We’re staying on course The first six months of 2011 have passed, and it is time for us to take stock of the situation. Grundfos follows the plans we have made and we can present yet another satisfactory interim result. We’re staying on course. During this period, the turnover increased by 10 per cent in comparison with last year. Nevertheless, we need to remain cautiously optimistic. Grundfos’ turnover increased by 10 per cent in comparison with 2010. Our turnover now amounts to 1.3 billion euro, and the pre-tax profit is 105 million euro. These six months have been good to Grundfos and satisfactory at a time characterised by major fluctuations and great challenges. Turnover has increased in all sales regions. The most significant increases are seen in relatively new markets such as Russia and China, which have presented impressive growth rates of 25 per cent. However, the other countries in the Far East, and not least our STAR region, help to ensure growth. With the low growth rates in Western Europe, particularly in Southern Europe, we are happy to see the effects of Grundfos having globalised our activities in time. Not only have sales undergone a positive development. Since the early months of 2010, the Group has had no net debt. Our net deposits amount to 255 million euro at the end of the first half of 2011. This is a 161 million euro increase in comparison with the same date last year. This is due to our special focus on controlling the Group’s working capital – creditors, debtors and stocks. I expect this progress will come to characterise all of 2011 – with certain reservations, though. In my opinion, we may be facing a difficult second half of 2011. The global financial situation presents many elements of uncertainty, and it has become much more difficult to predict even the near future. I think that we will have to get used to this situation. In future, uncertainty and greater turbulence in our markets will become the rule rather than the exception. Luckily, we remain well prepared for turbulent times. This is also because of our strong values, which have just been revitalised with great success throughout our organisation. I have received positive feedback from many companies, stating that the values have been discussed in detail and were well received by our colleagues all over the world. CONTENTS Constant activity at the die cast plant 8 Best regards Carsten Bjerg Group President and CEO 27 New concept in the pipeline for cooling systems on ships
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