09 » Inventories
Inventories by major classification are as follows:
|
|
Dec. 31, 2020 |
|
Dec. 31, 2019 |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
Gross value |
|
Allowance for obsolescence |
|
Net value |
|
Gross value |
|
Allowance for obsolescence |
|
Net value |
Merchandise and finished goods on hand |
|
3,321 |
|
(171) |
|
3,150 |
|
2,984 |
|
(80) |
|
2,904 |
Goods in transit |
|
1,239 |
|
– |
|
1,239 |
|
1,175 |
|
– |
|
1,175 |
Raw materials |
|
8 |
|
– |
|
8 |
|
6 |
|
– |
|
6 |
Work in progress |
|
0 |
|
– |
|
0 |
|
0 |
|
– |
|
0 |
Inventories |
|
4,568 |
|
(171) |
|
4,397 |
|
4,165 |
|
(80) |
|
4,085 |
Goods in transit mainly relate to shipments of finished goods and merchandise from suppliers in Asia to subsidiaries in Europe, North America, Asia and Latin America.
As a result of store closures due to the coronavirus pandemic and resulting low sales, the age structure of inventories deteriorated compared to the previous year. This led to an increase in inventory allowance.