Statement of cash flows

Operating activities

Net result

666,343

347,475

Adjustments for:

Valuation movements

(556,206)

(240,338)

Result on disposal of investment property

(142)

(280)

Net finance result

308

-

Movements in working capital

2,182

7,414

Cash flow generated from operating activities

112,485

114,271

Interest paid

(308)

-

Cash flow from operating activities

112,177

114,271

Investment activities

Proceeds from disposal of investment property

1,076

6,538

Payments of investment property

12

(6,196)

(237)

Payments of investment property under construction

13

(300,192)

(177,321)

Cash flow from investment activities

(305,312)

(171,020)

Finance activities

Proceeds from the issue of share capital

290,000

192,500

Dividends paid

(112,507)

(104,060)

Cash flow from finance activities

177,493

88,440

Net increase/(decrease) in cash and cash equivalents

(15,642)

31,691

Cash and cash equivalents at beginning of year

129,807

98,116