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Consolidated statement of cash flows

All amounts in € thousands

 

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

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