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Consolidated statement of cash flows

All amounts in € thousands

 

Note

2017

2016

Operating activities

   

Net result

 

71,746

30,506

Adjustments for:

   

Valuation movements

 

(57,458)

(11,631)

Net finance result

 

106

68

Movements in working capital

 

(1,297)

(5,756)

Cash flow generated from operating activities

 

13,097

13,187

Interest paid

 

(106)

(68)

Interest received

 

-

-

Cash flow from operating activities

 

12,991

13,119

    

Investment activities

   

Proceeds from sale of investment property

 

-

-

Payments of investment property

12

(5,080)

(10,723)

Payments of investment property under construction

13

(28,722)

(2,400)

Cash flow from investment activities

 

(33,802)

(13,123)

    

Finance activities

   

Proceeds from the issue of share capital

 

50,000

10,000

Redemption of shares

 

-

(50,000)

Dividends paid

 

(16,288)

(19,241)

Cash flow from finance activities

 

33,712

(59,241)

    

Net increase/(decrease) in cash and cash equivalents

 

12,901

(59,245)

Cash and cash equivalents at beginning of year

 

27,523

86,768

Cash and cash equivalents at end of year

16

40,424

27,523

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