Consolidated statement of cash flows

Operating activities

Net result

172,585

75,962

Adjustments for:

Valuation movements

(152,578)

(60,907)

Net finance result

983

148

Movements in working capital

16,101

(13,014)

Cash flow generated from operating activities

37,091

2,189

Interest paid

(734)

(148)

Interest received

-

-

Cash flow from operating activities

36,357

2,041

Investment activities

Proceeds from sale of investment property

-

-

Payments of investment property

(17,631)

(8,291)

Payments of investment property under construction

(95,255)

(81,137)

Cash flow from investment activities

(112,886)

(89,428)

Finance activities

Proceeds from the issue of share capital

150,000

80,000

Redemption of shares

-

-

Dividends paid

(16,671)

(16,167)

Cash flow from finance activities

133,329

63,833

Net increase/(decrease) in cash and cash equivalents

56,800

(23,554)

Cash and cash equivalents at beginning of year

16,870

40,424