annual financial statement 2010 - ait · 2.1.2 organizational structure and content-related...

Annual Financial Statement

2010

00 TABLE OF CONTENTS

Annual Financial Statement 20103

TABLE OF CONTENTS

01 ShareholderS, SuperviSory Board, BodieS

02 ManageMent report 2.1 STRUCTURE REPORT 2.1.1 Realignment of the AIT Austrian Institute of Technology GmbH 2.1.2 Organizational structure and content-related orientation 2.1.3 Reports of the Departments 2.1.3.1 Health and Environment 2.1.3.2 Energy 2.1.3.3 Mobility 2.1.3.4 Safety & Security 2.1.3.5 Foresight & Policy Development 2.2 PERFORMANCE 2010 2.2.1 Results 2.2.2 Expense structure 2.2.3 New and existing projects and work in progress 2.2.4 Investments 2.2.5 Liquidity and financial position 2.2.6 Employees

2.3 RISK REPORT 2.3.1 Financial risk, details of financial instruments according to § 243 Austrian Business Enterprise Code, para 3, no. (5) 2.3.2 Market risk 2.3.3 Project funding risk 2.3.4 IT risk 2.3.5 Legal risk 2.3.6 HR risk 2.3.7 Renovation risk 2.3.8 Restructuring risk 2.3.9 Total risk 2.3.10 Internal Control System (ICS) 2.3.11 Internal auditing

2.4 FORECAST REPORT / PERFORMANCE INDICATORS 2.4.1 Strategic development 2.4.2 Metrics for attainment of Federal Ministry for Transport, Innvoation and Technology targets

2.5 EVENTS AFTER THE BALANCE SHEET DATE

03 annual aCCountS

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01SHAREHOLDERS,SUPERVISORY BOARD,BODIES


SHAREHOLDERS, SUPERVISORY BOARD, BODIESShareholdersSupervisory Board, bodies

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6Annual Financial Statement 2010

01Shareholders, Supervisory Board, bodies


SHAREHOLDERS

• RepublicofAustria(FederalMinistryforTransport,InnovationandTechnology) with 50.46%

• FederationofAustrianIndustrieswith49.54%


SUPERVISORY BOARD, BODIES

Management Anton PLIMONWolfgang KNOLL

holders of general power of attorneyJosef FRÖHLICH Georg HABERHAUER up to March 23, 2010 Alexander SVEJKOVSKY Alfred WANSCH up to December 1, 2010 Franz PIRKER Helmut LEOPOLD Brigitte BACH Michaela FRITZ since October 27, 2010

Supervisory Board

ChairmanHannes ANDROSCH deputy chairpersonsGerhard RIEMER August RESCHREITER

Supervisory BoardPeter EGGER Silvia JANK Ingolf SCHÄDLER Peter SCHWAB Maria KUBITSCHEK Edeltraud STIFTINGER Wolfgang PELL Karl Michael MILLAUER Supervisory Board Members delegated by Works CouncilKarl Heinz ASCHBACHER up to February 16, 2010 Philip LEOPOLD Karl FARTHOFER Heinrich HUMER Rudolf ORTHOFER Eva WILHELM Friederike STREBL since February 16, 2010

01Shareholders,

Supervisory Board, bodies


02 MANAGEMENT REPORT


2.1 STRUCTURE REPORT 2.1.1 Realignment of the AIT Austrian Institute of Technology GmbH 2.1.2 Organizational structure and content-related orientation 2.1.3 Reports of the Departments 2.1.3.1 Health and Environment 2.1.3.2 Energy 2.1.3.3 Mobility 2.1.3.4 Safety & Security 2.1.3.5 Foresight & Policy Development 2.2 PERFORMANCE 2010 2.2.1 Results 2.2.2 Expense structure 2.2.3 New and existing projects and work in progress 2.2.4 Investments 2.2.5 Liquidity and financial position 2.2.6 Employees

2.3 RISK REPORT 2.3.1 Financial risk, details of financial instruments according to § 243 Austrian Business Enterprise Code, para 3, no. (5) 2.3.2 Market risk 2.3.3 Project funding risk 2.3.4 IT risk 2.3.5 Legal risk 2.3.6 HR risk 2.3.7 Renovation risk 2.3.8 Restructuring risk 2.3.9 Total risk 2.3.10 Internal Control System (ICS) 2.3.11 Internal auditing

2.4 FORECAST REPORT / PERFORMANCE INDICATORS 2.4.1 Strategic development 2.4.2 Metrics for attainment of Federal Ministry for Transport, Innvoation and Technology targets


02 MANAGEMENT REPORT

02Management Report

Management Report 2010

101012141416182022

24242627303031

3233

33333333343434343436

373737

38


2.1 STRUCTURE REPORT

2.1.1 Realignment of the AIT Austrian Institute of Technology GmbH

Following the comprehensive realignment and strategic focusing in 2009, the change process aimed at streamlining the service and product portfolio was continued in 2010, administra-tive processes were further optimized and at both Group level and Department level specific measures to implement the strategy were taken.

The restructuring process was completed in 2010, with the business areas not part of the new portfolio being successfully divested and spin-offs being established. The company-wide change process has thus been completed to a large extent. However, portfolio streamlining measures on a smaller scale and further developing of the portfolio and Research Areas in line with the defined strategy will have to be continued after 2010.

One of the most significant measures taken with regard to targeted human resources devel-opment in line with the AIT objective of excellence is the creation of a company-wide chart of career models. This chart for the first time allows career paths to be outlined in a clear and transparent way and career development options to be depicted in the various career models to staff members in a well-structured fashion. This career model chart, consisting of the five career models of Science, Engineering & Expert Advice, Technical Services, Support and Management (see Fig. 1), is based on clearly defined scopes of duties, required skills and responsibilities at the individual career model levels and the related career paths within the individual career models. Additionally, roles that are essential for AIT to successfully ac-complish its responsibilities were defined. Together with the Project Management and Senior Project Management roles, the Business Development and Thematic Coordinator roles will provide essential support to the Business Unit management and Department management in implementing the corporate strategy. For the Science career model implementation has already been commenced in 2010.

In order to be able to provide an efficient environment to the staff members for their research and development activities, administrative processes were standardized and an integrated research and budget planning scheme was introduced. The research road maps specified in the strategy are reviewed on an annual basis and, depending on the R&D results achieved, the medium-term planning is updated and the budget planned accordingly. On the basis of the budget planning, the research projects for the following year will be subsequently speci-fied.

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At Department level a number of measures were taken to continue to pursue the research objectives and focus on specific areas, build and intensify strategic cooperations at the na-tional and international level, and establish AIT research activities in the international arena and further enhance its reputation in science.

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Fig. 1: Chart of AIT career models: five career models and their career levels

Junior Engineer

Junior Expert Advisor

Junior Scientist

TechnicalAssistant

Head of Business Unit

Head of AdministrationUnit

Administra-tiveAssistant

Engineering & Expert Advice

Support

Science

Technical Services

Management

Engineer

Expert Advisor

Scientist

LaboratoryAssistant

LaboratoryTechnician

Administra-tor

SeniorEngineer

SeniorExpert Advisor

SeniorScientist

Technician

Head of Department

Administra-tiveSpecialist

PrincipalScientist

Senior Technician

Senior Administrator


2.1.2 Organizational structure and content-related orientation

Fig. 2: AIT organizational chart as of October 2010

AIT Austrian Institute of Technology GmbH Management

DepartmentForesight & Policy Development

Business Unit Technology Management

Business UnitResearch, Technology & Innovation Policy

Business Unit Regional & Infrastructure Policy

DepartmentHealth & Environment

Business UnitEnvironmental Resources & Technologies

Business UnitBioresources

Business Unit Molecular Medicine

Business Unit Biomedical Systems

Business Unit Nano Systems

DepartmentSafety & Security

Business UnitQuantum Technologies

Business UnitVideo and Security Technology

Business Unit Neuroinformatics

Business Unit High-Performance Image Processing

Business Unit Safe and Autonomous Systems

Business Unit Information Management & eHealth

UnitCorporate and Legal Services

Staff UnitRevision

Staff Units


DepartmentMobility

Business Unit Electric Drive Technologies

Business Unit Transportation Infrastructure Technologies

Business Unit Dynamic Transportation Systems

Business Unit Light Metals Technology Ranshofen

DepartmentEnergy

Business Unit Sustainable Thermal Energy Systems

Business Unit Electric Energy Systems

Business Unit Sustainable Building Technologies

SubsidiaryNuclear Engineering Seibersdorf GmbH

SubsidiarySeibersdorf Labor GmbH

Subsidiary ISS Beteiligungs- gesellschaft mbH

Business Unit TTZ Leoben

UnitFinance & Controlling

Subsidiary Österreichisches Forschungs- und Prüfzentrum Arsenal Ges.m.b.H.

Subsidiary


2.1.3 Reports of the Departments

2.1.3.1 Health & Environment

This Department addresses the key challenges in the areas of health and environment, i.e. demographic development, focusing in particular on

• theagingsociety• theongoingdepletionofnaturalresources.

To this end, experimental methods and technologies are developed at molecular and nano level, creating new possibilities for dealing with the health aspects of an aging society and the depletion of natural resources. In 2010 five EU projects on these topics were started (NAMDI-ATREAM, EULakes, FoResTTrack, universAAL, ESiP).

The Department published 96 publications in scientific journals. Another meaningful indicator for the Department's excellence of research is provided by the number of invitations received and key note speeches held. The experts were invited to 24 presentations at universities and international conferences and delivered 27 keynote speeches at various universities.

Highlights 2010

• Sensing Nature: plant-microbe interactionsIn 2010 the internationally acclaimed journal "Nature Geoscience" published an article on the topic of “Global prevalence of methane oxidation by symbiotic bacteria in peat-moss eco-systems”1, to which AIT researchers contributed. A DNA microarray developed at the Health & Environment Department facilitated the analysis of the activity and diversity of bacteria which break down methane in peat-moss ecosystems. In this global study, the scientists put into perspective the concerns of climate researchers that the ongoing global warming might result in an increased production of methane in marshlands. This positive feedback effect would enormously accelerate climate change. It was demonstrated that the methane produced in peat bogs is immediately oxidated by symbiotic bacteria in the living mosses, with the oxidation rate of methane increasing with temperature.

• Sensing Life: pulse wave analysis - novel method for identifying heart risk parametersA classic blood pressure measurement device, or sphygmomanometer, allows measurement of only the systolic and diastolic pressure as well as the heart rate. However, hypertension is based on additional important parameters, such as the elasticity of artery walls and the peripheral resistance of blood vessels. The level of blood pressure measured at the upper arm varies therefore from the blood pressure prevailing in the aorta, in close proximity to the heart. Blood pressure at the heart can only be determined using pulse wave analysis, however, a sophisticated method that up to now has been both very costly and invasive and performed only at specialized clinics. The Department therefore developed an innovative technique for pulse wave analysis based on the established method of oscillometric blood pressure measurement.

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1 Kip et al. Nature Geoscience (2010) 3, 617–621


In cooperation with the German industry partner I.E.M., the new technology was integrated into the mobile device "Mobil-O-Graph®NG". The major advantage of this device is the quick, simple and cost-effective assessment of a patient's actual cardiovascular risk. In addition, a suitable therapy can be identified much more precisely and treatment can be tailored to the individual patient's needs. Currently, treatment is mostly administered on a trial-and-error basis, which leads to only 20% of hypertonic patients receiving correct medical treatment.

Following its commercial licensing last year, the Mobil-O-Graph®NG is now available on the market and is distributed internationally by I.E.M. The innovative measurement device is already being employed in major studies by several renowned institutions, while a grow-ing number of general practitioners are also taking advantage of the significant benefits it provides2.

• Sensing Life: COCOA – chip-on-chip technology for new applicationsThe COCOA project aims to develop a mature technology platform covering the entire range of processes of 3D integration in microelectronics, from vertical interconnects (TSV, micro bumps) and robust bonding to innovative packaging approaches. Unlike the existing coop-eration projects in the field of 3D integration, COCOA focuses specifically on the issues of miniaturization and optimization. Special development processes facilitate further miniatur-izing of 3D interconnects, thus increasing their density and closing the existing gap between technologies of medium (104 cm-2) and high packaging density (106 cm-2). Another primary objective of the project is to optimize 3D performance with regard to thermal, mechanical and electrical aspects. The new technology platform provides the basis for a broad spectrum of applications, demonstrated by specially developed prototypes. The first 3D integrated proto-types in the field of multimedia, wireless communication and industrial sensorics are aimed to show that 3D integration may provide European companies with completely new opportuni-ties in industrial production.

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2 Wassertheurer et al. Journal of Human Hypertension (2010) 24, 498–504 (Nature Publishing Group)


2.1.3.2 Energy

Global warming and the depletion of fossil resources require a fundamental change of energy systems. In order to cope with these central socio-political challenges, the Energy Depart-ment has been putting a strategic emphasis in its research activities on electric energy infrastructure and energy for the built environment. In both areas new contacts were made at the national and international level last year, cooperations with partners from industry were intensified and scientific know-how in the field of numeric simulation and measurement engineering was extended.

For instance, the infrastructure for measuring heating and cooling systems on the basis of renewable energy sources, which is unique in Europe, was extended in response to new requirements and market trends: one of the objectives was to build additional capacities for ventilation units as a key component of low-energy houses and ultra-low energy buildings (passive houses) and air-to-water heat pumps that are increasingly used in thermal upgrade projects in particular. The expansion of the SimTech laboratory was also expedited with the aim to provide industry and research with the latest simulation technologies for developing active network components for smart grids.

international stimuliIn the framework of the Strategic Energy Technology Plan (SET Plan) the EU calls for acceler-ated development of cost-effective low-carbon technologies. One of the measures to accom-plish this objective was the foundation of the European Energy Research Alliance (EERA). The priorities defined in this plan in the fields of smart electricity networks and energy-efficient cities are in line with the core competences of the Department. By coordinating the Smart Cities initiative and actively participating in the Smart Grids and Photovoltaics programs the claim to thematic leadership in these areas was consolidated.

One of the cornerstones for this success was laid by scientific contribution to the EU's CON-CERTO initiative, which was completed successfully in 2010. The goal was to reduce green-house gases by realizing innovative energy projects at local community level. Heading the ac-companying research project CONCERTO Plus, the Department was responsible for analyzing the technical and socio-economic data of the participating communities. At the closing event in Brussels the results were presented: the outcome of the initiative forms an important ba-sis for recommendations for politics and research strategies at local, national and European level and hence also for the future Smart Cities envisaged by the EU.

Networking activities have meanwhile extended far beyond Europe and include contacts in China and Southeast Asia. Within the framework of the Austria Tec Week at the EXPO 2010 in Shanghai, important contacts with Chinese players were established. Chinese partners are primarily interested in cooperating in the fields of ultra-low-energy buildings and sustain-able cities. The Department offers scientific counseling to the Chinese partners for inte-grated energy planning and has been invited to actively contribute to developing the megacity Nanchang into a "low carbon city". Furthermore, in collaboration with the Nanyang Techno-logical University innovative concepts for sustainable air-conditioning systems in buildings were developed for Singapore; these concepts are to be implemented in the construction of a technology park.

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partner in innovation for the economyImportant stimuli for the economy were again provided last year in the framework of COMET projects. For example, the Department assumed scientific leadership of the K-project IPOT (Intelligent Photovoltaic mOdule Technologies) for developing pioneering technologies for the photovoltaics industry. Together with renowned Austrian companies in the entire photovolta-ics value-added chain, AIT works on advanced module technologies, integrated system intel-ligence and smart PV cells towards the objective of increasing system efficiency, supporting the technology to become established on a broader basis and increasing the competitiveness of Austrian companies in this promising market.

The K-project Future Building pools the know-how from industry and research for developing innovative components and systems for tomorrow's sustainable buildings. AIT's focus is on new solutions for building automation to achieve greater energy efficiency, quick and high-precision measuring of energy performance of heat pumps and thermal simulations. With its research activities the Department provides a scientific basis for energy-efficient building and thus makes a significant contribution to promoting the participating companies' leadership in innovation.

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2.1.3.3 Mobility

The key objective of the Mobility Department is developing efficient, safe and environmentally sustainable mobility solutions. Focusing on transport infrastructure, the transport system and the vehicle, and how they interact with each other, the research team addresses the three core elements of a sustainable mobility system.

Thanks to the Department's clearly focused presentation, strategic long-term partnerships with renowned companies in the automotive and light-metal industries could be forged. The main research topics in the "Transportation Infrastructure Solutions" and "Future Integrated Vehicle Concepts" Research Areas are strategically focused and have been cast into a well-structured portfolio with defined market access to specifically target the market.

Successful positioning of the selected research topics has been achieved by integration into national, European and international networks. Via these channels, AIT is in a position to actively take part in developing the European research agenda and ensure long-term positioning of these topics in the research arena. Active contribution to European umbrella organizations such as EARPA, ECTRI, FEHRL and ERTICO was an important focus in 2010 with the aim of networking with other leading research institutions, universities and partners from industry in Europe.

Strategic long-term cooperations with universities were commenced in 2010 with the MIT Media Lab of the Massachusetts Institute of Technology, the Korean University and the Geor-gia Tech University.

Highlights 2010

TYROSAFE – Tyre and Road Surface Optimisation for Skid Resistance and Further EffectsSafety and environmental compatibility of road transport were the major topics of the EU project TYROSAFE (TYre and ROad surface optimisation for Skid resistance And Further Effects, the European Community's Seventh Framework Programme, http://tyrosafe.fehrl.org), which was successfully completed after two years of work; the closing event was held within the framework of a workshop at the Transport Research Arena conference held in Brussels in 2010. TYROSAFE was a Coordination Action with seven partners in total, headed by the AIT Mobility Department. The objectives of TYROSAFE were to promote and coordinate research in the field of grip, noise emission and rolling resistance as well as prepare a road map for harmonizing the collection of grip data in Europe. These three major road surface parameters have a significant impact on road safety and environmental compatibility of the road transport system and are the result of complex interactions between the road surface, tires and the vehicle. On the basis of intensive contacts with experts and stakeholders in the field, the project team was able not only to raise awareness but also succeeded in submitting concrete proposals for harmonizing grip data collection and defining future research focuses. These recommendations are currently being discussed at international level and gave way for additional submissions for EU projects by the Mobility Department as well as putting a focus on modeling and simulating the vehicle-road interactions in independent research.

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Process simulation of chip removal processes - enhancing efficient development of chip removal toolsMaterial development, process optimization and material based design are the main research topics of the Light Metals Technologies Ranshofen Business Unit. Optimized processes con-tribute substantially to launching novel products cost-effectively on the market.

Chip removal processes, for instance, are a key element of industrial production processes. Due to the increased cost pressure in production, chip removing tools with a longer durability and identical removal parameters should be developed. For the purpose of taking more ap-propriate optimization measures, however, a more detailed insight into chip formation during the process is required. This can be accomplished by process simulation on the basis of the finite-element method.

In the TAKE OFF project "TiZ – Highly economical titanium chip removal" (2005-2008), in which AIT was the project coordinator, designated simulation models and assessment methods were developed for supporting the interdisciplinary optimization process of milling with indexible inserts efficiently and reliably. For instance, with the help of process simula-tion, an indexible insert could be developed "virtually", i.e. without building prototypes for the interim stages. After completion of the project, during which the tool life could be increased by approximately 100% and the production costs of a demonstrator component, similar to flap track 1 of an Airbus A320 were reduced to 25%, the participating partners from industry were in a position to put the results and expertise into practice and start serial production.

In the currently ongoing projects "TiZ²“ (TAKE OFF) and "AppliCMA“ (EU-FP7) the methods in-vestigated within the framework of the TiZ project are applied to other issues of chip removal, while introducing and investigating additional specifics of these processes and other basic findings. The expertise gained over many years now allows us to dig more deeply into special aspects of the processes.

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2.1.3.4 Safety & Security

For the Safety & Security Department, the year 2010 was characterized by the change proc-ess and the optimization of the internal organizational and operational structure as well as the standards of communication and cooperation. Special emphasis was placed on creating transparency in the organizational structure (project and program focus as a control mecha-nism) and increasing synergies in operational processes and the exchange of knowledge among the individual subject matters and organizational units. To this end, a wide range of initiatives were launched, such as the Technology Days, presentations and discussions, internal community building, addressing the external public community by participating in the Vienna research festival, JUNIOR eDAY 2010, Mechtronics Day, etc. and, not least, the roll-out of a new Stage-Gate process adapted to industry for R&D control.

Despite this internal focus, the Department did not lose track of its role in application-based research. The transfer of high-level research to close-to-production realization was success-fully completed in 2010, when long-term strategic research cooperations in the core research areas of the Department were completed jointly with innovation leaders, as , for example, in the Intelligent Vision Systems (IVS) Unit with G&D for optical high-speed quality assurance or with Funkwerk plettac for video security technologies. Moreover, the Department has won a reputation as a thematic leader and innovation driver in Austria by establishing task forces and defining research focuses. Specifically, in the fields of IT security and crisis and disaster management a taskforce composed of representatives from the public sector and AIT was set up and a LOI with the relevant public bodies was concluded (Austrian Ministry of Defence and Sports, Ministry of the Interior/National Crisis and Disaster Management and the Federal Chancellery). In the healthcare sector, an industrial partnership with one of the major IT manufacturers (IBM) and an innovation leader in the field of healthcare (VAEB) was successful in developing a large-scale proof-of-concept system for diabetics. These success stories reflect the successful implementation of application-oriented research competence in pioneering key areas at national level.

Highlights 2010

i. new algorithms for image and video archive searches In this Research Area the prototype for innovative surveillance software technology in the field of efficient image and video archive searches has been developed, allowing for very quick object recognition in video archives. The most significant benefit of this technology, which plays an essential role in operational use, is the hundredfold real-time search speed made possible by novel algorithms. For the purpose of attaining this sensational search speed, special methods have been developed that do not only increase efficiency but also reduce costs thanks to optimized hardware use. Additionally, thanks to a generic archive in-terface, this technology can handle and decode various video formats. Also, the software has been designed in a way that allows for integration of new detection and analysis modules.

This innovation also gave rise to a new long-term technology cooperation initiative with the internationally active high-tech company Funkwerk plettac, a German company specializ-ing in video security solutions. Funkwerk plettac and the Safety & Security Department are currently working on their first joint research project: developing intelligent next-generation image processing technologies towards increasing security for critical infrastructures.

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II. Closed-loop health careIn close cooperation between AIT specialists and medical practitioners the Future Networks and Systems Research Area elaborated a next-generation closed-loop health care process that for the first time bridges the gap in the treatment chain involving patients, doctors and health care personnel. This medical telemonitoring system was successfully positioned in industry in 2010. At present, a comprehensive proof-of-concept project, which was put out for tender by VAEB (Versicherungsanstalt für Eisenbahnen und Bergbau, an Austrian insurer for the railway and mining sector) is ongoing. The great value added by this project to health care personnel and patients has been demonstrated by the high acceptance for using this technol-ogy in practice.

In its endeavors towards reaching this status the Department repeatedly played an active part at events for industry and research institutions in 2010 in its role as a technology provider of health care technologies. For instance, the Department participated in the eHealth Confer-ence at Schönbrunn Palace in Vienna. This annual conference, organized under the auspices of AIT, brings together international experts from the medical and social insurance sectors as well as the industry under the motto of "Health Informatics Meets eHealth - From Science to Application and Back" to discuss the opportunities of making medical care more efficient by using computers, the Internet and mobile phones.

At the Med-e-Tel health care conference in Luxembourg the Department presented itself together with its partners from industry at a common stand and showcased jointly devel-oped telehealth concepts. Furthermore, the Department was invited to present its ground-breaking health care solutions at the IBM partner stand in the HealthCare District of the IBM Symposium 2010 held under the motto "Smarter Cities". This stand earned the best customer evaluation at the entire IBM symposium, where eleven different Districts with more than 50 IBM business and IBM technology partner stands were present.

III. BusScope - a test system for automotive FlexRay communication bus systemsThanks to the successful positioning of the Department's expertise in the field of system analysis, simulation and verification, this Research Area succeeded in winning over GÖPEL electronic, a global provider of innovative electronic and optical measuring and control systems headquartered in Jena (Germany) as a commercial exploitation partner in indus-try. The technology licensed is BusScope, an innovative approach enabling speedy analysis, error-free development and systematic testing of special automotive FlexRay communication bus systems. GÖPEL electronic now offers this technology to its large network of renowned German automobile manufacturers and suppliers, who will deploy this technology in their development departments.

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2.1.3.5 Foresight & Policy Development

2009 was, quantified in terms of selected indicators of the Intellectual Capital Report, one of the most successful years in the history of the AIT Foresight & Policy Development Depart-ment (F&PD). Yet this positive balance could even be surpassed in 2010, which can be shown best by looking at the publications of the two Research Areas in scientific journals: The 29 scientists at the F&PD Department, six of whom are Senior Scientists and one is a Junior Sci-entist, published 24 articles in scientific journals in 2010 jointly with the Management. This is five articles more than in 2009. Another six articles have been accepted by scientific journals and 12 more have been submitted. The articles' high scientific standard can be seen from the fact that two of them received the Best Paper Award of the respective journal for the glo-bally most innovative and best contribution. The Department's success was further validated by one of its staff members attaining a post-doctoral teaching qualification at the Vienna University of Technology. The staff members of the F&PD Department also imparted their knowledge to students, holding 21 lectures at seven universities and universities of applied sciences (Fachhochschulen) in 2010. Apart from that, three students completed their diploma theses within the framework of a cooperation agreement concluded with the Vienna Univer-sity of Economics and Business Administration ("IEV Innovation Economics Vienna – Knowl-edge and Talent Development Program"), and one student completed his doctoral studies at Klagenfurt University.

Highlights 2010

SIIP - Sustainable innovation-oriented infrastructure policyIn research strategy a new focus was placed on infrastructure policy. This came rather naturally since, as early as 2009, three projects had been started that clearly pointed to the high competence of the F&PD Department in this field. In the framework of the project "Innovation-oriented public procurement" for the Austrian Ministry for Transport, Innovation and Technology (BMVIT) and the Vienna Chamber of Labour, processes promoting research, technology and innovation policy (RTI policy) were demonstrated that do not only open up new strategies for improving the Austrian innovation system but also account for a considerable level of funding. In another BMVIT project, the synergy potential of intensified interaction between infrastructure policy and RTI policy was highlighted for these two fields of policy and shown in a project based on interesting potential projects of the Austrian Federal Railways (ÖBB), ASFINAG, Via Donau and AUSTROCONTROL. With this in mind, the F&PD Department set up a task force comprising eleven staff members from all three Business Units for a peri-od of three years. This task force developed strategies for strengthening the competences for the knowledge-based support of infrastructure policy and, in this process, defined the policy segment of SIIP. This orientation has meanwhile been applied successfully: the division of the BMVIT responsible for infrastructure planning, financing and coordination awarded a contract for the project "Austrian mobility concept". The first invitations for diploma and doctoral the-ses in the field of SIIP will be published in 2011 in the framework of the Innovation Economics Vienna (IEV) program, the aim being to further expand the Department's knowledge basis.

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the foresight research focus at the F&pd departmentThe F&PD Department has conducted about 60 foresight projects on a broad range of top-ics in the past few years. Foresight processes are processes that assess the unforeseeable future from a systemic perspective with all its possible development pathways, to evaluate it and point out which interventions are suitable to promote and actively contribute to desirable development pathways. The vast majority of these projects were carried out on behalf of the European Commission and the BMVIT. This culminated in 2010 in the EC's commissioning of the Department to set up the European Foresight Platform (EFP). EFP represents the central node in the European network of researchers, operators and users in the field of foresight. It is also the most important hub in Europe for foresight experts from all over the world. Currently this platform lists more than 5,000 foresight processes providing brief information on its major outcomes and the methods used. A kick-off workshop in Vienna clearly showed the enormous interest of the international foresight community: more than 60 international experts presented their expertise in the field of foresight processes as well as further devel-opments in methodology. 2010 also was the second year of the AIT foresight research project "SUFO - Sustainable foresight on the impacts of foresight processes". The project analyzes the benefit of foresight processes. It was shown that foresight processes are suitable for steering complex systems. Their participatory process characterized both by phases of intensive interaction and reflection as well as analyses and surveys, enables a transition from government to governance. The foresight projects launched by the Department so far greatly enhance AIT's visibility in the European and global foresight community and pave the way for new cooperations in Europe, Asia and America.

China - a new customer segment of the F&PD DepartmentIn line with the medium-term objective of broadening our customer segment and thus offer-ing new perspectives for Austria's economy, a project commissioned by the Austrian BMVIT and the Chinese Ministry of Science and Technology (MOST) was completed and presented in public in 2010. The project "Organizational Models of Cooperation between Enterprises, Uni-versities and R&D Institutions in China and Austria: A Comparative Analysis" demonstrated, by means of three case studies each from China and Austria, which organizational models are used for improving cooperation between science and economy. Starting from this basis, proposals for further strengthening these organizational forms were developed and new RTI initiatives were derived. This project, carried out jointly with the Chinese Academy of Science and Technology for Development (CASTED), was presented in October 2010 in the form of a symposium at the World Expo 2010 Shanghai. In the wake of the symposium, this project was taken as the basis for signing a Memorandum of Understanding (MOU) with CASTED in Peking. The objectives of this MOU are to promote further joint projects on the subject of in-novation and foresight, enable the exchange of scientists and institutionalize the exchange of foresight expertise once a year in the form of conferences held alternately in Peking and Vi-enna. Two additional projects together with the CASTED and the F&DP Department have been outlined and made more concrete at the end of 2010. The activities of the F&DP Department are closely interlinked with an intensive exchange of information between the BMVIT and the MOST, which is expected to result in improved conditions for cooperation in the economy.


2.2 PERFORMANCE 2010

2.2.1 Results

In 2010, the year under review in this report, contract research revenue was slightly down year on year at EUR 37.3 million (2009: EUR 37.8 million). On the one hand, this was due to the spin-off of some operations, which resulted in lower revenue but reduced expenses, and, on the other hand, to an increase in co-financed projects – the result of the institute's strategic re-positioning. Revenue from co-financed projects (subsidies) increased year on year to EUR 23.0 million (2009: EUR 21.4 million) (both years include Nationalstiftung funding).

Other operating income in the amount of EUR 13.3 million includes around EUR 1.2 million in income from reversal of provisions, around EUR 1.7 million in expenses charged-on, EUR 8.7 million in reversals of reserves for investment grants and around EUR 1.7 million in other operating income.

Payments by shareholders relate to research grants and, together with revenue from contract research activities and co-financed research, represent one of the main sources of total revenue and the main pillar of funding for the Group’s independent research activi-ties. Amounting to EUR 43.5 million (2009: EUR 43.4 million), these represented some 34.8% (2009: around 36.1%) of total operating income of EUR 125.0 million (2009: EUR 120.1 million). In the year under review the company had funds earmarked for restructuring in the amount of EUR 4.0 million. Overall, the Group was able to strengthen its research areas and therefore further develop its technological expertise in line with its strategic orientation. Funding from the majority shareholder, the Federal Ministry for Transport, Innovation and Technology (BMVIT), was given a new contractual footing in 2009 and comprehensively regu-lated by a financing agreement. This financing agreement also covers the years 2010 to 2013. It is a cornerstone of the Group's financial security and future stability.

In contrast to the presentation in the Income Statement, in the Management Report EUR 2.0 million is reclassified from other operating income to BMfLUW (Ministry of Agriculture and Forestry, Environment and Water Management) nuclear research funding in order give a more accurate view of overall nuclear research funding.

02Performance 2010



02Performance 2010


EUR '000

R&D revenue

Changes in inventories

R&D revenue including changes in inventories

R&D grants

Changes in inventories

R&D revenue including changes in inventories

Total revenue from research contracts

Nationalstiftung funding

BMVIT support for independent research

Syndicate agreement payments

Total shareholder payments (research)

BMVIT nuclear research funding

BMfLUW nuclear research funding

Total nuclear research funding

Own work capitalized

Other operating income

total operating inCoMe

2009

37,085

671

37,756

9,635

10,635

20,270

58,026

1,119

43,394

-

43,394

4,915

1,687

6,602

8

10,967

120,115

2010

36,770

575

37,345

15,402

6,578

21,980

59,325

1,031

43,455

-

43,455

5,751

1,978

7,729

62

13,370

124,972


2.2.2 Expense structure

The company's expense structure shows an increase in purchased services (2010: EUR 26.3 million, 2009: EUR 23.7 million) in 2010, which is a result of increased project volumes but also due to provisions for relocation expenses of equipment and laboratories. Furthermore, an increase in depreciation and write-downs of tangible fixed assets (2010: EUR 8.2 million, 2009: EUR 7.5 million) and in other operating expenses (2010: EUR 23.5 million, 2009: EUR 20.9 million) was recorded. The rise in other operating expenses over the previous year can mainly be attributed to the losses from the disposal of fixed assets due to the spin-off of some operations (EUR 0.6 million) and research contributions within the scope of the demerger of the operations (EUR 0.8 million), repayments to the BMVIT (EUR 0.9 million), allocation of funds to provisions for the maintenance of company sites as well as renovation and adapta-tion costs expected. The profit for the year is EUR 3.4 million and reflects a stable develop-ment of the AIT Group.

02Performance 2010


2009

120,115

- 6,457

- 17,250

- 23,707

- 64,995

- 7,512

- 20,918

- 117,132

2,983

972

3,954

- 20

-

3,934

- 44

- 3,330

560

2010

124,972

-6,372

-19,936

-26,308

-64,099

-8,193

-23,466

-122,066

2,906

625

3,531

-118

-42

3,371

-23

560

3,908

EUR '000

TOTAL OPERATING INCOME

Cost of materials

Purchased services (external services)

Cost of materials and purchased services

Staff costs

Depreciation

Other operating expenses

TOTAL OPERATING EXPENSES

EARNINGS BEFORE INTEREST AND TAX

Financial result

POA

Taxes on income, minority interests

Transfer to the statutory reserve

PROFIT/LOSS FOR THE YEAR/PERIOD

Change in minority interest

Profit/loss brought forward

NET RETAINED PROFITS/NET ACCUMULATED LOSSES


02Performance 2010


2.2.3 New and existing projects and work in progress

new contractsNew contract research projects (KU) were up approximately 7% year on year at EUR 27.9 million. At EUR 25.9 million, subsidized research contracts (KF) declined about 9% in a year-on-year comparison. This is mainly due to the fact that an exceptionally high volume of new contracts was concluded at the end of 2009. New contracts totalled EUR 53.8 million (2009: EUR 54.6 million) in the year under review. Overall, AIT managed to nearly retain the high level of new contracts and therefore secured the growing number of existing contracts (see below).

Contract research (KU)

Subsidized research (KF)

27.88

25.94

26.07

28.52

1–12/2009 1–12/2010

All figures in million EUR


31.24

76.02

02Performance 2010


Existing contractsThe development of existing research contracts and co-financed research projects showed a positive trend throughout. Existing research contracts were up around 5% year on year at EUR 32.7 million, with co-financed research contracts up by a significant 17% at around EUR 89.1 million. Total contracts of the AIT Group as per December 31, 2010 came to EUR 121.8 million, representing an increase of around 14% over 2009.



32.72

89.06

1–12/2009 1–12/2010



02Performance 2010


Work in progress (projects still to be completed)Work in progress increased by around 7% to EUR 60.5 million at the end of 2010. Both con-tract research in progress (2010: around EUR 22.0 million, 2009: about EUR 21.0 million) and co-financed research in progress (2010: some EUR 38.5 million, 2009: about EUR 35.4 million) exceeded the 2009 levels.



22.0321.03

38.4935.42

1–12/2009 1–12/2010



2.2.4 Investments

Total investment in intangible and tangible assets during the 2010 financial year came to EUR 10.6 million, approximately EUR 1.3 million up on the previous period (2009: EUR 9.3 million).

Of this, EUR 0.4 million (2009: EUR 0.3 million) were invested in intangible assets (mostly software). Additions to land and buildings totalled EUR 0.1 million (2009: EUR 0.3 million). EUR 5.6 million (2009: 5.6 million) were invested in technical equipment. A further EUR 1.6 million (2009: EUR 1.4 million) were invested in fixtures, furniture and office equipment, while EUR 2.9 million (2009: EUR 1.6 million) in prepayments and assets in the course of construc-tion was capitalized.

Additions to financial assets were EUR 2.0 million in 2010, compared with EUR 0.8 million in 2009, when mature obligations of EUR 2.0 million were reinvested.

2.2.5 Liquidity and financial position

Liquid funds as per 31.12.2010 stood at EUR 34.8 million (2009: EUR 27.0 million). The rise in liquid funds is the result of both an increase in project coordination funds held in trust and a decrease in receivables. At EUR 8.4 million, the cash flow from ordinary activities is clearly positive.

There were securities accounts with a book value of EUR 11.6 million (2009: EUR 9.6 million). There were no amounts due to banks; interest was only charged for subsidized FFG (Austrian Research Promotion Agency) loans in the sum of EUR 0.1 million (2009: EUR 0.2 million).

Shareholders' equity as per December 13, 2010 stood at EUR 20.1 million (2009: EUR 16.8 million). Taking into account investment grants in the sum of EUR 41.3 million (2009: EUR 39.2 million), total extended own funds come to EUR 61.4 million in 2010 (2009: EUR 56.0 million).

02Performance 2010


AIT Austrian Institute of Technology GmbH

arsenal research (incl. civil servants)

Seibersdorf Labor GmbH

Nuclear Engineering Seibersdorf GmbH

LKR Leichtmetallkompetenzzentrum Ranshofen GmbH

Group

FTE

449.6

197.7

133.5

56.4

31.0

868.2

Persons

478

205

146

59

33

921

Average

453.0

195.8

130.0

54.4

33.0

866.2

31.12.2009 2009


02Performance 2010


FTE

409.0

209.3

133.5

57.4

31.1

840.3

Persons

439

215

145

60

33

892

Average

437.8

211.1

133.3

57.2

30.7

870.1

FTE

-40.6

11.6

0,0

1.0

0.1

-27.9

Persons

-39

10

-1

1

0

-29

Average

-15.2

15.3

3.3

2.8

-2.3

3.9

31.12.2010 2010 Change from 2009 to 2010

2.2.6 Employees

As of the balance sheet date on December 31, 2010, the company had a total of 840.3 employ-ees (FTEs excluding apprentices, staff subject to the post-apprenticeship retention period, as well as HF/EU scholarship holders). This represents a decrease of 27.9 FTEs or 29 persons (see table) compared with the previous year (868.2 FTEs), which is mainly due to the spin-off of some operations of the former AMAT materials division (Advanced Materials).


2.3 RISK REPORTWithin the AIT Group, risk management means actively addressing risks in order to protect the Group's assets, finances and earnings while at the same time identifying opportunities and weighing up business decisions. The aim of our risk management strategy is to recognize risks early on and take appropriate action to counter them in order to minimize deviations from our targets as much as possible. This involves the identification, assessment, manage-ment and monitoring of risks, which takes place regularly as part of our internal financial, performance and risk reporting process. The aim is not simply to avoid risk. AIT, as Austria's largest non-university research institute, also takes risks as part of its strategy to encour-age innovation for the benefit of industry and society. Through active risk management, the company can safeguard against risk to the extent that their occurrence does not compromise the AIT's goals.

The risk management system including its organizational and operational structure is out-lined and defined in Group guidelines. It involves extensive documentation and reporting. In addition to the quarterly reports, which cover the entire spectrum of risk and opportunity, internal ad hoc reporting also takes place in the case of significant changes and new findings. Regular review meetings are held to analyze and assess all topics relevant to risk and oppor-tunity as well as the current economic situation in relation to business planning, the previous year and forecasts.

In mid-2009 a newly structured and integrative Management Information System, called "Prevero", was introduced, forming the basis for new review and monitoring processes. This led to the development of an early warning system, which dovetails operational figures with the measurability of any applied changes and strategic measures.

Below is a summary of the key features of the AIT risk management system in the context of the Group's financial accounting process:

• Theaimofriskmanagementistoidentifypotentialrisksearlyand to promptly take appropriate countermeasures, if necessary.

• TheGroup'sriskmanagementsystemisdocumentedinasetofguidelines.The documentation includes provisions for recognizing risks early on, for risk analysis, communication and management.

• Standardized,group-wideplanning,reporting,controllingaswellasearlywarning systems and processes are in place, ensuring the holistic analysis and management of results-critical risk factors and risks which could threaten the survival of the company.

• Existingandfuturerisksarequantitativelyandqualitativelyassessedregularly, risk-minimization measures defined and their implementation monitored. Risk management is one of the cornerstones of the company's management.

• TheManagingDirectorsandtheHeadofFinance&Controllingregularlydealwith key issues relating to the risk management system and its various aspects.

• Theriskmanagementsystem,inparticularprocessesrelevanttofinancialaccounting, are monitored by the (process-independent) Internal Auditing team.

02Risk report Management Report 2010


2.3.1 Financial risk, details of financial instruments according to § 243 Austrian Business Enterprise Code, para 3, no. (5)

The company does not currently employ any derivative financial instruments. Owing to the nature of its operations, it is not planning to do so in future.

The accounts receivable management system includes ongoing impairment testing and monitoring. The potential impact of defaults on the company's assets, finances and earnings is restricted by monitoring compliance with payment dates, setting credit limits and obtaining client creditworthiness checks.

2.3.2 Market risk

The situation on global markets and the still unclear prospects of economic growth in the next few years represent risks for all market participants in terms of the attainability of per-formance targets defined, the acquisition of new customer groups and partner networks, and the implementation of business models. The AIT Group's service portfolio is diversified and addresses a variety of markets. It is difficult to assess the potential effects of the global crisis on AIT's sales and revenues due to the constant changes in the information available. While the improvement in the volume of existing contracts is a positive indicator for AIT, the ongoing monitoring of orders as well as the early identification of trends in relevant markets, includ-ing rapid initiation of action resulting therefrom, is and will remain a key task for AIT.

2.3.3 Project funding risk

Public project funding which deviates from the principle of full cost reimbursement as well as changes to funding guidelines can lead to funding cutbacks during due diligence. By align-ing the cost accounting and project accounting system with the specific requirements of the funding conditions, the valuation basis was significantly improved.

2.3.4 IT risk

The company has a centralized IT environment, permitting joint use of advanced system com-ponents at the various company sites. These include a state-of-the-art security environment with firewalls, virus scanning and remote access points with multiple protection to recognize and defend against attacks. Centrally stored data are backed up regularly and automatically and copies are archived externally. Security for all our projects complies with the generally accepted standards established by the BSI (Federal Office for Information Security) IT Base-line Protection Manual and ISO 17799 and reflects the technical state-of-the-art. In the year under review, a project aimed at "Reducing IT risk" was launched in the central IT adminis-tration. Major insights were gained and findings implemented, particularly by clarifying tasks and functions and implementing organizational and technical control steps and tools.

2.3.5 Legal risk

AIT's strategy for addressing legal risks involves constant contact between the central legal department and local lawyers as well as a reporting system which encompasses ongoing processes and potential risks. Possible risks have been taken into account in the balance-sheet risk provisions in the Annual Financial Statements.

02Risk report



2.3.6 HR risk

As with any knowledge-based business, employee performance is crucial to the company's success. We compete with other companies for highly qualified experts and managers. Con-sidering specific career models and the scientific career model in the context of organization-al development projects at AIT aims to help position the company as a premier international employer and make employment opportunities more attractive. In the year under review, AIT developed a detailed career model concept for its staff members. This concept covers almost all functions in the company – ranging from Science and Technical Experts and Engineers to Support and Administration functions as well as to Management. This way, career paths for the individual AIT staff members can be clearly defined.

2.3.7 Renovation risk

The structural condition of both the buildings and the general infrastructure at the Seiber-sdorf facility do no longer meet the requirements of a modern research location. A functional and spatial allocation plan including related cost estimates are being prepared.

2.3.8 Restructuring risk

Basically, the tasks of restructuring and strategic positioning within the scope of the change process have been completed. However, portfolio streamlining measures on a smaller scale and further developing the portfolio and Research Areas in line with the defined strategy will have to be continued after 2010.

2.3.9 Total risk

When analyzing the risks, no facts were identified that could endanger the continued exist-ence of the company as a going concern at present and in the foreseeable future.

2.3.10 Internal Control System (ICS)

The AIT Group defines the Internal Control System as the entirety of the monitoring and control measures set out by the company Management and integrated into the respective processes. The purpose is to ensure the effectiveness and economic efficiency of business activities, the correctness and reliability of financial reporting as well as compliance with the applicable legal provisions.

In defining the Internal Control System (as well as the risk management system), AIT has adhered closely to the globally recognized and standardized COSO Framework (Internal Con-trol - Integrated Framework) of the Committee of Sponsoring Organizations of the Treadway Commission. The respective managers are responsible for the functionality and effectiveness of the ICS as part of a process which also involves documentation in the quality management system (QM). AIT operates a quality management system certified according to ISO 9001:2008 and accordingly complies with the highest standards of quality. The ICS goals are intention-ally based on the process structures of the quality management system and includes control mechanisms. This establishes a link between the ICS and QM and reinforces a consistent understanding of the processes involved. This approach ensures that ICS-relevant QM guide-lines are up-to-date while leveraging the synergies between the two systems.

02Risk report



To support the early recognition and monitoring of risks in particular, the ICS – as a sub-system of the risk management system – was constantly consolidated in the AIT Group in the past year. The cornerstones of the AIT Group's ICS include the reasonable scope and transparency of organizational rules and guidelines, the documentation and traceability of processes and workflows and the control mechanisms integrated into processes. The key features of AIT's Internal Control System (ICS) in respect of the Group's financial accounting process can be described as follows:

• Thedepartments,businessunits,thecompanyandgrouparesubjecttoaclearlydefined management and corporate structure. Interdisciplinary core functions are centrally managed, while at the same time the individual companies belonging to the Group enjoy a considerable amount of independence, in particular in respect of operational processes.

• Thesubsidiarycompaniesareresponsibleforapprovingreceipts,whileAIThandles financial matters and accounting for all companies. The centralized management of financial and fixed-asset accounting at AIT, encompassing the management of accounts payable/receivable as well as the entire management of all incoming and outgoing payments, ensures the strict functional separation of operational and financial processes group-wide.

• Thefunctionsofthosedepartmentsheavilyinvolvedwiththefinancialaccountingprocess, namely Corporate Accounting, Corporate Controlling & Business Administration, IT & Organization, Human Resource & Social Services, Legal, Facility Management & Security Services as well as Procurement, are distinct. The areas of responsibility are clearly assigned.

• Thefinancialsystemsinplaceareprotectedagainstunauthorizedaccessbyappropriate technical mechanisms in the IT system. Standard software is used for finance and management systems.

• Anappropriatesystemdefiningguidelinesandprocesses(e.g.formanagement,business, controlling, resource and support processes) is in place and is updated and further developed on an ongoing basis.

• TheDepartmentsandUnitsinvolvedinthefinancialaccountingprocessaresuitably equipped both quantitatively and qualitatively.

• Intermsofallprocessesrelevanttofinancialaccounting,thefour-eyesprincipleandthe rule of split functions are consistently applied.

• TheICSaswellasprocessesrelevanttofinancialaccountingarereviewedbythe (process-independent) Internal Auditing team on a regular basis.

02Risk report



2.3.11 Internal auditing

The Staff Unit "Internal Auditing" reporting directly to the Management was established by the AIT Austrian Institute of Technology GmbH on March 1, 2009. Based on an annual auditing schedule approved by the Management and a group-wide risk assessment of all company activities, Internal Auditing reviews operational processes for risk management and the scope for potential improvements in efficiency while also monitoring compliance with legal provisions and internal guidelines. Moreover, Internal Auditing performs ad hoc audits at the instigation of the Management.

When performing its tasks, the Internal Auditing team has to particularly review and evaluate the functionality and effectiveness of the Internal Control System and the risk management system, compliance with the applicable legal and operational guidelines, the correctness of all operating procedures as well as precautionary measures for protecting company assets.

02Risk report



2.4 FORECAST REPORT FINANCIAL AND NON-FINANCIAL PERFORMANCE INDICATORS

2.4.1 Strategic development

Please refer to section 2 of the Management Report for a review of the Group’s strategic development.

2.4.2 Metrics for attainment of BMVIT targets

As a core element of the financing agreement concluded between the Austrian government (represented by the Federal Ministry for Transport, Innovation and Technology, BMVIT) and AIT, the following financial and non-financial performance indicators have been defined and are used by the management to control the company and to measure the degree of target achievement in specific areas.

While the company's strategic road maps are continually updated, the catalog ofperformance indicators is subject to regular review and reporting in line with the defined group planning and control process. The table below shows the scientific indicators of the AIT Group for the year 2010 and 2009 and therefore represents a sample of the performance indicators.

02Forecast report

Performance indicators


Scientific indicators

Patents (patent families) granted

Publications in scientific journals with Impact Factor

Impact Factor

Publications in scientific journals without Impact Factor

Publications within the framework of conferences (with review process)

Publications within the framework of conferences (without review process)

Invited lectures

Lectures

Number of PhD students

Number of international PhD students

Proportion of international PhD students (%)

Doctoral theses completed

Diploma theses completed

No. of staff with post-doctoral teaching qualification

ait 2009

20

144

369.8

45

183

136

108

93

114

32

28%

15

62

19

ait 2010

16

138

401.8

39

193

155

104

89

103

29

28%

9

38

20



On February 9, 2011, there was an engine fire in the subsidiary LKR (Leichtmetallkompeten-zzentrum Ranshofen GmbH), which caused damage to the continuous casting machine and the surrounding laboratory hall. The necessary measures to prevent further damage were taken. Intensive efforts are being taken to reopen the laboratory infrastructure soon.

Managing Directors:

Anton Plimon Wolfgang Knoll

Vienna, on March 22, 2011

02Events after the balance sheet date


03ANNUAL ACCOUNTS


ANNUAL ACCOUNTSConsolidated balance sheetConsolidated income statement

4244


Assets

a. FiXed aSSetS

I. Intangible assets

1. Licenses and similar right

2. Prepayments

II. Property, plant, and equipment

1. Land, titles to land, and buildings

including buildings on third-party land

2. Plant and equipment

3. Other equipment, furniture and fixtures

4. Prepayments and assets in the course of construction

III. Financial assets

1. Participating interests

a) In affiliated companies

b) Other participating interests

2. Loans to

associates

3. Securities held as fixed assets

B. Current aSSetS

I. Inventories

1. Raw materials and supplies

2. Finished goods

3. Spare parts

4. Inventories storage barrels

5. Uninvoiced services

Unsubsidized customer projects

less prepayments received

Subsidized customer projects

less prepayments received

II. Receivables and other assets

1. Trade receivables

2. Receivables from

associates

3. Other receivables and assets

III. Cash in hand and at banks

C. aCCrued eXpenSeS and deFerred inCoMe

total assets

548,120.96

46,914,949.55

11,657,088.07

5,849.02

292,101.29

53,921.76

36,061.74

18,149,669.81

13,673,934.12

34,763,527.95

521

7

528

18,848

21,685

3,688

2,210

46,431

17

47

71

9,612

9,747

56,706

12

391

58

169

20.303

20.933

12,716

145

4,245

17,106

26,987

65,026

3,182

124,914

59,120,158.58

18,537,603.62

66,975,065.69

3,097,666.10

129,192,890.37

540,645.96

7,475.00

17,751,394.26

22,251,244.87

3,821,349.44

3,090,960.98

17,500.00

37,470.13

0.00

11,602,117.94

10,752,087.30

-7,097,634.21

50,284,420.38

-35,789,203.66

10,623,972.91

164,366.76

2,885,594.45

As of

31.12.2010

EUR

As of

31.12.09

EUR '000EUREUR

3.1 Consolidated balance sheetAs of December 31, 2010


Equity and liabilities

a. eQuity

I. Share capital

II. Capital reserves

Unappropriated

III. Revenue reserves

1. Statutory reserve

2. Other reserves (free reserves)

IV. Net retained profits

of which profit or loss brought forward EUR 559,952.66

(2009 EUR -3,330K)

V. Adjustment for minority interests

B. inveStMent grantS

I. Shareholder investment grants

II. Government investment grants

III. Other investment grants

C. proviSionS

1. Provisions for severance pay

2. Provisions for pensions

3. Provisions for taxes

4. Other provisions

d. liaBilitieS

1. Prepayments received on orders

2. Prepayments received - Nationalstiftung

3. Trade payables

4. Payables to affiliated companies

5. Payables to

associates

6. Other liabilities

of which taxes EUR 197,344.11 (2009: EUR 1,024K)

of which social security contributions EUR 1,392,920.09 (2009 EUR 1,326K)

e. aCCrued eXpenSeS and deFerred inCoMe

total equity and liabilities

Contingent liaBilitieS

470,920.12

13,657,717.45

42,129.88

2,057,557.61

3,907,526.32

0.00

33,789,252.79

3,112,305.68

4,355,481.66

6,990,658.00

1,432,385.00

10,829.89

22,643,471.09

13,091,709.18

0.00

7,400,275.39

48,611.15

0.00

12,596,239.00

471

13,658

13,658

0

2,058

560

12

16,759

31,401

1,654

6,199

39,254

7,303

1,838

8

23,269

32,418

16,189

45

6,940

49

4

9,482

32,709

3,774

124,914

61

20,135,851.38

41,257,040.13

31,077,343.98

33,136,834.72

3,585,820.16

129,192,890.37

315,814.70

13,657,717.45

EUREUR

3.1 Consolidated balance sheetAs of December 31, 2010 As of

31.12.2010

EUR

As of

31.12.09

EUR '000


1. Revenue

2. Subsidies, research grants

and Nuclear Engineering funding

a) Subsidies

b) Research grants

c) Nuclear Engineering funding

3. Change in inventories of finished goods

and uninvoiced services

4. Other own work capitalized

5. Other operating income

a) Gains on disposal of assets

other than financial assets

b) Income from reversal of provisions

c) Other

6. Cost of materials and other

purchased production services

a) Cost of materials

b) Cost of purchased services

7. Staff costs

a) Wages

b) Salaries

c) Expenses for severance payments and contributions

to staff provision funds

d) Pension expenses

e) Expenses for statutory

social security and payroll-related taxes

and mandatory contributions

f) Other employee benefit expenses

8. Amortization and write-downs of intangible fixed assets

depreciation and write-downs of tangible fixed assets

9. Other operating expenses

a) Taxes (excl. income taxes)

b) Other

10. Subtotal of items 1 to 9

(operational result)

36,770,416.13

64,607,818.39

8,183,489.73

61,747.78

15,347,648.88

-26,307,870.87

-64,098,882.12

-8,193,280.52

-23,465,020.53

2,906,066.87

37,085

57,934

12,425

8

12,654

-23,708

-64,995

-7,512

-20,917

2,983

9,635

43,393

4,915

8

1,436

11,210

6,457

17,251

95

48,685

1,715

1,485

12,333

682

201

20,716

15,402,443.32

43,454,665.07

5,750,710.00

33,945.14

1,205,353.87

14,108,349.87

6,371,910.25

19,935,960.62

126,091.09

48,550,732.66

1,090,516.36

908,090.73

12,665,532.24

757,919.04

221,610.88

23,243,409.65

2009

EUR '000

2009

EUR '000

2010

EUR

2010

EUR

3.2 Consolidated income statement January 1, 2010 to December 31, 2010


11. Income from other securities

held as financial assets

of which affilitated companies EUR 0.00 (2009: EUR 0.00)

12. Other interest and similar income

of which affilitated companies EUR 0.00 (2009: EUR 0.00)

13. Income from disposal of long-term financial assets

14. Expenses on financial assets

of which amortization EUR 80,333.00 (2009: EUR 0.00)

15. Expenses arising from participating interests in

associates

16. Interest payable and similar expenses

of which affiliated companies

EUR 0.00 (2009: EUR 0.00)

17. Subtotal of items 11 to 16 (financial result)

18. Profit/loss on ordinary activities

19. Taxes on income

20. net income for the year

21. Transfer to revenue reserves

22. Profit for the year

23. Change in minority interest

24. Profit/loss brought forward

25. Net retained profits

3.2 Consolidated income statement January 1, 2010 to December 31, 2010

2009

EUR '000

2009

EUR '000

2010

EUR

2010

EUR

273,874.07

448,936.20

0.00

-87,664.41

0.00

-10,622.09

624,523.77

3,530,590.64

-117,765.35

3,412,825.29

-42,129.88

3,370,695.41

-23,121.75

559,952.66

3,907,526.32

362

653

2

0

-12

-33

972

3,955

-21

3,934

0

3,934

-44

-3,330

560


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