Note 20 - Contingent liabilities and other financial obligations
Rental obligations
As of 31 December 2022, the Group has a rental obligation of EUR 10.8 million (2021: EUR 11.3 million), of which the Parent Company’s obligation amounts to EUR 6.7 million (2021: EUR 7.3 million). The present part of the Parent Company’s leases may be terminated at 6 months, however the contract for the Domicile in DK cannot be terminated before May 2029 and hereafter 12 months.
Lease obligations
As of 31 December 2022, the remaining payments relating to leases amount to EUR 0.4 million (2021: EUR 0.4 million) for the Group. The remaining terms run from 6 to 60 months. The lease obligation of the Parent Company amounts to EUR 0.1 million (2021: EUR 0.1 million) of the total obligations.
Guarantees
As of 31 December 2022, total guarantees of EUR 5.3 million (2021: EUR 5.0 million) have been provided by the Group in connection with project completion. Guarantees provided by the Parent Company amounts to EUR 3.6 million (2021: EUR 3.5 million).
As of 31 December, the Parent Company has issued a guarantee of EUR 0.3 million (2021: EUR 0.3 million) with respect to operating credits in DHI Sweden. DHI Sweden has moreover provided its outstanding invoices as security for the company’s operating credit (EUR 0.2 million). Furthermore, The Parent Company has stated that it provides financial support to the Australian subsidiary, DHI Water & Environment Pty Ltd.
Note 21 - Related parties
Transactions
Related parties comprise DHI Fonden (the DHI Foundation), Board of Directors, Executive Board, Managers and other key employees and subsidiaries. Apart from usual intercompany transactions and usual management remuneration, no transactions were made during the year with related parties.
Transactions with related parties at arm's length have not been disclosed in accordance with section 98 c(7) of the Danish Financial Statements Act.
Ownership
DHI A/S is controlled by DHI Fonden (The DHI Foundation), Agern Allé 5, 2970 Hørsholm, Denmark which owns 100% of the shares. The DHI Foundation does not carry out any independent business, and no material transactions are conducted between the foundation and DHI.