Dear colleague, At present, we find ourselves in a situation where we have not obtained the planned balance between sales and costs. And since our priority – above everything else – is to remain an economically healthy company and thus stay independent, we now have to reduce the growth of costs. These challenges have arisen since our sales have failed to grow as much as we had planned, although it actually appears that we are presently doing better than most of our competitors. But that’s the way it is. Sometimes you are in full control, and sometimes outside forces or events affect the state of things. I believe that many American citizens and companies have shared this feeling while Democrats and Republicans have been trying to reach an agreement on the household budget of the world’s economic superpower. The US debt is growing day by day, hour by hour. Yet, the political disagreements are so big that it is difficult to see any solution to the debt crisis. But the world needs assurance that the disagreements in the US will not lead to a new global crisis where everything comes to a halt, which was the case when the financial crisis hit everybody in 2008-2009. If this happens, Grundfos will be at risk of being hit too. But as I have already said, Grundfos is actually doing quite well at the moment. Our only problem is that we have planned for an even bigger growth in sales, and we have allowed costs to follow suit. This is the problem that we are now trying to solve for 2014. The solutions include rationalisation and making clearer priorities, allowing us to reach the same ambitious targets without spending more money. We must work smarter and work with the right opportunities. Our objective will be to keep working with the many good and futureoriented projects that we have started. Because, we do NOT find ourselves in a crisis which require us to save. We must adapt to a new situation and need to find new ways of working which will make us even more efficient. And when we do that, Grundfos will be stronger. Once again. 8 Giant pumps for demanding customers 22 Transferring has gotten under his skin Yours sincerely, Carsten Bjerg Group President 4 5 5 6 12 12 13 16 20 24 Acquisitions add new power to water treatment ALPHA2 came in as number 1 in German test Hungarian factories put us in a stronger position Ambitions in balance We provide water to the top of London Talents got to know us better Dark skies - but the sun is peeking through Intelligent pumps in the digital world Veljko shows the way Vietnamese village gets clean water 2 Gmagazine December 13
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