15. Inventories
| in thousand EUR | 2019 | 2018 | ||
|---|---|---|---|---|
| Logs | 3 730 | 3 756 | ||
| Sawn timber | 3 851 | 3 114 | ||
| Veneers | 1 618 | 1 087 | ||
| Industrialized products | 1 175 | 1 060 | ||
| Certified Emission Reductions (CERs) | 129 | 224 | ||
| Export products in transit | 3 368 | 2 622 | ||
| Spare parts and other | 4 693 | 3 582 | ||
| Obsolescence reserve | –1 757 | –528 | ||
| Total inventories | 16 807 | 14 917 |
Obsolescence reserve
| in thousand EUR | 2019 | 2018 | ||
|---|---|---|---|---|
| At 1 January | 528 | 632 | ||
| Increase | 1 235 | 260 | ||
| Reversed | –3 | –358 | ||
| Currency effects | –2 | –6 | ||
| At 31 December | 1 757 | 528 |
Accounting policies
Inventories are valued at the lower of cost or net realizable value. Logs and finished products are recorded at the average cost of production, less provision for losses, when applicable. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs to make the sale. The cost of semi-finished and finished goods contains direct production costs including materials and production costs, as well as production overhead costs.