page | 3 Content MANAGEMENT REPORT 04 The Poul Due Jensen Foundation 07 Board of the Foundation 08 Management's report 10 Financial status 13 Report on sustainability and social responsibility 15 Key figures and financial ratios, the Grundfos Group MANAGEMENT STATEMENT AND AUDITOR’S REPORT 16 Management statement 17 Independent auditor's report 18 Group structure 19 Group Board of Directors 19 Group Management 19 Regional Management CONSOLIDATED ANNUAL ACCOUNTS AND ANNUAL ACCOUNTS 20 The Grundfos group: Accounting policies 25 Profit and loss account 26 Consolidated balance sheet 28 Statement of changes in equity 29 Cash flow statement 30 Notes to the accounts 40 Profit and loss account for The Poul Due Jensen Foundation 41 Balance sheet for The Poul Due Jensen Foundation 42 Statement of changes in equity for The Poul Due Jensen Foundation 43 Notes to the accounts of The Poul Due Jensen Foundation 46 Group structure 47 Ownership
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