Contents MANAGEMENT’S REPORT 04 Management’s report 2019 07 Key figures and financial ratios MANAGEMENT’S STATEMENT AND AUDITOR’S REPORT 08 Group Management 08 Board of Directors 09 Management’s statement 10 Independent auditor’s report CONSOLIDATED ANNUAL ACCOUNTS AND ANNUAL ACCOUNTS 13 Consolidated profit and loss account 14 Consolidated balance sheet 16 Statement of changes in consolidated equity 17 Consolidated cash flow statement 18 Notes to the consolidated accounts 30 Grundfos Holding A/S Group: Accounting Policies 35 Profit and loss account for Grundfos Holding A/S (Parent Company) 36 Balance sheet for Grundfos Holding A/S (Parent Company) 38 Statement of changes in equity for Grundfos Holding A/S (Parent Company) 39 Notes to the accounts of Grundfos Holding A/S (Parent Company) 48 Grundfos Holding A/S (Parent company): Accounting Policies 52 Group structure 53 Ownership 2 3
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