REC Silicon Annual Report 2019

87 Notes to the financial statements, REC Silicon ASA REC Silicon Annual Report 2019 RECEIVABLES FROM SUBSIDIARIES Non-current interest-bearing receivables fromsubsidiaries are USD loans to the subsidiaries in USA (RECSilicon Inc. and RECSolar Grade Silicon LLC) with carrying value USD277,448 thousand at December 31, 2019 andUSD291,174 thousand at December 31, 2018. In 2019 and 2018 the Company has impaired these receivables by USD13,726 thousand andUSD391,889 thousand respectively. See noteM. CASH AND CASH EQUIVALENTS AND RESTRICTED BANK ACCOUNTS Cash and cash equivalents consist of bank deposits. Restricted bank accounts (not included as cash and cash equivalents) (USD INTHOUSAND) 2019 2018 Non-current 3,628 3,619 Current 191 190 Total restricted bank accounts 3,820 3,809 At December 31, 2019 and 2018 current restricted bank accounts include USD 8 thousand to secure employees’ tax deductions in REC Silicon ASA. See note 14 to the consolidated financial statements for a description of restricted bank accounts. INTEREST BEARING LIABILITIES (USD INTHOUSAND) 2019 2018 Non-current USD senior secured bond 110,000 110,000 Unamortized fees -1,395 -1,725 USD senior secured bond 108,605 108,275 Total non-current interest bearing liabilities 108,605 108,275 Current Indemnification loan 22,778 22,990 Total interest bearing liabilities 131,383 131,265 See note 17 to the consolidated financial statements for details of the Company’s interest-bearing liabilities. E D F