Fiven Annual Report 2020

Factoring financing On 5 June 2019 Fiven entered into a master non-recourse factoring agreement with FACTOFRANCE. Each seller (Fiven Belgium and Fiven Norge) has entered into a credit insurance amendment agreement under which the factor benefits from the relevant credit insurance policy in respect of the relevant transferred receivables. At any time during the purchase period the factor agrees to purchase eligible receivables owned by the debtor up to a maximum amount determined by an approval limit relevant to Fiven Belgium and Fiven Norge, respectively. Leasing liabilities Lease liabilities are effectively secured as the rights to the leased assets recognized in the financial statements revert to the lessor in the event of default. Export financing Starting from January 2020 Fiven has an unsecured export credit facility covering export orders for Fiven Brazil to finance cost of production. The financing takes place upon presenta- tion of the orders, and credit lines are through Bradesco Bank and Santander Bank. Interest is paid upon repayment of the financing which normally takes place 180 days after drawing on the facility. MATURITY OF INTEREST-BEARING LIABILITIES AS OF 31 DECEMBER 2020 Amounts in EUR thousand 2021 2022 2023 2024 2025 2026+ Total Senior secured floating rate bond 56,500 56,500 Shareholder loan 1) 34,733 34,733 Factoring financing/Export financing 9,785 9,785 Total interest- bearing liabilities 9,785 91,233 - - - - 101,018 1) Interest is capitalized annually and added to the loan and thereafter bear interest. MATURITY OF INTEREST-BEARING LIABILITIES AS OF 31 DECEMBER 2019 Amounts in EUR thousand 2020 2021 2022 2023 2024 2025+ Total Senior secured floating rate bond 56,500 56,500 Shareholder loan 33,786 33,786 Factoring financing 5,526 5,526 Total interest- bearing liabilities 5,526 - 90,286 - - - 95,812 For lease liability, see note 12. Fiven Annual Report 2020 62   Financial statements