Note 2 - Cost of sales (Tables)

12 Months Ended

Dec. 31, 2023

	Year ended December 31,
	2023		2022		2021
Inventories at the beginning of the year	3,986,929		2,672,593		1,636,673
Increase in inventory due to business combinations ^(*)	107,588		-		-
Decrease in inventory due to sale of subsidiaries	-		-		(10,662	)
Plus: Charges of the year
Raw materials, energy, consumables and other	5,277,507		5,772,031		3,841,551
Services and fees	437,804		293,490		208,472
Labor cost	1,403,546		1,160,085		824,071
Depreciation of property, plant and equipment	424,373		465,849		448,843
Amortization of intangible assets	11,582		11,754		7,645
Depreciation of right-of-use assets	30,352		33,244		35,910
Maintenance expenses	408,410		267,294		129,350
Allowance for obsolescence	13,581		24,901		23,296
Taxes	272,120		194,736		40,887
Other	216,220		178,691		98,159
	8,603,083		8,402,075		5,647,522
Less: Inventories at the end of the year	(3,921,097	)	(3,986,929	)	(2,672,593	)
	8,668,915		7,087,739		4,611,602

^(*)Related to the GPC, Isoplus anticorrosion coating division and Mattr’s pipe coating business unit acquisitions. For more information see note 34.