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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.