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19Inventories

millions of CHF

 

2023

 

2022

Raw materials, supplies and consumables

 

166.9

 

192.3

Work in progress

 

255.4

 

250.3

Finished products and trade merchandise

 

72.8

 

79.9

Total inventories as of December 31

 

495.1

 

522.4

In 2023, the group recognized write-downs of CHF 16.6 million in the income statement. In 2022, the total write downs amounted to CHF 49.8 million, of which CHF 31.4 million were recorded in connection with the Russian business that was classified as 'held for sale' in that year. The accumulated write-downs on inventories amounted to CHF 72.7 million as of December 31, 2023 (2022: CHF 79.9 million). Material expenses in 2023 amounted to CHF 1’239.4 million (2022: CHF 1’192.1 million).