Exhibits 5-15A and B show the consolidated statement of cash flows of Dollarama Inc. for the years ended February 2, 2014, and February 3, 2013, along with related note disclosure

Required:
a. How did Dollarama€™s net income in 2014 compare with the cash flows from operating activities? What was the largest difference between these two amounts?
b. Did Dollarama increase or decrease the amount of inventory in its stores between 2013 and 2014? Is this consistent with the nature of the changes reflected in the company€™s cash flows from investing activities?
c. What effect did the change in the company€™s accounts payable and accrued liabilities have on cash flows from operating activities in 2014? What does this tell you about the balance owed to these creditors?
d. Examine the financing activities section of Dollarama€™s statement of cash flows and comment on the main differences between 2014 and 2013.
e. Dollarama€™s total liabilities were $702,614 at February 2, 2014, and $522,202 at February 3, 2013. Calculate the company€™s cash flows to total liabilities ratio and comment on whether this has improved or worsened from 2013 to 2014.
f. Calculate Dollarama€™s net free cash flow and discuss the company€™s ability to generate the cash required to continue to grow the company€™s operations and repay its debt.

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EXHIBIT 5-15A DOLLARAMA INC.'S 2014 CONSOLIDATED STATEMENT OF CASH FLOWS 52-weeks 53-weeks February 2, 2014 Note February 3, 2013 Cash flows Operating activities Net earnings for the year Adjustments for: 250,094 220,985 Depreciation and amortization Interest accrual long-term debt Amortization of debt issue costs Excess of receipts over amount recognized on 18 47,898 3,017 592 39,284 (216) 1,133 derivative financial instruments Recognition of deferred leasing costs Recognition of deferred tenant allowances Deferred lease inducements Deferred tenant allowances Share-based compensation Deferred income taxes Loss on disposal of assets 6,319 465 (3,543) 3,750 6,058 4,053 4,469 1,017 324,189 (15,811) 308,378 1,272 295 2,871) 5,328 6,832 1,558 6,921 716 281,237 (24,198) 257,039 12 12 13 Changes in non-cash working capital components Net cash generated from operating activities Investing activities Additions to property and equipment Additions to intangible assets Proceeds on disposal of property and equipment Net cash used by investing activities 7 (96,303) (11,095) 552 (106,846) (69,577) (8,210) 256 77,531) Financing activities Proceeds from senior unsecured notes Disbursements on long-term debt Proceeds from bank indebtedness 400,000 (264,420) 166,000 (166,000) (2,797) (985) (38,418) (277,438) 1,430 182,628) 18,904 52,566 71,470 6,025 89,801 (10,361) epayment of bank indebtedness Payment of debt issue costs Repayment of finance leases Dividends paid Repurchase and cancellation of shares Issuance of common shares Net cash used by financing activities Increase (decrease) in cash and cash equivalents Cash and cash equivalents Beginning of year Cash and cash equivalents End of year Cash payment of interest Cash pay (837) (30,972) (155,942) 1,594 (197,213) (17,705) 70,271 52,566 7,639 75,090 13 ment of income taxes EXCERPT FROM DOLLARAMA INC.'S 2014 ANNUAL REPORT 19. CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION The changes in non-cash working capital components are as folilows: February 2, 2014 February 3, 2013 Accounts receivable Deposits and prepaid expenses Merchandise inventories Accounts payable and accrued liabilities Income taxes payable (165) 374 (26,295) 11,809 1,534) (15,811) (3,954) (1,320) 22,512) 587 3,001 (24,198)