15. Inventories
Composition of inventories and other financial information
(In € million) |
|
As of |
|
As of |
|---|---|---|---|---|
Raw materials and consumables |
|
130.7 |
|
130.7 |
Work in progress |
|
90.3 |
|
97.8 |
Finished goods |
|
155.7 |
|
155.9 |
Total inventories |
|
376.7 |
|
384.4 |
As of December 31, 2024, inventories include a provision of €33.2 million due to write-downs to net realizable value (€33.4 million as of December 31, 2023).
Raw materials and consumables recognized as an expense in cost of sales in the statement of profit or loss and other comprehensive income amount to €1,416.8 million in the year ended December 31, 2024 (€1,365.1 million in the year ended December 31, 2023).
Accounting policy
Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the weighted average cost formula and includes costs incurred in acquiring the inventories and bringing them to their present location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity. Net realizable value is the estimated selling price less the estimated costs of completion and estimated costs necessary to make the sale.