Grundfos A/S published the first issue of what we chose to call Integrated Accounts. This is a brief status of the TQ process (the Business Exellence Model, which at Grundfos is called TQ, Total Quality), based on the nine criteria of the TQ model.
With these Integrated Accounts, including auditor's report and statement of the accounting conventions, we fully live up to the objectives of the Grundfos corporate values of sharing information about the company's development with all stakeholders, including shareholders, staff, customers, suppliers, and the surrounding society.
The Integrated Accounts, on the basis of the TQ model, put the company into perspective from a variety of angles unlike traditional accounts of the financial results of a year.
In our opinion the new kind of accounts offer a more comprehensive picture of the development of a company.