| | Note | 2018 | 2017 |
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 |
Cash and cash equivalents at end of year | 15 | 44,976 | 175,310 |