Consolidated statement of cash flows

Operating activities

Net result

48,675

61,059

Adjustments for:

Valuation movements

(16,888)

(23,218)

Result on disposal of investment property

156

(175)

Net finance result

1,072

140

Movements in working capital

(2,814)

1,331

Cash flow generated from operating activities

30,201

39,137

Interest paid

(1,072)

(140)

Interest received

-

-

Cash flow from operating activities

29,129

38,997

Investment activities

Proceeds from sales of investment property

1,084

625

Payments of investment property

(55,874)

(60,833)

Payments of investment property under construction

(7,413)

(14,250)

Cash flow from investment activities

(62,203)

(74,458)

Finance activities

Proceeds from the issue of share capital

65,000

40,000

Dividends paid

(32,891)

(36,364)

Cash flow from finance activities

32,109

3,636

Net increase/(decrease) in cash and cash equivalents

(965)

(31,825)

Cash and cash equivalents at beginning of year

21,486

53,311