(11) Inventories

The company's inventories consist almost exclusively of merchandise.

in th. euros   31.12.2008   31.12.2007
Inventories, gross   53,972   49,084
Valuation allowances   1,854   2,267
Inventories   52,118   46,817

The carrying amount of value adjusted inventories came to 3,387 thousand euros as of 31 December 2008 (prior year: 5,816 thousand euros).