All amounts in € thousands
| | Note | 2015 | 2014 |
Operating activities | | | |
Rental receipts | | 38,533 | 38,134 |
Service charge receipts | | 1,809 | 1,761 |
Operating payments | | (12,909) | (10,582) |
Service charge payments | | (1,668) | (1,702) |
VAT received (paid) | | 2,995 | (2,837) |
Interest received | | 1 | 5 |
Cash flows from operating activities | | 28,761 | 24,779 |
| | | | |
Investment activities | | | |
Proceeds from sales of investment property | | 13,520 | - |
Payments of investment property | | (8,475) | (45,199) |
Payments of investment property under construction | | (61,045) | (22,214) |
Net cash inflow on disposal of participation | | - | 525 |
Cash flows from investment activities | | (56,000) | (66,888) |
| | | | |
Finance activities | | | |
Proceeds from the issue of share capital | | 65,000 | 81,000 |
Dividends paid | | (29,137) | (27,647) |
Cash flows from finance activities | | 35,863 | 53,353 |
| | | | |
Net increase in cash and cash equivalents | | 8,624 | 11,244 |
Cash and cash equivalents at beginning of year | | 19,002 | 7,758 |
Cash and cash equivalents at end of year | 15 | 27,626 | 19,002 |