Exhibit 5-19 shows the consolidated statement of cash flows of Loblaw Companies Limited for the years ended January 2, 2010, and January 3, 2009. Despite the fact that the actual ending dates were in 2010 and 2009, the financial statements cover the fiscal period 2009 and 2008 and are therefore referred to as 2009 and 2008, respectively. Loblaw Companies distribute food, general merchandise, and financial products and services through stores across Canada, including Superstore, Extra Foods, Dominion, Fortinos, No Frills, Independent, Zehrs, Dominion and Provigo, as well as Loblaws. Their brands include President's Choice, no name, and Joe Fresh Style.
In Exhibit 5-19
Consolidated Cash Flow Statement

Required:
a. What was the percentage increase in Loblaw's net earnings before minority interest, and in its cash flows from operating activities, from 2008 to 2009? What is the main item that explains the different growth rates?
b. The change in non-cash working capital is a net figure for all the changes in the current asset and current liability accounts. As a large retailer, what do you think Loblaw's largest current asset and current liability would most likely be? Using those two accounts, explain what could have occurred to lead to the change in non-cash working capital amount in 2009.
c. Examine the investing activities section of the statement of cash flows and comment on the main differences between 2009 and 2008.
d. Examine the financing activities section of Loblaw's statement of cash flows and comment on the main differences between 2009 and 2008.
e. What was the company's balance of cash and cash equivalents at the end of 2007, at the end of 2008, and at the end of 2009?
f. Discuss Loblaw's ability to meet its need for cash during 2008 and 2009.

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For the years ended Jsnuary 2, 2010 end January 3, 2009 52 weeks (53 weeksi S667 S 560 Settlement of equity forward contracts Inote 24) Change in non-cash working capital Activities Proceeds from fixed asset sales Credit card receivables, after sacuritization (note 8 Business acquisitions-net of cash acquired Inote 3) Franchise investments and other receivables (1,248) Activitiesestig Activities Capital securities issued (note 19 Comman shares retired (nate 20 ate c es on cash and cash equivalents Inote 7) Cash and Cash Equivalents, Baginning of Year Cash and Cash Equivalents, End of Year S 993