Content MANAGEMENT REPORT 4 Global leader and trendsetter 7 Financial status 9 Sustainability 12 The Poul Due Jensen Foundation (the Grundfos Foundation) 13 Board of the Foundation 14 Key figures for the Grundfos Group MANAGEMENT STATEMENT AND AUDITORS’ REPORT 16 Management statement 17 Independent auditor’s report 18 Group Management 19 Group structure and Group Board of Directors CONSOLIDATED ANNUAL ACCOUNTS AND ANNUAL ACCOUNTS 20 Accounting policies 27 Profit and loss account 28 Consolidated balance sheet 30 Statement of changes in equity 31 Cash flow statement 32 notes to the consolidated accounts 44 Profit and loss account for The Poul Due Jensen Foundation 45 Balance sheet for The Poul Due Jensen Foundation 46 Statement of changes in equity for The Poul Due Jensen Foundation 47 notes to the accounts of The Poul Due Jensen Foundation 51 Group structure and ownership GRouP AnnuAl RePoRT 2011 | 3
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