Hillerød Forsyning Holding A/S Due Diligence

Run due diligence on Hillerød Forsyning Holding A/S: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by Hillerød Kommune (Denmark) · hfors.dk · 13 vendors

Hillerød Forsyning is a Danish municipal utility company serving the residents of Hillerød Municipality, providing waste management, clean drinking water, district heating, and wastewater treatment. The group is structured as a holding company (Hillerød Forsyning Holding A/S) with eight wholly owned subsidiaries covering water, wastewater, heat, waste handling, and renewable energy. It is 100% owned by Hillerød Municipality and operates as a non-profit public utility.

Resilience scores

Technology vendors

Insights

Last updated 2026-09-15 · revision 30

13 direct vendors, 123 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

9 in-scope frameworks identified; showing 3.

ISAE 3000 (source) — No public evidence

ISAE 3000 is a standard for assurance engagements other than audits or reviews of historical financial information. It is relevant for providing assurance on non-financial information, such as sustainability or cybersecurity reports.

Environmental Protection Act — No public evidence

Through its subsidiary Hillerød Spildevand A/S, the company is responsible for wastewater treatment and discharge, activities that are directly regulated under the Danish Environmental Protection Act.

Evidence: https://practiceguides.chambers.com/practice-guides/environmental-law-2025/denmark/trends-and-developments, https://www2.mst.dk/udgiv/publications/2001/87-7944-519-5/html/kap12_eng.htm, https://www.legal500.com/guides/chapter/denmark-environment/?export-pdf, https://eng.mst.dk/water/waste-water, https://ampeid.org/static/be92eaf5f553ba449c9ae11b120b333a/DNK_Environmental%20Protection%20Act..pdf, https://hfors.dk/

GDPR (source) — Evidence found

The company is established in Denmark (an EU member state) and processes the personal data of its customers and employees, making it directly subject to the General Data Protection Regulation.

Evidence: https://hfors.dk/selvbetjening/privatlivspolitik, https://beretning.hillerodforsyning.dk/privatlivspolitik/, https://hfors.dk/personer/spoergsmaal-om-gdpr, https://hfors.dk/files/media/document/Privatlivspolitik%2C%20Kundeforhold%2C%20Hiller%C3%B8d%20Forsyning%2C%20maj%202025.pdf, https://hfors.dk/files/media/document/Privatlivspolitik%20Eksterne%2C%20leverand%C3%B8rer%20og%20samarbejdspartnere%2C%20juli%202022.pdf

Financials

Three-year financials

Financial Resilience Score: 9/10

Hillerød Forsyning Holding A/S exhibits exceptional financial resilience characteristic of a municipality-owned regulated utility. The group's balance sheet is extraordinarily strong with equity of DKK 1.97 billion against annual revenue of approximately DKK 648 million, a solvency ratio of 99%, and a current (liquidity) ratio of 1,008%. This indicates the group is essentially unlevered at the holding level and holds substantial regulated infrastructure assets that provide a large capacity to absorb regulatory or capex shocks. The company benefits from monopoly service area rights within Hillerød Municipality for water, wastewater, district heating, cooling, and waste services, providing highly stable essential-service demand. Revenue is protected under a mixed regulatory regime: water and wastewater operate under revenue-cap regulation, waste and heat companies are non-profit 'rest-in-itself' entities, and remaining companies can generate profits used to finance the green transition. This structure dampens volatility considerably. Profitability has sharply improved from an EBIT loss of DKK -1.34M in 2022 to +DKK 85.5M in 2025, with net profit turning from -DKK 13.4M in 2022 to +DKK 39.9M in 2025. Gross profit tripled from 2022 to 2025 while revenue grew only ~6%, reflecting post-energy-crisis normalization and improved cost discipline. The company files annual reports on time and is audited by EY. The primary constraints on resilience are geographic concentration (single Danish municipality), regulatory dependency on Forsyningstilsynet, and significant ongoing capex needs for decarbonization.

Key strengths: Equity of DKK 1.97B with solvency ratio of 99%, Current/liquidity ratio of 1,008%, Monopoly service area for essential utilities in Hillerød Municipality, Single municipal owner (Hillerød Kommune) providing stable ownership, Regulated revenue framework dampens volatility, Sharp EBIT turnaround: -1.34M (2022) to +85.5M (2025), Independent audit by EY with on-time filings, Essentially unlevered balance sheet

Risk factors: Regulatory dependency on Danish revenue-cap regulation (Forsyningstilsynet), Large ongoing capex for green transition (electric boiler, heat pumps, geothermal exploration), 100% geographic concentration in one Danish municipality, Political counterparty risk from single municipal owner, November 2025 municipal election changed mayor to Conservative-led coalition, potentially affecting owner strategy, Operational disruption risk from single-site operations (e.g., 2024 wastewater line outage), No non-Danish diversification

Revenue by geography

Workforce by country

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