11. Inventories
| CHF million | 2014 | 2013 |
|---|---|---|
| Raw material | 99.9 | 73.9 |
| Packaging material | 110.0 | 82.6 |
| Semi-finished and finished products | 459.7 | 334.4 |
| Value adjustment | – 57.9 | – 36.1 |
| Total | 611.7 | 454.8 |
In 2014, CHF 3.0 million (CHF 1.7 million in 2013) of the value adjustment as at the end of 2013 have been released to the income statement.