Last year's statement of cash flows for Oaks plc reported a large negative figure for cash generated from operating activities but the income statement reported a large profit before taxation for the year. The company uses the indirect method to derive the net cash from operating activities.

Which of the following may account for this?

a. high depreciation charge

b. a large gain on the disposal of an asset

c. large payment for non-current assets.

d. an issue of new share capital