Consolidated statement of cash flows

Operating activities

Net result

43,659

48,675

Adjustments for:

Valuation movements

(4,096)

(16,888)

Result on disposal of investment property

718

156

Net finance result

433

1,072

Movements in working capital

(2,234)

(2,814)

Cash flow generated from operating activities

38,480

30,201

Interest paid

(283)

(1,072)

Interest received

-

-

Cash flow from operating activities

38,197

29,129

Investment activities

Proceeds from sales of investment property

26,835

1,084

Payments of investment property

(15,872)

(55,874)

Payments of investment property under construction

(6,230)

(7,413)

Cash flow from investment activities

4,733

(62,203)

Finance activities

Proceeds from the issue of share capital

12,000

65,000

Dividends paid

(45,946)

(32,891)

Cash flow from finance activities

(33,946)

32,109

Net increase/(decrease) in cash and cash equivalents

8,984

(965)

Cash and cash equivalents at beginning of year

20,521

21,486