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33. Cash flows from operating activities

 20162015
Net result507527
Amortisation, depreciation and impairment losses778784
Share of profits/(losses) of equity-accounted investees(300)(272)
Income taxes158193
Cost of Severance pay provision and other defined-benefit plans4220
Net financial expense /(income)322433
Net allocations to the provisions for risks and inventory write-downs191219
Profit from Discontinued Operations-(258)
Other non-monetary items(7)34
 1,6911,680

Costs of pension plans include the portion of costs relating to defined-benefit pension plans that is recognised as a personnel expense (the portion of costs relating to interest is carried among net financial expense).

The changes in working capital, net of the effects of the acquisition and sale of consolidated companies and foreign currency translation differences, are as follows:

 20162015
Inventories18538
Contract work in progress and progress payments and advances from customers191(423)
Trade receivables and payables(605)(252)
Change in trade receivables/payables, work in progress/progress payments and inventories(229)(637)

The changes in other operating assets and liabilities, net of the effects of the acquisition and sale of consolidated companies and foreign currency translation differences, are as follows:

 

 20162015
Payment of pension plans(102)(117)
Changes in provisions for risks and other operating items(243)122
Change in other operating assets and liabilities and provisions for risks and charges(345)5