VI. Inventories

Inventories, totalling € 136,433k at 31 December 2015 (there was noted an increase as compred to € 123,540k of the previous year), are shown net of the write-down provision of € 1,317k (€ 599k at 31 December 2014), determined considering the estimated recoverability of slow-moving goods. Inventories are concentrated mostly in Italy (where the Group uses centralized warehouses to handle logistics) and the United States, and consist chiefly of food raw materials, drinks, packaged products, and goods sold under government monopoly. The increase is due to different seasonal patterns and purchasing dynamics at the end of 2015 compared with the previous year.