REC Silicon Annual Report 2019

93 Notes to the financial statements, REC Silicon ASA REC Silicon Annual Report 2019 INTEREST AND CURRENCY INTEREST INCOME, INTERNAL The Company conducts financing for the Group. The Company has loans to the US operation. See note D andM. In 2019 the Company and the borrowers agreed to make addendums to the loan agreements. Due to the borrowers’ financial position and outlook for the next two years (2019 and 2020) no interest should be calculated and paid. If the circumstances change during the period, the interest shall be changed back to the interest described in the loan agreements. No interest has been recognized in 2019. INTEREST EXPENSES, EXTERNAL Specification of interest expenses, external (USD INTHOUSAND) 2019 2018 Calculated interest on tax liability -367 -386 Interest USD Senior Secured bond -12,980 -9,281 Interest USD Convertible bond 0 -2,078 Interest NOK bond 0 -2,079 Total Interest expenses, external -13,347 -13,823 Interest expenses on USD Senior Secured bond include expensing of upfront fees, see note 25 to the consolidated financial statements. OTHER FINANCIAL EXPENSES Other financial expenses for 2018 includeUSD2,799 thousand related to excess price paid for buy back of USDConvertible bond andNOKbond. CURRENCYGAINS AND LOSSES Specification of net currency gains and losses (USD INTHOUSAND) 2019 2018 Net currency gains on liabilities denominated in NOK 495 2,058 Net currency gains / losses on other - mainly bank deposit -151 1,017 Total Net currency gains and losses 344 3,075 K