Fiven Annual Report 2020

DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITY Amounts in EUR thousand 31.12.2020 31.12.2019 Tax losses carried forward 432 148 Witholding tax expected to be credited 457 149 Other non current / Interest cost subject to limitations 2,538 1,018 Deferred tax assets 3,427 1,315 Unrecognized deferred tax asset, losses carried forward -432 -148 Unrecognized deferred tax asset, witholding tax -457 -149 Unrecognized deferred tax asset, interest cost subject to limitations -2,538 -1,018 Deferred tax assets recognized - - Net Deferred tax assets recognized 31.12 - - Deferred tax assets of 2,538 TEUR in 2020 (1,018 TEUR in 2019) relate to Norwegian limitations to interest deductions on net inter- est expenses, carry forward due to restrictions. The interest subject to limitations must be utilized within ten years. Deferred tax assets amounted to 432 TEUR in 2020 (148 TEUR in 2019) relate to tax loss and can be carried forward indefinitely. Total deferred tax assets of 3,427 TEUR is not recognized as deferred tax assets at 31 December 2020. Note 10 Cash and cash equivalents Amounts in EUR thousand 31.12.2020 31.12.2019 Cash and bank deposits (unrestricted) 9,561 2,700 Restricted bank deposits 1) 65 23 Total cash and bank deposits 9,626 2,723 1) Restricted cash is restricted funds deposited in the tax employee withholding account. Note 11 Interest bearing liabilities Amounts in EUR thousand Termination Rate 2020 2019 Senior secured floating rate bond Apr 5. 2022 EURIBOR+7.75% 55,598 54,967 Loan Tosca Intermediate Holdings Sàrl 1) Apr 6. 2022 EURIBOR+8.1% 34,733 33,786 Loan Matreaux Ceramiques (subs.) Apr 6. 2022 EURIBOR+8.1% 4,711 1,541 Total non-current liabilities 95,042 90,294 1) Interest is capitalized annually and added to the loan and thereafter bear interest. Fiven Annual Report 2020 84   Financial statements