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Consolidated statement of cash flows

All amounts in € thousands

 

Note

2017

2016

Operating activities

   

Net result

 

637,610

666,343

Adjustments for:

   

Valuation movements

 

(513,406)

(556,206)

Result on disposal of investment property

 

(10,651)

(142)

Net finance result

 

641

308

Movements in working capital

 

9,728

2,182

Cash flow generated from operating activities

 

123,922

112,485

Interest paid

 

(641)

(308)

Cash flow from operating activities

 

123,281

112,177

    
    

Investment activities

   

Proceeds from disposal of investment property

 

62,705

1,076

Payments of investment property

12

(3,086)

(6,196)

Payments of investment property under construction

13

(240,753)

(300,192)

Cash flow from investment activities

 

(181,134)

(305,312)

    

Finance activities

   

Proceeds from the issue of share capital

 

227,500

290,000

Dividends paid

 

(108,502)

(112,507)

Cash flow from finance activities

 

118,998

177,493

    

Net increase/(decrease) in cash and cash equivalents

 

61,145

(15,642)

Cash and cash equivalents at beginning of year

 

114,165

129,807

Cash and cash equivalents at end of year

15

175,310

114,165

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