Grundfos Annual Report 2003

Turnover

With the presentation of the 2003 Annual Report we are pleased to note that Grundfos has been able to increase its turnover by 4.2 per cent to DKK 11.152b despite unfavourable market conditions. In particular, we are satisfied that the Group’s pre-tax profits – for the first time ever – passed DKK 1b, a result which has primarily been achieved following great efforts from all Grundfos employees. Improved efficiency in all parts of the Group resulted in a historically low growth in costs, which also contributed greatly to the result.