11. Inventories
| CHF million | 2015 | 2014 |
|---|---|---|
| Raw material | 113.9 | 99.9 |
| Packaging material | 96.9 | 110.0 |
| Semi-finished and finished products | 478.5 | 459.7 |
| Value adjustment | – 41.8 | – 57.9 |
| Total | 647.5 | 611.7 |
In 2015, CHF 6.3 million (CHF 3.0 million in 2014) of the value adjustment as at the end of 2014 have been released to the income statement.