12 Inventories | 31.12.2009 | 31.12.2010 | |
---|---|---|---|
CHF thousands | |||
Green electricity certificates | 11,609 | 5,704 | |
Emissions certificates | 5,139 | 4,786 | |
Emissions certificates held – for – trading | 931 | 4,520 | |
Material inventories | 16,614 | 15,144 | |
Total | 34,293 | 30,154 |
Inventories consist of material inventories and certificates and are valued at the lower of acquisition costs and net realisable value. Certificates that are not necessary for own generation needs and which are held for trading purposes are valued at fair value less selling costs. In the year under review a value adjustment of TCHF 600 (previous year TCHF 1,950) was recognised. This adjustment was made to the net selling price.