16. Cash Flow from Operating Activities

for the years ended 31 December 2019 and 2018	Notes	2019 in CHF m		2018 in CHF m
Net income			38		356
Adjustment for:
Depreciation of property, plant and equipment and right-of-use assets	5, 7	258		245
Amortization of intangible assets	6	72		80
Impairment of working capital		21		23
Income from associates and joint ventures		–52		–130
Tax expense	10	140		109
Net financial income and costs	28	85		81
Gain/loss from disposals not qualifying as discontinued operations	26	–2		54
Gain on disposals of discontinued operations	25	–48		—
Other non-cash items		9		–24
Total reversal of non-cash items			483		438
Dividends received from associates and joint ventures	8		42		50
Payments for restructuring	27		–29		–42
Cash flow before changes in net working capital and provisions			534		802
Changes in inventories			–13		–156
Changes in trade receivables			–23		71
Changes in trade payables			–19		121
Changes in other current assets and liabilities			–66		–39
Changes in provisions (excluding payments for restructuring)			217		–52
Cash generated from operating activities			630		747
Income taxes paid			–121		–217
Net cash generated from operating activities			509		530

Integrated Report 2019