Consolidated statement of cash flows

Operating activities

Net result

637,610

666,343

Adjustments for:

Valuation movements

(513,406)

(556,206)

Result on disposal of investment property

(10,651)

(142)

Net finance result

641

308

Movements in working capital

9,728

2,182

Cash flow generated from operating activities

123,922

112,485

Interest paid

(641)

(308)

Cash flow from operating activities

123,281

112,177

Investment activities

Proceeds from disposal of investment property

62,705

1,076

Payments of investment property

12

(3,086)

(6,196)

Payments of investment property under construction

13

(240,753)

(300,192)

Cash flow from investment activities

(181,134)

(305,312)

Finance activities

Proceeds from the issue of share capital

227,500

290,000

Dividends paid

(108,502)

(112,507)

Cash flow from finance activities

118,998

177,493

Net increase/(decrease) in cash and cash equivalents

61,145

(15,642)

Cash and cash equivalents at beginning of year

114,165

129,807