16.

Accrued expenses and other payables

The Company’s accrued expenses and other payables as of September 30, 2015 and December 31, 2014 are summarized as follows (figures are in thousands of USD):

	September 30, 2015		December 31, 2014
Accrued expenses	$	7,353	$	6,988
Accrued interest		69		121
Other payables		1,612		1,735
Dividends payable to common shareholders ⁽¹⁾		508		757
Dividends payable to non-controlling interests ⁽²⁾		-		817
Warranty reserves ⁽³⁾		24,293		25,011
Total	$	33,835	$	35,429

(1)

On May 27, 2014, the Company announced the payment of a special cash dividend of $0.18 per common share to the Company’s shareholders of record as of the close of business on June 26, 2014. As of September 30, 2015, dividends payable of $0.5 million remained unpaid.

(2)

In accordance with the resolution of the board of directors of Shenyang, in March 2015, Shenyang declared a dividend amounting to $1.1 million to its shareholders, of which $0.3 million was payable to the holder of the non-controlling interests. As of September 30, 2015, all of the dividends have been paid to the holder of the non-controlling interests.

(3)

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.

For the nine months ended September 30, 2015 and 2014, and for the year ended December 31, 2014, the warranties activities were as follows (figures are in thousands of USD):

					Year Ended
	Nine Months Ended September 30,				December 31,
	2015		2014		2014
Balance at beginning of the period	$	25,011	$	22,104	$	22,104
Additions during the period		6,779		8,333		12,341
Settlement within period, by cash or actual materials		(6,543)		(5,816)		(9,354)
Foreign currency translation loss		(954)		(200)		(80)
Balance at end of the period	$	24,293	$	24,421	$	25,011