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15. Inventories

in thousand EUR   2021   2020
Logs   4 699   3 343
Sawn timber   2 907   3 862
Industrialized products   802   657
Certified Emission Reductions (CERs)   145   135
Export products in transit   2 949   1 705
Consignment inventory   241   170
Spare parts and other   5 188   4 040
Obsolescence reserve   –1 470   –1 794
Total inventories   15 461   12 118
Obsolescence reserve
in thousand EUR   2021   2020
At 1 January   1 794   1 757
Increase   624   900
Reversed   –949   –834
Currency effects   1   –29
At 31 December   1 470   1 794
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.