Accrued expenses and other payables (Tables)

9 Months Ended

Sep. 30, 2020

Accrued expenses and other payables

Schedule of accrued expenses and other payables

The Company’s accrued expenses and other payables as of September 30, 2020 and December 31, 2019 are summarized as follows (figures are in thousands of USD):

	September 30, 2020		December 31, 2019
Accrued expenses	$	7,121	$	6,306
Accrued interest		525		104
Current portion of other long-term payable (See Note 10)		3,886		3,593
Other payables		2,056		2,431
Dividends payable to holders of non-controlling interests		441		—
Warranty reserves (1)		34,837		32,907
Total	$	48,866	$	45,341

(1) The Company provides for the estimated cost of product warranties when the products are sold. Such estimates of product warranties are based on, among other things, historical experience, product changes, material expenses, services and transportation expenses arising from the manufactured products. Estimates will be adjusted on the basis of actual claims and circumstances.

Schedule of product warranty liability

For the three and nine months ended September 30, 2020 and 2019, the warranties activities were as follows (figures are in thousands of USD):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Balance at beginning of the period	$	34,031	$	30,936	$	32,907	$	31,085
Additions during the period		3,947		4,563		12,303		12,064
Settlement within the period		(4,480)		(4,338)		(11,218)		(11,921)
Foreign currency translation loss/(gain)		1,339		(874)		845		(941)
Balance at end of the period	$	34,837	$	30,287	$	34,837	$	30,287