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15. Inventories

in thousand EUR   2020   2019
Logs   3 343   3 730
Sawn timber   3 862   3 851
Veneers     1 618
Industrialized products   657   1 175
Certified Emission Reductions (CERs)   135   129
Export products in transit   1 705   3 368
Consignment inventory   170  
Spare parts and other   4 040   4 693
Obsolescence reserve   –1 794   –1 757
Total inventories   12 118   16 807
Obsolescence reserve
in thousand EUR   2020   2019
At 1 January   1 757   528
Increase   900   1 235
Reversed   –834   –3
Currency effects   –29   –2
At 31 December   1 794   1 757
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.