| Accrued expenses and other payables |
9. Accrued expenses and other payables The Company’s accrued expenses and other payables as of June 30, 2025 and December 31, 2024 are summarized as follows (figures are in thousands of USD): | | | | | | | | | June 30, 2025 | | December 31, 2024 | Accrued expenses | | $ | 17,968 | | $ | 19,653 | Warranty reserves (1) | | | 39,676 | | | 35,337 | Dividends payable to common shareholders | | | — | | | 1,773 | Dividends payable to holders of non-controlling interests | | | 419 | | | 417 | Other payables | | | 1,939 | | | 2,058 | Balance at end of year/period | | $ | 60,002 | | $ | 59,238 |
| (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. |
For the three and six months ended June 30, 2025 and 2024, the warranties activities were as follows (figures are in thousands of USD): | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six months Ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | Balance at beginning of the period | | $ | 37,357 | | $ | 31,665 | | $ | 35,337 | | $ | 30,440 | Additions during the period | | | 4,828 | | | 4,996 | | | 9,278 | | | 8,859 | Settlement within the period | | | (2,621) | | | (3,606) | | | (5,101) | | | (6,193) | Foreign currency translation gain | | | 112 | | | (145) | | | 162 | | | (196) | Balance at end of the period | | $ | 39,676 | | $ | 32,910 | | $ | 39,676 | | $ | 32,910 |
|