Contents MANAGEMENT REPORT 04 Management report, Poul Due Jensens Fond (Grundfos Fonden) 07 Management report, The Grundfos Group 11 Sustainability 14 Key figures and financial ratios, The Grundfos Group MANAGEMENT’S STATEMENT AND AUDITOR’S REPORT 15 Management’s statement 15 Board of Poul Due Jensens Fond 16 Independent auditor’s report 18 Board of Grundfos Holding A/S 18 Group Management CONSOLIDATED ANNUAL ACCOUNTS AND ANNUAL ACCOUNTS 19 The Grundfos Group: Accounting policies 25 Consolidated profit and loss account 26 Consolidated balance sheet 28 Statement of changes in consolidated equity 29 Consolidated cash flow statement 30 Notes to the consolidated accounts 45 Profit and loss account for Poul Due Jensens Fond 46 Balance sheet for Poul Due Jensens Fond 47 Statement of changes in equity for Poul Due Jensens Fond 48 Notes to the accounts of Poul Due Jensens Fond 50 Group structure 51 Ownership page | 3
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