Silkeborg Forsyning A/S Due Diligence

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

Denmark · owned by Silkeborg Kommune (Denmark) · silkeborgforsyning.dk · 8 vendors

Silkeborg Forsyning A/S is a Danish municipal utility company headquartered in Silkeborg that delivers district heating (fjernvarme) and drinking water to approximately 55,000–60,000 consumers, and manages waste collection and wastewater treatment for the roughly 100,000 inhabitants of Silkeborg Municipality. The company employs around 200 staff and operates across four core service areas: district heating, drinking water, waste/recycling, and wastewater. It is wholly owned by Silkeborg Kommune (Silkeborg Municipality) and focuses on sustainable, climate-friendly utility solutions.

Resilience scores

Technology vendors

Insights

Last updated 2026-10-07 · revision 2

8 direct vendors, 187 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Migration Readiness: 5/10

Assessed by AI based on technology stack characteristics (cloud-native vs legacy, containerization, microservices), regulatory environment, data residency requirements, financial stability, and vendor lock-in risks. The score ranges from 0-10, where higher scores indicate better readiness for technology migration.

Silkeborg Forsyning's migration readiness is moderate, primarily constrained by its current technology stack and the complex regulatory environment. The reliance on platforms like Dynamicweb 9 and Microsoft ASP.NET suggests a more traditional, potentially monolithic application architecture, without explicit mention of cloud-native technologies such as containerization or microservices. This could necessitate significant refactoring efforts for a successful cloud migration. The company's status as an Essential Entity under NIS2 for its core services (drinking water, wastewater, energy) and its GDPR compliance impose stringent data protection, cybersecurity, and data residency requirements (implied EU/EEA). These regulations add considerable complexity to selecting cloud providers, ensuring compliance, and managing data sovereignty during a migration. Furthermore, a "medium" vendor lock-in risk across its 7 vendors indicates potential challenges and costs associated with disentangling from existing contracts and systems. While the stable financial position (DKK 566M net turnover in 2022) provides the capacity to fund a migration, the technical and regulatory hurdles, coupled with vendor dependencies, suggest that a comprehensive migration would require careful planning and significant investment to overcome these complexities. The existing digital self-service portal (minForsyning) and various integrations (MobilePay, SMS) do, however, demonstrate a foundation for digital service delivery that could be leveraged in a modernized cloud environment.

Compliance

10 in-scope frameworks identified; showing 3.

Miljøbeskyttelsesloven — Evidence found

The company's activities in water, wastewater, heating, and waste management are all subject to Denmark's primary Environmental Protection Act.

Evidence: https://silkeborgsektorplaner.viewer.dkplan.niras.dk/media/4514491/samlet-tillaeg-42.pdf, https://www.silkeborgforsyning.dk/nyheder/regnskab-for-silkeborg-forsyning-offentliggjort, https://en.addedvalues.eu/c/cases/silkeborg-forsyning, https://www.ca-eed.eu/ia-document/national-implementation-report-2016-denmark/, https://energy-cities.eu/countries/denmark/, https://www.odyssee-mure.eu/publications/efficiency-trends-policies-profiles/denmark.html

Affaldsloven — Evidence found

The company is responsible for waste management and recycling services in Silkeborg Municipality, placing it under the jurisdiction of Danish waste legislation.

Evidence: https://www.silkeborgforsyning.dk/genbrug-og-affald/lovgivning, https://www.silkeborgforsyning.dk/genbrug-og-affald/affaldsordninger, https://silkeborg.dk/borger/affald/affaldssortering, https://www.lawgratis.com/blog-detail/environmental-laws-at-denmark, https://practiceguides.chambers.com/practice-guides/environmental-law-2025/denmark/trends-and-developments

NIS2 (source) — No public evidence

The company operates in the energy (district heating) and water/wastewater sectors, which are listed as 'Essential Entities' under the NIS2 Directive. It is a large entity operating within the EU, meeting the applicability criteria.

Financials

Three-year financials

Financial Resilience Score: 8/10

Silkeborg Forsyning A/S demonstrates strong financial resilience underpinned by a very high equity base (~DKK 3.1-3.3 bn against revenue of ~DKK 835M) and a solidity ratio of 97.9% at the parent level in 2024. As a 100% municipally owned utility group (parent: Silkeborg Kommune) operating under the Danish regulated 'hvile-i-sig-selv' (rest-in-itself) model, the group is largely insulated from financial-market risk and commodity-price shocks over the long term. Its diversified portfolio spans district heating, water, wastewater, and waste/recycling — all essential services with inelastic demand. FY2025 marked a strong recovery with net profit of DKK 107M and EBIT of DKK 131M, driven by normalization after the energy crisis and the near-completion of the DKK 70M loss amortization tied to the DKVK electricity contract case at Silkeborg Varme A/S (DKK 27.7M repaid in 2024, remaining DKK 7.8M in 2025). However, risks remain: subsidiary Silkeborg Varme A/S shows negative equity in both 2023 and 2024 following a technical accounting change; liquidity at the parent is flagged as 'unsatisfactory' (ratio dropped from 45.9% in 2023 to 23.3% in 2024); and a heavy capex cycle tied to green-transition investments (biomass plant, large heat pump, Søholt wastewater rebuild, grid expansion) will keep investment needs elevated. Overall the group is highly resilient but faces segment-level pressures and significant investment demands.

Key strengths: Very high equity base (~DKK 3.1-3.3B) and solidity ratio of 97.9% at parent, 100% municipal ownership by Silkeborg Kommune eliminates financial-market risk, Regulated 'hvile-i-sig-selv' model insulates long-term earnings from commodity shocks, Diversified essential-service utility portfolio (heat, water, wastewater, waste), FY2025 earnings rebound with net profit DKK 107M after legacy loss amortization, Workforce growth from 125 (2021) to 174 (2025) reflecting expansion

Risk factors: Legacy DKVK electricity contract loss (~DKK 70M) being amortized through 2025, Subsidiary Silkeborg Varme A/S shows negative equity in 2023 and 2024, Heavy capex cycle for green-transition investments, Liquidity ratio at parent declined from 45.9% (2023) to 23.3% (2024), flagged as unsatisfactory, Regulatory and political exposure as municipally owned entity, Revenue volatility from Silkeborg Varme electricity-production activity (2021-2022 swing)

Revenue by geography

Revenue by product/service

Workforce by country

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