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16 – Inventories

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Million €

2012

2011

Raw materials and factory supplies

2,800

2,922

Work-in-process, finished goods and merchandise

7,018

7,034

Advance payments and services-in-process

112

103

 

9,930

10,059

Work-in-process, finished goods and merchandise are combined into one item due to production conditions in the chemical industry. Services-in-process relate primarily to services not invoiced as of the balance sheet date.

Inventories are valued using the weighted average cost method. Impairments are reversed if the reasons for the impairments no longer apply.

Write-downs on inventories amounted to €23 million in 2012 and €8 million in 2011.

Of the total inventory, €2,362 million was valued at net realizable value in 2012 (2011: €2,154 million).