Annual
Report
CVR no.: 31 85 83 56
The annual report (1.1.2022 – 31.12.2022) is presented
and approved at the Annual General Meeting on
28 April 2023. Conductor: Andreas Ilum
Transition to IFRS
From nancial year 2022 onward, Grundfos will present its nancial
statements under International Financial Reporting Standards (IFRS)
as adopted by the European Union.
IFRS represent globally recognised accounting standards that enhance the
quality and comparability of the nancial information and ensure more
transparency in the interest of Grundfos’ key stakeholders.
The transition to IFRS impacts our accounting policies. The key areas
affected during 2022 are:
• Goodwill is no longer amortised but instead annually tested for impairment
• Lease contracts are recognised in the balance sheet as right of use assets
and lease liabilities
The IFRS conversion also affects other areas with less signicance to the
nancial statements.
Among others the nancial statements now include a statement of Grundfos’
comprehensive income which details value accretion or impairment during the
period and contains a number of extensive disclosures, which are described in
the notes sections of the report.
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
1. Management’s Report
2. Management’s Statement
and Auditor’s Report
3. Consolidated
Financial Statements
4. Parent Company Financial
Statements Grundfos Holding A/S
Table of contents
29
98
21
16
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Management’s Report
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Meeting customer expectations in a turbulent
external environment
MANAGEMENT’S REPORT
Management’s
Report 2022
33.3bn
Revenue in DKK
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Conversion to International Financial Reporting
Standards
Strong sales growth driven by price increases
A quick overview
MANAGEMENT’S REPORT
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Implementing our divisional structure
Our Group KPIs
Research and development
Intellectual capital resources
Financial risks
Foreign exchange risk
MANAGEMENT’S REPORT
Sales growth
Customer satisfaction
Employee motivation and
satisfaction
Return on sales
Cash Conversion
Sustainability Index
12.1%
sales growth
KPI
Sales growth
12.1% 10.4% Grow more than served market (avg. 4%)
Customer satisfaction
80 80 81
Employee motivation and satisfaction
76 77 78
Return on sales (performance EBIT/Net sales)
11.8% 11.4% 10%
Cash conversion
0.38 0.89 Average 0.75
Sustainability index
62 51 100
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Other nancial risks
business.
Sustainability performance
Management’s Report on the parent company
20,026
employees
MANAGEMENT’S REPORT
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Uncertainty relating to recognition and measurement
In preparing the Consolidated Annual Accounts,
management makes a number of estimates and
assumptions related to recognition and measurement
of assets and liabilities, all of which are inherently
subject to uncertainty. As at 31 December 2022,
estimates and assumptions are particularly relevant in
respect of the assessment of the costs associated to
the exit of Russia and Belarus (note 7).
Grundfos is, as disclosed in note 28, party to ongoing
disputes and legal actions. None of these disputes and
legal actions will have a significant impact on our
financial position beyond what has been recognised
and stated in the Annual Report.
Outlook for 2023
Macroeconomic indicators point in the direction of
a slow-down in the global economy and a potential
recession in a number of geographies. As a globally
operating business this will have an impact on
Grundfos. Supply chain issues still remain and may
impact sales, however, to a significantly lesser extent
than in 2022.
At the same time the need for energy efficient
solutions is growing driven by shortage of energy,
Please find our Sustainability Report here:
Denition of
KEY FIGURES AND FINANCIAL RATIOS:
Sales growth:
in DKK.
Sales growth in local currencies:
Return on equity:
Equity ratio:
Net cash ow from operating and
investment activities:
Key gures and nancial ratios – The Grundfos Group
MANAGEMENT’S REPORT
1 January – 31 December 2022
2022 2021 2020 2019 2018
CONSOLIDATED PROFIT AND LOSS ACCOUNT
CONSOLIDATED PROFIT AFTER TAX 2,016 2,659 1,931 2,208 1,762
CONSOLIDATED BALANCE SHEET - ASSETS
TOTAL ASSETS 30,792 29,268 25,395 25,214 27,706
LIABILITIES
TOTAL LIABILITIES AND EQUITY 30,792 29,268 25,395 25,214 27,706
KEY FIGURES AND RATIOS
Not adjusted for IFRS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
MANAGEMENT’S REPORT
Group
Management
Morten Bach Jensen
Mikael Geday
Bent Jensen
Jens Ulrik Gernow
Poul Due Jensen
Stéphane Simonetta
HP Nanda
Mirjam Baijens
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
MANAGEMENT’S REPORT
Board of
Directors
Jens Winther Moberg
Cindy Grönke
Carsten Joachim Reinhardt
Kitty Thaarup Herholdt
Rudolf Martini
Torben Ømark
Jacoba Theresia Maria
van der Meijs
Henrik Ehlers Wulff
Jens Maaløe
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Domestic
Building Services
9,426m
Revenue 2022 in DKK
(2021: DKK 8,218m)
Strong performance despite global
headwinds
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Commercial
Building Services
6,268m
Revenue 2022 in DKK
(2021: DKK 5,545m)
A challenging but solid 2022
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
vv
Water Utility
4,980m
(2021: DKK 4,339m)
A challenging but sound 2022
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
vv
Industry
A record 2022
8,217m
(2021: DKK 6,820m)
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Possibility
in every drop
We believe there is “Possibility in every drop”.
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Registered Group Management
MANAGEMENT’S STATEMENT AND AUDITOR’S REPORT
Management’s
Statement
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Member of the Board
Member of the Board
Member of the Board
Member of the Board
Member of the Board,
elected by employees
Member of the Board,
elected by employees
Member of the Board,
elected by employees
MANAGEMENT’S STATEMENT AND AUDITOR’S REPORT
Independent
Auditor
’s Report
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
19 \ ANNUAL REPORT 2022
MANAGEMENT’S STATEMENT AND AUDITOR’S REPORT
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
•
•
•
•
CVR no. 30 70 02 28
Customer considerations
grow working capital
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Consolidatednancialstatements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Consolidated statement of prot and loss
CONSOLIDATED FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
1 January - 31 December 2022
NOTE 2022 2021
Revenue
1
Production cost
(19,727 )
(16,850 )
GROSS PROFIT
Research and development cost
2
(1,654 )
(1,542 )
Selling and distribution cost
3
(5,118 )
(4,686 )
Administrative cost
4
(2,903 )
(2,389 )
EARNINGS BEFORE INTEREST AND TAX (EBIT) BEFORE SPECIAL ITEMS
Special items
7
(851 )
EARNINGS BEFORE INTEREST AND TAX (EBIT)
Finance income
8
Finance expenses
8
(486 )
(189 )
PROFIT BEFORE TAX
Income tax expenses
9
(733 )
(711 )
PROFIT FOR THE YEAR
ATTRIBUTABLE TO:
Shareholders of Grundfos Holding A/S
Non-controlling interests (NCI)
TOTAL
Consolidated statement of other comprehensive income
CONSOLIDATED FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
1 January - 31 December 2022
NOTE 2022 2021
PROFIT FOR THE YEAR
Other comprehensive income that may be reclassified to profit and loss in subsequent periods:
Exchange rate adjustments on foreign operations
Net gain/loss on cash flow hedges
(179 )
Tax on foreign exchange adjustments and hedging instruments
(94 )
OTHER COMPREHENSIVE INCOME THAT MAY BE RECLASSIFIED TO PROFIT AND LOSS IN SUBSEQUENT PERIODS, NET OF TAX
Other comprehensive income that will not be reclassified to profit and loss in subsequent periods:
Remeasurement gain/loss on defined benefit plans
18
Tax on defined benefit plans
9
(85 )
(53 )
OTHER COMPREHENSIVE INCOME THAT WILL NOT BE RECLASSIFIED TO PROFIT AND LOSS IN SUBSEQUENT PERIODS,
NET OF TAX
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX
TOTAL COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX
Attributable to:
Shareholders of Grundfos Holding A/S
Non-controlling interests (NCI)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX
Consolidated statement of nancial position
ASSETS
CONSOLIDATED FINANCIAL STATEMENTS
As at 31 December 2022
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
NOTE 2022 2021 * 1 JANUARY 2021
NON-CURRENT ASSETS
INTANGIBLE ASSETS
Goodwill
10
Other intangible assets
10
Completed development projects
10
Development projects in progress
10
TOTAL INTANGIBLE ASSETS
PROPERTY, PLANT AND EQUIPMENT
Land and buildings
11
Technical installations and machinery
11
Other technical installations
11
Property, plant and equipment in progress
11
Right-of-use assets
12
TOTAL PROPERTY, PLANT AND EQUIPMENT
FINANCIAL ASSETS
Securities
13
Deferred tax assets
9
Pension assets
18
Other accounts receivable
TOTAL FINANCIAL ASSETS
TOTAL NON-CURRENT ASSETS
CURRENT ASSETS
Inventories
14
Trade and other receivables
15
Income tax receivable
Securities
13
Cash and cash equivalents
16
TOTAL CURRENT ASSETS
TOTAL ASSETS
Consolidated statement of nancial position
As at 31 December 2022
CONSOLIDATED FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
NOTE 2022 2021 * 1 JANUARY 2021
EQUITY
Share capital
17
Hedge transaction reserve
(136 )
Exchange adjustment reserve
Retained earnings
Proposed dividend
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF GRUNDFOS HOLDING A/S
Non-controlling interests
TOTAL EQUITY
NON-CURRENT LIABILITIES
Pensions and similar obligations
18
Provisions
19
Deferred tax liabilities
9
Lease liabilities
12, 20, 25
Interest-bearing debt
20, 25
Total non-current liabilities
CURRENT LIABILITIES
Provisions
19
Trade and other payables
21
Interest-bearing debt
20, 25
Lease liabilities
12, 20, 25
Income tax payable
Other liabilities
22
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
TOTAL LIABILITIES AND EQUITY
Consolidated statement of cash ows
CONSOLIDATED FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
1 January - 31 December 2022
NOTE 2022 2021
NOTE 2022 2021
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
(551 )
(1,367 )
Cash and cash equivalents as at 1 January
EXCHANGE RATE ADJUSTMENTS
(13 )
Available fund (Opening)
CASH AND CASH EQUIVALENTS AS AT 31 DECEMBER
OPERATING ACTIVITIES
Profit after tax
Depreciation and amortisation of non-current assets
7, 10, 11, 12
Finance income
8
(147 )
(292 )
Finance expenses
8
Loss on disposal of property, plant and equipment
Other adjustments
Tax for the year
9
Changes in net working capital
24
(2,201 )
Changes in warranty and other provisions
(311 )
CASH FLOW FROM OPERATING ACTIVITIES BEFORE
FINANCIAL ITEMS AND TAX
Taxes paid
(602 )
(868 )
Interest paid and realised currency losses
8
(66 )
(126 )
Interest received and realised currency gains
8
Interest paid on lease liabilities
8, 12
(10 )
(11 )
CASH FLOW FROM OPERATING ACTIVITIES
INVESTING ACTIVITIES
Purchase of property, plant and equipment
11
(1,234 )
(1,078 )
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
10
(193 )
(256 )
Acquisition of subsidiaries, net of cash acquired
27
(1,547 )
Disposal of subsidiaries, net of cash disposed
(19 )
Purchase of securities
13
(2,213 )
(2,439 )
Sale of securities
13
CASH FLOW FROM INVESTING ACTIVITIES
(1,417 )
(4,044 )
NET CASH FLOW FROM OPERATING AND INVESTING ACTIVITIES
FINANCING ACTIVITIES
Payment of principal portion of lease liabilities
25
(223 )
(194 )
Proceeds from borrowings
25
Repayment of borrowings
25
(28 )
(320 )
Purchase of own shares
(22 )
(29 )
Dividend paid
(1,275 )
(950 )
CASH FLOW FROM FINANCING ACTIVITIES
(1,546 )
(1,406 )
Consolidated statement of changes in equity
Exchange adjustment reserve
CONSOLIDATED FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
HEDGE
EXCHANGE
EQUITY
ATTRIBUTABLE TO
SHAREHOLDERS
NON
1 January - 31 December 2022
NOTE
SHARE
CAPITAL
RETAINED
EARNINGS
TRANSACTION
RESERVE
ADJUSTMENT
RESERVE
PROPOSED
DIVIDEND
OF GRUNDFOS
HOLDING A/S
CONTROLLING
INTEREST
EQUITY
BALANCE AT 1 JANUARY 2021
PROFIT/LOSS FOR THE YEAR, ATTRIBUTABLE TO
SHAREHOLDERS
Exchange rate adjustments, affiliated companies, etc.
Actuarial
gain/loss
18
Fair value adjustment of hedging instruments
(179 )
(179 )
(179 )
Tax on other comprehensive income
(53 )
(32 )
(47 )
(47 )
TOTAL OTHER COMPREHENSIVE INCOME
Dividend
paid
17
(141 )
(950 )
(950 )
(950 )
Purchase of treasury shares
(220 )
(220 )
(220 )
Sale of own shares
Share-based compensation expenses
TOTAL TRANSACTIONS WITH SHAREHOLDERS 0
BALANCE AT 31 DECEMBER 2021 381
PROFIT/LOSS FOR THE YEAR, ATTRIBUTABLE TO
SHAREHOLDERS
Exchange rate adjustments, affiliated companies, etc.
Actuarial
gain/loss
18
Fair value adjustment of hedging instruments
(950 )
(946 )
(946 )
(136 )
(4 )
Tax on other comprehensive income
(85 )
(54 )
(40 )
(179 )
(179 )
TOTAL OTHER COMPREHENSIVE INCOME
Dividend
paid
17
(4 )
(1,275 )
(1,275 )
(1,275 )
Purchase of treasury shares
(271 )
(271 )
(271 )
Sale of own shares
Share-based compensation expenses
TOTAL TRANSACTIONS WITH SHAREHOLDERS 0
BALANCE AT 31 DECEMBER 2022 381
(1,275 )
(1,253 )
(1,253 )
We create energy
ecientsolutionsto
save costs and the planet
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Notes index
Note 1 .............................................................................................................31
Note 2 ...............................................................32
Note 3 ......................................................................32
Note 4 ......................................................................................32
Note 5 ...........................................................................................................33
Note 6 .....................................34
Note 7 ...................................................................................................34
Note 8 ..................................................................35
Note 9 .......................................................................................................................36
Note 10 ............................................................................................38
Note 11 .................................................................41
Note 12 .................................................................................................................43
Note 13 ..........................................................................................................45
Note 14 .......................................................................................................46
Note 15 .......................................................................47
Note 16 .........................................................................48
Note 17 ...................................................................................................
Note 18 ...............................................................50
Note 19 .........................................................................................................54
Note 20 ....................................................................................55
Note 21 ............................................................................55
Note 22 ..............................................................................................56
Note 23 .................................56
Note 24 ........................................................................56
Note 25 .....................57
Note 26 ....................................................58
Note 27 .................................................................................60
Note 28 ...........................................................62
Note 29 ................................63
Note 30 ....................................................................................
Note 31 ...........................................................70
Note 32 ................................................................................................75
Note 33 ........................................................76
Note 34 .............................................................76
Note 35 ........................................77
Note 36 .............80
CONSOLIDATED FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Notes to the consolidated nancial statements
Revenue
CONSOLIDATED FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Research and development cost
Selling and distribution cost
Administration cost
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Staff Cost
COMPANY
COMPANY
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Depreciation, amortisation and impairments
Special items
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Finance income and expenses
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Tax
Income taxes in statement of prot and loss and reconciliation
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Deferred taxes
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Intangible assets
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Impairment test
Per the end of 2022, the reported goodwill amounts to DKK 1,228m. Goodwill primarily arose from the acquisitions of Silhorko-Eurowater in 2020 and the Mechanical Equipment Company Inc. (MECO) in 2021.
Goodwill represents the premium paid by Grundfos above the fair value of the net tangible assets acquired. It is attributable to synergies and know-how resulting from the combination of the businesses
and the value of the employee base.
Goodwill is allocated to cash-generating units which are determined to be the most appropriate business segment levels it pertains to. For the reporting period, following cash generating units were identied:
(i) Water Treatment Solutions and (ii) Industry Division. The allocation of the goodwill to the cash generating units is specied in above table.
As at the reporting date, an impairment test was performed on the carrying amount of intangible assets with indenite useful lives which for the reporting period only represents goodwill.
Impairment tests are performed based on expected future cash ows that are built from budgets and long-term business plans. The carrying amount of the net assets including goodwill is compared to the recoverable
amount. The recoverable amount is calculated using cash ow projections for a 5-year period which from thereafter converge into a terminal value applying perpetuity growth. The projected cash ows represent
management’s best estimate of revenue, protability and investment plans for the cash generating units.
The discount rate applied to cash ow projections is 9.0% and terminal value cash ows are extrapolated using a 2.5% growth rate which represents the estimated long-term average growth rate for the industry.
The impairment test concluded that the recoverable amounts are in excess of the carrying amount of the cash generating units and that no impairment is required.
Key assumptions and sensitivity analysis
The recoverable amount of the Water Treatment Solutions business is determined to be in close range to the carrying amount and the impairment test results are sensitive to assumptions made for the (i) EBITDA growth
rate (ii) the terminal value growth rate and (iii) the discount rate. Each of these parameters have been assessed and estimated using the most recently available market data and management’s experience and best judge-
ment on the business outlook.
The EBITDA growth rate is built on assumptions on volume growth and protability expectations that leverage synergies. A change in EBITDA margin by +/- 1% point will change the value of the cash generating unit by +/-
8.5% (DKK 195m in either direction). The terminal value growth rate is in line with long term industry average growth projections at 2.5%. A change in the growth rate by +/-0.5%-point will increase or decrease the value of
the cash generating unit by 4.8% (DKK 110m) and 4.1% (DKK 94m) respectively.
The discount rate applied to cash ow projections is 9.0%. This rate was determined based on available market data and an assessment of the risk prole of the individual entities. Specically, a risk-free interest rate based
on the current yield of a 10-year government bond in the relevant geography plus an estimated market-risk premium are used to estimate the required rate of return on equity. Estimated risk premiums are then added,
depending on industry, business model and geography. The required rate of return on debt is based on an estimated credit assessment of the entities and current interest rate levels. The required rates of return on equity
and debt are weighted using a capital structure based on a group of company peers. An increase in the weighted average cost of capital (WACC) by 0.5%-point will decrease the equity value of the cash generating unit by
8.3% (DKK 190m) and a decrease in the WACC by 0.5% point will increase the equity value of the cash generating unit by 9.7% (DKK 220m).
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Property, plant and equipment
LAND AND
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Leases
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
207
10 11
126 121
26 24
369 354
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Securities
Bonds
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Inventories
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Trade and other receivables
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Credit risk
-
-
C
ash and cash equivalents
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Share Capital
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Pension and similar obligations
Switzerland
UK
Actuarial assumptions
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
UK UK
Sensitivity analysis
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
700
626
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Provisions
Restructuring
Other
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Bank and other loans
Trade and other payables
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Other Liabilities
Fees to auditors appointed by the shareholders
Changes in working capital
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Changes in liabilities arising from nancing activities
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Share-based compensation expenses
Long-Term Incentive Programme (LTI)
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Expense recognised during the year
Employee Share Purchase Plan (ESP)
Inputs and model used
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Business Combination
Acquisitions in 2022
Acquisitions in 2021
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Commitments and Contingencies
Commitments
Contingencies
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Financial risks
Financial risk management and nancial assets
Market Risk
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Financial instruments by category
FINANCIAL RISKS
Bonds
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Fair value measurement
Fair value hierarchy
Bonds
Bonds
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Valuation techniques and assumptions used
Foreign currency risks
Securities
Foreign Exchange Derivatives
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
INCREASE IN
GBP
Liquidity risk
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
As at 31 December 2022
As at 31 December 2021
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Capital management
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Hedging activities and derivatives
Foreign currency risk
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
As at 31 December 2022
Asset
Liability
Notional
Amount
GBP
GBP
GBP
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Asset
Liability
Notional
Amount
GBP
GBP
-
GBP
-
-
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Asset
Liability
Notional
Amount
GBP
GBP
GBP
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
RECOGNISED IN OCI
RECOGNISED
Fair value hierarchy
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Group companies
Related parties
Group information
Ownership
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Transactions with related parties
Other related parties
Information regarding the Group
Corporate information
Events after the balance sheet date
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Judgements
Special items
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Revenue
Pump solutions
Service sales
Project sales
CONSOLIDATED FINANCIAL STATEMENTS
Production cost
Research and development cost
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Staff cost
Special items and earnings before interest and tax (EBIT) before special items
CONSOLIDATED FINANCIAL STATEMENTS
Finance income and expenses
Goodwill
Other Intangible Assets
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Development Projects
CONSOLIDATED FINANCIAL STATEMENTS
Property, plant and equipment
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Right-of-use assets and lease liability
CONSOLIDATED FINANCIAL STATEMENTS
Trade receivables and other receivables
Inventories
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Provisions
Pension and similar obligations
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Tax
Share Based Payments
Income tax
Current tax
Deferred tax
Uncertain tax positions
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Financial Instruments
Fair Value Measurements
Financial Assets and Financial liabilities
Derivatives and hedge accounting
LEVEL 1:
LEVEL 2:
LEVEL 3:
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Business Combination
Government grants
Foreign currency translation
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Cash ow statement
Contingent liabilities and assets
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
First time adoption of IFRS
Exemptions applied
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
DK GAAP
A
B
D
Group reconciliation of equity as at 1 January 2021 (date of transition to IFRS)
CONSOLIDATED FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Group reconciliation of equity as at 1 January 2021 (date of transition to IFRS)
DK GAAP
H
B
91 91
B
CONSOLIDATED FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Group reconciliation of equity as at 31 December 2021
DK GAAP
A
B
D
CONSOLIDATED FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Group reconciliation of equity as at 31 December 2021
DK GAAP
D
B
31 31
B
D
D
CONSOLIDATED FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
DK GAAP
B
293 0 293
B
DK GAAP
-
Group reconciliation of total comprehensive income for the year ended 31 December 2021
CONSOLIDATED FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Notes to the reconciliation of equity as at 1 January 2021 and 31 December 2021
and total comprehensive income for the year ended 31 December 2021
DK GAAP.
CONSOLIDATED FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Group reconciliation of Cash Flow for the year ended 31 December 2021
DK GAAP
IFRS
CONSOLIDATED FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Group reconciliation of Cash Flow for the year ended 31 December 2021
DK GAAP
IFRS
CONSOLIDATED FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Grundfos will always
be about innovation
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Parent Company
Financial Statements
Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Statement of prot and loss
PARENT COMPANY FINANCIAL STATEMENTS
1 January - 31 December 2022
4 (1,814) (1,527)
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Statement of other comprehensive income
1 January - 31 December 2022
PARENT COMPANY FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Statement of nancial position
As at 31 December 2022
280 377 470
PARENT COMPANY FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Statement of nancial position
As at 31 December 2022
PARENT COMPANY FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Statement of cash ows
1 January - 31 December 2022
PARENT COMPANY FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Statement of changes in equity
EARNINGS
PROPOSED
OF GRUNDFOS
PARENT COMPANY FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Notes index
Note 1 .............................................................................................................107
Note 2 ...............................................................107
Note 3 ......................................................................107
Note 4 .......................................................................................108
Note 5 .....................................................................108
Note 6 .......................................................................................................................
Note 7 ............................................................................................111
Note 8 .................................................................113
Note 9 .................................................................................................................114
Note 10 .......................................................116
Note 11 ...117
Note 12 ....................................................................................................117
Note 13 ...........................................................................................................118
Note 14 ..........................................................................
Note 15 ....................................................................................................
Note 16 ..........................................................................................................120
Note 17 ....................................................................................121
Note 18 ............................................................................121
Note 19 ............................................................................................... 122
Note 20 .................................122
Note 21 ...........................................................................................................123
Note 22 .....................................................124
Note 23 ................................126
Note 24 ...........................................................131
Note 25 ................................................................................................136
Note 26 ...........................................................137
Note 27 ........................................................137
Note 28 ...........................................138
PARENT COMPANY FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Notes to the accounts of Grundfos Holding A/S
Revenue
Research and development cost
Selling and distribution cost
PARENT COMPANY FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Administration cost
Finance income and expense
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Tax
Income taxes in statement of prot and loss and reconciliation
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Deferred taxes
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
IN PROGRESS
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
Intangible assets
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
327
64
94
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Property, plant and equipment
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Leases
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Investments in afliated companies
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Accounts receivable from and payables to afliated companies
Prepayments
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Securities
Bonds
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Cash and cash equivalents
Share Capital
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Provisions
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Interest bearing debt
Trade and other payable
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Other Liabilities
Fees to auditors appointed by the shareholders
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Staff Cost
Pensions
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Share-based compensation expenses
Long-Term Incentive Programme (LTI)
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Expense recognised during the year
Inputs and model used
Employee Share Purchase Plan (ESP)
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Financial risk management and nancial assets
-
Financial risks
FINANCIAL RISKS
Reference
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Financial instrument by category
Bonds
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Fair value measurement
Fair value hierarchy
Bonds
Bonds
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Valuation techniques and assumptions used
Foreign currency risks
Securities
INCREASE IN
GBP
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Liquidity risk
ON DEMAND
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Hedging activities and derivatives
Foreign currency risk
Interest rate risks
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Asset
Liability
Notional
Amount
GBP
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Asset
Liability
Notional
Amount
GBP
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Asset
Liability
Notional
Amount
GBP
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
RECOGNISED IN OCI
RECOGNISED
Fair value hierarchy
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Related parties
Group information
Transactions with related parties
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Commitments and Contingencies
Commitments
Contingencies
Events after the balance sheet date
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Grundfos Holding A/S Accounting Policies
-
-
-
Investments in subsidiaries, associates and joint ventures
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Dividend
Corporation tax
Development projects
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
First time adoption of IFRS
Exemptions applied
-
-
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Reconciliation of equity as at 1 January 2021
DK GAAP
B 470 470
A
PARENT COMPANY FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Reconciliation of equity as at 1 January 2021
DK GAAP
C
371
B
D
PARENT COMPANY FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Reconciliation of equity as at 31 December 2021
DK GAAP
B 0 377 377
A
PARENT COMPANY FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Reconciliation of equity as at 31 December 2021
DK GAAP
A
C
B 279
B
D
PARENT COMPANY FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
DK GAAP
B
293 0 293
B
Reconciliation of total comprehensive income for the year ended 31 December 2021
DK GAAP
A
337 337
B
DK GAAP
PARENT COMPANY FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
Notes to the reconciliation of equity as at 1 January 2021 and 31 December 2021
and total comprehensive income for the year ended 31 December 2021
DK GAAP.
PARENT COMPANY FINANCIAL STATEMENTS
2. Management’s Statement
and Auditor’s Report
4. Parent Company
nancial statements
3. Consolidated nancial statements 1. Management’s Report
8850 Bjerringbro
Denmark
www.grundfos.com
www.poulduejensenfoundation.com
© Grundfos Holding A/S 04.2023