$'000 283,800 Hilary Ltd Statement of Cash Flows for the year ended 31 December 2019 $'ooo Cash flows from operating activities Net profit before tax Adjustments for: Depreciation Dividend income Operating profit before working capital changes Decrease in inventory 2,200 Increase in accounts receivable (129,800) Decrease in accounts payable (49.500) Cash generated from operations Dividend received 1,100 (16.500) Net cash from operating activities 81,400 (68.200) 297,000 (177,100) 119,900 Tax paid (15.400) 104,500 Cash flows from investing activities Payments to acquire property, plant & equipment Proceeds from sale of property, plant & equipment Net cash used in investing activities (56,100) 17,600 (38,500) 192,500 (99,000) (225.500) Cash flows from financing activities Proceeds from issue of bonds Buy back and cancellation of issued shares Dividend paid Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at 1 January 2019 Cash and cash equivalents at 31 December 2019 (132,000) (66,000) 126.500 _60.500 Required: (a) Comment on Hilary Ltd's management of (i) operating activities, (ii) investing activities and (iii) financing activities on the basis of the above Statement of Cash Flows. (15 marks) (b) Explain the treatment of Dividend income and Dividend received in the above Statement of Cash Flows. (3 marks) (@) What may be the alternative presentation for Dividend received in the above Statement of Cash Flows? Why? (2 marks) (Total 20 marks)