Access the financial statements of Bombardier Inc. for the years ended December 31, 2015 and December 31, 2014 from the company's website or SEDAR (www.sedar.com).

Instructions
Changes in non-cash working capital items can have a significant impact on operating cash flows. Using the financial statements, answer the following questions.
(a) What does Bombardier do? When are revenue and related costs recognized? Comment on the timing of revenue and expenses, and cash receipts and payments related to operating activities.
(b) What was Bombardier's net income (loss) for 2013, 2014, and 2015? What were the operating cash flow amounts for the same periods? Calculate the difference between net income and operating cash flows for each year. In which years was the operating cash flow higher or lower than net earnings? Calculate the year-over-year percentage changes in net income (loss). Calculate the year-over-yearpercentage changes in operating cash flows.
(c) Because impairment charges do not represent cash outflows from operating activities, repeat the analysis performed in part (b) excluding impairment charges fromthe losses of 2014 and 2015. What were the main sourcesof impairment recorded in 2014 and 2015? Comment onthese differences in dollar amounts and year-over-yearpercentage changes.
(d) Besides the impairment losses, what is causing these differences in net income (loss) and operating cash flows tooccur? Highlight significant differences and explain whythese arise.
(e) Comment on the ability to predict cash flows for thiscompany. Which approach in preparing operating cashflows (direct or indirect) would be most useful to potentialinvestors?
(f) Note 40, "Events after the Reporting Date," of the 2015financial statements discusses three major subsequentevents. Do you believe the effect of these subsequentevents will solve Bombardier's cash flow and profitabilityissues?