Consolidated statement of cash flows

Operating activities

Net result

75,962

71,746

Adjustments for:

Valuation movements

(60,907)

(57,458)

Net finance result

148

106

Movements in working capital

(13,014)

(1,297)

Cash flow generated from operating activities

2,189

13,097

Interest paid

(148)

(106)

Interest received

-

-

Cash flow from operating activities

2,041

12,991

Investment activities

Proceeds from sale of investment property

-

-

Payments of investment property

12

(8,291)

(5,080)

Payments of investment property under construction

13

(81,137)

(28,722)

Cash flow from investment activities

(89,428)

(33,802)

Finance activities

Proceeds from the issue of share capital

80,000

50,000

Redemption of shares

-

-

Dividends paid

(16,167)

(16,288)

Cash flow from finance activities

63,833

33,712

Net increase/(decrease) in cash and cash equivalents

(23,554)

12,901

Cash and cash equivalents at beginning of year

40,424

27,523