Consolidated statement of cash flows

Operating activities

Net result

64,250

32,150

Adjustments for:

Valuation movements

(29,915)

(2,290)

Result on disposal of investment property

(137)

183

Net finance result

107

(1)

Movements in working capital

(39)

(9,421)

Cash flow generated from operating activities

34,266

20,621

Interest paid

(107)

-

Interest received

-

1

Cash flow from operating activities

34,159

20,622

Investment activities

Proceeds from sales of investment property

1,839

13,337

Payments of investment property

(10,896)

(8,475)

Payments of investment property under construction

(21,033)

(52,723)

Cash flow from investment activities

(30,090)

(47,861)

Finance activities

Proceeds from the issue of share capital

55,000

65,000

Dividends paid

(33,384)

(29,137)

Cash flow from finance activities

21,616

35,863

Net increase/(decrease) in cash and cash equivalents

25,685

8,624

Cash and cash equivalents at beginning of year

27,626

19,002