Consolidated statement of cash flows

Operating activities

Net result

878,013

637,610

Adjustments for:

Valuation movements

(744,149)

(513,406)

Result on disposal of investment property

(8,456)

(10,651)

Net finance result

639

641

Movements in working capital

(3,435)

9,728

Cash flow generated from operating activities

122,612

123,922

Interest paid

(639)

(641)

Cash flow from operating activities

121,973

123,281

Investment activities

Proceeds from disposal of investment property

45,807

62,705

Payments of investment property

12

(8,418)

(3,086)

Payments of investment property under construction

13

(421,802)

(240,753)

Cash flow from investment activities

(384,413)

(181,134)

Finance activities

Proceeds from the issue of share capital

254,000

227,500

Dividends paid

(121,894)

(108,502)

Cash flow from finance activities

132,106

118,998

Net increase/(decrease) in cash and cash equivalents

(130,334)

61,145

Cash and cash equivalents at beginning of year

175,310

114,165