Annual Report
The annual report (1.1.2023-31.12.2023) is presented
and approved at the Annual General Meeting on
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
Fr
ontpage Photo:
Reducing energy consumption
across industries
Enhancing the resilienc
e of water
networks across the globe
Joining forces to explore the
energy savings of tomorrow
The ke
y to unlocking smarter,
faster, and better innovation
performance
15 16
2221
CVR no.: 31 85 83 5 6
2 \ ANNUAL REPORT 2023
Management’s
Report
Highest ever customer and employee satisfaction
Sales development – two years in one
MANAGEMENT’S REPORT
Management’s
Report 2023
Our Group KPIs
MANAGEMENT’S REPORT
Sales growth:
Customer satisfaction
Employee motivation and
satisfaction
Return on sales:
Cash Conversion:
KPI
Sales growth
Customer satisfaction
Employee motivation and
satisfaction
Return on sales
Cash conversion
Total emissions reduction
Emissions Scope 1 and
Scope 2 (market-based) *
Emissions Scope 3 *
Research and development
Intellectual capital resources
Gender distribution in our leadership
Financial risks
Foreign exchange risk
MANAGEMENT’S REPORT
Board of Directors:
Top leadership:
Leadership levels 2023 2025 target
MANAGEMENT’S REPORT
Other financial risks
•
Liquidity risk: Financial independence is a core
value to Grundfos. Maintaining adequate liquidity
is therefore key. In addition to unused borrowing
facilities, net deposits amount to DKK 8,885m by end
of 2023 (2022: DKK 6,625m).
•
Credit risk: Credit risks derive primarily from trade
debtors, securities and bank receivables. Risks on
trade debtors are diversified across a large number
of customers, reducing the exposure. The credit risk
on bank receivables, forward exchange contracts
and similar is reduced by selecting financial business
partners with a high credit rating.
•
Raw material risk: Grundfos does not hedge raw
materials. No single raw material constitutes a
significant proportion of production cost.
inherently subject to uncertainty. As of 31 December
2023, estimates and assumptions are particularly
relevant in respect of the impairment testing of
goodwill and of the provision associated with the exit
from Russia and Belarus established last year.
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 2024
The weakening of demand in certain core applications
and geographies seen in particular in the second half
of 2023, is expected to continue into the beginning
of 2024. We expect demand to develop positively
throughout 2024. It is likely there will be substantially
different developments in demand across applications
and geographies.
For 2024, we forecast growth in revenue in the range
of 0-5%. Our sales forecast excludes impacts from
acquisitions and divestments in 2024. Given the current
market conditions there is significant uncertainty
associated with the forecast.
We forecast an EBIT before special items ratio around
our strategic ambition of 10%.
Management’s Report on the parent company
Grundfos Holding A/S is the Parent Company of
the Grundfos Group and holds the shares of all the
other Grundfos Group companies – either directly
or indirectly. The company’s activities include the
majority of the Group’s R&D functions, as well as
Group functions involving coordination, planning and
management.
In this capacity, Grundfos Holding A/S performs
several overarching functions and services. Grundfos
Holding A/S had 1,886 employees at the end of 2023
(2022: 1,756). In 2023, the revenue of Grundfos Holding
A/S totalled DKK 5,200m (2022: DKK 4,274m), and the
EBIT amounted to DKK 718m (2022: DKK 135m).
According to the equity method, income from the
other Group companies amounted to DKK 2,524m
(2022: DKK 1,989m). Profit after Tax stands at DKK
3,417m (2022: DKK 2,011m). The balance sheet
shows equity of DKK 23,127m (2022: DKK 20,922m),
corresponding to an equity ratio of 78.3% (2022: 78.1%).
For 2024, we expect revenue as well as EBIT at the
same level as 2023.
Uncertainty relating to recognition and
measurement
In preparing the Consolidated Financial Statements,
management makes a number of estimates
and assumptions related to the recognition and
measurement of assets and liabilities, all of which are
7 \ ANNUAL REPORT 2023
Sales growth:
Sales growth in local currencies:
investment activities:
Women leaders
Key gures and nancial ratios – The Grundfos Group
MANAGEMENT’S REPORT
3,422
2
2
32,698
32,698
MANAGEMENT’S REPORT
Group
Management
Morten Bach Jensen
Mikael Geday
Bent Jensen
Jens Ulrik Gernow
Poul Due Jensen
Inge Delobelle
MANAGEMENT’S REPORT
Board of
Directors
Jens Winther Moberg
Carsten Joachim Reinhardt
Kitty Thaarup Herholdt
Rudolf Martini
Jacobsen
Jacoba Theresia Maria
Henrik Ehlers Wulff
Domestic
Building
Services
8,937m
Navigating a challenged global market
Committed to an energy-ecient future
Domestic Building Services
Commercial
Building
Services
6,965m
Leveraging opportunities
Energy-optimising for a greener future
2
Commercial Building Services
Water Utility
5,150m
Driving growth
Innovating for a sustainable future
Water Utility
Industry
A challenging year in business
A solid year for our sustainability eorts
8,036m
Industry
Reducing energy
consumption
across industries
Enhancing the
resilience of water
networks across
the globe
Registered Group Management
Board of Directors
Member of the Board
Member of the Board,
elected by employees
Member of the Board
Member of the Board,
elected by employees
Member of the Board
Member of the Board,
elected by employees
MANAGEMENT’S
STATEMENT
AND
AUDITOR’S
REPORT
Management’s
Statement
18 \ ANNUAL REPORT 2023
Rudolph Martini
MANAGEMENT’S
STATEMENT
AND
AUDITOR’S
REPORT
Independent
Auditor’s Report
19 \ ANNUAL REPORT 2023
MANAGEMENT’S STATEMENT AND AUDITOR’S REPORT
•
•
•
•
CVR no. 30 70 02 28
20 \ ANNUAL REPORT 2023
Joining forces to
explore the energy
savings of tomorrow
Architecture and modularisation:
The key to unlocking
smarter, faster, and
better innovation
performance
Opdateres
Consolidated nancial statements
Consolidated statement of prot and loss
CONSOLIDATED FINANCIAL STATEMENTS
1 January - 31 December 2023
NOTE 2023 2022
Revenue
1
Production cost
(19,474 )
(19,727 )
GROSS PROFIT
Research and development cost
2
(1,733 )
(1,654 )
Selling and distribution cost
3
(5,674 )
(5,118 )
Administrative cost
4
(3,217 )
(2,903 )
EARNINGS BEFORE INTEREST AND TAX (EBIT) AND BEFORE SPECIAL ITEMS
Special items
7
(851 )
EARNINGS BEFORE INTEREST AND TAX (EBIT)
Finance income
8
Finance expenses
8
(68 )
(486 )
PROFIT BEFORE TAX
Income tax expenses
9
(1,282 )
(733 )
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
1 January - 31 December 2023
NOTE 2023 2022
PROFIT FOR THE YEAR
Other comprehensive income that may be reclassified to profit and loss in subsequent periods:
Net gain/loss on cash flow hedges
(47 )
Exchange rate adjustments on foreign operations
(237 )
Tax on foreign exchange adjustments and hedging instruments
(94 )
OTHER COMPREHENSIVE INCOME THAT MAY BE RECLASSIFIED TO PROFIT OR LOSS IN SUBSEQUENT PERIOD, NET OF TAX
(251 )
Other comprehensive income that will not be reclassified to profit and loss in subsequent periods:
Remeasurement gain/loss on defined benefit plans
18
(2 )
Tax on defined benefit plans
9
(3 )
(85 )
OTHER COMPREHENSIVE INCOME THAT WILL NOT BE RECLASSIFIED TO PROFIT OR LOSS IN SUBSEQUENT PERIODS,
NET OF TAX
(5 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX
(256 )
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
CONSOLIDATED FINANCIAL STATEMENTS
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
CONSOLIDATED FINANCIAL STATEMENTS
EQUITY
Share capital
17
Hedge transaction reserve
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
1 January - 31 December 2023
NOTE 2023 2022
NOTE 2023 2022
NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS
(551 )
Cash and cash equivalents as at 1 January
EXCHANGE RATE ADJUSTMENTS
(141 )
(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
(463 )
(147 )
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
CASH FLOW FROM OPERATIONS
BEFORE FINANCIAL ITEMS AND TAX
Taxes paid
(1,504 )
(602 )
Interest paid and realised currency losses
8
(57 )
(66 )
Interest received and realised currency gains
Interest paid on lease liabilities
8, 12
(11 )
(10 )
CASH FLOW FROM OPERATING ACTIVITIES
INVESTING ACTIVITIES
Purchase of intangible assets
10
(278 )
(193 )
Proceeds from sale of property, plant and equipment
Purchase of property, plant and equipment
11
(1,593 )
(1,234 )
Acquisition of subsidiaries, net of cash acquired
27
(629 )
Disposal of subsidiaries, net of cash disposed
(19 )
Purchase of securities
13
(1,288 )
(2,213 )
Sale of securities
13
CASH FLOW FROM INVESTING ACTIVITIES
(2,341 )
(1,417 )
NET CASH FLOW FROM OPERATING AND INVESTING ACTIVITIES
FINANCING ACTIVITIES
Payment of principal portion of lease liabilities
25
(204 )
(223 )
Proceeds from borrowings
25
Repayment of borrowings
25
(28 )
Purchase of own shares
(12 )
(22 )
Dividend paid
(1,000 )
(1,275 )
CASH FLOW FROM FINANCING ACTIVITIES
(1,176 )
(1,546 )
Consolidated statement of changes in equity
Hedge transaction reserve
CONSOLIDATED FINANCIAL STATEMENTS
CAPITAL
1 January - 31 December 2023
NOTE
SHARE
RETAINED
EARNINGS
HEDGE
TRANSACTION
RESERVE
EXCHANGE
ADJUSTMENT
RESERVE
PROPOSED
DIVIDEND
EQUITY
ATTRIBUTABLE TO
SHAREHOLDERS
OF GRUNDFOS
HOLDING A/S
NON
CONTROLLING
INTEREST
EQUITY
PROFIT/LOSS FOR THE YEAR, ATTRIBUTABLE TO
SHAREHOLDERS
Actuarial
gain/loss
18
(2 )
(2 )
(2 )
Fair value adjustment of hedging instruments
(47 )
(47 )
(47 )
Exchange rate adjustments, affiliated companies, etc.
(236 )
(236 )
(1 )
(237 )
Tax on other comprehensive income
(3 )
TOTAL OTHER COMPREHENSIVE INCOME
(5 )
(35 )
(215 )
(255 )
(1 )
(256 )
Dividend paid
17
(1,000 )
(1,000 )
(1,000 )
Purchase of treasury shares
(287 )
(287 )
(287 )
Sale of own shares
Share-based compensation
26
TOTAL TRANSACTIONS WITH SHAREHOLDERS
(1,000 )
(957 )
(957 )
BALANCE AT 31 DECEMBER 2023
BALANCE AT 1 JANUARY 2022
(136 )
PROFIT/ LOSS FOR THE YEAR, ATTRIBUTABLE TO
SHAREHOLDERS
Actuarial
gain/loss
18
Fair value adjustment of hedging instruments
Exchange rate adjustments, affiliated companies, etc.
(4 )
Tax on other comprehensive income
(85 )
(54 )
(40 )
(179 )
(179 )
TOTAL OTHER COMPREHENSIVE INCOME
(4 )
Dividend paid
17
(1,275 )
(1,275 )
(1,275 )
Purchase of treasury shares
(271 )
(271 )
(271 )
Sale of own shares
Share-based compensation
TOTAL TRANSACTIONS WITH SHAREHOLDERS
(1,275 )
(1,253 )
(1,253 )
BALANCE AT 31 DECEMBER 2022
Notes index
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
,654
5,8
3,2 2,903
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
8,930
8,930
REGISTERED GROUP
OTHER GROUP
REGISTERED GROUP
OTHER GROUP
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
85
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
492 562
492 562
492
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
GOODWILL
OTHER
COMPLETED
0
389
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
GOODWILL
OTHER
COMPLETED
0
0
COMPLETED
COMPLETED
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Impairment test
Water Treatment Solutions
Key assumptions and sensitivity analysis
Water Utility
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
4,38
4,305
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
4,38
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
266
90
42
266
40 546
40 40
40 40
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
409
369
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
3,605
3,224
(
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Credit risk
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Switzerland
UK
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CH UK CH UK
Sensitivity analysis for Switzerland and UK
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
0 0 0 0
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
2,880
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
JUBILEE OTHERS
JUBILEE OTHERS
Warranty
Restructuring
Jubilee
Other
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Bank overdrafts:
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Market Risk
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
EFFECT
Reference
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Fair value hierarchy
DIRECTLY OR
3,205 0 0
0 0
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Securities
Foreign Exchange Derivatives
Electricity swap
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
ITEMS
ITEMS
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Foreign currency risk
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Liability
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Liability
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Fair value hierarchy
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Group companies
Ownership
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Board of Directors and Group Executive Team
Poul Due Jensens Fond
Other related parties
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Special items
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Pump solutions
Service sales
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Income tax
Current tax
Deferred tax
Uncertain tax positions
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Derivatives and hedge accounting
LEVEL 1:
LEVEL 2:
LEVEL 3:
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated nancial statements
Parent Company
Financial Statements
Grundfos Holding A/S
Statement of prot and loss
PARENT COMPANY FINANCIAL STATEMENTS
GROSS PROFIT
4 (2,038) (1,814)
Statement of other comprehensive income
PARENT COMPANY FINANCIAL STATEMENTS
Statement of nancial position
203 280
PARENT COMPANY FINANCIAL STATEMENTS
Statement of nancial position
PARENT COMPANY FINANCIAL STATEMENTS
Statement of cash ows
PARENT COMPANY FINANCIAL STATEMENTS
Statement of changes in equity
PROJECTS
METHOD
PROPOSED
PARENT COMPANY FINANCIAL STATEMENTS
Notes index
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
1,434
PARENT COMPANY FINANCIAL STATEMENTS
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
COMPLETED
PROJECTS
OTHER
PROJECTS
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
COMPLETED
PROJECTS
OTHER
PROJECTS
94
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
394
416
394
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
281
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
5,214
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
JUBILEE OTHERS
JUBILEE OTHERS
Jubilee
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
Bank overdrafts
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
DIRECTORS
REGISTERED GROUP
OTHER GROUP
DIRECTORS
REGISTERED GROUP
OTHER GROUP
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
2
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
EFFECT
Reference
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
Fair value hierarchy
DIRECTLY OR
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
Securities
Electricity swap
ITEMS
ITEMS
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
UP TO
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
Foreign currency risk
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
Liability
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
Liability
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
Fair value hierarchy
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
PARENT COMPANY FINANCIAL STATEMENTS
Notes to the accounts of Grundfos Holding A/S
8850 Bjerringbro
Denmark
www.grundfos.com
www.poulduejensenfoundation.com
© Grundfos Holding A/S 02.2024