labor, and created more comfortable working spaces, all of which improved customer satisfaction.Our catering service equipment and design capabilities help customers differentiate food and adaptation on a regional and global scale based on changing local tastes, different culinary styles and aesthetic preferences.Seamless customer experience: we are committed to putting customer experience first.We offer a broad portfolio, growing component and service support, and a unified customer service interface.Throughout the life cycle of each product, MFS provides customers with a consistent, seamless experience.We design a custom kitchen environment based on the unique operational needs of each customer.Global scale through our network: the scale and breadth of our global network of more than 3,000 dealers and distributors enable us to accompany our customers on a global journey, especially in fast-Emerging markets are growing.We have a wide network of manufacturing, sales and customer service in all regions.26 locations in 11 countries provide us with the scale of serving the world's largest customers and leveraging international growing local market expertise.Our footprint enables us to approach the expected end market as closely as possible and apply our developed market expertise in emerging markets.Trusted innovations and services: we often work with our customers to further develop the equipment, systems and technologies they use to meet specific cooking needs and achieve their success by providing customized solutionsMFS Education and Technology Center ("ETCs") located in New Port Richey, Florida, Hangzhou, China and Monterey, Mexico contains computers-Auxiliary design platform for on-Field development of prototypes, product testing laboratories, and various display areas for new products.We also use ETCs to provide training for our customers, marketing reps, service providers, industry consultants, distributors and distributors.-12 -Our portfolio of products and services our product suite is used by business and institutional catering service operators, including fullServe catering, QSR chain, hotels, restaurants, supermarkets, convenience stores, industry and commerce, hospitals, schools and other institutions.We have the following product groups in the world's most important markets: storage.We design, manufacture and sell refrigerators and freezers, air freezers and stoves below commercial vertical and counter surfacesDelfield under cooling system®Brand name.We manufacture modular and fully assembled walkingRefrigerators, coolers and freezers for the construction of refrigerated storage rooms and environmental systems under Kolpak, as well as prefabricated coolers and freezers®Brand name.Cooking .We design, manufacture and sell a wide range of grill, combo oven, convection oven, conveyor oven, induction cooker, broiler, tilt frying pan/kettle/frying pan, bra Pan, cheese melting/fire lizard, cooking station, table top and table top cooking/frying system, frying pan, steam jacket kettle and steam engine.We sell traditional oven, combined oven, convection oven, conveyor oven, fast ovenCooking oven, stove and grill products under Convotherm®Garland®Lincoln.™, Merrychef®And other brands.Fryer and frying system are mainly sold under Fryer®Brand name, and steam equipment is manufactured and sold in Cleveland™Brand.Keep and show.We design, manufacture and sell a range of cafeteria and self-service stations, bins, boxes, heating cabinets, heaters, display cabinets and delis, as well as insulated and refrigerated salads and food barsOur equipment stations, boxes, food bars and food service lines are sold under Delfield®Frymaster's®, Merco®And other brands.Medicine and serving.We produce beverage dispenser, mixed ice maker, ice/drink dispenser, beer cooler, PostQSR chain stores, convenience stores, bottling operations, mixed distribution valves used in cinemas and soft installations, back-end equipment and supporting system components and related equipmentdrink industry.Our ice maker makes ice in the form of cubes, Nuggets and flakes.The ice-Cube machine can be used as self-Contains units for the manufacture and storage of ice, or as modular units for the manufacture of ice but not for the storage of ice.We design, manufacture and sell ice machines in Manitoba Walker®And other brands.Our drinks and related products are sold in a diversified market.®Manitoba Walker®And other brands.In addition, we offer comprehensive after-sales parts and service solutions as well as various solutions under KitchenCare®Brand name.Our service was excellent at the most important time: around the clock-All over the world.Lifetime Performance™.For a long time, the excellent quality of our food service equipment has been recognized by third partiesparties.As an example of an award reflecting the history of innovation, MFS has received 31 Kitchen Innovation Awards from the National Restaurant Association since 2005 :-13 -Product innovation: our holistic approachHousing engineering and technical personnel on three continents, supplemented by external engineering resources, are jointly responsible for the improvement of existing products and the development of new products.Our team of engineers focuses on developing cost-effective, innovative, highLow performanceMaintenance products designed to solve problems for customers in a differentiated way and create brand loyalty among customers.They work closely with our culinary, manufacturing and marketing staff to enable us to identify the ultimate goal of constant changeImplement new technology and carry out product innovation effectively.MFS is committed to delivering products and solutions that enable our customers to deliver fresh, new food experiences to consumers around the world.Consumer demand is constantly changing,Conscious public is looking for fresh natural alternatives to traditional outdoor activitiesof-Choose to eat at home.They are increasingly concerned about the source, handling and preparation of food.MFS focuses on providing our customers with the equipment they need to take advantage of the opportunities that these dynamic changes in the food service market bring.Through innovation, efforts are made to simplify and increase the speed and flexibility of restaurant operations, improve food quality, improve health and hygiene, and reduce the overall energy consumption and life cycle operating costs of equipment.We believe that integration through mobile connectivity and monitoring: Kitchen mobile devices is rapidly increasing, and these benefits can also be enhanced and extended beyond the traditional device boundaries.The combination of wearable devices and credit markers can provide notifications of critical tasks and equipment conditions that require immediate attention, even if the catering preparation staff is not looking at the equipment.Bluetooth allows secure information exchange using cellular or network mobile devices to collect device information, view training or maintenance instructions, and update menus and device software.RFID tracking of food and pallets helps ensure the correct quantity of food is provided when needed.Our kitchen.™The supported products also include systems for equipment monitoring that collect data to reduce downtime, optimize energy use, and improve service response times.-14 -Productivity, speed and flexibility: kitchens that take up less space, produce more, and operate more easily are key to the growth of the food service industry, especially in urban areas.Higher speed and device flexibility also allows for higher productivity and a wider range of menu options.We also expand the use of impact microwave ovens by adding steam and inverter controls to the magnetic control, which enables better control of moisture content and microwave heating rate in foods, make it easier to clean the oven with steam.Innovative Control systems can improve the flow of information in the kitchen by letting operators know what to cook and when to cook, and how to maintain and clean the equipment.Energy efficiency: we focus on improving the efficiency of individual components and reducing the loss of spare energy.An example of reducing the loss of spare energy is the use of induction heating to keep the pan so that energy is used only when there is a heat load.We are also leading the field of efficient combustion systems using metal-based burner technology.This technology reduces gas consumption and allows for variable shooting rates.Used for cooling, natural refrigerants such as propanebased R-290 provides improved thermodynamic properties, further improving the overall cycle performance of variable speed compressors and fans under partial load conditions.Health and Hygiene: due to the extension of operating hours, the increase and complexity of kitchen equipment, and the competitive demand for revenue-generating tasks, manual hygiene of restaurant equipment has become a major challenge.For the cold product category, our HEPA filtration technology brings clean rooms into the kitchen to control air pollution from ice machines.Charged particles of water and ultraviolet rays provide the basis for automatic sterilization of food areas and contact surfaces in the equipment.A compact steam generator is also embedded in some of our equipment, providing mature technology for cleaning the cooking cavity in the oven.Our fitKitchen SM program is dedicated to the development of kitchen solutions covering our entire portfolio of products, including portfolio of existing products and R & D phases.FitKitchen SM's main goal is to engage MFS with current and potential customers in new, meaningful and more strategic ways.FitKitchen SM focuses on "right-Improve efficiency and reduce the floor area of restaurant equipment.Our fitKitchen SM staff have a background in the operations of casual dining, family dining, QSR chain stores, and independent restaurants.We provide culinary support to our customers to expand their menu and integrate new technologies into their operations and provide engineering support for developing solutions, prototypes and testing new technologies.MFS has a good track record in working with customers to develop equipment platforms, taking into account the freshness, taste and service speed, as well as the limitations of infrastructure construction, kitchen ventilation and HVAC systems.At 2016, we launched 16 new products and 10 hot products.Cold products and 6And beverage products.In addition, we have made seven major upgrades to the existing product platform.These new products include: Hot-Merrychef®E2s-Offering best-in-Categories: speed, heating and cooling time, energy efficiency, noise level, cleanliness and cavity-to-Footprint ratioGarland®Xpress grill-Our next-generation clamshell grill is industry-leading in performance and reliability.Merco®Max MercoWith forced air technology, touch screen timers and optional WiFi tray tracking, our new thermal insulation products improve food quality and simplify the interaction of operators.Cold-Diversified beverage products®Fusion of nitron2-Our award-winning craft beverage system provides high quality nitrogen injection coldbrewed coffee.Del field®Refrigeration EquipmentOur latest developments in the market for the most energy efficient and eco-friendly refrigeration equipment include our GreenGenius, R-290 propane-Based on the refrigeration system.In addition, MFS has introduced many other major new products and innovations over the past five years, including:Convotherm®4-The Combi oven is designed to meet the needs of customers to achieve excellent cooking and baking effects, including industry-Leading Flexible and safe cleaning system.Happy Chef®Aiken-The series has recently added eikon e2 and eikon e4s, a compact oven with risk-free technology that allows users to heat food to 10 times and 15 times, respectively faster than the traditional oven in the smallest space.Chick-fil-A Broiler -Our wreath®The brand took advantage of its global leading position in the field of Flip technology and developed the firstCooperate with the largest chicken chain in the United States to produce flip-top broilersS.Merco®IntelliHold series-This heater specially developed for the commercial kitchen provides a maintenance environment for food between the kitchen and the frontof-Houses that improve energy efficiency and storage capacity.-15 -Frymaster®Filterfast-Filterfast replaces time-The use of a simple button automatic filtration process to consume the manual filtration process allows the fryer to resume operations in less than four minutes.Cold-Side and beverage products Manitoba®Indigo ice machine-An awarding-winning state-of-the-The art modular cuber platform offers a variety of sizes from 300 to 2,100./Day sold under the brand Manitowoc.Koolaire® -Basic new brand-Equipped with ice machine to complement our quality Manitoba Walker®Brand, size from 170-1,800 lbs./day.Multiple®Mix-In-Cup smoothie machine (with or without integrated ice maker )-Plug-and-play with a fully integrated Hybrid Beverage Station to mix drinks directly in the service Cup.Its automatic allocation and distribution reduces waste and labor and ensures consistency of the final drink.Intellectual property rights, including certain patents, trademarks, copyrights, intellectual property rights.Trade secrets and other ownership are important to our business.We have many patents related to our products and are currently applying for additional patents in the USS.And foreign countries.In addition, we have a variety of registered and unregistered trademarks and licenses that are essential to our business, and we believe that under applicable law, our ownership of this intellectual property is acquired in a customary mannerWhile certain proprietary intellectual property rights are important for our success, we do not believe that we rely materially on any particular patent or may, or any particular patent or licensee GroupOur global IP portfolio provides global protection for our R & D and product development investments;Identifiable competitive and proprietary advantages;Brand support and promotion;And use value creation opportunities such as licenses.To ensure our freedom, we monitor the intellectual property rights of other companiesto-operate.Similarly, we study the products of our competitors to identify unauthorized use of our protected inventions and follow upIf there is any violation, it can be resolved through appropriate law enforcement procedures.We believe that our extensive engineering and R & D capabilities are the key drivers of our success.We are engaged in R & D activities in 15 locations in the Americas, EMEA and Asia Pacific.Our employees are-External engineering resources have been supplemented by housing engineers and technicians in these places, who are jointly responsible for improving existing products and developing new products.We paid a total of $48 for the project.$47, 2 million.$9 million and $52.6 million for the year ended December 31, 2016, 2015 and 2014, respectively, including R & D costs of $35.$33, 2 million.$2 million and $31.The year ended December 31, 2016 was million years, 2015 and 2014, respectively.Key projects and plans for engineering and product development include the following: demonstrate engineering resources in 15 R & D centers through engineering leaders for hot and cold products, and establish strategic relationships with a major service provider in India to complement internal resource pools;Regional Technology Center for Continuous application flow-Focus on new technologies and product concepts to make the most of the relationships between suppliers and universities;Internal capabilities of electronic control development and applicationin-Work hand in hand with strategic suppliers to ensure continued industry leadership in this increasingly important product segment;Leading the industry in providing healthy food, equipment hygiene, energy efficiency, menu flexibility, and mobile devices and network connectivity.-16 -Our customers sell our food service equipment mainly through a global network of more than 3,000 distributors and distributors in more than 100 countries ("direct customers"), and finally sell it to the end customers.Our end-The customer base includes a wide range of food service providers, including large multinational companies and regionalServing restaurants, QSR chain stores, convenience stores and retail stores;Chain independent casual family dining restaurant;Independent Restaurant and Catering Service;Hotel, accommodation, vacation, leisure, meeting facilities;Medical facilities;Schools and universities;Large commercial and industrial customers;And many other outlets for catering services ("end customers ").Our network differs from competitors by being a single source of a broad portfolio of leading brands and product categories.This enables us to provide a face for customers of multiple brands, providing relevant culinary expertise and appropriate critical customer management to our larger global chain customers.We support our sales work through a variety of marketing work, including trade-Specific advertising, co-dealer sales, digital marketing and marketing at various industry trade shows.We serve some of the largest and most widely recognized multinational and regional businesses in the catering and hospitality industries.As of December 31, 2016 and 10%, none of our end customers represented 2015 or more of MFS's net sales.McDonald's, one of our end customers, accounted for 10% or more of MFS's net sales in the year ended December 31, 2014.The table below lists representative options for our customers: Select MFS Global catering service end customer-17 -MFS has a broad portfolio of channel partners in sales, marketing and distribution across the Americas, covering all major catering service segments, including QSR, fast casual restaurants, education, healthcare, business and industry, as well as convenient and retail spaces.Our direct sales team is supplemented by the industry network-Leading representative groups providing nationwide coverage.The direct sales team, sales representative and distributor jointly serve more than 900 equipment dealers through our complete brand portfolio of hot and cold products.A dedicated strategic customer team with culinary support focuses on major markets in the USS.-We have a large share in the global market.Our team works closely with the client's menu and device development team to ensure alignment with their strategic plans.We also have distribution centers in Canada, Mexico and Latin America.Our kitchen.®Provide a series of after-sales serviceManage market parts and services for integrated plantsAuthorize the service network to ensure proper installation, preventive maintenance, spare parts supply and maximum customer uptime of all MFS equipment.S. channel partners are often referred to as "general markets" in EMEA, and our distribution includes centers in herberne, Germany, serving Central and Eastern European countries, and in Guildford, England serving the UK and Nordic countries, barcelona, Spain serves southern and western European countries.Each of these distribution centers operates a network of third-party distributors who choose to meet the requirements of chain customers and independent catering suppliers in their respective regions.Outside of these countries, MFS products and servicesExclusive third party distributors and service companies.In addition, our beverage system manufacturing facility in Halesowen, UK provides professional support to our beverage customers.In the Asia-Pacific region, MFS has been around since the medium term1980s.As our chain customers expand into the region, we first set up distribution and service support, and then set up a sales force and our first manufacturing plant in China in 1992.Today, we operate four manufacturing plants and five sales and service offices throughout the region.We enter the Asia Pacific market through our dedicated distribution and reseller channel partners, most of which have been established in the market for decades and have been MFS partners for more than 15 years.Our business in the region is expanding to a local customer base focused on Western-style menus and wants appliances to consistently deliver the quality of our top brands, and provide reliability and support to our customers as we all know.Compete we sell all our products in a competitive market and compete according to product design, quality, performance and after-sales support services as well as maintenance costs, energy and resource savings, other contributions to sustainability and price.We offer innovation andHigh quality products and services provide a competitive advantage, strengthen our regional market positioning and expand our global reach:Leading hot and cold products, integrated under a company and supported by growing after-sales parts, services and support;Seamlessly integrate food, equipment, digital technology and people through collaborative innovation to enhance customers' competitive ability in the market;The scale and breadth of our dealer and dealer network will accompany our customers on a global journey, especially in fast-Growth in emerging markets;Long-Win the brand and innovation project trusted by customers with excellent quality and reliability;Put the customer experience first.-18 -The following table lists our main competitors in each product group: the main competitors in the product category of the storage ALI Group;American Panel;Arctic;Bally;Hoshizaki;ICS;ITW;Master-Bilt;Nor-Lake;Standex;Thermo-Kool;Traulsen;Real catering serviceTurboAir;Alto Shaam;Cambro;Duke;Hatco;ITW;Middleby;Standex;Cooking by ALI Group and Walras;Alto Shaam;Dover industry;Duke;Electrolux;Fujimak;Henny Penny;ITW;Middleby;Marmon;Rational;Holding and displaying ALI Group by Standex and Taylor;Alto Shaam;Cambro;Dover industry;Duke;Hatco;Henny Penny;Middleby;Marmon;Standex;The dispensing service of ALI Group;Automatic Bar control;Brema;Follett;Scotsman;Celli;Cornelius;Kawasaki/lanther company;Ice-O-Matic;Marmon;Taylor;Air drinks;In the Vin services regulatory environment in the Americas, EMEA and APAC, we actively work with standard organizations, industry associations, certification bodies and regulatory bodies, develop and promote effective and balanced standards, regulations and regulations to promote sustainable customer solutions with the highest possible energy efficiency, hygiene, environmental standards, safety and food quality.For example, we are active members of NAFEM, Air-Institute of Air Conditioning, Heating and Refrigeration, UL task force, joint NSF International Committee, American Society of Heating, Refrigeration and AirAir Conditioning Engineers, various working groups responsible for European safety standards, associations of houses, heating and kitchen technology industries, and other regional standards organizations.We have full contact with Doe on new energy standardsS.Energy plans and important new alternative policy plans related to alternative refrigerant regulations, as well as the EU eco directive advisory organization.Our products are sold in more than 100 countries.We report the results of our operations through three reportable departments in the Americas, EMEA and APAC.These three reportable segments offer a wide range of hot and cold food service products and solutions to customers in different end markets.Our extensive portfolio of catering equipment and service groups provides us with a balanced, diverse revenue base across regions and catering product categories.About 40-45% of our revenue is for cold products, 35-40% for hot category products, about 15-After-sales parts and services 20%.Net sales by product category for the past three financial years are disclosed in note 22, "business unit", which is included in the audited consolidated financial statements of the rest of the report Form 10 for this yearK.MFS generated $1,456 in revenue for the year ended December 31, 2016.Operating income of $6 million and $199.2 million .According to the destination sales for the fiscal year ended December 31, 2016, most of our revenue comes from customers in the Americas, about 72%, of which 17% are from EMEA customers and 11% are from Asia Pacific customers.The table below lists the relative percentage of net sales for each of the last three fiscal years that can be reported.Note 22 includes the total annual profit and loss for the last three fiscal years and total assets as of December 31, 2016 and 2015 per cent of each reportable segment, the "business unit" of our audited consolidated financial statements ", including other parts of this annual report in form 10K.As at December 31, 2016 of 2015 2014 America 81 years.5 % 84.3 % 82.3 % EMEA 19.7 % 17.9 % 19.9 % APAC 13.1 % 12.2 % 12.5% International EliminationSales volume of market segments (14.3 )% (14.4 )% (14.7) in the Americas, we provide food service equipment in more than 30 countries and regions in North America, Canada and Latin America.Including inter-company sales, our Americas division contributed $1,186 in net sales.6 million persons for the year ended December 31, 2016, accounting for 81.5% of total MFS revenue before elimination.At EMEA, we provide food service equipment in more than 50 countries in Europe, the Middle East and Africa, including Russia and the Commonwealth of Independent States.Our EMEA division contributed net sales, including $287 in inter-company sales.6 million persons for the year ended December 31, 2016, representing 19 persons.7% of total MFS revenue before elimination.-19 -In the Asia-Pacific region, we provide food service equipment in more than 20 countries in Asia, including China, India, Singapore, Malaysia, Thailand, the Philippines, Indonesia, Japan, South Korea, Australia and New Zealand.Our net sales in Asia Pacific include $190 in inter-company sales.9 million persons for the year ended December 31, 2016, representing 13 persons.1% of total MFS revenue before elimination.Seasonality usually, the first quarter of our fiscal year is the most unfavorable period for our financial performance.Our customers are mainly in the northern hemisphere, and warm summer weather usually leads to an increase in the construction and renovation of the food service industry and the use and replacement of ice machines.As of December 31, 2016, we had about 5,500 employees in all locations.In North America, we have seven labor agreements with five employee unions.We have a trade union in Europe and a trade union in China.We support raw materials in our regionof-Production strategy using the corresponding areaof-Use a supplier partner.The main raw materials we use are steel, aluminum and copper.We also purchase electrical equipment and other half.and fully-Processing materials.We keep stock of steel and other purchased materials.We have been successful in maintaining alternative sources of raw materials and supply, and therefore do not rely on any particular raw material or single source of supply.Available information we provide free of charge on the website () our registration statement on Form 10, Annual Report on Form 10 --Quarterly Report on Form10Q: Latest report on Form8K, our proxy statement and any amendments to these reports, as soon as we file or provide them electronically, the Securities and Exchange Commission (SEC ).Our SEC report is accessible through the Investor Relations section of our website.While some of the documents on our website have been submitted to SEC, the information commonly found on our website is not part of this or any other report that we submit or provide to SEC.The public can read and copy the materials, our documents in the US Securities and Exchange Commission with the US Securities and Exchange Commission public reference Roomlocated at 100 F Street NE, Washington, DC 20549.The public can get information about the operation of the public reference room by calling SEC 1-1800-SEC-0330.The SEC also maintains the electronic version of our report on its website www.sec.gov.-20 -ITEM 1A.Risk factors management has identified the following risk factors, because if any of the following risk expectations have actually occurred, then our business, financial position, operating results or cash flow may be materially adversely affected.We group risk into: risk related to our business risk-From the risks of our common stock and securities markets to our business, we have the risk of a large amount of debt, and to what extent the utilization may be serious, affecting the business, financial situation, results of operations and cash flow.Our ability to pay and refinance our large amount of debt, including According to Spin-And any future debt that we may generate will depend on our ability to generate cash in the future from operations, financing or asset sales.Our ability to generate cash depends on the general economy, finance, competition, legislation, regulation and other factors that we cannot control.We may not be able to generate sufficient funds to repay our debts and meet our business needs, such as funding working capital or expanding our business.If we cannot repay or refinance our debt when it is due, we may be forced to take adverse actions, including reducing spending on marketing, advertising and new product innovation, reduce future financing for working capital, capital expenditures and general corporate use, sell assets or bring our cash flows from operations to the payment of principal and interest on debt to unsustainable levels.In addition, our ability to withstand competitive pressures and respond to changes in the food service industry can be compromised.Lenders holding our debt may also speed up the amount due in the event that we default, which may trigger a default or accelerated expiration of our other debt.In addition, our substantial leverage may put us at a competitive disadvantage compared to competitors with lower leverage levels.These competitors can have greater financial flexibility in seeking strategic acquisitions and obtaining additional financing for their business.Our great leverage may also hinder our ability to withstand the industry or the recession as a whole.The results of our operations depend on how we extend our manufacturing capabilities and resources to the level of customer needs.Our products are sold in an industry that requires manufacturers to make efficient use of manufacturing capabilities.Lack of capacity or excess threatens our ability to create competitive profit margins and may expose us to responsibility related to contractual commitments.It is difficult to adjust or modify our capabilities because the changes take a lot of time to implement and in some cases may require regulatory approval.In addition, special coordination is required to deliver the product during the process or facility renovation.