Operating activities

Net result

35,976

104,095

Adjustments for:

Valuation movements

9,484

(60,658)

Result on disposal of investment property

365

(1,470)

Net finance result

(1,220)

307

Movements in working capital

278

(722)

Cash flow generated from operating activities

44,883

41,552

Interest paid

(112)

(144)

Interest received

1,493

-

Cash flow from operating activities

46,264

41,408

Investment activities

Proceeds from sales of investment property

1,035

39,634

Payments of investment property

(34,226)

(26,114)

Payments of investment property under construction

-

-

Cash flow from investment activities

(33,191)

13,520

Finance activities

Proceeds from the issue of share capital

5,000

15,000

Dividends paid

(44,701)

(39,620)

Cash flow from finance activities

(39,701)

(24,620)

Net increase/(decrease) in cash and cash equivalents

(26,628)

30,308

Cash and cash equivalents at beginning of year

52,067

21,759