| Note | 2019 | 2018 |
Operating activities | | | |
Result for the year after tax | | 854 | 1,032 |
| | | |
Adjustments to reconcile result after tax to net cash flow from operating activities | | | |
Unrealised result | 12 | (653) | (825) |
Depreciation of property, plant and equipment | 17 | 1 | 2 |
Amortisation of financing costs | 22 | 3 | 3 |
Provisions | 24 | 2 | (9) |
Interest expense | 11 | 40 | 28 |
Result on property sales | 9 | (13) | (44) |
| | (620) | (845) |
| | | |
Working capital adjustments | | 2 | - |
Net cash flow from operating activities | | 236 | 187 |
| | | |
Investing activities | | | |
Capital expenditure in investment property | 15 | (44) | (34) |
Proceeds from sale of investment property | 15 | 253 | 334 |
Capital expenditure on intangible fixed assets | | (3) | (3) |
Capital expenditure on property, plant and equipment | 17 | (2) | (2) |
Capital expenditure on financial fixed assets | | (6) | - |
Investment property acquisitions * | | - | (344) |
Acquisitions property under construction | 16 | - | (121) |
Capital expenditure on participations | | 6 | - |
Capital expenditure on investment property under construction | 16 | (137) | (146) |
Net cash flow from investing activities | | 67 | (316) |
| | | |
Financing activities | | | |
Loans drawn | 22 | 2,510 | 1,042 |
Financing costs | 22 | (4) | (5) |
Loan repayment | 22 | (2,431) | (473) |
Distribution paid | 21 | (344) | (415) |
Interest paid | | (36) | (23) |
Settlement pre-hedge contracts | 14 | (6) | - |
Net cash flow from financing activities | | (311) | 126 |
| | | |
| | (8) | (3) |
| | | |
Net increase/decrease in cash and cash equivalents | | (8) | (3) |
Cash and cash equivalents at the beginning of the period | 20 | 11 | 14 |
| | | |
Cash and cash equivalents at 31 December | 20 | 3 | 11 |