Notes forming part of the financial statements
14. INVENTORIES
2020 | 2019 | |
|---|---|---|
€m | €m | |
Group | ||
Raw materials & consumables | 46.2 | 47.2 |
Finished goods & goods for resale | 99.6 | 136.9 |
Total inventories at lower of cost and net realisable value | 145.8 | 184.1 |
An analysis of the Group’s cost of sale expense is provided in Note 2 to the financial statements.
Inventory write-down recognised within operating costs amounted to €2.2m (2019: €3.2m). The inventory write-down in the current financial year was with respect to breakages and write off of damaged and obsolete stock. The inventory write-down in the prior financial year of €3.2m was primarily due to the write-down of obsolete stock of €1.7m as a result of a change in a distribution company and the write-down of obsolete stock in our newly acquired distribution business of €1.5m due to a discontinued product. During the current financial year, the Group has reviewed the stock balances and in particular stock that was due to expire in the short to medium term and booked a provision of €10.6m as a result of COVID-19 (note 5).