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| 2005 £m |
2004 £m |
|
|---|---|---|
| Raw materials | 151 | 147 |
| Work in progress | 487 | 423 |
| Long-term contracts work in progress | 137 | 148 |
| Finished goods | 808 | 624 |
| Payments on account | 47 | 63 |
| 1,630 | 1,405 | |
| Progress payments received against:1 | ||
| Long-term contracts | (104) | (178) |
| Other inventory | (217) | (137) |
| 1,309 | 1,090 | |
Inventories stated at net realisable value |
112 | 110 |
| Inventories pledged as security for liabilities | — | — |
| Amount of inventory write-down | 30 | 23 |
| Reversal of inventory write-down | 3 | 3 |
| 1 Includes payments received from joint ventures | 14 | 15 |