page | 3 Contents MANAGEMENT REPORT 04 Management report – Poul Due Jensens Fond (Grundfos Fonden) 07 Management report – Grundfos Group 11 Sustainability 13 Key figures and financial ratios MANAGEMENT’S STATEMENT AND AUDITOR’S REPORT 14 Management’s statement 14 Board of Poul Due Jensens Fond 15 Independent auditor’s report 16 Group structure overview 17 Board of Grundfos Holding A/S 17 Group Management CONSOLIDATED ANNUAL ACCOUNTS AND ANNUAL ACCOUNTS 18 Accounting policies 23 Consolidated profit and loss account 24 Consolidated balance sheet 26 Statement of changes in consolidated equity 27 Consolidated cash flow statement 28 Notes to the consolidated accounts 39 Profit and loss account for Poul Due Jensens Fond 40 Balance sheet for Poul Due Jensens Fond 41 Statement of changes in equity for Poul Due Jensens Fond 42 Notes to the accounts of Poul Due Jensens Fond 44 Group structure 45 Ownership
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