Danmarks Tekniske Universitet EXTRACT OF FINANCIAL STATEMENTS 2020 Content 3 Company information 4 Statement 6 Independent auditor's report extract of financial statements 8 Income statement 9 Balance sheet as at 31 december 10 Statement of changes in equity 12 Cash flow statement 14 Notes 18 Key figures for the main activities 19 Financial ratios, etc 2 EXTRACT OF FINANCIAL STATEMENTS 2020 Company information COMPANY BOARD OF GOVERNORS AS AT 1 JANUARY 2021 EXECUTIVE BOARD AS AT 1 JANUARY 2021 Technical University of Denmark Karin Markides, Chairman Anders Overgaard Bjarklev Anker Engelunds Vej 1 President, American University of Armenia President DK-2800 Kgs. Lyngby Ulrik Juul Christensen Rasmus Larsen Chairman and CEO, Area9 Lyceum Provost MUNICIPALITY OF REGISTRATION Henrik Clausen Claus Nielsen Lyngby-Taarbæk CEO, TDC Executive Vice President Company reg. no. 30 06 09 46 Susanne Juhl, Marianne Thellersen Independent Advisor and Board Member Senior Vice President AUDIT (Innovation and Entrepreneurship) Thea Larsen Rigsrevisionen CEO, Dansk Gasteknisk Center A/S Philip John Binning Landgreven 4 Dean of Graduate Studies Hanne Søndergaard DK-1301 Copenhagen K and International Affairs Chief Marketing Officer & Executive Vice President, Arla Foods Amba Lars D. Christoffersen INSTITUTIONAL AUDITORS Dean of Undergraduate Studies Kasper Bøgh Pedersen and Student Affairs EY Godkendt Revisionspartnerselskab Senior Officer (employee representative, Dirch Passers Allé 36 technical/administration staff) DK-2000 Frederiksberg Ole Sigmund Professor (employee representative, scientific staff) Søren Sandgaard MSc Eng student Lau Halkier Wandall MSc Eng student 3 STATEMENT Statement The Financial Statements consist of extracts from the Annual Report 2020 of DTU (Technical University of Denmark). The original report is in Danish. The Annual Report has been approved by the Board of Governors and the Executive Board and the Financial Statements have been audited by the University's institutional auditors, EY Godkendt Revisionspartnerselskab. Link to the Annual Report 2020 The figures in the Extract of Financial Statements are in DKK (Danish kroner). 4 June 2021 Claus Nielsen University Director 4 EXTRACT OF FINANCIAL STATEMENTS 2020 Executive Board The Board of Governors and the President have on 9 April 2020 approved the Annual Report of The Technical University of Denmark for the financial year 1 January - 31 December 2020. Signatures of the Board of Governors and the President are included in the full version of the Annual Report 2020. Anders Overgaard Bjarklev, Rasmus Larsen, Claus Nielsen, President Provost Executive Vice President Marianne Thellersen, Philip John Binning, Lars D. Christoffersen, Senior Vice President Dean of Graduate Studies Dean of Undergraduate (Innovation and and International Affairs Studies and Student Affairs Entrepreneurship) Board of Governors Karin Markides, Chairman Ulrik Juul Christensen Henrik Clausen Susanne Juhl Thea Larsen Hanne Søndergaard Kasper Bøgh Pedersen Ole Sigmund Søren Sandgaard Lau Halkier Wandall 5 INDEPENDENT AUDITOR'S REPORT Independent auditor's report TO THE BOARD OF GOVERNORS The summary financial statements and the audited OF DTU financial statements do not reflect the effects of events occurred subsequent to the date of our report Conclusion on the financial statements. The summary financial statements, which comprise the summary balance sheet at 31 December 2020, The audited financial statements and summary income statement, summary statement of our auditor's report thereon changes in equity and summary cash flow statement We expressed an unmodified audit opinion on the for the financial year 1 January – 31 December 2020 audited financial statements in our auditor's report and related notes, are derived from the audited dated 9 April 2021. financial statements of DTU for the financial year 1 January – 31 December 2020. Management's responsibilities for the summary financial statements In our opinion, the accompanying summary financial Management is responsible for the preparation of statements are consistent, in all material respects, summary financial statements in accordance with the with the audited financial statements in accordance Danish State's accounting rules and Executive Order with the Danish State's accounting rules and no. 1021 of 24 June 2020. Executive Order no. 1021 of 24 June 2020. Auditor's responsibilities Summary financial statements Our responsibility is to express a conclusion as The summary financial statements do not contain to whether the summary financial statements are all the information required by the Danish State's consistent, in all material respects, with the audited accounting rules and Executive Order no. 1021 financial statements based on our procedures, of 24 June 2020. Reading the summary financial which were conducted in accordance with ISA 810 statements and the auditor's report thereon is Engagements to Report on Summary Financial therefore not a substitute for reading the audited Statements. financial statements and the auditor's report thereon. Copenhagen, 4 June 2021 Ulrik Benedict Vassing Margrethe B. Bergkvist EY Godkendt Revisionspartnerselskab State Authorised Public Accountant State Authorised Public Accountant CVR no. 30 70 02 28 mne32827 mne3431 6 EXTRACT OF FINANCIAL STATEMENTS 2020 Extract of Financial Statements SUMMARY OF SIGNIFICANT on the balance sheet date, are converted at the ACCOUNTING POLICIES exchange rate prevailing on the balance sheet date. Basis of Accounting The difference between the exchange rate The Annual Report is prepared in accordance with prevailing on the balance sheet date and the Executive Order no. 1021 of 24 June 2020 on exchange rate prevailing when the receivables or university funding and auditing, etc. (Bekendtgørelse liabilities arose or were recognized in the latest nr. 1021 af 24. juni 2020 om tilskud og revision mv. financial statements, is recognized in the income ved universiteterne). The Executive Order refers statement as a financial entry. to the Danish Budget and Accounting Procedures Act. The financial statements are presented in Derivative Financial Instruments accordance with the below accounting policies. The Derivative financial instruments classified as and Annual Report is presented in DKK 1,000. meeting the conditions for hedging future trans- actions are initially recognized in the balance sheet Consolidated Financial Statements as original cost and subsequently measured at fair In accordance with the Danish accounting rules, no value on the balance sheet date, and changes to the consolidated financial statements are prepared. fair value are recognized directly in equity. Foreign Currency Conversion Changes to the fair value of derivative financial Transactions in foreign currencies are converted at instruments that do not meet the conditions for the exchange rate prevailing on the transaction date. hedging instruments, are recognized in the income Profit and loss arising between the exchange rate on statement. the transaction date and the exchange rate on the payment date are recognized in the income Positive and negative fair values of derivative statement as a financial entry. financial instruments are recognized under Investments and Non-current liabilities, respectively. Receivables, liabilities and other monetary items in foreign currencies, which have not been settled 7 INCOME STATEMENT INCOME STATEMENT 1. JANUAR – 31. DECEMBER Note 2020 2019 DKK 1,000 DKK 1,000 Education 857,294 821,014 Research 1,867,533 1,922,031 Other income under the Danish Finance and Appropriation Act (Finansloven) 42,012 37,811 External funds for research 1,985,433 1,943,880 Commercial activities 294,680 300,265 Other income 524,174 369,452 Income 1 5,571,126 5,394,453 Operating costs, campus operation and maintenance 519,922 552,627 Staff costs 19 3,258,561 3,332,107 Other ordinary operating costs 1,020,135 1,026,315 Depreciation and amortization 5+6 507,056 452,190 Ordinary operating costs 2 5,305,674 5,363,239 Profit on ordinary activities 265,452 31,214 Financial income 3 7,325 17,990 Financial costs 4 139,475 148,155 Net profit for the year 133,302 -98,951 Proposed appropriation of the net profit for the year: Retained earnings 133,302 -98,951 Total 133,302 -98,951 8 BALANCE SHEET AS AT 31 DECEMBER ASSETS Note 2020 2019 DKK 1,000 DKK 1,000 Inventions and patents 70,868 59,971 Intangible assets 5 70,868 59,971 Land and buildings 5,264,391 4,932,236 Installations 1,954,899 1,651,632 Laboratory equipment and machinery 748,522 689,041 IT equipment 211,109 232,883 Cars and fixtures and equipment 63,709 70,799 Non-current assets under construction 558,222 911,429 Property, plant and equipment 6 8,800,852 8,488,020 Equity investments in subsidiaries 275,422 279,347 Other equity investments 34,958 33,171 Loan(s) to subsidiary 30,707 35,487 Investments 7 341,107 348,005 Non-current assets 9,212,827 8,895,996 Trade receivables 8 435,104 234,196 Receivables from group enterprises 12,698 3,265 Other receivables 6,812 10,021 Receivables from ongoing funding activities 9 1,132,711 1,142,052 Other deferred income 10 27,201 11,637 Receivables 1,614,526 1,401,171 Securities 232,695 232,239 Cash 840,647 812,488 Current assets 2,687,868 2,445,898 Total assets 11,900,695 11,341,894 9 BALANCE SHEET AS AT 31 DECEMBER EQUITY AND LIABILITIES Note 2020 2019 DKK 1,000 DKK 1,000 Invested capital 2,109,350 2,109,350 Retained earnings -944,738 -780,233 Equity 1,164,612 1,329,117 Other Provisions 11 8,665 9,743 Provisions