31 December 2020 Amounts in EUR thousand USD EUR BRL NOK Other Total 2021 Other non current (financial) assets - - - - - - Receivables 14 923 7 631 197 4 261 288 27 300 Other current (financial ) assets - - - - - - Cash and cash equivalents 934 3 273 - 80 94 4 382 Total monetary assets 15 858 10 904 197 4 342 382 31 682 Interest bearing liabilities 1 369 2 080 59 - (3) 3 504 Other liabilities - 66 - - - 66 Trade payables 14 160 2 338 - - 236 16 734 Total monetary liabilities 15 528 4 484 59 - 234 20 305 Derivatives notional value 2 070 5 949 - - - 8 020 Net currency exposure financial position (1 741) 470 139 4 342 148 3 358 Amounts in EUR thousand USD EUR BRL JPY NOK Other Total Sensitivity 2021: 10 % appreciation 510 (343) 12 N/A 826 11 1 017 10 % depreciation (510) 343 (12) N/A (826) (11) (1 017) Sensitivity 2020: 10 % appreciation (174) 47 N/A 14 434 15 336 10 % depreciation 174 (47) N/A (14) (434) (15) (336) The sensitivity related to financial assets and liabilities potential impact on Fiven's profit or loss, is based on a strengthening / weakening of main currencies by 10 percent against the functional currencies of the subsidiaries. If all the main currencies weakened against the functional currencies, the profit before tax would decrease by 1 017 kEUR. 1.2 Price Risk Fiven is exposed to fluctuation in the market prices in the operating business related to individual contracts and products. The way Fiven mitigates the price risk is through innovation, product differentiation and through improved cost competitiveness. 1.3 Commodity prices Sand, electricity and pet coke are the main raw materials in the manufacturing of Silicon Carbide and account for a significant portion of the total production costs. Whilst there is a forward marked for energy enabling Fiven to secure future needs with contracts signed today, pet coke and sand are purchased in the spot markets as no forward market exists. This means Fiven is exposed to fluctuation in the commodity markets for these raw materials. Fiven tries to keep multiple source options to avoid being overly depended on any particular supplier. 1.4 Interest rate risk Fiven’s interest risks arises from interest bearing liabilities granted by external financial institutions and owners. Fiven liabilities are drawn in EUR and USD (export credit facility in Brazil). Fiven financing have four pillars; a bond, a shareholder loan, a factoring facility and an export credit facility. All four facilities have in common that they have floating interest, and hence are exposed to fluctuating interest rates. With floating interest rates the group will normally be in a position to benefit from lower interest rates in an economic downturn, but a floating rate policy will also leave the group exposed to higher future interest rates. An increase of interest rates by 0.5 points per annum would impact the Group’s financials expenses Fiven Annual Report 2021 72 Financial statements
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