| | Note | 2018 | 2017 |
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 |
Cash and cash equivalents at end of year | 15 | 20,521 | 21,486 |