Consolidated statement of cash flows

Operating activities

Net result

671,208

878,013

Adjustments for:

Valuation movements

(539,867)

(744,149)

Result on disposal of investment property

1,373

(8,456)

Net finance result

3,977

639

Movements in working capital

26,146

(3,435)

Cash flow generated from operating activities

162,837

122,612

Interest paid

(1,243)

(639)

Cash flow from operating activities

161,594

121,973

Investment activities

Proceeds from disposal of investment property

81,338

45,807

Payments of investment property

12

(45,351)

(8,418)

Payments of investment property under construction

(238,688)

(421,802)

Cash flow from investment activities

(202,701)

(384,413)

Finance activities

Proceeds from the issue of share capital

229,843

254,000

Dividends paid

(133,524)

(121,894)

Cash flow from finance activities

96,319

132,106

Net increase/(decrease) in cash and cash equivalents

55,212

(130,334)

Cash and cash equivalents at beginning of year

44,976

175,310