Annual report 2012

19. Inventories

EUR thousand  2012 2011
EUR thousand 5,143 4,588
Merchandise 8,318 9,219
Total inventories 13,461 13,807

As at 31 December 2012, inventories were restated to their realisable value and an impairment loss of EUR 381 thousand was recorded under expenses in the income statement, under other operating expenses, and impairment and write-off of current operating assets (Note 8). Merchandise and materials are valued at their net realisable value in the amount of EUR 699 thousand and EUR 211 thousand respectively, while other inventories are valued at initial cost, as no adjustment was necessary in respect of these inventories.

No significant amounts of inventory surplus or deficit were recorded during the annual physical stock count of inventories in 2012.