on people, open and trustwor thy and, not least, by being relentlessly ambitious. The founder always expressed a clear wish for Grundfos to be a company that would present a profit, while at the same time showing consideration for our surroundings and people. Many people would think that this is not possible. We believe that this very approach is required in order for a company to be successful. This is shown in the history of the Foundation and Grundfos. web site for the Foundation. Denmark needs commercial foundations to make sure that companies and workplaces are retained and developed. With the web site, The Poul Due Jensen Foundation wishes to share information and enter into a dialogue with the world around us based on the founder’s entrepreneurship, business concept and fundamental values. The Foundation suppor ted a number of projects and activities in 2012, including two interesting and impor tant projects: One is Maternity Worldwide, whose purpose is to reduce maternal mor tality in Africa. It must not cost life to give life, and the organisation is behind a villagebased development project in Ethiopia, where men and women receive training in contraception and signs of danger in connection with pregnancy and bir th. The other project is The Human Needs Project, the purpose of which is to set up ” town centres” in the slum districts of large cities, initially in Nairobi, Kenya. These ” town centres” are to ensure better hygiene and water supply for its citizens. 1.1bn the year before. The increase is mainly attributable to a dividend of DKK 622m received from Grundfos Holding A/S. The Foundation spent DKK 265m on purchasing shares in Grundfos Holding A/S, whereby the Foundation’s ownership interest increased from 86.6 per cent to 87.6 per cent. The Foundation’s 2013 profit af ter tax is expected to be at the same level as or slightly higher than in 2012. Read more about the Foundation at the web site: w w w.poulduejensensfond.dk or w w w.poulduejensenfoundation.com. 100th anniversary In 2012, the Grundfos founder, Poul Due Jensen, would have reached the age of 100. We hope and believe that he would have been satisfied with the company’s historic development and results. Also with the profit of the year, which shows that the company is able to do well in spite of global setback and crisis. Poul Due Jensen focused on establishing longterm relationships with customers and business par tners in order to achieve a sound financial position and mutual development. This remains the case. By means of innovation, ability to change and f lexibility, Grundfos has once again managed to achieve grow th at a turbulent time for many markets and despite a cer tain sense of pessimism in the global economy. Poul Due Jensen’s 100 th anniversary was celebrated by employees in many Grundfos companies around the world in recognition of the fact that his principles and ideals still exist and are still put into practice. And on that occasion, Poul Due Jensen’s Innovation Award and Poul Due Jensen’s Scholarship were established. Accounts of the Foundation The Foundation's 2012 accounts, which, like the 2011 accounts, recognise share of profit and value of the shareholding in the af filiated company, Grundfos Holding A/S, according to the equity method, show a profit of DKK 1.2bn as against DKK 1.3bn in 2011. The Foundation's total assets amount to DKK 12.7bn as against DKK 11.3bn in 2011. The value of the shareholding in Grundfos Holding A/S, which directly or indirectly owns all other companies in the Group, amounts to DKK 11.3bn. At the end of 2012, the Foundation's equity amounts to DKK 12.3bn as against DKK 10.9bn at the end of 2011. The Foundation's liquid resources amount to DKK 1.4bn at the end of 2012 as against DKK Open and communicating In future, impor tant decisions made by the Board of the Foundation regarding practical and responsible ownership and our social commitment and views expressed will be published on a new 5
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