Exhibit 5-20 shows the consolidated statements of cash flows for Maple Leaf Foods Inc. for the years ended December 31, 2009 and 2008. With headquarters in Toronto, Maple Leaf is a food processing company with operations across Canada, the United States, Europe, and Asia. It produces meats and meat products, including fresh and frozen pork, chicken, and turkey products, and, in its agribusiness group, livestock nutrition products and pet foods.
In Exhibit 5-20
Consolidated Statements of Cash Flows

Required:
a. In 2008 Maple Leaf incurred a loss of $36,857 thousand yet had cash provided by operating activities of $195,483 thousand. Explain how it is possible for a company to lose money but have a strong cash inflow from operating activities.
b. In 2009 the company earned $52,147 thousand but the cash provided by its operating activities decreased substantially. Given the increase in net earnings, explain the change in cash provided by operating activities from 2008 to 2009. If you were a shareholder of Maple Leaf Foods, what additional information would you like to have regarding these changes?
c. In the operating activities section there is an adjustment for the change in non-cash operating working capital. Give an example of one of the account adjustments that could be included in that total adjustment.
d. Examine the financing activities section of Maple Leafs statement of cash flows and comment on the main differences between 2009 and 2008.
e. Examine the investing activities section of Maple Leafs statement of cash flows and comment on the main differences between 2009 and 2008.

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Years ended December 3 In thousands of Caadian dollars) 2008 CASH PROVIDED BY (USED rs) Operating activities Net earmings loss) Add (deduct) items not affecting cash 52147 s (36.857) Depreciation and amortization 149-210 17,160 7.212 (33,-254) 4-724 149-489 Stock-based compensation (Note 14 Non-controlling interest 7.907 (7 390) 1,137 (gor) Future income taxes Loss (rain) on sale of property and equipment Gain on sale of investments Amortization of terminated interest rate swags 4-391 12.851 Change in fair value of derivative financial instruments 3-373) Change in other long tern receivables Decrease (increase) in net pension asset Change in provision for restructuring and other related conts Other (2748g) 37.859 15,046 (7.Ra8) s 89,206 (20,913) Change in non cish operating working capital(a8,) Cash provided by operating activities 195483 Financing activities Dividends paid Dividends paid to non-controling interest Increase in long-term debt Decrease in long term debt Proceeds on issuance of share capital (Note 12) Shares repurchased for cancellation (Note 1a) Issuance of equity units (Note 12) Purchase of treasury stock (Note 12) Other Cash provided by (used in) fanancing activities (a0,76g) (672) 5,000 (aa15) 5-143 11814 (a62.795) 1,480 (3190) 3-110 11,341) Investing activities Additions to property and oquipment Proceeds from disposal of property and equipment Acquisition of basinesses net of cash acquired (Note 2o) Proceeds on sule of investments Purchase of Canada Bread shares (Note 2o) Other Cash used in investing activities (16893) 19-727 (62.96a) 1.953 32:643 1.540 Increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year (37,78 331-555) 356,624 s 25,069 (281.O8 338347 s 356634