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Management%u2019s Discussion & Analysis DKSH Annual Report 2023 53The fair value adjustment related to employee benefit expenses is included in Employee benefit expenses in the Consolidated Income Statement. The share of results in associates relates to the Group%u2019s share of FVTPL revaluation losses of an associate%u2019s outstanding convertible notes of CHF 3.3 million and an impairment charge of CHF 4.2 million included in the equity method of accounting.Core Operating Profit (EBIT) and Core Operating Profit Before Amortization (EBITA) margin:Defined as Core operating profit (EBIT) divided by Net sales, respectively Core operating profit before amortization (EBITA) divided by Net sales. Core Profit After TaxThe reconciliation from Profit after tax in the Consolidated Income Statement, to Core profit after tax is as follows:in CHF millions 2023 2022Profit after tax 189.9 207.6 Discontinuation of fashion retail business 9.8 -Goodwill impairment 3.9 -Fair value adjustment related to employee benefit expenses 0.9 -Share of result in associates 7.5 -Loss on sale of subsidiaries 2.0 0.1 Expense/(Income) from financial instruments (8.0) 0.7 Core profit after tax 206.0 208.4 Discontinuation of fashion retail business are adjusted for the applicable tax rate in the jurisdiction where the costs are incurred.Loss on sale of subsidiaries is included in the Consolidated Income Statement. The expense/(income) from financial instruments is included in the Net finance result in the Consolidated Income Statement.Free Cash FlowThe reconciliation from Net cash flows from operating activities in the Consolidated Cash Flow Statementto Free cash flow is as follows:in CHF millions 2023 2022Net cash flows from operating activities 393.1 321.9 Repayment leases (73.3) (66.8) Purchase of property, plant and equipment (30.7) (36.6) Purchase of intangible assets (21.6) (48.3) Purchase trademarks/licences 14.8 39.3 Free cash flow 282.3 209.5 Cash ConversionCash conversion is calculated as Free cash flow as percentage of Core profit after tax:in CHF millions 2023 2022Free cash flow 282.3 209.5 Core profit after tax 206.0 208.4 Cash conversion 137.0% 100.5%