23. Inventories

Inventories include the following components:

Raw materials and supplies consist primarily of wood for pulp production, pulp and chemicals for cellulosic fiber production and various incidentals. The cost of raw materials and supplies is calculated using the weighted average cost method. Finished goods and work in progress include cellulosic fibers, co-products of fiber production, pulp and biorefinery-products.

In the financial year under review, write-downs to reflect the net realizable value of inventories amount to EUR 8,085 thousand (2023: EUR 44,939 thousand). Expenses for inventories, which are included in the cost of material totaled EUR 1,159,992 thousand (2023: EUR 1,190,680 thousand).