All amounts in € thousands
| | Note | 2015 | 2014 |
Operating activities | | | |
Rental receipts | | 46,405 | 40,392 |
Service charge receipts | | 9,308 | 9,237 |
Operating payments | | (22,831) | (10,094) |
Service charge payments | | (11,404) | (8,702) |
VAT received (paid) | | 160 | 164 |
Interest received | | 1 | 21 |
Cash flows from operating activities | | 21,639 | 31,018 |
| | | | |
Investment activities | | | |
Proceeds from sale of investment property | | 70,531 | - |
Payments of investment property | 12 | (8,103) | (131,400) |
Payments of investment property under construction | 13 | (1,479) | (3,749) |
Cash flows from investment activities | | 60,949 | (135,149) |
| | | | |
Finance activities | | | |
Proceeds from the issue of share capital | | 10,000 | 144,000 |
Repayment of share premium | | - | (22,000) |
Dividends paid | | (24,424) | (26,700) |
Cash flows from finance activities | | (14,424) | 95,300 |
| | | | |
Net increase/ (decrease) in cash and cash equivalents | | 68,164 | (8,831) |
Cash and cash equivalents at beginning of year | | 18,604 | 27,435 |
Cash and cash equivalents at end of year | 15 | 86,768 | 18,604 |