Operating activities

Net result

(476,739)

37,144

Adjustments for:

Valuation movements

636,028

105,662

Result on disposal of investment property

11,734

3,443

Net finance result

396

4,016

Movements in working capital

7,057

3,832

Cash flow generated from operating activities

178,476

154,097

Interest paid

(1,254)

(1,511)

Interest received

3,330

-

Cash flow from operating activities

180,552

152,586

Investment activities

Proceeds from disposal of investment property

169,342

180,449

Payments of investment property

(22,652)

(15,936)

Payments of investment property under construction

(99,860)

(256,118)

Cash flow from investment activities

46,830

(91,605)

Finance activities

Proceeds from the issue of share capital

90,000

251,700

Redemptions

(142,045)

(209,035)

Dividends paid

(169,969)

(148,221)

Cash flow from finance activities

(222,014)

(105,556)

Net increase/(decrease) in cash and cash equivalents

5,368

(44,575)

Cash and cash equivalents at beginning of year

47,439

92,014