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Consolidated statement of cash flows

All amounts in € thousands

 

Note

2019

2018

Operating activities

   

Net result

 

172,585

75,962

Adjustments for:

   

Valuation movements

 

(152,578)

(60,907)

Net finance result

 

983

148

Movements in working capital

 

16,101

(13,014)

Cash flow generated from operating activities

 

37,091

2,189

Interest paid

 

(734)

(148)

Interest received

 

-

-

Cash flow from operating activities

 

36,357

2,041

    

Investment activities

   

Proceeds from sale of investment property

 

-

-

Payments of investment property

 

(17,631)

(8,291)

Payments of investment property under construction

 

(95,255)

(81,137)

Cash flow from investment activities

 

(112,886)

(89,428)

    

Finance activities

   

Proceeds from the issue of share capital

 

150,000

80,000

Redemption of shares

 

-

-

Dividends paid

 

(16,671)

(16,167)

Cash flow from finance activities

 

133,329

63,833

    

Net increase/(decrease) in cash and cash equivalents

 

56,800

(23,554)

Cash and cash equivalents at beginning of year

 

16,870

40,424

Cash and cash equivalents at end of year

15

73,670

16,870

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