| | Note | 2019 | 2018 |
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 |
Cash and cash equivalents at end of year | 15 | 100,188 | 44,976 |