All amounts in € thousands
| | Note | 2016 | 2015 |
Operating activities | | | |
Net result | | 20,670 | 11,538 |
Adjustments for: | | | |
Valuation movements | | (11,401) | (1,929) |
Result on disposal of investment property | | - | - |
Net finance result | | 15 | - |
Movements in working capital | | 1,570 | (1,920) |
Cash flow generated from operating activities | | 10,854 | 7,689 |
Interest paid | | (15) | - |
Cash flow from operating activities | | 10,839 | 7,689 |
| | | | |
Investment activities | | | |
Proceeds from sale of investment property | | - | - |
Payments of investment property | | (16,728) | - |
Payments of investment property under construction | | (10,298) | (4,175) |
Cash flows from investment activities | | (27,026) | (4,175) |
| | | | |
Finance activities | | | |
Payment of share premium | | 30,000 | 5,000 |
Repayment of share premium | | - | (2,250) |
Dividends paid | | (9,361) | (9,550) |
Cash flows from finance activities | | 20,639 | (6,800) |
| | | | |
Net increase/(decrease) in cash and cash equivalents | | 4,452 | (3,286) |
Cash and cash equivalents at beginning of year | | 933 | 4,219 |
Cash and cash equivalents at end of year | 14 | 5,385 | 933 |