REC Silicon Annual Report 2019

55 Notes to the consolidated financial statements, REC Silicon Group REC Silicon Annual Report 2019 DERIVATIVE FINANCIAL INSTRUMENTS Fair values and carrying amounts 2019 2018 (USD INMILLION) ASSETS LIABILITIES ASSETS LIABILITIES Option contract 0.0 1.4 0.0 1.5 Total 0.0 1.4 0.0 1.5 Derivatives consist of an option contract which is a part of the indemnification agreement associated with the RECWafer bankruptcy and are denominated in NOK. Distribution of derivatives 2019 2018 (USD INMILLION) ASSETS LIABILITIES ASSETS LIABILITIES Total non-current derivatives 0.0 0.0 0.0 0.0 Total current derivatives 0.0 1.4 0.0 1.5 Total derivatives 0.0 1.4 0.0 1.5 RECEIVABLES Trade and other receivables (USD INMILLION) 2019 2018 Trade receivables and accrued revenues 37.6 44.3 Provision for loss on trade receivables -14.4 -14.4 Trade receivables - net 23.2 29.9 Prepaid costs 6.0 9.0 VAT and other public taxes and duties receivables 0.0 0.0 Other non-current and current receivables 1.3 1.9 Total Trade and other receivables 30.5 40.8 Specification of provision for loss on receivables (USD INMILLION) 2019 2018 At January 1 -14.4 -11.8 Change in provision for loss 0.0 -2.6 At December 31 -14.4 -14.4 The provision for doubtful accounts includes the impact of adopting IFRS 9 which requires the Company to estimate expected credit losses (ECL) based upon historical experience. At December 31, 2019 Other non-current receivables relate to municipal bonds of USD 2.8million issued by a local taxing district in the United States which are secured by future property tax payments made by the Company. The remaining USD 1.3million relates to tax amounts expected to be refunded in 2020 and 2021 due to the elimination of the Alternative MinimumTax (AMT) in the United States. 12 11