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16. Inventories

(in millions of euros)

31 December 2019

31 December 2018

Maintenance materials



Projects under construction, unsold



Trade goods






The inventories of maintenance materials consist of raw materials and other materials for the production and maintenance of finished and semi-finished products for the maintenance centres. In 2019, the write-down of inventories to the net realisable value, which was recognised as an expense, amounted to €12 million (2018: €18 million). The accumulated impairment, after withdrawals, came to €98 million at the end of 2019 (2018: €104 million).

Accounting policies

Inventories are stated at the lower of cost and net realisable value. The net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the costs to make the sale.

The cost of the inventories is based on the purchase prices or costs and includes expenses incurred in acquiring the inventories and the associated costs of purchase. The cost of inventories of finished products and work in progress includes a reasonable portion of the indirect costs based on normal production capacity.

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