FINANCIAL STATEMENTS 2020 - okonomi.aau.dk

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A p p r o v e d b y t h e U n i v e r s i t y B o a r d 8

I n d e p e n d e n t A u d i t o r ’s R e p o r t 9

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F I N A N C I A L H I G H L I G H T S



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F I N A N C I A L H I G H L I G H T SACCOUNTING BY AREA 1

in DKK thousands 2020 2019 20186 Ref. No.2

Income

Education 1,300,426 1,291,050 1,337,424 1

Research 847,194. 825,276 813,018 2

External funding 631,861 637,340 639,890 3

Research-based public sector consultancy 48,545 22,474 22,554 4

Basic grant 65,024 78,426 55,444 5

Other income 107,850 114,360 63,304 6

Total 3,000,900 2,968,926 2,931,634

Costs

Education 1,175,510 1,231,175 1,229,617 7

Research 1,308,722 1,375,439 1,331,101 8

Knowledge dissemination and exchange 160,316 165,814 159,202 9

Research-based public sector consultancy 44,319 31,954 31,114 10

General management and administration 209,668 218,574 218,429 11

Total 2,898,535 3,022,956 2,969,463

BALANCE SHEETS

in DKK millions 2020 2019 20186 Ref. No.

Balance total 1,686.6 1,489.4 1,476.8 16

Equity 439.3 289.5 365.5 15

KEY FINANCIAL FIGURES

in percent 2020 2019 20186 Ref. No.

Liquidity ratio3 108.5 120.4 122.6

Solvency ratio4 26.0 22.0 24.8

Solvency ratio, free equity5 23.7 21.1 24.8

1. The area-specific revenues and costs follow the definitions of the Ministry of Higher Education and Science and Universities Denmark Statistics, and are cal-culated differently from the financial accounts that appear later in the annual report. The difference in revenue is due to the accounting handling of donation liabilities, where donations greater than DKK 1 million are not included in the area-specific accounts, as they are instead recognised in the balance sheet (cf. Agency for Public Finance and Management - Ministry of Finance accounting rules on donations).

2. Reference is made to the figures stated in the ministry ’s updated overview of key figures in universities’ annual report of 18 January 2013. 3. (Current assets * 100) / Current liabilities excl. holiday pay obligations.4. (Equity * 100) / balance total5. (Free equity * 100) / balance total excl. state debt note.6. The figures are not adjusted for changes to accounting policies in 2018.


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S T A T E M E N T S



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S T A T E M E N T B Y T H E M A N A G E M E N T

Today, the University Board has reviewed and approved the Danish Annual Report of Aalborg University (AAU).

The Danish Annual Report was submitted in accordance with the Mi-nisterial Order on the Funding and Audit etc. of Universities No. 1021 of 24 June 2020.

Per Michael JohansenRector

We hereby declare:• that the Annual Report gives a true and fair view, which means that

it is free from material misstatement and omissions and that the presentation of the Strategic Framework Agreement for 2018-2021 is adequate;

• that the financial transactions included in the financial statements are consistent with legislation and other provisions as well as ag-reements made and general practice; and

• that procedures have been set up to ensure sound financial ma-nagement of the funds and the running of the institutions covered by the Annual Report.

Søren Lind ChristiansenUniversity Director

Aalborg, 13 April 2021



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A P P R O V E D B Y T H E U N I V E R S I T Y B O A R D

Aalborg, 13 April 2021

Lene Espersen Chair of the University Board

André Rogaczewski

Henrik Tvarnø

Kjeld Nielsen

Anne Bisgaard Pors Eriksen

Christian Obel Pinstrup

Lars Raadkjær EnevoldsenDeputy chair

Stener Kvinnsland

Claus Kim Holstein

Antje Gimmler

Linea Winkler Pedersen-Ulrich



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I N D E P E N D E N T A U D I T O R ' S R E P O R T

The Aalborg University Board has appointed Deloitte as institutio-nal auditors of Aalborg University pursuant to Section 28(3) of the Danish University Act. Rigsrevisionen - the National Audit Office of Denmark – is responsible for the overall audit under the Danish Audi-tor General Act.

To the Aalborg University Board

REPORT ON THE FINANCIAL STATEMENTS

Opinion We have audited the financial statements of Aalborg University for the financial year 1 January to 31 December 2020, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting policies and supplementary financial information. The fi-nancial statements are prepared in accordance with Ministerial Order no. 1021 of 24 June 2020 on funding and auditing etc. at universities as well as the directions and instructions on financial statements is-sued by the Danish Ministry of Higher Education and Science, and including the Danish Agency for Institutions and Educational Grants, hereinafter referred to as state accounting rules.We believe that the financial statements are accurate in all material respects, i.e. prepared in accordance with the state accounting rules.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing and the additional requirements applicable in Denmark as well as the public auditing standards as the audit is based on the provisions of the Danish Agency for Higher Education’s Ministerial Or-der no. 1021 of 24 June 2020 on funding and auditing etc. at univer-sities and agreement on internal audits at universities entered into between the Minister of Higher Education and Science and the Audi-tor General in pursuance of Section 9 of the Danish Auditor General Act. Our responsibilities under those standards and requirements are further described in the "Auditor ’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are indepen-dent of Aalborg University in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Ac-countants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to pro-

vide a basis for our opinion.

Management's responsibilities for the financial statementsManagement is responsible for the preparation of financial state-ments that are accurate in all material respects, i.e. prepared in accordance with the state accounting rules, and for such internal control as Management determines is necessary to enable the pre-paration of financial statements that are free from material misstate-ment, whether due to fraud or error.

In preparing the financial statements, Management is responsible for assessing Aalborg University ’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the fi-nancial statements unless Management either intends to liquidate Aalborg University or to cease operations, or has no realistic alter-native but to do so.

Auditor’s responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor ’s report that includes our opinion. Reasonable assurance is a high level of assu-rance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark as well as the public auditing standards, cf. the Danish Ministry of Higher Education and Science’s Ministerial Order no. 1021 of 24 June 2020 on funding and auditing etc. at universities will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisi-ons of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs and the additional require-ments applicable in Denmark as well as the public auditing standards pursuant to the Ministerial Order no 1021 of 24 June 2020 on funding and auditing etc. at universities issued by the Danish Ministry of Hig-her Education and Science, we exercise professional judgement and maintain professional scepticism throughout the audit. Moreover we:

• Identify and assess the risk of material misstatement of the finan-cial statements, whether due to fraud or error, design and perform



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audit procedures responsive to those risks and obtain audit evi-dence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resul-ting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepre-sentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the cir-cumstances, but not for the purpose of expressing an opinion on the effectiveness of Aalborg University ’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.

• Conclude on the appropriateness of Management’s use of the go-ing concern basis of accounting in preparing the financial state-ments and, based on the audit evidence obtained, whether a ma-terial uncertainty exists related to events and conditions that may cast significant doubt on Aalborg University ’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor ’s report to the re-lated disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor ’s re-port. However, future events or conditions may cause Aalborg Uni-versity to cease to continue as a going concern.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Statement on the management reportThe management report also includes the target reporting and finan-cial highlights, hereinafter referred to as the management report. Management is responsible for the management report.

Our opinion on the financial statements does not cover the manage-ment report, and we do not express any form of assurance conclu-sion thereon.

In connection with our audit of the financial statements, our respon-sibility is to read the management report and, in doing so, consider whether the management report is materially inconsistent with the financial statements or our knowledge obtained in the audit or other-wise appears to be materially misstated.

Moreover, it is our responsibility to consider whether the manage-ment report provides the information required under the state ac-counting rules.

Based on the work we have performed, we conclude that the manage-ment report is in accordance with the financial statements and has been prepared in accordance with the state accounting rules. We did not identify any material misstatement of the management report.

REPORT ON OTHER LEGAL AND REGUL ATORY REQUIREMENTS

Statement on compliance audit and performance auditManagement is responsible for ensuring that the transactions cove-red by the financial statements are in accordance with the appro-priations granted, laws and other regulations and with agreements concluded and usual practice, and that due account has been taken of financial considerations in the management of the funds and ope-rations covered by the financial statements. Management is also re-sponsible for setting up systems and processes supporting economy, productivity and efficiency.

As part of our audit of the financial statements, it is our responsibility to perform compliance audit as well as performance audit of selected subject matters in accordance with the public auditing standards. In our compliance audit, we test the selected subject matters to obtain reasonable assurance about whether the examined transactions co-vered by the financial statements comply with the appropriations, laws and other regulations, agreements concluded and usual practice. In our performance audit, we make an assessment to obtain reasona-ble assurance about whether the systems, processes or transactions examined support the exercise of sound financial management in the administration of the funds and activities covered by the financial statements.

If, based on the procedures performed, we conclude that material critical comments should be made, we are required to report this in this statement.

We have no significant critical comments to report in this connection.



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Aalborg, 13.04.2021

Deloitte Statsautoriseret RevisionspartnerselskabCentral Business Registration No 33 96 35 56

Jakob Boutrup Ditlevsen Lars Jørgen Viskum MadsenState-Authorised Public Accountant Registered Public Accountant Identification No (MNE) mne27725 Identification No (MNE) mne18495




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A C C O U N T S


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A C C O U N T I N G P O L I C I E S

BASIS OF ACCOUNTING

These financial statements were prepared in accordance with Mini-sterial Order on the Funding and Audit etc. of Universities, No. 1021 of 24 June 2020, issued by the Ministry of Higher Education and Science. With the exceptions stated in the Ministerial Order, the regulations correspond to the regulations in the ministerial order on the Danish state’s financial statements and the guidelines of the Agency for Public Finance and Management - Ministry of Finance stipulated in Finansmi-nisteriets Økonomisk Administrative Vejledning (ØAV) [the Ministry of Finance’s Financial Administrative Guidelines], including the special regulations applying to self-governing institutions.

The accounting policies are unchanged compared to last year.

GENER AL COMMENTS ON RECOGNITION AND MEASUREMENT

Assets are recognised in the balance sheet if it is likely that future economic benefits will flow to the University, and the value of the as-sets can be measured reliably.

Only intangible and tangible assets with an independent value amounting to DKK 100,000 or above are capitalised, apart from tan-gible assets governed by the regulations regarding bunching (cf. Fi-nansministerietsØkonomisk Administrative Vejledning [the Ministry of Finance’s Financial Administrative Guidelines].

Liabilities are recognised in the balance sheet if it is likely that future economic benefits will flow from the University, and the value of the liabilities can be measured reliably.

On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are re-measured as described for each item below.

For recognition and measurement, all probable economic benefits and liabilities appearing before the presentation of the annual finan-cial statements and proving or disproving matters existing on the ba-lance sheet date are taken into account.

CONVERSION OF FOREIGN CURRENCY

Receivables, liabilities and other monetary items denominated in foreign currencies that have not been settled on the balance sheet date are converted at the exchange rate on the balance sheet date.

PROFIT AND LOSS ACCOUNTS

Ordinary operating incomeGovernment fundingGovernment funding is recognised in the accounting period concer-ned. Government funding concerning other financial years is recorded on an accrual basis.

Grant-financed itemsRevenue from cooperation agreements involving funding for teaching and research activities is recognised at the same rate as costs are consumed. Funds have been set aside to meet any losses caused by loss-making projects.

Sale of goods and servicesThe sale of goods and services is recognised as income at the time of invoicing.

Ordinary operating costsOrdinary operating costs cover consumption costs, staff costs, other primary operating costs as well as depreciation and amortisation.

Costs are recognised at the same rate as they are consumed.

Financial itemsFinancial incomeFinancial income includes interest income and realised and unrea-lised capital gains on securities etc.

Financial costsFinancial costs include interest costs and other financial costs, rea-lised and unrealised capital losses on securities etc.

TaxationThe University is not subject to taxation.




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BAL ANCE SHEETS

Intangible assetsIntangible assets are measured as the direct costs of the procurement of the assets in question, after deduction of accumu-lated depreciation and amortisation.

IT and software licensesThe University has acquired a number of IT and software licenses, which are used in daily operations. These licenses are recognised at cost price.

Internally generated patents and inventionsComprehensive research is an integral part of the University's activi-ties. As a general rule, this research is not commercial; the value of the research is not assessed, nor is it capitalised.

Only inventions and patents which are clearly defined and identified, i.e. whose technical utilisation and potential market have been iden-tified and where an agreement with an external business partner is expected to be established, will be recognised as assets in the ba-lance sheet.

Inventions and patents are measured at the direct costs accrued from assessment, registration and commercialisation of the inventions and from registration of the patents.

Continuous assessment of their exploitation prospects is carried out. This forms a basis for the establishment of the value of the rights and the financial lifespan. In case of a reduction in value, the necessary depreciation will be made in the profit and loss account.

Amortisation of intangible assetsThe basis of amortisation is distributed linearly over the expected useful lives of the assets, which are:

IT and software licenses 3 years

Internally generated patents/inventions 20 years

Tangible assetsAs a rule, tangible assets are measured at cost price, deducting ac-cumulated depreciation.

Cost price includes purchase price and costs directly linked to the acquisition, as well as installation costs. Assets at a cost price below DKK 100,000 are recognised as costs in the year of purchase. Depre-ciations are made linearly over the expected useful lives of the assets:

Installations 20 years

Leasehold improvements 10 years

Test equipment and machinery 5-8 years

Operating equipment 5-8 years

Transport equipment 5-8 years

Fixtures and equipment 3 years

IT equipment 3 years

Test equipment under construction is not depreciated. Once the con-struction of the test equipment has been completed and the equip-ment is ready for use, depreciation will be made during a 5-to-8-year period.

Installations and leasehold improvementsIn the Danish Buildings and Property Agency ’s property, installations in the opening balance are stated as 10% of replacement costs sti-pulated in the Danish Property Agency ’s rent agreement from 2001.

Installations and leasehold improvements undertaken after 1 January 2005 are recognised at cost price.

For other tenancies, installations and leasehold improvements made at the time of moving into external tenancies are recognised as lea-sehold improvements.

Fixed assets financed in full or in part by donation Aalborg University regularly receives fixed assets as grants or donati-ons from business enterprises, foundations or private individuals. All fixed assets are included in the assets register and are depreciated according to normal practice. The share which is financed by donati-ons is included under liabilities as a donation liability. This is termed Counter item to capitalised donations. The donation liabilities will be amortised as fixed assets are depreciated.

Therefore, the net profit and loss account will not be affected by de-preciation relating to the share of the fixed assets acquired by dona-tion. Only donations exceeding DKK 1 million are included in the ba-




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lance sheet. Donations below DKK 1 million are recognised as income directly under assets in the profit and loss account.

Financial fixed assets Equity holdings Equity holdings are measured at cost price. Equity holdings are re-duced to their recoverable amount if this amount is lower than the carrying amount.

Repurchase transactions are recognised in the balance sheet in ac-cordance with the net principle.

Debt notesState debt notes for the transfer of donated buildings, etc. to the state rent scheme.

Current assets Receivables Receivables are measured at net realisable value, usually correspon-ding to nominal value after deducting depreciation to meet any ex-pected losses calculated on the basis of an individual assessment of debtors.

Receivables from goods and services Receivables from the sale of goods and services etc. include rent, open university, conferences, courses and other commissioned work.

Receivables from grant-financed activities The University undertakes a large number of research activities which are financed in full or in part by external grants.

If a grant has not been received – or the payment on account is smaller than the costs incurred – the costs incurred are stated at cost price as receivables from grant-financed activities; cost price includes both direct and indirect costs.

For projects with partial external funding, only receivables for the share of the individual project which is externally financed is stated, whereas the share paid by the University is taken to the profit and loss account.

Securities Securities recognised under current assets include bonds and shares

measured at fair value on the balance sheet date. Any value adjust-ments are taken to the profit and loss account.

Equity ProvisionsProvisions are recognised when the University, as a result of an event taking place before or on the balance sheet date, has a legal or con-structive obligation, and it is probable that economic benefits will flow out of the University to meet such obligation.

LiabilitiesLiabilities other than provisions are measured at amortised cost, which essentially corresponds to nominal value.

Prepaid grants regarding externally grant-financed projects The University undertakes a large number of research activities which are financed in full or in part by external grants.

If a grant has been received but expenses have not yet been incurred wholly, the difference between the grant and the expenses incurred is recognised as prepaid funding.

Counter item to capitalised donations For assets acquired in full or in part by donation, a donation liability is included under liabilities, corresponding to the share of the fixed as-set deriving from the donation. The donation liability is stated under short-term liabilities (Counter item to capitalised donations, cf. note 22). This entry is broken up and recognised as income in the profit and loss account under Depreciation and amortisation as the fixed assets are depreciated. Therefore, the net profit and loss account will not be affected by depreciation relating to the share of the fixed assets acquired by donation.

Only donation liabilities exceeding DKK 1 million are included in the balance sheet. Donation liabilities below DKK 1 million are recognised as income directly under assets in the profit and loss account.




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P R O F I T A N D L O S S A C C O U N T S

in DKK thousands 2020 2019 Note

Ordinary operating income

Government funding 2,188,233 2,147,318 1

Sale of goods and services 182,270 178,795 2

Grant-financed activities 619,750 621,918 3

Total ordinary operating income 2,990,253 2,948,031

Ordinary operating costs

Expenditures

- Rent -309,750 -335,619

- Other expenditures -565,251 -613,730 4

Staff costs -1,923,934 -1,976,477 5

Other ordinary operating costs -11,501 -13,144 6

Depreciation and amortisation -88,099 -83,985 7

Total ordinary operating costs -2,898,535 -3,022,955

Profit/loss from ordinary operating activities 91,718 -74,924

Financial items

Financial income 16,247 21,584 8

Financial costs 5,600 -690 9

Total financial items 10,647 20,894

Profit/loss for the year 102,365 -54,030




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B A L A N C E S H E E T A S O F 3 1 D E C E M B E RASSETS


FIXED ASSETS

Intangible assets

Internally generated patents and inventions 4,441 5,136

IT and software licenses 149 630

Work in progress, software 8,095 0

Total intangible assets 12,685 5,766 10

Tangible assets

Installations 2,903 3,383

Leasehold improvements 180,432 179,220

Test equipment and machinery 135,928 131,645

Operating equipment 12,669 15,491

Transport equipment 3,919 4,744

Fixtures and equipment 10,956 18,523

IT equipment 14,370 12,106

Work in progress, premises 21,754 3,937

Test equipment under construction 22,713 14,737

Total tangible assets 405,644 383,786 11

Financial fixed assets

Equity holdings 6,881 7,426 12

State debt notes 51,500 16,000 13

Total financial fixed assets 58,381 23,426

Total fixed assets 476,710 412,978

CURRENT ASSETS

Receivables

Receivables from goods and services 96,532 63,453

Receivables from grant-financed activities, non-governmental 12,726 15,483

Receivables from grant-financed activities, governmental 284,798 270,231

Prepayments of salary, goods and services 18,111 21,293

Other receivables 42,421 33,303

Deposits 25,544 28,561

Total receivables 480,132 432,324

Securities 532,844 522,185 14

Cash and cash equivalents 196,902 121,903 15

Total current assets 1,209,878 1,076,412

Total assets 1,686,588 1,489,390




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LIABILITIES AND EQUITY


Equity

Free equity 387,751 311,511

Reserved equity - closing balance, debt notes - SEA properties 51,500 16,000

Equity - closing balance 439,251 327,511 16

Provisions

Provisions 6,253 7,193 17

Total provisions 6,253 7,193

Long-term liabilities

Capital loan 7,914 9,512 18

Long-term liabilities 7,914 9,512

Short-term liabilities

Trade payables 156,959 127,862

Holiday pay, frozen 181,987 4,769

Holiday pay, permanent staff 117,904 251,008

Holiday pay, hourly paid staff 4,065 16,884

Other payables 75,202 115,568 19

Prepaid grants from grant-financed projects 415,691 362,812 20

Prepayments received 250,553 239,475 21

Counter item to capitalised donations 30,409 26,406 22

Short-term portion of capital loan 400 390 18

Short-term liabilities 1,233,170 1,145,174

Total liabilities 1,241,084 1,154,686

Total liabilities and equity 1,686,588 1,489,390

Contingent liabilities 23




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C A S H F L O W S T A T E M E N Tin DKK thousands 2020 2019

Profit/loss for the year 102,365 -54,030

Reversal of items with no effect on cash flow:

Depreciation and amortisation, fixed assets 96,242 90,527

Donations recognised as income during the year -6,948 -6,443

Provisions for restoration costs and other liabilities -939 -874

Change in working capital

Change in receivables -47,808 18,657

Change in short-term liabilities 57,867 51,420

Cash flow from operating activities 200,779 99,257

Acquisition of fixed assets -124,474 -88,336

Patents contributed in companies 0 0

Addition of donations 10,951 6,862

Cash flow from investing activities -113,523 -81,474

Change in long-term liabilities -1,598 -390

Cash flow from financing activities -1,598 -390

Change in cash and cash equivalents 85,658 17,393

Securities portfolio - opening balance 522,185 499,444

Cash and cash equivalents (bank and giro) - opening balance 121,903 127,251

Total cash and cash equivalents including securities - opening balance 644,088 626,695

Securities portfolio - closing balance 532,844 522,185

Cash and cash equivalents (bank and giro) - closing balance 196,902 121,903

Total cash and cash equivalents including securities - closing balance 729,746 644,088




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NOTE 1 - GOVERNMENT FUNDING

in DKK thousands 2020 2019

Research 894,797 847,750

Education* 1,226,031 1,221,142

Other purposes 67,405 78,426

Total 2,188,233 2,147,318

*Including funding from the Ministry of Higher Education and Science. 1,198,475 1,195,147

NOTE 2 - SALE OF GOODS AND SERVICES


Ordinary activities, sub-account 10

Licenses, royalties etc. 4,467 4,184

Sale of notes (books, compendiums and notes) 2,641 3,438

Tuition fees 75,061 80,632

Course activities 1,992 2,967

Guest accommodation 18,210 21,001

Revenues concerning maintenance, Danish Building & Property Agency 24,774 12,474

Other income 42,500 38,264

Fees 515 413

Total 170,160 163,373

Income-generating activities, sub-account 90

Ordinary projects 12,110 15,422

Total 12,110 15,422

Total sale of goods and services 182,270 178,795

N O T E S T O T H E A C C O U N T S




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NOTE 3 - GRANT-FINANCED ACTIVITIES


Sub-accounts 95 and 97

Government funding 234,211 225,630

EU 102,638 101,346

Other international funding 38,094 37,417

Municipalities and regions 69,513 85,549

Private funding 175,294 171,976

Total 619,750 621,918

NOTE 4 - EXPENDITURE


Equipment (purchase and rent) 59,201 62,060

Supply area (fuel, district heating, drainage, etc.) 37,895 40,742

Repair and maintenance costs 80,977 60,485

Cleaning services 47,531 39,760

Travel and transport 23,492 76,790

Consultancy services 95,108 82,438

Audit and advisory services 1,285 1,063

Courses and conferences 15,269 20,273

Entertainment expenses 10,646 24,642

IT Services 10,171 11,020

Telephony 2,167 2,265

Advertising 18,228 18,835

Printing and Copydan 13,186 11,853

Office supplies, paper and teaching materials 35,260 33,959

Journals and books 28,518 29,811

Other expenditure 86,317 97,734

Total 565,251 613,730




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NOTE 5 - STAFF COSTS


Salary 1,688,615 1,733,766

Salary reimbursement -45,422 -48,826

Pension 249,804 248,558

Overtime and additional work 227 455

Redundancy schemes 1,176 9,083

Social contributions 23,689 27,696

Scholarships and similar 5,845 5,745

Total 1,923,934 1,976,477

NOTE 6 - OTHER ORDINARY OPERATING COSTS


Taxes and duties 8,553 8,537

Reimbursements and grants 500 0

Provisions 0 1,490

Other costs 2,448 3,117

Total 11,501 13,144

Number of full-time equivalents (FTEs) 2020 2019

Number of full-time equivalents (FTEs) 3,351 3,416

Recruitments, new staff 923 859

Staff departures 748 1.014

FTE rate 574,137 578,594




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NOTE 7 - DEPRECIATION AND AMORTISATION


Depreciation and amortisation for the year

Intangible assets, amortisation 1,176 1,559

Tangible fixed assets, depreciation 91,254 88,049

Neutralisation, depreciation of donations -6,948 -6,443

Financial fixed assets, amortisation 292 220

Patent rights, amortisation 742 624

Loss/profit fixed assets 1,583 -24

Total 88,099 83,985

NOTE 8 - FINANCIAL INCOME


Interest income, bank 0 0

Interest income, securities 5,253 6,228

Realised profits and price adjustments, securities 10,994 8,073

Unrealised profits and price adjustments, securities 0 7,283

Total 16,247 21,584

NOTE 9 - FINANCIAL COSTS


Interest expenses, bank 498 176

Realised loss, securities 0 0

Unrealised loss, securities 4,534 0

Foreign exchange rate adjustments, net 93 62

Cash differences, fees and other interest 475 452

Total 5,600 690




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NOTE 10 - INTANGIBLE ASSETS

in DKK thousandsInternally generated

patents and inventionsIT and software

licensesWork in progress,

software Total

Cost price - opening balance 12,113 10,343 0 22,456

Additions 742 0 8,095 8,837

Disposals -1,078 -2,530 0 -3,608

Cost price - closing balance 11,777 7,813 8,095 27,685.

Accumulated depreciation - opening balance -6,977 -9,713 0 -16,690

Depreciation for the year -696 -481 0 -1,177

Amortisation concerning disposals for the year 337 2,530 0 2,867

Depreciation and amortisation - closing balance -7,336 -7,664 0 -15,000

Net book value, closing balance 4,441 149 8,095 12,685

Own development of systems

Aalborg University is involved in cooperation with two other universities for the joint financing of software for the financial system Oracle Financial (ØSS). Aalborg University is involved in cooperation with seven other universities and the engineering colleges in Denmark for the joint financing of software for the student administration system (STADS). According to regulations, these are purchasing cooperati-on agreements stipulating that no claim can be made for a share in the capital by a party in case that party resigns from the cooperation. Therefore, the value should not be calculated and included in the university balance sheets.




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NOTE 11 - TANGIBLE ASSETSLeasehold Test equipment Operating

in DKK thousands Installations improvements and machines equipment

Cost price - opening balance 157,405 354,601 443,880 78,067

Additions 0 32,839 40,981 3,383

Disposals -206 -1,658 -19,729 -1,364

Cost price - closing balance 157,199 385,782 465,132 80,086

Accumulated depreciation - opening balance -154,022 -175,381 -312,236 -62,576

Depreciation for the year -427 -30,292 -36,065 -6,205

Amortisation concerning disposals for the year 153 323 19,097 1,364

Depreciation and amortisation - closing balance -154,296 -205,350 -329,204 -67,417

Net book value, closing balance 2,903 180,432 135,928 12,669

Transport Fixtures and Work in progress,in DKK thousands equipment equipment IT equipment premises

Cost price - opening balance 14,651 52,165 89,407 3,937

Additions 249 2,761 9,631 17,817

Disposals -1,188 -4,602 -10,859 0

Cost price - closing balance 13,712 50,324 88,179 21,754

Accumulated depreciation - opening balance -9,908 -33,641 -77,300 0

Depreciation for the year -1,074 -10,329 -6,862 0

Amortisation concerning disposals for the year 1,189 4,602 10,353 0

Depreciation and amortisation - closing balance -9,793 -39,368 -73,809 0

Net book value, closing balance 3,919 10,956 14,370 21,754

Test equipmentunder

in DKK thousands construction Total

Cost price - opening balance 14,737 1,208,850

Additions 7,976 115,637

Disposals 0 -39,606

Cost price - closing balance 22,713 1,284,881

Accumulated amortisation - opening balance 0 -825,064

Depreciation for the year 0 -91,254

Amortisation concerning disposals for the year 0 37,081

Depreciation and amortisation - closing balance 0 -879,237

Net book value, closing balance 22,713 405,644




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NOTE 12 - FINANCIAL FIXED ASSETS Investments in joint ventures in DKK thousands

Cost price - opening balance 9,625

Additions 0

Disposals -950

Cost price - closing balance 8,675

Amortisation - opening balance -2,199

Amortisation for the year -292

Reversal of amortisation of disposals for the year 697

Amortisation - closing balance -1,794

Net book value, closing balance 6,881

Aalborg University holds ownership shares in the following companies: Cost price in DKK thousands Ownership share

Forskningsinnovation A/S 6,000 100.00 %

Chocolate Cloud ApS 1 0.83 %

Joint Blade Rotor A/S 1,667 25.00 %

Inropa A/S 0 0.96 %

Maestro Business Group A/S 0 2.00 %

Alpcon A/S in voluntary liquidation 572 5.00 %

Steinwurf Aps 14 0.04 %

NociTech Aps 421 60.54 %

NOTE 13 - STATE DEBT NOTE


State debt note to AAU for donation given for building under the state rent scheme:

Property, Thomas Manns Vej 25, Aalborg Øst 51,500 16,000

Total 51,500 16,000

NOTE 14 - SECURITIES

A repurchase transaction of DKK 50,000,000 was concluded on the balance sheet date. The repurchase transaction was recognised according to the net principle and the securities repurchased after the balance sheet date.




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NOTE 15 - CASH AND CASH EQUIVALENTS


Bank and Giro 157,729 48,491

Euro accounts 39,173 73,412

Total 196,902 121,903

NOTE 16 - STATEMENT OF CHANGES IN EQUITY


Free equity - opening balance 311,511 365,541

Equity - opening balance adjustment - holiday pay calculation -26,125 0

Free equity - opening balance adjustment 285,386 365,541

Retained earnings/losses 102,365 -54,030

Free equity - closing balance 387,751 311,511

Reserved equity - opening balance, debt notes - SEA properties 16,000 0

Addition for the year, debt notes - SEA properties 35,500 16,000

Reserved equity - closing balance, debt notes - SEA properties 51,500 16,000

Equity - closing balance 439,251 327,511

NOTE 17 - PROVISIONS


Re-establishment of pavilions* 3,000 4,000

Maintenance of guest accommodation** 3,253 3,193

Total 6,253 7,193

*Re-establishment of pavilions: Funds have been set aside for the demolition of pavilions and the re-establishment of new premises.

**Maintenance of guest accommodation: Provisions have been made for maintaining fixtures and furniture in guest accommodation.




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NOTE 18 - CAPITAL LOAN


Installations in external tenancies 1,200 1,950

Ministry of Higher Education and Science, payment of rent deposits 7,114 8,312

Short-term share of the above -400 -360

Total 7,914 9,902

NOTE 19 - OTHER PAYABLES


Salary due (including A-tax (tax deducted from income at source, etc.)) 30,762 28,838

Outstanding VAT to the Ministry of Higher Education and Science 2,732 10,197

Liabilities to business partners 39,173 73,412

Keys and guest accommodation for students (deposits) 2,535 3,121

Total 75,202 115,568

NOTE 20 - PREPAID GRANTS REGARDING EXTERNALLY GRANT-FINANCED PROJECTS


Prepayments, governmental activities 395,025 338,979

Prepayments, non-governmental activities 20,666 23,833

Total 415,691 362,812

NOTE 21 - PREPAYMENTS RECEIVED


Prepaid government funding 190,016 186,793

Other prepaid income 56,289 46,161

Payments/deductions for later settlement 4,248 6,521

Total 250,553 239,475




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NOTE 22 - COUNTER ITEM TO CAPITALISED DONATIONS


Net book value - opening balance 26,406 25,987

Additions 10,951 6,862

Disposals 0 0

Depreciation -6,948 -6,443

Net book value - closing balance 30,409 26,406

Of which:

Long-term 24,218 20,702

Short-term 6,191 5,704

Total 30,409 26,406

Long-term portion distributed on the following types of assets:


Total 24,218 20,702

Short-term portion distributed on the following types of assets:


Total 6,191 5,704

NOTE 23 - CONTINGENT LIABILITIES

• Until 2033, Aalborg University is obliged to pay DKK 1,437m in rent; of this amount, DKK 263m relates to 2021• For the years 2021-2024, Aalborg University has entered into leasing commitments primarily pertaining to coffee dispensers

amounting to DKK 203,000; of this amount, DKK 70,000 relates to 2021.• Aalborg University is obliged to provide redundancy payment to civil servants who have been dismissed. The maximum obligation

amounts to DKK 32.7 million. Pension liabilities for civil servants have been covered by ongoing payment of pension contributions to pension funds.

• In respect of paid PhD fellows, the University guarantees the students' pay during the period of enrolment. This guarantee may be used if the pay costs are not covered by the companies or institutions with which training agreements have been made.

• Aalborg University is covered by the Danish State's self-insurance principle.




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SEPARATE ACCOUNTS FOR GRANT-FINANCED RESEARCH ACTIVITIES, ETC. IN ACCORDANCE WITH THE MINISTERIAL ORDER ON THE FUNDING AND AUDIT OF UNIVERSITIES


Sub-account 10 - Ordinary activities

Income 2,358,392 2,310,692

Costs -2,387,037 -2,515,016

Internal net transfer of overhead 130,010 120,661

Institutional internal net transfer -10,472 11,220

Profit/loss for the year before financial items 90,893 -72,443

Sub-account 90 - Income-generating activities

Income 12,110 15,422

Costs -4,322 -5,180

Internal net transfer of overhead -6,161 -10,558

Institutional internal net transfer -799 -2,151

Profit/loss for the year before financial items 828 -2,467

Sub-account 95 - Grant-financed research activities

Income 600,658 605,018

Costs -493,735 -490,616


Institutional internal net transfer 15,740 6,418

Profit/loss for the year before financial items -3 -14

Sub-account 97 - Other grant-financed activities

Income 19,093 16,900

Costs -13,441 -12,144


Institutional internal net transfer -4,469 -3,525

Profit/loss for the year before financial items 0 0

Total

Income 2,990,253 2,948,032

Costs -2,898,535 -3,022,956

Total institutional transfers - sub-account 10 119,538 131,881

Total institutional transfers - sub-accounts 90, 95 and 97 -119,538 -131,881

Profit/loss for the year before financial items 91,718 -74,924

O T H E R M A T T E R S

According to Ministerial Order on the Funding and Audit etc. of Universities, No. 1021 of 24 June 2020, the University must include a number of notes in its Financial Statements concerning different matters and issues.




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AALBORG UNIVERSITY HOUSING FOUNDATION


Opening balance 312 311

Financial items 0 1

Deposits in current year 0 0

Closing balance 312 312

GRANTS FOR STUDENT ACTIVITES


Student organisations 1,941 1,906

Student House 3,725 3,875

Total 5,666 5,781

NON-COMMERCIAL FOUNDATIONS

The University cooperates with the NOVI Research Park and the North Jutland University Foundation. Aalborg University has paid none of the administration costs involved.

GRANTS FOR FOUNDATIONS AND ASSOCIATIONS


Publishers 529 530

Total 529 530

INFORMATION ABOUT TOTAL DEPOSITS FOR SCHOLARSHIPS ETC. FOR WHICH AAU PROVIDES SECRETARIAL SERVICES

Aalborg University has no deposits for scholarships and similar initiatives for which AAU provides secretarial services.

DEPOSITS IN FOUNDATIONS WHOSE MAIN OBJECTIVE IS TO ESTABLISH ACCOMMODATION CLOSE TO THE UNIVERSITY

The donor has contributed DKK 300,000 for the establishment of the Aalborg University Housing Foundation. This foundation has been registered as a non-commercial foundation with an initial capital of DKK 300,000.

INFORMATION ON DEBT IN OWN PROPERTIES

AAU has no debt in its own properties




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FUNDS SPENT ON FREE PLACES AND SCHOLARSHIPS

ExpenditureNumber of students enrolled on fully

or partially free placesNumber of scho-

larship recipientsFunds spent on

free places (DKK)

Funds spent on scholarships

(DKK)Number/DKK

Rate 1 36 0 936,700 0

Rate 2 10 0 64,000 0

Rate 3 33 0 1,513,800 0

Accounts

Transferred from the Danish Agency for Higher Education (DKK)

Transferred profits pertaining to fee-

paying international students (DKK)

Expenditure during the financial year

(DKK) Profit/loss (DKK)Year

2014 5,674,841 0 2,120,043 3,554,798

2015 5,566,531 0 1,408,681 4,157,851

2016 5,377,020 0 2,404,763 2,972,257

2017 5,246,667 0 3,959,717 1,286,950

2018 5,174,949 0 2,808,700 2,366,249

2019 5,010,376 0 1,803,084 3,207,292

2020 5,077,107 0 2,514,500 2,562,607

CONTRIBUTIONS AND ACQUISITION OF SHARES IN COMPANIES (CF. TECHNOLOGY TRANSFER ACT § 4)


Opening balance 6,000 6,000

Contribution in Forskningsinnovation A/S 0 0

Closing balance 6,000 6,000




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ACTIVITIES RELATED TO DEGREE PROGRAMMES OFFERED ABROAD BY AALBORG UNIVERSITY

As part of the joint Danish-Chinese university centre, Sino-Danish Center for Education and Research in Beijing, Aalborg University offers the Master’s degree programme in Innovation Management. In 2020, 72 students were enrolled in the programme (40 of which were Chinese) The entire programme is undertaken in Beijing.

In cooperation with the University of International Relations in Beijing, Aalborg University offers the master degree programme in China and International Relations as a joint degree. In 2020, 28 students were enrolled in the programme. During the first year, teaching activities take place in Aalborg and during the second year, in Beijing.




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INFORMATION ABOUT THE UNESCO CENTRE’S TOTAL EXPENSES AND TOTAL NUMBER OF FTES

in DKK 1,000/number of FTEs 2020 2019

TOTAL COSTS

Staff costs

- Internally funded 7,041 6,379

- Externally funded 1,007 1,129

Total 8,048 7,508

Other costs

- Internally funded 72 355

- Externally funded 0 0

Total 72 355

External PhD costs



Total 630 420

Total costs



Total 8,750 8,283

TOTAL STAFF FULL-TIME EQUIVALENTS

Staff FTEs

- Internal 12.2 12.5

- External 1.0 1.0

Total 13.3 13.6

External PhD FTEs

- Internal 0.0 0.0

- External 1.5 1.0

Total 1.5 1.0

Total staff full-time equivalents


- External 2.5 2.0

Total 14.8 14.6




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INFORMATION ABOUT THE UNESCO CENTRE’S TOTAL EXPENSES AND TOTAL NUMBER OF FTES

in DKK 1,000/number of FTEs 2020 2019

TOTAL COSTS

Staff costs



Total 8,048 7,508

Other costs



Total 72 355

External PhD costs



Total 630 420

Total costs



Total 8,750 8,283

TOTAL STAFF FULL-TIME EQUIVALENTS

Staff FTEs


- External 1.0 1.0

Total 13.3 13.6

External PhD FTEs

- Internal 0.0 0.0

- External 1.5 1.0

Total 1.5 1.0

Total staff full-time equivalents


- External 2.5 2.0

Total 14.8 14.6

STUDENTS IN THE US VIRGIN ISLANDS

ExpenditureNumber of students enrolled on fully

or partially free placesNumber of scho-

larship recipientsFunds spent on

free places (DKK)

Funds spent on scholarships

(DKK)Number/DKK

Rate 1 0 0 0 -

Rate 2 0 0 0 -

Rate 3 0 0 0 -

Accounts

Transferred from the Danish Agency for Institutions and Educational Grants (DKK)

Transferred profits pertaining to fee-paying internatio-

nal students (DKK)

Expenditure during the financial year

(DKK) Profit/loss (DKK)Year

2018 500,000 - 200,928 299,072

2019 500,000 - 36,824 463,176

2020 530,000 - - 530,000




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FORSKNINGSINNOVATION A/S - FINANCIAL STATEMENTS FOR 1 JANUARY 2019 - 31 DECEMBER 2019

At the time of approval of the Annual Report for Aalborg University, the Financial Statements January 2019 - December 2019 are the most recently approved Financial Statements for Forskningsinnovation A/S.

PROFIT AND LOSS ACCOUNTS

in DKK thousands 2019

Income

Interest rate 0

Total income 0

Expenses

Other external expenses -45

Financial costs -8

Total costs -53

Tax on taxable income 0

Profit/loss for the year -53




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BALANCE SHEET

in DKK thousands 31.12.2019

Assets

Shares in NOVI Innovation A/S 3,972

Cash and cash equivalents 1,354

Total assets 5,326

Liabilities and equity

Share capital 4,500

Retained earnings/losses 820

Total equity 5,320

Costs payable 6

Total liabilities 6

Total liabilities and equity 5,326

OVERVIEW OF CUMULATIVE BALANCE FOR INCOME-GENERATING ACTIVITIES

in DKK thousands 2017 2018 2019 2020

Income 14,628 16,434 15,422 12,110

Costs 11,802 13,549 11,767 3,952

Result 2,826 2,885 3,655 8,158

Cumulative balance 2007 - financial year 42,171 45,056 48,711 56,869

MANAGEMENT SALARY - UNIVERSITY BOARD

number/ in DKK thousands 2020 2019

Number of external board members 7 7

Chair remuneration paid 216 213

Total remuneration paid to other external members 361 336




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A C T I V I T Y R E P O R T


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Activities 2016 2017 2018 2019 2020 Ref. No.*

Personnel (Full-time equivalent)

FTE 3,351 3,431 3,498 3,416 3,351

- academic staff 1,890 1,954 2,020 1,992 1,947 12

- part-time academic staff 141 136 134 128 122 13

- technical and administrative staff 1,320 1,341 1,344 1,296 1,282 14

Gross floor area

Gross floor area (gross area calculated in m2)** 287,697 282,485 278,672 281,755 268,174 17

Students

Number admitted to Bachelor's degree programme (KOT) 4572 4,446 4,316 4,031 4,213 18

Number admitted to the Master's degree programme 3,955 3,966 3,787 3,779 3,773 19

- admitted externally 1,756 1,790 1,630 1,605 1,574

Number of students enrolled 20,743 20,895 20,397 20,066 20,112 20

Student full-time equivalents (FTE) 16.528 16,632 16,574 16,519 16,463 21

- admission course 192 188 153 157 163

Graduates

Number of graduates - Bachelor’s degree 2,947 2,863 2,803 2,797 2,866 22

- median age, Bachelor’s degree 24 24 24 24 24

Number of graduates - Master’s degree 3,225 3,149 3,356 3,370 3,202 23

- median age, Master’s degree (2 years) 27 27 27 27 27

Graduation rate

Bachelor’s degrees completed in prescribed time 52 % 51 % 49 % 53 % 53 %

Bachelor’s degrees completed in prescribed time + 1 year 62 % 61 % 59 % 61 % 61 %

Two-year Master’s degrees completed in prescribed time 58 % 62 % 65 % 66 % 67 %

Two-year Master’s degrees completed in prescribed time + 1 year 77 % 79 % 81 % 82 % 82 %

A C T I V I T Y R E P O R T

*Reference is made to the figures stated in the ministry ’s updated overview of key figures in universities’ annual report of 18 January 2013.

** In order to provide a more accurate picture of AAU's total gross m2, the figures for 2019 and 2020 include previously undeclared storage areas at Troensevej 14,

9220 Aalborg East; thus the 2019 and 2020 figures are not comparable to previous years. The correction amounts to 1,156 gross m2.




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Open and part-time education

Number admitted 1,088 1,127 1,153 936 1,034

Number of FTE students 653 687 700 655 645 24

Number of part-time students 2,225 2,302 2,356 2,164 2,205

Number of graduates in professional master's and diploma programs 504 484 456 533 532 25

Internationalisation

Number of outgoing exchange students 903 681 723 608 347 26

Number of incoming exchange students 195 179 185 200 155 27

Number of international students in all programmes in DK 3,096 3,152 2,945 2,643 2,442 28

Research training

Number of PhD students enrolled 849 839 850 838 821 29

Number of PhD students admitted 238 257 256 212 231 30

Number of PhD dissertations approved 266 215 198 158 200 31

Research and dissemination results

Number of BFI point-eligible publications 3,912 4,085 4,261 4,097 N/A 32

Number of research publications 5,548 5,655 5,684 5,377 5,633***

Number of teaching and dissemination publications 555 676 647 711 516***

Number of pending patents 14 16 11 8 7 33

Number of pending inventions 68 71 81 57 66 34

Number of license, sales and options agreements 41 42 31 54 39

Number of spinout companies 1 1 2 5 4

Number of projects with business community 1,210 1,225 1,255 1,249 1,177 35

Number of external projects 3,002 2,945 2,925 2,981 2,855 36

Economic cooperation with business community, in DKK millions 151 152 195 207 210 37

Number of higher doctoral degrees 3 3 1 2 2

Reference is made to the figures stated in the ministry ’s updated overview of key figures in universities’ annual report of 18 January 2013.

*** The figures are not final.




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Open and part-time education

Number admitted 1,088 1,127 1,153 936 1,034

Number of FTE students 653 687 700 655 645 24

Number of part-time students 2,225 2,302 2,356 2,164 2,205

Number of graduates in professional master's and diploma programs 504 484 456 533 532 25

Internationalisation

Number of outgoing exchange students 903 681 723 608 347 26

Number of incoming exchange students 195 179 185 200 155 27

Number of international students in all programmes in DK 3,096 3,152 2,945 2,643 2,442 28

Research training

Number of PhD students enrolled 849 839 850 838 821 29

Number of PhD students admitted 238 257 256 212 231 30

Number of PhD dissertations approved 266 215 198 158 200 31

Research and dissemination results

Number of BFI point-eligible publications 3,912 4,085 4,261 4,097 N/A 32

Number of research publications 5,548 5,655 5,684 5,377 5,633***

Number of teaching and dissemination publications 555 676 647 711 516***

Number of pending patents 14 16 11 8 7 33

Number of pending inventions 68 71 81 57 66 34

Number of license, sales and options agreements 41 42 31 54 39

Number of spinout companies 1 1 2 5 4

Number of projects with business community 1,210 1,225 1,255 1,249 1,177 35

Number of external projects 3,002 2,945 2,925 2,981 2,855 36

Economic cooperation with business community, in DKK millions 151 152 195 207 210 37

Number of higher doctoral degrees 3 3 1 2 2

Aalborg UniversityFredrik Bajers Vej 7K

PO Box 159, 9100 AalborgDenmark

Tel.: (+45 9940 9940)Email: [email protected]

www.en.aau.dk

FINANCIAL STATEMENTS 2020 - okonomi.aau.dk

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