15. Cash Flow from operating activities - Clariant Integrated Report 2016

for the years ended 31 December 2016 and 2015	Notes		2016 in CHF m		2015 in CHF m
Net income			263		239
Adjustment for:
Depreciation of property, plant and equipment	5	210		203
Impairment	27	8		14
Depreciation of intangible assets	6	55		54
Impairment of working capital		24		52
Income from associates and joint ventures	7	–85		–77
Tax expense	9	75		74
Net financial income and costs	28	109		100
Gain/loss from disposals not qualifying as discontinued operations	25	3		–15
Loss on disposals of discontinued operations	24	—		2
Other non-cash items		20		41
Total reversal of non-cash items			419		448
Dividends received from associates and joint ventures	7		85		57
Income taxes paid			–66		–96
Payments for restructuring	27		–37		–78
Cash flow before changes in net working capital and provisions			664		570
Changes in inventories			–20		–28
Changes in trade receivables			–80		–79
Changes in trade payables			17		39
Changes in other current assets and liabilities			12		–7
Changes in provisions (excluding payments for restructuring)			53		7
Cash flow from operating activities			646		502