page | 3 Contents MANAGEMENT REPORT 04 Poul Due Jensen Foundation (Grundfos Foundation) 08 Management report 12 Financial status 15 Report on sustainability and social responsibility 17 Key figures and financial ratios, The Grundfos Group MANAGEMENT’S STATEMENT AND AUDITOR’S REPORT 18 Management’s statement 18 Board of the Foundation 19 Independent auditor’s report 20 Group structure overview 21 Board of Grundfos Holding A/S 21 Group Management CONSOLIDATED ANNUAL ACCOUNTS AND ANNUAL ACCOUNTS 22 The Grundfos Group: Accounting policies 27 Consolidated profit and loss account 28 Consolidated balance sheet 30 Statement of changes in consolidated equity 31 Consolidated cash flow statement 32 Notes to the consolidated accounts 42 Profit and loss account for the Poul Due Jensen Foundation 43 Balance sheet for the Poul Due Jensen Foundation 44 Statement of changes in equity for the Poul Due Jensen Foundation 45 Notes to the accounts of the Poul Due Jensen Foundation 48 Group structure 49 Ownership
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