| | Note | 2019 | 2018 |
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 |
Cash and cash equivalents at end of year | 15 | 29,505 | 20,521 |