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Consolidated statement of cash flows

All amounts in € thousands

 

Note

2018

2017

Operating activities

   

Net result

 

75,962

71,746

Adjustments for:

   

Valuation movements

 

(60,907)

(57,458)

Net finance result

 

148

106

Movements in working capital

 

(13,014)

(1,297)

Cash flow generated from operating activities

 

2,189

13,097

Interest paid

 

(148)

(106)

Interest received

 

-

-

Cash flow from operating activities

 

2,041

12,991

    

Investment activities

   

Proceeds from sale of investment property

 

-

-

Payments of investment property

12

(8,291)

(5,080)

Payments of investment property under construction

13

(81,137)

(28,722)

Cash flow from investment activities

 

(89,428)

(33,802)

    

Finance activities

   

Proceeds from the issue of share capital

 

80,000

50,000

Redemption of shares

 

-

-

Dividends paid

 

(16,167)

(16,288)

Cash flow from finance activities

 

63,833

33,712

    

Net increase/(decrease) in cash and cash equivalents

 

(23,554)

12,901

Cash and cash equivalents at beginning of year

 

40,424

27,523

Cash and cash equivalents at end of year

16

16,870

40,424

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