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16. Inventories

As of December 31, inventories consisted of the following:

€ in millions 2012 2011
Raw materials and purchased components 433 385
Work in process 291 326
Finished goods 1,216 1,076
less reserves 100 70
Inventories, net 1,840 1,717

€ in millions 2012 2011
Raw materials and purchased components 433 385
Work in process 291 326
Finished goods 1,216 1,076
less reserves 100 70
Inventories, net 1,840 1,717

The companies of the Fresenius Group are obliged to purchase approximately €863 million of raw materials and purchased components under fixed terms, of which €552 million was committed at December 31, 2012 for 2013. The terms of these agreements run one to nine years. Advance payments from customers of €174 million (2011: €236 million) have been offset against inventories.

Inventories as of December 31, 2012 and December 31, 2011 included approximately €23 million and approximately €37 million, respectively, of the product Erythropoietin (EPO). On January 1, 2012, Fresenius Medical Care entered into a three-year sourcing and supply agreement with its EPO supplier. In the remaining two years, delays, stoppages, or interruptions in the supply of EPO could adversely affect the operating results of Fresenius Medical Care.

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