DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES Amounts in EUR thousand 31 Dec 2021 31 Dec 2020 Tax losses carried forward - 432 Witholding tax expected to be credited 457 457 Other non current / Interest cost subject to limitations 3 492 2 538 Net Deferred tax assets/(liabilities) 3 949 3 427 Unrecognized deferred tax asset, losses carried forward - (432) Unrecognized deferred tax asset, witholding tax (457) (457) Unrecognized deferred tax asset, interest cost subject to limitations (3 492) (2 538) Net Deferred tax assets/(liabilities) recognized - - Deferred tax assets of 3 492 kEUR in 2021 (2 538 kEUR in 2020) relate to Norwegian limitations to interest deductions on net interest expenses. The interest subject to limitation must be utilized within ten years. Total deferred tax assets of 3 949 kEUR are not recognized as at 31.12.2021. Note 10 Cash and cash equivalents Amounts in EUR thousand 31 Dec 2021 31 Dec 2020 Cash and bank deposits (unrestricted) 10 610 9 561 Restricted bank deposits 1 63 65 Total cash and bank deposits 10 673 9 626 1 Restricted cash is related to income tax withheld from employees' wages and paid directly to the government by the employer. Note 11 Interest bearing liabilities Interest Total Amounts in EUR thousand Termination Rate 2021 2020 2021 2020 Loan Fiven Norge AS (subs.) Apr 6, 2022 EURIBOR+8.1% 228 374 9 671 10 181 Loan Fiven North America Inc (subs.) Jun 21, 2022 USDLIBOR+8.1% 3 - 83 - Total current assets 9 754 10 181 Senior secured floating rate bond - 2021 Jun 21, 2024 EURIBOR+6.85% 2 610 - 68 946 - Senior secured floating rate bond - 2019 Apr 5, 2022 EURIBOR+7.75% 3 311 5 059 - 55 598 Loan Tosca Intermediate Holdings Sàrl 1 Jun 22, 2024 EURIBOR+6.8914% 1 218 2 713 22 717 34 733 Loan Matreaux Ceramiques (subs.) Jun 22, 2024 EURIBOR+8.1% 135 125 1 801 1 666 Loan carbeto de Silício Sika Brasil Ltda (subs.) May 27, 2023 2.5% 75 45 3 120 3 045 Total non-current liabilities 96 584 95 042 1 In July 2021 the interest rate was reduced from EURIBOR+8.1% to EURIBOR+6.8914% with effect from May 13, 2019. Effect of reduced interest rate amounted to 1 138 kEUR in reduced interest cost and was recognized in profit and loss in 2021. Fiven Annual Report 2021 90 Financial statements
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