CONTENTS MANAGEMENT’S REPORT 04 Management’s report 08 Sustainability 11 Key figures and financial ratios MANAGEMENT’S STATEMENT AND AUDITOR’S REPORT 12 Group Management 12 Board of Directors 13 Management’s statement 14 Independent auditor’s report CONSOLIDATED ANNUAL ACCOUNTS AND ANNUAL ACCOUNTS 17 Consolidated profit and loss account 18 Consolidated balance sheet 20 Statement of changes in consolidated equity 21 Consolidated cash flow statement 22 Notes to the consolidated accounts 34 Grundfos Holding A/S Group: Accounting policies 39 Profit and loss account for Grundfos Holding A/S (Parent Company) 40 Balance sheet for Grundfos Holding A/S (Parent Company) 42 Statement of changes in equity for Grundfos Holding A/S (Parent Company) 43 Notes to the accounts of Grundfos Holding A/S (Parent Company) 50 Grundfos Holding A/S (Parent Company): Accounting policies 54 Group structure 55 Ownership 3
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