REC Silicon Annual Report 2019

94 Notes to the financial statements, REC Silicon ASA REC Silicon Annual Report 2019 DERIVATIVES, OTHER CURRENT LIABILITIES DERIVATIVES The indemnification option contract was the only derivative instrument held by the Company. The overviewof derivatives in note 11 to the consolidated financial statement is therefore representative for the Company for the periods presented. See notes 3 and 11 to the consolidated financial statements for a description, purpose, and accounting policies for derivatives. Specification of other current liabilities ATDECEMBER 31 (USD INTHOUSAND) 2019 2018 Accrued interest on interest-bearing liabilities 2,741 2,741 Accrued interest on tax liabilities 1) 4,938 4,616 Accrued operating costs 239 269 Total Other current liabilities 7,918 7,626 1) See note Q. IMPAIRMENT OF FINANCIAL ASSETS Impairment of shares in REC Silicon AS (USD INTHOUSAND) 2019 2018 At cost January 1 105,004 102,222 New Shares 3,100 2,783 At cost December 31 108,104 105,004 Accumulated impairment at January 1 -38,217 -38,217 Impairment -56,950 0 Accumulated impairment at December 31 -95,167 -38,217 Carrying value at December 31 12,938 66,787 REC Silicon ASA owns all the shares in REC Silicon AS which owns REC Silicon Inc. that is the holding company of the US operations. In addition, REC Silicon AS owns all the shares in REC Silicon Pte Ltd. In 2019 REC Silicon AS impaired the value of the shares in REC Silicon Pte Ltd with NOK 460,6million. As a consequence of the impairment loss in REC Silicon AS, REC Silicon ASA impaired their shares in REC Silicon AS. M L