15. Cash Flow from Operating Activities

for the years ended 31 December 2018 and 2017	Notes		2018 in CHF m		2017 in CHF m
Net income			356		302
Adjustment for:
Depreciation of property, plant and equipment	5	245		231
Impairment	26	—		16
Amortization of intangible assets	6	80		70
Impairment of working capital		23		4
Income from associates and joint ventures		–130		–103
Tax expense	9	109		135
Net financial income and costs	27	81		65
Gain/loss from disposals not qualifying as discontinued operations	24	54		–3
Other non-cash items		–24		37
Total reversal of non-cash items			438		452
Dividends received from associates and joint ventures	7		50		45
Payments for restructuring	26		–42		–40
Cash flow before changes in net working capital and provisions			802		759
Changes in inventories			–156		–125
Changes in trade receivables			71		–101
Changes in trade payables			121		38
Changes in other current assets and liabilities			–39		–46
Changes in provisions (excluding payments for restructuring)			–52		4
Cash generated from operating activities			747		529
Income taxes paid			–217		–101
Net cash generated from operating activities			530		428

Integrated Report 2018