Consolidated statement of cash flows

Operating activities

Net result

61,059

64,250

Adjustments for:

Valuation movements

(23,218)

(29,915)

Result on disposal of investment property

(175)

(137)

Net finance result

140

107

Movements in working capital

1,331

(39)

Cash flow generated from operating activities

39,137

34,266

Interest paid

(140)

(107)

Interest received

-

-

Cash flow from operating activities

38,997

34,159

Investment activities

Proceeds from sales of investment property

625

1,839

Payments of investment property

(60,833)

(10,896)

Payments of investment property under construction

(14,250)

(21,033)

Cash flow from investment activities

(74,458)

(30,090)

Finance activities

Proceeds from the issue of share capital

40,000

55,000

Dividends paid

(36,364)

(33,384)

Cash flow from finance activities

3,636

21,616

Net increase/(decrease) in cash and cash equivalents

(31,825)

25,685

Cash and cash equivalents at beginning of year

53,311

27,626