Operating activities

Net result

37,144

766,056

Adjustments for:

Valuation movements

105,662

(621,405)

Result on disposal of investment property

3,443

-

Net finance result

4,016

4,175

Movements in working capital

3,832

(2,458)

Cash flow generated from operating activities

154,097

146,368

Interest paid

(1,511)

(1,855)

Cash flow from operating activities

152,586

144,513

Investment activities

Proceeds from disposal of investment property

180,449

-

Payments of investment property

(15,936)

(6,923)

Payments of investment property under construction

(256,118)

(277,815)

Cash flow from investment activities

(91,605)

(284,738)

Finance activities

Proceeds from the issue of share capital

251,700

131,300

Redemptions

(209,035)

-

Dividends paid

(148,221)

(147,540)

Cash flow from finance activities

(105,556)

(16,240)

Net increase/(decrease) in cash and cash equivalents

(44,575)

(156,465)

Cash and cash equivalents at beginning of year

92,014

248,479